Federal Reserve Bulletin, 1959-12

FEDERAL RESERVE B U LLETIN December BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON 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 Revised Industrial Production Index 1451 Law Department 1475 Current Events and Announcements 1480 National Summary of Business Conditions 1484 Financial and Business Statistics, U. S. (Contents on p. 1487) 1489 International Financial Statistics (Contents on p. 1545) 1546 Board of Governors and Staff 1563 Open Market Committee and Staff; Federal Advisory Council 1564 Federal Reserve Banks and Branches 1564 Federal Reserve Board Publications 1566 Index 1570 Map of Federal Reserve System Inside back cover Volume 4£ • Number 12 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, Columbia, 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 Statese for 10 or more copies to one address, 50 cents per copy per month, or $5.00 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAJOR NEW FEATURES have been added of the 1947-49 average. This compares to the Federal Reserve index of industrial with the previously published level of 153 production and benchmark, weight, and in May and the peak of 155 in June for the comparison base data have been brought old index, as shown in Chart 1. The new up to date to provide improved physical total index, which includes utility output, is volume measures for analyzing economic 166 for both May and June. This new total developments in the 1960's. This is the drops to 154 in October, and then, with first major revision since 1953 and it has recovery in steel production beginning on been carried back in detail through 1947. November 7, is at a preliminary figure of The revised index reveals more growth over 156 for November. A sharp rise in industhe postwar period, especially from the end trial output is indicated in December to of 1950 to mid-1955, and it shows wider near the mid-1959 level. cyclical movements since 1952. About one-third of the upward revision in In both May and June of this year, before the midyear level of the total index reflects the steel strike, the revised total index for the broadening of coverage beyond manumanufacturing and mining is 162 per cent facturing and mining production to include Chart 1 INtUSTIIAL PIODUCTION 1947-49 = 100, saaisnally adiuiUd Kalto 1 - NEW TOTAL ^^-^__ • — &\ r NEW X*''f _ if ^^Z^Y MANUFACTURING / V ANC) MINING 010 1 • 1 • - ISO HO MO - no - MO 1947 1949 1951 1953 1955 1957 1959 NOTE.—Latest figures shown here and in Charts 2 and 5 latest figures shown are preliminary for October. are estimates for November. In all other production charts, 1451 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1452 FEDERAL RESERVE BULLETIN • DECEMBER 1959 Another major new feature of the revised Chart 2 index is an additional grouping of the 207 INDUSTRIAL PRODUCTION Seasonally adiuited, 1947-4?« 100 Ratio seal* series by broad market categories—con- 200 sumer goods, equipment, and materials. Cyclical and growth changes shown sepa- 150 rately by these groupings are useful in analyzing general economic developments on a monthly basis. By facilitating comparisons between production of materials and finished products and between output of finished products and final sales or expenditure data, the market groupings contribute to analysis of strategic fluctuations in industrial output and inventories. The groupings also permit 40 revised indexes for consumer durable goods output to be incorporated into the frame- 30 work of the industrial production index. •30 •40 •so •60 REVISED PRODUCTION LEVELS NOTE.—Indexes before 1947 are unrevised except for the ad- The new total industrial production index dition of electric and gas utilities. Indexes for 1942-45 are shown as a dashed line pending a more extended review of war rises more over the postwar years than either production developments. the old index for manufacturing and mining electric and gas utility output. This broader or a combination of that index with the coverage provides a more complete repre- Board's electric and gas utility index. Most sentation of fuel and power production and of the differences in measures develop durmakes the new index more comparable with ing the first half of the past decade. From industrial production measures for other the end of 1950 to mid-1955, the old index countries. The new total index including for manufacturing and mining rose 14 per utilities has been compiled monthly begin- cent, while the revised index rises 18 per ning with 1919 and is shown in Chart 2. cent, and the new total index increases 20 The remaining two-thirds of the upward per cent. revision in the index level relative to 1947- For the whole period covered by the re- 49 reflects adjustment of production series vised indexes, 1947 to 1959, the new total to new benchmarks and the development index shows an average growth rate of 4.1 of a number of new monthly series. Use of per cent a year. The rate of increase was more recent weights since January 1953—- higher in the first half of this period than based on the year 1957 rather than 1947— later, at least in part because of the stimulus results in a lower rate of growth than a provided by the shortages of goods at the 1947-weighted index would show. Reflect- end of World War II and because of the ing partly the use of up-to-date weights, the impact of the Korean War beginning in June 1957-58 industrial recession and subsequent 1950. For the consumer goods category in recovery are shown to be moderately greater the revised index a fairly stable growth rate by the new than by the old index. of 3.7 per cent a year since 1947 is indi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDUSTRIAL PRODUCTION INDEX 1453 cated, compared with a rate of about 3 per marked for output levels of nondurable cent shown by the unrevised figures. goods manufactures, as shown in Chart 3. The average levels of the new total index This upward revision also reflects changes in either May-June or the second quarter of in industry classification which have raised this year are 12 points or 8 per cent higher the level of nondurable goods relative to duthan the old index on the 1947-49 base. rable goods. Plastics products, for instance, Four points of the 12-point difference are are now in the nondurable goods group, attributable to the inclusion of the rapidly while the coke industry has been transferred growing utility industry. The remaining 8- to the durable goods group. point difference mainly reflects upward re- Output of nondurable goods, it may be visions in a number of the series for manu- observed, reached a new record level last factures and for some minerals; no revisions summer, nearly 15 per cent above the slowly in levels were indicated for the electric and rising level of the 1955-57 period, and congas utility series. Larger upward revisions tributed significantly to limiting the decline were generally necessary for production in total industrial activity during the steel series based on manhour data than for those work stoppage. based on physical product data. Because the revised indexes are higher, they show REVISED PRODUCTION FLUCTUATIONS more growth in output per manhour than During the recession beginning in Septemwas shown by the old indexes. ber 1957 the new total index declines 14 Revisions in production series to new per cent rather than the 12 per cent shown benchmarks have had more effect on the by a total of the old figures for manufacturgeneral level of the indexes than changes ing, mining, and utility output. During the in weights. Revisions in series are especially recovery from April 1958 to June of this Chart 3 NONDURABLE MANUFACTURES OUTPUT 1947—49 = 100, »oionoHy adjusted - .—/—•* • REVISED OLD i i i i Ealia seals 180 - )60 - 140 - 120 - 100 80 1947 1949 1951 19S3 1955 1957 1959 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1454 FEDERAL RESERVE BULLETIN • DECEMBER 1959 year the rise is 26 per cent rather than 22 factures. As Chart 4 shows, the revised inper cent. dex for durable goods declines and advances These larger fluctuations reflect mainly more than the old index during both the the use of 1957 price relationships, which 1953-55 and 1957-59 readjustments. The give greater weight than the prices prevail- weight change, beginning in 1953, also reing in 1947 to the cyclically sensitive pro- sults in larger fluctuations in the index for duction series for steel, autos, and machin- durable goods and in the total index during ery. Prices of these products have risen rel- the steel strikes this year and in mid-1956. ative to other industrial commodities since The revised indexes presented in the the early postwar period. foregoing charts are based on the 1947-49 Another influence on the revised monthly average as 100. The use of the year 1957 movements is the development of improved as a more recent comparison base period methods for adjusting monthly manhour has no effect on relative fluctuations in the series to independently established annual indexes. This is demonstrated graphically production levels. Revisions in seasonal by Chart 5, with ratio scales, showing postadjustment factors have not resulted in much war cyclical changes in the new total index change in the pattern of monthly fluctuations on both the 1947-49 base and the 1957 previously published for the total index and base. It may be noted in this chart that for most major groupings. the year 1957 the index is 152 per cent of The effect of the increased weight for the 1947-49 average. steel, autos, and machinery is clearly evident During each of the three postwar periods in the revised group for durable goods manu- of general curtailment in industrial activity, Chort 4 80 1947 ! 1949 1953 nss 1959 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDUSTRIAL PRODUCTION INDEX 1455 sumer goods exceeds pre-recession highs as early as November 1958 and business equip- CYCLICAL DOWNTURNS AND RECOVERIES IN OUTPUT Seasonally adjusted, ratio scale ment reaches pre-recession levels by mid- I9i7-A9-100 1959. NEW MARKET GROUPINGS OF OUTPUT To facilitate analysis of cyclical and growth developments, the revised index provides new combinations of production series. For the most part the new groupings relate to a rearrangement of output series classified by market categories. Some additional breakdowns of old indexes are also provided to facilitate study of the breadth of changes in industrial production. The new market groupings provide for a division of production series between final 18 12 • 6 12 IS 24 products and materials and a subdivision of MONTHS BEFORE MONTHS AFTER final products between output of consumer goods and output of equipment (including NOTE.—Both scales apply to entire time periods shown. ordnance) for business and government use. the period of decline for the total index is Since the production series represent total eight months. Subsequently, as shown by industry output they include output for ex- Chart 5, total output turns up promptly in port as well as for domestic sale. They do 1958, but in both 1949 and 1954 there is not include imported goods, although procone month of no change followed by an essing of imported materials is represented. irregular recovery, interrupted for a time by Subtotals of the three summary market work stoppages in some major industries. sectors are provided for such groups as While in the 1957-58 period the new total consumer automotive products, commercial index declines 2 per cent more than the old equipment, and construction materials, figures including utilities, the decline in partly to facilitate analytical comparisons 1953-54 is only one per cent more. In with sales or expenditure data. One use for 1948-49, the decline is one per cent less. such comparisons is to indicate roughly but Each decline recorded by the new index is promptly changes in the physical volume of larger than the preceding one. The decline business inventories which occur when sharp is 8 per cent in 1948-49, 10 per cent in divergencies develop between movements in 1953-54, and 14 per cent in 1957-58. expenditure and production data, or between While the 1957-58 recession is the deep- movements in output of final products and est, industrial production turns up more output of materials. promptly and rises at a faster rate during In general, experimental work with the the ensuing 12 months than in either of the market groupings and the graphic results earlier recovery periods. As subsequent presented in this article indicate that these charts will show, industrial output of con- groups provide useful summaries of produc- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1456 FEDERAL RESERVE BULLETIN • DECEMBER 1959 MUKT GR0HMI«»;«fDUS7RIAl PRODUCTION 1947-49 - 100, «& Jj&t ' 100 1947 1949 1951 19S3 1955 1957 1959 tion series affected mainly by common de- published regularly on a seasonally adjusted mand influences, facilitate study of inventory basis are shown in the table on page 1467, trends and other aspects of cyclical fluctua- together with the relative importance of tion, and permit more explicit analysis in these groups in the revised index in the year real terms of the problems of economic 1957 and the years 1947-49. The table also growth and stability. shows a supplementary group that combines Significant differences, for example, in automotive and home goods to provide a timing and extent of fluctuation during each subtotal index for consumer durable goods, of the general business declines and recover- and another subtotal for consumer nonduries in 1948-50, 1953-55, and 1957-59 are able goods. exhibited by the three summary market OUTPUT OF FINAL PRODUCTS groups shown in Chart 6. Considered individually, each of these groups follows a Over the whole postwar period, industrial fairly similar pattern of change during all output of final products has accounted for three of these periods, but the similarities of nearly one-half of total industrial producbehavior are less evident in the expansive tion. Among final products there have been phases of the cycles. The sharp upsurge in strikingly divergent changes in cyclical buying and output after the Korean War out- movements between output of consumer break resulted in an extra readjustment pe- goods and of equipment during the years riod during 1951-52 in the consumer goods 1949, 1951, 1954, 1956, and 1957. Flucsector. tuations in industrial materials have gener- The major market groupings that will be ally been wider than those in total output of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDUSTRIAL PRODUCTION INDEX 1457 final products but, with respect to cyclical tial inventory accumulation followed by the timing, materials have been intermediate ending of the Korean War were major inbetween consumer goods and equipment. fluences in the business readjustment of 1953-54. CONSUMER GOODS Analysis of cyclical changes in total in- Output of final products for use by con- dustrial output of consumer goods is sharpsumers has been about twice as large a pro- ened by attention to three distinctive comportion of industrial production as has out- ponents—automotive products, apparel and put of equipment, including ordnance. Con- home goods, and consumer staples. Apsumer goods were 36 per cent of total in- pliances and television, furniture and rugs, dustrial production in 1947-49, 31 per cent and various miscellaneous homefurnishings in 1957, and 33 during the current year. are included in home goods, while the con- Aside from the importance of consumer sumer staples group covers such items as goods in studying economic growth, separate foods, beverages, cigarettes, fuel, electricity, output figures for these goods have special and newspapers. The distinctive pattern interest because of the other data available of cyclical fluctuations exhibited by home to which they can be related to analyze goods and apparel and the wide swings in cyclical shifts in demand, output, and in- automotive products over the postwar period ventories. Many of the major materials are contrasted in Chart 7 with the steady used in the production of consumer goods growth in consumer staples. can be identified, and the distribution and One consideration in delineating these stocks of these goods in wholesale and retail three production components is the availtrade channels can be followed. These ability of retail trade data, especially the shifts in supplies assist in interpreting price broadly comparable figures for apparel and changes. home goods. Another consideration relating Cycles in consumer goods. During each to the usual durable-nondurable grouping of of the three general postwar economic read- consumer goods is that it is often too sumjustments, curtailments in output of con- mary in nature for precise cyclical analysis. sumer goods were shorter and less marked In the durable goods category, the volatile than those for equipment and materials, and movements of auto output obscure cyclical upturns came earlier. This was partly be- fluctuations in home goods, while in noncause consumer goods markets are the most durable goods the stable growth in foods directly affected by secular increases in obscures cyclical fluctuations in apparel. population and by the growth and short- Output in relation to final sales. Similar run stability in personal incomes. Dura- considerations are involved in interpreting tion of the decline in consumer goods output retail sales data grouped by durable and was fairly uniform during the 1953-54 and nondurable goods stores. Also, a large 1957-58 business recessions and during the volume of household durable goods is sold 1951 readjustment. Rising inventories and by outlets classified as nondurable goods advancing prices prior to the general busi- stores, while sales by durable goods stores ness recessions in 1948-49 and 1957-58 con- include building materials, farm machinery, tributed to the curtailments in those periods. trucks, and used cars. These considera- An abrupt expansion in output and substan- tions reduce the usefulness of comparisons Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1458 FEDERAL RESERVE BULLETIN • DECEMBER 1959 Chart 7 CONSUMER GOODS OUTPUT 1957-100, seasonally adjusted Ratio scale HOME GOODS j AND A 100 90 S~' CONSUMER STAPLES 120 / \ 110 r\! \ j 100 90 AUTOMOTIVE GOODS \ ...., ! 80 70 \ M 60 1947 1949 1951 1953 1955 1957 1959 between existing trade data and the supple- largely limited to apparel and home goods, mentary output indexes for durable and which are sold mainly at department stores nondurable consumer goods categories. Ad- and at specialty stores in the same competijustments made in trade figures for the tive area. At the other retail outlets shown, purpose of obtaining estimates of quarterly sales have exhibited a fairly steady expanconsumer expenditures make these esti- sion, allowing for data irregularities. These mates more comparable with the industrial sales figures also reflect the upward trend production indexes in some respects but not in retail prices during most of the postwar in others. period. The implications of segregating output of Production and sales for the staple items home goods and apparel from consumer indicate broadly similar behavior, notwithstaples and autos to analyze economic devel- standing data differences such as effects of opments are further illustrated by the pattern price changes on the retail sales figures and of monthly changes shown by Chart 8 on representation of residential electricity and retail sales. Apart from autos, cyclical gas in the output but not the sales figures. fluctuations in consumer buying have been For apparel and home goods the charts in- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDUSTRIAL PRODUCTION INDEX 1459 dicate that, apart from greater month-tomonth irregularities, fluctuations have been REttll SALIS smaller in final sales than in output. These killioiu of dollar* Saaiondtty adiuiled Annual ratti cyclical differences have reflected largely 100 changes in inventories of apparel and home ,/ goods held by manufacturers and by whole- «0 sale and retail distributors; average reported FOOD. DRUG, LIQUOR STORES ,' prices for these goods have shown little over- AND GASOLINE STATIONS ,.'' so all change since mid-1952. The importance of these comparisons underscores the need for continual improvement in data. The unrevised production series for apparel and home goods were substantially understated through 1956 and the estimates of final sales have undergone considerable revision. Various checks of the unrevised production series against the original retail trade data provided no clear indication of the inventory imbalances developing in this sector of the economy prior to the sharp production curtailments in late 1957 and early 1958. Growth in consumer goods. Revisions in output series for consumer goods have major 1951 1953 1955 1957 implications for measuring rates of growth in the industrial economy. The unrevised NOTE.—Department of Commerce data combined and calculated at annual rates by Federal Reserve. Combinations shown series tended to understate consumer goods cover all sales except for those of the lumber, etc., group and miscellaneous nondurable goods stores (including farm more than other components of industrial supply stores) not published separately. The food, etc., group includes eating and drinking places. Household and apparel output over the period covered by the re- stores include general merchandise and jewelry and other miscellaneous durable goods stores. Latest figures shown, vision. November (preliminary). This understatement reflects partly the tional major industrial production series difficulty of maintaining adequate current previously understated, besides autos and reporting systems for the many small firms other consumer goods, were aircraft parts producing a variety of products such as and ordnance components. prepared foods, apparel, furniture, house- The revised index indicates that industrial wares, and other miscellaneous consumer output of consumer goods has risen about goods. Moreover, the adjustment of pro- three-fifths over the 12 years since 1947, duction series to detailed Census and other when their output was already up sharply benchmark data has provided more accurate from wartime levels. The average annual measurement of items affected by rapid tech- rate of increase of 3.7 per cent from 1947 nological change, such as autos, specialized to 1959 compares with the previously inbusiness equipment, and plastics. dicated rate of 3.0, with residential elec- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1460 FEDERAL RESERVE BULLETIN • DECEMBER 1959 tricity and gas series included in calculating OUTPUT CHANGES IN CONSUMER GOODS, both rates. Since there was an average FROM 1947 TO 1959 annual growth in population of 1.7 per cent during this period, the revised measure rep- Percentage increase, resents a per capita rate of growth of ap- Series or decrease (—) proximately 2 per cent a year. Moreover, Air conditioners 1 the rate of growth in output of consumer Television sets I Over 400 goods did not slow down from the first to the Clothes driers f Boats J second half of the period. In contrast, the Residential electricity 272 materials and equipment sectors of indus- Drugs and medicines 223 try, especially ordnance, expanded consider- Residential gas 203 Home freezers 192 ably less rapidly from the end of the Korean Nonwoven floor coverings 153 Distillate fuel oil 143 war to 1959 than in the 1947-53 period. Autos 140 The over-all annual expansion rate of 4.1 Electric housewares 121 Sanitary paper products 117 per cent for total industrial production was Shirts and work clothing 95 higher than that for consumer goods, pri- Knit garments 84 marily because of the sharp increase in the Toiletries and miscellaneous chemicals 84 level of defense production at the time of the Soft drinks 84 Automotive gasoline 82 Korean War. In the six years since 1953 Canned and frozen foods 81 output of consumer goods has risen faster Soap products 80 Women's outerwear 71 than the rest of industrial production. Household furniture 65 Washing machines 63 Measures of change in new domestic supplies of all goods available for consumer Average 58 purchase may yield different results from Children's and miscellaneous apparel 56 those for industrial output of consumer Toys and miscellaneous nongoods. Over the period since 1947, for durable goods 46 Refrigerators 46 example, farm output of fresh foods has Periodicals and books 44 Miscellaneous food preparations, 44 increased less than industrial output of con- Fluid milk 41 sumer goods. On the other hand, imports Cigarettes and cigars 39 Pottery and glassware 35 of consumer goods have expanded sharply, Meat products 27 exports have declined, and the proportion Jewelry, sporting goods, and misc. durable goods 25 purchased for business purposes is estimated Shoes and slippers 25 to be smaller than in the early postwar years. Vacuum cleaners 24 Comparisons of output and domestic supply Grain and bakery products 21 Newspaper circulation 20 are also affected by differences in the rela- Wines and liquor 18 Confectionery 17 tive importance assigned to individual items Frozen desserts 14 in these measures; the output measures for Automotive repair parts 10 Beer and ale 9 consumer goods, like the other series in the Hosiery 9 Cooking stoves -4 industrial production index, are combined Woven floor coverings -5 with weights based on value added rather Men's suits and coats -13 Home radios -68 than total value of product. The over-all increase of 58 per cent in NOTE.—Percentage changes based on average data consumer goods output from the first half for first six months of each year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDUSTRIAL PRODUCTION INDEX 1461 of 1947 to the first half of this year is an because of a steel strike in October and Noaverage of diverse changes among particular vember. types of products. The over-all increase in The revised index shows that total output population over that same period has been of equipment, including defense hard goods, 23 per cent. Part of the diversity shown in rose about 90 per cent from 1947 to 1957. output in the accompanying table reflects It fell sharply by early 1958 but recovered shortages of autos and certain other products by mid-1959 and was maintained last sumin the period immediately after World War mer and autumn despite the development of II; at the same time other items, such as steel shortages. automotive repair parts, men's suits, and The grouping of equipment output by some appliances, were at relatively advanced major uses in this revision makes it possible levels. to approximate the magnitude of the direct effects of changes in national expenditures EQUIPMENT PRODUCTION, INCLUDING for defense hard goods on industrial produc- DEFENSE tion by comparing the equipment sector Expansion of equipment output has usually total with the measure derived for businesslagged behind upturns in production of con- type equipment. The main differences in sumer goods and of materials. The lag was levels shown by these measures in Chart 9 very brief in 1958 while after the 1949 developed after mid-1950 following the recession it apparently was prolonged, partly sharp expansion in defense hard goods dur- Chart 9 EQUIPMENT PRODUCTION 1957= 100, seasonally adjusted Ratio ;eal« 120 50 40 1949 1951 19S3 1955 1957 1959 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1462 FEDERAL RESERVE BULLETIN • DECEMBER 1959 ing the Korean War. Defense output de- about a year and a quarter, or at least clined after the end of hostilities July 27, twice as long as the interval for consumer 1953, but its current level is far above that goods. The average periods of curtailment of the early postwar years. for the materials grouping and for the total The postwar growth in output of business index have been in between those for equipequipment has been broadly similar to the ment and for consumer goods. trend in total industrial production. Cyclical To facilitate analysis of the various forces swings in business equipment, however, affecting output, the business equipment have tended to be greater than those for series are grouped according to four major most other industrial activities, and output types of use. The largest of these groups has tended to level off or decline some time represents output of machinery for manubefore the general decrease in industrial facturing and other major industrial uses. production. This behavior reflects a complex This equipment declined more than other of forces, some relating to various financial types during the 1957-58 recession, as and market developments and some to physi- shown in Chart 10. Commercial equipment cal aspects such as changes in industrial (office and store furniture and machines, incapacity margins. Because an important cluding electronic computers, and telephone portion of equipment is produced for export, and other service equipment) showed a relashifts in foreign as well as domestic demands tively moderate decrease in 1953-54 and expanded more promptly than other nonare involved. farm equipment in 1958. Farm equipment During each of the three postwar recesdropped sharply in 1956, showed some resions and recoveries the monthly pattern of covery in 1957, and then increased conchanges in equipment has been broadly simisiderably in the first half of this year. Durlar. The curtailment interval has averaged ing the recent steel strike the major equipment operations affected were those for farm machinery and for motor trucks, freight ir«NT OUTPUT •. cars, and private shipbuilding in the freight ; and passenger equipment group. OUTPUT FLUCTUATIONS IN INDUSTRIAL MATERIALS A unique aspect of industrial production measures is the direct representation of «0 monthly output fluctuations in major materials at various stages in the production proc- / FREIGHT / A ND PASSENGER 70 ess. There are marked cyclical changes in inventories of materials and even sharper fluctuations in output of these materials go- 60 ing into inventory. Thus, in some periods production is considerably in excess of consumption; at other times, when inventories 1953., . - ; JWS , are being reduced, less materials are being ,••-•'<•'' Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDUSTRIAL PRODUCTION INDEX 1463 produced than are being consumed. While ward trend, was fully represented in the old fluctuations in output of materials are gen- industrial production index, but electricity erally wider than those in final products and was not covered, and natural gas was repdifferently timed, these fluctuations largely resented at the well but not at the later stages reflect, directly and indirectly, changes in of processing and transmission. Utility outfinal sales of consumer goods and in private put of electricity and gas has expanded much and government purchases and contracts for more than output of the fuels represented equipment and construction. The market in manufacturing and mining. The former groupings of final products and materials rose 200 per cent from 1947 to the middle permit analysis of materials output in rela- of this year, while the latter rose only 17 tion to supply and demand changes for final per cent. This difference partly reflects the products. marked economies achieved in the use of About four-fifths of industrial output of coal, gas, and fuel oil in the generation of materials is used by the consumer goods electricity. and equipment sectors of industry. The The recurring tendency for total output consumer goods sector is a larger but less of industrial materials to fluctuate more than volatile user of materials than the equipment final products, reflecting the relatively wider sector. The remaining major sources of de- swings in demands for materials, is indimand for industrial materials are in the con- cated in Chart 11. Fluctuations in indusstruction industry, where output has at times trial output of materials and of consumer behaved differently from output of final in- products accounted to a large extent for the dustrial products, and in export markets. general cyclical changes in business inven- The materials grouping of the new index tories during 1948-50, 1953-55, and 1957has been affected by upward adjustments to 59. These cyclical changes in output and benchmark levels and by the addition of inventories on both the up side and the down series for nonresidential electricity and gas. side affected business appraisals of the ade- No important revisions in output levels are quacy of capacity and contributed to marked indicated for steel, paper, and other major shifts in new orders and output in the busimanufactured materials. These are the ser- ness equipment sector. ies that have been used in comparison with The sharpest rate of production curtailthe Board's physical volume indexes of ca- ment in the postwar period was during the pacity for major materials shown in chart 1957-58 recession. Inventory reduction form in BULLETIN articles from time to continued for some time and in the latter time. Consequently the margins of unused part of 1958 there was rapid inventory capacity indicated by these indexes are not liquidation abroad. Liquidation abroad resignificantly affected by the current revision sulted in an expansion in the foreign supply in industrial production. of steel and other major materials available Addition of the output series for the for import into the United States, and reelectric and gas utilities provides a more duced foreign demand for U. S. exports. In balanced measure of the fuel and power the case of steel and some other materials, produced for industrial, commercial, and this development made domestic productive public uses as well as of the volume sold for capacity appear temporarily more ample residential uses. Coal mining, with its down- than it might be in the longer run when for- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1464 FEDERAL RESERVE BULLETIN • DECEMBER 1959 Chart 11 INDUSTRIAL MOPOCTIOH 1957-100, ttdtonally adju.l.d 120 110 MATERIALS 70 60 1949 19SI 1953 1955 1957 1959 . eign demand would again rise to advanced 1958 to the middle of 1959 they also showed levels, as it did during 1959. a considerable increase. Changes in fin- During the 1958-59 recovery phase in ished goods inventories are broadly indithis country, there was a sharp gain in out- cated by differences between output of these put of materials relative to final products. goods and final sales. By early spring of 1959 the materials index Another extended interval of divergent was above the final products index. In in- movements between materials and final terpreting these changing relationships and products shown in the chart was during the the earlier relatively lower level of materials period of heavy inventory accumulation foloutput it should be noted that the 1957 base lowing the outbreak of the Korean War in period used for the two indexes was a year mid-1950. The sharp impacts of the major when there was some accumulation of mate- steel strikes of October-November 1949, rials. Allowing for this, for relative shifts mid-1952 and 1956, and July-November in foreign trade, and for the rise in prices of this year are also reflected in the chart. materials, the recent pattern of changes in Within the market sector for materials are physical volume of materials inventory sug- various groupings by major type of manugested by the chart appears generally con- facturing and construction use. Analysis of sistent with changes indicated by book value these groupings in relation to output of final data on manufacturers' inventories of mateproducts provides, in a very approximate rials. Inventories of finished goods held by fashion, the basis for making monthly inputproducers and distributors are larger than output comparisons within the manufacinventories of materials, and from the end of turing, mining, and utility sectors of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDUSTRIAL PRODUCTION INDEX 1465 economy, as illustrated by the commodity by the detailed series in the production inflow diagram discussed below. dex. MAJOR COMMODITY FLOWS SUMMARY OF STATISTICAL REVISIONS The diagram showing major industrial com- In addition to the new market groupings and modity flows included with this issue of the the expanded coverage of the new industrial BULLETIN has been developed to illustrate production index, the following major statishow the revised industrial production index tical revisions have been made: represents various stages of the economy's (1) Series have been adjusted to the commodity production system. Broadly levels shown by the comprehensive 1954 considered, the flow is from the basic min- Census of Manufactures, annual Census erals at the left through the manufactured surveys through 1957, and other benchmark materials in the center to the final products data. on the right. This diagram also serves to (2) A number of new monthly series show the relation of the major new market have been developed. groupings and their various component (3) Interpolation procedures for estimatseries to the broad industry groupings of ing monthly changes in industries repremanufacturing, mining, and utilities. sented by manhour series have been refined. The areas of the boxes shown are drawn (4) All seasonal adjustments have been in proportion to the relative importance of revised and various new seasonally adjusted the production series in total industrial components have been developed, mainly for output in the year 1957. Individual series the market grouping of series. are shown separately for each of the indus- (5) The latest version of the standard trial materials in the revised index, while for industry classification, prepared under the consumer goods and equipment the number auspices of the U. S. Bureau of the Budget and type of series in these groups are sum- (1957 Manual), has been adopted for the marized in the right-hand panel. The arrows industry groupings of series and carried back indicate only major inter-industry flows; if to 1947. more detailed flows were included, the dia- (6) The year 1957 has been selected as gram would be far more complex. The out- a more recent and more appropriate base flow of materials to the construction industry for weighting purposes for the period beand the supplementary input of materials ginning with January 1953; individual series from farm and imported sources are shown in the revised index have been combined separately with their approximate impor- with weights based on value-added price retance. lationships in 1957. For the period January This diagram, as described more com- 1947-December 1952, the 1947 price relapletely in the separate publication referred tionships have been used, as they were in the to below, presents in simplified form a pic- 1953 revision of the index. ture of the nation's highly complex industrial (7) The year 1957 has also been selected structure of production during a recent year, as one of two comparison base periods. 1957. A continuous monthly account of Publication on the 1947-49 comparison this structure in terms of changes in the flow base period will be continued for the revised of major industrial commodities is provided total index and its major groupings to permit Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1466 FEDERAL RESERVE BULLETIN • DECEMBER 1959 ready comparison with other general pur- cation, Industrial Production: 1959 Revipose indexes using that base. The underly- sion. The availability of this publication ing series have been compiled in this revision will be announced in the BULLETIN. The with the average for the year 1957 equal to tables in the separate publication will in- 100. These and the major groupings will be clude (1) annual data and seasonally adpublished regularly on this base to facilitate justed and unadjusted monthly data on a analysis of production in terms of a more re- 1947-49 base and on a 1957 base for induscent period, pending adoption of a new base try groupings and for various market by Federal agencies generally. groupings and (2) annual and unadjusted The results of all these revisions, which monthly data for all detailed series and subcover the period beginning with January totals on a 1957 base. These tables will 1947, are shown for the total index and for cover the period January 1947-December summary groupings of industry and market 1958. The present article and the tables series in the tables that follow this article. that follow will also be a part of the special The tables include annual and seasonally publication. The price of this publication adjusted monthly data on both the 1947-49 will be $1.00. and the 1957 comparison base periods. Sea- Figures for the revised index for the sonally adjusted indexes for a combination period since December 1958 for individual of the revised manufacturing and mining series without seasonal adjustment as well divisions are also shown on a 1947-49 base as for major industry and market groupings, for comparison with the old total index. both adjusted and unadjusted, will be pub- The current revision has been accom- lished on January 15 in the Business Indexes plished more rapidly and with greater oprelease (G.I2.3), which accompanies the portunity for testing and review than previmonthly National Summary of Business ous revisions by making use of electronic Conditions. processing and charting machines. One of New monthly figures for all of these series the major uses of the electronic computer and major groupings will be published in was in the development of seasonal adjustsubsequent issues of the Business Indexes ment factors; the computer provided prerelease, which may be obtained on request liminary results that facilitated the revision from the Division of Administrative Serveven though the mechanically derived facices, Board of Governors of the Federal Retors required detailed professional review serve System, Washington 25, D. C. Beginand, in the case of series with wide cyclical fluctuations, considerable revision. ning with the January 1960 issue, the BUL- LETIN will show figures for the total index PUBLICATION PLANS and for major industry and market group- Detailed descriptive material and statistical ings seasonally adjusted and unadjusted, tables will be provided in a separate publi- but not for most individual series. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDUSTRIAL PRODUCTION INDEX 1467 MAJOR GROUPINGS AND THEIR RELATIVE IMPORTANCE Proportion Proportion Industry Market 1957 1947-49 1957 1947-49 Total index 100.00 100.00 Total index , 100.00 100.00 Manufacturing, total 86.49 86.40 Final products, total 46.75 47.52 Durable 49.66 42.72 Consumer goods 31.13 35.87 Nondurable 36.83 43.68 Equipment, including defense 15.62 11.65 Mining 8.55 9.41 Materials 53.25 52.48 Utilities 4.96 4.19 Consumer Goods Durable Manufactures Automotive products 5.35 2.92 Primary and fabricated metals 13.15 11.78 Autos 2.03 1.44 Primary metals 7.73 6.65 Auto parts and allied products 1.32 1.48 Iron and steel 6.21 5.07 Fabricated metal products 5.42 5.13 Home goods and apparel 9.60 13.51 Structural metal parts 2.91 2.53 Home goods 4.40 5.74 Appliances, TV, and radios 1.75 2.12 Machinery and related products 28.98 21.90 Appliances 1.26 1.52 Machinery 15.31 13.20 TV and home radios .49 .60 Nonelectrical machinery 8.92 7.67 Furniture and rugs 1.18 1.48 Electrical machinery 6.39 5.53 Misc. home goods 1.47 2.14 Transportation equipment 10.76 7.02 Apparel, incl. knit goods and shoes 5.20 7.77 Motor vehicles and parts 5.04 4.54 Aircraft and other equipment 5.50 2.48 Consumer staples 18.18 19.44 Instruments and related products 1.66 1.20 Processed foods 8.11 9.17 (Ordnance and accessories) 1.25 .48 Beverages and tobacco 2.32 2.85 Drugs, soap, and toiletries 2.73 2.50 Clay, glass, and lumber 4.57 5.57 Newspapers, magazines, and books. 1.44 1.70 Clay, glass, and stone products 2.92 2.66 Consumer fuel and lighting 3.45 3.12 Lumber and products 1.65 2.91 Fuel oil and gasoline 1.19 1.20 Residential utilities 2.26 1.92 Furniture and miscellaneous 2.96 3.47 Electricity 1.57 1.27 Furniture and fixtures 1.48 1.55 (Gas) .69 .65 Misc. manufactures 1.48 1.92 Equipment Nondurable Manufactures Business equipment 12.16 10.38 Textile, apparel, and leather products 7.32 13.03 Industrial equipment 7.29 5.98 Textile mill products 2.78 6.16 Commercial equipment 2.46 1.84 Apparel products 3.44 5.22 Freight and passenger equipment... 1.83 1.67 Leather and products 1.10 1.65 Farm equipment .58 .89 Paper and printing 7.93 8.30 {Defense equipment) 3.46 1.27 Paper and products 3.27 3.27 Printing and publishing 4.66 5.03 Materials Newspapers 1.53 1.75 Durable goods materials 27.81 24.37 Chemical, petroleum, and rubber products 10.94 9.73 Consumer durable 3.67 3.10 Chemicals and products 7.10 5.91 Equipment 8.10 5.65 Industrial chemicals 3.61 2.57 Construction 9.05 9.33 Petroleum products 1.93 2.04 (Metal materials n.e.c.) 6.99 6.29 Rubber and plastics products 1.91 1.78 Nondurable materials 25.44 28.11 Foods, beverages, and tobacco 10.64 12.62 Business supplies 8.87 8.51 Foods and beverages 9.87 11.88 Containers 2.91 2.76 Food manufactures 8.31 9.76 General business supplies 5.96 5.75 Beverages 1.56 2.12 (Nondurable materials n.e.c.) 7.05 9.62 Tobacco products .77 .74 Business fuel and power 9.52 9.98 Mining Mineral fuels 6.29 7.07 Nonresidential utilities 2.70 2.27 Coal, oil, and gas 7.05 7.88 Electricity 2.19 1.86 Coal 1.30 2.53 General industrial .99 .87 Crude oil and natural gas 5.75 5.35 Atomic energy .08 .01 Oil and gas extraction 4.98 4.55 Commercial and other 1.12 .98 Crude oil 4.33 3.89 Gas .51 .41 Gas and gas liquids .65 .66 Industrial .33 .25 Oil and gas drilling .77 .80 Commercial and other .18 .16 Metal, stone, and earth minerals 1.50 1.53 Metal mining .70 .77 Supplementary groups Stone and earth minerals .80 .76 of consumer goods Utilities Automotive and home goods... 7.75 8.66 Apparel and staples 23.38 27.21 Electric 3.76 3.13 Gas 1.20 1.06 NOTE.—Published groupings include some series and subtotals Differences between the two sets of proportions reflect mainly not shown separately. The more important of these are shown in (1) relative output changes from 1947-49 to 1957 and (2) relaparentheses in this table. tive changes in value-added prices from 1947 to 1957. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1468 REVISED INDUSTRIAL PRODUCTION INDEX MANUFACTURING AND MINING PRODUCTION, 1919-59 [Seasonally adjusted, 1947-49= 100] Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Annual average 1919 38 37 35 36 36 39 41 42 41 40 40 40 39 1920 44 44 43 41 42 42 41 41 40 39 35 33 41 1921 31 31 30 30 31 30 30 31 31 33 33 33 31 1922 34 35 37 36 38 40 40 39 41 43 45 46 39 1923 46 46 48 49 49 49 48 48 47 46 46 45 47 1924 46 47 46 45 43 41 40 42 44 44 45 47 44 1925 48 48 48 48 48 48 49 48 48 49 51 51 49 1926 50 50 51 51 50 51 51 52 53 53 52 52 51 1927 52 52 53 52 52 52 51 51 50 50 49 50 51 1928 51 51 52 51 52 53 53 54 55 56 57 58 53 1929 58 58 58 59 60 61 61 61 60 59 56 54 59 1930 54 54 53 53 51 50 48 46 46 45 44 43 49 1931 42 42 43 43 43 42 41 40 38 37 36 36 40 1932 35 34 33 31 30 29 28 29 31 32 32 31 31 1933 31 31 29 31 37 42 46 44 42 39 37 37 37 1934 39 40 42 43 43 42 39 39 37 38 39 41 40 1935 45 46 45 44 44 45 45 47 48 50 51 51 47 1936 51 50 50 53 54 55 56 57 58 59 61 63 56 1937 62 63 65 65 65 64 65 64 62 57 52 47 61 1938 46 45 45 44 43 44 46 49 50 51 54 54 48 1939 55 54 54 53 53 56 57 57 62 65 67 67 58 1940... . 66 63 61 61 63 66 66 67 69 71 73 75 67 1941 77 79 81 80 86 88 89 89 90 92 93 94 87 1942 97 98 99 101 102 103 105 109 111 115 117 119 106 1943 121 124 125 127 127 126 128 129 130 131 132 128 127 1944 130 130 128 127 126 125 122 124 122 123 123 124 125 1945 124 125 125 122 119 117 111 99 89 86 89 87 107 1946 85 81 89 87 84 90 91 94 95 96 97 96 90 1947. . . 98 99 99 99 99 99 99 99 100 101 102 102 100 1948 103 103 102 102 104 105 105 105 104 104 103 102 103 1949 101 100 98 97 96 96 96 97 97 94 96 98 97 1950. ... 100 100 104 107 110 113 117 121 120 120 120 122 113 1951. . . 123 123 124 124 123 123 121 120 120 120 121 122 122 1952 123 124 124 123 122 121 118 126 131 132 135 136 126 1953. . . 136 137 138 139 140 139 140 139 136 134 131 128 136 1954 127 127 126 126 127 127 127 127 128 128 130 132 127 1955. . 135 136 139 141 143 144 145 145 147 149 148 149 143 1956 148 147 147 149 147 147 141 148 150 150 150 151 148 1957 151 152 152 150 151 151 151 151 149 145 143 139 149 1958 136 132 129 128 131 135 138 140 141 142 146 147 137 1959 148 151 153 158 162 162 159 153 152 150 ^152 p Preliminary. NOTE.—Figures for 1919-46 are the same as those published in the December 1953 revision of the industrial production index. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDUSTRIAL PRODUCTION INDEX 1469 TOTAL INDUSTRIAL PRODUCTION (INCLUDING UTILITIES), 1919-591 [Seasonally adjusted, 1947-49= 100] Annual Year Jan. Feb. Mar. April May June July Aug. Sept. Oct. Nov. Dec. average 1919. 37 36 34 35 35 38 40 40 40 39 39 39 38 1920. 43 43 42 40 41 41 40 40 39 38 35 32 40 1921. 30 30 29 29 30 30 29 31 31 32 32 32 30 1922. 33 34 36 35 37 39 39 38 40 42 44 45 38 1923. 44 45 46 47 48 48 47 46 45 45 45 44 46 1924. 45 46 45 44 42 40 40 41 42 43 44 46 43 1925. 47 47 47 47 47 47 48 47 46 48 49 50 48 1926. 49 49 50 50 49 50 50 51 52 52 51 51 50 1927. 51 51 52 51 51 51 50 50 49 49 48 49 50 1928. 50 50 51 50 51 52 52 53 54 55 56 57 52 1929. 57 57 57 58 59 60 60 60 59 58 56 53 58 1930. 53 53 52 52 51 50 47 46 45 44 43 42 48 1931. 42 42 43 43 43 41 41 39 38 36 36 36 40 1932. 35 34 33 31 30 29 28 29 31 32 32 31 31 1933. 31 31 29 31 36 42 45 44 41 39 37 37 37 1934. 38 40 42 42 43 42 39 39 37 38 38 41 40 1935. 44 45 45 44 44 45 45 46 48 49 50 51 46 1936. 50 49 49 52 53 55 56 56 57 58 60 62 55 1937. 61 62 64 64 64 63 64 63 61 57 51 47 60 1938. 46 45 45 44 43 44 46 49 50 51 53 54 47 1939. 54 54 54 52 53 55 56 57 61 65 66 66 58 1940. 65 62 61 61 63 65 66 67 69 70 72 74 66 1941. 76 78 80 79 84 87 87 88 89 91 92 93 85 19421 95 96 98 99 100 102 103 107 109 113 115 117 105 19431 119 122 123 124 125 124 125 127 128 129 129 126 125 19441 127 128 126 125 123 123 120 122 120 121 121 122 123 19451 123 123 123 120 117 115 110 97 87 85 88 86 106 1946. 84 80 88 87 84 89 91 93 95 96 97 96 90 1947. 98 98 99 98 99 98 98 99 99 100 102 102 99 1948. 103 103 102 102 104 105 105 105 104 104 103 102 103 1949. 101 100 98 98 97 96 96 97 98 94 97 99 98 1950. 100 101 104 107 110 113 117 121 120 121 120 123 113 1951. 123 123 124 124 124 123 122 121 121 121 122 123 123 1952. 124 125 125 124 123 122 119 127 132 133 136 137 127 1953. 137 138 139 140 141 140 142 141 138 136 132 130 138 1954. 129 128 128 128 129 129 129 129 130 130 132 134 130 1955. 137 139 141 143 145 146 147 148 149 151 151 151 146 1956. 151 150 149 151 150 150 143 150 153 153 153 154 151 1957. 154 155 155 153 154 154 154 154 152 149 146 143 152 1958. 139 136 133 132 135 139 142 144 145 146 150 151 141 1959. 152 154 157 162 166 166 163 157 157 154 *U56 P Preliminary. 1 Indexes prior to 1947 have not been revised, but they reflect the addition of electric and gas utilities. Preliminary review of data for World War II indicates that the total index for that period is overstated relative to both 1939 and 1947 and that in 1943 the overstatement is about 6 per cent. TOTAL AND SUMMARY GROUPINGS, 1947-58 [Annual averages, 1947-49 = 100] Industry Market Total industrial Manufacturing Final products produc- Matetion Mining Utilities Con- rials Dura- Non- sumer Equip- Total ble durable Total goods ment 1947 99 99 100 98 101 91 99 98 100 100 1948 103 103 105 102 106 101 102 101 105 104 1949 98 97 95 100 94 108 99 101 94 96 1950 113 113 116 111 105 123 112 115 102 114 1951 123 123 130 115 115 140 121 114 142 124 1952 127 127 138 117 114 152 130 116 170 125 1953 138 139 156 122 117 166 138 124 182 137 1954 130 129 138 122 113 178 132 123 161 128 1955 146 145 159 134 125 199 144 136 172 147 1956 151 150 162 139 132 218 150 139 188 151 1957 152 150 162 141 132 233 152 141 189 151 1958 141 139 141 141 120 244 145 140 165 138 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1470 REVISED INDUSTRIAL PRODUCTION INDEX TOTAL AND SUMMARY GROUPINGS, 1947-59 [Seasonally adjusted, 1947-49= 100] Industry Total Month i p nd r u o s d t u r c ia - l Manufacturing Mining tion Total Dura- Nonble durable 1947 January 98 98 98 99 98 February 98 99 99 98 99 March 99 99 100 99 101 April 98 99 101 98 92 M^ay 99 99 101 97 100 June 98 99 101 96 99 July 98 98 99 97 101 August 99 98 99 98 103 Seotember 99 99 101 98 104 October 100 100 101 100 103 November 102 102 103 101 104 December . ... 102 102 103 101 104 1948 January . . . 103 103 104 101 105 February 103 103 104 102 105 M^arch 102 102 104 101 95 April 109 102 102 102 97 May 104 103 104 103 no June 105 104 105 104 no July 105 105 107 102 no August .. 105 104 107 102 September 104 103 105 102 October 104 104 107 101 November . .. 103 103 105 101 December 102 102 103 100 1949 January 101 101 102 100 February 100 100 100 100 Miarch 98 99 98 99 April 98 97 96 97 May 97 96 94 97 June 96 96 94 98 July 96 96 94 98 August . ... 97 97 95 100 September 98 99 97 102 October .. . 94 96 103 November 97 96 89 103 December 99 99 94 103 1950 January 100 101 97 104 February 101 102 99 105 M^arch .. 104 104 101 106 April 107 107 107 108 May 110 110 112 109 113 114 118 no JUly 117 117 122 113 August 121 122 127 116 September 120 121 126 115 October . . .... 121 121 127 116 November 120 121 127 115 December 123 123 129 118 1951 January 123 124 129 119 February . . .. 123 124 131 118 M^arch 124 125 132 118 April 124 125 133 117 May 124 124 132 117 June . . 123 124 131 116 July 122 121 129 114 August 121 120 128 113 September 121 121 129 112 October 121 120 129 111 November 122 121 131 112 December 123 122 132 113 1952 January 124 124 133 114 February 125 124 134 114 March 125 125 135 114 April .. 124 124 133 114 May 123 124 135 113 June 122 122 128 116 July 119 119 122 117 August 127 128 138 118 September 132 132 145 119 October 133 134 148 121 November . . 136 137 152 122 December 137 138 154 122 222 Utilities 86 87 89 90 91 91 92 93 94 94 95 97 97 99 99 99 100 101 102 104 105 107 105 106 106 104 105 103 105 93 105 102 106 100 105 93 107 91 108 90 109 82 110 77 no 96 111 93 114 91 84 111156 104 118 103 120 103 122 106 123 108 123 111 124 112 126 113 128 no 129 130 112 133 111131 135 112 114 114 114 115 115 116 118 118 117 118 119 118 117 105 105 105 112 120 112 119 117 ooc Market Final products Con- Total sumer goods 97 98 97 97 98 98 97 97 97 96 97 97 97 97 98 98 99 99 101 100 102 102 102 102 102 101 102 102 102 101 102 101 102 101 103 102 103 102 103 101 102 101 103 102 102 101 101 100 99 99 99 98 99 99 99 99 98 99 99 100 99 101 100 102 100 103 100 104 98 102 97 101 101 105 101 105 103 108 106 111 109 113 112 116 116 120 120 123 118 121 118 120 118 119 120 121 121 122 122 121 122 120 122 117 139 121 115 140 121 114 141 118 no 142 117 108 143 119 109 143 119 145 122 146 123 147 124 148 125 149 126 148 126 149 126 149 130 151 126 153 129 156 132 157 134 158 137 160 137 ooo— —or Equipment 97 98 98 99 100 101 99 100 102 103 103 104 105 105 106 105 105 106 107 107 107 106 105 104 102 102 100 98 96 95 93 92 92 88 86 86 87 90 91 93 97 101 104 no no 113 113 113 113 116 114 116 119 121 124 124 moo — Mate- rials 98 99 100 99 100 99 99 99 100 100 101 101 103 103 101 101 105 106 106 106 105 106 104 104 102 101 97 97 95 94 93 95 96 89 95 99 100 100 104 109 111 114 118 121 122 123 123 124 125 126 124 131 126 136 127 138 127 141 126 144 125 147 123 150 123 154 122 158 122 160 123 164 123 166 124 167 123 167 122 169 119 171 114 165 113 169 125 172 132 175 133 178 136 181 136 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDUSTRIAL PRODUCTION INDEX 1471 TOTAL AND SUMMARY GROUPINGS, 1947-59—Continued [Seasonally adjusted, 1947-49= 100] Industry Market Total industrial Manufacturing Final products Month production Dura- Non- Mining Utilities s C um on e - r Equip- M r a i t al e s - Total ble durable Total goods ment 1953—January 137 138 157 121 115 160 138 125 182 136 February 138 139 158 122 115 160 139 125 183 137 March 139 141 159 123 115 162 140 12b 185 139 April 140 141 160 124 116 164 140 126 185 140 May 141 142 161 124 118 166 141 127 185 140 June 140 141 160 123 119 167 140 126 185 140 July 142 143 162 125 120 169 141 127 187 143 August 141 141 160 124 121 169 139 125 186 141 September 138 138 155 122 120 168 137 122 184 138 October 136 136 152 121 116 169 136 122 180 136 November 132 133 147 120 114 168 133 120 173 132 December 130 130 142 118 113 168 131 119 170 129 1954—January 129 128 140 119 112 171 130 119 167 127 February 128 128 139 120 112 172 131 120 166 126 March 128 127 136 120 112 173 130 121 164 125 April 128 127 136 120 113 175 130 121 161 125 May 129 128 137 122 114 175 131 123 161 126 June 129 129 138 122 115 177 132 123 161 127 July 129 128 136 123 114 180 132 124 160 127 August 129 128 136 123 113 180 131 123 159 127 September 130 129 137 124 112 182 132 125 158 128 October 130 130 138 124 113 183 131 124 158 129 November 132 131 140 125 115 185 133 125 159 132 December 134 134 143 126 117 187 135 128 160 134 1955—January 137 137 147 120 187 137 131 161 137 February 139 138 150 128 121 190 138 131 162 139 March 141 141 154 130 121 193 140 133 166 142 April 143 143 157 132 123 194 142 135 169 144 May 145 145 159 133 123 195 144 136 171 146 June 146 146 160 134 123 196 144 136 173 147 July 147 147 162 135 124 198 145 137 174 149 August 148 148 163 134 126 203 145 137 175 150 September 149 149 165 135 128 206 147 138 177 152 October 151 151 166 137 129 206 149 140 181 153 November 151 150 165 138 130 208 148 140 178 153 December 151 150 165 139 130 211 148 140 179 153 1956—January 151 150 164 138 131 212 148 140 179 152 February 150 149 162 138 131 213 148 139 180 151 March 149 148 161 138 131 214 148 138 181 150 April 151 150 164 139 132 216 150 140 186 152 May 150 149 162 138 132 219 149 139 186 150 June 150 149 161 139 133 220 149 139 187 149 July 143 142 148 139 127 219 150 139 188 137 August 150 149 161 140 133 219 151 139 190 150 September 153 152 166 140 133 220 151 139 192 154 October 153 152 166 140 133 221 152 140 193 155 November 153 152 166 140 133 222 152 139 195 154 December 154 153 168 140 133 223 153 141 196 155 1957—January 154 153 168 140 133 225 153 140 196 154 February 155 154 169 140 135 227 154 141 196 155 March 155 153 168 141 136 227 154 141 196 155 April 153 152 166 140 135 230 153 140 194 154 May 154 152 166 141 135 231 153 141 193 153 June 154 153 167 141 133 232 153 142 192 154 July 154 153 166 142 132 237 154 143 191 154 August 154 153 166 143 130 239 154 143 191 154 September 152 151 162 142 130 238 153 143 188 151 October 149 147 157 141 129 237 150 141 184 148 November 146 144 152 139 126 238 148 140 178 145 December 143 141 147 138 125 237 146 138 174 140 1958—January 139 137 141 136 123 238 143 137 168 136 February 136 133 135 135 120 238 140 135 162 131 March 133 131 133 133 113 238 138 133 160 129 April 132 130 129 135 112 237 138 133 158 127 May 135 133 133 137 112 238 140 136 158 130 June 139 137 138 140 116 241 143 139 160 135 July 142 140 141 143 120 243 145 142 163 138 August 144 142 144 144 123 246 147 142 167 141 September 145 143 144 145 125 250 146 140 168 145 October 146 144 145 146 125 251 147 142 171 144 November 150 148 154 147 127 250 153 148 174 148 December 151 149 155 147 129 253 153 148 174 149 1959—January 152 150 156 148 128 259 155 150 175 150 February 154 153 160 150 126 259 155 150 176 154 March 157 156 165 151 126 261 157 151 179 158 April 162 161 170 155 129 262 161 156 184 163 May 166 165 177 156 131 266 164 157 190 167 June 166 166 178 156 129 271^ 165 157 193 167 July 163 163 171 159 123 272 167 158 196 160 August 157 156 158 158 120 271 166 158 194 148 September 157 156 157 159 119 276 166 158 194 149 October 154 153 155 156 120 275 165 157 194 146 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1472 REVISED INDUSTRIAL PRODUCTION INDEX TOTAL INDUSTRIAL PRODUCTION (INCLUDING UTILITIES), 1919-591 [Seasonally adjusted, 1957= 100) Year Jan. Feb. Mar. April May June July Aug. Sept. Oct. Nov. Dec. 1919 25 24 23 23 23 25 26 27 2b 26 25 26 1920 28 28 28 26 27 27 26 27 26 25 23 21 1921 20 20 19 19 20 20 19 20 20 21 21 21 1922 22 23 24 23 24 26 26 25 26 28 29 30 1923 29 30 31 31 32 31 31 31 30 30 30 29 1924 30 30 30 29 28 26 26 27 28 29 29 30 1925 31 31 31 31 31 31 31 31 31 32 33 33 1926 32 32 33 33 33 33 33 33 34 34 34 34 1927 34 34 34 33 34 34 33 33 33 32 32 32 1928 33 33 33 33 34 34 34 35 35 36 37 37 1929 . . . . 38 38 38 38 39 40 40 40 39 39 37 35 1930 35 35 34 34 34 33 31 30 30 29 28 28 1931 28 28 28 28 28 27 27 26 25 24 24 23 1932 23 22 22 21 20 19 19 19 20 21 21 21 1933 20 20 19 21 24 28 30 29 27 26 24 25 1934 25 26 28 28 28 28 26 26 25 25 25 27 1935 29 30 30 29 29 29 30 31 31 32 33 34 1936 33 32 33 35 35 36 37 37 38 38 40 41 1937 40 41 42 42 42 42 42 42 40 37 34 31 1938 . 30 30 30 29 28 29 30 32 33 34 35 35 1939 36 36 36 34 35 36 37 37 40 43 44 44 1940 43 41 40 40 41 43 43 44 45 46 48 49 1941 50 51 53 52 55 57 58 58 58 60 60 61 19421 63 63 64 65 66 67 68 71 72 74 76 77 19431 78 80 81 82 82 82 83 84 84 85 85 83 19441 84 84 83 82 81 81 79 80 79 80 80 80 19451 81 81 81 80 78 76 72 64 58 56 58 57 1946 55 53 58 57 55 59 60 62 63 63 64 64 1947 64 65 65 65 65 65 65 65 66 66 67 67 1948 68 68 67 67 68 69 69 69 68 69 68 68 1949 67 66 65 64 64 63 63 64 65 62 64 6S 1950 66 66 69 71 73 75 77 80 79 80 79 1951 81 81 82 82 82 81 80 80 80 80 80 1952 82 82 82 82 81 80 79 84 87 88 90 1953 91 91 92 92 93 92 94 93 91 89 87 1954 85 85 84 84 85 85 85 85 86 86 87 1955 90 91 93 94 96 96 97 97 98 99 99 1956 99 99 98 100 99 99 95 99 101 101 101 1957 . 101 102 102 101 101 102 101 102 100 98 96 1958 92 89 88 87 89 92 93 95 95 96 99 1959 100 102 104 107 109 110 108 103 103 102 *>103 00 OOO Annual average 25 26 20 25 30 28 31 33 33 35 38 32 26 21 24 26 31 36 40 31 38 44 56 69 82 81 70 59 65 68 64 74 81 84 85 91 88 85 100 96 102 99 94 100 100 93 p Preliminary. i Indexes prior to 1947 have not been revised, but they reflect the addition of electric and gas utilities. Preliminary review of data for World War II indicates that the total index for that period is overstated relative to both 1939 and 1947 and that in 1943 the overstatement is about 6 per cent. TOTAL AND SUMMARY GROUPINGS, 1947-58 [Annual averages, 1957= 100] Industry Market Total Year industrial Manufactuiing Final products produc- Matetion Mining Utilities Con- rials Dura- Non- sumer Equip- Total ble durable Total goods ment 1947 65 66 62 70 76 39 65 70 53 66 1948 68 69 64 72 80 43 67 72 56 69 1949 64 65 59 71 71 46 65 71 50 64 1950 74 75 71 79 80 53 73 82 54 75 1951 81 82 80 82 87 60 79 81 75 82 1952 84 85 85 83 87 65 85 82 90 83 1953 91 92 96 87 89 71 91 88 96 91 1954 85 86 85 87 86 76 86 87 85 84 1955 96 97 98 95 95 85 95 97 91 97 1956 99 100 100 99 100 94 99 99 99 100 1957 100 100 100 100 100 100 100 100 100 100 1958 93 92 87 100 91 104 95 99 87 91 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDUSTRIAL PRODUCTION INDEX 1473 TOTAL AND SUMMARY GROUPINGS, 1947-59 [Seasonally adjusted, 1957= 100] Industry Market Total industrial Manufacturing Final products Month production Total D b u l r e a- d N ur o a n b - le Mining Utilities )tal s g C u o o m o n e d - r s E m qu en ip t - M ri a a t l e s - 1947—January 64 65 60 70 74 37 64 69 51 65 February 65 66 61 70 75 37 64 69 52 65 March 65 66 62 70 77 37 64 69 52 66 April 65 66 62 70 70 38 64 69 53 65 May 65 66 62 69 76 39 64 68 53 66 June 65 66 62 68 75 39 64 68 53 66 July 65 65 61 69 76 39 64 69 52 65 August 65 65 61 70 78 40 65 69 53 65 September 66 66 62 70 79 40 65 70 54 66 October 66 67 62 71 78 40 66 71 54 66 November 67 68 63 72 79 41 67 72 54 67 December 67 68 63 72 79 41 67 72 55 67 1948—January 68 64 72 80 42 67 72 55 68 February 68 68 64 72 80 42 67 72 55 68 March 67 68 64 72 72 43 67 71 56 67 April 67 68 63 73 74 42 67 72 56 67 May 68 69 64 73 83 43 67 72 55 70 June 69 69 65 74 83 43 68 73 56 70 July 69 70 66 73 83 44 68 73 56 70 August 69 69 66 72 83 44 68 72 56 70 September 68 69 65 72 81 44 67 71 56 69 October 69 69 66 72 82 45 68 72 56 70 November 68 68 65 72 81 45 67 72 56 69 December 68 68 64 71 81 45 66 71 55 69 1949—January 67 67 63 71 79 45 65 70 54 68 February 66 66 61 71 78 45 65 70 54 67 March 65 66 60 70 71 45 65 70 53 64 April 64 64 59 69 78 45 65 70 52 64 May 64 64 58 69 76 45 65 70 51 63 June 63 64 58 70 71 46 65 71 50 62 July 63 64 58 70 69 47 65 71 49 62 August 64 65 58 71 69 47 66 72 49 63 September 65 66 60 72 62 47 66 73 48 64 October 62 64 54 73 59 47 66 74 47 59 November 64 64 55 73 73 48 65 72 45 63 December 65 66 58 73 71 49 64 72 45 66 1950—January 66 67 60 74 69 49 66 75 46 66 February 66 68 61 75 64 50 67 75 47 66 March 69 69 62 75 79 51 68 76 48 69 April 71 71 66 77 78 51 70 78 49 72 May 73 73 69 77 78 52 72 80 51 73 June 75 76 72 78 81 53 74 8"> 53 76 July 77 78 75 80 82 53 76 85 55 78 August 80 81 78 83 84 53 79 88 58 80 September 79 80 77 82 85 54 77 86 58 80 October 80 81 78 82 86 55 77 85 60 82 November 79 81 78 82 84 55 77 84 61 81 December 81 82 79 84 85 56 79 86 62 82 1951—January 81 82 80 84 86 57 80 86 64 82 February 81 83 80 84 85 58 81 86 67 82 March 82 83 81 84 85 58 81 85 69 83 April 82 83 82 83 86 59 80 83 72 84 May 82 83 81 83 87 60 79 82 73 84 June 81 82 81 83 87 60 79 81 75 83 July 80 81 79 81 87 60 78 78 76 82 August 80 80 79 80 61 77 76 77 82 September 80 80 79 80 61 78 77 79 81 October 80 80 79 79 90 61 78 77 81 81 November 80 81 81 80 89 62 80 78 83 81 December 81 81 81 80 89 63 81 78 85 81 1952—January 82 82 81 90 63 82 79 87 February 82 83 83 81 91 64 82 80 March 82 83 83 81 90 64 83 80 82 April 82 82 82 81 89 63 83 80 81 May 81 82 83 80 79 64 83 80 79 June 80 81 79 83 80 64 85 82 91 76 July 79 79 75 83 80 65 83 81 87 75 August 84 85 85 84 85 66 85 83 89 83 September 87 88 89 85 91 67 87 85 91 87 October 88 89 91 86 85 67 88 86 92 88 November 90 91 94 87 91 68 90 88 94 90 December 90 92 95 87 89 69 90 88 95 90 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1474 REVISED INDUSTRIAL PRODUCTION INDEX TOTAL AND SUMMARY GROUPINGS, 1947-59—Continued [Seasonally adjusted, 1957= 100] Industry Market Total industrial Manufacturing Final products Month production Total D b u l r e a- d N ur o a n b - le Mining Utilities Total s g C u o m o o n d e - s r E m qu en ip t - M ri a a t l e s - 1953—January 91 92 96 86 88 69 91 96 90 February... 91 93 97 87 87 69 92 89 97 91 March 92 94 98 87 88 69 92 89 98 92 April 92 94 99 88 70 92 90 98 92 May 93 94 99 89 71 93 90 98 93 June 92 94 98 90 72 92 89 98 92 July 94 95 100 91 73 93 90 99 94 August. . . . 93 94 99 92 72 92 88 98 93 September.. 91 92 95 87 91 72 90 87 97 91 October 89 90 94 86 88 72 89 87 95 90 November.. 87 88 90 85 87 72 87 85 91 87 December.. 85 86 84 86 72 86 84 90 85 1954—January 85 85 86 85 85 73 86 85 84 February... 85 85 85 85 85 74 86 85 84 March 84 85 84 85 85 74 86 85 87 83 April 84 85 84 86 86 75 86 86 85 83 May 85 85 84 86 86 75 86 87 85 84 June 85 86 85 87 87 76 87 85 84 July 85 85 84 87 86 77 87 84 84 August 85 85 84 87 86 77 86 84 84 September.. 86 86 84 85 78 87 83 84 October 86 86 85 86 79 86 83 November.. 87 87 86 89 88 79 87 89 84 December. . 89 90 89 80 89 91 84 1955—January 90 91 91 91 91 80 90 93 85 91 February... 91 92 92 91 92 82 91 93 86 92 March 93 94 94 93 92 83 92 95 88 94 April 94 95 96 94 93 83 93 96 89 95 May 96 96 98 94 93 84 95 97 90 96 June 96 97 98 96 94 84 95 96 92 97 July 97 98 100 96 94 85 96 97 92 98 August 97 98 100 95 96 87 96 97 93 99 September.. 98 99 101 96 97 88 97 98 94 100 October 99 100 102 98 98 89 98 99 96 101 November.. 99 100 101 98 99 89 98 99 94 101 December.. 100 100 101 99 99 90 98 99 94 101 1956—January... . 99 100 101 98 99 91 98 99 94 101 February... 99 99 99 98 99 91 97 98 95 100 March 98 99 99 98 99 92 97 98 95 99 April 100 100 101 99 100 93 99 99 98 101 May 99 99 100 98 100 94 98 98 98 99 June 99 99 99 99 101 94 98 98 99 99 July 95 94 91 99 97 94 99 99 99 91 August 99 99 99 100 101 94 99 99 100 99 September.. 101 101 102 99 101 94 99 99 101 102 October 101 101 102 100 101 95 100 99 102 102 November.. 101 101 102 100 101 95 100 98 103 102 December.. 102 102 103 100 101 96 101 100 103 102 1957—January.. . . 101 102 103 99 101 97 101 99 103 102 February... 102 102 104 100 102 97 101 100 104 102 March 102 102 103 100 103 98 101 100 103 102 April 101 101 102 100 102 99 100 99 103 102 May 101 101 102 100 102 99 101 100 102 10! June 102 102 103 101 101 100 101 101 101 102 July 101 102 102 101 100 102 101 101 101 102 August 102 102 102 101 99 102 101 102 101 102 September.. 100 100 100 101 99 102 101 101 99 100 October 98 98 97 100 98 102 99 100 97 98 November.. 96 96 94 99 96 102 97 99 94 96 December.. 94 94 90 98 95 102 96 98 92 93 1958—January.... 92 91 87 97 94 102 94 97 89 90 February... 89 89 83 96 91 102 92 96 85 87 March 88 87 95 86 102 91 94 85 85 April 87 87 96 85 102 91 95 84 84 May 89 88 82 97 85 102 92 96 83 86 June 92 91 85 100 88 104 94 99 85 89 July 93 93 86 102 91 104 96 100 91 August.... 95 95 89 102 93 106 96 101 93 September.. 95 95 89 103 95 107 96 99 89 96 October 96 96 89 104 95 108 97 100 90 95 November.. 99 99 94 105 97 107 101 105 92 98 December.. 100 99 95 105 109 101 105 92 1959—January 100 100 96 105 97 111 102 106 92 99 February... 102 102 98 107 96 111 102 107 93 101 March 104 104 101 107 95 112 103 107 95 104 April 107 107 105 110 98 112 106 111 97 108 May 109 110 109 111 99 114 108 111 100 110 June 110 110 110 111 98 116 108 111 102 110 July 108 108 105 113 94 117 109 112 103 106 August.... 103 104 97 113 91 116 109 112 102 98 September.. 103 104 97 113 90 118 109 112 102 99 October 102 102 95 111 91 118 108 111 102 97 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Time Deposits of Trust and Agency Funds in be followed only if consistent with sound trust Member Bank's Own Commercial Department department administration. Thus, the bank should, of course, be satisfied, by consultation The Board has recently considered whether, with its counsel or otherwise, that the time deposit under Regulation D (12 CFR 204), funds held is within the authority of the trust department in by the trust department of a member bank in an its capacity as trustee or agent—in other words, agency capacity may be commingled and deposited that it is not inconsistent with any applicable State in a single time deposit in the bank's commercial law or with the terms of any applicable trust instrudepartment. ment or court order, in the case of trust funds, or In considering this question the Board has reagency agreement in the case of agency funds. viewed an interpretation published in the Federal Similarly, in the interests of sound trust depart- Reserve BULLETIN for January 1950, at page 44, ment administration, it is the Board's view that regarding a somewhat similar question as to time the amount of trust or agency funds placed in any deposits of uninvested trust funds made by the such time deposit should be determined on a reatrust department in the commercial department of sonable and conservative basis in the light of overa member bank. all experience with respect to disbursement of It is the Board's understanding that it is the trust and agency funds and, to the extent practipractice of certain member banks to place in a cable, in the light of periodic reviews of anticipated demand deposit in the commercial department a requirements for the disbursement of such funds portion of the aggregate amount of trust funds within the near future. This procedure should be held by the trust department awaiting investment such as to give a reasonable indication of the proor distribution and to place another portion of such spective needs for disbursements of trust or agency funds in a time deposit subject to a written agreefunds commingled in a time deposit. No funds ment between the two departments with respect to should be placed in such a deposit if they might notice of withdrawal in conformity with the rebe needed for disbursement by the trust departquirements of Regulation D. It is also understood ment within the ensuing 30 days or such other that some member banks follow a similar practice period as may be specified in the time deposit as to agency funds received in the trust departagreement; and in no event should the amount of ment. the deposit be determined arbitrarily and without The Board's regulations do not preclude clasconsideration of probable future requirements for sification of a deposit as a time deposit merely their disbursement. because the deposit is made in the name of a This statement supersedes the interpretation in trustee or an agent. Consequently, a deposit of 1950 Federal Reserve BULLETIN, page 44 (12 funds made by the trust department of a member CFR 204.102). bank in its capacity as trustee or agent may be classified as a time deposit if it is subject to a writ- Services under Section 4(a) of Bank ten agreement between the trust and commercial Holding Company Act departments under which no withdrawal may be made except after not less than 30 days' written The Board of Governors has been requested notice or at a stated maturity not less than 30 days for an opinion as to whether the performance of after the date of deposit, and if the deposit other- certain functions by a bank holding company for wise complies with the definition of a "time de- four banks of which it owns less than 25 per cent posit" set forth in Regulation D. of the voting shares is in violation of Section 4(a) However, the fact that such deposits are made of the Bank Holding Company Act. by another department of the same institution It is claimed that the holding company is enmakes it particularly important that the practice gaged in "managing" four nonsubsidiary banks, for 1475 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1476 FEDERAL RESERVE BULLETIN • DECEMBER 1959 which services it receives "management fees." ever, if the second category—"managing or con- Specifically, the company engages in the following trolling banks"—were interpreted to permit the activities for the four nonsubsidiary banks: (1) holding company to perform services for any establishment and supervision of loaning policies; bank, including a bank in which it held less than (2) direction of the purchase and sale of invest- 25 per cent of the stock (or no stock whatsoment securities; (3) selection and training of of- ever), the last clause of Section 4(a) (2) would be ficer personnel; (4) establishment and enforce- meaningless. ment of operating policies; and (5) general super- It is principally for this reason—that is, to give vision over all policies and practices. effective meaning to the final clause of Section The question raised is whether these activities 4(a)(2)—that the Board interprets "managing or are prohibited by Section 4(a)(2) of the Bank controlling banks" in that provision as referring Holding Company Act, which permits a bank to the exercise of a stockholder's management or holding company to engage in only three cate- control of banks, rather than direct and active gories of business: (1) banking; (2) managing or participation in their operations. To repeat, such controlling banks; and (3) furnishing services to active participation in operations falls within the or performing services for any bank of which the third category ("furnishing services to or perholding company owns or controls 25 per cent forming services for any bank") and consequently or more of the voting shares. may be engaged in only with respect to banks in Clearly, the activities of the company with re- which the holding company "owns or controls 25 spect to the four nonsubsidiary banks do not con- per centum or more of the voting shares." stitute "banking." With respect to the business of Accordingly, it is the Board's conclusion that, "managing or controlling" banks, it is the Board's in performing the sevices enumerated, the bank view that such business, within the purview of holding company is "furnishing services to or per- Section 4(a)(2), is essentially the exercise of a forming services for" the four banks referred to. broad governing influence of the sort usually ex- Under the Act such furnishing or performing of ercised by bank stockholders, as distinguished services is permissible only if the holding comfrom direct or active participation in the establish- pany owns or controls 25 per cent of the voting ment or carrying out of particular policies or op- shares of each bank receiving such services, and, erations. The latter kinds of activities fall within since the company owns less than 25 per cent of the third category of businesses in which a bank the voting shares of these banks, it follows that holding company is permitted to engage. In the these activities are prohibited by Section 4(a)(2). Board's view, the activities enumerated above fall While this conclusion is required, in the Board's in substantial part within that third category. opinion, by the langage of the statute, it may be Section 4(a) (2), like all other sections of the noted further that any other conclusion would Holding Company Act, must be interpreted in the make it possible for a bank holding company or light of all of its provisions, as well as in the any other corporation, through arrangements for light of other sections of the Act. The expression the "managing" of banks in the manner here in- "managing . . . banks," if it could be taken by it- volved, to acquire effective control of banks withself, might appear to include activities of the sort out acquiring bank stocks and thus to evade the enumerated. However, such an interpretation of underlying objectives of Section 3 of the Act. those words would virtually nullify the last portion of Section 4(a)(2), which permits a holding Reserves of Member Banks company to furnish services to or perform serv- The Board of Governors of the Federal Reserve ices for "any bank of which it owns or controls System, on November 30, 1959, announced amend- 25 per centum or more of the voting shares." ments to Regulation D, relating to reserves of Since Congress explicitly authorized the per- member banks, in order to permit member banks formance of services for banks that are at least to count part of their currency and coin in meet- 25 per cent owned by a holding company, it ob- ing reserve requirements. The Board also adopted viously intended that the holding company should several amendments to technical provisions of the not perform services for banks in which it owns Regulation including an amendment whereby the less than 25 per cent of the voting shares. How- reserve computation period for country banks will Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1477 be biweekly instead of semimonthly. The amend- of Governors of the Federal Reserve System, pursuant ments, as published in 24 Federal Register at page to and within the limitations contained in Section 19 of the Federal Reserve Act,7 may prescribe from time 9656, read as follows: to time in the Supplement to this Part; Provided, That a member bank's currency and coin shall be counted in partial compliance with such requirements to such TITLE 12—BANKS AND BANKING extent as the Board of Governors of the Federal Reserve System, pursuant to Section 19 of the Federal CHAPTER II—FEDERAL RESERVE SYSTEM Reserve Act, may permit from time to time in the Supplement to this Part. SUBCHAPTER A BOARD OF GOVERNORS OF THE (2) Notwithstanding the provisions of subpara- FEDERAL RESERVE SYSTEM graph (1) of this paragraph, a member bank located in a reserve city may hold and maintain the reserve [REG. D] balances which are in effect for member banks not located in reserve or central reserve cities, and a mem- Part 204. Reserves of Member Banks ber bank located in a central reserve city may hold Miscellaneous Amendments and maintain the reserve balances which are in effect for member banks located in reserve cities or for 1. Effective December 1, 1959, except as other- member banks not located in reserve or central reserve wise indicated, Part 204 is amended in the fol- cities, if permission for the holding and maintaining of such lower reserve balances is granted by the Board lowing respects: of Governors of the Federal Reserve System on such a. Section 204.1 is amended by changing para- basis as the Board may deem reasonable and appropriate in view of the character of business transacted graph (f) and by adding the following new paraby the member bank. graph (i) thereof to read as follows: (3) For the purposes of this Part, a member bank shall be considered to be in a central reserve city if § 204.1 DEFINITIONS. the head office or any branch of such bank is located * # * * * in a central reserve city, and a member bank shall be (f) Gross demand deposits. The term "gross de- considered to be in a reserve city if the head office mand deposits" means the sum of all demand deposits, or any branch thereof is located in a reserve city and including demand deposits made by other banks, the neither the head office nor any branch thereof is lo- United States, States, counties, school districts and cated in a central reserve city. other governmental subdivisions and municipalities, and all outstanding certified and officers' checks (in- c. Section 204.3(a) is amended to read as folcluding checks issued by the bank in payment of lows: dividends), and letters of credit and travelers' checks sold for cash. § 204.3 DEFICIENCIES IN RESERVES. * * * • * (a) Computation of deficiencies. (1) Deficiencies in reserve balances of member banks in central reserve (i) Currency and coin. The term "currency and cities and in reserve cities shall be computed on the coin" means United States currency and coin owned basis of average daily net deposit balances and averand held by a member bank, including currency and age daily countable currency and coin covering weekly coin in transit to or from a Federal Reserve Bank. periods.9 Deficiencies in reserve balances of other "Countable" currency and coin means that part of a member banks shall be computed on the basis of avermember bank's currency and coin which is permitted age daily net deposit balances and average daily countto be counted as partial compliance with its reserve able currency and coin covering semimonthly periods. requirements. (2) In computing such deficiencies the required b. Section 204.2(a) is amended to read as fol- reserve balance of each member bank at the close of business each day shall be based upon its net deposit lows: balances and countable currency and coin at the open- § 204.2 COMPUTATION OF RESERVES. ing of business on the same day; and the weekly and semimonthly periods referred to in subparagraph (a) Amounts of reserves to be maintained. (1) (1) of this paragraph shall end at the close of busi- Every member bank shall maintain on deposit with the ness on days to be fixed by the Federal Reserve Banks Federal Reserve Bank of its district an actual net bal- with the approval of the Board of Governors of the ance equal to 3 per cent of its time deposits, plus 7 Federal Reserve System. When, however, the reserve per cent of its net demand deposits if it is not located computation period ends with a nonbusiness day, or in a reserve or central reserve city or 10 per cent of two or more consecutive nonbusiness days, of the its net demand deposits if it is located in a reserve or member bank or its Federal Reserve Bank, such noncentral reserve city, or such different percentages of its business day or days may, at the option of the member time deposits and net demand deposits as the Board bank, be included in the next reserve computation period. 7 Any such different percentages prescribed by the Board may not be less than 3 per cent of time deposits, 7 per cent of net demand deposits of banks not located in reserve or cen- 9 However, deficiencies in reserve balances of member banks tral reserve cities, or 10 per cent of net demand deposits of in central reserve and reserve cities which have been authorized banks located in reserve or central reserve cities, nor more than by the Board of Governors, under the provisions of § 204.2 6.per cent of time deposits, 14 per cent of net demand deposits (a)(2), to hold and maintain the reserve balances in effect for of banks not located in reserve or central reserve cities, or 22 member banks not in central reserve and reserve cities will be per cent of net demand deposits of banks located in reserve computed on the basis provided for such latter member banks or central reserve cities. in this § 204.3 (a) (1). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1478 FEDERAL RESERVE BULLETIN • DECEMBER 1959 d. Effective at the opening of business on De- authorizations to charge such account; to provide for biweekly, instead of semimonthly, computations of cember 31, 1959, subparagraphs (1) and (2) of reserves by member banks not located in reserve and paragraph (a) of § 204.3 are amended by chang- central reserve cities; and to permit a member bank, ing the word "semimonthly" where it occurs at its option, to consider a nonbusiness day or nonbusiness days at the end of a reserve computation therein to read "biweekly". period as included within the next succeeding come. Footnotes 5a and 7 and textual references putation period. thereto are renumbered 6 and 8, respectively. b. The notice and public procedure described f. Effective as to member banks not in reserve in Sections 4(a) and 4(b) of the Administrative and central reserve cities at opening of business Procedure Act and the prior publication described on December 1, 1959, and as to member banks in in Section 4(c) of such act are not followed in reserve and central reserve cities at opening of connection with these amendments for the reasons business on December 3, 1959, § 204.5 [Suppleand good cause found as stated in § 262.2(e) of ment to Regulation D] is amended to read as folthe Board's rules of procedure (Part 262) and lows: especially because in connection with these amend- § 204.5 SUPPLEMENT. ments such procedures are unnecessary because they would not aid the persons affected and would (a) Reserve percentages. Pursuant to the provisions of Section 19 of the Federal Reserve Act and serve no other useful purpose. § 204.2(a), but subject to paragraph (b) of this sec- (Sec. 11, 38 Stat. 261, as amended; 12 U.S.C. tion, the Board of Governors of the Federal Reserve System hereby prescribes the following reserve bal- 248. Interprets or applies Sec. 19, 38 Stat. 270, ancs which each member bank of the Federal Reserve as amended; Sec. 19, 48 Stat. 54, as amended; 12 System is required to maintain on deposit with the U.S.C. 461, 462, 462b, 464, 465; Public law 86- Federal Reserve Bank of its district: (1) If not in a reserve or central reserve city— 114, July 28, 1959.) (i) 5 per cent of its time deposits, plus (Signed) MERRITT SHERMAN, (ii) 11 per cent of its net demand deposits. (2) If in a reserve city (except as to any bank Secretary. located in such a city which is permitted by the Board [SEAL] of Governors of the Federal Reserve System, pursuant to § 204.2(a)(2), to maintain the reserves specified in subparagraph (1) of this paragraph)— Order under Section 3 of Bank Holding (i) 5 per cent of its time deposits, plus Company Act (ii) 16V6 per cent of its net demand deposits. (3) If in a central reserve city (except as to any The Board of Governors of the Federal Reserve bank located in such a city which is permitted by the Board of Governors of the Federal Reserve System, System on December 1, 1959, issued the following pursuant to § 204.2(a)(2), to maintain the reserves Order (24 Federal Register 10003), pursuant to specified in subparagraph (1) or (2) of this para- Section 3(a)(l) of the Bank Holding Company graph)— (i) 5 per cent of its time deposits, plus Act of 1956, extending the time within which an (ii) 18 per cent of its net demand deposits. applicant may become a bank holding company (b) Counting of currency and coin. In partial through acquisition of voting shares of two banks: compliance with the reserve requirements of paragraph (a) of this section, the amount of a member bank's currency and coin shall be counted to the extent that BANK STOCK CORPORATION it exceeds 2 per cent of the bank's net demand deposits OF MILWAUKEE in the case of a bank subject to the requirements for banks located in central reserve and reserve cities, and In the Matter of the Application of Bank Stock to the extent that it exceeds 4 per cent of the bank's net demand deposits in the case of a bank subject to Corporation of Milwaukee Pursuant to Section the reserve requirements for banks not located in cen- 3(a)(l) of the Bank Holding Company Act of 1956 tral reserve and reserve cities. 2. The purposes of these amendments are to permit member banks to count a portion of their currency ORDER EXTENDING TIME WITHIN WHICH TO and coin in partial compliance with their reserve re- BECOME A BANK HOLDING COMPANY quirements under the law and the Regulation, such permission being granted pursuant to amendments There having come before the Board of Govermade to Section 19 of the Federal Reserve Act by the nors, pursuant to Section 3(a)(l) of the Bank Act of luly 28, 1959; to conform the language of the Regulation to changes in the law made by such Act; Holding Company Act of 1956 (12 U.S.C. 1842) to exclude from the definition of "gross demand deand Section 4(a)(l) of the Board's Regulation Y posits" drafts drawn by a member bank upon its reserve account at its Federal Reserve Bank or other (12 CFR 222.4(a)(l)), an application by Bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1479 Stock Corporation of Milwaukee for the Board's BULLETIN 1133; 24 Federal Register 7347), with approval of action whereby Applicant would be- a proviso that said acquisition be completed within come a bank holding company through the ac- three months from that date; quisition of 80 per cent or more of the outstanding And Bank Stock Corporation of Milwaukee voting shares of Marshall and Ilsley Bank and having applied to the Board for a one-month ex- Northern Bank, both of which are located in tension of the period prescribed in said proviso, Milwaukee; a Notice of Tentative Decision refer- and it appearing that such an extension would ring to a Tentative Statement on said application not be inconsistent with the public interest; having been published in the Federal Register on IT IS HEREBY ORDERED, that the time in which August 11, 1959 (24 Federal Register 6465); said acquisition may be completed is extended said Notice having provided interested persons an to January 4, 1960. opportunity, before issuance of the Board's order, Dated at Washington, D. C. this 1st day of Deto file objections or comments upon the facts cember, 1959. stated and the reasons indicated in the Tentative Statement; and the time for filing such objections By order of the Board of Governors. and comments having expired and no objections or comments having been filed; (Signed) MERRITT SHERMAN, And said application having been granted by Secretary. order of the Board dated September 3, 1959 (1959 [SEAL] Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Current Events and Announcements ELECTION OF CLASS A AND CLASS B DIRECTORS The Federal Reserve Banks have announced the results of the annual elections by their member banks of Class A and Class B directors as shown below. The directors have been elected to serve for three years beginning January 1, 1960. Boston Class A WILLIAM D. IRELAND, President, Second Bank-State Street Trust Company, Boston, Massachusetts. (Reelected) Class B MILTON P. HIGGINS, President, Norton Company, Worcester, Massachusetts. (Re-elected) New York Class A CESAR J. BERTHEAU, President, Peoples Trust Company of Bergen County, Hackensack, New Jersey. Mr. Bertheau succeeds Charles W. Bitzer, Chairman, City Trust Company, Bridgeport, Connecticut. Class B KENNETH H. HANNAN, Executive Vice President, Union Carbide Corporation, New York, New York. Mr. Hannan succeeds Lansing P. Shield, President, The Grand Union Company, East Paterson, New Jersey. Philadelphia Class A FREDERIC A. POTTS, President, The Philadelphia National Bank, Philadelphia, Pennsylvania. Mr. Potts succeeds Geoffrey S. Smith, President, Girard Trust Corn Exchange Bank, Philadelphia, Pennsylvania. Class B R. RUSSELL PIPPIN, Treasurer, E. I. du Pont de Nemours & Company, Wilmington, Delaware. (Reelected) Cleveland Class A FRANCIS H. BEAM, President, The National City Bank of Cleveland, Cleveland, Ohio. Mr. Beam succeeds John A. Byerly, President, Fidelity Trust Company, Pittsburgh, Pennsylvania. Class B W. CORDES SNYDER, JR., Chairman and President, Blaw-Knox Company, Pittsburgh, Pennsylvania. Mr. Snyder succeeds George P. MacNichol, Jr., President, Libbey • Owens • Ford Glass Company, Toledo, Ohio. 1480 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS 1481 Richmond Class A H. H. COOLEY, President, The Round Hill National Bank, Round Hill, Virginia. Mr. Cooley succeeds Robert Gage, President, The Commercial Bank, Chester, South Carolina. Class B RAYMOND E. SALVATI, President, Island Creek Coal Company, Huntington, West Virginia. Mr. Salvati succeeds Wm. A. L. Sibley, Vice President and Treasurer, Monarch Mills, Union, South Carolina. Atlanta Class A M. M. KIMBREL, Executive Vice President, The First National Bank of Thomson, Thomson, Georgia. Mr. Kimbrel succeeds Roland L. Adams, President, Bank of York, York, Alabama. Class B MCGREGOR SMITH, Chairman of the Board, Florida Power & Light Company, Miami, Florida. (Reelected) Chicago Class A VIVIAN W. JOHNSON, President, First National Bank, Cedar Falls, Iowa. (Re-elected) Class B WILLIAM A. HANLEY, Director, Eli Lilly and Company, Indianapolis, Indiana. (Re-elected) St. Louis Class A KENTON R. CRAVENS, President, Mercantile Trust Company, St. Louis, Missouri. (Re-elected) Class B HAROLD O. MCCUTCHAN, Executive Vice President, Mead Johnson & Company, Evansville, Indiana. (Reelected) Minneapolis Class A HAROLD N. THOMSON, Vice President, Farmers & Merchants Bank, Presho, South Dakota. (Reelected) Class B J. E. CORETTE, President and General Manager, The Montana Power Company, Butte, Montana. (Reelected) Kansas City Class A BURTON L. LOHMULLER, President, The First National Bank of Centralia, Centralia, Kansas. Mr. Lohmuller succeeds W. L. Bunten, Topeka, Kansas. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1482 FEDERAL RESERVE BULLETIN • DECEMBER 1959 Kansas City Class B K. S. ADAMS, Chairman of the Board, Phillips Petroleum Company, Bartlesville, Oklahoma. (Reelected) Dallas Class A JOHN M. GRIFFITH, President, The City National Bank of Taylor, Taylor, Texas. (Re-elected) J. B. PERRY, JR., President and General Manager, Class B Perry Brothers, Inc., Lufkin, Texas. Mr. Perry succeeds John R. Alford, industrialist and farmer, Henderson, Texas. San Francisco Class A M. VILAS HUBBARD, President and Chairman of the Board, Citizens Commercial Trust and Savings Bank of Pasadena, Pasadena, California. (Re-elected) Class B N. LOYALL MCLAREN, Partner, Haskins & Sells, San Francisco, California. (Re-elected) CHANGE IN OFFICERS AT RESERVE BANKS CHANGE IN REGULATION D Effective December 1, 1959, Mr. Darryl R. Fran- On November 30, 1959, the Board of Governors cis was appointed First Vice President of the Fed- of the Federal Reserve System amended its Regueral Reserve Bank of St. Louis for the unexpired lation D so that member banks having large holdportion of the five-year term which began March ings of vault cash in relation to their deposits will 1, 1956. Mr. Francis joined the staff of the Re- be permitted to count a part of this cash in meetserve Bank in 1944 as an Economist in the Re- ing their reserve requirements. search Department. He resigned in 1949 to Effective December 1, 1959, so-called "counengage in commercial banking. In November try" banks (that is, banks not classified as reserve 1953 he was reemployed by the Reserve Bank as city or central reserve city banks) having vault Vice President, and since January 1, 1954, has cash in excess of 4 per cent of their net demand been Vice President and Manager of the Memphis deposits will be permitted to count the excess as Branch. Mr. Francis holds a B.S. Degree in Agri- part of their required reserves. Also, effective culture from the University of Missouri. December 3, banks classified as reserve city and central reserve city banks will similarly be per- APPOINTMENT OF BRANCH DIRECTOR mitted to count vault cash in excess of 2 per cent On November 18, 1959, the Board of Governors of their net demand deposits. announced the appointment of Mr. Thomas E. On the basis of average vault cash holdings for Lamont of Albion, New York, as a director of the the past 12 months, it appears that almost half Buffalo Branch of the Federal Reserve Bank of of the 6,250 member banks will be in a position New York, for the unexpired portion of a term to count a part of their vault cash in meeting their ending December 31, 1960. Mr. Lamont is en- required reserves. As a result, total member bank gaged in farming. As a director of the Buffalo reserve balances at the Federal Reserve Banks Branch, he succeeds Mr. Cameron G. Garman, a may be lower than would otherwise be required fruit grower of Burt, Niagara County, New York, by as much as $230 million, of which $160 milwho died recently. lion would be at country banks and $70 million Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS 1483 at reserve city banks. Total vault cash held by available for complimentary distribution. Remember banks has averaged about $2.2 billion. quests for copies should be addressed to the Flow This Federal Reserve action was taken under of Funds and Savings Section of the Division of the terms of an Act of Congress in 1959 designed Research and Statistics of the Board of Governors in part to remedy inequities that have arisen be- of the Federal Reserve System, Washington 25, cause many banks, particularly small country D. C. In requesting copies, please indicate if you banks, find it necessary for operating purposes to desire to have your name placed on the permanent hold relatively larger amounts of vault cash than mailing list for future supplementary distributions. other banks do. No change in the System's gen- TABLES PUBLISHED ANNUALLY, SEMIANNUALLY, OR eral monetary or credit policy is involved. The QUARTERLY beginning of December is a logical time for this action inasmuch as the Federal Reserve System Latest BULLETIN Reference needs to make additional reserves available to the Annually Issue Page banking system each year at this season in order Earnings and expenses: Federal Reserve Banks Feb. 1959 208-09 to meet the seasonal requirements of the economy. Member banks: Calendar year June 1959 650-58 At the same time, the Board adopted several First half of year Oct. 1959 1320 amendments to technical provisions of Regulation Insured commercial banks June 1959 659 Banks and branches, number of, by class D, including an amendment (effective December and State Apr. 1959 442-43 Operating ratios, member banks July 1959 794-96 31, 1959) whereby the reserve computation pe- Stock Exchange firms, detailed debit and riod for country banks will be biweekly instead credit balances Sept. 1959 1208 Banking and monetary statistics, 1958.. {JJk \^ 550I53 of semimonthly. For all amendments to Regula- Bank holding companies, Dec. 31,1958: tion D, see the Law Department, beginning page List of June 1959 660 Banking offices and deposits of group 1475. banks Aug. 1959 1064 Semiannually FLOW OF FUNDS SUPPLEMENTARY TABLES Banking offices: Analysis of changes in number of.... Aug. 1959 1044 Quarterly estimates for 1952-56 and annual esti- On, and not on, Federal Reserve Par List, number of Aug. 1959 1045 mates for 1946-53 for Tables 2, 3, and 4 of the Quarterly Flow of Funds and Saving Statistics (see pages Flow of funds Oct. 1959 1312 1047-53 of the August 1959 BULLETIN and pages Principal assets and liabilities of Federal business-type activities Aug. 1959 1063 1313-19 of the October 1959 BULLETIN) are now Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication December 15 Industrial production and employment in No- the expanded supply of steel in mid-December vember began to recover from the steel strike permitted the scheduling of assemblies at a raplow, although shortages of steel curtailed output idly rising rate. Output of trucks, farm main some lines and reduced deliveries of autos to chinery, and other producers' equipment was also consumers. Incomes advanced and retail sales curtailed in November by steel shortages, and excluding autos reached a new high. Private output of construction materials declined further housing starts were little changed. The money to about one-tenth below the midsummer peak. supply increased slightly in November. From Output of nondurable goods—which was revised mid-November to mid-December, yields on Treas- downward in October, largely accounting for the ury securities rose, and common stock prices ad- downward revision of one point in the total index vanced. The level of wholesale commodity prices —was maintained in November. Production of was stable. textiles and rubber products declined somewhat further while output of most other nondurable INDUSTRIAL PRODUCTION goods increased slightly. The Board's preliminary seasonally adjusted index of industrial production in November was EMPLOYMENT 148 per cent of the 1947-49 average, one point above the revised October figure. Output of Seasonally adjusted employment in nonfarm minerals rose sharply as activity was resumed at establishments rose 125,000 to 52.1 million in coal and iron ore mines which had been inactivated mid-November. The return of 400,000 workers to by the steel strike. Over-all output of both dur- their jobs in the steel and coal mining industries able and nondurable goods was unchanged from was largely offset by sizable layoffs in the auto in- October. dustry and smaller cutbacks in other metal fabri- Steel mill operations rose from 14 per cent of cating plants caused by steel shortages. Employcapacity in October to 60 per cent in November ment rose in the service industries and State and and 96 per cent in mid-December. Auto as- local government but declined in construction semblies were sharply reduced, however, until and trade. Unemployment rose less than seasonally to 3.7 million. INDUSTRIAL PRODUCTION Production curtailments in metal fabricating 1947-49-100 industries were also reflected in a decline in the average factory workweek. Increased employment in the steel industry raised hourly earnings in manufacturing, however, and average weekly earnings were maintained. DISTRIBUTION Seasonally adjusted retail sales edged down V in November from the record rate in October '•— / NONDURABLE J\/ MANUFACTURES but were 7 per cent above a year ago. Sales at department stores and most other retail outlets rose somewhat, but supply shortages reduced auto deliveries substantially. At the end of November, stocks of new domestic autos were the lowest Federal Reserve indexes, seasonally adjusted. Monthly fig- for this date since 1954. ures, latest shown are for November. 1484 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 1485 COMMODITY PRICES In addition, total reserves held by member banks were increased in early December by a change in The wholesale commodity price level remained regulations which permitted banks having large stable from mid-November to mid-December, reholdings of vault cash in relation to their deposits flecting little change in both the industrial and to include part of this cash in their reserves. agricultural components. Prices of copper and products rose, as supplies continued to be limited SECURITY MARKETS by work stoppages, and textile prices continued Yields on U. S. Government securities rose to advance. Prices of rubber and steel scrap sharply in late November and early December, declined following earlier sharp increases, howand with the exception of those on long-term bonds ever, and lead prices were reduced. Prices of reached new highs. Yields on corporate and most other industrial materials and finished prod- State and local government bonds changed little. ucts were stable. Common stock prices increased to within 3 per cent of the peak reached in August. BANK CREDIT AND RESERVES Total commercial bank credit declined in No- INTEREST RATES vember as reductions in holdings of U. S. Government and other securities were offset only in part by continued loan growth. The seasonally adjusted active money supply increased slightly, following reductions over the past three months. At the end of November the money supply was about one per cent larger than a year ago. In early December bank credit increased substantially when the Treasury issued $2 billion of new bills. Member bank borrowings from the Federal Reserve averaged $865 million and excess reserves $450 million over the four weeks ending December 9. Reserves were absorbed principally by outflows of currency and gold and increases in Treasury and foreign deposits at the Reserve Banks. Reserves were supplied by Federal Re- Discount rate, range or level for all F. R. Banks. Weekly average market yields for U. S. Government bonds maturing serve purchases of U. S. Government securities. in 10 years or more and for 90-day Treasury bills. Latest figures shown are for week ending December 11. 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 . . 1489 Reserve Bank discount rates; reserve requirements; margin requirements 1492 Federal Reserve Banks 1493 Bank debits; currency in circulation. . .. 1496 All banks: consolidated statement of monetary system; deposits and currency 1498 All banks, by classes. . . 1499 Commercial banks, by classes. . 1502 Weekly reporting member banks. 1504 Business loans. 1507 Interest rates. 1508 Security prices; stock market credit; open market paper. 1509 Savings institutions. 1510 Business finance. 1512 Security issues.. 1514 Federal finance. .... 1515 Federal business-type activities. 1520 Real estate credit 1521 Short- and intermediate-term consumer credit. 1524 Selected indexes on business activity. 1528 Production 1529 Employment and earnings. 1536 Department stores. 1538 Foreign trade 1539 Wholesale and consumer prices. 1540 National product and income series 1542 Tables not published each month—list, with latest BULLETIN references 1483 Index 1569 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, members 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. 1487 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Weekly averages of daily figures Billions of dollars 25 MEMBER BANK RESERVE BALANCES 20 15 EXCESS RESERVES CURRENCY IN CIRCULATION RESERVE BANK CREDIT GOLD STOCK TREASURY CASH AND DEPOSITS NONMEMBER DEPOSITS U.S. GOVERNMENT SECURITIES DISCOUNTS AND ADVANCES 1 1 FEDERAL RESERVE FLOAT 1953 1954 1955 1956 1957 1958 1959 Latest averages shown are for week ending November 25. See p. 1489. 1488 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank e W nd e i e n k g T U o . ta S l . G B r o o o i v u g u t t h g . - t h se t cu r a u c H e r g n h i p r e t d a i u e l s e e d e r e s r - - c v D o a a a n n u d is d c n - - e ts s Float Total s G to o c ld k T s r c o t u i e r u a n u r e n n r g y t a - c - d s y - - r c C t e c u i i u n i o n l r r c a n - - y - T h c i u o r n a e r g l s y a d h s s - - Tr u w e r a i y t s h - r F e . F e s e i o R r g r . v n - e B s a , O nk th s er c O F o a . t u c h R - n e t . r s Total q re u s i e r r e v d e 2 s c E e x s - s2 ment Averages of daily figures 1958 Oct. 1 24,940 24,940 401 904 26,275 20,866 5,219 31,217 690 448 261 387 1,123 18,234 17,774 460 8 25,143 25,143 434 91126,519 20,830 5,219 31,352 691 447 299 343 il9 18,318 17,753 565 15 25,498 25,353 145 472 922 2266,925 20,764 5,220 31,498 689 386 327 412 1,121 18,475 17,989 486 22 25,242 25,242 369 1,40127,046 20,724 5,220 31,435 681 464 308 332 1,11718,652 18,086 566 29 25,300 25,300 456 97726,767 20,690 5,221 31,299 681 512 270 321 1,08018,515 17,993 522 Nov. 5. 25,459 25,380 79 403 796 26,694 20,679 5,222 31,422 681 325 283 391 1,07818,416 18,008 408 12. 25,660 25,614 46 470 ',100 20,652 5,225 31,660 687 371 297 375 1,07818,510 17,891 619 19. 25,411 25,392 19 453 188 27,087 20,680 5,225 31,754 692 475 316 341 1,07418,340 17,900 440 26. 25,734 25,578 156 430 199 27,399 20,616 5,225 31,825 686 455 243 337 1,063 18,631 18,225 406 Dec. 3. 26,143 26,033 110 580 1,087 27,844 20,609 5,228 32,057 693 465 222 401 1,103 18,740 18,232 508 10. 26,282 26,250 32 415 1,112 27,847 20,593 5,229 32,218 696 376 232 328 1,191 18,629 18,160 469 17. 26,315 26,223 92 519 1,439 28,311 20,576 5,229 32,394 693 428 263 335 1,161 18,844 18,374 470 24. 26,272 26,188 84 631 1944 28,889 20,536 5,231 32,533 684 540 239 328 1,17219,160 18,548 612 31. 26,437 26,241 196 618 28,910 20,526 5,232 32,458 692 521 332 333 1,165 19,167 18,511 656 1959 Jan. 1.... 26,184 26,090 94 644 1,40128,275 20,534 5,234 32,008 701 446 279 356 1,122 19,131 18,588 543 14.... 25,922 25,817 105 730 1,01127,708 20,526 5,234 31,710 704 390 297 345 '1 ,1'*2'1 18,901 18,340 561 21.... 25,580 25,580 457 1,,228888 "27,368 20,515 5,234 31,385 712 401 357 373 1,118 18,769 18,234 535 28.... 25,471 25,471 507 1,074 27,094 20,515 5,235 31,150 714 404 298 343 1,118 18,817 18,424 393 Feb. 4. 25,673 25,592 81 433 946 27,092 20,476 5,235 31,120 723 442 278 344 1,146 18,749 18,345 404 11. 25,657 25,621 36 553 887 27,136 20,476 5,236 31,193 727 364 304 333 1,185 18,742 18,189 553 18. 25,529 25,523 6 583 96027,112 20,475 5,238 31,205 741 398 313 391 1,214 18,562 18,120 442 25. 25,399 25,394 5 474 1,05026,965 20,474 5,239 31,111 724 443 308 448 '1 ,2"5"5" 18,389 17,979 410 Mar. 4. 25,355 25,294 61 548 951 26,892 20,479 5,241 31,129 721 534 298 339 1,214 18,375 17,957 418 11. 25,366 25,331 35 722 849 26,976 20,448 5,242 31,215 716 454 311 336 1,212 18,421 17,868 553 18. 25,471 25,419 52 543 1,000 27,048 20,442 5,244 31,287 727 437 290 340 1,214 18,439 18,051 388 25. 25,510 25,461 49 619 96127,123 20,44: 5,246 31,231 714 456 295 339 1,218 18,558 18,100 458 Apr. 1. 25,494 25,46: 3: 629 998 27,151 20,44: 5,247 31,229 709 523 364 512 1,181 18,323 17,855 468 8. 25,722 25,484 238 690 914 27,357 20,44: 5,250 31,280 709 524 296 348 180 18,711 18,302 409 15. 25,789 25,545 244 721 8"1"6• 2277,357 20,440 5,253 31,365 712 471 279 343 1,181 18,698 18,254 444 22. 25,544 25,511 33 76' 1,13027,472 20,409 5,254 31,332 705 456 286 362 178 18,817 18,307 510 29. 25,608 25,608 673 90027,212 20,330 5,257 31,244 705 560 271 333 1,13618,551 18,183 368 May 6. 25,808 25,706 693 89327,424 20,262 5,25! 31,368 711 542 256 360 1,13618,571 18,213 358 26,010 25,940 726 79527,563 20,251 5,26: 31,505 710 521 269 383 1,13918,550 18,096 454 20. 25,935 25,926 870 1,15527,989 20,197 5,264 31,515 710 504 280 367 1,245 18,829 18,227 602 27. 25,905 25,905 675 94027,548 20,188 5,268 31,473 708 543 281 363 1,24418,393 18,06: 330 June 3. 25,905 25,905 866 85327,650 20,188 5,272 31,645 701 548 297 376 1,219 18,324 18,021 303 10. 25,939 25,939 996 77427,736 20,141 5,275 31,803 716 476 260 364 1,21818,314 17,886 428 17. 25,944 25,944 993 1,02927,994 20,136 5,280 31,876 715 436 259 361 1,22618,537 18,081 456 24. 25,970 25,936 34 894 1,25628,147 20,017 5,280 31,807 626 515 283 349 1,23818,627 18,170 457 July 26,045 26,018 27 938 1,03228,042 19,712 5,283 31,852 407 552 296 353 1,19018,386 18,069 317 26,300 26,255 45 1,044 94828,319 19,704 5,283 32,105 41 516 278 360 1,18318,452 18,017 435 26,494 26,383 111 1,019 92228,46r 19,695 5,283 32,194 419 394 269 338 1,185 18,640 18,229 411 26,449 26,390 59 929 ,299 "2 870: 19,669 5,283 32,036 41 460 255 334 1,18318,976 18,488 488 26,459 26,408 51 890 99828,374 19,636 5,284 31,883 403 559 271 340 113^ 18,702 18,353 349 Aug. 5. 26,549 26,440 109 1,034 79028,399 19,626 5,281 31,922 403 503 277 340 1,166 18,696 18,296 400 12. 26,605 26,597 8 1,073 77128,473 19,619 5,282 32,071 401 475 257 343 1,203 18,622 18,080 542 19. 26,531 26,525 6 945 1,06528,562 19,601 5,282 32,051 39 638 256 349 1,246 18,509 18,078 431 26. 26,573 26,518 55 941 95028,485 19,600 5,283 31,951 395 564 257 321 1,294 18,586 18,149 437 Sept. 2. 26,691 26,650 41 966 83628,515 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 18,170 483 23. 26,637 26,637 860 1 49—9 29,016 19,513 5,278 31,984 390 632 298 420 1,264 1188,819 18,297 522 30. 26,563 26,563 722 098 28,403 19,493 5,287 31,811 388 681 310 403 1,196 18,394 18,174 220 Oct. 7. 26,591 26,563 28 1.007 1,00528,623 19,491 5,289 31,933 387 533 300 420 1,19418,636 18,153 483 14. 26,637 26,563 74 1,051 956 28,667 19,489 5,290 32,096 387 474 326 464 1,19718,501 18,012 489 21. 26,402 26,402 "ii 82-' 1,41728.664 19,488 5,293 32,026 391 518 294 344 1,193 18,679 18,173 506 28. 26,385 26,364 796 1,14928,353 19,486 5,297 31,873 396 530 297 335 1,13618,568 18,266 302 Nov. 4. 26,686 26,544 142 83- 89728,443 19,585 5,299 31,924 404 471 293 397 1.127 18,71 18,311 400 11. 26,763 26,574 189 916 94728,651 19,585 5,301 32,105 414 458 313 396 1.128 18,72' 18,202 522 18. 26,70f 26,593 109 864 1,16528,758 19,583 5,303 32.235 414 478 304 362 1,204 18.647P18,19 25. 26,682 26,652 30 829 1,31128,857 19,582 5,304 32,269 41 515 315 369 1,297.18,563^18,13 Preliminary. For other notes see following page. 1489 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1490 BANK RESERVES AND RELATED ITEMS MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank P d e o a ri r t o e d T U o . t a S l . G B o r o o i v u g u t h g t . - t h s t ecu r a u c H r e g h n i p t r e a d i e u l e s e d e r s e r - - v c a D o a a n n u i d s c d n - - e t s s Float Total s G to o c ld k T s r c o e t u i r a n u n u e r n g r c y t a d - - y s - - r c C t e c u i i n i u o n l r c a n r - - y - T h c i u o n r a e r l g s y d a h s s - - Tr u w e r a i y t s h - r F es F . e e o i R r r g v . n - e B s, a O nk th s er c O F o a . t u c h R n - e t . r s Total q re u s R i e r e r e - v d e 2 s c E e x s - s2 ment Averages of daily figures 1958 Nov 25,650 25,562 488 1,039 27,211 20,648 5,225 31,732 688 410 276 369 1,06818,540 18,034 506 26,312 26,216 564 1,496 28,412 20,563 5,230 32,371 691 470 262 337 1,17418,899 18,383 516 Dec 1959 25,776 25,723 53 574 1,170 27,564 20,518 5,234 31,521 709 415 306 353 120 18,893 18,396 497 Jan 25,532 25,503 29 526 996611 27,059 20,475 5,238 31,158 729 417 303 378 ,21118,577 18,117 460 Feb 25,446 25,400 46 620 995544 27,055 20,448 5,244 31,227 717 477 312 377 ,20818,429 17,968 461 Mar 25,661 25,538 123 694 93727,323 20,403 5,253 31,304 708 505 283 347 ,16818,664 18,247 417 Apr 25,920 25,882 38 784 93527,669 20,217 5,265 31,490 708 532 274 369 ,19718,580 18,132 448 May 25,963 25,949 14 938 1,,009 27,937 20,030 5,278 31,813 632 495 277 359 219 18,451 18,043 408 June 26,422 26,354 68 969 1,02328,441 19,674 32,042 411 490 269 344 ,17018,671 18,271 400 July 26,588 26,548 40 1,008 89128,509 19,596 31,994 399 546 260 337 ,23918,613 18,141 472 Aug 26,674 26,628 46 904 1,,088 28,687 19,514 32,019 394 543 301 381 ,24618,593 18,183 410 Sept 26,517 26,479 38 909 1,11528,563 19,498 31,974! '391 512 302 388 ,17518.610 18,164 446 Oct 26,732 26,628 104 886 1,094 28,741 19,581 5,303 32,206 413 485 317 379 ,20418,621 Nov Midyear or year-end 1929—June 216 148 68 1,037 1,400 4,037 2,019 4,459 204 36 6 21 374 2,356 2,333 23 1933—June 1,998 1,998 164 2,220 4,031 2,286 5,434 264 35 15 151 346 2,292 1,817 475 1939—Dec 2,484 2,484 7 2,593 17,644 2,963 7,598 2,409 634 397 256 25111,653 6,444 5,209 1941—Dec 2,254 2,254 3 2,361 22,737 3,247 11,160 2,215 867 774 586 29112,450 9,365 3,085 1945—Dec 24,262 24,262 249 578 255,091 20,065 4,339 28,515 2,287 977 862 446 49515,915 14,457 1,458 1947—Dec 22,559 22,559 85 53523,181 22,754 4,562 28,868 1,336 870 392 569 56317,899 16,400 1,499 1950—Dec 20,778 20,725 53 67 ,368 2222,216 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 ,58526,507 21,690 5,008 31,158 767 394 402 554 92519,005 18,903 102 1956—Dec 24,915 24,610 305 50 ,66526,699 21,949 5,066 31,790 775 441 322 426 90119,059 19,089 -30 1957—June 23,035 22,994 41 558 199 24,816 22,623 5,107 31,082 758 498 449 308 1,07518,376 18,543 -167 Dec 24,238 23,719 519 55 424 25,784 22,781 5,146 31,834 761 481 356 246 99819,034 19,091 -57 1958—June 25,438 25,438 41 758 26,283 21,356 5,203 31,172 692 410 269 420 1,096 18,784 18,158 626 End of month 1958 Nov 26,229 26,069 160 1,026 28,006 20,609 5,228 32,036 694 424 226 430 1,03818,994 18,217 777 26,347 26,252 95 64 1,296 27,755 20,534 5,234 32,193 683 358 272 391 1,12218,504 18,574 -70 Dec 1959 25,715 25,611 104 462 979 27,197 20.476 31,125 721 447 274 345 ,118 878 18,355 523 Jan 25,350 25,295 55 632 999 27020 20;479 31,129 718 492 310 334 ,215 540 17,972 568 Feb 25,497 25,497 327 862 26716 20;442 31,250 689 398 308 388 ,180 18192 17,815 377 Mar 25,703 25,623 80 500 943 27176 20;305 31,349 711 539 266 341 ,136 18396 18,201 195 Apr 25,905 25,905 984 860 27777 20;188 31,638 694 567 291 369 ,219 459 17,975 484 May 26,044 26,025 19 421 846 27337 19;705 31,914 394 535 294 363 ,181 640 18,054 -414 June 26,543 26,408 135 1,229 772 28569 19;626 31,898 397 522 278 337 ,138 905 18,308 597 July 26,690 26,650 40 692 779 28181 19524 31,973 392 537 252 329 ,260 18245 18,140 105 Aug 26,563 26,563 330 95127,865 19491 31,848 377 704 312 448 ,196 17760 18,175 -415 Sept 26,631 26,537 877 93328,469 19,585 31,905 '396 488 284 335 ,127 18818 18,305 513 Oct 26,922 26,894 833 1,158 18,946^19,566 "32,474 582 332 358 ,242 415*>18,O51 ^364 Nov Wednesday 1959 26,689 26,651 38 617 765 28,092 19,525 5,273 31,962 404 541 273 345 ,25718,107 18,209 -102 26,675 26,643 32 463 773 27,931 19,522 5,274 32,238 395 370 308 374 ,25617,787 18,070 -283 Sept. 2 26,798 26,643 155 429 ,294 28,541 19,522 5,274 32,074 394 346 316 383 ,26518,560 18,341 219 9 26,623 26,623 746 1,107 28,496 19,495 5,286 31,849 391 905 310 423 ,26318,135 18,215 -80 16 26,563 26,563 330 951 27,865 19,491 5,289 31,848 377 704 312 448 ,19617,760 18,175 -415 23 30 26,613 26,563 632 795 28,060 19,490 5,289 32,006 391 453 342 401 ,19418,051 18,132 -81 Oct. 7 26,598 26,563 456 994 28,069 19,489 5,290 32,093 394 437 377 401 ,19517,950 18,009 -59 14 26,364 26,364 870 1,178 28,432 19,487 5,295 31,917 393 503 292 342 ,19118,577 18,211 366 21 26,364 26,364 937 835 28,158 19,486 5,297 31,833 402 536 314 328 ,12618,403 18,251 152 28 Nov. 4 26,808 26,553 255 645 657 28,135 19,585 5,301 31,971 413 453 308 335 126 18,415 18,342 73 11 26,778 26,602 176 509 1,31428,626 19,585 5,301 32,200 406 492 320 917 ,12718,050 18,124 -74 18 26,574 26,574 683 1,43328,715 19,583 5,303 32,198 416 574 322 355 ,30418,432*>18,237 25 26,722 26,694 28 641 022 28,420 19,582 5,305 32,421 409 435 336 327 ,23818,140*>18,092 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 1491 RESERVES, DEPOSITS, AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures. * 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 b C a t o r 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 ks hi- b s R c a e i n r e t v - y k e s C ba t o r n u y k n s - York cago York cago Total reserves held: Excess reserves: 2 1958—Oct 18,476 3,935 1,061 7,755 5,724 1958—Oct 521 27 55 433 Nov 18,540 3,883 1,054 7,819 5,784 Nov 506 17 69 420 Dec 18,899 4,033 1,077 7,940 5,849 Dec 516 23 57 430 1959—Jan 18,893 4,031 1,066 7,929 5,868 1959—Jan 497 12 56 428 Feb 18,577 3,968 1,052 7,777 5,780 Feb 460 15 55 390 Mar 18,429 3,994 1,029 7,702 5,704 Mar 461 30 49 381 Apr 18,664 4,008 1,041 7,825 5,790 Apr 417 7 34 372 May 18,580 3,979 1,037 7,792 5,772 May 448 24 64 357 June 18,451 3,933 1,009 7,744 5,765 June 408 7 39 359 July 18,671 3,981 1,028 7,838 5,824 July 400 4 29 366 Aug 18,613 3,889 1,033 7,836 5,855 Aug 472 23 57 388 Sept 18,593 3,848 1,025 7,825 5,895 Sept 410 -18 42 384 Oct 18,610 3,867 1,020 7,820 5,903 Oct 446 15 55 374 Week ending: Week ending: 1959__Oct. 21 18,679 3,850 1,014 7,786 6,029 1959—Oct. 21 506 -4 479 28 18,568 3,891 1,026 7,844 5,807 28 302 10 262 Nov. 4 18,711 3,911 1,038 7,866 5,896 Nov. 4 400 352 11 18,724 3,765 1,030 7,900 6,029 11 522 456 18 18,647 3,794 1,032 7,864 5,957 18 M56 *390 25 18,563 3,786 1,028 7,826 5,924 25 "432 P349 Required reserves:2 Borrowings at Federal Reserve Banks: 1958—Oct 17,955 3,909 1,055 7,700 5,291 Nov 18,034 3,866 1,055 7,750 5,364 1958—Oct 425 35 9 253 128 Dec 18,383 4,010 1,070 7,883 5,419 Nov 486 60 16 258 152 Dec 557 103 39 254 162 1959—Jan 18,396 4,018 1,065 7,873 5,440 Feb 18,117 3,953 1,051 7,723 5,390 1959—Jan 557 77 54 279 147 Mar , 17,968 3,965 1,027 7,653 5,323 Feb 508 43 27 250 188 Apr , 18,247 4,001 1,036 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 Sept 18,183 3,866 ,022 7,783 5,511 Aug 1,007 248 40 477 242 Oct 18,164 3,851 ,018 7,766 5,529 Sept 903 209 46 433 215 Oct 905 225 84 393 203 Week ending: Week ending: 1959—Oct. 21 18,173 3,853 ,015 7,755 5,550 28 18,266 3,881 ,020 7,820 5,545 1959—Oct. 21 819 223 61 370 165 28 790 125 87 364 214 Nov. 4 18,311 3,902 ,037 7,828 5,544 11 18,202 3,783 ,026 7,821 5,572 Nov. 4 826 177 56 379 214 18 ^18,191 3,768 ,026 7,830 *>5,567 11 908 286 70 377 175 25 ^18,131 3,758 ,024 7,775 ^5,574 18 856 281 86 347 142 25 822 116 34 461 211 October"! 958 Free reserves:2 4 Deposits: 1958—Oct 96 -3 -198 305 Nov 20 -43 -16 -189 268 Gross demand deposits: Dec -41 -80 -31 -198 268 Total 120,121 23,266 6,263 47,596 42,994 Interbank 13,793 4,110 1,286 6,932 1,465 1959—Jan -59 -65 -53 -223 281 Other 106,328 19,156 4,978 40,664 41,530 Feb -47 -28 -26 -195 202 Net demand deposits3 . . 102,631 20,283 5,463 40,192 36,692 Mar -140 16 -122 -228 194 Time deposits 53,053 5,151 1,436 21,372 25,094 Apr -258 -89 -64 -284 178 Demand balances due May -318 -51 -41 -360 133 from domestic banks.. . 6,929 72 105 2,088 4,664 June -513 -15 -63 -536 101 July -557 -154 -47 -482 124 Aug -535 -225 -35 -420 145 October 1959 Sept -493 -227 -44 -391 169 Oct -459 -209 -82 -339 171 Gross demand deposits: Week ending: Total 122,644 23,726 6,092 48,412 44,413 Interbank 13,209 4,081 1,175 6,580 1,374 1959—Oct. 21 -313 -227 -62 -339 314 Other 109,434 19,645 4,917 41,833 43,039 28 -488 -115 -82 -340 48 Net demand deposits3 . . 104,069 20,085 5,251 40,438 38,295 Time deposits 54,374 4,715 1,454 21,865 26,340 Nov. 4 -426 -169 -55 -341 138 Demand balances due 11 -386 -304 -66 -297 281 from domestic banks.. 6,570 76 103 2,078 4,313 18 P-400 -255 -81 -313 *>248 25 -87 -30 -410 P Preliminary. banks and of country banks are estimates. 1 Averages of daily closing figures for reserves and borrowings and of 3 Demand deposits subject to reserve requirements, i.e., gross demand daily opening figures for other items, inasmuch as reserves required are deposits minus cash items reported as in process of collection and demand based on deposits at opening of business. balances due from domestic banks. 2 Weekly figures of required, excess, and free reserves of all member 4 Free reserves are excess reserves less borrowings. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1492 DISCOUNT RATES FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by Government tions other than member obligations and discounts of and Other secured advances banks secured by direct Federal Reserve Bank advance (S s e s e e s c . u 1 re 3 d a b n y d el 1 i 3 g a ib )i le paper [Sec. 10(b)] obli ( g la a s t t i o p n a s r . o S f e t c h . e 1 U 3) . S. Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Nov. 30 beginning: rate Nov. 30 beginning : rate Nov. 30 beginning: rate Boston Sept. 14,1959 Sept. 14,1959 Sept. 14,1959 4% New York... Sept. 11,1959 Sept. 11,1959 Sept. 11,1959 Philadelphia.. Sept. 18,1959 Sept. 18,1959 Sept. 18,1959 Cleveland.... Sept. 11,1959 Sept. 11,1959 Sept. 11,1959 4% Richmond... Sept. 11,1959 Sept. 11,1959 Sept. 11,1959 4% Atlanta Sept. 14,1959 Sept. 14,1959 Sept. 14,1959 4% Chicago Sept. 11,1959 Sept. 11,1959 Sept. 11,1959 Z St. Louis Sept. 11,1959 Sept. 11,1959 Sept. 11,1959 Minneapolis.. Sept. 14,1959 Sept. 14,1959 Sept. 14,1959 Kansas City.. Sept. 11,1959 Sept. 11,1959 Sept. 11,1959 Dallas Sept. 11,1959 Sept. 11,1959 Sept. 11,1959 San Francisco Sept. 11,1959 Sept. 11,1959 Sept. 11,1959 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» 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 5 3 6 ... 2 B % an -3 ks N 2 . 3 4 Y. Apr 1 . 95 1 8 8... 1 B 3 a 4 n - k 2 s 14 N. 1 ^ Y 4 . Ef o fe f c c ti h v a e n g d e ate C r b e e c a s n i e n t t r y k r v a s e l R b e c a s i n e ty k rv s e C ba o tr n u y k n s - C r r e e e a c s s n i n e e t t r r d y r v v a e e l C ba o tr n u y k n s - 20... 234-3 234 May 9... 134 banks Aug. 24... 234—3 3 Aug. 15... 134-2 13/ 31... 3 3 Sept. 12... 1%—2 2 23... 2 2 1917—June 21 13 10 7 3 1957 3 -3% 3 N Oc o t v . . 2 7 4 . . . . . . 2 2 - % 2% 2 2% 1936—Aug. 16 19% 15 m f D A N u e o 8 c v - . . 2 1 3 2 5 : . . :: . . . . 3 3 -^3% 3 3 % Mar 1 . 9 59 6... 2%—3 3 1 19 9 3 3 8 7 — — M A M p a a r y r . . 1 1 1 6 2 2 22 2 6 3 % 4 £* 1 1 4 2 6 5 1958 M Ma a y r. 2 1 9 6 . .. . . . 3 3 -3% 3 3% 1941—Nov. 1 26 17% 14 6 6 Jan. 2 2 2 4 . .. . . . 2 23 34 4 — — 3 3 2 3 34 J S u e n p e t. 1 1 1 2 . . . . . . 3% 3 - % 4 4 3% 1942— S A e u p g t . . 2 1 0 4 2 2 4 2 20 Mar. 7... 214-3 Sept. 18... 4 4 Oct. 3 20 13... 21... 2^4 In effect 1948—Feb. 27 22 Nov. 30... 4 4 June 11 24 Sept. 16, 24*.... 26 22 16 m 1 Under Sees. 13 and 13a (as described in table above). For data for 1949_May 1,5* 24 21 15 r 1 e 9 p N 4 u 1 O r - c T 5 h E 5 a , . s — s e e T c e h o B e n U t r r a L a t L c e E ts c T h I a N a g r a f g o i e n r d s J t b a U y n . u t h a S e r . y G F e 1 o d 9 v e 5 t r . 9 a , s l e p R c . u e 7 r s 6 i e t . i 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 - J A A u u u n g g e . . 3 1 0 6 1 , , , J 1 1 u 1 8 ly * * . . 1 . . . . * . . . § g * * 2 s 0 * 1 1 1 4 3 2 6 5 6 5 count rate except in the following periods (rates in percentages): 1956— Aug. 25 Aug. 24-29, 2.75; and 1957—Aug. 22, 3.50 Sept. 1 1951_jan. 11,16*.... 23 19 13 6 6 Jan. 25, Feb. 1*. 24 20 14 1953—July 1,9* 22 19 13 MARGIN REQUIREMENTS 1 1954—June 16,24*.... 21 5 5 July 29, Aug. 1* 20 18 12 [Per cent of market value] 1958_Feb. 27, Mar. 1* 191/4 17% ii* Mar. 20, Apr. 1 * 19 Jan. 16. Aug. 5, Effec- Apr. 17 181/4 Prescribed in accordance with 1958- 1958- tive Apr. 24 18 16% Securities Exchange Act of 1934 Aug. 4, Oct. 15, Oct. 16, 1958 1958 1958 In effect Dec. 1, 1959... 18 16% 11 5 5 Regulation T: Present legal require- For extensions of credit by brokers and ments : dealers on listed securities .. 50 70 90 Minimum 10 10 7 3 3 For short sales 50 70 90 Maximum 22 22 14 6 6 Regulation U: For loans by banks on stocks 50 70 90 • First-of-month or midmonth dates are changes at country banks, and other dates (usually Thurs.) are at central reserve or reserve city banks. 1 Regulations T and U limit the amount of credit that may be extended 1 Demand deposits subject to reserve requirements which, beginning on a security by prescribing a maximum loan value, which is a specified Aug. 23, 1935, have been total demand deposits minus cash items in percentage of its market value at the time of extension; margin require- process of collection and demand balances due from domestic banks (also ments are the difference between the market value (100%) and the maxi- minus war loan and Series E bond accounts during the period Apr. 13. mum loan value. 1943-June 30, 1947). 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FEDERAL RESERVE BANKS 1493 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month 1959 1959 1958 Nov. 25 Nov. 18 Nov. 11 Nov. 4 Oct. 2: Nov. Oct Nov. Assets Gold certificate account 18,324,64118,343,64218,348,64218,341,64118,241,64318,309,64118,341,64419,108,892 Redemption fund for F. R. notes 967,704 952,735 947,841 947,997 948,163 967,706 948,161 910,478 Total gold certificate reserves 19,292,34519,296,37719,296,48319,289,63819,189,80619,277,34719,289,80520,019,370 F. R. notes of other Banks 324,749 372,602 359,610 430,760 477,377 311,321 460,840 280,006 Other cash 358,026 364,628 363,889 384,716 387,064 346,950 394,080 335,856 Discounts and advances: For member banks 635,558 676,266 500,179 637,671 929,848 828,067 869,662 715,316 For nonmember banks, etc 5,000 6,700 8,700 7,700 6,700 5,000 7,700 1,300 Industrial loans 337 Acceptances—Bought outright 30,512 25,543 25,540 24,539 22,538 33,030 25,884 33,906 Held under repurchase agreement. 4,311 795 1,915 U. S. Government securities: Bought outright: Bills 2,692,530 2,573,030 2,601,150 2,551,650 2,362,950 2,893,105 2,535,650 2,067,750 Certificates—Special Other 10,506 10,506,99310,506,99310,506,99310,506,99310,506,99310,506,99321,507,291 Notes 11,010 11,010,29811,010,29811,010,29811,010,29811,010,29811,010,298 10,000 Bonds 2,483! 2,483,771 2,483,771 2,483,771 2,483,771 2,483,771 2,483,771 2,483,771 Total bought outright 26,693 26,574,092 26,602,212 26,552,712 26,364012 26,894.167 26,536,712 26,068,812 28; 175 500 255,600 27;550 9~4', 4'0"0" 160,000 Held under repurchase agreement 26,722,342 26,574,092 26,777,712 26,808,312 26,364,01226,921,717 26,631,112 26,228,812 Total U. S. Government securities... Total loans and securities. 27,397,72327,282,60127,312,13127,478,222 27,323: 27,788,609 27,536,273 26,979,671 15 15 15 15 15 15 Due from foreign banks 5,578 6,813,601 5,505,694 5,292,093 5,294,862 5,531,969 4,864,812 5,280,248 Cash items in process of collection 99 ,582 98 ,383 98, 99 9'8",397 93,356 Bank premises 186 166,980 326! 308,221 290; 199; 298,134 265,016 Other assets Total assets. 53,237,125 54,396,386 53,262,782 53,282,048 53,061,460 53,554,978 52,942,356 53,253,538 Liabilities Federal Reserve notes. 27,919,099 27,761,825 27,739,934 27,603,683 27,505,772 27,953,849 27,562,380 27,529,111 Deposits: Member bank reserves. 18,139,63218,432,09018,050 18,414,76918,403,37218,414,78818817,846 ,994,412 U. S. Treasurer—general account 435,422 574,410 49i; 453,130 536,238 582,180 487,562 424,020 Foreign 336,220 321,534 320; 307,772 313,743 331,530 283,731 225,908 Other 326,695 355,212 916 334,680 327,533 357,967 334,882 429,716 Total deposits.. 19,237,96919,683,24619,778,62219,510,35119,580,886 19,686,46519,924,02120,074,056 Deferred availability cash items 4,556,518 5,380,921 4,191, 4,634,982 4,459,714 4,374,321 3,932,021 ,254,045 42,132 40,105 39; 38,286 37,003 45,224 38,968 28,015 Other liabilities and accrued dividends. 51,755,71852,866,097 51,750,264 51,787,302 51,583,375 52,059,859 51,457,390 51,885,227 Total liabilities. . Capital Accounts 384,718 384,585 384,549 384,055 383,853 384,762 384,018 358,136 Capital paid in 868,410 868,410 868,410 868,410 868,410 868,410 868,410 809,195 Surplus 228,279 277,29>4 259,559 242,281 225,822 241,947 232,538 200,980 Other capital accounts. Total liabilities and capital accounts 53,237,12554,396,386 53,262,782 53,282,048 53,061,460 53,554,978 52,942,356 53,253,538 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 40.9 40.7 40.6 40.9 40.8 40.5 40.6 42.1 Contingent liability on acceptances purchased for I foreign correspondents 70,4171 68,880 63,404 62,644 62,379 70,574 62,421 74,798 Industrial loan commitments 1,015 Maturity Distribution of Loans and U. S. Government Securities 1 Discounts and advances—total 640,558 682,966 508,879 645,371 936,548 833,067 877,362 716,616 Within 15 days 624,036 667,533 488,132 625,703 917,208 816,177 852,145 706,095 16 days to 90 days. 15,842 15,330 20,494 19,563 19;227 16,835 24,962 10,521 91 days to 1 year 680 103 253 105 113 55 255 Industrial loans—total 337 Within 15 days 204 16 days to 90 days. 20 91 days to 1 year 46 Over 1 year to 5 years. 67 Acceptances—total 34,823 25,543 25,540 24,539 22,538 33,825 27,799 33,906 Within 15 days 11,219 7,556 7,309 5,747 5,666 7,676 7,973 4,438 16 days to 90 days 23,604 17,987 18,231 18,792 16,872 26,149 19,826 29,468 U. S. Government securities—total. 26,722,342 26.574,092 26 777,712 26 808,312 26.364,012 26 921,717 26,631,112 26,228,812 Within 15 days........ . 450,410 513,610 "491,800 " 830,690 487,700 214,010 " 505,640 ~,084,925 16 days to 90 days 7 325,073 178,623 888,450 587;360 494,150 7,711,173 1,735,210 ,507,383 91 days to 1 year 10:952,79010,887,790 11,403,39311,396,19311,388,09311,002,46511 396,193 ,142,733 Over 1 year to 5 years. 6,523,912 6,523,912 6,523,912 6,523,912 6,523,912 6,523,912 523,912 ,023,614 Over 5 years to 10 years 410,385 410,385 410,385 410,385 410,385 410,385 410,385 83,910 Over 10 years ,059,772 ,059,772 ,059,772 1,059,772 1,059,772 1,059,772 059,772 ,386,247 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

1494 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON NOVEMBER 30, 1959 [In thousands of dollars] San 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 ci r s a c n o - Assets Gold certificate account 843,082 4,950,160 1,035,2571,588,156 ,003,584 869,9683,176,958 704,752 340,177; 674,479 597,296 2,525,772 Redemption fund for F. R. notes 60,11 215,327 61,702 84,425 81,252 60,275 178,185 44,476 23,610i 43,361 30,178 84,798 Total gold certificate reserves. 903,199 5,165,487 1,096,9591,672,5811,084,836 930,2433,355,143 749,22 363,787 717,840 627,474 2,610,570 j F. R. notes of other Banks. . . 23,531 56,507 18,561 17,798 30,748 53,226 22,367 9,535 20,649 15,302 19,297 23,800 Other cash 20,398 54,210 23,571 32,639 20,4011 27,903 62,092 20,685 10,827 14,638 15,741 43,845 Discounts and advances: Secured by U. S. Govt. securities 19,075 198,425 28,375 50,073 30,310 124,300j 121,168j 23,270 67,049! 79,740 67,105 1,200 Other 467 1,400 330 450 450 7,235! 1,063 185 257: 320 260 560 Acceptances: Bought outright 33,030 Held under repurchase agreement 795 U. S. Govt. securities: Bought outright 1,458,067 6,767,971 1,533,6672,328,443 1,723,5931,417,430 4,654,0891,093,786 612,56911,159,273 1,073,45413,071,825 Held under repurchase agreement 27,550 Total loans and securities 1,477,609 7,029,1711,562,372 2,378,9661,754,353 l,548,965|4,776,320 1,117,241 679,875 1,239,333J1,140,819J3,O83,585 Due from foreign banks 1! 14 1 1 1 1 II 1 Cash items in process of collection 426,908 1,075,071 346,100 483,765 403,572 451,808 890,104 254,787 153,685 239,576 238,720 567,873 Bank premises 4,324 9,971 4,052 9,230 6,703 9,666 15,012 7,074 5,085 4,650 11,011 12,370 Other assets 10,758 49,284 11,224 17,636 12,637 '1,605 33,840 7,992 4,495 9,377 7,980 22,791 Total assets. . 2,866,728 13,439,705 3,062,840 4,612,616 3,313,2513,033,417 9,154,8802,166,543 1,238,403 2,240,717 2,061,043 6,364,835 Liabilities I F. R. notes 1,595,397 6,558,025 1,774,9852,528,535 2,,115,3971,561,5935,288,1921,235,020 603,51711,111,757 809,968 2,771,463 Deposits: Member bank reserves 720,915 5,187,156 795,7291,421,297 772,471 937,9752,951,016 636,045 404,344 878,614 967,984 2,741,242 U. S. Treasurer—general account 33,971 95,002 52,275 21,027 50,638 58,130 86,282 50,512 21,609 27,905 24,482 60,347 O Fo th re e i r gn 18,150 2 3 9 9 9 3 , , 9 9 6 3 3 0 21,780 29,700 1 2 6 , , 8 5 7 0 8 0 15,510 48,840 12,210 7, 4 9 0 2 6 0 12 1 , , 8 26 7 4 0 1 2 7 , , 3 1 9 6 7 0 4 3 4 6 , , 9 9 7 6 2 0 356 1,395 1,109 1,005 1,658 564 Total deposits 773,392 5,676,051 871,179 1,473,133 842,4871,012,620 3,087,796 699,331 434,279 920,653 1,012,023 2,883,521 Deferred availability cash items 412,120 786,938 316,277 472,439 274,974 384,167 548,735 172,891 162,630 146,183 160,917 536,050 Other liabilities and accrued dividends 2,192 11,758 2,397 4,364 2,355 2,252 7,467 1,635 1,453 1,985 1,779 5,587 Total liabilities 2,783,10113,032,772 2,964,838 4,478,4713,235,2132,960,632j8,932,190 2,108,8771,201,879 2,180,5781,984,68716,196,621 Capital Accounts Capital paid in 18,966 110,256 22,799 36,155 17,218 19,941 52,411 12,840 8,759 15,782 22,172 47,463 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. 14,545 57,775 15,596 21,347 15,974 13,370 38,120 11,080 6,980 11,422 10,748 24,990 Total liabilities and capital accounts 2,866,72813,439,705 3,062,840 4,612,616 3,313,2513,033,417 9,154,880 2,166,543 ,238,403 2,240,717 2,061,043 6,364,835 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 42.2 36.11 40.11 38.7 35.1 35.3 34.41 46.2 Contingent liability on acceptances purchased for foreign correspondents 3,872 419,886 4,646 6,336 3,520 3,309 j 10,419! 2,605 1,6891 2,746 3,661 7,885 1 After deducting $11,000 participations of other Federal Reserve Banks. After deducting $50,688,000 participations of other Federal Reserve 2 Less than $500. Ban!ks. 3 After deducting $237,600,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 1495 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS [In thousands of dollars] FEDERAL RESERVE BANKS COMBINED Wednesday End of month 1959 1959 1958 Nov.25 Nov. 18 Nov. 11 Nov.4 Oct.28 Nov Oct Nov. F R. notes outstanding (issued to Bank) 28,842,77528,734,59528,665,889 28,555,04428,591,82728,950, 65828,556,69228,586,156 Collateral held against notes outstanding: Gold certificate account. . 10490 00010510,000 10,510,000 10,510, 0001051000010,590 00010,51000011,233,000 Eligible paper 152,129 99,909 91,931 121,099 115,294 131,385 182J89 150,266 U. S. Government securities 19,260,00019,260,000 19,160,000 19,160, 00019,160,000 19,260,00019, 160,000 18,070,000 Total collateral 29,902,12929,869,909 29,761,931 29,791,099 29,785,29429,981, 385 29,852,78929,453,266 EACH FEDERAL RESERVE BANK ON NOVEMBER 30, 1959 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 i Chicago St. M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - F. R. notes outstanding (issued to Bank) 1.665,659 6,874,239 1,834,8802,598,991 2,174,227 1,623,8135,392,399 1,281,101 616,824 1,138,916 8575042,892,105 Collateral held: Gold certificate acct.. 530,000 2,800,000 640,000 920,000 700,000 500,000 2,000,000 430,000 180,000 300,000 290,000 1,300,000 Eligible paper 28,375 23,270 79,740 U.S. Govt. securities. ,260,6664,266,6661,200,0001,750,0001,550,0001,200,0003,500,000 935,000 450,000 850,000 625,000i * 8oo * 666 Total collateral.... 1,730,000 7,000,0001,868,3752,670,000 2,250,000 1,700,0005,500,0001,388,270 630,000 1,229,740 915,000 3,100,000 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED UNDER REGULATION V* [Amounts in thousands of dollars] [Amounts in millions of dollars] y E m e n a o d r n t o o h f r N b u A e m r a p - p t p o p l i r c d o A a a v t t m i e e o d o n u s nt (a b p p m c u l r e o o t o t v m e n u e d - o n d i t t) ( s a t L a m o n o 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 ( s i p a n P f t t a u m a g a o f n t t i r o i i u n i d t o o n i u t a i c n n - s n n n i s t s - c t g i ) - - 3 y E m e n o a d r n t o o h f r N b u e m r a - u t L t o h o o d a A r a n i t z m s e e o d unt a T m o o t o u a u n l t t L st o a a n n d s g P in u o t g e a r e t r i a d o n n - a u o a A b n v n u o a t d a d t m e s m r i d e e r t l i r e a a o o t n l a n i w u b g o g t d n s e u e n r i t e r a n a t s e r g l o - - 1953.... 3,765 803,429 1,951 1,900 3,569 3,649 1953 ,294 2,358 805 666 364 1954 3,771 818,224 520 719 1,148 1,027 1954 ,367 2,500 472 368 273 1955.... 3,778 826,853 305 702 2,293 1,103 1955 ,411 2,575 294 226 170 1956.... 3,782 832,550 794 2,365 1,129 1956 ,468 2,761 389 289 125 1957.... 3,786 841,290 524 1,109 1,122 1957 ,503 2,912 395 300 135 1958 1958 Oct 3,787 843,321 338 1,019 810 Oct.. ,538 3,089 304 231 184 Nov 3,787 843,321 337 1,015 807 Nov.. ,540 3,090 303 231 182 Dec 3,787 843,321 335 975 806 Dec,. ,543 3,105 310 236 168 1959 1959 Jan 3,787 843s321 334 960 785 Jan... ,548 3,116 324 246 147 Feb 3,787 843,321 333 360 384 Feb.. ,549 3,118 329 250 141 Mar 3,787 843,321 332 360 383 Mar.. ,550 3,120 335 254 128 Apr 3,787 843,321 330 360 383 Apr.. ,552 128 314 241 142 May.... 3,787 843,321 329 360 382 May. ,557 169 313 240 151 June.... 3,787 843,321 328 360 381 June. ,557 3,170 317 240 137 July 3,787 843,321 327 355 380 July.. ,557 3,170 323 244 129 Aug.. . . 3,787 843,321 350 380 Aug.. ,558 3,174 330 249 121 Sept 3,787 843,321 5 40 Sept.. ,560 3,174 342 257 101 Oct 3,787 843,281 Oct... ,561 3,179 340 253 107 1 Includes applications approved conditionally by the Federal Reserve 1 Loans made by private financing institutions and guaranteed by Gov- Banks and under consideration by applicant. ernment procurement agencies, pursuant to the Defense Production Act 2 Includes industrial loans past due 3 months or more, which are not of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing included in industrial loans outstanding in weekly statement of condition agencies in these transactions, and the procedure is governed by Regulaof Federal Reserve Banks. tion V of the Board of Governors. 3 Not covered by Federal Reserve Bank commitment to purchase or NOTE.—The difference between guaranteed loans authorized and sum discount. of loans outstanding and additional amounts available to borrowers NOTE.—The difference between amount of applications approved and under guarantee agreements outstanding represents amounts repaid, the sum of the following four columns represents repayments of advances, guarantees authorized but not completed, and authorizations expired or and applications for loans and commitments withdrawn or expired. withdrawn. Because of the termination of the industrial loan program according to provisions of the Small Business Investment Act of 1958, this table will not be published hereafter. 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1496 BANK DEBITS MAXIMUM INTEREST RATES PAYABLE ON TIME DEPOSITS FEES AND RATES ON LOANS GUARANTEED UNDER REGULATION VI [Per cent per annum] [In effect Nov. 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 2V4 2% 3 loan guaranteed interest payable fee charged by borrower) borrower Postal savings deposits i 2% 2% 3 Other time deposits payable: 70 or less 10 10 In 6 months or more 3 i* 3 75 15 is In 90 days to 6 months 3 21/2 80 20 20 In less than 90 days 3 l 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. Effective Feb. 1, 1936, maximum rates that may be paid by insured nonmember commercial banks, as established by the F.D.I.C, have been the same as those in effect for member banks. Interest rate Commitment rate. Vt mmeent procurement agencies, pursuant to tne JJeiense JToauction Act of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing agencies in these transactions, and the procedure is governed by Regulation V of the Board of Governors. BANK DEBITS AND DEPOSIT TURNOVER [Debit in millions of dollars] Annual rate of turnover of demand deposits except Debits to demand deposit accounts, interbank and U. S. Government deposits except interbank and U. S. Government accounts Year or month Without seasonal adjustment Seasonally adjusted 3 Total, all New 6 337 other New 6 337 other New 6 337 other reporting York other reporting York other reporting York other reporting centers City centers1 centers2 City centers *• centers2 City centersi centers2 1951 1,542,554 544,367 336,885 661,302 31.9 24.0 18.4 1952 1,642,853 597,815 349,904 695,133 34.4 24.1 18.4 1953 1,759!069 632,801 385,831 740,436 36.7 25.6 18.9 1954 1,887!366 738,925 390,066 758,375 42.3 25.8 19.2 1955 2,043;548 766,890 431,651 845,007 42.7 27.3 20.4 1956 2,200;643 815,856 462,859 921,928 45.8 28.8 21.8 1957 2,356,768 888,455 489,311 979,002 49.5 30.4 23.0 1958 2,439 754 958,721 487,443 993,590 53.6 30.0 22.9 1958—Aug 185,849 68,620 37,942 79,287 46.4 27.4 21.7 51.6 29.4 22.7 Sept 195,205 70,887 40,520 83,798 49.4 30.3 23.6 50.1 30.7 23.3 Oct 212,894 79,620 43,594 89,680 50.1 29.8 23.1 52.6 31.6 23.7 Nov 183,092 64,804 38,224 80,064 47.4 30.0 23.8 47.4 29.4 22.6 Dec 238,975 92,711 48,690 97,573 58.2 33.2 24.9 52.4 32.2 23.8 1959__jan 221,953 86,507 44,505 90,941 54.0 30.3 23.2 53.1 31.0 23.2 Feb 195,764 74,346 39,635 81,783 54.1 31.0 24.1 53.6 31.4 24.2 Mar 223,367 84,710 47,485 91,172 54.5 34.2 23.9 53.1 31.6 24.2 Apr 225,362 88,049 45,955 91,358 56.2 33.2 23.9 57.3 32.2 24.6 May 216,003 80,725 44,646 90,631 54.9 32.9 24.8 55.7 32.9 24.9 June 228,601 86,598 46,429 95,574 56.8 32.7 25.0 54.2 32.0 24.7 July 235,637 89,600 48,422 97,615 58.4 33.6 25.4 59.5 34.1 25.4 Aug 208,130 75,233 43,265 89,633 50.0 30.5 23.5 55.6 32.7 24.6 Sept 215,843 81,067 43,259 91,516 56.2 32.2 25.1 57.0 32.6 24.8 Oct '230,245 89,519 46,083 '94,642 56.9 31.2 23.8 59.7 33.1 24.5 Nov 217,167 82,273 43,810 91,084 60.9 ^34.3 61.0 *33.6 P25.3 r Revised. » 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 1497 DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Total Coin and small denomination currency Large denomination currency End of year or in cirmonth culation i Total Coin $12 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 262 556 24 46 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1953 30,781 21,636 1,812 1,249 72 2,119 6,565 9,819 9,146 2,732 5,581 333 486 4 11 1954 30,509 21,374 1,834 1,256 71 2,098 6,450 9,665 9,136 2,720 5,612 321 464 3 15 1955 31,158 22,021 1,927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1956 31,790 22,598 2,027 1,369 78 2,196 6,734 10,194 9,192 2,771 5,704 292 407 3 14 1957 31,834 22,626 2,110 1,398 80 2,188 6,662 10,187 9,208 2,777 5,752 280 384 3 13 1958—Oct.. 31,386 22,264 2,142 1,426 80 2,091 6,477 10,048 9,122 2,707 5,759 273 371 3 Nov. 32,036 22,832 2,163 1,457 80 2,154 6,683 10,294 9,205 2,739 5,808 273 373 4 Dec. 32,193 22,856 2,182 1,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 1959—Jan.. 31,125 21,926 2,139 1,408 80 2,064 6,340 9,894 9,199 2,733 5,814 272 368 3 Feb. 31,129 21,975 2,144 1,406 80 2,062 6,378 9,904 9,155 2,714 791 271 367 3 Mar. 31,250 22,111 2,164 1,414 80 2,075 6,410 9,968 9,139 2,704 789 270 366 3 Apr. 31,349 22,209 2,175 1,429 80 2,083 6,452 9,989 9,140 2,710 787 269 363 3 May 31,638 22,479 2,193 1,447 81 2,112 6,534 10,112 9,158 2,721 796 269 361 3 June 31,914 22,731 2,215 1,449 83 2,117 6,584 10,282 9,184 2,742 808 265 357 3 July. 31,898 22,721 2,224 1,436 82 2,104 6,562 10,312 9,178 2,742 804 266 355 3 Aug. 31,973 22,784 2,241 1,444 83 2,111 6,572 10,333 9,189 2,741 820 264 352 3 Sept. 31,848 22,672 2,259 1,464 82 2,112 6,521 10,233 9,176 2,733 5; 823 263 347 3 Oct.. 31,905 22,752 2,269 1,474 83 2,122 6,544 10,261 9,154 2,725 5,815 261 344 3 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 Pauer currency only; $1 silver coins reported under coin. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Held in the Treasury Currency in circulation1 Total out- Held by Kind of currency s O ta c n t. d i 3 n 1 g , As a g s a e i c n u s r t ity F F . o R r . B F a . n R k . s 1959 go s l i d lv a e n r d Tr c e a a s s h ury B a a n n d ks ag a e n n d ts O 1 c 9 t. 5 3 9 1, Se 1 p 9 t 5 . 9 30, Oc 1 t 9 . 5 3 8 1, certificates agents Gold 19,585 19,321 2265 Gold certificates 19 321 16,474 2,816 31 31 Federal Reserve notes. 28 557 88 1,455 27,013 26,952 26,569 Treasury currency—total 5,298 32,411 43 394 4,861 4,866 4,785 Standard silver dollars 488 160 27 8 293 292 274 2,251 2,251 Silver certificates and Treasury notes of 1890.... 32,411 299 2,113 2,128 2,154 Subsidiary silver coin 1 509 9 52 1,447 1,441 1,371 Minor coin 540 2 8 529 526 496 United States notes 347 5 26 316 315 315 Federal Reserve Bank notes 107 1 106 108 117 National Bank notes. 57 57 57 59 Total—Oct. 31, 1959 21,732 396 16,474 4,665 31,905 Sept 30 1959 21,648 377 16,387 4,738 ^1 848 ! Oct. 31, 1958 22,558 674 17,290 4,580 31,386 ' 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. 1490. 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 n in o te g s o l a d r e c i e n r t p if r i o c c a e te s s s . of F r e e d ti e r r e a m l e R n e t. serve Bank notes and national bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1498 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, Treas- net- Date Gold s r t o c e u i a u n u n r n r g t c y d - - y - Total Lo n a e n t s, Tot U a . l S. G m o C v a e o r e n m c r d i n a - m l en R F t e e o d s b e e r l r i v a g e l ation O s ther O s r e i t t c h i u e e s - r c l T a i i a n a p t o n i b e i e t t d t a i s a l l - l, c d u e T r a p o r n o e t d s a n i l c ts y c C o m a a a n u p n i c e n s i - d t t c t a s . l , savings Banks banks 1929—June 29.. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30.. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30., 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31.. 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31.. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1955—Dec. 31. 21,690 5,008 217,437 100,031 96,736 70,052 24,785 ,899 20,670 244,135 224,943 19,193 1956—Dec. 31. 21,949 5,066 223,742 110,120 93,161 66,523 24,915 ,723 20,461 250,757 230,510 20,246 1957—Dec. 31. 22,781 5,146 229,470 115,157 91,370 65,792 24,238 ,340 22,943 257,397 236,372 21,023 1958—June 23., 21,356 5,204 240,451 116,842 97,849 71,611 25,000 ,238 25,760 267,011 244,131 22,880 1958—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 ,200 245,300 119,800 99,400 72,900 25,300 ,200 26,100 271,000 247,100 23,900 Mar. 25., 20,400 ,200 244,900 121,400 97,200 70,600 25,500 ,100 26,300 270,600 246,700 23,900 Apr. 29. 20,300 ,300 247,900 123,500 97,800 71,000 25,600 ,200 26,600 273,500 249,800 23,700 May 27. 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 5,279 248,626 125,715 96,478 69,384 25,944 ,150 26,433 274,042 249,547 24,494 June 24. 19,800 5,300 248,500 126,900 95,200 68,200 25,900 ,200 26,300 273,600 249,400 24,200 July 29. 19,600 5,300 250,700 128,400 96,000 68,400 26,500 ,100 26,300 275,700 251,400 24,200 Aug. 26. 19,600 5,300 251,200 129,800 95,200 67,600 26,500 ,100 26,200 276,100 251,100 25,000 Sept. 30* 19,500 5,300 252,100 131,600 94,100 66,500 26,600 ,100 26,500 276,900 252,100 24,800 Oct. 28* 19,500 5,300 251,800 131,500 94,000 66.500 26,400 ,100 26,200 276,500 251,700 24,900 Nov. 25P 19,600 5,300 251,200 132,300 93,000 65.200 26,700 1,100 25,900 276,100 251,000 25,100 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series3 For- Date p b e o n d a i s g e e n i - n t t k s, T h c i u r o n a e r l g s a d y h s s - - m sa b c e v a a o A r i n n m n c t d k i g a - s s l B F a A . n R t ks . Total Total m T b C i e a m o r n m c k e ia - s d l e M s p b a o a u v n s t i i k n u ts g s a 2 s l 3 S S P a y o v s s t i t e n a m g l s p m o D d a s e e i n - - t d s4 b r C o s e a i u n u n d t c r k e - y - s c a d d u d e T e r a j p m o r u n o e t a s d s a n t n i e l c t d d s y j m p u D o d a s a d s e e t n i - - e - t d d s b r C o s e a i u n u n d t c r k e - y - s 1929—June 29.. 365 204 381 36 54.790 28,611 19,557 8,905 149 22,540 3,639 1933__june 30.. 50 264 852 35 40,828 21,656 10,849 9,621 1,186 14,411 4,761 1939—Dec, 30.. 1,217 2,409 846 634 63,253 27,059 15,258 10,523 1,278 29,793 6,401 1941_Dec. 31.. 1,498 2,215 1,895 867 76,336 27,729 15,884 10,532 1,313 38,992 9,615 1945—Dec. 31.. 2,141 2,287 24,608 977 150,793 48,452 30,135 15,385 2,932 75,851 26,490 1947_Dec. 31.. 1,682 1,336 1,452 870 170,008 56,411 35,249 17,746 3,416 87,121 26,476 111,100 85,200 25,900 1950—Dec. 30.. 2,518 1,293 2,989 668 176,916 59,247 36,314 20,009 2,923 92,272 25,398 114,300 89,800 24,500 1955—Dec. 31.. 3,167 767 4,038 394 216,577 78,378 48,359 28,129 890 109,914 28,285 133,200 105,800 27i,400 1956—Dec. 31.. 3,306 775 4,038 441 221,950 82,224 50,577 30,000 1,647 111,391 28,335 134,400 106,700 27,700 1957—Dec. 31.. 3,270 761 4,179 481 227,681 89,126 56,139 31,662 1,325 110,254 28,301 133,200 105,100 28,100 1958—June 23.. 3,953 700 9,471 524 229,483 95,524 61,473 32,837 1,214 106,169 27,790 135,400 107,400 28,000 1958—Nov. 26.. 3,700 700 5,900 500 237,500 96,800 62,100 33,500 1,100111,900 28,800 138,800 110,600 28,200 Dec. 31.. 3,870 683 4,558 358 242,553 98,306 63,166 34,006 1,134115,507 28,740 139,400 111,300 28,100 1959—Jan. 28.. 3,800 700 4,800 500 239,800 98,400 63,400 33,800 1,100113,800 27,600 138,500 110,700 27,800 Feb. 25.. 3,700 700 4,500 500 237,700 98,700 63,700 34,000 1,100111,300 27,700 139,100 111,200 27,900 Mar. 25.. 3,900 700 3,900 500 237,600 99,500 64,100 34,300 1,100 111100,300 27,900 140,300 112,200 28,100 Apr. 29., 3,700 700 4,600 500 240,300 99,900 64,500 34,300 1,100112,500 27,900 140,700 112,500 28,200 May 27., 3,700 700 5,200 500 239,300100,400 65,000 34,400 1,100110,700 28,100 140,900 112,600 28 300 June 10.. 3,587 111 3,077 414 241,752100,838 65,309 34,471 1,058112,351 28,563 (5) (3) June 24., 3,600 400 4,700 500 240,100101,000 65,400 34,600 1,100110,700 28,300 140,900 112,500 28,400 July 29., 3,400 400 5,000 600 242,000100,900 65,300 34,500 1,000 111122,700 28,400 142,700 114,200 28,500 Aug. 26. 3,300 400 6,000 300 240,800101,200 65,600 34,600 1,000111,100 28,500 141,400 112,900 28,500 Sept. 30* 3,300 400 6,400 700 241,400101,500 65,700 34,800 1,000111,400 28,500 140,500 112,200 28,300 Oct. 28* 3,100 400 5,500 500 242.200101,100 65,500 34,600 1,000112,700 28,300 140,100 111,900 28,200 Nov. 25^, 3,000 400 4,700 400 242,500100,300 64,700 34,600 1,000113,100 29,100 140,300 111,800 28,500 * Preliminary. * Revised preliminary figures. 1 Represents all commercial and savings banks, Federal Reserve Banks, Postal Savings System, and Treasury currency funds (the gold account, Treasury currency account, and Exchange Stabilization Fund). 2 Excludes interbank time deposits; U. S. Treasurer's time deposits, open account; and deposits of Postal Savings System in banks. 3 Prior to June 30, 1947, includes a small amount of demand deposits. 4 Demand deposits other than interbank and U. S. Govt., less cash items reported as in process of collection. 5 Seasonally adjusted series begin in 1947 and are available only for last Wednesday of the month. For back figures, see BULLETIN for July 1957, pp. 828-29. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 1499 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1 [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U bl o . i v g S a t . . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c b T a i a l l o p i n i a t t i d i - a t e a l s l TotaP D In e t - erbank2 Dema O n t d her r B i o n o w g r s - - c c T a o a o p u c t i n - a ta t l s l N ba b u o n e m f r k - s tions co a u c n - ts 3 mand Time U.S. Time Govt. Other All banks: 1941—Dec. 31 61,126 26,615 25,511 8,999 27,344 90,908 81 10,982 44,355 26,479 23 8,41414,826 1945—Dec. 31 140,227 30,362101,288 8,57735,415177,332 165 14,065 105,935 45,613 22710,54214,553 1947—Dec. 3H 134,924 43,002 81,19910,72338,388175,091161,86512,793 240 1,346 94,38153,105 6611,94814,714 1956—Dec. 31 197,063110,079 523 20,46149,641250 770 227; 16,133 1,462 3,736 308 80,908 7819,24914,167 1957—Dec. 31 203,849115,115 ,792 22;943 49;318 257864 233; 15,636 1,386 3,903 993 88,102 80 20 14,090 1958_j N Un ov e . 2 2 3 6 2 2 1 2 5 0 , , 1 2 7 1 9 0 1 1 1 1 7 9 , , 8 2 0 3 8 0 7 7 1 4 . , 6 9 1 5 1 0 2 2 5 6 , ;0 7 3 6 0 0 4 44 5 ; . 4 1 2 3 3 0 2 26 70 45 1 2 80 5 2 2 3 4 7 1 , i 13, 5 78 90 9 2 2 , , 4 3 9 6 7 0 9 5 , , 2 6 0 0 9 0 6 1 1 1 0 3 9 9 5 4 , , 9 5 1 9 0 6 2 1 , , 1 1 5 3 0 7 2 2 1 1 1 1 4 4 , , 0 03 5 3 5 Dec. 31 221,485121,571 73,64126.:273 49;911 276,430 250, 799 2,374 4,253 132 97,498 8121,70514,020 1959—June 10 223,372127,555 384 26,.433 43,675 272253 242, 481 2,137 2,776123,601100,101 2,772 22:,,.41513,988 June 24 223,200128,690 ,170 26,340 42,730 270990 241, ;870 2,030 4,420121,600100,310 2,710 22,360 13;997 July 29 225,060130,350 ,400 26,310 42,290 272 520 242; 630 1,990 4,680123,250100,140 2,580 22,,51013,994 Aug. 26 225,780131,970 67,570 26,240 42;150 273010 242; 900 1,910 5,720121,490100,530 2,770 22:,,70014,004 Sept. 30* 225,530132,610 66',470 26,450 44 i630 275 500 246; 700 1,780 6,140123,860100,840 1,410 22,,84013,996 Oct. 28* 225,820133,050 66,530 26,240 44;030 275,110 244; 150 1,710 5,190 320 100,4502,460 22,,87013,995 Nov. 25^ 225,640134.490 65,210 25,940 44;950 275 910 244 200 1,610 4,420 920 99,630 2,860 22,980 13,992 All commercial banks: 1941—Dec. 31 50,746 21,714 21,808 225 26,551 79,104 10,982 44,349 15,952 23 7,17314,278 1945—Dec. 31 124,019 26,083 90,606 ,331 806 160,312 14,065 105,921 30,241 219 8,950 14,011 1947__Dec. 3H 116,284 38,057 69,221 006 37 502155,377144,10312,792 240 1,343 367 35,360 6510,05914,181 1956—Dec. 31 165,123 90,302 58,552 ,269 48720 217,460197,51516,133 1,460 3,733 282 50,908 7516,30213,640 1957—Dec. 31 170,068 93,899 58,239 930 48 428 222;696 201, 15,636 1,385 3,898 967 56,440 7717,36813,568 1958—June 23 179,905 95,571 64,194 20,140 43 507 227|847 204, 13,789 2,495 9,205 086 61,759 1,13618,17813.535 Nov. 26 184,050 96,060 67,660 20,330 44;310 232,700 207,57013,590 2,360 5,600 580 62,440 2,15018,55013,514 Dec. 31 185,165 98,214 66,376 20,575 48'990 238;651216,01715,799 2,372 4,250 104 63,493 7318,486 13,501 1959—June 10 186,151103,406 62,03520,710 42;894 233;726 207 13,481 2,135 2,774 574 65,631 2,770 19,100 13,470 June 24 185,920104,450 60,860 20,61041 930 232;380 206; 12,870 2,030 4,420 570 65,740 2,710 19,03013,479 July 29 187,660105,940 61,110 20,610 41 570 233;870 208, 12,630 1,990 4,680 220 65,610 2,580 19,17013,476 Aug. 26 188,190107,370 60,290 20,530 41430 234;170 207; 12,900 1,910 5,720 460 65,920 2,770 19,34013,486 Sept. 30* 187,790107,830 59,230 20,730 43910 236;500 211,48013,700 1,780 6,140 830 66,030 1,410 19,44013,478 Oct. 28* 188,330108,160 59,570 20,600 43 330 236;390210,17013,150 1,710 5,190 290 65,830 2,460 19,50013,478 Nov. 25^ 188,140109,470 58,330 20,340 44 220 237;130 210,13013,200 1,610 4,420 890 65,010 2,860 19,59013,475 All member banks: 1941—Dec. 31 43,521 18,021 19,539 5,96123,123 68,121 61,71710,385 140 136 12,347 4 5,886 6,619 1945—Dec. 31 107,183 22,775 78,338 070 29 138,304129,67013,576 64 22 640 24,210 208 7,589 6,884 1947—Dec. 31 97,846 32,628 57,914 304 32; 132,060122,52812,353 50 609 28,340 54 8,464 6,923 1956—Dec. 31 138,768 78,034 47,575 159 42;906 184; 874 167,90615,567 1,289 850 40,909 4813,655 6,462 1957—Dec. 31 142,353 80,950 47,079 324 42,746 188,828170,63715,082 1,246 547 45,290 5714,554 6,393 1958—June 23 151,589 82.146 53,16516,277 38,489194,003173,90413,274 2,266 8,658 812 49,893 1,07815,181 6,357 Nov. 26 153,854 82,225 55,32816,30139,140196,851175,26013,026 2,130 5 777 50,324 2,05515,498 6,324 Dec. 31...« 154.865 84,061 54,29916,504 43,188 202.017 182,81615,227 2,187 3 448 51,132 5415,460 6,312 1959—June 10 155,289 88,431 50,22516,63337,856197,265174,81112,945 1,990 2, 104,67152,799 2,686 1155,919 6,280 June 24 155,007 89,301 49,16416,54237,171196,182 174,07312,357 1,889 992 52,892 2,619 15,875 6,279 July 29 156,558 90,697 49,34016,52136,765197,411175,34412,119 1,842 4^250 390 52,743 2,500 15,980 6,271 Aug. 26 156,537 91,757 48,37016410 36,547197,076 174,56812,356 1,767 5,095 552 52,798 2,685 16,090 6,263 Sept. 30* 155,938 92,063 47,30716568 38,834 198,984177,71313,181 1,634 5,522 492 52,884 1,358 16,169 6,249 Oct. 28* 156,328 92,328 47,571 38,314198,793176,368 12,590 1,564 4,628 104,90152,685 2,387 16.209 6,248 Nov. 25* 156,149 93,527 46,43316189 39,107199,455 176,280 12,640 1,462 3,891 106,252 52,035 2.776 16,281 6,239 All mutual savings banks: 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 3 14 1177,,745 1,889 533 1956—Dec. 31 31,940 19,777 7,971 4,192 920 33,311 30,032 3 2530,001 2,947 527 1957—Dec. 31 33,782 21,216 7,552 5,013 890 35,168 31,695 4 26 31,662 3,059 522 1958—June 23 35,274 22,237 7,417 5,620 916 36,678 32.869 3 ,837 181 520 Nov. 26 36,160 23,170 290 5,700 820 37,480 33,500 30 33,470 3,'270 519 Dec. 31 36.320 23,357 265 5,698 921 37,779 34,040 3 29 34,006 3,219 519 1959—June 10 37,221 24,149 349 5,724 780 38,526 34,503 2 ,471 3,315 518 June 24 37,280 24,240 310 5,730 800 38,610 34,600 8 30 34,570 3,330 518 July 29 37,400 24,410 290 5,700 720 38,650 34,560 ,530 3,340 518 Aug. 26 37,590 24,600 280 5,710 720 38,840 34,640 8 30 34,610 3,360 518 Sept. 30* 37,740 24,780 7; 240 5,720 720 39,000 34,840 34,810 3,400 518 N O o ct v . . 2 25 8 * * > 3 3 7 7 , , 4 5 9 0 0 0 2 2 4 5 , , 8 0 9 2 0 0 6 6 , , 9 8 6 8 0 0 5 5 , , 6 6 4 0 0 0 7 7 0 3 0 0 3 3 8 8 , , 7 7 2 8 0 0 3 3 4 4 , , 6 6 5 5 0 0 (5) 3 3 0 0 3 3 4 4 , , 6 6 2 2 0 0 3 3 , , 3 3 7 9 0 0 5 51 1 7 7 P Preliminary. * Revised preliminary figures. 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 classification! 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

1500 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i Continued [ Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b t a e nk Total Loans o G U t b io o l . i S n v g . t a s . - O s r e i t t c h i u e e s - r a C ss a e s t h s 2 c c b T o a i a l a l u p o i i n c a t i n t - i d t - a e t a l s s l 3 Total2 m D I a n e n t - e d rba T n i k m 2 e U.S D . ema O O n t t d h h e e r r Time r B in o o w g r s - - c T a o p t it a a l l N ba b u o n e m f r k - s Govt. Central reserve city member banks: New York City: 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 866 12,051 807 1,648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947—Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 37 1956—Dec. 31 23,809 15,987 6,057 1,765 8,629 33,381 29,149 5,022 965 747 19,940 2,475 2 2,873 18 1957—Dec. 31 23,828 16,102 5,880 1,846 8,984 33,975 29,371 4,869 912 737 19,959 2,893 2 3,136 18 1958—June 23 27,149 16.764 8,035 2.350 8,272 36,664 31,469 4,345 ,774 2,946 18,898 3,506 483 3,214 18 Nov. 26 25,552 15,666 7,694 2; 192 7,763 34,501 28,958 4,005 ,677 945 18,956 3,375 736 3,276 18 Dec. 31 25,966 16,165 7,486 2,315 9.298 36,398 31,679 4,786 ,739 968 20,704 3,482 3,282 18 1959—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. 30* 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 Oct. 28* 25,061 17,404 5,395 2,262 7,800 34,024 28,545 3,848 ,205 1,114 18,930 3,448 770 3,340 16 Nov. 25? 25,020 17,990 4,958 2,072 7,834 34,054 28,252 3,892 ,100 692 19,183 3,385 968 3,337 16 Chicago: 1941—Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 426 14 1956—Dec. 31 6,473 3,772 2,113 588 2,171 8,695 7,943 1,364 184 5,069 1,319 4 660 14 1957__Dec. 31 6,446 3,852 2,032 562 2,083 8,595 7,792 1,333 195 4,904 1,345 4 689 14 1958—June 23 6,942 3,594 2.694 654 1,914 8,929 8,022 1,249 705 4,626 1,403 80 708 14 Nov. 26 6,727 3,418 2,687 622 2,067 8,874 7,862 1,169 402 4,859 1,401 157 724 14 Dec. 31 6,830 3,637 2,562 631 2,158 9,071 8,214 1,357 249 5.136 1,438 3 733 14 1959—June 10 6,581 3,643 2,235 703 1,850 8,520 7,375 1,160 120 4,657 1,407 272 743 14 June 24 6,516 3,687 2,137 692 1,842 8,440 7,423 1,123 259 4,586 1,424 164 740 14 July 29 6,631 3,811 2,120 700 1,949 8,661 7,677 1,116 273 4,823 1,433 137 743 14 Aug. 26 6,677 3,954 2,067 656 1,815 8,567 7,530 1,105 285 4,685 1,427 182 749 14 Sept. 30* 6,727 4,011 2,052 664 1,992 8,805 7,681 1,204 347 4,678 1,426 253 753 14 Oct. 28* 6,701 3,944 2,092 665 1,877 8,662 7,556 1,126 228 4,749 1,427 235 751 14 Nov. 25? 6,605 3,908 2,014 683 1,882 8,566 7,580 1,115 214 4,787 1,439 108 754 14 Reserve city member banks: 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 1'1,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947—Dec. 31 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,627 22 405 28,990 111,423 1 2,844 353 1956—Dec. 31 53,915 31,783 17,368 4,76417,716 72,854 66,524 7,584 294 1,201 40,64716,797 21 5,076 289 1957—Dec. 31 55,259 32,805 17,352 5,102 1'"7,540 74,196 67,483 7,241 301 1,358 39,960 "1,8623 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 38,003 20,706 350 5,617 280 Nov. 26 60,181 33,393 20,891 5,89716,276 77,940 69,723 6,476 378 1,944 40,184 20,741 910 5,729 275 Dec. 31 60,558 34,003 20,645 5,91017,701 79,781 72,647 7,506 377 1,429 42,25921,075 14 5,760 274 1959—June 10 60,812 36,315 18,663 5,834 1155,611 77,952 69,382 6,450 361 858 39,990 '2 1,7241,141 5,930 273 June 24 60,617 36,616 18,224 5,77715,762 77,887 69,448 5,994 341 1,600 39,72121,792 1,140 5,945 273 July 29 61,096 37,301 18,046 5,74915,447 78,087 69,734 5,896 338 1,494 40,36821,638 1,049 5,976 272 Aug. 26 61,143 37,780 17,665 5,69815,441 78,068 69,679 6,093 342 2,081 39,554 "2'1,609 972 6,004 271 Sept. 30* 60,647 37,733 17,169 5,74516,298 78,511 70,496 6,377 318 2,282 39,914 21,605 555 6,044 270 Oct. 28* 60,879 37,757 17,416 5,70615,930 78,391 69,942 6,295 299 1,746 40,07321,529 901 6,053 270 Nov. 25^ 60,790 38,170 16,955 5,66516,495 78,884 69,985 6,272 303 1,531 40,,6'2"2 -2,1257 1,171 6,085 270 Country member banks: 1941—Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 225 10,109 6,258 4 1,982 6,219 1945—Dec. 31 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,207 5,465 24,23512,494 11 2,525 6,476 1947—Dec. 31 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,056 432 28,37814,560 23 2,934 6,519 1956—Dec. 31 54,571 26,491 22,037 6,04214,390 69,945 64,289 1,597 1,160 41, 1~94 ~2~0317 21 5,046 6,141 1957—Dec. 31 56,820 28,191 21,815 6,814 14,139 72,062 65,991 1,640 1,181 40,7244 222,429 30 5,359 6,083 1958—June 23 58,225 28,937 22,000 7,288 12,860 72,255 65,741 1,282 1,857 38,22886 24,277 164 5,641 6,045 Nov. 26 61,394 29,748 24,056 7,59013,034 75,536 68,717 1,376 1,712 40,778 24,807 252 5,769 6,017 Dec. 31 61,511 30,257 23,606 7,648 14,031 76,767 70,277 1,578 1,175 42,349 25,137 37 5,685 6,006 1959—June 10 62,248 31,960 22,581 7,707 12,840 76,405 69,175 1,299 950 40,812 26,080 463 5,946 5,976 June 24 62,386 32,317 22,377 7,692 1122,363 75,986 68,787 1,232 1,309 40,115 26,094 510 5,898 5,975 July 29 62,719 32,523 22,475 7,721 12,385 76,401 69,245 1,224 1,233 40,59126,163 420 5,947 5,968 Aug. 26 63,081 32,817 22,551 7,713 12,476 76,847 69,500 1,261 1,675 40,227700 2266,260 531 6,003 5,961 Sept. 30* 63,370 33,075 22,516 7,77912,854 77,567 70,395 1,285 1,685 41,10526,286 306 6,030 5,949 Oct. 28* 63,687 33,223 22,668 7,79612,707 77,716 70,325 1,321 1,540 41,14926,281 481 6,065 5,948 Nov. 25*> 63,734 33,459 22,506 7,76912,896 77,951 70,463 1,361 1,454 41,6"6"0 "2"5,954 529 6,105 5,939 * 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 1501 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 l o . i S v n g . s t a . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c c b T o a i a l a l o p u i i n c a t t i n d - i a - t e t a l s s l 3 Total 2 m D In a e n t - e d rba T n i k m 2 e U. D S e . ma O O n t t d h h e e r r Time r B i o n o w g r s - - c c T a o a o p u c t i - n a ta t l s l N ba b u o n e m f r ks - Govt. All insured commercial banks; 1941—Dec. 31 49,290 21,259 21,046 6,98425,788 76,820 69,411 10,654 1,762 41,298 15,699 10! 6,844113,426 1945—Dec. 31 [21,809 25,765 88,912 7,13134,292157,544147,775 13,883 '3,740 80,276 2299,876 2151 8,671113,297 1947_Dec. 31 14,274 37,583 67,941 8,750 36,926 152,733141,851 2,615 54 1,325 92,975 34,882 6l] 9,73413,398 1956—Dec. 31 63,601 89,831 57,83715,933 48,352215,514195,95315,981 1,301 3,717124,346 5"0",608 5615,98813,195 1957—Dec. 31 68,595 93,430 57,58017,585 48,127220,865199,87615,489 1,264 3,859123,127 56,137 6617,05113,142 1958—June 23 78,330 95,105 63,48919,735 43,243225,945 202,81913,632 2,288 9,162116,308 61,429 1,12517,85713,121 Dec. 31 83,596 97,730 65,66920,198 48,689236,724214,48515,653 2,209 4,241129,214 63,168 6718,15413,101 1959—June 10 84,632 102,902 61,39620,334 42,623231,876 206,149'3,338 2,013 2,766122,744 65,288 2,76218,762113,086 National member banks: 1941—Dec. 31 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 4 3,640J 5,117 1945—Dec. 31 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 14,013 45,473 16,224 78 4,6441 5,017 1947—Dec. 31 65,280 21,428 38,674 5,178 2"2,024 88,182 82,023 8,375 35 795 53,541 19,278 45i 5,409i 5,005 1956—Dec. 31 88,477 48,109 31,568 8,800 2_7.,,000066 117,345107,161 9,322 52: 2,074 67,434 27,810 19j 8,450 4,651 1 1 1 9 9 9 5 5 5 8 7 9 — — — D J D J u u e e n n c c e . e . 3 2 3 1 1 3 1 0 9 9 9 9 1 5 9 9 , , , , 2 8 2 9 0 9 7 8 1 8 7 2 5 5 5 5 0 2 5 0 , , , , 7 6 8 3 4 2 1 5 4 7 6 0 3 3 3 3 4 5 1 3 , , , , 4 7 2 11 9 1 3 55 8 2 4 4 2 1 1 1 9 0 0 1 , , , , 6 9 6 0 1 5 3 1 7 6 6 4 2 2 2 2 3 3 6 6 , , , , 9 8 7 7 6 8 3 8 4 1 5 6 1 1 1 1 2 2 2 2 0 2 8 6 , , , , 1 2 1 3 5 5 9 0 3 5 7 01 1 1 1 1 1 0 1 9 0 2 6 , , , , 0 0 6 7 9 6 5 1 1 5 9 4 7 9 7 8 , , , , 8 8 0 9 4 1 3 5 9 8 5 8 7 7 8 51 0 2 6 ' 5 5 7 4 2 2 1 , , , , 2 7 1 5 9 5 6 2 : 1 6 6 6 6 6 6 9 6 6 2 , , , , 8 5 4 8 0 4 3 8 8 6 3 6 3 3 3 3 3 0 4 6 , , , , 7 9 1 8 5 0 7 1 4 4 7 2 1,4 4 2 9 4 3 2 0 8 3 | ! 1 0 9 9 9 , , , , 0 4 6 0 4 5 4 7 1 1 3 0 1 1 j 4 4 4 4 , , , , 5 5 5 6 7 5 9 2 8 9 9 0 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] l! 2,246i 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 1301 2,945 1,867 1947_Dec. 31 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9| 3,055! 1,918 1956—Dec. 31 50,291 29,924 16,007 4,359 15,900 67,530 60,744 6,245 76' 1,218 39,416 13,098 29 5,205 1,811 1957—Dec. 31 51,152 30,600 15,846 4,707 15,960 68,676 61,545 6,124 729 1,306 39,00114,386 18! 5,483 1,773 1958—June 23 55,691 31,403 18,667 5,621 14,525 71,904 63,839 5,425 1,441 3,907 36,92616,140 5861 5,730' 1,758 Dec. 31 55,588 31,435 18,585 5,56816,407 73,620 66,102 6,192 1,420 1,530 40,64016,320 10 5,817 1,734 1959—June 10 55,307 32,616 17,072 5,619 14,021 71,010 62,152 5,127 1,285 880 * 3 tV 8 , , 2 U 3 tV 7 J 1 1 1 U 6 , , 6 J4 2 .K 2 J ,266 5,879 1,721 Insured nonmember commercial banks: l941_Dec. 31 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 6j 959 6,810 1945—Dec. 31 14,639 2,99: 10,584 1,063 4,448 19,256 18,119 244 ,560 10,635 5,680 71 1,0836,416 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_,,2_7..1. 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 9 2,336! 6,737 1957—Dec. 31 26,268 12,493 10,512 3,264 5,383 32,066 29,266 407 388 17,580 10,873 9 2,500j 6,753 1958—June 23 26,768 12,972 10,335 3,460 4,756 31,971 28,942 359 504 16,496|11,562 47 2,679 6,768 Dec. 31 28,759 13,682 11,381 3,696 5,504 34,737 31,696 426 41 18,766 12,063 13 2,696! 6,793 1959—June 10 29,371 14,484 11,183 3,704 4,770 34,642 31,365 392 361 18,074 12,516 76) 2,8461 6,810 Noninsured nonmember commercial banks: 1941_Dec. 31 1,457 455 761 241 763 2,283 1,872 329 1,291 253 329 852 1945—Dec. 31 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 279 714 1947_Dec. 314 2.009 47. 1,280 255 576 2,643 2,251 177 185 18 1,392 478 325 783 1956—Dec. 31 1,521 471 714 336 369 1,946 1,562 152 159 936 300 313 444 1957—Dec. 31 1,473 468 660 345 301 1,831 1,449 147 121 840 303 317 425 1958—June 23 1,575 466 704 405 264 1,902 1,516 157 207 778 330 321 413 Dec. 31 1,568 48. 707 377 301 1,927 1,532 146 163 890 325 332 399 1959—June 10 1,518 504 63' 375 271 1,850 1,444 143 12: 830 342 338 383 All nonmember commercial banks: I 1941_Dec. 31 7,233 3,696 2.270 1,266 3,431 10,992 9,573 457 5,504 3,613 1,288 7,662 1945_Dec. 31 16,849 3,310 12,277 1,26: 4,962 22,024 20,57" 425 14.101 6,045 1,362 7,130 1947__Dec. 3H 18,454 5,432 11,318 1,703 4,659 23,334 21,59 439 190 167 13,758 7,036 1,596! 7,261 1956—Dec. 31 26,381 12,279 10,989 3,113 5,817 32.613 29,635 566 171 440 18,43310,024 2.6491 7,181 1957—Dec. 31 27,741 12,961 11,172 3.608 5,684 33,897 30,715 554 138 427 18,42011,176 2,817j 7,178 1958—June 23 28,343 13,438 11,040 3,865 5,020 33,873 30,458 515 229 548 17,27411,892 3,000; 7,181 Dec. 31 30.327 14,165 12,088 4,07' 5,805 36,664 33,227 572 185 428 19,65512,387 3,028! 7,192 1959—June 10 30,889 14,988 11,821 4,079 5,041 36,491 32,810 536 144 368 18,90312,858 3,183j 7,193 Insured mutual savings banks 1941—Dec. 31 1,693 642 629 421 151 1,958 1,789 1,789 164i 52 1945_Dec. 31 10.846 3,081 7,160 606 429 11,424 10,363 10,351 1,034 192 1947_Dec. 31 12,683 3,560 8,165 958 675 13,499 12,207 1212,192 1,252! 194 1956_Dec. 31 24.170 15,542 5,518 3,110 739 25,282 22,886 23 "2"2,857 2,130 223 1957—Dec. 31 26,535 17,19- 5,404 3,937 719 27,671 25,022 26 24,991 2,308 239 1958—June 23 27,869 18,132 5,23. 4,503 745 29,021 26,082 ,052 2.433 239 Dec. 31 28,980 19,180 5,215 4,585 752 30,189 27,27' 28 27,243 2,473 241 1959—June 10 30,150 20,106 5,32 4,721 630 31,228 28,04 27 28,011 2,608! 251 Noninsured mutual savings banks: 1941_Dec. 31 8,687 4,259 3,075 1,353 642 9,846 8,744 8,738 1,077 496 1945_Dec. 31 5,361 1,198 3,522 641 180 5,596 5,022 5,020 558 350 1947_Dec. 31* 5,957 1,384 3,813 760 211 6,215 5,556 5,553 637 339 1956—Dec. 31 7,770 4,235 2,453 1,082 182 8,028 7,146 7,143 817 304 1957—Dec. 31 7,246 4,022 2,148 1,076 171 7,497 6,672 6,671 751' 283 1958—June 23 7,404 4,104 2,183 1,116 171 7,657 6,787 6,785 748; 281 Dec. 31 7,341 4,17^ 2,050 1.113 169 7.589 6,763 6,762 74 fj 278 1959—June 10 7,071 4,043 2,025 1,003 150 7,298 6,46' 6,460 7071 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

1502 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 Cla c s a s l a l o n d d f a b te ank i m l n o a v e n a e n n d s t s t s - Total2 c o m p i k l i p n u n a a e e g d - r - t n - - A c tu u a g l r l r - - i- b a e T s r n o e r o s d c k u - rit o e T i t e r h o s s - l R o t e a a e s t - n a e l s l u v o i d t a i a n o i d - l n - s - s O lo t a h n e s r Total Total Bills C o d c e f a e r t b t i e i n t f D s - - i- ire N c o t tes Bonds G t a e u n e a d - r- S p d s a i t o u c i o a n v b l a t f i d - i e l t - - s O s ri e t t h c ie e u s r per deal- ed- sions ers ness All commercial banks:3 1947_Dec. 31... 16,28438,057 18,167 1,660 830 ,2201 9,393 5,7231,063 78,226 69,2212,193 7,789 6,03453,191 276 3,729 1957—Dec. 31... 70,06893,899 40,526 4,0662,601 ,620|23,110 2200,2173,53376,16958,239 ",405 4,81310,60837,406 915 4,014 1958—June 23... 79,90595,571 8,,886 4,5523,699 ,925 23,693 20,,091 44;,556622 -8,4334 64,194 4,502 3,88312,348 43',456 716 4,424 Dec. 31... 85,16598,214 40,425 4,9732,832 ,829 25,255 20,698 44',1,5 1656 8,695166,3766,294 7,39913,396 39,281 505 4,070 1959—June 10... 86,151103,406 41,6135,0982,333 ,903 26,669 22,3825,419 82,74562,0355,149 4,722 14,03738,117 984 3,725 All insured commercial banks: 1941—Dec. 31... 49,29021,259 ,214 450 614 662 ,773 545 28,031 046 3,159 12,797 4,102 3,6513,333 1945—Dec. 31... 21,809 25,765 ,461 314 3,164 3,606 677 ,18196,043 912 45519,07116,04551,321 22 3,873 "3,258 1947—Dec. 31... 14,274:37,583 ,012 610 823 *,190 266 1,028 76,691 941 124 7,552 5,918 5-2,334 14 ,621 1956—Dec. 31... 63,60189,83138,571 101 ,565 669 22,394 3,325 73,770 57,837 5763 1,981 11, ,358 13 5, 3,258 1957—Dec. 31... 68,59593,430 40,380 4 015 ,569 1,60123,003 20 ,164 57,580 290 4,758 10,493 37,031 712,675",897 1958—June 23... 78,330 9""5,105 38,750 4 499 3,677 90723,58519; 9814,541 83,22463489 4416 3,841 12,213 43,013 513, "" 278 Dec. 31... 83,596 97,730 40,289 4 913 ,797 810 25:148 20589 \\ 134 85,866 65,669 159 7,36213,240 38,902 615,457 4932 1959—June 10... 84,632102,902 41,459 046 ,312 884 26!550 22 264 5,396 81 730 61,396 025 4,690 13,928 37,745 101 1 6 6 , ,743 3^591 Member banks, total: 1941—Dec. 31... 43,52118,021 8,671 972 594 598 3,494 3 692 25,500 19,539 971 3,00711,729 ,832 3,090 2,871 1945—Dec. 31... 07,18322,775 8,949 855 3,1333.378 3,455 1,900 1,104 84,40878,338 27516,98514,27144,792 16 3,,254 2 1947—Dec. 31... 97,884466 32,628 116 ,,9621,046 811 ;065 7,130 4,662 952!65,21857,9141J987 5,816 4,815 4455,286 10 4,,199 3105 1957—Dec. 31... 42,35380,950 37,868 "2,4722,448 ,40918,23116,775 3,316j61,40347,079 3" 9483,534 8^560 31,031 711,,235 3089 1958—June 23... 51,58982.146 36,125 2,7743,574 ,70618,71216,544 4,336 69,44353,165 3574 2,905 480 36,201 512,,786 3 Dec. 31... 54,86584,061 444 3,,0 522,,73 01,,59 9 20,,01 317,,02 8 3,920 70,804 54^299 4,644 6,143 117 32,390 6 13,405 3,100 1959—June 10... 55,28988,431 469 3,113322 22,226600 1,669 21,180 18,397 5,098 66,85850,225 3,854 3,688 410 31,264 " 13,820 2,813 New York City:4 1941—Dec. 31... 12,896 4,072 2,807 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1945—Dec. 31... 26,143 7,334 3,044 2,4531,172 80 287 29818,80917,574 477 3,433 3,32510,337 1 606 629 1947—Dec. 31... 20,393 7,179 5,361 545 267 111 564 33013,21411,9721,002 640 558 9,771 638 604 1957—Dec. 31... 23,82816,10211,651 1,280 387 565 1,513 1,053 7,726 5,880 648 214 1,093 3,924 1,435 411 1958—June 23... 27,14916,76410,978 2,164 420 557 1,437 1,56610,385 8,0351,023 286 1,729 4,996 1,748 602 Dec. 31... 25,96616,16510,928 ',652 382 641 1,502 1,424 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 1,625 1,819 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, 12 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 29,5521,034 6,982 5,65315.878 5 1,126 916 1947—Dec. 31... 36,04013,449 7,088 225 170 484 3,147 1,969 20,196 373 2,358 1,901 15:560 3 1,3421,053 1957—Dec. 31... 55,25932,80515,702 494 603 673 7,667 6,8931, 17,3521,009 1,285 3,29711,760 2 4.027',075 1958—June 23... 59,27332,85114,789 611 881 904 7,841 6,741 1,706 26;422 20,436 874 1,009 4,410 14,142 2 4,7671,218 Dec. 31... 60,5"5"8 34,00315,808 669 518 851 8,405 6,930 11,49226,555 20,6451,293 2.370 4.497 12.482 3 4,8641,047 1959_june 10... 60,81236,31516,410 753 404 860 8,986 7,513 2,07324.497 18,663 870 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, 30 6.628 4,377 110 481 2.926 861 1,222 ,028 1945—Dec. 31... 35, oo: 5,596 1,484 648 42 471 1,881 707 363129,40726.999 630 5.102 4.544 16.713 9 1,342 ,067 1 1 1 1 9 9 9 9 4 5 5 5 7 7 8 9 — — — — D D D J J u u e e e c n n c c . e e . . 3 3 3 2 1 1 1 1 3 0 . . . . . . . . . . . . . . . 6 3 5 5 6 1 8 6 6 2 , , , , , 5 2 2 3 8 1 2 4 2 2 1 5 8 4 0 2 2 3 3 1 8 0 8 1 0 , , . , . 2 1 9 1 9 5 9 9 3 6 ' 1 9 7 0 7 7 8 3 8 , , , , , 0 6 7 6 0 8 1 3 9 5 3 0 6 9 0 ) 2 2 2 1 . , , , 3 3 1 8 9 6 6 5 7 1 8 : 4 0 8 2 3 3 1 5 2 9 6 5 1 3 4 5 4 2 2 2 2 2" 6 5 8 2 9• 8 2 2 7 3 1 1 1 9 3 0 0 1 , . , , , 8 8 8 1 -- 0 5 2 7 6- 6 6 7 : 7' i 8 7 8 8 1 .8 . . . . 7 2 9 9 0 . 3 7 4 3 " 9 9 4 0 7 2 7 9 7 1 2 8 6 4 3 9 4 5 6 2 3 3 2 2 1 0 9 8 6 , . , . , 2 6 1 2 2 8 2 2 8 5 8 9 5 8 4 2 2 2 2 2 2 2 1 3 2 . . . . .0 5 8 8 6 8 0 1 5 0 1 0 5 7 6 2 2 1 1 . , . . 4 6 4 4 2 4 7 0 8 2 2 5 9 0 6 2 2 1 1 1 , , . , . 9 5 3 6 4 0 8 0 2 6 9 6 3 2 5 ! | 2 3 3 4 5 . , , , , 1 8 8 4 0 0 5 5 9 2 8 7 5 2 3 1 1 1 1 1 3 5 4 4 7 . . , , ,6 8 2 3 2 8 1 7 2 9 1 9 2 7 0 4 6 5 3 3 2 6 5 5 6 , , . . . 1 0 3 3 7 8 0 6 9 7 1 6 5 2 5 , , , , , 5 3 2 4 4 1 1 6 4 6 3 5 2 9 7 Nonmember commercial banks:3 1947_Dec. 31.. 18,454 5,43 1.205 614 20 156 2,266 1.061 11113.02111,318 2061 1,973 1.219 7.916 1,078 625 1956—Dec. 31... 26,38112,279 2.4241,683 143 218 4.708 3.085 19614,10210,9891.541 528 6,588 2,409 704 1957—Dec. 31... 27,74112,961 2,657 1.594 153 211 4,891 3.442 21714,78011.1721,457 1,279 6,385 2,68: 926 1958—June 23... 28,34313,438 2,761 1,778 125 219 4,994 3,547 22514,90511.040 927 978 7.266 2.932 933 Dec. 31... 30.32714,165 2,9811,921 10 230 5.256 3.671 23516.16112.0881,651 1.255 6.901 3,102 971 1959—June 10.. 30,88914,988 3,1441,967 73 234 5,502 3,985; 321 15.90111.8211.295 1 ,034 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 1503 RESERVES AiND 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 B s w e e R e a r d r i n v e t e v - h e k r e s s al C va i a n u s l h t b m a w a n d e n o c i s k t e - t h s i s c 5 j p m u o s d a a t s d e n e i - - t d d s 6 m D e ] s n o d t - t e i e p c r 5 o b s a i n F t e s i k o g r n - G U o . v S t . . p v s S o i u a t l s a i b n i t o t d d i e c n i s - a s l c C c h o a f e e e i f e t n e f r c r c d i t d s . - k i ' - s, p a v n s a p i I t d h d i r n o o t u i d r n p c n a a i e o s s - l - , r s r - , - I b n a t n er k - p G U S i a o n o . a n s g v v d t S s a - t . . l v S s p i a u i t s o c a n i b l a o t d i d e l t n - s i s - p a v n a s p I i t h d d i r n o o t i u d r n c p n a a i o e s s - - l r , r s - - ,r B i o n o w g r s - - c C o a t a u a c p l - n i t - s All commercial banks: 3 1947_Dec. 31.... 17,796 2,216 10,216 87 123 11,362 ,430 1,343 6,799 1.,581 84,987 240 111 866 34,383 6510,059 1957—Dec. 31.... 18,972 3,335 12,342110 266 13,867 ,769 3,898 10,693 • ,620 109,653 1,385 301 2,773 53,366 7717,368 1958—June 23.... 18,568 3,017 10,904106,178 12,141 1,648 9,205 10,892 .741 102,453 2,495 286 4,100 57,3721,13618,178 Dec. 31.... 18,427 3,249 12,609 115,518 U ,142 ,657 4,250 10,928 4,043 115,132 2,372 327 3,576 59,590 7318,486 1959—June 10.... 18,084 3,118 10,371112,353 11,934 ,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 ,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 I 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 5615,988 1957—Dec. 31.... 18,972 3,311 12,079109,439 i: ,752 1,736 3,859 10 594 3,597 108,936 1,264 301 2,717 53,120 6617,052 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 57,1101,12517,857 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 6718,154 1959—June 10.... 18,084 3,096 10,140111,537 11,821 1,517 2,766 10 390 5,376 108,979 2,013 322 3,674 61,2922,76218,762 Member banks total: 31.... 12,396 1,087 6,246 33,754 S),714 671 1,709 3 066 1,009 33,061 140 50 418 11,878 4 5,886 11994451——DDeecc.. 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 5,331 93,804 1,246 275 2,170 42,845 5714,554 1958—June 23.... 18,570 2,277 6,913 89,186 11,676 1,597 8,658 8 628 3.482 87,703 2,266 259 3,296 46,3391,07815,181 Dec. 31 18,428 2,441 7,977 96,218 13,614 1,613 3,822 8 603 5,712 98,133 2,187 300 2,829 48,004 5415,460 1959—June 10.... 18,086 2,351 6,375 93,722 11,446 1,499 2,406 8 207 5,110 93,353 1,990 297 2,937 49,5652,68615,919 New York City:4 1941—Dec. 31 5 105 93 141 10,761 3,595 607 866 319 450 11 282 6 29 778 1 648 1945—Dec. 31.... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1947—Dec. 31.... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1957—Dec. 31.... 4,564 158 110 15,849 3,480 1,389 737 299 1,284 18,377 912 24 56 2,813 2 3,136 1958—June 23.... 4,418 145 76 15,305 3,084 1,261 2,946 337 1,645 16,916 1,774 28 249 3,229 483 3,214 Dec. 31. . 4 454 161 92 16,170 3 519 I 267 968 329 I 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 I'259 17,657 1,564 27 140 3',423 809 3,300 Chicago:4 1941—Dec. 31... 1,021 43 298 2,215 ,027 8 127 233 34 2,152 476 288 1945—Dec. 31... 942 36 200 3,153 1,292 20 1552 237 66 3,160 719 .... 377 1947—Dec. 31... 1,070 30 175 3,737 ,196 21 72 285 63 3 853 2 9 902 426 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 ,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 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 <5,115 282 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 1,049 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1957—Dec. 31... 5,576 ],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 13$ 27 60; 10*546 21 2*818 1958—June 23 740 3,993 16,992 465 50 548 2'265 260 14,749 229 28 80* 11 05S 58 3 00C Dec. 31 808 4,633 19,300 528 43 428 2 325 331 16*999 185 27 747 11 61" 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 with June 30, 1948, figures for various loan items are 4 Central reserve city banks. shown gross (i.e., before deduction of valuation reserves); they do not 5 Beginning with June 30, 1942, excludes reciprocal bank balances* add to the total and are not entirely comparable with prior figures. Total which on Dec. 31, 1942, aggregated $513 million at all member banks and loans continue to be shown net. $525 million at all insured commercial banks. 3 Breakdowns of loan, investment, and deposit classifications are not 6 Demand deposits other than interbank and U. S. Govt., less cash items available prior to 1947; summary figures for earlier dates appear in the reported as in process of collection. preceding table. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1504 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES [In millions of dollars] Loans For purchasing or carrying securities Financial institutions T lo o a t n a s l L a o n a d ns Com- a T n o d b d r e o a k l e e r r s s To others Banks in N s o ti n tu b t a i n o k ns Wednesday i m n a v e n e n d s t t s - j i m u n s a v e t d e e n - s d t t s - i j L us a o t d a e - n d s ! in m t a c r d n i i e a u a d r l l s - - A u c t g u r r l a - i l - G U t l i o i o o . g b n v a S - s - t . . O c t s u t i e h e r - s i e - r G U t l i o i o o . g b n v a S - s - t . . O c t s u t i e h e r - s i e - r F ei o g r n - c m m D c o t i e i e o m a c s r - l - - - n s c s P a o a o a f n e n n i l m - e r d c a - s - e l Other e R st e a a t l e l o o A t a h l n e l s r V se t a r i r o e l v u - n e a s panies etc. Total- Leading Cities 1959 Sept. 2 104,862 103,757 64,624 28,992 913 339 1,686 165 1,273 639 1,105 4,034 1,543 12,345 14,056 1,361 9 105,010 103,554 64,483 29,007 918 334 1,604 158 1,251 651 1,456 3,920 1,556 12,385 14,060 1,361 16 105,594 104,149 65,099 29,348 924 333 1,609 161 l,240| 647 1,445 4,080 1,569 12,438 14,110 1,360 23 104,602 103,399 64,909 29,376 929 296 1,586 162 1,222 644 1,203 3,903 1,572 12,465 14,113 1,359 30 104,311 103,583 65,354 29,481 944 1,660 1,193 677 728 3,947 1,603 12,456 14,190 1,360 Oct. 7 104,199 103,038 65,219 29,511 936 ,740 160 1,195 677 1,161 3,820 1,591 12,462 14,176 1,360 14 104,082 102,802 65,269 29,706 941 284 ,627 159 1,180 671 1,280 3,743 1,609 12,494 14,216 1,361 21 104,652 103,928 65,434 29,550 928| 512 ,712 173 1,190 686 724 3,705 1,624 12,513 14,201 1,360 28 104,333 103,388 65,244 29,516 936 433 ,682 158 1,191 673 945 3,620 1,651 12,527 14,215 1,358 Nov. 4 105,230 103,879 65,890 29,687 937 573 ,702 160 ,j 717 1,351 3,782 1,671 12,506 14,321 1,361 11 104,343 103,146 65,703 29,727 942 397 ,701 152 1,193 743 1,197 3,687 1,669 12,540 14,312 1,360 18 104,345 103,251 65,961 29,912 937 383 ,776 154 1,188 734 1,094 3,722 1,679 12,562 14,274 1,360 104,202 102,841 65,884 29,901 919 313 ,774 158 1,187 750 1.361 3,708 1,678 12,578 14,279 1,361 25 New York City 1959 25,555 25,104 16,824 9,883 197 1,201 419 430 451 1,396 304 805 2,542 396 Sept. 2 25,718 25,049 16,757 9,910 189 1,142 417 439 669 1,342 305 833 2,535 396 9 26,049 25,407 17,028 10,035 171 1,132 409 438 642 1,505 303 848 2,540 395 16 25,388 24,956 16,917 10,086 183 1,115 405 435 432 1,347 293 857 2,551 395 23 25,248 24,999 17,105 10,171 186 1,138 386 464 249 1,394 302 852 2,565 395 30 Oct. 7 25,329 24,829 17,146 10,192 170 1,249 389 460 500 1,316 308 870 2,547 395 14 25,237 24,632 17,161 10,290 187 1,140 385 459 605 1,275 312 890 2,578 395 21 25,106 24,930 17,291 10,182 371 1,211 388 461 176 1,268 310 893 2,564 394 28 25,110 24,808 17,207 10,183 330 1,197 387 455 302 1,238 317 896 2,563 394 Nov. 4 25,493 25,134 17,516 10,290 367 1,197 386 472 359 1,359 325 879 2,597 394 U 25,010 24,528 17,285 10,272 222 1,195 385 472 482 1,295 325 892 2,584 394 18 24,961 24,600 17,482 10,346 276 1,273 383 462 361 1,317 332 902 2,545 394 25,087 24,405 17,421 10,354 209 1,267 380 479 682 1,280 335 915 2,558 394 Outside New York City 1959 Sept. 2 79,307 78,653 47,800 19,109 912 142 485 123 854 2091 654 2,638 1,239 11,540 11,514 965 9 79,292 78.505 47,726 19,097 917 145 462 118 834 212 787 2,578 1,251 11,552 11,525 965 16 79,545 78,742 48,071 19,313 923 162 477 120 831 209 803 2,575 1,266 11,590 11,570 965 23 79,214 78,443 47,992 19,290 928 113 471 123 817 209 771 2,556 1,279 11,608 11,562 964 30 79,063 78,584 48,249 19,310 943 215 522 121 807 213 479 2,553 1,301 11,604 11,625 965 Oct. 7 78,870 78,209 48,073 19,319 935 141 491 121 806 217 661 2,504 ,283 11,592 11,629 965 14 78,845 78,170 48,108 19,416 940 97 487 120 795 212 675 2,468 ,297 11,604 11,638 966 21 79,546 78,998 48,143 19,368 927 141 501 137 802 225 548 2,437 ,314 11,620 11,637 966 28 79,223 78,580 48,037 19,333 935 103 485 124 804 218 643 2,382 ,334 11,631 11,652 964 Nov. 4 79,737 78,745 48,374 19,397 935 206 505 124 809 245 992 2,423 ,346 11,627 11,724 967 11 79,333 78,618 48,418 19,455 940 175 506 117 808 271 715 2,392 .344 11,648 11,728 966 18 79,384 78,651 48,479 19,566 934 107 503 11 805 272 733 2,405 ,347 11,660 11,729 966 25 79,115 78,436 48,463 19,547 916 104 507 123 807 271 679 2,428 ,343 11,663 11,721 967 1 Exclusive of loans to domestic commerical banks and deduction of NOTE.—For description of changes in the series, beginning July 1, 1959, valuation reserves; individual loan items are shown gross. see BULLETIN for August 1959, p. 885. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS 1505 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— Wednesday Total Bills e o d c C d t f a e i n e f t b i i e e r n - t - s s - - s W i i N n th o - t m es 5 a t a 1 y u n e r d t a i o n rs b g o : 5 n A d y f s e te a r rs O s ri e t t c h ie u e s - r Total d b a o w B a n t m n i i a c c t l e k e h - s s s - b a w e B f a n o i n a i c g r t l e k n - h - s s C va i a n u s l h t B s F w e R a . r i n v e R t k h - e . s s a o s A t s h e l e l t r s a c l c i t a c a a t o p i b n o e t i d i a u s t l a l n i- l ts 1 year Total— Leading Cities 1959 Sept. 2.. 29,057 ,2971 ,093 703 17,344 6,620 10,076 17,047 2,721 81 1,123 13,122 3,046 134,705 9... 28,947 2,239! ,097 686 17,309 6,616 10,124 16,954 2,844 84 1,203 12,823 3,064 134,955 16 28,894 2,312 ,087 637 17,229 6,629 10,156 17,652 3,080 108 1,195 13,269 3,025 138,218 23 28,361 2,042 ,040 586 17,074 6,619 10,129 17,275 2,761 94 1,229 13,191 3,035 134,936 30... 28,121 1,990 ,033 568 16,916 6,614 10,108 17,181 2,943 92 1,155 12,991 3,143 135,803 Oct. 7... 27,668 1,652 ,072 575 16,764 6,605 10,151 16,988 2,651 85 1,134 13,118 3,138 134,219 14 27,446 1,478 ,075 537 16,726 6,630 10,087 17,322 3,011 90 1,253 12,968 3,165 136,853 21 28,486 2,309 ,084 492 16,950 6,651 10,008 17,675 2,791 95 1,206 13,583 3,077 136,244 28 28,194 2,096 ,116 481 16,870 6,631 9,950 17,582 2,661 105 1,250 13,566 3,108 135,341 Nov. 4.. . 28,056 1,894 ,253 535 16,782 6,592 9,933 17,376 2,825 1,147 13,318 3,126 137,500 11 27,693 1,612 ,276 504 16,696 6,605 9,750 17,113 2,882 94 1,228 12,909 3,152 134,846 18 27,542 1,582 1,140 720 16,498 6,602 9,748 17,579 2,877 102 1,214 13,386 3,078 136,399 25 27.232 1,482 1,109 670 16,352 6,619 9,725 17,192 2,672 96 1,202 13,222 3,163 135,908 New York City 1959 Sept. 2... 5,892 791 119 318 3,315 1,349 2,388 3,796 143 1,161 33,555 9.. 5,845 770 119 312 3,301 1,343 2,447 3,732 156 1,174 33,747 16 5,931 880 127 286 3,297 1,341 2,448 3,570 147 1,162 34,259 23 5,631 746 111 249 3,184 1,341 2,408 4,009 149 1,170 33,639 30.. 5,507 680 121 233 3,133 1,340 2,387 3,860 142 1,207 34,151 Oct. 7 5,286 529 128 180 3,114 1,335 2,397 3,757 153 3,507 1,229 33,403 14 5,120 405 125 161 3,089 1,340 2,351 3,624 167 3,353 1,238 34,003 21 620 114 121 3;i52 1,341 2,291 4,252 151 3,987 1,147 34,035 28 620 113 127 3,130 ,339 2,272 4,255 161 3,971 1,152 34,083 Nov. 4... 5,386 571 229 173 3,080 1,333 2,232 3,944 163 3,648 1,132 35,056 11 5,156 395 247 156 3,032 1,326 2,087 3,690 167 3,424 1,149 32,995 18.... 5,026 389 221 139 2.953 ,324 2,092 3,881 154 3,594 1,133 33,517 25 4.900 386 219 126 2.833 ,336 2,084 3,799 165 3,528 1,198 34.128 Outside New York City 1959 Sept. 2 23,165 ,506 974 ,385 14,029 5,271 7,688 13,251 2,671 41 980 9,559 1,885 101,150 9 23,102 ,469 978 ,374 14,008 5,273 7,677 13,222 2,779 43 1,047 9,353 1,890 101,208 16 22,963 ,432 960 ,351 13,932 5,288 7,708 14,082 3,017 46 1,048 9,971 1,863 103,959 23 22,730 ,296 929 ,337 13,890 5,278 7,721 13,266 2,689 43 1,080 9,454 1,865 101,297 30 22,614 ,310 912 ,335 13,783 5,274 7,721 13,321 2,861 46 1,013 9,401 1,936 101,652 Oct. 7 22,382 ,123 944 ,395 13,650 5,270 7,754 13,231 2,594 45 981 9,611 1,909 100,816 14 22,326 ,073 950 ,376 13,637 5,290 7,736 13,698 2,955 42 1,086 9,615 1,927 102,850 21 23,138 ,689 970 ,371 13,798 5,310 7,717 13,423 2,729 43 1,055 9,596 1,930 102,209 28 22,865 ,476 1,003 ,354 13,740 5,292 7,678 13,327 2,596 47 1,089 9,595 1,956 101,258 Nov. 4 22,670 ,323 1,024 ,362 13,702 5,259 7,701 13,432 2,732 46 984 9,670 1,994 102,444 11 22.537 ,217 1,029 ,348 13,664 5,279 7,663 13,423 2,833 44 1,061 9,485 2,003 101,851 18 ,193 919 ,581 13,545 5,278 7,656 13,698 2,800 46 1,060 9,792 1,945 102,882 25 ,096 890 ,544 13.519 5.283 7,641 13,393 2.611 51 l,037| 9,694 1,965 101,780 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1506 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Deposits Borrowings Demand Time Wednesday d ju m e D p s a a t o d e e n s - - d d i t i s Dom In e t s e - rban F k or- G U o . v S t . . S p s d s a i t i o u c i a o n v l a b t n d i i e l t - - s - s c C c h o a f e e e i f e t n e f r r c c d i t s d . - k i ' - s, p v r c s a i a I o d h a r n t r t i n u i d n o p p d a i n e o s - l , r s s - - , I b n a t n e k r- p U G s i o a n . a o n s g v v t d S s a - t. l . S p s d s a i i t o u c i o a n v l a b t n d i i e l t - s - - s p v r c s a a i I o d a h r t n r i t n u i d o n p p d a i n e o s l - r , s s - B F F a r . o n R m k . s o F t r h o e m rs O li i a t t i b h e i e s l r - ! I ! C co a a u p c n - it t a s l Total— Leading Cities 1959 Sept. 2 60,216 10,842 1,506 3,672 4,606 2,346 63,014 1,616 173 1,569 28,965 434 ],663 3,129 11,170 9 60,634 11,324 1,463 2,560 4,456 2,254 63,851 1,615 174 1,553 29,006 298 2; 080 3,157 11,164 16 61,143 11,841 1,454 3,141 4,365 2,315 66,410 1,594 175 1,520 28,988 313 ,884 3,089 11,129 23 60,242 10,527 1,427 3,819 4,450 2,238 63,578 1,578 172 1,516 29,040 606 ,733 3,123 11,129 30 60,180 10,998 1,450 4,279 4,631 2,533 64,184 1,567 169 1,508 29,063 173 936 3,112 11,200 Oct. 7 60,061 11,256 1,409 2,793 4,364 2,247 63,344 1,547 149 1,475 29,006 466 ,752 3,200 j 11,211 14 60,837 11,839 1,422 1,719 4,217 2,433 66,471 1,520 148 1,467 28,980 111 ,897 3,274 11,189 21 60,815 10,906 1,437 3,885 4,220 2,485 64,950 1,519 145 1,436 28,991 715 ,196 3,178 11,181 28 61,239 10,462 1,370 3,477 4,346 2,471 64,740 1,498 144 1,425 28,963 699 ,344 3,190 I 11,212 Nov. 4 60,615 11,672 1,356 3,422 4,834 2,989 64,560 1,483 144 1,398 28,947 487 ,768 3,177 I 11,263 11 60,837 11,442 1,378 2,545 4,502 2,472 64,101 1,475 144 1,373 28,782 352 ,723 3,282 j 11,275 18 60,790 11,401 1,346 3,019 4,667 2,585 64,935 1,425 142 1.300 28,666 583 ,749 3,318 J 11,263 61,260 10,520 1,327 2,754 4,755 2,869 64,987 1,396 144 i;313 28,690 428 >,002 3,475 i 11,248 25 New York City 1959 15,191 2,895 ,176 1,065 312 1,175 16,747 ,260 26 140 3,337 10 716 1,384 3,312 Sept. 2 15,404 2,978 ,129 692 293 1,153 17,081 ,261 26 139 3,357 15 941 1,372 3,310 9 15,591 3,082 ,147 734 289 997 17,783 ,244 26 124 3,361 104 698 1,369 3,301 16 15,213 2,778 ,117 1,028 334 ,067 16,884 ,230 26 124 3,394 186 792 1,380 3,299 23 15,065 3,167 ,148 1,218 342 ,328 17,231 ,221 26 125 3,411 9 235 1,369 3,321 30 Oct. 7 15,178 2,924 ,109 791 302 ,063 16,901 ,204 26 125 3,363 65 803 1,409 3,318 14 15,172 3,149 ,114 454 323 ,189 17,564 ,181 26 122 3,328 1 799 1,433 3,320 21 15,269 2,864 ,126 1,248 329 ,320 17,150 ,179 25 117 3,320 140 539 1,358 3,320 28 15,497 2,806 ,041 1,104 387 ,386 17,290 ,170 24 120 3,302 120 651 1,363 3,319 Nov. 4 15,058 3,159 ,031 1,057 465 ,822 17,258 ,155 25 111 3,287 107 927 1,312 3,340 11 15,156 2,862 ,055 731 314 ,157 16,831 ,151 24 104 3,239 29 787 1,370 3,341 18 15,053 3,038 ,033 773 298 ,248 17,049 ,099 24 76 3,245 68 859 1,371 3,336 25 15,275 2,864 ,028 698 304 ,651 17,364 ,065 24 76 3,276 6 970 1,486 3,316 Outside New York City 1959 Sept. 2 45,025 7,947 330 2,607 4,294 1,171 46,267 356 147 ,429 25,628 424 947 ,745 7,858 9 45,230 8,346 334 1,868 4,163 1,101 46,770 354 148 ,414 25,649 283 1,139 ,785 7,854 16 45,552 8,759 307 2,407 4,076 1,318 48,627 350 149 ,396 25,627 209 1,186 ,720 7,828 23 45,029 7,749 310 2,791 4,116 ',171 46,694 348 146 ,392 25,646 420 941 ,743 7,830 30 45,115 7,831 302 3,061 4,289 ,205 46,953 346 143 ,383 25,652 164 701 ,743 7,879 Oct. 7 44,883 8,332 300 2,002 4,062 ,184 46,443 343 123 ,350 25,643 401 949 ,791 7,893 14 45,665 8,690 308 1,265 3,894 ,244 48,907 339 122 ,345 25,652 276 1,098 ,841 7,869 21 45,546 8,042 311 2,637 3,891 ,165 47,800 340 120 ,319 25,671 575 657 ,820 7,861 28 45,742 7,656 329 2,373 3,959 ,085 47,450 328 120 ,305 25,661 579 693 ,827 7,893 Nov. 4 45,557 8,513 325 2,365 4,369 ,167 47,302 328 119 ,287 25,660 380 841 ,865 7,923 11 45,681 8,580 323 1,814 4,188 ,315 47,270 324 120 ,269 25,543 323 936 ,912 7,934 18 45,737 8,363 313 2,246 4,369 ,337 47,886 326 118 ,224 25,421 515 890 ,947 7,927 25 45,985 7,656 299 2,056 4,451 ,218 47,623 331 120 1,237 25,414 422 1,032 ,989 7,932 c Corrected. NOTE.—For description of changes in the series, beginning July 1, 1959, 1 Demand deposits other than interbank and U. S. Govt., less cash see BULLETIN for August 1959, p. 885. items reported as in process of collection. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS LOANS OF BANKS 1507 CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY 1 [Net decline, (—). In millions of dollars] Manufacturing and mining Comm'l and 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 d a s d a 3 l - l s ch P l e c e a e m o u n t a r m d i o l c , , - al, Other ( r T w e s a r h t a n a a o l d d i e l l e e ) - m d C e o o a d l m e it r - y s u P p t ( t t r o u i i i a l n o b r i n c t t n l i s a l i ) e . - c - s s C t t i r o o u n n c - - bu o ty s A t o i p h n l f e e l e s r ss c c h l N f a a i n e s e d g s t i e - s ch r w e a i e i n p n a n e d o l g g k l ' r e l l t — y rubber banks 1957—July-Dec 331 -159 -496 150 -161 -8 420 183 -49 58 269 -188 1958—Jan.-June*... -658 84 146 -140 157 -158 -283 -177 56 69 -905 -1,085 July-Dec.-*... 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—Sept 276 -6 -157 101 -26 40 103 268 -9 23 613 503 Oct 82 -107 -153 -12 -25 203 163 — 31 — 52 68 35 Nov 63 -71 53 61 -33 173 181 15 -16 40 464 385 Week ending: 1959—Sept. 2... 19 19 -61 17 _j < 7 13 -4 2 5 14 9 17 -23 11 8 8 21 11 6 -5 54 15 16 114 23 -30 34 29 39 14 103 -2 38 362 341 23 14 -29 -13 16 -9 — 5 34 52 -2 6 65 28 30 111 -18 -30 23 -53 4 28 89 -7 -18 128 105 Oct. 7 -16 -14 -20 5 -8 38 45 -22 11 21 30 14..... 74 -13 -28 12 5 65 47 13 11 -11 175 195 21..... o -43 -70 -17 -14 66 28 -45 -7 -27 -136 -156 28 32 -38 -36 -13 n 34 43 23 -4 -25 8 -34 Nov. 4 17 -16 12 -4 -12 79 65 48 -9 11 192 171 -15 -7 12 11 42 53 -35 -4 11 68 40 74 -17 18 31 '"-5" 42 34 -6 11 17 199 185 -14 -32 10 23 -16 10 30 7 -14 1 5 -11 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. BANK RATES ON SHORT-TERM BUSINESS LOANS 1 [Per cent per annum] Size of loan Size of loan Area (thousands of dollars) Area (thousands of dollars) All All period loans 1- 10- 100- 200 period loans 10- 100- 200 10 100 200 and over 10 100 200 and over Annual averages, Quarterly (cont.): 2 19 large cities: New York City: 1958—Sept 4.00 5.19 4.74 4.28 3.87 1950 2.7 4.5 3.6 3.0 2.4 Dec 4.29 5.38 4.94 4.52 4.18 1951 3.1 4.7 4.0 3.4 2.9 1959—Mar 4.29 5.30 4.93 4.56 4 18 1952 3.5 4.9 4.2 3.7 3.3 June 4.71 5.55 5.24 4.97 4.61 1953 3.7 5.0 4.4 3.9 3.5 Sept 5.15 5.79 5.60 5.36 5.07 1954 . . . 3 6 5.0 4.3 3 9 3.4 7 Northern and Eastern 1955 3.7 5.0 4.4 4.0 3.5 cities: 1956 4.2 5.2 4.8 4.4 4.0 1958—Sept 4.21 5.48 4.90 4.42 4.03 1957 4 6 5 5 5 1 4 8 4.5 Dec.. . 4 50 5 53 5 05 4 66 4 36 1958 4.3 5.5 5.0 4.6 4.1 1959—Mar 4.49 5.54 5.06 4.71 4.35 June. .. 4.90 5.67 5.33 5.06 4.78 Quarterly:2 Sept 5.27 5.88 5.69 5.42 5.17 19 large cities: 11 Southern and 1958 Sept 4.21 5.45 4.90 4.47 4.00 Western cities: Dec 4.50 5.49 5.06 4.68 4.33 1958—Sept 4.54 5.55 4.99 4.63 4.23 1959 Mar . . 4 51 5.53 5.09 4.74 4.32 Dec 4.79 5.53 5.12 4 79 4.59 June 4.87 5.68 5.33 5.06 4.72 1959—Mar 4.84 5.62 5.20 4.87 4.60 Sept 5.27 5.91 5.65 5.43 5.15 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, 2%; Dec. 19, 3; 1953— 2 Based on figures for first 15 days of month. Apr. 27, 3%; 1954—Mar. 17, 3; 1955—Aug. 4, 3»4; Oct. 14, 3%; 1956— NOTE.—Bank prime rate was 2 per cent Jan. 1-Sept. 21,1950. Changes Apr. 13, 3%; Aug. 21, 4; 1957—Aug. 6, 4Vi; 1958—Jan. 22, 4; Apr. 21, thereafter occurred on the following dates (new levels shown, in per cent): 3%; Sept. 11, 4; and 1959—May 18, 4%; Sept. 1, 5. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1508 INTEREST RATES MONEY MARKET RATES [Per cent per annum] U. S. Government Securities (taxable^4 Finance Year, month, or week m P c e r o i r m m ci - e al co p p m l a a p p c e e a r d ny b a a P c n r c i k e m e p e r t- s' 3-month bills 6-month bills 9- to 12-month issues paper, directly, ances, 3- to 5m 4- o t n o t h 6 s - l m 3- o n to t h 6 s - 2 90 days 3 on i R s s a n u t e e e w M y a ie r l k d et on i R s s a n u t e e e w M y a ie r l k d et (m y B i a e i r l l l d k s ) et Others is y s e u a e r s6 1956 averasc 3.31 3.06 2.64 2.658 2.62 2.83 3.12 3.81 3.55 3.45 3.267 3.23 3.53 3.62 1958 aver ESC 2.46 2.12 2.04 1.839 1.78 2.09 2.90 1958 Nov 3.08 2 75 2 75 2 756 2 67 2 92 3 60 Dec 3.33 2.94 2.75 2 814 2.77 3.24 3 65 1959 Jan 3.30 3.05 2.75 2.837 2.82 3.097 3.09 3.26 3.86 Feb 3.26 3.00 2.75 2.712 2.70 3.166 3.12 3.38 3.85 Mar 3.35 3.22 1 RR 2.852 2.80 3.159 3.13 3 56 3 88 Apr 3.42 3.36 2.98 2.960 2.95 3.277 3.27 3.66 4.03 May 3.56 3.44 3 17 2 851 2.84 3 368 3.32 3 92 4 16 June 3.83 3.66 3.31 3.247 3.21 3.531 3.52 3.97 4.33 JUly 3.98 3.81 3.45 3.243 3.20 3.885 3.82 4.30 4.40 3.97 3.87 3.56 3.358 3.38 3.840 3.87 * * * 4.3 i 4.32 4.45 Sept 4.63 4.52 4.07 3.998 4.04 4.626 4.70 4.83 4.80 4.78 Oct 4.73 4.70 4 25 4 117 4.05 4.646 4.53 4.69 4 65 4 69 Nov 4.67 4.38 4.25 4.209 4.15 4.585 I 4.54 4.54 4.70 4.74 Weekending: Oct 31 4 68 4.43 4 25 4 022 4 00 4 499 4.37 4 ^4 4 47 4 65 Nov. 7 4.63 4.38 4.25 4.137 4.03 4.437 4.42 4.42 4.62 4.70 14 4.63 4.38 4.25 4.089 4.04 4.534 4.50 4.43 4.62 4.71 21 4.65 4.38 4.25 4.332 4.20 4.744 4.57 4.55 4.73 4.75 28 4.75 4.38 4.25 4.279 4.24 4.625 4.62 4.66 4.80 4.78 * Average of daily offering rates of dealers. 4 Except for new bill issues, yields are averages computed from daily 2 Average of daily rates, published by finance companies, for varying closing bid prices. maturities in the 90-179 day range. 5 Consists of certificates of indebtedness and selected note and bond 3 Average of daily prevailing rates. issues. 6 Consists of selected note and bond issues. BOND AND STOCK YIELDS i [Per cent per annum] Government bonds Corporate bonds ~ Stocks5 State By selected By Dividend ' Earnings/ Year, month, or week United and local3 ratings groups price ratio price ratio States (long- Total-• term)2 Total 4 Aaa Baa Aaa Baa In tr d i u al s- R ro a a i d l- P u u ti 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 - 4-7 20 5 5 120 30 30 40 40 40 14 500 500 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 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 4.09 3.80 3.37 4.28 4.69 4.46 5.04 4.55 4.76 4.77 4.79 3 23 5.70 July 4.11 3.92 3.51 4.43 4.72 4.47 5.08 4.58 4.79 4.79 4.75 3.11 Aug 4.10 3.84 3.44 4.36 4.71 4.43 5.09 4.56 4.80 4.77 4 70 3 14 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 Oct 4 11 3.90 3.57 4.38 4.87 4.57 5.28 4 70 4 96 4.95 4 81 3 26 Nov 4.12 3.81 3.44 4.30 4.85 4.56 5.26 4 69 4.99 4 86 4 81 3 24 Week ending: Oct 31 4 09 3.83 3.49 4 31 4 85 4 56 5 26 4 70 4 95 4 91 4 79 3 23 Nov 7. . 4 09 3.83 3.48 4 31 4 86 4.57 5.27 4 69 4 98 4 89 4 82 3 24 14 4.10 3.83 3.47 4.31 4.85 4.57 5.27 4.69 4.98 4.88 4 79 3 23 21 4.13 3.78 3.41 4.28 4.86 4.57 5.27 4.70 5.01 4.86 4.83 3.26 28 4.15 3.78 3.38 4.29 4.84 4.55 5.26 4.69 5.00 4.83 4.80 3.23 1 Monthly and weekly yields are averages of daily figures for U. S. * Includes bonds rated Aa and A, data for which are not shown sepa- Govt. and corporate bonds. Yields of State and local govt. bonds are rately. Because of a limited number of suitable issues, the number of based on Thursday figures; dividend/price ratios for preferred and corporate bonds in some groups has varied somewhat. common stocks, on Wednesday figures. Earnings /price ratios for common 5 Standard and Poor's Corporation. Preferred stock ratio is based on stocks are as of end of period. 8 median yields in a sample of noncallable issues—12 industrial and 2 2 Series is based on bonds maturing or callable in 10 years or more. public utility. For common stocks, the ratios beginning with July 1957 3 Moody's Investors Service. State and local govt. bonds include gen- are based on the 500 stocks in the price index; prior to mid-1957, on the eral obligations only. 90 stocks formerly included in the daily price index. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS 1509 SECURITY PRICES i Bond prices Common stock prices Vol- Standard and Poor's series Securities and Exchange Commission series ume (index, 1941-43= 10) (index, 1939= 100) of trad- Ye o a r r , w m e o ek nth, t ( G e U l r o o m . n S v g ) t . . - 2 g n ( r M i h c a i i d g u p e h - a ) - l 3 g ( C r h r p a a i o o d g t r e - e h - ) - 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 r g a 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 a c 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 g r 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—Nov.. 90.13 102.3 98.9 52.50 56.11 33.07 40.75 388 487 448 514 327 190 362 341 4,131 Dec. 88.90 102.3 98.7 53.49 57.09 33.70 42.05 393 490 451 516 330 199 375 339 3,615 1959—Jan 87.54 101.8 98.1 55.82 59.30 35.53 43.96 410 508 474 529 350 213 394 348 3,964 Feb 87.38 102.2 98.0 54.77 58.33 35.20 43.71 404 496 466 514 350 215 400 345 3,463 Mar 87.37 103.4 98.2 56.15 59.79 35.47 45.06 414 508 475 530 353 221 405 348 3,926 Apr 86.21 102.2 97.0 57.10 60.92 35.94 45.12 419 514 481 536 360 226 405 340 3,449 May 85.31 100.4 95.0 57.96 62.09 36.07 44.30 425 527 495 547 358 221 409 334 3,379 June 85.16 99.4 94.0 57.46 61.75 36.02 42.58 419 521 496 534 357 213 418 326 2,925 July 85.00 99.4 93.8 59.74 64.23 36.86 44.21 434 543 522 551 364 218 429 321 3,222 Aug 85.11 100.6 94.3 59.40 63.74 35.56 45.15 434 542 516 556 349 219 425 324 2,431 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 Oct 84.95 100.2 92.8 57.00 61.04 34.32 44.11 416 517 498 524 339 213 428 292 2,788 Nov 84.82 100.9 92.9 57.23 61.46 32.80 43.71 417 519 496 530 322 211 434 285 3,398 Week ending: Oct. 31 85.21 101.0 92.5 57.35 61.48 34.00 44. 419 522 500 532 333 213 429 296 3,821 Nov. 7 85.21 101.0 92.7 57.40 61.62 33.32 43.82 420 524 500 536 331 213 433 288 3,471 14 85.15 100.7 92.8 57.30 61.50 33.06 43. 413 514 489 528 319 211 432 284 3,239 21 84.67 101.0 92.9 56.70 60.87 32.40 43.46 414 516 493 526 320 210 435 284 3,427 28 '...'. 84.48 101.0 93.0 57.39 61.69 32.41 43.68 418 522 504 529 319 211 436 286 3,417 1 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 5V£-hour trading day. STOCK MARKET CREDIT (In millions of dollars] Customer credit Broker and dealer credit2 End of month* 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 2 n c E e x s c w ha it n h ge ch b a B ro s a i k n n e g k r s a l o n a a d n n d c s a d t r o e ry a o l i e n t r h g s e ) s r s e f o c ( r u t h r p i a t u n ie r- s3 Money borrowed Cust n o e m t ers' U. S. Govt. free o ( b c c l o i o g l l . a . 3 t 5 i o + ) ns U S ob e . c l S i u g . r a e G t d i o o b v n y s t. S s e e c o c u u t r h r e i e d t r i e b s y U ob . l S ig . a G ti o o v n t s . se O cu th ri e ti r es U ob . l S ig O . a G n ti o o v n t s . se o c O u th r n i e t r ies ba c l r a e n d c it es 1955—Dec 4,030 34 2,791 32 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 Oct . . . 4,409 123 3,188 59 1,221 193 1,832 1,140 Nov 4,464 124 3,245 50 [,219 210 1,923 1 148 Dec 4,537 146 3,285 63 [,252 234 2,071 1,159 1959—Jan 4,597 155 3,297 62 1,300 230 1,990 1 226 Feb . . 4,569 157 3,253 65 1,316 223 1,963 1,196 Mar 4,636 153 3,305 55 [,331 218 1,977 1 257 Apr 4,764 166 3,401 55 ,363 252 2,156 1,205 M!ay. . .. 4,758 163 3,385 58 1,373 252 2,159 1,188 4,734 158 3,388 58 1,346 237 2,246 1 094 July 4,648 153 3,374 164 ,274 228 2,205 1,079 Aug 4,528 154 3,269 166 ,259 217 2 199 1 035 Sept 4,443 156 3,250 162 1,193 231 2,149 1,039 Oct . . 4,401 168 3,210 158 1,191 227 2,178 967 1 Data for cols. 4-7 are for last Wednesday of month. 3 Figures are for weekly reporting member banks. Prior to July 1959, 2 Ledger balances of member firms of the New York Stock Exchange loans for purchasing or carrying U. S. Government securities were recarrying margin accounts, as reported to the Exchange. Customers' debit ported separately only by New York and Chicago banks. Accordingly, and free credit balances exclude balances maintained with the reporting for that period col. 5 includes any loans for purchasing or carrying such firm by other member firms of national securities exchanges and balances securities at other reporting banks. Composition of series also changed of the reporting firm and of general partners of the reporting firm. Bal- beginning with July 1959; revised data for the new reporting series (but ances are net for each customer—i.e., all accounts of one customer are not for the breakdown of loans by purpose) are available back through consolidated. Money borrowed includes borrowings from banks and July 1958 and have been incorporated. from other lenders except member firms of national securities exchanges. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1510 OPEN MARKET PAPER; SAVINGS INSTITUTIONS COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances Commercial and finance company paper Held by: Based on: End of year Accepting banks F. R. Goods stored in or or month Placed Tr»to1 Banks Im- Ex- shipped between Placed direct- ports ports Dollar points in: Total through ly Others into from exdealers i ( p f a in p a e n r c ) e 2 T ta o l - O bi w ll n s bo B u il g ls ht Own F ei o g r n - U S n ta i t t e e s d U S n ta i t t e e s d change United Foreign acct. corr. States countries 1953 1,966 564 1,402 574 172 117 55 24 378 274 154 29 75 43 1954 1 924 733 1 191 873 289 203 86 19 565 285 182 17 300 89 1955 2,020 510 1,510 642 175 126 49 28 33 405 252 210 17 63 100 1956 2,166 506 1,660 967 227 155 72 69 50 621 261 329 2 227 148 1957 2,666 551 2,115 1,307 287 194 94 66 76 878 278 456 46 296 232 1958 Oct 3,294 961 2,333 1 2SS 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 2,764 038 242 193 49 28 79 689 286 350 103 43 256 June......... 3,401 729 2,672 983 213 175 38 26 76 668 256 327 111 33 256 July... 3,552 759 2,793 957 198 160 38 25 74 661 259 334 85 26 253 Aug 3,646 795 2,851 946 169 127 42 21 72 685 287 322 56 29 251 Sent 3,334 763 2,571 954 205 158 47 20 67 662 316 301 45 46 246 Oct . 3,784 755 3,029 945 182 145 36 28 62 673 304 290 36 81 234 1 As reported by dealers; includes finance company paper as well as 3 Beginning with November 1958, series revised to include all paper other commercial paper sold in the open market. with maturity of 270 days and over. Figures on old basis for November 2 As reported by finance companies that place their paper directly with and December, respectively, were (in million of dollars): Total, 3,192 and investors. 2,731; placed directly 2,252 and 1,891. MUTUAL SAVINGS BANKS [Data from National Association of Mutual Savings Banks unless otherwise noted. Amounts in millions of dollars] Loans Securities Total assets— Total Mortga E o n r d m of o n y t e h ar Mort- Other U.S. S a t n a d te C r o a r t p e o- a C s a se sh ts O as t s h e e ts r lia a ti b n e i d s li- Deposits l O ia t t i b h e i s e li r - S c u o a r u c p n - l t u s s commitments* gage Govt. g lo o c v a t l . ot a h n e d r1 s a u c r c p t l s u . s Number Amount 1941 4,787 89 3,592 I,' 86 829 689 11,772 10,503 38 1,231 n.a. n.a. 1945 4,202 62 10,650 1,257 606 185 16,962 15,332 48 1,582 n.a. n.a. 1951 9,747 129 9,827 140 2.490 883 288 23,504 20,900 154 2,450 n.a. n.a. 1952 11,231 144 9,443 336 2,925 917 304 25,300 22,610 163 2,527 n.a. n.a. 1953 12,792 165 9,191 428 3,311 982 330 27,199 24,388 203 2,608 n.a. n.a. 1954 14,845 188 8,755 608 3,548 1,026 380 29,350 26,351 261 2,738 n.a. n.a. 1955 17,279 211 8,464 646 3,366 966 414 31,346 28,182 310 2,854 n.a. n.a. 1956 19,559 248 7,982 675 3,549 920 448 33,381 30,026 369 2,986 n.a. n.a. 1957 20 971 253 7,583 685 4,344 889 490 35,215 31,683 427 3,105 n.a. n.a. 1958 23,038 320 7,270 729 4,971 921 535 37,784 34,031 526 3,227 89,912 1,664 1958—July 22,151 243 7,430 734 4,915 858 537 36,868 33,070 599 3,199 91,968 1,607 AUK 22,349 267 7,449 736 4,923 853 542 37,119 33.213 675 3,231 93,673 1,650 Sept 22,530 287 7,422 738 4,957 871 551 37,356 33,480 625 3,251 92,871 1,678 Oct 22 725 258 7,330 735 4 951 863 534 37 396 33,575 581 3 240 90,656 1 662 Nov 22 876 280 7,298 734 4,951 825 555 37,519 33,617 634 3,268 94,736 1,684 Dec 23,038 320 7,270 729 4,971 921 535 37,784 34,031 526 3,227 89,912 1,664 1959 Jan. 3 23,107 212 7,324 728 4,931 803 533 37,639 33,861 570 3,208 89,819 1,628 Feb 23 232 239 7,364 724 4 937 821 538 37,855 33 974 641 3,240 85,696 1 596 Mar 23,407 256 7,426 763 4,908 866 559 38,185 34,287 629 3,269 82,783 1,564 Apr 23,562 242 7,382 729 4,967 752 541 38,175 34,293 630 3,252 86,488 1,620 May 23 723 278 7,395 739 4 947 760 550 38 392 34 413 699 3 280 85 913 1 581 June 23,879 318 7,301 747 4,965 803 547 38,560 34,624 643 3,293 91,397 1,572 July 24,058 304 7,288 751 4,918 724 549 38,592 34,570 710 3,312 86,894 1,503 Aug 24 214 339 7,276 750 4 931 727 547 38 784 34 650 798 3 336 79 862 1 460 Sept . . 24,374 356 7,244 758 4,929 725 561 38,947 34,847 730 3,370 77,316 1,439 n.a. Not available. 3 Data reflect consolidation of a large mutual savings bank with a com- 1 Includes securities of foreign governments and international organiza- mercial bank. tions and obligations of Federal agencies not guaranteed by the U. S. NOTE.—These data differ somewhat from those shown elsewhere in Government, as well as corporate securities. the BULLETIN; the latter are for call dates and are based on reports filed 2 Not a balance-sheet item. Data represent commitments outstanding with Federal and State bank supervisory agencies. Loans are shown of banks in New York State as reported to the Savings Banks Association net of valuation reserves. of the State of New York. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SAVINGS INSTITUTIONS 1511 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Total Mort- Real Policy Other Date assets Total U S n ta i t t e e s d » ( t l U a o te c .S a a . l ) nd Foreign2 Total Bonds Stocks gages estate loans assets End of year: 3 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1952 73,375 12,905 10,252 1,153 1,500 31,515 29,069 2,446 21,251 1,903 2,713 3,088 1953 78,533 12,537 9,829 1,298 1,410 34,438 31,865 2,573 23,322 2,020 2,914 3,302 1954 84,486 12,262 9,070 1,846 1,346 37,300 34,032 3,268 25,976 2,298 3,127 3,523 1955 90,432 11,829 8,576 2,038 1,215 39,545 35,912 3,633 29,445 2,581 3,290 3,743 1956 96,011 11,067 7,555 2,273 1,239 41,543 38,040 3,503 32,989 2,817 3,519 4,076 1957 101,309 10,690 7,029 2,376 1,285 44,057 40,666 3,391 35,236 3,119 3,869 4,338 1958 107,580 11,234 7,183 2,681 1,370 47,108 42,999 4,109 37,062 3,364 4,188 4,624 End of months 1956—Dec... 95,844 10,989 7,519 2,234 1,236 40,976 38,067 2,909 32,994 2,829 3,505 4,551 1957—Dec... 101,309 10,691 7,028 2,377 1,286 43,750 40,737 3,013 35,271 3,120 3,872 4,605 1958—Sept... 105,493 11,268 7,307 2,616 1,345 45,561 42,370 3,191 36,462 3,368 4,138 4,696 Oct.. . 106,053 11,299 7,319 2,641 1,339 45,876 42,689 3,187 36,648 3,388 4,162 4,680 Nov... 106,540 11,355 7,344 2,672 1,339 46,015 42,817 3,198 36,794 3,415 4,183 4,778 Dec... 107,419 11,250 7,205 2,685 1,360 46,411 43,052 3,359 37,097 3,349 4,204 5,108 1959—Jan.. . 108,145 11,620 7,485 2,744 1,391 46,602 43,237 3,365 37,211 3,393 4,225 5,094 Feb.. . 108,583 11,596 7,414 2,774 1,408 46,829 43,442 3,387 37,350 3,414 4,253 5,141 Mar... 108,945 11,479 7,229 2,840 1,410 47,093 43,672 3,421 37,486 3,450 4,284 5,153 Apr... 109,430 11,568 7,251 2,889 1,428 47,343 43,904 3,439 37,602 3,469 4,317 5,131 May.. 109,928 11,644 7,235 2,968 1,441 47,545 44,086 3,459 37,737 3,493 4,346 5,163 June.. 110,424 11,679 7,246 2,991 1,442 47,800 44,314 3,486 37,894 3,522 4,380 5,149 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 Aug... 111,646 11,938 7,354 3,115 1,469 48,096 44,539 3,557 38,282 3,603 4,423 5,304 Sept... '",846 11,772 7,169 3,130 1,473 48,224 44,658 3,566 38,493 3,624 4,464 5,269 1 Figures are for all life insurance companies in the United States. 4 These represent book value of ledger assets. Adjustments for interest 2 Represents issues of foreign governments and their subdivisions due and accrued and for differences between market and book values and bonds of the International Bank for Reconstruction and Develop- are not made on each item separately, but are included in total, in "Other ment. assets." 3 These represent annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value. SAVINGS AND LOAN ASSOCIATIONS i [Federal Savings and Loan Insurance Corporation data. In millions of dollars] Assets Liabilities Total Mortgage E o n r d m of o n y t e h ar g M ag o e rt s - 2 o G U b o l . i S v g . t a . - a C s a se sh ts Other 3 a li s a T s b e o i t l t s i a t — i l es 2 S c a a v p i i n ta g l s u R n e d a s i e n v r d i v d e e s d B m or o r n o e w y e 4 d L p o r a o n c s e s i s n Other c m o l m e o n a m n ts i 5 ttions profits 1941 4,578 107 344 775 6,049 4,682 475 256 f36 n.a. 1945. 5,376 2,420 450 356 8,747 7,365 644 336 402 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,?44 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 1,479 1958--Sept 43,997 3,627 2,295 2,936 52,855 45,875 1,137 1,162 1,482 Oct 44 602 3 734 2,187 3,067 53,590 46 376 1 195 1 184 1 499 Nov 45,067 3,784 2,231 3,169 54,251 46,853 1,236 1,173 1,541 Dec 45 599 3,821 2,569 3,125 55,114 47,926 3 857 1 451 1 170 710 1 479 1959 Tan 46,009 4,117 2,269 3,072 55,467 48,360 3,864 1 270 1,133 840 1,515 Feb 46,436 4,214 2,243 3,152 56,045 48,768 3,873 1,213 1,175 1,016 1,630 Mar 47,029 4,293 2,244 3,244 56,810 49,297 3,874 1,208 1,290 1,141 1,756 Apr 47,733 4,399 2,061 3,397 57,590 49,717 3 875 1,306 1,388 1,304 1,923 May 48,483 4,422 2,089 3,578 58,572 50,321 3,886 1,369 1,484 1,512 1,976 June 49,323 4,417 2,338 3,584 59,662 51,411 4,100 1,682 1,598 871 1,980 July 50,102 4,522 1,894 3,492 60,010 51,601 4,106 1,713 1,606 984 1,951 AUR 50 830 4 543 1,850 3,509 60,732 51 995 4 117 1 831 I 596 1,193 1 861 Sept . . . 51,500 4,533 1,798 3,578 61,409 52,439 4,125 1,979 1,550 1,316 1,776 n.a. Not available. declined consistently in recent years and amounted to $42 million at the 1 Figures are for all savings and loan associations in the United States. end of 1957. Data beginning with 1951 are based on monthly reports of insured 3 Includes 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 1951 are based entirely on annual reports. and fixtures. 2 Prior to 1958 mortgages are net of mortgage pledged shares. Asset 4 Consists of FHLB advances and other borrowing. items will not add to total assets which include gross mortgages with s Not a balance-sheet item. no deductions 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

1512 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES 1 [Department of Commerce estimates. In billions [Securities and Exchange Commission estimates. In millions of dollars] of dollars] All types Bonds and notes Stocks Y qu e a a r r te o r r P b t e r a o f x o f e i r s t e s c ta o I x n m e - s e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d fi t i t e s s d - Y qu e a a r r te o r r New Retire- Net New Retire- Net New Retire- Net issues ments change issues ments change issues ments change 1951... 42.2 22.4 19.7 9.0 10.7 1952... 36.7 19.5 17.2 9.0 8.3 1951 9,048 2,772 6,277 5,682 2,105 3,577 3,366 667 2,700 1953... 38.3 20.2 18.1 9.2 8.9 1952 10,679 2,751 7,927 7,344 2,403 4,940 3,335 348 2,987 1954... 34.1 17.2 16.8 9.8 7.0 1953 9,550 2,429 7,121 6,651 1,896 4,755 2,898 533 2,366 1955... 44.9 21.8 23.0 11.2 11.8 1954.. 11,694 5,629 6,065 7,832 4,033 3,799 3,862 1,596 2,265 1956... 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. 1514, new issues 2 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. 1514. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i [Securities and Exchange Commission estimates. In billions of dollars] Current assets Current liabilities E o n r d q o u f a r y t e e a r r w c o a N p rk e it i t a n l g Total Cash s G U e t c o i . e u S v s r . t i . - G N U o o . v t r e S e t s . c . 2 e a i n v d a b O a le t c h c e ts r . I t n o v ri e e n s - Other Total N G U o o . v t S e t p . s . a 2 a y n a d b l O e ac th c e ts r . F i b n e i c l t l d i a i o a t e x i m - r e a s e l Other 1951 86.5 179.1 30.0 20.7 2.7 58.8 64.9 2.1 92.6 1.3 53.6 21.3 16.5 1952 90.1 186.2 30.8 19.9 2.8 64.6 65.8 2.4 96.1 2.3 57.0 18.1 18.7 1953 91.8 190.6 31.1 21.5 2.6 65.9 67.2 2.4 98.9 2 2 57.3 18.7 20.7 1954.. . .. 94.9 194.6 33.4 19.2 2.4 71.2 65.3 3.1 99.7 2.4 59.3 15.5 22.5 1955 103.0 224.0 34.6 23.5 2.3 86.6 72.8 4.2 121.0 2 3 73.8 19.3 25.7 1956 107.4 237.9 34.8 19.1 2.6 95.1 80.4 5.9 130.5 2.4 81.5 17.6 29.0 1957 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—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 3 126.9 258.9 35.3 21.3 2.7 109.2 82.1 8.4 132.0 1.7 82.6 14.6 33.1 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] Transp ortation Manu- Year Total M fa i c a n t n u g u r- - M in i g n- R ro a a i d l- 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 Other 2 Quarter Total fa m a i i c n n n i t n g u g d - r- T p t o r i a o r n t n a s - - P u u t t i b i e l l s i i - c ot A h l e l r 3 1951 25.6 10.9 .9 1.5 .5 3.7 1.3 5.9 1958—3 7.4 2.9 .5 1.6 2.4 1952 26.5 11.6 1.0 1.4 .5 3.9 1.5 5.6 4 8.0 3.2 .6 1.7 2.5 1953 28.3 11.9 1.0 1.3 .6 4.6 1.7 6.3 1954 26.8 11.0 1.0 .9 .5 4.2 1.7 6.5 1959—1 6.9 2.7 .6 1.2 2.5 1955 . . . 28.7 11.4 1.0 .9 .6 4.3 2.0 7.5 2 8.3 3.3 .8 1.5 2.8 1956 35.1 15.0 1.2 1.2 .7 4.9 2.7 8.4 3r 8.3 3.3 .8 1.5 2.7 1 19 9 5 5 8 7 . .... 3 3 0 7 . . 5 0 1 11 6 . . 4 0 1. . 2 9 1. . 4 8 1.8 5 6 6. . 1 2 2 3 .0 6 7 7 .4 2 44r 9.1 3.8 .8 1.6 2.9 19594r 32.6 12.1 1.0 .9 5.7 10.9 1960—14 7.8 3.3 .7 1.2 2.6 r Revised. 3 Includes communications and other. 1 Corporate and noncorporate business, excluding agriculture. 4 Anticipated by business. 2 Includes trade, service, finance, and construction. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCE 1513 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual totals Quarterly totals Industry 1958 1959 1954 1955 1956 1957 1958 Manufacturing Total (180 corps.): Sales 88,338 105,006108,307114,834 105,251 25,542 25,620 25,367 28,722 29,555 •32,452 26,928 Profits before taxes 10,640 14,803 13,418 13,349 10,524 2,308 2,249 2,436 3,531 3,899 '4,643 2,487 Profits after taxes 5,549 7,564 7,094 7,177 5,737 1,243 1,194 1,287 2,013 2,016 '2,499 1,085 Dividends 3,222 3,847 4,068 4,192 4,078 1,038 1,011 987 1,042 1,033 '1,029 1,049 Nondurable goods industries (79 corps.): * Sales 33,653 37,462 40,053 41,820 10,012 10,113 10,626 11,069 11,085 11,450 11,435 Profits before taxes , 4,214 5,013 5,146 A, All 987 947 1,191 1,297 1,376 '1,482 1,396 Profits after taxes , 2,326 2,814 2,943 2,572 574 541 679 778 769 '808 750 Dividends , 1,426 1,588 1,683 1,785 452 440 430 463 459 '445 447 Durable goods industries (101 corps.):2 Sales 54,685 67,544 68,254 63,430 15,530 15,506 14,741 17,653 18,470 '21,001 15,493 Profits before taxes 6,427 9,790 8,272 6,102 1,321 1,303 1,245 2,234 2,523 '3,161 1,091 Profits after taxes. 3,223 4,750 4,151 3,165 669 652 608 1,235 1,247 '1,692 335 Dividends 1,796 2,259 2,385 2,293 586 572 557 578 575 585 601 Selected industries: Foods and kindred products (25 corps.): Sales 8,886 9,236 9,984 10,592 11,085 2,632 2,760 2,828 2,865 2,786 r2,947 2,986 Profits before taxes 816 868 955 1,024 1,151 250 283 310 308 287 '322 340 Profits after taxes 388 414 460 497 555 119 138 149 149 136 153 163 Dividends 258 260 277 289 312 80 72 72 85 78 79 Chemicals and allied products (21 corps.): Sales 8,294 9,584 10,199 10,669 10,393 2,422 2,533 2,679 2,760 2,770 r3,054 2,964 Profits before taxes 1,525 1,866 1,804 1,823 1,541 329 339 398 475 493 595 553 Profits after taxes 725 955 942 948 831 174 179 208 271 254 302 283 Dividends 582 690 698 737 717 182 178 172 185 180 177 179 Petroleum refining (16 corps.): Sales 10,590 11,515 12,454 13,463 12,790 3,194 2,982 3,210 3,404 3,447 3,228 3,302 Profits before taxes 1,128 1,344 1,444 1,325 941 247 146 274 274 360 300 258 Profits after taxes 851 979 1,068 1,075 788 199 136 219 234 263 220 184 Dividends 413 438 481 512 516 130 130 127 129 133 '128 128 Primary metals and products (35 corps.): Sales 16,378 20,744 22,365 22,468 19,100 4,382 4,644 4,881 5,193 5,621 r7,110 3,644 Profits before taxes 1,935 3,267 3,331 2,977 2,205 391 481 562 771 821 '1,183 -84 Profits after taxes 1,015 1,652 1,727 1,540 1,163 205 255 294 409 416 '695 -213 Dividends 582 730 880 873 801 203 201 194 203 201 204 206 Machinery (25 corps.): Sales 11,288 12,480 13,908 15,115 14,654 3,485 3,669 3,703 3,796 3,853 4,189 A,129 Profits before taxes 1,191 1,253 1,209 1,457 1,470 304 344 395 426 422 '504 502 Profits after taxes 604 637 607 729 741 151 174 204 212 212 254 246 Dividends 345 368 403 416 422 111 102 104 104 113 106 121 Automobiles and equipment (14 corps.): Sales 18,227 24,624 21,217 23,453 18,483 5,003 4,472 3,329 5,679 6,259 '6,585 4,625 Profits before taxes 2,276 4,011 2,473 2,701 1,330 396 234 -15 715 1,012 '1,117 356 Profits after taxes 1,089 1,841 1,186 1,354 706 202 101 -44 446 491 '570 155 Dividends 629 872 791 805 758 198 194 183 183 184 196 195 Public Utility Railroad: Operating revenue 9,371 10,106 10,551 10,491 9,564 2,244 2,299 2,466 2,555 2,390 2,636 2,365 Profits before taxes 908 1,341 1,268 1,058 844 62 144 272 366 167 310 128 Profits after taxes 682 927 876 737 602 33 102 195 271 100 207 87 Dividends 379 448 462 438 410 96 79 77 157 120 83 78 Electric Power: Operating revenue 7,588 8,360 9,049 9,644 10,205 2,704 2,410 2,469 2,623 2,936 '2,655 2,699 Profits before taxes 2,049 2,304 2,462 2,557 2,721 768 615 650 688 853 682 713 Profits after taxes 1,134 1,244 1,326 1,413 1,517 421 349 357 390 469 385 392 Dividends 868 942 1,022 1,077 1,134 281 287 276 290 303 302 301 Telephone: Operating revenue 4,902 5,425 5,966 6,467 6,939 1,672 1,715 1,745 1,807 1,825 1,891 1,909 Profits before taxes 1,050 1,282 1,430 1,562 1,860 402 454 494 510 522 551 537 Profits after taxes 525 638 715 788 921 200 226 244 251 258 272 268 Dividends 448 496 552 613 674 164 166 171 173 178 183 190 ' Revised. Telephone. Revenues and profits are for telephone operations of the 1 Includes 17 companies in groups not shown separately. Bell System Consolidated (including the 20 operating subsidiaries and 2 Includes 27 companies in groups not shown separately. the Long Lines and General departments of American Telephone and Telegraph Company) and for two affiliated telephone companies, which NOTE.—Manufacturing corporations. Data are obtained primarily together represent about 85 per cent of all telephone operations. Divifrom published company reports. dends are for the 20 operating subsidiaries and the two affiliates. Data Railroads. Figures are for Class I line-haul railroads (which account are obtained from the Federal Communications Commission. for 95 per cent of all railroad operations) and are obtained from reports All series. Profits before taxes refer to income after all charges and of the Interstate Commerce Commission. before Federal income taxes and dividends. For detailed description of Electric power. Figures are for Class A and B electric utilities (which series (but not for figures), see pp. 662-66 of the BULLETIN for June 1949 account for about 95 per cent of all electric power operations) and are (manufacturing); pp. 215-17 of the BULLETIN for March 1942 (public obtained from reports of the Federal Power Commission, except that utilities); and p. 908 of the BULLETIN for September 1944 (electric power). quarterly figures on operating revenue and profits before taxes are partly For back data for manufacturing, see pp. 792-93 of the BULLETIN for estimated by the Federal Reserve to include affiliated nonelectric opera- July 1959; back data for other series are available from the Division of tions. Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1514 SECURITY ISSUES NEW SECURITY ISSUES i [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 4 n l - - S n m a p t i n a c a u d t i l - e - Others Total Total o B P f l f i u o e c b r l n e y - d d s p v l P a a t r c e i- e ly d f s e P t r o r r e c e - k d C s m t o o o m c n k - Total Total m N on e e w y* l p M p c a o o e u n u i s l s r e - s e - - - s m e t b d R i t o e a e c r e e f . b n n - 8 - k t t , m s r t i e i o t e r c i e e n f 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 2261 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 4,119 301 635 2,185 10,049 8,821 7,957 864 1,227 1956 22,405 5,51" 169 5,446 334 10,939 8,002 4,225 ;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 ,839 411 2,516 12,661 12,447 11,784 663 214 1958 34,443 12,063 2,321 7,449 1,052 11,558 9,653 6,332 ,320 571 1,334 11,372 10,823 9,907 915 549 1958—Sept.. 2,160 352 647 23 1,137 1,059 851 208 23 55 1,121 1,114 1,017 97 7 Oct.. . 3,076 1,461 220 439 65 890 651 287 365 69 170 873 862 744 118 11 Nov.. 1,452 324 459 127 542 420 236 184 12 110 533 518 460 58 15 Dec... 1,899 370 448 80 1,000 746 266 480 51 204 983 920 820 100 63 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.. 1,452 350 457 '93 '552 '433 173 '260 '26 '93 '538 '531 '480 '51 '7 Aug.. '1,688 309 98 '523 '5 '753 '623 414 '209 13 '11 '737 '718 '677 '42 '19 Sept.. 1,702 300 150 473 44 736 59: 219 372 24 120 721 709 665 44 12 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 a u n s d 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 capital i secu- capital io secu- capital io secu- capital io secu- capital io secu- capital i securities rities rities rities rities rities 1951 2,846 221 462 56 437 53 2,326 85 600 5 449 66 1952 3,712 261 512 24 758 225 2,539 88 747 6 448 60 1953 2,128 90 502 40 553 36 2,905 67 871 3 1,536 24 1954 2,044 190 831 93 501 270 2,675 990 651 60 788 273 1955 2,397 533 769 51 544 338 2,254 174 1,045 77 1,812 56 1956 3,336 243 682 51 694 20 2,474 14 1,384 21 1,815 17 1957 4,104 49 579 29 802 14 3,821 51 1,441 4 1,701 67 1958 3,265 195 867 13 778 38 3,605 138 1,294 118 1,014 47 1958—Sept. 473 4 386 2 33 181 9 32 Oct.. 265 7 41 4 81 311 48 117 () Nov. 120 9 74 25 126 2 89 84 4 Dec. 226 11 53 151 263 14 103 124 34 1959__Jan.. 148 17 61 295 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. '146 '3 '59 '34 '170 '8 r114 Aug. '126 '15 '45 '97 '192 36 '223 Sept. 205 6 42 142 109 56 156 ' Revised. 6 Estimated net proceeds are equal to estimated gross proceeds less cost 1 Estimates of new issues maturing in more than one year sold for cash of flotation, i.e., compensation to underwriters, agents, etc., and expenses. in the United States. 7 Represents proceeds for plant and equipment and working capital. 2 Gross proceeds are derived by multiplying principal amounts or num- 8 Represents proceeds for the retirement of mortgages and bank debt ber of units by offering price. with original maturities of more than one year. Proceeds for retirement of 3 Includes guaranteed issues. short-term bank debt are included under the uses for which the bank 4 Issues not guaranteed. debt was incurred. 5 Represents foreign governments, International Bank of Reconstruc- 9 J^ess than $500,000. tion and Development, and domestic eleemosynary and other nonprofit 1 o 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 1515 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) Issuesfor new capital Type of issue Type of issuer 2 1Jse of proceeds 2 Total amount 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 p u i t t a s o a e t n t h r t c r d u y i o i c a - r t l - Others e d r e e li d v 6 - Total c E at d i 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 w i n h i e t l d e e s e i- r r r , , h R d i t o n e e i u a g n s l s i 7 - - - V a a e n i t d s e ' r- O p p o t u h s r e e - s r ity 1951 3,278 2,220 730 328 n.a. 668 722 1,889 n.a. 3,188 582 580 640 361 42 QR1 1952 4,410 2.633 ,463 305 9 718 1,305 2,387 n.a. 4,096 969 938 642 424 100 I 024 1953 5,558 3,495 1,558 496 9 767 2,091 2,701 n.a. 5,477 1,320 1,588 803 506 141 1,119 1954 6,969 3,380 L205 374 9 2,047 1,463 3,459 n.a. 6,789 1,432 2,136 1,270 456 162 I 333 1955 5,976 3,770 ,730 474 2 1,408 1,097 3,472 n.a. 5,911 1,516 1,362 881 570 169 1,414 1956 5,446 3,577 1,626 199 44 800 983 3,664 n.a. 5,383 1,455 698 1,399 258 110 [ 464 1957 . *7,150 4,795 1,964 66 324 1,508 1,279 4,362 6,568 7,099 2,551 1,041 1,524 299 333 1,352 1958 7,832 5,446 .778 187 420 2,016 1,368 4,448 7,708 7,746 2,644 1,172 1,403 530 339 fi^7 1958—Oct 462 334 103 25 52 86 324 626 456 170 57 114 6 6 104 Nov... 476 297 125 47 7 29 140 307 434 474 162 15 131 47 120 Dec.... 439 387 39 12 191 27 221 556 435 253 47 44 3 89 1959—Jan.... 649 300 323 20 6 53 306 291 354 636 158 26 339 23 20 71 Feb.... 880 490 264 103 23 142 255 483 562 856 161 91 123 124 357 Mar... 646 446 185 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... 986 523 423 40 271 355 361 611 981 217 130 313 29 100 192 July. 567 224 192 150 150 62 355 963 566 155 159 50 145 58 Aug.... 517 391 119 6 177 83 257 530 516 153 59 86 4 120 94 Sept.. . '515 r397 '112 (r} 133 '93 '289 '401 '468 '168 '43 '82 1 32 '141 Oct 573 341 124 102 7 30 123 420 492 573 157 27 132 102 155 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 n 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. * Less than $500,000. 4 Beginning with 1957, coverage is considerably broader than earlier. UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, NOVEMBER 30, 19591 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills 2 Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont D D e ec c . 1 3 0 , 1 1 9 9 5 5 9 9 ... 1 1 , , 7 5 0 0 0 0 A M p a r y . 28 5J . 1 I9 9 6 6 0 0 4 4 0 0 1 0 A Au p g r. . 1 1 5 . , 1 1 9 9 6 6 2 2 •"I 5 3 5 1 1 7 J D u e n c e . 1 1 5 5 , , 1 1 9 9 6 6 4 4 - - 6 6 9 9 . . . . 2lA 3 3 ,7 8 4 1 1 5 Dec 17 1959 1,700 May 12,1960 400 Oct. 1, 1962 590 Feb. 15,1965 . .. ?u 6,896 Dec 22 1959* 1 500 M^ay 19 1960 403 Nov. 15 1962. 3VA 1 143 Mar 15 1965 70 4 695 Dec 24 1959 1^701 May 96, I960 400 Feb. 15, 1963 A 3,971 Aug. 15,1966 3 1 484 Dec 31 1959 1 600 June 99 1960* . 2,002 Apr. 1, 1963.. .. 533 Mar. 15 1966-71 . 2j/ 2 943 Jan 7 1960 1 600 July 15 1960 2 001 Mi ay15, 1963 1 743 June 15 1967 72 2V> 1 822 Jan 14 1960 l|602 Oct. 1, 1963 '506 Sept. 15,1967-72.. 2,716 Jan. 15, 1960... 2,006 Certificates Nov. 15,1963. 4% 3,011 Dec. 15,1967-72.. 3,671 J J F F a a e e n n b b . 2 2 1 4 1 8 1 , 1 1 I 1 9 9 9 9 6 6 6 6 0 0 0 0 . . . .. . 1 1 1 1 , , , 4 4 6 4 0 0 0 1 0 0 0 0 N F M e o a b v y . . 1 1 I 5 S 5 . ,I I 1 9 9 9 6 6 6 0 0 0 . A 3y y 4 4 4 1 7 1 1 , , , 2 0 3 6 3 6 9 7 3 A M O u c *a t g . y . 1 15 5 1 1 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 4 4 4 4 A . . . 1 V % .5 4 4 2 , ,3 1 4 1 8 5 6 6 4 7 7 J N O F u e c o n b t v e . . . 1 1 1 5 5 1 5 , , , , 1 1 1 1 9 9 9 9 7 6 8 7 4 9 0 8-83.. 3 3 . % 1 . 4 4 4 1 1 ,6 2 6 8 0 7 5 8 2 4 4 6 Feb. 18, 1960... 1,601 Treasurv notes May 15,1985 W< 1,135 Feb 25 1960 1 600 Apr. 1, I960 198 Treasurv bonds Feb. 15,1990. ... 1,727 Mar 3 1960 400 May 15. 1960 •$ 2,738 June 15, 1959-62..,?M 5,265 Feb. 15,1995 2,738 Mar 10 1960 400 May 15, I960 2,406 Dec. 15, 1959-62.. 3,454 Mar 17 1960 400 Aug is 1960 . .. 43/ 9 561 Nov.15 1960 2 V* 3 806 Panama C?nni T •*»*»»* 3 50 M M a a r r 2 2 2 4 1 1 9 9 6 6 0 0 *. 4,0 4 0 0 4 0 A O p ct r . . 1 1. , 1 19 9 6 6 1 0 2 1 7 4 8 4 D Se e p c. t. 1 1 5 5 , , 1 19 9 6 6 1 0-653. .2 2 V y 4 4 2 1 , , 2 48 3 5 9 Convertible bonds Mar 31 1960 400 May 15,1961 3% 4,078 Nov. 15, 1961 11,177 Investment Series B Apr. 7, I960.. 405 Aug. 1, 1961 2,136 June 15, 1962-67.. 2V> 2,110 Apr. 1, 1975-80.. ?Vi 7,210 Apr 14 1960 400 Oct. 1 1961 332 Aug. 15, 1963 .2V2 6,755 Apr. 15, 1960... 2,003 Feb. 15,1962 647 Dec. 15, 1963-68.. 2,818 Apr 21 1960 400 Feb. 15,1962. ......4 1,435 Feb. 15, 1964 3,854 * Tax anticipation series. 2 Sold on discount basis. For discounts on individual issues, see tables 1 Direct public issues. on Money Market Rates, p. 1508. 3 Partially tax-exempt. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1516 FEDERAL FINANCE UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURIT [On basis of daily statements of United States Treasury. In billions of dollars] Public issues 3 Marketable Nonmarketable 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 T g i e r o r o b e t s t a c * s l t Total Certifi- Bonds C v ib e o r l n e t- - Sav- T an a d x S is p s e u c e ia s l Total Bills c in at d e e s b o t- f Notes Bank Bank bonds Totals b i o n n g d s s s in a g v s edness e b l l i e g * i- str r i e c - ted notes 1941 Dec 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 2.5 7.0 1945 Dec 278 7 278 1 255 7 198 8 17 0 38 2 23 0 68 4 52 2 56 9 48.2 8.2 20.0 1947 Dec 257.0 256.9 225.3 165.8 15.1 21.2 11.4 68.4 49.6 59.5 52.1 5.4 29.0 1951—Dec 259.5 259.4 221.2 142.7 18.1 29.1 18.4 41.0 36.0 12.1 66.4 57.6 7.5 35.9 1952 Dec . . . . 267.4 267.4 226.1 148.6 21.7 16.7 30.3 58.9 21.0 12.5 65.1 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 1955 Dec 280.8 280.8 233.9 163.3 22.3 15.7 43.3 81.9 11.4 59.2 57.9 (6) 43.9 1956 Dec 276 7 276 6 228 6 160 4 25 2 19 0 35.3 80 9 10.8 57.4 56.3 45.6 1957 Dec 275.0 274.9 227.1 164.2 26.9 34.6 20.7 82.1 9.5 53.4 52.5 45.8 1958 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 Julv . ... 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 Oct .. 291.4 291.3 244 9 187.4 39.1 20 3 43.1 84.8 7.3 50.2 49.4 43.6 Nov 290.7 290.6 244.2 187.0 39.1 19.7 43.3 84.8 7.2 50.0 49.3 43.6 1 Includes some debt not subject to statutory debt limitation (amounting 4 Includes Treasury bonds and minor amounts of Panama Canal and to $413 million on Nov. 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 $9,959 million on Oct. 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 ( s a i g e n n ti c c t e g e u l s u u e r ) a i d d - r - - S is p s t e u r c u e i s a s t l fun P is d u s s b u 1 l e i s c Total R F B e e a d s n e e r k r v a s e l m b C a e o n r m k ci s a - 2 l M s b a a v u n m tu k g a s s l p I c n a o s n m u ie r - - s r c O a o t t r i h p o e o n r - s g S l „ o o t v c a a t t e s j l . S b a o v n i I n n d g d s s ivid se u O c a u t l h s ri e ti r es i M t n o v i r e s s c s 3 - . 1941—Dec 64.3 7.0 2.6 54.7 2.3 21.4 3.7 8.2 4.0 .7 5.4 8.2 .9 1945—Dec 278.7 20.0 7.0 251.6 24.3 90.8 10.7 24.0 22.2 6.5 42.9 21.2 9.1 1947—Dec 257.0 29.0 5.4 222.6 22.6 68.7 12.0 23.9 14.1 7.3 46.2 19.4 8.4 1951 Dec 259.5 35.9 6.4 217.2 23.8 61.6 9.8 16.5 20.7 9.6 49.1 15.5 10.6 1952—Dec 267.4 39.2 6.7 221.6 24.7 63.4 9.5 16.1 19.9 11.1 49.2 16.0 11.7 1953 Dec. . . . 275.2 41.2 7.1 226.9 25.9 63.7 9.2 15.8 21.5 12.7 49.4 15.5 13.2 1954—Dec 278.8 42.6 7.0 229.2 24.9 69.2 8.8 15.0 19.2 14.4 50.0 13.7 13.9 1955 Dec . 280.8 43.9 7.8 229.1 24.8 62.0 8.5 14.3 23.5 15.1 50.2 15.1 15.6 1956—Dec 276.7 45 6 8.4 222.7 24.9 59.5 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 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 16.7 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 Aug 290.5 44.7 9.9 235.9 26.7 60.8 7.3 12.1 23.6 18.8 46.7 19.2 20.6 Sept 288.4 44.4 9.8 234.2 26.6 60.0 7.3 12.0 22.5 18.9 46.5 19.5 21.0 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 1517 OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES1 [On basis of Treasury Survey data. Par value in millions of dollars] Marketable and convertible securities, by type Marketable securities, by maturity class Type of holder and date Total Bills Certifi- 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 ea in r 1-5 y 5 e - a 1 r 0 s 1 O ye v a e r r s 10 All holders: 1955—June 30. 66,882 19,514 13,836 40,729 81,128 11,676 155,206 49,703 38,188 33,687 33.628 1956—-June 30. 66,050 20,808 16,303 35.952 81,890 11,098 154,953 58,714 31,997 31,312 32.930 1957—June 30. 65,985 23,420 20,473 30,973 80,839 10,280 155,705 71,033 39,184 14.732 30,756 1958—June 30. 75,573 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_june 30. 185,709 32,017 33,843 27,314 84,853 7,681 178,027 72,958 56,819 18,538 29,713 Aug. 31 . '92,038 38,631 20,343 40,654 84,836 7.575 184,463 75,158 61,071 18,536 29,698 Sept. 30. 90,513 37,128 20.343 40,758 84,828 7,456 183,057 73,656 61,175 18.536 29,691 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, All 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—June 30. .. 9,681 86 537 ,389 4,988 2,680 7,001 930 1,679 1.448 2.944 Aug. 31. . . 9,743 158 383 .542 5,019 2,642 7,102 965 1.725 1,468 2.944 Sept. 30. .. 9,666 121 356 .540 5.022 2,627 7,039 893 1.734 1 .468 2.944 Federal Reserve Banks: 1955—June 30 23,607 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 1 19 9 5 5 8 7 — _ J ju u n n e e 3 3 0 0 2 2 3 5 , , 0 4 3 3 5 8 2, 2 70 87 3 1 1 9 1 , , 9 3 4 6 6 7 8,579 2 2 , . 8 7 0 8 2 9 2 2 3 5 , , 0 4 3 3 5 8 2 2 0 3 , . 2 0 4 1 6 0 1. 6 0 8 1 1 4 7 5 5 7 0 , , 3 3 5 5 8 8 Dec. 31 .... 26,347 2,284 18,704 2,875 2,484 26,347 20,995 3^881 206 ,264 1959—June 30. . 26,044 2,032 18,650 2,879 2.484 26,044 20,687 3,887 410 ,060 Aug. 31. . 26,690 2,666 10,510 11.010 2.504 26,690 18.676 6,544 410 ,060 Sept. 30. . 26,563 2.562 10,507 11,010 2,484 26,563 18,569 6,524 410 ,060 Commercial banks: 1955—June 30.. 55,667 2,721 1,455 15,385 35,942 164 55,503 7,187 21,712 21.110 5.494 1956—June 30. . 49.673 2,181 1,004 11,620 34,712 155 49,517 7,433 18,234 19^32 A,l\9 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—June 30 53,513 3.563 3.883 12,417 33,531 120 53,394 10,045 31,304 8,233 3,812 Aug. 31 52,723 4.499 2.092 13,254 32,760 119 52,604 9,778 30,895 8,173 3.758 Sept. 30. . . . . 51,932 4,307 2,049 13,015 32,449 51,821 9,415 30,510 8,156 3.740 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 5,655 1,098 6,299 576 ,082 601 4,040 1958—June 30. . . . . 7,110 89 132 465 5.493 931 6.179 303 ,106 675 4,094 Dec. 31 6,942 139 115 538 5,268 882 6,060 300 ,229 958 3,573 1959—June 30.. . .. 7,079 175 209 684 5.228 783 6,296 480 ,360 1.700 2,756 Aug. 31 7,074 222 180 782 5.133 757 6,317 562 ,346 1.670 2.738 Sept. 30. . . . 7,049 237 817 5.097 711 6,338 596 ,361 1.666 2,715 Insurance companies: 1955—June 30.. ... 13,117 630 74 789 8,479 3.145 9,972 810 1.339 2.027 5.796 1956—June 30 11,702 318 44 760 7,789 2,791 8,911 632 1,192 1.802 5,285 1 19 9 5 5 8 7 — __ J j u u n ne e 3 3 0 0 . . . . . . . . . . 1 1 0 0 , , 9 5 3 8 6 0 2 3 5 2 4 6 1 1 3 1 6 2 6 6 1 4 4 8 7 7, , 3 2 9 7 8 7 2 2 , , 5 2 4 0 9 2 8 8 , , 3 3 8 7 7 8 9 6 5 5 5 1 1 1 , , 7 6 7 5 5 0 K 1.0 0 0 2 4 2 4 5 . . 6 0 3 7 4 4 Dec. 31.... 10,984 726 231 731 7,255 2,042 8,943 1,158 1,976 1.156 4.653 1959—June 30. 10,947 503 347 798 7.371 1,928 9,019 1,092 2,085 1.678 4,164 Aug. 31. 11,153 648 309 896 7.380 1,920 9,232 1,260 2,121 1.698 4,153 Sept. 30. 11,009 495 297 912 7.411 1,894 9,115 1,092 2,165 1.700 4.158 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_June 30. 78,444 25,659 10,216 9,147 31,252 2,171 76,273 39.724 16,503 5,069 14,977 Aug. 31. 84,655 30,439 6,869 13,171 32,040 2.136 82,518 43,917 5,116 15,046 Sept. 30. 84.294 29,406 6,946 13,463 32,366 2,113 82,181 43,091 18^880 5,136 15,075 1 Direct public issues. panies included in the survey account for more than 90 per cent of total 2 Includes minor amounts of Panama Canal and postal savings bonds. holdings 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

1518 FEDERAL FINANCE SUMMARY OF FEDERAL FISCAL OPERATIONS [On basis of U. S. Treasury statements and Treasury Bulletin. In millions of dollars] Derivation of Federal Government cash transactions Receipts from the public, Payments to the public, Net Federal cash borrowing or other than debt other than debt repayt. (—) of borrowing Excess of rects. Period r B ec u N e d e i g p t e t t s re T P f c u r l e u n u i s d s p : t ts ac I t G L r n t e a i o t o s n r v s n a s t : s - - . * E p T r f u q e r t b o u o h c l a t m e t i a s l c l s . 2 : B p t u e u e n d r x e d g - s i e - t p T P t f e u u e r l n u r x n u e d s - d s s : i t - A m L d e e j n s u s t s s : t - 3 E p p t T q o u a u o y b t a t h t l a l i s s e l c . : t p p o f u r a t o o h b y ( r m e l t - i s ) c . , & ( c ( c o - d r d r r I e ) a e i e n r , a g d a b e - s s e e i c t e e n n - t , .) t a i r G g n . N e v o f n . e u v . t b n t & . L y d e s ss: O d n c e t a o h b s n e t h - * r b E 7 i o n q c N r g u a - r e s a o T o h t l w s 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: 1957—July-Dec 29,325 7,167 1,410 35,057 36,060 7,133 1,254 41,938 -6,882 5,556 -120 -34 5,711 1958—Jan.-June.... 39,792 9,162 2,083 46,836 35,876 8,936 3,338 41,475 5,362 660 777 -166 49 July-Dec 28,902 7,635 1,627 34,892 39,906 8,921 1,285 47,539 -12,649 6,873 -1,494 653 7,713 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—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 ,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 Aug 5,679 2,444 217 7,903 6,305 1,528 -664 8,498 -594 1,943 573 31 1,339 Sept 8,486 1,236 230 9,488 6,357 1,735 383 7.709 1,779 -1,866 -399 -9 -1,457 Oct.77 3,023 1,009 361 3,665 6,868 1,886 873 7.881 -4,216 3,077 -683 105 3,655 Effects of operations on Treasurer's account Cash balances: Account of Treasurer of United Operating transactions Financing transactions inc., or dec. (—) States (end of period) Period s B d u u e N r o p f d i e r l g c t u i e t s t , a l c d T a f c e u t r o u f i n u i o r m c d s n i t u t , - t c o R i l c e T i a a c r s t o e i h o n a n - s. i ( m s o a G + s g b N a u e o ) l r a i e n , v k g n t c t e a o c . y t - e f in i s & a n G v e g N c . e o t F . r e n v ( e u b t c t - d s y y . ) t . , I d n ( p e d g - c c u i r r ) o r r b o e e . e r a s l i c a i n s s c 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 u cc r r e e o a r u s 's n - t Balance ( B F a a a . D v b n a R l e k e i p l . s - osi T ts T a L i r u x o n e r a a y : a n s n - d O as n t s h e e t e t r s tions 5 funds 5 debt funds) Accts. Fiscal year—1956... 1,626 2,250 320 173 -2,617 -1,623 -202 331 6,546 522 4,633 ,391 1957... 1,596 1,409 -518 1,085 -2,300 -2,224 5 -956 5,590 498 4,082 ,010 1958... -2,819 262 670 567 -197 5,816 140 4,159 9,749 410 8,218 ,121 1959*.. -12,541 -1,468 57 71 1,131 8,363 12 -4,399 5,350 535 3,744 ,071 Semiannually: 1957—July-Dec... -6,735 34 159 ,007 21 4,371 -160 -984 4,606 481 3,084 ,041 1958—Jan.-June.. 3,916 228 511 -440 -218 1,445 300 5,143 9,749 410 8,218 ,121 July-Dec... -11,004 -1,286 -232 -121 1,144 6,579 -131 -4,788 4,961 358 3,468 ,135 1959—Jan.-June*\ -1,537 -182 289 192 -13 1,784 143 389 5,350 535 3,744 ,071 Monthly: 1958—Oct -4,376 -572 511 -32 519 3,546 161 -565 4,534 363 2,916 ,255 Nov -1,274 177 111 -37 212 2,848 46 1,991 6,525 424 4,879 ,222 Dec -900 -248 -601 -28 239 -138 -113 -1,564 4,961 358 3,468 ,135 1959—Jan -2,248 -1,124 462 4 1,047 2,879 54 957 5,918 447 4,054 ,417 Feb 245 175 -477 57 47 -697 -7 -644 5,274 492 3,454 ,328 Mar 1,965 -130 507 6 -70 -3,069 45 -836 4,438 398 2,787 ,253 Apr -2,169 -603 355 78 491 3,319 -60 1,531 5,969 539 3,844 ,586 May -739 1,053 -432 1 -980 950 -67 -81 5,888 567 4,117 ,204 June** 1,410 447 -125 54 -548 -1,597 178 -538 5,350 535 3,744 ,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 Sept 2,129 -499 323 155 317 -2,100 -73 399 7,017 704 5,353 960 Oct -3,846 -877 541 3 667 2,957 86 -641 6,376 488 4,990 p Preliminary. n.a. Not available. Budget expenditures, and payroll deductions for Federal employees re- 1 Consists primarily of interest payments by Treasury to trust accounts tirement funds. and to Treasury by Govt. agencies, transfers to trust accounts representing 2 Small adjustments to arrive at this total are not shown separately. For other notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 1519 DETAILS OF FEDERAL FISCAL OPERATIONS [On basis of Treasury statements and Treasury Bulletin unless otherwise noted. In millions of dollars] Budget receipts Selected excise taxes (Int. Rev. Serv. repts.) Adjustments from total Income and Budget receipts profit taxes Period B c u N e r d i e e p - g t t e s t f t O u a r n u g ld d s e T - t 6 ran H s t f w f r u i e u g n a r s y h d s t - to R : m t r i . r e e e - n R - 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 s l t W he I i n t ld h d - ivid O ua th l er C ra o ti r o p n o- ta c E x i x s e e - s t p m a E x lo e m e n y s - t - 7 c O e 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 . - ' acct. 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 1959* 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—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 June* 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 Aug....... 5,679 1,235 237 85 181 7,418 4,223 123 368 1,027 1,321 356 288 172 n.a. Sept... 8,486 652 201 52 161 9,552 2,264 1,837 3,311 1,007 704 430 300 169 Oct.. 3,023 259 198 16 129 3,626 1,211 257 491 977 278 413 n.a. n.a. Budget expenditures » Major national security Agri- Vet- culture Period Total Total» M de i f l e it n a s r e y M as il s i i t s a t r - y A en t e o r m gy ic f a i I n f a f n a n a t n d i l r c . s e In e t s e t r- ic e b e s r e e s a r n n v a e s n - - ' d w L a a e n l b f d o ar r e t a c a u g u n r r l d a - i- l so N u r u r e a r a - t c l - es h m C o a u o e n s r m d i c n e - g g m G o e v r e e a e n n l r - t nance fits resources 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 1959*. 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: 1957_July-Dec.. 36,060 21,724 19,370 1,031 1,080 1,216 3,912 2,400 1,636 2,65i 850 1,003 661 195g—Jan.-June. 35,876 22,418 19,692 1,156 1,188 1,018 3,777 2,626 1,811 1,738 693 1,106 695 July-Dec.. 39,906 23,246 20,619 1,145 1,269 1,206 3,686 2,580 2,158 3,922 896 1,438 765 1959—Jan.-June* 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—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 6,461 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*.... 8,632 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 Aug 6,305 3,710 3,375 90 208 144 734 400 352 346 150 346 114 Sept 6,357 3,783 3,412 122 205 136 725 428 364 403 176 178 143 3 Consists primarily of (1) intra-Governmental transactions as de- 8 The 1960 Budget Document showed certain revisions in fiscal year data. scribed in note 1, (2) net accruals over payments of interest on savings When the revisions were in classification of functions—such as the shift bonds and Treasury bills, (3) Budget expenditures involving issuance of of defense-support activities from military assistance and major national Federal securities, (4) cash transactions between International Monetary security to international affairs—the revisions were made in monthly and Fund and the Treasury, (5) reconciliation items to Treasury cash, and semiannual data. Other fiscal year revisions not available for monthly (6) net operating transactions of Govt. sponsored enterprises. and semiannual periods. 4 Primarily adjustments 2, 3, and 4, described in note 3. For more details, see the 1960 Budget Document and the Treasury 5 Excludes net transactions of Govt. sponsored enterprises, which are Bulletin, Table 4. included in the corresponding columns above. 9 Includes stockpiling and defense production expansion not shown 6 Includes transfers to Federal disability insurance trust fund. separately. 7 Represents the sum of taxes for old-age insurance, railroad retire- For other notes, see opposite page. ment, and unemployment insurance. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1520 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 I 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) 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 1 0 6 0 8 3 6 8 3 3 48 8 0 4 4 1 6 4 4 5 770 1 820 1 851 1 89 1 0 93 1 6 989 1 To industry, total 598 588 431 678 619 674 645 654 658 680 695 Treasury Department... 174 353 306 209 251 224 222 221 216 212 O Co th m er m a e g rc e e n c D ie e s partment. 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 1,270 701 931 1,010 1,298 1,087 To aid States, territories, etc., total. 1,020 645 272 245 246 264 275 271 294 293 291 Public Housing Administration.. 894 500 112 90 106 105 107 91 106 106 91 Other agencies 126 145 160 155 140 159 167 180 188 187 200 Foreign, total 7,736 8,043 8,001 7,988 8,223 8,754 8,965 9,022 9,271 9,510 9,712 Export-Import Bank 2,496 2,833 2,806 2,702 2,701 3,040 3,111 3,094 3,239 3,362 3,439 Treasury Department4 3,667 3,620 3,570 3,519 3,470 3,470 3,470 3,470 3,470 3,419 3,419 International Cooperation Administration. 51,515 1,537 1,624 1,767 1,995 2,195 2,338 2,412 2,514 2,682 2,782 Other agencies 58 53 1 57 49 46 45 47 46 73 All other purposes, total 75 119 166 256 213 344 393 449 489 548 562 Housing and Home Finance Agency. 5 29 127 209 156 283 331 383 423 458 497 Other agencies 69 90 39 47 57 62 62 65 66 89 66 Less: Reserves for losses -140 -203 -228 -268 -309 -367 -354 -486 -450 -368 -353 Total loans receivable (net). 17,826 19,883 19,348 20,238 20,657 22,395 23,147 22,383 23,280 25,493 26,977 Investments: U. S. Government securities, total 2,421 2,602 2,967 3,236 3,739 3,804 4,523 4,467 4,365 4,198 4,533 Federal home loan banks 311 387 641 745 1,018 896 1,456 1,366 1,250 995 1,202 Federal Savings and Loan Insurance Corp.. 208 217 228 241 256 274 283 293 278 288 296 Federal Housing Administration 316 319 327 381 458 471 533 536 559 567 586 Federal Deposit Insurance Corporation 1,437 1,526 1,624 1,720 1,825 1,937 2,013 2,030 2,034 2,049 2,139 Other agencies 148 152 147 149 181 226 238 242 245 300 310 Investment in international institutions 3,385 3,385 5,555 3,385 3,420 3,420 3,420 3,420 3,420 3,420 3,420 Other securities6 223 219 197 179 249 298 333 3,696 3,703 3,703 3,702 Inventories, total 1,280 2,515 3,852 4,356 21,375 21,628 21,206 21,540 20,743 20,810 20,504 Commodity Credit Corporation.. 978 2,087 3,302 3,747 3,651 3,025 2,636 3,310 3,013 3,036 2,906 Defense Department 11,004 11,136 10,866 10,344 9,730 9,681 9,421 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 1 1 6,5 2 1 0 7 1 7,2 1 8 85 2 7,5 1 2 7 8 5 7,7 1 0 8 0 6 7,8 1 0 9 9 1 7,9 1 1 7 9 4 7,9 1 8 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. com 5 F pi i l g a u ti r o e n d . erived by Federal Reserve. For the most recent quarterly data by type of fund and activity, see 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 1521 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties Nonfarm Farm Other Multi-family and End of year holders 1- to 4-family houses commercial properties1 or quarter All Finan- All All Finanhold- cial hold- old- cial Other ers insti- Selected Indi- ers Finan- Other Finan- Other ers insti- holdcrs2 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 35.2 160.3 117.9 98.9 19.0 42.4 28.4 14.0 11.2 4.2 7.0 1957—Sept.. 153.7 117.7 4.5 31.6 143.3 105.7 88.5 17.2 37.5 25.2 12.4 10.4 4.0 6.4 Dec... 156.6 119.7 4.7 32.1 146.1 107.6 89.9 17.7 38.5 25.8 12.7 10.5 4.0 6.5 1958—Mar.? 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 June**. 162.7 124.5 4.6 33.6 151.8 111.7 93.5 18.2 40.1 26.9 13.2 10.9 4.1 6.7 Sept.*7 166.8 127.9 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. P. 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.P 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 June*". 181.1 138.4 5.8 36.8 169.2 124.7 104.3 20.4 44.5 29.6 14.8 11.8 4.4 7.4 Sept.? 186.3 142.2 6.3 37.7 174.2 128.5 107.3 21.2 45.7 30.5 15.3 12.1 4.5 7.6 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 held by HOLC, in 1941 and 1945; by FNMA in other periods by savings and loan associations. shown). Other Federal agencies (amounts small and separate data not 2 Derived figures, which include debt held by Federal land banks and readily available 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] Commercal bank holdings2 Mutual savings bank holdings 3 End of year Residential Residential or quarter Other Other Total non- Farm Total non- Farm FHA- VA- Con- farm FHA- VA- Con- farm Total in- guar- ven- Total in- guar- vensur«d anteed tional sured anteed tional 1941 4,906 3,292 1 048 566 4 812 3 884 900 28 1945 A,112 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 [,159 15,007 13,211 3,800 4,262 5,149 1,740 56 1955 21,004 15,888 4,560 3,711 7,617 3,819 [,297 17,457 15,568 4,150 5,773 5,645 1,831 58 1956 22,719 17,004 4,803 3,902 8,300 4,379 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 1958P 25,523 18,591 5,476 3,335 9,780 5,461 1,471 23,263 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 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.** 23,400 17,125 4,825 3,485 8,815 4,880 1,395 21,565 19,371 4,810 7,937 6,624 2,137 57 June** 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 Dec p 25,523 18,591 5,476 3,335 9,780 5,461 [,471 23,263 20,935 5,501 8,361 7,073 2,275 53 1959—Mar.P 426,130 19,020 5,660 3,305 10,055 5,605 1,505 «23 638 21 257 5 684 8,435 7,138 2,328 53 June23 27,060 19,615 5,885 3,230 10,500 5,875 1,570 24,110 21,676 5,915 8,510 7,251 2,380 54 Sept p 27,630 19,952 6,035 3,092 10,825 6,068 I 610 24,610 22,120 6,152 8,585 7,383 2,436 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 Source.—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

1522 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 Farm Total Farm FHA- VA- FHA- VA- Total insured guar- Other Total insured guar- Other anteed anteed 1941. 6,442 5,529 815 4,714 913 1945. 976 6,636 5,860 1,394 4,466 776 1951 5,134 4,723 1,058 1,294 2,371 411 19,314 17,787 5,257 3,131 9,399 1,527 1952 3,978 3,606 864 429 2,313 372 21,251 19,546 5,681 3,347 10,518 1,705 1953 4,345 3,925 817 455 2,653 420 23,322 21,436 6,012 3,560 11,864 1,886 1954 5,344 4,931 672 1,378 2,881 413 25,976 23,928 6,116 4,643 13,169 2,048 1955 6,623 6,108 971 1,839 3,298 515 29,445 27,172 6,395 6,074 14,703 2,273 1956 6,715 6,201 842 1,652 3,707 514 32,989 30,508 6,627 7,304 16,577 2,481 1957 5,230 4,823 653 831 3,339 407 35,236 32,652 6,751 7,721 18,180 2,584 1958 5,277 4,839 1,301 195 3,343 438 37,062 34,395 7,443 7,433 19,519 2,667 1958—Oct.r. 518 487 141 11 335 31 36,656 33,996 7,287 7,525 19,184 2,660 Nov.r 424 392 118 7 267 32 36,801 34,136 7,352 7,489 19,295 2,665 Dec.' 669 618 157 12 449 51 37,092 34,425 7,452 7,451 19,522 2,667 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 7,623 392 19,620 2,715 Mar.. 473 410 130 10 270 63 37,486 34,753 7,693 347 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 7,813 286 19,859 2,779 June. 469 428 116 17 295 41 37,894 35,094 7,877 258 19,959 2,800 July.. 535 501 124 11 366 34 38,108 35,335 7,945 220 20,170 2,773 Aug.. 470 438 118 9 311 32 38,282 35,496 8,005 181 20,310 2,786 Sept.. 517 488 134 21 333 29 38,493 35,698 8,082 153 20,463 2,795 Oct.. . 539 506 146 22 338 33 38,744 35,936 8,176 7,132 20,628 2,808 r Revised. end-of-year figures, because monthly figures represent book value of NOTE.—Certain mortgage loans secured by land on which oil drilling ledger assets whereas year-end figures represent annual statement asset or extracting operations are in process are classified with farm through values, and because data for year-end adjustments are more complete. June 1959 and with "other" nonfarm thereafter. These loans totaled Source.—Institute of Life Insurance; end-of-year figures are from $38 million on July 31, 1959. Life Insurance Fact Book, and end-of-month figures from the Tally of For loans acquired, the monthly figures may not add to annual totals, Life Insurance Statistics and Life Insurance News Data. and for loans outstanding, the end-of-December figures may differ from MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDINGS 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) Year or month New Home FHA- VA- Con- Year or Total i con- pur- Total 2 in- guar- ven- month Season- Without Sav- Insur- Com- Mutual struc- chase sured anteed tional 2 ally seasonal ings & ance mer- savtion ad- adjust- loan com- cial ings justed ! ment2 assns. panies banks banks 1941 1,379 437 581 4,578 1945 1,913 181 1,358 5,376 1941 4,732 1,490 404 1,165 218 1945 5,650 2,017 250 1,097 217 1952 6,617 2,105 2,955 18,396 904 3,394 14,098 1953 7,767 2,475 3,488 21,962 1,048 3,979 16,935 1952 18,018 6,452 1,420 3,600 1,137 1954 8,969 3,076 3,846 26,108 1,170 4,709 20,229 1953 19,747 7,365 1,480 3,680 1,327 1955 11,432 4,041 5,241 31,408 1,404 5,883 24,121 1954 . ... 22,974 8,312 1,768 4,239 1,501 1956 10,545 3,771 4,727 35,729 1,486 6,643 27,600 1955 28,484 10,452 1,932 5,617 1,858 1957 10,402 3,562 4,708 40,007 1,643 7,011 31,353 1956 27,088 9,532 1,799 5,458 1,824 1958 12,346 4,096 5,251 45,599 2,210 7,093 36,296 1957 24,244 9,217 1,472 4,264 1,429 1958 27,388 10,516 1,460 5,204 1,640 1958 1958 Sept 1,215 401 537 43,997 2,007 7,031 34,959 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 50,830 2,767 7,155 40,908 July 2,787 3,100 1,286 138 561 187 Sept 1,374 450 645 51,500 2,824 7,156 41,520 Aug 2,769 2,871 1,203 137 505 167 Sept 2,834 1,184 136 481 173 1 Includes loans for other purposes (for repair, additions and alterations, refinancing, etc.) not shown separately. 1 Three-month moving average, seasonally adjusted by Federal Re- 2 Beginning 1958 includes shares pledged against mortgage loans. serve. Source.—Federal Home Loan Bank Board. 2 Includes amounts for other lenders, not shown separately. Source.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 1523 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 e g 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 o g c o p t e r j e - t s - - 1 p l P m o r e i r o a m r e o t n v n y p - s e t - 2 - Total 3 p e N r r t m 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 - 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 rit - e te n n t V - A- t C i v o e o n n n a - - l Total in- guar- 1945 665 257 217 20 171 192 sured anteed 1951 3,220 1,216 713 582 708 3,614 2,667 942 1945 18.6 4.3 4.1 .2 14.3 1952 3,113 969 974 322 848 2,719 1,823 890 1953 3,882 1,259 1,030 259 1,334 3,064 2,044 1,014 1951 51.7 22.9 9.7 13.2 28 8 1954 3,066 1,035 907 232 891 4,257 2,686 1,566 1952 58.5 25.4 10.8 14 6 33.1 1955 3,807 1,269 1,816 76 646 7,156 4,582 2,564 1953 66.1 28.1 12.0 16.1 38.0 1956 3,461 1,133 1,505 130 692 5,868 3,910 1,948 1954 . . 75.7 32 1 12 8 19 3 43.6 1957 3,715 880 1,371 595 869 3,761 2,890 863 1955 88.2 38.9 14.3 24.6 49.3 1958 6,349 1,666 2,885 929 868 1,865 1,311 549 1956 99 0 43 9 15.5 28 4 55 1 1957 107.6 47.2 16.5 30.7 60.4 1958— N O o c v t. . . 6 55 4 9 1 1 16 7 5 4 2 3 9 2 2 7 5 3 8 1 7 8 1 3 2 2 3 1 9 6 1 1 3 4 5 0 9 8 9 1 1958P 117.9 50.1 19.7 30.4 67.8 Dec. 624 190 320 24 89 257 174 82 1957—Sept 105.7 46.5 16.1 30.4 59.2 1959—Jan.. 700 217 369 37 77 276 194 81 Dec 107.6 47.2 16.5 30.7 60.4 Feb., 598 196 311 37 54 238 174 64 1958—Mar.P 109.3 47.7 17.1 30.6 61.6 Mar. 643 211 319 33 81 260 201 59 June? 111.7 48.3 17.7 30.6 63.4 J A M u p a n r y e . 6 6 63 5 8 9 2 0 2 1 1 0 9 8 8 6 6 2 2 3 9 9 1 1 4 2 8 8 6 6 0 8 9 6 8 2 9 8 2 2 2 3 1 2 1 1 1 1 1 1 6 7 6 1 9 5 5 5 5 2 0 6 D Se e p c t . . p P 1 1 1 1 4 7. . 9 7 4 5 9 0 . . 1 1 1 19 8 . . 7 6 3 3 0 0. . 5 4 6 6 5 7 . . 6 8 July. 694 214 310 71 99 227 168 59 1959—Mar.P.... 120.7 51.3 20.9 30.4 69.4 A S O e u c p t g t . . . . 6 6 6 5 6 4 6 0 9 2 2 2 1 2 3 5 6 7 2 2 2 8 8 8 8 4 6 6 5 3 7 2 5 9 8 9 4 9 0 2 2 2 2 0 3 1 2 8 1 1 1 5 5 6 0 7 7 6 5 7 3 2 0 J S u ep n t e .? ?.... 1 1 2 2 4 8 . . 7 5 5 5 3 2 . . 1 1 2 2 1 2 . . 8 9 3 3 0 0 . . 2 3 7 7 2 5. . 4 6 1 Monthly figures do not reflect mortgage amendments included in annual totals. P Preliminary. 2 These loans are not ordinarily secured by mortgages. NOTE.—For total debt outstanding, figures for first 3 Includes a small amount of alteration and repair loans, not shown separately; only such three quarters of year are Federal Reserve estimates. loans in amounts of more than $1,000 need be secured. For conventional, figures are derived. NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed Sources.—Federal Home Loan Bank Board, Federal loans, gross amount of loans closed. Figures do not take account of principal repayments Housing Administration, Veterans Administration, and on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type Federal Reserve. are derived from data on number and average amount of loans closed. Sources.—Federal Housing Administration and Veterans Administration. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY i FEDERAL HOME LOAN BANKS [In millions of dollars] [In millions of dollars] Mortgage holdings tr M an o s r a t c g t a i g o e 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 Members' 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 t y s - a d n e d m t a i n m d e or month Total FH in A - - g V u A ar - - u d n is - Total S te h r o m rt 1 - L te o r n m g 2 - deposits sured anteed c P ha u s r e - s Sales bursed 1945 278 213 195 176 19 46 1951 1,850 204 1,646 677 111 239 1950 675 292 816 547 269 224 1952 2,242 320 1,922 538 56 323 1951 423 433 806 508 298 261 1953 2,462 621 1,841 542 221 638 1952 586 528 864 565 299 420 1954 2,434 802 1,632 614 476 1953 728 640 952 634 317 558 1955 2,615 901 1,714 411 62 76 1954 734 818 867 612 255 802 1956 3,047 978 2,069 609 5 360 1955 1 251 702 1,417 991 426 698 1957 3,974 ,237 2,737 1,119 764 1956 745 934 1,228 798 430 683 1958 3,901 ,483 2,418 623 482 1,541 1957 1,116 1,079 1,265 731 534 653 1958 1,364 1,331 1,298 685 613 819 1958 Oct 3,729 ,353 2,376 59 1 1,669 Nov 3,791 ,405 2,386 82 1 1,640 1958—Oct 126 52 1,083 545 538 770 Dec . . . 3,901 ,483 2,418 134 1,541 Nov 86 47 1,123 576 547 745 Dec 229 53 1,298 685 613 819 1959 Jan 4,032 ,564 2,468 150 1,432 Feb 4,188 ,664 2,523 176 1,291 1959—Jan 98 251 1,146 599 547 729 Ivlar 4,340 ,740 2,600 175 i 1,182 Feb 50 94 1,101 559 542 720 Apr .. . 4,508 ,831 2,677 193 1,063 Mar 83 96 1,087 531 556 736 May 4,641 .900 2,740 154 1 982 Apr 157 62 1,183 570 612 695 June 4,793 2^000 2,794 177 875 May 116 53 1,246 596 650 692 July 4,948 2,104 2,844 178 788 June 351 60 1,537 750 786 776 Aug 5,085 2,198 2,887 165 l 714 July 235 214 1,557 807 750 613 Sept 5,216 2,288 2,928 155 672 Aug 171 63 1,665 892 773 587 Oct 5,335 2,383 2,953 143 611 Sept 200 70 1,795 1,042 753 576 Oct 199 78 1,916 1,080 835 524 1 Operations beginning with 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

1524 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 p m A a o u p b t e o i r l - e i co p g O n a o s p t o h u e d e m r r s 1 er e a r n R l n d o i e z a p m a n a t s o i i 2 o r d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e s e n - t a C cc h o a u rg n e ts S c e r r e v d 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 1952 27,520 19,403 7,733 6,174 1,385 4,111 8,117 2,120 4,130 1,867 1953 31,393 23,005 9,835 6,779 1,610 4,781 8,388 2,187 4,274 1,927 1954 32,464 23,568 9,809 6,751 1,616 5,392 8,896 2,408 4,485 2,003 1955 38,882 28,958 13,472 7,634 1,689 6,163 9,924 3,002 4,795 2,127 1956 42,511 31,897 14,459 8,580 1,895 6,963 10,614 3,253 4,995 2,366 1957 45,286 34,183 15,409 8,782 2,089 7,903 11,103 3,364 5,146 2,593 1958 45,586 34,080 14,237 8,923 2,350 8,570 11,506 3,646 5,060 2,800 1958—Oct.. . 43,696 33,232 14,254 8,345 2,298 8,335 10,464 3,512 4,299 2,653 Nov.. 43,970 33,322 14,164 8,452 2,334 8,372 10,648 3,582 4,370 2,696 Dec... 45,586 34,080 14,237 8,923 2,350 8,570 11,506 3,646 5,060 2,800 1959_jan.3. 45,094 34,029 14,271 8,833 2,330 8,595 11,065 3,599 4,619 2,847 Feb.. . 44,748 34,025 14,339 8,727 2,324 8,635 10,723 3,697 4,098 2,928 Mar.. 44,925 34,234 14,494 8,691 2,338 8,711 10,691 3,755 4,004 2,932 Apr... 45,708 34,762 14,810 8,755 2,364 8,833 10,946 3,812 4,160 2,974 May.. 46,603 35,357 15,128 8,887 2,419 8,923 11,246 3,925 4,359 2,962 June.. 47,522 36,135 15,566 9,040 2,467 9,062 11,387 3,991 4,446 2,950 July. . 48,047 36,757 15,923 9,134 2,517 9,183 11,290 3,954 4,407 2,929 Aug.3 48,841 37,510 16,288 9,289 2,569 9,364 11,331 4,034 4,365 2,932 Sept.., 49,350 37,962 16,470 9,390 2,613 9,489 11,388 4,084 4,390 2,914 Oct.. . 49,872 38,421 16,659 9,534 2,653 9,575 11,451 4,050 4,525 2,876 1 Represents all consumer instalment credit extended for the purpose NOTE.—Monthly figures for the period December 1939 through 1946, 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 1947-58, in the BULLETIN individuals of automobiles or other consumer goods that may be used for April 1953, pp. 347-53; October 1956, pp. 1035-^2; December 1957, in part for business. pp. 1420-22; November 1958, p. 1344; and November 1959, pp. 1416-17. 2 Represents repair and modernization loans held by financial institu- A detailed description of the methods used to derive the estimates may tions; holdings of retail outlets are included in other consumer goods be obtained from Division of Research and Statistics. paper. 3 Includes data for Alaska and Hawaii beginning with January and August 1959, respectively. 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 a n i l t t - Total m b C e a o r n m c k ia s - l f p i c S n a o a n a m l n i e e c s - s e u C n r i e o d n i s t p f s i c a C n u o n a m o m i n n e e c s - - r e i Other i Total D s m t e o p e r a e n r s t t 2 - F s t t u o u r r r n e e i s - H s a h a t o p o n o u p r c l s l e d e i e s - - d m A ea o u l b t e o 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 1952 19,403 15,581 7,524 4,711 837 1,866 643 3,822 1,107 943 301 389 1,082 1953 23,005 18,963 8,998 5,927 1,124 2,137 777 4,042 1,064 1,004 377 527 1,070 1954 23,568 19,450 8,796 6,144 1,342 2,257 911 4,118 1,242 984 377 463 1,052 1955 28,958 24,450 10,601 8,443 1,678 2,656 1,072 4,508 1,511 1,044 365 487 1,101 1956 31,897 27,154 11,777 9,100 2,014 3,056 1,207 4,743 1,408 1,187 377 502 1,269 1957 34,183 29,515 12,843 9,573 2,429 3,333 1,337 4,668 1,393 1,210 361 478 1,226 1958 34,080 29,097 12,780 8,740 2,668 3,384 1,525 4,983 1,882 1,128 292 506 1,175 1958_Oct 33,232 28,779 12,645 8,777 2,615 3,273 1,469 4,453 1,586 1,056 291 495 ,025 Nov 33,322 28,780 12,660 8,708 2,630 3,280 1,502 4,542 1,644 1,070 290 498 ,040 Dec 34,080 29,097 12,780 8,740 2,668 3,384 1,525 4,983 1,882 1,128 292 506 ,175 1959—Jan. 4 34,029 29,178 12,908 8,733 2,647 3,380 1,510 4,851 1,805 1,095 288 508 ,155 Feb 34,025 29,238 12,938 8,724 2,671 3,377 1,528 4,787 1,807 1,079 283 509 ,109 Mar 34,234 29,499 13,086 8,780 2,710 3,378 1,545 4,735 1,781 1,045 282 513 ,114 Apr 34,762 30,010 13,374 8,921 2,766 3,387 1,562 4,752 1,781 1,043 282 524 ,122 May 35,357 30,540 13,645 9,089 2,815 3,394 1,597 4,817 1,807 1,044 283 535 ,148 June 36,135 31,245 13,963 9,350 2,895 3,424 1,613 4,890 1,839 1,052 283 551 ,165 July 36,757 31,861 14,230 9,592 2,946 3,463 1,630 4,896 1,826 1,055 284 565 ,166 Aug.4 37,510 32,540 14,497 9,806 3,044 3,515 1,678 4,970 1,868 1,072 288 578 ,164 Sept 37,962 32,954 14,664 9,949 3,093 3,542 1,706 5,008 1,907 1,078 288 586 1,149 Oct 38,421 33,318 14,817 10,071 3,143 3,570 1,717 5,103 1,967 1,089 286 593 1,168 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. 4 See note 3 to table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 1525 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 s o e e t t d a n a i l t l t - ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct s g O p c u o a o t m o p h n d e e e - r r s r e R m l r t o a e n i o n a p o iz n d d a n a s - ir - s l P o o e a n r n a - s l E o n r d m of o n y t e h ar i c T n r s o e t t d a a i l l t - m A pa o u p b t e o il r - e s g O p c u o a o t m o p h n d e e e - r r s r m R iz l o o a e a d n a p ti e n d a o r s i n n r - l s P o o e a n r n a - s l 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1952 4,711 3,630 680 60 341 1952 7,524 1,633 1,629 1,751 1,137 1,374 1953 5,927 4,688 816 46 377 1953 8,998 2,215 1,867 2,078 1,317 1,521 1954 6,144 4,870 841 31 402 1954 8,796 2,269 1,668 1,880 1,303 1,676 1955 8,443 6,919 1,034 25 465 1955 . 10,601 3,243 2,062 2,042 1,338 1,916 1956 9,100 7,283 1,227 23 567 1956 11,777 3,651 2,075 2,464 1,469 2,118 1957 9,573 7,470 1,413 20 670 1957 12,843 4,130 2,225 2,557 1,580 2,351 1958 8,740 6,404 1,567 19 750 1958 12,780 4,014 2,170 2,269 1,715 2,612 1958_Oct... 8,777 6,477 1,560 19 721 1958—Oct 12,645 3,990 2,161 2,232 1,688 2,574 Nov.. 8,708 6,395 1,571 19 723 Nov 12,660 3,988 2,151 2,240 1,708 2,573 Dec. 8,740 6,404 1,567 19 750 Dec 12,780 4,014 2,170 2,269 1,715 2,612 1959__jan... 8,733 6,391 1,566 19 757 1959—Jan. i 12,908 4,043 2,195 2,319 1,706 2,645 Feb.. 8,724 6,394 1,548 19 763 Feb 12,938 4,075 2,218 2,290 1,695 2,660 Mar.. 8,780 6,429 1,561 21 769 Mar 13,086 4,133 2,262 2,288 1,700 2,703 Apr.. 8,921 6,543 1,582 20 776 Apr 13,374 4,241 2,324 2,310 1,720 2,779 May. 9,089 6,679 1,605 22 783 May 13,645 4,340 2,376 2,347 1,754 2,828 June. 9,350 6,884 1,647 23 796 June 13,963 4,475 2,425 2,383 1,788 2,892 July.. 9,592 7,063 1,695 25 809 July 14,230 4,580 2,465 2,424 1,825 2,936 Aug.1 9,806 7,240 1,723 26 817 Aug. i 14,497 4,682 2,495 2,472 1,855 2,993 Sept.. 9,949 7,328 1,761 30 830 Sept 14,664 4,746 2,500 2,494 1,882 3,042 Oct... 10,071 7,406 1,788 33 844 Oct 14,817 4,816 2,517 2,512 1,912 3,060 1 Includes data for Hawaii, beginning with August 1959. 1 Includes data for Alaska and Hawaii, beginning with January and August 1959, respectively. INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS NONINSTALMENT CREDIT 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] Singlepayment Charge accounts Total Auto- O c t o h n e - r R a e n p d air Per- Total loans End of year instal- mobile sumer modern- sonal End of year non- Service 1939 or month c m r 7 e e 8 d n 9 i t t pap 8 e 1 r g p o a o p 2 d e 4 r s iz lo a a ti 1 n o 5 s n lo 6 a 6 n 9 s or month i c m n r s e e t d n a i l t t - b C m c a o i n e a m r k l - s - t O f u i i n c t n t i i s h a o a t n e i l n - r - s s m p t D o a e r e r e n - t- s t ! o O r u e t t t h l a e e i t l r s c C a r r e d d s i 2 t credit 1941 957 122 36 14 785 1945 731 54 20 14 643 1939 2,719 625 162 236 1,178 518 1952 3,346 452 310 188 2,396 1941 3 087 693 152 275 1 370 597 1953 4,038 538 370 247 2,883 1945 3,203 674 72 290 1,322 845 1954 4,510 539 375 282 3,314 1955 5,406 761 537 326 3,782 1952 8,117 1,844 276 728 3,283 119 1 867 1956 6,277 948 648 403 4,278 1953 8,388 1,899 288 772 3,352 150 1,927 1957 7,099 1,106 622 489 4,882 1954 8,896 2,096 312 793 3,515 177 2 003 1958...... 7,577 1,143 610 616 5,208 1955 9,924 2,635 367 862 3,717 216 2,127 1956 10,614 2,843 410 893 3,842 260 2,366 1958—Oct.. 7,357 ,131 595 591 5,040 1957 11,103 2,937 427 876 3,953 317 2,593 Nov. 7,412 ,132 597 607 5,076 1958 11,506 3,156 490 907 3,808 345 2,800 Dec. 7,577 ,143 610 616 5,208 1958—Oct 10,464 3,054 458 623 3,329 347 2,653 1959—Jan. i 7,537 ,134 605 605 5,193 Nov 10,648 3,087 495 669 3,364 337 2,696 Feb.. 7,576 ,143 611 610 5,212 Dec 11,506 3,156 490 907 3,808 345 2,800 Mar. 7,633 ,157 620 617 5,239 Apr.. 7,715 ,178 635 624 5,278 1959_jan.3.... 11,065 3,135 464 757 3,504 358 2,847 May. 7,806 ,198 653 643 5,312 Feb 10,723 3,182 515 637 3,112 349 2,928 June. 7,932 ,231 671 656 5,374 Mar 10,691 3,208 547 608 3,047 349 2,932 July. 8,039 ,250 684 667 5,438 10,946 3,291 521 601 3,208 351 2,974 Aug. 8,237 ,293 702 688 5,554 May!!!! 11,246 3,337 588 609 3,405 345 2,962 Sept. 8,341 1,310 713 701 5,617 June.... 11,387 3,417 574 599 3,494 353 2,950 Oct.. 8,430 1,327 724 708 5,671 July 11,290 3,407 547 558 3,467 382 2,929 Aug3 11,331 3,431 603 562 3,408 395 2,932 Sept 11,388 3,455 629 606 3,383 401 2,914 i Includes data for Alaska and Hawaii, beginning with January and Oct 11,451 3,466 584 647 3,491 387 2,876 August 1959, respectively. NOTE.—Institutions represented are consumer finance companies, credit unions, industrial loan companies, mutual savings banks, savings and 1 Includes mail-order houses. loan associations, and other lending institutions holding consumer 2 Service station and miscellaneous credit-card accounts and homeinstalment loans. heating-oil accounts. 3 Includes data for Alaska and Hawaii, beginning with January and August 1959, respectively. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1526 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] Other consumer Repair and Total Automobile paper goods paper modernization loans Personal loans Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 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 40,175 15,563 11,702 1,568 11,342 1957 42,545 16,545 11,747 1,660 12,593 1958 40,818 14,316 11,638 1,890 12,974 1958—Oct.. 3,481 3,520 1,203 1,189 ,006 1,075 169 187 1,103 1,069 Nov.. 3,615 3,374 1,274 1,103 ,037 1,050 170 169 1,134 1,052 Dec. 3,757 4,393 1,431 1,378 ,000 1,433 162 159 1,164 1,423 1959_jan.l . 3,862 3,369 1,445 1,254 ,101 925 156 120 1,160 1,070 Feb... 3,849 3,290 1,465 1,266 ,064 860 157 126 1,163 1,038 Mar... 3,802 3,830 1,431 1,491 ,074 995 168 157 1,129 1,187 Apr... 3,981 4,073 1,524 1,598 ,144 1,090 175 173 1,138 1,212 May.. 4,105 4,092 1,530 1,580 ,158 1,128 190 198 1,227 1,186 June.. 4,024 4,454 1,505 1,780 ,129 1,173 177 195 1,213 1,306 July... 4,152 4,315 1,554 1,720 ,152 1,109 183 197 1,263 1,289 Aug.i 4,128 4,193 1,535 1,627 ,137 1,123 185 199 1,271 1,244 Sept... 4,164 4,061 1,517 1,515 ,137 1,123 174 191 1,336 1,232 Oct.. . 4,212 4,185 1,619 1,564 ,123 1,198 173 190 1,297 1,233 Repayments 1952 25,405 10,003 7,892 917 6,593 1953 27,956 10,879 8,622 ,119 7,336 1954 30,488 11,833 9,145 ,255 8,255 1955 33,649 13,082 9,751 ,315 9,501 1956 37,236 14,576 10,756 ,362 10,542 1957 40,259 15,595 11,545 ,466 11,653 1958 40,921 15,488 11,497 ,629 12,307 1958—Oct 3,450 3,534 1,288 1,350 974 988 143 148 1,045 1,048 Nov 3,468 3,284 1,248 1,193 1,008 943 135 133 1,077 1,015 Dec 3,442 3,635 1,270 1,305 962 962 141 143 1,069 1,225 1959—Jan.i 3,460 3,447 1,259 1,231 980 1,023 140 141 1,081 1,052 Feb 3,510 3,294 1,289 1,198 992 966 139 132 1,090 998 Mar 3,458 3,621 1,277 1,336 986 1,031 138 143 1,057 1,111 Apr 3,541 3,545 1,296 1,282 1,014 1,026 149 147 1,082 1,090 May 3,629 3,497 1,318 1,262 1,015 996 149 143 1,147 1,096 June 3,544 3,676 1,290 1,342 994 1,020 145 147 1,115 1,167 July 3,637 3,693 1,334 1,363 1,012 1,015 146 147 1,145 1,168 Aug. i 3,635 3,578 1,325 1,318 1,012 993 152 151 1,146 1,116 Sept 3,662 3,609 1,316 1,333 1,046 1,022 147 147 1,153 1,107 Oct 3,700 3,726 1,341 1,375 1,051 1,054 147 150 1,161 1,147 Change in outstanding credit2 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 +2,939 +987 +946 +206 +800 1957 +2,286 +950 +202 + 194 +940 1958 -103 -1,172 + 141 +261 +667 1958—Oct.. . +31 -14 -85 -161 + 32 + 87 +26 + 39 +58 +21 Nov.. + 147 +90 +26 -90 +29 + 107 + 35 + 36 + 57 + 37 Dec. +315 +758 + 161 +73 +38 +471 +21 + 16 +95 + 198 1959—Jan. i' +429 -51 + 197 +34 + 129 -90 + 17 -20 +86 +25 Feb.., +339 -4 + 176 +68 +72 -106 + 18 -6 +73 +40 Mar.. +344 +209 + 154 + 155 + 88 -36 + 30 + 14 +72 +76 Apr.., +440 +528 +228 +316 + 130 +64 +26 +26 +56 + 122 May. +476 +595 +212 +318 + 143 + 132 +41 +55 +80 +90 June. +480 +778 +215 +438 + 135 + 153 +32 +48 +98 + 139 July. . +515 +622 +220 + 357 + 140 +94 +37 +50 + 118 + 121 Aug.1 +631 +753 +266 + 365 + 150 + 155 +37 +52 + 178 + 181 Sept.. +502 +452 + 201 + 182 +91 + 101 +27 +44 + 183 + 125 Oct.. . +512 +459 +278 + 189 +72 + 144 +26 +40 + 136 +86 r Revised. A discussion of the composition and characteristics of the data and 1 Includes data for Alaska and Hawaii beginning with January and a description of the methods used to derive the estimates are shown August 1959, respectively. As a result the differences between extensions in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment and repayments for these two months do not equal the changes in out- credit extended and repaid are based on information from accounting standing credit. records of retail outlets and financial institutions and often include charges 2 Obtained by subtracting instalment credit repaid from instalment incurred under the instalment contract. Renewals and refinancing of credit extended, except as indicated in note 1. loans, repurchases and resales of instalment paper, and certain other NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-48 of transactions may increase the amount of both credit extended and credit the BULLETIN for October 1956; for 1955-58, in the BULLETINS for repaid without adding to the amount of credit outstanding. December 1957, pp. 1420-22, and November 1959, p. 1418. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 1527 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Commercial banks S c a o le m s p f a in n a ie n s ce Ot i h n e s r t it f u in ti a o n n c s ial Retail outlets Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 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 ll',267 7,260 6,983 5,541 1955 39,039 14,109 10,200 8,449 6,281 19562 40,175 14,463 9,600 9 474 6,638 19572 42,545 15,355 10,200 10,495 6,495 19582 40,818 14,860 8 907 10,488 6,563 1958 Oct 3,481 3,520 1,266 1,267 732 738 899 881 584 634 Nov . • .. 3,615 3,374 1,315 1,166 758 687 916 870 626 651 Dec 3,757 4,393 1,333 1,360 827 855 949 1,163 648 1,015 1959__ Jan 1 3,862 3,369 1,432 1,323 883 753 908 808 639 485 Feb.2 3,849 3,290 1,393 1,225 865 723 934 834 657 508 MLar . .. . . 3,802 3,830 1,375 1,430 883 883 911 950 633 567 Apr 3,981 4,073 1,445 1,559 941 933 928 955 667 626 M^ay 4,105 4,092 1,495 1,518 940 940 1,011 981 659 653 June 4,024 4,454 1,427 1,623 915 1 074 999 1,069 683 688 July..., 4,152 4,315 1,534 1,612 944 1,061 1,017 1,041 657 601 4,128 4,193 1 520 1 530 915 988 1 031 1 021 662 654 Sept 4,164 4,061 1,510 1,473 936 950 1,068 996 650 642 Oct 4,212 4,185 1,519 1,482 989 973 1,052 1,014 652 716 Repayments 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 19562 37,236 13,362 8,943 8,603 6,328 19572 40,259 14,360 9,727 9,673 6,499 19582 40,921 14,647 9,774 10,010 6,490 1958 Oct 3,450 3,534 1.227 1,255 800 852 852 855 571 572 Nov 3,468 3,284 1,224 1,151 785 756 858 815 601 562 Dec 3,442 3,635 1,192 1,240 783 823 871 998 596 574 1959 Jan i 3,460 3,447 1,218 1,209 789 760 876 855 577 623 Feb 2 3,510 3,294 1,256 1,171 793 732 863 795 598 596 Mar 3,458 3,621 L,238 1,282 781 827 852 893 587 619 Apr 3,541 3,545 t 257 1 271 808 792 876 873 600 609 May 3,629 3,497 1,287 1,247 819 772 924 890 599 588 June . 3,544 3,676 1,250 1,305 789 813 904 943 601 615 July 3,637 3,693 1,311 1,345 807 819 923 934 596 595 Aug.* 3,635 3,578 L,310 1,299 793 795 920 892 612 592 Sept 3,662 3,609 1,312 1,306 804 807 931 892 615 604 Oct 3,700 3,726 1.327 1,329 817 851 935 925 621 621 Change in outstanding credit3 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 19562 +2 939 c+l 176 +657 + 871 s+235 I9572 +2,286 + 1,066 +473 + 822 -75 19582 — 103 — 63 -833 +478 + 315 1958 N O o c v t + + 1 3 4 1 7 + -1 9 4 0 + + 3 9 9 1 + + 1 1 5 2 - -2 68 7 -1 -6 1 9 4 + + 4 5 7 8 + +5 2 5 6 + + 2 1 5 3 + + 6 8 2 9 Dec +315 +758 + 141 + 120 +44 + 32 +78 + 165 + 52 +441 1959 Jan. ir +429 -51 +228 + 128 +94 -7 + 39 -40 +68 -132 Feb 2 +339 -4 + 113 + 30 +72 Q +71 + 39 + 83 -64 Mar + 344 +209 + 137 + 148 + 102 +56 +59 +57 +46 -52 Apr . . . +440 +528 + 188 +288 + 133 + 141 + 52 + 82 +67 + 17 Miay +476 + 595 +208 +271 + 121 + 168 + 87 +91 +60 +65 June +480 +778 + 177 + 318 + 126 +261 +95 + 126 + 82 +73 July +515 +622 +223 +267 + 137 +242 +94 + 107 +61 +6 A S O e u c p g t t 1 r + + + 6 5 5 3 0 1 1 2 2 + + + 4 4 7 5 5 5 9 3 2 + + + 2 1 1 4 9 9 6 8 2 + + + 2 1 1 6 6 5 7 7 3 + + + 1 1 1 4 3 7 3 2 2 + + + 2 1 1 1 4 2 4 3 2 + + + 1 1 1 3 8 1 7 0 7 + + + 1 1 8 0 9 9 4 8 + + + 6 3 3 2 5 1 + + + 7 9 3 4 5 8 e Corrected. r Revised. NOTE.—Monthly figures for 1940-54 are shown on pp. 1049-54 of 1 Includes data for Alaska and Hawaii beginning with January and the BULLETIN for October 1956; for 1955-58, in the BULLETINS for August 1959, respectively. As a result the differences between extensions December 1957, pp. 1421-22, and November 1959, p. 1419. and repayments for these two months do not equal the changes in out- A discussion of the composition and characteristics of the data and standing credit. a description of the methods used to derive the estimates are shown 2 Data on extensions and repayments have been adjusted to avoid in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment duplications resulting from large transfers of other consumer goods paper. credit extended and repaid are based on information from accounting As a result, the differences between extensions and repayments for some records of retail outlets and financial institutions and often include charges types of holders do not equal the changes in outstanding credit. 4 incurred under the instalment contract. Renewals and refinancing of 3 Obtained by subtracting instalment credit repaid from instalment loans, repurchases and resales of instalment paper, and certain other transcredit extended, except as indicated in notes 1 and 2. actions may increase the amount of both credit extended and credit repaid without adding to the amount of credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1528 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [1947-49= 100, unless otherwise noted. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] In ( d ph u y st s r i i c a a l l p v r o o l d u u m c e t ) io * n Co c n on st t r r u a c c t t i s on Employment and payrolls2 (value) i Depart- Wholeor Y m e o ar nth Total Tot M al an r u D a f b a u c l - e ture N r s a d o b u n l - e - M era in ls - Total R d t e i e a n s l i - - o A th l e l r N p m t a c e u l g m o u o e r r n n l y a i - - - - t - l pr E o M m d m a u p e n c n l u t o t i f y o a - n c tu w r o i r n P r k g o a e l y r ls s - F i l r c n o e a g a ig r d s - * h - t v s ( m s r a a t e l l o e e t u a n r s e e i t * ) l p s C u ri m o c n e e - s r 2 m p c r s o o i a d c m l e i e t - s y 2 Ad- Unad- Ad- Ad- Ad- Ad- Unad- Unad- Unad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 39 38 38 37 45 34 26 39 61.3 68.7 31.1 90 27 74 0 1920 41 39 42 36 53 34 18 45 61.9 69.0 37.1 98 32 85.7 1921 . . . 31 30 24 34 42 30 27 32 55 2 52.8 24.0 83 30 76 4 1922 39 39 37 40 45 43 41 43 58.5 58.4 25.7 92 30 71.6 1923 47 45 47 44 62 45 49 42 64 3 66.9 32.6 107 34 72 9 1924 . ... 44 43 43 42 57 51 57 46 63 5 62.1 30.4 105 34 73 1 1925 49 48 49 46 59 66 75 59 65.2 64.2 32.1 110 36 75.0 1926 51 50 52 48 63 69 73 67 67 5 65 5 33 0 115 37 75 6 65 0 1927 51 50 49 50 64 69 71 68 67 9 64.1 32.4 111 37 74 2 62 0 1928 . ... 53 52 53 51 63 73 76 70 67.9 64.2 32.8 112 37 73 3 62 9 1929 59 58 60 56 68 63 52 70 71 0 68 3 35 0 115 38 73 3 61 9 1930 . . . 49 48 45 51 59 49 30 62 66.6 59.5 28.3 99 35 71 4 56 1 1931 . ... 40 39 31 48 51 34 22 41 60.3 50.2 21.5 79 32 65 0 47 4 1932 31 30 19 42 42 15 8 20 53 4 42 6 14 8 59 24 58 4 42 1 1933 . . 37 36 24 48 48 14 7 18 53 6 47.2 15.9 62 24 55 3 42 8 1934 40 39 30 49 51 17 7 24 58 8 55 1 20 4 67 27 57 2 48 7 1935 47 46 38 55 55 20 13 25 61 3 58 8 23 5 69 29 58 7 52 0 1936 . . 56 55 49 61 63 30 22 35 65 8 63.9 27 2 81 32 59 3 52 5 1937 . .... 61 60 55 64 71 32 25 36 70.2 70.1 32.6 84 35 61 4 56.1 1938 48 46 35 57 62 35 27 40 66 1 59 6 25 3 67 32 60 3 51 1 1939 ... . 58 57 49 66 68 39 37 40 69.3 66.2 29.9 76 35 59 4 50 1 1940 67 66 63 69 76 44 43 44 73.3 71.2 34.0 83 37 59.9 51.1 1941 87 88 91 84 81 66 54 74 82 8 87 9 49 3 98 44 62 9 56 8 1942 . ... 106 110 126 93 84 89 49 116 90.9 103.9 72.2 104 49 69 7 64.2 1943 127 133 162 103 87 37 24 45 96 3 121 4 99 0 104 56 74 0 67 0 1944 . . . 125 130 159 99 93 22 10 30 95 0 118 1 102 8 106 62 75*2 67 6 1945 107 110 123 96 92 36 16 50 91.5 104.0 87.8 102 70 76.9 68.8 1946 90 90 86 95 91 82 87 79 94 4 97 9 81 2 100 90 83 4 78 7 1947 . ... 100 100 101 99 100 84 86 83 99 4 103.4 97 7 108 98 95 5 96 4 1948 104 103 104 102 106 102 98 105 101.6 102.8 105.1 104 104 102.8 104.4 1949 . . 97 97 95 99 94 113 116 111 99 0 93 8 97 2 00 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 Nov 141 144 143 151 135 123 98 112 88 116.3 96.0 96.9 158.4 83 137 123.9 119.2 Dec 142 140 144 152 135 124 86 91 82 116.2 96.1 96.5 160.4 82 143 123.7 119.2 1959 Jan 143 142 145 153 137 124 87 95 82 116.8 96.5 95.8 158.2 84 138 123.8 119.5 Feb 145 147 148 157 139 124 87 99 78 117.0 96.8 96.5 160.4 84 140 123.7 119.5 Mar 147 149 150 160 140 123 126 143 114 117.6 98.2 98.0 165.1 85 138 123.7 119.6 Apr 150 152 153 164 142 124 142 170 123 118.6 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 0 119.9 155 155 158 172 145 125 138 163 120 119.8 101.9 101.3 174.4 87 144 124.5 119.7 July 153 143 157 167 146 118 138 157 125 120.2 102.0 100.5 170.2 73 150 124.9 119.5 149 148 r153 '159 146 117 116 144 97 118.9 97.4 98.4 164.9 72 149 124 8 119.1 Sept . 149 151 152 158 147 116 115 136 101'119.2 '98.3 '100.0 '169.1 72 143 125.2 '119.7 Oct 147 152 15C 156 144 117 118 140 103 118.9 97.3 98.7 166.1 74 125.5 119.2 Nov . . ^148 P156 ^119.2 ?98.8 ^166.1 81 445 • Estimated. P Preliminary. r Revised. 2 The indexes of employment and payrolls, wholesale commodity prices, * Average per working day. and consumer prices are compiled by the Bureau of Labor Statistics. 1 Indexes beginning with 1956 are based on data for 48 States from F. W. Nonagricultural employment covers employees only and excludes person- Dodge Corporation, 1956-57= 100. Figures for earlier years are three- nel in the armed forces. The consumer price index is the revised series, month moving averages, based on data for 37 States east of the Rocky reflecting, beginning January 1953, the inclusion of some new series and Mountains, 1947-49= 100; the data for 1956 on this basis were: total, revised weights; prior to January 1953, indexes are based on the "interim 268; residential, 271; and all other, 266. A description of the old index, adjusted" and "old" indexes converted to the base 1947-49= 100. including seasonal adjustments, may be obtained from the Division of Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 1529 INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average =100] 19 p 4 ro 7 - _49 a A v n e n ra u g a e l 1958 1959 Industry portion 1957 1958 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct SEASONALLY ADJUSTED INDUSTRIAL PRODUCTION—TOTAL. 100.00 143 134 138 141 142 143 145 147 150 153 155 153 149 149 147 MANUFACTURES—TOTAL 90.02 145 136 140 143 144 145 148 150 153 156 158 157 '153 152 150 Durable Manufactures—Total 45.17 160 141 146 151 152 153 157 160 164 169 172 167 759 158 156 Primary metals 6.70 131 104 122 123 123 125 138 146 149 154 150 106 67 '65 63 Metal fabricating 28.52 176 755 156 163 165 166 168 770 773 77P 184 186 752 753 757 Fabricated metal products 5.73 139 128 133 136 136 136 135 138 142 148 150 150 144 145 138 Machinery 13.68 168 145 147 150 152 154 158 159 163 170 178 180 179 r182 181 Nonelectrical machinery 9.04 150 127 130 133 132 132 138 142 145 150 156 156 158 157 155 Electrical machinery 4.64 204 179 180 183 190 199 198 192 198 209 222 227 221 233 232 Transportation equipment 7.54 213 187 183 203 204 204 204 207 211 214 216 218 211 205 205 Autos, trucks, and parts 4.80 128 99 91 119 123 124 123 128 132 136 139 142 133 129 132 Other transportation equipment 2.74 344 319 321 327 322 322 322 322 327 327 326 327 322 314 309 Instruments and related products 1.29 172 164 169 173 175 176 179 181 183 189 197 199 198 200 203 Clay, glass, and lumber products 5.91 133 129 134 137 136 136 137 143 750 753 752 757 '753 750 148 Stone, clay, and glass products 2.82 155 145 149 151 148 147 149 158 166 170 174 180 174 172 167 Lumber and products 3.09 114 115 120 125 125 127 126 129 136 139 133 137 r134 130 130 Furniture and misc. manufactures 4.04 132 127 134 134 131 735 735 735 143 147 149 753 757 757 752 Furniture and fixtures 1.64 120 119 127 129 127 133 132 135 138 143 145 149 145 144 145 Miscellaneous manufactures 2.40 140 133 138 137 134 137 137 141 147 150 152 156 155 155 157 Nondurable Manufactures—Total. . . . 44.85 no 130 134 135 135 137 139 140 142 144 145 146 146 147 144 Textiles and apparel 11.87 105 103 111 110 110 112 113 115 119 122 123 126 125 125 122 Textile mill products 6.32 99 98 104 104 104 106 108 110 115 118 118 123 111 120 115 Apparel and allied products 5.55 111 110 118 116 118 119 121 123 127 128 130 130 130 130 Rubber and leather products 3.20 118 113 119 126 123 124 128 129 723 725 737 141 735 732 725 Rubber products 1.47 135 125 133 141 140 142 150 156 135 134 155 172 162 159 145 Leather and products 1.73 104 102 108 113 108 109 109 106 112 118 115 112 109 Paper and printing 8.93 148 147 153 152 150 153 755 756 158 767 760 164 763 '765 765 Paper and allied products 3.46 158 160 171 168 166 167 172 173 176 180 178 185 182 182 183 Printing and publishing 5.47 141 139 142 142 139 144 145 145 147 149 149 151 152 '153 154 Newsprint consumption 1.85 131 126 131 130 120 129 131 130 135 135 133 138 139 138 137 Job printing and periodicals 3.62 146 146 148 149 150 152 152 153 153 155 157 157 158 '161 162 Chemical and petroleum products 9.34 172 170 175 177 180 182 184 757 188 190 7P3 7P7 7P7 '7P3 7P0 Chemicals and allied products 6.84 184 184 189 192 194 196 199 201 204 208 212 211 212 '216 212 Industrial chemicals 2.54 203 195 209 212 214 216 222 226 232 234 246 245 244 '249 245 Petroleum and coal products 2.50 141 134 137 139 142 143 144 149 143 142 143 135 133 130 Foods, beverages, and tobacco 11.51 112 115 116 117 117 118 120 120 727 722 77P 77P r123 '722 775 Food and beverage manufactures 10.73 112 115 115 116 117 118 119 119 120 122 120 118 122 '122 118 Food manufactures 8.49 112 115 115 116 116 117 119 120 120 121 121 118 120 120 119 Beverages 2.24 113 116 115 119 121 122 121 118 124 125 117 116 130 128 Tobacco manufactures .78 111 118 120 126 126 121 130 121 134 124 115 132 126 125 MINERALS—TOTAL 9.98 128 117 122 123 124 124 124 123 124 126 125 118 117 116 117 Mineral fuels 8.35 128 117 123 123 124 123 723 727 722 724 124 118 720 727 722 Coal 2.68 83 68 69 72 73 69 74 72 71 73 73 56 61 '62 64 Anthracite .36 49 42 39 37 48 45 37 39 38 37 36 31 35 36 35 Bituminous coal 2.32 88 72 74 77 77 73 79 77 77 79 78 60 65 67 69 Crude oil and natural gas 5.67 150 141 148 147 148 148 146 144 146 148 148 148 148 149 P149 Crude oil 4.12 138 129 138 135 135 137 135 133 135 137 136 133 134 135 Natural gas and gas liquids .70 198 197 202 203 205 198 204 207 *>209 ^210 ^212 P209 Metal, stone, and earth minerals 1.63 129 120 124 125 129 128 732 735 134 73/ 775 700 'P7 90 Metal mining .82 116 91 92 101 108 113 114 115 114 115 106 79 43 27 *>29 Stone and earth minerals .81 142 143 148 148 142 145 143 148 155 154 156 157 159 '155 153 I Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1530 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average =100] 9 p 4 r 7 o - - 49 A av n e n ra u g a e l 1958 1959 Industry portion 1957 1958 Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION—TOTAL. 00.00 143 134 143 144 140 142 147 149 152 153 155 143 148 151 152 MANUFACTURES—TOTAL 90.02 145 136 145 146 141 144 150 152 155 156 158 147 151 155 156 Durable Manufactures—Total... 45.17 160 141 149 155 152 154 160 163 166 169 172 157 153 159 160 Primary Metals 6.70 131 104 123 124 119 127 144 153 155 157 154 94 63 >64 64 Ferrous metals 5.03 130 99 117 120 117 125 142 154 156 157 152 80 38 42 Pig iron and steel. 3.51 140 105 129 129 127 136 156 170 171 170 165 76 20 Pig iron .37 137 99 119 124 123 127 139 152 155 157 153 72 19 Steel 3.05 139 105 129 128 127 136 156 170 171 170 164 76 P22 Carbon steel.. 2.62 138 104 126 127 125 133 151 164 165 165 161 75 Alloy steel.. . .43 143 106 144 138 135 157 191 205 206 203 182 84 Ferrous castings and forgings. 1.52 108 85 90 99 93 98 112 118 122 128 123 89 81 '86 87 Iron and steel castings 1.29 107 85 91 101 93 98 112 118 122 127 123 89 79 '85 87 Steel forgings .23 113 81 85 96 101 111 115 121 133 125 '92 92 87 Nonferrous metals 1.67 136 121 140 137 126 134 149 152 151 156 160 134 136 133 129 Primary nonferrous metals. .38 164 146 150 157 162 163 169 167 169 168 174 165 140 121 123 Copper smelting .09 129 120 138 144 130 132 136 145 144 141 141 111 68 33 38 Copper refining .06 135 121 111 130 144 135 155 138 140 133 140 132 '82 '45 43 Lead .04 114 99 101 93 98 97 97 87 93 87 86 73 57 34 42 Zinc .10 123 97 90 93 105 105 108 110 108 106 107 101 97 89 P89 Aluminum .09 275 268 283 295 308 317 318 318 325 332 350 363 350 352 352 Secondary nonferrous metals. . . .13 111 93 111 105 102 103 119 113 123 118 119 101 111 Nonferrous shapes and castings. 1.16 129 116 141 133 117 127 145 151 149 156 160 127 137 139 133 Copper mill shapes .63 104 94 128 114 87 103 123 129 117 123 128 76 120 113 95 Aluminum mill shapes .20 198 193 219 202 203 204 225 243 264 287 305 321 222 235 248 Nonferrous castings .33 136 110 118 130 123 129 140 139 141 144 134 110 119 133 Metal Fabricating. 28.52 176 155 158 167 168 168 172 174 176 179 182 175 173 181 184 Fabricated metal products 5.73 139 128 136 136 136 134 135 138 Ul 146 150 143 146 151 141 Structural metal parts 2.68 152 140 144 144 148 144 144 146 151 155 160 155 146 149 140 Stampings and misc. metal products. 2.12 124 108 115 119 125 124 123 128 130 133 136 129 127 135 134 Tin cans .30 146 150 161 130 104 118 125 128 146 158 167 180 242 241 144 Furnaces, gas ranges, and heaters. . . .63 99 106 133 128 104 107 116 109 111 114 116 93 126 139 136 Machinery. 13.68 168 145 150 153 152 156 162 164 165 170 175 166 172 185 186 Nonelectrical machinery 9.04 150 127 127 131 133 134 142 147 149 153 156 150 149 155 152 Farm and industrial machinery 8.13 146 121 118 121 125 128 132 137 140 144 148 144 143 147 146 Farm machinery 1.02 84 79 83 65 72 80 99 106 107 116 117 112 100 108 96 Industrial and commercial machinery. 7.11 155 127 124 129 133 135 137 142 144 148 152 149 149 153 153 Machine tools and presses .68 182 119 115 113 116 116 118 125 130 134 138 139 141 '146 148 Laundry and refrigeration appliances. .. .69 148 196 196 191 159 160 189 166 Electrical machinery 4.64 204 179 194 197 190 199 202 196 196 203 213 197 219 '244 251 Electrical apparatus and parts. 3.23 201 177 177 182 192 192 193 195 198 203 209 207 210 220 221 Radio and television sets .74 205 166 221 212 163 193 200 173 166 177 198 149 223 291 316 Transportation equipment... 7.54 213 187 184 211 214 211 212 215 217 215 214 209 189 189 207 Autos, trucks, and parts. 4.80 128 99 92 132 134 131 133 139 141 139 138 132 100 105 134 Autos 1.50 146 101 71 160 161 154 149 163 164 162 158 150 71 73 143 Trucks .66 104 90 89 112 100 110 133 138 143 148 147 134 96 102 119 Light trucks .22 100 82 75 123 120 114 123 124 130 134 131 120 64 96 103 Medium trucks .19 50 24 12 33 30 28 32 31 36 36 40 36 10 10 30 Heavy trucks .14 194 203 221 221 173 227 308 327 329 343 337 310 255 229 281 Truck trailers .07 137 116 132 135 134 145 161 168 184 187 192 161 167 175 154 Auto and truck parts.. 2.58 123 Other transportation equipment. 2.74 344 319 321 327 329 325 326 325 327 324 323 320 319 314 309 Aircraft and parts 1.30 608 572 582 591 595 587 587 583 580 572 571 566 563 '564 555 Shipbuilding and repair .81 129 128 129 130 128 131 128 132 138 141 137 134 132 124 124 Railroad equipment .53 77 39 20 29 32 28 35 36 43 42 45 46 51 35 31 Railroad cars .35 34 24 38 39 49 24 80 15 19 19 26 27 36 34 21 Instruments and related products 1.29 164 176 195 193 196 202 172 171 174 176 179 183 185 188 205 Clay, Glass and Lumber Products. 5.91 129 126 158 150 160 157 133 143 139 128 134 140 150 157 157 Stone, clay, and glass products 2.82 145 153 145 141 166 111 174 111 176 174 Glass and pottery products , 1.09 155 125 155 127 124 125 145 156 146 171 150 144 150 149 154 Flat glass and vitreous products. .60 141 137 122 141 144 142 133 143 166 146 169 162 165 175 179 Flat and other glass .47 161 139 123 141 144 142 147 167 171 167 173 163 167 180 183 Glass containers .26 164 135 120 130 116 126 148 171 149 171 155 150 163 134 147 Home glassware and pottery.... .23 136 82 145 86 80 79 138 137 146 98 90 94 97 100 92 91 89 86 90 Cement .32 148 155 193 170 139 109 109 143 177 196 203 201 204 198 183 Structural clay products .35 128 118 133 127 120 112 115 121 132 134 142 142 140 141 Brick .12 114 113 136 123 110 96 101 111 131 129 143 141 138 147 Clay, firebrick, pipe, and tile. .20 140 123 133 132 129 126 127 130 134 139 143 145 143 139 145 Concrete and plaster products .48 188 187 207 199 187 182 182 192 208 219 229 230 235 230 220 Misc. stone and earth manufactures. .58 174 157 169 169 171 172 175 180 184 189 192 190 189 189 187 » Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 1531 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] Annual 1947-49 average 1958 1959 Industry proportion 1957 1958 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. WITHOUT SEASONAL ADJUSTMENT —Continued 3.09 114 115 131 126 109 116 124 125 136 143 141 127 145 141 141 LuLmubmerb earnd products 2.05 96 94 105 101 87 89 98 101 106 113 109 102 113 113 111 Millwork and plywood .60 187 202 240 234 193 225 243 234 269 278 270 Millwork .39 112 110 134 133 103 110 120 118 141 162 157 124 160 146 137 .12 312 356 416 403 341 419 448 429 484 471 456 .29 84 76 80 78 77 77 75 78 79 83 84 81 79 78 79 Furniture and Misc. Manufactures 4.04 132 127 141 139 135 132 136 138 139 142 146 144 152 157 160 1.64 120 119 132 132 132 132 134 135 135 137 141 141 147 148 150 Household furniture 1.10 120 122 138 137 138 137 140 141 140 141 144 146 152 154 158 Fixtures and office furniture .54 120 114 120 120 122 120 120 122 125 129 136 132 137 136 136 2.40 140 133 147 144 137 133 137 139 142 145 149 145 156 163 166 Nondurable manufactures—Total 44.85 130 130 142 138 130 135 140 141 143 143 144 136 149 151 151 Textiles and Apparel 11.87 105 103 115 112 103 113 119 121 123 122 120 110 127 r124 126 Textile mill products . 6.32 99 98 109 107 100 107 113 113 111 119 117 107 111 120 120 Cotton and svnthetic fabrics 3.72 105 104 112 118 106 119 122 122 131 129 121 119 127 123 129 Cotton consumption 2.30 95 91 98 99 86 101 103 102 106 104 97 96 105 102 108 Synthetic fabrics .97 119 115 125 137 141 135 138 149 154 156 156 147 142 144 138 Fabric finishing . . .. .45 94 98 101 115 87 115 119 108 139 130 107 110 133 114 138 Wool textiles . . .97 75 69 75 71 62 ^Vool apparel yarns .16 78 72 73 72 62 79 85 84 95 94 88 85 91 82 85 Wool fabrics .75 75 69 76 71 63 Knit goods 1.15 104 104 116 115 96 109 111 111 116 115 115 108 125 120 119 Hosiery .65 93 92 102 102 75 101 99 94 97 91 86 74 98 92 92 Full-fashioned hosiery .45 89 84 89 92 66 90 87 83 84 77 69 59 81 74 75 Seamless hosiery .20 102 108 132 127 98 125 127 120 129 123 125 110 139 135 133 Knit garments .50 118 120 134 132 124 120 126 132 140 146 153 152 158 156 153 .48 Woven carpets .31 71 63 79 76 75 76 91 87 90 76 76 51 79 79 Annarel and allied Droducts 5.55 111 110 121 117 105 120 127 130 128 125 124 113 134 128 132 Men's outerwear 1.78 102 100 108 107 93 119 120 117 139 136 118 109 141 133 147 Men's suits and coats .73 86 75 79 84 67 81 82 81 99 98 89 64 105 94 99 Mien's suits . .50 87 73 76 84 70 87 86 83 95 91 81 55 96 87 94 Men's outercoats .13 61 66 73 62 38 37 46 52 92 99 98 86 117 97 95 Shirts and work clothins .99 112 115 128 121 109 145 146 142 167 164 138 140 166 161 182 Women's outerwear ... 1.85 112 112 120 113 90 119 141 138 133 129 118 109 120 110 112 Women's suits and coats .76 128 129 150 138 101 151 175 147 114 138 144 150 138 122 135 Misc apparel and allied mfrs 1.92 117 117 129 128 126 125 130 129 125 128 127 136 138 124 r136 Rubber and Leather Products 3.20 118 113 125 125 118 129 138 136 125 129 119 135 131 121 134 1.47 135 125 143 145 137 150 158 159 138 152 141 156 156 Tires and tubes .70 123 113 129 128 128 138 154 155 111 113028 141 147 136 116319 151 .40 134 120 131 131 132 149 167 171 120 120 154 162 148 151 157 Truck and bus tires .30 107 103 125 124 122 124 137 133 99 92 122 125 120 124 142 Miscellaneous rubber products .77 147 136 156 160 146 161 161 163 163 154 162 136 174 181 161 Leather and products • 1.73 104 102 109 108 102 111 120 116 113 112 110 101 117 110 Leather .44 89 84 91 93 85 90 94 88 89 93 85 68 88 79 Cattlehide leathers .29 98 91 101 102 94 98 102 95 95 97 87 70 89 82 Skin leathers . . .. .15 72 68 72 74 69 76 79 73 77 86 79 65 85 74 .90 M[iscellaneous leather products . .. .39 94 94 105 107 104 99 102 103 98 98 103 105 110 109 8.93 148 147 160 155 145 150 156 159 164 162 160 152 161 r167 172 Paper and allied products 3.46 158 160 181 170 153 166 177 176 185 180 180 164 184 184 194 Pulp and paper 1.76 154 154 171 164 148 161 171 171 179 175 177 157 176 172 181 Wood pulp .51 176 175 199 188 168 187 194 195 203 200 203 183 203 r197 209 Paper and board 1.25 145 145 160 154 140 150 162 161 169 165 167 147 165 162 170 Printing Daoer .22 133 133 138 132 127 138 142 145 153 149 151 139 151 150 157 Fine paper .14 139 142 151 152 145 145 160 161 165 162 164 135 158 r153 158 Coarse paper .20 127 125 142 139 120 129 140 135 147 142 142 127 138 135 146 Miscellaneous paper .18 179 178 195 186 175 193 200 194 205 200 196 175 199 M91 208 Paperboard .. .41 153 154 173 166 146 157 173 172 178 174 178 153 178 r173 178 Building paper and board .10 124 129 145 128 115 124 137 143 157 148 156 150 153 157 158 Converted paper products 1.70 163 166 192 176 158 171 183 182 190 186 182 171 192 197 207 Shipping containers .51 157 157 184 168 148 160 172 174 179 181 177 166 188 195 201 Sanitary paper products .11 179 191 213 199 187 203 213 202 223 199 196 186 200 201 221 J> Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1532 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] 19 p 4 ro 7 - -49 A av n e n ra u g a e l 1958 1959 Industry portion 1957 1958 Oct. Nov. Dec Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct WITHOUT SEASONAL ADJUSTMENT —Continued Printing and publishing 5.47 141 139 147 146 140 139 142 148 150 150 148 144 147 -156 158 Newsprint consumption 1.85 131 126 141 142 119 119 127 136 145 143 133 120 125 139 148 Job printing and periodicals. 3.62 146 146 149 149 151 150 150 154 153 154 155 155 158 164 164 Chemical and Petroleum Products. 9.34 172 170 179 180 181 187 189 190 189 189 181 187 r193 194 Chemicals and allied products 6.84 184 184 195 195 195 198 202 204 209 207 206 199 206 -215 111 Industrial chemicals 2.54 203 195 211 214 217 219 226 231 237 237 241 233 -236 -247 247 Basic inorganic chemicals .57 202 198 210 219 210 209 223 229 235 232 224 212 213 223 228 Industrial organic chemicals 1.97 204 195 212 213 219 221 227 231 237 238 245 239 -243 -254 253 Plastics materials .24 272 284 336 328 320 332 350 366 379 377 386 345 -367 -395 Synthetic rubber .11 245 230 260 273 262 280 292 287 289 283 284 295 c3O7 319 33T Synthetic fibers .59 199 180 199 200 215 211 220 222 231 224 235 230 ^225 P226 ^216 Miscellaneous organic chemicals. 1.03 186 178 185 187 192 195 196 199 202 209 214 213 218 ••230 228 Vegetable and animal oils. .64 130 130 162 159 149 156 155 144 138 131 121 118 120 141 177 Vegetable oils .48 121 124 161 155 148 154 149 141 129 120 108 103 106 132 176 Grease and tallow .16 154 149 164 171 151 161 174 155 165 165 158 161 164 168 180 Soap and allied products .71 112 109 120 114 104 117 120 113 117 114 107 75 119 126 125 Paints i .66 Fertilizers .23 132 132 126 115 119 134 142 172 212 192 127 109 117 r132 127 Petroleum and coal products. 2.50 141 134 137 140 144 146 145 148 138 139 143 132 134 133 Petroleum refining 1.97 150 145 147 151 159 160 157 154 147 146 151 148 152 150 '146 Gasoline 1.04 162 161 160 168 173 170 162 166 163 164 171 170 174 170 Automotive gasoline.. .98 157 156 154 161 167 165 156 162 159 162 167 167 171 166 Aviation gasoline. . . . .06 249 249 275 286 275 257 268 232 233 215 234 220 226 227 Fuel oil .56 147 136 140 140 153 163 165 153 134 133 136 129 136 131 '131 Distillate fuel oil. . .30 194 183 193 192 207 226 229 211 184 186 190 182 191 185 Residual fuel oil. . .26 93 82 79 80 90 91 92 86 77 74 75 67 72 70 Kerosene .10 98 99 103 115 123 137 137 100 90 80 80 74 77 91 Lubricating oil.. .17 113 104 108 106 112 104 104 111 117 113 113 118 109 120 Coke .26 105 76 85 90 92 94 102 107 107 106 104 40 26 27 Asphalt roofing and siding. .15 94 103 121 92 49 80 149 87 109 121 129 136 144 160 58 Foods, Beverages, and Tobacco. 11.51 112 115 129 120 110 111 110 115 118 123 121 134 r137 130 108 Food and beverage manufactures. 10.73 111 115 129 120 110 109 109 114 111 122 121 134 137 130 Food manufactures 8.49 112 115 130 121 112 107 110 108 111 113 118 118 133 138 132 Meat products 1.48 128 125 138 134 133 110 140 133 136 129 129 127 127 141 150 Beef .46 148 139 150 134 134 139 132 132 141 140 143 144 142 151 149 Pork .83 110 126 126 141 136 127 127 116 114 111 111 127 130 Dairy products .69 111 110 93 89 87 92 100 109 121 141 147 132 123 108 94 Butter .14 109 105 80 88 92 103 106 110 115 132 123 98 84 75 82 Natural cheese .07 119 121 104 101 103 102 108 119 134 155 158 131 115 108 99 Concentrated milk. .19 102 99 77 70 76 83 88 99 115 139 141 112 97 85 75 Ice cream .28 111 112 104 94 84 87 99 109 117 136 153 158 157 135 106 Canned and frozen foods. 1.13 126 134 175 125 105 92 93 97 110 110 135 163 254 240 165 Grain-mill products 1.16 100 103 109 104 101 105 102 102 99 105 107 104 108 108 107 Wheat flour .46 87 90 97 97 88 94 90 89 85 92 88 83 93 93 97 Cereals and feeds .70 108 112 117 110 109 113 111 111 108 114 119 118 117 118 113 Bakery products. 1.64 100 101 103 101 101 98 99 99 99 102 104 105 106 107 107 Sugar .27 122 131 293 311 233 112 72 64 70 83 81 72 100 122 262 Cane sugar.... .11 112 115 117 114 107 103 104 113 118 135 126 125 141 141 114 Beet sugar .13 125 138 439 476 336 114 40 16 23 32 36 20 58 100 384 Confectionery .71 112 113 140 134 96 121 128 103 108 96 92 84 102 158 145 Miscellaneous food preparations. 1.41 108 115 118 118 116 113 116 115 116 119 125 121 123 124 124 Beverages 2.24 113 116 124 113 104 97 105 113 126 133 139 130 138 133 Bottled soft drinks. . .54 Alcoholic beverages. 1.70 103 107 124 111 94 91 100 109 119 124 123 112 122 124 Beer and ale 1.02 101 103 90 85 90 85 88 105 119 121 131 127 121 111 97 Liquor distilling... .17 83 91 172 125 109 104 107 106 112 111 92 50 77 139 Liquor bottling. .. .37 111 115 166 154 92 92 116 112 116 128 114 101 136 137 Tobacco manufactures. .78 111 118 130 128 103 121 130 121 129 128 125 119 136 129 Cigarettes .46 116 124 132 128 108 123 127 121 129 132 129 129 144 133 Cigars .17 106 114 137 140 102 129 150 133 140 129 126 102 129 129 e Corrected. Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 1533 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] 19 p 4 ro 7 - ^9 a A v n e n ra u g a e l 1958 1959 Industry portion 1957 1958 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. WITHOUT SEASONAL ADJUSTMENT —Continued 9.98 128 117 124 123 124 123 123 122 124 127 127 114 116 116 117 MINERALS—TOTAL 8.35 128 117 122 124 127 126 126 123 123 124 123 112 118 119 Ul Coal 2.68 83 68 75 75 76 73 74 69 68 72 72 46 63 65 70 Anthracite . . . . . . .36 49 42 43 40 50 50 39 34 34 33 38 25 36 39 39 Bituminous coal 2.32 88 72 80 81 80 76 79 74 74 78 77 50 67 69 75 Crude oil and natural gas 5.67 150 141 144 147 151 152 150 149 149 148 147 144 144 145 ^145 Oil and gas extraction 4.82 146 139 143 145 149 150 150 149 149 147 145 140 140 141 *>142 Crude oil 4.12 138 129 134 134 137 138 138 138 139 138 136 130 130 131 *>131 Natural gas and gas liquids .70 198 197 196 209 219 216 220 215 *209 *198 ?200 P197 ^200 ^201 Natural gas .34 212 216 212 230 247 241 242 235 Natural gas liquids .36 184 179 181 188 193 192 200 196 194 191 J92 187 190 "192' Oil and gas well drilling .85 171 152 154 159 165 163 152 146 148 155 161 165 169 166 161 lVIetal 9 Stone 9 and Earth Minerals 1.63 129 117 131 121 110 108 111 114 128 146 147 126 108 r98 97 Metal mining . .82 116 91 107 93 81 86 91 91 105 135 133 90 49 32 ^33 Iron ore .33 114 73 107 53 38 43 52 50 81 157 160 72 8 8 Nonferrous metal mining .... .49 117 103 107 119 110 114 118 118 121 121 115 101 76 48 50 Copper mining .24 133 121 132 145 135 139 141 146 149 151 140 125 81 39 41 Lead mining .09 85 68 62 73 64 69 71 64 65 61 65 57 66 62 62 Zinc mining .06 84 65 61 65 60 66 75 71 73 73 70 59 59 56 57 ,81 142 143 156 151 139 131 130 138 152 157 162 163 168 r164 162 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] Annual 1958 1959 1947-49 average Industry proportion 1957 1958 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. ELECTRICITY AND GAS—TOTAL 100.00 233 244 251 250 252 258 259 261 261 265 270 #271 ^270 ^275 ,274 Residential ,. .. 41 34 261 282 289 285 286 299 297 298 295 298 301 Nonresidential » 58.66 213 216 224 225 229 230 232 236 236 242 249 76.18 233 243 251 248 252 257 257 260 259 265 272 273 272 277 ^276 27.48 273 295 305 298 300 313 310 312 307 312 318 323 327 338 Industrial 23.68 213 208 217 216 221 220 224 228 229 235 244 241 229 228 23.49 193 189 198 198 202 202 206 209 211 216 225 222 210 209!... . Atomic energy .19 2670 2570 2560 2550 2540 2560 2590 2580 2560 2560 2580 2580 2590 2600 i Commercial and other . .. 25.02 208 219 224 224 228 230 230 234 235 241 248 248 252 256 Gas 23.82 232 246 251 254 254 262 264 265 265 266 266 ^267 ^69 Residential . 13.86 236 256 257 258 258 269 272 270 270 269 268 6.16 230 231 238 241 243 250 255 260 262 265 263 Commercial and other 3.80 218 232 250 260 255 254 251 253 255 260 264 e Estimated. P Preliminary. r Revised. Indexes without seasonal adjustment may be obtained from the Division NOTE.—For description and back figures see BULLETIN for October of Research and Statistics. 1956, pp. 1055-69. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1534 PRODUCTION OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve indexes, 1947-49 average = 100] Annual 1947_49 average 1958 1959 pro- Product portion 1957 1958 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL. 100.00 130 113 108 133 134 133 132 135 137 141 145 149 142 136 139 Major Durables 138 114 105 142 143 140 137 141 146 151 155 158 149 140 146 Autos 146 101 67 139 143 139 130 142 147 153 156 158 134 122 134 Major household goods 132 127 141 148 144 143 146 142 147 153 156 161 165 158 159 Furniture and floor coverings. 114 115 124 127 127 132 133 133 135 140 140 147 141 137 138 Household furniture 120 122 130 133 134 140 140 141 143 148 148 154 150 148 149 Floor coverings1 Appliances and heaters 127 127 148 159 156 140 145 139 144 151 145 148 164 150 152 Major appliances 133 131 157 168 161 141 149 145 150 158 154 157 177 160 159 Ranges 89 88 98 114 118 99 103 101 99 109 104 99 99 104 93 Refrigeration appliances., 140 140 173 184 180 150 163 164 171 178 170 181 199 183 184 Laundry appliances 180 170 208 215 187 188 186 169 176 182 184 190 239 199 198 Heating apparatus 104 115 123 131 138 137 134 120 125 128 118 121 123 116 >129 Radio and television sets 205 166 166 174 162 181 185 179 189 195 235 240 '238 r245 243 Radio sets 75 61 65 75 65 73 72 67 71 71 92 91 '86 r98 90 Television sets 453 365 359 363 346 387 400 392 415 432 507 526 528 528 535 Other Consumer Durables 30.28 111 110 114 113 114 118 119 121 115 117 124 127 126 126 124 Auto parts and tires 14.00 Misc. home and personal goods. 16.28 114 109 114 114 113 114 114 117 119 123 125 130 128 133 130 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL.. 100.00 130 113 116 143 137 136 140 144 142 142 144 134 119 128 150 Major Durables 138 114 113 155 147 145 150 155 154 154 154 140 114 125 157 Autos 146 101 71 160 161 154 149 163 164 162 158 150 71 73 143 Major household goods 132 127 151 153 138 140 154 151 148 149 152 132 153 173 172 Furniture and floor coverings. 114 115 131 130 130 130 135 136 135 133 135 133 142 144 146 Household furniture 120 122 138 137 138 137 140 141 140 141 144 146 152 154 158 Floor coverings * Appliances and heaters 127 127 147 156 137 131 158 159 156 155 154 125 141 163 150 Major appliances 133 131 148 162 146 137 169 173 167 165 163 131 141 166 149 Ranges 89 88 102 114 108 96 115 117 104 103 111 75 88 113 97 Refrigeration appliances., 140 140 138 156 153 145 187 205 201 205 201 168 145 175 147 Laundry appliances 180 170 229 241 189 183 212 186 182 173 166 135 201 225 218 Heating apparatus 104 115 145 136 108 112 121 116 120 123 125 106 140 153 152 Radio and television sets 205 166 221 212 163 193 199 173 166 176 198 148 223 290 316 Radio sets 75 61 82 99 79 73 73 70 68 69 76 53 64 103 114 Television sets 453 365 485 429 322 422 440 369 353 380 431 331 527 649 701 Other Consumer Durables 30.28 111 110 123 117 113 115 117 117 113 114 121 122 130 133 133 Auto parts and tires 14.00 Misc. home and personal goods. 16.28 114 109 123 122 114 109 114 116 116 118 122 121 130 137 140 * Preliminary. r Revised. Individual indexes without seasonal adjustment for woven carpets, 1 Publication suspended pending revision. appliances, heating apparatus, radio sets, and television set* 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 Business Other Year or month Total Total d R en e t s i i a - l Total In tr d i u al s- m C e o rc m ia - l P u u ti b li l t i y c n d r t e o e ia s n n i l - - - Total M ta i r l y i- H w ig ay h- s C t e i r o o v n n a - - o A th l e l r 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 1,290 3,015 892 6 039 1954 39,362 27,684 15,379 8,531 2,030 2,212 4,289 3,77s 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 1,287 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 1,287 4,892 971 6,867 1958 48,903 33,491 18,047 11,076 2,382 3,589 5,105 4,368 15,412 1,402 5,500 1,019 7,491 1958 Oct.r 4,171 2,834 1,590 870 165 295 410 374 1,337 134 468 89 646 Nov r 4,328 2,907 ,653 875 167 298 410 379 1,421 160 523 86 652 Dec r 4,424 2,988 ,733 878 166 300 412 377 1,436 135 539 93 669 1959 Jan r 4,557 3,065 ,793 900 160 304 436 372 1,492 127 600 95 670 p M eb a r r r 4 4 , , 6 6 0 5 9 9 3 3, , 1 0 5 9 8 7 , , 8 8 1 6 2 7 9 9 1 1 0 5 1 1 6 5 0 6 3 3 0 0 5 8 4 4 5 4 4 2 3 37 7 6 5 1 1 , ,5 5 0 1 1 2 1 13 2 3 5 6 5 1 9 3 6 9 9 8 3 6 68 7 1 4 Apr r 4,667 3,243 ,952 915 153 311 451 376 1,424 143 517 99 665 Mayr 4,713 3,296 ,981 936 157 334 445 379 1,417 144 513 101 659 June r 4,705 3,287 ,939 954 163 344 447 394 1,418 139 511 112 656 Julyr 4,671 3,301 ,924 970 170 351 449 407 1,370 113 514 90 653 4,566 3,260 ,875 966 175 347 444 419 1,306 113 475 86 632 Septv . . .. 4,424 3,193 [,852 933 168 329 436 408 1,231 102 443 88 598 Oct.P 4,263 3,083 1,780 894 165 318 411 409 1,180 102 418 92 568 " Preliminary. r Revised. * Beginning with June 1959, data are from Bureau of Census. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 1535 CONSTRUCTION CONTRACTS, 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 By type of construction ownership Year or month Total Nonresidential building Public Resi- works Public Private dential and building t F o a ri c e - s m C e o rc m ia - l E ti d o u n c a a l - Other u p t u il b it l i i e c s 1957 ... . 32 173 11 238 20 935 13 039 2 168 3 267 2 936 2 922 7 841 1958 35,090 13,427 21,663 14.696 1,400 3,197 2,908 3,444 9,446 1958_Oct 3,309 1,071 2,238 1,595 135 288 248 284 759 Nov 2,594 927 1,667 1,206 96 238 198 243 613 Dec 2 282 887 1,395 981 88 227 206 226 553 1959—Jan 2 319 800 1,519 I 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 I 541 128 286 217 283 886 Apr 3,778 1,207 2,571 1,831 189 328 270 400 760 May 3,542 1,094 2,447 677 176 326 227 342 793 June 3 659 1,167 2,492 l'762 151 292 251 361 842 July 3,657 1,186 2,470 1,690 194 354 265 378 776 Aug 3 084 850 2,234 1 551 133 311 231 285 571 Sept 3,058 840 2,218 1,466 165 346 241 255 586 Oct 3,135 914 2,220 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, 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 dis- San tricts 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 ci r s a c n o - 1958—Aug 3,467 174 494 151 260 275 366 411 148 165 198 267 557 Sept 3,216 173 518 143 223 265 317 457 131 133 161 201 493 Oct 3,309 142 406 210 265 222 337 473 129 141 227 198 561 1959—Aug 3,084 152 368 132 244 199 353 423 122 124 180 192 595 Sept 3,058 133 328 128 257 233 377 441 121 116 191 195 536 Oct 3,135 137 440 157 223 235 278 467 151 119 155 208 565 PERMANENT NONFARM DWELLING UNITS STARTED [Bureau of Labor Statistics estimates.* In thousands of units] Year or month a ( n s a e n p d T a u r j s i u a o v o l s t a n a t r e t a l e a d l t l e y ) Total p M a o r e l e i t t a r a o s n - p m N a o e r l o e i t t r n a a o s - n - Total fam 1- il P y rivat f e am 2- ily M fam ul i t l i y - Public G T o o v t e a r l nmen F t- H u A nderwri V tt A en* 1951 1,091 777 315 1,020 892 40 88 71 412 264 149 1952 1,127 795 332 1,069 939 46 84 59 421 280 141 1953 1,104 804 300 1,068 933 42 94 36 409 252 157 1954 1,220 897 324 1,202 1,077 34 90 19 583 276 307 1955 1,329 976 353 1,310 1,190 33 87 19 670 277 393 1956 1,118 780 338 1,094 981 31 82 24 463 192 271 1957 1 042 700 342 993 840 33 120 49 313 185 128 1958 1,209 827 382 1,142 933 39 170 68 429 327 102 1958—Nov 1.427 109 74 36 107 85 4 18 2 40 29 11 Dec 1,432 91 64 27 90 70 3 16 2 38 29 9 1959 Jan 1,364 87 62 25 84 64 3 17 3 29 22 7 Feb I 403 95 62 33 94 75 3 15 28 22 6 Mar 1,403 121 81 40 118 93 5 20 3 41 31 10 Apr 1,434 142 97 45 137 109 5 24 5 46 35 11 May I 370 137 94 43 134 107 5 21 4 46 36 10 June [,368 137 93 44 131 110 5 16 6 47 36 11 July t 375 129 88 41 127 105 4 18 2 43 32 11 Aug 1,340 129 86 43 125 104 4 17 4 43 33 10 Sept 1,323 120 83 38 117 95 4 18 3 41 31 10 Oct. VI 180 £105 75 31 P102 n a. n a n.a. ?3 37 27 9 Nov V1 210 P92 63 29 v9l n.a. n.a. n.a. v2 31 23 8 P Preliminary. n.a. Not available. sure or guarantee the mortgages. VA figures after June 1950 and all FHA * Beginning June 1959 data are from the Bureau of the Census. figures are based on filed office reports of first compliance inspections; 1 Data from Federal Housing Administration and Veterans' Adminis- earlier VA figures are estimates based on loans-closed information. tration represent units started under commitments of FHA or VA to in- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1536 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates, without seasonal adjustment. In thousands of persons unless otherwise indicated] Civilian labor force Total non- Total Employed1 Unemploy- Year or month institutional labor Not in the ment population force Total Total In c u n l o tu n r a a g l ri- In U pl n o e y m ed - labor force (per r a c t e e nt)2 industries agriculture 1951 111,924 65,832 62,884 61,005 53,951 7,054 1,879 46 092 3.0 1952 113,119 66,410 62,966 61,293 54,488 6,805 1,673 46,710 2.7 1953 115,095 67,362 63,815 62,213 55,651 6,562 1,602 47 732 2 5 1954 116,220 67,818 64,468 61,238 54,734 6,504 3,230 48,402 5.0 1955 117,388 68,896 65,848 63,193 56,464 6,730 2,654 48,492 4.0 1956 118,734 70,387 67,530 64,979 58,394 6,585 2,551 48,348 3.8 19573 120,445 70,746 67,946 65,011 58,789 6,222 2,936 49,699 4.3 1958 121,950 71,284 68,647 63,966 58,122 5,844 4,681 50 666 6.8 1958 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 5.8 123,059 71,210 68,639 65,012 59,163 5,848 3,627 51 849 5.3 \lay 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 Oct 123,785 72,629 70,103 66 831 60 707 6,124 3 272 51 155 6 0 Nov 123,908 71,839 69,310 65,640 60,040 5,601 3,670 52,068 5.6 1 Includes self-employed, unpaid family, and domestic service workers. school and waiting to start new jobs (previously included as employed) 2 Per cent of civilian labor force. Monthly data are seasonally are classified as not in the labor force. adjusted. NOTE.—Information relating to persons 14 years of age and over is 3 Beginning with 1957 persons waiting to start new wage and salary jobs obtained through interviews of households on a sample basis. Monthly and those on temporary layoff, previously considered as employed (with data relate to the calendar week that contains the 12th day; annual data a job but not at work), are classified as unemployed, and a small group in are averages of monthly figures. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Bureau of Labor Statistics. In thousands of persons] Transporta- Federal Year or month Total M t a u n r u in fa g c- Mining co C n o st n r t u r c a t c i t on ti p o u n b a li n c d Trade Finance Service Sta lo te c a a l nd utilities government 1951 47,347 16,104 916 2,603 4,166 10,012 1,892 5,264 6 389 1952 48,303 16,334 885 2,634 4,185 10,281 1,967 5,411 6 609 1953 49,681 17,238 852 2,622 4,221 10,527 2,038 5,538 6 645 1954 48,431 15,995 777 2,593 4,009 10,520 2,122 5,664 6,751 1955 50,056 16,563 777 2,759 4,062 10,846 2,219 5,916 6 914 1956 51,766 16,903 807 2,929 4,161 11,221 2,308 6 160 7 277 1957 52,162 16,782 809 2,808 4,151 11,302 2,348 6,336 7*626 1958 50,543 15,468 721 2,648 3,903 11,141 2,374 6 395 7 893 SEASONALLY ADJUSTED 1958 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 A.ug 52,023 16,037 633 2,814 3,893 11,529 2,437 6,549 8,131 Sept 52,154 16,141 617 2,776 3,899 11,464 2,452 6 584 8 221 Oct 51,996 16,020 622 2,763 3,899 11,478 2,454 6,544 8,216 Nov .. 52,120 16,105 664 2,747 3,901 11,443 2,452 6,571 8,237 WITHOUT SEASONAL ADJUSTMENT 1958 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 Aug 52,066 16,169 639 3,107 3,922 11,360 2,474 6 582 7 813 Sept 52,648 16,367 620 3,043 3,927 11,464 2,452 6 617 8 158 Oct 52,561 16,193 622 2,962 3,909 11,551 2,442 6,609 8,273 Nov 52,658 16,209 667 2,810 3,911 11,714 2,440 6,571 8,336 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 October and November 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 1537 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 Nov. Sept. Oct. Nov. Nov. Sept. Oct. Nov. Total 11,876 12,154 12,038 12,119 11,981 12,373 12,209 12,222 Durable goods 6,693 6,837 6,752 6,828 6,742 6,847 6,791 6,875 Ordnance and accessories 71 74 73 71 71 74 73 71 Lumber and wood products 570 599 593 589 579 620 611 598 Furniture and fixtures 304 327 323 317 312 329 329 325 Stone, clay, and glass products 422 462 450 444 426 469 457 448 Primary metal industries 930 611 602 969 930 611 602 969 Fabricated metal products 819 841 810 792 827 841 814 800 Machinery except electrical 1,030 1,197 1,173 1,154 1,020 1,167 1,150 1,142 Electrical machinery us 888 885 874 788 888 894 887 T I M n r s i a s t n r c u s e p m ll o a e r n n t e a t o s t i u o a s n n m d e a q r n e u l u i a p f t a m e c d t e u n p r t i r n o g d i u n c d t u s s . t . r . ie .. s . . . 1,1 2 3 9 0 6 9 8 4 1, 2 4 2 3 0 0 1 7 0 1, 4 2 2 3 0 1 1 2 0 9 2 3 9 3 9 0 0 8 1, 2 3 1 0 7 9 9 9 9 1, 4 2 2 3 1 0 1 7 0 1, 2 4 2 2 3 1 0 2 0 4 9 23 1 9 1 4 0 Nondurable goods 5,183 5,317 5,286 5,291 5,239 5,526 5,418 5,347 Food and kindred products 1,028 1,001 993 1,009 1,050 1,162 1,079 1,031 Tobacco manufactures 78 81 77 77 85 98 92 84 Textile-mill products 858 894 885 865 867 890 885 874 Apparel and other finished textiles 1,048 1,084 1,085 1,097 1,053 1,106 1,101 1,102 Paper and allied products 442 453 450 448 446 460 454 452 Printing, publishing and allied industries 543 570 565 565 548 570 571 571 Chemicals and allied products 511 537 537 538 514 540 542 541 Products of petroleum and coal 157 151 151 149 156 153 151 148 Rubber products 192 211 210 207 195 212 212 210 Leather and leather products 326 335 333 336 324 335 331 334 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 October and November 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 Nov. Sept. Oct. Nov. Nov. Sept. Oct. Nov. Nov. Sept. Oct. Nov. Total 86.58 89.47 89.06 88.98 39.9 40.3 40.3 39.9 2.17 2.22 2.21 2.23 Durable goods 94.30 96.70 96.52 95.91 40.3 40.8 40.9 40.3 2.34 2.37 2.36 2.38 Ordnance and accessories 103.16 105.22 106.66 105.37 41.1 41.1 41.5 41.0 2.51 2.56 2.57 2.57 Lumber and wood products 77.59 82.62 82.01 80.80 40.2 40.7 40.8 40.2 1.93 2.03 2.01 2.01 Furniture and fixtures 73.03 75.58 76.49 75.35 40.8 41.3 41.8 41.4 1.79 1.83 1.83 1.82 Stone* clay, and glass products 87.53 91.43 91.24 90.76 40.9 41.0 41.1 40.7 2.14 2.23 2.22 2.23 Primary metal industries 108.08 106.40 105.74 110.88 39.3 40.0 39.9 39.6 2.75 2.66 2.65 2.80 Fabricated metal products 94.66 99.66 96.76 96.05 40.8 41.7 41.0 40.7 2.32 2.39 2.36 2.36 Machinery except electrical 96.96 103.16 104.08 103.32 39.9 41.1 41.3 41.0 2.43 2.51 2.52 2.52 Electrical machinery 88.91 90.76 91.17 90.72 40.6 40.7 40.7 40.5 2.19 2.23 .24 2.24 Transportation equipment 106.78 108.40 109.35 102.94 40.6 40.0 40.5 38.7 2.63 2.71 .70 2.66 Instruments and related products.... 90.76 93.89 94.53 94.30 40.7 41.0 41.1 41.0 2.23 2.29 2.30 2.30 Miscellaneous manufacturing industries... 75.14 76.95 77.52 76.95 40.4 40.5 40.8 40.5 1.86 1.90 1.90 1.90 Nondurable goods 77.22 80.79 79.79 79.59 39.4 39.8 39.5 39.4 1.96 2.03 2.02 2.02 Food and kindred products 83.64 86.11 86.09 86.69 41.0 41.4 40.8 40.7 2.04 2.08 2.11 2.13 Tobacco manufactures 62.72 63.40 63.60 63.00 39.2 40.9 40.0 37.5 1.60 1.55 1.59 1.68 Textile-mill products 61.26 63.28 63.99 63.99 40.3 39.8 40.5 40.5 1.52 1.59 1.58 1.58 Apparel and other finished textiles 54.42 55.69 55.02 56.30 35.8 36.4 36.2 36.8 1.52 1.53 1.52 1.53 Paper and allied products 90.95 96.77 95.44 95.42 42.5 43.2 42.8 42.6 2.14 2.24 2.23 2.24 Printing, publishing and allied industries.. 99.30 106.70 104.72 103.90 37.9 38.8 38.5 38.2 2.62 2.75 2.72 2.72 Chemicals and allied products 96.82 104.48 100.85 100.60 41.2 42.3 41.5 41.4 2.35 2.47 2.43 2.43 Products of petroleum and coal 112.46 120.77 116.52 116.11 40.6 41.5 40.6 39.9 2.77 2.91 2.87 2.91 Rubber products 98.09 102.01 101.18 96.14 40.7 41.3 40.8 39.4 2.41 2.47 2.48 2.44 Leather and leather products 59.63 59.09 58.28 59.25 37.5 36.7 36.2 36.8 1.59 1.61 1.61 1.61 NOTE.—Data are for production and related workers. Figures for October and November 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

1538 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures. 1947-^9 average = 100] Federal Reserve district United Year or month States Boston Y N o e r w k P a p d h h e i i l a l - - C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is M ap i o n l n is e- K C a i n ty sas Dallas F c S i r s a a c n n o - SALES i 1951 112 109 107 112 114 115 117 110 111 107 117 120 112 1952 114 110 104 113 115 122 127 109 116 109 121 129 120 1953 118 114 105 117 119 127 131 114 120 110 123 132 122 1954 118 117 108 116 112 129 135 112 121 113 129 136 122 1955 128 123 113 125 122 140 149 122 132 117 140 149 132 1956 135 126 120 131 128 146 164 128 138 126 144 158 141 1957 135 122 124 132 129 148 166 128 138 128 142 159 140 1958 136 122 127 133 127 149 167 125 137 128 146 159 142 SEASONALLY ADJUSTED 1958—Oct 135 125 128 139 129 151 166 122 131 123 144 159 141 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 150 133 138 148 142 161 190 140 146 134 154 174 161 Aug 149 132 133 135 143 161 196 139 154 139 163 189 162 Sept 143 124 129 137 135 149 180 132 146 137 154 167 154 Oct 130 133 141 135 H58 P177 135 138 130 170 153 WITHOUT SEASONAL ADJUSTMENT 1958—Oct 140 127 135 142 126 158 175 129 144 142 150 165 142 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 May 141 124 126 138 132 156 175 134 149 127 154 172 146 June 137 118 125 132 127 146 162 130 130 135 147 160 151 July 121 95 100 108 115 129 157 111 120 107 135 155 143 Aug 132 103 102 112 126 138 177 124 138 131 156 176 157 Sept 145 132 132 140 135 156 173 138 144 146 155 160 154 Oct 132 141 144 139 142 151 150 H62 177 154 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—Oct 152 142 138 154 131 177 202 146 136 141 160 169 160 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 160 147 145 162 136 186 217 159 147 148 157 182 165 Sept 161 148 144 161 139 188 222 157 147 146 159 182 170 Oct P159 145 143 160 139 180 225 151 145 146 HS7 WITHOUT SEASONAL ADJUSTMENT 1958—Oct 170 161 156 177 147 201 221 160 153 156 174 186 180 Nov 173 166 161 183 147 205 234 163 153 159 184 190 180 Dec 136 130 130 141 117 157 178 123 121 127 146 152 148 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 156 143 142 156 130 181 212 152 145 145 155 182 166 Sept 168 154 151 169 145 194 230 163 154 152 164 192 176 Oct 164 161 184 156 205 245 167 163 162 P174 *>206 P Preliminary. r Revised. NOTE.—For description of the series and for monthly indexes beginning 1 Figures for sales are the average per trading day, while those for stocks with 1947, see BULLETIN for December 1957, pp. 1323-52. Figures prior are as of the end of the month or averages of monthly data. to 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 1539 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 m ( s e r O t o n d i a n d u n e n g r t t d - o s h - ) f * m c ( e t o R f i o o n p e t r t t a - h s l 2 ) 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 s o t p o t r i a o d n l u n u c e g t d s k - rs - s ce R i e p - ts Annual average: 1950 376 1,012 495 391 401 2.8 1.4 4.2 1.1 1951 391 1,202 460 390 379 3.2 1.3 4.4 1.0 1952 397 1,097 435 397 401 2.9 1.2 4.1 1.0 1953 406 1,163 421 408 401 3.0 1.1 4.1 1.0 1954 409 1,140 388 410 412 3.0 1.0 4.0 1.0 1955 437 1,195 446 444 449 2.9 1.1 4.0 1.0 1956 454 1,286 470 459 458 3.0 1.1 4.1 1.0 1957 459 1,338 461 461 458 3.1 1.1 4.1 1.0 1958 462 1,320 436 461 463 3.0 1.0 4.1 1.0 Month: 1958—Oct.. 502 1,518 '543 '626 '617 3.0 1.1 4.1 1.2 Nov. 538 ,567 462 589 506 2.9 0.9 3.8 1.1 Dec. 911 ,231 332 575 445 1.4 0.4 1.7 0.6 1959—Jan.. 379 ,217 412 365 445 3.2 1.1 4.3 1.0 Feb.. 342 ,278 449 403 440 3.7 1.3 5.0 1.2 Mar. 434 ,360 422 516 489 3.1 1.0 4.1 1.2 Apr.. 431 ,404 388 475 441 3.3 0.9 4.2 1.1 May. 453 ,365 418 414 444 3.0 0.9 3.9 0.9 June. 446 ,299 603 380 565 2.9 1.4 4.3 0.9 July. 389 ,304 664 394 455 3.4 1.7 5.1 1.0 Aug., 427 ,380 631 503 470 3.2 1.5 4.7 1.2 Sept. 472 ,483 627 575 571 3.1 1.3 4.5 1.2 Oct.23 531 1,573 604 626 603 3.0 1.1 4.1 1.2 *» Preliminary. r Revised. 3 Derived from receipts and reported figures on outstanding orders. iA Tmheessee fnigguurreess aarree nnoott eessttiimmaatteess tfoorr aanll ddeeppaarrttmmeenntt ssttoorreess iinn mthee uUnniitteead 4 The first three ratios are of stocks and/or orders at the end of the Staatteess. TThheeyy aarree tthhee aaccttuuaall ddoollllaarr aammoouunnttss rreeppoorrtteedd bbyy aa ggrroouupp ooff ddee-- 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. * yy MERCHANDISE EXPORTS AND IMPORTS [Bureau of the Census. In millions of dollars] Merchandise exports! Mer m ch il a i n ta d r i y s - e a i e d x p s o h r i t p s m e e x n c t lu s2 ding Merchandise imports3 Period 1957 1958 1959 1957 1958 1959 1957 1958 1959 Jan 1,681 1.505 1,400 1,584 1.396 1,286 1 115 1 096 1 154 Feb 1,616 1,345 1,280 1,495 1,245 1,184 993 956 1 .118 Mar 2,154 1,553 1,456 2,024 1,438 1,375 1,133 1,072 301 Apr 1.866 1,530 1,468 1,783 1,408 1,343 1,119 1,057 ,221 May ,817 1,638 1,552 1,715 L,507 1,411 1,106 1,061 ,264 1,790 1,406 1,426 1,656 L,3O8 1,348 986 1,031 ,369 July ,697 ,416 1,469 1,510 ,287 1,354 1,148 1,049 ,248 1,681 1,396 1,397 1,540 1,283 1,300 1,043 950 190 Sept 1,544 1,361 1,479 1,441 1,239 1,399 1,007 1,074 1,392 Oct 1,680 1,599 1,476 1,606 1,418 1,393 1,148 1,142 705 Nov 1,688 1,596 1,601 1,408 1,043 1 089 Dec . .636 .514 1,541 .379 1 142 1 253 Jan.-Oct 17,526 14,749 14,403 16,354 13,529 13,393 10,798 10,488 12,462 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

1540 PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49= 100] Housing Read- Other All Ap- Trans- Med- Per- ing goods Year or month items Foods Total Rent e G a l n e a c d s - S f a u o n e l d l i s d H n f o i u s u r h - s - e- H o h p o o e u l r d s a e - - par el p t o io rt n a- c ic a a re l s c o a n r a e l re t a c i n o re d n a- s a i e c n r e v d s tricity fuel oil ings tion 1 1929 73.3 65 6 117.4 60.3 1933 55 3 41 6 83 6 45 9 1941 62 9 52 2 88.4 55.6 1945 76 9 68 9 90 9 76 3 1951 111.0 112.6 112.4 113.1 103.1 116.4 111.2 109.0 106.9 118.4 111.1 110.5 106.5 109.7 1952 113.5 114.6 114.6 117.9 104.5 118.7 108.5 111.8 105.8 126.2 117.3 111.8 107.0 115.4 1953 114.4 112 8 117.7 124.1 106.6 123.9 107 9 115 3 104.8 129.7 121.3 112.8 108.0 118.2 1954 114.8 112.6 119.1 128.5 107.9 123.5 106.1 117.4 104.3 128.0 125.2 113.4 107.1 120.1 1955 114.5 110.9 120.0 130.3 110.7 125.2 104.1 119.1 103.7 126.4 128.0 115.3 106.6 120.2 1956 116.2 111.7 121.7 132.7 111.8 130.7 103.0 122.9 105.5 128.7 132.6 120.0 108.1 122.0 1957 120.2 115.4 125.6 135.2 113.0 137.4 104.6 127.5 106.9 136.0 138.0 124.4 112.2 125.5 1958 123.5 120.3 127.7 137.7 117.0 134.9 103.9 131.4 107.0 140.5 144.4 128.6 116.7 127.2 1958 Oct 123.7 119.7 127.9 138.3 118.1 135.6 103.4 132.4 107.3 142.7 146.7 128.8 116.6 127.2 Nov 123.9 119.4 128.0 138.4 118.1 135.8 103.5 132.6 107.7 144.5 147.0 129.1 117.0 127.2 Dec 123.7 118.7 128.2 138.7 118.2 137.0 103.6 132.8 107.5 144.3 147.3 129.0 116.9 127.3 1959 jan 123.8 119.0 128.2 138.8 118.2 138.9 103.2 133.1 106.7 144.1 147.6 129.4 117.0 127.3 Feb 123.7 118.2 128.5 139.0 118.5 140.0 103.8 133.1 106.7 144.3 148.6 129.8 117.1 127.4 Mar 123.7 117.7 128.7 139.1 118.5 140.3 103.8 133.7 107.0 144.9 149.2 129.7 117.3 127.3 Apr 123.9 117.6 128.7 139.3 118.2 138.7 103.8 133.8 107.0 145.3 149.6 130.0 117.7 128.2 May 124.0 117.7 128.8 139.3 118.7 135.3 103.7 133.8 107.3 145.4 150.2 130.7 117.8 128.4 June .• 124.5 118.9 128.9 139.5 119.3 133.9 104.1 133.9 107.3 145.9 150.6 131.1 118.1 129.2 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 Sept 125.2 118.7 129.7 140.0 121.6 135.0 104.0 135.2 109.0 146.4 152.2 132.1 119.6 131.5 Oct 125.5 118.4 130.1 140.4 121.7 135.5 104.1 135.3 109.4 148.5 152.5 132.5 119.7 131.6 NOTE.—Revised index, reflecting, beginning with 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-^9= 100] Other commodities Y m e o a n r t o h r m c t A o i o e m l d s l i - - p F u r a c o r t d m s - f P e o s r o s o e d c d s - Total p p T u a a t r a i e n c o p l r x t e d d - e s - l - l H s p e u k a a r i c n i o t d n h t d d e s s e s - , r ,p l F t o i m a e i g u n w r n h a i e g d a e - t l l - , r s ,C p a i u a l c h r l n c 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 - - p L w u a b r u o n c 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 e t 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 t y n d d e - s - - - h F d o h b t o a u u t u o l n h u r r e r l d e s a n d e s e r - i - - e s N r t t m t m a u a r o l l u r i e s l n a n i c - — c - l - - b b e m o b a T r a t e a n f c o t r v g l d c - s e e - o . d s n c M e e o l i l s u a - - s 1951 114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8 119.0 114.1 113.6 108.1 104.9 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 Oct 119.0 92.3 110.0 126.4 93.2 101.4 113.0 110.2 146.3 120.8 131.9 152.2 149.9 123.0 136.7 128.8 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 95.3 119.3 111. 109.9 146.4 128.3 132.4 152.7 153.6 123.8 137.5 134.5 92.9 Aug 119.1 87. 105. 128.4 95.7 119.7 112.2 109.7 141.0 128.5 132.3 152.8 153.8 123.5 137.4 134.5 92.0 Sept 119.7 88.9 107.8 128.4 95.9 119.1 111.9 109.9 142.0 127.2 132.4 153.8 153.9 123.4 137.5 134.5 88.6 Oct 119.2 86.5 106.4 128.5 95.9 116.5 111.4 110.0 142.3 126.2 132.5 154.5 153.6 123.4 137.5 134.5 91.8 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 1541 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1958 1959 1958 1959 Subgroup Subgroup Oct. Aug. Sept. Oct. Oct. Aug. Sept. Oct, Farm Products: *ulp, Paper, and Allied Products (Cont.): Fresh and dried produce. 101.5 92.8 103.1 102.2 Grains 76.8 77.7 76.2 75.7 Paperboard 136.2 135.9 135.9 135.9 Livestock and poultry... 88.4 83.1 82.1 78.5 Converted paper and paperboard... 127.9 127.4 •127.3 127.4 Plant and animal fibers.. 100.7 95.7 95.6 94.7 Building paper and board 143.4 147.6 147.6 147.6 Fluid milk 96.2 94.4 96.0 97.1 Eggs 91.1 66.8 85.4 69.0 Metals and Metal Products: Hay and seeds 73.3 73.1 r73.0 75.4 Other farm products.... 138.8 132.1 133.4 131.5 Iron and steel 171.4 171.9 172.4 173.0 Nonferrous metals 130.8 133.9 136.1 137.2 Processed Foods: Metal containers 156.5 152.9 152.9 152.9 Hardware 172.0 172.9 173.0 173.1 Cereal and bakery products , 118.2 119.5 119.5 120.3 Plumbing equipment 124.6 131.0 131.0 131.0 Meats, poultry, and fish 103.5 94.8 r99.7 95.1 Heating equipment 121.4 121.6 •121.4 121.5 Dairy products and ice cream 113.5 114.7 116.2 116.7 Fabricated structural metal products 133.6 132.3 134.2 134.5 Canned, frozen fruits, and vegetables 112.1 107.6 106.8 107.3 Fabricated nonstructural metal Sugar and confectionery 116.7 115.5 116.4 117.4 products 145.7 145.1 "146.1 146.7 Packaged beverage materials 161.2 145.2 145.2 145.2 Other processed foods 97.0 96.6 96.9 96.8 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 139.2 143.4 •143.5 143.4 Cotton products 87.8 92.1 '92.6 93.0 Construction machinery and equip- Wool products 98.4 104.3 104.7 104.1 ment , 166.8 172.2 172.6 172.6 Synthetic textiles 79.7 82.3 82.1 81.0 Metal working machinery 170.0 175.8 175.9 176.7 Silk products 107.1 113.7 113.2 114.2 General purpose machinery and Apparel 99.3 100.4 100.6 100.7 equipment 160.2 166.2 166.6 166.8 Other textile products. 76.3 75.2 77.3 78.7 Miscellaneous machinery 147.6 149.6 149.5 149.6 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 152.7 155.8 156.1 156.0 Motor vehicles 139.7 143.2 143.2 142.0 Hides and skins 62.0 106.9 102.4 87.5 Leather 92.8 117.3 117.1 112.2 Furniture and Other Household Dura- Footwear 122.8 132.3 132.3 133.5 bles: Other leather products. 97.2 114.0 113.9 112.4 Household furniture 123.0 124.2 124.1 124.2 fuel, Power, and Lighting Materials: Commercial furniture 155.0 155.3 155.5 155.5 Floor covering 126.1 128.6 128.9 129.1 Coal 123.8 122.0 '123.0 123.4 Household appliances 104.2 104.4 104.3 104.0 Coke 161.9 170.4 170.4 170.4 Television, radios, phonographs.... 94.9 93.3 92.7 92.7 Gas fuels (Jan. 1958= 100) 106.3 109.2 112.8 111.1 Other household durable goods 155.0 156.4 156.6 156.6 Electric power (Jan. 1958= 100) 100.9 100.6 100.8 100.7 Petroleum and products 117.5 116.2 115.1 114.5 Nonmetallic Minerals—Structural Chemicals and Allied Products: Flat glass 135.0 135.3 135.3 135.3 Concrete ingredients 139.1 140.4 140.4 140.4 Industrial chemicals 123.6 123.7 123.8 123.9 Concrete products 128.1 129.7 130.2 130.3 Prepared paint 128.2 128.3 128.3 128.3 Structural clay products 158.2 160.5 160.5 160.4 Paint materials 102.8 101.5 102.1 102.6 Gypsum products 133.1 133.1 133.1 133.1 Drugs, Pharmaceuticals, cosmetics. . 93.9 '93.6 *"93.7 93.8 Prepared asphalt roofing.... 118.5 111.9 110.8 110.8 Fats and oils, inedible 62.6 53.8 55.0 54.6 Other nonmetallic minerals. 131.2 132.5 132.5 132.5 Mixed fertilizers 109.5 109.2 109.4 109.4 Fertilizer materials 106.3 104.8 105.2 106.3 Tobacco Manufactures and Bottled Other chemicals and products 106.6 106.7 106.8 106.8 Beverages: Rubber and Products: Cigarettes 134.8 134.8 134.8 134.8 Cigars 105.6 106.6 106.6 105.6 Crude rubber 140.1 '153.8 r157.9 159.6 Other tobacco products. 139.7 153.7 153.7 153.7 Tires and tubes 152.8 134.3 134.3 133.3 Alcoholic beverages 121.7 126.8 126.8 126.8 Other rubber products. 142.8 141.4 142.2 143.0 Nonalcoholic beverages. 149.3 171.1 171.1 171.1 Lumber and Wood Products: Miscellaneous: Lumber.. 120.8 130.3 129.3 127.9 Toys, sporting goods, small arms.. 118.6 117.7 117.7 117.7 Millwork. 130.5 138.6 138.7 138.7 Manufactured animal feeds 69.0 70.6 64.5 70.3 Plywood.. 102.7 100.9 96.6 96.5 Notions and accessories 97.5 96.3 96.3 97.5 Jewelry, watches, photo equipment. 107.8 108.3 108.3 103.3 Pulp, Paper, and Allied Products: Other miscellaneous 132.2 132.0 132.0 132.0 Woodpulp.. 121.2 121.2 121.2 121.2 Wastepaper. 111.3 115.9 118.0 115.0 Paper 142.0 143.7 143.8 144.3 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1542 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 56.0 125.8 284.6 363.1 397.5 419.2 442.5 441.7 444.0 457.1 470.2 484.5 478.6 Personal consumption expenditures 79.0 46.4 81.9 195.0 238.0 256.9 269.9 284.8 293.0 294.4 299.1 303.9 311.2 313.3 Durable goods 9.2 3.5 9.7 30.4 32.4 39.6 38.5 40.3 37.6 37.1 39.8 41.3 44.1 43.6 Nondurable goods 37.7 22.3 43.2 99.8 119.3 124.8 131.4 137.7 141.9 143.1 143.6 145.3 147.7 148.0 Services 32.1 20.7 29.0 64.9 86.3 92.5 100.0 106.7 113.4 114.2 115.7 117.4 119.4 121.6 Gross private domestic investment 16.2 1.4 18.1 50.0 48.9 63.8 67.4 66.6 54.9 54.2 61.3 69.8 77.5 67.0 New construction1 8.7 1.4 6.6 24.2 29.7 34.9 35.5 36.1 35.8 35.4 37.3 39.7 41.0 41.0 Residential, nonfarm 3.6 .5 3.5 14.1 15.4 18.7 17.7 17.0 18.0 18.0 19.9 21.9 23.1 22.6 Other 5.1 1.0 3.1 10.1 14.3 16.2 17.8 19.0 17.7 17.4 17.4 17.8 17.9 18.3 Producers' durable equipment. 5.9 1.6 6.9 18.9 20.8 23.1 27.2 28.5 22.9 22.2 23.2 23.9 26.0 27.0 Change in business inventories 1.7 -1.6 4.5 6.8 -1.6 5.8 4.7 2.0 -3.8 -3.4 .8 6.1 10.4 -1.0 Nonfarm only 1.8 -1.4 4.0 6.0 -2.1 5.5 5.1 1.2 -4.9 -4.5 -.1 5.4 9.8 -1.8 Net exports of goods and services 2.8 2.2 21.1 .6 1.0 1.1 2.9 4.9 1.2 1.6 .2 o, -1.8 .0 Exports 7.0 2.4 6.0 13.1 17.5 19.4 23. 26.2 22.6 23.1 22.7 2l!5 22.1 24.1 Imports 6.3 2.3 4.8 12.5 16.5 18.3 20.2 21.3 21.3 21.5 22.5 22.4 23.9 24.1 Government purchases of goods and services 8.5 8.0 24.8 39.0 75.3 75.6 79.0 86.2 92.6 93.8 96.5 97.4 97.7 98.4 Federal 1.3 2.0 16.9 19.3 47.5 45.3 45.7 49.4 52.2 53.1 54.2 53.8 53.9 53.6 National defense3 13.8 14.3 41.2 39.1 40.4 44.3 44.5 44.5 45.3 45.8 46.2 45.9 O Le th ss e : r Government sales* • 1.3 .0 2. .0 0 • 3:l 5. . 2 1 6. . 7 3 6. A 6 5. . 7 3 5. . 5 4 8. . 1 5 8. . 9 3 9. . 4 6 8. . 3 3 8. . 0 3 8. . 1 4 State and local 7.2 6.0 7.8 19.7 27.7 30.3 33.2 36.8 40.5 40.8 42.2 43.6 43.8 44.8 Addendum: Gross national product in constant (1954) dollars 181.8 126.6 238.1 318.1 363.1 392.7 400.9 408.3 399.0 400.9 410.8 420.6 431.8 424.3 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 suppledur 3 in T g h i t s h e c a p t e e r g i o o r d y 19 co 2 r 9 r - e 4 s 5 p . onds closely to the major national security m of e t n h t e t o S u t r h v e e y S u o r f v C ey u r o r f e n C t u B rr u e s n in t e B s u s s . iness for 1959) and the July 1959 issue 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] Annual totals Seasonally b a y d j q u u st a e r d te r a s nnual rates Item 1958 1959 1929 1933 1941 1950 1954 1955 1956 1957 1958 National income 87.8 40.2 104.7 241.9 301.8 330.2 350.8 366.5 366.2 369.5 380.4 389.4 403.9 Compensation of employees 51.1 29.5 64.8 154.2 207.6 223.9 242.5 255.5 256.8 258.5 262.9 269.9 278.9 279.3 Wages and salaries1 50.4 29.0 62.1 146.4 196.3 210.9 227.5 238.5 239.4 241.1 245.1 250.9 259.4 259.5 Private 45.5 23.9 51.9 124 A 161.9 174.9 189.6 198.4 196.2 197. 200.8 206.2 214.0 213.5 M Go il v it e a r r n y ment civilian .3 .3 1.9 5.0 10.0 9.8 9.7 9.6 9.7 3 1 4 0 . . 0 0 9.9 9.8 9.8 9.8 36.3 Supplements to wages and salaries 4.6 4.9 8.3 17.3 24.4 26.2 28.4 30.5 33.5 17.5 34.4 34.8 35.6 19.8 Proprietors' income2 .7 .5 2.7 7.8 11.3 13.0 14.9 17.0 17.4 46.8 17.8 19.0 19.6 45.1 Business and professional 14.8 5.6 17.4 37.5 40.4 42.1 43.7 44.5 46.6 32.6 47.4 46.9 46.6 34.8 Farm 6 8. . 8 0 2 3 . . 4 2 1 6 0 . . 5 9 2 1 3 4 . . 5 0 2 1 7 2 . . 8 7 3 1 0 1 . . 4 8 3 1 2 1 . . 1 6 3 1 2 1 . . 7 8 3 1 2 4 . . 4 2 14.2 3 1 3 4 . . 2 1 3 1 3 3 . . 7 2 3 1 4 2 . . 5 1 10.3 Rental income of persons 5.4 2.0 3.5 9.0 10.9 10.7 10.9 11.5 11.8 11.9 11.9 12.0 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 38.0 43.5 45.5 51.0 Profits before tax 9.6 .2 17.0 40.6 34.1 44.9 44.7 43.3 37.1 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 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 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 -.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 14.4 14.7 15.1 15.4 15.8 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 1543 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 56.0 125.8 284.6 363.1 397.5 419.2 442.5 441.7 444.0 457.1 470.2 484.5 478.6 Less: Capital consumption allowances 8.6 7.2 9.0 19.1 28.8 32.0 34.4 36.9 37.9 38.0 38.5 39.3 39.9 40.5 Indirect business tax and nontax liability 7.0 7.1 11.3 23.7 30.2 32.9 35.7 38.1 39.0 39.1 39.9 40.7 41.7 42.3 B St u a s t i i n st e i s c s a l t r d a i n s s c f r e e r p a p n a c y y ments . . 3 6 . . 7 9 . . 5 4 .8 n 1.3 1 1 . . 0 5 1.6 1. . 7 5 1.7 1.7 1.7 1.7 1.7 1.7 Plus: Su e b r s n i m di e e n s t le e s n s t e c rp u r r i r s e e n s t surplus of gov- -.1 .0 .1 .2 .9 .0 -2.4 1.1 -2.1 -3.3 -2.4 .0 -2.0 .6 -.2 .9 1.0 1.0 1.0 .7 Equals: National income 87.8 40.2 104.7 241.9 330.2 366.5 389.4 301.8 350.8 366.2 369.5 380.4 403.9 Less: Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 33.7 43.1 42.0 41.7 36.7 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 15.3 15.5 17.5 17.9 18.1 Excess of wage accruals over disbursements .0 .0 .0 .0 .0 .0 .0 .0 .0 -1.3 .0 .0 .0 .0 Plus: Government transfer payments .9 1.5 2.6 14.3 15.0 16.0 17.2 20.0 24.4 25.4 25.1 24.7 24.8 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 6.1 6.1 6.3 6.6 7.0 Dividends 5.8 2.1 4.5 9.2 9.8 11.2 12.1 12.5 12.4 12.6 12.0 12.8 13.0 13.4 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 96.3 228.5 289.8 310.2 332.9 350.6 359.0 363.4 366.3 371.8 381.1 381.0 47.2 Less: Personal tax and nontax payments 2.6 3.3 20.8 32.9 35.7 40.0 42.7 42.6 42.9 43.4 44.4 45.8 45.9 1.5 Federal 1.3 .5 2.0 18.2 29.2 31.5 35.2 37.4 36.7 37.1 37.4 38.2 39.5 39.5 1.4 1.0 1.3 2.6 3.8 4.2 4.8 5.4 5. 5.9 6.0 6.2 6.3 6.4 State and local 83.1 45.7 93.0 207.7 256.9 274.4 292.9 307.9 316.5 320.4 322.9 327.4 335.3 335.1 Equals: Disposable personal income 79.0 46.4 81.9 195.0 238.0 256.9 269.9 284.8 293.0 294.4 299. 303.9 311.2 313.3 Less: Personal consumption expenditures.... 4.2 -.6 11.1 12.6 18.9 17.5 23.0 23.1 23.5 26.0 23.7 23.5 24.1 21.9 Equals: Personal saving Addendum: Disposable personal income in constant (1954) dollars 134.9 102.1 175.1 231.0 256.9 273.4 286.9 292.9 295.2 299.2 300.4 304.3 310.7 308.9 PERSONAL INCOME [Department of Commerce estimates. In billions of dollars] 1958 1959 Itemi 1957 1958 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.r NOV.P Total personal income 350.6 359.0 367.5 366.9 369.0 371.0 375.4 379.0 381.3 383.8 383.4 380.0 380.9 382.3 384.8 Wage and salary disbursements 238.5 239.4 246.1 247.0 248.7 250.1 254.0 257.3 259.8 261.7 261.5 258.8 259 2 259 2 260 2 Commodity-producing industries. . 102.2 97.8 101.8 102.2 102.8 103.5 106.3 108.6 109.8 110.9 109.9 106.8 106.8 106.4 107.0 Manufacturing only 80.6 76.7 79.7 80.6 80.9 81.7 83.8 85.4 86.7 87.7 86.9 84.0 84 4 83 6 83.9 Distributive industries 63.4 63.8 64.7 64.7 65.6 66.0 66.6 66.9 67.5 68.0 68.4 68.3 68 3 68 5 68 5 Service industries 32.7 34.6 35.3 35.6 35.6 36.0 36.4 36.8 37.1 37.2 37.3 37.6 37.8 38.0 38.1 Government 40.2 43.2 44.3 44.4 44.6 44.7 44.8 45.0 45.4 45.6 45.9 46.0 46 2 46 4 46 6 Other labor income 9.1 9.3 9.4 9.4 9.6 9.7 9.8 9.9 9.9 10.0 10.1 10.1 10.2 10.2 10.3 Proprietors* income: Business and professional 32.7 32.4 33.1 33.4 33.5 33.7 34.0 34.3 34.5 34.7 34.9 34.9 34.8 35.0 ^ 7 Farm 11.8 14.2 14.1 14.2 13.5 13.2 12.9 12.2 12.0 12.1 11.4 10 0 9 6 10 2 10 4 Rental income 11.5 11.8 11.9 11.9 12.0 12.0 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 10.8 12.7 12.8 12.8 12.9 13.0 13.1 13.2 13.4 13.5 13.6 13.7 Personal interest income 19.5 20.4 20.8 21.0 21.1 21.3 21.6 21.8 22.0 22.2 22.4 22.7 23.0 23.3 23.5 Transfer payments^ .. 21.7 26.1 26.6 26.3 26.1 26.4 26.6 26.9 26.4 26.4 26.3 26.5 27.0 27.2 27.9 Less: Personal contributions for social insurance 6.7 7.0 7.1 7.1 8.1 8.1 8.2 8.3 8.3 8.4 8.4 8.4 8.4 8.4 8.4 Nonagricultural income 3 335.2 341.1 349.6 348.8 351.6 353.8 358.5 362.7 365.3 367.8 368.2 366.3 367.5 368.1 370.4 Agricultural income 15.3 17.9 18.0 18.1 17.4 17.2 16.9 16.3 16.0 16.0 15.2 13.7 13.4 14.2 14.2 r Revised. p Preliminary. enterprises, farm wages, agricultural net interest, and net dividends paid 1 Monthly data are seasonally adjusted totals at annual rates. b^ 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

Financial Statistics * International * International capital transactions of the United States. 1546 Net gold purchases and gold stock of the United States. 1554 Estimated foreign gold reserves and dollar holdings. . 1555 Reported gold reserves of central banks and governments. . 1556 Gold production. . 1557 International Bank and Monetary Fund. 1558 United States balance of payments. 1559 Money rates in foreign countries. . 1559 Foreign exchange rates. 1561 Index . 1569 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. 1545 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1546 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- Gerterna- Foreign countries many, United Date G to ra ta n l d t i i n o s n t a i- l R Fe e d p . . Italy K d i o n m g- E O u t r h o e p r e E T u o ro ta p l e Canada Am La e t r i i n ca Asia ot A h l e l r 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 ,557 1,079 1,275 3,231 7,142 1,623 2,575 1,946 355 1958—Oct. 31 15,945 1,436 14,508 8,664 ,761 1,152 945 3,785 7,643 2,060 2,394 2,126 286 Nov. 30 16,052 1,485 14,567 8,639 ,755 1,132 977 3,792 7,656 2,071 2,407 2,148 285 Dec. 31 16,159 1,544 14,615 8,665 ,755 1,121 873 3,960 7,708 2,019 2,403 2,205 279 1959—Jan. 31 16,228 1,538 14,691 8,532 ,693 1,159 1,076 3,784 7,711 2,081 2,381 2,235 282 Feb. 28 16,617 1,541 15,076 8,757 ,697 1,170 1,131 3,920 7,918 2,142 2,382 2,339 295 Mar. 31 16,655 1,676 14,980 8,623 ,385 1,231 1,123 4,005 7,744 2,087 2,522 2,337 290 Apr. 30 16,799 1,668 15,131 8,438 ,295 1,245 1,228 4,083 7,851 2,171 2,463 2,357 290 May 31 17,148 1,719 15,429 8,802 ,403 1,298 1,094 4,183 7,978 2,094 2,661 2,391 304 June 30 18,418 42,756 15 662 8,967 ,459 1,409 1,084 4,279 8,231 2,122 2,548 2,439 322 July 31 18,711 2,780 '15,930 '9,141 ,435 1,476 1,091 4,402 ••8,404 2,231 2,436 '2,532 327 Aug. 31 18,791 2,720 16,071 9,175 ,391 1,570 1,093 4,503 8,557 2,135 2,512 2,526 340 Sept. 30? 19,159 2,988 16,171 9,220 ,413 :1,578 1,056 4,609 8,656 2,245 2,357 2,558 355 Oct. 31* 19,001 3,049 15,951 9,094 ,521 1,535 874 4,464 8,394 2,253 2,297 2,627 380 Table la. Other Europe Date E O u t r h o e p r e A tr u ia s- g B iu e m l- m De a n rk - l F a i n n d - France Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w en e- S l w a e n r i - t d z- T k u ey r- Y sl u av g i o a - ot A h l e l rs 1954 Dec. 31 3,030 273 100 71 41 715 113 249 103 91 71 141 672 8 9 371 1955 Dec. 31 3,357 261 108 60 49 1,081 176 164 82 132 104 153 757 9 13 209 1956 Dec 31 3,089 296 117 65 53 626 177 134 67 137 43 217 836 20 17 282 1957 Dec 31 3,231 349 130 112 64 354 154 203 93 142 24 260 967 18 11 349 1958 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 io«9 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 4,083 410 151 130 74 649 145 361 104 171 29 321 853 25 7 651 May 31 4,183 409 124 110 73 855 156 363 108 162 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 31 4,402 390 122 119 72 1,054 164 397 109 153 32 351 868 27 6 538 Aug. 31 4,503 391 119 98 76 1,139 165 423 102 155 59 343 869 29 7 528 Sept. 30*>.... 4,609 394 129 113 71 1,157 161 435 103 151 67 330 905 32 6 554 Oct. 31?.... 4,464 392 125 110 79 1,095 172 426 101 142 71 241 891 28 6 587 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 b n o a - - - , f Peru g U u r a u y - V zu e e n l e a - A O L i a m t c h t a i e e n r r nam 1954—Dec. 31 1,906 160 29 120 70 222 237 60 30 35 329 49 74 83 90 194 124 1955—Dec. 31 2,000 138 26 143 95 131 253 65 24 45 414 47 86 92 65 265 112 1956—Dec. 31 2,346 146 29 225 91 153 211 68 25 64 433 69 109 84 73 455 111 1957 Dec. 31 2,575 137 26 132 75 153 235 54 27 65 386 73 136 60 55 835 124 1958 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 2,403 150 22 138 100 169 286 40 26 42 418 79 146 77 82 494 133 1959—Jan. 31 2,381 149 22 164 95 178 281 40 31 40 393 72 147 72 92 464 143 Feb. 28 2,382 189 20 166 85 198 267 38 33 43 389 76 155 72 89 410 152 Mar. 31 2,522 180 20 178 95 189 263 41 33 43 401 74 156 74 96 508 170 Apr. 30 2,463 180 20 151 92 199 257 49 38 43 412 79 157 81 84 443 178 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 77 407 169 Aug. 31 2,512 245 20 163 144 209 206 40 29 36 416 79 155 81 85 428 175 Sept. 30P 2,357 268 20 169 171 194 202 35 25 35 400 85 153 88 73 278 161 Oct. 31P 2,297 291 23 150 141 200 191 39 22 35 396 85 150 96 70 254 153 Preliminary. r Revised. 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. 1547 TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIESi—Continued [Amounts outstanding, in millions of dollars] Table lc. Asia and AH Other Asia All other te Ko- Union Hong Indo- rea, Phil- Tai- Thai- Aus- Bel- of Total Kong India nesia Iran Israel Japan Re- ip- wan land Other Total tralia gian Egypt6 South Other pub- pines Congo Africa lic 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—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 %532 56 113 88 27 86 1,131 147 163 90 133 r497 327 84 39 16 48 140 Aug. 31 2,526 57 103 92 28 94 1,106 148 182 90 126 501 340 85 31 16 53 155 Sept. 30*.... 2,558 58 119 108 27 78 1,140 150 180 86 127 484 355 109 29 16 43 159 Oct. 31*.... 2,627 59 122 116 21 80 1,169 152 176 91 129 511 380 123 29 17 48 163 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. Czechoslovakia 8 7 5 7 6 China Mainland 8 36 2 35 5 36 3 36 0 Eastern Germany. 1.3 1.2 3.1 1.4 Iracj 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 8 2.5 3.3 3.2 4.9 Saudi Arabia 79.5 97.4 94.8 60.2 Rumania 8 8 1 9 8 9 Syria ^ 13.1 17.1 3.5 4.7 Trieste 1.4 1 4 1 2 5 Viet-Nam 62.3 50.1 58.5 48.8 U. S. S. R.8 .7 .8 .7 2 2 All other: Other Latin America: British dependencies. . 2.4 3.8 2.3 1.8 British dependencies 16.6 24.1 24.0 40.9 Ethiopia and Eritrea 23.7 24.2 35.1 27.8 Costa Rica 17.6 14.6 16.4 24.5 French dependencies 8.0 10.5 10.7 6.5 Ecuador 14.9 18.0 22.7 17.4 Liberia. . . .. 13.1 23.7 23.0 13.0 French West Indies and French Guiana. . .6 1.0 .8 .5 Libya 9.9 3.7 10.7 6.4 Haiti 12.1 8.9 11.2 7.7 Morocco : Honduras 9.7 10.2 12.6 6.3 M^orocco (^xcl Tangier) 14.8 13.6 32.2 25.4 Nicaraaua 12 8 11 8 12 7 11 3 Tangier 33 5 22 4 19 2 18 1 Paraguay 3.6 4.0 5.1 3.4 New Zealand 1.9 2.2 1.9 6.9 Portuguese dependencies 5.3 2.8 4.4 4.0 Other Asia: Somalia .2 .9 1.3 n.a. Afghanistan 4.1 5.3 4.7 n.a. Spanish dependencies .7 .3 .7 .4 Bahrein Islands . 5 1 7 9 9 Sudan n a 4 1 7 5 2 British dependencies 8.2 7.4 8 0 4 3 Tunisia . .7 .5 .8 .3 P Preliminary. r Revised. 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 $62 million on Oct. 31, 1959. Tables la-lc. 2 Includes International Bank for Reconstruction and Development, « 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 institusubscriptions 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

1548 INFL 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 D a a n t d e , c o o r u n a t r r e y a Total To banks and official U . i S n . stitutions To all other for U ei . g S n . ers c in u P r a f r y o e a r n e b c i l i g e e n s Total Deposits T bi r l e ls a s a u n r d y Other 2 Total Deposits T bi r l e ls a s a u n r d y Others 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 1,543 184 56 40 1956 Dec 31 14,939 12,860 5,979 5 990 891 2,030 1,653 243 134 49 1957—Dec. 31 15,158 12,847 5,875 5,840 1,132 2,252 1,766 278 209 59 1958 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 16,228 13,716 6,802 5 826 1,088 2,461 1,946 326 189 52 Feb. 28 16,617 14,056 6,797 6,173 1,085 2,499 1,932 371 197 62 Mar 31 16 655 14,115 6 936 6 079 1 099 2 488 1 970 311 205 54 Apr. 30 16,799 14,192 6,864 6,238 1,090 2,537 1,966 338 234 69 May 31 17,148 14,564 6,775 6,628 1,161 2,523 1,975 305 243 62 June 30 . . .. 18,418 15,786 6,694 7 932 1,160 2,554 1 996 314 244 77 July 31 18,711 16,071 6,497 r8,399 1,175 2,573 2,023 301 249 67 Aug 31 18 791 16 113 6 374 8 528 1 211 2 612 2 042 303 267 66 Sept. 30p 19,159 16,520 6,558 8,745 1,217 2,568 1,956 330 283 71 Oct. 31» 19,001 16,441 6,149 9,029 1,263 2,491 1,910 308 273 68 Area anc country detail, August 31, 1959 Europe: Austria 391 388 334 47 8 2 2 (3) Belsium 119 70 45 6 19 49 41 1 6 (3) Denmark 98 86 46 34 6 12 10 1 1 Finland 76 74 7 58 9 1 1 (3) France 1,139 1,081 250 802 29 58 52 4 3 (3) Germany, Fed. Rep. of. ... 1,391 1,365 211 965 189 23 17 5 1 3 Greece 165 152 22 131 (3) 13 12 Italy 1,570 1,533 156 1,224 153 36 28 7 1 1 Netherlands 423 393 138 185 70 29 23 4 2 1 Norway . • 102 63 42 20 1 39 38 C3) Portugal 155 106 97 9 49 48 (3) 1 (3) 59 41 41 1 17 17 (3) (3) Sweden .... 343 332 63 206 64 11 11 (3) (3) (3) Switzerland 869 703 280 166 257 163 95 18 50 3 Turkey 29 27 27 (3) 2 2 United Kingdom 1,093 717 263 406 48 344 128 144 73 32 7 6 6 (3) Other Europe 528 504 90 308 106 22 17 3 2 1 Total 8,557 7,644 2,117 4,557 970 871 543 189 140 42 Canada 2,135 1,774 1,245 510 18 344 210 87 48 17 Latin America: Argentina 245 171 170 1 74 74 (3) (3) Bolivia 20 5 5 (3) 14 14 (3) (3) Brazil 163 56 48 (3) 8 107 99 2 6 (3) Chile . 144 90 90 54 53 (3) Colombia 209 143 141 2 66 65 (3) 1 (3) Cuba 206 101 70 29 2 105 99 1 6 Dominican Reoublic 40 10 9 30 30 El Salvador 29 13 9 4 16 16 (3) Guatemala . . 36 20 8 2 10 16 16 (3) M^exico 416 279 252 25 2 137 131 4 3 (3) Neth. W. Indies and Suri- 79 43 20 15 7 36 11 6 20 155 25 24 (3) 1 130 96 4 30 Peru 81 35 34 1 46 44 1 1 (3) Urusuav 85 36 34 (3) 2 48 38 5 6 (3) Venezuela . . . 428 185 184 (3) 243 237 3 2 Other Latin America 175 92 61 18 12 83 82 1 1 Total 2,512 1,304 1,161 89 53 1,206 1,105 26 75 2 P Preliminary. r Revised. 2 Represents principally bankers' acceptances and commercial paper. 1 Includes International Monetary Fund's holdings of nonnegotiable, 3 Less than $500,000. non-interest-bearing demand notes of the United States which amounted to $1,989 million on July 31, 1959. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 1549 TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued [In millions of dollars] Payable In dollars To banks and official institutions To all other foreigners Area and Total Payable country U. S. U.S. c in u r f r o en re c i i g e n s Total Deposits T bi r l e ls a s a u n r d y Other 1 Total Deposits T bi r l e ls a s a u n r d y Other i certificates certificates Area and country detail, August 31, 1959—Continued Asia: Hong Kong 57 30 25 5 27 27 India 103 81 46 33 1 21 21 (?) 1 Indonesia 92 90 61 29 (2) 2 2 Iran . 28 24 24 4 4 (2) Israel 94 90 30 38 21 5 4 (2) Japan 1,106 1,091 598 447 46 14 14 (?) 2 Korea, Rep. of 148 145 144 3 3 Philippines 182 163 132 15 16 19 19 (2) (2) Taiwan 90 82 80 2 8 7 (2) Thailand. . .. 126 123 27 6 3 3 Other Asia 501 460 296 125 39 40 39 (2) 1 1 Total 2,526 2,379 1,463 780 136 144 142 1 1 4 All other: Australia 85 81 35 41 5 3 3 Belgian Congo 31 30 17 7 6 1 1 Egypt3 16 15 13 1 1 1 (?) Union of South Africa.... 53 49 26 21 4 4 Other 155 118 97 5 16 37 34 1 2 Total 340 293 187 75 31 46 43 1 2 l Total foreign countries. 16,071 13,393 6,174 6,011 1,208 2,612 2,042 303 267 66 International institutions.... 2,720 2,720 200 2,517 3 Grand total 18,791 16,113 6,374 8,528 1,211 2,612 2,042 303 267 66 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 p e 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 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 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 31 . .. 2,384 91 52 31 36 122 234 566 245 1,000 510 64 Aug 31 2,356 89 45 34 34 142 222 567 241 965 518 66 Sept. 30p 2,381 81 44 33 39 151 239 586 270 961 510 54 Oct 31^ 2,390 65 41 29 36 150 230 551 313 970 503 52 * 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 held abroad by banks and bankers and their of not more than one year: loans made to and acceptances made for customers in the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1550 INFL CAPITAL TRANSACTIONS OF THE U. S. TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i Continued [Amounts outstanding, in millions of dollars] Table 3a. Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu e m l- m De a n rk - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain 1954 Dec 31 109 (2) 20 10 3 3 16 2 (2) 4 1955—Dec. 31 158 2 16 13 3 4 11 9 2 5 1956 Dec 31 216 7 28 12 4 4 21 23 2 1957 Dec. 31 211 6 25 11 4 6 29 23 2 1958 Oct 31 316 9 64 7 4 10 49 20 2 Nov 30 301 8 68 10 5 8 53 21 2 Dec 31 315 7 65 14 6 7 56 22 2 1959 jan 31 297 6 66 15 6 6 58 20 2 Feb. 28 288 5 64 16 6 5 59 18 2 Mar. 31 264 5 63 12 5 6 52 15 2 Apr 30 255 5 62 10 5 7 40 14 3 May 31 236 5 51 9 6 8 34 11 2 June 30 220 6 50 8 5 7 31 10 2 July 31 234 6 53 9 5 7 32 8 2 Aug 31 222 5 48 9 5 7 24 10 2 Sept. 30? 239 6 50 10 7 7 22 10 2 Oct 31p 230 5 50 11 8 7 23 9 1 0000 *i Swe- Tur- Yugo- All den key slavia other 4 41 5 7 78 2 7 13 88 8 7 10 76 10 13 72 1 11 31 15 69 9 30 24 72 (2i> 9 26 18 64 1 10 25 16 60 1 9 27 16 50 9 29 14 51 14 28 15 51 2 16 26 10 49 2 13 25 12 57 3 14 11 13 70 4 15 11 19 75 3 17 9 15 72 3 17 Table 3b. Latin America Neth- Date A L m i a c t e a i r n - A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m o ia - - Cuba p m D i R c u li i o a e b c n n - - - - v S a E a d l l o - r G m u a a l t a e- M ic e o x- I l W S a a n e u n n d r e r d d - i s i e s - t s l a p P i R c m u a e b n o a - - - , f Peru U gu r a u y - V zu e e n l e a - A O L m i a t c h t e a i e 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—Oct. 31 1,078 35 3 165 47 50 151 19 10 9 290 4 23 31 54 138 49 Nov. 30 L,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 1,068 38 3 172 50 49 149 25 5 9 263 4 25 34 45 144 53 Apr. 30 1,027 40 3 136 52 50 149 25 5 10 263 4 27 38 33 139 54 May 31 1,064 43 3 156 58 50 140 23 5 10 278 3 28 37 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. 31 965 44 3 134 36 55 92 28 7 11 269 3 24 34 39 136 50 Sept. 30P 961 48 3 125 42 55 84 30 9 10 267 3 22 32 40 142 49 Oct. 31* 970 47 3 110 46 58 91 29 14 13 265 3 23 34 40 145 49 Table 3c. Asia and All Other Asia All other Date Total K H 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 i - a C g B o i e n a l n g - o Egypt; U S n o o i u f o t n h Other Africa 1954—Dec. 31.. 143 16 11 50 7 39 37 14 6 10 1955—Dec. 31.. 233 18 10 103 19 60 43 11 8 17 1956—Dec. 31.. 337 20 16 170 16 9 91 43 11 8 17 1957—Dec. 31.. 386 22 24 146 53 14 110 50 13 12 19 1958—Oct. 31.. 442 29 22 196 39 14 123 81 14 37 23 Nov. 30.. 438 27 27 186 41 16 120 79 13 29 29 Dec. 31.. 435 27 23 179 67 13 111 69 13 23 27 1959__jan. 3i#< 407 29 25 168 38 14 116 68 12 24 27 Feb. 28.. 422 28 22 175 42 13 124 63 12 24 22 Mar. 31.. 454 34 19 204 34 14 130 61 11 21 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 31.. 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 Sept. 30P, 510 30 13 262 17 12 155 54 18 14 18 Oct. 31». 503 28 12 262 11 12 155 52 19 12 17 v 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

INTL CAPITAL TRANSACTIONS OF THE U. S. 1551 TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES [In millions of dollars] Short-term Payable in dollars Payable in foreign currencies Date, or area Longand country t t e o rm ta — l1 Total Loans to: C t o io ll n e s c- Deposits Total Banks and out- Other Total with Other i o n f s fi t c it ia u l - Others standing foreigners tions Total amounts outstanding 1954—Dec. 31. 441 1,387 1,176 449 142 301 283 211 173 38 1955—Dec. 31 671 1,549 1,385 489 236 353 307 164 144 20 1956—Dec. 31. 839 1,946 1,796 582 330 440 444 150 131 19 1957—Dec. 31. 1,174 2,199 2,052 627 303 423 699 147 132 15 1958—Oct. 31. ,340 2,577 2,347 859 394 428 666 230 212 18 Nov. 30. ,378 2,487 2,298 806 418 420 654 189 174 16 Dec. 31. ,362 2,542 2,344 840 428 421 656 198 181 16 1959—Jan. 31. ,359 2,432 2,281 780 416 417 667 151 136 15 Feb. 28 ,363 2,379 2,227 744 412 413 658 152 138 13 Mar. 31. ,361 2,419 2,258 746 424 428 660 161 146 15 Apr. 30 ,379 2,399 2,247 738 434 427 648 152 136 16 May 31 ,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 31 ,482 2,384 2,204 717 413 437 637 180 153 27 Aug. 31 ,501 2,356 2,178 708 421 442 607 178 152 26 Sept. 30 ,507 2,381 2,183 735 424 453 570 199 163 36 Oct. 3I ,516 2,390 2,168 728 439 458 543 222 188 34 Area and country detail, August 31, 1959 Europe: 1 Austria... 23 5 5 1 2 Belgium.. 24 48 44 34 7 Denmark. 1 9 9 2 6 Finland. . 3 5 5 1 4 France... 20 89 7 76 i Germany, Fed. Rep. of.. 9 45 37 17 Greece 7 7 7 4 8 Italy 50 34 33 9 Netherlands 12 24 21 4 10 Norway 151 10 10 2 3 (?) Portugal.... 2 2 2 Spain 9 11 11 Sweden 33 13 11 () 5 Switzerland. 2 34 27 14 3 7 Turkey 70 70 66 3 (2) United Kingdom. 69 142 36 15 14 106 17 Yugoslavia (2) 4 4 3 (2) Other Europe 10 15 14 3 *(2)' Total. 424 567 433 163 47 98 126 134 115 18 Canada 104 241 205 14 175 6 10 36 32 4 Latin America: Argentina 63 44 44 17 15 Bolivia 3 3 3 Brazil 254 134 134 18 *(2)' Chile 49 36 36 10 11 10 Colombia. . . . 19 55 55 7 5 24 19 Cuba 95 92 92 50 18 16 Dominican Republic 28 28 7 3 12 El Salvador () 7 7 1 3 3 Guatemala 11 11 () 3 6 2 Mexico 131 269 266 110 52 26 78 Netherlands W. Indies and Surinam 3 Panama, Rep. of 28 24 24 19 3 1 8 Peru 14 34 34 5 17 11 Uruguay 1 39 39 22 4 2 11 Venezuela 47 136 134 13 34 46 41 (1 Other Latin America 54 50 50 6 13 25 7 Total. 759 965 960 285 187 221 266 p Preliminary. 2 Less than $500,000. 1 Represents mainly loans with an original maturity of more than one year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1552 INFL 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 Collections Deposits Total Banks and out- Other Total with Other i o n f s fi t c it ia u l - Others standing foreigners tions Area and country detail, August 31, 1959—Continued Asia: Hong Kong 2 9 9 5 1 2 8 India 13 5 5 1 i 1 ? Indonesia 28 Iran 5 29 ?) 1 (2) (%} 8 Israel 8 15 15 3 2 9 Japan 15 269 269 61 2 32 175 (2) Korea Rep of 1 1 1 T Ph ai i w lip a p n ines 7 1 8 8 1 8 8 1 5 4 ? 2 2 (2) (2) Thailand 10 13 13 4 6 Other Asia 2 150 149 132 15 2 ( 2 ) (2) (2) Total 90 518 517 225 5 89 197 1 1 C2) All other: 25 16 15 1 (2) 6 8 1 1 (2) B Eg el y g p ia t 3 n Congo 2 3 3 1 1 (2) 3 ( (2 2) ) « Union of South Africa 18 21 20 9 (2) 1 Other 79 25 24 10 3 10 Total 125 66 63 21 7 27 8 3 1 1 International institutions.... Grand total 1,501 2,356 2,178 708 421 442 607 178 152 26 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 e - s Sales c s N a h l a e e s t s e p s (— u , o r- r ) c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u , o - r ) - r c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u , o - r ) - r c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u , o - r ) - r 1955 1,341 812 529 1,886 1,730 156 693 509 184 664 878 -214 1956 883 1,018 -135 1,907 1,615 291 607 992 -385 749 875 -126 1957 666 718 -52 1,617 1,423 194 699 1,392 -693 593 622 -29 1958 1,224 1,188 36 1,759 1,798 -39 1,915 -1,026 467 804 -336 1958—Oct.. 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 -7 186 164 *-22 99 185 -86 41 73 -32 Mar.. 37 18 19 231 224 7 63 89 -26 45 84 -39 Apr.. '60 19 '41 226 196 30 49 74 -25 51 76 -25 May. r39 23 16 240 203 37 111 169 -57 47 83 -36 June. 24 23 1 222 181 41 45 45 49 56 — 6 July. 63 40 23 229 190 39 60 163 -102 48 53 -5 Aug.. 259 25 234 190 145 45 27 27 44 50 -6 Sept.* 106 40 66 166 134 32 156 209 44 44 (3) Oct.* 158 77 81 191 151 40 52 73 -21 55 35 20 p Preliminary. r Revised. 2 Includes small amounts of U. S. municipal securities. 1 Includes transactions of international institutions. 3 Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TSTL CAPITAL TRANSACTIONS OF THE U. S. 1553 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 e - d E O u t r h o e p r e E T u o ro ta p l e Canada A L m a i e t c i r a n - ot A h l e l r 2 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 19 -1 10 -86 23 14 1958—Oct 6 3 3 -1 5 1 4 -7 6 2 Nov 11 1 10 13 -4 9 -6 6 2 Dec 3 -3 6 -4 14 -7 -3 3 -6 3 3 1959—Jan 18 19 -2 -1 17 -6 1 13 () 3 2 J J A F M M u u e p a a l n b r r y y e 4 2 3 3 3 1 2 7 0 7 9 2 3 3 3 1 5 2 6 6 4 5 7 5 5 5 6 1 ( 4 ) - - 1 1 4 2 1 2 2 2 2 1 7 0 7 1 1 9 -12 4 4 2 2 4 2 4 2 5 1 2 3 3 3 1 8 7 1 3 1 5 - - - 6 8 3 4 2 2 2 4 2 2 3 4 4 3 7 5 1 Aug 45 35 10 11 5 18 7 1 42 -1 4 1 Sept.* 32 26 7 2 5 24 -4 2 29 -5 6 3 Oct.*7 40 29 11 1 5 26 -1 3 33 -4 5 6 P Preliminary. 2 Includes transactions of international institutions. 1 Includes small amount 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] Year or na In ti t o e n r- al f T or o e t i a g l n Can- Latin All Assets in custody month tu in ti s o ti n - s c t o ri u e n s - Europe ada A i m ca er- Asia other Date Deposits U. S. Govt. Miscelsecurities 2 laneous2 1955 -27 -4 -46 74 24 -49 7 1956 -33 -478 8 -447 17 -40 -16 1957—Dec. 31 356 3,729 353 1957 -384 -338 231 -552 15 -45 13 1958 — 558 — 805 —72 — 543 5 — 45 — 150 1958—Nov. 30 226 3,822 487 Dec. 31 272 3,695 480 1958—Oct -11 -50 -32 -10 -1 -3 -5 Nov.... -6 -97 2 -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 j Apr. 30 266 3,559 504 Feb.... 6 -124 -14 -64 -3 -41 -2 May 31 291 3,750 524 Mar.... -5 -60 -22 -24 9 -8 3 June 30 294 3,900 528 -8 -42 -28 -2 -8 -1 July 31 278 4,131 525 M^y!!! -50 -43 18 -61 3 -4 2 Aug. 31 252 4,286 520 June... -8 2 5 O) 3 -7 2 Sept. 30 312 4,346 548 July.... (J) -107 A -100 1 -4 -1 Oct. 31 284 4,409 547 Aug.... -6 -4 — 1 0) -2 1 Nov. 30 332 4,396 556 Sept.?.. — 34 -18 41 -42 1 3 -22 Oct.P. . n 6 21 -17 3 -1 0) 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 U. S. Treasury bills, certificates of indebtedness, notes, and bonds. 3 Consists of bankers' acceptances, commercial paper, and foreign and international bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1554 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 July- Oct.- Jan.- Apr.- July- Sept. Dec. Mar. June Sept. Continental Western Europe: Austria -6.2 -84.2 -25.9 -58.3 -39.3 -43.4 * i *_: 5; 8'i — 94!8 3l4 -329.4 113 4 58 3 38 5 France -20.0 — 67 5 -33.8 — 65 6 Germany (Fed Rep of) .... -10.0 -130.0 -225.6 -10.0 Italy — 348 8 123 8 56 3 Netherlands -4.5 -ioo.6 -65.0 25.0 -260 9 — 46 4— 109 7 — 29 9 Portugal -34.9 -5.0 -59.9 -54.9 -5.6 -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 -75.1 Bank for Int'l Settlements -30.4 -94.3 -20.0 ::::4;6 -178.3 -60.7 "-7!6 '-25!6 Other -29.7 -17.3 -17.5 8.8 •339-3 38.4 -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 -447.5 -281.4 -38.2 -118.0 -124.0 Sterling Area: United Kingdom 469.9 440.0 -480.0 -50.0 100.3 -900.0 -50.0 -100.0 -200.0 -150.0 Union of South Africa ... 52.1 11.5 Other 3.6 ••? -.5 -.5 -.1 Total 525.6 451.2 -480.5 -50.5 -.1 100.3 -900.0 -50.0 -100.0 -200.0 -150.0 Canada -10.0 7.2 14.6 5.2 Latin America: -49.9 -20.0 -84.8 115.3 75.4 67.2 12 0 55 2 -60.2 87.7 -28.1 80.3 -20 0 -10.0 -.9 -30.0 -200.0 Other -15.0 -10.2 -18.8 12.2 14.0 56.4 5.5 1.8 -.3 2.6 -.5 c -2.3 Total -126.0 57.5 -131.8 62.5 14.0 -28.3 80.9 69.0 11.7 57.8 -.5 -20.5 -12.3 Asia -53.7 -6.7 -5.7 -9.9 -4.9 -.2 18.0 4-27.1 -2.7 4-23.4 4-45.1 4-50.1 4-62.0 All other . . -76.0 -.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 -488.5 -347.1 -83.3 -388.7 -348.5 International institutions 5 200.0 600.0 -7.1 -8.8 5-343.8 189.1 Grand total 75.2 393.6 -1,164.3 -326.6 -68.5 280.2 771.6 -2,294.2 -488.5 -347.1 -92.6 -732.5 -159.3 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. and 1959, Jan.-Mar., $49.9; Apr.-June, $45.0; July-Sept., $62.5. 2 Less than $50,000. 5 Figures represent purchase of gold from, or sale to (—), International 3 Includes purchases of gold from Spain as follows (in millions): 1957, Monetary Fund; includes payment of $343.8 million in June 1959 as $31.5; and 1958, $31.7. increase in United States gold subscription. ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES [In millions of dollars] Year T ( u r 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 ) 1 in s c o T c g t r r o r o e o e d c a t l a a d s k e 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 : k i r s n s d - e e e - d e , - D p ti r c o t o i m g o d o n u e l c s d - - Month ( T e r u n G e r d a y o s l o - d f m s T to o o c n t k a th l ) 1 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 e r d e r a a a k : i r s n s - d e e e - d e , - D p ti r c o t o i m d o g n u o e c l s d - - 1946 20,529 20,706 623.1 311.5 465.4 51.2 1958—Nov 20,609 20 653 — 88 0 11.7 — 96 9 5.5 1947 22,754 22,868 22,162.1 1,866.3 210.0 75.8 Dec 20,534 20,582 -70 7 12.2 — 79 3 5.9 1948 24,244 24,399 1,530.41,680.4 -159.2 70.9 1949 24,427 24,563 164.6 686.5 -495.7 67.3 1959_jan 20,476 20,527 -55 5 10.3 — 65 6 4.2 1950 22,706 22,820 -1,743.3 -371.3 -1,352.4 80.1 Feb 20,479 20,520 -6.7 9.9 -13.0 4.1 Mar 20,442 20,486 -33.6 18.3 -48.0 3.8 1951 22,695 22,873 52.7 -549.0 617.6 66.3 Apr 20,305 20,358 -128.6 3.2 -127.5 3.8 1952 23,187 23,252 379.8 684.1 -304.8 67.4 May ... 20 188 20 227 — 130 3 9 6 — 136 5 4 1 1953 22,030 22,091 -1,161.9 2.0 -1,170.8 69.0 June 19 705 19 746 3—481 9 15 4 —491 7 4 6 1954 21,713 21,793 -297.2 16.1 -325.2 65.1 July 19,626 19,672 -73.5 25.5 -98.1 5.3 1955 21,690 21,753 -40.9 97.3 -132.4 65.7 Aug 19 524 19 568 — 103 9 75 8 — 176 3 4 2 1956 21,949 22,058 305.9 106.1 318.5 65.3 Sept 19,491 19,579 10.4 54.6 -35.2 3.8 1957 22,781 22,857 798.8 104.3 600.1 63.0 Oct . 19,585 19,647 68.4 23.6 51.9 3.5 1958 20,534 20,582 -2,275.1 259.6 -2,515.0 61.6 Nov ^19,566^19,617 v-29.9 5-71.4 P Preliminary. 3 Includes payment of $343.8 million as increase in United States 1 Includes gold in Exchange Stabilization Fund. Gold in active portion gold subscription to the International Monetary Fund. of this Fund is not included in regular statistics on gold stock (Treasury 4 Not yet available. gold) used in the Federal Reserve statement "Member Bank Reserves, 5 Gold held under earmark at the Federal Reserve Banks for foreign Reserve Bank Credit, and Related Items" or in the Treasury statement, and international accounts amounted to $9,749.2 million on Nov. 30,1959. "Circulation Statement of United States Money." Gold under earmark is not included in the gold stock of the United States. 2 Net after payment of $687.5 million as United States gold subscription to the International Monetary Fund. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND DOLLAR HOLDINGS 1555 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 31, 1957 Sept. 30, 1958 Dec. 3 ,1958 Mar. 3I, 1959 June 30, 1959 Sept. 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: 452 8 554 7 605 7 629 7 646 7 685 7 Belgium-Luxembourg (and Belgian Congo).. 1,184 8 1,471 6 1,522 6 1,489 6 1,510 7 1,484 7 Denmark 143 6 193 6 200 6 169 43 141 44 144 54 Finland . ... . . 99 5 98 5 104 1 113 1 109 1 109 1 France (and dependencies) * 946 9 1,019 11 1,134 12 1,246 12 1,583 32 22,045 32 Germany (Federal Republic of) 4,099 14 4,330 13 4,394 13 4,063 15 4,163 16 4,034 16 Greece 167 125 139 151 167 174 Italy 1,531 2 1,934 2,207 2,421 2,720 2,959 f3<v Netherlands (and Netherlands West Indies and Surinam) 1,044 14 1,389 13 1,497 15 1,614 17 1,627 22 1,711 26 Norway . . 138 105 144 97 173 120 151 125 156 133 133 136 Portugal (and dependencies) 651 1 694 1 707 728 711 723 1 Spain (and dependencies) 126 134 94 88 92 123 3 Sweden 479 496 507 10 498 31 555 31 521 68 Turkey 2,6 1 8 6 5 2 128 2,7 1 3 5 3 4 88 2,7 1 7 6 7 4 16 2,7 1 8 6 1 4 80 2,7 1 8 6 7 5 82 2 8 1 0 7 5 6 90 Other* 851 12 1,165 1,370 3 1,341 16 1,424 16 1,212 15 Total 14,757 319 16,633 259 17,594 274 17,646 358 18,556 396 19,038 456 Sterling Area: United Kingdom 2,875 205 3,851 216 r3,723 194 3,923 184 3,909 201 3,956 264 United Kingdom dependencies . . .. 104 4 100 4 109 4 110 4 105 4 106 4 Australia 211 228 241 246 226 244 India 329 1 320 1 324 337 346 (3} 366 p\ Union of South Africa 255 1 216 1 241 221 1 237 1 268 1 Other 228 34 233 41 251 43 250 49 199 55 199 57 Total 4,002 245 4,948 263 r4,889 242 5,087 238 5,022 261 5,139 326 Canada . . ..•• « 2,723 457 3,022 346 3,097 341 3,159 344 3,195 342 3,284 450 Latin America: Argentina 263 245 210 237 (3) 263 325 Brazil 456 1 458 1 463 504 480 495 j C C h o i l l o e mbia 2 1 1 1 5 5 (3 1 ) 2 1 0 2 7 4 1 2 1 4 4 1 0 0 r ) 3) 2 1 6 3 2 5 ft 2 1 7 7 5 0 ft 2 2 1 6 2 3 ( ( 3 3 ) ) Cuba . . . . • 371 154 409 86 366 86 339 86 317 82 277 82 Guatemala 92 75 69 1 70 67 1 59 M^exico 566 3 517 3 561 543 3 566 558 4 Panama, Republic of 136 1 148 1 146 156 147 153 2 Peru 88 92 96 93 96 107 235 (3,) 260 2 262 276 269 253 (3) Venezuela . ....... 1,554 2 1,233 2 1,213 1,227 1,219 997 Other 277 13 272 12 '250 11 292 13 302 13 273 13 Total 4,368 176 4,040 108 r4,017 106 4,134 107 4,171 104 3 972 105 Asia: Indonesia 190 129 145 156 1 118 1 149 1 Iran 193 181 184 195 (3) 179 167 (3) Japan. 714 1,018 1,094 '1,232 1 1,380 2 1,419 2 Philippines. 181 5 191 3 186 3 180 3 178 3 186 5 Thailand 269 252 1 245 1 250 1 246 1 239 1 Other m 8 723 7 778 7 r818 7 931 7 1,012 12 Total 2,324 16 2,494 12 2,632 12 2,831 13 3,032 14 3 172 21 All other: Eevpt 5 228 192 190 190 190 190 Other 162 7 136 8 140 8 149 10 170 10 175 11 Total 390 7 328 8 330 8 339 10 360 10 365 11 Total foreign countries 6 28,564 1,220 31,465 996 32,559 983 33,196 1,070 34,336 1,127 34,970 1,369 International institutions 2,697 222 2,790 462 2,876 495 3,027 523 4,666 523 5,040 605 Grand total6 31,261 1,442 34,255 1,458 35,435 1,478 36,223 1,593 39,002 1,650 40,010 1,974 * Preliminary. r Revised. 5 Part of the United Arab Republic since February 1958. 1 Excludes gold holdings of French Exchange Stabilization Fund. 6 Excludes gold reserves of the U. S. S. R., other Eastern European 2 Includes repayment to Bank of France of $286 million in gold loaned countries, and China Mainland. by Bank to French Exchange Stabilization Fund in June 1957. NOTE.—Gold and short-term dollars include reported and estimated 3 Less than $500,000. official gold reserves, and total dollar holdings as shown in "Short-term 4 Includes Yugoslavia, Bank for International Settlements (including Liabilities to Foreigners Reported by Banks in the United States by European Payments Union account through December 1958 and Euro- Countries" (Tables 1 and la-Id of the preceding section). U. S. Govt. pean Fund account thereafter), gold to be distributed by the Tripartite bonds and notes represent estimated holdings with original maturities Commission for Restitution of Monetary Gold, and unpublished gold of more than one year; these estimates are based on a survey of selected reserves of certain Western European countries. U. S. banks and on monthly reports of security transactions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1556 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 l M F I ta n u o r t n n y 'l d e- U S n ta i t t e e s d r m w e E s a o s t t r t e i l o - d d f A t r i g n e a n- t A ra u l s i - a A tr u i s a - C g B o i e n a l n - go g B i e u l m - Brazil Canada Chile lo C m o b - ia 1952—Dec 35,990 ,692 23,252 11,045 287 112 52 80 704 320 885 42 76 1953—Dec 36,425 ,702 22,091 12,630 372 117 52 101 776 321 986 42 86 1954—Dec 37,075 ,740 21,793 13,540 372 138 62 115 778 322 1,073 42 86 1955—Dec 37,730 ,808 21,753 14,170 372 144 71 116 929 323 1,134 44 86 1956—Dec 38,235 ,692 22,058 14,485 224 107 71 122 925 324 1,103 46 57 1957—Dec 38,960 ,180 22,857 14,925 126 126 103 81 915 324 1,100 40 62 1958 Oct ,307 20,741 74 157 144 83 1,251 325 1,074 40 70 Nov ,331 20,653 74 160 155 83 1,270 325 1,079 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 40,055 ,352 20,486 18,215 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 ,522 20,227 57 169 222 63 1,289 326 1,074 40 74 June Q1O 19,746 57 135 256 63 1,270 326 1,073 40 74 July 1,923 19,672 57 280 53 1,281 326 1,061 40 74 Aug 19,568 57 291 53 1,276 326 1,053 41 75 Sept 2,052 19,579 291 48 1,254 326 1,039 41 69 Oct 2,210 19,647 291 1,187 326 967 42 Ger- E m n o d n t o h f Cuba m D a en rk - D R o i e c m p a u n i b n - - E d c o u r a- Egypt2 E v l a d S o a r l- l F a i n n d - France3 R F m e e p d a u n e b r y a l , i l c Greece G m u a a l t a e- India I n n e d s o ia lic of 1952—Dec 214 31 12 23 174 29 26 573 140 10 27 247 235 1953—Dec 186 31 12 23 174 29 26 576 328 11 27 247 145 1954—Dec 186 31 12 23 174 29 31 576 626 11 27 247 81 1955—Dec 136 31 12 23 174 28 35 861 920 11 27 247 81 1956—Dec 136 31 11 22 188 28 35 861 1,494 10 27 247 45 1957—Dec 136 31 11 22 188 31 35 575 2,542 13 27 247 39 1958—Oct 135 31 11 22 174 31 35 589 2,633 27 247 38 Nov 120 31 11 22 174 31 35 589 2,639 27 247 38 Dec 80 31 11 22 174 31 35 589 2,639 27 247 37 1959—Jan 76 31 11 22 174 31 35 589 2,678 27 247 37 Feb 76 31 11 22 174 31 38 589 2,678 27 247 37 Mar 76 31 11 22 174 31 38 589 2,678 27 247 37 Apr 76 31 11 20 174 31 38 589 2,678 27 247 36 May 76 31 11 20 174 31 38 589 2,684 25 247 41 June 75 31 11 20 174 31 38 589 2,704 25 247 41 July 75 31 12 20 174 31 38 589 2,721 24 247 41 Aug 75 31 12 20 174 31 38 589 2,721 247 41 Sept 31 12 20 174 30 38 875 2,621 247 41 Oct 31 20 174 30 38 875 2,626 247 Ire- E m n o d n t o h f Iran Iraq R l e a p n u d b , - Italy a L n e o b- n M ic e o x- N l e a t n h d e s r- Ze N a e la w nd N w o a r y - P s a ta k n i- Peru ip P p h i i n l e - s Po g r a t l ulic of 1952—Dec 138 18 346 31 144 544 33 50 38 46 9 286 1953_Dec 137 18 346 35 158 737 33 52 38 36 9 361 1954—Dec 138 18 346 63 62 796 33 45 38 35 9 429 1955—Dec 138 8 18 352 74 142 865 33 45 48 35 16 428 1956—Dec 138 14 18 338 77 167 844 33 50 49 35 22 448 1957—Dec 138 20 18 452 91 180 744 33 45 49 28 6 461 1958—Oct 141 25 18 907 91 146 999 33 43 49 19 15 486 Nov 141 34 18 995 91 144 1,026 33 43 49 19 9 486 Dec 141 34 18 1,086 91 143 1,050 33 43 49 19 10 493 1959 Jan 141 34 18 1,119 91 143 1,125 33 43 49 19 11 498 Feb 141 34 18 1,155 95 143 1,145 33 43 49 19 7 498 Mar 140 34 18 1,190 102 142 1,164 33 43 49 19 7 501 Apr 140 34 18 1,222 102 142 1,164 33 43 49 19 9 502 May 140 34 18 1,263 102 142 1,164 33 43 50 19 9 507 June 140 34 18 1,311 102 160 1,164 33 43 50 19 10 512 July 140 73 18 1,381 102 158 1,164 33 30 50 19 6 513 Aug 140 84 18 102 1,162 33 30 50 19 6 525 Sept 140 18 102 1,162 33 30 50 19 525 Oct 140 18 102 1,126 33 30 50 19 530 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND PRODUCTION 1557 REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued [In millions of dollars] E m n o d n t o h f A So fr u ic th a Sweden 1952—Dec 170 184 1953—Dec 176 218 1954—Dec 199 265 1955—Dec 212 276 1956 Dec 224 266 1957—Dec 217 219 1958—Oct 201 204 Nov 210 204 Dec 211 204 1959—Jan 212 204 Feb 211 204 Mar . 193 204 Apr 190 204 May 197 204 June ... . . 201 205 July 217 205 Aua 204 Sept 225 Oct 231 ON ON ON Sw la it n z d er- Syria2 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 - 1,411 14 113 143 1,846 207 1,459 14 113 143 2,518 227 1,513 17 113 144 2,762 227 1.597 19 112 144 2,120 216 1,676 19 112 144 2,133 186 ,718 24 112 144 2,273 180 1,935 24 112 144 3,174 180 I 924 24 112 144 3 215 180 1,925 24 112 144 3,069 180 1,993 24 112 144 3,111 180 1,993 24 112 144 3,156 180 L 935 24 112 144 3 139 180 1,931 24 112 144 3,251 180 1,912 24 112 144 3 119 180 1,909 24 112 144 3,172 180 1,925 112 144 3 220 180 1,919 112 144 3,248 1,900 112 144 3,284 1,868 133 3,024 00 00 00 ooo Vene- Yugo- zuela slavia 373 12 373 13 403 14 403 16 603 17 719 13 719 15 719 17 719 17 719 17 719 17 719 17 719 15 719 10 719 10 719 10 719 719 719 ooo Bank Eurofor pean Int'l Pay- Settle- ments ments Union 196 158 193 153 196 153 217 244 179 268 165 254 198 238 339 126 312 351 378 533 479 486 436 434 427 367 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 pro w ( d e o x u r c c l l d t . ion Africa Sorth and South America Other U.S.S.R.) Total A So fr u ic th a R de h s o ia - Ghana B C e o l n g g ia o n U S n ta i t t e e s d C a a d n a - M ic e o x- r N ag ic u a a - l Brazil Chile Co b l i o a m- t A ra u l s i - a India 1951 . . 840.0 763.1 403.1 17.0 22.9 12.3 66.3 153.7 13.8 o.o 4.8 6.1 15.1 31.3 7.9 1952 868.0 785.7 413.7 17.4 23.8 12.9 67.4 156.5 16.1 8.9 4.9 6.2 14.8 34.3 8.9 1953 864.5 780.5 417.9 17.5 25.4 13.0 69.0 142.4 16.9 9.1 4.0 4.6 15.3 37.7 7.8 1954 910.0 830.4 462.4 18.8 27.5 12.8 65.1 152.8 13.5 8.2 4.2 4.4 13.2 39.1 8.4 1955 955.5 877.7 510.7 18.4 23.8 13.0 65.7 159.1 13.4 8.1 3.9 4.3 13.3 36.7 7.4 1956 994.0 914.8 556 2 18.8 21 9 13 1 65.3 153.4 12.3 7.6 4.3 3.3 15.3 36.1 7.3 19*57 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 Sept 85.0 53.0 1.7 2.5 l.l 6.2 13.1 1.2 .6 .4 .3 .9 3.5 .5 Oct 87.2 54 0 1.6 2 4 .9 6.7 14.0 1.1 .6 .3 .5 1.3 3.3 .5 Nov 83.6 53.3 1.7 2.5 1.0 5.5 12.9 1.1 .6 .3 .2 1.0 3.1 .5 Dec 83.6 53.1 1.7 2.2 .7 5.9 13.2 .5 .6 .3 .3 1.0 3.6 .5 1959 Jan 283.1 54.1 1.6 2.6 1.2 4.2 13.2 .9 .5 .3 1.3 2.8 .4 Feb 280.1 52.8 1.5 2 6 .9 4.1 12.5 1.0 .8 .3 1.1 3.0 .5 Mar 284.6 55.9 1.7 2.6 1.0 3.8 13.2 1.0 .6 .3 .7 3.3 .5 Apr 286.3 57.9 1.6 2.6 .8 3.8 13.2 1.2 .5 .3 1.0 2.9 .5 May 58 7 1 6 2 6 1 3 4.1 13 3 .7 .3 1.0 2.9 .5 June 59.5 1.8 2.6 1.0 4.6 12.5 .7 .3 1.3 3.5 .5 July 60 8 1 6 2 7 8 5 3 13 2 6 4 1 4 Aug 60.7 1.4 2.7 1.4 4.2 12.2 .6 .3 Sept 60 9 2.8 .7 3.8 12.7 .5 .3 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

1558 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 Oct. Jan. Apr. July Oct. Sept. Dec. Mar. June Sept. Gold 1.307 1.332 1,352 1.371 2,210 Dollar deposits and U. S. securities. 900 943 937 966 1,039 Investments9 200 200 200 200 500 Other currencies and securitiesl.... 747 693 636 657 624 Currencies:1 Effective loans2 2,999 3,275 3,408 3,387 3,548 United States 717 780 95! 998 2.028 Other assets3 91 101 92 93 104 Other 6,025 5.958 5,807 5.839 8,283 Gold and currency in separate IBRD bonds outstanding 1.687 1.792 1,840 1,905 1,963 accounts:l o Undisbursed loans 753 910 893 839 960 Gold 1 551 Other liabilities 27 24 28 28 31 Currency 4 1 542 Reserves 366 382 401 420 440 Unpaid member subscriptions 958 979 944 854 680 Capitals 1,904 1,904 1,911 1,911 1,920 Other assets . . . 9 9 9 8 U105 Member subscriptions 9,193 9 228 9 228 9 22813 644 Loans by country, Oct. 31, 1959 Member subscriptions in separate account !•> 2 093 Reserves and liabilities 23 30 35 42 H162 Outstanding Area and member country4 Prin- Dis- Re- Quota Cumulative net drawings cipal bursed paid Sold on the Fund Total Country Paid 1958 Total in Continental Western Europe gold total 1,487 1,207 251 956 165 Oct. Sept. Oct. Austria 100 65 (6) 64 5 Belgium and Luxembourg.. 173 156 22 134 35 Denmark 60 43 5 38 3 Argentina 150 38 75 ! 109 112 Finland 102 67 16 51 3 Bolivia 13 3 9 i 9 i 9 France 302 269 26 243 10 Brazil 150 38 113 92 ! 92 Italy 298 185 6 179 20 Burma 15 1 15 12 Netherlands 236 236 157 79 79 Chile 75 15 40 42 Norway 95 66 3 64 9 T Y u u r g k o e s y lavia 6 6 1 1 6 5 1 9 1 7 0 5 5 2 1 C C u ol b o a mbia 7 5 5 0 1 13 9 2 3 5 5 23 J France 788 174 394 381 ! 381 Ste A rl u in st g r a a l r i e a a .' , total 1,4 3 8 1 8 8 1,2 3 2 1 5 8 14 3 7 9 1,0 2 7 7 8 9 1 2 1 8 7 H H o ai n ti duras 11 3 3 •; 3 5 i | 4 5 Ceylon 24 13 (6) 13 1 India 592 442 35 406 34 India 600 78 200 200 i 200 Pakistan 139 92 17 75 2 Indonesia 110 16 55 46 | 46 Union of S. Africa 197 187 45 142 29 Iran 35 9 17 -> i 5 United Kingdom 193 155 147 24 Paraguay 6 5 ! 5 Other 25 17 16 Peru 28 15 Latin America, total 919 697 123 574 16 Philippines 50 9 ! 9 Brazil 267 186 29 157 Spain 100 50 50 Chile 74 50 9 41 Sudan 15 5 5 5 Colombia 131 103 30 73 Turkey 86 43 39 39 Ecuador 45 16 1 15 El Salvador 32 23 3 20 Union of South Mexico 186 159 17 142 Africa 150 38 36 25 Nicaragua 23 21 7 14 United Arab Re- ! Peru 47 41 7 34 public—Egypt... 60 10 30 27 27 Uruguay 64 57 9 49 United Kingdom . . 1.950 399 545 333 333 Other 50 40 11 United States 4.125 1,031 12-1.991 706 12 —1,718 Yugoslavia 66 23 23 23 Asia (excluding Sterling area). total 595 360 31 329 26 Iran 147 84 10 74 12 1 Currencies include demand obligations held in lieu of deposits. Japan 254 196 7 189 11 2 Represents principal of authorized loans, less loans not yet effective, Lebanon 27 6 6 repayments, the net amount outstanding on loans sold or agreed to be Malaya 36 1 1 sold to others, and exchange adjustment. Philippines 19 14 14 3 Excludes uncalled portions of capital subscriptions. Thailand 107 53 45 4 Loans to dependencies are included with member. Other 6 6 5 Includes also effective loans agreed to be sold but not yet disbursed. 6 Less than $500,000. Africa (excluding Sterling 7 Includes $103 million in loans not yet effective. area), total 32 8 Includes $308 million not guaranteed by the Bank. Ethiopia 13 9 U. S. Treasury bills purchased with proceeds from sale of gold. Sudan 19 I o Paid by members pending increases in quotas becoming effective. I1 Includes subscriptions due from members on increases in quotas Total 74.551 3,522 2.969 8328 consented to but not yet effective. i2 Represents sales of U. S. dollars by the Fund to member countries for local currencies, less repurchases of such currencies with dollars. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. BALANCE OF PAYMENTS 1559 UNITED STATES BALANCE OF PAYMENTS [Department of Commerce estimates. Quarterly totals in millions of dollars] 1956 1957 1958 1959 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 Services 2 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 ,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 ,166 124 3,517 3,604 3,885 Services 1,025 1,263 948 915 1,124 1,381 1,047 936 ,176 1,407 1,070 1,017 1,262 Military expenditures 799 694 681 850 715 720 829 908 841 838 801 821 Balance on goods and services' 1,012 640 1,714 1,651 1,692 965 1,502 662 670 199 111] -41 -167 Unilateral transfers (net) 3 -635 -544 -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 -102 -199 -134 -368 -246 -222 -332 -166 -89 4-314 -257 Foreign capital and gold (net) 441 647 -195 316 -269 227 585 1,069 907 878 915 41,327 Increase in foreign short-term assets -381 and Government securities 391 668 -283 514 -260 275 202 9 450 479 744 4765 Increase in other foreign assets.... 153 143 115 -199 127 18 50 13 -15 -26 52 75 165 Gold sales by United States -103 -164 -27 166 -325 -27 -98 370 1,075 483 347 96 4397 -348 Errors and omissions 81 244 305 376 217 347 -192 203 107 218 -87 217 297 p 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 Sw la i n tz d er- Month 3 T m r b e o i a l s n ls u t , h ry sl m Da o d y n a - y e t y o 2 - 3 B a a m a c n n c c o k e e n p e s t t r , h - s s ' 3 T r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w o k n a s e i n r t s c s ' e D m a o d y n a - e y t y o 3 - Tr 6 d b e 0 a i a l - y s l 9 s s u 0 , 4 ry D m a o d y n a - e y t y o 5 - 3 T r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e to y - d P is r r i c a v o t a e u t n e t 1956—Dec 3.61 3.18 5.07 4.94 4.15 3.50 3.55 4.75 4.81 3.48 5.23 1.50 1957—Dec 3.65 3.60 6.67 6.43 5.67 5.00 5.72 3.75 3.25 4.64 $.33 2.50 1958—Oct 2.48 1.51 3.80 3.65 3.19 2.50 5.50 2.38 2.56 2.83 >.50 2.50 Nov 3.00 2.10 3.67 3.46 2.97 2.32 5.26 2.38 2.88 2.40 .79 2.50 Dec 3.46 2.07 3.34 3.16 2.70 2.00 6.07 2.38 2.63 2.26 .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 .58 2.50 Feb 3.70 2.96 3.23 3.09 2.73 2.00 4.23 2.25 2.94 1.75 .26 2.50 Mar 4.16 4.00 3.41 3.30 2.67 2.00 4.36 2.25 2.44 1.68 .42 2.25 Apr 4.57 4.41 3.40 3.25 2.69 2.00 4.13 2.00 2.31 1.61 .50 2.00 May 4.98 4.26 3.43 3.33 2.67 2.00 3.88 2.00 2.56 1.63 .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 .48 2.00 Aug— .... 5.82 5.72 3.60 3.48 2.76 2.00 3.93 2.00 2.44 1.63 .15 2.00 Sept 5.68 5.01 3.59 3.48 2.78 2.00 4.05 2.75 2.75 1.66 .31 2.00 Oct.... 5.05 4.28 3.58 3.43 2.82 2.00 3.63 2.38 2.03 .50 2.00 1 Based on average yield of weekly tenders during month. Previous 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 with January 1957, rate shown is on private securities. 5 Based on average of lowest and highest quotation during month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1560 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 Nov. 30, 1958 Rate Country 1958 1959 as of Nov. 30, Per Month 1959 cent effective Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Argentina ^ 6.0 Dec. 1957 6.0 Austria 5.0 Nov. 1955 4.5 4.5 Belgium 3.5 Aug. 1958 3.25 3.25 Brazil2 10.0 Apr. 1958 10.0 Burma 3.0 Feb. 1948 3.0 Canada3 3.13 Nov. 1958 3.74 3.53 4.32 4.55 5.01 5.15 5.36 5.72 5.58 5.85 5.27 5.11 5.11 Ceylon 2.5 June 1954 2.5 Chile2 6 0 Feb. 1957 6.0 Colombia2 . . 4.0 July 1933 4.0 Costa Rica2 3.0 Apr. 1939 3.0 Cuba2 5.5 Dec. 1957 5.5 Denmark 4.5 Aug. 1958 5 0 5.0 Ecuador 10.0 May 1948 10.0 Egypt 3.0 Nov. 1952 3.0 El Salvador2 4.0 Apr. 1957 4.0 Finland2 6.5 Apr. 1956 6 0 6.0 France . 4.5 Oct. 1958 4.25 4.0 4.0 Germany 3.0 June 1958 2.75 3.0 4.0 4.0 Greece 10.0 May 1956 10.0 Honduras4 2.0 Jan. 1953 2.0 Iceland 7.0 Apr. 1952 7.0 India* 4.0 May 1957 4.0 Indonesia2 3.0 Apr. 1946 3.0 Iran 4.0 Aug. 1948 4.0 Ireland 4.25 Nov. 1958 4.25 Israel 6 0 Feb 1955 6.0 Italy 3.5 June 1958 3.5 Japan2 • 7.3 Sept. 1958 6 94 6.94 Mexico 4.5 June 1942 4.5 Netherlands 3.0 Nov. 1958 2 75 'i'.5" 3.5 New Zealand 7.0 Oct. 1955 6.0 6.0 Nicaragua . 6.0 Apr. 1954 6.0 Norway 3.5 Feb. 1955 3.5 Pakistan 3.0 July 1948 4 6 4.0 Peru2 6 0 Nov. 1947 9.5 9.5 Philippine Republic2 4.5 Sept. 1957 6.5 6.5 Portugal 2.0 Jan. 1944 2.0 South Africa 4.5 Sept. 1955 4.6 4.0 Spain 5.0 July 1957 6.25 6.25 Sweden 4.5 May 1958 4.5 Switzerland 2.5 May 1957 2 0 2.0 Thailand 7 0 Feb 1945 7.0 Turkey 6 0 June 1956 6.0 United Kingdom 4.0 Nov. 1958 4.0 Venezuela 2 2.0 May 1947 4.5 4.5 1 Rates shown represent mainly those at which the central bank either El Salvador—3 per cent for agricultural and industrial paper and 2 per discounts or makes advances against eligible commercial paper and/or cent for special cases; government securities for commercial banks or brokers. For countries Finland—rates ranging up to 7.25 per cent for longer term paper (rate with more than one rate applicable to such discounts or advances, the shown is for 3 months commercial paper); rate shown is the one at which the largest proportion of central bank Indonesia—various rates depending on type of paper, collateral, comcredit operations is understood to be transacted. In certain cases other modity involved, etc.; rates for these countries are given in note 2. Japan—penalty rates (exceeding the basic rate shown) for borrowings 2 Discounts or advances at other rates include: from the Central bank in excess of an individual bank's quota; Argentina—3 and 5 per cent for certain rural and industrial paper, de- Peru—8 per cent for agricultural, industrial and mining paper; pending on type of transaction; Philippine Republic—-4.5 per cent for crop loan paper and 5 per cent for Brazil—8 per cent for secured paper and 4 per cent for certain agricultural export packing credit paper; and paper; Venezuela—4 percent for rediscounts of certain agricultural paper and Chile—rates of more than 6 per cent for rediscounts in excess of 50 per for advances against government bonds or gold and 5 per cent on adcent of the rediscounting bank's capital and reserves, and 2 and 4 per vances against securities of Venezuelan companies. cent for certain types of agricultural paper; 3 Since Nov. 1, 1956, the discount rate has been set each week at Colombia—3 per cent for agricultural paper and for loans on products 14 of one per cent above the latest average tender rate for Treasury bills; in bonded warehouses; end-of-month rate shown. Costa Rica—5 per cent for paper related to commercial transactions 4 Rate shown is for advances only. (rate shown is for agricultural and industrial paper); 5 Since May 16, 1957, this rate applies to advances against commercial Cuba—4.5 per cent for sugar loans and 4 per cent for loans secured by paper as well as against government securities and other eligible paper. national public securities; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES 1561 FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Year or month (peso) (p t A r o a u u l s n i - a d) (s A ch u i s l t l r in ia g) B ( e fr 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—Nov.. 5.556 1.386 223.55 3.8536 2.0056 103.253 21.039 .3118 Dec. 15.556 11.518 223.41 3.8536 2.0057 103.660 21.032 .3118 1959—Jan... 21.5187 223.62 .8444 2.0003 103.402 21.046 .3115 Feb.. 1.5242 223.85 .8481 2.0004 102.583 21.063 .3114 Mar.. 1.4703 224.12 .8484 1.9997 103.117 21.074 .3114 Apr.. 1.3680 224.42 .8487 2.0037 103.774 21.089 .3114 May. 1.1774 224.27 .8488 2.0057 103.838 21.081 .3114 June. 1.1091 224.11 .8510 2.0027 104.278 21.072 .3120 July.. 1.1851 224.04 .8506 2.0031 104.456 21.062 .3120 Aug.. 1.1922 223.86 .8502 2.0013 104.754 21.060 .3116 Sept.. 1.2037 223.40 3.8525 1.9989 105.077 21.037 .3113 Oct.. 1.2213 223.61 3.8526 1.9993 105.506 21.048 .3113 Nov.. 1.2084 223.32 3.8526 1.9990 105.215 21.031 .3113 Year or month F (f r r a a n n c c e ) ( G d m e e r u a m t r s k a c ) n h y e (r I u n p d e ia e) ( I p re o l u a n n d d ) ( I l t i a r l a y ) J ( a y p e a n n ) ( M do a s l i l a l a a y r - ) M (p e e x s i o c ) o ( e g N r u l e i a l t n d h d e - 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—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 Oct... .2037 23.931 21.010 280.63 .1610 .2776 32.794 8.006 26.493 Nov.. .2038 23.971 20.954 280.27 .1611 .2776 32.798 8.006 26.471 Year or month Z (p e N o a u e la w n n d d ) N (k o r r o w n a e y ) R P ( e p p h p e i i u n l s i b o e p l ) - ic (e P s o g c r a u t l d u o - ) ( A p S o o fr u u i n c th a d) (p S e p s a e i t n a) S (k w ro ed n e a n ) z ( e S fr r w a la n i n t c - d ) ( U p K d o n i o u i n m t n g e d - d ) 1953. 278.48 14.015 49.676 3.4887 280.21 19.323 23.316 281.27 1954. 278.09 14.008 49.677 3.4900 279.82 19.333 23.322 280.87 1955. 276.36 14.008 49.677 3.4900 278.09 19.333 23.331 279.13 1956., 276.80 14.008 49.676 3.4900 278.52 19.333 23.334 279.57 1957.. 276.56 14.008 49.693 3.4900 278.28 19.331 23.330 279.32 1958., 278.19 14.008 49.695 3.4900 279.93 2.3810 19.328 23.328 280.98 1958—Nov.. 277.78 14.008 49.695 3.4900 279.51 2.3810 19.328 23.300 280.55 Dec. 277.60 14.009 49.695 3.4900 279.33 2.3810 19.329 23.317 280.38 1959—Jan... 277.87 14.012 49.695 .4917 279.60 2.3810 19.326 23.190 280.65 Feb.., 278.15 14.018 49.695 .4974 279.88 2.3810 19.327 23.184 280.93 Mar.. 278.49 14.029 49.695 .4980 280.22 2.3810 19.325 23.133 281.27 Apr.. 278.86 14.048 49.695 .5026 280.60 2.3810 19.330 23.134 281.65 May. 278.67 14.041 49.695 .5019 280.40 2.3810 19.326 23.133 281.45 June. 278.47 14.052 49.695 .5004 280.20 2.3810 19.327 23.194 281.25 July.. 278.38 14.050 49.695 3.5001 280.12 52.0679 19.330 23.204 281.17 Aug.. 278.17 14.038 49.713 3.4990 279.90 1.6600 19.327 23.178 280.95 Sept.. 277.59 14.011 49.770 3.4947 279.32 1.6607 19.325 23.121 280.37 Oct... 277.85 14.023 49.770 3.4958 279.58 1.6607 19.325 23.048 280.63 Nov.. 277.49 14.008 49.770 3.4915 279.22 1.6607 19.308 23.040 280.27 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 with Mar. 2, 1959. 5 Effective July 20, 1959, the par value for the Spanish peseta was set 3 Effective rate of 420 francs per U. S. dollar, established Aug. 12, 1957, at 6600 pesett as per UU. SS. ddollllar, 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 ELIZABETH L. CARMICHAEL, Assistant Secretary C. C. HOSTRUP, Assistant Director FRED A. NELSON, Assistant Director LEGAL DIVISION GLENN M. GOODMAN, Assistant Director HOWARD H. HACKLEY, General Counsel DAVID B. HEXTER, Assistant General Counsel HENRY BENNER, Assistant Director G. HOWLAND CHASE, Assistant General Counsel JAMES C. SMITH, Assistant Director THOMAS J. O'CONNELL, Assistant General LLOYD M. SCHAEFFER, Chief Federal Reserve Counsel Examiner DIVISION OF RESEARCH AND STATISTICS RALPH A. YOUNG, Director DIVISION OF PERSONNEL ADMINISTRATION FRANK R. GARFIELD, Adviser GUY E. NOYES, Adviser EDWIN J. JOHNSON, Director ROLAND I. ROBINSON, Adviser H. FRANKLIN SPRECHER, JR., Assistant Director SUSAN S. BURR, Associate Adviser ALBERT R. KOCH, Associate Adviser KENNETH B. WILLIAMS, Associate Adviser DIVISION OF ADMINISTRATIVE SERVICES LEWIS N. DEMBITZ, Research Associate JOSEPH E. KELLEHER, Director DIVISION OF INTERNATIONAL FINANCE HARRY E. KERN, Assistant 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 1562 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1563 FEDERAL RESERVE BANKS AND BRANCHES 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

1564 FEDERAL RESERVE BULLETIN • DECEMBER 1959 Presidents and Vice Presidents Federal Vice Presidents Reserve President (Vice Presidents in charge of branches are Bank of First Vice President listed in lower section of this page) Boston J. A. Erickson D. Harry Angney George H. Ellis Dana D. Sawyer E. O. Latham Ansgar R. Berge Benjamin F. Groot O. A. Schlaikjer New York Alfred Hayes Harold A. Bilby Robert V. Roosa H. L. Sanford William F. Treiber Charles A. Coombs Robert G. Rouse Todd G. Tiebout Marcus A. Harris Walter H. Rozell, Jr. R. B. Wiltse Herbert H. Kimball Philadelphia Karl R. Bopp Joseph R. Campbell Murdoch K. Goodwin James V. Vergari Robert N. Hilkert Wallace M. Catanach Philip M. Poorman Richard G. Wilgus David P. Eastburn Cleveland W. D. Fulton Dwight L. Allen 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. Baughman Paul C. Hodge George W. Mitchell C. J. Scanlon W. R. Diercks Robert C. Holland H. J. Newman A. M. Gustavson C. T. Laibly Harry S. Schultz Hugh J. Helmer St. Louis Delos C. Johns Homer Jones Dale M. Lewis Joseph C. Wotawa Darryl R. Francis George E. Kroner Howard H. Weigel Minneapolis Frederick L. Deming C. W. Groth A. W. Johnson M. H. Strothman, Jr. A. W. Mills M. B. Holmgren H. G. McConnell Kansas City H. G. Leedy John T. Boysen Joseph S. Handford Clarence W. Tow Henry O. Koppang George H. Clay E. U. Sherman D. W. Woolley Dallas Watrous H. Irons James L. Cauthen G. R. Murff L. G. Pondrom Harry A. Shuford Thomas A. Hardin Thomas W. Plant Morgan H. Rice San Francisco... H. N. Mangels J. L. Barbonchielli E. R. Millard John A. O'Kane Eliot J. Swan H. E. Hemmings R. H. Morrill O. P. Wheeler A. B. Merritt Vice Presidents in Charge of Branches of Federal Reserve Banks Federal Reserve Federal Reserve Bank of Branch Vice Presidents Bank of Branch Vice Presidents New York Buffalo I. B. Smith Minneapolis.... Helena Kyle K. Fossum Cleveland Cincinnati R. G. Johnson Pittsburgh J. W. Kossin Kansas City.... Denver Cecil Puckett Oklahoma City R. L. Mathes Richmond Baltimore D. F. Hagner Omaha P. A. Debus Charlotte Thomas I. Storrs Atlanta Birmingham H. C. Frazer Dallas El Paso Howard Carrithers Jacksonville T. A. Lanford Houston J. L. Cook Nashville R. E. Moody, Jr. San Antonio Carl H. Moore New Orleans M. L. Shaw Chicago Detroit R. A. Swaney San Francisco... Los 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 E. Francis DeVos Seattle J. M. Leisner Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Unless otherwise noted, the material listed may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated, remittance should accompany order and be made payable to the order of the Board of Governors of the Federal Reserve System. THE FEDERAL RESERVE SYSTEM—PURPOSES AND 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, Ecuashipment, 85 cents each. dor, Guatemala, Haiti, Republic of Honduras, ALL-BANK STATISTICS, 1896-1955. Revised statis- Mexico, Nicaragua, Panama, Paraguay, Peru, tics for all banks in the United States, by class of El Salvador, Uruguay, and Venezuela is $6.00 bank, together with descriptive and explanatory per annum or 60 cents per copy; elsewhere material. Part I, U. S. Summary. Part II, Sum- $7.00 per annum or 70 cents per copy. Group maries by States and other areas. April 1959. subscriptions in the United States for 10 or 1,229 pages. $4.00. more copies to one address, 50 cents per copy THE FEDERAL RESERVE ACT, as amended through per month, or $5.00 for 12 months. December 31, 1956, with an Appendix con- FEDERAL RESERVE CHART BOOK ON FINANCIAL taining provisions of certain other statutes af- AND BUSINESS STATISTICS. Monthly. Annual fecting the Reserve System. 385 pages. $1.00. subscription includes one issue of Historical FLOW OF FUNDS IN THE UNITED STATES, 1939-53. Supplement. Subscription price in the United A new accounting record designed to picture States and the countries listed above is $6.00 the flow of funds through the major sectors of per annum; 60 cents per copy, or 50 cents each the national economy. December 1955. 390 for 10 or more of same issue for single shippages. $2.75. ment; elsewhere $7.00 per annum or 70 cents A STATISTICAL STUDY OF REGULATION V LOANS. each. September 1950. 74 pages. 25 cents per copy; HISTORICAL SUPPLEMENT TO FEDERAL RESERVE in quantities of 10 or more copies for single CHART BOOK. Issued annually in September. shipment, 15 cents each. Annual subscription to monthly chart book in- BANKING AND MONETARY STATISTICS. Statistics of cludes one issue of Supplement. In the United banking, monetary, and other financial develop- States and countries listed above under Federal ments. November 1943. 979 pages. $1.50. Reserve Bulletin, single copies 60 cents each or RULES OF ORGANIZATION AND RULES OF PROCEin quantities of 10 or more for single shipment DURE—Board of Governors of the Federal Re- 50 cents each; elsewhere 70 cents each. serve System. 1946. 31 pages. TREASURY-FEDERAL RESERVE STUDY OF THE GOV- REGULATIONS OF THE BOARD OF GOVERNORS OF ERNMENT SECURITIES MARKET. PART I. 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. 1565 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1566 FEDERAL RESERVE BULLETIN • DECEMBER 1959 PERIODIC RELEASES DEPARTMENT STORE CREDIT WEEKLY DEPARTMENT STORE MERCHANDISING DATA FEDERAL RESERVE PAR LIST (Also annual list. CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS Both available at Federal Reserve Banks only) BY INDUSTRY CHANGES IN STATE BANK MEMBERSHIP INTERDISTRICT SETTLEMENT FUND CONDITION OF WEEKLY REPORTING MEMBER INDEX NUMBERS OF WHOLESALE PRICES BANKS IN CENTRAL RESERVE CITIES MONTHLY DEPARTMENT STORE SALES CONDITION OF WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES MONTHLY DEPARTMENT STORE SALES AND STOCKS, BY DEPARTMENTS WEEKLY AVERAGES OF MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS MONTHLY DEPARTMENT STORE STOCKS AND STATEMENT OF CONDITION OF THE FED- MONTHLY FOREIGN EXCHANGE RATES ERAL RESERVE BANKS NATIONAL SUMMARY OF BUSINESS CONDITIONS WEEKLY DEPARTMENT STORE SALES WEEKLY DEPARTMENT STORE SALES—SELECTED OPEN-MARKET MONEY RATES AND BOND PRICES CITIES AND AREAS RETAIL FURNITURE REPORT WEEKLY FOREIGN EXCHANGE RATES SALES FINANCE COMPANIES WEEKLY U. S. GOVERNMENT SECURITY YIELDS STATE MEMBER BANKS OF THE FEDERAL RESERVE AND PRICES SYSTEM AND NONMEMBER BANKS THAT MAIN- SEMIMONTHLY TAIN CLEARING ACCOUNTS WITH FEDERAL RE- SERVE BANKS (Also annual list) DEPOSITS, RESERVES, AND BORROWINGS OF MEM- BER BANKS U. S. GOVERNMENT SECURITY YIELDS AND PRICES SELECTED LIST OF ADDITIONS TO THE RESEARCH SEMIANNUAL-QUARTERLY LIBRARY MONTHLY ALL BANKS IN THE UNITED STATES AND OTHER AREAS—PRINCIPAL ASSETS AND LIABILITIES, BY ASSETS AND LIABILITIES OF ALL BANKS IN THE STATES UNITED STATES (Including Consolidated State- BANK RATES ON SHORT-TERM BUSINESS LOANS ment for Banks and the Monetary System) MEMBER BANK CALL REPORT ASSETS AND LIABILITIES OF ALL MEMBER BANKS, BY DISTRICTS MEMBER BANK EARNINGS BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS MEMBER BANK LOANS BUSINESS INDEXES SALES, PROFITS, AND DIVIDENDS OF LARGE COR- CONSUMER CREDIT (Short- and Intermediate- PORATIONS Term and Consumer Instalment Credit Ex- ANNUAL tended and Repaid) CONSUMER CREDIT AT CONSUMER FINANCE COM- BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS PANIES DEPARTMENT STORE TRADE CONSUMER INSTALMENT CREDIT AT COMMERCIAL BANKS BIENNIAL CONSUMER LOANS MADE UNDER EFFECTIVE STATE DISTRIBUTION OF BANK DEPOSITS BY COUNTIES SMALL LOAN LAWS AND STANDARD METROPOLITAN AREAS Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS 1567 REPRINTS "DETAILED DESCRIPTION OF SOURCES AND METH- (From Federal Reserve Bulletin unless preceded ODS USED IN REVISION OF SHORT- AND INTERby an asterisk) MEDIATE-TERM CONSUMER CREDIT STATISTICS. April 1953. 25 pages. THE HISTORY OF RESERVE REQUIREMENTS FOR FEDERAL RESERVE BANK RESPONSIBILITIES. May BANKS IN THE UNITED STATES. November 1953. 5 pages. 1938. 20 pages. DEPARTMENT STORE SALES AND STOCKS, BY HISTORICAL REVIEW OF OBJECTIVES OF FEDERAL MAJOR DEPARTMENTS (Revised Indexes). No- RESERVE POLICY. April 1940. 11 pages. vember 1953. 65 pages. ADJUSTMENT FOR SEASONAL VARIATION. Descrip- FEDERAL RESERVE MONTHLY INDEX OF INDUStion of method used by Board in adjusting TRIAL PRODUCTION, 1953 Revision. December economic data for seasonal variation. June 1953. 96 pages. 1941. 11 pages. EXTENSIONS AND REPAYMENTS OF CONSUMER IN- NEW STATISTICS OF INTEREST RATES ON BUSINESS STALMENT CREDIT. January 1954. 14 pages. LOANS. March 1949. 10 pages. NEW INDEXES OF OUTPUT OF CONSUMER DU- RABLE GOODS. May 1954. 15 pages. METHODS OF THE SURVEY OF CONSUMER FI- NANCES. July 1950. 15 pages. THE PRIVATE DEMAND FOR GOLD, 1931-53. September 1954. 10 pages. *THE TREASURY-CENTRAL BANK RELATIONSHIP IN FOREIGN COUNTRIES—PROCEDURES AND TECHNIQUES. November 1950. April 1951. USE OF MONETARY INSTRUMENTS SINCE MID- 19 pages. 1952. December 1954. 8 pages. REAL ESTATE LOANS OF REGISTRANTS UNDER DIRECTLY PLACED FINANCE COMPANY PAPER. REGULATION X. June 1952. 18 pages. December 1954. 8 pages. SEASONAL ADJUSTMENT FACTORS FOR DEMAND REVISED SERIES ON DEPARTMENT STORE SALES, STOCKS, AND ORDERS. October 1952. 5 pages. DEPOSITS ADJUSTED AND CURRENCY OUTSIDE BANKS. March 1955. 4 pages. THE MONETARY SYSTEM OF THE UNITED STATES. UNITED STATES BANKS AND FOREIGN TRADE FI- February 1953. 16 pages. NANCING. April 1955. 11 pages. INFLUENCE OF CREDIT AND MONETARY MEASURES BANKERS' ACCEPTANCE FINANCING IN THE UNITED ON ECONOMIC STABILITY. March 1953. 16 STATES. May 1955. 13 pages. pages. A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- FEDERAL FINANCIAL MEASURES FOR ECONOMIC COUNTS, ANNUAL ESTIMATES, 1939-54. Octo- STABILITY. May 1953. 7 pages. ber 1955. 40 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1568 FEDERAL RESERVE BULLETIN • DECEMBER 1959 SURVEY OF BANK LOANS FOR COMMERCIAL AND OWNERSHIP OF DEMAND DEPOSITS. April 1959. INDUSTRIAL PURPOSES. Business Loans of 3 pages. Member Banks. April 1956. 14 pages. Credit Lines and Minimum Balance Requirements. MEMBER BANK TERM LENDING TO BUSINESS, 1955-57. April 1959. 16 pages. June 1956. 7 pages. FINANCING OF LARGE CORPORATIONS, 1951-55. 'PART I, ALL-BANK STATISTICS, 1896-1955. Reprint of the U. S. Summary containing a descrip- June 1956. 9 pages. tion of revised statistics for all banks in the REVISION OF CONSUMER CREDIT STATISTICS. Oc- United States, by class of bank, together with tober 1956. 24 pages. (Also, similar reprint revised statistics. April 1959. 94 pages. from April 1953 BULLETIN.) BANKING AND MONETARY STATISTICS, 1958. Se- INDEX OF ELECTRICITY AND GAS OUTPUT. Octo- lected series of banking and monetary statistics ber 1956. 15 pages. for 1958 only. February and May 1959. 12 pages. (Similar reprint of 1957 data, February AGRICULTURAL LOAN SURVEY. November 1956 and May 1958 BULLETINS.) and January, February, and March 1957 BUL- LETINS. 52 pages. SURVEY OF COMMON TRUST FUNDS, 1958. May 1959. 6 pages. (Also, similar reprints from UNITED STATES BANKING ORGANIZATION ABROAD. August 1956, June 1957, and May 1958 BUL- December 1956. 16 pages. LETINS.) SUMMARY FLOW-OF-FUNDS ACCOUNTS, 1950-55. PUBLIC DEBT MANAGEMENT. June 1959. 5 pages. April 1957. 20 pages. 1959 SURVEY OF CONSUMER FINANCES. March, SURVEY OF FINANCE COMPANIES, MID-1955. July, and September 1959. 48 pages. (Simi- April 1957. 17 pages. lar Surveys are available for earlier years from 1952, 1953, 1955, 1956, 1957, and 1958 BUL- REVISION OF MONTHLY DEPARTMENT STORE IN- LETINS.) DEXES. December 1957. 30 pages. INTEREST RATES IN LEADING COUNTRIES. July SEASONAL FACTORS AFFECTING BANK RESERVES. 1959. 6 pages. February 1958. 12 pages. MONEY AND CREDIT IN ECONOMIC EXPANSION. MEMBER BANK LENDING TO SMALL BUSINESS, July 1959. 7 pages. 1955-57. April 1958. 19 pages. THE BALANCE SHEET OF AGRICULTURE, 1959. July REVISED WEEKLY INDEX OF DEPARTMENT STORE 1959. 9 pages. SALES. April 1958. 10 pages. A QUARTERLY PRESENTATION OF FLOW OF FUNDS, OWNERSHIP OF DEMAND DEPOSITS. May 1958. SAVING, AND INVESTMENT. August 1959. 49 3 pages. pages. MONEY AND CREDIT IN THE RECESSION. July 1958. THE GOVERNMENT SECURITIES MARKET. August 7 pages. 1959. 22 pages. THE 1957-58 RECESSION IN WORLD TRADE. Oc- SECURITY PLEDGED ON BUSINESS LOANS AT MEMtober 1958. 8 pages. BER BANKS. September 1959. 16 pages. OPEN MARKET OPERATIONS IN LONG-TERM SE- THE U. S. BALANCE OF PAYMENTS, 1958-59. Oc- CURITIES. November 1958. 15 pages. tober 1959. 7 pages. GOLD AND DOLLAR FLOWS IN 1958. March 1959. REVISED INDUSTRIAL PRODUCTION INDEX. De- 6 pages. cember 1959. 24 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume GUIDE TO PAGE NUMBERS Month of issue Pages Month of issue Pages Month of issue Pages January 1-102 May 471-580 September 1091-1234 February 103-244 June 581-686 October 1235-1346 March 245-346 July . . 687-820 November 1347-1450 April 347-470 August 821-1090 December 1451-1587 Pages Pages Acceptances, bankers': Articles—Continued Open market rates. . . .41, 173, 285, 407, 515, 615, Member bank earnings 586, 1242 757, 1008, 1166, 1276, 1380, 1508 Member bank term lending to business, 1955-57.353 Volume outstanding 40, 172, 284, 406, 514, 614, Money and credit in economic expansion. .693 756, 1010, 1168, 1278, 1382, 1510 Money and credit in 1958 103 Adams, K. S., reelected Class B director at Ownership of demand deposits .378 Kansas City . 1482 Public debt management, statement of Agricultural loans: Chairman Martin on .581 Commercial banks, by classes 36, 168, 280, 402, Recovery in the labor market 471 510, 610, 752, 1002, 1160, 1270, 1374, 1502 Reserve requirements, proposed revision of, Weekly reporting member banks. . . .38, 170, 282, statement of Vice Chairman Balderston on .369 404, 512, 612, 754, 1004, 1162, 1272, 1376, 1504 Saving and financial flows . . ... .821 Agriculture: Security pledged on business loans at Balance sheet of, 1959 724 member banks 1114 Govt. agency loans. . . .44, 176, 288, 410, 518, 618, Survey of common trust funds, 1958. .477 760, 1020, 1178, 1288, 1392, 1520 Survey of consumer finances, 1959: Alaska: Financial position of consumers. .700 Alaska Omnibus Act 732 Housing of nonfarm families. . 1097 Bulletin tables, inclusion of data for 149, 1356 Preliminary findings .251 Inclusion in Twelfth Federal Reserve District. .17 U. S. balance of payments, 1958-59. . .1235 Regulations of Board of Governors, amended Weekly reporting banks, revisions for 885 to reflect Statehood of 7 All-Bank Statistics, 1896-1955 491 Year of recession and recovery, statement Anderson, Robert B., statement on Government of Chairman Martin on 110 securities market study . 860 Assets and liabilities (See also Foreign liabilities Andrus, Gerald L., appointed director at and claims reported by banks): New Orleans Branch .983 Agriculture, balance sheet of, 1959 724 Annual Report, Board of Governors, 1958. 733 Banks, by classes. .33, 165, 277, 399, 507, 607, 749, Argentina: 999, 1157, 1267, 1371, 1499 Central Bank of: Commercial banks, by classes. 36, 168, 280, 402, Discount rates. . .92, 234, 336, 460, 570, 676, 510, 610, 752, 1002, 1160, 1270, 1374, 1502 812, 1080, 1224, 1336, 1440, 1560 Consolidated monetary statement . 32, 164, 276, 398, Gold reserves. . . .88, 230, 332, 456, 566, 672, 506, 606, 748, 998, 1156, 1266, 1370, 1498 808, 1076, 1220, 1332, 1436, 1556 Corporate, current 52, 184, 296, 418, 526, 626, Foreign exchange rates. ...93, 235, 337, 461, 571, 768, 1012, 1170, 1280, 1384, 1512 677, 813, 1081, 1225, 1337, 1441, 1561 Federal business-type activities, by fund Gold purchases by U. S 86, 228, 330, 454, 564, or activity 44, 176, 288, 410, 518, 618, 760, 670, 806, 1074, 1218, 1330, 1434, 1554 983, 1020, 1063, 1178, 1288, 1392, 1520 Gold reserves and dollar holdings. .87, 229, 331, Federal Reserve Banks. . . 27-28, 159-60, 271-72, 455, 565, 671, 807, 1075, 1219, 1331, 1435, 1555 393-94, 501-02, 601-02, 743-44, 993-94, Arlt, Carl T., Jr., article on member bank term 1151-52, 1261-62, 1365-66, 1493-94 lending to business. 353 Mutual savings banks. . 1010, 1168, 1278, 1382, 1510 Articles: Weekly reporting member banks .38, 170, 282, 404, Balance sheet of agriculture, 1959. .724 512, 612, 754, 1004, 1162, 1272, 1376, 1504 Construction and mortgage credit. 1091 Revisions in series. . . .885, 983, 1202, 1252, Consumer durable goods in recovery. . 1 1356, 1420 Credit extended by banks to real estate Atlantic National Bank of Jacksonville and Atlantic mortgage lenders 255 Trust Company, Order under Bank Holding Economic activity in late 1959. . 1347 Company Act . . .. 1353 Expansion in instalment credit.. . 347 Australia: Flow of funds, saving, and investment, Foreign exchange rates. .93, 235, 337, 461, 571, 677, quarterly presentation of.... .828 813, 1081, 1225, 1337, 1441, 1561 Gold and dollar flows in 1958 .245 Government securities market, statements Gold production. .89, 231, 333, 457, 567, 673, 809, before Joint Economic Committee. . 860, 876 1077, 1221, 1333, 1437, 1557 Housing legislation, statement of Gold reserves. . 88, 230, 332, 456, 566, 672, 808, Chairman Martin on S. 57 .882 1076, 1220, 1332, 1436, 1556 Industrial production index, revision of. 1451 Gold reserves and dollar holdings 87, 229, 331, 455, Interest rates in leading countries 687 565, 671, 807, 1075, 1219, 1331, 1435, 1555 1569 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1570 FEDERAL RESERVE BULLETIN • DECEMBER 1959 Pages Pages Austria: Bank reserves (See Reserves) Discount rate. . . .92, 234, 336, 460, 570, 676, 812, Bank Shares, Incorporated, Order under 1080, 1224, 1336, 1440, 1560 Bank Holding Company Act. . . 954 Foreign exchange rates 93, 235, 337, 461, 571, Bank Stock Corporation of Milwaukee, 677, 813, 1081, 1225, 1337, 1441, 1561 Orders under Bank Holding Company Act 1133, 1478 Gold purchases by U. S 330, 454, 564, 670, Bankers' balances (See also Foreign liabilities and 806, 1074, 1218, 1330, 1434, 1554 claims reported by banks): Gold reserves. . . .88, 230, 332, 456, 566, 672, 808, Commercial banks, by classes 37, 169, 281, 403, 1076, 1220, 1332, 1436, 1556 511, 611, 753, 1003, 1161, 1271, 1375, 1503 Gold reserves and dollar holdings. . . .87, 229, 331, Weekly reporting member banks .39, 171, 283, 455, 565, 671, 807, 1075, 1219, 1331, 1435, 1555 405, 513, 613, 755, 1005, 1163, 1273, 1377, 1505 Automobiles: Banking and monetary statistics, 1958, Consumer durable goods output index. .66, 198, special tables. 212-18, 550-53 310, 432, 540, 640, 782, 1034, 1192, Banking offices: 1302, 1406, 1534 Changes in number. . . 210, 1044 Consumer durable goods in recovery 2 On, and not on. Par List, number 211, 1045 Consumer instalment credit 56-58, 188-90, Banks and branches, number, by class and State 442 300-02, 422-24, 530-32, 630-32, 772-74, Banks and the monetary system, consolidated 1024-26, 1182-84, 1292-94, 1396-98, 1524-26 statement .32, 164, 276, 398, 506, 606, 748, Industrial production index. ...62, 194, 306, 428, 998, 1156, 1266, 1370, 1498 536, 636, 778, 1030, 1188, 1298, 1402, 1530 Beam, Francis H., elected Class A director at Instalment credit, discussion. .349 Cleveland . 1480 Beasley, Robert S., appointed director at Los Angeles Baker, D. S., appointed director at Portland Branch 17 Branch 17 Belgian Congo: Balance sheets (See Assets and liabilities) Gold production .89, 231, 333, 457, 567, 673, 809, Balderston, C. Canby: 1077, 1221, 1333, 1437, 1557 Redesignation as Vice Chairman of Gold reserves 88, 230, 332, 456, 566, 672, 808, Board of Governors 261 1076, 1220, 1332, 1436, 1556 Reserve requirements, statement on Belgium: proposed revision of. . . 369 Foreign exchange rates 93, 235, 337, 461, 571, Bank debits (See Debits to deposit accounts) 677, 813, 1081, 1225, 1337, 1441, 1561 Bank debits study, revised edition.... 592 Gold purchases by U. S. . .86, 228, 330, 454, 564, Bank Holding Company Act of 1956: 670, 806, 1074, 1218, 1330, 1434, 1554 Banking offices and deposits of group banks, Gold reserves and dollar holdings . . 87, 229, 331, Dec. 31, 1958. . - 1064 455, 565, 671, 807, 1075, 1219, 1331, 1435, 1555 Interpretations: National Bank of: Indirect control by bank holding company Discount rate 92, 234, 336, 460. 570, 676, 812, through convertible debentures held by 1080, 1224, 1336, 1440, 1560 small business investment company. . .258 Gold reserves 88, 230, 332, 456, 566, 672, 808, Percentage limitation on acquisition by 1076, 1220, 1332, 1436, 1556 bank holding company of stock of small Bertheau, Cesar J., elected Class A director at business investment company. .257 New York 1480 "Sales" of Federal funds under Bierwirth, John E., designated Chairman and Federal Section 6(a)(4) . . .7 Reserve Agent at New York 10 Services under Section 4(a) . 1475 Bishop National Bank of Hawaii, admission to List of companies registered pursuant to membership in Federal Reserve System 491 Section 5, Dec. 31, 1958. 660 Bloedorn. J. H., appointed director at Denver Branch 16 Orders issued under: Board of Governors: Atlantic National Bank of Jacksonville Annual Report, 1958 733 and Atlantic Trust Company. .1353 Branch authority, Court's opinion in Old Kent Bank Shares, Incorporated . 954 Bank and Trust Company case 489 Bank Stock Corporation of Members: Milwaukee 1133, 1478 Balderston, C. Canby: Citizens and Southern National Bank and Redesignation as Vice Chairman 261 Citizens and Southern Holding Company 889 Reserve requirements, statement on First Bank Stock Corporation .917 proposed revision of .369 First Security Corporation. 258 King, G. H., Jr., appointment and First Virginia Corporation. 8, 490, 1247 assumption of duties. 261,381 Firstamerica Corporation. . 134 Martin, Wm. McC, Jr.: Marine Corporation. . . .1132 Government securities market, Northwest Bancorporation. 147, 963 statements on 860, 876 Otto Bremer Company 892 Housing legislation, statement on S. 57 882 Wisconsin Bankshares Corporation 1136 Public debt management, statement on 581 Bank for International Settlements: Redesignation as Chairman 261 Gold purchases by U. S 86, 228, 330, 454, 564, Reelected Chairman of Federal Open 670, 806, 1074, 1218, 1330, 1434, 1554 Market Committee. .261 Gold reserves .89, 231, 333, 457, 567, 673, 809, Year of recession and recovery, 1077, 1221, 1333, 1437, 1557 statement on " 110 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 45 1571 Pages Pages Board of Governors—Continued Bremer, Otto, Company, Order under Bank Holding Members and officers, list. . 1562 Company Act 892 Publications (See Publications) Brennan, James, reappointed director at Seattle Regulations (See Regulations) Branch .... 17 Staff: Briggs, Robert P., reappointed Class C director at Boothe, Gardner L., II, relinquishment of Chicago 11 official duties as Administrator, Office Britt, Roy A., appointed director at Los Angeles of Defense Loans . . 1252 Branch 17 Carmichael, Elizabeth L., appointed Brokers and dealers in securities, bank loans to: Assistant Secretary of the Board 1356 Comercial banks, by classes. . . .36, 168, 280, 402, Farrell, John R., appointed Director, 510, 610, 752, 1002, 1160, 1270, 1374, 1502 Division of Bank Operations. . . 18 Weekly reporting member banks. .38, 170, 282, 404, Fauver, Clarke L., appointed Assistant 512, 612, 754, 1004, 1162, 1272, 1376, 1504 to the Board 1141 Bryan, L. R., Jr., director at Houston Branch, Kern, Harry E., appointed Assistant death of 149 Director, Division of Administrative Bryson, Charles W., article on survey of common Services 1356 trust funds 477 Kiley, John N., Jr., appointed Assistant Bunting, Lyman J., reappointed director at Seattle Director, Division of Bank Operations 18 Branch 12 Leonard, Robert F., retirement of, and Burma, discount rate. . 92, 234, 336, 460, 570, 676, 812, appointment as Special Adviser.... .18 1080, 1224, 1336, 1440, 1560 Masters, Robert C., appointed Associate Business conditions, national summary of. . 19, 150, 263, Director, Division of Examinations. .982 384, 492, 593, 735, 984, 1142, 1253, 1357, 1484 Molony, Charles, appointed Assistant to Business expenditures on new plant and the Board 982 equipment. 52, 184, 296, 418, 526, 626, 768, Solomon, Frederic, appointed Director, 1012, 1170, 1280, 1384, 1512 Division of Examinations 982 Business indexes 60, 192, 304, 426, 534, 634, 776, Thurston, Elliott, relinquishment of official 1028, 1186, 1296, 1400, 1528 duties as Assistant to the Board. . .982 Business loans (See Commercial and industrial loans) Bogle, Hal, reappointed Deputy Chairman at Dallas . 10 Cagle, Caroline H., article on security pledged on Bonds (See also U. S. Govt. securities): business loans at member banks. 1114 Corporate, outstanding, net change in. .52, 184, 296, Canada: 418, 526, 626, 768, 1012, 1170, 1280, 1384, 1512 Bank of: New issues. 50, 182, 294, 416, 524, 624, 766, Discount rate. .92, 234, 336, 460, 570, 676, 812, 1014, 1172, 1282, 1386, 1514 1080, 1224, 1336, 1440, 1560 Prices 42, 174, 286, 408, 516, 616, 758, Gold reserves. . . .88, 230, 332, 456, 566, 672, 1009, 1167, 1277, 1381, 1509 808, 1076, 1220, 1332, 1436, 1556 State and municipal securities. 983, 1015, 1173, Foreign exchange rates. .93, 235, 337, 461, 571, 677, 1387, 1515 813, 1081, 1225, 1337, 1441, 1561 Yields .41, 173, 285, 407, 515, 615, 757, Gold production. .89, 231, 333, 457, 567, 673, 809, 1008, 1166, 1276, 1380, 1508 1077, 1221, 1333, 1437, 1557 Boothe, Gardner L., II, relinquishment of official Gold purchases by U. S 86, 228, 330, 454, 564, duties as Administrator, Office of Defense Loans 1252 670, 806, 1074, 1218, 1330, 1434, 1554 Bowden, A. Bruce, appointed director at Pittsburgh Gold reserves and dollar holdings. . . .87, 229, 331, Branch 14 455, 565, 671, 807, 1075, 1219, 1331, 1435, 1555 Brace, Lloyd D., elected Vice President of Federal Open market rates. .91, 233, 335, 459, 569, 675, 811, Advisory Council... 261 1079, 1223, 1335, 1439, 1559 Branch banks, domestic: Canham, Erwin D., appointed Class C director at Board's authority with respect to, Court's opinion Boston 11, 12 in Old Kent Bank and Trust Company case. 489 Capital accounts: Number, by class and State. . . 443 Banks, by classes. . 33, 165, 277, 399, 507, 607, 749, Branch banks, Federal Reserve System: 999, 1157, 1267, 1371, 1499 Directors (See Directors, Federal Reserve branch Commercial banks, by classes. . . .37, 169, 281, 403, banks) 511, 611, 753, 1003, 1161, 1271, 1375, 1503 Managing officers .... 1564 Federal Reserve Banks 27-28, 159-60, 271-72, Branch, Harllee, Jr., reappointed Deputy Chairman 393-94, 501-02, 601-02, 743-44, 993-94, at Atlanta 10 1151-52, 1261-62, 1365-66, 1493-94 Brawner, A. H., designated Chairman and Federal Weekly reporting member banks 39, 171, 283, 405, Reserve Agent at San Francisco. . 10 513, 613, 755, 1006, 1164, 1274, 1378, 1506 Brazil: Carloadings. .60, 192, 304, 426, 534, 634, 776, Discount rate. 92, 234, 336, 460, 570, 676, 8J2, 1028, 1186, 1296, 1400, 1528 1080, 1224, 1336, 1440, 1560 Carmichael, Elizabeth L., appointed Assistant Gold production. 89, 231, 333, 457, 567, 673, 809, Secretary of the Board 1356 1077, 1221, 1333, 1437, 1557 Carson, Cale W., appointed director at Denver Gold reserves. .88, 230, 332, 456, 566, 672, 808, Branch 16 1076, 1220, 1332, 1436, 1556 Central Bank for Cooperatives: Gold reserves and dollar holdings. .87, 229, 331, Securities companies dealing in obligations of, 455, 565, 671, 807, 1075, 1219, 1331, 1435, 1555 amendment of Section 2 of Regulation R. 1353 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1572 FEDERAL RESERVE BULLETIN • DECEMBER 1959 Pages Pages Central banks, foreign: Colombia: Discount rates. . . .92, 234, 336, 460, 570, 676, 812, Discount rate. .92, 234, 336, 460, 570, 676, 812, 1080, 1224, 1336, 1440, 1560 1080, 1224, 1336, 1440, 1560 Gold reserves. .88, 230, 332, 456, 566, 672, 808, Gold production . . 89, 231, 333, 457, 567, 673, 1076, 1220, 1332, 1436, 1556 809, 1077, 1221, 1333, 1437, 1557 Central reserve cities classification, Public Law Gold purchases by U. S 86, 228 Gold reserves 88, 230, 332, 456, 566, 672, 808, 86-114 providing for termination of. 888 1076, 1220, 1332, 1436, 1556 Ceylon: Gold reserves and dollar holdings. . . . 87, 229, 331, Discount rate. .92, 234, 336, 460, 570, 676, 812, 455, 565, 671, 807, 1075, 1219, 1331, 1435, 1555 1080, 1224, 1336, 1440, 1560 Colvard, D. W., appointed Deputy Chairman Foreign exchange rates. .93, 235, 337, 461, 571, 677, at Richmond. . 10, 13 813, 1081, 1225, 1337, 1441, 1561 Commercial banks: Chairmen, Federal Reserve Banks 10, 1563 Assets and liabilities, by classes. ... 33-37, 165-69, Chandler, Lester V., reappointed Deputy 277-81, 399-403, 507-11, 607-11, 749-53, Chairman at Philadelphia 10 999-1003, 1157-61, 1267-71, 1371-75, 1499-1503 Chart book on financial and business statistics. 18, 592 Consumer loans held, by type. . . .57, 189, 301, 423, Charts: 531, 631, 773, 1025, 1183, 1293, 1397, 1525 Automobile prices and sales 3, 349 Loans and investments, discussion 104, 694 Balance of payments 246, 1235, 1238, 1240 Number, by class. . . .33, 165, 277, 399, 507, 607, Bank loans and investments 20, 103, 693 749, 999, 1157, 1267, 1371, 1499 Business indexes, selected. .348, 1348-49 Number, by class and State. ... 442 Business investment. . . .1349 Real estate mortgages held, by type. . . .53, 185, 297, Business loans. . 105, 695 419, 527, 627, 769, 1021, 1179, 1289, 1393, 1521 Construction 263, 594, 1091 Commercial and industrial loans: Consumer durable goods .1-5 Commercial banks, by classes . . . 36, 168, 280, 402, 510, 610, 752, 1002, 1160, 1270, 1374, 1502 Consumer expenditures .. 1351 Member bank term lending to business, Consumer instalment credit 2, 347-49, 351 1955-57, article on 353 Deposits, commercial banks. . ... 107, 697 Security pledged on business loans at Employment, nonagricultural 471-72, 474, member banks, article on. . . 1114 476, 1348 Weekly reporting member banks: Farm loans 730, 732 Sample. .40, 172, 284, 406, 514, 614, 756, Farmland, change in dollar value of 727 1007, 1165, 1275, 1379, 1507 Financial position of consumers. 701, 703, 708 Total leading cities . . .38, 170, 282, 404, 512, Flow of funds 821-25 612, 754, 1004, 1162, 1272, 1376, 1504 Foreign gold reserves and dollar holdings 245, Commercial paper: 247, 249 Rates. .41, 173, 285, 407, 515, 615, 757, Gross national product 1347 1008, 1166, 1276, 1380, 1508 Housing 1098, 1100, 1102, 1103, Volume outstanding 40, 172, 284, 406, 514, 614, Industrial production. . 1, 19, 150, 263, 348, 384, 492, 756, 1010, 1168, 1278, 1382, 1510 593, 689-92, 735, 984, 1142, 1239, 1253, 1348, Commodity Credit Corporation: 1357, 1451-56, 1458-59, 1461-62, 1464, 1484 Assets and liabilities 44, 176, 288, 410, 518, 618, Interest rates. .20, 109, 385, 493, 687, 689-92, 760, 1020, 1178, 1288, 1392, 1520 736, 985, 1254, 1485 Common trust funds: Member bank loans and investments 20 Investment in shares of investment trust . 590 Member bank reserves and borrowings. . 108, 698 Survey of, 1958 .477 Member bank reserves, Reserve Bank credit, Transfer of assets from individual fiduciary and related items . .22, 154, 266, 388, 496, 596, account to . 382 738, 988, 1146, 1256, 1360, 1488 Condition statements {See Assets and liabilities) Money supply and rate of turnover .697 Construction: Mortgages . . . 1093-95 Contracts awarded . . 67, 199, 311, 433, 541, 641, Personal income 348, 1350 783, 1035, 1193, 1303, 1407, 1535 Prices 151, 385, 594, 1143, 1254, 1348, 1358, 1485 Dwelling units started . . 67, 199, 311, 433, 541, Retail trade 151, 264, 493, 736, 985, 1143, 1358 641, 783, 1035, 1193, 1303, 1407, 1535 Chile: Mortgage credit and construction, article on . 1091 Discount rate .92, 234, 336, 460, 570, 676, 812, Value of new activity ...66, 198, 310, 432, 540, 1080, 1224, 1336, 1440, 1560 640, 782, 1034, 1192, 1302, 1406, 1534 Gold production. .89, 231, 333, 457, 567, 673, 809, Consumer credit: 1077, 1221, 1333, 1437, 1557 Instalment credit: Gold reserves. .88, 230, 332, 456, 566, 672, 808, Article on expansion in 347 1076, 1220, 1332, 1436, 1556 Extensions and repayments . . 58, 190, 302, Gold reserves and dollar holdings. . . .87, 229, 331, 424,532,632,774, 1026, 1184, 455, 565, 671, 807, 1075, 1219, 1331, 1435, 1555 1294, 1398,1526 Citizens and Southern National Bank and Citizens Outstanding, by holder . . . 56-57, 188-89, and Southern Holding Company, Order under 300-01, 422-23, 530-31, 630-31, 772-73, Bank Holding Company Act 889 1024-25, 1182-83, 1292-93, 1396-97. 1524-25 Coins, circulation of. .31, 163, 275, 397, 505, 605, 747, Major parts .56, 188, 300, 422, 530, 630, 772, 1024, 1182, 1292, 1396, 1524 997, 1155, 1265, 1369, 1497 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1573 INDEX TO VOLUME 45 Pages Pages Consumer credit—Continued Dalrymple, Daniel M., resignation as director at Noninstalment credit, by holder....57, 189, 301, Buffalo Branch .17 423, 531, 631, 773, 1025, 1183, 1293, 1397, 1525 Davis, John F., appointed director at Omaha Revisions in statistics on. . 1356, 1416 Branch 16 Consumer durable goods: Davis, Wallace M., appointed director at New Article on consumer durable goods in recovery .1 Orleans Branch 15 Output indexes. .66, 198, 310, 432, 540, 640, 782, Debits and Clearings Statistics and Their Use, 1034, 1192, 1302, 1406, 1534 revised edition 592 Consumer finances, survey of, 1959: Debits to deposit accounts 30, 162, 274, 396, 504, Financial position of consumers .700 604, 746, 996, 1154, 1264, 1368, 1496 Housing of nonfarm families. 1097 Decker, Alonzo G., Jr., designated Chairman and Preliminary findings 251 Federal Reserve Agent at Richmond. .10, 12 Consumer price indexes. . . .72, 204, 316, 438, 546, 646, Defense production loans: 788, 1040, 1198, 1308, 1412, 1540 Fees and rates. .30, 162, 274, 396, 504, 604, 746, Consumption expenditures .. .74-75, 206-07, 318-19, 996, 1154, 1264, 1368, 1496 440-41, 548-49, 648-49, 790-91, 1042-43, Guaranteed under Regulation V. .29, 161, 273, 395, 1200-01, 1310-11, 1414-15, 1542-43 Cooley, H. H., elected Class A director 503, 603, 745, 995, 1153, 1263, 1367, 1495 at Richmond . 1481 Demand deposits: Corette, J. E., reflected Class B director Adjusted, banks and the monetary at Minneapolis 1481 system. .32, 164, 276, 398, 506, 606, 748, Corporate sales, profits, taxes, and dividends. . . .51-52, 998, 1156, 1266, 1370, 1498 183-84, 295-96, 417-18, 525-26, 625-26, 767-68, Adjusted, commercial banks by 1012-13 1170-71, 1280-81, 1384-85, 1512-13 classes. .37, 169, 281, 403, 511, 611, 753, New series. . .733, 792 1003, 1161, 1271, 1375, 1503 Corporate securities: Banks, by classes. .33, 165, 277, 399, 507, 607, 749, New issues. .50, 182, 294, 416, 524, 624, 766, 999, 1157, 1267, 1371, 1499 1014, 1172, 1282, 1386, 1514 Ownership of, article on .378 Outstanding, net changes in . . .52, 184, 296, 418, Turnover of, revised figures. . . .554 526, 626, 768, 1012, 1170, 1280, 1384, 1512 Type of holder, at commercial Prices .42, 174, 286, 408, 516, 616, 758, banks. .37, 169, 281, 403, 511, 611, 753, 1009, 1167, 1277, 1381, 1509 1003, 1161, 1271, 1375, 1503 Purchases by foreigners 85, 227, 329, 453, 563, Weekly reporting member banks. .39, 171, 283, 405, 669, 805, 1073, 1217, 1329, 1433, 1553 513, 613, 755, 1006, 1164, 1274, 1378, 1506 Yields .41, 173, 285, 407, 515, 615, 757, Denmark: 1008, 1166, 1276, 1380, 1508 Gold reserves and dollar holdings 87, 229, 331, Cost of living (See Consumer price indexes) 455, 565, 671, 807, 1075, 1219, 1331, 1435, 1555 Costa Rica, discount rate . 92, 234, 336, 460, 570, National Bank of: 676, 812, 1080, 1224, 1336, 1440, 1560 Discount rate. . . .92, 234, 336, 460, 570, 676, Court cases (See Litigation) 812, 1080, 1224, 1336, 1440, 1560 Cravens, Kenton R., reelected Class A director Gold reserves 88, 230, 332, 456, 566, 672, at St. Louis 1481 808, 1076, 1220, 1332, 1436, 1556 Credit extended by banks to real estate mortgage Dennis, Don H., appointed director at Oklahoma lenders, survey of. . . 255 City Branch. . . 12, 13 Credit and money in economic expansion, article on 693 Department stores: Credit and money in 1958, article on .... 103 Merchandising data. . . .71, 203, 315, 437, 545, 645, Credit policy (See Federal Reserve policy) 787, 1039, 1197, 1307, 1411, 1539 Criminal Code of the United States: Sales and stocks. .70, 202, 314, 436, 544, 644, 786, Political contributions and loans by 1038, 1196, 1306, 1410, 1538 member banks 382 Deposits (See also specific types of deposits): Cuba: Adjusted, and currency. .32, 164, 276, 398, 506, 606, Discount rate 92, 234, 336, 460, 570, 676, 812, 748, 998, 1156, 1266, 1370, 1498 1080, 1224, 1336, 1440, 1560 Banks, by classes. .33, 165, 277, 399, 507, 607, 749, Gold reserves 88, 230, 332, 456, 566, 672, 808, 999, 1157, 1267, 1371, 1499 1076, 1220, 1332, 1436, 1556 Commercial banks, by classes. . . .37, 169, 281, 403, Gold reserves and dollar holdings . 87, 229, 331, 511, 611, 753, 1003, 1161, 1271, 1375, 1503 455, 565, 671, 807, 1075, 1219, Federal Reserve Banks: 1331, 1435, 1555 Condition statement data 27-28, 159-60, Currency (See also specific types of currency): 271-72, 393-94, 501-02, 601-02, 743-44, Consolidated monetary statement . 32, 164, 276, 993-94, 1151-52, 1261-62, 1365-66, 1493-94 398, 506, 606, 748, 998, 1156, 1266, 1370, 1498 Held for foreign correspondents 85, 227, 329, Outstanding and in circulation . 31, 163, 275, 397, 453, 563, 669, 805, 1073, 1217, 1329, 1433, 1553 505, 605, 747, 997, 1155, 1265, 1369, 1497 Growth and turnover of. . . 106, 697 Currency and deposits, discussion. 106, 697 Maximum rates, time deposits .30, 162, 274, 396, Customer credit, stock market: 504, 604, 746, 996, 1154, 1264, 1368, 1496 Monthly table. .42, 174, 286, 408, 516, 616, 758, Mutual savings banks. . 1010, 1168, 1278, 1382, 1510 1009, 1167, 1277, 1381, 1509 Postal savings: Stock Exchange firms, detailed debit and Consolidated monetary statement . 32, 164, 276, credit balances, June 1952-59 1208 398, 506, 606, 748, 998, 1156, 1266, 1370, 1498 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1574 FEDERAL RESERVE BULLETIN • DECEMBER 1959 Pages Pages Deposits—Continued Eckert, James B., article on money and credit in Postal sayings—Continued economic expansion .693 Maximum rates. . . .30, 162, 274, 396, 504, 604, Economic conditions: 746, 996, 1154, 1264, 1368, 1496 Consumer durable goods in recovery, article on . 1 Turnover of .30, 162, 274, 396, 504, 604, 746, Economic activity in late 1959, article on. 1347 996, 1154, 1264, 1368, 1496 Money and credit in economic expansion, Revised figures 554 article on . 693 Weekly reporting member banks. .39, 171, 283, 405, Recovery in the labor market, article on. . 471 513, 613, 755, 1006, 1164, 1274, 1378, 1506 Year of recession and recovery, statement of Deposits, reserves, and borrowings, by class of Chairman Martin on. 110 member bank. .25, 157, 269, 391, 499, 599, 741, Ecuador: 991, 1149, 1259, 1363, 1491 Discount rate. .92, 234, 336, 460, 570, 676, 812, Deputy Chairmen, Federal Reserve Banks. 10, 1563 1080, 1224, 1336, 1440, 1560 Directors, Federal Reserve Banks: Gold reserves 88, 230, 332, 456, 566, 672, 808, Chairmen and Federal Reserve Agents 10, 1563 1076, 1220, 1332, 1436, 1556 Class A and Class B, elections of. . 591, 1480 Egypt: Class C, appointments of 11 Gold reserves and dollar holdings 87, 229, 331, 455, Deputy Chairmen. 10, 1563 565, 671, 807, 1075, 1219, 1331, 1435, 1555 List of . . 120 National Bank of: Resignation .381 Discount rate. .92, 234, 336, 460, 570, 676, 812, Directors, Federal Reserve branch banks: 1080, 1224, 1336, 1440, 1560 Appointments of. .11, 14, 381, 591, 733, 983, 1482 Gold reserves 88, 230, 332, 456, 566, 672, 808, List of 120 1076, 1220, 1332, 1436, 1556 Resignations and deaths. 17, 149, 262, 381, 591, El Salvador: 733, 1252 Discount rate. 92, 234, 336, 460, 570, 676, 812, Discount rates: 1080, 1224, 1336, 1440, 1560 Federal Reserve Banks: Gold reserves. .88, 230, 332, 456, 566, 672, 808, Increases in 262, 591, 1141 1076, 1220, 1332, 1436, 1556 Special table, 1941-58 76 Ellis, A. L., appointed director at Jacksonville Tables of. .26, 158, 270, 392, 500, 600, 742, Branch 591 992, 1150, 1260, 1364, 1492 Emmart, Harvey E., appointed director at Baltimore Foreign central banks. .92, 234, 336, 460, 570, 676, Branch . . 15 812, 1080, 1224, 1336, 1440, 1560 Employment: Discounts and advances by Federal Reserve Banks: Labor force. .68, 200, 312, 434, 542, 642, 784, Condition statement data. . .27, 159, 271, 393, 501, 1036, 1194, 1304, 1408, 1536 601, 743, 993, 1151, 1261, 1365, 1493 Labor market, recovery in, article on 471 Weekly and monthly data . .23, 155, 267, 389, 497, Manufacturing production worker. . . .69, 201, 313, 597, 739, 989, 1147, 1257, 1361, 1489 435, 543, 643, 785, 1037, 1195, 1305, 1409, 1537 Dividends: Nonagricultural. 68, 200, 312, 434, 542, 642, 784, Corporate 51-52, 183-84, 295-96, 417-18, 525-26, 1036, 1194, 1304, 1408, 1536 625-26, 767-68, 1012-13, 1170-71, England (See United Kingdom) 1280-81, 1384-85, 1512-13 European Payments Union: Federal Reserve Banks. . 18, 208 Gold reserves. .89, 231, 333, 457, 567, 673, 809, Insured commercial banks 659 1077, 1221, 1333, 1437 1557 Member banks. .586, 588, 650, 1243, 1320 Expenses (See Earnings and expenses) Dollar assets, foreign: Export-Import Bank, loans, etc... 44, 176, 288, 410, Foreign countries and international * *\io o' j ncn I*™ fi1 7f;n 1070 1178 9R8 institutions. 87, 229, 331, 455, 565, 671, 807, _51°J 618' 7.60''A020' 1178' 1288' 1392' 152° F f 1075, 1219, 1331, 1435, 1555 Exports (See Foreign trade) Gold and dollar flows in 1958, article on 245 Held at Federal Reserve Banks. . . 85, 227, 329, 453, Farm mortgage loans: 563, 669, 805, 1073, 1217, 1329, 1433, 1553 Bank holdings. 53, 185, 297, 419, 527, 627, 769, Dominican Republic: 1021, 1179, 1289, 1393, 1521 Gold reserves 88, 230, 332, 456, 566, 672, 808, Govt. agency loans 44, 176, 288, 410, 518, 618, 1076, 1220, 1332, 1436, 1556 760, 1020, 1178, 1288, 1392, 1520 Dugger, Marshall, appointed director at Birmingham Life insurance company holdings. . . .54, 186, 298, Branch 15 420, 528, 628, 770, 1022, 1180, 1290, 1394, 1522 Dunn, Burton, reappointed director at San Antonio Farrell, John R., appointed Director of Division Branch 17 of Bank Operations 18 Dwelling units started 67, 199, 311, 433,.541, 641, 783. Fauver, Clarke L., appointed Assistant to the Board 1141 1035, 1193, 1303, 1407, 1535 Federal Advisory Council: Earnings and expenses: Members and staff: Federal Reserve Banks. . . 18, 208 Brace, Lloyd D., elected Vice President .261 Insured commercial banks 659 Korsvik, William J., appointed Member banks 586, 650, 1252, 1320 Assistant Secretary .261 Earnings and hours, manufacturing List of 1563 industries. .69, 201, 313, 435, 543, 643, 785, Livingston, Homer, J., elected President. .261 1037, 1195, 1305, 1409, 1537 McClintock, R. Otis, appointed to represent Tenth District. 149 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 45 1575 Pages Pages Federal Advisory Council—Continued Federal Reserve Bank of Chicago: Members and staff—Continued Harris, Ernest C, retirement as First Prochnow, Herbert V., appointed Secretary 261 Vice President 1141 Organization meeting 261 Scanlon, Charles J., appointed First Federal business-type activities, assets and liabilities, Vice President 1141 by fund or activity. . .44, 176, 288, 410, 518, 618, 760, Federal Reserve Bank of Dallas: 983, 1020, 1063, 1178, 1288, 1392, 1520 Gentry, W. D., retirement as First Federal Deposit Insurance Corporation, Vice President 261 assets and liabilities. . . .44, 176, 288, 410, 518, 618, Shuford, Harry A., appointed First 760, 1020, 1178, 1288, 1392, 1520 Vice President 262 Federal finance: Federal Reserve Bank of St. Louis: Bank investments and Treasury finance, Francis, Darryl R., appointed First discussion 104, 696 Vice President . 1482 Cash transactions 46, 178, 290, 412, 520, 620, Freutel, Guy S., First Vice President, death of 1141 762, 1018, 1176, 1286, 1390, 1518 Federal Reserve Banks: Public debt management, statement of Branches {See Branch banks, Federal Reserve Chairman Martin on. 581 System) Receipts and expenditures. .47, 179, 291, 413, Chairmen and Deputy Chairmen 10, 1563 521, 621, 763, 1019, 1177, 1287, 1391, 1519 Condition statement 27-28, 159-60 271-72 Treasurer's balance 46, 178, 290, 412, 520, 620, 393-94, 501-02, 601-02, 743-44, 993-94, 762, 1018, 1176, 1286, 1390, 1518 1151-52, 1261-62, 1365-66, 1493-94 Federal Funds Market Study 591 Directors {See Directors, Federal Reserve Banks) Federal funds, "sales" of, under Section 6(a) (4) Discount rates: of Bank Holding Company Act. 7 Increases in 262, 591, 1141 Federal home loan banks: Special table, 1941-58 76 Assets and liabilities 44, 176, 288, 410, 518, Tables of. .26, 158, 270, 392, 500, 600, 742, 618, 760, 1020, 1178, 1288, 1392, 1520 992, 1150, 1260, 1364, 1492 Lending activity.... 55, 187, 299, 421, 529, 629, Earnings and expenses 18, 208 771, 1023, 1181, 1291, 1395, 1523 Fiscal agents for Inter-American Securities companies dealing in obligations Development Bank 1130 of, amendment of Section 2 of Regulation R 1353 Officers . 1564 Federal Housing Administration: Section 13b loan authority, termination of. 1130 Assets and liabilities 44, 176, 288, 410, 518, 618, U. S. Govt. security holdings: 760, 1020, 1178, 1288, 1392, 1520 Condition statement data 27-28, 159-60, Loans insured by. . .53-55, 185-87, 297-99, 419-21, 271-72, 393-94, 501-02, 601-02, 743-44, 527-29, 627-29, 769-71, 1021-23, 993-94, 1151-52, 1261-62, 1365-66, 1493-94 1179-81, 1289-91, 1393-95, 1521-23 Ownership data 48-49, 180-81, 292-93, Federal National Mortgage Association: 414-15, 522-23, 622-23, 764-65, 1016-17, Assets and liabilities . . .44, 176, 288, 410, 518, 618, 1174-75, 1284-85, 1388-89, 1516-17 760, 1020, 1178, 1288, 1392, 1520 Weekly and monthly data. . .23, 155, 267, 389, Lending activity .55, 187, 299, 421, 529, 629, 771, 497, 597, 739, 989, 1147, 1257, 1361, 1489 1023, 1181, 1291, 1395, 1523 Federal Reserve Bulletin: Securities companies dealing in obligations of, Tables, changes in 149, 733, 983, 1252, 1356 amendment of Section 2 of Regulation R 1353 Federal Reserve Chart Book 18, 592 Federal Open Market Committee: Members: Federal Reserve credit: Election of .261 Condition statement data 27-28, 159-60, Hayes, Alfred, reelected Vice Chairman .261 271-72, 393-94, 501-02, 601-02, 743-44, Martin, Wm. McC, Jr., reelected 993-94, 1151-52, 1261-62, 1365-66, 1493-94 Chairman . . .261 Weekly and monthly data 23, 155, 267, 389, Members and staff 1563 497, 597, 739, 989, 1147, 1257, 1361, 1489 Federal Reserve Act: Federal Reserve districts: Amendments affecting national banks 1244 Designation of Guam as being in or of Amendments contained in Alaska Omnibus Act 732 Twelfth District for purposes of Section 2, amendment with respect to readjust- Regulations G and J 7 ment of Federal Reserve districts to include Readjustment to include Alaska . .17 Hawaii 382 Readjustment to include Hawaii. 382, 1141 Sections 2, ll(e), and 19, amendments with Federal Reserve notes: respect to reserves of member banks 888 Collateral for. .29, 161, 273, 395, 503, 603, 745, Section 13(b), termination of loan authority 995, 1153, 1263, 1367, 1495 under 1130 Condition statement data 27-28, 159-60, Section 22(g), reports of indebtedness of 271-72, 393-94, 501-02, 601-02, 743-44, executive officers under revolving personal 993-94, 1151-52, 1261-62, 1365-66, 1493-94 loan accounts, interpretation. . . 488 Federal Reserve Agents' accounts. . . .29, 161, 273, Federal Reserve Agents 10, 1563 395, 503, 603, 745, 995, 1153, 1263, 1367, 1495 Federal Reserve Bank notes, outstanding Interest paid to Treasury 18, 208 and in circulation 31, 163, 275, 397, 505, 605, 747, Outstanding and in circulation .31, 163, 275, 397, 997, 1155, 1265, 1369, 1497 505, 605, 747, 997, 1155, 1265, 1369, 1497 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1576 FEDERAL RESERVE BULLETIN • DECEMBER 1959 Pages Pages Federal Reserve policy: Foreign deposits in U. S. banks—Continued Money and credit in economic expansion, Commercial banks, by classes. . . .37, 169, 281, 403, article on 693 511, 611, 753, 1003, 1161, 1271, 1375, 1503 Money and credit in 1958, article on 107 Federal Reserve Banks: Year of recession and recovery, statement Condition statement data 27-28, 159-60, of Chairman Martin on .110 271-72, 393-94, 501-02, 601-02, 743-44, Federal Reserve System: 993-94, 1151-52, 1261-62, 1365-66, 1493-94 Admissions of State banks to membership. ... 18, Held for foreign correspondents. . . .85, 227, 262, 381, 592, 734, 1356 329, 453, 563, 669, 805, 1073, Federal funds market, study by 1217, 1329, 1433, 1553 System Committee 591 Weekly and monthly data 23, 155, 267, Hawaiian national banks, membership in. .382, 491 389, 497, 597, 739, 989, 1147, 1257, 1361, 1489 Federal Reserve-Treasury study of Government Weekly reporting member banks. . .39, 171, 283, securities market 733, 860 405, 513, 613, 755, 1006, 1164, 1274, 1378, 1506 Ferguson, Whitworth, appointed director at Foreign exchange rates 93, 235, 337, 461, 571, 677, Buffalo Branch .11, 12 813, 1081, 1225, 1337, 1441, 1561 Finance company paper: Foreign liabilities and claims reported Rates 41, 173, 285, 407, 515, 615, 757, by banks. .78-85, 220-27, 322-29, 446-53, 556-63, 1008, 1166, 1276, 1380, 1508 662-69, 798-805, 1066-73, 1210-17, Volume outstanding. . . .40, 172, 284, 406, 514, 614, 1322-29, 1426-33, 1546-53 756, 1010, 1168, 1278, 1382, 1510 Foreign trade: Financial institutions, loans to.. .1004, 1162, 1272, Merchandis exports and imports. . . .71, 203, 315, 1376, 1504 437, 545, 645, 787, 1039, 1197, 1307, 1411, 1539 Finland: U. S. balance of payments, 1958-59, article on 1235 Bank of: Fox, John M., appointed director at Jacksonville Discount rate. . . .92, 234, 336, 460, 570, 676, Branch .... .11, 13 812, 1080, 1224, 1336, 1440, 1560 France: Gold reserves. . . .88, 230, 332, 456, 566, 672, Bank of: 808, 1076, 1220, 1332, 1436, 1556 Discount rate 92, 234, 336, 460, 570, 676, Foreign exchange rates. . . .93, 235, 337, 461, 571, 812, 1080, 1224, 1336, 1440, 1560 677, 813, 1081, 1225, 1337, 1441, 1561 Gold reserves 88, 230, 332, 456, 566, 672, Gold reserves and dollar holdings. . . . 87, 229, 331, 808, 1076, 1220, 1332, 1436, 1556 455, 565, 671, 807, 1075, 1219, 1331, 1435, 1555 Foreign exchange rates. . . .93, 235, 337, 461, 571, First Bank Stock Corporation, Order under Bank 677, 813, 1081, 1225, 1337, 1441, 1561 Gold purchases by U. S 86, 228, 330, 454, 564, Holding Company Act 917 670, 806, 1074, 1218, 1330, 1434, 1554 First Security Corporation, Order under Bank Gold reserves and dollar holdings. . . 87, 229, 331, Holding Company Act 258 455, 565, 671, 807, 1075, 1219, 1331, 1435, 1555 First Vice Presidents of Federal Reserve Banks: Open market rates. . 9 1, 233, 335, 459, 569, 675, Francis, Darryl R., appointed at St. Louis. .1482 811, 1079, 1223, 1335, 1439, 1559 Freutel, Guy S., St. Louis, death of. .1141 Francis, Darryl R., appointed First Vice President Gentry, W. D., retirement at Dallas. .261 of Federal Reserve Bank of St. Louis. . . . 1482 Harris, Ernest C, retirement at Chicago .1141 Fredericks, John D., appointed director at List of 1564 Los Angeles Branch 12, 14 Scanlon, Charles J., appointed at Chicago 1141 Freeman, Y. Frank, reappointed Class C Director Shuford, Harry A., appointed at Dallas. . 262 and Deputy Chairman at San Francisco. .10, 11 First Virginia Corporation, Orders under Bank Freight carloadings {See Carloadings) Holding Company Act 8, 490, 1247 Freutel, Guy S., First Vice President of Federal Firstamerica Corporation, Order under Bank Reserve Bank of St. Louis, death of . 1141 Holding Company Act 134 Fuller, Denton A., appointed director at Flechsig, Theodore G., article on housing of Buffalo Branch 14 nonfarm families. . 1097 Fleming, Lamar, Jr., reappointed Class C Garman, Cameron G., director at Buffalo Branch, director at Dallas. 11 death of 1252 Flow of funds: Garvy, George, Debits and Clearings Statistics and Their Use 592 Quarterly presentation of, article on 828 Gentry, W. D., retirement as First Vice President Saving and financial flows, article on 821 of Federal Reserve Bank of Dallas. .261 Tabular presentation: Germany, Federal Republic of: Description 843, 846-59 Discount rate. .92, 234, 336, 460, 570, 676, 812, Financial assets and liabilities . .1055 1080, 1224, 1336, 1440, 1560 Saviag and financial flows. . 1046, 1312, 1483 Foreign exchange rates .93, 235, 337, 461, 571, Foreign central banks: 677, 813, 1081, 1225, 1337, 1441, 1561 Discount rates. .92, 234, 336, 460, 570, 676, 812, Gold purchases by U. S 86, 228, 330, 454, 564, 1080, 1224, 1336, 1440, 1560 670, 806, 1074, 1218, 1330, 1434, 1554 Gold reserves. .88, 230, 332, 456, 566, 672, 808, Gold reserves. . . .88, 230, 332, 456, 566, 672, 808, 1076, 1220, 1332, 1436, 1556 1076, 1220, 1332, 1436, 1556 Foreign deposits in U. S. banks: Gold reserves and dollar holdings 87, 229, 331. Banks and the monetary system.... 32, 164, 276, 455, 565, 671, 807, 1075, 1219, 1331, 1435, 1555 398, 506, 606, 748, 998, 1156, 1266, 1370, 1498 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 45 1577 Pages Pages Germany, Federal Republic of—Continued Guatemala—Continued Open market rates. . .233, 335, 459, 569, 675, 811, Gold reserves and dollar holdings. . . .87, 229, 331, 1079, 1223, 1335, 1439, 1559 455, 565, 671, 807, 1075, 1219, 1331, 1435, 1555 Ghana, gold production. . . 89, 231, 333, 457, 567, 673, Hall, Raymond W., reappointed Class C director, 809, 1077, 1221, 1333, 1437, 1557 Chairman, and Federal Reserve Agent at Kansas Gold: City 10, 11 Article on gold and dollar flows in 1958 245 Hanley, William A., reelected Class B director at Earmarked. .86, 228, 330, 454, 564, 670, 806, Chicago 1481 1074, 1218, 1330, 1434, 1554 Hannan, Kenneth H., elected Class B director at Net purchases by U. S 86, 228, 330, 454, 564, New York 1480 670, 806, 1074, 1218, 1330, 1434, 1554 Hanson, Russell S., reappointed director at Salt Outstanding, U. S. money 31, 163, 275, 397, Lake City Branch 17 505, 605, 747, 997, 1155, 1265, 1369, 1497 Harrington, Mary Jane, article on money and credit Production: in economic expansion 693 Domestic. .86, 228, 330, 454, 564, 670, 806, Harris, Ernest C, retirement as First Vice President 1074, 1218, 1330, 1434, 1554 of Federal Reserve Bank of Chicago 1141 World. .89, 231, 333, 457, 567, 673, 809, Harris, J. H., reappointed directed at Memphis 1077, 1221, 1333, 1437, 1557 Branch .16 Reserves of central banks and governments. . . . 88, Has well, Anthony, resignation as director at Cin- 230, 332, 456, 566, 672, 808, 1076, cinnati Branch 591 1220, 1332, 1436, 1556 Hawaii: Reserves of foreign countries and Federal Reserve districts, readjustment to international institutions ... 87, 229, 331, 455, include 382, 1141 565, 671, 807, 1075, 1219, 1331, 1435, 1555 National banks, membership in Federal Reserve Stock: System 382, 491 Changes in 86, 228, 330, 454, 564, 670, 806, 1074, 1218, 1330, 1434, 1554 Regulations of Board of Governors, amended Consolidated monetary statement.... 32, 164, to reflect Statehood of . . 1131 276, 398, 506, 606, 748, 998, 1156, Statehood Act 382 1266, 1370, 1498 Hayes, Alfred, reelected Vice Chairman of Federal Weekly and monthly data 23, 155, 267, Open Market Committee 261 389,497,597,739,989, 1147, Higgins, Milton P., reelected Class B director at 1257, 1361, 1489 Boston 1480 Gold certificates: Hill, Forrest F., reappointed Deputy Chairman at Collateral against Federal Reserve New York 10 notes. .29, 161, 273, 395, 503, 603, 745, Holcomb, Dysart E., appointed director at El Paso 995, 1153, 1263, 1367, 1495 Branch .... 12, 14 Federal Reserve Bank condition Holding company affiliates: statement data. . . .27-28, 159-60, 271-72, 393-94, Definition of "affiliated", amendment to 501-02, 601-02, 743-44, 993-94, 1151-52, Section l(d) of Regulation P . . . . 134 1261-62, 1365-66, 1493-94 Reserves of readily marketable assets, amend- Outstanding and in circulation .. 31, 163, 275, ment of Section 5144 of Revised Statutes. .889 397, 505, 605, 747, 997, 1155, 1265, 1369, 1497 Holt, Reed E., appointed director at Salt Lake City Govt. agencies, assets and liabilities (See Federal Branch 17 Home owners, Govt. agency loans. .44, 176, 288, 410, business-type activities) 518, 618, 760, 1020, 1178, 1288, 1392, 1520 Govt. debt (See U. S. Govt. securities) Honduras, discount rate. . . .92, 234, 336, 460, 570, 676, Govt. securities (See U. S. Govt. securities) 812, 1080, 1224, 1336, 1440, 1560 Government Securities Market Study. 733, 860 Hours and earnings, manufacturing Greece: industries. .69, 201, 313, 435, 543, 643, 785, Discount rate. .92, 234, 336, 460, 570, 676, 812, 1037, 1195, 1305, 1409, 1537 1080, 1224, 1336, 1440, 1560 Housing: Gold reserves. .88, 230, 332, 456, 566, 672, 808, Construction and mortgage credit, article on. 1091 1076, 1220, 1332, 1436, 1556 Legislation, statement of Chairman Martin Gold reserves and dollar holdings. .87, 229, 331, on S. 57 882 455, 565, 671, 807, 1075, 1219, 1331, 1435, 1555 Nonfarm families, 1959 survey of consumer Greening, J. N., appointment as director at Jackson- finances 1097 ville Branch and death 15, 262 Hubbard, M. Vilas, reelected Class A director at Griffith, John M., reelected Class A director at San Francisco 1482 Dallas 1482 Hulme, George W., appointed director at Birmingham Gross national product. . .74-75, 206-07, 318-19, 440-41, Branch . 15 548-49, 648-49, 790-91, 1042-43, 1200-01, Hyde, Edwin, appointed Class C director at 1310-11, 1414-15, 1542-43 Richmond 11, 13 Guam, designated as being in or of Twelfth Federal Iceland, discount rate. . .92, 234, 336, 460, 570, 676, 812, Reserve District for purposes of Regulations G 1080, 1224, 1336, 1440, 1560 and J . . . / Imports (See Foreign trade) Guatemala: India: Gold reserves. .88, 230, 332, 456, 566, 672, 808, Foreign exchange rates. .93, 235, 337, 461, 571, 677, 1076, 1220, 1332, 1436, 1556 813, 1081, 1225, 1337, 1441, 1561 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1578 FEDERAL RESERVE BULLETIN • DECEMBER 1959 Pages Pages India—Continued Interest rates: Gold production. .89, 231, 333, 457, 567, 673, 809, Article on interest rates in leading countries. . . .687 1077, 1221, 1333, 1437, 1557 Bond yields. .41, 173, 285, 407, 515, 615, 757, Gold reserves and dollar 1008, 1166, 1276, 1380, 1508 holdings. .87, 229, 331, 455, 565, 671, 807, Business loans by banks. . . .41, 173, 285, 407, 515, 1075, 1219, 1331, 1435, 1555 615, 757, 1007, 1165, 1275, 1379, 1507 Reserve Bank of: Discount rates, Federal Reserve Banks: Discount rate. .92, 234, 336, 460, 570, 676, 812, Increases in 262, 591, 1141 1080, 1224, 1336, 1440, 1560 Special table, 1941-58 76 Gold reserves 88, 230, 332, 456, 566, 672, 808, Tables of. 26, 158, 270, 392, 500, 600, 742, 1076, 1220, 1332, 1436, 1556 992, 1150, 1260, 1364, 1492 Indonesia: Foreign countries: Discount rate .92, 234, 336, 460, 570, 676, 812, Discount rates . 92, 234, 336, 460, 570, 676, 1080, 1224, 1336, 1440, 1560 812, 1080, 1224, 1336, 1440, 1560 Gold reserves 88, 230, 332, 456, 566, 672, 808, Open market rates. .91, 233, 335, 459, 569, 675, 1076, 1220, 1332, 1436, 1556 811,1079, 1223, 1335, 1439, 1559 Gold reserves and dollar Open market rates: holdings. .87, 229, 331, 455, 565, 671, 807, Domestic. .41, 173, 285, 407, 515, 615, 757, 1075, 1219, 1331, 1435, 1555 1008, 1166, 1276, 1380, 1508 Industrial advances by Federal Reserve Banks: Expansion of table 983 Condition statement data... 27-28, 159-60, 271-72, Foreign. .91, 233, 335, 459, 569, 675, 811, 393-94, 501-02, 601-02, 743-44, 993-94, 1079, 1223, 1335, 1439, 1559 1151-52, 1261-62, 1365-66, 1493-94 Regulation V loans. . . .30, 162, 274, 396, 504, 604, Number and amount. .29, 161, 273, 395, 503, 603, 746, 996, 1154, 1264, 1368, 1496 745, 995, 1153, 1263, 1367, 1495 Stock yields. .41, 173, 285, 407, 515, 615, 757, Termination of authority under Section 13b 1008, 1166, 1276, 1380, 1508 and Regulation S 1130 Time deposits, maximum rates . . .30, 162, 274, 396, 504, 604, 746, 996, 1154, 1264, 1368, 1496 Industrial production index, revision of, article on. .1451 International capital transactions of the Industrial production indexes. .. .61, 193, 305, 427, 535, U. S. 78, 220, 322, 446, 556, 662, 635, 777, 1029, 1187, 1297, 1401, 1529 798, 1066, 1210, 1322, 1426, 1546 Instalment credit, article on expansion in 347 International financial institutions: Instalment loans 56-59, 188-91, 300-03, 422-25, 530-33, Condition. .90, 232, 334, 458, 568, 674, 810, 630-33, 772-75, 1024-27, 1182-85, 1078, 1222, 1334, 1438, 1558 1292-95, 1396-99, 1524-27 Gold purchases or sales by U. S. 86, 228, 330, 454, Revisions in statistics. .1356, 1416 564, 670, 806, 1074, 1218, 1330, 1434, 1554 Insurance companies: Gold reserves. .88, 230, 332, 456, 566, 672, 808, Mortgage activity of life insurance 1076, 1220, 1332, 1436, 1556 companies 54, 186, 298, 420, 528, 628, Gold reserves and dollar holdings 87, 770, 1022, 1180, 1290, 1394, 1522 229, 331, 455, 565, 671, 807, Principal assets of life insurance 1075, 1219, 1331, 1435, 1555 companies 43, 175, 287, 409, 517, Interpretations: 617, 759, 1011, 1169, 1279, 1383, 1511 Bank Holding Company Act (See Bank Holding U. S. Govt. security holdings 48-49, 180-81, 292-93, Company Act of 1956) 414-15, 522-23, 622-23, 764-65, 1016-17, Regulations, Board of Governors (See Regula- 1174-75, 1284-85, 1388-89, 1516-17 tions, Board of Governors) Insured commercial banks: Inventories. 75, 207, 319, 441, 549, 649, 790, Assets and liabilities. .35-37, 167-69, 279-81, 401-03, 1042, 1200, 1310, 1414, 1542 509-11, 609-11, 751-53, 1001-03, Investments (See also specific types of investments): 1159-61, 1269-71, 1373-75, 1501-03 Banks, by classes. .33, 165, 277, 399, 507, 607, 749, Banking offices, changes in number. .210, 1044 999, 1157, 1267, 1371, 1499 Earnings and expenses 659 Commercial banks, by classes. . . .36, 168, 280, 402, Number. .35, 167, 279, 401, 509, 609, 751, 1001, 510, 610, 752, 1002, 1160, 1270, 1374, 1502 1159, 1269, 1373, 1501 Commercial banks, discussion .... 104, 696 Number, by State . 442 Federal Reserve Banks 27-28, 159-60, 271-72, Inter-American Development Bank: 393-94, 501-02, 601-02, 743-44, 993-94, Federal Reserve Banks as fiscal agents for 1130 1151-52, 1261-62, 1365-66, 1493-94 Member banks dealing in obligations of. 1130 Govt. agencies, etc 44, 176, 288, 410, 518, 618, Interbank deposits: 760, 1020, 1178, 1288, 1392, 1520 Banks, by classes. 33, 165, 277, 399, 507, 607, 749, Life insurance companies .43, 175, 287, 409, 517, 999, 1157, 1267, 1371, 1499 617, 759, 1011, 1169, 1279, 1383, 1511 Commercial banks, by classes 37, 169, 281, 403, Mutual savings banks. . 1010, 1168, 1278, 1382, 1510 511, 611, 753, 1003, 1161, 1271, 1375, 1503 Savings and loan associations. .43, 175, 287, 409, Weekly reporting member banks 39, 171, 283, 405, 517, 617, 759, 1011, 1169, 1279, 1383, 1511 513, 613, 755, 1006, 1164, 1274, 1378, 1506 Weekly reporting member banks .38, 170, 282, 404, Interest on deposits: 512, 612, 754, 1005, 1163, 1273, 1377, 1505 Grace periods for savings deposits, amendment Iran: of Section 3(d) of Regulation Q and Discount rate 92, 234, 336, 460, 570, 676, 812, interpretation 1130, 1244 1080, 1224, 1336, 1440, 1560 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 45 1579 Pages Pages Iran—Continued Labor market, recovery in, article on. .471 Gold reserves. .88, 230, 332, 456, 566, 672, 808, Lafromboise, S. B., reappointed director at 1076, 1220, 1332, 1436, 1556 Seattle Branch 17 Gold reserves and dollar Lamont, Thomas E., appointed director at Buffalo holdings. .87, 229, 331, 455, 565, 671, 807, 1075, 1219, 1331, 1435, 1555 Branch . 1482 Iraq, gold reserves. 88, 230, 332, 456, 566, 672, 808, Leading articles (See Articles) 1076, 1220, 1332, 1436, 1556 Lebanon, gold reserves. .88, 230, 332, 456, 566, 672, 808, Ireland: 1076, 1220, 1332, 1436, 1556 Discount rate. .92, 234, 336, 460, 570, 676, 812, Legislation: 1080, 1224, 1336, 1440, 1560 Alaska Omnibus Act. . . 732 Foreign exchange rates. .93, 235, 337, 461, 571, 677, Federal Reserve Act, amendments 813, 1081, 1225, 1337, 1441, 1561 to 382, 732, 888, 1244 Gold reserves. .88, 230, 332, 456, 566, 672, 808, Federal Reserve Banks as fiscal agents for 1076, 1220, 1332, 1436, 1556 Inter-American Development Bank. 1130 Ireland, William D., reelected Class A director Hawaii Statehood Act .382 at Boston 1480 Housing, statement of Chairman Martin Irvin, Joseph R, appointed director at El Paso on S. 57 882 Branch 16 Member banks dealing in obligations of T.V.A. Israel, discount rate. 92, 234, 336, 460, 570, 676, 812, and Inter-American Development Bank .1130 1080, 1224, 1336, 1440, 1560 National banks, amendments to laws affecting 1244 Italy: Reserves of member banks: Discount rate .92, 234, 336, 460, 570, 676, 812, Public Law 86-114. . . . 888 1080, 1224, 1336, 1440, 1560 Leonard, Robert F., retirement as Director, Division Foreign exchange rates. .461, 571, 677, 813, 1081, of Bank Operations, and appointment as Special 1225, 1337, 1441, 1561 Adviser to the Board. 18 Gold purchases by U. S 86, 228, 330, 454, 564, Litigation: 670, 806, 1074, 1218, 1330, 1434, 1554 Old Kent Bank and Trust Company, Grand Gold reserves. .88, 230, 332, 456, 566, 672, 808, Rapids, Mich., Court's opinion regarding 1076, 1220, 1332, 1436, 1556 Board's branch authority 489 Gold reserves and dollar Livingston, Homer J., elected President of Federal holdings 87, 229, 331, 455, 565, 671, 807, Advisory Council .261 1075, 1219, 1331, 1435, 1555 Loans (See also specific types of loans): Banks, by classes. . . .33, 165, 277, 399, 507, 607, Japan: 749, 999, 1157, 1267, 1371, 1499 Discount rate. .92, 234, 336, 460, 570, 676, 812, Commercial banks, by classes. . . .36, 168, 280, 402, 1080, 1224, 1336, 1440, 1560 510, 610, 752, 1002, 1160, 1270, 1374, 1502 Foreign exchange rates. .93, 235, 337, 461, 571, 677, Commercial banks, discussion 105, 694 813, 1081, 1225, 1337, 1441, 1561 Credit extended to real estate mortgage lenders, Gold reserves and dollar survey of . ... 255 holdings. .87, 229, 331, 455, 565, 671, 807, Executive officers of member banks, reports of 1075, 1219, 1331, 1435, 1555 indebtedness under personal loan accounts. 488 Jesness, O. B., reappointed Deputy Chairman at Federal Reserve Banks: Minneapolis 10 Condition statement data 27-28, 159-60, Jett, Ivan, reappointed director at Cincinnati 271-72, 393-94, 501-02, 601-02, 743-44, Branch 11 993-94, 1151-52, 1261-62, 1365-66, 1493-94 Johnson, V. S., Jr., reappointed director at Nashville Industrial advances. . . .29, 161, 273, 395, 503, Branch 11 603, 745, 995, 1153, 1263, 1367, 1495 Johnson, Vivian W., relected Class A director at Member bank borrowings. .25, 157, 269, 391, Chicago 1481 499, 599, 741, 991, 1149, 1259, 1363, 1491 Section 13b loan authority, termination Kelsay, R. L., appointed director at Oklahoma City of 1130 Branch .381 Weekly and monthly data. .23, 155, 267, 389, Kern, Harry E., appointed Assistant Director, 497, 597, 739, 989, 1147, 1257, 1361, 1489 Division of Administrative Services 1356 Govt. agencies, etc 44, 176, 288, 410, 518, 618, Kiley, John N., Jr., appointed Assistant Director, 760, 1020, 1178, 1288, 1392, 1520 Division of Bank Operations. ... . 18 Life insurance companies: Kimbrel, M. M., elected Class A director at Assets. . . .43, 175, 287, 409, 517, 617, 759, Atlanta ... 1481 1011, 1169, 1279, 1383, 1511 King, G. H., Jr.: Mortgage activity. .54, 186, 298, 420, 528, 628, Appointment as member of Board of Governors 770, 1022, 1180, 1290, 1394, 1522 and assumption of duties . 261, 381 Member bank term lending to business, Reappointment and resignation as director 1955-57, article on 353 at New Orleans Branch 11, 381 Mutual savings banks. . 1010, 1168, 1278, 1382, 1510 Korsvik, William J., appointed Assistant Secretary Political contributions and loans by member of Federal Advisory Council. . 261 banks, provisions of U. S. Criminal Code. .382 Savings and loan associations: Labor force 68, 200, 312, 434, 542, 642, 784, Assets. .43, 175, 287, 409, 517, 617, 759, 1036, 1194, 1304, 1408, 1536 1011, 1169, 1279, 1383, 1511 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1580 FEDERAL RESERVE BULLETIN • DECEMBER 1959 Pages Pages Loans—Continued McMullan, W. P., appointed director at Savings and loan associations—Continued New Orleans Branch .15 Mortgage activity. .54, 186, 298, 420, 528, 628, McNally, J. H., reappointed director at 770, 1022, 1180, 1290, 1394, 1522 Portland Branch.... .17 Weekly reporting member banks. .38, 170, 282, 404, Member banks: 512, 612, 754, 1004, 1162, 1272, 1376, 1504 Assets and liabilities, by classes.... 37, 169, 281, Loans insured or guaranteed: 403, 511, 611, 753, 1003, 1161, 1271, FHA-insured 53-55, 185-87, 297-99, 419-21, 1375, 1503 527-29, 627-29, 769-71, 1021-23, Banking offices, changes in number. . . .210, 1044 1179-81, 1289-91, 1393-95, 1521-23 Borrowings at Federal Reserve Banks: Regulation V loans: By class of member bank 25, 157, 269, 391, Fees and rates 30, 162, 274, 396, 504, 604, 499, 599, 741, 991, 1149, 1259, 1363, 1491 746, 996, 1154, 1264, 1368, 1496 Weekly and monthly data 23, 155, 267, 389, Loans guaranteed. .29, 161, 273, 395, 503, 603, 497, 597, 739, 989, 1147, 1257, 1361, 1489 745, 995, 1153, 1263, 1367, 1495 Branches, number, by State .433 VA-guaranteed 53-55, 185-87, 297-99, 419-21, Credit extended by banks to real estate 527-29, 627-29, 769-71, 1021-23, 1179-81, mortgage lenders, survey of 255 1289-91, 1393-95, 1521-23 Deposits and reserves, by classes. . . .25, 157, 269, Lohmuller, Burton L., elected Class A director at 391, 499, 599, 741, 991, 1149, 1259, 1363, 1491 Kansas City 1481 Earnings and expenses . ...586, 650, 1242, 1320 Longwell, J. H., reappointed Class C director and Executive officers, reports of indebtedness Deputy Chairman at St. Louis ... 10, 11 under revolving personal loan accounts 488 Luxembourg, gold reserves and dollar Number, by class . . .33, 165, 277, 399, 507, 607, holdings. .87, 229, 331, 455, 565, 671, 807, 749, 999, 1157, 1267, 1371, 1499 1075, 1219, 1331, 1435, 1555 Number, by class and State . . . . .442 Obligations of T.V.A. and Inter-American Main, Roger L., appointed director at Jacksonville Development Bank, transactions in. 1130 Branch 15 Operating ratios ... 794 Malaysia, foreign exchange rates. .93, 235, 337, 461, 571, Political contributions and loans, provisions 677, 813, 1081, 1225, 1337, 1441, 1561 of U. S. Criminal Code .382 Manufacturers, production indexes: Reserve requirements: Consumer durable goods output. .66, 198, 310, 432, By classes 26, 158, 270, 392, 500, 600, 742, 540, 640, 782, 1034, 1192, 1302, 1406, 1534 992, 1150, 1260, 1364, 1492 Industrial. . . .61, 193, 305, 427, 535, 635, 777, 1029, Public Law 86-114 amending Federal 1187, 1297, 1401, 1529 Reserve Act and related laws 888 Margin requirements: Regulation D, amendments to. . .1476, 1482 Regulations T and U: Vault cash, authority to permit use in Amendments to. 483 meeting reserve requirements. . . 369, 888, Interpretations 256, 590, 1244 1476, 1482 Table of 26, 158, 270, 392, 500, 600, 742 Reserves and related items. .23, 155, 267, 389, 992, 1150, 1260, 1364, 1492 497, 597, 739, 989, 1147, 1257, 1361, 1489 Marine Corporation, Order under Bank Holding Security pledged on business loans at member Company Act 1132 banks, article on ... . . 1114 Martin, Wm. McC, Jr.: Term lending to business, 1955-57, article on ... 353 Government securities market, Weekly reporting series . . 38, 170, 282, 404, 512, statements on 860, 876 612, 754, 1004, 1162, 1272, 1376, 1504 Housing legislation, statement on S. 57. .882 Revisions in 885, 983, 1202, 1252, 1356, 1420 Public debt management, statement on. .581 Membership in Federal Reserve System: Redesignation as Chairman of Board. .261 Admissions of State banks 18, 262, 381, 592, Reelected Chairman of Federal Open 734, 1356 Market Committee. 261 National banks in Hawaii 382, 491 Year of recession and recovery, statement on. 110 Menzies, J. T., appointed director at Masters, Robert Q, appointed Associate Director Baltimore Branch. 11, 13 of Division of Examinations .982 Mexico: McAshan, Harris, appointment and resignation Discount rate. 92, 234, 336, 460, 570, 676, 812, as director at Houston Branch. . . . . 17, 733 1080, 1224, 1336, 1440, 1560 McBride, Pierre B., designated Chairman and Foreign exchange rates .93, 235, 337, 461, 571, Federal Reserve Agent at St. Louis. . 10 McClintock, R. Otis: 677, 813, 1081, 1225, 1337, 1441, 1561 Appointment as member of Federal Gold production . 89, 231, 333, 457, 567, 673, Advisory Council .... 149 809, 1077, 1221, 1333, 1437, 1557 Reappointment and resignation as director Gold purchases by U. S. . 86, 228, 330, 454, 564, at Oklahoma City Branch . 16, 149 670, 806, 1074, 1218, 1330, 1434, 1554 McCutchan, Harold O., reelected Class B Gold reserves. .88, 230, 332, 456, 566, 672, 808, director at St. Louis 1481 1076, 1220, 1332, 1436, 1556 McLaren, N. Loyall, reelected Class B director Gold reserves and dollar holdings. . . .87, 229, 331, at San Francisco 1482 455, 565, 671, 807, 1075, 1219, 1331, 1435, 1555 McLean, J. W., appointed director at Minerals, production index ...61, 193, 305, 427, 535, Houston Branch 733 635, 777, 1029, 1187, 1297, 1401, 1529 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 45 1581 Pages Pages Mitchell, Walter M., reappointed Class C Director, Netherlands—Continued Chairman, and Federal Reserve Agent Netherlands Bank—Continued at Atlanta 10, 11 Gold reserves. . . . 88, 230, 332, 456, 566, 672. Molony, Charles, appointed Assistant to the Board. .982 808, 1076, 1220, 1332, 1436, 1556 Money and credit in economic expansion, article on. . 693 Open market rates. . .91, 233, 335, 459, 569, 675, Money and credit in 1958, article on . 103 811, 1079, 1223, 1335, 1439, 1559 New Zealand: Money rates (See Interest rates) Foreign exchange rates. . . .93, 235, 337, 461, 571, Monin, J. D., Jr., reappointed director at 677, 813, 1081, 1225, 1337, 1441, 1561 Louisville Branch 12 Reserve Bank of: Monroe, Roy G., appointed director at Discount rate. . . .92, 234, 336, 460, 570, 676, Helena Branch .16 812, 1080, 1224, 1336, 1440, 1560 Mortgages (See Real estate loans) Gold reserves 88, 230, 332, 456, 566, 672, 808, 1076, 1220, 1332, 1436, 1556 Mutual savings banks: Newell, W. E., appointed director at Nashville Assets and liabilities. . . .33, 165, 277, 399, 507, 607, Branch ... .15 749, 999, 1157, 1267, 1371, 1499 Nicaragua: Banking offices, changes in number 210, 1044 Discount rate. .92, 234, 336, 460, 570, 676, 812, Consolidated monetary statement. . . .32, 164, 276, 1080, 1224, 1336, 1440, 1560 398, 506, 606, 748, 998, 1156, 1266, 1370, 1498 Gold production. .. .89, 231, 333, 457, 567, 673, Monthly table. . .983, 1010, 1168, 1278, 1382, 1510 809, 1077, 1221, 1333, 1437, 1557 Number. .33, 165, 277, 399, 507, 607, 749, Nonmember banks: 999, 1157, 1267, 1371, 1499 Assets and liabilities 35-37, 167-69, 279-81 Number, by State 442 401-03, 509-11, 609-11, 751-53, Real estate loans held by. . . 53, 185, 297, 419, 527, 1001-03, 1159-61, 1269-71, 1373-75, 1501-03 627, 769, 1021, 1179, 1289, 1393, 1521 Banking offices, changes in number . 210, 1044 U. S. Govt. security holdings 48-49, 180-81, Discounts and advances by Federal Reserve 292-93, 414-15, 522-23, 622-23, 764-65, Banks 27, 159, 271, 393, 501, 601, 743, 1016-17, 1174-75, 1284-85, 1388-89, 1516-17 993, 1151, 1261, 1365, 1493 National bank notes, outstanding and in circulation. .31, Earnings and expenses 659 163, 275, 397, 505, 605, 747, 997, 1155, Number. .35, 167, 279, 401, 509, 609, 751, 1265, 1369, 1497 1001, 1159, 1269, 1373, 1501 National banks: Number, by State 442 Assets and liabilities. . . 35, 167, 279, 401, 509, 609, Northwest Bancorporation, Orders under Bank 751, 1001, 1159, 1269, 1373, 1501 Holding Company Act 147, 963 Banking offices, changes in number . . . .210, 1044 Norway: Bishop National Bank of Hawaii, admission to Discount rate. .92, 234, 336, 460, 570, 676, 812, membership in Federal Reserve System. .491 1080, 1224, 1336, 1440, 1560 Branches, number, by State. .443 Foreign exchange rates. .93, 235, 337, 461, 571, Common trust funds: 677, 813, 1081, 1225, 1337, 1441, 1561 Investment in investment trust shares. . 590 Gold reserves. .88, 230, 332, 456, 566, 672, 808, Transfer of assets to. .382 1076, 1220, 1332, 1436, 1556 Earnings and expenses .650 Gold reserves and dollar holdings. . .87, 229, 331, Hawaiian banks, membership in Federal 455, 565, 671, 807, 1075, 1219, 1331, 1435, 1555 Reserve System . .. 382, 491 Laws affecting, amendments to 1244 Old Kent Bank and Trust Company, Grand Rapids, Number. .35, 167, 279, 401, 509, 609, 751 Mich., Court's opinion regarding Board's 1001, 1159, 1269, 1373, 1501 branch authority .489 Number, by State 442 Olsson, Harald E., appointed director at National income. 74, 206, 318, 440, 548, 648, 790, 1042, 1200, 1310, 1414, 1542 Helena Branch . . 16 National security expenditures: Operating ratios, member banks 794 National product series . 75, 207, 319, 441, 549, Otto Bremer Company, Order under Bank Holding 649, 790, 1042, 1200, 1310, 1414, 1542 Company Act. 892 Treasury statement basis . . .47, 179, 291, 413, 521, 621, 763, 1019, 1177, 1287, 1391, 1519 Pakistan : National summary of business conditions ... 19, 150, Discount rate. 92, 234, 336, 460, 570, 676, 812, 263, 384, 492, 593, 735, 984, 1142, 1080, 1224, 1336, 1440, 1560 1253, 1357, 1484 Gold reserves. .88, 230, 332, 456, 566, 672, 808, 1076, 1220, 1332, 1436, 1556 Netherlands: Foreign exchange rates . . 93, 235, 337, 461, 571, Panama, gold reserves and dollar holdings 87, 229, 677, 813, 1081, 1225, 1337, 1441, 1561 331, 455, 565, 671, 807, 1075, 1219, Gold purchases by U. S 86, 228, 330, 454, 564, 1331, 1435, 1555 670, 806, 1074, 1218, 1330, 1434, 1554 Par List, banking offices on, and not on, Gold reserves and dollar holdings. . . 87, 229, 331, number 211, 1045 455, 565, 671, 807, 1075, 1219, 1331, 1435, 1555 Patterson, C. V., reappointed director at Detroit Netherlands Bank: Branch 11 Discount rate 92, 234, 336, 460, 570, 676, Payrolls, manufacturing index. . .60, 192, 304, 426, 534, 812, 1080, 1224, 1336, 1440, 1560 634, 776, 1028, 1186, 1296, 1400, 1528 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1582 FEDERAL RESERVE BULLETIN • DECEMBER 1959 Pages Pages Perrin, Leslie N., designated Chairman and Profits: Federal Reserve Agent at Minneapolis. .10 Corporate .51-52, 183-84, 295-96, 417-18, Perry, J. B., Jr., elected Class B director 525-26, 625-26, 767-68, 1012-13, at Dallas. 1482 1170-71, 1280-81, 1384-85, 1512-13 Personal income 75, 207, 319, 441, 549, 649, 791, Insured commercial banks 659 1043, 1201, 1311, 1415, 1543 Member banks 586, 589, 650, 1242-43, 1320 Personal income, discussion. .700, 1347 Projector, Dorothy, article on financial position Peru: of consumers. . . . .... 700 Discount rate .92, 234, 336, 460, 570, 676, 812, Public debt management, statement of 1080, 1224, 1336, 1440, 1560 Chairman Martin on .581 Gold reserves 88, 230, 332, 456, 566, 672, 808, Public Law 86-114, reserves of member banks 888 1076, 1220, 1332, 1436, 1556 Publications, Board of Governors: Gold reserves and dollar holdings. . . . 87, 229, 331, All-Bank Statistics, 1896-1955 .491 455, 565, 671, 807, 1075, 1219, 1331, 1435, 1555 Annual Report, 1958 733 Philippine Republic: Debits and Clearings Statistics and Their Use. . 592 Discount rate 92, 234, 336, 460, 570, 676, 812, Federal Funds Market Study. ... .591 1080, 1224, 1336, 1440, 1560 Federal Reserve Chart Book. 18, 592 Foreign exchange rates. . .93, 235, 337, 461, 571, Flow of funds, tables . 1483 677, 813, 1081, 1225, 1337, 1441, 1561 Government Securities Market Study .733 Gold reserves . 88, 230, 332, 456, 566, 672, 808, List of. 1565 1076, 1220, 1332, 1436, 1556 Gold reserves and dollar holdings. . .. 87, 229, 331, Quarterly presentation of flow of funds, saving, and 455, 565, 671, 807, 1075, 1219, 1331, 1435, 1555 investment, article on. 828 Pippin, R. Russell, reelected Class B director at Philadelphia 1480 Rates (See Foreign exchange rates; Interest rates) Political contributions and loans by member banks, Real estate loans: provisions of U. S. Criminal Code 382 Commercial banks . . .53, 185, 297, 419, 527, 627, Portugal: 769, 1021, 1179, 1289, 1393, 1521 Discount rate 92, 234, 336, 460, 570, 676, 812, Commercial banks, by classes 36, 168, 280, 402, 1080, 1224, 1336, 1440, 1560 510, 610, 752, 1002, 1160, 1270, 1374, 1502 Foreign exchange rates . .93, 235, 337, 461, 571, 677, 813, 1081, 1225, 1337, 1441, 1561 Construction and mortgage credit, article on. 1091 Gold purchases by U. S 86, 228, 330, 454, 564, Mutual savings banks 1010, 1168, 1278, 1382, 1510 670, 806, 1074, 1218, 1330, 1434, 1554 Survey of credit extended by banks to real Gold reserves. 88, 230, 332, 456, 566, 672, 808, estate mortgage lenders 255 1076, 1220, 1332, 1436, 1556 Type of mortgage holder 53-55, 185-87, 297-99, Gold reserves and dollar holdings . . 87, 229, 331, 419-21, 527-29, 627-29, 769-71, 1021-23, 455, 565, 671, 807, 1075, 1219, 1331, 1435, 1555 1179-81, 1289-91, 1393-95, 1521-23 Postal Savings System: Type of property mortgaged 53-55, 185-87, Consolidated monetary statement. .32, 164, 276. 297-99, 419-21, 527-29, 627-29, 769-71, 398, 506, 606, 748, 998, 1156, 1266, 1370, 1498 1021-23, 1179-81, 1289-91, 1393-95, 1521-23 Deposits, maximum rates. . . . 30, 162, 274, 396, 504, Weekly reporting member banks. .38, 170, 282, 404, 604, 746, 996, 1154, 1264, 1368, 1496 512, 612, 754, 1004, 1162, 1272, 1376, 1504 Potts, Frederic A., elected Class A director Recession and recovery: at Philadelphia 1480 Consumer durable goods in recovery, article on . . 1 Prall, Bert R., designated Chairman and Federal Expansion in instalment credit, article on. .347 Money and credit in economic expansion, Reserve Agent at Chicago .10 article on . 693 Presidents of Federal Reserve Banks. 1564 Money and credit in 1958, article on. . 103 Price, Howard W., appointed director at Recovery in the labor market, article on 471 Salt Lake City Branch. .983 Year of recession and recovery, statement of Prices: Chairman Martin on. 110 Consumer 72, 204, 316, 438, 546, 646, 788, Regulations, Board of Governors: 1040, 1198, 1308, 1412, 1540 Amendments incident to admission of Alaska Wholesale commodity. .. .72, 204, 316, 438, 546, and Hawaii to Statehood. . .7, 1131 646, 788, 1040, 1198, 1308, 1412, 1540 D, Reserves of Member Banks: Priddy, C. L., reappointed director at Amendments related to use of vault cash Oklahoma City Branch . 16 in meeting reserve requirements 1476, 1482 Prochnow, Herbert V., appointed Secretary of Time deposits of trust and agency funds in Federal Advisory Council. 261 bank's own commercial department, Production: interpretation 1475 Consumer durable goods output. . .66, 198, 310, F, Trust Powers of National Banks: 432, 540, 640, 782, 1034, 1192, 1302, 1406, 1534 Common trust funds: Industrial. .62, 194, 306, 428, 536, 636, 778, Investment in shares of investment 1030, 1188, 1298, 1402, 1530 trust 590 Industrial production index, revision of, Transfer of assets to. . .382 article on 1451 G, Collection of Noncash Items: Utility output 65, 197, 309, 431, 539, 639, 781, Guam, designated as being in or of Twelfth 1033, 1191, 1301, 1405, 1533 District for purposes of. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 45 1583 Pages Pages Regulations, Board of Governors—Continued Reserves—Continued J, Check Clearing and Collection: Member banks: Guam, designated as being in or of Twelfth Accounts with Federal Reserve Banks 27-28, District for purposes of. 7 159-60, 271-72, 393-94, 501-02, 601-02, 743-44, O, Loans to Executive Officers of Member Banks: 993-94, 1151-52, 1261-62, 1365-66, 1493-94 Section 5, interpretation relating to reports By class of member bank. .25, 157, 269, 391, of indebtedness under revolving personal 499, 599, 741, 991, 1149, 1259, 1363, 1491 loan accounts . .488 Commercial bank statement. .37, 169, 281, 403, P, Holding Company Affiliates—Voting Permits: 511, 611, 753, 1003, 1161, 1271, 1375, 1503 Regulation E>, amendments to. 1476, 1482 Section l(d), amendment of. 134 Reserve requirements (See Reserve requirements, Q, Payment of Interest on Deposits: member banks) Grace periods for savings deposits, Reserves and related items 23, 155, 267, 389, amendment of Section 3(d) and 497, 597, 739, 989, 1147, 1257, 1361, 1489 interpretation 1130, 1244 Weekly reporting banks 39, 171, 283, 405, R, Relationships with Dealers in Securities: 513, 613, 755, 1005, 1163, 1273, 1377, 1505 Section 2, amendment of 1353 State banks, compilation of State laws 257 S, Industrial Loans by Federal Reserve Banks: Residential mortgage loans 53-55, 185-87, 297-99, Termination of 1130 419-21, 527-29, 627-29, 769-71, 1021-23, T, Credit by Brokers, Dealers, and Members 1179-81, 1289-91, 1393-95, 1521-23 of National Securities Exchanges: Reter, Raymond R., appointed director at Portland Amendments .483 Branch 12, 14 Interpretations: Revised industrial production index, article on 1451 Short sales against "long" position 1244 Revisions for weekly reporting member banks, Withdrawal rules, transactions in article on 885 restricted accounts . 590 Reynolds, Ray, reappointed director at Denver U, Loans by Banks for the Purpose of Pur- Branch 12 chasing or Carrying Registered Stocks: Rhodesia, gold production. 89, 231, 333, 457, 567, 673, Amendments 483 809, 1077, 1221, 1333, 1437, 1557 Interpretations: Rosenblatt, Joseph, election as Class B director at Current market value, determination San Francisco ... 591 of . . 256 Rowland, Thomas B., appointed director at Salt Loan to acquire controlling shares 256 Lake City Branch .... 12, 14 Loan secured by stock. . . . .256 Russell, J. Stuart, reappointed Deputy Chairman Purchase-and-sale-substitution on at Chicago. 10 same day 590 V, Loan Guarantees for Defense Production: Sales finance companies, consumer loans of. . . 56-57, Fees and rates. 30, 162, 274, 396, 504, 604, 188-89, 300-01, 422-23, 530-31, 630-31, 772-73, 746, 996, 1154, 1264, 1368, 1496 1024-25, 1182-83, 1292-93, 1396-97, 1524-25 Loans guaranteed. .29, 161, 273, 395, 503, 603, Salvati, Raymond E., elected Class B director at 745, 995, 1153, 1263, 1367, 1495 Richmond 1481 Relationships with dealers in securities, amendment Satterfield, J. V., Jr., reappointed director at Little of Section 2 of Regulation R 1353 Rock Branch 16 Remington, John W., reappointed director at Saving: Flow-qf-funds series: Buffalo Branch ... 14 Financial flows and saving, article on 821 Reserve requirements, member banks: Quarterly presentation of, article on 828 Public Law 86-114, amending Federal Reserve Tables 843, 1046, 1312, 1483 Act and related laws 888 National income series. 74, 206, 318, 440, 548, 648, Regulation D, amendments to 1476, 1482 Table of. 26, 158, 270, 392, 500, 600, 742, 791, 1043, 1201, 1311, 1415, 1543 992, 1150, 1260, 1364, 1492 Savings deposits (See also Time deposits): Vault cash, authority to permit use in meeting Grace periods, amendment of section 3(d) of reserve requirements . 369, 888, 1476, 1482 Regulation Q and interpretation. . . .1130, 1244 Savings institutions, principal assets .43, 175, 287, 409, Reserve requirements, State banks: 517, 617, 759, 1010-11, 1168-69, 1278-79, Compilation of State laws 257 1382-83, 1510-11 Reserves: Savings and loan associations: Commercial banks, by classes . .37, 169, 281, 403, Mortgage activity. .54, 186, 298, 420, 528, 628, 770, 511, 611, 753, 1003, 1161, 1271, 1375, 1503 1022, 1180, 1290, 1394, 1522 Federal Reserve Banks . 27-28, 159-60, 271-72, Principal assets. .43, 175, 287, 409, 517, 617, 759, 393-94, 501-02, 601-02, 743-44, 993-94, 1011, 1169, 1279, 1383, 1511 1151-52, 1261-62, 1365-66, 1493-94 Scanlon, Charles J., appointed First Vice President Foreign central banks and of Federal Reserve Bank of Chicago. . . 1141 governments. 88, 230, 332, 456, 566, 672, 808, Scott, Homer A., appointed director at Omaha 1076, 1220, 1332, 1436, 1556 Branch . . 12, 13 Foreign countries and international Seacrest, Joe W., reappointed Deputy Chairman at institutions 87, 229, 331, 455, 565, 671, 807, Kansas City 10 1075, 1219, 1331, 1435, 1555 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1584 FEDERAL RESERVE BULLETIN • DECEMBER 1959 Pages Pages Securities companies dealing in obligations of State member banks—Continued Federal agencies, amendment of Section 2 of Branch authority of Board, Court's opinion Regulation R 1353 with respect to .489 Securities, international transactions 84-85, 226-27, Branches, number, by State. . . .443 328-29, 452-53, 562-63, 668-69, 804-05, Earnings and expenses 650 1072-73, 1216-17, 1328-29, 1432-33, 1552-53 Number. .35, 167, 279, 401, 509, 609, 751, Security issues: 1001, 1159, 1269, 1373, 1501 Corporate, outstanding, net change in. .52, 184, 296, Number, by State 442 418, 526, 626, 768, 1012, 1170, 1280, 1384, 1512 Old Kent Bank and Trust Company, Grand New issues. .50, 182, 294, 416, 524, 624, 766, Rapids, Mich., Court's opinion regarding 1014, 1172, 1282, 1386, 1514 Board's branch authority. . . .489 State and local governments. . 983, 1015, 1173, State and municipal securities: 1283, 1387, 1515 Monthly table. .983, 1015, 1173, 1283, 1387, 1515 Security pledged on business loans at member New issues 50, 182, 294, 416, 524, 624, 766, banks, article on 1114 1014, 1172, 1282, 1386, 1514 Shuford, Harry A., appointed First Vice President Prices 42, 174, 286, 408, 516, 616, 758, of Federal Reserve Bank of Dallas 262 1009, 1167, 1277, 1381, 1509 Silver coin and silver certificates, outstanding and Yields. .41, 173, 285, 407, 515, 615, 757, in circulation. . .31, 163, 275, 397, 505, 605, 747, 1008, 1166, 1276, 1380, 1508 997, 1155, 1265, 1369, 1497 States and political subdivisions: Small business investment companies: Deposits: Indirect control by bank holding company Commercial banks, by classes 37, 169, 281. through convertible debentures held by, 403, 511, 611, 753, 1003, 1161, interpretation ... 258 1271, 1375, 1503 Percentage limitation on acquisition by bank Weekly reporting member banks 39, 171, 283, holding company of stock of, interpretation 257 405, 513, 613, 755, 1006, 1164, Smith, McGregor, reelected Class B director at 1274, 1378, 1506 Atlanta 1481 Holdings of U. S. Govt. securities . 48, 180, 292, Smith, Robert J., designated Chairman and Federal 414, 522, 622, 764, 1016, 1174, Reserve Agent at Dallas. . . 10 1284, 1388, 1516 Snyder, Edward P., article on ownership of Ownership of obligations of: demand deposits 378 Commercial bank holdings. .36, 168, 280, 402, Snyder, W. Cordes, Jr., elected Class B director 510, 610, 752, 1002, 1160, 1270, 1374, 1502 at Cleveland . 1480 Life insurance company holdings. . . 43, 175, 287, 409, 517, 617, 759, 1011. Solomon, Frederic, appointed Director of Division 1169, 1279, 1383, 1511 of Examinations 982 Mutual savings bank holdings .1010, 1168, South Africa: 1278, 1382, 1510 Foreign exchange rates. .93, 235, 337, 461, 571, 677, Steele, William A., appointed director at Pittsburgh 813, 1081, 1225, 1337, 1441, 1561 Branch 11, 12 Gold production. .89, 231, 333, 457, 567, 673, 809, Stephenson, John D., appointed director at Helena 1077, 1221, 1333, 1437, 1557 Branch ... 12, 13 Gold purchases by U. S 86, 228, 330, 454, 564, Stewart, I. W., reappointed director at Charlotte 670, 806, 1074, 1218, 1330, 1434, 1554 Branch 15 Gold reserves and dollar holdings .87, 229, 331, Stock market credit: 455, 565, 671, 807, 1075, 1219, 1331, 1435, 1555 Monthly table. 42, 174, 286, 408, 516, 616, 758, South African Reserve Bank: 1009, 1167, 1277, 1381, 1509 Discount rate 92, 234, 336, 460, 570, 676, Stock Exchange firms, detailed debit and credit 812, 1080, 1224, 1336, 1440, 1560 balances, June 1952-59. 1208 Gold reserves 89, 231, 333, 457, 567, 673, 809, Stocks: 1077, 1221, 1333, 1437, 1557 Corporate, outstanding, net Spain: change in. .52, 184, 296, 418, 526, 626, 768, Discount rate. 92, 234, 336, 460, 570, 676, 812, 1012, 1170, 1280, 1384, 1512 1080, 1224, 1336, 1440, 1560 New issues. . 50, 182, 294, 416, 524, 624, 766, Foreign exchange rates 93, 235, 337, 461, 571, 677, 1014, 1172, 1282, 1386, 1514 813, 1081, 1225, 1337, 1441, 1561 Prices. 42, 174, 286, 408, 516, 616, 758, Gold reserves and dollar holdings. .87, 229, 331, 1009, 1167, 1277, 1381, 1509 455, 565, 671, 807, 1075, 1219, 1331, 1435, 1555 Yields. .41, 173, 285, 407, 515, 615, 757, Special articles (See Articles) 1008, 1166, 1276, 1380, 1508 Sprague, Robert C, designated Chairman and Stout, John W., reappointed director at Baltimore Federal Reserve Agent at Boston 10 Branch 15 Staff of Board of Governors (See Board of Governors) Street, C. P., appointed director at Charlotte State laws relating to bank reserves, compilation of .257 Branch 11, 13 State member banks: Stroud, John R., appointed director at Louisville Admissions to membership in Federal Reserve Branch 16 System 18, 262, 381, 592, 734, 1356 Studies: Assets and liabilities. . 35, 167, 279, 401, 509, 609, Bank debits, revised edition. 592 751, 1001, 1159, 1269, 1373, 1501 Federal funds market 591 Banking offices, changes in number. .210, 1044 Government securities market. 733, 860 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 45 1585 Pages Pages Supplee, Henderson, Jr., reappointed Class C director, Tiller, Waldo E., reappointed director at Little Chairman, and Federal Reserve Agent at Rock Branch 12 Philadelphia 10, 11 Time deposits: Surveys: Adjusted, banks and the monetary Common trust funds, 1958. .477 system. .32, 164, 276, 398, 506, 606, 748, Consumer finances, 1959: 998, 1156, 1266, 1370, 1498 Financial position of consumers . .700 Banks, by classes. .33, 165, 277, 399, 507, 607, 749, Housing of nonfarm families .1097 999, 1157, 1267, 1371, 1499 Preliminary findings . . .251 Commercial banks, by Credit extended by banks to real estate mortgage classes. .37, 169, 281, 403, 511, 611, 753, lenders .255 1003,1161,1271,1375,1503 Demand deposit ownership 378 Grace periods for savings deposits, Sweden: amendment of Section 3(d) of Regulation Q Bank of: and interpretation 1130, 1244 Discount rate. .92, 234, 336, 460, 570, 676, 812, Maximum rates. . 30, 162, 274, 396, 504, 604, 746, 1080, 1224, 1336, 1440, 1560 996, 1154, 1264, 1368, 1496 Gold reserves. . 89, 231, 333, 457, 567, 673, 809, Member banks, by classes ...25, 157, 269, 391, 499, 1077, 1221, 1333, 1437, 1557 599,741,991, 1149, 1259, 1363, 1491 Foreign exchange rates. 93, 235, 337, 461, 571, 677, Trust and agency funds in member bank's 813, 1081, 1225, 1337, 1441, 1561 own commercial department. 1475 Gold purchases by U. S 86, 228, 330, 454, 564, Weekly reporting member banks 39, 171, 283, 670, 806, 1074, 1218, 1330, 1434, 1554 405, 513, 613, 755, 1006, 1164, 1274, 1378, 1506 Gold reserves and dollar holdings. . 87, 229, 331, 455, Timm, Tyrus R., reappointed director at 565, 671, 807, 1075, 1219, 1331, 1435, 1555 Houston Branch 12 Open market rates. .91 Treasurer's account balance 46, 178, 290, 412, 520, Switzerland: 620, 762, 1018, 1176, 1286, 1390, 1518 Foreign exchange rates .93, 235, 337, 461, 571, ^. Trpa(!llrv r h r K 677k81?T TWSWllh UAVA \5?I Consolidated monetary statement 32, 164, 276, M Gold purchases by U S 86 228,330, 454, 564, y 506, 606, 748, 998, 1156, 398> 670, 806, 1074, 1218, 1330, 1434, 1554 1266 1370 1498 Gold reserves and dolto h o l^ 87 229, 331 , ^ 67, 389, Week and monthly data 23> 2 455, 565 671, 807, 1075 1219, 1331 1435, 1555 497 597 739 989 n 47 1257 1361 1489 Open market rates. . . .91, 233, 335, 459, 569, 675, _ > > > > > >> 811, 1079, 1223, 1335, 1439, 1559 Treasury currency: Swiss National Bank: Consolidated monetary statement 32 164 276, Discount rate. .92, 234, 336, 460, 570, 676, 398' 506' 606;7A \ £n Woo' 812, 1080, 1224, 1336, 1440, 1560 - . . . , . *2b?>u™2 14™ A A Gold reserves .89, 231, 333, 457, 567, 673, Outstanding and in circulation. 31 163 275^ 809 1077 1221 1333 1437 1557 505> 605' 747' 997' 1155' 1265' 1369' 1497 Syria, gold reserves .89, 231', 333, 457, 567, 673, 809, WeeklV a^m^hly^at ao '{{i^bll5\^V Uti 7 7 Q Q 1077, 1221, 1333, 1437, 1557 497> 597> 739' 989> 1147' 1257' 1361' 1489 _ , , _ „ „ . Treasury deposits at Federal Reserve Banks: Tables, Federal Reserve Bulletin: Condition statement data 27-28, 159-60, Annual, semiannual, and quarterly with 271-72 393-94 501-02 601-02 743-44 latest Bulletin reference . 1483 _ H51-52, 1261-62, 1365-66,'1493-94 993 94) Changes in .... ^ 1 49 733 983 1252 1356 Treasury statement basis 46, 178, 290, 412, Taxreceipts, Federal. .47 179, 291 413, 521, 621, 763, * o, 620, 762, 1018, 1176, 1286. 1390, 1518 52 ^ , „ . 1019, 1177, 1287, 1391, 1519 Weekly and monthly data 23, 155, 267, 389, TT Taylor, Reese H., resignation as director at Federal 507 73a g u 1257 1361 1489 497 9 9 47 Reserve Bank of San Francisco .381 Treasury-Federal Reserve study of Government Tennessee Valley Authority, member banks dealing securities market 733, 860 Te m rm o l b e l n ig d a in ti g o n t s o 0 b 1 us . i . n . ess by member banks, 1130 ^ T reasury n finance , ( „ S ee ^ F e • d , era * l r> fi nanc • e , ) 1955-57, article on 353 Trust funds: Territory of Federal Reserve Banks and branches: Common: Inclusion of Alaska and Hawaii in Twelfth Investment in shares of investment trust 590 District . 17, 1141 Survey of, 1958 . ..... 477 Thailand* • Transfer of assets from individual Discount rate. 92, 234, 336, 460, 570, 676, 812, . fiduciary account to. 382 1080, 1224, 1336, 1440, 1560 Time deposits in member banks own Gold reserves. .89, 231, 333, 457, 567, 673, 809, commercial department 1475 1077, 1221, 1333, 1437, 1557, Turkey: Gold reserves and dollar holdings 87, 229, 331, 455, Discount rate .92, 234, 336, 460, 570, 676, 812, 565, 671, 807, 1075, 1219, 1331, 1435, 1555 1080, 1224, 1336, 1440, 1560 Thompson, Joseph H., reappointed Deputy Chairman Gold reserves 89, 231, 333, 457, 567, 673, 809, at Cleveland .10 1077, 1221, 1333, 1437, 1557 Thomson, Harold N., reelected Class A director Gold reserves and dollar holdings 87, 229, 331, at Minneapolis 1481 455, 565, 671, 807, 1075, 1219, Thurston, Elliott, relinquishment of official duties 1331, 1435, 1555 as Assistant to the Board. 982 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1586 FEDERAL RESERVE BULLETIN • DECEMBER 1959 Pages Pages Unemployment 68, 200, 312, 434, 542, 642, 784, U. S. Govt. securities—Continued 1036, 1194, 1304, 1408, 1536 Foreign and international holdings. .87, 229, 331, Unemployment, discussion . 473, 705 455, 565, 671, 807, 1075, 1219, Union of South Africa (See South Africa) 1331, 1435, 1555 United Kingdom: International transactions. . . .84, 226, 328, 452, 562, Bank of England: 668, 804, 1072, 1216, 1328, 1432, 1552 Discount rate .92, 234, 336, 460, 570, 676, New issues, gross proceeds. . .50, 182, 294, 416, 524, 624, 766, 1014, 1172, 1282, 1386, 1514 812, 1080, 1224, 1336, 1440, 1560 Outstanding, by type of security 48-49, 180-81, Gold reserves 89, 231, 333, 457, 567, 292-93, 414-15, 522-23, 622-23, 764-65, 673, 809, 1077, 1221, 1333, 1437, 1557 1015-17, 1173-75, 1283-85, 1387-89, 1515-17 Foreign exchange rates 93, 235, 337, 461, 571, Ownership of. . .48-49, 180-81, 292-93, 414-15, 677, 813, 1081, 1225, 1337, 1441, 1561 522-23, 622-23. 764-65, 1016-17, Gold purchases by U. S 86, 228, 330, 454, 564, 1174-75, 1284-85, 1388-89, 1516-17 670, 806, 1074, 1218, 1330, 1434, 1554 Prices .42, 174, 286, 408, 516, 616, 758, Gold reserves and dollar holdings 87, 229, 331, 1009, 1167, 1277, 1381, 1509 455, 565, 671, 807, 1075, 1219, 1331, 1435, 1555 Study of Govt. securities market ....733, 860 Open market rates 91, 233, 335, 459, 569, 675, Yields. .41, 173, 285, 407, 515, 615, 757, 811, 1079, 1223, 1335, 1439, 1559 1008, 1166, 1276, 1380, 1508 U. S. balance of payments: United States notes, outstanding and in Article on 1235 circulation. .31, 163, 275, 397, 505, 605, 747, Monthly table 91, 233, 335, 459, 569, 675, 811, 997, 1155, 1265, 1369, 1497 1079, 1223, 1335, 1439, 1559 Urquhart, John E., reappointed director U. S. Govt. balances: at Birmingham Branch 11 Commercial bank holdings, by classes. . . 37, 169, Uruguay: 281, 403, 511, 611, 753, 1003, 1161, Gold purchases by U. S 86, 228 1271, 1375, 1503 Gold reserves. .89, 231, 333, 457, 567, 673, 809, Consolidated monetary statement 32, 164, 276, 1077, 1221, 1333, 1437, 1557 398, 506, 606, 748, 998, 1156, Gold reserves and dollar holdings 87, 229, 331, 1266, 1370, 1498 455, 565, 671, 807, 1075, 1219, 1331, Treasury deposits at Federal Reserve Banks: 1435, 1555 Condition statement data 27-28, 159-60, Utility output index 65, 197, 309, 431, 539, 639, 781, 271-72, 393-94, 501-02, 601-02, 743-44, 1033, 1191, 1301, 1405, 1533 993-94, 1151-52, 1261-62, 1365-66, 1493-94 Treasury statement basis. . . 46, 178, 290, 412, V-loans (See Defense production loans) 520, 620, 762, 1018, 1176, 1286, 1390, 1518 Vagtborg, Harold, reappointed director at Weekly and monthly data . 23. 155, 267, 389, San Antonio Branch 12 497, 597, 739, 989, 1147, 1257, Valley, Donald F., appointed director 1361, 1489 at Detroit Branch. . . 16 Weekly reporting member banks 39, 171, Van Buskirk, Arthur B., reappointed Class C 283, 405, 513, 613, 755, 1006, 1164, director, Chairman, and Federal Reserve Agent 1274, 1378, 1506 at Cleveland ... 10, 11 U. S. Govt. securities: Van Lahr, Frank J., appointed director at Bank holdings: Cincinnati Branch 14 By class of bank. . . .33, 165,277, 399, 507, 607. Vault cash of member banks, authority to permit 749, 999, 1157, 1267, 1371, 1499 use in meeting reserve require- Commercial banks 36, 168, 280, 402, 510, ments 369, 888, 1476, 1482 610, 752, 1002, 1160, 1270, 1374, 1502 Veenstra, Theodore A., Jr., articles on member Consolidated monetary statement 32, 164, bank earnings .586, 1242 276, 398, 506, 606, 748, 998, 1156, Venezuela: 1266, 1370, 1498 Discount rate. .92, 234, 336, 460, 570, 676, 812, Mutual savings banks. .... 1010, 1168, 1080, 1224, 1336, 1440, 1560 1278, 1382, 1510 Gold purchases by U. S 86, 228, 330, 454, 564, Ownership data. .48-49, 180-81, 292-93, 414-15, 670, 806, 1074, 1218, 1330, 1434, 1554 522-23, 622-23, 764-65, 1016-17, Gold reserves. .89, 231, 333, 457, 567, 673, 809, 1174-75, 1284-85, 1388-89, 1516-17 1077, 1221, 1333, 1437, 1557 Weekly reporting member banks 38, 170, Gold reserves and dollar holdings 87, 229, 331, 282, 404, 512, 612, 754, 1005, 1163, 455, 565, 671, 807, 1075, 1219, 1331, 1435, 1555 1273, 1377, 1505 Veterans Administration: Federal Reserve Bank holdings: Assets and liabilities. . .44, 176, 288, 410, 518, 618, Condition statement data 27-28, 159-60, 760, 1020, 1178, 1288, 1392, 1520 271-72, 393-94, 501-02, 601-02, 743-44, Loans guaranteed by 53-55, 185-87, 297-99, 993-94, 1151-52, 1261-62, 1365-66, 1493-94 419-21, 527-29, 627-29, 769-71, 1021-23, Ownership data. .48-49, 180-81, 292-93, 414-15, 1179-81, 1289-91, 1393-95, 1521-23 522-23, 622-23, 764-65, 1016-17, 1174-75, 1284-85, 1388-89, 1516-17 Warden, John H., reappointed Class C director Weekly and monthly data . . .23, 155, 267, 389, at Minneapolis 11 497, 597, 739, 989, 1147, Watts, G. G., reappointed director at 1257, 1361, 1489 Charlotte Branch 15 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 45 1587 Pages Pages Weekly reporting member bank series 38, 170, 282, Whitaker, H. E., appointed director at Cincinnati 404,512,612,754,1004,1162,1272,1376,1504 Branch 983 Revisions in. .885, 983, 1202, 1252, 1356, 1420 Wisconsin Bankshares Corporation, Order under Wessell, Nils Y., appointed Deputy Chairman Bank Holding Company Act. 1136 at Boston. 10, 12 j p ited director at Jacksonville Yates? claude ap On Wesson, Frank Lee, reappointed director at Branch 11, 13 Memphis Branch 12 yields (See Interest rates) Whelchel, C. A., appointed director at Nash- Yugoslavia, gold reserves 89, 231, 333, 457, 567, ville Branch 15 673, 809, 1077, 1221, 1333. 1437, 1557 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 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