Federal Reserve Bulletin, 1960-01

FEDERAL RESERVE January i960 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

E D I T O R I AL C O M M I T T EE Ralph A. Young Woodlief Thomas Charles Molony Guy E. Noyes 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 Capital Markets in 1959 ii Revision in Seasonally Adjusted Series for Deposit Turnover 8 !| Revision of Loan Schedule for Call Report 12 !: Law Department 13 |: Current Events and Announcements 17 ; ; National Summary of Business Conditions 27 [ Financial and Business Statistics, U. S. (Contents on p. 29) 30 :• International Financial Statistics (Contents on p. 95) 96 Board of Governors and Staff 112 Open Market Committee and Staff; Federal Advisory Council 113 Federal Reserve Banks and Branches 113 Federal Reserve Board Publications 115 Index to Statistical Tables 117 Map of Federal Reserve System Inside back cover Volume 46 Number i Subscription Price of Bulletin A copy of the Federal Reserve Bulletin is sent to each member bank without charge; member banks desiring additional copies may secure them at a special $2.00 annual rate. The regular subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 per annum or 60 cents per copy; elsewhere, $7.00 per annum or 70 cents per copy. Group subscriptions in the United States for 10 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

DEMANDS FOR CREDIT AND CAPITAL were large throughout 1959. In addition to rec- CIEDIT AND CAPITAL EXPANSION Billions of dollars ord peacetime borrowing by the Federal SO Government, private financing reached a new peak, one-third above 1958 and one- BIN- LOANS N I C. CONSUMER 10ANS tenth above the previous peak in 1955. SI1TE AND 10CII Increases in borrowing last year were pri- OBUOTIONS marily in short- and intermediate-term debt. Consumer financing of durable goods purchases and business borrowing for working capital needs rose sharply. Moreover, Federal Government borrowing was almost entirely through short- and intermediate-term issues, as the statutory ceiling on interest rates on new Treasury bond issues prevented the Government from competing effectively for long-term funds. Federal bond financ- 10 ing in 1959 was only one-seventh as large 19S5 1957 1959 as in 1958. NOTE.—Flow of funds data; for description see BULLETIN Private long-term financing increased for August 1959, p. 828 ff. Estimates for 1959 preliminary. Bank loans n.e.c. are mainly loans to business. Federal obligations include nonguaranteed debt of Government-sponsored only slightly. A rise in mortgage bor- enterprises. Corporate securities include Issues of foreign corporations, international institutions, and foreign governments rowing was largely offset by a decline in sold in the United States as well as issues of domestic corporations. security financing by domestic corporations and foreign borrowers. Also, expansion in supply the bulk of long-term funds to capital State and local government debt was some- markets. Growth in time and savings dewhat smaller than the record growth in the posits at commercial and mutual savings preceding year. banks was much smaller last year than in Interest rates rose further in 1959, reach- 1958. The decline in savings flows to banks ing new postwar highs. Sharpest increases more than offset the rise in flows to savings were in short-term rates, reflecting the ex- and loan associations and pension funds; ceptionally large demands for short-term saving through life insurance companies credit. Despite contraction in total long- was little changed. Expansion in shortterm financing, bond and mortgage yields term lending and tighter reserve positions also advanced. also limited the supply of commercial bank The increase in long-term borrowing funds available for longer term investment. costs reflected in part a decline in the flow Rising interest rates, however, attracted of savings to institutions that customarily an increased volume of consumer and busi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • JANUARY 1960 ness savings directly into mortgage and security markets. Investment in credit and equity market instruments by consumers and by foreign investors expanded greatly, and nonfinancial corporations made unusually large additions to their holdings of short-term marketable U. S. Government securities. MORTGAGES Real estate mortgage markets were under increasing pressure in 1959 as construction outlays reached new highs. Expansion in outstanding real estate mortgage debt, approximating $19 billion for the year, exceeded the previous record in 1955 by about one-sixth. NOTE.—Federal Reserve estimates based on data from The accelerated rise in residential mort- Federal and private agencies. gage lending last year reflected in part inloan associations, which lend primarily on creases in forward lending commitments by conventional terms. private financial institutions during the re- Mortgage debt insured by the Federal cession and recovery period of 1958 and Housing Administration also increased more early 1959. The volume of new loans, than in any other year. Part of the rise which had increased sharply in the second represented credit extended by the Federal half of 1958, rose further over the first half National Mortgage Association through purof 1959 and, on a seasonally adjusted basis, chases in the secondary market and through reached a peak level in June. takedowns of commitments made under spe- Yields on alternative investments concial assistance programs. The decline in tinued to rise more than those on mortgages, home mortgage debt guaranteed by the however, tending to divert a larger share of Veterans Administration in 1959 was slight, new investment funds into other capital as it had been in 1958. markets. About midyear the volume of Real estate borrowing costs rose substanoutstanding mortgage commitments began tially last year. Average yields on convento decline, as did housing starts. Loan clostional home mortgages advanced to above ings, based partly on earlier commitments, 6 per cent by autumn, and the maximum nevertheless continued in large volume. permissible contract rates on both VA- Most of the increase in outstanding resi- guaranteed and FHA-insured home mortdential mortgages last year was in conven- gages were raised during the year. Even with tionally financed debt, as the accompanying higher permissible contract rates, Federally chart shows. The record rise in conven- underwritten mortgages continue to be tional lending reflected in part a substantial traded at discounts and effective yields curincrease in funds obtained by savings and rently are above 6 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CAPITAL MARKETS IN 1959 CORPORATE SECURITIES In contrast with the record expansion in mortgage debt, the volume of corporate CO1POIATE FINANCE Annual rat*s, seasonally adjusted of dollars security financing declined last year. Corporate security issues for new capital totaled $9.2 billion, one-seventh smaller than in PLANT AND EQUIPMENT 35 OUTLAYS 1958 and one-fourth below the record volume in 1957. With interest rates higher, security offerings in the United States by 30 international institutions, and foreign corporations and governments also declined. Corporations depended less on external 25 long-term financing last year primarily because of expansion in internal funds. Profits increased more than outlays for plant and 20 equipment from recession lows in 1958 and 1955 1957 1*59 depreciation allowances continued to grow. NOTE.—Department of Commerce and Securities and Ex- Until the steel strike temporarily reduced change Commission data. Internal funds comprise (1) corporate profits after deducting income tax liabilities and dividend earnings, the surplus of internal funds over payments and (2) depreciation allowances. Plant and equipment outlays adjusted by Federal Reserve to exclude those of outlays for plant and equipment increased noncorporate business. Outlays for fourth quarter 1959 as anticipated by business. appreciably, as the chart shows. Moreover, funds needed for increased financing of cus- porate security offerings in 1959, the largest tomers and for build-up of inventories were proportion since 1956. Sales of common obtained largely through short-term borrow- stock were much larger than in the preceding. ing year, while offerings of preferred stocks declined somewhat. Contraction in capital market financing occurred in most major industries last year. Despite expansion in the supply of equity Manufacturing companies sold the smallest securities, common stock prices continued volume of issues for new capital since 1954. to rise until early August. After declining Flotations by public utilities declined about somewhat at that time, prices fluctuated one-sixth and issues by communication com- within a narrow range for several months, panies were only half as large as in the rising toward the year-end to levels only preceding year. Long-term borrowing by slightly below the August peak. With diviconsumer finance companies increased sub- dends increasing moderately, average yields stantially, however, reflecting the sharp rise on common stocks remained slightly above in consumer credit. 3 per cent throughout the year, as can be The decline in corporate security flota- seen on the chart on the following page. tions last year was entirely in publicly of- Stock yields have been below yields availfered debt issues. Private placements of able on alternative investments, including bonds and notes increased moderately and U. S. Government securities and high-grade sales of stock rose considerably. Stock is- corporate bonds, for an exceptionally long sues accounted for one-fourth of all cor- period. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • JANUARY 1960 Almost all of the Treasury's financing last SELECTED YIELDS year was in short- and intermediate-term P«r cant par annum issues. Early in the year a small amount of long-term bonds was sold for cash. As interest rates rose generally, the 4lA per cent statutory ceiling on Treasury bond coupon rates precluded further resort to long-term financing. Intermediate-term issues were sold in August and again in October and November at rates of around 5 per cent, and the remainder of the loan funds needed by the Treasury was obtained through sales U.S. OOVT. 1ONDS of bills and certificates with relatively short maturities. The passage of time and the preponderance of short-term financing last J year shortened considerably the average ma- 1953 19S5 1957 1959 turity of the public debt. NOTE.—Monthly averages for (1) 500 common stocks (90 before mid-1957) from Standard and Poor's Corporation; (2) STATE AND LOCAL GOVERNMENTS new corporate long-term bonds, estimated yields from First National City Bank of New York, adjusted to a Aaa basis (figures reflect changes in quality, industrial composition, New bond sales by State and local governmaturity, and type of offering); and (3) U. S. Government bonds maturing or callable in 10 years or more. For FHA mort- ments in 1959 were only slightly below the gages, data are for last month of quarter mid-1953 through mid-1955 and monthly thereafter; data are Federal Reserve record volume in 1958. Short-term financcomputations from average prices reported by FHA (dashed lines indicate periods when averages were adjusting to changes in contractual interest rates and no data were available). ing also declined, while retirement of out- Latest figures shown, December, except for FHA mortgages (November). standing debt increased. As a result, growth in State and local debt was about one-eighth U. S. GOVERNMENT SECURITIES smaller than in 1958. A larger than usual proportion of the Cash payments to the public by the Federal new issues in 1959 represented financing of Government in calendar year 1959 exceeded revenue producing facilities such as electric cash receipts by $8 billion, a somewhat power and water systems. Borrowing to filarger deficit than in 1958. Tax receipts nance school and highway construction rose with expanding economic activity, but declined, the latter decline reflecting in part payments to the public rose even more the increase in Federal Government grants rapidly. Moreover, redemptions of savings for highway building. bonds exceeded new purchases by a much wider margin than in 1958, and financing MAJOR SOURCES OF FUNDS needs of Government-sponsored enterprises rose. As a result, the Federal Government Most of the funds flowing to capital markets found it necessary to raise more than $11 in postwar years have been channeled billion on balance through sale of market- through major financial institutions such as able securities in 1959, one-fourth more banks, savings and loan associations, inthan in the preceding year. surance companies, and pension funds. In Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CAPITAL MARKETS IN 1959 periods of rapid expansion in economic activity, savings inflows to these institutions CONSUME! SAVINGS NIT CHANOI IN SUICTID TYMS have not increased commensurately with Billions of dollars 40 demands for funds, and in some instances have even contracted. Under these conditions interest rates have tended to rise, 30 thereby attracting an increased volume of H 1 1 direct investment in financial markets by individuals and other savers. /y tip- 20 In 1959, as in 1955, inflows to institu- CREDIT ARD EOUITT MARKET IHlTRtmtRTS tions did not keep pace with rising demands for funds. In each year interest rates rose, 10 and direct financial investment by consumers, nonfinancial businesses, and foreigners expanded substantially. 19S5 1957 1959 Consumers and businesses. Consumer purchases of mortgages and securities rose NOTE.—Flow of funds data; for description see BULLETIN for August 19S9. Credit and equity market instruments sharply in 1959. This expansion of invest- include corporate and foreign bonds and stocks, State and local obligations. Federal obligations except savings bonds, ment in capital market instruments was and mortgages. Savings deposits and shares comprise time and savings deposits at commercial banks, deposits at mutual savings banks, savings shares at savings and loan associations greater than the decline in consumer saving and credit unions, and postal savings. Life insurance and pension funds comprise life insurance, fraternal orders, selfthrough financial institutions, as can be seen administered corporate pension funds, and Federal and State and local government pension funds. Estimates for 1959 on the chart. preliminary. The largest increase was in consumer purchases of marketable obligations of the Corporations increased these liquid asset United States Government. Available data reserves further after midyear, in part reindicate that consumers purchased a very flecting temporary investment of funds large volume of marketable Government which became available as steel inventories securities in 1959, in contrast with net sales were reduced. For the year as a whole, the in the preceding year. Consumer invest- increase in corporate holdings of U. S. Govment in State and local government obliga- ernment securities was the largest for any tions and in mortgages also increased last year in the postwar period. year, more than offsetting a decline in their Life insurance companies. Inflows of savacquisitions of corporate bonds and stocks. ings to life insurance companies changed Holdings of Government securities by little last year. To augment funds availnonfinancial corporations also increased in able for investment in capital markets, 1959. During the first half of the year, insurance companies drew down their holdprofits and short-term borrowing rose more ings of cash and U. S. Government securirapidly than current needs for funds, and ties, as they have in most postwar years corporations added to their liquid assets at other than 1958. Reductions in these liquid a time of year when they usually draw down asset holdings were small, however, comsuch reserves. pared with earlier years. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • JANUARY 1960 The pattern of insurance company in- smallest since 1951. Slower growth in devestment in 1959 was about the same as posits reflected the higher yields available in 1958. A somewhat larger amount of last year on alternative uses of savings as funds was invested in mortgages and State market rates on both short- and long-term and local government securities last year investments rose much more rapidly than and a somewhat smaller volume in cor- did rates of interest paid on savings deposits. porate securities. Mutual savings banks responded to the Larger acquisitions of mortgages reflected decline in savings inflows by reducing holdmainly earlier increases in forward lending ings of corporate securities and by making commitments. In early 1958, when mort- further reductions in their holdings of U. S. gage yields exceeded those on alternative Government securities. These portfolio adinvestments by a wide margin, insurance justments permitted them to acquire almost companies increased their commitments for as large a volume of mortgages as they had mortgage loans. Despite a narrowing in the in 1958. yield spread in the latter part of 1958 and The pattern of savings bank investment in 1959, they continued to increase mortin 1959 was similar to that in 1955, another gage commitments as business demands for year of rapid economic expansion. In both external long-term financing continued at years amounts invested in mortgages were reduced levels. Insurance company comsubstantially larger than the increases in demitments for forward lending stopped rising posits, and funds needed to finance mortafter midyear, but mortgage acquisitions gage acquisitions were obtained largely by under earlier commitments continued in sales of U. S. Government and corporate large volume. securities. Insurance company investment in State Savings and loan associations. In contrast and local government obligations in 1959 with the decline in savings inflows at comwas as large as in 1954, the previous peak mercial and mutual savings banks, share year for such investment. In both 1954 and capital of savings and loan associations in- 1959 a large proportion of the new issues creased at a record rate in 1959, about onesold by State and local governments was in tenth greater than the previous peak rate in revenue bonds, which customarily offer 1958. Also, associations reduced their cash higher yields than do general obligation isbalances, and increased their borrowing sues. Recent revision in laws affecting inmore than in any other year. At the surance company income tax liabilities was probably an additional factor encouraging end of December outstanding advances by increased investment in tax-exempt securi- the Federal Home Loan Banks to member ties last year. associations were at an all-time high of $2.1 Mutual sayings banks. Deposits at mutual billion. savings banks increased by $1.3 billion in Almost all of the funds available to asso- 1959, after adjustment to exclude the effects ciations for investment last year were chanof consolidation of a large mutual savings neled to mortgage markets. Expansion in bank with a commercial bank at the begin- mortgage holdings reached a record of ning of the year. The increase was less nearly $7.5 billion, one-third more than in than half that of the preceding year, and the 1958 and two-fifths more than in 1955. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CAPITAL MARKETS IN 1959 Holdings of U. S. Government securities were also increased. EXPANSION IN BANK CREDIT SELECTED TYPES Commercial banks. Time and savings deposits at commercial banks increased by an estimated $1.5 billion in 1959, after adjustment to remove the effects of bank structure changes. This compares with a rise of $5.6 billion in 1957 and $7.0 billion in 1958. In the first half of the year deposits increased much less rapidly than in the corresponding period of 1958, and after midyear deposits declined, in contrast with a further rise in the preceding year. Demand deposits other than U. S. Government and interbank balances increased only slightly in 1959, following an exceptionally rapid expansion in the preceding year. The small rise in the public's holdings of bank deposits in 1959 was accompanied NOTE.—Flow of funds data for all commercial banks; for by an increase in the turnover of deposits description see BULLETIN for August 1959. Federal obligations include nonguaranteed debt of Government-sponsored and by a large rise in their holdings of other enterprises. Data for 1959 are preliminary estimates adjusted to eliminate effect of bank structure changes. liquid assets, particularly short-term Government securities. As the chart shows, the pattern of changes Reflecting the smaller inflow of savings in bank loans and investments last year and tighter reserve positions, along with closely resembled the pattern in 1955, also larger demands for short-term bank credit, a year of recovery and renewed expansion. commercial banks reduced their holdings of In both years, reserve positions tightened as Federal obligations by about $8.5 billion, credit demands rose sharply, and banks obsomewhat more than these holdings had tained funds for lending to private sectors been increased in the preceding year. Also, by reducing their holdings of U. S. Governnet purchases of State and local government ment securities and curtailing their lending securities which had been exceptionally large to State and local governments. In both in 1958 were very small in 1959. Commer- years, mortgage lending increased modercial bank lending on real estate, however, ately, while other loans to consumers and rose somewhat more rapidly than in 1958. businesses increased sharply. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Revision in Seasonally Adjusted Series for Deposit Turnover IN RECENT YEARS there has been growing perhaps 70 per cent, of total debits to deinterest in information on turnover of de- posit accounts. mand deposits. In view of the large supply A sample of reports indicated that there of money accumulated during the war and is no significant intra-weekly variation in the steady, moderate rate of growth in the the volume of debits that would necessitate money supply during postwar years, varia- giving extra weight to some days. While the tions in economic activity have been re- volume of debits on Monday is above averflected to a large extent in fluctuations in age because of the carry-over of checks the rate of turnover of money. Also, bank written during the week end, the difference debits statistics and the derived seasonally is not sufficient to warrant an additional adjusted series of the turnover of demand refinement in the series. deposits are available earlier than most other The second change relates to an allowimportant economic series of national scope. ance for regular monthly payments that The turnover figures thus provide a useful bear no relation to the number of working days in the month. Preliminary study of guide in the determination of current monethe turnover data indicated a need to make tary policies as well as an indicator of some some allowance for such payments. The of the effects of such policies. Monthly changes in the seasonally adjusted series for deposit turnover have at TURNOVER OF DEMAND DEPOSITS times been sufficiently erratic to detract Annual rates 70 from the current value of the data. In order to improve the series as an economic NEW Y 60 T indicator, the Board's staff has reviewed and modified the methods of preparing it. 50 Two major changes were incorporated in the revision. The first relates to the length 40 of the working week. Whereas figures pub- 6 LEADING CENTERS OTHER THAN , N Y lished previously were based on a six-day week, figures for the revised series are on a five-day week. The adoption of the five- 337 OTHER day week was based on an investigation REPORTING CENTERS that showed that banks in centers working 10 on a five-day week reported the major part, NOTE.—This article was prepared by Edward P. 1958 1959 Snyder of the Board's Division of Research and Sta- NOTE.—Demand deposits exclude interbank and U. S. Govtistics. ernment deposits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION IN DEPOSIT TURNOVER SERIES allowance made gives these payments equal TURNOVER RATES IN LEADING CENTERS weight with those related to the number Annual rates of working days. Without this allowance, 60 A NEW YORK / the seasonally adjusted turnover rate would All K.X - - 55 be too high in months with fewer than the average number of working days and too - 50 low in months with more than the average I 45 number. Figures for the revised series on deposit 7 30 PHILADELPHIA . jr^^^i turnover are available on both a seasonally —-*^-^ - "" ^ BOSTON 25 adjusted and an unadjusted basis for the period 1950-59 for New York City, six leading centers other than New York, and -A DETROITy^^A 40 337 other reporting centers. These figures ^ /C-'"V v' - 35 are given in the tables at the end of this I 30 article, and seasonally adjusted figures for 1958 and 1959 for the three groups are SAN FRANCISCO ^y 35 shown in the chart on the preceding page. 30 In addition, revised seasonally adjusted figures for individual leading centers including LOS ANGELES 25 New York are charted for 1957-59 (see i 1957 1958 1959 opposite column) to show the wide varia- NOTE.—Based on demand deposits except interbank and U. S. tion in their rates of turnover. Revised Government. data by Federal Reserve district indicate except U. S. Government and interbank. little variation by district in the series for Tables showing debits monthly on a sea- 337 other centers. sonally adjusted basis for the period begin- In addition to revising the seasonally ad- ning with 1950 are available on request justed series for deposit turnover, the Board's from the Division of Research and Statistics, staff has also prepared a seasonally adjusted Board of Governors of the Federal Reserve series for debits to demand deposit accounts, System, Washington 25, D. C. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

10 FEDERAL RESERVE BULLETIN • JANUARY 1960 TURNOVER OF DEMAND DEPOSITS 1 [Annual rates, adjusted for seasonal variation] Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. New York City 1950 . 28.7 30.0 29.3 29.1 30.7 29.5 30.0 38.5 33.4 31.1 32.3 32.0 1951 32.6 30.8 34.8 32.4 31.5 32.4 31 4 30 6 30 6 32 1 32.7 31.7 1952 31.3 32.9 32.6 34.4 34.0 34.4 35.0 33.9 35.3 37.2 34.7 36.5 1953 . . 35.4 35.4 35.3 36.2 35.5 36.7 36.0 36.2 40.5 37.4 38.0 37.7 1954 43.3 42.8 43.1 42.4 42.7 41.7 43.6 43.8 41.0 40.6 42.4 41.3 1955 41.3 41.6 40.2 39.3 42.6 42.4 41.9 42.2 44 4 46 4 45.4 46.6 1956 44.6 41.5 46.7 45.9 46.9 45.5 46.0 49.0 46.2 46.6 48.1 46.5 1957 .... 47.5 48.5 47.6 47.8 48.4 48.8 50.1 50.7 52.8 51.5 52.4 51.9 1958 53.3 53.5 55.2 57.2 54.3 60.7 55.2 52.1 50.8 51.7 47.9 52.3 1959 53.6 53.5 52.4 56.6 56.2 53.1 57.3 56.3 57.6 60.1 60.1 60.1 6 leading centers other than New York2 1950 20.9 21.4 21.4 21.7 22.2 22.9 22.5 23.9 24.1 23.4 23.6 24.1 1951 25.0 24.0 24.5 24.4 24.5 24.0 23.7 23.9 23.8 23.9 24.4 23.3 1952 23.4 24.2 23.4 23.6 23.5 23.8 24 5 23 2 24.3 26.0 24.3 25.5 1953 25.3 24.9 25.4 25.6 25.9 25.8 25.6 25.7 26.1 25.7 25.9 25.7 1954 25.3 25.9 26.3 26.5 25.9 26.0 26.0 26.2 25 7 25.2 25.9 26.4 1955 . . 25 8 26.8 27.4 26.9 28.1 27.6 27 2 27 6 27 8 28 2 28.3 28.0 1956 29.5 28.4 28.1 29.0 28.8 29.0 29.5 29.2 28.0 29.6 30.2 29.3 1957 30.1 30.6 30.3 30.0 30.7 30.2 30.8 31.2 31.0 30.6 30.8 30.4 1958 30 1 29.9 29.8 30.0 29.1 30.4 29.9 29 6 30 4 30.7 30.0 31.5 1959 31.2 31.5 31.8 33.1 32.6 32.1 33.1 33.1 32.1 32.8 33.6 »33.3 337other reporting centers3 1950 15 9 16.0 16.0 16.3 16.6 17.0 17.5 18.2 18 4 18.0 17.8 18.3 1951 .... 18.8 18.3 18.8 18.7 18.6 18.7 18.0 18.3 18.1 18.4 18.7 18.2 1952 18.2 18.7 18.2 18.2 18.5 18.2 18.3 18.4 18.6 18.7 18.5 18.9 1953 18.9 18.7 18.9 18.9 18.7 18.9 19.0 18.9 19.0 19.1 18.9 18.9 1954 19.0 20.1 19.5 19.3 19.2 19.4 19.3 19 1 19.2 19.0 19.7 19.7 1955 19 5 19.6 19.9 20.1 20.4 20.5 20.6 20.8 20.9 20.9 20.9 21.2 1956 21.4 21.4 21.5 21.7 21.8 21.8 22.0 22.1 21.9 22.5 22.6 22.4 1957 22.8 23.1 23.0 23.1 23.3 23.0 23.4 23 5 23.3 23.1 23.2 23.1 1958 23.2 22.4 22.8 22.8 22.6 23.1 22.8 22.8 23.2 23.4 23.2 23.7 1959 23.6 24.2 24.0 24.7 24.5 24.6 24.7 24.7 24.6 24.7 25.3 v Preliminary. 2 Boston, Philadelphia, Chicago, Detroit, San Francisco, and 1 Except interbank and U. S. Government deposits. Los Angeles. 3 Prior to April 1955, 338 centers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION IN DEPOSIT TURNOVER SERIES 11 TURNOVER OF DEMAND DEPOSITS 1 [Annual rates, without seasonal adjustment] Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. New York City 1950 . . 28.7 27.7 30.7 28.8 30.2 31.8 29.5 35.2 33.3 30.8 30.7 36.6 1951 32.6 28.7 36.6 32.1 31.1 34.6 30.7 28.1 30.4 31.8 31.1 36.3 1952 31.2 30.9 34.3 34.0 33.6 36.8 34.3 31.0 34.8 36.9 33.3 41.8 1953 . 35.2 33.5 37 2 35 5 35 1 39.0 35 3 33 1 39 6 37 3 36 6 43 2 1954 43.2 40.7 45.3 41.4 42.4 44.3 42.7 40.1 39.9 40.4 41.0 47.1 1955 41.4 39.9 42.5 38.3 42.1 44.9 41.2 38.9 42 9 45.9 44.0 52.7 1956 45.2 39.9 49.2 44.8 46.1 48.2 45.3 45.2 44.5 46.0 46.8 52.4 1957 . 48.5 46.6 50.0 47.0 47.3 51.9 49 6 46.6 50 6 50 7 50 9 58 2 1958 54.8 51.5 57.7 56.7 52.6 64.9 54.9 47.6 48.8 50.9 46.4 58.4 1959 55.5 51.5 54.6 56.4 54.2 56.9 57.2 51.3 55.4 59.2 58.0 67.0 6 leading centers other than New York2 1950 20.7 20.0 24.0 22.3 21.9 23.4 21.8 22.7 23.8 23.1 22.8 25.5 1951 24.8 22.4 27.5 25.2 24.3 24.7 23.0 22.5 23.5 23.5 23.6 24.5 1952 22.8 22.6 26.3 24.6 23.3 24.5 24.0 21.8 23.9 25.4 23.5 26.9 1953 24 5 23 3 28 8 26 7 25.8 26.6 25 2 24 2 25 5 24 9 25.2 26.9 1954 24.4 24.3 29.7 27.7 25.8 26.9 25.5 24.8 25.0 24.2 25.5 27.5 1955 25.1 25.1 30.7 27.8 28.1 28.4 26.9 26.3 27.1 27.2 28.1 28.9 1956 29 1 26 7 30 9 29 7 28.8 29.7 29.2 27.8 27.3 28.9 30.0 30.3 1957 30.1 28.8 32.9 30.3 30.6 30.8 30.6 29.7 30.4 30.1 30.4 31.8 1958 30.1 28.0 32.1 30.3 29.0 31.0 29.7 28.1 30.0 30.3 29.4 33.2 1959 31.1 29.6 34.3 33.3 32.5 32.8 32.9 31.3 31.7 32.5 32.7 "35.4 337 other reporting centers3 1950 16 1 15.1 16.4 15.9 16.3 17.1 17.3 17.5 18.6 18.4 18.2 19.5 1951 19.1 17.4 19.3 18.3 18.4 18.9 17.8 17.6 18.2 18.7 19.0 19.2 1952 18 3 17 9 18.7 17.8 18.3 18.5 18.1 17.8 18.6 18.9 18.8 19.8 1953 18.9 18.0 19.5 18.5 18.5 19.3 18.8 18.3 19.1 19.2 19.2 19.7 1954 18.8 19.2 20.0 18.9 19.0 19.8 19.3 18.6 19.1 19.1 20.1 20.6 1955 19.4 18.7 20.3 19.7 20.3 20.9 20.6 20.3 20.8 20.8 21.3 22.2 1956 21 4 20.3 21.7 21.2 21.8 22.2 22.1 21.6 21.8 22.5 22.9 23.5 1957 ... 22.9 21.9 23.1 22.4 23.3 23.4 23.6 23.0 23.4 23.1 23.4 24.4 1958 23.4 21.3 22.8 22.1 22.5 23.5 23.0 22.3 23.3 23.5 23.3 25.0 1959 ... 23.8 23.0 24.0 24.0 24.5 25.1 24.9 24.1 24.7 24.8 25.4 P26.5 0 Preliminary. 2 Boston, Philadelphia, Chicago, Detroit, San Francisco, and 1 Except interbank and U. S. Government deposits. Los Angeles. 3 Prior to April 1955, 338 centers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Revision of Loan Schedule for Call Report The loan schedule in official call reports of con- special surveys, was often large enough to more dition submitted by banks has been revised to than offset the change in loans outstanding to all segregate loans to nonbank financial institutions other borrowers in the category or categories of beginning with October 6, 1959, for member which they were a part. banks of the Federal Reserve System, and with Segregation of loans to nonbank financial in- December 31, 1959, for all commercial banks. stitutions (including loans to mutual savings Loans to such institutions were previously in- banks) and redefinitions of other loan categories to cluded in three categories: commercial and in- remove loans to these institutions will provide dustrial loans, "other" loans, and, to a lesser ex- users of the series with a more accurate measure tent, loans to banks. A similar change was made of the credit being channeled from commercial beginning with July 8, 1959, in the loan schedule banks through nonbank financial intermediaries of reports of condition submitted weekly by mem- and will improve the usefulness of all loan cateber banks in leading cities, as announced in the gories, particularly the commercial and industrial BULLETIN for August 1959, pages 885-87. loan segment. As indicated in that announcement, users of A reconciliation of the loan items affected by banking data had felt for some time that inad- reclassification is available for only one date, equacies in the loan classification seriously limited June 10, 1959. The accompanying table shows the analytical value of such data. At times the figures for the new series on loans outstanding to volume of credit extended to nonbank financial nonbank financial institutions on that date and institutions underwent sharp expansion or con- also the extent to which the segregation of this traction. The expansion or contraction in credit type of credit reduced the levels of loans outstandto such institutions, which was identifiable only in ing in other categories. EFFECT OF RECLASSIFICATION ON LOANS OUTSTANDING, JUNE 10, 1959 [In millions of dollars] Commercial and n L o o n a b n a s n t k o industrial loans Other loans Loans to banks Type of bank financial i ( n n s e t w it u s t e io ri n e s s ) 1 s O er l i d es cr D e e a - se s N er e i w es Old De- New Old De- New All insured commercial. 5,553 41,459 4,447 37,013 3,549 1,105 2,444 1,847 1,846 Federal Reserve member, total . . 5,277 38,469 4,296 34,172 3,276 979 2,298 1,821 1,820 Central reserve city: New York 1,344 10,731 1,208 9,523 852 135 717 967 966 Chicago 418 2,678 370 2,308 203 48 155 38 38 Reserve city 2,635 16,410 2,125 14,285 1,358 510 848 715 714 Country 879 8,650 593 8,057 864 286 578 102 101 Insured nonmember commercial. 2,276 2,99 : 150 2,840 273 125 147 26 26 1 This category includes loans to mutual savings banks. 2 Less than $500,000. 12 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Reporting Securities Credit Extended by Lender time to time thereafter bring them within the scope of the above definition, must file filled-inf orms within Other Than Bank or Broker 90 days after the first extension of credit for such purpose. Requests for extensions of time for filing The Board of Governors has adopted a reportmust be made in writing, setting forth the reasons for ing form (FR 728) on which information will be the request, addressed to the Federal Reserve Bank in collected concerning credit extended by lenders the District of the person requesting the extension. other than banks or brokers for the purpose of 2. (a) The amendment is issued pursuant to the purchasing or carrying any security registered on Securities Exchange Act of 1934, particularly Seca national securities exchange. This form was tion 17(b) thereof. The purpose of this action promulgated by publication of the following item is to implement § 221.3(j) as amended June 15, which appeared in 24 Federal Register 10331: 1959 (24 F.R. 3867) by the adoption of a form in order to obtain information concerning credit TITLE 12—BANKS AND BANKING extended by persons other than banks and credi- CHAPTER II—FEDERAL RESERVE SYSTEM tors, as defined above, for the purpose of purchas- [REG. U] ing or carrying securities registered on a national securities exchange. Part 221—Loans by Banks for the Purpose of Purchasing or Carrying (b) The notice, public participation, and de- Registered Stock ferred effective date described in Section 4 of the Administrative Procedure Act are not followed Form to be Used in Reporting Securities in connection with this amendment for the Credit Extended by Lender Other reasons and good cause found as stated in Than a Bank or Broker § 262.2(e) of the Board's Rules of Procedure 1. Effective December 15, 1959, the following (Part 262), and especially because in connection new center heading "Forms" and new § 221.51 with this amendment such procedures are unneceswere added to Part 221 to read as follows: sary as they would serve no useful purpose. The reporting requirement contained herein has been FORMS approved by the Bureau of the Budget in accord- § 221.51 Form to be used in reporting securities ance with the Federal Reports Act of 1932. credit extended by lender other than a bank or broker. (Sec. 23, 48 Stat. 901; 15 U.S.C. 78w. Inter- Pursuant to authority conferred on the Board of prets or applies Sec. 17(b), 48 Stat. 897; 15 U.S.C. Governors of the Federal Reserve System by the Securities Exchange Act of 1934 (15 U.S.C. Chapter 78q.) 2B; 48 Stat. 881) and in accordance with § 221.3(j), MERRITT SHERMAN, the Board has, effective December 15, 1959, adopted Form FR 728,1 to be used by persons (other than Secretary. banks, as defined in § 221.3 (k), and creditors, as [SEAL] defined in § 220.2(b) (Reg. T)) who are engaged in the business of extending credit and who, in the Order Under Section 3 of Bank Holding ordinary course of business, extend credit for the purpose of purchasing or carrying securities registered Company Act on a national exchange. Persons whose activities as of December 15, 1959 bring them within the scope of The Board of Governors of the Federal Rethe above definition must return the filled-in form to serve System on January 13, 1960, issued an the Federal Reserve Bank in their district on or before Order with respect to an application by a holding March 15, 1960. Persons who were not extending credit on or before December 15, 1959 for the said company, pursuant to Section 3(a) (2) of the purpose, but whose activities at any time or from Bank Holding Company Act of 1956, for approval of the acquisition of voting shares of a 1 Filed as part of the original document. Copies available bank. The Board's Order and accompanying upon recmest to the Board of Governors of the Federal Reserve Statements read as follows: System, Washington 25, D. C, or to any Federal Reserve Bank. 13 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

14 FEDERAL RESERVE BULLETIN • JANUARY 1960 FARMERS AND MECHANICS STATEMENT TRUST COMPANY Farmers and Mechanics Trust Company In the Matter of the Application of Farmers and ("Farmers"), a bank holding company, has ap- Mechanics Trust Company, Childress, Texas for plied, pursuant to Section 3 (a) (2) of the Bank prior approval of acquisition of voting shares of Holding Company Act of 1956 ("the Act"), for The First National Bank, Paducah, Texas the Board's prior approval of its acquisition of 5 per cent (150 shares) of the outstanding voting shares of The First National Bank, Paducah, ORDER APPROVING APPLICATION UNDER Texas ("National"). BANK HOLDING COMPANY ACT Views and recommendations of supervisory There having come before the Board of Govauthorities.—Section 3(b) of the Act requires the ernors pusuant to Section 3 (a) (2) of the Bank Board, upon receipt of an application for ap- Holding Company Act of 1956 (12 U.S.C. 1843) proval under Section 3, to "give notice to the and Section 4(a) (2) of the Board's Regulation Y Comptroller of the Currency, if the applicant (12 CFR 222.4(a)(2)), application on behalf of company or any bank the voting shares or assets the Farmers and Mechanics Trust Company, of which are sought to be acquired is a national Childress, Texas, for the Board's prior approval banking association or a District bank, or to the of the acquisition of 5 per cent (150 shares) of appropriate supervisory authority of the interested the outstanding voting shares of The First Na- State, if the applicant company or any bank the tional Bank, Paducah, Texas; a Notice of Tentavoting shares or assets of which are sought to tive Decision referring to a Tentative Statement be acquired is a State bank ..." Farmers, the on said application having been published in the applicant company, is not a bank. The bank, Federal Register on December 5, 1959 (24 F.R. the voting shares of which are sought to be ac- 9801); said Notice having provided interested quired, is a national bank. Pursuant to the repersons an opportunity, before issuance of the quirements of the Act, notice of the receipt of Board's final order, to file objections to or comthis application was given to the Comptroller of ments upon the statements of fact and concluthe Currency, and the Comptroller recommended sions reached in the Tentative Statement; and the that the application be approved. time for filing such objections and comments Statutory factors.—Section 3(c) of the Act having expired and comments received having requires the Board to take into consideration the been duly considered; following five factors: (1) the financial history IT IS HEREBY ORDERED, for the reasons set forth and condition of the company and the banks conin the Board's Statement of this date, that the said cerned; (2) their prospects; (3) the character of application by Farmers and Mechanics Trust their management; (4) the convenience, needs, Company for approval of the acquisition of 5 and welfare of the communities and area conper cent of the outstanding voting shares of The cerned; and (5) whether or not the effect of the First National Bank, Paducah, Texas, be and acquisition would be to expand the size or extent hereby is granted and approved, provided that of the bank holding company system involved such acquisition is completed within three months beyond limits consistent with adequate and sound banking, the public interest, and the preservation from the date hereof. of competition in the field of banking. Dated at Washington, D. C, this 13th day of Discussion.—Farmers presently has two sub- January, 1960. sidiary banks: one, with deposits of about $2.3 By order of the Board of Governors. million, in the town of Childress in Childress Voting for this action: Chairman Martin, Vice Chair- County, Texas, and the other, with deposits of man Balderston and Governors Mills, Shepardson and about $2.7 million, in the town of Hollis in Har- King. Voting against this action: Governors Szymmon County, Oklahoma. Harmon County is czak and Robertson. northeast of, and partly contiguous to, Childress (Signed) MERRITT SHERMAN, County. National, the bank in which Farmers Secretary. seeks to acquire stock, is located in Paducah in [SEAL] Cottle County, Texas, which is just south of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

15 LAW DEPARTMENT Childress County. National is the only banking tion, it would, in the Board's opinion, be limited office in Cottle County, and holds deposits of to the area between and around Paducah and about $4 million. Childress in which there are three banks, one At present, Farmers owns 5 per cent of Na- being Farmers' subsidiary in Childress. Assumtional's stock. The proposed acquisition of 150 ing that the acquisition by Farmers of additional additional shares of stock would cause Farmers stock of National would tend to draw further to own 10 per cent of National's outstanding within its influence a second of the three banks stock. National would not become a "subsidiary" in this area, it might diminish, to some degree, the of the holding company within the meaning of the availability to residents of the area of alternative Act, since subsidiary status is based upon owner- sources of banking services under separate and ship of 25 per cent or more of the voting shares independent control. However, one of the reof a bank. maining alternative sources would be the second Insofar as the first three statutory factors are bank in Childress, the largest bank in the area; concerned, it appears that the financial history and, as previously indicated, there are four other and condition of Farmers and National are satis- banks in towns which, in view of geographic and factory and that their prospects and the character population factors, may be regarded as only of their management are good. As to the fourth a relatively short distance from the Childressfactor, Farmers asserts that its increased stock Paducah area. ownership of National would enable it to use its After consideration of the foregoing facts in greater influence in the management of the bank the light of the purposes of the Act and the to expand the bank's loan operations to accom- factors contained in Section 3(c) thereof, it was modate worthy farmers, ranchers, and business- the Board's tentative decision, notice of which men in the Paducah area. However, there is no was duly published in the Federal Register, that evidence that National has not been serving its approval of this application would be consistent area adequately or that demand for loans by with the statutory objectives and the public qualified borrowers has not been satisfied. In the interest. As permitted by that notice, certain Board's opinion, the proposed stock acquisition objections and comments were submitted to the would not substantially contribute to, although Board; and all of such objections and comments it would not be inconsistent with, the "conven- have been carefully considered. ience, needs, and welfare of the communities and One of the objections received and considered the area concerned." by the Board urges that the acquisition by Farm- Turning to the fifth statutory factor, there is no ers of additional voting shares of National cansuggestion that the proposed expansion of the size not lawfully be approved by the Board because or extent of the holding company system involved the acquisition proposed by Farmers would be would be inconsistent with adequate and sound ultra vires, that is, beyond the powers conferred banking. The crucial question is whether such on Farmers as contained in its charter granted expansion would be consistent with the public by the State of Texas. In the Board's opinion interest and the preservation of competition in the this objection cannot be sustained. field of banking. In connection with bills that preceded the The area concerned is sparsely populated and passage of the Bank Holding Company Act of the towns are relatively small. Paducah accounts 1956, Congress considered various proposals that for a large part of the population of Cottle County. would have precluded approval by the Board of The nearest town with banking facilities is Chil- any acquisition in conflict with applicable State dress, 31 miles to the north, which has two banks. law. Congress rejected all such proposals, with One is a subsidiary of Farmers, as previously the single exception, not here pertinent, of the mentioned; the other is about twice the size of provision contained in Section 3(d) of the Act Farmers' bank and is not controlled by a holding that prohibits approval of acquisitions across State company. There are four banks located in three lines. The Board has previously taken the posiother towns in adjoining counties, located from tion that no provision of the Bank Holding Com- 32 to 42 miles distant from Paducah. pany Act operates to preclude the Board from To the extent that the proposed transaction approving a particular transaction merely because might result in a diminution of banking competi- it appears to be in contravention of a State stat- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • JANUARY 1960 ute. (In the matter of the Applications of First provisions was included in the Bank Holding New York Corporation, et al., 44 Federal Re- Company Act. Thus, notwithstanding proposals serve BULLETIN 902, 905 (1958)). This position made on the floor of the Congress regarding the is here reaffirmed; and the same principle must relation of State branch banking laws to holding be applied to a provision in an applicant's corpo- company expansion, the existence in a particular rate charter. This does not mean, of course, that State of a prohibition against branch banking a particular transaction need not meet the require- cannot be weighed as an adverse consideration ments of any statute, Federal or State, that might by the Board in exercising its judgment on a holdbe applicable to any aspects of such transaction. ing company's application to acquire stock of a It is not the province of the Board, however, to bank in that State. determine whether such a transaction would vio- It appearing that the proposed acquisition late State law or exceed the charter powers of a would be consistent with the statutory objectives State corporation; such questions are within the and the public interest, it is the judgment of the jurisdiction of the appropriate State administra- Board that the application should be approved. tive and judicial authorities. IT IS SO ORDERED. Another objection received by the Board in this case urges that common control of two or DISSENTING STATEMENT OF GOVERNORS more banks in the State of Texas contravenes SZYMCZAK AND ROBERTSON that State's prohibition against branch banking The proposed acquisition in this case would and, as a consequence, contravenes the provi- tend to lessen banking competition. At present, sions of the Bank Holding Company Act. In persons residing in the area between and around the Board's view, this objection is clearly an- Paducah and Childress have three conveniently swered by the legislative history of that Act. available choices of banking services: The First Chief among the proposals considered by Con- National Bank of Paducah and the two banks gress for limiting the Board's discretionary au- in Childress, one of which is a subsidiary of the thority under the Act was that contained in a holding company. The holding company albill passed by the House of Representatives which ready owns 5 per cent of the stock of the Paducah would have prohibited approval of any acquisi- bank. Its acquisition of an additional 5 per cent tion of stock of a bank in any State except "within will admittedly and purposefully increase its ingeographic limitations that would apply to the fluence in the affairs of that bank and to that establishment of branches of banks under the extent will likely result in a diminution of comstatute law of such State," unless the acquisition petition between the Paducah bank and the holdwas affirmatively authorized by the law of the ing company's subsidiary bank in Childress. State. This proposal, however, was rejected by Against this adverse factor of probable lessenthe Senate, and the bill finally enacted into law ing of competition, there are no offsetting favorcontained no provision that would require the able considerations. It is apparent that the Pa- Board to consider the existence or not of branch ducah bank is adequately meeting loan demands banking legislation within a particular State in in its community. There is no positive indication passing upon an application that would result that the proposed stock acquisition would in any in holding company expansion within that State. way tend to improve banking services or other- At the time of passage of the Act, Congress was wise contribute to the public interest. apparently aware of the existence of legislation The facts that the holding company and the in several States that prohibited branch banking. bank involved in this case are relatively small and Congress was presumably aware of the fact also that the area concerned is now sparsely poputhat in the National Bank Act it had specifically lated (although it may not always be so), do not taken into consideration the existence of State warrant a departure from the general principles branch banking laws in authorizing the Comp- that would be applied in a case involving larger troller of the Currency to approve the establish- institutions and more heavily populated areas, ment or operation of a branch by a national bank when considered in the light of the factors stated only if State laws specifically and affirmatively in Section 3(c) of the Bank Holding Company authorized State banks to have such branches. Act. In our judgment, the application should No mandatory reference to State branch banking be denied. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DESIGNATIONS AND APPOINTMENTS OF CHAIRMEN AND FEDERAL RESERVE AGENTS, DEPUTY CHAIRMEN, AND DIRECTORS The Board of Governors of the Federal Reserve System announced the following appointments at the Federal Reserve Banks and branches, effective January 1, 1960. Names in CAPITALS indicate new appointments; all others are reappointments. Brief biographical data on newly appointed directors follow the list of appointments. CHAIRMEN AND FEDERAL RESERVE AGENTS FOR THE YEAR 1960 Federal Reserve Bank Boston Robert C. Sprague, North Adams, Massachusetts New York PHILIP D. REED, New York, New York Philadelphia Henderson Supplee, Jr., Philadelphia, Pennsylvania Cleveland Arthur B. Van Buskirk, Pittsburgh, Pennsylvania Richmond Alonzo G. Decker, Jr., Towson, Maryland Atlanta Walter M. Mitchell, Atlanta, Georgia Chicago Bert R. Prall, Winnetka, Illinois St. Louis Pierre B. McBride, Louisville, Kentucky Minneapolis O. B. JESNESS, Saint Paul, Minnesota Kansas City Raymond W. Hall, Kansas City, Missouri Dallas Robert J. Smith, Dallas, Texas San Francisco F. B. WHITMAN, San Francisco, California DEPUTY CHAIRMEN FOR THE YEAR 1960 Federal Reserve Bank Boston Nils Y. Wessell, Medford, Massachusetts New York Forrest F. Hill, New York, New York Philadelphia WALTER E. HOADLEY, JR., Lancaster, Pennsylvania Cleveland Joseph H. Thompson, Cleveland, Ohio Richmond D. W. Colvard, Raleigh, North Carolina Atlanta HENRY G. CHALKLEY, JR., Lake Charles, Louisiana Chicago ROBERT P. BRIGGS, Jackson, Michigan St. Louis J. H. Longwell, Columbia, Missouri Kansas City Joe W. Seacrest, Lincoln, Nebraska Dallas LAMAR FLEMING, JR., Houston, Texas San Francisco Y. Frank Freeman, Hollywood, California 17 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

18 FEDERAL RESERVE BULLETIN • JANUARY 1960 FEDERAL RESERVE BANK DIRECTORS 1 (Three-year terms) Federal Reserve Bank Boston Nils Y. Wessell, Medford, Massachusetts New York PHILIP D. REED, New York, New York Cleveland Joseph H. Thompson, Cleveland, Ohio Richmond Alonzo G. Decker, Jr., Towson, Maryland Atlanta J. M. CHEATHAM, Griffin, Georgia Chicago JAMES H. HILTON, Ames, Iowa St. Louis Pierre B. McBride, Louisville, Kentucky Kansas City Oliver S. Willham, Stillwater, Oklahoma Dallas ROBERT O. ANDERSON, Roswell, New Mexico San Francisco F. B. WHITMAN, San Francisco, California FEDERAL RESERVE BANK BRANCH DIRECTORS 2 (Three-year terms unless otherwise indicated) Federal Reserve Bank and Branch New York Buffalo Raymond E. Olson, Rochester, New York Cleveland Cincinnati H. E. Whitaker, Dayton, Ohio Pittsburgh John T. Ryan, Jr., Pittsburgh, Pennsylvania Richmond Baltimore Gordon M. Cairns, College Park, Maryland Charlotte J. C. COWAN, JR., Greensboro, North Carolina Atlanta Birmingham JACK W. WARNER, Tuscaloosa, Alabama Jacksonville Claude J. Yates, Jacksonville, Florida Nashville ANDREW D. HOLT, Knoxville, Tennessee New Orleans J. O. EMMERICH, McComb, Mississippi Chicago Detroit J. Thomas Smith, Oak Park, Michigan St. Louis Little Rock T. Winfred Bell, Little Rock, Arkansas Louisville WILLIAM H. HARRISON, Louisville, Kentucky Memphis CLAY LYLE, State College, Mississippi 1 Each Federal Reserve Bank has a board of direc- 2 Federal Reserve Bank branches have either five or tors consisting of nine members, divided into three seven directors, of whom a majority are appointed classes, designated as Classes A, B, and C. The six by the board of directors of the parent Federal Re- A and B directors are elected by the member banks, serve Bank, and the others are appointed by the and the three C directors are appointed by the Board Board of Governors of the Federal Reserve System. of Governors. The terms of two of the elected direc- One of the directors appointed by the Board of Govtors and one of the appointed directors expire at the ernors at each branch is designated annually as end of each year. chairman of the board in such manner as the Federal Reserve Bank may prescribe. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

19 CURRENT EVENTS AND ANNOUNCEMENTS FEDERAL RESERVE BANK BRANCH DIRECTORS (continued) Minneapolis (two-year term) Helena John M. Otten, Lewistown, Montana Kansas City (two-year terms) Denver ROBERT T. PERSON, Denver, Colorado Oklahoma City JAMES E. ALLISON, Tulsa, Oklahoma Omaha James L. Paxton, Jr., Omaha, Nebraska Dallas El Paso ROGER B. CORBETT, University Park, New Mexico Houston A. E. Cudlipp, Lufkin, Texas San Antonio JOHN R. STOCKTON, Austin, Texas San Francisco (two-year terms) Los Angeles Robert J. Cannon, Los Angeles, California Portland Warren W. Braley, Portland, Oregon Salt Lake City Howard W. Price, Salt Lake City, Utah Seattle Henry N. Anderson, Aberdeen, Washington Federal Reserve Bank of New York Branch of the Federal Reserve Bank of Richmond for a three-year term beginning January 1, 1960. PHILIP D. REED, New York, New York, was Mr. Cowan is Vice Chairman of the Board of appointed a director of the Federal Reserve Bank Burlington Industries, Inc., Greensboro. He sucof New York for a three-year term beginning ceeds Mr. William H. Grier, President, Rock January 1, 1960, and was designated Chairman Hill Printing & Finishing Company, Rock Hill, and Federal Reserve Agent at the New York Bank South Carolina, whose term expired December for the year 1960. Mr. Reed, formerly Chairman 31, 1959. of General Electric Company, served as a director of the Federal Reserve Bank of New York Federal Reserve Bank of Atlanta during 1959, having been elected by the member banks of that District. As Chairman and Federal HENRY G. CHALKLEY, JR., Lake Charles, Reserve Agent and also as a Board-appointed Louisiana, who has been serving as a Board-apdirector of the New York Bank Mr. Reed suc- pointed director of the Federal Reserve Bank of ceeds Mr. John E. Bierwirth, Chairman, National Atlanta since January 1956, was appointed Dep- Distillers and Chemical Corporation, New York, uty Chairman for the year 1960. Mr. Chalkley whose terms in both capacities expired December is President, The Sweet Lake Land & Oil Com- 31, 1959. pany, Lake Charles. He served as a Board-appointed director of the New Orleans Branch of WALTER E. HOADLEY, JR., of Lancaster, the Federal Reserve Bank of Atlanta from June Pennsylvania, who has been serving as a Board- 1937 through 1942 and again from January 1946 appointed director of the Federal Reserve Bank through 1953. As Deputy Chairman of the Atof Philadelphia since January 16, 1958, was aplanta Bank he succeeds Mr. Harllee Branch, Jr., pointed Deputy Chairman of the Bank for 1960. President, The Southern Company, Atlanta, whose Mr. Hoadley is Treasurer of the Armstrong Cork term expired December 31, 1959. Company, in Lancaster. As Deputy Chairman he succeeds Lester V. Chandler, Professor of Eco- J. M. CHEATHAM, Griffin, Georgia, was apnomics, Princeton University, Princeton, New Jer- pointed a director of the Federal Reserve Bank of sey, whose term expired December 31, 1959. Atlanta for a three-year term beginning January 1, 1960. Mr. Cheatham is President of Dundee Federal Reserve Bank of Richmond Mills, Griffin. He succeeds Mr. Harllee Branch, J. C. COWAN, JR., Greensboro, North Caro- Jr., President, The Southern Company, Atlanta, lina, was appointed a director of the Charlotte whose term as a director expired December 31. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

20 FEDERAL RESERVE BULLETIN • JANUARY 1960 JACK W. WARNER, Tuscaloosa, Alabama, Federal Reserve Bank of St. Louis was appointed a director of the Birmingham WILLIAM H. HARRISON, Louisville, Ken- Branch of the Federal Reserve Bank of Atlanta tucky, was appointed a director of the Louisville for a three-year term beginning January 1, 1960. Branch of the Federal Reserve Bank of St. Louis Mr. Warner is Chairman of the Board and Presifor a three-year term beginning January 1, 1960. dent of Gulf States Paper Corporation, Tusca- Mr. Harrison is President of T. P. Taylor and loosa. He succeeds Mr. Adolph Weil, Sr., Presi- Company, Louisville. He succeeds Mr. David F. dent, Weil Brothers-Cotton, Inc., Montgomery, Cocks, Vice President and Treasurer, Standard Alabama, whose term expired December 31, 1959. Oil Company (Kentucky), Louisville, whose term ANDREW D. HOLT of Knoxville, Tennessee, expired December 31, 1959. was appointed a director of the Nashville Branch CLAY LYLE, State College, Mississippi, was of the Federal Reserve Bank of Atlanta for a appointed a director of the Memphis Branch of three-year term beginning January 1, 1960. Dr. the Federal Reserve Bank of St. Louis for a three- Holt is President of the University of Tennessee, year term beginning January 1, 1960. Dr. Lyle in Knoxville. As a director of the Nashville is Dean and Director, Division of Agriculture, Branch he succeeds Dr. Frank B. Ward, Dean, Mississippi State University, State College, Missis- College of Business Administration, University of sippi. He succeeds Dr. John D. Williams, Chan- Tennessee, whose term expired December 31, cellor, The University of Mississippi, University, 1959. Mississippi, whose term expired December 31, J. O. EMMERICH, McComb, Mississippi, was 1959. appointed a director of the New Orleans Branch of the Federal Reserve Bank of Atlanta for a Federal Reserve Bank of Minneapolis three-year term beginning January 1, 1960. Mr. O. B. JESNESS, St. Paul, Minnesota, who has Emmerich is editor of the State Times, Jackson, been serving as a Board-appointed director of the Mississippi. He succeeds Mr. E. E. Wild, rice Federal Reserve Bank of Minneapolis since April grower, Midland, Louisiana, whose term expired 1955, was designated Chairman and Federal Re- December 31, 1959. serve Agent at the Bank for the year 1960. Dr. Jesness is an agricultural economist. As Chair- Federal Reserve Bank of Chicago man and Federal Reserve Agent he succeeds Mr. Leslie N. Perrin, Director, General Mills, Inc., ROBERT P. BRIGGS, Jackson, Michigan, who Minneapolis, whose term expired December 31, has been serving as a Board-appointed director of 1959. the Federal Reserve Bank of Chicago since October 1956, was appointed Deputy Chairman of the Federal Reserve Bank of Kansas City Bank for 1960. Mr. Briggs is Executive Vice President, Consumers Power Company, Jackson. As ROBERT T. PERSON, Denver, Colorado, was Deputy Chairman of the Chicago Reserve Bank appointed a director of the Denver Branch of the he succeeds Mr. J. Stuart Russell, Farm Editor, Federal Reserve Bank of Kansas City for a two- The Des Moines Register & Tribune, Des Moines, year term beginning January 1, 1960. Mr. Per- Iowa, whose term expired December 31, 1959. son is President, Public Service Company of Colorado, Denver. He succeeds Mr. Aksel Nielsen, JAMES H. HILTON, Ames, Iowa, was ap- President, The Title Guaranty Company, Denver, pointed a director of the Federal Reserve Bank whose term expired December 31, 1959. of Chicago for a three-year term beginning January 1, 1960. Dr. Hilton is President of Iowa State JAMES E. ALLISON, Tulsa, Oklahoma, was University of Science and Technology, Ames. appointed a director of the Oklahoma City Branch He succeeds Mr. J. Stuart Russell, Farm Editor, of the Federal Reserve Bank of Kansas City for The Des Moines Register & Tribune, Des Moines, a two-year term beginning January 1, 1960. Mr. whose term as a director expired December 31, Allison is President, Warren Petroleum Corpora- 1959. tion, Tulsa. He succeeds Mr. Davis D. Bovaird, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS 21 President, The Bovaird Supply Company, Tulsa, Mr. D. F. Stahmann, Chairman of the Board and whose term expired December 31, 1959. Treasurer, Stahmann Farms, Inc., Las Cruces, New Mexico, whose term expired December 31, Federal Reserve Bank of Dallas 1959. LAMAR FLEMING, JR., Houston, Texas, who JOHN R. STOCKTON, Austin, Texas, was aphas been serving as a Board-appointed director of pointed a director of the San Antonio Branch of the Federal Reserve Bank of Dallas since Decemthe Federal Reserve Bank of Dallas for a threeber 1957, was appointed Deputy Chairman of the year term beginning January 1, 1960. Dr. Stock- Bank for the year 1960. Mr. Fleming is Chairton is Professor of Business Statistics, The Uniman of the Board of Anderson, Clayton & Co., versity of Texas, Austin. He succeeds Dr. Clar- Inc., Houston. As Deputy Chairman he succeeds ence E. Ayres, Professor of Economics, The Uni- Mr. Hal Bogle, rancher and feeder, Dexter, New versity of Texas, whose term expired December Mexico, whose term expired December 31, 1959. 31, 1959. ROBERT O. ANDERSON, Roswell, New Mexico, was appointed a director of the Federal Federal Reserve Bank of San Francisco Reserve Bank of Dallas for a three-year term be- F. B. WHITMAN, San Francisco, was apginning January 1, 1960. Mr. Anderson is Presipointed a director of the Federal Reserve Bank of dent, Hondo Oil & Gas Company, Roswell. He San Francisco for a term of three years beginning succeeds Mr. Hal Bogle, rancher and feeder, Dex- January 1, 1960, and was designated Chairman ter, New Mexico, whose term as a director exand Federal Reserve Agent at the Bank for the pired December 31, 1959. year 1960. Mr. Whitman is President, Western ROGER B. CORBETT, University Park, New Pacific Railroad Company, San Francisco. As Mexico, was appointed a director of the El Paso Chairman and Federal Reserve Agent and also Branch of the Federal Reserve Bank of Dallas for as a director he succeeds Mr. A. H. Brawner, a three-year term beginning January 1, 1960. Dr. Chairman of the Board, W. P. Fuller & Co., San Corbett is President of New Mexico State Univer- Francisco, whose terms in both capacities expired sity, University Park, New Mexico. He succeeds December 31, 1959. FEDERAL RESERVE BANK APPOINTMENTS OF BRANCH DIRECTORS1 The Federal Reserve Banks have announced the following appointments of branch directors. The appointments have been made for terms of three years beginning January 1, 1960, except where otherwise indicated. Federal Reserve Bank and Branch New York Buffalo HOWARD N. DONOVAN, President, Bank of Jamestown, Jamestown, New York. Mr. Donovan succeeds Vernon Alexander, President, The National Bank of Geneva, Geneva, New York. Cleveland, Cincinnati LEROY M. MILES, President, First National Bank and Trust Company of Lexington, Lexington, Kentucky. Mr. Miles succeeds Franklin A. McCracken, Executive Vice President and Trust Officer, The Newport National Bank, Newport, Kentucky. "For statement concerning appointment of branch directors, see page 18. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

22 FEDERAL RESERVE BULLETIN • JANUARY 1960 Pittsburgh SAMUEL R. EVANS, President and Trust Officer, Windber Trust Company, Windber, Pennsylvania. Mr. Evans succeeds Frank C. Irvine, Vice President, The Union National Bank of Pittsburgh, Tarentum, Pennsylvania. Richmond Baltimore JAMES W. MCELROY, President, The First National Bank of Baltimore, Baltimore, Maryland. (Reappointed) Charlotte CHARLES D. PARKER, Vice Chairman of the Board and First Executive Vice President, First Union National Bank of North Carolina, Charlotte, North Carolina. (Reappointed) A tlanta Birmingham R. J. MURPHY, Executive Vice President, Citizens-Farmers & Merchants Bank, Brewton, Alabama. (Reappointed) FRANK A. PLUMMER, President, Birmingham Trust National Bank, Birmingham, Alabama, for the unexpired portion of a term ending December 31, 1960. Mr. Plummer succeeds John C. Persons, Chairman of the Board, The First National Bank of Birmingham, Birmingham, Alabama. Jacksonville LEONARD A. USINA, President, Peoples National Bank of Miami Shores, Miami Shores, Florida. Mr. Usina succeeds James G. Garner, President and Chairman, Little River Bank and Trust Company, Miami, Florida. Nashville D. L. EARNEST, President, The Blount National Bank of Maryville, Maryville, Tennessee. Mr. Earnest succeeds Jo H. Anderson, President, Park National Bank of Knoxville, Knoxville, Tennessee. New Orleans FRANK A. GALLAUGHER, Executive Vice President, Jeff Davis Bank & Trust Company, Jennings, Louisiana. Mr. Gallaugher succeeds J. Spencer Jones, President, The Citizens National Bank in Hammond, Hammond, Louisiana. Chicago Detroit C. LINCOLN LINDERHOLM, President, Central Bank, Grand Rapids, Michigan. Mr. Linderholm succeeds Ira A. Moore, General Vice President, Old Kent Bank and Trust Company, Grand Rapids, Michigan. St. Louis Little Rock H.C. ADAMS, Executive Vice President, The First National Bank of De Witt, De Witt, Arkansas. Mr. Adams succeeds Donald Barger, President, Peoples Exchange Bank, Russellville, Arkansas. Louisville MERLE E. ROBERTSON, Chairman of the Board and President, Liberty National Bank and Trust Company of Louisville, Louisville, Kentucky. (Reappointed) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS 23 Memphis CHARLES R. CAVINESS, President, National Bank of Commerce of Corinth, Corinth, Mississippi. Mr. Caviness succeeds John K. Wilson, President, The First National Bank of West Point, West Point, Mississippi. Minneapolis Helena (two-year term) O. M. JORGENSON, Chairman, Security Trust and Savings Bank, Billings, Montana. (Reappointed) Kansas City (two-year terms) Denver STEWART COSGRIFF, Chairman of the Board, Denver United States National Bank, Denver, Colorado. (Reappointed) Oklahoma City CHARLES P. STUART, Chairman of the Board and President, The Fidelity National Bank & Trust Company, Oklahoma City, Oklahoma. (Reappointed) Omaha R. E. BARTON, President, The Wyoming National Bank of Casper, Casper, Wyoming. Mr. Barton succeeds George J. Forbes, Chairman of the Board and President, Bank of Laramie, Laramie, Wyoming. C. WHEATON BATTEY, President, The Continental National Bank of Lincoln, Lincoln, Nebraska. (Reappointed) Dallas El Paso CHAS. B. PERRY, President, First State Bank, Odessa, Texas. Mr. Perry succeeds F. W. Barton, President, The Marfa National Bank, Marfa, Texas. Houston M. M. GALLOWAY, President, First Capitol Bank, West Columbia, Texas. Mr. Galloway succeeds I. F. Betts, President, The American National Bank of Beaumont, Beaumont, Texas. San Antonio DWIGHT D. TAYLOR, President, Pan American State Bank, Brownsville, Texas. Mr. Taylor succeeds E. C. Breedlove, President, The First National Bank of Harlingen, Harlingen, Texas. San Francisco (two-year terms) Los Angeles JOE D. PAXTON, Chairman of the Advisory Board, Santa Barbara Main Office, Crocker-Anglo National Bank, Santa Barbara, California. (Reappointed) Portland C. B. STEPHENSON, President, The First National Bank of Oregon, Portland, Portland, Oregon. (Reappointed) Salt Lake City OSCAR HILLER, President, Butte County Bank, Arco, Idaho. (Reappointed) Seattle JOSHUA GREEN, JR., President, Peoples National Bank of Washington, Seattle, Washington. (Reappointed) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

24 FEDERAL RESERVE BULLETIN • JANUARY 1960 NOMINATION FOR THE BOARD OF GOVERNORS On December 18, 1959, Robert H. Alexander, On January 18, 1960, the President nominated G. Owner-Operator, Land's End Plantation, Scott, H. King, Jr., of Mississippi, for reappointment to Arkansas, resigned as a director of the Little the Board of Governors for a term of 14 years Rock Branch of the Federal Reserve Bank of from February 1, 1960. Mr. King's service as a St. Louis. Mr. Alexander had served as a direc- Member of the Board began on March 25, 1959. tor of the Branch since January 1, 1958. CHANGE IN OFFICERS AT RESERVE BANKS EARNINGS AND EXPENSES OF THE FEDERAL RESERVE BANKS IN 1959 AND 1958 Mr. Lewis M. Clark, First Vice President of the Figures received from the Federal Reserve Banks Federal Reserve Bank of Atlanta, retired Decemindicate that during the year 1959 their current ber 31, 1959. Mr. Clark joined the staff of the earnings amounted to $886 million. This was Reserve Bank in 1918, and was appointed an Asan increase of $144 million compared with 1958. sistant Cashier in 1930. He became a Vice Presi- Earnings on U. S. Government securities were dent in 1936. Effective January 1938, he was $123 million more than in 1958, reflecting the assigned as officer in charge of the New Orleans combined effect of substantial increases in average Branch with the title of Managing Director. In yield and average holdings. Earnings from dis- September 1941, he returned to the Head Office as counts for member banks were $28 million, com- Vice President and, effective October 19, 1946, pared with $7 million in 1958. he was appointed First Vice President. Current expenses in 1959 were $145 million, $7 Effective January 1, 1960, Mr. Harold T. Patmillion more than in 1958, leaving current net terson was appointed First Vice President of the Federal Reserve Bank of Atlanta to succeed Mr. earnings of $742 million, up $137 million from Clark for the unexpired portion of the five-year 1958. Net additions to current net earnings term which began March 1, 1956. Mr. Patterson amounted to $98 million, resulting almost entirely will also continue to serve as the Bank's General from the discontinuance of certain reserves for Counsel. He entered Reserve Bank service June contingencies. With such additions, net earnings 1, 1947, with the official title of Counsel. A year were $840 million before dividends and payments later his title was changed to General Counsel. to the U. S. Treasury. Effective January 1, 1952, Mr. Patterson was ap- Payments of statutory dividends to member pointed Vice President and General Counsel. He banks amounted to $23 million. Payments to the holds B.S. and M.A. degrees from the University U. S. Treasury as interest on Federal Reserve notes of Georgia and an LL.B. degree from Harvard totaled $911 million. These payments consisted University. of all net earnings after dividends and after provision for building up surplus to 100 per cent of sub- RESIGNATIONS OF DIRECTORS scribed capital at those Banks where surplus was Stanley M. Cooper, who has served as a director below that amount, and, in addition, the excess of the Federal Reserve Bank of Boston since portion of surplus at those Banks where the sur- January 1, 1958, resigned effective January 4, plus account exceeded the level of subscribed capi- 1960. Mr. Cooper is Chairman of the Board of tal (which is twice paid-in capital). The Fafnir Bearing Company, New Britain, The 1959 payments to the Treasury reflect a Connecticut. conclusion reached by the Board, after consulta- John C. Persons resigned as a director of the tion with the Federal Reserve Banks, that the main- Birmingham Branch of the Federal Reserve Bank tenance of a surplus at the level of subscribed capiof Atlanta effective December 31, 1959, in order tal would be appropriate in the light of present cirto accept apointment as a member of the Federal cumstances. It was therefore decided to change Advisory Council. General Persons, who is the recent practice of adding approximately 10 per Chairman of the Board of The First National cent of the annual net earnings of the Federal Bank of Birmingham, had served as a director of Reserve Banks to the surplus accounts, and to pay the Birmingham Branch since January 1, 1958, to the Treasury the amounts by which the surplus and had also served in that capacity from Janu- accounts exceeded subscribed capital. ary 1937 through 1942. A condensed comparative statement of earnings Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS 25 and expenses of the Federal Reserve Banks in professor, associate professor, and professor of 1959 and 1958 is shown in the accompanying economics at the University of Pennsylvania from table. A detailed statement of earnings and ex- 1925 to 1946. During the years 1938-46 he was penses of each Federal Reserve Bank in 1959 will also Director of the Financial Research Program appear in the Federal Reserve BULLETIN for Feb- at the National Bureau of Economic Research. ruary. Guy E. Noyes was appointed by the Board as Director of the Division of Research and Statistics to succeed Mr. Young, effective January 1, 1960. Item 1959 1958 Mr. Noyes, a member of the Board's staff since Thousands of dollars 1948, was Assistant Director and Director of the Division of Selective Credit Regulation, and As- Current earnings 886,226 742,068 sistant Director and Adviser in the Division of 144,703 137,722 Current expenses Research and Statistics. He has served as Adviser 741,523 604,346 Current net earnings in the Division of Research and Statistics since 98,248 124 Net additions to current net earningsl 1956. He received his A.B. degree from the Uni- 839,771 604,470 Net earnings before payments to U. S. Treasury. versity of Missouri in 1934, carried on graduate Dividends paid 9 2 1 2 0 , , 7 6 2 5 2 0 5 2 2 1 4 , ,0 1 5 9 9 7 study at Yale University, 1935-39, and was an in- Paid U. S. Treasury (interest on F. R. notes). . structor in economics at Yale, 1938-41. He was Transferred to surplus -93,601 59,214 an Economist in the Office of Price Adminis- 1 Includes net profits on sales of U. S. Government securities of tration prior to entering military service in 1942. $190,000 in 1959 and $157,000 in 1958; and, in 1959, $98 million transferred from reserves for contingencies. He was in the Office of the Foreign Liquidation Commissioner, Department of State, 1946-48 CHANGES IN THE BOARD'S STAFF where he served as Director of the Division of Winfleld W. Riefler, Assistant to the Chairman Research and Statistics before joining the Board's of the Board of Governors, retired as a member Staff. Mr. Noyes was an Eisenhower Exchange of the Board's staff at the end of 1959. Fellow during the year 1955, which he spent Mr. Riefler joined the Board's staff in 1923 as studying monetary and credit matters in Europe. an Economist in the Division of Research and The Board also announced a change in title for Statistics, in which position he served for 11 years. Woodlief Thomas to that of Adviser to the Board During the period he handled a number of special of Governors, effective January 1, 1960. Mr. assignments, including that of Executive Sec- Thomas, Economic Adviser to the Board since retary of the Committee on Bank Reserves, 1930- 1949, has been with the Federal Reserve System 32. He left the Board's employ in 1933, served almost continuously since 1920, first with the Fedas a director of the Federal Reserve Bank of eral Reserve Bank of Philadelphia, then with the Philadelphia in 1941-42, and returned to the Board's Division of Research and Statistics and, Board in 1948 as Assistant to the Chairman, in after serving with the Transfer Committee of the which capacity he continued until retirement. He Office for Reparations Payments in Berlin in 1928was also Secretary of the Federal Open Market 30, with the Federal Reserve Bank of New York Committee beginning in 1952. until he returned to the Board in 1933. He was Ralph A. Young was appointed Adviser to the Assistant Director of Research and Statistics at Board of Governors effective January 1, 1960. the Board from 1934 to 1945 and Director from Mr. Young, Director of the Board's Division of 1945 until his appointment as Economic Adviser Research and Statistics since 1949, first became in 1949. a member of the Board's staff in 1946 as As- Effective January 1, 1960, Albert R. Koch was sistant Director of Research and Statistics. In appointed an Adviser in the Division of Research 1948 he was appointed Associate Director, in and Statistics. Mr. Koch formerly was an Aswhich capacity he served until he was made Di- sociate Adviser in the Division of Research and rector in 1949. He received his A.B. degree from Statistics. Ohio Wesleyan University in 1923, an M.B.A. Effective January 11, 1960, the title of Lewis N. from Northwestern University in 1925, and his Dembitz was changed from Research Associate Ph.D. from the University of Pennsylvania in to Associate Adviser in the Division of Research 1930. He was successively instructor, assistant and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

26 FEDERAL RESERVE BULLETIN • JANUARY 1960 Also effective January 11, 1960, Daniel H. with a new loan schedule described on page 12. Brill was appointed an Associate Adviser in the (5) Tables on "Industrial Production" (pages Division of Research and Statistics. Mr. Brill 1529-33 of the BULLETIN for December 1959) joined the staff as an Economist in May 1947 have been changed to show revised data for (a) and was in charge of the Board's work on the flow industry and summary market groupings, seasonof funds accounts. In 1954 he received a Rocke- ally adjusted and unadjusted, on a 1947-49 base feller Public Service award and in 1955 he became (pages 70 and 71) and (b) industry and market Chief of the Capital Markets Section of the groupings on a 1957 base, seasonally adjusted and Division. unadjusted (pages 72-75). (6) The tables on "Industrial Loans by Federal Reserve Banks," "Output of Consumer Du- ADMISSION OF STATE BANKS TO MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM rable Goods," and "Construction Contracts, by The following banks were admitted to Member- Federal Reserve Districts" (pages 1495, 1534, and ship in the Federal Reserve System during the 1535, respectively, of the December 1959 BULperiod November 16, 1959 to December 15, 1959: LETIN) have been discontinued. Minor changes have been made in other tables, Indiana largely to improve pagination. Brownsburg Brownsburg State Bank Beginning with the February issue of the BUL- Kansas LETIN, Tables 2 and 3 of the flow of funds/savings Plains. The Plains State Bank material (shown on pages 87 and 88 of this issue) South Dakota will be published monthly. These tables will fol- Sioux Falls. Western State Bank low immediately the tables for national income and product (pages 84 and 85 of this issue) ex- CHANGES IN BULLETIN TABLES cept in months when other tables on flow of This issue of the BULLETIN incorporates the fol- funds/savings are published; in those months these lowing changes in tables published monthly: two tables will appear in their correct numerical (1) Figures for reserves of member banks order in the flow of funds/savings tables. (pages 30 and 31) have been changed to reflect the new definition of reserves established as a TABLES PUBLISHED ANNUALLY, SEMIANNUALLY, result of the recent ruling of the Board of Gov- OR QUARTERLY ernors on member bank use of vault cash in meeting reserve requirements. A similar change has Latest BULLETIN Reference been made in the total as published for classes of Annually Issue Page member banks (pages 32 and 33). Earnings and expenses: (2) Figures for deposits of member banks by Federal Reserve Banks Feb. 1959 208-09 Member banks: classes, previously published in the table "Re- Calendar year June 1959 650-58 First half of year Oct. 1959 1320 serves, Deposits, and Borrowings of Member Insured commercial banks June 1959 659 Banks and branches, number of, by class Banks by Classes" (page 1491 of the December and State Apr. 1959 442-43 1959 BULLETIN), are being published as a sep- O St p o e c r k a t E in x g c h r a a n ti g o e s , f i m rm e s m , b d e e r t a b il a e n d k d s ebit and July 1959 794-96 arate table (page 35). The data in this table will credit balances Sept. 1959 1208 Banking and monetary statistics, 1958.. |^^ |^59 55^53 be changed from a monthly to a 4-week basis Bank holding companies, Dec. 31, 1958: beginning with the BULLETIN for March. List of June 1959 660 Banking offices and deposits of group (3) Revised figures for the series on seasonally banks Aug. 1959 1064 adjusted turnover of demand deposits, described in Semiannually the article on pages 8-11 of this BULLETIN, have Banking offices: Analysis of changes in number of.... Aug. 1959 1044 been incorporated in the table "Bank Debits and On, and not on, Federal Reserve Par Deposit Turnover" (page 38). List, number of Aug. 1959 1045 (4) The loan items in the table "Loans and Quarterly Flow of funds Jan. 1960 86-93 Investments of Commercial Banks, by Classes" Principal assets and liabilities of Federal (pages 44 and 45) are being revised to conform business-type activities Aug. 1959 1063 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication January 15 Industrial production and nonfarm employment some nonferrous metals continued to be limited recovered in December nearly to the record highs by work stoppages. reached before the steel strike, and construction Reflecting the improved supply of steel, indusactivity also increased. While auto deliveries were trial output of consumer goods rose 3 per cent curtailed, retail sales of other goods were at rec- in December to a new high—13 per cent above ord levels. Bank loans expanded sharply, but the the 1957 average. Auto assemblies increased money supply showed little change. From mid- sharply and by mid-January rose considerably December to mid-January, yields on fixed income further to about 40 per cent above the 1957 securities increased. The average level of whole- average. Output of furniture, television, and sale commodity prices remained stable. some household appliances also rose in December, and production of apparel, foods, and other INDUSTRIAL PRODUCTION nondurable goods was maintained at advanced The Board's revised index of industrial produc- levels. Production of farm machinery, railroad tion rose 6 per cent in December to 165 per cent cars, and motor trucks increased from reduced of the 1947-49 average, compared with 156 in levels and activity in some other equipment indus- November and 166 last May and June, before the tries expanded further. steel strike. The December level was 9 per cent above both a year ago and the 1957 average. CONSTRUCTION These revised index levels reflect partly the inclu- Private nonfarm housing starts rose in Decemsion of electric and gas utility output, as described ber to a seasonally adjusted annual rate of 1.3 in the December Federal Reserve BULLETIN. million units. Total new construction put in Industrial output of materials rose sharply in place, after declining for six months, edged up December as steel mill operations recovered rap- to an annual rate of almost $52.6 billion. Every idly to 95 per cent of capacity from 60 per cent major type of construction activity registered in November. Coal and iron ore mining also some increase. increased and production of construction materials turned up following a decline of about 10 EMPLOYMENT per cent from the midsummer peak. Output of Seasonally adjusted employment in nonfarm establishments rose 286,000 in December to 52.5 INDUSTRIAL PRODUCTION million, close to the peak level reached before 1957 = 100 the steel strike. Unemployment, at 3.6 million, was about unchanged in contrast to the usual increase in December, and the seasonally adjusted rate declined to 5.2 per cent of the civilian labor force compared with 5 per cent in mid-1959, before the steel strike. Average weekly earnings in manufacturing rose to a new high of $91.53 reflecting increases in both the workweek and average hourly earnings. DISTRIBUTION Seasonally adjusted retail sales declined slightly \/ EQUIPMENT in December and were 4 per cent below the highs reached in the spring and again in October. While sales at department stores and at some other Federal Reserve indexes, seasonally adjusted. Monthly fig- retail outlets reached new highs for December, deures, latest shown are for December. 27 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

28 FEDERAL RESERVE BULLETIN • JANUARY 1960 liveries of new autos declined further owing to $565 million over the four weeks ending Janulimited supplies. Toward the end of the month, ary 13. In late December, reserves were absupplies of new autos were improving rapidly. sorbed principally by currency outflow and a reduction in Federal Reserve System holdings of COMMODITY PRICES U. S. Government securities and were supplied Average commodity prices at wholesale in De- by an increase in Reserve Bank float. In cember and early January remained at the No- early January, funds were provided by the vember level. Settlement of the steel strike and post-Christmas currency inflow and were abexpanding industrial activity strengthened de- sorbed by further reduction in System holdings mands, and prices of such industrial materials as of U. S. Government securities and a decline zinc and steel scrap advanced. Prices of most in float. Required reserves increased in midother materials, however, and of finished products December, when bank credit rose, but subsewere unchanged. Prices of farm products and quently declined. foods also generally changed little. SECURITY MARKETS BANK CREDIT AND RESERVES Yields on all maturities of Treasury securities Total commercial bank credit increased in and on other bonds rose from mid-December to December reflecting principally further substanearly January, in most cases reaching new posttial loan growth. Holdings of U. S. Governwar highs. In early January the Treasury sold ment securities rose early in the month, when $2 billion of tax anticipation bills for cash and the Treasury issued $2 billion of new bills, but subsequently declined somewhat. The seasonally rolled over into a new one-year issue all but adjusted money supply changed little and at the $500 million of $2 billion of maturing quarterly end of December was about one-half of one per bills. Subsequently, yields on Government securicent larger than a year ago. ties declined somewhat. Prices of common stocks Member bank borrowings from the Federal advanced at the year-end to within one per cent Reserve averaged $960 million and excess reserves of the August high and then declined. RETAIL TRADE PRICES 1947-49 — 100 1947-49=100 ,'FOODS y OTHER GOODS 1959 1955 Federal Reserve indexes, seasonally adjusted; retail sales Bureau of Labor Statistics indexes. Monthly figures, latest based on Department of Commerce data. Monthly figures; shown: November for consumer prices, and December for latest shown for stocks is November, for other series, December. wholesale prices. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial and Business Statistics * United States * Member bank reserves, Reserve Bank credit, and related items 30 Reserve Bank discount rates; margin requirements; reserve requirements 34 Federal Reserve Banks 35 Bank debits; currency in circulation 38 All banks: consolidated statement of monetary system; deposits and currency. 40 All banks, by classes 41 Commercial banks, by classes. . . 44 Weekly reporting member banks. . 46 Business loans. 49 Interest rates 50 Security prices; stock market credit; open market paper. . 51 Savings institutions. . 52 Business finance. . 54 Security issues... 56 Federal finance 57 Federal business-type activities. . 62 Real estate credit 63 Short- and intermediate-term consumer credit. . 66 Industrial production 70 Selected indexes on business activity. . 76 Construction 76 Employment and earnings. . 78 Department stores.... 80 Foreign trade 81 Wholesale and consumer prices. ... 82 National product and income series. . 84 Flow of funds, saving and investment. . 86 Tables not published each month—list, with latest BULLETIN references. 26 Index to statistical tables. , 117 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. 29 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

30 BANK RESERVES AND RELATED ITEMS MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank U. S. Govt. securities Treas- Cur- with r F es . e R rv . e B s, anks reserves ury rency Treas- Other Period Total B r o o ig u u h t g - t ht u r c a H e n h g p e a d r l u e s e d e e r r - - c v D o a a a u n n i d s c n d - - e ts s Float Total i s G to o c ld k r s c o e t i a u n n u n g r c t - - d y - c t c u i i i o n l r a n - - h c i u o n a r l g s y d h s - T u re ry as- F ei o g r n - Other c F o . a u c R - n . ts Total B F W a . n i R t k h . s A c a l a l b o s l h w e ment Averages of daily figures 1929—June... 179 179 978 61 1,317 4,024 2,018 4,400 210 30 30 376 2,314 2,314 1933__june... 1,933 1,933 250 12 2,208 4,030 2,295 5,455 272 81 164 350 2,211 2,211 1939—Dec.... 2,510 2,510 8 83 2,612 17,518 2,956 7,609 2,402 616 739 248 11,473 11,473 1941—Dec... . 2,219 2,219 5 170 2,404 22,759 3,239 10,985 2,189 592 1,531 292 12,812 12,812 1945—Dec.... 23,708 23,708 381 65224,744 20,047 4,322 28,452 2,269 625 1,247 493 16,027 16,027 1947—Dec... . 21,905 21,905 268 68122,858 22,712 4,556 28,937 1,330 967 1,016 614 17,261 17,261 1950—Dec 20,345 20,336 9 142 1,11721,606 22,879 4,629 27,806 1,290 615 920 353 739 17,391 17,391 1955—Dec.... 24,602 24,318 284 840 1,38926,853 21,689 5,008 31,265 777 434 459 394 983 19,240 19,240 1956—Dec.... 24,765 24,498 267 706 1,63327,156 21,942 5,064 31,775 772 463 372 247 998 19,535 19,535 1957—June... 22,989 22,917 72 1,009 1,17025,189 22,621 5,106 30,902 782 490 393 290 1,077 18,982 18,982 Dec.... 23,982 23,615 367 716 1,44326,186 22,769 5,144 31,932 768 385 345 186 1,063 19,420 19,420 1958—June... 24,749 24,698 51 142 91625,851 21,490 5,203 31,039 701 442 281 350 1,132 18,600 18,600 1958 Nov 25,650 25,562 488 1,03927,211 20,648 5,225 31,732 688 410 276 369 1,068 18,540 18,540 26,312 26,216 96 564 1,49628,412 20,563 5,230 32,371 691 470 262 337 1,174 18,899 18,899 Dec 1959 25,776 25,723 53 574 1,17027,564 20,518 5,234 31,521 709 415 306 353 ,120 18,893 18,893 Jan 25,532 25,503 29 526 96127,059 20,475 5,238 31,158 729 417 303 378 ,211 18,577 18,577 Feb 25,446 25,400 46 620 95427,055 20,448 5,244 31,227 717 477 312 377 ,208 18,429 18,429 Mar 25,661 25,538 123 694 93727,323 20,403 5,253 31,304 708 505 283 347 ,168 18,664 18,664 April 25,920 25,882 38 784 93527,669 20,217 5,265 31,490 708 532 274 369 ,197 18,580 18,580 May 25,963 25,949 14 938 1,00927,937 20,030 5,278 31,813 632 495 277 359 ,219 18,451 18,451 June 26,422 26,354 68 969 1,02328,441 19,674 32,042 411 490 269 344 ,170 18,671 18,671 July 26,588 26,548 40 1,008 89128,509 19,596 31,994 399 546 260 337 ,239 18,613 18,613 Aug 26,674 26,628 46 904 1,08828,687 19,514 32,019 394 543 301 381 ,246 18,593 18,593 Sept 26,517 26,479 38 909 1,11528,563 19,498 31,974 391 512 302 388 ,175 18,610 18,610 Oct 26,732 26,628 104 886 1,09428,741 19,581 32,206 413 485 317 379 ,204 18,621 18,621 Nov 27,036 26,993 43 911 1,42629,435 19,482 5,311 32,774 397 524 361 348 ,195*>18,948 18,628 Dec Week ending: 1958 Nov. 5 25,459 25,380 79 403 79626,694 20,679 5,222 31,422 681 325 283 391 1,078 18,416 18,416 12 25,660 25,614 46 470 93427,100 20,652 5,225 31,660 687 371 297 375 1,078 18,510 18,510 19 25,411 25,392 19 453 1,18827,087 20,680 5,225 31,754 692 475 316 341 1,074 18,340 18,340 26 25,734 25,578 156 430 1,19927,399 20,616 5,225 31,825 686 455 243 337 1,063 18,631 18,631 Dec. 3 26,143 26,033 110 580 1,08727,844 20,609 5,228 32,057 693 465 222 401 1,103 18,740 18,740 10 26,282 26,250 32 415 1,11227,847 20,593 5,229 32,218 696 376 232 328 1,191 18,629 18,629 17 26,315 26,223 9: 519 1,43928,311 20,576 5,229 32,394 693 428 263 335 1,161 18,844 18,844 24 26,272 26,188 84 631 1,94428,889 20,536 5,231 32,533 684 540 239 328 1,172 19,160 19,160 31 26,437 26,241 196 808 1,61828,910 20,526 5,232 32,458 69: 521 332 333 1,165 19,167 19,167 1959 Jan. 7 26,184 26,090 94 644 1,40128,275 20,534 5,234 32,008 701 446 279 356 1,122 19,131 19,131 14 25,922 25,817 105 730 1,01127,708 20,526 5,234 31,710 704 390 297 345 1,121 18,901 18,901 21 25,580 25,580 45 1,28827,368 20,515 5,234 31,385 71 401 357 373 1,118 18,769 18,769 28 25,471 25,471 507 1,07427,094 20,515 5,235 31,150 714 404 298 343 1,118 18,817 18,817 Feb. 4 25,673 25,592 433 94627,092 20,476 5,235 31,120 723 44: 278 344 1,146 18,749 18,749 11 25,657 25,621 553 88727,136 20,476 5,236 31,193 72' 364 304 333 1,185 18,742 18,742 18 25,529 25,523 583 96027,112 20,475 5,238 31,205 741 398 313 391 1,214 18,562 18,562 25 25,399 25,394 474 1,050 26,965 20,474 5,239 31,111 724 443 308 448 1,255 18,389 18,389 Mar. 4 25,355 25,294 61 548 95126,892 20,479 5,241 31,129 721 534 298 339 1,21 18,375 18,375 11 25,366 25,331 35 7Z 84<26,976 20,448 5,242 31,215 716 454 311 336 1,212 18,421 18,421 18 25,471 25,419 52 543 1,000 27,048 20,44f 5,244 31,287 727 437 290 340 1,214 18,439 18,439 25 25,510 25,461 49 619 96127,123 20,44: 5,246 31,231 714 456 295 339 1,218 18,558 18,558 Apr. 1 25,49' 25,462 32 629 99827,151 20,442 5,247 31,229 709 523 364 512 1,181 18,323 18,323 8 25,72: 25,484 238 690 91427,357 20,442 5,250 31,280 709 524 296 348 1,180 18,71 18,711 15 25,789 25,545 244 721 81627,357 20,440 5,253 31,365 712 471 279 343 1,181 18,69: 18,698 22 25,544 25,511 33 767 1,13027,472 20,409 5,254 31,332 705 456 286 362 1,178 18,81' 18,817 29 25,608 25,608 673 90027,21" 20,330 5,25^ 31,244 705 560 271 333 1,136 18,55 18,551 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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 Treas- reserves, reserves P d e o a ri r t o e d U To . t S a . l G B o r o v o ig u t u . h t g - t s h e t cu u r c a H r e h n i g t p e a d r i l u e e s e d e s e r r - - c v D o a a a n u n i d s c d n - - e ts s Float Total1 s G to o c ld k r s c o e t u i a n u n u r n g r c y t - - d y - r c C t e u c i i n u o n i l r r c a n - - y - T h c i u o r n a e r l g s y d a h s s - - T u r w e ry a it s h - F. F e i o R g r n . - Ba O nk th s er c O F o . a t u c h R - n e t r . s Total B F W a . n i R t k h . s A c a l a i b l n o s l h e wment Averages of daily figures 1959 25 808 25 706 102 693 893 494 90 969 5 959 31 368 711 542 256 360 1 136 18 571 18 571 13 26 010 25 940 70 726 795 97 563 70 951 5 969 31 505 710 521 269 383 1 139 18 550 18 550 20 25 935 25,926 9 870 1,15597,989 70 197 5 964 31,515 710 504 280 367 1,745 18 899 18 899 27 25,905 25,905 675 940 77,548 70 188 5 968 31 473 708 543 281 363 ,744 18 393 18 393 June 3 25 905 25,905 866 853 650 70 188 5 979 31 645 701 548 297 376 1,919 18 374 18 394 10 25,939 25,939 996 774 77 736 70 141 5 975 31 803 716 476 260 364 1,718 18 314 18 314 17 25,944 25,944 993 1,02977 994 70 136 5 780 31 876 715 436 259 361 1 776 18 537 18 537 24 25 970 25,936 34 894 1,25698, 147 70 017 5 980 31 807 626 515 283 349 1 938 18 697 18 697 July 1 •. 26 045 26 018 97 938 1 032 049 19,7P 5 983 31 859 407 552 296 353 1 190 18,386 18 386 8 26,300 26,255 45 1,044 948 78,319 19,704 5 983 32.105 412 516 278 360 1 183 18 459 18 459 15 26,494 26,383 111 1,019 92228,462 19,695 5,283 32 194 419 394 269 338 1,185 18,640 18 640 22 . 26 449 26 390 59 929 1 29978705 19,669 5 983 37 036 412 460 255 334 1 183 18976 18 976 29 26,459 26,408 51 890 998 78,374 19 636 5 984 31 883 403 559 271 340 1 137 18 709 18 709 Aug 5 26 549 26,440 109 1 034 790 78 399 19 696 5 981 31 999 403 503 277 340 1 166 18 696 18 696 12 26,605 26,597 8 1,073 771 78 473 19 619 5 989 3? 071 401 475 257 343 1,903 18 699 18 699 19 26 531 26 525 6 945 1 065 98,569 19,601 5 39 051 397 638 256 349 1 246 18 509 18 509 26 26,573 26,518 55 941 950 98,485 19 600 5 983 31 951 395 564 257 321 1 9Q4 18 586 18 586 Sent 2.. 26 691 26 650 41 966 83698,515 19,595 5 976 31 935 400 561 260 333 960 18 566 18 566 P 9........ 26,754 26,663 91 1,059 81978 656 19 573 5,774 37 107 401 430 275 341 j,759 18 640 18 640 16 26 737 26 643 94 1 060 1 017 98 834 19 599 5 974 39 197 395 421 331 373 1 260 18 653 18 653 23 26 637 26 637 860 1,49979 016 19,513 5 978 31 984 390 632 298 420 1 964 18,819 18 819 30 26,563 26,563 722 ,09878,403 19,493 5,787 31 811 388 681 310 403 ,196 18 394 18 394 Oct 7 26 591 26,563 28 1,007 ,00598,693 19 491 5 989 31 933 387 533 300 420 194 18 636 18 636 14 26,637 26,563 74 1,051 95628,667 19,489 5,290 32 096 387 474 326 464 1,197 18,501 18 501 21 26 402 26 402 824 ,41778 664 19,488 5 993 37 096 391 518 294 344 1 193 18679 18 679 28 26,385 26,364 21 796 ,14978,353 19 486 5 797 31 873 396 530 297 335 1,136 18,568 18 568 Nov 4 26 686 26,544 142 834 89798,443 19 585 5 999 31 994 404 471 293 397 1 18 711 18 711 11 26,763 26,574 189 916 94728,651 19,585 5,301 32 105 414 458 313 396 1,128 18,724 18 724 18 26 702 26 593 109 864 16578,758 19583 5 303 39 735 414 478 304 362 1904 18,647 18 647 25 26 682 26,652 30 829 1,31178,857 19 589 5^304 37 769 415 515 315 369 1 797 18 563 18 563 Dec 2 26,871 26,843 28 875 1,08628,867 19,568 5,306 32 446 410 547 347 355 1,241 18,451 18,396 55 9 27,194 26,130 64 916 1,00329,153 19,505 5,310 32 601 405 487 362 338 1,244 18,797 18,529 268 16 27 176 27 142 34 961 I 16979 365 19,478 5 311 37 798 396 528 341 342 1 181 ,877 18 567 23 27,007 26,970 37 985 1,81879 883 19 467 5,319 37 994 387 523 365 331 195P19 307 18 937 P37O 30 26,829 26,787 42 933 1,78829,629 19,456 5,313 32,893 393 537 387 333 ,195P19,030 18,660 *>37O Wednesday 1959 Nov. 4 26,808 26,553 255 645 65778 135 19585 5,301 31 971 413 453 308 335 1 196 18415 18 415 11 26,778 26 602 176 509 1,31478 696 19,585 5 301 39 900 406 492 320 917 1 127 18 050 18 050 18 26,574 26,574 683 1,43328 715 19,583 5,303 32,198 416 574 322 355 1.304 18,432 18,432 25 26,722 26,694 28 641 1,02278,490 19,589 5,305 39 491 409 435 336 327 1938 18 140 18,140 Dec 2 27,072 27,044 28 621 99528 726 19,565 5,309 32,481 409 601 318 343 1,242 18,397 18,206 191 9 27 202 27 153 49 580 82498 648 504 5 310 39791 411 427 340 347 1944 18939 17 971 268 16 27,164 27,141 23 532 1,47179 741 19 477 5,311 39,819 394 560 370 321 1 194 749 18 379 ^370 23 26 872 26 872 470 I 72599 147 19 467 5 313 33 091 385 510 392 334 1 199^18 456 18 086 2*370 30 26,778 26,748 30 371 1,50928 733 19,456 5,314 32,694 409 518 383 343 ,196,18,330 17,960 P Preliminary. tables on Federal Reserve Banks. (Industrial loan program discontinued 1 Includes industrial loans and acceptances, when held. For holdings Aug. 21, 1959.) of such items on Wednesday and end-of-month dates, see subsequent Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

32 BANK RESERVES AND RELATED ITEMS RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures.1 In millions of dollars] Central reserve city banks All member banks New York Chicago Period Bor- Bor- Bors h T e e r o r e l v t d - a e * l s s q e u R r r v i e e r e - e - s d 2 s E e x r r v c e e e - s s s 2 F r i o n . a w g t R s - . se F r r r v e e e - e s 2 s h T e e r o r e l v t d - a e i l s q se u R r r i e v e r - e - e d s E se x r r c e v e - e s s s F r i o n . a w g t R s - . s F e r r r e v e - e e s s h T e e r o r e l v t d - a e * l s q se u R r r i e v e r - e - e d s E se x r r c e v e - e s s s F r i o n . a w g t R s - . s F e r r r e v e - e e s Banks Banks Banks 1929—June 2,314 2,275 ^•39 974 -935 762 755 7 174 -167 161 161 1 63 -62 1933—June 32,160 1,797 363 184 179 861 792 69 69 211 133 78 n.a. n.a. 1939_Dec 11,473 6,462 5,011 3 5,008 5,623 3,012 2,611 n.a. n.a. ,141 601 540 n.a. n.a. 1941—Dec 12,812 9,422 3,390 5 3,385 5,142 4,153 989 n.a. n.a. ,143 848 295 n.a. n.a. 1945—Dec 16,027 14,536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 14 1947_Dec 17,261 16,275 986 224 762 4,404 4,299 105 38 67 ,024 1,011 13 "6 7 1950—Dec 17,391 16,364 1.027 142 885 4,742 4,616 'IS 58 67 ,199 1,191 8 5 3 1955—Dec 19,240 18,646 594 839 -245 4,432 4,397 196 -162 ,166 1,164 2 85 -83 1956—Dec 19,534 18,883 651 688 -36 4,448 4,392 147 -91 ,149 1,138 12 97 -86 1 1 9 9 5 5 8 7 — — D J J u u e n n c e e 1 1 1 8 8 9 , , , 6 9 4 0 8 2 0 2 0 1 1 1 8 8 7 , , , 8 4 9 4 8 7 3 5 4 4 6 5 2 9 7 6 7 7 1, 7 0 1 1 0 4 0 5 2 - -1 5 4 3 0 8 3 8 4 4 4 4 , , , 3 3 2 3 3 1 5 4 6 4 4 4 , , , 1 3 3 8 0 2 6 3 0 5 3 1 7 4 5 2 1 0 2 3 0 1 9 - - 1 1 8 0 5 5 7 , , , 1 1 1 2 1 3 1 3 6 1 1 1 , , , 1 0 1 2 9 2 3 9 7 1 2 8 4 4 8 6 5 - - 4 7 1 8 7 2 1958— D N e o c v 1 18 8 , , f 5 " 4 - 0 1 18 8 , , 3 0 8 3 3 4 5 5 0 1 6 6 4 5 8 5 6 7 -4 2 1 0 4 3 , , 0 8 3 8 3 3 4 3 , , 0 8 1 6 0 6 2 2 1 8 3 7 1 6 0 0 3 -43 , , 0 0 7 5 7 4 1 1 , , 0 0 5 7 5 0 3 1 9 6 j - - 3 1 1 6 1959—Jan 18,893 18 396 497 557 -59 4,031 4,018 12 77 -65 ,066 1,065 54 -53 Feb 18,577 18,117 460 508 -47 3,968 3,953 15 43 -28 .052 1,051 27 -26 Mar 18,429 17,968 461 601 -140 3,994 3,965 30 13 16 ,029 1,027 124 -122 Apr 18,664 18,247 417 676 -258 4,008 4,001 7 96 -89 .041 1,036 69 -64 May 18,580 18,132 448 767 -318 3.979 3,955 24 75 -51 ,037 1,033 44 -41 June 18,451 18,043 408 921 -513 3,933 3.926 7 22 -15 ,009 1.006 66 -63 July 18,671 18,271 400 957 -557 3,981 3,977 157 -154 .028 i;028 47 -47 Aug 18,613 18.141 472 1,007 -535 3,889 3,866 23 248 — 225 ,033 1.029 40 -35 Sept 18,593 18,183 410 9031 -493 3,848 3,866 -18 209 -227 ,025 1,022 46 -44 Oct 18,610 18,164| 446 905 -459 3,867 3,851 15 225 -209 ,020 1,018 84 -82 Nov 18,621 18,1761 445 878 -433 3.808 3,785 23 207 — 184 029 1,026 64 -61 Dec 4p18,947pl8.456 906 ^—415 4^3,920 p-10 99 P-109 ,038 21,038 104 -104 Week ending: 1959—July 1 . . . . 18,386 18,069 317 921 -604 3,983 3.965 18 30 -12 ,014 1,012 41 -39 8. ... 18,452 18,017 435 1,027 -592 3,894 3,883 11 117 -106 ,000 997 74 -71 15. ... 18,640 18,229 411 1,002 -591 3,936 3,950 -14 145 -159 .023 1,024 46 -47 22.... 18,976 18,488 488 912 -424 4.079 4,055 25 217 -192 .052 1,046 37 -31 29.... 18,702 18,353 349 890 -541 4,013 4,009 4 150 -146 ,046 1,041 38 -33 Aug. 5 . . . . 18,696 18,296 400 1,034 -634 3,987 3,983 4 197 -193 .052 1,047 30 -26 12.... 18.622, 18,080 542 1,073 -531 3,864 3,841 23 278 -255 ,025 1,023 46 -45 19. ... 18,509 18,078 431 945 -514 3,828 3,839 -11 260 -271 ,020 1,021 49 -51 18,586 18,149 437 940 -503 3,866 3,841 25 232 -207 ,034 1,026 36 -28 Sept. 2. 18,566 18,165 401 965 -564 3,887 3,876 11 203 -192 ,034 1,031 36 -33 9. 18,640! 18,082 558 1,057 -499 3,846 3,839 7 149 -142 ,010 1,006 58 -54 16. 18,653 18,170 483 1,059 -576 3,6 3,876 10 266 -256 ,021 1,016 62 -58 23. 18,819 18,297 522 859 -337 3,870 3,870 -1 297 -298 ,030 1,032 41 -43 30. 18,394 18,174 220 721 -501 3,f " 3,867 1 170 -169 ,038 1,031 25 -17 Oct. 7. 18.636 18,153 483 1,006 -523 16 305 -289 ,029 1,026 3 103 -100 2 1 1 4 . . 1 1 8 8^ . 5 6 0 7 1 9 1 18 8 , , 1 0 7 1 3 2 4 5 8 0 9 6 1, 8 0 1 4 9 8 - -3 5 1 5 3 9 3 3, , 8 8 5 1 0 2 2 4 9 2 3 2 0 3 0 - - 2 2 7 2 1 7 , , 0 0 0 1 5 4 1 1, . 0 0 1 0 5 4 -1 2 9 6 6 1 - -6 9 2 4 28. 18,568 18,266 302 790 3,891 3,881 10 125| -115 ,026 1,020 5 87 Nov. 4. 18,711 18,311 400 826 426 3,911 3,902 177 -169 ,038 1,037 1 56 -55 11. 18,724 18,202 522 908 386 3,765 -18 286 -304 ,030 ,026 4 70 -66 18. 18,647 18,190 457 856 399 3,794 26 281 -255 ,032 ,026 5 86 -81 25. 18,563 18,130 433 822 389 3,786 29 1161 -87 ,028 ,024 4 34 -30 Dec. 2. 418,451 18,085 366 870 504 43,773 3,769 4 78 -74 .017 .019 -2 60 -62 9. 18,797 18,282 515 911! 396 3,876 3,874 2 -2 ;031 .030 2 69 -67 16. 248,877 ^18,431 M46 956! ^3,949 3,938 P_98 .034 ,031 P3 84 23. ^19,307^18,647 ?660 980 M,004 3 202 2-186 ;O53 ,049 143 30. 219,030 ^18,545 ^485 928 ^3,953 3,944 ,054 ,049 156 For footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 33 RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES—Continued [Averages of daily figures. * In millions of dollars] Reserve city banks Country banks Period re h T s e o e l r t d v a i e l s R re e s q e u r i v r e e s d r E es x e c r e v s e s s B i B n F o g a . r r n s R o k w a . s t - re F se r r e v e es re T h s e o e l r t d v a i e l s R re e s q er u v i e re s d 2 re E s x er c v e e ss s 2 B i B n F o a g . r r n s R o k a w . s t - res F e r r e v e es2 1929—June 761 749 12 409 -397 632 610 22 327 -305 1933—June 648 528 120 58 62 441 344 96 126 -30 1939—Dec 3,140 1,953 ,188 n.a. n.a. 1,568 897 671 n.a. n.a. 1941_Dec 4,317 3,014 ,303 n.a. n.a. 2,210 1,406 804 n.a. n.a. 1945—Dec 6,394 5,976 418 96 322 4,576 3,566 1,011 46 965 1947_Dec 6,861 6,589 271 123 148 4,972 4,375 597 57 540 1950_Dec 6,689 6,458 232 50 182 4,762 4,099 663 29 634 1955—Dec 7,924 7,865 60 398 -338 5,716 5,220 497 159 338 1956—Dec 8,078 7,983 96 299 -203 5,859 5,371 488 144 344 1957—June 7,774 7,729 45 531 -486 5,751 5,314 438 228 210 Dec 8,042 7,956 86 314 -228 5,906 5,457 449 172 277 1958—June 7,721 7,619 102 45 57 5,552 5,070 481 74 408 1958—Nov 7,819 7,750 69 258 -189 5,784 5,364 420 152 268 Dec 7,940 7,883 57 254 -198 5,849 5,419 430 162 268 1959—Jan 7,929 7,873 56 279 -223 5,868 5,440 428 147 281 Feb 7,777 7,723 55 250 -195 5,780 5,390 390 188 202 Mar 7,702 ,653 49 277 -228 5,704 5,323 381 187 194 Apr 7,825 7,791 34 317 -284 5,790 5,418 372 194 178 May 7,792 7,728 64 424 -360 5,772 5,415 357 224 133 June 7,744 7,705 39 574 -536 5,765 5,406 359 259 101 July 7,838 7,809 29 510 -482 5,824 5,458 366 242 124 Aug 7,836 7,779 57 477 -420 5,855 5,467 388 242 145 Sept 7,825 7,783 42 433 -391 5,895 5,511 384 215 169 Oct 7,820 7,766 55 393 -339 5,903 5,529 374 203 171 Nov 7,848 7,802 46 415 -369 5,936 5,564 372 192 180 Dec 4^7,953 ^7,911 490 P-448 4^6,036 5576 213 ^247 Week ending: 1959—July 1 7,766 7,709 57 551 494 5,623 5,383 240 299 -59 8 7,723 7,686 37 583 546 5,835 5,451 384 253 131 15 7,865 7,832 34 525 491 5,814 5,423 391 286 105 22 7,926 7,893 32 489 457 5,919 5,494 425 169 256 29 7,867 7,830 38 442 404 5,776 5,473 303 260 43 Aug- ii::::::::::::: 7 7, , 8 8 0 5 1 2 , ,7 8 5 0 3 6 4 4 8 6 4 5 9 5 7 7 4 5 4 1 9 1 5 5 , , 8 9 0 3 5 2 5 5 , , 4 4 6 6 0 3 4 3 6 4 9 5 2 2 5 5 0 2 2 9 1 5 7 19 7,791 ,750 41 435 394 5,871 5,468 403 201 202 26 7,845 ,803 42 439 397 5,841 5,479 362 233 129 Sept. 2 7,841 ,796 45 438 393 5,804 5,462 342 288 54 9 7,828 ,748 80 556 476 5,957 5,489 468 294 174 16 7,834 ,789 45 513 468 5,912 5,489 423 218 205 23 7,876 ,827 49 376 327 6,044 5,568 476 145 331 30 7,832 7,768 65 331 266 5,656 5,508 148 195 -47 Oct. 7 7,796 7,748 48 417 -369 5,929 5,513 416 181 235 14 7,782 7,715 68 418 350 5,902 510 392 234 158 21 7,786 7,755 31 370 339 6,029 550 479 165 314 28 7,844 7,820 24 364 -340 5,807 5,545 262 214 48 Nov. 4 7,866 7,828 38 379 -341 5,896 5,544 352 214 138 11 7,900 7,821 80 377 297 6,028 572 456 175 281 18 7,864 7,830 34 347 -313 5,957 566 391 142 249 25 7,826 7,775 51 461 -410 5,924 573 351 211 140 Dec. 2 47,807 7,760 47 490 -443 45,854 5,537 317 242 75 9 7,861 7,813 47 587 -540 6,030 5,565 465 251 214 16 ^7,957 7,907 545 ^5,937 ^5,555 ^383 218 ^165 23 ^8,050 7,998 422 ^6,199 *>5,612 213 P313 30 ^8,050 7,962 487 *>5,973 ^5,590 199 ^184 n. a. Not available. p Preliminary. r Revised. 2 Weekly figures are estimates. 1 Averages based on figures for opening or closing of business as 3 This total excludes, and that in the preceding table includes, $51 follows: For total reserves held—closing figures through November 1959; million in balances of unlicensed banks. beginning December 1959, closing figures for balances with Reserve 4 Beginning December 1959, total reserves held include allowable cash. Banks and opening figures for allowable cash. For borrowings, closing See also note 1. figures. For required reserves, opening figures inasmuch as requirements are based on deposits at opening of business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

34 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 advances secured by eligible paper [Sec. 10(b)] ob ( li la g s a t t io p n a s r . of S e th c e . U 13 . ) S. (Sees. 13 and 13a)i Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Dec. 31 beginning: rate Dec. 31 beginning: rate Dec. 31 beginning : rate Boston Sept. 14, 1959 3% Sept. 14,1959 Sept. 14, 1959 New York... Sept. 11, 1959 3% Sept. 11,1959 Sept. 11, 1959 Philadelphia.. Sept. 18, 1959 18 Sept. 18,1959 Sept. 18, 1959 Cleveland Sept. 11, 1959 Sept. 11,1959 Sept. 11, 1959 Richmond. . . Sept. 11, 1959 18 Sept. 11,1959 Sept. 11, 1959 Atlanta Sept. 14, 1959 Sept. 14,1959 Sept. 14, 1959 Chicago Sept. 11, 1959 Sept. 11,1959 Sept. 11, 1959 S M t. i n L n o e u a i p s olis.. S S e e p p t t . . 1 14 1 , , 1 1 9 9 5 5 9 9 3 1 V 8 4 S S e e p p t t . . 1 1 1 4 , , 1 1 9 9 5 5 9 9 S S e e p p t t . . 1 14 1 , , 1 1 9 9 5 5 9 9 D K a a l n l s a a s s City.. S S e e p p t t . . 1 1 1 1 , , 1 1 9 9 5 5 9 9 18 S S e e p p t t . . 1 11 1 , ,1 1 9 9 5 5 9 9 S S e e p p t t . . 1 1 1 1 , , 1 1 9 9 5 5 9 9 San Francisco Sept. 11, 1959 Sept. 11,1959 Sept. 11, 1959 3% 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» MARGIN REQUIREMENTS i [Per cent per annum] [Per cent of market value] Ranee F. R. Range F. R. Jan. 16, Aug. 5, Effec- Date (or level)— Bank Date (or level)— Bank Prescribed in accordance with 1958- 1958- tive effective all F. R. of effective all F. R. of Securities Exchange Act of 1934 Aug. 4, Oct. 15, Oct. 16, Banks N. Y. Banks N. Y. 1958 1958 1958 1948 1957 Regulation T: Jan. 1 1 9 2 . . . . . . 1 W -1 A !4 18 Aug. 23 9 . . .. .. 3 3 - 1 3 4 i/2 3 3 1/2 Fo d r e e a x le t r e s n s o i n o n l s is t o e f d c s r e e c d u i r t it b ie y s brokers and 50 70 90 Aug. 13... 1*4-11/2 18 Nov. 15... 3 -3 V2 3 50 70 90 23... 1V4 Dec. 2... 3 Regulation U: 50 70 90 1950 1958 Aug. 2 2 1 5. . . . . . 1 y 1 2- ^ \ 4 *4 1 1* * 4 4 Jan. 2 2 4 2 . . . . . . 2 2 * * 4 4 - - 3 3 2 3 *4 1 Regulations T and U limit the amount of credit that may be extended Mar. 7... 2*4-3 214 on a security by prescribing a maximum loan value, which is a specified 1953 13... 214-2*4 2V4 percentage of its market value at the time of extension; margin require- Jan. 16... 1*4-2 2 21... 214 214 ments are the difference between the market value (100%) and the maxi- 23... 2 Apr. 18. .. 1*4-214 1*4 mum loan value. May 9... 1*4 1*4 1954 Aug. 15... 1*4-2 1*4 Feb. 5... 1*4-2 1*4 Sept. 12... 1*4-2 2 15... 1*4 1*4 23... 2 2 MAXIMUM INTEREST RATES PAYABLE ON TIME DEPOSITS Apr. 14... lJ/2-l*4 1*4 Oct. 24... 2 -2*4 2 16... 18 Nov. 7... 2V4 21/2 [Per cent per annum] May 21... 1V4 4 1959 1955 Mar. 6... 21/2-3 3 Nov. 1, Feb. 1, Jan. 1, Effec- A M p a r y . 1 1 4 2 5 . . . . . . . . . l W i/ I 2 W -W - A l* A 4 1 1 1 1 * * / 4 4 2 J M M u a n a y r e . 2 1 1 9 6 2 . . . . . . . . . 3 3T31/2 3 3 3 1 V /2 i Type of deposit Ja 1 1 n 9 9 . 3 3 3 3 5 - 1, D 1 e 1 9 c 9 . 3 3 5 3 5 - 1, D 1 e 1 9 c 9 . 3 5 6 3 6 - 1, Ja 1 t n i 9 v . 5 e 7 1, Aug. 4... 1*4 Sept. 11... 31/2-4 4 1 5 2 . . . . . . 2 1* 4— - 2 2 1 1 4 4 2 2 Sept. 18... 4 4 Savings deposits 3 2% 2V4 3 Sep.^9... 2 -214 §8 D In e c e . f f 3 ec 1 t ... 3 2% 2% 3 Nov. 2 1 3 8 . . . . . . 2V2V2 Vl 2 21 1 / / 2 2 Ot I h n e r 6 t m im o e n d th e s p o o s r i t m s o p r a e yable: 3 2% r /2 k 1956 In 90 days to 6 months.... 3 2V4 Apr. 13... 21/2—3 2*4 In less than 90 days 3 2% 1 20... 2*4-3 2*4 Aug. 24... 2*4-3 3 31... 3 3 lish N e O d T E by .— t M he a x B im oa u r m d r o a f t es G t o h v a e t r n m o a rs y b u e n d p e a r i d p r b o y v i m si e o m ns b e o r f b R an e k g s u l a a s t io e n st a Q b- . Under this Regulation the rate payable by a member bank may not in any 1 Under Sees. 13 and 13a (as described in table above). For data for event exceed the maximum rate payable by State banks or trust companies 1 941-41, see BULLETIN for January 1959, p. 76. on like deposits under the laws of the State in which the member bank is located. Effective Feb. 1, 1936, maximum rates that may be paid by NOTE.—The rate charged by the Federal Reserve Bank of New York insured nonmember commercial banks, as established by the F.D.I.C., on repurchase contracts against U. S. Govt. securities was the same as have been the same as those in effect for member banks. its discount rate except in the following periods (rates in percentages): 1955—May 4-6,1.65; Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; 1956—Aug. 24-29, 2.75; and 1957—Aug. 22, 3.50. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE REQUIREMENTS 35 MEMBER BANK RESERVE REQUIREMENTS DEPOSITS OF MEMBER BANKS, BY CLASSES [Per cent of deposits] [Averages of daily figures.1 In millions of dollars] Net demand deposits i Time deposits Central reserve All city banks Reserve Coun- 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 - Type of deposit m b e a m nk b s er Y N o e r w k c C a h g i o - b c a i n ty ks ba tr n y ks banks November 1958 In effect Dec. 31, 1945.. 20 20 14 6 6 Gross demand: Total . . . 121,800 23,341 6,284 48,350 43,826 1948—Feb. 27 22 Interbank 13,706 4,126 1,240 6,885 1,454 June 11 24 Other 108,094 19,214 5,043 41,465 42,372 Sept. 16, 24* 26 22 16 Net demand2 103,463 20,073 5,461 40,536 37,392 1949_May 1,5* 24 21 15 Time 52,732 5,066 1,432 21,227 25,008 June 30, July 1*. 20 14 6 6 Demand balances due A A u u g g . . 16 1 , , 1 1 1 8 * * . . . . . . . . §* 8* 1 1 3 2 5 5 from domestic banks. 6,899 88 102 2,078 4,630 Aug. 25 Sept. 1 2 2 2 2 1/2 I81/2 November 1959 1951—Jan. 11, 16*.... 23 18 13 6 6 Jan. 25,Feb. 1*. 24 19 14 1953—July 1,9* , 22 20 13 Gross demand: 1954_june 16,24*.... 21 19 5 5 Total 123,-26 23,641 6,144 48,866 44,975 July 29, Aug. 1 * 20 18 12 Interbank 13,290 4,028 1,175 6,641 1,446 Other 110,336 19,614 4,968 42,225 43,529 1958— M Fe a b r . . 2 2 0 7 , , M Ap a r r . . 1 1 * * 1 1 9 9 1/2 1 1 7 7 1/2 l 1 H 1 /2 T N i e m t e demand2 1 5 0 3 4 , , 8 4 3 5 8 8 1 4 9 , , 5 7 3 6 2 8 5 1 , ,4 2 6 9 0 3 4 2 0 1 , , 7 6 1 6 9 6 2 3 6 8 , , 1 6 8 7 0 8 Apr. 17 18% Demand balances due Apr. 24 18 I6I/2 from domestic banks. 6,677 88 104 2,067 4,418 In effect Jan. 1, 1960... 18 16i/2 11 5 5 1 At opening of business. Present legal require- 2 Demand deposits subject to reserve requirements, i.e., gross demand ments : deposits minus cash items reported as in process of collection and demand Minimum 10 10 7 3 3 balances due from domestic banks. Maximum 22 22 14 6 6 Aug. zj, i7jj, niivo uccu luiai uciuauu ucpusiis minus casn iicms 111 process of collection and demand balances due from domestic banks (also minus war loan and Series E bond accounts during the period Apr. 13, 1943-June 30, 1947). MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS 1 [In thousands of dollars] Wednesday End of month Item 1959 1959 1958 Dec. 30 Dec. 23 Dec. 16 Dec. 9 Dec. 2 Dec. Nov. Dec. Discounts and advances—total 371.180 469,608 532,205 580,429 621,279 457,726 833,067 63,963 Within 15 days 360;353 458,478 520,413 567,744 605,941 449,149 816,177 43,595 16 days to 90 days 10;814 11,117 11,753 12,633 15,283 8,564 16,835 20,368 91 days to 1 year 13 13 39 52 55 13 55 Acceptances—total 74.677 80,675 72,701 40,925 37,312 75,341 33,825 49,089 Within 15 days 39:452 44,994 37,866 11,024 9,850 39,335 7,676 15,869 16 days to 90 days 35:225 35,681 34,835 29,901 27,462 36,006 26,149 33,220 U. S. Government securities—total. . 26,778;127 26,871,867 27,164,16727,202,167 27071,867 26.648,327 26921,717 26346,512 With 15 days 478!180 504,300 426,100 363,400 382,160 675,130 214,010 742,200 16 days to 90 days 7,364;113 414,233 699,033 ,794,433 676,073 053,363 7,711,173 093,743 91 days to 1 year 10,94i;76510,959,265 11,044,96511,050,26511,019,56510,925,76511,002,465 159,233 Over 1 year to 5 years 6,523;912 6,523,912 6,523,912 6,523,912 6,523,912 6,523,912 6,523,912 881,179 Over 5 years to 10 years 677;,384 677,384 677,384 410,385 410,385 677,384 410,385 206,495 Over 10 years 792,773 792,773 792,773 1,059,772 1,059,772 792,773 1,059,772 263,662 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

36 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month Item 1959 1959 1958 Dec. 30 Dec. 23 Dec. 16 Dec. 9 Dec. 2 Dec. Nov. Dec. Assets Gold certificate account 18,185,64318,196,642 18,219,64218,246,64418,308,64218,185,64218,309,64119,012,893 Redemption fund for F. R. notes 978,084 977,083 968,547 970,557 968,558 978,083 967,706 937,919 Total gold certificate reserves 19,163,72719,173,72519,188,18919,217,20119,277,20019,163,72519,277,34719,950,812 F. R. notes of other Banks 481,996 365,862 371,282 337,719 351,770 524,450 311,321 476,993 Other cash 335,934 306,741 327,803 329,620 348,689 359,396 346,950 336,474 Discounts and advances: For member banks 366,180 464,608 527,205 575,429 616,279 452,726 828,067 46,063 For nonmember banks, etc 5,000 5,000 5,000 5,000 5,000 5,000 5,000 17,900 Industrial loans 336 Acceptances—Bought outright 43,504 43,504 41,505 36,504 33,524 44,168 33,030 43,290 Held under repurchase agreement 31,173 37,171 31,196 4,421 3,788 31,173 795 5,799 U. S. Government securities: Bought outright: Bills 2,747,065 2,870,805 3,140,105 3,152,105 3,043,405 2,605,765 2,893,105 2,250,450 Certificates—Special Other 10,506. 10,506,99310.506,99310,506. 10,506,99310,506,99310,506,99318.649,726 Notes 11,010; 11,010,298 010,29811,010; 11,010,29811,010,29811,010,298 2,867,565 Bonds 2,483! 2,483,771 483,771 2,483; 2,483,771 2,483,771 2,483,771 2,483,771 Total bought outright 26,748 12726,871,867 27,141,16727,153. 27,044,467 26,606,82726,894,167 26,251,512 Held under repurchase agreement. 30000 23,000 49; 27,400 41,500 27,550 95,000 Total U. S. Government securities. 26,778,12726,871,867 27,164,167 27,202,167 27,071,867 26,648,327 26,921,717 26,346,512 Total loans and securities 27,223,984 27,422,150 27,769,07327,823,52127,730,45827,181,394 27,788,60926,459,900 Due from foreign banks 15 15 15 15 15 15 Cash items in process of collection. 6,417. 6,533,466 ,895,676 5,012, 5,684,108 6,437, 5,531,969 5,630,684 Bank premises 99; 100,185 100,354 99; 9"9",,138 99; 99,148 93,636 Other assets 259; 240,802 222,070 223; 205,,079 261; 199,619 146,641 Total assets. 53,983,30254,142,946 54,874,462 53,043,692 53,696,457 54,027,60153,554,978 53,095,155 Liabilities Federal Reserve notes 28,314,38528,473,74528,304,190 28,202,50427,992,91528,261,96727,953,84927,872,023 Deposits: Member bank reserves 17,960,09618,085 18,379,112 17,971,10118,206,49818,173,97018414,78818.503,991 U. S. Treasurer—general account. 518,497 509 5"5"9 ,721 427,438 601,398 503,778 582,180 358,364 Foreign 382,933 391 369, 726 340,016 318,225 344,788 331,530 272,485 Other 342,604 333 320, 728 347,242 342,787 693,735 357,967 390,851 Total deposits. 19,204,130 19,321,023 19,629,287 19,085,797 19,468,908 19,716,271 19,686,465 19,525,691 D O e th fe e r r r e li d a b a il v i a ti i e la s b a il n it d y a c c a c s r h u e i d te m di s vidends* 4,90 4 9 5 , , 1 5 8 6 0 4 4,80 4 8 8 5,42 4 4 5,3 4,18 4 8 7 , , 2 2 8 7 2 0 4,68 4 8 5 , , 6 4 4 2 0 5 4,84 2 7 8 , , 2 6 1 2 6 0 4,37 4 4 5 , , 3 2 2 2 1 4 ,33 2 5 1 , , 1 6 2 8 6 3 Total liabilities 52,473,259 52,651,974 53,402,83551,523,853 52,195,888 52,854,07452,059,859 51,754,523 Capital Accounts Capital paid in. 387,317 386,936 386,431 385,066 384,947 387,404 384,762 363,098 Surplus 868,410 868,410 868,410 868,410 868,410 774,808 868,410 868,410 Other capital accounts. 254,316 235,626 216,786 266,363 247,212 11,316 241,947 109,124 Total liabilities and capital accounts. 53,983,302 54,142,946 54,874,462 53,043,692 53,696,457 54,027,601 53,554,978 53,095,155 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 40.3 40.1 40.0 40.6 40.6 39.9 40.5 42.1 Contingent liability on acceptances purchased for foreign correspondents 82,298 74,029 76,052 80,253 71,425 82,006 70,574 67,799 U. S. Government securities held in custody for foreign account 4,643 4,603 4,423 4,402 4,416 4,477 4,396 3,695 Federal Reserve Notes—Federal Reserve Agents' Accounts F. R. notes outstanding (issued to Bank). . 29,466,992 29,463,388 29,391,75129,222,25828,991,59329,447,692 28,950,658 29,057,573 Collateral held against notes outstanding: Gold certificate account 10,650,000 10,750,00010,750,000 10,690,000 10,590,000 10,650,000 10,590,000 11,073,000 E U l . i g S ib . l G e o p v a e p r e n r ment securities 19,53 8 0 1 , , 0 9 0 5 0 3 19,4 9 3 2 0 , , 9 0 4 0 4 0 19, , 1 4 , 1 1 6 0 , ,0 6 0 2 0 4 19 , , , 4 1 1 3 0 0 , , 0 9 0 6 0 019,2 1 6 3 0 4 , , 0 2 0 4 0 1 19,53 9 0 9 , , 0 7 0 7 0 8 19,2 1 6 3 0 1 , , 0 3 0 8 0 5 18,61 2 5 5 , , 0 3 0 9 0 3 Total collateral. 30,261,95330,272,94430,276,624 30,230,960 29,984,241 30,279,77829,981,385 29,713,393 1 No accrued dividends at end-of-December dates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON DECEMBER 31, 1959 [In thousands of dollars] Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F S ra an ncisco Gold certificate account 889,340 4,685,959 1,050,1131,634,6841,067,069 899,380 3,000,460 723,963 358,239 707,873 713,196 !,455,366 Redemption fund for F. R. notes 59,652 213,325 60,965 87,708 79,240 64,628 182,357] 46,241 23,410 45,167 31,037 84,353 Total gold certificate reserves 948,992 4,899,284! 1,111,0781,722,3921,146,309 964,0083,182,817 770,204 381,649 753,040 744,233 2,539,719 F. R. notes of other Banks.. 40,058 90,056 43,544 34,133 69,408 62,570 39,909 20,751 23,009 24,273 33,442 43,297 Other cash 20,849 54,975 18,085 32,180 25,494 28,685 65,447 23,922 11,722 15,272 16,519 46,246 Discounts and advances: Secured by U. S. Govt. securities 700 201,380 42,725 300 5,050 45,300 43,470 14,600 17,589 42,453 8,650 30,200 Other 385 1,400 330 450 250 235 185 120 195 260 560 Acceptances: Bought outright 44,168 Held under repurchase agreement 31,173 U. S. Govt. securities: Bought outright 1,442,489 6,695,6611,517,2812,303,5661,705,1781,402,286 4,604,3651,082,100 606,024 ,146,887 1,061,985 3,039,005 Held under repurchase agreement 41,500 Total loans and securities 1,443,574 7,015,2821,560,336 2,304,3161,710,4781,447,8214,648,7741,096,885 623,7331,189,535 1,070,89513,069,765 Due from foreign banks 1 H 1 1 1 1 2 1 1 1 1 Cash items in process of collection 467,341 1,280,699 394,830 565,404 502,789 514,7491,036,246 270,271 163,981 309,923 29^,454 636,619 B O a th n e k r p a r s e s m et i s ses 1 4 3 , , 3 9 2 5 8 6 65 9 , , 0 8 6 5 9 8 1 4 4 , , 0 6 3 3 6 9 22 9, , 3 4 1 5 5 2 1 6 6 A ,6 5 3 1 9 1 9 4 , , 5 89 4 9 2 4 1 4 5 , , 8 5 9 9 8 7 1 7 0 , , 0 5 3 28 6 5 5 , , 0 9 5 3 9 8 1 4 2 , , 6 1 3 5 6 7 1 1 1 0 , , 3 5 3 9 9 9 2 1 9 2 , , 9 1 6 7 6 8 Total assets. 2,939,099 13,415,2273,146,549 4,690,1933,477,769| 3,042,2759.033,690 2,199,598,1,215,091 j2,3CS,837|2,l 81,4826,377,791 Liabilities F. R. notes 1,614,203 €,646,973! 1,807,990 2,570,372 2,131,6C01,604,4415,324,4421,245,164 608,162j 1,117,824 815,8952,774,901 Deposits: Member bank reserves.... 800,636 5,092,824 892,9941,460,303 789,451 875,2402,637,889 620,895 404,178 840,994 973,3622,78 5,2C4 U. S. Treasurer—general account 28,362 65,278 37,645 56,937 26,581 39,321 41,412 23,771 44,^45 44 23 62,991 O Fo th re e i r gn 2 1 6 9 , , 4 1 2 4 2 0 3 3 6 9 7 4 , , 0 2 7 2 4 8 2 3 2 2 , , 9 5 6 4 8 8 2 3 6 1, , , 3 2 ? 9 O 4 2 1 8 7 , , 3 4 1 0 7 0 1 1 6 3 , , 3 6 5 9 6 3 6 5 5 1 , , 5 5 0 0 4 4 20^532 1 8 0 , , 3 39 5 0 2 j 1 14 3 , , 6 5 5 7 4 2 | 1 1 8 1 * ,9 0 0 9 3 6 7 3 6 8 , , 4 9 0 7 4 6 Total deposits 874,560 5,619,404 986,155 1,550,721 92,105i 931,870 2,794,218 695,715 446,691 913,665] 1,047,5922,963,575 Deferred availability cash items 390,252 808,203 281,609 457,0?6 39Q AA4 443,145 747,318 218,371 132,062 228,1131 249,555 492,118 Other liabilities 1,474 7,453 1,513 2,439 1*592 1,473 5,23- 1,085 1,512 1,141 959 2,743 Total liabilities 2,880,489 13,082,033 3,077,267 4,580,5581,424,7412,980,9298,871,214 ,160,3351,188,4272,260,743 2,114,001 6,233,337 Capital Accounts Capital paid in 19,166 110,452 22,819 36 ? 17,283 20,153 53,667 12,931 8,790 15,860 22,322 47,695 Surplus 38,332 220,905 45,638 72,530 34,566 40,306 107,334 25,862 17,580 31,720 44,645 95.390 Other capital accounts. 1,112 1,837 825 840 1,179 887 1,475 470, 294 514 514 1,369 Total liabilities and capital accounts 2,939,099 13,415,227 3,146,549 4,690,1933,477,769,3,042,2759,033,690 2,199,598 1,215,091 2,308,837|2,181,482|6,377,791 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 38.1 39.9 39.8 37.9 38.0 39.2 39.7 39.9 44.: Contingent liability on acceptances purchased for foreign correspondents 4,526 422,750| 5,432 4,115 3,868 12,180 3,045 1,975 3,210 4,280 9,218 Federal Reserve Notes—Federal Reserve Agent's Accounts F. R. notes outstanding (issued to Bank) 1,703,036 6,945,921|l,867,3802,645,8462,222,859 1,684,8825,483,3441,307,000 622,6901,155,248 869 50512 939 981 Collateral held: I Gold certificate account... . 530,000! 2,900,000 700,000 920,000 700,000 500,000 1,900,000 430,000 180,000 300,000 290,0C0|l,300,C00 Eligible paper . i 42,725 14,600 42 453 U. S. Govt. securities 1,250,066 '4,260,660! 1,2Oo!,OOo| i,750,6661 i,'55O,666 1,2OO,o6o 3,7OO,OOO 935 V)£X>j' 450,000 87*6'OGO 625,000] 1,8C0,f CO Total collateral 1,780,000 7,100,000! 1,942,725!2,67O,OOO]2,25O,OOO|l,700,000 5,600,000J 1,379,600! 630,0C0;! ,2!2,453J 915,COO|3,1CO,CCO 1 After deducting $11,000 participations of other Federal Reserve Banks. 4 After deducting $59,256,000 participations of other Federal Reserve 2 Less than $500. Banks. 3 After deducting $250,560,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

38 BANK DEBITS LOANS GUARANTEED UNDER REGULATION FEES AND RATES ON LOANS GUARANTEED UNDER REGULATION Vi [Amounts in millions of dollars] [In effect Dec. 31] au L th o o a r n iz s ed out L st o a a n n d s ing A a d m di o ti u o n n t al Fees I n P s a t y it a u b t l i e o n to o G n u G ar u a a n r t a e n e t i e n e g d A P g o e r n ti c o y n b o y f F L i o n a a n ncing to date availalbe to End of borrowers year or month Num- Total Portion a u n n t d e e e r a g g u re a e r- - Percentage of ( G p u er a c r e a n n t t a e g e e f o ee f an P y e r c c o e m nt m ag it e m o e f nt ber Amount amount gu te a e ra d n- out m st e a n n t d s ing loan guaranteed in b t y e re b s o t r r p o a w ya e b r) le fe b e o r c r h o a w rg e e r d 1953 ,294 2,358 805 666 364 70 or less 10 10 1954 ,367 2,500 472 368 273 75 15 15 1955 ,411 2,575 294 226 170 80 .. . . .. 20 20 1956 ,468 2,761 389 289 125 85 25 25 1957 ,505 2,912 395 300 135 90 30 30 95 . . 35 35 1958 Over 95 40-50 40-50 Nov 1,540 3,090 303 231 182 Dec 1,543 3,105 310 236 168 Maximum Rates Financing Institution May Charge Borrower [Per cent per annum] 1959 Jan 1,548 3,116 324 246 147 Interest rate Feb 1,549 3,118 329 250 141 Mar 1,550 3,120 335 254 128 Commitment rate. Apr ,552 3,128 314 241 142 May 1,557 3,169 313 240 151 i Schedule of fees and rates established by the Board of Governors on June 1,557 3,170 317 240 137 loans made by private financing institutions and guaranteed by Govern- July 1,557 3,170 323 244 129 ment procurement agencies, pursuant to the Defense Production Act Aug 1,558 3,174 330 249 121 of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing Sept 1,560 3,174 342 257 101 agencies in these transactions, and the procedure is governed by Regula- Oct 1,561 3,179 340 253 107 tion V of the Board of Governors. Nov 1,562 3,179 342 255 105 i Loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing agencies in these transactions, and the procedure is governed by Regulation V of the Board of Governors. NOTE.—The difference between guaranteed loans authorized and sum of loans outstanding and additional amounts available to borrowers under guarantee agreements outstanding represents amounts repaid, guarantees authorized but not completed, and authorizations expired or withdrawn. 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 Without seasonal adjustment Seasonally adjusted Year or month Leading centers Leading centers Leading centers Total, all 337 other 337 other 337 other reporting reporting reporting reporting centers Y N o ew rk oth 6 ers * centers 2 Y N o e r w k oth 6 ers1 centers2 Y N o e r w k oth 6 ersl centers2 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 1959 . . 2 679 165 1,023 603 545 257 1,110 302 #56 6 ^32 6 P24 7 1958 Sect 195,205 70,887 40,520 83,798 48.8 30.0 23.3 50.8 30.4 23.2 Oct ... 212,894 79,620 43,594 89,680 50.9 30.3 23.5 51.7 30.7 23.4 Nov 183,092 64,804 38,224 80,064 46.4 29.4 23.3 47 9 30 0 23 2 Dec 238,975 92,711 48,690 97,573 58.4 33.2 25.0 52.3 31.5 23.7 1959 Jan 221,953 86,507 44,505 90,941 55.5 31.1 23.8 53.6 31.2 23.6 Feb . . . 195,764 74,346 39,635 81,783 51.5 29.6 23.0 53.5 31.5 24.2 Mar 223,367 84 710 47,485 91,172 54.6 34.3 24 0 52 4 31 8 24 0 Apr 225,362 88,049 45,955 91,358 56.4 33.3 24.0 56.6 33.1 24.7 May . . . 216,003 80,725 44,646 90,631 54.2 32.5 24.5 56.2 32.6 24.5 June 228,601 86,598 46,429 95,574 56.9 32.8 25.1 53.1 32.1 24.6 July 235,637 89,600 48,422 97,615 57.2 32.9 24.9 57.3 33.1 24.7 Aug 208,130 75,233 43,265 89,633 51.3 31.3 24.1 56.3 33.1 24.7 Sent 215,843 81,067 43,259 91,516 55.4 31.7 24 7 57 6 32 1 24 6 Oct 230,245 89,519 46,083 94,642 59.2 32.5 24.8 60.1 32.8 24.7 Nov . . '217,139 82,273 43,810 r91,055 58.0 32.7 25.4 60.1 33.6 25.3 Dec 261,121 104,976 51,763 104,382 67.0 60.1 ^33.3 "25 A r Revised. p Preliminary. NOTE.—Series revised by Federal Reserve beginning with 1950; for de- 1 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los scription and revised monthly figures, see pp. 8-11 of this BULLETIN. Angeles. Seasonally adjusted figures for earlier years, prepared by Federal Reserve 2 Prior to April 1955, 338 centers. Bank of New York, together with unadjusted data were published in the BULLETIN for May 1959, p. 554. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENCY 39 DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Total Coin aiid small denomination currency Large denomination currency End of year or in cirmonth culation1 Total Coin $12 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 262 556 24 46 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1953 30 781 21,636 1,812 1,249 72 2,119 6,565 9,819 9,146 2,732 5,581 333 486 4 11 1954 30,509 21,374 1,834 1,256 71 2,098 6,450 9,665 9,136 2,720 5,612 321 464 3 15 1955 31,158 22,021 1,927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1956 31,790 22,598 2,027 1,369 78 2,196 6,734 10,194 9,192 2,771 5,704 292 407 3 14 1957 31 834 22,626 2,110 1,398 80 2,188 6,662 10,187 9,208 2,777 5,752 280 384 3 13 1958 Nov .. . 32 036 22,832 2,163 1,457 80 2,154 6,683 10,294 9,205 2,739 5,808 273 373 4 9 Dec .... 32 193 22,856 2,182 1,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959 Jan .. . 31 125 21 926 2,139 1,408 80 2,064 6,340 9,894 9,199 2,733 5,814 272 368 3 g Feb 31,129 21,975 2,144 1,406 80 2,062 6,378 9,904 9,155 2,714 5,791 271 367 3 s Mar 31,250 22,111 2,164 1,414 80 2,075 6,410 9,968 9,139 2,704 5,789 270 366 3 8 Apr 31,349 22,209 2,175 1,429 80 2,083 6,452 9,989 9,140 2,710 5,787 269 363 3 8 May . 31,638 22,479 2,193 1,447 81 2,112 6,534 10,112 9,158 2,721 5,796 269 361 3 8 June 31 914 22,731 2,215 1,449 83 2,117 6,584 10,282 9,184 2,742 5,808 265 357 3 g July 31 898 22,721 2,224 1,436 82 2,104 6,562 10,312 9,178 2,742 5,804 266 355 3 8 Aug 31,973 22,784 2,241 1,444 83 2,111 6,572 10,333 9,189 2,741 5,820 264 352 3 8 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 7 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 5 Nov 32,489 23,277 2,294 1,488 84 2,185 6,734 10,491 9,213 2,753 5,850 260 342 3 5 1 Outside Treasury and Federal Reserve Banks. Prior to December paper currency shown by denomination by amounts of unassorted cur- 1955 the totals shown as in circulation were less than totals of coin and rency (not shown separately). 2 Paper currency only; $1 silver coins reported under coin. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Held in the Treasury Currency in circulation i Held by Kind of currency T N s o ta o t 1 a n v 9 l d . 5 i o 9 3 n u 0 g t , - A g a s o s g l s i d a l e v i c n e a u r s n r t d ity Tr c e a a s s h ury B F F a a . n o n R d r k . s a B F g a a . e n n n R d k t . s s No 1 v 9 . 5 9 30, Oc 1 t 9 . 5 3 9 1, No 1 v 9 . 5 8 30, certificates agents Gold 19,566 19,308 2258 Gold certificates 19,308 16,462 2,816 3i 31 31 Federal Reserve notes . 28 951 77 1,308 27,566 27,013 27,173 Treasury currency—total 5,307 32,350 67 347 4,893 4,861 4,832 Standard silver dollars 488 129 56 9 295 293 275 Silver bullion 2,251 2,251 Silver certificates and Treasury notes of 1890 32 380 263 2,117 2,113 2,177 Subsidiary silver coin 1 513 4 44 1,465 1,447 1,387 Minor coin 544 2 7 535 529 500 United States notes 347 5 23 319 316 317 Federal Reserve Bank notes 107 1 106 106 116 National Bank notes 57 (*) 57 57 59 Total Nov. 30, 1959 21,688 401 16.462 4,471 32,489 Oct 31 1959 21,732 396 16>74 4,665 31,905 Nov 30 1958 22,463 694 17,204 4,488 32,036 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. 31. 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 i n n o te g s o l a d r e c i e n r t p if r i o ca c t e e s s s . of F r e e d t e ir 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

40 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 n u r n g r y c t d - - y - Total Lo n a e n t s, Tot U al . S. G m o C v a e o n e r m c r d i n a - m l ent R F e e o d s b e e l r r i v a g e l ation O s ther O s ri e t t c h ie u e s - r c l T a i i a n a p t o n i b e i e t d t t i a s a l l - l, c d u e T r a p r o n o e t d s n a i l c t y s C co m a a a n u p n i c e n s - i d t c t t a s . , l savings Banks banks 1929—June 29.. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30.. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30.. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31.. 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945 -Dec. 31.. 20,065 4,339 167,381 30,387 128.417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947 -Dec. 31.. 22,754 4,562 160,832 43,023 107.086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950-Dec. 30.. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1955—Dec. 31.. 21,690 5,008 217,437 100,031 96,736 70,052 24,785 ,899 20,670 244,135 224,943 19,193 1956— Dec. 31.. 21,949 5,066 223,742 110,120 93,161 66,523 24,915 ,723 20,461 250,757 230,510 20,246 1957—Dec. 31.. 22,781 5,146 229,470 115,157 91,370 65,792 24,238 ,340 22,943 257,397 236,372 21,023 1958—June 23.. 21,356 5,204 240,451 116,842 97,849 71,611 25.000 ,238 25.760 267,011 244.131 22,880 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 I959_jan. 28.. 20,500 ,200 247,300 119,800 101,500 74.900 25,400 ,200 26.000 273,100 249,600 23,500 Feb. 25,. 20,500 ,200 245,300 119,800 99,400 72,900 25,300 ,200 26,100 271,000 247,100 23,900 Mar. 25.. 20,400 ,200 244,900 121.400 97,200 70.600 25,500 ,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 ,300 248,300 124,800 97,100 70,000 25.900 ,200 26,400 273,700 249,400 24,300 June 10.. 20,137 ,279 248,626 125,715 96,478 69,384 25,944 ,150 26,433 274,042 249,547 24,494 June 24.. 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 I 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 i 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 1 24,900 Nov. 25*. 19,600 5,300 251.300 132,300 93,000 65,200 26,700 ,100 25.900 276,200 250,900 25.200 Dec. 30^. 19.500 5,300 254,900 135,600 93,200 65,400 26,800 ,000 26,COO 279,600 255,500 24,200 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series5 For- Date p b e o n d a i s e g e n i - t n t k s, T h c i r u o n a e r g l s a y d h s s - - s m a b c e v a a o A r i n n c m n t d k i g a - s s l B F a . A n R k t s . Total Total m T b C i e a o m r n c m k e i a s - d l e M p s b a o a u v s n i t i k n u t s s g a 2 l s 3 S S P y a o v s s t i e t n a m g l s p m o D d s a e e n i - t - s d 4 b r C o s e a i n u u n d c t r k e - - y s c a d d u d e T e r j a p m r u o n o e s t a d n s a t n e i c l t d d y s j p m u D o a d s a e d s e t n - - i e - t d d s b r C o s e a i u n u n d c t r k e - - y s 1929—June 29. 365 204 381 36 54,790 28,611 19,557 8,905 149 22,540 3,639 1933—June 30. 50 264 852 35 40,828 21,656 10,849 9,621 1,186 14,411 4,761 1939_Dec. 30. 1,217 2,409 846 6^4 63,253 27,059 15,258 10,523 1,278 29,793 6,401 194l__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 10,135 15,385 2,932 75,851 26,490 l947__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 20,0091 2,923 92,272 25,398 114,300 89,800 24,500 1955—Dec. 31. 3,167 767 4,038 394 216,577 78,378 48,359 28.129 1,890 109,914 28,285 133,200 105,80027,400 1956—Dec. 31. 3,306 775 4,038 441 221,950 82,224 50,577 30,000 1,647 111,391 28,335 134,400 106,70027,700 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 2"8",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 Dec. 31. 3,870 683 4,558 358 242,553 98,306 63,166 34,006 1,134 115,507 28,740 139,400 111,300 28,100 1959-Jan. 28... ,800 700 4,800 500 239 800 98,400 63,400 33,800 1,100 113,800 27,600 138,500 110,70027,800 Feb. 25... ,700 700 4,500 500 237 700 98,700 63,700 34,000 1,100 111,300 27,700 139,100 111,200 2277,900 Mar. 25... ,900 700 3,900 500 237 600 99,500 64,100 34,300 1,100 110,300 27,900 140,300 112,20028.100 Apr. 29... ,700 700 4,600 500 240 300 99,900 64,500 34,300 1,100 112,500 27,900 140,700 112,500 2"-8,700 May 27... ,700 700 5,200 500 239 300100,400 65,000 34,400 1,100 110,700 28,100 140,900 112,600 28,310 June 10... ,587 717 3,077 414 241 752100,838 65,309 34,471 1,058 112,351 28,563 () V) June 24... ,600 400 4,700 500 240 100101,000 65,400 34,600 1,100 110,700 28,300 140,900 112,500 28,400 July 29... ,400 400 5,000 600 242000100,900 65,300 34,500 1,000 112,700 28,400 142,700 114,200 28,500 Aug. 26... ,300 400 6,000 500 240 800101,200 65,600 34,600 1,000 111,100 28,500 141,400 112,900 28,500 Sept. 30*.. ,300 400 6,400 700 241 400101,500 65,700 34,800 1 .0-0"0111,400 28,500 140,500 112,200 28,300 Oct. 28*.. ,100 400 5,500 500 242 200101,100 65,5001 34,600! 1,000 112,700 28,300 140,100 111,900! 28.200 Nov. 25*.. .000 400 4,700 400 242400100,300 64,7001 34,600j 1,000 113.100 29,100 140.300 111,800128.500 Dec. 30*.. 200 400 5,000 500 246 300101,400;65,400 35,000 900 116,100 28.800 140.000 lll,800j28.2C0 P Preliminary. * Revised preliminary figures. NOTE.—For description of statement and back figures, see BULLETIN 1 Represents all commercial and savings banks, Federal Reserve Banks, for January 1948, pp. 24-32. The composition of a few items differs Postal Savings System, and Treasury currency funds (the gold account, slightly from the description in the BULLETIN article; stock of Federal Treasury currency account, and Exchange Stabilization Fund). Reserve Banks held by member banks is included in other securities and 2 Excludes interbank time deposits; U. S. Treasurer's time deposits, in capital and miscellaneous accounts, net, and balances of the Postal open account; and deposits of Postal Savings System in banks. Savings System and the Exchange Stabilization Fund with the U. S. 3 Prior to June 30, 1947, includes a small amount of demand deposits. Treasury are netted against capital and miscellaneous accounts, net, 4 Demand deposits other than interbank and U. S. Govt., less cash instead of against U. S. Govt. deoosits and Treasury cash. Total denosits items reported as in process of collection. and currency shown in the monthly Chart Book excludes foreign bank de- 5 Seasonally adjusted series begin in 1947 and are available only for posits, net, and Treasury cash. Except on call dates, figures are rounded last Wednesday of the month. For back figures, see BULLETIN for July to nearest $100 million and may not add to the totals. 1957, pp. 828-29. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1 [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U t b io l o . i n v g S s t a . . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c c b T o a i a l l a o u p i i n c a t t i n - d i a - t e t a l s s l 3 TotaP m D I a n e n t - e d rba T n i k m 2 e U. D S e . ma O n t d her Time 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 l ts l N ba b u o n e m f r ks - Govt. Other All banks: 1941—Dec. 31.. 61,126 26,615 25, 8,999 27,344 90,908 816 10,982 44,355 26,479 23 8,414 14,826 1945—Dec. 31.. 140,227 30,362 101 8,57735,415 177,332 612 14,065 105,935 45,613 22710,54214,553 1947—Dec. 31*. 134,924 43,002 81,199 10,72338,388 175,091 161i865 240 1,346 94,38153,105 66 11,94814,714 1956—Dec. 31.. 197,063 110,079 523 20;46149,641 250,770 227 1,462 3,736125 308 80,908 7819,24914,167 1957—Dec. 31.. 203,849 115,115 ; 792 22;943 49 318 257,864 233. 15,636 1,386 3,903123993 88,102 80 201,-,42814,090 1958—June 23.. 215,179 117,808 71.611 760 44 423 264,525 237, 789 2,497 9,209117 113 94,596 1,137 21,359 14,055 Dec. 31.. 221,485 ,571 641 273 49, .430 250, 799 2,374 4,253130 132 97,498 8121,70514,020 1959—June 10. . 223,372 555 384 26433 43 ,253 242. 481 2,137 2,776123;6"0' 1100,101 2,772 221,,.41513,988 June 24.. 223,200128,690 170 26340 42,730 270,990 241, 121870 2,030 4,420 600 100,310 2,710 22,,;360 13,997 July 29.. 225,060 130,350 400 26 310 42!290 272,520 242, 630 1,990 4,680 250 100,140 2,580 22,,:510 13,994 Aug. 26. . 225,780 131,970 570 26 240 42!150 273,010 242. 900 1,910 5,720 490 100,530 2,770 22:,,'700 14,004 Sept. 30*. 225,530 132,610 ,470 26450 44;630 275,500 246; 700 1,780 6,140 860 100,840 1,410 22,840 13^96 Oct. 28*. 225,820 133,050 530 26 240 44,030 275,110 244; 150 1,710 5,190 320 100,450 2,460 22,,8r7~013,995 Nov. 25*. 225,690 134,520 240 25 930 44,840275,840 244, 200 1,610 4,390 870 99,610 2,860 221,,'99013,993 Dec. 30*\ 228,710137,300 400 26^10 47^80 281 ,310251; 410 1,520 4,730 710 100,710 2,110 233,,06013,990 All commercial banks: 1941—Dec. 31... 746 21,714 21,808 7,225 26,551 79,104 10,982 44,349 15,952 23 7,17314,278 1945—Dec. 31... 019 26,083 90,606 7,33134; 806 160,312 14,065 105,921 30,241 219 8,95014,011 1947—Dec. 31*.. 284 38,057 69,221 9 006 37 502155,377 144,10312,792 240 1,343 94,36735,360 6510,05914,181 1956—Dec. 31... ,123 90,302 58,552 ,269 48720 217 460197,515 16,133 1,460 3,733 282 50,908 7516,30213,640 1957—Dec. 31... 068 93,899 58,239 ,930 48428 222;696 201 15,636 1,385 3,898 967 56,440 7717,36813,568 1958—June 23... 905 95,571 64,194 20,140 43.507 227,847 204, 13,789 2,495 9,205 086 61,759 1,136 18,17813.535 Dec. 31... 165 98,214 66,376 20,575 48;990 238 651216,017 15,799 2,372 4,250 130 104 63,493 7318,48613,501 1959—June 10... 151103,406 62,035 20,71042;894 233;726 207, 13,481 2,135 2,774123574 65,631 2,770 19,10013,470 June 24. .. 920 104,450 60,860 20,610 41,930 232,380 206, 12,870 2,030 4,420 121 570 65,740 2,710 19,03013,479 July 29... 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... ,190107,370 60,290 20,530 4i;430 234;170 207; 12,900 1,910 5,720 460 65,920 2,770 19,34013,486 Sept. 30*.. ,790107,830 59,230 20,730 43;910 236;500 211; 13,700 1,780 6,140 830 66,030 1,410 19,44013,478 Oct. 28*.. ,330108,160 59,570 20,600 43;330 236;390 210 13,150 1,710 5,190 290 65,830 2,460 19,50013,478 Nov. 25*.. ,160109,470 58,360 20,330 44;120 237060 210 13,200 1,610 4,390 840 65,020 2,860 19,59013,476 Dec. 30?. . ,980112,000 58,560 20,420 46;,360 242250 216 14,410 1,520 4,730 680 65,700 2,110 19,70013,473 All member banks: 1941—Dec. 31.. 43,521 18,021 19,539 5,96123,123 68,121 61,71710,385 140 709 13612,347 4 5,886 6,619 1945—Dec. 31.. 107,183 22,775 78,338 ,070 29,845138;304 129; 13,576 64 22 179 640 24,210 208 7,589 6,884 1947_Dec. 31.. 97,846 32,628 57,914 304 32,,845132060 122; 12,353 50 176 ,609 28,340 54 8,464 6,923 1956—Dec. 31.. 138,768 78,034 47,575 159 42,906 184,874167,90615,567 1,289 292 106,850 40,909 4813,655 6,462 1957—Dec. 31.. 142,353 80,950 47,079 324 42,746188,828170,63715,082 1,246 472105,547 45,290 5714,554 6,393 1958—June 23.. 151,589 82.146 53,165 277 38,489194,003173,90413,274 2,266 8,658 99,812 49,893 1,07815,181 6,357 Dec. 31.. 154.865 84,061 54,299 504 43,188202.017182,81615,227 2,187 3,822110,448 51,132 5415,460 6,312 1959—June 10.. 155,289 88,431 50,225 633 37,856197,265174,81112,945 1,990 2,406 104,67152,799 2,686 15,919 6,280 June 24.. 155,007 89,301 49,164 542 37,171 196,182174,07312,357 1,889 3,943102;992 52,892 2,619 15,875 6,279 July 29.. 156,558 90,697 49,340 16,52136,765197,411175,34412,119 1,842 4,250 104390 52,743 2,500 15,980 6,271 Aug. 26.. 156,537 91,757 48,37016,410 36,547 197,076174,56812,356 1,767 5,095102552 52,798 2,685 16,090 6,263 Sept. 30*. 155,938 92,063 47,30716,56838,834198,984177,71313,181 1,634 5,522104492 52,884 1,358 16,169 6,249 Oct. 28*. 156,328 92,328 47,57116,429 38,314198,793176,36812,590 1,564 4,628 104,90152,685 2,387 16,209 6,248 Nov. 25*. 156,142 93,525 46,43616,18139,026199,373176,19512,638 1,462 3,870 106,18352,042 2,780 16,280 6,240 Dec. 30P. 158,756 95,84: 46,64816,266 40,927 204,009181,60013,890 1,375 4,211 109,525 52,599 2,073 16,368 6,233 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 1417,745 1,889 533 1956—Dec. 31 31,940 19,777 7,971 4,192 920 33,311 30,032 3 25 30,001 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 26 32,837 3,181 520 Dec. 31 36.320 23,357 7.265 5,698 921 37,779 34,040 3 ,006 3,219 519 1959—June 10 37,221 24,149 7,349 5,724 780 38,526 34,503 2 28 34,471 3,315 518 June 24 37,280 24,240 7,310 5,730 800 38,610 34,600 30 34,570 3,330 518 July 29 37,400 24,410 7,290 5,700 720 38,650 34,560 30 34,530 3,340 518 Aug. 26 37,590 24,600 7,280 5,710 720 38,840 34,640 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 Oct. 28* 37,490 24,890 6,960 5,640 700 38,720 34,650 34,620 3,370 517 Nov. 25* 37,530 25,050 6,880 5,600 720 38,780 34,620 34,590 3,400 517 Dec. 30^ 37,730 25,300 6,840 5,590 820 39,060 35,040 35,010 3,360 517 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 classifications of April 1959). cities and individual banks, and by mergers, etc. All banks comprise all commercial banks and all mutual savings banks. 2 Beginning with June 30, 1942, excludes reciprocal balances, which on All commercial banks comprise (1) all nonmember commercial and Dec. 31, 1942, aggregated $513 million at all member banks and $525 (2) all member commercial banks. Member banks include (1) a national million at all insured commercial banks. bank in the Virgin Islands that became a member on May 31, 1957, (2) 3 Includes other assets and liabilities not shown separately. a noninsured nondeposit trust company, and (3) three mutual savings For other notes see following two pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

42 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U t b io o l . i S n v g s . t a . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c c b T o a i a l a l u p o i n i c a n t i t d i - t a - t e a s l s l 3 Total2 m D I a n e n t - e d rba T n i k m 2 e U. D S e . ma O n t d her Time r B i o n o w g r s - - c T a o p t i a ta l l b N a b u o n e m f k r s - Govt. Other 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 6 866 12,051 807 1,648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947—Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 37 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 2,873 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 1,774 2,946 18,898 3,506 483 3,214 18 Dec. 31 25,966 16,165 7,486 2,315 9,298 36,398 31,679 4,786 1,739 968 20,704 3,482 3,282 18 1959—June 10 25,648 16,514 6,745 2,389 7,555 34,387 28,879 4,036 1,564 479 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 1,480 775 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 1,438 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 1,363 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 1,256 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 1,205 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 1,100 692 19,183 3,385 968 3,337 16 Dec. 30? 25,955 18,809 4,964 2,182 8,436 35,656 30,016 4,476 1,009 956 20,155 3,420 728 3,346 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 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* 6,606 3,908 2,015 683 1,879 8,564 7,578 1,115 213 4,785 1,440 108 754 14 Dec. 30*> 6,805 4,138 1,976 691 2,000 8,884 7,874 1,174 254 4,966 1,457 138 756 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 2,04211,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947__Dec. 31 36,040 13,449 20,196 2,39613,066 49,659 46,467 5,627 22 405 28,999900 1111,423 1 2,844 353 1956—Dec. 31 53,915 31,783 17,368 4,764 17,716 72,854 66,524 7,584 294 1,201 40,64716,797 21 5,076 289 1957—Dec. 31 55,259 32,805 17,352 5,102 17,540 74,196 67,483 7,241 301 1,358 39,9"6"0 '1"8,623 21 5,370 278 1958—June 23 59,273 32,851 20,436 5,986 1'5",443 76,155 68,672 6,397 416 3,150 38,003 20,706 350 5.617 280 Dec. 31 60,558 34.003 20,645 5,910 17,701 79,781 72.647 7,506 377 1,429 42,259 21,075 14 5,760 274 1959—June 10 60,812 36,315 18,663 5,834 15,611 77,952 69,382 6,450 361 858 39,990 21,724 1,141 5,930 273 June 24 60,617 36,616 18,224 5,77715,762 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 40,3-6"8 "2'1,638 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 21,609 972 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 5,706 1155,930 78,391 69,942 6,295 299 1,746 40,073 21,529 901 6,053 270 Nov. 25* 60,790 38,171 16,954 5,66516,463 78,852 69,951 6,273 303 1,528 40,590 21,257 1,175 6,083 270 Dec. 30^ 61,738 38,944 17,157 5,63717,278 80,647 72,174 6,803 309 1,572 41,99121,499 914 6,123 265 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 2,40810,632 46,059 43,418 1,207 5,465 24,23512,494 11 2,525 6,476 1947—Dec. 31 36,324 10,199 22,857 3,268 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 ,160 41,119944 2200,317 21 5,046 6,141 1957—Dec. 31 56,820 28,191 21,815 6,814 14,139 72,062 65,991 1,640 ,181 40,72422,429 30 5,359 6,083 1958—June 23 , 58,225 28,937 22,000 7.288 12.860 72,255 65,741 1,282 ,857 38,286 -2,4277 164 5,641 6.045 Dec. 31 61,511 30,257 23,606 7,648 14,031 76,767 70,277 1,578 ,175 42,349 25,137 37 5,685 6.006 1959_j J U u n n e e 1 2 0 4 6 6 2 2 , , 2 3 4 8 8 6 3 3 1 2 , , 9 3 6 1 0 7 2 2 2 2 , , 5 3 8 7 1 7 7 7 , , 7 6 0 9 7 2 1 1 2 2, , 3 8 6 4 3 0 7 7 6 5 , , 4 9 0 8 5 6 6 6 9 8 , , 1 7 7 8 5 7 1 1 , , 2 2 9 3 9 2 , 9 3 5 0 0 9 4 4 0 0 , , 8 1 1 1 2 5 2 2 6 6 , , 0 0 8 9 0 4 4 5 6 1 3 0 5 5 , , 9 8 4 9 6 8 5 5 , , 9 9 7 7 6 5 July 29 62,719 32,523 22,475 7,721 12,385 76,401 69,245 1,224 ,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 ,675 40,27—0 "2,6260 531 6,003 5,961 Sept. 30* 63,370 33,075 22,516 7,779 12,854 77,567 70,395 1,285 ,685 41,105 26,286 306 6,030 5,949 Oct. 28* 63,687 33,223 22,668 7,796 12,707 77,716 70,325 1,321 ,540 41,149 26,281 481 6,065 5,948 Nov. 25* 63,726 33,456 22,509 7,761 12,850 77,903 70,414 1,358 ,437 41,62525,960 529 6,106 5,940 Dec. 30? 64,258 33,951 22,551 7,756 13,213 78,822 71,536 1,437 ,429 42, 4'1"3 "2'6,223 293 6,143 5,938 * 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 43 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i Continued [Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U t b io o l . i n v g S s t a . . - O s ri e t t c h ie u e s - r a C ss a e s ts h * c c b T o a i a l a l u o p i n i c a t n i t d - i - t a t e a s l s l 3 Total 2 m D I a n e n t - e d rba T n i k m 2 e U. D S. ema O n t d her Time r B i o n o w g r s - - c c T a o a o p u c t i n - a ta t l s l b N a b u o n e m f k r s - Govt. Other All insured commercial banks: 1941—Dec. 31 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,298 115,699 10 6,84413,,426 1945—Dec. 31 121,809 25,765 88,912 7,131 34,292157,544147,775 13,883 23,740 80,276:",876 215 8,67111 3,,297 1947—Dec. 31 114,274 37,583 67,941 750 36,926152,733141,85112,615 54 1,325 92,975 34;,<882 61 9,7341133,,398 1956—Dec. 31 163,601 89,831 57,837 933 48352 215,514195,95315,981 1,301 3,771177 112244,^346 50,608 5615,98813,195 1957—Dec. 31 168,595 93,430 57,580 585 48127 220,865199,87615,489 1,264 3,859123,1127 56,137 / 13,142 1958—June 23 178,330 95,105 63,489 735 43243 225,,9"4 •5" 202,81913,632 2,288 9,162116,3308 61,429 1,12517,85713,121 Dec. 31 183,596 97,730 65,669 20;198 48689 236,724 214,48515,653 2,209 4,241 129,2214 63,168 6718 15413,101 1959—June 10 184,632102,902 61,396 20,334 42623 231,876 206,14913,338 2,013 2,766122,7744 65,288 2,76218 76213,086 National member banks: 1941—Dec. 31 27,571 11,725 12,039 3,80614,977 43,433 39,458 6,786 1,088 23,262 8,322 4 3,640 5,117 1945_Dec. 31 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 14,013 45,47316,224 78 4,644 5,017 1947—Dec. 31 65,280 21,428 38,674 5,178 22:,024 88 82,023 8,375 35 795 53,54119,278 45 5,409 5,005 1956—Dec. 31 88,477 48,109 31,568 8,800 27,006 117; 107,161 9,322 522 2,074 67,434 "2,7810 198,450 4,651 1957—Dec. 31 91,201 50,350 31,234 9,617 26,786 120; 109,091 8,958 517 2,166 66,546 30,904 389,070 4,620 1958—June 23 95,898 50,744 34,49810,656 23,964 122,100110,065 7,849 825 4,751 62,886 33,754 4929,451 4,599 Dec. 31 99,277 52,627 35,71410,936 26,781128;;397116,714 9,035 767 2,292 69,808 34,812 43 9,643 4,578 1959—June 10 99,982 55,816 33,15211,014 23,835126,255112,659 7,818 705 1,526 66,433 36,177 1,42010,041 4,559 State member banks: 1941—Dec. 31 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 2,246 1,502 1945—Dec. 31 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 1302,945 1,867 1947—Dec. 31 32,566 11,200 19,240 2,12510,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 1956—Dec. 31 50,291 29,924 16,007 4,359 15,900 67,530 60,744 6,245 767 1,218 39,416 133,098 29 5,205 1,811 1957—Dec. 31 51,152 30,600 15,846 4,70715,960 68,676 61,545 6,124 729 1,306 39,00114,386 185,483 1,773 1958—June 23 55,691 31,403 18,667 5,62114,525 71,904 63,839 5,425 1,441 3,907 36,92616,140 586 5,730 1,758 Dec. 31 55,588 31,435 18,585 5,56816,407 73,620 66,102 6,192 1,420 1,530 40,640 1166,320 105,817 1,734 1959—June 10 55,307 32,616 17,072 5,61914,021 71,010 62,152 5,127 1,285 880 38,23716,622 1,266 5,879 1,721 Insured nonmember commercial banks: 1941—Dec. 31 5, 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 959 6,810 1945—Dec. 31 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 1,083 6,416 1947—Dec. 31 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 149 12,366 6,558 1,271 6,478 1956—Dec. 31 24,859 11,808 10,274 2,777 5,448 30,667 28,073 414 425 17,497 9,724 2,336 6,737 1957—Dec. 31 26,268 12,493 10,512 3,264 5,383 32,066 29,266 407 388 17,58010,873 2,500 6,753 1958—June 23 26,768 12,972 10,335 3,460 4,756 31,971 28,942 359 504 16,49611,562 47 2,679 6,768 Dec. 31 28,759 13,682 11,381 3,696 5,504 34,737 31,696 426 419 18,76612,063 132,696 6,793 1959—June 10 29,371 14,484 11,183 3,704 4,770 34,642 31,365 392 361 18,07412,516 76 2,846 6,810 Noninsured nonmember commercial banks: 1941_Dec. 31 1,457 455 761 241 763 2,283 1,872 329 1,291 253 329 852 1945—Dec. 31 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 279 714 1947—Dec. 3H 2,009 474 1,280 255 576 2,643 2,251 177 185 1,392 478 325 783 1956—Dec. 31 1,521 471 714 336 369 1,946 1,562 152 159 936 300 313 444 1957—Dec. 31 1,473 468 660 345 301 1,831 1,449 147 121 840 303 317 425 1958—June 23 1,575 466 704 405 264 1,902 1,516 157 207 778 330 321 413 Dec. 31 1,568 484 707 377 301 1,927 1,532 146 163 890 325 332 399 1959—June 10 1,518 504 639 375 271 1,850 1,444 143 122 830 342 338 383 All nonmember commercial banks: 1941—Dec. 31 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 1,288 7,662 1945—Dec. 31 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 1,362 7,130 1947—Dec. 3H 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 1"3,758 7,036 1,596 7,261 1956—Dec. 31 26,381 12,279 10,989 3,113 5,817 32,613 29,635 566 171 440 18,43310,024 2,649 181 1957—Dec. 31 27,741 12,961 11,172 3,608 5,684 33,897 30,715 554 138 427 18,42011,176 2,817 178 1958—June 23 28,343 13,438 11,040 3,865 5,020 33,873 30,458 515 229 548 17,27411,892 3,000 181 Dec. 31 30,327 14,165 12,088 4,074 5,805 36,664 33,227 572 185 428 19,65512,387 3,028 192 1959—June 10 30,889 14,988 11,821 4,079 5,041 36,491 32,810 536 144 368 18,90312,858 3,183 7,193 Insured mutual savings banks: 1941—Dec. 31 1,693 642 629 421 151 1,958 1,789 1,789 164 52 1945_Dec. 31 10,846 3,081 7,160 606 429 11,424 10,363 12 10,351 1,034 192 1947—Dec. 31 12,683 3,560 8,165 958 675 13,499 12,207 1 2 1212,192 1,252 194 1956—Dec. 31 24,170 15,542 5,518 3,110 739 25,282 22,886 2 3 23 2"2,857 2,130 223 1957_Dec. 31 26,535 17,194 5,404 3,937 719 27,671 25,022 1 3 26 24,991 2,308 239 1958—June 23 27,869 18,132 5,234 4,503 745 29,021 26,082 2 2 26 26,052 2.433 239 Dec. 31 28,980 19,180 5,215 4,585 752 30,189 27,277 2 3 28 27,243 2,473 241 1959—June 10 30,150 20,106 5,324 4,721 630 31,228 28,041 2 2 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 6 8,738 1,077 496 1945—Dec. 31 5,361 1,198 3,522 641 180 5,596 5,022 2 5,020 558 350 1947_Dec. 3H 5,957 1,384 3,813 760 211 6,215 5,556 1 5,553 637 339 1956—Dec. 31 7,770 4,235 2,453 1,082 182 8,028 7,146 1 7,143 817 304 1957—Dec. 31 7,246 4,022 2,148 1,076 171 7,497 6,672 1 6,671 751 283 1958—June 23 7,404 4,104 2,183 1,116 171 7,657 6,787 1 6,785 748 281 Dec. 31 7,341 4,177 2,050 1,113 169 7,589 6,763 I 6,762 746 278 1959—June 10 7,071 4,043 2,025 1,003 150 7,298 6,461 1 6,460 707 267 For other notes see preceding two pages. NOTE.—For revisions in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-71. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

44 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Loans2 Investments Loans for Loans Cla c s a s l a l o n d f d a b te ank i m T l n o a v o e n a e n t n d a s t s t l s - Total 2 C c m o m c p k i l i p o i n u n a e a e a e m g d - r r - t l n - - , - - A c tu u g a r l l r - - i- o p b k d a T s r u r e e n e o o r a r d c c s - c l u a - h r r a r it o y s e T i i t i e r n h n o s s g - g b i a T n n f o s i k n t s i a t t u n o o c ti t i o h T a n l e o s rs l R o t e a a e s t n a - e l s O l u v o i d t t a i n a o h i d l n - - e s - s r O lo t a h n e s r Tot U al . S. B G il o ls ver C n o d c e m e f a e r d t b t i e e i - n t f n s - i - t o N b o li t g e a s tio B n o s nds O s ri e t t c h ie u e s - r per ers ness All commercial banks:3 1947_Dec. 31. . 116,284 38,05718,167 1,660 8301,220 9,.3„9-3 5,723 1,06369,221 2,193 7,789 6,034 53,205 9,006 1958—Dec. 31.. 185,165 98,214 40-,425 4,973 2,832 1,829 25,2"5""5 20,698 4,156 6666,376 6,294 7,39913,396139,287 2-0,575 1959—June 10.. 186,151103,406 41,613 5,098 2,3331,903 26,669 22,382 5,419 6(2,035 5,149 4,72214,037 38,127 20,710 June 10re 186,151103,406 37,158 5,098 2,3331,903 1,850 5,569 26,66922,382 2,455 Oct. 6*. 187,760108,250 38,710 5,240 2,3101,850 1,940 6,360 27,600 23,560 2,74058,650 4,880 2,85014,080 36,840 20,860 All insured commercial banks: 1941_Dec. 31. . 49,290 21,259 9,214 1,450 614 662 4,773 4,545 21,046 988 3,15916,899 6,984 1945—Dec. 31.. 121,809 25,765 9,461 1,314 3,164 3,606 4,677 2,361 1,181 88,912 2,45519,07116,045 5"1",342 7,131 1947—Dec. 31.. 114,274 37,58318,012 1,610 """ ', 1"9"0 9,266 5,654 1,028 77.941 2,124 7,552 5,918 52,347 8,750 1958—Dec. 31.. 183,596 97,730 40,289 4,913 1,810 25,14820,589 4,13465;669 6,159 7,36213,240 38,908 20,198 1959—June 10.. 184,632102,902 41,459 5,046 2;3121,884 26,5"5"0 22,264 5,39661,396 5,025 4,69013,928 37,754 20,334 June 10r. 184,632102,902 37,013 5,046 2,312 1,846 5,55326,550 22,264 2,444 Member banks, total: 1941_Dec. 31.. 43,521 18,021 8,671 972 594 598 3,494 3,692 9,539 971 3,00715,561 5,961 1945—Dec. 31.. 107,183 22,775 8,949 8553,1333,378 3,455 1,900 1,10478,338 2,27516,98514,27144,807 6,070 1947__Dec. 31. . 97,846 32,62816,962 1,046 811 ,065 7,130 4,662 95257,914 1,987 5,816 4,81545,295 7,304 1958—Dec. 31.. 154,865 84,06137,444 3,052 2,730 ,599 20,01317,028 3,92054,299 4,644 6,14311,117 3""2,39616,504 1959—June 10.. 155,289 88,43138,469 3,132 2,260 ,669 21,18018,397 5,09850,225 3,854 3,68811,410 31,27316,633 June 10 r. 155,289 88,43134,172 3,132 2,260 ,669 1,820 5,27721,18018,397 2,298 Oct. 6.. 155,942 92,47135,565 3,177 2,229 ,593 1,905 6,04321,82419,359 2 58—3 46,796 3,574 1,82011,448 29,95416,674 New York City:* 1941_Dec. 31. . 12,896 4,072 2,807 412 169 123 554 7,265 311 1,623 5,331 1,559 1945—Dec. 31.. 26,143 7,334 3,044 2,4531,172 80 287 298 7,574 477 3,433 3,32510,339 1,235 1947_Dec. 31.. 20,393 7,179 5,361 545 267 111 564 330 1,972 1,002 640 558 9,772 1,242 1958—Dec. 31.. 25,966 16,16510,928 1,652 382 641 1,502 1,424 7,486 643 1,106 1,602 4,135 2,315 1959—June 10.. 25,648 16,51410,731 1,556 409 746 1,625 1,819 6,745 1,165 350 1,717 3,513 2,389 June 10r. 25,648 16,514 9,523 1,556 409 966 1,344 746 1,625 717 Oct. 6.. 25,315 17,50210,105 1,442 416 912 1,639 853 1,705 821 5,418 580 133 1,388 3,316 2,395 Chicago:* 1941—Dec. 31.. 2,760 954 732 48 52 22 95 1,430 256 153 1,022 376 1945—Dec. 31.. 5,931 1,333 760 211 233 36 51 40 4,213 133 1,467 749 1,864 385 1947—Dec. 31.. 5,088 1,801 1,418 73 87 46 149 26 2,890 132 235 248 2,274 397 1958—Dec. 31.. 6,830 3,637 2,628 266 97 161 357 220 2,562 232 361 522 1,446 631 1959_ June 10.. 6,581 3,643 2,678 146 107 181 386 241 2,235 178 205 439 1,414 703 June 10r. 6,581 3,643 2,308 146 107 418 181 386 155 Oct. 6.. 6,689 3,978 2,509 131 114 538 180 412 149 2,037 125 124 450 1,338 675 Reserve city banks: 1941—Dec. 31.. 15,347 7,105 3,456 300 114 194 1,527 1,512 6,467 295 751 5,421 1,776 1945—Dec. 31.. 40,108 8,514 3,661 205 4271,503 1,459 855 404 29,552 1,034 6,982 5,65315,883 2,042 1947_Dec. 31.. 36,040 13,449 7,088 225 170 484 3,147 1,969 366 20,196 373 2,358 1,90115,563 2,396 1958—Dec. 31.. 60,558 34,00315,808 669 518 851 8,405 6,930 1,492 20,645 1,293 2,370 4,49712,484 5,910 1959_june 10.. 60,812 36,31516,410 753 404 860 8,986 7,513 2,073 8,663 870 1,512 4,23012,051 5,834 June 10 r. 60,812 36,31514,285 753 404 860 714 2,635 8,986 7,513 848 Oct. 6.. 60,624 37,89014,768 785 428 782 753 2,944 9,212 7,946 967 6,954 823 689 4,07011,372 5,780 Country banks: 1941_Dec. 31.. 12,518 5,890 1,676 659 20 183 1,823 1,530 4,377 110 481 3,787 2,250 1945_Dec. 31.. 35,002 5,596 1,484 648 42 471 1,881 707 363 26,999 630 5,102 4,54416,722 2,408 1947_Dec. 31.. 36,324 10,199 3,096 818 23 227 3,827 1,979 22922,857 480 2,583 2,10817,687 3,268 1958—Dec. 31.. 61,511 30,257 8,080 2,368 294 268 10,806 8,239 78423,606 2,475 2,306 4,49514,330 7,648 1959_ J j u un n e e 1 1 0 0 .. r. 6 6 2 2 , , 2 2 4 4 8 8 3 3 1 1 , , 9 9 6 6 0 0 8 8, , 0 6 5 5 7 0 2 2 , , 3 3 6 6 2 2 1 1 5 5 4 4 2 2 9 9 3 3 101 8791 1 1 1 , , 2 2 6 6 7 7 8 8 , , 8 8 7 7 2 2 9 5 6 7 5 8 22,581 1,642 1,622 5,02314,295 7,707 Oct. 6.. 63,314 33,101 8,183 2,377 228 282 197 92211,579 9,296 646 22,388 2,046 874 5,541 13,928 7,824 Nonmember commercial banks:3 1947_Dec. 31.. 18,454 5,432 1,205 614 20 156 2,266 1,061 11111,318 206 1,973 1,219 7,920 1,703 1958—Dec. 31.. 30,327 14,165 2,981 1,921 102 230 5,256 3,671 23512,088 1,651 1,255 2,280 6,901 4,074 1959—June 10.. 30,889 14,988 3,144 1,967 73 234 5,502 3,985 32111,821 1,295 1,034 2,629 6,864 4,079 e Estimated. but are not included in all insured commercial banks or all commercial r Revised. For discussion see p. 12. banks. Comparability of figures for classes of banks is affected somewhat l All commercial banks in the United States. These figures exclude by changes in Federal Reserve membership, insurance status, and the data for banks in U. S. territories and possessions except for member reserve classifications of cities and individual banks, and by mergers, etc. banks. During 1941 three mutual savings banks became members of For other notes see opposite page. the Federal Reserve System; these banks are included in member banks Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS 45 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] / Demand deposits Time deposits Re- Bal- De- Cla c s a s l a l o n d f d a b te ank F B s s w e e R e a r d r i n e v t e v - h k e r e s s al C va i a n u s l h t b m a w a d n e n o i c s t k - e t h i s s c 5 ju p m s o d a a t e s d e n - i - d t d s 6 m D e I s o n d t - t e i e p c r 5 o b s a i F n t e s i k o g r n - G U o . v S t . . p v s S o i u a l t s i a b n i t o t d i d e c n i s a - s l c C c h o f a e e e i f e t n e f r c r c i d t d . s - k i ' - s, a p 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 - , s r r - , - I b n a t n e k r- p G U s i a o n a o . n s g v v d t S s - a t . . l v S p s i a i u s t o c a n i b l a o t d i d e l t n - i s s - p a v n s a p t I i h i d d 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 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 6510,059 1958—Dec. 31.... 18,427 3,249 12,609 115,518 14,142 1,657 4,250 10,928 4,043 115,132 2,372 327 3,576 59,590 7318,486 1959_ O ju c n t e . 10 6e... 1 1 8 8 , , 0 29 8 0 4 2 3 , , 9 1 3 1 0 8 1 1 0 0 , , 3 83 7 0 11 1 1 1 2 1 , , 3 98 5 0 3 1 1 1 2 , , 9 6 3 2 4 0 1 1 , , 5 5 4 1 7 0 2 4 , , 7 8 7 1 4 0 1 1 0 0 . , 4 5 8 7 5 0 3 3 , , 6 40 0 7 0 1 1 0 0 9 9 , , 6 8 8 0 1 0 2 1 . , 1 74 3 0 5 2 3 9 2 0 2 3 3, , 3 7 0 4 0 7 6 6 1 2 . , 5 4 6 0 2 0 2 2 , , 7 4 7 5 0 0 1 19 9 , , 5 1 7 0 0 0 All insured commercial banks: 1941_Dec. 31 12,396 1,358 8,570 37,845 9,823 673 1,762 3.677 1,077 36.544 158 59 492 15,146 10 6,844 1945—Dec. 31.... 15,810 1,829 11,075 74,722 12,566 1,248 23,740 5.098 2.585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6.6^2 2.559 83,723 54 111 826 33,946 61 9,734 1958—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 3,376 108,9/9 2,013 322 3,674 61,2922,76218,762 Member banks, total: 1941—Dec. 31.... 12,396 1,087 6,246 33,754 9,714 671 1,709 3.066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.... 15,811 1,438 7,117 64,184 12,333 1,24322,179 4.240 2.450 62,950 64 99 399 23,712 208 7.589 1947—Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1.375 1,176 5.504 2.401 72,704 50 105 693 27,542 54 8,464 1958—Dec. 31.... 18,428 2,441 7,977 96,218 13,614 1,613 3,822 8.603 3,712 98,133 2.187 300 2,829 48.004 5415.460 1959—June 10 18,086 2,351 6,375 93,722 11,446 1,499 2.406 8.207 3 110 93.353 1 .990 297 2.937 49.5652,68615.919 Oct. 6.... 18,291 2,201 6,700 92,728 12,091 1,458 4,298 8,218 3,288 92,892 1,597 265 2,473 50,0942,38516,256 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 l945_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 1958 Dec. 31 4,454 161 92 16 170 3 519 1,267 968 329 1 540 18 835 1 739 36 100 3 345 3 282 1959—June 10.... 4.090 148 66 16.010 2.888 1! 148 479 295 i!259 17.657 T.564 27 140 3,423 809 3,300 Oct. 6.... 3,779 140 56 15,081 3,019 1,133 931 305 1,399 16,898 1,231 26 110 3,398 897 3,349 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 ,292 20 1 552 237 66 3 160 719 377 l947_Dec. 31.... 1,070 30 175 3,737 ,196 21 72 285 63 3.853 2 9 902 426 1958—Dec. 31.... 1,058 36 185 4,271 ,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 Oct. 6.... 1,041 33 103 3,926 1,152 41 251 350 85 4,179 28 8 11 1,408 261 754 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 11,0451 1 2,844 1958—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 Oct. 6.... 7,635 702 2,064 33,887 6,547 268 1,709 2,722 833 35,992 310 95 1,196 20,249 876 6,052 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 ,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1958—Dec. 31.... 5,444 1,476 5,030 40,272 ,565 13 1,175 4,819 1.032 36,498 36 132 1,250 23,755 37 5,685 1959_ O jucnte. 10 6.... 5 5 . , 6 8 4 3 7 7 1 1 . , 4 3 2 2 3 7 4 4 , , 0 47 9 7 3 3 3 9 9 , ,8 1 3 4 4 0 1 , ,3 2 7 8 3 1 1 1 9 6 1,4 9 0 5 7 0 4 4, . 8 7 4 1 1 8 9 9 4 7 4 0 3 3 5 5 , , 8 1 2 5 3 0 2 3 8 4 1 1 4 3 0 7 1 1 , , 3 1 2 5 0 5 2 2 4 5 . , 6 03 2 9 0 4 3 6 5 3 2 5 6, , 1 9 0 4 1 6 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 1? 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 1958—Dec. 31 808 4 633 19'300 557R 43 428 2'325 16 999 185 27 747 11*6131 ™ 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

46 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES [In millions of dollars] Loans For purchasing or carrying securities Financial iustitutions 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 a s v e t d e n e - s t d t s - 1 j L u a o st d a e - n d s 1 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 v n 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 i e e m o a c s r - l - - - n s c s P a a o o a f e n n n l i m e r - d c a - s - e l Other e R st e a a t l e o lo A t a h l n e l s r V se t a r i r o e l v u - n e a s panies etc. Total— Leading Cities 1959 Oct 7 104,199 103,038 65,219 29,511 936 311 1,740 160 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 1 627 159 1,180 671 1,280 3 743 1,609 12 494 14 216 361 21 104,652 103,928 65,434 29,550 928 512 1,712 173 1,190 686 724 3,705 1,624 12,513 14,201 ,360 28 104,333 103,388 65,244 29,516 936 433 1,682 158 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 1,702 160 ,195 111 1,351 3,782 1,671 12,506 14,321 ,361 11 104,343 103 146 65,703 29,727 942 397 1 701 152 1,193 743 1,197 3 687 1 669 12 540 14 312 I 360 18 104,345 103,251 65,961 29,912 937 383 1 776 154 1,188 734 1,094 3 722 1,679 12,562 14 274 360 25 104,202 102,841 65,884 29,901 919 313 1,774 158 1,187 750 1,361 3,708 1,678 12,578 14 279 Dec 2 105,707 104,253 66,335 30,015 913 424 1,764 151 ,178 111 1,454 3,808 1,723 12,574 14 372 1,364 9 105,475 103,980 66,178 30,034 917 261 1,713 145 1,187 797 1,495 3,814 1,702 12,596 14,375 1,363 16 106,643 105,330 67,684 30,423 919 607 1 974 145 1,187 784 1,313 4,221 1,699 12,651 14 434 1,360 23 106,546 104,954 67,627 30,490 917 410 1,967 153 1,192 789 1,592 4,275 1,705 12,652 14,439 1,362 30 106,627 105,363 68,069 30,465 930 452 2,127 164 (.174 809 1,264 4 441 1,746 12,652 14,472 1,363 New York City 1959 Oct 7 25,329 24,829 17,146 10,192 1 170 1,249 39 389 460 500 1.316 308 870 2 547 395 14 25,237 24,632 17,161 10,290 1 187 1,140 39 385 459 605 1,275 312 890 2,578 395 21 25,106 24 930 17,291 10,182 1 371 1 211 36 388 461 176 1,268 310 893 2 564 394 28 25,110 24,808 17,207 10,183 1 330 1,197 34 387 455 302 1,238 317 896 2,563 394 Nov 4 25,493 25,134 17,516 10,290 2 367 1,197 36 386 472 359 1,359 325 879 2,597 394 11 25,010 24,528 17,285 10,272 2 222 1,195 35 385 472 482 1,295 325 892 2,584 394 18 24,961 24 600 17,482 10,346 3 276 1 273 37 383 462 361 L317 332 902 2 545 394 25 25,087 24,405 17,421 10,354 3 209 1,267 35 380 479 682 1,280 335 915 2,558 394 Dec 2 25,643 24 880 17,691 10,440 4 275 1 250 32 379 509 763 1,293 337 918 2 650 396 9 25,415 24,753 17,503 10,438 4 171 1,200 30 380 503 662 1,270 339 930 2 632 394 16 26,088 25 597 18,265 10,596 4 386 1 406 31 379 492 491 1,416 330 961 2 658 394 23 25,838 25,087 18,046 10,590 4 243 1,360 36 368 500 751 1,423 335 952 2,628 393 30 25,996 25 453 18,354 10,630 9 257 1,506 44 356 500 543 1,506 374 955 2 609 392 Outside New York City 1959 Oct 7 78,870 78,209 48,073 19,319 935 141 491 121 806 217 661 2,504 1,283 11,592 11 629 965 14 78,845 78 170 48,108 19,416 940 97 487 120 795 212 675 2,468 1 297 11 604 11 638 966 21 79,546 78,998 48,143 19,368 927 141 501 137 802 225 548 2,437 1,314 11,620 11,637 966 28 79,223 78,580 48,037 19,333 935 103 485 124 804 218 643 2,382 1 334 11 631 11 652 964 Nov. 4 79,737 78,745 48,374 19,397 935 206 505 124 809 245 992 2,423 1,346 11,627 11,724 967 11 79,333 78,618 48,418 19,455 940 175 506 117 808 271 715 2,392 1,344 11,648 11,728 966 18 79,384 78 651 48,479 19,566 934 107 503 117 805 272 733 2 405 1 347 11 660 11 729 966 25 79,115 78,436 48,463 19,547 916 104 507 123 807 271 679 2,428 1 343 11 663 11 721 967 Dec. 2 80,064 79,373 48,644 19,575 909 149 514 119 799 268 691 2 515 1 386 11 656 11 722 968 9 80,060 79,227 48,675 19,596 913 90 513 115 807 294 833 2,544 1 363 11 666 11'743 969 16 80,555 79 733 49,419 19,827 915 221 568 114 808 292 822 2 805 1 369 11 690 11 776 966 23 80,708 79,867 49,581 19,900 913 167 607 117 824 289 841 2 852 1 370 11 700 11 811 969 30 80,631 79,910 49,715 19,835 921 195 621 120 818 309 721 2,935 1,372 11,697 11,863 971 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 47 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Cash assets, excluding cash items in process Investments of collection Total U. S. Government obligations assets— All total Wednesday Cer- Notes and bonds Other a B n a c l e - s a B n a c l e - s Currency se R rv e- es a o s t s h e e t r s lia ti b e i s litifi- maturing: secu- Total with with and with and cates rities domes- for- coin F. R. capital Total Bills of in- tic eign Banks accounts e d d e n b e t s - s W 1 y i i n t e h a - r 5 1 y e t a o rs 5 A y f e te a r rs banks banks Total- Leading Cities 1959 Oct. 7 27,668 1,652 ,072 1,575 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 1,537 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 1,492 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 1,481 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 1,535 16,782 6,592 9,933 17,376 2,825 86 1,147 13,318 3,126 137,500 11 27,693 1,612 ,276 1,504 16,696 6,605 9,750 17,113 2,882 94 1,228 12,909 3,152 134,846 18 27,542 1,582 ,140 1,720 16,498 6,602 9,748 17,579 2,877 102 ,214 13,386 3,078 136,399 25 27,232 1,482 ,109 1,670 16,352 6,619 9,725 17,192 2,672 96 1,202 13,222 3,163 135,908 Dec. 2 28,164 2,489 ,123 1,736 16,177 6,639 9,754 17,291 2,766 95 1,234 13,196 3,245 137,110 9 27,995 2,369 ,139 1,764 16,110 6,613 9,807 17,227 2,658 92 1,342 13,135 3,205 135,951 16 27,783 2,300 ,113 1,791 15,969 6,610 9,863 17,967 3,061 93 1,350 13,463 3,158 140,333 23 27,496 2,148 ,107 1,837 15,874 6,530 9,831 17,710 3,037 94 1,314 13,265 3,226 139,350 27,468 2,243 ,084 1,867 15,774 6,500 9,826 17,790 3,039 122 1,389 13,240 3,266 139,859 30 New York City 1959 5,286 529 128 180 3,114 ,335 2,397 3,757 153 3,507 1,229 33,403 Oct. 7 5,120 405 125 161 3,089 ,340 2,351 3,624 167 3,353 1,238 34,003 14 5,348 620 114 121 3,152 ,341 2,291 4,252 151 3,987 1,147 34,035 21 5,329 620 113 127 3,130 ,339 2,272 4,255 161 3,971 1,152 34,083 28 Nov. 4 5,386 571 229 173 3,080 ,333 2,232 3,944 163 3,648 1,132 35,056 11 5,156 395 247 156 3,032 ,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 Dec. 2 5,083 588 218 156 2,793 ,328 2,106 3,933 173 3,630 1,237 34,215 9 5,088 615 221 153 2,774 ,325 2,162 4,161 212 3,844 1,201 34,052 16 5,132 705 197 152 2,749 ,329 2,200 4,035 210 3,708 1,156 35,650 23 4,868 531 185 165 2,713 ,274 2,173 3,951 189 3,644 1,247 34,863 30 4,905 596 209 166 2,662 ,272 2,194 4,046 194 3,701 1,256 35,687 Outside New York City 1959 Oct. 7 22,382 1,123 944 ,395 13,650 5,270 7,754 13,231 2,594 981 9,611 1,909 100,816 14 22,326 1,073 950 ,376 13,637 5,290 7,736 13,698 2,955 ,086 9,615 1,927 102,850 21 23,138 1,689 970 ,371 13,798 5,310 7,717 13,423 2,729 ,055 9,596 1,930 102,209 28 22,865 1,476 1,003 ,354 13,740 5,292 7,678 13,327 2,596 ,089 9,595 1,956 101,258 Nov. 4 22,670 1,323 1,024 ,362 13,702 5,259 7,701 13,432 2,732 984 9,670 1,994 102,444 11 22,537 1,217 1,029 ,348 13,664 5,279 7,663 13,423 2,833 ,061 9,485 2,003 101,851 18 22,516 1,193 919 ,581 13,545 5,278 7,656 13,698 2,800 .060 9,792 1,945 102,882 25 22,332 1,096 890 ,544 13,519 5,283 7,641 13,393 2,611 ,037 9,694 1,965 101,780 Dec. 2 23,081 1,901 905 ,580 13,384 5,311 7,648 13,358 2,682 ,061 9,566 2,008 102,895 9 22,907 1,754 918 ,611 13,336 5,288 7,645 13,066 2,601 ,130 9,291 2,004 101,899 16 22,651 1,595 916 ,639 13,220 5,281 7,663 13,932 2,994 ,140 9,755 2,002 104,683 23 22,628 1,617 922 ,672 13,161 5,256 7,658 13,759 2,968 ,125 9,621 1/70 104,487 30 22,563 1,647 875 ,701 13,112 5,228 7,632 13,744 2,960 ,195 9,539 2,010 104,172 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

48 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Deposits Borrowings Demand Time De- Other Capital Wednesday d ju e m p s a a t o d e n s - d d i t * s Dom In e t s e - rban F e k i o g r n - 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 f a e e e i e f t n e r f c r c d i t d s . k - i ' - s, p v r c s a a i I o d h a r t n r t i n u i d o n 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 a o 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 b a t n i d i e l - t s - - s p v r c s a a i I o d h a r t n r t i n u i d n o p p d a i e n 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 li i a ti b e i s l- co a u c n - ts Total- Leading Cities 1959 Oct. 7 60,061 11,256 1,409 2,793 4,364 2,247 63,344 ,547 149 ,475 29,006 466 1,752 3,200 11,211 14 60,837 11,839 1,422 1,719 4,217 2,433 66,471 ,520 148 ,467 28,980 277 1,897 3,274 11,189 21 60,815 10,906 1,437 3,885 4,220 2,485 64,950 ,519 145 ,436 28,991 715 1,196 3,178 11,181 28 61,239 10,462 1,370 3,477 4,346 2,471 64,740 ,498 144 ,425 28,963 699 1,344 3,190 11,212 Nov. 4 60,615 11,672 1,356 3,422 4,834 2,989 64,560 ,483 144 ,398 28,947 487 1,768 3,177 11,263 11 60,837 11,442 1,378 2,545 4,502 2,472 64,101 ,475 144 ,373 28,782 352 1,723 3,282 11,275 18 60,790 11,401 1,346 3,019 4,667 2,585 64,935 ,425 142 ,300 28,666 583 1,749 3,318 11,263 25 61,260 10,520 1,327 2,754 4,755 2,869 64,987 ,396 144 ,313 28,690 428 2,002 3,475 11,248 Dec. 2 61,017 11,088 1,429 3,838 4,782 2,476 64,626 ,377 146 1,309 28,704 438 2,064 3,551 11,282 9 61,837 11,038 1,495 2,571 4,606 2,353 64,922 ,340 144 1,313 28,736 393 2,226 3,554 11,260 16 63,446 11,550 1,533 3,158 4,673 3,145 68,193 ,304 143 1,336 28,751 391 1,499 3,431 11,226 23 62,482 11,296 1,535 3,581 4,664 2,776 66,910 ,333 144 1,406 28,851 291 1,879 3,442 11,242 63,204 11,434 1,603 3,139 4,814 2,925 67,641 ,309 144 1,420 28,969 246 1,593 3,320 11,302 30 New York City 1959 15,178 2,924 1,109 791 302 1,063 16,901 ,204 26 125 3,363 65 803 ,409 3,318 Oct. 7 15,172 3,149 1,114 454 323 1,189 17,564 ,181 26 122 3,328 1 799 ,433 3,320 14 15,269 2,864 1,126 1,248 329 1,320 17,150 ,179 25 117 3,320 140 539 ,358 3,320 21 15,497 2,806 1,041 1,104 387 1,386 17,290 ,170 24 120 3,302 120 651 ,363 3,319 28 Nov. 4 15,058 3,159 1,031 1,057 465 1,822 17,258 ,155 25 111 3,287 107 927 ,312 3,340 11 15,156 2,862 1,055 731 314 1,157 16,831 ,151 24 104 3,239 29 787 ,370 3,341 18 15,053 3,038 1,033 773 298 1,248 17,049 ,099 24 76 3,245 68 859 ,371 3,336 25 15,275 2,864 1,028 698 304 1,651 17,364 ,065 24 76 3,276 6 970 ,486 3,316 Dec. 2 15,277 2,934 1,123 1,191 313 1,159 17,207 ,047 24 78 3,296 68 892 ,566 317 9 15,576 2,900 1,192 811 321 1,198 17,332 ,005 24 73 3,303 1,030 ,550 310 16 16,258 3,045 1,226 916 295 1,753 18,581 970 24 73 3,308 673 ,477 309 23 15,591 3,022 1,227 1,093 277 1,378 17,763 992 24 71 3,326 814 ,558 318 30 15,862 3,188 1,287 961 289 1,476 18,486 974 24 71 3,319 729 1,555 3,328 Outside New York City 1959 Oct-12::::::: 44,883 8,332 300 2,002 4,062 1,184 46,443 343 123 1,350 25,643 401 949 1,791 7,893 45,665 8,690 308 1,265 3,894 1,244 48,907 339 122 1,345 25,652 276 1,098 1,841 7,869 21 45,546 8,042 311 2,637 3,891 1,165 47,800 340 120 1,319 25,671 575 657 1,820 7,861 28 45,742 7,656 329 2,373 3,959 1,085 47,450 328 120 1,305 25,661 579 693 1,827 7,893 Nov. 4 45,557 8,513 325 2,365 4,369 1,167 47,302 328 119 1,287 25,660 380 841 1,865 7,923 11 45,681 8,580 323 1,814 4,188 1,315 47,270 324 120 1,269 25,543 323 936 1,912 7,934 18 45,737 8,363 313 2,246 4,369 1,337 47,886 326 118 1,224 25,421 515 890 1,947 7,927 25 45,985 7,656 299 2,056 4,451 1,218 47,623 331 120 1,237 25,414 422 1,032 1,989 7,932 Dec. 2 45,740 8,154 306 2,647 4,469 1,317 47,419 330 122 1,231 25,408 370 1,172 1,985 7,965 9 46,261 8,138 303 1,760 4,285 1,155 47,590 335 120 1,240 25,433 390 1,196 2,004 7,950 16 47,188 8,505 307 2,242 4,378 1,392 49,612 334 119 1,263 25,443 391 826 1,954 7,917 23 46,891 8,274 308 2,488 4,387 1,398 49,147 341 120 1,335 25,525 291 1,065 1,884 7,924 30 47,342 8,246 316 2,178 4,525 1,449 49,155 335 120 1,349 25,650 246 864 1,765 7,974 i Demand deposits other than interbank and U. S. Govt., less cash NOTE.—For description of changes in the series, beginning July 1, 1959, items reported as in process of collection. see BULLETIN for August 1959, p. 885. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS LOANS OF BANKS 49 CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY » [Net decline, (—). In millions of dollars] Manufacturing and mining Comm'l Period2 l F iq a o n u o d o d r , , a T p e a p x n a t d i r l e e l s , , M m p a r e e n o t t d a d a l - l s ch P l e c e e m o u t a r m i o l c , , - al, Other ( T r 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 n t l i a s l i ) e . c - - s s C t t i r o o u n n c - - bu o ty s A t o i p h n l f e e l e s r ss c c h l N f a a i n e s e d g s t i e - s ch r w e a i a e n p n a n e d o l g k d l ' r e l l t y — tobacco leather ucts 3 and ing rubbsr banks 1958—Jan.-June4 -658 84 146 -140 157 -158 -283 -177 56 69 -905 -1,085 July-Dec.4. 522 -232 -454 -14 -121 162 410 234 50 362 920 723 1959—Jan.-July 1 -519 218 864 -162 188 284 -364 -141 106 145 620 762 July 8-Dec 698 -58 -148 248 26 151 738 480 11 -31 2,114 1,983 1959—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 Dec 223 -9 97 69 6 -307 162 162 27 102 532 564 Week ending: 1959—Oct. 7... -16 -14 -20 5 38 45 -22 11 21 30 14... 74 -13 -28 12 5 65 47 13 11 -11 175 195 21... -8 -43 -70 -17 -14 66 28 -45 -7 -27 -136 -156 28... 32 -38 -36 -13 34 43 23 -4 -25 -34 Nov. 4... 17 -16 12 -4 -12 79 65 48 -9 11 192 171 11... -15 -7 12 11 42 53 -35 -4 11 68 40 18... 74 -17 18 31 42 34 -6 11 17 199 185 25... -14 -32 10 23 -16 10 30 7 -14 1 5 -11 Dec. 2... 75 -19 -42 12 2 37 43 1 9 119 114 9... -19 -5 30 4 3 -28 -4 20 2 27 27 19 2 1 3 6 . .. . . , - 1 1 7 7 1 -9 27 8 3 6 5 28 Q 4 6 -1 -1 1 2 5 7 3 3 0 -1 5 4 7 2 1 0 1 2 3 9 7 37 6 4 3 38 6 9 7 30... 12 -3 -13 34 -6 -153 26 56 -3 -51 -25 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 i [Per cent per annum] Size of loan Size of loan p A e a r n r i e d o a d lo A a l n l s 1- (thou 1 s 0 a - nds of 1 d 0 o 0 l - lars) 200 p A e a r n r i e d o a d lo A a l n l s 1- (thou 1 s 0 a - nds of 1 d 0 o 0 l - lars) 200 10 100 200 and over 10 100 200 and over Annual averages, Quarterly (cont.): 2 19 large cities: New York City: 1958—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 Sept. 3 5.14 5.79 5.61 5.36 5.06 Dec.3 5.19 5.82 5.61 5.41 5.12 1955 3.7 5.0 4.4 4.0 3.5 1956 4.2 5.2 4.8 4.4 4.0 7 Northern and Eastern 1957 4.6 5.5 5.1 4.8 4.5 cities: 1958 4.3 5.5 5.0 4.6 4.1 1958—Dec 4.50 5.53 5.05 4.66 4.36 1959 5.0 5.8 5.5 5.2 4.9 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: Sept.3 5.28 5.89 5.70 5.42 5.17 Dec. 3 5.39 5.95 5.77 5.50 5.30 1958—Dec 4.50 5.49 5.06 4.68 4.33 1959—Mar 4.51 5.53 5.09 4.74 4.32 11 Southern and June 4.87 5.68 5.33 5.06 4.72 Western cities: Sept 5.27 5.91 5.65 5.43 5.15 1958—Dec 4.79 5.53 5.12 4.79 4.59 Sept. 3 5.27 5.92 5.66 5.44 5.15 1959—Mar 4.84 5.62 5.20 4.87 4.60 Dec.3 5.36 5.99 5.74 5.54 5.24 June 5.07 5.74 5.37 5.13 4.87 Sept 5.44 5.97 5.65 5.50 5.29 Sept.3 5.46 5.99 5.68 5.51 5.30 Dec.3 5.56 6.08 5.81 5.64 5.38 1 For description see BULLETIN for March 1949, pp. 228-37. NOTE.—Bank prime rate was 2 per cent Jan. 1-Sept. 21,1950. Changes 2 Based on figures for first 15 days of month. thereafter occurred on the following dates (new levels shown, in per cent): sch 3 e C du o l v e e r o ag f e t h o e f c S a u l r l v e re y p o re r v t is o e f d c i o n n d ac it c i o on rd a t n o c e e x w cl i u th d e c h lo a a n n g s e s to in n t o h n e b l a o n a k n A 19 p 5 r 0 . — 27 S , e 3 p % t. ; 2 1 2 9 , 5 2 4 V — 4; M 1 a 9 r 5 . 1 1 — 7, J a 3 n ; . 1 8 9 , 5 2 5— y2 A ; O ug c . t . 4 1 , 7 3 , % 2% ; O ; c D t. e c 1 . 4 , 1 3 9, % 3 ; ; 1 1 9 9 5 5 6 3 — — financial institutions. Apr. 13, 3%; Aug. 21, 4; 1957—Aug. 6, 4%; 1958—Jan. 22, 4; Apr. 21, V/i\ Sept. 11, 4; and 1959—May 18, 4%; Sept. 1, 5. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

50 INTEREST RATES MONEY MARKET RATES [Per cent per annum] L1. S. Government Securities (taxable)4 Prime Finance com- company Prime Year, month, or week mercial p p l a a p c e e r d b a a c n c k e e p r t- s' 3-month bills 6-month bills 9- to 12-month issues m 4- o n to th 6 s - 1 m d 3 i - o r e n to c t t h l 6 y s - 2 , 90 an d c a e y s s , 3 o i R n s s a n u t e e e w M y a ie r l k d et o i n 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 k d s e ) t Others 3 is - y s t u e o a e r s 5 6 - 1957 average 3.81 3.55 3.45 3.267 3.23 3.53 3.62 1958 average 2.46 2.12 2.04 1.839 1.78 2.09 2.90 1959 average 3.97 3.82 3.49 3.405 3.37 3.832 3.79 4.11 4.33 1958—Dec 3.33 2.94 2.75 2.814 2.77 3.24 3.65 1959 Jan .. 3.30 3 05 2 75 2 837 2 82 3 097 3 09 3 26 3 86 Feb 3.26 3.00 2.75 2.712 2.70 3.166 3.12 3.38 3.85 Mar 3.35 3.22 2.88 2.852 2.80 3.159 3.13 3.56 3.88 Apr 3.42 3.36 2 98 2 960 2 95 3 277 3.27 3 66 4 03 May 3.56 3.44 3.17 2.851 2.84 3.368 3.32 3 92 4 16 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 4.32 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 4.54 4.54 4.70 4.74 Dec 4.88 4.82 4.47 4.572 4.49 4.915 4.85 4.99 4.98 4.95 Week ending: 1959—Dec 5 4.88 4.63 4.33 4 501 4.50 4 891 4.86 4 98 4 93 4 90 12 4.88 4.80 4.50 4.638 4.48 4.969 4.81 4.97 4.99 4.92 19 4.88 4.88 4.50 4.535 4.49 4.834 4.77 4.96 4.98 4.95 26 4.88 4.88 4.50 4 670 4.57 4 940 4.90 5 01 5.00 5.00 1960 Jan 2 4.88 4.88 4.50 4.516 4.40 4.942 4.91 5.02 5.00 4.99 1 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 local ^ ratings groups price ratio price ratio ( S l t o a n te g s - Total4 term)2 Total4 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 3.47 3.56 3.10 4.20 4.21 3.89 4.71 4.12 4.32 4.18 4.63 4.35 8.21 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 1959 averase 4.07 3.74 3.35 4.24 4.65 4.38 5.05 4.51 4.75 4.70 4.69 3.23 1958—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 Aue 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 5.89 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 Dec 4.27 3.84 3.43 4.37 4.87 4.58 5.28 4 70 5 05 4 86 4 85 3 18 Week ending: Dec 5 4 21 3 80 3 38 4 33 4 85 4 55 5 25 4 69 5 01 4 83 4 79 3 17 12 4.22 3.79 3.38 4.33 4.85 4.56 5.25 4.68 5.02 4.84 4.81 3.15 19 4 25 3.81 3.40 4.35 4.88 4.59 5.27 4 71 5 05 4 87 4 86 3 21 26 4.32 3.89 3.49 4.42 4.89 4.59 5.30 4 71 5.08 4.89 4.89 3 21 I960 Jan 2 . 4.37 3.90 3.49 4.43 4.90 4.61 5.32 4.72 5.09 4.89 4.90 3.16 1 Monthly and weekly yields are averages of daily figures for U. S. 4 Includes bonds rated Aa and A, data for which are not shown sepa- Govt. and corporate bonds. Yields of State and local govt. bonds are rately. Because of a limited number of suitable issues, the number of based on Thursday figures; dividend/price ratios for preferred and corporate bonds in some groups has varied somewhat. common stocks, on Wednesday figures. Earnings /price ratios for common 5 Standard and Poor's Corporation. Preferred stock ratio is based on stocks are as of end of period. 8 median yields in a sample of noncallable issues—12 industrial and 2 2 Series is based on bonds maturing or callable in 10 years or more. public utility. For common stocks, the 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 SECURITY PRICES^ Bond prices Common stock prices Volume Standard and Poor's series Securities and Exchange Commission series (index, 1941-43= 10) (index, 1939= 100) tr o a f d- Ye o a r r , w m e o ek nth, t ( G U e lo r o . n S m v . g t ^ . - g n ( r i h M 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 h e - ) - ^ Total d t I r u n i s a - - l R ro a a i d l- P u i u l t t i b i y c 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 b i y - 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 i g r f n d e u 4 s s - ) Number of issues. 15 17 500 425 25 50 265 170 98 72 21 29 31 14 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 1959 average, 85.49 100.7 95.0 57.40 61.45 35.09 44.15 420 522 495 536 347 216 418 322 3,242 1958—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 Dec. 83.00 99.3 92.4 59.06 63.56 33.57 44.31 429 538 518 547 328 213 440 297 3,284 Week ending: Dec. 5.. 83.73 100.4 92.9 58.63 63.11 33.14 44 .£1 427 534 512 544 325 213 437 297 3,607 12.. 83.63 99.9 92.5 59.03 63.53 33.56 44.32 428 537 516 546 328 211 438 296 3,400 19.. 83.25 99.2 92.3 58.98 63.47 33.75 44.29 429 539 518 548 329 212 442 296 3,219 26.. 82.42 98.5 92.2 59.09 63.58 33.68 44.36 428 536 517 544 327 212 439 292 2,862 1960—Jan. 2.. 81.83 98.4 92.1 59.49 64.05 33.61 44.54 435 545 524 554 330 218 447 303 3,336 l 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. « 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 Total- Net debit balances with Bank loans to others (than End of month i o s t e h c e u r r i t t h ie a s n New York f S ir t m oc s k 2 Exchange ch b a ro si k n e g r s a n a d n d c a d r e ry al i e n r g s ) s e fo c r u r p it u ie r- s3 Money borrowed Cust n o e m t ers' U. S. Govt. free o ( b c c l o o ig l l . . a 3 t 5 i o + ) ns U o S b e . c l S i u g . r a e G t d i o o v b n y t s . S s e e c c o 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_Nov. 4,464 124 3,245 50 1,219 210 i,923 1,148 Dec. 4,537 146 3,285 63 1,252 234 2,07. 1,159 1959—Jan.. 4,597 155 3,297 62 1,300 230 1,990 1,226 Feb.. 4,569 157 ,253 65 1,316 223 1,963 1,196 Mar. 4,636 153 ,305 55 1,331 218 1,977 1,257 Apr., 4,764 166 3,401 55 1,363 252 2,156 1,205 May, 4,758 163 3,385 58 1,373 252 2,159 1,188 June, 4,734 158 3,388 58 1,346 237 2,246 1,094 July. 4,648 153 3,374 164 1,274 228 2,205 1,079 Aug., 4,528 154 3,269 166 1,259 217 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 Nov. 4,460 165 3,273 158 1,187 276 2,256 974 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

52 OPEN MARKET PAPER; SAVINGS INSTITUTIONS COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances Commercial and finance company paper Held by: Based on: End of year or month Placed P di l r a e c c e t d - Total Accepting banks B F a . n R k . s p I o m rt - s p E o x rt - s Dollar G sh o i o p p d p o s e i d s n t t o s b r e e i t d n w : e in e n or Total through ly Others into from exdealersl ( p f a in p a e n r c ) e 2 T ta o l - O bi w ll n s bo B u il g ls ht O ac w ct n . c F e o i o g r r n r - . U S n ta i t t e e s d U S n ta i t t e e s d change U S n ta i t t e e s d Foreign 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—Nov. 33,203 940 32,263 ,209 290 234 55 34 75 810 251 348 94 265 251 Dec. 2,744 840 1,904 ,194 302 238 64 49 68 775 254 349 83 244 263 1959—Jan.. 3,076 875 2,201 ,133 276 226 51 40 60 756 251 346 118 168 250 Feb.. 3,322 897 2,425 ,161 309 232 77 39 62 751 275 339 112 183 252 Mar. 3,267 883 2,384 ,054 271 227 44 30 60 692 278 329 111 82 253 Apr. 3,334 822 2,512 ,029 269 208 60 30 56 673 292 348 78 48 263 May 3,555 791 2,764 ,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 Sept. 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 Nov. 3,664 784 2,880 1,029 232 187 44 34 71 693 355 283 46 119 226 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— Mortga E o n r d m of o n y t e h ar M ga o g r e t- Other G U o .S v . t. g S l a o o t n c a v d a t t e l . C o r o a th a n r t e p d e r o 1 - a C ss a e s t h s O as t s h e e ts r s l a T u ia a t c r o i b n c p e t i d t l s a l s u i l . - s 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 - lu ts s Nu co m m b m er itm A e m n o ts u 2 nt 1941 4,787 89 3,592 1 786 829 689 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 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 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 Oct 24,511 327 6,963 738 4,874 698 553 38,664 34,660 665 3,339 73,699 1,294 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 53 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 Sta lo te c a a l nd Foreign 2 Total Bonds Stocks gages estate loans assets (U.S.) End of year:3 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1952 73,375 12,905 10,252 1,153 1,500 31,515 29,069 2,446 21,251 1,903 2,713 3,088 1953 78,533 12,537 9,829 1,298 1,410 34,438 31,865 2,573 23,322 2,020 2,914 3,302 1954 84,486 12,262 9,070 1,846 1,346 37,300 34,032 3,268 25,976 2,298 3,127 3,523 1955 90,432 11,829 8,576 2,038 1,215 39,545 35,912 3,633 29,445 2,581 3,290 3,743 1956 96,011 11,067 7,555 2,273 1,239 41,543 38,040 3,503 32,989 2,817 3,519 4,076 1957 101,309 10,690 7,029 2,376 1,285 44,057 40,666 3,391 35,236 3,119 3,869 4,338 1958 107,580 11,234 7,183 2,681 1,370 47,108 42,999 4,109 37,062 3,364 4,188 4,624 End of month:4 1956—Dec 95,844 10,989 7,519 2,234 1,236 40,976 38,067 2,909 32,994 2,829 3,505 4,551 1957—Dec 101,309 10,691 7,028 2,377 1,286 43,750 40,737 3,013 35,271 3,120 3,872 4,605 1958—Oct 106,191 11,296 7,305 2,647 1,344 45,956 42,738 3,218 36,656 3,406 4,148 4,729 Nov 106,667 11,344 7,324 2,679 1,341 46,099 42,874 3,225 36,801 3,429 4,164 4,830 Dec 107,580 11,242 7,182 2,691 1,369 46,420 43,044 3,376 37,092 3,387 4,186 5,253 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 111,846 11,772 7,169 3,130 1,473 48,224 44,658 3,566 38,493 3,624 4,464 5,269 Oct 112,405 11,770 7,147 3,138 1,485 48,444 44,853 3,591 38,744 3,631 4,511 5,305 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 NOTE.—Data for 1958 are revised. 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 r s t - 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 ce s s i s n Other c m o l m e o n a m n ts i 5 ttions profits I 1941 4,578 107 344 775 6,049 4,682 475 256 636 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 1,244 n.a. 1955 31,408 2,338 2,063 1,847 37,656 32,142 2,557 1,546 1,411 833 1956 35,729 2,782 2,119 2,199 42,875 37,148 2,950 1,347 1,430 843 1957 40,007 3,173 2,146 2,770 48,138 41,912 3,363 1,379 1,484 862 1958 45,627 3,819 2,585 3,108 55,139 47,976 3,845 1,444 1,161 713 1,475 1958—Oct.. 44,629 3,731 208 3,059 53,627 46,424 1,191 ,176 1,497 Nov. 45,099 3,782 250 3,161 54,292 46,904 () 1,232 ,164 () 1,537 Dec. 45,627 3,819 585 3,108 55,139 47,976 3,845 1,444 ,161 713 1,475 1959—Jan.. 46,029 4,116 2,287 3,053 55,485 48,410 3,856 1,263 ,124 832 1,513 Feb.. 46,456 4,213 2,261 3,133 56,063 48,818 3,866 1,207 ,166 1,006 1,628 Mar. 47,049 4,289 2,259 3,231 56,828 49,347 3,868 1,202 ,281 1,130 1,753 Apr.. 47,754 4,394 2,077 3,382 57,607 49,767 3,872 1,299 ,378 1,291 1,920 May 48,508 4,417 2,103 3,560 58,588 50,371 3,883 1,362 ,475 1,497 1,975 June 49,348 4,413 2,348 3,570 59,679 51,461 4,093 1,675 ,589 861 1,979 July. 50,131 4,517 1,916 3,462 60,026 51,651 4,099 1,706 ,597 973 1,951 Aug. 50,858 4,534 1,873 3,484 60,749 52,045 4,111 1,824 ,585 1,184 1,862 Sept. 51,528 4,527 1,820 3,549 61,424 52,489 4,116 1,972 ,539 1,308 1,779 Oct.. 52,149 4,534 1,752 3,637 62,072 52,888 4,121 2,108 ,476 1,479 1,626 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 5 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 revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

54 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 t o er r P b t r a e o f x o f e i r s t e s c ta o I x n m e - e s P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d f t i i e t s s d - Y qu e a a r r t e o r r New Retire- Net New Retire- Net New Retire- Net issues ments change issues ments change issues ments change 1951 42.2 22.4 19.7 9.0 10.7 1952 36.7 19.5 17.2 9.0 8.3 1951 9 048 2,772 6,277 5,682 2,105 3,577 667 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 iJ,712 1,024 3,688 1958 14,710 5,113 9,597 9,694 3,705 5,989 t5,016 1,408 3,608 1957__3 44.0 21.4 22.5 12.8 9.7 4 39.4 19.2 20.2 12.2 8.0 1958—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 3 2,788 1,126 1,663 1,647 681 967 1,141 445 696 1959—1 ... 46.5 22.6 23.8 12.8 11.0 2 52.6 25.6 27.0 13.0 14.0 1 Reflects cash transactions only. As contrasted with data shown on p. 56, new issues 3 46.4 22.6 23.8 13.4 10.4 exclude foreign and include offerings of open-end investment companies, sales of securities held by affiliated companies or RFC, special offerings to employees, and also new stock issues and cash proceeds connected with conversions of bonds into stocks. Retirements NOTE.—Quarterly data are at seasonally adjusted include the same types of issues, and also securities retired with internal funds or with annual rates. proceeds of issues for that purpose shown on p. 56. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS 1 [Securities and Exchange Commission estimates. In billions of dollars] Current assets Current liabilities E o n r d q o u f a r y t e e a r r w c o a N p rk e it i t a n l g Total Cash s G U ec o . u S v r . t i- Not r e e s c e a i n v d ab a le ccts. I t n o v ri e e n s - Other Total Note p s a a y n ab d l e accts. F in e c l t d i a o a e x m - ra e l Other ties U.S. Other U.S. Other bilities Govt 2 Govt. 2 1951 86.5 179.1 30.0 20.7 2.7 58.8 64.9 2.1 92.6 1.3 53.6 21.3 16.5 1952 90.1 186.2 30.8 19.9 2.8 64.6 65.8 2.4 96.1 2.3 57.0 18.1 18.7 1953 91.8 190.6 31.1 21.5 2.6 65.9 67.2 2.4 98.9 2.2 57.3 18.7 20.7 1954 94.9 194.6 33.4 19.2 2.4 71.2 65.3 3.1 99.7 2.4 59.3 15.5 22.5 1955 103.0 224.0 34.6 23.5 2 3 86.6 72.8 4.2 121.0 2.3 73.8 19.3 25.7 1956 107.4 237.9 34.8 19.1 2.6 95.1 80.4 5.9 130.5 2.4 81.5 17.6 29.0 1957 111.7 242.0 34.7 17.2 2.8 98.3 82.3 6.7 130.2 2.3 81.2 15.7 31.1 1958_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 i Excludes banks and insurance companies. 2 Receivables from, and payables to, the U. S. Government exclude amounts offset against each other on corporations' books. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars] Transportation Manu- Year Total M fa i c a n t n g u 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 tu n g 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 1.5 3.7 1.3 5.9 1958—3 7.4 2.9 .5 1.6 2.4 1 1 9 9 5 5 2 3 2 2 8 6. . 5 3 1 11 1 . . 9 6 1 1 . . 0 0 1 1. . 3 4 1 1 . . 5 6 4 3 . . 6 9 1 1. . 7 5 6 5 . . 3 6 4 8.0 3 2 .6 1.7 2 5 1954 26.8 11.0 1.0 .9 1.5 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 I 6 4 3 2 0 7 5 2 8 3 3 3 8 I 5 2 8 1956 35.1 15.0 1.2 1.2 L.7 4.9 2.7 8.4 3 . 8.3 3.3 .8 1.5 2.7 1957 37.0 16.0 1.2 1.4 1.8 6.2 3.0 7.4 44 9.1 3 8 .8 a 2 9 1958 30.5 11.4 .9 .8 I 5 6.1 2.6 7.2 19594 32.6 12.1 1.0 .9 1.0 5.7 1C.9 1960—14 7.8 3.3 .7 1.2 2.6 1 Corporate and noncorporate business, excluding agriculture. 3 Includes communications and other. 2 Includes trade, service, finance, and construction. 4 Anticipated by business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCE 55 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 88,338 105,006 307114,834105,251 25,542 25,620 25,367 28,722 29,555 32,452 26,928 Profits before taxes 10,640 14,803 418 13,349 10,524 2,308 2,249 2,436 3,531 3,899 4,643 2,487 Profits after taxes 5,549 7,564 094 7,177 5,737 1,243 1,194 1,287 2,013 2,016 2,499 1,085 Dividends 3,222 3,847 068 4,192 4,078 1,038 1,011 987 1,042 1,033 1,029 1,049 Nondurable goods industries (79 corps.):1 Sales 33,653 37,462 053 42,309 41,820 10,012 10,113 10,626 11,069 11,085 11,450 11,435 Profits before taxes 4,214 5,013 146 5,010 4,421 987 947 1,191 1,297 1,376 1,482 1,396 Profits after taxes 2,326 2,814 943 2,944 2,572 574 541 679 778 769 808 750 Dividends 1,426 1,588 683 1,776 1,785 452 440 430 463 459 445 447 Durable goods industries (101 corps.):2 Sales 54,685 67,544 254 72,525 63,430 15,530 15,506 14,741 17,653 18,470 21,001 15,493 Profits before taxes 6,427 9,790 272 8,339 6,102 1,321 1,303 1,245 2,234 2,523 3,161 1,091 Profits after taxes 3,223 4,750 151 4,233 3,165 669 652 608 1,235 1,247 1,692 335 Dividends 1,796 2,259 385 2,416 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 2,947 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 88 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 3,054 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 3,644 Profits before taxes 1,935 3,267 3,331 2,977 2,205 391 481 562 771 821 -84 Profits after taxes 1,015 1,652 1,727 1,540 1,163 205 255 294 409 416 -213 Dividends 582 730 880 873 801 203 201 194 203 201 206 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 4,129 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 1 Includes 17 companies in groups not shown separately. Telephone. Revenues and profits are for telephone operations of the 2 Includes 27 companies in groups not shown separately. Bell System Consolidated (including the 20 operating subsidiaries and the Long Lines and General departments of American Telephone and NOTE.—Manufacturing corporations. Data are obtained primarily Telegraph Company) and for two affiliated telephone companies, which from published company reports. together represent about 85 per cent of all telephone operations. Divi- Railroads. Figures are for Class I line-haul railroads (which account dends are for the 20 operating subsidiaries and the two affiliates. Data for 95 per cent of all railroad operations) and are obtained from reports are obtained from the Federal Communications Commission. of the Interstate Commerce Commission. All series. Profits before taxes refer to income after all charges and Electric power. Figures are for Class A and 6 electric utilities (which before Federal income taxes and dividends. For detailed description of account for about 95 per cent of all electric power operations) and are series (but not for figures), see pp. 662-66 of the BULLETIN for June 1949 obtained from reports of the Federal Power Commission, except that (manufacturing); pp. 215-17 of the BULLETIN for March 1942 (public quarterly figures on operating revenue and profits before taxes are partly utilities); and p. 908 of the BULLETIN for September 1944 (electric power). estimated by the Federal Reserve to include affiliated nonelectric opera- For back data for manufacturing, see pp. 792-93 of the BULLETIN for tions. July 1959; back data for other series are available from the Division of Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

56 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates. In millions of dollars] Gross proceeds, all issuers2 Propo a s ll e d c o u r s p e o r o a f t e n e is t s p u r e o r c s e 6 eds, Noncorporate Corporate New capital Year or Remonth Total G U o . v S t . .* 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 y e - d d s p v l P a a t r c e i- e ly d f s e P t r o r r e c e - k d C s m t o o o m c n k - Total Total m N o e n w ey' l p M p a c o o u e n u i s l s r e - s e - - - s m e b t d R i t o a e e c r e e . n b f n - - 8 k t t , m s r t i e i o t e r c i e f e n u - s t - 1951 21,265 9,778 110 3,189 446 7,741 5,691 2,364 3,326 838 1,212 7,607 7,120 6,531 226 363 486 1952 27,209 12,577 459 4,401 237 9,534 7,601 3,645 3,957 564 1,369 9,380 8,716 8,180 537 664 1953 28,824 13,957 106 5,558 306 8,898 7,083 3,856 3,228 489 1,326 8,755 8,495 7,960 535 260 1954 29,765 12,532 458 6,969 289 9,516 7,488 4,003 3,484 816 1,213 9,365 7,490 6,780 709 1,875 1955 26,772 9,628 746 5,977 182 10,240 7,420 4,119 3,301 635 2,185 10,049 8,821 7,957 864 1,227 1956 22,405 5,517 169 5,446 334 10,939 8,002 4,225 3,777 636 2,301 10,749 10,384 9,663 721 364 1957 30,571 9,601 572 6,958 557 12,884 9,957 6,118 3,839 411 2,516 12,661 12,447 11,784 663 214 1958 34,443 12,063 2,321 7,449 1,052 11,558 9,653 6,332 3,320 571 1,334 11,372 10,823 9,907 915 549 1958—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.. 1,921 443 175 637 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.. 1,688 309 523 5 753 623 414 209 13 117 737 718 677 42 19 Sept.. •"1,749 300 150 r520 44 736 592 219 372 24 120 721 709 665 44 12 Oct.. 4,054 2,57< 587 34 860 578 330 249 52 230 836 826 734 91 10 Proposed use of net proceeds, major groups of corporate issuers Manufacturing C m om is m ce e l r la c n ia e l o u a s nd Transportation Public utility Communication a R nd e al f 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 capital10 secu- capital i secu- capital io secu- capital io secu- capital i secu- capital io securities rities rities rities rities rities 1951 2,846 221 462 56 437 53 2,326 85 600 5 449 66 1952 3,712 261 512 24 758 225 2,539 88 747 6 448 60 1953 2,128 90 502 40 553 36 2,905 67 871 3 1,536 24 1954 2,044 190 831 93 501 270 2,675 990 651 60 788 273 1955 2,397 533 769 51 544 338 2,254 174 1,045 77 1,812 56 1956 3,336 243 682 51 694 20 2,474 14 1,384 21 1,815 17 1957 4,104 49 579 29 802 14 3,821 51 1,441 4 1,701 67 1958 3,265 195 867 13 778 38 3,605 138 1,294 118 1,014 47 1958—Oct.. 265 7 41 81 311 48 117 () Nov. 120 9 74 25 126 2 89 84 Dec. 226 11 53 151 263 14 103 124 34 1959_j F a e n b . . . . 1 12 4 3 8 1 5 7 1 6 0 1 5 1 8 5 0 4 2 1 9 8 5 8 6 3 2 4 2 1 2 1 1 3 Mar. 92 6 46 51 331 9 102 Apr.. 277 7 78 1 75 314 16 139 May. 248 10 56 2 38 338 6 105 June. 221 6 127 18 96 313 22 95 July. 146 3 59 34 170 8 114 Aug. 126 15 45 97 192 36 223 Sept. 205 6 42 142 109 56 156 Oct.. 111 5 81 38 338 126 131 2 r Revised. 6 Estimated net proceeds are equal to estimated gross proceeds less cost 1 Estimates of new issues maturing in more than one year sold for cash of flotation, i.e., compensation to underwriters, agents, etc., and expenses. in the United States. 7 Represents proceeds for plant and equipment and working capital. 2 Gross proceeds are derived by multiplying principal amounts or num- 8 Represents proceeds for the retirement of mortgages and bank debt ber of units by offering price. with original maturities of more than one year. Proceeds for retirement of 3 Includes guaranteed issues. short-term bank debt are included under the uses for which the bank 4 Issues not guaranteed. debt was incurred. 5 Represents foreign governments, International Bank of Reconstruc- 9 Less than $500,000. tion and Development, and domestic eleemosynary and other nonprofit 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 57 NEW STATE AND LOCAL GOVERNMENT SECURITY ISSUES 1 [Investment Bankers Association data. Par amounts of long-term issues in millions of dollars] All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer 2 1LJse of proceeds 2 Total amount Period Special deliv- Water, Total G g o a e b a t n i l l o e i- n r- 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- l F G o e a o a d n v l e s t r . 4 - State d a s u i t a t s o a t n t h r t r d y u i o c - r t - Others ered 6 Total c E a d ti u o - n R br a o i n d a d g d e s s s o u e a t t w n h il d e e i- r r, h R d i t o n e e i u a g n s l s 7 i - - - V a a e n i t d e s' r- p O p o t u s h r e e - s r ties ity 1951 3,278 2,220 730 328 n.a. 668 722 1,889 n.a. 3,188 582 580 640 361 42 983 1952 4,410 2,633 1,463 305 9 718 1,305 2,387 n.a. 4,096 969 938 642 424 100 1,024 1953 5,558 3,495 1,558 496 9 767 2,091 2,701 n.a. 5,477 1,320 1,588 803 506 141 1,119 1954 6,969 3,380 *,205 374 9 2,047 1,463 3,459 n.a. 6,789 1,432 2,136 1,270 456 162 1,333 1955 5,976 3,770 1,730 474 2 1,408 1,097 3,472 n.a. 5,911 1,516 1,362 881 570 169 1,414 1956 5,446 3,577 1,626 199 44 800 983 3,664 n.a. 5,383 1,455 698 1,399 258 110 1 464 1957 *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 1.778 187 420 2,016 1,368 4,448 7,708 7,746 2,644 1,172 1,403 530 339 1,657 1958—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 (9) 6 177 83 257 530 516 153 59 86 4 120 94 Sept 515 397 112 5 133 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. 5 Consists of municipalities, counties, townships, school districts and, 1 Data prior to 1957 are from the Bond Buyer as classified by Federal prior to 1957, small unclassified issues. Reserve. 6 Excludes Federal Government loans. These data are based on date 2 Classifications prior to 1957 as to use of proceeds and type of issuer of delivery of bonds to purchaser (and of payment to issuer) which occurs are based principally on issues of $500,000 or more; smaller issues not after date of sale. Other data in table are based on date of sale. classified. As a result some categories, particularly education, are under- 7 Includes urban redevelopment loans. stated relative to later data. 8 Beginning in 1957 this figure differs from that shown on the opposite 3 Includes only bonds sold pursuant to the Housing Act of 1949. page, which is based on Bond Buyer data. The principal difference is in These are secured by a contract requiring the Public Housing Administra- the treatment of Federal Government loans. tion to make annual contributions to the local authority. 9 Less than $500,000. 4 Beginning with 1957, coverage is considerably broader than earlier. UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, DECEMBER 31, 19591 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills2 Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. Jan. 7, 1960. 1,600 June 9, 1960 500 Apr. 1,1962 \Vi 551 June 15, 1964-69... 2 3,740 Jan. 14, 1960. 1,602 June 16, 1960 500 Aug. 15, 1962 4 317 Dec. 15, 1964-69... 2 3,815 Jan. 15, 1960. 2,006 June 22, 1960* 2,002 Oct. 1,1962 VA 590 Feb. 15, 1965 2 6,896 Jan. 21, 1960. 1,400 June 23, 1960 500 Nov. 15, 1962 3% 1,143 Mar. 15, 1965-70... 2 4,695 F J F a e e n b b . . . 2 1 8 4 1 , , , 1 1 1 9 9 9 6 6 6 0 0 0 . . . , 1 1 1 , , , 4 4 6 0 0 0 1 0 0 J J O u u c l n y t e . 3 1 1 0 7 5 , , , 1 1 1 9 9 9 6 6 6 0 0 0 2 2 , ,0 0 5 0 0 0 1 7 0 A F M e p a b r y . . 1 1 5 1 5 , , , 1 1 1 9 9 9 6 6 6 3 3 3 2 li y / 42 8 3 1 , , 9 7 5 4 7 3 3 1 3 J A M u u n a g r e . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 6 7 6 - - 7 7 2 1 . . . . 2 1 1 , , , 8 4 9 2 8 4 1 4 2 Feb. 18, I960., 1,601 Oct. 1,1963 1% 506 Sept. 15, 1967-72.. 2,716 Feb. 25, I960., 1,600 Certificates Nov. 15, 1963 4% 3,011 Dec. 15, 1967-72... 2V 3,667 Mar. 3,1960. 1,501 Feb. 15,1960 3% 11,363 Apr. 1,1964 1% 457 Oct. 1, 1969 4 1,276 Mar. 10, I960., 1,601 May 15, 1960 4 1,269 May 15, 1964 4% 4,878 Nov. 15, 1974. 3% 654 M M M a a a r r r . . . 2 1 2 2 7 4 , , , 1 I 1 9 9 9 6 6 6 0 0 0 * . . , 4 1 1 , , , 6 0 6 0 0 0 0 2 4 Tr N ea o s v u . r y 1 5 n , o 1 te 9 s 60 4V4 7,037 A O u ct g . . 15 1 , , 1 1 9 9 6 6 4 4 \y 5 2 2,3 1 1 8 6 5 J F M u e n a b y e . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 8 8 7 0 5 8 -83... 3 3* V 4 4 A 1 1 , , 1 6 8 3 0 8 5 2 4 Mar. 31, 1960. 1,501 Apr. 1,1960 IVi 198 Treasury bonds Feb. 15, 1990 3^ 1,727 Apr. 7, 1960. 405 May 15, 1960 3»4 2,738 June 15, 1959-62... 214 5,265 Feb. 15, 1995 3 2,737 Apr. 14, 1960. 400 May 15,1960 3ft 2,406 Dec. 15, 1959-62... 2VA 3,454 A A p p r r . . 2 1 1 5 , , 1 1 9 9 6 6 0 0 . . 2,0 4 0 0 3 0 A O u ct g . . 15 1 , , 1 1 9 9 6 6 0 0 A \ V V A i 9,5 2 6 7 1 8 N De o c v . . 1 1 5 5 , , 1 1 9 9 6 6 0 0 -653..2 2 3 1/ 4 g 3 1 , ,4 8 8 0 5 6 Panama Canal Loan.... 3 50 Apr. 28, 1960. 401 Apr. 1,1961 1% 144 Sept. 15, 1961 2VA 2,239 Convertible bonds May 5, 1960. 400 May 15,1961 3% 4,078 Nov. 15, 1961 2ft 11,177 Investment Series B J M M M u a a n a y y y e 2 1 1 2 6 2 9 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 0 0 0 0 . . . . 4 4 4 4 0 0 0 0 1 0 3 0 A O F F e e u c b b t g . . . . 1 1 1 5 5 1 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 1 1 2 2 3 1 % % 4 4 2 1 , , 1 4 6 3 3 3 4 3 5 6 7 2 J A D F u e e u n b c g e . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 3 4 2 3 - - 6 6 7 8 . . . . . . 2 2 2 1 % i/ 4 3 i 6 2 2 3 , , , , 8 8 7 1 5 1 1 5 4 7 0 5 Apr. 1, 1975-80... 2 y4 7,077 * Tax anticipation series. 2 Sold on discount basis. For discounts on individual issues, see tables 1 Direct public issues. on Money Market Rates, p. 50. 3 Partially tax-exempt. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

58 FEDERAL FINANCE UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of United States Treasury. In billions of dollars] Public issues3 Marketable Nonmarketable 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 2 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 i e n a d t d e n e s e b s o t s - f Notes B e b l a l i e g n i 4 k - st B r r i a e c n - t k ed bonds Totals b i o n n g d s s n s i o n a t g v e s - s 1941—Dec 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 2.5 7.0 1945—Dec 278.7 278.1 255.7 198.8 17.0 38.2 23.0 68.4 52.2 56.9 48.2 8.2 20.0 1947—Dec 257.0 256.9 225.3 165.8 15.1 21.2 11.4 68.4 49.6 59.5 52.1 5.4 29.0 1951—Dec 259.5 259.4 221.2 142.7 18.1 29.1 18.4 41.0 36.0 12.1 66.4 57.6 7.5 35.9 1952—Dec 267.4 267.4 226.1 148.6 21.7 16.7 30.3 58.9 21.0 12.5 65.1 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 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—Dec 283.0 282.9 236.0 175.6 29.7 36.4 26.1 83.4 8.3 52.1 51.2 44.8 1959—Jan 285.9 285.8 239.9 179.8 30.3 36.4 28.9 84.2 8.2 51.9 51.0 43.9 Feb 285.2 285.1 239.4 179.3 31.8 38.0 25.3 84.2 8.1 51.9 51.0 43.9 Mar 282.2 282.0 236.1 176.3 32.2 34.4 25.4 84.2 8.0 51.9 51.0 43.9 Apr 285.5 285.4 240.2 180.7 34.2 34.4 27.2 84.9 7.8 51.7 50.8 43.3 May 286.4 286.3 240.3 181.0 35.0 33.8 27.3 84.9 7.7 51.5 50.7 44.2 June 284.8 284.7 237.1 178.0 32.0 33.8 27.3 84.9 7.7 51.4 50.5 44.8 July 288.8 288.7 241.8 183.1 37.0 33.8 27.3 84.8 7.6 51.1 50.2 44.1 Aug 290.5 290.4 242.9 184.5 38.6 20.3 40.7 84.8 7.6 50.8 50.0 44.7 Sept 288.4 288.3 241.1 183.1 37.1 20.3 40.8 84.8 7.5 50.6 49.7 44.4 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 Dec 290.9 290.8 244.2 188.3 39.6 19.7 44.2 84.8 7.1 48.9 48.2 43.5 1 Includes some debt not subject to statutory debt limitation (amounting 4 Includes Treasury bonds and minor amounts of Panama Canal and to $411 million on Dec. 31, 1959) and fully guaranteed securities, not postal savings bonds. shown separately. 5 Includes Series A investment bonds, depositary bonds, armed forces 2 Includes non-interest-bearing debt, not shown separately. leave bonds, and adjusted service bonds, not shown separately. 3 Includes amounts held by Govt. agencies and trust funds, which 6 Less than $50 million. aggregated $10,185 million on Nov. 30, 1959. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in billions of dollars] Total Held by Held by the public gross U. S. Govt. debt agencies and E m n o d n t o h f i ( n s a i g n e n ti c c t e g e u l s u u e r ) d a i d - r - - S is p s t e r u c u e i s a s t l fun P i d s 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 i t n u k g a s s l p I c n a a o n s n m u c ie e r - - s r c O a o t t r i h o p e n o r s - g S l a o o t n v c a d a t ts e l . S b a o v n i I n d n g s d 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 '16.0 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 '15.9 21.5 12.7 49.4 '15.4 13.2 1954_Dec 278.8 42.6 7.0 229.2 24.9 69.2 8.8 '15.3 19.2 14.4 50.0 '13.5 13.9 1955—Dec 280.8 43.9 7.8 229.1 24.8 62.0 8.5 '14.6 23.5 15.1 50.2 '14.8 15.6 1956—Dec 276.7 45.6 8.4 222.7 24.9 59.5 8.0 '13.2 19.1 16.1 50.1 '15.6 16.1 1957 Dec 275.0 45.8 9.4 219.8 24.2 59.5 7.6 '12.5 17.2 17.0 48.2 '16.9 16.5 1958 June 276.4 46.2 9.7 220.5 25.4 65.3 7.4 '12.2 13.9 16.9 48.0 '16.1 15.2 1958 Oct 280.3 45.4 9.7 225.3 25.4 67.0 7.4 '12.7 16.8 '16.8 47.8 '15.7 15.8 Nov 283.2 45.1 9.7 228.4 26.2 68.0 7.3 '12.7 18.0 '16.7 47.8 '15.6 16.0 Dec 283.0 44.8 9.6 228.6 26.3 67.5 7.3 12.7 18.2 '16.7 47.7 15.8 16.5 1959_Jan 285.9 43.9 9.6 232.4 25.7 68.2 7.3 '13.0 19.8 '17.0 47.7 '16.9 16.7 Feb 285.2 43.9 9.8 231.6 25.3 66.3 7.4 '12.8 20.2 '16.9 47.6 '17.7 17.3 Mar 282.2 43.9 9.8 228.4 25.5 63.2 7.4 '12.6 19.5 '16.8 47.5 '18.7 17.2 Apr 285.5 43.3 9.8 232.4 25.7 64.7 7.4 '12.6 20.9 '16.9 47.3 '19.2 17.8 May 286.4 44.2 10.0 232.2 25.9 63.2 7.4 '12.6 21.4 '16.8 47.2 '19.5 18.2 June 284.8 44.8 9.9 230.2 26.0 61.3 7.3 '12.5 20.0 '16.7 47.0 '19.7 19.4 July 288.8 44.1 10.0 234.7 26.5 61.8 7.3 '12.6 '21.8 '17.0 46.9 '20.4 20.4 Aug 290.5 44.7 9.9 235.9 26.7 60.8 7.3 '12.7 '22.8 '17.2 46.7 '21.0 20.6 Sept 288.4 44.4 9.8 234.2 26.6 60.0 7.3 '12.6 '21.3 '17.3 46.5 '21.8 21.0 Oct 291.4 43.6 10.0 237.8 26.6 60.4 7.0 12.6 22.9 17.4 46.3 22.8 21.7 ' Revised. 3 Includes savings and loan associations, dealers and brokers, foreign 1 Includes the Postal Savings System. accounts, corporate pension funds, and nonprofit institutions. 2 Includes holdings by banks in territories and insular possessions, NOTE.—Reported data for Federal Reserve Banks and U. S. Govt. which amounted to about $293 million on Dec. 31, 1958, and to about agencies and trust funds; Treasury Department estimates for other groups. $108 million on Oct. 31, 1959. Starting with September 1959, banks in Alaska and Hawaii are being gradually reclassified as continental U. S. banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 59 OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES 1 [On basis of Treasury Survey data. Par value in millions of dollars] Marketable and convertible securities, by type Marketable securities, by maturity class Type of holder and date Total Bills C c e a r t t e if s i- Notes M bo a a n b rk d le e s2 t- v b e C o r o t n i n b d - l s e Total W 1 i y th ea in r y 1 e - a 5 rs 5-10 Over 10 All holders: 1955—June 30 166,882 19,514 13,836 40,729 81,128 11,676 155,206 49,703 38,188 33,687 33,628 1956—June 30 166,050 20,808 16,303 35,952 81,890 11,098 154,953 58,714 31.997 31,312 32,930 1957—June 30 165,985 23,420 20,473 30,973 80,839 10,280 155,705 71,033 39,184 14./32 30,756 1958—June 30 175,573 22,406 32,920 20,416 90,932 8,898 166,675 67,782 41,071 22,961 34,860 Dec. 31 183,896 29,748 36,364 26,072 83,402 8,309 175,586 72,616 52,318 18,652 31,999 1959—June 30 185,709 32,017 33,843 27,314 84,853 7,681 178,027 72,958 56,819 18,538 29,713 Sept. 30 190,513 37,128 20,343 40,758 84,828 7,456 183,057 73,656 61,175 18.536 29,691 Oct. 31 194,715 39,130 20,343 43,141 84,820 7,282 187,433 75,836 63,379 19,811 28,407 U. S Govt. agencies and trust funds: 1955—June 30 7,162 40 119 3,556 3,439 3,723 74 199 506 2,944 1956—June 30 8,236 273 355 688 3,575 3,345 4.891 927 500 434 3,030 1957—June 30 8,554 130 416 ,282 3,664 3,063 5:491 ,138 ,210 295 2,848 1958—June 30 9,477 173 599 ,169 4,703 2,833 6,644 899 ,565 913 3,267 Dec. 31 9,379 78 492 ,338 4,711 2,759 6,620 721 ,696 1,179 3,025 1959—June 30 9,681 86 537 ,389 4,988 2,680 7,001 930 ,679 ,448 2,944 Sept. 30 9,666 121 356 ,540 5,022 2,627 7.039 893 ,734 ,468 2,944 Oct. 31 9,777 149 345 ,638 5,026 2,619 7,158 897 ,850 ,623 2,787 Federal Reserve Banks: 1955—June 30 23,607 886 8,274 11,646 2,802 23,607 17,405 3,773 ,014 ,415 1956—June 30 23,758 855 10,944 9,157 2,802 23,758 20,242 1,087 ,014 ,415 1957—June 30 23,035 287 11,367 8,579 2,802 23,035 20,246 681 750 ,358 1958—June 30 25,438 2,703 19,946 2,789 25,438 23,010 1.014 57 ,358 Dec. 31 26,347 2,284 18,704 "2^875" 2,484 26,347 20,995 3,881 206 ,264 1959—June 30 26,044 2.032 18,650 2,879 2,484 26,044 20,687 3,887 410 ,060 Sept. 30 26,563 2,562 10,507 11,010 2,484 26,563 18.569 6,524 410 ,060 Oct. 31 26,631 2,601 10,521 11,026 2,484 26,631 18,637 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 19,132 4,719 1957—June 30 48,734 2,853 2,913 8,984 33,839 144 48,590 12,268 23,500 8,600 4,222 1958—June 30 57,509 3,796 3,331 11,532 38,720 130 57.379 13,431 24,494 14,259 5,195 Dec. 31 59,048 5,194 6,686 12,285 34,753 130 58,918 14,380 29,696 10,433 4,409 1959—June 30 53,513 3,563 3.883 12,417 33,531 120 53,394 10,045 31,304 8,233 812 Sept. 30 51,932 4,307 2,049 13,015 32,449 51,821 9.415 30.510 8,156 740 Oct. 31 52,396 4,545 2,158 13,256 32,329 108 52,288 9,691 30,606 8,546 3,445 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 1,082 601 4,040 1958—June 30 7,110 89 132 465 5,493 931 6,179 303 1,106 675 4,094 Dec. 31 6,942 139 115 538 5,268 6,060 300 1,229 958 3,573 1959_jUne 30 7,079 175 209 684 5,228 783 6,296 480 1,360 1,700 2,756 Sept. 30 7,049 237 188 817 5,097 711 6,338 596 1,361 1,666 2.715 Oct. 31 6,792 136 146 893 4,950 667 6,125 436 1,392 1,676 2,620 Insurance companies: 1955__june 30 13,117 630 74 789 8,479 3.145 9,972 810 1,339 2,027 796 1956—June 30 11,702 318 44 760 7.789 2,791 8,911 632 1,192 1,802 285 1957—June 30 10.936 326 136 648 7,277 2,549 8,387 955 1,775 1,022 634 1958—June 30 10,580 254 112 614 7,398 2,202 8,378 651 1,650 1,004 074 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 Sept. 30 11.009 495 297 912 7,411 1.894 9.115 1,092 2,165 1,700 4.158 Oct. 31 11,142 550 289 1,016 7,429 1,857 9,285 1,148 2,274 1,780 4,082 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 Sept. 30 S4.294 29,406 6,946 13,463 32,366 2.113 82,181 43.091 18,880 5,136 15.075 Oct. 31 87,977 31,150 6,884 15,312 32,601 2,030 85,947 45,027 20,732 5,775 14,413 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

60 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 p s : 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 - - . i E p T r f u q e r t o u b o h c a t l m t e a i s l c s l . 2 : B p t u e u e n d r x e d g - s i e - t p T P t f e u u e r l n u r x n u e d s - d s s : i t - A m L d e e j n s u s t s s : t 3 - E p p t T q o u a o u y b t a t l h t a l i s e s l c . : t p p o f u a r t o h o ( y b r m e - t li s ) c . , ( c ( c o d - r d r r I e ) e i e n r a a , d b e - s i s e c t n e e - t , a i G n g N v e o n . e v . t b t & . L y ess: O n c t a o h s n e h - r b E 7 i o n q c N r g a u - r s e a o T h o t l w s r : - & agen.) tr. funds debt* Cal. year—1956 70,994 12,398 3,023 80,334 67,216 10,339 2,747 74,809 5,525 -3,560 2,481 -136 -5,910 1957 72,284 15,368 3,079 84,521 71,692 14,794 3,155 83,328 1,191 467 1,573 64 -1,168 1958 68,694 16,797 3,710 81,728 75,782 17,856 4,622 89,014 -7,287 7,533 -717 487 7,762 Fiscal year—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 68,270 17,084 3,650 81,659 80,697 18,595 4,490 94,802 -13,143 9,656 -1,182 2,160 8,678 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.-JuneP. 39,368 9,449 2,023 46,767 40,791 9,674 3,205 47,263 -494 2,783 312 1,507 965 Monthly: 1958—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 10,154 1,950 1,053 11,047 8,631 1,546 1,532 8,645 2,403 -1,307 454 1,042 -2,803 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 3,023 1,009 348 3,678 6,868 1,886 861 7,894 -4,216 3,077 -683 105 3,656 Nov.?' 5,897 2,004 312 7,584 6,598 1,496 -139 8,233 -649 -423 241 97 -761 Effects of operations on Treasurer's account Cash balances: Account of Treasurer of United Operating transactions Financing transactions inc., or dec. ( —) States (end of period) Period s B d u u e N r o p f d i e r l g c t u i e t s t , a l c d T a f c e u t r o u f i n u i o r m c d s n i t u t , - t c o R i l c e T i a a c r s t o e i h o n a n - s. i ( m o s a G + s g b N a u ) e l o r a i , e n g k v n t c a e o t c y . t - f e in i & s a n G v e g N c . e o F . t n e r v ( e b u c t - t d y y s . ) . t , I d n ( p e d g - c c u i r r ) o r r b o e , e e r s l a c a i i s s n c s t e e , T o r H u e t a e s s l i u d d r e y a T c u c r r e e o a r u ' s s n - t Balance ( B F a a a . D v b n a l R e k e i p l . s - osi T ts T a L x u r i o e n r a a a y : n s n - d O as n t s h e e e t ts r tions 5 funds 5 debt funds) Accts. Fiscal year—1956 1,626 2,250 320 173 -2,617 -1,623 -202 331 6,546 522 4,633 1,391 1957 1,596 1,409 -518 1,085 -2,300 -2,224 -956 5,590 498 4,082 1,010 1958 -2,819 262 670 567 -197 5,816 140 4,159 9,749 410 8,218 1,121 1959 -12,427 -1,511 -29 71 1,112 8,363 -23 -4,399 5,350 535 3,144 1,071 Semiannually: 1957—July-Dec -6,735 34 159 1,007 21 4,371 -160 -984 4,606 481 3,084 1,041 1958—Jan.-June 3,916 228 511 -440 -218 1,445 300 5,143 9,749 410 8,218 1,121 July-Dec -11,004 -1,286 -232 -121 1,144 6,579 -131 -4,788 4,961 358 3.468 1,135 1959—Jan.-June -1,423 -225 203 192 -32 1,784 108 389 5,350 535 3; 744 1,071 Monthly: 1958—Nov -1,274 177 111 -37 212 2,848 46 1,991 6,525 424 4.879 1.222 Dec -900 -248 -601 -28 239 -138 -113 -1,564 4,961 358 3,468 1,135 1959—Jan -2,248 -1,124 462 1,047 2,879 54 957 5,918 447 4,054 1,417 Feb 245 175 -477 57 47 -697 -7 -644 5,274 492 3,454 1,328 Mar 1,965 -130 507 6 -70 -3,069 45 -836 4,438 398 2,787 1,253 Apr -2,169 -603 355 78 491 3,319 -60 1,531 5,969 539 3,844 1,586 May -739 1,053 -432 1 -980 950 -67 -81 5,888 567 4,117 1,204 June 1,524 404 -211 53 -568 -1,597 143 -538 5,350 535 3,744 1,071 July -3,311 -960 35 -1 670 3,976 -77 486 5,837 522 4,364 951 Aug -626 916 -641 51 -666 1,714 -33 781 6,617 537 5,227 853 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 4,990 898 Nov -701 507 -537 56 -67 -664 1 -1,408 4,968 582 3,559 827 * 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 61 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 f t w f r u i e u g n a r s y d h s t - to R : m a t r i c . r e e c e - n R t - . t . c fu e R r o n i e e p - f d - t s s B c T u e r o d i e p t - g a t e l s t W he I i n t ld h d - ivid O ua th l er C ra o ti r o p n o- t c a E i x x s e e - s t p m a E l x o e m e n y s - t - 7 O ce r t i e h p - e ts r Liquor b T ac o c - o a ta M n i d l f e r r r s s e . ' - 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 68,270 8,004 2,171 525 4,933 83,904 29,001 11,733 18,092 10,760 8,854 5,465 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 39,368 4,621 1,059 260 4,299 49,608 15,232 8,906 11,918 5,396 5,201 2,956 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 10,154 649 191 46 208 11,247 552 1,689 4,786 842 696 682 228 114 July 3,246 311 192 20 167 3,936 239 364 568 971 332 462 243 150 Aug 5,679 1,235 237 85 181 7,418 4,223 123 368 1,027 1,321 356 288 172 Sent 8,486 652 201 52 161 9,552 264 1,837 3,311 1,007 704 430 300 169 Oct 3,023 259 198 16 129 3,626 211 257 491 977 278 413 319 179 n.a. Nov 5,897 882 219 82 72 7,152 4,345 99 405 936 965 402 n.a. n.a. n.a. Budget expenditures 8 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*. 80,697 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 2,651 850 1,003 661 1958—Jan.-June. 35,876 22,418 19,692 1,156 1,188 1,018 3,777 2,626 1,811 1,738 693 1,106 695 July-Dec.. 39,906 23,246 20,619 1,145 1,269 1,206 3,686 2,580 2,158 3,922 896 1,438 765 1959—Jan.-June* 40,791 23,167 20,608 1,182 1,278 2,479 4,000 2,551 1,894 2,858 773 1,924 ,172 Monthly: 1958—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 6,427 3,898 3,465 209 211 162 656 361 482 351 125 242 150 MPay I'.'.".'. 6,164 3,642 3,253 165 214 167 658 433 355 273 122 389 129 June*7.... 8,631 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 Sent 6,357 3.783 3,412 122 205 136 725 428 364 403 176 178 143 Oct 6,868 3,980 3,622 135 204 -85 740 405 405 675 173 446 166 3 Consists primarily of (1) intra-Governmental transactions as de- 8 The 1960 Budget Document showed certain revisions in fiscal year data. scribed in note 1, (2) net accruals over payments of interest on savings When the revisions were in classification of functions—such as the shift bonds and Treasury bills, (3) Budget expenditures involving issuance of of defense-support activities from military assistance and major national Federal securities, (4) cash transactions between International Monetary security to international affairs—the revisions were made in monthly and Fund and the Treasury, (5) reconciliation items to Treasury cash, and semiannual data. Other fiscal year revisions not available for monthly (6) net operating transactions of Govt. sponsored enterprises. and semiannual periods. 4 Primarily adjustments 2, 3, and 4, described in note 3. For more details, see the 1960 Budget Document and the Treasury 5 Excludes net transactions of Govt. sponsored enterprises, which are Bulletin, Table 4. included in the corresponding columns above. 9 Includes stockpiling and defense production expansion not shown « Includes transfers to Federal disability insurance trust fund. separately. 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

62 FEDERAL BUSINESS-TYPE ACTIVITIES SELECTED ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department. In millions of dollars] End of year End of quarter Asset or liability, and activity1 1958 1959 1952 1953 1954 1955 1956 1957 Loans, by purpose and agency: To aid agriculture, total 5,070 6,811 6,929 6,715 6,752 6,681 7,605 6,931 7,402 8,672 9,630 Banks for cooperatives 424 377 367 375 457 454 428 410 473 511 518 Federal intermediate credit banks2.. 673 590 638 689 734 935 1,040 1,228 1,247 1,169 1,313 Farmers Home Administration 596 648 701 681 724 832 906 903 900 819 935 Rural Electification Administration. 1,920 2,096 2,226 2,348 2,488 2,688 2,732 2,774 2,820 2,874 2,919 Commodity Credit Corporation 1,426 3,076 2,981 2,621 2,349 1,778 2,499 1,600 1,962 3,298 3,944 Other agencies 31 23 18 1 (3) (3) (3) (3) (3) 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 1 820 851 1 890 1 93 1 6 98 1 9 To industry', total 595 555 431 575 619 674 645 654 555 680 695 Treasury Department... 174 353 306 209 251 224 222 221 216 212 O Co th m e m r a e g rc e e n c D ie e s partment. 598 413 79 . * 2 1 6 1 1 2 2 1 1 9 9 1 2 2 0 1 6 7 2 2 1 0 9 3 2 1 4 9 1 1 2 1 4 9 7 0 2 1 7 8 8 7 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 7,955 5,225 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. '1,515 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 -555 -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 5,555 5,555 5,555 3,420 3,420 3,420 3,420 3,420 3,420 3,420 Other securities* 223 219 197 179 249 298 333 3,696 3,703 3,703 3,702 Inventories, total 1,280 2,515 3,852 4,356 21,375 21,628 21,206 21,540 20,743 20,810 20,504 Commodity Credit Corporation.. 978 2,087 3,302 3,747 3,651 3,025 2,636 3,310 3,013 3,036 2,906 Defense Department 11,004 11,136 10,866 10,344 9,730 9,681 9,421 O G t e h n e e r r a a l g e S n e c rv ie ic s es Administration. } 303 428 550 609 / \ 6,5 2 1 0 7 1 7,2 1 8 8 2 5 7,5 1 2 7 8 5 7,7 1 0 8 0 6 7,8 1 0 9 9 1 7,9 1 1 7 9 4 7,9 1 8 9 7 1 Land, structures, and equipment, total........... 3,213 8,062 8,046 7,822 9,985 9,962 10,020 10,459 10,422 10,670 10,753 Commerce Dept. (primarily maritime activities). 4,834 4,798 4,822 4,502 4,535 4,568 4,589 4,550 4,721 4,736 Panama Canal Company 415 363 421 421 398 398 396 396 398 396 402 Tennessee Valley Authority ,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 ,202 1,040 728 450 236 88 77 32 26 25 20 Nat. Aeronautics and Space Administration 276 283 274 280 282 285 289 Bonneville Power Administration 311 342 345 349 371 372 373 General Services Administration 1,298 1,308 1,327 1,341 1,319 1,322 1,237 Post Office Department 590 599 599 637 637 637 637 Other agencies 345 350 360 300 613 608 644 1,033 1,050 1,134 1,257 Bonds, notes, & debentures payable (not guar.), total.. 1,330 1,182 1,068 2,379 2,711 4,662 4,749 3,812 3,981 4,038 4,212 Banks for cooperatives 181 150 156 185 257 247 224 207 260 303 310 Federal intermediate credit banks 704 619 640 665 721 902 992 1,181 1,211 1,124 1,256 Federal home loan banks 445 414 272 958 963 825 468 455 612 714 699 Federal National Mortgage Association 570 770 2,688 3,065 1,968 1,898 1,898 1,947 1 Figures except for trust revolving funds (for details see p. 1063 of the the banks for cooperatives; Treasury compilations prior to 1956 classified BULLETIN for August 1959) exclude interagency items. this item as an interagency asset. 2 Effective Jan. 1,1957, the production credit corporations were merged NOTE.—Coverage has changed in some of the periods shown. Bein the Federal intermediate credit banks, pursuant to the Farm Credit ginning with 1956, changes reflect the expanded coverage and the new Act of 1956, approved July 26, 1956 (70 Stat. 659). Thereafter operations classification of activities by type of fund now reported in the Treasury of the banks are classified as trust revolving transactions. Bulletin. Classifications by supervisory authorities are those in existence 3 Less than $500,000. currently. Where current Treasury compilations do not provide a de- 4 Figures represent largely the Treasury loan to the United Kingdom, tailed breakdown of loans, these items have been classified by Federal and through 1952 are based in part on information not shown in Treasury Reserve on basis of information about the type of lending activity involved. compilation. For the most recent quarterly data by type of fund and activity, see 5 Figure derived by Federal Reserve. BULLETIN for August 1959, p. 1063. 6 Includes investment of the Agricultural Marketing revolving fund in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 63 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 properties 1 or quarter All Finan- All All Finanhold- cial hold- hold- cial Other ers insti- Selected Indi- ers Finan- Other Finan- Other ers insti- holders* 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 171.9 131.5 4.8 35.6 160.7 117.7 98.5 19.2 43.0 28.8 14.2 11.2 4.2 7.0 1957 SeDt 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 32.8 148.5 109.1 91.1 18.1 39.3 26.4 13.0 10.6 4.1 6.6 June 162.8 124.5 4.6 33.7 151.9 111.5 93.3 18.2 40.4 27.1 13.3 10.9 4.1 6.8 Sent 167.1 127.9 4.6 34.6 156.0 114.5 95.9 18.6 41.5 27.8 13.7 11.1 4.2 6.9 Dec 171.9 131.5 4.8 35.6 160.7 117.7 98.5 19.2 43.0 28.8 14.2 11.2 4.2 7.0 1959 Mar P 175 9 134 3 5.3 36.3 164.4 120.5 100.7 19.8 43.9 29.3 14.6 11.5 4.3 7 2 Junep 181.4 138.4 5.8 37.1 169.5 124.4 103.9 20.5 45.2 30.1 15.0 11.8 4.4 7.4 Sept.*3 186.6 142.3 6.3 38.0 174.5 128.0 106.8 21.2 46.5 31.0 15.5 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] Commercial bank holdings2 Mutual savings bank holdings 3 End of year Residential Residential or quarter Other Other Total non- Farm Total non- Farm FHA- VA- Con- farm FHA- VA- Con- farm Total in- guar- ven- Total in- guar- vensured anteed tional sured anteed tional 1941 4,906 3,292 1,048 566 4,812 3,884 900 28 1945 4,772 3,395 856 521 4,208 3,387 797 24 1951 14,732 11,270 3,421 2,921 4,929 2,458 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 08? 12,943 11,334 3,489 3,053 4,792 1,556 53 1954 18,573 14,152 4,106 3,350 6,695 3,263 1,159 15,007 13,211 3,800 4 262 5 149 1 740 56 1955 21,004 15,888 4,560 3,711 7,617 3,819 1, 797 17,457 15,568 4,150 5,773 5,645 1 831 58 1956 22,719 17,004 4,803 3,902 8,300 4,379 1,336 19,745 17,703 4,409 7 139 6 155 1 984 59 1957 23,337 17,147 4,823 3,589 8,735 4,823 ,367 21,169 19,010 4,669 7,790 6,551 2 102 57 1958 25,523 18,591 5,476 3,335 9,780 5,461 1,471 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 ,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 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 24,700 18,049 5,205 3,355 9,489 5,190 ,461 22,746 20,460 5,280 8,276 6,904 2 231 55 Dec 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.* 426,130 19,020 5,660 3,305 10,055 5,605 50S •23,638 21,257 5,684 8,435 7,138 2,328 53 Junep 27,060 19,615 5,885 3,230 10,500 5,875 ,570 24,110 21,676 5,915 8 510 7 251 2 380 54 Sept.* 27,630 19,952 6,035 3,092 10,825 6,068 1,610 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

64 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 Nov 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 7,392 19,620 2,715 Mar 473 410 130 10 270 63 37,486 34,753 7,693 7,347 19 713 2,733 Apr 432 385 120 13 252 47 37,602 34,851 7,758 7,314 19,779 2,751 May 433 386 105 18 263 47 37,737 34,958 7,813 7,286 19,859 2,779 June 469 428 116 17 295 41 37,894 35,094 7,877 7 258 19 959 2,800 July 535 501 124 11 366 34 38,108 35,335 7,945 7,220 20,170 2,773 Aug 470 438 118 9 311 32 38,282 35,496 8,005 7,181 20,310 2,786 Sent 517 488 134 21 333 29 38,493 35,698 8,082 7,153 20 463 2,795 Oct 539 506 146 22 338 33 38,744 35,936 8,176 7,132 20.628 2,808 Nov 507 477 123 24 330 30 38,984 36,169 8,257 7,116 20,796 2,815 NOTE.—Certain mortgage loans secured by land on which oil drilling end-of-year figures, because monthly figures represent book value of or extracting operations are in process are classified with farm through ledger assets whereas year-end figures represent annual statement asset June 1959 and with "other" nonfarm thereafter. These loans totaled values, and because data for year-end adjustments are more complete. $38 million on July 31, 1959. Source.—Institute of Life Insurance; end-of-year figures are from For loans acquired, the monthly figures may not add to annual totals, Life Insurance Fact Book, and end-of-month figures from the Tally of and for loans outstanding, the end-of-December figures may differ from Life Insurance Statistics and Life Insurance News Data. MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE 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 TotaU con- pur- Total 2 in- guar- ven- month Season- Without Sav- Insur- Com- Mutual struc- chase sured anteed tional ally seasonal ings & ance mer- savtion ad- adjust- loan com- cial ings justed ! ment 2 assns. panies banks banks 1941 1 379 AM *>H1 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 1,097 217 195? 6,617 2 105 2 955 18,396 904 3,394 14,098 1953 7,767 7 475 3 488 21,962 1,048 3,979 16,935 1952 18,018 6,452 1,420 3,600 1,137 1954 8,969 076 3 846 26,108 1,170 4,709 20 279 1953 19,747 7,365 1,480 3,680 1,327 1955 11 432 4 041 31,408 1,404 5,883 74,171 1954 22,974 8,312 1,768 4,239 1,501 1956 10,545 3 771 4 777 35,729 1,486 6,643 27,600 1955 28,484 10,452 1,932 5,617 1,858 1957 . 10 402 *67 4 708 40,007 1,643 7,011 31 1956 27,088 9,532 1,799 5,458 1,824 1958 12,346 4 096 5 251 '45,627 '2,206 '7,077 '36,344 1957 24,244 9,217 1,472 4,264 1,429 1958 27,388 10,516 1,460 5,204 1,640 1958 1958 Oct 1,290 478 570'44,629 '2,082 '7,042 '35.505 1,053 345 469 '45,099 '2,152 '7,050 '35 897 Oct 2,576 2,857 1,086 150 558 175 Dec 1,136 376 488 '45,627 '2,206 '7,077 '36 344 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 '46,029 '2,273 '7,092 '36,664 Feb .... 1,012 376 479 '46,456 '2,328 '7,110 '37 018 Jan 2,677 2,352 870 121 454 123 Mar 1,257 439 '47,049 '2,388 '7,100 '37,561 Feb 2,631 2,245 865 106 426 113 Apr 1,359 480 562 '47,754 '2,461 '7,111 '38,182 Mar 2,683 2,586 1,059 116 492 112 May 1,434 57? 601 '48,508 '2,528 '7,119 '38 861 Apr 2,683 2,776 1,148 115 553 124 June 1,555 554 674 '49,348 '2,605 '7,119 '39 ,624 May 2,757 2,768 1,151 112 534 140 July 1,529 520 695 '50,131 '2,685 '7,125 '40,321 June 2,780 2,974 1,261 120 543 168 1,421 472 662 '50,858 '2,760 '7,136 '40,962 July 2,787 3,100 1,286 138 561 187 Sept 1,374 450 645 '51,528 '2,818 '7,138 '41 ,572 2,769 2,871 1,203 137 505 167 Oct 1,329 465 590 52,149 '2,883 '7,159 '42,107 Sept 2,650 2,834 1,184 136 481 173 Oct 2,799 1,152 146 463 168 ' Revised. * Includes loans for other purposes (for repair, additions and alterations, 1 Three-month moving average, seasonally adjusted by Federal Rerefinancing, etc.) not shown separately. serve. 2 Beginning 1958 includes shares pledged against mortgage loans. 2 Includes amounts for other lenders, not shown separately. Source.—Federal Home Loan Bank Board. Source.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 65 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FH A-insured oans VA-guaranteed loans Home Home Year or month mortgages Proj- P e r r o ty p- mortgages G un o d v e e r r w nm rit e t n en t- Total p e N r r t e o i w e p s - p i e s E r r t t o i x i n e p - g s - g m a ty g o p e r e s t- 1 p l m o r i a o m e n v n - s e t 2 - Total 3 p e N r r t e o i w e p s - p i e s E r r t t o i x i n e p - g s - q y E e u n a a d r r t o o er f r Total FHA- VA- t C i v o e o n n n a - - l Total in- guarsured anteed 1945 665 257 217 20 171 192 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 Nov 559 165 292 31 71 216 135 81 1958 117.7 50.1 19.7 30.4 67.6 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 Mar 643 211 319 33 81 260 201 59 1958—Mar 109.1 47.7 17.1 30.6 61.4 Apr 639 196 294 80 69 231 179 52 June 111.5 48.3 17.7 30.6 63.2 May 652 186 291 86 88 211 161 50 Sept 114.5 49.1 18.6 30.5 65.4 June 680 208 312 68 92 221 165 56 Dec 117.7 50.1 19.7 30.4 67.6 July 694 214 310 71 99 227 168 59 660 215 288 67 89 202 150 52 1959—Mar.P.... 120.5 51.3 20.9 30.4 69.2 Sept 656 226 284 52 94 221 157 63 June? 124.4 52.1 21.8 30.3 72.3 Oct 649 237 286 35 90 238 167 70 Sept.? 128.0 53.1 22.9 30.2 74.9 Nov 583 223 225 50 85 220 158 61 1 Monthly figures do not reflect mortgage amendments included in annual totals. J> 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] [Tn millions of dollars] Mortgage holdings Mortgage Advances outstanding transactions Com- (end of period) 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 F su H in r A e - d - a g n V u t A e a e r - - d c P ha u s r e - s Sales bu u d r n i s s - ed Total S te h r o m rt 1 - L te o rm ng 2 - deposits 1945 278 213 195 176 19 46 1951 1,850 204 1,646 677 111 239 1952 586 528 864 565 299 420 1952 2,242 320 1,922 538 323 1953 728 640 952 634 317 558 1953 2,462 621 1,841 542 221 638 1954 734 818 867 612 255 802 1954 2,434 802 1,632 614 525 476 1955 1,251 702 1,417 991 426 698 1955 2,615 901 1,714 411 62 76 1956 . . . 745 934 1,228 798 430 683 1956 3,047 978 2,069 609 360 1957 1,116 1,079 1,265 731 534 653 1957 3,974 1,237 2,737 1,119 2 764 1958 1 ]364 1' 331 K298 685 613 819 1958 3,901 1,483 2,418 623 482 1,541 1959 2,070 1,232 2,134 1,192 942 589 1958 Nov 3,791 1,405 2,386 82 1 1 640 1958—Dec 229 53 1,298 685 613 819 3,901 1,483 2,418 134 1 1,541 1959—Jan 98 251 ,146 599 547 729 1959 Jan . ... 4,032 1,564 2,468 150 ,432 Feb... 50 94 ,101 559 542 720 Feb 4,188 1,664 2,523 176 1,291 Mar.. 83 96 ,087 531 556 736 Mar 4,340 1,740 2,600 175 1 ,182 Apr... 157 62 ,183 570 612 695 Apr 4,508 1,831 2,677 193 .063 May.. 116 53 ,246 596 650 692 May 4,641 1,900 2,740 154 1 982 June.. 351 60 ,537 750 786 776 June 4,793 2,000 2,794 177 1 875 July.. 235 214 ,557 807 750 613 July 4,948 2,104 2,844 178 788 Aug.. 171 63 ,665 892 773 587 AUK 5,085 2,198 2,887 165 1 714 Sept.. 200 70 ,795 1,042 753 570 Sept 5,216 2,288 2,928 155 672 Oct... 199 78 ,916 1.080 835 524 Oct 5,335 2,383 2,953 143 611 Nov.. 129 82 ,963 1,109 854 506 Nov 5,441 2,471 2,970 127 573 Dec... 281 109 2^34 1,192 942 589 i Operations beginning with Nov. 1, 1954, are on the basis of FNMA's 1 Secured or unsecured loans maturing in one year or less. new charter, under which it maintains three separate programs: secondary 2 Secured loans, amortized quarterly, having maturities of more than market, special assistance, and management and liquidation. one year but not more than ten years. Source.—Federal National Mortgage Association. Source.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

66 CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars] Instalment credit Noninstalment credit End of year or month Total Total m p A a o u p b t e o i r l - e 1 co p g O n a o s t p o h u e d e m r r s 1 er e a r n R l n d o i e z a p a m n a t s i i o 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—Nov.. 43,970 33,322 14,164 8,452 334 8,372 10,648 3,582 4,370 2,696 Dec... 45,586 34,080 14,237 8,923 350 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 Nov.. 50,379 38,723 16,669 9,687 2,683 9,684 11,656 4,117 4,614 2,925 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 n a i l t t - Total m C b e a o r n c m k ia - s l f p i c S n a o a a n m l n i e e c s - s e u C n r i e o d n it s p f s i C c a n u o n a m o i m 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 u o r r r n e e i s - H s a h a t o p o n o u p r c l l s e d e i e s - - d m A ea o u l b e to i r l s - e 3 Other 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941 6 085 4 480 1 726 1,797 198 759 1,605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 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 2,137 111 4,042 1,064 1,004 377 527 ,070 1954 23,568 19,450 8,796 6,144 1,342 2,257 911 4,118 1.242 984 377 463 ,052 1955 28,958 24,450 10,601 8,443 1,678 2,656 1,072 4,508 ,511 1,044 365 487 ,101 1956 31,897 27,154 11,777 9,100 2,014 3,056 1,207 4,743 ,408 1,187 377 502 ,269 1957 34,183 29,515 12,843 9,573 2,429 3,333 1,337 4,668 ,393 1,210 361 478 ,226 1958 34,080 29,097 12,780 8,740 2,668 3,384 1,525 4,983 ,882 1,128 292 506 .175 1958 Nov . . . 31 322 28,780 12,660 8,708 2,630 3,280 1,502 4,542 ,644 1,070 290 498 1,040 Dec 34,080 29,097 12,780 8,740 2,668 3,384 1,525 4,983 ,882 1,128 292 506 1,175 1959 Jan 4 34,029 29,178 12,908 8,733 2,647 3,380 1,510 4,851 ,805 1.095 288 508 1.155 Feb 34,025 29.238 12,938 8,724 2,671 3,377 1,528 4,787 ,807 ,079 283 509 1,109 Mar 34 234 29,499 13,086 8,780 2,710 3,378 1,545 4,735 ,781 ,045 282 513 1,114 Apr 34,762 30,010 13,374 8,921 2,766 3,387 1,562 4,752 ,781 1,043 282 524 1,122 May 35,357 30,540 13,645 9,089 2,815 3,394 1,597 4,817 ,807 1,044 283 535 1,148 36,135 31.245 13,963 9,350 2,895 3,424 1,613 4,890 ,839 1,052 283 551 1,165 July 36,757 31,861 14,230 9,592 2,946 3,463 1,630 4,896 1,826 1,055 284 565 1,166 Aug 4 37,510 32,540 14,497 9,806 3,044 3,515 1,678 4,970 1,868 1,072 288 578 1,164 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 Nov 38,723 33,519 14,853 10,117 3,183 3,622 1,744 5,204 2,045 1,107 290 592 1,170 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 67 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, INSTALMENT CREDIT HELD BY SALES FINANCE BY TYPE OF CREDIT COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] E o n r d m o o f n y t e h ar i c T m n r o s 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 s r 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 o o f n y t e h ar i c T m n r s o e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g O p c u o a t o m o p h n d e e e - r r s r m i R z l o o a e a n d a p ti n d e a o s r i n r n- l s P o o a e n n r a - s l 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1 726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1952 4,711 3,630 680 60 341 1952 7,524 1,633 1,629 1,751 1,137 1,374 1953 5,927 4,688 816 46 377 1953 8,998 2,215 1,867 2,078 1.317 1,521 1954 6,144 4,870 841 31 402 1954 8 796 2,269 1 668 1 880 303 1,676 1955 8,443 6,919 1,034 25 465 1955 10,601 3,243 2,062 2,042 ,338 1,916 1956 9,100 7,283 1,227 23 567 1956 11,777 3,651 2,075 2,464 ,469 2,118 1957 9,573 7,470 1,413 20 670 1957 12,843 4,130 2,225 2,557 ,580 2,351 1958 8,740 6,404 1,567 19 750 J958 12,780 4,014 2,170 2,269 ,715 2,612 1958—Nov 8,708 6,395 1,571 19 723 1958_Nov 12,660 3,988 2,151 2,240 ,708 2,573 Dec 8,740 6,404 1,567 19 750 Dec 12,780 4,014 2,170 2,269 ,715 2,612 1959—Jan 8,733 6,391 1,566 19 757 1959 Jan 1 12 908 4,043 2 195 2 319 ,706 2,645 Feb 8,724 6,394 1,548 19 763 Feb 12,938 4,075 2,218 2,290 ,695 2,660 Mar 8,780 6,429 1,561 21 769 Mar 13,086 4,133 2,262 2,288 ,700 2,703 Apr 8,921 6,543 1,582 20 776 Apr 13,374 4,241 2,324 2,310 ,720 2,779 May 9,089 6,679 1,605 22 783 May 13,645 4,340 2,376 2,347 ,754 2,828 June 9,350 6,884 1,647 23 796 June 13,963 4,475 2,425 2,383 ,788 2,892 July 9,592 7,063 1,695 25 809 July 14,230 4,580 2,465 2,424 ,825 2,936 Aug. i 9,806 7,240 1,723 26 817 Aug 1 14,497 4,682 2,495 2,472 ,855 2,993 Sept 9,949 7,328 1,761 30 830 Sept 14,664 4,746 2,500 2,494 ,882 3,042 Oct 10.071 7.406 1,788 33 844 Oct 14.817 4,816 2,517 2,512 ,912 3,060 Nov 10,117 7,388 1,830 34 865 Nov 14,853 4,825 2,519 2,513 ,928 3,068 i 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 Chai-ge accounts 1919 E o n r d m of o n y t e h ar i c T m n r 7 o s e e t 8 t d n a a 9 i t l l t - m A pa o u p b 8 t e o i 1 l r - e s g O p c u o a t o m o p h 2 n d e e e 4 - r r s r m R i l z o o a e a d a n p t 1 i d n e a o 5 s r i n r n- s l P o o 6 a e n 6 n r a 9 - s l E o n r d m of o n y t e h ar i c T m n n r o s o e e t t d n n a a - i t l l t - b C m c a o i n e a m r k l - s l - oa t n f O u i s i n c t n t i i s h a o a t n e l i n - r - s st m p D o a e r e r e n - t- s t 1 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 S c e r r e v d i i c t e 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—Nov 7,412 1,132 597 607 5 076 1957 11,103 2,937 427 876 3,953 317 2*593 Dec . .. . 7,577 1,143 610 616 5,208 1958 . . 11,506 3,156 490 907 3,808 345 2,800 1959—JanJ 7,537 1,134 605 605 5,193 1958—Nov 10,648 3,087 495 669 3,364 337 2,696 Feb 7,576 1,143 611 610 5,212 Dec 11,506 3,156 490 907 3,808 345 2,800 Mar 7,633 1,157 620 617 5,239 Apr 7,715 1,178 635 624 5,278 1959_Jan.3.... 11,065 3,135 464 757 3,504 358 2,847 7,806 1,198 653 643 5,312 Feb 10,723 3,182 515 637 3,112 349 2,928 June 7,932 1,231 671 656 5,374 Mar 10,691 3,208 547 608 3,047 349 2,932 July 8,039 1,250 684 667 5,438 Apr 10,946 3,291 521 601 3,208 351 2,974 8,237 1,293 702 688 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 Nov 8,549 1,345 732 721 5,751 Aug3 11,331 3,431 603 562 3,408 395 2,932 Sept 11,388 3,455 629 606 3,383 401 2,914 Oct 11.451 3.466 584 647 3 491 387 2.876 1 Includes data for Alaska and Hawaii, beginning with January and Nov 11,656 3,472 645 111 3,506 391 2,925 August 1959, respectively. NOTE.—Institutions represented are consumer finance companies, credit unions, industrial loan companies, mutual savings banks, savings and * 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

68 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R rn ep iz a a ir ti a on n d loans Personal loans Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 1952 29,514 11,764 9,186 ,217 7,347 1953 31,558 12,981 9,227 ,344 8,006 1954 31,051 11,807 9,117 ,261 8,866 1955 39,039 16,745 10,634 ,388 10,272 1956 40,175 15,563 11,702 ,568 11,342 1957 42,545 16,545 11,747 ,660 12,593 1958 40,818 14,316 11,638 ,890 12,974 1958—Nov 3,615 3,374 1,274 ,103 1,037 1,050 170 169 ,134 ,052 Dec 3,757 4,393 1,431 ,378 1,000 1,433 162 159 ,164 ,423 1959—Jan.i 3,862 3,369 1,445 ,254 1,101 925 156 120 ,160 ,070 Feb 3,849 3,290 1,465 ,266 1,064 860 157 126 ,163 ,038 Mar 3,802 3,830 1,431 ,491 1,074 995 168 157 ,129 ,187 Apr 3,981 4,073 1,524 ,598 1,144 1,090 175 173 ,138 ,212 May 4,105 4,092 1,530 ,580 1,158 1,128 190 198 ,227 ,186 June 4,024 4,454 1,505 ,780 1,129 1,173 177 195 ,213 ,306 July 4,152 4,315 1,554 ,720 1,152 1,109 183 197 ,263 ,289 Aug.i 4,128 4,193 1,535 ,627 1,137 1,123 185 199 ,271 ,244 Sept 4,164 4,061 1,517 ,515 1,137 1,123 174 191 ,336 ,232 Oct 4,212 4,185 1,619 ,564 1,123 1,198 173 190 ,297 ,233 Nov 4,076 3,928 1,463 ,313 1,131 1,172 171 175 ,311 ,268 Repayments 1952 25,405 10,003 7,892 917 (5 593 1953 27,956 10,879 8,622 1,119 7,336 1954 30,488 11,833 9,145 1,255 5,255 1955 33,649 13,082 9,751 1,315 (),501 1956 37,236 14,576 10,756 1,362 10:542 1957 40,259 15,595 11,545 1,466 11.653 1958 40,921 15,488 11,497 1,629 12,307 1958—Nov.. 3,468 3,284 1,248 ,193 1,008 943 135 133 1,077 1,015 Dec. 3,442 3,635 1,270 ,305 962 962 141 143 1,069 1,225 1959—Jan. i . 3,460 3,447 1,259 ,231 980 1,023 140 141 1,081 1,052 Feb... 3,510 3,294 1,289 ,198 992 966 139 132 1,090 998 Mar... 3,458 3,621 1,277 ,336 986 1,031 138 143 1,057 1,111 Apr... 3,541 3,545 1,296 ,282 1,014 1,026 149 147 1,082 1,090 May.. 3,629 3,497 1,318 ,262 1,015 996 149 143 1,147 1,096 June.. 3,544 3,676 1,290 ,342 994 1,020 145 147 1,115 1,167 July.. 3,637 3,693 1,334 ,363 1,012 1,015 146 147 1,145 1,168 Aug.i 3,635 3,578 1,325 ,318 1,012 993 152 151 1,146 1,116 Sept... 3,662 3,609 1,316 ,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 Nov... 3,701 3,626 1,311 1,303 1,070 1,019 142 145 1,178 1,159 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—Nov.. + 147 +90 +26 -90 +29 + 107 + 35 + 36 + 57 +37 Dec. +315 +758 + 161 +73 +38 +471 +21 + 16 +95 + 198 1959_ F ja e n b .i . . .. + + 4 3 2 3 9 9 -5 -4 1 + + 1 1 9 7 7 6 + + 6 3 8 4 + + 1 7 2 2 9 - - 1 9 0 0 6 + + 1 1 8 7 -2 -6 0 + + 8 7 6 3 + + 4 2 0 5 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. *, +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 -1-86 Nov... + 375 + 302 + 152 + 10 +61 + 153 + 29 + 30 + 133 + 109 1 Includes data for Alaska and Hawaii beginning with January and A discussion of the composition and characteristics of the data and August 1959, respectively. As a result the differences between extensions a description of the methods used to derive the estimates are shown and repayments for these two months do not equal the changes in out- in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment standing credit. credit extended and repaid are based on information from accounting 2 Obtained by subtracting instalment credit repaid from instalment records of retail outlets and financial institutions and often include charges credit extended, except as indicated in note 1. incurred under the instalment contract. Renewals and refinancing of NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-48 of loans, repurchases and resales of instalment paper, and certain other the BULLETIN for October 1956; for 1955-58, in the BULLETINS for transactions may increase the amount of both credit extended and credit December 1957, pp. 1420-22, and November 1959, p. 1418. repaid without adding to the amount of credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 69 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER lEstimates 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 i t n i a o n n c s ial Retail outlets Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 1952 29,514 11,123 6,982 5,659 5,750 1953 . . 31,558 12,099 7 560 6 375 5,524 1954 31,051 11,267 7,260 6,983 5,541 1955 39,039 14,109 10,200 8,449 6,281 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 Nov 3,615 3,374 1,315 1.166 758 687 916 870 626 651 Dec 3,757 4,393 1,333 ,360 827 855 949 1,163 648 1,015 1959 Jan i . . .. 3,862 3,369 1,432 ,323 883 753 908 808 639 485 Feb 2 3,849 3,290 1,393 ,225 865 723 934 834 657 508 Mar 3,802 3,830 1,375 ,430 883 883 911 950 633 567 Apr 3,981 4,073 1,445 ,559 941 933 928 955 667 626 May 4,105 4,092 1,495 ,518 940 940 1,011 981 659 653 4,024 4,454 1,427 1,623 915 1,074 999 1,069 683 688 July 4,152 4,315 1,534 ,612 944 1,061 1,017 1,041 657 601 4,128 4,193 1,520 ,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 ,482 989 973 1,052 1,014 652 716 Nov 4,076 3,928 1,439 .322 896 843 1,067 1,052 674 711 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 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 ,209 789 760 876 855 577 623 Feb.2 3,510 3,294 1,256 ,171 793 732 863 795 598 596 Mar 3,458 3,621 1,238 1,282 781 827 852 893 587 619 Apr 3,541 3,545 1.257 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 [,311 1,345 807 819 923 934 596 595 Aus * 3,635 3,578 ,310 1,299 793 795 920 892 612 592 Sept 3,662 3,609 ,312 1,306 804 807 931 892 615 604 Oct 3,700 3,726 ,327 1.329 817 851 935 925 621 621 Nov 3,701 3,626 1.312 1,286 794 797 943 933 652 610 Change in outstanding credit3 1952 +4,109 + 1,753 -1-1,057 +647 +652 1953 +3,602 + 1,474 + 1,216 + 692 +220 1 19 9 5 5 5 4 + 5 + , 5 3 6 9 3 0 + 1 -2 0 8 2 05 +2+,2 29197 ++ 487926 ++37960 19562 +2,939 + 1,176 + 657 +871 +235 19572 +2,286 + 1,066 +473 -f 822 -75 19582 -103 -63 -833 +478 +315 1958 Nov + 147 +90 +91 + 15 - 27 -69 + 58 + 55 +25 + 89 Dec +315 +758 + 141 + 120 +44 + 32 +78 + 165 + 52 +441 1959 Jan * +429 -51 +228 + 128 +94 n + 39 -40 +68 -132 Feb 2 . . + 339 -4 + 113 + 30 +72 -9 +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 May +476 +595 +208 +271 -4-121 + 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 Aus i +631 +753 +246 +267 + 143 + 214 + 180 + 198 + 62 +74 Sent +502 +452 + 198 + 167 + 132 + 143 + 137 + 104 +35 +38 Oct +512 +459 + 192 + 153 + 172 + 122 + 117 + 89 + 31 +95 Nov + 375 + 302 + 127 + 36 + 102 +46 + 124 + 119 + 22 + 101 1 Includes data for Alaska and Hawaii beginning with January and NOTE.—Monthly figures for 1940-54 are shown on pp. 1049-54 of August 1959, respectively. As a result the differences between extensions the BULLETIN for October 1956; for 1955-58, in the BULLETINS for and repayments for these two months do not equal the changes in out- December 1957, pp. 1421-22, and November 1959, p.1419. standing credit. A discussion of the composition and characteristics of the data and 2 Data on extensions and repayments have been adjusted to avoid a description of the methods used to derive the estimates are shown duplications resulting from large transfers of other consumer goods paper. in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment As a result, the differences between extensions and repayments for some credit extended and repaid are based on information from accounting types of holders do not equal the changes in outstanding credit. records of retail outlets and financial institutions and often include charges 3 Obtained by subtracting instalment credit repaid from instalment incurred under the instalment contract. Renewals and refinancing of credit extended, except as indicated in notes 1 and 2. loans, repurchases and resales of instalment paper, and certain other transactions 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

70 INDUSTRIAL PRODUCTION INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49 =100 [Seasonally adjusted] Annual average 1958 1959 Grouping 1958 1959* Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. INDUSTRY GROUPINGS Total index. 141 159 150 151 152 =155 157 162 166 166 163 157 157 155 156 Manufacturing, total. 139 158 148 149 150 153 156 161 165 166 163 156 156 "154 154 Durable 141 165 154 155 156 160 165 m\ 177 C179 171 159 157 155 156 Nondurable 141 155 147 147 148 150 151 156 156 159 158 159 156 157 Mining 120 125 127 129 128 126 126 155 131 129 123 120 119 120 125 Utilities 244 268 250 253 259 259 261 129 266 271 r271 '269 '273 277 262 Durable Manufactures Primary and fabricated metals. 110 125 122 123 125 132 139 144 153 151 122 93 92 87 113 Primary metals 99 114 115 115 117 130 139 145 155 150 103 58 57 55 101 Iron and steel 94 108 110 111 115 129 140 146 155 148 89 37 37 37 95 Fabricated metal products 125 142 131 135 136 136 138 142 149 152 151 145 144 135 130 Structural metal parts 138 149 142 145 146 146 148 154 159 163 162 150 149 138 136 Machinery and related products. .. 166 197 180 182 184 186 190 196 203 206 209 205 204 202 186 Machinery 140 169 147 149 151 154 157 163 170 175 111 175 111 175 172 Nonelectrical machinery 117 141 121 121 124 128 132 138 143 148 149 146 148 147 146 Electrical machinery 175 212 191 195 196 197 198 204 213 217 223 222 224 221 213 Transportation equipment 197 228 219 224 224 224 231 238 244 244 247 237 230 229 183 Motor vehicles and parts 112 146 132 138 142 142 151 158 163 165 167 155 151 152 91 Aircraft and other equipment. . 376 389 400 400 389 389 389 395 401 397 400 400 386 378 376 Instruments and related products. 175 209 188 190 191 192 195 197 204 212 215 215 218 220 221 Ordnance and accessories Clay, glass, and lumber 124 143 135 133 133 133 138 144 147 147 151 147 144 143 141 Clay, glass, and stone products. 137 159 146 143 143 145 152 160 162 167 170 166 162 160 159 Lumber and products 110 124 123 122 123 120 123 127 131 123 129 125 124 122 122 Furniture and miscellaneous. 126 147 136 135 139 139 140 144 148 150 153 150 149 150 149 Furniture and fixtures 137 164 151 151 156 156 157 161 166 167 171 167 165 166 167 Misc. manufactures 116 133 123 121 125 125 127 131 134 135 138 136 136 136 134 Nondurable Manufactures Textile, apparel, and leather products. 117 136 126 126 129 129 131 137 139 140 142 139 137 136 138 Textile mill products 109 126 116 116 120 121 123 127 129 132 135 130 127 124 124 Apparel products 129 152 140 139 142 143 145 152 155 156 156 154 154 156 159 Leather and products 109 119 119 118 117 115 114 120 127 124 120 117 117 Paper and printing 142 154 146 145 147 150 149 153 154 153 156 157 158 157 155 Paper and products.... 155 170 161 165 161 167 164 173 172 169 175 174 175 175 167 Printing and publishing. 133 143 135 132 137 138 139 141 142 142 145 146 148 146 148 Newspapers 126 135 130 120 129 131 131 136 135 132 139 140 138 137 137 Chemical, petroleum, and rubber products. 188 215 201 201 205 223 218 217 Chemicals and products , 210 240 222 222 223 227 230 238 241 244 245 246 250 245 246 Industrial chemicals 247 298 269 272 269 275 282 290 296 306 310 310 315 306 309 Petroleum products 148 158 155 155 155 154 163 157 158 162 163 160 159 159 156 Rubber and plastics products 166 199 188 195 189 197 196 182 183 205 223 210 209 201 Foods, beverages, and tobacco... 123 128 125 125 126 125 130 130 127 127 130 130 128 129 Foods and beverages 123 128 125 125 125 127 126 130 131 128 127 131 130 128 129 Food manufactures 125 131 127 127 126 129 129 132 133 131 129 131 131 129 132 Beverages 112 118 115 114 115 114 112 121 120 112 114 126 125 119 Tobacco products 121 127 128 132 123 128 122 135 126 117 134 130 126 130 Mining Coal, oil, and gas 117 122 123 125 121 120 123 125 124 120 119 120 121 123 Coal 68 67 71 78 73 72 67 69 73 68 58 59 61 63 70 Crude oil and natural gas. 140 147 147 147 146 144 145 148 150 150 148 146 146 147 148 Oil and gas extraction.. 138 145 145 144 143 142 143 147 148 147 146 143 144 145 145 Crude oil 129 135 136 134 134 133 134 138 139 139 135 133 134 135 135 Gas and gas liquids.. 196 209 202 208 203 202 205 207 209 213 217 214 212 213 Oil and gas drilling.... 152 159 161 169 163 153 151 152 155 161 162 163 161 159 i64* Metal, stone, and earth minerals. 142 146 153 152 158 157 159 163 164 160 145 128 118 120 139 Metal mining 114 106 124 129 140 139 139 136 140 130 100 66 53 57 Stone and earth minerals 171 188 182 176 176 175 179 190 189 190 192 193 189 188 i93* Utilities Electric. 244 271 251 254 259 258 261 262 267 273 275 274 279 279 283 Gas 244 262 252 252 262 264 265 265 266 266 261 256 256 255 261 SUMMARY MARKET GROUPINGS Final products, total 145 162 153 153 154 155 157 161 164 164 166 166 165 165 162 Consumer goods 140 155 148 148 150 150 151 156 157 157 159 158 158 r158 154 Equipment, including defense. 165 188 174 174 175 176 179 184 190 193 196 194 194 194 191 Materials 138 156 148 149 150 154 158 163 167 167 160 148 149 146 152 c Corrected. p Preliminary. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49 =100 [Without seasonal adjustment] Annual average 1958 1959 Grouping 1958 1959* Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. INDUSTRY GROUPINGS Total index. 141 159 152 149 152 157 160 163 165 167 154 155 159 159 157 Manufacturing, total. 139 158 151 147 150 155 159 163 164 167 755 154 158 159 755 Durable 141 165 156 155 157 163 169 173 177 180 161 151 157 159 158 Nondurable 141 155 149 140 146 151 152 155 155 156 149 162 163 164 159 Mining 120 125 126 127 127 126 125 128 132 131 119 120 120 121 125 Utilities 244 268 Durable Manufactures Primary and fabricated metals. 110 125 123 727 126 136 144 148 152 154 777 90 93 89 775 Primary metals 99 114 116 112 121 137 148 151 155 156 88 54 56 56 102 Iron and steel 94 108 111 108 117 134 147 151 154 154 77 35 37 39 96 Fabricated metal products 125 142 134 135 134 134 137 142 146 151 145 146 151 139 133 Structural metal parts 138 149 146 150 145 145 148 153 157 162 156 148 150 141 140 Machinery and related products. . . 166 797 184 186 187 797 795 799 202 205 797 189 198 205 189 Machinery 140 169 149 150 152 159 162 165 169 174 164 168 178 179 174 Nonelectrical machinery 117 141 118 122 126 132 137 142 146 149 142 139 145 145 143 Electrical machinery 175 212 200 195 195 202 202 201 206 214 198 213 233 234 223 Transportation equipment 197 228 231 236 233 233 240 244 244 243 238 204 210 231 190 Motor vehicles and parts 112 146 148 153 151 151 160 163 164 164 158 113 125 155 102 Aircraft and other equipment. . 376 389 398 402 398 398 398 400 395 395 393 391 382 376 374 Instruments and related products. 175 209 189 192 191 194 197 200 203 211 209 211 218 221 223 Ordnance and accessories Clay, glass, and lumber 124 143 135 124 722 725 134 143 750 154 147 755 755 752 742 Clay, glass, and stone products. 137 159 147 139 134 138 149 159 165 171 168 171 169 167 159 Lumber and products 110 124 122 106 108 113 116 125 135 136 123 139 136 135 121 Furniture and miscellaneous. 126 747 140 137 755 138 140 140 143 147 145 755 757 158 754 Furniture and fixtures 137 164 153 154 153 155 157 157 159 164 164 170 171 174 169 Misc. manufactures 116 133 129 122 120 123 125 126 129 133 128 139 144 145 141 Nondurable Manufactures Textile, apparel, and leather products. . 777 136 729 775 757 759 755 142 140 757 725 143 755 742 759 Textile mill products 109 126 122 109 121 125 125 132 130 128 118 132 127 131 128 Apparel products 129 152 140 123 146 157 152 160 157 152 134 161 152 162 159 Leather and products 109 119 115 108 118 128 124 121 119 118 110 126 119 118 Paper and printing , 142 154 749 759 144 150 755 757 755 755 145 755 750 765 759 Paper and products 155 170 164 149 160 171 169 178 173 172 158 176 176 186 170 Printing and publishing. 133 143 140 133 133 136 142 144 144 141 137 141 150 152 152 Newspapers , 126 135 142 119 119 127 136 145 144 133 121 125 139 148 149 Chemical, petroleum, and rubber products. 188 215 207 799 204 270 214 275 272 277 207 218 224 222 218 Chemicals and products 210 240 222 219 224 231 236 244 243 243 231 242 251 248 246 Industrial chemicals 247 298 270 272 275 284 289 296 298 302 292 298 312 309 311 Petroleum products 148 158 153 155 155 155 162 152 155 162 161 165 163 158 154 Rubber and plastics products 166 199 192 186 198 208 206 187 179 199 187 203 212 211 Foods, beverages, and tobacco. 123 128 727 118 777 779 775 725 725 750 729 141 742 759 757 Foods and beverages 123 128 127 119 116 118 118 123 125 130 130 141 143 138 131 Food manufactures 125 131 132 124 121 122 120 123 125 129 130 143 147 143 137 Beverages 112 118 105 100 94 100 110 123 129 137 130 134 126 120 Tobacco products 121 127 128 106 123 130 122 130 130 127 122 139 131 139 Mining Coal, oil, and gas 777 122 123 727 126 725 725 725 124 725 775 118 779 727 725 Coal 68 67 74 76 72 73 68 67 71 71 46 62 64 69 73 Crude oil and natural gas. 140 147 146 150 151 149 148 149 149 147 143 143 144 145 146 Oil and gas extraction.. 138 145 144 147 149 149 148 149 147 145 139 139 141 142 144 Crude oil 129 135 134 137 139 138 138 139 139 136 130 130 132 133 133 Gas and gas liquids. . 196 209 208 218 215 220 214 207 202 200 199 202 203 207 Oil and gas drilling.... 152 159 159 165 162 152 146 148 155 160 164 168 166 161 Metal, stone, and earth minerals . 142 146 148 136 755 757 141 757 777 180 755 139 729 128 755 Metal mining 114 106 113 103 110 114 114 129 161 161 115 76 62 63 Stone and earth minerals 171 188 184 170 160 159 168 186 193 198 200 205 201 198 195* Utilities Electric. 244 271 242 259 276 269 265 257 254 264 273 280 284 267 273 Gas.... 244 262 SUMMARY MARKET GROUPINGS Final products, total 145 162 155 150 154 158 159 161 162 165 159 165 168 170 162 Consumer goods 140 155 151 144 149 153 153 154 154 157 150 159 161 165 155 Equipment, including defense. 165 188 172 175 177 180 183 187 191 195 191 190 193 192 189 Materials 138 156 150 147 150 156 160 164 167 168 150 147 150 150 153 p Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

72 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957= 100 [Seasonally adjusted] 1957 Annual 1958 1959 Grouping pro- average portion 1958 1959? Nov. Dec Jan. Feb. Mar. Apr. May June July Aug. Sept.Oct. Nov. Total index. 100.00 93 105 99 100 100 102 104 107 109 110 108 103 103 102 103 Manufacturing, total. 86.49 92 105 99 99 100 102 107 110 110 108 104 104 702 702 Durable 49.66 87 102 94 95 96 98 101 105 109 110 105 r98 97 95 96 Nondurable 36.83 100 no 105 105 105 107 107 110 111 111 113 113 113 111 111 Mining 8.55 91 97 98 97 96 95 98 99 98 94 91 90 91 95 Utilities 4.96 105 95 107 109 111 111 112 112 114 116 M16 ••115 '117 Ml 7 119 115 Durable Manufactures Primary and fabricated metals. 13.15 96 93 94 95 101 106 110 117 115 93 71 70 66 86 Primary metals 7.73 90 90 90 92 102 109 113 1?2 118 81 46 45 43 79 Iron and steel 6.21 86 88 89 92 103 112 117 124 119 71 29 30 30 76 Fabricated metal products 5.42 104 96 99 99 99 101 104 109 112 111 106 106 99 96 Structural metal parts 2.91 100 95 97 97 98 103 106 109 108 100 99 92 91 Machinery and related products... 28.98 102 93 94 95 96 98 101 105 106 108 106 105 104 96 Machinery 15.31 103 90 91 92 94 96 100 104 107 108 107 108 107 105 Nonelectrical machinery 8.92 99 85 85 87 90 93 97 101 104 105 103 104 103 103 Electrical machinery 6.39 108 97 99 99 100 100 103 107 110 113 113 113 112 108 Transportation equipment 10.76 98 94 96 96 96 99 102 104 105 106 102 98 98 78 Motor vehicles and parts 5.04 100 90 94 97 97 103 108 111 113 114 106 103 104 62 Aircraft and other equipment.. 5.50 94 96 96 94 94 94 95 97 96 96 96 93 91 90 Instruments and related products. 1.66 112 101 102 103 103 105 106 110 114 115 116 117 118 119 Ordnance and accessories 1.25 Clay, glass, and lumber 4.57 97 105 103 103 104 108 112 114 114 118 114 772 777 770 Clay, glass, and stone products. 2.92 95 110 101 99 Q9 101 106 111 112 116 118 115 112 111 110 Lumber and products 1.65 100 113 111 111 111 109 112 115 118 112 117 113 112 111 110 Furniture and miscellaneous. 2.96 96 112 103 102 106 106 107 110 113 114 116 114 113 114 773 Furniture and fixtures 1.48 96 115 106 106 109 109 110 112 116 117 120 116 115 116 117 Misc. manufactures. 1.48 95 109 101 99 102 102 104 107 109 110 113 111 111 111 110 Nondurable Manufactures Textile, apparel, and leather products. 7.32 99 115 107 107 109 109 111 116 118 119 120 117 776 775 777 Textile mill products 2.78 98 113 104 104 108 108 111 114 115 119 121 117 114 111 111 Apparel products 3.44 101 120 110 109 112 112 114 120 122 122 122 121 121 122 125 Leather and products 1.10 97 106 106 105 104 103 101 107 113 107 110 107 104 104 Paper and printing 7.93 99 108 702 101 102 105 104 107 108 107 109 110 777 770 709 Paper and products 3.27 101 111 105 107 105 109 107 112 112 110 114 113 114 114 1091 Printing and publishing. 4.66 98 105 100 97 101 102 102 104 104 104 106 107 108 107 108 Newspapers 1.53 96 103 100 92 99 100 100 104 103 101 106 107 106 105 104 C C h h e e m mi i c c a al l s , p a e n tr d o l p e r u o m d , u c a t n s d rubber products 1 7 0 . . 1 9 0 4 1 9 0 9 0 1 11 1 4 3 1 10 0 6 6 1 10 0 6 6 1 1 0 0 6 6 1 10 0 8 8 n n o o 1 11 1 3 0 1 11 1 5 1 1 11 1 6 5 1 11 1 7 7 7 1 7 1 5 7 7 11 7 9 7 1 11 1 6 4 1 1 1 1 4 1 Industrial chemicals 3.61 98 118 107 108 107 109 112 115 117 122 123 123 125 121 123 Petroleum products 1.93 99 105 103 103 103 102 108 104 105 108 108 107 106 106 104 Rubber and plastics products 1.91 95 114 107 112 108 113 112 104 105 117 128 120 120 115 Foods, beverages, and tobacco 10.64 102 107 104 104 103 105 104 108 108 105 106 705 705 106 707 Foods and beverages 9.87 102 106 104 103 103 105 104 107 108 106 105 108 108 106 107 Food manufactures 8.31 102 106 103 103 103 105 105 107 108 106 105 107 107 105 107 Beverages 1.56 102 107 104 103 104 104 102 110 109 102 103 114 113 108 Tobacco products .77 106 112 113 116 108 112 107 119 110 102 117 114 111 114 Mining Coal, oil, and gas 7.05 92 96 96 96 95 94 96 98 97 94 93 94 94 96 Coal 1.30 83 82 87 95 89 87 82 84 89 83 71 72 74 11 85 Crude oil and natural gas. 5.75 94 99 99 99 98 96 97 99 100 100 99 98 98 98 99 Oil and gas extraction. . 4.98 94 99 99 99 98 97 98 101 102 101 100 98 99 99 99 Crude oil 4.33 93 98 99 98 98 97 97 100 101 101 98 97 97 98 98 Gas and gas liquids. . .65 100 106 102 105 103 102 104 105 106 108 110 109 107 108 Oil and gas drilling .77 89 94 95 99 96 89 89 91 94 95 95 94 93 Metal, stone, and earth minerals. 1.50 91 94 98 101 101 102 104 105 102 93 82 76 77 89 S M to et n a e l a m n i d n i e n a g rth minerals .70 83 1 7 0 7 8 1 9 0 0 5 1 9 0 3 1 1 10 0 1 2 1 1 0 0 1 1 1 1 0 0 1 3 1 9 0 9 9 1 10 0 9 2 1 9 0 4 9 1 7 1 3 1 1 4 1 8 1 1 3 0 9 9 1 4 0 1 8 iii' Utilities Electric. 3.76 104 116 107 109 111 110 111 112 117 118 117 119 119 121 Gas 1.20 105 113 108 109 113 114 114 114 115 115 113 110 110 110 113 For notes see opposite page.| Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 73 MARKET GROUPINGS 1957= 100 [Seasonally adjusted] Annual Grouping p p 19 r o o 5 r - - 7 average 1958 1959 tion 1958 1959P Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. No1 Total index. 00.00 99 100 100 102 104 107 109 110 108 103 103 102 103 Final products, total 46.75 101 101 102 102 103 106 108 108 109 109 109 r109 107 Consumer goods 31.13 105 105 106 107 107 111 111 111 112 112 112 n\i 109 Equipment, including defense. 15.62 92 92 92 93 95 97 100 102 103 102 H03 101 Materials 53.25 98 98 99 101 104 108 110 110 106 99 r103 100 97 Consumer Goods Automotive products 3.35 83 103 101 105 104 101 106 108 no 113 116 105 98 105 72 Autos 2.03 71 96 99 102 99 93 102 108 no 112 113 97 89 98 48 Auto parts and allied products. 1.32 100 113 104 109 112 112 112 108 109 115 119 118 114 117 110 Home goods and apparel 9.60 98 116 108 107 109 109 110 115 117 118 120 118 119 119 121 Home goods 4.40 96 115 108 108 108 108 107 112 116 117 120 120 120 121 124 Appliances, TV, and radios 1.75 94 114 110 109 104 106 103 110 115 115 119 121 124 124 134 Appliances 1.26 99 119 120 118 109 111 107 115 121 118 121 130 130 129 148 TV and home radios .49 83 102 85 84 93 95 92 96 100 108 112 97 111 113 98 Furniture and rugs 1.18 98 119 110 110 113 114 114 117 121 121 123 120 118 120 121 Misc. home goods 1.47 97 114 104 106 107 106 107 111 112 115 117 118 118 118 115 Apparel, incl. knit goods and shoes. 5.20 100 116 108 107 109 110 113 118 118 119 120 117 117 118 119 Consumer staples 18.18 102 108 104 104 705 106 106 109 109 108 108 110 111 109 110 Processed foods 8.11 102 106 103 102 103 105 104 107 108 107 106 107 107 104 106 Beveragas and tobacco 2.32 103 108 107 108 105 106 104 113 109 102 108 114 112 110 Drugs, soap, and toiletries 2.73 102 111 105 105 106 108 108 111 110 111 111 112 115 114 115* Newspapers, magazines, and books. 1.44 99 106 98 96 103 102 103 104 104 105 106 108 110 108 110 Co F n u s e u l m o e i r l a fu n e d l g a a n s d o l l i i n g e hting , 3 1 . . 4 1 5 9 1 9 0 8 5 1 1 1 0 3 4 1 1 0 0 7 2 1 1 0 0 7 3 1 1 1 0 1 5 1 1 1 0 0 4 1 1 1 0 1 7 1 10 1 5 0 1 1 1 0 1 3 1 10 1 5 2 1 1 1 0 3 4 1 1 0 1 5 3 1 10 1 1 4 1 10 1 0 4 ioi* Residential utilities 2.26 108 117 109 110 115 113 113 113 114 115 117 118 121 122 Electricity 1.57 108 119 110 111 115 113 113 113 115 116 119 120 124 126 Gas .69 107 114 Equipment Business equipment 12.16 91 93 100 102 104 103 103 103 101 Industrial equipment 7.29 88 90 97 100 101 102 101 101 102 Commercial equipment 2.46 96 97 102 105 107 108 109 111 111 Freight and passenger equipment. 1.83 89 95 95 99 97 101 96 92 91 85 Farm equipment .58 100 108 112 128 132 132 109 129 112 106 Defense equipment. 3.46 Materials Durable goods materials. 27.81 100 99 104 112 112 103 89 91 93 Consumer durable 3.67 101 95 102 113 117 111 102 104 76 Equipment 8.10 103 98 100 106 109 106 102 101 103 Construction 9.05 107 101 106 114 113 113 107 105 102 Metal materials n.e.c.... 6.99 Nondurable materials 25.44 97 107 102 102 103 104 104 108 109 109 107 107 106 108 Business supplies 8.87 98 107 102 102 102 105 104 107 107 110 110 110 107 108 Containers 2.91 101 109 104 104 105 109 108 110 108 111 111 110 106 107 General business supplies. 5.96 97 107 101 101 101 102 102 106 106 109 109 110 107 108 Nondurable materials n.e.c.. 7.05 115 105 106 107 108 110 116 118 122 117 117 117 Business fuel and power 9.52 94 100 99 100 100 100 99 101 103 103 97 98 98 101 Mineral fuels 6.29 92 96 97 98 97 95 95 97 99 97 94 93 93 94 96 Nonresidential utilities 2.70 102 113 106 107 108 109 111 112 114 117 116 113 114 112 Electricity 2.19 102 114 105 107 107 108 110 111 113 117 117 114 116 114 General industrial .99 98 110 102 105 104 107 109 109 111 117 116 109 109 106 Atomic energy .08 97 97 95 95 96 97 97 96 96 97 97 97 97 97 Commercial and other. 1.12 105 118 109 110 111 111 112 115 117 118 118 120 123 122 Gas .51 102 112 109 109 111 112 114 115 116 117 112 106 106 Industrial. • • .33 Commercial and other. .18 Supplementary groups of consumer goods Automotive and home goods 7.75 90 110 105 106 110 113 102 Apparel and staples 23.38 102 110 105 106 111 112 111 112 p Preliminary. r Revised. NOTE.—Published groupings include some series and subtotals not shown separately. For summary descriotion and historical data, see from the Division of Administrative Services, BULLETIN for December 1959, pp. 1451-74. Availability of detailed Federal Reserve System, Washington 25, D. C descriptive and historical data will be announced in a forthcoming Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

74 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957= 100 [Without seasonal adjustment] Grouping p 19 ro 5 - 7 a A v n e n ra u g a e l 1958 1959 portion 1958 1959* Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Total index 100.00 93 105 100 98 100 103 105 107 109 110 102 102 105 105 104 Afanitfacturing total 86.49 92 105 100 97 100 103 106 705 709 777 702 705 705 706 704 Durable ... . 49.66 87 102 96 96 97 100 104 106 109 111 99 93 97 98 97 Nondurable . 36.83 100 110 106 100 104 107 108 110 110 111 106 115 116 117 113 Mining 8.55 91 95 96 97 96 96 95 97 100 100 90 92 91 92 95 Utilities . .. 4.96 105 115 Durable Manufactures Primary and fabricated metals 13.15 84 96 94 93 96 104 110 775 116 777 55 69 71 65 57 Primary metals . 7.73 78 90 91 88 95 108 116 119 121 122 69 42 44 44 80 Iron and steel 6.21 75 86 89 87 94 107 117 121 123 123 61 28 30 31 77 Fabricated metal products 5.42 92 104 98 99 98 98 101 104 107 111 106 107 110 102 98 Structural metal parts 2.91 93 100 98 100 97 97 99 102 105 108 104 99 100 94 94 Machinery and related products 28.98 86 102 95 96 97 99 101 705 104 706 702 95 702 706 98 Machinery 15.31 85 103 91 91 93 97 99 101 103 106 100 102 109 109 106 Nonelectrical machinery . . 8.92 83 99 83 86 89 93 97 100 103 105 100 98 102 102 101 Electrical machinery 6.39 89 108 101 99 99 102 102 102 105 108 101 108 118 119 113 Transportation equipment 10.76 84 98 99 101 100 100 103 104 104 104 102 87 90 99 81 M^otor vehicles and parts . 5.04 77 100 101 104 103 103 110 111 112 112 108 77 85 106 70 Aircraft and other equipment 5.50 91 94 96 97 96 96 96 96 95 95 95 94 92 91 90 Instruments and related products .. 1.66 94 112 102 103 103 104 106 107 109 113 112 114 117 119 120 Ordnance and accessories 1.25 Clay glass and lumber 4.57 97 777 105 96 95 98 104 772 777 720 775 727 779 775 770 Clay glass and stone products 2.92 95 110 102 96 93 96 103 111 114 119 117 119 117 116 111 Lumber and products 1.65 100 113 110 96 98 103 105 113 122 123 112 126 123 122 109 2.96 96 112 107 104 103 105 106 707 108 772 770 116 779 720 777 Furniture and fixtures 1.48 96 115 107 108 107 109 110 110 111 115 115 119 120 122 119 Misc manufactures 1.48 95 109 106 100 98 101 102 104 106 109 105 114 118 119 116 Nondurable Manufactures Textile awarel and leather vroducts 7.32 99 115 109 97 111 118 115 727 775 116 704 727 775 720 777 Textile mill products 2.78 98 113 110 97 109 113 112 119 117 115 106 118 114 118 115 Apparel products 3.44 101 120 110 97 115 123 120 126 123 119 105 127 119 127 125 Leather and oroducts .. 1.10 97 106 103 96 105 114 110 108 106 105 98 112 106 105 7.93 99 108 104 97 100 105 707 770 705 707 707 705 772 775 777 Paper and products 3.27 101 111 107 97 104 111 110 116 112 112 103 115 115 121 111 Printing and publishing 4.66 98 105 103 98 98 100 104 106 106 104 100 104 110 111 112 Newspapers 1.53 96 103 109 91 91 97 104 111 110 102 92 96 107 113 114 Chemical, petroleum, and rubber products 10.94 99 113 106 105 107 110 113 772 777 774 709 775 775 776 774 Chemicals and products 7.10 100 114 106 104 107 110 112 116 116 116 110 115 119 118 117 3 61 98 118 107 108 109 113 115 117 118 120 116 118 124 123 124 Petroleum products 1 93 99 105 102 103 103 103 108 101 103 108 107 110 109 105 102 Rubber and olastics oroducts 1.91 95 114 110 107 113 119 118 107 103 114 107 117 121 121 10.64 102 707 106 98 97 99 98 702 705 705 707 777 775 775 109 Foods and beverages 9.87 102 106 105 99 96 98 98 101 104 108 107 117 119 115 109 Food manufactures . 8 31 102 106 107 100 98 99 97 100 101 105 105 116 119 116 111 Beverages. 1.56 102 107 95 91 85 91 100 111 117 124 118 121 114 109 Tobacco products .77 106 112 113 93 108 114 107 114 114 112 108 122 115 122 Mining Coal oil and gas 7.05 92 96 96 99 99 98 96 96 97 96 55 92 93 95 96 Coal . . 1.30 83 82 91 92 88 89 83 82 86 86 55 75 78 83 89 Crude oil and natural gas 5.75 94 99 98 100 101 100 99 100 100 99 96 96 97 97 98 Oil and gas extraction 4.98 94 99 98 101 102 102 101 102 101 99 95 95 97 98 99 Crude oil 4.33 93 98 97 99 101 100 100 101 101 99 95 94 96 96 97 Gas and gas liquids .. .65 100 106 105 111 109 111 109 105 102 101 101 102 103 105 Oil and gas drilling .77 89 94 93 97 95 89 86 87 91 94 96 99 97 94 95 Afetal stone and earth minerals 1.50 91 94 95 87 86 88 90 707 114 775 700 59 52 52 87 Metal mining .70 83 11 82 75 80 83 82 93 117 116 83 55 45 45 Stone and earth minerals .80 98 108 106 98 92 92 97 107 111 114 115 118 116 114 112 Utilities Electric . . 3.76 104 116 104 110 118 115 113 110 108 113 116 120 121 114 117 Gas 1.20 105 113 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 75 MARKET GROUPINGS 1957= 100 [Without seasonal adjustment] p 19 ro 5 - 7 A av n e n ra u g a e l 1958 1959 Grouping portion 1958 1959^ Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Total index.. 100.00 105 100 98 100 103 105 107 109 110 102 102 105 105 104 Final products, total 46.75 107 102 99 101 104 104 106 107 108 105 109 110 112 106 Consumer goods 31.13 110 107 102 105 108 108 109 109 111 107 113 114 117 110 Equipment, including defense. 15.62 100 91 92 94 95 97 99 101 103 101 100 102 101 100 Materials 53.25 103 99 97 99 103 106 109 110 111 97 99 99 101 Consumer Goods Automotive products 5.35 83 103 110 111 110 109 115 114 114 116 110 77 111 75 Autos 2.03 71 96 113 114 110 107 117 118 117 114 109 51 53 105 55 Auto parts and allied products. 1.32 100 113 105 106 111 112 113 107 109 118 113 118 121 120 107 Home goods and apparel 9.60 116 110 100 108 116 115 117 116 116 105 120 122 125 120 Home goods 4.40 96 115 112 104 103 112 113 112 112 115 105 116 127 129 122 Appliances, TV, and radios 1.75 94 114 112 98 99 116 115 113 113 116 95 108 130 131 122 Appliances 1.26 99 119 113 105 101 124 128 126 126 126 103 108 127 121 121 TV and home radios .49 83 102 108 80 93 95 83 78 80 91 73 110 139 157 125 Furniture and rugs 1.18 98 119 112 112 112 116 117 116 114 116 115 122 123 126 124 Misc. home goods 1.47 97 114 111 103 101 104 106 109 110 113 109 120 126 129 121 Apparel, incl. knit goods and shoes 5.20 100 116 109 97 111 119 116 120 118 117 105 124 117 122 118 Consumer staples 18.18 102 108 105 102 103 104 103 105 105 108 115 117 114 111 Processed foods 8.11 102 106 107 100 98 98 97 99 101 105 106 116 120 115 110 Beverages and tobacco 2.32 103 108 101 92 93 98 102 112 116 120 114 122 115 113 Drugs, soap, and toiletries 2.73 102 111 106 105 107 108 109 111 109 110 104 114 118 117 Newspapers, magazines, and books 1.44 99 106 98 97 102 102 104 104 103 104 103 109 113 110 110 Consumer fuel and lighting 3.45 105 113 104 112 121 117 114 109 106 107 109 113 114 108 ioi" Fuel oil and gasoline 1.19 98 104 102 107 108 105 105 100 101 104 103 106 103 99 Residential utilities 2.26 108 117 Electricity 1.57 108 119 104 117 133 127 121 113 105 106 112 121 113 Gas .69 107 114 Equipment Business equipment 12.16 99 93 98 101 104 101 100 102 102 700 Industrial equipment 7.29 97 88 92 97 101 100 101 102 102 101 Commercial equipment 2.46 104 97 100 101 104 103 106 110 112 112 Freight and passenger equipment. 1.83 89 95 98 100 103 103 102 99 93 87 88 82 Farm equipment .58 100 116 120 129 138 136 133 116 95 112 111 94 Defense equipment. 3.46 Materials Durable goods materials. 27.81 100 96 101 106 709 112 114 97 91 90 95 Consumer durable 3.67 101 92 101 106 106 108 110 97 87 101 100 85 Equipment 8.10 103 95 100 103 104 106 108 101 98 101 102 103 Construction 9.05 107 102 97 103 110 114 118 110 111 110 107 103 Metal materials n.e.c 6-99 Nondurable materials 25.44 97 107 103 100 103 105 106 109 108 108 101 107 109 109 709 Business supplies 8.87 98 107 103 96 100 104 106 111 109 108 101 110 113 113 109 Containers 2.91 101 109 101 89 99 106 107 114 113 114 105 118 117 113 104 General business supplies. 5.96 97 107 104 100 100 102 105 109 105 100 105 111 112 112 Nondurable materials n.e.c.. 7.05 98 115 108 104 109 112 113 117 116 109 116 117 120 120 Business fuel and power 9.52 94 100 99 101 101 102 101 101 102 102 95 98 101 Mineral fuels 6.29 92 96 97 99 99 99 98 98 96 87 93 95 97 Nonresidential utilities 2.70 102 113 Electricity 2.19 102 114 103 105 107 106 108 108 111 117 119 121 121 115 General industrial .99 98 110 104 105 105 104 108 109 112 117 112 110 110 109 Atomic energy .08 97 97 96 95 96 97 97 96 96 97 97 97 97 Commercial and other. 1.12 105 118 104 107 110 108 108 107 110 119 128 133 133 122 Gas .51 102 112 Industrial . • • • 33 Commercial and other. .18 Supplementary groups of consumer goods Automotive and home goods. 7.75 90 110 111 107 106 111 114 113 113 115 107 99 107 121 102 Apparel and staples 23.38 102 110 106 101 105 107 106 108 108 110 107 117 117 115 112 p Preliminary. BULLETIN. Figures for individual series and subtotals without seasonal NOTE.—Published groupings include some series and subtotals not adjustment for the period since December 1958 are available on request shown separately. For summary description and historical data, see from the Division of Administrative Services, Board of Governors of the BULLETIN for December 1959, pp. 1451-74. Availability of detailed Federal Reserve System, Washington 25, D. C. descriptive and historical data will be announced in a forthcoming Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

76 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [1947-49 =100, unless otherwise indicated] Industrial production C c o o n n s t t r r a u c c t t s i o i n fa M ctu a r n in u g - 3 Prices Nonag- Major market groupings ricul- Depart- Major industry tural Freight ment groupings em- car- store Y m e o a n r th or Total Final products Mate- R d t e e ia s n l i - - o A th l e l r m t p o e l t o n a y t l — - 2 p m E l e o m n y - t - P ro a l y ls - l i o n a g d s - v ( s r a a e l l t u e a e s i ) l s C u o m n e - r W c s o h a m l o e l - e- M f a ac n - u- Min- Util- Con- Equip- rials modity tur- ing ities Total sumer ment ing goods Adj. Adj. Adj. Adj. Adj. Adj. Adj. Adj. Unadj. Unadj. Adj. Adj. Unadj. Adj. Adj. Unadj. Unadj. 1947 99 99 101 91 99 98 100 100 86 83 99.4 103.4 97.7 108 98 95.5 96.4 1948 103 103 106 101 102 101 105 104 98 105 101.6 102.8 105.1 104 104 102 8 104 4 1949 98 97 94 108 99 101 94 96 116 111 99.0 93.8 97.2 OO 99 101.8 99 2 1950 113 113 105 123 112 115 102 114 185 142 102.3 99.6 111.7 97 107 102.8 103.1 1951 123 123 115 140 121 114 142 124 170 172 108 2 106 4 129 8 101 112 111 0 114 8 1952 127 127 114 152 130 116 170 125 183 183 110.4 106.3 136.6 95 114 113.5 111 6 1953 . 138 139 117 166 138 124 182 137 178 201 113.6 111.8 151 4 96 118 114 4 110 1 1954 130 129 113 178 132 123 161 128 232 204 110.7 101.8 137.7 86 118 114.8 110 3 1955 146 145 125 199 144 136 172 147 280 248 114.4 105.6 152.9 95 128 114.5 110.7 1956 151 150 132 218 150 139 188 151 *99 *98 118.3 106.7 161.4 97 135 116.2 114 3 1957 152 150 132 233 152 141 189 151 100 100 119.2 104.4 162.7 90 135 120.2 117.6 1958 • . 141 139 120 244 145 140 165 138 113 107 115.5 94.3 148.8 78 136 123.5 119.2 1959 ^159 *268 *162 ^156 ?98.8 81 1958—Nov 150 148 127 250 153 148 174 148 111 87 116.3 96.0 158.4 83 137 123.9 119.2 Dec 151 149 129 253 153 148 174 149 90 82 116.2 96.1 160.4 82 143 123.7 119.2 1959 Jan 152 150 128 259 154 150 175 150 94 81 116.8 96 5 158.2 84 138 123.8 119 5 Feb 155 153 126 259 155 150 176 154 99 77 117.0 96.8 160.4 84 140 123.7 119.5 Mar 157 156 126 261 157 151 179 158 142 113 117.6 98.2 165.1 85 138 123.7 119.6 Apr 162 161 129 262 161 156 184 163 169 122 118.6 99.5 167.0 87 141 123.9 120.0 Mi ay 166 165 131 266 164 157 190 167 154 117 119.2 100.9 169.6 89 144 124.0 119.9 June. ... 166 166 129 271 164 157 193 167 162 119 119 8 101 9 174 4 87 144 124 5 119 7 July 163 163 123 r271 166 159 196 160 156 123 120.2 102.0 170.2 73 150 124 9 119.5 Aug 157 156 120 '269 166 158 194 148 143 96 118.9 97.4 164.9 72 149 124.8 119.1 Sept 157 156 119 165 158 194 149 135 100 119.2 98.3 169.1 72 143 125.2 119.7 Oct 155 154 120 '272 165 158 194 146 139 102 118.9 97.3 165.9 74 144 125.5 119.2 Nov 156 154 125 277 162 154 191 152 101 80 119.3 98.1 166 4 81 145 D#c ^129 ^283 P194 ^164 ^120.0 ^99.8 ^173.1 91 c Corrected. P Preliminary. r Revised. were: residential, 271; all other, 266. A description of the old index, Adj. = adjusted for seasonal variation. Unadj. = without seasonal including seasonal adjustments, may be obtained from the Division of adjustment. Research and Statistics. * See note 1. 2 Employees only, excluding personnel in the armed forces. 1 Indexes beginning with 1956 are based on data for 48 States from 3 Production workers only. F. W. Dodge Corporation, 1957=100. Figures for earlier years are NOTE.—Indexes for employment, payrolls, and prices are compiled three-month moving averages, based on value data for 37 States east of by the Bureau of Labor Statistics. the Rocky Mountains, 1947-49=100; the data for 1956 on this basis 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 ownership By type of construction Year or month Total Nonresidential building Public Resi- works Public Private dential and building t F o a ri c e - s m C e o rc m i - al 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 Nov . . .. 2.594 927 1,677 1,206 96 238 198 243 613 Dec 2; 282 887 1,395 9R1 88 227 206 226 553 1959 Jan 2,319 800 1,519 1,022 105 282 171 261 479 Feb 2,307 800 1,507 1,073 139 198 177 190 530 Mar 3,340 869 2,471 1,541 128 286 217 283 886 Apr 3,778 1,207 2,571 1,831 189 328 270 400 760 May 3,542 1,094 2,447 1,677 176 326 227 342 793 June 3,659 1,167 2,492 1,762 151 292 251 361 842 July 3,657 1,186 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 1,515 209 331 233 230 616 Nov 2,373 1 092 183 225 208 185 480 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION 77 VALUE OF NEW CONSTRUCTION ACTIVITY [Joint estimates of the Departments of Commerce and Labor.* Seasonally adjusted. In millions of dollars] ]Private Public Year or month Total Total d R en es ti i a - l Total In tr d i u B al s u - sin m e C e s o r s c m ia - l P ut u i b li l t i y c O n d r t e t o e i h a s n n i l e - - - r Total M ta i r l y i- H w ig ay h- s C t e i r o o v n n a - - o A th l e l r 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 3,774 11,678 1,003 3,680 773 6,222 1955 44,164 32,440 18,705 9,980 2,399 3,218 4,363 3,755 11,724 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 1959 54,313 38,343 22,377 11,202 2,008 3,914 5,280 4,764 15,970 .435 5,800 1,112 7,623 1958—Dec 4,424 2,988 1,733 878 166 300 412 377 1.436 135 539 93 669 1959—Jan 4,557 3,065 1,793 900 160 304 436 372 1,492 127 600 95 670 Feb . . . 4,609 3,097 1,812 910 160 308 442 375 1,512 125 613 93 681 Mar 4,659 3,158 1,867 915 156 305 454 376 1,501 133 596 98 674 Apr 4,667 3,243 1,952 915 153 311 451 376 1,424 143 517 99 665 May 4,713 3,296 1 981 936 157 334 445 379 1,417 144 513 101 659 June 4,705 3,287 1,939 954 163 344 447 394 1,418 139 511 112 656 July . 4,671 3,301 1,924 970 170 351 449 407 1,370 113 514 90 653 Aug 4,566 3,260 1,875 966 175 347 444 419 1,306 113 475 86 632 Sept 4,427 3,196 1,855 933 168 329 436 408 I 231 102 443 88 598 Oct.23 4,313 3,129 1,811 910 169 318 423 408 1,184 95 418 91 580 Nov p . . 4,234 3,100 1,762 922 180 317 425 416 1,134 104 381 76 573 Dec p 4,380 3,198 11,808 961 196 331 434 429 1,182 115 381 86 600 Preliminary. • Beginning with June 1959, data are from Bureau of Census. PERMANENT NONFARM DWELLING UNITS STARTED [Bureau of Labor Statistics estimates.* In thousands of units] Total Non- Private Government-underwritten1 private Metro- metro- Year or month a ( n s a n e d a u j s u a o l s n t r e a a d l t ly e) Total p a o r l e it a a s n p a o r l e it a a s n Total fam 1- ily fam 2- ily M fam ul i t l i y - Public Total FHA VA 1951 1.091 777 315 1.020 892 40 88 71 412 264 149 1952 1,127 795 332 [,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 ,329 976 353 1,310 1,190 33 87 19 670 277 393 1956 1,118 780 338 1,094 981 31 82 24 '465 '195 271 1957 1,042 700 342 993 840 33 120 49 r322 r193 128 1958 .209 827 382 1,142 933 39 170 68 '439 '337 102 1959 »1,377 943 434 P .342 n.a. n.a. n.a. 35 456 347 109 1958 Dec 1,432 91 64 27 90 70 3 16 2 '34 '25 9 1959 Jan 1,364 87 62 25 84 64 3 17 3 '27 '20 7 Feb 1,403 95 62 33 94 75 3 15 1 '26 '20 6 Mar 1,403 121 81 40 118 93 5 20 3 ••40 '30 10 Apr 1,434 142 97 45 137 109 5 24 5 46 35 11 May 1,370 137 94 43 134 107 5 21 4 '47 36 10 June 1 368 137 93 44 131 110 5 16 6 r46 '35 11 July 1,375 129 88 41 127 105 4 18 2 r44 '34 11 Aug 1,340 129 86 43 125 104 4 17 4 r44 '35 10 Sept 1,323 120 83 38 117 95 4 18 3 41 31 10 Oct 1,180 106 75 30 102 83 4 15 3 37 27 9 ^1,210 P92 63 29 P91 n.a. n.a. n.a. P2 31 23 8 Dec P1,310 *>82 58 24 P82 n.a. n.a. n.a. n 26 20 6 P Preliminary. n.a. Not available. tration represent units started under commitments of FHA or VA to in- ' Revised. 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; l Data from Federal Housing Administration and Veterans' Adminis- earlier VA figures are estimates based on loans-closed information. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

78 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of Labor Statistics estimates, without seasonal adjustment. In thousands of persons unless otherwise indicated] Civilian labor force Total non- Total Employed1 Unemploy- Year or month institutional labor Not in the ment population force Total Total In c n u o lt n u a ra g l ri- In U pl n o e y m ed - labor force (per r a c t e e nt)2 industries agriculture 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 I9573 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 1959 123,366 71,946 69,394 65,581 59,745 5,836 3,813 51,420 5.5 1958 Dec 122,609 70,701 68,081 63 973 59 102 4 871 4 108 51 909 6 1 1959 Jan 122,724 70,027 67,430 62,706 58,013 4,693 4 724 52 697 6 0 Feb 122 832 70,062 67,471 62 722 58 030 4 692 4 749 52 770 6 1 Mar 122,945 70,768 68,189 63,828 58,625 5,203 4,362 52,177 5.8 Apr 123,059 71,210 68,639 65,012 59,163 5,848 3 627 51 849 5.3 May 123,180 71,955 69,405 66 016 59 608 6 408 3 389 51 225 4 9 123,296 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 Dec 124,034 71,808 69,276 65,699 60,888 4,811 3,577 52,225 5.2 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 ri u n f g ac- Mining co C n o st n r t u r c a t c io t n ti p o u n b 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 5^38 6,645 1954 48,431 15,995 in 2 593 4 009 10,520 2 122 5 664 6 751 1955 50,056 16,563 111 2,759 4,062 10,846 2,219 5 916 6*914 1956 51,766 16,903 807 2 929 4 161 11,221 2 308 6 160 7 277 1957 52,162 16,782 809 2,808 4,151 11,302 2,348 6,336 7*626 1958 50,543 15.468 721 2,648 3 903 11.141 2.374 6 395 7 893 1959 51,952 16,156 675 2,764 3,902 11,379 2,425 6,524 8 125 SEASONALLY ADJUSTED 1958 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 52,407 16,527 709 2,799 3,928 11,425 2,418 6 525 8 076 July 52,558 16,580 714 2,800 3,920 11,465 2,426 6,570 8 083 Aug 52,023 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 52,002 16,022 621 2,762 3,900 11,478 2,453 6,549 8,217 52,199 16,139 655 2 788 3 899 11,450 2,452 6 586 8 230 Dec 52,485 16,350 661 2,777 3,913 11,430 2,455 6 611 8 288 WITHOUT SEASONAL ADJUSTMENT 1958 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'll6 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 52,569 16,197 621 2,961 3 910 11,551 2 441 6 614 8 274 Nov 52,740 16,246 658 2,852 3,909 11,721 2,440 6,586 8 328 Dec 53,564 16,398 664 2,677 3,936 12,284 2,443 6,545 8,617 NOTE.—Data include all full- and part-time employees who worked during, or received pay for, the pay period ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, unpaid Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT AND EARNINGS 79 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 Dec. Oct. Nov. Dec. Dec. Oct. Nov. Dec. Total. 11,884 12,030 12,140 12,343 11,930 12,201 12,245 12,387 Durable goods 6,708 6,746 6,849 7,071 6,740 6,786 6,896 7,105 Ordnance and accessories 73 73 73 74 73 73 73 74 Lumber and wood products 577 594 591 581 565 612 600 569 Furniture and fixtures 303 323 317 322 309 329 325 328 Stone, clay, and glass products 422 451 452 450 422 458 457 450 Primary metal industries 938 602 965 1,013 943 602 965 1,018 Fabricated metal products 816 808 797 831 824 812 805 839 Machinery except electrical 1,033 1,170 1,151 1,157 1,038 1,147 1,139 1,163 Electrical machinery 774 884 874 873 789 893 887 890 Transportation equipment 1,208 1,208 1,001 1,147 1,208 1,208 1,001 1,147 Instruments and related products 208 231 231 232 210 232 232 234 Miscellaneous manufacturing industries. 356 402 397 391 360 420 413 395 Nondurable goods 5,176 5,284 5,291 5,272 5,190 5,415 5,349 5,282 Food and kindred products 1,035 994 1,012 1,027 1,001 1,080 1,034 991 Tobacco manufactures 78 78 75 75 83 93 82 79 Textile-mill products 849 885 865 857 862 885 874 870 Apparel and other finished textiles 1,040 1,084 1,100 1,082 1,056 1,100 1,106 1,098 Paper and allied products 441 450 447 446 443 454 451 448 Printing, publishing and allied industries. 542 564 564 563 550 570 570 571 Chemicals and allied products 511 535 538 537 514 540 541 540 Products of petroleum and coal 157 151 151 151 155 151 150 149 Rubber products 194 210 206 203 198 212 209 207 Leather and leather products 329 333 333 331 329 331 331 331 ire preliminary. Back data may be obtained from the Bureau of Labor 2f ofic-fir»o HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Bureau of Labor Statistics. In unit indicated] Average weekly earnings Average hours worked Average hourly earning (dollars per week) (per week) (dollars per hour) Industry group 1958 1959 1958 1959 1958 1959 Dec. Oct. Nov. Dec. Dec. Oct. Nov. Dec. Dec. Oct. Nov. Dec. Total 88,04 89.06 88.98 91.53 40.2 40.3 39.9 40.5 2.19 2.21 2.23 2.26 Durable goods 96.29 96.52 95.44 98.98 40.8 40.9 40.1 40.9 2.36 2.36 2.38 2.42 Ordnance and accessories 106.43 106.55 106.55 109.04 41.9 41.3 41.3 42.1 2.54 2.58 2.58 2.59 Lumber and wood products 77.38 82.42 81.00 80.60 40.3 40.8 40.3 40.5 1.92 2.02 2.01 1.99 Furniture and fixtures 74.16 76.49 74.57 76.26 41.2 41.8 41.2 41.9 1.80 1.83 1.81 1.82 Stone, clay, and glass products 87.26 91.88 91.17 92.25 40.4 41.2 40.7 41.0 2.16 2.23 2.24 2.25 Primary metal industries 109.45 105.74 107.75 115.30 39.8 39.9 38.9 40.6 2.75 2.65 2.77 2.84 Fabricated metal products 96.00 96.76 94.64 96.63 41.2 41.0 40.1 40.6 2.33 2.36 2.36 2.38 Machinery except electrical 99.06 103.82 102.56 104.24 40.6 41.2 40.7 41.2 2.44 2.52 2.52 2.53 Electrical machinery 89.32 91.39 90.94 92.48 40.6 40.8 40.6 41.1 2.20 2.24 2.24 2.25 Transportation equipment 110.92 109.62 104.66 110.70 41.7 40.6 39.2 41.0 2.66 2.70 2.67 2.70 Instruments and related products 91.62 94.53 94.71 95.40 40.9 41.1 41.0 41.3 2.24 2.30 2.31 2.31 Miscellaneous manufacturing industries... 75.95 77.33 76.97 77.97 40.4 40.7 40.3 40.4 1.88 1.90 1.91 1.93 Nondurable goods 78.01 79.79 80.39 81.19 39.6 39.5 39.6 39.8 1.97 2.02 2.03 2.04 Food and kindred products 84.46 85.68 87.33 89.21 41.0 40.8 41.0 41.3 2.06 2.10 2.13 2.16 Tobacco manufactures 66.17 63.92 64.73 66.98 40.1 40.2 38.3 39.4 1.65 1.59 1.69 1.70 Textile-mill products 61.10 64.40 64.55 65.03 40.2 40.5 40.6 40.9 1.52 1.59 1.59 1.59 Apparel and other finished textiles 54.87 55.02 55.63 55.69 36.1 36.2 36.6 36.4 1.52 1.52 1.52 1.53 Paper and allied products 91.16 95.67 95.65 94.78 42.4 42.9 42.7 42.5 2.15 2.23 2.24 2.23 Printing, publishing and allied industries.. 101.76 104.83 103.79 106.20 38.4 38.4 38.3 38.9 2.65 2.73 2.71 2.73 Chemicals and allied products 97.70 101.09 101.75 102.17 41.4 41.6 41.7 41.7 2.36 2.43 2.44 2.45 Products of petroleum and coal 111.35 117.50 118.32 116.81 40.2 40.8 40.8 40.7 2.77 2.88 2.90 2.87 Rubber products 102.66 101.18 98.15 101.43 41.9 40.8 39.9 40.9 2.45 2.48 2.46 2.48 Leather and leather products 61.22 58.28 60.59 61.40 38.5 36.2 37.4 37.9 1.59 1.61 1.62 1.62 NOTE.—Data are for production and related workers. Figures for November and December 195) 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

80 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures. 1947-49 average= 100] Federal Reserve district Year or month United States Boston Y N o e r w k P a p h d h i e i l l a - - C l l a e n ve d - m Ri o c n h d - l A a t n - ta c C a hi g - o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a s a c n n o - SALESi 1951 112 109 107 112 114 115 117 110 111 107 117 120 112 1952 114 110 104 113 115 122 127 109 116 109 121 129 120 1953 118 114 105 117 119 127 131 114 120 110 123 132 122 1954 118 117 108 116 112 129 135 112 121 113 129 136 122 1955 128 123 113 125 122 140 149 122 132 117 140 149 132 1956 135 126 120 131 128 146 164 128 138 126 144 158 141 1957 135 122 124 132 129 148 166 128 138 128 142 159 140 1958 136 122 127 133 127 149 167 125 137 128 146 159 142 SEASONALLY ADJUSTED 1958 Nov 137 122 125 136 125 148 172 125 133 130 150 167 150 143 132 133 142 139 156 176 134 148 136 151 160 148 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 138 116 123 129 128 146 167 129 144 141 156 166 155 141 120 126 142 132 156 175 130 138 127 150 169 153 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 150 133 138 148 142 161 190 140 146 134 154 174 161 149 132 133 135 143 161 196 139 154 139 163 189 162 Sept 143 124 129 137 135 149 180 132 146 137 154 167 154 Oct 144 130 133 141 135 158 178 135 138 130 155 170 153 ^145 126 132 140 138 153 ^187 134 149 128 ^182 156 WITHOUT SEASONAL ADJUSTMENT 1958 Nov 166 149 160 178 154 185 r200 154 161 150 174 190 173 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 141 124 126 138 132 156 175 134 149 127 154 172 146 137 118 125 132 127 146 162 130 130 135 147 160 151 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 150 131 141 144 139 166 186 142 151 150 161 177 154 Nov 154 169 183 170 190 2*217 164 177 147 H19 181 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 no 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 Nov 152 142 140 155 130 180 207 143 137 140 166 172 161 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 Aus 160 147 145 162 136 186 217 159 147 148 157 182 165 Sent 161 148 144 161 139 188 222 157 147 146 159 182 170 Oct 158 145 144 159 139 180 225 151 145 147 160 185 162 145 145 160 142 *>223 149 142 150 WITHOUT SEASONAL ADJUSTMENT 1958 Nov 173 166 161 179 147 r204 234 163 153 159 185 189 181 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 177 164 162 183 156 205 245 167 163 163 174 203 182 Nov 170 167 184 160 170 162 169 P182 v Preliminary. r Revised. NOTE.—For description of the series and for monthly indexes beginning i Figures for sales are the average per trading day, while those for stocks 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 81 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (in millions of dollars) Ratios to sales4 Period m S (t a o f o o l n e t r t a s h l i ) S m t ( o o e o c n n f k t d h s ) i o m ( s e r O t o n d i a n d n u e n g r t t d - h s o - ) f * m c ( e t o R f i o o p n e t r t t a - s h l 2 ) o m ( r N t o d f o o e n e t r w t a r h s l ) 3 Stocks s o O t r i a d n u n e g t d r - s - S s o t o p r t i a o d n l u n u c e g t d k s r - s - s ce R i e p - ts Annual average: 1950 376 L.012 495 391 401 2.8 L.4 4.2 1.1 1951 391 ,202 460 390 379 3.2 L.3 4 4 1.0 1952 397 1,097 435 397 401 2.9 L.2 4.1 1.0 1953 406 ,163 421 408 401 3.0 L.I 4.1 1.0 1954 409 1,140 388 410 412 3.0 L.O 4 0 1.0 1955 437 1,195 446 444 449 2.9 t.l 4.0 1.0 1956 454 ,286 470 459 458 3.0 L.I 4.1 1.0 1957 459 ,338 461 461 458 3.1 L.I 4.1 1.0 1958 462 1,320 436 461 463 3.0 .0 4.1 1.0 Month: 1958—Nov 538 1,567 462 '587 506 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 1,217 412 365 445 3.2 1.1 4.3 1.0 Feb 342 1,278 449 403 440 3.7 1.3 5.0 1.2 Mar 434 1,360 422 516 489 3.1 1.0 4.1 1.2 Apr 431 1,404 388 475 441 3.3 0.9 4.2 1.1 May 453 1,365 418 414 444 3.0 0.9 3.9 0.9 June 446 1,299 603 380 565 2.9 1.4 4.3 0.9 July 389 1,304 664 394 455 3.4 1.7 5.1 1.0 Aue . . . . .... 427 1,380 631 503 470 3.2 1.5 4.7 1.2 Sept 472 1 483 627 575 571 3.1 1.3 4 5 1.2 Oct 531 1,578 604 626 603 3.0 1.1 4.1 1.2 Nov P 577 1,640 520 639 555 2.8 0.9 3.7 1.1 p Preliminary. r Revised. 3 Derived from receipts and reported figures on outstanding orders. 1 These figures are not estimates for all department stores in the United * The first three ratios are of stocks and/or orders at the end of the States. They are the actual dollar amounts reported by a group of de- month to sales during the month. The final ratio is based on totals of partment stores located in various cities throughout the country. In 1958, sales and receipts for the month. sales by these stores accounted for about 45 per cent of estimated total NOTE.—For description and monthly figures for back years, see BULdepartment store sales. LETIN for October 1952, pp. 1098-1102. 2 Derived from the reported figures on sales and stocks. MERCHANDISE EXPORTS AND IMPORTS [Bureau of the Census. In millions of dollars] Merchandise exports1 Mer m ch il a i n ta d r i y s - e a i e d x p s o h r i t p s m e e x n c t l s u 2 ding Merchandise imports3 Period 1957 1958 1959 1957 1958 1959 1957 1958 1959 Jan 1,681 J SOS I 400 J SSd 1,115 1,096 1,154 Feb 1,616 1,345 L,280 I 495 L 245 I 184 993 956 1,118 Mar 2,154 1,553 L,456 £,024 L,438 1,375 ,133 ,072 1,301 Apr 1,866 ,530 1,468 1,783 ,408 1,343 ,119 ,057 1,221 May 1,817 1,638 1,552 1,715 1,507 1,411 1,106 ,061 1,264 1,790 1,406 1,426 1,656 L,3O8 1,348 986 ,031 1,369 July 1,697 1,416 46Q 1,510 1,287 1,354 1,148 1,049 1,248 1,681 1,396 1,397 1.540 1,283 1,300 1,043 950 1,190 Sept 1,544 1,361 1,479 1,441 1,239 1,399 .,007 1,074 1,392 Oct 1,680 t ,599 1,476 1,606 ,418 1.391 1,148 1,142 1,205 Nov 1,688 1,596 1,479 1 601 40X 1 376 L 043 1,089 1,283 Dec 1,636 S14 1,541 1,379 L 142 L 253 Jan.-Nov . . . . 19,214 16,345 15,882 17,955 14,937 14,769 11,841 11,577 13,745 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

82 PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49= 100] Housing Read- Other Year or month it A em ll s Foods Total Rent e G a l n e a c d s - S f a u o n e l l d i s d H n f o i u s u r h - s - e- o H h p o o e u l r d s a e - - p A a p re - l T p t o r i a o r n t n a s - - M c ic a e a r d e l - s P c o a e n r r a e - l re t a i c i n n o re g d n a- g s a i o e c n o r e v d d s - s tricity fuel oil ings tion 1929 73.3 65.6 117 4 60 3 1933 55.3 41.6 83 6 45 9 1941 62.9 52.2 88 4 55.6 1945 76.9 68.9 90 9 76 3 1951 111.0 112.6 112.4 113.1 103.1 116.4 111.2 109.0 106.9 118.4 111.1 110.5 106.5 109.7 1952 113.5 114.6 114.6 117.9 104.5 118.7 108.5 111.8 105.8 126.2 117.3 111.8 107.0 115.4 1953 114.4 112.8 117.7 124.1 106.6 123.9 107.9 115.3 104.8 129.7 121.3 112.8 108.0 118.2 1954 114.8 112.6 119.1 128.5 107.9 123.5 106.1 117.4 104.3 128.0 125.2 113.4 107.1 120.1 1955 114.5 110.9 120.0 130.3 110.7 125.2 104.1 119.1 103.7 126.4 128.0 115.3 106.6 120.2 1956 116.2 111.7 121.7 132.7 111.8 130.7 103.0 122.9 105.5 128.7 132.6 120.0 108.1 122.0 1957 120.2 115.4 125.6 135.2 113.0 137.4 104.6 127.5 106.9 136.0 138.0 124.4 112.2 125.5 1958 123.5 120.3 127.7 137.7 117.0 134.9 103.9 131.4 107.0 140.5 144.4 128.6 116.7 127.2 1958—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 Nov 125.6 117.9 130.4 140.5 121.7 135.9 104.4 135.4 109.4 149.0 153.0 132.7 120.0 131.6 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. 1947-49= 100] Other commodities Y m e o a n r t o h r m c t A o o ie m d l 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 d e - d e s - l - l H s p e u k a a r i c n o i t d n h t d d e s s e - s , r ,p l F t o m i e a i g u w n r n h a i e g d a e - t l l - , r s , C p a i u a l h r c l c n o a i e e t d l d m s s d - - p R u a b r u c n 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 a l r u l c n o p i l t e d d e p s d - r , , M p m u a r e e c n o t t t d d a a s l - l s p c m M u a t e r h i c n o r v o i a t y d n d e - s - - - h F d o h t b o a u u t u o l n h u r r e r l d s e n a e d s e r - i - - e s N r t m t t m a a u r o l l i r u e l s n a n i - c — c - l - - b b e m o b a T r a t e a f n c t o r v g l d c - s e - e o . d s n c M e e o l i l s u a - - s 1951 114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8 119.0 114. 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 94.2 108.1 107.0 126.9 118.0 116.3 128.0 124.6 115.4 120.9 120.6 102.5 1955 110.7 89.6 101.7 117.0 95 93.8 107.9 106.6 143.8 123.6 119.3 136.6 128.4 115.9 124.2 121.6 92.0 1956 114.3 88.4 101.7 122.2 95 99.3 111.2 107.2 145.8 125.4 127.2 148.4 137.8 119.1 129.6 122.3 91.0 1957 117.6 90.9 105.6 125.6 95 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 Nov 119.2 92. 109.5 126.8 93.1 102.3 112.6 110.2 146.7 120.0 131.9 153.0 151.2 122.7 136.7 128.7 93.2 Dec 119.2 90.6 108.8 127.2 93.3 103.6 112.9 110.0 146.3 119.8 131.3 153.0 151.5 122.8 136.9 128.6 100.9 1959 Jan 119.5 91.5 108.7 127.5 93.3 104.1 113.9 110.2 146.0 120.5 131.5 152.9 151.8 123.3 137.2 128.6 100.8 Feb 119.5 91.1 107.6 127.8 93.7 105.4 114.8 109.9 146.1 122.5 131.7 153.4 152.0 123.3 137.5 128.9 98.5 Mar 119.6 90.8 107.2 128.1 93.9 108.5 115.0 109.8 146.7 124.2 132.0 153.6 152.2 123.5 137.7 132. 97.0 Apr 120.0 92.4 107.2 128.3 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 87.1 105.8 128.4 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 95.9 119.1 111.9 109.9 142.0 127.2 132.4 153.8 153.9 123.4 137.5 131.8 88.6 Oct 119.1 86.5 106.4 r128.4 95.9 116.2 111.4 110.0 142.3 126.2 132.5 154.5 ••153.7 r123.3 137.5 r131.7 91.8 Nov 118.9 85.4 104.9 128.5 96.3 111.6 111.2 110.0 145. 124.4 132.3 155.8 153.7 123.3 137.7 131.7 93.7 'Revised Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 83 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1958 1959 1958 1959 Subgroup Subgroup Nov. Sept. Oct. Nov. Nov. Sept. Oct. Nov. Farm Products: Pulp, Paper, and Allied Products (Com.): Fresh and dried produce. 98.1 103.1 102.2 103.2 Grains 75.3 76.2 75.7 76.5 Paperboard 136.2 135.9 135.9 135.9 Livestock and poultry 90.1 82.1 78.5 75.3 Converted paper and paperboard... 127.9 127.3 127.4 127.4 Plant and animal fibers... 100.6 95.6 94.7 94.7 Building paper and board 143.4 147.6 147.6 147.6 Fluid milk 96.6 96.0 97.3 98.1 Eggs 86.5 85.4 69.0 63.4 Metals and Metal Products: Hay and seeds , 74.0 73.0 75.4 76.3 Other farm products 137.7 133.4 131.5 131.7 Iron and steel 172.0 172.4 173.1 173.6 Nonferrous metals , 133.7 136.1 137.2 141.1 Processed Foods: Metal containers , 156.5 152.9 152.9 152.9 Hardware 172.5 173.0 173.1 173.2 Cereal and bakery products 118.0 119.5 120.4 120.4 Plumbing equipment 124.6 131.0 131.0 132.4 Meats, poultry, and fish 102.5 99.7 95.1 90.8 Heating equipment 121.4 121.4 121.5 121.5 Dairy products and ice cream 113.4 116.2 116.7 117.7 Fabricated structural metal products 133.8 134.2 134.5 135.0 Canned, frozen fruits, and vegetables 112.9 106.9 107.4 106.4 Fabricated nonstructural metal Sugar and confectionery 116.3 116.4 117.4 116.7 products 145.0 146.1 146.7 147.2 Packaged beverage materials 161.2 145.2 145.2 145.2 Other processed foods 97.4 96.9 96.8 98.3 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 141.8 143.5 143.4 143.3 Cotton products 88.0 92.6 93.0 94.0 Construction machinery and equip- Wool products 97.9 104.7 104.1 103.7 ment 167.8 •172.4 172.5 173.0 Synthetic textiles 79.3 82.1 81.0 81.5 Metal working machinery 170.2 175.9 176.6 176.9 Silk products 106.0 113.2 114.2 117.4 General purpose machinery and Apparel 99.2 100.6 100.6 100.7 equipment , 161.6 166.8 167.0 167.5 Other textile products. 76.6 77.3 r78.5 78.4 Miscellaneous machinery 147.9 149.5 149.7 149.7 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 152.4 156.1 155.9 156.0 Motor vehicles 142.8 143.2 •142.1 141.9 Hides and skins 65.1 102.4 87.5 67.2 Leather 94.7 117.1 112.2 103.8 Furniture and Other Household Dura- Footwear 122.9 132.3 133.5 133.6 bles: Other leather products. 97.4 113.9 •111.3 109.1 Household furniture 123.7 124.1 124.4 124.3 Fuel, Power, and Lighting Materials: Commercial furniture 155.0 155.5 155.5 155.5 Floor covering 126.1 128.9 129.3 129.3 Coal 123.8 123.0 123.6 124.0 Household appliances 103.8 104.3 103.9 104.0 Coke 161.9 170.4 170.4 170.4 Television, radios, phonographs 92.7 92.7 '92.1 91.8 Gas fuels (Jan. 1958= 100) 106.0 112.8 111.1 113.8 Other household durable goods 155.0 156.6 156.6 156.6 Electric power (Jan. 1958= 100). . . . 100.8 100.8 100.7 100.7 Petroleum and products 116.9 115.1 114.5 113.9 Nonmetallic Minerals—Structural Chemicals and Allied Products: Flat glass 135.0 135.3 135.3 135.3 Concrete ingredients 139.1 140.4 U0A 140.4 Industrial chemicals 123.6 123.8 123.9 123.9 Concrete products 128.1 130.2 i:o 3 130.3 Prepared paint 128.2 128.3 128.3 128.3 Structural clay products 158.4 160.5 1(0.4 160.6 Paint materials 102.7 102.1 102.6 102.9 Gypsum products 133.1 133.1 133.1 133.1 Drugs, Pharmaceuticals, cosmetic 93.2 93.7 93.8 93.8 Prepared asphalt roofing 118.5 110.8 110.8 113.6 Fats and oils, inedible 64.7 55.0 '"54.5 52.2 Other nonmetallic minerals 131.2 132.5 132.5 132.5 Mixed fertilizers 109.8 109.4 109.4 109.4 Fertilizer materials 105.2 105.2 106.3 106.6 Tobacco Manufactures and Bottled Other chemicals and products... 106.6 106.8 106.8 106.8 Beverages: Rubber and Products: Cigarettes 134.8 134.8 134.8 134.8 Cigars 106.6 106.6 105.6 106.6 Crude rubber 142.6 157.9 159.6 173.6 Other tobacco products 139.7 153.7 153.7 153.7 Tires and tubes 152.8 134.3 133.3 133.3 Alcoholic beverages 121.7 120.9 120.7 120.7 Other rubber products. 142.8 142.2 143.0 143.6 Nonalcoholic beverages 149.3 171.1 171.1 171.1 Lumber and Wood Products: Miscellaneous: Lumber. . 120.2 129.3 127.9 125.8 Toys, sporting goods, small arms 118.6 117.7 117.7 117.7 Millwork. 130.5 138.7 138.7 138.5 Manufactured animal feeds 72.6 64.5 70.3 73.7 Plywood.. 100.1 96.6 96.5 94.5 Notions and accessories , 97.5 96.3 97.5 97.5 Jewelry, watches, photo equipment.., 107.9 108.3 10S.3 108.3 Pulp, Paper, and Allied Products: Other miscellaneous , 132.2 132.0 132.0 131.9 Woodpulp.. 121.2 121.2 121.2 121.2 Wastepaper. 111.3 118.0 115.0 109.8 Paper 142.1 143.8 144.3 144.3 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

84 NATIONAL PRODUCT AND INCOME GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] Annual totals Seasonally adjusted annual rates by quarters Item 1958 1959 1929 1933 1941 1950 1954 1955 1956 1957 1958 Gross national product 104.4 56.0 125.8 284.6 363.1 397.5 419.2 442.5 441.7 444.0 457.1 470.2 484.5 478.6 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 constructionl 8.7 1.4 6.6 24.2 29.7 34.9 35.5 36.1\ 55.5 35.4 37.3 39.7 41.0 41.0 Residential, nonfann 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. 1.0 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. 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 -.9 -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 21.5 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 defense* ' 13.8 14.3 41.2 39.1 40.4 44.3 44.5 44.5 45.3 45.8 46.2 45.9 Other > 1.3 2.0 5.2 6.7 6.6 5.7 5.5 8.1 8.9 9.4 8.3 8.0 8.1 State L a e n s d s: l G oc o a v l ernment sales4 .0 6. . 0 0 7 3 .8 19. . 7 1 27. . 7 3 30. . 3 4 33 . . 3 2 36. . 8 4 40. . 5 5 40. . 8 3 42. . 2 6 43. . 6 3 43. . 8 3 44. . 8 4 7.2 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 suppleduring the period 1929-45. ment to the Survey of Current Business for 1959) and the July 1959 issue 3 This category corresponds closely to the major national security of the Survey of Current Business. classification in the Budget of the United States Government for the fiscal year ending June 30, I960. NATIONAL INCOME, BY DISTRIBUTIVE SHARES [Department of Commerce estimates. In billions of dollars] Annual totals Seasonally b a y d j q u u s a te r d te r a s nnual rates Item 1958 1959 1929 1933 1941 1950 1954 1955 1956 1957 1958 National income 87.8 40.2 104.7 241.9 301.8 330.2 350.8 366.5 366.2 369.5 380.4 389.4 403.9 398.2 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 62.1 146.4 196.3 210.9 227.6 238.5 239.4 241.1 245.1 250.9 259.4 259.5 Private 45.5 23.9 51.9 124.1 161.9 174.9 189.6 198.4 196.2 197.1 200.8 206.2 214.0 213.5 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 10.0 9.9 9.8 9.8 9.8 Supplements to wages and salaries 4.6 4.9 8.3 17.3 24.4 26.2 28.4 30.5 33.5 34.0 34.4 34.8 35.6 36.3 Proprietors* income2 .7 .5 2.7 7.8 11.3 13.0 14.9 17.0 17.4 17.5 17.8 19.0 19.6 19.8 Business and professional 14.8 5.6 17.4 37.5 40.4 42.1 43.7 44.5 46.6 46.8 47.4 46.9 46.6 45.1 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 3 1 2 4 . . 6 2 3 1 3 4. . 1 2 3 1 3 3 . . 7 2 3 1 4 2. .5 3 1 4 0 . . 8 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 46.0 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 46.4 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 22.6 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 23.8 -.4 Inventory valuation adjustment .5 -2.5 -5.0 -.3 -1.7 -2.7 -1.5 -.4 -.3 -1.1 -.9 -1.6 -.3 -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 i Includes employee contributions to social insurance funds. 2 Includes noncorporate inventory valuation adjustment. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL PRODUCT AND INCOME 85 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 3 4 1 2 3 Gross national product 104.4 56.0 125.8 284.6 363.1 397.5 419.2 442 v 5441.7 444.0 457.1 470.2 484.5 478.6 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 .6 .7 .5 .8 1.3 1.5 1.6 1.7 1.7 1.7 1.7 1.7 1.7 1.7 Statistical discrepancy .3 .9 .4 — .7 .9 1.0 -2.4 .5 -2.1 -3.3 -2.4 .0 -2.0 '•-3.7 Plus: Subsidies less current surplus of gov- -.1 .0 .1 .2 -.2 .0 .9 1.1 1.0 1.0 1.0 .8 .7 .6 87.8 40.2 104.7 241.9 301.8 330.2 350.8 366.5 366.2 369.5 380.4 389.4 403.9 398.2 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 46.0 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 .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 .7 .5 .8 1 3 1 5 1.6 1.7 1 7 1 7 1 7 1 7 1 7 1.7 85.8 47.2 96.3 228.5 289.8 310.2 332.9 350.6 359.0 363.4 366.3 371.8 381.1 381.0 Less: Personal tax and nontax payments 2.6 7.5 3.3 20.8 32.9 35.7 ¥0.0 42.7 42.6 42.9 43.4 44.4 45.8 45.9 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 State and local 1.4 1.0 1.3 2.6 3.8 4.2 4.8 5.4 5.8 5.9 6.0 6.2 6.3 6.4 Equals: Disposable personal income 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 Less: 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 Equals: Personal saving................... 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 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 Item* 1958 1959 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. r\ Dec. Total personal income. 359.0 380.1 366.9 369.0 371.0 375.4 379.0 381.3 383.8 383.4 380.0 380.9 382.3 386.9 390.7 Wage and salary disbursements 239.4 257.8 247.0 248.7 250.1 254.0 257.3 259.8 261.7 261.5 258.8 259.2 259.2 261.1 264.2 Commodity-producing industries. . 97.8 107.3 102.2 102.8 103.5 106.3 108.6 109.8 110.9 109.9 106.8 106.8 106.4 107.5 109.9 Manufacturing only 76.7 84.6 80.6 80.9 81.7 83.8 85.4 86.7 87.7 86.9 84.0 84.4 83.6 84.2] 86.6 Distributive industries 63.8 67.6 64.7 65.6 66.0 66.6 66.9 67.5 68.0 68.4 68.3 68.3 68.5 68.6: 68.8 Service industries 34.6 37.2 35.6 35.6 36.0 36.4 36.8 37.1 37.2 37.3 37.6 37.8 38.0 38.3 38.5 Government 43.2 45.7 44.4 44.6 44.7 44.8 45.0 45.4 45.6 45.9 46.0 46.2 46.4 46.7 47.1 Other labor income 9.3 10.0 9.4 9.6 9.7 9.8 9.9 9.9 10.0 10.1 10.1 10.2 10.2 10.3 10.3 Proprietors* income: Business and professional. 32.4 34.5 33.4 33.5 33.7 34.0 34.3 34.5 34.7 34.9 34.9 34.8 35.0 35.1 35.1 Farm 14.2 11.8 14.2 13.5 13.2 12.9 12.2 12.0 12.1 11.4 10.0 9.6 10.2 11.4 12.5 Rental income 11.8 12.0 11.9 12.0 12.0 12.0 12.0 12.0 12.0 12.0 12.0 12.0 12.0 12.0 12.0 Dividends 12.4 13.2 10.8 12.7 12.8 12.8 12.9 13.0 13.1 13.2 13.4 13.5 13.6 13.7 13.5 Personal interest income. 20.4 22.4 21.0 21.1 21.3 21.6 21.8 22.0 22.2 22.4 22.7 23.0 23.3 23.5 23.8 Transfer payments2 26.1 26.8 26.3 26.1 26.4 26.6 26.9 26.4 26.4 26.3 26.5 27.0 27.2 28.0 27.7 Less: Personal contributions for social insurance , 7.0 8.3 7.1 8.1 8.1 8.2 8.3 8.3 8.4 8.4 8.4 8.4 8.4 8.4 8.5 Nonagricultural income 3. 341.1 364.4 348.8 351.6 353.8 358.5 362.7 365.3 367.8 368.2 366.3 367.5 368.1 371.5 374.2 Agricultural income 17.9 15.7 18.1 17.4 17.2 16.9 16.3 16.0 16.0 15.2 13.7 13.4 14.2 15.4 16.5 r Revised. * Preliminary. enterprises, farm wages, agricultural net interest, and net dividends paid 1 Monthly data are seasonally adjusted totals at annual rates. by corporations. 2 Mainly social insurance benefits and veterans' payments. NOTE.—For description of series see U. S. Income and Output, a supple- 3 Personal income exclusive of net income of unincorporated farm ment to the Survey of Current Business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

00 TABLE 1. SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR THIRD QUARTER, 1959 [In billions of dollars] Consumer Nonfinancial business sectors Government sectors2 Financial sectors Sector an s p d e r c o n t f o i o t r n- Farmi cor N po o r n a - te l Corporate Federal an S d t a lo te cal C b o a m nk m in e g rc 3 i t al ins S ti a t v u i t n io g n s s 4 Insurance5 F n i . n e a .c n . c 6{ e R s w e e s o c t r t - o l o d r f- se A ct l o l rs a c D n re c is p y - - 7 i s N n a a v v n a e i d t n l s . g tment Transaction category U S U S U S U S U S U S U S U S U S U S U S U S U A Gross saving2 9 19.6 1.3 4 9.7 -2.0 -1.3 .5 .6 .6 .8 30.2 2.4 29.4 A B C N Ca e p t i s t a a v l i c n o g n ( s A um — p B ti ) on 12 1 8 0 . . 8 8 1. . 0 3 -1 2 . . 8 2 4 5 . . 0 7 -2^0 "-1.Z 5 6 6 * .8 1 1 0 9 . 5 7 1 9 9 . .7 7 C B D Gross investment (E-|-J)2 19.7 1.3 4 7.0 -2.0 —1.6 .9 .6 .6 * .7 27.7 .1 27.2 D E Private capital expenditures (net of sales)13 16.2 1.7 2 8 6.9 .1 .1 27.9 27.9 E F Consumer durable goods... 10.3 10.3 10.3 F G Nonfarm resident constr 1 ^ 4 9 7 7 6.4 6.4 G H Plant and equipment 1.0 1.5 2.2 6 7 "A 11.7 11.7 H I Change in inventories5 .2 -.1 -.6 -.5 -.5 I J Net financial invest. (K—L). . . 3.5 2 4 -2 0 1 6 g g 5 * .7 -.1 .1 -.7 J K Net acquis. of finan. assets.... 8.4 .1 3.4 2.7 .8 3.1 2.4 2.0 .4 1.3 ... _ 24.6 -1.3 K L Net increase in liab.1 ^ 4.8 .4 2.5 3.2 ' ' 4.'7 2.4 2.3 1.8 1.4 .4 "24.7 .7 L N M D G e o m ld . a d n e d p . T a r n e d a s. c c u u r r r r e e n n c c y y 1 * 9. 8 . . A "-'.2 1.5 .2 -.2 "2^2 '"-A * . . 2 1 1.9 2.2 * 2.2 - - . . 2 1 M N O Fixed-value redeem, claims.. 2.0 -.2 -.6 -.5 * * 1.5 -.3 1.0 1.0 -.3 O P Time deposits2© 1.2 -.2 * -.5 * .2 -.3 .2 .2 -.3 P Q Savings shares21 1.3 1.3 1.3 1.3 Q R U. S. savings bonds22 -.5 -.5 R * S Saving through life insur .7 .7 .7 .7 S T Saving through pen. funds 2 4. 1.6 .3 "".5 .8 1.6 1.6 T U Credit and equity mkt. instr.. 4.8 4.8 .3 * 2.0 1.2 2.7 1.1 5.2 1.1 1.9 3.2 * 3.0 .3 2.0 .4 .6 1.3 .2 18.0 18.2 .2 -1.0 U X W V C S F t e o a d r t e p e r . a a a n l n d d o l b o fo l c i r a g e l i a g o t n b i l o i b g n o a s n t 2 i 5 d o .. s n . . s . . . 2 1. . . 3 6 2 1.2 "".'6 5.3 . . . 4 6 1 -.7 .1 * -.1 .2 . . . 6 1 4 -.1 .2 1.2 5 1 1 . . . 3 1 8 5 1 1 . . . 1 3 8 -1.2 w V Y Corporate stock .2 .3 .2 .2 .4 .1 ""A .7 .7 .1 X Z 1- to 4-family mortgages.. .1 3.4 .2 .2""A * "".'3 "'2A .3 .1 * 3.7 3.7 -.1 Y a Other mortgages .5 * "'.2 .4 .8 * 3 3 3 1.5 1.5 z c e d b C B S O e o a t c h n n u e k s r r u i l t m l o y o a e a c n r n r s s e c 2 d r n e 8 i . t d e 2 i . t c 6 .2? "-A - 1 .3 . . 7 1 A * " -. L 1 6 "-A '.1 '"" - .9 .1 .5 -.1 .1 - 2 .1 . . 9 7 0 .2 * .3 .1 _ 3 7 — -.1 .1 2 * A * - 2 1 .2 . . 9 7 2 1 . . 9 7 '".2 .1 * d b ac e f Trade credit 1.9 2.2 6 * 2.3 2.4 A f g Proprietors' net invest, in noncorporate business1... -1.3 .2 -1.5 -1.3 -1.3 g h Misc financial trans ^ o .3 2 - 3 "-A "-'.2 2 .1 '"A .4 -.1 .3 h i Sector discrepancies (A—D)31. 2.7 .3 -.4 * .1 2.5 2.5 2.2 i * Less than $50 million. NOTE.—U=uses of funds; S= sources of funds. Financial uses of funds represent net acquisitions t Figures for the first three quarters of 1959 reflsct, in addition to transaction flows, the reallocation of assets; financial sources of funds, net changes in liabilities. of banks in Alaska and Hawaii and the consolidation of a large mutual savings bank with a commercial For discussion of saving and investment concepts see pp. 831-43 of BULLETIN for August 1959. Descripbank early in the year. These changes added the following amounts to banking sector net acquisitions tions of sectors and of transaction categories are given in notes to tables and in "Technical Notes," pp. of financial assets and net increases in liabilities—$0.4 billion in the first quarter, $0.2 billion in the second, 846-59 of BULLETIN for August 1959. and $0.3 billion in the third. Figures for mutual savings banks (first quarter only) and finance n.e.c. Details may not add to totals because of rounding. reflect corresponding reductions. The transaction categories affected most are time deposits, demand For other notes see pp. 87 and 89. deposits, mortgage loans, and Federal obligations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 87 TABLE 2. SAVING AND INVESTMENT [In billions of dollars] Quarterly totals Transaction category, Annual totals or sector 1957 1958 1959 1954 1955 1956 1957 1958 2r A Net national saving 2 23.7 39.4 41.4 37.5 18.9 11.4 4.7 6.7 2.8 5.4 4.0 10.7 10.4 9.7 B Consumer and nonprofit 22.6 26.6 29.3 27.9 25.5 8.4 5.4 6.7 4.5 8.1 6.2 8.8 8.0 8.8 D C E F S C F F t e a o a d r r t m e p e r o a a a r l n a n d t G d e o l n o n v o c o e n a n r l c f n i o g m n r o a p e v n . n e c t b r i 2 n a u l m s i b e n u n e s t s s i s n 2 3 e . 2 . s s . . . . - - 2 2 2 3 . . . . 6 2 • 1 7 - 1 3 3 2 . . . . 2 * 4 3 4 -2 5 5 3 . . . . 7 * 8 8 2 -3 5 3 3 . . . . 3 * 9 6 4 - -4 8 2 3 . . . . 6 2 7 4 * - - - 1 1 3 1 . . . 2 . . 1 4 9 7 - - 1 5 3 2 .3 . . . 0 . 1 4 1 - - - 1 3 3 1 . . . 4 . . 1 1 0 5 - - - 1 1 1 1 . . . . 1 1 3 . 3 4 - - - 1 5 3 1 . . . 8 . . 5 4 3 7 - -7 1 3 3 . . . . 6 7 . 8 2 1 - - 1 1 . . 7 3 . . . 1 3 5 - - 1 2 3 1 . . . . 6 1 9 3 - - - 1 2 1 4 1 . . . . . 3 0 5 0 6 G Financial sectors H j Capital consumption12 57.1 62.3 67.4 72.7 74.9 18.4 18.7 18.1 18.5 18.9 19.4 19.1 19.4 19.7 I Consumer and nonprofit 31.5 33.9 36.9 40.0 41.6 10.1 10.2 10.3 10.4 10.4 10.5 10.6 10.7 10.8 J Consumer durable goods 28.3 30.4 33.0 35.8 37.0 9.0 9.1 9.2 9.2 9.3 9.3 9.4 9.5 9.6 K Owner-occupied homes 2.8 3.1 3.4 3.7 4.0 .9 .9 1.0 1.0 1.0 1.0 1.0 1.1 1.1 L Plant and equip, (nonprofit)... .5 .5 .5 .5 .6 .1 .1 .1 .1 .1 .1 .2 .2 .2 M Farm business 3.6 3.7 3.7 3.9 4.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 N Noncorp. nonfinan. business.... 6.7 7.0 7.5 8.1 8.0 2.0 2.1 2.0 2.0 2.0 2.1 2. 2.1 2.2 0 Corporate nonfinancial business. 15.2 17.6 19.3 20.7 21.4 5.3 5.5 4.9 5.2 5.5 5.8 5.5 5.6 5.7 P Gross national saving2 80.8 101.8 108.9 110.2 93.8 29.7 23.4 24.8 21.3 24.3 23.4 29.9 29.8 29.4 Q Consumer and nonprofit 54.2 60.5 66.2 67.9 67.2 18.5 15.6 17.0 14.9 18.6 16.6 19.4 18.7 19.6 R Farm and noncorp. business.... 10.4 10.7 11.3 11.9 12.0 2.9 6.1 1.8 1.8 2.2 6.1 2.7 1.1 1.7 S Corporate nonfinancial business. 18.0 30.1 25.1 26.1 24.1 9.0 7.9 1.8 3.9 8.7 9.7 6.8 9.5 9.7 T Federal Government2 -2.2 .4 5.8 3.6 -8.2 -1.4 -5.0 3.5 1.3 -5.4 -7.6 .5 1.3 -2.0 U State and local governments2... -2.6 -3.2 -2.7 -3.3 -4.6 -1.1 -1.3 -.4 -1.1 -1.5 -1.6 -.7 -1.6 -1.3 V Financial sectors 3.1 3.3 3.2 3.9 3.4 1.9 .1 1.0 .4 1.7 .2 1.1 1.6 W Gross national investment2 81.0 103.8 108.0 111.1 92.9 28.2 27.6 21.7 21.6 23.0 26.6 26.1 29.7 27.2 X Consumer durable goods 32.4 39.6 38.5 40.3 37.6 9.7 11.3 8.3 9.1 8.8 11.4 9.4 11 10.3 Y Other gross private domestic fixed investment 50.5 f58.4 62.7 64.6 58.7 16.9 16.7 13.1 14.7 15.1 15.8 14.1 17.3 18.0 Z Consumer and nonprofit 15.5 19.3 18.9 18.2 18.2 4.6 4.9 4.4 4.0 4.6 5.2 5.2 4.9 5.9 a Nonfarm residen. constr. 1 *.. 12.9 16.6 16.1 14.9 14.7 3.8 4.0 3.6 3.1 3.6 4.3 4.3 4.1 4.9 b Plant and equip, (nonprofit).. 2.6 2.7 2.8 3.3 3.4 .9 .9 .8 .8 .9 .9 .9 .9 1.0 c Farm business 4.2 4.2 3.8 4.0 4.6 1.1 .8 1.0 1.3 1.2 1.0 1.2 1.5 1.5 d Noncorp. nonfinan. business * * 8.5 10.1 10.1 9.7 9.2 2.6 2.3 1.7 2.5 2.5 2.4 2.1 3.2 3.0 e Corp. nonfinan. business 14... 21.8 t24.1 29.1 32.0 26.1 8.4 8.4 5.8 6.7 6.6 7.0 5.4 7.4 7.5 f Financial sectors .5 .7 .7 .8 .7 .2 .2 .2 .2 .2 .2 .2 .2 .2 g Change in inventories 13 -1.6 5.8 4.7 2.0 -3.8 -2.4 -.6 3. 1.7 -.5 h Farm business .5 .3 -.4 .8 1.1 .2 .3 .2 .2 .2 .2 .2 1 Noncorp. nonfinan. business.. -.2 .6 .2 * -.1 -.8 .6 -.3 .1 -.5 .9 j Corp. nonfinan. business -1.9 4.9 4.9 1.2 -4.8 -.5 -1.0 -2.4 -1.1 -.4 2.0 1.5 -.6 k Net financial investment 1* -.3 * 2.1 4.2 .4 .7 .3 .2 A -.4 -.7 k 1 Consumer and nonprofit 8.8 5.4 12.6 11.3 r12.5 4.1 1.8 4.8 -.6 '5.5 1.8 rAA 1.4 3.5 1 m Net acquis. offinan. assets. . 20.6 25.8 27.6 23.1 r24.6 6.9 5.4 5.2 3.2 r7.4 r8.7 r7.2 7.4 8.4 m n Net increase in liabilities 11.8 20.4 15.0 11.8 12.1 2.7 3.6 .4 3.9 1.9 5.9 2.8 6.0 4.8 n o p Fa N rm et a a n c d q u n i o s. n o c f o fi r n p a . n b . u a si s n se e t s s s . .. . -2. . 7 5 -4. . 4 6 -2. . 5 4 -2. . 5 7 -2 1 . . 8 5 -1. . 3 1 3. . 6 5 -1.9 2 -1.9 .5 -1.9 .3 3. . 0 8 -1 -. . 3 7 -3.9 .3 -2.8 .1 P o q Net increase in liabilities 3.2 5.0 2.9 3.2 4.3 1.4 -3.1 1.7 2.5 2.2 -2.1 1.4 4.2 2.9 q r Corp. nonfinan. business -3.4 -2.9 -12.2 -6.9 A .3 -.3 -4.3 .1 2.6 2.0 -1.8 .7 r s Net acquis. offinan. assets. . 4.5 16.8 4.2 2.8 7.4 3.6 1.5 -6.2 1.4 6.8 5.4 * 5.3 3.4 t Net increase in liabilities. .. . 7.9 19.6 16.4 9.7 7.0 3.3 1.9 -1.9 1.3 4.3 3.4 4.6 3.2 1.8 u Federal Government -2.2 A 5.8 3.6 -8.2 -1.4 -5.0 3.5 1.3 -5.4 -7.6 1.3 -2.0 v Net acquis. offinan. assets. . .2 .9 1.5 3.2 1.5 2.2 -2.1 1.4 3.9 -4.4 .7 .5 4.2 2.7 w Net increase in liabilities 2.4 .5 -4.3 -.4 9.8 3.7 2.8 -2.2 2.6 1.0 8.4 2. 4.7 x y Sta N te e t a a n c d q l u o is c . a o l f g fi o n v a e n r . n m as e s n e t t s s . . . . -l 3 . . l 7 -2 2 . . 6 2 -2 2 . . 2 6 -3 3 . . 0 5 r r4 3. . 0 9 -1. . 6 2 - 1 .6 .0 -1 1 . . 2 2 - 1 .7 .5 r- r 2 -. . 8 7 r- n .2 . > o - - 1 .4 .7 -1.4 .6 -1.6 .8 z Net increase in liabilities 5.4 4.8 4.8 6.5 7.9 1.8 1.6 2.4 2.2 1.9 1.4 r.2 2.0 2.4 aa Financial sectors 3.9 3.6 2.5 2.6 3.4 1.5 -A .5 1.2 2.2 -.5 1.8 1.1 1.9 bb Net acquis. offinan. assets. . 27.5 26.9 22.4 23.7 35.3 7.0 9.0 2.7 16.1 1.5 15.0 1.6 10.4 7.9 bb cc Net increase in liabilities.... 23.6 23.3 19.9 21.1 31.8 5.5 9.4 2.2 14.9 -.8 15.5 -.2 9.4 5.9 cc dd Financial trans, discrep -3.1 .5 -2.0 -.8 1.5 -1.2 -A .7 -1.7 A .1 dd -1.7 ee Discrepancy (P-W)3* -.2 -2.0 .8 -.9 .9 1.5 -4.2 3.1 -.2 1.3 -3.2 3.8 .1 2.2 ee * Less than $50 million. f Includes $0.3 billion of NOTE.—Descriptions of sectors and of transaction categories are given existing facilities purchased from Federal Government. in notes to tables and in "Technical Notes," pp. 846-59 of the BULLETIN p Preliminary. r Revised. for August 1959. For other notes see below and second page following. Notes to Tables 1-3 1 Net saving of, and consumer investment in, unincorporated business 9 For content of sector saving, see transactions in sector statements, discussed on p. 838 of BULLETIN for August 1959. See note 32, p. 1315. Table 4 on second page following and pp. 833 and 849 of the BULLETIN 2 For govt. sectors, saving is excess of all nonfinancial receipts over all for August 1959. nonfinancial outlays; investment, changes in financial assets and liabilities 1 ° Rest-of-world surplus on current transactions with United States. only. Govt. current outlays include, and govt. (and national) invest- 1! Discrepancy between total nonfinancial sources and uses of funds ment excludes, govt. purchases of tangible assets. (Line A minus line E in "all sectors" column). 3 Consolidated account for monetary authorities (Federal Reserve 12 Depreciation, accidental damage to fixed capital, and capital outlays System, ESF, and Treasury currency accounts) and commercial banks charged to current account. Annual data in Table 2 are from Dept. of in United States (excluding territories and possessions). Commerce national income accounts except for F. R. estimates of de- 4 Mutual savings banks, savings and loan assns., and credit unions. preciation on consumer durable goods. Depreciation on latter item 5 Life and nonlife insurance companies and private pension plans. and on farm assets at current cost; other depreciation, in general, at 6 Finance companies, open-end investment companies, security brokers original cost. Line H in Table 2 includes amounts for financial sectors and dealers, banks in U. S. territories and possessions, and U. S. agencies not shown separately. See discussion on p. 836 of BULLETIN for August of foreign banks. 1959. 7 For discussion, see p. 857 of BULLETIN for August 1959. 13 Transactions in land excluded from sector investment for statistical 8 Totals for domestic sectors; financial entries are net uses plus items reasons. Such transactions, when recorded as capital flows, affect in discrepancy column. For comparison with national saving and in- sector allocation of investment but not the national total. vestment in national income accounts of Dept. of Commerce, see p. 842 of BULLETIN for August 1959. For other notes to Tables 1-3 see second page following. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

88 FLOW OF FUNDS/SAVING TABLE 3. SUMMARY OF PRINCIPAL FINANCIAL FLOWS 3 3 [In billions of dollars] Quarterly totals Annual totals Transaction category, or sector 1957 1958 1959 1954 1955 1956 1957 1958 2't I. Demand deposits and currency A Net increase in commercial bkg. system liability1^ 4.5 2.3 1.7 -.8 5.8 1.4 3.1 -5.2 6.4 -3.4 8.0 -7.2 2.5 2.2 A B Net increase in assets, by sector.... 6.1 .8 1.8 .3 6.3 2.3 1.4 -3.2 5.7 -2.4 6.3 -5.5 2.1 1.9 B C Federal Government .3 -.6 -.2 .2 .1 1.5 -2.7 1.5 3.6 -5.0 -.5 1.0 1.5 C D Other domestic sectors 5.7 1.5 1.7 6.2 .8 4.0 -4.4 1 2.7 6.1 -4.9 .9 .3 D E Consumer and nonprofit 2.5 -.8 1.0 2.5 1.0 1.3 -1.3 2.4 2.2 -1.3 -.8 .6 E F Farm and noncorporate bus... .4 .3 .1 .5 1.3 .1 .1 .3 .3 .3 .3 .1 .1 .1 F G Corporate nonfinancial bus.... 2.0 1.0 .1 -.2 1.8 .7 1.3 -3.1 1.3 1.0 2.5 -2.9 1.5 -.2 G H State and local government... .4 .4 .2 .2 .2 -.7 .6 -.3 .6 -.7 .6 -.4 .2 H I Financial sectors .5 .6 .2 .3 .4 -.3 __ j .3 -.3 .4 -.4 -.4 I J Rest of the world * .2 .2 * -.3 .2 -.1 .3 -.1 .1 J K Discrepancy (A—B) -U6 1.5 -1.1 -.5 1.7 -1.9 .7 -1.0 1.6 -1.7 .3 K II. Fixed-value redeemable claims A Net increase, by type 10.9 8.4 8.9 10.1 16.0 1.4 2.8 5.5 5.0 2.5 3.1 2.4 3.0 1.0 A B Time deposits 5.5 2.9 3.6 6.8 10. 1.3 1.4 4.3 3.3 1.6 .9 1.1 1.3 .2 B C Savings shares 4.8 5.3 5.4 5.2 6.5 .6 1.8 1.3 1.8 1.0 2.3 1.4 2.2 1.3 C D U.S. savings bonds*2 .6 -.1 -1.9 -.5 -.5 -.4 -.1 -.1 -.2 -.2 -.2 -.5 -.5 D E Net increase in liab., by sector3 4... 11.0 8.4 9.0 10.1 16.1 1.4 2.9 5.5 5.0 2.5 3.1 2.4 3.0 1.0 E H F G S C F a e o v d m i e n m r g a s e l r G c in i o a s v l t i e t b u r a n t n i m o k n e in s n g t 6 3 . . . 8 8 4 7 1 . . 1 3 * - 2 7 . . 3 .3 -2 5 6 . . . 2 5 9 - 8 .7 .0 - 1 .6 . . 0 9 - 2 1 .5 . . 3 0 - 2 3 .1 . . 0 6 - 2 2 .2 . . 4 8 - 1 1 .2 . . 1 5 - 2 .2 . . 8 5 1. '. 7 2 9 - 2 1 .6 . . 5 0 - 1 .6 .5 * G H F I Net increase in assets, by sector34.. 10.9 8.4 8.9 10.1 16.0 1.4 2.8 5.5 5.0 2.5 3.1 2.4 3.0 1.0 I J Consumer and nonprofit 9.6 8.7 9.0 9.8 13.6 1.4 2.8 3.3 3.7 3.0 3.6 2.3 3.5 2.0 J K Other domestic sectors3 5 . . 6 8 - -. . 1 1 .1 .4 1. . 3 9 .1 1 1. . 0 2 1.2 -.4 -.6 - -. . 4 2 - - . . 7 3 K L L Rest of the world (time deposits) III. Saving through life insurance and pension funds A Net increase, by type 7.6 8.4 9.3 9.0 10.3 2.1 2.3 2.6 2.2 2.6 2.8 2.7 3.1 2.3 A B Life insurance 3.1 3.2 3.8 2.8 3.4 .7 .7 .8 .7 .9 1.0 .8 .9 .7 B C Pension funds 4.5 5.1 5.6 6.2 6.9 1.4 1.6 1.8 1.5 1.7 1.8 1.9 2.1 1.6 C D Net increase in liab., by sector 34,36., 7.6 8.4 9.3 9.0 10.3 2.1 2.3 2.6 2.2 2.6 2.8 2.7 3.1 2.3 0 E Federal Government , .1 .6 1.0 .6 1.0 .1 .1 .2 .4 .3 .1 .2 .4 .3 E F State and local government , 1.1 1.2 1.4 1.6 1.9 .4 .4 .4 .5 .5 .5 .5 .5 .5 F G Life insurance companies 4.5 4.6 4.8 4.3 4.8 1.1 1.2 1.1 1.0 1.3 1.4 1.2 1.4 .9 G H Private noninsured pension plans. 1.8 2.0 2.1 2.6 2.6 .5 .6 .9 .4 .6 .8 .7 .5 H IV. Credit and equity market instruments A Net increase, by type 28.4 43.8 30.6 36.7 45.4 12.7 11.8 3.0 13.7 5.9 22.7 7.0 18.3 18.0 A B Federal obligations 1.6 .8 -5.4 1.3 9. 4.9 2.0 -2.0 2.6 .9 7.7 * 1.9 5.3 B C Short-term direct37 -11.8 -7.1 7.4 5.5 -1.2 1.0 2.2 -1.9 -4.3 1.2 3.8 -4.6 4.7 .7 C D Other 13.4 7.9 -12.8 -4.2 10.3 3.9 -.2 -.1 6.9 2 3.9 4.6 -2. 4.6 D J I H E F K G C C C S S O 1 e t - o o o t a c h t n r r t u o e p p e s r r u o o i 4 a t m r r m - y n a a f d e a t t o c e e m r r r l t e o c s a i g l d t r n c a y o e i a d g t c d l m e k i f s o t o o b r r e l t i g i g g a a n g t i e o b s n o s nds. 4 9 2 2 2 3 1 . . . . . . . 5 6 9 6 2 7 0 1 4 6 3 3 3 2 . . . . . . . 0 4 5 0 6 9 6 1 - 3 5 3 3 3 0 .7 . . . . . . 0 2 8 4 8 8 - 4 4 7 2 8 3 .4 . . . . . . 7 0 5 7 6 5 1 4 4 5 6 1 0 . . . . . . . 7 2 2 9 4 3 4 - 2 2 1 .3 . . . . . . 4 7 0 9 7 3 1 1 1 1 1 . . . . . . 6 9 1 8 0 9 * -2 2 1 1 . . . 3 . . . 4 9 8 8 7 * 2 2 1 1 1 1 . . . . . . . 5 6 4 1 6 4 1 -2 3 1 l 1 1 . ! . . . . . 1 3 0 1 4 0 1 1 . . . . . . . 8 1 2 2 9 4 6 - - 2 1 1 1 1 . . 9 2 . . . . . 8 2 2 3 1 - 4 2 1 1 1 1 .4 . . . . . . 0 5 5 1 4 1 - 3 1 1 1 1 .5 . . . . . . 7 5 7 1 8 7 K H G F E I J L M B O a th n e k r l l o o a a n n s s n.e.c .2 8 1 . . 0 1 5. . 9 9 2 2. . 6 3 1 1 . . 4 8 -.2 .3 1 . . 1 4 -1 1 . . 7 4 -.2 .7 -.3 2. . 8 9 4 3 1 . . 9 3 - 2 .2 .9 M L '.9 N Funds raised, by sector 3 4 28.2 44.0 30.9 36.6 45.2 12.7 11.9 2.8 13.6 6.1 22.7 7.0 18.3 18.2 N 0 Consumer and nonprofit 11.7 20.3 14.9 11.7 12.0 2.7 3.6 .4 3.9 1.9 5.9 2.8 6.0 4.8 O P Farm business .8 1.2 .9 1.1 1.4 .1 -.2 .4 .9 .2 .7 1.1 .3 P R Q C N o o r n p c o o r r a p t o e r n a o te n f n in o a n n fi c n i a a n l c b ia u l s i b n u es s s . 2 5. . 7 0 4 9. . 0 0 1 3 1 . . 4 4 1 2 1 . . 6 3 4 8. . 5 2 2. . 5 6 1 1 . . 8 5 - 2 .8 .6 2. . 0 9 2. . 4 2 ~ 1 Z . . 5 9 - 1 .4 .8 3 3. . 3 2 2 2 . . 7 0 § S T S F t e a d t e e r a a n l d G o lo v c e a r l n g m o e v n e t rnment 4 1 . . 2 5 - 3 .1 .5 -5 3 . . 4 3 4 1 . . 9 0 9 5. . 9 3 4 1 . . 8 3 2 1 . . 3 1 -2 2 . . 0 0 2 1 . . 2 7 1 1. . 1 4 7. . 9 8 - 1 .2 .3 1 1 . . 7 5 5 1. . 9 2 s U Financial sectors 1.9 5.8 1.3 2.6 1.5 .5 1.1 -.4 1.5 -1.7 2.1 .8 1.4 .9 T V Rest of the world .4 .3 1.0 1.4 2.4 .1 .6 .5 .6 .5 .7 .2 .2 .2 U V W Funds advanced, by sector 28.4 43.8 30.6 36.7 45.4 12.7 11.8 3.0 13.7 5.9 22.7 7.0 18.3 18.0 w X Consumer and nonprofit .8 8.0 7.9 9.7 r3.6 3.5 .2 1.9 -.6 1.4 '4.8 3.0 4.8 X Y Farm and noncorp. business .1 .2 .3 .2 .2 * .4 -.5 .2 .5 -.4 .2 Y Z Corporate nonfinancial business -2.3 5.0 -3.9 -1.2 1.2 .3 1.8 -1.8 -2.3 i.i 4.2 1.0 1.0 1.2 z a Federal Government -.4 1.4 1.1 2.3 1.7 .5 .9 * .3 .5 .9 .5 1.7 1.1 a b State and local government 2.9 1.9 2.3 2.8 '2.0 .9 .4 .9 .2 '.3 r.6 r.6 .4 1.1 b c Commercial banking system. 9.3 4.8 4.8 4.3 17.0 3.1 3.6 -1.2 10.8 -.6 8.0 -5.2 4.7 3.2 d Monetary authorities -.9 -.3 .3 -.8 2.2 .3 .9 -.6 1.8 -.4 1.4 -.9 .6 .5 e Commercial banks 10.2 5.0 4.5 5.1 14.9 2.8 2.7 -.5 9.0 -.2 6.6 -4.3 4.2 2.7 f Securities 7.2 -7.0 -3.5 1.3 10.4 2.7 1.6 1.2 6.5 1.0 1.7 -4.3 — 1.2 -1.1 g Loans39 3.0 12.1 8.0 3.8 4.5 1.1 -1.7 2.5 -1.2 4.9 * 5.4 3.8 h Savings institutions 6.7 8.1 7.3 7.2 9.1 2'.0 1.3 1.7 2.3 2.8 2.3 2.5 3.2 3.0 1 Insurance sector 8.1 8.1 7.9 8.3 8.8 2.0 2.0 2.3 1.7 2.3 2.5 2.3 2.4 2.0 j Finance n.e.c 2.5 5.3 1.6 2.3 1.8 .3 .8 .1 1.7 -2.1 2.1 .4 k Rest of the world .6 1.0 1.3 .6 -.1 .1 .4 -.5 -.6 .3 1.3 * Less than $50 million. * Preliminary. r Revised. For other notes see opposite page. % See note similarly identified on Table 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 89 Notes to Tables 1-3 (cont.). 14 For consumers, 1- to 4-family dwellings completed and purchases of savings bonds, special notes issued to IMF, and currency items in public additions and alterations. Investment of nonfarm business sectors debt; includes Federal agency debt and accrued interest on Treasury bills includes work in process on 1- to 4-family dwellings and other private and on savings bonds (other than consumer-held). residential construction. 2 6 Loans from banks for purchasing or carrying securities and cus- 15 After inventory valuation adjustment. tomer debit and net free credit balances on books of security brokers 16 Financial component of national investment equals net lending to and dealers. rest of world; financial flows among domestic sectors cancel out in national 27 Mainly commercial, industrial, and agricultural loans (other than total. (Discrepancies in financial transactions attributed entirely to open market paper and CCC-guaranteed loans); includes loans to foreign domestic transactions.) Differs from U. S. "net foreign investment" banks, loans to individuals (other than consumer credit), and other loans. (net exports minus net unilateral transfers in national income accounts) Gross of valuation reserves. Loans to domestic commercial banks by discrepancy in rest-of-world account, which equals "errors and excluded in consolidated banking statement. omissions" in Dept. of Commerce balance-of-payments statement for 2 8 Mainly Federal Government loans (other than mortgages), CCCthe United States. guaranteed loans, open market paper, finance company loans to business, 17 "Liabilities" cover equity as well as debt claims. and policy loans on life insurance. !8 For description, see p. 852 of BULLETIN for August 1959. 2 9 Trade debt net of trade credit. 19 Demand deposit liabilities of banking system are net of F. R. float 3 0 For coverage, see p. 856 of BULLETIN for August 1959. See also and cash items in process of collection as reported by commercial banks. notes for this category in individual sector statements in Table 4. Sum of sector holdings (partly on holder-record basis) differs from 31 Saving and investment are equal in concept but may differ statistically liability total mainly because of mail float (checks in transit from drawers because of discrepancies. See p. 857 of BULLETIN for August 1959. to drawees). See Table 4 (G), lines Y~a, for sector allocation of currency 3 2 Annual figures for farm sector are retained earnings of corporate and demand deposit liability on a net bank-record basis. For further farms; farm and nonfarm unincorporated businesses shown as having discussion, see p. 853 of BULLETIN for August 1959. zero annual net saving. Quarterly figures for both sectors include 20 At commercial and mutual savings banks and Postal Savings System. seasonal net saving. See p. 838 of BULLETIN for August 1959. 21 Shares in savings and loan associations and credit unions. 3 3 Data for excluded categories—trade credit, proprietors' net invest- 22 Consumer-held only; includes net interest accruals. Savings bonds me 3 n 4 t , F g o o r ld s , e c T to re r a t s r u a r n y s a c c u t r i r o e n n s c y in , a s n p d ec m ifi i c s c i . n — st a r p u p m e e a n r t i s n , s T e a e b T le a s b l 1 e s a n 1 d a 4 n . d 4. hel 2 d 3 b P y r i o v t a h t e e r a s n e d c t F or e s d e in ra c l l u G de o d v e i r n n m Fe e d n e t r l a i l f e o i b n l s ig u a r t a i n o c n e s . ca E te s g ti o m ry a . ted as equal bus 3 i 5 n e M ss a e in s, l y a n t d i m sa e v i d n e g p s o i s n it s s t it o u f t io S n ta s. te and local governments, corporate to changes in reserves against life insurance policies and supplementary 3 6 Includes life insurance issued by fraternal orders not shown sepacontracts and in policy dividend accumulations. rately. Assets in these categories shown as consumer holdings. 24 Private pension plans and railroad and govt. employee retirement 37 Marketable issues maturing within one year and, prior to 1956, funds. Estimated as equal to changes in reserves of pension plans ad- savings notes. ministered by life insurance companies and in assets of other private 3 8 Excludes loans to domestic commercial banks. Consists of mortplans and of railroad and govt. employee retirement funds. gages, consumer credit, security credit, other loans, and bank loans, n.e.c. 2 5 Excludes Federal debt held by Federal agencies, consumer-held Gross of valuation reserves. TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS [In billions of dollars] Quarterly totals Annual totals Category 1957 1958 1959 1954 1955 1956 1957 1958 (A) Consumer and nonprofit organization sector A Current receipts 272.0 291.9 314.2 330.6 337.8 83.8 84.5 81.5 82.7 85.6 87.9 86.4 89.4 90.3 A B Income receipts1 255.0 273.4 293.5 306.8 309.3 77.9 78.1 74.6 75.5 78.5 80.7 79.0 82.1 83.1 B C Transfer receipts2! 17.0 18.6 20.7 23.8 28.4 6.0 6.4 6.9 7.2 7.1 7.2 7.3 7.4 7.1 C D Income taxes and other deductions. 35.1 38.3 42.9 46.2 46.0 11.4 9.4 12.1 12.5 11.6 9.8 11.9 13.9 12.5 D E Taxes less tax refunds 3 30.5 33.1 37.0 39.4 38.9 9.8 8.1 10.1 10.5 9.9 8.4 10.1 11.5 10.6 E F Pension and OASI deductions4!. 4.6 5.2 5.9 6.8 7.1 1.6 1.3 2.1 2.0 1.6 1.4 1.9 2.4 1.9 F G Cur. receipts after deduct. (A—D). 237.0 253.6 271.2 284.4 291.7 72.5 75.1 69.4 70.2 74.1 78.0 74.4 75.6 77.8 G H Cur. expend, for goods and serv.5. 187.3 198.3 211.2 222.6 232.1 55.3 60.9 54.4 56.9 57.4 63.4 57.1 59.4 59.9 H I Net life insurance premiums 6f 2.6 2.8 2.7 2.8 2.5 .7 .8 .6 .5 .7 .7 .6 .5 .7 I J Current surplus (G-H-I) 47.0 52.5 57.3 59.0 57.1 16.4 13.3 14.5 12.7 16.0 13.9 16.8 15.7 17.2 J K Insurance and retirement credits7!. 7.2 8.0 8.9 9.0 10.0 2.1 2.3 2.5 2.2 2.6 2.7 2.6 3.0 2.4 K L Capital consumption8 31.5 33.9 36.9 40.0 41.6 10.1 10.2 10.3 10.4 10.4 10.5 10.6 10.7 10.8 L M Net saving (J+K-L) 22.6 26.6 29.3 27.9 25.5 8.4 5.4 6.7 4.5 8.1 6.2 8.8 8.0 8.8 M N Gross saving (L+M) 54.2 60.5 66.2 67.9 67.2 18.5 15.6 17.0 14.9 18.6 16.6 19.4 18.7 19.6 N 0 Gross investment (P+T) 56.7 64.3 70.0 69.7 '68.3 18.4 18.0 17.5 12.4 18.9 19.4 18.9 17.5 19.7 O P Capital expend, (net of sales). 47.9 58.9 57.4 58.5 55.8 14.3 16.2 12.7 13.1 13.4 16.6 14.5 16.0 16.2 P Q Residential construction 12.9 16.6 16.1 14.9 14.7 3.8 4.0 3.6 3.1 3.6 4.3 4.3 4.1 4.9 Q R Consumer durable goods 32.4 39.6 38.5 40.3 37.6 9.7 11.3 8.3 9.1 8.8 11.4 9.4 11.1 10.3 R S Plant and equip, (nonprofit).... 2.6 2.7 2.8 3.3 3.5 .9 .9 .8 .8 .9 .9 .9 .9 1.0 S T Net financial investment (\J —j) 8.8 5.4 12.6 11.3 r12.5 4.1 1.8 4.8 -.6 r5.5 r2.8 r4.4 1.4 3.5 T U Net acquis. offinan. assets9 20.6 25.8 27.6 23.1 r24.6 6.9 5.4 5.2 3.2 r7.4 r8.7 r7.2 7.4 8.4 U V W D Fi e x m ed a - n v d a l d u e e p r o e s d i e ts e m an , d c l c a u i r m ren s. c . y .. , 2 9. . 6 5 - 8 .8 .7 9 1 . . 0 0 - 9 .8 .8 1 2 3 . . 5 6 1 1. . 4 0 2 1 . . 9 3 -1 3 . . 3 3 - 3 .8 .7 2 3. . 0 4 2 3 . . 2 6 -1 2 . . 3 3 - 3 .8 .5 2. . 0 6 w V X Time deposits 4.2 3.3 3.7 6.5 7.7 1.3 1.4 2.1 2.0 2.1 1.5 1.1 1.8 1.2 X Y Z S U a . v S i . n s g a s v i s n h g a s r e b s o nds1 ° , , 4. . 8 6 5. . 2 3 - 5 .1 .3 -1 5 . . 9 2 - 6 .5 .5 -.5 .6 - 1 .4 .8 - 1 .1 .3 - 1 .1 .8 - 1 .2 .0 - 2 .2 .3 - 1 .2 .4 - 2 .5 .2 - 1 .5 .3 Y z a Saving through life insurance... 3.1 3.2 3.8 2.8 3.4 .7 .7 .8 .7 .9 1.0 .8 .9 .7 a b Saving through pension funds.. 4.5 5.1 5.6 6.2 6.9 1.4 1.6 1.8 1.5 1.7 1.8 1.9 2.1 1.6 b c Cr. and equity mkt. instr.l1.... .8 8.0 7.9 9.7 '3.6 3.5 .2 2.0 -.6 '.8 '1.4 '4.8 3.0 4.8 c d Federal obligations -2.1 2.2 1.2 2.5 '-2.3 1.5 -1.0 -.3 -1.6 '-.8 r.5 '3.2 1.4 2.6 d e State and local obligations... 1.0 2.1 1.7 2.3 1.5 .8 .4 .7 -.2 .6 .4 .6 .8 1.3 e f Corporate and foreign bonds. -.6 1.1 1.2 1.1 .5 .6 -.3 .8 -.3 * -.1 — 1 -.4 .2 f g Corporate stock .8 1.4 2.2 1.8 1.7 .1 .5 .3 .8 .4 .2 !5 .4 .2 g h Mortgages 1.3 1.4 1.6 2.1 1.8 .5 .5 .3 .6 .5 .4 .5 1.0 .6 h 1 Net invest, in noncorp. bus .2 1.6 .4 -4.5 -5.5 -1.1 -1.1 -1.4 -1.4 -1.4 -1.4 -1.3 -1.3 -1.3 j Net increase in liabilities 11.8 20.4 15.0 11.8 12.1 2.7 3.6 .4 3.9 1.9 5.9 2.8 6.0 4.8 k Mortgages12 9.1 12.4 11.1 8.8 10.1 2.1 2.1 2.3 2.1 2.5 3.2 3.3 3.5 3.4 1 Consumer credit 1.0 6.4 3.4 2.7 .3 .7 1.6 -2.3 .6 .1 1.9 -.9 2.5 1.7 m Security credit 1.2 .7 * -.4 .7 -.2 -.3 .2 .9 -.9 .5 .2 -.3 -.3 n Other13 .5 .9 .6 .8 .9 .2 .2 .3 .2 .2 .2 .2 .3 .1 o Discrepancy (N —O) -2.5 -3.8 -3.8 -1.8 r-l.l .1 -2.4 -.5 2.5 '-.3 '-2.8 '.5 1.2 • Less than $50 million. Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

90 FLOW OF FUNDS/SAVING TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS (Continued) [In billions of dollars] Quarterly totals Annual totals Category 1957 1958 1959 1954 1955 1956 1957 1958 (B) Farm business sector A Net income 9.5 8.7 8.5 8.7 11.0 2.6 2.7 2.5 2.1 3.1 3.3 1.9 1.3 2.1 B C P N r e o t p s r a ie v t i o ng rs ' ( i A nc - o B m ) e 1 5 withdrawals14.. 9 3 . . 5 6 8 3 . . 7 7 8 3 . . 5 7 8 3 . . 7 9 1 4 1 . . 0 0 2 1 . . . 2 0 4 2 1 . . . 1 0 6 - 2 1 .3 . . 9 0 - 2 1 .5 . . 7 0 2 1 . . . 7 0 3 2 1 . . . 7 0 5 - 2 1 .6 . . 5 0 2 1. . 0 2 9 1 1 . . . 8 0 3 D Capital consumption 3.6 3.7 3.7 3.9 4.0 1.4 1.5 .7 .4 1.3 1.5 .4 .1 1.3 E Current surplus = gross saving (C+D) F Gross investment (G+J) 3.6 3.7 3.7 3.9 4.0 1.4 1.5 .7 .4 1.3 1.5 .4 .1 1.3 F G Capital expenditures 4.7 4.5 3.4 4.7 5.6 1.3 1.0 1.3 1.6 1.5 1.2 1.4 1.6 1.7 G H Construction and equipment16... 4.2 4.2 3.8 4.0 4.6 1.1 .8 1.0 1.3 1.2 1.0 1.2 1.5 1.5 H I Change in inventories .5 .3 -.4 .8 1.1 .2 .2 .3 .2 .2 .2 .2 .1 .2 I J Net financial investment (K—L) -1.1 -.8 .3 -.9 -1.7 .1 .5 -.7 -1.1 -.2 .3 -1.0 -1.5 -.4 J K Net acquis. of financial assets17... - I * - .2 2 ,4 * * 1 I / ,1 K L M Ne C t r i e n d c i r t e m as a e r i k n e t l ia in b s il t i r t u ie m s ents 1 8 0 1 .82 - . 9 5 1 .7 1 2 1 . 1 4 1 j — 2 .8 4 1.2 9 .5 2 - — .2 l 1.0 7 1 1 . 5 1 . . 4 3 M L N Mortgages 5 .8 .8 .6 .7 .1 2 2 1 .3 3 .2 N O Bank loans n.e.c.18 .2 .4 * .3 .6 * .4 * * .1 .5 .1 O P Other loans*» * .1 .2 .2 '.2 .2 * -.1 .2 .2 * P Q Trade debt -.1 -!3 .2 2 i .2 .2 -.1 Q R Proprietors' net investment.... .2 -.4 -1.4 -.5 .6 -.1 .2 .2 .2 .2 .2 .2 .2 R (C) Noncorporate nonfinancial business sector A Net income2 ° 33.8 36.1 37.8 38.2 37.5 9.1 12.0 8.4 8.7 8.3 12.1 10.0 8.7 8.3 B Proprietors' income withdrawals21.. 33.8 36.1 37.8 38.2 37.5 9.6 9.5 9.1 9.3 9.4 9.6 9.7 9.9 10.1 C Net saving (A-B)i 5 -.5 2 5 — 8 — 6 — 1 1 2 5 3 -1 2 D Capital consumption 6.7 7.0 7.5 8.1 8.0 2.0 2.1 2.0 2.0 2.0 2.1 2.1 2.1 2.2 E Current surplus = gross saving (C 4- D) 6.7 7.0 7.5 8.1 8.0 1.5 4.6 1.2 1.4 .9 4.6 2.3 .9 .4 F Gross investment (G+J)... 6.7 7.0 7.5 8.1 8.0 1.5 4.6 1.2 1.4 .9 4.6 2.3 .9 .4 F G Capital expenditures... 8.3 10.7 10.3 9.7 9.1 2.9 1.5 2.4 2.2 2.6 1.9 3.0 3.3 2.8 G H Plant and equipment".. 8.5 10.1 10.1 9.7 9.2 2.6 2.3 1.7 2.5 2.5 2.4 2.1 3.2 3.0 H I Change in inventories2 °. -.2 .6 .2 * * .2 -.8 .6 -.3 .1 -.5 .9 .1 -.1 I J Net financial investment (K—N) -1.6 -3.7 -2.8 -1.7 -1.1 -1.3 3.1 -1.2 -.* -1.8 2.7 — .7 -2.4 -2.4 J K Net acquis. of financial assets .6 .6 .6 .9 1.1 ./ .6 -.3 .4 .2 .7 -.3 .3 .1 K L Demand deposits and currency. .5 .3 .3 .7 .9 .2 .2 .2 .2 .2 .2 A .1 L M Consumer credit .1 .2 .3 .2 .2 * .4 -.5 .2 • .5 -.4 .2 M N Net increase in liabilities 2.2 4.2 3.4 2.5 2.2 1.5 -2.5 .9 1.3 2.0 -1.9 .4 2.5 2.5 N O Credit market instruments 2.0 4.0 3.4 2.6 4.2 .6 1.5 -.8 .9 .2 3.9 -.4 3.2 2.0 O P Mortgages 1.0 1.0 .8 .9 1.3 .4 .2 -.1 .4 .5 .4 * .7 .6 P Q Bank loans n.e.c .7 2.1 2.2 1.2 2.8 .1 1.0 -1.0 .7 3.2 -.6 2.3 1.6 R Other loans2 3 .3 .8 .4 .5 .1 .1 .2 .3 -.2 -.2 .3 .2 .2 S Trade debt2 * .2 -1.7 -1.8 4.0 4.1 1.9 -3.0 3.2 1.9 3.3 -4.3 2.3 1.1 s T Proprietors' net investment.... * 2.0 1.8 -4.1 -6.1 -1.0 -1.0 -1.5 -1.5 -1.5 -1.5 -1.5 — 1.5 -1.5 T (D) Corporate nonfinancial business sector Profits2© 29.1 38.3 36.8 36.1 31.0 9.1 8.3 6.1 7.1 8.3 9.5 9.1 11.2 10.3 Profits tax payments (net)2 s 18.8 17.1 21.6 21.1 18.8 3.1 3.1 6.8 6.2 2.8 2.9 5.4 4.9 3.8 Net dividend payments2 <* 7.6 8.8 9.4 9.6 9.5 2.3 2.8 2.3 2.3 2.2 2.8 2.4 2.4 2.4 Net saving (A—B—C) 2.7 12.4 5.8 5.4 2.7 3.7 2.4 -3.1 -1.3 3.3 3.8 1.3 3.9 4.0 Capital consumption 15.2 17.6 19.3 20.7 21.4 5.3 5.5 4.9 5.2 5.5 5.8 5.5 5.6 5.7 Current surplus = gross saving (D-\-E 18.0 30.1 25.1 26.1 24.1 9.0 7.9 1.8 3.9 8.7 9.7 6.8 9.5 9.7 Gross investment (H+M) 16.4 26.2 21.8 26.3 21.6 9.0 7.6 .4 4.4 8.0 8.7 5.6 9.6 7.0 Capital expenditures 19.8 29.0 34.0 33.2 21.2 8.7 7.9 4.7 4.4 5.5 6.6 7.4 9.0 6.9 Fixed investment 21.8 24.1 29.1 32.0 26 A 8.4 8.4 5.8 6.7 6.6 7.0 5.4 7.4 7.5 Plant and equipment 20.5 23.1 28.4 30.9 24.4 7.9 8.2 5.9 6.2 5.8 6.5 5.3 6.5 6.7 Other 1.2 1.0 .8 1.1 1.7 .5 .2 -.1 .6 .7 .5 * .9 .7 Change in inventories2 ° -1.9 4.9 4.9 1.2 -4.8 .3 c -1.0 -2.4 -1.1 -.4 2.0 1.5 -.6 Net financial investment (N~V) -3.4 -2.9 -12.2 -6.9 .4 .3 -.3 -4.3 .1 2.6 2.0 -1.8 .7 .1 Net acquis. of financial assets 4.5 16.8 4.2 2.8 7.4 3.6 1.5 -6.2 1.4 6.8 5.4 * 5.3 3.4 Demand deposits and currency, 2.0 1.0 A -.2 1.8 .7 1.3 -3.1 1.3 1.0 2.5 -2.9 1.5 -.2 Credit market instruments2 7.. -2.3 5.0 -3.9 -1.2 1.2 .3 1.8 -1.8 -2.3 1.1 4.2 1.0 1.0 1.2 Federal obligations -2.3 4.4 -4.3 -1.5 .7 .4 .9 -1.3 -2.4 1.2 3.2 1.5 .5 1.2 O Co th n e s r u m lo e a r n s c r ( e f d in it ance paper). -.2 .2 .6 * . . 3 1 .3 * .4 1 -.1 * 1.0 * -1.0 .6 .2 -.2 .1 - 1 .2 .2 -.9 .4 . . 3 1 s Trade credit 3.9 10.2 6.2 2.1 2l6 2.3 -1.9 -2.1 l!4 4.5 -1.2 1.6 2.6 2.2 T Other financial assets2 * .9 .6 1.8 1.9 1.7 .3 .3 J .9 .2 -.1 .3 .2 .1 U Net increase in liabilities2 9 , 7.9 19.6 16.4 9.7 7.0 3.3 1.9 -1.9 1.3 4.3 3.4 1.8 4.6 3.2 V Credit and equity market instr. 5.7 9.0 11.4 11.3 8.5 2.5 1.8 2.6 2.0 2.4 1.5 1.8 3.3 2.7 W Corporate bonds 3.5 2.8 3.7 6.3 5.9 1.6 1.7 1.9 1.2 1.5 1.3 .6 .9 .6 X Corporate stock 1.6 2.0 2.3 2.4 2.3 .3 .5 .3 .9 .6 .5 .5 .8 .3 Y Mortgages 1.8 2.0 1.8 1.8 2.5 .7 .6 .2 .7 .9 .8 .4 1.1 1.0 Z Bank loans n.e.c , -1.2 1.8 3.6 .2 -2.2 -.1 -1.1 -.2 -.6 -.2 -1.3 * .4 .9 Other loans^o * .3 .1 .5 * * .2 .4 -.1 -.3 .3 .1 -.1 Trade debt 2.1 10.5 4.8 -1.7 -1.5 .8 * -4.5 -.7 1.9 1.9 -.1 1.4 .6 Discrepancy (F — G) 1.5 3.9 3.2 j 2.5 * .3 1.4 -.6 .7 1.0 1.2 -.1 2.7 Memo: Profits tax accruals25 15.4 20.2 19.5 19!o 15.7 4.8 4.4 3.1 3.5 4.2 5.0 4.7 5.8 5.2 * Less than $50 million. v Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 91 TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS (Continued) [In billions of dollars] Quarterly totals Annual totals Category 1957 1958 1959 1954 1955 1956 1957 1958 3 4 1 2 3 4 1 2' 3» (E) Federal Government sector A Tax receipts (net of refunds). 58.8 59.7 69.1 71.5 67.7 15.5 13.8 20.1 18.9 14.9 13.8 19.0 19.6 17.5 A B Individual income 28.4 30.0 34.1 36.1 34.6 8.9 7.4 9.5 8.9 8.7 7.6 9.7 10.7 9.7 B C Corporate profits 19.6 18.1 22.4 21.8 19.9 3.1 3.0 7.3 6.7 2.9 3.0 6.0 5.4 4.1 C D Other3i 10.9 11.6 12.6 13.6 13.2 3.6 3.4 3.3 3.3 3.4 3.2 3.3 3.5 3.7 D Social insurance programs 32 E Premiums received 6.6 7.5 8.0 9.5 10.4 2.3 1.8 2.5 3.4 2.5 2.0 2.6 3.5 3.0 E F Benefits paid... 5.9 6.5 7.2 9.3 12.4 2.3 2.5 3.1 3.3 3.1 2.9 3.3 3.1 3.1 F Life insurance and retirement programs 3 3-f- G Premiums received 1.5 1.5 1.7 1.8 1.7 .4 .4 .4 .4 A .4 .4 .4 .5 G U Benefits paid 1.6 1.6 1.8 2.0 2.1 .5 .5 .5 .6 .5 .5 .6 .6 .6 H I Net grants and donations paid 3 4. .. 8.9 9.6 10.0 11.4 13.2 3.0 3.0 2.8 3.2 3.6 3.7 3.2 3.3 3.7 I J Net interest paid 3 5 4.9 4.8 5.3 5.7 5 4 1 4 1.5 1.5 1.4 1.3 1.3 1.4 1.5 1.7 J K Other net purchases of goods and services 36 . t 47.6 45.3 47.6 50.2 53.8 12.5 13.5 11.5 12.6 14.4 15.3 12.9 13.2 13.6 K L Construction expenditures 3.4 2.8 2.7 3.0 3.4 .9 .8 .6 .8 1.0 1.0 .8 1.1 1.0 L M Other 44.2 42.5 44.9 47.2 50.4 11.6 12.7 10.9 11.8 13.5 14.2 12.1 12.1 12.6 M N Current surplus (A, E, and G, less F and H through K) -2.1 1.0 6.9 4.1 -7.2 -1.4 -4.9 3.7 1.7 -5.1 -7.5 .7 1.7 -1.7 N O Credits imputed to consumers 3 7+ .6 1.0 .6 1 0 1 1 .2 .4 .3 .1 .2 4 .3 O P Gross and net saving (N —O) -2.2 .4 5.8 3.6 -8.2 -1.4 -5.0 3.5 1.3 -5.4 -7.6 .5 1.3 -2.0 P Q Net Jinan, investment (R—X). . -2.2 .4 5.8 3.6 -8.2 -1.4 -5.0 3.5 1.3 -5.4 -7.6 .5 1.3 -2.0 Q R Net acauis ojJinan assets .2 .9 1.5 3.2 1.5 2.2 -2.1 1.4 3.9 -4.4 .7 * 4.2 2.7 R S T U C D r e M e m d o i a t r n t m d g a a d g r e e k p s e o t 3 s 8 i i n ts s t a ru n m d e c n u t r s rency. -.4 .3 - 1 .6 . . 4 5 -. 1 2 . . 1 8 2 1 . . 3 2 4 1. . 7 1 3 1. . 5 5 4 -2.1 .9 3 1. . 5 2 3. . 6 3 2 -5.0 .5 * ..39 * -.5 A .5 1 1 . . 0 7 6 1 1 . . 5 1 6 U T S V Other loans 3 9 -.5 .9 .3 .9 1.4 .1 .6 -.2 .5 .5 .6 A 1.0 .5 V W Other financial assets40 .3 .1 .6 .6 -.2 .2 -.3 -.1 -.1 i A 1.5 .2 W X Net increase in liabilities 2.4 .5 —4.3 - .4 9.5 3.7 2.8 —2.2 2.6 1.0 8.4 -.4 2.8 4.7 X Y Fixed-value redeemable claims.. A * 2 2 2 2 2 6 Y Z Postal saving deposits - .2 - .2 — .2 -.3 - 2 -.1 i * — .1 -.1 * -A -.1 Z a Consumer-held svgs. bonds io .6 .3 -1.9 -.5 -.5 -.4 -.1 -.1 -.2 -.2 -.2 -.5 -.5 a b Consumer saving through life insurance and retir funds . .6 1.0 .6 1.0 .1 .1 .2 .4 .3 .1 .2 .4 .3 b c Federal obligations 41 1.5 1.0 -5.1 1.4 9.0 4.9 2.1 -2.2 2.5 1.1 7.6 2.0 5.3 c d Short-term direct42 -11.8 -7.1 7.4 5.5 -1.2 1.0 2.2 -1.9 -4.3 1.2 3.8 -4.6 4.7 .7 d e Other direct and guaranteed., 13.3 6.6 -13.0 -6.2 10.7 3.7 -1.1 -.3 7.7 -.4 3.7 4.4 -3.5 3.8 e f Noncuaranteed43 * 1 5 6 2 1 — 5 2 1 0 .1 — 9 .2 .1 .2 .8 .8 f h g O O t t h h e e r r lo li a a n b s il 4 it i 4 es 4 5 .... ..14 -1.1 -.3 .3 -.4 .3 . . 4 1 - - . . 2 6 . .2 9 -.3 .2 -.3 .2 .1 -3 . . 3 5 -.2 2 - 1 .3 .3 - - . . 1 3 h g i Memo: Assets of OASI fund 1.9 1.1 .9 -.5 -.2 -.4 2 .7 -.5 -.5 -.7 i 0^ State and local governmentsector A Tax receipts 4 6 22.5 24.5 27.3 29.4 30.9 7.3 7.4 7.5 7.9 7.7 7.8 8.0 8.2 8.4 A B Net insurance and grants receipts 4 7-f- .2 .2 A .9 1.4 .2 .2 A .3 .3 .4 .5 .2 .6 B C Net interest naid 4 5 5 .6 6 1 .1 2 2 2 .2 .2 .2 C D Other net purchases of goods and services .36 23.8 26.2 28.5 31.5 34.4 8.1 8.4 7.7 8.6 8.9 9.2 8.5 9.3 9.6 D E Construction and land . . .... 9.1 10.0 11.1 12.1 13.1 3.6 3.1 2.4 3.3 3.9 3.5 2.7 3.4 4.1 E F Other by govt enterprises -1.4 -1.6 -1.7 -1.9 -2.1 -.5 -.5 -.5 -.5 -.5 -.5 -.6 -.6 -.6 F G Other by general government.... 16.2 17.8 19.1 21.2 23.4 4.9 5.8 5.8 5.9 5.5 6.2 6.3 6.4 6.1 G H Current surplus (A+B -C -D) -1.5 -2.0 -1.4 -1.7 -2.7 -.7 -.9 .1 -.6 -1.0 -1.1 -.2 i i -.8 H I Credits imputed to consumers 4 8+ 1.1 1.2 1.4 1 6 1.9 .4 .4 .4 .5 .5 .5 .5 '.5 .5 I J Gross and net saving (H — I) -2.6 -3.2 -2.7 -3.3 -4.6 -1.1 -1.3 -.4 -1.1 -1.5 -1.6 -.7 -1.6 -1.3 J K Net Jinan, investment (JL — S)... -1.7 -2.6 -2.2 -3.0 r-4.9 -1.6 -.6 -1.2 r-2.7 r-.3 r-1.7 -1.4 -1.6 K L N M O Ne T D C t i r e a m e m c d e a a i u t d n i m e d s p a d o o r e s f k i p J e t o s i t n s a i i . n t n s s t a a r n u s d m se e t c s n u . t r s . rency. 3 2 . . A . 7 9 5 - 2 1 .1 . . A 2 9 2 2 . . . 6 3 2 * 3 2 . . . A 5 8 2 ' r 2 3 . .. . 0 02 8 . . 2 9 - * i 1. . . 0 4 6 * - 1 .3 . . . 2 6 9 1. . . . 5 7 2 6 r- - A r. . 3 8 H n . r 1 . . 6 . o 6 r r . . . 4 2 6 . A A A 6 - 1 .5 . . . 1 8 2 N M O L P Federal obligations 1.7 .8 1.0 r.3 .3 -.2 .3 A r 2 M -A .6 P Q State and local obligations... .3 .4 .*5 .5 .5 .1 .1 .1 '.2 .1 A .1 Q R Other4 9 .9 .7 .7 1.3 1.8 .4 .4 .4 A '.1 'A .4 A .4 R A S Net increase in liabilities 5.4 4.8 4.8 6.5 7.9 1.8 1.6 2.4 2.2 1.9 1.4 1.8 2.0 2.4 S T State and local obligations 4.5 3.5 3.2 4.7 5.7 1.3 1.1 1.9 1.6 1.3 .8 1.3 1.4 1.8 T U Short-term ... .... .1 -.2 -.1 .4 A .3 -.1 .3 .1 .3 2 .1 .5 U V Other 4.4 3.7 3.3 4.3 5.2 .9 1.2 1.6 1.5 1.1 1.0 1.2 1.5 1.2 V W Consumer saving through retirement funds 1.1 1.2 1.4 1.6 1.9 .4 .4 .4 .5 .5 5 5 .5 .5 W X Other liabilities so -.2 .1 .2 .3 .4 .1 * .1 .1 .1 * . 1 .1 X Y Discrepancy (J —K) -.9 -.6 -.5 3 .5 -.8 .8 -.4 U.2 n.o — .2 .3 Y * Less than $50 million. Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

92 FLOW OF FUNDS/SAVING TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS (Continued) [In billions of dollars] Quarterly totals Annual totals Category 1957 1958 1959 1954 1955 1956 1957 1958 1$ (G) Commercial banking and monetary authorities sector A Net operating surplus 2.4 2.5 3.0 3.5 3.5 1.0 .8 .9 .8 .9 .9 1.0 1.0 1.1 A B Profits tax & net div. pymts. 51 1.6 1.7 1.8 2.2 2.4 .5 .4 .7 .7 .5 .5 .7 .8 .6 B C Current surplus = gross saving (A-B)52 8 .8 1.2 1.3 1.1 .5 .4 .2 .1 A 4 .3 .3 .5 C D Gross investment (E-f F) 1 0 1.4 1.3 1.1 1.3 .7 -.1 -.1 .7 1.3 .8 .7 .9 D E Capital expenditures ?, .3 .4 .4 .4 .1 .1 .1 .1 .1 / .1 .1 .1 E F Net financial invest. (G-W).. .7 1.1 1.0 .7 .9 .6 -.2 -.2 .6 1.2 -.6 .7 .6 .8 F G Net acquis. of finan. assets53... 9.2 4.7 5.1 5.4 14.7 3.1 3.9 -1.7 9.9 -1.1 7.7 -5.3 4.1 3.7 G H Gold -.3 * .3 .8 -2.3 • .1 A — 1 1 -.5 -.3 j n -.2 H I Credit market instruments.... 9.3 4.8 4.8 4.3 17.0 3.1 3.6 -U2 10.'8 -.6 8.0 -5.2 4.1 3.2 I J Federal obligations 4.6 -7.1 -3.1 -.6 10.0 2.7 2.0 -.1 7.0 .2 3.0 -5.3 -.9 -.7 J K Monetary authorities -1 0 -.7 .2 -.7 2.2 .3 .9 -.6 1.8 J 1.4 -.9 .6 .5 K L Commercial banks 5.6 -6.9 -3.3 .2 7.8 2.5 1.1 .5 5.2 .6 1.6 -4.5 -1.4 -1.2 L M Short-term direct42 -10 7 -8.5 4.8 1.9 .9 .3 .8 A -A .3 9 -6.0 1.0 -.4 M N Other direct and guar... 16 ? 1.1 -7.8 -2.2 6.8 2.2 -.1 .1 5.9 .7 1.7 -? 3 -.8 N O Nonguaranteed43 * .5 -.2 .5 * .4 .3 -.3 .2 -.1 -.2 -.2 O P State and local obligations.. 1 8 .1 .2 1.0 2!6 .2 .4 .6 1.3 .5 .2 .2 .2 .1 P Q Corp. and foreign bonds. . . -.2 -.2 -.4 .1 -.1 # .1 * .1 I * Q R Mortgages 1.7 2.4 1.7 .6 2.1 .3 .2 .6 \l .*8 .6 1.0 .6 R S Consumer credit * 2.3 1.3 1.1 .3 .1 -'.5 .3 .1 .2 .3 1.1 .7 S T Security loans .9 .6 -.8 -.1 'A -.2 .3 -.1 1.2 -1.7 1.0 -.4 * -.2 T U Bank loans n.e.c .2 8.0 5.9 2.3 1.4 -.2 .1 -1.7 .7 -.3 2.8 -.4 3.9 2.9 U V Other Ioans54 .3 -1.3 -.2 -.3 .4 -.1 .5 .5 -.2 * .2 -.2 -.4 -.1 V W Net increase in liabilities 8.5 3.6 4.1 4.7 13.7 2.6 4.1 -1.5 9.3 -2.3 8.3 -6.1 3.5 2.2 W X Dem. dep. net & currency5 5.. 4.5 2.3 1.7 -.8 5.8 1.4 3.1 -5.2 6.4 -3.4 8.0 -7.2 2.5 2.2 X Y Due to U.S. Govt.56 .3 -.7 .1 .2 .2 1.5 -2.3 1.2 3.8 -5.0 .1 -.9 1.0 1.9 Y Z Due to rest of world .1 * .2 .2 * * * -.3 .2 -.1 .3 -.1 .2 .1 Z a Due to others*6 4.1 3.0 1.4 -1.1 5.6 * 5.3 -6.1 2.4 1.7 7.6 -6.1 1.3 .3 a b Demand deposits, net55... 4.4 2.6 1.4 -1.1 5.2 .7 4.9 -5.3 2.0 1.7 6.8 -5.4 .8 .3 c Currency -.2 .4 * * .4 j .4 -.7 .4 .8 -.8 .5 -.7 d Time deposits 3.8 1.3 2.1 5.5 8.0 1.0 1.0 3.6 2.8 "i'A .5 .9 1.0 e Due to consumers 2.5 1.7 2.1 5.1 5.5 1.0 1.0 1.4 1.5 1.6 1.0 .9 1.6 1.0 f Due to others 1.3 -.3 -.1 .3 2.5 * * 2.2 1.3 -.5 -.5 .1 -.6 -1.0 g Other Iiabilities57 .1 * .3 * * .1 .1 * .1 -.1 -.1 .2 * h Discrepancy (C—D) -.2 -.6 -.1 .3 -.3 -.2 .5 .3 -.5 -1.0 .9 -.5 -.4 -.4 (H) Nonbank financial sectors A Current surplus 5 »f 8.3 8.7 8.5 9.4 9.5 3.1 1.5 2.7 1.7 3.1 2.0 2.8 2.6 2.7 A B Credits imputed to consumers 5 9t- • • 6.0 6.2 6.5 6.8 7.2 1.6 1.8 1.9 1.4 1.8 2.1 2.0 2.0 1.5 B 2.3 2.5 2.0 2.6 2.3 1.4 -.3 .8 .3 1.3 j .8 .5 1.2 C C Gross saving (A-B)52 D Gross investment (E-J-F) 3.5 2.8 1.9 2.3 2.8 1.1 * .8 .7 1.1 .2 .9 .6 1.2 D E Capital expend, (insur. sector) . .3 .4 .3 .4 .3 .1 .1 .1 .2 .1 .1 .1 .1 .1 E F Net financial invest. (G — Z) 3.2 2.5 1.6 2.0 2.5 1.0 y .7 .6 1.0 .1 .8 .5 1.1 F G Net acquis. of finan. assets 18.3 22.2 17.3 18.3 20.6 3.9 5'.1 4.5 6.3 2.5 7.5 5.2 6.3 By subsector: H Mutual savings banks 2.1 2.0 2.0 1.8 2.6 A A .9 .6 .6 .5 A A .4 H I S & L assns. & cr. unions... 5.3 6.3 5.6 5.6 7.1 1.1 1.6 1.2 2.0 1.7 2.1 1.8 2.8 2.0 I J Life insurance companies.... 5.1 5.2 5.2 4.9 5.2 1.3 1.3 1.2 1.1 1.3 1.5 1.2 1.4 1.1 J K Other insurance companies.., 1.2 1.2 .7 1.0 1.2 .3 .3 .2 .4 .4 .2 .3 .4 K L Noninsured pension funds.., 1.8 2.0 2.1 2.6 2.6 .5 .6 '.9 .4 .6 .8 .8 .7 .5 L M Finance n.e.c 2.7 5.6 1.8 2.5 1.9 .3 .9 .1 1.8 -2.1 2.0 .8 .7 .7 M By type: N Demand dep. and currency., .5 .6 .2 .3 .4 -.3 .8 -.1 .3 -.3 .4 -.4 * -.4 N 0 Cr. and equity mkt. instr. 17.5 21.5 16.9 17.8 19.8 4.4 4.2 4.1 5.7 3.0 6.9 5.6 6.3 5.4 O P Federal obligations -.5 -.6 -1.1 -.3 1.0 * -.1 .1 .4 -.3 .8 .5 .1 .5 P Q State and local oblig 1.3 .9 .8 .9 1.1 .2 .2 .5 .3 .1 .2 .4 .3 .3 Q R Corp. and foreign bonds.. 3.8 2.4 3.6 5.1 4.7 1.0 1.7 1.1 1.3 1.0 1.3 .9 1.0 R S Corporate stock 1.7 1.5 1.3 2.0 2.5 .6 .4 .4 .7 .5 .9 .7 .6 '.5 S T 1 - to 4-family mortgages.. 7.8 10.2 8.4 6.2 8.5 1.7 1.4 1.5 2.2 2.4 2.4 2.0 2.5 2.9 T U Other mortgages 1.4 1.7 1.8 1.5 1.8 .4 .5 .4 .4 .4 .5 .4 .5 .6 U V W C Se o c n u s r u it m y e c r r e c d re it dit . . 7 9 3. . 3 5 1.6 * - 1 .4 .3 -.4 .6 -.1 .5 -.3 .1 -.3 * -.1 .7 - - . . 1 5 .4 • # * i -.2 .9 - 1 .3 .0 W V X Other loans«o .2 1.7 .4 1.4 * .1 .4 .4 -.2 -.6 .4 .7 .6 -.5 X Y Other financial assets 61 .5 .1 .2 .2 .4 -.1 .2 .4 .2 -.2 * * .1 -.2 Y Z Net increase in liabilities 15.1 19.7 15.8 16.4 18.1 2.9 5.3 3.7 5.6 7.5 7.2 5.9 3.7 a Dep. in mutual savings bks.... 2.0 1.8 1.8 1.7 2.3 .3 .5 .7 .6 .5 .5 .3 .3 .2 b Savings shares 4.8 5.3 5.4 5.2 6.5 .6 1.8 1.3 1.8 1.0 2.3 1.4 2.2 1.3 c Saving through life insurance., 3.4 3.3 3.6 2.7 3.4 .7 .7 .8 .7 .9 1.0 .8 .9 .7 d Saving through pension funds. 3.0 3.2 3.3 4.1 4.1 .9 1.1 1.2 .7 1.0 1.2 1.3 1.2 .8 e Cr. and equity mkt. instr. 62... 1.7 5.9 1.1 2.4 1.5 .4 1.0 -.4 1.5 -1.7 2.1 .7 1.4 .9 f Corporate bonds .3 1.4 1.1 .7 .1 .4 .3 * -.2 .1 .3 .1 .3 g Corporate stock .5 .9 1.1 1.2 1.6 .3 !3 .4 .5 .3 .5 .5 .3 .4 h Security credit 1.0 .2 -.7 * .6 -.1 .3 -.2 1.1 -1.2 .8 -.4 -.2 -.2 j 1 O B p a e n n k m lo a a r n k s e t n . p e a .c per*3 -.' # l 1 2. . 7 2 -.4 .2 -.1 .5 - -. . 1 7 -.3 .1 .1 * -.9 .6 - - . . 1 2 - - . . 4 2 -.3 .7 .5 # . . 5 2 .2 k FHLB loans to S & L assns.« -.1 .5 -.2 * * • .1 -.6 .2 .1 .3 -.2 .4 1 Miscellaneous «4 , .3 .2 .5 .3 .3 .2 .1 .3 -.1 .1 -.1 -.2 -.2 m Discrep. & unident. assets (C—D)., -1.2 -.4 .1 .3 -.5 A -.3 • -.4 .3 -.4 -.1 * Less than $50 million. P Preliminary, r Revised. For other notes see end of table. t See note similarly identified on Table 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 93 TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS (Continued) [In billions of dollars] Quarterly totals Annual totals Category 1957 1958 1959 1954 1955 1956 1957 1958 (I) Rest-of-world sector A Net purch. of goods and serv. (B — C) 1 5 1.6 3.4 5.3 1.8 .9 1.4 .5 .5 .6 -.1 -.3 -.4 A B Purch. of goods and services66... 17.6 19.5 23.2 26.3 22.8 6.2 6.5 5.4 5.8 5.5 6.0 5.3 5.7 5.8 B C Sales of goods and services 16 1 17 9 19.8 20 9 21 0 5.4 5.2 4.9 5.3 5.4 5.4 5.4 6.0 6.2 C D Net unilateral receipts66 2.0 2.1 1.9 1.9 1.9 .4 .5 .4 .5 .5 .5 .5 .5 .4 D E Current surplus (D - A) 4 -1 5 -3 5 1 g -.9 -.1 j .4 -.1 .6 .8 F Net financial investment (G—N) .3 # -2.1 -4.2 -.4 -.8 -.7 -.5 -.2 .1 • .4 .4 .7 F G Net acquis. offinan. assets.... 1.8 1.5 1.5 -.1 3.5 -.3 .2 .5 7.7 .9 .9 .9 2.8 7.3 G H Gold .3 A -.3 -.8 2.3 * -.1 .4 1.1 .5 .3 .1 .7 .2 H I U.S. dem. dep. and currency... * .2 .2 * * * -.3 .2 -.1 .3 j .2 .1 I J Time deposits '.6 -.1 -.1 * .9 * * 1.0 * -.1 * J -.4 -.3 J K Federal obligations .2 1.1 .8 .2 * < j .4 -.7 -.4 .8 .3 .2 .9 1.2 K L Other credit market instr.67.... .3 -.1 .5 .4 -.1 '.2 * .1 2 — # 1 * j .1 .1 L M Misc. financial assets68 .2 .7 .4 -.1 .3 -.3 * .1 -.1 -.1 '.1 1.3 .1 M N Net increase in liabilities 7.5 1.5 3.6 4.1 3.8 .5 1.0 .P 1.2 .8 .9 .5 2.4 .7 N O Securities .2 * A .5 1.2 # 1 * .4 .4 .2 .3 .3 * .1 P Loans69 4 6 9 1.1 il .6 ,1 .2 A .4 -.1 .2 .1 Q Miscellaneous 70 1.1 1.2 2.6 2.8 1.4 .4 .3 .4 .6 .2 .2 .3 2.1 .4 R Discrepancy (E — F)?i .2 .4 .6 .7 .4 .3 -.2 .2 ! .2 -.1 .2 .4 .1 S Memo: Unilateral transfers in kind 72 3.5 2.8 3.0 2.9 2.9 .6 .7 .8 '.9 .6 .6 .6 .7 .7 * Less than $50 million. & Preliminary. r Revised, 39 Mainly loans to business sectors, to foreign and State and local t For treatment of life insurance, pension, and retirement flows, see governments, and to savings and loan associations (by FHLB). Excludes pp. 837 and 849 of BULLETIN for August 1959. CCC-guaranteed loans other than those on tobacco. 1 Payrolls; interest; dividends; and income withdrawals from unincor- 4 ° Treasury currency assets, time deposits, trade credit, and misporated business. cellaneous (mainly foreign currency and deposits). 2 Grant and donation receipts of consumers and nonprofit organiza- 4* See Table 1, note 25. 42 See Table 3, note 37. tions (net of transfers within the sector), social insurance benefits, and 43 Securities and notes issued by FNMA, Federal land banks, home benefits from private pension and government retirement funds. loans banks, intermediate credit banks, and banks for cooperatives. 3 Federal, State, and local income and estate and gift taxes. 44 CCC-guaranteed bank loans and CCC certificates of interest. 4 Mainly employee contributions to OASI and to private pension and 45 Treasury currency liabilities, trade debt, and misc. liabilities (special government retirement funds. IMF notes, misc. deposits, and private equity in Govt. enterprises). 5 Figures include net operating outlays of nonprofit organizations and 46 Excludes employment taxes. net transfer payments abroad. 47 Receipts of Federal Government grants; payments of direct relief 6 Net of dividends on and benefits from private life insurance and and other transfers; and receipts and payments in connection with individual annuity policies and Government life insurance. government employee retirement, unemployment insurance, workmen's 7 In connection with consumer saving through life insurance, private compensation, and cash sickness compensation programs. pension funds, railroad retirement, and government employee retirement. 48 In connection with saving through government employee retirement 8 For details, see Table 2, lines J-L. funds. 9 Includes misc. deposits with Federal Govt. not shown separately. 49 Corporate bonds and mortgages. 10 Includes net accruals of interest. 50 Trade debt and loans from Federal Government. 11 Includes net free credit balances with brokers not shown separately. 51 Includes payment to Treasury on F. R. notes outstanding. 12 Mainly consumer debt on 1- to 4-family properties. 52 Net saving is less than line C by the amount of capital consumption, 13 For consumers, loans on insurance policies; for nonprofit organiza- about $0.1 billion a year. tions, bank loans, loans from government, and trade debt. 53 Includes misc. and Treasury currency assets not shown separately. 14 Estimated as equal to seasonally adjusted net income of unincor- 54 Open market paper, CCC-guaranteed loans, and CCC certificates of porated farms. Figures include small amounts of dividends and profits interest. taxes paid by corporate farms. i5 See Table 2, note 32. 5 5 Net of Federal Reserve float and cash items in process of collection 1 1 6 7 I M nc a l i u n d ly e s d f e a m rm an d r es d i e d p e o n s ti i a ts l a c n o d n s c tr u u rr c e ti n o c n y . . as 5 r 6 e p B o a r n te k d - r b ec y o c rd o m b m a e s r is c , i a n l e b t a o n f k s b . ank float; differs from sector demand 18 Excludes CCC-guaranteed loans. See p. 840 of BULLETIN for deposits and currency assets (shown in Table 3 and in nonbank sector Au 1 g 9 u G st o v 1 e 9 r 5 n 9 m . ent loans; excludes CCC loans. acc s o 7 u M nt a s in in ly Ta is b s l u e e 4 s ) o pr f i n c c o ip rp a o ll r y a t b e ec s a t u o s c e k of a m nd a il b a f l l a o n at c . es due to foreign 20 After inventory valuation adjustment. branches. 21 Estimated as equal to seasonally adjusted business net income. 5 8 Includes premiums on life insurance and private pension plans, less f le ro ss 2 2 2 2 2 2 m 7 2 3 6 5 8 p I I I M F r M n n n f o e i c c c a n f i d l l s i l a i e t u u u n n c s r d d d c e l a y e e e l e p l l s s s , a a R c i p n S S b d o r e E u t t o m a o a s b A f t t u i p i e y e n s t , a a s e f a n f n a o s p i n i s d r n n e a d e a d i s r o i d n . e l g t l o c s n h o b c i i e c y a d a r b a l e l U l r n a l o a . o t t s b n a i a s S a x l c e n l i . e h t g s b s s e c a r s f ( o t o a r d i n n n o t o i o s m c r n t e h p s r U c r e u t F o n s . c f e i o S t t i n d o i t t . o v s e s f . p n e r h o 2 . a a s r 4 o l t r e m w e N i G n g n e e t n o n t t v s c p s o e e o a f p i r r r n n a t p e r r m f n o a a o t r d t e r a e e n e c t l t i o y i g r o . r e n a n p c n s o e b . d i r r v a a l a t o n i b o a c l n n e h s s s e . s p b s b h e e ro a n n 6 6 6 6 s 2 0 3 r 1 e k s 9 e f i e s P L M o i T I t r n n a s i r o a n p r a f t i a f d c a e n o u e n o y o s l p y n d n m / f c , e d n " r d n e f j s e e o i t . n e - n c d e a t a t a t s h i n l n n i t e e d , o c d a r r n e t s n i i m . l n m d c o w v o o e a p e s i m n o t s t d h s l t p e o i " m c p a f y c e o n c / o n y a s t d n i a t t e l i s c r s o v g u e , o a i o m d m s l n r i a e s e y a p v n r . b t a i d o i n n l s s i g . b i t a s e i u v e s s s i s ; i n h n a g o a e n r f s d e s t s h f l , a i r i n n n a o a d e n u n c g d h i e n h , m s l c u i i a l o s r i b c f a m e i e n l p l i c l t i a e a i n n e n p s s i e u o e o o r l s i a u ; f c s n y s l c i e a e n l c s o e u s a a r e g n n i t t , d s s y . . and holdings of foreign cash), and time deposits. 64 Deposits of banks in U. S. possessions and agencies of foreign banks. 29 Includes direct investments from abroad not shown separately. 65 Consolidated; records only transactions with U. S. 30 Mainly commercial paper and loans from finance companies. 66 Excludes unilateral transfers in kind, shown in line S. 31 Mainly excise taxes and customs receipts; also includes estate and 6 7 Corporate securities, security credit, and commercial paper. gift taxes and payment to Treasury on F. R. notes outstanding. 68 Direct investments, unidentified assets, IMF holdings of special 32 OASI, disability insurance, and unemployment programs. Line E U. S. notes, and miscellaneous deposits. includes Federal employment taxes and States deposits in unemployment 69 Security credit, bank loans n.e.c, and other loans (mainly from compensation trust funds; line F, Federal benefit payments to consumers U. S. Government). and State withdrawals from these trust funds. 70 Direct investments, foreign currency and deposits held by U. S. 33 Veterans' life insurance and Government employee and railroad re- domestic sectors, and other liabilities. tirement funds. Line G excludes Government contributions to these funds. 71 "Errors and omissions" in U. S. balance-of-payments statement. 34 Transfer payments (other than insurance benefits) to individuals, 72 Grants in the form of goods and services by U. S. Government and plus net cash unilateral transfers to foreign countries, grants-in-aid to private individuals and institutions. State and local governments, and subsidies to business. 35 Includes net accruals on savings bonds and Treasury bills. NOTE.—"Liabilities" covers equity as well as debt claims. 3 6 Purchases less sales for general govt. and govt. enterprises, including For descriptions of sectors, of capital expenditures, and of financial outlays for tangible capital and (for Federal Govt.) net disbursements to transaction categories, see notes to corresponding items in Tables 1-3, farmers in form of CCC direct and guaranteed loans. pp. 1313-15, and "Technical Notes," pv. 846-59 of BULLETIN for August 37 In connection with saving through Government life insurance and 1959. For discussion of saving and investment concepts, see p. 833 of Government employee and railroad retirement funds. BULLETIN for August 1959. 3« Mainly on 1- to 4-family and farm properties. Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * International capital transactions of the United States. 96 Net gold purchases and gold stock of the United States. 104 Estimated foreign gold reserves and dollar holdings. 105 Reported gold reserves of central banks and governments. 106 Gold production 107 International Bank and Monetary Fund. 108 United States balance of payments. 109 Money rates in foreign countries. . 109 Foreign exchange rates. 111 Index to statistical tables 7 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. 95 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

96 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] Date G to ra ta n l d t t i e i n I o r n s n n t - a a i- - l Foreign countries m R G F a e e e n d p r y - . . , Italy U K d n i o i n m t g e - d E O u t r h o e p r e E T u o ro ta p l e Canada Am La e t r i i n ca Asia ot A h l e l r tutions2 Total Official of 1954_Dec. 31 12,919 1,770 11,149 6,770 1,373 579 640 3,030 5,621 1,536 1,906 1,821 265 1955—Dec. 31 13,601 1,881 11,720 6,953 1,454 785 550 3,357 6,147 1,032 2,000 2,181 360 1956—Dec. 31 14,939 1,452 13,487 8,045 1,835 930 1,012 3,089 6,865 1,516 2,346 2,415 346 1957—Dec. 31 15,158 1,517 13,641 7,917 1,557 1,079 1,275 3,231 7,142 1,623 2,575 1,946 355 1958—Nov. 30 16,052 1,485 14,567 8,639 1,755 1,132 977 3,792 7,656 2,071 2,407 2,148 285 Dec. 31 16,159 1,544 14,615 8,665 1,755 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 1,693 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 1,697 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 ^2,756 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 1,435 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 1,391 1,570 1,093 4,503 8,557 2,135 2,512 2,526 340 Sept. 30 19,174 2,991 16,183 9,226 1,413 1,578 1,056 4,611 8,658 2,245 2,364 2,560 355 Oct. 31*> 19,001 3,049 15,951 9,094 1,521 1,535 874 4,464 8,394 2,253 2,297 2,627 380 Nov. 30^ 19,274 3,160 16,114 9,074 1,680 1,523 957 4,300 8,460 2,328 2,300 2,658 369 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 he ll rs 1954 Dec. 31 3,030 273 100 71 41 715 113 249 103 91 71 141 672 8 9 371 1955—Dec. 31 3,357 261 108 60 49 1,081 176 164 82 132 104 153 757 9 13 209 1956 Dec 31 3,089 296 117 65 53 626 177 134 67 137 43 217 836 20 17 282 1957 Dec. 31 3,231 349 130 112 64 354 154 203 93 142 24 260 967 18 11 349 1958—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 1019—Tan 31 3,784 408 109 142 74 518 129 356 112 148 31 280 786 18 s 666 Peb 28 3,920 410 105 129 76 637 132 345 114 157 32 280 796 20 682 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 4,611 394 129 113 71 1,157 161 435 103 151 67 330 905 32 6 557 Oct. 31 P 4,464 392 125 110 79 1,095 172 426 101 142 71 241 891 28 6 587 Nov. 30*> 4,300 364 132 122 81 903 192 428 98 138 79 243 902 34 5 578 Table lb. Latin America Neth- Do- er- Date A L m i a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba m p i R c l u i i a e c n b n - - - v S a E a d l l o - r G m u a a l t a e- M ic e o x- l I W S a a n u n n d e r d d i s i e s - t s l a P p i R m c u a e n b o a - - - , f Peru U gu r a u y - V zu e e n l e a - A O L i 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 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. 30 2,364 268 20 169 171 197 202 37 25 35 400 85 157 88 71 278 161 Oct. 31 P 2,297 291 23 150 141 200 191 39 22 35 396 85 150 96 70 254 153 Nov. 30*» 2,300 310 22 140 139 215 168 41 27 36 420 85 143 88 68 251 148 p Preliminary. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 97 TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued [Amounts outstanding, in millions of dollars] Table lc. Asia and All Other Asisi All other Ko- Date Union Hong Indo- rea, Phil- Tai- Thai- Aus- Bel- of Total Kong India nesia Iran Israel Japan Pi\a.e- ip- wan land Other Total tralia gian Egypt 6South 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—Nov. 30 2,148 63 75 105 38 52 925 133 158 99 133 367 285 76 31 20 30 127 Dec. 31 2,205 62 77 108 43 56 935 145 176 99 133 371 279 79 30 16 30 125 1959—Jan. 31 2,235 61 78 108 53 54 957 144 156 98 134 391 282 82 31 17 31 121 Feb. 28 2,339 57 86 112 51 60 1,020 147 169 96 139 402 295 80 31 17 37 129 Mar. 31 2,337 62 90 119 55 62 998 147 173 94 138 400 290 83 33 16 28 130 Apr. 30 2,357 57 91 108 54 65 1,028 146 164 91 133 418 290 83 33 15 28 132 May 31 2,391 58 94 81 51 70 1,068 142 175 92 133 427 304 83 33 16 33 139 June 30 2,439 57 99 77 39 86 1,101 145 168 90 134 443 322 91 35 16 36 144 July 31 2,532 56 113 88 27 86 1,131 147 163 90 133 497 327 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 2,560 58 119 108 27 78 1,141 150 180 87 127 484 355 109 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 Nov. 30*\... 2,658 61 115 126 24 81 1,215 148 179 92 133 483 369 114 26 18 51 161 Table Id. Supplementary Areas and Countries7 End of year End of year Area or country Area or country 1955 1956 1957 1958 1955 1956 1957 1958 Other Europe: Other Asia (Cont.): Albania .4 .3 n.a. Burma 19.1 7.0 6.7 n.a. British dependencies .4 .4 .3 .4 Cambodia 13.1 17.2 20.0 24.9- Bulgaria .7 .2 .6 .3 Ceylon 32.9 41.2 34.2 n.a. Czechoslovakia8 .7 .5 .7 .6 China Mainland ». 36.2 35.5 36.3 36.0 Eastern Germany 1.3 1.2 3.1 1.4 Iraq. 14.7 16.9 19.6 18.0 Estonia 1.8 1.9 1.7 1.7 Jordan 1.2 2.0 1.6 2.8 Hungary 1.0 .7 .9 Kuwait , 3.5 5.3 5.9 10.1 Iceland 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 .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 .7 2.2 All other: Other Latin America: British dependencies 2.4 3.8 2.3 l.S British dependencies 16.6 24.1 24.0 40.9 Ethiopia and Eritrea 23.7 24.2 35.1 27.8 Costa Rica 17.6 14.6 16.4 24.5 French dependencies 8.0 10.5 10.7 6.5 Ecuador 14.9 18.0 22.7 17.4 Liberia 13.1 23.7 23.0 13.0' French West Indies and French Guiana. .6 1.0 .8 .5 Libya 9.9 3.7 10.7 6.4 Haiti 12.1 8.9 11.2 7.7 Morocco: Honduras 9.7 10.2 12.6 6.3 Morocco (excl. Tangier) 14.8 13.6 32.2 25.4 Nicaragua 12.8 11.8 12.7 11.3 Tangier 33.5 22.4 19.2 18.1 Paraguay 3.6 4.0 5.1 3.4 New Zealand 1.9 2.2 1.9 6.9 Portuguese dependencies 5.3 2.8 4.4 4.0 Other Asia: Somalia .2 .9 1.3 n.a. Afghanistan 4.1 5.3 4.7 n.a. Spanish dependencies .7 .3 .7 .4 Bahrein Islands .5 1.7 .9 .9 Sudan n.a. .4 1.7 5.2 British dependencies 8.2 7.4 8.0 4.3 Tunisia .7 .5 .3 n.a. Not available. » Preliminary. 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 $65 million on Nov. 30, 1959. Tables la-lc. 2 Includes International Bank for Reconstruction and Development, 8 Based on reports by banks in all Federal Reserve districts. International Monetary Fund, and United Nations and other inter- NOTE.—Statistics on international capital transactions of the United national organizations. States are based on reports by U. S. banks, bankers, brokers, and dealers, 3 Represents liabilities to foreign central banks and foreign central by branches or agencies of foreign banks, by certain domestic institutions governments and their agencies (including official purchasing missions, not classified as banks that maintain deposit or custody accounts for trade and shipping missions, diplomatic and consular establishments, etc.). foreigners, and by the U. S. Treasury. The term "foreigner" is used to 4 Includes $1,031 million representing increase in United States dollar designate foreign governments, central banks, and other official institusubscription to the International Monetary Fund paid in June 1959. tions, as well as banks, organizations, and individuals domiciled abroad 5 Includes Bank for International Settlements. and the foreign subsidiaries and offices of U. S. banks and commercial <> Part of the United Arab Republic since February 1958. firms. i 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

98 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES [In millions of dollars] Payable in dollars Date, or area Total To banks and official institutions To all other foreigners in P a f y o a re b i l g e n and country U.S. U.S. currencies Total Deposits T bi r l e ls a s a u n r d y Other 2 Total Deposits T bi r l e ls a s a u n r d y Other 2 certificates1 certificates Total amounts outstanding 1954 Dec. 31 12,919 11,070 5,479 4,955 637 1,805 1,520 251 34 43 1955—Dec. 31 13,601 11,777 5,451 5,670 656 1,783 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 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 ,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 8,399 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. 30 19,174 16,526 6,560 8,745 ,220 2,578 1,963 331 283 71 Oct 31*> 19,001 16,441 6,149 9,029 1,263 2,491 1,910 308 273 68 Nov. 30? 19,274 16,779 6,331 9,155 ,293 2,429 1,857 291 281 65 Area and country detail, September 30, 1959 Europe: Austria 394 392 324 59 9 2 2 (3) Bel&ium 129 84 51 11 21 45 39 i 5 (3) Denmark 113 103 40 58 5 10 8 1 1 (3) Finland 71 69 13 50 6 1 1 France 1,157 1,094 270 800 25 62 54 4 4 Germany, Fed. Rep. of. ... 1,413 1,386 219 980 187 24 18 5 1 3 Greece 161 148 17 131 (3) 13 13 (3) Italy 1,578 1,542 128 1,266 147 36 28 7 1 (3) Netherlands 435 402 139 198 65 32 25 5 3 1 103 62 42 19 2 41 40 Portugal 151 102 93 9 49 48 (3) 1 (3) Spain 67 50 49 1 17 17 330 320 85 174 61 10 10 (3) (3) (3) Switzerland 905 738 269 172 297 165 92 20 53 3 Turkey 32 30 30 2 2 United Kingdom 1,056 669 244 384 41 349 131 149 69 38 6 6 6 Other Europe 557 531 89 339 103 16 3 4 4 Total 8,658 7,727 2,107 4,640 980 881 543 196 143 49 2,245 1,874 1,335 518 22 354 203 92 59 17 Latin America: 268 193 188 5 74 73 (3) 1 (3) Bolivia 20 5 4 16 15 (3) (3) 169 65 57 (3) 8 104 95 7 (3) Chile 171 120 120 51 51 (3) (3) Colombia . ... 197 118 117 1 79 79 (3) 1 (3) 202 97 62 33 2 104 98 I 5 ~P\ Salvador 2 3 5 7 9 9 9 7 (3) 2 1 8 6 2 1 8 5 1 CTiiatetnala • ... 35 16 6 10 19 18 Mexico 400 255 250 3 2 145 131 13 2 (3) Neth. W. Indies and Suri- 85 43 19 14 9 42 15 7 20 Panama Ret) of 157 25 25 1 131 94 7 30 88 41 40 47 45 1 1 (3) Urucuav 71 25 23 2 46 33 6 7 278 107 107 170 166 2 2 1 Other Latin America 161 83 59 16 9 78 75 1 1 1 Total 2,364 1,211 1,093 66 51 1,151 1,031 41 78 2 *> Preliminary. 2 Represents principally bankers' acceptances and commercial paper. i 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 $2,055 million on Nov. 30, 1959. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL CAPITAL TRANSACTIONS OF THE U. S. 99 TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued [In millions of dollars] Payable in dollars To banks and official institutions To all other foreigners Area and Total Payable country in foreign U.S. U. S. currencies Total Deposits T bi r l e ls a s a u n r d y Other i Total Deposits T bi r l e ls a s a u n r d y Other i certificates certificates Area and country detail, September 30, 1959—Continued Asia: m Hone Konc 58 32 27 5 27 26 (2) India . . .. 119 98 96 1 20 20 Indonesia 108 106 62 43 2 2 Iran 27 24 24 (2) 3 3 (2) Israel 78 74 21 36 17 4 4 Japan 1,141 1,127 603 472 53 13 13 (2) (2) Korea Rep. of 150 147 146 1 1 3 3 Philippines 180 162 135 18 9 18 18 (2) (2) Taiwan 87 79 77 2 8 8 (2) Thailand 127 125 27 92 5 3 3 (2) Other Asia 484 443 287 121 35 41 40 (2) (2) Total 2,560 2,416 1,505 783 128 142 140 1 1 2 All other: Australia 109 106 34 66 6 4 3 (2) 1 (2) E B g el y g p i t a ^ n Congo 2 1 9 6 2 1 7 4 1 1 5 3 6 1 6 1 1 1 1 Union of South Africa 43 41 26 12 3 2 2 (2) Other 159 117 93 8 16 42 39 2 Total 355 305 181 93 31 49 46 1 3 1 Total foreign countries. 16,183 13,534 6,222 6,100 1,212 2,578 1,963 331 283 71 International institutions.... 2,991 2,991 339 2,645 8 (2) Grand total . . . 19,174 16,526 6,560 8,745 1,220 2,578 1,963 331 283 71 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 COUNTRIESi [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 ed - E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m i a c t a e in r- Asia o A th l e l r 1954 Dec 31 . .. 1,387 14 70 20 16 173 109 402 76 728 143 37 1955 Dec 31 1,549 12 88 30 26 109 158 423 144 706 233 43 1956 Dec 31 1,946 18 157 43 29 104 216 568 157 840 337 43 1957 Dec 31 2,199 114 140 56 34 98 211 654 154 956 386 50 1958 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 I 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 36 122 234 566 245 000 510 64 Aug 31 2,356 89 45 34 34 142 222 567 241 965 518 66 Sept. 30 2,392 81 44 33 39 151 239 586 272 968 511 54 Oct 31» 2,390 65 41 29 36 150 230 551 313 970 503 52 Nov 30^ 2,467 60 48 28 37 174 225 573 282 1,030 528 54 P Preliminary. foreigners; drafts drawn against foreigners that are being collected by 1 Short-term claims reported in these statistics represent principally banks and bankers on behalf of their customers in the United States; the following items payable on demand or with a contractual maturity and foreign currency balances held abroad by banks and bankers and their of not more than one year: loans made to and acceptances made for customers in the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

100 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued [Amounts outstanding, in millions of dollars] Table 3a. Other Europe Other Aus- Bel- Den- Date Europe tria gium mark 1954—Dec. 31 109 (2) 20 10 1955 Dec. 31 158 2 16 13 1956—Dec. 31 216 7 28 12 1957 Dec 31 211 6 25 11 1958 Nov 30 301 8 68 10 Dec. 31 315 7 65 14 1959 Jan. 31 297 6 66 15 Feb. 28 288 5 64 16 Mar 31 264 5 63 12 Apr. 30 255 5 62 10 May 31 236 5 51 June 30 220 6 50 July 31 234 6 53 Aug. 31 222 5 48 Sept 30 239 6 50 Oct 31v 230 5 50 Nov 30*> 225 5 51 ONOOOV l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w e e n - T k u ey r- Y sl u av g i o a - 3 3 16 2 (2) 4 4 41 1 3 4 11 9 2 5 7 78 2 4 4 21 23 2 8 13 88 8 4 6 29 23 2 8 10 76 5 8 53 21 2 31 15 69 6 7 56 22 2 30 24 72 l 6 6 58 20 2 26 18 64 l 6 5 59 18 2 25 16 60 1 5 6 52 15 2 27 16 50 l 5 7 40 14 3 29 14 51 i 6 8 34 11 2 28 15 51 5 7 31 10 2 26 10 49 5 7 32 8 2 25 12 57 9 5 7 24 10 2 11 13 70 10 7 7 22 10 2 11 19 75 11 8 7 23 9 1 9 15 72 14 8 7 25 9 2 8 16 62 OtOtJj All other 5 7 7 4 3 3 2 © ONON C 9 9 14 16 13 14 15 17 17 17 Table 3b. Latin America Neth- Do- er- Date A L m i a c t e a i r n - A t r i g n e a n- l B iv o i - a Brazil Chile l C o b o m ia - - Cuba p m i R c u li i e a b c n - n - - v S a E a d l l - or G m u a a l t a e- M ic e o x- l I W S a a n u n n d e r d d i s i e s - t s l a p P i R c m u a e 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—Nov. 30 1,064 34 3 138 47 51 155 19 11 10 294 6 23 31 54 139 49 Dec. 31 1,099 40 3 148 52 51 166 19 10 12 293 6 23 31 52 142 53 1959—Jan. 31 1,072 38 4 176 51 49 151 20 6 12 269 4 22 28 50 140 52 Feb. 28 1,054 38 3 176 48 48 150 23 6 11 260 3 24 30 43 139 53 Mar. 31 1,068 38 3 172 50 49 149 25 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 1,000 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. 30 968 48 3 125 42 55 91 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 Nov. 30* 1,030 52 3 113 47 58 101 31 16 10 275 4 17 34 45 173 53 Table 3c. Asia and All Other Asia Date Hong Total Kong 1954—Dec. 31 143 3 1955 Dec 31 233 3 1956—Dec. 31 337 4 1957—Dec. 31 386 7 1958 Nov. 30 438 6 Dec 31 . .. 435 6 1959_ F ja e n b . 3 2 1 8 4 42 0 2 7 6 5 Mar. 31 454 6 Apr 30 481 May 31 502 June 30 520 July 31 510 Aug. 31 518 Sept. 30 511 Oct 31p 503 Nov. 30p 528 00 OC 4- India Iran Israel 5 16 11 5 18 10 6 20 16 6 22 24 8 27 27 4 27 23 4 29 25 5 28 22 5 34 19 6 34 5 32 5 35 8 6 31 9 5 29 9 6 30 9 7 28 10 6 29 00 NO NO 17 15 13 otov Japan Phil- ippines 50 7 103 19 170 16 146 53 186 41 179 67 168 38 175 42 204 34 224 29 242 29 260 24 256 269 262 262 275 00 00J- Tai- wan 5 6 6 6 7 6 7 8 8 9 10 9 11 20 00 00 OD00 00 All other T la h n a d i- Other Total t A ra u l s i - a C g B o i e a n l n g - o Egypt3 U S n o o i u f o t n h Other Africa 6 39 37 14 6 1 6 10 8 60 43 11 5 1 8 17 9 91 43 11 6 2 R 17 14 110 50 13 5 1 12 19 16 120 79 13 4 3 29 29 13 111 69 13 4 3 23 27 14 116 68 12 3 2 24 27 13 124 63 12 3 2 24 22 14 130 61 11 4 1 21 24 17 137 61 11 4 2 19 24 17 142 61 12 3 2 19 25 20 143 65 15 3 2 20 26 12 153 64 14 3 1 20 25 13 151 66 16 3 1 21 25 12 155 54 18 3 2 14 18 12 155 52 19 3 2 12 17 14 157 54 18 3 2 13 18 * 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

INPL CAPITAL TRANSACTIONS OF THE U. S. 101 TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES [In millions of dollars] Short-term Payable in dollars Payable in foreign currencies Long- D a a n t d e , c o o r u n a t r r e y a t t e o rm ta — l1 Total Total Ba i o n n f s f k i t c s it i L a u a l o - nd ans t O o: thers s C ta t o o i n o u l d l n t e i - s n c- g Other Total f D or e e w p ig i o t n h si e t r s s Other 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—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 2,392 2,193 743 424 453 573 199 163 36 Oct. 31 v ,516 2,390 2,168 728 439 458 543 222 188 34 Nov. 30? 1,497 2,467 2,266 805 453 475 533 201 171 30 Area and country detail, September 30, 1959 Europe: Austria 22 6 6 1 2 Belgium 24 50 48 35 1 Denmark 1 10 10 6 Finland 3 7 6 5 France 20 81 79 66 i Germany, Fed. Rep. of... 44 36 18 Greece 7 7 7 4 Italy 51 33 32 8 Netherlands 11 22 19 10 Norway 151 10 9 3 3 Portugal 2 2 1 Spain 11 10 1 Sweden 34 19 13 1 5 Switzerland 4 39 31 17 4 8 Turkey 75 75 71 4 (2) United Kingdom 68 151 41 18 17 110 84 26 Yugoslavia (2) 3 3 3 Other Europe 10 17 16 5 *(2)' Total 424 586 444 182 46 102 114 142 114 27 Canada 100 272 224 22 181 7 14 48 44 4 Latin America: Argentina 66 48 48 17 Bolivia 3 3 () (?) 3 () Brazil 125 125 44 18 43 (2) Chile 57 42 42 12 20 11 7 Colombia 18 55 55 6 12 24 19 Cuba 94 91 91 46 6 22 14 9 Dominican Republic 30 30 6 6 3 14 El Salvador 9 9 2 1 3 3 Guatemala 10 10 (2) 2 6 2 Mexico 138 267 264 116 53 27 69 Netherlands W. Indies and Surinam Panama, Rep. of 27 22 22 () 17 3 1 8 Peru 14 32 32 4 16 10 Uruguay 1 40 40 26 2 8 Venezuela 32 142 140 15 37 46 43 Other Latin America 54 49 49 5 11 26 7 Total 760 968 963 298 188 228 249 p Preliminary. 2 Less than $500,000. i Represents mainly loans with an original maturity of more than one year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

102 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued [In millions of dollars] Short-term Payable in dollars Payable in foreign currencies Long- A c r o e u a n t a r n y d term— Loans to: total 1 Total Collec- Total Ba i o n n f s f k i t c s it i a u a l - nd Others sta t o i n o u d n t i - s ng Other Total f D or e w e p ig i o t n h s e it r s s Other tions Area and country detail, September 30, 1959—Continued Asia: Hong Kong . . 2 9 9 5 1 2 India 13 6 6 i 1 38 1 Iran Israel 7 13 13 1 Japan 16 262 262 63 1 31 167 Korea Reo of 1 1 S 1 Philippines 7 17 17 2 Taiwan 8 8 2 Thailand 10 12 12 6 4 Other Asia 2 153 153 4 14 2 136 Total 96 511 510 234 5 85 186 All other: Australia 25 18 16 1 7 9 Belgian Congo 2 3 3 3 Egypt3 2 2 (2) Union of South Africa.... 19 14 13 9 8 Other 81 18 17 3 11 3 Total .. 127 54 51 6 5 30 10 International institutions . Grand total 1,507 2,392 2,193 743 424 453 573 EEEE (2) 8 8 l l 3 199 33 • '• 1 CO 1 ft- 1 1 1 I 1 1 2 163 36 1 Represents mainly loans with an original maturity of more than 2 Less than $500,000. one year. 3 Part of the United Arab Republic since February 1958. TABLE 5. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES i [In millions of dollars] U. S. Govt. bonds & notes U. S. corporate securities 2 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 s c N a h l e a e t s s e p s u ( , o - r ) - r c P ha u s r e - s I Sales c s N a h l a e e s t s e p s ( , u o - r ) - r c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u , o - r ) - r 1955 1,341 812 529 1,886 1,730 156 693 509 184 664 878 -214 1956 883 1,018 -135 1,907 1,615 291 607 992 -385 749 875 -126 1957 666 718 -52 1,617 1,423 194 699 1,392 -693 593 622 -29 1958 1,224 1,188 36 1,759 1,798 -39 889 1,915 -1,026 467 804 -336 1958—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.. 39 23 16 240 203 37 111 169 -57 47 83 -36 June.. 24 23 222 181 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 66 177 134 44 157 208 44 44 (3) Oct. v. 158 77 81 191 151 40 52 73 -21 55 35 Nov.? 166 99 68 234 175 59 53 93 -40 41 51 20 -10 p Preliminary. 2 Includes small amounts of U. S. municipal securities. i Includes transactions of international institutions. 3 Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTT CAPITAL TRANSACTIONS OF THE U. S. 103 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 i a c t a e in r- ot A he ll 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 8 35 101 77 20 255 -99 23 15 1958 -39 -56 17 -3 2 -8 19 -1 1 10 -86 23 14 1958 Nov 11 1 10 -1 2 -2 13 -4 1 9 -6 6 2 Dec 3 -3 6 4 -4 14 -7 -3 3 -6 3 3 1959 Jan 18 19 -2 1 1 -1 17 -6 1 13 3 2 Feb 22 15 7 2 2 — 1 7 2 2 15 2 1 Mar 7 2 5 20 -12 8 -6 2 3 Apr 30 25 5 1 27 -2 4 31 -8 2 4 May 37 36 1 (3) (3) 4 21 4 5 33 -3 3 4 June . . . 41 36 5 2 -1 21 4 4 31 2 2 5 July 39 34 6 1 4 2 19 -1 2 27 1 4 7 AUE 45 35 10 1 11 5 18 7 42 -1 4 1 Sept 44 26 18 1 2 5 35 -4 2 40 6 3 Oct.? 40 29 11 1 5 26 -1 3 33 -4 5 6 Nov" 59 48 11 (3) 11 8 23 11 5 58 -2 3 1 » 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] Inter- Total Latin Assets in custody Y m e o a n r t o h r na in ti s o t n i- al f c o o re u i n g - n Europe C a a d n a - Amer- Asia o A th l e l r Date Deposits tutions tries ica U. S. Govt. Miscelsecurities 2 laneous3 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—Dec. 31 272 3,695 480 1958— D N e o c v . . . . . . . . - - 9 6 6 - - 9 6 7 6 - - 3 9 - - 1 6 4 7 -6 0) - - 8 6 - -3 2 1 2 1959_ F jaenb . . 3 2 1 8 2 3 7 1 4 0 3 3 , , 6 8 8 5 1 7 5 5 0 1 9 0 Mar. 31 307 3,593 509 1959—Jan -44 -99 -37 -59 5 -9 1 Apr. 30 266 3,559 504 Feb.... 6 -124 -14 -64 -3 -41 -2 May 31 291 3,750 524 Mar.... -5 -60 -22 -24 -9 -8 3 June 30 294 3,900 528 Apr.... -8 -42 -28 -2 2 -8 -1 July 31 278 4,131 525 May... -50 -43 18 -61 3 -4 2 Aug. 31 252 4,286 520 June... -8 2 5 0) 3 -7 2 Sept. 30 312 4,346 548 July.... C1) -107 -4 -100 1 A -1 Oct. 31 284 4,409 547 A Se u p g t . . . . . . . . -9 -1 -6 7 - 4 4 2 -4 -1 2 (? -2 3 -21 1 N De o c v . . 3 3 1 0 3 3 4 3 5 2 4 4 , , 3 4 9 7 6 7 5 5 7 5 0 6 Oct.*. . -7 6 21 -17 3 1 0) Nov.*.. -6 -44 -13 -29 4 -6 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

104 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: -6.2 -84 2 —25 9 — 58 3 — 39 3 — 43 4 1-18.3 1-5.8 1-94.8 3.4 3.4 -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 -4.5 -ioo.6 -65.0 25 0 -260 9 — — 1 4 2 6 3 4 .8 — — 1 5 09 6 .3 7 —29 9 NPoertthuegralalnds . . -34.9 -5.0 -59.9 -54.9 -5.0 -20.0 -10.0 Sweden -32.0 -20.0 -15.0 "'is'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 -178.3 -60.7 -28.0 -7.0 -25.0 Other -29.7 -17.3 -17.5 8.8 •-4:6 '339^3 38.4 -2.3 329.2 -1.3 -5.2 ""-is'i 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 -.3 -.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 -10.0 7.2 14.6 5.2 Latin America: Arsentina -49 9 -20.0 -84.8 115.3 75.4 67 2 12 0 55 2 Mexico -60.2 87.7 -28.1 80.3 —20 0 — 10 0 Q -30 0 -200.6 Other -15.0 -10.2 -18.8 12.2 14.0 56.4 5.5 1.8 -.3 2.6 -.5 -.5 -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 -53.7 -6.7 -5.7 -9.9 -4.9 -.2 18.0 4-27.1 -2.7 4-23.44-45.1 4-50.1 4-62.0 All other -76.0 -.4 1.0 14.1 -.2 -.7 -.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 ( r u e G e r n a y o d s l - d o f s T t y o o e c t a k a r l ) i in s c o T c g t r r o r o e o e d a c t l a a d s 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 l r a r e d e r a a a : k i r s n s - e d 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 ) i in c s o T c g r t r r o o e o e a d c t l a a d s e k s l e - : e, i e m g x N o o p p e r l o o d t r r t t, g m c o c o r E l r a r e d e r a a a : k i r s n s - e d e e - d e , - D p ti r c o t o i m g o d o n u e l c s d - - (-) (-) (-) (-) 1946 20,529 20,706 623.1 311.5 465.4 51.2 1958—Dec . 20,534 20,582 -70.7 12.2 -79.3 5.9 1947 22,754 22,868 22,162.1 1,866.3 210.0 75.8 1948 24,244 24,399 1,530.41,680.4 -159.2 70.9 1959_jan . 20,476 20,527 -55.5 10.3 -65.6 4.2 1949 24,427 24,563 164 6 686.5 -495.7 67.3 Feb . 20,479 20,520 — 6 7 9 9 — 13 0 4 1 1950 22,706 22,820 -1,743.3 -371.3 -1,352.4 80.1 Mar . 20,442 20,486 -33.6 18.3 -48.0 3.8 Apr . 20,305 20,358 -128.6 3.2 -127.5 3.8 1951 22,695 22,873 52.7 -549.0 617.6 66.3 May . 20,188 20,227 -130.3 9.6 -136.5 4.1 1952 23,187 23,252 379.8 684.1 -304.8 67.4 June.... . 19,705 19,746 3-481.9 15.4 -491.7 4.6 1953 22,030 22,091 -1,161.9 2.0 -1,170.8 69.0 July . 19,626 19,672 -73.5 25.5 -98.1 5.3 1954 21,713 21,793 -297.2 16.1 -325.2 65.1 Aug . 19,524 19,568 -103.9 75.8 -176.3 4 2 1955 21,690 21,753 -40.9 97.3 -132.4 65.7 Sept . 19,491 19,579 10.4 54.6 -35.2 3.8 1956 21,949 22,058 305.9 106.1 318.5 65.3 Oct . 19,585 19,647 68.4 23 6 51 9 3 5 1957 22,781 22,857 798.8 104.3 600.1 63.0 Nov . 19,566 19,617 -30.1 47.5 -71.4 (4) 1958 20,534 20,582 -2,275.1 259.6 -2,515.0 61.6 Dec . *>19,456^19.507 *-110.1 (4) 5-112.0 (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 $9,861.2 million on Dec. 31,1959. "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 105 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 3L, 1957 Sept. 30, 1958 Dec. 3I, 1958 Mar. 31, 1959 June 30, 1959 Sept. 3C, 1959* Area and country Gold& U. S. Gold& U. S. Gold& U.S. Gold& U.S. Gold& U. S. Gold& U.S. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. term bonds term bonds term bonds term bonds term bonds term bonds dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes Continental Western Europe: Austria 452 8 554 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 99 5 98 5 104 1 113 1 109 1 109 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 16 167 125 139 151 (3) 167 (3) 174 Italy 1,531 2 1,934 1 2,207 2 2,421 2 2,720 2 3 011 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) . 651 694 707 728 711 723 1 Spain (and dependencies) 126 134 94 88 92 123 3 479 5 496 3 507 10 498 31 555 31 521 68 Switzerland 2,685 128 2,733 88 2,777 76 2,781 80 2,787 82 2 805 on Turkey 162 S 154 164 164 (3) 165 176 Other* 851 1,165 6 1,370 3 1,341 16 1,424 16 1,162 15 Total . . 14,757 319 16,633 259 17,594 274 17,646 358 18,556 396 19,040 456 Sterling Area: United Kingdom 2,875 205 3,851 216 3,723 194 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 j 320 1 324 (3) 337 (3) 346 (3) 366 Union of South Africa.... 255 1 216 1 241 1 221 1 237 1 268 ^ i Other 228 34 233 41 251 43 250 49 199 55 199 57 Total 4,002 245 4,948 263 4,889 242 5,087 238 5,022 261 5,139 326 2,723 457 3,022 346 3,097 341 3,159 344 3,195 342 3 284 450 Latin America: 263 245 210 237 263 325 Brazil 456 1 458 1 463 1 504 j 480 j 495 Chile 115 1 124 140 (3) 135 (3) 170 (3) 212 215 207 (3) 241 (3) 262 n\ 275 (3) 266 Cuba 371 154 409 86 366 86 339 86 317 82 277 82 92 (3) 75 69 70 67 59 566 2 517 3 561 543 2 566 4 556 4 136 1 148 146 2 156 2 147 2 157 2 Peru 88 (3) 92 96 93 96 (3) 107 Uruguay 235 1 260 262 276 269 251 1,554 2 1,233 2 1,213 (2 1,227 (2 1,219 2 997 Other 277 13 272 12 250 11 292 13 302 13 277 13 Total 4,368 176 4,040 108 4,017 106 4,134 107 4,171 104 3,979 105 Asia: 190 (3) 129 145 156 1 118 1 149 1 193 (3) 181 (3) 184 (3) 195 179 (3) 167 Japan 714 2 1,018 1 1,094 1 1,232 1 1,380 2 1,420 2 181 5 191 3 186 3 180 3 178 3 187 5 Thailand 269 1 252 1 245 1 250 1 246 1 239 1 Other 777 8 723 7 778 7 818 7 931 7 1,013 12 Total .... 2,324 16 2,494 12 2,632 12 2,831 13 3,032 14 3,175 21 All other: Egypt5 228 192 (3) 190 (3) 190 190 ?o 190 ff Other 162 136 8 140 8 149 10 170 176 Total 390 7 328 8 330 8 339 10 360 10 366 11 Total foreign countries ^ . 28,564 1,220 31,465 996 32,559 983 33,196 1,070 34,336 1,127 34,983 1,369 International institutions 2,697 222 2,790 462 2,876 495 3,027 523 4,666 523 5,043 605 Grand total6 31,261 1,442 34,255 1,458 35,435 1,478 36,223 1,593 39,002 1,650 40,026 1,974 P Preliminary. 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

106 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Esti- Int'l Esti- E m n o d n t o h f w m t o o a r t t a l e d l d 1 M F ta u o r n n y d e- U S n ta it te e s d r m w es o a t r t e l o d d f A t r i g n e a n- t A ra u l s ia - A tr u i s a - C g B o i e n a l n g - o g B iu e m l- Brazil Canada Chile lo C m o b - ia 1952 Dec . . . 35,990 1,692 23,252 11,045 287 112 52 80 704 320 885 42 76 1953—Dec 36,425 1,702 22,091 12,630 372 117 52 101 776 321 986 42 86 1954 Dec 37,075 1,740 21,793 13,540 372 138 62 115 778 322 42 86 1955 Dec 37,730 1,808 21,753 14,170 372 144 71 116 929 323 ,134 44 86 1956—Dec 38,235 1,692 22,058 14,485 224 107 71 122 925 324 1,103 46 57 1957 Dec 38,960 1,180 22,857 14,925 126 126 103 81 324 1,100 40 62 1958 Nov 1,331 20,653 74 160 155 83 1,270 325 1,079 40 71 Dec 39,860 1,332 20,582 17,945 60 162 194 83 1,270 325 1,078 40 72 1959 Jan 1,332 20,527 60 164 200 78 1,248 325 1,076 40 72 Feb I 349 20 520 60 160 208 69 I 225 326 I 082 40 72 Mar . . .. 40,055 1,352 20,486 18,215 57 163 212 69 1,246 326 1,072 40 73 Apr 1,353 20,358 57 166 222 65 1,265 326 1,071 40 73 May I 522 20 227 57 169 222 63 I 289 326 I 074 40 74 June 1,910 19,746 57 135 256 63 1,270 326 1,073 40 74 July <m 19 672 57 280 53 I 281 326 I 061 40 74 AUK 2,025 19,568 57 291 53 1,276 326 1,053 41 75 Sept 2,052 19,579 57 291 48 1,254 326 [.039 41 69 Oct 2 210 19 647 291 I 187 326 967 42 70 Nov 2,389 19,617 291 1,156 327 960 41 Domin- Ger- E m n o d n t o h f Cuba m De a n rk - R i e c l p i a c u n b- E d c o u r a- Egypt2 E v l a d S o a r l- l F a i n n d - France3 R F m e e p d a u e n b r y a l , i l c Greece G m u a a l t a e- India I n n e d si o a 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 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 24 247 41 Sept 75 31 12 20 174 30 38 875 2,621 247 41 Oct 75 31 20 174 30 38 875 2,626 247 33 Nov 31 20 174 30 38 875 2,626 247 33 Ire- E m n o d n t o h f Iran Iraq R l e a p n u d b , - Italy a L n e o b n - M ic e o x- N l e a t n h d e s r- Ze N a e la w nd N w o a r y - P s a ta k n i- Peru ip P p h in il 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 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 ,164 33 43 49 19 9 502 May 140 34 18 1,263 102 142 ,164 33 43 50 19 9 507 June 140 34 18 1,311 102 160 ,164 33 43 50 19 10 512 July 140 73 18 1,381 102 158 ,164 33 30 50 19 6 513 Aug 140 84 18 1,433 102 156 ,162 33 30 50 19 6 525 Sept 140 84 18 102 I 162 33 30 50 19 7 525 Oct 140 18 102 ,126 33 30 50 19 8 530 Nov . . 140 18 102 1,132 33 30 50 8 546 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND PRODUCTION 107 REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued [In millions of dollars] Bank Euro- E m n o d n t o h f A So fr u ic th a Sweden Sw la i n tz d er- Syria* T la h n a d i- Turkey U K d n o i i n m t g e * - d U gu r a u y - V zu e e n l e a - Y sl u av g i o a - S I e f n o tt f r l l e- m p P e e a a n y n t - s ments Union 1952 Dec 170 184 1.411 14 113 143 1,846 207 373 12 196 158 1953—Dec 176 218 ,459 14 113 143 2,518 227 373 13 193 153 1954 Dec 199 265 ,513 17 113 144 2,762 227 403 14 196 153 1955 Dec 212 276 ,597 19 112 144 2,120 216 403 16 217 244 1956 Dec 224 266 ,676 19 112 144 2,133 186 603 17 179 268 1957 Dec 217 219 718 24 112 144 2,273 180 719 13 165 254 1958—Nov 210 204 1,924 24 112 144 3,215 180 719 17 238 Dec 211 204 J.925 24 112 144 3,069 180 719 17 339 126 1959 Jan . . 212 204 1,993 24 112 144 3,111 180 719 17 312 Feb 211 204 1,993 24 112 144 3,156 180 719 17 351 Mar 193 204 I 935 24 112 144 3 139 180 719 17 378 Apr 190 204 1,931 24 112 144 3,251 180 719 15 533 May 197 204 1,912 24 112 144 3,119 180 719 10 479 June 201 205 I 909 24 112 144 3 172 180 719 10 486 July 217 205 1,925 24 112 144 3,220 180 719 10 436 Aug 204 191 1,919 19 112 144 3,248 180 719 10 434 Sept 225 191 I 900 19 112 144 3 284 180 719 10 427 Oct 231 191 1 868 112 133 3,024 180 719 10 367 Nov 230 191 1,816 133 2,974 654 383 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 Year or pro w d o u r c ld tion Africa ]^orth and South America Other month (excl. 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 - 1 Brazil Chile Co b l i o a m- t A ra u l s ia - India 1951 840.0 763.1 403.1 17.0 22.9 12.3 66.3 153.7 13.8 8.8 4.8 6.1 15.1 31.3 7.9 1952 868.0 785.7 413.7 17.4 23.8 12.9 67.4 156.5 16.1 8.9 4.9 6.2 14.8 34.3 8.9 1953 864.5 780.5 417.9 17.5 25.4 13.0 69.0 142.4 16.9 9.1 4.0 4.6 15.3 37.7 7.8 1954 910 0 830 4 462 4 18.8 27.5 12.8 65.1 152.8 13.5 8.2 4.2 4.4 13 2 39.1 8.4 1955 955.5 877.7 510.7 18.4 23.8 13.0 65.7 159.1 13.4 8.1 3.9 4.3 13.3 36.7 7.4 1956 994.0 914.8 556.2 18.8 21.9 13.1 65.3 153.4 12.3 7.6 4.3 3.3 15.3 36.1 7.3 1957 1,036 0 956.3 596 2 18.8 27.7 13.1 63.0 155.2 12.1 6.9 4.2 3.6 11.4 37 9 6.3 1958 1,064.0 984.0 618.0 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 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 83.4 54.1 1.6 2.6 1.2 4.2 13.2 .9 .5 .3 .3 1.3 2.8 .4 Feb 81 2 52 8 1.5 2.6 .9 4.1 12.5 1.0 .8 .3 .1 1 l 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 3 2 AUK. ... 60.7 1.4 2.7 1.4 4.2 12.2 .6 .3 1.2 Sept 60 9 2 0 2 8 .7 3.8 12.7 .5 .3 1 2 Oct .. 61.3 2.8 1.1 3.5 13.9 .6 .4 1 Gold exports, representing about 90 per cent of total production. Ghana, Belgian Congo and Brazil, data for which are from American 2 Excluding Chile. Bureau of Metal Statistics. For the United States, annual figures are Sources.—World production: estimates of the U. S. Bureau of Mines. from the U. S. Bureau of the Mint and monthly figures are from American Production reported monthly: reports from individual countries except Bureau of Metal Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

108 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 securities1... 747 693 636 657 624 Currencies:l Effective loans* 2,999 3,275 3,408 3,387 3,548 United States 717 780 951 998 2,028 Other assets* 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:i ° 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 Capital 1,904 1,904 1,911 1,911 1,920 Other assets 9 9 9 H105 Member subscriptions 9,193 9,228 9,228 9,22813,644 Loans by country, Nov. 30, 1959 Member subscriptions in separate accountio 5 2,093 Reserves and liabilities 23 30 35 42 H162 Outstanding Area and member country 4 Prin- Dis- Re- Quota Cumulative net drawings cipal bursed paid Sold on the Fund Total to otherss Country Paid Total m Continental Western Europe, gold total 1,487 1,216 257 959 195 Austria 100 65 (6) 64 5 Belgium and Luxembourg.. 173 158 22 136 35 Denmark 60 43 5 38 3 Argentina 150 38 Finland 102 68 16 52 4 Bolivia 23 6 France 302 270 28 242 30 Brazil 150 38 Italy 298 190 6 184 33 Burma 15 1 Netherlands 236 236 161 76 76 Chile 75 15 Norway 95 67 3 64 9 Turkey 61 59 7 52 Colombia 75 19 Yugoslavia 61 61 10 51 Cuba 50 13 El Salvador 11 3 Sterling area, total 1,500 1,233 151 1,082 116 France 788 174 Australia 318 318 s39 279 28 Haiti 11 3 Ceylon 24 14 13 India 592 444 409 34 Honduras 8 2 Pakistan 151 92 17 75 2 India 600 78 Union of S. Africa 197 190 49 141 29 Indonesia 165 29 United Kingdom 193 157 9 148 23 Iran 35 9 Other 25 18 1 17 Paraguay 8 2 Latin America, total 919 702 127 575 16 Peru 28 4 Brazil 267 187 29 158 Philippines 50 13 Chile 74 50 9 41 Spain 100 10 Colombia 131 103 33 70 Sudan 15 2 Ecuador 45 17 1 15 Turkey 86 22 El Salvador 32 23 3 20 Mexico 186 160 17 143 Union of South Nicaragua 23 21 7 15 Africa 150 38 Peru 47 42 7 35 United Arab Re- Uruguay 64 58 9 50 public—Egypt.. 60 10 Other 50 40 12 28 United Kingdom. 1,950 399 United States.... 4,125 1,031 Asia (excluding Sterling area), Yugoslavia 66 9 total 644 367 336 26 Iran 152 86 76 12 Japan 298 200 193 11 1 Currencies include demand obligations held in lieu of deposits. Lebanon 27 6 6 2 Represents principal of authorized loans, less loans not yet effective, Malaya 36 1 1 repayments, the net amount outstanding on loans sold or agreed to be Philippines 19 14 14 sold to others, and exchange adjustment. Thailand 107 53 45 3 Excludes uncalled portions of capital subscriptions. Other 6 6 4 Loans to dependencies are included with member. 5 Includes also effective loans agreed to be sold but not yet disbursed. Africa (excluding Sterling 6 Less than $500,000. area), total 34 7 Includes $160 million in loans not yet effective. Ethiopia 15 8 Includes $337 million not guaranteed by the Bank. Sudan 19 9 U. S. Treasury bills purchased with proceeds from sale of gold. I ° Paid by members pending increases in quotas becoming effective. Total 74,613 3,552 569 2,984 8356 I1 Includes subscriptions due from members on increases in quotas consented to but not yet effective. 12 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 109 UNITED STATES BALANCE OF PAYMENTS [Department of Commerce estimates. Quarterly totals in millions of dollars] 1956 1957 1958 1959 Item Exports of goods and services, total1. 5,753 6,563 6,743 7,010 6,326 6,654 5,566 5,920 5,571 6,142 5,381 5,798 5,883 Merchandise 4,112 4,887 5,108 5,158 4,462 4,662 4,054 4,191 3,806 4,176 3,798 4,061 4,032 Services* 1,641 1,676 1,635 1,852 1,864 1,992 1,512 1,729 1,765 1,966 1,583 1,737 1,851 Imports of goods and services, total... 5,113 4,849 5,092 5,318 5,361 5,152 4,904 5,250 5,372 5,425 5,422 5,992 6,162 Merchandise 3,156 3,220 3,297 3,344 3,265 3,385 3,139 3,166 3,124 3,517 3,604 3,885 3,852 Services 1,263 948 915 1,124 1,381 1,047 936 1,176 1,407 1,070 1,017 1,286 1,545 Military expenditures 694 681 850 715 720 829 908 841 838 801 821 765 Balance on goods and services1 640 1,714 1,651 1,692 965 1,502 662 670 199 717 -41 -194 -279 Unilateral transfers (net) 3 -544 -645 -576 -662 -499 -581 -562 -599 -541 -616 -619 -575 -529 Private remittances and pensions... -164 -184 -184 -174 -164 -180 -178 -170 -173 -186 -186 -185 -198 Government nonmilitary grants.... -380 -461 -392 -488 -335 -401 -384 -429 -368 -430 -433 -390 -331 U.S. long- and short-term capital (net)3 -987 -1,179 -1,070 -1,563 -544 -956 -888 -1,247 -783 -892 -472 4-1,020 -652 Private, total -806 -1,077 -813 -1,364 -410 -588 -642 -1,025 -451 -726 -383 -752 -431 Direct investment -524 -694 -402 -993 -339 -324 -155 -411 -156 -372 -267 -450 -291 Portfolio and short-term investment -282 -383 -411 -371 -71 -264 -487 -614 -295 -354 -116 -302 -140 Government -181 -102 -257 -199 -134 -368 -246 -222 -332 -166 -89 4-268 -221 Foreign capital and gold (net) 647 -195 -381 316 -269 227 585 1,069 907 878 915 41,432 1,332 Increase in foreign short-term assets and Government securities 668 -283 -199 514 -260 275 202 9 450 479 744 4845 1,031 Increase in other foreign assets.... 143 115 166 127 18 50 13 -15 -26 52 75 190 134 Gold sales by United States -164 -27 -348 -325 -27 -98 370 1,075 483 347 96 4397 167 Errors and omissions 244 305 376 217 347 -192 203 107 218 -87 217 357 128 p Preliminary. r Revised. 3 Minus sign indicates net outflow. 1 Excluding military transfers under grants. 4 Excluding additional U.S. subscription to IMF of $1,375 million, 2 Including military transactions. of which $344 million was transferred in gold and $1,031 million in noninterest bearing U.S. Government securities. OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Germany Netherlands Switzerland Month 3 T m r b e o i a l n s ls u t , h ry s1 D m a 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 r t 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 s a e i n r t s c s ' e D m a o d y a n - y e t y o 3 - T 6 r 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 - y e t y o 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 - 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 J.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 i1.64 3.33 2.50 1958—Nov 3.00 2.10 3.67 3.46 2.97 2.32 5.26 2.38 2.88 2.40 1.79 2.50 Dec 3.46 2.07 3.34 3.16 2.70 2.00 6.07 2.38 2.63 2.26 1.50 2.50 1959—Jan 3.34 2.07 3.28 3.12 2.73 2.00 4.39 2.25 2.38 2.04 1.58 2.50 Feb 3.70 2.96 3.23 3.09 2.73 2.00 4.23 2.25 2.94 1.75 1.26 2.50 Mar 4.16 4.00 3.41 3.30 2.67 2.00 4.36 2.25 2.44 1.68 L42 2.25 Apr 4.57 4.41 3.40 3.25 2.69 2.00 4.13 2.00 2.31 1.61 1.50 2.00 May 4.98 4.26 3.43 3.33 2.67 2.00 3.88 2.00 2.56 1.63 .34 2.00 June 5.15 4.49 3.54 3.45 2.74 2.00 3.67 2.00 2.50 L .82 1.46 2.00 July 5.23 4.52 3.57 3.46 2.79 2.00 4.27 2.00 2.25 1.79 1.48 2.00 Aug 5.82 5.72 3.60 3.48 2.76 2.00 3.93 2.00 2.44 t .63 1.15 2.00 Sept 5.68 5.01 3.59 3.48 2.78 2.00 4.05 2.75 2.75 .66 1.31 2.00 Oct 5.05 4.28 3.58 3.43 2.82 2.00 3.87 3.63 2.38 2.03 1.50 2.00 Nov 4.87 4.16 3.55 3.39 2.77 2.00 3.63 3.94 2.01 1.50 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

110 MONEY RATES CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS * [Per cent per annum] Rate as of Changes during the last 12 months Dec. 31, 1958 Rate Country 1959 as of Dec. 31, Per Month 1959 cent effective Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Arsentina2 6.0 Dec. 1957 6.0 5.0 Nov. 1955 4.5 4.5 Belcium ... 3.5 Aug. 1958 3.25 4.0 4.0 Brazil2 10.0 Apr. 1958 10.0 3.0 Feb. 1948 3.0 Canada3 3.74 Dec. 1958 3.53 4.32 4.55 5.01 5.15 5.36 5.72 5.58 5.85 5.27 5.11 5.37 5.37 Ceylon 2.5 June 1954 62.5 2.5 Chile2 6.0 Feb. 1957 6.0 Colombia 2 4.0 July 1933 4.0 Costa Rica2 3.0 Apr. 1939 3.0 Cuba2 5.5 Dec. 1957 5.5 4.5 Aug. 1958 5.0 5.0 Ecuador 10.0 May 1948 10.0 3.0 Nov. 1952 3.0 El Salvador2 4.0 Apr. 1957 4.0 6.5 Apr. 1956 6.0 6.0 France •• • 4.5 Oct. 1958 4.25 4 0 4.0 Germanv 3.0 June 1958 2.75 3.0 4.0 4.0 10.0 May 1956 10.0 Honduras4 2.0 Jan. 1953 2.0 Iceland 7.0 Apr. 1952 7.0 India5 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 7.3 Sept. 1958 6 94 7.3 7.3 Mexico • 4.5 June 1942 4.5 Netherlands 3.0 Nov. 1958 2.75 3.5 3.5 New Zealand 7.0 Oct. 1955 6.0 6.0 6.0 Apr. 1954 6.0 Norway 3.5 Feb. 1955 3.5 Pakistan 3.0 July 1948 4.0 4.0 Peru2 6.0 Nov. 1947 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 4.0 4.0 Spain . • 5.0 July 1957 6.25 6.25 Sweden 4.5 May 1958 4.5 Switzerland 2.5 May 1957 2 0 2.0 Thailand 7.0 Feb. 1945 7.0 6.0 June 1956 6.0 4.0 Nov. 1958 4.0 Venezuela2 2.0 May 1947 4.5 4.5 1 Rates shown represent mainly those at which the central bank either Finland—rates ranging up to 7.25 per cent for longer term paper (rate discounts or makes advances against eligible commercial paper and/or shown is for 3 months commercial paper); government securities for commercial banks or brokers. For countries Indonesia—various rates depending on type of paper, collateral, comwith more than one rate applicable to such discounts or advances, the modity involved, etc.; rate shown is the one at which the largest proportion of central bank Japan—penalty rates (exceeding the basic rate shown) for borrowings credit operations is understood to be transacted. In certain cases other from the Central bank in excess of an individual bank's quota; rates for these countries are given in note 2. Peru—8 per cent for agricultural, industrial and mining paper; 2 Discounts or advances at other rates include: Philippine Republic—4.5 per cent for crop loan paper and 5 per cent for Argentina—3 and 5 per cent for certain rural and industrial paper, de- export packing credit paper; and pending on type of transaction; Venezuela—4 percent for rediscounts of certain agricultural paper and Brazil—8 per cent for secured paper and 4 per cent for certain agricultural for advances against government bonds or gold and 5 per cent on adpaper; vances against securities of Venezuelan companies. Chile—rates of more than 6 per cent for rediscounts in excess of 50 per 3 Since Nov. 1, 1956, the discount rate has been set each week at cent of the rediscounting bank's capital and reserves, and 2 and 4 per 1/A of one per cent above the latest average tender rate for Treasury bills; cent for certain types of agricultural paper; end-of-month rate shown. Colombia—3 per cent for agricultural paper and for loans on products 4 Rate shown is for advances only. in bonded warehouses; 5 Since May 16, 1957, this rate applies to advances against commercial Costa Rica—5 per cent for paper related to commercial transactions paper as well as against government securities and other eligible paper. (rate shown is for agricultural and industrial paper); 6 The discount rate was advanced from 2.5 to 3 per cent on Dec. 16, Cuba—4.5 per cent for sugar loans and 4 per cent for loans secured by and lowered again to 2.5 per cent on Dec. 24, 1959. national public securities: El Salvador—3 per cent for agricultural and industrial paper and 2 per cent for special cases; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES 111 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 (f e r l a g n iu c m ) C (d a o n l a la d r a ) ( C ru ey p l e o e n ) ( F m i a n r l k an k d a) Official Free 1954. 7.198 223.80 3.8580 1.9975 102.72 21.017 .4354 1955. 7.183 222.41 8580 1.9905 101.40 20.894 .4354 1956. 5.556 2.835 222.76 8580 2.0030 101.60 20.946 .4354 1957. 5.556 2.506 222.57 8539 1.9906 104.29 20.913 .3995 1958. 5.556 2.207 223.88 8536 2.0044 103.03 21.049 .3118 1959. 1.2730 223.81 8619 2.0012 104.27 21.055 .3115 1958—Dec. 5.556 1.518 223.41 3.8536 2.0057 103.66 21.032 .3118 1959—Jan... U.5187 223.62 3.8444 2.0003 103.40 21.046 .3115 Feb.. 1.5242 223.85 3.8481 2.0004 102.58 21.063 .3114 Mar.. 1.4703 224.12 3.8484 1.9997 103.12 21.074 .3114 Apr.. 1.3680 224.42 3.8487 2.0037 103.77 21.089 .3114 May. 1.1774 224.27 3.8488 2.0057 103.84 21.081 .3114 June. 1.1091 224.11 3.8510 2.0027 104.28 21.072 .3120 July.. 1.1851 224.04 3.8506 2.0031 104.46 21.062 .3120 Aug.. 1.1922 223.86 3.8502 2.0013 104.75 21.060 .3116 Sept.. 1.2037 223.40 3.8525 1.9989 105.08 21.037 .3113 Oct... 1.2213 223.61 3.8526 1.9993 105.51 21.048 .3113 Nov.. 1.2084 223.32 3.8526 1.9990 105.22 21.031 .3113 Dec.. 1.2003 222.98 3.8523 1.9996 105.12 20.995 .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 - r s ) 1954. 23.838 21.020 280.87 32.641 9.0515 26.381 1955. 23.765 20.894 279.13 32.624 8.0056 26.230 1956. 23.786 20.934 279.57 .2779 32.582 8.0056 26.113 1957. .2376 23.798 20.910 279.32 .2779 32.527 8.0056 26.170 1958. 2.2374 23.848 21.048 280.98 .2779 32.767 8.0056 26.418 1959. .2038 23.926 21.031 280.88 3.1610 .2778 32.857 8.0056 26.492 1958—Dec. 2.2330 23.907 21.015 280.38 .2779 32.768 8.0056 26.506 1959_Jan... .2037 23.930 21.041 280.65 .2779 32.838 8.0056 26.514 Feb... .2037 23.928 21.059 280.93 .2779 32.892 8.0056 26.500 Mar.. .2039 23.914 21.073 281.27 3.1610 .2779 32.917 8.0056 26.488 Apr... .2039 23.913 21.101 281.65 .1610 .2779 32.975 8.0056 26.501 May.. .2039 23.911 21.087 281.45 .1610 .2779 32.951 8.0056 26.488 June.. .2039 23.931 21.049 281.25 .1611 .2779 32.870 8.0056 26.504 July.. .2038 23.918 21.032 281.17 .1611 .2779 32.856 8.0056 26.515 Aug.. .2039 23.901 21.028 280.95 .1610 .2779 32.837 8.0056 26.463 Sept.. .2038 23.901 20.999 280.37 .1611 .2777 32.784 8.0056 26.459 Oct... .2037 23.931 21.010 280.63 .1610 .2776 32.794 8.0056 26.493 Nov.. .2038 23.971 20.954 280.27 .1611 .2776 32.798 8.0056 26.471 Dec... .2038 23.974 20.928 279.84 .1610 .2776 32.766 8.0056 26.506 Year or month Z (p e N o a u e la w n n d d ) N (k o r r o w n a e y ) R P ( e p p h p e i i u n l s i b e o p l ) - ic (e P s o g c r a u t l d u o - ) ( A p S o o fr u u i n c th a d) (p S e p s a e i t n a) S (k w r e o d n e a n ) z ( e f S r r w a la n it n c - d ) ( U p K d o n i o u i n m t n g e d d - ) 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 1959 278.10 14.028 49.721 3.4967 279.83 42.0579 19.324 23.142 280.88 1958—Dec. 277.60 14.009 49.695 3.4900 279.33 2.3810 19.329 23.317 280.38 1959__ Jan.. 277.87 14.012 49.695 3.4917 279.60 2.3810 19.326 23.190 280.65 Feb.. 278.15 14.018 49.695 3.4974 279.88 2.3810 19.327 23.184 280.93 Mar. 278.49 14.029 49.695 3.4980 280.22 2.3810 19.325 23.133 281.27 Apr.. 278.86 14.048 49.695 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 3.5004 280.20 2.3810 19.327 23.194 281.25 July. 278.38 14.050 49.695 3.5001 280.12 42.0679 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 Dec. 277.07 13.994 49.770 3.4861 278.80 1.6607 19.303 23.127 279.84 1 Effective Jan. 12, 1959, the Argentine Government established a on June 23, 1958, became the official rate. On Dec. 29, 1958, the franc single exchange rate for the peso in place of the former official and free was further devalued to 493.706 francs per U. S. dollar. rates. 3 Based on quotations beginning with Mar. 2, 1959. 2 Effective rate of 420 francs per U. S. dollar, established Aug. 12, 1957, 4 Effective July 20, 1959, the par value for the Spanish peseta was set was extended to all foreign exchange transactions on Oct. 28, 1957, and at 60 pesetas per U. S. dollar. 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. WOODLIEF THOMAS, Adviser to the Board RALPH A. YOUNG, Adviser to the 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 LEGAL DIVISION FRED A. NELSON, Assistant Director HOWARD H. HACKLEY, General Counsel GLENN M. GOODMAN, Assistant Director DAVID B. HEXTER, Assistant General Counsel HENRY BENNER, Assistant Director G. HOWLAND CHASE, Assistant General Counsel JAMES C. SMITH, Assistant Director THOMAS J. O'CONNELL, Assistant General LLOYD M. SCHAEFFER, Chief Federal Reserve Counsel Examiner DIVISION OF RESEARCH AND STATISTICS GUY E. NOYES, Director FRANK R. GARFIELD, Adviser DIVISION OF PERSONNEL ADMINISTRATION ALBERT R. KOCH, Adviser EDWIN J. JOHNSON, Director ROLAND I. ROBINSON, Adviser H. FRANKLIN SPRECHER, JR., Assistant Director DANIEL H. BRILL, Associate Adviser SUSAN S. BURR, Associate Adviser LEWIS N. DEMBITZ, Associate Adviser DIVISION OF ADMINISTRATIVE SERVICES KENNETH B. WILLIAMS, Associate Adviser 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 112 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 113 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. RALPH A. YOUNG, Secretary GEORGE W. MITCHELL, Associate Economist MERRITT SHERMAN, Assistant Secretary GUY E. NOYES, Associate Economist KENNETH A. KENYON, Assistant Secretary FRANKLIN L. PARSONS, Associate Economist HOWARD H. HACKLEY, General Counsel ROBERT V. ROOSA, Associate Economist WOODLIEF THOMAS, Economist PARKER B. WILLIS, Associate Economist HOMER JONES, Associate Economist ROBERT G. ROUSE, Manager, System ARTHUR W. MARGET, Associate Economist Open Market Account Federal Advisory Council OSTROM ENDERS, BOSTON HOMER J. LIVINGSTON, CHICAGO JOHN J. MCCLOY, NEW YORK NORFLEET TURNER, ST. LOUIS CASIMIR A. SlENKIEWICZ, PHILADELPHIA GORDON MURRAY, MINNEAPOLIS REUBEN B. HAYS, CLEVELAND R. OTIS MCCLINTOCK, KANSAS CITY JOHN S. ALFRIEND, RICHMOND I. F. BETTS, DALLAS JOHN C. PERSONS, 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 PHILIP D. REED FORREST F. HILL PHILADELPHIA HENDERSON SUPPLEE, JR. WALTER E. HOADLEY, JR. CLEVELAND ARTHUR B. VAN BUSKIRK JOSEPH H. THOMPSON RICHMOND ALONZO G. DECKER, JR. D. W. COLVARD ATLANTA WALTER M. MITCHELL HENRY G. CHALKLEY, JR. CHICAGO BERT R. PRALL ROBERT P. BRIGGS ST. LOUIS PIERRE B. MCBRIDE J. H. LONGWELL MINNEAPOLIS O. B. JESNESS KANSAS CITY RAYMOND W. HALL JOE W. SEACREST DALLAS ROBERT J. SMITH LAMAR FLEMING, JR. SAN FRANCISCO F. B. WHITMAN Y. FRANK FREEMAN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

114 FEDERAL RESERVE BULLETIN • JANUARY 1960 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 Benjamin F. Groot O. A. Schlaikjer E. O. Latham Ansgar R. Berge Dana D. Sawyer Charles E. Turner George H. Ellis New York Alfred Hayes Harold A. Bilby Herbert H. Kimball H. L. Sanford William F. Treiber Charles A. Coombs Robert V. Roosa Todd G. Tiebout Howard D. Crosse Robert G. Rouse R. B. Wiltse Marcus A. Harris Walter H. Rozell, Jr. 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 J. E. McCorvey Earle L. Rauber Harold T. Patterson John L. Liles, Jr. L. B. Raisty S. P. Schuessler 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 L. H. Jones Harry S. Schultz Hugh J. Helmer C. T. Laibly St Louis Delos C. Johns Marvin L. Bennett George E. Kroner Howard H. Weigel Darryl R. Francis Homer Jones Dale M. Lewis Joseph C. Wotawa 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 Dallas Watrous H. Irons James L. Cauthen James A. Parker L. G. Pondrom Harry A. Shuford Thomas A. Hardin Thomas W. Plant Morgan H. Rice G. R. Murff San Francisco... H. N. Mangels J. L. Barbonchielli A. B. Merritt R. H. Morrill Eliot J. Swan R. S. Einzig E. R. Millard John A. O'Kane H. E. Hemmings 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

Federal Reserve Board Publications Unless otherwise noted, the material listed may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated, remittance should accompany order and be made payable to the order of the Board of Governors of the Federal Reserve System. A more complete list, including periodic releases and additional reprints, appeared on pages 1565-68 of the December 1959 Bulletin. THE FEDERAL RESERVE SYSTEM—PURPOSES AND THE FEDERAL FUNDS MARKET—A Study by a FUNCTIONS. April 1954. 208 pages. Federal Reserve System Committee. May 1959. Ill pages. $1.00 per copy; in quanti- ANNUAL REPORT OF THE BOARD OF GOVERNORS ties of 10 or more for single shipment, 85 OF THE FEDERAL RESERVE SYSTEM. cents 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 El Salvador, Uruguay, and Venezuela is $6.00 of bank, together with descriptive and explanaper annum or 60 cents per copy; elsewhere tory material. Part I, U. S. Summary. Part II, $7.00 per annum or 70 cents per copy. Group Summaries by States and other areas. April subscriptions in the United States for 10 or 1959. 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 ADMINISTRATIVE INTERPRETATIONS OF REGULAissued later. Individual books $1.00 each; set TION F—SECTION 17—COMMON TRUST FUNDS. of 3 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. 115 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

116 FEDERAL RESERVE BULLETIN • JANUARY 1960 REPRINTS GOLD AND DOLLAR FLOWS IN 1958. March 1959. (From Federal Reserve Bulletin unless preceded 6 pages. by an asterisk) OWNERSHIP OF DEMAND DEPOSITS. April 1959. THE MONETARY SYSTEM OF THE UNITED STATES. 3 pages. February 1953. 16 pages. MEMBER BANK TERM LENDING TO BUSINESS, INFLUENCE OF CREDIT AND MONETARY MEASURES 1955-57. April 1959. 16 pages. ON ECONOMIC STABILITY. March 1953. 16 pages. *PART I, ALL-BANK STATISTICS, 1896-1955. Reprint of the U. S. Summary containing a de- FEDERAL FINANCIAL MEASURES FOR ECONOMIC scription of revised statistics for all banks in the STABILITY. May 1953. 7 pages. United States, by class of bank, together with * DETAILED DESCRIPTION OF SOURCES AND METH- revised statistics. April 1959. 100 pages. ODS USED IN REVISION OF SHORT- AND INTER- BANKING AND MONETARY STATISTICS, 1958. Se- MEDIATE-TERM CONSUMER CREDIT STATISTICS. lected series of banking and monetary statistics April 1953. 25 pages. for 1958 only. February and May 1959. 12 DEPARTMENT STORE SALES AND STOCKS, BY pages. (Similar reprint of 1957 data, Febru- MAJOR DEPARTMENTS (Revised Indexes). No- ary and May 1958 BULLETINS.) vember 1953. 65 pages. SURVEY OF COMMON TRUST FUNDS, 1958. May FEDERAL RESERVE MONTHLY INDEX OF INDUS- 1959. 6 pages. (Also, similar reprints from TRIAL PRODUCTION, 1953 Revision. December August 1956, June 1957, and May 1958 BUL- 1953. 96 pages. LETINS.) SEASONAL ADJUSTMENT FACTORS FOR DEMAND PUBLIC DEBT MANAGEMENT. June 1959. f DEPOSITS ADJUSTED AND CURRENCY OUTSIDE pages. BANKS. March 1955. 4 pages. 1959 SURVEY OF CONSUMER FINANCES. Prelimi- A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- nary Findings. March 1959. 4 pages. The Fi- COUNTS, ANNUAL ESTIMATES, 1939-54. Octo- nancial Position of Consumers. July 1959. 24 ber 1955. 40 pages. pages. Housing of Nonfarm Families. September 1959. 17 pages. (Similar Surveys are SURVEY OF BANK LOANS FOR COMMERCIAL AND INDUSTRIAL PURPOSES. Business Loans of available for earlier years from 1952, 1953, Member Banks. April 1956. 14 pages. Credit 1955, 1956, 1957, and 1958 BULLETINS.) Lines and Minimum Balance Requirements. INTEREST RATES IN LEADING COUNTRIES. July June 1956. 7 pages. 1959. 6 pages. REVISION OF CONSUMER CREDIT STATISTICS. Oc- MONEY AND CREDIT IN ECONOMIC EXPANSION. tober 1956. 24 pages. (Also, similar reprint July 1959. 7 pages. from April 1953 BULLETIN.) THE BALANCE SHEET OF AGRICULTURE, 1959. AGRICULTURAL LOAN SURVEY. November 1956 July 1959. 9 pages. and January, February, and March 1957 BUL- LETINS. 52 pages. A QUARTERLY PRESENTATION OF FLOW OF FUNDS, SAVING, AND INVESTMENT. August 1959. 49 SUMMARY FLOW-OF-FUNDS ACCOUNTS 1950-55. pages. April 1957. 20 pages. THE GOVERMENT SECURITIES MARKET. August SURVEY OF FINANCE COMPANIES, MID-1955. 1959. 22 pages. April 1957. 17 pages. REVISION OF MONTHLY DEPARTMENT STORE IN- SECURITY PLEDGED ON BUSINESS LOANS AT MEM- BER BANKS. September 1959. 16 pages. DEXES. December 1957. 30 pages. REVISED WEEKLY INDEX OF DEPARTMENT STORE THE U. S. BALANCE OF PAYMENTS, 1958-59. Oc- SALES. April 1958. 10 pages. tober 1959. 7 pages. OPEN MARKET OPERATIONS IN LONG-TERM SE- REVISED INDUSTRIAL PRODUCTION INDEX. De- CURITIES. November 1958. 15 pages. cember 1959. 24 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 50, 52 Deposits {See also specific types of deposits): Agricultural loans of commercial banks, 44, 46 Adjusted, and currency, 40 Agriculture, Govt. agency loans, 62 Banks, by classes, 35, 41, 45, 48, 52 Assets and liabilities {See also Foreign liabilities and Federal Reserve Banks, 36, 103 claims reported by banks): Postal savings, 38, 40 Banks and the monetary system, consoli- Discount rates, 34, 110 dated, 40 Discounts and advances by Federal Reserve Corporate, current, 54 Banks, 30, 35, 36 Domestic banks, by classes, 41, 44, 46, 52 Dividends, corporate, 54, 55 Federal business-type activities, Dollar assets, foreign, 103, 105 by fund or activity, 62 Dwelling units started, 77 Federal Reserve Banks, 36 Automobiles: Earnings and hours, manufacturing indus- Consumer instalment credit, 66, 67, 68 tries, 76, 79 Production index, 70, 73 Employment, 76, 78, 79 Export-Import Bank, loans, etc., 62 Bankers' balances, 45, 47 {See also Foreign liabilities and claims reported Farm mortgage loans, 62, 63, 64 by banks) Federal business-type activities, assets and liabilities, Banks and the monetary system, consolidated state- by fund or activity, 62 ment, 40 Federal Deposit Insurance Corporation, Bonds {See also U. S. Govt. securities): assets, etc., 62 New issues, 54, 56, 57 Federal finance: Prices and yields, 50, 51 Cash transactions, 60 Brokers and dealers in securities, bank loans to, 44, 46 Receipts and expenditures, 61 Business expenditures on new plant and equip- Treasurer's balance, 60 ment, 54 Federal home loan banks, loans, etc., 62, 65 Business indexes, 76 Federal Housing Administration, loans, etc., 62, 63, Business loans {See Commercial and industrial loans) 64,65 Federal National Mortgage Association, Capital accounts: loans, etc., 62, 65 Banks, by classes, 41, 45, 47, 48 Federal Reserve Banks: Federal Reserve Banks, 36 Condition statement, 36 Carloadings, 76 U. S. Govt. securities held by, 30, 35, 36, 58, 59 Central banks, foreign, 106, 110 Federal Reserve credit, 30, 35, 36 Coins, circulation of, 39 Federal Reserve notes, 36, 39 Commercial banks: Finance company paper, 50, 52 Assets and liabilities, 41, 44 Financial institutions, loans to, 46 Consumer loans held, by type, 67 Flow of funds, saving and financial flows, 86 Number, by classes, 41 Foreign central banks, 106, 110 Real estate mortgages held, by type, 63 Foreign deposits in U. S. banks, 30, 36, 40, 45, 48 Commercial and industrial loans: Foreign exchange rates, 111 Commercial banks, 44 Foreign liabilities and claims reported by Weekly reporting member banks, 46, 49 banks, 96, 98, 101, 103 Commercial paper, 50, 52 Foreign trade, 81 Commodity Credit Corporation, loans, etc., 62 Condition statements {See Assets and liabilities) Gold: Construction, 76, 77 Earmarked, 104 Consumer credit: Net purchases by U. S., 104 Instalment credit, 66, 67, 68, 69 Production, 104, 107 Major parts, 66, 68 Reserves of central banks and governments, 106 Noninstalment credit, by holder, 67 Reserves of foreign countries and international Consumer price indexes, 76, 82 institutions, 105 Consumption expenditures, 84, 85 Stock, 30, 40, 104 Corporate sales, profits, taxes, and dividends, 54, 55 Gold certificates, 36, 39 Corporate security issues, 54, 56 Govt. debt {See U. S. Govt. securities) Corporate security prices and yields, 50, 51 Gross national product, 84, 85 Cost of living {See Consumer price indexes) Currency in circulation, 31, 39 Home owners, Govt. agency loans, 62 Customer credit, stock market, 51 Hours and earnings, manufacturing industries, 76, 79 Debits to deposit accounts, 38 Demand deposits: Industrial production index, 70, 76 Adjusted, banks and the monetary system, 40 Instalment loans, 66, 67, 68, 69 Adjusted, commercial banks, by classes, 45 Insurance companies, 53, 58, 59, 64 Banks, by classes, 41, 48 Insured commercial banks, 43, 44 Turnover of, 38 Interbank deposits, 35, 41, 45, 48 Type of holder, at commercial banks, 45 Interest rates: Department stores: Bond yields, 50 Merchandising data, 81 Business loans by banks, 49 Sales and stocks, 76, 80 Federal Reserve Bank discount rates, 34 117 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

118 FEDERAL RESERVE BULLETIN • JANUARY 1960 Interest rates—Continued Reserves—Continued Foreign countries, 109, 110 Foreign central banks and governments, 106 Open market, 50, 109 Foreign countries and international institu- Regulation V loans, 38 tions, 105 Stock yields, 50 Member banks, 30, 36, 45, 47 Time deposits, maximum rates, 34 Residential mortgage loans, 63, 64, 65 International capital transactions of the U. S., 96 Sales finance companies, consumer loans of, 66, 67, 69 International financial institutions, 104, 105, 106, 108 Saving: Inventories, 84 Flow-of-funds series, 86 Investments {See also specific types of investments) : National income series, 85 Banks, by classes, 41, 44, 47, 52 Savings deposits {See Time deposits) Federal Reserve Banks, 35, 36 Savings institutions, principal assets, 52, 53 Govt. agencies, etc., 62 Savings and loan associations, 53, 64 Life insurance companies, 53 Securities, international transactions, 102, 103 Savings and loan associations, 53 Security issues, 54, 56, 57 Silver coin and silver certificates, 39 Labor force, 78 State member banks, 43 Loans {See also specific types of loans): State and municipal securities: Banks, by classes, 41, 44, 46, 52 New issues, 56, 57 Federal Reserve Banks, 30, 35, 36 Prices and yields, 50, 51 Govt. agencies, etc., 62 States and political subdivisions: Insurance companies, 53, 64 Deposits of, 45, 48 Savings and loan associations, 53, 64 Holdings of U. S. Govt. securities, 58 Loans insured or guaranteed, 38, 63, 64, 65 Ownership of obligations of, 44, 52, 53 Stock market credit, 51 Manufacturers, production index, 70, 76 Stocks: Margin requirements, 34 New issues, 56 Member banks: Prices and yields, 50, 51 Assets and liabilities, by classes, 41, 44 Borrowings at Federal Reserve Banks, 30, 36, 48 Tax receipts, Federal, 61 Deposits, by classes, 35 Time deposits, 34, 35, 40, 41, 45, 48 Number, by classes, 42 Treasurer's account balance, 60 Reserve requirements, by classes, 35 Treasury cash, 30, 39, 40 Reserves and related items, 30 Treasury currency, 30, 39, 40 Weekly reporting series, 46 Treasury deposits, 30, 36, 60 Mining, production index, 70, 76 Money rates {See Interest rates) Unemployment, 78 Mortgages {See Real estate loans) U. S. balance of payments, 109 Mutual savings banks, 40, 41, 43, 52, 58, 59, 63 U. S. Govt. balances: Commercial bank holdings, by classes, 45, 48 National banks, 43 Consolidated monetary statement, 40 National income, 84, 85 Treasury deposits at Federal Reserve National security expenditures, 61, 84 Banks, 30, 36, 60 Nonmember banks, 36, 43, 44, 45 U. S. Govt. securities: Payrolls, manufacturing, index, 76 Bank holdings, 40, 41, 44, 47, 52, 58, 59 Personal income, 85 Federal Reserve Bank holdings, 30, 35, 36, 58, 59 Postal Savings System, 34, 40 Foreign and international holdings, 36, 105 Prices: International transactions, 102, 103 Consumer, 76, 82 New issues, gross proceeds, 56 Security, 51 Outstanding, by type of security, 57, 58, 59 Wholesale commodity, 76, 82 Ownership of, 58, 59 Production, 70, 76 Prices and yields, 50, 51 Profits, corporate, 54, 55 United States notes, outstanding and in circulation, 39 Real estate loans: Utilities, production index, 70, 76 Banks, by classes, 44, 46, 52, 63 Type of mortgage holder, 63, 64, 65 Vault cash, 30, 45 Type of property mortgaged, 63, 64, 65 Regulation V, loan guarantees, 38 Veterans Administration, loans, etc., 62, 63, 64, 65 Reserve requirements, member banks, 35 Reserves: Commercial banks, 45 Weekly reporting member banks, 46 Federal Reserve Banks, 36 Yields (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES p THE FEDERAL RESERVE SYSTEM g) Legend Boundaries of Federal Reserve Districts Boundaries of Federal Reserve Branch Territories © Board of Governors of the Federal Reserve System © Federal Reserve Bank Cities • Federal Reserve Branch Cities Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis