ULLETIN JULY ***?**»« BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON ^#####

Transcription

1 EDERAL ESERVE ULLETIN JULY 5.***?**»«^##### BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON

2 EDITORIAL COMMITTEE ELLIOTT THURSTON WOODLIEF THOMAS WINFIELD W. RIEFLER SUSAN S. BURR RALPH A. YOUNG 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 signed articles. CONTENTS Credit Money in Selected Liquid Asset Holdings of Individuals Businesses Proposed Changes in Securities Exchange Act Bank Holding Company Legislation Silver Legislation. 755 Law Department Current Events Announcements National Summary of Business Conditions.. -7 Financial, Industrial, Commercial Statistics, U. S. (See p. 7 for list of tables) 7-8 International Financial Statistics (See p. 8 for list of tables). 8-8 Board of Governors Staff; Open Market Committee Staff; Federal Advisory Council 8 Senior Officers of Federal Reserve Banks; Managing Officers of Branches.. 8 Federal Reserve Board Publications Map of Federal Reserve Districts... 8 Index to Statistical Tables PAGE Subscription Price of Bulletin A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States 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, Venezuela is $.00 per annum or 0 cents per copy; elsewhere, $.0 per annum or 5 cents per copy. Group subscriptions in the United States for 0 or more copies to one address, 5 cents per copy per month, or $.50 for months.

3 BULLETIN VOLUME 5 NUMBER 7 CREDIT AND MONEY IN 5 The dem for credit from banks other lenders strengthened late in remained strong throughout the first half of 5. During recent months dem has been strong in nearly all credit areas, including some in which it had slackened during late early. Consumer loans bank loans to businesses, which declined during the first half of, began to rise in the second half increased sharply in the first half of 5. Mortgage lending State local government security issues, which exped at a growing rate in when dems for some other types of credit abated, continued at a high level in 5. Corporate security issues for new capital have increased in recent months after some decline in. Bank loans in the first six months of 5 exped a record amount for the January- period. In order to meet the growing dem for loans, banks sold a large volume of United States Government securities, as shown by the chart, reduced their purchases of other securities. Banks also increased their borrowing from the Federal Reserve Banks somewhat reduced their excess reserves in late early 5 as Federal Reserve policy was modified to make bank reserves less readily available. Free reserves of member banks that is, excess reserves minus borrowings from Federal Reserve Banks declined from about 0 million dollars in the third quarter BANK LOANS ALL COMMERCIAL Billions of dollars - \^-- - i AND INVESTMENTS BANKS K / s/ LOANS / / ' VU. S. GOVT. SECURITIES OTHER SECURITIES.J~\ /-S^ 80-5 NOTE. Figures are partly estimated. Data exclude interbank r loans are for the last Wednesday of month except for >r December call dates. Latest figures shown are fo: ir 5, all 5 figures are preliminary. of to 50 million in the second quarter of 5. In late much of the abatement of dem for credit by businesses consumers the policy of active ease followed by the Federal Reserve had permitted banks to maintain their indebtedness at a low level at the same time that they exped their purchases of United States Government State local government securities increased their real estate lending. In response to the recent moderate tightening of bank reserve positions, there has been JULY 5 7

4 CREDIT AND MONEY IN 5 some slowing down in the rate of growth of dem deposits currency held by consumers businesses. A sharp increase in the second half of, after allowance for usual seasonal changes, had reflected the early stages of recovery of the economy from the moderate downturn of late early. BANK LOANS AND INVESTMENTS SELECTED BANK LOANS CHANGE/ J A N tt A R Y -*-J UN E Ilions of dollars Aggregate loans of commercial banks increased about billion dollars in the first half of 5. Growth was concentrated in business, consumer, real estate loans. Totai loans investments declined about billion dollars, however, as the loan expansion was more than offset by a sharp reduction in bank holdings of United States Government securities. Holdings of other securities increased slightly. Loans. Commercial bank loans to businesses, which began to increase seasonally in the fall of, continued to rise after a brief interruption early this year. The billion dollar expansion in the first half of 5, shown in the chart, was the largest for the January- period since the war. In the first hdkf of each of the preceding three years business loans had declined. The reduction in the first half of had been particularly sharp as a result of the recession in business activity the repayment of loans for excess profits tax credits following the expiration of the tax at the end of. The sizable expansion in business loans in the first half of 5 stemmed from the increase in business activity in consumer financing, as well as the concentration in this period of corporate tax payments on income. There were large increases in bank loans to sales finance companies to metal machinery manufacturers, which had declined sharply during the first half of, in loans to petroleum chemical, NOTE. Data are for all commercial banks. Consumer loans are partly estimated for all dates. Figures for 5 are preliminary. textile, public utility companies, which had shown little change a year earlier. These were offset only in part by seasonal repayments of loans by commodity dealers food, liquor, tobacco processors. Bank loans to consumers, which had shown little change during, exped by about billion dollars in the first half of 5. This was almost as much as the record growth in the first half of. The recent expansion of consumer instalment credit has accompanied a sharp increase in purchases of consumer durable goods, particularly automobiles, some easing of credit terms. Real estate loans of commercial banks in the first half of 5 continued to grow at about the same rate as in the second half of. The. billion dollar expansion was the largest increase for the first half of the year since the war. During the abatement of dem for business consumer credit in, real estate loans of banks had continued to grow; in fact, the rate of 7 FEDERAL RESERVE BULLETIN

5 CREDIT AND MONEY IN 5 growth had increased sharply about the middle of the year as banks used available funds to meet a strong dem for such loans. Maintenance of a high rate of lending in 5 reflected in part the purchase of mortgages on a temporary basis from insurance companies other investors. Bank loans for purchasing or carrying securities showed little change in the aggregate during the first half of 5. Loans on United States Government securities declined, while loans on other securities continued to exp. Loans on other securities had accounted for a sharp increase in bank security loans in the second half of. The increase in these loans was associated with the sharp rise in stock prices the large volume of stock market trading. Credit for purchasing or carrying securities other than United States Government securities extended directly by city banks by brokers rose from.7 to. billion dollars in the second half of, while stock prices increased about one-fifth. In order to help prevent excessive use of credit for stock market trading, the Board of Governors raised margin requirements for purchasing or carrying listed securities from 50 to 0 per cent in early January to per cent in late. The rate of growth of loans by banks brokers on securities other than Government securities has declined during 5. Increases in most other types of bank loans in the January- period were offset in part by the liquidation of about l l / billion dollars of agricultural loans guaranteed by the Commodity Credit Corporation, including certificates of interest redeemed by banks prior to maturity in order to raise funds for other uses. Agricultural production loans increased somewhat. Security holdings. The sharp increase in bank loans during the first six months of 5 was more than offset by a decline, partly seasonal, in bank holdings of United States Government securities. The reduction of 5 l / billion dollars in the first half of this year was larger than in other recent years. There had been little change in bank holdings of Government securities in the first half of, when the abatement of loan dem the ready availability of reserves enabled city banks to purchase sufficient securities to off set sales by other banks. The recent decline in bank holdings of United States Government securities has been concentrated in short maturities, which are typically used by banks for reserve adjustment purposes. During the first six months of this year there was a considerable reduction in total short-term Government securities outsting, the dem for such securities on the part of nonbank investors was heavy. There was little net change in bank holdings of intermediate- long-term bonds, which commercial banks had acquired on a large scale during. Acquisitions early in 5, associated in part with a Treasury refunding offer, were partially offset by subsequent sales. In the year preceding 0, 5, the average maturity of bank portfolios of Government securities increased from about ^ t0 5/ years, holdings of securities maturing within one year declined by about 50 per cent. An increase early in 5 in bank holdings of securities other than United States Government securities, reflecting in part acquisition of a new Federal National Mortgage Association note issue, has been offset in part by a recent decline. The expansion of about 00 million dollars for the first half of the year was only about half as much as that for the corresponding period of, when banks used available funds to make substantial purchases of tax-exempt State local government securities. JULY 5 7

6 BANK RESERVE POSITIONS CREDIT AND MONEY IN 5 Member bank reserve positions tightened moderately in late early 5 in response to the strong dem for credit the shift of Federal Reserve policy away from that of active ease which had previously been followed. Since March there has been little change in such positions except for temporary fluctuations. Average indebtedness of member banks to the Reserve Banks increased from less than 00 million dollars in the third quarter of to more than 00 million in the second quarter of 5, while excess reserves declined from about 800 million to about 00 million. The recent level of member bank borrowing has been about the same as in the spring of but about a billion dollars less than the peak level of late early. During the first half of 5 most of the member bank borrowing from Federal Reserve Banks, as well as the reduction in excess reserves, took place at reserve city EXCESS RESERVES AND BORROWINGS CLASSES OF MEMBER BANKS Billions of dollars EXCESS RESERVES ^^s^/^l COUNTRY BANKS RESERVE CITY BANKS CENTRAL RESERVE CITY BANKS: CHICAGO O^C* 5 NOTE. Data are monthly averages of daily figures. Latest figures are for 5 are preliminary country member banks, as is evident from the chart. After mid-february the indebtedness of New York central reserve city banks to the Federal Reserve was small, as these banks met their reserve needs largely by selling securities or by borrowing from other banks through the Federal funds market. Although the indebtedness of Chicago central reserve city banks was heavy in late March early, in large part because of depositor adjustments relating to the Cook County personal property tax assessment on, it declined considerably after that time. Borrowings of Chicago central reserve city banks as well as those of reserve city banks have consistently exceeded their excess reserves in recent months. At country banks, excess reserves have continued to exceed borrowings, although the margin between the two has narrowed since last fall. The recent change in bank reserve positions, shown in the table, reflected Federal Reserve open market operations together with other factors, the most important of which were currency movements changes in required reserves. Late in the Federal Reserve permitted reserve positions to tighten by limiting its purchases of United States Government securities. This made it necessary for member banks to borrow in order to meet growing needs for reserve funds resulting from the currency drain the increase in required reserves accompanying credit deposit expansion. In the first two months of 5 the Federal Reserve sold or redeemed billion dollars of United States Government securities. These operations were primarily for the purpose of absorbing reserve funds made available by the seasonal return of currency from circulation the reduction in required reserves associated with the seasonal deposit decline. As already noted, however, they also resulted in some further 7 FEDERAL RESERVE BULLETIN

7 CHANGES IN MEMBER BANK RESERVES WITH RELATED FACTORS [Based on monthly averages of daily figures, in billions of dollars] Item Member bank reserves reserves Excess reserves Required reserves Effect of: Reduction in reserve requirement percentages Change in deposits Principal factors affecting reserves Currency in circulation Gold stock foreign accounts. Treasury operations Federal Reserve float factors Federal Reserve loans investments: U. S. Govt. securities... Acceptances Discounts advances: To member banks To others Dec C ) ) -. 0) CREDIT AND MONEY IN 5 - Dec (Signs i idicate effect on eserves) ) -0. ( ) Dec ) -0. 0) -0. ( ) -0. 0) - Dec ( ) Less than 50 million dollars. Treasury operations U. S. Government security holdings exclude a free gold transaction involving a 500 million dollar reduction in Treasury cash in order to retire an equal volume of Government securities held by the Federal Reserve. No acceptances held. NOTE. Details may not add to totals because of rounding. tightening of bank reserve positions. In the period March- the Federal Reserve used open market operations on a few occasions to supply or absorb reserves temporarily, but there was little net change in its security holdings. Early in the Federal Reserve purchased Government securities in order to supply banks with reserve funds to meet seasonal growth needs. In late March the Federal Reserve Bank of New York began to purchase bankers' acceptances on a small scale, the first purchases since. Acquisitions were in recognition of the recent increase in the use of bankers' acceptances of the interest of the Federal Reserve in the continued development of a broad market for such credit instruments as a means of facilitating trade. In the 's the creation of acceptances had been an important means of financing international trade, purchases by the Reserve Banks had provided a part of the seasonal 0) 0) reserve needs of the commercial banking system in the second half of the year. In recognition of the rise in market rates of interest since the summer of, the Federal Reserve Banks raised the discount rates on loans to member banks from l l / to % per cent in early. Rates of % per cent had prevailed throughout, before an increase early in. By making borrowing more expensive, the recent rise in discount rates tended to serve as a deterrent to excessive reliance on borrowing by individual banks. DEPOSITS AND CURRENCY Dem deposits currency held by consumers businesses, which together form the active part of the money supply, increased sharply after mid-. This growth reflected the economic recovery that was commencing. Recently, however, as shown by the chart, there has been a decline in the DEMAND Billions of dollars - DEPOSITS AND CURRENCY V"-A* v J ADJUSTED FOR / SEASONAL VARIATION 5 5 NOTE. Figures are partly estimated. Dem deposits are for all banks in the United States exclude U. S. Government interbank deposits items in process of collection. Currency excludes bank vault cash. Figures are for last Wednesday of month except for December call dates. Latest figures shown are for 5, all 5 figures are preliminary. r JULY 5 75

8 CREDIT AND MONEY IN 5 rate of expansion after allowance for usual seasonal developments. The decline of about billion dollars in dem deposits currency held by consumers businesses in the first six months of 5 compares with declines of about 5 billion dollars in each of the two preceding years. For currency the reduction in the first half of 5 was about as much as would have been expected from the operation of seasonal factors, but for dem deposits it was about l / billion dollars less. Over the six-month period, dem deposits currency together exped at a rate of about per cent per annum after allowance for usual seasonal developments, but their growth has been slower since early in the year. In the second half of the rate of expansion had been about 5 per cent. The rate of turnover of RATIO OF DEMAND DEPOSITS AND CURRENCY TO GROSS NATIONAL PRODUCT Per cent NOTE. Figures for -9-9 are averages of annual data; beginning, data are quarterly. Dem deposits currency are the seasonally adjusted data used in the preceding chart. Gross national product estimates beginning 99 are from U. S. Department of Commerce; prior to 99 data are unofficial estimates based on somewhat different concepts; quarterly data are also adjusted for seasonal variations. Latest data are for the second quarter of 5. Gross national product data for this quarter are estimated by the Federal Reserve. Deposit currency data for 5 are preliminary. deposits outside New York City has risen somewhat since late. As the money supply has been used more actively in recent months, dem deposits currency held by consumers businesses have declined slightly as a proportion of gross national product. As is shown by the chart, this ratio has fluctuated around 5 per cent since, after declining from about 50 per cent at the close of the war, when inactive balances were large. The present ratio is close to that prevailing in the late 's but still considerably above that in the 's. The rate of growth of time savings deposits, which had increased early in, has declined since late in that year. In the first half of 5, the increase in time deposits in commercial mutual savings banks the Postal Savings System was V/ billion dollars, slightly more than half as much as in the first half of the smallest increase for a comparable period since. The slackening in this rate of expansion accompanied a declining rate of personal savings through early 5 increased direct security purchases by individuals. United States Government deposits increased by about 500 million dollars in the first half of 5,.5 billion dollars less than in the comparable period of. These deposits fluctuated sharply from time to time in accordance with debt operations tax receipts. UNITED STATES GOVERNMENT FINANCE In the first half of 5 the United States Government had a cash surplus of about billion dollars, which reflected the concentration of tax receipts in the January- period. The surplus was used in part to build up the Treasury balance but in large part to reduce outsting indebtedness. The 7 FEDERAL RESERVE BULLETIN

9 CREDIT AND MONEY IN 5 publicly held debt that is, securities held by investors other than United States Government investment accounts declined about 5 billion dollars, about the same amount as in the first half of. The decline in publicly held debt in the first half of 5 was due to the retirement of tax anticipation certificates maturing nonmarketable savings notes, as well as cash redemptions of maturing marketable securities for which new issues were offered in exchange. These effects were offset in part by a note issue for new money an increase in savings bonds outsting, largely as the result of the accrual of interest on outsting bonds. In February the Treasury issued about.9 billion dollars of new long-term bonds in exchange for a partially tax-exempt bond called for redemption in March. Commercial banks held the bulk of the maturing bond issue, but most of the new issue was acquired by nonbank investors through purchases from commercial banks of either the maturing issue or the new bonds. securities maturing in the first half of 5 were refunded with shorter term issues. The net result of the security retirements the refunding operations in the first half of 5 was to reduce the supply of shortterm securities for bank nonbank investors. In, however, the Treasury issued for new money about l / billion dollars of bills tax anticipation certificates as well as about 800 million dollars of long-term bonds. United States Government securities held by commercial banks the Federal Reserve Banks together declined almost 7 billion dollars during the first half of 5. Holdings of other public investors, including domestic nonbank foreign investors, increased almost billion dollars. These holdings had declined about billion dollars in the first half of, when commercial banks maintained their holdings despite reductions in the debt. Among investors predominantly interested in short-term securities, foreign banks increased their portfolios in the first half of 5, nonfinancial corporations maintained theirs despite heavy tax payments. Nonfinancial corporations had reduced their holdings about l / billion dollars in the first half of. Nonbank investors also acquired a considerable volume of intermediate- long-term Government bonds in the first half of 5, largely by acquisition of the new long-term bond issued in February. OTHER CREDIT AREAS Credit to private borrowers State local governments from lenders other than commercial banks also exped at a rapid pace during the first half of 5. Investing by savings institutions continued to be large, individuals increased their direct investments in several credit areas. Real estate credit advanced by all lenders, which had exped at an accelerating rate throughout, continued to increase in 5 at about the rate reached near the end of. About four-fifths of the increase was taken by nonbank investors. Consumer instalment credit, which rose slightly in the second half of, has exped in recent months at a seasonally adjusted rate of about 500 million dollars per month. Although the increase in direct bank loans to consumers has been sharp, the share of sales finance companies in instalment lending has grown recently. Corporate security issues for new capital in the first half of 5 were about one-fifth larger than in the corresponding period of but still somewhat less than in the first half of. State local government security issues were only about three-quarters JULY 5 77

10 CREDIT AND MONEY IN 5 as large as in the first half of, principally because of a decline in revenue bond issues. The recent increase in outsting corporate State local government securities has been absorbed almost entirely by nonbank investors. In the first half of commercial banks had made substantial purchases of State local government securities. INTEREST RATES MONEY RATES Per cent per annum CORPORATE Baa STATE AND LOCAL Aaa As a result of strong credit dem moderate tightening of bank reserve positions, interest rates, which had turned up in the second half of, continued to rise in the first quarter of 5. Since mid- they have shown little change on balance. As shown by the chart, the largest increases since mid- have been in yields on United States Government securities. Yields on these securities had risen in the second half of, while those on other securities were largely unchanged. The increase in yields in 5 affected all classes of securities. Among United States Government securities, the largest increases in yields were on short- intermediate-term securities, which are particularly sensitive to changes in bank reserve positions. At the end of yields on such securities ranged from about % to about percentage point above their mid- lows. Yields on Treasury bills fluctuated in accordance with shortterm market developments were at times depressed by nonbank dem, which was heightened by the decline in savings notes outsting. Average yields on 9- to - month certificates of indebtedness, which increased in relation to bill yields, remained close to the discount rate beginning in March. Yields on other short-term securities, which had remained unchanged or declined slightly in the second half of, also increased early in 5. Rates on prime com- J * \ U. S. GOVERNMENT ff+f \^ -5 YEARS 5 NOTE. Treasury bill rates are market yields on longest bills. Long-term U. S. Government yields prior to Apr., are on x / per cent bonds first callable after 5 years, thereafter on ^ per cent bonds first callable after years. Corporate yields State local Aaa yields are from Moody's? Investors Service. Discount rate is for Federal Reserve Bank of New York. Latest figures are for week ending 9. mercial paper on privately placed finance company paper each rose more than l / percentage point, while the rate on bankers' acceptances rose somewhat less. Yields on long-term United States Government securities increased about % percentage point in the first half of 5, yields on other long-term securities generally somewhat less. At the end of yields on long-term securities were generally at about levels prevailing near the end of but considerably below their mid- highs. Interest rates charged business customers by commercial banks have shown little change since mid-, but rates charged security dealers have increased. There has apparently been a slight increase in interest rates on conventional mortgages this year, discounts on Federally underwritten mortgages have increased in some areas. 78 FEDERAL RESERVE BULLETIN

11 SELECTED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES Individual business holdings of selected liquid assets currency, bank deposits, savings loan shares, United States Government securities increased 8.7 billion dollars during. This compares with annual increases of about 0 billion dollars in. Holdings of bank deposits share accounts in savings loan associations accounted for the entire increase in. Currency holdings declined slightly holdings of United States Gov- NOTE. These estimates are not entirely comparable with other published data because of conceptual methodological differences. A description of the methodology may be secured from the Division of Research Statistics, Board of Governors of the Federal Reserve System, Washington 5, D. C. CHANGES IN SELECTED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES Type of asset or holder Type of asset: Currency Dem deposits Time deposits Savings loan shares U. S. Govt. securities / Type of holder: Business holdings total Financial corporations, total Currency, deposits, shares. U. S. Govt. securities Non financial corporations, total... Currency, deposits, shares. U. S. Govt. securities i... Unincorporated business, total Currency, deposits, shares. IT. S. Govt. securities Personal holdings total. Personal trust funds, total Currency, deposits, shares. U. S. Govt. securities personal, total Currency, deposits, shares. U. S. Govt. securities Increase during year: Billions of dollars Q Per cent ( ) 0 - ( ) ( ) Securities valued at issue price, except savings bonds, which are valued at issue price plus accrued interest. Under flexible market conditions, the selling price of marketable issues fluctuates daily may at times be below the issue price. Less than one-half of one per cent. Excluding banks insurance companies. Shares refer to shares of savings loan associations. ernment securities decreased. billion dollars. Savings accounts (time deposits share accounts) exped 8.7 billion dollars, nearly a billion more than in the largest annual increase since the war. Dem deposits, after declining slightly in, increased. billion dollars in. The decline in holdings of United States Government securities during was the first significant decline since reflected largely a shift in holdings of marketable Government securities from individuals businesses to commercial banks, which are not covered by these estimates. Business personal holdings of savings bonds remained practically unchanged during. holdings by businesses of the liquid assets covered by these estimates changed only slightly during the year, an increase in currency deposit holdings having been offset by a decline in holdings of Government securities. Personal holdings of Government securities also declined but not enough to offset the substantial expansion in personal holdings of deposits share accounts. Estimates of selected liquid asset holdings of individuals businesses for end-of-year dates beginning with are presented in the table on the following page. These estimates cover the principal assets that are most readily available for use in financing current transactions. Currency dem deposits are basic forms of cash; time deposits, shares in savings loan associations, Government savings bonds are generally more readily convertible into cash than are other types of assets. Marketable Government securities fluctuate in value, with the result that their conversion may involve some capital loss or gain. They are generally regarded as more liquid than other securities of comparable maturities, however, since they are free of the usual credit risks are readily salable.. The estimates include liquid assets held by individuals (including farmers), unincorporated businesses, corporations other than banks insurance companies. The figures, which are derived primarily from bank Treasury -reports, are adjusted to approximate holder records. JULY 5 79'

12 SELECTED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES [Estimates for end of year, in billions of dollars] Type of holder *. Currency Dem deposits Time deposits Savings 8c loan shares. U. S. Govt. securities. Business holdings total. Currency Dem deposits Time deposits Savings & loan shares..... LJ. S. Govt. securities... Corporations total.. Currency Dem deposits Time deposits Savings & loan shares U. S. Govt. securities. Financial corporations total 5.. Dem deposits Time deposits U. S. Govt. securities Nonfinancial corporations total. Currency Dem deposits Time deposits Savings & loan shares... U. S. Govt. securities Unincorporated business total... Currency?. Dem deposits Time deposits Savings & loan shares U. S. Govt. securities Personal holdings total... Currency Dem deposits Time deposits Savings & loan shares U. S. Govt. securities Trust funds total.. Dem deposits Time deposits Savings & loan shares. U. S. Govt. securities. personal total 7.. Currency Dem deposits Time deposits Savings & loan shares. U. S. Govt. securities ,8.9 ^ * ( A ^Preliminary- 'Revised. Holdings of banks, insurance companies, savings loan associations, nonprofit associations, foreigners, governmental bodies agencies are not included in the totals shown. These figures are estimates of dem deposit balanc s as they might appear on the record of depositors. They differ from figures based on bank records such as given in regular banking statistics. Depositor-record estimates are lower than bank-record estimates; for example, total dem deposits as of Dec., on a holder-record basis (see table) amounted to 77. billion dollars while on a bank-record basis these deposits amount to.0 billion. This is because checks are constantly in the mail, i.e., added to payee's deposits as per bank records not yet deducted from payor's deposits as per bank records. Private share capital in all operating savings loan associations including private repurchasable shares, deposits, investment certificates. Securities valued at issue price, except savings bonds, which are valued at issue price plus accrued interest. Under flexible market conditions, the selling price of marketable issues fluctuates daily may at times be below the issue price. Includes outsting amounts of excess profits tax refund bonds beginning December armed forces leave bonds beginning December. 5 Includes real estate companies, finance credit companies, insurance agencies (not carriers), investment trusts, security brokers dealers, holding companies not otherwise classified, etc. Includes only amounts administered by corporate trustees. 7 Includes holdings of farmers professional persons. 750 FEDERAL RESERVE BULLETIN

13 PROPOSED CHANGES IN SECURITIES EXCHANGE ACT The Board of Governors of the Federal Reserve System is in complete agreement with the purposes of S. 05. Under the Securities Exchange Act of 9, corporations whose securities are registered on a national securities exchange are subject to specified requirements covering publication of financial reports related information, solicitation of proxies, socalled "insiders' profits" resulting from trading in the company's stock. With certain exceptions, S. 05 would apply those requirements to large corporations whether or not their securities are registered on an exchange. These provisions would provide for the security holders of large corporations whose securities are widely distributed but not registered on an exchange, information safeguards which the Securities Exchange Act requires with respect to securities registered on an exchange. As these provisions have been would be administered by the Securities Exchange Commission, the Commission is better able than the Federal Reserve to express an informed opinion regarding them. However, Section of the bill directlv relates to the responsibilities of the Federal Reserve System. Under this section any security of an issuer covered by the bill, unless excluded by the Board as "not comprehended within its purposes," would be subiect to the margin requirement provisions of the Securi- Statement by Chairman Martin of the Board of Governors of the Federal Reserve System before the subcommittee on Securities of the Committee on Banking Currency of the Senate on 7, 5. ties Exchange Act in the same manner as if the security were registered on a national securities exchange. The bill contains certain exemptions. Besides the exemption of banks, which are specialized institutions, the bill would exempt the securities of all corporations which have less than 5 million dollars in assets also the securities of all corporations which have less than 500 security holders. Since securities covered by the bill would be subject to the rules that now apply to securities registered on an exchange, let me outline those rules how they differ from the rules that apply to unregistered securities. Under present law, when brokers lend for the purpose of purchasing or carrying securities, they can lend on registered securities the amount specified in the Board's margin regulations rtow 0 per eent-^but they are forbidden to lend anything at all on unregistered securities. In other words, in a brokerage margin account registered securities have the loan value specified in the Board's regulations unregistered securities have no loan value whatever. The rules that apply to loans made by banks also depend on whether a security is registered or unregistered. Loans made by banks to purchase or carry registered securities are subject to the stard margin requirements; loans made by banks to purchase or carry unregistered securities are exempt from the regulations. Under S. 05, securities covered bv the bill would be entitled to loan value in brokerage margin accounts just as registered securities are, loans by banks to purchase or JULY 5 75

14 carry securities so covered would be subject to the usual margin requirements. Stated differently, securities covered by Section would in one respect be more favored than at present they would get the benefit of having loan value in brokerage margin accounts; in another respect they would be less favored loans by banks to purchase or carry the securities would become subject to the usual margin requirements. Both S. 05 the present law regarding margin requirements recognize that there are important differences between the securities of small, closely held companies on the one h large, widely owned companies on the other, The securities of small, closely held companies usually do not enjoy a wide or ready market. They are more likely to be purchased or financed on the basis of personal knowledge of the individual company, its conditions prospects, not on the basis of ready marketability. By contrast, the securities of large, widely held companies are usually more seasoned, more widely known, more readily marketable, more likely to be traded on margin. Section says, in effect, that such securities should be treated for the purposes of the margin requirements in the same way that the law now treats securities that are registered on an exchange. Under the exemptions in the bill, a security would not be covered unless the issuer of the security has at least 5 million dollars in assets also has at least 500 security holders. The Board believes Section would help to carry out the general purposes of the present provisions of law relating to margin requirements, that enactment of such a provision would be in the public interest. 75 FEDERAL RESERVE BULLETIN

15 BANK HOLDING COMPANY LEGISLATION During the past 5 years numerous bank holding company measures have been introduced in the Congress ranging from socalled "death sentence" to "freeze" bills. One proposal after another has bogged down in disagreement among those who wanted no legislation at all those who sought to put an end to the holding company device. Each has been beset by intense controversy. Past efforts of members of Congress those in Federal or State regulatory agencies who have sought to reconcile sharply divergent viewpoints at the same time devise effective measures have not met with success. Over the years, the Reserve Board has changed its own views as to the nature of legislation best adapted to meet the existing problems in this field. Existing provisions of law, originally enacted in the Banking Act of 9, have proved entirely inadequate to deal with the special problems presented by bank holding companies. It has been, still is, the Board's view that additional legislation is essential to deal effectively with these problems. Three years ago when asked to express its views on a then pending bill, the Board undertook a complete review of the bank holding situation of the legislation it felt would best deal with it. After intensive study the Board reached conclusions that were set forth in a letter accompanying memorum to the House Banking Currency Committee on,. Statement by Chairman Martin of the Board of Governors of the Federal Reserve System regarding bank holding company legislation before the Senate Banking Currency Committee, 5, 5. In complying with your request for our views, we must, of course, give you our best judgment. The fact that we are not in accord with H.R. 7, which has been passed by the House, cannot be ascribed to any desire to delay further or defeat legislation on this subject, for you also have before you a measure, S. 50, that does accord with our best judgment. And as I have indicated, remedial legislation to deal with these problems is essential is long overdue. We believe, as we have said previously, that the principal problems in the bank holding company field arise from two circumstances :. The unrestricted ability of a bank holding company group to add to the number of its banking units, thus making possible the concentration of commercial banking facilities in a particular area under single control management;. The combination under single control of both banking nonbanking enterprises, thus permitting departure from the principle that banking institutions should not engage in business wholly unrelated to banking, which involves the lending of other people's money, whereas other types of business enterprise do not involve this element of trusteeship. I should like to submit for the record a memorum of the Board's views, including comments on H.R. 7 which you have under consideration. This memorum reiterates the views expressed on behalf of the Board before the House Banking JULY 5 75

16 BANK HQLQING COMPANY LEGISLATION Currency Committee on February 8, 5. In bffief, the Board believes that the major objectives of the legislation could be effectively accomplished by a bill which would. Define a bank holding company as a company which controls a majority (or possibly 5 per cent) of the stock of any one bank, with no exceptions from the definition;. Require approval by an agency of the Federal Government, after consulting with the appropriate State authorities, before a bank holding company could acquire the stock of any bank, if thereafter its stockholdings in that bank would exceed 5 per cent;. Require bank holding companies within a prescribed period to divest themselves of their nonbanking interests, with a minimum of specific exemptions, but with administrative authority to make certain limited exemptions with respect to companies engaged in bank-related businesses with respect to situations in which an exemption would be desirable to prevent hardship or to protect the public interest. The bill H.R. 7 would go beyond these minimum requirements in regulating bank holding companies. Operations under its provisions would be possible for the Board but would present some serious administrative difficulties. While we would favor a number of changes in the provisions of the bill, the principal provisions that concern us may be briefly mentioned. In the first place, the bill's definition of bank holding company would not only impose an undesirable discretionary responsibility on the Board, but would not, we believe, accomplish one of the major purposes See Federal Reserve BULLETIN, March 5, pp. 0-. of the bill. In addition to covering any company which owns 5 per cent or more of the stock of two or more banks, the definition would cover any other company which might be determined by the Board to exercise a controlling influence over two or more banks. We feel that it is unnecessary undesirable to vest the administering agency with such discretionary authority. Moreover, we believe that the definition should cover a company which controls only a single bank, since it seems clear that the potential abuses which may result from the combination of both banking nonbanking interests under single control could very well exist in a case in which only one bank is involved as in cases in which a holding company controls two or more banks. Secondly, the bill would prohibit a bank holding company from acquiring additional banks outside of the State in which it has its principal office or carries on its principal business or in any State except in accordance with the branch laws of that State. The Board believes that these provisions are unnecessarily severe also that they would deprive the States of the right to regulate holding company banking in a manner different from branch banking. We feel that Federal regulation of bank holding companies should not be tied to the branch banking laws of the States. In the third place, the bill would prevent the approval of the acquisition of stock of a State or national bank unless the transaction is first approved by the appropriate State banking authority or by the Comptroller of the Currency in the case of a national bank. We believe that this requirement would result in an undesirable diffusion of responsibility give rise to duplication of effort administrative difficulties. Con- 75 FEDERAL RESERVE BULLETIN

17 BANK HOLDING COMPANY LEGISLATION sideration should be given to the views of the Comptroller the State authorities, but final responsibility should rest with a single administering agency. Finally, the judicial review provisions of Section 9 of the bill would give any person affected by any action or inaction of the administering agency a right to institute proceedings for judicial review, with a trial of the facts de novo in the reviewing court. These provisions would in the Board's opinion be at variance with the spirit of the Administrative Procedure Act would possibly result in a considerable amount of litigation. Of course, even without such provisions, any arbitrary, capricious, or unlawful action of the administering agency would be subject to review by the courts. In any event, if provisions for judicial review are to be included in the bill they should be confined to the principal parties involved should not provide for a trial of the facts de novo. In summary, the Board recommends legislation along the lines of S. 50 because we feel that it would effectively equitably provide needed regulation of bank holding companies. SILVER LEGISLATION Existing legislation fixes the price at which silver is purchased by the Treasury, sets a price below which the Treasury cannot sell silver. The market price of silver has been such, in recent years, that this existing legislation has caused all silver domestically produced to be sold to the Treasury. To this extent, the role played by silver in our monetary system has been increased. S. 7 proposes to stop this process by repealing those provisions of existing legislation which fix the price at which the Treasury must buy silver. The Federal Reserve System is, of course, Statement by Chairman Martin of the Board of Governors of the Federal Reserve System on S. 7, Repealing Certain Silver legislation, before the Subcommittee on the Federal Reserve System of the Senate Committee on Banking Currency,, 5. concerned primarily with the effect upon monetary policy of silver purchases under existing legislation. We are not prepared to say that the effect of the silver purchases necessitated by existing legislation has seriously complicated our problems of monetary management in recent years. It is true that these purchases, when monetized, may increase member bank reserves. But as compared with other factors influencing member bank reserves in recent years, their effects on reserves have been relatively small; these effects can be offset, if necessary, by other operations of the Federal Reserve System. ; Since these purchases are unnecessary from the stpoint of monetary policy, the Board of Governors has no interest in the continuance of existing legislation with respect to silver purchases. JULY 5 755

18 LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, other similar material Federal Open Market Committee Executive Committee Discontinued The Federal Open Market Committee, comprising the seven members of the Board of Governors of the Federal Reserve System five of the presidents of the regionally situated Federal Reserve Banks, has simplified its structural organization, effective, 5, by amending its regulation relating to open market operations of Federal Reserve Banks, so as to discontinue its Executive Committee. The Executive Committee was a sting subcommittee, consisting of three members of the Board of Governors two of the Reserve Bank presidents. It was established following the Banking Act of, under which the present Federal Open Market Committee became a statutory body. So long as travel facilities were less swift certain than they are now, the Executive Committee was an administrative convenience. More recently its sessions have, in practice, been attended by other members of the full committee. As all members of the full Committee may now be gathered in Washington frequently for regular meetings, on less than hours' notice when necessary for special meetings, it was decided to discontinue the Executive Committee. In addition to amending its Regulation, which amended Regulation is set forth below, the Federal Open Market Committee also amended its Rules on Organization Information its Rules on Procedure, which were published in the Federal Reserve BULLETIN at page 0, so as to eliminate references to the Executive Committee. The amended Regulation of the Federal Open Market Committee reads as follows: REGULATION FEDERAL OPEN MARKET COMMITTEE As amended effective, 5 OPEN MARKET OPERATIONS SECTION Pursuant to the authority conferred upon it by section A of the Federal Reserve Act, as amended, the Federal Open Market Committee prescribes the following regulations relating to the openmarket transactions of the Federal Reserve banks. The Federal Open Market Committee expressly reserves the right to alter, amend, or repeal this regulation in whole or in part at any time. SECTION. DEFINITIONS (a) Government securities. The term "Government securities" shall include bonds, notes, certificates of indebtedness, Treasury bills, other obligations of the United States, including obligations fully guaranteed as to principal interest by the United States. (b) Obligations The term "obligations" shall include all bankers' acceptances, bills of exchange, cable transfers, bonds, notes, warrants, debentures, other obligations, including Government securities, which Federal Reserve banks are authorized by law to purchase in the open market. (c) System open market account The term "system open market account" applies to Government securities other obligations heretofore or hereafter purchased in accordance with open-market policies adopted by the Committee held for the account of the Federal Reserve banks. (d) Committee.The term "Committee" shall mean the Federal Open Market Committee. SECTION. GOVERNING PRINCIPLES By the terms of section A of the Federal Reserve Act, as amended, the time, character, volume of all purchases sales in the open market by Federal Reserve banks shall be governed with a view to accommodating commerce business with regard to their bearing upon the general credit situation of the country. SECTION. FEDERAL OPEN MARKET COMMITTEE (a) Functions The Committee shall consider the needs of commerce, industry agriculture, the general credit situation of the country, other matters having a bearing thereon con- 75 FEDERAL RESERVE BULLETIN

19 LAW DEPARTMENT sider, adopt, transmit to the several Federal Reserve banks, regulations directions with respect to the open-market operations of such banks under section of the Federal Reserve Act. ( ) Participation in system open market account. The Committee from time to time shall determine the principles which shall govern the allocation among the several Federal Reserve banks of Government securities other obligations held in the system open market account, with a view to meeting the changing needs of the Federal Reserve banks. SECTION 5. CONDUCT OF OPEN MARKET OPERATIONS Each Federal Reserve bank shall engage in openmarket operations under section of the Federal Reserve Act only in accordance with this regulation the directions issued by the Committee from time to time, no Federal Reserve bank shall decline to engage in open-market operations as directed by the Committee. Transactions for the system open market account shall be executed by a Federal Reserve bank selected by the Committee. Each Federal Reserve bank shall make available to the Federal Reserve bank selected by the Committee such funds as may be necessary to conduct effectuate such transactions. SECTION. PURCHASES AND SALES OF GOVERNMENT SECURITIES No Federal Reserve bank shall purchase or sell Government securities, for its own account or for the account of any other Federal Reserve bank, except pursuant to authority granted by the Committee or in accordance with an open-market policy adopted by the Committee in effect at the time. The Committee reserves the right, in its discretion, to require the sale of any Government securities now held or hereafter purchased by an individual Federal Reserve bank or to require that such securities be transferred into the system open market account in accordance with such directions as the Committee may make. SECTION 7. OTHER OPEN MARKET OPERATIONS Subject to directions of the Committee the following conditions, each Federal Reserve bank may engage in open market operations other than the purchase or sale of Government securities: () Each Federal Reserve bank, as may be required from time to time by the Committee, shall report all such transactions to the Secretary of the Committee. () Only acceptances bills of exchange which are of the kinds made eligible for purchase under the provisions of Regulation B of the Board of Governors of the Federal Reserve System may be purchased: Provided, That no obligations payable in foreign currency shall be purchased or sold for the account of the Federal Reserve bank except in accordance with directions of the Committee. () Only bills, notes, revenue bonds, warrants of States, counties, districts, political subdivisions, or municipalities which are of the kinds made eligible for purchase under the provisions of Regulation E of the Board of Governors of the Federal Reserve System may be purchased. () No Federal Reserve bank shall engage in the purchase or sale of cable transfers for its own account except in accordance with the directions of the Committee. JULY 5

20 CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Meetings A meeting of the Presidents of the Federal Reserve Banks was held in Washington on 0, 5, on the Presidents met with the Board of Governors of the Federal Reserve System. On a meeting of the Federal Open Market Committee was held. Appointment of Branch Director On 5, 5, the Board of Governors announced the appointment of Mr. Wm. Purnell Hall, Executive Vice President, Maryl Shipbuilding Drydock Company, Inc., Baltimore, Maryl, as a director of the Baltimore Branch of the Federal Reserve Bank of Richmond for the term ending December, 5. Mr. Hall succeeded Mr. Howard M. Taylor, Jr., President, International Bedding Company, Baltimore, Maryl, who resigned. Resignation of Class C Director Effective, 5, the Board of Governors accepted the resignation of Mr. Cecil Puckett, Dean, College of Business Administration, University of Denver, Denver, Colorado, as a Class C director of the Federal Reserve Bank of Kansas City. Mr. Puckett resigned to accept appointment as a Vice President of the Federal Reserve Bank of Kansas City. He had served as a Class C director Deputy Chairman since March,, formerly had served as a director of the Denver Branch of the Federal Reserve Bank of Kansas City from, 0, to March,. Resignations of Branch Directors Effective, 5, the Board of Governors accepted the resignation of Mr. Paul H. Helms, President, Helms Bakeries, Los Angeles, California, as a director of the Los Angeles Branch of the Federal Reserve Bank of San Francisco. Mr. Helms had served the Branch as a director since January, 0. On 7, 5, the Board of Governors accepted the resignation of Mr. Howard M. Taylor, Jr., President, International Bedding Company, Baltimore, Maryl, as a director of the Baltimore Branch of the Federal Reserve Bank of Richmond. Mr. Taylor had served the Branch as a director since January,. On 7, 5, the Board of Governors accepted the resignation of Mr. Bryant Essick, President, Essick Manufacturing Company, Los Angeles, California, as a director of the Los Angeles Branch of the Federal Reserve Bank of San Francisco. Mr. Essick had served the Branch as a director since January 5,. Admissions of State Banks to Membership in the Federal Reserve System The following State banks were admitted to membership in the Federal Reserve System during the period, 5 to 5, 5: California Lancaster Antelope Valley Bank. Indiana Sullivan Farmers State Bank of Sullivan. New Foreign FinancingyCorporation Commences Business American Overseas Finance Corporation, 0 Pine Street, New York, New York, was granted a final permit by the Board of Governors of the Federal Reserve System on 8, 5 to commence business as a corporation organized operating under the provisions of Section 5(a) of the Federal Reserve Act the Corporation officially initiated operations on that date. The following member banks are the original shareholders of the new Corporation: The Chase Manhattan Bank, New York Chemical Corn Exchange Bank, New York The First National Bank of Boston Mellon National Bank Trust Company, Pittsburgh National Bank of Detroit Index to Statistical Tables A short subject index to the statistical tables has been added to the BULLETIN. This index will appear regularly just inside the back cover (pages FEDERAL RESERVE BULLETIN

21 CURRENT EVENTS AND ANNOUNCEMENTS 88 of this issue). The emphasis in the index, as in the tables, is on banking, credit, money credit markets. This monthly index will not replace, but will be integrated with, the annual index to the entire BULLETIN published in the December issue. Changes in Bulletin Tables Several changes have been made in the table on "Bond Stock Yields," shown on page 787. The series of high-grade municipal bonds has been replaced by two series on State local obligations: () Moody's Investors Service series of yields for general obligation bonds the average for four rating groups for the Aaa Baa bonds included in that average () the Dow-Jones series of yields on revenue bonds. The rating groups shown for the corporate yield series are now limited to the Aaa Baa groups. A new table "Stock Market Credit" (page 78) has replaced the former table "Customers' Debit Balances, Money Borrowed, Principal Related Items of Stock Exchange Firms Carrying Margin Accounts." The new table brings together important monthly series on customer credit on broker dealer credit. Detailed series on customers' debit credit balances related items of member firms of the New York Stock Exchange carrying margin accounts, which are available only for 0 December each year, will be published semiannually. Tables Published Annually Semiannually, with Latest BULLETIN Reference Semiannually Issue Page Banking offices: Analysis of changes in number of... Feb On, not on, Federal Reserve Par List, number of Feb Annually Earnings expenses: Federal Reserve Banks Feb Member banks: Calendar year First half of year Oct. 8 Insured commercial banks 5 57 Banks branches, number of, by class State Apr Operating ratios, member banks Banking monetary statistics, {j^ ^ JULY 5

22 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Released for publication ] Industrial production increased further in, construction activity was maintained at advanced levels. Employment continued to rise, unemployment increased less than seasonally. Retail sales were maintained at the high. Wholesale prices of important industrial materials rose in late early, while prices of farm products declined. Farm crop prospects improved in this year's output is expected to be above last year's ample harvest. Credit capital dems continued strong. INDUSTRIAL PRODUCTION The Board's seasonally adjusted index of industrial production increased in to 9 per cent of the -9 average from 8 in. Activity in nondurable goods industries rose to a new high minerals production also increased. Output of durable goods continued at the advanced level. Output of most producers' durable equipment of household goods increased further in, production of building materials was maintained in record volume. On the other h, activity in the steel auto industries was moderately curtailed, reflecting mainly temporary work stoppages associated with labor contract negotiations. Steel output declined from per cent of INDUSTRIAL PRODUCTION NONDURABLE MANUFACTURES FHeral Reserve indexes. Monthly figures, latest shown are for. capacity in to 9 per cent in, with mill operations reduced to 7 per cent in the week beginning 7. Following the wage settlement, steel output recovered to about 9 per cent by mid-. The rise in nondurable goods output in reflected mainly new highs for paper, chemicals, petroleum, rubber products. Activity in the textile, apparel, shoe industries remained at levels close to earlier peaks. Minerals output increased as coal output exped further production of crude oil stabilized at the level following some decline earlier. CONSTRUCTION Value of new construction put in place during increased slightly less than seasonally from the record total. The Departments of Commerce Labor now anticipate that construction volume in 5 will be per cent larger than. Value of contracts awarded in increased slightly as gains in nonresidential awards more than offset a further small decline in residential contracts. The number of private housing units started in was maintained at a seasonally adjusted annual rate of around. million units. EMPLOYMENT Seasonally adjusted employment at nonagricultural establishments increased about 00,000 further in to 9. million, reflecting moderate gains in manufacturing nonmanufacturing industries. Unemployment at.7 million was up 00,000 from less than the usual seasonal rise. AGRICULTURE Growing conditions in were unusually favorable for crop pasture development. crop production this year was officially forecast as of to be per cent higher than last year, reflecting mainly a much larger crop of corn. With output of most other feeds expected to remain large, total feed supplies, including the large carryover, may exceed last year's record volume by 0 per cent or more. Smaller harvests of wheat cot- FEDERAL RESERVE BULLETIN

23 NATIONAL SUMMARY OF BUSINESS CONDITIONS ton were indicated, reflecting the influence of Federal acreage curtailments under the price support programs. DISTRIBUTION retail sales in, after allowance for seasonal factors, were unchanged from about per cent above a year ago. New auto sales were only slightly below their record level of the preceding three months, like used car sales which rose further, were more than one-fifth above their year-ago peaks. Seasonally adjusted sales at department stores in early remained near their advanced rate. Dealers' stocks of new as well as used autos declined in. COMMODITY PRICES Wholesale prices of industrial materials continued upward from mid- to mid-. Steel mill products were raised about.5 per cent in early following agreement on a substantial increase in wage rates. Prices of metal scrap, building materials, paper, rubber, some other materials also advanced. While prices of some types of producers' equipment of furniture were increased, MONEY RATES eenf per annu prices of most finished industrial products remained stable. In agricultural markets prices declined, reflecting decreases in hogs pork, which had risen sharply by mid-, reductions, mainly seasonal, in winter wheat vegetables. BANK CREDIT AND RESERVES loans investments at city banks changed little between early early as loan expansion was about offset by sales of U. S. Government securities. The increase in outsting business loans was especially sharp but real estate consumer loans also continued to exp. All business groups with the exception of commodity dealers food processors increased their borrowing from banks in, in part to meet quarterly tax payments. In early business loans declined somewhat. Free reserves of member banks averaged around 75 million dollars during, slightly below the level. In early reserve positions became somewhat tighter due largely to substantial currency outflows around the Independence Day holiday to Treasury operations. In late early about 00 million dollars of reserves were supplied through Federal Reserve purchases of Treasury bills. Figures except for Federal Reserve discount rate are monthlyaverage market yields. Corporate Aaa bonds, Moody's Investors Service; U. S. Government long-term (excludes l A per cent bonds issued, ), U. S. Treasury Department Federal Reserve; municipal high-grade bonds, Stard Poor's Corporation; Treasury bills, Federal Reserve. Latest figures shown are for. SECURITY MARKETS Yields on U. S. Government securities advanced generally from mid- to mid-; for most types yields in mid- were at or near their highs for the year. The Treasury increased by 00 million dollars the size of each of the first three weekly bill offerings during, sold about billion dollars of % per cent tax anticipation certificates due March,, reopened the per cent bond of 5 for subscriptions of 750 million dollars. Yields on State local government bonds increased sharply during the last half of early, while yields on corporate bonds were stable. Common stock prices rose sharply to new highs in the first part of but subsequently declined somewhat. JULY 5 7

24 FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, related items 75-7 Federal Reserve Bank rates; margin requirements; reserve requirements 7-77 Reserves deposits of member banks 78 Federal Reserve Bank statistics Regulation V: guaranteed loans, fees, rates Bank debits deposit turnover; Postal Savings System.. 77 Money in circulation 77 Consolidated statement of the monetary system; deposits currency 77 All banks in the United States, by classes All commercial banks in the United States, by classes Weekly reporting member banks Commercial paper bankers' acceptances 78 Life insurance companies; savings loan associations.. 78 Government corporations credit agencies Security prices brokers' balances 78 Money market rates; bank rates on business loans; bond stock yields 787 Treasury finance New security issues.. 79 Business finance 7-7 Real estate credit statistics 7-7 Statistics on short- intermediate-term consumer credit Business indexes 80-8 Merchise exports imports.. 8 Department store statistics 8-87 Consumer wholesale prices Gross national product, national income, personal income Index to Statistical Tables List of tables published in BULLETIN annually or semiannually, with references for latest data 759 Tables on the following pages include the principal statistics of current significance relating to financial business developments in the United States. The data relating to Federal Reserve Banks, member banks of the Federal Reserve System, department store trade, the consumer credit estimates are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, operations of Government credit agencies are obtained from statements of the Treasury; the remaining financial data other series on business activity are obtained largely from other sources. Back figures through 9 for banking monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking Monetary Statistics; back figures for many other tables may be obtained from earlier BULLETINS. JULY 5 7

25 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Wednesday figures, 99-0, weekly averages of daily figures, - Billions of dollars MEMBER BANK RESERVE BALANCES 0 5 EXCESS RESERVES 0 MONEY IN CIRCULATION 5 0 TREASURY CASH AND DEPOSITS ^ ^ ^ ^ FEDERAL RESERVE CREDIT NONMEMBER DEPOSITS 0 U.S. GOVERNMENT SECURITIES: 5 0 HELD UNDER REPURCHASE AGREEMENTS -m ' <<*-> A - DISCOUNTS AND ADVANCES FEDERAL RESERVE FLOAT Latest averages shown are for week ending 7. See p FEDERAL RESERVE BULLETIN

26 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Period Averages of daily figures Week ending: Aug. Aug. Aug. 8 Aug. 5 Sept. Sept Sept Sept. '. '.. '. Sept. 9'. '. '. '. Oct. Oct. Oct. 0 Oct Nov. Nov Nov. 7. Nov.. '. '. '. Dec. Dec. 8 Dec. 5 Dec. Dec. 9 5 Jan. 5 Jan. Jan. 9 Jan. Feb.... Feb. 9 Feb. Feb. Mar. Mar. 9 Mar. Mar. Mar Apr..... Apr. Apr. 0 Apr \.[. Monthly: Aug... Sept... Oct... Nov... Dec... 5-Jan... Feb... Mar... Apr Reserve Bank credit outsting U.S. Govt. securities,,5,59,9,8,0,5 5,08 5, 5,08,9,75,57,5,00,0,8,,0,05,789,88,9,0,87,8,,75,85,55,7,89,,98,,,5,55,8,85,0,8,7,0,0,0,,0,,8,0,0,,89,87,5,0,8,588,55,55,9,77,9,9,85,,,00,88,9,,,5 Bought outright,,,0,9,8,0,5,,0 5,08,9,75,57,5,0,87,77,85,7,05,789,88,9,58,5,8,8,75,85,55,75,889,888,888,888,87,5,8,7,8,,87,7,0,0,0,0,0,0,0,0,0,,,,5,00,8,588,55,55,0,7,,98,7,5,888,8,787,0,0,7,5 Held under repurchase agreement Discounts advances Float ,0 7 80,7, , , , All other i ( 8 ) , 5,79 5,5 5,5 5, 5,80 5,7, 5, 5,89 5,9 5,7 5,77 5,5,,9,,,759,,8,87 5,8 5,5 5, 5,0 5, 5, 5,8 5,0 5,,080,7,,,7 5,79 5,8,9 5,0 5,,,9,89,87,809 5,7 5,08, 5,59 5,75 5,0,,9,8,8 5,00 5,0, 5,055,85 5,87 5,57,855,88 5,59 5,77,7 5,9 5,0,9 5,0,9,8 Gold stock,9,0,,,,9,,,,,99,9,9,8,,858,858,87,809,809,80,80,80,80,788,759,759,75,9,9,,,7,7,7,7,7,7,7,7,75,75,7,7,77,77,78,79,79,9,,7,7,7,7,7,7,75,7,7,77,,,87,809,787,7,7,7,75,78,80,7,7 Treasury currency outsting,0,,5,7,8,8,7,5,,9,8,8,9,0,9,0,,,5,7,7,8,,,,,,7,8,0,,,,,,,,5,5,8,8,9,0,5,5,5,5,7,7,,7,9,9,9,9,9 5,00 5,00 5,00 5,00 5,00,,9,0,7,,9,,5,0,,7,9 5,00 Money in circulation 9,78 9,80 9,79 9,7 9,87 9,98 9,8 9,79 9,8 0,0 0,0 9,9 9,85 9,8 9,9 9, 9,850 9,887 0,0 0,07 9,9 9,888 0,00 0, 0,5 0,08 0,088 0,0 0, 0,8 0, 0, 0,755 0,885 0,88 0,50 0, 0,079 9,8 9,77 9,79 9,78 9,77 9,7 9,89 9,8 9,79 9,7 9,8 9, 9,79 9,8 9,77 9,859 9,877 9,8 9, 0,059 0,058 0,05 0,0 9,85 9,8 9,8 9, 0,078 0,87 0,79 0,0 9,78 9,7 9, ,09 Treasury cash holdings Deposits, other than member bank reserve balances, with F. R. Banks Treasury deposits , , Foreign deposits deposits Federal Reserve accounts Member ba reserve bala 9, 9,8 9,50 9, 9,555 9,805 9, ,88 9,77 9, 9, 9,0 8, 8,58 8,55 8,5 8, 8,C 8,7 8,5 8,50 8,75 8,8 9, 8,8 8,80 9, 9,0 9,05 9,05 9, 9, 9,5 9,50 9, 9,0 9,7 9,07 8, 9,000 8,80 8,7 8, 8,5 8,779 8,80 8,08 8, 8,88 8,8 8,877 8,59 8, 8,85 8,7 8, 8,8 8,78 8,9 8,5 9, 9, 8,78 8,0 8,89 9,07 9,79 9, 8,89 8,5 8,800 8,7 8,75 Required 8,79 8,8 8,785 8,9 8,9 8,885 9,0 8,8 8,9 8,9 8,0 8,5 8,7 7, 7,88 7, 7,7 7,0 7,55 7,59 7,9 7, 7,89 8,0 8,9 8, 8, 8, 8, 8,5 8, 8, 8,555 8, 8,0 8,580 8, 8,8 8,9 8, 8,7 8, 8,08 8,089 8,08 8,9 8, 7, 8,055 8, 8,5 8,0 8,0 8,7 8,07 8,9 8,0 8,0 8,0 P8, ^8, 8,8 8,9 7,8 7,8 8,7 8,9 8,57 8, 8, 8,050 8,0 8, nk nces Excess , *>0 P P Preliminary. For footnotes see following page. JULY 5 75

27 MEMBER BANK RESERVES, REVERVE BANK CREDIT, AND RELATED ITEMS Continued [In millions of dollars] Date or period Reserve Bank credit < outsting U. S. Govt. securities Bought outright >HekI under repurchase agreement Discounts advances Float Gold stock All other! Treasury cur-. rency outsting Deposits, other than member bank reserve balances with F. R. Banks Money in circulation Treasury cash holdings Treasury deposits Foreign deposits deposits Member bank reserve balances Fed- -eral Reserve accounts Required Excess Midyear or year-end: Dec. 9 Dec. Dec. Dec. 99 Dec. 0 Dec. -Dec. Dec.. Dec. End of month: Aug Sept Oct Nov Dec 5 Jan Feb Mar Apr... Wednesday 5 Apr.... Apr. Apr. 0 Apr ,9,8,5,,559 8,885 0,778,80,,7 5, 5,07 5,07,5,5,0,89,,,8,8,888,888,9,888,885,05,,,,07,,,0,0,78,758,,5,9,5,55,55,55 8,9,8,5,,559 8,885 0,75,05,0,78 5,8,88,05,0,0,,55,0,0,0,0,,, ^5,9,5,55,5,55 8 ""' ' , ,8, ,00,0,59, 5,09,77 0,05,8,75 9,,7,, 5,009, 5,85,87 5,,,880,00 5, 5,8, 5,8 5,0 5,9 5,885,0,7,9 9,789,79,7, 9,87,7,79,9 9,800 8,8,7,9 9,79 5,780,7 5,00 0,009,0?,77 P5,00 ^0, 5,0,7,,857 5,5,779,,75 5,00,7 5,79,8 5,00,07,0 7,,,8,809,80,759,,7,79,,,7,7,7,7,7,7,75,7,77,77,09,8,,7,9,5,5,9 9,9,0 9,89, 9,99, 9,5,7 0,07, 0,500,5 0,509,7,7,7,9 5,000 9,78,9 9,8,9 9,8,9 9,789 5,00 5,00 5,00 5,00 5,000,59 5, 7,5,0 8,55 8,88 7,00, 7,7,9 9,0,8 0,,85 0,5,89 0,78 9,0 9,8 9,7 9,57 0,0 0,0 0,0 9, 0,8 0,09,5,87,,,9,,7.0, P ,0 8 8, 8, 9 8,7 88 8, ,5 7 8, ,79 9 8,8 8 8,80 8 8,5 9 9, 8,77 8,879 8, 0,5,9,5,50 5, 7,8,58 7,8 0,05 9,0 9,5 0,0 8, 8,5 8,8 8, 8, 8,0 8,5 8,8 9,087 9,09 8,5,,87, 9,5,57,00 5,550,509 9,7 0,50 9,59 9, 8, 7,7 7,57 7,7 8,5 8,7 8,8 8,7 8,09 7,87 8, 8,09 ^8, 8,00 8,0 8,58 8,80 8, 8,7 8,0 8,5 8,00 8,07 8,9 P8,8 P8,5 P Preliminary. includes industrial loans acceptances, which are shown separately in subsequent tables. These figures are estimated. Less than $500,000. Back figures. See Banking Monetary Statistics, Tables 0-0, pp. 9-9; for description, see pp. 0- in the same publication." 75 5,09,085,58,,08, p P7 P0 MAXIMUM RATES ON TIME DEPOSITS [Per cent per annum] Savings deposits Postal Savings deposits deposits payable: In months or more [n days to months In less than days... Nov., 9- Feb., - Effective Jan., Dec, Jan., NOTE. Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank may not in any event exceed the maximum rate payable by State banks or trust companies on like deposits under the laws of the State in which the member bank is located. Maximum rates that may be paid by insured nonmember banks as established by the F.D.I.C., effective Feb,, are the same as those in effect for member banks. MARGIN REQUIREMENTS ' [Per cent of market value] Prescribed in accordance with Securities Exchange Act of 9 Regulation T: For extensions of credit by brokers dealers on listed securities For short sales Regulation U: For loans by banks on stocks Feb. 0, - Jan., Jan., 5- Apr., Effective Apr., 5 Regulations T U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a onp.-ifio^ percentage of its market "'^ io ** «-^ tim* nf ovfano^n- +v,«on those dates. Backfigures. SeeBanking Monetary Statistics, Table 5, p. 50 Annual Report for 98, p. 77,. p FEDERAL RESERVE BULLETIN

28 Federal Reserve Bank FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for advances to member banks Advances secured by Government obligations discounts of advances secured, by eligible paper (Sees. arid a) secured advances [Sec. 0(b)] Advances to individuals, partnerships, or corporations other than member banks secured by direct obligations of the U. S. (last par. Sec. ) Rate on 0 In effect beginning- Previous rate Rate on 0 In effect beginning Previous rate Rate on 0 In effect beginning Previous rate Boston New York..., Philadelphia.. Clevel Richmond..., Atlanta Chicago St Louis Minneapolis.. Kansas City.. Dallas San Francisco Apr. 5, 5 Apr. 5, 5 Apr.,5 Apr. 5, 5 Apr. 5.5, 5 Apr. ; 5 Apr. 5,5 Apr. 5,5 Apr..5 Apr. 5, 5 Apr., 5 Apr. 5, 5 Apr. 5, 5 Apr., 5 Apr. 5, 5 Apr. 5, 5, 5 Apr., 5 Apr. 5, 5 Apr. 5, 5 Feb.. Apr. 5, 5 Apr., 5 I* I* Apr. 5, 5 Jan., Apr., 5 Aug. 7, Jan., Feb. 9, Apr., 5 8, Jan., Apr., 5 Apr. 5, 5 Jan. 0, Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within months. NOTE. Maximum maturities. Discounts for advances to member banks: days for discounts advances under Sections a of the Federal Reserve Act except that discounts of certain banke rs' acceptances of agricultural paper may have maturities not exceeding months 9 months, respectively, advances secured by ob ligations of Federal intermediate credit banks maturing within months are limited to maximum maturities of 5 days; months for advances under Section 0(b). Advances to individuals, partnerships, or corporations under the last paragraph of Section : days. Back figures. See Banking Monetary Statistics, Tables 5-, pp. 9-. FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS AND COMMITMENT'S UNDER SECTION b OF THE FEDERAL RESERVE ACT Maturities not exceeding five years [In effect 0. Per cent per annum] To industrial or commercial businesses To financing institutions MEMBER BANK RESERVE REQUIREMENTS [Per cent of deposits] Effective date of change Central reserve city banks Net dem deposits Reserve city banks Country banks Time deposits (all member banks) Reserve Bank Boston New York.... Philadelphia. Clevel... Richmond... Atlanta Chicago St. Louis Minneapolis.. Kansas City.. Dallas San Francisco. On loans -5 H -5^ > K M-5 On commitments X-Ui On discounts or purchases Portion for which institution is obligated Remaining portion On commitments Including loans made in paticipation with financing institutions. Rate charged borrower less commitment rate. Rate charged borrower. Rate charged borrower but not to exceed per cent above the discount rate. Charge of ^ per cent per annum is made on undisbursed portion ofloan. Charge of y± per cent per annum is made on undisbursed portion of loan. Back figures. See Banking Monetary Statistics, Table 8, pp. -7. Aug. Mar. Apr. 9 Nov. 9 Aug. 0 Sept. Oct. 98 Feb 7 Sept. Sept. 99 M ay 5 0 Aug. Aug. Aug. Aug Aug. 5 Sept. Tan. Jan Jan. 5 Feb. 9 9 Aug. In effect, 5.. M % 0 9? ^ ^ J M 5 ' "u' 5K 5 7^ Dem deposits subject to reserve requirements, which beginning Aug.,, have been total dem deposits minus cash items in process of collection dem balances due from domestic banks (also minus war loan series E bond accounts during the period Apr., 9-0, ). Requirement became effective at country banks. Requirement became effective at central reserve reserve city banks. Present legal minimum maximum requirements on net dem deposits central reserve cities, per cent; reserve cities, 0 0 per per cent; country, 7 per cent, respectively; on time deposits at all member banks, per cent, respectively. JULY 5 77

29 MEMBER BANK RESERVES AND BORROWINGS [Averages of daily figures. In millions of dollars] Month, or week ending Wednesday All member banks Central reserve city banks New York Chicago Reserve city banks Country banks Month, or week ending Wednesday All member banks Central reserve city banks New York Chicago Reserve city banks Country banks reserves held March 5 March Required reserves: March 5 March ,57 9,9 9, ,800 8,7 8,85 8,7 8, 8,8 8,78 8,9 8,5 8,88 8,7 8,87 8,050 8,0 8, 8,07 8,9 8,0 8,0 8,0?8, P8.,75,9,78,9,5,07,7,0,8,,,,87,87,7,,7,,8,77,,9,5,,,78,7.,55,,,9,5.8,8,0,8, -,,59,0,57,,,8,,9,9,8,0,5,9 7,77 7,79 7,785 7, 7,77 7,7 7, ,7 7,5 7, 7,7 7,0 7,8 7,59 7, 7, ,9 7,8 7,55 7,5 7,55 7,05 7,9 7,5 5,85 5, 5,75 5, ,5 5, , s 5,505 5,57 5, 5, 5,5 5, 5,9,,,5,9 5,000,0 5,0 5,08 P5.09 P5,009 Excess reserves: March 5 March Borrowings at Federal Reserve Banks: March March * M P05 P P Preliminary. Weekly figures of required excess reserves of all member banks of country banks are estimates. See table on preceding page for changes in reserve requirements. Backfigures. SeeBanking Monetary Statistics, pp. -, BULLETIN for February 5, pp. 0-. DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures. In millions of dollars] Item All member banks Central reserve city banks New York Chicago Reserve city banks Country banks All member banks Central reserve city banks New York Chicago Reserve city banks Country banks 5 Gross dem deposits: Interbank Net dem deposits Time deposits Dem balances due from domestic banks.,7,08 00,5, 9,77,0,5, 9,5,07,8 8,05,5, 5,,0 0,7 5,7 8,80 8,07,05,5 9,05, 7,8, 9,0,0 07,088,9 9,79 9,00 7,7,0,879, 8,7 0,8, 5,00,89,8 5,,,09 5, 5,7 5,0,9,0,8,5 5,77,5 8,9,5 Reserves with Federal Reserve Banks: Required. Excess 8,7 8, 580,07,8,9,8 7,7 7,9 85 5,5,5 9,5 8,87 7,78, 5 7,55,57-7,785 7, 5,75 5,9 50 Borrowings at Federal Reserve Banks * i Averages of daily closingfiguresfor reserves borrowings of daily openingfiguresfor other items, inasmuch as reserves required are based on deposits at opening of business. Dem deposits subject to reserve requirements, i. e., gross dem deposits minus cash items reported as in process of collection dem balances due from domestic banks. See table on preceding page for changes in reserve requirements. 78 FEDERAL RESERVE BULLETIN

30 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thouss of dollars] Item Wednesday figures End of month 5 Assets Gold certificates Redemption fund for F. R. notes.. gold certificate reserves. F. R. notes of other Banks cash Discounts advances: For member banks For nonmember banks, etc Industrial loans Acceptances: Bought outright Held under repurchase agreement. U. S. Government securities: Bought outright: Bills Certificates: Special Notes Bonds bought outright Held under repurchase agreement. U. S. Government securities. loans securities Due from foreign banks. Uncollected cash items.. Bank premises assets 0,5,00 87,57 0,5,0 0,50,0 89,8 8,9 0,5,0 85,788 0,,0 0,5,0 0,,0 0 77,0 85,75 87,57 8,75 8,0 0,,7 0,5,58 0,,9 0,0,89 0,7,855 0,,8 0,7,85,8,507 7,087,850 8,8 5, 7,8 0, 7, 9, 5, 550,9 88,7 0,08 7,00,7 55,9 79,57 9,7,800,7 80 5,89,9, 500,77,7, 7,778 8, 7,59 5, 0 5,98,,080 9,,7,0,8 58,5,75 5,000, 8,50 8,50 8,50 89,50,50 8,50,0,,075 8,7, 775,5, 87,80, 750 8,7,775,5,87,80,750 8,7,775,5,87,80,750 8,7,775,5,87,80,750 8,7,775,5,87,80,750 8,7,775,5,87,80,750,7,775,5,79,5,87,09,0,80,750,09,550,55,8,55,8,55,8,,8,9,8,55,8,, 5,07,7 5,500,55,8,55,8,55,8,,8,9,8,07,,, 5,07,7,9,77,,5,07,5,0,5,7,5,75,,7,8 5,075,,9 9 57, 9, 5,079,8 5,9,0 5,, 5, 7,,80,77 5,7,08,9,0 5,57,,09,77 57,0,85,5,58 5,7,,7,85 5,55 9,9 assets. 50,,5 50,778,7 5,57, 9,559, 9,9,8 9,5, 9,05,5 50,759, Liabilities Federal Reserve notes Deposits: Member bank reserve accounts.. U. S. Treasurer general account. Foreign 5,780,7 5,7,5 5,,0 5,9,7 5,,807 5,87,00 5,55, 5,588, 8, ,09,5, 8,07 5, 9,08,79 58,9 0,05, 8,8,78 89,5 0,57 9,7 8,5 5, 8,05,7 80,7 7,07 8,9 8,0,87 9, 0,7,5 9 0, 87,88 55,07 7,5 deposits. 9,75,00 9,79,80 0,09, 9,57,0 9,8,0 9,8,5 9,8,77 0,807,79 Deferred availability cash items liabilities accrued dividends. liabilities. Capital Accounts Capital paid in Surplus (Section 7) Surplus (Section b) capital accounts,8, 0,,,5 0,505,7, 9,79,,9 9,5,5 8,59,87,8,80, 8,759,9,8,0 9,8,9 9,,0 50,, 8,8,0 8,8,5 8,507,78 8,9,50 9,8,85 9, 0, 7,5 7, 9,0 0, 7,5 8,857 9,08 0, 7,5,0 9,5 0, 7,5 59,55 9,89 0, 7,5 5,5,79 0, 7,5 7, 9,9 0, 7,5 5,80 7, 5,0 7,5,87 liabilities capital accounts. 50,,5 50,778,7 5,57, 9,559, 9,9,8 9,5, 9,05,5 50,759, Ratio of gold certificate reserves to deposit F. R. note liabilities combined (per cent)... Contingent liability on acceptances purchased for foreign correspondents Industrial loan commitments.,0,59.,8, ,79,555.,87,8,, Maturity Distribution of Loans U. S. Government Securities,,5.,0,09 5.8,509, Discounts advance; -total. Within 5 days days to days 9 days to year Industrial loans total Within 5 days days to days. 9 days to year Over year to 5 years Acceptances total Within 5 days days to days 9 days to year U. S. Government securities total. Within 5 days days to days 9 days to year Over year to 5 years Over 5 years to 0 years Over 0 years 7,,59 5,, ,8 5, 0,787 9,,00,, ,9 5, 9,0 8,77 778,59,79, ,9,7 9, 55,8,55,8,55 8,0 57,9 8,0,7, 7, 75, 0,75, 0,75 77,9 0,,857,77,9,0,,,857,77,,0,,, ,7, 8,089, ,89,5,,,8 7,850,75, 0,75,,77,9,0,,,857 57,0 87, 5,8, ,,7 0,9 7,9 8,8,0, ,98,05, 9,8,07, 0,800,500,9,508,9 75, 0,75, 77,9,77,9 0,,0,,857,,857 0,09 8,99 5,8, ,0,9 9,5,, 50,00,5,9 0,75,,77,9,0,,,857,75,8,7 ',,0 5,07,7,50,8,850,,7,07,0,05,0,,857 Acceptances securities held under repurchase agreement are classified as maturing within 5 days in accordance with maximum maturity of the agreements. JULY 5 79

31 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JUNE 0, 5 [In thouss of dollars] Item Boston New York Atlanta Chicago St. Louis Philadelphia Clevel Richmond Minneapolis Kansas City Dallas San Francisco Assets Gold certificates. Redemption fund forf. R. notes. gold certificate reserves.. F. R. notes of other Banks... cash, Discounts advances: Secured by U. S. Govt. securities.... Industrial loans. Acceptances: Bought outright... Held under repurchase agreement.. U. S. Government securities: Bought outright.... Held under repurchase agreement.. loans securities Due from foreign batiks : Uncollected cash items Bank premises... assets assets Liabilities F. R. notes Deposits: Member bk. reserve accts. IT S Trea<? gen. acct.... Foreign deposits... 9,8,5 Deferred availability cash items,59,87 accrued dividends liabilities.. 8,507,78,0,8,7,0,,,,78,8,50,,8 8,8,805,,7,00,0,07,,89, 5,,7 Capital Accounts Capital paid in.. Surplus (Sec. 7).. Surplus (Sec. b) capital accounts liabilities capital accounts Reserve ratio Contingent liability on acceptances purchased for forspondents Industrial loan commitments.. 0,5,0 87,57 7,778 8, 7,5 5,0 0 5,98 5,500,09,77 57,0,85 9,5,,7,75,0,879,08,,,9,0,7,,7 8,5,0,000,,00,0,0,05,,5 5,5,7 8,05,7 80, 7,07 8,9,8,79 0, 7,5 7, 9,5,,7,75,0,879,08,,,9,0,7,,7 8,5,0,000,,00,0,0,05,,5 5,5,7.5%,,57,07 50,87,7,88,0,00, 5,7 7,5 7,07. 5,0, 7, 79, 78 5, 0,09,0 0,.5%,57 5,87,5,8,88,,5,0,879 7,50 0,,8,0,75,09,0,7,,78,77,,80 7,87 5,7,75 5,57 5,98,55,8,00,7 5,,08,,5,0,85,87,9,5,80,08, 5,500,75,,07,,087,80,7,0,05,,,8,9,09,0,0 8,5 7,0, 5,87,00,59,7 5,8,,808,0,7,5,85,85,0, 5,0,07,,00 5,5,8 7, 0, 7,59,07,9 5,07, 88,80 88,0 7,9 0, 9.8% 7,0 55,7 8,85 7,505 9,00, ,09 5,8 8,5 88,58,,5 7 7,5 9,750,59,8,8 07,57 0 9,5 7,77,89,9.7%,9 09 7,89 8, 0,05,5,85 50,58 5,, 58,85 5,5 0,5,50 8,0 0,,00 5, 5.9%,8 7 8,0 9,8, 7,58,7,,557 8,07 7,07 5 8,00, ,9 508,05,80,9,07 5.8%,0 After deducting $,000 participations of other Federal Reserve Banks. After deducting $,7,000 participations of other Federal Reserve Banks. 8 After deducting $8,550,000 participations of other Federal Reserve Banks. 7,0,,9 5,5 7,55,9,85 50,57,075,9 0,,9 7,8 78,,78,8 5 5,,07 80,5,8,5 9,8 5,0 9,80 7 9, 7.8%,7 9,79 5,99 57,85,5 7,7 7,87,8 5,8 5 5, ,5,5 9,,5,9,.%,8 777,77 5,9 8,79 7,09 0,8 00,07 7, 9, 0,9,805,7,88 59, 7,85 5,878 7, ,,9 5 8,9 5.% 5 0,9,75,0 5, 9,88 0,5, 8 5,779,0,55 58,8,08,,,,08 559,809,09,07 5, ,00, 7,87 9,08,,,07 5,89.8% 55 87, 0,80 858,7 5,5,9,9,07 9,7,,07 88, 59,,8 888,0 5,8 9,59,755,7 8,.8%,0 7,9,,0 7,879 75,8,9,08 9,0 7,7,000,57 9,,580,7 99,07,585,7 5,8,55,7,,0,0 7,0,8,5 5 7,8,7,,5,9 0,8 55 5,78 9,5,07 7,80.%, 77, 7,57,7 5,9 80,5 9,7,0,557 8,,88 8,89 9,85,7,0 7, 8.%, 7 FEDERAL RESERVE BULLETIN

32 FEDERAL RESERVE NOTES FEDERAL RESERVE AGENTS' ACCOUNTS FEDERAL RESERVE BANKS COMBINED [In thouss of dollars] Wednesday figures 5 End of month F. R. notes outsting (issued to Bank) Collateral held against notes outsting: Gold certificates Eligible paper U. S. Government securities.. collateral 07, ,55 5,89,,9,0,,5,5,75 08,000 9, , ,08 7, , 7,055,000,08,000,0 7,055,000,08,000,0,000,5,7 7,055,000,, , , 87 8,05 8,7, 8,07,0 8,7,5 8,00,7 EACH FEDERAL RESERVE BANK ON JUNE 0, 5 [In thouss of dollars] Item Boston New York Philadelphia Clevel Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Fran-,9,0,8,5 5,8,87,8,89,8,0,9,,,59 5,0,,0,55 5,,05,785 75,,7,9,08,000,0 0,000,, ,000,050,000,0 9,00 75,000 7,58 500,000,00,000 55, ,000 0,5 7,055,000,00,000,00,000,00,000,500,000,00,000,000,000,0,000, ,000 80,000 8,000,9,80, ,000 55,000,0,000 collateral... 8,07,0,8,0,,000,009,00,550,000,,58,500,000 5,00,000,5,00 85,5,09,9 808,000,000,000 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS [Amounts in thouss of dollars] End of year or month August... September. October.... November. December.. 5 January... February.. March Applications approved to date.5,5,57,07,9,,7,75,75,77,78,78,78,79,79,7,77,77,77,775,775,775 Amount 5, 55,9 58,7 5,5 9, 5,89,9 7,9 80,9 80,779 8, 8,5 8,75 85,9 8,58 87,05 88, 8,07 8,0 8, 8,59 8,75 F. R. notes outsting (issued to Bank) Collateral held: Gold certificates Eligible paper.. U. S. Govt. securities Number Approved but not completed i (amount) 0, ,89,5,8, Loans outsting (amount),5 55,87 5,78,,87,9,0,,7, Commitments outsting (amount), 8,09 7,,,88,75,0,0,59,7,,5,79,9,8,8,8,5,7,59,89,0 Participations of financing institutions outsting (amount),08,,89,0,,75,5,89,9,89,855,8,77,559,,0,07,50,,5,57,58 Includes applications approved conditionally by the Federal Reserve Banks under consideration by applicant. Includes industrial loans past due months or more, which are not included in industrial loans outsting in weekly statement of condition of Federal Reserve Banks. Not covered by Federal Reserve Bank commitment to purchase or discount. NOTE. The difference between amount of applications approved the sum of the following four columns represents repayments of advances, applications for loans commitments withdrawn or expired. LOANS GUARANTEED THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V, PURSUANT TO DEFENSE PRODUCTION ACT OF 0 [Amounts in thouss of dollars] End of year or month 0 August.... September. October... November. December. 5 January... February.. March... Guaranteed loans authorized to date Number 85,59,9,,,,50,55,57,,7,,75,80,8,88 Amount,,,,,,58,87,08,,0,,,0,57,89,77,,78,,8,9,,,50,79,50,9,5,89,5,8,50,59 Guaranteed loans outsting amount 8,07 75,59 9,8 80,8, 0, 0, ,859 5, 57,07 50,8 7, 5,09 7,85,8 5,9,87 Portion guaranteed,5 5,5 80,,05 55,78 5, 50,,089 55,8,7,88 7,9 7,008,77,9 0,557,5 Additional amount available to borrowers under guarantee agreements outsting 8, 7,87 58,0,7 0,08,5,9 00,7,805 8,50,7 7,,59,8 5,80 55,8 7,8 NOTE. The difference between guaranteed loans authorized sum of loans outsting additional amounts available to borrowers under guarantee agreements outsting represents amounts repaid, guarantees authorized but not completed, authorizations expired or withdrawn. JULY 5 77

33 FEES AND RATES ESTABLISHED UNDER REGULATION V ON LOANS GUARANTEED PURSUANT TO DEFENSE PRODUCTION ACT OF 0 [In effect 0] Fees Payable to Guaranteeing Agency by Financing Institution on Guaranteed Portion of Loan or less Over Percentage of loan guaranteed Guarantee fee (percentage of interest payable by borrower) Percentage of any commitment fee charged borrower Maximum Rates Financing Institution Charge Borrower [Per cent per annum] Interest rate Commitment rate. End of month December December December 98 December December 0 December December December December February.... Miarch... August September... October November December.... IS^Larch POSTAL SAVINGS SYSTEM [In millions of dollars] Depositors' balances,9,8,7,0,88,9,5,57,59,,09,,7,5,0,08,89,7,5, P,5 P 09 P 07 P 05 P,09,0,87,55,9,,05,85,7,558,505,,,,,79,0,9,0,87,9 Cash in depository banks Assets 77 8 U. S. Government securities,87,8,08,,8,88,,55,89,,,78,5,0,0,,7,5,, Cash funds etc P Preliminary. Outsting principal, represented by certificates of deposit. Includes reserve miscellaneous working funds with Treasurer of United States, working cash with postmasters, accrued interest on bond investments, miscellaneous receivables. Back figures. See Banking Monetary Statistics, p. 59; for description, see p. 508 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Year or month Debits to dem deposit accounts, except interbank U. S. Government accounts, all reporting centers New York City other centers 7 other reporting centers Annual rate of turnover of dem deposits except interbank U. S. Government deposits Without seasonal adjustment New York City other centers x 7 other reporting centers Seasonally adjusted New York City other centers 7 other reporting centers August September October... November December. 5 January... February.. March 88,5 9,,07,08,0,,7,7,0,9,80,,5,55,,85,759,09,887, 5,759 9,8,50 5,88 5,50 9,8 5, 5,8 8,7,88 9,78 78, 58,89 7, 77,8 7, 8, 0,7,,, 509,0 5,7 5,85,80 78, 0,79 59,55,5,55 58, 5,7 58,79 58,787 7,87, 57,09 7, 57,, 7, 9,75 00,0 8,77,79,9 0,8,5,885 9, 85,8,0,5,59,785,55,5 0,9 0,,0 8,7,5,5 9,8,9,5 7,59,0,50 9,87 58,57 5,8,7 57,08,0,, 758,75,8 59,8,75,7,,,8 5,8 7,8 7,5,05 7,77, 8,98 7, P P P P0.8 ppreliminary. Boston, Philadelphia, Chicago, Detroit, San Francisco, Los Angeles. 8 centers prior to 5; the decrease resulted from the combination of two cities for which separate figures are no longer available because of centralized accounting. These data are compiled by the Federal Reserve Bank of New York. NOTE. For description of earlier series, see Banking Monetary Statistics, pp. 0-; for description of revision in 9 see BULLETIN for August 9, p. 77; for description of revision in covering the period beginning 9, see BULLETIN for, pp FEDERAL RESERVE BULLETIN

34 UNITED STATES MONEY IN CIRCULATION BY DENOMINATIONS [Outside Treasury Federal Reserve Banks. In millions of dollars] End of year or month in circulation Coin small denomination currency Coin $ $0 $0 Large denomination currency $50 $00 $500 $,000 $5,000 $0,000 Unassorted August September... October November... December... 5 January February... March,5,7,0,0,9 07,55,,88, 00,7,0,,78 9,8 9,9 9,89 9,99 9,5 0,07 0,500 0,509 9,789 9,87 9,800 9,79 0,009 5,55,7 8,0,57,87 7,580 0,8 0,7 0,00 9,59 9,05 9,05 0,50,50, 0, 0,9 0,,05,05,8,7,7 0,777 0,85 0,85 0,85, ,09,5,7,,0,,8,55,5,750,8,787,7,79,80,8,89,8,8,808,80,8,8, ,09,09,08,09,0,,8,8,9,8,8,7,8,00,,,5,9,,,0, ,09,9,55,9,,50,,7,0,07,00,09,0,,9,0,0,0,0,0,09,09,0,07,00,0,00,05,77,0,7,05 5,9 5,,78,,75,00 5,8 5,9,9,5,55,75,77,,,78,00,5,50,7,,,09,9,57,800,55,0 5,5 7, 9,0 9,0 9,9 8,8 8,5 8,59 9,77 9, 9,89 9, 9,55 9,5 9,578 9,5 9,58 9,7 9,5 9,5 9,8 9, 9,5 9,50,08,89,0,87 5,580 7, 7,8 8,58 8,850 8, 8,578 8,8 8,78 8,5 9, 8, 8,9 8, 8, 8,9 8,8 9,08 9, 9,0 8, 8, 8, ,09,8,,7,9,58,9,5,,5,9,7 I of amounts of coin paper currency shown by denominations less unassorted currency in Treasury Federal Reserve Banks. Includes unassorted currency held in Treasury Federal Reserve Banks currency of unknown denominations reported by the Treasury as destroyed. Paper currency only; $ silver coins reported under coin. Back figures. See Banking Monetary Statistics, Table, pp. 5-.,5,59,5,5,8,50,77, 7 0 7,7,,,,9,5,0,77 5,0 5,07 5,05 5,0 5,07 5,7 5,58 5, 5,57 5,5 5, 5,8 5,5 5,555 5, 5,550 5,57 5,5 5,9 5, UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] outsting,, 5 Money held in the Treasury As security against gold silver certificates Treasury cash For Federal Reserve Banks agents Money held by Federal Reserve Banks agents, 5 Money in circulation Apr. 0, 5, Gold Gold certificates Federal Reserve notes. Treasury currency total Stard silver dollars Silver bullion Silver certificates Treasury notes of 8. Subsidiary silver coin Minor coin United States notes Federal Reserve Bank notes National bank notes, 5 Apr. 0, 5. 7,0 5 5,00 85, f ) 0 ^,0 0 85,7 5, ,7 8,7 8 8,77,8 0, 9, 5 5 9,555,, , ,55,5, , Outside Treasury Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States. s for other end-of-month dates are shown in table above; totals by weeks in table on p. 75. Includes $5,09, held as reserve against United States notes Treasury notes of 8. To avoid duplication, amount of silver dollars bullion held as security against silver certificates Treasury notes of 8 outsting is not included in total Treasury currency outsting. Because some, of the types of money shown are held as collateral or reserves against other types, a gr total of all types has no special significance is not shown. See note for explanation of these duplications. 5 Less than $500,000. NOTE. There are maintained in the Treasury (i) as a reserve for United States notes Treasury notes of 8 $5,09, in gold bullion; (ii) as security for Treasury notes of 8 an equal dollar amount in stard silver dollars (these notes are being canceled retired on receipt); (iii) as security for outsting silver certificates silver in bullion stard silver dollars of a monetary value equal to the face amount of such silver certificates; (iv) as security for gold certificates gold bullion of a value at the legal stard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Each Federal Reserve Bank must maintain a reserve in gold certificates of at least 5 per cent against its Federal Reserve notes in actual circulation. Gold certificates deposited with Federal Reserve agents as collateral, those deposited with the Treasurer of the United States as a redemption fund, are counted as reserve. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes national bank notes are in process of retirement. 0,, ,8 JULY 5 77

35 CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM, AND TREASURY CURRENCY FUNDS -.. [Figures partly estimated except on call dates. In millions of dollars] Gold Loans, net Assets Bank credit U. S. Government obligations Treasury currency outsting Commercial savings banks Federal Reserve Banks securities assets, net liabilities capital, net Liabilities Capital deposits currency Capital misc. accounts, net Dec. 0 9 Dec. Dec. Dec. 0 Dec. 0 Dec. 0 Dec. 0 Dec. 0 8 Aug. 5 Sept. 9 Oct. 7 Nov. Dec. 5 Jan.? Feb. * Mar. 0? Apr. 7^ 5?,07,0 7,,77 0,05,75,,,,87,,00,000,,0,0,800,800,0,7,0,0,0,0,0,09,8,,7,9,5,,9,75,8,85,89 5,000,9 5,000 5,000 5,000 5,000 5,000,5 5,000 5,000 5,000 5,000 5,000 58,,8 5,5,5 7,8 0,8 7,7 8, 8,0 9,8,77,79,800 00,8 00,00 0,500 0,000 07,0 09,0 0,8 09,00 08,00 07,000 09,00 09,00,08,7,57,05 0,87,0 0, 7,5 9,7 75,8 77,07 80,8 80,00 8,0 80,800 80,00 8,00 8,0 8,0 85, 85,00 85,800 87,00 87,0 89,000 5,7 0,8,05 9,09 8,7 07,08,50,808, 00,008,50 00,,00,87 00,000 0,00 0,00 05,00 05,00 0,89 0,00 0,00,0 00,000,00 5, 8, 9,.7 5,5 0,88 8, 7,89 7,,78 7, 8,08 7,0 7,00 7,55 7,00 7,00 7,00 79,000 78,0 77,78 77,800 75,00 7,000 7,00 7,00,9,8,5,,559 0,778,80,,,7 5,,0 5,07,500,0,000,00,00,9,0,0,00,00,500,0,8,87,8,888,,577,57,,09,00,5,00,00,00,00,00,59, ,000,89 9,8 9,0 8,9 8,577 0,7,7 5, 7,00 7,7 7,85 8, 9,00 9,59 9,800 9,0 0,00 0,00 0,00 0,9 0,0,000,00,00 0,0, 8,5 75,7,7 9,785 88,8,009 08,77,080 0,85 7,59,75 5,800 7,5 7,500 9,00 0,800,00,00 7,8,00,0,0 5,0 5,800 55,77,09 8,59 8,8 80,80 75,8 8,85 9,0 9,0 0,0 00,0 09,75 07,00 09,5 09,00 0,500,800 5,00 7,00 8,88 7,500,000,500,0,0 8,9,,8 7,8 0,9,800, 5,7,0,7 7, 7,58 8,00 8, 8,00 8,800 9,000 9,00 9,00 8,80 8,800 8,0 9,00 8,800 9,00 Details of Deposits Currency Foreign bank deposits, net U. S. Government balances Treasury cash holdings At commercial savings banks At F. R. Banks Deposits adjusted currency Time deposits Commercial banks Mutual Postal savi: ings Savings savings banks System. Dem deposits Currency outside banks Seasonally adjusted series 5 dem deposits adjusted currency Dem deposits adjusted Currency outside banks Dec Dec... Dec... Dec... 0 Dec. 0.. Dec Dec Dec Aug. 5.. Sept. 9.. Oct. 7.. Nov... Dec ,7,,,8,58,79,9,50,7,9,00,5,00,00,00,00,00,9 0,09,5,87,,9,,8,, ,8,08,5,9,5, 5,59,9,57 5,00 5,8,0 5,500,00,00,0, ,7 0,88,5 7, 50,79,008 7, 85,9 8, 9,80 9,50 00, 500, , ,00, , , , ,8 8,,5 7,059 7,79 8,5 5, 59,7,50,7 5,7 8,9,75 7,500 7,9 7,0 7,000 7,00 7,800 7,00 75,8 9,557 0,89 5,58 5,88 0,5 5,9, 7,859 9,0 0,,5,59 5,000 5,5,000,00,00,0,00,8 8,5 9, 0,5 0,5 5,85 7,7 0,009 0,887,755,58,589,58 5,00 5,88 5,500 5,00 5,800 5,0 5,0,0 9,8,78,,9,,9,,9,57,59,59,00,5,00,00,00,00,00,,50, 9,79 8, 75,85 87, 9,7, 9,75 0,508,8 0,5,0, 00,000,00 0,00 0,00 0,000 0,550,9,7,0 9,5,,7 5,,5,7 7,9 7,9 8,09,800 7,09,800,0,0,0 7,500 7,85,00,00 0,00,00,0,00,0 7,00,0 8,500 7,800 9,00 8,0 9,500 9,0 85, , 9,00 5,,,800,,0,00,0,00,0 7,00 7,00 00,00 7,000,0 7,000 0,500 7,000 00,0,0 0,00,800 0,0,800 0,00,0 0,800,0 5 Jan.?. Feb. P. Mar. 0P. Apr. 7P. 5 v.,00,00,00,00, ,800,00,00 5,000 5, , ,0 0 05, , ,0 75,00 75,0 7,00 7,00 7,500,800 7,000 7,00 7,00 7,00,500,00,0,0 7,00,00,00,00,00,000 07,000 0,500 0,00 0,500 0,00,800,800,0,0,800,00,00,500,00,800 0,00 7,000 0,00,0 0,00,0 05,00 7,000 0,0,0 ^Preliminary. ' Revised. Treasury funds included are the gold account, Treasury currency account, Exchange Stabilization Fund. Excludes interbank time deposits; United States Treasurer's time deposits, open account; deposits of Postal Savings System in banks. Prior to 0,, includes a relatively small amount of dem deposits. Dem deposits other than interbank U. S. Government, less cash items reported as in process of collection. Seasonally adjusted series begin in are available only for last Wednesday of the month. For seasonal adjustment factors used in deriving these figures for back figures, see BULLETIN for March 5, pp NOTE. For description of statement back figures, see BULLETIN for January 98, pp. -. The composition of a few items differs slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in " securities" in "Capital miscellaneous accounts, net" balances of the Postal Savings System the Exchange Stabilization Fund with the U. S. Treasury are netted against "Capital miscellaneous accounts, net" instead of against U. S. Government deposits Treasury cash. deposits currency shown in the monthly Chart Book excludes "Foreign bank deposits, net" "Treasury cash." Except on call dates, figures are rounded to nearest 00 million dollars may not add to the totals. See Banking Monetary Statistics, Table 9, pp. -5, for back figures for deposits currency. 77 FEDERAL RESERVE BULLETIN

36 ALL BANKS IN THE UNITED STATES, BY CLASSES * PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Figures partly estimated except on call dates. Amounts in millions of dollars] Class of bank date Loans investments Loans U. S. Government obligations securities Cash assets assets liabilities capital accounts i Interbank i Deposits Dem U.S. Government Time capital accounts Number of banks All banks: Dec. 0 9 Dec. Dec. Dec. 0 Dec. 0 Dec. Dec. Dec. 0 Dec. 5 Jan. *> Feb. P Mar. 0P Apr. 7P 5P All commercial banks: Dec. 0 9 Dec. Dec. Dec.» 0 Dec. 0.. Dec. Dec. Dec. 0 Dec.. 5 Jan. *> Feb. P Mar. 0P Apr. 7* 5? All member banks: Dec. 0 9 Dec. Dec. Dec. 0 Dec. 0 Dec. Dec. Dec. Mav 0 Dec. 5 Jan. P Feb. P Mar. 0P Apr. 7* 5P All mutual savings banks: Dec Dec... Dec..... Dec.» 0 Dec. 0 Dec. Dec. Dec. 0 Dec. 5 Jan. *> Feb. P Mar. 0P Apr. 7P 5z> 50,88, 0,7,9 8,0 5,89 5, 7, 7,50 7, 8,78 8,0 8,00 8,050 8,80 8,0 0,8 50,7,09,8,75,0, 5,87 5,,8 55, 5,50 5,80 5, 55,50 55,50,9,5 07,8,8 07,,7 9,57,,0,85,0,809 0,8 9,,9,05 0, 0,79,08 8,,,59,00 5,80,8,9 7,88 8,0 8,80 8,50 8, 8,80,5,5 0,,00 0,8 7,08 75,5 80,58 80,8 8,7 85,7 85, 8,500 87,80 88,0 89,80 7,8,7,08 8,057 5,9 57,7, 7,59 7,0 7,7,9,550 7,80 7,0 7, 7,0, 8,0,775,8,5 9,5 55,0 57,7 57,05 57, 0,50 0,8 0,,7,9,,,79,9 8,7 9,8,9,,750,8,9 5,0 5,0 5,550 5, 5, 9,7 5,5 0,88 8, 7,89 7, 7, 7,0 7, 7,55 77,78 77,7 75,580 7,0 7,0 7,0,,808,0 9,,07,5,8,,80,508 8, 9,000,800,80 5,580,8,8 9,59 78,8 57,9 5,5 5, 5,7 5,0 5,7 5, 57,809 57,788 55,785 5,0 5,77 5,08,0, 0,8,8 0,88 9,89 9, 9,8 9,0 9,07 8,78 8,7 8,780 8,800 8, 8, 9,0 8,9 8,577 0,7,7 5, 7,7 8, 9,00 9,59 0,9 0,80,00,0,80 0,8 7, 7,5 7, 9,00,,9,,8 5, 5,58,,0, ,0, 5,5 5,,0 7,0 0,55,05,75,057,7,87,5,88,,,0,8,88,77,,78,,579,,.00,05,,0,80,0,,0,9 7, 5,5 8,88,08 5,5 5,58 5,8 0,0,55,585,0,0 0,0 0,0 9,,7,55,80 7,50 0,89,5,,88 9,0,59,559,080 0, 9,50 9,0 8,80 9,78, 9,85,85 5,5 9,5 9,55 9,8,55,7 8,07 5,0 5,0,,9, ,0, ,08,8 77, 75,09 9,7 0,,87 0,0 5,80 8,0,5 9,780 7, 5.0 8,5 7, 5, 79,0 0, 55,77 8,9 79,5 88,0 9,00 87,,585 0,78 00,,50,0,50, 55, 8, 8,0,00,0 5,9 0,8, 59,78,0 7,,0 8,,5 8,89 7,, ,00 9,7,85,9 5, 7,0 8,50 8,5 9,7 9,50 9,80 9,0 0,00 0,00 8, 8,8 5,,85 75, 85,75,55 0,00,00,508,5 08,0 05,0 0,00 0,500 05, 57,78 7,8 50,7,0 55,5,80 7,9 7,,080 7,08 8,757 8,5 79,0 7,0 79,50 78,00 9,0,77 9,,58,089,05 7,57 50,,5 8,5 57,5 5, 5,0 9,750 5,8 5,8 0, ,85 7,7 0,0 0,,, 5,0 5,0,59,550,0,,0 7,0 9,87 0,,05,0,09 5,087 5, 5,7,0 5,500,8 5,0,550,,5,00 9,87 0,,05,0,09 5,08 5,9 5,5,0 5,,809 5,0,550,,5,00 9,0 0,55,0,0,8,5,7 5,,7,7 5,,8,85,9 85,0 ( ) ( ) ( ) ( ) ( ) ( ) 5 05,,809,,9,9,80 5,59,7,,0,0,0 5,0,5,9 05,,80,59,9,,80 5,59,7,,0,0,0 5,0 7,9.79 J7,5,0,57,75,5 5,5,75,08,8,08,, ( ) ( ) ( ) ( ) ( ) ( ) ft,55 9,8 0, 08,8,,9 05,80 07,0,7 5,, 0,00,7,00,9 9,7 0, 08,59,59,0 05,780 0,,57 5,,0 0,50,,50 7,89 7, 9,0 80,09 87,78 9,87,5,0,50 9,55,0,00,58 9,7, 9, ,85,79 5, 5,05 5,5 59,05,5 8,5,50 7,7 7,50 7,80 7, 7,0 7,50 7,80 5, 5, 0, 5,0,50 8,7,0,7 5,80 5, 7,09 7,80 7,0 7,5 7,00 7,,,7,0 8,0 9, 0,,8 5,,8,0 7,0 7,9 8,0 8, 8,7 8,0 0, ,7 7,75 0,009 0,888,58,58 5,78 5,88,0,500,0,8, 7,00 8,9 8, 0,5,98,87, 5,7,8,550, 7, 7,0 7,0 7,0 7, 7,0,885 7,7 8,0 0,059,5,,888,559,,08,57,50,,80,7,880 5,5 5,88 7,589 8, 9, 0,8 0,7,,8,9,0,,,,8,,09,59,889,7,07,79,559,0,,9,,,,, 5,05,8,55,7,50,8,575,509,5,8,7,0,5,0,,,8,78,0,8,,089,0,,,,80,8,8,80,78,78 ppreliminary. *"A banks" comprise "all commercial banks" "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" "all member banks" including one bank in Alaska that became a member bank on Apr. 5,., a noninsured State member nondeposit trust company, but excluding three mutual savings banks that became members in 9. Stock savings banks nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, the reserve classifications of cities individual banks, by mergers, etc. Beginning 0, 9, excludes reciprocal balances, which on Dec., 9, aggregated 5 million dollars at all member banks 55 million at all insured commercial banks. Includes '"other" assets liabilities not shown separately. For other footnotes see following two pages.,,9,88,9,87,80,7,7,7,7,0,5,,5,, JULY 5 775

37 ALL BANKS IN THE UNITED STATES. BY CLASSES * Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Class of bank date Loans investments Loans U.S. Government obligations securities Cash assets assets liabilities capital accounts TotaP Interbank Deposits Dem U. S. Government Time capital accounts Number of banks Central reserve city member banks: New York City: Dec. 0 9 Dec. Dec. Dec. 0 Dec. 0 Dec. Dec. Dec. 0 Dec.. 5 Jan. * Feb. * Mar. 0* Apr. 7* 5* 9,9,8, 0,9 0,,79,0,058,,8,880,778,,8,77,57,,07 7, 7,79 9,79,,7,89,08,9,09,0,,7,7,,77 7,5 7,57, 8, 8,9 7,78 7,75 8,05 8, 9, 9, 8,55 7, 8,8 8,00,7,559,5,,8,0,07,00,80,7,,57,57,587,59,0,,7,9 7, 7,9 8,5 8,9 8,07,89 7,5 7,58 7,5 7,00 7,00,7,8, 9,8,887 7, 8, 0,,05 0,8 9,88 0,77,9,57,05,0,79 0,,507 7,9 0, 5, 5,,859 7, ,058 7,5 8,5 7,,7,78 7,0,,8,07,57,,8,8,5 5, 5,057 5,57 5,9 5, 5,80 5,0 5,, 7 8, , 778,09, ,0,78 9,59,05 7,87 9,00 8,8 9, 9, 8,89 7,77 8, 9, 9,80 8,5 8,555 8, 8, ,,5,7,79,80,50,8,,9,5,,,,77,59,8,0,59,5,5,505,57,9,0,80,88,89,87,, Chicago: Dec. 9 Dec. 0 Dec. Dec 0 Dec. 0 Dec. Dec. Dec 0 Dec. 5 Jan. * Feb. * Mar. 0* Apr. 7* 5* Reserve city member banks: Dec. 0 9 Dec. Dec. Dec. 0 Dec. 0 Dec. Dec..... Dec. 0 Dec. 5 Jan. * Feb. * Mar. 0* Apr. 7* 5* Country member banks: Dec. 0 9 Dec. Dec. Dec. 0 Dec. 0 Dec.... Dec. Dec. 0 Dec. 5 Jan. * Feb. * Mar. 0* Apr. 7* 5*,05, 5, ,59 5,7,0 0 5,9 5,5,58,,,05,9,,7 5,7 0,08,00 0,85,9 5,58,755,8 7,05 50,78 50,857 50, 9, 50,807 50,5 0,58 5,00, 0,558, 5, , 7,7 50, 50,8 50, 50,0 50,7 50, 59, 80,08,8,78,77,57,589,78,0,5,7,5, 5,9 7,05 8,5,9 7, 9,5,,7,,5,,,,7,758 5, 78 5,8 5,5 0,,8, 8, 9,9 0, 0,57,,89,9,79,99,5,0,0, 8,9,7,9,85,77,85,0,8,0,7,8,807 5,9,7 9,55 0, 9,08 9,9 9, 9,559 9, ,78,87 0,8 0,0 0, 0,5 59,77,9,857,77,587,59,,0,779,9,7.7,,8, ,79,77,0,,,89,,,7,79 5,0 5,77 5,8 5,7 5,9 5,7,50,08,8,9,5,8 5,07 5,0 5; 58 5, 5,7 5,50 5,588 5,9 5,8,,5,89,79,0,,00,5,0,0.,9,,5,89,8,785 8,58,8,0,9 5, 5,5 5,,8,5 5,,0,0,9,58,5,88,0 0, 0,778,57,9,8,8,85,50,7,,5,79,,8,5 7,59,8 7,9 7, 8, 8 7,5 8,0 8,50 8,8 8,9 7,7 8, 8,055 9,87,0 5,8 9,59 55,9 58,5,9,57,58, 7,5,085 5,,9,7 5,88 5, 9,,059 7,55 5,89 5,9 59,55,85 0,0 0,75,,8,9,57,5,8, ,0, ,0 7,8 7,7 7,8 7,9 7,85 7,9 7,57,77 7,7 7, 7,7, 9, ,7 5, , 5,5 57,5,7 0,8 59,85 58,9 0, 59,7,7 7,5,8, 8,8 5,88 55, ,0 55,9 59,0 58,550 58,9 57,5 57,98 57,75 888,05,,7,9,07,50,87,9,9,,,7,8,55,,8,0,8 5,9,8, ,5,05, 7,,79,7,9,, ,,07,,09,0 5,,,508,9,7.8,,5 80 7, , 05,,8,50,59,05,57,,0,,50, 5 5 5,5 9 87,7,,,,7,0,58,75,,0,87,9,,0,0,,789,87,50,0,7,7,80,99,,08 9,00,557,55 8,0,,09 5,8 5,77,8,058 7,8,9, 5,9,5,0 7,58 0,09,5 8,78,7,57,0,50,,879 7,79 7,,8 5,0,5, ,0,,05,,,7,,0,,,9,9,,80 9,,,7,7,,,789,7 5,7 5, 5,5 5,7 5,7 5,85 5,85,58,9,50,85 5,50,585 7, 8, 8,0 8,787 8,77 8,87 8,89 8, 9, ,88,7,5,8,,5,75,,08,5,00,0,8,87,,7,85,,55,9,5,,0,9,,7,50,5,59,588,5, ,9,7,59,50,8,,89,80,7,,9,,,85,9 ^Beginning with Dec.,, the all bank series was revised as announced in November by the Federal bank supervisory agencies. At that time a net of 5 noninsured nonmember commercial banks with total loans investments of approximately 0 million dollars was added, 8 banks with total loans investments of million were transferred from noninsured mutual savings to nonmember commercial banks. Less than 5 million dollars. For other footnotes see preceding opposite pages. 77 FEDERAL RESERVE BULLETIN

38 ALL BANKS IN THE UNITED STATES, BY CLASSES * Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS Continued [Amounts in millions of dollars] Class of bank date Loans investments Loans U. S. Government obligations securities Cash assets assets liabilities capital accounts i Interbank Deposits Dem U.S. Government Time capital accounts Number of banks All Insured commercial banks: 9 Dec. Dec. Dec. i Dec. Dec. j une 0 Dec. National member banks: 9 Dec. Dec. Dec. Dec Dec. 0. Dec.. State member banks: 9 Dec.. Dec... Dec. Dec.... Dec Dec. Insured nonmember commercial banks: 9 Dec. Dec. Dec. Dec. Dec. 0. Dec.... Noninsured nonmember commercial banks: 9 Dec. Dec. Dec. Dec. Dec. 0 Dec. All nonmember commercial banks: 9 Dec. Dec. Dec. Dec. Dec. 0. Dec. Insured mutual savings banks: 9 Dec. Dec. Dec. Dec.. Dec. j une 0 Dec.. Noninsured mutual savings banks: " 9 Dec.... Dec Dec.. Dec. Dec. 0 Dec. 9,,809,7 9,7,7,5 5,5 7,57 9, 5,80 80,80 8,9 8,8 88,509 5,0 7,87,5 9,7 0,509 0,,09 5,77 9, 0,,88,5 57,,009,85,89,9,800 7,,89 8,5,0,87,0,7,9 0,8,8 7, 9,5 0 0, , 5 7,8 558,88 7,08,59 5,75 7,58, 7,08,805,7,75,,8,00 7,8 7,7 9,7, 8,850,00 9,00 9,9 9,55 0,58,,,8 8,05 9,8 9,5 9, ,,0 5, 9, 9,88 0,7 0,78,08,50 8,9 0,0 0,80,5,59,,8,58,,08,, ,9 08,8, 8,0,09 5,50 8,7 5,85 5,8 5,759 9,9 7,500 7,089 9,0,98 7, 7,5 8,7,509 0,58 0,09 9,55 9,7 9, 0,5 7,9,80,00,05,07 9,,77,8 0,57 0,85 0,09,8 9 7,0 8,5,59,7,09,7,075,5,8,89,7,8,0, 7 8,750,8, 5,85 5,,80,7 5,78 8, 8,00 9,05 9,05,55,9,5,09,57,8,8,05,0,8 08,78,0, ,,,,9,,, ,7,,008,0,5 8 9,0,0 5,788 9,,,,,7 0,,0,,79, 5, 8, ,8 9, 08,,8 8, , 5, ,,,59 5, 5, , ,80 57,5 5,7 8,55,8 88,9 00,7,,0 88,8 07,80 09,80 08, 5,85,88 8,08,879 5, 5,79 5,59 5,07 8,8 9,5 0,9 5,5,79,0 7,9,8,78,,8,7,9,50 0,,0, 7,7 9,05 8,0 0,,8,, 8, 0,,7, 9,8 5,5,5,,7 7,078 7, 9, 7,775,85, 7, 7,08 8,88 9,58 8, 8,0, 00,5, 05,85,59, 0,505 8,55 9,50 8,8 5,0 7, 8,9 9,0,,555,89 5,57,87,5,5,0,005,00,87 9,57 0,57,59 5,,50 5,88 7,58,789 0,,07,785 8,8 9, 9,885 8,7 5,0 5,55 5,8 05,,7 0,5 88 n, 0 5,58 5.0, ,9,0 8,0 7 9,, 0 5,55 9,750,5 0 7,508,79 A 5 t-, ,7,5 9 5,,5,5 8 8, 80, ,9 5,50, ,5 0 59, 05,87 5,8 t, 5,7 5,5,7,89 0,87,,87 8 7,08 0,0 0 7,77, 0 5, ,,9 5,879,5,9,0,8,50,085,0.758,0,580 5,5, , 9 87,88 0 0,0 5,5,87 8,, 9,78,9,0 5,59,0,05 7, 9.0 0,,05,,78,0 5,80,558 7, 8,9 8,78 8, ,,05 7,0 8, 8,80 9,0 9,8,789 0,5,9,75 8,5 9,5 9,8 8,78 5,00 5,55 5,8,0,,7, ,7 5,9,7,5 0, 5,09 7, , ,,055 79,,0,5 9,08,7 80,,007, ,88,,5,9,5,,8,0 75?, 89 L,88 L., ,,,,80, ,07 5,005,9 85,85,789,50 R7, I 889,887 I 88.87,80,78 7,7,, , 7,0 7, 7,5 7, 7,9 7, For footnotes see preceding two pages. Backfigures. SeeBanking Monetary Statistics, Tables -7, pp. -; for description, see pp. 5-5 in the same publication, in series prior to 0,, see BULLETIN for, pp For revisions JULY 5 777

39 ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES * LOANS AND INVESTMENTS [In millions of dollars] Loans Investments Class of bank call date loans investments Commercial, including open market pa* per Agricultural Loans for purchasing or carrying securities To brokers dealers To oth- Real estate loans loans U. S. Government obligations Bills Direct Notes Bonds loans to individuals Certificates of indebtedness juaranteed Obligations of States political subdivisions securities All commercial banks:? Dec... -Dec Dec.... Apr. *.. All insured commercial banks: 9 Dec... Dec... Dec... Dec, Dec.... Member banks, total: 9 Dec,.. Dec... Dec... Dec Dec Apr... New York City:* 9 Dec... Dec... Dec... Dec Dec.. 5 Apr.... Chicago:* 9 Dec... Dec... Dec... Dec Dec... 5 Apr... Reserve city banks: 9 Dec... Dec... Dec... Dec Dec... 5 Apr... Country banks: 9 Dec... Dec... Dec... Dec Dec... 5 Apr... All nonmember banks: Dec.... Dec Dec...,,8 5,87,8 55, 55, 9,,809,7,7,5 5,5,5 07,8,8,,85.0 0,,8, 0,9,058,8,880,578, 5,9 5,088,0 5,5,58,5 5,7 0,08,00,755 7,05 50,78 50,758,58 5,00. 7,0 7, , 8,5,87,0,7 8,057 7,59 7o!9 7,0,59 5,75 7,58 7,08,805, 8,0,775,8 57,7 57, 0.50,7,07 7, 7,79,89,9,09,89,,80,77,589,78,50 7,05 8,5,9,7,5.,50 5,8 5,5 0, 9,9 0,5^.,79 5, 9,88 0,7 0,78 8,7,0 80,0 9,9 5,7,0 78, 7,0,5,,0,9,, 78,09.0 5,.,5 7.7,.57 79,07,87, , , 7,,,80,500 9,000 5,80,0 8, 9,,50 9,,, 8,0,0 8 7,08 J87, 5, 5,057,9,7 5,08,7,0,,8,8,50,77,77 9,,5 7,0 8,0, 55 8,0,,8,0 5,5,08 7,9,7,9 7,7,, 77,,7, 8,8 8,7 59 5,9,9 5,500 8,99 855,,78,55,0,0 8,08,,0 8 ',05 7,0, "- 5,8 5,59,,00,00,9,58,0,,0, ,0,80,5 "'" 5,8,..7,858 7,5 5,9,05,780,,99,,50 9,,807,0 5, 8,8 7,7 7. 7, 7,8,9,85,8,8,5, 7,088 0,58 0, ,75: ,7 59,8 8,0 88, 8,0 5,07, 5,0,9 5,,7,05,85,,758,7,859,7 9,5,7 55 7,7 0,778 0,0 7, , ,57,59,7 5,5 5,9,,9,8,88,87 7, 7, 7,7 7,,,8,7, ,9,0,, ,5 855,9,9,7,9 5,0 7,9 5, 5,8 5, 5,0,0,55,, 8,8 8,809 0, 75 9,79,0,8,05 0, ,80,5,87,8,8,7,05 8, 0,59,59, 9,0,75,8 9,,,508 8, 5,80,0 88,9 7,9,8, 8,0 9,59 78,8 57,9 5,0 5, 57,809 5,8 7,5 7,57, 7,75 8, 9, 8,,0,,8,85,85,0,,7 9,55 0, 9,559 9,8,78 0,8, 50,8,77 9,07,9 9,5,857 7,, 5,, ,0,9 0 8,57,.0,8 8,9 0,85,07 0,09,9,8,9 5,00, 5.05,0 8,59,7,0,5,,55 9,07,05 5,,87,58, 7,55 5, 5, 5,9,,8 0,07,8 5,09 0,587,7,575 5, ?,50, 5,79,,5,87,5,,75,7,0,.075,9 77,00 9, ,0 7,0,, ,89,58,89, ,789,0 5,9 0,7,9 5, ".88 5,.7,8,0 5,5,00,5 5, 8,,,,, 0,0 7 5, ,,58,57,5,,0 5,0,58,7,855,77,,,,55, ,8,87,,08,58,79,00,00,007,79,8,0,87,7,79,5,85, ,,05 0,00 8,87,85,9 9 8 "'",7 _,9,9,09,50 5,0 0,8,,,5 558,0,5,9, ,5,,0,8, 5,558,5,08,85,07,7 5,,9,9,00,09,5, ,7 0 9,77 8,05,5 5,50,85,0 0,7 5,8,0,8,7,5,7,,80 75,8 5,878 5,50 0,7,77,7, 8,,7 7,8,,55 5,8,5 7, 5,8,0, ,7 80 5,,,05 5,8,585,78,,0,5, 8,,08,,07,00, 5,9,,07,0,75,0,, e Partly estimated. Figures have been rounded to nearest 0 million. * These figures exclude data for banks in possessions of the United States except for one bank in Alaska that became a member bank on Apr. 5,. During 9 three mutual sayings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks" or "all commercial banks." Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, the reserve classifications of cities individual banks, by mergers, etc. Beginning 0, 98, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total are not entirely comparable with prior figures. loans continue to be shown net. For other footnotes see opposite page.,078,,0, FEDERAL RESERVE BULLETIN

40 ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES * Continued RESERVES AND LIABILITIES [In millions of dollars] Class of bank call date Reserves with Federal Reserve Banks Cash in vault Balances with domestic banks Dem deposits adjusted s Interbank depc)sits Domestic Foreign Dem deposits States political checks, etc. U. S. Government subdivisions Certified officers' Individuals, partnerships, corporations Interbank Time deposits U. S. Government Postal Savings States political subdivisions Individuals, partnerships, corporations Borrowings Capital accounts All commercial banks: Dec... Dec Dec... 5 Apr. «. All insured commercial banks: 9 Dec... Dec... Dec... Dec Dec... Member banks, total: 9 Dec... Dec... Dec... Dec Dec... 5 Apr... New York City:* 9 Dec... Dec... Dec... Dec Dec... 5 Apr... Chicago: 8 9 Dec... Dec... Dec... Dec Dec... 5 x\pr... Reserve city banks: 9 Dec... Dec... Dec... Dec Dec... 5 Apr... Country banks: 9 Dec... Dec... Dec... Dec Dec... 5 Apr... All nonmember banks: D Dec. ec# Dec... 7,7 9,5 8,9 8,7 8,580, 5,80 7,7 9,5 8,9 8,7, 5,8 7,7 9,7 8, 8,75 8,575 5,05,05,9,8,,,,0 9,0,87,,77,09,00, 7,0 8,08 7,55 7,78 7,9,0,57, 5,780 5,8 5,77 5,9,,5,0,9,7,58,89,5,8,7,,087,8,7,8,00,8, ,0,0,9, ,,0,0,0 0,0 8,5,075 9,7,7 0,88,85, 7,7, 7,55 7,0 7,, ,5,7,5,,5,7,079,,5,0,855, 5,057,50,,550,,5 87, 0,5,7 0,50 0,8 7,85 7,7 85,75 0,89, 05,7,75,8 7,58 8,7 8,78 89,8 87,57 0,7 5,05,5 5, 5,0,500 5,7,5,5,77,,8,00,,7,7 5,7 0, 9,,9,07 9,,5 7, 5,09,59, 5,7,5,5 5,5,,,,,5,00 9,8,5,,,5,9 9,7, 0,8,858,,05,5,5,55,,,7,,8,07,9,,9,87,,,0,07 5,,89,0,,57 7,,09,88,,9, ,0,,8,59,50 7,8,79,,87, 7,,75,9,80,9,8 07,05,7,0,0,77, ,, 5,59,7 5,50,7,,5, 5,5,5,9,79,7,75 5,5,75,7 8, 7 778,78 7,55 7, , 05,50,05,57, ,5,,,7, ,7 9,5 9, 9, 9,0,77 5,0,9 9,07 9,77 9,7,0,0 5,50 7,50 7,89 7,78 7, ,,7,8,880,877,87,87,,00,7,0,,,9,,0,085,,58,,789,,0,077,585,559,8,75,7,009,50,0,78,58,,7 50,8,05,07,09, ,7 00,0 9,8 0, 00,0,5 7,59 8,7,08 9,0 0,5,0,0 7, 85,7 8,0 88,859 8,07,8 5,7 7, 7,509,0 7,8,8,5,0,85,500,0,,,7,8,00,05 0,50,77,850 8,500,7 5,0, 9,8,7,77,8,5,8,08 0,7,,759,0 58 5,0,50, ,0,,75, 7 8,,, ,9,9,0,50 9 8,89,,8 8 9,5,9,, , ,8,7,,,880 5, 9,77,,8,00,0,878,7 7,5,,87 5,50,00 778,0,8,8,0,, ,9,5,80,75,5 9,5,05,0,87,,00,08,,77,9 7,55 7,8 7,7,858 8, 8,9 8,8 5 55,0 0,8 5 8,7 9,7 5,9 50,7, ,08 "l 0 ' * il7 " " '' 'ii ,059,559,08,57, 5,88 7,589 8,,,9,0,,8,0,59,57,0,80, ,7,5,8,,,00,00,,55,9,9,7,50,0,5,5,,9 Breakdown of loan, investment, deposit classifications is not available prior to ; summary figures for earlier dates appear in the preceding table. Central reserve city banks. Beginning 0, 9, excludes reciprocal bank balances, which on Dec., 9, aggregated 5 million dollars at all member banks 55 million at all insured commerical banks. Dem deposits other than interbank U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. Backfigures. SeeBanking Monetary Statistics, Tables 8-5, pp JULY 5 779

41 WEEKLY REPORTING MEMBER BANKS NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans U. S. Government obligations Month or date loans investments Loans investments adjusted Loans adjusted Commercial, industrial, agricultural For purchasing or carrying securities To brokers dealers U. S. Govt. obligations securities To others U.S. Govt. obligations Real estate loans loans Bills securities Certificates of indebtednesa Notes Bonds securities Loans to banks Leading Cities Apr ,878 Apr , Apr ,755 Apr , ,... 85, , , , , , , ,79 New York City Apr....,89 Apr....,05 Apr. 0...,5 Apr. 7...,...,5..., , ,..., 8...,9 5...,9...,0 9..., Outside New York City 5. 80,87 85,7 85,78 85,5,55,,57,57 58,7,,,58 5 Apr....,89 Apr....,08 Apr. 0...,0 Apr. 7...,...,8..., ,8 5...,..., , ,...,0 9...,8 80, 8,89 8,09 8, 85,0 8,8 8,8 8,778 8, 8, 8,79 8,80 8, 8,0 85,009 8,9 8,7,5,87,07,9,,7,79,88,7,505,,57,55,5,08,78,77 58,0,05,80,77,088,,5,89,757,9,0,8,,587,,7,75 8,5,,0,08,5,,787,88,00,078,08,,0,,5,09,7,,,,,0,,,5,75,5,0,7,,,9,80,8 7,00 9,7 9,85 0,8 9,8 9,5 9,589 9,57 9,75 9,8 9,7 9,89 0,007 0,08 0,50 0,579 0,77,78,57,77,0,9,5,50,55,07,7,77,,,,55,,50 7,0 7, 7, 7,8 7,7 7, 7,58 7, 7,9 7, 7,7 7, 7, 7,7 8,08 8,07 8,085,5, 5,0 5,0,8,99,99,9,8 5,077 5,00 5,05 5,0 5,00 5,07 5,59 5,,09,85,,79,9,7,7,0,77,59,9,8,7,,8,8,78 89,09 0,787,8,875 0,757,755 80,80 7,87,80 8,85,8 8,5 7,88 80,8,89 9,87 78, ,0,9,78,0,0,00,08,,,,,55,7,8,9, ,5 7,7,55,50,7,,578 8, , 7,79 7,8 7,57 7,5 7,5 7,5 7, 7,57 7,8 7,79 7,75 7,7 7,88 7, ,,7 7,0 7,5,,,,9 7,0 7,5 7, 7, 7,0 8,577 8,7 9,00 8,5,5 8,57,0 8,5,0 8,5, 8,,57 8,79, 8,7,7 8,80, 8,,0 8,,8 8,8,8 9,09,0 9,5,07,55,78,780,85,77,7,75,78,757,777,78,80,8,80,88,85,9, 5,08,55,89, 7,50,79,8,85, 7,005,9 5,509 7,09, 5, 7,059,0 5, 7,08 7,08 5,8 7,08 7,0 7,0 7,7 7,,,50, 8,7 8,0 7,5 7, 8,8 7, 8,0 8,88 8,0 7, 8,0 7,9 7,87 7,79 7,8 7,07 7,50,07 5,50,9,, 5, 5,7 5, 5,0 5,08,,5,,5,00,79,57,7,750,57,77,9,7,08,00,55,08, , ,85,,5, ,0,50,5,07,,9,78,7,8,,9,09, ,08.5, 79,50,58,57,58,7,8,0, ,7 9,050,5 9,5,0 8,758,77 8,79,79 8,7,7 8,0,8 8,08, 8,07, 9,0,58 9,8,5 9,0, 9,5, 9,9, 9,0 9,00,78,8,9,80,89,8,8,809,8,88,07,8,0,,85,7,7 5,85, 5,8.87 7,9 7,9,,8,8,8,7,8,79, 7,5,09 7,,58 7,5 7,8 7,8 7,7 7,,89, 5,,8 5,,500 5,80,7 5,, 5, 5,85 5,8 5,7 5,80 5, 5,77 5, 5,5 5,0 5,5 5, 5,00,,,7,,,0,0,55,,79,9, 9.0 8,78 8,7 9,07 9,0 9,0 8,7 8,88 8,7 8,78 8,7 8, 8,77 8,7 8,77 8,7,57,5,,7,,08,0,89,9,00,0,9,89,5,5,8,509,55,55,50,5,,7,,05,7,0,, , ,0,050, 850, ^Revised. Exclusive of loans to banks after deduction of valuation reserves; individual loan items are shown gross. Includes guaranteed obligations. For other footnotes see opposite page. 780 FEDERAL RESERVE BULLETIN

42 WEEKLY REPORTING MEMBER BANKS NEW YORK CITY AND OUTSIDE Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Month or date Reserves with Federal Reserve Banks Cash in vault Balances with domestic banks Dem deposits adjusted 8 Individuals, partnerships, corporations Dem deposits, except interbank States political subdivisions Certified officers' checks, etc. Time deposits, except interbank U. S. Government Individuals, partnerships, corporations States political subdivisions Interbank deposits Dem U. S. Government Postal Savings Domestic Foreign Time Borrowings From Federal Reserve Banks From others Capital accounts - Leading Cities Apr.. Apr.. Apr. 0. Apr New York City Apr.. Apr.. Apr. 0. Apr Outside New York City Apr.. Apr.. Apr. 0. Apr ,8,89,77,8,77.7,7,08,00,5,7,7,57,7,9,8,58,8,,85,,0,5,5,,87,78,,09,79,50,58,85,50 9,575 9,9 9,8 9, 9, 9,0 9, 9, 9, 9,7 9, 9, 9,088 9,0 9,5 9, 9, 98,7 5, 55,59, , , 855,58,,5,77,57,5,5 5,9 5,7 5,78 55,08 55,89 5, 5,9,5 55, 5, 5,9,7 5,7 57, 57,0 58,05 5, 58,9 58, 57,9 5,77 57,08 57,777 57,,8 5,0 57,,08 5,7 57,, 57,7 0,85,5 57,7 58,5,58 5,5 57,7 5,,85 5,7,7 5,,9,88 7,79 5,8,78 5,9,885,080 7,09,9 7,5 5,,87 5,8,8 5,0 7,09,0,98 5, 7,09,08,,57 8,,05 7, , 7,07.7 0,5 0,9, 0,8 0,8.75 0, 0,,7 9,0 9,7, 0,57,08,5 0,5,0, 0,7 0,, 0,0. 9,8,507 0,9 0,7 0, 0,8,5 0, 0,75, 0,08. 0, 0,0 0,89 589,50,9,7 0,7 0,9,5 0,9 0,0.98,9,0,89,85,9,,9,58,50,8,,,0,, ,7 8,7 8,50,805,,0,880,5,557,,89,088,,0,00,05,8,75,85,,8,888,87,0,8,8,8,008,,779,98,,0,,50,, , , , 79,5,79 0,07,0,0 88,08 7 8,7,05,7 8,59,50 8,9, 8,, 9,09,,88,,05,50,,8,8,8,09,,8,,9,58 88,7,,0,0,0,8,75,8, ,7,8,857,578,09,9,,0,9,0,,,,87,5,,8,0,99,7 9,0 9,00 8,0 8,9 8,5 8, 8,9 9,0 9,07 9,0 9,08 9,08 9,7,,08,09,059,05,089,07,09,05,07,07,09,09,055,0,08,057,9, 7,05,,9,9,0,8 7,05 7,08 7,00 7,,0.8,,0,0,7,,,,5,,9,,,0,085, ,5,08, , , 09 0,5 5 0, ,8, ,75 0, 09 0,87 0 0,5 09 9, ,09 0,5 0,7 0, 0,08,09.0,8,9,87,9,,9,85,85,,,,8,07,9,99 7,58 7,7 7, 7, 7,9 8,0: 7, 7, 7,88 7,5 7,,9 7, 7,88 7,00 7,0 7,59,5,,5,77,,5,,8,5,0,,5,505,8,8,85,5,009,,,5,0,,,9,7,08,08,7,8,08,7,8, ,9,88,0,,0,9,78,75,5,8,,,75,05,,,8,05.077,0,07,089,080,0,0,0,05,0,07,07,0,,, ' ' ' ' ' ' S ' ' , ,8 8,0 8,57 8,55 8,55 8,7 8,07 8,9 8, 8,5 8,7 8, 8,8 8,9 8,7,59,,8,78,,,,,8,8,8,8,87,79,78,7,7-5,07 5, 5,57 5,58 5,87 5,89 5,89 5,5 5,5 5,58 5,55 5,5 5,580 5,58 5,5 5,577 5,5 Dem deposits other than interbank U. S. Government, less cash items reported as in process of collection. Back figures. For description of revision beginning Mar.,, see BULLETIN for, p. 57, for figures on the revised basis beginning Jan.,, see BULLETIN for, pp Figures for total leading cities for full year are shown on pp. - of the BULLETIN for February 5 except for the December 9 revisions in commercial, industrial agricultural loans, other loans, loans to banks. For description of revision beginning,, for revised figures -, see BULLETINS for, pp , respectively. For old series, see Banking Monetary Statistics, pp JULY 5 78

43 CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS BY INDUSTRY [Net declines, ( ). In millions of dollars] Business of borrower Period Food, liquor, tobacco Manufacturing mining Textiles, apparel, leather Metals metal products (incl. machinery trans, equip.) Petroleum, coal, chemical, rubber Trade (wholesale retail) Commodity dealers Sales finance companies Public utilities (incl. transportation) Construction All other types of business Net changes classified Comm'l, ind'l, agr'l. changetotal Jan Dec Jan Dec 5 Jan , 0, , 59,078 Monthly: Week ending: Apr. Apr. Apr. 0 Apr i y Sample includes about 0 weekly reporting member banks reporting changes in their larger loans; these banks hold over per cent of total commercial industrial loans of all weekly reporting member banks nearly per cent of those of all commercial banks. Figures for other than weekly periods are based on weekly changes during period. NOTE. Monthly weekly data for the full year are shown on p. of the BULLETIN for February 5, except for Dec. 9 revision shown on p. 5 of the BULLETIN for 5. COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES [In millions of dollars] OUTSTANDING Commercial finance paper outsting Held by Dollar acceptances outsting Based on End of month Placed through dealers Placed directly (finance paper) Accepting banks Own bills Bills bought F. R. Banks Own acct. outsting Foreign corr. Imports into United States Exports from United States Dollar exchange Goods stored in or shipped between points in United States Foreign countries 99 December 0 December.. December December December August September October November December 5 January February March 87,,75,,8,50,08,8,9,08,0,9,0,87,9,7, ,9,0,57,7,,,89,8,,9,5,8,50,58, *As reported by dealers; includes finance company paper as well as other commercial paper sold in the open market. As reported by finance companies that place their paper directly with investors. Back figures. For bankers' acceptances, see Banking Monetary Statistics, Table 7, pp. 5-7; for description see p ' " '' FEDERAL RESERVE BULLETIN

44 PRINCIPAL ASSETS OF SAVINGS INSTITUTIONS UNITED STATES LIFE INSURANCE COMPANIES [In millions of dollars] Date assets Government securities United States State local Foreign Business securities Bonds' Stocks Mortgages Real estate Policy loans assets End of year: End of month: 5 December December August September October November December 5 January February March 9, 0,80,7,9 7,7,05,7 8,9 5,7 55,5 59,0,00 8,78 7,75 78,5 7,0 78,0 80, 80,57 80, 8,50 8,5 8, 8,850 8,8 8,05 8,9 85, 85,7 8,0 7, 8,59 9,78,85, 8,75,55,575,00 9,085 7,8,0,7,77,05,8,,,5,9,,,09,0,,07,8,,5,7 5,7 5,857,7 9,,57,5 0,58,9 0,0,7 5,,59,009 0,5 9,89 0, 9,77 9,5 9,59 9, 9,89 9,7 9,08 9,0 8, 9,0 9, 9, 9,09 9,05,5,87,8.05 L,77,9,07, L,9,57,7,77,0,7,8 > 08,,,5,7,85,509,575,5,,,9, ,00,07,0,0, ,5 9,78 0,7 0,5 0,9 0,75,059,0, 0,,79 5,0 8,0,,5,0, 5, 5,7 5,8 5,9,09,,579,,8 7,0 7,0 7,8 7,5 7,99 8, 9,57 9,7 9,8 9,9 0,00,775,75 8,89,,00 5, 9,00,7 9,,05,759,87,50,9,9,77,9,00,7,05,7,, ,9,,8,78,0,,,57,78,9,57,500,5,57,00,09,00,,,75,7,77,79 5,9 5,8,,7,7,8, 7,55 8,75 0,8,,0 9,,5,,5,75,005,7,8,57,7 5,05 5,0 5,57 5,,,7,77,99,,00,878,,5, ,055,7,5,,,00,88, 08,0,9,7,77,05,,0,75,0,,7,8,8,09,,8,7,,,89,,057,0, 5,7,9,,89 8,000,0,05,0,09,0 075,087,7,59,77,00,5,80,9,89,,78,808,,0,5,59 87,088,0,5, 05,8,8,58,,5,,77,88,8,9,87,8 Includes United States foreign. Central government only. Includes International Bank for Reconstruction Development. These represent annual statement asset values, with bonds carried on an amortized basis stocks at end-of-year market value. B These represent book value of ledger assets. Adjustments for interest due accrued differences between market book values are not made on each item separately, but are included in total in " assets." Source. Institute of Life Insurance end-of-year figures, Life Insurance Fact Book, ; end-of-month figures, The Tally of Life Insurance Statistics Life Insurance News Data. ALL SAVINGS AND LOAN ASSOCIATIONS IN THE UNITED STATES [In millions of dollars] Assets Assets End of year Mortgages Cash * Savings capital End of quarter U.S. Government obligations Mortgages U. S. Government obligations Cash «Savings capital * 5,7,09,50,0 7,58 8,77 0,0,87,08,,8 9,,585,8,80,5,578,58,58,800 5,7 7, 8,85 0,05,, 5,50 8,,88, ,7,0.009,,55,,89,0,79.9, ,08,0,500, ,07,58,8,,8,9 5,9,05 7,5 8,58 9,75 0,,7,8,07 9,,778 7, P... P... >... P... 5 I?.., 0,5,,585,,7 5,58,8 7,7 9,05 0,8,80,00,875 7, 8, 9,05 0,0,,88,7,87 5,05, 7,,87,75,79,,7,,9,98,.,0,07.8,0,0,59,,,500,.78,7,8,9 7 8,07,8,8,,58,0,,00,8,5 7,5 8, 9, 0,07,0,75,778, 5, 5,8 7,59 8, P Preliminary. Includes gross mortgages with no deduction for mortgage pledged shares. Net of mortgage pledged shares. Includes other loans, stock in the Federal home loan banks other investments, real estate owned sold on contract, office building fixtures. Source. Federal Savings Loan Insurance Corporation. JULY 5 78

45 GOVERNMENT CORPORATIONS AND CREDIT AGENCIES SELECTED ASSETS AND LIABILITIES, BY CORPORATION OR AGENCY * [Based on compilation by United States Treasury Department. In millions of dollars] End of year End of quarter Asset or liability, agency Loans, by purpose agency: To aid agyicultiiye total Banks for cooperatives.... Federal intermediate credit banks Federal Farm Mortgage Corporation. Farmers Home Administration^ Rural Electrification Administration... Commodity Credit Corporation agencies.. To aid home ownevs total... Federal National Mortgage Assn. Reconstruction Finance Corporation 5 Veterans Administration agencies..... To raih'oads, total.. Reconstruction Finance Corporation 5 agencies To othey industry, total Reconstruction Finance Corporation 5 7 Department of the Treasury... agencies... To financing institutions, total Reconstruction Finance Corporation 5 Federal home loan banks.... Foreign, total Export-Import Bank Reconstruction Finance Corporation 5 7 U. S. Treasury Department 9 All other purposes, total... Reconstruction Finance Corporation 7 Public Housing Administration. agencies Less: Reserve for losses loans receivable (net) Investments: U'. S. Government securities, total Banks for cooperatives Federal intermediate credit banks Production credit corporations.. Federal l bank^ Federal home loan banks Federal Savings Loan Insurance Corp Home Owners' Loan Corporation Federal Housing Administration Reconstruction Finance Corporation 5 7 Federal Deposit Insurance Corporation. agencies... Investment in international institutions securities, total Production credit corporations agencies Commodities, supplies, materials, total Commodity Credit Corporation DeD.rtinen.t of thp TYea^nrv agencies L, structures, equipment, total Public Housing Administration.. Tennessee Valley Authority War Shipping Administration Federal Maritime Board Maritime Adm. agencies...,8,9 5,7,8,0,5, 0, 87,078,,0, 7,7, 8,0,8 7,7,78 7,5, ,50,750, 750,750,750,7,0,0,8,55,57,59,5,88? ,9 9,7,9, 7,8, 7,8 9,88 9,877 8,89 8,0 9,8, , ,5 7,9 7,8 77,0 7,7 t?,9q , i9 8 ioio S 8, ,05,507,0,79, , ,85 7 ^ ,85, V,00, , ? 0, 79 9,, 59, 7,77,8,, , , , ,075 9,, V, 5 59,7 78,58,,0,,8,7,850,,,, I , ,58,5 59,08 5, ,, ( 8 8,0 50 0, 0 08,80 8 7, 8,0 8,05 8,077 8,0 8,0,7, ,5,75,59,0 i,85,79 5 {,5,08,,0,9, {, ,0, , ,8 5 7, ,0, , ), 05,07,5,7,5,59, 85,85,85,85,85, , U 75,,8 C , , ,00,57,88, ,8,788,8, , ,9,059 55,89,78 ",,,,7, 8,00,80 0?, "ii ,5?A 8 5 8,7 8 7,09,0,,85,85,85 5 7,85,0 80,7, Bonds, notes, debentures payable (not guaranteed), total Banks for cooperatives Federal intermediate credit banks Federal l banks Federal home loan banks, , ,9 7 55,0 8 5, ! 0 7 5, , For footnotes see following page. 78 FEDERAL RESERVE BULLETIN

46 GOVERNMENT CORPORATIONS AND CREDIT AGENCIES Continued PRINCIPAL ASSETS AND LIABILITIES [Based on compilation by United States Treasury Department. In millions of dollars] Assets, other than interagency items Liabilities, other than interagency items Date, corporation or agency Cash U. S. Govt. securities Loans receivable Commodities, supplies, materials Investments securities L, structures, equipment assets Bonds, notes, debentures payable Fully guaranteed by U. S. liabilities U. S. Government interest Privately owned interest All agencies: 98 Dec. 99 Dec. 0 Dec. Dec. Dec. Dec.,78,7,5,7 9, 8, 0,9,7,8 9, 9 7,8, 9,88 7,59,77,,80,5,85,07,075,,,0,58,9,7,,9,5,00,,,58, 8, , 5 77,,9,0,8, 8,88,00,5,8 78,5,88, Mar. 0 Sept. 0 Dec. 9, 9,0 0,,0, 9 9,877, 8,89, 8,0,7 9,8,,9,9,85,9,9,8,7,5,9,, 8,05 8,077 8,0 8,0,7,085,5,87 99,07,08,8 0,00 57,88 8 5, Classification by agency, Dec., Farm Credit Administration: Banks for cooperatives Federal intermediate credit banks Production credit corporations Federal Farm Mortgage Corp Department of Agriculture: Rural Electrification Administration Commodity Credit Corporation Farmers Home Administration Federal Crop Insurance Corp Housing Home Finance Agency: Home Loan Bank Board: Federal home loan banks Federal Savings Loan Insurance Corp.. Public Housing Administration Federal Housing Administration Office of the Administrator: Federal National Mortgage Association... Small Business Administration Export-Import Bank Federal Deposit Insurance Corp Tennessee Valley Authority Federal Maritime Board Maritime Adm... Panama Canal Company Veterans Administration Department of the Treasury Foreign Operations Administration Allother ,7,7,5 8 55,57 7,8,, 5,5 50 8,75, ,, , 89 5,8 ) 8,, 7,0 () ,,7 5 () () , , ( 8 ) ,,, ,5 9 7,7,5,8 5, 5 5 8,79, I Loans by purpose agency are shown on a gross basis; total loans all other assets are shown on a net basis, i.e., after reserve for losses. Several changes in coverage have been made over the period for which data are shown. The more important are: exclusion of the following agencies after repayment of the U. S. Government interest Federal l banks after the Home Owners' Loan Corporation after ; exclusion of the United States Maritime Commission (including War Shipping activities) after, when this agency ceased to report to the U. S. Treasury; inclusion of the Mutual Security Agency (superseded by the Foreign Operations Administration) beginning of the Federal Maritime Board Maritime Administration beginning. Figures for this agency for the early years shown have been adjusted to include activities of its predecessor, the Farm Security Administration, of the Regional Agricultural Credit Corporation also the Emergency Crop Feed Loans of the Farm Credit Administration. Figures for RFC Mortgage Co., whose assets liabilities were taken over by the Reconstruction Finance Corporation in, are included with " agencies" in. 5 The RFC Liquidation Act approved 0, (7 Stat. 0) terminated the RFC's lending authority effective Sept. 8,. Its lending activities under the Federal Civil Defense Act of 0 the Defense Production Act of 0 were transferred to the Treasury on that date. When the Corporation went out of existence on 0,, certain loans, securities, other assets were transferred to the Federal National Mortgage Association, the Small Business Administration, the Export-Import Bank, the Treasury assumed responsibility for completing liquidation of other activities. Reconstruction Finance Corporation loans to aid home owners, which increased steadily through the first three quarters of during 98, appear to have been included with "other" loans in the statement for Dec.,. 7 Figures adjusted to include certain affiliates of the Reconstruction Finance Corporation. Several of these including the Defense Plant Corporation, Defense Supplies Corporation, Metals Reserve Company, Rubber Reserve Company were merged with the parent effective,. Most of their activities were reflected under "Commodities, supplies, materials" "L, structures, equipment." 8 Less than $500, Figures represent largely the Treasury loan to United Kingdom through are based in part on information not shown in Treasury compilation. 0 Represents lending under Mutual Security Agency (predecessor of FOA) included in the Treasury compilation beginning with balancesheet for 0, ; figure not published in Treasury compilation, but derived by Federal Reserve. I Reflects activities of the Federal Public Housing Authority under the U, S. Housing Act, as amended, until 7,, when these activities were transferred to the newly established Public Housing Administration. War housing other operations of the Authority shown on the Treasury Statement with "other agencies" through were not transferred to the PHA until 98. Effective,, the public war housing program of the PHA (represented largely by "L, structures, equipment") several small housing programs managed by the Office of the Administrator, Housing Home Finance Agency, were designated to be liquidated by the Office of the Administrator. Beginning, includes figures for Panama Canal Company, a new corporation combining the Panama Railroad Company (included in earlier Treasury Statements) the business activities of the Panama Canal (not reported prior to that time). See also footnote. See footnote. NOTE. Statement includes certain business-type activities of the United States Government. Figures for some agencies usually small ones may be for dates other than those indicated. Comparability of the figures with those for years prior to 9 has been affected by () the adoption of a new reporting form beginning Sept. 0, 9, () changes in activities agencies included (see footnote ). For back figures see Banking Monetary Statistics, Table 5, p. 57. JULY 5 785

47 Year, month, or week U. S. Govt. (long-term) Old series Bond prices New series Municipal (highgrade) Corporate (highgrade) * Preferred 5 SECURITY MARKETS Stard Poor's series (index, -9=00) Stock prices Common Securities Exchange Commission series (index, =00) Manufacturing Industrial Railroad Public utility Durable Nondurable Transportation Public utility Trade, finance, service Mining Volume of tradings (in thouss of shares) Number of issues average average average ^ ',0,9, Tune Aug Sept Oct Nov Dec A ,,9,588,,0,,75 5 Jan Feb Mar Apr ,555,0,7,89,, Week ending: ^ ,8,,78,5,08 ^Revised. Monthly weekly data for U. S. Government bond prices volume of trading are averages of daily figures; for other series monthly weekly data are based on figures for one day each week Wednesday closing prices for municipal corporate bonds, preferred stocks, common stocks (Stard Poor's Corporation) weekly closing prices for common stocks (Securities Exchange Commission). Fully taxable, marketable ^ per cent bonds first callable after years. Of these the 7-7 bonds are the longest term issues. Prior to Apr.,, only bonds due or first callable after 5 years were included. ^xhe % per cent bonds of 8-8, beginning Feb., 5, the per cent bond of February 5. Prices derived from average yields, as computed by Stard Poor's Corporation, on basis of a per cent 0-year bond. 5 Stard Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. Average daily volume of trading in stocks on the New York Stock Exchange for a five one-half hour trading day. Back figures. See Banking Monetary Statistics, Tables 0,,,, pp. 75, 79, 8, 8, respectively, BULLETIN for, pp. 8-, October, pp STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker dealer credit End of month or last Wednesday of month Excluding U. S. Government securities Net debit balances excluding balances secured by U. S. Government obligations Bank loans to others for purchasing or carrying securities except U. S. Government obligations Net debit balances secured by U. S. Government obligations Bank loans to others for purchasing or carrying U.S. Government obligations Money borrowed except on U.S. Government obligations x Money borrowed on U. S. Government obligations Customers' net free credit balances December December December,8,0,5,5,, , August September October. November December 5 January February A!arch,,78,7,80,,050,0,,57,,7,785,787,7,8,89,7,08,0,0,88,57,5,5,, ,00,08,00,05,080,08, ,08,09,0,5,5,,5,59,0,,8,8, ,09,09,0,0 98 Ledger balances of member firms of the New York Stock Exchange carrying margin accounts, as reported to the Exchange. Customers' debit free credit balances exclude balances maintained with the reporting firm by other member firms of national securities exchanges balances of the reporting firm of general partners of the reporting firm. Balances are net for each customer i. e., all accounts of one customer are consolidated. Money borrowed includes borrowings from banks from other lenders except member firms of national securities exchanges. Data, except as noted below, are for all weekly reporting member banks, which account for about per cent of all loans to others for purchasing or carrying securities. Figures are for the last Wednesday of the month. Some loans for purchasing or carrying U. S. Government securities may be included in column after ; loans for that purpose are shown separately in column 5 for all weekly reporting member banks in for New York Chicago banks thereafter. 78 FEDERAL RESERVE BULLETIN

48 Year, month, or week average.... average.... average.... Aug Sept Oct Nov Dec 5 Jan Feb '.. Mar Apr Week ending: Prince commercial paper, - to - months »-. MONEY MARKET RATES [Per cent per annum) ^ Finance company paper placed directly, - to - months Prime bankers' acceptances, days U. S. Government securities (taxable) -month bills Market yield Rate on new issues month issues to 5- year issues r Revised. *Data are averages of daily prevailing rates. Series includes certificates of indebtedness *selected note bond issues. Series includes selected note bond issues. Back figures. See Banking Monetary Statistics, Tables 0-, pp. 8-59, BULLETIN for, pp. 8-, October, pp. 5-5, February 5, p. 5. BANK RATES ON BUSINESS LOANS AVERAGE RATES ON SHORT-TERM LOANS IN SELECTED CITIES [Per cent per annum] Area period Annual averages: 9 cities: Quarterly: 9 cities: Sept Dec 5 Mar New York City: Sept Dec 5 Mar 7 Northern Eastern cities: Sept Dec 5 Mar Southern Western cities: Sept Dec 5 Mar All loans Size of loan (thous. of dol.) over NOTE. For description of series see BULLETIN for March 99, pp BOND AND STOCK YIELDS i [Per cent per annum] Bonds Industrial stocks Year, month, or week U. S. Govt. (long-term) Old series New series State local government General obligations By selected ratings Aaa Baa Revenue bonds 5 By selected ratings Aaa Corporate Baa By groups Public utility Dividends / price ratio Industrial Railroad Preferred 7 Common 8 Earnings/ price ratio Common 9 Number of issues.. average average average August September.. October... November.. December.. 5 January.... February... March ' "7'.' 8.5 ' '8. Week ending: Monthly weekly yields are averages of daily figures for U. S. Government corporate bonds. Yields of State local government general obligations are based on Thursday figures; of revenue bonds, on Friday figures; of preferred stocks, on Wednesday figures. Figures for common stocks are as of the end of the period, except for annual averages. Fully taxable, marketable % per cent bonds first callable after years. Of these the 7-7 bonds are the longest term issues. Prior to Apr.,, only bonds due or first callable after 5 years were included. The M per cent bonds of 8-8, beginning Feb., 5, the per cent bond of February 5. Moody's Investors Service. The total includes bonds rated Aa A, data for which are not shown separately. 5 Dow-Jones Co. Moody's Investors Service. Because of a limited number of suitable issues, the number of bonds in some of groups has varied somewhat. The total includes bonds rated Aa A, data for which are not shown separately. 7 Stard Poor's Corporation. Ratio is based on 9 median yields in a sample of noncallable issues, industrial public utility. 8 Moody's Investors Service. 9 Computed by Federal Reserve from data published by Moody's Investors Service. JULY 5 787

49 Period Net receipts TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of monthly statements of United States Treasury] Budget receipts expenditures Expenditures Surplus or deficit Excess of receipts or expenditures ( ) Sales redemptions in market of Govt. agency obligations Summary Increase or decrease ( ) during period Gross direct public debt General fund balance Trust other accounts Clearing account Balance in general fund General fund of the Treasury (end of period) Deposits in F. R. Banks Available funds In process of collection Special depositaries net assets Cal. yr ,.... Fiscal yr Semiannual totals: -Dec. Jan.-. -Dec Jan.-. -Dec. 5 Jan.-. Monthly: j une Tuly... Aug... Sept Oct... Nov Dec... 5 Jan Feb..,. Mar Apr ,9,80,8,7,9,85,55,89 7, 5,757 8,8,7 0,,87,9,,9,0,7,55 5,7 9,7,7,8 5,7,8 7,7,85 5,08 7,7 7.77,8 7,80,8,88,5 7,08,87,7 5,09,857,8,88,9,8 5,89 5,8 5,5 -,58-5,8-9,57 -,8 -,07-9,9 -,7-9,9 - -8,78 5, -9,9, -,000 -,80-8 -,8 58,5-87 5,8 -, ' C ii.a '- «~ ,7 7, 7,777,58,88, S,89,5 8,8 -,0 9,0 -,9 7, -,7,5-7, -5, ,,0 8 -,0, 7, , , 9-9, -, 587, 0, 80 -, 5, -, 58 -, , 50 5., 0, 577 5, 80, 9,, 7,, 0,, 577, 7 5, 80,, 7, 5, 57 5, 5, 7, 0 5, 80, 78 5, 5, 5, 0 5, 880, ,9,8,58, 5,0,07,8,5,8,07,58,8,,5,8,58,078,9, 5,58,,7,5,0,0,05,5,, 7 L.05,75,5 78 L,7,,5 7 78,05 L, ,05,,089,07,0,0 L,7 Budget expenditures Period National security Defense Dept., military Atomic energy Mutual military program Internat'l affairs finance Interest on debt Veterans Administration Social security programs Agriculture Housing home finance Public works Post office deficit Transfers to trust accounts C)ther Cal. yr. Fiscal yr Semiannual totals: Jan.-. -Dec.. Jan.-. -Dec i. Jan.-.. -Dec.. Monthly:. Aug Sept. Oct Nov Dec 5 Jan Feb. Mar 5,7,8 7,7,85,058 5,08 7,7 7,77,,8 7,80,8,88,5 5,0 7,08,87,7 5,09,857,8,88,9,8 5,89 5,8 5,5,0 7, 9.,80,,87 50,7,5,,9 5,5,750,77 0,07,7,,0,,,00,,79,7,08,759,8, 9,,078,,807 9,8 8,077, 0, 0,5,, 0,89 9,57 7,,8,9,9,9,8,8,85,80,09,5,,00,07, 59, 05, 78, 9 98, 9,, 9, 5,,, 7, 8, , 78, 8, 889, 8, 8, 79, ,5,57,08,5,7,89,8,55,7,07, ,,05,57,57 5, 5,859,50,8,0,,5,8,57,000 9,7 5 8, ,088,,5,0 5,88,78,9,7,9,,08,0,0, ,,508,0,5,5,,5, , D0, 5, 8, 7 5, 9,, , 78, 7, 0, 8 9 8, 09 -, ,8,57,85,5,58,55,0, i ,,0,,50,,05,9,77,8,50,,77,50, e Not available. Corrected. Beginning new reporting basis, described in Treasury Bulletin,, p. A. Includes stockpiling not shown separately. Consists of foreign economic technical assistance under the Mutual Security Act, net transactions of the Export-Import Bank, other nonmilitary foreign aid programs, State Department. Excludes transfers to trust accounts, which are shown separately. 788 FEDERAL RESERVE BULLETIN

50 TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS Continued [On basis of monthly statements of United States Treasury, unless otherwise noted. In millions of dollars] Budget receipts Period Income profits taxes Individual * Withheld Corporation Estate gift taxes Excise taxes Unemployment insurance taxes receipts budget receipts Deduct Appropriations to: Old-age trust fund Railroad retirement account Refunds of receipts Net budget receipts Cal. yr. Fiscal yr Semiannual totals: Jan.-. -Dec. Jan.-. -Dec. Jan.-. -Dec. Monthly: August September October... November, December. 5 January.., February., March...,,07 0,05,05 0,787,55 8,5,5,5 0,0 9,85,7,078 0,558 0,0,0,7,05,578,,077,759,59 88,,7 7, 0,,8,79 0,77 9,80,59,7 0,77 9,008,8 8,8,59 8,5, 0, 5 9,9 78 7, , 0,55,0 9,05 9,,88,7,5,5,8 7,8,77 5,75,8,77 58, 5 00,0,8 55 7, ,59 9,5 0,88 9, 8,9 8,89 9,9 0,0,59 5,08,9 5,05,09, ( 8 ) 7 0 5,7,9,5,9,,,78,88,5,88,7,55,7, * ,9 7,788 7,5,7 5,9 7,9 7,9 7,7, 9,5, 8,,8 5,9 5,07,7,8,80 5,80,887,5,7,8 5,,089,9,9,55,8, 5,,0,59,08,57,9,89,,7,85, ,0,5,7,,07,0,8,77,000 5,0, ,9,80,8,7 7,58,9,85,55 7,,89 7, 5,757 8,8,7,59 0,,87,9,,9,0,7,55 5,7 9,7,7,8 Period Internal revenue collections (on basis of Internal Revenue Service reports) Excise miscellaneous taxes Liquor Tobacco Manufacturers' retailers' excise * Trust other accounts Social security, retirement, insurance accounts accounts Receipts Investments Expenditures Investments * Cal. yr. Fiscal yr Semiannual totals: Jan.-.. -Dec. Jan.-.. -Dec... Jan.-.. -Dec... Monthly: Aug Sept Oct Nov Dec 5 Jan Feb Mar Apr 8,8 9,558 9,7 9,8 8, 8, 9, 9,57.5 5; 07,,7,7,57, ,0,77,89,7,57,59,78,78,5,8,,5,, ,,,,5,80,55,55, ,7,05,,,8,8,59,7,8,57,78,7,5, ,7,5,00,87,,0,5,07 8,7,05 5, ' '-7» , 8,5 8, 9,9 7,5 8,0 8,59 8,8,,07,58 =,55 =5,05,,,7 89, ,,55,50,87,77,0,,059,87,009,, ,507, ,77,75,885 5,57,8,8,5.80,00,8, c9i Not available. c Corrected. Corporation estate gift taxes are from Internal Revenue Service reports prior to. Excise taxes nonwithheld individual taxes fot that period are obtained by subtracting IRS data from appropriate Treasury daily statement totals. Beginning new reporting basis. See footnote on preceding page. Less than $500,000. Excess of receipts, or expenditures ( ). 5 Consists of miscellaneous trust funds accounts deposit fund accounts. The latter reflect principally net transactions of Government sponsored corporations, European Payments Union deposit fund, suspense accounts of Defense other Government departments. Investments of wholly owned Government corporations are included as specified in footnote, but their operating transactions are included in Budget expenditures. e Consists of ^a) net investments in public debt securities of Government sponsored corporations agencies other trust funds (b) beginning November 0, net investments of wholly owned Government corporations agencies, which prior to that date are included with Budget expenditures. JULY 5 789

51 Period TREASURY CASH INCOME, OUTGO, AND BORROWING DERIVATION OF CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC [On basis of monthly daily statements of United States Treasury Treasury Bulletin. In millions of dollars] Net Budget rec'ts. Cash deposits, other than debt Plus: Trust acct. rec'ts. Less: Intra- Govt. trans. Plus: adjustments Equals: Cash deposits Plus: Trust other accts. Cash withdrawals, other than debt Budget expenditures Intra- Govt. trans. Less: Accruals to public Exch. Stabilization Fund Plus: Clearing account Trans, outside Treas. acct. 5 adjustments Equals: Cash withdrawals Excess of deposits or withdrawals Cal. yr..... Fiscal yr... 5 Semiannual totals: -Dec... Jan.-.. -Dec.. Jan.-.. -Dec.. 5 Jan.-.. Monthly: Aug. Sept Oct. Nov Dec 5 jan Feb. Mar Apr. 5,9,80,8,7 9,85,55,89 7, 5,757 8,8.7 0,,87,9,,9,0.7,55 5,7 9,7 7,8 8,58 8,7 8,5 9, ,99 9,55,8,8, 5,0,8,8, ^78 58,0,,50,9,08,0,9,0,09, 89, v 5 78 n. a ,8 7,,0 8,5 8,09 7,5 7,85 7,79 0,0, 9,,5 5,0,7 ',78,8 5,75 5,80,7 5,,,,0 0,9,5 '5,57,05 5,7,8 7,7,85 5,08 7,7 7,77,8 7,80,8,88,5 7,08,87,7 5,09,857,8,88,9,8 5,89 5,8 5,5,,85 5, 7,8, 5,9,79,57,,05,, ,,50,9,08,0,9,0,09, 89, C C n. a. n. a. n. a n. a n. a n.ji n. a. n a ,0 7,0 7,59 8,8 7,78 7,07 7, 9,8 7,57 9,0 7,,,7 5,7 r 89 5, , 5 0,7,0 5, , ,77,0 -,58 -, ,0-59 -,0-7,5,08-8,05 7,88-8,87,057,8 -,8, -8, ,775 85,00 7,8 Not available. r Revised. c Corrected. l Represents principally () interest payments between Treasury Government agencies trust funds, () transfers shown as Budget expenditures, () payroll deductions for Federal employees retirement funds. Represents principally adjustment for differences in reporting bases as between the monthly daily Treasury statements. Represents principally excess of interest accruals over payments on savings bonds Budgetary expenditures involving issuance of Federal securities; the latter include mostly armed forces leave bonds notes issued to the International Bank Monetary Fund, which are treated as noncash expenditures at the time of issuance cash expenditures at the time of redemption. Cash transactions between International Monetary Fund Exchange Stabilization Fund. (See footnote ). To exclude net transactions not cleared through Treasurer's account in securities by Government agencies, adjusted in table below. Beginning new reporting basis. See Treasury Bulletin for, p. A. Cash withdrawals on the old daily statement basis are not comparable to the new reporting basis, because data were not available for adjustments described in footnotes 5. DERIVATION OF CASH BORROWING FROM OR REPAYMENT OF BORROWING TO THE PUBLIC Period Cal. yr. 7 Fiscal yr Semiannual totals: -Dec... Jan Dec. 7.. Jan... -Dec... 5 Jan.-... Monthly: Aug. Sept Oct Nov... Dec 5 jan Feb Mar. Apr...., Increase, or decrease (-), in gross direct public debt,7 7, 7,777,58,88, 5 89,5 8,8 -,0 9,0 -,9 7, -,7 -,5 7, -5, ,,0 8 -,0 Plus: r^oo^l inn l^asu lssuanv.c \ji securities of Federal agencies Guaranteed Nonguaranteed Adjustment for trans. outside Treas. acct.* n.a Net inv. in Fed. sec. by Govt. agen. tr. funds Less Noncash debt transactions,8,8,50,58,,0,05,0,0 80, Accruals to public Int. on sav. bonds Treas. bills Payts. in form of Fed. sec (8) -,,5 0 -,7,55,579,5 -, 7, -5,9,00-5,0 -,0 5,5 9, ,,5 09 -,0 Details of net cash borrowing" from or, / \ _ r t_ J xi t_ _ repayment ^ ; oi Dorrowmg to tne puonc Direct mktable. conv. issues,9 5,778,89,07,9 5,9,50 P.58 7, «-,08,87 -,07 7,78 P-, -,77-77,80 05,9 50,9!,778 Equals: Net cash borrowing, or repay t. ( ), of borrowing Savings bonds (issue price), ,5 -, , Savings notes,0,78 8 -,9 -,09 -, 8 -, ,7-89 Postal Sav. Sys. special issues Not available.? Preliminary. Adjustment described in footnote 5 above, plus other small adjustments for differences in reporting bases. Differs from "accruals to the public" shown in preceding table, principally because adjustments to Exchange Stabilization Fund are included. Includes redemptions of tax anticipation securities savings notes used in payment of taxes. Most changes in convertible Series B investment bonds, 5-80, reflect exchanges of, or conversions into, marketable issues thus cancel out in this column. An exception was the sale for cash of about 00 million dollars in. 5 Includes cash issuance in the market of obligations of Government corporations agencies some miscellaneous debt items. Excludes exchanges of savings bonds into marketable bonds, the amount of 09 million dollars. 7 Beginning new reporting basis. See footnote above. 8 Less than $500, FEDERAL RESERVE BULLETIN so -7-7 _ « P > _5 0

52 TREASURY GASH INCOME, OUTGO, AND BORROWING Continued DETAILS OF TREASURY CASH DEPOSITS AND WITHDRAWALS * [Classifications derived by Federal Reserve from Treasury data. In millions of dollars] Cash deposits Cash withdrawals Period Direct taxes on individuals Direct taxes on corporations Excise misc. taxes Social ins. receipts cash income Deduct. Refunds of receipts Nat'l sec. programs 5 Int'l affairs Interest on debt Veterans programs 7 Social security programs 5 Cal.yr 9... Fiscal yr Semiannual totals: -Dec.. Jan.-. -Dec. 9 Jan.-. -Dec... 5 Jan.-. Monthly: Aug Sept Oct Nov Dec 5 Jan Feb Mar Apr 59,8 7,,0 8,5 8,09 7,5 7,85 7,79 0,0, 9,,5 5,0,7,78,8 5,7/ 5,80,7 5,,,,0 0,9,5 5,57,0. 7,9,78,807 ',785 0,7, ',,5,0 0,9,78 '8,885,8 9, ',9,0,5,,00,88,,80,0,,88,7,,55,0 9,05 '0,80,7,5 ',87 8,0 7,8,77 5,7 ',55,7, '7, ,08 5 7,5 5 0,8 9,0 8,59 9,5 0,88 '8,80 8,89 9,8 9,79 9,09 5,08,9 5,57 ',,79,0 ' ,,589,9 '7,55,5,89 '7, 7,,0,5,0 ',5,,0 ' 0, ,09 75,5 89,79,8,7 ',,80, ',78,,,5 «, ',80,75,9 ' ,0,5,7,58,0,5,9, 5,0 7, 7, ,0 7,0 7,59 8,8 7,78 7,07 7, 9,8 7,57 9,0 7,,,7 5,7 ',89 5, 7,788 5, 5,0,7,0 5,009 5,8,9 5,55,78,77,9 7, 50,9,00, 50,50,,505 5,0,,0 0,7,,5,,5,9,,55,9,00,808,08,5,,,000,089,88,5,57,, ,7,0,589 ',8,059,58 ',88,,,, ',50,7,580 ' , 5,09,885 ', 5,8, ',9,7,500,0,5 ',78,8, , 5,7,8 8,587 5,0,0 7,5,87,7,8,77, ,9 7, 8, '7,85,9 8,0 ',9,07,8,78 ',9, '88 09, ,5 57, Not avilable. 'Revised. ^Corrected. Beginning with, data are from the daily statement of cash deposits withdrawals ot the U. S. Treasury where available; otherwise from the monthly Budget statement. For a description of classifications prior to that date, see earlier issues of the BULLETIN. Includes estate gift taxes. Includes taxes for old-age unemployment insurance, carriers taxes, veterans life insurance premiums. Represents mostly nontax receipts. includes net redemptions of armed forces leave bonds. includes special International Bank Monetary Fund notes. 7 Includes payments from veterans life insurance funds. 8 Includes benefit payments for old-age unemployment insurance Government employees railroad retirement funds. 9 Beginning new reporting basis, described in Treasury Bulletin for, p. A. UNITED STATES SAVINGS BONDS SALES, REDEMPTIONS, AND AMOUNT OUTSTANDING [In millions of dollars] All series Series A-E H Series F, G, J K Year or month Sales Redemptions Before maturity Outsting (end of period) Sales Redemptions Before maturity Outsting (end of period) Sales Redemptions Before maturity Outsting (end of period) Aug Sept. Oct Nov Dec. 7,7,9 7, 5,8,07,,800, ,,889,80,8 5, 5,50,55 5,55, ,9,5,0,077,58,57,80,, ,77 5,05 55,05 5,7 58,09 57,587 57, 57, 57,7 58,05 58,0 58,005 58,078 58,088 58, 58,8 57,7,,085,,08,8,,575,8, ,,8,0,5,5,079,57,, ,0,8,575,7, *,500,8,9, ,0,79,8 5,0,,78 5,, 8, 7,9 7,8 7,5 7,7 7,808 7, 8,09 8,,,09,07,,0 7 58, ,07 8,9, , , 8, 0,,50,089,859,,07 9,9 0, 0,579 0,09 0, 0,80 0, 0,8 9,9 5 Jan. Feb Mar Apr ,7 58,5 58, 58, 58, 58, P5 8,55 8,7 8,9 9,0 9,8 9, P7 9,5 9,50 9,5 9, 9, 9,080 P Preliminary. *New arrangement savings notes outsting, previously included, are shown in table at top of p. 79. A change in procedure for processing redeemed savings bonds, beginning in, resulted in a high level of redemptions which were not yet classified between matured unmatured bonds. This the subsequent distribution of these redemptions temporarily obscured relationships between matured unmatured classifications. Redemptions of extended Series E bonds are included with matured issues. Maturities of Series E bonds in 5 were 7 million dollars, bringing the total since,, when extensions of such bonds began, to 8,07 million, of which 5, 087 million, or 8 per cent have been redeemed. NOTE. Sales redemptions (the latter including exchanges) of bonds are shown at issue price; amounts outsting are at current redemption value include only interest-bearing issues. Redemptions before maturity for the years -9 exclude all Series A-D bonds. JULY 5 79

53 End of month gross debt* UNITED STATES GOVERNMENT DEBT VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] gross direct debt Bills Marketable Certificates of indebtedness Notes Public issues Bank eligible* Bonds Bank restricted Convertible bonds s Nonmarketable ings bonds Tax savings notes Special issues Dec. 9 Dec. 9 -Dec. 9 Dec. 9 Dec. Dec. Dec. Dec. 98 Dec. 99 Dec. 0 Dec. Dec. Dec. Dec.. Aug. Sept. Oct.. Nov. Dec. 5 Jan.. Feb.. Mar. Apr ,7, , 7, 7,005 7, 7,88 78,78 78,888 78,78 78, 78,09 7,080 7,8 77,55 7,8 5,05 57, 08, 5,877 0,0 78,5 59,9 5,0 5,800 57,0 5,8 55, 59,9 59,05 7,9,07 75,8 7,0, 7,5 7,80 78,75 78,85 78,750 78,9 78,8 7,08 7,9 77,7 7,7 9,089 50,9,7 5,805,55 55,9,0 5,50 8,85, 0,575 8,,8 9,,,08,8,8,58 0, 0,0,,0,5,7,57 9,0,,5 8,9 5,5,5 7,88 5,0,8,778 7, 5,758 57,8 55, 5,50 7,,85 0,07 8,58 7,5 5, 50,5 50, 5,00 5, 58,8 58,5 57,8 57,8 57,75 5,50 5,578 58,0 55,0,0,00,7,07,8 7,07 7,0 5,,,9,7, 8,0 7,9,7 9,7 9,5 9,55 9,5 9,508 9,50 9,509 9,507 9,50 9,507 9,505 9,505 9,507 9,5 9,5 0,5,8 0,0 8,55 9,7,0,55 9, 5,7 9,509 9,078 8,,7 5,85,8 8,05 8,05 8,77 8,8 8,8 8,8 8,58 8,,55 7,7 0,9 7,0,8,78 5,7 9,8,75,09,7 0,0,75 7, 8,9 9,58 5,80 8,09 8, 0, 0,5,0,0,,7,00,88, 8,0 8,5,5,59 55,59,9 8,0 9,8 8,9, 55,8,557,98,09 8, 58,87,0, 7,80 7,7 75,5 75,5 75,5 75,5 7,9,,550,850 5, 9, 9, 9, 9, 9,,0,08 7,0,0 7,5,00 8,7 8,7 8,7 8,7 8,9 8,8 5,,57,00,0,500,0,9,8,857,85,80,787,780,77, 8,7,788,57 50, 5, 5,5 59,9,8,000 8,5,8, 5, 5,0,7 5,05,5,9,,50,,8,55,,0 5,050 7, 0, 8,8 9,77 5,05 55,05 5,7 58,09 57,57 57,587 57,85 57, 57,88 57, 58,0 58,005 58,078 58,088 58, 58,8 57,7,7,8 8,58 9,8 8,5 5,75 5,8,57 7,0 8,0 7,88 7,5, 5,7,5.0 5,079,,99,89,7,,58 5,, 9,0. J 0,000,585 8,5,7,8,7,5 5, 7,79 9,50 0,58,,9,5,79,07,8,5,5 End of month Dec 9 Dec.,. 9 Dec 9 Dec 9 Dec Dec Dec... Dec 98 Dec 99 Dec Dec Dec Dec Dec Apr Aug Sept Oct... Nov Dec 5 Jan Feb Mar Apr 0, 5) fully guariy, 5. )t shown separately. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] 50,9,,7,08, 78,8 59,87 5, 5,85 57,0 57,77 5,7 55,5 59, 59,5 7,5, 75, 7,7 7,555 7, 7,005 7, 7,88 78,78 78,888 78,78 78, ,080 7,8 Held by U. S. Government agencies trust funds Special issues 5,, 9,0,, 0,000,585 8,5,7,8,5,7,5 5, 7,79 9,50 0,58,,09,7,9,5.79,07,8,5,5,8,07,0,9 Public issues,0,558,8, 5,8 7,08,8 5,0 5, 5, 5,7 5,,05,79,5,7 7,0 7, 7,5 7,8 7, 7,08 7,0 7,0 7,07 7,080 7,0 7,7 7,0 7,0 7,9, 5,7 00, 5, 0, 5, 8,5, 5,5 7,800 9,57 7,5,9 7,80,8,55 8,5,9, 5,00,00,77 5,7 5,89 9,50 9,57 9,75 9,08 8,0,7 7,7 Federal Reserve Banks,8.5,89,5 8,8,,50,559, 8,885 8, 0,778,,80,,,7 5,,,8 5,07,5,0,7,8,888,9,885,05,, gross debt (including guaranteed securities) Commercial banks 7,00, ,0 77,0,800 7,500 8,0,500,800 5,00,800 58,00,00,00,00 58,800,0,500 -,00,00,800 7,00 7,00,00 9,0 9,00 8,0,0,00 5,0 Mutual savings banks,00,0,500,00 8,00 0,0,800,000,500,00,00 0,0 0,00 9,800 9,00 9,500 9,500 9,00 9,00 9,00 9,00 9,000 9,000 8,0 8,0 8,800 8,800 8,800 8,800 8,800 8,800 Held by the public Insurance companies,0 8.00,00 5,00 9,00,000,0,0,00 0,00 9,800 8,0 7,00,500 5,0,00,000 5,800 5,00 5,500 5,00 5,00 5,00 5,00 5,00 5,000 5,000 5,00 5,00 5,000 5,000 corporations,000,000 0,00,00,00,000 5,00,00,800,800 8,00 9,0 0,000 0,0 8,0 9,0 8,00,000 8,0 9,00,00,00 8,00 8,00 8,0 9,00 9,00 0,00,00 9,500 0, ,000,00,00,500,00 7,00 7,0 8,00 8,0 8,800 9,00 9,00 0,00,00,000,0,800,00,00,00,00,00,500,00,00 5,000 5,00 5,500 5,0 Individuals Savings bonds,800 5,00,00,0,00,0,00,00 7,800 9,00 9,0 9,00 9,00 9,00 9,000 9,00 9,00 9,00 9,500 9,500 9,00 9,00 9,0 9,0 9,0 9,800 9,0 50,000 50,00 50,00 50,00 securities 7,800 8,00 0,00,0 7,00,00 0,00 9,00 7,00 7,000 7,00,0,00 5,500 5,00,000 7,00 5,800 5,00 5,00 5,000,00,500,00,00,0,500,500,800,0,0 State local governments Miscellaneous investors' 0 0,00,00 7,000 9,00 8,00 8,00 8,0 9,00 9,0 0,500 0,0 0,00,00,0,800,00,0,800,0,0,00,0,000,800,0,800,0,000,00 Includes the Postal Savings System. Includes holdings by banks in territories insular possessions, which amounted to 00 million dollars on Dec.,. Includes savings loan associations, dealers brokers, foreign accounts, corporate pension funds, nonprofit institutions. NOTE. Holdings of Federal Reserve Banks U. S. Government agencies trust funds are reported figures; holdings of other investor groups are estimated by the Treasury Department. 79 FEDERAL RESERVE BULLETIN

54 UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES Direct Public Issues Outsting 0, 5 [On basis of daily statements of United States Treasury. In millions of dollars] Issue coupon rate Amount Issue coupon rate Amount Issue coupon rate Amount Issue coupon rate Amount Treasury Bills 7, 5, 5, 5 8, 5 Aug., 5 Aug., 5 Aug. 8, 5 Aug. 5, 5 Sept., 5 Sept. 8, 5 Sept. 5, 5 Sept., 5 Sept. 9, 5,50,500,50,50,50, ,50,500,50,50,500 Certificates Aug. 5, 5 W % Dec. 5, 5 M Treasury notes Dec. 5, % Mar. 5, % Apr.,.. H Aug. 5, Oct.,.... AY Mar. 5, 7 % Apr., 7 IH 5, 7 \% Aug. 5, 7 Oct., 7. H Apr., ^ Oct., 8 IH Feb. 5, 9 % Apr., 9 ^ Oct.,9.. ^ Apr.,0 \y 8,77 5,59,85 8, , 550,7 5,55, ,0 9 7 Treasury bonds Mar. 5, ^ Sept. 5, -59..% Sept. 5, ^ Mar. 5, % 5, 8 % 5, 8-,.% Dec. 5, 8 % 5, 9-...^ Dec. 5, M Nov. 5, 0 y 8 Dec. 5, 0-5..% Sept. 5, % Nov. 5, j Aug. 5, ^ 5, -7...>,9,8,5,8 5,7, ,9,77,755, bonds Cont«Postal Savings bonds -}i Panama Canai Loan.. Convertible bonds Investment Series B Apr., M,8,75,80,78,,88,7,8,0,9 50,7 JSold on discount basis. See table on Money Market Rates, p Partially tax-exempt. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES* Marketable Convertible Direct Public Securities [Par value in millions of dollars] End of month outsting U.S. Govt. agencies trust funds Federal Reserve Banks Commercial banks Mutual savings banks Insurance companies Life i End of month outsting U S. Govt. agencies trust funds Federal Reserve Banks Commercial Mutual Insurance companies Life Type of security: marketable convertible: Dec Dec Dec 5 Mar Apr Treasury bills: Dec Dec Dec 5 Mar Apr Certificates: Dec Dec.. Dec 5 Mar Apr Treasury notes: Dec Dec Dec 5 Mar Apr Marketable bonds:i Dec Dec Dec 5 Mar Apr,08 59,7f,9, 9,5 5,00 8,,7 9,7 9,5 9,5" 9,507 9,505 9,507,7 5,85,8 8,05 8,58 7,7 0,9 0, 0,5,0,0 8,50,9 5,007 79,8 8,9 77,7 80,7 8,85 8, 8,,,8,9,5, 7, 7, ,0,00,77,9,",78,5,50, 55,88, 7 5,5 5, 55,9 5, 07 5,,9,08, 5,80, 57,755, 7,07,55,,,8,,87,0, 89,8 88,50 5,0, 5,7,00, " 9,0,79,5 9,,9,85,0,9,77 0,5,77 0,5: 8,89,50,09,,0,9 9! 9,9,0 9,,7,5,89,5,0,7 0,7,09 5,8,80 8,07,80,88,80, 8, 8,8 8,5 8,5 8, 8,75 8,: ' '! ,5 7,,80,9,,5,9 9,5 9,7 9,0 8,7 8,7 8, 8, ,807 5,855 5, 5,,"~,5,,7,:"',5,85,8,8, ,9,8,8,,7,0, 50,9 5,9 55, 5, 55, 5,58 58,5,58,55,0,8,,,789,0,,05 0,75,5 9, 5,5 7,59,8 5,78 5,8,5 7,0 9, 9,8,07,8,88,0,58,8,59 Type of security: lonvertible bonds (Investment Series B): Dec Dec Dec 5 Mar Apr Marketable securrities, maturing: Within year: Dec Dec Dec 5 Mar Apr -5 years: Dec Dec Dec 5 Mar Apr 5-0 years: Dec Dec Dec 5 Mar. Apr After 0 years: Dec Dec Dec 5 Mar Apr,500,0,9,8,77,,9 5,,589 7,5 0,,87 5,57 5,79 7,7,0 9,7 7,5 9,0,5,7,8 8,77 0,9 0,5,77,88,88,08,79,7,75,79,, ,7 75,7(, ,79, 5,505 9,580 75, 5~,0 07,80 7 9,7 5, ,0 8, ,0 0,07 7,,:,5 8,,55,05,07,,087:8,8,087 0,859,087 0,85,87,7,7,05,058 8,77 0,05 8,7,0:,0,0*,0,0,,5,,,5,9,, ,775,,5,89,5,58,,5 5,07 5,09,5,88 5,7,5,5 5,09,5,5,,5 5,,8,5 5,,79,5 5,550,78,79,,,87,85,858, ,8,'~"~,.,58,,8, ,08, ,0,5,5,8,0,,55,,,,5,9,9,9,5,,7,,85,800,75,7,75,57 7,9 9,0,58,0,89, Commercial banks, mutual savings banks, insurance companies included in the survey account for over per cent of total holdings by these institutions. Data are complete for Federal agencies trust funds Federal Reserve banks. Figures in column headed "other" are residuals. Includes Treasury bonds minor amounts of Panama Canal Postal Savings bonds., 5,8 5,0 5,08 5,855 7,50 7,58 5,85,85 5,,7 7,9 7,55 7,558 0,7,,7,7,87,5, JULY 5 79

55 NEW SECURITY ISSUES [Estimates, in millions of dollars] Gross proceeds, all issuers Proposed uses of net proceeds, all corporate issuers Noncorporate Corporate New capital Year or month U.S. Government 8 Federal agency- Bonds State municipal Publicly offered Privately placed Preferred stock Common stock New money 7 Miscellaneous pur- Retirement of bank debt, etc.* Retirement of securities ,.... Aug.., Sept.. Oct... Nov.. Dec... 5 Jan... Feb... Mar.. Apr.... 5,87,5 5,57 5,8,58 5,0 5,7 8,85 9,9 0,50,0 9,89,5 7,09 8,8 9,75,88,,7,79,5,5,50,55,,.58 ',5,0,,57,,8,85 5, 7,5 0,7 0,589 0,7,80 9,87 9,778,577,7,5, , , ,8, ,57,,,7,5,89,0 5,558, » ,,77,7,0,,0,0,0,577 7,078,05, 7,7 9,5 8,8 9,5 85,0,5,008,0, ,0 5,9,8,89 0,,855,88 5,05 5,,8, 5,9 7,0 7,08 7, , ,7,8,578 50,89,85,09,888,,,0,,5,85, ,00,8,7,00,55,50,,7,8, , ,,9,, , ,7,889 5,5,5 5,558,0 7,0 8,7 8, 7, ,00 0 5, ,080,79,59 5,99,0,00,5 8,80 7,0, , ,,85,58 789,89,555,88,5 07 0,7 8 0, Proposed uses of net proceeds, by major groups of corporate issuers Year or month net proceeds Manufacturing New capital Retirements 0 net pro- Commercial miscellaneous New capital* Retirements 0 net pro- Transportation New capital Retirements 0 net proceeds Public utility New capital" Retirements 0 net pro- Communication New capital Retirements 0 net proceeds Real estate financial New cap- Retirements August September. October... November. December. 5 January... February.. March,9,75,0,,8, ,7,0,8,7,8, ,7,08,,,, ,0,,,59,5, ,5, , 'Revised. Estimates of new issues sold for cash in the United States. Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 8 Includes issues guaranteed. Issues not guaranteed. includes foreign government; International Bank; domestic eleemosynary other nonprofit. 8 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., expenses. 7 Includes proceeds for plant equipment working capital. 8 Includes proceeds for the retirement of mortgages bank debt with original maturities of more than one year. Proceeds for retirement of short-term bank debts are included under the uses for which the bank debt was incurred. Includes all issues other than those for retirement of securities. 0 Retirement of securities only. Source. Securities Exchange Commission. 79 FEDERAL RESERVE BULLETIN

56 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual Quarterly Industry Manufacturing (00 corps.) : Sales Profits before taxes Profits after taxes Dividends,. Nondurable goods industries (9 corps.): Sales Profits before taxes Profits after taxes Dividends Durable goods industries (0 corps.): Sales Profits before taxes Profits after taxes Dividends Selected industries: Foods kindred products (8 corps.): Sales Profits before taxes, Profits after taxes Dividends Chemicals allied products ( corps.): Sales Profits before taxes Profits after taxes Dividends Petroleum refining ( corps.): Sales Profits before taxes Profits after taxes Dividends Primary metals products (9 corps.): Sales Profits before taxes Profits after taxes Dividends Machinery (7 corps.): Sales Profits before taxes Profits after taxes Dividends Automobiles equipment (5 corps.): Sales Profits before taxes Profits after taxes Dividends Public Utility Railroad: Operating revenue Profits before taxes Profits after taxes Dividends Electric power: Operating revenue Profits before taxes Profits after taxes Dividends Telephone: Operating revenue Profits before taxes Profits after taxes * Dividends 7,98 5,5 5,8 8,0,8,,,,05,5, 759,89,9.,888 0, 8 9,80 9 5, , , ,57,7 8' 5 8, ,09 l, r 75 50,7 0' 5, 8,,87,,5, ,57 5,,5,5,0 5r 89,57, 57 8,0 7 0,, , ,805,05,08' 7 9,7., ,58, 8 9, 580 7, 8,,8,0,77 5,78,005,r, ,57,, ,, ,8,00 9,, ,9,0 9 8,058,8 8-5,79 9 8,5 7,7,7,0 8,8,75, 9f,,,80,9 5, ,, , 89 8,557, 575 ' 7, ,85, 0,58,5 8 8,5<.7C 9' 75, ,5 8,5,50,0 0, ,. 5.,07,0 9 5, ,750, ,009,009 0 ',7,08,,0 87,,89 =,00 780, ,5 09,750,,9:,58,5,0,5,5,9, 5,-. 5 5,9, 59 8C 5, ?,5,7 7 0! 7,7< 89' <.9C,7 8 5' 9,7 ( ,,0<, 85',: l,05c 5. 5,59, , ,77, , ,50 0 9, , ,9 9, 5 8,755 79,7 8 9, ,, 89 5, , , ,5 7, ,9,08 9 5, 5 8, , ,, , ,7,08 5,7, 7,79 8 8, , ,85, , 5,7 : 09,77,9 7 5, ,80,7 00 9,5,7 7, , 7 07,7 5 57,5 7, ,0 5,0, , , 9 88,9 59 9, 8, , ,8 0 5,9 7 0, 7 7,8 78, 5,07,88, ,0 7 9,7,9 0, ,55 89, ,87 05, ,80 7 9, 9 77, 5 88,85 8 8,0,9, 55, ,075,5 775,5 00 7, 5 7 0,5 0 7,9 89 9, 5 8, , ,7 5, Includes companies in groups not shown separately, as follows: textile mill products (0); paper allied products (5); miscellaneous (). Includes 5 companies in groups not shown separately, as follows: building materials (); transportation equipment other than automobile (); miscellaneous (7). NOTE. Manufacturing corporations. Data are from published company reports, except sales which are obtained from the Securities Exchange Commission. Railroads. Figures are for Class I line-haul railroads (which account for per cent of all railroad operations) are obtained from reports of the Interstate Commerce Commission. Electric power. Figures are for Class A B electric utilities (which account for about per cent of all electric power operations) are obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue profits before taxes are partly estimated by the Federal Reserve to include affiliated nonelectric operations. Telephone. Revenues profits are for telephone operations of the Bell System Consolidated (including the 0 operating subsidiaries the Long Lines General departments of American Telephone Telegraph Company) for two affiliated telephone companies, which together represent about 85 per cent of all telephone operations. Dividends are for the 0 operating subsidiaries the two affiliates. Data are obtained from the Federal Communications Commission. All series. Profits before taxes refer to income after all charges before Federal income taxes dividends. For description of series back figures, see pp. - of the BULLETIN for 99 (manufacturing); pp. 5-7 of the BULLETIN for March 9 (public utilities); p. 8 of the BULLETIN for September 9 (electric power). JULY 5 7

57 PROFITS, TAXES, AND DIVIDENDS OF UNITED STATES CORPORATIONS [Quarterly estimates at seasonally adjusted annual rates. In billions of dollars] Year or quarter r '", r '.. T.. r.. ' Profits before taxes Income taxes Profits after taxes , Cash dividends Undistributed profits 'Revised. Preliminary estimates by Council of Economic Advisers. Source. Department of Commerce. Year or quarter NET CHANGE IN OUTSTANDING CORPORATE SECURITIES * [Estimates, in millions of dollars] New issues,88 7,5,7 7, 9,08 0,79 9,550,75,0,858,07,8,05 All types,5,8,875,50,77,75,8 5,5 7,9,,9,7 Net change,59 5,887,85,7,77 7, 7,,,7,79,7,05,79 New issues 5,05 5,,87,80 5,8 7,,5 7,87,9,8,,075,8 Bonds notes,0,8,58,80,05,0,8, ,5 Net change,00,55,8,00,577,,755,5 8,0, New issues,87,,8,8,,5,8,8,08 5 7,05,8 Stocks , Net change,55,,57,,0,7,, Retirements Retirements Retirements Reflects cash transactions only. As compared with data shown on p. 79, new issues exclude foreign include investment company offerings, sales of securities held by affiliated companies or RFC, special offerings to employees, also new stock issues cash proceeds connected with conversions of bonds into stocks. Retirements include the same types of issues, also securities retired with internal funds or with proceeds of issues for that purpose shown on p. 79. Source. Securities Exchange Commission. CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS * [Estimates, in billions of dollars] Current assets Current liabilities End of year or quarter Net working capital Cash U. S. Government securities Notes accts. receivable U. S. Govt. Inventories Notes accts. payable U. S. Govt. Federal income tax liabilities ! rsl 8»-5. '" r Revised. Excludes banks insurance companies. Receivables from payables to U. S. Government do not include amounts offset against each other on corporations' books. Source. Securities Exchange Commission. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i [Estimates, in millions of dollars] Year Manufacturing Mining Railroads Transportation other than rail Quarter Public utilities Communications Manufacturing mining Transportation incl. railroads Public utilities All others ,5 8,9,059 9,85 0,05 5,,9 8,,87 7,0,9, 9, 7,9 7,9 0,85,,8,08 0, L,9,5, L.7 L., ,85 887,,,500,55,5, ,5,5,09,,887,55,9.8 0,7,0,0,9,57,,77 8,,77,78 5,5,0 5,7 5, 5,557,0, ,08 7,5,,9,0,8 5,87 7, 7,0,,55,788,0,8,09,5,9, ,,7 99,,00,09 85,85,79,09,0,,07,,0,00,0,78 Corporate noncorporate business, excluding agriculture. Includes trade, service, finance, construction. Includes communications other. Anticipated by business. Sources. Department of Commerce Securities Exchange Commission. 7 FEDERAL RESERVE BULLETIN

58 REAL ESTATE CREDIT STATISTICS MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties Nonfarm Farm End of year or quarter All holders Financial institutions holders Selected Federal agencies Individuals others - to -family houses All holders Financial institutions Multi-family commercial properties holders Financial institutions holders All holders Financial institutions holders , , , 0... September December March... September... December March? / , , , , S L.5 L.... L S.I P Preliminary. Derived figures, which include negligible amount of farm loans held by savings loan associations. Derived figures, which include debt held by Federal l banks Farmers Home Administration. NOTE. Figures for first three quarters of each year are Federal Reserve estimates. Financial institutions include commercial banks (including nondeposit trust companies but not trust departments), mutual savings banks, life insurance companies savings loan associations. Federal agencies include HOLC, FNMA, VA (the bulk of the amounts through 98 held by HOLC, since then by FNMA). Federal agencies (amounts small separate data not readily available currently) are included with "Individuals others." Sources. Federal Deposit Insurance Corporation, Home Loan Bank Board, Institute of Life Insurance, Departments of Agriculture Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of the Currency, Federal Reserve. MORTGAGE LOANS HELD BY BANKS» [In millions of dollars] Commercial bank holdings Mutual savings Dank holdings :Nonfarm NTonfarm End of year or quarter Residential* Farm Residential* FHAinsured VAguaranteed Conventional FHAinsured VAguaranteed Conventional Farm September... December March. September December 5 March?,,0,9,7,5,,058,0,7,8,77 5, 7,?,5 S, 9, 8,,9 0,8 0,0 8 0, 0,7 8,7 0,,78 IS 87,809? 88,850 5,78 8,555 7,,7,0,850 5,550 5,78 0 5,8 7,7 7, 8,555,7 7,,7,? 0 S,55,7 7S 0?,0,80,9. o?o ,0,0,8,00,0,075,,5,8 Q?Q S S0 0S,85 S ?, ? 79 85, 0S7,00, S8 9 8,0 5,8,780 5,,8 5 8? 78 9,7,0.?0.0 S 0S 5,08,8? * 8 S,85, S 77, 9 S,8 8 8, 8, ,058..?7? 0? 800, ,,0,500,50,08,9,8 oos 00 S ?,5,50,5,0,0,58 5,007,,88,75,558,7,87,588,,758 5,59 7,05 8,5 9,88,, 0.,,0,8,5, 9,75 7,0,00 75,5 0,0,5 5,50 5,50,75,,. S S0 S ,7,7,05,,785,05,,579,0, 850, ? S 0? ,05 L.0 L,7,,55 L,,50,55,59,5 L,,, p Preliminary. Includes all banks in the United States possessions. Includes loans held by nondeposit trust companies but excludes holdings of trust departments of commercial banks. March September figures are Federal Reserve estimates based on data from Member Bank Call Report from weekly reporting member banks. Data not available for all classifications prior to December. ^Through, figures except for the gr total are estimates based on Federal Reserve preliminary tabulation of a revised series of banking statistics. March September figures are Federal Reserve estimates based in part on data from National Association of Mutual Savings Banks. Sources. All bank series prepared by Federal Deposit Insurance Corporation from data supplied by Federal State bank supervisory agencies, Comptroller of the Currency, Federal Reserve. JULY 5 7

59 REAL ESTATE CREDIT STATISTICS Continued MORTGAGE ACTIVITY OF ALL UNITED STATES LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outsting (end of period) Year or month Nonfarm Farm Nonfarm FHAinsured VAguaranteed FHAinsured VAguaranteed Farm Jun& August September October November December 5 January February March 8 855,,78,07,0,89 5,,8,5 5, ,8,50,,,5,7,0,, ,0,50,8, ,9 9 55, ,9,5,,08,7,,5, ,,,7,7,8, 7,55 8,75 0,8,,0 9,,5, 5,,7,8,57,7 5,05 5,0 5,57 5,,,7,77,99 7,7 5,07 5,59 5, ,88 5,80,0 7,780 9,8,78,775 7,787 9,5,,88,,0,575,78,09,5,50,88,7,05,9,8 5, ,0 8,08,9,8,,8,5,57 5,57 5,8,0,,088,09,0,00,0,0,,,,5,,7,00 5 8,0, 0,,7,50,,80,88,,08,87,0,5,,77,8, 5,0 5,8,05, ,78,87 5,58,5 7, , 0,58,8,,0,,59,8,7,80,,,8,88,8,58, ,8,7,57,5,88,0,,,7,009,0,05,0,0,05,09,0,5,50 NOTE. For loans acquired, monthly figures may not add to annual totals, for loans outsting, end-of-december figures may differ from end-of-year figures, because monthly figures represent book value of ledger assets whereas year-end figures represent annual statement asset values, because year-end adjustments are based on more nearly complete data. Prior to, complete data are not available for all classifications shown. Sources. Institute of Life Insurance: end-of-year figures, Life Insurance Fact Book; end-of-month figures, the Tally of Life Insurance Statistics Life Insurance News Data. MORTGAGE ACTIVITY OF ALL SAVINGS AND LOAN ASSOCIATIONS [In millions of dollars] NONFARM MORTGAGE RECORDINGS OF $0,000 OR LESS [Number in thouss; amount (except averages) in millions of dollars]' Year or month Loans made, by purpose New construction Home purchase purposes l Loans outsting (end of period) FHAinsured VAguaranteed Conventional Year or month Amount, by type of lender Num-.S av- ;s& lc an assns. Irlsurance companies Commercial banks Mutual savings banks Average amount recorded (dollars) Aug.. Sept.. Oct... Nov.. Dec... 5-Jan... Feb... Mar.. Apr.....,79,05,8,5,9,58,8,07, 5,7 5,50,7 7,77 8, ,0,0, ,0,08,77,57,05,75, ,0,58,57,8,,559,,57,5,88, ,,,557,80, ,578,58,58,800 5,7 7, 8,85 0,05,, 5,50 8,,88,,87 5i05, ,0,7,0,50 i',7,,58,9,5,85,,7,77 ^50, ,5 98 8, 99 9,8 0,50,07.,877 0,57. 8,8 9,00 0^57 7\,,5 -.,.,.. Aug.. Sept.. Oct.., Nov., Dec. 5-Jan.., Feb.. Mar., Apr.. ay..,8,5,7,,9,,57,55,88,0,878,08,, ,7,9,8,0 5,50 0,589,79,88,88,79,05 8,08 9,77,,805,0,07,08,,5,8,7,0,8,55,57,8,,, 7, 50, 07, 8, 50, 9, 5, 00 5,, 5 7, 5 8, ,0,0,7,7, ,5,59,9,7,09,,,88, 5,07 5, 5,09 5,8 7, ,,,0,8,8,,5,88,755 5,5 5, 5,0,,,8,57,5,8,789,87 7,00 7, 7,0 7,077 7,5 7,8 7,5 Includes loans for repair, additions alterations, refinancing, etc. Prior to 98, data are not available for classifications shown. Excludes shares pledged against mortgage loans. Source. Home Loan Bank Board. Source. Home Loan Bank Board. 7 FEDERAL RESERVE BULLETIN

60 REAL ESTATE CREDIT STATISTICS Continued GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON [In millions of dollars] NONFARM - TO -FAMILY PROPERTIES [In billions of dollars] FHA-insured loans VA-guaranteed loans Year or month Home mortgages New properties Existing properties Projecttype mortgages! Property improvement loans Home mortgages Alter ation 'epair End of year or quarter New properties Existing properties Governmentunderwritten FHA, insured VAguaranteed Conventional ,,. Aug., Sept. Oct.. Nov. Dec. 5 Jan.. Feb. Mar. Apr.,5, ,058 5,07 5, 5,50 7,,8 5,80, 7, ,788,,8,,0,,88, ,,9,7, 9,59, , ,0, , ,0,8,88,,07,,7,0, ,85,7,8,05, ,0 9 8,0, Monthly figures do not reflect mortgage amendments included in annual totals. FHA-insured property improvement loans are not ordinarily secured by mortgages; VAguaranteed alteration repair loans of $,000 or less need not be secured, whereas those for more than that amount must be. Prior to 99, data are not available for classifications shown. NOTE. FHA-insured loans represent gross amount of insurance written; VA-guaranteed loans, gross amount of loans closed. Figures do not take account of principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on number average amount of loans closed. Sources. Federal Housing Administration Veterans Administration Sept. Dec. Mar.. Sept. Dec. Mar.. Sept. Dec. 5 Mar " "Corrected. NOTE. For total debt outsting, figures for first three quarters are Federal Reserve estimates. For conventional, figures are derived. Sources. Home Loan Bank Board, Federal Housing Administration, Veterans Administration, Federal Reserve. FEDERAL NATIONAL MORTGAGE ASSOCIATION [In millions of dollars] ACTIVITY i FEDERAL HOME LOAN BANK [In millions of dollars] LENDING End of year or month Mort gage holdings Authorized funds uncommitted Commitments undisbursed FHAinsured VAguaranteed Mortgage purchases (during period) Mortgage sales (during period) Year or month Advances outsting (end of period) Advances Repayments Shortterm Longterm August September.. October... November.. December.. 5 January.... February... March 58 88, ) ) 0) 0) 0) 0) 0) 0) ,7,850,,,,,0,7,55,,8,,,,88,5,55, ,78,,9,8,,9,0,7,,8,,,,5,5,7,, 7, ! No authorization figures shown after October since under its new charter, effective Nov.,, FNMA maintains three separate programs, for which the type of fund authorization varies. figures represent the combined programs: secondary market, special assistance, management liquidation. Source. Federal National Mortgage Association August September.. October November.. December.. 5 January February... March , Secured or unsecured loans maturing in one year or less. Secured loans, amortized quarterly, having maturities of more than one year but not more than ten years. Source. Home Loan Bank Board. JULY 5 7

61 STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outsting, in millions of dollars] Instalment credit Noninstalment credit End of year or month Automobile paper i consumer goods paper Repair modernization loans Personal loans Singlepayment loans Charge accounts Service credit , 8,8 9,7,50 5,5,085,,07,58,0,87,99 7 7,088,5,,79,8, ,,7, ,5 8,8,5, 7,0 0,8,8 5,87 9,57 0,5,,7, 8,8,5,,87 8,8,87,7 55,9,05,,, 8,0 0, 0, 8,,,8,8,7, 5,8 5,8 5, ,00,0,0,9,,009,,,9,,805,5,85,,787,0,,875 5, 5,588,, 7, 7,50 7,58 7,,5,5,5,8,9,09,9,0,,07,5,7,80,00,0,,,58 85,0,,85,7,,0,7,, August September October November December 8,7 8, 8,75 8,7 8,85 8,5 9,09 0,5,87,77,89,,,,0,7 0,00 0,8 0, 0,9 0,5 0,0 0, 0, 5, 5.7 5,8 5,9 5,87 5, 5, 5,8,,5,7,,,7,,,8,57,58,,,5,89,787,885,99,87,85,9 7,0 7, 7,58,,,0,,5,77.07,0,78,89,77,7,807,89,0,58,78,7,800,789,779,75,7, 5 January February March 9, 9,58 9,98 0,55,58,,508,,5,9 0,59 0,,05,8,5 5,09 5,8 5,79 5,9 5,555,57,550,50,5,5,79,8,9 5,005 5,0 7, 7,00, 7, 7,9,7,7,8,,589,5,8,75,859,0,78,75,758,787,89 Includes all consumer instalment credit extended for the purpose of purchasing automobiles other consumer goods secured by the items purchased, whether held by retail outlets or financial institutions. Includes credit on purchases by individuals of automobiles or other consumer goods that may be used in part for business. Includes only repair modernization loans held by financial institutions; such loans held by retail outlets are included in "other consumer goods paper." NOTE. Monthly figures for the period December through a general description of the series are shown on pp. -5 of the BULLETIN for. Revised monthly figures are shown in later BULLETINS:, November, p. ;, November, p.. A detailed description of the methods used to derive the estimates may be obtained from Division of Research Statistics. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outsting, in millions of dollars] End of year or month instalment credit Financial institutions Commercial banks Credit unions Sales finance companies Department stores Retail outlets Furniture stores Household appliance stores Automobile dealers August September October November December 5 January February March,50 5,5,085,,7, 8,8,5,,87 8,8,87,7,87,77,89,,,,0,7,,508,,5,9,05,,80,77,5 5,55 7,09 9,7,80,077 5,0 8,758 8, 8,5 8,58 8,7 8,7 8,75 8,7 8,79 8, 8,7 9,5 9, 0,7 0.78,079,5,7 75,57,5,59,9 5,7 5,77 7,5 8,9 8, 8,79 8,78 8,7 8,7 8,88 8,7 8,58 8, 8,5 8,88 8,8 9,00 9,8,,575, ,55,0,0,785,79.8,7, 5,9,00,89,5,9,5,5,,,5,808 7,077 7, ,, ,8,9,8,,0,0, ,00,9,0,7,,,89,588,77,88,9,9,50,50 5,588,58,5,,,5,8,5,05 8,0,87,9,,,7,9,5, 78 8,5,59,55,,8, ,7,00,0,07,07,0,0,0,0,0,0,58,08,,8,50 Includes mail-order houses. Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets FEDERAL RESERVE BULLETIN

62 STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT Continued NONINSTALMENT CREDIT, BY HOLDER [Estimated amounts outsting, in millions of dollars] End of year or month August.... September. October... November. December. 5 January... February.. March... noninstalment credit,79,8,087,0,,875 5, 5,588,, 7, 7,50 7,58,885,99,87,85,9 7,0 7, 7,58 7, 7,00, 7, 7,9 Financial institutions (single-payment loans) V Commercial banks 5 9 7,008,0,,,57,8,8,8,085,,7,9,5,7,07,09,085,08,085,,5, Retail outlets (charge accounts) Department stores ,78,0,,,,8,8,0,5,,,,75,87,,5,88,9,75,8,75,0,,8,,79 Service credit ,0,,85,7,,0,7,,,78,7,800,789,779,75,7,,78,7-5,758,787,89 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, BY TYPE OF CREDIT [Estimated amounts outsting, in millions of dollars End of year or month - August.... September. October... November'. December. 5 January... February.. March... instalment credit,079,5,7 75,57,5,59,9 5,7 5,77 7,5 8,9 8, 8,79 8,78 8,7 8,7 8,88 8,7 8,58 8, 8,5 8,88 8,8 9,00 9,8 Automobile paper Purchased ,77,5,,5,,,7,0,0,,07,88,,08,,09,7, Direct ,9,,9,87,5,75,79,,7,8,,,5,5,80,75,88,880 consumer goods ,0,5,5,75,078,89,,9,880,857,85,8,8,89,859,85,8,8,85 Repair modernization loans ,7,7,75,9,9,,,,,87,75,,9,0,05, Personal loans ,07,,7,5,7,58,,,8,,9,5,7,87,,77.,78,80 Includes mail-order houses. 9 INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outsting, in millions of dollars] End of year or month August September... October November... December... 5 'January February.... March instalment credit,,575, ,55,0,0,785,79,8,7, 5,9,00,89,5,9,5,5,,,5,808 7,077 7, Automobile paper 878,87, 77 80,78,5,57,8,07 5,0' 5,5 5, 5,9 5,7 5, 5,7 5,9 5,9 5,5 5,0 5,9 5,,07,5 consumer goods paper Repair modernization loans Personal loans INSTALMENT CREDIT HELD BY FINANCIAL INSTITU- TIONS OTHER THAN COMMERCIAL BANKS AND SALES FINANCE COMPANIES, BY TYPE OF CREDIT S [Estimated amounts outsting, in millions of dollars] End of year or month August September... October November... December... 5 January February... March instalment credit ,75,57,858,7,57,05,,88,5,,79,7,77,77,808,88,8,8,,00,00 Automobile paper consumer goods paper Repair modernization loans Personal loans ,07,,9,0,88,0,5,85,50,59,559,575,59,5,,85,77,,7,775,809 NOTE. Institutions included are consumer finance companies (operating primarily under State small-loan laws), credit unions, industrial loan companies, mutual savings banks, savings loan associations, other lending institutions holding consumer instalment loans. JULY 5 80

63 STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT Continued INSTALMENT CREDIT EXTENDED AND REPAID [Estimates, in millions of dollars] Year or month Automobile paper consumer goods paper Repair modernization loans Personal loans Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid ,9 9,5 5,79 8,,7 5,50 8,00,5,79 8, 0, 9,0 7,08 8,85 5,09,785 0,,7 5,5 8,8,,550,88 9,0,08,8 9,9,9 5,80 7,8 8,98 9,,0,,5,5, 9,,79,50 5,57 7,85 9, 0,9,79,77,588,99,0,077, 5,80 5,5,58,58 7,9 8,0 7,0,8,87,9,0,5, , 7,5 7, ,,87, ,,78,7,,50,0,89,78,5,0,058,889 7, 7,87,00,8,00,59,05,9,5,8 5,8,7,78 7,0 WITHOUT SEASONAL ADJUSTMENT August September October November December,,,59,77,,5,55,0,,7,7,5,07,7,9,59,07,,,,0,0,00, ,0,0,05,08, January February March,89,,59,089,0,0,.9,550,5,00,7.59,5, , SEASONALLY ADJUSTED* August September October November December,,,55,09,7,,,7,9,,,80,0,,500,88,,00,05,077,08,09,,00,05,00,07,0,09,0, January February March,8, ,09,,5,5,55,,,8,7,0,57,00,07.0,09, * Includes adjustment for differences in trading days. NOTE. Back figures by months for the period -5, together with a discussion of the composition characteristics of the data a description of the methods used to derive the estimates, are shown in the BULLETIN for January, pp. 9-. Monthly figures for are shown in the BULLETIN for November, p.. Estimates of instalment credit extended repaid are based on information from accounting records of retail outlets financial institutions include finance, insurance, other charges incurred under the instalment contract. Renewals refinancing of loans, repurchases resales of instalment paper, certain other transactions may increase the amount of both credit extended credit repaid without adding to the amount of credit outsting. FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE * Percentage change from preceding month 5 Apr. 5 Mar. 5 Percentage change from corresponding month of preceding year 5 Apr. 5 Mar. 5 Year or month Instalment accounts Department stores Furniture stores Household appliance stores Charge accounts Department stores Net sales: Cash sales Credit sales: Instalment Charge account Accounts receivable, end of month: Instalment Charge accounts Inventories, end of month, at retail value , August September October November December 5 January February March Collections during month as percentage of accounts outsting at beginning of month. 80 FEDERAL RESERVE BULLETIN

64 BUSINESS INDEXES [The terms "adjusted" "unadjusted" refer to adjustment of monthly figures for seasonal variation] Year or month Industrial production (physical volume)* -9=00 Manufactures Durable Nondurable Minerals Construction contracts awarded (value) -9 = 00 Residential All other Employment payrolls -9 = 00 Nonagricultural employment Manufacturing production workers Employment Payrolls Freight carloadings* -9 = 00 Department store sales* (retail value) -9 = 00 Consumer prices -9 = 00 Wholesale commodity prices -9 = 00 Adjusted Unadjusted Adjusted Adjusted Adjusted Adjusted Adjusted Adjusted Adjusted Adjusted Adjusted Unadjusted Unadjusted Adjusted Adjusted Unad justed Unadjusted P P * P P PIS* Pi P8 P J» Pill i January... February... March.. August September.. October November.. December J January February... March 5 8 P] ?8 8 0 P P5 5 7 J»8 0 0 P P P P * ^Estimated. ppreliminary. r Revised. * Average per working day. Three-month moving average, based on F. W. Dodge Corporation data. A description of the index may be obtained from the Division of Research Statistics. For monthly data (dollar value) by groups, see p. 8. The indexes of employment payrolls, wholesale commodity prices, consumer prices are compiled by the Bureau of Labor Statistics. Nonagricultural employment covers employees only excludes personnel in the armed forces. The figures on employment payrolls incorporate revisions to first-quarter bench-mark levels. The consumer prices index is the revised series, reflecting beginning January the inclusion of some new series revised weights; prior to January indexes are based on the "interim adjusted" "old" indexes converted to the base -9=00. For indexes by Federal Reserve districts for other department store data, see pp Back figures in BULLETIN. Industrial production, December, pp. -8; department store sales, December, pp JULY 5 80

65 INDUSTRIAL PRODUCTION [Federal Reserve indexes, -9 average 00] Industry -9 proportion Annual P P 5 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. SEASONALLY ADJUSTED Industrial Production Manufactures Durable Manufactures Primary metals Metal fabricating Fabricated metal products Machinery Nonelectrical machinery Electrical machinery Transportation equipment Instruments related products.. Clay, glass, lumber products Stone, clay, glass products Lumber products Furniture misc. manufactures Furniture fixtures Miscellaneous manufactures Nondurable Manufactures Textiles apparel Textile mill products Apparel allied products, Rubber leather products Rubber products Leather products Paper printing Paper allied products Printing publishing Chemical petroleum products Chemicals allied products Petroleum coal products Foods, beverages, tobacco Food beverage manufactures... Tobacco manufactures Minerals Mineral fuels Coal Anthracite Bituminous coal Crude oil natural gas Metal, stone, earth minerals Metal mining Stone earth minerals « ' ' '5 ' ' ' ' " '7 5 5 ' - '05 5 ' ' 7. 7y WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION- TOTAL MANUFACTURES TOTAL Durable Manufactures Primary metals Ferrous metals Pig iron steel Pig iron Steel Carbon steel Alloy steel Ferrous castings forgings Iron steel castings Steel forgings ' ^Preliminary. 'Revised. r Corrected. Seasonal factors for lumber revised beginning March 5. NOTE. Anumber of groups subgroups include individual series not published separately, metal fabricating contains the ordnance group in addition to the groups shown. Certain types of combat materiel are included in major group totals but not in individual indexes for autos, farm machinery, some other products, as discussed in the BULLETIN for December, pp For description back figures, see BULLETIN for December, pp. 7-9 pp. -8, respectively. 80 FEDERAL RESERVE BULLETIN

66 INDUSTRIAL PRODUCTION Continued [Federal Reserve indexes, -9 average = 00] Industry.-9 pro- por- Annual P 5 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. WITHOUT SEASONAL ADJUSTMENT Continued Primary metals Continued Nonferrous metals Primary nonferrous metals Copper smeltingg Copper refining fii Lad Lead Zinc Aluminum Secondary nonferrous metals... Nonferrous shapes castings. Copper mill shapes Aluminum mill shapes. Nonferrous castings Metal Fabricating.. Fabricated metal products Structural metal parts Stampings misc. metal products. Tin cans Furnaces, gas ranges, heaters... Machinery Nonelectrical machinery Farm industrial machinery Farm machinery Industrial commercial machinery Machine tools presses, Laundry refrigeration appliances Electrical machinery Electrical apparatus parts. Radio television sets Transportation equipment.. Autos, trucks, parts Autos Trucks Light trucks Medium trucks Heavy trucks Truck trailers Auto truck parts Aircraft parts Shipbuilding repair. Railroad equipment Railroad cars Instruments related products. Clay, Glass, Lumber Products. Stone, clay, glass products Glass pottery products Flat glass vitreous products.. Flat other glass Glass containers Home glassware pottery Cement Structural clay products Brick Clay firebrick, pipe, tile Concrete plaster products Misc. stone earth manufactures. Lumber products., Lumber Millwork plywood. Millwork Softwood plywood... Wood containers Furniture Misc. Manufactures Furniture fixtures Household furniture Fixtures office furniture. Miscellaneous manufactures , , i " i ISO S rl rll7 0 9 ' » ' * * ^Preliminary. 'Revised. For other footnotes see preceding page. "Corrected. JULY 5 805

67 INDUSTRIAL PRODUCTION Continued [Federal Reserve indexes, -9 average = 00] Industry -9 proportion Annual P P 5 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. WITHOUT SEASONAL ADJUSTMENT Continued Nondurable Manufactures., Textiles Apparel Textile mill products Cotton synthetic fabrics Cotton consumption Synthetic fabrics... Fabric finishing Wool textiles Wool apparel yarns Wool fabrics Knit goods Hosiery Full-fashioned hosiery Seamless hosiery Knit garments Floor coverings Woven carpets Apparel allied products. Men's outerwear Men's suits coats Men's suits Men's outercoats Shirts work clothing... Women's outerwear Women's suits coats... Misc. apparel allied mfrs., Rubber Leather Products. Rubber products Tires tubes Auto tires Truck bus tires Miscellaneous rubber products.. Leather products Leather Cattlehide leathers Skin leathers Shoes slippers Miscellaneous leather products Paper Printing, Paper allied products Pulp paper Wood pulp Paper board Printing paper Fine paper Coarse paper Miscellaneous paper Paperboard Building paper board Converted paper products Shipping containers Sanitary paper products Printing publishing Newsprint consumption Job printing periodicals Chemical Petroleum Products. Chemicals allied products Industrial chemicals Basic inorganic chemicals Industrial organic chemicals Plastics materials Synthetic rubber Synthetic fibers Miscellaneous organic chemicals Vegetable animal oils Vegetable oils Grease tallow Soap allied products Paints Fertilizers ? ' '9 ' ' ' ' '8' '8" ^Preliminary. ' Revised. Publication suspended pending revision of data for the period to date. Publication suspended pending adjustment to revised Census production figures for the period 0 to date. NOTE. A number of groups subgroups include individual series not published separately. For description back figures, see BULLE- TIN for December, pp. 7-9 pp. -8, respectively. 80 FEDERAL RESERVE BULLETIN

68 INDUSTRIAL PRODUCTION Continued [Federal Reserve indexes, -9 average = 00] Industry -9 proportion Annual?? Aug. Sept. Oct. Nov. Dec. Jan. Feb. 5 Mar.! Apr. WITHOUT SEASONAL ADJUSTMENT Continued Petroleum refining coal products Gasoline Automotive gasoline... Aviation gasoline Fuel oil Distillate fuel oil Residual fuel oil Kerosene Lubricating oil Coke Asphalt roofing siding... Foods, Beverages, Tobacco Food beverage manufactures... Food manufactures Meat products 8 Beef. Pork..8 Dairy products.9 Butter Natural cheese...07 Concentrated milk.9 Ice cream.. 8 Canned frozen foods. Grain-mill products. Wheat flour Cereals feeds. Bakery products.. Sugar.7 Cane sugar Beet sugar... Confectionery.7 Miscellaneous food preparations... Beverages Bottled soft drinks Alcoholic beverages Beer ale Liquor distilling Liquor bottling Tobacco manufactures Cigarettes Cigars MINERALS TOTAL Mineral Fuels Coal Anthracite Bituminous coal Crude oil natural gas Oil gas extraction Crude oil Natural gas Natural gas liquids Oil gas well drilling Metal, Stone, Earth Minerals.. Metal mining. Iron ore Nonferrous metal mining Copper mining Lead mining.. Zinc mining Stone earth minerals p Preliminary. r Revised. For other footnotes see preceding page no '0 79 ' ' ' >00 79 '87 '8 8 P P\ PU7 P P P P\8 0 5 ' *8 85 JULY 5 807

69 OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve indexes, -9 average=00] Product -9 proportion Annual Aug. Sept. Oct Nov. Dec. 5 Jan. Feb. Mar. Apr. SEASONALLY ADJUSTED CONSUMER DURABLES TOTAL Major Durables Autos Major household goods Furniture floor coverings Household furniture Floor coverings Appliances heaters Major appliances Ranges.. Refrigeration appliances Laundry appliances Heating apparatus Radio television sets Radio, sets Television sets Consumer Durables Auto parts tires Misc. home personal goods WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES TOTAL Major Durables Autos Major household goods Furniture floor coverings. Household furniture Floor coverings* Appliances heaters Major appliances Ranges Refrigeration appliances.. Laundry appliances Heating apparatus Radio television sets Radio sets Television sets 9.7., '80 ' Consumer Durables Auto parts tires Misc. home personal goods ' Revised. Publication suspended pending revision of data for the period to date. NOTE. Individual indexes without seasonal adjustment tor woven carpets, appliances, heating apparatus, radio sets, television sets may be obtained from the Division of Research Statistics. For a description of this index, see BULLETIN for, pp PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES [Compiled by Bureau of Labor Statistics. In thouss of persons] 5 Industry group Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. SEASONALLY ADJUSTED Durable goods Ordnance accessories Lumber wood products Furniture fixtures Stone, clay, glass products. Primary metal industries.. Fabricated metal products Machinery except electrical Electrical machinery Transportation equipment Instruments related products Misc. manufacturing industries. Nondurable goods Food kindred products... Tobacco manufactures Textile-mill products Apparel other finished textiles Paper allied products Printing, publishing allied industries Chemicals allied products.. Products of petroleum coal Rubber products Leather leather products..,5 7, , 79, ,0, 9 8, ,7, , 778, ,58,09 0, ,, , 78,8 7 5,9, , ,, , 5 785, ,89,08 9 8, ,5 7, ,5 79, ,9,08 9 9, ,57 7, ,0 7, ,,0, ,580 7, ,0 79,75 9 5,0,09 9 8, ,58 7, i,008 8 \,09 79,00 9 5, t, 085 7, ? ,7 7, ,07 8,08 7, 5 7 5,0, , ,7 7,50 9 5,05 85,7 7, ,8,09 9 5, ri,9 '7, 9 '58 8,07 '8,7 T-80, 7 78 '5,9, ',07 ' '59 '5 75 '9, 09 7, , 0 88, 87, 8 5, 57, 0 9., ,7 7, ,7 88, 87, ,58,0 9 9, For footnote see following page. FEDERAL RESERVE BULLETIN

70 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES CO [Compiled by Bureau of Labor Statistics. In thouss of persons] Industry group Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. 5 Apr. WITHOUT SEASONAL ADJUSTMENT Durable goods Ordnance accessories Lumber wood products Furniture fixtures Stone, clay, glass products.. Primary metal products Fabricated metal products Machinery except electrical Klectrical machinery Transportation equipment Instruments related products Misc. manufacturing industries. Nondurable goods Food kindred products Tobacco manufactures Textile-mill products. Apparel other finished textiles Paper allied products Printing, publishing allied products Chemical allied products... Products of petroleum coal. Rubber products Leather leather products...?,7?,79?,8?,577?,??,57 7, ,5 7, ,07, , , 75,79 5,0 58, , ,0 7,8 5,58 7,8 0, ft, ,0 78S,8 5, 8 8,8 0 8, , ,09 800,9 5,5 8 9,80 9 9,057 5? J Q ,09 8, 5,59 8, 0S, , 8 9Q7 7, 00 8, 0 809, , 7, 0 00, , 7, 8? 9 9 0, 0,0 8 8, 09, S, 00, 7 0 5,, , ? 5 9 9?,9?,778 '? 8 7,?8?.5, ,0 7 5? Q?Q8,057 80, 80S,7 77 5, S, '7,57 9 '5 50 n,07 r88 rl, r80, n 8 7 '5,59,0 f-80,057 r» ?, 89 7, Q7 57, 0 877, 7 809, 78 5, 5, 09 80, , 0 7, QQ, 7 877, , ,, 08 8, 'Revised. NOTE. Covers production related workers only; data shown include all full- part-time production related workers who worked during, or received pay for, the pay period ending nearest the 5th of the month. Figures for 5 are preliminary. The series for recent years were revised by the Bureau of Labor Statistics in 5 to first-quarter bench-mark levels indicated by data from government social insurance programs. Back data may be obtained from the Bureau of Labor Statistics. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Compiled by Bureau of Labor Statistics] Average weekly earnings (dollars per week) Average hours worked (per week) Average hourly earnings (dollars per hour) Industry group Apr. Apr. Apr. Durable goods Ordnance accessories Lumber wood products, Furniture fixtures Stone, clay, glass products Primary metal industries Fabricated metal products Machinery except electrical Electrical machinery Transportation equipment Instruments related products Miscellaneous manufacturing industries Nondurable goods Food kindred products Tobacco manufactures Textile-mill products Apparel other finished products.... Paper allied products Printing, publishing allied products Chemicals allied products Products of petroleum coal Rubber products Leather leather products '7. '8.58 '8. ' ' '85. '75.5 ' ' '50.0 '5.0 r. '7.9 '89.7 '8. '.9 ' , '0. '. '0. '0. '0. '.. '. '. '0. '. 0. ' '. ' '.5 '8.5 '. ' '..0 ' '..8 '. '.. ' 'Revised. Not available. NOTE. Data are for production related workers. Figures for 5 are preliminary. in note to table above. Back data are available from the Bureau of Labor Statistics. Data for recent years revised as indicated JULY 5 809

71 EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION [Compiled by Bureau of Labor Statistics. In thouss of persons] Year or month Mining Contract construction Manufacturing Transportation public utilities Trade Finance Service Federal, State, local government , , , ,5,,0,,57,,99,7,,85,,008 9,59 9,5 9,5 0,0 0,8 0,57 0,,7,75,8,89,7,08,,, 5,077 5, 5, 5,58 5,9 5,50 5,85,0,89,09,5,75 SEASONALLY ADJUSTED. August September October November December... 5 January... February March ,08 8/09 8,00 8, ,80 8, 8 0 8,7 '8, ,7 5,88 5,79 5,85 5 5, 5, 09 9,80 50, ,58,5,5,5,50,5,7,58,0,78»-,,59,50,00,000,9,007,5,,,,, r,,000,0 0,55 0,80 0,75 0,7 0, 0, 0,575 0,57 0,5 0, 0,00 0,55 " 0,,07,8,9,,7,5,7,5,5,,,7,80 5, 5, 5,5 5, 5,0 5,50 5, 5, 5,9 5,5 5,7 5,79 5,9,79,75,80,79,80,880,87,87,8,88,878,89,879 WITHOUT SEASONAL ADJUSTMENT. August. September October. November December 5 January February.. March.. 8, , 8, ,808 9, 7 7 7,75 8»*8 8,9 9, 5, ,8 5,,007,057,050 5, ,, ,9,8,75,,5,5,,7,9,55 r,,59,0,07,09,08,0,005,,,,,»-,,7,078 0,89 0,5 0, 0,7 0,58 0,75,5 0,9 0,09 0,08 0,59 0,5 0,5,8,50,5,,,,,,,50,,7,0 5,75 5,755 5,750 5,79 5,0 5, 5,588 5,5 5,5 5,57 5,7 5,7 5,778,7,55,5,7,89, 7,,85,87,9,,88,8 'Revised. NOTE. Data include all full- part-time employees who worked during, or received pay for, the pay period ending nearest the 5th of the month. Proprietors, self-employed persons, domestic servants, unpaid family workers, members of the armed forces are excluded. Figures for 5 are preliminary. The series for recent years were revised by the Bureau of Labor Statistics in 5 to first-quarter benchmark levels indicated by data from government social insurance programs. Back data may be obtained from the Bureau of Labor Statistics. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates without seasonal adjustment. Thouss of persons years of age over] Civilian labor force Year or month noninstitutional population labor force Employed In nonagricultural industries In agriculture Unemployed Not in the labor force ,8 09 0,780,9,9 5 0,0,78 57,5 5,8,0 7 7,88,,05,0,88,,85,8 59,78 58, 59,7,005,9,,8 5,05 50,8 5,50 5, 5,88 55,5 5,7 7, 8,0 7,507 7,05,805,5,50,0,,,879,7,0,0 5,7,05,8,09, 7,7 8,0.. August. September October November December 08,5,7,9, 57,59,7 * 7,78 8,788 8,8 8,85 8,5 8, 7,9,8,5 5,5 5,9 5,5 5,,88,,5,9,0,8,77,5,,7 0,88 5, 5, 5, 55,9 5,8 5, 55,577 55,,8 7,8 7,8,98 7,57 7,9,5 5,5,05,7,7,5,00,7,89,88 8, 7,5 7,9 7,7 7,85 8,57 8,750 59, 5 January February March..,855, 7,05 7,0 7, 7,8,0,550,80 7,78 8,5 9,9,,,5,7 5,9, 0,50 59, 0,77,85,,0 5,85 5,85 5,785 55, 55, 5,5 5, 5,08 5,9,5, 7,8,7,8,7,,89,79 50,5 50,5 50, 9, 8,9 7, Includes self-employed, unpaid family, domestic service workers. Monthly estimates of the labor force beginning are based on an improved sample covering a larger number of areas are, therefore, not strictly comparable with earlier data. NOTE. Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data may be obtained from the Bureau of the Census. 80 FEDERAL RESERVE BULLETIN

72 VALUE OF NEW CONSTRUCTION ACTIVITY [Seasonally adjusted. In millions of dollars] Private Public Year or month Business Residential Industrial Commercial Public utility nonresidential Military Highway Conservation All other r - August r September r October r November r December r. 8,8,7,075 8, ,,000 89,78, ,8 008 r ,08,,,,,5,9 5,05,0,5,9,8,5 9,8,5,85,8,5,7,07,877 5,78,5,80,,7,8,9,50,5,50, ,00,05 0 8,580 8,7,00 0, 00,,,0,50,9,5,0,9,07,5,08, ,7,,8 5,9 5, , ,89,,,0,7,0,9, , 85,5,07,88,7,7,79, ,7,8,0,,0,79 00, ,8,050,580,7,7, , ,8 5,75 0,0,,07,,,,85,05 7,000 9,8 0,9, ,079 85,0 5,0, ,88,07, ,0,0 7 8,5,77,,7,58,80 r,0, ,,55,55,0,7,80,09,8,,, 5,0 5,89 '',0, January r February r March r r r **,8,5,,9,50,,,5,,,50,7,,5,0,,, ,0,0 5,08, ^Preliminary. ^Revised. Source. Joint estimates of the Departments of Commerce Labor. CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for 7 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions] By type of ownership By type of construction Year or month Public Private Residential building Nonresidential building Factories Commercial Educational Public works public utilities j un e. August September... October.... November December.... 9,0 0,59,50 5,75,775 7, 9,7,7,87,57,8,5,,89,07,78,09,,7,, ,, 0,09 9,9 0,0,09,,08,5,0,7,,0,,08,9,7,05,8,79 8, ,,88,5,05, ,08 9,89, ,80,5,7,, ,7,7,5,89,8,, ,55,7,578,7,08,008, January February March......,50,58,5,,85, ,0,09,58,,50, 7 0,0, CONSTRUCTION CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS [Figures for 7 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in millions*"of dollars] Month Boston New York Federal Reserve district ( districts) Philadelphia Clevel Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas March March....,58,9,,5,, JULY 5 8

73 PERMANENT NONFARM DWELLING UNITS STARTED [In thouss of units] Year or month Urban - family Private - family Rural nonfarm Multifamily Public Government-underwritten FHA VA ,05,,09,7,0, ,5,00,09 08,0 7 79,5 89 9, August September October... November December (i) (i) January.. February March P7 P0 P P > ) Pl Pl 5 5 " *> Preliminary. "Corrected. Not available. iless than 500 units. NOTE. Government underwritten units are those started under commitments of FHA or VA to insure or guarantee the mortgage. VA figures after 0 all FHA figures are based on field office reports of first compliance inspections; VA figures prior to 0, estimates based on loans closed information. figures are estimated by Bureau of Labor Statistics on the basis of reports of building permits issued, reported starts of public units, a sample of places not issuing permits. FREIGHT CARLOADINGS, BY CLASSES [Index numbers, -9 average=00] Class Annual Monthly seasonally adjusted 5 Monthly without seasonal adjustment 5 Dec. Jan. Feb. Mar. Apr. Dec. Jan. Feb. Mar. Apr.. Coal Coke Grain Livestock Forest products Ore Miscellaneous Merchise,. c NOTE. For description back data, see BULLETIN for 9, pp Based on daily average loadings. Basic data compiled by Association of American Railroads. index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Month Merchise exports Merchise exports excluding military-aid shipments Merchise imports January February March August September October November December,9,00,,9,5,85,87,5,5,7,5,09,8,,,0,7,9,5,,5,9,8,5,,, 0,0,05,05,085,0 5 9,05,09,0, ,58,7,5,0 5 0,,,0,080,8,50,9 Pl ,00, ,09 87 P January-..,,8 5, 5,9 P5,8,, P,5 r Revised. ^Preliminary. Exports of domestic foreign merchise. Department of Defense shipments of grant-aid military equipment supplies under the Mutual Security Program. General imports including imports for immediate consumption plus entries into bonded warehouses. Source. Bureau of the Census, Department of Commerce. 8 FEDERAL RESERVE BULLETIN

74 DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, -9 average = 00] Year or month SALES i SEASONALLY ADJUSTED Mav.. August September October November. December.. 5 January February March WITHOUT SEASONAL ADJUSTMENT.,... Tuly August September October November December 5 January February Mi arch STOCKS i 98,, ,.. O5... SEASONALLY ADJUSTED... August.. Seotfmber October November December 5 Tauuary February March WITHOUT SEASONAL ADJUSTMENT... August September October November December., 5 January March... United States P Federal Reserve district Boston P\ P New York ' Philadelphia Clevel Richmond > " Atlanta P Chicago St. Louis no P P Minneapolis * Kansas City Dallas " P P8 San Francisco no J» Preliminary. r Revised. figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE. For description monthly indexes for back years, see BULLETIN for December, pp JULY 5 8

75 DEPARTMENT STORE STATISTICS Continued [Based on retail value figures] DEPARTMENT STORE MERCHANDISING DATA Amounts (In millions of dollars) Ratios t o sales Year or month Sales i (total for month) Stocks i (end of month) Outsting orders (end of month) Receipts (total for month) New orders (total for month) Stocks Outsting orders Stocks plus outsting orders Receipts average average 99 average average average average average - August September October.. November December February ** ,0,0,0,, ',,07,0,0,8,8,8,05,0,05,,, ^ '5 ' ^0 r L. L.I L. L. L L.I L.O 0 L.O 0 L.O ' ^Preliminary. 'Revised. These figures are not estimates for all department stores in the United States. They are the actual dollar amounts reported by a group of department stores located in various cities throughout the country. In, sales by these stores accounted for about 50 per cent of estimated total department store sales. Receipts of goods are derived from the reported figures on sales stocks. New orders are derived from receipts reported figures on outsting orders. The first three ratios are of stocks /or orders at the end of the month to sales during the month. The final ratio is based on totals of sales receipts for the month. NOTE. For description monthly figures for back years, see BULLETIN for October, pp WEEKLY INDEX OF SALES [Weeks ending on dates shown. -9 =00] Without seasonal adjustment Aug. Sept. Oct. Nov. Dec. Jan Sept Sept Sept Oct. Nov. Dec. Jan. Aug Aug Oct Nov Dec Jan Aug Oct Nov ( Dec Jan C (.? Feb. Mar.. IK Apr Tune ( Feb. Mar. Apr Feb Feb Mar Mar Apr Apr Ill J U ly , FEDERAL RESERVE BULLETIN

76 DEPARTMENT STORE STATISTICS Continued [Based on retail value figures] SALES BY FEDERAL RESERVE DISTRICTS, METROPOLITAN AREAS, AND CITIES (Percentage change from corresponding period of preceding year] Federal Reserve district, area, or city- 5 Apr. 5 5 Federal Reserve district, area, or city 5 Apr. 5 5 mos. 5 Federal Reserve district, area, or city 5 Apr. 5 5 Federal Reserve district, area, or city 5 Apr. 5 5 United States.. Boston Met. Areas Portl Boston Downtown Boston Suburban Boston Cambridge.. Quincy Lowell- Lawrence New Bedford... Worcester Cities Springfield Providence... New York Met, Areas Albany- Schenectady-Troy Albany Schenectady.. Binghamton.... Buffalo Buffalo Niagara Falls.. New York-N.E. New Jersey.. Newark N. Y. City... Rochester Syracuse Utica-Rome... Utica Cities Bridgeport... Poughkeepsie.. Philadelphia.. Met. Areas Wilmington... Trenton Lancaster... Philadelphia.. Reading Scranton Wilkes-Barre Hazleton City York Clevel Met. Areas Lexington Akron Canton Cincinnati... Clevel... Columbus.... Springfield... Toledo Youngstown.. Erie Pittsburgh... p ? A +; r leve.-cont. Met. Areas-cont. Wheeling- Steubenville.. Zity Portsmouth... Richmond Met. Areas Washington... Downtown Wash Baltimore Asheville Raleigh Winston-Salem Charleston, S. C..; Columbia Greenville Norfolk- Portsmouth.. Richmond Roanoke... Charleston, W. Va.... Cities Cumberl- Hagerstown.. Spartanburg... Lynchburg... Newport News. Fairmont- Morgantown., Huntington.. Parkersburg... Atlanta Met. Areas Birmingham.. Mobile Montgomery.. Jacksonville.. Miami Orlo St. Petersburg- Tampa St. Petersburg Tampa Atlanta Augusta Columbus Macon Savannah Baton Rouge. New Orleans. Jackson Chattanooga. Knoxville Nashville Cities Rome Meridian Bristol Chicago Met. Areas Chicago Au Elgin P r p P r I St. Louis K !hicago-cont. Met. Areas -cont, Joliet Gary Decatur Peoria Rockf ord Tri-Cities (Moline, Rockl; Davenport) Fort Wayne... Indianapolis.. Muncie, South Bend... Terre Haute.. Cedar Rapids... Des Moines Dubuque, Sioux City Waterloo Detroit Flint Gr Rapids. Jackson Kalamazoo Lansing Saginaw Green Bay... Madison Milwaukee... Cities Danville Battle Creek.. Muskegon Port Huron... Appleton Sheboygan... Met. Areas Fort Smith Little Rock... Evansville... Louisville... Springfield... St. Louis... Memphis... Cities Quincy Paducah Minneapolis.. Met. Areas Mpls.-St. Paul Minneapolis. St. Paul Sioux Falls Cities Mankato Duluth- Superior... Great Falls Gr Forks.. LaCrosse Kansas City... Met. Areas Denver Topeka p " + P Dallas i Kan. City-cont. Met. Areas-cont. Wichita St. Joseph Omaha Albuquerque... Oklahoma City. Tulsa Cities Greeley Hutchinson.... Joplin Kansas City... Enid Met. Areas Shreveport... Corpus Christi Dallas El Paso Fort Worth.. Houston... San Antonio.. Waco San Francisco. Met. Areas Phoenix Fresno Los Angeles... Downtown L. A WestsideL.A. Long Beach.. Pasadena Santa Monica.. Riverside San Bernardino Sacramento... San Diego San Francisco- Oakl Oakl- Berkeley Downtown Oakl.. San Francisco. Vallejo San Jose Stockton Portl Salt Lake City. Seattle Spokane Tacoma Cities Tucson Bakersfield Boise Nampa Idaho Falls Twin Falls Bellingham Everett Walla Walla... Yakima r P P+ P r * ^Preliminary. r Revised. Breakdowns shown under various metropolitan areas do not necessarily include all portions of such areas. Indexes showing longer term comparisons are also available for these areas cities may be obtained upon request from the Federal Reserve Bank in the district in which the area or city is located JULY 5 85

77 DEPARTMENT STORE STATISTICS Continued [Based on retail value figures] SALES AND STOCKS BY MAJOR DEPARTMENTS Percentage change from a year ago Ratio of stocks to sales Federal Reserve index number without seasonal adjustment, -9 average =00 Department Sales during period Stocks (end of month) Sales during period Stocks at end of month Apr. 5 Four months 5 Apr. 5 5 Apr. 5 Mar. Apr. Apr. 5 Mar. Apr. GRAND TOTAL entire store MAIN STORE total Piece goods household textiles Piece goods Silks, velvets, synthetics Woolen yard goods Cotton yard goods Household textiles Linens towels Domestics muslins, sheetings Blankets, comforters, spreads Small wares Laces, trimmings, embroideries, ribbons Notions Toilet articles, drug sundries Silverware jewelry Silverware clocks Costume jewelry Fine jewelry watches Art needlework Books stationery Books magazines Stationery Women's misses' apparel accessories Women's misses' ready-to-wear accessories.. Neckwear scarfs Hkerchiefs, Millinery Women's children's gloves Corsets brassieres Women's children's hosiery, Underwear, slips, negligees Knit underwear Silk muslin underwear, slips Negligees, robes, lounging apparel Infants' wear t Hbags, small leather goods Women's children's shoes Children's shoes Women's shoes Women's misses' ready-to-wear apparel... Women's misses' coats suits Coats Suits Juniors' girls' wear Juniors' coats, suits, dresses Girls' wear Women's misses' dresses Inexpensive dresses Better dresses Blouses, skirts, sportswear Aprons, housedresses, uniforms Furs Men's boys' wear Men's clothing Men's furnishings hats... Boys' wear Men's boys' shoes slippers XI A O CM CM ICO For footnotes see following page. 8 FEDERAL RESERVE BULLETIN

78 DEPARTMENT STORE STATISTICS Continued [Based on retail value figures] SALES AND STOCKS BY MAJOR DEPARTMENTS Continued Percentage change from a year ago Ratio of stocks to sales l Federal Reserve index numbers without seasonal adjustment, -9 average =00 Department Sales during period Stocks (end of month) Sales during period Stocks at end of month Apr. 5 Four months 5 Apr. 5 5 Apr. 5 Mar. Apr. Apr. 5 Mar. Apr. Homef urnishlngs Furniture bedding Mattresses, springs, studio beds Upholstered other furniture Domestic floor coverings Rugs carpets Linoleum Draperies, curtains, upholstery Lamps shades China glassware Major household appliances Housewares (including small appliances) Gift shop Radios, phonographs, television, records, etc. Radios, phonographs, television Records, sheet music, instruments Miscellaneous merchise departments.. Toys, games, sporting goods, cameras Toys games Sporting goods cameras Luggage Cy BASEMENT STORE total Domestics blankets Women's misses' ready-to-wear Intimate apparel Hosiery Underwear, corsets brassieres Coats suits Dresses Blouses, skirts, sportswear Girls' wear Infants' wear Aprons, hous'edresses, uniforms Men's boys' wear Men's wear Men's clothing Men's furnishings Boys' wear Homefurnishings Shoes NONMERGHANDISE total Barber beauty shop J The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month hence indicates the number of months' supply on h at the end of the month in terms of sales for that month. The -9 average of monthly sales of end-qf-month stocks for each department is used as a base in computing the sales stocks indexes, respectively, for that department. For description of indexes, see BULLETIN for November, pp. -9. For movements of total department store sales stocks, see the indexes for the United States on p. 8. Data not available. NOTE. Based on reports from a group of large department stores located in various cities throughout the country. In, sales stocks at these stores accounted for almost 50 per cent of estimated total department store sales stocks. Not all stores report data for all of the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total t XI - q j () () () () () () JULY 5 87

79 PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner clerical-worker families. -9=00] Year or month All items Foods Rent Housing Solid fuels fuel oil Gas electricity Housefurnishings Household operation Apparel Transportation Medical care Personal care Reading recreation goods services August September October November December 5 January February March " NOTE. Revised indexes, reflecting beginning January the inclusion ofnew series (i. e. home purchases used automobiles) revised weights. Prior to January indexes are based on the "interim adjusted" "old" indexes, converted to the base -9=00. Source. Bureau of Labor Statistics, Department of Labor. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics, -9=00] commodities Year or month All commodities Farm products Processed foods Textile products apparel Hides, skins, leather products Fuel, power, lighting materials Chemicals allied products Rubber products Lumber wood products Pulp, paper, allied products Metals metal products Machinery motive products Furniture other household durables Non-. metallic minerals structural Tobacco mfrs. bottled beverages Miscellaneous August September October November December January February March r ' A ^Revised. Source. Bureau of Labor Statistics, Department of Labor. Back figures. See BULLETIN for March, pp FEDERAL RESERVE BULLETIN

80 PRICES Continued WHOLESALE PRICES, BY GROUPS OF COMMODITIES Continued [Index numbers of the Bureau of Labor Statistics, -9=00] Subgroup Mar. 5 Apr. Subgroup Mar. 5 Apr. Farm Products: Fresh dried produce Grains Livestock poultry Plant animal fibers Fluid milk. Eggs farm oroducts Processed Foods: Cereal bakery products Meats, poultry, fish...'. Dairy products ice cream. Canned, frozen fruits, vegetables. Sugar confectionery Packaged beverage materials processed foods Textile Products Apparel: Cotton products ^^ool products Synthetic textiles. Silk products Apparel textile products Hides, Skins, Leather Products: Hides skins Leather Footwear leather products.. Fuel, Power, Lighting Materials: Coal Coke Gas Electricity Petroleum products Chemicals Allied Products: Industrial chemicals Prepared paint Drugs, Pharmaceuticals, cosmetics. Fats oils, inedible Mixed fertilizers chemicals products Rubber Products: Crude rubber Tires tubes rubber products Lumber Wood Products: Lumber JMfllwork Plywood Pulp, Paper, Allied Products: Woodpulp Paper r r ' 0.. r» r r 0 ' Pulp, Paper Allied Products Continued Paper board Converted paper paperboard.. Building paper board Metals Metal Products: Iron steel... Nonferrous metals Hardware Plumbing equipment Heating equipment Fabricated structural metal products Fabricated nonstructural metal products... Machinery Motive Products: Agricultural machinery equipment Construction machinery equipment Metal working machinery General purpose machinery Miscellaneous machinery Electrical machinery equip- Motor vehicles Furniture Household Durables: Commercial furniture Floor covering Radio Television household durable goods... Nonmetallic Minerals Structural: Concrete ingredients Concrete products Structural clay products Gypsum products nonmetallic minerals Tobacco Manufactures Bottled Beverages: Cigarettes Cigars tobacco products Alcoholic bevera&es Nonalcoholic beverages Miscellaneous: Toys, sporting goods, small arms.. Notions accessories Jewelry, watches, photo equipment ' ' ' A 'Revised. Source. Bureau of Labor Statistics, Department of Labor. Back figures. See BULLETIN for March, pp. -. JOLT 5 89

81 GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Estimates of the Department of Commerce, in billions of dollars] RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING Annual totals Seasonally adjusted annual by quarters rates O^O r WfOL r T r r 5 r Gross national product Less: Capital consumption allowances.. Indirect business tax related liabilities Business transfer payments Statistical discrepancy Plus: Subsidies less current surplus of government enterprises Equals: National income Less: Corporate profits inventory valuation adjustment Contributions for social insurance.. Excess of wage accruals over disbursements Plus: Government transfer payments... Net interest paid by government.. Dividends Busness transfer payments Equals: Personal income Less: Personal tax related payments.. Federal State local Equals: Disposable personal income. Less: Personal consumption expenditures Equals: Personal saving , i NATIONAL INCOME, BY DISTRIBUTIVE SHARES Annual totals ' ' ' Seasonally adjusted annual rates by quarters >* 5 r National income Compensation of employees Wages salaries Private Military Government civilian Supplements to wages salaries.. Proprietors' rental income... Business professional Farm Rental income of persons Corporate profits inventory valuation adjustment Corporate profits before tax Corporate profits tax liability... Corporate profits after tax Inventory valuation adjustment... Net Interest , A , ' Revised. Includes employee contributions to social insurance funds. Includes noncorporate inventory valuation adjustment. NOTE. Details may not add to totals because of rounding. Source. Department of Commerce. 80 FEDERAL RESERVE BULLETIN

82 GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME Continued [Estimates of the Department of Commerce, in billions ' f lollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Annual totals Seasonally adjusted annual rates by quarters ' r 5 ' Gross national product Personal consumption expenditures Durable goods Nondurable goods Services Gross private domestic investment New construction* Residential, nonfarm Producers' durable equipment Change in business inventories Nonfarm only Net foreign investment Government purchases of goods services Federal National security Less: Government sales State local J.8 ( , isa ,0 5. Z ? i PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Year or month Personal income Wage salary disbursements Commodity producing industries Distributive industries labor income* Service industries Government Proprietors' rental income Dividends personal interest income Transfer payments 8 Less personal contributions for social insurance Nonagricultural income *. * r r r r August r September r October r.. November r December r 5 January r February r March r r p ? n P Preliminary. r Revised. Includes construction expenditures for crude petroleum natural gas drilling. Consists of sales abroad domestic sales of surplus consumption goods materials. Includes compensation for injuries, employer contributions to private pension welfare funds, other payments. Includes business professional income, farm income, rental income of unincorporated enterprise: a st > noncorporate inventory valuation adjustment. 5 Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustmeni allowances other payments, as well as consumer bad debts other business transfers. Prior to includes employee contributions only; beginning January, includes also contributions to the old-age survivors' insurance program of the self-employed to whom coverage was extended under the Social Security Act Amendments of 0 Personal contributions aie not included in personal income. 7 Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net interest, net dividends paid by agricultural corporations. NOTE. Details may not add to totals because of rounding. Source. Department of Commerce, JULY 5 8

83 PAGE International capital transactions of the United States Gold production 88 Estimated foreign gold reserves dollar holdings.. 89 Reported gold reserves of central banks governments. 80 Net gold purchases gold stock of the United States. 8 International Bank Monetary Fund. 8 Central banks. 8-8 Money rates in foreign countries. 87 Commercial banks 88 Foreign exchange rates.. 89 Price movements in principal countries: Wholesale prices.. 80 Consumers' price indexes.. 8 Security prices 8 Index to Statistical Tables Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, financial developments abroad. The data are compiled for the most part from regularly published sources such as central commercial bank statements official statistical bulletins, some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, dealers in the United States in accordance with the Treasury Regulation of November, 9. Back figures for all except price tables, together with descriptive text, may be obtained from the Board's publication, Banking Monetary Statistics. JULY 5 8

84 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES TABLE. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES [Amounts outsting, in millions of dollars] Date International institutions foreign countries Official private Officials France Germany, Fed. Rep. of Italy Switzerl Europe Europe United Kingdom Canada Latin America Asia All other Dec.. Dec.. Dec Julv. Aug.. Sept. 0. Oct.. Nov. 0. Dec.. 5 Jan.. Feb. 8 Mar. P Apr. 0P \v,.,58.9,9.,79.0,7.0,5.5,75.0 t,80.9,77.9,79.8,79.9,75. ],79.,88.,80.7,88.9 7,. 8,. 0,09.0 0,57. 0,5.9 0,77.0 0,8. 0,. 0,75. 0,78.8,55.,0. 0,.0 0,8.5,08.,8.,57.,5. 5,.9,5.0,07.0,8.,87.,9.,0.,79.,77.0,79.5,5.0,.,0.8, ,05.,08.9,.,5.,7.,57.,87.,7.5,8.9,0.9,.,0.5, ,09.,557.5,750.,.,7.7,7.7,7.,.,7.7,.,75.,.7,59.,.5,578.,005.9,755.5,7. 5,75. 5,05. 5,.8 5,.0 5,0.0 5,85. 5,79. 5,0.5 5,. 5,0. 5,50.5 5,7.7 5,75.8,07.,0.7,.5,8.,0.,.0,80.,8.,7.8,77.8,58.5,5.,.9,0.9,0.9,7.7,55.,.9,78.,.5,.9,07.,.7,889.,89.5,88.,5.9,8.,8.,78.9,88.,.0,5.5.,8.5 5.,8.5., ,8.5.5,9. 85., ,7..9, ,8.8.9,85. 5.,8. 7., , ,88..8, Table la. Europe Date Europe Greece Austria Belgium Denmark Finl Netherls Norway Pol Portugamania Ru- Spain Sweden Turkey U.S.S.R. Yugoslavia All other Dec. Dec. Dec. 0. Aug. Sept. 0 Oct. Nov. 0 Dec. 5 Jan. Feb. 8 Mar. P Apr. 0P P 8,09.,557.5,750,.,7 7,7.7,7. L, I,7 7,. L 75, , Table lb. Latin America Date Brazil Chile Cuba Latin America Argentina Bolivia Colombia Dominican Republic Guatemala Mexico Netherls West Indies Surinam Panama, Republic of Peru El Salvador Uruguay Venezuela Latin America Dec.. Dec.. Dec Aug.. Sept. 0. Oct.. Nov. 0. Dec.. 5 Jan.. Feb. 8. Mar. P Apr. 0P P, ,.9 8.8, ,.5 7.8,.9 7.7, ,.7 9., ,89.5.7, ,5.9 0.,8.,8.,78.9,88., A A ^Preliminary. For footnotes see following page. 8 FEDERAL RESERVE BULLETIN

85 Date INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES Continued TABLE. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES Continued [Amounts outsting, in millions of dollars] Table lo. Asia All Formosa Asia Hong China Kong India Indonesia Mainl Iran Isniel Japan Korea, Republic of Asia All other Philippines Thail Australia eigian Congo Egypt Anglo- Egyptian Sudan Union of South Africa X Dec.. -Dec.. -Dec Aug.. Sept. 0. Oct.. Nov. 0. Dec.. 5 Jan.. Feb. 8 Mar. * Apr. 0P P,5.5,8.5,8.5,7.0 [,8.5,9..78.,7.,78.5,8.8,85.,8.,80.8,88. L.88., ? s 8 Q Table Id. Supplementary Areas Countries 5 Area or country End of year Area or country End of year Europe: Albania Azores British dependencies Bulgaria Czechoslovakia Eastern Germany Estonia. Hungary Icel. Irel, Republic of Latvia Lithuania Luxembourg Monaco Trieste Latin America: British dependencies Costa Rica Ecuador French West Guiana Indies French Haiti Honduras Nicaragua Paraguay., Asia: Afghanistan.. British dependencies Burma Ceylon Iraq Jordan Lebanon Pakistan Palestine Portuguese dependencies. Saudi Arabia Syria Viet-Nam All other: British dependencies Ethiopia Eritrea... French dependencies Italian Somalil Liberia Libya New Zeal Portuguese dependencies. Spanish dependencies Tangier ^Preliminary. Not available. j "Short-term liabilities" reported in these statistics represent principally deposits U. S. Government obligations maturing in not more than one year from their date of issue, held by banking institutions in the United States; small amounts of bankers' acceptances commercial paper of liabilities payable in foreign currencies are also included. Includes International Bank for Reconstruction Development, International Monetary Fund, United Nations other international organizations. Excludes Bank for International Settlements, reported under " Europe." Represents funds held with banks bankers in the United States ( in accounts with the U. S. Treasury) by foreign central banks by foreign central governments their agencies (including official purchasing missions, trade shipping missions, diplomatic consular establishments, etc.). Through, reported by banks in the Second (New York) Federal Reserve District only. 5 These data are based on reports by banks in the Second (New York) Federal Reserve District only represent a partial breakdown of the amounts shown in the "other" categories in Tables la-lc. For each date the Second District reported at least per cent of the total amount in the "other" categories. NOTE. The statistics in this section are based on reports by banks, bankers, brokers, dealers. Certain changes in. the reporting forms instructions were made as of Mar.,, there were also changes, beginning with the BULLETIN for, in the content, order, selection of the material published, as explained on p. 59 of that issue. For discontinued tables data reported under previous instructions, see BULLETIN for, pp JULY 5 85

86 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES Continued TABLE. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES^ [Amounts outsting, in millions of dollars] Date France Germany, Fed. Rep. of Italy Switzerl Europe Europe United Kingdom Canada Latin America Asia All other Dec. Dec. Dec. -Apr. 0 0 Aug. Sept. 0 Oct. Nov. 0 Dec. 5 Jan.. Feb. 8 Mar. P A.pr. 0P 8., ,09.,08.,87.,.,5.5,8.,78,.,.9, S Table a. Europe Date Europe Greece Spain Austria Belgium Denmark Finl Netherls Norway Portugal Sweden Turnkey Yugoslavia All other Dec. Dec Dec. Apr Aug. Sept. 0 Oct. Nov. 0 Dec. 5 Jan. Feb. 8 Mar. P Apr. 0P ( ) Q Table b. Latin America Date Brazil Chile Cuba Latin America Argentina Bolivia Colombia Dominican Republic Guatemala Mexico Netherls West Indies Surinam Panama, Republic of Peru El Salvador Uruguay Venezuela Latin America Dec... Dec... Dec.... Apr Aug... Sept. 0.. Oct... Nov. 0.. Dec... 5 Jan... Feb. 8.. Mar. P. Apr. 0P j S ^Preliminary. "Short-term claims" reported in these statistics represent principally the following items payable on dem or with a contractual maturity of not more than one year: loans made to acceptances made for foreigners; drafts drawn against foreigners that are being collected by banking institutions on behalf of their customers in the United States; foreign currency balances held abroad by banking institutions their customers in the United States. Claims on foreigners with a contractual maturity of more than one year reported by U. S. banking institutions (excluded from these statistics) amounted to million dollars on Apr. 0, 5. The term "foreigner" is used to designate foreign governments, central banks, other official institutions as well as banks, organizations, individuals domiciled outside the United Statas, including U. S, citizens domiciled abroad the foreign subsidiaries offices of U. S. banks commercial firms. Less than $50, FEDERAL RESERVE BULLETIN

87 Date INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES Continued TABLE. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES Continued [Amounts outsting, in millions of dollars] Table c. Asia AH Asia India Formosa Hong China Kong Mainl Indonesia Iran Asia All other Korea, Israel Japan Re- ScoV Philippines Thail Australia Belgian Congo Egypt Anglo- Egyptian Sudan Union of South Africa Dec....8 Dec Dec , Apr Aug Sept Oct Nov Dec j an# i # 5 Feb Mar. P. 7. Apr. QP i A TABLE. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES 8 [In millions of dollars] U. S. Government bonds notes U. S. corporate bonds stocks Foreign bonds Foreign stocke Year or month Purchases Sales Net purchases or sales (-) Purchases Sales Net purchases or sales (-) Purchases Sales Net purchases or sales (-) Purchases Sales Net purchases or sales (-) , , , August... October November December January February. March P P TABLE. NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES. BY COUNTRIES [Net sales, ( ). In millions of dollars] Year or month International institutions France foreign countries Germany, Federal Republic of Italy Switzerl United Kingdom Europe Europe Canada Latin America Asia All other 9S () A () ^ Apr Aug... Sept... Oct... Nov... Dec... 5 Jan.... Feb... Mar.P.. Apr.P ( ) ( ) ( ) ( ) ( ). ( ). ( ) ( ).. ( ). -.. ( ) g ( ).. p Preliminary. *Not reported separately until Mar.,. Less than $50,000. Includes transactions of international institutions. JULY 5 87

88 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES Continued TABLE 5. NET PURCHASES BY FOREIGNERS OF LONG- TERM FOREIGN SECURITIES OWNED IN THE UNITED STATES, BY AREAS [Net sales, ( ). In millions of dollars] TABLE. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS i [In millions of dollars] Year or month International institutions Europe foreign countries Canada Asia All other Date Deposits Assets in custody U. S. Govt. securities Latin America Miscellaneous. Apr Aug... Sept... Oct... Nov... Dec... 5 Jan... Feb... Mar.p. Apr.P ^Preliminary.!Less than $50, ) Dec Aug... Sept. 0.. Oct... Nov. 0.. Dec... 5 Jan... Feb. 8.. Mar... Apr ,58,0,0,9,0,050,00,8,000,,0,7,,,,09,,9, Excludes assets held for Int'l. Bank Monetary Fund earmarked gold. See footnote, p. 8, for total gold under earmark at Federal Reserve Banks for foreign international accounts. U. S. Treasury bills, certificates of indebtedness, notes /or bonds. Includes bankers' acceptances, commercial paper, foreign international bonds. NOTE. For explanation of table for back figures see BULLETIN for, p. 7. GOLD PRODUCTION OUTSIDE U. S. S. R. [In millions of dollars] Year or month Estimated world production outside U.S.S.R. reported monthly South Africa Africa West Africa Belgian Congo Production reported monthly United States North South America Chile Rhodesia Canada Mexico Colombia Nicaragua Australia India August... September. October November. December. j 5 January February.. March $= 5 Y grain. - of gold Ao fine: i e., an 0mce of fitle gold = $ Gold production in U.S.S.R.: No regular government statistics on gold production in U.S.S.R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 9, 5 million dollars;, 58 million;, 87 million;, 85 million;, 80 million. Estimates of United States Bureau of Mines. Reported by American Bureau of Metal Statistics. Yearly figures through are estimates of United States Mint. Figures for 5 are estimates of American Bureau of Metal Statistics. Gold exports reported by the National Bank of Nicaragua, which states that they represent approximately per cent of total production. NOTE. For explanation of table sources, see BULLETIN for 98, p. 7, Banking Monetary Statistics, p. 5. For annual estimates compiled by the United States Mint for these other countries in the period -9, see Banking Monetary Statistics, pp. 5-5; for figures subsequent to 9 see BULLETIN for, p FEDERAL RESERVE BULLETIN

89 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [Amounts outsting, in millions of dollars] Area country Dec. Dec. Mar. 0 Sept. 0 Dec. Mar. 0 Sept. 0 Dec. 5 Mar. P Continental Western Europe: Belgium-Luxembourg ( Belgian Congo).... Denmark Finl France ( dependencies) * Germany (Federal Republic of)... Greece Italy Netherls ( Netherls West Indies Surinam) Norway Portugal ( dependencies) Spain ( dependencies) Sweden Switzerl Turkey , , ,05 5 9, ,09 5,08 57,00, , ,0 57,00,0 7,09,5 8, , 57,8, 7,00,8 8,0 9 7, 5,,055 7,09, ,5 78 5,05 5, ,, , ,7 50, ,58,9, ,85 5, ,7, ,8 7, 8,8 8,57 8,7 9,50 0,075 0,57 0,8,07,, Sterling Area: United Kingdom United Kingdom dependencies... India Union of South Africa,8 09,8 9 7,7 07 5, ,05 0 5, , , , , 0 8, ,8,,,0,050,,577,7,0 Canada 57 9,5,8,9,7,87,,5,9 9 Latin America: Argentina Bolivia Brazil Chile Cuba Dominican Republic Guatemala Mexico Panama Republic of Peru El Salvador. Urusuav Venezuela ,79,57,7,,,,,58,7,557 Asia: Indonesia Iran Japan Philippines Thail , ,05 8, ,85,0,9,0,7,0,89,07,7,,78 Eastern Europe^ All other: Egypt foreign countries 9, 0,7,5,79,58,055,7,07,9,5 5,05 International 5,7,87,9,7,,,0,,5,50,5 Gr total,,,50 5,00 5,79,8 7,07 7,9 8,005 8,555 8, P Preliminary. Includes gold reserves of Bank of France French dependencies only. Includes holdings of other Continental OEEC countries, Yugoslavia, Bank for International Settlements (both for its own European Payments Union account), gold to be distributed by the Tripartite Commission for Restitution of Monetary Gold, unpublished gold reserves' of certain Western European countries. Includes latest available figure for Mexican gold reserves (February 8). Excludes gold reserves of the U. S. S. R. 5 Includes holdings of International Bank for Reconstruction Development, International Monetary Fund, United Nations other international organizations. NOTE. Includes reported estimated gold reserves of central banks, governments, international institutions, official private dollar holdings as shown in Tables la-id of the preceding section, as well as certain longer term U. S. Government securities reported as purchased within 0 months of maturity. For back figures see BULLETIN for March, p. 5. JULY 5 89

90 REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month Estimated total world (excl. U.S.S.R.)i United States Treasury Argentina Belgium Bolivia Brazil Canada Chile Colombia Cuba Denmark Ecuador 99 Dec 0 Dec Dec Dec Dec Aug Sept Oct Nov... Dec 5 j an Feb Mar.... Apr IVlay 5,0 5,80 5,0,80,0 "7,0" 7,00 7,0 P7,500,7,,,87,00,,,8,809,80,759,,7,7,7,79,7,7,5,80,87,5,09,09,07,0,8,8,87,79,79,78,788,7,7,77 8 7l' ( ) ,0,0,050,05,059,05,07 L,080 L,08 L.08,0,0, End of month Egypt France Germany, Federal Republic of Guatemala India Indonesia Iran Italy Mexico Netherls Norway Pakistan Peru 99 Dec 0 Dec Dec Dec Dec... Aug Sept Oct... Nov.... Dec Jan Feb... Mar Apr End of month Portugal El Salvador South Africa Spain Sweden Switzerl Thail Turkey United Kingdom Uruguay Venezuela International Monetary Fund Bank for International Settlements 99 Dec... 0 Dec Dec Dec Dec Aug Sept Oct Nov.... Dec 5 Jan Feb Mar Apr M!ay *>O ,50,,5,,59,50,9,85,,50,5,5,5,5,50,,9, ,88 5$,00 s>,5 5 L,8 5 >,58 5, *,0 5?, 5 >.9O 5 >, 5>, 5,7 5,7 5,8 5,7 5,8 5, :,5,,50,9,,77,77,7 L,7,7,7,7, L.7,7 L P Preliminary. Includes reported gold holdings of central banks governments international institutions, unpublished holdings of various central banks governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom, estimated official holdings of countries from which no reports are received. Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasury gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, Related Items" or in the Treasury statement "United States Money, Outsting in Circulation, by Kinds." Less than $500,000. Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included). 5 Exchange Equalization Account holdings of gold, U. S. Canadian dollars, as reported by British Government. (Gold reserves of Bank of Engl have remained unchanged at million dollars since, when Bank's holdings were transferred to Exchange Equalization Account.) NOTE. For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking Monetary Statistics, pp. 5-55; for back figures through 9 see p. 5 Table 0, pp , in the same publication for those subsequent to 9 see BULLETIN for January, p. 7;, p. ; February 0, p. 5; November, p.. For revised back figures for Argentina Canada, see BULLETIN for January 99, p. 8, February 99, p., respectively. 80 FEDERAL RESERVE BULLETIN

91 NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES (Negative figures indicate net sales by the United States) [In millions of dollars at $5 per fine troy ounce] Year or quarter United Kingdom France Belgium Germany, Fed. Rep. of Europe Canada Netherls Portugal Sweden Switzerl Argentina Cuba Mexico Jan.-Mar.. Apr.-. -Sept. Oct.-Dec.. Apr.-. -Sept.. Oct.-Dec.. 5 Jan.-Mar ,8., , , , ' ' ! -is!' a !9' NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES Continued (Negative figures indicate net sales by the United States) Year or quarter Jan.-Mar Apr Sept... Oct.-Dec Jan.-Mar... Apr Sept... Oct.-Dec... 5 Jan-Mar.. [In millions of dollars at $5 per fine troy ounce] Uruguay Venezuela Asia Oceania « Union of South Africa All other Includes Bank for International Settlements. Includes sale of. million dollars of gold to Italy. * Includes sales of 85. million dollars of gold to China. * Includes sales of gold to Egypt as follows: 0,.8 million dollars;, 7.0 million. ^Includes sales of 5.0 million dollars of gold to Indonesia Period.... Aug... Sept... Oct... Nov... Dec.. 5 Jan.. Feb... Mar... Apr ANALYSIS OF CHANGES IN GOLD STOCK OF UNITED STATES Gold stock at end of period Latin America Treasury, 0,9 0,05 0,59,75,,7,,,87,00,7,,8,809,80,759,,7,7,7,79,7,7 P.77 [In millions of dollars] TotaP, 0, 0,08 0,,88,,5,80,87,5,09,79,07,0,8,8,87,79,79,78,788,7,7,77 P. Increase in total gold stock , ,.,50.. -, , P.0 Net gold import or export ,8., Earmarked , , gold: decrease or increase Domestic gold production ^Preliminary. x See footnote on opposite page. Change includes transfer of 87.5 million dollars gold subscription to International Monetary Fund. Not yet available. Gold held under earmark at the Federal Reserve Banks for foreign account, including gold held for the account of international institutions, amounted to,8.9 million dollars on 0, 5. Gold under earmark is not included in the gold stock of the United States. NOTE. For back figures description of statistics, see Banking Monetary Statistics, Table 5, pp. 5-58, pp JULY 5 8

92 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT AND INTERNATIONAL MONETARY FUND [End-of-month figures. In millions of dollars] International Bank 5 Mar. Dec. Sept. Mar. Monetary Fund 5 Jan. Oct. Apr. Jan. Dollar deposits U. S. securities currencies securities. Effective loans assets IBRD bonds outsting Undisbursed loans liabilities Reserves Capitals Country Australia Belgium Brazil Chile. Colombia Denmark Finl France India Japan Mexico Netherls Norway Pakistan Peru Thail Turkey Union of S. Africa. United Kingdom... Uruguay Yugoslavia ,00, ,80,.,5.9,00, ,80 78,09, ,8 Loans as of, * ,0, ,80 8 0, ,808 Outsting ,.7 Sold to others Gold Currencies: United States... Unpaid member subscriptions... Member subscriptions Accumulated net income Country 9 Brazil Colombia France Germany India Indonesia Japan Mexico Turkey United States. Quota ,750 Principal Disbursed Undisbursed Repaid Subscription paid in gold ,7,57,7 7 88,85-0 Apr.,7,57,78 7 8, ,7,7,7 89 8,85-9,79,08, ,89-8 Cumulative net drawings on the Fund 5 Mar Feb ,,8,87 7 8,79-8 Apr A Currencies include dem obligations held in lieu of deposits. Represents total principal of authorized loans, less loans not yet effective, repayments, the net amount outsting on loans sold or agreed to be sold to others, exchange adjustment. Excludes uncalled portions of capital subscriptions. Loans to dependencies are included with member. ^Includes also effective loans agreed to be sold but not yet disbursed. Includes 9 million dollars in loans not yet effective. 7 Includes 9 million dollars not guaranteed by the Bank. 8 Includes 5 million dollar subscription of withdrawing member (Czechoslovakia). 9 Includes countries having cumulative net drawings of 0 million dollars (+ or ) on the latest date. 0 Represents for each country purchases of other currencies from Fund less purchases of own currency by it or other countries. CENTRAL BANKS Bank of Engl (Figures in millions of pounds sterling) Assets of issue department Gold* assets Notes coin Assets of banking department Discounts advances Securities Note circulation Bankers' Liabilities of banking department Public Deposits EGA liabilities capital 98 Dec Dec. 8, 0 Dec. 7 Dec. Dec. Dec Aug. 5 Sept. 9 Oct. 7 Nov. Dec. 9 5 Jan. Feb. Mar. 0 Apr > i # i I i I I I I m i ^ ii I I _ ii _ / I,5.0,50.0,75.0,50.0,575.0,75.0,75.0,750.0,0.0,75.0,75.0,75.0,775.0,75.0,75.0,75.0,750.0, ,9.,.9,57.7,7.9,55.5,9.9,7.,75.8,5.0,5.,5.9,5.9,75.7,.9,58.9,.,7.5, x On Sept. 9, 99, the official buying price of the Bank of Engl for gold was increased from 7 shillings threepence to 8 shillings per fine ounce. For details regarding previous changes in the buying price of gold for internal gold transfers during, see BULLETIN for March 0, p. 88, footnotes. Fiduciary issue decreased by 50 million pounds on Jan. 0 increased by 5 million on Apr.. For details on previous changes, see BULLETIN for February 5, p.. NOTE. For back figures, see Banking Monetary Statistics, Table, pp. 8-0; for description of statistics, see pp in same publication. For details relating to individual items, see BULLETIN for 5, p.. 8 FEDERAL RESERVE BULLETIN

93 CENTRAL BANKS Continued Assets Liabilities Bank of Canada (Figures in millions of Canadian dollars) Gold* Sterling United States dollars Dominion provincial government securities Shortterm assets Note circulation Chartered banks Deposits Dominion government liabilities capital Dec.. Dec.. Dec.. 98 Dec.. 99 Dec.. 0 Dec. 0. Dec.. Dec.. Dec ,57.,.,0.0,.7,78.,9.,.8,59.8, , ,9.,8.,,89.,07.,7.,.,5., Aug.. Sept. 0. Oct. 0. Nov. 0. Dec ,58.5,5.,9.9,0.8,8.,., ,.,55.5,57.,57.0,585.,579.8,587., ,0 5 Jan.. Feb. 8. Mar.. Apr ,9.8,0.,5.,85.5, ,55.9,5.7,55.9,579., Assets Liabilities Bank of France (Figures in millions of francs) Golds Foreign exchange Open market Domestic bills Special Advances to Government Current assets Note circulation Government Deposits EGA liabilities capital Dec. 7. Dec.. Dec.. 98 Dec Dec Dec. 8. Dec. 7. Dec.. Dec Aug.. Sept. 0. Oct. 8. Nov. 5. Dec Jan. 7. Feb.. Mar... Apr ,87 9,87 5,5 5,5,7 8,785 9,7 00,87 0,8 0,8 0,8 0,8 0,8 0,8 0,8 0,8 0,8 0,8 0,8 0,8 0, ,9,07 8,0,08 5,, 7,88,059 5,7 8, 5, 57,9 0,8,89 8,7, 5,00 7,0 7,8 7,,7 7,89,,9 7,00 9,5 7,, 5,0,9,8,87,75, 7,750 0, 00, 0,8 0,5 8,577 8,58,08, 57,0,08 8,7,0 5,9 5,058,,59 8,,05 0,,5 8,5,55 5,58 7,5 7,0 7,8 7,00 8,57 50,0 5,77 57,0 9,05 58,0 7,7 0,000,59 7,000 89,50 00,000,00,000,08,7,000 0,,000,00,09,000,07,9,000,0,,000,0,8,000,0,,000,0,55,000,8,808,000,,85,000,08,,000 5,7 80,7 558,09 558,09 50,0 8,09 8,09 79, 79,89 5,79 5,9 8,09,79,9 9,59 7,9 59,9 7,9 5,9 5,79 58,99,7 5,00, 7,85 59,0,8 57, 7,,58,78,,8,50,5,80,8,08 59,77,,5 9,,0,5 85,,8,,08,,8,8,57 9,87,,,089,,7 8,88,8, 8,58,8,0 77,5,58,55 8,00,7,50 0,80,8,7 5,85,58,5,9,5,5,"-- :,89,5,, , ,058 0,587 8, ,0,7,7 7 7,5,0,0 57,755,8 8,79 7,78 58,,, 7,77,8 9,55,0 8,78 05,9 9,0 0, 5,00 5,, 5,7 8,55 9,,087 7, 0,9,0 9,77,, 9,05 5,9 5,0 59,07,77 59, 7,5 7, 7,,00 5,0 5,0 5,0,8 *On,, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for, pp ). For details on devaluations other changes in the gold holdings of the Bank of France, see BULLETIN for September, p. ; September 0, pp. ; 99, p. 77; 98, p. 0;, pp. 0-07; January, p. 9; September, p. 85; November, pp inciudes advance to Stabilization Fund, amounting to.0 billion francs on. NOTE. For details relating to individual items, see BULLETIN for 5, p.. For back figures on Bank of Canada Bank of France, see Banking Monetary Statistics, Tables 5, pp. -5 pp. -, respectively; for description of statistics, see pp. 5-5 in same publication. For last available report from the Reichsbank (February ), see BULLETIN for December, p.. JULY 5 8

94 CENTRAL BANKS Continued Central Bank (Figures as of last report date of month) 5 Apr. Mar. Central Bank (Figures as of last report date of month) 5 Apr. Mar. Central Bank of the Argentine Republic (millions of pesos): Gold reported separately gold foreign exchange. Government securities Rediscounts loans to banks.. assets Currency circulation Deposits Nationalized sight obligations liabilities capital Commonwealth Bank of Australia (thouss of pounds): Gold foreign exchange Checks bills of other banks.. Securities (incl. Government Treasury bills) assets Note circulation Deposits of Trading Banks: Special liabilities capital Austrian National Bank (millions of schillings): Gold Foreign exchange (net) Loans discounts Claim against Government assets Note circulation Deposits Banks Blocked National Bank of Belgium (millions of francs): Gold Foreign claims balances (net). Loans discounts Consolidated Government debt.. Government securities assets Note circulation Deposits Dem ECA... liabilities capital Central Bank of Bolivia Monetary dept. (millions of bolivianos): Gold at home abroad Foreign exchange (net) Loans discounts Government securities assets Note circulation Deposits liabilities capital Central Bank of Ceylon (thouss of rupees): Foreign exchange Advances to Government Government securities assets Currency in circulation Deposits Government Banks liabilities capital Central Bank of Chile (millions of pesos): Gold Foreign exchange (net) Discounts for member banks... Loans to Government loans discounts assets Note circulation Deposits Bank liabilities capital. i... Bank of the Republic of Colombia (thouss of pesos): Gold foreign exchange Net claim on Int'l. Fund 7,55,87,,,07 7,9 8,0,9 5 5,00,,,5 7,7 0,89,0 5,9 78,87 9,59 8,8 7,0 55,7 5,,55. 8,0 9,80 00,,577 7,7 0,077,,,, 7,0 9,5, 5, 55 7,5 5,,8 75,,57 58,0,, 7,,0,57, , 5,08,7 77,5, 50,8,,80 5,8,0 8,8 5,00 0,0 0,8,78,00 7,09,8 55 8,5 5,,77 78,0,80,,0,55 7,,0 7,, 0,09,7, (Dec. )*,,9,07,505 80,0 7,0,79,,7,808,000 7,00 8, 55, 59,87 9,0 0,78,8, 5, 8,750 7,0 8 8,55 5,,780 0,,8 79,7 8,,,,0 7,8,575,88,7,5,55,50 7,9,505 8,9,80,77 587, ,55 55,57,9,050,, 8, 79, 85, 8,8 75,0 0,8 00,8 5, 50,99 5,750,8,7 5,885, 5,007,5 5,50,5 5,07 5,77 50,8 5,885,,78,9,7,,8,077 8,058,80,80 8,0,50 79,79,79,55 9,79 5,7,9,07 5,885,7,5 0,550,58,,0 8,8,80,, 5,8, 75,0 5, 5, 855,,509 8,7,5 ',0,7 87,075,77 Bank of the Republic of Colombia -Cont. Loans discounts Government loans securities. assets Note circulation Deposits liabilities capital. Central Bank of Costa Rica (thouss of colones): Gold Foreign exchange. Net claim on Int'l. Fund Loans discounts Securities assets Note circulation Dem deposits liabilities capital National Bank of Cuba (thouss of pesos): Gold Foreign exchange (net) Foreign exchange (Stabilization Fund) Silver Net claim on Int'l. Fund Loans discounts Credits to Government assets Note circulation Deposits liabilities capital National Bank of Czechoslovakia National Bank of Denmark (millions of kroner): Gold Foreign exchange Loans discounts Securities Govt. compensation account assets Note circulation Deposits Government liabilities capital Central Bank of the Dominican Republic (thouss of pesos): Gold Foreign exchange (net) Net claim on Int'l. Fund* Loans discounts Government securities assets Note circulation Dem deposits liabilities capital Central Bank of Ecuador (thouss of sucres): Gold Foreign exchange (net) Net claim on Int'l. Fund Credits Government. assets Note circulation Dem deposits Private banks. liabilities capital National Bank of Egypt (thouss of pounds): Gold Foreign assets Egyptian Govt. securities Clearing other accounts (net) Loans discounts Advances to Government assets * Note circulation Deposits Government liabilities capital 5,7 5,,,50 7,9 5,05,85 ; 5,7 5,85! 8,0,05 7,5,7 57,0, 0,,5 7,0 7,50,50,7 7,0,,88 7,7 5, 5,5,07 85,875, ,50 8,0 7,0 78,5,8 5,8 59,00 55,859,89 85,875 85,875, 05,000 50, 58,,9,7 8,008,9,50 9,79 7,0 0, ,5 8,, 9,9 85,78,09 08, 08,8,0,8,5 59,8 5,7 8,50,5 7,0 7,89 78,58 0, 88,8,79, ,,89 0, , , 8,,,85,07,7,50,5 8,8,5,7 9,80, , 588,,00,7 0,07,85,50,9 8,8,57,9 8,, , 80,,,0,07,88,50,7 8,8,8,00 0,00,,.,9,75 8,757 9, 8, 8,89 8,757,8,58 0,5 9,9 5,7 9 07,89 5,55 7,,8 8,7 8,87 9,85 05,5 59,575 8,58 0,8 5,50 7,79 0,55 77,7 7,555 -,77 8,5,0 7,,87 78,57 9,9 0,55 0,55 80,7 79,9 7, -, 0,,89 7, 58,0 78,5 7,77 *Latest month available. r Revised. Represents chiefly bills secured by stocks of mined tin not yet sold in world markets. This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. For last available report (March 0), see BULLETIN for September 0, p.. Beginning December, includes foreign government securities formerly shown with Egyptian Government securities. 05,55-8,75,!, 7, 9,58 75,08 7,0,5,88 0,075 75,0 7,0, 7, ,,,5,0 7,07 5,087,50,0 9,0,8 5,79 9,0,07,55 9, 8,757 75,0 78,,5 08,9 88,9 58, 5, 0,55,8 50,00 "i,5,5 7,8 59,05 0,8 8,8 8 FEDERAL RESERVE BULLETIN

95 CENTRAL BANKS Continued Central Bank (Figures as of last report date of month) 5 Apr. Mar, Central Bank (Figures as of last report date of month) 5 Apr. Mar. Central Reserve Bank of El Salvador (thouss of colones): Gold Foreign exchange (net)... Net claim on Int'l. Fund Loans discounts Government debt securities.. assets Note circulation Deposits liabilities capital Bank of Finl (millions of markkaa): Gold Foreign assets (net) Clearings (net) Loans discounts Securities assets Note circulation, Deposits.. liabilities capital Bank of German States (millions of German marks): Gold Foreign exchange Loans discounts Loans to Government assets. Note circulation Deposits Government Banks liabilities capital... Bank of Greece (millions of drachmae): Gold foreign exchange (net). Loans discounts Advances Government...: assets Note circulation Deposits Government Reconstruction relief accts liabilities capital... Bank of Guatemala (thouss of quetzales): Gold Foreign exchange (net) Gold contribution to Int'l. Fund. Rediscounts advances assets Circulation Notes Coin Deposits Government Banks liabilities capital National Bank of Hungary Reserve Bank of India (millions of rupees): Issue department: Gold at home abroad Foreign securities Indian Govt. securities Rupee coin Note circulation Banking department: Notes of issue department.... Balances abroad Bills discounted Loans to Government assets Deposits liabilities capital... Bank Indonesia (millions of rupiahs) Gold foreign exchange (net).. Loans discounts Advances to Government assets 7, 8,,57 5,,05 7,79 9, 9, 9,87,88 7,80,5,7,0, 5,,807,79 5, 9 8,,88,,8,0 7,,59,77, 9,89 7,507,5,59,58 5, 7,075,0 87,00 9,09,89 9,77,5 9,00,0, 9,7 8,78 5,000,0 8,0,58,5 8,,07,8 77, 5, 0 8,75,58,,0.,07 7,,580,0 7,7,5,50 8,,85 9,,79 9,88,5 5,0 00,0 5,8,0, ,0,57.", 7 9, ,58 5,89,59 0, 5,,8,8 8,9 8,88,9 0,0,7 5,787,57,00 8,7 0,09,,9 8,0,9,85 5,77,5,09 57,807 5, 80 8,577,5,7,77,5 7,05,75,077 7,7 7,0,50 0,7, 9,77,77 9,79, 5,75 00,8 5,09,0, ,0 7, 7,50,58,9,9 5,9, 7,0 8, 5,8,89 9,78 8,0,0,0 7,9 9,',7,7 7,,7, 88,,9,8 7,7 5,5 0 8,,9,!,,7,,8 5,5 7,8 8,7,50,7 9, 5,8,87,8,80 7,8 00,88, 8,09 0 9,7, 8: 9,8 5 Bank Indonesia Cont. Note circulation Deposits ECA liabilities capital Central Bank of Irel (thouss of pounds): Gold Sterling funds Note circulation Bank of Italy (billions of lire): Gold Foreign exchange Advances to Treasury Loans discounts Government securities assets Note circulation Deposits Government Dem liabilities capital Bank of Japan (millions of yen): Bullion Advances to Government Loans discounts Government securities. assets Note circulation Deposits Government.. liabilities Bank of Mexico (millions of pesos) : Monetary reserve 5 "Authorized" holdings of securities, etc Bills discounts assets Note circulation Dem liabilities liabilities capital. Netherls Bank (millions of guilders): Gold... Silver (including subsidiary coin). Foreign assets (net) Loans discounts Govt. debt securities assets Note circulation Old New Deposits Government ECA liabilities capital Reserve Bank of New Zeal (thouss of pounds): Gold Foreign exchange reserve Loans discounts Advances to State or State undertakings Investments assets Note circulation Dem deposits liabilities capital Bank of Norway (millions of kroner): Gold Foreign assets (net) Clearing accounts (net) Loans discounts Securities Occupation account (net) assets Note circulation Deposits Government Banks FOA MSA liabilities capital 8,075,7 8, 9,0 7, , ,50,5 08,78 0, 0 5,0, 9,87 8,0,5, ,0,89,0, , , 7,,57,58,5,9 9,9 5,757 9, ,5 7,0, ,, 809, 9, 7, , ,8,8 8, 7,9 7, , ,050 7,50 7 8,8 7, 5 50, 08 80,8 7,55 9,7,5,9 0 5,7,98,00 9, , ,,,55 5,5,,58,9 8, 9, ,5,0, ,59, ,5,00,0, , , 5,8,58 50,5, ,85 88, 9, ,5 58, ,7,58 09,,85 7, , ,00,7 8,7, 5,0 5, 9, 80,79,77,85 9,07,08,500,,9 5, , ,9 89,, 0,,9,8 8,,9 0,00!This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. Combined figures for the Bank of German States the nine L Central Banks. On,, a new drachma equal to,000 old drachmae was introduced, changing the ratio from 0,000 to 0 drachmae per U. S. dollar. For last available report (February 0), see BULLETIN for September 0, p.. Includes gold, silver, foreign exchange forming required reserve (5 per cent) against notes other dem liabilities ,5 0,, JULY 5 85

96 CENTRAL BANKS Continued Central Bank (Figures as of last report date of month) 5 Apr. Mar. Central Bank (Figures as of last report date of month) 5 Apr. Mar, State Bank of Pakistan (millions of rupees): Issue department: Gold at home abroad... Sterling securities Pakistan Goyt. securities... Govt. of India securities... India currency Rupee coin. Notes in circulation Banking department: Notes of issue department.. Bills discounted Loans to Government assets Deposits liabilities capital. Central Bank of Paraguay (thouss of guaranies): Gold* Foreign exchange (net) Net claim on Int'l. Fund Loans discounts Government loans securities. assets Note coin issue Deposits Government liabilities capital Central Reserve Bank of Peru (millions of soles): Gold foreign exchange Net claim on Int'l. Fund Loans discounts to banks... Loans to Government assets Note circulation Deposits liabilities capital Central Bank of the Philippines (thouss of pesos): Gold Foreign exchange Net claim on Int'l. Fund Loans Domestic securities assets Circulation Notes Coin Dem deposits liabilities capital Bank of Portugal (millions of escudos): Gold Foreign exchange (net) Loans discounts Advances to Government assets Note circulation Dem deposits Government.. ECA liabilities capital South African Reserve Bank (thouss of pounds): Gold Foreign bills bills loans assets Note circulation Deposits liabilities capital Bank of Spain (millions of pesetas): Gold Silver Government loans securities loans discounts assets.. Note circulation Deposits Government liabilities capital 8, , , , ,0 77, , ,0 00 (Sept. )*, 58, 0 9, 89,8 8,08 0,0 5, 59, 7, ,08., , ,,88 8, 59,7 9,50 8, ,50,0 0, ,0, 5, 0 50,0 85 5,9 8, ,7 5, 5 7,8, ,8 7,7,5 5,57 5, 0, 7, 7,75 5,75 7, 7,5,09,0,0,5 5,,5,50,,,5,0 5,58,8 85,,08 0,08,55 8,0,89, 7,855, 0,59,05 8,,05 59,7,759 0,,559 00,07,775 7,9 5 5,99 7,,00,,9,08 0,55 8, , 9,8 9, ,5 57,5 9,89 5, 8,5 55,7, 8 7,8 9, ,8,9 9,50,57 8,9, 0,57 8,5 7,78 50,8 5,,0 5,8 9,5, 8,05,7,9,7 8,5 5,0,5 5,55 9, 05 8,9,,7 7,87,,7 0,0 Bank of Sweden (millions of kronor): Gold Foreign assets (net) Net claim on Int'l. Fund Swedish Govt. securities advances to National Debt Office 8 domestic bills advances assets. ; Note circulation Dem deposits Government. liabilities capital. Swiss National Bank (millions of francs): Gold Foreign exchange Loans discounts, assets. : Note circulation sight liabilities liabilities capital., Central Bank of the Republic of Turkey (millions of pounds): Gold Foreign exchange foreign clearings Loans discounts Securities assets. Note circulation Deposits Gold liabilities capital Bank of the Republic of Uruguay (thouss of pesos): Gold Silver Advances to State Government bodies loans discounts assets Note circulation Deposits Government liabilities capital Central Bank of Venezuela (millions of bolivares): Gold Foreign exchange (net) assets Note circulation Deposits liabilities capital. National Bank of Federal People's Republic of Yugoslavia (millions of dinars): Gold Gold contribution to Int'l. Fund. Foreign assets Loans (short-term) Government debt (net) assets Notes coin in circulation... Dem deposits Foreign liabilities Long-term liabilities (net) liabilities capital Bank for International Settlements (millions of Swiss gold francs): Gold in bars Cash on h with bankf Rediscountable bills accept* ances (at cost) Time funds at interest Sundry bills investments.., Funds invested in Germany... assets Dem deposits (gold) Short-term deposits: Central banks Own account Long-term deposits: Special... liabilities capital ,78 7,05, , ,07, , 9,0 5,9 78, 78 8, , , 5, , ,08,79 0 8, 0,08 5,7 5,,05 8 7,,9,07,9, 8,80,08 7,,85,9, , ,777 0,055,75 9 9,59 5 5,05,77 0,8 0,575 5,0 9 (Feb.)*,7 8,79 9,,58 55,9 8,88, 5,0 5,8, 7,05 8 0,,9,89,09 -,,8 85,7,079 9,57,0, ,7 9, , , ,,8 0 0, 7, ,7 8,7, 75,75 09,99 5,00 8,59,5 5,0, ,05,9 9,0 7,00 -,0 9,07 7,89 50,5 0,9 5,87 5, , * Latest month available. r Revised. ion Aug. 9,, gold revalued from 0.05 to grams of fine gold per guarani. This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. Includes small amount of non-government bonds. 8 FEDERAL RESERVE BULLETIN

97 MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Date effective Canada Central bank of United Kingdom France Germany Belgium Netherls Sweden Central bank of Rate Date effective Central bank of Rate Date effective Ineff ect Dec,, Sept. Sept. Oct. 7 Oct. 7 Dec. Apr. 7,.. 5 Sept. Oct Nov. 89 Nov. Jan. Mar. 9 Aug. Aug. Dec. 8 Jan. 8,. Apr. 7 Sept. 7 Oct. 9 Nov. 0 Feb. 0 Dec Jan. 7 5 Feb. 5 Feb. Apr. 9 In etfeet, 5 IX IX IX X X X *X X X H 5 ^ X M % X % H X X X % z Argentina Austria Belgium Bolivia Canada Ceylon Chile Colombia Costa Rica Denmark Ecuador Egypt El Salvador... Finl France Germany Greece Indonesia M IX io 5 9 Mar., 0,5 Oct. 9, Sept. 0, 0 Feb. 5, 5,, 8, 9 Feb 0 Nov. Mar. Dec/,, 98 5,, 0, Dec., 0, Jan., 5 Nov. 5, Apr., Irel Italy Japan Mexico Netherls. New Zeal. Norway... Pakistan... Peru Portugal... South Africa. Spain Sweden Switzerl.. Turkey United Kingdom U.S.S R. 5.8 Rates established for the L Central banks. NOTE. Changes since : New Zeal, from to 5 per cent; Turkey 8, from to ^ per cent. I* % H IX Mar. 5, Apr., 0 Oct.,, 9 Apr. 7, Nov., Feb. 5, 98 Nov., Jan., 9 Mar. 7,, Apr. 9, 5 Nov., Feb., Feb., 5, OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Netherls Sweden Switzerl Month Treasury bills months Day-today money Bankers' acceptances months Treasury bills months Day-today money Bankers' allowance on deposits Day-today money Treasury bills months Day-today money Loans up to months Private discount rate August September. October... November. December. 5 January.. February. March %-S i Beginning January, these figures have been revised to show average rate at tenders. Figures prior to that date represent tender rates made nearest to the 5th of each month. Represents an average of closing rates. NOTE. For monthly figures on money rates in these other foreign countries through 9, see Banking Monetary Statistics, Table 7, pp. 5-, for description of statistics see pp in same publication. JULY 5 87

98 COMMERCIAL BANKS United Kingdom Assets Liabilities ( London clearing banks. Figures in millions of pounds sterling) Cash reserves Money at call short notice Bills discounted Treasurydeposit receipts Securities Loans to assets Deposits Dem Time liabilities capital 99 December. 0 -December. December. December. December. August... September October... November December. 5 January.. February. March ,09, ,00,,8,07, ,5,58,5,8,75,,5,8,0,,,5,5,,8,7,,5,0,0,7,75,85,8,80,88,8,87,,,0,07,080, ,0,8,,0,9,5,,59,59,09,8,9,78,55,0,8,,,,,,7,9,,7,7,,,85,0,,07,0,00,0,0,0,8,8,0,5,,7,,0,5,5,,8,8, Assets Liabilities Canada (0 chartered banks, End of month figures in millions of Canadian dollars) Cash reserves Entirely in Canada Security loans loans discounts Security loans abroad net due from foreign banks Securities assets Notes Deposits payable in Canada excluding interbank deposits Dem Time liabilities capital 99 December. 0 December. December. December. December. August... September October... November. December. 5 January- February. March ,7,77,08,89,8,,9,9,,8,89,,,87,857,87, ,5,8,87,5,8,780,80,0,0,7,,7,9,5,7,7,8,058,0,,5,50,8,50,,80,,5,8,,88,,9,8 () 7,7 7,88 7,8 8, 8,88 8,88 8,99 8, 9,0 9, 9,9 9, 9,579 9,0 9,08 9,50 9,788,79, S8, t87,,50,7,87,,78,,,5,78,78,7,,558,,9 5,0 5,78 5, 5,7 5,55 5,585 5,87 5,5 5,5 5,7 5,880 5,,0,77,7,7,7,8,80,89,8,,,777,8,85,857,879,877,88 France ( large banks. End of month figures in millions of francs) Cash reserves Due from banks Assets Bills discounted Loans assets Deposits Liabilities Dem Time Own acceptances liabilities capital 99 December 0 December December December December August September October November December* 5 January February March 0, 8, 0,5 5,55 50,7,7 9,8 5, 5,77 7,9,7 5, 7, 5,8,8,,8, 5,9 7,559 8, 8,7 78, 79,8 85,,9 8,9 87,08 8, 8, 8,8 8,5 79, 78,80, 57,55 7,8, 7,07,5 79,8 7,0 787,8 79,0, 80,800 7,57 88,59 8,9 85, 8,8 9,50 5,89 5,, 8, 0,008,557,8 08,09 7,750,7,8 9,79,9,,0, 9,8, 8, 9,7 5,7 5,0,59 8,8 9,9 9,85 5,7 5,9,785 7,7 9, 5,850 8, 7, 79,98,9.57,07,9,007,,00,758,0,079,0,89,0,0,05,,,087,9,5,7,,58,80,55,0,,788 9,0 7,0 879,77 8,50,0 7,0 9,7,5,0,50 9,,007,,087,9,07,500,0,0,,0,,75,,0 8,0 8,8 7,5,0,59 0,08,8 0,5,09,5, 5,5 7,85,085 5,07,8,75,55 8,8,77,7 0,08,58 9,7 8,,,8,79 5,55 8,55,7,05,5,0 5, 7,,57 8,55,,5 7,580 5,0 57, 0,,88 9,5 7,85 75,757, 7,559, P Preliminary.!This table represents aggregates of figures reported by individual banks. Data are compiled on the third Wednesday of each month, except in December when the statements give end-of-month data. Represent six-month loans to the Treasury with a yield of % per cent. In accordance with the Bank Act of, the form of presentation of the banks' statement was revised beginning, figures shown may not be strictly comparable with those for earlier dates. Beginning February 5, when two banks merged, figures are for 0 banks. In January 0, the Bank of Canada assumed responsibility for these notes. NOTE. For details concerning data in earlier years, see BULLETIN for, p. ; for back figures figures on German commercial banks, see Banking Monetary Statistics, Tables 8-7, pp. 8-55, for description of statistics, see pp in same publication. 88 FEDERAL RESERVE BULLETIN

99 FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Year or month Basic Vrgentina (peso) Preferential Free Australia (pound) Austria (schilling) Belgium (franc) Brazil (cruzeiro) British Malaysia (dollar) Official Canada (dollar) Free 99 0 j uiy August.. October November December "i.' J X January February March , Year or month Ceylon (rupee) Denmark (krone) Finl (markka) Official France (franc) Free Germany (deutsche mark) India (rupee) Irel (pound) Mexico (peio) Netherls (guilder) juiy- August September October November December ' '.88' January February March Year or month New Zeal (pound) Norway (krone) Philippine Republic (peso) Portugal (escudo) South Africa (pound) Sweden (krona) Switzerl (franc) United Kingdom (pound) Uruguay (peso) j uiy September... October November.. December 5 January.. February March J Based on quotations through Aug.,. Based on quotations beginning Apr.,. 8 The Mexican peso was devalued, effective Apr. 9,, from a par value of 8.5 to.50 pesos per U. S. dollar. For figures on free rate for the period Feb". 0-Dec.,, inclusive, see BULLETIN for December, p.. The average for this period was.7. NOTE. For back figures, see Banking Monetary Statistics, Table 7, pp. -8. For description of statistics, see pp in same publication, for further information concerning rates averages for previous years, see BULLETIN for December, p.. JULY 5 89

100 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES ALL COMMODITIES [Index numbers] Year or month United States (-9-00) Canada (-9-00) Mexico (- 00) United Kingdom (=- 00) France (99 = 00) Italy (- 00) Japan (9- average Netherls (98 = 00) Sweden ( = 00) Switzerl (Aug , 5,9,8 5,58 5, 5,50 5, September... October November December 5 January February March ]V g.y P P P5 P7 5,9 5,5 5,5 5, 5,7 5,7 5,0 5,50 5,5 5, 5, P p Preliminary. NOTE. For sources references concerning changes in the structure of price indexes for various countries, see BULLETIN for December, p. 5. WHOLESALE PRICES GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States (-9 = 00) Canada (-9 = 00) United Kingdom ( = 00) Netherls (98 = 00) Year or month Farm products Processed foods commodities Farm products Raw partly manufactured goods Fully chiefly manufactured goods Foods Industrial products Foods Industrial raw products Industrial finished products J U ly SeDtember October November December 9 "55 Tanuarv Februarv Anarch »- '0 r5 r 5»"O ' r * ' P P P " Not available.»preliminary. 'Revised. NOTE. For sources references concerning changes in the structure of price indexes for various countries, see BULLETIN for December, p FEDERAL RESERVE BULLETIN

101 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES Continued CONSUMERS' PRICE INDEXES All items Food Year or month United States (-9 00) i Canada (99 = 00) United Kingdom (Jan. 5, = 00) France (99 = 00) Netherls ( =00) Switzerl (Aug. = 00) United States (-9 =00)i Canada (99 = 00) United Kingdom (Jan. 5, = 00) France (99 = 00) Netherls ( = 00) Switzerl (Aug. = 00) August September October November December January February March P Hi ^Preliminary. These series are the revised indexes, reflecting, beginning January, the inclusion of some new series revised weights. Prior to January indexes are based on the "interim adjusted" "old" indexes, converted to the base -9 = 00. In February 5 the base period for this index was changed from 99 = 00 to = 00. NOTE. For sources references concerning changes in the structure of price indexes for various countries (except the United States), see BULLETIN for December, p. 57. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month United States (high grade)* Canada (-9 = 00) United Kingdom (December 9 = 00) France (99 = 00) Netherls United States (-9 = 00) Canada (-9 = 00) United Kingdom ( = 00) France (99 = 00) Netherls ( = 00) Number of issues August September... October November... December January February... March Prices derived from average yields, as computed by Stard Poor's Corporation, on basis of a per cent 0-year bond. Represents the reciprocals of average yields. The average yield in the base period (January-March ) was.9 per cent. For a detailed description of this weighted index, which replaces the series of monthly averages, see Mastatistiek van het financiewezen for 5, p. 5. NOTE. For sources references concerning changes in the structure of price series for various countries, see BULLETIN for December, p. 57. JULY 5 8

102 M. S. SZYMCZAK JAMES K. VARDAMAN, JR. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WM. MCC. MARTIN, JR., Chairman C. CANBY BALDERSTON, Vice Chairman A. L. MILLS, JR. J. L. ROBERTSON ELLIOTT THURSTON, Assistant to the Board WOODLIEF THOMAS, Economic Adviser to the Board CHAS. N. SHEPARDSON WINFIELD W. RIEFLER, Assistant to the Chairman ALFRED K. CHERRY, Legislative Counsel OFFICE OF THE SECRETARY S. R. CARPENTER, Secretary MERRITT SHERMAN, Assistant Secretary KENNETH A. KEN YON, Assistant Secretary LEGAL DIVISION GEORGE B. VEST, General Counsel FREDERIC SOLOMON, Assistant General Counsel HOWARD H. HACKLEY, Assistant General Counsel DAVID B. HEXTER, Assistant General Counsel G. HOWLAND CHASE, Assistant General Counsel DIVISION OF RESEARCH AND STATISTICS RALPH A. YOUNG, Director FRANK R. GARFIELD, Adviser on Economic Research KENNETH B. WILLIAMS, Assistant Director SUSAN S. BURR, Assistant Director GUY E. NOYES, Assistant Director ALBERT R. KOCH, Assistant Director DIVISION OF INTERNATIONAL FINANCE ARTHUR W. MARGET, Director LEWIS N. DEMBITZ, Assistant Director DIVISION OF BANK OPERATIONS ROBERT F. LEONARD, Director J. E. HORBETT, Assistant Director LOWELL MYRICK, Assistant Director DIVISION OF EXAMINATIONS GEORGE S. SLOAN, Director C. C. HOSTRUP, Assistant Director FRED A. NELSON, Assistant Director ARTHUR H. LANG, Chief Federal Reserve Examiner ROBERT C. MASTERS, Assistant Director GLENN M. GOODMAN, Assistant Director HENRY BENNER, Assistant Director DIVISION OF PERSONNEL ADMINISTRATION EDWIN J. JOHNSON, Director H. FRANKLIN SPRECHER, JR., Assistant Director DIVISION OF ADMINISTRATIVE SERVICES LISTON P. BETHEA, Director JOSEPH E. KELLEHER, Assistant Director OFFICE OF DEFENSE LOANS GARDNER L. BOOTHE, II, Administrator OFFICE OF THE CONTROLLER EDWIN J. JOHNSON, Controller M. B. DANIELS, Assistant Controller Special Assistants to the Board CHARLES MOLONY AND CLARKE L. FAUVER FEDERAL OPEN MARKET COMMITTEE WM. MCC. MARTIN, JR., Chairman^ ALLAN SPROUL, Vice Chairman C. CANBY BALDERSTON A. L. MILLS, JR. C. E. EARHART J. L. ROBERTSON W. D. FULTON CHAS. N. SHEPARDSON W. H. IRONS M. S. SZYMCZAK HUGH LEACH JAMES K. VARDAMAN, JR. WINFIELD W. RIEFLER, Secretary ELLIOTT THURSTON, Assistant Secretary GEORGE B. VEST, General Counsel FREDERIC SOLOMON, Assistant General Counsel WOODLIEF THOMAS, Economist J. DEWEY DAANE, Associate Economist L. MERLE HOSTETLER, Associate Economist MORGAN H. RICE, Associate Economist H. V. ROELSE, Associate Economist O. P. WHEELER, Associate Economist RALPH A. YOUNG, Associate Economist ROBERT G. ROUSE, Manager of System Open Market Account 8 WILLIAM D. IRELAND, HENRY C. ALEXANDER, FEDERAL BOSTON DISTRICT NEW YORK DISTRICT WILLIAM R. K. MITCHELL, PHILADELPHIA DISTRICT FRANK R. DENTON, ROBERT V. FLEMING, Vice President WALLACE M. DAVIS, EDWARD E. BROWN, President W. W. CAMPBELL, JOSEPH F. RINGLAND, CHARLES J. CHANDLER, GEO. G. MATKIN, JOHN M. WALLACE, CLEVELAND DISTRICT RICHMOND DISTRICT ATLANTA DISTRICT CHICAGO DISTRICT ST. LOUIS DISTRICT MINNEAPOLIS DISTRICT KANSAS CITY DISTRICT DALLAS DISTRICT SAN FRANCISCO DISTRICT HERBERT V. PROCHNOW, Secretary FEDERAL RESERVE BULLETIN

103 CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank of Chairman l Deputy Chairman President First Vice President Vice Presidents (Vice Presidents in charge of branches are listed in lower section of this page) Boston New York. Philadelphia.. Clevel. Richmond. Atlanta. Chicago St. Louis Minneapolis.. Kansas City.. Dallas San Francisco. Harold D. Hodgkinson Robert C. Sprague Jay E. Crane Forrest F. Hill William J. Meinel Henderson Supplee, Jr. John C. Virden Sidney A. Swensrud John B. Woodward, Jr. Alonzo G. Decker, Jr. Rufus C. Harris Harllee Branch, Jr. John S. Coleman Bert R. Prall M. Moss Alexer Caffey Robertson Leslie N. Perrin O. B. Jesness Raymond W. Hall Robert J. Smith Hal Bogle A. H. Brawner Y. Frank Freeman J. A. Erickson Alfred C. Neal Allan Sproul William F. Treiber Alfred H. Williams W. J. Davis W. D. Fulton Donald S. Thompson Hugh Leach Edw. A. Wayne Malcolm Bryan Lewis M. Clark C. S. Young E. C. Harris Delos C. Johns Frederick L. Deming O. S. Powell A. W. Mills H. G. Leedy Henry O. Koppang Watrous H. Irons W. D. Gentry C. E. Earhart H. N. Mangels Robert B. Harvey E. O. Latham H. A. Bilby John Exter H. H. Kimball A. Phelan H. V. Roelse Karl R. Bopp Robert N. Hilkert E. C. Hill Wm. G. McCreedy Dwight L. Allen Roger R. Clouse G. H. Emde A. H. Laning N. L. Armistead Aubrey N. Heflin Upton S. Martin J. M. Nowlan Carl B. Pitman O. A. Schlaikjer R. F. Van Amringe Robert G. Rouse T. G. Tiebout V. Willis R. B. Wiltse J. H. Wurts P. M. Poorman J. V. Vergari Richard G. Wilgus Martin Morrison H. E. J. Smith Paul C. Stetzelberger James M. Slay C. B. Strathy Chas. W. Williams V. K. Bowman L. B. Raisty J. E. Denmark Earle L. Rauber John L. Liles, Jr. S. P. Schuessler Harold T. Patterson Neil B. Dawes W. R. Diercks L. H. Jones Dale M. Lewis Wm. E. Peterson E. B. Larson H. G< McConnell John T. Boysen Cecil Puckett Clarence W. Tow E. B. Austin W. H. Holloway 8 T. W. Plant E. R. Millard H. F. Slade L. G. Meyer George W. Mitchel A. L. Olson Alfred T. Sihler W. W. Turner H. H. Weigel J. C. Wotawa Otis R. Preston M. H. Strothman, Jr. Sigurd Uel E. D. Verhoof D. W. Woolley L. G. Pondrom Morgan H. Rice Harry A. Shuford Eliot J. Swan O. P. Wheeler VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of Branch Vice Presidents Federal Reserve Bank of Branch Vice Presidents New York Clevel Richmond Atlanta Chicago St. Louis. Buffalo Cincinnati Pittsburgh Baltimore Charlotte Birmingham Jacksonville Nashville New Orleans Detroit Little Rock Louisville Memphis I. B. Smith R. G. Johnson J. W. Kossin D. F. Hagner R. L. Cherry H. C. Frazer T. A. Lanford J. E. McCorvey M. L. Shaw R. A. Swaney Fred Burton V. M. Longstreet Darryl R. Francis Minneapolis Kansas City Dallas San Francisco Helena Denver Oklahoma City Omaha El Paso Houston San Antonio Los Angeles Portl Salt Lake City Seattle C. W. Groth G. A. Gregory R. L. Mathes P. A. Debus C. M. Rowl J. L. Cook W. E. Eagle W. F. Volberg J. A. Rall W. L. Partner J. M. Leisner Also Federal Reserve Agent. Cashier. Also Cashisr. Acting Manager. JULY 5 8