LETTER TO MR. JAMES F. FOGARTY FROM ALLEN W. DULLES

• Document Type: CREST
• Collection: General CIA Records
• Document Number (FOIA) /ESDN (CREST): CIA-RDP80R01731R000200100019-3
• Release Decision: RIPPUB
• Original Classification: K
• Document Page Count: 46
• Document Creation Date: December 14, 2016
• Document Release Date: March 25, 2003
• Sequence Number: 19
• Publication Date: October 29, 1959
• Content Type: LETTER

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0/ rad 28 Oct 59
Distribution:
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1 -ER
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 Approved For Release 2003/04/02 : CIA-RDP80RO1731 R000200100
JAMES F. FOGARTY
SIXTY BROADWAY
NEW YORK 4
October 23, 1959.
Hon. Allen W. Dulles, Director,
Central Intelligence Agency,
Vashington 25, D. C.
I have sent to you today a booklet of charts and economic
and financial data covering, in most instances, the 40-year period
1919-1958.
This study is intended to afford some of my friends a means
of readily observing trends in certain factors which bear significantly
upon our national economy. I hope you will find it interesting and useful
if and when the Government's heavy demands upon you relax so that you
may have opportunity to examine it.
With kind regards,
Sincerely yours,
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 Approved For Release 2003/04/02 : CIA-RDP80R01731 R000200100019-3
ECONOMIC AND
FINANCIAL DATA
1919 -1958
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Page Nos.
Acknowledgments . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Foreword . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . iii--vli
Business Cycles . . . . . . . . . . . . . . . . . . . . . . . . . . Viii
Charts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2--33
United States Government Budget Receipts and Expenditures
and Public Debt . . . . . . . . . . . . . . . . . . . . . . . . 34--35
Wd i
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 Approved For Release 2003/04/02 : CIA-RDP80R01731 R000200100019-3
he preparation of this study required the
athering and processing of a large volume of data
if various types from many sources. In that con-
cection assistance was rendered by a number of
ons, and their contributions are gratefully
Messrs. Eldred H. Scott, Vice President
i:1 Controller, Russell G. Vernon, Assistant
Yaretary and Assistant Treasurer, and
Ails Julia Hopf, Assistant Secretary and
;Assistant Treasurer, The Detroit Edison
,saapany.
Messrs. C. Austin Barker, Senior
ecanomist, and Richard C. Horning, Financial
conomist, The Cleveland Electric Illumin-
Company.
Messrs. W. W. Horner, Vice President,
mu L. C. Elliott, Vice President and Econ-
tniiLat, The Cleveland Trust Company.
Hon. Walter Filliams, Under Secretary
of Commerce, Washington, D. C.
Members of iited States Government de-
partments as fol owss
Federal ,.eser~~v_e System.
Messrs. Haske.1 Wald, Economist, and
R. C. Schindh r, Statistician, New York:
Mr. Clarke L. 'auver, Assistant Secre-
tary, and Misr Elizabeth L. Carmichael,
Chief, Public.tions Section, Division
of Administra ive Services, Washington,
D. C.
Federal ower Commission:
Mr. JH. Gutrde, Secretary, Washing-
.
C., a l Mr. L. B. Well, Elec-
trical Engine,.- in Charge, New York;
De artme, t of Agriculture:
Mr. B. R. Staoer, Chief Agricultural
Price Statist.-,2s Branch, Agricultural
Marketing Ser?ice;
Mr. James T. Harrigan, Senior Vice Presi-
aea-;t, and Miss Nanette Copeland, Librarian,
pile Hanover Bank, New York.
;Messrs. LeRoy W. Campbell, Executive
"it:e President, D. G. Baird and Donald B.
McClellan, Investment Analysis Department,
Chemical Corn Exchange Bank, New York.
Messrs. Pierson M. Tuttle, Vice Presi-
-ant, and Harold S. Seal, Vice President,
larakers Trust Company, New York.
Messrs. George S. Moore, Executive Vice
r': ident, and D. Richard Young, Assistant
a:?bier, The First National City Bank of
work.
Yr. Morris Goldstein, Partner, Francis
Au Pont & Co., New York,
Messrs. Edwin Vennard, Vice President
a..u, Managing Director, and A. B. Morgan,
lro r?etary and Assistant Managing Director,
Electric Institute, New York.
;-r. J. Conley, American iron and Steel
itute, New York.
Mark E. Eastin, President, West
tucky Coal Company, MadisonviLle, Ky.
Messrs. Tom Pickett, Executive Vice
president, and Ygles E. Robinson, Director
)e.artment of Coal Economics, National Coal
4a:,aciation, Washington, D. C.
,ion. Percival F. Brundage, Director of
.(w budget, and Mr. Samuel L. Cohn, Office
, Judget Review, Washington, D. C,
De artmez t of Commerce:
Messrs. Edwar(O. Bassett and Harlow D.
Osborn, Nation sl. Income Division, Murray
F. Foes, Assi.::.ant Chief Business Struc-
ture Division Office of Business Eco-
nomics; Mess. s. Robert W. Burgess,
Director, How. rd G. Brunsman, Chief
Population Division, and Edwin D. Gold-
field, Chief E:tatistical*..Reports Divi-
sion, Bureau s' the Census; Mr. Walter
W. Schneider, Acting Director Construc-
tion Industry )ivision, Business and
Defense Servitss Administration;
Messrs. Carl . Blackwell, Director,
and Wendell D Hance, Acting Director,
International Iconomic Analysis Divi-
sion, Bureau ,' Foreign Commerce;
Departmer': of the Interior:
Mr. H. J. Bar )n, Chief Branch of Petro-
leum Economic:., Bureau of Mines;
De artme of Labor: Sr. Ewan
Clague, Comrnir^ 3ioner of Labor Statistics,
Messrs. Arnolc E. Chase, Chief Division
of Constructira Statistics, H. E. Riley,
Chief Division of Prices and Cost of
Luring, and Srrmour L. Wolfbein, Chief
of Manpower ari Employment Statistics,
Bureau of Labr - Statistics.
Mrs. Ruth M. Weckmann, my Secretary, whose
judgment and acct ?acy in the preparation and
assembling of tht charts made this study
possible.
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JAMES F. FOGARTY
SIXTY BROADWAY
NEW YORK 4
The purpose of this assemblage of charts and
data is to afford a convenient means of observing
important changes in and trends of certain economic
and financial indicators.
The study was originally intended to be merely
for my own reference and to consist of a small array
of plotted data. However, in the course of con-
sidering various indicators to select those which
seemed most appropriate for that purpose, it became
apparent that the relationships of certain of them
to others warranted the inclusion of some indicators
which ordinarily would not have been part of the
study as initially contemplated. These circum-
stances have been responsible for the expansion of
the study to its present proportions and for my
conclusion to have a number of copies prepared to
permit distribution to friends engaged in various
fields of endeavor.
In the interest of conserving space the charts
have been plotted on small scales which in some in-
stances do not permit minute reading. They do,
however, "highlight" peaks and valleys and enable
one to note trends of the several indicators over
various periods. If'a reader wishes to ascertain
details of the data applicable to any period, or
upon which any chart is based, he may refer to the
source of such data indicated on the particular
chart.
Some of the charts cover relatively short
periods because comparable data for earlier years
are. not available. Other charts do not extend to
1958 because preparation of relevant data by the
Government was discontinued prior to that time.
Certain data have been revised by the Govern-
ment from time to time, and while effort has been
made to obtain the revised data without unduly de-
laying completion of the study, that has not been
possible in every instance. In any event, it is
believed that differences between data used as
bases of certain charts and subsequent revisions
of those data are not of sufficient magnitude to
impair materially the usefulness of such charts.
periods of duration of the upward and downward move-
ments of those cycles, and, so far as data are
available, the approximate changes which took place
in some of the more important economic and financial
indicators. There have been included in the tabu-
lation some indicators not included in Dr. Moore's
summary. Data applicable to certain of.these indi-
cators are not available for the periods of early
cycles.
It is apparent that all of the principal indi-
cators do not attain their respective peaks at the
same time during a period of expansion, and that all
of them do not reach their respective low points at
the same time during a period of contraction. Also,
it should be remembered that data applicable to
certain periods within some of the business cycles
reflect seasonal variation, and in some cases labor
disturbances. Nevertheless, the tabulation consti-
tutes a broad presentation from which one may derive
at least a general idea of changes in certain sig-
nificant measures of the state of the national
economy
From the "Business Cycles" tabulation it will
be noted that the periods of expansion ranged from
10 to 80 months, and the periods of contraction
from 8 to 43 months. Except for the severe de-
pression of 1929--1933 the maximum period of con-
traction was January 1920--July 1921, or 18 months.
Limitations of time and space render it im-
possible to comment upon each chart, but in view of
the wide-spread interest, and in some instances
concern, expressed with respect to matters to which
certain charts relate, a brief word about some of
those matters would seem to be in order.
The large increases in Gross National Product
(usually expressed in current dollars) are fre-
quently referred to as one of the principal measures
of the great development which has taken place in
the United States,
According to Occasional Paper 61, titled
"Measuring Recessions," by Geoffrey H. Moore, Asso-
ciate Director of Research of the National Bureau
of Economic Research, there have been nine business
cycles during the 40-year period 1919--1958. In
the tabulation on page viii of this study there are
set forth the approximate times of occurrence and
III
(Gross National Product is defined by
the Department of Commerce as the market
value of the output of goods and services
produced by the Nation's economy, before
deduction of depreciation charges and
other allowances for business and institu-
tional consumption of durable capital
goods.)
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se, without considering the influence of important the revised index extended back to 1919, the re-
changes in price levels during the same period, can vision applied mairLy to the period from 1947.
be quite misleading.
i Department of Commerce estimate of G.N.P.
'rr '..he year 1958 was 437.7 billions. That amount,
vh.ch was expressed in current dollars' represented
An increase of 413.7 per cent, over the correspond-
Lng amount of 85.2 billions for 1938, 20 years
arlier.. As 1952 and 1953, respectively, were the
last years for which the Department of Commerce
A.mated G.N.P. based upon 1939 and 1947 dollars,
~-s'.imates for 1958 based upon those dollars are not
?.v 3i.1#lh ie. However, the following tabulation af-
cords interesting comparisons of estimates of G.N.P.
193r and 1952, years for which estimates based
?apor, iy, y, 1947, 1954 and current dollars are
wvailahle:
es ti-
as for
1939
Dollars
1947
Dollars
1954
Dollars
Current
Dollars
r 952
172.0
29h.2
353.5
347.0
Year `938
84.0
145.9
175.1
85.2
crease,
mount
88.0
148.3
178,4
261.8
a- cent.
104.8
101.6
101.9
307.2
grill be noted that while the increases in
D.p. estimates from 1938 to 1952 were 104.8 per
c;errt., #01.6 per cent. and 101.9 per cent., based
upon 1939, 1947 and 1954 dollars, respectively, the
increase for that period based upon current dollars
;aa:a 307.2 per cent. That substantially greater in-
crease reflects the influence of increasing prices
,luring that 14-year period. As the price trend has
to general been upward since 1952, the foregoing
figures give rise to question as to the extent to
which increases in prices, as distinct from actual
drmwrtO. are responsible for the 413.7 per cent.
increase in G.N.P., expressed in current dollars,
from Tlr_;d to 1958.
z. 953 the Federal Reserve System basically
:-eevisec its index of industrial production, a mea-
sure of the physical volume of output in manufac-
4wring and mining industries, sectors which have
accounted for about one-third of national income
,:aver a period of years and are of particular im-
tir~;duction on farms. in the construction industry,
n the utilities, in transportation, or in various
rode and service industries.
because of thr extensive revision of the index
and the inclusion of a number of additional series,
the data applicable to Total Industrial Production
and to the three pr .ncipal classifications of the
total production, i.e., Durable Manufactures, Non-
durable Manufactures, and Minerals, have been plot-
ted quarterly for the 40-year period 1919--1958 on
Chart No. 12. On Charts Nos. 21/33, inclusive,
there have been plotted annually for the 10-year
period 1949--1958 testa applicable to certain sub-
divisions of those arincipal classifications-
The Tennessee !alley Authority Act was passed
by the Congress in 1933, chiefly because of repre-
sentations by T.V.A. advocates that the proposed
development of the 'Cennessee and Cumberland Rivers
would bring about important advantages in the forms
of flood control and improvement of navigation. It
was also represented that production of electric
power by the hydro-electric plants to be constructed
at the several dam would be merely incidental to
the main objectives referred to, and that steam-
electric generating capacity would be provided only
to the extent necessary to "firm up" the power out-
put of the hydro-electric plants. It was also in-
dicated that the ms:imum steam-electric generating
capacity of T.V.A. would be 20 per cent. or less of
the power producing. capacity of the entire project.
In 1932, the year before the T.V.A. Act was
passed, electric pcwer produced by all publicly
owned plants in the United States constituted about
6 per cent. of the total electric power production
of all utilities, bsi.ta, the free gold balance is about 40 per cent.
t' t,no zntal.
` Coreign owners of dollar assets were to be-
-ome. Seriously disturbed by the outflow of our gold,
,z^-ay our continuing to refund large amounts of
tovernment bonds with short term issues, and should
:iresent claims for conversion of a substantial por-
tion of those assets into gold, serious consequences
ceeu.d result. While we are not presently confronted
by a gold crisis, the situation cannot be ignored.
its January, 1959 letter The First National
bank of New York stated
"Our gold outflow is saying that the
roment is spending too much. If we
heed, the gold standard will have
im: pertinent observation merits much more
a. d; e. rv;inn than it is likely to receive from the
ola.ttcians. To it there might be added the thought
;teal =;erhaps there is approaching-a day of reckoning
ur our prodigality when, In attempts to "win
friends and influence people" abroad, we spent
.i,nerlcan dollars by the billions for the Marshall
Mara, J.N.R.R.A., military assistance to N.A.T.O.,
tad military and economic aid practically all over
the world.
:i. frequent intervals since the price of gold
ti-La country was raised from $20.67 to $35 per
there has been agitation for a further in-
ease i.n the gold price, at least one proposal
being as high as $100 per ounce. These proposals
have not, been confined to our own country, but also
have acronk supporters in Great Britain, Canada and
otat.it Africa.
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Ali
Some of thi e in our country who advocate such
substantial inciaeases in the gold price are actu-
ated by selfish motives, and they apparently do not
realize, or do t.ot care about, the further dollar
erosion which wild follow such action. Nor do
they seem to api.'eciate the great advantage which,
at our expense, would accrue to the large gold pro-
ducing nations c the world, including Russia.
It is roper that our Government wile continue
to adhere to the position indicated by the following
statement made ty- the Secretary of the Treasury in
May, 1958:
"The Ac:iinistration has made clear on
many occasions, most recently at the Sep-
tember 195 meeting of the International
Monetary n' id, that the United States has
no intenticn of increasing the price of
gold or devaluing the dollar. I may say
without que.ification that this continues
to be the Fosition of the Government."
(Monetary Iterates of The Economists' Nation-
al Comrnitteaa on Monetary Policy, July 1,
1958.)
Since the termination in 1933 of currency re-
demption in golc, and as recently as within the
past two or three years, several bills providing
for a gold stancaard and redeemable currency have
been introduced '.n the Congress but have received
Little or no suri;ort. Perhaps it is too much to
expect, or even to hope, that our country will,
within the foeeeeable future, have the good sense
to return to a redeemable currency. Those who have
doubts about the effects of our doing so should
read the record ::f events which followed our re-
sumption of a reih:emablb currency in 1879. Large
amounts of gold then came into the country from
Europe, demands :or Government securities greatly
increased and thri.r prices rose substantially,
making possible overr)ment refunding at lower rates
of interest.
SNT]REST RATES
Att, GOVERNMENT FINANCING
High grade ?orporate bond yields reached their
low point of the last forty years during the first
half of 194t) whe. new long term issues were sold to
yield 2-1/2 per rent. or less. During the years
1946 to 1950, it lusive, the yields on a number of
long term Government bonds (maturities 1967 to 1972)
ranged from 1.89 per cent. to 2.48 per cent. Under
such circumstanc a it would seem to have been pos-
sible during tha+ five-year period for the Govern-
aent to seii Ion term bonds at relatively satis-
factory yields t. refund some of the outstanding
short terra secur.ties. However, the Administration
adhered to the p licy of effecting such refundings
by means of shore terra issues.
The yield te;nu since 1950 has been basically
upward, and yields on new corporate issues now are
about twice thos- of early 1940. That substantial
upward trend is -ofiected in higher yields on
Government bonds which have reached such levels as
to prompt the Pr.sident to seek Congressional-au-
thorization to i-i.crease interest rates on long term
(five years or l.nger maturity; bonds above the
4-1/4 per cent. ,aximum which has prevailed since
the First World-ear,
Some member of the Congress take the position
that present int rest rates area unnecessarily high
and will retard urti,er development of the national
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economy. They also seem to believe that long term
Government bonds could be sold without an increase
in the maximum interest rate if different financial
policies were adopted, such as the Federal Reserves
easing its restrictions on bank reserves and buying
long term bonds from time to time.
The matter of interest rates appears to have
become an important political issue. The House
Ways and Means Committee has just voted to give the
President the authority he sought to increase the
maximum rate on long term bonds, but limited the
authority to two years and proposed that the Federal
Reserve consider buying long term bonds to ease the
situation. The outcome of the sharp differences
which apparently exist in Washington is in consider-
able doubt.
Another development which may prove troublesome
is the opposition of the Speaker of the House to the
President's recommendation that the 2 per cent. in-
terest rate on loans to the Rural Electrification
Administration be increased so as to ,be commensurate
with the Government borrowing costs.
Unfortunately the thinking of many of the na-
tional legislators is influenced by political con-
siderations as distinct from sound reasoning as to
what is best for the country as a whole.
Chart No. 61 has been included in the belief
that it would be of interest because of its unusual
character. It represents an Index of Confidence
devised by the late General Leonard P. Ayres, Vice
President and Chief Economist of The Cleveland Trust
Company. The Cleveland Trust Company has described
the Index as follows
"When investors are optimistically confi-
dent about the general business outlook,
they come to regard the prospects of
weaker companies as being almost as good
as those of the strongest ones. At such
times they tend to consider junior bond
issues as being nearly as safe as those
that are fully secured by first mortgages
on highly valuable properties.
. On the other hand when the pros-
pects for business become discouraging,
the investors seek safety rather than
income and then the prices of the second
grade bonds fall far below those of the
highest grade issues, and as a result the
yields of the less secure bonds become
much larger than those of the well secured
ones.
. . . The data were computed by finding
for each month the. percentages that the
yields of 30 corporate bond issues having
Moody ratings of Aaa were of the yields
of 30 issues rated by Moody as being of
Baa quality."
UNITED STATES GOVERNMENT BUDGET
AND PUBLIC DEBT
The tabulations on pages 34 and 35 show Federal
Government Budget Receipts by sources and 'Budget
Expenditures by functions for each of the 21 fiscal
years ended June 30, 1939 to 1959, and as estimated
for the fiscal year ended June 30, 1960, and the
amount of Federal Government debt at the end of each
fiscal year.
It is realized, of course, that the Second
World War and the Korean conflict imposed heavy
financial burdens upon the Federal Government.
However, the extravagance indicated by expenditures
for years other than war years makes it regrettable
that there are not available for comparison corre-
sponding data for the preceding 20-year period
(1919--1938) during the early years of which the
Federal Government and' the Congress appeared to have
some regard for economy.
July, 1959.
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awe ..; ivy:.:: y . a~ t
Edisao Electa?ie ,n`titate, Feaeril Power Comassion; 6rei lea; Iron, La .Steel mint ?.u^.,o Gcsar.:c-:":e
Manufacturers' Association; Ward's Automotive Reports; Francis I. da Pont 3 Co.
ur c. 3conon:..c Anthill' ,.. Afar. 1919 July 1921 Ju]y 1924 Nov. 1927 Ea. 1933 June 19335 Oct. '-945 Oct. 1945 195..
Period of Expansion to Peak on Line 3 .- 10 months 22 months 27 months 21 months 50 months 80 months 37 months 45 months 35 months 2
Peak of Economic Activity ................ Jan. 1920 May 1923 Oct. 1926 Aug. 1929 MAY 1937 Feb. 1945 Nov. 1948 July 1953 July 1957 3
Period of Contraction to Trough on Line 5 18 monthe 14 month. 13 months 43 months 13 months 8 moths U maths 13 months 9 months 4
Trough of Economic Activity .............. July 1921 Unly 1924 Nov. 1927 Mar. 1933 June 1938 Oct. 1945 Oct. 1949 Aug. 195L Apr. 1958 5
Economic and Financial Indicators:
(a) For peak month or quarter within
or nearest to period of ex-
pansion (Line 2)
(b) For low month or quarter within
or nearest to period of con-
traction (Line 4)
li Per Cent Civilian Labor Force Employed ...
12 Average hourly earnings -- Production
workers in manufacturing (Cents) ...
1,1 Industrial Production (1947-1949 - 100) .?
1, Elec. Power Production (Billions of KY9)
16 Automotive Production -- Cars and
i; New 1'la.--,t and y4aipmest Expenditures
(Billions of $) .
18 New Permanent Nonfarm Dwellings Started
(Thousands of Units) .................
19 Manufacturers' New Orders (Billions of $)
20 Retail Trade Sales (Billions of $) .......
ter Price Index (Al]. Item)
(
?2 Wholesale 1949 . 100) ....................
^ ce Index (All Coumsodities)
(19147-19149 - 100) ....................
23 Commercial Bank loans (ni11>_ons of $)
(Jane or December) .........?..
Cortoercia. Back Deposit Mill-ions of $)
(June or Lecember) ...................
25 Federal Reserve Member Banks Free Reserves
(Billions of $) (June or December) ..
-,r er - r s of Dan-Jones
L,._lsi _a.: wicks ....................
(a) Ir.'19 77.5 (a) Yr.'23 814.5 (a) Yr.'26 95.6 (a) Ir.'29 99.4 (a) Yr.'37 90.8 (a) 20)45 223.7 (a) 44/48 265.9 (a) 2Q/53 368.8 (a) 30/57 4145.6 7
(b) Yr.'21 70.7 (b) Yr.'24 83.7 (b) Yr.'27 94.2 (b) Ir.'32 55.4 (b) Yr.'38 85.2 (b) 40/145 197.1 (b) 20/49 256.4 (b) 20/54 358.9 (b) 10/58 427.1
(a) n.a. (a) na. (a) n.a. (a) n.a. (a) n.a. (a) 3QA-5 173.6 (a) 30/48 211.8 (a) 30/53 289.8 1a) 30/57 351.8 8
(b) n.a. (b) n.a. (b) n.a. (b) n.a. (b) n.a. (b) 40/45 1681 (b) 30/49 207.2 (b) 10/54 287.1: (b) 10/58 348.3
(a) n.a. (a) n.a. (a) n.a. (a) n.a. (a) n.a. (a) 20/143 25.0 (a) 20/48 33.8 (a) 40/50 49.2 (a) 44/55 48.6 9
(b) n.a. (b) n.a. (b) n.e.. (b) n.a. (b) n.a. (b) 40/45 13.9 (b) 20/49 24.7 (b) 40/53 31.4 (b) 10/58 31.7
(a) n... (a) n.a. (a) n.a. (a) n.a. (a) n.a. (a) 40/42 10.8 (a) 20/48 21.0 (a) 40/50 27.5 (a) 40/55 214.9 10
(b) n.a. (b) n.a. (b) n.a. (b) n.a. (b) n.a. (b) 40/45 6.1 (b) 24/49 15.0 (b) 40/53 14.8 (b) 10)58 15.5
(a) n.a. (a) n.a. (a) n.a. (a) n.e. (a) Yr.'37 85.7 (a) 10/50 99.3 (a) 71/:7 97.4 (a) 8/53 98.2 (a) 10/56 97.2 U
(b) n.a. (b) n.a. (b) n.a. (b) n.a. (b) Yr.'38 75.1 (b) 9/39 96.o (b) 7/49 93.6 (b) 2/54 95.0 (b) 2/58 92.3
(a) Yr.'20 55.5 (a) Yr.'23 52.2 (a) Ir.'26 54.8 (a) Ir.129 56.6 (a) 5/37 63.1 (a) 3/45 104.14 (a) 1/149 140.5 (a) 6/53 177.0 (a) 6/57 207.C 12
(b) Yr.'21 51.5 (b) Yr.'24 54.7 (b) Yr.127 55.0 (b) 2/'33 40.9 (b) 8/38 61.4 (b) 10/45 98.5 (b) 10/49 139.2 (14) 3/54 179.0 (14) 9/57 208.0
(a) 1/20 44 (a) 4/23 49 (a) 9/26 53 (a) 6/29 61 (a) 3/37 65 (a) 11143 132 (a) 7/48 105 (a) 7/53 137 (a) 12/56 117 13
(b) 3/21 30 (b) 7/24 40 (b) 13)27 49 (b) 7/32 23 (b) 5/38 43 (b) 10/45 86 (b) 7/49 94 (b) 3/54 123 (h) 4/58 126
(a) Ir.'20 39.4 (a) Yr.123 51.2 (a) Yr.'26 69.14 (a) Yr.'29 82.8 (a) Ir.'37 118.9 (a) 1,/45 20.3 (a) 10/48 24.14 (a) 7/53 38.1 (a) 1/57 55.5 14
(b) Yr.'21 37.2 (b) Yr.'24 54.7 (b) Yr.'27 75.4 (b) Yr.'32 79.4 (b) Yr.'38 113.8 (b) 9/45 17.C (b) 2/49 23.0 (b) 2/54 35.1 (b) 4/58 49.5
(a) 3/20 4.4 (a) 5/23 4.8 (a) 3/26 5.0 (a) 5/29 6.0 (a) 3/37 6.0 (a) 7/54 7.5 (a) 10/48 8.C (a) 3/53 10.2 (a) 10/56 11.6 15
(b) 7/21 1.0 (b) 7/214 2.1 (b) 11/27 3.6 (6) 7/32 .9 (b) 12/37 1.7 (b) 1.0/45 5.6 (b) 10/49 .9 (b) 7/5, 6.6 (6) 4/58 5.5
(a) 10/20 605 (a) 20/23 1,155 (a) 22/26 1,251 (a) 20129 1,773 (a) 20/37 1,550 (a) 40/40 1,508 (a) WAS 1,433 (a) 30)50 2,249 (a) 20/55 2,506 16
n.,: ,-:..,, .~., ? .-.,o-., ~., .._i^.. no raw ~.,/o^ .,,< (ft /0k q^f i)3 /tf i(.P (t.l ~.0/F~4 t,3R':. fnl y.i15(. ?.-191 /r.? 10'K8 74n
(a) n.a. (a) n.a. (a) n.a. (a) n.a. (a) n.a. (a) n.a. (a) WAS 22.35 (a) 20/53 28.10 (a) 30157 37.75 17
(b) n.a. (b) n.a. (b) n.a. (b) n... (b) n.e. (b) n... (b) 4Q/49 17.81 (b) 30,/54 26.84 (b) 32/58 29.61
(a) n.a. (a) n.a. (a) n.a. (a) n.a. (a) n.a. (a) 20/41. 217.9 (a) 24/48 297.6 (a) 30/50 426.8 (a) 20/55 404.1 18
(b) n.a. (b) n.a. (b) n.a. (b) n... (b) n.a. (b) 10/45 25.5 (b) 10/49 169.8 (b) 10/54 236.8 (b) 10/58 215.4
(a) n.a. (a) n.a. (a) n.a. (a) n.a. (a) n.a. (a) 10)45 45.2 (a) 30148 53.7 (a) 10151 83.3 (a) 44/56 87.7 19
(b) n.a. (b) n.a. (b) n.a_ (b) n.s. (b) n.a. (b) 30/45 13.5 (b) 10)49 48.1 (b) 47/53 -63.2 (b) 10/58 72.9
(a) n.e. (a) n.a. (a) n.a. (a) a.a. (a) n.e. (a) 10/45 18.8 (a) 30)48 33.1 (a) 10/53 42.7 (a) 30/57 50.9 20
(b) n.a. (b) n.a. (b) n.a. (b) n.a. (b) n.a. (b) 40/45 21.0 (b) 10/49 32.4 (b) 10/54 41.1 (b) 30/58 48.9
(a) 3/20 84.3 (a) 8/23. 75.7 (a) 11,/25 77.0 (a) 10/27 74.2 (a) 5/37 61.4 (a) 1/45 76.1 (a) 6/48 104.6 (a) 9/53 115.2 (a) 9/57 121.1 21
(b) 6/21 75.3 (6) 5/23 72.4 (6) 8/27 73.4 (6) 4/33 53.6 (b) 2/38 60.3 (6) 2/45 76.0 (6) 7/49 101.4 (6) 4/54 114.6 (b) 10/57 121.1
(a) n... (a) a. a. (a) 1/26 67.-0 (a) 5/28 63.4 (a) 3/37 57.0 (a) 6/45 69.0 (a) 8/48 106.2 (a) 2/51 116.5 (a) 8/57 118.6 22
(b) n.a. (b) n.a. (b) 5/27 61.1 (b) 2/33 38.8 (b) 5/38 50.8 (b) 9/45 68.4 (b) 10/49 97.9 (b) IV53 1.09.8 (b) 10/57 117.8
(a) 0/19 22.4 (a) 0/23 20.5 (a) 12/20 3140 (a) o/u9 35.( (a) 6,37 17-L (a) 12/1,5 21.6 (a) 12/58 42.5 (a) 6/53 65.C '4' 6/77 91.C 23
(b) 6/21 26.1 (6) 6/23 26.9 (14) 12/26 32.0 (6) 6/33 16.3 (6) 6/38 16.1 (b) 6/45 23.7 (6) 6/1.9 41.0 (b) 6/54 67.3 (b) 12/57 93.9
(a) 6/19 32.7 (a) 6/23 37.7 (a) 12/25 46.9 (a) 12/28 52.7 (a) 12/30 50.6 (a) 12/44 128.1 (a) 12/45 150.2 (a) 12/52 172.9 (a) 6/50 197.5 24
(b) 6/21 33.U (b) 12/23 39.5 (14) 12/26 46.9 (b) 6/33 31.9 (b) 12/37 48.3 (b) 12/45 150.2 (b) 6/47 1.5.9 (b) 6/53 165.5 (b) 6157 180.3
(a) n.a. (a) n.a. (a) n.a. (a) 12/29 -.75 (a) 12/35 2.99 (a) 6/40 6.7 (a) 12/45 1.2 (a) 12/50 .9 (a) 6/54 .8 25
(b) a.a. (b) n.e. (b) n.a. (b) 12/31 -.74 (b) 6/37 .87 (b) 6/145 .7 (b) 12/1-8 .7 (b) 32/53 .3 (b) 6/57 -.5
(a) 11/19 119.6 (a) 3/23 105.4 (a) 8/26 166.6 (a) /2 355 O 3/37 195.6 (a) 2/55 160.9 (a) 5/46 213.4 (a) 1/53 295.1 (a) 7/57 523.1 26
(b) 7/21 67.3 (b) 10/23 85.E (b) 10/26 1u5.7 (b) - 3/35 57.~ (t) 2/65 160.9 (b) 6/59 160.6 (b) 8/53 260.8 (b) 10/57 416.2
Approved For Release 2003/04/02 : CIA-RDP80R01731 R000200100019-3
 Chart
Nos.
2 Personal Income . ............... ..... 4-5
Disposable Personal Income ................. .
Personal Savings ...................... .
C H A R T I N D E X
Approved For Release 2003/0402 : CIA `RC P80R01731 8000200100019-3
Nos. Noe.
Gross National Product ............... .
Personal Consumption Expenditures ............ .
Private Domestic and Foreign Investment ........ . .
Government. Purchases of Goods and Services ....... .
Cross National Product ................... .
Per Capita -- Gross National Product ............ .
3 Per Capita --, Disposable Personal Income .......... 6-7
Population .......................... .
Gross Private Domestic investment .. . . . .
New Construction (See also Charts 34-36) .... .
Producers' Durable Equipment . . ........ .
Change In Business Inventories .... .... .
Corporate Profits before Taxes . . , ......... .
Corporate Profits after Taxes ................ .
Corporate Dividends . ............... .
Corporate Undistributed Profits ............... .
EMPLOYMENT AND EARNINGS
7 Civilian Labor Force:
Employed and Unemployed .. .......... 8-9
Production Workers in Manufacturing:
8 Employment and Payrolls .............. 8-9
9 Average Weekly Earnings .............. 8-9
10 Average Weekly Hours ................ 8-9
11 Average Hourly Earnings .............. 8-9
12 Industrial Production--Totals of Durable Manufactures,
Nondurable Manufactures and Minerals (See also
Charts 21-30) ....................... 10-11
13 Electric Power Production ................... 10-11
14 Steel Operating Rate and Production ......... I ... 10-i1
15 Bituminous Coal Production .................. 12-13
16 Automotive Production (Care and Trucks) .......... 12-13
17 Crude Petroleum Production .................. 12-13
18 Freight Car Loadings ..................... 12-13
19 Lumber Production ...................... 14
20 Wood Pulp and Paperboard Production ............. 14
Industrial Production--Certain Subdivisions (See also
Chart 12):
Durable Manufactures:
21 Primary metals . ........... 14
22 Transportation Equipment ........... 14
23 Machinery . .. .... 14
24 Furniture pod Miscellaneous Manufactures , 14
Nondurable Manufactures:
25 Printing and Publishing ........... .. 14
26 Textiles and Apparel ......... 14
27 Chemicals and Allied Products ..... 15
28 Food and Beverage Manufactures ...... 15
Minerals:
29 Metal Mining .... , . , , , . , , 15
30 Crude Oil and Natural Gas ........... 15
33 New Plant and Equipment Expenditures ............ 1s
Now Construction (See also Chart 4):
34 In Current Dollars .................. 16
35 In 1947-1949 Prices . . .... . . .... . . . . 16
36 Physical Volume ................... 16
37 New Permanent Nonfarm Dwelling Units Started . . . .. . . 16
38 Manufacturers' Sales ..................... 17
39 Manufacturers' inventories .................. 17
Imi
41 Manufacturers' New Orders .. 17
42 Wholesale Approved For+Release 2003/04/02
Page
NOR.
PRODUCTION AND DIST[LIBUTION (COntlnued
43 Wholesale Trade Inventories ................. I8
44 Retail Trade Sales ...................... 18
45 Retail Trade Inventories ................... 18
CONSUMER CREDIT
46 Instalment and Nontnstalment Credit ............. 19
PRICES
47 Consumer Price Index .................... 19
48 Wholesale Price Index .............. ....... 19
49 Prices Received and Paid by Farmers ............ 20-21
PURCHASING POWER
2 Disposable Personal income .. .. ....... 4-5
50 Purchasing Power of the Dollar as Measured by
Consumer Prices .. .. ? ....... 20-21
51 Purchasing Power of the Dollar as Measured by
Wholesale Prices ..................... 20.21
BANK LOANS, INVESTMENTS, DEPOSITS
AND RESERVES
52 All Commercial Banks (Loans, Investments and
Total Deposits) ...................... 22-23
53 Federal Reserve Member Banks (Total Reserves,
Required Reserves, Excess Reserves and
Free Reserves) .................... .
54 Federal Reserve Member Banks Reserve Requirements
(Central Reserve city banks, Reserve city banks
and Country banks) ...... ..... ....... 24-25
DEPOSITS AND CURRENCY
55 Demand Deposits Adjusted and Currency (Money
Supply) ...... .............. ...... 24-25
56 United States Treasury Gold Stock .............. 24-25
INTEREST RATES AND SECURITY YIELDS
New York Federal Reserve Bank Discount Rate . ..... .
57 Prime Bank Loan Rate . . . 26-27
.... .......... .
New York Prime Commercial Rate (4 to 6 months) .... .
Yields on Bonds ..... . .............. .
Moody's teas ............... . .... .
58 Moody'sBan. ,.,.,26-27
Standard & Poore Al . .............. .
Barron's Ten High Grade ............. .
Yields on Stocks .............. .
59 Dow-Jones Industrials , ........... 26.27
Standard & Poor's Industrials ........... .
60 Average yield of all dividend paying Common Stocks
regularly traded on New York Stock Exchange ..... 26-27
61 An Index of Confidence ........... . ..... . 28-29
EARNINGS, PRICE EARNINGS RATIOS AND DIVIDENDS
Earnings . .......... .
62 Dow-Janes Industrial Stocks .. ....... 28-29
Standard & Poor's Industrial Stocks ....... .
Price Earnings Ratios . . . ......... .
63 Dow-Jones Industrial Stocks ......... 28-29
Standard & Poor's Industrial Stocks ... . ... .
Dividends ..... .. ... . . .
64 Dow-Junes Industrial Stocks ...... .. 28-29
Standard & Poor's Industrial Stocks , ...... .
65 Spread between yields on Dow-Jones Industrial Stocks
and Barron's Ten High Grade Bonds . , ........ .
MARGIN REQUIREMENTS
66 Federal Reserve Board Margin Requirements on
Security Purchases ........ . ....... . .. .
MONTHLY RANGES OF STOCK MARKET PRICES
67 Dow-Jones Industrial Stocks . ....... ......... 30-31
68 Standard & Poor's Industrial Stocks . . . . ... . .. ... 32-33
69 Ne CIA - R D P 8 ~) 2 rU ' 1 e! a3 d 1 Ib S n b b a' 6 o15 be o` b 19.3.... .
70 New York `1Ymee Combined Stocks ..... .. .. .. .
32-33
32-33
 oanApproved For lRw lease 2003/04/02: CIA-WP80RQ1731 R0QQ0010QQ619-3
f
Personal ConaumLJti.'
CHART Na. 1
611)71 NATIONAL PRODUCT, EARLIER SE81PSs
(Current Dollars){ Annually 1915--1929.
'1151 NATIONAL PRODUCT; (Constant--1939-
Dollars)( (Constant--1941--Dollars);
(Content--1954--Dollard); Annually
19^9--1938.
GROSS NATIONAL PRODUCT; PERSONAL CONSUMPTION
9XFFNDITU!IFl; PRIVA'TF DOMESTIC AND FOREIGN IN-
VFSI41FNT1 GOVERNMENT FURCUASFS OF 00001 AND
S MRVICFS) (Current Dollars); Annually
1929--1938.
unreel DEFARTMLNT OF COMMERCE, Office of
9usiness F.conomica.
Gross National Product (Con3tant--1941--Dollars)
doss National Product, Earlier Series (Current Dollars)
I I
Aiproed For Release
!003~04/I
I
(hens N'cional Product (Current Dollars)
yer_dituJrre
no .1 F,ro uiseo of Goods and semices ( 1 _
144 ~{+~ --- - -
4A d Dddl~dla~ n,l ,v n ve`{t `r t
 H 260
19'1?Approyed For Release 2003/04/028: CIA-ROP80R0,1731 R000200100049-3 1958 400
I -T P111 I (See Note) F
~TI
CHART No. 1 (Continued)
GROSS NATIONAL PRODUCT; (Constant--.193r--
Dollars); Annually 1939--1952. (Constant--
19117--Dollars); Annually 1539--195j. (Con-
stant--1954--Dollars); Annually 1939--1950.
GRO33 NATIONAL PRODUCT; PERSONAL. CONSUMPTION
E%PENDI1URPS; PRIVATF DOMESTIC AND FOREIGN IN-
111T'MENT; GOVERNMENT PURCHASES OF GOOD3 AND
SERVICF3; (Currant Dollars); Seseonelly Ad-
justed Quarterly Totals at Annual Rates
1939--1950.
Scurcel DEP5IRTEENT OF CO0IFHCR, Office of
Buainas:3 Economics.
App~o
as 2003/04/02
ty,6 1,4,6
Gross National Product
(Constant--1954--Dollar3)
Cross National Product
(Conctant--1947--Dollars)
Grose National Product
Purchoeea of Goods and Services
-RE P80
X201 31 F000
Gross National
Product
- current 1954 ..~
Dollars Dollars
3rd Q. 1955 403.4
4th Q. 1955 400.9
Year 1955 392.7
lot Q. 1956 410.8 -
2nd Q. 1956 414.9
3rd Q. 1956 420.5 -
4th Q. 1956 430.5 -
year 1956 ~~g 402.2
2nd Q. 1957 441.2 -
rd Q. 1957 445.6
tYear 195195 - 77 438.9 407.0
let Q. 1958 427.1 -
2nd Q. 1958 1130.4 -
A. 3rd Q. 1958 439.8 -
4th Q. 1958 453.0 -
-_Year 1958 --- 399.0
200
th
270
260
250
140
130
120
110
 i - _ ICI j Fer:eonxl 5xt inge
CPAFTT Nc, 2
t,N.0SS NATIONAL Ph.CDUCT, EARLIFJt ::Ek.'r5f
(Current Dollars); Armually 1919--1929.
,ROSS NATIONAL FIUJDUC'f1 NATIONAL, DOOM
PEN5Ci2AL 01100FIE; DISPOSABLE FTILIONAL IN-
CUME; PEI(bCNAL SAVIN(28; (Current bollars);
Annually 1929"1930.
.Nou'- DEPARTPCSNT OF COMMERCE, OffIce of
business Economics.
Approved For Release _ ... _ ,_ 2003/04/02 : IA-F"ZDP80R01731 R~QUA01.000-19= F
:._ .. ~_.__i ~_..J
Or) 1 v2'_ 1921, 1926 1928 1930 Ln32 --- 1931; 193ri 1933
 390
380
290
280
270
260
140
130
120
110
194oAppromed For Release 2;Q03/04/QA : CIA-RpP80RQ 731 ROQp?0010QQ619-3 1958
-T~ 400
7 - 7 ~ - - t / WE Mm,-;) 90
CIIANT No. 2 (Continued)
OROS8 NATIONAL PRODUCT; NATIONAL INCOME;
PERSONAL INCOME; D15POSABLE PERSONAL IN-
COME; PFRSONAL SAVINGS; (Current hollers);
8 cauonal.ly Adjusted Quarterly Totals at
Aruue1 Rates 1939--1958.
dource: DEPAIOTMENT OF COMMEIWE, Office of
Business Economics.
F? / Ap rov d F r lea e 2 ~3
1940 1942 19144 1946 y~._.
Truss hocienol F9?o,Ooct
Notionel
\
Personal
240
230
220
210
200
190
180
140
- 01
120
110
4o
P89RO11731
+---1 -i ~~ ~- --~ 20
280 0
cr
270 Q
260
250
w , M e I m
CT I 380
P
0
li5u
 Approved For Release 2003/04/02 : CIA-RDP80R01731 R000200100019-3
rJ
lY~ -
!';34
1936
19J3
F
3 J/5
2150 110
rN_H'r Nora
FEIi CAPITA INC06II: AID PIt0DUCT to Current and
Cunst?nt--1947--Do11ers).
1'OPULATIOEI (Contiental Unites States including
Armed Forces as of July 1).
2500 lb5
2000 155
LH
Aria!!;/ 192)--1933.
3ourcoi DEPAWCENT OF CO?Si tCE, Office Of
2.150 150
Business F.conanics.
1500 145
rNE!
12250 140 c,
- _ 1
Prr .at (Constant--1901--UUl]nre)
I Oruss Nall mal
(a
l
1000 135
0
=_
750 130
500 125
I
01 sposabla.. ,Personal Income 4Cw rent Dollars)
250 120
f0
55
60
55
CHAICP No. 4 50
CIROS4 PRIVATE i MF.UTIC ANVE:i'MIIT.
4r
40 fir.
Ia
Annually 1929--1936.
35
i5
Solmcei DEPARCMEN'1' OF GUPD BCE, Office
Business Economics.
30
25
5
iJew
-i
+tx untie
Oon
_.-
I
Tot 1---
-
1
15
10
r-~
5
0
l
-5
Producers
Durable -F ..pm_ Change
iu iuelneoB Inventories
_lt
t_IIANT No. 5-.
N6'f F0RE11tN 1NVti VMENT.
B
No~nually 192')--193
$iCli, 0111 ce of
a0urcee U1.PAit '1,2 0' CUMEN
husIriese _cunon'
1_1
UIfAR'1' No. 6
CORI'OIli'I'E PROFl'i5. LIVIUENIi- AAD WJUL:'I'I11PU11,
AI-11Y LI --I 'It.
Sulu ce: lll: k'fut'1'LIL'YJP OF t;U: Fidel, uti i ce of
Iiuuiness Ecunundcs.
Cc iiin.cr? i .Its
IA-F~dP80 _ 1
~201 ? 8000200100P't _7
 an Approved For Release 2003/04/02 : CIA-RDP80R01731 R000200100019-3
175
3000
170
165
2750
2500
160
2250
Ii
j 155
2000
150
1750
145
1500
140
1250
135
130
750
125
500
120
250
55
50
45
40
35
30
25
20
? 15
10
5
0
-5
X10
PER CAPITA INCOME AND PRODUCT inW~Current and
Constant--1947 and 1954--Dollars).
POPULATION (Continental United Staten including
Armed Forces abroad. as of .le]v 11-
1954 1956
.r
rapidstiioon
r 2500 165
Business Economics, o Oroas National Prodvat /{
(Current Dollaral I ./ tom-: "O"" ~_.
Orna- National Product
11{ -_a N. A. I oe Personal
I Inc- .e (`trrent Dc lln ?s)
~l
) y I
N
i
I
i _/_a..__a.
,ross
at
onal rod ct --- + --
=
(constunt 1947
Dcllarsi
e'
?
,
_
T-
_ Q _ _ec
-`0
I
L Disposable Pera enal Income_
?-- I I ((constant--1954--Dollars)
Diaposatle Personal
Income '
(Constant--1947 Dollars
2250
20X)0
1750
1500
160
-55
150
n1 5
7240
135
125
CHART No. 4 (Continued)
GROSS PRIVATE DOMESTIC INVESTMENT.
Quarterly Totals Seasonally Adjusted
at Annual Rates 1939--1958.
Source, DEPARTMENT OF COMMERCE, Office of
Business Economics.
25
L2(AR.T No, 5 (Continued)
- NET FOREIGN INVESTMENT.
Quarterly Totals Seasonally Adjusted
t
-
--
-
a
Annual Rates 1939--195.
Source, DEPARTMENT OF COMMERCE, Office of
_ -'--
-
Business Economics.
CHART No. 6 (Continue
CORPORATE PROFITS, DIVIDENDS AND (MDISTRIBUT6I) PSOFITS.
Corporate Profits before and after Taxos, and Corporate
Dividends - - Quarterly Totals Seasonally Adjusted
at Annual Rates 1939--1958.
Corporate Uadistribdted Profits -- Annually 1939--1958.
Source, DEPARTMENT OF COMMERCE, Office of
Business Economics.
~r_ R lea a _2Q03/01 /021: CIA-RQ
Producers' Durable ui ont
19511 19 56
 Approved
";L li?Y:41.N'i -- C.LUILIAIJ LAI!," 0L'011.
(Without Jeasonal AdJ asUncnt.)
F1ox:Ltil.y Avera; es .1929--1930.
So.roer OFPARTNIENT OF CINS101CE, bureau of
..,.:e ]cnsun.
iources 0EF'1R'f UNT OF Lift A, furenu of
Lntor SCatiotirs.
HAk: H
--
PRODUCTION NLF010Li 1N IlJ01UfACCIJHI11,
ilPT)O`fTllI r All, PAl'a0I15.
(LItt,hnut Srasonal AdJ astment)
ill
I?tonthly ?31:uress 191')--193'3.
Qoarl:erlf Avera?:es of
PROIJ0CTIQN WOIiKEAN 1N MAt1UP76'CUHING --
AVFINi:E WOOLIL' E0.tNJNGo.
"Without 1,., nra1 013 ,3 Or, rii)
ao,,rtc.r l;{ A'rr;rer;es -1915--193)3.
Ir, ircer 17e.PAR1110,3' OF LALOIi, 00 e,iu of
L-11:or lti tltl_oO.
1,6
11)1 ~_ ~t~~.i
)L2 C;W1'r No. 10
PRODUCTION 'WOR.M)S IN MANUFAC EM396
AVERAGE WEEKLY 1100103.
38 (Without Seuscrvil Ad3uotment)
ldonthly Avera,;es of luwuei. Ores 1919--19}11
96 Quarterly Averag 0 19)2--1930.
Source, DEPARTMENT OF LABIA, bureau of
34 of L hor 9tstlstlca.
32
c;1)1133 Ic. Ll
;';:000CTION WJIi!illJli IN 'A;(WiAG:?lRlINl --
XJ RAOI 110033:)3 FA, 1111.110.
)AL J.r rut staaon01 b'lJuar.;ne:m)
Monthly A' rot 01 6:011 i.: a.~_ o),19--1931?
luarterly AveraF;os L'3?--i')30.
snrrcer IJ'EIPAl1TiNI.Nr OF 1.AHOR, Um`eau of
Labor Statistics.
Approved 11 For Release 2003/04/02 : CIA-RDP80R01731 R000200100019-3
 Approved For Release 2003/04/02 : CIA-RDP80R01731 R000200100019-3 9
F
70
N 30
13
20
10
Total Civilian labor Force f I' I I I I I i-Lf:'`.
1
(Without, Seasonal Adjuatme
Mnth3,v Aver.g., Y,-j- 193
Quarterly Averages of Monthly Figures 1950---1550.
Sourcet DEPARTMENT OF COMMFAACE, Bureau of
the Census.
Vnemployed t%
0 I 1 rv s arr?~ w a4 .4+w+7i:~ a. i i~-~~ r?'~=i yrl a ss It A.~.Y+-+. sac}. y s iii;~`~'}~+
t 0
LOU
160
1110
120
---
_..
- - - -?--
Employment
,.-_ ... ..
- ___.
TF
~
_----
---
_ _-
__.._ ..
~ _.~?
80
60
- -- - ---
--'--
CHART No, 0 Continued
PRODUCTION WORKERS IN MAN0'LCTURINO _??
---
--'
-'
40
Payrolls
-= - - --- -_
EXP1OOIIiBT AND PAYR011S_
(Without. Seasonal Adjustment)
20
-.
1947-59 - 100
Quarterly Averages of 1Monthly Figures 1939--1958.
Sources DEPAR'TMEN'T OF LABOR, Duroau of
labor Statistics.
-------
-------
---
CHART No. 9 (Continued)
1
L
PRODUCTION WORKERS IN MA AC1'UNINp
AVERAGE WEEKLY EARNINGS:
(Without Seasonal Adjustment)
--
-?--
-
_--._
..
Quarterly Averages 1939--1950.
Source; DEPARTMENT OF LABOR, Nureau of
,~-
`~?._
____ _
__.__
._...
Labor Statistics.
~
25
1940 1942 1954 1946 1950 1950 1952 1954 1956 1950
55
- 45
35
25
-. 15
40 ---{ CHART No. 10 (Continued) 1.--1 ~/ _-,.~_I ~_- f `"^~`\. `L _ ~~~~J~
18 -- ~~j -}----~--?- -}
/ I PRODUCTION WrO.,R.KE.,RS .,,,I~ N..M.A.N. UFACTURING
, .. I I I L I ~~ ~~t
(Without Seasonal Adjustment)
Quarterly Averages 1939--1950.
Sourcet DEPARTMENT OF LABOR, Bureau of
Labor Statistics.
CHART No. 11 (Continued)
PRODUCTION WORKERS IN MANUFACTLMINO
AVERAGE HOURLY EARI{INOS.
(Without Seasonal Adjustment)
Quarterly Avera
es 1939
-1958
g
-
.
Source! DEPARTMENT OF LABOR, Bureau of
Labor Statistics.
-~"
"-"
-"
-
-'--
`--
-
-
-
1940 1942 1954 1946 19411 1950 1952 1955 1976 1
Approved For Release 2003/04/02 : CIA-RDP80R01731 R000200100019-3
I CHANT i'o. 7 5Coetinuedl
4y
 Ap'proved *or Rpl _ ~.
ase 200-3104/62. : CIA-RDP80R01731 R0002'001000f9'-3
CLiU r Na. 13
4a'.lrcns: LUi7.AL }+t)41l,t GI1I1i I N -.,i;:, !~ ou6+ ,i,_
'mot) I F;LF.l:1RIU I1.> .L.'U'I G. ~.
I-9~1'-q; iUu
@:virteriq Avera,y 191`i__i-'c.
t9curce: ''I'.liEi'tAL dF1i19t7E Si7'_'L:1.
IT'MS 0 LAL Bwi)UC'LU..+
aTF Y eA f1 M to LA ALL PnuU l V IUA.
p duct o aaax?trt 1,/ 1919- 12it J[arativtg
Rath, Annually 1919--1925{ Monthly .L926--1939.
.1-1 IRALITLITR.
-.
IRON
i .I
/ Qoot atint llat.e -- Frmual ly --
 1140
m
h 120
100
80
60
40
5D
Approved For Release 2003/04/02 : CIA-RDP80R01731 R000200100019-3
1942 1944
CHART No. 12 (Continued)
(Seasonally Adjusted)
1947-49 1 100
Quarterly Averages 1939--1958.
Sources FEDERAL RESERVE SYSTEM.
1952 1951, 1955 1958
N
F1 7
Durable Mar+~r~..r?rnu
CHART No. 13 (Continued)
ELECTRIC POWER PRODUCTION.
Quarterly 1939--1958. -
Sourcees FEDERAL POWER COMMISSION and EDISON
- ------ -- --
Total
--
-
-
ELECTRIC INSTITUTE.
-_-
zzz
~
Privato Urcea
Public Sour
ces
180
160
1110
120
100 ~nw(
80
60
40
-IV
Opcra
--
ting Ra
Flontl4ly
ta
-^
11
~~
,
Production --
torte
ly
X
1
1?
CIIIdtT No. 14 (Continued)
STEEL OPERATING RATE AND PRODUCTION,
Production QuarterlY and
Operating Rate Ronthly~ 1939--1958.
F Sources AMERICAN IRON AND STEEL INSTITUTE.
19x0 ppro%~ed Fort eleaseI O
310
: CC
A-
3iR 1
OUT
-T
F
1958
30 H
5o
Ia
11
70
60
40
3
IQ 26
?!
10
D 0
 12
CHART No. 17
CRUDE PETROLEUM PRODUCTION.
Quarterly 1919--1936.
Source: AMERICAN PETROLEUM I:STITUTE.
0 3IO~rO2}:
_,IUUIT No. 15
UITUMINOt6 COAL PRODUCTION.
wonrterly 1919--1936.
Source: NATIONAL COAL ASSOCIATION.
CHART No. 15
AUTOMOTIVE PRODUCTION -- CARS AND TRUCKS.
Quarterly 1919--1935.
UFACTURERS' ASSOCIATION
...1
---- -----
So rcoee AUTOMOBILE MAN
and WARD'S AUTOMOTIVE REPORTS.
p,f
J00
101 F
L-J
/
I
1
gpprdved fbj,`Refeasee'20b'310'4/02 : CIA-RDP80Rp17311R0
00200100019-3
 F
Ap
rov
d F
R
Iea
20 3/
4/0
:c1
-
95
1950
CHART No, 15 (Oontirwed)
BITUMINOUS COAL PRODUCTION.
Quarterly 1939--1950.
Souroer NATIONAL COAL ASSOCIATION.
1500
1x50
01
CHART No. 16 (Continued)
ITr
AUTOMOTIVE PRODUCTION -- CARS AND iltuara.
quarterly 1939--1958.
SOUraeil AUTOMOBILE MANUFACTURERS' ASSOCIATION
SW WARD'S AUTOMOTIVE REPORTS.
600
T
/
T =
550
CHART No. 1( CContiuod)
CRU09 PE'I'ROISiLM IRODQOTION,
$00
Quarterly 1939--195C,
Souroar AMHRIOAN PETfOI UM INSTITUTE,
400
5
wl
3
Q
300
100
CIWii' Na, 18 (CwtlnnwdZ
-
~--
-
Quarterly 1939--1950,
sAppvovadoFord Releaszm2O0
/04
2 :
CIA
RD
80R
1
1946 1948 1950 1952 1954 1
6
170
155
125
110
959
13
 14
1A~p 9oved2F?
1920 1922
F I/~I/I
2e
J g~
s
20
1~,~~A~rrRD1 0}
To Gal
p17
1 R
0
0200
1
00
{
01i
9 3 1
958
F
CHART o.
M
UCTION
-
I Uj
. Soft Woods
,
LU
BER PROD
-
Annually 1919--1958.
Sources NATIONAL LUMH MFRS.
-
---'
I
_,
'
ASSOCIATION.
"
V
1
1
:
CHARY No. 20
WOODPULP AND PAF2tBOARD PRODUCTION.
__
_
,..
Annually 1925--1958.
-
--
---
Sources NATIONAL P0.PPRBOARU ASSOCIATION.
W
ood Pulp
rd
ape
IL 1a
1.
_
.._..
1.-__
1948 195
0
195
2
1954
L956
1956
1922 1924 1926 1928 1911) 1932 1934 1936 193e 1940 1942 1944 ME
C HART No. 21
1.2F.AHLE MANUFACTURES-PRIMARY METALS.
Seasonally Adjusted----1947-1949 ' 100.
Quarterly Averages 1949--1958.
'burro FEDERAL RF.AERVE SYSTEM.
CIUlitT !10-- 2-3
a URAPLE MANUFACTURFS -- MACUINI1.K2.
S.esonally Adjusted--rages--19479-1'49 - LOU.
Quarterly Ave 194--1958.
:sources FEDERAL RESEINE SYSTEM.
'iURFSLE '11111.--FUI1N. AND MISCFL. 'S'RS.
Seasonally A::,lusted---- 1'+47-1949 100.
Quarterly Averages 191:9-195U.
Sources FLJERAL RF'SEAVE SYSTEM.
Juart?~4 g~ ;.2eIease
40
-_--- 95 V ::nally A djus t..d 1947-1949 ? lui
uuerterly AvrrugP 1949- 1959.
003 04/02 : c -RD 80R01 7: 9R(4C 2OOt ' _3
2.5
CHART Nu. 22
YSeAE.,,. PIAO IACrubl --TRAN IVRTATIOH P1.t10111#01.
~sonally Adjusted---19k'7_19119 100.
Quarterly Avera0ec 19499 11998.
'>oureo, FEDERAL RF09RVE SYRTFM.
30
 350
300
250
40
35
30
25
20
15
10
f S ve Re 2 04/02 : CIA, -RDP8~0R01734R00020010001933
11111 -1 1 1 11PT.7-7-T
_J (CNWiT No. 27 - -- ---__--
NONDUR. 10115.--CHEM. AND ALLIED PROD.
Seasonally Adjusted-.--1947-1959 -1100.
Quarterly Averages 1949--1950.
Source, FEDERAL RESERVE SYSTEM.
CHART No. 31
MACIIINE TOOL SHIPMENTS
AND NET NEW ORDERS.
(Metal Cutting Types Only)
Quarterly 1943^-1950.
---
_._..._-,
1,
1 ,,1
1
---. ..-- - I -11
.-.
-
_. -
-.-
Source,.NATIONAL MACHINE
TOOL BUILDERS
1
11
II
I
ASSOCIATION.
I
--
Net 11
-
-
I
-~I
'
---
New Orders j 1
i
II
1
/ 11
I
1
11
11
1
11
A
~
~I
1 ' `
_
,I r
?I~
I ~M11I
I
~.
Shipments
1
1
CHART No. 32
p
OUTPUT OF CONSUMER DURABLE GOODS.
(Seasonally Adjusted)
-?--'- --..
-'-.. - --
----
1947-1949 - 100.
Quarterly Averages of Monthly Figures 1947--1950.
Sources FEDERAL RESERVE SYSTEM.
F-f
CHART No, 33
r
~
~..._
NEW PLANT AND EQUIPMENT EXPENDITURES.
Total
\
Quarterly Totals Seasonally Adjusted
at Annual Rates -- 1957--1950,
Source, -EPAfiTN1ENT OF COMMERCE, Office of
Business Economics.
--._ ..
-.--
----
--- -___- ~---- --._--
,- - \
---
-- _.___.
.`_.
--_--
--
--- -- - -- - --- - .. _ _ _ ..
_ _-
---
- -
Other
sob a ~a'a-~ ?o s o_,y
~r~
- ..
000,
---
;n
Manufacturing
lea e20
03
022
CL
-R_
P8 R 01~31 F000
09
000 9-3
r
A
150 110
130 105
110 100
90 95
170 155
110 135
90 115
70 95
NONDURABLE MANUFACTURES--FOOD AND BEV. MFRS,
Seasonally Adjusted----1947-1949 ? 100.
Quarterly Averages 1949--1950.
Source, FEDERAL RESERVE SYSTEM.
1----'---------
i vl
~,?' CRAI T No. 30
MINURAL FLELU--CRUDE OIL AND NAT. OAS.
Seasonally Adjusted----1947-3.949 - 100.
Q arterly Averages 1949--1958.
Source: FEDEUA1. RESERVE SYSTEM.
1950 1952 1954 1956 1952
1940 1950
1952 1954 1956 1950
350
300 bi
n
n
250 5
15
 Hpprwea rof'tKeieasee,zuus/U4Iuz : laA-KUF'_o urui /3
1--MTF T-7-
CHART No. 34 I __' - _. I - 'I
ii
(Unadjusted)
luarterly Averages of Monthly Figures 1939--1958.
Services Administration, and DEPARTMENT
OF LABOR, Bureau of Labor Statistics.
CHART No. 35
NEW CONSTRUCTION.
(Unadjusted)
In 1947-1949 Prices.
Annually 1939--1958.
----
-----
- -.
i_. _...
-
-
--
-_ ---
Sourcest DEPARTMENT OF COMMERCE, Business and Defense
Services Administration, and DEPARTMENT
OF LABOR, Bureau of labor Statistics.
Total
CHART No. 37
NEW PERMANENT NONFARM DWELLING UN1LH STARTED.
(Unadjusted)
Quarterly 1939--1958.
Source, DEPARTMENT OF LABOR, Bureau of
Labor Statistics.
NEW CON !RUCTION.
(Unad.-.~sted)
Physical volume 1947-1949 ? 100.
Annually 39--1958.
Services Admi.'-stratlon, and DEPARTMENT
OF LABOR, Btraau of Labor Statistics.
80002001.0001..9= 3
1954 1956
 J
1940 Annrdbbd Fnr*bleas 3 / _ _ 1950
F I CHART No. 98
MANUFACTUREH.3 SALT-0.
(Seasonally Adjusted)
Quarterly 1939--1958.
Source, DEPARTMENT OF COMMERCE, Office of
Business Economics.
Total
goods Industries
~'=i-.-
_
ur ndu ee
Durable-goods Industries
g
- `-'
-
---
----
---~-
--'
----
CHART No. 39
MANUFACTUREUSI INVENTORIES,
(Seasonally Adjusted)
Total
-
-'
--
---
End of Quarter 1939--1958.
Source, DEPARTMENT OF COMMERCE, Office of
I
_-
--
Business Economics.
~^--
-
-
+
Durabl
-~
e-goods Industries
Nondurable-goods Industr
"--
ies
_
_ _....
_ -.
.
.
-_-
----
- .- -
----
~
- -
----
-- -
--
CHART No. 4
-- MANUFACTURERS UNFILLED ORDERS.
- (Unadjusted)
---
--
~
-
-
End of Quarter 1939--1958.
Source, DEPARTMENT OF COMMERCE, Office of
Business Economics,
---
CHART No. 41
MANUFACTUREf,Sl NEW ORDERS.
(Unadjusted)
Quarterly 1939--1958.
Source, DEPARTMENT OF COMMERCE, Office of
Business Economies.
-
--
-
- --- -
ue
_F -
--Re
eas
-2D
3/0
/02
: CI
-R
.80
01
31
9-3
-- F
17
 Approved For Release 2003/04/02 : CIA-RDP80R01731 R000200100019-3
LO
I
II`
CHART No. 42
WHOLESALE TRADE SALES.
ust
d)
(S
ll
Ad
j
easona
y
e
Quarterly 1939--1958.
Source, DEPARTMMET OF COMMERCE, Office of
~
Total
Business Economics.
I
Nondurable-g oods Establishment!
1 _
_
Durnble-goad! Eatablishmeants
CHART No. 43
WHOLESALE TRADE INVENTORIES.
(Seasonally Adjusted)
End of Quarter 1939--1958.
Source, DEPARTMENT OF COMMERCE, Office of
Bualness Economics.
i
CHART No. 44
RETAIL TRADE SALES.
(Seasonally Adjusted)
Quarterly 1939--1958.
Source, DEPARTMENTOF COMMERCE, Office of
Business Economics.
CHART. No. 45
RETAIL TRADE INVENTORIES,
(Seasonally Adjusted)
End of Quarter 1939--1958.
Source, DEPARTMENT OF COMMERCE, Office of
Bus Dress Econonics.
1948 195C 19' 1954 1956 1958
Nondurable-goods Establishments
Durnble-good3 Establishments
\uI
Nonduraole-goons Stores
Durable-goods Stores
Non:iarable-goads- ~,_
~toree _,
iurable-goods Stures
30
25
_ r.~ _- ------- ? New aeries om December 1950 oua to chug a in
procedi. a L. eetimeting ret311 inventories.
940 Appr 6ed Fo 'telease91 003/04Yth : CIA1 DP80l4b1731R 20010019-3 1958
 Approved For Release 2003/04/02 : CIA-RDP80R01731 R000200100019-3
+
9
94
1950
195
2
1954
1956
8
195
CHART No. 46
F
CONSUME( CREDIT.
End of June and December 1939--1958.
Source. FEDERAL RESSERVE SYSTEM.
Instalm
ent Cre
dit
Total
T
i
-
1
1
1
1
1
1
1
--'-' ;No ns taI I Credit
ment
_ I - I I
.~ 10
5
0
.rl
CHART No. 47
r I --
CONSUMER PRICE INDEX -- ALL ITEMS.
On 1935-1939 - 100 Base and 1947-1949 - 100 Base
.
Semi-Annual Averages of Monthly Figures 1919--1958.
Sourest BELaborEtFtics., Bureau of
abor Statistics.
Labor
1935-1939 Bas
e
-
-
-
-
--
///~~-`\'
1 4949 Bas
e
60
50
45
130
220
CHART No. 48
WHOLESALE PRICE INDEX -- ALL GOWODITIES.
200
Semi-Annual Averages of Monthly Figures.
On 1935-1939 - 100 Base, 1919--19581
On 1947-1949 - 100 Base, 1926--1958.
-
180
Source. DEPARTMENT OF LABOR, Bureau of
La
bor Sta
tist
ics
.
160
120
19
35-
1939
Bag
n
00
_j
19``
47.-19119 Babe
_
40
F
1
1920 1922 1924 1926 1928 1930 1932 1934 1936 1938 1940 1942 1944 1946 1948 1950 1952 1954 1956
Approved For Release 2003/04/02 : CIA-RDP80R01731 R000200100019-3
1936 1940 1942 1941
1
46 1
8
1950
19
 20
CHART not 0
1NG PURCHASING POWER OF THE DOLLAR A3 .*tEASNIFJJ NT CONBLEEN PRICES.
E.
On 1935-1939 ? Bane, Monthly Averages 1919--193
100
On 1947-1949 100 Ease, Quarterly Averages of
-1938.
16G Monthly Figure! 1919-
Source, DEPARTMENT OF C0MM 2CE, Office of Business Economics.
CURT No. 51
PURCHASING POWER OF THE DOLLAR
AS "IM By WHOLESALE PRICES.
Monthly Averages 1919-1936.
on 1935-1939 - 100 Base,
f
160
Approved For Release 2003/04/02 : CIA-RDP80R01731 R000200100019-3
1930 19J
1~L
1
~
- '-
--
1
-..
-~,
--`-
1947-1949 Ease --
19',5 1939 Bye
On 1947-1949 ? 100 Base, quarterly Averages o
Monthly Figure! 1919--1936-
SO., DEPARTMENT OF COMM)tCE, Office Of
business ECOnMtOB.
1947-191+9 Base
1935-1939 Base
CHARTNo. 44
PRICES RECEIVEDBy FARMERS -- ALL FARM FRODUCT3.
Quarterly Averages of Monthly Figures 1919--1938.
PRICES PAID BY FARMERS FOR COMMODITIES, INTEREST,
TAXES AND WAGE RATES.
Quarterly 1923--19361
Quarterly A-orages of Monthly Figures 1937--1938.
1910-1914 - 100.
Sourest DEPARTMENT OF AGRICULTURE, Agricultural
Marketing Service.
1922 1,)!4 1926 1930
Approved For Release 2003/04/02 : CIA-RDP80R01731 R000200100019-3
 Approved For Release 2003/04/02 : CIA-RDP80R01731 R000200100019-3 21
.r
180
is" 160
CHART No, 49 (Continued).
PRICES RECEIVED BY FARMERS -- ALL FARM PRODUCTS;
--'-`
`~
`~
--
-~--
-- -
(
Prices
`
300
PRICES PAID BY FARMERS FOR COMMODITIES, INTEREST,
TAXES AND WAGE RATES.
~ --
_
280
Quarterly Averages of Monthly Figures 1939--1958.
1910-1914 - 100.
-
-
--
-
260
Sourest DEPARTMENT OF AGRICULTURE, Agricultural
Marketing Service.
-
--
240
Fa?Lces Neceivod
220
200
- -.
-
- - -
r
18C
14C
61,
CHART No. 50 (Continued)
PURCHASING POWER OF THE DOLLAR
AS MEASURED BY CONSUMER PRICES.
---
? -
1947-1949 Base
On 1935-1939 - 100 Base
and
on 1947-1949 - 100 Base.
Quarterly Averages of Monthly Figures 1939--1958.
RCE
Offi
f
F
Sources
DEPAR
Bu
TMENT O
siness E
COMME
,
conomics.
ce o
1935-1939 Base
4
4-
J
J~
____
_
140
120
_
..._._...._.. -..-_.,_._...
_...___..
v - --- -
...__-._._._.___ _._-._
49 Bass
19pt7-19A
._-._
---
_..__._.
___._
.._. _., _._
._
51 (Continued)
PURCHASING POWER OF THE DOLLAR 24,
AS MEASURED BY WHOLESALE PRICES.
On 1935-1939 - 100 Base
and --' 22
on 1947-1949 - 100 Base.
Quarterly Averages of Monthly Figures 1939--1958.
Sources DEPARTMENT OF COMMERCE, Office of 20
Business Economics.
16
r__-
-r.
1935-1939 Dose
fi
J_-.__
10
1942 191,14
19110
1946 1948 1950 1952 1954 1956. 1958
Approved For Release 2003/04/02 : CIA-RDP80R01731 R000200100019-3
 22
1.7U S22 ?;!~ r .
Approved-For KKIeas 2613/01/62 GI,
CHART No. 52
ALL COMMERCIAL BANL
IOANS, IWESTMENTS AND TOTAL DEFCINI'IS.
End of June 1919--1922;
end of June and December 1923--19361.
!.;urce t FEDFAAI. RFS ERVE SYS I M_M.
'N.v)ERAL RESERVE MiHER bV KS
RRARVES.
Average of Daily Fig,u?ea.
:une and December 1929--193N.
Sources FEDERAL RESERVE SfiTEM.
-1bF80R61'731 R0OV200-1Ad=19.3
Depo..I L3
1
i v.stm rY.
21;
3 I
A ovfd For Rdlea e 2
ppi
i I Iy,
111,4
03/04/02 : CIA-RQP80R01731-RO 0 01~Owl,9t3
 F
205
F
Loans
CHART No. 53 (Continued)
FEDERAL RESERVE MEMBER BANKS
RESERVES.
Averages of Daily Figurea.
June and December 1939--19551
Monthly 1956--1958.
Total Reserve
/r
s
l
f
% _
_.-_.--
-J-----.; .
NOTE
Tot. Req.
- -
- -
- -
So
urces FEDERAL RESERVE SYSTEM,
- --..r
--
?' ~`~ /
+I
`~ ~I
~-
,~"'-/
Occ. 1951 20.3 18.5
Jun. 1952 20.1 19 .4
Dec. 1952 21.2 20.5
Jun. 1953 20.3 19.5
----
uired Reser
R
ves
eq
--
---------
-
Excess Reserv
es
I 1
1 f I
F
' I
1 I
ree Reserves
\`~--
~
1
e
or F~
elj~a
seJ 2pd3/
0
.~ C
A!
~8
0
17 1
0
2
-
~0
6
r~rrrr*m
-~
~*qm
' !
eteas `02 ? 17 M-9
CHART No. 52 Continund 7 7,
LOANS, INVESTMENTS AND TOTAL DEPOSITS.
End of June and December 1939--1958.
Sourest FEDERAL RESERVE SYSTEM.
1944 1946 191,8 1950 1952 1954 I I 1 I' I ;11 5 95 8
1956
23
 24
Approved For Release 2003/04/02 : CIA-RDP80R01731 R000200100019-3
CHART No. $4
FEDERAL RESERVE MEMBER RANKS
RESERVE REQUIREMENTS.
(Per Cent of Net Demand Deposits)
1919--1938.
Sources FEDERAL RESERVE SYSTEM.
Central Reserve"ity
I I~ ,
Ll) ( I I I I Rearrve City Fa x,
10 ---------------------------------I-- -------- I------I --------------------
I
i
7 -.-.
t
Country Bank
CHART No. 55
DEMAND DEPOSITS ADJUSTED AND CURRENCY
(MONEY SUPPLY).
End of June 1919--19221
end of June and December 1923--1938.
Sources FEDERAL RESERVE SYSTEM.
,
C1WR't Na. 56
UNI'CE0 STATES TREASU4JY GOLD STOCK.
Et-1 01? June and December 1919--1938.
(Gold valued at $20.67 per fine ounce through
January 19341 at $35 per fine ornce thereafter)
merest FEDERAL RE:iERVE SYSTEM.
'='-~-'-- 30
Apprd bd For Release 12003/04/02: CIA-RDP80R01731 R0002001-000 9-3
Doman Deposits
 Approved For Release 2003/04/02 : CIA-RDP80R01731 R000200100019-3
26 F
25
5
24
23
22
21
20
19
18
17
16
14
13
12
1952
Central Rcae.0 City
1954
Bnnke
1956
1958
F
`"
--'---
CHART No. 54 (Continued)
FEDERAL RFSERVE MEMBER BANKS
RESERVE REQUIREMENTS.
(Per Cant of Net Demand Deposits)
1939--1958.
Source, FEDERAL RESERVE SYSTEM.
-~- --
Reserve Ci Banks
Count I Bank el
------ - -
-._
------
I ..-. ._.
-~__.__
70
60
50
CHART No. 55 (Continued)
DEMAND DEPOSITS ADJUSTED TED AND CURRENCY
(MONEY SUPPLY),
-
-
Total
I
I
-
-
-----
End of June and December 1939--1958.
Sourest FEDERAL RESERVE SYSTEM.
Demand
Deposits
Currency
-
F
T
CHART No. 56 (Continued)
UNITED STATES TREASURY GOLD STOCK
--'-'
-
-'-
-
.
-
-__
End of June and December 1939--1958,
(Gold valued at 820.67 per fine ounce through
January 1934) at $35 per fine ounce thereafter)
Source: FEDERAL RESERVE SYSTEM,
19110 1942 19ld1
46
_ -
-
-
~---
~-
-,
9
1941 1950
1952
Approved For Release 2003/04/02 : CIA-RDP80R01731 `b0020d "b0019- "
1940 1942 1944 1946 1948 1950
20
19
18
16
15
Lt
13
12
12
25
 ~edrral Reserre Bank DSeco-nt 'te;
-I -
e.,rce; FEiP!i2AL R l~;FRVE SYSTEM
t
1, jf - 9J8
Approved For Release,200310 80kO173-1R '_ 11 r.
J _ . nths 5o (third month of each quarter);
'u'ce, CHFIUCAL CORN IXCHANU"E BANK,
oomoo00000 lo? I nQ
CHAR? No. 55
YIELt1S ON BONDS.
Third Month of Each Quarter 1919--19)8;
"1oody's Aaa end Baa;
Source; CLEVELAND TIi11iT COMPANY.
Standard & Poor's Al.;
Souree; STANDARD & POOR-S.
Third Month of Each Quarter 1931--19J8;
;
Barron's Ten High Grade
Sources BNS.
aHnx'C ho. JY
Y.ELU6 UN STOCKS.
yc,o.Jones Industrial Stocks; Qucatorly 1931--1936;
Source; BArkO'N'S.
Standard y Poore Industrial Stccks; Atanually
1926--1934; Quarterly 19:5--1938;
Sources 5'LANUARD & POOR'S.
CHAR'L` No. 60
AVHRAGE FIELD ON' All. DSVIDEKD PAYINU COMMON 9'I'UCK5
REOUTAl1LF TRADED ON CNE NILE YORK STOCK EXCHANGE.
(Third Month of bath quarter)
1919--1938.
'iource, CLEVELAND THtkiT UUMPANF.
c~ I
t?
b,~Qr ae8o
 Now York Federal Reserve Hank Discount Rate;
Source, FEDERAL RESERVE SYSTEM.
---?- Prim. Hank Loan Rate;
Sources FIRST NATIONAL CITY BANK OF
NEW YORK.
0 0 0 0 New York Prime Commercial Paper Rate, 4-6
months; (third month of each quarter);
Sources CHEMICAL CORN EXCHANGE BANK,
NEW YORK.
CHART No. 57 (Continued) I"
INTEREST RATES. -_._
1939--1958.
i00 o000 000 00,1000 006 .0ob o0
r. '0
_r baooo0oo 0
CHART No. 58 (Continued)
YIELDS ON BONDS.
)
t
----
-
-
er
h of (Third Mont939 -1958h Quar
Moody'e Asse, and Sea;
Sources CLEVELAND TRUST COMPANY.
Standard & Poor's Al+;
Source: STANDARD & POOR'S.
Barron's Ten High Grade)
Sources BARRON'S.
_
--{
-
....
_ ..
Barren's
-_-..- ..._J Moody's
S&P's Al-
~
i
E
I
1
Moody
a Las.
Quarterly 1939--1958.
Dow-Jones Industrial Stocks;
Sources BARRON'S.
CHART No. 59 (Continued)
YIELDS ON STOCKS.
Standard & Poor's Industrial Stocko;
Sources STANDARD & BOOR'S.
Standard & Poor's
.._
...._..
CHART No. 60 (Continued)
_...-. -_..
-_-.._._
__. _.. _.__-..._._._.
_._~_
AVERAGE YIELD ON' ALL DIVIDEND PAYING COMMON STOCKS
REGULARLY TRADED ON THE NEW YORK STOCK EXCHANGE.
(Third Month of Each Quarter)
1939--1958.
Sources CLEVELAND TRUST COMPANY.
Approve Fo ReI as 3/0 /02
CIAl-RD-
0-6-0-0
,01 7
440002
01
001
-3 F
1948 1950 1952
1954 1956
1956
27
 28
CHART No. 61
AN INDEX OF CONFIDENCE.
by yields on be Bons)
Sourest CLEVELAND 'CRUST COMPANY.
narrnir:w,
Dow-Janes Industrial Stocks, 12 months ended quarterly 1930--1938;
Sources BARROWS.
Standard & Poore Industrial Stocks, annually
1926--1934; 12 months ended quarterly
1935--1938;
Source, STANDARD & POOWS.
Dow-Jones 1
32
30
21'
Dow-Jones Industrial Stocks, 12 nonths endea
quarterly 1930--1938;
Sources BARROWS.
Standard & Poor's Irciustrial Stocks, annually
1926--1934; 12 months ended quarterly
LA15--1938;
Source, S'rANDARI' & h308'3.
m
5- tandaid$ Poor' a
_.
FTT
34
32
30
Dow-Jones Indust.-la
28
Stocks
20
24
21UJ (a. bii
U1VIDEN:: .
i' w-Janos Tnolascrial Stuuk- anni lly 1929--19381
;Darer: BA:i.LuD 2.
diauLu?d & Door's InduuLrlaL Stocky, annually
1926--1934; 12 months ended quarterly
19)--1932;
j rurc , J'rANDArU & POOIt'S.
01731,R-0082060110019-3
 35
30
25
20
$ 15
F
"J
"Itl
41"
70
1
CHART No. 61 (Continued)
AN INDEX OF CONFIDENCE.
(Yields on Moody's Aaa Bonds divided
by yields on Bea Bonds)
Monthly 1939--1958.
Sources CLEVELAND TRUST COMPANY.
CHART No. 62 (Continued)
EARNINGS.
12 months end
d
uarterl
1939--1958
Dow-Jones
.~
-
J
-~
-
q
y
e
.
Dow-Jones Industrial Stookaj
Sources BARROWS.
Standard & Poorss Industrial Steckel
Sources STANDARD & POOR-8
.
-------
--------
--------
-------
Stand
ard & Po
or's
0
34
32
No 30
I CHART No. 63 (Continued)
PRICE EARNINGS RATIOS.
12 months ended quarterly 1939--1958.----
Dow-Jon ea Industrial Stookej
I Sources BARROWS.
-Standard & Poor's Industrial Stocks, ---
I Sources STANDARD & P00R'S,
F-T
!'I
m
I i \ I
Standard & Poor's Industrial Stocks
0
C1RT No. 64 (Continued)
Dow
-Jonea
Industrial Sta
cks
UNIDENDS,
8
--
.------
-----
-`--
----
---
-
months ended quarterly 1939--195
Dow-Jones Industrial Stocks]
,
-.
\
--
-
-.
Sources BARROWS.
-
Standard & Poor ss Industrial Stocks;
Sources STANDARD & POOR'S,
__
Ap
rov d F
or R
elease 2C~
03/d
4/0~
eta---`-` ----- - ?~-- -_..... _ _..._.__
ndard & Poor's Industrial Stocks
CL,4-RP8 131000
----
200
--
000
~
--
9-3
_
---
LA
1946 1948 1.950 1952 1954 1956 1958 0
 30
1920 .
pnwe v
ed FovReleas2003/0410
2: C
IAwR
DP80F01731
F A002001V0
0 ~9- 193D
CHART No. 65
--
-
SPREAD BETWEEN YIEIJ7SON
DOW-JONES INDUSTRIAL STOCKS AND
,- -_
-
-- -
BAitA.ON'S TEN HIGH GRADE BONDS.
(AN of date nearest to end of quarter)
-
1932--1938.
-
-
-{
E
xcess of Stook Yields
Sourest BARRON'S.
I
O'er Bond Yields
i
-z-
CHART No. 66
FEDERAL RESERVE HOARD MARGIN REQUIREMENTS.
Extension of credit
T
R
l
ti
;
egu
a
on
on Bated securitisa
Under Securities Exchange Act of 1934.
_ ,...._
1934 1938.
-
r -
- t
Source. FEDERAL RESERVE SYSTEM.
_ _ I
I
100
80
60
40
20
0
CHART No. 67
DOW-JONES INDUSTRIAL STOCKS.
Monthly High and Low Closing Prices 1919--1928}
Monthly High and Low Intraday Prices 1929--1938.
Source. FRANCIS I. du PONT & CO.
 I I
1939-.1958.
Sources FEDERAL RESERVE SYSTEM. ---
---------------------------------
40
20
65 (
)
Continued
CHART No.
SPREAD BETWEEN YIELDS ON
DOW JONES INDUSTRIAL STOCKS AND
BARROW3 TEN HIGH GRADE BONDS.
(Ae of d?te nearest to end of quarter)
~"
--
Excess of Stock Yields
Over Dond Yields
19e9t-1958.
Sources DARRON'
Excess
of Bond
Yields Over Stock Yie
lds
CHART No. 66 (Continued)
FEDERAL RESERVE BOARD MARGIN REQUIREMENTS.
Regulation T) Extension of credit
on hated oecurities
Under Securities Exchange Act of 1934.
r----
i
-I
I
-
1
r-----'----
I"--
-----
~'
-----
--
L_?
1
_--'--
~
+
~4
----
4
-----
7
r
~
. _
+
~_-_~
+d
CHART No. 67 (Continued)
DOW-JONES INDUSTRIAL STOCKS.
----
-----
----
-
-
-
Monthly High and Low Intraday Prices 1939--1958.
Sources FRANCIS I. du PONT & CO.
II
-
- ------ -
---
ill
~I C
- ---
Illtw
aft
F
F
31
 32
1920 Approved For4Releaso 2003/ 02 : CkAo-RDP80RO1731 0011120 0 19Zyj", go
F I 11111 I
CHART No. 68
STANDARD & POOR 'S INDUSTRIAL STOCKS.
Monthly High and Low Prices 1926--193b.
Sources STANDARD & POOR'S.
., .r rrrr,r~lyu~
.
-
~ .rrir?n.
it 1? inrryr~,
_. G
'--
--'-
--
CHART No. 69
NEW YORK HERALD TRIBUNE COMBINED STOCKS.
h and Lw Prices 192$--1938
Monthl
Hi
'
_..-._-?
..~
.
y
g
ources FRANCIS I. du PONT & CO.
Ili
I
_f1 i
t
- II
~~I
r~-11 II
J~
CHARD No. 70
NEW YORK TIMES COMBINED STOCKS.
Monthly High and Low Prices 1919--1938.
ioarce, THE NEW YORK TIMES.
t1i~ .- d~-lit
A proved
0 ,1
or eIe se 200 04/
DP>0'20173
020 100 19-
Ili 110
III I90
 F
CHART No. 68 (Continued)
STANDARD & PCORIS INDUSTRIAL STOCKS.
-------
------
-----?
----
~I
III
Il il'(
II~ I
~i,fl
I'll
In
lll''
Monthly High and Low Prices 1939--1958.
Sources STANDARD & POORIS.
----
---
--_.
.._......
III
I
IIIIII
ICI'.
III
IIIIIII'~I
I
II III, I
IIII II
I
,
I
IIII
II ''
I
1
1~I
I IIII II
I
I I
IIII II
'111'~I'
~itYi..hl~-.__-'.t11
,
III 11'I II,I II
~,111,Illl l~lil -_ __
II11
j1IIIIIIII,
IrI1
11
I
I
,II
I,I ,
r
r.
CHART No. 69 (Continued)
NEW YORK HERALD TRIBUNE COMBINED STOCKS.
Monthly Nigh and Low Prices 1939--1950.
Scums, FRANCIS I. du PONT & CO.
~ I
I IIII III
-
-.
_
- -
-
--
I IIIIIII I ~
II III
III
II
till
,~-~- ---g
tli~tllll'lu~i_'IIII;,, II,~~~!
.._
IIIIII
Alt ill.
IIIIIIIIIIIIIII
II
I I IIII IIIIIII
14
I
CHART No. 70 (Continued)
-
-
-
W YORK TIMES COMBINED STOCKS.
Monthly High and Low Prices 1939--1958.
Source, THE NEW YORK TIM.
-JI
v Apr. 1956 364.01 329.48
Nov. 1958 358 24 337.37
Dec. 1958 368.41 346.22
Jill
12
1111
_
.
1~~J1~_
... _. (~
Ill~llilllil
l I IIII
I III
I
II
I
~ II
I
IIII
III III,
IIIII
F
me
d F-Q
r
leas
e
O
L02j
;
P80
01
31
000
001
00
9-3
230
No 210
190
170
1940 1958 60
1940 1942 1944 1946 1948
50
40
30
20
350
33
 Approved For Release 2003/04/02 : CIA-RDP80R01731 R000200100019-3
BUDGET RECEIPTS AND EXPENDITURES
PUBLIC DEBT
(Fiscal years ended June 30. In millions of dollars.)
Source: BUREAU OF THE BUDGET.
Item
No.
1939 1940
1941 1942 1943
1944 1945
1946
1947
1948 1949
RECEIPTS
I
Individual income taxes . . . . . . . . . 1, 022 959
1, 400 3,205 6,490
19, 701 18, 415
16, 15 7
17, 835
19, 305 15, 548
2
Corporation income taxes . . . . . . . . 1, 138 1,123
2, 029 4, 727 9,570
14, 737 15, 146
11,833
8,569
9,678 11, 195
3
Excise taxes . . . . . . . . . . . . . . . 1, 861 1,973
2,555 3, 393 4,093
4, 761 6,267
6, 999
7, 207
7,356 7,502
4
All other receipts . . . . . . . . . . . . 1, 024 1, 089
1, 119 1, 231 1,834
4, 437 4, 647
4,783
6, 176
5, 149 3,451
6
Major national security . . . . . . . . . 1, 075 1,497
6, 036 23, 936 63, 159
76, 846 81, 309
43, 207
14, 372
11, 771 12, 907
7
International affairs and finance . . . . 20 51
145 1, 839 3, 299
3, 492 3, 218
3, 078
6, 531
4, 565 6, 053
8
Commerce and housing . . . . . . . . . 502 456
677 2,804 7,561
8,064 3,969
691
1, OC6
1,302 1,904
9
Agriculture and agricultural res4rcas . 1, 199 1,538
1, 314 1,482 610
1,215 1, 607
747
1, 243
575 2,312
y,
14 7
4-1
-
5 2 r,
., t\,
'`_.? rl."
-._
}'4 _
to q__'2 "'-.
11
Labor and welfare . . . . . . . . . . . . 3,924 3, 079
2,636 2,033 1,256
1,057 1, 107
1,029
1.277
1,322 1,563
12
Veterans' services and benefits . . . . 560 552
566 559 606
745 2, 096
4, 416
7.381
6, 654 6, 726
13
Interest . .. .. . . . . . . . . . . . . 950 1,056
1, 123 1, 272 1,825
2,623 3,..662
4,816
5,012
5,248 5,445
14
General government .. . . . . . . . . . 343 370
408 513 788
978 884
1, 053
1,358
1.277 1.076
15
Allowance for contingencies . . -- -
-- -- --
-- --
16
Adjustment to daily Treasury
statement basis . .. . . . . . . . . 63 7
94 924 197
360 252
1, 077
305
388 272
17
TOTAL EXPENDITURES . . . . . . . . 8,858 9,062
13, 262 34, 046 79, 407
95, 059 98,416
6C,448
39, 032
33, 069 39, 507
.
18
SURPLUS OR
DEFICIT I. . . . . . .
E,8 2
3,918
51 423?
53 941.'
20
754
8,419
i,811'
19
PUBLIC DEBT AT END OF EIAR ,
Approved For Release 2003/04/02 : CIA-RDP80R01731 R000200100019-3
 I 1 t 1 1 1 1 l 1 1 1
Approved For Release 2003/04/02 : CIA-RDP80R01731 R000200100019-3
BUDGET RECEIPTS AND EXPENDITURES
PUBLIC DEBT
(Fiscal years ended June 30. In millions of dollars . )
Source: BUREAU OF THE BUDGET.
Item
N
1950
1951
1952
1953
1954 1955
1956
1957 1958
1959
1960
o.
E
st.)
(
1 Individual income taxes . .. .. . .. .
15, 745
21, 643
27, 913
30, 108
29, 542 28, 747
32,188
35, 620 34,724
36,9()o
40, 700
2 Corporation income taxes .. . .. .. .
10,448
14, 106
21, 225
21, 238
21,101 17, 861
20, 880
21,167 20, 074
17, 000
21, 448
3 Excise taxes .. . .. . . . .. .... .
7,549
8,648
8,851
9,868
9,945 9, 131
9,929
9, 055 8,612
8,467
8,945
4 All other receipts . ... .. . . ... .
2, 753
3,171
3, 402
3, 610
4,067 4,650
5,169
5,187 5, 708
5,633
6, 007
5 TOTAL RECEIPTS .. . . . . . . . . .
36, 495
47, 568
61, 391
64, 825
64, 655 60, 390
68,165
71, 029 69,117
68, 000
77,100
EXPENDITURES
6 Major national security . .. . . . . ..
13, 009
22, 444
43, 976
50, 363
46, 904 40, 626
40,641
43, 270 44, 142
46, 120
45,805
7 International affairs and finance . . . .
4, 674
3, 736
2, 826
2, 216
1, 732 2,181
1,846
1, 976 2, 234
3,708
2,129
8 Commerce and housing . . . . . . ...
1, 991
2,217
2, 624
2, 504
817 1.504
2, 030
1, 455 2,109
3,509
2,243
9 Agriculture and agricultural resources.
2, 783
650
1, 045
2, 936
2,557 4,389
4, 868
4, 526 4,389
6, 775
5, 996
10 Natural resources . . ... . . . . . . .
1, 206
1, 267
1, 366
1, 476
1,315 1, 202
1, 104
1, 296 1, 543
1, 708
1, 710
11 Labor and welfare ... . .. . . . . . .
1, 963
2, 065
2, 168
2, 426
2,485 2, 575
2, 821
3, 022 3,447
4,380
4,129
12 Veterans' services and benefits . . . .
6, 646
5, 342
4, 863
4, 298
4, 256 4, 457
4,756
4, 793 5,026
5, 198
5, 088
13 Interest . . . .... . . . . . .. . . .
5, 817
5, 714
5, 934
6, 583
6, 470 6, 438
6, 846
7, 308 7,689
7,601
8, 096
14 General government . . . . . . . . .
1, 186
1, 327
1, 463
1, 472
1, 235 1,199
1,627
1,787 1,356
1,673
1, 735
15 Allowance for contingencies . ....
?-
--
--
--
-` -`
__
-- ??
200
100
16 Adjustment to daily Treasury state-
ment basis . .. . .
341
705
857
-?
-- --
--
-- --
--
__
17 TOTAL EXPENDITURES . . . . . . ..
39, 617
44, 058
65, 408
74, 274
67, 772 64, 570
66, 540
69,433 71,036
80, 871
77.030
18 SURPLUS OR
DEFICIT
=3
l
3
3
510
4 017
9 449
13,1171
4,18
1,626
1,596
LL 8A
12; 87
70
. < . . . . .. .
,
,
,
19 PUBLIC DEBT AT END OF YEAR . ...
257, 357
255, 222
259,105
266, 071
271, 260 274,374
272, 751
270,527 276, 343
285, 000
285, 000
Approved For Release 2003/04/02 : CIA-RDP80R01731 R000200100019-3
at