Full text of Federal Reserve Bulletin : November 1957
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FEDERAL RESERVE
B U LLETIN
November
** *
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
H 1 \fd\tl7dS
E D I T O R I A L
C O M M I T T E E
Elliott Thurston
Woodlief Thomas
Winfield W. Riefler
Ralph A. Young
Susan S. Burr
The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial
committee. This committee is responsible for opinions expressed, except in official statements and signed articles.
Contents
Changing Demands in 1957
1223
Current Events and Announcements
1230
National Summary of Business Conditions
1231
Financial and Business Statistics, U. S. (Contents on p. 1233)
1235
International Financial Statistics (Contents on p. 1289)
1290
Board of Governors and Staff
1305
Open Market Committee and Staff; Federal Advisory Council
1306
!
Federal Reserve Banks and Branches
1306
1
I
Federal Reserve Board Publications
1313
I
Index to Statistical Tables
1315
i
Map of Federal Reserve System
Volume 43
Inside back cover
Number n
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cents per copy per month, or $5.00 for 12 months.
Changing Demands in 19S7
GROSS NATIONAL PRODUCT in current dollars has continued to rise to new highs and
for the year 1957 may total $436 billion,
5 per cent above 1956. The bulk of the
increase reflects higher prices and real output is up only slightly. Pressure on productive resources has eased as the labor force
has continued to grow and industrial capacity has been significantly enlarged. Most
recently, industrial production has contracted somewhat, and demands for bank
credit have declined. In mid-November a
number of the Federal Reserve Banks reduced their discount rates.
The economy has been operating at expanding or advanced levels of activity for
three years. In 1955 expansive forces were
widespread, culminating in intensive utilization of manpower and industrial resources
and in strong upward pressures on prices.
In 1956 a sharp advance in business expenditures for fixed capital was a major influence in maintaining pressure on resources
and prices, despite large reductions in consumer outlays for new automobiles and
houses.
This year, business outlays for fixed capital have leveled off. Business inventory policies have been cautious; additions to stocks
have been much smaller than in 1955 or
1956. Net foreign investment has declined
from the exceptionally high level reached
early this year. Exports have come down
from the peak they attained during the Suez
crisis, while imports have been fairly stable.
Consumer outlays for goods and services
this year have about kept pace with growth
GROSS NATIONAL PRODUCT
Billions of dollars, annual rates
CURRENT DOLLARS
400
1951 DOLLARS
360
320
1951
1955
1957
NOTE.—Current dollars are Department of Commerce
quarterly estimates, adjusted for seasonal variation; 1951
dollars were converted by Federal Reserve from Department
of Commerce annual estimates in 1947 dollars. Figure for
1957 estimated by Federal Reserve.
in incomes after taxes. Expenditures for
nondurable goods and services have risen
considerably further, while purchases of durable goods and new houses, taken together,
have not varied much.
An upsurge in Federal defense outlays
that began in the spring of 1956 continued
to mid-1957. Since midyear, defense spending has been reduced. State and local
spending has maintained its steady growth.
Recently, the impact of lower business
and defense demands has shown up primarily in durable goods lines and in minerals. In manufacturing, output of durable
goods in October was down 7 per cent from
the end of 1956, while output of nondurable
1223
FEDERAL RESERVE BULLETIN • NOVEMBER 1957
1224
goods was little changed. Easing in demand
for durable goods is also indicated by the
reduced level of manufacturers' new orders
in recent months and by a continued decline
in unfilled orders. Industrial capacity has
been expanded and the margin of unutilized
capacity has widened. Materials and finished goods are in easier supply than they
were earlier in the period of general expansion.
While prices of scrap metals and other
basic industrial materials have declined this
year, prices of some of the more highly
fabricated materials have increased. Average prices of all industrial materials have
shown little change. Meanwhile, prices of
finished goods have edged up and farm
products have been higher than in 1956.
At the consumer level, prices have increased further this year, with some tendency to level off in recent months.
Stability of aggregate real output, growth
in the labor force, and sizable increases in
output per manhour have been reflected in
some easing in the labor market. Unemployment in October, at 2.5 million, was
moderately above a year earlier and, after
seasonal adjustment, amounted to 4.6 per
cent of the labor force. Nonfarm employSRICTED
BUSINESS
1947 - /.? • 100.
ment, seasonally adjusted, declined somewhat after August and in October was only
a little above a year earlier. Manufacturing
employment was down 450,000 over the
year and the average workweek was more
than one hour shorter. In nonmanufacturing activities, employment has not changed
much since midyear and in October was
600,000 above a year earlier.
BUSINESS INVESTMENT
Business investment outlays this year are
likely to equal the record amount spent in
1956. Expenditures for producers' durable
equipment and construction, which rose
sharply in 1955 and 1956, have remained
at a high level, as the chart shows. Inventory accumulation has been less than half as
large as in either of the preceding two years.
Corporate profits after taxes in the first
half of 1957 were about the same as a year
earlier, with sales up and profit margins
down. Retained earnings were smaller,
however, and, notwithstanding substantial
growth in depreciation reserves, internal
funds available to corporations were little
larger than in 1956.
To finance the record volume of fixed investment outlays in 1957, corporations, par-
INDEXES
monthly
INDUSTRIAL
PRODUCTION
NONAGRICULTURAL
EMPLOYMENT
ISO
140
-
NONMANUFACTURING
A
WHOLESALE PRICES
CONSUMER PRICES
130
-*•
SERVICES s* /
ft
• 125
no
~^£^S
"*6"
HO
FINISHED
GOODS
_
1)5
--
-
ALL
XTMANUFACTURING
100
ISO
J
-.
L
1953
'VS.S
195?
1953
1
1
1
-
-
1 .„
19SS
NOTE.—Seasonally adjusted series, except for prices. Bureau
of Labor Statistics data for employment and consumer prices,
and Federal Reserve data for production. Wholesale prices
_
£ - ^ -
..
19S3
1955
195?
1
1953
ITEMS
-
130
-
120
i^il
. 1- *
COMMODITIES ^j,
1
1
1-955
1957
are Federal Reserve groupings of B.L.S. sector indexes and
exclude foods and feeds. Latest figures shown are for
October, for which prices were estimated by Federal Reserve.
CHANGING DEMANDS IN 1957
BUSINESS INVESTMENT
Stlhom of dollars onnuoi
PRODUCERS'
DURABLE EQUIPMENT
NONRESIDENTIAL
CONSTRUCTION
I
I
I
INVENTORY CHANG!
II ll.l.
1951
.Illllll
1955
NOTE.—Department of Commerce quarterly estimates, adjusted for seasonal variation. Construction includes all private
nonresidential construction.
ticularly in the utilities industry, have relied
heavily on the capital markets. In the first
10 months of this year new issues of corporate securities were 30 per cent larger
than in the corresponding period of last
year. On the other hand, business borrowing from banks has been considerably less
than last year, partly because inventory accumulation has been smaller. Since midsummer such borrowing has changed little
although a substantial seasonal rise ordinarily occurs. Corporate liquidity, as measured by the ratio of cash and Government
security holdings to current liabilities, declined further to midyear, the latest date
for which figures are available.
Fixed investment. Outlays for plant and
equipment by nonfarm businesses, as measured by the Commerce Department-SEC
Survey, have leveled off this year after expanding by more than two-fifths from early
1225
1955 to late 1956. Expenditures by farm
operators for construction and equipment
are also little changed from last year. Investment outlays of nonprofit institutions, such
as churches, schools, and hospitals, have
continued to rise.
Construction costs and prices of machinery and other equipment have risen somewhat further, and the physical volume of
fixed investment is apparently down some
from its high of late 1956 and early 1957.
While about half of business spending for
fixed capital is for replacement and modernization of facilities, additions to capacity
this year, as in 1956, have been substantial
and widespread. According to present estimates, generating capacity of electric utilities will rise 7 per cent. Increases in capacity for major industrial materials range
from an estimated 2 per cent for primary
aluminum and 5 per cent for steel ingots
to 14 per cent for synthetic rubber.
Business spending for fixed capital has
shown diverse tendencies this year, in contrast to 1955 and 1956 when nearly all major industries increased their capital spending. As may be seen in the chart on the following page, expenditures in public utilities
have advanced steadily; in manufacturing
they rose slightly and then leveled off; in
transportation, including railroads, they
have changed little. In the commercial
group, outlays have declined throughout
the year and in the current quarter are estimated to be one-tenth below their high of
late 1956.
Nonfarm businesses plan to reduce their
spending for plant and equipment 7 per cent
in 1958, according to the survey taken in
late September and October by the McGrawHill Publishing Company. The anticipated
decline is concentrated in manufacturing industries, where outlays are scheduled to fall
FEDERAL RESERVE BULLETIN • NOVEMBER 1957
1226
PLANT AND EQUIPMENT, BY MAJOR INDUSTRY
Billions
of
dollars
TRANSPORTATION
I
1953
1955
1957
1
1953
NOTE.—Department of Commerce and
change Commission quarterly estimates of
business, adjusted for seasonal variation.
and fourth quarters of 1957 are based on
pated by business.
I
I
1955
I
1957
Securities and Exoutlays by nonfarm
Estimates for third
expenditures antici-
16 per cent. Railroads and mining also
show large percentage reductions. Further
small increases are planned by the electric
and gas utility and petroleum industries.
The main influence on business decisions
to reduce plant and equipment programs is
a widespread decrease in rates of capacity
utilization. According to the McGraw-Hill
Survey, manufacturing industries were operating at 82 per cent of capacity in September, compared with 86 per cent at the end
of 1956 and 92 per cent in December 1955.
Inventories. The rise in book value of
nonfarm business inventories has slowed
markedly. The increase from December to
September was $2.3 billion, after seasonal
adjustment, compared with $5.2 billion a
year earlier. Higher costs of replacement
have continued to account for much of the
increase in value of inventories, and physical
accumulation has been small.
Most of the increase since last December
has been in value of manufacturers' inventories, where half of it has been in finished
goods. Since July, the level of such stocks
has changed little. Accumulation in the
first half of the year was largest in durable
goods lines, particularly in the primary metals, transportation equipment, and machinery industries.
Distributors' stocks declined early this
year but have increased moderately since
spring. In September, stocks were little
larger than at the year-end, and in a number
of lines they were smaller. In October,
dealers' stocks of new automobiles were
reduced further from advanced levels.
Sales by manufacturers and distributors
have declined in recent months and stocksales ratios have continued to rise. In durable goods lines, particularly in manufacturing, ratios were higher in September than in
most recent years, but in nondurable goods
lines they have continued to fluctuate in a
narrow range.
RESIDENTIAL CONSTRUCTION
The number of new private nonfarm dwelling units started in recent months has been
moderately above the low reached early
this year, after allowance for seasonal factors. About one million private units are
likely to be started in 1957, compared with
1.1 million in 1956 and 1.3 million in 1955.
Vacancy rates have continued low, and new
houses have been selling rather well at
higher prices.
Expenditures for private nonfarm residential construction, after a two-year decline,
have risen moderately since the spring. Activity has continued to be supported by a
shift toward somewhat larger and more expensive units and by expansion in outlays
for additions and alterations.
Throughout the period of decline, the
number of housing starts financed under
conventional arrangements remained large,
while the number financed under Federally
1227
CHANGING DEMANDS IN 1957
underwritten programs declined sharply.
As other interest rates rose, the rates permitted on FHA-insured and VA-guaranteed mortgages became less attractive to investors.
To facilitate purchases of houses, the Federal Housing Administration in December
1956 raised the maximum permissible interest rate on FHA-insured mortgages from
4V4 per cent to 5 per cent. Since then the
number of applications for mortgage assistance received monthly by the FHA has increased appreciably. In addition, the FHA
this year reduced the required downpayment and increased the maximum interest
rate to 5V4 per cent. At the same time,
however, it placed a limit of 1 to 2Vi per
cent on the discounts that builders or sellers
may pay lenders on FHA mortgages.
CONSUME! EXPENDITUIIS
Billions of dollars, onnuol rates
NONDURABLE GOODS
«0
40
20
j
I9S1
I
1953
W5S
1947
CONSUMER EXPENDITURES
NOTE.—Department of Commerce quarterly estimates, adjusted for seasonal variation.
In contrast to a leveling off or decline in
some important areas, consumer spending
has been an expansive force this year. In
September and October, however, retail
sales fell below their summer peaks, with
widespread incidence of influenza probably
contributing to the decline.
Consumer outlays for goods and services
in 1957 will probably show a rise of 5 per
cent, the same as in 1956. Owing to advances in consumer prices, less than half of
the increase will represent a gain in real
consumption. On a per capita basis, real
consumption has changed little since the
spring of 1956.
Nondurable goods and services. Consumer
expenditures for nondurable goods and services accounted for most of the rise in gross
national product from late 1956 to the
summer of 1957. In the third quarter
spending for nondurable goods was 6 per
cent above a year earlier. A 7 per cent
increase in outlays for food reflected higher
prices and population growth. Nearly all
of the 4 per cent rise in outlays for clothing
and shoes represented a gain in real takings,
as prices were up only slightly. Spending
for nondurable goods, which was especially
strong in the spring and early summer, receded somewhat in early autumn.
Expenditures for services have continued
their steady growth and for the year may be
up 6 per cent. Consumer demands have
been strong for such services as shelter,
utilities, medical care, and education, and
prices of services have maintained their persistent advance.
Durable goods. The value of consumer
purchases of durable goods so far this year
has remained near the level of late 1956.
This stability is in contrast to a sharp expansion in 1955 and to a downward adjustment
in 1956.
1228
FEDERAL RESERVE BULLETIN • NOVEMBER 1957
Sales of domestically produced new automobiles to consumers and business may total
5.9 million units in 1957, as compared with
5.8 million in 1956 and 7.4 million in 1955.
In addition, imports are about double the
number of last year. List prices averaged
about 7 per cent higher for 1957 models
than for 1956 models. With dealers' margins apparently holding up at least as well as
last year and with purchases of accessories
expanding further, consumer outlays increased much more than the number of
units sold. Manufacturers have raised list
prices on the recently introduced 1958
models, but the increase is considerably
smaller than the one last year.
Consumer purchases of automobiles have
been facilitated by widespread use of credit,
at a somewhat higher cost. Nearly twothirds of the new cars purchased this year
have been financed by instalment credit, a
proportion slightly below the postwar high
of 1956. Terms have continued liberal and,
with an increasing proportion of new car
contracts stipulating maturities of 36
months, the average maturity has lengthened
further. Downpayments on new cars have
not been significantly liberalized.
The
amount of instalment credit extended for
purchasing new and used automobiles has
risen further, reflecting an increase in the
average amount of the contract. Repayments have also continued to grow and the
volume of auto instalment debt outstanding is likely to rise about as much as it
did in 1956.
Consumer purchases of furniture and
household equipment this year have remained at the advanced level reached in the
spring of 1956. Prices of household durable
goods, particularly furniture and floor coverings, have risen since then and the physical
volume of purchases has apparently declined
somewhat. Purchases of major appliances,
such as refrigerators, freezers, washing machines, and driers, have declined from a
year ago, while demands for the smaller
appliances have apparently been strong.
Sales of television sets have about matched
last year's performance.
PERSONAL INCOME AND SAVING
Personal income for 1957 is estimated at
$343 billion, about 5 per cent larger than
in 1956. The advance that began in 1954
continued to midsummer, as the chart shows,
but a decline occurred in October.
Through August, wages and salaries rose
more slowly this year than last, and then
came down. In October the total, at an
annual rate of $240 billion, was close to the
June level and ZVi per cent above a year
earlier. Recent declines in wages and salaries have reflected reductions in employment and hours of work in manufacturing
industries, mainly in durable goods lines.
Increases in wage rates in manufacturing
PERSONAl INCOME
Billions of dollars, annual rales
NOTE.—Department of Commerce monthly estimates,
justed for seasonal variation.
ad-
1229
CHANGING DEMANDS IN 1957
have averaged less this year than in 1956.
Wage and salary payments in such activities as finance and services have continued
to expand.
Government transfer payments have been
considerably larger than in 1956 because of
broadened coverage and increased benefits
under social security programs. Income of
farm proprietors in the first 10 months of
1957 was slightly larger than in the same
period of 1956. Nonfarm business and professional income rose to a new high at midyear and has since shown little change.
Dividends and interest income have continued to increase.
Consumer spending for goods and services has increased about as much as personal disposable income, and personal saving in 1957 may equal the 1956 total of
$20 billion. The ratio of saving to disposable income, however, may be down
slightly.
Saving in financial forms by individuals
was larger in the first three quarters of 1957
than in the corresponding period of 1956.
Growth in time deposits was particularly
marked. Net purchases of corporate securities were also larger than in 1956 or in
most other recent years. A major offset to
growth in financial saving in these forms was
the fact that redemptions of United States
savings bonds exceeded purchases by a
larger amount than in 1956.
Mortgage debt of individuals has grown
less than last year, reflecting the smaller
volume of residential construction and the
larger volume of repayments. Short-term
consumer instalment debt outstanding,
mainly for financing purchases of durable
goods, has increased about the same amount
as in 1956.
GOVERNMENT PURCHASES
Federal Government purchases of goods and
services expanded markedly in the year ending June 1957 as spending for national security programs increased. Federal purchases
of goods and services for other purposes
changed little. Despite an increase in tax
receipts resulting from expansion in incomes, the Federal cash surplus was smaller
and the Federal Government's fiscal operations exerted less restraint on the economy
than in fiscal year 1956.
The estimates of Federal expenditures for
fiscal year 1958 contained in the Midyear
Budget Review released in August indicated
reductions in military outlays from the advanced rates reached in the spring, and such
expenditures have come down somewhat.
The major impact of these reductions has
been in the aircraft industry, where overtime work has been curtailed and employment has declined. Civilian employment in
the Defense Department and the size of the
armed forces have also been reduced. More
recently, some upward revision in the estimate of military spending has been officially
announced. The defense program is being
re-examined in the light of recent scientific
and other developments abroad.
State and local government expenditures
for goods and services have expanded
steadily. This growth reflects a large and
continuing rise in employment, higher salaries, and enlarged expenditures for schools,
highways, and other construction.
Current Events and Announcements
FEDERAL RESERVE MEETINGS
A meeting of the Federal Open Market Committee
was held in Washington on November 12, 1957.
The Federal Advisory Council held a meeting
in Washington on November 17-19, 1957, and met
with the Board of Governors on November 19.
DECREASE IN FEDERAL RESERVE DISCOUNT RATES
On November 14, 1957, the Board of Governors
of the Federal Reserve System approved actions
by the directors of the Federal Reserve Banks of
Atlanta, New York, Richmond, and St. Louis
decreasing the discount rates of these banks to 3
per cent, effective Friday, November 15, 1957.
The rate previously in effect was ZV2 per cent.
Broadway-Hale Stores, Inc., Los Angeles, who
resigned.
DEATH OF DIRECTOR
Mr. Joseph F. Ringland, President, Northwestern
National Bank of Minneapolis, Minneapolis, Minnesota, who had served as a director of the Federal
Reserve Bank of Minneapolis since January 1,
1956, died on November 8, 1957. Mr. Ringland
also served as a member of the Federal Advisory
Council from 1950 through 1955.
TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY
APPOINTMENT OF BRANCH DIRECTOR
On November 1, 1957, the Board of Governors
announced the appointment of Mr. Robert J.
Cannon, of Los Angeles, California, as a director
of the Los Angeles Branch of the Federal Reserve
Bank of San Francisco for the remainder of a term
expiring December 31, 1957. Mr. Cannon is
President of Cannon Electric Company, Los
Angeles. As a director of the Los Angeles Branch
he succeeds Mr. Edward W. Carter, President of
1230
Latest BULLETIN Reference
Semiannually
Issue
Banking offices:
Analysis of changes in number of.... Aug. 1957
On, and not on, Federal Reserve Par
List, number of
Aug. 1957
Annually
Earnings and expenses:
Federal Reserve Banks
Feb. 1957
Member banks:
Calendaryear
June 1957
First half of year
Nov. 1956
Insured commercial banks
June 1957
Banks and branches, number of, by class
andState
Apr. 1957
Operating ratios, member banks
June 1957
Stock Exchange 6rms, detailed debit and
credit balances
Mar. 1957
Banking and monetary statistics, 1956.. { J ^ y J^jlJ
Summary flow-of-funds accounts, 1954-56.Oct. 1957
Page
974
975
210-211
710-718
1248
719
472-473
720-722
336
582^585
1190-1194
National Summary of Business Conditions
Released for publication November 15
Industrial production and factory employment
declined in October, while the value of construction activity increased slightly to a new high. Retail sales showed a moderate decrease. From
mid-October to mid-November, wholesale prices
changed little. Bank credit contracted, and yields
on U. S. Government securities generally turned
down. In mid-November discount rates were reduced at several Federal Reserve Banks.
INDUSTRIAL PRODUCTION
The Board's seasonally adjusted index of industrial production in October was 142 per cent
of the 1947-49 average, two points below September and four points below a year ago. Output of
durable goods and minerals declined further,
while activity in the nondurable goods industries
was maintained at the record September level.
Utility output of electricity declined slightly but
remained above the year-ago level.
Steel mill operations decreased contraseasonally
in October, by one point, to 81 per cent of capacity. In early November, the operating rate fell
to 78 per cent and ingot production was about
INDUSTRIAL
1947-49*100
PRODUCTION.
TOTAL
/A
^.
/
i
i
i...
I
1
In
1
^
^
1
1953
1
1
1935
Federal Reserve indexes, seasonally adjusted.
ures, latest shown are for October.
Private housing starts in October were at a
seasonally adjusted annual rate of one million
units. For six consecutive months starts have
been around this figure. Value of new construction activity advanced somewhat to a seasonally
adjusted annual rate of $48.3 billion. Such outlays have been rising since midyear, reflecting increases in private residential building and in some
fields of public construction. Industrial construction has declined appreciably from the record
level maintained from mid-1956 through May of
this year.
EMPLOYMENT
NONDURABLE
MANUFACTURES
I
CONSTRUCTION
-,,
MINERALS
H!>
one-fifth below a year ago. Production of construction materials was reduced in October reflecting cutbacks in clay and glass products as well as
in lumber. Activity in industries manufacturing
producers' equipment generally declined further
and was about 8 per cent below the spring peak.
Auto assemblies were curtailed in October, in
part by work stoppages, but production schedules
for November indicate a marked recovery from
the reduced levels of the September-October
change-over period. Television and furniture output continued to decline.
Over-all activity in nondurable goods industries
was maintained, despite small reductions indicated
in output of textile, apparel, and rubber products.
Minerals production declined as output of coal
and metals declined further.
1
^.-J 80
1957
Monthly fig-
Employment in nonfarm establishments declined somewhat further in October, reflecting
mainly reductions in manufacturing industries.
At a seasonally adjusted level of 52.5 million,
nonfarm employment was 300,000 below the
record level of August, but about 140,000 above
October of last year. Weekly earnings of factory
workers dropped by about $1.00, to $82.16, reflecting a half-hour reduction in the average work-
1231
FEDERAL RESERVE BULLETIN • NOVEMBER 1957
1232
week. Unemployment changed little from September, but was moderately higher than a year
ago.
DISTRIBUTION
Seasonally adjusted retail sales declined 2 per
cent in October. The decrease, which was fairly
general, apparently was influenced by the incidence of Asian influenza. Sales at food stores
and automotive outlets changed little. At department stores, sales declined substantially in October, but were recovering in early November.
COMMODITY PRICES
The general level of wholesale commodity
prices was relatively stable from mid-October to
mid-November. Prices of feed grains declined
but livestock and meats recovered somewhat.
Average prices of industrial commodities changed
little in this period, although some basic materials
continued to decline. Steel scrap was down
sharply further, and there were decreases in tin,
rubber, and cotton textiles.
Consumer prices rose very slightly further in
September. Decreases in some fresh foods were
more than offset by continuing advances in some
other goods and services.
Business loans and security loans each went down
about $400 million. Holdings of U. S. Government securities declined steadily following bank
purchases of new Treasury issues in late September and early October. Holdings of other securities increased as banks purchased new Federal
National Mortgage Association notes in late
October.
Average member bank borrowings from the
Federal Reserve exceeded excess reserves by
about $300 million in the four weeks ending November 13. Over the period, reserves supplied
mainly through Federal Reserve purchases of U.S.
Government securities and reductions in required
reserves were greater than reserves absorbed by a
decline in float and currency outflows.
SECURITY MARKETS
Total credit at city banks declined nearly $1
billion over the four weeks ending November 6.
Yields on U. S. Government securities generally
turned down between mid-October and mid-November. The yield on three-month Treasury bills
dropped from a peak of 3.67 per cent in midOctober to below the Federal Reserve discount
rate. On November 15, four Federal Reserve
Banks reduced the discount rate from 3.5 per
cent to 3.0 per cent. From mid-October to midNovember, yields on State and local government
bonds were stable and yields on corporate bonds
increased. Common stock prices declined somewhat further.
INTEREST RATES
LOANS AND INVESTMENTS —
BANK CREDIT AND RESERVES
Per cent
Billions of dollars
k
LONG-TERM
GOVERNMENT SECURITIES
F. R. BANK
SCOUNT RATE
A
U
*
TREASURY BILLS
Weekly average market yields for long-term U. S. Government VA per cent bonds and for longest Treasury bills; latest
shown are for week ending Nov. 8.
Federal Reserve data. Loans to banks are excluded. Securities other than U. S. Government are included in the total
but not shown separately. Weekly figures, latest shown are for
Nov. 6.
Financial and Business Statistics
* United States *
Member bank reserves, Reserve Bank credit, and related items
Reserve Bank discount rates; reserve requirements; margin requirements. .
Federal Reserve Banks
Bank debits; currency in circulation
All banks: consolidated statement of monetary system; deposits and currency. .
All banks, by classes
....
Commercial banks, by classes
Weekly reporting member banks. .
1235
1238
1239
1242
1244
1245
1248
1250
Commercial loans; commercial paper and bankers' acceptances.
Interest rates
Security prices; stock market credit. .
Savings institutions
Federal business-type activities. .
Federal
finance
Security issues . .
Business finance . .
Real estate credit
Short- and intermediate-term consumer credit.
1252
1253
1254
1255
1256
1258
1262
1263
1265
1268
Selected indexes on business activity. .
Production
Employment and earnings.
Department stores .
Foreign trade
Wholesale and consumer prices
National product and income series. .
1272
1273
1280
1282
1283
1284
1286
Tables published in BULLETIN, annually or semiannually—list, with references. .
Index to statistical tables. .
....
1230
1315
Tables on the following pages include the prin- of material collected by other agencies; figures
cipal statistics of current significance relating for gold stock, currency in circulation, Federal
to financial and business developments in the finance, and Federal credit agencies are obtained
United States. The data relating to Federal from Treasury statements; the remaining data
Reserve Banks, member banks of the Federal are obtained largely from other sources. Back
Reserve System, and department store trade, and figures for 1941 and prior years for banking and
the consumer credit estimates are derived from monetary tables, together with descriptive text,
regular reports made to the Board; production may be obtained from the Board's publication,
indexes are compiled by the Board on the basis Banking and Monetary Statistics.
1233
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
Weekly
averages of
daily
figures
Billions of
dollars
25
MEMBER BANK
RESERVE BALANCES
20
15
1
p EXCESS RESERVES
CURRENCY
2
0
IN CIRCULATION
*ym-
25
RESERVE BANK CREDIT
20
TREASURY CASH AND DEPOSITS
NONMEMBER
DEPOSITS
FEDERAL RESERVE CREDIT
BOUGHT OUTRIGHT
U. S. GOVERNMENT SECURITIES:
20
HELD UNDER
REPURCHASE AGREEMENTS
A
I
A
DISCOUNTS AND
ADVANCES
2
0
FEDERAL RESERVE FLOAT
1951
J,
1954
1953
1952
1955
1956
Latest averages shown are for week ending Oct. 30. See p. 1235.
1234
i
-
1957
2
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
Week
ending
U. S. Govt. securities
Di
Gold
Held counts
stock
Bought under and
Float Total i
repur- adTotal outchase vances
right
agreement
TreasCurury
rency
curin
rency
ciroutstand- culation
ing
Deposits, other
than member bank
Member bank
reserves,
reserves
Treas- with F. R. Banks
Other
ury
F. R.
cash
acholdcounts
ings
Treas- For- Other
ReExTotal
quired 2 cess 2
ury
eign
Averages of
daily figures
1956
Sept.
Sept.
Sept.
Sept.
5,042
5,042
5,043
5,044
5
12
19
26
23,849
23,858
23,691
23,576
23,818
23,829
23,673
23,555
31
787 25,454
796
29 1,012 1,045 25,934
18
654 1,489 25,852
21
705
394 "",694
25
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31
23,697
23,840
23,860
23,736
23,708
23,602
23,766
23,846
23,736
23,668
95
74
14
"40
Nov. 7
Nov. 14
Nov. 21
Nov. 28
23,824
23,940
24,033
24,202
23,766
23,882
23,959
24,110
58
58
74
92
Dec. 5
Dec. 12
Dec. 19
Dec. 26
24,404
24,652
24,785
24,906
24,287
24,493
24,489
24,574
Jan. 2
Jan. 9
Jan. 16
Jan. 23
Jan. 30
24,994
24,688
24,293
23,811
23,450
24,610
24,601
24,293
23,811
23,450
Feb. 6
Feb. 13
Feb. 20
Feb. 27
23,435
23,264
22,969
22,854
23,411
23,190
22,958
22,854
Mar. 6
Mar. 13
Mar. 20
Mar. 27
22,913
22,979
23,178
23,094
22,895
22,934
23,064
23,051
18
45
114
43
Apr. 3
Apr. 10
Apr. 17
Apr. 24
23,189
23,262
23,282
23,237
23,040
23,040
23,146
23,169
149 1,074
877 25!,165
222 1,230
881 25,400
136 1,244
967 25,520
,484 25,695
68
947 1,484
May 1
May 8
May 15
May 22
May 29
23,169
23,213
23,083
22,915
22,930
23,169
23,125
23,033
22,915
22,901
June
June
June
June
5
12
19
26
23,110
22,972
22,930
22,951
22,950
22,926
22,880
22,888
902
160
46 1,059
50 1,089
63 1,003
954 24,987
936 24,988
,384 25,424
,320 25,294
22,620
22,621
22,621
22,622
5,104
5,106
5,106
5,106
July
July
July
July
July
3
10
17
24
31
23,098
23,443
23,319
23,342
23,360
23,031
23,260
23,252
23,235
23,084
67 1,068
183 1,213
67 1,062
107
739
276
553
,198 25,387
,111 25,792
,236 25,641
,351 25,456
998 24,932
22,623
22,623
22,625
22,625
22,626
Aug. 7
Aug. 14
Aug. 21
Aug. 28
23,116
23,047
23,034
23,220
23,078
23,047
23,034
23,215
928 25,124
38 1,060
874 25,102
1,161
931 1,227 25,211
915
977 25,133
Sept.
Sept.
Sept.
Sept.
4
11
18
25
23,511
23,399
23,303
23,178
23,463
23,367
23,286
23,173
48
832
858 25,228
32 1,031
953 25,408
17
950 1,442 25,719
25
5 1,106 1,318 25,622
Oct. 2
Oct. 9
Oct. 16
Oct. 23
Oct. 30
23,346
23,545
23,371
23,267
23,195
23,294
23,312
23,281
23,222
23,179
21,861
21,883
21,883
21,884
30,786
30,910
30,810
30,714
771
770
771
774
427
518
453
651
379
381
345
331
251
252
235
219
943
941
945
951
18,800
19,088
19,220
18,980
18,357
18,394
18,524
18,477
443
694
696
503
810 1,067 25,593 21,884 5,046 30,769
857
990 25,707 21,906 5,046 30,880
714
25,810 21,910 5,047 30,953
564
547 25,866 21,909 5,048 30,864
674
062 25,466 21,909 5,051 30,795
776
770
775
777
780
551
489
388
505
539
325
405
373
293
285
214
227
429
291
292
953
958
958
956
925
18,935
18,929
18,890
19,137
18,810
18,456
18,322
18,313
18,574
18,451
479
607
577
563
359
847 19,004
845 18,996
844 19,311
843 19,375
,084 25,762
,040 25,954
,543 26,266
,514 26,374
21,909
21,910
21,910
21,910
5,054
5,056
5,055
5,056
30,963
31,141
31,269
31,355
781
773
771
772
501
446
441
436
284
321
303
307
345
397
292
252
18,443
18,377
18,701
18,754
561
619
610
621
117
159
296
332
460
268 26,165
709
226 26,633
555
835 27,223
667 2^08 27,842
21,953
21,924
21,927
21,949
5,060
5,062
5,064
5,066
31,451
31,660
31,835
31,992
770
775
776
765
408
357
498
635
344
342
389
393
228
910 19,068 18,682
264 1,001 19,220 18,653
169 1,011 19,535 18,922
258 1,024 19,790 19,086
386
567
613
704
384
87
925
535
348
347
528
1,,537 27,524
1,,539 26,809
,278 25,954
1^446 25 ,636
1,078 25 ,087
21,949
21,949
21,950
21,951
22,080
5,066
5,066
5,066
5,067
5,068
31,829
31,479
31,108
30,827
30,607
777
783
786
798
809
395
352
293
199
420
374
323
320
324
329
335
287
267
268
258
19,110
18,971
18,765
18,724
18,550
746
730
535
618
368
640 1,040 25,146 22,251 5,070
741
962 24,997 22,252 5,070
577 ,188 24,764 22,303 5,071
713 ,217 24,813 22,303 5,073
30,596
30,641
30,605
30,544
817
820
815
815
534
377
173
297
333
366
307
334
276
992 18,920 18,445
299 1,007 18,808 18,265
226 1,116 18,895 18,309
382 1,134 18,683 18,218
475
543
586
465
755 1,179 24 ,871 22,304 5,077
880
908 24,791 22,304 5,079
783 1,173 25 ,158 22,305 5,080
844
967 24,930 22,305 5,083
30,566
30,609
30,589
30,502
813
812
811
813
479
471
302
353
329
297
300
334
212
201
199
205
1,131
1,129
1,138
1,139
18,721
18,654
19,204
18,971
18,231
18,205
18,578
18,362
490
449
626
609
5,086
5,088
5,089
5,092
30,589
30,655
30,681
30,610
808
814
808
791
517
387
478
456
294
340
344
390
314
305
300
454
1,167
1,205
1,203
1,202
18,868
19,088
19,107
19,201
18,525
18,523
18,556
18,639
343
565
551
562
730 1,168
,168 25,093 22,318 5,094 30,499
993
947 25,177 22,318 5,095 30,589
975
948 25,031 22,319 5,096 30,654
793 1,341 25,070 22,320 5,098 30,645
903
979 24,833 22,406 5,102 30,660
793
795
787
790
794
419
504
479
525
562
352
366
366
362
358
291
275
241
273
279
1,148 19,000 18,621
1,078 18,984 18,495
1,075 18,845 18,368
1,074 18,818 18,284
1,073
' — 18,616 18,264
379
489
477
534
352
30,837
30,903
30,904
30,849
792
791
782
776
485
463
518
477
357
379
389
407
323
276
335
254
1,072
1,069
1,076
1,087
18,846
18,834
19,148
19,171
18,378
18,330
13,546
18,625
468
504
602
546
5,107
5,108
5,108
5,108
5,110
31,150
31,313
31,184
30,999
30,910
763
765
770
774
770
546
431
455
507
494
420
339
413
385
370
296
290
279
267
278
1,077
1,077
1,073
1,070
961
18,865
19,308
19,200
19,189
18,885
18,521
18,732
18,636
18,568
18,493
344
576
564
621
392
22,627
22,627
22,625
22,626
5,113
5,114
5,116
5,118
30,983
31,069
31,055
30,998
767
764
762
764
498
475
513
475
355
363
343
339
277
273
270
268
1,116
1,113
1,203
1,203
18,868
18,786
18,806
18,831
18,331
18,195
18,254
18,397
537
591
552
434
22,626
22,626
22,627
22,628
5,118
5,119
5,121
5,123
31,149
31,256
31,184
31,052
759
759
755
769
485
431
510
759
340
357
429
386
281
279
287
255
1,197
1,194
1,196
1,189
18,760
18,876
19,108
18,963
18,346
18,301
18,484
18,416
414
575
624
547
52
942 1,000 25,304 22,634
233 1,009
991 25,563 22,646
90
992 1,071 25,451 22,658
45
605
517 25,407 22,665
16
710 1,051 24,972 22,671 5,132
31,039
31,129
31,191
31,129
31,008
776
774
776
781
786
493
498
506
464
518
356
373
333
317
318
253
260
252
265
251
1,112
1,112
1,110
1,109
1,057
19,034 18,685
19,189 18,625
19,068 '18,574
19,137 ^18,572
18,837 P 1 8 , 4 7 2
349
564
828
945
662
631
1957
50
"29
22,306
22,307
22,313
22,317
For other notes see following page.
Preliminary.
1235
973
899
897
894
893
19,856
19,701
19,300
19,342
18,918
1236
BANK RESERVES AND RELATED ITEMS
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Govt. securities
Period
or
date
Gold
Disstock
Held counts
under
Total
i
and
Float
Bought repuradTotal outchase vances
right agreement
Treas- Curury
cur- rency
in
rency
ciroutculastand- tion
ing
Deposits, other
than member bank
Member bank
reserves,
reserves
with
F.
R.
Banks
TreasOther
ury
F. R.
cash
acholdcounts
ings Treas- ForExReTotal quired
Other
2
cess2
ury eign
Averages of
daily figures
1956
Oct
Nov
Dec
23,781 23,742
24,024 23,951
24,765 24,498
39
73
267
715
745
706
,182 25,698 21,906 5,048 30,864
,300 26,097 21,910 5,056 31,198
,633 27,156 21,942 5,064 31,775
776
774
772
487
456
463
337
308
372
299
313
247
950 18,939 18,419
! 19,169 18,579
998 19,535 18,883
520
590
652
24,092
23,111
23,061
23,239
23,041
22,989
23,351
23,146
23,325
23,348
24,056
23,083
22,997
23,121
22,996
22,917
23,198
23,129
23,302
23,252
432
36
665
28
859
64
118 1,036
931
45
72 1,009
917
153
17 1,010
23
994
96
818
,343 25,905 21,989 5,067 31,040
30,595
30,568
30,614
30,645
30,902
31,116
31,035
31,143
31,109
794
817
812
803
792
782
769
764
763
780
335
336
423
429
521
490
480
490
547
495
323
335
316
348
361
393
377
349
378
338
276
294
216
339
276
290
279
273
271
258
896
,071
135
,195
,075
,077
,048
,163
,180
,097
18,773
18,302
18,366
18,580
18,362
18,485
18,595
18,300
18,434
522
514
518
507
465
497
534
534
522
216
1,998
2,484
2,254
24,262
22,559
20,778
24,697
24,932
24,785
23,758
148
1,998
2,484
2,254
24,262
22,559
20,725
24,034
24,888
24,391
23,712
52 1,400 4,037 2,019 4,459
68 1,037
4 2,220 4,031 2,286 5,434
164
7
91 2,593 17,644 2,963 7,598
94 2,361 22,737 3,247 11,160
3
578 25,091 20,065 4,339 28,515
249
535 23,181 22,754 4,562 28,868
85
53
67 1,368 22,216 22,706 4,636 27,741
663
156
967 25,825 23,187 4,812 30,433
808 25,885 21,713 4,985 30,509
143
394
108 1,585 26,507 21,690 5,008 31,158
46
232 1,"210" 25,219 21,799 5,032 30,715
204
264
2,409
2,215
2,287
1,336
1,293
1,270
796
767
768
36
35
634
867
977
870
668
389
563
394
522
6
15
397
774
862
392
895
550
490
402
297
21
151
256
586
446
569
565
455
441
554
313
374 2,356
346 2,292
251 11,653
291 12,450
495 15,915
563 17 i 899
714 17,681
777 19,950
907 18,876
925 19,005
992 18,443
2,333
1,817
6,444
9,365
14,457
16,400
16,509
20,520
18,618
18,903
18,449
23
475
5,209
3,085
1,458
1,499
1,172
-570
258
102
-6
910 25,236 21,910 5,054 30,839
330 26,267 21,910 5,061 31,424
665 26,699 21,949 5,066 31,790
778
763
775
495
463
441
275
356
322
297
182
426
848 18,668 18,459
843 19,208 18,719
901 19,059 19,089
209
489
-30
809
809
804
791
788
758
759
752
773
715
458
591
509
568
498
504
477
429
552
344
327
311
316
360
449
364
342
337
378
882 18,517
891
263
576 18,294
206 ,133
137 18J629 18,512
304
864 18,588
294 ,079
049 18,351
274 ,072
376 18,543
308 ,075
630 18,520
296
942
975 18,305
285 ,198
399 18,694
261 ,111
917 218,539
256 1,056
365
282
117
276
698
-167
110
670
-295
1957
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
106 24,912
i024 24,968
,110 25,411
,046 25,041
170 25,189
175 25,466
989 25,166
25,489
25,326
22,279
22,305
22,313
22,358
22,621
22,625
22,626
22,627
22,660
5,071
5,081
5,090
5,098
5,106
5,108
5,115
'5,121
5,129
19,295
18,816
18,884
19,087
18,827
18,982
19,129
18,834
18,956
19,040
Midyear or
year-end
1929—June...
1933—June...
1939—Dec....
1941—Dec...
1945__Dec...
1947—Dec...
1950—Dec.
1952—Dec.
1954—Dec.
1955—Dec.
1956—June.
End of month
1956
Oct..
Nov..
Dec.
23,767 23,688
24,385 24,255
24,915 24,610
79
130
305
538
518
50
1957
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
23,421
22,887
23,149
23,169
23,108
23,035
23,355
23,539
23,312
23,338
23,421
22,854
23,040
23,169
22,950
22,994
23,079
23,475
23,312
23,218
23,076
23,050
23,034
23,348
23,076
23,050
23,034
23,312
Sept. 4.
Sept. 11.
Sept. 18.
Sept. 25.
23,423
23,357
23,248
23,152
23,423
23,357
23,248
23,152
Oct. 2.
Oct. 9.
Oct. 16.
Oct. 23.
Oct. 30.
23,461
23,461
23,312
23,228
23,235
23,313
23,313
23,259
23,228
23,174
33
109
*i58
41
276
64
120
668
595
994
829
1,170
558
420
986
396
789
252
1,076 25 ,195
304
1,196 24 ,704
306
803 24 ,970
318
936 24 ,960
620
926 25 ,224
623
1,199 24 ,816
627
896 24 691
,626
865 25 ,418
635
898 24 ,622
1,062 25 ,206 222,691
071 30,614
076 30,575
086 30,585
094 30,519
104 30,836
107 31,082
111 30,933
118 31,133
125 31,073
134 231,083
Wednesday
1957
Aug.
Aug.
Aug.
Aug.
7.
14.
21.
28.
r
36
148
148
53
61
768 24,673
979 24,595
546
709 1,028 24,791
772 24,935
792
22,627
22,625
22,626
22,626
5,113
5,115
5,117
5,119
31,017
31,058
31,001
31,007
772
765
764
768
341
409
480
484
367
385
342
352
271
274
257
274
1,114
1,112
1,201
1,202
18 ,531
18,333
18,487
'",594
18
433
843 24,724
720
952 25,054
25
1,023 1,384 25,676
782
985 24,936
22,626
22,627
22,628
22,628
5,118
5,121
5,122
5,126
31,231
31,210
31,100
30,977
766
757
761
780
501
490
639
605
344
355
361
370
272
261
253
249
1,194
1,193
1,202
1,114
18,162
18,537
19,110
18,594
674
963 25,115 22,645
885 25,047 22,655
684
589 1,293 25,211 22,665
646 1, 115 25,006 22,668
863 24,902 22,678
787
5,126
5,127
5,130
5,131
5,134
31,056
31,145
31,156
31,033
31,020
774
786
781
786
792
448
504
543
484
458
367
337
326
302
391
260
253
261
258
231
1,111
1,111
1,110
1,108
1,056
» Preliminary.
Revised.
1
Includes industrial loans and acceptances; these items are not shown
18,270
18,196
18,259
18,391
261
137
228
203
18,369 -207
18,398
139
18,607
503
18,372
222
18,870 18,788
82
18,692 18,572
120
18,828 218,621 2207
18,833 218,494 2339
18,766 218,522 2244
separately in this table, but are given for end-of-month and Wednesday
dates in subsequent tables on Federal Reserve Banks.
2 These figures are estimated.
1237
BANK RESERVES AND RELATED ITEMS
RESERVES, DEPOSITS, AND BORROWINGS OF MEMBER BANKS, BY CLASSES
[Averages of dailyfigures.* In millions of dollars]
Item and period
All
member
banks
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
Country
banks
Item and period
All
member
banks
1956—Sept
Oct
Nov
Dec
19,024
18,939
19,169
19,535
4,288
4,222
4,244
4.448
1,120
1.111
1,122
1,149
7.885
7.869
7.960
8,078
5,732
5.736
5.843
5.859
1956—Sept
Oct
Nov
Dec
579
520
590
651
1957—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
19,295
18,816
18,884
19,087
18,827
18,982
19,129
18,834
18,956
4 316
4.205
4.341
4,307
4,234
4,335
4,294
4,170
4,211
,126
,107
.102
,097
.101
,121
,131
,123
,122
7.996
7 781
7,746
7,921
7.794
7,774
7.906
7,790
7,800
5.857 1957—Jan
5; 722
Feb
5,696
Mar
5,762
Apr
5 697
May
5.751
June
5.799
July
5,750
Aug
5,823
Sept
523
514
518
506
465
496
534
534
522
19,108
18,963
19,034
19,189
19,068
19,137
18,837
4,245
4,176
4,316
4,270
4,213
4,224
4,213
,128
,106
,135
,119
,113
,125
,106
812
800
890
880
875
836
7,796
5,924
882
694
921
867
953
5,721
1956- Sept
Oct
Nov
Dec
18,446
18,419
18,579
18.883
4 288
4.214
4 231
4,392
120
.107
,119
,138
7 805
7,817
7 877
7,983
5,234
5.281
5.352
5.371
1957—Jan
Feb
Mar
18,773
18,302
18,366
18,580
18,362
18,485
18,595
18,300
18,434
4,327
4,200
4.326
4 308
4,221
4,320
4,288
4,152
4,203
,129
,107
,098
,097
,098
,123
,124
,121
,117
7,938
7,715
7,686
7,855
7,739
7,729
7,840
7,722
7,749
5,379
5,279
5.256
5,320
5.305
5,314
5.344
5,306
5,366
18,484
18,416
18,685
18,625
^18,574
^18,572
^18,472
4,232
4,175
4,310
4,260
4,210
4,213
4,202
,121
104
132
,119
111
,123
,104
7,771
7,751
841
811
826
792
7,750
5,360
5,386
5,402
5,435
^5,427
^5,444
^5,416
Oct. 30
Required reserves:2
Mly.'.'.'.y.'.y.'.'.y.
June
July
Aug
Sept
Week ending:
1957—Sept. 18
Sept. 25
Oct. 2
Oct. 9
Oct. 16
Oct. 23
Oct. 30
Deposits:
116,154
13,136
103,018
99,719
41,827
23,331
4,135
19,196
20,574
3,455
6,014
1,219
4,795
5,274
1,297
45,674
6,484
39,191
38,669
16,887
41,134
1,298
39,836
35,203
20,187
6,548
66
100
1,993
4,389
September 1957
Gross demand deposits:
Total
Interbank
Other
Net demand deposits 3.. .
Time deposits
Demand balances due
from domestic banks..
p
1
Chicago
Country
banks
80
498
456
491
488
8
4
3
12
52
83
96
10
5
14
- 2
58
66
60
65
56
7
2
5
45
66
69
51
478
443
440
443
393
438
455
444
457
13
57
- 1
13
15
6
19
9
4
-1
3
-2
624
547
348
566
^494
^566
*>363
6
10
3
11
10
6
2
2
1
2
3
2
41
49
48
69
49
43
46
563
496
292
486
M40
P509
^305
1956—Sept
Oct
Nov
Dec
792
715
744
688
204
200
226
147
93
118
143
97
377
299
276
300
118
98
99
144
1957_Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
407
640
834
1,011
909
1,005
917
1,005
988
30
129
116
299
229
314
117
200
186
308
263
38
53
257
210
169
46
34
28
120
422
531
519
468
485
110
144
159
173
201
228
177
201
121
Week ending:
Sept. 18
Sept. 25
Oct. 2
Oct. 9
Oct. 16
Oct. 23
Oct. 30
944
1,100
935
1,003
985
598
703
261
333
241
198
272
63
46
109
167
131
158
142
59
116
448
523
453
531
461
377
362
125
77
110
116
110
99
179
1956— Sept
Oct
Nov
Dec
-213
-195
-154
-37
-204
-192
-214
-93
-297
-246
-193
-204
380
358
393
344
1957—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
117
-126
-316
-505
-444
-508
-383
-471
-467
-172
-249
-242
-263
-367
-486
-452
-400
-433
369
299
280
269
192
210
278
244
335
-407
-474
-405
-462
-412
-334
-316
438
419
182
370
Oct. 23
Oct. 30
13
Borrowings at Federal
Reserve Banks:
115,504
13,075
102.429
98,749
45,576
22 ,955
4 ,178
18 ,777
20 ,101
3 ,647
6,018
1,221
4,798
5,253
1,321
45 ,037
6 ,294
38 ,743
37 ,948
18 ,364
41,494
1,383
40,111
35,447
22,245
Week ending:
1957_Sept. 18
Sept. 25
Oct. 2
Oct. 9
Oct. 16
6,515
55
104
1 ,948
4,408
Oct. 23
Oct. 30
Preliminary.
Averages of daily closing figures for reserves and borrowings and of
daily opening figures for other items, inasmuch as reserves required are
based
on deposits at opening of business.
2
Weekly figures of required, excess, and free reserves of all member
Week ending:
1957_Sept. 18
Sept. 25
Oct. 2
Oct. 9
Oct. 16
Free reserves:2
September 1956
Gross demand deposits:
Total
Interbank
Other
Net demand deposits 3 . . .
Time deposits
Demand balances due
from domestic banks..
New
York
Reserve
city
banks
Excess reserves:2
Total reserves held:
Week ending:
1957_Sept. 18
Sept. 25
Oct. 2
Oct. 9
Oct. 16
Oct. 23
Central reserve
city banks
302
329
4
-320
-553
-587
-437
P-49\
P-32
^-340
-90
-40
-123
-101
-300
-104
- 185
-181
-289
-254
-248
-333
-235
-188
-269
-52
-36
-114
-140
- 85
-40
-53
-253
-210
- 165
- 48
-28
-26
-115
-103
-165
-129
-157
-140
-56
-114
H26
banks
and of country banks are estimates.
3
Demand deposits subject to reserve requirements, i. e., gross demand
deposits minus cash items reported as in process of collection and demand
balances
due from domestic banks.
4
Free reserves are excess reserves less borrowings.
1238
DISCOUNT RATES
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Discounts for and advances to member banks
Advances secured by Government
obligations and discounts of and
advances secured by eligible paper
(Sees. 13 and 13a)i
Federal Reserve Bank
Rate on
Oct. 31
In effect
beginning—
Boston
New York. . .
Philadelphia..
Cleveland
Richmond. . .
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Previous
rate
Other secured advances
[Sec. 10(b)]
Rate on
Oct. 31
In effect
beginning—
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
13,1957
23,1957
9, 1957
23,1957
19,1957
13,1957
9, 1957
21,1957
9, 1957
9, 1957
13,1957
15,1957
1
Rates shown also apply to advances secured by obligations of Federal
intermediate credit banks maturing within 6 months.
NOTE.—Maximum maturities. Discounts for and advances to member
banks: 90 days for discounts and advances under Sections 13 and 13a of
the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6
Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)
13,
23,
9,
23,
19,
13,
9,
21,
9,
9,
13,
15,
Previous
rate
In effect
beginning—
Rate on
Oct. 31
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
1957
1957
1957
1957
1957
1957
1957
1957
1957
1957
1957
1957
13,1957
23,1957
9, 1957
23,1957
19,1957
13,1957
9, 1957
21,1957
9, 1957
9, 1957
13,1957
15,1957
MEMBER BANK RESERVE REQUIREMENTS
[Per cent per annum]
[Per cent of deposits]
1930—Feb.
Mar.
May
June
Dec.
1931—May
Oct.
Oct.
1932—Feb.
June
1933—Mar.
Apr.
May
Oct.
1934—Feb.
1937—Aug.
7
14
2
20
24
8
9
16
26
24
3
7
26
20
2
27
Rate
4
A
f
%
i*
I*
21/2
.a
Date effective
1942—Oct.
1946—Apr.
1948—Jan.
Aug.
1950—Aug.
1953—Jan.
1954_Feb.
Apr.
1955_Apr.
Aug.
Sept.
Nov.
1956—Apr.
Aug.
1957—Aug.
VA
IS
i*
214
P
3i/i
31/2
1
Under Sees. 13 and 13a, as described in table above.
2
Preferential rate for advances secured by Govt. securities maturing
or callable in 1 year or less in effect during the period Oct. 30, 1942Apr. 24, 1946. The rate of 1 per cent was continued for discounts of and
advances secured by eligible paper.
NOTE. Repurchase rate on U. S. Govt. securities. In 1955, 1956, and
1957 this rate was the same as the discount rate except in the following
periods (rates in percentages): 1955—May 4-6, 1.65; Aug. 4, 1.85; Sept.
1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; and 1956—Aug. 24-29, 2.75;
1957—Aug. 22, 3.50.
MARGIN REQUIREMENTS 1
[Per cent of market value]
Feb. 20, Jan. 4,
Effec1953tive
1955Jan. 4, Apr. 22, Apr. 23,
1955
1955
1955
50
50
60
60
70
70
50
60
70
Regulations T and U limit the amount of credit that may be extended
on a security by prescribing a maximum loan value, which is a specified
percentage of its market value at the time of extension; margin requirements are the difference between the market value (100%) and the maximum loan value. Changes on Feb. 20, 1953, and Jan. 4, 1955, were
effective after the close of business on those dates.
Reserve
city
banks
Country
banks
1917—June 21
13
10
1936—Aug. 16
1937—Mar. 1
May 1
191/2
2234
26
15
171/2
20
IOI/2
1214
14
1938—Apr. 16
2234
171/2
12
1941_Nov.
1942—Aug.
Sept.
Oct.
26
24
22
20
20
7
4
4
Time deposits
Central
reserve
and
reserve
city
banks
h
Country
banks
?•
5
5
14
6
6
22
16
7i/2
71/2
15
14
13
12
7
6
5
7
6
22i/ 2
22
21
20
191/2
19
I8I/2
18
1951—Jan. 11, 1 6 * . . . .
Jan. 25, Feb. 1*.
23
24
19
20
13
14
6
6
1953—July
5
5
5
5
~i
3
6
3
6
1
20
14
3
1948—Feb. 27
June 11
Sept. 1 6 , 2 4 * . . . .
22
24
26
1949_May
June
Aug.
Aug.
Aug.
Sept.
24
1,5*
30, July 1*.
1, 11*
16, 1 8 * . . . .
25
1
1,9*
22
19
13
1954_june 16,24*....
July 29, Aug. 1*.
21
20
12
In effect Nov. 1, 1957. .
20
00
1
Central
reserve
city
banks
00
Regulation T :
For extensions of credit by brokers and
dealers on listed securities
For short sales
Regulation U :
For loans by banks on stocks
Effective date
of change
i»
In effect Nov. 1, 1957....
Prescribed in accordance with
Securities Exchange Act of 1934
Net demand deposits i
Rate
30
25
12
13
21
16
5
16
15
5
9
18
13
24
23
k
4
4
4
4
414
months and 9 months, respectively, and advances secured by obligations
of Federal intermediate credit banks maturing within 6 months are
limited to maximum maturities of 15 days; 4 months for advances under
Section 10(b). Advances to individuals, partnerships, or corporations
under the last paragraph of Section 13: 90 days.
FEDERAL RESERVE BANK OF NEW YORK DISCOUNT RATES 1
Date effective
Previous
rate
12
Present statutory
quirements :
Minimum
Maximum
13
26
10
20
14
5
re-
1 Demand deposits subject to reserve requirements which, beginning
Aug. 23, 1935, have been total demand deposits minus cash items in
process of collection and demand balances due from domestic banks (also
minus war loan and Series E bond accounts during the period Apr. 13,
1943-June 30, 1947).
* First-of-month or midmonth dates are changes at country banks, and
other dates (usually Thursdays) are at central reserve city or reserve city
banks.
FEDERAL RESERVE BANKS
1239
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday
Item
End of month
1957
1957
Oct. 30
Oct. 23
Oct. 16
Oct. 9
Oct. 2
1956
Sept.
Oct.
Oct.
Gold certificate account.
Redemption fund for F. R. notes..
21,146,390 21,136,392 21,126,394 21,106,393 21,113,394 21,158,390 21,099,393 20,367,391
846,337
848,788
852,178
852,269
846,337
842,030
843,243
855,745
Total gold certificate reserves.
21,992,727 21,985,180 21,978,572 21,958,662 21,955,424 22,004,727 21,942,636 21,223,136
F. R. notes of other Banks
Other cash
Discounts and 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
Other
Notes
Bonds
412,015
378,488
410,373
376,017
375,400
369,366
377,507
367,275
416,507
388,853
404,164
377,764
406,650
394,732
331,460
358,965
780,588
6,502
570
15,894
639,120
6,502
597
15,890
582,910
6,502
601
16,388
677,653
6,502
611
16,873
667,115
6,502
599
16,878
782,843
6,502
560
16,488
389,042
6,502
603
16,301
538,346
438 473
492,873
523,973
576,973
576,973
482,673
576,973
800,020
867
19,040
870
19,933 612 19,933,6ii 19,933,612 19,933,612 19,933,612 19,933,612 19,933,612 10 932,699
153,913
801,750
2,801,750 2,801,750 2,801,750 2,801,750 2,801,750
3,259,335 23,312,335 23, 312,335 23. 218,035 23. 312,335 23,688,382
23,173 835 23,228 235 23
53,000
148,300
148,200
79,000
120,000 . . !
61, 300
Total bought outright
Held under repurchase agreement.
Total U. S. Government securities.
23,235,135 23,228,235 23,312,335 3,460,635 23,460,535 23,338,035 23,312,335 23,767,382
Total loans and securities
24,038,689 23,890,344 23,918,736 24,162,274 24,151,629 24,144,428 23,724,783 24,326,505
Due from foreign banks.
Uncollected cash items..
Bank premises
Other assets
12
4,777
82
204
Total assets.
22
12
12
22
12
12
5,114,853 6,225,840 4,493,131 5,019,205 4,814,622 4,194,225
82,
82,147
82,654
82,010
",702
82,440
82,355
143,794
139,363
174,062
159,505
207,023
189,,837
51,887,077 52,049,318 53,124,428 51,600,721 52,157,581 52,035,394 50,884,421 51,390,734
Liabilities
Federal Reserve notes
Deposits:
Member bank reserves
U. S. Treasurer—general account.
Foreign
Other
26,783,064 26,790,985 26,866,350 26,852,721 26,820,025 26,834,017 26,829,330 26,567,092
18,765,793 18,833
484
457,990
301
391,172
258
230,593
Total deposits.
18,827,944 18,691,915 18 ,869,599 18,916,511 18,398,622 18,667,677
428,684
494,781
504,020
552,095
543;
447,879
337,393
275,140
336,766
377,607
367,452
326!
261,151
296,869
253,468
256,426
259,582
261;
19,845,548 19,877,998 19,958,655 19,786,169 19,944,512 20,102,639 19,425,850 19,734,467
3,914,702 3,999
19
19,712
Deferred availability cash items
Other liabilities and accrued dividends.
Total liabilities
4,933.
is;
3,608,532
20,366
,055,709 3,752,675 3,296,627 3,840,981
20,545
20,292
17,487
18,451
50,563,026 50,688,399 51,776,808 50,267,788 50,838,697 50,709,623 49,569,294 50,163,085
Capital Accounts
Capital paid in
Surplus (Section 7 ) . . .
Surplus (Section 13b).
Other capital accounts
340,914
747,593
27,543
208,001
Total liabilities and capital accounts.
Ratio of gold certificate reserves to deposit and F. R.
note liabilities combined (per cent)
Contingent liability on acceptances purchased for
foreign correspondents
Industrial loan commitments
340,470
747,593
27,543
245,313
340,327
747,593
27,543
232,157
338,497
747,593
27,543
205,251
338,703
747,593
27,543
219,094
Over 10 years
..
320,370
693,612
27,543
186,124
47.2
47 A
46.9
47.1
46.9
46.9
47.4
45.8
69,802
1,130
69,722
1,085
71,333
746
68,007
966
69,423
1,166
65,946
1,323
52,694
2,236
673,617
663,748
9,869
789 ,345
779 ,775
395,544
385,575
9,669
538,346
534,694
3,652
36
570
60
272
87
151
645, 622
639 P 6
6, 496
589 ,412
597
60
?99
87
151
15, 890
6, 010
9 , 880
601
60
?94
96
151
16 ,388
5 ,598
10 790
?3
,335
J
91 000
8 343 538
1? 088 540
680 635
750 375
1,358 ,247
15,894
5,428
10,466
^3 ,235,135 T\ ,228,
59, 550
112,850
8 ,244,488 8 790 888
P ,088,540 P ,088, S40
680, 635
680,635
750 375
750,375
1 ,358,247 1 ,358, 247
1
Holdings under repurchase agreements are classified as maturing
within 15 days in accordance with maximum maturity of the agreements.
338,418
747,593
27,543
201,573
69,502
1,156
787,090
777 393
9,661
.
340,912
747,593
27,543
209,723
51,887,077 52,049,318 53,124,428 51,600,721 52,157,581 52,035,394 50,884,421 51,390,734
Maturity Distribution of Loans and U. S. Government Securities
Discounts and advances total
Within 15 days
...
16 days to 90 days
91 days to 1 year
Industrial loans—total
.
Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
Acceptances—total
Within 15 days
16 days to 90 days
\J S. Government securities—total.
Within 15 days
16 days to 90 days
91 days to 1 year
22
,750,928
71,821
327,897
684 155
674 538
580 183
9
9,
617
611
69
87
16?
16 873
4,
1? 59?
11,
j460, 635
157 100
8 4? 5 738
P ,088, 540
680 63S
750 375
1 ,358, 247
1
9
570
300
560
603
867
599
69
1
69
69
753
244
65
281
512
128
87
87
151
162
289
162
16 488
16,878
16,301
19,910
5 0?6
4,278
6,612
4,369
12,509
11 467
12,023
13,298
71 ,460,535 ? 3 , 338 035 ?3 ,312,335 ?3 ,767,382
14? 050
95,200
220,020
247,400
8 ,335,338 8, 788 688 8 ,339,338 6 ,579,699
1? ,088,540 P 118 040 1? ,088,540 14 ,165,913
680 63S
680,635
373,279
680,635
750 375
750,375
750,375 1 ,013,614
1 ,358,247 1, 358 ,247 1 ,358,247 1 ,414,857
1240
FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON OCTOBER 31, 195
[In thousands of dollars]
Item
New
York
Boston
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
San
Francisco
St.
Louis
Minneapolis
Kansas
City
Dallas
777,821 2,518,961
Assets
Gold certificate account
1,010,800 5,818,087 1,134,130 1,879,890 1,350,911
Redemption fund for F. R.
77,489
notes
54,785
175,856
58,042
75,797
784,958 3,808,988
876,967
378,589
818,288
148,378
41,725
22,287
41,876
Total gold certificate reserves 1,065,585 5,993,943 1,192,172 1,955,687 1,428,400
832,456 3,957,366
918,692
400,876
9,445
19,789
17,476
10,723
9,4511
11,673
22,120
16,445
29,631
48,609
26,300
241
21,425
156
26
96,128
28,290
723
7,300
728
960,182
501,045
996,820
909,892 2,643,698
1,376,824 2,083,911 1,514,862 1,295,043 4,237,174 986,723
522,652
1,093,195
938,905 2,651,726
()
134,130
5,087
4,462
()
1
229,751 456,425
10,909
6,054
8,736 23,028
F. R. notes of other Banks..
Other cash
39,646
24,746
78,875
80,039
51,068
23,408
29,684
28,323
25,838
25,278
47,498
63,834
28,476
27,096
60,255
Discounts and advances:
Secured by U. S. Govt.
30,510
92,125 183,520
securities
40,680
190,900
20,830
43,900
882
923
Other
377
455
293
1,827
585
301
233
Industrial loans
Acceptances:
Bought outright
,
16,488
Held under repurchase
agreement
U. S. Govt. securities:
1,266,451 5,806,389 1,355,306 2,039,426 ,483,470 1,202,625 4,052,731
Bought outright
Held under repurchase
120,000
agreement
Total loans and securities. ..
1,307,809
Due from foreign b a n k s . . . .
Uncollected cash items
Bank premises
Other assets
1
Total assets.
383,336
5,050
11,369
6,135,604
1
1
1
891,199 283,490 460,496 367,749
10,626
4,558
7,093
9,554
50,482
11,653
13,173
18,367
i 3
1
345,331
6,198
10,695
2
832,533
6,749
38,002
()
194,631
5,846
8,349
26,781
75,823
860,164 j 804,602 2,594,784
235,551
4,930;
8,707
2,837,542 13,240,771 2,943,174 4,586,023 3,382,394 2,582,034 9,159,177 2,143,475 1,095,406 2,223,671 2,026,614
5,815,113
Liabilities
F. R. notes
1,579,472 6,308,454 1,677,949 2,549,550 2,164,385 1,253,360 5,232,172 1,197,945 457,215 1,058,589 715,744 2,639,182
Deposits:
Member bank reserves
815,993 5,526,080 883,199 1,481,432 783,724 924,813 2,982,001 695,408 454,743 861,659 990,478 2,516,981
U. S. Treasurer—general
56,629
38,432
34,351
37,574
35,930
83,249
29,466
account
43,039
31,132
28,183
89,002
45,108
42,448
9,096
14,402
19,708
Foreign
19,329
17,055
53,818
34,110
14,023
21,982 3 105,106 26,530
1,140
l,510|
2,846
33,408
10,131
1,920
6,820
Other
2,637
979
2,327
444
192,264
Total deposits
881,458 5,912,452 950,992 1,561,629 843,264 979,718 3,125,888 739,941 494,445 916,003 1,047,383 2,649,466
Deferred availability cash
items
Other liabilities and accrued
dividends
Total liabilities
298,590
648,092
221,282
354,065
303,636
286,191
606,862
153,618
109,966
195,563
195,859
378,951
870
5,714
952
2,602
897
1,028
3,299
705
575
875
778
1,997
2,760,390 12,874,712 2,851,175 4,467,846 3,312,182 2,520,297 8,968,221 2,092,209 ,062,201 2,171,030 ,959,764 5,669,596
Capital Accounts
Capital paid in
Surplus (Sec. 7)
Surplus (Sec. 13 b)
Other capital accounts.
17,254
43,948
3,011
12,939
101,419
208,002
7,319
49,319
21,190
52,301
4,489
14,019
32,170
66,393
1,006
18,608
15,504
37,594
3,349
13,765
16,316
33,179
762
11,480
46,030
110,421
1,429
33,076
11,481
29,331
521
9,933
7,357
18,520
1,073
6,255
13,654
27,983
1,137
9,867
18,905
37,508
1,307
9,130
39,632
82,413
2,140
21,332
Total liabilities and capital
accounts
2,837,542 13,240,771 2,943,174 4,586,023 3,382,394 2,582,034 9,159,177 2,143,475 1,095,406 2,223,671 2,026,614 5,815,113
Ratio of gold certificate reserves to deposit and F. R.
note liabilities combined
(per cent)
43.3
49.0
45.3
47.6
47.5
37.3
47.3
47.4
42.1
43.6
45.6
Contingent liability on acceptances purchased for
foreign correspondents
4,031
4 19,453
4,865
6,255
3,544
3,127
9,869
2,572
1,668
2,641
3,614
Industrial loan commitments.
1
46
108
After deducting $9,000 participations of other Federal Reserve Banks.
2 Less than $500.
3 After deducting $272,501,000 participations of other Federal Reserve
Banks.
72
49.
7,784
940
4
After deducting $49,970,000 participations of other Federal Reserve
Banks.
1241
FEDERAL RESERVE BANKS
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS
[In thousands of dollars]
FEDERAL RESERVE BANKS COMBINED
Wednesday
End of month
1957
Oct. 30
F. R. notes outstanding (issued to Bank).
Collateral held against notes outstanding:
Gold certificate account
Eligible paper
U. S. Government securities
Oct. 23
Oct. 16
1956
1957
Oct. 9
Oct. 2
Sept.
Oct.
Oct.
27,778,978 27,809,996 27,817,464 27,800,861 27,804,310 27,797,515 27,830,771 27,543,767
12,028,000 12,028,000 12,028,000 11,978,000 11,978,000 12,028,000 11,978,000 11,568,000
109,942
83,799
128,333
83,642
85,712
137,258
120,773
16,995,000 16,995,000 16,995,000 16,995,000 16,995^000 16,995,000 16,995,000 17,135,000
Total collateral
29,151,333 29,143,773 29,106,642 29,058,712 29,092,222 29,160,258 29,082,942 28,786,799
EACH FEDERAL RESERVE BANK ON OCTOBER 31, 1957
Item
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
San
Francisco
Dallas
F. R. notes outstanding
(issued to Bank)
1,649,805 6,524,647 1,753,524 2,624,203 2!, 223,145 ,308,843 5,340,913 1,252,356 515,981 1,086,452 761,123 2,756,523
Collateral held:
Gold certificate acct.. 580,000 3,170,000 640,000 1,130,000 945,000 400,000 2 ,500,000 450,000 130,000 300, 000 283,000 1,500,000
Eligible paper
14,830
26,300
96,128
128
, ' " 525,000 i,' 5oo!666
U. S. Govt. securities. 1,150,000 3,600,000 1,200,000 1,550,000 1,350,000 1,000,000 3,000,000 875,"""
000 425 ,'666 8 2 0 000
Total collateral
,730,000 6,770,000 1,854,830 2,680,000 2,295,000 1,400,000 5,500,000 1,351,300 555,000 1,216,128 808,000 3,000,000
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
LOANS GUARANTEED UNDER REGULATION V*
[Amounts in thousands of dollars]
[Amounts in millions of dollars]
Applications
approved
to date
End of
year or
month
1951
1952
1953
1954
1955
Number
Amount
3,736
3,753
3,765
3,771
3,778
710,931
766,492
803,429
818,224
826,853
3,781
3,781
3,781
3,782
3,782
3,782
3,782
3,782
3,782
3,783
3,784
3,784
3,785
ParticiCommit- ofpations
financproved
Loans
ments
ing instibut not
outouttutions
com- 1 standing 2 standing
pleted
(amount) (amount)
out(amount)
standing 3
(amount)
End of
year or
month
4,687
3,921
1,900
719
702
6,036
3,210
3,569
1,148
2,293
11,985
3,289
3,469
1,027
1,103
1951
1952
1953
1954
1955
831,409
831,882
832,071
832,550
938
867
801
794
2,416
2,236
2,175
2,365
1,262
1,179
1,098
1,129
Sept
Oct
Nov
Dec
833,045
833,692
834,051
834,668
835,264
835,766
836,636
837,410
838,714
822
758
772
780
774
742
608
628
620
2,315
2 014
1,987
1,955
1,794
1,780
1,795
1,815
1,323
1,126
1,017
1,012
991
948
919
812
816
684
Jan
Feb
Mar
Apr
3,513
1,638
1,951
520
305
1956
Sept
Oct
Nov
Dec
Amount
Total
amount
Portion
guaranteed
854
,159
1,294
1,367
1,411
1,395
2,124
2,358
2,500
2,575
675
979
805
472
294
547
803
666
368
226
473
586
364
273
170
[,456
,459
,464
,468
2,737
2,743
2,756
2,761
369
364
375
389
276
272
280
289
145
145
141
125
1,475
[,481
,482
1,485
1,488
1,493
,496
,497
,498
2,823
2,829
2,842
2,850
2,862
2,867
2,878
2,880
2,882
401
398
408
402
407
412
'412
390
395
298
296
304
300
305
307
'307
292
295
120
128
127
133
130
126
'123
146
138
Loans
outstanding
1956
1957
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Number
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
Loans
authorized
to date
1957
80
155
80
760
1 Includes applications approved conditionally by the Federal Reserve
Banks
and under consideration by applicant.
2
Includes industrial loans past due 3 months or more, which are not
included in industrial loans outstanding in weekly statement of condition
of Federal Reserve Banks.
3 Not covered by Federal Reserve Bank commitment to purchase or
discount.
NOTE.—The difference between amount of applications approved and
the sum of the following four columns represents repayments of advances,
and applications for loans and commitments withdrawn or expired.
June
July
Aug
Sept
r
1
Revised.
Loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act
of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing
agencies in these transactions, and the procedure is governed by Regulation V of the Board of Governors.
NOTE.—The difference between guaranteed loans authorized and sum
of loans outstanding and additional amounts available to borrowers
under guarantee agreements outstanding represents amounts repaid,
guarantees authorized but not completed, and authorizations expired or
withdrawn.
1242
BANK DEBITS
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1
FEES AND RATES ON LOANS GUARANTEED
UNDER REGULATION V*
[In effect Oct. 31. Per cent per annum]
[In effect Oct. 31]
To industrial or
commercial
businesses
Fees Payable to Guaranteeing Agency by Financing
Institution on Guaranteed Portion of Loan
To financing institutions
On discounts or
purchases
Federal
Reserve
Bank
On
loans 2
On
commit- Portion
Rements for which maininstituing
tion is
porobligated tion
Percentage of
loan guaranteed
On
commitments
Guarantee fee
(percentage of
interest payable
by borrower)
Percentage of
any commitment
fee charged
borrower
10
15
20
25
30
35
40-50
10
15
20
25
30
35
40-50
70 or less
75
80
85
90
Boston
New Y o r k . . .
Philadelphia. .
Cleveland
Richmond...
Atlanta
Chicago
St. L o u i s . . . .
Minneapolis. .
Kansas City..
Dallas
San Francisco
4-6
414-6
3^-6
4-6
4-6
334-6
W2-6
4-6
4-6
4-6
4-6
4-6
95
Over 95
"It
Maximum Rates Financing Institution May Charge Borrower
[Per cent per annum]
()
3^-6
(4)
4-6
Interest rate
Commitment rate.
1
Rates on industrial loans, discounts or purchases of loans, and commitments under Sec. 13b of the Federal Reserve Act. Maturities not
exceeding five years.
23 Including loans made in participation with financing institutions.
Rate charged borrower less commitment rate.
4
Rate charged borrower. 5 Rate charged borrower but not to exceed
1 per cent above the discount rate.
6 Twenty-five per cent of loan rate. Charge of Vi per cent per annum
is made on undisbursed
portion.
7 Charge of l/4 per cent per annum is made on undisbursed portion.
1
Schedule of fees and rates established by the Board of Governors on
loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act
of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing
agencies in these transactions, and the procedure is governed by Regulation V of the Board of Governors.
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits to demand deposits accounts,
except interbank and
U. S. Government accounts
Year or month
1956 Aug
Sept
Oct
Nov
Dec
1957_Jan
Feb .
Mar
Apr
May , .
June
July
AUK
Sept
Oct
.
337 other
reporting
centers 2
New
York
City
446 224
509 340
544 367
597,815
632 801
738,925
766 890
815 856
260 897
298 564
336 885
349,904
385 831
390,066
431 651
462 859
499 172
572,208
661 302
695,133
740,436
758,375
845,007
921,928
27.9
31.1
31.9
34.4
36.7
42.3
42.7
45.8
20.9
22.6
24.0
24.1
25.6
25.8
27.3
28.8
15.9
17.2
18.4
18.4
18.9
19.2
20.4
21.8
183 819
167 154
193,140
185,223
201,876
67 279
61 223
70 794
66,989
77,495
38 206
34 057
40,148
39,425
40,912
78,333
71,874
82,198
78,810
83,469
44.4
44.8
45.2
48.3
51.8
27.4
27.4
28.4
31.0
29.9
204,514
177 536
197,231
192,701
197 257
193,349
200,559
190,539
189,297
204,168
76,460
67 035
74,786
72,328
71 780
74,512
74,509
68,409
70,953
77,431
42,596
36,886
42,113
40,182
42 128
39,942
41,711
40,194
39,095
41,761
85,457
73,615
80,332
80,192
83,349
78,895
84,339
81,936
79,249
84,976
48.3
48.9
48.7
46.9
47.1
51.4
49.5
44.7
52.2
49.9
30.0
30.2
32.0
30.3
30.5
30.4
30.6
28.5
31.4
^29.6
r
P Preliminary.
Revised.
1 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los
Angeles.
337 other
6
other
reporting
centers * centers 2
6
other
centers 1
1 206 293
1 380 112
1 542 554
1 642,853
1 759 069
1,887,366
2 043 548
2 200 643
..
Without seasonal adjustment
New
York
City
Total, all
reporting
centers
1949
1950
1951
1952
1953
1954
1955
1956
Annual rate of turnover of demand deposits except
interbank and U. S. Government deposits
Seasonally adjusted 3
New
York
City
6
other
centers 1
337 other
reporting
centers 2
21.3
22.0
22.1
23.6
23.3
51.3
43.7
46.6
48.8
45.8
29.9
27.7
29.3
30.5
28.6
22.7
21 7
22,1
22.4
22.1
22 9
23.0
22.5
'22.1
23.2
23.1
r
23.6
22.1
24.1
48.1
50.2
47.5
47.6
48.3
47.6
50.8
51.7
50.9
51.4
30.6
31.0
29.2
29.4
31.0
29.8
31.2
31.1
31.7
^30.5
22.7
23.1
22.6
r
22.8
23.7
23.1
*"24.0
23.5
23.7
^22.8
*>22.8
2 338 centers prior to April 1955.
3
These data are compiled by the Federal Reserve Bank of New York.
NOTE.—For description see BULLETIN for April 1953, pp. 355-357.
1243
CURRENCY
DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION
[On basis of compilation by United States Treasury. In millions of dollars]
Total
in circulation 1
Total
1939
1941
1945
1947
1950
1951
1952
1953
1954
1955
7,598
11,160
28,515
28,868
27,741
29,206
30,433
30,781
30,509
31,158
5,553
8,120
20,683
20,020
19,305
20,530
21,450
21,636
21,374
22,021
1956—Sept....
Oct
Nov....
Dec....
30,768
30,839
31,424
31,790
1957—Jan
Feb
Mar....
Apr....
May...
June...
July....
Aug.. . .
Sept
30,614
30,575
30,585
30,519
30,836
31,082
30.933
31,133
31,073
End of year or
month
Coin and small denomination currency
$5
$10
$20
Total
$50
$100
$500
$1,000
36
44
73
65
64
67
71
72
71
75
1,019
1,355
2,313
2,110
2,049
2,120
2,143
2,119
2,098
2,151
1,772
2,731
6,782
6,275
5,998
6,329
6,561
6,565
6,450
6,617
1,576
2.545
9.201
9.119
8,529
9,177
9,696
9,819
9,665
9,940
2,048
3,044
7.834
8,850
8,438
8,678
8,985
9,146
9,136
9,136
460
724
2,327
2,548
2,422
2,544
2,669
2,732
2,720
2,736
919
1.433
4,220
5,070
5.043
5.207
5,447
5,581
5,612
5,641
191
261
454
428
368
355
343
333
321
307
425
556
801
782
588
556
512
486
464
438
20
24
7
5
4
4
4
4
3
3
32
46
24
17
12
12
10
11
15
12
,283
,296
,324
,369
74
74
76
78
2,085
2,080
2,144
2,196
6,549 9,866
6,538 9,893
6,715 10,100
6,734 10,194
8,934
8,962
9,050
9,192
2,673
2,679
2,713
2,771
5,541
5,572
5,626
5,704
293
291
291
292
411
409
409
407
3
3
3
3
13
8
8
14
,276
,269
.270
.276
,301
.302
,292
,296
,312
76
75
75
75
76
77
77
78
78
2,065
2,058
2,063
2,055
2,093
2,102
2,069
2,085
2,084
6,427 9,763
6,450 9,756
6,473 9,758
6,425 9,737
6,554 9,852
6,615 9,985
6,520 9,979
6,581 10,055
6,533 10,013
9,017
8,974
8,946
8,931
8,931
8,958
8,946
8,977
8,984
2,701
2.689
2,679
2,674
2,679
2,696
2,695
2,701
2,696
5,613
586
5,573
5,566
5,564
5,575
5,570
5,596
5,611
289
287
286
285
284
283
281
280
279
402
400
397
395
393
391
388
388
386
3
3
3
3
3
3
3
4
4
8
8
8
8
8
10
8
$12
$2
590
751
,274
,404
,554
,654
,750
,812
,834
,927
559
695
,039
,048
,113
,182
,228
,249
,256
,312
21,834
21,877
22,374
22,598
,977
,995
2,016
2,027
21,597
21,601
21,639
21,588
21 905
22.123
21,987
22,155
22,088
,990
,993
2,000
2,020
2,029
2,042
2,050
2,060
2,069
Coin
Large denomination currency
1
Outside Treasury and Federal Reserve Banks. Prior to December
1955 the totals shown as in circulation were less than totals of coin and
$5,000 $10,000
paper currency shown by denomination by amounts of unassorted currency
(not shown separately.)
2
Paper currency only; $1 silver coins reported under coin.
KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION
[On basis of compilation by United States Treasury.
In millions of dollars]
Held in the Treasury
Kind of currency
Gold
Gold certificates
Federal Reserve notes
Treasury currency—total
Standard silver dollars
Silver bullion
Silver certificates and Treasury notes of 1890
Subsidiary silver coin
Minor coin
United States notes .
Federal Reserve Bank notes
National bank notes
Total—Sept. 30, 1957
Aug. 31, 1957
Sept 30 1956
1
Total outstanding As security
Sept. 30,
Treasury
against
1957
gold and
cash
silver
certificates
22,635
21,975
27.831
5,124
21,975
2660
12,405
69
44
488
2,211
2 405
1 394
492
347
131
62
193
2,211
1
24,380
24 380
23,648
?
19,i27
30
8
3
3
Outside Treasury and Federal Reserve Banks. Includes any paper
currency held outside the continental limits of the United States. Totals
for other end-of-month dates are shown in table above; totals for Wednesday dates, in table on p. 1236.
2 Includes $156,039,431 held as reserve against United States notes
and Treasury notes of 1890.
3
To avoid duplication, amount of silver dollars and bullion held as
security against silver certificates and Treasury notes of 1890 outstanding
is not included in total Treasury currency outstanding.
4 Less than $500,000.
5 Because some of the types of currency shown are held as collateral or
reserves against other types, a grand total of all types has no special
significance and is not shown. See note for explanation of duplications.
NOTE.—There are maintained in the Treasury—(1) as a reserve for
United States notes and Treasury notes of 1890—$156,039,431 in gold
bullion; (2) as security for Treasury notes of 1890—an equal dollar amount
in standard silver dollars (these notes are being canceled and retired on
For
F. R.
Banks
and
agents
773
752
771
Sept. 30,
1957
2,816
1,408
395
26,354
4,686
32
7
258
295
2 110
1,330
480
317
129
61
55
9
27
1
19,127
19 123
18,381
Currency in circulation1
Held by
F. R.
Banks
and
agents
4,618
4 516
4,522
31,073
Aug. 31,
1957
Sept. 30,
1956
32"
26.420
4^81
26,107
4,628
33
257
242
1,325
478
319
130
61
2 131
1,274
461
313
143
64
31,133
30,768
receipt); (3) as security for outstanding silver certificates—silver in bullion
and standard silver dollars of a monetary value equal to the face amount
of such silver certificates; and (4) as security for gold certificates—gold
bullion of a value at the legal standard equal to the face amount of
such gold certificates. Federal Reserve notes are obligations of the
United States and 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
and 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 25 per cent against its Federal Reserve notes in actual circulation. Gold certificates deposited with Federal Reserve agents as collateral, and 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 and national bank
notes are in process of retirement.
1244
ALL BANKS
CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1
[Figures partly estimated except on call dates.
In millions of dollars]
Liabilities
and Capital
Assets
Other
securities
Total
assets,
net—
Total
liabilities
and
capital,
net
Total
deposits
and
currency
Capital
and
misc.
accounts,
net
Bank credit
Date
Gold
Treasury
currency
outstanding
U. S. Government obligations
Total
Commercial
and
savings
banks
Federal
Reserve
Banks
Other
5,741
10,328
23,105
29,049
128,417
107,086
96,560
100,008
104,819
96,736
90,511
5,499
8,199
19,417
25,511
101,288
81,199
72,894
72,740
77,728
70,052
64,917
216
1,998
2,484
2,254
24,262
22,559
20,778
24,697
24,932
24,785
23,758
26
131
1,204
1,284
2,867
3,328
2,888
2,571
2,159
,899
,836
11,819
9,863
9,302
8,999
8,577
10,723
14,741
17,374
20,439
20,670
20,632
64,698
48,465
75,171
90,637
191,785
188,148
199,009
220,865
237,686
244,135
243,394
55,776
42,029
68,359
82,811
180,806
175,348
184,384
204,220
218,882
224,943
223,585
8,922
6,436
6,812
7,826
10,979
12,800
14,624
16,647
18,806
19,193
19,807
Loans,
net
Total
1929—June
1933—June
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1952—Dec.
1954—Dec.
1955—Dec.
1956—June
29.,
30.
30.,
31.,
31.,
31.
30.,
31.,
31.
31.
30.
4,037
4,031
17,644
22,737
20,065
22,754
22,706
23,187
21,713
21,690
21,799
2,019
2,286
2,963
3,247
4,339
4,562
4,636
4,812
4,985
5,008
5,032
58,642 41,082
21,957
42,148
54,564 22,157
26,605
64,653
30,387
167,381
160,832 43,023
60,366
171,667
192,866 75,484
85,730
210,988
217,437 100,031
216,563 105,420
1956—Sept.
Oct.
Nov.
Dec.
26.
31.
28.
31.
21,900
21,900
21,900
21,949
5,000
5,100
5,100
5,066
218,000
218,900
220,800
223,742
106,700
107,300
108,200
110,120
90,500
91,000
92,200
93,161
65,200
65,500
66,200
66,523
23,600
23,800
24,300
24,915
,800
,800
,700
,723
20,800
20,500
20,400
20,461
244,900
245,800
247,800
250,757
224,000
224,800
227,000
230,510
20,900
21,000
20,700
20,246
22,300
22,300
22,300
22,300
22,600
22,620
22,600
22,600
22,600
22,600
5,100
5,100
5,100
5,100
5,100
5,106
5,100
5,100
5,100
5,100
219,300
218,100
219,000
221,700
221,600
221,454
222,200
222,700
223,200
223,600
108,000
108,200
109,600
110,400
110,700
110,938
113,000
112,200
112,700
113,400
90,800
89,400
88,500
90,200
89,600
89,114
87,800
89,000
88,900
88,400
65,700
64,800
63,800
65,400
65,000
64,548
63,400
64,100
64,000
63,700
23,400
22,900
23,100
23,200
23,000
23,016
22,900
23,400
23,300
23,200
,700
,700
,700
,600
,600
,550
,600
,500
,500
,500
20,400
20,600
20,900
21,100
21,400
21,402
21,400
21,400
21,600
21,800
246,600
245,500
246,400
249,200
249,400
249,180
249,900
250,400
250,900
251,300
226,400
225,100
225,400
228,200
228,200
227,576
229,100
229,300
229,000
229,500
20,300
20,500
20.900
20,900
21,200
21,605
20,900
21,100
21,900
21,900
1957—Jan. 30.
Feb. 27.
Mar. 27.
Apr. 24rr ,
May 29 ,
June 6.
June 26?
July 31**
Aug. 28^
Sept. 25*>
Details of Deposits and Currency
Deposits adjusted and currency
U. S. Govt. balances
Date
1929—June
1933—June
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1952—Dec.
1954_Dec.
1955—Dec.
1956—June
Foreign
bank
deposits,
net
29...
30...
30...
31...
31...
31...
30...
31...
31...
31...
30...
365
50
1,217
1,498
2,141
682
518
2,501
3,329
3,167
3,115
1956—Sept. 26...
Oct. 31..,
Nov. 28...
Dec. 31...
3,200
3,100
3,400
3,306
1957—Jan.
Feb.
Mar.
Apr.
May
June
June
July
Aug.
Sept.
3,100
3,100
3,100
3,200
3,200
3,247
3,400
3,300
3,200
3,300
30...
27...
27...
24'..
29 r..
6...
26^ r
31^'
28 vr
25*"
At
Treas- comury
At
mercial
cash
F. R.
and
Banks
hold- savings
ings
banks
Time deposits
Total
Total
Demand
Com- Mutual Postal
demercial savings3 Savings posits 4
banks banks System
Currency
outside
banks
Total
demand
deposits
adjusted
and
currency
Demand
deposits
adjusted
Currency
outside
banks
204
381
264
852
2,409
846
2,215
1,895
2,287 24,608
1,336
1,452
1,293
2,989
1,270
5,259
796 4,510
767 4,038
768 5,537
36
35
634
867
977
870
668
389
563
394
522
54,790
40,828
63,254
76,336
150,793
170,008
176,916
194,801
209,684
216,577
213,643
28,611
21,656
27,059
27,729
48,452
56,411
59,247
65,799
75,282
78,378
80,615
19,557
10,849
15,258
15,884
30,135
35,249
36,314
40,666
46,844
48,359
49,698
8,905
9,621
10,523
10,532
15,385
17,746
20,009
22,586
26,302
28,129
29,152
149
1,186
1,278
1,313
2,932
3,416
2,923
2,547
2,136
1,890
1,765
22,540
14,411
29,793
38,992
75,851
87,121
92,272
101,508
106,550
109,914
104,744
3,639
4,761
6,401
9,615
26,490
26,476
25,398
27,494
27,852
28,285
28,284
111,100 85,200 25 ,900
114,300 89,800 24 ,500
124,700 97,800 26 ,900
129,700 102,800 26 ,900
133,200 105,800 27 ,400
134,300 106,700 27 ,600
800
800
800
775
5,400
3,800
5,200
4,038
600
500
500
441
214,100
216,600
217,200
221,950
81,300
81,500
80,900
82,224
50,100
50,200
49,600
50,577
29,500
29,600
29,600
30,000
1,700
1,700
1,700
1,647
105,400
"",400
107
108 ,300
111,391
27,400
27,700
28,000
28,335
133,500
134,200
134,700
134,400
106,100
106,700
107,000
106,700
800
800
800
800
800
792
800
800
800
800
1,900
2,800
3,800
4,400
5,300
3,625
4,800
3,700
4,400
3,900
600
300
500
300
500
473
500
500
500
600
219,900
218,000
217,200
219,600
218,400
219,439
219,700
221,000
220,000
220,900
82,900
83,600
84,600
84,900
85,700
85,715
86,400
86,700
87,100
87,700
51,200
51,800
52,600
52,900
53,600
53,605
54,000
54,400
54,700
55,100
30,100
30,200
30,400
30,400
30,600
30,647
30,900
30,900
31,000
31,200
1,600
1,600
1,600
1,500
1,500
1,463
1,500
1,400
1,400
1,400
109,500 27,400
134,100
134,500
134,700
135,000
134,600
(5)
135,200
136,000
134,700
133,900
106,500 27 ,600
106,900 27 ,600
107,000 27 ,700
107,300 27 ,700
106,600 28 ,000
(5)
(5)
107,300 27 ,900
108,000 28 ,000
106,800 27 ,900
106,200 27 ,700
p
r
Preliminary.
Revised.
1
Represents all commercial and savings banks, Federal Reserve Banks,
Postal Savings System, and Treasury currency funds (the gold account,
Treasury
currency account, and Exchange Stabilization Fund).
2
Excludes interbank time deposits; U. S. Treasurer's time deposits,
open
account;
and deposits of Postal Savings System in banks.
3
Prior to June 30, 1947, includes a small amount of demand deposits.
4
Demand deposits other than interbank and U. S. Govt., less cash
items reported as in process of collection.
5 Seasonally adjusted series begin in 1947 and are available only for
last Wednesday of the month. For back figures, see BULLETIN for July
1957, pp. 828-829.
Seasonally adjusted series 5
2
107
107,000 27,400
105,200
107,300
104,800
105,706
105,600
106,600
105,100
105,500
27,400
27,400
27,900
28,018
27,800
27,800
27,800
27,800
27 ,400
27 ,500
27 ,700
27 ,700
NOTE.—For description of statement and back figures, see BULLETIN
for January 1948, pp. 24-32. 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 other securities and
in capital and miscellaneous accounts, net, and balances of the Postal
Savings System and the Exchange Stabilization Fund with the U. S.
Treasury are netted against capital and miscellaneous accounts, net,
instead of against U. S. Govt. deposits and Treasury cash. Total deposits
and currency shown in the monthly Chart Book excludes foreign bank deposits, net, and Treasury cash. Except on call dates, figures are rounded
to nearest $100 million and may not add to the totals.
1245
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES*
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Loans and investments
Class of bank
and date
Total
Loans
U. S.
Govt.
obligations
Other
securities
Total
assets—
Total
liaCash
assets2 bilities
and
capital
accounts3
Deposits
Other
Total 2
Interbank2
U.S.
Govt.
All banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31*
1950—Dec. 30
1955—Dec. 31
1956—June 30
Sept. 26
Dec. 31
1957—Mar. 27
Apr. 24'r
May 29
June 6 r
June 26^
July 312""
Aug. 2%vrr
Sept. 25*>
50,884 22,165 19,417 9,302 23,292 77,068 68,242 9,874
61,126 26,615 25,511 8,999 27,344 90,908 81,816 10,982
140,227 30,362 101,288 8,577 35,415 177,332 165,612 14,065
134,924 43,002 81,199 10,723 38,388 175,091 161,865 13,033
148,021 60,386 72,894 14,741 41,086 191,317 175,296 14,039
190,780 100,057 70,052 20,670 47,803 242,008 220,441 16,646
191,074
64,917 20,632 43,361 238,133 215,510 15,242
074 105,525
105
193,660 107,720 65,160 20,780 42,530 240,080 215,210 15,070
197,063 110,079 66,523 20,461 49,641 250,770 227,546 17,595
195,440 110,800 63,750 20,890 41,550 241,130 215,900 14,480
197,810 111,260 65,410 21,140 42,050 244,110 218,930 14,450
197,980 111,620 65,010 21,350 41,570 243,790 218,010 13,700
197,465
,515 64,548 21,402 40,834 242,647 216,986 14,423
198,600 113,810 63,360 21,430 42,250 245,050 219,790 14,380
198,530 112,960 64,140 21,430 42,840 245,740 220,640 14,950
199,250 113,590 64,040 21,620 42,080 245,850 219,700 14,370
199,820 114,260 63,720 21,840 42,040 246,370 220,150 14,800
AH commercial banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947_Dec. 3H
1950—Dec. 30
1955—Dec. 31
1956—June 30
Sept. 26
Dec. 31
1957—Mar. 27 r
Apr. 24 r
May 29
June 6 r
June 26*>
July 31*"-r
Aug. 28*>
Sept. 25^ *
40,668
50,746
124,019
116,284
126,675
160,881
160,008
162,030
165,123
162.860
165,120
165,070
164,515
165,600
165,380
165,900
166,320
17,238
21,714
26,083
38,057
52,249
82,601
86,887
88,480
90,302
90,630
90,990
91,180
91,028
93,280
92,340
92,840
93,400
16,316
21,808
90,606
69,221
62,027
61,592
56,620
56,950
58,552
55,740
57,460
57,070
56,642
55,500
56,280
56,170
55,870
7,114
7,225
7,331
9,006
12,399
16,688
16,502
16,600
16,269
16,490
16,670
16,820
16,845
16,820
16,760
16,890
17,050
22,474
26,551
34,806
37,502
40,289
46,838
42,444
41,700
48,720
40,700
41,260
40,770
39,995
41,380
42,040
41,320
41,260
65,216
79,104
160,312
155,377
168.932
210,734
205,712
207,160
217,460
207,230
210,160
209,600
208,393
210,710
211,310
211,250
211,590
57,718
71,283
150,227
144,103
155,265
192,254
186,326
185,690
197,515
185,440
188,460
187,370
186,308
188,880
189,710
188,680
188,930
9,874
10,982
14,065
13,032
14,039
16,643
15,239
15,070
17,593
14,480
14,450
13,700
14,421
14,380
14,950
14,370
14,800
All member banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947_Dec. 31
1950—Dec. 30
1955—Dec. 31
1956—June 30
Sept. 26
Dec. 31
1957—Mar. 27
Apr. 24
May 29
June 6
June 26P
July 31*
Aug. 28^
Sept. 25^
33.941
43,521
107,183
97,846
107.424
135,360
134,428
136,154
138,768
136,869
138,562
138,307
137,808
138,848
138,573
139,010
139,315
13,962
18,021
22,775
32,628
44,705
70,982
74,783
76,305
78,034
78,318
78,558
78,590
78,448
80,529
79,621
80,103
80,608
14,328
19,539
78,338
57,914
52,365
50,697
46,226
46,354
47,575
45,205
46,536
46,159
45,829
44,808
45.490
45,334
45,007
5,651
5,961
6,070
7,304
10,355
13,680
13,419
13,49'
13,159
13,346
13,468
13,558
13,531
13,511
13,462
13,573
13,700
19,78:
23,123
29,845
32,845
35,524
41,416
37,536
36,817
42,906
35,823
36,360
36,074
35,270
36,660
37,137
36,594
36,399
55,361
68,121
138,304
132,060
144,660
179,414
174,820
175,' ""
184,874
175,949
178,277
177,720
176,507
178,816
179,151
179,188
179,283
49,340
61,717
129,670
122,528
133,089
163,757
158,388
157,615
167,906
157,270
159,677
158,655
157,593
160,116
160,652
159,767
159,759
9,410
10,525
13,640
12,403
13,448
15,865
14,508
14,361
16,855
13,859
13,803
13,067
13,736
13,704
14,236
13,681
14,095
10,216
10,379
16,208
18,641
21,346
29,898
31,066
31,630
31,940
32,580
32,690
32,910
32,950
33,000
33,150
33,350
33,500
4,92'
4,901
4,279
4,944
8,137
17,456
18,639
19,240
19.777
20,170
20,270
20,440
20,487
20,530
20,620
20,750
20,860
3,101
3,704
10,682
11,978
10,868
8,460
8,297
8,210
7,971
8,010
7,950
7,940
7,906
7,860
7,860
7,870
7,850
2,188
1,774
1,246
1,718
2,342
3,982
4,130
4,180
4,192
4,400
4,470
4,530
4,557
4,610
4,670
4,730
4,790
818
793
609
886
79'
965
917
830
920
850
790
800
839
870
800
760
780
11,85
11,804
17,020
19,714
22,385
31,274
32,421
32,920
33.311
33,900
33,950
34,190
34,254
34,340
34,430
34,600
34,780
10,524
10,533
15,385
17,763
20,031
28,187
29,184
29,520
30,032
30,460
30,470
30,640
30,678
30,910
30,930
31,020
31,220
All mutual savings banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947_Dec. 3H
1950—Dec. 30
1955—Dec. 31
1956—June 30
Sept. 26
Dec. 31
1957_Mar. 27
Apr. 24
May 29
June 6
June 26*
July 31*>
Aug. 28^
Sept. 25?
r
P Preliminary.
Revised.
i All banks in the United States. All banks comprise all commercial
banks and all mutual savings banks. All commercial banks comprise all
nonmember commercial banks and all member banks (including (1) one
bank in Alaska and one in the Virgin Islands that became members on
Apr. 15, 1954, and May 31, 1957, respectively, and (2) a noninsured nondeposit trust company, but excluding three mutual savings banks that
became members in 1941). Stock savings banks and nondeposit trust
companies are included with commercial banks. Number of banks includes a few noninsured banks for which asset and liability data are not
Demand
Time
Total
capital
accounts
Number
of
banks
Other
32,516
44,355
105,935
1,346 94,381
2,809 101,936
3,712 123,239
5,235 115,850
5,110 115,140
3,736 125,308
3,510 114,550
4,050 116,720
5,040 114,770
3,320 114,659
4,490 115,690
3,390 116,690
4,130 115,150
3,580 115,160
25,852
26,479
45,613
53,105
56,513
76,844
79,182
79,890
80,908
83,360
83,710
84,500
84,584
85,230
85,610
86,050
86,610
8,194
8,414
10,542
11,948
13,837
18,112
18,811
19,210
19,249
19,520
19,590
19,710
19,879
19,760
20,000
20,140
20,210
15,035
14,826
14,553
14,714
14,650
14,243
14,206
14,206
14,167
14,160
14,154
14,145
14,144
14,138
14,135
14,133
14,128
32,513
44,349
105.921
1,343 94,367
2,806 101,917
3,709 123,187
5,232 115,824
5,110 115,110
3,733 125,282
3,510 114,520
4,050 116,690
5,040 114,740
3,318 114,633
4,490 115,660
3,390 116,660
4,130 115,120
3,580 115,130
15,331
15,952
30,241
35,360
36,503
48,715
50,030
50,400
50,908
52,930
53,270
53,890
53,937
54,350
54,710
55,060
55,420
6,885
7,173
8,950
10,059
11.590
is;300
15,927
16,280
16,302
16,520
16,580
16,680
16,837
16,750
16,970
17,090
17,140
14,484
14,278
14.011
14,181
14.121
13,716
13,679
13,679
13,640
13,633
13,628
13,619
13,619
13,613
13,610
13,608
13,603
11,699
12,347
24,210
28,340
29,336
39,165
40,171
40,477
40,909
42,557
42,781
43,301
43,313
43,653
43,901
44,184
44,478
5,522
5,886
7,589
8,464
9,695
12,783
13,293
13,570
13.655
131825
13,863
13,947
14,058
14,004
14,210
14,300
14,341
6,362
6,619
6,884
6,923
6,873
6,543
6,499
6,488
6,462
6,454
6,450
6,445
6,445
6,438
6,430
6,427
6,421
10,521
10,527
15,371
17,745
20,009
28,129
29,152
29,490
30,001
30,430
30,440
30,610
30,647
30,880
30,900
30,990
31,190
1,309
1,241
l,59f
1,889
2,247
2,81"
2,885
2,930
2,94^
3,000
3,010
3,030
3,042
3,010
3.030
3,050
3,070
551
548
542
533
529
527
527
527
527
527
526
526
525
525
525
525
525
743
1,709
22,179
1,176
2,523
3,327
4,806
4,538
3,292
3,183
3,582
4,514
2,932
4,086
3,090
3,715
3,189
8
(5)
27,489
37,136
69,640
80,609
87,783
105,400
98,904
98,239
106,850
97,671
99,511
97,773
97,612
98,673
99,425
98,187
97,997
available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and
the reserve classifications of cities and individual banks, and by mergers.
etc.2
Beginning June 30, 1942, excludes reciprocal balances, which on
Dec. 31, 1942, aggregated $513 million at all member banks and $525
million
at all insured commercial banks.
3
Includes other assets and liabilities not shown separately.
For other notes see following two pages.
1246
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES1—Continued
[Figures partly estimated except on call dates.
Amounts in millions of dollars]
Loans and investments
Class of bank
and date
Total
Central reserve city
member banks:
New York City:
1939—Dec 30
1941 Dec 31
1945 Dec 31
1947—Dec. 31
1950 Dec 30
1955—Dec 31
1956 June 30
Sept 26
Dec. 31
1957 Mar 27
Apr 24
May 29
June 6
June 26*
July 31*
Aug. 28*
Sept. 25*.
Chicago:
1939—Dec
1941—Dec.
1945 Dec
1947—Dec.
1950 Dec
1955—Dec
1956—June
Sept
Dec.
1957—Mar.
Apr
May
June
June
July
Aug.
Sept
. . . .
30
31
31
31
30
31
30
26
31
27
24
29
6
26*
31*
28*
25*
9,339
12,896
26,143
20,393
20,612
23,583
23,270
23,422
23,809
23,592
23,562
23,279
23,293
23,686
23,182
23,252
23,258
Loans
U.S.
Govt.
obligations
Deposits
Other
secu-
Total
assets—
Total
liabilities
and
capital
accounts 3
Cash
assets2
Other
Total 2
Interbank 2
Demand
Total
capital
accounts
Number
of
banks
Time
U. S.
Govt.
Other
3,296 A,112
4,072
7,265
7,334 17,574
7,179 11,972
9,729 8,993
14,640 6,796
15,373 6,011
15,804 5,650
6,057
15,987
16,366 5,357
16 176 5,586
15,907
5,706
15,895
5,738
16,776 5,270
16,006 5,476
16,191
5,298
16,216 5,254
1,272
1,559
1,235
1,242
1,890
2,148
1,885
1,968
1,765
1,869
1,800
1,666
1,660
1,640
1,700
1,763
1,788
6,703
6,637
6,439
7,261
7,922
8,948
7,753
7,196
8,629
7,207
7,137
7,300
6,692
7,384
7.470
7,701
6,984
16,413
19,862
32,887
27,982
28,954
33,228
31,801
31,457
33,381
31,772
31,701
31,556
30,993
32,053
31,685
32,144
31,403
14 507
17,932
30,121
25,216
25,646
29,378
27,775
26,703
29,149
27,056
26,907
26,914
26,322
27,565
26,981
27,070
26,182
4 238
4,207
4,657
4 464
4,638
5 600
5,327
5 105
5,987
5,013
5 001
4,962
5 033
5 158
5,233
4,945
5,108
74
866
6,940
267
451
756
1,166
993
747
755
686
1,032
688
938
726
737
535
9 459
12,051
17,287
19 040
18,836
20 719
18,902
18 200
19,940
18,520
18 467
18,084
17 836
18 722
18,320
18,698
17,778
736
807
1,236
1 445
1,722
2 303
2,381
2 405
2,475
2,768
2 753
2,836
2 765
2 747
2,702
2,690
2,761
1 592
1,648
2,120
2 259
2,351
2 745
2,805
2 815
2,873
2,886
2 902
2,904
2 907
2 909
3,061
3,059
3,054
36
36
37
37
23
18
18
18
18
18
18
18
18
18
18
18
18
2 105
2,760
5,931
5,088
5,569
6 542
6,336
6,251
6,473
6,444
6,303
6,249
6,266
6 293
6,234
6,289
6,261
569
954
1,333
1,801
2,083
3,342
3,572
3,571
3,772
3,685
3,758
3,776
3,789
3 893
3,862
3,915
3,937
1,203
1,430
4,213
2,890
2,911
2,506
2,088
2,061
2,113
2,165
1,933
1,876
1,884
1,847
1,825
1,823
1,783
333
376
385
397
576
695
676
618
588
594
612
597
593
553
547
551
541
1,446
1,566
1,489
1,739
2,034
2,132
1,959
1,929
2,171
1,706
1,893
1,941
1,821
1,912
1,947
1,968
1,939
3,595
4,363
7,459
6,866
7,649
8,720
8,349
8,233
8,695
8,203
8,251
8,247
8,147
8,258
8,239
8,314
8,257
3,330
4,057
7,046
6,402
7,109
8,010
7,631
7,302
7,943
7,127
7,313
7,259
7,284
7,407
7,462
7,440
7,319
888
] 035
,312
217
,229
296
,195
215
372
,212
,182
081
,184
153
279
,185
251
80
127
1,552
72
174
222
350
312
184
185
175
195
97
305
196
275
186
1 867
2,419
3,462
4 201
4,604
5 165
4,781
4 488
5 069
4,432
4,653
4 669
4,691
4 630
4 676
4,674
4,573
495
476
719
QH
1,103
I 327
I 304
I 287
[ 319
I 298
1,303
I 314
1,312
I 319
I 311
1,306
309
250
288
377
426
490
628
639
646
660
651
655
662
665
663
671
671
670
14
13
12
14
13
13
13
14
14
14
14
14
14
14
14
14
14
Reserve city member banks:
I939 Dec 30
1941—Dec 31
1945_Dec. 31
1947—Dec. 31
1950—Dec 30
1955 Dec 31
1956—June 30
Sept 26
Dec 31
1957—Mar 27
Apr 24
May 29
June 6
June 26*
July 31*
Aug 28*
Sept 25*
12,272
15 347
40,108
36,040
40,685
52 459
52,071
52,875
53 915
52,677
53 672
53,401
53,137
53,649
53,785
53 831
53,881
5,329
7,105
8,514
13,449
17,906
28 622
30,122
30,951
31 783
31,548
31 644
31,574
31,435
32,168
32,104
32,259
32,576
5,194
6,467
29,552
20,196
19,084
18 826
17,051
17,048
17 368
16,416
17,207
16,830
16,797
16,529
16,798
16,696
16,372
1,749
1,776
2,042
2,396
3,695
5,011
4,898
4,876
4,764
4,713
4,821
4,997
4,905
4,952
4,883
4,876
4,933
6,785
8,518
11,286
13,066
13,998
16,994
15,361
15,270
17,716
14,744
15,029
14,807
14,532
15,150
15,079
14,683
14,930
19,687
24,430
51,898
49,659
55,369
70,478
68,524
69,300
72,854
68,674
70,001
69,518
68,965
70,083
70,164
69,808
70,128
17,741
22,313
49,085
46,467
51,437
64,733
62,392
62,481
66,524
61,808
63,070
62,299
61,796
62,886
63,225
62,521
62,870
3,686
4 460
6,448
5,649
6 448
7 446
6 633
6,766
7 878
6,361
6 307
5,809
6,228
6,138
6 373
6 248
6,408
435
491
8,221
405
976
1 288
1,918
1,871
1 201
1.199
,312
1,716
,051
1,634
,264
,453
.274
9,004
12 557
24,655
28,990
32 366
39 835
37,324
37,260
40 647
36,922
38 029
37,153
36,874
37,276
37,671
36 820
37,103
4,616
4 806
9,760
11 423
11 647
16 164
16 517
16 584
16 797
17'326
17 422
17,621
17 642
17,838
17 917
18 000
18,085
1,828
1 967
2,566
2,844
3 322
4 641
4,902
5,001
5 076
5,121
5 120
5,168
5,182
5,195
5 199
5 242
5,260
346
351
359
353
336
292
291
290
289
285
283
282
282
282
282
282
281
Country member
1939 Dec
1941—Dec
1945—Dec.
1947 Dec
1950 Dec
1955—Dec.
1956 June
Sept
Dec.
1957 Mar
Apr
May
June
June
July
Aug
Sept
10 224
12,518
35,002
36 324
40,558
52,775
52 752
53,607
54,571
54,156
55,025
55,378
55,112
55,220
55.372
55,638
55,915
4,768
5,890
5,596
10,199
14,988
24,379
25,716
25,980
26,491
26,719
26,980
27,333
27,330
27,692
27,649
27,738
27,879
3,159
4,377
26,999
22,857
21,377
22,570
21,076
21,595
22,037
21,267
21,810
21,747
21,409
21,162
21,391
21,517
21,598
2,297
2,250
2,408
3,268
4,193
5,826
5,959
6,032
6,042
6,170
6,235
6,298
6,373
6,366
6,332
6,383
6,438
4,848
6,402
10,632
10,778
11,571
13,342
12,463
12,423
14,390
12,166
12,301
12,026
12,224
12,214
12,641
12,242
12,546
15,666
19,466
46,059
47,553
52,689
66,988
66,147
66,994
69,945
67,300
68,324
68,399
68,404
68,422
69.063
68,922
69,495
13,762
17,415
43,418
44,443
48,897
61,636
60,591
61,129
64,289
61,279
62,387
62,183
62,192
62,258
62,984
62,736
63,388
598
822
1,223
1,073
1,133
1,523
1,353
,275
,618
1,273
1,313
1,215
1,290
1.255
1,351
1,303
1,328
154
225
5,465
432
922
1,061
1,372
1,361
1,160
1,044
1,409
1,571
.097
1,209
904
1,250
1,194
7 158
10,109
24,235
28,378
31,977
39,681
37 897
38,291
41,194
31,191
38,362
37,867
38,211
38,045
38,758
37,995
38,543
5 852
6 258
12,494
14 560
14 865
19,372
19 969
20,202
20,317
21 165
21,303
21,530
21,594
21,749
21,971
22,188
22,323
1 851
1,982
2,525
2 934
3,532
4,769
4 947
5,107
5,046
5,167
5,186
5,213
5,304
5,237
5,279
5,328
5,357
5 966
6 219
6,476
6 519
6,501
6,220
6 177
6,166
6.141
6 137
6,135
6,131
6,131
6,124
6,116
6,113
6,108
banks:
30
31
31
31
30
31
30
26
31
27
24
29
6
26*
31*
28*
25*
....
4 Beginning with Dec. 31, 1947, the all-bank series was revised as announced in November 1947 by the Federal bank supervisory agencies.
At that time a net of 115 noninsured nonmember commercial banks
with total loans and investments of about $110 million was added, and
8 banks with total loans and investments of $34 million were transferred
from noninsured mutual savings to nonmember commercial banks.
5 Less than $5 million,
For other notes see preceding and opposite pages.
1247
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i
Continued
[Amounts in millions of dollars]
Loans and investments
Class of bank
and date
All insured commercial banks:
1941_Dec. 31
1945—Dec. 31
1947—Dec. 31
1955—Dec. 31
1956—June 30
Dec. 31
1957—June 6
Total
Loans
U. S.
Govt.
obligations
Other
securities
Total
assets—
Total
liabilities
and
capital
accounts 3
Cash
assets2
Deposits
Other
Total 2
Interbank 2
Demand
U. S.
Govt.
Total
capital
accounts
Number
of
banks
Time
Other
49,290
121,809
114,274
159,164
158,344
163.601
163,025
21,259
25,765
37,583
82,081
86.374
89.831
90,571
21,046
88,912
67,941
60,765
55,835
57.837
55,973
6,984
7,131
8,750
16,318
16,136
15.933
16,481
25,788
34,292
36,926
46,480
42,126
48.352
39,713
76,820
157,544
152,733
208,608
203.676
215.514
206,567
69,411
147,775
141,851
190,512
184,680
195.953
184,860
10,654 1,762
13,883 23,740
12,670 1,325
16,273 3,697
14,862 5,221
17.282 3.717
14,095 3,310
41,298
80.276
92,975
122,149
114.892
124.346
113,812
15,699
29,876
34,882
48,393
49,705
50.608
53,643
6,844
8,671
9,734
14,980
15,600
15.988
16,525
13,426
13,297
13.398
13,216
13,208
13.195
13,189
National member banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1955—Dec. 31
1956—June 30
Dec. 31
1957—June 6
27,571
69,312
65,280
86,152
85.455
88.477
87,910
11,725
13,925
21,428
43,428
45,860
48.109
48,415
12,039
51,250
38,674
33.579
30,555
31.568
30,345
3,806
4,137
5,178
9,144
9,040
8,800
9,150
14,977
20,114
22,024
25,697
23,545
27.006
22,525
43,433
90,220
88,182
113,412
110,703
117,345
112,460
39,458
84,939
82,023
103,903
100,826
107.161
100,989
6,786 1.088
9,229 14,013
8,410
795
9,317 2,063
8.404 2,929
9^844 2.074
7,963 1,782
23,262
45,473
53,541
65,840
62.123
67 434
61,737
8,322
16,224
19,278
26,683
27,370
27.810
29,506
3,640
4,644
5,409
7,915
8,232
8.450
8,722
5,117
5,017
5,005
4,692
4,667
4,651
4,647
State member banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1955—Dec. 31
1956—June 30
Dec. 31
1957—June 6
15,950
37,871
32,566
49,208
48,973
50.291
49,898
6,295
8,850
11,200
27,554
28,923
29.924
30,034
7,500
27,089
19,240
17,118
15,671
16,007
15,483
2,155 8,145
1,933 9,731
2,125 10,822
4,536 15,719
4,379 13.992
4.359 15.900
4,381 12,745
24, <
48,084
43,879
66,002
64,117
67.530
64,047
22,259
44,730
40,505
59,854
57,563
60.744
56,605
3,739
4,411
3,993
6,549
6,104
7.012
5,773
621
8,166
381
1,264
1.877
1.218
1,150
13,874
24,168
27,068
39.559
36,781
39.416
35,874
4,025
7,986
9,062
12,482
12,801
13,098
13,807
2,246
2,945
3,055
4,868
5,061
5.205
5,337
1,502
1,867
1,918
1,851
1,832
1,811
1,798
Insured nonmember
commercial banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1955—Dec. 31
1956—June 30
Dec. 31
1957—June 6
5,776
14,639
16,444
23,829
23.942
24:859
25,243
3,241
2,992
4,958
11,108
11,600
11,808
12,134
1,509
10,584
10.039
10,081
9,621
10.274
10,156
1,025
1,063
1,448
2,640
2,720
2.777
2,953
2,668
4,448
4,083
5.067
4,592
5.448
4,446
8,708
19,256
20,691
29,220
28,884
30.667
30,(
7,702
18,119
19,340
26,779
26,316
28.073
27,292
129
244
266
408
355
427
359
53
1,560
149
370
415
425
378
4,162 3,360
10,635 5,680
12,366 6,558
16,749 9,252
15.988 9,558
17.407 9 724
16,200 10,355
959
1,083
1,271
2,199
2.309
2.336
2,469
6,810
6,416
6,478
6.677
6,713
6.737
6,748
1,457
2,211
2,009
1,716
1,664
1.521
1,490
455
318
474
520
513
471
457
761
1,693
1.280
827
785
714
669
241
200
255
370
365
336
364
763
514
576
357
318
369
282
2,283
2,768
2,643
2,126
2,036
1.946
1,825
1,872
2,452
2,251
1,742
1,646
1.562
1,448
329
181
363
370
377
310
326
253
365
478
322
326
300
294
329
279
325
320
326
313
312
852
714
783
499
470
444
429
All nonmember commercial
banks:
1941—Dec. 31
1945_Dec. 31
1947—Dec. 314
1955—Dec. 31
1956—June 30
Dec. 31
1957—June 6
7,233
16,849
18,454
25,546
25,605
26.381
26,733
3,696
3,310
5,432
11,628
12,114
12.279
12,591
2,270
12,277
11,318
10,908
10,406
10.989
10,825
1,266
1,262
1,703
3,010
3,085
3,113
3,317
3,431
4,962
4,659
5,424
4,909
5.817
4,728
10.992
22.024
23,334
31,347
30,920
32.613
31,913
9,573
20,571
21,591
28,522
27,962
29.635
28,740
457
425
629
778
732
737
685
5,504
3,613
14,101
6,045
167 13,758 7,036
382 17,788 9,574
426 16,920 9,884
440 18.433 10,024
17,021 10,649
385
1,288
1,362
1,596
2,519
2,636
2.649
2,781
662
130
261
7,176
183
181
7,177
Insured mutual savings banks:
1941_Dec. 31
1945—Dec. 31
1947_Dec. 31
1955—Dec. 31
1956—June 30
Dec. 31
1957—June 6
1,693
10,846
12,683
22,331
23,168
24.170
25,185
642
3,081
3,560
13,563
14.514
15,542
16,228
629
7,160
8,165
5,858
5,636
5.518
5,505
421
606
958
2,910
3,018
3,110
3,452
151
429
675
785
739
739
672
1,958
11,424
13,499
23,458
24.271
25.282
26,241
1,789
10,363
12,207
21,237
21,959
22.886
23,578
1,789
10,351
12,192
21,182
21,930
22,857
23,549
164
1,034
1,252
2,006
2,061
2,130
2,240
52
192
194
220
220
223
234
8,687
5,361
5,957
7,567
7,f~~
7,770
7,765
4,259
1,198
1,384
3,893
4,125
4,235
4,259
3.075
3; 522
3,813
2,601
2,661
2.453
2,401
1,353
641
760
1,072
1,112
1.082
1,105
642
180
211
180
178
182
167
9,846
5,596
6,215
7,816
8,150
8.028
8,013
8,744
5,022
5,556
6,950
7,225
7,146
7,100
8,738
5,020
5,553
6,947
7,222
7.143
7,098
1,077
558
637
806
824
817
802
496
350
339
307
307
304
291
Noninsured nonmember
commercial banks:
1941—Dec. 31
1945—Dec. 31
1947_Dec. 31 4 . . .
1955—Dec. 31
1956—June 30
Dec. 31
1957—June 6
Noninsured mutual savings
banks:
1941_Dec. 31
1945—Dec. 31
1947—Dec. 314
1955—Dec. 31
1956—June 30
Dec. 31
1957—June 6
For other notes see preceding two pages.
1,291
1,905
1,392
18
1,039
12
932
11
936
16
821
12
2
3
2
3
2
12
49
24
23
26
NOTE.—For revisions in series prior to June 30, 1947, see BULLETIN
for July 1947, pp. 870-871.
1248
COMMERCIAL BANKS
LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1
[In millions of dollars]
Loans 2
Class of bank
and
call date
Total
loans
and
invest- Total 2
ments
All commercial
banks:3
1947_Dec. 31
1955—Dec. 3 1 . . . .
1956—June 3 0 . . . .
Dec. 3 1 . . . .
1957—June 6 . . . .
116,284
160,881
160,008
165,123
164,515
All insured commercial banks:
1041 Dec 31
1945_Dec. 3 1 . . . .
1947_Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—June 30
Dec. 3 1 . . . .
1957—June 6 . . . .
49 290 21 259
121^809 25i765
114,274 37,583
159,164 82,081
158,344 86,374
163,601 89,831
163,025 90,571
Member banks,
total:
1Q41
Dec
31
X • " M.
L / v v < fell * i « i
1945—Dec. 3 1 . . . .
1947_Dec. 3 1 . . . .
1955_Dec. 3 1 . . . .
1956—June 3 0 . . . .
Dec. 3 1 . . . .
1957—June 6 . . . .
43 521
107]183
97,846
135,360
134,428
138,768
137,808
38,057
82,601
86,887
90,302
91,028
18 021
22\775
32,628
70,982
74,783
78,034
78,448
Loans for
purchasing
or carrying
securities
Commercial,
elud- Agriculing
To
open tural brok- To
marers othket
and ers
padealper
ers
18,167 1,660
33,245 4,475
36,111 4,254
38,720 4,161
39,020 4,077
12,896 4,072 2,807
1947—Dec.
1955—Dec.
1956_june
Dec.
1957
June
X _• <J 1
J U11V
20,393
23,583
23,270
23,809
23,293
7,179
14,640
15,373
15,987
15,895
5,361
9,126
10,191
11,266
11,344
2,760
954
732
760
31....
31....
30....
31....
6VS • • • •
8
Chicago:*
1941—Dec. 3 1 . . . .
1945_Dec. 3 1 . . . .
1947 Dec. 3 1 . . . .
1955 Dec. 3 1 . . . .
1956 June 30
Dec. 31
1957 June 6
2.193
4,219
2,817
5,924
4,761
7.789
2,318
1,247
1,997
3,665
6,034
14,034
12,727
11,823
10,070
53,191
41,010
39,815
38,796
38,137
662
4 773
4,677
9,266
20,692
21,671
22,394
22,427
4 5 45
2,361 1,181
5,654 1,028
17,104 3,091
18,284 3,259
18,765 3,325
19,421 3,599
28 031
96,043
76.691
77,083
71,971
73,770
72,454
21 046 988
88,912 2,455
67.941 2,124
60;765 4,105
55,835 2,751
57,837 5,763
55,973 4,658
19,071
7,552
2,292
1,228
1,981
3,610
3,159
16,045
5,918
13,856
12,552
11,722
9,967
12 797 4 102 3 651
51,321
22 3i 873
14 5,129
52,334
10 12,465
40,502
13 12,694
39,290
13 12,675
38,358
8 13,095
37,730
598
3 494
3,455
7,130
16,391
17,172
17,811
17,768
3 692
1,900 1,104
4,662 952
14,313 2,943
15,330 3,087
15,765 3,147
16,229 3,399
25 500 19 539 971
84,408 78,338 2,275
65,218 57.914 1,987
64,377 50,097 3,250
59,645 46,226 2,013
60,734 47,575 4,383
59,360 45,829 3,439
169
267
511
494
402
389
123
80
111
577
609
617
567
52
233
87
99
96
97
96
22
36
46
128
133
134
135
149
316
384
439
430
2,453 1,172
545
2,144
1 1,691
1 1,409
1 1,152
5,088
6,542
6,336
6,473
6,266
1 801
3,342
3 572
3,772
3,789
1,418
2 390
2,663
2,781
2,859
banks:
31....
31....
31....
31
30....
31....
6....
15 347
40,108
36,040
52,459
52,071
53,915
53,137
7,105
8,514
13,449
28,622
30,122
31,783
31,435
3,456
3,661
7,088
13,212
13,978
15,170
14,919
300
205
225
566
520
489
495
194
114
427 1,503
484
170
542
696
676
502
501
712
496
672
1,527
1,459
3,147
6,962
7,357
7,654
7,481
1,969
5,916
6,306
6,512
6,630
Country banks:
1941 Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947_Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—June 3 0 . . . .
Dec. 3 1 . . . .
1957—June 6 . . . .
12,518
35,002
36,324
52,775
52,752
54,571
55,112
5,890
5,596
10,199
24,379
25,716
26,491
27,330
1,676
1,484
3,096
6,290
6,892
7,080
7,378
659
648
818
2,127
2,019
1,972
1,949
20
42
23
189
223
334
312
183
471
227
255
257
261
259
1,823
1,881
3,827
8,723
9,073
9,407
9,586
1,979
6,575
7,050
7,256
7,653
All nonmember
banks: 3
1947—Dec. 3 1 . . . .
1955—Dec 3 1 . . . .
1956—June 3 0 . . . .
Dec. 3 1 . . . .
1957—June 6 . . . .
18,454
25,546
25,605
26,381
26,733
5,432
11,628
12,114
12,279
12,591
1,205
2,226
2,385
2,424
2,519
614
1,750
1,702
1,683
1,625
20
113
110
143
143
156 2,266 1.061
214 4,428 2,872
216 4,625 3,036
218 4,708 3,085
219 4,773 3,278
Reserve city
1941 Dec.
1945—Dec.
1947—Dec.
1955—Dec.
1956—June
Dec.
1957—June
48
211
73
275
170
203
172
1,430
40 4,598 4,213
26 3,287 2,890
184 3,200 2,506
187 2,764 2,088
178 2,701 2,113
184 2,477 1,884
256
133
132
111
46
112
75
"\Mi
235
68
3
42
74
8,243 6,467 295
1,5 12
855
404 31,594 29,552 1,034 6 982
373 2,358
366 22,591 20,196
657
1,180 23,837 18,826 813
279
1,265 21,949 17,051 374
441
1,289 22,132 17,368 1,185
1,300 21,702 16,797 758 1,179
1 All commercial banks in the United States. These figures exclude
data for banks in U. S. possessions except for one bank in Alaska and
one in the Virgin Islands that became members on Apr. 15, 1954, and
May 31, 1957, respectively. During 1941 three mutual savings 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
1,806
95
51
1,5 30
363
707
229
573
590
631
669
111
174
200
196
224
14 5,276 3,729
11 12,698 3,990
14 12,929 3,573
13 12,901 3,368
9 13,314 3,531
3 333
3 [258
3.621
3,853
3.442
3,258
3,386
3 007 11 729 3 832 3 090 2 871
16,985 14,271 44,792
16 3,'254 2,'815
10 4,199 3.105
5.816 4,815 45,286
9 10,444 3,236
1,738 11,508 34,192
840 10,332 33,029
12 10,557 2,862
12 10,494 2,665
1,469 9,493 32,218
8 10,768 2,763
2,798 7,952 31,632
554
1,623 3,652
8,823 7,265 311
287
298 18,809 17,574 477 *3,#433 3,325 10,337
558 9,771
640
330 13,214 11,972 1,002
564
100 1,141 5,002
1,506 1,006 8.943 6,796 552
70 1,082 4,529
1,590 1,044 7.896 6,011 325
976 4,160
194
1,558 1,049 7,822 6,057 724
781 4,052
219
1,516 1,245 7,398 5,738 685
6
2
3
15
13
17
8
5,931 1,333
tions
of
States Other
and
CertifiGuar- polit- securities
cates
anical
Bills of in- Notes Bonds teed
subdebtdiviedsions
ness
69.221
61,592
56.620
58,552
56,642
3,133 3,378
811 1,065
3,150 1,560
2,586 1,522
2,447 1,473
2,132 1,416
412
to
in- Other
loans Total
diTotal
viduals
78,226
78,280
73,122
74,821
73,487
3,606
1,190
1,742
1,704
1,669
1,613
1945_Dec. 31.... 26,143 7,334 3,044
Real
estate
loans
Obli-
Direct
1.063
3,117
3,286
3,343
3,623
9 214 1 450 614
9,461 l[314 3,164
18,012 1,610 823
33,092 4,396 3,229
35,944 4,190 2,669
38,571 4,101 2,565
38,870 4,027 2,251
New York City:*
1941—Dec. 31
Other
5,723
17,185
18,365
18,850
19,508
1,774
1,738
1,691
1,634
594
U.S. Government obligations
9.393
20,809
21,787
22,509
22,530
830 1.220
3,263
2,695
2,589
2,274
8 671 972
8^949 855
16,962 1,046
31,019 2,726
33,725 2,552
36,296 2,478
36,500 2,453
Investments
153
903
749 1,864
248 2.274
604 1,723
476 1 564
316 1,643
223 1,513
751
5,653
1,901
4,708
4,086
3,742
3,038
1,679
1
729
606
638
2 1,609
1,514
1,406
1,311
4
3
119
182
181
213
476
489
440
460
830
629
604
539
371
358
349
193
204
185
219
188
148
133
4,248 1 173
956
820
5 1,126
15,878
916
15,560
3 1,342 1,053
5 3,778 1,233
12,643
4 3,823 1,076
12,308
4 3,820
944
11,995
3 3,888 1,017
11,819
6,628
29,407
26,125
28,397
27,035
28,080
27,782
4,377
26,999
22.857
22,570
21,076
22,037
21,409
13,021
13,918
13,492
14,102
14,141
11.318 206 1,973 1,219 7,916
580 2,527 6,829
10,908 970
407 2,396 6,797
10,406 805
528 2,330 6,588
10,989 1,541
867 2,119 6,515
10,825 1,323
110
481 2 926
630 5,102 4,544 16,713
480 2,583 2,108 17.681
913 5,056 14,825
1,774
489 4,688 14,628
1,267
792 4,458 14,420
2,362
1,920 1,326 3,910 14,248
1 222
1,342
2,006
4,581
4,731
4,827
5,109
1 028
1^067
1,262
1,246
1,228
1,215
1,265
4 1,078
2 2.255
1 2,374
625
755
861
9
6
3
4
4
4
2,409
1 2,548
712
704
769
banks is affected somewhat by changes in Federal Reserve membership,
insurance status, and the reserve classifications of cities and individual
banks, and by mergers, etc.
2 Beginning June 30, 1948, figures for various loan items are shown
gross (i. e., before deduction of valuation reserves); they do not add to the
total and are not entirely comparable with prior figures. Total loans
continue to be shown net.
For other notes see opposite page.
1249
COMMERCIAL BANKS
RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1
[In millions of dollars]
Demand deposits
Time deposits
Re-
Class of bank
and
call date
BalDeserves
mand
Cash ances
with
with
deFederal in
doposits
vault mestic
Readserve
banks 5 justed 6
Banks
Interbank
deposits
Domestic5
]For-
eign
CertiIndi- Bor- CapiIndiU. S. States viduals,
States
fied
viduals,
tal
Govt. and partnerrow- acand
and
partnerU.S.
and polit- ships, ings
offiships, Intercounts
Govt. political
Postal
bank
ical
subdi- cers' and corcorSav- subdi- and
visions checks, poraings visions poraetc.
tions
tions
All commercial
banks: 3
1947_Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—June 30
Dec. 3 1 . . . .
1957—June 6
17.796
18,721
18,232
18,706
18.500
2,216
2,682
2,273
3,261
2,737
10,216
12,050
10,802
12,813
9,761
87,123
109,905
104,761
111,405
105,713
11,362 1,430 1,343 6,799
13,512 1,546 3,709 10,273
12,069 1,557 5,232 10,768
14,338 ,794 3,733 10,449
11,247 ,618 3,318 10,603
2,581
3,904
3,244
3,785
2,852
84,987
109,011
101,812
111,048
101,177
All insured commercial banks:
1941—Dec. 3 1 . . . .
1945—Dec. 31
1947—Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—June 3 0 . . . .
Dec. 3 1 . . . .
1957—June 6 . . . .
12,396
15,810
17,796
18,721
18,232
18,706
18,500
1,358
1,829
2,145
2,656
2,251
3,237
2,717
8,570
11,075
9,736
11,744
10,528
12,490
9,515
37,845
74,722
85,751
108,887
103,844
110,487
104,904
9,823
12,566
11,236
13,390
11,963
14,226
11,127
673 1,762
1,248 23,740
1,379 1,325
1,516 3,697
1,516 5,221
1,755 3,717
1,581 3,310
3,677
5,098
6,692
10,138
10,641
10,350
10,500
1,077
2,585
2,559
3,879
3,217
3,744
2,829
36,544
72,593
83,723
108,131
101,034
110,252
100,483
31
12,396 1,087
3 1 . . . . 15,811 1,438
3 1 . . . . 17,797 1,672
31
18,722 2,019
3 0 . . . . 18,234 1,686
3 1 . . . . 18,707 2,487
6 . . . . 18,501 2,065
6,246
7,117
6,270
7,612
6,787
8,124
5,931
33,754
64,184
73,528
92,435
88,139
93,320
88,912
9,714
12,333
10,978
13,002
11,627
13,818
10,799
1,243
1,375
1,511
1,510
1,749
1,568
1,709
22,179
1,176
3,327
4,806
3,292
2,932
3,066
4,240
5,504
8,075
8,496
8,211
8,371
1,009
2,450
33,061
62,950
72,704
93,687
87,404
95,163
86,624
607
866
319
237
290
302
396
286
261
1,338
1,105
1,498
1,110
1,172
72
222
350
184
97
233
237
285
299
399
294
459
34
66
63
85
98
85
80
286
611
705
240
1,585
1,613
1,460
1,556
158
70
54
1,367
1,383
1,301
1,388
111
356
332
330
331
59
103
111
356
332
330
331
866
2,340
2,493
2,384
2,712
34,383
65
46,019 159
47,205 354
48,193
75
50,893 1,446
492 15,146
496 29,277
826 33,946
2,282
2,432
2,329
2,652
45,756
46,941
47,949
50,660
10,059
15,300
15,927
16,302
16,837
10 6,844
215 8,671
61 9,734
145 14,980
337 15,600
56 15,988
1,430 16,525
Member banks,
1941—Dec.
1945—Dec.
1947—Dec.
1955—Dec.
1956—June
Dec.
1957—June
671
2,401
3,638
3,004
3,475
2,616
140
64
50
1,353
1,370
1,289
1,369
418
50
399
99
693
105
327 1,865
302 1,954
301 1,839
302 2,128
11,878
4
23,712 208
27,542
54
36,972 137
37,916 302
38,769
48
40,883 1,374
5,886
7,589
8,464
12,783
13,293
13,655
14,058
New York Citv:4
1941—Dec.
1945—Dec.
1947—Dec.
1955—Dec.
1956—June
Dec.
1957—June
31....
31
31....
31....
30....
31....
6....
5,105
4,015
4,639
4,431
4,331
4,375
4,080
93
111
151
127
94
161
143
141
78
70
111
89
99
45
10,761
15,065
16,653
16,493
15,695
15,974
15,450
3,595
3,535
3,236
3,364
3,080
3,622
2,775
1,021
1955—Dec. 3 1 . . . .
1956—June 3 0 . . . .
Dec. 3 1 . . . .
1957—June 6
1 070
U135
1,115
1,158
1,089
43
36
30
32
27
37
28
298
200
175
141
124
174
95
2,215
3,153
3 737
4^349
4,092
4,272
4,087
1,027
1,292
1 196
1^246
1,149
1,318
1,133
Reserve city
1941_Dec.
1945—Dec.
1947—Dec.
1955—Dec.
1956—June
Dec.
1957—June
banks:
31
31....
31....
31
30... ,
31....
6
4,060
6,326
7,095
7,727
7,471
7,649
7,701
425
494
562
638
542
787
653
2,590
2,174
2,125
2,515
2,201
2,656
1,825
11,117
22,372
25,714
33,757
32,203
34,046
32,549
4,302
6,307
5,497
6,903
6,078
7,298
5,648
54
491
110 8,221
131
405
303 1,288
269 1,918
286 1,201
266 1,05.1
1,144
1,763
2,282
3,048
3,120
3,092
2,911
Country banks:
1941—Dec. 31
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1955—Dec. 31
1956—June 3 0 . . . .
Dec. 3 1 . . . .
1957—June 6
2.210
4,527
4,993
5,429
5,316
5,526
5,631
526
796
929
9,661
23,595
27,424
37,836
36,149
39,028
36,827
790
1,222
1,024
1,502
1,241
3,216
4,665
3,900
4,844
4,373
5,194
3,966
1,199
1,049
1,488
1,321
1,580
1,243
2
225
8 5,465
7
432
17 1,061
15 1,372
16 1,160
18 1,097
1,370
2,004
2,647
4,425
4,581
4,538
4,740
544
663
588
774
672
3,947
4 439
4,015
4.690
3,831
13,595
17,470
16,621
18,085
16,801
385
510
442
521
448
55
36
47
45
50
1,295
2,198
2,272
2,238
2,232
Chicago:4
1941—Dec. 31
1945—Dec. 31
1947 Dec 31
X S t
1
A^*w^»
•-> i- • • •
All nonmember
banks: 3
1947 Dec 31
1955 Dec 31
1956—June 30
Dec. 31
1957—June 6
942
•
1,105 6,940
267
1,217
756
1,151
1,190 1,166
747
,400
688
1,249
8
20
21
40
36
46
35
3 Breakdowns of loan, investment, and deposit classifications are not
available prior to 1947; summary figures for earlier dates appear in the
preceding table.
4 Central reserve city banks.
5 Beginning June 30, 1942, excludes reciprocal bank balances, which on
127
1,552
167
382
426
440
385
450
914
6
11,282
17
15,712
12
17,646
18,919 1,085
17,396 1,058
965
18,482
16,660 1,009
2,152
3,160
3 853
59
35
36
36
29
20
14
72
60
44
67
9
8
9
12
10
10
12
778
1,206
1,418
2,171
2,285
2,395
2,662
195
30
1
38
2
326
476
719
902
1,648
2,120
2,259
2,745
2,805
2,873
2,907
288
377
4,283
4,690
4,152
11
10
7
16
2
6
6
5
4
11,127
22,281
26,003
35,752
33,341
36,519
33,177
104
30
22
239
286
294
314
20
38
45
106
112
114
120
243
160
332
941
4,542
9,563
11,045
15,117
1,013 15,392
935 15,748
1,089 16,432
1,967
2 2,566
1 2,844
82 4,641
179 4,902
21 5,076
681 5,182
835
8,500
21 ,.797
25.203
34,235
32,383
35,473
32,635
30
17
17
18
17
22
30
31
52
45
157
148
146
142
6,082
146
219 12,224
337 14,177
844 18,371
871 18,950
847 19,324
962 20,491
4
11
23
52
84
21
267
1,982
2,525
2,934
4,769
4,947
5,046
5,304
180
265
240
310
236
12,284
15,324
14,408
15,885
14,553
190
231
243
171
187
6
29
30
29
30
6,858
9,071
9,314
9 449
10,035
12
22
52
27
72
1.596
2,519
2^636
2',649
2,781
1,035
862
1,036
787
239
435
528
1,020
934
1,183
4J81
172
475
539
546
584
1,313
1,288
1,302
1,298
3
1
4
101
426
628
639
660
665
Dec. 31, 1942, aggregated $513 million at all member banks and $525
million at all insured commercial banks.
6 Demand deposits other than interbank and U. S. Govt., less cash items
reported as in process of collection.
For other notes see opposite page.
1250
WEEKLY REPORTING MEMBER BANKS
LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Loans 1
Month or date
Total Loans
and
Comloans investand
Loans mercial Agriinvest- ments
adculad1
justed justed i indus- tural
trial
U. J3. Government obligations
For purchasing
or carrying securities
CerOther Loans
tifisecuto
Real Other
cates
2 rities banks
estate
Total Bills of in- Notes Bonds
debtloans
edOther
ness
securities
To brokers
and dealers To others
U.S.
Govt.
obligations
Other
securities
U.S.
Govt.
obligations
TotalLeading Cities
1956
86,820 85,661 51,832 29,347
481
l,c 52
18
Sept
Oct
87 892 86 618 54 227 31,897
88,333 87,148 54,052 31,582
436
444
1 726
1,819
1,123
1,113
8,709 11,392 24,708 1 426 1 563 3 638 18 081 7 683 1 274
8,749 11,403 25,357 1,132 1,663 4,477 18,085 7 739 1,185
Sept. 4
Sept 11
Sept. 18
Sept. 25
87,836
87,760
88,230
87,745
86,281
86,581
87,052
86,558
53,864
54,115
54,597
54,332
31,616
31,843
32,163
31,967
430
1,692
1,675
1,791
1,748
1,133
1,116
1,129
1,114
8,683
8,708
8,718
8,725
11,366
11,394
11,413
11,394
24,787
24,762
24,747
24,537
1,473
1,469
1,458
1,306
1 583
1,586
1 578
1,506
3,622
3,625
3,637
3,668
18,109
18,082
18 074
18,057
7 630
7,704
7 708
7,689
1,555
1,179
1 178
1,187
Oct. 2
Oct 9
Oct. 16
Oct 23
Oct 30
89,087
88 454
88,340
87,682
88 103
87,898
87,267
87,292
86,539
86,743
54,563
54,228
54,253
53,603
53,614
31,885
31,697
31,663
31,363
31,304
446
440
440
2,021
1,921
1,922
1,589
1,642
1,118
1,118
1,116
1,111
1,106
8,727
8 729
8,759
8,769
8,758
11,427
11,383
11,411
11,385
11,411
25,654
25 324
25,346
25,270
25,191
1,197
1,061
1,120
1,128
1,156
1,732
1 673
1 668
1,639
1 600
4,559
4 484
4,450
4,460
4,4"U
18,166
18 106
18,108
18,043
18 004
7,681
7 715
7 693
7,666
7 938
1,189
1 187
1,048
1,143
1 360
23 054 22,460 15,124 10,876
1
Oct
8,830 10,881 26,024
726
863
5,515 18,9?O 7 805 1,159
1957
436
440
441
444
452
New York City
1956
Oct
74
1,198
18
412
614
2,182 5,435
103
213
921
4 198 1 901
594
116
201
867
847
9
19
364
347
558
570
2,142 5,195
2,119 5,296
380
280
178
178
1,023
768
3 869 1 78Q
3,815
806
683
653
845
840
858
9
9
9
373
362
361
548
559
562
2,145
2,149
2,139
563 2,137
5,194
5 204
5,247
5,133
368
395
422
195
188
183
735
755
786
146
795
3,896
3 866
3,856
3,857
,770
810
,794
,782
960
594
603
575
562 2,130
572 2,112
579 2,125
575 2,118
561 2,112
5,417
5,202
5,276
5,297
5,291
315
199
247
296
344
181 1,062
169 1 017
187 1,038
170 1,026
974
181
3,859
3 817
3,804
3 805
3,792
,787
819
,796
781
.844
618
622
562
590
876
788
8,216 8,699 20,589
623
650 4,594 14 722 5 904
565
750
8,151 9,250 19,513 1,046 1,385 2,870 14 212 5 894
8,179 9,284 20,061 852 1.485 3,454 14,270 5,933
591
532
1957
Sept
Oct
23 336 22 653 15,669 11,932
23,295 22,642 15,540 11,754
Sept. 4
Sept 11
Sept. 18
Sept 25
23,472
23 275
23,432
23,166
22,512
22,681
22,829
22,591
15,548
15,667
15,788
15,676
11,828
11,933
12,038
11,930
120
135
140
70
925
9
361
Oct. 2
Oct 9
Oct. 16
Oct 23
Oct. 30
23,721
23 287
23,257
22 926
23,286
23,103
22,665
22,695
22,336
22,410
15,899
15,644
15,623
15,258
15,275
11,915
11,783
11,796
11,649
11,627
254
988
20
349
215
208
136
191
913
867
735
733
19
19
18
18
349
346
344
350
335
Outside
New York City
1956
. .. 63 766 63,201 36,708 18,471
480
64,556 63,965 38,558 19,965
65,038 64,506 38,512 19,828
435
Oct
Sept. 4
Sept 11
Sept. 18
Sept. 25
64,364
64 485
64,798
64,579
63,769
63,900
64,223
63,967
38,316
38,448
38,809
38,656
Oct. 2
Oct 9
Oct 16
Oct. 23
Oct 30
65,366
65 167
65,083
64,756
64,817
64,795
64,602
64,597
64,203
64,333
38,664
38 584
38,630
38,345
38,339
Oct
680
1957
Sept
743
443
771
747
19,788
19,910
20,125
20,037
429
727
751
435
439
440
700
793
753
745
759
744
8,135
8,149
8,156
8,162
9,221
9,245
9,274
9,257
19,593 1,105 1.388 2,887
19,558 1,074
398 2 870
19,500 1,036 L 395 2,851
19,404 971 1,360 2,873
14,213
14 216
14 218
14,200
5,860
5 894
5 914
5,907
595
585
575
612
19,970
19 914
19,867
19,714
19,677
445
439
439
443
451
779
793
847
718
718
749
750
751
749
738
8,165
8,157
8,180
8,194
8,197
9,297
9,271
9,286
9,267
9,299
20,237
20,122
20,070
19,973
19,900
14,307
14 289
14 304
14,238
14,212
5,894
5 896
5 897
5 885
6,094
571
565
486
553
484
1
Exclusive of loans to banks and after deduction of valuation reserves;
individual loan items are shown gross.
2
882
862
873
832
812
Includes guaranteed obligations.
See also NOTE on opposite page.
,551 3,497
504 3 467
481 3,412
,469 3,434
1 419 3,457
1251
WEEKLY REPORTING MEMBER BANKS
RESERVES AND LIABILITIES OF BANKS IN LEADING CITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Demand deposits,
except interbank
Month or date
Time deposits,
except interbank
Reserves Cash
with
in
F. R. vault
Banks
DeIndiBalmand vidwith
deuals, States Certified
doposits part- and
U.S.
mestic ad- 1 ner- polit- a n d
ical
offibanks justed ships,
Govt.
subcers'
and
divi- checks,
corpora- sions etc.
tions
13,475
2,491 55,620 58,620 3,758 1,809 2,489 19,773
Interbank
deposits
IndiDemand
vidU.S.
uals, States
and
part- polit- Govt.
and
nerical Postal
Doships, subForand
Savdivi- ings meseign
tic
cor- sions
porations
Borrowings
Time
Capital
acFrom From counts
F. R. others
Banks
Total—
Leading Cities
1956
Oct
974
943
189 10,958 1,558 1,317
601
884 8,941
1957
13,106 1,013 2,438 54,991 58,153 3,851 1,867 1,860 21,391 1,132
999 2,395 54,864 58,010 3,732 1,938 2,439 21,589 1,122
13,291
186 10,713
181 10,694
,664 1,225
,719 1,241
657
568
4
11
18
25
12,792
965 2,444 54 ,413 57,290
13,072 1,056 2,401 55,671 59,048
13,431 1,006 2,523 55;094 58
58,789
13,128 1,025 2,388 54,788 57,485
3,932
3,802
3,784
3,887
1,884
1,818
2,031
1,735
2,203 21,319
1,020 21
21,398
2,043 21,397
2,173 21,451
1,130
1,130
1,136
1.133
185 10,645
186 10,880
187 10,973
186 10,352
,698
,685
,658
,615
1,212
1,213
1,226
1,251
Oct. 2
Oct. 9
Oct. 16
Oct. 23
13,325
953 2,385 544,015 57,159
13,168
996 2,350 544,344 56,850
13,232
59,352
977 2,554 54,774 59
13,363 1,017 2,341 55,383 58,193
13,367 1,053 2,'"
"",805 58,495
,344 55
3,872
3,650
3,581
3,702
3,857
2,094
2,049
1,774
1,704
2,070
4,008 21,494
2,757 21,574
2,087 21,612
662 21,631
1,'"*
1, 683 21,635
1,143
1,132
1,116
1,109
1,111
184 10,737
181 10,843
181 11,383
181 10,354
179 10,154
,696
,716
,745
,725
,714
346
754 2,224
67
Sept
Oct
Sept.
Sept.
Sept.
Sept.
Oct. 30
9,444
9,514
366
640
951
672
864
752
1,129
720
750
856
1,260
1,247
1,244
1,229
1,226
595
582
524
548
589
841
743
588
702
887
9,474
9,488
9,516
9,524
9,566
41 2,923 1,229 1,000
143
456 2,800
3,030
3,029
3,019
3,022
3,035
3,037
3,086
3,087
3,096
9,448
9,447
9,428
9,452
New York City
1956
Oct
4,191
145
67 15,410 16,848
4,034
4,192
15,332 16,842
15,126 16,664
261
873
299 1,022
494 2,544
811 2,590
15,196 16,560
15,648 17,110
15,368 17,040
15,118 16,659
247
230
278
289
652
275
507
540
2,502
2,554
2,541
2,577
14,833 16,500
15,007 16,275
15,021 16,790
15,231 16,654
15,540 17,100
291 1,078 1,379 2,573
261 1,166
966 2,597
294
866
688 2,593
294
831
523 2,591
359 1,169
498 2,597
1957
4
11
18
25
3,792
4,068
4,153
4,123
142
145
145
146
138
137
Oct. 2
Oct. 9
Oct. 16
Oct. 23
4,130
4,166
4,125
4,341
4,200
142
143
142
141
155
9,284
829 2,424 40,210 41,772 3,412
9,072
9,099
871 2,388 39,659 41,311 3,590
994 1,366
854 2,347 39,738 41,346 3,433
916 1,628
958 1,551
820 2,394 39,217 40,730 3,685
910 2,359 40
40,023 41,938 3,572
967
745
868 2,466 39,726 41',749 3,506 1,116 1,536
2,339 39,670 40,826 3,598
933 1,633
Sept
Oct
Sept.
Sept.
Sept.
Sept.
Oct. 3 0 . . . . .
926
851
915
802
2,854 1,375
2,868 1,419
907
914
111
49
2,829
2,796
2,925
2,865
1,405
1,406
1,367
1,320
897
899
909
923
20
68
230
127
469
385
505
429
442
500
2,936
2,845
2,972
2,794
2,791
1,403
1,414
1,448
1,424
1,407
927
920
917
905
901
73
13
105
50
3
443
356
306
400
420
148 8,035
329
317
458
428 6,141
7,859
7,826
289
300
546
519
395 6,419
367 6,446
7,816
8,084
8,048
7,487
293
279
291
295
318
327
315
314
317
328
346
572
721
545
624
291
308
356
6,418
6,418
6,409
6,430
7,801
7,998
8,411
7,560
7,363
293
302
297
301
307
333
327
327
324
325
522!
569
419
498
586
398
387
282
302
467
6,439
6,451
6,430
6,437
6,470
3,025
3,068
Outside
New York City
1956
Oct
929 1,735 17,549
876
1957
Sept
Oct
Sept.
Sept.
Sept.
Sept.
4
11
18
25
9,000
9,004
9,278
9,005
Oct. 2
Oct. 9
Oct. 16
Oct. 23
Oct. 30
9,195
9,002
9,107
9,022
9,167
811
853
835
876
2,330
2,308
2,504
2,297
2,297
39,182
39
",337
39 ,753
40 ,152
40 ,265
40,659
40,575
42,562
41,539
41,395
18,847
18,999
,053
,040
18,817
18,844
18,856
18,874
,052
,050
,056
,053
158
147
150
151
152
151
3,581 1,016 2,629 18,921
3,389
883 1,791 18,977
3,287
908 1,399 19,019
3,408
873 1,139 19,040
3,498
901 1,185 19,038
,060
,049
,037
,027
,027
149
149
149
149
147
1 Demand deposits other than interbank and U. S. Govt., less cash
items reported as in process of collection.
NOTE.—For description of revision beginning Mar. 4, 1953, see BULLETIN for April 1953, p. 357, and for figures on the revised basis beginning
Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555.
1252
COMMERCIAL LOANS; OPEN MARKET PAPER
C H A N G E S IN C O M M E R C I A L A N D I N D U S T R I A L L O A N S OF WEEKLY REPORTING M E M B E R B A N K S , BY I N D U S T R Y *
[Net decline, ( - ) .
In millions of dollars]
Manufacturing and mining
Period 2
Other
-577
-548
— 10
88
-1
-62
-41
120
-363
539
-175
32
126
-225
71
220
71
177
224
313
208
153
63
146
327
-461
469
589
704
384
27
-302
822
238
-6
1,362
-71
424
428
369
72
171
178
-386
739
-322
98
-456
148
935
291
214
-1
-539
11
3
-76
29
62
145
156
-17
89
Textiles,
apparel,
and
leather
Jan -June
July-Dec
— 505
498
55
-26
Jan.-June
July-Dec
-540
480
1956—Jan.-June
July-Dec
1957—Jan.-June
1955
1957
Aug
Sent
Oct
Week ending:
1957 Aug 7
Aug 14
Aug. 21
Aug 28
Sales
finance
companies
Petroleum,
coal,
chemical,
and
rubber
Food,
liquor,
and
tobacco
I954
Commodity
dealers
Public
utilities
(incl.
transportation)
Trade
(wholesale
and
retail)
Metals
and
metal
products 3
132
106
- 1 314
630
1 496
539
134
143
106
370
1,257
3,050
1,078
53,206
365
350
54
-66
149
176
2,124
2,719
42,243
2,459
366
513
-12
-54
1,404
1,249
4
184
-410
17
33
6
5
46
20
249
430
-439
273
384
-663
203
12
215
253
-207
71
174
125
50
— 48
-137
-138
-43
-50
I
62
-21
18
19
6
28
12
24
19
-6
-50
-14
-22
-53
25
31
14
-71
4
13
1
-6
9
10
15
-5
2
38
125
-9
-20
24
93
-94
-16
18
e
34
7
14
8
12
6
8
-24
6
36
23
-2
-15
1
—4
2
51
91
135
-94
-15
-4
-7
3
2
-33
1
-6
-19
-19
17
24
84
2
18
18
10
33
7
21
-20
-168
-124
-89
-9
Sept 4 . .
Sept. 11
Sept 18
Sept. 25
27
51
67
29
1
-21
-27
-49
19
75
-88
Oct. 2
Oct
9
Oct. 16
Oct. 23
Oct. 30
30
37
35
22
2
-7
-13
-29
-42
-45
-30
-3
7
-20
-3
1 Data for a sample of about 210 banks reporting changes in their
larger loans; these banks hold over 90 per cent of total commercial
and industrial loans of all weekly reporting member banks and nearly
70 2per cent of those of all commercial banks.
Figures for periods other than weekly are based on weekly changes.
Construction
Comm'l
and
All
ind'l
Net change—
other changes
types
all
classi- weekly
of
fied
business
reporting
banks*
82
-37
-75
20
1
6
-5
3
14
35
11
-14
15
-2
-9
69
33
13
10
12
-10
12
16
2
219
336
227
320
-194
-196
30
-57
18
-12
27
-21
7
-8
-19
4
-7
12
4
-51
-33
-39
-154
7
-216
-36
-82
-188
-34
-300
-59
<r
253
-206
3 Includes machinery and transportation equipment.
4
Prior to week ending Jan. 11, 1956, included changes in agricultural
loans.
5 Includes increase of $318 million resulting from errors disclosed
incident to survey of credit extended to real estate mortgage lenders.
COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances
Commercial and finance
company paper
End of year or month
Total
Placed
Placed directthrough
ly
dealers * (finance
paper) 2
Held by:
Accepting banks
TV»+a1
Total
1,331
1,745
1,966
1,924
2,020
449
552
564
733
510
1.193
1,402
1,191
1,510
882
490
492
574
873
642
197
183
172
289
175
119
126
117
203
126
79
57
55
86
49
1956—Sept
Oct
Nov
Dec
2,490
2,618
2,660
2,166
549
573
568
506
1,941
2,045
2,092
1,660
805
843
924
967
209
203
242
227
127
135
167
155
82
69
75
72
1957—Jan
Feb
Mar
Apr
May
2,575
2,714
2,650
2,485
2,775
2,452
2,781
2,835
2,558
548
555
489
466
483
454
459
501
501
2,027
2,159
2,161
2,019
2,292
1,998
2,322
2,334
2,057
1,012
230
202
209
195
188
183
154
220
214
156
133
150
135
142
142
112
152
149
74
69
59
60
46
41
42
68
65
Julv
Aug
Sept
992
984
979
1,000
1,227
1,197
1
As reported by dealers; includes finance company paper as well as
other commercial paper sold in the open market.
F. R.
Banks
Goods stored in or
ImExshipped between
ports
ports Dollar
points in:
exinto
from
United United change
States States
United Foreign
States countries
Own Bills Own Forbills bought acct. eign
corr.
1951
1952
(953
1954
1955
1,019
1,018
Based on:
28
21
20
24
19
33
272
289
378
565
405
235
232
274
285
252
133
125
154
182
210
23
39
29
17
17
55
64
75
300
63
44
32
43
89
100
17
20
33
69
49
53
52
50
529
567
598
621
294
277
277
261
258
281
295
329
17
19
10
113
133
199
227
123
133
143
30
24
23
24
21
23
19
27
16
62
58
58
64
63
62
70
68
66
689
708
728
735
713
711
757
913
901
291
307
305
272
227
220
231
243
234
363
389
425
471
501
502
507
524
483
2
197
127
116
89
73
58
59
212
225
158
167
171
182
177
178
169
182
181
2
2
2
4
5
21
35
66
75
148
2 As reported by finance companies that place their paper directly with
investors.
1253
INTEREST RATES
Year,
month, or
week
MONEY MARKET RATES
BANK RATES ON SHORT-TERM BUSINESS LOANS
[Per cent per annum]
[Per cent per annum]
Finance
Prime
comPrime
bankcompany
ers'
mercial
paper
acceptpaper,
placed
ances,
4- to 6-1 direct90
months
ly,
days 1
3- to 6months i
U. S. Government
securities (taxable)2
Size of loan (thous. of dol.)
Area and period
3-month bills
Market
yield
All
loans
9-to 12- 3- to 5year 4
Rate month3
on new issues issues
issues
1954 average
1955 average
1956 average
1.58
2.18
3.31
1.42
1.97
3.06
1.35
1.71
2.64
.94
1.73
2.62
.953
1.753
2.658
.92
1.89
2.83
1.82
2.50
3.12
1956—Oct
Nov
Dec
3.63
3.63
3.63
3.37
3.38
3.38
2.88
3.05
3.35
2.90
2.99
3.21
2.961
3.000
3.230
3.07
3.15
3.33
3.29
3.49
3.65
1957__j an
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
3.63
3.63
3.63
3.63
3.63
3.79
3.88
3.98
4.00
4.10
3.38
3.38
3.38
3.38
3.38
3.48
3.63
3.63
3.82
3.88
3.38
3.38
3.27
3.20
3.25
3.36
3.38
3.78
3.83
3.75
3.11
3.11
3.08
3.06
3.06
3.29
3.16
3.37
3.53
3.58
3.210
3.165
3.140
3.113
3.042
3.316
3.165
3.404
3.578
3.591
3.17
3.23
3.35
3.41
3.37
3.55
3.71
3.93
4.02
3.94
3.40
3.33
3.38
3.48
3.60
3.77
3.89
3.91
3.93
3.99
Week ending:
Oct. 5 . . .
Oct. 1 2 . . .
Oct. 1 9 . . .
Oct. 2 6 . . .
Nov. 2 . . .
4.00
4.09
4.13
4.13
4.13
3.88
3.88
3.88
3.88
3.88
3.75
3.75
3.75
3.75
3.75
3.49
3.54
3.64
3.59
3.59
3.528
3.525
3.660
3.619
3.622
4.04
3.91
3.99
3.89
3.90
3.97
3.94
4.04
3.99
4.01
Annual averages,
19 large cities:
1954
1955
1956
Quarterly: l
19 large cities:
1956—Dec...
1957_Mar
June
Sept
New York City:
1956—Dec
1957_Mar
June
Sept
7 Northern & Eastern
cities:
1956—Dec
1957—Mar
June
Sept
11 Southern & Western
cities:
1956—Dec. . .
1957_Mar
June
Sept
1
Average of daily prevailing rates. 2 Except for new bill issues, yields are
averages
computed from daily closing bid prices.
3
Consists
of certificates of indebtedness and selected note and bond issues.
4
Consists of selected note and bond issues.
io
10100
100200
200
and
over
3 6
3.7
4.2
5.0
5.0
5.2
4.3
4.4
4.8
3.9
4.0
4.4
3.4
3.5
4.0
4.38
4.38
4.40
4.83
5.32
5.38
5.37
5.67
4.90
4.94
4.94
5.29
4.63
4.59
4.61
5.01
4.20
4.21
4.23
4.69
4.22
4.23
4.23
4.69
5.18
5.26
5.24
5.54
4.88
4.92
4.86
5.24
4.57
4.47
4.49
4.93
4.10
4.11
4.12
4.60
4.40
4.40
4.39
4.85
5.41
5.41
5.39
5.69
4.94
4.91
4.94
5.31
4.63
4.61
4.61
5.01
4.25
4.26
4.25
4.73
4.58
4.60
4.65
5.01
5.35
5.42
5.42
5.72
4.90
4.96
4.99
5.31
4.66
4.64
4.70
5.05
4.35
4.35
4.43
4.81
1
Based on figures for first 15 days of month.
NOTE.—For description see BULLETIN for
pp. 228-237.
March
1949,
BOND AND STOCK YIELDS i
[Per cent per annum]
Corporate bonds 4
Year, month,
or week
U. S. Govt.
bonds
(long-term)
State and local
govt. bonds 4
By se ected
rati ngs
Stocks 5
Dividends/
price ratio
By
groups
Earnings/
price ratio
Totals
Old
series 2
New
series3
Total 6
Aaa
Aaa
Baa
Baa
Industrial
Railroad
Public
utility
Preferred
Common
Common
Number of issues
3-7
1-2
20
5
5
120
30
30
40
40
40
14
90
500
1954 average
1955 average
1956 average
2.53
2 80
3.05
2.70
2 94
3.11
2.46
2.57
2.94
2.04
2.18
2.51
3.09
3.14
3.50
3.16
3.25
3.57
2.90
3.06
3.36
3.51
3.53
3.88
3.09
3.19
3.50
3.25
3.34
3.65
3.15
3.22
3.54
4.02
4.01
4.25
4.95
4.08
4.09
8.74
7 81
7.40
1956
3 18
3.30
3 43
3 24
3.30
3 36
3.12
3.39
3.57
2.66
2.87
3.04
3.67
3.98
4.19
3.82
3.90
3.99
3.59
3.69
3.75
4.17
4.24
4.37
3.75
3.82
3.95
3 89
4.01
4.08
3 82
3.86
3.93
4.42
4.56
4.63
4 12
4.27
4.24
7 17
3.33
3 20
3.25
3.30
3.39
3.61
3 63
3.62
3.64
3.84
3.37
3 26
3.27
3.35
3.42
3.54
3 58
3.64
3.61
3.63
3.51
3.29
3.36
3.35
3.48
3.65
3.65
3.84
3.89
3.74
2.99
2.79
2.88
2.88
3.00
3.19
3.17
3.37
3.43
3.31
4.16
3.96
3.97
3.95
4.10
4.32
4 29
4.43
4.49
4.38
4.04
3.99
3.97
3.96
4.02
4.15
4.26
4.37
AAA
4.46
3.77
3.67
3.66
3.67
3.74
3.91
3.99
4.10
4.12
4.10
4.49
4.47
C
4.43
4.44
4.52
4.63
4.73
4.82
4.93
4.99
4.02
3.94
3.90
3.89
3.96
4.14
4.19
4.29
4.31
4.32
4.12
4.06
c
4.04
4.06
4.13
4.26
4 39
4.49
4.56
4.57
3.98
3 97
3.95
3.94
3.98
4.06
4 19
4.33
4.45
4.48
4.51
4.47
4.46
4.47
4.53
4.69
4 75
4.83
4.79
4.80
4.31
4.54
4.47
4.36
4.18
4.04
3 95
4.17
4.31
4.54
3 80
3.81
3.87
3 85
3.85
3 60
3.61
3.66
3 64
3.64
3.84
3.73
3.71
3.71
3.72
3.38
3.29
3.29
3.28
3.30
4.46
4.36
4.33
4.36
4.37
4.45
4.44
4.45
4.47
4.48
4.12
4.09
4.07
4.11
4.12
4.97
4.96
4.98
5.01
5.04
4.31
4.31
4.31
4.34
4.35
4.58
4.55
4.57
4.58
4.60
4.47
4.47
4.47
4 49
4.50
4.79
4.76
4.78
4 84
4.83
4.37
4.51
4 58
4 65
4.61
Oct
Nov
Dec
1957—Jan
Feb
Mar
Apr
May
June
Julv
Aug
Sept
Oct
Week ending:
Oct 5
Oct. 12
Oct 19
Oct 26
Nov. 2
c
1
Corrected.
Monthly and weekly yields are averages of daily figures for U. S. Govt.
and corporate bonds. Yields of State and local govt. general obligations
are based on Thursday figures; and of preferred stocks, on Wednesday
figures. Figures for common stocks are as of the end of the period,
except
for annual averages.
2
Consists of fully taxable, marketable 2l/i per cent bonds due or first
callable after 12 years, through Sept. 30, 1955, and those due or callable
in 10-20 years, beginning Oct. 1, 1955.
3 Consists of the 3*4 per cent bond of 1978-83 and, beginning Feb. 1,
1955, the 3 per cent bond of February 1995.
7.71
7.10
8.00
4
Moody's Investors Service. State and local govt. bonds include general5 obligations only.
Standard and Poor's Corporation. Preferred stock ratio is based on
8 median yields in a sample of noncallable issues—12 industrial and 2
public utility. For common stocks, the earnings/price ratio is now computed for the 500 stocks in the price index, but figures prior to June 1957
are based on the 90 stocks formerly included in the daily price index.
The
dividend/price ratio has not yet been converted to the broader base.
6
Includes bonds rated Aa and A, data for which are not shown separately. Because of a limited number of suitable issues, the number of
corporate bonds in some groups has varied somewhat.
1254
SECURITY MARKETS
SECURITY PRICES i
Common stock prices
Bond prices
Standard and Poor's series
(index, 1941-43= 10)
U. S. Govt.
(long-term)
Year, month,
or week
New
series 3
Old
series2
1-2
3-7
15
99.51 109.60 125.8
95.97 103.36 123.1
93.04 99.88 116.3
91.53 97.50 112.8
90.22 96.35 109.1
88.74 95.19 108.1
89.96 95.14 108.6
91.51 97.08 110.9
90.88 96.88 110.0
90.45 95.45 109.8
89.41 94.20 106.9
87.12 91.88 103.5
86.88 91.31 103.5
86.92 90.36 101.2
86.86 90.82 101.3
93.19 90.56 102.9
Number of issues...
1954 average
1955 average
1956 average
1956—Oct
Nov
Dec
£957—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Week ending:
Oct. 5
Oct. 12
Oct. 19
Oct. 26
Nov. 2
CorMuponicipal rate
(high- (highgrade)^ grade) 4
Total
, 91.92 91.10 102.4
93.49
92.88
93.11
93.17
90.85
90.18
90.39
90.31
103.2
103.4
102.9
102.5
Industrial
Railroad
Public
utility
Volume
of
trad-5
ing
(in
Trade,
thoufisands
nance, Minof
and
ing shares)
service
Securities and Exchange Commission series
(index, 1939= 100)
Manufacturing
Total
Total
Durable
Trans- Public
Non- portautiltion
duity
rable
17
500
425
72
21
29
31
14
230
305
345
271
374
439
245
352
410
295
394
465
233
320
327
136
153
156
236
297
306
267
313
358
2,270
2,578
2,216
342
338
344
437
431
441
422
417
425
451
445
457
318
311
315
152
153
152
299
296
287
337
355
362
1,754
2,178
2,443
102.8
104.
104.
104.
103.
101.1
100.0
98.3
98.1
98.2
30.25
42.40
49.80
49.52
48.92
49.79
48.43
46.10
46.86
48.06
50.10
51.30
52.54
49.51
47.52
44.43
50
27.57
31.37
32.25
31.67
31.82
31.70
32.32
32.29
32.45
33.03
34.03
33.35
32.93
31.89
31.09
30.39
170
29.69
40.49
46.62
46.24
45.76
46.44
45.43
43.47
44.03
45.05
46.78
47.55
48.51
45.84
43.98
41.24
25
23.96
32.94
33.65
32.22
31.73
31.75
31.36
29.59
29.37
29.78
30.42
30.11
31.20
29.52
27.17
24.78
265
117.2
114.4
109.1
338
325
328
339
352
355
362
343
328
306
429
409
415
431
450
457
468
441
419
388
406
386
388
404
419
421
434
408
386
357
451
431
440
455
480
489
500
472
450
417
310
292
288
291
297
293
302
286
263
241
157
157
159
160
163
160
158
155
153
149
285
278
280
281
286
283
291
282
277
266
371
346
344
352
380
390
382
354
334
297
2,189
1,978
1,698
2,300
2,389
2,224
2,194
1,882
1,844
2,782
98.3
98.4
98.7
98.1
97.7
42.84
41.61
41.04
40.03
40.73
46.24
44.80
44.17
43.14
43.87
26.28
25.48
24.85
23.58
23.66
31.01
30.76
30.46
29.57
30.24
320
304
299
302
300
407
384
378
383
380
373
355
348
352
349
439
412
406
411
408
257
240
234
233
232
152
149
148
146
148
277
269
260
260
260
321
294
286
286
282
1,613
3,115
2,632
4,161
1,992
105.2
103.7
102.8
1 Monthly and weekly data for (1) U. S. Govt. bond prices, Standard
and Poor's common stock indexes, and volume of trading are averages
of daily figures; for (2) municipal and corporate bond prices are based
on Wednesday closing prices; and for (3) the Securities and Exchange
Commission series on common stock prices are based on weekly closing
prices.
2
Consists of fully taxable, marketable 2l/i per cent bonds due or first
•callable after 12 years, through Sept. 30, 1955, and beginning Oct. 1,
1955, those due or callable in 10-20 years.
3 The 3*4 per cent bond of 1978-83 and, beginning Feb. 1, 1955, the 3
per4 cent bond of February 1995.
Prices derived from average yields, as computed by Standard and
Poor's
Corporation, on basis of a 4 per cent, 20-year bond.
5
Average daily volume of trading in stocks on the New York Stock
Exchange for a 5^-hour trading day.
STOCK MARKET CREDIT
[In millions of dollars]
Broker and dealer credit 1
Customer credit
Bank loans to others (than
Net debit balances with
TotalNew York Stock1 Exchange brokers and dealers) for pur- 2
securities
chasing
and carrying securities
firms
other than
U. S. Govt.
obligations
Secured by Secured by
(col. 3 +
Other
U. S. Govt.
other
U. S. Govt.
col. 5)
obligations
securities
securities
obligations
End of month or last
Wednesday of month
1953 Dec
1954—Dec
1955 Dec
2,445
3,436
4,030
31
41
34
1,665
2,388
2,791
88
65
32
1956 Oct
Nov
Dec
3,914
3 946
3,984
36
2,748
2,784
2,823
42
3,902
3,846
3,832
3,938
3,924
4,031
4,004
3,929
3,882
3,643
29
2,761
2,729
2,713
2,792
2,794
2,887
2,885
2,833
2,789
2,568
41
1957 Jan
Feb
M^ar
Apr
M^ay
June
July
Aug
Sept
Oct
.
....
32
33
35
28
28
39
31
32
'30
35
39
r
Revised.
1 Ledger balances of member firms of the New York Stock Exchange
.carrying margin accounts, as reported to the Exchange. Customers' debit
and free credit balances exclude balances maintained with the reporting
firm by other member firms of national securities exchanges and balances
of the reporting firm and 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 and
from other lenders except member firms of national securities exchanges.
Data are as of the end of the month, except money borrowed, which is as
of the last Wednesday of the month beginning June 1955.
43
41
31
27
28
26
25
23
24
21
31
Money borrowed
Customer
net
free
credit
balances
On
U. S. Govt.
obligations
On
other
securities
88
69
51
1,074
1,529
2,246
713
1 019
894
1,166
1,162
1,161
45
46
2,086
2 071
2,132
835
822
880
1,141
,117
1,119
1,146
1,130
,144
1,119
1,096
1,093
1,075
42
53
47
53
52
52
59
58
63
72
1,964
2,004
1 958
2,051
2,063
2,104
2,079
2,035
2 046
1,708
866
828
820
807
817
820
829
816
838
879
780
1,048
1,239
43
2 Figures are for last Wednesday of month for weekly reporting member
banks, which account for about 70 per cent of all loans for this purpose.
Column 5 includes some loans for purchasing or carrying U. S. Govt.
securities (such loans are reported separately only by New York and
Chicago banks). On June 30, 1956, reporting banks outside New York
and Chicago held $51 million of such loans. On the same date insured
commercial banks not reporting weekly held loans of $28 million for
purchasing and carrying U. S. Govt. securities and of $384 million for
other securities. Noninsured banks had $33 million of such loans,
probably mostly for purchasing or carrying other securities.
1255
SAVINGS INSTITUTIONS
LIFE INSURANCE COMPANIES 1
[Institute of Life Insurance data. In millions of dollars]
Government securities
Total
assets
Date
Total
End of year: 3
1941
1945
and
United State
local Foreign 2
States
(U. S.)
Bonds
Mortgages
Real
estate
Policy
loans
Other
assets
Stocks
687
1,240
10,174
11,059
9,573
10,060
601
999
6,442
6,636
1,878
857
2,919
1,962
1,840
1,738
15,290
13,459
11,009
10,252
9,829
9,070
8,576
7,555
,526
,507
,581
,500
,410
,346
,215
,239
23,124
25,351
28,111
31,515
34,438
37,300
39,545
41,543
21,406
23,248
25,890
29,069
31,865
34,032
35,912
38,040
1,718
2,103
2,221
2,446
2,573
3,268
3,633
3,503
12,906
16,102
19,314
21,251
23,322
25,976
29,445
32,989
1,247
1,445
1,631
1,903
2,020
2,298
2,581
2,817
2,240
2,413
2,590
2,713
2,914
3,127
3,290
3,519
2,245
2,591
2,872
3,088
3,302
3,523
3,742
4,076
12,452
12,199
11,757
9,767
9,021
8,545
1,278
1,833
1,998
,407
,345
,214
34,265
36,695
38,851
31,926
33,985
35,930
2,339
2,710
2,921
23,275
25,928
29,425
1,994
2,275
2,557
2,894
3,087
3,294
3,321
3,884
4,383
11,253
11,306
11,218
11,005
7,805
7,850
7,749
7,532
2,213
2,218
229
237
,235
,238
,240
,236
40,514
40,626
40,735
40,959
37,546
37,664
37,765
38,053
2,968
2,962
2,970
2,906
32,111
32,399
32,709
33,017
2,748
2,778
2,813
2,809
3,440
3,461
3,483
3,503
4,345
4,299
4,316
4,526
11,068
ll,038
10,926
10,946
10,895
10,824
10,906
10,880
10,833
7,588
7,544
7,427
7,430
7,340
7,270
7,306
7,268
7,224
2,244
2,244
2,251
,264
,290
,290
2,323
2,333
2,340
,236
,250
,248
1,252
1,265
1,264
1,277
1,279
1,269
41,177
41,365
41,579
41,772
41,962
42,146
42,567
42,742
42,932
38,256
-38,432
38,638
38,821
39,004
39,190
39,574
39,724
39,922
2,921
2,933
2,941
2,951
2,958
2,956
2,993
3,018
3,010
33,279
33,479
33,672
33,840
34,022
34,159
34,356
34.547
34,697
2,841
2,865
2,883
2,907
2,948
2,983
3,004
523
547
575
606
633
657
703
3,059
3,764
4,428
4,444
4,439
4,417
4,408
4,470
4,469
4,442
4,527
9,478
22,545
6,796
20,583
59,630
64,020
68,278
73,375
78,533
84,486
90,432
96,011
17,868
16,118
13,760
12,905
12,537
12,262
11,829
11,067
78,201
84,068
90,267
1956—Sept...
Oct.. .
Nov...
Dec...
94,411
94,869
95,274
95,819
1957—Jan.. .
Feb...
Mar...
Apr...
May..
June..
July.. ,
Aug...
Sept.. .
96,316
96,738
97,074
97,488
97,868
98,239
99,005
99,374
99,812
End of month: 4
1953—Dec...,
1954—Dec...
1955—Dec...
Total
1,995
722
1,052
1,152
1,170
1,153
1,298
1,846
2,038
2,273
32,731
44,797
1949
1950
1951
1952
1953
1954
1955
1956
Business securities
c
c
1
Corrected.
Figures are for all life insurance companies in the United States.
2 Represents issues of foreign governments and their subdivisions
and bonds of the International Bank for Reconstruction and Development.
C
3
These represent annual statement asset values, with bonds carried on.
an amortized basis and stocks at end-of-year market value.
4 These represent book value of ledger assets. Adjustments for interest
due and accrued and for differences between market and book values,
are not made on each item separately* but are included, in total, in "Other
assets."
SAVINGS AND LOAN ASSOCIATIONS i
[Federal Savings and Loan Insurance Corporation data. In millions of dollars]
Assets
End of year or month
Total 2
Mortgages 3
U. S.
Govt.
obligations
Liabilities
Borrowings
Cash
Other 4
1941
1945
6,049
8,747
4,578
5,376
107
344
775
2,420
450
356
1949
1950
1951
1952
1953
1954
1955
1956
14,622
16,893
19,222
22,660
26,733
31,736
37,719
42,875
11,616
13,657
15,564
18,396
21,962
26,194
31,461
35,729
1,462
1,487
1,603
1,787
1,920
2,021
2,342
2,782
880
566
1,066
1,289
,479
[,980
>,067
2,119
41,442
41,915
42 352
42 875
34,867
35,223
35,497
35,729
2,732
2,746
2,771
2,782
43,020
43,419
43,934
44 431
45,085
45,736
45,750
46,188
46,639
35,929
36,195
36,559
36,963
37,421
37,886
38,280
38,743
39,106
2,924
3,041
3,132
3,162
3,180
3,139
3,180
3,203
3,229
1956
...
Sept
Oct
Nov
Dec
.
1957—Jan
Feb
Mar
Apr
May
June
July
AUR
Sept
. ..
1 Figures are for all savings and loan associations in the United States.
Data beginning 1950 are based on monthly reports of insured associations and annual reports of noninsured associations. Data prior to
1950 are based entirely on annual reports.
2 Includes gross mortgages with no deduction for mortgage pledged
shares.
3
Net of mortgage pledged shares.
Savings
capital
FHLB
advances
Other
4,878
7,386
218
38
190
146
424
75
1,108
1,297
1,471
1,791
2,199
12,472
13,992
16,107
19,195
22,846
27,334
32,192
37,148
810
801
860
90
93
84
,723
,759
[ 817
2,119
2,071
2,139
2 220
2,199
,947
,907
,884
1,836
1,874
2,061
,741
1,635
[,643
2,175
2,232
2,316
2,428
2,569
2,610
2,510
2,569
2,624
924
733
899
947
864
80
96
412
146
1,225
122
35,544
35,949
36,326
37,148
[ 139
1,145
[ 150
125
37,484
37,799
38,158
38,471
38,939
39,798
39,730
39,982
40,306
1,035
97
89
973
121
116
122
958
968
83
87
990
84
103
109
115
115
1,077
1 037
1,070
1,117
Reserves
and
undivided
profits
475
644
1 106
1 280
1,453
1 658
1,901
2 191
2 557
2,950
2 9^0
3,136
4
Includes other loans, stock in the Federal home loan banks and other
investments, real estate owned and sold on contract, and office building
and fixtures.
NOTE.—Figures for 1956 and 1957 have been revised; those for 195?
are still preliminary.
1256
FEDERAL BUSINESS-TYPE ACTIVITIES
SELECTED ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES
[Based on compilation by Treasury Department. In millions of dollars]
End of quarter
End of year
1956
Asset or liability, and activity1
1950
19512
19522
19532
1954
3
4*
7,377 3<5 ,757
349
355
898
765
3778
764
2,379 2 ,413
3,114 2 ,319
7 160
395
874
769
2 450
2 671
6 75?
457
734
724
7 488
349
8?3
2 544
2 676
1 391
7, 807
?
,680
3 07?
464
145
4 076
3 433
488
155
?09
228
192
1
Loans, by purpose and agency:
To aid agriculture, total
Federal intermediate credit banks
Farmers Home Administration
Rural Electrification Administration
Other agencies
To aid home owners total
Federal National Mortgage Association
884
345
510
535
1 543
898
52
4 161
425
633
539
1 74?
782
40
424
673
596
1 ,920
1 ,426
31
578
1 347
?t 14?
1 850
292
7
}
I
Other agencies
568
To industry total . . .
Treasury Department
Commerce Department
Other agencies
5 ,070
6,811
377
590
648
2,096
3,076
23
1957
1955
6,929 6 ,715
2*
18
375
689
681
2 ,348
2 ,621
1
2,930
2,462
/ 300
362 \ 168
2 907
2,461
383
63
1,205
2 ,641
480
84
3,230
2,683
424
124
1 299
2 ,729
137
447
138
588
174
431
353
79
678
306
261
112
593
330
193
70
627
323
221
83
624
216
216
192
619
209
219
191
603
,242
598
598 } 413
367
638
701
2,226
2,981
433
1
7
473
4845
568
589
To financing institutions
824
814
864
952
870
1 ,419
1,143
1 ,178
1, 147
1 233
966
To aid States, territories, etc., total
Public Housing Administration
468
351
1 ,020
645
500
145
272
112
160
245
90
155
239
106
134
227
90
137
244
109
135
246
106
140
272
117
744
589
155
6, 078
7 776
3, 750
6, 110
2, 296
3, 750
7 ,736
8,001 7 ,988
102
64
58
8,043
2,833
3,620
1,537
53
8,106
2,697
3,519
1,832
58
8 ,172
7 717
3 ,519
1,885
55
1 958
60
8
7 701
3 470
1 995
57
8, 717
678
3* 470
035
54
75
5
69
119
29
90
156
108
48
176
17?
55
193
213
Export-Import Bank. . .
Treasury Department 6
Other agencies
61
All other purposes total
63
Other agencies
Total loans receivable (net)
Investments:
U. S. Government securities, total
Federal home loan banks
Federal Savings and Loan Insurance Corp
Federal Housing Administration
Other agencies
Investment
Other
in international
securities
8 . . .
institutions
....
Inventories, total
Commodity Credit Corporation
Defense Department . . .
General Services Administration
Other agencies
Land, structures, and equipment, total
Panama Canal Company 9
Tennessee Valley Authority
Housing and Home Finance Agency
General Services Administration
Post Office Department
Other agencies
r
35
5)
34
894
126
496
3 ,667
71 515
2 806
3,570
1 624
1
7 ,702
3 ,519
1,767
166
127
39
256
209
47
7, 692
3, 519
137
56
153
740
15fi
184
57
56
-185
173
-263 3-592
-268
-203
-656
-309
-327
-140
-228
13, 11% 14, 422 17 ,826 19,883 19,348 20 ,238 20,580 19 ,844 20, 331 20 657 21, 353
2, 075
199
193
744
2, 226
249
200
285
1, 353
266
3, 385
257
774
3 ,236
745
241
381
1 ,720
3,677
1,082
248
390
1,793
164
3,385
252
3 ,719
1 083
256
405
1 ,810
2 ,421
311
208
316
1,437
148
1 ,385
223
2,602
387
217
319
1,526
152
3,385
219
3,385
197
3 ,385
179
^i 461
174
1 280
987
2,515
2,087
3 852
3,302
136
288
203
428
550
4 ,356 14,119 70 ,231 70, 949
375
303
-i*
3 747 3,536 3 897
3, 3?3 3 651
36?
9,827 9 ,814 10, 994 11, 004 11. 094
/
567
,332
6
517
418
654
6,
6,
6,
609 \ 188
188
201
215
193
2, 945
3, 358
3 ,213
18
886
1 797
?98
] 048
1 785
415
1,251
,203
8,062
4 834
363
1,475
1,041
8,046
4 798
1, 307
13?
185
1 638
140
2,967
641
228
327
1,624
147
421
1,739
727
149
7 822
4 ,822
421
1 879
450
8,056
4 796
421
1,831
400
166
3 ,385
253
728
345
350
360
300
607
Bonds, notes, & debentures payable (not guar.), total... 1, 190
Banks for cooperatives
110
570
Federal intermediate credit banks
560
Federal home loan banks
.
. .
Federal National Mortgage Association
1, 369
170
1 ,330
181
704
445
1,182
150
619
414
1,068
156
640
272
2 ,379
185
2.425
161
725
869
670
674
575
NOTE.—Statistics beginning Mar. 31, 1956, reflect the expanded coverage and the new classification of agencies now reported in the Treasury
Bulletin. The revised statement includes a larger number of agencies, and
their activities are classified according to the type of fund they represent.
Funds are combined in the table above, but are shown separately in the
table on the following page. Classifications by supervisory authorities
are those in existence currently. Where current Treasury compilations
do not provide a detailed breakdown of loans, these items have been
classified by Federal Reserve on basis of information about the type of
lending activity involved.
A few major activities and several minor ones, first reported for June
30, 1956, are not included for later dates, because they are not reporting
on a quarterly basis.
•Adjusted totals; these reflect exclusion of data for agencies reporting
other than quarterly, the latest data for which are shown at the bottom
of the table on the opposite page.
1 Figures for trust revolving funds include interagency items. For all
types of funds combined, loans by purpose and agency are shown on a
gross basis: total loans and all other assets, on a net basis, i. e., after
reserve for losses.
665
958
570
3, 720
1J 054
248
4??
81?
183
185
283
3 739
1 018
256
458
1 825
181
1, 385
284
4 ,612
400
1 773
311
9 682 10, 0?8
9, 985
549
398
71?
309
278
306
502
398
1, 762
236
276
311
1 ,199
745
8
590
538
2 ,H)7
152
857
928
670
1, 302
590
608
2, 742
188
865
918
770
5, 923
t 095
265
479
898
186
1, 185
344
9, 875
<\470
396
1 751
144
277
317
1, 298
590
613
1.
2, 711
257
721
2, 975
231
963
803
720
770
1, 220
590
704
23 Coverage changed from preceding period (see also NOTE).
Adjusted figures; for amounts reported for this date but excluded
from
this figure, see BULLETIN for May 1957, p. 550, note 3.
4
Effective Jan. 1, 1957, the production credit corporations were merged
in the Federal intermediate credit banks, pursuant to the Farm Credit
Act of 1956, approved July 26, 1956 (70 Stat. 659). Thereafter operations
of the banks (including the corporations) are classified as trust revolving
transactions.
5 Less than $500,000.
6 Figures represent largely the Treasury loan to the United Kingdom,
and through 1952 are based in part on information not shown in Treasury
compilation.
7 Figure derived by Federal Reserve.
8 Includes investment of the Agricultural marketing revolving fund in
the banks for cooperatives; Treasury compilations prior to 1956 classified
this item as an interagency asset.
9 Figures prior to 1951 are for the Panama Railroad Company. The
Panama Canal Company, established in 1951, combined the Panama
Railroad Company with the business activities of the Panama Canal
(not reported prior to that time).
1257
FEDERAL BUSINESS-TYPE ACTIVITIES
PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES
[Based on compilation by Treasury Department.
In millions of dollars]
Liabilities, other than
interagency items i
Assets, other than interagency items i
Bonds, notes,
PriU. S.
and debenLand,
Govt. vately
tures
payable
owned
Loans
strucInOther inter- interretures,
est
venOther
liabilest
ceivand
Public
Guarities
able tories debt Other equipanteed
Other
secu- secu- ment
by
rities rities
U.S.
Investments
Date, and fund or activity
Total
Cash
All activities
1951—Dec.
1952—Dec.
1953—Dec.
1954—Dec.
1955—Dec.
31 2
312
312
31
31
26 744
29,945
38,937
41 403
45,304
931
944
1,190
1,371
1,338
14,422
17,826
19,883
19,348
20,238
1 461
1, ?80
?, 514
3
4, 356
? ,??6
? 4?1
? 60?
? ,967
3 ,736
3
3
3
3
3
1956— Mar.
June
Sept.
Dec.
1957_Mar.
31
30*
30
31*
31
58,485
66,797
69 143
69,653
69,895
3,731
4,457
5,144
4,996
4,441
20,580
19.844
20,331
20,657
21,353
14 119
20, 231
?o 949
21, 375
21, 303
3 ,677
3 ,719
3 ,7?0
3 ,739
3 ,923
3 , 638
3,638
3,668
3, 669
3, 729
20,312
1,511
9,069 4, 112
775
88?
3,358
3,213
83?
8,062 1 ?61
?
387
8 046
7,822 4 ,900
43
53
75
33
44
1 369 1 161
1 330 1 7?8
1 18? 3 ,818
068 4 183
? 379 ? ,701
23 842
26 456
33,429
35 610
39,583
329
378
434
508
596
4 685
5 ,226
5 303
5 ,232
5 ,272
44
49
58
67
68
?
2
?
2
2
51 635
60,224
62 507
62.516
62,364
651
677
693
699
775
149 3,294 1 ,403
68
463
4?9
425
43?
414
8,056
9,682
10 028
9,985
9,875
4? 5
607
74?
711
975
3 730
3 ,238
3 145
3 ,659
3 ,713
Classification by type of fund
and activity, Mar. 31, 1957
Public Enterprise Funds—Total
Farm Credit Administration: 4
Federal Farm Mortgage Corporation
Agricultural Marketing Act, revolving fund
Department of Agriculture:
Commodity Credit Corporation
Disaster loans etc., revolving fund
All other
Housing and Home Finance Agency:
Public Housing Administration
Federal Housing Administration
Federal National Mortgage Association
Office of the Administrator
Federal Savings and Loan Insurance Corporation...
Small Business Administration. . . .
Export-Import Bank
Tennessee Vallev Authority
Panama Canal Company
Veterans Administration
General Services Administration .
Treasury Department
Post Office Department—postal fund
Interior Department
All other
Intragovernmental Funds—Total
Defense Department:
Army
Navy
All other
Certain Other Activities—Total
National Advisory Committee for Aeronautics
General Services Administration
Bonneville Power Administration
Department of Agriculture:
Farmers Home Administration....
Rural Electrification Administration
International Cooperation Administration
Treasury Department
.
Department of Commerce—maritime activities
All other
11
186
6 543
140
37
570 1 ,842 17,831
10
10
186
169
456
6
?
1 11? 5 431
2
138
3
34
32
156
?79
27
31
147
39
38 2,518 3,
86
47
9
26
371
780
2,431
747
64
119
20
1 2,402
397
175
276
172
2 733
2 019
456
731
901
380
1 023
216
160
1
44
126
35 2 677
110
32
236 "*488
39
115
225
386
50
7
51
14
479
144
265
1
(
39
7
4
677
1
9
7
6
13,022
1,444
11, 220
8 242
3,342
1 137
302
649
418
302
75
7 •111
2, 881
801
121
623
103 2 538
3 2 035
3 505
302
283
76
Certain Deposit Funds—Total
Banks for cooperatives
Federal Deposit Insurance Corporation
Federal home loan banks
4,530
502
1 920
2 109
60 1,381
26
419
2
961
31
31
<>
5
Certain Trust Revolving Funds—Total
Federal National Mortgage Association
Federal intermediate credit b a n k s . . . .
All other
2,035
1 047
969
19
68
51
11
5
1,837
992
845
3
34
570
34
337
143
570
31 1,830
741
7
14
262
171
31 2 701
32 1 986
24
'432
11
721
16
886
3
377
364
659
209
6
10
149
(5)
156
802 12,220
105
77
42
34
3
320 7 921
293 3.048
133 1 004
56
246
6,379 3 652
277
70
1 214
158
317
42
192 29 804
9
398
12 8 036
6
388
21
127
16
101 146
4,470
25
100
47
754
11
1 2 766
2'054
10 215
133 4,982
21
211
97
(51
11
1
19
119
21
1
115
30
39
21
^7
67
202
(
7 3,
(
(5)
(5)
1 751
396
2
71
9
590
129
c
1?6
29 996 1 358 9 066 5 971
59
408
665
82 s Q?Q
8 049
28
393
765
2 767
2 054
10 215
5,115
232
(5)
(5)
(5)
37
10
19
8
951
7M
106
<*>
1 453
4?,
19
100
6
805
(5)
74
5
13
7
n
10
( 5)
3 ,036
43
1 898
1 ,095
(5 )
(5 )
17
3
14
7?0
835 2,007
3
238
151 1 769
681
737
30
502
357
145
1138
1121
219
707
118
119
Latest data for agencies not reporting quarterly
Office of Alien Property (Dec. 31, 1956)
Atomic Energy Commission (June 30, 1956)
Department of Interior—Bureau of Reclamation
(June 30 1956)
All other—excluding OAP—(June 30 1956)
220
143
8,532 1,416
3 024
50
93
6
27
10 Includes $1,000 million due under the agreement with Germany
signed Feb. 27, 1953, and lend-lease and surplus property balances due
the United States in the principal amount of $2,086 million.
1, 574
5,196
77
346
i
201 8,331
6
1
2 571
14
354
2
H7 2 887
5
15
H Figure represents total trust interest.
For other notes, see opposite page.
30
1258
FEDERAL FINANCE
SUMMARY OF FEDERAL FISCAL OPERATIONS
[On basis of U. S. Treasury statements and Treasury Bulletin. In millions of dollars]
Derivation of Federal Government cash transactions
Payments to the public,
other than debt
Receipts from the public,
other than debt
Period
Cal. year—1955
1956
Fiscal year—1954
1955
1956
1957*
Semiannually:
1955—Jan.-June
July-Dec
.
1956—Jan.-June....
July-Dec.....
1957—Jan.-June*...
Monthly:
1956—Sept
Oct
Nov
Dec
1957—Jan
Feb
Mar
Apr
May
June*
July
Aug 5
Sept.*
Net Federal cash borrowing or
repayt. ( — ) of borrowing
Excess
of rects.
from,
InLess:
Equals:
crease,
or
Equals: payts.
Net
or
deTotal to ( - ) , crease
cash
Net
payts.
Other borrow(
)
,
in
the
inv.
by
to the
noning or
public
debt
Govt.
public
cash
repayt.
(direct agen. & debt
4
()
& agen.) tr. funds
Less:
IntraGovt.
trans, i
Equals:
Total
rects.
from
the
public2
Budget
expenditures
Plus:
Trust
fund
expenditures
Less:
Adjust-3
ments
10,624
12,398
2,511
3,027
71,448
80,330
66,129
67,216
9,331
10,342
3,282
2,751
72,178
74,805
-729
3,484
5,525 -3,561
2,476
2,481
566
-136
64,655
60,390
68,165
70,989
9,155
9,536
11,685
14,365
2,110
2,061
2,743
3,233
71,627
67,836
77,084
82,072
67,772
64,570
66,540
69,344
7,204
8,546
9,436
12,970
3,117
2,578
3,362
2,364
71,860
70,538
72,613
79,949
-232
5,186
-2,702
3,986
4,471
-578
2,123 -1,053
2,055
1,533
3,166
2,338
618
644
623
-292
-5,9ia
2,512
1,809
-4,366
-3,099^
38,118
25,240
42,925
28,069
42,920
5,168
5,456
6,229
6,169
8,196
1,222
1,289
1,454
1,573
1,660
42,051
29,397
47,687
32,643
49,429
33,004
33,125
33,415
33,801
35,543
4,935
4,396
5,040
5,302
7,668
2,186
1,096
2,266
485
1,879
35,752
36,426
36,187
38,618
41,331
6,299
-7,028
11,499
-5,974
8,097
3,535
7,019
7,597
4,036
5,089
1,145
1,331
1,835
646
1,692
197
369
254
390
98
-4,875
5,323
-9,689
3,779
-6,878
6,218
3,184
4,818
5,412
753
660
1,231
994
78
93
71
617
6,889
3,747
5,972
5,785
4,918
5,995
5,726
5,718
846
959
857
809
65
285
227
-785
5,699
6,671
6,355
7,312
1,191
-2,924
-383
-1,527
-1,126
1,017
1,661
-405
-214
-266
292
-123
33
43
37
-501
-946
1,240
1,333
219
4,809
6,188
10,737
4,256
5,282
11,648
3,057
5,128
7,225
650
1,458
1,068
1,083
2,121
1,816
858
1,778
972
106
80
96
90
117
,173
113
115
130
5,349
7,564
11,704
5,244
7,280
12,288
3,801
6,786
8,062
,112
,095
,342
,491
,344
,283
,220
,075
,086
1,111
-250
296
258
367
100
408
-180
3
6,096
7,088
6,630
7,220
6,923
7,374
7,160
7,185
6,750
-747
476
5,073
-1,976
358
4,914
-3,359
-399
1,311
-195
142
-1,160
-813
1,432
-4,496
1,992
1.462
6341
-126
209
108
-469
1,241
727
-382
646
-310
367
-103
-126
-174
257
-123
-435
37
-1,142
-170
-67
-5,100
2,373
776
1,013
Net
Budget
rects.
Plus:
Trust
fund
rects.
63,358
70,99>4
6,095
5,743
5,584
5,987
5,944
6,190
6,347
5,930
5,667
40
-69
448
Effects of operations on Treasurer's account
Financing transactions
Operating transactions
Net
Budget
surplus,
or
deficit
Trust
fund
accumulation,
or
deficit
Reconciliation
to Treas.
cash
-3,117
-4,180
1,626
1,645
1,951
991
2,250
1,395
-46
-29
320
-529
Semiannually:
1955—Jan.-June.
July-Dec..
1956—Jan.-June.
July-Dec..
1957—Jan.-June*
5,114
-7,885
9,511
-5,732
7,377
234
1,060
1,190
866
529
660
92
228
-482
-47
Monthly:
1956—Sept
Oct
Nov
Dec
1,300
-2,812
-908
-307
-94
-299
374
185
145
-1,286
446
5,153
-1,731
-662
5,458
-3,290
-802
1,559
-462
363
-274
-408
777
533
-362
703
-115
Fiscal year—1954..
1955..
1956..
1957*.
1957—Jan
Feb
Mar
Apr
May
June*....
July
Aug
Sept
Net
market
issuance
(+)of
Govt.
agency
obligations 5
Net
inv. ( - )
in Fed.
sec. by
Govt.
agency
& trust
funds 5
Increase,
or
decrease
Held
( - ) , in
outside
gross
Treasury
direct
public
debt
Account of Treasurer of United
States (end of period)
Deposits in—
Treasurer's
account
Balance
F. R.
Banks
(available
funds)
Treasury
Tax and
Loan
Accts.
Other
net
assets
-1,609
-1,362
-2,617
-2,299
5,189
3,115
-1,623
-2,224
257
-312
-202
29
2,096
-551
331
-956
6,766
6,216
6,546
5,590
875
380
522
498
4,836
4,365
4,633
4,082
1,055
1,471
,391
,010
1,090
-950
-1,217
-1,400
-697
-1,602
-4,375
6,394
-8,017
3,877
-6,101
400
-24
-178
-55
84
1,036
-1,671
2,002
-2,119
1,163
6,216
4,545
6,546
4,427
5,590
380
397
522
441
498
4,365
3,036
4,633
2,924
4,082
,471
,112
,391
,062
,010
-14
-45
-70
-11
214
129
-875
282
-305
91
-1,304
1,022
1,734
-389
-1
62
-119
45
249
-1,741
6,445
4,704
5,778
4,427
535
495
463
441
4,628
2,937
4,159
2,924
1,272
1,156
1,062
390
-200
275
333
59
-905
384
-288
43
205
35
298
253
153
147
19
87
-6
374
-169
-245
402
-1,255
-708
324
-694
282
-399
40
-1,271
-991
1,226
-4,707
1,942
1,376
567
-17
-1,162
584
3,824
-2,142
308
-250
-1,115
423
2,436
3,265
3,849
7,673
715
458
591
509
568
498
504
477
429
1,161
2,027
5,912
3,516
4,318
4,082
2,833
3,331
5,818
1,389
1,364
1,170
1,507
954
1,010
1,138
1,090
1,088
173
-14
602
173
1,085
754
-139
312
c
tirement
funds.
2
Small adjustments to arrive at this total are not shown separately.
3 Consists primarily of (1) intra-Governmental transactions as described
in note 1, (2) net accruals over payments of interest on savings bonds
Cash balances:
inc., or dec. ( —)
-69
112
1
-11
68
131
-40
-106
1,074
-1,350
532
840
590
4,475
4,898
7,335
and Treasury bills, (3) Budget expenditures involving issuance of Federal
securities, (4) cash transactions between International Monetary Fund
and the Treasury, (5) reconciliation items to Treasury cash, and (6) net
operating
transactions of Govt. sponsored enterprises.
4
Primarily adjustments 2, 3, and 4, described in note 3.
5
Excludes net transactions of Govt. sponsored enterprises, which are
included in the corresponding columns above.
1259
FEDERAL FINANCE
DETAILS OF FEDERAL FISCAL OPERATIONS
[On basis of Treasury statements and Treasury Bulletin unless otherwise noted. In millions of dollars]
Selected excise taxes
(Int. Rev. Serv. repts.)
Budget receipts
Adjustments from total
Budget receipts
Period
Net
Budget
receipts
Transfers to—
Old- High- R.re-R.
age
way
trust
trust tirefund 2 fund ment
acct.
Refunds
of
receipts
Income and
profits taxes
Total
Budget
receipts
Individual
Withheld
Other
10,747
10,396
11,322
12,302
Fiscal year—1954
1955
1956
64,655
60,390
68,165
70,989
4,537
5,040
6,337
6,634 1,479
603
599
634
616
3,377
3,426
3,684
3,917
73,173
69,454
78,820
83,635
21,635
21,254
24,012
26,710
•Semiannually:
1955—Jan.-June
July-Dec
1956—Jan.-June
July-Dec
1957—Jan.-Junep
38,118
25,240
42,925
28,069
42,920
2,735
2,927
3,410
2,559
4,075
643
836
277
318
316
312
304
3,087
496
3,188
463
3,454
44,215
28,981
49,839
32,045
51,590
11,024
11,312
12,700
13,020
13,690
6,218
3,184
4,818
5,412
397
182
587
299
150
175
164
144
53
25
74
55
79
95
62
-12
6,897
3,660
5,705
5,898
4,809
6,188
10,737
4,256
5,282
11,648
3,057
5,128
7,225
255
2807
632
617
1,229
536
346
919
486
141
205
120
124
109
137
174
219
207
21
83
50
15
83
52
19
84
54
52 5,279
203 7,486
606 12,145
1,130 6,142
1,057 7,759
406 12,779
138 3,734
124 6,475
137 8,109
Monthly:
1956—Sept
Oct
Nov
Dec
1957—Jan
Feb
Mar
Apr
May
June**
July
Aug
Sept
Excise
taxes
Corporation
Employment
taxesi
Other
receipts
Liquor
21,523 10,014
18,265 9,211
21,299 10,004
21,531 10,655
5,425
6,220
7,296
7,581
3,829
4,108
4,887
4,857
2,798
2,743
2,921
2,973
,581
,571
,613
,674
3,127
3,177
3,778
4,098
Mfrs.'
Torebacco and
tailers'
8,073 14,498
2,699 4,109
8,623 17,190
3,004 5,553
9,298 15,978
4,684
5,052
4,952
5,325
5,330
3,552
3,283
4,013
2,876
4,705
2,384
2,526
2,361
2,267
2,590
,290
,524
,397
,648
,325
805
792
821
817
857
1,694
1,890
1,888
1,876
2,222
1,935
1,282
3,333
2,067
1,752
244
103
324
1,709
451
380
1,825
805
1,033
936
815
451
207
662
355
245
443
291
512
255
354
325
233
128
155
142
108
986
1,025
3,838
2,083
819
3,690
2,235
1,047
3,678
2,163
2,101
871
785
2,827
897
1,818
269
128
1,823
461
445
7,327
520
502
6,722
541
355
2,304
856
874
931
812
965
892
955
965
922
316
,160
692
633
,314
589
366
,003
540
520
298
327
531
391
523
556
346
357
186
197
231
214
243
257
244
241
n.a.
151
132
138
133
161
142
146
157
n.a.
1,119
1,102
Budget expenditures 3
Major national security
Period
( )
AgriVetculture
and
Generans' Labor
NatComeral
Interservagriural
merce
and
reand
est
governices and welfare
culbenetural sources housing ment
refits
sources
Intl.
affairs
Total
Total 4
(5)
and
Defense Mutual Atomic
Dept., security,
finance
military program
energy
5
5
( )
Fiscal year:
1953
1954
1955
1956
1957^
74,274
67,772
64,570
66,540
69,344
51,830
47,871
42,090
41,825
44,321
43,611
40,335
35,533
35,791
38,425
5,421
4,596
3,755
3,795
3,460
1,791
1,895
1,857
1,651
1,994
749
765
718
662
820
6,583 4,298
6,470 4,256
6,438 4,457
6,846 4,756
7,312 '4,794
Semiannually:
1955—July-Dec. <>
1956—Jan.-June?
July-Dec..
1957—Jan.-JuneP
33,125
33,415
33,801
35,543
20,421
21,190
21,145
23,252
17,917
17,873
18,547
19,878
1,383
2,197
1,464
2,025
797
854
930
3,349
3,497
3,587
3,725
2,330
2,426
2,291
2,502
1,348
1,428
1,421
1,544
2,775
2,138
2,183
2,561
614
490
736
560
1,137
1,064
212
664
382
323
891
879
551
940
689
,181
608
5,542
5,902
4,918
5,995
5,726
5,718
3,026
3,693
3,260
3,851
3,664
3,651
2,473
3,235
2,868
3,400
3,276
3,295
379
241
204
261
201
178
140
164
149
164
160
153
40
108
50
56
72
57
631
573
574
589
585
635
361
369
353
396
407
405
221
263
219
314
207
197
222
554
187
466
319
435
78
110
108
159
175
106
302
129
58
35
213
142
652
99
117
109
102
102
6,095
5,743
5,584
5,987
5,944
6,190
6,347
3,833
3,654
3,788
4,011
3,869
4,097
3,628
3,335
3,245
3,224
3,544
3,279
3,251
3,108
269
214
349
253
377
563
311
182
150
169
183
184
196
170
29
65
43
44
57
85
77
655
592
606
611
610
651
665
410
407
414
419
444
408
377
330
236
209
285
208
276
317
551
312
397
455
308
538
664
87
94
85
82
106
106
129
85
268
-19
-6
139
84
241
100
98
81
101
124
104
120
Monthly:
1956—July
Aug
Sept
Oct
Nov
Dec
1957—Jan
Feb
Mar
Apr
May
June?....
July
r
v Preliminary.
Revised. Monthly revisions not available,
n.a. Not available.
1 Represents the sum of taxes for old-age insurance, railroad retirement, and unemployment insurance.
2 Beginning February 1957, includes transfers to Federal disability
insurance trust fund.
3 For more details, see the 1958 Budget document, pp. 1076-1084 and
pp. 1149-1150 and the Treasury Bulletin, table 3 of section on Budget
receipts and expenditures.
4 Includes stockpiling and defense production expansion not shown
separately.
2,426 2,936 1,476
2,485 2,557 1,315
2,552 4,411 1,202
2,776 4,913 1,104
'2,967 '4,595 '1,295
2,502
814
1,502
2,028
'1,449
,474
,239
,201
,629
,790
5 Revised for transfer in the Midyear Review of the 1958 Budget of
the defense-support portion of the Mutual security program from "Economic and technical development" to "Major National Security." Since
all details of the revision are not available, monthly and semiannual
data may not add to totals.
6 Data are from Treasury Bulletin for June 1956 and are not fully comparable with data in subsequent Bulletins or with other data in this
table.
7 Derived by subtracting totals for July-December 1955 from totals for
fiscal year 1956.
1260
FEDERAL FINANCE
NTTED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY
[On basis of daily statements of United States Treasury. In billions of dollars]
Public issues 3
Marketable
Total
gross
debti
End of
month
1941—Dec
1945—Dec
1947—Dec
1950 Dec
1951—Dec
1952—Dec
1953—Dec
1954—Dec
1955 Dec
. ...
1956 Oct
Nov
Dec
1957 Jan
Feb
Mar
Apr
May
June
July
A.U2
Sept
Oct
Total
gross
direct
debtz
Total
Total
Bills
Certificates of
indebtedness
Nonmarketable
Bonds
Notes
Bank
eligible*
Bank
restricted
6.0
33.6
68.4
68.4
44 6
41.0
58.9
63.9
76.1
81.9
52.2
49.6
49.6
36.0
21.0
13.4
Special
Convertible
bonds
Totals
8.9
6.1
2.5
48.2
52.1
58 0
57.6
57.9
57.7
57.7
57.9
8.2
5.4
12.1
12.5
12.0
11.8
11.4
56.9
59.5
68 1
66.4
65.0
65.1
63.6
59.2
Savings
bonds
64.3
278.7
257.0
256 7
259.5
267.4
275.2
278.8
280.8
57.9
278.1
256.9
256 7
259.4
267.4
275 2
278.8
280.8
50.5
255.7
225.3
220.6
221.2
226.1
231.7
233.2
233.9
41.6
198.8
165.8
152.5
142.7
148.6
154.6
157.8
163.3
17.0
15.1
13.6
18.1
21.7
19.5
19.5
22.3
29.1
16.7
26.4
28.5
15.7
23.0
11.4
39.3
18.4
30.3
31.4
28.0
43.3
275 4
277.1
276 7
275 3
277.0
276 6
227.2
228.7
228 6
158.0
159.8
160 4
22.4
24.2
25 2
19.5
19.5
19 0
35.2
35.2
35.3
80 9
80.9
80 9
10.9
10.9
10 8
58 3
58.1
57 4
57 1
56.9
56 3
276.3
276.4
275 1
274.1
275.3
270.6
272.6
274.0
274 5
274.2
276.2
276.3
275 0
274.0
275.2
270 5
272.5
273.8
274.4
274.1
228.4
228.4
227 2
226.9
226.9
221.7
224.3
225.3
226.5
226.3
160.5
160.9
159 9
160.0
160.3
155.7
158.8
160.2
161.8
162.2
25.3
25.9
25 3
25.3
26.8
23.4
26.4
28.2
26.7
26.7
19.0
20.2
19 4
19.4
21.8
20.5
20.5
34.1
35.0
34.7
35.3
33.9
34.4
34.4
30.9
31.0
31.1
17.1
19.3
19.4
80.9
80.9
80 9
80.9
80.8
80.8
80.8
80.8
80.8
81.5
10.7
10.6
10 5
10.4
10.3
10.3
10.2
10.1
9.9
57.2
57.0
56 7
56.5
56.3
55 7
55.3
55.0
54.8
54.4
56.0
55.8
55 6
55.4
55.2
54 6
54.3
54.0
53.8
53.5
2.0
38.2
21.2
5.4
1 Includes some debt not subject to statutory debt limitation (amounting
to $440 million on Oct. 31, 1957) and fully guaranteed securities, not
shown separately.
2 Includes non-interest-bearing debt, not shown separately.
3 Includes amounts held by Govt. agencies and trust funds, which
aggregated $9,224 million on Sept. 30, 1957.
5.7
9.7
Tax
and
savings
notes
8.6
7.5
5.8
6.0
4.5
(6)
issues
7.0
20.0
29.0
33.7
35.9
39.2
41.2
42.6
43.9
45.5
45.7
45.6
45.3
45.5
45.6
45.2
46.1
46.8
46.3
46.7
46.2
46.1
4
Includes Treasury bonds and minor amounts of Panama Canal and
Postal
Savings bonds.
5
Includes Series A investment bonds, depositary bonds, armed forces
leave bonds, and adjusted service bonds, not shown separately.
6 Less than $50 million.
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Par value in billions of dollars]
Held by the public
Total
gross
debt
(including guaranteed
securities)
Special
issues
Public
issues
64.3
278.7
257.0
256.7
259.5
267.4
275 2
278.8
274.4
280.8
272.8
7.0
20.0
29.0
33.7
35.9
39.2
41.2
42.6
43.3
43.9
45.1
2.6
7.0
5.4
5.5
6.4
6.7
7.1
7.0
7.3
7.8
54.7
251.6
222.6
217.5
217.2
221.6
226.9
229.2
223.9
229.1
8.4
1956—Aug
Sept
Oct
Nov
Dec
275.6
274.3
215.4
211A
276.7
46.1
45.8
45.5
45.7
8.4
8.3
1957—Jan
Feb
Mar
Apr
May
June
July
Aug
276.3
276.4
275.1
274.1
275.3
270 6
272.6
274.0
End of
month
1941—Dec
1945 Dec
1947_Dec
1950—Dec
1951—Dec
1952—Dec
1953 Dec
1954—Dec
1955—June
Dec
1956—June
. ...
.
Held by
U. S. Govt.
agencies and
trust funds1
45.6
45.3
45.5
45.6
45.2
46.1
46 8
46.3
46.7
8.4
8.5
8.4
8.6
8.6
8.6
8.5
8.7
8 7
8.8
9.1
Federal
Reserve
Banks
Commercial
banks*
2.3
219.3
24.3
22.6
20.8
23.8
24.7
25.9
24.9
23.6
24.8
23.8
21.4
90.8
68.7
61.8
61.6
63.4
63.7
69.2
63.5
62.0
57.1
221.2
220.2
221.5
222.9
222.7
23.9
23.7
23.8
24.4
24.9
57.6
57.6
58.0
58.6
59.3
8.3
222.4
222.3
221.0
220.4
220.5
215.1
217.4
218.2
23.4
22.9
23.1
23.2
23.1
23.0
23.4
23.5
58.3
57.7
58.1
58.0
57.7
55.8
56.8
56.6
Total
1
Includes the Postal Savings System.
2 Includes holdings by banks in territories and insular possessions,
which
amounted to about $250 million on Dec. 31, 1956.
3
Includes savings and loan associations, dealers and brokers, foreign
Mutual
savings
banks
Insurcompanies
Other
corporations
3.7
8.2
4.0
10.7
12.0
10.9
24.0
23.9
18.7
16.5
16.1
15.8
15.0
14.8
14.3
13.3
22.2
14.1
19.7
20.7
19.9
21.6
19.2
18.7
23.3
17.4
8,3
8.1
8.1
8.0
13.1
13.1
13.2
13.1
12.8
18.6
17.5
18.5
19.2
18.6
8.1
8.1
8.1
8.0
8.0
7.9
7.9
7.9
12.9
12.8
12.6
12.5
12.4
12.3
12.3
12.2
20.2
20.9
9.8
9.5
9.2
8.8
8.7
8.5
8.4
18.0
17.9
18.5
15.7
16.9
18.0
State
_ _
Individuals
local
govts.
Other
Savings
bonds securities
J
.7
6.5
7.3
8.8
9.6
11.1
12.7
14.4
14.7
15.1
15.7
15.8
15.8
15.8
15.8
Misc.
investors*
5.4
8.2
9
42.9
46.2
49.6
49.1
49.2
49.4
50.0
50.2
21.2
19.4
16.7
15.5
16.0
15 4
13.7
15.2
15.4
17.2
9 1
50.2
50.3
50.3
50.2
50.2
15.7
50.1
50.1
17.4
17.7
17.6
17.6
17.2
15.8
15.8
16.0
16.2
16.1
16.2
16.2
16.3
49.9
49.7
49.6
49.4
49.3
49 1
48.9
48.8
17 6
18.2
19.2
19 2
19.2
19 4
19.4
19.5
8.4
10 5
10.6
11 7
13 2
13 9
14 4
15 6
16.2
16.3
16 3
16 3
16 2
16 0
16 3
16 2
16.3
16 0
16 2
15 8
15 7
15.3
accounts, corporate pension funds, and nonprofit institutions.
NOTE.—Reported data for Federal Reserve Banks and U. S. Govtagencies and trust funds; Treasury Department estimates for other groups.
1261
FEDERAL FINANCE
UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, OCTOBER 31, 19571
[On basis of daily statements of United States Treasury. In millions of dollars]
Issue and coupon rate
Treasury bills2
Nov. 7, 1957
Nov. 14, 1957
Nov. 21, 1957
Nov. 29, 1957
Dec. 5, 1957
Dec. 12, 1957
Dec. 19, 1957
Dec. 26, 1957
Jan. 2, 1958
Jan. 9, 1958
Jan. 16, 1958
Jan. 23, 1958
Jan. 30, 1958
Mar. 24, 1958
Apr. 15, 1958
Certificates
Dec. 1, 1957
Issue and coupon rate
Amount
Certificates—Cont.
1,700
Feb. 14, 1958
1,700
Apr. 15, 1958
1,800
Aug. 1,1958
1,801
1,801 Treasury notes
1,802
Apr. 1,1958
1,600
June 15, 1958
1,602
Oct. 1,1958
1,600
Feb. 15, 1959
1,600
Apr. 1,1959
1,600
Oct. 1,1959
1,601
Apr. 1,1960
1,699
May 15, 1960
3,002
Oct. 1,1960
1,751
Apr. 1, 1961
Aug. 1, 1961
Oct. 1,1961
9,971
Feb. 15, 1962
Issue and coupon rate
Amount
3%
3i/2
4
10,851
2,351
11,519
Treasury notes—Cont.
Apr. 1,1962
iy 2
Aug. 15, 1962
4
Oct. 1,1962
11/2
li/ 2
2VS
11/2
1%
11/2
11/2
iy 2
3i/2
11/2
Vfi
4
11/2
3%
383
4,392
121
5,102
119
99
198
2,406
278
144
2,609
332
647
Treasury bonds
Mar. 15, 1956-583. . 2 %
Sept. 15, 1956^593..214
Mar. 15, 1957-593. . 2 %
June 15, 1958
2%
June 15, 1958-634..234
Dec. 15, 1958
2Vi
June 15, 1959-62... 214
Dec. 15, 1959-62... 214
Nov. 15,1960
2i/8
Dec. 15, 1960-65 4.. 234
Sept. 15, 1961
234
Nov. 15,1961
21/2
Aug. 15, 1963
21/2
1 Direct public issues.
Sold on discount basis. See table on Money Market Rates, p. 1253.
2
Amount
551
2,000
31
1,449
3,818
927
4,245
Issue and coupon rate
Treasury bonds—Cont.
June 15, 1962-67... 2 y2
Dec. 15, 1963-68... 2i/2
June 15, 1964-69... 21/2
Dec. 15, 1964-69... 21/2
Mar. 15, 1965-70.. .2%
Mar. 15, 1966-71.. .2i/2
June 15, 1967-72... 21/2
Sept. 15, 1967-72... 21/2
Dec. 15, 1967-72... 21/2
Oct. 1,1969
4
June 15, 1978-83...314
Feb. 15, 1995
3
919
2,368
5,270
3,458
3,806 Panama Canal Loan
3
1,485
2,239 Convertible bonds
11,177
Investment Series B
Apr. 1, 1975-80... 2 34
6,755
2,114
2,822
3,748
3,823
4,707
2,953
1,857
2,716
3,763
657
1,605
2,743
50
9,702
3 Not called for redemption on first call date. Callable on succeeding
interest
payment dates.
4
Partially tax-exempt.
OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES 1
[On basis of Treasury Survey data. Par value in millions of dollars]
Marketable and convertible securities, by type
Type of holder and date
Total
All holders:
1955—June
1956—June
Dec.
1957—June
July
Aug.
30
30
31
30
31
31
Marketable securities, by maturity class
Certificates
Notes
Market- Convertible
able
bonds 2 bonds
Total
Within
1 year
1-5
years
5-10
Over 10
years
166,882
166,050
171,137
165,985
168,960
170,261
19,514
20,808
25,179
23,420
26,406
28,155
13,836
16,303
19,023
20,473
20,473
34,077
40,729
35,952
35,294
30,973
31,069
17,149
81,128
81,890
80,878
80,839
80,833
80,828
11,676
11,098
10,763
10,280
10,179
10,052
155,206
154,953
160,374
155,705
158,781
160,209
49,703
58,714
68,557
71,033
74,019
72,749
38,188
31,997
41,021
39,184
39,280
41,982
33,687
31,312
17.893
14,732
14,731
14,731
33,628
32,930
32,904
30,756
30,751
30,747
7,162
8,236
8,242
8,554
8,673
8,899
40
273
142
130
89
89
355
353
416
410
670
119
688
842
1,282
1,396
1,403
3,556
3,575
3,669
3,664
3,720
3,710
3,439
3,345
3,236
3,063
3,058
3,026
3,723
4,891
5,006
5,491
5,614
5,873
74
927
928
,138
,190
,190
199
500
708
1,210
1,268
1,530
506
434
317
295
303
301
2,944
3,030
3,053
2,848
2,853
2,852
Federal Reserve Banks:
1955—June 30
1956—June 30
Dec. 31
1957—June 30
July 31
Aug. 31
23,607
23,758
24,915
23,035
23,355
23,539
886
855
1,918
287
344
801
8,274
10,944
10,975
11,367
11,381
19,936
11,646
9,157
9,219
8,579
8,828
2,802
2,802
2,802
2,802
2,802
2,802
23,607
23,758
24,915
23,035
23,355
23,539
17,405
20,242
22,113
20,246
20,565
20,750
3,773
1,087
373
681
681
681
1,014
1,014
1,014
750
750
750
1,415
1,415
1,415
1,358
1,358
1,358
Commercial banks:
1955—June 30
1956—June 30
Dec. 31
1957—June 30
July 31
Aug. 31
55,667
49,673
51,466
48,734
49,540
49,315
2,721
2,181
4,934
2,853
3,852
4,085
1,455
1,004
1,600
2,913
2,826
3,768
15,385
11,620
10,714
8,984
9,059
7,720
35,942
34,712
34,071
33,839
33,661
33,600
164
155
147
144
142
142
55,503
49,517
51,319
48,590
49,398
49,172
7.187
7,433
11,635
12,268
13,144
11,917
21,712
18,234
24,528
23,500
23,454
24,472
21,110
19,132
10,242
8,600
8,585
8,590
5,494
4,719
4,914
4,222
4,214
4,193
Mutual savings banks:
1955—June 30
1956—June 30
Dec. 31
1957—June 30
July 31
Aug. 31
8,069
7,735
7,431
7,397
7,405
7,425
84
107
131
163
191
223
53
37
24
114
112
175
289
356
312
367
398
367
6,422
6,074
5,849
5,655
5,609
5,567
1,222
1,161
1,115
1,098
1,095
1,093
6,848
6,574
6,316
6,299
6,310
6,331
164
247
241
576
626
589
533
540
,057
.082
,065
,134
1,405
1,319
659
601
599
596
4,746
4,468
4,358
4,040
4,019
4,011
Insurance companies:
1955—June 30
1956—June 30
Dec. 31
1957—June 30
July 31
Aug. 31
13,117
11,702
11,331
10,936
10,991
10,972
630
318
349
326
427
443
74
44
66
136
152
223
789
760
781
648
667
601
8,479
7,789
7,464
7,277
7,256
7,254
3,145
2,791
2,671
2,549
2,488
2,451
9,972
8,911
8,660
8,387
8,503
8,521
810
632
726
955
1.078
1,050
,339
,192
,749
,775
,774
,804
2,027
1,802
1,136
1,022
1,015
1,030
5,796
5,285
5,049
4,634
4,637
4,636
Other investors:
1955—June 30
1956—June 30
Dec. 31
1 9 5 7 _ j u n e 30
July 31
Aug. 31
59,260
64,947
67,752
67,329
68,996
70,112
15,153
17,074
17,705
19,661
21,503
22,514
3,973
3,919
6,004
5,527
5,592
9,305
12,502
13,371
13,426
11,113
10,720
7,058
23,927
26,896
27,024
27,602
27,784
27,896
3,706
3,646
3,593
3,426
3,396
3,339
55,554
61,301
64,159
63,904
65,600
66,773
24,062
29,233
32,914
35,850
37,415
37,253
10,633
10,443
12,605
10,936
11,038
12,361
7,626
7,612
4.525
3,464
3,479
3,464
13,233
14,013
14,114
13,654
13,669
13,695
U. S. Govt. agencies and trust funds:
1955—June 30
1956—June 30
Dec. 31
1957—June 30
July 31
Aug. 31
1
,
Direct public issues.
Includes minor amounts of Panama Canal and Postal Savings bonds.
NOTE.—Commercial banks, mutual savings banks, and insurance com2
panies included in the survey account for over 90 per cent of total holdings
by these institutions. Data are complete for U. S. Govt. agencies and
trust funds and Federal Reserve Banks.
1262
SECURITY ISSUES
NEW SECURITY ISSUES 1
[Securities and Exchange Commission estimates.
In millions of dollars]
Proposed uses of net proceeds,
all corporate issuers6
Gr jss proceeds, all ssuers2
Noncorporate
Corporate
Year or
month
Bonds
Total
U. S.
Govt. 3
Federal
agency4
State
and
mu- Others
nicipal
1939
1941
1945
5,687
15,157
54,712
? 33?
11 466
47 ,353
13
38
506
1,128
956
795
50
30
47
1949
1950
1951
1952
1953
1954
1955
1956
21,110
19,893
21,265
26,929
28,824
29,765
26,772
22,405
11 ,804
9 687
9 ,778
1? ,577
13 ,957
P ,532
9 ,628
5 517
216
30
110
459
106
458
746
169
2,907
3,532
3,189
4,121
5,558
6,969
5,977
5,446
132
282
446
237
306
289
182
334
1,581
1,892
1 829
1,955
355
414
389
390
2,432
2,123
3 248
2,362
1 785
2,401
'1,977
'1 934
3,957
496
386
1 ,327
390
394
362
400
'392
2 ,263
1956
Sept
Oct
Nov
Dec
1957—Jan
Feb
Mar . .
Apr
M!ay
June
July
Aug
Sept
N e w c apital
336
646
311
427
72
685
569
503
763
539
388
516
'595
414
125
60
215
Total
Preferred
stock
New
Total money 7
Retirement
of
bank
debt,
etc. 8
Retirement
of
securities>
Total
Publicly
offered
Privately
placed
2,164 1,980
2,667 2,390
6,011 4,855
1,276
1,578
3,851
703
811
1,004
98
167
758
87
110
397
420
1,041
1,347
325
868
1,080
26
28
133
69
144
134
1 695;
1,583
4 555
736
811
1,212
1,369
1,326
1,213
2,185
2 301
5,558
4,990
7 120
8,716
8,495
7,490
8,821
10 384
4,606
4,006
6 531
8,180
7,960
6,780
7,957
9 663
315
637
364
620
363
226
537
535
709
864
721
401
1 271
486
664
260
1 875
1,227
364
6,052
6,361
7,741
9,534
8,898
9,516
10,240
10,939
4,890
4,920
5,691
7,601
7,083
7,488
7,420
8,002
2,437
2,360
2 364
3,645
3,856
4,003
4,119
4 225
2,453
2,560
3.326
3,957
3,228
3,484
3,301
3,777
425
631
838
564
489
816
635
636
58
5
23
890
773
1,123
1,114
681
485
451
915
514
315
179
401
167
170
33
139
45
16
84
53
32
128
51
44
'38
'10
37
1,094
1,116
1,386
956
802
1,547
'1,022
'937
1,028
916
761
1,072
647
691
1,074
'770
'830
913
641
514
643
385
437
633
'459
540
587
(9)
Common
stock
Miscellaneous
purposes
514
276
34
26
38
46
25
66
22
'31
19
262
254
441
'311
327
176
838
816
745
150
660
627 1 089 1 048
183 1,088 1 049
144
329
276
264
85
407
'230
76
96
1,063 1 026
1,071
927
1 344 1 271
924
864
771
707
1,489 1,419
'991
'930
'914
'905
973
949
23
84
41
39
3511
21
11
38
144
73
61
64
69
'60
'9
24
Hi
22
21
1315
31
'15
'9'
40'
Proposed uses of nel proceeds, major groups of corporate iss tiers
Manufacturing
Year or
month
Commercial and
miscellaneous
RetireNew
ment of
New
secu- capital 10
capital 10
rities
1949
1950
1951
1952
1953
1954
1955
1956
1956
Sept
Oct
Nov
Dec
1957_jan
Feb
Mar
Apr
.. .
June . . . .
July
Aua
Sept
r
Public utility
RetireRetireNew
ment of
New
ment of
secu- capital o secu- capital 10
rities
rities
517
314
600
747
871
651
1,045
1,384
63
37
45
148
242
227
153
157
4
56
68
596
73
101
31
85
65
80
51
'45
'30
52
247
247
490
351
348
436
244
'251
418
310
474
462
512
502
831
769
682
28
63
56
24
40
93
51
51
784
609
437
758
553
501
544
694
206
314
147
526
10
7
19
5
36
31
110
33
21
4
2
3
381
543
366
314
135
626
'234
'242
331
8
2
4
3
4
21
5
r(9)
4
42
94
32
53
55
29
'71
'50
36
3
1
'10
'6
5
Retirement of
New
secu- capital 10
rities
233
682
85
88
67
990
174
14
44
149
221
261
90
190
533
243
4
11
196
53
225
36
270
33 8
2
Communication
2,043
1,927
2,326
2,539
2,905
2,675
2,254
2,474
1,347
1,026
2,846
3,712
2,128
2,044
2,397
3,336
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.
3
Includes guaranteed issues.
4
Issues not guaranteed.
5 Represents foreign governments, International Bank for Reconstruction and Development, and domestic eleemosynary and other nonprofit
organizations.
1
2
Transportation
8
(9)
14
16
5
8
r(9)
r(9)
(*)
105
46
281
47
82
137
'54
'126
65
Real estate
and financial
Retirement of
New
secu- capital 10
rities
4S
81
6
3
60
11
21
558
639
449
448
1.536
788
1,812
1,815
1
1
236
68
37
151
1
1
(9)
(91
1
(9 )
187
108
91
93
72
210
'343
'215
47
Retirement of
securities
35
100
66
60
24
273
56
17'
(9)
2
(9)
'1
30
6
Estimated net proceeds are equal to estimated gross proceeds less cost
of flotation, i.e., compensation to underwriters, agents, etc., and expenses.
7 Represents proceeds for plant and equipment and working capital.
8
Represents proceeds for the retirement of mortgages and bank debt
with original maturities of more than one year. Proceeds for retirement of
short-term bank debt are included under the uses for which the bank
debt was incurred.
9 Less than $500,000.
10
Represents all issues other than those for retirement of securities.
1263
BUSINESS FINANCE
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
[In millions of dollars]
Quarterly totals
Annual totals
Industry
1956
1955
1951
1952
1953
1954
1955
1957
1956
4
1
4
3
2
1
2
Manufacturing
Total (200 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Nondurable goods industries (94 corps.) :*
Sales
Profits before taxes
Profits after taxes
Dividends
Durable goods industries (106 corps.):2
Sales
Profits before taxes
Profits after taxes
Dividends
52 940
8,869
3,548
2,075
54,517
7,308
3,192
2,073
63,343
8,375
3,6*9
2,154
58,110
7,244
3,825
2,384
69,876 71,901 18 13918,131 18 457 16,119 19,193 19,754 19,370
10,250 9,253 2,612 2,603 2,509 1,700 2,441 2,751 2,573
914 1,321
5,231 4,842 1,399 1,302 1,305
1,420
1,340
2,827 2,972 1 015 703
723
841
752
706
757
18 91619,266 20,694 20,620 23,106 24,762 6 043 6,079 6 135 6,084 6,464
808
877
3,447 2,853 3,028 2,753 3,413 3,468
907
876
895
466
526
1 533 1 392 1,526 1 581 1,918
1 985 523
503
491
305
946
972 1,064 1,202
359
925
1,249
290
402
295
34,024
5,422
2,015
. . 1,149
^Selected industries:
Foods and kindred products (28 corps.) :
Sales
Profits before taxes
Profits after taxes
Dividends
Chemicals and allied products (26 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Petroleum refining (14 corps.):
Sales
Profits before taxes
Profits after taxes . .
Dividends
Primary metals and products (39 corps.):
Sales
Profits before taxes
Profits after taxes . . .
Dividends
Machinery (27 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Automobiles and equipment (15 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends .
35,251
4,455
1,800
1,127
42,649
5,346
2,123
1,182
37,490
4,491
2,244
1,320
6,604
941
537
315
6,509
869
503
318
46,770 47,139 12 096 12,052 12 32210,036 12,730 13,150 12,861
892 1,564
6,836 5,784 1,717 1,696 1,633
1,810
1,705
448
794
3,313 2,857
799
883
837
815
876
482
418
413
1,625
1,724
437
439
613
411
4 909 5 042 5 411 5 476 5 833 6 300 1 495 1 530 1 569 1,561
1,640
1,618
141
145
71
41
74
50
133
154
63
39
75
40
5 882 5 965 6 373 6 182 7 222 7 726 1 891 1 879 1 957 1,889 2,001
342
389
380
1,490 1,259 1,308 1,153 1,535
1,500
388
400
178
207
486
521
520
782
776
196
195
593
210
143
181
396
141
381
417
499
597
602
234
138
2,045
2,045
5 078 5 411 5 883 6 015 6 556 7 185 1 745 1 764 1 742 1,770
473
227
159
453
203
154
465
462
499
561
212
154
224
156
244
160
275
166
911
728
841
751
854
916
560
262
524
283
603
290
567
294
624
317
688
346
128
66
50
228
173
83
126
149
58
37
•71
38
248
223
177
82
163
82
218
163
89
1 640
395
393
197
150
201
152
1,909
2,048
1,941
226
298
217
184
93
220
91
172
91
030 4 209 4 415 3,098 4,340
267
697
712
690
674
145
363
346
348
378
140
188
141
137
182
4,272
678
344
157
4,217
652
327
157
6,168 7,077 8 005 7 745 8 477 9 798 2 237 2,167 2 463 2,422 2,746
233
243
200
267
1,000
971 1,011
912
943
194
914
125
120
139
365
402
465
465
460
76
114
375
79
87
192
199
321
78
78
237
281
81
263
2,624
296
142
79
2,751
309
151
81
12,707 13,038 16,611 14,137 18,826 16,336 4,688 4,578 4,195 3,347 4,215
272
470
509
689
1,950 1,982 2,078 1,789 3,023 1,940
714
118
214
242
898
320
717
709
758
346
863 1,394
164
166
164
693
656
162
486
469
469
309
536
4,993
713
337
167
4,522
603
292
166
10 391 10 581 10 664 9 371 10 106 10 551 2 640 2,535 2,704 2,590 2,722
298
375
1,260 1,438 1,436
252
343
908 1,341
1,267
353
208
266
903
163
237
693
825
682
927
874
264
70
148
412
110
116
379
448
445
176
328
338
2,575
247
161
124
2,660
264
182
111
6,058 6,549 7,136 7,588 8,360
1,482 1,740 1,895 2,049 2,304
814
947 1 030 1 134 1 244
725
780
651
942
868
9.059 2,185 2,398 2,185 2,175 2,302
568
586
710
592
2,457
595
302
331
374
321
1 329
325
262
256
248
247
1,013
253
2,549
731
393
269
2,324
596
327
270
3,729 4,136 4,525 4,902 5,425
691
787
925 1,050 1,282
341
384
638
452
525
5,966 1,419 1,439 1,480 1,495 1,552
359
380
352
339
1,430
336
180
190
176
169
715
169
1,560
387
195
1,611
388
195
148
150
12,507 11,564 13 75011 52214 952 16,062 4
2,098 1,147 1,817 1,357 2,377 2,366
564
790
705 1 195 1 233
778
382
369
522
606
377
407
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
1
318
355
412
Includes 26 companies in groups not shown
uuuuiiif, niuiviiuio yi**j9 lit
(6); and miscellaneous (7).
NOTE.—Manufacturing corporations. Sales data are obtained fro
the Securities and Exchange Commission; other data from publish*
shed
C O m n S X l V T"6T*)OT*LS
Railroads. Figures are for Class I line-haul railroads (which account
for 95 per cent of all railroad operations) and are obtained from reports
of the Interstate Commerce Commission.
Electric power Figures are for Class A and B electric utilities (which
448
496
552
130
132
136
137
147
quarterly figures on operating revenue and profits before taxes are partly
estimated by the Federal Reserve to include affiliated nonelectric operations.
Telephone. Revenues and profits are for telephone operations of the
Bell System Consolidated (including the 20 operating subsidiaries and
the Long Lines and General departments of American Telephone and
Telegraph Company) and for two affiliated telephone companies, which
together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data
are obtained from the Federal Communications Commission.
All series. Profits before taxes refer to income after all charges and
>efore Federal income taxes and dividends. For detailed description of
rt*.C-*o
r-.^^
*-»•* fcCL1*) CLCC / \ f +Vt/* D n r T ETTXT 4V\r> T u n o
1 Q/4.Q
^rnonnfQr>fni-in^»
1264
BUSINESS FINANCE
CORPORATE PROFITS, TAXES, AND DIVIDENDS
NET CHANGE IN OUTSTANDING CORPORATE SECURITIES *
[Department of Commerce estimates. La billions
of dollars]
[Securities and Exchange Commission estimates. In millions of dollars]
Year or
quarter
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956...
26.2
40.0
41.2
35.9
37.0
33.5
42.5
43.0
1955-4
1956—1
2
3
4
1957—1
2
7.5
9.2
9.1
9.0
9.3
9.9
11.0
11.9
8.3
12.9
9.6
7.1
7.4
6.1
9.9
9.2
22.7
12.0
10.7
21.2
20.7
19.9
22.3
11.7
12.0
12.1
11.5
9.5
8.7
7.8
10.8
21.5
20.5
12.4
12.5
9.1
8.0
10.4
17.8
22.5
19.8
20.3
17.4
21.5
22.0
15.8
22.1
18.7
16.1
16.7
16.0
21.0
21.0
46.1
23.4
43.3
42.4
40.8
45.6
22.1
21.6
20.8
23.3
43.9
42.0
22.4
21.4
NOTE.—Quarterly
annual rates.
Bonds and notes
All types
InProfits
Profits Cash Undisbefore come after
divi- tributed
taxes taxes taxes dends profits
Year or
quarter
1949
1950
1951
1952
1953
1954
1955
1956
. .
1956—2
3
4
Stocks
New RetireNew RetireNet
New RetireNet
Net
issues ments change issues ments change issues ments change
.
.
1957—1
2
6,731
7,224
9 048
10,679
9 550
11,694
12,474
13 007
1,875
3,501
2 772
2,751
2 429
5,629
5,599
4 519
4,856
3,724
6 277
7,927
7 121
6,065
6,875
8 488
4,867
4,806
5,682
7,344
6,651
7,832
7,571
7,937
1,583
2,802
2,105
2,403
1,896
4,033
3,383
2,768
3,284
2,004
3,577
4,940
4,755
3,799
4,188
5,170
1 ,865
',418
L366
3^335
2 898
3,862
4,903
5 070
292
698
667
348
533
1,596
2,216
1,751
1,572
1,720
2,700
2,987
2 366
2,265
2,687
3 319
3 367
3,336
. 3,477
1 487
1 880 2 245
2,345 2,182
2,479 1,833
817
650
998
593
1,428
1,531
1,240
,122
,154
,644
671
340
404
452
814
1,239
3,666
3,739
783
867
2,884 2,337
2,873 2,367
553
626
1,824
1,741
,289
,373
230
241
1,059
1,132
991
1
Reflects cash transactions only. As contrasted with data shown on p. 1262, new issues
exclude foreign and include offerings of open-end investment companies, sales of securities
held by affiliated companies or R F C , special offerings to employees, and also new stock
issues and cash proceeds connected with conversions of bonds into stocks. Retirements
include the same types of issues, and also securities retired with internal funds or with
proceeds of issues for that purpose shown on p. 1262.
data are at seasonally adjusted
CURRENT ASSETS AND LIABILITIES O F CORPORATIONS 1
[Securities and Exchange Commission estimates. In billions of dollars]
Current liabilities
Current assets
End of year
or quarter
1949
1950
1951..
1952
1953..
1954
1955
Net
working
capital
Total
Cash
U.S.
Govt.
securities
Notes and aocts.
receivable
U.S.
Govt. 2
Notes and accts.
payable
Inventories
Other
Federal
income
tax
liabilities
Other
47.9
53.6
57.0
57.3
61.4
69.9
9.3
16.7
21.3
18.1
18.7
15.5
18.4
14.0
14.9
16.5
18.7
20.7
23.5
25.1
Total
U. S.
Govt. 2
Other
Other
37 .5
72.4
81.6
86.5
90.1
91.8
91.8
98.9
133.1
161.5
179.1
186.2
190.6
194.6
214.6
26.5
28.1
30.0
30.8
31.1
33.4
34.0
16.8
19.7
20.7
19.9
21.5
19.2
23.3
2.1
2.8
2.6
2.4
2.3
55.7
58.8
64.6
65.9
71.2
81.6
45.3
55.1
64.9
65.8
67.2
65.3
70.0
1.4
1.7
2.1
2.4
2.4
3.1
3.5
60.7
79.8
92.6
96.1
98.9
102.8
115.7
.4
1.3
2.3
2.2
2.4
2.3
1956—2
3
4
102.7
103.4
104.4
214.7
220.4
225.7
32.1
32.6
34.7
17.4
17.5
18.6
2.3
2.4
2.6
84.3
88.1
88.8
74.8
76.0
77.3
3.8
3.8
3.6
112.1
117.0
121.3
2.5
2.5
2.4
71.4
73.0
74.9
12.3
14.4
16.8
25.8
27.1
27.2
1957—1
2
106.0
107.0
224.9
224.5
31.9
32.5
18.0
15.7
2.5
2.5
89.4
90.5
79.1
79.3
4.0
4.0
118.9
117.6
2.5
2.6
74.1
74.4
14.4
12.2
28.0
28.3
43 .0
2 Receivables from, and payables to, the U. S. Government exclude
amounts offset against each other on corporations' books.
i Excludes banks and insurance companies.
BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
[Department of Commerce and Securities and Exchange Commission estimates.
Year
1949.
1950
1951
1952 .
1953
1954
1*955
1956
1957 4
Total
19.3
20.6
25.6
26.5
28.3
26.8
28.7
35.1
37.0
Manufacturing
7.1
7.5
10.9
11.6
11.9
11.0
11.4
15.0
16.2
Transportation
Mining
.8
.7
.9
1.0
1.0
1.0
1.0
1.2
1.2
Railroad
Other
1.4
1.1
1.5
1.4
1.3
.9
.9
1.2
1.5
.9
1.2
1.5
1.5
1.6
1.5
1.6
1.7
1.8
1
Corporate and noncorporate business, excluding agriculture.
2 Includes trade, service, finance, and construction.
Public Comutili- muni- Other 2
ties
cations
3.1
3.3
3.7
3.9
4.6
4.2
4.3
4.9
6.3
1.3
l!3
1.5
1.7
1.7
2.0
2.7
10 1
4.7
5.7
5.9
5.6
6.3
6.5
7.5
8.4
Quarter
In billions of dollars]
Total
Manufactur- Transing
portaand
tion
mining
Public
All
utiliother 3
ties
1956—1
2
3
4
7.5
8.9
8.9
9.8
3.2
4.1
4.1
4.8
.7
.7
.7
.8
.9
1.2
1.3
1.5
2.6
2.9
2.7
2.8
1957—1
2
34
44
8.3
9.6
10.0
9.2
3.8
4.5
4.7
4.4
.7
.8
.9
.8
1.2
1.5
1.8
1.7
2.6
2.7
2.5
2.3
3 Includes communications and other.
4 Anticipated by business.
1265
REAL ESTATE CREDIT
MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER
[In billions of dollars]
All properties
End of year
or quarter
All
holders
Nonfarm
Other
holders
Financial
insti- Selected Inditutions Federal viduals
agenand
cies
others
Farm
1- to 4-family houses
Multi-family and
commercial properties 1
Financial
institutions
Financial
institutions
All
holders
Total
Other
holders
Total
1941
1945
37.6
35.5
20.7
21.0
2.0
.9
14.9
13.7
31.2
30.8
18.4
18.6
11.2
12.2
7.2
6.4
12.9
12.2
1949
1950
1951
1952
1953
1954
1955
1956
62.7
72.8
82.3
91.4
101.3
113.8
130.0
144.6
42.9
51.7
59.5
66.9
75.1
85.8
99.4
111.2
1.1
1.4
2.0
2.4
2.8
2.8
3.1
3.6
18.7
19.8
20.8
22.1
23.5
25.2
27.5
29.9
57.1
66.7
75.6
84.2
93.6
105.5
120.9
134.7
37.6
45.2
51.7
58.5
66.1
75.7
88.2
99.0
28.5
35.4
41.1
46.8
53.6
62.5
73.8
83.4
9.1
9.8
10.7
11.7
12.5
13.2
14.4
15.6
1956—Mar..
June..
Sept..
Dec...
133.5
137.5
141.4
144.6
102.3
105.5
108.7
111.2
3.2
3.2
3.3
3.6
28.1
28.8
29.4
29.9
124.2
127.9
131.6
134.7
90.8
93.6
96.5
99.0
76.2
78.8
81.4
83.4
1957—Mar.P
June*?.
Sept.*
147.3
150.2
153.4
113.0
115.3
117.7
4.0
4.2
4.5
30.3
30.7
31.2
137.2
139.9
142.9
100.9
103.2
105.4
84.9
86.8
88.7
p
1
Preliminary.
Derived figures, which include negligible amount of farm loans held
by 2 savings and loan associations.
Derived figures, which include debt held by Federal land banks and
Farmers Home Administration.
NOTE.—Figures for first three quarters of each year are Federal Reserve
estimates. Financial institutions represent commercial banks (including
nondeposit trust companies but not trust departments), mutual savings
banks, life insurance companies, and savings and loan associations.
Other
holders
4.8
4.7
All
holders
Financial
Other
insti- holders2
tutions
1.5
1.3
4.9
3.4
7.2
7.6
8.0
8.4
9.0
9.8
10.8
11.9
6.4
4.8
5.6
6.1
6.7
7.3
7.8
8.3
9.1
9.9
2.1
2.3
2.6
2.8
3.0
3.3
3.6
3.9
3.5
3.7
4.1
4.4
4.8
5.0
5.4
6.0
22.4
22.9
23.4
23.9
11.0
11.3
11.6
11.9
9.4
9.6
9.8
9.9
3.7
3.8
3.9
3.9
5.7
5.8
5.9
6.0
24.2
24.6
25.1
12.0
12.2
12.4
10.1
10.3
10.4
3.9
4.0
4.0
6.2
6.4
6.4
19.5
21.6
23.9
25.7
27.5
29.8
32.7
35.8
8.1
7.4
12.3
14.0
15.9
17.2
18.5
20.0
21.9
23.9
14.6
14.9
15.1
15.6
33.4
34.3
35.1
35.8
16.0
16.4
16.8
36.3
36.8
37.5
Federal agencies represent HOLC, FNMA, and VA (the bulk of the
amounts through 1948 held by HOLC, since then by FNMA). Other
Federal agencies (amounts small and separate data not readily available
currently) are included with individuals and others.
Sources.—Federal Deposit Insurance Corporation, Federal Home Loan
Bank Board, Institute of Life Insurance, Departments of Agriculture
and Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of the Currency, and Federal Reserve.
MORTGAGE LOANS HELD BY BANKS i
[In millions of dollars]
Commerc ial bank h o l d i n g s 2
End of year
or quarter
Residentia il
Total
Total
FHAinsured
VAguaranteed
Total
Total
FHAinsured
VAguaranteed
5,501
5,951
6 695
7,617
8,300
909
968
1 ,004
1 ,058
1 ,08?
1J 5 9
1 ,297
1 ,336
6,705
5 569
7,054
8,261
8,595
9,916
9,883
11,379
12,943 11,334
15,007 13,211
17,457 15,568
19,745 17,703
2,567
3,168
3,489
3,800
4,150
4,409
1 7^6
2 ,237
3 0S3
4 1ff>
5 773
13P
3, 770
3 837
3, 890
3, 902
7,800
7,995
8,210
8,300
3,950
4,137
4,282
4,379
1 ,320
1 ,353
1 ,358
,336
18,045
18,610
19,225
19,745
16,123
16,644
17,218
17,703
4,210
4,274
4,350
4,409
6
6
6
7
3, 810
8,300
8 440
8,650
4,440
4 500
4,660
1 ,350 20,105
1 ,370 20,475
1 ,375 20,812
18,035
18,384
18,697
4,455
4,500
4,550
1949.
1950.
1951.
1952.
1953.
1954
1955.
1956.
11 644
13,664
14,732
15,867
16,850
18 573
21,004
22,719
8 676
10,431
11 270
12,188
12,925
14 152
15,888
17 004
3 42 i • 'ycpj
3,675 - 3, 012
3 912 3 061
350
4 106
4,560 3 , 711
4 803
907
21,450
21,990
22,500
22,719
16,180
16 500
16,860
17,004
4,610
4 668
4,760
4,803
22,670 16,880
22 760 16 890
23,105 17,070
4,770
4 730
4,760
T, 7">0
3 , 660
4 929
P1 Preliminary.
Represents all banks in the United States and possessions.
2
Includes loans held by nondeposit trust companies but excludes
holdings of trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member
Bank
Call Report and from weekly reporting member banks.
3
Figures for 1941 and 1945, except for the grand total, are estimates
Farm
2,060
2,264
2,458
2,621
2,843
3,263
3,819
4,379
3 292
3 395
1957- M a r
June 33
Sept.
Conventional
566
521
4 906
4 772
Mar
June
SeDt
Dec
Residential
Other
nonfarm
1 048
856
1941
1945.
1956
Mutual savings bank holdings 3
4,812
4,208
Conventional
Other
nonfarm
900
3 884
3,387
797
Farm
28
24
37
44
47
53
53
5 ,645
6 ,155
1.099
1,164
1,274
1,444
1,556
1,740
,831
,984
155
506
840
139
5 ,758
5 ,864
6 ,028
6 ,155
,860
,898
,944
.984
62
68
63
59
7 330
7 V0
7 677
6 ,250
6 364
6 ,470
2.010
2,033
2,058
60
58
4 ,303
4 ,477
4 ,79?
J4Q
56
58
59
57
based on Federal Reserve preliminary tabulation of a revised series of
banking statistics. March and 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 and State bank supervisory
agencies, Comptroller of the Currency, and Federal Reserve.
1266
REAL ESTATE CREDIT
MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES
[In millions of dollars]
Loans outstanding (end of period)
Loans acquired
Nonfarm
Nonfarm
Year or month
Total
Total
FHAinsured
Vaguaranteed
Farm
Total
Other
Total
1941.
1945.
976
1949.
1950.
1951.
1952.
1953.
1954.
1955.
1956.
3,430
4,894
5,134
3,978
4,345
5,344
6,623
6,715
3,123
4,532
4,723
3,606
3,925
4,931
6,108
6,201
1,350
1,486
1,058
864
817
672
971
842
131
938
1,294
429
455
1,378
1,839
1,652
1,642
2,108
2,371
2,313
2,653
2,881
3,298
3,707
1956—Sept
Oct
Nov
Dec
454
557
562
554
430
527
529
517
51
69
60
55
102
136
120
133
f 957—Jan.. .
Feb...
Mar..
Apr.. ,
May.,
June.
July. .
Aug..
Sept..
553
402
429
454
426
367
432
435
408
512
356
376
419
391
338
404
412
383
51
43
43
49
44
48
53
50
82
141
98
73
93
94
53
64
58
43
FHAinsured
VAguaranteed
Farm
Other
4,714
4,466
913
776
1,224
2,026
3,131
3,347
3,560
4,643
6,074
7,304
7,090
8,176
9,399
10,518
11,864
13,169
14,703
16,577
1,138
1,327
1,527
1,705
1,886
2,048
2,273
2,481
6,614
6,632
6,649
6,654
7,044
7,131
7,214
7,318
15,998
16,175
16,380
16,574
2,455
2,461
2,466
2,471
6,658
6,671
6,666
6,671
6,673
6,670
6,671
6,677
6,690
7,420
7,493
7,556
7,603
7,656
7,677
7,702
7,725
7,736
16,732
16,837
16,957
17,060
17,169
17,273
17,421
17,576
17,696
2,469
2,478
2,493
2,506
2,524
2,539
2,562
2,569
2,575
6,442
6,636
5,529
5,860
815
1,394
307
362
411
372
420
413
515
514
12,906
16,102
19,314
21,251
23,322
25,976
29,445
32,989
11,768
14,775
17,787
19,546
21,436
23,928
27,172
30,508
3,454
4,573
5,257
5,681
6,012
6,116
6,395
6,627
277
322
349
329
24
30
33
37
32,111
32,399
32,709
33,017
29,656
29,938
30,243
30,546
320
215
260
277
253
237
287
304
258
41
46
53
35
35
29
28
23
25
33,279
33,479
33,672
33,840
34,022
34,159
34,356
34,547
34,697
30,810
31,001
31,179
31,334
31,498
31,620
31,794
31,978
32,122
NOTE.—For loans acquired, the monthly figures may not add to annual
totals, and for loans outstanding, the 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, and because data for year-end adjustments are more complete.
Source.—Institute of Life Insurance; end-of-year figures are from
Life Insurance Fact Book, and end-of-month figures from the Tally of
Lift Insurance Statistics and Lift Insurance News Data.
M O R T G A G E ACTIVITY O F SAVINGS AND LOAN ASSOCIATIONS
N O N F A R M M O R T G A G E R E C O R D I N G O F $20,000 OR LESS
[In millions of dollars]
[In millions of dollars]
Loans outstanding (end of period)
Loans made
Year or
month
Total 1
New
construction
Home
purchase
Total 2
FHAinsured
VAguaranteed
Conventional 2
1941
1945
1,379
1,913
437
181
581
1,358
4,578
5,376
1949
1950
1951
1952
1953
1954
1955
1956
3,636
5,237
5,250
6,617
7,767
8,969
11,432
10,545
1,083
1,767
1,657
2,105
2,475
3,076
4,041
3,771
1,559
2,246
2,357
2,955
3,488
3,846
5,241
A,121
11,616
13,657
15,564
18,396
21,962
26,194
31,461
35,729
717
848
866
904
1,048
1,172
1,405
1,486
8,313
2,586
9,836
2,973
3,133 11,565
3,394 14,098
3,979 16,935
4,721 20,301
5,891 24,165
6,643 27,600
850
922
784
710
292
323
277
250
397
422
360
320
'•34,867
'35,223
''35,497
'35,729
1,472
1,477
1,482
1,486
6,519
6,553
6,603
6,643
By type of lender
(without seasonal adjustment)
Total
Year or
month
1941
1945...
Savings &
loan
assns.
Insurance
companies
Commercial
banks
Mutual
savings
banks
4,732
5 650
1,490
2 017
404
250
1,165
1,097
218
217
11,828
16 179
16,405
18,018
19,747
22,974
28 484
27,088
3,646
5 060
5,295
6,452
7,365
8,312
10 452
9,532
1,046
,618
,615
,420
1,480
,768
,932
.799
2,446
3,365
3,370
3,600
3,680
4,239
5,617
5,458
1,064
1,013
1,137
[,327
[,501
[,858
[.824
2,250
2,174
2 119
2,094
2,185
2,425
2 108
1 951
779
848
717
139
154
136
441
475
408
163
183
152
660
138
366
148
2,056
2,050
1,942
1 749
1,937
2 044
2,144
2,028
2,211
2,208
2,026
659
644
744
798
840
795
852
883
796
134
105
115
116
125
119
130
132
124
353
308
334
357
374
363
390
378
354
117
96
99
110
121
126
142
137
121
Season- Without
ally
seasonal
adadjust-2
justed 1
ment
.
1949
1950
1951
1952
1953
1954
1955.
1956
750
1956
1956
Sept
Oct..
Nov
Dec
26,876
27,193
27,412
27,600
Sept
Oct
Nov
Dec
1957
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
714
709
842
899
968
925
969
1,001
891
245
243
298
317
360
319
318
331
292
326
318
366
391
412
415
462
470
423
'35,929
'36,195
"•36,559
'36,963
'37,421
'37,886
'38,280
'38,743
39,106
1 4SR
1,493
1,499
1,508
1,520
1,530
1,545
,560
1,573
1957
6,659
6,682
6,724
6,774
6,833
6,889
6,904
6,920
6,933
27,782
28,020
28,336
28,681
29,068
29,467
29,831
30,263
30,600
Jan
Feb
Mar
Aor
May
June
July
Aug
Sept
2,011
2 042
2,031
2,046
2,047
2,056
r
Revised.
Includes loans for other purposes (for repair, additions and alterations,
refinancing, etc.) not shown separately.
2
Excludes shares pledged against mortgage loans.
Source.—Federal H o m e Loan Bank Board.
1
1
Three-month moving average, seasonally adjusted by Federal Reserve.
2
Includes amounts for other lenders, not shown separately.
Source.—Federal Home Loan Bank Board.
1267
REAL ESTATE CREDIT
MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- TO 4-FAMILY PROPERTIES
GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE
[In millions of dollars]
[In billions of dollars]
VA-guaranteed loans
FHA-insured loans
Home
mortgages
Year or month
Total
New
properties
Existing
properties
PropProjerty
ectimtype proveTotal 3
mortment2
gages i loans
Home
mortgages
New
properties
End of
year or
quarter
Existing
properties
Governmentunderwritten
Conventional
Total
Total
1945
665
257
217
20
171
192
1949
1950
1951
1952
1953
1954
1955
1956
3,826
4,343
3,220
3,113
3,882
3,066
3,807
3,461
,319
,637
,216
969
,259
,035
,269
,133
892
856
713
974
1,030
907
1,816
1,505
1,021
1,157
582
322
259
232
76
130
594
694
708
848
1,334
891
646
692
1,426
3,072
3,614
2,719
3,064
4,257
7,156
5,868
793
1,865
2,667
1,823
2,044
2,686
4,582
3,910
628
1,202
942
890
1,014
1,566
2,564
1,948
1956—Sept.
Oct..
Nov.
Dec.
278
341
279
249
82
96
89
76
122
134
124
98
15
26
4
27
59
86
62
48
508
501
462
472
321
331
315
321
186
169
146
150
1957—Jan..
Feb..
Mar.
Apr..
May.
June.
July.
Aug.
Sept.
300
266
317
264
292
247
333
340
273
87
74
75
68
60
60
67
63
57
107
29
50
96
41
80
18
76
67
14
77
56
60
66
58
65
65
88
85
555
431
380
350
286
276
268
251
295
393
316
285
271
218
213
206
193
228
162
113
94
78
68
62
62
58
66
85
86
90
94
104
124
122
116
1
2
Monthly figures do not reflect mortgage amendments included in annual totals.
These loans are not ordinarily secured by mortgages.
3 Includes a small amount of alteration and repair loans, not shown separately; only such
loans in amounts of more than $1,000 need be secured.
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 and average amount of loans closed.
Sources.—Federal Housing Administration and Veterans Administration.
1945
18 6
4 3
1949
1950
1951
195?
1953
1954
1955
1956
37.6
45.2
51.7
58.5
66.1
75.7
oo 2
15 .0
18 9
22.9
25-4
99 0
1956—Mar
June
Sept
Dec
FHA- VAinguarsured anteed
4 1
2
14 3
38 9
43 9
9
6
7
8
0
8
14 3
15 5
8.1
10 3
13.2
14 6
16.1
19 3
24.6
28 4
22.6
26 3
28.&
33.1
38.0
43 6
49.3
55 1
90.8
93.6
96.5
99.0
40 .2
41 .3
42 .4
43 9
14
15
15
15
7
0
2
5
25.5
26.3
27.3
28 4
50.6
52.354.0'
55 1
1957 —Mar.P
100.9
J u n e ^ . . . . 103.2
105.4
Sept.*
45 .1
45 .9
46 .5
15 7
15 9
16 1
29.4
30.0
30.4
55. &
57.3
58.9
28
•J
6
8
9
10
12
p
Preliminary.
NOTE.—For total debt outstanding, figures for first
three quarters of year are Federal Reserve estimates.
For conventional, figures are derived.
Sources.—Federal Home Loan Bank Board, Federal
Housing Administration, Veterans Administration, and*
Federal Reserve.
FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY i
FEDERAL H O M E LOAN BANK LENDING
[In millions of dollars]
[In millions of dollars]
Mortgage holdings
]End
of year
or month
Total
828
FHAinsured
VAguaranteed
403
169
204
425
Mortgage
transactions
(during
period )
Purchases
Sales
Commitments
undisbursed
20
469
111
824
485
239
1945
278
213
195
176
19
256
675
423
586
728
734
1,251
745
337
292
433
528
640
818
702
934
433
816
806
864
952
867
1,417
202
269
298
299
317
255
426
430
1,228
67
59
121
61
54
47
1,148
1,153
1,228
752
756
798
397
397
430*
147
411
129
436
1957_jan..
Feb..
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
77
30
68
73
73
135
131
83
96
83
267
91
83
62
52
48
171
50
49
70
1,038
976
961
971
993
1,079
1,040
1,072
1,119
1,131
660
601
563
544
559
614
638
663
688
686
378
375
398
427
434
465
402"
409*
431
445
1956- —Oct
Nov
Tier.
1,904
1,996
2,069
69
129
109
1
1957
3,182
3,295
3,409
3,491
3,551
3,605
3,654
3,718
3,783
3,849
1,009
1,026
1,053
1,074
1,087
1,100
1,112
1,132
1,152
1,170
2,173
2,269
2,356
2,417
2,464
2,505
2,541
2,586
2,631
2,679
1,044
677
538
542
614
411
127
95
56
221
525
62
75
j
69
83
1
323
638
476
76
483
493
518
525
626
78
680
82
79
712
726
1
Operations beginning Nov. 1, 1954, are on the basis of FNMA's new
charter, under which it maintains three separate programs: secondary
market, special assistance, and management and liquidation.
Source.—Federal National Mortgage Association.
Long-2
term
1956—Oct..
Nov.
Dec.
5
934
957
978
Sept .
Oct
Shortterm 1
360
609
2,838
2,953
3,047
Tan
Total
232
317
360
978
1,177
1,646
1,922
1,841
1 632
1,714
2,069
Feb
Mar . . .
Apr
May
June •
July
Advances outstanding
(end of period)
231
547
508
565
634
612
991
798
1,347
1,850
2,242
2,462
2,434
2,615
3,047
802
901
Repayments
1949
1950
1951
1952
1953
1954
1955
1956
672
1949
1950.
1951
1952.
1953.
1954
1955.
1956.
320
621
Year or month
Advances
1
2
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.—Federal Home Loan Bank Board.
1268
CONSUMER CREDIT
CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars]
Noninstalment credit
Instalment credit
End of year or month
Total
Total
Automobile
paper 1
Other
consumer
goods
paper i
Repair
and modernization
loans 2
Personal
loans
Total
Singlepayment
loans
Charge
accounts
Service
credit
1939
1941
1945
7,222
9,172
5,665
4,503
6,085
2,462
1,497
2.458
455
1,620
1,929
816
298
376
182
1,088
1,322
1,009
2,719
3,087
3,203
787
845
746
1,414
1,645
1,612
518
597
845
1949
1950
1951
1952
1953
1954
1955
1956
17,305
21,395
22,617
27,401
31,243
32,292
38,648
41,863
11,590
14,703
15,294
19,403
23,005
23,568
29,020
31,552
4,555
6.074
5,972
7,733
9,835
9,809
13,468
14,436
3 706
4,799
4 880
6,174
6,779
6 751
7,626
8,139
898
,016
,085
,385
,610
,616
,670
1,793
2,431
2.814
3 357
4,111
4,781
5 392
6,256
7.184
5,715
6,692
7,323
7,998
8,238
8.724
9,628
10,311
1,532
1,821
1.934
2,120
2,187
2.408
2.992
3,421
2 795
3,291
3 605
4,011
4,124
4 308
4,544
4,702
1,388
1,580
1 784
1,867
1,927
2,008
2,092
2,188
1956—Sept
Oct
Nov
Dec
40 074
40,196
40 631
41,863
30 707
30,811
31 024
31,552
14.533
14,478
14 449
14,436
7 497
7,601
7 752
8,139
758
,781
797
1,793
6 919
6,951
7 026
7,184
9 367
9,385
9 607
10,311
3 361
3,310
3 401
3,421
3 780
3,875
4 029
4,702
2 226
2,200
2 177
2,188
1957_jan
Feb
Mar
Apr
May
40,916
40,513
40,503
41,015
41,707
42,245
42,365
42,881
43,011
31,298
31,233
31,273
31,532
31,901
32,344
32,699
33,045
33,159
14,389
14,410
14,501
14,659
14,852
15,092
15,295
15,455
15,519
7,938
7,805
7,698
7,671
7,731
7,806
7 818
7,868
7,867
1,772
1,759
1,754
1,760
1,783
1,801
1,816
1,846
I 860
7,199
7,259
7,320
7,442
7,535
7,645
7,770
7,876
7,913
9.618
9,280
9,230
9,483
9,806
9,901
9,666
9,836
9,852
3,360
3.433
3,527
3,536
3,741
3,702
3,580
3,606
3,644
4,085
3,662
3,500
3,687
3,785
3,903
3,767
3,910
3,898
2,173
2,185
2,203
2,260
2,280
2,296
2,319
2,320
2,310
July
Sept
1
Represents all consumer instalment credit extended for the purpose
of purchasing automobiles and other consumer goods, 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 2part for business.
Represents repair and modernization loans held by financial institutions; holdings of retail outlets are included in other consumer goods paper.
NOTE.—Monthly figures for the period December 1939 through 1947
and a general description of the series are shown on pp. 336-354 of the
BULLETIN for April 1953. Revised monthly figures for the period January
1948-August 1956, together with a description of the revision, are shown
on pp. 1031-1042 of the BULLETIN for October 1956. A detailed description of the methods used to derive the estimates may be obtained from
Division of Research and Statistics.
INSTALMENT CREDIT, BY HOLDER
[Estimated amounts outstanding, in millions of dollars]
Financial institutions
End of year
or month
Total
instalment
credit
Total
4 503
6 085
2,462
Retail outlets
Consumer
finance
companies 1
Commercial
banks
Sales
finance
companies
Credit
unions
3 065
4 480
1,776
1 079
1 726
'745
1,197
1 797
300
132
198
102
11,590
14,703
15,294
19,403
23,005
23,568
29,020
31,552
9,257
11,805
12,124
15,581
18,963
19,450
24,441
27,038
4,439
5,798
5,771
7,524
8,998
8,796
10 601
11,682
2,944
3,711
3,654
4,711
5,927
6,144
8,443
9,100
438
590
635
837
1,124
1,342
1,680
2,048
1,286
1,555
1,866
2,137
2,257
2 656
3,049
1956—Sept
Oct
Nov
Dec
30,707
30,811
31,024
31,552
26,551
26,635
26,846
27,038
11,548
11,606
11 634
11,682
8,989
8,973
9,075
9,100
1,960
1,994
2,021
2,048
1957_jan
Feb
Mar
Apr
May
June
July
Aug.
Sept.
31,298
31,233
31,273
31,532
31,901
32,344
32,699
33,045
33,159
26,931
26,967
27,101
27,493
27,810
28,205
28,675
28,960
29,076
11,616
11,641
11,711
11,960
12,123
12,300
12,492
12,588
12,638
9,077
9,035
9,048
9,104
9,176
9,300
9,476
9,565
9,598
2,045
2,074
2,108
2,154
2,194
2,255
2,311
2,371
2,405
1939
1941
1945....
1949
1950
1951
1952
1953
1954
1955
1956
.. .
1
Consumer finance companies included with "other" financial institutions
until September 1950.
2
Includes mail-order houses.
Other i
Total
Department
stores 2
Furniture
stores
Household
appliance
stores
Automobile
dealers 3
Other
657
759
629
1 438
1 605
686
354
320
131
439
496
240
183
206
17
123
188
28
339
395
270
1 436
420
509
643
777
Q11
061
,159
2 333
2,898
3 170
3,822
4,042
4,118
4 579
4,514
596
746
924
,107
,064
1,242
I 511
I 407
740
827
810
943
1 004
984
1 052
1 020
178
267
243
301
377
377
381
378
236
287
290
389
527
463
535
572
583
771
903
1,082
1 070
1,052
1 100
1 137
2,924
2,938
2 961
3,049
,130
,124
155
,159
4,156
4,176
4 178
4,514
1,269
1,269
I 230
1,407
970
974
988
1 020
368
368
373
378
576
574
573
572
973
991
1 014
1 137
3,041
3,051
3,056
3,095
3,110
3,142
3,194
3,220
3,218
,152
,166
,178
,180
,207
,208
,202
216
,217
4 367
4,266
4,172
4 039
4,091
4,139
4,024
4 085
4,083
I 380
1,345
1,298
I 170
1,222
I 243
1,137
1 155
I 159
975
957
936
922
923
923
917
926
921
364
362
357
354
356
360
362
360
364
568
568
570
575
581
590
598
604
607
1 080
1,034
1,011
1 018
1,009
1 023
1,010
1 040
1,032
3 Represents automobile paper only; other instalment credit held by
automobile dealers is included with "other" retail outlets.
1269
CONSUMER CREDIT
INSTALMENT CREDIT HELD BY COMMERICAL BANKS,
BY TYPE OF CREDIT
INSTALMENT CREDIT HELD BY SALES FINANCE
COMPANIES, BY TYPE OF CREDIT
[Estimated amounts outstanding, in millions of dollars]
[Estimated amounts outstanding, in millions of dollars]
End of year
or month
Total
instalment
credit
Purchased Direct
Other
consumer
goods
paper
Repair
and
modernization
loans
Personal
loans
237
447
66
178
338
143
166
309
114
135
161
110
363
471
312
Automobile
paper
1939
1941
1945
1 .079
1949
1950
1951
1952
1953
1954
1955
1956
4.439
5.798
5,771
7.524
8.998
8.796
10.601
11.682
849
1,177
1.135
1,633
2.215
2.269
3.243
3,579
946
1,294
1,311
1,629
1,867
1,668
2,062
2,181
1,016
1,456
1,315
1,751
2,078
1,880
2,042
2,388
715
834
888
1,137
1.317
1,303
1,338
1,429
913
1,037
1,122
1,374
1,521
1,676
1,916
2,105
1956—Sept
Oct
Nov.. . .
Dec
11.548
.606
.634
11,682
3,591
3,584
3.578
3,579
2,199
2,180
2.177
2,181
2,271
2,335
2,364
2,388
1,403
1,421
1,430
1,429
2,084
2,086
2,085
2,105
11.616
11,641
11,711
11,960
12,123
12,300
12,492
12,588
12,638
3,584
3,611
3.649
3,713
3.775
3,843
3,899
3,948
3,972
2,306
2.290
2,275
2,359
2,364
2,388
2,451
2,427
2,432
1,413
1,399
1,392
1,397
1,410
1,426
1,440
1,462
1,472
1.726
745
1957—Jan
Feb
Mar
Apr
May....
June....
July
Aug.. . .
Sept
2,198
2,216
2,258
2,313
2,361
2,399
2,431
2,454
2,458
2,115
2,125
2,137
2,178
2,213
2,244
2,271
2,297
2,304
1939
1941
1945
1,197
1,797
300
878
1,363
164
115
167
24
148
201
58
56
66
54
1949
1950
1951
1952
1953
1954
1955
1956
2,944
3,711
3,654
4,711
5,927
6,144
8,443
9,100
2,265
2,956
2,863
3,630
4,688
4,870
6,919
7,283
447
532
452
680
816
841
1,034
1,227
90
61
63
60
46
31
25
23
142
162
276
341
377
402
465
567
1956—Sept.
Oct..
Nov.
Dec.
8,989
8,973
9,075
9,100
7,366
7,333
7,305
7,283
1,071
1,083
1,202
1,227
23
24
24
23.
529
533
544
567
1957—Jan..
Feb..
Mar.
Apr.
May
June
July.
Aug.
Sept.
9,077
9,035
9,048
9,104
9,176
9,300
9,476
9,565
9,598
222
190
190
7,212
7,272
7,376
7,466
7,532
7,557
1,261
1,247
1,255
1,279
1,285
1,296
1,369
1,384
1,389
23
23
22
22
22
22
22
22
22
571
575
581
591
597
606
619
627
630
Automobile
paper
Other
consumer
goods
paper
Repair
and
modernization
loans
NON1NSTALMENT CREDIT, BY HOLDER
Personal
loans
1939
1941
1945
789
957
731
81
122
54
24
36
20
15
14
14
669
785
643
1949
1950
1951
1952
1953
1954
1955
1956
1 874
2.296
2 699
3.346
4 038
4 510
5.397
6 256
259
360
373
452
538
539
709
821
146
200
233
310
370
375
506
582
93
121
134
188
247
282
307
341
1,376
1,615
1,959
2,396
2.883
3 314
3.875
4.512
1956—Sept
Oct
Nov
Dec
6.014
6 0<>6
6.137
6.256
801
807
816
821
575
581
581
582
332
336
343
341
4,306
4,332
4.397
4,512
1957—Jan.
Feb
Mar
Apr
May
June
July
Aug
Sept
6.238
6.291
6 342
6,429
6,511
6,605
6 707
6.807
6,840
817
825
834
846
863
884
901
917
925
572
570
566
569
572
573
572
576
570
336
337
340
341
351
353
354
362
366
4,513
4.559
4,602
4,673
4,725
4,795
4,880
4,952
4,979
NOTE.—Institutions represented are consumer finance companies, credit
unions, industrial loan companies, mutual savings banks, savings and
loan associations, and other lending institutions holding consumer
instalment loans.
Personal
loans
[Estimated amounts outstanding, in millions of dollars]
[Estimated amounts outstanding, in millions of dollars]
Total
instalment
credit
Repair
and
modernization
loans
Automobile
paper
INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS
OTHER THAN COMMERCIAL BANKS AND SALES
FINANCE COMPANIES, BY TYPE OF CREDIT
End of year
or month
Other
consumer
goods
paper
Total
instalment
credit
End of year
or month
End of year
or month
Total
noninstalment
credit
Financial
institutions
(single-payment loans)
Commercial
banks
Retail
outlets
(charge
accounts)
DepartOther ment
stores i
Other
Service
credit
1939
1941
1945
2,719
3,087
3,203
625
693
674
162
152
72
236
275
290
1,178
1,370
1,322
518
597
845
1949
1950
1951
1952
1953
1954
1955
1956
5,715
6,692
7,323
7,998
8,238
8,724
9,628
10,311
1,334
1,576
1,684
1,844
1,899
2,096
2,635
2,975
198
245
250
276
288
312
357
446
587
650
698
728
772
793
862
895
2,208
2,641
2,907
3,283
3,352
3,515
3,682
3,807
.388
,580
.784
,867
,927
2.008
2,092
2,188
1956—Aug.
Oct..
Nov.
Dec,
9,367
9,385
9,607
10,311
2,926
2,897
2,894
2,975
435
413
507
446
588
612
672
895
3.192
3.263
3.357
3,807
2,226
2,200
2,177
2,188
1957_jan..
Feb..
Mar.
Apr.,
May.
June,
July.
Aug.
Sept.
9,618
9,280
9,230
9,483
9,806
9,901
9.666
9,836
9,852
2,960
2,983
3,007
3,055
135
3; 176
3,141
3,122
3,147
400
450
520
481
606
526
439
484
497
728
617
571
597
599
585
538
53Q
593
3,357
3,045
2,929
3,090
3,186
3,318
3.229
3,371
3,305
2,173
185
203
260
280
296
319
320
2,310
i Includes mail-order houses.
1270
CONSUMER CREDIT
INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT
[Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment
of monthly figures for seasonal variation and differences in trading days]
Automobile paper
Total
Other consumer
goods paper
Repair and
modernization loans
Personal loans
Year or month
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Extensions
18,108
21 558
23,576
29,514
31,558
31,051
39,128
39,602
1949
1950
1951
1952
1953
1954
1955
1956
1956
1957
Sept
Oct
Nov
Dec
. ...
i
Jan
Feb
Mar
Apr
May
June
July
Aus
Sept
6,967
8,530
8,956
11,764
12,981
11,807
16,743
15,533
3,153
3,363
3,453
3,368
2,981
3,382
3,387
3,735
1,191
1,308
1,354
1,311
1.150
,284
1,225
1,195
3,512
3,496
3,299
3,505
3,485
3,412
3,539
3,614
3,564
3,079
2,954
3,319
3,558
3,709
3,638
3,797
3,682
3,358
1,477
1,426
1,324
1,389
1,349
1,314
1,373
1,361
1,418
[,258
1,214
[,374
1,460
,511
1,490
1,558
1,462
1,359
5,865
7,150
7,485
9,186
9,227
9,117
10,615
11,015
883
942
973
939
734
835
841
1,217
1,344
1,261
1,359
1,448
840
1,010
1,037
1,266
117
111
727
809
856
966
946
938
986
881
899
914
878
896
948
939
924
1,006
928
125
120
125
140
125
108
100
119
120
115
118
127
118
124
128
123
91
93
105
116
139
126
136
140
132
4,542
5,043
6,294
7,347
8,006
8,866
10,411
11,606
962
866
988
948
.006
,010
,000
,174
,017
036
982
,102
1,061
1,041
1,118
1,119
1,095
953
920
[,031
,126
1,093
,076
1,165
.094
986
Repayments
15,514
18 445
22 985
25 405
27,956
30,488
33,676
37,070
1949
1950
1951
1952
1953
1954
1955
1956
1956
1957
5,060
6 057
7,404
7 892
8,622
9,145
9,740
10,502
5,430
7 011
9 058
10 003
10,879
11,833
13,084
14,565
4,335
4 660
5 751
6 593
7,336
8,255
9,547
10,678
689
717
772
917
1,119
1,255
1,305
1,325
Sept
Oct
Nov
Dec
3,085
3,182
3,160
3,185
2,918
3,278
3,174
3,207
1.184
,283
,231
,236
1,147
1,339
1,254
1,208
892
882
904
918
104
113
105
104
101
906
886
879
Jan
Feb
Mar
Apr
May
June
July
3,311
3,214
3,160
3,301
3,274
3,251
3,350
3,344
3,432
3,333
3,019
3,279
3,299
3,340
3,195
3,442
3,336
3,244
1,326
1,286
[,244
,317
1,303
1,258
1,315
[,277
1.339
1,305
1,193
1,283
1,302
1,318
1,250
1,355
1,302
1,295
935
874
875
860
880
978
860
916
883
906
110
112
106
114
116
112
106
110
110
116
905
908
871
926
110
120
108
121
978
1,007
952
943
936
882
109
121
110
118
1,029
Aug
Sept
836
117
109
104
834
905
904
920
927
1,016
940
942
935
938
860
970
1,010
1,004
1,000
966
1,040
975
006
916
925
988
949
Change in outstanding credit 1
1949
1950
1951
1952
1953
1954
1955
1956
1956—Sept
Oct
Nov
Dec
1957
Jan
Feb
Mar
Apr
May
June
July
Aus
Sept
+68
+ 181
+293
+ 183
+201
+282
+ 139
+204
+211
+ 161
+ 189
+ 270
+ 132
+2,594
+ 3,113
+ 591
+4 109
+ 3,602
+ 563
+ 5,452
+ 2,532
+63
+ 104
+213
+528
-254
-65
+40
+259
+ 369
+443
+ 355
+ 346
+ 114
+ 1,537
+ 1,519
+ 1 761
+ 2,102
-26
+7
+25
+ 123
+75
+ 151
+ 140
+ 80
+72
+46
+56
+58
+84
+79
+ 3,659
+968
+3
-9
+60
+69
+21
-47
+21
+91
-36
+ 158
+ 193
+240
+203
+ 160
+ 64
+45
-28
-55
-29
-13
i Obtained by subtracting instalment credit repaid from instalment
credit extended.
NOTE.—Monthly figures for the period January 1940-August 1956 are
shown on pp. 1043-1054 of the BULLETIN for October 1956.
A discussion of the composition and characteristics of the data and
a description of the methods used to derive the estimates are shown
in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment
+ 805
+ 1,093
+ 81
+ 1 294
+605
-102
+40
+3
+ 36
+68
+ 34
+ 16
+ 54
-15
+ 875
+ 513
+4
+ 104
+ 151
+387
-201
-133
-107
-27
+60
+75
+ 12
+50
+ 13
+ 12
+ 15
+4
+9
+8
+9
+4
+ 11
+8
+4
+ 19
+2
+ 118
+ 69
+ 300
+225
+6
+ 54
+ 123
+24
+23
+ 16
-4
-21
-13
-5
+6
+23
+ 18
+ 15
+ 30
+ 14
+ 57
+ 84
+ 86
+83
+ 77
+94
+47
+92
+ 86
+63
+ 111
+ 113
+ 66
+ 207
+ 383
+ 543
+754
+ 670
+611
+ 864
+928
+ 32
+ 32
+ 75
+ 158
+ 15
+ 60
+ 61
+ 122
+93
+ 110
+ 125
+ 106
+ 37
credit extended and repaid are based on information from accounting
records of retail outlets and financial institutions and often include charges
incurred under the instalment contract. Renewals and refinancing of
loans, repurchases and resales of instalment paper, and certain other
transactions may increase the amount of both credit extended and credit
repaid without adding to the amount of credit outstanding.
1271
CONSUMER CREDIT
INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER
[Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment
of monthly figures for seasonal variation and differences in trading days]
Total
Sales finance
companies
Commercial banks
Other financial
institutions
Retail outlets
Year or month
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Extensions
18 108
21,558
23,576
29,514
31,558
31,051
39,128
39,602
1949
1950
1951
1952
1953
1954
1955
1956
1956 Sept
Oct
Nov
Dec
3,153
3,363
3,453
3,368
2,981
3,382
3,387
3,735
1,135
1,259
1,221
1,235
1.070
1,244
1,148
1,193
1957 Jan *
Feb
Mar
Apr. i
3,512
3,496
3,299
3,505
3,485
3,412
3,539
3,614
3,564
3,079
2,954
3,319
3,558
3,709
3,638
3,797
3,682
3,358
1,285
1,265
1,150
1,286
1,253
1,235
1,288
1,295
1,318
1,204
1,105
1,208
1,347
1,361
1,332
1,384
1,321
1,239
May
June1
July
Aug •
Sept
....
.
4 296
5,098
5,467
6,982
7,560
7,260
10,200
9,600
6 543
8,135
8,358
11,123
12,099
11,267
14,109
14,428
850
817
800
886
825
853
3,964
4,499
4,963
5,750
5,524
5,541
6,385
6,148
722
821
881
785
770
793
835
796
707
774
835
939
508
494
468
539
482
543
523
818
785
691
821
855
886
904
1,022
903
829
818
845
817
742
750
842
348
408
448
878
894
454
546
498
491
549
535
455
569
521
740
817
929
798
955
840
834
3 305
3,826
4,788
5,659
6,375
6,983
8 434
9,426
866
842
910
925
872
897
870
944
902
797
462
565
532
447
556
493
Repayments
1949
1950
1951
1952
1953
1954
1955
1956
1956
15,514
18,445
22,985
25,405
27,956
30,488
33,676
37,070
Sept
Oct
Nov
Dec
1957 Jan. i
Feb
Mar
Apr i
May
July 1
Aug
Sept
5,633
6,776
8,385
9,370
10,625
11,469
12,304
13,347
3,363
4,331
5,524
5,925
6,344
7,043
7,901
8,943
3,011
3,404
4,385
5,012
5,683
6,511
7,547
8,567
3,507
3,934
4,691
5,098
5,304
5,465
5,924
6,213
3,085
3,182
3,160
3,185
2,918
3,278
3,174
3,207
1.122
1,162
1,122
1,163
1,070
1,186
1,120
1,145
706
789
756
763
686
837
779
760
723
718
748
738
667
534
513
534
521
495
732
754
820
3,311
3,214
3,160
3,301
3,274
3,251
3,350
3,344
3,432
3,333
3,019
3,279
3,299
3,340
3,195
3,442
3,336
3,244
,183
1,153
,107
1,166
,172
,177
,181
,217
,248
1,195
1,080
1,138
1,182
1,198
1,155
1,237
1,225
1,189
846
790
773
814
815
783
840
797
822
808
733
808
799
814
780
846
814
796
766
758
767
811
794
786
822
822
827
760
697
791
807
815
776
842
802
764
516
513
513
510
493
505
507
508
535
570
509
542
511
513
484
517
495
495
523
521
482
Change in outstanding credit 2
+2,594
+ 3,113
+ 591
+4,109
+ 3,602
+563
+5,452
+ 2,532
1949
1950
1951
1952
1953
1954
1955
1956
1956 Sept
Oct
. .
Nov
Dec
1957 Jan i
Feb
Mar
Apr !
May
June
July l
Aue
Sept
«
+910
+ 1,359
-27
+ 1,753
+ 1,474
-202
+ 1,805
+ 1,081
+294
+422
+403
+647
+692
+472
+887
+ 859
+ 68
+ 181
+293
+ 183
+63
+ 104
+213
+528
+ 13
+97
+99
+72
0
+ 58
+28
+48
+ 34
+28
+ 173
+35
+ 36
-16
+ 102
+25
+47
+75
+ 87
+58
+40
+42
+81
+ 119
+201
+282
+ 139
+ 204
+211
+ 161
+ 189
+270
+ 132
-254
-65
+40
+259
+ 369
+443
+ 355
+346
+ 114
+28
+ 112
+43
+204
+81
+58
+ 152
+78
+70
-66
+25
+70
+249
+ 163
+ 177
+ 192
+96
+ 50
+ 109
+50
+61
+36
-23
-42
+ 13
+ 56
+ 72
+ 124
+ 176
+ 89
+ 33
+52
+87
+50
+67
+72
+ 56
+ 88 /
+ 103
+45
-18
+53
+51
+87
+ 82
+94
+ 102
+ 100
+ 33
1 Data on extensions and repayments for retail outlets and commercial
banks have been adjusted to avoid duplications resulting from large
transfers of other consumer goods paper. As a result, the differences
between extensions and repayments for these institutions do not equal the
changes in outstanding credit.
2 Obtained by subtracting instalment credit repaid from instalment
credit extended, except as indicated in note 1.
NOTE.—Monthly figures for the period January 1940-August 1956 are
shown on pp. 1043-1054 of the BULLETIN for October 1956.
+933
+767
-57
+ 1,057
+ 1,216
+217
+2,299
+657
+2
+ 17
+46
+28
+ 31
+457
+565
+272
+652
+220
+76
+461
-65
-26
-19
-66
+ 18
+ 12
+ 33
-15
-103
+ 56
+ 30
-97
+ 61
-14
-13
+20
+2
+336
-147
-101
-94
-133
+52
+48
-115
+61
-2
A discussion of the composition and characteristics of the data and
a description of the methods used to derive the estimates are shown
in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment
credit extended and repaid are based on information from accounting
records of retail outlets and financial institutions and often include charges
incurred under the instalment contract. Renewals and refinancing of
loans, repurchases and resales of instalment paper, and certain other transactions may increase the amount of both credit extended and credit
repaid without adding to the amount of credit outstanding.
1272
BUSINESS ACTIVITY
SELECTED BUSINESS INDEXES
[Indexes, 1947-49= 100.
The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Construction
contracts
awarded (value) 1
Industrial production
(physical volume)*
2
Employment and payrolls
Manufactures
Year
or month
Total
Total
Durable
Nondurable
Minerals
Total
Residential
All
other
Nonagricultural
employment
Manufacturing
production workers
Employment
DepartWholeFreight ment
Consales
store
carcomsumer
sales*
load2
modity
prices
(retail
ings*
prices 2
value)
Payrolls
Ad- U n a d - AdAdAd- Unad- Unad- AdAdAdAdAdAdAdjusted justed justed justed justed justed justed justed justed justed justed justed justed justed
Adjusted
Unadjusted
Unadjusted
1919
1920
1921
1922
1923
1924
1925
39
41
31
39
47
44
49
38
39
30
39
45
43
48
38
42
24
37
47
43
49
37
36
34
40
44
42
46
45
53
42
45
62
57
59
34
34
30
43
45
51
66
26
18
27
41
49
57
75
39
45
32
43
42
46
59
61 3
61 9
55 2
58 5
64.3
63 5
65 2
68 7
69.0
52.8
58 4
66.9
62.1
64 2
31 1
37 1
24.0
25 7
32.6
30.4
32 1
90
98
83
92
107
105
110
27
32
30
30
34
34
36
74 0
85 7
76.4
71 6
72.9
73.1
75 0
1926
1927
1928
1929
1930
51
51
53
59
49
50
50
52
58
48
52
49
53
60
45
48
50
51
56
51
63
64
63
68
59
69
69
73
63
49
73
71
76
52
30
67
68
70
70
62
67.5
67 9
67 9
71.0
66.6
65.5
64.1
64.2
68.3
59.5
33.0
32.4
32.8
35.0
28.3
115
111
112
115
99
37
37
37
38
35
75.6
74.2
73.3
73.3
71.4
65.0
62.0
62.9
61.9
56.1
40
31
37
40
47
39
30
36
39
46
31
19
24
30
38
48
42
48
49
55
51
42
48
51
55
34
15
14
17
20
22
8
7
7
13
41
20
18
24
25
60 3
53.4
53 6
58.8
61.3
50.2
42.6
47.2
55.1
58.8
21.5
14.8
15.9
20.4
23.5
79
59
62
67
69
32
24
24
27
29
65.0
58.4
55.3
57.2
58.7
47.4
42.1
42.8
48.7
52.0
1936
1937
1938
1939
1940
56
61
48
58
67
55
60
46
57
66
49
55
35
49
63
61
64
57
66
69
63
71
62
68
76
30
32
35
39
44
22
25
27
37
43
35
36
40
40
44
65.8
70 2
66.1
69.3
73 3
27.2
32.6
25.3
29.9
34.0
81
84
67
76
83
33
35
32
35
37
59.3
61.4
60.3
59.4
59.9
52.5
56.1
51.1
50.1
51 1
1941
1942
1943
1944
1945
87
106
127
125
107
88
110
133
130
110
91
126
162
159
123
84
93
103
99
96
81
84
87
93
92
66
89
37
22
36
54
49
24
10
16
74
116
45
30
50
82 8
90.9
96 3
95 0
91.5
63.9
70.1
59.6
66.2
71.2
87.9
103.9
121.4
118.1
104.0
49.3
72.2
99.0
102.8
87.8
98
104
104
106
102
44
50
56
62
70
62.9
69.7
74 0
75.2
76.9
56.8
64.2
67 0
67 6
68.8
1946
1947
1948
1949
1950
90
100
104
97
112
90
100
103
97
113
86
101
104
95
116
95
99
102
99
111
91
100
106
94
105
82
84
102
113
159
87
86
98
116
185
79 94.4
83 99 4
105 101 6
111
99 0
142 102.3
97.9 81.2
103.4 97.7
102 8 105 1
93.8 97.2
99.6 111.7
100
108
104
88
97
90
98
104
98
105
83.4
95.5
102 8
101 8
102.8
78.7
96 4
104 4
99 2
103.1
1951
1952
1953
1954
1955
1956
120
124
134
125
139
143
121
125
136
127
140
144
128
136
153
137
155
159
114
114
118
116
126
129
115
114
116
111
122
129
171
183
192
215
261
268
170
183
178
232
280
271
172
183
201
204
248
266
106.4
106.3
111.8
101.8
105.6
106.7
129.8
136.6
151.4
137.7
152.9
161.4
101
95
96
86
95
97
109
110
112
111
120
125
111.0
113.5
114.4
114.8
114.5
116.2
114.8
111.6
110 1
110.3
110 7
114.3
144
146
146
147
146
151
147
144
146
147
147
149
162
163
165
167
130
131
129
130
131
131
130
130
251
248
242
n.a.
250
230
197
n.a.
107.9
108.9
108.3
107.9
166.7
169.0
168.2
171.4
96
96
97
100
M30
122
131
129
117.1
117.7
117.8
118.0
115.5
115 6
115.9
116.3
146
146
145
143
143
144
144
145
144
*>142
145
148
148
144
143
145
135
r
145
145
^147
147
148
147
145
145
146
146
147
146
164
164
162
160
159
162
161
162
159
P155
131
131
131
129
130
130
130
131
132
131
133
133
130
130
127
127
r
129
128
P127
n a
n.a.
n a
n a.
n.a.
n a
n a.
n a
n a
n.a.
n.a.
n.a.
n a
n.a.
n.a.
n a
n.a.
n a
n a
n.a.
297 120.0 107.0 106.3
323 120.2 106.4 106.0
281 120.1 106.0 105.8
286 120.2 105.9 104.8
259 120.5 105.7 104.2
267 120 6 105.3 104.7
252 r 120.7 r 104.9 r 103.4
246 120 8 104.4 105.3
120.4 103.2 104.9
n.a.
n.a. P120.0 ^102.9 P\04.3
165.5
165.0
164.3
161.5
161.0
163.8
160.5
r
164.7
164.9
98
96
98
91
90
90
85
92
87
125
125
127
122
125
127
132
134
^128
e
121
118.2
118.7
118.9
119.3
119.6
120.2
120.8
121 0
121.1
116.9
117.0
116 9
117.2
117.1
117 4
118.2
118 4
118 0
1931
1932
1933
1934
1935
....
. ..
108.2
110.4
113 6
110.7
114 4
118.6
1956
Sept
Oct
Nov
Dec
251 119.2
260 119 7
272 119.9
311 120.1
106.0
107.3
107.4
107.5
1957
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
....
e
r
Estimated.
» Preliminary.
Revised.
n.a. Not available.
* Average per working day.
i Three-month moving average, based on F. W. Dodge Corporation
data. A description of the index may be obtained from the Division of
Research and Statistics.
2
The indexes of employment and payrolls, wholesale commodity prices,
and consumer prices are compiled by the Bureau of Labor Statistics.
Nonagricultural employment covers employees only and excludes personnel in the armed forces. The consumer price index is the revised series,
reflecting, beginning January 1953, the inclusion of some new series and
revised weights; prior to January 1953, indexes are based on the "interim
adjusted" and "old" indexes converted to the base 1947-49= 100.
1273
PRODUCTION
INDUSTRIAL PRODUCTION
[Federal Reserve indexes, 1947-49 average= 100]
Industry
1947^49 Annual
1956
1957
average
proportion
1955 1956 Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July
Aug. Sept.
SEASONALLY ADJUSTED
100.00
139
143
144
146
146
147
146
146
145
143
143
144
144
145
144
MANUFACTURES—TOTAL
90.02
140
144
146
147
147
149
147
148
147
145
145
146
146
147
146
Durable Manufactures—Total
45.17
155
159
162
163
165
167
162
160
159
162
161
162
INDUSTRIAL PRODUCTION—TOTAJ
Primary metals
6.70
140
138
148
147
146
145
144
143
137
134
132
132 '132
136
131
28.52
5.73
13 68
9.04
4.64
7 54
4 80
2 74
1 29
165
134
155
135
194
203
153
272
149
172
135
171
153
207
199
125
310
166
174
139
175
158
210
193
112
317
171
176
140
175
156
211
203
121
328
172
180
139
175
155
214
216
137
336
172
183
141
177
157
216
223
143
344
173
180
137
173
154
208
221
139
347
173
180
138
172
155
204
224
140
352
174
179
137
172
155
204
222
135
355
173
176
140
166
151
196
217
126
356
172
775
136
168
152
199
213
124
349
171
777
139
171
151
209
215
127
350
171
777
140
777
141
173
152
214
210
123
343 r335
173 175
174
140
170
151
207
205
122
331
175
Clay, glass, and lumber products
Stone, clay, and glass products
Lumber and products
5 91
2.82
3.09
138
149
127
140
158
123
139
154
126
138
157
120
138
157
119
136
158
117
133
155
114
133
155
113
132
155
111
133
155
113
136
158
115
140
157
125
134 139
155 160
114 120
136
160
114
Furniture and misc. manufactures
Furniture and fixtures
Miscellaneous manufactures
4.04
1.64
2.40
132
119
141
135
122
144
136
122
146
122
146
134
119
134
120
131
118
140
129
118
136
130
118
137
132
121
140
132
121
139
133
121
142
134 7J5
124 122
141 144
136
121
145
130
131
129
130
131
131
129
130
130
130
132
108
104
112
108
103
113
HI
105
117
105
103
108
106
103
110
104
100
109
105
101
110
105
101
111
104
99
109
105
98
113
106
100
113
104
97
113
Metal fabricating
Fabricated metal products
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
Autos, trucks, and parts
Other transportation equipment
Instruments and related products
Nondurable Manufactures—Total
Textiles and apparel
Textile mill products
Apparel and allied products
126
11.87 109
6.32 107
5.55 113
705
99
r
108
103
114
Rubber and leather products
Rubber products
Leather and products
3.20
1.47
1.73
122
143
105
117
133
104
116
132
102
117
134
101
114
126
104
118
137
102
122
145
102
124
145
106
123
142
107
118
131
106
775
130
102
116
129
106
777
133
103
Paper and printing
Paper and allied products
Printing and publishing
Newsprint consumption
Job printing and periodicals
8.93
3.46
5.47
1.85
3.62
137
152
127
128
127
145
159
136
132
138
145
159
137
131
140
148
160
140
133
144
147
160
139
132
142
147
157
140
133
144
148
159
141
135
145
147
157
141
132
146
147
157
141
132
145
147
156
141
128
147
148
158
142
132
147
148
159
141
132
146
146 '149 750
156 163 161
140 141 142
129 129 131
146 r146 148
Chemical and petroleum products
Chemicals and allied products
Industrial chemicals
Petroleum and coal products
9.34
6.84
2.54
2.50
159
167
184
135
167
111
196
141
168
177
194
143
167
ill
196
140
168
111
195
143
770
179
199
145
174
184
205
147
172
183
205
143
171
182
202
141
172
183
204
142
174
185
206
142
770 773
182 185 186
198 '205 '204
138 139 141
11.51
10.73
8.49
2.24
.78
109
109
109
107
105
112
113
113
112
107
113
114
115
112
106
113
113
114
111
106
113
114
113
115
109
113
114
113
117
107
HI
111
111
113
112
113
113
113
111
116
113
113
113
115
111
110
110
111
108
109
111
111
111
110
772
112
112
115
111
114
114 113
115 113
108 112
114 110
MINERALS—TOTAL
9.98
122
129
131
131
130
130
131
133
133
130
130
127
127 129
128
Mineral fuels
Coal
Anthracite
Bituminous coal
Crude oil and natural gas
Crude oil
Natural gas and gas liquids
8.35
2.68
.36
2.32
5.67
4.12
.70
123
80
48
85
143
131
177
129
85
55
90
150
137
191
130
86
56
91
151
139
193
85
56
90
151
138
192
87
57
91
149
137
191
130
80
57
84
153
141
189
131
82
57
86
154
142
196
133
87
52
93
154
144
198
133
92
48
99
152
144
198
130
87
49
93
151
139
202
130
82
49
88
153
141
204
127 127
86
83
60
37
90
90
146 147
136 134
194 P194
129
'84
54
89
150
134
128
82
47
88
Metal, stone, and earth minerals
Metal mining
Stone and earth minerals
1.63
.82
.81
120
110
130
127
114
141
133
123
143
136
132
141
135
128
142
134
121
141
131
120
142
132
122
142
132
121
143
129
118
140
127
113
142
130
119
142
727
112 118
143 145
132
118
146
Foods, beverages, and tobacco
Food and beverage manufactures
Food manufactures
Beverages
Tobacco manufactures
Preliminary
'Revised.
For other notes see end of table.
123
144
105
722
186
208
772
112
113
135
1274
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average^ 100]
Industry
Annual
947-49 average
1956
1957
proportion
1955 1956 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July
Aug. Sept
WITHOUT SEASONAL ADJUSTMENT
INDUSTRIAL PRODUCTION—TOTAL
00.00
139
143
146
151
147
144
145
148
148
144
143
145
135
145
145
MANUFACTURES—TOTAL
90.02
140
144
148
153
149
146
146
149
150
146
144
146
136
146
147
Durable Manufactures—Total
45.17
155
159
161
168
166
166
164
167
166
163
159
162
150
159
158
6.70
5.03
3.51
.37
3.05
2.62
.43
140
138
144
134
146
141
171
138
135
142
131
143
139
167
145
146
156
145
158
153
183
149
149
160
148
162
157
191
146
146
158
147
159
156
181
142
145
157
149
158
156
170
146
147
159
148
160
157
178
149
149
159
149
160
159
167
144
144
154
147
154
152
163
140
138
148
144
147
146
151
134
133
143
141
142
141
149
136
134
141
139
140
141
136
118
118
130
136
128
129
123
128
127
135
137
134
133
137
128
126
136
139
134
134
132
1.52
1.29
.23
124
123
133
119
117
126
122
122
120
123
122
127
118
118
120
118
117
121
118
117
126
124
122
133
122
119
137
115
113
124
109
108
116
119
117
126
90
90
89
106
107
103
104
104
110
1.67
.38
.09
.06
.04
.10
.09
143
153
122
123
103
120
261
144
164
133
132
115
123
280
142
159
122
114
123
128
269
146
170
133
134
122
127
293
143
169
127
135
116
130
295
133
170
129
128
120
134
292
143
170
135
137
113
128
289
148
167
139
146
118
133
259
142
166
132
141
116
132
267
145
175
140
146
129
137
283
139
171
131
148
115
133
285
142 '117
167 1 5 7
134 114
136 125
110 104
128 118
280 279
132
160
"122
126
107
116
282
134
153
120
119
116
110
263
.13
1.16
.63
.20
.33
123
142
114
208
156
118
140
115
215
146
115
139
120
202
141
124
140
111
218
149
116
138
116
196
146
108
123
98
175
141
116
138
111
203
150
125
144
121
200
156
120
137
105
206
157
118
138
113
213
141
110
132
107
215
131
108
138
114
211
140
86
107
72
214
109
'125
'105
192
125
130
108
200
131
28.52
165
172
172
180
181
183
181
185
184
179
174
176
167
173
172
5.73
2.68
134
136
130
142
111
135
141
125
151
110
144
144
123
220
143
US
150
130
186
128
138
149
132
100
98
139
152
134
105
82
136
148
130
113
84
138
149
130
116
103
138
149
129
127
101
140
148
126
190
98
136
149
124
122
95
139
152
124
149
104
134
149
118
163
81
141
152
121
205
105
144
154
122
195
124
155
171
177
182
178
178
175
177
177
169
166
168
158
166
172
8.13
1.02
7.11
.68
.69
135
130
91
135
163
144
153
147
86
156
197
168
155
148
79
158
199
174
153
149
73
160
201
150
152
150
77
160
201
137
158
155
82
165
209
155
158
153
86
163
203
152
160
154
89
164
204
175
161
154
92
163
202
190
157
152
90
161
198
164
154
149
87
158
193
158
153
148
85
157
188
160
146 143
143 141
'79
82
152 149
179 1 7 6
129 119
148
143
82
151
176
159
Electrical machinery
Electrical apparatus and parts
Radio and television sets
4.64
3.23
.74
194
174
242
207
198
224
220
203
266
237
209
312
227
211
271
217
214
218
208
210
188
210
210
201
208
208
196
194
204
159
189
200
153
197
200
180
182 '211
194 1 9 4
143 256
217
197
269
Transportation equipment
Autos, trucks, and parts
Autos
Trucks
Light trucks
Medium trucks
Heavy trucks
Truck trailers
Auto and truck parts
7.54
4.80
1.50
.66
.22
.19
.14
.07
2.58
203
153
190
115
114
69
172
183
141
199
125
138
112
92
58
218
167
121
181
92
59
98
75
51
201
148
109
202
121
105
103
92
52
195
146
135
218
139
164
102
100
43
195
133
135
225
144
177
101
92
45
207
121
136
224
141
174
98
97
42
182
134
134
231
148
178
113
110
57
200
156
140
228
142
171
109
105
52
193
162
134
222
135
155
120
107
69
224
154
127
213
127
144
113
100
60
215
148
121
216
130
156
119
108
62
228
156
118
203 '207
114 123
134 148
103
103
95
94
48
52
195
208
109 146
106 113
190
98
84
84
67
29
184
136
2.74
1.30
.81
.53
272
481
115
42
310
548
118
63
317
570
114
51
325
582
116
60
336
601
118
68
348
619
126
75
351
624
127
78
356
630
129
84
359
633
132
88
356
630
131
81
345
608
134
76
347
606
136
84
340
597
135
73
331
576
133
81
.35
'335
'588
134
'69
84
30
54
36
52
64
73
77
86
98
86
81
174
174
174
171
131
132
135
137
158
141
159
161
137
97
Primary metals
Ferrous metals
Pig iron and steel
Pig iron
Steel
Carbon steel
Alloy steel
Ferrous castings and forgings
Iron and steel castings
Steel forgings
Nonferrous metals
Primary nonferrous metals
Copper smelting
Copper refining
Lead
Zinc
Aluminum
Secondary nonferrous metals
Nonferrous shapes and castings
Copper mill shapes
Aluminum mill shapes
Nonferrous castings
Metal Fabricating
Fabricated metal products
Structural metal parts
Stampings and misc. metal products....
Tin cans
Furnaces, gas ranges, and heaters
Machinery
Nonelectrical machinery
Farm and industrial machinery
Farm machinery
Industrial and commercial machinery.
Machine tools and presses
Laundry and refrigeration appliances...
Other transportation equipment
Aircraft and parts
Shipbuilding and repair
Railroad equipment
Railroad cars
Instruments and related products
Clay, Glass, and Lumber Products ..
Stone, clay, and glass products
Glass and pottery products
Flat glass and vitreous products
Flat and other glass
Glass containers
Home glassware and pottery
Cement
Structural clay products
Brick
Clay firebrick, pipe, and tile
Concrete and plaster products
Misc. stone and earth manufactures
'Revised.
2.12
.30
.63
13.68
9.04
1.29
149
166
171
173
174
175
173
5.91
138
140
145
157
127
159
158
113
61
146
138
129
125
2.82
1.09
.60
.47
.26
.23
.32
.35
.12
.20
.48
.58
149
134
155
156
126
91
148
127
131
127
158
140
164
165
132
87
157
137
134
142
180
166
194
173
174
140
135
147
161
147
174
177
135
92
157
136
131
141
156
143
173
177
114
96
144
126
106
142
148
143
167
171
127
98
113
120
94
140
151
145
166
168
134
102
116
120
96
139
153
144
164
166
138
100
133
121
101
138
155
141
160
163
132
100
145
129
119
138
204
176
199
177
192
177
187
180
173
174
177
177
181
177
185
176
For other notes see end of table.
172
168
144
165
149
173
177
147
86
171
142
139
147
85
71
171
143
161
130
122
138
127
159
139 150
157 132
160 149
144 151
137
85
78
161
119
133 '134
123 1 2 2
143 145
194
177
200
177
198
173
163
142
156
159
154
91
175
141
163
141
162
165
138
185
137
128
145
138
201
175
199
176
H4*
1275
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average= 100]
Annual
1956
1957
1947-49 average
proportion
1955 1956 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. M a y June July
Industry
Aug. Sept.
WITHOUT SEASONAL ADJUSTMENT
—Continued
Lumber
and products
Lumber
.t
.»..
.60
.39
.12
Millwork
W o o d containers
Furniture and Misc.
3.09
2.05
Manufacturing...
Household furniture
Fixtures and office furniture
.29
4.04
1.64
1.10
127
112
117
101
181
103
310
88
104
91
155
90
130
111
206
130
332
93
133
118
90
123
107
189
121
301
91
132
135
140
143
119
197
144
284
200
139
299
104
117
118
100
191
107
330
99
196
110
339
82
277
89
167
90
295
90
88
86
112
100
170
102
282
86
87
88
88
83
83
138
137
128
130
131
129
128
130
125
136
140
118
119
118
121
119
117
115
118
116
124
125
116
121
119
121
117
118
114
118
117
119
115
118
124
'123
126
123
150
120
115
122
121
122
125
125
126
127
127
127
111
123
122
US
.54
125
126
112
98
181
105
306
131
110
219
146
339
105
88
168
101
277
125
106
209
144
314
121
103
205
132
327
83
2.40
141
144
150
154
150
145
136
137
139
137
137
139
131
144
NOD durable Manufactures—Total
44.85
126
129
134
137
132
125
128
131
133
128
129
130
122
133
136
Textiles and Apparel
11.87
109
108
105
114
106
100
106
112
115
104
106
104
89
107
105
107
113
103
137
100
104
108
102
118
98
102
101
97
110
82
109
113
108
105
109
104
99
104
93
101
108
99
105
111
101
106
111
102
99
103
95
100
106
99
100
103
96
83
85
75
100
104
98
102
106
97
118
119
129
123
117
110
120
110
107
100
62
111
102
87
110
109
90
123
129
105
91
91
86
94
93
96
81
85
80
79
85
78
81
87
67
82
79
88
86
87
79
90
78
.75
79
85
78
82
77
89
79
88
88
71
67
'86
81
79
80
1.15
no
108
100
102
96
119
114
105
106
103
125
111
100
100
101
125
105
109
103
104
101
106
109
97
102
92
91
93
116
102
89
87
95
118
106
92
87
103
124
96
76
69
90
122
109
95
88
111
127
108
95
87
113
127
Miscellaneous manufactures
Textile mill products
Cotton and synthetic fabrics
Cotton consumption.
Synthetic fabrics
Fabric finishing
Wool textiles ..
Wool apparel yarns
Wool fabrics
K n i t goods
Hosiery....
Full-fashioned hosiery
Seamless hosiery
K n i t garments
. . .
Woven carpets
6.32
3.72
2.30
.97
.45
.97
.16
.65
.45
.20
.50
.48
.31
5.55
1.78
.73
.50
106
110
99
115
99
87
86
76
90
78
77
79
74
109
101
98
107
119
99
90
90
90
110
100
98
98
97
102
80
72
108
113
79
83
97
87
78
79
86
92
91
85
69
64
46
68
75
113
111
108
101
91
118
101
113
126
112
110
102
100
96
115
109
119
107
114
51
110
99
109
96
89
119
111
95
100
50
121
85
102
91
88
78
72
56
54
46
108
97
93
90
97
78
77
65
120
104
113
108
80
113
109
148
169
119
115
111
101
109
102
96
127
130
118
118
111
110
112
112
85
90
116
103
100
91
106
124
108
98
90
92
57
101
.99
123
112
110
95
93
78
118
Women's outerwear
Women's suits and coats
1.85
.76
116
134
112
128
108
138
117
146
107
128
89
101
131
130
157
Misc. apparel and allied mfrs
1.92
111
113
116
121
119
117
112
117
Rubber and Leather Products
3.20
122
117
118
123
113
111
123
130
230
119
114
117
101
Rubber products
1.47
.70
143
131
133
121
123
*I 19
144
135
144
121
129
132
147
148
148
132
111
135
108
113
101
122
130
110
126
136
111
136
150
117
134
151
111
133
125
124
117
135
121
135
103
141
114
120
131
105
159
161
123
136
105
109
122
91
147
137
108
150
104
91
99
76
104
104
100
95
102
106
98
105
92
112
90
99
74
115
90
99
73
90
100
70
85
95
65
89
98
72
115
99
108
82
95
103
81
89
96
76
88
94
75
97
107
77
74
82
58
93
103
72
Apparel and allied products
Men's outerwear
Men's suits and coats.
Men's outercoats
Shirts and work clothing
Tires and tubes
Auto tires
Truck and bus tires.
^Miscellaneous rubber products
Leather and products.....
Leather
Cattlehide leathers
Skin leathers
Miscellaneous leather products
Paper and Prin ting
Pulp and paper
Paper and board
Printing paper
Coarse paper
Miscellaneous paper
Paperboard
Building paper and board
Converted paper products
Shipping containers
• Revised.
.13
.40
.30
.77
92
90
77
140
120
154
1.73
105
.44
.29
.15
92
99
79
120
121
118
148
165
147
93
53
98
141
126
108
166
113
101
104
63
88
90
60
140
148
133
119
121
123
124
r
.90
.39
99
97
99
101
97
95
90
96
96
90
87
92
92
8.93
137
145
147
154
151
143
144
147
151
150
149
148
136
r
147
152
3.46
1.76
.51
1.25
.22
.14
.20
.18
.41
.10
152
149
169
140
127
133
129
158
149
137
159
160
169
152
171
145
139
148
131
169
148
128
157
158
182
149
140
140
139
184
154
118
161
160
181
151
139
147
139
189
155
128
163
159
181
150
137
152
131
186
158
120
161
161
139
155
175
132
152
147
124
136
142
121
107
123
102
165
157
181
147
132
r
139
127
162
183
159
131
145
142
160
135
135
138
123
159
139
94
158
157
179
148
140
145
136
170
155
131
162
159
183
149
146
146
138
174
155
118
1.70
.51
.11
156
155
158
162
159
170
168
168
166
177
172
189
165
161
173
148
144
158
156
148
179
163
156
183
167
163
177
163
155
184
162
185
152
145
149
135
159
182
150
136
147
131
192
155
126
For other notes see end of table.
157
182
147
136
143
125
182
157
124
160
155
174
100
184
154
127
160 nis
128 rr158
118 134
166
160
183
147 r173
141 172
163 175
153
172
145
126
143
124
170
159
134
172
170
176
1276
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average= 100]
1947^49 Annual
1956
1957
average
proportion
1955 1956 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July
Industry
Aug. Sept
WITHOUT SEASONAL ADJUSTMENT
—Continued
Printing and publishing
Newsprint consumption..
Job printing and periodicals
5 47
1 85
3 62
Chemical and Petroleum Products.
Chemicals and allied products
Industrial chemicals
Basic inorganic chemicals
Industrial organic chemicals
Plastics materials
Synthetic rubber
Synthetic fibers
Miscellaneous organic chemicals.
127
128
127
136
132
138
9 34
159
6 84
2.54
57
1.97
.24
1 03
167
184
180
186
242
213
186
169
Vegetable and animal oils.
Vegetable oils
Grease and tallow
.64
.48
.16
Soap and allied products.
Paints
Fertilizers
Petroleum and coal products.
Petroleum refining
Gasoline
Automotive gasoline..
Aviation gasoline....
Fuel oil
Distillate fuel oil.
Residual fuel oil.
Kerosene
Lubricating oil.
Coke
Asphalt roofing and siding.
145
143
145
167
168
171
171
171
175
175
174
172
172
177
196
189
197
256
236
181
189
111
192
186
194
254
241
169
189
182
198
191
200
272
227
185
188
181
199
191
201
274
222
189
189
181
199
193
200
247
242
187
193
184
205
198
208
263
243
205
193
186
207
208
207
277
238
202
191
186
206
206
206
280
242
196
190
184
206
210
205
275
219
203
188
124
117
145
132
124
158
122
115
144
159
161
151
157
154
167
143
139
157
147
143
159
152
143
181
134
129
150
.71
.66
.23
110
125
12/5
111
124
129
124
125
109
119
124
119
108
123
112
110
123
120
120
122
125
117
121
135
2.50
1.97
135
142
152
145
151
164
158
261
140
146
155
149
256
143
152
160
155
251
145
158
165
159
260
148
160
164
158
263
.11
59
144
145
144
134 1 3 6
112 116
144
145
133
151
165
175
184
206
209
205
278
245
198
188
179
200
197
201
266
225
189
191
174 ,181
185
206
203
207
121
113
146
116
103
155
109
94
154
107
95
142
113
100
153
120
110
151
128
120
166
113
122
181
115
122
172
104
125
119
80
126
104
115
125
108
115
122
119
145
154
157
153
242
139
149
156
150
254
137
145
154
149
247
139
148
161
155
255
139
147
162
156
258
139
146
161
155
260
144 P147
152 ?155
168 P173
163
265
194 I'200
189 i'196
196 '201
'240 269
209 241
197
188 '184
252*
204
187
145
196
87
142
1S8
89
149
195
97
161
210
105
170
225
108
164
216
104
151
197
99
143
187
93
143
190
90
142
188
90
141
185
89
144 P145
191
89
.10
.17
107
114
111
119
108
116
117
122
126
122
124
116
120
118
116
114
109
116
93
126
89
122
83
104
82
111
82
112
.26
.15
104
110
102
104
109
131
109
123
109
110
49
110
77
110
94
111
107
92
108
80
107
104
106
107
106
122
106
119
84
126
112
73
104
108
116
115
122
126
104
102
123
139
108
107
104
124
148
104
116
111
120
148
97
115
114
116
150
91
122
123
118
150
94
121
130
130
154
109
122
122
135
128
109
140
139
161
151
122
151
145
165
142
149
134
113
137
114
151
120
97
119
97
141
101
87
105
79
117
82
99
90
106
89
95
82
104
91
97
81
108
111
98
87
105
163 212
97 '105
78
88
110 '116
223
107
94
116
96
57
96
20
96
54
107
3
98
60
110
13
99
68
117
21
102
88
140
38
104
74
122
27
103
80
123
38
102
113
101
123
103
119
103
96
102
84
106
95
114
81
113
103
113
155
113
98
90
97
110
110
119
137
93
84
80
115
86
88
79
81
93
86
85
105
105
104
86
111
102
108
81
95
107
116
80
97
122
129
65
127
104
126
33
84
100
109
46
101
87
92
83
110
117
101
114
119
112
111
115
110
104
109
102
113
121
104
121
129
111
102
114
81
120
126
115
105
102
103
106
108
138
149
127
101
104
139
163
121
103
104
133
151
117
86
96
96
77
80
102
100
85
82
102
109
107
96
97
105
104
131
144
117
109
117
115
105
101
116
99
87
107
98
99
88
107
87
100
92
105
100
92
106
101
271
123
393
100
296
100
459
99
222
102
320
95
85
102
65
152
106
141
105
130
105
91
102
112
116
120
110
105
101
78
119
106
93
93
135
118
83
133
179
109
80
92
175
107
111
104
111
115
109
115
119
116
111
114
113
116
1.48
.46
.83
130
134
129
151
113
111
129
142
160
128
.69
.14
.07
.19
.28
107
105
116
97
109
110
107
117
101
112
103
91
105
83
118
91
82
97
73
102
117
119
148
154
140
85
83
93
71
90
Canned and frozen foods.
Grain-mill products
Wheat flour
Cereals and feeds
1.13
1.16
.46
.70
118
105
83
119
133
101
84
113
264
109
95
118
188
106
91
116
Bakery products.
Sugar
Cane sugar
Beet sugar
1.64
.27
.11
.13
97
115
113
111
98
122
116
121
100
110
130
86
.71
1.41
101
106
107
105
2.24
.54
107
1.70
1.02
.17
.37
102
101
77
109
.78
.46
.17
105
109
104
140
132
144
147
193
95
113
113
133
151
119
Revised.
142
140
144
138
175
94
109
109
128
142
116
p
143
137
146
.56
.30
.26
10 73
8 49
Preliminary.
144
137
147
147
233
11.51
Tobacco manufactures.
Cigarettes
Cigars
136
123
143
.98
.06
Foods, Beverages, and Tobacco.
Confectionery
Miscellaneous food preparations
Beverages
Bottled soft drinks..
Alcoholic beverages.
Beer and ale
Liquor distilling...
Liquor bottling...
142
131
147
141
150
159
153
254
1.04
Food and beverage manufactures.
Food manufactures
Meat products
Beef
Pork
Dairy products
Butter
Natural cheese
Concentrated milk.
Ice cream
139
128
144
139
133
143
105
For other notes see end of table.
119
1277
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average^ 100]
Annual
1947 49
average
pro
portion
1955 ! 1956
Industry
1957
1956
Sept. Oct I Nov. Dec. Jan.
Feb. Mar. Apr. May June July Aug. Sept.
WITHOUT SEASONAL ADJUSTMENT
—Continued
MINERALS—TOTAL
Mineral Fuels
Coal
Anthracite
Bituminous coal
Crude oil and natural gas
Oil and gas extraction
Crude oil
Natural gas and liquids
Natural gas
Natural gas liquids
Oil and gas well drilling
Metal, Stone, and Earth Minerals
Metal mining
Iron ore
Nonferrous metal mining
Copper mining
Lead mining
Zinc mining
122
129
132
132
130
129
130
131
131
131
123
129
129
130
130
132
135
135
134
132
2 68
.36
2.32
80
48
85
85
55
90
90
62
95
93
64
98
90
59
95
83
55
87
85
57
90
87
52
93
88
43
95
83
46
89
82
50
87
5.67
4.82
4.12
.70
.34
.36
.85
143
137
131
177
185
169
175
150
145
137
191
199
182
180
147
143
135
186
189
182
173
147
141
134
187
194
180
177
149
146
137
197
209
186
170
155
150
141
202
214
191
181
158
154
143
214
240
190
182
157
157
147
214
235
194
160
156
156
148
206
225
189
151
155
153
145
200
214
188
168
1.63
120
127
147
146
129
116
109
1/3
114
,82
.33
49
.24
09
06
110
113
108
123
84
81
114
104
120
136
88
87
142
179
117
132
87
86
142
175
120
134
92
91
114
109
118
132
87
88
94
62
115
129
83
86
91
49
120
133
89
92
98
50
130
145
96
96
95
48
127
141
94
98
130
141
151
150
144
138
128
129
133
Stone and earth minerals
p
132
9 98
8.35
r
Preliminary.
Revised.
1 Publication suspended pending revision.
Publication suspended pending revision.
NOTE.—A number of groups and subgroups include individual series
not published separately, and metal fabricating contains the ordnance
group in addition to the groups shown. Certain types of combat materiel
123
130
129
119
127
126
65
32
71
'86
52
92
86
52
91
153
150
143
194
202
186
168
145 145 146
143 139 139
136 132 130
184 ^180 ^189
192
177 167 179
156 179 185
145
124
140
149
143 '146
146
111
87
126
140
94
99
135
159
118
133
88
86
150
193
122
139
85
90
137
181
108
121
79
78
139
182
110
r
124
'81
77
136
172
112
132
77
68
137
145
148
149
154
155
130
88
64
92
131
are included in major group totals but not in individual indexes for autos,
farm machinery, and some other products, as discussed in the BULLETIN
for December 1953, pp. 1269-1271.
For description and back figures, see BULLETIN for December 1953
pp. 1247-1293 and pp. 1298-1328, respectively.
UTILITY OUTPUT OF ELECTRICITY AND GAS
[Seasonally adjusted Federal Reserve indexes, 1947-49 average= 100]
1947-49
pro-
Series
tion
ELECTRICITY AND GAS—TOTAL
Residential
Nonresidential
Electricity
Residential
General industrial
Commercial and other
Gas
Industrial
..
100.00
41.34
58.66
76.18
27.48
23 68
23.49
.19
25.02
23.82
13.86
6 16
3.80
Annual
average
1955 1956 Sept. Oct.
199
217
187
218
241
201
220
244
202
221
243
205
Nov. Dec.
222
244
206
223
246
207
Jan.
225
248
210
Feb.
227
252
209
Mar. Apr. M a y June July Aug.
226
252
207
226 229
251 254
209 211
232
260
212
199 218 219 221 223 224 227 229 227 228 231 234
224 250 254 253 257 258 260 266 266 263 267 274
190 206 205 211 212 211 213 211 209 214 215 214
173 186 186 192 192 191 193 191 188 193 194 193
2221 2697 2650 2660 2670 2720 2740 2720 2750 2790 2880 2790
180 194 194 196 197 199 204 205 202 203 207 210
200
203
201
218
223
218
220
224
224
219
222
226
218
220
229
185
197
199
196
194
r
» Preliminary.
Revised.
NOTE.—For description and back figures sec BULLETIN for October
1957
1956
219
221
228
197
220
223
225
221
224
222
221
225
220
203
205
207
221
228
215
209
223
230
?n
210
224
232
211
212
^235 ^237
239
280
217
198
2560
215
z>224
Sept.
^236
240
284
217
198
2530
214
P228
1956 pp. 1055-1069. Indexes without seasonal adjustment may be obtained from the Division of Research and Statistics.
1278
PRODUCTION
OUTPUT OF CONSUMER DURABLE GOODS
[Federal Reserve indexes, 1947-49 average = 100]
Product
1947^9 Annual
1956
average
propor1955 1956 Sept. Oct. Nov. Dec. Jan.
tion
Feb. Mar. Apr. May June July Aug. Sept.
100.00
138
1957
SEASONALLY ADJUSTED
CONSUMER DURABLES—TOTAL.
147
131
123
123
132
141
137
134
124
124
129
129
133
128
141
145
138
116
124
134
129
141
115
122
Major Durables
Autos
Major household goods
Furniture and floor coverings.
Household furniture
Floor coverings i
Appliances and heaters
Major appliances
Ranges
Refrigeration appliances..
Laundry appliances
Heating apparatus
Radio and television sets
Radio sets
Television sets
69.72
32.10
36.13
15.32
11.31
4.01
164
190
144
116
120
140
138
144
117
121
127
106
148
118
122
129
117
142
115
121
143
152
136
114
118
154
168
143
115
121
147
169
130
114
119
149
167
134
113
117
144
159
132
113
118
131
141
124
114
120
131
139
126
112
118
137
144
133
113
121
137
134
142
118
123
15.60
11.88
2.60
4.98
2.51
3.72
5.21
3.42
1.79
138
144
100
151
193
120
242
77
558
143
151
103
150
216
118
224
70
519
149
158
98
159
233
120
232
71
538
136
144
96
132
231
112
237
72
551
130
138
85
136
211
102
218
74
493
144
156
104
151
233
108
218
75
491
128
136
95
128
209
105
181
71
392
137
144
103
153
183
114
189
81
395
133
140
100
151
177
111
185
80
388
119
121
88
136
133
110
167
75
343
119
124
85
138
152
104
186
67
413
123
127
85
135
167
108
226
69
524
126
132
77
140
182
109
259
65
628
123
133
84
140
182
92
248
68
591
134
144
85
146
212
102
237
88
521
Other Consumer Durables
Auto parts and tires
Misc. home and personal goods.
30.28
14.00
16.28
106
102
109
111
105
116
113
108
117
110
102
117
109
102
115
113
109
117
114
112
116
114
114
113
111
112
110
109
104
113
108
103
112
108
104
112
111
110
112
114
111
117
115
WITHOUT SEASONAL ADJUSTMENT
CONSUMER DURABLES—TOTAL...
100.00
147
131
113
128
139
141
137
143
142
130
124
131
116
132
119
Major Durables
Autos
Major household goods
Furniture and floor coverings.
Household furniture
Floor coveringsJ
Appliances and heaters
Major appliances
Ranges
Refrigeration appliances.
Laundry appliances
Heating apparatus
Radio and television sets
Radio sets
Television sets
69.72
32.10
36.13
164
190
144
116
120
140
138
144
117
121
111
59
158
122
125
132
105
158
122
127
151
164
141
117
123
154
177
137
118
125
149
174
129
113
116
157
178
140
116
118
155
171
143
116
119
140
155
128
113
117
131
144
122
108
114
140
156
129
110
117
121
134
110
105
115
139
148
133
r
115
124
118
84
150
119
126
15.60
11.88
2.60
4.98
2.51
3.72
5.21
3.42
1.79
138
142
100
151
193
120
242
77
558
143
151
103
150
216
118
224
70
519
158
158
106
145
251
157
265
66
645
142
143
102
109
261
137
312
88
738
122
127
82
103
230
104
270
91
611
128
141
94
128
229
85
217
92
456
125
137
94
131
207
88
188
73
408
144
158
116
162
208
100
201
83
427
151
166
114
188
195
104
196
84
411
131
140
92
173
140
103
159
72
326
125
133
82
163
144
99
153
67
318
131
136
88
164
150
114
180
57
414
105
108
59
130
126
94
143
40
339
109
109
77
102
164
109
256
62
627
141
144
93
133
229
134
268
81
625
Other Consumer Durables
Auto parts and tires
Misc. home and personal goods.
30.28
14.00
16.28
106
102
109
111
105
116
118
116
119
118
110
125
112
101
121
110
103
117
110
109
111
112
110
114
111
107
114
107
101
112
106
103
109
108
107
108
106
109
104
116
114
117
119
15.32
11.31
4.01
r
Revised.
Publication suspended pending revision.
NOTE.—For a description of these indexes, see BULLETIN for May 1954,
pp. 438^47.
1
iii'
Individual indexes without seasonal adjustment for woven carpets,
appliances, heating apparatus, radio sets, and television sets may be
obtained from the Division of Research and Statistics.
VALUE OF NEW CONSTRUCTION ACTIVITY
[Joint estimates of the Departments of Commerce and Labor.
Seasonally adjusted.
In millions of dollars]
Private
Total
Residential
Total
1949
1950
1951
1952
1953
1954
1955
1956
Indus- Com- Public
trial
mercial utility
Other
nonresidential
Total
Military
Highway
Conservation
All
other
972
1,062
2,117
2,320
2,229
2,030
2,399
3,084
1,027
1,288
1,371
1,137
1,791
2,212
3,218
3,631
3,323
3,330
3,729
4,003
4,416
4,284
4,543
5,113
2,795
3,174
3,574
3,547
3,511
3,774
3,755
3,782
6,404
7,001
9,419
10,901
11,394
11,922
11,961
12,818
137
177
887
1,388
1,307
1,030
1,313
1,395
2,131
2,272
2,518
2,820
3,160
3,870
4,050
4,470
852
942
912
900
892
773
701
826
3,284
3,610
5,102
5,793
6,035
6,249
5,897
6,127
Business
Total
Year or month
Public
24,163
29,955
32,739
34,750
37,118
39,601
44,581
46.060
17,759
22,954
23,320
23,849
25,724
27,679
32,620
33,242
1956—Oct...
Nov..
Dec.
3,890
3,894
3,904
2,778
2,822
2,799
1,451
1,468
1,460
1,001
1,025
1,009
273
269
269
296
304
305
432
452
435
326
329
330
,112
,072
,105
118
113
111
381
341
369
72
73
72
541
545
553
1957—Jan.r.
Feb.'.r
Mar.
Apr. rr
May
JuneT
J u l y .3
Aug.*
Sept.**
Oct.*'.
3,914
3851
,851
2,728
2,730
2,740
2,737
2,742
2,741
2,730
2,785
2,793
2,825
1,411
1,391
1,383
1,361
1,321
1,324
1,349
1,377
1,392
1,414
983
999
1,013
1,027
1,070
1,064
1,041
1,054
1,049
1,063
264
270
274
277
278
273
265
266
257
251
292
283
292
295
304
303
293
297
298
308
427
446
447
455
488
488
483
491
494
504
334
340
344
349
351
353
340
354
352
348
,186
,121
1,160
1,152
1,154
1,158
1,094
1,155
1,184
1,203
115
105
104
98
105
99
104
117
111
108
441
406
434
407
401
406
366
374
392
414
70
73
71
76
78
79
80
90
90
560
537
551
571
570
574
544
574
591
593
"Preliminary.
3,900
3,889
3,896
3,899
3,824
3,940
3,977
4,028
r
Revised.
9,642 5,322
14,100 5,680
12,529 7,217
12,842 7,460
13,777 8,436
15,379 8,526
18,705 10,160
17,632 11,828
1279
PRODUCTION
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars]
By type of
ownership
Year or month
Total
Public
1949
1950
1951
1952
1953
1954
1955
1956
10,359
14 501
15 751
16,775
17 443
19,770
23.745
*24 628
1956—Sept
2 106
1,870
1 757
1,659
Oct
Nov
Dec
1957__j an
Feb ..
Mar
1,778
1,718
2 448
2,151
2,674
2 424
2,301
2 275
2*125
Apr
May
June
July
Aug.. .
Sept
1
By type of construction
Private
Residential
building
Nonresidential building
Factories
Commercial
Educational
Other
6,641
4,239
3 718
6 741
4 409 10 092
9,629
6,205
6 122
6,668
6,711 10,064
6 479
6 334 11 109
8,518
6 558 13,212
7,475 16,270 10,185
8 036 U6 592 U0 042
845
1 435
671
820
1,281
589
693
1 175
582
922
533
737
559
1,142
2,883
2,558
2,051
1,274
1,878
1,918
885
1,208
915
979
1,489
1,815
2,359
12,581
824
1,180
1,335
1,472
1,720
2,063
2,134
2,314
1,376
1,651
1,689
1,686
1,695
1,958
2,126
12,193
171
126
130
104
221
182
226
170
185
199
185
199
200
182
174
149
612
676
861
966
1,020
887
1,067
1 035
918
197
167
182
118
129
221
115
159
123
211
175
303
180
246
279
236
267
262
184
178
222
165
244
232
173
206
170
167
208
162
247
268
221
191
192
220
Minneapolis
Kansas
City
Dallas
679
664
757
652
1,029
930
791
619
1,099
1,053
1 690
1,499
1,645
1 494
1,510
1 656
Public
works
and
public
utilities
2,476
2,578
2.723
3,412
4,008
4,142
5.063
5,580
485
375
335
502
405
354
670
559
788
537
487
417
409
Figure not comparable with earlier years.
CONSTRUCTION CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS
[Figures as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars]
Federal Reserve district
All
districts
Month
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta Chicago
St.
Louis
San
Francisco
1956—July
Aug
Sept
3,013
2,953
2,575
136
123
142
329
288
303
147
117
113
249
279
258
252
196
176
298
286
226
415
439
424
122
107
117
126
95
108
202
181
164
176
168
152
561
674
393
1957—July
Aug
Sept
2,901
2,818
2,625
170
147
119
346
381
364
141
123
142
261
229
240
189
193
201
294
317
254
430
416
392
127
130
106
114
98
112
179
176
166
163
155
160
486
453
370
PERMANENT NONFARM DWELLING UNITS STARTED
(Bureau of Labor Statistics estimates. In thousands of units]
Total
private
(seasonally
adjusted
annual rate)
Year or month
1949
1950
1951
1952
1953
1954
1955
1956
....
Total
Metropolitan
areas
Government-underwritten *
politan
areas
Total
1,352
1,020
1,069
1,068
1,202
[,310
.094
792
1,151
892
939
933
1,077
1,190
981
35
42
40
46
42
34
33
31
162
159
88
84
94
90
87
82
8
7
,025
,396
,091
,127
,104
,220
,329
.118
n.a.
1,022
804
897
976
780
n.a.
374
315
332
300
324
353
338
in
795
Private
Non-
Q89
1family
2tamily
Multifamily
1,052
1,027
1,020
94
77
64
65
55
45
29
23
19
91
77
63
81
68
53
3
3
2
00
1957 Jan
Feb
Mar
Apr ..
May
June
July
Aug
Sept
Oct.. .
962
935
933
962
994
995
1,015
PI,010
*990
*l,000
63
66
87
94
103
100
100
44
47
59
64
68
69
63
66
60
62
19
19
29
30
35
31
37
29
30
33
60
63
79
91
97
95
94
^93
50
53
68
79
82
80
81
n.a.
n.a.
n.a.
2
2
3
3
3
3
3
n.a.
n.a.
n.a.
9
10
13
11
10
n.a.
n.a.
n.a.
....
. . . .
*>95
P90
^95
* Preliminary.
n.a. Not available.
* Represents units started under commitments of FHA or VA to in•ure or guarantee the mortgage. VA figures after June 1950 and all FHA
*>88
P87
OOoc
1956— Oct
Nov
Dec .
Public
Total
FHA
VA
36
44
71
59
36
19
20
24
466
686
412
421
409
583
670
463
360
486
264
280
252
276
277
192
105
200
149
141
157
307
393
271
2
0
1
40
30
26
16
12
11
24
18
15
3
3
8
2
6
5
20
19
24
26
27
29
29
30
29
29
8
10
12
12
15
16
17
19
17
20
12
10
U
13
12
13
12
12
12
10
6
J>2
vi
vg
figures are based on field office reports of first compliance inspections;
earlier VA figures are estimates based on loans-closed information.
1280
EMPLOYMENT
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of the Census estimates, without seasonal adjustment.
In thousands of persons]
Civilian labor force
Total noninstitutional
population
Year or month
1949
1950
1951
1952
1953
1954
1955
1956
1956—Oct
Nov
Dec
. .
.
1957—Jan 2
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Total
labor
force
Employed i
Total
Total
In nonagricultural industries
In
agriculture
Unemployed
Not in the
labor force
109,623
110 780
111,924
113,119
115,095
116,220
117 388
118,734
63,571
64,599
65,832
66,410
67,362
67,818
68,896
70,387
62,105
63 099
62,884
62,966
63,815
64,468
65 848
67,530
58,710
59,957
61,005
61,293
62,213
61,238
63,193
64,979
50,684
52,450
53,951
54,488
55,651
54,734
56,464
58,394
8,026
7,507
7,054
6,805
6,562
6,504
6,730
6,585
3,395
3,142
1,879
1,673
1,602
3,230
2,654
2,551
46,051
46,181
46,092
46,710
47,732
48,402
48,492
48,348
119 198
119,344
119,481
70,905
70,560
69,855
68,082
67,732
67,029
66,174
65,269
64,550
59,000
59,076
59,440
7,173
6,192
5,110
1,909
2,463
2,479
48,293
48,783
49,626
119,614
119,745
119,899
120 057
120,199
120.383
120 579
120,713
120 842
120,983
68,638
69,128
69,562
69,771
70,714
72,661
73,051
71,833
71 044
71,299
65,821
66,311
66,746
66 951
67,893
69,842
70,228
68,994
68 225
68,513
62,578
63,190
63,865
64,261
65,178
66,504
67,221
66,385
65 674
66,005
57,643
57,996
58,431
58,506
58,519
58,970
59,449
59,562
59 156
59,168
4,935
5,195
5,434
5,755
6,659
7,534
7,772
6,823
6 518
6,837
3,244
3,121
2,882
2,690
2,715
3,337
3,007
2,609
2 552
2,508
50,973
50,617
50,337
50,286
49,485
47,722
47,528
48,880
49,797
49,684
1956 shown above are: Labor force, 71,303; employment—total, 66,240;
nonagricultural, 59,402; agricultural, 6,838; and unemployment, 2,277.
ludes self-employed, unpaid family, and domestic service workers
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Bureau of Labor Statistics.
Total
Manufacturing
43,315
44 738
47,347
48,303
49,681
48 431
50,056
51,878
14,178
14 967
16,104
16,334
17,238
15 995
16,563
16,905
1956—Oct
Nov
Dec
52,367
52,441
52,541
17,045
17,072
17,106
836
1957_jan
52,493
52,577
52 547
52,593
52,698
52 773
52,815
52 844
52,644
52,507
17,053
16,995
16,962
16,965
16.946
16,924
16,880
16,836
16,663
16,590
832
833
831
52 952
53,007
53,639
17,238
17,180
17,159
836
51,716
51,704
51,919
52,270
52 482
52,881
52 605
52,891
53,132
53,078
16,959
16,945
16,933
16,822
16,762
16,852
16,710
16,955
16,884
16,767
832
833
Year or month
1949
1950
1951
1952 .
1953
1954
1955
1956
Mining
In thousands of persons]
Contract
construction
918
889
916
885
852
111
111
816
Transportation and
public
utilities
Trade
Finance
Service
Federal
State and
local
government
2,165
2 333
2,603
2,634
2 622
2 593
2,759
2,993
3,949
3 977
4,166
4,185
4,221
4 009
4,062
4,157
9,513
9,645
10,012
10,281
10,527
10,520
10,846
11,292
1,765
1,824
1,892
1,967
2,038
2,122
2,219
2,306
4,972
5,077
5,264
5,411
5,538
5,664
5,916
6,231
5,856
6,026
6,389
6,609
6,645
6 751
6,914
7,178
3,080
3,067
3,074
4,178
4,173
4,169
11,372
11,388
11,408
2,327
2,326
2,320
6,280
6,327
6,359
7,249
7,255
7,272
2,963
3,020
3 062
3,059
3,097
3 108
3,061
3 032
3,029
2,995
4,188
4,168
4,168
4,160
4,159
4,164
4,168
4 184
4,175
4,146
11,465
11,519
11,490
11,501
11,542
11,579
11,636
11,669
11,617
11,655
2,316
2,324
2,322
2,320
2,329
2,336
2,343
2,354
2,360
2,363
6,366
6,401
6,381
6,400
6,424
6,454
6,492
6,477
6,507
6,485
7,310
7,317
7,331
7,347
7,358
7,354
7.374
7 439
7,442
7,425
3 296
3,174
2,997
4,189
4,184
4,194
11,445
11,657
12,260
2,315
2,314
2,308
6,343
6,327
6,295
7 290
7,334
7,589
2,667
2,673
2,756
2,906
3,082
3,232
3 275
3,305
3,287
3,205
4,126
4,120
4,147
4,153
4,156
4,181
4,199
4,215
4,206
4,157
11,298
11,225
11,265
11,428
11,411
11,505
11,493
11,499
11,617
11,729
2,293
2,301
2,310
2,320
2,329
2,359
2,390
2,389
2,360
2,351
6,239
6,273
6,317
6,432
6,520
6,551
6,524
6,509
6,540
6,550
7,302
7,334
7,360
7,376
7,387
7,343
7.157
7,157
7,383
7,471
SEASONALLY ADJUSTED
Feb
Mar
May..
June
July
Aug
Sept
Oct
833
833
841
843
854
861
853
851
848
WITHOUT SEASONAL ADJUSTMENT
1956— Oct
Nov
Dec
1957_jan
Feb
Mar
Apr
May
July
Aug
Sept
Oct
837
837
831
833
835
858
857
862
855
848
NOTE.—Data include all full- and part-time employees who worked
during, or received pay for, the pay period ending nearest the 15th of the
month. Proprietors, self-employed persons, domestic servants, unpaid
family workers, and members of the armed forces are excluded. Figures
for September and October 1957 are preliminary. Back data may be
obtained from the Bureau of Labor Statistics.
1281
EMPLOYMENT AND EARNINGS
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
[Bureau of Labor Statistics.
In thousands of persons]
Seasonally adjusted
Industry group
1957
1956
Total
Without seasonal adjustment
1956
1957
Oct.
Aug.
Sept.
Oct.
Oct.
Aug.
Sept.
Oct.
13,278
12,915
12,762
12,733
13,465
13,024
12,976
12,907
Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Machinery except electrical
Electrical machinery.
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries
7,749
82
664
319
469
1,134
905
1,281
899
1,354
233
409
7,517
75
620
322
454
1,082
887
1,210
879
1,363
228
397
7,375
73
609
317
454
1,067
876
1,215
881
1,262
226
395
7,364
70
600
312
447
1,055
878
1,184
869
1,337
223
389
7,788
82
684
325
476
1,134
910
1,255
908
1,354
234
427
7,476
75
645
317
459
1,077
878
1,180
861
1,363
225
395
7,384
73
630
319
461
1,067
876
1,185
881
1,262
226
405
7,402
70
618
318
454
1,055
882
1,160
878
1,337
224
406
Nondurable goods
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished textiles
Paper and allied products
Printing, publishing and allied industries
Chemicals and allied products
Products of petroleum and coal
Rubber products
.'
Leather and leather products
5,529
1,110
87
958
1,080
465
557
545
176
213
338
5,398
1,062
81
920
1,063
463
559
538
172
206
334
5,387
1,054
80
917
1,062
461
564
533
174
205
337
5,369
1,055
77
905
1,054
466
565
532
173
205
337
5,677
1,209
104
958
1,096
470
563
550
176
215
336
5,548
1,194
90
911
1,084
465
553
530
175
204
341
5,592
1,212
97
912
1,083
468
564
536
176
206
337
5,505
1,144
92
905
1,070
471
571
537
173
207
335
NOTE.—Data covering production and related workers only (full- and
part-time) who worked during, or received pay for, the pay period ending
nearest the 15th of the month. Figures for September and October 1957
are preliminary. Back data may be obtained from the Bureau of Labor
Statistics.
HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Bureau of Labor Statistics.
Average weekly earnings
(dollars per week)
Industry group
1956
1957
In unit indicated]
Average hours worked
(per week)
1956
1957
Average hourly earnings
(dollars per hour)
1956
1957
Oct.
Aug.
Sept.
Oct.
Oct.
Aug.
Sept.
Oct.
Oct.
Aug.
Sept.
Total
82.21
82.80
83.20
82.16
40.7
40.0
40.0
39.5
2.02
2.07
2.08
2.08
Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries. .
89.01
95.18
73.03
71.97
82.19
98.74
89.03
94.73
83.22
99.07
84.05
72.45
89.06 89.47
93.83 95.04
75.62 72.10
71.63 71.98
84.25 84.25
99.82 100.86
90.20 91.91
93.15 94.42
82.81 83.42
97.69 98.15
84.00 86.05
72.00 72.94
88.36
95.51
73.16
71.81
84.45
96.52
89.95
92.40
81.56
98.65
85.41
72.40
41.4
42.3
40.8
41.6
41.3
40.8
41.8
42.1
41.2
41.8
41.0
40.7
40.3
40.1
41.1
40.7
40.9
39.3
41.0
40.5
40.2
40.2
40.0
40.0
40.3
40.1
39.4
40.9
40.7
39.4
41.4
40.7
40.3
39.9
40.4
40.3
39.8
40.3
40.2
40.8
40.6
38.0
40.7
40.0
39.4
40.1
40.1
40.0
2.15
2.25
1.79
1.73
1.99
2.42
2.13
2.25
2.02
2.37
2.05
1.78
2.21
2.34
1.84
1.76
2.06
2.54
2.20
2.30
2.06
2.43
2.10
1.80
2.22
2.37
1.83
1.76
2.07
2.56
2.22
2.32
2.07
2.46
2.13
1.81
2.22
2.37
1.82
1.76
2.08
2.54
2.21
2.31
2.07
2.46
2.13
1.81
72.65 74.26 75.24 74.29
75.99 77.71 78.91 77.59
54.91 57.22 57.52 55.28
59.75 58.65 59.04 59.65
54.24 55.20 55.27 53.34
84.94 87.55 89.23 87.98
95.80 96.64 98.03 97.14
88.60 92.25 92.93 92.29
104.86 109.21 113.30 106.79
89.98 92.84 93.02 92.75
55.72 58.67 57.66 57.20
39.7
41.3
39.5
40.1
36.4
42.9
39.1
41.4
40.8
40.9
36.9
39.5
40.9
38.4
39.1
36.8
42.5
38.5
41.0
40.6
40.9
38.1
39.6
41.1
39.4
39.1
36.6
42.9
38.9
41.3
41.5
40.8
37.2
39.1
40.2
37.1
39.5
35.8
42.5
38.7
41.2
39.7
40.5
36.9
1.83
1.84
1.39
1.49
1.49
1.98
2.45
2.14
2.57
2.20
1.51
.90
.49
.50
.50
2.06
2.51
2.25
2.69
2.27
1.54
.90
.92
.46
.51
.51
2.08
2.52
2.25
2.73
2.28
1.55
1.90
1.93
1.49
1.51
1.49
2.07
2.51
2.24
2.69
2.29
1.55
Nondurable goods
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished textiles
Paper and allied products
Printing, publishing and allied industries..
Chemicals and allied products
Products of petroleum and coal
Rubber products
Leather and leather products
NOTE.—Data are for production and related workers. Figures for
September and October 1957 are preliminary. Back data are available
from the Bureau of Labor Statistics.
Oct
1282
DEPARTMENT STORES
DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS
[Federal Reserve indexes, based on retail value figures. 1947-49 average* 100)
Federal Reserve district
United
States
Year or month
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
98
105
109
110
112
111
120
125
99
103
105
104
105
107
112
114
98
101
105
101
102
104
107
113
100
106
109
109
111
109
117
122
98
105
110
110
113
105
115
120
100
105
113
118
121
121
131
138
101
109
115
124
126
129
142
150
97
104
108
106
111
109
117
123
98
104
107
110
112
112
121
127
98
105
104
104
104
105
109
116
99
108
111
113
112
115
123
r
127
••130
122
131
129
117
114
119
116
120
112
120
116
127
118
126
125
127
118
123
122
140
136
146
139
128
117
130
128
127
119
134
130
129
103
123
124
r
125
125
127
122
125
127
132
134
109
117
110
107
112
110
113
114
104
119
115
115
109
115
117
120
126
115
121
119
124
121
124
130
122
130
120
118
123
120
117
118
117
130
127
126
144
136
146
136
139
136
144
150
151
153
149
146
153
155
168
164
156
120
121
126
120
123
123
126
132
126
125
125
125
125
127
119
135
131
129
118
114
118
113
116
117
120
126
121
1956—Sept
Oct
Nov
Dec
'132
128
158
222
125
115
143
210
122
120
151
204
131
124
165
220
127
122
152
212
M43
144
179
251
M53
150
182
267
133
123
159
215
130
131
161
216
137
119
141
202
1957—Jan
Feb
Mar
Apr
May
95
97
106
122
124
121
104
118
86
88
89
110
112
110
81
91
111
94
93
98
109
113
113
86
97
117
91
91
107
121
123
122
90
105
124
92
95
99
118
114
113
100
115
126
99
101
117
143
140
131
114
126
116
122
137
149
150
138
134
148
152
91
93
105
119
121
121
100
119
131
94
98
107
123
127
116
104
119
131
84
90
95
114
118
108
97
120
128
99
109
128
118
126
122
128
139
100
109
124
111
116
117
122
129
97
105
124
113
116
114
116
126
99
108
127
113
119
116
123
133
100
106
128
111
118
114
117
125
101
113
133
130
143
139
147
165
102
120
140
136
146
141
152
165
97
108
125
112
122
120
122
132
100
106
125
114
124
116
124
137
1956—Sept
Oct
Nov
Dec
139
142
142
142
132
131
130
129
M24
129
131
131
135
135
136
138
126
129
129
130
170
175
176
176
167
174
173
169
131
134
135
137
1957_Jan
Feb ....
Mar
Apr
May
141
139
141
141
140
143
143
143
127
128
129
127
127
128
127
125
128
131
129
131
131
131
134
136
134
134
136
134
136
135
136
140
139
H41
142
128
127
127
127
125
128
127
127
129
169
171
173
168
167
175
171
168
P113
162
165
170
173
168
169
171
172
170
l46
159
161
126
136
148
152
120
145
150
120
142
156
157
122
132
144
146
116
175
193
190
147
126
132
144
147
145
137
135
140
116
121
132
132
131
119
115
121
132
116
121
134
138
136
126
124
131
141
118
129
140
144
141
131
125
'136
149
114
122
131
133
130
121
117
124
135
151
159
178
180
177
170
167
171
Minne- Kansas Dallas
apolis
City
San
Francisco
SALES i
1949
1950
1951
1952
1953
1954
1955
1956
102
113
117
124
125
127
140
144
98
105
109
114
115
114
123
129
129
123
131
128
M46
134
146
150
131
130
132
131
122
121
122
121
124
125
139
132
140
141
143
135
151
161
171
163
150
131
127
133
127
126
131
133
r
131
134
146
142
166
252
128
131
153
231
90
94
104
120
123
120
114
124
111
113
124
132
150
146
145
152
150
101
100
104
123
124
125
116
126
130
99
104
116
107
115
115
121
132
100
111
130
121
133
126
136
146
101
112
132
126
138
132
147
157
100
110
131
126
134
125
134
145
134
137
137
136
128
139
137
140
M47
150
147
145
160
158
156
160
148
147
149
144
137
134
135
136
137
139
138
135
135
141
141
133
136
138
139
141
135
134
134
134
133
136
134
134
129
135
134
144
142
143
144
142
142
141
140
156
156
156
157
165
169
171
170
144
141
145
146
142
147
148
157
174
190
195
149
138
153
157
123
145
153
154
123
134
151
153
125
153
162
163
131
149
163
179
180
169
159
160
168
177
123
128
138
139
138
130
130
131
141
123
134
141
143
138
128
129
135
145
123
129
137
142
136
127
125
r
132
140
129
138
147
149
145
136
135
139
^146
SEASONALLY ADJUSTED
1956—Sept
Oct
Nov
Dec
1957
jan
Feb
Mar
Apr
May
July
Aug
Sept
....
r
158
144
157
154
r
WITHOUT SEASONAL ADJUSTMENT
July
Aug
Sept
r
r
l29
129
150
218
r
STOCKSi
1949
1950
1951
1952
1953
1954
1955
1956
SEASONALLY ADJUSTED
July . . .
Aug
Sept
r
P\64
WITHOUT SEASONAL ADJUSTMENT
r
1956—Sept
Oct
Nov
Dec
1957 Jan
Feb
Mar
Apr
May
July
Aug
Sept
.
r
P Preliminary.
Revised.
i Figures for sales are the average per trading day, while those for stocks
are as of the end of the month or averages of monthly data.
r
169
174
174
144
139
152
162
165
166
157
162
168
P174
r
l53
167
164
121
127
130
145
152
153
148
146
151
NOTE.—For description and monthly indexes for back years
BULLETIN for December 1951, pp. 1463-1515.
see
1283
DEPARTMENT STORES; FOREIGN TRADE
DEPARTMENT STORE MERCHANDISING DATA
[Based on retail value figures]
Amounts (In millions of dollars)
Period
Sales i
(total
for
month)
Stocks i
(end
of
month)
Outstanding
orders1
(end of
month)
Receipts 2
(total
for
month)
Ratios to sales *
New
orders 3
(total
for
month)
Stocks
Outstanding
orders
Stocks
plus
outstand-
Receipts
orders
Annual average:
1948
1949
1950
1951
1952
1953
1954
1955
1956
....
381
979
494
386
363
361
376
391
397
406
Q?5
.012
.202
.097
163
373
495
460
435
421
358
391
390
397
408
358
401
379
401
401
2 7
2.7
2.8
3.2
2.9
3 0
1 4
.1
.4
1.3
0
409
140
388
410
412
3.0
437
453
.195
282
446
469
444
459
449
457
2.9
3.0
'442
485
577
'600
588
473
'512
625
627
'537
615
512
3.0
3.0
2 6
821
,329
.475
525
,214
340
510
377
362
336
394
441
449
409
356
432
439
.197
.252
I 356
,381
353
1,257
1,245
,300
I 400
430
461
414
346
355
519
600
569
577
345
391
498
466
421
313
344
487
539
435
422
451
398
430
477
425
456
547
.2
1.0
41
3.8
4.2
4 4
4.1
41
J n
.1
0
1.0
o0
4.0
4.0
41
1.0
.4
.2
4.4
4.3
35
1 9
[.2
.3
1
1.5
() 8
() 4
0.6
3.3
3.7
3.4
3.1
3 0
3.1
3.5
3.0
3.2
.2
.4
1
().8
() 8
.3
.7
.3
3
4.5
5.1
4 5
3.9
3 8
4.3
5.2
4.3
4.5
1.0
1.2
1.3
1.1
0.9
0.8
1.0
1.1
1.2
o
Month:
1956—Sept
Oct
Nov
Dec
1957 Jan. . . .
Feb
Mar
Apr
May
June...
July
Aug
Sept
.
-
....
v
r
P1 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 1956,
sales by these stores accounted for about 50 per cent of estimated total
department
store sales.
2
Derived from the reported figures on sales and stocks.
3 Derived from receipts and reported figures on outstanding orders.
4
The first three ratios are of stocks and/or orders at the end of the
month to sales during the month. The final ratio is based on totals of
sales and receipts for the month.
NOTE.—For description and monthly figures for back years, see BULLETIN for October 1952, pp. 1098-1102.
MERCHANDISE EXPORTS AND IMPORTS
[Bureau of the Census. In millions of dollars]
Merchandise exports 1
Merchandise exports excluding
military-aid shipments2
Merchandise imports 3
Period
Jan
Feb
Mar
Apr
May
June
July
...
...
Oct
Nov
Dec
Jan -Sept
1956
1957
1955
1956
1957
1955
1956
1957
,168
,238
344
,264
,323
,321
,270
,284
,362
1,680
[,611
2,151
r
[,863
1,813
r
[,787
[,692
1 678
1.541
,083
,143
,252
,170
,192
,193
,142
,112
,156
,279
,249
.323
,202
,272
,478
,400
,521
,491
,288
,583
,490
>,022
,780
1,711
,653
,505
,537
.438
871
850
1,019
871
959
937
885
,073
,051
1,113
993
,132
,118
,104
983
,145
583
1,512
I 716
,697
,639
239
Aug
Sent
1955
.
r
,255
536
r
671
399
,322
.407
11,422
1,534
r
544
2,003
13,863
r
P Preliminary.
Revised.
1 Exports of domestic and foreign merchandise.
2
Department of Defense shipments of grant-aid military equipment
15,816
r
r
10,443
r
r
r
378
,427
,560
,424
.880
12,457
14,719
102
991
.095
,034
,052
961
947
055
995
1,011
1,065
1,008
1 121
987
1,059
8,300
9,448
042
V
.008
^9,638
and supplies under the Mutual Security Program.
3 General imports including imports for immediate consumption plus
entries into bonded warehouses.
1284
PRICES
CONSUMER PRICES
[Bureau of Labor Statistics index for city wage-earner and clerical-worker families.
1947-49= 100]
Housing
All
items
Year or month
Foods
Total
Rent
Gas
and
electricity
Solid
fuels
and
fuel oil
ApHouse- House- parel
furhold
nish- operation
ings
Transportation
Medical
care
Personal
care
Reading
and
recreation
Other
good
and
services
60.3
45.9
55.6
76.3
1929
1933
1941
1945
73.3
55.3
62.9
76.9
65 6
41.6
52.2
68 9
1949
1950
1951
1952
1953
1954
1955
1956
101.8
102.8
111.0
113.5
114.4
114.8
114.5
116.2
100.0
101.2
112.6
114.6
112.8
112.6
110.9
111.7
103.3
106.1
112.4
114.6
117.7
119.1
120.0
121.7
105 0
108.8
113.1
117.9
124.1
128.5
130.3
132.7
102 5
102.7
103.1
104.5
106.6
107.9
110.7
111.8
106.8
110.5
116.4
118.7
123.9
123.5
125.2
130.7
99.6
100.3
111.2
108.5
107.9
106.1
104.1
103.0
100.1
101.2
109.0
111.8
115.3
117.4
119.1
122.9
99.4
98.1
106.9
105.8
104.8
104.3
103.7
105.5
108 5
111.3
118.4
126.2
129.7
128.0
126.4
128.7
104 1
106.0
111.1
117.3
121.3
125 2
128.0
132.6
101 1
101.1
110.5
111.8
112.8
113 4
115.3
120.0
104 1
103.4
106.5
107.0
108.0
107 1
106.6
108.1
103 4
105.2
109.7
115.4
118.2
120.2
120.2
122.0
117.1
117.7
117.8
118 0
113.1
113.1
112.9
112 9
122.5
122.8
123.0
123.5
133.4
133.4
133.8
134 2
112.2
112.0
111.8
112 0
130.5
132.9
134.3
136.1
103.3
103.6
103.8
104.1
123.7
124.2
124.5
124.8
106.5
106.8
107.0
107.0
128.6
132.6
133.2
133 1
134.0
134.1
134.5
134 7
120.5
120.8
121.4
121 8
108.4
108 5
109.0
109 3
122.7
123.0
123.2
123 3
118.2
118.7
118.9
119.3
119.6
120.2
120.8
121.0
121.1
112.8
113.6
113.2
113 8
114.6
116.2
117.4
117.9
117.0
123.8
124.5
124.9
125.2
125.3
125.5
125.5
125.7
126.3
134.2
134.2
134.4
134 5
134.7
135.0
135.2
135.4
135.7
112.3
112.4
112.4
112.4
112.3
112.3
112.3
113.3
113.7
138.9
139.3
139.2
138.1
135.4
135.3
135.9
135.7
136.8
104.0
105.0
104.9
105.1
104.2
104.6
104.1
103.9
104.8
125.4
125.6
126.2
126.4
127.3
127.6
127.9
128.0
128.3
106.4
106.1
106.8
106.5
106.5
106.6
106.5
106.6
107.3
133.6
134.4
135.1
135 5
135.3
135.3
135.8
135.9
135.9
135 3
135.5
136.4
136 9
137.3
137.9
138 4
138.6
139.0
122.1
122.6
122.9
123 3
123.4
124.2
124 7
124.9
125.1
109 9
110.0
110.5
111 8
111.4
111.8
112 4
112.6
113.3
123.8
124.0
124.2
124 2
124.3
124.6
126 6
126.7
126.7
1956
Sent
Oct
Nov
Dec
1957 Jan
Feb
Mar
Apr
May
June
July. .
Aug
Sept
117 4
83.6
88.4
90 9
NOTE.—Revised index, reflecting, beginning January 1953, the inclusion of new series (i.e. home purchases and used automobiles) and re-
vised weights. Prior to January 1953, indexes are based on the "interim
adjusted" and "old" indexes, converted to the base 1947-49= 100.
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Bureau of Labor Statistics index.
1947-49= 100]
Other commodities
All
com- Farm Procmodi- prod- essed
ucts foods Total
ties
Year or
month
1956
115.5
115.6
115.9
116.3
Sept
Oct
Nov
Dec
1957
.
Sept
r
Fuel,
Ma- FurniHides, power, Chem- Rub- Lum- Pulp, Metals chin- ture Non- Toicals
ber paper, and
ery
and
skins, and
ber
me- bacco
and
and light- and
and
and metal and other tallic mfrs. Misallied prod- wood allied prod- mo- house- minleather ing
and cellative
hold erals— bottled neous
prod- ma- prod- ucts prod- prod- ucts
ucts
prod- dura- struc- bevucts terials ucts
ucts
ucts
bles tural erages
99.2 92.8 95.7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5 104.8
103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3
114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8
111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0
110 1 97.0 104.6 114.0 97 3 98 5 109.5 105.7 125.0 120.2 116.1 126.9
110.3 95.6 105.3 114.5 95.2 94.2 108.1 107.0 126.9 118.0 116.3 128.0
110.7 89.6 101.7 117.0 95.3 93.8 107.9 106.6 143.8 123.6 119.3 136.6
114.3 88.4 101.7 122.2 95.3 99.3 111.2 107.2 145.8 125.4 127.2 148.4
1949
1950
1951
1952
1953
1954
1955
1956
Jan
Feb
Mar
Apr
May
June
JUly
Textile
products
and
apparel
Revised.
..
116.9
117.0
116 9
117.2
117.1
117 4
118.2
r
118.4
118.0
90.1
88.4
87.9
88.9
104.0
103.6
103.6
103.1
123.1
123.6
124.2
124.7
89.3 104.3 125.2
88.8 103.9 125.5
103.7 125.4
90.6 104.3 125.4
89.5 104.9 125.2
90.9 106.1 125.2
92.8 r 107.2 r 125.7
93.0 106.8 126.0
91.1 106.5 125.9
94.8 100.2 111.1 107.1 145.7
95 3 99.7 111.7 107.7 145.8
95.4 99.8 111.2 108.2 146.9
95.6 99.2 114.0 108.3 147.9
95.8 98.4 116.3 108.7
95.7 98.0 119.6 108.8
95 4 98 4 119.2 108.8
95.3 98.8 119.5 109.1
95.4 99.0 118.5 109.1
95.5 99 9 117.2 109.3
95.4 100.7 r 116.4 r 109.5
95.4 100.5 116.3 109.8
95.4 100.1 116.3 110.2
145.0
143.9
144.3
144.5
144.7
145.1
144.9
'146.9
146.4
106.6
108.6
119.0
121.5
123.0
124.6
128.4
137.8
103.1
105.3
114.1
112.0
114 2
115.4
115.9
119.1
104.4
106.9
113.6
113.6
118 2
120.9
124.2
129.6
101.6 96.1
102.4 96.6
108.1 104.9
110.6 108.3
115 7 97 8
120.6 102.5
121.6 92.0
122.3 91.0
123.6
122.0
121.5
121.0
127.9
128.1
127.8
128.0
151.9
152.2
152.1
152.3
139.7
141.1
143.4
143.6
119.7
121 0
121.1
121.2
131.1
131 5
131.2
131.3
122.8
123 1
123.5
123.6
89.9
89 2
91.2
91.7
121.3
120.7
120 1
120.2
119.7
119.7
119.3
r
118.6
117.8
128.6
128.5
128 7
128.6
128.9
128.9
129.5
129.9
130.1
152.2
151.4
151 0
150.1
150.0
150 6
152.4
153.2
152.1
143.9
144.5
144 8
145.0
145.1
145 2
145.8
146.2
146.7
121.9
121.9
121 9
121.5
121.6
121 7
122.4
r
122.6
122.8
132 0
132.7
133 2
134 6
135.0
135 1
135 2
135.3
135.3
124.0
124.1
124 1
124.5
124.5
124 7
127.7
127.7
127.7
93.2
92.4
92 0
91 4
89.4
87 3
88.8
90.1
89.2
1285
PRICES
WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued
[Bureau of Labor Statistics index, 1947-49= 100]
1956
Subgroup
Sept.
July
Aug.
95.3
90.7
75.7
98.4
96.1
91.2
76.5
152.9
108.0
82.7
86.5
105.0
93.1
76.2
82.4
142.9
106.3
82.4
86.7
104.0
94.9
79.7
81.3
142.9
114.6
89.3
109.7
106.8
110.0
201.5
95.9
117.7
99.2
108.2
102.3
114.3
183.7
94.8
116.7
97.7
110.3
102.1
113.8
183.7
95.1
91.5
103.9
80.4
120.1
99.7
74.7
90.5
111.3
81.9
121.5
99.5
75.8
'90.2
82A
122.0
99.6
75.7
63.3
90.8
120.5
98.5
62.1
92.2
121.2
98.5
61.5
91.6
121.3
'98.2
Farm Products:
Fresh and dried produce...
Grains
Livestock and poultry
Plant and animal fibers.. . .
Fluid milk
Eggs
Hay and seeds
Other farm products
Processed Foods:
Cereal and bakery products
Meats, poultry, and fish
Dairy products and ice cream
,
Canned, frozen fruits, and vegetables
Sugar and confectionery
Packaged beverage materials
Other processed foods
1956
1957
Sept.
r
90.0
110.3
82.3
121.1
99.7
77.2
Hides, Skins, and Leather Products :
Hides and s k i n s . . . . . . .
Leather
Footwear
Other leather products.
Fuel, Power, and Lighting Materials:
Coal
Coke
Gas
Electricity
Petroleum and products
Industrial chemicals
Prepared paint
Paint materials
Drugs, Pharmaceuticals, cosmetics. .
Fats and oils, inedible
Mixed fertilizers
Fertilizer materials
Other chemicals and products
58.2
91.6 Furniture and Other Household Dura121.3
bles:
98.2
Household furniture
Commercial furniture
Floor covering
124.8
Household appliances
161.9
Radio
111.1
Television
96.6
Other household durable goods
125.6
Nonmetallic Minerals—Structural:
124.0
161.9
111.8
95.5
126.4
124.4
161.9
111.1
'96.6
125.5
121.9
119.1
97.9
91.9
55.4
109.6
104.5
103.4
123.5
128.1
99.9
93.4
61.0
108.3
106.3
105.4
123.6
128.1
100.5
93.4
r
63A
110.5
106.5
"105.5
Flat glass
123.6
Concrete ingredients
128.1
Concrete products
101.5
Structural clay products
93.5
Gypsum products
64.5
Prepared asphalt roofing
112.0
Other nonmetallic minerals
106.4
106.5 Tobacco Manufactures and
Beverages :
142.2
153.4
139.1
145.0
149.0
140.0
144.3
153.5
140.8
140.3
153.5
141.8
125.2
129.2
99.2
120.0
128.3
96.9
119.4
128.3
118.3
128.3
94.7
118.0
97.5
138.9
118.0
68.0
142.8
118.0
74.7
143.2
118.0
88.5
143.2
Rubber and products:
Crude rubber
Tires and tubes
Other rubber products.
Lumber and Wood Products :
Lumber. .
Millwork.
Plywood..
r
Revised.
1957
July
Aug.
Sept
136.2
126.1
141.7
136.2
126.5
141.7
136.2
126.5
141.7
171.2
134.6
153.1
165.9
129.0
122.3
135.6
169.9
131.7
153.1
166.9
128.9
122.5
134.9
146.6
147.1
170.3
134.1
152.8
164.5
129.1
122.8
134.5
145.3
r
127.4
132.3
132.5
133.3
151.5
159.6
157.9
166.1
'161.4
167.0
162.6
168.2
151.6
138.9
157.4
144.5
158.0
146.3
159.0
147.1
142.0
129.4
149.5
134.7
149.6
134.7
150.2
134.8
120.4
146.8
131.9
105.5
91.0
70.1
140.2
122.8
153.6
132.5
104.9
92.5
71.9
147.9
122.9
153.6
132.5
104.7
93.3
72.4
148.2
123.5
153.6
132.5
104.7
93.4
71.6
148.4
135.7
130.7
124.8
150.1
127.1
117.5
123.6
135.7
136.4
126.4
155.1
127.1
125.8
128.3
135.7
136.5
126.4
155.0
127.1
125.8
"128.4
135.7
136.7
126.6
155.0
127.1
124.5
128.6
124.0
104.2
122.5
116.9
148.4
134.8
105.1
143.8
119.6
149.3
134.8
105.1
143.8
119.6
149.3
134.8
105.1
143.8
119.6
149.3
116.6
69.6
96.5
104.8
124.8
117.5
66.0
97.4
106.8
128.8
117.8
68.2
97.4
107.2
129.4
118.2
66.4
97.4
107.3
129.4
Bottled
Cigarettes
Cigars
Other tobacco products
Alcoholic beverages
Nonalcoholic beverages
,
Miscellaneous:
Pulp, Paper, and Allied Products:
Woodpulp..
Wastepaper.
Paper
Agricultural machinery and equipment
Construction machinery and equipment
Metal working machinery
General purpose machinery and
equipment
Miscellaneous machinery
Electrical machinery and equipment
Motor vehicles
114.4
156.3
110.3
94.9
118.4
Chemicals and Allied Products:
Sept.
Pulp, Paper, and Allied Products
(Cont.):
98.9
136.3
81.2
Paperboard
123.8
81.5
Converted paper and paperboard
138.1
102.9
Building paper and board
97.2
91.2 Metals and Metal Products :
78.0
161.5
143.2
Iron and steel
154.8
Nonferrous metals
143.4
Metal containers
158.8
Hardware
133.9
116.7
Plumbing equipment
121.0
95.7
Heating equipment
112.4
Fabricated structural metal products. 137.1
102.6
Fabricated
nonstructural
metal
113.9
136.9
products
178.3
96.0 Machinery and Motive Products :
Textile Products and Apparel:
Cotton products
Wool products
Synthetic textiles
Silk products.
Apparel
Other textile products
Subgroup
Toys, sporting goods, small arms
Manufactured animal feeds
Notions and accessories
Jewelry, watches, photo equipment..
Other miscellaneous
1286
NATIONAL PRODUCT AND INCOME
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
[Department of Commerce estimates. In billions of dollars]
Seasonally adjusted annual rates
by quarters
Annual totals
Item
1933
1941
1950
1952
1953
1954
1955
1956
4
3
Gross national product
104.4
••
Business transfer payments
56.0 125.8 285.1 345.4 363.2 361.2 391.7 414.7 416.7 426.0 429.1 434.3 439.0
9.0
20.5
23.9
26.5
28.9
31.6
34.3
34.6
35.3
36.1
36.6
37.4
7.1
7
11.3
5
23.7
8
28.1
1.2
30.2
1.4
30.1
1 3
32.9
1.3
.3
.9
.4
.2
2.0
2.6
1.7
2.1
35.0
1 3
1 6
35.1
1 3
2 3
36.1
1 3
1 6
36.4
1 3
1 6
36.6
1 3
3 3
37.1
1 3
na
.0
.1
.2
-.1
-.4
1.1
1 l
1 6
1 4
1 6
1 7
40.2 104.7 240.0 290.2 302.1 299.0 324.1 343.6 344.5 353.3 355.1 358.1
n.a.
— .1
Equals* Personal income
3
7.2
87.8
Less: Corporate profits and inventory valuation adjustment
Contributions for social insurance
Excess of wage accruals over disbursements
Plus: Government transfer payments
Net interest paid by government
2
7.0
.6
Equals * National income
..
1
8.6
Less: Capital consumption allowances
Indirect business tax and related liabilities
Business transfer payments .
...
Statistical discrepancy
Plus: Subsidies less current surplus of government enterprises
.2
..
10.1 - 2 . 0
.2
.3
.0
.0
1.5
.9
1.2
1.0
5.8
2.1
7
.6
..
85.8
47.2
2.6
1.5
3.3
20.9
34.4
35.8
33.0
35.8
39.7
39.8
40.5
42.2
42.9
43.6
1.3
1.4
.5
1.0
2.0
1.3
18.2
31.2
3.2
32.4
3.4
29.2
3.8
31.5
4.2
35.1
4.6
35.2
4.6
35.8
4.7
37.4
4.9
38.0
4.9
38.6
5.0
Less: Personal tax and related payments
Federal
State and local
1957
1956
1929
.
14.5
2.8
36.0
8.7
33.1
9.7
40.7
11.0
40.4
12.4
39.8
12.5
42.4
12.8
41.2
14.2
40.7
14.3
n. a.
14.6
.0
.0 - . 1
.0
.0
.0
.0
.0
.0
.0
.0
.0
2.6 14.3 12.0 12.9 15.0 16.1 17.2 17.4 17.7 18.4 20.0 20.0
4.9
6.0
1.3
5.0
5.7
6.0
4.7
6 0
5.8
5 9
5.2
5.2
9.3
9.2
9.0
9.9 11.0 11.9 12.1 11.5 12.4 12.5 12.6
4.5
1.2
1 3
1.4
1 3
1.3
1.3
1.3
1.3
1.3
1.3
8
5
96.3 227.1 271.8 286.0 287.4 305.9 326.9 328.7 334.5 337.7 342.8 346.5
Equals: Disposable personal income
83.1
45.7
93.0
Less: Personal consumption expenditures....
79.0
46.4
81.9
4.2
-.6
11.1
Equals: Personal saving
36.9
8.6
35.1
6.9
2.7
206.1
194.0
237.4 250.2 254.5 270.2 287.2 288.8 294.0 295.5 299.9 302.9
218.3 230.5 236.6 254.4 267.2 268.6 272.3 276.7 278.9 283.6
19.0
12.1
19.7
17.9
15.8
20.0
20.3
21.7
18.9
21.0
19.3
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
[Department of Commerce estimates.
In billions of dollars]
Seasonally adjusted annual rates
by quarters
Annual totals
Item
1956
1929
1933
1941
1950
1952
1953
1954
1955
1957
1956
3
4
1
2
National income
87.8
40.2 104.7 240.0 290.2 302.1 299.0 324.1 343.6 344.5 353.3 355.1 358.1
Compensation of employees .
Wages and salaries^Private
Military
. .
Government civilian
Supplements to wages and salaries
51.1
50.4
45.5
29.5
29.0
23.9
Proprietors' and rental income2
Business and professional
Farm
Rental income of persons
Corporate profits and inventory valuation
Corporate profits before tax
Corporate profits tax liability
Inventory valuation adjustment
Net interest
..
.3
4.6
.7
20.2
8.8
6.0
5.4
.3
4.9
.5
7.6
3.2
2.4
2.0
50.8
25.7
15.1
9.9
44.6
22.9
13.3
8.5
4.5
49.3
25.9
13.3
10.2
36.9 36.0
35.9 37.0
19.8 20.3
16.1 16.7
1.0 - 1 . 0
14.5 35.1
.2
17.0 40.0
1.4
.5
7.6 17.8
9.4 22.1
-.4
8.3
.5 - 2 . 1 - 2 . 5 - 4 . 9
n. a. Not available
1
Includes employee contributions to social insurance funds.
20.9
10.9
6.5
3.5
9.6
5.0
n.a.
64.8 154.3 195.1 208.1 206.8 223.1 241.4 242.7 247.9 251.1 254.0 257.0
62.1 146.5 184.9 197.3 195.5 210.3 227.2 228.3 233.3 235.9 238.6 241.3
51.9 124.3 152.0 163.5 161.2 174.4 189.4 190.1 194.7 196.8 199.1 200.9
9.8
1.9
5.0
9.7
9.7
9.7
9. 8
9.6
9.7
10.5 10.3 10.0
8.3 17.2 22.5 23.5 24.4 26.1 28.2 28.5 28.9 29.4 29.7 30.6
7.8 10.2 10.8 11.3 12.7 14.1 14.4 14.6 15.3 15.4 15.7
2.7
10.1 - 2 . 0
6.4
3
7.4
5.9
2
8.7
49.1
25.9
12.7
10.6
49.4
27.3
11.9
10.2
50.0
28.2
11.5
10.4
50.7
28.7
11.7
10.4
51.3
29.1
11 8
10.4
33.1 40.7 40.4 39.8 42.4 41.2 40.7
33.5 42.5 43.0 40.8 45 6 43 9 42 0
17.4 21.5 22.0 20.8 23.3 22.4 21.4
16.0 21.0 21.0 19.9 22.3 21.5 20.5
- . 3 -1.7 -2.6 -1.0 -3.2 -2.7 -1.3
n.a
na
n.a.
n.a.
-.9
12.0
13.0
9.8
10.9
49.9
28.0
11.6
10.3
11.9
50.7
28.3
12.0
10.4
12.3
50.3
28.4
11 5
10.4
12.5
Includes noncorporate inventory valuation adjustment.
12.7
1287
NATIONAL PRODUCT AND INCOME
GROSS NATIONAL PRODUCT OR EXPENDITURE
[Department of Commerce estimates. In billions of dollars]
Seasonally adjusted annual rates
by quarters
Annual totals
Item
1956
1929
1933
1952
1950
194
1954
1953
1955
4
3
104.4
Gross national product
46 4
9.2
3.5
37.7
32.1
22.3
20.7
Gross private domestic investment
New construction *
Residential nonfarm
Other
Producers' durable equipment
Change in business inventories
Nonfarm only
16 2
8.7
1.4
1.4
18.1
6.6
5.9
1.7
1.8
.8
.
Government purchases of goods and
services
Federal
National security
. •
Other
Less* Government sales2
.
State and local
1
8; . ?5
} ..3
.0
7.2
3
81.9 194.0 218.3 230.5 236.6 254.4 267.2 268.6 272.3 276.7 278.9 283.6
9.7
28.6 26.6 29.8 29.4 35.6 33.9 33.0 34.8 35.9 35.0 35.0
43.2 100.4 116.1 119.1 120.6 126.0 133.3 134.4 135.3 137.3 139.1 142.5
29.0 65.0 75.6 81.7 86.6 92.8 99.9 101.1 102.2 103.4 104.9 106.1
79.0
Net foreign investment
2
1
56.0 125.8 285.1 345.4 363.2 361.2 391.7 414.7 416.7 426.0 429.1 434.3 439.0
Personal consumption expenditures
Durable goods
Nondurable goods
3.6
5.1
1957
1956
-1.6
-1.4
3.5
3.1
6.9
4.5
4.0
51.2
22.7
12.6
10.1
21.1
7.4
6.4
49.8
23.7
11.1
12.6
23.1
3.0
2.1
50.3 48.4
25 8 27.8
11.9 13.5
13.8 14.3
24.3 22.5
.3 - 1 . 9
.9 - 2 . 4
.2
1.1
-2.2
-.2
-2.0
.5
1.0
1.6
8.0 24.8
16.9
2.0
2 . 0 /\ 13.8
3.2
.0
6.0
7.8
-.4
60.6
32.7
16.6
16.1
23.7
4 2
4.0
65.9
33.3
15.3
18.0
28.1
4.6
5.0
65.5
33.2
15.1
18.1
29.0
3.3
3.9
68.5
33.4
15.1
18.4
29.9
5.1
5.7
62.7
32 8
14.4
18.5
30.7
-.8
-.3
65.0
32 7
13.9
18.9
30.5
1.7
2.2
65.5
33 0
14.0
19.0
30 5
2.0
2.3
-.4
1.4
2.0
2.4
4.1
3.5
3.2
77.1
80.2
47.2
42.4
5.2
80.6
47.3
42.7
4.9
82.8
49.0
44.2
5.1
85.6
50.3
33.3
33.9
35.3
86.9
51.1
46.3
5.24
35.8
86 7
50.6
45.8
5.24
36 1
42.0
22.1
18.5
3.9
77.5
54.3
48.8
5.8
84.4
59.5
51.5
8.4
76.6
48.9
43.1
6.2
46.8
4
.4
19.9
23.2
24.9
27.7
30.3
33.0
o
3
Includes expenditures for crude petroleum and natural gas drilling.
4
4
4
41.3
5.9
4
4
45.5
5.2
4
2
Consists of sales abroad and domestic sales of surplus consumption
goods and materials.
PERSONAL INCOME
[Department of Commerce estimates. In billions of dollars]
Wage and salary disbursements
Personal
income
Total
85.8
47.2
96.3
50.4
29.0
62.1
1951
1952
1953
1954
1955 .
1956
255.3
271.8
286.0
287.4
305.9
326.9
1956— Oct
Year or month *
1929
1933
1941
Nov
Dec
1957 Jan
Feb
Mar
Apr..
June
Julv
Septp . . .
Oct
Commodity Distributive
produc- indusing intries
dustries
Government
Other
labor
income2
Less
personal
Noncontributions agricultural
for
social income*
insur-5
ance
13.2
8.3
10.3
2.1
3.1
.2
.8
77 7
43.6
88.0
49.9
50.8
49.3
49.1
49.4
49.9
20.7
21.3
23.0
24.9
27.1
29.5
12.6
13.2
14.3
16.2
17.4
18.5
3.4
3.8
3.9
4.6
5.2
5 7
235.7
253.1
269.2
271.3
290.6
311.7
7.7
51.3
50.7
50.2
30.2
30.4
28.5
18.9
18.9
19.0
5 8
5.9
5.9
317 7
319.3
319.6
7.7
7.8
7.8
7.8
7.8
50.2
50.4
50.4
50.6
50.8
50.9
51.6
51.2
51.1
51.0
30.7
30.8
30.9
31.0
31.2
31.2
31.4
31.6
31.6
31.7
19.5
19.7
20 0
20.8
21.6
21 5
21.3
21.2
21.2
21.8
6.7
6.7
6 8
6.7
6 8
6 8
6.9
6 9
6.8
6.8
320.7
322.7
324 5
325.3
327 5
329 3
330.5
331 3
331.3
330.3
15.6
8.8
16.3
8 4
5.2
8.1
4 9
5.1
10.2
45.8
48.7
51.3
51.9
55.4
60.1
21.3
23.0
24.5
25.8
28.2
31 1
28.8
32.9
33.9
34.3
35.9
37.9
334.1
334.9
334.8
170.8
184.9
197.4
195.5
210.3
227.2
231.8
233.1
235.3
.4
.7
4.8
5.3
6.0
6.2
6.9
7.5
100.8
101.2
102.7
60.8
61.4
61.6
38.4
38.6
38.8
7.7
7.7
335.9
337.9
339.5
340.6
342.9
344.8
346.2
346.8
346.6
345.6
234.5
235.9
237.2
237.1
238.3
240.1
240.9
241.7
241.5
239.9
101.4
102.0
102 3
102.4
102.4
103.3
103.0
102.8
102.2
100.8
62.0
62.4
63.0
62.7
63.4
63.8
64.5
64.7
64.8
64.6
31.8
31.9
32.2
32.2
32.4
32 6
32.9
33.0
33 2
33.4
33 7
33.9
33.9
38.9
39.1
39 3
39.1
39.5
39 8
40.0
40 5
40.6
40.6
Transferpayments4
20.2
7.6
20.9
21.5
9.8
27.5
74.9
80.4
87.7
83.6
90.9
98.3
* Preliminary.
1
Monthly data are seasonally adjusted totals at annual rates.
2
Represents compensation for injuries, employer contributions to
privato pension and welfare funds, and other payments.
3 Represents business and professional income, farm income, and
rental income of unincorporated enterprise; also a noncorporate inventory
valuation adjustment.
* Represents government social insurance benefits, direct relief, mustering-out pay, veterans' readjustment allowances and other payments, as
Service
industries
DiviProdends
prietors' and
and
perrental
sonal
income3 interest
income
.6
7.9
7.9
8.0
8.0
8.0
1.5
1
well as consumer bad debts and other business transfers.
5 Prior to 1952 includes employee contributions only; beginning January
1952, includes also contributions to the old-age and survivors' insurance
program of the self-employed to whom coverage was extended under the
Social Security Act Amendments of 1950. Personal contributions are
not included in personal income.
6 Represents personal income exclusive of net income of unincorporated
farm enterprise, farm wages, agricultural net interest, and net dividends
paid by agricultural corporations
Financial Statistics
* International *
International capital transactions of the United States.
1290
Gold production
1294
Net gold purchases and gold stock of the United States.
1295
Reported gold reserves of central banks and governments
1296
Estimated foreign gold reserves and dollar holdings.
1297
International Bank and Monetary Fund
1298
Central banks
1298
Money rates in foreign countries
1303
Foreign exchange rates
1304
Index to statistical tables
1315
Tables on the following pages include the principal available statistics of current significance
relating to international capital transactions of
the United States, foreign gold reserves and dollar holdings, and foreign central banks. Figures
on international capital transactions of the
United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and
dealers in the United States in accordance with
the Treasury Regulation of November 12, 1934.
Other data are compiled largely from regularly
published sources such as central bank statements and official statistical bulletins. Back figures for 1941 and prior years, together with descriptive text, may be obtained from the Board's
publication, Banking and Monetary Statistics.
1289
1290
INT'L CAPITAL TRANSACTIONS OF THE U. S.
TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1
[Amounts outstanding, in millions of dollars]
International
institutions 2
Date
Total foreign
countries
France
Official
and
private
Officials
Germany,
Fed.
Italy
*?
Switz- United
erKingland
dom
Other
Europe
Total
Europe
Canada
Latin
America
Asia
All
other
1953—Dec. 3 1 . . . .
1954—Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1,629
1,770
1,881
10,019
11,149
11,720
5,667
6,770
6,953
429
715
1,081
899
1,373
1,454
466
579
785
674
672
757
709
640
550
1,558
1,642
1,519
4,734
5,621
6,147
1,296
1,536
1,032
1,768
1,906
2,000
1,896
1,821
2,181
326
265
360
1956— Sept.
Oct.
Nov.
Dec.
30....
31....
30....
31....
2,005
2,015
2,008
1,452
13,223
13,124
13,103
13,487
7,934
7,952
7,840
8,045
755
735
640
626
1,805
1,855
1,850
1,835
926
939
927
930
812
795
797
836
745
645
642
1,012
1,701
1,721
1,653
1,627
6,745
6,690
6,508
6,865
1,435
1,441
1,453
1,516
2,318
2,276
2,415
2,346
2,404
2,402
2,392
2,415
322
316
335
346
1957—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
31....
28....
31....
30....
31....
30*...
31*...
31*...
30*...
,809
1,681
1,558
,358
,700
,573
.547
i;635
1,512
13,202
13,084
13,002
13,090
13,114
13,260
13,247
13,248
13,315
7,759
7,549
7,550
47,808
7,810
7,929
7,803
7,606
7,633
538
490
423
420
367
403
514
449
405
1,790
1,764
1,764
1,728
1,732
1,690
1,558
1,573
1,664
905
885
886
909
937
966
979
1,007
1,029
801
111
774
742
775
814
778
774
797
867
869
929
903
926
965
1,005
947
808
1,674
1,733
1,754
1,804
1,764
1,782
1,719
1,745
1,851
6,575
6,518
6,530
6,507
6,502
6,620
6,552
6,495
6,554
1,526
1,559
1,497
1,521
1,619
1,583
1,656
1,724
1,655
2,382
2,309
2,345
2,505
2,543
2,680
2,670
2,671
2,714
2,382
2,323
2,243
2,160
2,053
1,986
1,985
1,980
2,019
337
375
388
396
398
391
384
377
372
Table la. Other Europe
NethFinerland Greece lands
Norway
Portugal
101
113
176
243
249
164
119
103
82
72
91
132
6
8
8
55
56
53
53
150
158
166
177
168
162
131
134
63
57
59
67
132
133
133
137
2
54
61
59
60
59
59
61
55
62
181
184
178
181
175
166
156
143
139
117
122
120
110
111
110
99
115
172
69
67
76
73
75
87
85
87
94
138
134
123
117
120
120
114
116
124
Other
Europe
Austria
Belgium
Denmark
1953—Dec 31
1954—Dec. 31
1955—Dec 31
1 558
1,642
1,519
191
273
261
130
100
108
96
71
60
38
41
49
1956—Sept.
Oct
Nov.
Dec
30
31.
30
31
1,701
1 721
1,653
1,627
277
300
297
296
117
118
125
117
64
70
68
65
1957 _ j a n
Feb
Mar
Apr.
May
June
July
Aug
Sept.
31
28
31.
30
31.
30*
31*
31*
30*
1 674
1 733
1,754
1,804
1,764
1,782
1,719
1,745
1,851
294
297
296
298
298
302
315
327
337
125
135
141
142
120
119
120
123
132
64
76
76
71
65
61
97
101
102
Date
Yugo- All
slavia other
Sweden
Turkey
36
71
104
117
141
153
14
8
9
7
9
13
388
363
201
68
55
50
43
190
202
199
217
14
14
14
20
11
11
16
17
391
385
341
281
42
40
32
28
25
25
25
24
24
230
229
228
245
253
268
278
272
273
16
22
14
20
12
14
12
16
12
14
17
14
11
12
11
9
11
12
330
348
396
446
439
439
346
353
367
NetherDolands Panminican Guate- Mex- West ama,
ReReico Indies pubmala
and lic of
pubSurilic
nam
Peru
El
Salvador
Uruguay
Rumania Spain
1
Table lb. Latin America
Date
Latin
BoAmer- Argenlivia
tina
ica
Brazil Chile
Colombia
Cuba
Other
Vene- Latin
zuela America
1953—Dec. 31
1954—Dec. 31
1955—Dec. 31
1,768
1,906
2,000
130
160
138
19
29
26
102
120
143
79
70
95
150
222
131
341
237
253
39
60
65
38
35
45
183
329
414
52
49
47
90
74
86
68
83
92
27
30
24
110
90
65
222
194
265
119
124
112
1956—Sept.
Oct.
Nov.
Dec.
30
31
30
31
2,318
2,276
2,415
2,346
141
148
150
146
25
24
27
29
259
242
249
225
106
95
85
91
123
126
140
153
271
250
228
211
64
71
69
68
53
52
55
64
395
408
422
433
67
67
67
69
104
105
101
109
82
84
82
84
25
19
21
25
76
72
70
73
405
397
536
455
121
115
113
111
1957—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
31
28
31
30
31
30*
31*
31*
30*
2,382
2,309
2,345
2,505
2,543
2,680
2,670
2,671
2,714
140
142
138
211
185
166
142
135
147
27
27
25
26
25
24
27
28
29
241
240
232
216
184
143
127
133
133
86
86
91
86
79
87
73
78
77
186
175
193
203
206
205
216
194
186
217
220
218
226
241
257
274
284
280
67
76
78
85
82
87
94
67
59
' 66
69
74
77
72
70
67
65
60
421
413
409
393
375
339
352
393
371
66
67
66
65
62
58
67
73
75
109
112
117
116
118
135
129
130
129
81
82
82
75
77
75
74
72
61
37
39
41
39
43
50
46
39
34
76
76
74
70
66
65
60
56
60
448
363
374
479
588
778
789
788
886
114
120
133
139
139
141
133
136
129
Preliminary.
For other notes see following page.
1291
INTL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES *—Continued
[Amounts outstanding, in millions of dollars]
Table lc. Asia and All Other
All other
Asia
Date
Total
Hong
Kong India
Indonesia Iran
Korea, PhilRe^ ipTaiIsrael Japan pub- pines wan
lic
of
Union
BelThaiAus- gian
of
land Other Total tralia Congo Egypt South Other
Africa
1953—Dec. 31
1954—Dec. 31
1955—Dec. 31
1,896
1,821
2,181
68
61
55
99
87
73
39
100
174
44
31
37
18
41
53
828
721
893
92
96
88
295
257
252
37
34
39
168
123
138
208
270
380
326
265
360
59
48
75
90
44
42
43
47
72
38
33
53
96
94
119
1956—Sept.
Oct.
Nov.
Dec.
30
31
30
31
2,404
2,402
2,392
2,415
60
59
62
66
81
68
69
76
158
180
185
186
36
31
22
20
43
38
36
45
1,058
1,054
1,027
1,017
98
98
100
99
278
281
274
272
49
53
59
61
142
140
144
148
401
400
414
425
322
316
335
346
71
74
82
84
48
45
45
44
48
46
46
50
34
34
42
53
122
116
119
114
1957—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
31
28
31
30
31
30*
31*....
31*
3QP. ...
2,382
2,323
2,243
2,160
2,053
1,986
1,985
1,980
2,019
64
61
56
58
56
59
65
66
72
75
76
77
77
78
76
79
78
83
179
166
145
129
126
128
139
167
179
21
31
40
33
29
35
31
30
49
37
38
35
30
40
36
46
41
53
994
937
875
835
728
626
605
586
572
101
102
104
106
106
107
106
106
106
269
254
244
227
218
217
206
217
215
63
65
68
75
75
79
79
78
76
158
161
167
165
166
167
167
170
163
421
432
433
425
432
457
463
442
451
337
375
388
396
398
391
384
377
372
64
68
80
85
88
75
80
78
81
42
44
42
42
41
40
42
41
39
52
69
60
61
59
58
57
53
54
58
63
60
56
58
60
51
49
47
121
132
147
152
153
158
153
156
151
Table Id. Supplementary Areas and Countries5
End of year
End of year
Area or country
Other Europe:
Albania
British dependencies
Bulgaria
Czechoslovakia*
Eastern Germany
Estonia
Hungary
Iceland
Ireland, Republic of
Latvia
Lithuania
Luxembourg
Monaco
Poland*
Trieste
U. S. S. R.6
Area or country
1953
1954
1955
1956
.2
.4
.6
.6
n.a.
1.9
1.0
7.5
14.1
1.3
.4
4.0
3.0
2.2
2.5
2.0
.2
.6
.6
.7
1.2
1.9
1.0
8.9
14.3
1.0
.5
4.5
5.3
2.1
2.2
1.8
.4
.4
.7
.7
1.3
1.8
n.a.
.4
.2
.5
1.2
n.a.
.8
Other Latin America:
British dependencies
18.0
Costa Rica
13.4
Ecuador
17.7
French West Indies and French Guiana...
.6
Haiti
9.3
Honduras
18.7
Nicaragua
16.0
Paraguay
6.0
Other Asia:
Afghanistan
Bahrein Islands
p
2.7
.6
1.0
4.8
13.7
1.0
.3
3.1
5.6
2.5
1.4
.7
3.1
9.1
.6
.4
13.2
4.3
3.3
1.4
19.0
15.3
21.2
.4
12.7
17.3
10.3
3.6
16.6
17.6
14.9
.6
12.1
9.7
12.8
3.6
24.1
14.6
18.0
1.0
8.9
10.2
11.8
4.0
5.1
.6
4.1
.5
5.3
n.a.
Preliminary.
n.a. Not available.
1 Short-term liabilities reported in these statistics represent principally
deposits and U. S. Govt. 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 and commercial paper and of
liabilities payable in foreign currencies are also included.
2 Includes International Bank for Reconstruction and Development,
International Monetary Fund, and United Nations and other international
organizations. Excludes Bank for International Settlements, reported
under Other Europe.
3 Represents funds held with banks and bankers in the United States
(and in accounts with the U. S. Treasury) by foreign central banks and by
foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular
establishments, etc.).
1953
1954
1955
1956
Other Asia (Cont):
British dependencies
Burma
Cambodia
Ceylon
China Mainland 6
Iraq
Jordan
Kuwait
Laos
Lebanon
Pakistan
Portuguese dependencies
Ryukyu Islands
Saudi Arabia
Syria
Viet-Nam
9.1
23.0
n.a.
17.1
36.4
13.8
.9
10.1
n.a.
23.9
9.7
5.3
n.a.
18.5
20.5
n.a.
9.8
29.7
.2
18.8
35.7
10.0
.8
10.7
.1
16.5
3.8
1.8
26.9
61.5
21.5
8.1
9.8
19.1
13.1
32.9
36.2
14.7
1.2
3.5
23.1
18.0
5.7
2.0
34.0
79.5
13.1
62.3
8.8
7.0
17.2
41.2
35.5
16.9
2.0
5.3
n.a.
22.3
20.2
2.7
n.a.
n.a.
17.1
50.1
All other:
British dependencies
Ethiopia and Eritrea
French dependencies
Liberia
Libya
Morocco
New Zealand
Portuguese dependencies
Spanish dependencies
Sudan
Tangier
Tunisia
1.6
9.1
5.7
11.8
3.0
15.9
2.1
5.0
.2
n.a.
36.1
.6
1.4
18.0
8.7
5.6
1.7
7.6
2.3
8.3
.5
n.a.
35.7
.4
2.4
23.7
8.0
13.1
9.9
14.8
1.9
5.3
.7
n.a.
33.5
.7
3.8
24.2
10.5
23.7
3.7
13.6
2.2
2.8
.3
.4
22.4
.5
4 Beginning Apr. 30, data include certain accounts previously classified
as "private."
5 These data are based on reports by banks in the Second (New York)
Federal Reserve District and include funds held in an account with the
U. S. Treasury. They represent a partial breakdown of the amounts
shown in the "other" catagories in tables la-lc.
6 Based on reports by banks in all Federal Reserve districts.
NOTE.—Statistics on international capital transactions of the United
States are based on reports by banks, bankers, brokers, and dealers.
Beginning with the BULLETIN for June 1954 (as explained on p. 591 of
that issue), tables reflect changes in reporting forms and instructions made
as of Mar. 31, 1954, as well as changes in content, selection, and arrangement of material published. For discontinued tables and data reported
under previous instructions, see BULLETIN for May 1954, pp. 540-545.
1292
INT'L CAPITAL TRANSACTIONS OF THE U. S.
TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES*
[Amounts outstanding, in millions of dollars]
Total
Date
France
Germany,
Fed.
Rep. of
Italy
Switzerland
United
Kingdom
Other
Total
Europe Europe
Canada
Latin
America
Asia
All
other
1953—Dec. 31.
1954—Dec. 31.
1955—Dec. 31.,
905
1,387
1,549
11
14
12
31
70
88
19
20
30
18
16
26
71
173
109
88
109
158
236
402
423
56
76
144
473
728
706
115
143
233
25
37
43
1956—Aug.
Sept.
Oct.
Nov.
Dec.
1,698
1,729
1,828
1,787
1,946
65
66
67
19
18
120
125
127
134
157
33
35
29
32
43
27
28
28
30
29
78
81
86
94
104
163
169
177
174
216
486
504
514
483
568
132
131
186
170
157
772
776
799
797
840
266
272
282
292
337
42
46
46
45
43
2,038
2,060
2,150
2,141
2,174
2,201
2,144
2,202
23
18
26
60
72
82
96
113
168
176
177
177
174
159
153
149
50
55
59
58
61
60
59
55
30
33
26
27
27
28
31
33
109
127
160
151
176
159
123
115
213
211
219
208
188
197
189
192
593
621
667
680
699
686
649
657
171
157
161
108
114
122
125
130
867
861
898
919
889
895
900
966
360
375
375
392
426
452
423
397
48
46
49
41
46
46
46
52
Norway
Portugal
Spain
Sweden
Turkey
Yugoslavia
All
other
1957—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
31.
30.,
31.,
30.
31.,
31.,
28.,
31.,
30.,
31.,
30*.
31*
3 1P.
Table 2a. Other Europe
Other
Europe
Date
Austria
Belgeium
Denmark
Finland
Greece
Netherlands
1953—Dec. 31..
1954—Dec. 31..
1955—Dec. 31..
109
158
13
20
16
6
10
13
9
16
11
1
2
9
1956—Aug. 31..
Sept. 30..
Oct. 31..
Nov. 30..
Dec. 31..
163
169
177
174
216
17
19
18
22
28
7
6
10
10
12
19
16
16
13
21
16
15
16
17
23
1957—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
213
211
219
208
188
197
189
192
30
29
34
29
28
25
23
25
13
10
11
9
20
21
20
23
19
23
27
21
23
17
18
17
16
16
17
17
31..
28..
31..
30..
31.,
30*.
31*
31*.
24
4
5
9
7
11
10
11
12
12
19
3
4
7
16
41
78
10
10
12
11
13
63
70
73
72
13
14
14
14
14
14
13
9
85
86
83
79
67
75
63
68
9
10
Table 2b. Latin America
Date
Latin
Amer- Argentina
ica
Bolivia
Brazil
Chile
Colombia
Cuba
NethDoerminlands
ican Guate- Mex- West
ReIndies
ico
mala
puband
lic
Surinam
Panama,
Republic of
Peru
El
Salvador
Uruguay
Other
Vene- Latin
zuela America
1953—Dec. 31
1954_Dec. 31
1955—Dec. 31
473
728
706
7
6
7
11
3
4
125
273
69
23
14
14
57
107
143
51
71
92
2
3
5
4
4
5
93
116
154
3
1
3
5
9
17
20
16
29
8
10
8
4
7
18
42
63
105
19
27
34
1956—Aug.
Sept.
Oct.
Nov.
Dec.
31
30
31
30
31
772
776
799
797
840
12
11
11
13
15
4
4
4
4
4
65
63
65
65
72
12
15
14
15
16
147
145
150
145
145
86
81
83
84
90
4
4
7
7
7
6
7
7
7
7
178
184
194
201
213
6
6
6
5
5
11
11
11
12
12
32
32
32
32
35
6
8
11
14
11
29
26
18
14
15
131
133
139
132
144
44
46
46
47
49
1957_jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
31
28
31
30
31
30*
31*
31*
867
861
898
919
889
895
900
966
15
25
37
42
43
48
47
35
5
4
5
5
5
5
4
5
77
72
76
78
73
76
94
116
22
20
22
25
26
35
33
40
145
148
158
151
144
126
98
91
99
90
89
92
93
91
91
103
13
13
10
11
9
9
15
19
8
7
8
8
7
7
10
8
216
219
216
213
207
208
212
262
4
3
3
4
3
3
2
3
13
10
13
15
13
14
13
13
34
32
37
36
35
32
36
34
8
8
8
9
8
8
8
7
12
11
12
12
13
18
25
31
145
144
152
163
154
159
159
151
52
54
51
56
58
55
53
50
* Preliminary.
1
Short-term claims reported in these statistics represent principally the
following items payable on demand or with a contractual maturity of
not more than one year: loans made to and acceptances made for foreigners; drafts drawn against foreigners that are being collected by banking institutions on behalf of their customers in the United States; and
foreign currency balances held abroad by banking institutions and 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 $1,027 million on August 31,
1957.
The term foreigner is used to designate foreign governments,
central banks, and other official institutions as well as banks, organizations, and individuals domiciled outside the United States, including
U. S. citizens domiciled abroad and the foreign subsidiaries and offices
of U. S. banks and commercial firms.
2 Less than $500,000.
3
Includes transactions of international institutions.
1293
INT'L CAPITAL TRANSACTIONS OF THE U. S.
TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIESi—Continued
[Amounts outstanding, in millions of dollars]
Table 2c. Asia and All Other
Asia
Date
Hong
IndoTotal Kong India nesia
1953—Dec. 31
1954_Dec. 31
1955—Dec. 31
115
143
233
3
3
3
4
5
5
1956—Aug.
Sept.
Oct.
Nov.
Dec.
31
30
31
30
31
266
272
282
292
337
5
5
4
4
4
5
7
6
6
6
1957__j an .
Feb.
Mar.
Apr.
May
June
July
Aug.
31
28
31
30
31
30P
31P
360
375
375
392
426
452
423
397
5
6
6
7
7
7
7
9
7
7
9
10
11
11
11
9
31P
All other
Phil- TaiIsrael Japan ippines wan
Iran
Australia
Thailand Other Total
Union
Belof
gian Egypt South Other
Congo
Africa
1
1
1
14
16
18
23
11
10
26
50
103
6
7
19
5
5
6
6
6
8
27
39
59
25
37
43
8
14
11
6
6
5
(2)
1
22
23
22
20
20
12
12
13
13
16
118
123
127
143
170
13
11
12
13
16
6
6
6
6
6
8
8
9
8
9
76
78
84
79
91
42
46
46
45
43
11
11
12
11
11
8
8
7
7
6
22
22
23
24
23
22
24
24
23
24
24
22
25
24
22
24
186
192
193
210
244
259
250
215
17
18
18
19
24
30
28
40
5
6
5
5
5
5
6
6
10
10
10
10
13
12
11
14
83
89
86
86
74
81
63
58
48
46
49
41
46
46
46
52
11
11
13
10
13
12
12
11
5
5
5
5
6
5
6
6
8
(2)
1
1
2
6
8
8
10
17
2
3
3
3
2
7
7
7
6
8
14
17
17
19
17
2
2
1
1
1
1
1
1
8
7
7
8
8
11
12
12
21
22
22
17
18
17
15
21
C2)
(?) SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES*
TABLE 3. PURCHASES AND
[In millions of dollars]
U. S. Govt. bonds & notes
Year or month
Purchases
1953
1954
1955
1956
646
801
1 341
1956—Aug
Sent.
Oct
Nov
Dec
1957—Jan
Mar
Apr
May
June*5
JulyP
Aus &
728
Net purchases, or Pursales ( - ) chases
-82
802
Sales
731
Foreign bonds
Net purchases, or Pursales ( - ) chases
70
543
8
529
-135
1,405
1,886
1,907
1,264
1,730
1,615
141
156
792
693
883
793
812
1,018
291
607
87
21
37
21
13
14
12
18
73
9
20
160
131
143
155
96
108
5
35
35
31
32
174
67
39
-46
-26
44
28
134
68
23
102
58
22
Feb
Sales
U. S. corporate securities
26
42
47
8
143
16
97
161
16
91
22
14
-41
43
-76
-136
144
145
140
108
163
107
4
37
57
146
117
134
179
169
161
91
104
113
160
133
150
55
13
21
19
36
\\
136
122
14
Sales
Foreign stocks
Net purchases, or Pursales ( - ) chases
Sales
Net purchases,or
sales (—)
622
-79
303
393
664
645
878
992
-49
184
-385
310
7
841
509
749
875
-252
-214
-126
60
41
145
-29
-9
29
65
49
52
87
54
47
44
38
-23
—5
5
-1
7
53
(2)
43
1
y
-5
— 17
-16
9
1
49
25
101
77
-53
-52
49
172
43
45
34
43
69
57
45
30
132
67
227
193
49
94
-123
-98
-24
-158
-136
-4
-64
43
44
54
59
75
69
22
42
-20
44
54
42
51
59
76
91
60
T A B L E 4. N E T P U R C H A S E S BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES
[Net sales, (—). In millions of dollars]
Y e a r or m o n t h
1953
1954
1955
1956
1956
Aug
Sept
Oct
Nov
Dec
1957—Jan
Feb
Mar
Apr
May
Junep
July*7
Aug p
9 Preliminary.
International
institutions
Total
foreign
countries
23
78
-21
82
-34
72
706
75
-121
74
1
4
43
3
3
1
1
53
-42
10
1
2
2
2
1
1
1
70
145
34
34
2
2
1
(2)
-25
1
3
78
-137
-65
15
France
-42
17
-2
2
-1
2
Germany,
Federal
Republic of
(2)
Italy
(2)
(2)
1
9
7
-7
(2)
1
1
1
(2)
(2)
(2)
(2)
(2)
1
(2)
j
(2)
(2)
(2)
(2)
Switzerland
United
Kingdom
Other
Europe
Total
Europe
Canada
Latin
America
57
73
147
234
71
70
96
8
-24
-20
85
33
62
139
329
161
-121
-187
-124
25
113
76
34
6
21
11
10
2
8
22
43
-18
-8
1
6
23
-2
19
11
-40
-14
9
1
-3
46
-39
3
-1
-11
-3
7
6
8
27
24
11
9
7
41
21
21
19
17
4
10
56
86
37
42
4
54
-4
-9
6
5
1
27
68
-20
6
-5
5
7
5
10
17
7
55
-68
-1
11
5
5
16
-55
34
F o r other notes see opposite page.
265
-11
-22
Asia
(2)
_j
3
29
3
7
C2)
I
—1
1
1
4
1
3
1
(?)
(2)
(2)
(2}
1
2
All
other
- \
1
1
n\
(2>
1294
INT'L CAPITAL TRANSACTIONS OF THE U. S.
TABLE 5. NET PURCHASES BY FOREIGNERS OF LONG-TERM
FOREIGN SECURITIES OWNED IN THE UNITED STATES,
BY AREAS
[Net sales, ( - ) .
TABLE 6. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT
FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS i
[In millions of dollars]
In millions of dollars]
Assets in custody
Year or
month
Inter- Total
national foreign
insti- coun-61
— 164
-27
-33
1956—Aug....
Sept....
Oct
Nov....
Dec....
1957—Jan
Feb
Mar....
Apr....
May. p . .
June ..
Julyp...
Aug.P..
2
2
0)
2
-3
-71
9
-1
-5
-81
1
-1
-6
Latin
America
ica
-138
— 133
74
-447
35
33
24
17
1
1
—1
3
Europe
tries
tutions
1953
1954
1955
1956
Canada
96
Asia
-30
26
7
— 34
n
-49
-40 -16
-11
— 137
—4
-478
—9
-46
8
-49
-15
33
-55
-41
-6
-4
22
17
13
-47
-15
8
-47
C1)
4
1
-8
-8
-52
-106
-31
-158
-71
-18
-54
-13
16
-72
-96
-14
-165
-84
-18
-73
-29
2
2
-9
-6
2
11
1
-16
2A
0)
2
—1
-2
14
1
1
-7
1
10
5
-12
17
15
-53
0)
10
1
2
2
Date
All
other
3
-1
3
-13
0)
* Preliminary.
i Less than $500,000.
Deposits
U. S. Govt.
securities2
Miscellaneous*
1955—Dec. 31
402
3,543
126
1956—Oct. 31
Nov. 30
Dec. 31
275
356
322
3,782
3,553
3,856
178
177
139
1957—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
31
28
31
30
31
30
31
31
30
31
344
327
311
316
360
449
364
342
337
378
3,707
3,671
3,744
3,727
3,600
3,685
3,730
3,523
3,421
3,774
164
156
158
165
164
164
278
280
278
349
1957—Oct. 2
Oct. 9
Oct. 16
Oct. 23
Oct. 30
367
337
326
302
391
3,430
3,454
3,497
3,458
3,748
280
281
274
350
349
* Excludes assets held for Intl. Bank and Monetary Fund and earmarked
gold. See note 4 at bottom of following page for total gold under earmark at Federal Reserve Banks for foreign and international accounts.
23 U. S. Treasury bills, certificates of indebtedness, notes and/or bonds.
Consists of bankers' acceptances, commercial paper, and foreign and
international bonds.
NOTE.—For explanation of table and for back figures see BULLETIN
for May 1953, p. 474.
GOLD PRODUCTION
[In millions of dollars at $35 per fine troy ounce]
Production reported monthljr
Estimated
world
production
Year or
month
1949
1950
1951
1952
1953
1954
1955
1956
1956—Aug
Sept
Oct
Nov
1957—Jan
Feb
May
June
July
Aug
r
U.S.S.R.)
840.0
864.5
840.0
868.0
864.5
913.5
959.0
994.0
.. .
North and South America
South
Africa
Rhodesia
753.2
777.1
758.3
780.9
776.5
826.2
873.8
2
898.7
409.7
408.2
403.1
413.7
417.9
462.4
510.7
556.2
18.5
17.9
17.0
17.4
17.5
18.8
18.4
18 8
23.1
24.1
22.9
23.8
25.4
27.5
23.8
21.9
12.9
12.0
12.3
12.9
13.0
12.8
13.0
13.1
78.8
76.7
277.6
277.0
2
72.9
48.5
47.3
47.8
47.3
45.8
16
2.3
2.3
2.2
2.2
2.2
1.0
1.0
1.1
1.5
1.0
276.5
48.3
46.3
49.2
49.1
50 6
50.1
51.4
51 1
2
Dec.
Mar
Apr
Africa
Total
.6
6
.5
5
United
Ghana Belgian
Congo States
67.3
80.1
66.3
67.4
69.0
65.1
65.7
'65.3
144.2
155.4
153.7
156.5
142.4
152.8
159.1
153.9
14.2
14.3
13.8
16.1
16.9
13.5
13.4
12.6
13 3
15.1
14.8
15.3
13.2
13.3
15.3
6.1
6.2
4.6
4.4
4.3
3.3
8 0
8.8
8.9
9.1
8.2
8.1
7.6
31.3
30.4
31.3
34.3
37.7
39.1
36.7
36.1
6.3
6.0
6.2
5.6
4.6
12.3
12.4
12.9
12.9
12.8
.8
1 4
1.2
1 2
1.2
7
.3
.5
.4
.2
3
6
.6
.6
.6
6
3 0
3.2
3.0
3.4
2 9
12.6
12.0
13.2
12.9
13 1
12 6
12.8
12.6
1 5
1 2
1 0
.4
6
3 0
2.8
3.1
3 2
3 1
3 4
2.3
.9
5.0
2.3
2.2
2.2
2 2
.1
.5
1
4.4
5.1
4.7
5 0
Revised.
1 Gold exports, representing about 90 per cent of total production.
2 Excluding Mexico.
Sources.—World production: estimates of U. S. Bureau of Mines.
Production reported monthly: reports from individual countries except
Mexico
6
2.2
2.3
2.4
0
9
?
1
Nica- Austra- India
ragua1
lia
Canada
.5
.5
6
5
6
Other
4.9
5.8
5.8
Colom- Chile
bia
.7
9
.7
.9
6.3
6.7
7.7
.5
.6
.6
6
6
.6
6
5.7
6.7
7.9
8.9
7.8
8.4
7.4
r
7.3
.7
.6
.6
.6
r
.6
r
.5
.5
.5
.6
Ghana and Belgian Congo, data for which are from American Bureau of
Metal Statistics. For the United States, annual figures are from the
U. S. Bureau of the Mint and monthly figures are from American Bureau
of Metal Statistics.
1295
U. S. GOLD
NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES
[In millions of dollars at $35 per fine troy ounce. Negative figures indicate net sales by the United States]
Quarterly totals
Annual totals
1949
1950
1951
1952
1954
1953
Continental Western Europe:
1-43.0
Belgium.
France
Germany (Fed. Rep. of)
"-23!5
Netherlands
14.0
Portugal
Sweden
-40.0
Switzerland
Bank for Intl. Settlements.... - 3 4 . 3
Other
3-123.4
1-58.0 1-18.3 1—5 8
-84.8 -20.0
-10.0
-100.0
-15^0 -34!9
-5.0
-22.9 -32.0
- 3 8 . 0 - 1 5 . 0 ' '22^5
(2)
-65.3 -30.4
-16.4 -29.7 -17.3
1—94 8
-250.2
-380.2 -184.8 - 1 1 5 . 6
-546.4 -328.3
Total
Sterling Area:
United Kingdom..
Union of South Africa
Other
446.3 -1,020.0
13.1
195.7
Total
469.9
52.1
440.0
11.5
-480.0
-50.0
3.6
-.3
-.5
-.5
645.2 -1,003.4
525.6
451.2
-480.5
-50.5
-100.0 - 1 0 . 0
7.2
3.4
Latin America:
Argentina
Colombia
Cuba
Mexico
Uruguay
Venezuela
Other
-49.9
7.0
-10.0
-16.1
-14.4
-50.0
-10.5
.
-143.9
4-55.4
Asia
-6.2
Eastern Europe
4
All other
— io!6
28.2
-118.2
-64.8
-49.9 -20.0
17.5 - 2 2 . 8
-20.0
-60.2
87 7
22.2
14.9
-.9
-34.7
-2.4
-84.8
-.3
80.3
-5.0
-30.0
17.2
57.5
-131.8
62.5
-6.7
-5.7
-9.9
-7.2
-172.0 -126.0
5-38.9 5-53.7
13.7
75.2
1956
1955
Apr.June
Oct.Dec.
3 4
3 4
15.2
-8 0
15.2
Jan.Mar.
Apr.June
34
""s'6
—8 0
5.0
4.0
3.0
-77.5
-19.2
-5.0
18.6
7.0
1.0
30.4
6.0
100.3
100.3
— 1 100.3
100.3
14.6
14.6
5.2
10.0
-.1
115.3
28 1
— 28 1
-15.0
JulySept.
-67.5 - 3 3 . 8
-10.0
-5.6
-3.5
11.0
29.1
-200.0
3.0
-.7
14.0 - 2 8 . 3
-4.9
10.1
20.1
55.1
28 1
40.1
2.0
27.1
-200.0
-.2
-.2
-.2
-3.6
2.8
85.0 - 1 3 3 . 0
6.5
12.9
-.4
-.5
19.9
-.2
— .2
13 1
m
6 — 44 2 • — 76 0
193.3 - 1 , 7 2 5 . 2
Grand total
-130.0 -225.6
-65.0
-59.9 -54.9
-20.0 -15.0
-65.0 -15.5
-94.3 -20.0
-17.5
2.6
3.5
3.2
Canada
Total
1957
1956
Area and country
-.4
393.6 -1,164.3 - 3 2 6 . 6
1
Includes sales of gold to Belgian Congo as follows (in millions): 1949,
$2.0; 1950, $3.0; 1951 $8.0; 1952, $2.0; and 1953, $9.9.
2 Less than $50,000.
3 Includes sale of $114.3 million of gold to Italy.
* Includes sale of $43.1 million of gold to Thailand.
7200.0
775.0
775.0
280.2
94.9
155.0
-68.5
725.0 7300.0 7300.0
25.2
341.5
318.4
5 Includes sales of gold to Indonesia as follows: 1950, $29.9 million;
and 1951, $45.0 million.
6 Includes sales of gold to Egypt as follows: 1950, $44.8 million; and
1951, $76.0 million.
7 Represents purchase of gold from International Monetary Fund.
ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES
[In millions of dollars]
Gold stock
(end of year)
Year
Treas- Total i
ury
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
. ..
.
Increase
in total
gold
stock
EarNet
marked Domesgold gold:
de- tic gold
import, crease,
or
producinexport or
tion
crease
20,619
20,065
20,529
22,754
24,244
24,427
20,631 - 1 , 3 4 9 . 8 - 8 4 5 . 4
20,083 - 5 4 7 . 8 - 1 0 6 . 3
623.1 311.5
20,706
22,868 22,162.1 1,866.3
24,399 1,530.4 1,680.4
24,563
164.6 686.5
22,706
22,695
23,187
22,030
21,713
21 690
21,949
22,820 - 1 , 7 4 3 . 3 - 3 7 1 . 3 - 1 , 3 5 2 . 4 80.1
52.7 - 5 4 9 . 0
22,873
617.6 66.3
23,252
379.8 684.1 - 3 0 4 . 8 67.4
2.0 - 1 , 1 7 0 . 8 69.0
22,091 -1,161.9
16.1 - 3 2 5 . 2 65.1
21,793 - 2 9 7 . 2
97.3 -132.4 65.7
-40.9
21,753
305.9 106.1
318.5 '65.3
22,058
-459.8
-356.7
465.4
210.0
159.2
-495.7
35.8
32.0
51.2
75.8
70.9
67.3
r
v Preliminary.
Revised.
1 See note 2 on following page.
2 Net after payment of $687.5 million in gold as United States gold subscription to the International Monetary Fund.
Gold stock
(end of month)
Month
Treasury
1956 Oct
Nov
Dec
1957—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Total i
21,910 21,999
21,910 22,106
21,949 22,058
22,252
22,304
22,306
22,318
22,620
22,623
22,627
22,626
22 635
*>22,691
22,377
22,396
22,406
22,424
22,726
22,732
22,735
22,735
22,759
^22,835
Increase
in total
gold
stock
-33.6
107.6
-47.7
EarNet
marked Domesgold gold:
de- tic gold
import, crease,
or
producor
inexport
tion
crease
4.6
12.5
2.7
-34.3
105 7
51.2
319.0 - 5 3 . 9
18.6 - 2 9 . 8
10.2 — 8o . fio
17.4
20.8
20.0
302.6
10.0
5.5
3.8
2.7
-.5
28.6
24.1
18.9
^75.4
295.9
28.0
16.0
-5.8
285.4
-6.0
- 8
-11.4
-9 0
436.9
6.2
5.6
4.6
5.0
4.4
5.1
4.7
5.0
4.9
5.8
5.8'5. T
3 Not yet available.
4
Gold held under earmark at the Federal Reserve Banks for foreign*
and international accounts amounted to $5,993.5 million on Oct. 31, 1957..
Gold under earmark is not included in the gold stock of the United States..
1296
GOLD RESERVES
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of
month
Estimated
United States
total world
(excl.
U.S.S.R.)i Treasury Total 2
Argentina
1950—Dec
1951—Dec
1952—Dec
1953—Dec
1954—Dec
1955—Dec
35 810
35 960
36,260
36 680
37 340
38,000
22 706
22,695
23,187
22 030
21,713
21,690
22,820
22,873
23,252
22,091
21,793
21,753
216
268
1956—Sept
38,440
21,884
21 910
21,910
21,949
22,032
21 999
22,106
22,058
258
22,252
22 304
22,306
22,318
22 620
22,623
22 627
22 626
22,635
22,377
22 396
22,406
22,424
22 726
22,732
22 735
22 735
22,759
Oct
Nov.
Dec
38,490
1957__j a n
Feb
Mar.
Apr
M^ay
June..
July
38 780
*>38 980
Sept
End of
month
Finland
France 3
1950—Dec
1951—Dec . .
1952—Dec
1953—Dec
1954_Dec . . .
1955—Dec
12
26
523
548
26
573
1956—Sept
Oct
Nov...
Dec
1957 Jan
Feb . . .
Mar
371
371
371
Germany,
Federal GuateRepublic mala
of
28
140
Australia
oo
106
106
972
949
323
323
106
107
941
928
323
324
109
113
113
113
116
116
877
864
848
849
849
842
846
882
874
324
324
324
324
324
324
324
324
324
India
74
48
76
86
86
86
271
311
214
186
186
136
31
31
31
31
31
31
97
174
174
174
174
174
,112
,119
1,124
,113
45
45
57
57
136
136
31
31
174
181
45
46
57
57
136
136
31
31
181
188
,116
,110
,112
,114
,116
,121
43
46
46
46
46
43
43
40
57
57
57
57
57
136
136
136
136
136
136
136
136
31
31
31
31
31
31
31
31
31
188
188
188
174
183
188
188
188
188
1,080
,141
120
135
,136
Italy
Mexico
Netherlands
Norway
Pakistan
Peru
140
138
256
333
208
208
311
316
50
50
27
27
346
144
544
31
46
138
50
137
138
346
346
158
62
737
796
52
45
38
38
38
46
26
31
576
576
326
626
27
27
247
247
145
81
35
861
920
27
247
81
138
352
142
865
45
48
35
861
27
46
166
362
370
338
166
167
167
49
138
138
138
854
854
844
46
861
861
861
45
45
45
360
247
247
247
138
854
27
27
27
247
35
35
35
1.294
1,329
I 376
1,494
35
35
861
861
[,566
1661
,756
[ 834
27
27
247
247
44
44
138
138
325
350
167
167
834
819
45
45
49
49
138
138
138
138
138
138
138
364
359
359
364
166
166
165
165
814
809
806
806
793
747
700
45
48
47
46
45
45
45
35
35
247
247
247
247
247
247
43
42
41
40
40
41
41
49
49
49
49
49
49
49
35
35
35
35
35
35
35
Turkey
United
King-4
dom
Venezuela
Intl.
Monetary
Fund
27
27
27
27
27
361
429
428
29
29
28
197
190
170
176
199
212
54
56
56
218
265
276
1956
442
28
214
56
263
442
448
28
28
214
220
56
56
265
265
923
Spain
61
51
51
Sweden Switzerland
90
152
184
448
28
224
56
452
461
28
32
226
227
56
56
256
256
56
56
56
56
56
252
249
231
231
233
31
31
226
215
56
56
241
235
461
461
463
458
461
466
467
32
32
31
31
31
233
230
235
234
226
266
P Preliminary.
1 Represents reported gold holdings of central banks and governments
and international institutions, unpublished holdings of various central
banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom,
and estimated official holdings of countries from which no reports are
received.
2 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,
40
45
42
42
42
44
235
23
26
29
Sept
Egypt
209
280
192
265
286
Aug
Denmark
247
1950 Dec
1951—Dec
1952 Dec . . . .
1953 Dec
1954—Dec
1955 Dec
Mar . . .
Apr
May
June . .
July
Cuba
247
247
South
Africa
Feb
Iran
Colombia
27
El Salvador
1957—Jan
Indonesia
Chile
27
27
Portugal
Sept
Oct ..
Nov
Dec
590
850
896
996
317
317
317
321
322
323
2,029
2 124
2 261
2,399
End of
month
Canada
587
621
706
776
778
929
861
861
861
575
575
575
575
May
June
July .
Aug
Sept
Brazil
112
112
117
138
144
35
35
35
35
35
35
35
Apr
Belgium
Thailand
1 470
,452
,411
,459
,513
,597
118
113
113
634
112
144
635
112
112
144
144
112
144
112
112
144
144
112
112
112
112
112
112
144
144
144
144
144
,658
,676
,667
652
,636
,621
,615
,633
,674
1,694
I 725
113
113
112
150
151
143
143
144
144
144
144
Uruguay
47
47
50
3,300
2,335
1,846
2,518
2,762
2,120
236
221
207
227
227
216
373
403
403
2,328
2,244
1,965
2,133
214
403
192
186
503
503
186
603
2,084
2,147
2,209
2,320
2,345
2,381
2,367
2,142
1,850
186
186
603
669
183
183
183
183
183
669
669
669
669
719
373
373
373
719
719
49
49
49
36
35
35
35
35
35
35
Bank for
Intl.
Settlements
1.494
,530
,692
,702
,740
,808
193
196
217
,711
,687
,692
,692
199
214
175
179
,420
1,433
,438
,439
1,141
1,147
.148
1,157
202
197
168
160
148
205
165
184
138
167
115
196
Reserve Bank Credit, and Related Items" or in the Treasury statement
"United
States Money, Oustanding and in Circulation, by Kinds."
3
Represents holdings of Bank of France (holdings of French Exchange
Stabilization Fund are not included).
4 Exchange Equalization Account holdings of gold and of United
States and Canadian dollars, as reported by British Government. (Gold
reserves of Bank of England have remained unchanged at $1 million
since 1939, when Bank's holdings were transferred to Exchange Equalization Account.)
1297
GOLD RESERVES AND DOLLAR HOLDINGS
ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL
INSTITUTIONS
[In millions of dollars]
Dec. 31, 1955
Area and country
Continental Western Europe:
Austria
Belgium-Luxembourg (and Belgian Congo).
Denmark
Finland
France (and dependencies) i
Germany (Federal Republic of)
Greece
Italy
Netherlands (and Netherlands West Indies
and Surinam)
Norway
Portugal (and dependencies)
Spain (and dependencies)
Sweden
Switzerland
Turkey
Others
Total
Sterling Area:
United Kingdom
United Kingdom dependencies.
Australia
India
Union of South Africa
Other
Total. . .
Canada
Latin America:
Argentina
Bolivia
Brazil
Chile
Colombia
Cuba
Dominican Republic. .
Guatemala
Mexico
Panama, Republic of..
Peru
El Salvador
Uruguay
Venezuela
Other
Total. .
Asia:
Indonesia
Iran
Japan
Philippines
Thailand
Other
Total. . .
Eastern Europe 6 . .
All other:
Egypt
Other
326
1,201
91
84
1,957
2,374
187
1,137
1,100
127
601
221
429
2,354
153
872
Total foreign countries. . .
International 7
10
10
7
5
151
312
1,221
99
82
1,753
2,742
176
1,214
44
53
1,145
100
602
206
426
2,307
151
1,108
()
(3)
44
343
13,644
2,600
84
219
320
265
214
282
4
,875
83
243
329
245
208
3
()
1
1
7
Mar. 31, 1957 June 30, 1957^
342
1,265
95
361
1,227
96
88
1,505
3,329
187
1,268
90
1,631
3,099
161
1,286
23
73
(3)
1,113
109
617
185
453
2,446
158
1,055
23
79
(3)
1,071
117
628
160
483
2,512
164
915
()
1,024
121
628
148
480
2,410
158
890
998
133
622
142
499
2,447
158
1,164
2,812
103
191
323
277
228
203
4
(3)
238
4
(3)
253
3
(3)
1
1
7
266
4
(3)
1
14
3
()
1323
()
14
309 14,080
(3)
126
(3)
14
300 14,111
90
177
328
248
211
9
87
92
94
2996
3,719
177
1,330
(3)
131
(3)
12
298 13,859
(3)
117
(3)
10
279 14,105
2,820
376
1,133
368
1,170
107
94
1,302
3,520
189
1,250
1
14
2,854
93
193
324
293
226
1
25
2,890
96
191
323
294
226
11
6
5
9
14
11
105
(3)
(3)
132
(3)
13
319
271
4
(3)
1
27
3,702
295
3,983
265
3,874
286
3,934
223
3,983
269
4,020
304
437
2,394
362
2,547
352
2,629
367
2,609
438
2,704
437
509
26
466
139
217
389
77
72
556
86
127
52
281
668
124
3,789
()
169
195
476
25
540
147
224
399
81
93
523
94
115
73
283
734
154
3,961
()
167
193
399
25
582
151
180
407
77
80
561
104
117
53
290
808
133
3,967
()
167
191
360
29
549
137
210
347
79
91
600
109
119
53
259
1,058
113
4,113
255
175
1,021
268
250
647
171
169
1,167
300
253
694
204
174
1,186
298
254
677
231
158
1,145
294
260
707
2,616
2,754
2,793
2,795
308
294
288
287
246
116
236
140
222
126
238
118
1
26,164 1,308
3,689
29,853
321
1,629
348
376
27,406
1,121
27,922
3,750
317
3,717
31,156
Preliminary.
Excludes gold holdings of French Exchange Stabilization Fund.
Does not include $286 million of gold loaned by Bank of France to
the French Exchange Stabilization Fund on June 26, 1957.
3 Less than $500,000.
4
Includes latest available figure (May 31) for Colombian gold reserves.
5 Includes Yugoslavia, Bank for International Settlements (both for
its own and European Payments Union account), gold to be distributed
by the Tripartite Commission for Restitution of Monetary Gold, and
unpublished gold reserves of certain Western European countries.
6 Excludes gold reserves of the U. S. S. R.
1
Dec. 31, 1956
2,173
Grand total..,
2
Sept. 30, 1956
U. S. Gold& U. S. Gold& U . S . Gold& U. S. Gold& U . S . Gold& U . S .
Govt. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt.
term bonds
bonds
term bonds
term bonds
term bonds
term bonds
& notes dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes
13,214
362
Total
v
Gold&
shortterm
dollars
June 30, 1956
1,438
7
31,639
(
167
190
17
332
25
556
137
250
354
89
101
575
117
117
73
257
1,043
134
4,160
()
167
190
4,485
188
178
1,003
267
279
730
168
173
754
243
279
764
2,645
2,381
288
288
248
150
246
162
398
356
347
24
467
130
4262
393
98
97
504
135
110
81
248
1,447
142
1
(3)
167
(
1
2
11
188
408
1,154
28,225
1,103
27,942
1,231
28,366
1,271
392
3,144
391
2,996
391
2,720
366
31,369
1,494
30,938
1,622
31,086
1,637
1,546
Represents International Bank for Reconstruction and Development,
International Monetary Fund, and United Nations and other international organizations.
NOTE.—Gold and short-term dollars include reported and estimated
official gold reserves, and total dollar holdings as shown in Short-term
Liabilities to Foreigners Reported by Banks in the United States, by
Countries (tables 1 and la-Id of the preceding section). U. S. Govt.
bonds and notes represent estimated holdings of such securities with original maturities of more than one year; these estimates are based on a
survey of selected U. S. banks and on monthly reports of security transactions. For back figures see BULLETIN for March 1956, pp. 304-305.
1298
INTERNATIONAL INSTITUTIONS
INTERNATIONAL BANK FOR RECONSTRUCTION AND
DEVELOPMENT
INTERNATIONAL MONETARY FUND
[End-of-month figures. In millions of dollars]
[End-of-month figures. In millions of dollars]
1957
1957
1956
Sept.
June
Mar.
Dec.
July
Sept.
524
Dollar deposits and U. S. securities.
484
430
365
386
858
Other currencies
and securitiesJ
873
901
931
960
2
2.549
Effective loans
2,378
2,238
2,437
2,094
76
54
41
Other assets 3
42
72
IBRD bonds outstanding
Undisbursed loans
Other liabilities
Reserves
Capital
1.034
948
848
849
676
670
676
609
530
20
20
11
19
10
303
289
266
254
240
1,867 1,854 1,853 1,853 1,853
1,141
Member subscriptions
Accumulated net incoine
Reserves and liabilities>
Country 9
Area and member country
Principal
Disbursed
Repaid
Sold
to
Total
others*
Continental W. Europe, total
Belgium and Luxembourg.
France
Italy
Netherlands
Other
1,154
133
267
163
236
355
1,012
Sterling area, total
Australia
India
Union of S. Africa
United Kingdom
Other
1,051
318
324
135
146
128
699
266
144
135
77
76
77
12
24
22
3
16
622
254
120
113
74
61
86
24
14
19
25
4
720
169
111
141
298
553
166
87
134
166
59
14
16
10
19
494
152
71
125
147
26
2
3
9
13
292
144
Latin America, total
Brazil
Colombia
Mexico
Other
Asia (excl. Sterling area)
Africa (excl. Sterling area). .
191
12
16
141
821
106
251
92
88
284
74
24
16
7
21
6
139
24
63,239
Total
118
267
93
229
305
2,415
333
2,083
7201
Jan.
July
Oct.
Argentina
150
Belgium
225
Brazil
150
Chile
50
Colombia
50
Denmark
68
60
EfiVDt
525
France.
....
400
India
Indonesia
no
Iran
Japan
250
35
United K i n g d o m . . . . 1,300
United States
2,750
8,751
-14
1956
1957
Paid
m
gold
Total
1,718
125
1,759
4 319
815
1
Cumulative net drawings
on the Fund
Quota
Outstanding
Apr.
1, 148 1 ,439 1,420 1.687
200
200
200
200
977 1.423 1.697
992
s 777 5 489 5 051 4 387
824
818
817
942
5
!
8, 941 8,932 8 929 8 9 29
-10
-6
- 14
-2
2
2
Gold
Investments 8
Currencies: United St<ites!
Other i . . .
Unpaid member subscriptions.
Other assets
Loans by country, Sept. 30, 1957
4
1956
Item
Item
A.ug.
38
56
38
9
13
6
10
108
28
16
9
75
50
38
25
25
34
30
263
200
55
25
63
125
236
562
688 . . . -1,783
July
Aug.
75
50
....
38
66
12
13
25
25
34
30
263
200
55 " " ' 5 5 *
21
75
562
io-413
Notes to tables on international institutions:
1 Currencies include demand obligations held in lieu of deposits.
2
Represents principal of authorized loans, less loans not yet effective,
repayments, the net amount outstanding on loans sold or agreed to be
sold to others, and exchange adjustment.
* Excludes uncalled portions of capital subscriptions.
4
Loans to dependencies are included with member.
5 Includes also effective loans agreed to be sold but not yet disbursed.
6
Includes $148 million in loans not yet effective.
78 Includes $178 million not guaranteed by the Bank.
U. S. Treasury bills purchased with proceeds of sales of gold.
9
Countries shown are those with cumulative net drawings of $25
million
or more on the latest date.
1
o Represents sales of U. S. dollars by the Fund to member countries
for local currencies, less repurchases of such currencies with dollars.
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS
Bank of England (millions of pounds sterling)
Date
Assets of issue
department
Gold
Liabilities of banking department
Assets of banking department
Other
assets
(fiduciary
issue)
Coin
Notes
Discounts
and advances
Securities
Note
circulation i
Deposits
Bankers'
Public
EGA
Other
Capital
and
surplus
97.9
.4
.6
24.3
7.2
9.6
3.2
111.2
85.0
89.8
78.5
70.4
66.3
71.7
18.1
18.1
18.1
18.1
18.2
18.1
18.1
28
27
26
31
30
29
28
.4
.4
.4
.4
.4
.4
.4
1,350.0
1,375.0
1,450.0
1,575.0
1,675.0
1,775.0
1,900.0
5.3
1.5
1.7
1.4
2.4
2.4
2.3
28.4
17.7
12.5
49.9
55.4
23.7
10.7
14.8
29.2
18.2
11.2
4.9
8.9
37.7
489.6
384.0
389.2
371.2
338.1
350.7
299.6
,321.9
,357.7
.437.9
.525.5
,619.9
,751.7
,889.6
299.2
313.5
299.8
302.8
290.2
276.1
245.2
11.6
15.4
13.4
10.0
14.9
15.4
12.0
1956—Oct. 31
Nov. 28
Dec. 26
.4
.4
.4
1,925.0
1,925.0
2,025.0
2.0
2.0
1.9
47.5
19.0
27.7
28.2
26.8
11.0
285.1
279.9
267.7
,877.8
,906.3
,997.7
256.6
220.0
203.6
15.1
13.8
11.6
73.3
75.8
74.9
17.8
18.0
18.1
1957—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
.4
.4
.4
.4
.4
.4
.4
.4
.4
1,925.0
1,925.0
1,925.0
1,975.0
1,975.0
2,000.0
2,075.0
2,025.0
2,000.0
2.0
2.0
2.3
2.4
2.4
2.4
2.4
2.4
2.5
63.7
52.0
22.5
23.1
21.7
14.9
15.9
29.9
32.9
34.9
15.8
18.6
21.5
40.5
32.6
29.9
17.6
15.1
240.3
261.0
290.3
259.2
243.2
268.4
262.4
253.5
271.0
,861.6
,873.4
,902.8
,952.2
,953.7
,985.5
2,059.5
,995.5
,967.5
232.1
225.2
228.9
202.4
204.4
216.3
205.0
199.3
216.8
14.4
13.5
13.7
11.5
10.1
12.2
13.4
11.6
13.0
76.0
73.7
72.5
74.5
75.3
71.8
73.9
74.2
73.1
18.3
18.5
18.5
17.8
18.0
18.1
18.3
18.5
18.5
1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
1954—Dec.
1955—Dec.
30
27
27
24
29
26
31
28
25
For notes see opposite page.
1299
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
Bank of Canada (millions of Canadian dollars)
Assets 2
Date
Sterling
and
United
States
dollars
Liabilities
Dominion and provincial govt. securities
Shortterm
Other
Deposits
Other
assets
Note
circulation
Chartered
banks
Dominion
govt.
Other
Other
liabilities
and
capital
1949_Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
1954_Dec. 31
1955—Dec. 31
74.1
111.4
117.8
77.1
54.9
54.2
57.4
,781.4
,229.3
,141.8
,459.8
,376.6
,361.5
,283.8
227.8
712.5
1,049.3
767.2
893.7
871.1
1,093.7
42.5
297.1
135.2
77.3
112.0
114.1
185.2
1,307.4
1,367.4
1,464.2
1,561.2
1,599.1
1,623.5
1,738.5
541.7
578.6
619.0
626.6
623.9
529.6
551.0
30.7
24.7
94.9
16.2
51.5
56.3
89.2
126.9
207.1
66.1
44.5
29.5
30.5
34.0
119.2
172.6
200.0
132.9
133.1
161.0
207.5
1956—Oct. 31
Nov. 30
Dec. 31
51.4
61.1
60.8
,031.3
,021.2
,025.0
,360.4
,380.3
,392.0
128.0
158.7
69.9
1,780.9
1,793.5
1,868.7
575.3
624.9
511.5
55.0
7.4
38.8
30.7
129.3
163.9
97.5
1957—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
53.5
60.8
53.7
50.3
52.3
57.3
63.1
62.4
55.3
,091.7
,052.7
,105.2
,158.0
,165.9
,213.3
,197.7
,251.8
,208.4
,202.2
,189.4
,176.3
,190.2
,185.1
1,194.3
1,202.3
1,208.4
1,204.2
113.5
118.6
213.5
119.2
188.7
210.3
100.7
203.9
110.9
1,738.9
1,717.9
1,724.6
1,756.3
1,751.5
1,784.3
1,817.7
1,815.5
1,819.1
524.0
497.5
519.5
546.9
526.3
545.5
490.5
542.8
480.8
57.8
52.7
78.3
62.9
43.9
44.4
54.2
64.0
66.9
34.3
27.2
25.1
22.5
32.0
28.9
26.9
33.3
28.7
105.8
126.3
201.2
129.2
238.3
272.1
174.5
270.9
183.3
31
28
30
30
31
29
31
31
30
Bank of France (billions of francs)
Assets
Gold
Foreign
exchange
Liabilities
Advances to
Government
Domestic bills
Other
assets
Open
market
Special
Other
Current
Other
28.5
34.1
32.0
57.0
61.1
48.9
45.2
335.7
393.1
741.3
937.5
891.6
1,130.2
1,194.7
157.9
158.9
160.0
172.0
200.0
195.0
190.0
561.0
481.0
481.0
480.0
679.8
617.6
539.8
112.7
212.8
190.8
159.7
170.0
277.2
336.8
1,278.2
1,560.6
1,841.6
2,123.5
2,310.5
2,538.5
2,820.0
29
28
27
31
31
30
29
62.3
182.8
191.4
200.2
201.3
201.3
301.2
15.4
57.3
200.2
137.7
136.9
234.9
274.0
292.5
236.8
226.7
1956—Oct. 31
Nov. 29
Dec. 27
301.2
301.2
301.2
91.7
68.4
49.6
293.7
270.7
289.2
21.4
30.5
30.5
1,546.6
1,638.1
1,753.7
158.8
178.9
179.0
479.8
479.8
479.8
342.2
251.5
236.4
301.2
301.
301.
301.
301.
201.
201.
201.2
3201.2
33.0
32.9
23.1
12.2
12.0
12.0
11.9
11.9
11.9
270.3
317.4
310.3
325.2
322.9
274.9
273.6
307.2
322.7
26.8
25.0
27.6
24.9
20.2
16.1
7.3
6.2
18.3
1,759.5
1,735.7
1.836.8
1,871.9
1,948.1
2,014.1
2,027.1
1,931.4
1,886.7
175.0
171.3
175.0
158.3
175.0
175.0
175.0
175.0
175.0
479.8
479.8
479.8
479.8
479.8
594.1
752.1
789.8
804.8
233.8
245.7
192.6
196.9
192.4
267.0
306.6
271.1
3266.2
1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
1954_Dec.
1955—Dec.
1957—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
31
28
28
25
29
27
25
29
26
Central bank, monetary unit,
and item
61.9
162.0
28.3
31.1
1957
Sept.
Aug.
1956
July
Central Bank of the Argentine Republic
(millions of pesos):
760
760
697
Gold reported separately
1,649 2,124 2,246
Other gold and foreign exchange..
157
157
Gold contribution to Intl. F u n d . . .
157
4,822 4,814 4,817
Govt. securities
Rediscounts and loans to b a n k s . . . 115,316 114,017 113,411
1,782 1,746 1,739
Other assets
44,987 44,710 44,748
Currency circulation
69,566 69,232 68,721
Deposits—Nationalized
2,025 2,496 2,562
Other sight obligations
7,846 7,180 7,100
Other liabilities and capital
1,081
-198
157
4,974
97,885
857
38,303
58,306
1,181
6,966
19.4
^24.2
41.3
49.3
56.3
67.9
71.8
2,988.4
2,964.6
3,046.9
158.7
169.4
173.8
88.3
85.1
98.8
3,045.0
3,065.8
3,051.6
3,044.1
3,106.9
3,130.0
3,238.3
3,219.7
3,214.4
149.4
161.1
214.3
222.7
263.1
330.9
397.7
376.6
359.5
84.9
82.2
80.6
103.6
81.6
93.6
118.9
97.4
112.9
Commonwealth Bank of Australia (millions of pounds):
Gold and foreign exchange
Checks and bills of other banks...
Securities (incl. Govt. and Treasury bills)
Other assets
Note circulation
Deposits of Trading Banks:
Special
Other
Other liabilities and capital
4
Other
liabilities
and
capital
159.0
176.8
176.8
138.6
144.9
157.8
142.9
Central bank, monetary unit,
and item
Sept.
Notes
to central bank table on this and opposite page:
1
Notes issued, less amounts held in banking department.
2 Gold was transferred on May 1, 1940, to Foreign Exchange Control
Board in return for short-term Govt. securities (see BULLETIN for July 1940,
pp. 677-678).
3 Other assets include 100.0 billion francs of gold loaned to Stabilization Fund.
Deposits
Note
circulation
GovernOther 4
ment
1.2
1957
Sept.
Aug.
1956
July
Sept.
473
3
474
3
471
3
285
6
486
25
388
472
36
387
465
47
383
545
65
382
340
31
227
340
30
228
340
32
231
255
43
221
Beginning 1950, includes Economic Cooperation Administration.
5 Less than 50 million francs.
NOTE.—All figures, including gold and foreign exchange, are compiled
from official reports of individual banks and are as of the last report date
of the month. For details relating to individual items, see BULLETIN for
April 1955, p. 443. For last available report from the Reichsbank
(February 1945), see BULLETIN for December 1946, p. 1424.
1300
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
Central bank, monetary unit,
and item
1957
Sept.
Aug.
1956
July
Sept.
1957
Central bank, monetary unit,
and item
Sept.
Aug.
1956
July
National Bank of Cuba—Cont.
Austrian National Bank (millions of
Foreign exchange (net)
180
188
schillings):
2,231
1,745
2,231
2,169
Foreign exchange (Stabilization
Gold
8,376
Fund)
205
201
Foreign exchange (net)
, 10,396 10,396 9,793
6,059
5,891 6,184 6,286
13
13
Net claim on Intl. Fund l
Loans and discounts
1,343
1,560
1,342
1,343
49
45
Loans and discounts
Claim against Government
599
615
612
557
112
Other assets
Credits to Government
119
14,477 14,741 14,773 13,509
76
Note circulation
Other assets
76
2,265 2,184 1,731
1,155
444
Deposits—Banks
Note circulation
446
974 1,127
988
769
Other
Deposits
291
300
906
876
902
1,353
34
Other liabilities and capital
33
Blocked
1,854
1,825
1,510 National Bank of Czechoslovakia2
1,807
Other liabilities and capital
,
National Bank of Belgium (millions of
National Bank of Denmark (millions
francs):
of kroner):
43,709 44,112 42,298 48,586
68
Gold
Gold
884
956
820
Foreign exchange
Foreign claims and balances (net). 7,879 7,880 9,305 10,379
13,948 14,653 15,140
5,539
197
134
145
Loans and discounts
Loans and discounts
34,456 34,456 34,456 34,660
501
493
493
Securities
Consolidated Govt. debt
9,406 9,778 9,525
8,735
3,022 3,022 3,023
Govt. compensation account....
Govt. securities
6,005 6,128 5,802
5,755
784
Other assets
613
755
Other assets
109,483 110,320 110,801 108,238
Note circulation
Note circulation
2,135 2,124 2,151
1,200 2,031
1,154
1,339
Deposits—Government
1,494 1,502 1,519
Deposits—Demand
20
20
20
40
1,562 1,382
Other
1,397
ECA
4,700 4,636 4,551
4,038
Other liabilities and capital
252
Other liabilities and capital
260
268
Central Bank of Bolivia—Monetary
(May)*
Central
Bank
of
the
Dominican
Redept. (millions of bolivianos):
r
668
668 public (thousands of pesos):
Gold at home and abroad
25,177
-492
11,405 11,405 11,405
Gold
Foreign exchange (net)
268,789 124,430
Foreign exchange (net) 1
13,600 15,850 15,758
Loans and discounts
7,951
2,505
Govt. securities
Net
claim
on
Intl.
Fund
2,500 2,500 2,500
r
6,183
5,688
Loans and discounts
4,300 3,316 2,973
Other assets
172,427 109,439
Govt. securities
Note circulation
7,830 7,830 7,830
28,136 18,123
Other assets
25,735 23,570 22,682
Deposits
108,205
5,237
Note circulation
48,732 48,432 48,120
Other liabilities and capital
Demand deposits
12,921 12,414 11,558
Central Bank of Ceylon (millions of
Other liabilities and capital
rupees):
3,717 3,624 3,472
624
625
598
72!19 Central Bank of Ecuador (millions of
Foreign exchange
96
31
sucres):
Advances to Govt
49
49
34
14
325
Govt. securities
325
325
Gold
16
11
11
6
66
56
46
Other assets
Foreign exchange (net)
473
459
459
-37
443
-37
-37
Currency in circulation
Net claim on Intl. Fund l
32
24
7
514
46
479
530
Credits—Government
Deposits—Government
85
166
338
97
329
302
172
Other
Banks
115
240
116
112
328
246
87
Other liabilities and capital
Other assets
739
771
714
Note circulation
Central Bank of Chile (millions of
227
240
234
Demand deposits—Private banks .
pesos):
4,496 4,254
169
168
171
8,529
Other
GoW
1,057
311
1,081
1,236
301
293
Other liabilities and capital
Foreign exchange (net) 1
18
19
National Bank of Egypt (millions of
Net claims on Intl. Fund
16,404 13,099 "6^466 pounds):
Discounts for member banks
26,077 26,077 15,987
Gold
66
66
Loans to Government
66
54,116 51,738 27,445
Foreign assets
93
Other loans and discounts
96
99
21,749 22,877 25,965
Egyptian Govt. securities
170
Other assets
176
167
70,644 69,329 57,676
-32
Clearing and other accounts (net).
-42
-26
Note circulation
6,916
7,442 7,428
21
30
22
Loans and discounts
Deposits—Bank
1,295
2
5,511 2,355
2
Other assets
Other
-)
183
40,320 40,033 19,741
188
Note circulation
Other liabilities and capital
193
10
8
Deposits—Egyptian Government.
Bank of the Republic of Colombia (mil8
111
114
Other
lions of pesos):
102
312
352
409
20
19
244
Other liabilities and capital
Gold and foreign exchange
21
52
52
52
Net claim on Intl. Fund *
52 OCentral Reserve Bank of El Salvador
951
1,116
898
566 (thousands of colones):
Loans and discounts
622
648
699
78,613 78,629 78,663
602
Gold
Govt. loans and securities
256
340
606
42,616 58,067 70,563
137
Foreign exchange (net)
Other assets
921
930
931
722
1,562 1,562
1,562
Net claim on Intl. Fund*
Note circulation
1,193
1,193
1,274
574
81,726 71,368 65,296
Loans and discounts
Deposits
243
305
220
460
9,174 10,331 12,145
Govt. debt and securities
Other liabilities and capital
7,684 7,621
7,462
Other assets
Central Bank of Costa Rica (millions
97,201 98,362 100,806
Note circulation
of colones):
12
12
12
12
11,588 117,040 123,042
Deposits
Gold
70
78
88
48
Other liabilities and capital
, 12,587 12,177 11,844
Foreign exchange
7
7
7
7 Bank of Finland (millions of markkaa):
Net claim on Intl. Fund i
119
106
98
116
7,850 7,847 7,849
Gold
Loans and discounts
16
16
16
16
Foreign assets and liabilities (net), 21,285 15,135 15,241
Securities
30
30
22
24
37,987 38,775 37,679
Loans and discounts
Other assets
153
155
151
142
16,250 16,250 16,250
Securities—Government
Note circulation
53
45
47
46
1,514 1,515
1,510
Other
Demand deposits
37
53
52
36
17,014 13,092 13,656
Other assets
Other liabilities and capital
55,828 53,736 53,471
Note circulation
National Bank of Cuba (millions of
Deposits
pesos):
6,776 5,351
5,132
136
136
136
Other liabilities and capital
, 39,297 33,528 33,582
Gold
r
Revised.
• Latest month available.
1
This figure represents the amount of the country's subscription to the
Fund
less
the
bank's
local
currency liability to the Fund.
2
For last available reports for Czechoslovakia and Hungary (March
and February 1950, respectively), see BULLETIN for September 1950,
pp. 1262-1263.
Sept.
153
221
13
41
121
77
421
314
26
68
668
145
493
3,072
751
2,107
1,407
1,426
257
12,526
13,920
1,250
2,972
8,360
20,027
47,595
8,255
3,205
325
1
38
527
358
266
782
231
154
348
61
117
126
-7
21
2
188
14
397
19
70,474
22,306
1,573
71,503
17,498
7,236
90,956
88,155
11,477
7,850
20,940
44,560
17,500
2,028
13,658
58,831
10,040
37,664
3 Includes figure for Sudan Government.
NOTE.—All figures, including gold and foreign exchange, are compiled
from official reports of individual banks and are as of the last report date
of the month.
1301
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
Central bank, monetary unit,
and item
1957
Sept.
Aug.
1956
July
4
German Federal Bank (millions of
German marks):
Gold
Foreign exchange
Loans and discounts
Loans to Government
Other assets
Note circulation
Deposits—Government
Banks
Other
Other liabilities and capital
Bank of Greece (millions of drachmae):
Gold and foreign exchange (net)..
Loans and discounts
Advances—Government
Other
Other assets
,
Note circulation
,
Deposits—Government
,
Reconstruction and
relief accts
,
Other
Other liabilities and capital
Bank of Guatemala (thousands of
quetzales):
Gold
Foreign exchange (net)
Gold contribution to Intl. Fund.
Rediscounts and advances
Other assets
Circulation—Notes
Coin
Deposits—Government
Banks
Other liabilities and capital
National Bank of Hungary2
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad 5 . . . .
Foreign securities
Indian Govt. securities
Rupee coin
Note circulation
Banking department:
Notes of issue department
Balances abroad
Bills discounted
Loans to Government
Other assets
Deposits
Other liabilities and capital
Bank Indonesia (millions of rupiahs):
Gold and foreign exchange (net)..
Loans and discounts
Advances to Government
Other assets
Note circulation
Deposits—ECA
Other
Other liabilities and capital
Bank Melli Iran (millions of rials):
Gold
Foreign exchange
Gold contribution to Intl. Fund. .
Govt.-secured debt
Govt. loans and discounts
Other loans 6and discounts
Other assets
Note circulation
Deposits—Government
Banks
Other
Special Account—Profits of revaluation
Other liabilities and capital
Central Bank of Ireland (thousands of
pounds):
Gold
Sterling funds
,
Note circulation
,
10,033 9,450 8,887
14,328 13,689 12,571
1,297 1,148 1,962
3,765 3,251 4,229
946 1,029
1,167
15,928 15,706 15,545
5,472 4,812 5,781
5,623 4,746 4,861
676
187
812
2,755 2,543 2,304
5,358
175
5,565
5,385
2,474
6,611
1,061
5,955
170
8,589
5,123
2,491
6,328
1,075
6,150
158
8,003
5,000
2,260
6,012
1,104
3,676
5,628
1,981
7,113
5,785
2,026
7,113
5,647
1,695
27,262
38,555
1,250
11,002
39,797
58,075
4,242
8,887
21,163
25,500
27,263
42,142
1,250
7,750
40,107
57,314
4,168
8,948
22,033
26.049
1,178 1,178 1,178
3,266 3,605 4,005
9,359 9,020 8,868
1,352 1,336 l,30f
14,711 14,706 14,988
443
259
6
418
2,925
2,697
1,353
761
791
16,561
853
12,343
220
3,926
2,478
432
364
193
197
31
4:
26:
373
3,548
,987
,739 3,090
,287 1,313
588
448
835
826
16,210 15,787
79f
685
11.970 11,396
28:
'270
3,885 4,221
2,300 1,84"
4,533
4,533
4,533
663
7,923
12,53'
6,720
14,527
11,783
5,894
1,691
16,578
663
7,923
12,174
6,585
14,736
11,380
6,461
1,697
16,239
663
7,923
12,31
6,560
15,930
11,249
7,12'
1,659
17,153
7,110
3,848
7,110
3,727
7,110
3,624
2,646 2,646 2,646
74,413 72,879 70,767
77,059 75,525 73,413
Sept.
Bank of Israel (thousands of pounds):
Gold
Foreign exchange
Clearing accounts (net)
Loans and discounts
Advances to Government
Other Govt. accounts
Govt. securities
Other assets
Notes and coin in circulation
Deposits—Government
Other
Other liabilities and capital
,821 Bank of Italy (billions of lire):
149
Gold
,060
Foreign exchange
,994
Advances to Treasury
,117
Loans and discounts
,534
Govt. securities
,043
Other assets
Note circulation
,403
Deposits—Government
,693
Demand
Other
,469
Other liabilities and capital
Bank of Japan (billions of yen):
Bullion
Loans and discounts
Govt. securities
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Bank of Mexico (millions
of pesos):
Monetary reserve8
"Authorized" holdings of securities, etc
Bills and discounts
Other assets
400
Note circulation
5,867
Demand liabilities
7,037
Other liabilities and capital
1,201 N e t h e r l a n d s B a n k (millions of
14,092 guilders):
Gold
413
Silver (including subsidiary coin).,
283
Foreign assets (net)
39
Loans and discounts
28
Govt. debt and securities
1,311
Other assets
1,555
Note circulation
519
Deposits—Government
ECA
408
Other
801
Other liabilities and capital
10,003 Ri
Reserve Bank of New Zealand (thou462 sands of pounds):
046
Gold
327
Foreign exchange reserve
301
Loans and discounts
000
Advances to State or State undertakings
,242
Investments
244
Other assets
Note circulation
28:
Demand deposits
,187
Other liabilities and capital
,296
,241 Bank of Norway (millions of kroner):
Gold
,054
Foreign assets (net)
545
Clearing accounts (net)
!916
Loans and discounts
,468
Securities
,268
Occupation account (net)
Other assets
3,350
Note circulation
Deposits—Government
Banks
FOA
Other liabilities and capital
412
458
149
040
,118
,379
,953
,839
223
,781
4 On Aug. 1, 1957, the Land Central Banks and the Berlin Central
Bank were merged with the Bank of German States (Bank deutscher
Lander) and the latter became the German Federal Bank (Deutsche
Bundesbank).
5 In October 1956, gold held by bank was revalued from 8.47512 to
2.88
grains of fine gold per rupee.
6
Includes (1) gold and foreign exchange in banking department and
Central bank, monetary unit,
and item
1957
Sept.
Aug.
1956
July
6,265 3,958 8,954
09,611 111,800 102,349
-5,262 -3,804 -1,560
35,625 28,186 24,499
67,812 60,464 65,150
30,354 129,381 120,390
149,698 149,726 149,878
12,151 12,566 12.175
250,303 241,499 241,111
40,861 39,107 35,001
186,382 188,412 179,214
28,709 28,262 26,509
Sept.
2,116
85,116
-1,387
21,296
72,595
72,647
146,220
14,932
220,537
35,462
139,973
17,563
4
71
567
473
415
1,113
1,729
9
150
579
176
4
71
567
475
405
1,070
1,706
5
150
559
171
4
71
567
440
418
1.111
1.712
4
147
576
173
4
71
567
479
399
961
1,633
15
98
570
163
()
563
205
140
654
61
84
108
()
521
233
121
650
47
85
(
484
243
137
664
44
1,878
1,867
3,794
()
97
435
231
600
52
30
82
1,815
4,424
1.090
'874
5,171
2,342
754
4,587
912
847
5,246
2.221
746
4,217
1.061
853
5,140
2.037!
748
5,033
755
410
4,859
2,401
754
2,649
12
735
425
660
346
4,118
101
17
381
210
2,826
12
622
400
791
351
4,046
3.020
9
641
200
732
369
4.166
727
212
17
575
214
,230
4
972
226
660
382
,915
253
419
672
216
6,162 6.162 6,162
46,650 57,133 57.478
23,930 23,628 32,151
6,162
46,917
16,184
39,692
38,124
1,631
73,221
73,453
9,517
27,972
38,124
1,608
72,699
72,722
9,207
26,398
38,124
1,502
72.030
80.679
9,107
41,641
38,173
2,083
69,639
72,163
9,358
209
205
13
74
105
5,545
127
3,238
1,557
340
1
1,144
206
205
205
220
10
85
114
5,546
86
3,287
1,482
465
26
1,008
210
59
-27
118
75
5,546
113
3,154
1,626
389
23
903
112
5,545
119
3,251
1,337
641
26
1,028
(2) in May 1957, the profit resulting from revaluation of gold from
.0275557 to .0117316 grams of fine gold per rial.
7 Holdings in each month were 448 million yen.
« Includes gold, silver, and foreign exchange forming required reserve
(25 per cent) against notes and other demand liabilities.
For other notes see opposite page.
1302
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
1957
1956
Sept.
State Bank of Pakistan (millions of
rupees):
Issue department:
Gold at home and abroad
Foreign exchange—Approved. .
Other...
Pakistan Govt. securities....
India currency
Rupee coin
Notes in circulation
Banking department:
Notes of issue department
Bills discounted
Loans to Government
Other assets
Deposits
Other liabilities and c a p i t a l . . . .
Central Bank of Paraguay (millions of
guaranies):
Gold
Foreign exchange (net)
Net claim on Int. Fund 1
Loans and discounts
Govt. loans and securities
Other assets
Note and coin issue
Deposits—Government
Other
Other liabilities and capital
Central Reserve Bank of Peru (millions
of soles):
Gold and foreign exchange
Net claim on Intl. Fund 1
Loans and discounts to b a n k s . . . .
Loans to Government
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of the Philippines
(millions of pesos):
Gold
Foreign exchange
Loans
Domestic securities
Other assets
Circulation—Notes
Coin
Demand deposits
Other liabilities and capital
Bank of Portugal (millions of escudos):
Gold
Foreign exchange (net)
Loans and discounts
Advances to Government
Other assets
Note circulation
Demand deposits—Government. .
ECA
Other
Other liabilities and capital
South African Reserve Bank (millions
of pounds):
Gold
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits
Other liabilities and capital
Bank of Spain (millions of pesetas):
Gold
Silver
Govt. loans and securities
Other loans and discounts
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital
r
Aug.
July
115
658
57
1,872
430
54
3,076
115
692
57
1,818
430
60
3,030
115
739
57
1.820
430
58
3,071
110
142
149
1,046
1,038
118
1,051
1,054
139
1,143
1,120
172
15
655
113
1,669
719
517
1,227
507
270
1,684
15
750
173
1,666
702
476
1,229
535
289
1,729
10
460
113
1,677
662
492
1,224
545
257
1,387
400
67
1,139
1,647
127
2,477
672
230
581
67
1,013
1,649
186
2,496
715
285
673
67
953
1,619
127
2,549
667
224
39
249
76
647
165
691
86
232
166
53
245
100
586
165
688
86
232
142
52
237
137
524
164
681
86
222
124
5,995 5,969 5,942
13,570 13,691 13,566
1,744
1,559
1,609
1,365
1,369
1,370
2,309 2,311
1,918
11,640 11,597 11,496
1,986
1,968 2,140
19
18
18
7,850 7,819 7,675
3,488 3,497 3,076
76
31
32
48
116
55
15
80
29
24
51
115
53
16
80
36
25
43
114
55
15
618
323
15,830
59,541
65,514
62,467
4,479
14,576
60,305
618
323
16,624
57,328
67,090
60,970
5,155
14,095
61,763
618
323
16,365
56,959
66,551
60,280
2,245
17,282
61,009
Sept.
Sept.
Bank of Sweden (millions of kronor):
Gold
Foreign assets.
115
Net claim on Intl. Fund *
1,063
Swedish Govt. securities and ad57
vances to National Debt Office2.
Other domestic bills and advances,
1,197
Other assets
,
430
r
Note circulation
63
2,834
Demand deposits—Government. .
Other
91
Other liabilities and capital
26 Swiss National Bank (millions of
francs):
Gold
688
Foreign exchange
660
Loans and discounts
146
Other assets
Note circulation
11
Sight liabilities
Other liabilities and capital
515
53 Central Bank of the Republic of Turkey
1,545 (millions of pounds):
507
Gold
219
Foreign exchange and foreign
1,163
clearings
301
Loans and discounts
288
Securities
1,098
Other assets
Note circulation
Deposits—Gold
624
Other
Other liabilities and capital
67
838 Bank of the Republic of Uruguay (mil1,287 lions of pesos):
166
Gold
Silver
2,153
567
Advances to State and Govt.
263
bodies
Other loans and discounts
Other assets
39
Note circulation
407
Deposits—Government
141
Other
365
Other liabilities and capital
147 Central Bank of Venezuela (millions
645
of bolivares):
86
Gold
286
Foreign exchange (net)
Other assets
82
Note circulation
5,728
Deposits
13,510
Other liabilities and capital
1,161 National Bank of Federal People's Re1,373
public of Yugoslavia (billions of
1,869 dinars):
10,985
Gold
1,616
Gold contribution to Intl. Fund. .
89
Foreign assets
7,894
Loans (short-term)
3,057
Govt. debt (net)
Other assets
Notes and coin in circulation
76
Demand deposits
38
Foreign liabilities
19
Long-term liabilities (net)
49
Other liabilities and capital
111 Bank for International Settlements
55
(millions of Swiss gold francs):
15
Gold in bars
Cash on hand and with b a n k s . . . .
617
Rediscountable bills and accept323
ances (at cost)
15.849
Time funds at interest
43,520
Sundry bills and investments
51,430
Funds invested in Germany
50,453
Other assets
5,188
Demand deposits—Gold
10,556
Other
45,543
Long-term deposits: Special
Other liabilities and capital
Revised.
* Latest month available.
1 This figure represents the amount of the country's subscription to the
Fund less the bank's local currency liability to the Fund.
2 Includes small amount of nongovernment bonds.
1957
1956
Central bank, monetary unit,
and item
Central bank, monetary unit,
and item
Aug.
July
Sept.
51
1,180
129
531
1,203
129
513
1,300
129
579
956
129
4,474
112
974
5,36:
128
156
1,742
4,491
69
965
5,320
261
71
1,735
4,616
15
932
5.246
241
279
1,739
3,759
108
997
5,129
164
70
1,164
7,313
556
155
97
5,605
2,281
236
,181
535
157
92
.565
,170
231
,095
527
176
6,921
590
154
100
5,391
2,149
224
402
402
402
402
467
4,823
33
265
3,105
155
1,983
747
485
4,609
33
271
2,926
155
1,965
754
486
4,405
33
265
2,801
155
1.916
719
224
3,813
29
247
2,299
155
1,615
646
(May)*
278
324
10
261
590
784
561
204
373
784
277
524
690
491
212
371
751
2,099
2,027
195
1,318
597
2.406
2.099
2,020
203
1,295
499
2.527
1,234
962
175
1,088
357
926
36
791
94
56
107
378
84
291
125
37
774
86
52
101
353
87
297
119
5
2
67
940
41
67
85
211
119
518
190
424
73
564
43
504
48
608
71
540
114
814
297
4
527
,199
229
310
399
216
861
297
4
656
,192
229
308
508
410
649
297
1
780
1,099
229
308
637
104
691
297
2
759
,124
229
298
2.099
2,165
220
1,333
585
2,567
NOTE.—All figures, including gold and foreign exchange, are compiled
from official reports of individual banks and are as of the last report date
of the month.
1303
MONEY RATES
CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1
[Per cent per annum]
Central banks with new rates since December 1955
Month effective
NethBelGerer- Spain
gium France many Greece lands
In effect Dec. 31, 1955
1956 Feb
Mar
Apr
May
June
Aug
Sept
Oct
Nov
Dec
3.0
3.0
3.5
2.50
9.0
Swe- Switzerden
land
3.75
3.75
1.5
Tur- United
Cankey Kingada
dom
4.5
3.00
2.75 3.00 8.03
4.5
5.5
4.5
3.00
10.0
5.5
El
Ja- PhilipSalpan 2 pines Chile 2 vador
2
India
3.25 . . .
...
3 25
5.0
3.75
1957_jan
Feb
Mar
Apr
May
3.95
4 01
3.95
8.40
4.00
4 01 44 00 9.13
4 06
4 05
4 28
4.05
4 05
4.5
5 0
4.0
2 5
July
Aug
Sept
Oct
4 25
5.00
4.5
5.0
4 0
In effect Oct. 31, 1957
4.5
5.0
5 00
7.0
5.00
10.0
4.0
5 00
5.00
5.00
2.5
6.0
I ... J
j
3.50
33 77 3 50
3.92
4.00
3.5
4.05 4.00 9.13
7.0
3.0
I
3 25
4 25
4.5
... 1
6.0
.
1.5
)
i 6n
2.0
4.0
4.5
4.5
]
6.0
4.0
Other selected central banks—rates in effect on Oct. 31, 1957
Area and
country
Europe:
Austria
Denmark
Italy
Norway
Portugal
Rate
Month
effective
5.0
5.5
4.0
35
2.5
Nov. 1955
May 1955
Apr. 1950
Feb. 1955
Jan. 1944
Area and
country
Rate
Asia:
Burma
Ceylon
Indonesia 2 ...
Pakistan
3.0
2.5
3.0
3.0
Month
effective
Feb.
June
Apr.
July
1948
1954
1946
1948
1
Rates shown represent mainly those at which the Central bank either
discounts or makes advances against eligible commercial paper and/or
government securities for commercial banks or brokers. For countries
with more than one rate applicable to such discounts or advances, the
rate shown is the one at which the largest proportion of central bank
credit operations is understood to be transacted. In certain cases other
rates
for these countries are given in the following note.
2
Discounts or advances at other rates include: Japan—various rates
depending on type of paper or transaction and extent of borrowing from
central bank, including 8.40 per cent for discount of paper related to domestic commercial transactions (rate shown is for advances on commercial
paper and miscellaneous collateral); Chile—rates in excess of 6 per cent
Area and
country
Asia—Cont.:
Thailand
Latin America:
Costa Rica 2 ..
Mexico
Peru 2
Rate
Month
effective
Area and
country
7.0
Feb. 1945
3.0
4.5
6.0
Apr. 1939
June 1942
Nov. 1947
Rate
Latin America—
Cont:
Venezuela
2.0
All other:
New Zealand. 7.0
South Africa. 4.5
Month
effective
May 1947
Oct. 1955
Sept. 1955
are applied to rediscounts in excess of 50 per cent of the rediscounting
bank's capital and reserves; El Salvador—3 per cent for agricultural and
industrial paper; Indonesia—various rates depending on type of paper,
collateral, commodity involved, etc.; Costa Rica—5 per cent for paper
related to commercial transactions (rate shown is for agricultural and
industrial paper); and Peru—4 per cent for industrial paper and mining
paper,
and 3 per cent for most agricultural paper.
3
Since Nov. 1, the discount rate is set each week at x/4 per cent above the
latest
average tender rate for Treasury bills.
4
Since May 16, this rate applies to advances against commercial paper
as well as against government securities and other eligible paper.
OPEN MARKET RATES
[Per cent per annum]
United Kingdom
Canada
Month
1954—Dec
1955_Dec
1956— Oct
bee.'.'.'.'!!!!!!!!!!!!
1957—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Netherlands
Sweden
Switzerland
i
Treasury Day-tobills
day
3 months 1 money 2
Bankers' Treasury
acceptbills
ances
3 months 3 months
Day-today
money
1.08
2.59
.78
2.42
1.78
4.22
1.78
4.08
1.45
3.10
3.30
3.40
3.61
2.83
2.89
3.18
5.14
5.08
5.07
5.04
5.01
4.94
4.21
4.24
4.15
3.70
3.76
3.71
3.72
3.77
3.80
3.81
4.02
3.94
3.27
3.48
3.65
3.69
3.71
3.80
3.72
3.88
2.96
4.85
4.44
4.25
4.18
4.04
4.08
4.06
4.17
5.40
4.69
4.30
4.07
4.01
3.84
3.87
3.85
3.97
5.42
4.06
3.66
3.55
3.59
3.48
3.45
3.45
3.60
4.33
r
Revised.
1 Based on average yield of weekly tenders during the month.
France
Bankers'
allowance Day-today
on
money
deposits
1.25
2.50
3.50
3.10
3.00
3.00
3.00
3.00
3.00
3.00
3.80
Treasury Day-tobills
day
3 months money
Loans
Private
up to
discount
3 months
rate
3.29
2.99
.77
1.06
.57
.62
1.50
1.50
3.47
3.71
3.55
3.18
3.25
3.48
'2.92
'3.06
'3.23
1.50
1.50
1.50
'3.92
'3.52
'4.10
'4.61
'5.19
5.78
7.82
7.94
3.58
3.47
3.61
3.63
3.59
3.60
3.81
4.45
4.86
'3.38
'2.85
'3.50
'3.50
'2.88
'2.70
'3.08
'3.51
3.64
2 Based on weekly averages of daily closing rates.
4Vi-6 */
1.69
1.75
1.75
1.75
1.75
2.50
2.50
2.50
2.50
1304
FOREIGN EXCHANGE RATES
FOREIGN EXCHANGE RATES
[Average of certified noon buying rates in New York for cable transfers.
Argentina
(peso)
Year or month
Preferential
Basic
In cents per unit of foreign currency]
Australia
(pound)
Austria
(schilling)
Belgium
(franc)
Canada
(dollar)
Ceylon
(rupee)
Denmark
(krone)
14.491
14.492
Free
20.000
13.333
20.000
13.333
20.000
13.333
20.000
13.333
120.000
U3.333
25.556
7.067
7.163
7.198
7.198
17.183
32.835
223.07
222.63
224.12
223.80
222.41
222.76
3.8580
3.8580
3.8580
3.8580
1.9859
1.9878
2.0009
1.9975
1.9905
2.0030
94.939
102.149
101.650
102.724
101.401
101.600
20.849
20.903
21.046
21.017
20.894
20.946
1956—Oct..
Nov.
Dec.
5.556
5.556
5.556
3.177
2.987
2.806
221.88
221.71
221.92
8580
8580
8580
2.0084
2.0022
1.9945
102.732
103.725
104.095
20.878
20.871
20.881
1957_jan..
Feb..
Mar.
Apr..
May.
June.
July.
Aug.
Sept.
Oct..
556
556
556
556
556
556
556
556
556
5.556
2.642
2.681
2.586
2.478
2.564
2.477
2.365
2.303
2.216
2.487
222.77
222.96
222.55
222.22
222.39
222.33
222.14
221.73
221.92
223.09
3.8570
3.8536
3.8536
3.8536
3.8536
3.8536
3.8536
3.8536
3.8536
3.8536
1.9912
1.9900
1.9900
1.9887
1.9862
1.9875
1.9908
1.9865
1.9874
1.9929
104.085
104.334
104.577
104.184
104.638
104.891
105.150
105.470
104.241
103.636
20.948
20.960
20.921
20.890
20.895
20.898
20.890
20.862
20.867
20.928
Germany
(deutsche
mark)
India
(rupee)
Ireland
(pound)
Japan
(yen)
Malaysia
(dollar)
Mexico
(peso)
280.38
279.68
281.27
280.87
279.13
279.57
11.564
11.588
11.607
9.052
8.006
8.006
1951
1952
1953
1954
1955
1956
Year or month
Finland
(markka)
France
(franc)
1951
1952
1953
1954
1955
1956
.4354
.4354
.4354
.4354
.4354
.4354
.2856
.2856
.2856
.2856
.2856
.2855
23.838
23.838
23.838
23.765
23.786
20.869
20.922
21.049
21.020
20.894
20.934
6.2779
32.849
32.601
32.595
32.641
32.624
32.582
1956—Oct
Nov
Dec
.4354
.4354
.4354
.2855
.2855
.2855
23.843
23.832
23.823
20.856
20.840
20.861
278.46
278.25
278.50
6.2779
.2779
32.384
32.360
32.475
8.006
8.006
8.006
1957_jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
.4354
.4354
.4354
.4354
.4354
.4354
.4354
.4354
4.3674
.3118
.2855
.2855
.2855
.2855
.2856
.2855
.2856
.2857
.2858
.2858
5.2376
.2375
.2375
23.808
23.797
23.793
23.790
23.796
23.798
23.800
23.800
23.800
23.800
20.939
20.947
20.913
20.890
20.896
20.896
20.884
20.844
20.858
20.940
279.57
279.81
279.30
278.89
279.10
279.02
278.78
278.27
278.51
279.98
.2779
.2779
.2779
.2779
.2779
.2779
.2779
.2779
.2779
.2779
32.529
32.561
32.532
32.512
32.526
32.523
32.495
32.431
32.448
32.556
8.006
8.006
8.006
8.006
8.006
8.006
8.006
8.006
8.006
8.006
Netherlands
(guilder)
New
Zealand
(pound)
Norway
(krone)
Philippine
Republic
(peso)
Portugal
(escudo)
South
Africa
(pound)
Sweden
(krona)
Switzerland
(franc)
United
Kingdom
(pound)
1951
1952
1953
1954
1955
1956
26.264
26.315
26.340
26.381
26.230
26.113
277.19
276.49
278.48
278.09
276.36
276.80
14.015
14.015
14.015
14.008
14.008
14.008
49.639
49.675
49.676
49.677
49.677
49.676
3.4739
3.4853
3.4887
3.4900
3.4900
3.4900
278.33
278.20
280.21
279.82
278.09
278.52
19.327
19.326
19.323
19.333
19.333
19.333
23.060
23.148
23.316
23.322
23.331
23.334
279.96
279.26
281.27
280.87
279.13
279.57
1956—Oct.. . .
Nov.. .
Dec...
26.124
26.105
26.101
275.70
275 49
275.75
14.008
14.008
14.008
49.677
49.677
49.674
3.4900
3.4900
3.4900
277.42
277.21
277.46
19.333
19.333
19.333
23.331
23.335
23.335
278.46
278.25
278.50
1957—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
26.106
26.111
26.119
26.137
26.134
26.106
26.121
26.103
26.102
26.287
276.80
277.04
276.54
276.12
276.33
276 26
276 02
275 52
275.75
277.21
14.008
14.008
14.008
14.008
14.008
14.008
14.008
14.008
14.008
14.008
49.677
49.687
49.695
49.695
49.695
49.695
49.695
49.695
49.695
49.695
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
278.53
278.76
278.26
277.84
278.05
277.98
211.1 A
277.23
277.47
278.94
19.333
19.333
19.333
19.333
19.333
19.333
19.333
19.329
19.328
19.328
23.329
23.308
23.318
23.329
23.335
23.335
23.332
23.335
23.335
23.335
279.57
279.81
279.30
278.89
279.10
279.02
278.78
278.27
278.51
279.98
Year or month
1
Annual averages based on quotations through Oct. 27, 1955.
Official rate. The basic and preferential rates were discontinued and
the new official rate of 18 pesos per U. S. dollar became effective Oct.
28, 1955.
3 New free market rate became effective Oct. 28, 1955.
4
Effective Sept. 16, 1957, the Finnish markka was devalued from 230
to 320 markkaa per U. S. dollar.
2
5
On Aug. 12, 1957, the French authorities established an effective rate
of 420 francs per U. S. dollar applicable to most foreign exchange transactions. The rate of 350 francs per U. S. dollar will remain in effect for
all other transactions.
6
Based on quotations beginning Nov. 26, 1956.
BOARD OF GOVERNORS
of the Federal Reserve System
W M . M C C . MARTIN, JR.,
Chairman
M. S. SZYMCZAK
C. CANBY BALDERSTON, Vice Chairman
A. L. MILLS, JR.
J. L. ROBERTSON
JAMES K. VARDAMAN, JR.
CHAS. N. SHEPARDSON
ELLIOTT THURSTON,
Assistant to the Board
WOODLIEF THOMAS,
Economic Adviser to the Board
CHARLES MOLONY,
WINFIELD
W. RIEFLER, Assistant to the Chairman
ALFRED
K. CHERRY, Legislative Counsel
Special Assistant to the Board
DIVISION OF BANK OPERATIONS
OFFICE OF THE SECRETARY
ROBERT F. LEONARD, Director
S. R. CARPENTER, Secretary
J. E. HORBETT, Associate Director
GERALD M. CONKLING, Assistant Director
JOHN R. FARRELL, Assistant Director
Assistant Secretary
KENNETH A. KENYON, Assistant Secretary
CLARKE L. FAUVER, Assistant Secretary
MERRITT SHERMAN,
DIVISION OF EXAMINATIONS
LEGAL DIVISION
ROBERT C. MASTERS, Director
H. HACKLEY, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
DAVID B. HEXTER, Assistant General Counsel
G. HOWLAND CHASE, Assistant General Counsel
JEROME W. SHAY, Assistant General Counsel
THOMAS J. O'CONNELL, Assistant General
Counsel
C. C. HOSTRUP, Assistant Director
FRED A. NELSON, Assistant Director
ARTHUR H. LANG, Chief Federal Reserve
Examiner
GLENN M. GOODMAN, Assistant Director
HENRY BENNER, Assistant Director
HOWARD
DIVISION OF PERSONNEL ADMINISTRATION
DIVISION OF RESEARCH AND STATISTICS
EDWIN J. JOHNSON, Director
H. FRANKLIN SPRECHER, JR., Assistant Director
RALPH A. YOUNG, Director
R. GAR FIELD, Adviser
E. NOYES, Adviser
ROLAND I. ROBINSON, Adviser
KENNETH B. WILLIAMS, Assistant Director
DIVISION OF ADMINISTRATIVE SERVICES
SUSAN S. BURR, Assistant Director
OFFICE OF DEFENSE LOANS
FRANK
GUY
LISTON P. BETHEA, Director
JOSEPH
E. KELLEHER, Assistant Director
ALBERT R. KOCH, Assistant Director
LEWIS
GARDNER
N. DEMBITZ, Assistant Director
L. BOOTHE, II, Administrator
OFFICE OF THE CONTROLLER
DIVISION OF INTERNATIONAL FINANCE
J. JOHNSON, Controller
M. B. DANIELS, Assistant Controller
EDWIN
ARTHUR W. MARGET, Director
1305
1306
FEDERAL RESERVE BULLETIN • NOVEMBER 1957
Federal Open Market Committee
W M . M C C . MARTIN, JR.,
Chairman
CARL E. ALLEN
C. CANBY BALDERSTON
MALCOLM BRYAN
ALFRED HAYES,
H. G. LEEDY
A. L. MILLS, JR.
J. L. ROBERTSON
CHAS. N. SHEPARDSON
WINFIELD W. RIEFLER, Secretary
ELLIOTT THURSTON, Assistant Secretary
MERRITT SHERMAN, Assistant Secretary
HOWARD H. HACKLEY, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
WOODLIEF THOMAS, Economist
THOMAS R. ATKINSON, Associate Economist
Vice Chairman
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.
ALFRED H. WILLIAMS
KARL R. BOPP, Associate Economist
ARTHUR W. MARGET, Associate Economist
GEORGE W. MITCHELL, Associate Economist
H. V. ROELSE, Associate Economist
CLARENCE W. TOW, Associate Economist
RALPH A. YOUNG, Associate Economist
ROBERT G. ROUSE, Manager of System Open
Market Account
Federal Advisory Council
LLOYD D. BRACE, BOSTON
ADRIAN M. MASSIE, NEW YORK
WILLIAM R. K. MITCHELL, PHILADELPHIA
FRANK R. DENTON, CLEVELAND,
Vice President
ROBERT V. FLEMING, RICHMOND,
President
HERBERT
V. PROCHNOW, Secretary
COMER J. KIMBALL, ATLANTA
HOMER J. LIVINGSTON, CHICAGO
L E E P. MILLER, ST. LOUIS
GORDON MURRAY, MINNEAPOLIS
R
- CROSBY KEMPER, KANSAS CITY
WALTER B. JACOBS, DALLAS
FRANK L. KING, SAN FRANCISCO
WILLIAM
J. KORSVIK, Assistant Secretary
Federal Reserve Banks and Branches
District 1—FEDERAL RESERVE BANK OF BOSTON
BOARD OF DIRECTORS
Robert C. Sprague, Chairman and Federal Reserve Agent
Frederick S. Blackall, jr.
Milton P. Higgins
Harold I. Chandler
(Vacancy)
Oliver B. Ellsworth
J. A. Erickson, President
D. H. Angney
Ansgar R. Berge
George H. Ellis
Harvey P. Hood
William D. Ireland
Harry E. Umphrey
E. O. Latham, First Vice President
Vice Presidents
Benjamin F. Groot
Dana D. Sawyer
O. A. Schlaikjer
District 2—FEDERAL RESERVE BANK OF NEW YORK
BOARD OF DIRECTORS
John E. Bierwirth, Chairman and Federal Reserve Agent
Forrest F. Hill, Deputy Chairman
Charles W. Bitzer
Ferd. I. Collins
Clarence Francis
Augustus C. Long
Franz Schneider
Howard C. Sheperd
Lansing P. Shield
FEDERAL RESERVE BANKS AND BRANCHES
1307
District 2—FEDERAL RESERVE BANK OF NEW YORK-Continued
Alfred Hayes, President
William F. Treiber, First Vice President
Vice Presidents
Robert V. Roosa
Robert G. Rouse
Walter H. Rozell, Jr.
H. A. Bilby
John Exter
M. A. Harris
H. H. Kimball
H. V. Roelse
I. B. Smith, in charge
of Buffalo Branch
T. G. Tiebout
V. Willis
R. B. Wiltse
BUFFALO BRANCH—BOARD OF DIRECTORS
Vernon Alexander
Leland B. Bryan
Charles H. Diefendorf
Raymond E. Olson
Ralph F. Peo
John W. Remington
Clayton G. White,
Chairman
District 3—FEDERAL RESERVE BANK OF PHILADELPHIA
BOARD OF DIRECTORS
William J. Meinel, Chairman and Federal Reserve Agent
Henderson Supplee, Jr., Deputy Chairman
W. Elbridge Brown
Bayard L. England
R. Russell Pippin
Lester V. Chandler
Lindley S. Hurff
Geoffrey S. Smith
Charles E. Oakes
Alfred H. Williams, President
W. J. Davis, First Vice President
Vice Presidents
Karl R. Bopp
E. C. Hill
P. M. Poorman
Robert N. Hilkert
Wm. G. McCreedy
J. V. Vergari
District 4—FEDERAL RESERVE BANK OF CLEVELAND
BOARD OF DIRECTORS
Arthur B. Van Buskirk, Chairman and Federal Reserve Agent
Joseph H. Thompson, Deputy Chairman
John A. Byerly
Joseph B. Hall
George P. MacNichol, Jr.
King E. Fauver
Charles Z. Hardwick
Frank J. Welch
Edison Hobstetter
W. D. Fulton, President
Dwight L. Allen
Roger R. Clouse
C. Harrell
L. Merle Hostetler
Donald S. Thompson, First Vice President
Vice Presidents
R. G. Johnson, in charge of
A. H. Laning
Cincinnati Branch
Martin Morrison
J. W. Kossin, in charge of
H. E. J. Smith
Pittsburgh Branch
Paul C. Stetzelberger
CINCINNATI BRANCH—BOARD OF DIRECTORS
Roger Drackett
Bernard H. Geyer
Anthony Haswell, Chairman
W. Bay Irvine
Ivan Jett
Franklin A. McCracken
William A. Mitchell
PITTSBURGH BRANCH—BOARD OF DIRECTORS
Frank C. Irvine
John H. Lucas
Douglas M. Moorhead
Ben Moreell
Sumner E. Nichols
John C. Warner,
Chairman
Irving W. Wilson
1308
FEDERAL RESERVE BULLETIN • NOVEMBER 1957
District 5—FEDERAL RESERVE BANK OF RICHMOND
BOARD OF DIRECTORS
John B. Woodward, Jr., Chairman and Federal Reserve Agent
Daniel W. Bell
D. W. Colvard
Alonzo G. Decker, Jr., Deputy Chairman
Robert Gage
Joseph E. Healy
L. Vinton Hershey
Hugh Leach, President
N. L. Armistead
R. L. Cherry, in charge of
Charlotte Branch
J. Dewey Daane
Robert O. Huffman
W. A. L. Sibley
Edw. A. Wayne, First Vice President
Vice Presidents
D. F. Hagner, in charge of
J. M. Nowlan
Baltimore Branch
James M. Slay
Aubrey N. Heflin
Thomas I. Storrs
Upton S. Martin
C. B. Strathy
BALTIMORE BRANCH—BOARD OF DIRECTORS
Gordon M. Cairns
Wm. Purnell Hall, Chairman
James W. McElroy
Charles A. Piper
John W. Stout
Stanley B. Trott
Clarence R. Zarfoss
CHARLOTTE BRANCH—BOARD OF DIRECTORS
Ernest Patton
I. W. Stewart
Paul T. Taylor
William H. Grier, Chairman
Charles D. Parker
G. G. Watts
T. Henry Wilson
District 6—FEDERAL RESERVE BANK OF ATLANTA
BOARD OF DIRECTORS
Walter M. Mitchell, Chairman and Federal Reserve Agent
Harllee Branch, Jr., Deputy Chairman
Roland L. Adams
William C. Carter
Joseph T. Lykes
Pollard Turman
W. C. Bowman
Henry G. Chalkley, Jr.
Donald Comer
Malcolm Bryan, President
V. K. Bowman
J. E. Denmark
H. C. Frazer, in charge of
Birmingham Branch
T. A. Lanford, in charge of
Jacksonville Branch
Lewis M. Clark, First Vice President
Vice Presidents
John L. Liles, Jr.
R. E. Moody, Jr., in charge
of Nashville Branch
Harold T. Patterson
L. B. Raisty
Earle L. Rauber
S. P. Schuessler
M. L. Shaw, in charge
of New Orleans
Branch
BIRMINGHAM BRANCH—BOARD OF DIRECTORS
Edwin C. Bottcher, Chairman
Robert M. Cleckler
John R. Downing
E. W. McLeod
Malcolm A. Smith
John E. Urquhart
Adolph Weil, Sr.
JACKSONVILLE BRANCH—BOARD OF DIRECTORS
Linton E. Allen
W. E. Ellis
James G. Garner
James L. Niblack
J. Wayne Reitz, Chairman
Harry M. Smith
McGregor Smith
1309
FEDERAL RESERVE BANKS AND BRANCHES
District 6—FEDERAL RESERVE BANK OF ATLANTA-Continued
Jo H. Anderson
Stewart Campbell
NASHVILLE BRANCH—BOARD OF DIRECTORS
J. R. Kellam, Jr.
A. Carter Myers, Chairman
(Vacancy)
Frank B. Ward
C. L. Wilson
NEW ORLEANS BRANCH—BOARD OF DIRECTORS
William J. Fischer
Joel L. Fletcher, Jr.
H. A. Pharr
E. E. Wild, Chairman
J. Spencer Jones
G. H. King, Jr.
D. U. Maddox
District 7—FEDERAL RESERVE BANK OF CHICAGO
BOARD OF DIRECTORS
Bert R. Prall, Chairman and Federal Reserve Agent
Robert P. Briggs
William J. Grede
Walter J. Cummings
William A. Hanley
Walter E. Hawkinson
Carl E. Allen, President
J. Stuart Russell, Deputy Chairman
Vivian W. Johnson
Nugent R. Oberwortmann
E. C. Harris, First Vice President
Vice Presidents
C. T. Laibly
George W. Mitchell
H. J. Newman
Neil B. Dawes
W. R. Diercks
A. M. Gustavson
Paul C. Hodge
A. L. Olson
R. A. Swaney, in charge
of Detroit Branch
W. W. Turner
DETROIT BRANCH—BOARD OF DIRECTORS
John A. Hannah, Chairman
Ira A. Moore
Howard P. Parshall
C. V. Patterson
Raymond T. Perring
Ernest W. Potter
J. Thomas Smith
District 8—FEDERAL RESERVE BANK OF ST. LOUIS
BOARD OF DIRECTORS
Pierre B. MeBride, Chairman and Federal Reserve Agent
Joseph H. Moore, Deputy Chairman
S. J. Beauchamp, Jr.
Kenton R. Cravens
Harold O. McCutchan
Leo J. Wieck
Phil E. Chappell
J. E. Etherton
J. H. Longwell
Delos C. Johns, President
Wm. J. Abbott, Jr.
Fred Burton, in charge of
Little Rock Branch
Donald Barger
T. Winfred Bell
E. C. Benton
Guy S. Freutel, First Vice President
Vice Presidents
Darryl R. Francis, in charge
Geo. E. Kroner
of Memphis Branch
Dale M. Lewis
Donald L. Henry, in charge
H. H. Weigel
of Louisville Branch
J. C. Wotawa
LITTLE ROCK BRANCH—BOARD OF DIRECTORS
H. C. McKinney, Jr.
Shuford R. Nichols
J. V. Satterfield, Jr.
A. Howard Stebbins, Jr.
Chairman
1310
FEDERAL RESERVE BULLETIN • NOVEMBER 1957
District 8—FEDERAL RESERVE BANK OF ST. LOUIS-Continued
LOUISVILLE BRANCH—BOARD OF DIRECTORS
J. D. Monin, Jr.
Merle E. Robertson
Magnus J. Kreisle
W. Scott Mclntosh
M. C. Minor
David F. Cocks, Chairman
Philip Davidson
MEMPHIS BRANCH—BOARD OF DIRECTORS
A. E. Hohenberg, Chairman
John A. McCall
Frank Lee Wesson
John E. Brown
J. H. Harris
John D. Williams
John K. Wilson
District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS
BOARD OF DIRECTORS
O. B. Jesness, Deputy Chairman
Harold C, Refling
Harold N. Thomson
Leslie N. Perrin, Chairman and Federal Reserve Agent
John E. Corette
Thomas G. Harrison
F. Albee Flodin
Ray C. Lange
(Vacancy)
A. W. Mills, First Vice
Frederick L. Deming, President
Vice
Kyle K. Fossum, in charge
of Helena Branch
C. W. Groth
President
Presidents
M. B. Holmgren
A. W. Johnson
H. G. McConnell
M. H. Strothman, Jr.
Sigurd Ueland
HELENA BRANCH—BOARD OF DIRECTORS
Geo. N. Lund
A. W. Heidel
J. Willard Johnson
Carl McFarland,
Chairman
George R. Milburn
District 10—FEDERAL RESERVE BANK OF KANSAS CITY
BOARD OF DIRECTORS
Raymond W. Hall, Chairman and Federal Reserve Agent
K. S. Adams
E. M. Dodds
W. L. Bunten
W. S. Kennedy
Harold Kountze
H. G. Leedy, President
John T. Boysen
P. A. Debus, in charge
of Omaha Branch
Joseph S. Handford
Joe W. Seacrest, Deputy Chairman
Max A. Miller
Oliver S. Willham
Henry O. Koppang, First Vice
Vice Presidents
R. L. Mathes, in charge
of Oklahoma City Branch
Cecil Puckett, in charge
of Denver Branch
President
Clarence W. Tow
E. D. Vanderhoof
D. W. Woolley
DENVER BRANCH—BOARD OF DIRECTORS
Ralph S. Newcomer
Merriam B. Berger
Arthur Johnson
Aksel Nielsen, Chairman
Ray Reynolds
OKLAHOMA CITY BRANCH—BOARD OF DIRECTORS
Davis D. Bovaird, Chairman
George R. Gear
Phil H. Lowery
R. Otis McClintock
C. L. Priddy
1311
FEDERAL RESERVE BANKS AND BRANCHES
District 10—FEDERAL RESERVE BANK OF KANSAS CITY-Continued
C. Wheaton Battey
George J. Forbes
OMAHA BRANCH—BOARD OF DIRECTORS
Manville Kendrick
William N. Mitten
James L. Paxton, Jr.
Chairman
District 11—FEDERAL RESERVE BANK OF DALLAS
BOARD OF DIRECTORS
Robert J. Smith, Chairman and Federal Reserve Agent
John R. Alford
D. A. Hulcy
John M. Griffith
J. Edd McLaughlin
(Vacancy)
Watrous H. Irons, President
E. B. Austin
Howard Carrithers, in charge
of El Paso Branch
J. L. Cook, in charge of
Houston Branch
Hal Bogle, Deputy Chairman
J. B. Thomas
Sam D. Young
W. D. Gentry, First Vice President
Vice Presidents
T. W. Plant
W. E. Eagle, in charge of
San Antonio Branch
L. G. Pondrom
W. H. Holloway
Morgan H. Rice
Harry A. Shuford
F. W. Barton
John P. Butler
EL PASO BRANCH—BOARD OF DIRECTORS
Floyd Childress
James A. Dick, Chairman
Thomas C. Patterson
D. F. Stahmann
E. J. Workman
I. F. Betts
L. R. Bryan, Jr.
HOUSTON BRANCH—BOARD OF DIRECTORS
W. B. Callan
A. E. Cudlipp
John C. Flanagan, Chairman
S. Marcus Greer
Tyrus R. Timm
Clarence E. Ayres
J. W. Beretta
E. C. Breedlove
SAN ANTONIO BRANCH—BOARD OF DIRECTORS
Burton Dunn
V. S. Marett
Alex R. Thomas,
Chairman
Harold Vagtborg
District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO
BOARD OF DIRECTORS
A. H. Brawner, Chairman and Federal Reserve Agent
Y. Frank Freeman, Deputy Chairman
Reese H. Taylor
Walter S. Johnson
Carroll F. Byrd
Philip I. Welk
N. Loyall McLaren
M. Vilas Hubbard
John A. Schoonover
H. N. Mangels, President
E. R. Barglebaugh, in charge of
Salt Lake City Branch
J. M. Leisner, in charge of
Seattle Branch
E. R. Millard
Eliot J. Swan, First Vice President
Vice Presidents
R. H. Morrill
H. F. Slade
John A. O'Kane
W. F. Volberg,
J. A. Randall, in charge of
in charge of
Portland Branch
Los Angeles Branch
O. P. Wheeler
1312
FEDERAL RESERVE BULLETIN • NOVEMBER 1957
District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO-Continued
LOS ANGELES BRANCH—BOARD OF DIRECTORS
Anderson Borthwick
Robert J. Cannon
Leonard K. Firestone,
Chairman
Joe D. Paxton
James E. Shelton
PORTLAND BRANCH—BOARD OF DIRECTORS
Warren W. Braley, Chairman
J. H. McNally
John B. Rogers
E. C. Sammons
William H. Steiwer, Sr.
SALT LAKE CITY BRANCH—BOARD OF DIRECTORS
Harry Eaton
George S. Eccles
Russell S. Hanson
Joseph Rosenblatt, Chairman
Geo. W. Watkins
SEATTLE BRANCH—BOARD OF DIRECTORS
James Brennan
Lyman J. Bunting
Charles F. Frankland
S. B. Lafromboise
D. K. MacDonald, Chairman
Federal Reserve Board Publications
Unless otherwise noted, the material listed may be obtained from the Division of Administrative Services,
Board of Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated,
remittance should be made payable to the order of the Board of Governors of the Federal Reserve System.
A more complete list, including periodic releases and additional reprints, appeared on pages 739-42 of the
June 1957 Bulletin.
THE FEDERAL RESERVE SYSTEM—PURPOSES AND
FUNCTIONS. April 1957. 208 pages.
ANNUAL REPORT OF THE BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM.
Monthly. Subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia,
Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras,
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per annum or 60 cents per copy; elsewhere
$7.00 per annum or 70 cents per copy. Group
subscriptions in the United States for 10 or
more copies to one address, 50 cents per copy
per month, or $5.00 for 12 months.
FEDERAL RESERVE BULLETIN.
FEDERAL RESERVE CHART BOOK ON FINANCIAL
AND BUSINESS STATISTICS. Monthly. Annual
subscription includes one issue of Historical
Supplement. Subscription price in the United
States and the countries listed above is $6.00
per annum, 60 cents per copy, or 50 cents each
in quantities of 10 or more of a particular
issue for single shipment; elsewhere $7.00 per
annum or 70 cents each.
HISTORICAL SUPPLEMENT TO FEDERAL RESERVE
CHART BOOK. Issued annually in September. An-
nual subscription to monthly chart book includes one issue of Supplement. In the United
States and countries listed above under Federal
Reserve Bulletin, single copies 60 cents each or
in quantities of 10 or more for single shipment
50 cents each; elsewhere 70 cents each.
THE FEDERAL RESERVE ACT, as amended through
December 31, 1956, with an Appendix containing provisions of certain other statutes affecting the Federal Reserve System. 385 pages.
$1.00.
FLOW OF FUNDS IN THE UNITED STATES, 1939-53.
A new accounting record designed to picture
the flow of funds through the major sectors of
the national economy. December 1955. 390
pages. $2.75.
THE DEVELOPMENT OF BANK DEBITS AND CLEARINGS AND THEIR USE IN ECONOMIC ANALYSIS.
January 1952. 175 pages. 25 cents per copy;
in quantities of 10 or more copies for single
shipment, 15 cents each.
A STATISTICAL STUDY OF REGULATION V LOANS
September 1950. 74 pages. 25 cents per copy;
in quantities of 10 or more copies for single
shipment, 15 cents each.
BANKING AND MONETARY STATISTICS. Statistics of
banking, monetary, and other financial developments. November 1943. 979 pages. $1.50.
RULES OF ORGANIZATION AND RULES OF PROCE-
DURE—Board of Governors of the Federal Reserve System. 1946. 31 pages.
REGULATIONS OF THE BOARD OF GOVERNORS OF
THE FEDERAL RESERVE SYSTEM.
ADMINISTRATIVE INTERPRETATIONS OF REGULATION F—SECTION 17—COMMON TRUST FUNDS.
9 pages.
CONSUMER INSTALMENT CREDIT—Six books (Parts I-IV) giving the results of an intensive study of
consumer instalment credit, undertaken by the Board on request of the Council of Economic Advisers
by direction of the President, are being distributed through the Superintendent of Documents.
Part I—Growth and Import, Volume 1, $1.25; Volume 2, $1.00
Part II—Conference on Regulation, Volume 1, $1.75; Volume 2, $.60
Part III—Views on Regulation, $1.00
Part IV—Financing New Car Purchases, $.60
Requests and remittances for these six books should be directed to the Superintendent of Documents,
Government Printing Office, Washington 25, D. C.
1313
1314
FEDERAL RESERVE BULLETIN • NOVEMBER 1957
REPRINTS
REVISION OF CONSUMER CREDIT STATISTICS.
(From Federal Reserve Bulletin unless preceded
by an asterisk)
THE MONETARY SYSTEM OF THE UNITED STATES.
February 1953. 16 pages.
pages.
FEDERAL FINANCIAL MEASURES FOR ECONOMIC
STABILITY. March 1953. 7 pages.
* DETAILED DESCRIPTION OF SOURCES AND METHODS USED IN REVISION OF SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT STATISTICS.
April 1953. 25 pages.
vember 1953. 65 pages.
FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION, 1953 Revision. December
96 pages.
BANKING AND MONETARY STATISTICS, 1956.
(Se-
lected series of banking and monetary statistics
for 1956 only) February and May 1957. 12
pages. (Similar reprints of 1954 and 1955
data, February and May 1955 and February
and May 1956 BULLETINS.)
NEW INDEXES OF OUTPUT OF CONSUMER DU-
May 1954.
UNITED STATES BANKING ORGANIZATION ABROAD.
December 1956. 16 pages.
DEPARTMENT STORE SALES AND STOCKS, BY
MAJOR DEPARTMENTS (Revised indexes). No-
RABLE GOODS.
Farm Loans at
Commercial Banks. November 1956. 20 pages.
Farm Loans to Finance Intermediate-Term Investments. January 1957. 9 pages. Farm
Loans for Current Expenses. February 1957.
8 pages. Loans to Buy Farm Real Estate. February 1957. 9 pages. Interest Rates on Farm
Loans. March 1957. 10 pages.
AGRICULTURAL LOAN SURVEY.
INFLUENCE OF CREDIT AND MONETARY MEASURES
ON ECONOMIC STABILITY. March 1953. 16
1953.
Oc-
tober 1956. 24 pages. (Also similar reprint
from April 1953 BULLETIN.)
INDEX OF ELECTRICITY AND GAS OUTPUT. October 1956. 15 pages.
15 pages.
INTERNATIONAL
GOLD
AND
DOLLAR
FLOWS.
SEASONAL ADJUSTMENT FACTORS FOR DEMAND
DEPOSITS ADJUSTED AND CURRENCY OUTSIDE
BANKS. March 1955. 4 pages.
March 1957. 7 pages.
1957 SURVEY OF CONSUMER FINANCES. March,
June, August 1957. 54 pages. (Similar Surveys are available for earlier years from 1952,
A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS, ANNUAL ESTIMATES, 1939-54. Octo-
SUMMARY FLOW-OF-FUNDS ACCOUNTS 1950-55.
ber 1955. 40 pages.
MONETARY POLICY AND THE REAL ESTATE MAR-
KETS. December 1955. 6 pages.
SURVEY OF BANK LOANS FOR COMMERCIAL AND
INDUSTRIAL PURPOSES.
Business Loans of
Member Banks. April 1956. 14 pages. Credit
Lines and Minimum Balance Requirements.
June 1956. 7 pages. (Other articles on this
Survey will appear in later issues of the BULLETIN.) Reprints on a similar Survey are available from March, May, June, July, and August
1947 BULLETINS.
1951-55.
June 1956. 9 pages. (Also similar reprint
from June 1955 BULLETIN.)
WORLD TRADE AND PAYMENTS IN 1955-56. October 1956. 8 pages.
FINANCING OF LARGE CORPORATIONS,
1953, 1954, 1955, and 1956 BULLETINS.)
April 1957. 20 pages.
SURVEY
OF
FINANCE
COMPANIES,
MID-1955.
April 1957. 17 pages.
OWNERSHIP OF DEMAND DEPOSITS.
May
1957.
6 pages.
June 1957.
(Also, similar reprint from August
SURVEY OF COMMON TRUST FUNDS.
6 pages.
1956
BULLETIN.)
BANK CREDIT AND MONEY.
July 1957. 6 pages.
INTEREST RATES IN LEADING COUNTRIES.
August
1957. 7 pages.
WINNING THE BATTLE AGAINST INFLATION.
Au-
gust 1957. 12 pages.
WORLD PAYMENTS STRESSES IN
1957.
8 pages.
1956-57. October
Index to Statistical Tables
Acceptances, bankers', 1252, 1253
Agricultural loans of commercial banks, 1248, 1250
Agriculture, Govt. agency loans, 1256; 1257
Assets and liabilities (See also Foreign liabilities and
claims reported by banks):
Banks and the monetary system, consolidated, 1244
Corporate, current, 1264
Domestic banks, by classes, 1245, 1248, 1250
Federal business-type activities, by fund or
activity, 1256, 1257
Federal Reserve Banks, 1239, 1240
Foreign central banks, 1298
Automobiles:
Consumer instalment credit, 1268, 1269, 1270
Production index, 1274, 1278
Bankers' balances, 1249, 1251
(See also Foreign liabilities and claims reported
by banks)
Banks and the monetary system, consolidated state
ment, 1244
Bonds (See also U. S. Govt. securities):
New issues, 1262, 1264
Prices and yields, 1253, 1254
Brokers and dealers in securities, bank
loans to, 1248, 1250
Business expenditures on new plant and equipment, 1264
Business indexes, 1272
Business loans (See Commercial and industrial loans)
Capital accounts:
Banks, by classes, 1245, 1249, 1251
Federal Reserve Banks, 1239, 1240
Carloadings, 1272
Central banks, foreign, 1296, 1298, 1303
Coins, circulation of, 1243
Commercial banks:
Assets and liabilities, 1245, 1248
Consumer loans held, by type, 1269
Number, by classes, 1245
Real estate mortgages held, by type, 1265
Commercial and industrial loans:
Commercial banks, 1248
Weekly reporting member banks, 1250, 1252
Commercial paper, 1252, 1253
Commodity Credit Corporation,
loans, etc., 1256, 1257
Condition statements (See Assets and liabilities)
Construction, 1272, 1278, 1279
Consumer credit:
Instalment credit, 1268, 1269, 1270, 1271
Major parts, 1268, 1270
Noninstalment credit, by holder, 1269
Consumer durable goods output indexes, 1278
Consumer price indexes, 1272, 1284
Consumption expenditures, 1286, 1287
Corporate sales, profits, taxes, and
dividends, 1263, 1264
Corporate security issues, 1262, 1264
Corporate security prices and yields, 1253, 1254
Cost of living (See Consumer price indexes)
Currency in circulation, 1235, 1243
Customer credit, stock market, 1254
Debits to deposit accounts, 1242
Demand deposits:
Adjusted, banks and the monetary system, 1244
Adjusted, commercial banks, by classes, 1249
Demand deposits—Continued
Banks, by classes, 1245, 1251
Type of holder, at commercial banks, 1249
Department stores:
Merchandising data, 1283
Sales and stocks, 1272, 1282
Deposits (See also specific types of deposits):
Adjusted, and currency, 1244
Banks, by classes, 1245, 1249, 1251
Federal Reserve Banks, 1239, 1240, 1294
Postal savings, 1244
Turnover of, 1242
Deposits, reserves, and borrowings, by class of
member bank, 1237
Discount rates, 1238, 1303
Discounts and advances by Federal Reserve
Banks, 1235, 1239
Dividends, corporate, 1263, 1264
Dollar assets, foreign, 1294, 1295
Dwelling units started, 1279
Earnings and hours, manufacturing industries, 1272, 1281
Employment, 1272, 1280, 1281
Export-Import Bank, loans, etc., 1256, 1257
Farm mortgage loans, 1256, 1265, 1266
Federal business-type activities, assets and liabilities,
by fund or activity, 1256, 1257
Federal Deposit Insurance Corporation,
assets, etc., 1256, 1257
Federal finance:
Cash transactions, 1258
Receipts and expenditures, 1251
Treasurer's balance, 1258
Federal home loan banks, loans, etc., 1256, 1257, 1267
Federal Housing Administration, loans, etc., 1256,
1257, 1265, 1266, 1267
Federal National Mortgage Association,
loans, etc., 1256, 1257, 1267
Federal Reserve Banks:
Condition statement, 1239, 1240
U. S. Govt. securities held by, 1235, 1239,
1240, 1260, 1261
Federal Reserve credit, 1235, 1239, 1240
' Federal Reserve notes, 1239, 1240, 1241, 1243
Finance company paper, 1252, 1253
Foreign central banks, 1296, 1298, 1303
Foreign deposits in U. S. banks, 1235, 1239, 1240,
1244, 1249, 1251
Foreign exchange rates, 1304
Foreign liabilities and claims reported by
banks, 1290, 1292, 1294
Foreign trade, 1283
Gold:
Earmarked, 1295
Net purchases by U. S., 1295
Production, 1294, 1295
Reserves of central banks and governments, 1296
Reserves of foreign countries and international
institutions, 1297
Stock, 1235, 1244, 1295
Gold certificates, 1239, 1240, 1241, 1243
Govt. debt (See U. S. Govt. securities)
Gross national product, 1286, 1287
Home owners, Govt. agency loans, 1256, 1257
Hours and earnings, manufacturing industries, 1272, 1281
1315
1316
FEDERAL RESERVE BULLETIN • NOVEMBER 1957
Industrial advances by Federal Reserve Banks, 1239,
1240, 1241, 1242
Industrial production indexes, 1272, 1273, 1278
Instalment loans, 1268, 1269, 1270, 1271
Insurance companies, 1255, 1260, 1261, 1266
Insured commercial banks, 1247, 1248
Interbank deposits, 1245, 1249, 1251
Interest rates:
Bond yields, 1253
Business loans by banks, 1253
Federal Reserve rates, 1238, 1242
Foreign countries, 1303
Open market, 1253, 1303
Regulation V loans, 1242
Stock yields, 1253
International capital transactions of the U. S., 1290
International financial institutions, 1296, 1297, 1298
Inventories, 1287
Investments (See also specific types of investments):
Banks, by classes, 1245, 1248, 1250
Federal Reserve Banks, 1239, 1240
Govt. agencies, etc., 1256, 1257
Life insurance companies, 1255
Savings and loan associations, 1255
Labor force, 1280
Loans (See also specific types of loans):
Banks, by classes, 1245, 1248, 1250
Federal Reserve Banks, 1235, 1237, 1239,
1240, 1241, 1242
Govt. agencies, etc., 1256, 1257
Insurance companies, 1255, 1266
Savings and loan associatiosn, 1255, 1266
Loans insured or guaranteed, 1241, 1265, 1266, 1267
Manufacturers, production indexes, 1272, 1273, 1278
Margin requirements, 1238
Member banks:
Assets and liabilities, by classes, 1245, 1248
Borrowings at Federal Reserve Banks, 1235, 1237
Deposits and reserves, by classes, 1237
Number, by classes, 1245
Reserve requirements, by classes, 1238
Reserves and related items, 1235
Weekly reporting series, 1250
Minerals, production indexes, 1272, 1273
Money rates (See Interest rates)
Mortgages (See Real estate loans)
Mutual savings banks, 1244, 1245, 1247, 1260,
1261, 1265
National banks, 1247
National income, 1286
National security expenditures, 1259, 1287
Nonmember banks, 1239, 1247, 1248
Payrolls, manufacturing, index, 1272
Personal income, 1287
Postal Savings System, 1244
Prices:
Consumer, 1272, 1284
Security, 1254
Wholesale commodity, 1272, 1284
Production, 1272, 1273, 1277, 1278
Profits, corporate, 1263, 1264
Real estate loans:
Commercial banks, 1248, 1250, 1265
Type of mortage holder, 1265, 1266, 1267
Real estate loans—Continued
Type of property mortgage, 1265, 1266, 1267
Regulation V, loan guarantees, 1241, 1242
Reserve requirements, member banks, 1238
Reserves:
Commercial banks, 1249
Federal Reserve Banks, 1239, 1240
Foreign central banks and governments, 1296
Foreign countries and international institutions, 1297
Member banks, 1235, 1237, 1239, 1240,
1249, 1251
Residential mortgage loans, 1265, 1266, 1267
Sales finance companies, consumer loans of, 1268,
1269, 1271
Savings, 1286
Savings deposits (See Times deposits)
Savings institutions, principal assets, 1255
Savings and loan associations, 1255, 1266
Securities, international transactions, 1293, 1294
Security issues, 1262, 1264
Silver coin and silver certificates, 1243
State member banks, 1247
State and municipal securities:
New issues, 1262
Prices and yields, 1253, 1254
States and political subdivisions:
Deposits of, 1249, 1251
Holdings of U. S. Govt. securities, 1260
Ownership of obligations of, 1248, 1255
Stock market credit, 1254
Stocks:
New issues, 1262
Prices and yields, 1253, 1254
Tax receipts, Federal, 1259
Time deposits, 1237, 1244, 1245, 1249, 1251
Treasurer's account balance, 1258
Treasury cash, 1235, 1244
Treasury currency, 1235, 1243, 1244
Treasury deposits, 1235, 1239, 1240, 1258
Unemployment, 1280
U. S. Govt. balances:
Commercial bank holdings, by classes, 1249, 1251
Consolidated monetary statement, 1244
Treasury deposits at Federal Reserve
Banks, 1235, 1239, 1240, 1258
U. S. Govt. securities:
Bank holdings, 1244, 1245, 1248, 1250,
1260, 1261
Federal Reserve Bank holdings, 1235, 1239,
1240, 1260, 1261
Foreign and international holdings, 1297
International transactions, 1293
New issues, gross proceeds, 1262
Outstanding, by type of security, 1260, 1261
Ownership of, 1260, 1261
Prices and yields, 1253, 1254
United States notes, outstanding and in circulation, 1243
Utility output index, 1277
Veterans Adminsitration, loans, etc., 1256,
1257, 1265, 1266, 1267
Yields (See Interest rates)
(o THE FEDERAL RESERVE SYSTEM Q)
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