Full text of Federal Reserve Bulletin : April 1957
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FEDERAL RESERVE
B U LLETIN
April
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
E D I T O R I A L
Elliott Thurston
C O M M I T T E E
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
Residential Real Estate Markets
365
Summary Flow-of-Funds Accounts, 1950-55
372
Survey of Finance Companies, Mid-1955
392
Housing and Mortgage Finance
409
Law Department
412
Current Events and Announcements
414
National Summary of Business Conditions
415
Financial and Business Statistics, U. S. (Contents on p. 417)
419
International Financial Statistics (Contents on p. 475)
476
Federal Reserve Board Publications
491
Board of Governors and Staff
493
Open Market Committee and Staff; Federal Advisory Council
494
Federal Reserve Banks and Branches
494
Index to Statistical Tables
501
Map of Federal Reserve Districts
Volume 43
Inside back cover
Number 4
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EXPENDITURES for all major types of construction except residential have been maintained in recent months at or above earlier
record levels. In March, total outlays for
new construction were close to the highest
rate reached in 1956 and slightly larger than
a year earlier. The number of new houses
started has continued to decline and is currently about one-sixth below a year ago and
substantially below the highs reached in the
spring of 1955. Sales of new houses are also
down, while sales of existing houses have
been maintained at a record level.
An element in the decline in residential
building and in new house sales has been the
unattractiveness of Federally underwritten
mortgages to lenders in a period when yields
on competitive investments have been rising
and house buyers have become more selective. In part to meet this selectivity,
builders have incurred increasing costs to
develop land—particularly suburban land
—and have been constructing larger, more
fully equipped houses.
The availability of conventional mortgage
financing, and the ability and willingness of
borrowers to use such financing, have helped
to maintain active markets for residential
properties generally. The total number of
new and used houses purchased in 1956 and
the amount of credit extended to finance
them were within 5 per cent of the 1955
records. In late 1956 and early 1957, however, such activities fell somewhat further
below the levels of a year earlier. Prices of
old houses are slightly lower now than in
early 1956, and average prices of new
365
CONSTRUCTION OUTLAYS
Billions of dollon
24
-
-
y ^ \
-
PUBLIC
,.
-
PRIVATE
RESIDENTIAL
/
/
20
16
.'"w^
_ 12
•' '
PRIVAIE
>
-
|
1
19S4
1
1955
•
1
1956
1957
NOTE.—Data are seasonally adjusted annual rates estimated
jointly by U. S. Departments of Commerce and Labor.
Private business includes commercial, industrial, and public
utility construction.
Other private construction not shown.
Latest figures shown are for March.
houses somewhat higher. Vacancies have
remained at a low level suggesting continued strength in demand for housing
space. Rents on occupied units were unchanged from December to February.
Greater use of conventional first mortgages has probably been accompanied by
an increase in junior mortgage financing.
Downpayment requirements typically are
appreciably higher under conventional than
under Federally underwritten financing.
Rather than require downpayments completely in cash, house builders and sellers
of existing houses seem to have been willing
to accept junior mortgages as part of the
settlement.
366
CONSTRUCTION ACTIVITY
Outlays for construction in 1956 reached a
record level of $44 billion, about $1 billion
above 1955. After allowance for cost increases, however, the physical volume of
work was about the same in the two years.
In the first quarter of 1957, total new construction was at a seasonally adjusted annual rate of $44.8 billion.
Output of some building materials that
had been in short supply earlier, notably
structural steel and cement, has increased.
Production of many materials, however,
particularly those used in residential construction, has declined. The wholesale price
index of all building materials has been
stable for the past year, while average hourly
earnings in construction have continued to
advance. Construction costs, which rose
about 8 per cent from early 1955 to midsummer of 1956, have risen less than 1 per
cent since then.
Residential. The value of private residential construction in 1956 was 8 per cent below the all-time high in 1955, and has
fallen steadily further this year as can be
seen in the chart on the preceding page.
The decline in value, which has been general
throughout the country, was not so great
last year as the decline in the number of
housing units started, as costs rose and
the proportion of higher priced houses built
increased. The total of more than $15 billion spent for housing construction in 1956
represented a larger physical volume of
work than in any other year except 1955.
Business. Private construction for business purposes has been increasing again in
recent months after declining in the closing
months of 1956. Despite the decline, outlays in 1956 for manufacturing plants were
one-fourth larger than in 1955, and for commercial and public utility construction were
FEDERAL RESERVE BULLETIN • APRIL 1957
about one-tenth larger. Continued strength
in these lines is indicated by a rise in construction contracts to record levels in the
opening months of 1957.
According to the latest survey by the Department of Commerce and the Securities
and Exchange Commission, business concerns intend to spend more on plant and
equipment in each of the first two quarters
of 1957, after allowance for seasonal influences, than in the record fourth quarter of
1956. For the year as a whole, expenditures are indicated to exceed actual outlays
in 1956 by 6.5 per cent. Commercial and
mining companies, however, in contrast to
manufacturing, transportation, and utility
companies, are expecting to reduce their
capital expenditures somewhat.
Public. Public expenditures for new construction have risen markedly since mid1955 to a new high early this year. In the
first quarter outlays were 11 per cent larger
than in the comparable period of 1956. The
major increases in the past year were in the
lines that have been rising for some time—
schools, roads, and sewer and water facilities. In view of the large amount of securities marketed recently to finance construction of such facilities, and the work to be
done on the Interstate and Defense Highway
System approved by Congress last summer,
public construction of these types will probably rise further.
HOUSING AND MORTGAGE MARKETS
Strong demands during the past two years
or so by businesses, governments, and consumers for funds to finance capital investment and purchase of goods have resulted
in higher interest rates generally. Reflecting
the competition of these alternatives for investors' funds, rates on conventional mortgages have also risen. In this situation, in-
367
RESIDENTIAL REAL ESTATE MARKETS
vestors have been reluctant to take Federally
underwritten mortgages on which interest
rates, fixed by law or regulation, have been
below market rates. They have been willing to acquire such loans only at discounts
from par sufficient to yield a return close
to that available on alternative investments.
Federally underwritten mortgages have
also been unattractive to builders and sellers
of houses, who have been required to bear
directly the major part of the costs of mortgage discounts—that is, the difference between the unpaid balance of the mortgage
and the price paid by the investor. House
purchasers or borrowers are precluded by
statute and by administrative regulations
from paying more than a small part of such
costs. Thus the effective price received by
the seller of the house is reduced by the
amount of the discount that he absorbs.
As long as discounts were small, builders
and sellers continued to use this type of
financing, which, because of attractive terms
to the borrower, facilitates sales. As capital markets tightened, however, investors
required increasingly large discounts. With
buyers more selective, builders and sellers
found it more difficult to recover the discounts in higher selling prices, and so became less willing to pay them. In this situation the use of conventional mortgages increased.
Construction and purchases. The steady
decline since the late summer of 1955 in the
number of private housing starts has continued in 1957, and in March the seasonally adjusted annual rate was 880,000 units,
compared with 1.1 million a year earlier and
the peak rate of 1.4 million in the spring of
1955. The number of private starts in the
first three months of 1957 was almost onefifth smaller than in the corresponding
period of 1956. Starts under conventional
HOUSING STARTS
Thousands of units
PRIVATE
BY 1YPES OF FINANCING
CONVfNTIONAl
-too
100
HOHMIIIOrOllIAN
I
1953
I
I
1955
I
I
1957
1953
I
1955
I
I 0
1957
NOTE.—Data are from Bureau of Labor Statistics, Federal
Housing Administration, and Veterans Administration. Latest
figures shown are for first quarter of 1957.
financing, meanwhile, have been as numerous in 1957 as in the comparable quarters
of 1956 and 1955, as may be seen in the
chart. As a result, such units have accounted for nearly 7 in 10 of all private
starts this year, compared with about 6 in
10 a year ago.
The decline in starts has taken place almost entirely in metropolitan areas, where
the number of units started in 1956 was
one-fifth smaller than in 1955. Builders in
these areas, and particularly large builders
who relied heavily on financing insured by
the Federal Housing Administration or
guaranteed by the Veterans Administration,
reduced their building activity considerably
as such financing became less readily available. In nonmetropolitan areas, on the
other hand, where conventional financing is
relatively more important, the number of
houses placed under construction changed
little. In both types of areas, starts in the
first quarter of 1957 were below the levels
of a year earlier, and builders' plans, as
368
FEDERAL RESERVE BULLETIN • APRIL 1957
reported from various sources, suggest that
the number of units built in 1957 will be
smaller than in 1956.
More than 3 million houses changed ownership during 1956, of which more than 2
million were existing houses. Sales of existing houses were a larger proportion of all
house sales than in 1955 or 1950, years in
which new house sales were unusually large,
but not much different from that in other
recent years. Because FHA and VA loans
have been used relatively little in the purchase of existing houses, reduced availability
of such financing in 1956 had only a small
influence on the number of transactions. Increased use of junior mortgagefinancinghas
probably been a significant factor in maintaining used house sales at a high level in
1956 and early 1957.
Mortgage financing. Even with interest
rates higher and terms such as maturities
and downpayments less favorable to borrowers, mortgage lending on 1- to 4-family properties in 1956 amounted to $27.1
billion compared with a record $28.5 billion
in 1955. The decline, as may be seen from
the table, was in financing of new house
purchases and in borrowing for purposes
MORTGAGE
LENDING
ON
1-
TO
4-FAMILY
NONFARM PROPERTIES
[In billions of dollars]
House ]purchase
Year
Other
purposes
Total
New
1956
1955
1954.
1953
1952
1951
1950
...
27.1
28.5
23.0
19.7
18.0
16.4
16.2
Existing
9.2
10.2
7.3
6.6
5.9
6.4
6.3
13.3
13.3
11.1
9.2
8.6
6.9
6.9
4.6
5.0
4.6
3.9
3.5
3.1
3.0
NOTE.—Figures for total are from Federal Home Loan Bank
Board and represent nonfarm mortgage recordings of $20,000 or
less. All other figures are Federal Reserve estimates based on data
from Government and other sources.
other than house purchase. Lending to
finance purchase of existing houses was
unchanged.
During the first half of 1956, mortgage
lending continued relatively stable at a level
only slightly below the corresponding
months of 1955. In late summer it began
to decline and has continued to fall in
recent months. The dollar volume of mortgage recordings in the first quarter of 1957
is estimated to have been one-tenth smaller
than a year earlier.
As the availability of funds for FHA
and VA mortgages diminished and housing
starts continued to decline, several Federal
statutory and administrative actions were
taken to make terms more favorable to
borrowers and to supply additional funds
for these mortgages. In late 1955, the
Federal Home Loan Bank Board had eased
restrictions on borrowing by savings and
loan associations from the Federal home
loan banks, and in early 1956 the Federal
Housing Administration and the Veterans
Administration lengthened maximum maturities permitted on insured and guaranteed
loans.
Last summer and autumn FHA reduced
downpayment requirements on low-priced
houses, the Federal Home Loan Bank Board
further relaxed restrictions on borrowing
by savings and loan associations, and the
Federal National Mortgage Association
eased the conditions on which it would
purchase mortgages through its secondary
market program. In December 1956, with
funds for Federally underwritten mortgages
still available only at large discounts, the
Federal Housing Administration increased
the maximum interest rate on FHA-insured
home loans from AV2 to 5 per cent.
Effective March 29, 1957, two additional administrative actions were taken to
369
RESIDENTIAL REAL ESTATE MARKETS
stimulate residential markets. The FHA
reduced downpayment requirements on
houses valued above $9,000 by two percentage points, to the minimum established
by statute, and the Federal Home Loan
Bank Board modified its regulations to permit an insured savings and loan association to purchase participating interests in
home mortgage loans originated outside its
regular 50-mile lending area by another
insured association, provided the originating institution retains at least a 50 per cent
interest.
After liberalizing its terms in mid-1956,
the Federal National Mortgage Association
became an increasingly important source of
mortgage funds. Under authority given in
the Housing Act of 1956, the Association
twice reduced the stock purchase required
of mortgage sellers—in August from 3 to
2 per cent of the amount of mortgages sold,
and in September to 1 per cent. The
Association also began to make standby
commitments to purchase Federally underwritten mortgages at prices well below the
market, thus providing a source of funds
to builders or lenders who were unable to
obtain loans at a better price from private
investors. Reflecting these actions, FNMA
purchases and commitments to purchase
FHA and VA mortgages under its secondary market program increased sharply
and in the five months ending in March
1957 amounted to about $675 million. During 1955, purchases and commitments were
$112 million.
MORTGAGE DEBT
The expansion during 1956 of nearly $15
billion in real estate mortgage debt outstanding, shown in the chart, was less than
the record increase during 1955, but larger
than in any preceding year. The more mod-
NET INCREASE IN MORTGAGE DEBT
Billions of dollars
TYN
20
or MiOKftTY
- 16
IOTAI
/
-
/
^
/
—
8
I . TO 4-FAMILY
/
-
MU1.II - f AMIIY AND COMMER;iAt
.
-—'
FARM
T Y M or
_ 1- TO
FINANON6
4- FAMILY
CONVENTIONAL
1
1
1950
1
-
8
^L^-
FHA AND VA
1
1
1
1952
1954
1
1956
NOTE.—Data are from Federal Home Loan Bank Board,
U. S. Department of Agriculture, U. S. Department of Commerce, Federal Housing Administration, Veterans Administration, and Federal Reserve.
erate increase in 1956, like the increases of
earlier years, reflected changes in the debt
on 1- to 4-family houses. Mortgage debt
on other types of nonfarm properties and on
farms grew about as much last year as the
year before.
The slower growth in home mortgage
debt in 1956 resulted from a smaller increase in Federally underwritten mortgages.
Conventional mortgage debt increased by a
record $6.2 billion in 1956; this was more
than the increase in FHA-insured and VAguaranteed debt taken together, as it had
been in each of the three years before 1955.
In that year of extraordinarily rapid debt
expansion, VA-guaranteed debt alone increased almost as much as conventional
mortgage debt.
370
FEDERAL RESERVE BULLETIN • APRIL 1957
MAJOR LENDERS
The more moderate increase in residential
mortgage debt in 1956 than in 1955 reflected varying portfolio adjustments by
major types of lenders in response to mortgage and general capital market conditions.
Growth in residential mortgage portfolios
was much smaller in 1956 than in 1955 at
savings and loan associations and commercial banks, as shown in the table; in contrast,
the increase at life insurance companies was
about the same in both years, and at mutual
savings banks was not much less in 1956
than in 1955.
Savings and loan associations, which had
borrowed a record amount of funds from the
Federal home loan banks in 1955 to support
a volume of mortgage lending in excess of
their net inflow of savings capital, sharply
reduced such indebtedness in the first quarter of 1956 and borrowed little in addition
during the remainder of the year. They also
acquired a record amount of United States
Government securities during the year.
These developments apparently reflected a
desire on the part of the associations in 1956
to increase their liquidity and to bring mortgage lending in line with the net inflow of
savings and repayments on mortgage loans.
In the early months of 1957, savings and
loan associations reduced their indebtedness
to the home loan banks to the lowest level
since the spring of 1955.
The smaller volume of mortgage acquisitions by commercial banks in 1956 than in
1955 reflected chiefly the change in real
estate credit outstanding to mortgage lenders. Under mortgage warehousing arrangements, these lenders had supplemented their
funds in 1955 by short-term borrowing at
commercial banks. In some cases, the banks
became temporary owners of the mortgages
under agreement that the mortgages would
INCREASE IN RESIDENTIAL MORTGAGE
PORTFOLIOS OF M A J O R LENDERS
[In millions of dollars]
Savings
& loan
assns.
Year
Life
insurance
cos.
Mutual
savings
banks
Commercial
banks
Total residential
4,162
4,997
4,005
3,354
1956....
1955....
1954....
1953....
2,665
2,656
1,999
1,513
2,148
2,357
1,877
1,451
1 ,137
1 ,736
1 ,227
737
FHA-insured
87
233
124
144
1956....
1955....
1954....
1953....
259
279
104
331
226
350
311
321
255
454
194
237
VA-guaranteed
1956
1955
1954
1953
773
1,170
742
585
1 ,244
1 ,431
1 ,083
213
1 ,455
1 ,511
1 ,209
816
209
361
289
49
Conventional
1956
1955
1954
1953
..
..
..
..
3,302
3,594
3,139
2,625
1,162
946
812
969
467
496
357.
315
673
922
744
450
NOTE.—Figures for savings and loan associations represent loans
on 1- to 4-family nonfarm houses only, which include over 95 per cent
of their residential loans. Data are from Federal Home Loan Bank
Board, Federal Deposit Insurance Corporation, and Federal Reserve.
Figures for 1956 for commercial and mutual savings banks and for
life insurance companies are preliminary estimates made by Federal
Reserve.
be repurchased within a specified limited
time. The fulfillment of these agreements
in 1956 tended to reduce mortgage holdings
of commercial banks.
Commercial banks also make business
loans to mortgage lenders, secured chiefly by
the pledge of mortgages held by these lenders. Such loans approximately doubled in
1955 to a total of $1.2 billion and, after
changing little on balance during 1956, fell
371
RESIDENTIAL REAL ESTATE MARKETS
sharply in the early part of this year. Total
credit extended by commercial banks to real
estate mortgage lenders followed a pattern
similar to that for advances by the Federal
home loan banks, as can be seen in the
chart.
In 1956 life insurance companies increased sharply their acquisition of conventional mortgage loans with higher interest
rates, and reduced their purchases of Federally underwritten mortgages with less competitive rates. Even so, net acquisition of
FHA and VA loans by life insurance companies was only moderately smaller than in
1955, mainly because a large volume of
commitments made in 1954 and 1955 was
taken up during 1956. In fulfilling these
commitments and originating new loans,
life insurance companies added substantially
more to their holdings of mortgages than of
business securities, and they liquidated $1
billion of their Government security holdings. The latter was the largest reduction
since 1951.
A striking development in mortgage activity of mutual savings banks during 1956
was the continued increase in holdings of
VA loans at about the 1955 record pace, in
contrast to the decline in net acquisitions
of such loans by other institutional lenders.
Since 1952, savings banks have been acquir-
ADVANCES OUTSTANDING TO MORTGAGE LENDERS
Billions of dollar!
2.4
2.0
FROM COMMERCIAL
BANKS
1.6
1.2
FROM HOME LOAN
BANKS
1953
1954
1955
1956
1957
NOTE.—Data for commercial banks are from Federal Reserve quarterly survey of weekly reporting banks; latest survey, February 13. Data for Federal home loan banks are
from Federal Home Loan Bank Board; latest figure shown is
for March.
ing VA loans in larger volume than any other
type of lender, and these loans have represented by far the greater part of savings bank
acquisitions of residential mortgages. Thencontinued large investment in VA loans reflects in part the ability of these predominantly Eastern institutions to make out-ofState purchases at discounts that provide
more favorable yields than those on investments available locally.
Summary Flow-of-Funds Accounts
1950-55
THE BOARD OF GOVERNORS of the
Fed-
eral Reserve System first published its flowof-funds system of national accounts in
1955. The Federal Reserve BULLETIN for
October of that year presented a condensed
summary version of the accounts for the
years 1939-54; Flow of Funds in the
United States, 1939-53 (hereafter referred
to as Flow of Funds), published later in
1955, contained the full system of accounts
and detailed descriptions of the basic structure, the sectors, the transaction categories,
data sources, estimating procedures, and
relationships with other statistical presentations, particularly the national income and
product accounts. The full system of accounts presents more detail with respect to
both sectors and transaction categories than
the summary version. For example, in the
full system, subsector accounts are prepared
for the banking, insurance, and other investors sectors.
Revised summary tables for the flow-offunds accounts for 1950-54 and a summary
table for 1955 are presented in this BULLETIN on pages 376-381. Tables on amounts
of financial assets and liabilities outstanding
by sectors for the years 1949-55 are shown
on pages 382-385. The more detailed sector
and transaction account tables for these
years, corresponding in form to the detailed
tables in Flow of Funds, will not be pubNOTE.—This article was prepared by Stanley J.
Sigel, who is in charge of the flow-of-funds work of
the Board's Division of Research and Statistics, under
the general direction of Kenneth B. Williams, Assistant Director.
lished in the BULLETIN; such tables may be
available in mimeographed form later in
1957.
The notes to the summary tables beginning on page 386 give brief descriptions of
the sectors and transaction categories used
in the tables presented here. More detailed
descriptions appear in Flow of Funds, although in a few instances (indicated below)
the descriptions in that publication are no
longer fully applicable.
As was indicated in earlier publications,
the structure of the accounts, the form of
presentation, and the data sources and estimating procedures are all subject to modification. Several factors contribute to the
evolution of the structure of accounts: experience in analytic use; reaction of readers; developmental work on quarterly accounts; availability of new sources of data;
a continuous program of re-examination
and re-evaluation; and the need to improve
methods of presentation and to accelerate
preparation of the accounts. The advantages for the long run of such a program of
flexibility and adaptability more than offset
the inconveniences incident to some lack of
continuity between the original publication
and description and those presented later.
While this program may ultimately result
in extensive changes, relatively few structural changes have been incorporated as
yet: With respect to the form of presentation, these summary tables contain more
detail on the financial transaction categories than the summary tables published
372
SUMMARY FLOW-OF-FUNDS ACCOUNTS, 1950-55
previously. In addition, o u t s t a n d i n g
amounts of financial assets and liabilities
are presented in the same form as the summary flow tables; figures on amounts outstanding were published in Flow of Funds
in separate transaction accounts but were
not available in the same form as the sector
flow tables. There are also a few differences between the present and earlier
summary tables resulting from structural
changes in sectoring and transaction classification in the detailed flow-of-funds system
of accounts. More extensive statistical differences have resulted from changes in
sources of data and in estimating procedures and from revisions in the data upon
which the accounts are based.
CHANGES IN SECTOR COVERAGE
The sector structure differs in two respects:
(1) The treatment of Federal land banks
and Federal home loan banks has been
changed in order to facilitate use of Treasury data in current construction and application of the accounts. In Flow of Funds,
these two Government-sponsored institutions were in the Federal Government sector as long as the United States Treasury
owned any capital stock in them. As of
the time the Treasury's capital stock holdings were retired, the banks were shifted to
the financial institutions n.e.c. subsector of
the other investors sector; this occurred in
1947 for the land banks and in 1951 for the
home loan banks. In the present treatment,
these two institutions are kept in the Federal
Government sector even after retirement of
Treasury stock holdings in them. The new
treatment brings the coverage of the Federal Government sector in the flow-of-funds
accounts closer to that of the Treasury and
Budget Bureau series on receipts from, payments to, and net cash borrowing from the
373
public, which are published currently in the
Treasury Bulletin; the latter series include
transactions of the Federal land banks and
Federal home loan banks.
(2) Profit-sharing plans with retirement
provisions, which were implicitly in the consumer sector in Flow of Funds, are now included in the self-administered pension
plans subsector of the insurance sector.
This change is a result of the improvement
of the statistical basis of that subsector.
CHANGES IN TRANSACTION
CLASSIFICATIONS
A few changes have also been made in
transaction classifications:
(1) The currency and deposit transaction category has been divided into two
categories—(a) currency and demand deposits and (b) time deposits; in most
analytic applications of the accounts a distinction is made between demand and time
deposits.
(2) Consumer credit (short- and intermediate-term credit) is shown as a separate
transaction category; it was formerly divided between "trade credit" and "bank
loans other than mortgages." This change
has been made because consumer credit can
be handled more easily analytically when
it is a separate category.
(3) Correspondingly, the trade credit
and bank loan categories now exclude consumer credit; for this reason, the title of the
bank loan category has been changed from
"bank loans other than mortgages" to "bank
loans n.e.c." (not elsewhere classified).
(4) A change has been made in the flowof-funds treatment of Commodity Credit
Corporation certificates of interest sold in
special offerings to banks. These certificates of interest in special pools of producers' notes were first offered in the autumn
374
of 1953; by August 1955, all of these certificates had been retired. In the present treatment the pool certificates of interest enter
the accounts as bank loans to the Federal
Government sector, whereas in Flow of
Funds they were treated as bank loans
to the farmers and cooperatives whose notes
formed the basis of the pool. The original
treatment viewed the certificates of interest
as pooled loans guaranteed by the CCC but
not otherwise involving CCC transactions.
They were thus treated the same way as
CCC guaranteed loans held by lending
agencies. There are important differences,
however, between these certificates of interest and guaranteed loans: Guaranteed loans
involve a single debt instrument representing the advance of funds from banks to the
farmer-customers. The pool certificates of
interest, on the other hand, are part of the
financing of CCC advances to farmers; two
debt instruments are involved, and the certificates of interest differ in rate of interest
and timing of issuance and redemption
from the CCC advances to farmers. The
new treatment, showing these pool certificates as bank loans to the Federal Government sector with corresponding loans
(included in the miscellaneous transaction
category) from the Federal Government
sector to the farm and noncorporate business sectors, reflects the market characteristics of these debt relationships.
(5) As a result of the change in sectoring of the Federal land banks and Federal
home loan banks, discussed earlier, the
transaction classification of the bonds of
these institutions has been changed. In
Flow of Funds, these bonds were included
in the Federal obligations category while
the institutions were part of the Federal
Government sector, but they were shifted
FEDERAL RESERVE BULLETIN • APRIL 1957
to the miscellaneous financial transaction
category (in 1947 for land bank bonds and
in 1951 for the home loan bank bonds) as
of the time the institutions were removed
from the Federal Government sector. In
the present accounts, with the land banks
and the home loan banks remaining in the
Federal Government sector, their bonds remain in the Federal obligations transaction
category. This treatment brings the Federal obligations category closer in coverage
to the Federal net cash borrowing series of
the Treasury Department and the Budget
Bureau.
(6) Seigniorage on silver is now shown
in the Federal Government sector account
as a financial source of funds under the
Treasury currency transaction category;
earlier it was implicitly reflected in Federal
Government receipts from sales of goods
and services. The gold and Treasury currency transaction account is more consistent internally under the present treatment
than under the earlier one.
OTHER CHANGES
Changes in sources of the data used have
resulted in some revisions in figures. (1)
The account for self-administered pension
plans is now based mainly on Securities and
Exchange Commission surveys, which have
become available since 1955, rather than
on indirect evidence. (2) The assets of
insurance companies other than life companies beginning in 1950 are now based on
Best's Fire and Casualty Aggregates and
Averages', the earlier source—the Fire and
Casualty volumes of the Spectator Insurance Year Book—is no longer available.
(3) Farm capital outlays are now based
entirely on data appearing in Farm Income
Situation, published by the U. S. Department
SUMMARY FLOW-OF-FUNDS ACCOUNTS, 1950-55
of Agriculture. (4) More detailed estimates
of State and local government holdings of
financial assets are now available in Census
publications. (5) Some new data on
mortgage company holdings of mortgages
(shown under corporate business in these
tables), based on its Postwar Capital Market Study, were made available by the National Bureau of Economic Research.
Several changes in estimating procedure
have had significant effects on the estimates.
(1) Valuation adjustments to put insurance company transactions in corporate
securities on an appropriate flow basis have
been applied; in Flow of Funds the valuation adjustment was shown as a separate
line in the sector account and the corporate
security transaction entry was unadjusted.
(2) A portion of farm capital expenditures
has been allocated to nonfarm landlords in
the nonfarm noncorporate business sector.
(3) The procedures for allocating holdings
of mortgages, for estimating net purchases
of corporate securities by nonprofit organizations, and for estimating the amount of
375
State and local government debt outstanding have been changed.
In addition, incorporation of revisions
that have been made in the basic data have
resulted in changes in many of the sector
and transaction accounts, notably those for
the farm sector, the consumer sector, and in
the recording of capital acquisitions and
other goods and services transactions.
In the supporting tables on amounts of
financial assets and liabilities outstanding,
there have also been some changes from the
earlier published versions. As indicated
above, these estimates are now presented in
sector form as well as in separate transaction category tables. Estimates of the
amounts outstanding have been included for
gold and Treasury currency and the debt
part of the corporate securities transaction
category, which were shown only in terms
of flows in Flow of Funds. Amounts outstanding are still not shown for corporate
stock issues and for a few components of
the miscellaneous financial transaction
category.
ON
SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1950
S= SOURCES OF FUNDS, U= USES OF FUNDS
[Annual flows, in billions of dollars]
Business
Sector
Corporate
Transaction
category
Government
Financial institutions
Rest of
the world
Consumer
S
U
S
U
Noncorporate
S
Farm
S
U
Federal
S
U
St. and loc.
S
U
Banking
U
S
10.3
8
10.7
4.4
*
Other
investors
Insurance
U
S
U
S
U
1 2
5.0
3.4
1 l
1.0
*
1.9
3.6
2.6
All
sectors
S
U
3
3.5
*
1 6
.3
*
U
S
NONFINANCIAL
A
B
C
D
E
F
G
H
I
j
144.6 2 . 3
Payroll
53 9 12 0 7 9
Receipts from and payments on investment
21.8 16.9
Insurance and grants
.8
4
1 7 23 9
Taxes and tax refunds
16.1 54.8
.2
Capital acquisitions...
Net change in inventory
36.8
New fixed capital^
....
?
16 1 18 0
Other capital acquisitions
130.7 443.0
Other purchases and sales
88.7
22.8
1 l
17 6 14 1 32 9
8.0
2.8
.4
.7
5 3
23 8
23.9
.4
1.3
8.1
7.5
4.9
6.6
18.9
j
4
1 3
290.8 164.4 110.7 29.3
11.3
2.3
.6
5.0
.6
13 7
5.8 16.5 10.1
.3
9 37 9 2 2 16.5
* 1.7
3.7
*
1.6
3 7
*
*
11.1 4.7 12.6 4 . 8
5.7
1.4
1.9
4
1.5
2 6
.2 20.0 11.5
6
.5
_2
.1
.7
A
*
.2
1
2
2*4
238.1 240.6 452.4 452.9 180.5 182.6 31.2 32 0 49.1 49.3 31.9 33.5
Total
5.4
4
6.0
.1
5.1
4.2
22.8
17 1
1 9
11 5 11.3
W
X
Currency and demand deposits
Time deposits
Federal obligations
State and local obligations
Corporate securities
....
Mortsases
Consumer credit . .
...
Other trade credit
Bank loans n e e
...
Gold and Treasury currency
Savings and loan and credit union shares
Other
Total
Valuation adjustment and discrepancy
Y
Grand total
Z
a
Memoranda:
G N P identifiable in J
Bank credit in W
144.6
86.6
68.4
57.1
100.2
6.4
75.2
18.7
578.7
662.2
1,035.6
1,036.2
6.9
4 1
.7
4
2
7
.4
.7
2
.8
2 9
1
3 4
1.3
5
1
.5
.6
5.5
15.6 18.6
.3
4.3
-3.6
4.6
.3
_ 5
*
*
.5
*
185.0 31.5
3.4
31.5
-3.5
1 6
.1
.1
3.6
1.6
—1 3
4
3.1
3.3
*
.4
.2
2
2
.2
1 5
.3
*
_ 2
.3
*
.1
2
5 7
-1.7
-.6
-.1
i.7
.1
2.1
2
1.7
*
'".'8
.1
1.2
1.0
3.3
2.1
6.5
7.4
.4
.1
50.2 50.2 35.2 35.2 11.6 11.6 23.1
19 4
23.1
-3.5
1.6
2 2
5 9
2
3 0
1 4
23.1 12.8 12.8
16.8
1
*
9.0
3
3 6
*
3
16.8
6.3
.8
*
3.3
4.0
10.1
4.1
9.7
5.7
*
1.7
2.9
8
-.2
3.3
4.0
10.1
4.1
13.1
5.7
2.4
2.3
48.3
48.0
.3
1
.7
5 6
-.1
2
6.3
8
-.4
8 8
25.9
1 1
2.2
*
.5
1
.7
5
3
1
4
*
.2
250.5 250.5 467.9 467.9 185.0
182.8
1 ~>
—1
-.2
3 3
3
5
7
1 7
.8
-.3
*
*
5
> 1.4
17
8 5 12 0 — 2
2 4
2 9
12.1
4"
>
-
.7
1
— 4
1.7
* Less than $50 million.
i For the consumer sector, acquisitions of new fixed capital consist of purchases of new
durable goods of $28.0 billion and purchases of new houses of $8.9 billion.
'ih.'o
9 7 10.2 15 4 13.2
FINANCIAL 2
K.
L
M
N
O
P
Q
R
S
T
U
V
144.6
86.6
68.2
56.5
18.0
1.1
1,084.7 1,084.7
—2 2
1
1.7
9.1
273.3
9.0
2
Financial sources of funds represent net changes in liabilities; financial uses of funds, net
changes in financial assets.
NOTE.—Revised data. For description of sectors and of transaction categories, see notes
on pp. 386-391.
SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1951
S= SOURCES OF FUNDS, U= USES OF FUNDS
[Annual flows, in billions of dollars]
Business
Sector
Corporate
Transaction
category
Financial institutions
Government
Consumer
S
u
168 0
58.7
20.3
1.8
17 1
2 5
13.3
18.7
32.8
55 3
S
U
Noncorporate
S
Farm
U
Federal
U
S
S
St. and loc.
U
S
u
Banking
S
Other
investors
Insurance
U
S
U
U
S
All
sectors
Rest of
the world
S
U
4
2.9
1 9
U
S
NONFINANCIAL
A
B
C
D
E
F
G
H
I
J
Payroll
Receipts from and payments on investment . .
Insurance and grants
Taxes and tax refunds
Capital acquisitions
Net change in inventory
New fixed capital1
Other capital acquisitions.. . .
Other purchases and sales
2 4
102 0
26 1
16 3
11 3
8
6
.7
18.1 15.5 36 6 1.2 15.3
5 3
1.1
9.8
.9
3.2
.4
.3 7.1 13.9 10.7 10.6
.3 31.4
5 8
1 0 53.0 2 1 18 2
*
*
.2 30.6 1.2
.6
6.5
4.8
3.0
6.9
6
8.1
.9
36.2
22.4
5.6
4.1
3.0
6.4
1
6
.2
17 1 19 1
1 2
.1 *
.4
142.6 500.0 326.0 178.5 U8.9 33.1 12.4 5 . 3 24 5 5 2 6 0
8.4
265.9 265.1 510.0 517.9 196.1 197.1 35.3 36.2 66.1 65.1 34.7 35.6
Total
1 6
4.9
*
1.6
2 1
4
2.9
.2 22.9 13.6
6
.6
.1
*
5.3
3 7
1 3
1.1
*
2 1
3 9
2 9 14.5 15 8
1 3
i
*
J
2 1
2
.7
.5
5.7
4.6
.1
2 8
.3
168.0
94.6
71.7
73.3
19.2
19.2
741 A
168.0
94.6
71.7
74.2
109.6
9.6
80.1
19.8
652.4
26.0 19.7 10.6 11.2 17.8 18.0 1,168.1 1,170.4
FINANCIAL 2
K
L
M
N
O
P
Q
R
S
T
U
V
W
X
Currency and demand deposits
Time deposits
Federal obligations
State and local obligations
Corporate securities
Mortgages
Consumer credit
Other trade credit
Bank loans n.e.c
Gold and Treasury currency
Savings and loan and credit union shares
Other
Total
Valuation adjustment and discrepancy
Y
Grand total.
Z
a
Memoranda:
GNP identifiable in J
Bank credit in W
2.2
1 9
1 2
.5
6 1
5.7
1 6 ' 1! i
3.1
4.4
.1
7.5
.3
.4
3
2 3
.3
.8
3.9
*
8.3 14.8
.4
4
1 2
2.5
7
2
6 7
2.4
2
2
1
1
1 1
2.1
1.0
.4
*
2.3
3.
.3
2.0
1
.5
1.6
2.5
.5
2.5
2.1
9.7
—5
2.3
2.4
*2.3
2.1
.5
44.0
41.8
.3
2
.1
2
-.1
.4 "".2
9.8
.8
.5
.4
.1
.2
1.3
*
*
.1
1.0
*
.2
-.7
.4
4 5
1.6
6.6
2.4
-.6
2.5
6.6
9.4
1.2
5.0
4.5
*
.3
2 7
6.7
2.4
-.3
2.5
6.6
9.4
1.2
6.4
4.5
-.3
*
4.4
3.3
1
.4
.5
1.3
— .6
.6 - . 1
2 2
1.1
.2
.3
.3 - . 1
7.6
4
.2
1 0
.1
.3
*
.4
6.3
3.0
3
9
*
4.
,8
3.3
1.2
—9
273.7 273.7 524.9 524.9 198.3 198.3 36.6 36.6 67.6 67.6 37.2 37.2 15.3 15.3 26.3 26.3 13.5 13.5 19.0 19.0 1,212.4 1,212.4
"Y.9
195.5
"4!9
33.2
~\
7.4
* Less than $50 million.
1
For the consumer sector, acquisitions of new fixed capital consist of purchases of new
durable goods of $26.5 billion and purchases of new houses of $9.8 billion.
1
1
4
.1
1.5
8
1.2
..
1 1
1.8
1 i
5
6.7 . . . . .
40.7
i i
21.2
*
1.1
9.7
*
' ' *' *
9.5
4
.2
""9'j
315.6
9.7
2
Financial sources of funds represent net changes in liabilities; financial uses of funds, net
changes in financial assets.
NOTE.—Revised data. For description of sectors and of transaction categories, see notes
on pp. 386-391.
SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1952
S= SOURCES OF FUNDS, U= USES OF FUNDS
[Annual flows, in billions of dollars]
Business
Sector
Consumer
Corporate
Transaction
category
U
S
S
U
Government
Noncorporate
S
Farm
S
U
Federal
U
S
Financial institutions
St. and loc.
u
S
u
Banking
Insurance
U
S
S
U
Rest of
the world
Other
investors
S
S
U
U
All
sectors
u
S
NONFINANCIAL
A
B
C
D
E
F
G
JJ
I
J
Payroll
182.2 2.5
Receipts from and payments on investment... 61.7 14.6 '*8!8
Insurance and grants
21.8 20.3 1.3
.3
2.1 38.5
Taxes and tax refunds
.3
23.0 62.4
Capital acquisitions
Net change in inventory
New fixed capital1
36.2
3
Other capital acquisitions . . . .
23 0 26 2
Other purchases and sales
150.0 512.4
19.2
109.4
28.1
2.3
12.4
18.9 i6!8 40.5 "1.2 14.9 "".9
5.5 "".7
.9 " 5 ! 6
10.7 1.0 3.6
.4 7.3 13.7 11.3 11.2 *
A
38.3
6.2
1.0 65.1 2.5 20.0
25.3 " i ! 3
4.3
5.8 "".5
4.5
"Y.2
*
1.8
.3
.9
23.3
5.6
3.6
4.2
6.7
J
5
*
.1
.7
5
/ 3
329.9 187.6 124.6 31.9 12.0 5.5 33.6 5.3 6.0
.8
290.9 288.4 523.0 532.5 206.7 208.9 34.1 35.2 78.8 78.7 37.3 37.8
Total
6.3
1.8
2.3
1.9 "3!i
.4
.2 25.8 15.2
.8
.6
.3
.7
*
3
3.2
.8
"i.5
5.7
*
4.1
1.8
1.4 "A
1.3 2.2 . .2
*
2 0
2.0
4.4
3.1
15.1 15.5
182.2
100.8
76.8
87.5
25.2
25.2
763.1
182.2
100.8
76.9
88.0
111.9
3.0
81.8
27.1
678.9
5.6 29.1 22.1 11.6 11.9 17.7 17.6 1,235.5 1,238.6
FINANCIAL2
K.
L
M
N
O
P
Q
R
S
T
U
V
W
X
Currency and demand deposits
Time deposits
Federal obligations
State and local obligations
Corporate securities
Mortgages
Consumer credit
Other trade credit
Bank loans n.e c
Gold and Treasury currency
Savings and loan and credit union shares. . .
Other
Total
Valuation adjustment and discrepancy
Y
Grand total
Z
a
Memoranda:
GNP identifiable in J
Bank credit in W
6.5
4 8
1.0
1 6
.8
2.6
2 6
1
.2
3 3
.5
.2
3
.8
7 2
.7
4 3
*
2 2
3.7
*
1.3
2.1
1
4
.8
.2
11.6 14.3 13.2 6.1
.4
.1
-2.3
3.6
.1
5
.2
1.1
1.3
.5
.3
1.5
.2
.4
*
3.2
.5
.5
6.2
4.6
i
.9
*
.9
.2
4.6
.1
.2
.4
5.2
2.0
2 i
1.2
3
2.6
1 9
.6
4.6
.5
3.2
*
.1
2
.5
*
.1
*
.3
*
.5
2.9
3
.2
.2
.2
1.0
.1
*
2
-.4
6.2
4.6
4.3
3.2
8.0
9.0
4.8
5.1
3.5
6.7
4.6
4.2
3.2
8.0
9.0
4.8
5.5
3.4
3.4
2.0
.1
3 4
.3
1
.3
1.3
.2
3.4
3.3
7.8
4.5
4.8
1.6
1.2
55.4
54.9
.5
A
-2.2
.3
2.7 11.5 12.0
•
2
3 4
.5
*
3
— .4
n
302.8 302.8 536.3 536.3 210.3 210.3 35.4 35.4 83.3 83.3 40.6 40.6 17.8 17.8 29.5 29.5 16.0 16.0 19.3 19.3 1,291.3 1,291.3
' 37
204.0
27.9
3 3
5
6.8
* Less than $50 million.
i For the consumer sector, acquisitions of new fixed capital consist of purchases of new
durable goods of $26.2 billion and purchases of new houses of $10.0 billion.
1.9
.2
.8
3.2
4.1
6
6.6
53.7
2 i
i 2
22.6
1.2
'" *' * 11.5
*
10.0
4
-.2
"ii!6
332.8
11.5
2 Financial sources of funds represent net changes in liabilities; financial uses of funds, net
changes in financial assets.
NOTE.—Revised data. For description of sectors and of transaction categories, see notes
on pp. 386-391.
SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1953
S= SOURCES OF FUNDS, U«= USES OF FUNDS
[Annual flows, in billions of dollars]
Consumer
Corporate
Transaction
category
Financial institutions
Government
Business
Sector
S
U
S
U
Noncorporate
U
S
S
St. and loc.
Federal
Farm
U
u
S
S
S
U
S
U
U
S
S
U
All
sectors
Rest of
the world
Other
investors
Insurance
Banking
U
S
U
5^9
4.4
1.4
1.3
'A
2.7
*
1.9
.3
NONFINANCIAL
A
B
C
D
E
F
G
H
I
J
Payroll
194.9 2.7
Receipts from and payments on investment.... 61.3 16.2
Insurance and grants
23.6 22.0 l!4
Taxes and tax refunds
.5
2.6 40.7
Capital acquisitions
.2
23 7 67 3
Net change in inventory
New fixed capital^
40 3
.2
Other capital acquisitions
23 7 26.9
Other purchases and sales
155.6 537.7
118.4
20.3
11.6
36.4
25 4
'ii'.i
29.7
39.2
3.9
6.6
6 6
.4
.4
24 9
6 I
19.4
13.5
2.3
5.5
1.0
14.6
.4 7!5 15.0 1K9 11.7
'A
1.0 64.8 3.1 21.4
4 3 4 4>
.1
4 2
- .2
7 2
4 2
3 7
"6!i
*
.1
.5
5.7
6.1
.8
6.9
.1
•
.4
1.6
343.3 194.9 130.0 31.0 12.0
4i
•
2 1
*
1
.1
5.0 37.6
306.2 304.4 549.4 555.3 214.7 215.8 32.8 33.8 78.3 84.8 39.9 40.1
Total
1.9
2.6
2.1
.5
.3 28 .'2 16.5
.9
.7
1
2
2 1
.2
.1
3.6
6.1 32.0
24.1
.9
4.9
3.3
16.0 J4.9
194.9
102.7
82.8
89.4
26.0
26.0
796.1
194.9
102.7
82.9
89.5
117.0
.6
88.7
27.7
707.1
12.5 12.6 19.1 17.1 1,291.8 1,294.1
FINANCIAL 2
K
L
M
N
O
P
Q
R
S
T
U
V
W
X
Currency and demand deposits.
Time deposits
Federal obligations
State and local obligations
Corporate securities
Mortgages
Consumer credit . .
Other trade credit
Bank loans n.e.c
Gold and Treasury currency
Savings and loan and credit union shares
Other
Total
Valuation adjustment and discrepancy
Y
Grand total
Z
a
Memoranda:
GNP identifiable in J
Bank credit in W
.1
4 0
2 0
1 0
7.2
3 8
1.1
.4
1.7
1
.4
8.1
.5
1.6
5
3
.2
2
2
— 1
.8
.1
.6
2
1.6
*
.5
4i
.2
2.7
1.2
.9
4i
6.1
-.4
1.5
i
I 0
—1 1
.1
3.7
.4
-1.1
4.7
2.2
2 5
1.2
3.5
*
5.2
215.3
4
28.5
8
7 8
3
5.5
i 6
58.5
7
24.2
*
4c
1
.2
5.9
.3
8.3
4.6
1.3
•
*
5.0
5.0
3.7
7.0
9.9
3.8
-.6
1.0
.1
4.0
2.6
*
.1
1.1
.2
5.0
5.2
3.7
7.0
9.9
3.8
.8
1.0
.1
4.0
3.8
4.9
.6
2.3
44.2
41.5
.3
.5
.9
.4
3.6
.3
— .1
.3
6.9
'A
.6
.1
•
.2
•
*
.4
4.0
.2
318.6 318.6 557.5 557.5 217.4 217.4 33.8 33.8 84.5 84.5 43.6 43.6 12.2 12.2 32.3
3 5
.2
.1
9
.8
7
.4
3.7
2
.4
.2
5 0
•
.4
3.3
4i
.6
3
4
.2
* Less than $50 million.
1 For the consumer sector, acquisitions of new fixed capital consist of purchases of new
durable goods of $29.7 billion and purchases of new houses of $10.6 billion.
_ 3
4
1.4
.4
11.9 12.5
5.2
*
6.6
.8
3 9
6
— 1.6
2
1 8
5 —7
2
2
*
2
4>
.1
-.3
1.2
-.4
32.3 17.0 17.0 19.7 19.7 1,336.5 1,336.5
*
10.7
—2
-2.0
7.0
349.8
6.9
2
Financial sources of funds represent net changes in liabilities; financial uses of funds, net
changes in financial assets.
NOTE.—Revised data. For description of sectors and of transaction categories, see notes
on pp. 386-391.
oo
O
SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1954
S= SOURCES OF FUNDS, U=USES OF FUNDS
[Annual flows, in billions of dollars]
Business
Sector
Corporate
Transaction
category
Financial institutions
Government
Consumer
S
U
u
S
Noncorporate
S
U
U
S
St. and loc.
Federal
Farm
S
U
S
U
Banking
S
S
U
Other
investors
Insurance
U
U
S
All
sectors
Rest of
the world
U
S
U
S
NONFINANCIAL
A
B
C
D
E
F
G
H
I
J
Payroll
193.3 2.6
Receipts from and payments on investment.... 61.9 17 4 9!7
Insurance and grants
. .
26.7 23.7 1.5
.4
Taxes and tax refunds
2.9 38 3
Capital acquistions
27.6 69.9
.3
Net change in inventory
New fixed capitall
40.6
Other capital acquisitions
27.6 29 3
.3
Other purchases and sales
159.5 518.9
115.3
18.9
2.3
30.0
20.7 i7!9 39.7 i!6 13.7
5.8
.4 8.4 16.9
12.0 1.2 4.1
36.3
6 7
1.1 61.9 3.3
*
.4 3.5
21.3 1.9 6.7
3.5
— /
.2
-2.6
23.8
3.4
3.3
6.8
J
*
*
.4
1.9
329.8 194.3 128.8 29.9 11.7 6.2 31.5
312.4 311.4 530.8 535.5 215.2 215.9 31.7 32.6 77.6 79.9
Total. .
14.8
"!8
13.3 13.1
22.7
.1 9.2
6^3
8.5
.7
6.3
.8
43.0 44.4
7.1
.4
.5
1.7
.3
.8
*
4.3
5 4
.7
6.2
2.8
2.0
.5 "Y.9
2.2 "4!i
.3 29.6 17.8 6.2
.9
1 0
4
2
.2
1.0
.3
.1
.3
3.8
4.8
1.7 ""A
1.4 2.5
*
2 6
«
2.2
.3
2.6
5.2
3.5 15.4 15.3
193.3
105.1
90.0
87.9
30.2
30.2
777.1
193.3
105.1
90.1
87.6
117.2
-2.5
89.4
30.3
691.3
6.8 34.0 26.2 13.3 14.0 18.4 17.9 1,283.6 1,284.6
FINANCIAL 2
K
L
M
N
O
P
Q
R
S
Currency and demand deposits
Time deposits
Federal obligations
State and local obligations
Corporate securities
Mortgages
Consumer credit.
Other trade credit
Bank loans n.e.c
U
V
Savings and loan and credit union shares
Other
W
X
.
Total
Valuation adjustment and discrepancy
Y
Grand total
Z
a
Memoranda:
GNP identifiable in J
Bank credit in W
. .
....
2.2
4 2
-1.8
9
*
9 3 1 4
1.0
.5
5.4
1 2
.6
.5
2
.5
1
-.2
.3
*
-.1
3.1
.2
2.1
4 3
1
*
.9
.3
—3
4
*
.5 - . 3
.2
.2
.2 - . 1
2.4
.2
*
.8
-.5
1.4
4.4
2 7
3.9
2 0
.1
3 8
*
.1
j
1.5
-.2
*
.2
4.3
4
-1.4
*
3.7 10.2 11.1
- 5
-.7
.5
.1
.2
.4
.2
4 8
.5
.4
8.2
6.1
.2
.2
.4
.4
.2
•1
4.6
5.4
2.1
4.3
6.3
12.5
1.0
.6
1.5
.1
4.8
2.7
.1
.4
.5
.2
4.3
5.4
2.0
4.3
6.3
12.5
1.0
-1.8
1.6
*
4.8
3.6
6.3
1.5
1.8
44.2
46.1
.2
.5
-2.4
*
.4
4 3
.3
.6
-.9
.3
324.6 324.6 534.6 534.6 218.3 218.3 32.3 32.3 80.0 80.0 47.4 47.4 17.3 17.3 34.3 34.3 19.4 19.4 19.9 19.9 1,328.3 1,328.3
220.5
3 0
—i i
24.5
7.7
2 2
*
* Less than $50 million.
i For the consumer sector, acquisitions of new fixed capital consist of purchases of new
durable goods of $29.6 billion and purchases of new houses of $11.0 billion.
*
2.0
.5
3.8
-.3
.4
2 1 4
.7
.5 - . 4
1 5
4 8
.9 - . 2
11.8 12.7
*
-1.8
.1
-1.3
—14
.4
1 |
.8
49.4
5.7
4 2
26.8
2 0
*
1.5
11.2
.2
11.8
-.4
.8
11.3
347.5
11.2
2
Financial sources of funds represent net changes in liabilities; financial uses of funds, net
changes in financial assets.
NOTE.—Revised data. For description of sectors and of transaction categories, see notes
on pp. 386-391.
SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1955
S= SOURCES OF FUNDS, U= USES OF FUNDS
[Annual flows, in billions of dollars]
Consumer
Corporate
Transaction
category
S
S
U
U
Noncorporate
U
S
St. and loc.
Federal
Farm
u
S
Financial institutions
Government
Business
Sector
S
S
U
Banking
S
U
U
*
2.2
2.4
.3 3 K 6
1.2
S
U
S
U
S
All
sectors
Rest of
the world
Other
investors
Insurance
U
U
S
NONFINANCIAL
A
B
C
D
E
F
G
H
[
J
Payroll
Receipts from and payments on investment....
Insurance and grants
Taxes and tax refunds
Capital acquisitions
Net change in inventory
New fixed capital1
Other capital acquisitions
Other purchases and sales . . .
19.6
15.9
2.3
124.9
32.4
13.3
5.7 "".9
1.3
22.8 "\%.l 42.7
.4 9^5 18.2 13.4 13.1
'A
1.7 12.9 1.3 4.5
1 l 63 2 3.6 24.1
7 2
.5 35.8
2.8
10.6
.4
3.4
8.3
.3 27.9 2 . 8
2 9
10
2.8
9.6
25.0
3.4
7.4
49.3
)
*
4
9
1 28
29 2 32 2
*
168.0 573.0 363.1 212.8 142.7 29.6 12.0 7.0 29.6 6.8 6.6
208.4
65.6
28.9
3.1
29.2
3.0
18.8
25.7
41.2
81.5
'ioii
4
,2
208.4
112.1
96.0
90.8
32.7
208.4
112.1
96.0
91.1
137.9
""32.7
3.8 17.2 17.1 852.9
100.5
33.6
747.9
5.1
2.1 * " ! 5
1.4 2.7
*
2.5
.3
*
2.7
3.8
2.7
.2
.3
.9
335.2 338.2 586.1 587.4 235.5 237.8 31.5 32.5 80.7 79.6 45.2 47.4
Total
3.0
.6 "l.l
19.2 6.6
.9
7.8
4
31
30
1.1
.2
4.0
5.4
7.4 36.2 28.1 14.2 15.1 20.4 19.9 1,393.0 1,393.4
FINANCIAL 2
K.
L
M
N
O
P
Q
R
S
T
U
V
W
Currency and demand deposits
Time deposits
Federal obligations
State and local obligations
Corporate securities.,.
Mortgages
Consumer credit.. .
Other trade credit
Bank loans n.e.c.
Gold and Treasury currency...
Savings and loan and credit union shares
Other
Total
ii i
1
30
18
18
2.3
14
64
5 3
4
5
Z
a
Grand total
Memoranda:
GNP identifiable in J
Bank credit in W . . . .
1 2
3 3
6 6
3
3
1
4
4
2.0
.8
*
*
2 -.2
1
1.0
4
.7
*
.1
1
-7.6
1
-.5
10
3.8
3.5
4 8
*
*
.8
.1
\'.2
.4
*
.5
5.3
.2
1
3.1
3.0
1.2
3.6
7.2
16.2
6.4
4.4
7.3
.8
.3
5.4
2.0
6.9
1.5
1.5
59.8
60.1
.5
.5
-.3
.5
.1
.9
3.6
2.4
5.7
6.5
4
1 0
2
5.4
9
.4
8.3
7.7
2
16.2
.1
.2
.1
.4
4
5
4
.5
3.0
.9
3.6
7.2
6.4
7.5
7.2
.1
5.4
2.0
.4
7.2
*
*
.2 — 1
-.4
2.4
4
— 2
354.3 354.3 603.3 603.3 240.3 240.3 32.3 32.3 80.5 80.5 48.8 48.8 13.4 13.4 36.5 36.5 21.9 21.9 21.8 21.8 1,453.2 1,453.2
240 3
61
31.2
6 0
i 5
9.6
* Less than $50 million,
1
For the consumer sector, acquisitions of new fixed capital consist of purchases of new
durable goods of $34.9 billion and purchases of new houses of $14.4 billion.
-.2
12
*
5
4.8
5
6
8
*
18.6 16.2 17.1 15.5
3 6
2
28
i
Y
*
2
1
2
6.3
14
33
6 1
3
7
5
4 3
54
6
46 0
-8.7
.1
29 2
*
1 7
6.4
.1
375.4
-.5
12.5
.5
.5
6,6
6.4
j
2
Financial sources of funds represent net changes in liabilities; financial uses of funds, net
changes in financial assets.
NOTE.—For description of sectors and of transaction categories, see notes on pp. 386-391.
00
to
FINANCIAL ASSETS AND LIABILITIES, 1949-55
L=LIABELITIES, A=ASSETS
[Amounts outstanding, in billions of dollars]
Business
Sector
Consumer
Corporate
Transaction
category
L
A
L
A
Government
Noncorporate
L
Farm
A
L
St. and loc.
Federal
A
A
L
Financial institutions
L
A
Banking
L
Insurance
A
L
Other
investors
Rest of
the world
All
sectors
A
A
December 31, 1949
K.
L
M
N
O
P
Q
R
S
T
U
V
W
Currency and demand deposits
42.0
26.0
12.8
53.5
.7
2.8
Time deposits
Federal obligations
59 4
6.9
16.6
11.8
State and local obligations
.5
4 . 4 35.3
Corporate bonds
32.1 16.5 9 . 6
.3 16.1
Mortgages, total
7.4
32.1
.9
.3 4.6
1- to 4-family
6.8 8.7 *
Afulti-family and commercial
10.4
Farm
2.3
1.1
17.3
8.0
2.9
Consumer credit
Other trade credit
31.6 35.0 5 . 3 4 . 9
11 5
Bank loans n e e
....
9 4
i i
Gold and Treasury currency
13.1
Savings and loan and credit union s h a r e s . . . .
6.5
3.5
.7
Other
2 6 j j
221 8
.5
1.6
31
26
.1
1.6
118.4
58.9
221.8
24.9
38.1
62.7
37.6
19.5
5.6
17.3
38.7
26.3
2.6
13.2
32.6
110.6
58.9
222.5
24.9
38.1
62.7
37.6
19.5
5.6
17.3
40.8
25.9
40.1
13.2
31.4
5.2 70.0 17.7 23 5 17.5 20.3
656.0
686.7
1.6
124.6
59.7
221.7
28.2
40.2
72.8
45.2
21.6
6.2
21.4
48.5
32.0
2.6
14.8
34.3
113.5
59.7
222.3
28.2
40.2
72.8
45.2
21.6
6.2
21.4
53.9
31.5
40.5
14.8
33.5
5.6 75.2 20.4 25.6 18.2 24.2
701.7
733.2
2.1
.2
2.3
1.8
.2
7 . 4 225.7 26.8 24.9 21.2 179.1 191.9
2.2
.4 11.8
11.3
.4
.5
2.7
.3
*
.6
.7
1 2 18.2
4.5
.1
2.9
.1
0
1.1
25 9
29.2
*
.5
38
26.1
13.3
6.2
6.0
.9
5.8
j
3.5
22.9
11.2
6.1
.1
1.2
j
7 . 6 118.4
1.3 58.9
8.2
101.8
3.1
6.6
.9
4.2
.1
18.2
*
1.2
*
4.5
15
24.9
2.4
4.5
54.0 207.1 88.1 87.1 33.3 31.4 10.6
Total of above items
5.3
.2
7.3
5.2
.8
4
9
13.2
2.4 2.9
1.3 13.3
10.8
December 31, 1950
K
L
M
N
O
P
Q
R
Currency and demand deposits
Time deposits
.
Federal obligations
State and local obligations
Corporate bonds
Mortgages total
j - to 4-family
Jdulti-family and commercial
Farm
Consumer credit
Other trade credit
42.6
27.6
13.5
7
54 0
2.9
59.5
19.5
6.6
12 5
5
3.6 37.1
5 17 6
39 0 17 2 10 9
1.4
39.0 7.6
.5 4.7
I 11 7
9 5
....
7.1
T
U
V
W
Gold and Treasury currency
Savings and loan and credit union s h a r e s . . . .
Other
Total of above items
* Less than $50 million.
43
14.7
7.3
2.7
1.5
*
1.2
56
28^2
8.1 124.6
1.4 59.7
98.3
8.9
3.6
8.2
1 1
4 3
.2
21.8
.1
13.7
.1
7 1
3 0
1 2
j
2.9
1 7
1 3
66.1 211.5 102.1 105.7 37.9 33.7 10.9
j
S.6
6 6
1 2 18.6
.2
6 . 9 226.8 27.8 28.2 23.3 185.5 199.3
NOTE.—Revised data.
.7
4.7
.3
4.3
*
2.2
.4 13 9
13.3
6
.4
3.0
.3
*
.8
.7
31.5
27.5
1.2
3.5
1
3.6
1.3
.5
26
7
1 8
2.3
.2
21.6
2.7
28.6
16.5
1.0
7.5
3.4
39.5 47.1 5 0
13.9
12.2
5.1
.2
.6
49
4.9
9.7
1.4
221.7
1.2
2.5
21.4
6.8
5.6
.9
.6
14.8
2.6 3.6
1.0
.1
1.4 13.5
13.0
For description of sectors and of transaction categories, see notes on pp. 386-391.
FINANCIAL ASSETS AND LIABILITIES, 1949-55—Continued
L = LIABILITIES, A = ASSETS
[Amounts outstanding, in billions of dollars]
Business
Sector
Corporate
Transaction
category
Government
Financial institutions
Consumer
L
A
L
A
Noncorporate
L
A
Farm
L
Federal
A
L
St. and loc.
A
L
A
Banking
L
A
Insurance
L
A
Other
investors
L
A
All
sectors
Rest of
the world
A
L
L
A
December 31, 1951
K
L
M
N
O
P
Q
R
S
T
U
V
W
Currency and demand deposits
Time deposits
Federal obligations
State and local obligations...
Corporate bonds
Mortgages, total
/ - to 4-farnily
Afulti-Jamily and cortwiarcial .
Farm
Consumer credit
Other trade credit
Bank loans n e e
Gold and Treasury currency
Savings and loan and credit union snares
Other
Total of above items
44.8
55 9
58.3
13 0
3.3 40 7
45.1 18.0 12.5
45.1
7.9
1.3
7 3 11 2
2.8
22.6
42 6
1.4
18 3
29 *
5
7
20 6
6
14.6
3 0
6.2
.5 18.8
.4
5.5
1 12 2
1 3
10.5
51 0 6 3
11 7
5.1
3
7.2
221.4
5.5
3.7
5 6
8 30 6
3.4
2.1
I
1.3
5.3
4.4
.7
3 3
1 6
1.3
73.6 217.9 114.7 113 3 40 0 34.7
12.2
2 9
.1
.1
2.5
2
19.4
3 0
32.4
19.8
10.7
7 6
1.5
1.5
2 7
17.0
7 6
2 2
3 4
8.5 131.3
1 5 62 1
99.4
9.9
9 3
3 8
1.3
4.5
.2
24.5
.1
75.5
2
8 0
1.0
7.5
1.4
.8
36 0
27 6
19.1
7 . 3 228.4 30.3
1.6
4.0
1
3.6
1
*
2.2
.4 15.8
15.1
4
7
*
.9
.9
6
1.9
131.3
62.1
221.4
30.6
44.1
82.2
51.7
23.9
6.6
22.6
54.9
36.5
2.7
17.1
36.1
120.1
62.1
221.7
30.6
44.1
82.2
51.7
23.9
6.6
22.6
58.9
36.0
40.8
17.1
35.1
18.8 24.3
742.3
771.9
1.9
137.5
66.7
225.8
33.9
48.9
91.2
58.5
25.6
7.2
27.4
60.0
40.0
2.7
20.5
38.5
126.8
66.7
225.9
33.9
48.9
91.2
58.5
25.6
7.2
21A
64.5
39.4
41.1
20.5
36.9
19.5 25.7
793.7
823.8
.6
4.3
.4
4.3
3.4
.3
1 2
13.1
.2
5.9
30.6 25.4 195.0 209.1
5.9
17.1
3.9
.2
1.8
81.0 23.0
28.7
2.7
13.6
December 31, 1952
K
L
M
N
O
P
Q
R
S
T
U
V
W
Currency and demand deposits
Time deposits
Federal obligations
State and local obligations
Corporate bonds
Mortgages, total
7- to 4-familv
Jvlulti-family and commercial
Farm
Consumer credit
Other trade credit
Bank loans n.e.c
^
Gold and Treasury currency .
Savings and loan and credit union shares
Other
Total of above items
* Less than $50 million.
48.1
60 0
58.3
14 0
3.2 45.5
51.6 18.8 13.3
51 6 8 3 / 2
7.5 12.1
3 0
27 4
45 2
1.5
20.9
30.3
7
19 8
6
13.9
3 2
6.5
.6 20.1
5 5.7
.1 13.0
1 4
12.7
54 7 8 4
11.7
7.4
225.8
5.8
5 8
4 1
6 4
2 3
3.9
2 9
2.7
20 3
4 7 7 9
7
3.4
1.7
1.5
85.1 230.5 125.5 119.4 43.6
35.8
13.5
.2
7.0
3
9.0 137.5
1.6 66.7
11.5
101.5
1 1 33 9 4 0
10.5
1.7
4.6
.3
4.0
27.1
.1
17.3
2 5
1
2
8 7
1.4
1.1
9 5
2 5
39.4
*
28.1
7 . 5 232.9 34.9
33.9
.9
4.6
.1
3.8
*
.5
5
.6
4.6
.6
5.3
2.2
18.7
17.9
8
*
1 1
3.4
.3
1.1
.6
.3
6.3
2.9
20 5
4.2
28.1 206.4 221.0
6.3
88.0
26.9
2.2
1.5 20.0
2.7
.2
19.2
3.4
36.9
21.8
11.9
8 2
1.7
1.4
2
2.1
33.0
13.0
14.0
NOTE.—Revised data. For description of sectors and of transaction categories, see notes on pp. 386-391.
00
00
FINANCIAL ASSETS AND LIABILITIES, 1949-55—Continued
L = LIABILITIES, A= ASSETS
[Amounts outstanding, in billions of dollars]
Business
Sector
Corporate
Transaction
category
Government
Financial institutions
Rest of
the world
Consumer
L
A
L
A
Noncorporate
L
Farm
A
L
St. and loc.
Federal
A
L
A
L
A
Banking
L
Insurance
A
L
A
Other
investors
L
A
L
A
L
All
sectors
A
December 31, 1953
K
L
M
N
O
P
Currency and demand deposits
Time deposits
Federal obligations
State and local obligations
Corporate bonds
Mortgages total
7- to 4-family
Afulti-family and commercial
Q
R
S
X
U
V
Consumer credit
Other trade credit
Bank loans n c c
Gold and Treasury currency
Savings and loan and credit union shares .
Other
48.1
64.0
58.4
16.0
3.1 50.3
58.8 19.9 14.1
58.8
/./
8.0 12.9
3.2
W
Total of above items
14.1
3.4
30.6
.7
21.5
.7
i 7
231.0
'
6 21.5
.5
6.1
1 13 9
1.5
14 5
45.7 54.0 8.9
20 7
12 1
31 2
9.7 137.5
2.0 71.7
13.1
102.4
11.2
.s 3716 4.4
5.4
.3
7.3
6.5
6.2
4.4
2.8
1
1.5
6.2
4 3
6.6
2.1
4 2
2.9
8
2.8
2.3
.3
./
.2
8.3
1.1
3.8
2.1
2.0
97.0 241.9 131.8 122.7 46.3 37.0 14.4
.2
1.7
7 . 5 239.1
834.7
863.6
2.2
141.8
77.0
233.0
41.9
57.3
113.6
75.7
29.7
8.2
32.3
58.9
42.6
2.8
29.3
44.3
131.4
77.0
233.0
41.9
57.3
113.6
75.7
29.7
8.2
32.3
64.5
41.9
42.3
29.3
42.4
7.0 102.6 36.8 43.5 19.9 30.4
875.6
907.7
40 4
27.0
.3
34.9 37.6 31.6 211.5 226.8
*
1.9
1.0
2.3
.3
1.9
9.2
1.1
2.3
21.6
3.3
6.6 95.5 31.1 37.6 19.3 28.1
4.9
*
4.4
1.0
5.9
126.8
71.7
230.9
37.6
53.6
101.1
66.1
27.4
7.7
31.2
63.9
40.4
41.6
24.5
39.7
29.6
19.3
4.8
1
3.9
2
2.3
5 22 3
21.3
5
1 0
.6
137.5
71.7
231.0
37.6
53.6
101.1
66.1
27.4
7.7
31.2
60.7
41.0
2.8
24.5
41.4
11 0
24 2
5.3
2.9
.2
19.3
4 3
40.8
24 0
13.4
8 7
6.6
1.2
5
24.5
3.1 4.4
1 5
i i
.3
2.2 14.3
14.6
December 31, 1954
K
L
M
N
O
P
Q
R
S
T
U
V
W
Currency and demand deposits
Time deoosits
Federal obligations.
State and local oblisations
Corporate bonds
Mortgages, total
1- to 4-fcunilv
.
Afulti-family and commercial
Farm
Consumer credit
Other trade credit
Bank loans n e e
Gold and Treasury currency
Savings and loan and credit union shares
Other
Total of above items
* Less than $50 million.
50.3
31.4
14.6
68 3
3 6
7
56.6
19.7
6.6
8
16 9
2.6 54.0
.8 23.0
68.1 21.3 15.3
1.4
9.3
.7 6.2
68.1
8.7 13.9
.2 15.2
3.4
32.3
1.6
15 2
44.4 54.5 8.5
19.4
13 6
2 0
7.0
233.0
10.0 141.8
2.4 77.0
106.3
14.8
5 4i 9 4 7
13.2
5.7
.3
3.0
4.4
2.7
6.6
.2
1.6
6.6
4.9
.4
.1
33.4
22.2
10.0
->
2.1
2.6
1 2
4 1
2.8
9.2
.9
4.4
3.1
9.3
2.0
.6
1.1
1.2
2.6
41.9
26.8
*
29 0
6.4
5.6
1
4.0
2
*
2.3
.6 26.5
25.3
2.2
108.9 254.2 133.9 123.2 49.4 38.6 15.0
.2
1.9
7 . 2 241.5
NOTE.—Revised data.
21.6
35.
2.6
.3
41.9 35.3 221.4 237.7
7.0
29 3
3.3 4.9
.8
4.7
1.4
6.3
3.3
.3
1.2
*
1.7
1.3
6
11.0
4 4
6.4
2.8
2
18.8
5 7
44.1
26.7
15.4
1 7
4
2.6
14.1
15.5
For description of sectors and of transaction categories, see notes on pp. 386-391.
FINANCIAL ASSETS AND LIABILITIES, 1949-55—Continued
L = LIABILITIES, A= ASSETS
[Amounts outstanding, in billions~of dollars]
Business
Sector
Consumer
Corporate
Transaction
category
L
A
L
A
Noncorporate
L
A
Financial institutions
Government
Farm
L
Federal
A
L
St. and loc.
A
L
A
Banking
L
A
Insurance
L
A
Other
investors
L
A
All
sectors
Rest of
the world
L
A
L
A
December 31, 1955
K
Currency and demand deposits
M
Federal obligations.
O
P
Corporate bonds
Mortgages, total
Multi-family and commercial
R
Other trade credit
T
U
V
Gold and Treasury currency
Savings and loan and credit union shares
Other
W
Total of above items
* Less than $50 million.
50.5
71.2
58.4
18.7
3 9 58 5
79.3 22.7 16.8
79.3 9.6 1.5
9.5 15.2
3.6
38 6
47.7
25.4
2 3
34 2
7.1 9.6
.9
31.9
.7
24.1
1.1
14.6
3.8
6.7
1.4 25.7
1.2 7.3
.2 16.7
1.7
18.5
61.1 9.6
14.4
4.5
6.8
7.3
4.7
7.2
3.5
10.4 144.9
2.4 80.0
98.7
15.8
' !5 *45!5 5.0
13.3
37
4 3
.4
38.3
4.9
./
2.9
26.0
.2
.2
10.9
1.3
1.8
13.3
2.4 2.6
49.1
*
2.8
26 8
*
2.0
.3
i.9 22.0
234.1
' 7.3
2.2
4 5
1.8
127.4 269.3 149.3 138.8 54.2 40.5 15.7
.2
2.4
144.9
80.0
234.1
45.5
61.7
129.7
88.1
32.6
9.0
38.6
63.3
49.9
2.8
34.7
45.5
131.9
80.0
233.9
45.5
61.7
129.7
88.1
32.6
9.0
38.6
72.1
49.1
43.0
34.7
44.2
7.4 110.1 43.7 49.9 20.3 32.3
931.7
965.5
5.6
.3
7.0 241.3 36.0 45.5 37.6 227.0 244.1
2.9
.2
18.4
6.7
47.1
30.2
17.9
10.0
2.3
1.2
7.4
5.6
4.4
.2
*
2.4
.7 31.9
30.4
.7 1.5
*
2.1
1.4
1.1
34.7
3.5 5.8
.9
4.6
1.3
7.5
3.1
.3
2.2
.4
2.8 14.1
16.2
NOTE.—For description of sectors and of transaction categories, see notes on pp. 386-391.
00
386
FEDERAL RESERVE BULLETIN • APRIL 1957
NOTES TO TABLES
These notes summarize the contents of the
sectors and transaction groupings used in the preceding tables. More detailed descriptions are
given in the appropriate chapters of Flow of
Funds in the United States, 1939-1953; in a few
instances, however, those descriptions have been
superseded by the material here, as indicated in
following paragraphs.
SECTOR COVERAGE
The consumer sector comprises persons in their
capacity as members of households; it also reflects the activities of personal trusts and welfare
funds. The sector excludes the business activities
of individuals as proprietors of farms and nonfarm unincorporated businesses, the lessorship
activities of individuals acting as landlords, selfadministered pension plans, and nonprofit, religious, and welfare organizations.
The corporate business sector consists of all private domestic corporations other than banks, insurance companies, investment companies, savings
and loan associations, corporate farms, and some
miscellaneous agricultural credit corporations. It
includes some financial corporations, such as sales
finance companies, mortgage companies, etc., as
well as industrial and commercial corporations.
The activities of pension, welfare, and profitsharing plans established by corporate business
are excluded insofar as possible.
The nonfarm noncorporate business sector includes all unincorporated businesses other than
(a) farms, (b) mutual financial institutions such
as credit unions, and (c) nonprofit institutions
serving individuals—schools, religious organizations, and philanthropic groups. It includes mutual organizations engaged in production or commerce—such as farm marketing, purchasing, and
utility cooperatives—but not farm financial cooperatives. The lessorship activities of individuals
are included, as are nonprofit organizations serving business, e.g., trade associations. The sector
includes some financial enterprises, such as security brokers and dealers and personal loan companies, as well as industrial and commercial enterprises. It excludes the consumer activities of
business proprietors.
The farm business sector covers all farm operating enterprises, including corporate farms. It
excludes farmer cooperatives and nonfarm landlords of farm property. It also excludes the nonfarm business activities of farm families and most
of their consumer activities (other than housing).
The Federal Government sector covers, with
certain exceptions, all departments and branches
of the Government, including all trust funds and
deposit fund accounts and all Government corporations, credit agencies, and other Federal enterprise funds, whether wholly or partially owned
by the Government. It includes two Government-sponsored and Government-supervised institutions—the Federal land banks and Federal
home loan banks—that became wholly privately
owned when the Treasury capital interest in them
was retired. (See page 373 for discussion of
change in treatment.) The following instrumentalities of the Government are not included in
this sector: (a) the Postal Savings System, the
Exchange Stabilization Fund, the Board of Governors of the Federal Reserve System, and certain monetary accounts, all of which are in the
banking sector, and (b) the District of Columbia,
which is included in the sector for State and local
governments. The sector account is on a consolidated basis, that is, transactions between components of the Federal Government sector are not
shown. The nonfinancial transactions of Government enterprises are, in general, shown on a gross
basis.
The State and local government sector comprises all State and local political subdivisions in
the United States and its possessions and the government of the District of Columbia. It includes
all departments, trust and sinking funds, corporations and enterprises (such as State liquor monopolies and municipally owned utilities), and authorities (such as toll roads and port authorities)
of such governmental units. The sector account
is a combined statement of consolidated accounts
for each governmental unit. However, the consolidation is not complete with respect to debt
and interest transactions between governmental
units and their own sinking and trust funds, e.g.,
both the assets and liabilities in the sector account
include the securities of any given State government held by trust funds of that government.
The banking sector consists of 4 subsectors:
(1) commercial banks in the continental United
States, (2) mutual savings banks and the Postal
SUMMARY FLOW-OF-FUNDS ACCOUNTS, 1950-55
Savings System, (3) Federal Reserve System, and
(4) Treasury monetary funds, which consist of
the Exchange Stabilization Fund, the gold account, the silver account, and an account constructed from various Treasury data to record
currency liabilities of the Federal Government not
elsewhere classified and the assets underlying
these liabilities. The banking sector is shown in
a consolidated account. In the detailed system of
accounts, both subsector and sector accounts are
shown.
The insurance sector consists of all domestic
insurance companies (life and nonlife), selfadministered pension and retirement plans (that
is., not administered by an insurance company),
and the insurance activities of fraternal orders.
It excludes governmental insurance and retirement
programs, which are in the government sectors.
In the detailed system of accounts, both sector
and subsector accounts are shown.
The other investors sector is a combination of
three subsectors—(1) nonprofit organizations,
such as nonprofit private schools and hospitals,
charitable, welfare, and religious organizations,
and foundations; (2) savings and loan associations; and (3) financial institutions not elsewhere
classified, which comprise credit unions, investment companies, banks in United States possessions, agencies of foreign banks in the United
States, and miscellaneous farm credit institutions.
In the detailed system of accounts, both sector
and subsector accounts are shown.
The rest of the world sector comprises the
residents and governments of countries outside
the United States and its territories and possessions. It includes international organizations
(such as the International Monetary Fund, the
International Bank for Reconstruction and Development, and the United Nations) and employees of these organizations who are not citizens
of the United States. The definition of the rest
of the world is approximately the same as that in
the United States balance-of-payments statement,
although the classification and coverage of transactions are somewhat different. The account is
consolidated; it records only transactions of the
rest of the world with the United States and not
transactions within the rest-of-the-world sector,
i.e., among other countries.
387
CLASSIFICATION OF NONFINANCIAL TRANSACTION
CATEGORIES
Line A—payroll. Mainly cash wages and salaries
before withholdings for income taxes and for employee contributions to social insurance. Excludes
wages paid in kind and employer contributions to
social insurance funds and to private pension and
welfare funds. Includes wages paid by consumers to domestic servants, nurses, etc.
Line B—receipts from and payments on investment. Gross payments and receipts of monetary
interest, rents and royalties, dividends and branch
profits, and net withdrawals of funds by proprietors from unincorporated enterprises. Excludes
imputed interest and imputed rents.
Line C—insurance and grants. Gross insurance premiums and benefits and gross payments
and receipts of grants and donations. The insurance transactions cover all types of private and
government insurance, including retirement and
pension programs; they include employment taxes
and benefits under the various social insurance
programs. Grants and donations include intergovernmental grants (foreign and domestic),
donations to and by philanthropic and other nonprofit organizations, and government and business grants to consumers, etc. Gifts in kind are
excluded where identifiable in the basic data.
Line D—taxes and tax refunds. All taxes other
than employment taxes, which are included in
insurance premiums in line C. Taxes and refunds are recorded as of the time paid and received, not as of the time accrued.
Line E—capital acquisitions. Expenditures
recorded as capital acquisitions are shown in
three subgroups: inventories, new fixed capital,
and other; these are discussed below. Sources of
funds under capital acquisitions consist mainly
of receipts from the sales of real estate; receipts
from sales of capital goods (corresponding to
capital purchases) other than of real estate are,
in general, recorded in line I (other purchases and
sales) rather than in line E.
Line F—net change in inventories. Shown
only for business sectors. Inventory change is
after valuation adjustment. Changes in farm inventories are at cost rather than market value
and include changes in inventories held under
CCC direct and guaranteed loans. Line F is part
of the flow-of-funds transaction category "other
goods and services."
388
Line G—new fixed capital Expenditures for
new durable equipment and new construction.
For consumer sector: purchases of new consumer durable goods and purchases of new nonfarm homes (excluding cost of land). For all
business sectors: expenditures for new plant and
equipment; corporate and noncorporate business
capital expenditures also include purchases of
new nonfarm residential housing for tenantoccupancy and the net change in work-in-process
on all nonfarm residential construction; capital
expenditures of the farm business sector include
outlays for new farm dwellings as weU as for
new service buildings and equipment. For government sectors: expenditures for construction.
For the banking, insurance, and other investors
sectors: expenditures for construction and equipment. Line G is part of the flow-of-funds transaction category "other goods and services."
Line H—other capital acquisitions. For consumer sector: purchases of existing houses, land
(including that associated with new-home purchases), used consumer durable goods, and brokerage fees and settlement costs in connection with
home purchases; sales of existing homes, land,
and used consumer durable goods. For corporate business sector: purchases of land for residential construction, costs of security flotations,
and brokerage fees and settlement costs; and
sales of properties under lease-back agreements.
For noncorporate business sector: net receipts
from real estate transfers. For farm sector: net
receipts from transfers of farm land. For government sectors: purchases and sales of land. For
financial institutions sectors: purchases of properties in lease-back agreements; net receipts from
transfers of foreclosed properties. Line H covers
all transactions in the flow-of-funds real estate
transfers category and some transactions in the
"other goods and services" transaction category.
Line I—other purchases and sales. All expenditures for, and receipts from the sale of,
goods and services other than those listed separately in the summary tables, that is, all transactions in the flow-of-funds category "other goods
and services" except the capital transactions covered in line E.
Purchases and sales under capital acquisitions
(line E) and other purchases and sales (line I)
together make up the two flow-of-funds transaction categories—real estate transfers and "other
FEDERAL RESERVE BULLETIN • APRIL 1957
goods and services." Purchases and sales in the
real estate transfer category are included in line
E and in line H. Purchases and sales of "other
goods and services" are divided between lines E
and L Capital expenditures in the transaction
category "other goods and services" are shown
in line E but, in general, the corresponding sales
are in line I.
Line 1—^total nonfinancial transactions. The
sum of lines A through E and line I.
CLASSIFICATION OF FINANCIAL TRANSACTION
CATEGORIES
Financial transaction categories are presented
both in terms of flows in the flow-of-funds tables
and in terms of amounts outstanding in the supplementary tables on amounts of assets and liabilities outstanding. Both presentations use the
same letter designations for corresponding lines.
With a few exceptions, the figures for amounts
outstanding correspond in coverage to the financial flow figures in the main summary tables, and
the following notes apply, in general, to both
flows and amounts outstanding (with appropriate changes in wording to reflect flows and
amounts outstanding). Major differences in coverage between corresponding series in the two
sets of tables occur in lines O (corporate securities), T (gold and Treasury currency), and V
(other financial transactions); the discussions of
these lines indicate the differences.
In the flow tables, lines K through W present
the net changes in each sector's liabilities (both
net increases and net decreases) under sources
of funds and the net changes in each sector's
financial assets (both net increases and net decreases) under uses of funds. The financial
sources and uses of funds for each sector are thus
recorded in terms of net changes in liabilities and
net changes in financial assets rather than in terms
of gross financial sources and uses of funds.
Line K—currency and demand deposits. All
demand deposits (other than domestic interbank
deposits) at commercial and mutual savings
banks in the continental United States; Government and foreign deposits at Federal Reserve
Banks; United States currency held outside the
banking sector; and foreign currencies and deposits held by domestic sectors. The banking
sector's liability for currency and demand deposits differs from the sum of amounts held by
SUMMARY FLOW-OF-FUNDS ACCOUNTS, 1950-55
all other sectors principally because of mail float.
In the currency and demand deposit totals for all
sectors, liabilities of the rest of the world for
American-held foreign currency and deposits are
netted against foreign holdings of American currency and deposits; in the sector column for the
rest of the world, these two items are shown on
a gross basis.
Line L—time deposits. Time and savings deposits in mutual savings banks, in savings departments of commercial banks, and in the Postal
Savings System. No changes in holdings of such
deposits have been attributed to the corporate
business and farm sectors for recent years because of inadequate basic data.
Line M—Federal obligations. Treasury and
Federal agency debts other than the following
Government liabilities: certain accounts payable,
which are in trade debt (line R); CCC pool certificates of interest, which are in Federal Government liabilities for bank loans (line S); Treasury currency liabilities (line T); and trust and
deposit liabilities (line V). Includes all Treasury and Federal agency securities—direct, fully
guaranteed, and not guaranteed—except holdings
by agencies and funds that are part of the Federal Government sector. Includes accrued interest on outstanding savings bonds and Treasury
bills. Differs from series in Flow of Funds in
that the latter excluded bonds of Federal land
banks and Federal home loan banks beginning
1947 and 1951, respectively.
Line N—State and local obligations. Total
debt—securities and loans—of all State and local
governmental units. Debt and holdings of debt
of the State and local government sector include
holdings of own debt by State and local governments and their agencies.
Line O—corporate securities. The flow tables
record net issues, sales, and purchases of private
domestic corporate debt and equity securities and
of foreign securities.
The line for the corporate securities transaction category in the tables on amounts outstanding covers only the debt part of the category; no
estimates of the amounts of corporate stocks
outstanding are included. The estimates for
amounts outstanding are tentative and subject to
reappraisal. Year-to-year changes in the amounts
outstanding reflect writedowns of securities as
389
well as net funds raised through these securities;
hence they differ somewhat from the debt transaction figures reflected in the flow tables. No
table on levels of corporate securities was provided in Flow of Funds.
Line P—mortgages. All debt and holdings of
debt secured by real estate. Includes mortgages
on residential (1- to 4-family and multi-family),
farm, and commercial properties. The tables on
amounts outstanding show detail on 1- to 4family, multi-family and commercial, and farm
mortgages not presented in the flow tables.
Re-examination of data sources and estimating
procedures has resulted in a discontinuance of
the former allocation of mortgage holdings to
noncorporate business until a more adequate
series can be established. Corporate holdings are
those of corporate mortgage companies.
Line Q—consumer credit. Consumer instalment and noninstalment credit for short- and intermediate-term; includes bank and nonbank
credit. Corporate and noncorporate business
sector holdings include consumer credit paper
held by finance companies as well as that held
by retail establishments. Holdings of the other
investors sector consist of consumer paper held
by savings and loan associations and credit unions.
In terms of the transaction classifications used
in previous flow-of-funds publications, line Q is
a combination of consumer liabilities in the trade
credit transaction category and the consumer
credit component of bank loans other than mortgages. The total amounts of consumer credit
shown are the same as the estimates of consumer
credit published regularly in the Federal Reserve
BULLETIN.
Line R—other trade credit. Trade credit
other than consumer short- and intermediate-term
credit. Differs from the trade credit transaction
category in previous flow-of-funds publications
because of the exclusion of consumer credit.
Line S—bank loans n.e.c. (not elsewhere classified). All bank loans other than domestic
interbank loans, mortgage loans, and consumer
credit loans. Differs from transaction category
"bank loans other than mortgages" in Flow of
Funds because of the exclusion of bank holdings
of consumer credit paper. For consumer sector:
mainly bank loans to purchase securities. For
corporate business sector: mainly commercial
and industrial loans, including bank loans to fi-
390
nance companies. For noncorporate business
sector: commercial and industrial loans, loans to
security brokers and dealers, and other bank
loans. For farm sector: bank loans to farmers
guaranteed by CCC and other bank loans to farmers. For Federal Government: bank holdings of
CCC pool certificates of interest. For other
investors sector: bank loans to nonprofit organizations and to savings and loan associations. For
rest-of-the-world sector: mainly commercial and
industrial loans, but also includes commercial
bank loans and Federal Reserve Bank advances
to foreign banks.
Line T—gold and Treasury currency. Gold
held as a monetary reserve; silver held as monetary reserve by domestic economy; and certain
asset-debt relationships between the Federal Government and the banking system in connection
with the monetary system. (See Chapter 17 of
Flow of Funds.)
The transaction flows for this category exclude
commercial and industrial purchases and sales of
gold and silver and foreign transactions in silver.
Federal Government sector sources of funds are
changes in Treasury currency liabilities (including
seigniorage, which was not shown as part of Treasury currency liabilities in Flow of Funds); Federal Government sector uses of funds consist of
changes in holdings of silver bullion held at cost
value by the Treasury. Banking sector uses of
funds in this transaction category are net increases
in gold (including the active gold of the Exchange
Stabilization Fund), silver, and other Treasury
currency assets. Rest-of-the-world uses of funds
are gold transactions with the United States.
In the table on amounts outstanding, foreign
gold assets reflect net foreign gold production
(output less consumption and net increase in
private holdings) as well as foreign gold transactions with the United States. Year-to-year
changes in this figure differ from the corresponding figures in the flow tables by the amount of this
net foreign production. No tables on amounts of
gold holdings and of Treasury currency were provided in Flow of Funds. The large difference between total assets and total liabilities in this category results from the fact that gold and silver are
shown in the accounts as assets of the sectors
holding them, but no sector is shown as bearing
the corresponding liabilities. In this respect the
FEDERAL RESERVE BULLETIN • APRIL 1957
gold and silver are treated as physical rather than
financial assets.
Line U—savings and loan and credit union
shares. These are part of the flow-of-funds transaction category "miscellaneous financial transactions." Practically all shares are held by the consumer sector; other allocations of holdings are
made to the Federal Government and to credit
unions, both of which hold small amounts of savings and loan shares. Savings and loan associations and credit unions are in the other investors
sector.
Line V—other financial transactions. Lines U
and V make up the flow-of-funds transaction category "miscellaneous financial transactions." In
line V, consumer sector sources of funds are loans
on insurance policies and customer debit balances
with security brokers and dealers; consumer uses
of funds are mainly deposit claims on insurance
companies and credit balances with security brokers and dealers.
Corporate business sector sources of funds on
line V are loans from the Federal Government.
Noncorporate business sector sources of funds are
customer credit balances owed by security brokers
and dealers, Federal Government loans to utility
cooperatives and CCC loans to agricultural marketing cooperatives; noncorporate business uses
of funds are mainly customer debit balances with
security brokers and dealers. Farm sector sources
of funds are nonmortgage nonbank debts; these
are debts owed mainly to the Federal Government and include loans held by CCC and Farmers Home Administration.
Federal Government sector sources of funds
are private capital subscriptions to Federal agencies, and trust and deposit liabilities; Federal
Government uses of funds are mainly funds advanced (other than through mortgages and trade
credit) to business, cooperatives, farmers, financial institutions, and the rest of the world.
Banking sector sources of funds are miscellaneous currency and deposit liabilities excluded
from the currency and deposit transaction category, balances owed to foreign branches, paid-in
capital of Federal Reserve Banks, and other miscellaneous liabilities; changes in some assets of
the banking sector—Federal Reserve float and
Postal Savings System deposits with the Treasury
—are netted against sources of funds rather than
shown under uses of funds. Banking sector uses
SUMMARY FLOW-OF-FUNDS ACCOUNTS, 1950-55
of funds are paid-in capital of Federal Reserve
Banks. Insurance sector sources of funds are
mainly deposit liabilities of life insurance companies; insurance sector uses of funds are mainly
policy loans by life insurance companies. Other
investors sector sources of funds are savings and
loan association borrowing from Federal home
loan banks and miscellaneous savings and loan
liabilities, foreign deposits with United States
agencies of foreign banks and deposit liabilities
of banks in United States possessions, and capital
stock and debts of various farm credit institutions; other investors sector uses of funds are
mainly savings and loan associations' deposits
with and holdings of capital stock of Federal
home loan banks, miscellaneous savings and loan
and credit union assets, loans other than mortgages of banks in United States possessions, and
assets of farm credit institutions. (Differs from
Flow of Funds because of changed treatment of
Federal land banks and Federal home loan
banks.) For the rest-of-the-world sector, sources
of funds are loans from the United States Government and liabilities to the United States private economy other than obligations incurred
through securities and bank loans; rest-of-theworld sector uses of funds are foreign deposits
with United States agencies of foreign banks, and
foreign claims against the United States not classified elsewhere.
In the tables on amounts outstanding, estimates
of unallocated or unidentified assets and liabilities of the rest of the world and of foreign government debts to the United States arising from
World War I are omitted from line V. Year-toyear changes in these tables thus differ from the
corresponding figures in the flow tables.
Line W—total financial transactions. The sum
of lines K through V. The totals under sources
391
represent total net changes in liabilities; the totals
under uses represent total net changes in financial assets.
Line Y—grand total. Sum of line J, line W,
and line X (valuation adjustments and statistical
discrepancies). The size of the totals on line Y
for each sector is dependent upon the methods
and detail of presentation of the financial transactions.
Differences between total sources of funds and
total uses of funds for each sector (as shown in
line X) and for each transaction category (as
indicated in the "total" column) are attributable
to data inadequacies, estimating errors, valuation
differences, timing differences, and other classification and statistical inconsistencies.
Line Z—GNP identifiable in flow-of-funds
nonfinancial transactions. Line Z records the
amount of gross national product, as measured
in the national income accounts of the United
States Department of Commerce, that can be said
to be covered by the nonfinancial transactions in
each flow-of-funds sector account. While the
memorandum line is shown under uses of funds
in the summary tables, line Z is to some extent
net of receipts included in flow-of-funds nonfinancial sources of funds because several elements in
the GNP are on a "net" basis. The contents of
the line, its derivation, and the detailed relationship to the GNP are described in an appendix
to Flow of Funds.
Line (a)—bank credit in line W. Net changes
in each sector's obligations held by the banking
system. Bank credit recorded for the banking
sector on line (a) differs from banking sector's
total change in all financial assets shown in line
W in that the former excludes changes in holdings
of gold, silver, and other Treasury currency
assets.
Survey of Finance Companies, Mid-1955
A SURVEY of sales and personal finance
companies was conducted in mid-1955 by
the Board of Governors of the Federal Reserve System to obtain comprehensive information for the Board's consumer credit
statistics and to acquire further insight into
the financial structure and operations of
these companies. The revision of the consumer credit statistics that appeared in the
BULLETIN for October 1956 was based in
part on information obtained in the Survey.
This article and the accompanying supplementary tables contain additional material
on the types of credit outstanding at these
companies and information on other asset
and liability items.1
The Survey undertook to obtain information from all sales finance and personal finance companies (including consumer finance companies), an estimated total of
about 8,000 companies. Reports were received from about 5,200 companies, which
accounted for 90 per cent of the estimated
amount of consumer credit outstanding at
such lending institutions on June 30, 1955.
For companies that did not report, estimates
were prepared on the basis of reported data
for companies of comparable size and type;
x
The survey of finance companies was conducted
by the Consumer Credit and Finances Section of the
Board's Division of Research and Statistics with the
cooperation and assistance of the Federal Reserve
Banks and of industry trade associations. This article
was prepared by Paul F. Smith and Francis R.
Pawley. Miss Elsie T. Nelson assisted the authors in
organizing the Survey and in editing and processing
the results.
a description of the methods used in preparing these estimates is included in the technical note at the end of this article. The data
presented in the text and tables of this article
represent estimates for all finance companies.
STRUCTURE OF INDUSTRY
The Survey covers several types of financial institutions that engage in consumer
lending. There are differences among these
institutions with respect to the laws under
which they operate, the purposes for which
they make loans, the ways in which they
acquire loans, and the types of contractual
arrangements they use. Some purchase consumer instalment paper from retail stores;
others make loans directly to the consumer;
and some do both. Consumer credit is the
major business of most of the companies
covered by the Survey, although not the sole
activity of many of them. A few are organized primarily as investment or mortgage
companies and make consumer loans or buy
consumer paper only as a supplement to
their other activities.
Most finance companies concentrate on a
single type of lending: One large group specializes in buying automobile paper from
automobile dealers. Another engages primarily in making small loans under State
small loan laws directly to consumers. A
few companies specialize in purchasing instalment paper on durable goods other than
automobiles.
392
393
SURVEY OF FINANCE COMPANIES, MID-1955
On the other hand, some companies—including many of the largest—engage in a
variety of lending operations. Many in this
group engage in both business and consumer
financing. They frequently extend credit on
the inventories of retail stores that sell them
consumer paper. Others make loans of various types to businesses. Some companies
conduct their operations through subsidiaries that specialize in particular types of
loans while others operate under a single
corporate organization.
The diversity of activities makes it difficult to classify finance companies by type of
business. For purposes of this Survey and
the consumer credit statistics, all companies
were classified according to the composition
of their consumer receivables. For holding
companies and multiple-office organizations,
the consolidated lending operations of the
head office and all branches or subsidiaries
were used.
Companies were divided into two major
groups—sales finance companies and personal finance companies. Companies with
50 per cent or more of their consumer receivables in automobile, other consumer
goods, or repair and modernization paper
were classified as sales finance; the others—
with 50 per cent or more of their consumer
receivables in personal loans—as personal
finance.
The personal finance group was then subdivided into consumer finance and other personal finance companies. Consumer finance
companies were defined as those with 50 per
cent or more of their consumer receivables
in loans made under effective State small
loan laws.2 Other personal finance com2
It is estimated that about 60 per cent of all personal loans of sales and personal finance companies
are made under State laws that are generally classified
by authorities in this field as effective small loan
laws. Such loans outstanding on June 30, 1955, esti-
panies include the following types of enterprises: (1) companies operating in States
that do not have small loan laws or have
inoperative ones, (2) companies operating
under industrial loan or other cash lending
laws, (3) employee loan funds, and (4)
remedial, fraternal, or church loan groups.
On the basis of this classification, the Survey covered about 2,600 sales finance companies, 3,200 consumer finance companies,
and 2,200 other personal finance companies.
Supplementary tables on pages 403-408
show estimated assets and liabilities of each
of these groups classified by size of company,
and the percentage distributions of their
assets and liabilities.
The sales finance group is the largest in
terms of consumer loans. Table 1 indicates that in mid-1955 its loans outstanding
totaled $7.3 billion. Consumer finance
companies on the same date had consumer
loans of $2.4 billion, and other personal
finance companies only $0.7 billion.
A few large companies conduct a substantial part of the business of finance comTABLE
l
TYPES OF FINANCE COMPANIES, JUNE 30,
1955
Personal finance
Item
Number of companies
Number of offices
Outstanding consumer loans
(in millions)
Total assets (in millions)
Sales
finance
Consumer
finance
Other
2,620
5,970
3,180
8,830
2,200
3,640
$ 7,317
$10,077
$2,398
$2,891
$ 748
$1,419
NOTE.—Estimates for all companies based on the survey of sales
and personal finance companies as of June 30, 1955.
mated from State supervisory reports, amounted to
$1,885 million. About 8 per cent of these loans are
included in categories other than personal loans.
All three types of finance companies make some
loans under effective State small loan laws, but consumer finance companies hold most of these loans.
Sales finance companies account for an estimated 12
per cent, and other personal finance companies for
3 per cent.
394
FEDERAL RESERVE BULLETIN • APRIL 1957
parties. This is true especially for sales finance companies, where the 10 largest companies held 70 per cent of the consumer
receivables for the entire group. The 10
largest companies classified as consumer finance or as other personal finance held
about 50 per cent and 25 per cent, respectively, of their group totals. Among the 10
largest companies in each group, sales finance companies on an average were also
much larger than those in the other groups.
Average consumer loans for this group in
mid-1955 amounted to $520 million, compared with $120 million for the 10 largest
consumer finance companies and $20 million for the 10 largest other personal finance
companies.
Most finance companies are single-office
companies. Ninety per cent of both sales
finance and other personal finance companies had only one office, and 85 per cent
of the consumer finance companies conducted their business through a single outlet, as shown in Table 2. The single-office
TABLE 2
NUMBER OF FINANCE COMPANIES AND AMOUNT OF
CONSUMER LOANS, BY NUMBER OF OFFICES
JUNE 30, 1955
[Percentage distribution within type-of-company group]
Number
of offices
Other
Sales
Consumer personal
finance
finance
finance
companies companies companies
Number of companies
1
2 to 5
6 to 10
11 to 50
Over 50
Total
89.5
7.2
1.8
1.0
0.5
85.4
10.0
2.1
2.0
0.5
91.8
6.0
100.0
100.0
100.0
0.9
0.2
Amount of consumer loans
outstanding
1
2 to 5
6 to 10
11 to 50
Over 50
Total
13.3
4.6
6.1
70
69.0
16.7
7.3
4.5
16 2
55.3
55.9
10.9
7.6
68
18.8
100.0
100.0
100.0
companies, however, are typically very small
—their consumer loans averaged only about
$250,000 per company. Except in the other
personal finance group, single-office companies held a relatively small part of the
total loans of their respective groups.
Both types of personal finance companies,
which lend primarily through direct loans
to individuals, had a larger number of offices
in relation to total business than sales finance companies. Consumer finance companies had nearly 50 per cent more offices
than sales finance companies although their
consumer loans were only one-third as large.
ASSETS
The resources of sales and personal finance
companies reflect their diverse activities.
Considerable variation appears in the extent
to which they specialize in different types of
consumer loans and in the extent to which
they make loans to business or invest funds
in other ways. Variations also appear, although to a lesser extent, among companies
specializing in similar types of loans; these
differences reflect the special policies and
situations of individual companies.
Distribution. Most of the resources of
finance companies are devoted to their consumer loans. The ratio of these loans to
total assets varies, however, with the size and
type of company. Consumer finance companies reported the greatest concentration in
consumer loans. About 85 per cent of their
total assets on June 30, 1955 consisted of
these loans (Table 3). About 10 per cent
of their assets were in loans to businesses or
in investments. This pattern seemed fairly
consistent for all sizes of companies except
the smallest (with consumer loans of less
than $100,000), which had a considerably
larger proportion of assets in business loans
and investments.
SURVEY OF FINANCE COMPANIES, MID-1955
TABLE 3
MAJOR TYPES OF ASSETS OF FINANCE COMPANIES
JUNE 30, 1955
[Percentage distribution within type-of-company groups]
Type of asset
Loans:
Consumer
Nonconsumer
Total loans (gross)
Less: Reserves
Total loans (net)
Investments
Cash and bank balances
Other assets
Total assets
Other
Sales
Consumer personal
finance
finance
finance
companies companies companies
72.6
20.9
83.0
3.4
52.7
^7.6
93.5
-7.9
86.4
-5.1
60.3
-3.9
85.6
81.3
56.4
5.7
6.6
2.1
7.3
8.0
3.4
29.8
8.4
5.4
100.0
100.0
100.0
Sales finance companies, which usually
engage in wholesale operations as well as
retail business, had 73 per cent of their assets in consumer loans. Since the operations of these companies place them in direct contact with automobile dealers and
other retailers, they also frequently make
loans to retailers or make loans on nonconsumer items—such as trucks or farm equipment—sold by retailers. The wholesale
financing of automobiles and other durable
goods inventories accounted for 13 per cent
of the assets of sales finance companies in
mid-1955, and other business loans accounted for 8 per cent. Real estate mortgages, corporate and government securities,
and other investments were relatively unimportant in the portfolios of most sales finance companies. These investments accounted for only 6 per cent of total assets
of the group. Some smaller companies,
however, had relatively large proportions of
their funds in investments. For the smallest
size group (consumer loans of less than
$100,000) the figure was nearly 25 per cent.
The group "other personal finance companies" is so heterogeneous that uses of
funds vary widely. Loans are less important
395
for these companies than they are for sales finance or consumer finance companies. Consumer loans accounted for only a little more
than half of their total assets in mid-195 5.
About 30 per cent of their assets were in
investments, compared with 6 per cent for
sales finance companies and 7 per cent
for consumer finance companies. Business
loans, which accounted for 8 per cent of
their assets, were somewhat less important
for these companies than for sales finance
companies.
All three types of finance companies reported about 7 or 8 per cent of their assets
in cash or bank balances (Table 3). Differences by size of company showed no consistent pattern. Sales finance companies on
an average reported slightly lower percentages of cash balances, but the differences
were relatively small.
Consumer loans. Most finance companies
specialize in a single type of consumer lending. About seven-tenths of all personal finance companies reported that 90 per cent
or more of their consumer lending represented personal loans. Nearly half of the
sales finance companies had 90 per cent or
more of their consumer loans in retail automobile paper; another eighth dealt almost
exclusively in household appliance loans,
and a small number concentrated on repair
and modernization loans. The remaining
sales finance companies, about two-fifths of
the total, did not confine their portfolios to a
single type of paper, but they usually held
a substantial proportion of their receivables
in automobile paper.
Automobile paper accounted for more
than four-fifths of total consumer loans held
by sales finance companies on June 30,
1955 (Table 4 ) . The concentration in
automobile paper was slightly greater
among the large companies than among the
396
FEDERAL RESERVE BULLETIN • APRIL 1957
small ones, but even the smallest reported
that about three-fifths of their consumer
loans were on automobiles. The smaller
sales finance companies supplemented their
holdings of automobile paper mainly with
appliance paper. The four smallest size
groups had one-fifth or more of their consumer loans in this type of paper as compared with only one-eighth for all sales finance companies combined. Repair and
modernization loans accounted for less than
1 per cent of sales finance company loans,
and personal loans for only 6 per cent.
By definition, consumer finance companies engage primarily in making personal
loans. All size groups had four-fifths or
more of their loans in this form. The proTABLE 4
TYPES OF CONSUMER LOANS OUTSTANDING AT FINANCE
COMPANIES, JUNE 30,
1955
[Percentage distribution within type-of-company groups]
Type of loan
Automobile paper
Other consumer goods p a p e r . . . .
Repair and modernization loans.
All types
Other
Sales
Consumer personal
finance
finance
finance
companies companies companies
81.7
12.3
0.3
5.7
6.2
11.3
0.1
82.4
6.4
7.4
1.4
84.8
100.0
100.0
100.0
portion of their loans made for the purchase
of automobiles or other consumer goods varied somewhat among different size groups,
but without a pattern. Automobile loans
varied from 5 per cent for the largest companies to 11 per cent for one of the mediumsized groups. The largest companies had
the largest proportion of household appliance loans, 16 per cent, and the smallest
companies had the smallest proportion, 3
per cent.
The distribution of consumer loans among
other personal finance companies was similar to that at consumer finance companies.
Holdings of automobile paper and of other
consumer goods paper varied among different size groups from 2 to 12 per cent of
total consumer loans. Repair and modernization loans accounted for 2 per cent or
less of total consumer loans for each size
group.
SOURCES OF FUNDS
The differences in the relative importance
of financing methods used by finance companies reflect in part factors peculiar to
the individual companies. These include
management, the length of time the company has been in business, the location
of its offices, and the particular types of
customers served. Certain major differences in financing sources, which reflect the
general type of business, can be distinguished; that is to say, whether it is a sales
finance, consumer finance, or other personal
finance company, and whether the company
is relatively large or small in relation to
other companies in its group.3
Type of business. The type of lending
operation is an important factor in determining the extent to which a consumer
lender is able and willing to borrow from
given sources and the extent to which a
given source is willing and able to lend to it.
The criteria basic to these arrangements and
the attitudes that exist between borrowers
and lenders have developed over a period of
many years; they have gradually evolved as
a result of accumulated experience, and of
the established interpretations of this experience by lenders in terms of profitability
and exposure to risk of loss.
8
For a more detailed analysis of the financial characteristics of principal sales finance and consumer
finance companies, which includes some historical
perspective, see the Board's publication, Consumer
Instalment Credit, Part I, volume 2, supplement I
(Washington, D. C , 1957).
SURVEY OF FINANCE COMPANIES, MID-1955
The major differences among the three
types in the sources of their financing relate
to dependence on borrowed funds. The
most striking difference perhaps is the relatively small proportion of capital and the
large proportion of debt shown by the sales
finance companies, compared with those for
consumer finance companies and the other
personal finance companies. Ratios of capital to total liabilities for the three groups on
June 30, 1955 (Table 5 ) , were: sales finance companies, 15 per cent; consumer
finance companies, 30 per cent; and other
personal finance companies, 44 per cent; at
the same time total debt was 80 per cent,
66 per cent, and 45 per cent, respectively, of
the total liabilities for the three classes.
Another characteristic is the distribution
of debt between short- and long-term obligations. Sales finance and consumer finance
groups each had about the same ratio of
long-term debt to total resources—about 30
per cent. Sales finance companies acquired
nearly half of their resources from shortterm debt whereas consumer finance comTABLE 5
MAJOR TYPES OF LIABILITIES OF FINANCE COMPANIES
JUNE 30, 1955
[Percentage distribution within type-of-company groups]
Type of liability
Short-term notes payable to
banks
Commercial paper and other
short-term debt
Total short-term debt
Long-term notes payable to
banks
Other long-term debt (excluding
subordinated debentures)
Subordinated debentures
Total long-term debt
Total debt
Other liabilities
Capital and surplus
Total liabilities
Other
Sales
Consumer personal
finance
finance
finance
companies companies companies
25.0
24.4
14.4
23.0
10.2
20.8
48.0
34.6
35.2
23
34
19
22.0
7.5
20.9
6.7
4.8
3.0
31.8
31.0
9.7
79.8
65.6
44.9
5.3
4.8
11.3
14.9
29.6
43.8
100.0
100.0
100.0
397
panies obtained only one-third. Thus, the
relatively lower capital ratios of the sales
finance companies were accompanied by a
relatively high ratio of short-term debt. On
the other hand, the higher capital ratios of
the other personal finance companies, compared with consumer finance companies,
were reflected mainly in their varying proportions of long-term debt, at 10 per cent
and 31 per cent, respectively, while their
short-term debt ratios were approximately
the same at 35 per cent.
The long-term debt total in Table 5 includes subordinated debentures.
These
obligations contain provisions that in general make their lien on assets junior to shortterm debt and to senior long-term debt.
Holders of senior debt often regard subordinated debentures as part of a company's
capital base, that is, as being available to
protect senior lenders if the company encounters financial difficulties. If subordinated debentures are added to capital and
surplus, the ratios to total liabilities differ
somewhat less among the three types of companies than ratios based on capital and surplus alone: the capital base thus determined
was 22 per cent for sales finance companies,
36 per cent for consumer finance companies,
and 47 per cent for other personal finance
companies.
Variations in the ratio of capital to debt
and of short-term debt to long-term debt are
the result of many complex influences, but
certain broad considerations that have a
bearing on the distribution of financing
sources may be noted. In general, consumer
lenders may desire a relatively high ratio of
debt to capital because the larger "leverage
factor" permits more revenue and profit per
dollar of owners' capital investment. On
the other hand, the risk tends to increase
with the debt-equity ratio, so that at some
398
FEDERAL RESERVE BULLETIN • APRIL 1957
point lenders tend to restrict further expansion of debt ratios.
The variability in the volume of business
also influences the relation between debt and
capital as well as the ratio of short- to longterm debt. During periods of rapid expansion, such as 1955, these ratios may increase temporarily pending an opportunity
to arrange for new capital or for long-term
debt financing. The more variable the level
of business, the more desirable it may be
for the lending institution to expand or contract its financing through use of short-term
debt. The more stable the business, the less
the need for a large proportion of shortterm to long-term debt.
Beside considerations of profitability and
risk, the debt-capital ratio tends to be relatively low for particular types of lenders,
such as the industrial loan companies in the
"other" group, because their loan funds are
obtained to a large extent from capital deposits or certificates.
On this basis, the comparatively high ratio
of aggregate debt to capital for the sales finance companies as a group, under the conditions of heavy demands for consumer
credit that existed in 1955, would seem to
reflect in part the financial strength of the
major companies that dominate the aggregate data. The comparatively high ratio of
short-term debt in this group reflected to
some extent the variability in the business
of such companies, accounted for partly by
the large proportion of nonconsumer paper
they held. The lower ratios of short-term
debt to capital for consumer finance companies reflected in part the greater stability
of their business.
Size of business. Beyond the differences
in financing sources that appear in the comparisons of ratios of aggregate debt to capital for the different types of business is the
effect of variations in size of company. The
companies in the strongest positions in terms
of profitability and risk experience tend to
have the highest ratios of debt to capital.
Although size is not necessarily a measure
of a company's financial strength, Survey
data indicate that for all three types of
business the debt-capital ratio tended, with
some exceptions, to be higher as the size
of the business increased. The ability and
willingness of certain consumer lenders to
borrow more in relation to their capital than
others appear to be both an effect and a
cause of their larger size. Differences in size
as well as other influences were reflected also
in the relation between short- and long-term
debt, although this relationship varied considerably among the three types of businesses, as may be seen in Supplementary
Table 6.
TECHNICAL NOTE
The objective of the Survey was to obtain data on the principal assets and liabilities of all financial institutions other than
banks, credit unions, savings and loan associations, and pawnbrokers that were engaged in instalment lending to consumers.
Mailing lists were developed from the 1950
Regulation W registration lists, trade asso-
ciation rosters, reports of State supervisory
authorities, and telephone directories.
Forms were mailed to the head offices of
all companies and to subsidiaries and
branches if there was any question about the
corporate structure of the company. The
report form, a copy of which appears on
pages 401-402, requested information on
399
SURVEY OF FINANCE COMPANIES, MID-1955
the consolidated assets and liabilities of each
company. Subsidiaries and branches were
instructed not to fill out the form but merely
to report the name and address of their head
office or parent company.
A second request was mailed to all companies that did not reply to the first. The
original form was used again for the large
companies, but a less detailed form was sent
to small companies. The less detailed form
requested information on total consumer
loans, total assets, loans made under State
small loan laws, and number of offices. Additional attempts were made to obtain information from a few large companies that did
not respond to the first two requests.
About 10,000 replies were received. Almost half of these were from offices or subsidiaries of reporting companies or were
from companies that no longer made loans
to consumers or were unusable. It is estimated that the remaining 5,200 reports accounted for about 65 per cent of all sales
and personal finance companies and for
about 90 per cent of the consumer loans
of these companies. The most complete
coverage was obtained for sales finance
companies: reports were received from
companies accounting for about 95 per cent
of the estimated consumer loans held by this
type of company. The accompanying table
compares the coverage for various types of
companies.
ESTIMATES FOR NONREPORTERS
To provide totals for all finance companies
for use in the consumer credit statistics,
estimates were prepared for the companies
that did not reply. For this purpose, nonreporting companies were divided into two
groups:
1. Companies that had reported in the
1950 Regulation W registration.
2. New companies that had not been
in business in 1950.
Estimates for June 1955 for the companies in group 1 were based in part upon
information for these companies in the 1950
Regulation W registration statements. Percentage changes in consumer loans for the
period from September 1950 to June 1955
were computed, by size and type of company, for the companies that reported in
both the Regulation W registration and in
the 1955 Survey. These changes were ap-
REPORTING AND NONREPORTING FINANCE COMPANIES:
NUMBER, AND AMOUNT OF CONSUMER LOANS, JUNE 30,
1955
Sales finance
companies
All types
Reporting status
Number
Consumer finance
companies
Consumer
loans (in
millions)
Number
Consumer
loans (in
millions)
Number
Consumer
loans (in
millions)
Other personal
finance companies
Number
Consumer
loans (in
millions)
•Companies reoorting:
On long form
On short form...
Total
2,665
2.528
5J93
$8,760
606
9,366
1,219
741
1,960
$6,637
281
6,918
1,109
731
1,840
$1,852
112
1,964
337
1,056
1,393
$271
213
484
Companies not reporting (estimates):
Registered in 1950
New companies. . .
....
Total
2.130
680
2,810
924
171
1,095
580
80
660
361
35
396
940
400
1,340
390
44
434
610
200
810
173
92
265
All companies
8,000
10,463
2,620
7,317
3,180
2,398
2,200
748
65
90
75
95
58
82
63
65
Reporting companies as a percentage of all
companies
NOTE.—Data may not add to totals because of rounding.
400
plied to the consumer loan figures of group 1
companies for September 1950 to obtain
estimates of their consumer loans as of June
30, 1955. These estimates by type of company are shown in the accompanying table.
To obtain estimates for group 2, the new
companies, it was assumed that the nonresponse rate was the same for new companies as for companies in existence since
1950. The proportion of nonreporting to
reporting companies was computed by type
and size of company for those that registered under Regulation W in 1950; these
proportions were applied to the data actually received from new companies to obtain estimates of the number of new companies that did not report. Estimates of the
amount of their consumer loans were based
on averages for companies of similar size
and type. The amount estimated for this
group was relatively small compared with
the data actually reported, as shown in the
accompanying table.
ASSET AND LIABILITY ITEMS
Estimates of selected asset and liability items
were made for concerns that reported on
the short form and also for those not re-
FEDERAL RESERVE BULLETIN • APRIL 1957
porting. These estimates were based upon
the distribution of comparable asset and
liability items for companies of similar size
and type of business that submitted complete reports.
Three asset items—total consumer credit,
total assets, and loans made under State
small loan laws—were available for companies reporting on the short form. Ratios
of each type of consumer credit to total consumer loans were computed for reporting
companies of each size and type. These
ratios were applied to total consumer credit
of the companies that reported on the short
form to obtain estimates of the breakdown
of their credit. Ratios of other asset and
liability items to total assets were then computed for reporting companies of each size
and type. These ratios were applied to the
total asset figures obtained on the short forms
to get estimates of the missing items. Differences between the sum of the estimated
items and reported figures for total assets
were reconciled by adjustments in other
assets or other liabilities.
Estimates for companies that did not report in the 1955 Survey were obtained by
applying the appropriate asset or liability
ratio to the estimates of consumer loans.
401
SURVEY OF FINANCE COMPANIES, MID-1955
Form F.R. 624a
Form approved
Budget Bureau No. 55- 5501
CONFIDENTIAL
ASSETS AND LIABILITIES OF FINANCE COMPANIES
AS OF JUNE 30, 1955
Name of company.
Location.
(Street address)
(County)
(State)
(City)
IMPORTANT: In the following items include the consolidated domestic operations of the parent company and
all subsidiaries engaged in consumer financing activities, whether wholly or partly owned. Exclude domestic subsidiaries engaged in business financing, insurance or manufacturing and all foreign subsidiaries. For other instructions, see reverse side.
Amount in dollars
(omit cents)
Item
Assets
1. Cash and bank balances
2. Accounts and notes receivable—total (before reserves
xxxxxxxxx
for unearned inmme and losses) X
(If the following breakdown is not available from your
accounting records, please estimate.)
a.
b.
c.
d.
e.
f.
g.
h.
i.
j.
Retail passenger automobile paper
Other consumer goods paper
Residential repair and modernization loans
Personal loans
Retail paper on commercial vehicles, trucks,
taxicabs, and farm equipment
Wholesale paper on automobiles
Other wholesale paper
Business loans
Other accounts and notes receivable
Less; reserves for unearned income and losses
3. Other loans and investments (include investment in
subsidiaries excluded from this statement)
4. Other assets
5. Total assets (sum of items 1 through 4 minus 2j)
Liabilities, Capital and Surplus
6.
7.
8.
9.
10.
11.
12.
13.
Short-term notes payable to banks (exclude commercial paper)
Commercial paper and other short-term indebtedness
Long-term notes payable to banks
Other long-term indebtedness (exclude subordinated debentures)
Subordinated debentures
Other liabilities
Capital and surplus
Total liabilities, capital and surplus (sum of items 6
through 12)
14. Amount of loans outstanding made under State small loan license $_
Amount of these loans included above in item 2d, Personal loans $_
15. Number of offices covered by figures above
(
)
402
FEDERAL RESERVE BULLETIN • APRIL 1957
INSTRUCTIONS
Assets
1. Cash and bank balances. All currency, bank checks,
drafts, postal money orders, etc., and all demand or
time deposits with banks or other financial institutions.
2. Accounts and notes receivable.
a. Retail passenger automobile paper. Both direct
loans and purchased paper arising from the
retail sale of new or used passenger automobiles. Do not include loans on commercial
vehicles, trucks, taxicabs, or farm equipment.
b. Other consumer goods paper. Both direct loans
and purchased paper arising from the retail sale
of furniture, household appliances, radios, television sets, trailers, musical instruments and
other consumer goods or from automobile
repairs.
c. Residential repair and modernization loans.
Loans to finance alterations or improvements in
existing residential properties occupied by the
borrower. Do not include loans secured by
real estate mortgages.
d. Personal loans. Secured and unsecured loans
(not included in items 2a, b, c) made to individuals for household, family or other personal
expenses, including any such paper purchased
from other institutions. These loans may be
unsecured or secured by life insurance policies,
automobiles already paid for, or other collateral. Do not include loans for business or
investment purposes.
e. Retail paper on commercial vehicles, trucks,
taxicabs, and farm equipment. Paper or loans
arising from the sale of all types of commercial
vehicles and farm equipment.
f. Wholesale paper on automobiles. Paper arising
from transactions between manufacturers and
dealers or other floor plan loans secured by
passenger automobiles or commercial vehicles.
g. Other wholesale paper. Paper arising from
transactions between manufacturers or jobbers
and dealers or other floor plan loans secured by
commodities other than automobiles.
h. Business loans. Other loans against collateral
such as cargoes, warehouse stocks, accounts
receivable, etc.; loans on open credit; dealer
capital loans. Include small loans used
primarily for business purposes.
i. Other accounts and notes receivable. All accounts and notes receivable not included in
items 2a-h above. Include factoring receivables.
j . Reserves for unearned income and losses. All
unearned income on accounts and notes receivable and all reserves for bad debts, unallocated charge-offs, and other valuation
reserves.
3. Other loans and investments. All U. S. Government
obligations, bonds, stocks, mortgages, etc., not included in item 2 above. Include investment in
subsidiaries not otherwise included in the statement
of assets and liabilities.
4. Other assets. Land, buildings, office equipment,
deferred charges and all other asset items regularly
carried in balance sheet statement but not included
in items 1-3.
5. Total assets. Sum of items 1-4 minus 2 j .
Liabilities, Capital and Surplus
6. Short-term notes payable to banks. All loans and
notes payable to banks with original maturities of
less than one year. Exclude commercial paper sold
to banks.
7. Commercial paper and other short-term indebtedness.
All loans, notes, or accounts payable to individuals
or companies other than commercial banks. Include
all commercial paper whether sold to banks or
others. Include deposit liabilities or certificates of
deposit or investment with original maturities of less
than one year.
8. Long-term notes payable to banks. All loans or
notes payable to commercial banks or originally
sold to commercial banks with original maturities
of one year or more.
9. Other long-term indebtedness. All loans or notes or
other indebtedness with original maturities of one
year or more. Include certificates of deposit or
investment with original maturities of one year or
more. Exclude subordinated debentures.
10. Subordinated debentures. Debt which includes
specific provisions in the indenture subordinating it
to bank borrowing or other senior debt.
11. Other liabilities. All liabilities not included in
items 6-10, inclusive.
12. Capital and surplus. All common or preferred stock
and other capital or surplus accounts.
13. Total liabilities, capital and surplus. The sum of
items 6-12.
403
SURVEY OF FINANCE COMPANIES, MID-1955
SUPPLEMENTARY TABLE 1
ASSETS AND LIABILITIES OF SALES FINANCE COMPANIES, BY SIZE OF COMPANY
[In millions of dollars]
Size of company
(consumer loans outstanding, in thousands of dollars)
Balance sheet item
Total
Less than
100
100499
500999
1,0004,999
5,00024,999
25,000
and over
Assets
Cash and bank balances
660
Less: Reserves for unearned income and losses
Investments*
Other assets
Total assets
22
106
86
419
205
134
48
4
19
288
199
63
3
23
634
409
151
7
67
640
492
86
6
56
5,516
4,722
538
2
254
2,106
452
1,176
95
222
161
50
7
5
2
19
17
46
5
15
2
14
10
223
90
44
5
10
74
143
11
60
6
33
33
1,625
335
1,051
80
139
20
9,423
795
53
3
255
19
334
33
857
107
783
71
7,141
562
28
32
24
45
39
12
230
30
18
20
239
72
10,077
..
17
34
20
11
1
2
19
4
1
(2)
7
7
578
211
Retail paper on nonconsumer goods 1 .
Wholesale paper on automobiles
Other wholesale paper
Business loans
Other accounts and notes receivable
10
7,317
5,976
897
23
421
Consumer loans
Retail passenger automobile paper
Other consumer goods paper
Residential repair and modernization loans
Personal loans
120
322
374
1,116
836
7,309
2,521
2 317
230
2,222
758
531
17
5
12
22
1
8
71
28
16
40
12
27
129
51
21
19
11
31
495
156
30
53
61
74
421
76
24
71
56
50
1,388
2,001
127
2,017
617
341
Liabilities and capital
Short-term notes payable to banks
Commercial paper and other short-term debt
Long-term notes payable to banks ..
Other long-term debt (excl. subordinated debentures) .
Subordinated debentures
Other liabilities
Capital and surplus
Total liabilities and capital
Number of companies4
Number of offices4
1
Represents retail paper on commercial vehicles, trucks, taxicabs,
and farm equipment.
2 Zero, or less than $500,000.
1,498
55
128
112
247
138
818
10,077
120
322
374
1,116
836
7,309
2,620
5,970
850
880
930
1,010
440
590
320
960
61
554
20
1,982
3 Includes investments in subsidiaries not engaged in lending to
consumers.
4
Data have been rounded to nearest ten except in the two largest
size groups where coverage was complete.
404
FEDERAL RESERVE BULLETIN • APRIL 1957
SUPPLEMENTARY TABLE 2
ASSETS AND LIABILITIES OF CONSUMER FINANCE COMPANIES, BY SIZE OF COMPANY
[In millions of dollars]
Size of company
(consumer loans outstanding, in thousands of dollars)
Balance sheet item
Total
Less than
100
100499
500999
1,0004,999
5,00024,999
25,000
and over
Assets
232
Residential repair and modernization loans
Personal loans
12
24
5
23
62
106
2,398
148
272
1
1,977
58
4
2
352
23
21
70
7
8
222
24
17
470
28
30
1,226
62
194
1
969
16
11
0)
g
1
11
2
486
30
1,237
71
164
37
1,473
270
156
54
469
61
76
S'
0)
181
Business loans
Less' Reserves for unearned income and losses
Investments 3
Other assets
Total assets
1
1
97
17
74
4
228
13
3
7
21
18
5
2
5
12
2,891
Wholesale paper on automobiles
22
4
1
1
4
12
374
13
212
99
Nonconsumer loans
102
424
82
255
14
23
555
706
294
98
604
194
139
25
9
2
12
4
4
97
49
18
34
22
17
26
7
4
6
8
5
97
11
9
16
37
11
191
62
11
67
62
26
98
6
16
2
52
22
39
2,496
148
4
4
1
1
6
1
2
Liabilities and capital
Short-term notes payable to banks
,
Commercial paper and other short-term debt.
Other long-term debt (excl. subordinated debentures)
Other liabilities
Capital and surplus
Total liabilities and capital
Number of companies *
Number of offices4
1 Zero, or less than $500,000.
Represents retail paper on commercial vehicles, trucks, taxicabs,
and farm equipment.
2
856
46
187
26
74
136
387
2,891
102
424
82
255
555
1,473
3,180
8,830
1,390
1,420
1,520
1,920
100
240
110
1,100
48
1,586
10
2,560
3
Includes investments in subsidiaries not engaged in lending to
consumers.
4 Data have been rounded to nearest ten except in the two largest
size groups where coverage was complete.
405
SURVEY OF FINANCE COMPANIES, MID-1955
SUPPLEMENTARY TABLE 3
ASSETS AND LIABILITIES OF OTHER PERSONAL FINANCE COMPANIES, BY SIZE OF COMPANY
[In millions of dollars]
Size of company
(consumer loans outstanding, in thousands of dollars)
Balance sheet item
Total
Less than
100
100499
500999
1,0004,999
5,000
and over i
Assets
Cash and bank balances
119
10
12
49
40
Consumer loans
Retail passenger automobile paper
Other consumer goods paper
Residential repair and modernization loans
Personal loans
748
48
55
11
634
44
3
1
39
130
14
11
3
102
59
7
5
1
46
306
18
33
6
249
Nonconsumer loans
Retail paper on nonconsumer goods 3
Wholesale paper on automobiles
Other wholesale paper
Business loans
Other accounts and notes receivable
707
14
5
4
53
31
24
3
17
1
5
1
51
8
3
1
34
5
209
6
5
2
()
198
10
Total loans—gross
Less: Reserves for unearned income and losses..
Investments*
855
55
68
3
147
12
357
24
219
11
423
77
37
26
66
16
64
5
17
9
90
17
213
9
1,419
138
229
93
489
470
204
295
27
68
43
161
11
29
3
18
1
11
31
10
6
13
4
79
84
216
70
19
13
7
17
30
20
13
Other assets
Total assets
4
14
Liabilities and capital
Short-term notes payable to banks
Commercial paper and other short-term debt
Long-term notes payable to banks
Other long-term debt (excl. subordinated debentures)
Subordinated debentures
Other liabilities
Capital and surplus
Total liabilities and capital
Number of companiesS
Number of offices 5
1
Includes data for two companies with consumer loans of more
than $25 million each.
2 Zero, or less than $500,000.
3
Represents retail paper on commercial vehicles, trucks, taxicabs,
and farm equipment.
21
5
10
1
28
621
65
86
20
122
328
1,419
138
229
93
489
470
2,200
3,640
1,420
1,510
530
920
90
150
150
710
11
352
4
Includes investments in subsidiaries not engaged in lending to
consumers.
5 Data have been rounded to nearest ten except in the largest size
group where coverage was complete.
406
FEDERAL RESERVE BULLETIN • APRIL 1957
SUPPLEMENTARY TABLE 4
DISTRIBUTION OF ASSETS OF FINANCE COMPANIES, BY SIZE AND TYPE OF COMPANY
[In per cent]
Size of company
(consumer loans outstanding, in thousands of dollars)
Total
Type of company, and type of asset
Under
100
100499
500999
1,0004,999
25,000
and over
5,00024,999
Sales finance companies
6.6
10.3
5.7
28.4
15.8
2.5
63.7
15.5
5.9
77.0
12.3
8.8
56.8
20.0
9.6
76.6
17.1
5.5
75.5
22.2
7.7
23.3
26.7
7.4
14.0
20.6
2.7
100.0
100.0
2.1
2.4
100.0
3.3
1.0
100.0
10.4
3.2
100.0
100.0
8.0
11.8
5.7
6.1
9.0
11.2
7.2
83.0
3.4
5.1
56.9
38.2
16.7
83.0
5.2
3.1
85.4
4.9
4.9
87.0
2.4
5.1
84.7
2.9
5.4
83.2
0.8
4.8
7.3
3.4
.
9.5
2.9
6.9
6.1
2.4
100.0
2.5
4.1
100.0
5.0
4.2
100.0
2.0
4.7
100.0
Total assets..
5.9
100.0
Investments ^
Other assets
5.3
5.7
2.1
Loans:
Consumer
Nonconsumer
Less' Reserves for unearned income and losses
8.3
72.6
20.9
7.9
Cash and bank balances
100.0
100.0
11.1
2.5
100.0
8.4
7.2
5.2
8.6
10.0
I?
52.7
7.6
3,9
29.8
5.4
31.9
17.4
2.2
26.8
18.9
56.8
7.4
63.4
5.4
28.8
7.0
18.3
9.7
62.6
10.4
4.9
18.4
3.5
44.5
2.1
2.3
45.3
1.9
100.0
100.0
100.0
100.0
100.0
100.0
Consumer finance companies
Cash a n d b a n k balances
.
.
.
.
Loans:
Consumer
Nonconsumer
Less: Reserves for unearned income and losses
Investments *
Other assets
.
.
Total assets
Other personal finance companies
Cash and bank balances
Loans:
Consumer . .
.
Nonconsumer
Less: Reserves for unearned income and losses
....
. . . .
Investments *
Other assets
Total assets
i Includes investments in subsidiaries not engaged in lending to
consumers.
5
407
SURVEY OF FINANCE COMPANIES, MID-1955
SUPPLEMENTARY TABLE 5
DISTRIBUTION OF LOANS OF FINANCE COMPANIES, BY SIZE AND TYPE OF COMPANY
[In per cent]
Size of company
(consumer loans outstanding, in thousands of dollars)
Type of company, and type of loan
Total
Under
100
100499
500999
1,0004,999
5,00024,999
25,000
and over
80.4
52.5
18.8
1.6
7.5
19.6
2.7
2.0
0.8
7.5
6.6
86.2
59.6
18.8
0.9
6.9
74.0
47.8
17.6
0.8
7.8
77.2
66.1
7.5
13.8
1.5
4.5
0.6
4.2
3.0
26.0
10.5
5.1
0.6
1.2
8.6
81.7
62.8
11.0
0.8
7.1
18.3
1.4
7.7
0.8
4.2
4.2
100.0
7.5
100.0
9.9
100.0
100.0
12.5
9.1
94.1
6.1
5.6
94.6
9.5
10.8
C1)
74.3
5.4
1.3
1.4
97.4
10.5
7.5
C1)
79.4
2.6
0.4
0.9
96.7
5.7
6.2
¥.3
0.9
0.4
9.3
Sales finance companies
Consumer loans
Retail passenger automobile paper
Other consumer goods paper
Residential repair and modernization loans...
Personal loans
77.7
63.4
9.5
0.3
4.5
64.2
37.7
20.8
1.9
3.8
Nonconsumer loans
Retail paper on nonconsumer goods 2
Wholesale paper on automobiles
Other wholesale paper
Business loans
Other accounts and notes receivable
22.3
4.8
12.5
1.0
2.3
1.7
35.8
7.5
1.9
Total loans—gross
Reserves for unearned income and losses
Consumer finance companies
Consumer loans
Retail passenger automobile paper
Other consumer goods paper
Residential repair and modernization loans...
Personal loans
Nonconsumer loans
Retail paper on nonconsumer goods 2
Wholesale paper on automobiles
Other wholesale paper
Business loans
Other accounts and notes receivable
100.0
8.4
13.2
100.0
5.7
96.1
5.9
10.9
0.1
79.2
59.8
4.1
2.1
0)
53.6
3.9
0.2
0.6
0.1
2.1
0.9
40.2
Total loans—gross
Reserves for unearned income and losses
Other personal finance companies
100.0
5.9
Consumer loans
Retail passenger automobile paper
Other consumer goods paper
Residential repair and modernization loans...
Personal loans
87.5
5.6
6.4
1.3
74.2
Nonconsumer loans
Retail paper on nonconsumer goods 2
Wholesale paper on automobiles
Other wholesale paper
Business loans
Other accounts and notes receivable
12.5
1.6
0.6
0.5
6.2
3.6
Total loans—gross
Reserves for unearned income and losses
1
Zero, or less than .05 of one per cent.
ffia
100.0
6.4
0)
1.0
0)
35.1
4.1
100.0
17.5
64.7
4.4
1.5
1.5
57.3
35.3
4.4
5.9
20.6
100.0
4.4
0)
82.4
5.9
1.1
0.3
0.3
1.1
3.1
100.0
3.5
88.4
9.5
7.5
2.0
69.4
11.6
0.7
0.7
0)
4.1
6.1
100.0
8.2
1.4
100.0
5.4
92.2
10.9
7.8
1.6
71.9
7.8
1.6
0)
0)
1.6
4.6
100.0
7.8
0)
100.0
5.7
85.7
5.0
9.2
1.7
69.8
14.3
2.3
0.8
0.3
9.5
1.4
100.0
6.7
(0
3.6
22.8
4.7
14.7
1.1
2.0
0.3
100.0
7.9
99.1
5.0
15.7
0.1
78.3
0)
84.8
3.3
0)
0.6
0.9
C1)
0.6
0.1
0)
0.2
100.0
5.7
0.4
100.0
6.2
95.4
2.7
2.3
4.6
0.5
0.5
0)
3.6
C1)
100.0
5.0
2
Represents retail paper on commercial vehicles, trucks, taxicabs,
and farm equipment.
408
FEDERAL RESERVE BULLETIN • APRIL 1957
SUPPLEMENTARY TABLE 6
DISTRIBUTION OF LIABILITIES OF FINANCE COMPANIES, BY SIZE AND TYPE OF COMPANY
[In per cent]
Size of company
(consumer loans outstanding, in thousands of dollars)
Type of company, and type of liability
Tofc
Under
100
Sales finance companies
Short-term notes payable to banks
Commercial paper and other short-term debt
Long-term notes payable to banks
Other long-term debt (excl. subordinated debentures)
Subordinated debentures
Other liabilities
Capital and surplus
Total liabilities and capital
100499
500999
1,0004,999
5,00024,999
25,000
and over
25.0
23.0
2.3
22.0
7.5
5.3
14.9
14.2
4.2
10.0
18.3
0.8
6.7
45.8
22.0
8.7
5.0
12.4
3.7
8.4
39.8
34.5
13.6
5.6
5.1
2.9
8.3
30.0
44.4
14.0
2.7
4.7
5.5
6.6
22.1
50.3
9.1
2.9
8.5
6.7
6.0
16.5
19.0
27.4
1.7
27.6
8.4
4.7
100.0
100.0
100.0
100.0
100.0
100.0
100.0
24.4
10.2
22.9
11.6
4.2
8.0
5.2
4.0
44.1
31.7
8.5
4.9
7.3
9.8
6.1
31.7
38.1
4.3
3.5
6.3
14.5
4.3
29.0
34.4
11.2
2.0
12.0
11.2
4.7
24.5
18.3
20.9
6.7
4.8
29.6
24.5
8.8
2.0
11.8
3.9
3.9
45.1
10.6
3.7
31.8
4.1
5.2
26.3
100.0
100.0
100.0
100.0
100.0
100.0
100.0
14.4
20.8
1.9
4.8
3.0
11.3
43.8
8.0
21.0
14.9
4.0
8.0
47.1
34.5
37.6
8.6
22.6
5.4
10.7
1.1
30.1
21.5
17.2
44.2
13.0
13.5
4.4
2.6
5.7
1.4
3.5
6.1
24.9
4.3
2.7
69.8
100.0
100.0
100.0
100.0
100.0
100.0
11.2
Consumer finance companies
Short-term notes payable to banks
Commercial paper and other short-term debt
Long-term notes payable to banks
Other long-term debt (excl. subordinated debentures)
Subordinated debentures
Other liabilities
Capital and surplus
Total liabilities and capital
3.4
Other personal finance companies
Short-term notes payable to banks
Commercial paper and other short-term debt
Long-term notes payable to banks
Other long-term debt (excl. subordinated debentures)
Subordinated debentures
Other liabilities
Capital and surplus
Total liabilities and capital
1
Zero, or less than .05 of one per cent.
2.2
0.7
1.7
2.7
Housing and Mortgage Finance
ONE OF MY early responsibilities after I
assumed my duties as Chairman of the Federal Reserve Board was to testify on housing
and mortgage finance before the Senate
Committee on Banking and Currency. That
was in May 1951, just about six years ago.
We were then concerned over the high cost
of housing. Yet because of the pressure
to build houses as well as plants, we have
witnessed a steady rise in construction costs,
and the typical home purchaser finds a new
house today costs about 15 per cent more
than in 1951.
The volume of home mortgage debt now
totals about $100 billion. It is about equal
in size to long-term corporate debt, and over
three times as large as consumer instalment debt. It is more than one-third the
size of our gigantic Federal Government
debt.
In the past decade, home mortgage debt
has grown by $76 billion, long-term corporate debt by $60 billion, and consumer
instalment debt by $27 billion. During the
same period, Federal Government debt increased by only $17 billion.
During 1956 alone, home mortgage debt
grew $11 billion, long-term corporate debt
$9 billion, consumer instalment debt $2.5
billion, while Federal Government debt declined $4 billion. The growth in home
mortgage debt during 1956 was much
larger than for any other year except 1955
when it grew by $12.5 billion.
NOTE.—Statement by William McChesney Martin,
Jr., before the Subcommittee on Housing of the Senate Banking and Currency Committee, Mar. 19, 1957.
409
Each spring witnesses before this Committee and others have testified that the
nonavailability of mortgage money would
shortly bring about the collapse of the housing industry in the United States. Letters
and telegrams from all over the United
States have come to your desks and to mine
confirming this impending crisis. Despite
these gloomy predictions, each year housing starts have exceeded a million units,
often by a substantial margin.
What concerns me about this is not so
much the misleading impression that may
have been created in the past—that is water
over the dam. Rather, it is that these past
alarms make it difficult to discern whether
the situation confronting the building industry and the country today is as serious
as some observers would have us believe.
It may well be that the mortgage finance
situation is more serious than in previous
years. Housing starts in February dropped
sharply to the lowest rate, seasonally adjusted, since the spring of 1949. The whole
of the drop was concentrated in starts financed through Federally sponsored financing instruments. Comparing the first
two months of 1957 with the same months
of 1955 and 1956, respectively, starts financed by the Veterans Administration
mortgage program were off 60 per cent
and 46 per cent and starts financed through
the Federal Housing Administration mortgage program were off 53 per cent and 33
per cent. Starts financed with conventional
mortgages did not decline at all. Actually
they appear to have risen very slightly from
410
the level of the two preceding years. Conventional financing currently accounts for
nearly seven out of ten starts, whereas two
years ago it accounted for less than half.
The slower rate of home building during
the past two years may represent, in part,
a corrective action to the unusually high
rate of starts in early 1955 and, in part,
consumer resistance to rising construction
costs. However, the fact that the recent
decline in starts has been confined to the
Federally aided programs indicates that the
ceilings on interest rates on FHA and VA
mortgages have interfered with the smooth
functioning of the housing industry.
A growth in competing demands for the
savings that might otherwise be invested in
home mortgages is clearly evident. During
the past two years, the demand for savings
to finance industrial growth, expansion of
public utility and commercial facilities, instalment and consumer purchases, roads,
schools, and other public works have
mounted. These demands, together with
those for home mortgage financing, have
exceeded the supply of current savings,
large as it has been. This has caused a
rise in interest rates. In the last two years,
yields on Government bonds and highgrade State and municipal securities have
risen about one percentage point, and on
conventional mortgages and high-grade
corporate bonds almost as much.
The AVi per cent ceiling rates that formerly prevailed on both FHA and VA home
mortgages gradually became an increasing
barrier to the ability of borrowers using
these programs to compete with other borrowers for the savings that were available.
For a time, contact with the market was
maintained through resort to discounts
which had the effect of providing a higher
gross yield to the lenders than the AV2 per
FEDERAL RESERVE BULLETIN • APRIL 1957
cent rate stated on the face of the mortgages. The workability of this mechanism
diminished as the AVz per cent ceiling got
further and further out of line with competitive rates in other leading areas.
The total volume of VA financed home
mortgages was over $7 billion in 1955,
and nearly $6 billion in 1956. So long as
the present relationship between demands
for and the supply of new savings prevails,
there is no possibility that lenders will invest at anything approaching this volume
in VA mortgages subject to a AV2 per cent
ceiling. There have been several suggestions directed toward relieving this situation
through further Government investment in
mortgages. The ones which appear to have
received most serious consideration are—
(1) an increase in direct VA loans, (2) an
increase in FNMA operations, or (3)' absorption of VA mortgages in the Government trust funds.
None of these proposals operates to encourage new savings, that is, to increase
the total flow of funds from which all demands for long-term investment must be
met. All three, furthermore, require that
the Federal Government borrow in the
market more than it would otherwise borrow. This additional borrowing by the
Treasury would not only be inflationary
but would tend to raise market rates of interest still further and thus increase the barrier that is already impeding the flow of
private investment funds into VA mortgages.
These three programs would, of course,
make funds available up to the limits provided in the legislation, and in some cases
would help certain individuals to purchase
homes. To the extent that already existing
VA mortgages were acquired from institutions, however, it might simply provide
HOUSING AND MORTGAGE FINANCE
those institutions with funds to lend in other
markets. Hence, tracing the effects of these
proposed programs, we find that under them
the Federal Government would have assumed large additional responsibilities,
without, in the end, restoring the market
for VA mortgages. In a time when strenuous efforts are being made to reduce Government expenditures, it should be kept in
mind that outlays of this nature by the Federal Government, even though they may not
appear in the budget, place the same strain
on money markets and have the same inflationary effect on the economy as an increase in budget expenditures not covered
by taxes.
The home construction industry is probably the most important single industry in
the country, and home ownership is the
most important asset for many American
families. Almost 30 million, or 6 in 10,
households own their home. About 80 per
cent of the home owners have incomes of
less than $7,500 a year. Significantly, the
trend in home ownership in recent years
is most evident among families that in the
past usually included a large proportion of
renters, such as wage workers, young people, and those in the middle or lower income brackets. This "catching up" in home
ownership reflects the rising incomes, increased stability of employment, availability of financing, and other economic developments of recent years.
Home mortgage debt is the most important liability and the most common obligation of American families. Over 15 million
households are making mortgage payments
411
currently. The existence of mortgage debt
is closely associated with the recency of
home purchase. Almost 7 in 8 of the
families who have bought homes since 1954
have mortgage debt, while only 2 in 5 of
the home owners who purchased before
1954 are still making mortgage payments.
The sheer magnitude of these figures, and
the need to continue to make home ownership available to large segments of the population indicates the seriousness of the problem before us. The home building industry
must be kept operative, but not on a basis
that leads to skyrocketing costs, overcommitments and, ultimately, to market saturation and collapse—which would be damaging not only to builders and suppliers
but to the millions of Americans who have
undertaken home purchase as the primary
basis for their savings.
Nearly a billion dollars of new funds
every month is required to support the level
of home construction we have had in recent years. In order to maintain a flow
of funds of this magnitude, it is essential
that all the major types of financing maintain contact with the market. At the moment, this contract has been severed, particularly in the case of VA-guaranteed mortgages, by the prescription of unrealistic ceilings on the rate of interest.
In my judgment the essential thing is to
restore contact with the free market. Only
in that way can we look forward to a strong,
healthy private building industry, which
can contribute its full share to the stable
growth of our country.
Law Department
Administrative interpretations, new regulations, and similar material
Time Certificate of Deposit with Automatic
Renewal
The Board of Governors has been asked to
consider whether a proposed certificate which
recites that the deposit evidenced thereby would
be payable to the depositor on return of the
certificate 12 months after date with interest at
a certain per cent per annum payable semiannually, but which contains a legend on the
face thereof which states that it is "continuous,"
that "no renewal is necessary," and refers to the
reverse side of the certificate for "further provisions," complies with the provisions of Regulation Q.
The reverse side of the certificate recites that
it "shall be considered renewed automatically
for an additional period of 6 months beyond its
original term and thereafter for additional periods
each of 6 months; unless presented for redemption within 10 days after the end of the original
term or any subsequent term provided for herein,
or unless the depositor shall have given written
notice to the bank of his desire to redeem this
Certificate 30 days prior to the original or any
subsequent maturity date." It is recited further
that the bank retains the right to redeem the
certificate on the original or any subsequent
maturity date upon 30 days' prior written notice,
and reserves the right to change the interest rate
for any subsequent renewal period from time to
time upon 30 days' written notice prior to the
beginning of such renewal.
The Board would have no objection to the
classification of the proposed certificate as a
"time certificate of deposit" merely because it
would be labelled as a "Savings Certificate."
However, for a certificate to be classified as a
"time certificate of deposit," section l(c) of the
regulation requires that the provisions of the certificate relating to the manner and terms of payment appear "on its face." The provisions which
appear on the reverse side of the certificate with
respect to automatic renewal and redemption are
of a kind that should appear on the face of the
certificate. Otherwise, the Board believes a cer-
tificate in the form proposed would be properly
classifiable as a "time certificate of deposit"
under the regulation.
Such certificate in no event is payable prior to
the expiration of the original 12 months' period
or one of the successive renewal periods of 6
months each. Therefore, under the principle applicable to time certificates of deposit with alternate fixed maturities stated in the Board's interpretation at 1956 Federal Reserve BULLETIN 833,
it would be permissible for the certificate in question to bear interest at a rate not to exceed 3 per
cent per annum. This conclusion would not be
affected by the fact that either the bank or the
depositor may prevent automatic renewal of the
certificate by giving written notice of intended
withdrawal or redemption 30 days prior to an automatic renewal date.
The additional fact that the depositor may prevent automatic renewal by presenting the certificate for payment within 10 days after the end of
the original term or any subsequent renewal period, would not, in the Board's opinion, be objectionable in view of the principle established by
the interpretation published at 1936 Federal Reserve BULLETIN 419. Of course, payment of the
certificate pursuant to presentment within such
10-day period would preclude the bank from paying interest for any part of such period.
412
Bank Holding Company Indirectly Owning
Nonbanking Company Through Subsidiaries
The Board of Governors has been requested
for an opinion regarding the exemptions contained
in section 4(c)(5) of the Bank Holding Company
Act of 1956. It is stated that Y Company is an
investment company which is not a bank holding
company and which is not engaged in any business other than investing in securities, which
securities do not include more than 5 per centum
of the outstanding voting securities of any company and do not include any asset having a value
greater than 5 per centum of the value of the
total assets of X Corporation, a bank holding
company. It is stated that direct ownership by
LAW DEPARTMENT
X Corporation of voting shares of Y Company
would be exempt by reason of section 4(c)(5)
from the prohibition of section 4 of the Act
against ownership by bank holding companies of
nonbanking assets.
It was asked whether it makes any difference
that the shares of Y Company are not owned directly by X Corporation but instead are owned
through Subsidiaries A and B. X Corporation
owns all the voting shares of Subsidiary A, which
owns one-half of the voting shares of Subsidiary
B. Subsidiaries A and B each own one-third of
the voting shares of Y Company.
Section 4(c)(5) is divided into two parts. The
first part exempts the ownership of securities of
nonbanking companies when the securities do
not include more than 5 per cent of the voting
securities of the nonbanking company and do not
have a value greater than 5 per cent of the value
of the total assets of the bank holding company.
The second part exempts the ownership of securities of an investment company which is not a
bank holding company and is not engaged in
any business other than investing in securities,
provided the securities held by the investment
company meet the 5 per cent tests mentioned
above.
In an interpretation published at page 21 of the
413
January 1957 Federal Reserve BULLETIN, the
Board expressed the opinion that the first exemption in section 4(c) (5) —
. . . is as applicable to such shares when
held by a banking subsidiary of a bank holding
company, and, in the absence of a clear manholding company itself. While the exemption
specifically refers only to shares held or acquired by the bank holding company, the prohibition of the Act against retention of nonbanking interests applies to indirect as well as
direct ownership of shares of a nonbanking
company, and, in the absence of a clear mandate to the contrary, any exception to this
prohibition should be given equal breadth with
the prohibition. Any other interpretation
would lead to unwarranted results.
The Board is of the view that the principles
stated in that opinion are also applicable to the
second exemption in section 4(c)(5), and that
they apply whether or not the subsidiary owning
the shares is a banking subsidiary. Accordingly,
on the basis of the facts presented, the Board
is of the opinion that the second exemption in
section 4(c)(5) applies to the indirect ownership
by X Corporation of shares of Y Company
through Subsidiaries A and B.
Current Events and Announcements
FEDERAL RESERVE MEETINGS
turned to the Federal Reserve Bank of Minneapolis as President on July 1, 1952.
Effective April 1, 1957, Mr. Frederick L. Deming, First Vice President of the Federal Reserve
Bank of St. Louis, was appointed President of
the Federal Reserve Bank of Minneapolis. He
joined the staff of the Federal Reserve Bank of
St. Louis in 1941 and had served as an officer of
the Bank from June 10, 1948, and as First Vice
President from January 1, 1953. Mr. Deming
obtained his A.B., A.M., and Ph.D. degrees from
Washington University, St. Louis, Missouri. He
has served with a number of national and local
economic, educational, and planning groups and
Federal Reserve System committees, and is the
author of numerous articles on economics.
A meeting of the Presidents of the Federal
Reserve Banks,was held in Washington on March
26, 1957.
Meetings of the Federal Open Market Committee were held in Washington on March 26
and April 16, 1957.
CHANGES IN BOARD'S STAFF
Mr. George B. Vest, General Counsel of the
Board of Governors of the Federal Reserve
System, retired on March 31, 1957, after nearly
35 years of service as a member of the Board's
staff. Mr. Vest, a native of Charlottesville,
Virginia, and a graduate of the University of
Virginia Law School, entered the Legal Division
of the Board of Governors from private practice
in 1922. He had served successively as Assistant
Counsel, Assistant General Counsel, and, since
March 16, 1945, as General Counsel.
Mr. Howard H. Hackley, Associate General
Counsel, was appointed General Counsel to succeed Mr. Vest, effective April 1, 1957. He joined
the staff of the Legal Division of the Board of
Governors in 1933. On February 1, 1939, he
was appointed Assistant Counsel and on February
1, 1951, Assistant General Counsel. On November 18, 1956, he was promoted to the position of
Associate General Counsel. A native of Washington, D. C , he received his B.A. and LL.B
degrees from the University of Virginia and his
LL.M. degree from Columbia University.
APPOINTMENT OF MR. FREUTEL AS FIRST VICE
PRESIDENT OF THE FEDERAL RESERVE BANK
OF ST. LOUIS TO SUCCEED MR. DEMING
Mr. Guy S. Freutel was appointed First Vice
President of the Federal Reserve Bank of St.
Louis, effective April 1, 1957, to succeed Mr.
Deming. Mr. Freutel served the Reserve Bank
as a Research Consultant from July 1, 1951, to
August 1, 1955, when he was appointed as an
officer of the Bank. He received his A.B. and
A.M. degrees from the University of California,
Los Angeles, and continued graduate study at
Harvard University during 1948-1950.
APPOINTMENT OF BRANCH DIRECTORS
The Federal Reserve Bank of San Francisco on
March 26 announced the election of Mr. N. Loyall
McLaren, Partner, Haskins & Sells, San Francisco,
California, as a Class B director of the Bank to
serve for the remainder of the term expiring
December 31, 1959. Mr. McLaren succeeds Mr.
Alden G. Roach, who died late last year.
RETIREMENT OF MR. POWELL AS PRESIDENT OF THE
FEDERAL RESERVE BANK OF MINNEAPOLIS
AND APPOINTMENT OF MR. DEEMING AS HIS
SUCCESSOR
Mr. Oliver S. Powell, President of the Federal
Reserve Bank of Minneapolis, retired March 31,
1957. He became associated with the Bank in
1920, was made an officer of the Bank on
January 1, 1935, and was appointed Vice President and Secretary effective July 18, 1936. He
served as First Vice President from November
19, 1936, until September 1, 1950, when he became a member of the Board of Governors of
the Federal Reserve System. Mr. Powell re-
ADMISSION OF STATE BANK TO MEMBERSHIP
IN THE FEDERAL RESERVE SYSTEM
The following State Bank was admitted to membership in the Federal Reserve System during the
period February 16, 1957 to March 15, 1957:
New York
Long Beach.
414
State Bank of Long Beach
National Summary of Business Conditions
Released for publication April 15
Economic activity, incomes, and wholesale
prices in March and early April generally changed
little, remaining at or above earlier record levels.
Bank credit expanded substantially and common
stock prices advanced moderately.
INDUSTRIAL PRODUCTION
The Board's seasonally adjusted index of industrial production remained in March at the
January-February level of 146 per cent of the
1947-49 average and was 3 per cent above March
a year ago. While minerals production reached
a new high, over-all manufacturing activity was
again unchanged. In the utility industries, electricity output in March and early April was maintained at the advanced level reached in January
and was 6 per cent above a year ago.
Steel mill operations decreased from 97 percent of capacity in January and February to 93
in March and 91 in early April. In tonnage terms,
steel ingot output recently has been about 5 percent below a year ago, while activity in most
major steel consuming industries, including nonresidential construction, has been at or above
year-earlier levels. During March activity increased
further in the aircraft, railroad equipment, shipbuilding, and farm machinery industries, while
output of industrial and commercial machinery
and electrical equipment continued at peak rates,
which were substantially above a year ago. Auto
assemblies declined in March and early April,
but total automotive output, including parts, in
March was at the year-earlier level. Production
of some consumer appliances has been reduced
substantially this year. Television set output, however, has been maintained recently following a
curtailment of 30 per cent from October to
January.
Activity in nondurable goods industries in
March continued at earlier record levels. Production of textiles and leather products showed
some recovery from the reduced rates in January, and output in other nondurable goods lines
changed little. Output of mineral fuels rose considerably as crude oil production advanced to a
new peak and bituminous coal output increased
partly in anticipation of a further rise in coal
prices on April 1. In early April there was
some curtailment in crude oil and coal production.
CONSTRUCTION
The value of new construction declined slightly
in March, after adjustment for seasonal variation, but at an annual rate of $44.8 billion in the
first quarter of 1957 activity exceeded any other
quarter. Outlays for business construction expanded in March, but outlays for residential building declined further. The number of private housing starts, seasonally adjusted, declined further in
March to an annual rate of 880,000 units, which
was the lowest since the spring of 1949. Contract
awards in February were close to the year-ago
level.
_
INDUSTRIAL PRODUCTION
1947-49=100
EMPLOYMENT
Federal Reserve indexes, seasonally adjusted.
ures, latest shown are for March.
Monthly fig-
Seasonally adjusted employment in nonagricultural establishments continued in March at the
record level of 52 million persons, and unemployment declined about seasonally, to 2.9 million.
415
416
FEDERAL RESERVE BULLETIN • APRIL 1957
Employment in manufacturing and the average
factory workweek declined slightly further, however. Average hourly earnings of factory workers
continued unchanged but, reflecting the shorter
workweek, average weekly earnings declined.
DISTRIBUTION
Sales at department stores, seasonally adjusted,
recovered in March to about the advanced level
at the end of 1956, and the dollar value of total
retail sales remained at about the record level
of the preceding three months. Unit sales of new
autos rose less than seasonally in March and
were 3 per cent below the rate a year earlier.
COMMODITY PRICES
Average prices of both industrial commodities
and farm products changed little from mid-March
to mid-April, and average commodity prices at
wholesale continued at about the level reached
in January. Steel scrap prices declined further to
mid-April, as the steel operating rate was reduced,
but nonferrous metal scrap strengthened. Among
agricultural commodities, prices of livestock and
meats rose further.
BANK CREDIT AND RESERVES
Total loans and investments at city banks increased $2.3 billion between early March and
early April. In mid-March credit expanded
INTEIEST IATES
sharply, particularly business loans, reflecting
borrowing to meet March 15 income tax payments. In late March business loans declined
somewhat while holdings of U. S. Government
securities increased as banks purchased new Treasury certificates and notes.
Member bank borrowings from the Federal
Reserve increased somewhat, averaging about
$960 million over the four weeks ending April
10, compared with $710 million in the preceding
four weeks. Excess reserves showed little change,
averaging $530 million in the recent period.
Reserves absorbed through increases in required
reserves, associated with bank credit expansion,
and through other factors were offset only in
part by Federal Reserve acquisitions of U. S.
Government securities and declines in Treasury
deposits at the Reserve Banks.
SECURITY MARKETS
Yields on Treasury bills declined sharply in the
second half of March to levels below the Federal
Reserve discount rate, but recovered during the
first half of April. Yields on other Government
securities in mid-April were also at about the
mid-March levels. Corporate bond yields were
stable during the period, while yields on State
and local government securities declined somewhat. Common stock prices advanced moderately.
LOANS AND INVESTMENTS
Billion* of dollars
—
MEMBER BANKS IN LEADING CITIES
P«r cent
1954
Weekly average market yields for long-term U. S. Government 2Vi per cent bonds and for longest Treasury bills; latest
shown are for week ending Apr. 6.
1956
1957
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 Apr. 3.
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. .
419
422
423
426
428
429
432
434
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. .
436
437
438
439
440
442
446
447
449
452
Selected indexes on business activity. .
Production
Employment and earnings. .
Department stores .
Foreign trade
Wholesale and consumer prices. . .
National product and income series
456
457
464
466
467
468
470
Banks and branches in operation on December 31, 1956.
Index to statistical tables. .
472
501
Tables on the following pages include the prin- of material collected by other agencies; figures
cipal statistics of current significance relating to for gold stock, currency in circulation, Federal
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.
417
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
Weekly averages of daily figures
Billions of
dollars
~ ~ 25
MEMBER BANK
RESERVE BALANCES
20
CURRENCY IN CIRCULATION
25
RESERVE BANK CREDIT
20
TREASURY CASH AND DEPOSITS
NONMEMBER DEPOSITS
FEDERAL RESERVE CREDIT
25
BOUGHT OUTRIGHT
U. S. GOVERNMENT SECURITIES:
20
HELD UNDER""]
REPURCHASE AGREEMENTS
2
_A
0
DISCOUNTS AND ADVANCES
-
2
0
;
'
FEDERAL Rt5tRVt PLOAT
J
J
2
0
1951
1952
1953
1954
1955
1956
Latest averages shown are for week ending March 27. See p. 419
418
1957
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
Gold
stock
21,693
21,693
21,694
21,694
21,695
5,009
5,010
5,010
5,011
5,012
30,223
30,219
30,247
30,210
30,181
798
796
800
794
792
464
406
428
557
542
369
365
377
362
354
343
919 18,834
331
917 18,773
400
932 18,693
366 1,026 18,749
306 1,025 18,596
18,350
18,230
18,144
18,175
18,137
484
543
549
574
459
21,695
21,717
21,713
21,715
5,011
5,011
5,013
5,015
30,202
30,276
30,264
30,249
783
779
783
787
461
564
489
599
360
360
333
341
327
346
336
317
1,023
1,021
1,069
1,069
18,670
18,691
19,204
19,028
18,137
18,182
18,587
18,455
533
509
617
573
986 1,022 25,658 21,716 5,017
826 25,481 21,727 5,016
,119
973 25,497 21,741 5,018
,109
,061 1,017 25,374 21,742 5,019
30,321
30,300
30,290
30,155
784
782
785
782
560
508
531
569
347
328
347
335
444
307
313
331
1,075
1,082
1,081
1,078
18,860
18,917
18,909
18,884
18,322
18,284
18,318
18,344
538
633
591
540
U. S. Govt. securities
Week
ending
Total
Deposits, other
than member bank
Member bank
reserves,
reserves
Treas- with F. R. Banks
ury
Other
cash
F. R.
holdings
Treas- For- Other
ReExTotal
quired2
ury eign
Treasury
Curcur- rency
rency
in
outcirstand- culaing
tion
DisHeld counts
Bought under
and Float Total
outadrepurright
chase vances
agreement
Averages of
daily figures
1956
Feb. 1 .
Feb. 8.
Feb. 15.
Feb. 22.
Feb. 29.
23,416
23,423
23,349
23,389
23,435
23,414
23,423
23,349
23,333
23,384
56
51
814 25,248
999
840 25,104
822
832 25,174
976
622 1,333 25,360
25,089
758
Mar.
Mar.
Mar.
Mar.
7.
14.
21.
28.
23,518
23,505
23,508
23,508
23,426
23,410
23,405
23,495
92
95
103
13
835 25,118
749
812 25,308
975
934 1,297 25,754
941 25,661
,196
Apr. 4.
Apr. 11.
Apr.. 18.
Apr.. 25.
23,634
23,521
23,399
23,282
23,587
23,518
23,377
23,282
47
3
22
May 2.
May 9.
May 16.
May 23.
May 30.
23,299
23,352
23,279
23,210
23,412
23,243
23,252
23,226
23,200
23,359
56
100
53
10
53
June 6.
June 13.
June 20.
June 27.
23,503
23,516
23,492
23,478
23,406
23,491
23,492
23,452
97
25
July 4.
July 11.
July 18.
July 25.
23,791
23,836
23,490
13,408
23,748
23,826
23,487
23,408
Aug.
Aug.
Aug.
Aug.
Aug.
1.
8.
15.
22.
29.
23,418
23,418
23,439
23.574
23,622
23,418
23,418
23,418
23,446
23,592
Sept.
Sept.
Sept.
Sept.
5.
12.
19.
26.
23,849
23,858
23,691
23,576
23,818
23,829
23,673
23,555
Oct. 3.
Oct.. 10.
Oct.. 17.
Oct. 2 4 .
Oct.. 31.
23,697
23,840
23,860
"13,736
23,708
23,602
23,766
23,846
23,736
23,668
Nov. 7.
Nov. 14.
Nov. 21.
Nov. 28.
23,824
23,940
24,033
24,202
23,766
23,882
23,959
24,110
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
n
.4,293
23,811
23,450
24,610
24,601
24,293
23,811
23,450
Feb. 6.
Feb. 13.
Feb. 20.
Feb. 27.
13,435
13,264
12,969
12,854
23,411
23,190
22,958
22,854
Mar. 6.
Mar. 13.
Mar. 20.
Mar. 27.
12,913
12,979
13,178
13,094
22,895
22,934
23,064
23,051
864 25,266
,089
844 25,325
,114
937 25,298
,066
946 1,139 25,310
835 24,995
732
906 25,320
894
970 25,251
747
764 1,507 25,779
$,369 25,621
756
21,743
21,768
21,769
21,770
21,771
5,023
5,025
5,026
5,028
5,032
30,181
30,296
30,359
30,317
30,327
786
781
789
781
785
575
555
563
594
507
338
334
378
319
297
385
321
314
310
328
998
982
980
980
984
18,767
18,848
18,710
18,
18,569
18,359
18,295
18,241
18,275
18,227
408
553
469
534
342
21,782
21,796
21,798
21,799
5,032
5,033
5,033
5,033
30,505
30,542
30,541
30,485
782
779
774
781
429
398
535
570
305
332
331
297
983
310
982
299
317
998
290 1,000
18,819
18,749
19,116
19,030
18,217
18,233
18,500
18,435
602
516
616
595
1,231 25,685
1,169 25,903
1,412 25,769
1,393 25,393
21,806
21,826
21,827
21,828
5,032
5,031
5,031
5,032
30,765
30,923
30,808
30,632
773
770
768
773
493
437
595
556
298
309
320
288
298
290
278
267
993
990
987
994
18,902
19,040
18,869
18,744
18,430
18,285
18,240
18,187
472
755
629
557
690 1,046 25,172 21,829 5.034 30,575
829 25,182 21,855 5,035 30,633
917
837 25,254 21,856 5,036 30,681
960
878 1,171 25,642 21,856 5,037 30,654
829 25,404 21,857 5,041 30,618
935
772
769
773
778
776
519
530
539
485
481
284
319
335
293
318
273 1,021 18,591 18,115
949 18,588 18,018
284
947 18,593 18,014
277
944 19,117 18,464
266
944 18,883 18,375
282
476
570
579
653
508
644
880
849
573
21
128
30
787 25,454 21,861
796
1,012 1,045 25,934 21,883
654 ',489 25,852 21,883
705 ,394 25,694 21,884
5,042
5,042
5,043
5,044
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
40
810
857
714
564
674
,067 25,593
990 25,707
,215 25,810
,547 25,866
,062 25,466
21,884
21,906
21,910
21,909
21,909
5,046
5,046
5,047
5,048
5,051
30,769
30,880
30,953
30,864
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
58
58
74
92
828
945
662
631
,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
847
845
844
843
19,004
18,996
19,311
19,375
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 2,208 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
910 19,068 18,682
228
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
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
973
899
897
894
893
19,856
19,701
19,300
19,342
18,918
19,110
18,971
18,765
18,724
18,550
746
730
535
618
368
640 1,040 25,146 22,251 5,070
962 24,997 22,252 5,070
741
577 1,188 24,764 22,303 5,071
713 1,217 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
299
226
382
992
,007
,116
,134
18,920
18,808
18,895
18,683
18,445
18,265
18,309
18,218
475
543
586
465
755 1,179 24,871 22,304 5,077
908 24,791 22,304 5,079
880
783 1,173 25,158 22,305 5,080
967 24,930 22,305 5,083
844
30,566
30,609
30,589
30,502
813
812
811
813
479
471
302
353
329
297
300
334
212
201
199
205
,131
,129
,138
,139
18,721
18,654
19,204
18,971
18,231
18,205
'18,577
'18,360
490
449
P627
1957
p
18
45
114
43 i
1,537
1,539
1,278
1,446
1,078
27,524
26,809
25,954
25,636
25,087
For other footnotes see following page.
Preliminary.
419
420
BANK RESERVES AND RELATED ITEMS
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
[In millions of dollars]
Deposits, other
than member bank
reserves,
with F. R. Banks
Reserve Bank credit outstanding
Member bank
reserves
Treasury
currency
outstanding
Currency
in
circulation
987 25,517 21,711
993
925 25,411 21,735
,060
928 25,237 21,768
971
770 1,206 25,516 21,795
738 1,263 25,599 21,826
910 25,357 21,855
898
,198 25,737 21,880
792
,182 25,698 21,906
715
26,097 21,910
745
706 1,633 27,156 21,942
5,013
5,018
5,028
5,033
5,032
5,038
5,043
5,048
5,056
5,064
30,256
30,245
30,322
30,536
30,751
30,650
30,803
30,864
31,198
31,775
783
783
785
778
771
774
772
776
774
772
532
545
556
485
521
504
523
487
456
463
349
338
331
315
300
318
356
337
308
372
350 1,048 18,924 18,340
338 1,067 18,847 18,320
322
982 18,735 18,268
304
991 18,933 18,359
...
280
999 18,836 18,237
946 18,783 18,224
275
946 19,024 18,446
237
299
950 18,939 18,419
313
845 19,169 18,579
247
998 19,535 18,883
584
527
467
574
599
559
578
520
590
652
24,092 24,056
23,111 23.083
23,061 22,997
432 1,343 25,905 21,989
24
665 1,106 24,912 22,279
859 1,024 24,968 22,305
5,067
5,071
5,081
31,040
30,595
30,568
794
817
812
335
336
423
323
335
316
276
896 19,295 18,773
294 1,071 18,816 18,302
216 1,135 18,884
522
514
216
1,998
2,484
2,254
24,262
22,559
20,778
24,697
25,916
24,932
23,607
24,785
148
1,998
2,484
2,254
24,262
22,559
20,725
24,034
25,318
24,888
23,554
24,391
52 1,400 4,037
68 1,037
4 2,220 4,031
164
91 2,593 17,644
7
94 2,361 22,737
3
578 25,091 20,065
249
535 23,181 22,754
85
53
67 1,368 22,216 22,706
967 25,825 23,187
663
156
935 26,880 22,030
598
28
25 ,.885 21,713
44
143
850 24,601 21,678
53
128
394
108 1,585 26,507 21,690
2,019
2,286
2,963
3,247
4,339
4,562
4,636
4,812
4,894
4,985
5,002
5,008
4,459
5,434
7,598
11,160
28,515
28,868
27,741
30,433
30,781
30,509
30,229
31,158
204
264
2,409
2,215
2,287
1,336
1,293
1,270
761
796
812
767
36
35
634
867
977
870
668
389
346
563
380
394
6
15
397
774
862
392
895
550
423
490
374
402
21
151
256
586
446
569
565
455
493
441
448
554
2,333
1,817
6,444
9,365
14,457
16,400
16,509
20,520
19,397
18,618
18,139
18,903
23
475
5,209
3,085
1,458
1,499
1,172
-570
763
258
-73
102
23,636
23,345
23,474
23,758
23,438
23,854
23,680
23,767
24,385
24,915
23,587
23,245
23,360
23,712
23,438
23,828
23,590
23,688
24,255
24,610
49
100
114
46
5,020
5,025
5,030
5,032
5,035
5,041
5,046
5,054
5,061
5,066
30,339
30,210
30,513
30,715
30,604
30,757
30,768
30,839
31,424
31,790
777
783
779
768
761
768
771
778
763
775
534
578
515
522
513
422
535
495
463
441
354
330
307
297
308
350
334
275
356
322
623 1,069 18,799 18,276
404
984 18,784 18,325
309
983 18,773 18,204
313
992 18,443 18,449
288
950 18,308 18,104
252
18,888 18,377
227
950 18,831 18,450
297
848 18,668 18,459
182
843 19,208 18,719
426
901 19,059 19,089
523
459
569
-6
204
511
381
209
489
-30
23,421 23,421
22,887 22,854
23,149 23,040
22,252 5,071 30,614
22,304 5,076 30,575
'22,306 ^5,086 "30,584
809
809
715
458
591
344
327
311
263
891 18,882 18,517
206 1,133 18,576 18,294
304 1,137 18,629 ^18,510
365
282
P119
U. S. Govt. securities
Period
or
date
Total
Bought
outright
Held
under
repurchase
agreement
Discounts
and
Float
advances
Gold
stock
TotaU
Treasury
cash
holdings Treas- Foreign
ury
Other
F. R.
accounts
Other
Total
ExRequired 2 cess2
Averages of
daily figures
1956
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
23 522
23,410
23,322
23,522
23,580
23,530
23,728
23,781
24,024
24,765
23,449
23,393
23,262
23,486
23,573
23,488
23,695
23,742
23,951
24,498
73
17
60
36
7
42
33
39
73
267
1957
Jan
Feb
Mar
Midyear or
year-end
1929—June....
1933—June....
1939—Dec
1941 _ D e c
1945—Dec
1947—Dec
1950—Dec
1952—Dec
1953—Dec
1954—Dec
1955_june....
Dec
374 2,356
346 2,292
251 11,653
291 12,450
495 15,915
563 17,899
714 17,681
777 19,950
839 20,160
907 18,876
972 18,066
925 19,005
End of month
1956
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
26
90
79
130
305
872
,204
,160
232
452
832
664
538
518
50
1,238 25,761
744 25,307
726 25,377
25,219
1,210 25
959 24,868
771 25,480
1,125 25,487
910 25,236
1,330 26,267
1,665 26,699
33
109
668
595
994
076 25,195
196 24,704
'803 24,970
21,716
21,743
21,772
21,799
21,830
21,858
21,884
21,910
21,910
21,949
1957
Jan
Feb
Mar
Wednesday
1957
26,745
26,144
25,812
25,278
25,068
21,949
21,950
21,950
21,951
22,251
5,066
5,066
5,066
5,067
5,069
31,700
31,270
30,942
30,684
30,567
785
786
797
810
816
377
363
286
259
614
291
327
326
318
348
322
282
291
259
261
19,164
18,848
18,789
18,647
18,554
222
385
501
425
335
23,363
23,134
22,884
22,854
913 25,229
839
717 24,474
520
24
844 1,066 24,822
451 1,177 24,508
22,252
22,252
22,303
22,303
5,070
5,070
5,072
5,076
30,584
30,632
30,571
30,516
829
828
815
822
314
281
11
5
300
386
304
295
301
239 1,008 19,189 18,413
242 1,007 18,505 18,227
197
,133 19,034 18,337
198
,134 18,615 18,242
776
278
697
373
22,901
23,032
23,116
23,040
895 24,616
797
877 24,608
639
893 1,050 25,165
617
807 24,513
22,304
22,304
22,305
22,305
5,077
5,079
5,081
5,085
30,568
30,567
30,516
30,469
818
815
818
811
406
451
745
490
320
292
300
345
210
205
188
299
362
220
7
Jan. 2
Jan. 9
Jan. 16
Jan. 23
Jan. 30
24,819
24,569
24,142
23,571
23,428
24,610
24,569
24,142
23,571
23,428
Feb.
6
Feb. 13
Feb. 20
Feb. 27
23,447
23,208
22,884
22,854
Mar. 6
Mar. 13
Mar. 20
Mar. 27
22,901
23,069
23,198
23,066
209
370
346
264
358
678
1,497
1,189
1,373
1,319
931
* Preliminary.
1
Includes industrial loans and acceptances; these items are not shown
900
899
896
893
893
,130
,128
,140
,139
19,386
19,233
19,290
19,072
18,889
18,545 18,183
18,533 18,313
18,844 ^18,567
18,350 ^18,312
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.
421
BANK RESERVES AND RELATED ITEMS
R E S E R V E S , D E P O S I T S , A N D B O R R O W I N G S O F M E M B E R B A N K S , BY C L A S S E S
[Averages of daily figures. 1 I n millions of dollars]
All
Item a n d period
member
banks
Central reserve
city banks
Chicago
New
York
Reserve
city
banks
Country
banks
All
member
banks
Item a n d period
Central reserve
city banks
New
York
18,709
18,924
18,847
18,735
18,933
18,836
18,783
19,024
18,939
19,169
19,535
4,196
4,372
4,287
4,264
4,354
4,237
4,236
4,288
4,222
4,244
4,448
1,138
1,137
,105
,119
1,133
1,129
1,130
1,120
1,111
1,122
1,149
7,753
7,796
7,814
7,775
7,784
7,796
7,783
7,885
7,869
7,960
8,078
5,623
5,619
5,641
5,577
5,662
5,675
5,633
5,732
5,736
5,843
5,859
1956— Feb
Mar
Apr
May
June
July
Aug.
Sept
Oct
Nov
Dec
533
585
527
467
575
599
559
579
520
590
651
11
28
-12
10
13
12
10
1957—Jan
Feb
Week ending:
1957—Feb. 20
Feb. 27
Mar. 6
Mar. 13
Mar. 20
Mar. 27
19,295
18,816
4,316
4,205
1,126
1,107
7,996
7,781
5,857
5,722
523
514
-10
5
18,895
18,683
18,721
18,654
19,204
18,971
4,198
4,193
4,248
4,254
4,474
4,323
1,111
1,109
1,115
1,097
1.117
1:091
7,791
7,715
7,707
7,663
7,811
7,783
5,795
5,666
5,652
5,641
5,803
5,774
1957_Jan
Feb
Week ending:
1957_Feb. 20
Feb. 27
Mar. 6
Mar. 13
Mar. 20
Mar. 27
587
466
490
448
^627
*>611
13
5
13
-12
24
4
18,177
4,186
4,344
4,299
4,254
4,341
4,225
4,227
7,687
7,712
7,750
7,726
7,706
7,707
7,704
7,805
7,817
7,877
7,983
5,170
5,149
5,165
5,171
5,183
5,179
5,164
5,234
5,281
5,352
5,371
799
993
1,060
971
769
738
898
792
715
744
688
Required reserves:2
1957_jan
Feb
Week ending:
1957—Feb. 20
Feb. 27
Mar. 6
Mar. 13
Mar. 20
Mar. 27
4,392
1,134
1,135
1,106
1,117
1,130
1,127
1,129
1,120
1,107
1,119
1,138
18,773
18,302
4,327
4,200
1,129
1,107
7,938
7,715
5,379
5,279
18,309
18,218
18,231
18,205
*>18,577
^18,360
4,185
4,189
4,235
4,265
4,449
4,319
1,109
1,108
1,112
1,094
1,116
1,090
7,733
7,658
7,635
7,601
7,757
7,701
5,282
5,263
5,249
5,245
^5,255
^5,250
18,340
18,320
18,268
18,359
18,237
18,224
18,446
18,419
18,579
18,883
4,288
4,214
4,231
Deposits:
113,535
12,381
101,153
98,587
40,390
22,626
3,985
18,641
20,123
3,219
6 ,042
1 ,134
4 ,908
5 ,346
1 ,301
6,079
65
99
44 ,505
5 ,989
38 ,516
38 ,155
16 ,372
40,362
1,273
39,089
34,963
19,498
,926
3,989
1
February 1957
Gross demand deposits:
Total
Interbank
Other
Net demand deposits 3 ....
Time deposits
Demand balances due
from domestic banks...
102, 257
9 8 , 713
4 2 , 945
23 ,126
4 ,077
19 ,049
20 ,134
3 ,462
5,932
1,139
4,793
5,208
1,315
4 4 , 781
6, 024
38, 757
3 8 , 026
17, 407
40,947
1,289
39,658
35,344
20,760
6, 171
61
101
1, 949
4,059
114, 786
12, 529
» Preliminary.
1
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
banks and of country banks are estimates.
66
84
64
49
78
89
79
80
52
83
96
452
470
476
406
479
496
469
498
456
491
488
58
66
478
443
3
1
3
2
1
58
57
71
62
54
83
513
403
403
396
149
202
155
98
46
119
168
204
200
226
147
106
258
261
155
115
50
74
93
118
143
97
402
382
493
517
434
433
461
377
299
276
300
142
151
151
201
174
136
195
118
98
99
144
407
640
30
129
38
53
229
314
110
144
552
688
730
854
757
819
108
121
133
142
64
82
59
92
128
111
303
342
268
341
336
398
242
242
117
134
133
203
148
153
-266
-408
-533
-504
-194
-139
-339
-213
-195
-154
-37
-138
-174
-167
-103
-256
-262
-153
-111
-85
-336
-298
-429
-468
-356
-344
-382
-297
-246
-193
-204
310
319
325
205
305
360
274
380
358
393
344
117
-126
-40
-40
-53
-172
-249
369
299
-56
-91
-210
-284
-265
-336
-188
-159
396
269
270
193
^400
^371
8
13
57
3
2
—1
2
4
3
1
4
3
12
-2
Borrowings at Federal
Reserve Banks:
1956— Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1957—Jan
Feb
Week ending:
1957_Feb. 20
Feb. 27
Mar. 6
Mar. 13
Mar. 20
Mar. 27
Free reserves2 *
February 1956
Gross demand deposits:
Total
Interbank
Other
Net demand deposits 3 . . . .
Time deposits
Demand balances due
from domestic banks...
Country
banks
Excess reserves:2
Total reserves held:
1956—Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1956—Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Chicago
Re-
serve
city
banks
1956—Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
,
,
,
,
,
1957—Jan
Feb
Week ending:
1957_Feb. 20
Feb.
Mar.
Mar.
Mar.
Mar.
27
6
13
20
27
35
-222
-240
-406
P -130
P-208
-88
-33
-108
-158
-204
-192
-214
-90
-123
-95
-116
-120
-154
-40
-78
-48
-73
-93
-114
-140
-125
-109
-302
-342
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.
422
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
In effect
beginning—
Rate on
Mar. 31
Boston
New Y o r k . . .
Philadelphia..
Cleveland
Richmond. . .
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Apr.
Aug.
Aug.
Apr.
28,
24,
24,
27,
24,
28,
24,
28,
13,
31,
28,
13,
1956
1956
1956
1956
1956
1956
1956
1956
1956
1956
1956
1956
Previous
rate
234
234
234
234
234
234
234
18
IS
Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)
Other secured advances
[Sec. 10(b)]
Rate on
Mar. 31
In effect
beginning—
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Apr.
Aug.
Aug.
Apr.
28,
24,
24,
27,
24,
28,
24,
28,
13,
31,
28,
13,
1956
1956
1956
1956
1956
1956
1956
1956
1956
1956
1956
1956
Previous
rate
314
314
31/4
In effect
beginning—
Rate on
Mar. 31
4
334
18
314
Aug. 28,
Aug. 24,
Apr. 13,
Aug. 27,
Aug. 24,
Aug. 28,
Aug. 24,
Aug. 28,
Apr. 13,
Aug. 31,
Aug. 28,
Apr. 13,
4
4
4
4
414
4
4
4
Previous
rate
1956
1956
1956
1956
1956
1956
1956
1956
1956
1956
1956
1956
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
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 RATEi
MEMBER BANK RESERVE REQUIREMENTS
[Per cent per annum]
[Per cent of deposits]
Date effective
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
f
2i/i
I*
i*
21/2
21/2
Rate
Date effective
1942_Oct.
1946_Apr.
1948_Jan.
Aug.
1950—Aug.
1953—Jan.
1954_Feb.
Apr.
1955_Apr.
Aug.
Sept.
Nov.
1956—Apr.
Aug.
2
30
25
12
13
21
16
5
16
15
5
9
18
13
24
Vi
WA
Net demand deposits 1
Effective date
of change
Central
reserve
city
banks
18
k
I*
18
1*
In effect Apr. 1, 1957
3
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 and 1956
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.
MARGIN REQUIREMENTS 1
1917—June 21
Reserve
city
banks
Country
banks
13
10
191/2
1936—Aug. 16
1937—Mar. 1
May 1
15
17i/i
20
IOV2
1214
14
17i/i
12
20
14
1938—Apr. 16
2234
26
2234
1941_Nov.
1942—Aug.
Sept.
Oct.
26
24
22
20
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
lfA
221/2
60
60
70
70
50
60
3
4i/2
41/2
2*
tA
5
5
6
71/2
7i>2
7
6
5
7
6
6
6
5
5
5
5
3
6
3
6
5
I8I/2
18
19
20
13
14
1953_jul y
22
19
13
1 9 5 4 _ j u n e 16, 2 4 * . . . .
July 29, Aug. 1 *.
21
20
12
20
12
Present statutory
quirements:
Minimum
Maximum
13
26
10
20
7
14
re-
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.
3
16
00
1
50
50
Country
banks
15
14
13
12
22
23
24
i?9*
city
banks
21
20
19i/i
19
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
Feb. 20, Jan. 4,
Effective
19531955Jan. 4, Apr. 22, Apr. 23,
1955
1955
1955
and
reserve
22
In effect Apr. 1, 1957. . .
Prescribed in accordance with
Securities Exchange Act of 1934
Central
reserve
6
7
1951—Jan. 11, 1 6 * . . . .
Jan. 25, Feb. 1*.
[Per cent of market value]
Time deposits
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.
423
FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday
Item
End of month
1957
Mar. 27
Mar. 20
Mar. 13
1957
Mar. 6
Feb. 27
Mar.
1956
Feb.
Mar.
Assets
Gold certificate account
Redemption fund for F. R. notes..
20,774,392 20,764,394 20,764,392 20,764,391 20,764,392 20,774,392 20 ,764,392 20.190,987
845,172
861,900
852,146
861,898
852,147
854,396
856,566
858,600
Total gold certificate reserves.
21,626,539 21,618,790 21,620,958 21,622,991 21,626,292 21,626,538 21,626,290 21,036,159
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
Total bought outright
Held under repurchase agreement.
Total U. S. Government securities.
407,627
447,367
414,420
450,019
417,928
451,224
446,892
465,094
466,890
469,787
383,437
447,031
455,038
469,903
288,742
392,056
591,584
25,000
795
22,675
867,739
25,000
783
23,172
613,584
25,000
801
23,161
772,027
25,000
800
22,911
426,316
25,000
802
25,381
968,593
25,000
772
23,212
570,456
25,000
758
24,493
871,673
304,705
380,955
296,455
165,755
118,255
304,705
118,255
699,000
11,362,199
8,571,413
2,801,750
362,199 11,362,199
571,413 8,571,413
801,750 2,801,750
,362,199 11,362,199 11,362
,571,413 8,571,413 8,57L
,801,750 2,801,750 2,80L
658
14,498
,362,199 10,932,699
,571,413 9,153,913
,801,750 2,801,750
,587,362
23,040,067 23.116,317 23.031,817 22,901,117 22,853,617 23,040 067 22, 853,617 23
33,000
48,400
25,500
81,800
37,200
109; 000
23,065,567 23,198,117 23,069,017 22,901,117 22,853,617 23,149,067 22
Total loans and securities
617 23,635,762
23,705,621 24,114,811 23,731,563 23,721,855 23,331,116 24,166,644 23,507,324 24,522,591
Due from foreign banks.
Uncollected cash items..
Bank premises
Other assets
22
22
22
4,611,111 6,497,862 4,976,927
75,651
75,645
75,425
145,430
132,869
133,497
Total assets.
22
22
,576,876 5,322,097 4,164,
74,834
75;
74,814
105,374
152;
120,316
22
22
,146,306 4,396,427
74,804
64,311
106,980
121,535
51,019,368 53,304,438 51,407,544 51,028,860 51,396,412 51,016,424 51,386,667 50,821,843
Liabilities
Federal Reserve notes
Deposits:
Member bank reserves
U. S. Treasurer—general account.
Foreign
Other
26,371,667 26,431,488 26,488,841
Total deposits.
540,142 26,522,483 26,454,430 26,555,990 26,097,556
18,349,522 18,843,638 18,533,001
489,873
744,770
451,288
344,843
300,088
292,350
299,475
188,092
204,634
544,537 18 ,615,414 18,629,159 18,575,591 18 ,799,472
534,187
300,226
590,751
457,593
406,225
354,496
300,591
311,212
327,113
319,506
622,765
198,314
304,176
205,882
210,465
19,483,713 20,076,588 19,481,273 19,480,733 19,414,545 19,835,298 19,566,179 20,310,920
3,803,917 5,447,988 4,100,380 3,682,362 4,145,298 3,361,219 3,949.869 3,,158.470
17,576
15,092
16,702
15,873
17,569
17,881
17,177
18,748
Deferred availability cash items
Other liabilities and accrued dividends.
Total liabilities
49,678,045 51,973,945 50,087,671 49,719,939 50,098,199 49,668,516 50,087,130 49,584,522
Capital Accounts
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Other capital accounts
330,765
747,593
27,543
235,422
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
330,630
747,593
27,543
224,727
330,452
747,593
27,543
214,285
330,284
747,593
27,543
203,501
330,159
747,593
27,543
192,918
330,793
747,593
27,543
241,979
330,179
747,593
27,543
194,222
310,001
693,612
27,543
206,165
51,019,368 53,304,438 51,407,544 51,028,860 51,396,412 51,016,424 51,386,667 50,821,843
47.2
46.5
47.0
47.0
41A
46.7
46.9
45.3
58,935
1,974
58,237
1,986
58,904
1,970
57,952
1,971
58,164
1,970
58,416
1,987
58,016
2,014
38,793
2,455
Maturity Distribution of Loans and U. S. Government Securities1
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
U. S. Government securities—total.
Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
Over 5 years to 10 years
Over 10 years
616,584
586,169
30,415
892,739
863,370
29,369
797,
767!
4,
25;
795
783
801
93
99
36
360
378
430
105
104
105
219
220
230
22,675
23,172
22
23,161
8,531
6,946
8
7,725
14,144
16,226
14
15,436
23 ,065,567 23. 198,117 23 ,069,017 22
,901
136,000
36
44,450
73,400
326,755
129
285,755
260,255
19,946,105 19,946,105 19 ,933,612 19,933
373,279
360,786
373
360,786
013,614 1,013
,013,614 ,013,614
414,857 1,414
,414,857 ,414,857
1 Holdings under repurchase agreements are classified as maturing
within 15 days in accordance with maximum maturity of the agreements.
638,584
608,069
30,515
993,593
451,316
595,456
871,673
027
419,903
915,460
564,297
861,522
108
6,413
78,133
919
6,159
10,138
25,000
000
25,000
13
802
800
772
758
658
35
36
44
36
11
83
430
350
79
346
455
104
158
414
212
229
230
220
229
89
25,381
911
23,212
24,493
14,498
8,932
334
10,199
8,241
3,747
16,449
577
13,013
16,252
10,751
117 22 853,617 23. 149,067 22 ,886,617 23 ,635,762
51,500
100
127,950
63,600
59,300
66,755
655
285,755
66,755
688,100
19,933,612 19,946,105 ,954,512
,872,764
360,786
373,279
373,279
,587,127
1,013,614 ,013,614 ,013,614
,013,614
1,414,857 ,414,857 ,414,857
,414,857
424
FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MARCH 31, 1957
[In thousands of dollars]
Item
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
Assets
Gold certificate account
,
Redemption fund for F. R.
notes
971,461 5,725,289 1,058,687 1,899,379 1,388,316
55,807
178,712
61,064
75,944
64,374
865,347 3,368,802 870,820
362,446 902,289
153,985
43,223
22,765
41,138
Total gold certificate reserves 1,027,268 5,904,001 1,119,751 1,975,323 1,452,690 915,526 3,522,787
914,043
385,211
943,427
F. R. notes of other Banks..,
Other cash
,
Discounts and advances:
Secured by U. S. Govt.
securities
,
Other
,
Industrial loans
,
Acceptances:
Bought outright
,
Held under repurchase
agreement
U. S. Govt. securities:
Bought outright
Held under repurchase
agreement
Total loans and securities....
Due from foreign banks.
Uncollected cash items..
Bank premises
Other assets
Total assets
50,179
779,551 2,582,005
25,795
79,160
805,346 2,661,165
18,796
36,015
61,563
104,994
23,218
23,885
36,927
43,185
19,507
21,017
101,360
34,055
24,130
67,440
8,305
23,287
12,342
12,259
4,984
14,263
42,158
20,348
30,147
46,283
38,420
1,502
335
148,855
7,165
30,885
1,750
400
9,523
2,250
54,225
1,275
52,172
7,800
521,650
3,550
9,650
925
46,746
600
37
32,250
950
14,200
1,300
3,150
2,800
,266,420 5,798,678 1,384,501 1,992,804 1,418,554 1,184,697 4,019,847
961,923
520,406
998,326
23,212
915,704 2,578,207
109,000
,306,677 6,086,910 ,417,536 2,004,577 ,474,054 1,244,669 4,545,047 972,498
289,642
5,285
8,081
16
740,932
9,612
36,861
2
2
276,031 430,522
4,715
8,104
8,949
13,180
1
3
1
306,358 332,768 704,578
5,824
5,270
7,235
9,202
7,785 28,777
1
162,826
4,804
6,179
567,789 ,031,526 931,204 2,584,157
1
1
1
2
107,409 206,827 210,617 396,065
4,929
4,579
4,441
10,698
3,376
6,379
6,712
17,200
2,691,765 12,944,879 2,874,087 4,511,820 3,290,064 2,641,434 8,898,586 2,091,943 1,093,316 2,211,986 2,020,827 5,745,717
Liabilities
F. R. notes
Deposits:
Member bank reserves
U. S. Treasurer—general
account
Foreign
Other
Total deposits
Deferred availability cash
items
Other liabilities and accrued
dividends
Total liabilities
,548,861 6,232,455 1,679,940 2,498,667 2,090,175 1,272,554 5,114,870 1,177,575
679,731
480,862 1,052,731
436,421
683,248 2,622,492
859,942 1,017,265 2,495,228
847,196 1,479,904
37,957
74,572
18,154 2 86,140
229,086
540
808,048 5,759,671
48,421
14,085
1,699
72,303
44,446
1,152
35,677
11,581
2,440
44,434
51,102
48,807 69,919
11,894
16,276 35,081
7,512
10,088
2,834 40,610
477
909,007 1,538,770 877,290 1,024,247 3,040,946 729,429 488,844 933,026 1,085,182 2,640,838
255,165
580,085
190,262 351,890 250,317 280,947
543,315
131,983
88,841
171,921
184,232
332,261
902
4,357
3,400
619
962
591
583
1,629
30,759
21,910
9,142
854
28,897
28,170
1,799
2,156
809,115
960,042 2,923,045
751,397 5,369,873
47,903
15,963
4,309
684
832
2,612,976 12,576,568 2,780,063 4,391,483 3,218,466 2,578,580 8,702,531 2,039,606 1,059,509 2,158,269 1,953,245 5,597,220
Capital Accounts
Capital paid in
Surplus (Sec. 7)
Surplus (Sec. 13b)
Other capital accounts.
17,116
43,948
3,011
14,714
95,082
208,002
7,319
57,908
20,967
52,301
4,489
16,267
31,872
66,393
1,006
21,066
15,142
37,594
3,349
15,513
15,929
33,179
762
12,984
45,084
110,421
1,429
39,121
11,292
29,331
521!
11,193
7,272
18,520
1,073
6,942
13,304
27,983
1,137
11,293
18,383
37,508
1,307
10,384
39,350
82,413
2,140
24,594
Total liabilities and capital
accounts
2,691,765 12,944,879 2,874,087 4,511,820 3,290,064 2,641,434 8,898,586 2,091,943 1,093,316 2,211,986 2,020,827 5,745,717
Reserve ratio
Contingent liability on acceptances purchased for
foreign correspondents
Industrial loan commitments..
43.6%
3,416
49.2%
316,067
43.3%
48.9%
4,123
5,301
21
61
1 After deducting $16,000 participations of other Federal Reserve Banks.
2 After deducting $225,047,000 participations of other Federal Reserve
Banks.
49.0%
3,004
39.9%
2,650
43.2%
8,364
97
47.9%
2,179
39.7%
1,414
47.5%
2,238
45.5%
3,063
50.6%
6,597
u
3 After deducting $42,349,000 participations of other Federal Reserve
Banks.
425
FEDERAL RESERVE BANKS
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS
[In thousands of dollars]
FEDERAL RESERVE BANKS COMBINED
Wednesday
End of month
1957
Mar. 20
Mar. 27
F. R. notes outstanding (issued to Bank).
Collateral held against notes outstanding:
Gold certificate account
Eligible paper
U. S. Government securities
Mar. 13
1957
Mar. 6
Feb. 27
1956
Mar.
Feb.
Mar.
27,508,753 27,585,808 27,617,136 27,695,199 27,762,313 27,500,455 27,747,268 27,028,277
11,848,000 11,858,000 11,868,000 11,868,000 11,868,000 11,848,000 11,868,000 11,413,000
72,785
108,447
150,023
59,668
55,817
114,667
45,352
46,030
17,040,000 17,090,000 17,090,000 17,090,000 17,090,000 17,040,000 17,090,000 17,035,000
Total collateral
28,934,030 29,007,668 29,013,817 29,072,667 29,003,352 28,960,785 29,066,447 28,598,023
EACH FEDERAL RESERVE BANK ON MARCH 31, 1957
Item
New
York
Boston
Philadelphia
Richmond
Cleveland
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
F. R. notes outstanding
1,155,278 1,339,911 5,195,726 1,218,910 540,040 1,076,366 737,724 2,758,987
(issued to Bank)
1,612, 298 6 ,485,462 ,798,400 2,581,353 2
Collateral held:
Gold certificate acct.. 580; 000 3 ,170,000 640,000 1,130,000 915,000 450,000 2 ,300,000 450,000 130,000 300,000 283,000 1,500,000
30,885
9,650
32,250
Eligible paper
U. S. Govt. securities. ,150,000 3,600,000 ,200,000 1,500,000 1,310,000 ,000,000 3 j i 66 i 666 875,000 460,000 820,000 525,000 1,500,000
Total collateral
,730,000 6,770,000
870,885 2,630,000 2,225,000 ,450,000 5,400,000 1,334,650 590,000 1,152,250 808,000 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
ParticiAppations
Commit- of financproved
Loans
but not
ing instiout- 2 ments
outcomtutions
standing
pleted i (amount) standing
out(amount) standing 3
(amount)
(amount)
Number
Amount
3,736
3,753
3,765
3,771
3,778
710,931
766,492
803,429
818,224
826,853
3,513
1,638
1,951
520
305
4,687
3,921
1,900
719
702
6,036
3,210
3,569
1,148
2,293
1 1,985
?,289
3,469
1,027
1,103
3,778
3,778
3,779
3,780
3,780
3,781
3,781
3,781
3,781
3,781
3,782
827,529
828,016
828,846
829,485
830,116
830,630
830,995
831,409
831,882
832,071
832,550
45
45
45
45
695
658
945
933
904
954
959
938
867
801
794
2,444
2,455
2,455
2,571
2,565
2,427
2,447
2,416
2,236
2,175
2,365
1,152
1,132
1,128
,288
,287
,262
,273
,262
,179
,098
,129
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
3,782
3,782
833,045
833,692
822
758
2,315
2,334
,126
,097
Jan
Feb
75
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
2,636
2,654
2,657
2,663
2,710
2,724
2,727
2,737
2,743
2,756
2,761
298
338
335
340
363
364
351
369
364
375
389
228
253
250
256
270
273
262
276
272
280
289
170
167
180
175
186
176
174
145
145
141
125
,475
,481
2,823
2,829
401
398
298
296
120
128
1957
1957
Jan
Feb
Portion
guaranteed
Loans
outstanding
1956
1956
Feb
Mar
Apr
May
June
July
Aug......
Sept
Oct
Nov
Dec
Total
amount
,419
,427
,432
,435
,441
,445
,448
,456
,459
,464
,468
1951
1952
1953
1954
1955
Amount
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
854
1,159
1,294
,367
1,411
End of
year or
month
Number
1951
1952
1953
1954
1955
Loans
authorized
to date
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 F. R. 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.
i Loans made by private financing institutions and guaranteed by Gov
ernment 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.
426
BANK DEBITS
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1
FEES AND RATES ON LOANS GUARANTEED
UNDER REGULATION Vi
[In effect March 31. Per cent per annum]
[In effect March 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
commitments
Portion
for which
institution is
obligated
Remaining
portion
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
Percentage of
loan guaranteed
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
95
()
Over 95 . . .
(4)
Maximum Rates Financing Institution May Charge Borrower
[Per cent per annum]
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.
2
Including loans made in participation with financing institutions.
3
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 V per cent per annum is made on undisbursed portion.
4
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 deposit accounts,
except interbank and
U. S. Government accounts
Year or month
Annual rate of turnover of demand deposits except
interbank and U. S. Government deposits
Without seasonal adjustment
Seasonally adjusted3
New
York
City
Total, all
reporting
centers
1949
1950
1951
1952
1953
1954
1955
1956
1956
Jan
Feb
Mar
Apr
May
June
July
Aus
Sept .
Oct
Nov
Dec
1957_jan
Feb
Mar
r
v
1
.
. . . .
6
other
centers1
337 other
reporting
centers 2
New
York
City
6
other
centers l
337 other
reporting
centers 2
1,206,293
1,380,112
1 542 554
1,642,853
1,759,069
1 887 366
2,043,548
2,200 643
.
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
187,364
162,107
189,793
176,760
185,584
186,540
181,284
183,819
167 154
193,140
185,223
201,876
69,675
57,413
73,214
65,715
69,452
70,733
65,873
67,279
61 223
70,794
66,989
77,495
40,718
35,143
40,132
37,763
38,766
38,937
38,653
38,206
34,057
40,148
39,425
40,912
76,970
69,551
76,447
73,282
77,367
76,870
76,757
78,333
71,874
82,198
78,810
83,469
45.7
41.1
47.2
45.4
46.0
47.0
45.9
44.4
44.8
45.2
48.3
51.8
29.5
27.5
29.7
30.1
28.7
28.9
29.6
27.4
27.4
28.4
31.0
29.9
21.7
21.0
20.8
21.5
21.7
21.6
22.4
21.3
22.0
22.1
23.6
23.3
45.5
42.2
46.0
46.1
47.2
43.5
47.1
51.3
43.7
46.6
48.8
45.8
30.1
28.2
27.1
29.2
29.1
28.3
30.2
29.9
27.7
29.3
30.5
28.6
21.5
21.1
20.9
22.2
22.1
21.6
22.7
22.7
21 7
22.1
22.4
22.1
204,293
'177,343
197,024
76,460
67,035
74,786
85,237
73,423
80,124
48.3
48.9
48.7
30.0
30.2
^30.8
22.8
23.0
^22.5
48.1
50.2
47.5
30.6
31.0
P28.1
22.6
23.1
^22.6
r
42,596
36,886
42,113
Revised.
Preliminary.
Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los
Angeles.
r
2
337 other
6
other
reporting
centers 1 centers 2
338 centers prior to April 1955.
These data are compiled by the Federal Reserve Bank of New York.
NOTE.—For description see BULLETIN for April 1953, pp. 355-357.
3
427
CURRENCY
DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION
[On basis of compilation by United States Treasury. In millions of dollars]
Total
in circulatoni
Total
1950
195!
1952
1953
1954
1955
7,59'
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
590
751
,274
,404
,554
.654
,750
,812
,834
,927
559
695
,039
,048
,113
,182
,228
,249
,256
,312
1956_Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
30,163
30,339
30,210
30,513
30,715
30,604
30,757
30,768
30,839
31,424
31,790
21,227
21,419
21,320
21,621
21,801
21,709
21,838
21,834
21,877
22,374
22,598
,900
,914
,922
,939
,948
,957
,967
,977
,995
2,016
2,027
1957—Jan
Feb
30,614
30,575
21,597
21,601
,990
,993
End of year or
month
1939
1941
1945
1947
Large denomination currency
Coin and small denomination currency
Coin
$5
$10
$20
Total
$50
$100
$500
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
,231
,244
,241
,264
,262
,258
.267
;283
,296
,324
,369
73
73
73
73
74
74
74
74
74
76
78
2,042
2,067
2,053
2,090
2,090
2,065
2,077
2,085
2,080
2,144
2,196
6,392 9,588
6,486 9,635
6,430 9.602
6,539 9,716
6,589 9,838
6,514 9,840
6.559 9,895
6,549 9,866
6,538 9,893
6,715 10,100
6,734 10,194
8,936
8,920
8,890
8,892
8,914
8.895
8,919
8,934
8,962
9,050
9,192
2,665
2,662
2,654
2,662
2,676
2,674
2,676
2,673
2,679
2,713
2,771
5,528
5,518
5,500
5,498
5,505
5,500
5,527
5,541
5,572
5,626
5,704
302
300
299
298
296
294
293
293
291
291
292
430
428
425
423
421
415
413
411
409
409
407
3
3
4
3
3
3
3
3
3
3
3
9
9
9
,276
,269
76
75
2,065
2,058
6,427
6,450
9,017
8,974
2,701
2,689
5,613
5,586
289
287
402
400
3
3
$12
$2
1
Outside Treasury and Federal Reserve Banks. Prior to December
1955 the totals shown as in circulation were less than totals of coin and
9,763
9,756
$1,000 $5,000 $10,000
13
8
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]
Helc1 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—Feb 28 1957..
Jan. 31, 1957
Feb 29 1956
1
Total outstanding, As security
Feb. 28,
against
1957
gold and
silver
certificates
For
F. R.
Banks
and
agents
Feb. 28,
1957
Jan. 31,
1957
Feb. 29,
1956
22,304
21,659
27 747
5,076
21,659
2645
32,394
100
65
489
2 209
32,394
1,351
479
347
139
63
185
2 209
50
6
247
247
231
10
2
3
354
62
11
35
2
2,040
1,279
466
309
137
62
2,035
1,277
466
304
138
63
2,072
1,224
445
311
152
65
4,932
5 192
4,746
30,575
(5)
24,053
23 998
23,447
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. 420.
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
Treasury
cash
Currency in circulation i
Held by
F. R.
Banks
and
agents
809
809
789
18,811
2,816
1 646
470
18,811
18 746
18,196
33
33
34
26 001
4,541
26,051
4,530
25,628
4,501
30,614
30,163
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.
428
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
Treas-
U. S. Government obligations
ury
Date
Gold
currency
outstand-
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
100,935
104,819
96,736
5,499
8,199
19,417
25,511
101,288
81,199
72,894
72,740
72,610
77,728
70,052
216
1,998
2,484
2,254
24,262
22,559
20,778
24,697
25,916
24,932
24,785
26
131
1,204
1,284
2,867
3,328
2,888
2,571
2,409
2,159
1,899
11,819
9,863
9,302
8,999
8,577
10,723
14,741
17,374
18,370
20,439
20,670
64,698
48,465
75,171
90,637
191,785
188,148
199,009
220,865
226,715
237,686
244,135
55,776
42,029
68,359
82,811
180,806
175,348
184,384
204,220
209,175
218,882
224,943
8,922
6,436
6,812
7,826
10,979
12,800
14,624
16,647
17,538
18,806
19,193
Loans,
net
Total
ing
1929—June
1933—June
1939—Dec.
1941—Dec.
1945_Dec.
1947—Dec.
1950—Dec.
1952—Dec.
1953—Dec.
1954_Dec.
1955—Dec.
29
30
30
31
31
31
30
31
31
31
31
4,037
4,031
17,644
22,737
20,065
22,754
22,706
23,187
22,030
21,713
21,690
2,019
2,286
2,963
3,247
4,339
4,562
4,636
4,812
4.894
4,985
5,008
58,642 41,082
42,148 21,957
54,564 22,157
64,653 26,605
167,381 30,387
160,832 43,023
171,667 60,366
192,866 75,484
199,791 80,486
210,988 85,730
217,437 100,031
1956—Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
29
28
25
30
30
25?
29^
26*>
28*
26*>
21,700
21,700
21,700
21,800
21,799
21,800
21,900
21,900
21,900
21,900
21,900
5,000
5,000
5.000
5,000
5,032
5,000
5,000
5,000
5,100
5,100
5,100
213,100
214,900
214,900
214,700
216,563
214,900
217,000
218,000
218,900
220,800
223,400
99,400
101,600
102,500
103,300
105,420
104,900
105,500
106,700
107,400
108,200
110,100
93,000
92,600
91,700
91,000
90,511
89,700
90,900
90,500
91,000
92,100
92,900
67,600
67,100
66,600
65,700
64,917
64,500
65,400
65,200
65,500
66,100
66,300
23,500
23,600
23,300
23,400
23,758
23,400
23,700
23,600
23,800
24,300
24,900
,900
,900
,900
,900
,836
,800
,800
,800
,800
,700
,700
20,700
20,700
20,700
20,500
20,632
20,400
20,600
20,800
20,500
20,400
20,400
239,800
241,700
241,700
241,500
243,394
241,800
243,900
244,900
245,800
247,700
250,400
219,900
221,600
221,200
221,200
223,585
221,400
223,000
224,000
224,800
227,000
229,800
20,000
20,100
20,500
20,300
19,807
20,400
20,900
20,900
21,000
20,800
20,600
1957—Jan. 30*>
Feb. 27*>
22,300
22,300
5,100
5,100
219,200 108,100
218,100 108,300
90,600
89,200
65,500
64,600
23,400
22,900
,700
,700
20,400
20,600
246,500
245,400
226,000
224,700
20,500
20,700
3\P
Details of Deposits and Currency
Date
1929—June 29..
1933—June 30..
1939—Dec. 30..
1941_Dec. 31..
1945_Dec. 31..
1947—Dec. 31..
1950—Dec. 30..
1952—Dec. 31..
1953—Dec. 31..
1954_Dec. 31..
1955—Dec. 31..
365
50
1,217
1,498
2,141
1,682
2,518
2,501
2,694
3,329
3,167
1956_Feb. 29..
Mar. 28..
Apr. 25..
M a y 30..
June 30..
July 25P,
Aug. 29*>.
Sept. 26?
Oct. 3IP.
Nov. 28 P,
Dec. 26^
3,000
3,000
3,000
000
115
100
100
200
100
3,400
3,400
1957_j a n . 30P,
Feb. 27*>,
3,100
3,100
At
Treas- comAt
ury mercial
F. R.
cash
and
hold- savings Banks
ings
banks
Time deposits2
Total
Demand
Com- Mutual Postal
de- 4
Total mercial savings Savings posits
banks banks3 System
381
204
852
264
846
2,409
1,895
2,215
2,287 24,608
1,452
1,336
2,989
1,293
5,259
1,270
761 4,457
796 4,510
767 4,038
36
35
634
867
977
870
668
389
346
563
394
54,790
40,828
63,254
76,336
150,793
170,008
176,916
194,801
200,917
209,684
216,577
28,611
21,656
27,059
27,729
48,452
56,411
59,247
65,799
70,375
75,282
78,378
19,557
10,849
15,258
15,884
30,135
35,249
36,314
40,666
43,659
46,844
48,359
8,905
9,621
10,523
10,532
15,385
17,746
20,009
22,586
24,358
26,302
28,129
149
1,186
1,278
1,313
2,932
3,416
2,923
2,547
2,359
2,136
1,890
800
800
800
800
768
800
800
800
800
800
800
4,000
6,500
400
800
537
600
800
400
800
5,200
4,200
600
500
600
400
522
600
500
600
500
500
500
211,600
210,800
212,400
211,200
213,643
213,300
212,800
214,100
216,600
217,100
220,900
78,800
79,300
79,300
79,600
80,615
80,700
80,900
81,300
81,500
80,900
81,900
48,500
48,800
48,800
49,000
49,698
49,700
49,900
50,100
50,200
49,600
50,300
28,400
28,600
28,700
28,900
29,152
29,200
29,300
29,500
29,600
29,600
30,000
,800
,800
,800
,800
,765
,700
700
800
800
1,900
2,800
600 219,500 82,900 51,200 30,100
300 217,700 83,500 51,800 30,200
v Preliminary.
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 March
1955, pp. 252-255, and this table in subsequent issues.
Seasonally adjusted series 5
Deposits adjusted and currency
U. S. Govt. balances
Foreign
bank
deposits,
net
Currency
outside
banks
Total
demand
deposits
adjusted
and
currency
Demand
deposits
adjusted
Currency
outside
banks
22,540
14,411
29,793
38,992
75,851
87,121
92,272
101,508
102,451
106,550
109,914
3,639
4,761
6,401
9,615
26,490
26,476
25,398
27,494
28,091
27,852
28,285
111,100 85,200 25 ,900
114,300 89,700 24 ,600
124,700 97,800 26 ,900
126,700 99,500 27 ,200
129,700 102,800 26 ,900
133,300 105,800 27 ,500
105,600
104,400
106,100
104,200
104,744
105,200
104,500
105,400
700 107,400
700 108,200
600 110,700
27,200
27,200
27,000
27,400
28,284
27,400
27,500
27,400
27,700
28,000
28,400
132,700
133,100
134,400
133,200
134,300
134,300
133,600
134,100
133,600
134,300
134,500
,600 109,200 27,300
,600 106,800 27,300
105,400
105, 600
107, 200
105, 700
106, 700
106, 800
106, 100
106, 700
106, 100
106, 700
106, 600
27
7,300
27
7,500
27
7,200
27
7,500
27
7,600
27
7,500
27
7,500
27
7,400
27
7,500
27
7,600
27
7,900
133,800 106,300 27,500
134,100 106,600 27,500
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.
429
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS. BY CLASSES 1
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Deposits
Loans and investments
Class of bank
and date
Total
All banks:
1939—Dec.
1941_Dec.
1945—Dec.
1947_Dec.
1950—Dec.
1954—Dec.
1955—Dec.
1956— Feb.
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1957—Jan.
Feb.
30
31
31
31*
30
31
31
29
30
25*
29*
26*
31*
28*
26*
30*
27*
50,884
61,126
140,227
134,924
148,021
183,784
190,780
188,700
191,074
190,860
192,500
193,660
194,230
195,750
197,620
194,810
194,700
Loans
U. S.
Gqvt.
obligations
Other
securities
Total
assets—
Total
liabilities
and
capital
accounts 3
Cash
assets 2
Other
Total 2
Interbank 2
40,668
50,746
124,019
116,284
126,675
155,916
160,881
158,350
160,008
159,580
161,030
162,030
162,540
163,940
165,690
162,670
162,380
17,238
21,714
26,083
38,057
52.249
70,619
82,601
82,540
86,887
87,140
87,470
88,480
88,830
89,580
91,240
89,010
89,420
16,316
21,808
90,606
69,221
62,027
68,981
61,592
59,170
56,620
56,190
57,170
56,950
57,400
58,100
58,300
57,490
56,640
7,114
7,225
7,331
9,006
12,399
16.316
16,688
16,640
16,502
16,250
16,390
16,600
16,310
16,260
16,150
16,170
16,320
22,474
26,551
34,806
37,502
40,289
43,559
46,838
40,530
42,444
39,920
39,730
41,700
42,360
42,360
44,470
40,750
41,480
65,216
79,104
160,312
155,377
168,932
202,378
210,734
202,040
205,712
202,690
204,090
207,160
208,430
209,880
213,760
207,110
207,550
57,718
71,283
150,227
144,103
155,265
184,757
192,254
181,670
186,326
181,980
183.150
185,690
186,990
188,300
192,060
185,760
185,820
9,874
10,982
14.065
13,032
14,039
16.809
16.643
14,060
15,239
14,560
14,460
15,070
15.380
15,360
16,060
14,260
14,370
All member banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1954—Dec. 31
1955—Dec. 31
1956_Feb. 29
June 30
July 25*
Aug. 29*
Sept. 26
Oct. 31*
Nov. 28*
Dec. 26*
1957—Jan. 30*
Feb. 27*
33,941
43,521
107,183
97,846
107,424
131,602
135,360
133,008
134,428
133,966
135,223
136,154
136,443
137,613
139,409
136,579
136,387
13,962
18,021
22,775
32,628
44,705
60,250
70,982
70,812
74,783
75,005
75.322
76,305
76,581
77,296
78,879
76,742
77,082
14,328
19,539
78,338
57,914
52,365
57,809
50,697
48,571
46,226
45,763
46,581
46,354
46,622
47,143
47,460
46,767
46,097
5,651
5.961
6,070
7,304
10,355
13,543
13,680
13,625
13,419
13,198
13,320
13,494
13,240
13,174
13,070
13,070
13,208
19,782
23,123
29,845
32,845
35,524
38,076
41,416
35,697
37,536
35,160
35,048
36,817
37,289
37,271
39,176
35,909
36,634
55,361
68,121
138,304
132,060
144,660
172,242
179,414
171,491
174,820
171,934
173,210
175,983
176,878
178,043
181,767
175,762
176,292
49,340
61,717
129,670
122,528
133,089
157,252
163,757
154,064
158,388
154,215
155,323
157,615
158,492
159,593
163,134
157,485
157,623
9,410
10,525
13,640
12.403
13,448
15,983
15,865
13,384
14,508
13,874
13,781
14,361
14,645
14,617
15,302
13,559
13,674
10,216
10,379
16,208
18,641
21,346
27,868
29,898
30,350
31,066
31,280
31,470
31,630
31,690
31,810
31,930
32,140
32,320
4,927
4,901
4.279
4,944
8,137
14,998
17.456
17,820
18,639
18,820
19,060
19,240
19,440
19,650
19,780
19,900
20,010
3,101
3,704
10,682
11,978
10,868
8,748
8,460
8,470
8,297
8,300
8,250
8,210
8,060
7,980
7,950
7,970
7,990
2,188
1,774
1,246
1,718
2,342
4,123
3.982
4,060
4,130
4,160
4,160
4,180
4,190
4,180
4,200
4,270
4,320
818
793
609
886
797
1,026
965
900
917
850
830
830
800
780
930
840
840
11,852
11,804
17,020
19,714
22,385
29,276
31,274
31,680
32,421
32,570
32,750
32,920
32,940
33,060
33,300
33,440
33,630
10,524
10,533
15,385
17,763
20,031
26.359
28.187
28,460
29,184
29,270
29,370
29,520
29,580
29,630
30,030
30,110
30,230
Number
of
banks
Time
22,165
19,417 9,302 23,292 77,068 68,242 9,874
8,999 27,344 90,908 81,816 10,982
26,615 25,511
30,362 101,288 8,577 35,415 177,332 165,612 14.065
43,002
81,199 10,723 38,388 175,091 161,865 13,033
60,386 72,894 14,741 41,086 191,317 175,296 14,039
85,617 77.728 20,439 44,585 231,654 211,115 16,811
100,057 70,052 20,670 47,803 242,008 220,441 16,646
100,360 67,640 20,700 41.430 233,720 210,130 14,060
105,525
64,917 20,632 43,361 238,133 215,510 15,242
105,960 64,490 20,410 40,770 235,260 211,250 14,560
106,530 65,420 20,550 40,560 236,840 212,520 14,460
107,720 65,160 20,780 42,530 240,080 215,210 15,070
108,270 65,460 20,500 43,160 241,370 216,570 15,380
109,230 66,080 20,440 43,140 242,940 217,930 15,360
111,020 66,250 20.350 45,400 247,060 222,090 16,060
108,910 65,460 20,440 41,590 240,550 215,870 14,260
109,430
64,630 20,640 42,320 241,180 216,050 14,370
* Preliminary.
1
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 one
bank in Alaska that became a member bank on Apr. 15, 1954, and a
noninsured State member 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
Demand
U. S.
Govt.
All commercial banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 3H
1950—Dec. 30
1954—Dec. 31
1955—Dec. 31
1956—Feb. 29
June 30
July 25*
Aug. 29*
Sept. 26*
Oct. 31*
Nov. 28*
Dec. 26*
1 9 5 7 _ j a n . 30*
Feb. 27*
All mutual savings banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947_Dec. 31«
1950—Dec. 30
1954—Dec. 31
1955—Dec. 31
1956—Feb. 29
June 30
July 25*
Aug. 29*
Sept. 26*
Oct. 31*
Nov. 28*
Dec. 26*
1957—Jan. 30*
Feb. 27*
Total
capital
accounts
32,516
44,355
105.935
1,346 94,381
2,809 101.936
4.176 116,617
3,712 123,239
640 115,140
235 115,850
290 114,140
460 113,050
110 115,140
480 117,590
4,930 118,070
3,890 121,550
1,620 118,350
2,510 116,890
25,852
26,479
45.613
53.105
56.513
73.510
76.844
77,290
79,182
79,260
79,550
79,890
80,120
79,570
80,590
81,640
82,280
8.194
8,414
10,542
11,948
13,837
17,270
18.112
18,360
18,811
18,840
18,960
19,210
19,260
19,380
19,360
19,350
19,490
15,035
14,826
14,553
14,714
14.650
14.367
14 243
14,230
14,206
14.204
14,207
14,206
14,194
14,186
14,174
14,163
14,158
32,513
44,349
105,921
1,343 94,367
2,806 101,917
4,172 116,567
3,709 123,187
3,640 115,090
5.232 115,824
3,290 114,110
5,460 113,020
5,110 115,110
3,480 117,560
4,930 118,040
3,890 121,520
1,620 118,320
2,510 116,860
15.331
15,952
30,241
35,360
36,503
47,209
48.715
48,880
50,030
50,020
50,210
50,400
50,570
49,970
50,590
51,560
52,080
6.885
7,173
8.950
10,059
11,590
14,576
15,300
15,510
15,927
15,940
16,040
16,280
16,330
16,420
16.420
16,390
16,510
14.484
14,278
14,011
14,181
14,121
13,840
13.716
13,703
13,679
13.677
13,680
13,679
1?,667
13,659
13,647
13,636
13,631
11,699
12,347
24,210
28,340
29,336
37,950
39,165
39,266
40,171
40,100
40,256
40,477
40,591
40,123
40,678
41,434
41,867
5,522
5,886
7.589
8,464
9,695
12,210
12.783
12,966
13,293
13,304
13,393
13,570
13,654
13.706
13,717
13,713
13,813
6,362
6,619
6,884
6,923
6.873
6,660
6,543
6,525
6,499
6.494
6.491
6,488
6,483
6,476
6,465
6,459
6,456
10,521
10.527
15.371
17,745
20,009
26,302
28,129
28,410
29,152
29,240
29,340
29,490
29,550
29,600
30,000
30,080
30,200
1,309
1,241
1,592
1,889
2,247
2,694
2,812
2,850
2,885
2,900
2,920
2,930
2,930
2,960
2,940
2,960
2,980
551
548
542
533
529
527
527
527
527
527
527
527
527
527
527
527
527
743
1,709
22.179
1,176
2,523
3,715
3,327
3,278
4.806
2.860
4,921
4,538
3,168
4,401
3,501
1.408
2,244
()
(5)
()
*
(5)
(5)
(5)
Other
()
(5)
27,489
37,136
69,640
80.609
87,783
99,604
105,400
98,136
98,904
97,381
96,365
98,239
100,088
100,452
103,653
101,084
99,838
asset and liability data are not 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 ail member banks and $525
million at all insured commercial banks.
3 Includes other assets and liabilities not shown separately.
For other footnotes see following two pages.
430
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Loans and investments
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
1954—Dec. 31
1955—Dec. 31
1956—Feb. 29
June 30
July 25*
Aug. 29*
Sept. 26
Oct. 31*
Nov. 28*
Dec. 26*
1957__j an . 30*
Feb. 27*
Chicago:
1939—Dec.
1941_Dec.
1945—Dec.
1947_Dec.
1950—Dec.
1954—Dec.
1955—Dec.
1956—Feb.
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1957—Jan.
Feb.
9,339
12,896
26,143
20,393
20,612
23,880
23,583
22,750
23,270
22,771
23,220
23,422
23,148
23,318
24,238
23,101
23,134
Loans
U. S.
Govt.
obligations
3,296 4,772
4,072 7,265
7,334 17,574
7,179 11,972
9,729 8,993
12,039 9,342
14,640 6,796
14,392 6,140
15,373 6,011
15,252 5,643
15,326 5,935
15,804 5,650
15,758 5,545
16,014 5,56
16,537 5,959
15,665 5,645
15,762 5,506
Other
securities
Total
assets—
Total
liabilities
and
capital
accounts3
Cash
assets2
Deposits
Other
Total*
Interbank2
Total
capital
accounts
Demand
Number
of
banks
Time
U.S.
Govt.
Other
2*, 499
2,148
2,218
1,885
1,876
1,959
1,968
1,845
1,736
1,742
1,791
1,866
6,703
6,637
6,439
7,261
7,922
7,581
8.948
7,215
7,753
6,817
6,938
7,196
7,484
7,044
7,754
7,046
7,260
16,413
19,862
32,887
27.982
28,954
32,193
33,228
30,730
31,801
30,356
30.972
31,457
31,529
31,257
32,927
31.151
31,383
14.507
17,932
30,121
25,216
25,646
28,252
29,378
26,317
27,775
25,929
26,535
26,703
26,789
26,757
28,035
26,497
26,605
4,238
4,207
4,657
4,464
4,638
5,709
5.600
4,934
5,327
5,127
5,017
5,105
5,219
5,270
5,509
4.927
5,059
74
866
6,940
267
451
736
756
690
1,166
514
1,314
993
742
871
753
188
394
9,459
12,051
17,287
19,040
18,836
19,414
20,719
18,402
18,902
17,950
17,822
18,200
18,453
18,322
19,331
18,905
18,636
736
807
1,236
1,445
1,722
2,392
2,303
2,291
2,381
2,338
2,382
2,405
2,375
2,294
2,442
2,477
2,516
1,592
1,648
2,120
2,259
2,351
2,803
2,745
2,794
2,805
2,809
2,825
2,815
2,844
2,852
2,880
2,878
2,892
36
36
37
37
23
21
18
18
18
18
18
18
18
18
18
18
18
495
476
719
913
,103
,295
,327
,290
,304
14
13
12
14
13
13
13
13
13
13
13
14
14
14
14
14
14
,559
,235
,242
2,105
2,760
5,931
5,088
5,569
6,518
6,542
6,237
6,336
6,187
6,325
6,251
6,320
6,319
6,432
6,120
6,171
569
954
1,333
1,801
2,083
2,784
3,342
3,097
3,572
3,500
3,541
3,571
3,631
3,633
3,760
3 494
3,514
1,203
1,430
4,213
2,890
2,911
3,120
2,506
2,472
2,088
2,057
2,159
2,061
2,077
2,082
2,080
2.074
2,073
333
376
385
397
576
614
695
668
676
630
625
618
612
604
592
552
584
1,446
1,566
1,489
1,739
2,034
1,954
2,132
1,953
1,959
1,799
1,844
1,929
1,947
1,954
2,039
1,905
2,029
3,595
4,363
7,459
6,866
7,649
8,520
8,720
8,245
8,349
8,035
8,222
8,233
8,327
8,329
8,520
8,077
8,254
3,330
4,057
7,046
6,402
7,109
7,845
8,010
7,397
7,631
7,243
7,433
7,302
7,350
7,402
7,589
7.280
7,315
888
1,035
1,312
1,217
1,229
1,321
1,296
1,160
1,195
1,144
1,209
1,215
1,253
1,224
1,277
1,125
1,140
80
127
1,552
72
174
251
222
216
350
142
342
312
187
182
193
68
139
1,867
2,419
3,462
4,201
4,604
4,977
5,165
4,731
4,781
4,661
4,595
4,488
4,625
4,707
4,802
4,784
4,727
[287
,287
,285
,289
,317
,303
,309
250
288
377
426
490
600
628
631
639
639
641
646
654
654
654
660
658
Reserve city member banks:
1939—Dec. 30
1941—Dec. 31
1945_Dec. 31
1947—Dec. 31
1950—Dec. 30
1954—Dec. 31
1955—Dec. 31
1956—Feb. 29
June 30
July 25*
Aug. 29*
Sept. 26
Oct. 31*
Nov. 28*
Dec. 26*
1957—Jan. 30*
Feb. 27*
12,272
15,347
40,108
36,040
40,685
50,738
52,459
51,600
52,071
52,177
52,515
52,875
52,851
53,389
54,076
52.978
52,897
5,329
7,105
8,514
13,449
17,906
23,986
28,622
28,719
30,122
30,461
30,645
30,951
31,007
31,391
32,098
31,234
31,308
5,194
6,467
29,552
20,196
19,084
21,718
18,826
17,989
17,051
16,933
17,057
17,048
17,023
17,152
17,220
17.056
16,898
1,749
1.776
2,042
2,396
3,695
5,034
5,011
4,892
4,898
4,783
4,813
4,876
4,821
4,846
4,758
4,688
4,691
6,785
8,518
11,286
13,066
13,998
15,424
16,994
14,657
15,361
14,490
14,308
15,270
15,181
15,467
16,218
14,802
15,161
19,687
24,430
51,898
49.659
55,369
67,165
70,478
67,358
68,524
67,784
67,999
69,300
69,268
70,097
71,518
69,034
69,310
17,741
22,313
49,085
46,467
51,437
61,796
64,733
60,756
62,392
60,918
61,105
62,481
62,468
63,019
64,553
62,111
62,253
3,686
4,460
6,448
5,649
6.448
7,444
7,446
6,042
6,633
6,339
6,332
6,766
6,819
6,743
7,087
6.224
6,223
435
491
8,221
405
976
1,457
1,288
1,335
1,918
1,010
1,780
1,871
1,222
1,633
1,286
474
865
9,004
12,557
24,655
28,990
32,366
37,418
39,835
37,208
37,324
37,146
36,530
37,260
37,814
38,155
39,473
38,393
37,979
4,616
4,806
9,760
11,423
11,647
15,476
16,164
16,171
16,517
16,423
16,463
16,584
16,613
16,488
16,707
17,020
17,186
1,828
1,967
2,566
2,844
3,322
4,300
4,641
4,722
4,902
4,909
4,951
5,001
5,032
5,066
5,070
5,082
5,124
346
351
359
353
336
300
292
291
291
290
290
290
289
289
290
290
291
Country member banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947_Dec. 31
1950—Dec. 30
1954—Dec. 31
1955—Dec. 31
1956—Feb. 29
June 30
July 25*
Aug. 29*
Sept. 26
Oct. 31*
Nov. 28*
Dec. 26*
1957—Jan. 30*
Feb. 27*
10,224
12,518
35,002
36,324
40,558
50,466
52,775
52,421
52,752
52,831
53,163
53,607
54,124
54,587
54,663
54,380
54,185
4,768
5,890
5,596
10,199
14,988
21,442
24,379
24,604
25,716
25,792
25,810
25,980
26,185
26,258
26,484
26,349
26,498
3,159
4,377
26,999
22,857
21,377
23,629
22,570
21,970
21,076
21,130
21,430
21,595
21,977
22,341
22,201
21,992
21,620
2,297
2,250
2,408
3,268
4,193
5,395
5,826
5,847
5,959
5,909
5,923
6,032
5,962
5,988
5,978
6,039
6,067
4,848
6,402
10,632
10,778
11,571
13,117
13,342
11,872
12,463
12,054
11,958
12,423
12,677
12,806
13,165
12,156
12,184
15,666
19,466
46,059
47,553
52,689
64,364
66,988
65,158
66,147
65,759
66,017
66,994
67,754
68,360
68,802
67,500
67,345
13,762
17,415
43,418
44,443
48,897
59,360
61,636
59,594
60,591
60,125
60,250
61,129
61,885
62,415
62,957
61,597
61,450
598
822
1,223
1,073
1,133
1,508
1,523
1,248
1,353
1,264
1,223
1,275
1,354
1,380
1,429
1,283
1,252
154
225
5,465
432
922
,271
,061
,037
,372
,194
,485
,361
,017
,715
,269
678
846
7,158
10,109
24,235
28,378
31,977
37,794
39,681
37,795
37,897
37,624
37,418
38,291
39,196
39,268
40,047
39,002
38,496
5,852
6,258
12,494
14,560
14,865
18,787
19,372
19,514
19,969
20,043
20,124
20,202
20,318
20,052
20,212
20,634
20,856
1,851
1,982
2,525
2,934
3,532
4,506
4,769
4,819
4,947
4,947
4,976
5,107
5,124
5,134
5,113
5,093
5,139
5,966
6,219
6,476
6,519
6,501
6,326
6,220
6,203
6,177
6,173
6,170
6,166
6,162
6,155
6,143
6,137
6,133
30
31
31
31
30
31
31
29
30
25*
29*
26
31*
28*
26*
30*
27*
4
Beginning with Dec. 31, 1947, the a 11-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 $10 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 footnotes see preceding and opposite pages.
431
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
Total
AH insured commercial banks:
1941_Dec. 31
1945—Dec. 31
1947_Dec. 31
1954—Dec. 31
1 9 5 5 _ j u n e 30
Dec. 31
1956—June 30
Loans
U. S.
Govt.
obligations
Other
securities
Total
assets—
Total
liabilities
and
capital
accounts 3
Cash
assets 2
1
Deposits
Other
Total 2
Interbank 2
6,844
8,671
9,734
14,252
14,579
14,980
15,600
13 426
13,297
13 398
13,303
13 267
13,216
13 208
Other
49,290
121,809
114,274
154,115
153,488
159,164
158,344
21,259
25,765
37,583
70,127
74,692
82,081
86,374
21,046
88,912
67,941
68,012
62,342
60,765
55,835
6,984
7,131
8,750
15,976
16,454
16,318
16,136
25,788
34,292
36,926
43,161
40,685
46,480
42,126
76,820
157,544
152,733
200,127
197,077
208,608
203,676
National member banks:
1941_Dec. 31
1945_Dec. 31
1947_Dec. 31
1954—Dec. 31
1955_j U ne 30
Dec. 31
1956—June 30
27,571
69 312
65,280
88 509
83,315
86 152
85,455
11,725
13,925
21,428
39,712
39,424
43,428
45,860
12,039
51 250
38,674
39 392
34,673
33 579
30,555
3,806
4,137
5,178
9 405
9,219
9,144
9,040
14,977
20,114
22,024
25,662
22,892
25,697
23,545
43,433 39,458 6,786 1,088
90 220 84,939 9,229 14 013
795
88,182 82,023 8,410
115 835 105 851 10 714 2 508
107,741 98,636 8,314 2,849
113 412 103,903 9,317 2 063
110,703 100,826 8,404 2,929
State member banks:
1941 Dec 31 .
1945_Dec. 31
1947_Dec. 31
1954—Dec 31
1955_j U ne 30
Dec. 31
1956 June 30
15,950
37,871
32,566
43,093
47,473
49,208
48,973
6,295
8,850
11,200
20,538
24,891
27,554
28,923
7,500
27,089
19,240
18 417
17,870
17,118
15,671
2,155
1,933
2,125
4,138
4,711
4,536
4,379
8,145
9,731
10,822
12,414
13,408
15,719
13,992
24,688
48,084
43,879
56,407
61,945
66,002
64,117
22,259
44,730
40,505
51,401
56,034
59,854
57,563
3,739
4,411
3,993
5,269
6,148
6,549
6,104
Insured nonmember
commercial banks:
1941_Dec. 31
1945 Dec. 31
1947_Dec. 31
1954 Dec 31
1955_j u n e 30
Dec. 31
1956—June 30
5,776 3,241
1,509
14,639 2,992 10 584
16,444 4,958 10,039
22,536 9,886 10 215
22,723 10,385 9,811
23,829 11,108 10,081
23,942 11,600 9,621
1,025
1,063
1,448
2 436
2,527
2,640
2,720
2,668
4,448
4,083
5,088
4,388
5,067
4,592
8,708
19,256
20,691
27,911
27,417
29,220
28,884
7,702
18,119
19,340
25,657
25,082
26,779
26,316
129
244
266
393
332
408
355
Noninsured nonmember
commercial banks:
1941—Dec. 31
1945 Dec. 3 1 . .
1947—Dec. 3H
1954 Dec 3 1 . .
1955—June 30
Dec 31 .
1956—June 30
Number
of
banks
Time
U.S.
Govt.
69,411
147,775
141,851
182,886
179,728
190,512
184,680
Total
capital
accounts
Demand
10,654 1,762 41,298 15,699
13,883 23,740 80,276 29,876
12,670 1,325 92,975 34 882
16,376 4,154 115,482 46,874
14,794 5,064 111,993 47 876
16,273 3,697 122,149 48,393
14,862 5,221 114,892 49 705
23,262
45,473
53,541
66,426
60,919
65,840
62,123
8,322
16 224
19,278
26 202
26,554
26 683
27,370
3,640
4 644
5,409
8 085
7,714
7 915
8,232
5,117
5 017
5 005
4 789
4 744
4 692
4 667
621
8 166
381
1,207
1,807
1,264
1,877
13,874
24,168
27,068
33,177
35,823
39,559
36,781
4,025
7,986
9,062
11,748
12,256
12,482
12,801
2,246
2,945
3,055
4,125
4,747
4,868
5,061
1,502
1 867
1,918
1 871
1,867
1 851
1,832
53
1,560
149
439
408
370
415
4,162
10,635
12,366
15,879
15,251
16,749
15,988
3,360
5,680
6,558
8,947
9,090
9,252
9,558
959
1,083
1,271
2,044
2,121
2,199
2,309
6
6
6
6
6
6
6
810
416
478
647
660
677
713
1,457
2,211
2,009
1,800
1,776
1 716
1,664
455
318
474
492
491
520
513
761
1 693
1,280
969
930
827
785
241
200
255
339
355
370
365
763
514
576
397
340
357
318
2,283
2,768
2,643
2,250
2,172
2,126
2,036
1,872
2,452
2,251
1,871
1,788
1,742
1,646
329
181
363
433
448
370
377
1,2 91
1,905
1,392
18
1,085
18
990
13
1,039
12
11
932
253
365
478
335
337
322
326
329
279
325
324
327
320
326
852
714
783
536
513
499
470
All nonmember commercial
banks:
1941 Dec 31 .
1945—Dec. 31 4
1947 Dec 31
1954—Dec. 31
1955 June 30
Dec 31
1956—June 30
7 233
16,849
18,454
24,337
24,499
25,546
25,605
3 696
3,310
5,432
10,378
10,876
11,628
12,114
2 270
12,277
11,318
11,184
10,741
10,908
10,406
1,266
1,262
1,703
2,775
2,881
3,010
3,085
3,431
4,962
4,659
5,485
4,728
5,424
4,909
10 992
22,024
23,334
30,161
29,589
31,347
30,920
9,573
20,571
21,591
27,528
26,870
28,522
27,962
457
425
629
825
780
778
732
5 f 04
14,1 01
167 13,758
457 16,964
422 16,241
382 17,788
426 16,920
3,613
6,045
7,036
9,282
9,427
9,574
9,884
1,288
1,362
1,596
2,368
2,448
2,519
2,636
7 662
7,130
7 261
7,183
7,173
7 176
7,183
Insured mutual savings banks:
1941 Dec 31
1945 Dec 31
1947 Dec 31
1954 Dec. 31
1955 June 30
Dec. 31
1956 June 30
1 693
10,846
12 683
20,830
21,617
22,331
23,168
642
3,081
3,560
11,651
12,567
13,563
14,514
629
7,160
8 165
6,117
5,998
5,858
5,636
421
606
958
3,062
3,052
2,910
3,018
151
429
675
832
808
785
739
1 958
11,424
13,499
21,981
22,761
23,458
24,271
1,789
10,363
12,207
19,885
20,590
21,237
21,959
1
3
2
3
3
12
48
49
49
24
1,789
10,351
12,192
19,831
20,536
21,182
21,930
164
1,034
1,252
1,920
1,965
2,006
2,061
52
192
194
218
218
220
220
8 687
5 361
5,957
7 038
7,373
7,567
7,898
4 259
1,198
1,384
3 346
3,605
3,893
4,125
3 075
3,522
3,813
2 630
2,677
2,601
2,661
1 353
641
760
1,061
1,090
1,072
1,112
642
180
211
194
180
180
178
9,846
5,596
6,215
7,295
7,621
7,816
8,150
8,744
5,022
5,556
6,474
6,743
6,950
7,225
2
2
2
2
2
8,738
5,020
5,553
6,471
6,741
6,947
7,222
1,077
558
637
774
792
806
824
496
350
339
309
310
307
307
Noninsured mutual savings
banks:
1941 Dec 31
1945 Dec 31 4
1947—Dec. 31
[954 Dec 31
1955- June 30
Dec. 31
1956 June 30
....
For other footnotes see preceding two pages.
2
3
2
3
2
12
(
>
1
1
1
1
NOTE.—For revisions in series prior to June 30, 1947, see BULLETIN
for July 1947, pp. 870-871.
432
COMMERCIAL BANKS
LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1
[In millions of dollars]
Loans 2
Class of ba n k
and
call date
Total
loans
and
invest- Total2
ments
All commercial
konlre «3
Danks: °
1947_Dec. 3 1 . . . . 16,284
1954—Dec. 3 1 . . . . 55,916
1955—Dec. 3 1 . . . . 60,881
1956—June 3 0 . . . . 160,008
Investments
Loans for
Compurchasing
meror carrying
cial,
Other
securities
inReal loans
to
elud- Agriculesin- Other Total
ing
To
loans
tate
diopen tur- brokai
loans vidTo
marers othuals
ket
and
padeal- ers
per
ers
1 ,660 830 1,220 9 , 393 5, 723 1 063
5 ,200 2,92911,525 18, 418 14, 750 2, 000
4 ,475 3.263 1,774 20, 809 17, 185 3 , 117
4 ,254 2,695 1,738 2 1 , 787 18, 365 3 , 286
38,
70,
82,
86,
057
619
601
887
18,167
26,867
33,245
36,111
All insured commercial bankst
1941 Dec 31
1945—Dec! 3 1 . . . .
1947—Dec. 3 1 . . . .
1954—Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—June 3 0 . . . .
49 290 21
21!809 25;
14,274 37,
154,115 70,
159,164 82
158,344 86
259
765
583
127
081
374
9 214 1 450 614
9,461 1 ;314 3,164
18,012 1 ,610 823
26,731 5 ,108 2,907
33,092 4 ,396 3,229
35,944 4 ,190 2,669
Member banks
total:
1941 Dec 31
1945—Dec. 3i!".;;
1947—Dec. 3 1 . . . .
1954—Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—June 3 0 . . . .
Dec. 3 1 . . . .
43 521 18 021
107', 183 22 775
97,846 32 628
131.602 60,250
135,360 70 982
134.428 74 783
138,768 78 034
8 671 972
8',949 855
16,962 1 ,046
25,007 3 .529
31,019 2 ,726
33.725 2 ,552
36,296 2 ,478
662 4 773
4 , 677
9 , 266
18, 302
20, 692
21 671
3,606
1,190
1,501
1,742
1,704
4 5 45
2,
5,
14,
17,
18,
361
654
676
104
284
181
1 028
\\ 973
3 , 091
3 , 259
U. S Government obligations
Total
69,221
68,981
61,592
56,620
2 193 7 789 6, 034
5, 065 5 361 14. 672
4 , 219 2 318 14, 034
2 817 1 247 12, 727
28 031
96 ,043
76 ,691
83 ,988
77 ,083
71 ,971
21 046
88,912
67,941
68,012
60,765
55,835
988
2 455
2 124
4* 901
4 , 105
2 751
19,539
78,338
57,914
57,809
50,697
59,645 46,226
60 ,734 47,575
3 , 494
3 , 455
7 , 130
14, 433
16, 391
17, 172
17, 811
1, 900|l, 104
952
4 , 662
12, 127 1, 858
14, 313 2 . 943
15. 330 3. 087
15, 765 3 , 147
3 692
25 500
84 ,408
65 ,218
71 ,352
64 ,377
New York Citv:*
g
169
412
1941 Dec. 3 1 . . . . 12 896 4 072 2 807
2,453 1,172
1945_Dec. 3 1 . . . . 26]143 7 334 3,044
7 179 5 361
267
545
1947 Dec 31
20 393
1954—Dec! 3 l ! . . . 23;880 12 039 7,231 *204 2,041 432
511
17 2,144
1955—Dec. 3 1 . . . . 23,583 14 640 9,12b
494
1 1,691
1956—June 3 0 . . . . 23,270 15 373 10,191
402
Dec. 3 1 . . . . 23,809 15 987 11,266
1,409
123
80
111
467
577
609
617
5 54
287
298
564
330
1, 232
644
1, 506 1, 006
1 590 1, 044
1,' 558 1, 049
8 ,823
18 ,809
13 214
11 ,841
8 ,943
7 ,896
7 ,822
Chicago:*
1941 Dec.
1945 Dec.
1947 Dec.
1954 Dec.
1955 Dec.
1956 June
Dec.
22
36
46
91
128
133
134
Reserve city
1941 Dec.
1945—Dec!
1947_Dec.
1954_Dec.
1955—Dec.
1956—June
Dec.
598
732
954
760
333
801 1,418
784 1,847
342 2 390
572 2.663
772 2,781
6
2
3
140
15
13
17
48
211
73
345
275
170
203
15 347 7 105 3 456
31!!!! 40!l08 8 514 3; 661
3 1 . . . . 36.040 13 449 7,088
3 1 . . . . 50,738 23 986 10.624
3 1 . . . . 52,459 ?8 622 13,212
30
52.071 30 122 13,978
3 1 . . . . 53,915 31 783 15,170
300
205
225
956
566
520
489
114
194
427 1,503
170 484
407
622
696
542
676
502
712
501
31....
31*.!!".
31
31
31
30
31
2.760
5 931
5! 088
6.518
6 542
6^336
6,473
1
1
2
3
3
3
52
233
87
89
99
96
97
95
51
149
223
316
384
439
19
7
5
2
1
071
552
279
292
228
3,
16,
5,
14,
13,
12,
159
045
918
523
856
552
3 007
971
2 275 i6 985 14; 271
i ; 987 5 816 4 , 815
4 , 075 4 307 12, 464
3 , 250 1 738 1 1 , 508
840 10, 332
2 013
4; 383 1 469 9 , 493
1 806 1,430
40 4 ,598 4,213
26 3 ,287 2,890
105 3 ,734 3,t2O
184 3 .200 2,506
187 2 ,764 2,088
178 2 ,701 2,113
256
133
132
70
111
46
112
1 ,467
235
241
68
3
42
3,729
3 729
3,990
3,573
53,
43,
41,
39,
191
861
010
815
12
51,
52,
43,
40,
39,
797 4 102 3 651 3 333
321
22 3 873 3; 258
334
14 5 129 3,621
287
21 12 352 3.624
502
10 12 465 3,853
290
13 12 694 3,442
14
22
11
14
5
12
12
12
276
586
698
929
1 1 , 729 3 832 3 090 2 871
44, 792
16 3 254 2 ^ 1 5
4 5 , 286
10 4 199 3,105
36, 944
20 10 449 3.094
34, 192
9 10 444 3,236
33, 029
12 10 557 2,862
32, 218
12 10 494 2,665
1, 623 3 652 1 679
729
7 265 311
17,574 477 3 433 3 , 325 10, 337
606
1
640
1, 002
558 9 771
638
11 972
597 1, 924 6 , 026
9,342 785
10 1 977
552
100 1 f 141 5, 002
2 1 ,609
6,796
70 15 082 4 , 529
4 1 ,514
6,011 325
194
976 4 , 160
3 1 ,406
6,057 724
153
749
248
855
604
476
316
903
1 864
2, 274
1, 953
1 723
1. 564
1 5 643
119
4 248
15; 878
15, 560
13, 736
12, 643
12, 308
11, 995
830
629
604
523
539
371
358
1 173
182
181
213
415
476
489
440
193
204
185
199
219
188
148
banks :
31
527
1 512
l ' 459
404
855
366
3 ; 147 1 969
720
6, 134 4 , 912
6, 962 5, 916 1 180
7, 357 6. 306 1 ?65
7, 654 6, 512 1, 289
8 243
31 ,594
22 ,591
26 ,752
23 ,837
21 949
22 ,132
751
6 467 295
29 ,'552 1, 034 6 982 5, 653
373 2 358 1 901
20,196
21,718 1, 326 1 695 4 , 954
657 4 , 708
18,826 813
279 4 , 086
17 051 374
441 3 , 742
17,368 1, 185
Country banks:
1941 Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1954_Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—June 3 0 . . . .
Dec. 3 1 . . . .
12 518
35,002
36,324
50,466
52,775
52,752
54,571
5
5
10
21
24
25
26
890
596
199
442
379
716
491
1 676 659
1,484 648
3,096 818
5,306 2 ,229
6,290 2 ,127
6,892 2 ,019
7,080 1 ,972
20
42
23
89
189
223
334
183 1 823
1 530
707
363
471 i ; 881
229
227 3 , 827 1, 979
388
220 7 , 742 5, 760
573
255 8, 723 6, 575
590
257 9 073 7, 050
631
261 9, 407 7, 256
6 ,628
29 ,407
26 ,125
29 ,024
28 ,397
27 ,035
28 ,080
4 377
26,999
22,857
23,629
22,570
21,076
22,037
All nonmembei
banks: 3
1947—Dec. 3 1 . . . .
1954—Dec. 3 1 . . . .
1955—Dec 3 1 . . . .
1956—June 30...
18,454
24,337
25,546
25,605
5 432
10 ,378
11 ,628
12 ,114
1,205 614
1,859 ] ,671
2,226 1 ,750
2,385 1 ,702
20
49
113
110
156
161
214
216
2 266 1 061
3 993 2 623
4 428 2 872
4 625 3 036
13 ,021
13 ,959
13 ,918
13 ,492
11,318
11,184
10,908
10,406
1
All commercial banks in the United States. These figures exclude
data for banks in U. S. possessions except for one bank in Alaska that
became a member bank on Apr. 15, 1954. 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 banks is affected somewhat by changes in Federal Reserve
Certificates
Bills ofindebtedness
78 ,226
85 ,297
78 ,280
73 ,122
3,133 3,378
811 1,065
2,881 1,363
3,150 1,560
2,586 1,522
2,447 1,473
594
Obligations
of
States Other
and secuGuar- polit- rities
anical
Notes Bonds teed
subdivisions
Direct
111
143
174
200
1
1
1
2
110
481 2
630 5 ,102 4 544 16,
480 2 ,583 2 108 17,
893 1 ,774 4 731 15,
913 5 056 14,
774
489 4 688 14,
267
792 4 , 458 14,
362
206
991
970
805
956
820
5 1 ,126
916
3 1 ,342 1,053
7 3 ,782 1.252
5 3 ,778 1,233
4 3 ,823 1,076
4 3 ,820
944
926
713
681
228
825
628
420
861
9
6
3
3
4
4
1 222
1 !342
2 ,006
4 ,275
1 ,973 1 219 7 , 916
1 ,054 2 209 6, 928
580 2 527 6, 829
407 2 396 6 797
4
1
2
1
1 ,078
2 ,139
2 ,255
2 ,374
1 028
1^067
1,262
1.120
4 ,581 1,246
4 ,731 1,228
4 ,827 1,215
625
636
755
712
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 footnotes see opposite page.
433
COMMERCIAL BANKS
RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES *
[In millions of dollars]
Demand deposits
Time deposits
Re-
Class of bank
and
call date
BalDeserves Cash ances mand
Interbank
with
in
deposits
with
deFederal vault
doposits
Remestic
adserve
banks5 justed 6 DoForBanks
mestics eign
CertiIndiIndiU. S. States viduals, Bor- CapiStates
fied
viduals,
tal
and
and
and
partner- Inter- Govt. polit- partner- row- acU. S.
and
ships, bank Postal ical
ships, ings counts
Govt. political offisubdi- cers' and corSav- subdi- and corvisions checks, poraings visions poraetc.
tions
tions
All commercial
banks: 3
1947—Dec. 3 1 . . . .
1954—Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—June 3 0 . . . .
17,796
18,734
18,721
18,232
2,216
2,469
2,682
2,273
10,216
12,202
12,050
10,802
87,123
106,540
109,905
104,761
11,362
13,511
13,512
12,069
1,430
1,539
1,546
1,557
1,343 6,799
4,172 9,902
3,709 10,273
5,232 10,768
240
2,581 84,987
3,199 103,466 1,759
3,904 109,011 1,585
3,244 101,812 1,613
111
866 34,383
365 2,402 44,441
356 2,340 46,019
332 2,493 47,205
65
31
159
354
10,059
14,576
15,300
15,927
All insured commercial banks:
1941_Dec. 3 1 . . . .
1945_Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1954—Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—June 30
12,396
15,810
17,796
18,734
18,721
18,232
1,358
1,829
2,145
2,444
2,656
2,251
8,570
11,075
9,736
11,854
11,744
10,528
37,845
74,722
85,751
105,471
108,887
103,844
9,823
12,566
11,236
13,392
13,390
11,963
673
1,248
1,379
1,497
1,516
1,516
1,762 3,677
23,740 5,098
1,325 6,692
4,154 9,763
3,697 10,138
5,221 10,641
158
1,077 36,544
70
2,585 72,593
54
2,559 83,723
3,176 102,543 1,487
3,879 108,131 1,367
3,217 101,034 1,383
59
492 15,146
103
496 29,277
111
826 33,946
365 2,348 44,160
356 2,282 45,756
332 2,432 46,941
10
215
61
21
145
337
6,844
8,671
9,734
14,252
14,980
15,600
Member banks,
total:
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947_Dec. 31
1954_Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—June 3 0 . . . .
Dec. 3 1 . . . .
12,396
15,811
17,797
18,735
18,722
18,234
18,707
1,087
1,438
1,672
1,843
2,019
1,686
2,487
6,246
7,117
6,270
7,613
7,612
6,787
8,124
33,754
64,184
73,528
89,836
92,435
88,139
93,320
9,714
12,333
10,978
13,015
13,002
11,627
13,818
1,243
1,375
1,493
1,511
1,510
1,749
1,709
22,179
1,176
3,715
3,327
4,806
3,292
3,066
4,240
5,504
7,781
8,075
8,496
8,211
1,009
2,450
2,401
2,964
3,638
3,004
3,475
1,475
1,353
1,370
1,289
50
99
105
334
327
302
301
1,966
1,865
1,954
1,839
35,650
36,972
37,916
38,769
New York City:*
1941_Dec. 31
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1954—Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—June 3 0 . . . .
Dec. 31
5,105
4,015
4,639
4,398
4,431
4,331
4,375
93
111
151
126
127
94
161
141
78
70
67
111
89
99
10 761
15,065
16,653
16,500
16,493
15,695
15,974
3,595
3,535
3,236
3,336
3,364
3,080
3,622
607
866
319
237
290
368
302
396
286
1,338
1,105
1,223
1,498
1,110
1,172
6
11 282
17
15,712
12
17,646
17,823 1,196
18,919 1,085
17,396 1,058
965
18,482
10
12
54
59
35
36
29
20
14
192
72
60
44
1,206
1,418
2,146
2,171
2,285
2,395
1,021
1,070
1,177
1,135
1,115
1,158
43
36
30
29
32
27
37
298
200
175
162
141
124
174
2,215
3,153
3 737
4,400
4,349
4,092
4,272
,027
,292
,196
,264
,246
,149
,318
72
251
222
350
184
233
237
285
274
299
399
294
34
66
63
80
85
98
85
2,152
3,160
3,853
4,622
4,781
4,283
4,690
18
11
10
7
2
6
6
6
5
9
10
8
9
12
286
611
705
866
11,127
22,281
26,003
33,677
35,752
33,341
36,519
104
30
22
239
239
286
294
20
38
45
111
106
112
114
1,183
8,500
21,797
25,203
32,736
34,235
32,383
35,473
30
17
17
22
18
17
22
31
52
45
163
157
148
146
146
219
337
799
844
871
847
6,082
12,224
14,177
17,826
18,371
18,950
19,324
4
11
23
11
52
84
21
1,982
2,525
2,934
4,506
4,769
4,947
5,046
180
235
265
240
12,284
14,608
15,324
14,408
190
284
231
243
6
31
29
30
172
436
475
539
6,858
8,814
9,071
9,314
12
16
22
52
1,596
2^369
2 519
2,636
671
1,105 6,940
267
1,217
736
1,177
756
1,151
1,190 1,166
747
1,400
Chicago:*
1941_Dec.
1945_Dec.
1947—Dec.
1954—Dec.
1955—Dec.
1956—June
Dec.
31
31
31
31....
31....
30....
31....
Reserve city
1941—Dec.
1945—Dec.
1947—Dec.
1954_Dec.
1955—Dec.
1956—June
Dec.
banks:
31....
31
31....
31....
31....
30
31....
4,060
6,326
7,095
7,783
7,727
7,471
7,649
425
494
562
558
638
542
787
2,590
2,174
2,125
2,327
2,515
2,201
2,656
11,117
22,372
25,714
32,694
33,757
32,203
34,046
4,302
6,307
5,497
6,946
6,903
6,078
7,298
491
54
110 8,221
405
131
259 1,457
303 1,288
269 1,918
286 1,201
1,144
1,763
2,282
2,876
3,048
3,120
3,092
Country banks:
1941_Dec. 31
1945—Dec. 3 1 . . . .
1947_Dec. 3 1 . . . .
1954_Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—June 3 0 . . . .
Dec. 3 1 . . . .
2,210
4,527
4,993
5,377
5,429
5,316
5,526
526
796
929
9,661
23,595
27,424
36,242
37,836
36,149
39,028
790
1,129
1,222
1,024
1,502
3,216
4,665
3,900
5,057
4,844
4,373
5,194
1,199
1,049
1,469
1,488
1,321
1,580
2
225
8 5,465
432
7
17 1,271
17 1,061
15 1,372
16 1,160
1,370
2,004
2,647
4,263
4,425
4,581
4,538
544
627
663
588
3,947
4 590
4 439
4,015
13,595
16,704
17,470
16,621
385
496
510
442
167
457
382
426
1 295
2,121
2,198
2,272
942
8
20
21
40
40
36
46
127
1,552
450
1,035
862
1,036
239
435
528
795
1,020
934
33,061
62,950
72,704
88,859
93,687
87,404
95,163
140
64
50
418 11,878
399 23,712
693 27,542
4 5,886
208 7,589
54 8,464
15 12,210
137 12,783
302 13,293
48 13,655
778
195
30
1
1
38
2
1 648
2^120
2,259
2,803
2,745
2,805
2,873
3
1
4
288
377
426
600
628
639
660
476
719
902
1,280
1,313
1,288
1,302
4,542
9,563
11,045
14,399
15,117
1,013 15,392
935 15,748
243
160
332
965
941
1,967
2 2,566
1 2,844
3 4,300
82 4,641
179 4,902
21 5,076
AH nonmember
1947 Dec
1954—Dec.
1955—Dec.
1956—June
31
31
31
30
55
46
36
47
3 Breakdown of loan, investment, and deposit classifications is 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
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 footnotes see opposite page.
434
WEEKLY REPORTING MEMBER BANKS
LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
U. S. Government obligations
Loans *
Total Loans
and
Comloans investand
Month or date
ments Loans mer- Agricial
investadadculments justed 1 justed i and tural
industrial
For purchasing
or carrying securities
To brokers
and dealers
CerOther Loans
tifisecuto
Real Other
cates
estate loans Total Bills of in- Notes Bonds 2 rities banks
loans
debtedOther
ness
securities
To others
U.S.
U.S.
Govt. Other Govt.
obobliga- curi- ligations ties tions
TotalLeading Cities
1956
Mar
687 6,649 20,048 8,261 1,249
86,701 85,452 48,882 26,741
530
2,545
,292
8,301 10,322 28,309
86,227 85,001 51,726 29,831
87,123 85,744 52,535 30,644
439
433
,726
,770
,152
,150
8,770 10,824 25,781 1,397
8,740 10,841 25,590 1,425
773 4,977 18,634
683 4,858 18,624
6
13
20
27
86,103
86,239
86,131
86,435
85,069
84,828
85,069
85,038
51,664 29 ,726
51,712 29 ,817
51,748 29 ,910
51,779 29 ,871
436
440
437
443
,761
,694
,689
,760
,155
,151
,153
,148
8,770
8,782
8,766
8,762
10,833 25,921
10,843 25,672
10,808 25,809
10,813 25,723
1,443
",257
,426
,461
780
743
823
746
5,070
5,044
4,917
4,878
18,628
18,628
18,643
18,638
7,484 1,034
7,444 ',411
7,512 ,062
7,536 ,397
Mar. 6
Mar. 13
Mar. 20
86,249
87,099
88,118
87,028
84,975
85,653
86,747
85,604
51,887 30 ,007
52,310 30 ,410
53,115 31,149
52,831 31,012
437
434
430
431
,797
,791
,822
1,670
,150
,156
,148
,146
8,736
8,740
8,746
8,740
10,803 25,532
10,824 25,676
10,864 25,990
10,874 25,164
,251
,370
,763
,317
773
783
761
415
4,870
4,859
4,842
4,862
18,638
18,664
18,624
18,570
7,556
7,667
7,642
7,609
1,274
1,446
1,371
1,424
486
586 2,211 5,971
185
4,643 2,195
684
925
1957
Feb
Mar
Feb.
Feb.
Feb.
Feb.
Mar. 27
7,494 1,226
7,619 1,379
New York City
1956
22
72 1,071
23,303 22,619 14,453 9,686
163 1,546
22,882 22,212 14,959 11,091
23,535 22,720 15,434 11,543
Mar
138
120
925
990
365
366
586 2,157 5,433
582 2,140 5,407
300
351
187
145
898
851
4,048 1,820
4,060 1,879
670
815
22,783
22,879
22,805
23,061
22,206
22,170
22,218
22,254
14,896
14,959
14,979
15,001
10,999
11,089
11,156
11,121
212
179
66
95
874
875
956
995
366
366
364
362
587
592
583
582
2,158
2,161
2,157
2,152
5,502
5,418
5,420
5,395
322
258
298
321
211
207
181
148
923
904
889
878
577
709
587
807
23,091
23,562
23,989
23,498
22,349
22,715
23,228
22,586
15,124
15,369
15,755
15,487
11,217
11,440
11,816
11,697
116 1,003
158 979
167 997
39 983
366
365
365
366
585
583
582
577
2,143
2,150
2,135
2,133
5,362
5,430
5,597
5,237
257
320
499
330
172
169
195
43
859
860
845
838
4,046
4,049
4,052 1,793
4,048 1,819
1,858
4,074 1,863
4,081 1,916
4,058 1,876
4,026 1,862
742
847
761
912
740
615 5,578 15,405 6,066
565
5,674
5,740
556
564
1957
Feb
Mar
Feb.
Feb.
Feb.
Feb.
Mar.
Mar.
Mar.
Mar.
6
13
20
27
6
13
20
27
u
Outside
New York City
1956
Mar
63,398 62,833 34,429 17,055
524
836
784
7,715 8,111 22,338
63,345 62,789 36,767 18,740
63,588 63,024 37,101 19,101
438
432
663
660
773
773
8,184 8,667 20,348 1,097
8,158 8,701 20,183 1,074
586 4,079 14,586
538 4,007 14,564
1957
Feb
Mar
Feb. 6
Feb. 13
Feb. 20
Feb. 27
63,320
63,360
63,326
63,374
62,863
62,658
62,851
62,784
36,768
36,753
36,769
36,778
18,727
18,728
18,754
18,750
435
439
436
442
675
640
667
670
773
772
776
774
8,183
8,190
8,183
8,180
8,675 20 ,419 1,121
8,682 20 ,254 999
8,651 20,389 1,128
8,661 20,328 1,140
569
536
642
598
4,147
4,140
4,028
4,000
14,582
14,579
14,591
14,590
5,676
5,651
5,693
5,678
457
702
475
590
Mar.
Mar.
Mar.
Mar.
63,158
63,537
64,129
63,530
62,626
62,938
63,519
63,018
36,763
36,941
37,360
37,344
18,790
18,970
19,333
19,315
436
433
429
430
678
654
658
648
772
779
772
770
8,151
8,157
8,164
8,163
8,660 20,170 994
8,674 20,246 1,050
8,729 20 ,393 1,264
8,741 19,927 987
601
614
566
372
4,011
3,999
3,997
4,024
14,564
14,583
14,566
14,544
5,693
5,751
5,766
5,747
532
599
610
512
6
13
20
27
1
Exclusive of loans to banks and after deduction of valuation reserves;
individual loan items are shown gross.
2 Includes guaranteed obligations.
See also NOTE on opposite page.
435
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
Reserves Cash
in
with
F. R. vault
Banks
Time deposits,
except interbank
BalDe- Indiances mand vid- States
Certiwith
deuals,
and
do- posits part- polit- fied
and
mestic adnerical
offi- U. S.
banks justed i ships, sub- cers' Govt.
and
cor- divi- checks,
pora- sions etc.
tions
Interbank
deposits
IndiDemand
viduals, States U . S .
and Govt.
part- politnerand
ical
ships, sub- Postal DoForand
divi- Sav- mes- eign
cor- sions ings
tic
porations
Borrowings
Time
Capital
acFrom From counts
F. R. others
Banks
Total—
Leading Cities
1956
Mar
13,382
958 2,502 56,563 58,432 4,108 1,875 2,909 19,391 1,013
195 10,249 1,509
1,173
653
13,457
13,222
988 2,392 56,470 59,256 4,025
983 2,485 55,968 58,610 3,917
961
993
956
959
965
964
180 10,242 1,516
180 10,307 1,524
1,243
1,251
922 9,093
532
594 1,025 9,104
181 10,338
179 10,500
180 10,140
183 9,991
1,514
1,479
1,533
1,539
1,242
1,247
1,237
1,245
723
728 9,088
359 1,115 9,090
741
745 9,075
304 1,101 9,117
987
990
180 10,361
179 10,240
181 10,382
180 10,244
1,547
1,521
1,552
1,476
1,246
1,252
1,256
1,251
670
970 9,105
475 1,079 9,100
781
998 9,090
451 1,054 9,119
54 2,926 1,166
923
106
370 2,749
2,893 1,203
2,845 1,208
953
965
127
24
532 2,862
463 2,854
860 8,605
1957
Feb
Mar
Feb. 6
Feb. 13
Feb. 20
Feb. 27
,802 1,197 20,333
,856 1,833 20,690
920
13,756
13,119 1,040
980
13,595
13,359 1,014
Mar. 27
56,874
56,423
56,214
56,370
58,685
60,408
58,701
59,228
4,083
3,888
4,030
4,099
873 20,268
,770
844 20,292
,815
,824 1,518 20,363
554
,800 1,""" 20,407
950
13,217
13,194 1,031
961
13,437
13,038
991
Mar. 6
Mar. 13
Mar. 20
2,330
2,441
2,431
2,364
2,345
2,476
2,535
2,584
55,791
56,905
55,704
55,472
57,951
60
'",262
58 ,458
57 ,769
4,031
3,796
3,808
4,033
,900 1,008 20,499
958 20,684
,757
,942 3,062 20,759
,825 2,304 20,819
1,002
107
994
New York City
1956
4,310
144
75 16,005 17,319
283
904
898 2,119
4,342
4,208
151
141
15,764 17,342
16,022 17,543
284
252
874
903
300 2,363
565 2,548
4,589
4,207
4,352
4,220
140
161
154
148
15,910
15,603
151700
15,842
17,164
17,588
17,149
17,465
271
262
275
328
886
904
863
844
232
204
370
394
2,340
2,341
2,378
2,391
2,858
2,985
2,873
2,856
1,197
1,174
1,221
1,220
949
957
951
956
295
75
138
500
675
440
514
2,864
2,865
2,859
2,859
4,269
4,127
4,228
4,208
139
147
133
145
15,957
16,493
15,876
15,763
17,268
18,117
17,446
17,342
259
245
245
259
965
841
895
911
310
243
953
755
2,392
2,550
2,605
2,647
2,829
2,736
2,961
2,855
1,228
1,211
1,228
1,165
961
965
968
966
74
495
356
512
490
2,858
2,853
2,850
2,854
9,072
814 2,427 40,558 41,113 3,825
971 2,011 17,272
906
141 7,323
343
250
547
490 5,856
Feb
Mar
Feb.. 6
Feb. 13
Feb. 20
Feb.. 27
9,115
9,014
837 2,344 40,706 41,914 3,741
842 2,430 39,946 41,067 3,665
897 17,970
928
953 1,268 18,142
145 7,349
146 7,462
313
316
290
286
780
879
826
866
2,283
2,394
2,380
2,315
40,964 41
40,820 42!
40,514 41
40,528 41
3,812
3,626
3,755
3,771
641 17,928
884
640,17,951
911
961 1,148 17,985
956 1,160 18,016
7,480
7,515
7,267
7,135
317
305
312
319
293
290
286
289
405
570
428
284
603
304
390
562
228
440
305
587
6,231
6,250
9,167
8,912
9,243
9,139
912
942
907
910
916
914
Mar.
Mar.
Mar.
Mar.
8,948
9,067
9,209
8,830
811
884
828
846
2,299
2,429
2,481
2,512
39,834
40,412
39,828
39,709
698 18,107
3,772
935
715 18,134
3,551
916
3,563 1,047 2,109 18,154
914 1,549 18,172
3,774
937
939
951
943
7,532
319
310
324
311
285
287
288
285
596
475
761
451
475
723
486
564
6,247
6,247
6,240
6,265
Mar
1957
Feb
Mar
Feb. 6
Feb. 13
Feb. 20
Feb. 27
Mar.
Mar.
Mar.
Mar.
6
13
20
27
20
Outside
New York City
1956
Mar
1957
6
13
20
27
40,683
42,145
41,012
40,427
1
Demand deposits other than interbank and U. S. Govt., less cash
items reported as in process of collection.
146
144
145
147
145 7,504
147 7,421
146 7,389
6,224
6,225
6,216
6,258
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.
436
COMMERCIAL LOANS; OPEN MARKET PAPER
CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY 1
[Net decline, ( — ).
In millions of dollars]
Manufacturing and mining
Period 2
12
91
18
-23
-11
101
-536
610
-805
795
-175
32
126
-225
71
82
106
132
-1,314
630
- 1 496
539
-461
469
589
704
384
27
134
106
143
370
1,257
3,050
1,078
53,206
171
178
-386
739
-322
98
365
350
54
-66
149
176
2 124
2,719
*2 243
2,459
-21
42
92
-233
29
80
-68
-74
-111
-186
30
292
100
-50
90
-38
-8
2
-108
-33
8
-833
23
1,089
- 1 032
55
1,141
42
-12
9
-14
-8
-16
-12
12
-13
8
-116
-39
-23
-35
-21
5
-19
-23
-16
-15
86
-131
-85
-39
-17
81
-2
7
-1
14
-1
-17
-7
-12
-1
26
-43
-37
-30
-24
-113
-332
-126
-204
-58
-167
-383
-155
-243
-84
215
-7
-644
392
-91
-137
-41
120
-363
539
146
327
369
72
18
-45
80
-84
-11
53
-8
30
PetroMetals
leum,
and
coal,
metal
prod- chemical,
and
3
ucts
rubber
Textiles,
apparel,
and
leather
Jan -June
July-Dec
-657
537
156
-107
420
-326
-45
138
90
-49
1954—Jan.-June
July-Dec
-505
498
55
-26
-577
-548
-10
88
-1
-62
-540
480
220
71
177
224
313
208
153
63
1956—Jan.-June
July-Dec
-302
822
238
-6
1,362
-71
424
428
1957_jan
Feb
Mar .
-254
-90
39
-23
84
75
-19
138
443
Week ending:
1957_j a r i .
2
Jan
9
Jan. 16
Jan 23
Jan 30
-107
-48
-33
-33
-33
-29
-1
2
-4
10
1955
Jan -June
July-Dec
..
Comm'J
and
ind'l
Net
change—
changes
all
classiweekly
fied
reporting
banks 4
Construction
Commodity
dealers
Sales
finance
companies
Food,
liquor,
and
tobacco
1953
Public
utilities
(incl.
transportation)
All
other
types
of
business
Trade
(wholesale
and
retail)
Other
Feb. 6
Feb. 13
Feb 20
Feb. 27
-40
-18
— 18
-13
16
25
30
13
18
61
24
35
10
12
26
-93
20
10
9
3
-16
18
9
18
-25
-26
-27
2
-13
29
15
-69
7
2
11
-4
-4
-2
2
-9
7
— 10
-24
-101
79
75
-30
-90
91
93
-39
Mar
Mar.
Mar
Mar
1
-1
65
-27
17
25
32
1
42
142
216
43
50
26
27
-23
17
33
34
7
-2
22
43
17
-23
-32
-19
-38
82
56
225
-71
-21
82
47
-18
-8
2
16
-7
-20
27
13
-11
135
382
699
-126
136
403
739
-137
6
13
20
27
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 per cent of those of all commercial banks.
2 Figures for periods other than weekly are based on weekly changes.
3 Includes machinery and transportation equipment.
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.
4
COMMERCIAL A N D FINANCE COMPANY PAPER A N D BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances
Commercial and finance
company paper
Held by:
Accepting banks
End of year or month
Total
Placed
Placed directthrough
ly
dealers^ (finance
paper) 2
Total
449
552
564
733
510
882
1,193
1,402
1,191
1,498
490
492
574
873
642
197
183
172
289
175
119
126
117
203
126
79
57
55
86
49
Dec
1956
2,618
2,545
2,514
2,607
2,427
2,600
2,514
2,463
2,581
2,618
2,129
588
560
508
515
476
509
548
549
573
568
506
2,030
1,985
2,006
2,092
1,951
2,091
1,966
1,914
2,008
2,050
1,623
667
660
628
643
684
723
772
805
843
924
967
184
170
146
157
180
175
189
209
203
242
227
135
130
108
113
109
111
120
127
135
167
155
49
40
39
44
71
64
70
82
69
75
72
Jan
Feb
2,540
2,679
548
555
1,992
2,124
1,012
992
230
202
156
133
74
69
Feb
Mar
Apr
May
June
July
Aug
Sent
Oct
Nov
1957
1
A s reported by dealers; includes finance company paper as well as
other commercial paper sold in the open market.
F. R.
Banks
Own Bills Own Forbills bought acct. eign
corr.
1,331
1,745
1,966
1,924
2,008
1951
1952
1953
1954
1955
Based on:
Utn-
Goods stored in or
ImExshipped between
ports
ports Dollar
points in:
exinto
from
United United change
States States
United Foreign
States countries
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
14
14
13
16
18
18
22
17
20
33
69
37
39
42
45
45
48
51
49
53
52
50
431
436
427
424
441
483
510
529
567
598
621
263
263
235
245
264
270
271
294
277
277
261
234
236
240
252
251
237
259
258
281
295
329
20
18
10
9
9
13
21
17
19
10
2
43
49
43
33
34
74
97
113
133
199
227
106
94
100
104
125
129
124
123
133
143
148
30
24
62
58
689
708
291
307
363
389
2
2
197
127
158
167
2
A s reported by finance companies that place their paper directly with
investors.
437
INTEREST RATES
MONEY MARKET RATES
BANK RATES ON SHORT-TERM BUSINESS LOANS
[Per cent per annum]
[Per cent per annum]
Finance
company
paper
placed
direct-
Prime
commercial
paper,
4- to 6month 1
Year,
month, or
week
3- to 6months 1
Prime
bankers'
acceptances,
90
days 1
U. S. Government
securities (taxable) 2
Size of loan (thous. of dol.)
All
loans
Area and period
3-month bills
Market
yield
9-to 12- 3- to 5month
year
Rate issues 3 issues4
on new
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—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
3.00
3.14
3.27
3.38
3.27
3.28
3.50
3.63
3.63
3.63
2.88
2.93
3.00
3.00
2.94
3.01
3.13
3.37
3.38
3.38
2.38
2.44
2.50
2.45
2.43
2.65
2.88
2.88
3.05
3.35
2.25
2.60
2.61
2.49
2.31
2.60
2.84
2.90
2.99
3.21
2.310
2.613
2.650
2.527
2.334
2.606
2.850
2.961
3.000
3.230
2.43
2.83
2.83
2.69
2.62
3.01
3.17
3.07
3.15
3.33
2.83
3.11
3.04
2.87
2.97
3.36
3.43
3.29
3.49
3.65
1957—Jan
Feb
Mar
3.63
3.63
3.63
3.38
3.38
3.38
3.38
3.38
3.27
3.11
3.11
3.08
3.210
3.165
3.140
3.17
3.23
3.35
3.40
3.33
3.38
Week ending:
Mar. 2 . . .
Mar. 9 . . .
Mar. 1 6 . . .
Mar. 2 3 . . .
Mar. 30. . .
3.63
3.63
3.63
3.63
3.63
3.38
3.38
3.38
3.38
3.38
3.38
3.38
3.38
3.18
3.13
3.25
3.18
3.15
3.00
2.97
3.288
3.246
3.238
3.041
3.034
3.29
3.33
3.38
3.35
3.35
3.38
3.39
3.37
3.39
3.38
Annual averages,
19 large cities:
1954
1955
1956
Averages of daily prevailing rates.
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.
100200
10100
200
and
over
3.6
3.7
4.2
Quarterly: 1
19 large cities:
1956—June
Sept
Dec
1957—Mar
New York City:
1956—June
Sept
Dec
1957—Mar
7 Northern & Eastern
cities:
1956—June
Sept
Dec
1957—Mar
11 Southern & Western
cities:
1956—June
Sept
Dec
1957—Mar
1
2
110
5.0
5.0
5.2
4.3
4.4
4.8
3.9
4.0
4.4
3.4
3.5
4.0
4.14
4.35
4.38
4.38
5.18
5.30
5.32
5.38
4.69
4.86
4.90
4.94
4.34
4.52
4.63
4.59
3.97
4.19
4.20
4.21
3.97
4.20
4.22
4.23
5.00
5.26
5.18
5.26
4.61
4.84
4.88
4.92
4.23
4.46
4.57
4.47
3.86
4.09
4.10
4.11
4.15
4.39
4.40
4.40
5.26
5.36
5.41
5.41
4.74
4.88
4.94
4.91
4.32
4.53
4.63
4.61
4.01
4.26
4.25
4.26
4.38
4.53
4.58
4.60
5.23
5.29
5.35
5.42
4.71
4.85
4.90
4.96
4.42
4.54
4.66
4.64
4.15
4.32
4.35
4.35
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 1
[Per cent per annum]
Corpora ite bonds 4
State and local govt. bonds
U. S. Govt.
bonds
(long-term)
Year, month,
or week
Old
series2
New
series3
General
obligations4
Totals
Aaa
By selected
ratings
Revenue Totals
bonds 6
Aaa
Baa
Baa
Industrial stocks
Dividends/
price ratio
By
groups
Industrial
Railroad
Public
Preutility ferred 7
Common 4
Earnings/
price ratio
Common 8
Number of issues....
3-7
1-2
20
5
5
10
120
30
30
40
40
40
14
125
125
1954 average
195 * 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
2.81
2.85
3.26
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
4.70
3.93
3.89
8.75
8.04
6.93
2 90
3.05
2.93
2 89
2.97
3 15
3.19
3.18
3 30
3.43
2 98
3.10
3.03
2 98
3.05
3.19
3.24
3.24
3 30
3.36
2.67
2.84
2.83
2.71
2.79
2.94
3.06
3.12
3.39
3.57
2.24
2.43
2.46
2.34
2.40
2.53
2.63
2.66
2.87
3.04
3.24
3.38
3.37
3.26
3.34
3.52
3.60
3.67
3.98
4.19
2.95
3.07
3.06
3.02
3.07
3.32
3.50
3.55
3.85
3.95
3 30
3.41
3.46
3 46
3.50
3.62
3.75
3.82
3.90
3.99
3.10
3.24
3.28
3.27
3.28
3.43
3.56
3.59
3.69
3.75
3 60
3.68
3.37
3 75
3.80
3.93
4.07
4.17
4 24
4.37
3 24
3.37
3.40
3 39
3.42
3 55
3.68
3.75
3 82
3.95
3.37
3.47
3.53
3.55
3.59
3.72
3.83
3.89
4.01
4.08
3.27
3.38
3.44
3 44
3.48
3.60
3.73
3.82
3.86
3.93
4 01
4.15
4.22
4 17
4.16
4 24
4.39
4.42
4 56
4.63
3 68
3.69
3.97
3 82
3.68
3.83
4.04
4.03
4 05
3.90
3.33
3 20
3 25
3.37
3 26
3.27
3.51
3.29
3.36
2.99
2.79
2 88
4.16
3.96
3.97
3.92
3.75
4.04
3.99
3.97
3.77
3.67
3.66
4.49
4 47
4.47
4.02
3 94
3.90
4.12
4.06
4.06
3.98
3.97
3.95
4.51
4 47
4.46
4.13
4.27
4.16
3.27
3 30
3.25
3.24
3.21
3.28
3 26
3.26
3.28
3.29
3.34
3.37
3.36
3.36
3.33
2.83
2.90
2.88
2.88
2.86
3.99
3.99
3.99
3.97
3.93
3.83
3.85
3.98
3.97
3.97
3.97
3.96
3.66
3.66
3.66
3.67
3.66
4.47
4 45
4.43
4.42
4.42
3.93
3 92
3.90
3.90
3.88
4.05
4.04
4.04
4.04
4.05
3.96
3.95
3.95
3.96
3.94
4.46
4 45
4.46
4.45
4.46
4.25
4.19
4.18
4.18
4.16
1956
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1957—Jan
Feb
Mar
Week ending:
Mar 2
Mar 9
Mar 16
Mar 23
Mar 30
r
1
....
9
( )
Revised.
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; of revenue bonds, on Friday figures; and
of preferred stocks, on Wednesday figures. Figures for common stocks
are2 as of the end of the period, except for annual averages.
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 310-20 years, beginning Oct. 1, 1955.
Consists of the 3*4 per cent bond of 1978-83 and, beginning Feb. 1,
1955, the 3 per cent bond of February 1995.
4
5
r
6 90
r
6 95
'6.00
'7.60
Moody's Investors Service.
Includes bonds rated Aa and A, data for which are not shown separately. Because of a lmited number of suitable issues, the number of
corporate bonds in some groups has varied somewhat.
6
Dow-Jones and Co.
7
Standard and Poor's Corporation. Ratio is based on 8 median yields
in a sample of noncallable issues—12 industrial and 2 public utility.
8 Computed by Federal Reserve from data published by Moody's Investors Service.
9 Series discontinued as of Mar. 15, 1957.
438
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
Old
series 2
Number of issues...
New
series 3
3-7
1-2
CorpoMurate
nicipal
(high- (highgrade) 4 grade) 4 Total
15
17
Manufacturing
Industrial
Public
utility
25
Total
50
Railroad
425
500
Volume
of
tradings
(in
Trade,
thoufisands
nance, Minof
and
ing shares)
service
Securities and Exchange Commission series
(index, 1936= 100)
265
170
98
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
Total
Durable
Nondurable
Trans- Public
portautiltion
ity
1954 average
1955 averase
1956 average
99.51 109.60
95 97 103.36
93.04 99.88
125.8
123.1
116.3
117.2
114.4
109.1
29.69 30.25 23.96 27.57
40.49 42.40 32.94 31.37
46.62 49.80 33.65 32.25
1956
94.88
92.86
94.40
95.03
93.94
91.81
91.43
91.53
90.22
88 74
102.41
100.05
101.35
102.22
100.98
98.38
97.39
97.50
96.35
95.19
120.3
116.9
117.3
119.2
118.6
115.8
113.8
112.8
109.1
108.1
113.2
111.2
110.6
110.5
110.3
108.4
105.8
105.2
103.7
102.8
47.49
48.05
46.54
46.27
48.78
48.49
46.84
46.24
45.76
46.44
33.21
32.50
31.81
31.93
33.01
33.39
32.29
31.67
31.82
31.70
351
355
347
341
359
359
345
342
338
344
443
452
441
434
460
460
440
437
431
441
412
410
398
393
421
432
422
422
417
425
472
491
480
471
495
484
457
451
445
457
344
348
342
328
335
329
313
318
311
315
160
157
156
155
159
160
155
152
153
152
322
317
306
300
315
313
302
299
296
287
373
369
364
352
369
373
349
337
355
362
2,874
2,576
2,420
1,771
2,177
1,936
1,959
1,754
2,178
2,443
1957_jan
Feb
Mar
89.96 95.14
91.51 97.08
90.88 96.88
108.6
110.9
110.0
102.8
104.3
104.5
45.43 48.43 31.36 32.32
43.47 46.10 29.59 32.29
44.03 46.86 29.37 32.45
338
325
328
429
409
415
406
386
388
451
431
440
310
292
288
157
157
159
285
278
280
371
346
344
2.189
978
,698
Week ending:
Mar 2
Mar. 9
Mar 16
Mar. 23
Mar. 30
90.72
90.38
90 84
90.99
91.37
96.84
97.03
97.16
96.74
96.58
110.8
110.0
109.7
109.7
110.3
104.5
104.4
104.5
104.4
104.5
43.45
44.18
43.94
44.03
44.03
32.35
32.58
32.40
32.43
32.41
326
328
329
328
330
411
414
416
415
417
386
387
389
388
390
435
440
441
440
442
289
288
286
288
288
158
159
159
159
158
276
281
282
281
281
347
346
340
342
345
65?
,810
658
61?
,710
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
50.59
51.38
49.64
49.38
52.27
51.89
50.15
49.52
48.92
49.79
46.09
46.98
46.76
46.90
46.90
35.24
36.12
35.83
34.22
34.63
33.72
31.98
32.22
31.73
31.75
29.26
29.60
29.28
29.20
29.36
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 197883 and beginning Feb 1 1955 and 3
* New series.
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 Series composed of fully taxable, marketable 2l/2 per cent bonds due
5
Average daily volume of trading
Exchange for a 5Vi-hour trading day.
STOCK MARKET CREDIT
[In millions of dollars]
Broker and dealer credit 1
Customer credit
End of month or last
Wednesday of month
Totalsecurities
other than
U. S. Govt.
obligations
Bank loans to others (than
Net debit balances with
brokers and dealers) for purNew York Stock Exchange
chasing and carrying securities2
firms i
1956
On
other
securities
780
1,048
1,239
88
69
51
1,074
1,529
2,246
713
1 019
894
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
36
40
40
40
48
45
41
42
42
43
41
[,251
1,252
,255
,237
1,223
,214
,194
,168
,166
,162
,161
52
50
44
42
39
31
38
42
45
43
46
2,137
2,127
2 145
2,186
2,195
2 211
2,048
2 071
2 086
2,071
2 132
913
960
896
870
836
858
872
866
835
822
880
1957
Jan
Feb
r
.
41
31
,141
,117
42
53
1,964
2,004
Secured by
U. S. Govt.
obligations
Secured by
other
securities
U. S. Govt.
obligations
2,445
3,436
4,030
31
41
34
1,665
2,388
2,791
88
65
32
3,991
4,038
4 043
4,047
4,009
4,026
3,979
3 950
3,914
3,946
3,984
. .
34
31
33
38
34
31
33
33
36
32
33
2,740
2,786
2,788
2,810
2,786
2,812
2,785
2,782
2,748
2,784
2,823
3,903
3,846
29
35
'2,761
2,729
c
Revised.
Corrected.
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.
1
Customer
net
free
credit
balances
On
U. S. Govt.
obligations
(col. 3 +
col. 5)
1953—Dec
1954 Dec
1955 Dec
Money borrowed
Other
securities
C
866
828
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.
2
Data, except as noted below, are for all weekly reporting member
banks, which account for about 70 per cent of all loans to others for purchasing or carrying securities. Figures are for the last Wednesday of the
month. Some loans for purchasing or carrying U. S. Govt. securities are
included in column 5 after 1952; loans for that purpose are shown separately in column 4 for all weekly reporting member banks in 1952 and
for New York and Chicago banks thereafter.
SAVINGS INSTITUTIONS
439
LIFE INSURANCE COMPANIES 1
[Institute of Life Insurance data.
In millions of dollars]
Government securities
Date
End of year: 3
1941
1945
Total
assets
Total
Business securities
U.
United State S. Foreign 2
and
States
local
Total
Bonds
Stocks
Mortgages
Real
estate
Policy
loans
Other
assets
32,731
44,797
9,478
22,545
6,796
20,583
1,995
722
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
55,512
59,630
64,020
68,278
73,375
78,533
84,486
90,432
19,135
17,868
16,118
13,760
12,905
12,537
12,262
11,829
16,746
15,290
13,459
11,009
10,252
9,829
9,070
8,576
872
1,052
1,152
1,170
1,153
1,298
1,846
2,038
1,517
1,526
1,507
1,581
1,500
1,410
1,346
1,215
20,272
23,124
25,351
28,111
31,515
34,438
37,300
39,545
18,844
21,406
23,248
25,890
29,069
31,865
34,032
35,912
1,428
1,718
2,103
2,221
2,446
2,573
3,268
3,633
10,833
12,906
16,102
19,314
21,251
23,322
25,976
29,445
1,055
1,247
1,445
1,631
1,903
2,020
2,298
2,581
2,057
2,240
2,413
2,590
2,713
2,914
3,127
3,290
2,160
2,245
2,591
2,872
3,088
3,302
3,523
3,742
End of month:4
1953—Dec...
1954—Dec...
1955—Dec...
78,201
84,068
90,267
12,452
12,199
11,757
9,767
9,021
8,545
1,278
1,833
1,998
1,407
1,345
1,214
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
1956_Feb....
Mar...
Apr...
May...
June...
July. . .
Aug....
Sept...,
Oct
Nov...
Dec...,
91,240
91,543
92,025
92,478
92,876
93,580
93,992
94,411
94,869
95.274
95,819
11,608
11,415
11,439
11,332
11,280
11,292
11,210
11,253
11,306
11,218
11,005
8,236
8,045
8,085
7,986
7,921
7,886
7,778
7,805
7,850
7,749
7,532
2,144
2,153
2,153
2,140
2,148
2,191
2,206
2,213
2,218
2,229
2,237
1,228
1,217
1,201
1,206
'215
,226
,235
,238
,240
,236
39,376
39,570
39,705
39,854
39,963
40,297
40,453
40,514
40,626
40,735
40,959
36,428
36,593
36,725
36,880
36,999
37,302
37,455
37,546
37,664
37,765
38,053
2,948
2,977
2,980
2,974
2,964
2,995
2,998
2,968
2,962
2,970
2,906
30,102
30,383
30,651
30,991
31,284
31,612
31,897
32,111
32,399
32,709
33,017
2,589
2,609
2,624
2,646
2,673
2,711
2,727
2,748
2,778
2,813
2,809
3,324
3,345
3,365
3,385
3,409
3,400
3,420
3,440
3,461
3,483
3,503
4,241
4,221
4,241
4,270
4,267
4,268
4,285
4,345
4,299
4,316
4,526
1957—Jan.. . .
Feb... .
'96,316
96,738
11,068
10,890
7,588
7,544
2,244
2,244
,236
,102
41,177
41,513
38,256
38,580
2,921
2,933
33,279
33,479
2,841
2,865
3,523
3,547
-4,428
4,444
1948
1949
1950
1951
1952
1953
1954
1955
r
1
2
Revised.
Figures are for all life insurance companies in the United States.
Represents issues of foreign governments and their subdivisions
an d bonds of the International Bank for Reconstruction and Development.
3
These represent annual statement asset values, with bonds carried on
an 4amortized basis and stocks at end-of-year market value.
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 »
[Federal Savings and Loan Insurance Corporation data.
In millions of dollars]
Liabilities
Assets
End of year or month
Total 2
Mortgages 3
U. S.
Govt.
obligations
Borrowings
Cash
1941
1945
6,049
8,747
4,578
5,376
2,420
450
1949
1950
1951
1952
1953
1954
1955
1956^
14,622
16 893
19,222
22,660
26 733
31,736
37,719
43,098
11,616
13 657
15,564
18,396
21 962
26,194
31,461
35,870
1,462
1,487
1,603
1,787
1,920
2,021
2,342
2,798
880
1,066
1,289
1 479
1,980
2,067
2,142
38 429
38 892
39,388
40 023
40,622
40,797
41,197
41 574
42,059
42 520
43,098
32 002
32 405
32,814
33 259
33,740
34,134
34,586
34 939
35,305
35 596
35,870
2,526
2 583
2,639
2 684
2,652
2,687
2,726
2,739
2,753
2 781
2,798
43,285
43,684
36,102
36,371
2,946
3,061
1956—Feb.P
Mar P
Aprp.
. ..
MayP
June1* . . . .
JUlyP
. . .
AUK P
Sept.P
Oct p
Nov P .
Dec.P
1957_Jan.2>
Feb P
. . .
107
P Preliminary.
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.
Other 4
Savings
capital
FHLB
advances
Other
Reserves
and
undivided
profits
775
4,878
7,386
218
38
146
475
190
566
424
75
810
90
899
1,108
1 297
1,471
1,791
2,236
12,472
13,992
16,107
19,195
22,846
27,334
32,192
37,302
947
864
1,412
1,225
93
84
80
96
146
130
1,106
1,280
1,453
1,658
1,901
2,191
2,557
2,970
2 019
1 975
1,917
1 926
2,047
1,878
1,788
1 745
1,782
1 840
2,142
1,825
1 873
1,962
2 099
2,128
2,044
2,043
2 098
2,166
2 251
2,236
32,973
33 332
33,662
34 137
34,948
35,079
35,366
35,633
36,044
36,438
37,302
1.178
[ 134
,123
119
[,170
,105
.113
1,139
1,145
1,150
1,225
110
112
118
124
132
138
128
123
1,974
1,935
2,211
2,265
T7.638
37,953
1,035
344
924
356
733
801
860
973
644
109
102
130
2,749
2,970
107
99
2
Includes gross mortgages with no deduction for mortgage pledged
shares.
3
Net of mortgage pledged shares.
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.
440
FEDERAL BUSINESS-TYPE ACTIVITIES
SELECTED ASSETS A N D LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES
[Based on compilation by Treasury Department.
In millions of dollars]
End of quarter
End of year
Asset or liability, and activity1
1956
1955
1949
1950
19512
19522
19532
1954
2
Loans, by purpose and agency:
To aid agriculture total
Banks for cooperatives
Federal intermediate credit banks
4,362
302
437
3,884
345
510
4,161
425
633
5,070
424
673
596
1,920
1,426
31
523
535
539
1,301
1,729
1,543
1,742
898
52
782
40
} 423
1,528
1,347
181
2,142
1,850
292
576
568
589
598
576
568
589
598
To financing institutions
445
824
814
To aid States territories, etc., total
Public Housing Administration
Other agencies
408
285
124
468
351
117
744
589
155
6,090
2,187
3,750
6,078
2,226
3,750
6,110
2,296
3,750
153
102
76
63
76
63
Rural Electrification Administration
Other agencies
..
.
70
1,251
To aid home owners total.
828
Federal National Mortgage Association
Veterans Administration
. . .
Other agencies
To industry, total
Treasury Department
Commerce Department
Other agencies
\
..
..
Foreign, total
Export-Import Bank
Treasury Department 4
Mutual Security (ICA)
Other agencies
....
18
2,907
2,461
383
63
6,362
322
847
770
2,286
2,137
1
5,853
359
833
6,715
375
689
755
681
2,316
1,590
2,348
2,621
7,377
355
765
764
2,379
3,114
6,790
349
898
811
2,413
2,319
3,095
2,593
430
72
439
348
3,122
2,590
456
76
3,205
2,641
480
84
3,230
2,683
424
124
3,299
2,729
433
137
718
328
292
97
678
306
261
112
593
330
193
70
627
323
221
83
1
1
431
353
864
952
870
1,019
1,277
1,419
1,143
1,178
1,020
894
126
645
500
145
272
112
160
255
98
158
247
94
153
239
106
134
227
90
137
7,736
2,496
3,667
51,515
58
64
8,043
2,833
3,620
1,537
53
8,001
2,806
3,570
1,624
1
8,032
2,774
3,567
1,692
8,025
2,735
3,567
1,722
245
90
155
7,988
2,702
3,519
1,767
8,106
2,697
3,519
1,832
58
8 172
2,712
3,519
1,885
55
75
5
69
119
29
90
166
127
39
219
172
47
156
108
48
176
122
55
-598
79
35
/
91 \
230
186
44
256
209
47
1,205
165
1,307
132
1,353
140
2,421
311
208
316
1,437
148
3,385
Other agencies
Investment in international institutions
...
.
Inventories, total
Commodity Credit Corporation
Defense Department .
Atomic Energy Commission
General Services Administration
Other agencies
Land, structures, and equipment, total
Commerce Department (maritime activities)
Panama Canal Company 7
Tennessee Valley Authority
Housing and Home Finance Agency
Bonneville Power Administration
Bureau of Reclamation
Post Office Department
Bonds, notes, and debentures payable (not guaranteed),
total
Banks for cooperatives
Federal intermediate credit banks
Federal home loan banks
Federal National Mortgage Association
3,385
3,385
3,385
3,385
3,385
3,385
3,385
3,385
3,385
3,385
286
266
257
223
219
197
195
179
179
252
310
1,549
1,376
1,774
1,638
1,461
1,174
1,280
978
2,515
2,087
3,852
3,302
3,476
2,910
4,129
3,518
} 173
136
288
203
428
550
566
611
2,962
2,945
3,358
3,213
16
830
1,352
18
298
886
1,297
1,048
1,285
415
1,251
1,203
8,062
4,834
363
1,475
1,041
8,046
4,798
421
1,739
727
7,821
4,807
422
1,812
536
7,799
4,812
422
1,823
502
7,822
4,822
421
1,829
450
763
745
728
345
350
360
244
241
300
772
1,190
1,182
150
619
414
1,840
123
811
336
570
2,379
181
704
445
1,068
156
640
272
2,086
110
520
560
1,369
170
674
525
1,330
78
490
204
160
821
534
570
185
665
958
570
2,075
2,226
199
193
244
249
200
285
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.
23
2,603 2,930
2,242 2,462
362 / 300
\ 168
22
174
275
214
188
Federal Housing Administration
...
701
2,226
2,981
12
588
2,047
Federal home loan banks
...
648
4
-228
-140
-494
-268
-203
-476
-173
-411
-185
-263
12,733 13,228 14,422 17,826 19,883 19,348 18,927 19,061 20,238 20,580 19,871
.
Investments:
Other securities $..
6,929
367
638
2,096
3,076
. . . .
All other purposes total
Housing and Home Finance Administration
Other agencies
Less: Reserves for losses
Total loans receivable (net)
6,811
377
590
3
c
1
2,602
2,967
387
217
319
641
228
327
1,526
152
2,909
3,236
1,624
147
3,108
661
241
354
1,706
146
443
234
370
745
241
381
1,705
158
1,720
149
3,677
1,082
248
390
1,793
164
3,719
1 083
256
405
1,810
166
4,356 14,119 21,812
3,747 3,536 3,897
9,827 9,814
1,574
609 / 567 6,332
195
\ 188
8,056 17,463
4,796 4,612
421
400
1,831 1,723
400
310
5,196
309
2 571
590
607 1,752
2,425
161
725
869
670
2,607
152
857
928
670
Corrected.
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.
2 Coverage changed from preceding period (see also NOTE).
3 Less than $500,000.
* Figures represent largely the Treasury loan to the United Kingdom,
and through 1952 are based in part on information not shown in Treasury
compilation.
For other footnotes, see opposite page.
441
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 1
Assets, other than interagency items 1
Bonds, notes,
U.S. Priand debenLand,
Govt. vately
tures payable
owned
strucLoans InOther inter- intertures, Other
reCash ceiv- venliabil- est
est
and
Guarities
able tories Public Other equipdebt secu- ment
anteed Other
secu- rities
by
rities
U. S.
Investments
Date, and fund or activity
Total
All activities
1949 Dec.
1950—Dec.
1951—r>ec.
1952—Dec.
1953 Dec
1954_Dec.
31
31
312..
312
312
31
733
23,733
441
64? 13 ??8
24,635
26,744
931 14; 422
944 17, 8?6
29,945
38,937 1 ,190 19, 883
41,403 1,371 19, 348
1955—June
Sept.
Dec.
1956—Mar.
June
30
30
31
312
302
40,639
41,183
45,304
58.485
78,677
1,549
1,774
1,461
1,280
2,514
3,852
2,047
2,075
2,226
2,421
2,602
2,967
1 ,?44 18, 9?7 3,476
19 061 4,129
?0, ?38 4,356
?0 580 14,119
19 871 21,812
3,108
2,909
3,236
3,677
3,719
3, 430 7,821
3, 414 7,799
3 414 7,822
3, 638 8,056
63 695 17,463
20,578 1 ,213 9, 330 4,544
780
154 3,391
1,166
3, 463
3, 4?9
3, 425
3, 432
2,962
509
2,945
499
3,358
882
3,213
832
8,062 1,261
8,046 2,387
1 7^0 21 030
1 193 21 99^
1 ,161 23,842
1 7^8 26 456
3 ,818 33,429
4 ,183 35,610
183
234
41 1 840 % 019 35 171
013 36,460
703 39 583
730 51 635
58^> 71,457
2,634
2,415
4,900
4,685
c
6.014
1 456
1 ,338
3 731
6 103
49?
3 . 473
3j
568
28
23
77?
1 190
369
43
53 1 330
75 1 182
33 1 068
43 ? 086
44 ? 379 0
44 ? 4? 5
>
49 - 607 3
329
378
434
508
583
596
651
980
Classification by type of fund
and activity, June 30, 1956
Public Enterprise Funds—Total
Farm Credit Administration:
Federal intermediate credit banks
Production credit corporations
Federal Farm Mortgage Coporation
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 Valley Authority
Panama Canal Company
Veterans Administration
...
Treasury Department
Post Office Department—postal fund
AH other
Intragovernmental Funds—Total
Defense Department:
Navy
Air Force.
All other
Certain Other Activities—Total
Atomic Energy Commission
General Services Administration
Bonneville Power Administration
Department of Interior Bureau of Reclamation
Department of Agriculture:
Farmers Home Administration
Rural Electrification Administration
International Affairs and Finance:
Mutual security . ..
..
...
Treasury Department
Department of Commerce—maritime activities
All other
981
43
12
186
6,301
152
28
306
1?
898
29 1, 908 3,897
39
109
19
3
30
89
47
405
265
127
2,738
2,005
444
1
81
45
1 2 , 712
130
?1
649
793
385
982
297
188
78
433
58
354
94
263
3
573
1.723
400
20
(3)
12,332 1 ,989
9,922
(3)
7^0
6 938
2,101
7,922
3,002
1,130
278
22
866
336
67
406
3 024
607
2,534
1,911
10,300
5,132
201
416
18
1
120
28
29
38
263
64
354
27
For other footnotes, see opposite page.
5 Figure not published in Treasury compilation, but derived by
Federal Reserve.
6
Includes investment of the Agricultural Marketing Act revolving
fund in the banks for cooperatives; Treasury compilations prior to 1956
classified this item as an interagency asset and on that basis it had been
excluded from this table.
7 Figures prior to 1951 are for the Panama Railroad Company. The
1
25
606
2,534
(3)
1 911
1 10 298
147 4 984
14 83,255
29
51
43
3, 478
4,612
3
198
6
26
1 080
889 1,922
664
43
1,810
1,083
152
6
9
10
8
998
1
237
132 1,691
756
-6
640
3
57
98
100
21
187
100
4
187
?*>6
141
<
?
397
137 2 887
3
1
36
1
17
346
3
47 1 173
326
1^5 7 767
120
414
1,822
2,318
79
482 11,850
^W 8 331
7 891
2 571
Banks for cooperatives.
Federal Deposit Insurance Corporation
Federal home loan banks
299
381
638
285
549 40,039
309
2,936
253
(
640
779
346
5,196
1 121
(3)
84
213
(3)
5
344
12
174 2*828
100 1 031
53
224
(3)
66 1, 519
625
9
14
158
35
73 1 885
22
686
20
9
564
3 5S1
?76
275
494
12
253
1
126
39 2,699
36 1,968
22
421
222
8 2, 407
?
11
4
38
6
24
121
15
198
93
6
6
179
570
3, 478 13,873 4,502
1,574
5,723
833
~>1
93
31
48
112
42
12
186
913 5,387
152
\
20
139
106
40,588 2 ,621 8, 768 7,345
8,532
7,941
15
590
129
775
108
4,554
2
73
9
9
14
{
247
13
33
(3)
276
( )
11
t3)
9
1
30
9
3
319
4
7
256
1
(3)
(3)
Certain Deposit Funds—Total
Federal National IVlortgage Association
All other1**
10
(3)
147
30
1 ") 496
93
303
857
(3)
2
150
683
2 510
692
1 427 1 ,643 17,459
11
60
40
36
49
(3)
C
(3)
(3)
3
57
97
17
25
97
9309
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).
8
Includes $1,000 million due under the agreement with Germany
signed Feb. 27, 1953, and lend-lease and surplus property balances duo
the9 United States in the principal amount of $2,204 million.
Figure represents total trust interest.
1
0 Represents largely the Office of Alien Property.
442
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 transactors
Payments to the public,
other than debt
Receipts from the public,
other than debt
Period
Net
Budget
rects.
Less:
IntraGovt.
trans, i
Plus:
Trust
fund
rects.
Equals:
Total
rects.
from
the
public2
Plus:
Trust
fund
expenditures
Budget
expenditures
Less:
Adjustments3
Excess
of rects.
Equals:
Total
payts.
to the
public
from,
or
payts.
to (-),
the
public
Net Federal cash borrowing or
repayt. (- ) of borrowing
InLess:
crease,
or decrease
Net
(-),in inv. by Other
nondebt
Govt.
cash
(direct agen. & debt 4
& agen.) tr. funds
76,773
71,860
70,538
72,613
-729
3,484
5,525 -3,561
-5,274
6,940
-232
5,186
3,986
-2,702
-578
4,471
392
2,186
1,096
2,266
485
34,786
35,752
36,426
36,187
38,618
870
142
761
295
386
132
703
Cal. year—1955
1956
63,358
70,994
10 624
12,398
2,511
3,027
71 ,448
8C ,330
66, 1?9
9,331
10,342
3,282
2,751
72,178
74,805
Fiscal year—1953
1954
1955
1956
64,825
64,655
60,390
68 165
8,929
9 155
9,536
11 685
2,199
2,110
2,061
2,743
71 ,499
71 ,627
61 ,836
71 ,084
74, 274
67, 77?
64, 570
66, 540
5,288
7,204
8,546
9,436
2,790
3,117
2,578
3,362
Semiannual totals:
1954—July-Dec
1955—Jan.-June....
July-Dec
1956—Jan.-June
July-Dec
22,272
38,118
25,240
42,925
28,069
4,368
5,168
5,456
6,229
6,169
839
1,222
1,289
1,454
1,573
25 ,785
42 ,051
29 ,397
AH ,687
32 ,643
31, 566
33, 004
33, 125
33, 415
33, 801
3,611
4,935
4,396
5,040
5,302
Monthly:
1956—Feb
Mar
Apr
May
June....
July
Aug
Sept
Oct
Nov
Dec
6 195
11,313
4 082
5,050
11 601
3,485
4 954
6 218
3,184
4 818
5,412
1 009
62
86
96
70
7 ,140
11 ,981
4 ,854
f ,581
17 ,167
3 ,964
f ,286
4, 9S0
757
871
4,809
6,188
1957—Jan
Feb
67, 216
994
93
71
617
,889
1 ,747
,972
,785
650
1,458
106
80
5 ,349
7 ,564
1,029
753
660
1 231
1 049
631
83
78
17
65
285
227
-785
5,679
5,864
6,008
6,004
7,064
5,895
6,686
5,699
6,671
6,355
7,312
1,112
1,095
6, 095
5, 743
1,605
1 617
1,112
1 419
676
801
846
959
857
809
S. 399
<>, 387
467
6, 937
5. S4?
90?
4, 918
995
7?6
5, 718
1,111
-250
6,096
7,088
1,006
669
830
2,476
2,481
566
Equals:
Net
cash
borrowing or
TT
448
-136
-5,910
3,300
2,055
1,533
3,166
722
618
644
623
2,919
2,512
1,809
-4,366
7,521
-9,001
6,299 -3,535
7,019
-7,028
11,499 -7,597
4,036
-5,974
388
1,145
1,331
1,835
646
447
197
369
254
-390
6,684
-4,875
5,323
-9,689
3,779
1,462
238
6,116 - 3 , 7 1 4
210
131
-364
1,032
916
312
645
—214
-266
— 1,154
-545
577
1,036
5,103 - 3 , 8 9 0
-1,931
-93
2,982
-400
1,191 - 1 , 1 2 6
-2,924
1,017
-383
1,661
-405
-1,527
-747
476
-195
142
292
3
-14
15
110
57
33
— 35
33
43
37
-123
-501
-126
209
367
-103
25
-3,832
— 197
-106
-4,863
-439
2,372
-946
1,240
1,333
219
-435
37
Effects of operations on Treasurer's account
Period
Net
Budget
surplus
or
deficit
(-)
Fiscal yr.—1953
1954
1955
1956
-9,449
-3,117
-4,180
Semiannual totals*
1954_july_Dec
1955—Jan.-June
July-Dec
1956—Jan.-June....
July-Dec
Monthly:
1956— Feb
Mar
Apr
May
June
July
Sept
Oct . . .
Nov
Dec
1957—Jan
Feb
p
Preliminary.
1
Trust
Reconaccumu- ciliation
lation
to Treas.
or
cash
deficit
(-)
Net
market
issuance
(+)of
Govt.
agency
obligations 5
Balance
-2,299
2,096
-551
875
380
331
4,670
6,766
6,216
6,546
Treasury
Tax and
Loan
Accts.
Other
net
assets
522
3,071
4,836
4,365
4,633
1,467
1,055
1,471
1.391
F. R.
Banks
(available
funds)
173
-689
660
92
228
-483
-152
754
-139
312
-5
-412
-950
-1,217
-1,400
-697
7,490
-4,375
6,394
-8,017
3,877
-712
400
-24
-178
-55
-1,587
1,036
-1,671
2,002
-2,119
5,180
6,216
4,545
6,546
4,427
563
380
397
522
441
3,461
4,365
3,036
4,633
2,924
,156
1,471
1,112
1,391
1,062
114
57
128
40
47
48
51
22
111
-14
-45
-70
-11
60
-3,764
-556
-16
-28
13
-73
-45
1,504
2,316
-1,360
4,756
7,072
5,712
6,259
6,546
4,178
6,197
6,445
4,704
5,778
4,427
554
-135
170
249
-49
2,914
5,345
1,288
1,193
1,353
1,151
1,391
1,214
1,131
3,265
3,849
715
458
1 626
320
-9,294
5,114
-7,885
9,511
-5,732
757
234
1,060
1,190
866
r
_4
936
787
83
617
-94
-299
374
185
-462
363
-349
-34
-21
145
173
129
-875
390
-200
-14
602
205
35
r
-115
-69
353
-983
-934
-277
-703
941
91
- 3,978
-105
2,919
-1,304
1,022
1,734
-389
374
-399
214
282
-305
-169
r
Revised.
Consist primarily of interest payments by Treasury to trust accounts
and to Treasury by Govt. agencies, transfers to trust accounts representing
Budget expenditures, and payroll deductions for Federal employees retirement funds.
2 Small adjustments to arrive at this total are not shown separately.
3 Consist primarily of (1) intra-Governmental transactions as described
in footnote 1, (2) net accruals over payments of interest on savings bonds
Deposits in
Treasurer's
account
257
-312
-202
-59
446
Increase,
or
decrease
Held
( - ) , in
outside
gross
Treasury
direct
public
debt
Account of Treasurer of United
States (end of period)
6,966
5,189
3,115
-1,623
-250
-46
-29
— 1 286
Net
inv.(-)
in Fed.
sec. by
Govt
agency
& trust
funds5
inc., or dec. (—)
:
-3,147
-1,609
-1,362
-2,617
3,641
1,951
991
2,250
1,245
5,914
-1,305
-417
4 664
-2,057
-948
1,300
— 2 812
-908
-307
Cash balances:
Financing transactions
Operating transactions
40
-44
548
287
-2,369
2,019
249
62
-119
45
-17
-69
-1,741
1,074
-1,350
-1,162
584
132
534
578
515
522
513
422
535
495
463
441
3,781
4,593
4,633
2,451
4,644
4,628
2,937
4,159
2,924
1,272
(.156
1,062
1,161
2,027
1.389
1,364
[,282
and Treasury bills, (3) Budget expenditures involving issuance of Federal
securities, (4) cash transactions between Intl. 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 footnote 3.
5
Excludes net transactions of Govt. sponsored enterprises, which are
included in the corresponding columns above.
443
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:
Oldage
trust
fund
High- R. R.
reway
tiretrust ment
fund acct.
Refunds
of
receipts
Income and
profits taxes
Total
Budget
receipts
64,825
64,655
60,390
68,165
4,086
4,537
5,040
6,337
620
603
599
634
3,118
3,377
3,426
3,684
72,649
73,173
69,454
78,820
21,351
21,635
21,254
24,012
Semiannual totals:
1954__july-Dec
1955—Jan.-June
July-Dec
1956—Jan.-June
July-Dec
22,272
38,118
25,240
42,925
28,069
2,305
2,735
2,927
3,410
2,559
643
322
277
318
316
312
339
3,087
496
3,188
463
25,239
44,215
28,981
49,839
32,045
10,230
11,024
11,312
12,700
13,020
Monthly:
1956—Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
6,195
11,313
4,082
5,050
11,601
3,485
4,954
6,218
3,184
4,818
5,412
646
512
567
973
549
295
799
397
182
587
299
10
150
175
164
144
85
54
15
91
54
23
81
53
25
74
55
231 7,158
620 12,499
897 5,562
993 7,107
395 12,598
124 3,927
115 5,959
79 6,897
95 3,660
62 5,705
-12
5,898
3,732
1,893
810
3,356
1,969
988
3,415
1,935
1,282
3,333
2,067
1957__j an
Feb
4,809
6,188
255
3807
141
205
21
83
1,025
3,838
5,279
7,486
Other
receipts
Liquor
Mfrs.f
Tobacco and retailers'
4,983
5,425
6,220
7,296
3,369
3,829
4,108
4,887
2,781
2,798
2,743
2,921
1,655
1,581
1,571
1,613
3,359
3,127
3,177
3,778
767
805
792
821
817
1,480
1,694
1,890
1,888
1,876
Other i
11,417
10,747
10,396
11,322
Employment
taxes2
21,595 9,934
21,523 10,014
18,265 9,211
21,299 10,004
Withheld i
Fiscal yr.—1953
1954
1955
1956
52
203
Excise
taxesi
Corporation J
Individual
2,323 3,767
8,073 14,498
2,699 4,109
8,623 17,190
3,004 5,553
4,527
4,684
5,052
4,952
5,325
2,668
3,552
3,283
4.013
2,876
1,724
2,384
2,526
2 361
2,267
1,453
1,290
1,524
1,397
1,648
795
769
2,555
865
1,487
457
125
1,752
244
103
324
460
8,109
509
492
7,195
837
352
1,709
451
380
1,825
846
826
750
877
855
827
910
805
1,033
936
815
972
572
586
1,067
604
320
881
451
207
662
355
353
330
352
450
488
498
276
245
443
291
512
212
246
239
256
264
236
245
255
354
325
233
2,101
871
461
445
856
874
316
1,160
520
298
186
128
137
126
149
143
127
157 \
128
155
142
108
883
890
986
j
151
n.a.
Budget expenditures4
Major national security
Period
Total
Totals
Fiscal year:
1953
1954
1955
19566
Semiannual totals: 6
1955—July-Dec..
Intl.
affairs
Defense Mutual Atomic and
Dept., security,
finance
military military energy
74,274
67,772
64,570
66,540
50,363
46,904
40,626
40,641
43,611
40,335
35,533
35,791
3,954
3,629
2,291
2,612
1,791
1,895
1,857
1,651
2,216
1,732
2,181
1,831
6,583
6,470
6,438
6,846
4,298
4,256
4,457
4,756
2,426
2,485
2,552
2,776
2,936
2,557
4,411
4,929
1,364
1,220
1,081
992
2,612
909
1,622
2,135
1,474
1,239
1,201
1,635
33,125
19,994
17,917
956
797
639
3,349
2,330
1,348
2,775
614
1,137
940
178
143
124
598
406
171
539
90
156
116
92
299
195
306
754
298
156
96
160
101
103
135
138
146
145
152
138
140
164
149
164
160
153
245
145
167
153
202
195
121
193
158
157
172
132
631
556
566
572
565
607
631
573
574
589
585
635
401
398
400
405
431
403
361
369
353
396
407
405
297
181
168
226
197
311
221
263
219
314
207
197
340
214
438
502
288
452
222
554
187
466
319
435
83
82
85
69
87
96
78
110
108
159
175
106
168
51
184
113
145
263
302
129
58
35
213
142
104
110
106
115
120
136
652
99
117
109
102
102
Monthly: 6
1955—Dec
5,651
3,451
3,090
1956—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
5,274
4,950
5,399
5,387
5,467
6,937
5,542
5,902
4,918
5,995
5,726
5,718
3,005
3,214
3,284
3,232
3,434
4,478
2,945
3,608
3,152
3,750
3,564
3,576
2,811
2,941
2,805
2,860
2,922
3,534
2,473
3,235
2,868
3,400
3,276
3,295
n.a. Not available.
1 Corporation and estate and gift taxes are from Internal Revenue
Service reports prior to July 1953. Excise taxes and nonwithheld individual taxes for that period are obtained by subtracting Internal Revenue
Service data from appropriate monthly Treasury statement totals.
2
Represents the sum of taxes for old-age insurance, railroad retirement, and unemployment insurance.
3
Beginning February 1957, includes transfers to Federal disability
insurance trust fund.
Agriculture
Vetand
GenNatComerans' Labor
Interagriural
eral
merce
servest ices and and
reculgovernand
bene- welfare tural sources housing ment
refits
sources
4 For more details, see the 1958 Budget of the United States, pp. 1076-84
and 1149-50.
5
Includes stockpiling and defense production expansion not shown
separately.
6
Monthly figures prior to May 1956 are not fully comparable with
subsequent months nor with the fiscal year totals. (For description see
Treasury Bulletin, table 3 of section on Budget receipts and expenditures).
444
FEDERAL FINANCE
UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY
[On basis of daily statements of United States Treasury. In billions of dollars]
Public issues 3
End of
month
Total
gross
debti
Total
gross
direct
debt 2
Nonmarketable
Marketable
Total
Total
Bills
Convert-
Bonds
Certificates of
indebtedness
Notes
Bank
eligible 4
Bank
restricted
bonds
Totals
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
48.2
52.1
58.0
57.6
57.9
57.7
57.7
57.9
52.2
49.6
49.6
36.0
21.0
13.4
5.7
ings
bonds
1941_Dec
1945 Dec
1947—Dec
1950 Dec
1951—Dec
1952—Dec
1953 Dec
1954—Dec
1955 Dec
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
38.2
21.2
5.4
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
33.6
68.4
68.4
44.6
41.0
58.9
63.9
76.1
81.9
1956
276.4
275.8
276.8
272.8
272.7
275.6
274.3
275.4
277.1
276.7
276.3
275.8
276.7
272.8
272.6
275.6
274.3
275.3
277.0
276 6
229.7
229.7
229.6
224.8
224.6
226.9
225.8
227.2
228.7
228.6
159.5
159.6
159.6
155.0
155.0
157.3
156.4
158.0
159.8
160.4
20.8
20.8
20.8
20.8
20.8
20.8
20.8
22.4
24.2
25.2
20.8
20.8
20.8
16.3
16.3
19.5
19.5
19.5
19.5
19.0
36.0
36.1
36.1
36.0
36.0
35.1
35.2
35.2
35.2
35.3
81.9
81.9
81.9
81.9
81.9
81.9
80.9
80.9
80.9
80.9
11.2
11.2
11.1
11.1
11.1
11.0
11.0
10.9
10.9
10.8
59.0
59.0
58.9
58.7
58.6
58.6
58.5
58.3
58.1
57.4
57.7
57.7
57.7
57.5
57.4
57.3
57.3
57.1
56.9
56.3
276.3
276.4
275.1
276 2
276.3
275.0
228.4
228.4
227.2
160.5
160.9
159.9
25.3
25.9
25.3
19.0
20.2
19.4
35.3
33.9
34.4
80 9
80.9
80.9
10.7
10.6
10.5
57.2
57.0
56.7
Tax
and
savings
notes
56.0
55.8
55.6
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1957—Jan
Feb
Mar
2.0
6.0
1
Includes some debt not subject to statutory debt limitation (amounting
to $451 million on March 31, 1957) and fully guaranteed securities, not
shown separately.
2 Includes noninterest-bearing debt, not shown separately.
3
Includes amounts held by Govt. agencies and trust funds, which
aggregated $8,603 million on Feb. 28, 1957.
8.9
6.1
Special
issues
2.5
7.0
8.2
5.4
8.6
7.5
5.8
6.0
4.5
(6)
20.0
29.0
33.7
35.9
39.2
41.2
42.6
43.9
(6)
43.7
43.4
44.3
45.1
45.4
46.1
45.8
45.5
45.7
45.6
45.3
45.5
45.6
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]
Total
gross
debt
(including guaranteed
securities)
Special
issues
Public
issues
1941_Dec
1945—Dec
1947_Dec
1950—Dec
1951—Dec
1952—Dec
1953—Dec
1954—June
Dec
1955_j U ne
Dec
64.3
278.7
257.0
256.7
259.5
267.4
275.2
271.3
278.8
274.4
280.8
7.0
20.0
29.0
33.7
35.9
39.2
41.2
42.2
42.6
43.3
43.9
1956—Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
280.2
276.4
275.8
276.8
272.8
272.7
275.6
274.3
275.4
277.1
276.7
1957—Jan
276.3
End of
month
1
2
Held by the public
Held by
U. S. Govt.
agencies and
trust funds1
Federal
Reserve
Banks
Commercial
banks 2
Mutual
savings
banks
Insurance
companies
Other
corporations
State
and
local
govts.
Savings
bonds
Other
securities
2.6
7.0
5.4
5.5
6.4
6.7
7.1
7.1
7.0
7.3
7.8
54.7
251.6
222.6
217.5
217.2
221.6
226.9
222.0
229.2
223.9
229.1
2.3
24.3
22.6
20.8
23.8
24.7
25.9
25.0
24.9
23.6
24.8
21.4
90.8
68.7
61.8
61.6
63.4
63.7
63.6
69.2
63.5
62.0
3.7
10.7
12.0
10.9
9.8
9.5
9.2
9.1
8.8
8.7
8.5
8.2
24.0
23.9
18.7
16.5
16.1
15.8
15.3
15.0
14.8
14.3
4.0
22.2
14.1
19.7
20.7
19.9
21.6
16.9
19.8
19.3
24.0
.7
6.5
7.3
8.8
9.6
11.1
12.7
13.9
14.4
14.7
15.1
5.4
42.9
46.2
49.6
49.1
49.2
49.4
49.5
50.0
50.2
50.2
8.2
21.2
19.4
16.7
15.5
16.0
15.4
15.0
13.1
14.6
14.7
.9
9.1
8.4
10.5
10.6
11.7
13.2
13.7
13.9
14.4
15.6
43.7
43.7
43.4
44.3
45.1
45.4
46.1
45.8
45.5
45.7
45.6
8.1
8.2
8.2
8.2
8.4
8.4
8.4
8.3
8.4
8.5
8.4
228.4
224.5
224.3
224.3
219.3
218.9
221.2
220.2
221.5
222.9
222.7
23.5
23.6
23.3
23.5
23.8
23.4
23.9
23.7
23.8
24.4
24.9
59.5
58.3
58.5
57.8
57.1
56.5
57.6
57.6
58.0
58.7
59.4
8.5
8.5
8.5
8.4
8.4
8.4
8.3
8.3
8.1
8.1
8.0
13.9
13.6
13.6
13.5
13.3
13.3
13.1
13.1
13.2
13.0
12.8
24.4
21.1
21.1
21.5
18.0
18.3
19.1
18.0
18.9
19.4
18.8
15.6
15.7
15.7
15.8
15.7
15.8
15.8
15.8
15.8
15.8
15.7
50.4
50.4
50.4
50.4
50.3
50.3
50.3
50.2
50.2
50.1
50.1
16.2
16.8
16.6
16.7
16.6
16.8
16.9
17.1
17.1
17.1
16.9
16.4
16.5
16.5
16.6
16.2
16.2
16.3
16.3
16.3
16.4
16.0
45.3
8.6
222.4
23.4
58.5
8.1
12.9
20.6
15.8
49.9
17.0
16.3
Includes the Postal Savings System.
Includes holdings by banks in territories and insular possessions,
which amounted to $250 million on June 30,1956.
Individuals
Total
Misc.
investors 3
3
Includes savings and loan associations, dealers and brokers, foreign
accounts, corporate pension funds, and nonprofit institutions.
NOTE.—Reported data for Federal Reserve Banks and U. S. Govt.
agencies and trust funds; Treasury Department estimates for other groups.
445
FEDERAL FINANCE
UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, MARCH 31, 19571
[On basis of daily statements of United States Treasury. In millions of dollars]
Issue and coupon rate
2
Treasury bills
Apr. 4,1957.
Apr. 11,1957.
Apr. 18,1957.
Apr. 25,1957.
May
2,1957.
May
9, 1957.
M a y 16, 1957.
M a y 23, 1957.
M a y 31, 1957.
June 6, 1957
June 13, 1957
June 20, 1957
June 24, 1957.
June 24, 1957.
June 27, 1957
Amount
Issue and coupon rate
Certificates
,600
June 24, 1957
,600
Oct. 1,1957
,600
Feb. 14, 1958
,601
,700 Treasury notes
,700
Apr. 1,1957
,700
May 15, 1957
,800
Aug. 1, 1957
,802
Aug. 15, 1957
,800
Oct. 1, 1957
,802
Apr. 1,1958
,604
June 15, 1958
,601
Oct. 1,1958
,750
Feb. 15, 1959
,601
Apr. 1,1959
Oct. 1,1959
Apr. 1,1960
Issue and coupon rate
Amount
Treasury notes—Cont,
May 15, 1960
Oct. 1, 1960
Apr. 1, 1961
Oct. 1,1961
3*4
3V4
33/8
1,312
7,271
10,850
W2
iy 8
2Y4
2
iy2
iy2
2%
iy 2
1%
n/ 2
iy 2
11/2
9 Treasury bonds
4,155
Mar. 15, 1956-583. .2V2
12,056
Sept. 15, 1956-59 3.. 214
3,792
Mar. 15, 1957-59.. .23/8
824
June 15, 1958
2%
383
June 15, 1958-63 4.. 234
4,392
Dec. 15, 1958
2&
121
June 15, 1959-62...214
5,102
Dec. 15, 1959-62...214
119
Nov. 15, 1960
2Vs
99
Dec. 15, 1960-65 4.. 2%
198
Sept. 15, 1961
2VA
Nov. 15, 1961
1 Direct public issues.
Sold on discount basis.
2
See table on Money Market Rates, p. 1213.
3i/2
iy 2
IV2
iy 2
21/2
Amount
2,406
278
144
289
Issue and coupon rate
Treasury bonds—Cont.
Aug. 15, 1963
2V2
June 15, 1962-67. 2 i i
Dec. 15, 1963-68.
June 15, 1964-69.
Dec. 15, 1964-69.
Mar. 15, 1965-70.
Mar. 15, 1966-71.
June 15, 1967-72.
Sept. 15, 1967-72.
Dec. 15, 1967-72.
June 15, 1978-83.
..
Feb. 15, 1995
3
1,449
3,819
927
4,245
919
2,368
5,271
3
3,461 Panama Canal Loan
3,806
1,485 Convertible bonds
Investment Series B
2,239
Apr. 1, 1975-80... 2>/A
11,177
:2B
Amount
6,755
2,114
2,823
3,750
3,825
4,711
2,955
1,866
2,716
3,780
1,606
2,744
50
10,507
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 securities, by maturity class
Marketable and convertible securities, by type
Type of holder and date
Total
Bills
Certificates
Notes
Marketable
bonds2
Convertible
bonds
Total
Within
1 year
1-5
years
5-10
years
Over 10
years
162,216
166,882
174,639
166,050
171,137
171,213
19,515
19,514
22 313
20,808
25,179
25,275
18,405
13,836
15,741
16,303
19,023
19,023
31,960
40,729
43 285
35,952
35,294
35,347
80,474
81,128
81 912
81,840
80,878
80,873
11,861
11,676
11 387
11,098
10,763
10,695
150,354
155,206
163 251
154,953
160,374
160,518
60,123
49,703
60 631
58,714
68,557
68,653
27,965
38,188
38,307
31,997
41,021
41,073
30,542
33,687
31,365
31,312
17,893
17,893
31,725
33,628
32,949
32.930
32,904
32,899
6 985
7,162
7,676
8,236
8 242
8,400
46
40
338
273
142
294
41
8
47
355
353
347
64
119
304
688
842
866
3 395
3,556
3 548
3,575
3 669
3,673
3 439
3,439
3 439
3,345
3 236
3,220
3 546
3,723
4 237
4,891
5 006
5,180
107
74
422
927
928
1,085
205
199
373
500
708
720
494
506
426
434
317
319
2,740
2,944
3,016
3.030
3,053
3,056
Federal Reserve Banks:
1954—June 30
1955—June 30
Dec 31
1956—June 30
Dec 31
1957 Jan 31
25,037
23 607
24,785
23 758
24,915
23,421
2,316
886
1,722
855
1,918
532
6,600
8,274
6,002
10,944
10,975
10,933
13,029
11 646
14,259
9 157
9,219
9,154
3,093
2 802
2,802
2 802
2,802
2,802
25,037
23 607
24,785
23 758
24,915
23,421
16,280
17 405
20,742
20,242
22,113
20,619
6,307
3,773
1,614
1,087
373
373
1,035
1,014
1,014
1,014
1,014
1,014
1,415
1,415
1,415
1,415
1,415
1,415
Commercial banks:
1954—June 30
1955—June 30
Dec 31
1956—June 30
Dec 31 .
1 9 5 7 _ j a n . 31
56 199
55,667
53,956
49,673
51,466
50,601
4 187
2,721
3,562
2,181
4,934
4,332
4 942
1,455
1,951
1,004
1,600
1,556
11 423
15,385
12,853
11.620
10,714
10,611
35 481
35,942
35,431
34,712
34,071
33,954
164
157
155
147
147
56 034
55,503
53,798
49,517
51,319
50,454
17 684
7,187
7,733
7,433
11,635
10,905
14,624
21,712
22,003
18,234
24,528
24,374
18,741
21,110
19,483
19,132
10,242
10,259
4,985
5,494
4,579
4.719
4,914
4,915
Mutual savings banks:
1954 June 30
1955—June 30
Dec 31
1956—June 30
Dec 31
1957—Jan 31
8,353
8 069
7,856
7 735
7,431
7,500
98
84
128
107
131
204
101
53
47
37
24
42
221
289
322
356
312
320
6,669
6 422
6,170
6 074
5,849
5,821
1,265
1 222
1,189
1 161
1,115
1,113
7,089
6 848
6,667
6 574
6,316
6,387
294
164
208
247
241
335
476
533
570
540
1,057
1,049
1,389
1,405
1,335
1,319
659
657
4,930
4,746
4,554
4,468
4,358
4,346
Insurance companies:
1954 June 30
1 9 5 5 _ j u n e 30
Dec 31
1956—June 30
Dec. 31
1957 Jan 31
13,520
13 117
12 667
11,702
11 331
11,405
622
630
691
789
760
781
771
8,805
8 479
8 286
7,789
7 464
7,439
3,193
3 145
2 941
2,791
2 671
2,655
10,327
9 972
9 726
8,911
8 660
8,750
1,190
810
318
349
474
209
74
83
44
66
65
632
726
859
1,045
1,339
1 502
1,192
1,749
1,738
2,171
2,027
1 840
1,802
1,136
1,133
5,921
5,796
5 689
5.285
5,049
5,019
Other investors:
1954—June 30
1955—jUne 30
Dec. 31
1956—June 30
Dec 31
1957_j a n # 31
52 121
59,260
67 700
64,947
67,752
69,886
12,248
15,153
16 047
17,074
17,705
19,439
6 511
3,973
7 612
3,919
6,004
6,081
6,531
12,502
14 705
13,371
13,426
13,624
23 032
23,927
25 675
26,896
27,024
27,183
3 800
3,706
3 661
3 646
3,593
3,559
48 322
55,554
64 039
61 301
64,159
66,327
24 568
24,062
30 831
29.233
32,914
34,850
5,308
10,633
12,245
10,443
12,605
12,819
6,711
7,626
7,267
7,612
4,525
4,511
11,734
13,233
13,696
14,013
14,114
14,147
All holders:
1954 June
1955—June
Dec.
1956—June
Dec
1957 Jan
30
30
31
30
31
31
U. S. Govt. agencies and trust funds:
1954—June 30
1955—June 30
Dec. 31
1956—June 30
Dec. 31
1957—Jan 31
515
1 Direct public issues.
2 Includes minor amounts of Panama Canal and Postal Savings bonds.
NOTE.—Commercial banks, mutual savings banks, and insurance com-
842
165
694
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.
446
SECURITY ISSUES
NEW SECURITY ISSUES 1
[Securities and Exchange Commission estimates. In millions of dollars]
Proposed uses of net proceeds
all corporate issuers 6
Gross proceeds, al issuers I
Corporate
Noncorporate
Year or
month
Bonds
Total
FedU. S.
eral
Govt.3 agency 4
State
and
mu- Others
nicipal
1939
1941
1945
5,687
15,157
54,712
11 j
2, 332
466
47 353
13
38
506
1,128
956
795
1949
1950
1951
1952
1953
1954
1955
1956
21,110
19,893
21,265
26,929
28,824
29,765
26,772
22,392
11 804
216
2 907
3,532
3 189
4,121
5,558
6,969
5,977
5 409
1 998
1,787
1,876
2,128
2 161
1,975
1,508
1,591
1,898
1,829
1,967
544
518
2,413
1,988
496
386
1956 Feb ..
Mar
Apr
May
June .
July
Sent
Oct
Nov
Dec
r
1957_jan
Feb
New capital
30
110
9 687
9 778
12, 577
13, 957
1? 53?
9 628
5 517
459
106
458
746
169
453
451
437
484
436
355
414
389
390
709
401
Total
Total
1,276
1,578
3,851
50
30
47
2,164
2,667
132
6 052
6,361
7 741
9,534
8,898
9,516
10,240
10,963
4,890
4,920
5,691
7,601
7,083
7,488
7,420
8,020
478
675
673
983
661
911
565
682
491
453
920
908
703
641
514
237
306
289
182
334
736
99
379
213
336
646
311
427
3
41
58
4
23
'685
497
83
51
1,078
1,055
391
491
109
72
9
58
425
631
838
564
489
816
635
633
3?6
957
228
484
301
7%
329
332
391
323
315
168
176
275
267
190
736
811
1,212
1,369
1,326
1,213
2,185
2,309
128
42
32
65
50
15
50
33
139
44
16
?; 560
3,
3,
3,
3
3,
3,
325
87
420
110 1,041
868
397 1,347 1,080
98
167
758
703
811
1, 004
2,437
2,360
2,364
3,645
3,856
4,003
4,119
4,224
149
393
340
686
270
588
250
513
316
178
401
282
446
744
861
915
1 185
889
1,109
708
900
780
1,125
1,126
60
Pre- ComNew
mon
Pri- ferred stock Total money 7 ous
stock
vately
purplaced
poses
Publicly
offered
1,980
2,390
6,011 4,855
Miscellane-
139
143
210
137
179
183
92
186
149
627
191
5,558
4,990
7,120
8,716
8,495
7,490
8,821
10,362
26
28
133
69
144
134
1,695
1,583
4,555
315
637
364
620
363
226
537
535
709
864
737
40
28
114
28
61
53
107
34
87
47
54
t 1.606
4.006
(3,531
X$,180
7,960
( 5.780
7,957
<
),625
664
704
762
790
702
816
1 144 1,116
768
830
1,066 ,012
563
669
802
836
660
747
1,088 1,042
1,094 1,040
142 1,039
327 1,002
28
24
ReRetiretire- ment
ment
of
of
secubank rities
debt,
etc. 3
401
1,271
486
664
260
1,875
1,227
415
26
56
82
21
43
27
25
47
15
24
17
41
147
998
855
19
29
Proposed uses of ne t proceeds, major groups of corporate is.juers
Manufacturing
Commercial and
miscellaneous
Retirement of
New
capital 10 securities
New
ment of
capital 10 secu-
Year or
month
Retirerities
1,347
1,026
2,846
3 712
2,128
2,044
2,397
3,375
44
149
221
90
190
i
310
474
462
512
502
831
533
>84
769
713
1956—Feb
Mar
Apr
May
June
Julv . .
Aug
Sept
Oct .
Nov
Dec
197
249
258
23
22
78
41
48
27
465
276
14
26
1957 Jan
Feb
370
558
1949
1950
1951
1952
1953
1954
1955
1956
r
1
2
331
194
227
326
147
524
261
67
76
9
100
21
22
10
21
94
36
33
110
12
41
47
28
63
56
24
40
93
51
60
784
609
437
758
553
501
544
688
11
196
53
225
36
270
338
20
2,043
1,927
2,326
2,539
2,905
2,675
2,254
2,479
1
3
1
4
2
17
3
21
4
1
39
71
51
86
54
31
38
61
36
45
148
1
10
196
187
294
335
231
240
154
242
226
154
157
232
228
2
3
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 government, International Bank, and domestic
eleemosynary and other nonprofit organizations.
Public utility
Communication
Real estate
and financial
RetireRetireRetireRetirement of
New
New
ment of
ment of
New
ment of
New
capital10 secu- capital10 secucapital10 secucapital10 securities
rities
rities
rities
38
15
12
Transportation
94
22
2
5
558
639
449
448
1,536
788
1,812
1,719
35
100
66
60
24
273
56
18
1
3
1
2
6
1
)
194
132
170
109
182
103
106
214
59
37
150
1
(9 )
209
100
517
314
600
747
871
651
1,045
1,389
4S
81
«
(» )
(9)
(9)
37
103
15
80
11
261
83
56
68
596
77
13
94
46
233
682
85
88
67
990
174
14
1
1
5
4
t
6C>
7Tr
IS)
nr
(9)
)
i
(9
(9)
3
2
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 debts are included under the uses for which the bank
debt was incurred.
9 Less than $500,000.
i ° Represents all issues other than those for retirement of securities.
447
BUSINESS FINANCE
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
[In millions of dollars]
Annual totals
Quarterly totals
1955
Industry
1951
1952
1953
1954
1955
1956
1956
Manufacturing
Total (200 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Nondurable goods industries (94 corps.): 1
Sales
Profits before taxes
,
Profits after taxes
Dividends
Durable goods industries (106 corps.): 2
Sales
,
Profits before taxes
Profits after taxes
,
Dividends
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
52,940 54,517 63,343 58,110 69,443 71,925 17,929 16,887 18,028 18,150 18,457 16,119 19,198
2,457
8,869 7,308 8,375 7,244 10,226 9,267 2,767 2,388 2,619 2.601 2,507 '1,701
'915
1,337
3,548 3,192 3,649 3,825 5,221 4,841 1,392 1,206 1,408 1,286 1,303
703
710
659 1,015
'723
577
2,075 2,073 2,154 2,384 2,827 2,976
841
18,916 19,266 20,694 20,620 23,065 24.777 5,742 5,776 6,037 6,095 6,135
901
873
849
869
889
3,447 2,853 3,028 2,753 3,408 3,459
497
488
483
520
1,533 1,392 1,526 1,581 1,916 1,978 471
290
295
283
402
946
972 1,064 1,202 1,249 260
925
'6,084
'808
466
'305
11,990 12,055 12,321
34, 024 35,251 42,649 37,490 46,378 47,148 12,187 11,1
4,491
1,919 1,518 1,730 1,701 1,634
5,422 4,455 5,346 4491
5,
789
815
920
888
723
2,015 1,800 2,123 2,244
2,864
413
415
1,728
317
376
613
1,149 1,127 1,182 1,320
10,036 12,736
'893
1,580
'449
811
418
482
6,463
877
526
359
,909 5,042 5,411 5,476 5,813 6,305 1,462 1,491 1,502 1,535 1,569
462
129
453
123
149
131
139
465
558
499
473
224
68
203
63
55
71
212
272
68
245
227
156
50
154
38
154
166
36
39
37
160
159
'1,561
141
71
41
1,640
145
75
50
,882 5.965 6,373 6,182 7,222 7,726 1,811 1,799 1,891 1,879 1,957
385
377
381
390
399
,490 1,259 1,308 1,153 1,535 1,493
593
195
194
193
198
209
774
486
520
521
782
499
138
141
115
134
602
396
381
417
597
234
'1,889
'342
'178
'143
2,001
389
207
181
,078 5,411 5,883 6,015 6,556 7,185 1,613 1,632 1,745 1,764 1,742
751
248
728
223
916
200
218
226
841
854
911
567
176
162
686
172
524
603
147
156
624
560
294
82
82
346
83
283
290
80
317
77
262
1,770
218
163
89
1,909
226
184
93
,507 11,564 13,750 11,522 14,927 16,065 3,858 3,746 4,024 4,212 4,415
693
711
674
633
582
,098 1,147 1,817 1,357 2,375 2,369
705 1.194 1,229
344
362
350
313
290
564
790
778
407
141
137
182
108
118
606
369
377
382
'522
'3,098
'267
'145
140
4,340
697
378
188
,168 7,077 8,005 7,745 8,110 9,804 2,045 1,977 2,135 2,167 2,463
914
200
268
945
251
206
971 1,011
208
894
,000
465
75
139
460
120
124
375
103
402
458
365
263
78
199
325
66
67
81
237
281
192
82
2,422
'235
'126
79
2,752
243
120
87
,707 13,038 16,611 14,137 18,825 16,336 5,101 4,246 4,688 4,578 4,195
690
511
894
715
589
,950 1,982 2,078 1,789 3,023 1,959
863 1,394
313
243
418
346
709
908
261
758
717
536
162
164
114
309
469
656
161
469
693
486
'3,347
'272
'118
164
4,215
486
234
166
10,391 10,581 10,664 9,371 10,106 10,551 2,524 2,634 2,643 2,535 2,704
908 1,342 1,267
252
358
343
370
355
1,260 1,438 1,436
'163
682
242
825
237
903
925
874
243
265
693
'110
379
338
116
412
421
445
90
74
156
328
2,590
298
208
70
2,722
375
266
148
1.986 r2,026 r 2,175 '2,398 r 2,185
710
592
539'
594
535
321
296
326
374
284
256
229
247
247
229
'2,175
568
302
248
2,352
586
331
262
3,729 4,136 4,525 4,902 5,425 5,966 1,340 1,368 1,419 1,439 1,480
339
352
925 1,050 1,282 1,430
315
325
336
691
787
169
176
452
525
156
161
169
341
384
638
715
132
136
412
448
122
126
130
318
552
355
496
1,495
359
180
137
1,552
380
190
147
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
6,058 6,549 7,136 7,588 '8,328
1,482 1,740 1,895 2,049 '2,305
947 1,030 1,134 1,247
814
868
725
780
930
651
' Revised.
1
Includes 26 companies in groups not shown separately, as follows:
t extile mill products (10); paper and allied products (15); miscellaneous (1).
2
Includes 25 companies in groups not shown separately, as follows :
building materials (12); transportation equipment other than automobile
(6); and miscellaneous (7).
NOTE.—Manufacturing corporations. Sales data are obtained from
the Securities and Exchange Commission; other data from published
company reports.
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
account for about 95 per cent of all electric power operations) and are
obtained from reports of the Federal Power Commission, except that
9,110
2,457
1,329
1,013
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
before Federal income taxes and dividends. For detailed description of
series, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing);
pp. 215-217 of the BULLETIN for March 1942 (public utilities); and p. 90S
of the BULLETIN for September 1944 (electric power).
448
BUSINESS FINANCE
CORPORATE PROFITS, TAXES, AND DIVIDENDS
[Department of Commerce estimates.
of dollars]
Year or
quarter
NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i
In billions
[Securities and Exchange Commission estimates.
All types
Profits In- Profits Cash Undisbefore come after divi- tributed
taxes taxes taxes dends profits
26.2
40.0
41.2
35 9
37.0
33 2
42.7
43.4
43 5
46.4
43.7
42.9
41.2
46.0
1949
1950
1951
1952
1953
1954
1955
1956
1955—3
4
1956—1
2
3
41
10.4
17.8
22.5
19.8
20.3
16.8
21.5
21.9
22.0
23.4
22.1
21.7
20.8
23.2
15.8
22.1
18.7
16.1
16.7
16.4
21.1
21.5
21.5
23.0
21.6
21.3
20.4
22.8
7.5
9.2
9.1
9.0
9.3
10.0
11.2
12.0
11.0
12.1
11.8
12.2
12.3
11.9
quarter
8.3
12.9
9.6
7.1
7.4
6.4
9.9
9.5
10.5
10.9
9.8
9.1
8.1
10.9
1949
1950
1951
1952
1953
1954
1955
1956
In millions of dollars]
Stocks
Bonds and notes
New RetireNet
New RetireNew RetireNet
Net
issues ments change issues ments change issues ments change
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
2 418
3,366
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
1955_4
1
Preliminary estimates by Council of Economic
Advisers.
NOTE.—Quarterly data are at seasonally adjusted
annual rates.
3,709
1,201
2,509 2,305
836
1,469
1,404
365
1,039
1956—1
2
3
4
2,827
3,367
3,336
3,477
1,043
1,487
991
998
1,784
1,880
2,345
2,479
707
817
650
593
970
1,428
1,531
1,240
1,149
1,122
1,154
1,644
336
671
340
404
813
452
814
1,239
1,678
2,245
2,182
1,833
i Reflects cash transactions only. As contrasted with data shown on p. 446, new issues
exclude foreign and include offerings of open-end investment companies, sales of securities
held by affiliated companies or RFC, special offerings to employees, and also new stock
issues and cash proceeds connected with conversions of bonds into stocks. Retirements
include the same types of issues, and also securities retired with internal funds or with
proceeds of issues for that purpose shown on p. 446.
CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
[Securities and Exchange Commission estimates. In billions of dollars]
Current assets
End of year
or quarter
1949
1950
1951
1952
1953
1954
1955
3
4
1956—1
2
3
4
1
....
Net
working
capital
72.4
81.6
86.5
90.1
91.8
95.0
101.5
102.9
104.8
106 4
107.2
108.2
Total
133.1
161.5
179.1
186.2
190.9
188.5
200.2
208.1
206.8
207.9
213.4
218.6
Cash
U. S.
Govt.
securities
26.5
28.1
30.0
30.8
31.2
32.0
31.6
32.6
29.9
30.7
31.2
33.2
Current liabilities
Notes and accts.
receivable
U. S.
Govt.2
1.1
2.7
2.8
2.6
2.4
2.2
2.3
2.3
2.3
2.4
2.6
Notes and accts.
payable
Other
45.3
55.1
64.9
65.8
67.2
64.4
66.6
69.1
72.1
73.9
75.1
76.4
55.7
58.8
64.6
65.9
67.3
75.6
77.3
78.2
79.9
83.6
84.1
U. S.
Govt.2
1.4
1.7
2.1
2.4
2.4
2.6
3.0
2.9
3.2
3.1
3.1
3.0
Federal
income
tax
liabilities
60.7
79.8
92.6
96.1
99.0
93.5
98.7
105.2
102.0
101.5
106.2
110.4
3: .5
.4
1.3
2.3
2.2
2.4
2.2
2.3
2.3
2.5
2.5
2.4
14.0
14.9
16.5
18.7
20.7
20.8
15.1
18.1
22.6
22.3
15.0
12 1
14.2
16.6
Other
Other
9 3
16.7
21.3
18.1
18 7
15.3
Total
Other
41 .0
16.8
19.7
20.7
19.9
21.6
19.8
21.2
24.0
21.1
18.0
18.0
19.2
Inventories
22.8
22.9
24.0
24.2
47.9
53.6
57.0
57.3
54.9
58.9
62.6
62.0
63 9
65.4
67.3
2 Receivables from, and payables to, the U. S. Government exclude
amounts offset against each other on corporations' books.
Excludes banks and insurance companies.
BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
[Department of Commerce and Securities and Exchange Commission estimates.
Transportation
Year
1949
1950
1951
1952
1953
1954
1955
1956
19574
... .
Total
19.3
20.6
25.6
26.5
28.3
26.8
28.7
C
35.1
37.4
Manufacturing
Mining
7.1
7.5
10.9
11.6
11.9
11.0
11.4
15.0
16.4
.8
.7
.9
1.0
1.0
1.0
1.0
1.2
1.2
Railroad
Other
1.4
l.l
1.5
1.4
1.3
.9
9
1.2
.5
.9
7
1.5
1.5
1.6
1.5
6
1.7
1.8
c
Corrected.
1 Corporate and noncorporate business, excluding agriculture.
Includes trade, service, finance, and construction.
2
Public Com2
utili- muni- Other
cations
ties
3.1
3.3
3.7
3.9
4.6
4.2
4.3
4.9
6.1
1.3
1.1
1.3
1.5
1.7
1.7
2.0
4.7
5.7
5.9
5.6
6.3
6.5
7.5
11 .0
10 .4
Quarter
In billions of dollars]
Total
Public
All
utiliother 3
ties
1955—4
8.4
3 8
.7
1 2
2 6
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_14
24
8.8
9.7
4.2
4.5
.8
.9
1 3
1.6
2 5
2.7
3 Includes communications and other.
Anticipated by business.
4
Manufactur- Transing
portaand
tion
mining
449
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
Other
holders
Financial
insti- Selected Inditutions Federal viduals
agenand
cies
others
All
holders
14.9
13.7
1941
1945
37.6
35.5
20.7
21.0
1949
1950
1951
1952
1953
1954
1955
1956?
62 7
72.8
82 2
91.2
101.1
113.6
129.7
144.5
42 9
51.7
59 5
66.9
75.1
85 8
99.4
111.4
195 5—June
Sept
Dec. .
121 8
126.1
129.7
92 7
96.3
99.4
195,5—Mar.*5
133.3
137.3
141 1
144.5
102.3
105.6
108 8
111.4
Sept v
Dec.?
Sfonfarm
2.0
.9
1 1
1.4
2 0
2.4
2.8
2.8
3.1
3.6
3 0
3.0
3.1
3.2
3.2
3 3
3.6
Farm
1- to 4-family houses
Multi-family and
commercial properties 1
Total
Financial
institutions
31.2
30.8
18.4
18.6
11.2
12.2
18.7
19.8
20.7
21.9
23.3
25.0
27.3
29.5
57.1
66.7
75.6
84.1
93.5
105.4
120.8
134.8
37.6
45.2
51.7
58.5
66.1
75.7
88.1
99.2
28.5
35.4
41.1
46.8
53.6
62.5
73.8
83.5
26.2
26.7
27.3
113.2
117.2
120.8
82.2
85.5
OO. 1
27.9
28.5
29.0
29.5
124.1
127.8
131.5
134.8
90.8
93.7
96.6
99.2
p
1
Preliminary.
Derived figures, which include negligible amount of farm loans held
by 2savings 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 include commercial banks (including
nondeposit trust companies but not trust departments), mutual savings
banks, life insurance companies, and savings and loan associations.
All
holders
Other
holders
Total
Financial
institutions
7.2
12.9
12.2
8.1
4.8
6.4
7.4
4.7
4.8
19.5
21.6
23.9
25.6
27.4
29.7
32.6
35.6
12.3
14.0
15 9
17.2
18.5
20.0
22.0
24.0
7 2
5 6
10.7
11.7
12.5
13.2
14.4
15.6
7.6
6.1
8 0
6 6
8.3
7.2
8.9
9 7
10.7
11.6
7.7
8 2
9.0
9.7
68.3
71.4
73.8
13.8
14.1
14.4
31.0
31.8
32.6
20.8
21.4
22.0
10 2
10.4
10.7
9.0
76.2
78.8
81.4
83.5
14.6
14.9
15.2
15.6
33.3
34.1
34.9
35.6
22.4
23.0
23.5
24.0
10 9
11.2
11 4
11.6
Financial
Other
insti- holders2
tutions
6.4
9.1
9.8
Other
holders
1 5
1.3
2 1
2 3
2 6
2 8
3.0
3 3
3.6
3.9
3 5
3 7
4 0
4 3
4.6
4 9
5.3
5.8
3 5
8 7
O
Q
4 9
3.4
5 2
5 2
5.3
3.6
3.6
9.2
3 7
9.5
3.8
9 6
3 9
5 5
5 6
5 7
9.7
3.9
5.8
Federal agencies include 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]
Commercial bank holdings 2
End of year
or quarter
Residential
Total
Total
1941
1945
4,906
4,772
1949
1950
1951
1952
1953
1954
1955
1956*
11,644
13,664
14,732
15 867
16,850
18,573
21 004
22,775
.
1955 j U ne
Sept
Dec
Mutual savings bank holdings 3
FHAinsured
VAguaranteed
Residential
Conventional
Other
nonfarm
Farm
Total
Total
FHAinsured
VAguaranteed
Conventional
Other
nonfarm
856
566
521
4,812
4,208
3,884
3,387
2,060
2,264
2,458
2,621
2,843
3,263
3,819
4,390
909
968
1,004
1,058
1,082
1,159
1,297
1,360
6,705
8,261
9,916
11,379
12,943
15,007
17,457
19,760
5,569
7,054
8,595
9,883
11,334
13,211
15,568
17,716
2,567
3,168
3,489
3,800
4,150
4,376
1 726
2 237
3,053
4 262
5 773
7,228
4,303
4 477
4,792
5,149
5 645
6,112
1,274
I 444
1,556
1,740
I 831
1,970
1,048
3,292
3,395
8,676
10,431
11,270 *3[42i * *2*92i "4]929
12,188 3,675 3,012 5,501
12,925 3,912 3,061 5,951
14,152 4,106 3,350 6,695
15 888 4,560 3,711 7,617
17,025 4,815 3,920 8,290
Farm
900
797
28
24
1,099
37
44
47
1
1£4
53
53
56
58
74
19,940 15 128
20,540 15,560
21,004 15,888
1956—Mar
v
Sept
Dec.?
9
1
4 361
4,475
4,560
3,601
3,675
3,711
7,166
7,410
7,617
3,549
3,700
3,819
1,263
1,280
1,297
16,173 14,339
16,845 14,985
17,457 15,568
4,000
4,090
4,150
4 976
5,360
5 773
5 362
5,535
5,645
I 775
1,801
1,831
59
59
58
16,180
16,500
16,845
17,025
4,610
4,668
4,730
4,815
3,770
3,837
3,905
3,920
7,800
7,995
8,210
8,290
3,950
4,137
4,290
4,390
1,320
1,353
1,365
1,360
18,045
18,610
19,225
19,760
16,123
16,644
17,218
17,716
4,210
4,274
4,333
4,376
6,155
6,506
6 885
7,228
5,758
5,864
6,000
6,112
1,860
1,898
1,936
1,970
62
68
71
74
21,450
21,990
22,500
22,775
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
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.
450
REAL ESTATE CREDIT
MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES
[In millions of dollars]
Loans acquired
Loans outstanding (end of period)
Nonfarm
Nonfarm
Year or month
Total
Total
FHAinsured
VAguaranteed
Farm
Total
976
1949
1950
1951
1952
1953
1954
1955
1956
3,430
4,894
5,134
3,978
4,345
5,344
6 623
6,686
3,123
4 532
4,723
3,606
3 925
4,931
6 108
6,179
1,350
1 486
1,058
131
938
1,294
864
817
429
455
672
971
857
Dec
564
556
516
618
546
567
546
454
557
562
554
503
492
470
568
507
533
508
430
527
529
517
1957—Jan
Feb
553
402
512
356
...
May
June
July
Aug
Sept
Oct
Nov
FHAinsured
6,442
6,636
1941
1945
1956—Feb
Mar
Apr
Total
Other
5 529
5,860
1,394
11,768
14,775
17,787
19,546
21,436
23,928
27,172
30,546
3,454
4,573
5,257
5,681
6,012
6,116
6,395
6,654
VAguaranteed
Farm
Other
4 714
4,466
913
1,224
2,026
3,131
3,347
3,560
4,643
6,074
7,318
7,090
8,176
9,399
10,518
11,864
13,169
14,703
16,574
1,138
1,327
1,527
1,705
1,886
2,048
2,273
2,471
815
116
411
372
420
1,378
1,839
1,647
1,642
2,108
2,371
2,313
2,653
2,881
3,298
3,675
507
12,906
16,102
19,314
21,251
23,322
25,976
29,445
33,017
75
76
68
92
58
84
64
51
69
60
55
138
131
134
140
136
138
131
102
136
120
133
290
285
268
336
313
311
313
111
322
349
329
61
64
46
50
39
34
38
24
30
33
37
30,102
30,383
30,651
30,991
31,284
31,612
31,897
32,111
32,399
32,709
33,017
27,799
28,055
28,301
28,612
28,884
29,188
29,454
29,656
29,938
30,243
30,546
6,493
6,515
6,535
6,574
6,584
6,608
6,621
6,614
6,632
6,649
6,654
6,360
6,466
6,571
6,665
6,764
6,872
6,957
7,044
7,131
7,214
7,318
14,946
15,074
15,195
15,373
15,536
15,708
15,876
15,998
16,175
16,380
16,574
2,303
2,328
2,350
2,379
2,400
2,424
2,443
2,455
2,461
2,466
2,471
51
43
141
98
320
215
41
46
33,279
33,479
30,810
31,001
6,658
6,671
7,420
7,493
16,732
16,837
2,469
2,478
307
362
413
515
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
Life Insurance Statistics and Life Insurance News Data.
MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS
NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS
[In millions of dollars]
[Number in thousands; amounts in millions of dollars]
Year or
month
Total i
New
construction
Amount, by type of lender
Loans outstanding (end of period)
Loans made
Home
purchase
Total 2
1941
1945
1,379
1,913
437
181
581
1,358
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
4,727
11,616
13,657
15,564
18,396
21,962
26,194
31,461
35,870
ConVAvenguaranteed tional 2
Year or
month
111
848
866
904
1,048
1,172
1,405
1,492
2,586
2,973
3,133
3,394
3,979
4,721
5,891
6,664
8,313
9,836
11,565
14,098
16,935
20,301
24,165
27,714
Insurance
companies
Commercial
banks
Mutual
savings
banks
1,490
2,017
404
250
1,165
1,097
218
217
1949
1950
1951
1952
1953
1954
1955
1956
2,488
3,032
2,878
3,028
3,164
3,458
3,913
3,602
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
1,618
1,615
1,420
1,480
1,768
1,932
1,799
2,446
3,365
3,370
3,600
3,680
4,239
5,617
5,458
750
,064
,013
,137
,327
1,501
1,858
1,824
278
309
303
324
319
312
336
290
322
277
257
2,050
2,271
2,269
2,434
2,417
2,374
2,544
2,185
2,425
2,108
1,951
700
816
827
872
877
851
921
779
848
717
660
136
152
148
158
165
159
163
139
154
136
138
421
468
470
508
494
464
508
441
475
408
366
127
128
128
152
162
168
181
163
183
152
148
258
237
1,942
1,749
659
644
134
105
353
308
117
96
1956
778
908
932
986
976
949
1,037
850
922
784
710
284
331
359
356
349
341
358
292
323
277
250
333
386
388
434
449
439
483
397
422
360
320
714
709
245
243
326
318
32,405
1,424
6,082 24,899
33,740
1,458
6,338 25,944
34,939
1,476
6,530 26,933
35,870
1,492
6,664 27,714
Feb...
Mar
Apr
May..
June
July
Aug
Sept
Oct
Nov
Dec
1957
1 Includes loans for other purposes (for repair, additions and alterations,
refinancing, etc.) not shown separately.
2
Excludes shares pledged against mortgage loans.
Source.—Federal Home Loan Bank Board.
Savings &
loans
assns.
4,732
5,650
1957
Jan
Feb
Total i
1,628
1,639
1956
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Number
1941.
1945
4,578
5,376
1949
1950
1951
1952
1953
1954
1955
1956
FHAinsured
Jan
Feb
1
Includes amounts for other lenders, not shown separately.
Source.—Federal Home Loan Bank Board.
451
REAL ESTATE CREDIT
GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE
MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- TO 4-FAMILY PROPERTIES
[In millions of dollars]
[In billions of dollars]
VA-guaranteed loans
FHA-insured loans
Home
mortgages
Year or month
Total
New
properties
Existing
properties
Projecttype
mortgages i
Property
improve- Total 3
ment2
loans
1945
665
257
217
20
171
3,826
4,343
3,220
3,113
3,882
3,066
3,807
3,461
1,319
1,637
1,216
969
1,259
1,035
1,269
1,133
892
856
713
974
1,030
907
1,816
1,505
,021
,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
New
properties
Governmentunderwritten
End of
year or
Existing
properties
Total
1956—Feb..
Mar.
Apr.,
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
1957—Jan..
Feb..
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
287
298
253
270
280
279
312
278
341
279
249
114
105
87
87
86
83
97
82
96
89
76
127
127
116
123
121
125
141
122
134
124
98
5
18
4
2
10
10
8
15
26
4
27
41
48
46
59
62
61
67
59
86
62
48
535
468
493
469
421
465
505
508
501
462
472
372
331
333
307
265
291
320
321
331
315
321
162
136
159
162
155
174
184
186
169
146
150
300
266
87
74
107
85
29
50
77
56
555
431
393
316
162
113
1
2
3
Monthly figures do not reflect mortgage amendments included in annual totals.
These loans are not ordinarily secured by mortgages.
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.
FEDERAL NATIONAL MORTGAGE ASSOCIATION
ACTIVITYi
End of year
or month
18.6
4.3
4.1
,2
14.3
1949
1950
1951
1952
1953
1954..
1955
1956*>
37 6
45.2
51.7
58.5
66.1
75.7
88.1
99.2
15.0
18.9
22.9
25.4
28.1
32 1
38.9
43.8
6.9
8.6
9.7
10.8
12.0
12.8
14.3
15.5
8.1
10.3
13.2
14.6
16.1
19 3
24.6
28.3
22 6
26.3
28.8
33.1
38 0
43.6
49.2
55.4
1955—June
Sept
Dec
82.2
85.5
88.1
35.3
37.0
38.9
13.5
13.9
14.3
21.8
23.1
24.6
46.9
48.5
49.2
1956—Mar.p....
90.8
93.7
96.6
99.2
40.2
41.3
42.4
43.8
14.7
15.0
15.2
15.5
25.5
26.3
27.2
28.3
50.6
52.4
54.2
55.4
June2*....
Sept.P
Dec.*
* 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.
Mortgage
transactions
(during
period)
Sales
425
1,177
1.646
,922
,841
,632
,714
1,069
672
1,044
20
469
824
485
111
239
28
23
25
40
43
978
,748
,758
,769
,789
,814
,839
,861
,904
.996
2,069
1,009
1,026
1,053
2,173
2,269
2,356
828
1,347
1,850
2,242
. . . 2,462
2,434
2,615
3,047
403
169
2,657
2,665
2,677
2,704
2 729
2,758
2,781
2 838
2,953
3,047
909
907
907
915
915
3,182
3 295
3,409
Total
[In millions of dollars]
Purchases
VAguaranteed
.
FEDERAL HOME LOAN BANK LENDING
Commitments
undisbursed
FHAinsured
FHA- VAinguarsured anteed
1945
[In millions of dollars]
Mortgage holdings
Conventional
Total
quarter
192
1949
1950
1951
1952
1953
1954
1955
1956
Home
mortgages
Year or month
Advances
Repayments
Advances outstanding
(end of period)
Total
Shortterm 1
Longterm 2
1945
1949
1950
1951
1952
1953 . .
1954
1955
1956
.
1956—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1957 Jan
Feb .
Mar
204
320
621
802
901
978
919
920
934
957
677
538
542
614
411
609
46
40
69
129
56
221
525
62
5
1
1
1
1
1
323
638
476
76
360
62
68
81
92
91
92
130
232
317
109
360
147
129
411
436
127
483
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.
278
213
195
176
19
1949
1950
1951
1952
1953
1954
1955
1956
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
1,228
231
547
508
565
634
612
991
798
202
269
298
299
317
255
426
430
1956—Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec.
26
42
44
99
93
66
72
67
59
121
69
53
48
49
159
57
46
61
54
47
1,138
1,127
1,123
1,173
1,108
1,116
1,142
1,148
1,153
1,228
730
709
697
730
700
713
741
752
756
798
408
418
427
443
408
403
401
397
397
430
1957—Jan...
Feb..
Mar..
77
30
68
267
91
83
1,038
976
961
660
601
563
378
375
398
* Secured or unsecured loans maturing in one year or less.
2
Secured loans, amortized quarterly, having maturities of more than
one year but not more than ten years.
Source.—Federal Home Loan Bank Board.
452
CONSUMER CREDIT
CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars]
Instalment credit
Total
End of year or month
Total
Automobile
paper 1
Other
consumer
goods
paper 1
Noninstalment credit
Repair
and modernization
loans 2
Personal
loans
Total
Singlepayment
loans
Charge
accounts
Service
credit
1.414
1 645
1,612
518
597
845
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
1949
1950
1951
1952
1953
1954
1955
1956
17 305
21,395
22,617
27,401
31,243
32 292
38,648
41 863
U 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
1,385
1,610
,616
,670
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
37 474
37,761
38,222
38,919
39,454
39,478
39 878
40,074
40 196
40,631
41,863
28,915
29,112
29,419
29,763
30,084
30,297
30,644
30,707
30 811
31,024
31,552
13,574
13,743
13,892
14,059
14,255
14,381
14,530
14,533
14 478
14.449
14,436
7 371
7,300
7,337
7,401
7 417
7,421
7 493
7,497
7 601
7,752
8,139
[ 628
,631
,643
1,677
1,700
,710
I 734
.758
1 781
1,797
1,793
6,342
6,438
6,547
6,626
6,712
6,785
6,887
6,919
6 951
7,026
7,184
8,559
8,649
8,803
9,156
9,370
9,181
9,234
9,367
9,385
9,607
10,311
2,932
3,050
3,094
3,258
3,335
3,261
3 295
3,361
3 310
3,401
3,421
3 530
3,469
3 531
3,701
3 804
3,674
3 696
3,780
3 875
4 029
4,702
2 097
2,130
2,178
2,197
2 231
2,246
2 243
2,226
2 200
2,177
2,188
40,916
40,513
31,298
31,233
14 389
14,410
7 938
7,805
1 772
1,759
7 199
7,259
9,618
9,280
3,360
3,433
4 08S
3,662
2 173
2,185
1956
Feb
Mar
Apr
May
June
July
A.U2
Sent
Oct
Nov
Dec
1957 j
a
.
. •
n
Feb
787
845
746
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.
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 part for business.
2
Represents repair and modernization loans held by financial institutions ; holdings of retail outlets are included in other consumer goods paper.
INSTALMENT CREDIT, BY HOLDER
[Estimated amounts outstanding, in millions of dollars]
Financial institutions
Total
instalment
credit
End of year
or month
Total
Commercial
banks
Sales
finance
companies
Credit
unions
Retail outlets
Consumer
finance
companies !
Other 1
Furniture
stores
Household
appliance
stores
1,438
1,605
686
354
320
131
439
496
240
181
206
17
123
188
28
339
395
270
583
771
903
Automobile
dealers 3
Other
1939
1941
1945
4 503
6,085
2,462
3,065
4,480
1,776
1,079
1,726
745
1,197
1,797
300
132
198
102
1949
1950
1951
1952
1953
1954
1955
1956
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
1 436
420
509
643
111
911
061
,159
2 333
2,898
3,170
3,822
4 042
4,118
4 579
4,514
596
746
924
1,107
1.064
,242
511
1,407
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
July
Aug
Sent
Oct
Nov
Dec
28,915
29,112
29,419
29,763
30,084
30,297
30,644
30,707
30,811
31 024
31,552
24,587
24,870
25,208
25,528
25,963
26,193
26,475
26,551
26,635
26,846
27,038
10,668
10,796
11,009
11,170
11,394
11,476
11,548
11,548
11,606
11 634
11,682
8,460
8,526
8,575
8,641
8,765
8,849
8,953
8,989
8,973
9,075
9,100
1.697
,732
1,767
[,806
1,848
1,880
1,933
.960
1,994
2,021
2,048
2,701
2,739
2,773
2,805
2,845
2,880
2,920
2,924
2,938
2 961
3,049
,061
,077
084
,106
,111
,108
,121
130
1,124
I 155
.159
4,328
4,242
4 211
4,235
4,121
4 104
4,169
4 156
4,176
4 178
4,514
1,436
1,377
I 380
,389
1,247
[,239
1,286
1 269
1,269
1 230
1 407
1 001
984
974
971
973
967
973
970
974
988
1 020
362
355
349
351
354
359
365
368
368
373
378
538
544
548
554
562
568
575
576
574
573
57*>
1 014
1 137
1957—Jan
Feb
31,298
31,233
26,931
26,967
11,616
11,641
9,077
9,035
2.045
2,074
3.041
3,051
1,152
1,166
4 367
4,266
1,380
1,345
975
957
364
362
568
568
1 080
1,034
1956—Feb
Mar
Apr
May
.
. .
1 Consumer finance companies included with "other" financial institutions until September 1950.
2
Includes mail-order houses.
657
759
629
Department
stores 2
Total
1 082
1 070
1 052
1 100
1 137
991
982
960
970
985
971
970
973
991
3
Represents automobile paper only; other instalment credit held by
automobile dealers is included with "other" retail outlets.
CONSUMER CREDIT
INSTALMENT CREDIT HELD BY COMMERCIAL BANKS,
BY TYPE OF CREDIT
INSTALMENT CREDIT HELD BY SALES FINANCE
COMPANIES, BY TYPE OF CREDIT
[Estimated amounts outstanding, in millions of dollars]
End of year
or month
Total
instalment
credit
Automobile
paper
Repair
and
modernization
loans
[Estimated amounts outstanding, in millions of dollars]
Purchased
Direct
Other
consumer
goods
paper
178
338
143
166
309
114
135
161
110
363
471
312
715
834
888
1,079
1,726
745
237
447
66
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
946
1,177
1,135
1,633
2,215
2,269
3,243
3,579
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
1,137
1,317
1,303
1,338
1,429
913
,037
,122
,374
,521
,676
,916
2,105
195 6—Feb...
Mar..
Apr...
May..
June..
July..
Aug..,
Sept..
Oct...
Nov..
Dec...
10,668
10,796
11,009
11,170
11,394
11,476
11,548
11,548
11,606
11,634
11,682
3,294
3,347
3,403
3,462
3,521
3,560
3,598
3,591
3,584
3,578
3,579
2,089
2,133
2,167
2,193
2,207
2,210
2,218
2,199
2,180
2,177
2,181
2,040
2,051
2,118
2,155
2,265
2,276
2,266
2,271
2,335
2,364
2,388
1,305
1,303
1,313
,335
1,356
,367
,384
1,403
1,421
1,430
1,429
,940
,962
2,008
2,025
2,045
2,063
2,082
2,084
2,086
2,085
2,105
1957—Jan...
Feb...
11,616
11,641
3,584
3,611
2,198
2,216
2,306
2,290
1,413
1,399
2,115
2,125
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
1,227
90
61
63
60
46
31
25
23
142
162
276
341
377
402
465
567
1956—Feb.,
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
8,460
8,526
8,575
8,641
8,765
8,849
8,953
8,989
8,973
9,075
9,100
6,940
6,995
7,037
7,099
7,199
7,264
7,344
7,366
7,333
7,305
7,283
1,024
1,024
,024
,021
,039
,049
,061
,071
,083
,202
,227
24
24
24
24
24
24
24
23
24
24
23
472
483
490
497
503
512
524
529
533
544
567
1957—Jan..
Feb.
9,077
9,035
7,222
7,190
,261
,247
23
23
571
575
Other
consumer
goods
paper
Repair
and
modernization
loans
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—Feb.
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
5,459
548
624
5,717
804
5,868
5,974
6,014
6,056
6,137
6,256
713
724
737
751
766
779
795
801
807
816
517
527
532
544
554
560
572
575
581
581
582
299
304
306
318
320
319
326
332
336
343
341
3,930
3,993
4,049
4,104
4,164
4,210
4,281
4,306
4,332
4,397
4,512
1957—Jan..
Feb.
6,238
6,291
817
572
570
336
337
4,513
4,559
825
NOTE.—Institutions included are consumer finance companies, credit
unions, industrial loan companies, mutual savings banks, savings and
loan associations, and other lending institutions holding consumer
instalment loans.
1,034
Personal
loans
NONINSTALMENT CREDIT, BY HOLDER
[Estimated amounts outstanding, in millions of dollars]
[Estimated amounts outstanding, in millions of dollars]
Automobile
paper
Repair
and
modernization
loans
Automobile
paper
End of year
or month
INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS
OTHER THAN COMMERCIAL BANKS AND SALES
FINANCE COMPANIES, BY TYPE OF CREDIT
Total
instalment
credit
Other
consumer
goods
paper
Total
instalment
credit
Personal
loans
1939
1941
1945
End of year
or month
453
End of year
or month
Total
noninstalment
credit
Financial
institutions
(single-payment loans)
Commercial
banks
Retail
outlets
(charge
accounts)
Other
Other
1,178
1,370
1,322
518
597
2,208
2,641
2,907
3,283
3,352
3,515
3,682
3,807
1,388
1,580
1,784
1 867
1,927
2,008
2,092
2,188
2,934
2,890
2,958
3,116
3,230
3,151
3,165
3,192
3,263
3,357
3,807
2,097
2,130
2,178
2,197
2,231
2,246
2,243
2,226
2,200
2,177
2,188
3,357
3,045
2,173
2,185
1939.
1941
1945
2,719
3 087
3,203
625
693
162
152
236
275
674
72
290
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
587
650
357
446
862
895
1956—Feb
Mar
Apr
May
June
July
2,625
2,680
2.720
2,766
2,880
2 885
2,894
2 926
2,897
2,894
2,975
307
370
374
492
455
596
579
573
585
574
376
523
Dec
8,559
8,649
8,803
9,156
9,370
9 181
9,234
9 367
9,385
9,607
10,311
1957_jan
Feb
9 618
9,280
2,960
2,983
400
728
450
617
Aug
Sept
Oct
Nov
i Includes mail-order houses.
Service
credit
Department
stores i
250
276
288
312
401
435
413
507
446
698
728
772
793
531
588
612
672
895
845
454
CONSUMER CREDIT
INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT
>f
[Estimates of short- and intermediate-term credit, in millions < dollars. The terms "adjusted" and "unadjusted" refer to adjustment
of monthly figures for seasona variation and differences in trading days]
Automobile paper
Total
Year or month
Adjusted
Unadjusted
Adjusted
Unadjusted
Repair and
modernization loans
Other consumer
goods paper
Adjusted
Unadjusted
Adjusted
Unadjusted
Personal loans
Adjusted
Unadjusted
Extensions
1949
1950
1951
1952
1953
1954...
1955
1956
1956 Feb
Mar
May
June
July
Aug
Sept
Oct
Nov
Dec
1957—Jan
Feb
. . . .
r
3,512
3,496
4,542
5,043
6 294
7,347
8,006
8,866
10,411
11,606
734
835
841
1,217
1,344
1,261
1,359
1,448
2,918
3,305
3,329
3,470
3,390
3,316
3,504
2 981
3,382
3,387
3,735
3,317
3,167
3,402
3,255
3,049
3,293
3,350
3,153
3,363
3,453
3,368
Apr
5,865
7 150
7,485
9,186
9,227
9,117
10,615
11,015
6,967
8 530
8,956
11,764
12,981
11,807
16,743
15,533
18 108
21 558
23 576
29,514
31,558
31,051
39,128
39,602
r
j 3on
1,278
1,324
1,250
1,175
1,246
1,258
1,191
[,308
1,354
311
1 236
1,378
[,345
1,407
1,391
[,337
1,393
1,150
1,284
1,225
1,195
883
858
966
930
839
925
951
883
942
973
939
731
821
894
949
883
872
952
840
1,010
1,037
1,266
122
119
128
132
115
121
122
117
125
120
108
97
113
123
145
128
127
137
125
140
125
100
922
912
984
943
920
1,001
1,019
962
988
1,006
1,010
854
993
967
969
988
980
1,022
866
948
1,000
1,174
3,079
2,954
1,477
1,426
,258
,214
'899
914
mi
in
119
120
91
93
1,017
1,036
953
920
Repayments
2,946
2 894
3,142
3 060
3,006
3 158
3,145
3 085
3,182
3 160
3,185
1956—Feb
Mar . .
Apr
May . .
July
Aug
Sept
Oct
Nov
Dec
r
1957—Jan
Feb
3 311
3,214
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
15,514
18 445
22 985
25,405
27,956
30,488
33,676
37,070
1949
1950
1951
1952
1953
1954
1955
1956
2,889
3 108
3,022
3,126
3,069
3,103
3,157
2,918
3,278
3,174
3,207
1,182
1,131
1,256
1,224
1,156
1,227
1,212
1,184
1,283
1,231
1,236
1.143
1,209
1,196
[,240
1,195
,211
1,244
1,147
,339
.254
1,208
3,019
1,326
1,286
1,305
1,193
847
821
823
869
857
868
890
891
892
882
904
935
874
Dec
+ 371
+273
+260
+ 195
+43
+ 135
+205
+68
+ 181
+293
+ 183
+2,594
+3,113
+591
+4,109
+ 3,602
+563
+5,452
+2,532
+29
+ 197
+ 307
+344
+321
+213
+ 347
+63
+ 104
+213
+528
+208
+ 147
+68
+26
+ 19
+ 19
+46
+7
+25
+ 123
+75
1957_jan
Feb
'+201
+282
-254
-65
+ 151
+ 140
1956—Feb
Mar
Apr
May
June
July
Aug
Sent
Oct
Nov
...
+ 1,537
+ 1,519
— 102
+ 1,761
+2,102
— 26
+ 3,659
+968
+93
+ 169
+ 149
+ 167
+ 196
+ 126
+ 149
792
833
838
899
868
878
920
930
905
904
920
897
858
890
902
907
920
834
916
925
104
104
927
1,016
978
110
112
940
938
860
112
106
942
860
1
+ 805
+ 1,093
+ 81
+ 1,294
+605
+45
+ 118
+69
+300
+225
+6
+54
+ 123
-55
-29
-13
+62
+ 35
+97
+73
-29
+35
+60
-9
+60
+69
+21
+513
-116
-71
+ 37
+64
+ 16
+4
+72
+4
+ 104
+ 151
+387
+ 12
+ 17
+ 10
+21
+ 11
0
+ 10
+ 13
+ 12
+ 15
+4
++3
12
+34
+23
+ 10
+24
+24
+23
+ 16
-4
+ 89
+74
+85
+75
+42
+81
+89
+57
+84
+86
+83
+207
+ 383
+543
+754
+670
+611
+ 864
+928
+62
+96
+ 109
+79
+86
+73
+ 102
+ 32
+32
+75
+ 158
-47
+21
'-36
+40
-201
-133
+9
+8
-21
-13
+77
+94
+ 15
+60
+3
r
Data for extensions and repayments of other consumer goods paper
have been revised to eliminate the effect of a large repurchase of other
consumer goods paper.
1
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.
110
111
111
105
117
113
101
117
109
4,335
4 660
5,751
6,593
7,336
8,255
9,547
10,678
879
r
Change in outstanding credit
1949
1950 .
1951
1952
1953 .
1954
1955
1956 .
107
110
102
118
111
104
121
112
104
113
105
892
857
885
867
868
880
836
906
886
918
r
689
717
111
917
1,119
1,255
1,305
1,325
-28
+ 875
-10
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.
455
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
Year or month
Adjusted
Commercial banks
Unadjusted
Adjusted
Unadjusted
Other financial
institutions
Sales finance
companies
Adjusted
Unadjusted
Adjusted
Unadjusted
Retail outlets
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
6,543
8,135
8,358
11,123
12,099
11,267
14,109
14,428
3,305
3,826
4,788
5,659
6,375
6 983
8 434
9 426
4 296
5,098
5 467
6,982
7 560
7,260
10 200
9 600
3,317
3,167
3,402
3,255
3,049
3,293
3,350
3,153
3,363
3,453
3,368
2,918
3,305
3,329
3,470
3,390
3,316
3,504
2,981
3,382
3,387
3,735
1.195
,102
,299
,178
.182
1,218
1,174
1,135
1,259
1,221
1,235
1.088
1,201
1,308
,279
1,324
1,231
1,232
1,070
I 244
,148
1,193
834
799
787
770
716
752
772
740
817
929
798
717
822
769
842
847
819
871
722
821
881
785
758
759
780
775
751
811
846
770
793
13,512
3,496
13,079
2,954
1,285
1,265
,204
,105
955
840
785
691
1956—Feb
Mar
Apr
May
June
July
Aug.
Sept
Oct..
Nov
Dec
1957 Jan
Feb
3 964
4,499
4 963
5,750
5 524
5,541
6 385
6,148
530
507
536
532
400
512
558
508
494
796
699
808
766
800
803
795
844
707
774
835
939
539
414
474
486
549
416
471
557
482
543
523
818
818
845
742
750
1454
546
1348
408
835
468
Repaj •orients
15,514
18,445
22,985
25,405
27,956
30,488
33,676
37,070
1949
1950
1951
1952
1953
1954
1955
1956
5,633
6,776
8,385
9,370
10,625
11 469
12,304
13,347
2,946
2,894
3,142
3,060
3,006
3,158
3,145
3,085
3,182
3,160
3,185
2,889
3,108
3,022
3,126
3,069
3,103
3,157
2,918
3,278
3,174
3,207
1.059
,006
,126
,092
,077
,148
,146
,122
,162
,122
.163
13,311
3,214
13,333
3,019
11,183
1,153
1956 Feb
Mar
Apr
May
June
July. .
Aug
Sept
Oct
Nov
Dec
1957—Jan
Feb
1,038
1,073
1 095
1,118
1.100
.149
1,160
1,070
1,186
1,120
1,145
11,195
1,080
3,011
3 404
4,385
5 012
5,683
6 511
7,547
8,567
3,363
4 331
5,524
5 925
6,344
7 043
7 901
8,943
717
697
761
775
699
763
746
706
789
756
763
846
790
693
3,507
3 934
4,691
5 098
5,304
5 465
5,924
6,213
507
510
535
503
751
723
718
748
738
633
719
690
707
716
731
738
667
732
754
820
502
534
513
534
521
525
560
517
525
530
488
492
495
523
521
482
766
758
760
697
516
513
570
509
756
720
776
663
681
720
690
723
735
699
746
767
686
837
779
760
808
733
531
501
Change in outstanding credit 2
1949
1950
1951
1952
1953
1954
1955
1956
+2 594
+ 3,113
+ 591
+4,109
+ 3,602
+ 563
+ 5,452
+2,532
+ 371
+273
+260
+ 195
+43
+ 135
+205
+ 68
+ 181
+293
+ 183
1956—Feb.
Mar
Apr
May
June
July.
Aug
Sept
Oct..
Nov
.
Dec
1957—Jan
Feb.
r
+201
+ 282
+29
+ 197
+ 307
+ 344
+ 321
+213
+ 347
+63
+ 104
+213
+ 528
-254
-65
+910
+ 1,359
-27
+ 1,753
+ 1,474
-202
+ 1,805
+ 1,081
+ 136
+96
+ 173
+ 86
+ 105
+70
+28
+ 13
+97
+99
+72
+28
+ 112
+50
+ 128
+213
+ 161
+224
+82
+72
0
+ 58
+28
+48
-66
+25
r
Revised.
1 Data for extensions at retail outlets and repayments at commercial
banks have been revised to eliminate the effect of a large repurchase 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 in January 1957 as indicated in footnote 1.
+294
+422
+403
+ 647
+ 692
+472
+ 887
+ 859
+933
+767
— 57
+ 1,057
+ 1 216
+217
+2,299
+657
+ 117
+ 102
+26
-5
+ 17
-11
+26
+ 34
+28
+ 173
+ 35
+ 109
+ 50
+24
+66
+49
+66
+ 124
+ 84
+ 104
+ 36
-16
+ 102
+25
-23
-42
+95
+78
+60
+85
+ 52
+65
+95
+47
+75
+ 87
+ 58
+ 52
+ 87
+66
+ 89
+76
+93
+ 87
+64
+ 106
+40
+42
+81
+ 119
-18
+ 53
+457
+565
+272
+652
+220
+76
+461
-65
+23
+1
+29
-131
+ 11
+ 56
-26
-19
-66
+ 18
r
+12
+ 33
-111
-86
-31
+24
-114
-17
+65
-13
+20
+2
+ 336
-147
-101
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
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.
456
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)*
Employment and payrolls 2
Nonagricultural
employment
Ma nufactures
Year
or month
Total
Total
Nondurable
Durable
Minerals
Total
Residential
other
Manufacturing
production workers
Employment
DepartFreight ment
WholeConcarsale
store
sumer
loadsales* prices 2 commodity
ings*
(retail
prices 2
value)
Payrolls
Ad- Unad- UnadAdAdAdA d - Unad- A d AdAdAdAdjusted justed justed justed jsuted justed justed justed justed justed justed justed justed
Adjusted
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
1931
1932
1933
1934
1935
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
63.9
70.1
59.6
66.2
71.2
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
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
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
99 4
83
105 101.6
99.0
111
142 102.3
97.9
103.4
102.8
93.8
99.6
81.2
97 7
105.1
97.2
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
2143
121
125
136
127
140
2144
128
136
153
137
155
2159
114
114
118
116
126
2129
115
114
116
111
122
v\29
171
183
192
215
261
268
170
183
178
232
280
271
172
183
201
204
248
266
108 2
110.4
113.6
110.7
114.2
117.7
106.4
106.3
111.8
101.8
105.5
106.5
129 8
136.6
151.4
137.7
152.5
161.1
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
143
141
143
141
141
136
143
144
146
146
147
144
143
144
141
141
128
142
146
151
147
144
144
143
144
143
142
138
144
146
147
147
149
158
157
159
157
157
148
158
162
163
165
167
130
128
130
129
128
128
130
130
131
129
130
129
129
129
128
129
123
130
131
131
130
131
306
287
277
257
256
255
260
251
248
242
n.a.
318
317
315
286
269
265
264
250
230
197
n.a.
298
267
252
237
248
249
257
251
260
272
311
116.9
116.7
117.3
117.6
118.0
116.6
118.2
118.1
118.7
118.8
119.0
106.8
106.1
106.0
105.4
105.7
101.2
107.1
107.8
108.7
108.0
107.6
157.7
157.9
158.2
157.3
158.2
151.0
161.4
165.8
168.7
167 7
170.9
100
100
99
98
95
81
93
96
96
97
100
118
122
122
122
124
128
128
129
122
131
129
114.6
114 7
114.9
115.4
116 2
117.0
116.8
117 1
117.7
117 8
118 0
112.4
112 8
113.6
114.4
114 2
114.0
114.7
115 5
115.6
115 9
116 3
146
146
2146
145
147
2148
147
147
*147
164
164
J>163
131
131
*131
130
131
2135
n.a.
n a
n.a.
n a
297
119.0 106.8 r 106.0 r 165.1
119 1 106 2 105 8 164 7
2118.9 2105.7 2105.5 "163.4
98
96
298
125
2124
«129
118 2
118 7
116 9
117 0
116.9
. ..
1941
1942
1943
1944
1945
...
... .
1956
Feb
Mar
Apr
May
June
July
Aus
Sent
Oct
Nov
Dec
. . . .
107.2
106.4
107.1
106.9
106.3
102.6
106.0
105.7
107.1
107.1
107.2
1957
Jan
Feb
Mar
r
r
« Estimated.
2 Preliminary.
Revised.
n.a. Not available.
* Average per working day.
1 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.
*
I I U L W - I U U I U I I
111V Y l l l g
Cl V ^ X CIJ3W,
L/UOVU
V l l
A
.
TT.
Xj'WUguV
V-Wl p v i
MLIWH
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.
HV1
X J
XL
W1V
U l 111VU
1V1VVO,
l i l t
WUOU111V1
±J 1 1WV
XilU^A.
13
UlW
AtVlOCU
dVllVO)
PRODUCTION
457
INDUSTRIAL PRODUCTION
[Federal Reserve indexes, 1947-49 average= 100]
Industry
1947_49 Annual
average
propor1955 1956*3 Feb.
tion
1956
1957
Mar. Apr. May June
July
Aug. Sept. Oct. Nov. Dec. Jan. Feb.
SEASONALLY ADJUSTED
INDUSTRIAL PRODUCTION—TOTAL
100.00
139
143
143
141
143
141
141
136
143
144
146
146
147
146
143
144
143
142
138
144
146
147
147
149
147
147
157
159
157
157
148
158
162
163
165
167
164
164
146
MANUFACTURES—TOTAL
90.02
140
144
144
Durable Manufactures—Total
45.17
155
159
158
6.70
140
138
146
145
146
141
136
69
125
148
147
146
145
144
143
770
136
169
148
208
193
123
295
162
167
130
169
149
208
187
110
302
164
168
132
169
149
208
188
110
306
163
769
130
172
152
210
189
110
308
167
772
134
174
155
211
191
112
311
171
174
139
175
157
210
193
112
317
171
776
140
174
156
211
203
121
328
172
180
139
175
154
214
216
137
336
172
183
141
176
156
216
223
143
344
173
180
137
173
'154
'208
221
'139
'347
'173
750
137
171
154
205
223
138
353
174
r
133
155
114
134
156
114
737
118
140
725
117
136
Primary metals
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
772
135
170
151
207
199
125
310
166
168
134
163
147
194
199
135
293
161
167
132
163
148
193
196
131
291
160
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
138
155
123
135
154
118
759
158
122
141
162
121
141
161
123
143
161
127
145
160
130
739
154
126
138
157
120
138
157
119
736
158
117
Furniture and misc. manufactures
Furniture and fixtures
Miscellaneous manufactures
4.04
1.64
2.40
132
119
141
135
122
144
135
122
143
133
121
141
135
123
144
135
123
143
135
122
144
136
123
145
736
122
145
736
122
146
736
122
146
134
119
144
134
120
144
44.85
126
130
128
130
129
128
130
130
131
129
130
11.87
6.32
5.55
109
107
113
108
104
112
112
110
114
107
107
108
107
106
109
107
103
111
706
100
112
106
100
112
107
102
112
108
103
113
111
105
117
105
103
108
106
103
110
Rubber and leather products
Rubber products
Leather and products
3.20
1.47
1.73
722
143
105
118
133
104
726
143
111
779
135
105
120
136
106
114
127
103
770
120
101
772
125
102
7/7
135
102
776
132
102
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
742
157
132
131
132
142
157
132
129
134
145
160
135
132
136
145
160
135
132
137
745
161
135
131
137
146
162
136
132
138
147
161
138
134
140
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
167
176
199
142
767
176
197
144
168
179
198
139
767
177
197
140
766
176
191
140
164
176
191
132
11.51
10.73
8.49
2.24
.78
109
109
109
107
105
772
113
113
112
107
772
113
113
107
777
112
111
113
105
772
113
112
114
108
777
111
111
111
106
770
111
111
108
106
MINERALS—TOTAL
9.98
122
129
129
129
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
729
85
55
90
150
137
191
72P
88
55
94
148
135
185
130
90
51
96
148
r
135
190
128
89
56
94
147
132
191
725
85
41
92
149
134
190
Metal, stone, and earth minerals
Metal mining
Stone and earth minerals
1.63
.82
.81
120
110
130
727
114
141
727
116
138
727
117
138
735
129
141
729
118
140
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
Foods, beverages, and tobacco
Food and beverage manufactures
Food manufactures
Beverages. *.
Tobacco manufactures
r
Revised.
Preliminary.
r
131
131
104
100
109
105
101
110
777
134
101
114 r118 722
126 137 '145
104 102 102
724
147
105
145
159
137
131
140
148
160
140
133
144
147
160
139
132
142
147 148
157 159
140 141
133 135
144 '145
747
157
141
132
146
767
176
192
139
168
111
194
143
767
177
196
140
768
177
195
143
770 '774
179 '184
'199 '205
145 '147
772
182
204
145
777
112
112
110
106
773
114
115
112
105
773
114
115
112
106
773
113
114
111
106
773
114
113
115
109
773 '777
114 '111
113 111
117 113
107 112
773
113
113
129
123
130
131
131
130
131
130
131
729
85
55
'90
149
136
192
727
75
48
79
152
139
190
732
85
61
88
154
142
193
730 730
86
85
56
56
90
91
151
151
139 138
193 P194
729
87
57
91
149
137
730 '730
80
80
57
49
84
85
154 154
141
142
73/
86
47
92
152
128
113
143
700
'60
142
722
103
140
733
123
143
736
132
141
135
128
142
134 '730
ill 119
141 '142
131
120
142
For other footnotes see end of table.
458
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average= 100]
Industry
1947-49 Annual
1956
1957
average
proportion
1955 1956* Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb.
WITHOUT SEASONAL ADJUSTMENT
INDUSTRIAL PRODUCTION—TOTAL
100.00
139
143
144
143
144
141
141
128
142
146
151
147
144
145
147
MANUFACTURES—TOTAL
90.02
140
144
146
145
146
142
142
129
143
148
153
149
146
146
149
Durable Manufactures—Total
45.17
155
159
161
161
162
157
156
139
155
161
168
166
166
164
167
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
152
149
158
143
159
153
199
152
149
159
145
160
155
192
152
149
158
145
159
155
181
144
143
152
140
154
149
182
140
138
145
135
146
144
157
62
41
24
22
24
23
34
118
114
117
104
119
116
135
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
148
159
149
160
159
167
1.52
1.29
.23
124
123
133
119
117
126
130
128
142
128
126
142
129
127
141
120
119
129
123
121
134
79
78
106
106
105
122
122
120
123
122
127
118
118
120
118 118
117 117
121 -126
123
122
133
1.67
.38
.09
.06
.04
.10
.09
146
164
122
123
103
120
261
147
175
133
132
115
123
280
161
177
136
134
117
126
279
160
182
142
141
120
125
287
160
185
143
146
121
125
294
149
181
147
143
106
111
296
145
179
142
139
109
111
296
124
172
117
123
107
114
298
130
143
124
120
107
123
182
144
168
122
114
123
128
269
148
181
133
134
122
127
293
146
180
127
135
116
130
295
135
180
129
128
120
134
292
145
180
135
137
113
128
'289
149
176
138
146
118
133
259
.13
1.16
.63
.20
.33
123
142
114
208
156
119
140
115
215
146
134
159
132
225
170
124
157
127
241
166
135
154
123
242
160
121
141
116
228
140
110
137
112
215
137
93
112
79
222
111
108
128
109
187
129
115
139
120
202
141
124
140
111
218
149
116
138
116
196
146
108
123
98
175
116
138
111
203
150
144
121
201
28.52
165
172
172
174
167
166
160
167
172
180
181
183
181
183
5.73
2.68
2.12
.30
.63
134
136
130
142
135
141
125
151
110
124
129
111
168
94
135
137
117
214
123
144
144
123
220
143
145
150
130
186
128
138
149
132
100
98
139
152
134
105
82
136
148
130
113
83
137
149
130
116
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
135
138
129
116
110
134
138
126
127
115
136
140
125
189
106
130
138
121
121
105
132
138
119
159
112
172
167
165
157
167
176
181
177
177
175
177
146
144
82
153
194
128
146
145
79
155
193
108
153
148
79
158
199
159
152
149
73
160
201
139
151
150
77
160
201
125
157 157
155 '153
82
86
165 '163
209 '203
142 '148
159
154
90
164
203
216
'208
210
188
211
210
201
224
225
141
144 174
177
'98
r
101
97
92
'42
45 '182
207 134
121
134
136
336 '348 '350
601 619 '624
118 '126 '127
68
75
74
73
64
72
175
174
'173
228
144
178
113
110
57
200
155
13.68
155
170
168
168
Nonelectrical machinery
Farm and industrial machinery
Farm machinery
Industrial and commercial machinery.
Machine tools and presses
Laundry and refrigeration appliances.. .
9.04
8.13
1.02
7.11
.68
.69
135
130
91
135
163
144
151
147
86
156
197
149
152
145
95
153
195
173
154
146
94
154
196
183
154
148
92
156
197
175
151
147
88
155
197
146
150
147
87
155
194
143
Electrical machinery
Electrical apparatus and parts
Radio and television sets
4.64
3.23
.74
194
174
242
207
198
224
200
184
233
196
184
218
206
202
209
198
200
185
195
199
174
178
193
130
209
198
238
220
202
266
237
209
312
227
211
271
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
168
121
205
143
164
125
109
71
227
187
135
202
139
163
130
104
68
258
191
128
201
136
162
133
102
69
265
208
122
189
116
127
117
89
58
237
191
109
188
111
127
123
89
68
246
203
98
186
107
127
99
76
56
198
145
97
186
104
109
101
81
53
192
160
102
180
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
2.74
1.30
.81
.53
.35
272
481
115
42
310
548
118
63
296
521
119
60
294
513
121
66
295
516
119
68
298
520
120
69
303
531
121
66
305
536
121
62
311
555
114
58
317
569
113
51
325
582
115
60
Machinery
Other transportation equipment
Aircraft and parts
Shipbuilding and repair
Railroad equipment
Railroad cars
30
54
49
57
60
61
56
51
49
36
52
149
166
161
161
164
164
163
162
167
171
173
138
140
.60
.47
.26
.23
142
158
143
166
165
135
92
143
162
142
164
163
136
93
145
163
140
160
158
142
86
135
156
130
150
146
133
72
149
164
142
161
160
145
90
145
157
127
159
158
113
61
146
158
141
165
165
132
87
135
150
141
163
167
130
96
135
149
134
155
156
126
91
Cement
Structural clay products
Brick
Clay firebrick, pipe, and tile
.32
.35
12
.20
148
127
131
127
157
138
134
142
123
132
124
139
159
138
140
138
174
140
145
139
175
146
144
148
173
140
140
141
177
144
148
144
174
140
135
147
165
149
173
177
147
86
171
143
139
147
Concrete and plaster products
Misc. stone and earth manufactures....
.48
.58
180
166
194
173
177
192
172
202
172
208
204
167
208
204
176
199
177
Instruments and related products
1.29
Clay, Glass, and Lumber Products . .
5.91
Stone, clay, and glass products
Glass and pottery products
Flat glass and vitreous products
Flat and other glass
Glass containers
Home glassware and pottery
2.82
1.09
r
Revised.
Preliminary
153
140
163
163
130
93
137
137
132
142
181
171
For other footnotes see end of table.
IK
r
357
634
128
80
80
174
138
161
147
174
177
135
92
156
143
173
177
114
96
157
136
131
141
144
126
106
142
113
120
94
140
121
192
177
187
180
173
174
179
176
125
'148
143
'167
171
127
131
151
145
166
169
134
101
459
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average= 100]
Industry
1947-49 Annual
1956
average
proportion
1955 1956* Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec
1957
Jan. Feb.
WITHOUT SEASONAL ADJUSTMENT
—Continued
Lumber and products
Lumber
Millwork and plywood.
Millwork
Softwood plywood...
Wood containers
3.09
2.05
.60
.39
.12
.29
127
112
197
144
284
90
123
108
189
121
301
91
121
104
201
128
321
91
119
105
193
118
316
91
126
112
199
123
324
92
125
111
187
124
290
93
129
118
181
133
260
92
116
104
161
107
248
90
135
115
216
152
320
90
Furniture and Misc. Manufacturing .
4.04
132
135
136
134
132
131
132
127
119
120
115
122
121
122
123
125
119
111
123
120
119
118
120
111
115
120
118
116
123
115
114
117
141
144
145
142
141
140
141
135
Furniture and fixtures
Household furniture
Fixtures and office furniture.
1.64
1.10
.54
Miscellaneous manufactures
Textiles and Apparel
126
129
131
130
129
127
109
108
119
114
111
107
127
Wool textiles
Wool apparel yarns.
Wool fabrics
Knit goods
Hosiery
Full-fashioned hosiery.
Seamless hosiery
Knit garments
1.15
.65
.45
.20
.50
Floor coverings1.
Woven carpets.
Women's outerwear
Women's suits and coats.
Misc. apparel and allied mfrs
Rubber and Leather Products .
143
138
137
r
128
130
125
125
126
111
127
127
111
123
122
125
125
126
118
r
116
121
119
118
121
150
154
150
145
136
137
134
137
132
125
128
131
131
106
100
106
112
103
101
97
110
82
109
113
108
118
105
105
109
104
119
90
99
104
93
123
99
101
108
99
129
87
105
111
101
129
102
87
79
90
94
93
96
86
76
90
78
77
79
•74
80
72
80
85
80
114
105
106
103
125
111
100
100
101
125
109
101
98
107
119
99
90
90
90
110
100
98
98
97
r
102
105
103
104
101
108
105
90
107
113
103
137
100
104
108
102
118
98
115
123
112
141
118
110
115
108
132
98
108
112
107
119
103
105
109
105
108
108
100
99
96
102
90
86
87
81
101
71
79
85
78
86
89
86
84
97
81
85
89
84
89
97
87
90
98
89
90
85
92
76
83
75
102
104
101
102
103
92
94
92
110
106
110
99
115
108
100
102
96
119
114
114
117
108
115
110
105
110
93
117
110
105
112
90
116
108
99
102
91
120
111
102
104
97
123
95
77
77
75
120
109
96
97
94
126
r
79
83
93
91
89
80
78
50
86
97
87
78
79
'86
95
5.55
1.78
.73
.50
.13
.99
113
111
92
90
77
123
112
110
95
93
78
118
124
124
99
103
59
141
120
118
99
101
67
130
114
119
103
99
92
129
109
121
107
100
110
129
108
104
91
85
93
111
95
79
59
54
63
90
116
120
109
103
110
126
108
101
91
85
90
106
118
116
103
100
91
124
108
98
90
92
57
101
101
96
89
93
53
98
113
119
107
114
51
'126
119
111
95
100
50
121
1.85
.76
116
134
112
132
155
127
135
115
95
104
90
100
132
116
152
108
138
117
146
106
128
89
101
108
131
130
122
117
114
108
104
107
105
113
116
121
119
117
112
132
125
122
113
111
97
118
123
113
111
123
1.92
111
3.20
122
143
131
140
120
154
Leather and products. . .
Leather
Cattlehide leathers.
Skin leathers
1.73
.44
.29
.15
105
92
99
79
104
91
99
76
120
103
110
90
103
.90
.39
99
97
Paper and Printing.
8.93
137
Paper and allied products
Pulp and paper
Wood pulp
Paper and board
Printing paper
Fine paper
Coarse paper
Miscellaneous paper
Paperboard
Building paper and board.
3.46
1.76
.51
1.25
.22
.14
.20
.18
.41
.10
152
149
169
140
127
133
129
158
149
137
159
157
179
148
140
145
136
170
155
131
Converted paper products..
Shipping containers
Sanitary paper products..
1.70
.51
.11
156
155
158
162
159
170
130
146
134
135
132
157
140
130
131
130
149
140
133
135
130
146
129
125
125
125
133
123
122
115
130
124
105
99
97
103
110
127
110
113
106
142
135
120
121
118
148
144
121
124
117
165
128
108
113
101
147
132
122
130
110
141
147
126
136
111
166
112
95
103
80
106
96
103
82
99
95
103
100
91
99
76
90
73
79
61
108
90
97
76
104
90
99
73
104
90
99
74
100
90
100
70
95
85
95
65
102
89
98
r
72
99
101
97
145
^Preliminary.
117
113
1.47
.70
.40
.30
.77
Shoes and slippers i
,
Miscellaneous leather products.
157
128
Rubber products
Tires and tubes
Auto tires
Truck and bus tires
Miscellaneous rubber products.
140
123
121
109
118
133
121
123
119
144
Revised.
136
.48
.31
Apparel and allied products...
Men's outerwear
Men's suits and coats
Men's suits
Men's outercoats
Shirts and work clothing.
r
104
91
155
82
277
90
119
44.85
6.32
3.72
2.30
.97
.45
.97
.16
.75
117
101
181
103
310
145
11.87
Textile mill products
Cotton and synthetic fabrics.
Cotton consumption
Synthetic fabrics
Fabric finishing
130
111
206
130
332
93
127
2.40
Nondurable Manufactures—Total.
104
89
167
90
295
113
98
181
105
306
86
133
118
200
139
299
90
150
136
150
117
162
113
95
108
82
96
95
98
91
89
96
96
102
146
148
145
145
135
145
162
163
185
154
144
142
145
169
163
139
163
161
183
153
141
152
140
170
159
148
165
163
184
154
142
153
142
177
161
141
160
162
187
152
142
148
139
168
162
141
163
161
184
152
143
148
141
169
159
141
144
143
165
134
130
129
121
160
135
127
163
160
182
151
143
143
139
172
157
139
160
152
171
145
139
148
131
169
148
128
169
162
185
152
145
149
135
183
159
131
162
159
183
149
146
146
138
174
155
118
US
142
160
135
135
138
123
159
139
94
157
158
182
149
140
140
139
184
154
118
161
160
181
151
139
147
139
189
155
127
162
157
173
165
165
163
168
162
184
157
154
163
165
165
163
146
140
162
166
167
163
168
168
166
177
172
189
165
161
173
148
144
158
156
148
179
163
156
183
154
For other footnotes see end of table.
143
460
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]
1947_49 Annual
1956
average
propor1955 1956^ Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec,
tion
Industry
1957
Jan.
Feb.
136
123
143
139
128
145
175
175
WITHOUT SEASONAL ADJUSTMENT
—Continued
Printing and publishing
Newsprint consumption
Job printing and periodicals.
5.47
1.85
3.62
127
128
127
Chemical and Petroleum
9.34
136
132
138
159
130
127
131
135
134
135
137
141
135
136
140
135
134
131
136
129
115
136
133
121
140
139
133
143
145
143
145
170
169
168
166
165
157
164
168
144
171
145
144
142
131
147
Products.
Chemicals and allied products
Industrial chemicals
Basic inorganic chemicals
Industrial organic chemicals
Plastics materials
Synthetic rubber
Synthetic fibers
Miscellaneous organic chemicals.
171
6.84
2.54
.57
1.97
.24
.11
.59
1.03
167
184
180
186
242
213
186
169
177
196
189
197
256
236
181
189
179
201
203
201
264
249
194
185
179
201
204
200
264
243
191
187
180
200
201
200
266
244
183
189
176
197
195
197
263
242
176
190
173
192
185
194
253
227
169
192
166
182
158
188
213
227
167
191
111
188
171
193
247
223
171
189
111
192
186
194
254
241
169
189
182
198
191
200
272
227
185
181
199
191
201
274
222
189
189
181
'193
200
247
242
187
193
Vegetable and animal oils.
Vegetable oils
Grease and tallow
.64
.48
.16
124
117
145
132
124
158
157
150
175
141
134
162
133
123
163
123
110
163
107
91
155
93
75
145
100
84
150
123
115
144
159
161
151
157
154
167
143
139
157
147
143
159
152
143
181
Soap and allied products.
Paints
Fertilizers
.71
.66
.23
110
125
125
111
124
129
111
125
131
111
124
168
114
124
188
109
124
163
112
125
118
91
125
104
121
127
95
124
125
109
119
124
119
108
123
112
110
123
120
120
122
125
117
122
134
2.50
1.97
1.04
.98
.06
135
142
152
147
233
141
150
159
153
254
143
151
155
151
132
142
148
155
150
242
135
142
150
144
254
137
144
155
149
258
142
149
162
156
267
132
148
162
156
257
142
151
164
158
264
145
151
164
158
261
140
146
155
149
256
143
152
160
155
251
145
158
165
159
260
148 *146
160
164
158
263
.56
.30
.26
138
175
94
148
193
95
158
203
105
149
192
99
140
182
92
138
177
94
141
186
90
141
187
87
146
195
89
145
196
87
142
188
89
149
195
97
161
210
105
170 167
225
108
.10
.17
107
114
111
119
126
115
112
119
98
126
96
123
95
123
97
113
103
119
108
116
117
126
122
124
116
120
118
.26
.15
104
110
102
104
111
100
110
86
108
109
104
125
38
120
92
123
109
131
109
123
109
110
49
110
127
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.
84
Foods, Beverages, and Tobacco.
11.51
109
112
103
104
106
108
129
126
Food and beverage manufactures.
Food manufactures
Meat products
Beef
Pork
10.73
8.49
1.48
.46
.83
109
109
128
142
116
113
113
133
151
119
102
104
140
145
133
104
102
136
142
129
106
103
131
150
117
108
105
121
147
103
114
110
122
154
100
114
111
118
154
95
122
123
116
148
95
130
134
129
151
113
111
129
142
160
128
.69
.14
.07
.19
.28
107
105
116
97
109
107
117
101
112
99
107
103
94
93
109
114
116
106
102
121
128
132
123
109
136
131
153
140
150
138
163
146
149
134
118
133
118
147
120
97
116
98
144
103
91
105
83
118
91
82
97
73
102
111
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
83
98
81
109
82
99
84
109
85
97
79
109
96
99
77
112
115
103
80
119
149
103
77
121
234
105
85
118
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
95
57
102
14
95
59
109
95
68
123
16
97
70
114
27
100
81
124
38
100
73
133
15
99
68
127
11
100
110
130
86
Confectionery
Miscellaneous food preparations.
.71
1.41
101
106
107
105
115
102
97
103
98
102
90
107
84
112
73
107
98
107
2.24
.54
1.70
1.02
.17
.37
107
112
97
108
117
119
128
123
102
101
77
109
104
101
78
119
94
92
75
102
105
103
82
113
111
111
80
122
108
112
76
108
119
128
69
118
107
128
35
88
.78
.46
.17
105
109
104
107
111
104
105
107
109
105
109
104
103
106
105
110
116
103
115
122
108
96
104
83
Dairy products
Butter
Natural cheese
Concentrated milk.
Ice cream
Beverages
Bottled soft drinks. .
Alcoholic beverages.
Beer and ale
Liquor distilling...
Liquor bottling. ..
Tobacco manufactures.
Cigarettes
Cigars
r
Revised.
p
Preliminary.
184
186
'205 207
198 209
r
207 206
263
243 '238*
202 197
192
193
110
94
77
105
116
103
102
106
108
138
149
127
103
104
132
151
117
86
96
96
77
80
101
104
139
163
121
91
102
100
85
82
116
99
87
107
98
99
88
107
'87
100
92
105
85
100
92
105
101
271
123
393
100
296
100
459
99
95
85
102
65
96
102
320
152
106
141
105
130
105
91
102
113
101
123
103
118
116
120
110
98
90
101
112
50
94
106
93
93
135
118
83
133
179
109
80
92
175
93
84
80
115
86
88
79
81
115
120
110
111
115
109
115
119
116
111
114
113
87
92
83
110
117
101
For other footnotes see end of table.
102
109
107
96
97
461
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average^ 100]
1947-49 Annual
average
proportion
1955 1956* Feb.
Industry
1956
Mar. Apr. M a y
June July
1957
Aug. Sept. Oct.
Nov. D e c .
Jan.
Feb.
WITHOUT SEASONAL ADJUSTMENT
—Continued
9.98
122
129
127
127
130
130
131
119
131
132
132
130
129
130
130
8.35
MINERALS—TOTAL
Mineral Fuels
..
123
129
131
130
130
128
128
121
130
129
130
130
132
134
133
87
90
93
90
59
95
83
55
87
84
86
49
47
88
86
86
85
84
62
.36
48
55
55
46
53
42
42
59
62
64
85
90
58
2.32
94
92
91
91
89
65
91
95
98
Crude oil and natural gas
.
Oil and gas extraction
Crude oil
Natural gas and liquids
Natural gas
Natural gas liquids
5 67
4.82
4 12
143
150
151
151
151
149
148
149
150
147
147
.70
137
131
177
145
137
191
147
138
200
148
139
198
144
137
189
142
135
181
143
136
182
142
136
177
144
138
182
143
135
186
.34
.36
.85
185
169
175
182
180
214
187
173
210
186
171
198
178
188
185
176
187
190
176
180
182
172
191
184
180
183
189
182
173
^188
Metal, Stone, and Earth Minerals
1.63
120
127
109
no
129
141
146
110
135
.82
110
114
92
93
121
140
144
73
33
.49
113
108
104
120
49
122
46
124
108
130
164
125
173
124
.24
.09
.06
123
84
81
136
88
87
138
88
86
140
91
90
148
94
91
142
88
89
.81
130
141
126
128
138
142
Coal
Anthracite
Bituminous coal
. . . .
Iron o r e . . . .
.
Nonferrous metal mining
Copper mining
Lead mining
Zinc mining
Stone and earth minerals
2 68
80
85
r
P Preliminary.
Revised.
1
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
141
134
180
149
155
146
151
141
137
*>197 P206
89
157
92
p
l55
153 ^153
143 PI44
^208
186
170
191
181
190
177
147
146
129
116
no9
111
142
142
19
109
126
118
179
117
175
120
141
89
88
120
85
84
132
90
86
132
87
86
134
92
91
114
109
118
132
87
88
94
62
115
129
83
86
133
86
90
149
147
149
151
150
144
138
128
182
r
113
91
96
49
119
50
127
144
129
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 Annual
average
proportion
1955 1956 Jan.
Series
ELECTRICITY AND GAS—TOTAL.. 100.00
41.34
Residential
Nonresidential
58.66
Electricity.
Residential
Industrial
General industrial
Atomic energy
Commercial and other
Gas . . . .
Residential
Industrial
Commercial and other
...
198
216
186
Feb.
217 212 '212
241 '233 '235
200 196 '196
'213 215 '218
'237 239 '244
197 '198 '200
199 218 '212 '213 '213
224 250 '242 '243 '245
190 206 203 202 202
'173 186 183 182 182
2221 2697 2700 2700 2710
180 194 190 '190 '190
23.82
13.86
6.16
3.80
197
'202
197
182
'209 '211
'217 219
'205 '209
'184 184
v Preliminary.
NOTE.—For description and back figures see BULLETIN for October
1956 pp. 1055-1069. Indexes without seasonal adjustment may be obtained from the Division of Research and Statistics. Revised seasonal
Mar. Apr. M a y
76.18
27.48
23.68
23.49
.19
25.02
215
223
218
180
1957
1956
'213
'222
'212
'184
June July Aug. Sept. Oct.
'220 219 '218
'246 245 '244
202 '200 '200
'219
'244
'201
220
243
204
Nov. Dec.
221
244
205
Jan.
Feb.
222 ^225 -226
246
205
'214 '216 220 219 219
'245 '248 252 253 253
'203 207 206 202 203
'183 187 186 182 183
2720 2720 2720 2700 2680
'190 191 '196 '197 196
219 221 '223 224 227 P227
'254 253 '257 258 260
'205 '211 212 211 213
'186 '192 192 191 193
2650 2660 2670 2720 2750
194 196 197 199 204
'218 '224
'229 '238
'214 '216
'184 '184
'216
'224
224
'175
'221 219
'233 '229
'218 '219
'183 '179
'217
'227
'221
'177
215
222
226
173
214
220
228
172
216 P220
221
230
173
adjustment factors for these indexes may be obtained from the Division of
Administrative Services, Board of Governors of the Federal Reserve
System, Washington 25, D. C.
462
PRODUCTION
OUTPUT OF CONSUMER DURABLE GOODS
[Federal Reserve indexes, 1947-49 average= 100]
Annual
1947-49 average
proportion
1955 1956? Feb.
Product
Mar. Apr. May June July
1956
1957
Aug. Sept. Oct. Nov. Dec, Jan.
Feb.
SEASONALLY ADJUSTED
CONSUMER DURABLES—TOTAL.
100.00
147
131
137
133
132
125
123
127
127
123
123
132
141
137
Major Durables
Autos
Major household goods
Furniture and floor coverings.
Household furniture
Floor coverings 1
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
164
190
144
116
120
140
138
144
117
121
149
155
146
120
124
144
145
144
118
122
141
140
145
117
121
132
118
141
117
120
128
120
138
114
119
135
122
148
117
122
132
124
141
117
121
127
106
148
118
122
129
117
142
115
121
143
152
136
114
118
154
168
143
115
121
147
167
131
112
116
15.60
11.88
2.60
4.98
2.51
3.72
5.21
3.42
1.79
138
444
100
151
193
120
242
77
558
143
151
103
150
216
118
224
70
519
148
154
106
156
221
128
218
70
500
149
155
110
156
215
129
209
67
480
147
155
220
155
211
121
219
66
512
137
143
206
147
185
118
226
67
531
134
140
108
142
180
114
218
66
509
152
161
105
160
236
123
227
59
549
136
142
91
146
200
115
231
68
542
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
127
135
95
127
209
102
181
71
392
189
81
395
Other Consumer Durables
Auto parts and tires
Misc. home and personal goods.
30.28
14.00
16.28
106
102
109
111
105
116
111
106
115
108
105
111
111
105
116
110
104
116
110
100
118
111
102
118
114
106
121
113
108
117
110
102
117
109
102
115
113
109
117
114
112
116
114
114
113
11.31
4.01
WITHOUT SEASONAL ADJUSTMENT
CONSUMER DURABLES—TOTAL.
100.00
147
131
143
143
141
124
124
116
120
113
128
139
141
137
142
Major Durables
Autos
Major household goods
Furniture and floor coverings.
Household furniture
Floor coverings *
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
157
164
153
123
125
157
163
155
121
123
154
162
150
116
118
131
127
136
112
115
130
127
134
111
116
121
127
117
104
114
122
109
136
116
121
111
59
158
122
125
132
105
158
122
127
151
164
141
117
123
154
177
137
118
125
148
174
128
113
ni6
155
178
137
115
118
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
156
169
118
165
252
113
233
72
540
168
183
125
194
237
121
218
70
499
162
178
115
197
222
113
209
63
486
143
152
102
173
176
113
184
67
409
143
150
112
174
162
121
174
54
402
125
131
80
149
162
106
130
37
307
121
117
83
107
180
135
238
61
575
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
124
136
94
129
••207
86
188
73
408
201
83
427
Other Consumer Durables
Auto parts and tires
30.28
14.00
16.28
106
102
109
111
105
116
110
101
116
108
101
115
109
103
114
108
104
113
109
103
114
106
101
110
115
109
121
118
116
119
118
110
125
112
101
121
110
103
117
110
109
111
112
110
114
15.32
11.31
4.01
Misc. home and personal goods.
VALUE OF NEW CONSTRUCTION ACTIVITY
[Joint estimates of the Departments of Commerce and Labor. Seasonally adjusted.
In millions of dollars]
Private
Year or month
Total
Business
Total
Residential
Total
22,789
28,454
31,182
33,008
35,271
37,782
42,991
44,258
1956
Aug
Sept
Oct
Nov
Dec
1957 Jan.*3
Feb v
Mar &
Preliminary.
r
Revised.
2,528
2,582
2,608
2,605
2,618
2,617
2.596
2,551
2,551
2,542
1,268
1,297
1,306
1,300
1,299
1,297
1,286
1,241
1,239
,239
3,769
3 740
3,695
Mar
Apr
May
June
July
16,384
21,454
21,764
22,107
23,877
25,853
30,572
30,825
3,570
3,683
3,744
3,754
3,727
3,725
3,701
3,665
3,699
3,729
1949
1950
1951
1952
1953
1954
1955
1956
Public
2,529
2,529
2,522
,211
,187
1,151
8,267 5,322
12,600 5,680
10,973 7,217
11,100 7,460
11,930 8,436
13,496 8.583
16,595 10,046
15.339 11,426
Indus- Com- Public
trial mercial utility
Other
nonresidential
Total
Military
Highway
Conservation
All
other
137
177
887
1 388
1,307
1,030
1 297
1,398
2,131
2 272
2,518
2 820
3 160
3,870
4 520
5 100
793
881
853
854
830
704
593
675
3 344
3 670
5 160
5 839
6 097
6 325
6 009
6'260
51
53
495
500
59
60
543
558
1,062
2,117
2,320
2,229
2,030
2,399
3,065
1,027
1,288
1,371
1,137
1,791
2,212
3,043
3,296
3,323
3,330
3,729
4,003
4,416
4,341
4,604
5,065
2,795
3,174
3,574
3 547
3,511
3,774
3,931
4,060
6,405
7 000
9,418
10 901
11,394
11,929
12 419
13,433
935
952
227
243
289
290
419
419
325
333
395
436
263
274
278
279
271
279
274
273
277
274
266
263
272
263
423
423
425
427
425
337
334
343
337
340
120
131
125
120
121
450
440
411
399
390
947
265
259
423
356
1,042
1 101
1,136
1 149
1,109
1 108
1 105
1,114
1 148
1,187
101
112
965
971
976
983
970
120
455
60
552
972
993
261
265
272
257
264
279
454
464
All
346
349
349
1,240
1 211
1,173
111
113
108
489
466
429
59
59
63
581
573
573
961
950
1,022
972
423
424
349
362
122
113
390
417
61
59
59
59
58
505
519
514
530
536
463
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
By type of construction
Total
Commercial
Educational
Other
Public
works
and
public
utilities
1,376
1,651
1,689
1,686
1,695
1,958
2,126
2,419
2,476
2,578
2,723
3,412
4,008
4,142
5,063
5,580
Nonresidential building
Public
Private
Residential
building
Factories
10,359
14,501
15,751
16,775
17,443
19,770
23,745
24,413
3,718
4,409
6,122
6,711
6,334
6,558
7,475
8,036
6,641
10,092
9,629
10,064
11,109
13,212
16,270
16,377
4,239
6,741
6,205
6,668
6,479
8,518
10,185
9,826
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
2,355
824
1,180
1,335
1,472
1,720
2,063
2,134
2,314
1956—Feb...
Mar..
Apr...
May..
June..
July..
Aug..
Sept..
Oct...
Nov..
Dec...
1,860
2,382
2,421
2,480
2,198
2,149
2,069
2,025
1,706
1,689
1,576
598
638
745
714
732
736
620
671
589
582
737
,262
,744
,677
,766
,466
,412
,449
,354
,117
,107
839
799
1,105
1,144
1,129
826
758
874
764
656
625
451
171
267
196
159
144
152
138
171
126
130
104
'202
206
210
217
224
242
184
195
168
212
155
145
225
203
202
192
196
193
185
185
199
200
1957—Jan...
Feb...
M,778
11,718
679
664
,099
,053
1612
197
211
184
1949
1950
1951
1952
1953
1954
1955
1956
r
Revised.
r
112
183
213
242
234
258
232
225
196
189
164
430
395
456
531
577
543
448
485
375
335
502
170
405
i Figure not comparable with earlier months.
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
Month
Total
Boston
New
York
Philadelphia
1955—Dec
1,921
152
364
134
1956—Jan
Feb
Dec
2,221
2,230
1,576
105
131
117
283
294
318
C
1957_jan
Feb
2,300
2,161
75
90
C
266
186
92
111
85
C
98
87
Cleveland
Richmond
226
P
254
213
169
127
173
n.a. N o t available.
c
Corrected.
Atlanta
169
C
211
212
177
218
199
C
274
277
St.
Louis
280
254
149
145
113
Chicago
89
Minneapolis
47
Kansas
City
Dallas
126
81
C
281
266
278
101
84
70
C
134
128
77
c
f
323
331
116
130
C
137
142
c
49
62
58
56
42
160
192
114
l66
133
San
Francisco
n.a.
c
403
392
n.a.
444
372
N O T E . — F i g u r e s for J a n u a r y 1956 a n d J a n u a r y 1957 are n o t c o m p a r a b l e
with those for other m o n t h s .
PERMANENT NONFARM DWELLING UNITS STARTED
[Bureau of L a b o r Statistics estimates.
Year or m o n t h
Total
private,
seasonally
adjusted
annual rate
1957—Jan..
Feb..
Mar.
Government-underwritten i
1,094
1,157
1,146
1,091
1,070
1,136
1,008
1,052
1,027
1,020
^1,010
^910
Nonmetropolitan
areas
Total
1family
2family
n.a.
1,022
777
795
804
897
976
780
n.a.
374
315
332
300
324
353
338
989
,352
,020
,069
,068
,202
,310
,094
792
[,151
892
939
933
',077
,190
981
35
42
40
46
42
34
33
31
99
111
114
107
101
104
94
94
77
64
72
76
78
75
70
71
62
65
55
45
27
35
36
33
31
33
32
29
23
19
94
110
111
105
99
103
91
91
77
63
84
100
101
95
90
93
81
81
68
53
3
3
3
3
3
3
2
3
3
2
46
46
56
19
19
27
^76
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
Total
P Preliminary.
n.a. Not available.
1
Represents units started under commitments of FHA or VA to insure or guarantee the mortgage. VA figures after June 1950 and all FHA
Private
Metropolitan
areas
,025
,396
,091
,127
,104
,220
,329
,118
1949.
1950.
1951.
1952.
1953.
1954.
1955.
1956.
1956—Mar..
Apr..
May.
June..
July. .
Aug..
Sept..
Oct.. .
Nov..
Dec...
In thousands of units]
Public
Multifamily
n.a.
n.a.
n.a.
FHA
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
5
1
3
3
2
1
3
2
0
162
159
88
84
94
90
87
82
Total
38
46
46
45
43
43
39
40
30
26
17
20
20
19
18
19
15
16
12
11
21
26
27
26
25
24
24
24
18
15
n
20
19
23
10
12
12
10
11
VA
figures are based on field office reports of first compliance inspections;
earlier VA figures are estimates based on loans-closed information.
464
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
Total
labor
force
Employed i
Total
Total
In nonagricultural industries
In
agriculture
Unemployed
Not in the
labor force
1949
1950
1951. . .
1952
1953 .
1954
1955
1956
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
1956—Mar
118,293
118,367
118 537
118,632
118,762
118,891
119,047
119 198
119,344
119,481
68,806
69,434
70 711
72,274
72,325
71,787
70,896
70 905
70,560
69,855
65,913
66,555
67,846
69,430
69,489
68,947
68,069
68,082
67,732
67,029
63,078
63,990
65,238
66,503
66,655
66,752
66,071
66,174
65,269
64,550
57,400
57,603
58 092
58,627
58,955
59,487
58,683
59 000
59,076
59,440
5,678
6,387
7 146
7,876
7,700
7,265
7,388
7 173
6,192
5,110
2,834
2,564
2,608
2,927
2,833
2,195
1,998
1,909
2,463
2,479
49,488
48,933
47,826
46,357
46,437
47,105
48,151
48,293
48,783
49,626
119,614
119,745
119,899
68,638
69,128
69,562
65,821
66,311
66,746
62,578
63,190
63,865
57,643
57,996
58,431
4,935
5,195
5,434
3,244
3,121
2,882
50,973
50,617
50,337
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1957—Jan 2
Feb
Mar
1
2
Includes self-employed, unpaid family, and domestic service workers.
Beginning 1957 persons waiting to start new wage and salary jobs and
those on temporary layoff, previously considered as employed (with a job
but not at work), are classified as unemployed, and a small group in school
and waiting to start new jobs (previously included as employed) are classified as not in the labor force. March 1957 data comparable to March
1956 shown above are: Labor force, 69,565; employment—total, 64,049;
nonagricultural, 58,607; agricultural, 5,442; and unemployment, 2,700.
NOTE.—Information relating to persons 14 years of age and over is
obtained through interviews of households on a sample basis. Monthly
data relate to the calendar week that contains the twelfth day; annual
data are averages of monthly figures.
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Bureau of Labor Statistics. In thousands of persons]
Contract
construction
Transportation and
public
utilities
Trade
Finance
Service
Federal
State and
local
government
918
889
916
885
852
777
770
795
2,165
2,333
2,603
2,634
2,622
2,593
2,780
3,040
3,949
3,977
4,166
4,185
4,221
4,009
4,056
4,145
9,513
9,645
10,012
10,281
10,527
10,520
10,803
11,148
1,765
1,824
1,892
1,967
2,038
2,122
2,215
2,299
4,972
5,077
5,264
5,411
5,538
5,664
5,854
6,000
5,856
6,026
6,389
6,609
6,645
6,751
6,915
7,174
16,804
16,918
16,909
16,877
16,460
16,890
16,864
17,026
17,043
17,080
783
798
794
808
750
809
814
812
807
807
2,966
3,003
3,055
3,132
3,056
3,076
3,078
3,085
3,083
3,107
4,127
4,128
4,141
4,164
4,117
4,147
4,149
4,166
4,159
4,156
11,027
11,120
11,110
11,162
11,152
11,211
11,164
11,217
11,230
11,250
2,276
2,278
2,289
2,297
2,296
2,320
2,321
2,324
2,325
2,320
5,979
5,979
5,981
5,999
6,017
6,017
6,015
6.015
6,040
6,067
7,095
7,103
7,175
7,161
7,155
7,232
7,271
7,257
7,263
7,285
52,046
52,105
52,008
'17,033
16,977
16,930
'804
805
803
'3,021
3,078
3,107
'4,174
4,151
4,143
'11,304
11,353
11,282
'2,317
2,328
2,321
6,070
6,081
6,084
'7,323
7,332
7,338
1956—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
50,499
50,848
51,197
51,709
50,896
51,881
52,261
52,455
52,484
53,131
16,764
16,769
16,715
16,809
16,291
17,034
17,121
17,222
17,151
17,133
783
790
786
812
746
817
818
812
811
811
2,669
2,853
3,040
3,257
3,270
3,353
340
301
191
029
4,106
4,121
4,138
4,181
4,148
4,178
4,179
4,177
4,170
4,180
10,931
10,928
10,985
11,091
11,015
11,047
11,164
11,288
11,496
12,092
2,265
2,278
2,289
2,320
2,342
2,355
2,321
2,312
2,313
2,308
5,859
5,979
6,041
6,089
6,137
6,137
6,105
6,045
6,010
5,976
7,122
7,130
7,203
7,150
6,947
6,960
7,213
7,298
7,342
7,602
1957—Jan
Feb
Mar
'51,238
51,199
51,344
'16,937
16,922
16,898
'804
805
803
'2,719
2,724
2,796
'4,112
4,103
4,122
'11,139
11,062
11,061
'2,294
2,305
2,309
5,918
5,929
5,962
'7,315
7,349
7,393
Total
14,178
14,967
16,104
16,334
17,238
15,995
16,557
16,890
51,057
51,327
51,454
51,600
51,003
51,702
51,676
51,902
51,950
52,072
1949
1950
1951
1952
1953
1954
1955
1956
Manufacturing
43,315
44,738
47,347
48,303
49,681
48,431
49,950
51,491
Year or month
Mining
SEASONALLY ADJUSTED
1956—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1957—Jan
Feb
Mar
r
WITHOUT SEASONAL ADJUSTMENT
r
Revised.
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 March 1957 are preliminary. Back data may be obtained from the
Bureau of Labor Statistics.
465
EMPLOYMENT AND EARNINGS
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
[Bureau of Labor Statistics. In thousands of persons]
Without seasonal adjustment
Seasonally adjusted
Industry group
1956
1957
1957
1956
Mar.
Jan.
Feb.
Mar.
Mar.
Jan.
Feb.
Mar.
13,158
-13,204
13,131
13,074
13,125
-13,117
13,084
13,048
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.
7,594
84
638
315
474
1,124
884
1,262
834
1,354
229
396
'7,715
81
-606
-305
-473
-1.124
-897
-1,286
-883
-1,440
-233
-387
7,665
79
596
304
465
1,114
894
1,289
874
1,439
233
378
7,618
79
573
306
468
1,111
886
1,288
867
1,431
233
376
7,621
84
619
318
472
1,130
893
1,281
842
1,354
231
398
-7,703
81
-573
-310
-461
-1.130
-906
-1,299
-892
-1,440
-234
-377
7,680
79
569
310
458
1.120
903
1,308
883
1.439
233
378
7,649
79
556
309
466
1,117
895
1,307
876
1,431
235
378
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
5,564
1,130
92
971
1,078
459
545
558
174
221
336
^5,489
-1,121
-90
-924
-1,060
467
557
550
-173
220
-327
5,466
1,113
92
916
1.053
464
560
552
175
218
323
5,456
1,110
89
912
1,059
464
560
549
174
216
323
5,504
1,021
82
981
1,116
457
545
566
172
221
344
-5,414
-1,027
-92
-929
-1,071
465
557
553
-170
222
-327
5,404
1,005
88
925
1,090
462
557
555
172
219
331
5,399
1,005
79
921
1,096
462
560
557
172
216
331
Total
- Revised.
NOTE.—Data cover production and related workers only (full- and parttime) who worked during, or received pay for, the pay period ending
nearest the 15th of the month. Figures for March 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. In unit indicated]
Average weekly earnings
(dollars per week)
Average hourly earnings
(dollars per hour)
Average hours worked
(per week)
Industry group
1956
1957
Mar.
Jan.
Total
78.78
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. .
84.25
88.80
67.72
68.47
78.31
95.12
83.23
92.01
78.96
90.90
80.38
69.89
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
70.49
75.11
55.57
57.06
52.48
81.27
93.60
84.46
103.82
84.93
56.92
-72.91
78.18
-57.42
-58.65
-53.13
84.38
-93.84
88.58
106.45
-91.84
58.14
1957
1956
Mar.
Mar.
Jan.
Feb.
Mar.
-82.41 82.41
82.00
40.4
-40.2
40.2
40.0
-89.16
-95.76
-67.25
68.06
-81.00
101.27
86.90
94.47
-82.82
-99.25
-84.25
-72.40
88.73
96.56
68.38
69.72
81.61
98.00
87.95
94.85
83.64
96.63
86.53
73.53
40.9
41.3
39.6
41.0
41.0
41.0
41.0
42.4
40.7
40.4
40.8
40.4
-40.9
-42.0
-39.1
39.8
-40.3
41.0
40.8
41.8
40.4
-41.7
-40.7
-40.0
40.9
41.9
39.5
40.1
40.7
40.4
41.1
41.8
40.6
41.3
41.0
40.3
40.7
41.8
39.3
40.3
40.6
40.0
41.1
41.6
40.6
40.6
41.4
40.4
73.10 73.30
77.99 78.00
57.22 56.09
58.50 58.20
54.02 54.17
84.80 84.60
94.85 95.73
88.78 88.78
104.45 104.45
90.98 90.58
58.83 58.21
39.6
40.6
37.8
39.9
36.7
43.0
39.0
41.2
41.2
39.5
38.2
-39.2
40.3
-38.8
39.1
-35.9
42.4
-38.3
41.2
-41.1
-41.0
38.0
39.3
40.2
38.4
39.0
36.5
42.4
38.4
41.1
40.8
40.8
38.2
39.2
40.0
36.9
38.8
36.6
42.3
38.6
41.1
40.8
40.8
37.8
.78
.85
.47
.43
.43
.89
2.40
2.05
2.52
2.15
1.49
f
Revised.
NOTE.—Data are for production and related workers.
Feb.
1956
88.75
96.37
68.73
68.97
81.40
98.98
87.54
94.89
83.64
98.29
84.87
72.94
Figures for
1957
Jan.
Feb.
Mar.
1.95
2.05
2.05
2.05
2.06
2.15
.71
.67
.91
.32
.03
.17
.94
.25
.97
.73
-2.18
2.28
1.72
1.71
-2.01
2.47
2.13
2.26
-2.05
-2.38
2.07
-1.81
2.17
2.30
1.74
1.72
2.00
2.45
2.13
2.27
2.06
2.38
2.07
1.81
2.18
2.31
1.74
1.73
2.01
2.45
2.14
2.28
2.06
2.38
2.09
1.82
1.86
1.94
1.48
-1.50
1.48
1.99
2.45
2.15
2.59
-2.24
1.53
1.86
1.94
1.49
1.50
1.48
2.00
2.47
2.16
2.56
2.23
1.54
1.87
1.95
1.52
1.50
1.48
2.00
2.48
2.16
2.56
2.22
1.54
Mar.
March 1957 are preliminary, Back data are available from the Bureau
of Labor Statistics.
466
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
9"
9
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
112
102
111
112
114
116
118
117
114
119
116
105
107
104
110
115
116
117
120
112
120
116
118
116
121
121
125
119
124
127
118
126
125
116
116
120
118
118
128
121
127
118
123
122
113
124
117
120
124
123
126
127
117
130
128
123
129
123
129
119
135
129
127
119
134
130
108
112
112
112
114
113
116
129
103
123
124
125
P124
109
117
119
115
121
119
118
123
120
121
125
^125
'93
111
113
121
119
101
113
131
128
158
222
84
91
106
112
114
84
95
125
115
143
210
85
98
97
108
111
83
90
122
120
151
204
91
111
109
120
117
88
100
131
124
165
220
87
109
110
119
121
97
113
132
123
159
215
95
»97
86
88
94
93
99
109
128
118
126
122
128
139
100
109
124
111
116
117
122
129
138
135
136
134
137
138
141
139
142
142
142
Minne- Kansas
Dallas
apolis
City
San
Francisco
SALESi
1949
1950
1951
1952...
1953
1954.
1955
1956..
98
105
109
110
112
111
120
125
.
99
108
111
113
112
115
123
126
102
113
117
124
125
127
140
144
98
105
109
114
115
114
123
129
118
126
124
125
124
130
131
128
123
131
128
139
144
144
145
143
152
148
139
134
146
150
124
128
131
122
126
132
131
131
130
132
131
118
114
122
P121
140
141
131
127
96
116
115
129
117
104
118
130
131
161
216
84
95
109
113
105
91
111
137
119
141
202
92
112
117
124
119
107
124
128
129
150
218
111
134
132
143
130
129
138
139
142
166
252
r
98
110
117
120
120
115
126
128
131
153
231
91
93
94
P98
84
90
90
P94
111
113
SEASONALLY ADJUSTED
1 9 5 7 _ j a n ..
Feb
r
r
146
143
144
146
147
160
156
157
144
157
154
r
144
^136
151
?156
r
90
106
109
114
113
98
110
127
122
152
212
r 97
125
122
136
128
111
122
144
144
179
251
nn
91
92
92
95
99
^101
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
99
104
116
107
115
115
121
132
100
111
130
121
133
126
136
147
101
112
132
126
138
132
147
157
100
110
131
126
134
125
134
145
128
127
128
128
132
132
132
132
131
130
129
124
122
124
123
126
127
127
123
129
131
131
131
130
131
129
132
132
135
135
135
136
138
124
122
123
121
124
125
127
126
129
129
130
163
159
157
156
162
159
164
170
175
176
176
164
162
165
160
162
161
166
167
174
173
169
131
128
131
130
131
132
133
131
134
135
137
138
133
137
135
138
139
136
134
137
137
136
132
130
128
126
128
127
132
128
139
137
140
148
148
145
143
144
144
149
148
150
147
145
158
156
154
154
155
157
159
156
158
156
160
146
142
143
138
142
143
154
148
147
149
144
141
?140
127
128
131
132
136
134
128
127
169
171
162
137
134
141
141
134
134
144
*143
156
^154
144
^141
131
139
142
139
131
130
138
145
159
161
126
120
129
133
132
123
118
128
136
148
152
120
116
125
130
127
119
116
124
130
145
150
120
126
134
140
134
124
119
130
142
156
157
122
119
126
129
126
118
115
123
132
144
146
116
126
*>133
116
121
116
124
118
129
114
122
r
119
122
122
122
124
128
128
129
122
131
129
1956—Feb
Mar .
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
. . .
130
137
131
135
134
140
145
140
136
146
139
r
r
WITHOUT SEASONAL ADJUSTMENT
1956—Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
....
1957_j a n
Feb
146
136
143
131
128
140
152
150
182
267
116
P117
r
101
100
STOCKS i
1949....
1950
1951
1952
1953
1954
1955....
1956
SEASONALLY ADJUSTED
1956—Feb
Mar...
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
....
I957_j a n
Feb
r
P\64
r
WITHOUT SEASONAL ADJUSTMENT
1956_Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov...
Dec
1957—Jan
Feb
. ...
r
r
* 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
151
164
168
165
158
155
167
175
193
190
147
162
169
172
161
152
151
163
174
190
195
149
124
130
134
131
123
124
129
138
153
157
123
131
141
144
135
127
128
136
145
153
154
123
127
134
133
128
121
124
128
134
151
153
125
143
153
151
145
138
138
148
153
162
163
131
153
162
162
155
144
149
158
166
174
174
144
136
142
149
148
143
142
148
154
167
164
121
151
159
149
^162
123
128
123
134
'123
129
129
*>138
139
P153
127
^131
NOTE.—For description and monthly indexes for back years, see
BULLETIN for December 1951, pp. 1463-1515.
467
DEPARTMENT STORES; FOREIGN TRADE
DEPARTMENT STORE MERCHANDISING DATA
[Based on retail value figures]
Ratios to sales4
Amounts (In millions of dollars)
Sales i
(total
for
month)
Period
Stocks i
(end
of
month)
Outstanding
orders 1
(end of
month)
Receipts2
(total
for
month)
New
orders 3
(total
for
month)
Stocks
Outstanding
orders
Stocks
plus
outstanding
orders
Receipts
Annual average:
1948
1949
1950
1951
1952
1953
1954
1955
1956
381
361
376
391
397
406
409
437
452
979
925
1,012
1,202
1,097
1,163
1,140
1,195
1,281
494
373
495
460
435
421
388
446
469
386
358
391
390
397
408
410
444
459
363
358
401
379
401
401
412
449
457
2.7
2.7
2.8
3.2
2.9
3.0
3.0
2.9
3.0
1.4
1.1
1.4
1.3
1.2
1.1
1.0
1.1
1.1
4.1
3.8
4.2
4.4
4.1
4.1
4.0
4.0
4.1
1956—Feb..
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec.
'336
429
385
438
417
337
412
444
485
577
821
1,215
1,271
1,314
1,275
1,187
,173
,253
,335
,475
,525
,214
••451
401
336
338
501
587
573
598
588
473
340
'407
495
428
399
329
323
492
526
625
627
510
'421
446
363
401
492
409
478
551
615
512
377
3.6
3.0
3.4
2.9
2.8
3.5
3.0
3.0
3.0
2.6
1.5
1.3
0.9
0.9
0.8
1.2
1.7
1.4
1.3
1.2
0.8
0.4
5.0
3.9
4.3
3.7
4.0
5.2
4.4
4.4
4.3
3.5
1.9
1.2
1.2
1.1
0.9
0.8
1.0
1.2
1.2
1.3
1.1
0.6
1957—Jan...
Feb.*>
362
336
,196
,261
431
459
344
401
435
429
3.3
3.8
1.2
1.4
4.5
5.1
1.0
1.2
Month:
p
r
Preliminary.
Revised.
1
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 *
Merchandise exports excluding
military-aid shipments 2
Merchandise imports 3
Period
1955
Jan
Feb
M^ar
Apr
M^ay
June
July
Aus*
Sept
Oct
Nov
Dec:
.
.
.
.
Jan.-Feb
P Preliminary.
r
Revised.
1
Exports of domestic and foreign merchandise.
1956
1957
1955
1956
1957
1955
1956
,168
238
,344
,264
323
.321
,269
,239
,254
398
321
407
1,284
1 362
1,582
1,512
1 716
1,691
1,621
1,531
1,524
1 659
1 5?4
r
2 000
1,679
1 605
1,083
143
1,252
170
t 192
,193
1.142
,111
1,155
I 279
248
323
1,202
1,272
1,478
1,400
1 521
1,493
1,290
1,378
1,424
1,558
r 1 416
1.897
1,592
1 498
871
850
1,019
871
959
937
885
961
947
1 011
1 065
1,008
1,073
1 051
1,102
991
I 094
1.033
1,051
051
993
1 116
984
1 051
1,119
2,406
2,646
3,284
2,226
2,474
3,090
1,721
2,124
^2,123
1957
2
Department of Defense shipments of grant-aid military equipment
and supplies under the Mutual Security Program.
3
General imports including imports for immediate consumption plus
entries into bonded warehouses.
468
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
Gas
and
electricity
Rent
Apparel
Solid House- Housefuels
furhold
and
nish- operafuel oil ings
tion
Transportation
Medical
care
Personal
care
Reading
and
recreation
Other
goods
and
services
73.3
55.3
62 9
76.9
65.6
41.6
52 2
68.9
101.8
102.8
111 0
113.5
114.4
114.8
114.5
116.2
100 0
101.2
IP 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
108.8
109 0
109.6
111 0
113.2
114.8
113.1
113.1
113 1
112.9
112.9
120.7
120.7
120.8
120 9
121.4
121.8
122.2
122.5
122 8
123.0
123.5
131.5
131 6
131.7
132 2
132.5
133.2
133.2
133.4
133 4
133.8
134.2
111.7
111 7
Nov
Dec
114.6
114.7
114.9
115.4
116.2
117.0
116.8
117.1
117 7
117.8
118.0
1118
111.7
111.7
112 1
112.2
112 0
111.8
112.0
130.0
130.6
129.7
127.9
128.4
128.7
129.5
130.5
132.9
134.3
136.1
102.5
103.1
102.7
102.6
102.8
102.8
102.6
103.3
103 6
103.8
104.1
121.4
121.6
122.1
122.4
122.6
123.0
123.4
123.7
124.2
124.5
124.8
104.6
104.8
104.8
104.8
104.8
105.3
105.5
106.5
106 8
107.0
107.0
126.9
126.7
126.4
127.1
126.8
127.7
128.5
128.6
132 6
133.2
133.1
130.9
131 4
131.6
131 9
132.0
132.7
133.3
134.0
134 1
134.5
134.7
118.9
119 2
119.5
119 6
119.9
120.1
120 3
120.5
120 8
121.4
121.8
107.5
107 7
108.2
108 2
107.6
107.7
107.9
108.4
108 5
109.0
109.3
120.9
121.2
121.4
121.5
121.8
122.2
122.1
122.7
123.0
123.2
123.3
1957—Jan
Feb
118.2
118.7
112.8
113.6
123.8
124.5
134.2
134.2
112.3
112.4
138.9
139.3
104.0
105.0
125.4
125.6
106.4
106.1
133.6
134.4
135.3
135.5
122.1
122.6
109.9
110.0
123.8
124.0
1929
1933
1941
1945
.
1949
1950
1951
1952
1953
1954
1955
1956
1956
.
.
.
.
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
60.3
45.9
55 6
76.3
117.4
83.6
88 4
90.9
NOTE.—Revised indexes, 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
Year or
month
All
com- Farm
modi- ucts
ucts
ties
Processed
foods
Total
Textile
products
and
apparel
Hides,
skins,
and
leather
products
Fuel,
power,
and
lighting
materials
Ma- FurniToChem- Rub- Lum- Pulp, Metals chin- ture Non- bacco
meand
ber paper, and
ery
icals
ber
Misand
and
and metal and other tallic mfrs. cellaand
minmo- house- erals— bottled neous
allied and wood allied
hold struc- bevprod- prod- prod- prod- prod- tive
ucts prod- duraucts
ucts
ucts
tural erages
bles
ucts
99.2 92.8
103.1 97.5
114.8 113.4
111.6 107.0
110.1 97.0
110.3 95.6
110.7 89.6
114.3 88.4
95.7
99.8
111.4
108.8
104.6
105.3
101.7
101.7
101.3 95.5 96.
101.9 94.8 98.9 99.2 98.5 104.8
105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3
115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8
113.2 99.8 97.2 1C6.6 104.5 134.0 120.3 116.5 123.0
114.0 97.3 98.5 109.5 105.7 125.0 120.2 116.1 126.9
114.5 95.2 94.2 108.1 107.0 126.9 118.0 116.3 128.0
117.0 95.3 93.8 107.9 106.6 143.8 123.6 119.3 136.6
122.2 95.3 99.3 111.2 107.2 145.8 125.4 127.2 148.3
112.4
1949
1950
1951
1952
1953
1954
1955
1956
99.0
99.2
100.4
102.4
102.3
102.2
102.6
104.0
103.6
103.6
103.
120.6
121.0
121.6
121.7
121.5
121.4
122.5
123.1
123.6
124.2
•124.7
96.0
95.9
95.1
94.9
94.9
94.9
94.8
94.8
95.3
95.4
95.6
89.3 104.3 125.2
103.9 125.5
95.8
95.7
106.6
108.6
119.0
121.5
123.0
124.6
128.4
137.
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
11C.6 108.3
115.7 97.8
120.6 102.5
121.6 92.0
122.3 91.0
133.9
134.7
135.7
136.5
136.8
136.9
137.7
139.7
141.1
143.4
r
143.6
118.2
118.1
118.0
118.0
118.1
118.3
119.1
119.7
121.0
121.1
121.2
127.1
127.9
128.6
128.6
128.9
130.6
130.8
131.1
131.5
131.2
131.3
121.7
121.7
121.7
121.6
121.6
121.7
122.5
122.8
123.1
123.5
123.6
88.7
88.2
92.1
96.1
92.9
91.3
91.1
89.9
89.2
91.2
'91.7
98.4 116.3 108.7 145.0 121.3 128.6 152.2 143.9 121.9 132.0 124.0
98.0 119.6 108.8 143.9 120.7 128.5 151.4 144.5 121.9 132.7 124.
93.2
92.4
1956
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
112.
113.6
114.4
114.2
114.0
114.7
115.5
115.6
115.9
116.3
86.0
86.6
88.0
90.9
91.2
90.0
89.1
90.1
88.4
87.9
r
88.9
97.
97.7
100.6
100.0
100.2
100.1
100.0
100.2
99.7
99.
r
99.2
111.2
110.9
110.6
110.8
110.5
110.7
110.9
111.1
111.7
111.2
114.0
106.4
106.5
106.9
106.9
107.1
107.3
107.3
107.1
107.7
108.2
108.3
147.1
146.2
145.0
143.5
142.8
143.3
146.9
145.7
145.8
146.9
147.9
126.7
128.0
128.5
128.0
127.3
126.6
125.2
123.6
122.0
121.5
r
l2l.O
125.4
126.
127.4
127.3
127.4
127.7
127.9
127.9
128.1
127.8
"128.0
145.1
146.5
147.7
146.8
145.8
144.9
150.2
151.9
152.2
152.1
152.3
1957
Jan
Feb
116.9
117.0
469
PRICES
WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued
[Bureau of Labor Statistics index, 1947-49= 100]
1956
Subgroup
1957
Feb.
Dec.
Jan.
98.2
82.9
67.7
105.7
94.0
81.3
80.4
145.8
102.6
88.8
71.7
101.3
99.0
74.3
85.4
147.9
100.7
89.5
73.9
102.9
'98.1
65.7
86.6
148.8
115.4
76.1
106.1
108.9
109.3
183.8
97.7
115.4
81.5
112.6
105.6
112.3
196.3
95.7
115.8
84.8
112.5
105.6
113.1
196.3
95.0
Pulp, Paper, and Allied Products—
Continued:
96.1
87.0
Paperboard
75.0
Converted paper and paperboard...
103.9
Building paper and board
97.5
66.3 Metals and Metal Products:
84.7
148.2
Iron and steel
Nonferrous metals
Metal containers
Hardware
115.9
Plumbing equipment
83.9
Heating equipment
112.5
Fabricated structural metal products,
105.9
Fabricated
nonstructural
metal
112.0
products
196.3
95.7 Machinery and Motive Products:
94.3
102.7
84.8
119.5
99.5
71.6
92.7
107.7
80.5
122.8
99.7
78.7
92.3
109.1
'82.1
122.8
99.7
76.8
91.9
109.5
82.0
123.2
99.6
75.9
58.2
53.8
90.9
120.8
98.3
52.1
88.2
120.8
97.9
109.9
145.4
122.0
94.3
117.5
123.5
156.3
119.9
94.3
120.9
124.1
159.1
119.9
'94.9
124.9
50.1
87.8 Furniture and Other Household Dura120.8
bles:
97.6
Household furniture
,
Commercial furniture
Floor covering
,
124.0
Household appliances
,
162.2
Radio
119.9
Television
,
94.9
Other household durable goods
,
131.0
Nonmetallic Minerals—Structural:
119.9
119.1
100.4
92.0
54.4
108.2
113.0
102.3
122.5
124.1
99.5
92.5
59.4
109.3
105.7
104.4
123.5
124.1
99.0
92.6
58.7
110.2
105.9
104.5
Flat glass
123.2
C oncrete ingredients
124.1
Concrete products
100.6
Structural clay products
92.9
Gypsum products
58.0
Prepared asphalt roofing
109.5
Other nonmetallic minerals
105.9
104.9 Tobacco Manufacturers and Bottled
Beverages:
153.5
151.8
137.9
151.1
153.4
139.7
145.4
148.8
140.0
140.2
148.8
140.0
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
Feb.
Textile Products and Apparel:
Cotton products
Wool products
Synthetic textiles
Silk products
Apparel
Other textile products
Hides, Skins, and Leather Products:
Hides and skins
Leather
Footwear
Other leather products
115.8
98.1
Fuel, Power, and Lighting Materials:
Coal
Coke
Gas
Electricity
Petroleum and products
Chemicals and Allied Products:
Industrial chemicals
Prepared paint
Paint materials
Drugs, Pharmaceuticals, cosmetics. . .
Fats and oils, inedible
Mixed fertilizers
Fertilizer materials
Other chemicals and products
Rubber and products :
Crude rubber
Tires and tubes
O'ther rubber products
Lumber and Wood Products:
Lumber
Millwork
Plywood
128.2
129.1
107.5
122.5
128.5
94.6
122.6
128.7
97.1
121.8
128.7
96.4
116.8
142.6
135.0
118.0
78.3
139.2
118.0
77.3
139.2
118.0
76.4
139.2
Pulp, Paper, and Allied Products:
Woodpulp
V/astepaper
Paper
r
Revised.
1956
Subgroup
1957
Feb.
Dec.
Jan.
Feb.
130.7
120.6
133.3
136.2
124.5
138.1
'136.2
125.6
141.1
136.2
125.6
141.1
149.1
157.1
137.9
151.6
133.1
117.1
128.8
163.3
149.6
147.5
160.2
133.9
122.1
137.5
164.3
'148.7
147.5
133.4
122.3
133.7
163.7
144.8
147.5
162.0
133.4
122.9
133.3
132.5
141.2
141.6
142.0
126.8
131.2
'131.8
131.7
143.5
151.2
155.9
163.3
156.2
163.4
156.3
163.5
141.7
133.7
154.6
142.2
'155.5
142.5
155.8
142.9
133.2
127.5
145.4
134.3
146.0
134.3
147.1
134.4
117.3
138.3
130.5
105.7
89.7
69.9
139.2
121.2
146.9
131.9
105.9
91.0
69.7
146.7
"122.0
146.9
135.1
106.5
91.1
69.9
146.8
122.0
146.9
135.1
106.8
91.1
69.9
147.0
131.1
129.9
121.1
145.6
127.1
99.6
123.0
135.7
131.7
125.3
150.5
127.1
114.4
124.3
135.7
134.6
125.6
150.6
127.1
111.2
124.3
135.7
134.8
125.6
150.7
127.1
115.3
126.0
,
124.0
104.2
122.5
114.7
148.1
124.0
104.2
126.0
118.1
148.7
124.0
104.2
126.0
119.0
148.7
124.0
105.1
126.0
119.0
148.7
Toys, sporting goods, small arms
Manufactured animal feeds
Notions and accessories
Jewelry, watches, photo equipment...
Other miscellaneous
115.8
68.2
92.5
104.8
123.3
116.9
72.6
96.6
105.4
125.4
117.5
74.4
96.7
107.5
126.1
117.5
72.8
96.7
107.7
126.3
Agricultural machinery and equipment
Construction machinery and equipment
,
Metal working machinery
General purpose machinery and
equipment
Miscellaneous machinery
Electrical machinery and equipment
,
Motor vehicles
Cigarettes
Cigars
Other tobacco products
Alcoholic beverages
Nonalcoholic beverages
,
Miscellaneous:
470
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
1955
1929
Gross national product
104.4
Less: Capital consumption allowances
Indirect business tax and related liabilities
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of government enterprises
1933
1941
1950
1953
1952
1954
1955
1956
1956
56.0 125.8 285.1 345.4 363.2 360.7 390.9 412.4 401.9 403.4 408.3 413.8 423.8
8.6
7.1
.7
.9
-.1
.0
9.0
11.3
.5
.4
20.5
23.9
26.5
28.8
31.3
34.0
32.2
32.9
33.6
34.4
35.1
23.7
.8
.2
28.1
1.2
2.0
30.2
1.4
2.6
30.2
1.4
1
32.5
1.4
1.8
34.6
33.4
1.4
33.7
1.4
1.
34.1
1.4
1.1
35.1
35.6
1.4
n.a.
.2
7.2
7.0
.6
.3
j
-.4
-.2
.3
.7
.7
40.2 104.7 240.0 290.2 302.1 298.3 324.0
Equals: National income
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
Dividends
Business transfer payments
10.1 - 2 . 0
.3
.2
.0
.0
.9
1.5
1.2
1.0
5.8
2.1
.6
.7
Equals: Personal income
85.8
47.2
2.6
1.3
1.4
7.5
.5
1.4
.9
.6
.9
.2
Less: Personal tax and related payments
Federal
State and local
83.1
Equals: Disposable persona] income
79.0
Less: Personal consumption expenditures....
4.2
Equals: Personal saving
.3
.9
334.9 338.7
1.4
n.a.
343.5
342.4 334.4
14.5
2.8
.0
2.6
1.3
4.5
.5
1.4
35.1
6.9
36.9
8.6
36.0
8.7
32.9
9.7
40.9
11.
40.9
12.5
43.4
11.4
40.9
12.1
39.8
12.3
40.4
12.7
n.a.
13.0
.0
14.3
4.7
9.2
.0
12.0
4.9
9.0
1.2
-.1
12.9
5.0
9.3
1.4
.0
15.0
5.2
10.0
1.4
.0
16.
5.2
11.2
1.4
.0
17.3
5.5
12.0
1.4
.0
16.3
5.3
12.1
1.4
.0
16.9
5.4
11.8
1.4
.0
17.3
5.5
12.2
1.4
.0
17.2
5.6
12.3
1.4
.0
17.6
5.7
11.9
1.4
96.3 227.1 271.8 286.0 287.3 306.1 325.2 314.6 317.5 322.9 326.9 333.2
3.3
2.0
1.3
1.0
93.0
45.7
81.9
46.4
11.1
-.6
20.9
18.2
2.7
206.1
194.0
12.1
34.4
31.2
3.2
35.8
32.4
3.4
32.9
29.
3.8
35.5
31.3
4.2
38.5
33.9
4.6
36.3
32.0
4.3
37.3
32.9
4.4
38.1
33.6
4.4
38.8
34.1
4.6
39.9
35.1
4.8
237.4 250.2 254.4 270.6 286.7 278.4 280.2 284.9 288.2 293.3
218.3 230.5 236.5 254.0 265.7 259.5 261.7 263.7 266.8 270.9
19.0
19.7
17.9
16.6
20.9
18.8
18.6
21.2
21.4
22.4
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
[Department of Commerce estimates. In billions of dollars]
Seasonally adjusted annual rates
by quarters
Annual totals
Item
1955
1929
1933
1941
1950
1952
1953
1954
1955
1956
1956
National income
87.8
40.2 104.7 240.0 290.2 302.1 298.3 324.0 342.4 334.4 334.9 338.7 343.5
Compensation of employees
Wages and salaries1
Private
Military
Government civilian
Supplements to wages and salaries
51.1
50.4
45.5
.3
4.6
.7
29.5
29.0
23.9
.3
4.9
.5
Proprietors and rental income2
Business and professional
Farm
Rental income of persons
20.2
8.8
6.0
5.4
7.6
3.2
2.4
2.0
Corporate profits and inventory valuation
adjustment
Corporate profits before tax
Corporate profits tax liability
Corporate profits after tax
Inventory valuation adjustment
10.1 - 2 . 0 14.5 35.1
9.6
.2 77.0 40.0\
1.4
.5
7.6 17.8
8.3
-.4
9.4 22.1
.5 - 2 . 1 - 2 . 5 - 4 . 9
Net interest
1
6.4
5.0
Includes employee contributions to social insurance funds.
n.a.
64.8 154.3 195.1 208.1 206.9 223.2 239.1 230.3 233.0 237.2 240.4 245.5
62.1 146.5 184.9 197.3 195.5 210.4 225.1 277.0 219.4 223.5 226.2 231.1
51.9 124.3 152.0 163.5 161.2 174.5 187.5 180.5 182.5 186.2 188.3 192.9
9.5
9.5
9.7
9.6
9.5
9.8
9.5
5.0 10.5 10.3 10.0
1.9
28.1 26.8 27.3 27.8 28.5 28.7
8.3 17.2 22.5 23.5 24.4 26.
7.8 10.2 10.8 11.4 12.8 14.0 13.3 13.6 13.8 14.2 14.4
2.7
20.9
10.9
6.5
3.5
4.5
44.6
22.9
13.3
8.5
5.9
50.8
25.7
15.1
9.9
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
7.4
2
8.7
49.9
28.9
11.3
9.7
50.7
29.5
11.6
9.7
51.7
29.9
12.1
9.7
32.9 40.9 40.9 43.4 40.9 39.8
33.2 42.7 43.4 46.4 43.7 42.9
16.8 21.5 21.9 23.4 22.1 21.7
16.4 21.1 21.5 23.0 21.6 21.3
- . 3 -1.7 -2.5 -3.0 -2.8 -3.1
40.4
41.2
20.8
20.4
n.a.
n.a.
n.a.
n.a.
-3.3
12.0
12.4
48.9
25.9
12.5
10.5
9.7
49.1
27.3
11.7
10.1
10.8
50.5
29.
11.6
9.7
11.9
49.3
28.0
11.4
9.8
11.3
49.5
28.2
11.5
9.8
11.5
11.7
Includes noncorporate inventory valuation adjustment.
471
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
1933
1941
1952
1950
1953
1954
1956
1955
4
Gross national product
104.4
79.0
9.2
37.7
32.1
Personal consumption expenditures
Durable goods..
Nondurable goods
Services
Residential nonfarm
Other
1956
1955
1929
.
Change in business inventories
.8
Government purchases of goods
services
Federal
National security
Other
Less: Government sales2
State and local
and
8.5
1.3
\
)
3
1
I
'
3
.0
7.2
4
3
2
56.0 125.8 285.1 345.4 363.2 360.7 390.9 412.4 401.9 403.4 408.3 413.8 423.8
46.4
3.5
22.3
20.7
16.2
1.4
8.7
1.4
3.6
.5
5.1
1.0
5.9
1.6
1.7 - 1 . 6
1.8 - 1 . 4
...
1
81.9 194.0 218.3 230.5 236.5 254.0 265.7 259.5 261.7 263.7 266.8 270.9
9.7 28.6 26.6 29.8 29.4 35.7 34.0 35.4 34.8 33.4 33.0 34.8
43.2 100.4 116.1 119.1 120.9 126.2 132.9 129.2 130.5 132.3 134.0 134.7
29.0 65.0 75.6 81.7 86.3 92.1 98.9 94.9 96.4 98.0 99.7 101.4
18.1
6.6
3.5
3.1
6.9
4.5
4.0
51.2
22.7
12.6
10.1
21.1
7.4
6.4
.2
1.1
-2.2
8.0
2.0
/
2.0 1
.0 1
6.0
24.8
16.9
42.0
22.1
18.5
3.9
.3
19.9
13.8
3.2
o
7.8
i Includes expenditures for crude petroleum and natural gas drilling.
68.5
32.9
14.9
18.0
31.5
4.1
4.4
1.2
65.1
33.6
15.5
18.1
29.5
2.0
2.4
1.7
78.7
46.1
40.7
5.8
.4
32.6
80.2
47.2
41.9
5.7
.4
33.0
82.0
48.3
43.2
5.5
49.8 50.3 48.0
23.7 25.8 27.9
11.1 11.9 13.5
12.6 13.8 14.4
23.1 24.3 22.4
3.0
.3 - 2 . 3
.9 - 2 . 7
2.1
- . 2 -2.0
-.4
60.6
32.7
16.6
16.1
23.7
4.2
3.8
65.4
33.2
15.3
17.8
28.7
3.5
3.8
65.1
33.0
16.2
16.8
25.9
6.1
5.9
63.1
32.6
15.3
17.3
26.4
4.1
4.2
64.7
33.6
15.6
18.0
27.5
3.5
3.9
-.5
1.4
— .8
.1
84.4
59.5
51.5
8.4
.4
24.9
76.8
46.7
41.2
5.9
.4
30.1
79.8
47.0
41.6
5.8
.4
32.8
78.1
47.2
40.6
7.1
.5
30.9
78.5
46.4
40.5
6.3
.4
32.1
77.5
54.3
48.8
5.8
.4
23.2
76.5
48.9
43.0
6.3
.4
27.6
2.4
33.7
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
Year or month *
Personal
income
Total
Commodity Distribproducutive
ing in- indusdustries
tries
Government
Other
labor
income 2
15.6
8.8
16.3
45.8
48.7
51.3
51.8
55.4
59.5
8.4
5.2
8.1
21.3
23.0
24.5
25.8
28.2
30.3
28.8
32.9
33.9
34.3
35.9
37.6
.6
.4
.7
4.8
5.3
6.0
6.3
7.0
7.3
218.9
220.3
222.9
223.2
225.2
224.0
227.1
228.5
229.7
231.0
232.9
21.5
9.8
27.5
74.9
80.4
87.7
83.6
90.9
97.7
94.7
95.1
96.8
96.8
97.5
95.9
98.3
99.1
100.6
101.1
102.3
57.9
58.4
59.1
59.1
59.9
59.9
60.3
60.5
60.2
60.6
60.9
29.5
29.6
29.8
30.0
30.2
30.4
30.6
30.8
30.9
31.1
31.3
36.8
37.2
37.2
37.3
37.6
37.8
37.9
38.1
38.0
38.2
38.4
7.2
7.2
7.2
7.2
7.3
7.3
7.3
7.3
7.4
7.4
7.4
20.2
7.6
20.9
49.9
50.8
49.3
48.9
49.1
50.5
49.7
49.5
49.7
50.1
50.0
50.5
51.0
50.9
52.3
51.7
51.2
232.7
233.9
101.2
101.9
61.5
61.6
31.3
31.5
38.7
38.9
7.5
7.5
51.3
51.5
1929
1933
1941
85.8
47.2
96.3
1951
1952
1953
1954
1955
1956
255.3
271.8
286.0
287.3
306.1
325.2
50.4
29.0
62.1
170.8
184.9
197.4
195.5
210.4
225.1
1956—Feb..
Mar..
May.
June.
July.,
Aug..
Sept..
Oct..
Nov..
Dec.
317.1
318.6
321.7
322.8
324.9
324.3
328.1
328.5
332.5
333.5
334.0
1957_jan...
Feb.*
335.0
336.7
v Preliminary.
* Monthly data are seasonally adjusted totals at annual rates.
2
Represents compensation for injuries, employer contributions to
private 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.
4
Represents government social insurance benefits, direct relief, mustering-out pay, veterans' readjustment allowances and other payments, as
Service
industries
Dividends
Proand
prietors' perand
sonal
rental
income 3 interest
income
4.9
5.1
10.2
Transfer
payments 4
Less
personal
Noncontributions agricultural
for
social income «
insurance 5
10.3
13.2
8.3
1.5
2.1
3.1
.1
.2
77.7
43.6
88.0
20.7
21.3
23.0
24.9
27.3
29.4
12.6
13.2
14.3
16.4
17.6
18.7
3.4
3.8
3.9
4.6
5.2
5.8
235.7
253.1
269.2
271.4
290.9
310.0
28.7
28.8
29.1
29.4
29.6
29.7
29.8
30.0
30.2
30.3
29.2
18.3
18.5
18.6
18.7
18.6
18.6
18.8
18.7
18.9
19.1
19.3
5.7
5.7
5.8
5.8
5.8
5.8
5.9
5.9
6.0
6.0
6.0
301.5
304.0
306.8
307.6
310.3
309.4
312.8
313.4
316.3
317.9
318.8
30.6
30.6
19.6
19.9
6.7
6.7
319.7
321.4
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 aro
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.
472
BANKS AND BRANCHES
NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1956
All banks maintaining branches or additional offices
(except banking facilities), by class of bank *
All banks, by class of bank
Commercial banks
State
Member
banks
Total
Total
United States 2
Commercial 1banks
Mutual savings banks
Nonmember
banks
Total
NonInNa- State
intional mem- sured sured
ber
14,167 313,640 4,651 31,811 6,737
Member
banks
Insured
3223
Total
Noninsured
304 1,962 1,790
Mutual savings banks
Nonmember
banks
Na- State
Intional mem- sured
ber
Noninsured
Insured
237
10
236
139
170
237
10
236
139
170
69
3
54
49
77
25
1
19
33
18
143
5
158
50
61
Connecticut
Delaware
District of Columbia
Florida
Georgia
166
30
17
261
412
95
28
17
261
412
38
8
8
94
52
13
2
5
12
13
34
17
4
150
287
Idaho
Illinois
Indiana
Iowa
Kansas
33
928
474
668
598
33
10
8
928
393
401
3112
70
44
229
457
334
7
46
50
Kentucky
Louisiana
Maine
Maryland
Massachusetts
365
180
90
158
362
365
180
58
150
173
89
41
30
56
110
20
11
6
12
24
243
127
15
81
33
13
1
7
1
6
Michigan
Minnesota
Mississippi
Missouri . . .
Montana
408
683
196
610
114
408
75
153
173
178
27
29
7
465
159
10
3
610
114
76
40
100
44
413
29
421
6
108
299
52
612
214
154
620
386
421
123
17
2
1
59
8
242
171
171
Tennessee
Texas
Utah
Vermont
Virginia
297
949
48
Washington
West Virginia
Wisconsin
50
8
14
35
7
14
15
9
7
2
4
18
18
8
5
5
9
5
2
2
1
87
118
87
118
27
10
3
50
113
2
22
46
53
30
50
128
46
53
28
45
71
15
16
10
14
35
6
6
4
8
18
25
31
8
22
17
6
1
1
99
99
20
35
44
1
2
42
2
1
1
13
9
39
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota .
1
3
20
19
1
21
1
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
3
1
7
682
196
815
13
2
3
19
21
100
72
2
13
1
6
123
95
170
327
17
7
23
54
1
15
3470
668
598
627
17
7
23
54
1
9
3444
Alabama
Arizona
Arkansas
California
Colorado
Noninsured
....
New York
North Carolina
North Dakota
Ohio
Oklahoma
Alaska 2
1
2
6
74
276
52
3
50
174
26
483
289
214
154
47
38
617
229
52
799
18
51
792
10
148
148
12
510
5
27
34
73
452
7
312
297
949
48
61
312
97
182
555
53
1
68
128
130
6
2
166
25
1
5
7
14
10
66
5
60
1
11
40
18
33
10
7
1
188
2
49
2
1
209
220
2
2
14
2
9
26
30
177
2
106
111
9
127
14
7
34
1
208
338
26
132
71
109
93
182
3551
27
76
95
52
66
381
53
1
25
1
11
36
371
15
7
91
1
6
25
13
1
7
6
131
61
32
11
161
11
11
157
7
29
29
2
98
3
14
4
51
3
11
19
1
2
32
1
1
64
23
58
88
18
133
3
141
88
18
129
1
5
1
1
56
10
7
1
i
82
3
4
6
82
10
4
33
22
20
11
90
90
4
12
4
33
1
11
4
3
1
1
1
5
1
2
56
1
4
2
100
19
51
3
11
11
1
4
3
109
19
29
53
160
109
22
8
197
2
6
29
12
23
156
386
2
49
2
1
12
3
Banking facilities are shown separately; see footnote 4.
Excludes banks in United States territories and possessions except
one national bank in Alaska, with no branches, that became a member
of the Federal Reserve System on Apr. 15, 1954.
3
The figures for member (commercial) banks and those for mutual
savings (noncommercial) banks both include one mutual savings bank
in Indiana and two in Wisconsin. The total for all banks includes such
banks only once, and the total for commercial banks excludes them.
State member bank figures also include one noninsured trust company
without deposits, which is not included with noninsured nonmember
banks.
4
Banking facilities (other than branches) that are provided at military
5
1
15
31
4
1
1
29
1
2
3
6
16
60
17
38
8
28
2
15
25
1
9
3
1
68
2
2
1
4
4
30
4
5
34
2
3
6
2
4
81
1
15
1
and other Government establishments through arrangements made by
the Treasury Department; they are operated by 165 banks, 77 of which
have no other type of branch or additional office.
5 Each bank is reported once only—according to the widest area in
which it operates branches or additional offices.
NOTE.—Each branch and additional office is located in the same State
as its parent bank except that one national bank in New Jersey has a
branch in Pennsylvania, one national bank in California has two branches
in Washington and one in Oregon, and one noninsured (unincorporated)
bank in New York has one branch in Massachusetts and one in Pennsylvania. In the table these branches are shown according to their own
location, rather than that of the parent bank.
473
BANKS AND BRANCHES
NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1956—Continued
All branche s and additional offices (except banking facilities),
by class of bank l
Commercial banks
State
Total
Mutual
savings
banks
Nonmember
banks
Member
banks
All branches and additional offices
(except banking facilities),
by location i
Outside head office city
In
head
office
city
Total
National
State
member
Insured
United States
7,728
7,362
3,629
2,053
1,643
Alabama
Arizona
47
110
26
1,266
1
47
110
26
1,266
1
42
77
3
4
944
198
1
22
23
122
1
145
118
California . . . .
Colorado
...
Connecticut
Delaware .
District of Columbia..
Florida
Georgia
40
49
39
49
6
54
42
17
12
20
10
37
Insured
Noninsured
In head In con- In nontiguous contigoffice
uous
county counties counties
3,279
109
2,246
1,006
1,197
227
21
20
1
262
1
257
14
35
20
4
33
4
8
22
1
148
211
645
6
6
1
38
4
58
18
27
12
3
5
2
2
22
27
Noninsured
Banking
facilities at
Govt.
establishments 4
57
25
1
2
10
49
1
1
5
12
9
58
58
36
14
8
42
1
6
9
71
71
62
4
5
5
6
9
51
190
161
190
161
92
26
4
72
155
101
88
118
1
43
93
125
101
196
93
125
99
168
2
60
73
16
98
7
146
90
30
45
28
68
2
6
37
48
277
19
13
35
54
31
43
47
43
359
44
67
26
44
81
207
143
8
1
415
6
100
2
415
6
100
2
156
6
193
66
116
47
10
1
10
6
2
84
242
6
23
2
50
21
6
3
2
27
3
27
2
1
16
7
4
1
1
4
4
6
3
13
1
2
319
30
303
30
167
17
99
37
13
150
17
169
9
3
1
5
5
New York
North Carolina
North Dakota
Ohio
Oklahoma
1 229
354
26
443
1
1 099
354
26
432
1
322
67
715
130
833
97
284
80
95
11
32
96
11
3
202
183
11
259
1
66
15
178
6
Pennsylvania
Rhode Island
South Carolina
South Dakota
565
34
17
242
30
Idaho .
Illinois
Indiana
Iowa
Kansas
.
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
M^innesota
Mississippi
Missouri
Montana . ..
Nebraska
Nevada
New Hampshire
New Jersey
Tennessee
Texas.
Utah
Vermont
Washington...
West Virginia
Wisconsin
Wyoming
49
1
39
58
235
25
47
1
3
316
39
68
23
78
148
16
64
15
23
30
31
6
182
230
150
151
oo
...
...
10
2
2
28
1
i
16
4
3
11
531
71
91
53
146
3
2
91
53
146
3
49
26
182
151
137
12
26
3
1
16
216
33
17
23
26
106
13
10
18
1
4
3
3
3
3
4
3
12
2
3
5
97
1
12
38
12
7
2
4
1
6
19
5
16
3
52
85
3
46
7
8
12
6
9
7
1
9
11
6
12
27
2
82
43
57
117
30
26
9
17
223
205
11
7
66
39
43
82
6
150
15
7
127
18
106
26
49
16
10
7
1
Member ban ks
Distrib ution by ocation o f branches with
respect to head office
CO
Nonmem ber
mmercial Danks
1
Mut ual
savings banks
Total
National
State
Insured
Noninsured
Insured
Noninsured
Banks with branches or additional offices (except banking facilit ies)5
In head office city only
Outside head office city but not beyond head off ice count}T
Outside head office county but not beyond cont guous coimties
In counties not coiitiguous to head office county
1,962
601
980
295
86
627
231
301
58
37
327
127
137
40
23
815
124
491
176
24
21
5
10
4
2
100
83
6
11
72
31
35
6
Branches and additiona offices (except banking facilit ies)
In head office city.
Outside head office city:
In head office county..
In contiguous counties,
In noncontigu ous count ies
7,728
3,279
2,053
1,239
257
218
467
222
125
1 643
354
799
345
145
37
14
2,246
1,006
1,197
3,629
1,398
901
406
924
14
6
3
19
20
109
56
46
7
227
180
24
23
..
4
Banking facilities at mi] itary and other Gov ernment es tablishmeiits
For footnotes see opposite page.
Financial Statistics
* International *
International capital transactions of the United States.
476
Gold production. .
480
Net gold purchases and gold stock of the United States.
481
Reported gold reserves of central banks and governments
482
Estimated foreign gold reserves and dollar holdings. .
483
International Bank and Monetary Fund.
484
Central banks .
484
Money rates in foreign countries.
489
Foreign exchange rates.
490
Index to statistical tables. .
501
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.
475
476
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]
In-
ternational
institutions 2
Date
Total foreign
countries
France
Official
and
private
Official 3
Germany,
Fed.
Rep.
Italy
Switz- United
erKingdom
land
1,629
1,770
1,881
10,019
11,153
11,724
1956—Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
29....
31....
30....
31....
30
31....
31
30....
31....
30*\..
31*...
1,876
1,894
1,978
2,001
2,007
2,016
1,998
2,005
2,015
2,008
1,452
12,004
12,463
12,515
12,541
12,654
12,820
12,995
13,232
13,124
13,096
13,481
Asia
All
other
of
1957—Jan. 3 1 * . . .
Feb. 28*...
1,804
1,681
13,211
13,106
7,724
7,511
1,373
1,454
466
579
785
674
672
757
709
640
550
1,558
1,642
1,516
4,734
5,621
6,143
,296
,536
,032
1,768
1,906
2,000
1,896
1,825
2,189
326
265
360
867
907
877
813
770
755
735
639
627
7,056
7,395
7,339
7,442
7,463
7,449
47,783
7,931
7,945
7,849
8,032
1,467
1,487
1,524
1,580
1,638
,686
1,759
,805
,855
1,849
1,833
799
806
812
831
861
864
904
924
939
920
928
739
733
742
709
736
758
792
812
795
797
839
682
770
781
758
750
837
659
745
645
623
1,007
1,596
1,622
1,822
1,676
1,616
1,627
1,705
1,701
1,721
1,653
1,612
6,318
6,542
6,549
6,461
6,478
6,585
6,589
6,743
6,690
6,481
6,846
,089
,178
,207
,272
,285
1,352
1,435
1,435
,441
1,448
1,515
2,001
2,105
2,165
2,180
2,182
2,194
2,265
2,319
2,276
2,422
2,350
2,244
2,283
2,278
2,306
2,362
2,370
2,391
2,414
2,402
2,413
2,431
353
355
316
323
347
319
315
322
316
332
339
1,789
1,762
902
890
821
795
859
868
1,649
1,710
6,562
6,517
1,530
1,565
2,377
2,306
2,393
2,329
349
389
429
715
1,081
899
Table la.
Other Europe
Fin- Greece Neth- Norerway
land
lands
Portugal
243
249
164
119
103
79
72
91
132
6
8
8
36
71
104
117
141
153
14
8
9
7
9
13
388
363
201
188
183
184
182
165
160
141
150
158
166
176
183
193
223
227
206
201
182
168
162
131
134
49
51
52
51
52
54
54
63
57
57
65
128
133
134
135
124
124
125
132
133
133
137
8
8
7
7
7
6
6
2
1
1
1
103
99
102
96
90
85
75
68
55
52
43
160
171
167
162
169
188
181
190
202
199
217
13
10
10
8
7
7
7
14
14
14
20
9
13
5
8
9
10
9
11
11
16
17
273
270
447
334
319
314
424
391
385
341
272
181
184
117
122
69
67
137
134
1
1
42
40
230
229
16
22
14
17
310
327
NetherDolands Panminican Guate- Mex- West ama,
ReReico Indies pubmala
and lic of
pubSurilic
nam
Peru
El
Salvador
Uruguay
Other
Europe
Austria
Belgium
Denmark
1953—Dec. 31..
1954—Dec. 31..
1955—Dec. 31..
1,558
,642
1,516
191
273
261
130
100
108
96
71
60
38
41
49
101
113
176
1956—Feb. 29. .
Mar. 31..
Apr. 30. .
M a y 31. .
June 30..
July 31. .
Aug. 31. .
Sept. 30. .
Oct. 31. .
Nov. 30^.
Dec. 31*.
,596
1,622
1,822
1,676
1,616
1,627
1,705
1,701
1,721
1,653
1,612
253
252
246
242
247
251
266
277
300
297
296
115
124
123
107
105
108
110
117
118
125
114
69
71
71
67
68
69
68
64
70
68
65
46
45
49
49
47
50
57
55
56
53
53
1957—Jan. 31*.
Feb. 28*.
1,649
1,710
293
297
122
133
64
76
54
61
Table lb.
Latin
BoAmer- Argen- livia
tina
ica
Latin
Canada America
1,035
1,123
5,667
6,774
6,956
Date
Total
Europe
541
492
1953—Dec. 3 1 . . . .
1954—Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
Date
Other
Europe
Brazil Chile
Ru-
mania
Spain
Swe-
Tur-
den
key
Yugo- All
slavia other
Latin America
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—Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
29
31
30
31
30
31
31
30
31
30*>
31*
2,001
2,105
2,165
2,180
2,182
2,194
2,265
2,319
2,276
2,422
2,350
143
140
128
120
125
138
136
141
148
150
146
28
27
27
25
25
28
27
25
24
27
29
192
215
193
198
217
238
231
259
242
248
226
80
98
87
91
101
89
92
106
95
85
91
133
136
147
139
138
133
125
123
126
140
153
223
238
255
261
263
267
263
271
250
228
211
65
66
64
65
68
66
66
64
71
69
68
58
64
67
68
66
63
59
53
52
55
64
407
419
416
386
358
355
376
396
408
422
433
49
51
53
56
62
62
68
67
67
67
69
78
82
89
94
94
98
101
104
105
100
108
93
92
87
83
80
75
83
82
84
86
88
43
46
46
44
45
39
31
25
19
21
25
74
73
74
66
67
71
81
76
72
70
73
213
224
298
349
331
341
399
405
397
541
455
124
134
133
136
141
131
125
121
115
113
111
1957—Jan. 31*
Feb. 28*
2,377
2,306
139
142
27
27
242
240
86
86
180
171
217
222
67
76
66
69
421
413
66
67
109
112
84
82
37
39
76
76
447
363
114
120
* Preliminary.
For other footnotes see following page.
477
INT'L 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
Asia
Date
Total
Formosa
and Hong
China Kong India
Mainland
99
87
73
39
100
174
44
31
37
18
41
53
828
725
901
92
96
88
295
257
252
168
123
138
171
234
343
326
265
360
59
48
75
90
44
42
43
47
72
38
33
53
96
94
119
69
83
75
64
82
81
81
74
61
69
76
164
155
133
124
117
102
154
158
180
185
186
23
28
25
32
31
38
32
36
31
22
20
61
55
48
49
55
56
51
43
38
36
944
964
999
83
89
92
92
95
96
98
98
98
100
99
262
268
274
277
282
275
275
278
281
274
272
149
151
146
143
141
141
142
142
140
144
143
355
357
354
380
379
383
361
365
365
378
388
353
355
316
323
347
319
315
322
316
332
339
78
76
58
58
79
72
69
71
74
82
77
42
43
43
40
41
42
47
48
45
42
44
70
68
65
62
62
54
50
48
46
46
50
35
43
32
37
30
128
124
118
125
135
116
116
96
56
57
58
55
54
55
59
60
59
62
66
99
100
64
60
75
76
179
166
21
31
37
38
1,020
101
102
269
254
153
161
375
393
349
389
75
80
42
44
52
69
58
63
1,896
1,825
2,189
74
1956—Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
2,244
2,283
2,278
2,306
2,362
2,370
2,391
2,414
2,402
2,413
2,431
77
31P.... 2,393
Feb. 2 8 P . . . . 2,329
1957__j an .
KoUnion
rea,
Belof
Indo- Ir an Israel Japan Re- Phil- Thai- Other Total Aus- gian Egypt
ipSouth Other
pub- pines land
nesia
tralia Congo
Africa
lic
of
68
61
55
1953—Dec. 31
1954__Dec. 31
1955—Dec. 31
29
31
30
31
30
31
31
30
31
30*....
31*\...
All other
70
75
76
75
76
79
79
83
85
88
94
1,014
1,047
1,063
1,054
1,075
1,061
1,049
45 1,039
947
34
33
34
34
43
53
122
116
119
114
122
133
Table Id. Supplementary Areas and Countries5
End of year
End of year
Area or country
Area or country
1953
Hungary
Iceland
Latvia
Lithuania
Luxembourg.
Monaco
Poland 6
Trieste
U. S. S. R.6
.
.2
.6
.6
.7
1.2
.4
.4
.7
.7
1.3
n.a.
.4
.2
.5
1.2
1.9
1.8
1.0
7.5
14.1
1.3
,4
4.0
3.0
2.2
2.5
1.0
8.9
14.3
1.0
.5
4.5
5.3
2.1
2.2
1.0
4.8
13.7
1.0
.3
3.1
5.6
2.5
1.4
.6
.4
13.2
4.3
3.3
1 4
1.8
.7
.8
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
2 7
5 1
4 1
.6
.6
.5
5 3
n.a.
2.0
Other Latin America:
18.0
British dependencies
Costa Rica.
13.4
Ecuador
17.7
French West Indies and French Guiana...
.6
9 3
Haiti
Honduras
18.7
16.0
Nicaragua
6.0
Paraguay
Other Asia:
Afghanistan
Bahrein Islands
.8
3.1
9.1
r
P Preliminary.
Revised.
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
1956
1.9
Czechoslovakia ^
Eastern Germany
1955
.2
.4
.6
.6
n.a.
Other Europe:
Albania
British dependencies
1954
Other Asia—Cont.
British dependencies
Burma
Ceylon
Iraq
. .
....
Kuwait
Laos
Pakistan
Portuguese dependencies
Ryukyu Islands
Saudi Arabia
Syria . . . .
Viet-Nam
All other:
British dependencies
Ethiopia and Eritrea
French, dependencies
Liberia . . . .
Morocco
New Zealand
Portuguese dependencies
Spanish dependencies
Sudan
Tangier
Tunisia
..
1954
1955
1956
'9.1
23.0
n a.
17.1
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
10.0
.8
10.7
'9.8
19.1
13.1
32.9
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
16.9
2.0
5.3
n.a.
22.3
18.8
2.7
n.a.
n.a.
17.1
50.1
1.6
9.1
'5.7
11.8
3.0
15.9
2.1
5.0
.2
n.a.
36.1
6
16.5
3.8
1.8
26.9
61.5
21.5
8 1
1.4
2.4
18.0
'8.7
5.6
1.7
7.6
2.3
8.3
.5
n.a.
35.7
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 Aug. 31, includes 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" categories 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.
478
INT'L CAPITAL TRANSACTIONS OF THE U. S.
TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1
[Amounts outstanding, in millions of dollars]
Total
Date
France
Canada
Latin
America
Asia
All
other
236
402
423
56
76
144
473
728
706
115
143
233
25
37
43
19
20
30
18
16
26
71
173
109
88
109
158
11
93
389
130
696
246
41
67
69
69
83
82
157
162
164
171
167
387
400
407
449
444
135
132
124
112
121
718
701
718
734
755
236
232
231
264
268
39
44
47
45
46
15
118
78
168
439
123
758
265
43
65
66
67
19
18
120
125
127
134
157
26
27
28
28
28
24
28
27
28
28
30
29
158
93
92
100
118
122
31
28
36
32
33
32
32
33
35
29
32
43
70
14
14
14
16
17
78
81
86
115
104
163
169
177
175
216
486
504
514
505
567
124
123
176
155
145
772
776
799
800
829
274
280
289
304
359
42
46
46
45
43
23
1,503
1,515
1,510
1.527
1,603
[ 633
,629
,698
L 729
1,825
1,809
1,944
1957_jan. 3 *
1>
Switz- United Other Total
erKing- Europe Europe
land
dom
31
70
88
168
50
30
109
213
593
158
867
381
48
Norway
Portugal
Sweden
Tur-
Spain
Yugoslavia
1
(2)
2
24
4
5
3
4
7
16
41
78
5
1
2
7
7
7
7
8
7
8
10
10
12
11
13
74
69
70
68
71
71
74
63
70
73
72
88
4
6
6
5
6
5
1
1
2
(2)
(2)
(2)
()
12
85
e
>
1 387
1,549
1956—Jan. 31
Feb 29
Mar. 31 ...
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30?
Dec. 3\P
Italy
11
14
12
905
1953—Dec. 31
1954—Dec. 31
1955—Dec. 31
Germany,
Fed.
Rep. of
>,046
Table 2a. Other Europe
Other
Europe
Date
Austria
Belgium
Denmark
Finland
!
Greece
Netherlands
1953—Dec. 31.,
1954—Dec. 31..
1955—Dec. 31..
88
109
158
2
13
20
16
6
10
13
2
3
3
1
3
4
9
16
11
1
2
9
1956—Jan. 31..
Feb. 29..
Mar. 31..
Apr. 30..
May 31..
June 30..
July 31..
Aug. 31..
Sept. 30..
Oct. 31..
Nov. 30^,
Dec. 3 1P,
158
157
162
164
171
167
168
163
169
177
175
216
2
2
3
4
6
6
7
7
7
9
7
7
18
18
20
24
22
20
17
17
19
18
22
28
13
11
10
7
10
9
8
7
6
10
10
12
3
2
2
3
4
4
4
5
5
4
4
4
3
4
4
4
4
3
3
4
5
5
5
4
12
13
15
17
15
16
16
19
16
16
13
21
9
9
9
10
11
11
12
16
15
16
17
23
2
5
8
6
6
7
9
11
8
8
6
5
8
1 9 5 7 _ j a n . 31*.
213
6
30
12
4
4
20
23
I
-
9
key
All
other
Table 2b. Latin America
Neth-
Date
Latin
Amer- Argen- Botina
livia
ica
Brazil Chile
Colombia
Cuba
erDolands Panminican Guate- Mex- West ama, Peru
Indies ReRe- mala
ico
puband
pubSuri- lic of
lc
i
Other
El
Sal- Uru- Vene- Latin
vador guay zuela America
nam
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—Jan. 31
Feb. 29
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 3 *
0>
Dec. 3 *
1>
696
718
701
718
734
755
758
772
776
799
800
829
7
10
12
11
11
10
12
12
11
11
13
15
4
3
4
3
3
5
6
4
4
4
4
4
63
66
60
62
61
66
64
65
63
65
65
72
11
19
6
7
7
10
10
12
15
14
15
16
150
151
160
165
168
162
155
147
145
150
145
145
82
81
81
87
85
90
89
86
81
83
84
90
5
5
4
4
4
5
4
4
4
7
7
7
5
5
6
7
6
6
6
6
7
7
7
7
157
163
152
154
157
161
170
178
184
194
201
202
1
2
3
2
3
8
6
6
6
6
5
5
16
20
20
18
19
13
12
11
11
11
12
12
32
31
30
30
29
29
28
32
32
32
32
35
6
7
7
6
6
7
6
6
8
11
14
11
20
20
13
12
7
15
22
29
26
18
14
15
101
102
108
113
133
130
130
131
133
139
134
144
34
34
35
36
35
39
38
44
46
46
47
49
1957_jan. 31*...... 867
15
5
77
22
145
99
13
8
216
4
13
34
8
12
145
52
P Preliminary.
1
Short-term claims reported in these statistics represent principally the
following items payable on demand or with a contractual maturity of
npt 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 $823 million on Jan. 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
479
INT'L CAPITAL TRANSACTIONS OF THE U. S.
TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i- Continued
[Amounts outstanding, in millions of dollars]
Table 2c. Asia and All Other
All other
Asia
Formosa
and Hong
IndoTotal China Kong India nesia
Mainland
Date
1953 -Dec. 31
1954—Dec. 31
1955—Dec. 31
115
143
233
8
8
8
3
3
3
4
5
5
1956 Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
246
236
232
231
264
268
265
274
280
289
304
359
9
8
8
8
8
8
8
8
8
8
7
7
4
5
5
5
6
5
5
5
5
4
4
4
6
5
7
6
6
6
6
5
7
6
6
6
381
8
5
7
31
29
31
30
31
30
31
31
30
31
30^
31^
1957__j an . 3ip
Iran
Phil- ThaiIsrael Japan ippines land Other Total
Australia
Union
of
Belgian Egypt South Other
Africa
Congo
(
)
)
)
(2
(2 )
23
11
10
26
50
103
6
7
19
6
6
8
25
36
57
25
37
43
8
14
11
6
6
5
17
19
20
20
22
22
21
22
23
22
20
20
I(2
2
6
8
11
11
10
10
10
11
12
12
12
13
13
16
23
97
93
96
100
113
121
112
126
131
134
159
193
20
16
12
9
11
7
9
13
11
12
9
16
8
9
9
9
9
10
9
8
8
9
8
9
71
69
64
63
78
77
83
73
75
82
77
88
41
39
44
47
45
46
43
42
46
46
45
43
13
11
12
12
12
12
11
11
11
12
11
11
5
5
5
6
6
8
8
8
8
7
7
6
207
17
10
81
48
11
5
2
22
13
13
18
20
18
16
14
14
17
17
19
17
8
1
2
2
2
2
2
3
3
2
3
3
3
2
8
10
17
8
7
7
8
7
7
7
7
7
7
6
8
?
14
16
18
:
21
TABLE 3. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES3
[In millions of dollars]
U.S. Govt. bonds & notes
Year or month
Purchases
646
1953
1954
1955
Sales
728
U.S. corporate securities
Net purchases, or Pursales ( - ) chases
-82
802
Sales
731
Foreign bonds
Net purchases, or Pursales ( - ) chases
70
543
Sales
622
Foreign stocks
Net purchases, or Pursales ( —) chases
-79
— 35
-82
— 30
-10
28
-45
-60
61
56
74
74
90
64
76
65
49
52
37
45
53
64
99
95
118
70
97
87
54
47
38
38
8
—7
-25
— 20
-28
—6
-21
— 23
-5
5
-1
7
-77
54
53
1
1,405
1,886
1,906
1,264
1,730
1,615
141
156
291
792
693
602
841
509
991
-49
184
-389
34
44
444
13
18
16
298
14
12
18
67
39
-14
-236
34
13
12
26
73
9
20
-45
-26
188
136
176
179
196
130
178
160
131
143
143
145
135
123
205
161
137
108
140
155
96
108
139
108
53
13
-29
18
59
22
38
5
35
35
4
37
60
35
34
40
40
41
48
31
32
174
44
25
139
42
38
27
117
75
129
60
42
146
89
85
-79
—8
-4
13
-76
.
34
30
208
48
32
28
324
87
21
37
22
13
...
49
27
22
163
106
56
41
118
May
June
July
Aug
Sent
Oct
Novp
DCC.P
1957 Jan *
7
— 214
-116
8
529
-134
..
sales (-)
303
645
878
859
793
812
1,018
1956 Jan
Feb
M!ar
Apr
N e t purchases, or
310
393
664
743
801
1,341
884
1956P
Sales
-252
TABLE 4. NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES
[Net sales, ( —). In millions of dollars]
Year or m o n t h
1953
1954
1955
1956*
1956—Jan...
Feb..
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct...
Nov.*
Dec.P
1957—Jan.».
v Preliminary.
International
institutions
Germany,
Federal
Republic of
Total
foreign
countries
France
23
78
-21
82
-34
72
706
75
-42
17
-2
-121
2
(2)
()
9
1
1
52
-1
-264
52
72
35
61
4
43
53
-41
9
(2)
-139
3
3
2
3
3
1
1
1
(2)
4
74
1
1
71
2
2
7
Italy
Switzerland
United
Kingdom
57
73
147
234
71
70
96
18
-5
25
44
47
12
24
6
21
23
-2
18
6
-9
-27
7
14
19
20
11
10
11
-40
-14
31
Other
Europe
Total
Europe
Canada
Latin
America
Asia
(
-24
-20
85
33
62
139
329
161
-121
-187
265
-123
25
113
76
34
12
13
-30
-2
5
-1
19
2
8
9
1
-3
35
-168
52
69
32
65
22
43
46
-38
3
10
6
-86
-5
-2
1
-7
-18
-8
5
-7
3
3
2
-1
1
4
6
7
6
8
(2 }
19
-10
-3
58
For other footnotes see opposite page.
1
29
-1
3
All
other
3
7
4
1
-1
-1
1
1
2
(2)
1
1
3
l
-l
480
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
InterTotal
national foreign
couninstitries
tutions
1953
1954
1955
1956*
Europe
Latin
Amer-
Canada
Asia
All
other
Apr....
May...
June...
July....
Aug
Sept....
Oct....
-11
— 137
-4
-472
96
-9
-46
9
-138
— 133
74
-453
35
33
24
17
-30
-34
-49
-40
26
7
-7
-5
-5
-3
-12
-5
-2
-2
-2
2
2
-66
-12
-18
-2
-102
-39
-101
-50
-17
32
-48
-50
12
-5
1
3
2
1
1
2
2
1
1
-1
3
-
0)
-6
-5
-4
-18
-6
-4
22
18
12
-75
-7
-10
5
-92
-9
-94
-48
-16
7
-58
-55
15
-18
C1)
NOV.P. .
Dec. P . .
2
-3
1957—Jan.*...
-71
Preliminary.
-6
U. S. Govt.
securities 2
ica
-61
— 164
-27
— 33
1956—Jan....
Feb....
Mar....
Deposits
Date
H
0)
2
-
5
2
3
3
7
6
2
1
4
1
8
8
1
1
1
0)
-22
11
3
-1
3
-5
1
-9
3
Miscellaneous 3
1955—Dec. 31
402
3,543
126
1956—Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
31
30
31
30
31
31
30
31
30
31
354
330
307
297
308
350
334
275
356
322
3,791
3,717
3,751
3,629
3,663
3,630
3,723
3,782
3,553
3.856
136
153
155
158
164
168
167
178
177
139
1957—Jan. 31
Feb. 28
Mar. 31
344
327
311
3,707
3,671
3,744
164
156
158
1957—Mar.
Mar.
Mar.
Mar.
319
292
300
345
3,663
3,736
3,735
3,721
155
156
159
159
6
13
20
27
i Less than $500,000.
1
Excludes assets held for Intl. Bank and Monetary Fund and earmarked
gold. See footnote 4 at bottom of following page for total gold under
earmark at Federal Reserve Banks for foreign and international accounts.
2 U. S. Treasury bills, certificates of indebtedness, notes and/or bonds.
3
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]
Production reported monthly
Year or
month
Estimated
world
production
(excl.
U.S.S.R.)
North and South America
Africa
Total
South
Africa
Rhodesia
Ghana Belgian United
Congo States
Canada
Mexico
Other
ColomChile
bia
Nica- AustraIndia
ragua 1
lia
fine: i. e ., an ounce of fine gold= $.
35
$ /= 15Hi grains ofgold Yio
840.0
864 5
840.0
868.0
864 5
913.5
959.0
1949
1950
1951
1952
1953
1954
1955
1956
1956—Jan
Feb
Mar
May
June
July
Aug
Sept
Oct
Nov
Dec
1957_jan
753.2
777.1
758.3
780.9
776.5
826.2
873.8
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
71.2
68.9
74.9
73.9
77.7
77.7
43.4
42.9
45.4
45.2
47.3
47.4
47 9
48.5
47 3
47.8
47.3
45.8
1.6
1.5
1.5
1.6
1.6
1.6
.1
1.8
2.1
2.2
2.1
1 6
2 2
1.6
2.3
1 6
1.6
1.5
2 3
2.2
2.2
2.2
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
67.3
80.1
66.3
67.4
69.0
65.1
65.7
64.3
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
.1
1.2
1
?
0
0
4.8
13.0
12.4
13.5
12.9
13.1
13.4
12 3
12.3
12 4
12.9
12.9
12.8
1.0
.9
1.1
.9
1.9
1 3
1 2
1.1
1.3
2.3
i Gold exports, representing about 90 per cent of total production.
Sources.—World production: estimates of U. S. Bureau of Mines.
Production reported monthly: reports from individual countries except
1
1
0
o
1
4.6
5.0
4.7
5.4
5.1
5 9
6.3
6 0
6.2
5.6
4.6
5.0
1.2
1.2
1.3
1 6
1.4
1 2
1 2
1.2
.7
C.3
6 7
6.1
6.2
4 6
4.4
4.3
.2
.3
.2
.2
.2
.3
2
.3
5
7 7
8 0
Q
31.3
30 4
31.3
34 3
37 7
39 1
36 7
5 7
6 7
7.9
8 9
7 8
8 4
7 4
7
2 9
.7
7
.6
6
7
2.7
5
.5
6
Q
o.o
8 9
9 1
8 2
8 1
7.6
6
.6
6
.6
2 8
2.7
3 0
3 2
3 3
30
3 2
3.0
3 4
6
6
5
6
6
.6
.6
Ghana, Belgian Congo, and India, data for which are from American
Bureau of Metal Statistics. For the United States, annual figures through
1955 are from the U. S. Bureau of the Mint and figures for 1956 and 1957
are from American Bureau of Metal Statistics.
481
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
Continental Western Europe:
France
Germany (Fed. Rep. of)
"Portugal
Sweden
Switzerland...
Bank for Intl. Settlements
Other . . . .
1950
1-43.0
"-23!5
14.0
"-4o!6
-34.3
3-123.4
-250.2
Total
Sterling Area:
United Kingdom
Union of South Africa
Other
1951
1952
1953
1-58.0 1-18.3 1-5.8
-84.8 - 2 0 . 0
-10.0
— j^'s —4 5 — 100 0
-15.0 -34.9
-5.0
-22.9 -32.0
- 3 8 . 0 - 1 5 . 0 *"22!5
-65.3 -30.4
(2)
-16.4 -29.7
-17.3
-380.2 -184.8 -115.6
1954
Other
.
..
1.5
1.0
3.0
1.5
-32.8
-5.0
-.5
-.5
-480.5
-10.0
7.2
-49.9 -20.0
-10.0
17.5 - 2 2 . 8
28.2 - 2 0 . 0
-118.2 -60.2
87.7
-64.8
22.2
14.9
-.9
-7.2 -34 7 —2 4
.4
All other
Grand total
57.5
18.6
100 3
-84.8
—3 5
-28.1
-15.0
o
—5 7
100.3
14.6
20.1
115.3
28 1
80.3
-5.0
-30.0
17.2
62.5
-131.8
100.3
-.1
—9 9
11.0
29.1
-200.0
3.0
14.0 - 2 8 . 3
6-44.2 6-76.0
(2)
2.0
-.2
-.2
19.9
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.
4
Includes sale of $43.1 million of gold to Thailand.
27.1
-200.0
2
-.2
-.1
40.1
2
85.0 - 1 3 3 . 0
—4 9
-.2
13.1
725.0
-68.5
280.2
775.0
775.0
725.0
5.2
7200.0
-.4
393.6 - 1 , 1 6 4 . 3 - 3 2 6 . 6
55. J
28 1
-.1
13 1
75.2
15.2
100.3
-50.0
13.7
193.3 -1,725.2
-8!6
14 6
5 — 38 95 — 53 7 — 6 7
-6.2
Eastern Europe
-77.5
15.2
-8.0
-50.5
-172.0 -126.0
— 33.8
4.0
451.2
-143.9
Oct.Dec.
-19.2
525.6
4-55 4
JulySept.
-546.4 -328.3
-480.0
-49.9
7.0
-10.0
-16.1
-14.4
-50.0
-10.5
Apr.June
3.4
3.4
440.0
11.5
-.3
-100.0
Jan.Mar.
Oct.Dec.
-33.8
469.9
52.1
3.6
3.4
Latin America:
Argentina
Colombia
Cuba
Mexico
Uruguay
1956
-67.5
-130.0 -225.6 -10.0
— 65 0
-59.9 -54.9
-5.0
-20.0 -15.0
-65.0 -15.5
-94.3 -20.0
-17.5
2.6
5.0
645.2 - 1 , 0 0 3 . 4
Canada
1955
1-94.8
446.3 - 1 , 0 2 0 . 0
195.7
13.1
3.2
3.5
Total
Total
1956
1955
Area and country
94.9
155.0
25.2
1.4
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
TreasTotal 1
ury
1944
1945
1946
1947
1948
1949
. . . . 20,619
20,065
. . . . 20,529
22,754
24,244
24,427
1950
1951
1952
1953
1954
1955
1956
22,706
22,695
23,187
22,030
21,713
21,690
21,949
Increase
in total
gold
stock
EarNet
marked
gold gold: de- Domesimport,
tic gold
crease, producor
or inexport
tion
crease
(-)
20,631 - 1 , 3 4 9 . 8 - 8 4 5 . 4
20,083 - 5 4 7 . 8 - 1 0 6 . 3
20,706
623.1 311.5
22,868 22,162.1 1,866.3
24,399 1,530.4 1,680.4
24,563
164.6 686.5
-459.8
-356.7
465.4
210.0
-159.2
-495.7
35.8
32.0
51.2
75.8
70.9
67.3
22,820 - 1 , 7 4 3 . 3 - 3 7 1 . 3 - 1 , 3 5 2 . 4
22,873
52.7 - 5 4 9 . 0
617.6
23,252
379.8 684.3 - 3 0 4 . 8
2.2 -1,170.8
22,091 - 1 , 1 6 1 . 9
21,793 - 2 9 7 . 2
16.6 - 3 2 5 . 2
21,753
-40.9
97.6 - 1 3 2 . 4
22,058
305.9 106.5
318.5
80.1
66.3
67.4
69.0
65.1
65.7
64.3
P Preliminary.
1 See footnote 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—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1957—Jan
Feb
Mar
3
4
Total i
21,716
21.743
21,772
21.799
21,830
21,858
21,884
21,910
21,910
21,949
21,765
21,792
21,821
21,868
21,918
21,965
22,032
21,999
22,106
22,058
22,252 22,211
22,304 22,396
^22,306 ^22,406
Increase
in total
gold
stock
EarNet
marked
gold
gold: de- Domesimport,
tic gold
crease,
producor
or intion
export
(-)
7.7
11.5
9.9
27.4
28.3
25.3
47.6
18.4
4.8
49.4
4.7
47.1
67.6 - 1 8 . 0
-33.6
4.6
107.6
12.5
2.7
-47.7
?19.0 - 5 3 . 9
18.6 - 239 . 8
*>10.1
( )
crease
(-)
-2 9
16.9
1.8
5.0
4.7
5.4
5.1
5.9
6.3
29.9
43.9
43.2
86.9
-34.3
105.7
51.2
5.6
4.6
295.9
28.0
4
16.0
5.0
(3)
(3)
6.0
6.2
Not yet available.
Gold held under earmark at the Federal Reserve Banks for foreign
and international accounts amounted to $6,282.9 million on Mar. 31, 1957.
Gold under earmark is not included in the gold stock of the United States.
482
GOLD RESERVES
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
Estimated
United States
total world
(excl. 1
2
U.S.S.R.) Treasury Total
End of
month
1950—Dec
1951—Dec
1952—Dec
1953—Dec
1954—Dec . . .
1955—Dec
.
1956—Feb
Mar
Apr
May
June
July
AUE
Sept
35,810
35,960
36,260
36,680
37,340
38,000
38,190
38,360
38 430
Oct
Nov
Dec
*>38 500
21,772
21,799
21,830
21,858
21,884
21 910
21,910
21 949
22 252
22,304
1957 Jan
Feb
End of
month
22,706
22,695
23,187
22,030
21,713
21,690
21,695
21,716
21,743
Finland
22,820
22,873
23,252
22,091
21,793
21.753
21,757
21,765
21,792
21,821
21,868
21,918
21,965
22,032
21 999
22,106
22 058
Argentina
216
268
12
26
26
26
31
35
1956—Feb
Mar
Apr
May
June
July... .
Aug
Sept
Oct
Nov
Dec
35
35
35
35
35
35
35
35
35
35
35
861
861
861
1957 Jan
Feb
35
Brazil
Canada
Chile
371
371
371
371
258
40
45
42
42
42
44
271
311
214
186
186
136
31
31
31
31
31
31
19
22
23
23
23
23
97
174
174
151
154
157
161
164
165
162
106
955
953
970
958
952
965
964
972
949
941
928
323
323
323
323
323
323
323
323
323
323
324
1,129
1,127
1,113
42
43
43
46
46
46
46
45
45
45
46
136
136
136
136
136
136
136
136
136
136
136
31
31
31
31
31
31
31
31
31
31
31
23
23
23
23
23
23
22
22
22
22
22
174
174
174
174
174
174
174
174
181
181
188
324
324
I 116
1,110
43
136
136
31
31
22
22
188
188
Mexico
Netherlands
311
316
544
737
796
865
50
50
50
52
45
45
27
27
38
38
38
48
31
46
46
36
35
35
872
875
45
45
45
45
45
45
46
48
48
48
48
49
49
35
35
35
35
35
35
46
47
47
50
49
49
49
49
49
35
35
35
35
35
45
45
49
49
35
35
Venezuela
Intl.
Monetary
Fund
India
Indonesia
Iran
[,107
1,109
1,114
1,114
1,112
1,119
1,124
1,113
Italy
920
140
138
138
137
138
138
256
333
346
346
346
352
208
208
144
158
62
142
27
27
27
27
27
27
27
27
27
27
27
247
247
247
247
247
247
247
247
247
247
247
81
81
81
81
54
54
138
138
138
138
138
138
352
352
352
861
861
861
861
861
861
861
861
991
1.003
1,035
1,056
1,104
1,189
1,274
1,294
1,329
1,376
1,494
46
46
45
45
45
138
138
138
138
138
163
164
164
164
165
165
166
861
861
[ 566
1,661
27
247
35
44
44
138
138
Portugal
El Salvador
South
Africa
Spain
1950—Dec
1951 Dec
1952 Dec
1953—Dec
t954 Dec
1955—Dec
192
265
286
361
429
428
23
26
29
29
29
28
197
190
170
176
199
1956 Feb
Mar
Apr . . . . . . . .
May
431
431
436
Sent
Oct
Nov
Dec
Aug
436
436
436
442
442
442
448
448
28
28
28
28
28
28
28
28
28
28
28
1957 Jan
Feb
452
461
28
32
July
Sweden Switzerland
Thailand
90
152
184
218
265
276
1.470
,452
1,411
,459
,513
1,597
118
113
113
113
113
212
61
51
51
54
56
56
216
212
210
217
215
212
216
214
214
220
224
56
56
56
56
56
56
56
56
56
56
56
272
273
269
266
257
260
262
263
265
265
266
1,592
1,608
1,606
1,579
,571
1,598
1,622
1,634
1,635
1,658
1,676
112
112
112
112
112
112
112
112
112
112
112
226
227
56
56
256
256
1,667
1,652
v 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
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,
Egypt
590
850
896
996
1,080
1,141
209
280
235
145
81
81
End of
month
Ecuador
317
317
317
321
322
323
247
247
247
247
247
247
28
140
326
626
Denmark
587
621
706
776
778
929
27
27
27
27
27
27
548
573
576
576
861
Cuba
88
112
112
117
138
144
22 377
22,396
523
Belgium
877
864
371
371
371
Germany,
France3 Federal GuateRepublic mala
of
1950 Dec
1951 Dec
1952—Dec
1953—Dec
1954—Dec
1955—Dec
Australia
112
352
353
353
360
360
362
166
166
167
167
877
864
853
853
853
854
854
854
844
834
819
Norway
Pakistan
174
174
174
Peru
Bank for
Intl.
Settlements
Turkey
United
Kingdom4
150
151
143
143
144
144
3,300
2,335
1,846
2,518
2,762
2,120
236
221
207
227
227
216
373
373
373
373
403
403
1.494
1,530
1,692
1,702
1,740
1,808
217
144
2,210
2,277
2,328
2,369
2,385
2,405
2,276
2,328
2,244
1,965
2,133
2,084
2,147
216
216
216
216
216
216
214
214
192
186
186
403
403
403
403
403
403
403
403
503
503
603
1,811
1,786
1,761
1,741
1,743
1,718
1,695
1,711
1,687
,692
.692
183
197
190
216
199
207
212
199
214
175
179
186
603
669
1,420
202
197
144
144
144
144
144
144
144
144
144
144
144
144
Uruguay
167
115
196
193
196
Reserve Bank Credit, and Related Items" or in the Treasury statement
"United States Money, Outstanding 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.)
483
GOLD RESERVES AND DOLLAR HOLDINGS
ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL
INSTITUTIONS
[In millions of dollars]
Dec. 31, 1954
Area and country
Continental Western Europe:
Austria
Belgium-Luxembourg (and Belgian Congo)..
Denmark
Finland
France (and dependencies) *
Germany (Federal Republic of)
Greece
Italy
Netherlands (and Netherlands West Indies
and Surinam)
Norway
Spain (and dependencies).
Sweden
Switzerland
Turkey
Other4
Gold&
shortterm
dollars
U. S. Gold&
Govt. shortterm
bonds
& notes dollars
124
925
1,118
148
560
188
406
2,185
'312
1,221
99
12
6
5
82
6
10
'1,753
2,742
176
1,158
2
1,214
1,143
22
69
1,145
10
5
80
161 '21,957
2,374
(3)
(3)
151
8
'1,999
2,490
187
10
1,137
2
5
6
1,100
44
53
10
7
3
84
124
601
June 30, 1956
10
12
6
194
96
606
97
602
152
Latin America:
Argentina
Cuba
Dominican Republic
Guatemala
Mexico
Panama, Republic of
Peru
El Salvador
Uruguay
Venezuela
Other
Total
Asia:
Indonesia
Iran
Japan
90
5
7
11
'1,631
3,099
7
13
88
(3)
161
(3)
2
186
1 284
2
1 288
23
73
1,113
23
79
1,071
109
617
(3)
206
426
2,307
(3)
117
'185
453
2,446
126
(3)
154
(3)
151
(3)
158
(3)
'1,108
10
'1,055
'872
6
'1,011
260
'13,211
343
'13,593
222
'13,641
3,190
'92
186
216
4
2,600
'84
219
282
2,820
'87
230
241
2,875
'83
243
334
232
'189
1
1
3
225
3,702
93
2,173
181
169
851
266
236
521
5
(3)
70
4
3,673
1,224
96
216
444
2 341
3
'948
531
32
442
112
308
423
72
62
391
74
118
59
317
597
135
Brazil.
Chile
12
6
(3)
44
2,616
Total
Canada
10
221
429
2,354
4,223
Sterling Area:
United Kingdom
United Kingdom dependencies .
Australia
India
Union of South Africa
Other
320
265
'214
3
10
509
26
466
139
217
389
77
72
556
86
127
52
281
668
124
146
(3)
2
1
(3)
124
(3)
4
1
(3)
(3)
Dec. 31 , 1956*
'342
1,265
95
10
153
3
38
'11,606
Total
Sept. 30, 1956
U. S. Gold& U. S. Gold& U . S . Gold& U. S. Gold& U. S.
Govt. short- Govt. short- Govt. short- Govt. short- Govt.
term bonds term bonds
bonds
term bonds
term
bonds
& notes dollars & notes dollars & notes dollars & notes dollars & notes
'317
1,242
102
12
72
'326
1,201
91
Mar. 31, 1956
10
7
329
1,044
102
'1,306
1,999
Dec. 31, 1955
4
'210
(3)
1
1
7
295
3,932
437
2,305
j
1
7
330
255
255
175
(3)
15
(3)
2
9
87
115
628
(3)
160
483
2 515
131
(3)
(3)
14
164
907
279 '14,103
300
14,119
298
253
3
2,820
'90
177
266
4
2,807
103
192
203
321
248
'211
1
1
14
323
277
220
(3)
1
12
4
(3)
1
1
14
3,983
265
3,867
286
3,922
223
369
2,394
362
2,547
352
2,628
368
1
3
14
399
25
582
151
181
407
77
80
562
104
117
53
290
808
133
3,961
193
171
169
(3)
1,203
192
195
4
(3)
(3)
5
7
14
254
3,912
3,789
( 3)
(3)
6
7
1
3
14
3
15
(3)
,8
1,506
3,327
10
12
'208
476
25
540
147
224
399
81
93
523
94
115
73
283
734
154
511
27
538
141
222
374
79
91
583
82
127
74
289
627
147
(3)
2
329
245
3
361
(3)
2
1
(3)
167
(3)
(3)
4
(3)
(3)
(3)
2
1
167
4
1
(3)
(3)
236
166
P)
1 092
1 175
285
263
665
4
6
1
5
300
253
695
4
6
1
5
(3)
1
360
29
550
137
211
347
79
91
600
108
123
53
259
3
14
1,058
114
3
12
3,969
191
4,119
190
204
174
231
158
(3)
(3)
1,167
4
6
1
6
(3)
j
1
167
4
(3)
(3)
(3)
167
(3)
4
1
(3)
j
(3)
268
250
647
4
6
1
4
6
294
255
707
2,224
16
2,624
30
2,707
16
2,763
16
2,810
17
2,812
17
Eastern Europe 5
309
6
308
7
294
6
294
6
288
8
287
8
All other:
Egypt
Other
221
246
'108
(3)
1
242
'120
'354
1
'362
.. .
Thailand
Other
Total
3
6
'89
Total
Total foreign countries
International 6
Grand total
'310
(3)
24,961
746
3,510
354
28,471 1,100
1 029
26,161 1,308
3,689
r
P Preliminary.
Revised.
1
Excludes gold holdings of French Exchange Stabilization Fund.
2
Reflects publication by France of certain previously unpublished
French gold reserves, which are included for earlier dates in Continental
Western Europe—Other.
>Less than $500,000.
4 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.
5 Excludes gold reserves of the U. S. S. R.
321
29,850 1,629
27,105 1,059
3,681
222
'117
236
'133
(3)
319
30,786 1,378
'369
(3)
27,405 1,121
3,750
298
254
677
4
6
317
31,155 1,438
'339
238
110
(3)
27,923 1,154
3,717
392
31,640 1,546
348
(3)
28,235 1,104
3,144
391
31,379 1,495
6
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.
484
INTERNATIONAL INSTITUTIONS
INTERNATIONAL BANK FOR RECONSTRUCTION AND
DEVELOPMENT
[End-of-month figures
INTERNATIONAL MONETARY FUND
[End-of-month figures. In millions of dollars]
In millions of dollars]
1956
1955
Dec.
Sept.
June
Mar.
Dec.
386
425
Dollar deposits and U. S. securities.
365
40'
428
947
931
96C)
93*
966
Other currencies and securities 1 ....
2,238 2,0941 2,00^- 1,959 1,936
Effective loans 2
41
47
2S>
40
Other assets 3
37
848
845
85C)
850
849
r
485
609
53C
47"
494
11
11
1C)
10
9
24C)
216
22£
254
205
1,853 1,85: 1,81C ) 1,810 1,810
IBRD bonds outstanding
Undisbursed loans
Other liabilities
Reserves
Capital 3
Jan.
Gold
Investments8
Currencies: United States1
Other i
Unpaid member subscripti 3ns
Other assets ..
Member subscriptions
Accumulated net income.
Reserves and liabilities
2
1, 124
118
?67
163
??1
.
958
116
267
66
221
286
945
318
?18
Continental W. Europe, total..
Belgium and Luxembourg...
Italy
Netherlands
Other
Sterling area total
Australia
Disbursed
620
259
100
121
71
69
35<;
.
Union of S Africa
Repaid
ns
146
179
7
14
139
19
779
110
253
66
82
267
76
26
18
7
17
7
59
5
561
254
83
28
2
14
26
4
29
3
23
16
77
105
47
11
?s?
502
164
76
127
135
13
9
15
63
119
120
219
84
3
81
9
8
2, 995
,171
Other
69
55
455
153
1?8
698
194
Latin America, total
Brazil
111
141
Mexico
Other
Asia (excl Sterling area) . .
Africa (excl. Sterling a r e a ) . . . .
6
Total
12
14
4
10
13
14
8
288
Country •
Total
Sold
to
Total
others*
1,883
7202
Brazil
Burma
Chile
Colombia
Cuba
150
15
50
50
50
Indonesia.
Iran
Philippines
United Kingdom
United S t a t e s . . .
Apr.
Jan.
60
110
35
15
1,300
2,750
1,811
1,708
4 403
815
1
8,750
— 14
I
Cumulative net drawings
on the Fund
Quota
Outstanding
Principal
July
Oct
1,420 1,687 1 718 1 li51
125
SO
200
200
1,423 1,697 1,759 1.777
5 051 4,387 4 ^19 4 ^m
942
824
815
8 5
1
3
1
2
8,929 8,929 8 751 R 7 51
- 4
— 10 — 14 - 1 4
Loans by country, Feb. 28, 1957
Area and member country 4
1956
1957
Item
Item
Paid
in
gold
1957
Jan.
38
9
13
13
10
16
9
4
236
688
38
15
12
25
13
15
55
25
15
562
1956
Jan.
Dec.
38
15
66
12
13
25
25
13
15
15
55
25
18
15
10
562
10-991 10-969 K - 3 8 6
Footnotes 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.
3
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 $155 million in loans not yet effective.
7 Includes $179 million not guaranteed by the Bank.
8 U. S. Treasury bills purchased with proceeds of sales of gold.
9 Countries shown are those with cumulative net drawings of $10
million or more on the latest date.
1
° Represents sales of U. S. dollars by 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
1949_Dec.
1950—Dec.
1951—Dec
1952—Dec.
1953 Dec
1954—Dec
1955—Dec.
28
27
26.. ..
31
30
29
28
.4
.4
.4
.4
.4
.4
.4
Other
assets
(fiduciary
issue)
1,350.0
1.375.0
450.0
1,575.0
I 675.0
1,775.0
1,900.0
Coin
5.3
1.5
1.7
1.4
2.4
2.4
2.3
2.2
2.0
2.0
1956—Mar. 28
Apr 25
May 30
June 27
July 25
Aug 29
Sept. 26
Oct. 31
Nov 28
Dec. 26
.4
.4
.4
.4
.4
.4
.4
li925.6
1 925.0
2,025.0
2.0
2.0
2.0
1.9
1957—Jan. 30
Feb. 27
.4
.4
1,925.0
1,925.0
2.0
2.0
.4
.4
.4
1,875.0
1,875.0
I 900.0
1,950.0
1,000.0
I 950.0
.925.0
Assets of banking department
For footnotes see opposite page.
2.0
2.0
2.0
Notes
28.4
17.7
12.5
49.9
55.4
23.7
10.7
34.1
33.4
29.1
57.0
37.4
42.9
44.7
47.5
19.0
27.7
63.7
52.0
Liabilities of banking department
Note
circulation 1
Discounts
and advances
Securities
14.8
29.2
18.2
11.2
4.9
489.6
384.0
389.2
371.2
338.1
350.7
1.321.9
1,357.7
1,437.9
1,525.5
1,619.9
294.2
270.4
294.6
271.0
254.1
254.6
269.7
285.1
279.9
267.7
1,841.3
1,842.0
1,871.3
1,893.4
1,963.0
1,907.5
1,880.6
1,877.8
1,906.3
1.997.7
240.3
261.0
1,861.6
1,873.4
8.9
37.7
22.1
30.3
15.3
15.6
23.8
26.6
18.3
28.2
26.8
11.0
34.9
15.8
299.6
Deposits
Bankers'
1,751.7
1,889.6
Public
ECA
Other
299.2
313.5
299.8
302.8
290.2
276.1
245.2
243.3
225.9
231.6
238.2
215.6
222.4
230.9
256.6
220.0
203.6
232.1
225.2
11.6
15.4
13.4
10.0
14.9
15.4
12.0
11.1
12.8
11.4
10.5
11.9
13.0
12.9
15.1
13.8
11.6
14.4
13.5
97.9
.4
.6
24.3
7.2
111.2
85.0
89.8
78.5
70.4
66.3
71.7
76.5
76.4
77.0
78.5
71.3
72.1
72.4
73.3
75.8
9.6
3.2
3.2
3.1
3.1
.2
.2
74.9
76.0
73.7
Capital
and
surplus
18.J
18.
18.
18.
18.:
18.
18.
18.5
17.8
18.0
18.1
18.3
18.5
18.5
17.8
18.0
18.1
18.3
18.5
485
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
Bank of Canada (millions of Canadian dollars)
Assets2
Date
Liabilities
Dominion and provincial govt. securities
Sterling
and
Deposits.
Other
assets
TTnit<»H
States
dollars
Shortterm
Note
circulation
Other
Other
30.7
24.7
94.9
16.2
51.5
56.3
89.2
Chartered
banks
Other
liabilities
and
capital
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
31.4
30.6
29.9
32.2
39.6
35.6
45.2
30.7
31.7
31.2
141.9
140.0
145.3
191.0
159.4
167 2
177.3
129 3
163.9
97.5
34.3
27.2
105 8
126.3
Dominion
govt.
1949—Dec.
1950 Dec
1951—Dec.
1952—Dec.
1953—Dec.
1954—Dec.
1955 Dec
31
30
31
31
31
31
31
74.1
111.4
117.8
77.1
54.9
54.2
57.4
1.781.'I
,229.
,141. *
1,459. ft
>
,376. <
,361. S
1,283. s
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
[ 599.1
1,623.5
1,738.5
541.
578.
619.
626.
623.
529.
551.
7
6
0
6
1956 Mar
Apr.
May
June
July
Aug.
Sept.
Oct
Nov.
Dec
31
30
31
30
31
31
29
31
30
31
58.8
52.3
67.2
60.1
59.9
62.1
57.7
51.4
61.1
60.8
965. ?
764. 1
1,065. 5
1,041.
I 029.
1,019.
1,041.
1,031.
1,021. ?
n25. [)
1,285.0
1,538.1
1,190.2
1,289.8
1,316.7
1 351.3
1,353.0
1 360.4
1,380.3
1,392.0
95.0
121.4
131.3
192.7
• 104.9
180.7
150.1
128.0
158.7
69.9
1,677.2
1,686.3
1,706.1
I 734.9
I,762.3
I 764.6
.769.5
1'780.9
1,793.5
1,868.7
506.
564.
542.
574.
500.
580.
564.
575.
624.
511.
1
9
8
7
0
6
0
5
48.1
54.1
30.2
51.1
49.8
65.4
46.0
55.0
7.4
38.8
1957 Jan 31
Feb 28
53.5
60.8
1,0 91 7
1 202.2
1,189.4
113.5
118.6
1 738.9
1,717.9
524. 0
497. 5
57.8
52.7
1,052. 7
9
6
0
9
Bank of France (billions of francs)
Liabilities
Assets
Date
Gold
Open
market
Special
Other
137.7
136.9
234.9
274.0
292.5
236.8
226.7
?8
34
3?
57
61
48
45
1956
29
26
31
28
26
30
27
31
29
27
301.2
301.2
301.2
301.2
301.2
. . 301.2
301.2
301.2
301.2
301.2
178.6
162.6
152.0
144.1
128.0
116.5
106.7
91.7
68.4
49.6
237.7
269.4
214.7
301.6
292.4
290.7
277.1
293.7
270.7
289.2
183.0
183.0
183.0
183.0
179.0
179.0
171.5
158.8
178.9
179.0
519.6
518.1
518.8
490.2
496.5
499.3
479.8
479.8
479.8
479.8
j75<J
7 35 . 7
8-7
21 .4
30 5
30 .5
1957—j an# 31
Feb 28
301.2
301.2
33.0
32.9
270.3
317.4
25 .0
175.0
171.3
479.8
479.8
1,334
,?74
1,314
,W4
2.4
?6 8
1956
1957
Jan.
112.7
212.8
190.8
159.7
170.0
277.2
336.8
j 48<3 6
1,556 .7
I 611 6
1,546 .6
,63fl 1
1,753 . 7
19 .5
14 6
7 .9
5 ?
2 8
Feb.
561.0
481.0
481.0
480.0
679.8
617.6
539.8
11(1 ?
,194 7
61.9
162.0
28.3
31.1
15.4
57.3
200.2
Central bank, monetary unit,
and item
157.9
158.9
160.0
172.0
200.0
195.0
190.0
9
?,
62.3
182.8
. . . . 191.4
200.2
201.3
201.3
301.2
Dec.
Central Bank of the Argentine R epublic
(millions of pesos):
851
830
940
Gold reported separately.
998
454
799
Other gold and foreign ex(:hange..
157
157
157
Gold contribution to Intl. F u n d . .
4 774 4 735 4 714
Govt securities
Rediscounts and loans to banks... 108,781 104,844 104 ,845
1 253 1 049
653
Other assets
43,151 42,593 42 ,802
Currency circulation
.
65,856 62,228 61 ,528
Deposits—Nationalized...
1,372
1,495
1,505
Other sisht oblisations
6,282 6,120 6 ,061
Other liabilities and capitaLI . . . .
.5
0
.4
8
Other 3
1.2
159.0
176.8
176.8
138.6
144.9
157.8
142.9
19 4
24.2
41 3
49.3
56.3
67 9
71.8
156.3
148.1
135.9
162.8
161.7
162.0
164.6
158.7
169.4
173.8
57.2
71.8
62.5
70.9
92.6
70.0
81 8
88.3
85.1
98.8
149.4
161.1
84.9
82.2
1 / £78.2
1, 560.6
4
1 ,f$41.6
? . 123.5
? HO.5
? , 538.5
1 i 320.0
( )
316.1
331.4
368.4
324.2
297.0
265.3
271 7
342.2
251.5
236.4
2,1376.7
?, 334.4
2, 361.9
01 390.5
<«>
? <m . 2
2,<J79.0
0 <)82.0
2,«J88.4
? )64.6
3,( 346.9
(4)
233.8
5245.7
3 (345.0
3,( 365.8
.1
(4)
.1
.1
(4)
(4)
1956
1957
Feb.
Central bank, monetary unit,
and item
Commonwealth Bank of Australia (millions of pounds):
Gold and foreign exchange
Checks and bills of other banks...
Securities (incl. Govt. and Treasnrv hiiisS
5 613
85,928
Other assets
488
Note circuit tinn
Deposits of Trading Banks:
36,895
Specia
48,710
Other.
1,937
Other lia bilities and c<
5,685
1,623
-426
Footnotes 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 Beginning 1950, includes ECA.
4 Less than 50 million francs.
Government
Other
liabilities
and
capital
Deposits
Note
circulation
Other
335 7
393 1
741
937
891 6
29
28
27
31
31
30
29
Other
assets
Current
5
1
0
0
1
1949 Dec
1950—Dec.
1951 Dec
1952—Dec
1953—Dec.
1954 Dec
1955—Dec.
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov.
Dec
Advances to
Government
Domestic bills
Foreign
exchange
Feb.
Jan.
Dec.
Feb.
374
3
349
6
325
7
286
9
504
76
380
52C
58
385
557
41
421
522
116
374
304
42
230
279
43
227
270
24
215
300
30
228
5 Includes advance of 29.9 billion francs to Stabilization Fund.
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
(Feburary 1945), see BULLETIN for December 1946, p. 1424.
486
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
1957
Central bank, monetary unit,
and item
Feb.
Austrian National Bank (millions of
schillings):
Gold
Foreign exchange (net)
Loans and discounts
Claim against Government
Other assets
Note circulation
Deposits—Banks
Other
Blocked
Other liabilities and capital
National Bank of Belgium (millions of
francs):
Gold
Foreign claims and balances (net).
Loans and discounts
Consolidated Govt. debt
Govt. securities
Other assets
Note circulation
Deposits—Demand
ECA
Other liabilities and capital
Central Bank of Bolivia—Monetary
dept. (millions of bolivianos):
Gold at home and abroad
Foreign exchange (net)
Loans and discounts
Govt. securities
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of Ceylon (millions of
rupees):
Foreign exchange
Govt. securities
Other assets
Currency in circulation
Deposits—Government
Banks
Other liabilities and capital
Central Bank of Chile (millions of
pesos):
Gold
Foreign exchange (net) 1
Net claims on Intl. Fund
Discounts for member banks
Loans to Government
Other loans and discounts
Other assets
Note circulation
Deposits—Bank
Other
Other liabilities and capital
Bank of the Republic of Colombia (millions of pesos):
Gold and foreign exchange
Net claim on Intl. Fund x
Loans and discounts
Govt. loans and securities
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of Costa Rica (millions
of colones):
Gold
Foreign exchange
Net claim on Intl. Fund 1
Loans and discounts
Securities
Other assets
Note circulation
Demand deposits
Other liabilities and capital
National Bank of Cuba (millions of
pesos):
Gold
Foreign exchange (net)
1956
Jan,
Feb.
Dec.
2,004 1,967
1,752
8,332 8,400 8,418
6,577 6,479 6,923
1,505 1,426
1,759
611
609
826
13,847 13,758 14,259
1,197 1,296 1,798
1,117
915
899
1,131 1,196 1,166
1,737 1,717 1,555
43,221 43,852 46,398
10,330 10,707 11,384
11,210 10,764 7,564
34,605 34,605 34,660
8,985 7,491 8,853
5,569 5,594 5,928
110,399 109,773 109,883
1,935 1,792 1,477
20
20
28
1,565 1,429 3,399
3
-492
124,430
2,505
5,843
109,439
18,123
5,237
718
10
3
439
84
108
99
736
10
7
444
61
159
89
737
11
7
443
67
150
95
7,069
1, 01
19
6,866
18,370
41,832
28,501
61,443
6,984
4,639
30,893
7,314
1,551
19
8,725
18,537
37,381
26,830
64,416
7,557
3,101
25,283
262
52
634
669
355
787
871
315
343
52
593
637
231
812
730
315
329
52
684
638
128
964
552
315
12
82
7
97
18
24
158
46
37
12
70
7
110
18
28
153
56
36
12
54
7
130
18
22
164
44
36
136
163
136
150
136
172
Feb.
National Bank of Cuba—Cont.
Foreign exchange (Stabilization
1,743
Fund)
6,969
Net claim on Intl. Fund 1
5,500
Loans and discounts
.,412
Credits to Government
929
Other assets
12,614
Note circulation
636
Deposits
561
Other liabilities and capital
.,413 National Bank of Czechoslovakia 2
1,329 National Bank of Denmark (millions
of kroner):
Gold
47,749
Foreign exchange
10,307
Loans and discounts
4,985
Securities
34,660
Govt. compensation account
7,247
Other assets
5.122
Note circulation
104^249
Deposits—Government
2,109
Other
49
Other liabilities and capital
3,665
Central Bank of the Dominican Republic (thousands of pesos):
502
Gold
109
Foreign exchange (net)
56,969
Net claim on Intl. Fundi
2,505
Loans and discounts
950
Govt. securities
45,977
Other assets
10,582
Note circulation
4,476
Demand deposits
Other liabilities and capital
Central Bank of Ecuador (millions of
657 sucres):
34
Gold
4
Foreign exchange (net)
409
Net claim on Intl. Fund 1
104
Credits—Government
95
Other
86
Other assets
Note circulation
Demand deposits—Private banks.
7,037
Other
839
Other liabilities and capital
National Bank of Egypt (millions of
6,246 pounds):
16,153
Gold
18,964
Foreign assets
8,837
Egyptian Govt. securities
43,932
Clearing and other accounts (net).
5,674
Loans and discounts
2,054
Other assets
6,416
Note circulation
Deposits—Egyptian Government..
Other3
256
Other liabilities and capital
24 Central Reserve Bank of El Salvador
488 (thousands of colones):
489
Gold
108
Foreign exchange (net) 1
674
Net claim on Intl. Fund
518
Loans and discounts
174
Govt. debt and securities
Other assets
Note circulation
12
Deposits
Ill
Other liabilities and capital
7 Bank of Finland (millions of markkaa):
81
Gold
7
Foreign assets and liabilities (net).
24
Loans and discounts
158
Securities—Government
50
Other
34
Other assets
Note circulation
Deposits
136
Other liabilities and capital
124
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.
1957
Central bank, monetary unit,
and item
1956
Jan.
163
-10
54
118
Dec.
Feb.
162
162
53
106
74
429
228
24
42
113
74
452
223
23
206
13
59
72
79
424
245
20
68
669
205
4931
495
3,050 3,050
1,081
882
2,219 2,238
1,520
1,477
1,419
1,378
282
277
68
692
189
498
3,051
1,021
2,372
1,461
1,412
274
68
740
139
505
3,104
1,154
2,075
1,669
1,676
290
11,396
10,463
2,500
6,888
8,030
19,551
48,375
7,379
3,074
11,396
13,928
2,500
5,988
8,360
19,907
50,778
7,899
3,402
12,526
16,151
1,250
2,750
8,360
14,802
46,698
6,634
2,507
325
17
38
496
224
231
683
2031
184
260
325
47
38
489
254
240
694
232
170
296
325
29
38
513
296
271
752
230
165
326
344
-68
19
485
216
243
612
198
162
266
66
66
106|
66
109
150
— 10
42
4
223
5
114
19
61
136
85
— 10
23
1
173
4
68
608
140
11,396
9,897
2,500
6,988
7,830
19,636
47,848
7,231
3,168
i
no'
164
-7
43
2
223
11
127
17
78,879
54,559
1,563
78,258
15,674
7,050
113,873
109,536
12,574
7,849
18,237
43,371
17,500
1,756
10,819
58,245
5,497
35,790
41
2
222
11
114
16
'105
17
70,283 70,898
18,118 52,084
-4,677
1,571
97,803 55,381
16,616 16,216
6,784
6,749
109,682 104,213
83,291 88,817
11,954
9,868
7,849
20,178
39,094
17,500
1,755
10,515
54,160
7,952
34,779
7,849
20,926
49,448
17,500
1,794
10,715
60,735
13,077
34,420
7,849
27,538
40,596
20,000
1,888
9,954
53,870
30,260
23,696
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.
487
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
1957
Central bank, monetary unit,
and item
Feb.
Bank, of German States 4 (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. F u n d . . .
Rediscounts and advances
Other assets
Circulation—Notes
,
Coin
Deposits—Government
,
Banks
Other liabilities and capital
National Bank of Hungary 2
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 and discounts
Securities
Other assets
Note circulation
Deposits—Government
Banks
Other
Other liabilities and capital
Central Bank of Ireland (thousands of
pounds):
Gold
Sterling funds
Note circulation
1956
Jan.
Dec.
6,931 6,531 6,231
11,814 11,808 11,824
1,691 1,770 3,084
4,129 4,037 4,225
1,215 1,128 1,063
14,590 14,173 14,511
5,254 5,227 4,123
3,616 3,542 5,140
218
290
210
2,101 2,121 2,363
(Nov.)*
5,663
180
7,011
5,058
2,016
5,450
1,080
7,286
4,067
2,045
27,237
44,150
1,250
9,010
42,783
58,501
4,160
5,671
26,793
29,306
27,238
40,370
1,250
10,202
41,161
57,810
4,144
5,952
25,357
26,956
27,238
36,432
1,250
11,789
43,953
58,517
4,168
4,809
28,494
24,674
1,178 1,178 1,178
4,125 4,274 4,473
8,750 8,401 7,853
1,220 1,238 1,248
15,063 14,855 14,661
211
236
1,064
832
20
11
7
75
1,776 ••1,665
1.640 1,292
1,508 1,526
91
826
33
73
1,823
1,372
1,475
567
608
734
1,153 1,077 1,083
10,801 10,970 10,36^
495
514
510
9,108 9,135 8,640
282
28:
28f
1,963 2,330 2,221
1,663 1,544 1,429
4,242 4,24: 4,242
522
534
522
282
282
28
7,623 7,623 7,623
12,31 12,480 11,945
6,426 6,343 6,537
916
916
916
3,073 3,698 3,401
10,828 10,994 11,097
4,272 5,047 4,574
1,406 1,394 1,329
15,4r 15,291 15,030
3,473,378 3,448
2,646 2,646 2,646
70,708 69,461 72,7773,354 72,107 75,420
Central bank, monetary unit,
and item
Feb.
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
5,937 Bank of Italy (billions of lire):
k
Gold
133
Foreign exchange
551
Advances to Treasury
,611
Loans and discounts
,285
Govt. securities
,941
Other assets
820
Note circulation
Deposits—Government
,146
Demand
,180
Other
,429
Other liabilities and capital
Bank of Japan (billions of yen):
Bullion
238
Advances to Government
431
Loans and discounts
250
Govt. securities
409
Other assets
,371
Note circulation
105
Deposits—Government
,860
Other
,144
Other liabilities
,389
201 Bank of Mexico (millions of pesos):
Monetary reserve 8 ..
"Authorized" holdings of securities, etc
Bills and discounts
Other assets
400
Note circulation
,672
Demand liabilities
,032
Other liabilities and capital
,
,050
,029 N e t h e r l a n d s Bank ( m i l l i o n s of
guilders):
Gold
126
Silver (including subsidiary coin).,
677
Foreign assets (net)
42
Loans and discounts
36
Govt. debt and securities
,208
Other assets
,538
Note circulation
55:
Deposits—Government
ECA
.710
Other
919
Other liabilities and capital
626
445 Reserve Bank of New Zealand (thou847 sands of pounds):
Gold
448
Foreign exchange reserve
551
Loans and discounts
853
Advances to State or State undertakings
242
Investments
244
Other assets
282
Note circulation
187
Demand deposits
161
Other liabilities and capital
651
449 Bank of Norway (millions of kroner):
780
Gold
053
Foreign assets (net)
225
Clearing accounts (net)
475
Loans and discounts
052
Securities
191
Occupation account (net)
Other assets
Note circulation
Deposits—Government
,646
Banks
,278
FOA
,92Other liabilities and capital
• Includes figures for the nine Land Central Banks.
5 In October 1956, gold held by bank was revalued from 8.47512 to
2.88 grains of fine gold per rupee.
* Items for issue and banking departments consolidated.
1957
Feb.
1956
Jan.
18,348 11,138
85,643 89,317
-4,745 -6,550
26,063 32,725
25,166 118,302
72,111 64,957
51,389 151,568
10,018 9,415
•41,180 238,845
28,245 29,664
200.246 189,034
14,323 13,328
Dec.
Feb.
8,442
2,050
91,711 104,286
-7,745
6,925
35,124 17,628
17,136 21,120
59,773 31,348
51,654 132,632
9,613 17,272
39,865 193,631
32,853 27,276
79,151 99,650
13,838 12,706
567
507
401
917
1,633
13
99
564
157
4
71
567
475
406
1,001
1,654
11
102
600
156
4
71
567
535
406
1,052
1818
,818
8
123
503
182
4
70
567
424
408
r
887
1,529
25
80
586
140
244
344
238
659
40
33
93
169
452
232
676
48
35
93
143
587
232
785
54
31
92
32
465
251
569
43
63
76
1,909
1,939
1,965
1,824
5,373
787
292
5,152
2,482
727
5,513
824
263
5,203
2,553
783
5,522
872
281
5,611
2,251
779
5,571
341
327
4,820
2,478
767
3,097
6|
686
255
660
414
3,910
111
368
486
243
3,154
6
705
175
694
378
3,89:
3,192
4
718
345
825
420
4,073
3,302
33
1,422
35
442
409
3,876
302
490
751
223
368
613
239
25:
368
58'
223
6,162 6,162 6,162
32,135 27,298 29,457
36,759 31,068 25,894
53,434 50,880 51,298
53,173 53,173 53,173
1,398 2,304
1,638
71,557 71,959 83,257
100,715 87,187 73,565
11,030! 10,83- 11,466
6,162
31,418
29,192
24
181
-68
116
107
5,546
125
3,502
1,167
608
26
948
210
-144
-42
124
90
5,546
110
3,079
1,359
491
106
859
209
184
-79
101
108
5,546
103
3,221
1,465
492
26
968
209
216
-63
110
106
5,546
106
3,258
1,349
63
26
96'
50,610
41,279
1,731
68,882
81,343
10,166
7 Holdings in each month were 448 million yen.
8
Includes gold, silver, and foreign exchange forming required reserve
(25 per cent) against notes and other demand liabilities.
For other footnotes see opposite page.
488
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
1957
1956
Central bank, monetary unit,
and item
Feb.
State Bank of Pakistan (millions of
rupees):
Issue department:
Gold at home and abroad
Sterling securities
Pakistan Govt. securities
Govt. of India 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 capital
Central Bank of Paraguay (millions of
guaranies):
Goldi
Foreign exchange (net)
Net claim on Int. Fund 2
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 2
Loans and discounts to banks
Loans to Government
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of the Philippines
(millions of pesos):
Gold
Foreign exchange
Net claim on Intl. Fund 2
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
Jan.
Dec.
115
880
1,717
246
430
56
3,307
115
875
1,683
246
430
53
3,288
115
864
1,653
246
430
59
3,264
138
36
711
694
193
115
1
1
778
725
169
103
10
2
671
616
170
10
548
53
1,600
566
235
1,126
373
250
1,263
11
503
53
1,605
563
221
1,143
351
284
1,177
11
460
53
1,620
551
354
1,218
270
267
1,292
744
67
753
1,393
135
2,210
667
214
849
67
716
1,390
135
2,280
638
239
46
310
45
356
43
385
117
479
153
684
86
247
88
85
456
155
672
85
246
92
96
451
156
692
86
265
87
'5,988
'13,922
r
\,5\6
'1,379
1,862
11,636
1,432
89
r
8,511
'3,000
81
55
30
48
110
91
14
80
54
24
46
110
78
16
79
52
25
48
118
70
16
617
323
16,191
48,750
57,246
54,530
2,875
14,414
51,308
617
323
15,785
48,538
57,322
53,642
3,840
13,701
51,403
617
323
15,258
49,693
58,168
55,821
2,545
13,138
52,556
Feb.
Feb.
Bank of Sweden (millions of kronor):
Gold
Foreign assets
114
Net claim on Intl. Fund 2
894
Swedish Govt. securities and ad1,224
vances to National Debt Office 3.
275
Other domestic bills and advances.
431
Other assets
69
Note circulation
2,917
Demand deposits—Government. .
Other
90
Other liabilities and capital
2 Swiss National Bank (millions of
19
francs):
574
Gold
566
Foreign exchange
120
Loans and discounts
Other assets
Note circulation
4
Sight liabilities
42
Other liabilities and capital
8 Central Bank of the Republic of Turkey
r
1,48 8 (millions of pounds):
380
Gold
r
146
Foreign exchange and foreign
890
clearings
210
Loans and discounts
178
Securities
789
Other assets
Note circulation
Deposits—Gold
442
Other
67
Other liabilities and capital
844 Bank of the Republic of Uruguay (mil1,089
lions of pesos):
167
Gold
1,884
Silver
481
Advances to S t a t e and G o v t .
245
bodies
Other loans and discounts
Other assets
33
Note circulation
330
Deposits—Government
10
Other
39
Other liabilities and capital
374 Central Bank of Venezuela (millions
156
of bolivares):
626
Gold
86
Foreign exchange (net)
156
Other assets
73
Note circulation
Deposits
5,666
Other liabilities and capital
13,586 National Bank of Federal Peoples' Re1,000
public of Yugoslavia (billions of
1,376
dinars):
1,363
Gold
10,716
Gold contribution to Intl. Fund. .
1,440
Foreign assets
118
Loans (short-term)
8,149
Govt. debt (net)
2,567
Other assets
Notes and coin in circulation
Demand deposits
76
Foreign liabilities
34
Long-term liabilities (net)
32
Other liabilities and capital
61 Bank for International Settlements
105 (millions of Swiss gold francs):
80
Gold in bars
18
Cash on hand and with banks
Rediscountable bills and accept616
ances (at cost)
321
Time funds at interest
15,889
Sundry bills and investments
35,285
Funds invested in Germany
43,356
Other assets
45,289
Demand deposits—Gold
4,323
Other
7,227
Long-term deposits: Special
38,628
Other liabilities and capital
' Revised.
1 On Mar. 1,1956, gold revalued from 0.0423177 to 0.0148112 grams of
fine gold per guarani.
2
This figure represents the amount of the country's subscription to the
Fund less the bank's local currency liability to the Fund.
1956
1957
Central bank, monetary unit,
and item
Jan,
Dec.
Feb.
564
1,025
129
564
1,080
129
586
1,072
129
598
958
129
4,103
20
1,021
5,337
269
104
1,153
4,140
20
1,020
5,334
291
179
1,149
4,390
21
1,038
5,598
260
244
1,134
3,630
25
1,056
4,777
396
351
872
6,999
547
176
94
5,417
2,178
221
7,062
553
229
106
5,394
2,335
220
7,103
627
459
135
5,810
2,286
228
6,665
618
128
91
5,126
2,163
213
402
402
402
402
241
4,138
30
237
2,481
155
1,792
621
229
4,084
30
241
2,459
155
1,733
639
242
4,079
30
235
2,526
155
1,694
613
201
3,465
30
156
1,948
155
1,600
552
283
10
327
10
285
558
743
550
190
362
777
232
476
683
506
173
341
708
1,744
1,003
188
1,223
427
1,284
1,747
1,045
206
1,290
368
1,339
1,234
277
115
1,084
257
284
5
2
37
728
31
39
90
290
80
272
111
5
2
36
1,065
40
81
95
271
78
610
175
5
2
60
787
36
26
83
159
123
421
130
604
39
618
65
547
49
561
55
589
143
685
297
3
652
1,176
229
304
559
57
539
297
2
611
994
229
304
509
67
524
297
2
633
832
229
303
465
102
443
297
2
485
919
229
293
1,948
807
226
1,241
546
1,194
3
Includes small amount of nongovernment bonds.
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.
489
MONEY RATES
CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1
[Per cent per annum]
Central banks with new rates since June 1955
Month effective
Austria
In effect June 30, 1955
4.5
1955—July
Aug
Sept
Oct
Nov
Belgium
2.75
3 0
NethGer- Greece er- Spain
lands
many
3.0
9.0
Sweden
3.75
2.5
Turkey
3.75
United
King- Candom
ada
4.5
1.5
4.5
26
3 5
2 25
2.75
5 0
1956—Feb
Mar
Apr
May
June
Aug
Sept
Oct
Nov
Dec
New Un.of
Zea- South India 2 Japan 2
land Africa
4.0
4.0
6.0
7 0
3.25
4.5
5.5
3 0
10.0
3.25
5.0
3 75
66
3.25
4.25
3 5
33.77
3 92
4.0
3 5
1957—Jan
Feb
Mar
4 5
5.0
In effect Mar. 31 1957
5.0
3.5
4.5
10.0
3.75
4.25
6.0
4.0
8.03
4 5
5.5
3.0
6.57
3.0
5.0
3 95
4.01
3.95
5.0
3.95
3.5
4.5
7.0
3.5
8.03
Other selected central banks—rates in effect on Mar. 31, 1957
Area and
country
Europe:
Denmark
France
Italy
Norway
Portugal
Rate
5.5
3.0
4.0
3.5
2.5
Month
effective
May
Dec.
Apr.
Feb.
Jan.
Area and
country
Europe—Cont.:
Switzerland... 1.5
Asia:
Burma
3.0
Ceylon
2.5
1955
1954
1950
1955
1944
Month
effective
Rate
Nov. 1936
Feb. 1948
June 1954
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 footnote.
2
Discounts or advances at other rates include: India—4 per cent, since
Feb. 1, for discounts of and advances on government securities (rate shown
is for advances on commercial paper on which a stamp duty of one-half
of 1 per cent was levied, beginning Feb. 1, 1957); Japan—various rates
Area and
country
Rate
Asia—Cont.: 2
Indonesia ...
Pakistan
Philippines...
Thailand
3.0
3.0
1.5
7.0
Month
effective
Apr.
July
Feb.
Feb.
Area and
country
1946
1948
1954
1945
Rate
Latin America:
Costa Rica 22
..
El Salvador .
Mexico
2
Peru
Venezuela....
3.0
3.0
4.5
6.0
2.0
Month
effective
Apr.
Mar.
June
Nov.
May
1939
1950
1942
1947
1947
dependent on type of paper or transaction and extent of borrowing from
central bank, including 7.665 per cent for discount of paper related to domestic commercial transactions (rate shown is for advances on commercial
paper and miscellaneous collateral); Indonesia—various rates dependent
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); El Salvador—2 per cent for agricultural paper; and Peru—4 per cent for industrial, and mining paper and 3
per cent for most agricultural paper.
3 Since Nov. 1, the discount rate is set each week at lA per cent above the
latest average tender rate for Treasury bills.
OPEN MARKET RATES
[Per cent per annum]
United Kingdom
Canada
Month
1954—Dec
1955—Dec
Treasury Day-tobills
day
3 months 1 money 2
1.08
.78
Bankers' Treasury Day-toacceptbills
day
ances
3 months 3 months money
.57
.62
314.514
1.06
1.50
1.50
5.34
5.27
5.14
5.20
5.10
5.08
5.18
5.14
5.08
5.07
4.17
4.05
4.13
4.16
3.96
4.14
4.26
4.21
4.24
3.50
3.50
3.50
3.50
3.50
3.50
3.50
3.50
3.50
1.32
1.59
1.76
2.38
2.74
3.00
3.00
r
3.18
3.25
3.48
1.00
1.23
1.25
1.43
1.50
1.50
1.50
1.50
1.50
1.50
414-61/i
3.50
3.06
3.08
3.10
3.02
3.21
3.02
3.00
3.47
3.71
3.55
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
4.85
4.44
4.69
4.30
4.06
3.66
3.50
3.10
3.54
3.36
3.58
3.47
1.50
1.50
41/2-634
41/2-634
1957—Jan
Feb
3.70
3.76
3.27
3.48
Revised.
1 Based on average yield of weekly tenders during the month.
Private
discount
rate
3.29
2.99
Nov
Dec
r
Loans
up to
3 months
1.25
2.50
2.57
2.65
2.66
2.68
2.52
2.63
2.67
2.83
2.89
3.18
Oct
Switzerland
1.45
4.22
May
June
July
Aug
Sept
Treasury Day-today
bills
3 months money
Sweden
3.10
2.42
Apr
Bankers'
allowance Day-today
on
money
deposits
Netherlands
4.08
5.18
5.11
4.95
5.09
5.01
5.03
5.11
5.04
5.01
4.94
1.78
2.59
2.62
2.83
2.84
2.63
2.53
2.94
3.06
3.30
3.40
3.61
1956—Mar
France
1.78
4.15
2
.77
Based on weekly averages of daily closing rates.
414—6^
414-61/2
414-61/2
4i4_6i/2
4i4_6i/2
414-634
1.69
1.75
490
FOREIGN EXCHANGE RATES
FOREIGN EXCHANGE RATES
[Average of certified noon buying rates in New York for cable transfers.
Argentina
(peso)
Australia
(pound)
Year or month
Preferential
Basic
In cents per unit of foreign currency]
Austria
(schilling)
Belgium
(franc)
British
Malaysia
(dollar)
Canada
(dollar)
Ceylon
(rupee)
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
32.849
32.601
32.595
32.641
32.624
32.582
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—Mar.
Apr..
May.
June.
July.
Aug.
Sept.
Oct..
Nov.
Dec.
5.556
5.556
5.556
5.556
5.556
5.556
5.556
5.556
5.556
5.556
2.454
2.536
2.657
2.872
3.090
3.249
3.190
3.177
2.987
2.806
223.50
223.72
223.71
223.28
222.58
221.76
221.76
221.88
221.71
221.92
8580
8580
8580
8580
8580
8580
8580
8580
8580
8580
2.0023
2.0035
2.0029
2.0032
2.0074
2.0049
2.0064
2.0084
2.0022
1.9945
32.798
32.761
32.700
32.608
32.510
32.368
32.373
32.384
32.360
32.475
100.122
100.302
100.803
101.476
101.835
101.907
102.274
102.732
103.725
104.095
21.004
21.024
21.022
20.977
20.917
20.858
20.873
20.878
20.871
20.881
1957—Jan..
Feb..
Mar.
5.556
5.556
5.556
2.642
2.681
2.586
222.77
222.96
222.55
3.8570
3.8536
3.8536
1.9912
1.9900
1.9900
32.529
32.561
32.532
104.085
104.334
104.577
20.948
20.960
20.921
Germany
(deutsche
mark)
India
(rupee)
Ireland
(pound)
Japan
(yen)
Mexico
(peso)
280.38
279.68
281.27
280.87
279.13
279.57
1951
1952
1953
1954
1955
1956
Denmark
(krone)
Finland
(markka)
France
(franc)
14.491
14.492
.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
4.2779
11.564
11.588
11.607
9.052
8.006
8.006
1956—Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct.. ,
Nov..
Dec.
.4354
.4354
.4354
.4354
.4354
.4354
.4354
.4354
.4354
.4354
.2855
.2855
.2855
.2855
.2855
.2855
.2855
.2855
.2855
.2855
23.716
23.716
23.729
23.797
23.839
23.853
23.853
23.843
23.832
23.823
21.004
21.024
21.022
20.977
20.911
20.830
20.840
20.856
20.840
20.861
280.49
280.77
280.76
280.22
279.33
278.31
278.31
278.46
278.25
278.50
4.2779
.2779
8.006
8.006
8.006
8.006
8.006
8.006
8.006
8.006
8.006
8.006
1957—Jan...
Feb..
Mar..
.4354
.4354
.4354
.2855
.2855
.2855
23.808
23.797
23.793
20.939
20.947
20.913
279.57
279.81
279.30
.2779
.2779
.2779
8.006
8.006
8.006
Year or month
1951.
1952.
1953.
1954.
1955.
1956.
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—Mar.
Apr.,
May,
June,
July.
Aug.
Sept.
Oct..
Nov.
Dec.
26.107
26.125
26.110
26.106
26.106
26.111
26.110
26.124
26.105
26.101
277.72
277.99
277.98
277.44
276.57
275.55
275.55
275.70
275.49
275.75
14.008
14.008
14.008
14.008
14.008
14.008
14.008
14.008
14.008
14.008
49.677
49.677
49.677
49.677
49.677
49.677
49.677
49.677
49.677
49.674
3.4900
3.4900
3.4900
3.4900
3.4900
4900
4900
4900
4900
4900
279.45
279.72
279.71
279.17
278.29
277.27
277.26
277.42
277.21
277.46
19.333
19.333
19.333
19.333
19.333
19.333
19.333
19.333
19.333
19.333
23.335
23.335
23.332
23.334
23.335
23.335
23.335
23.331
23.335
23.335
280.49
280.77
280.76
280.22
279.33
278.31
278.30
278.46
278.25
278.50
1957—Jan..
Feb..
Mar.
26.106
26.111
26.119
276.80
277.04
276.54
14.008
14.008
14.008
49.677
49.687
49.695
4900
4900
3.4900
278.53
278.76
278.26
19.333
19.333
19.333
23.329
23.308
23.318
279.57
279.81
279.30
Year or month
1
2
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.
Based on quotations beginning Nov. 26, 1956.
4
The material listed below 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 reprints, appeared on pages 1389-92
of the December 1956 Bulletin.
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FEDERAL RESERVE BULLETIN • APRIL 1957
REPRINTS
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THE MONETARY SYSTEM OF THE UNITED STATES.
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MID-1955.
BOARD OF GOVERNORS
of the Federal Reserve System
W M . M C C . MARTIN, J R . ,
Chairman
M. S. SZYMCZAK
C. CANBY
BALDERSTON,
A. L. MILLS, J R .
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,
Vice Chairman
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
A. KENYON, Assistant Secretary
CLARKE L. FAUVER, Assistant Secretary
MERRITT SHERMAN,
KENNETH
DIVISION OF EXAMINATIONS
LEGAL DIVISION
GEORGE S. SLOAN, 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
HOWARD
DIVISION OF PERSONNEL ADMINISTRATION
DIVISION OF RESEARCH AND STATISTIC S
EDWIN J. JOHNSON, Director
H. FRANKLIN SPRECHER, JR., Assistant Director
RALPH A. YOUNG, Director
R. GARFIELD, Adviser
GUY E. NOYES, Adviser
ROLAND I. ROBINSON, Adviser
KENNETH B. WILLIAMS, Assistant Director
FRANK
DIVISION OF ADMINISTRATIVE SERVICES
LISTON P. BETHEA, Director
JOSEPH
SUSAN S. BURR, Assistant Director
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
E. KELLEHER, Assistant Director
OFFICE OF DEFENSE LOANS
ALBERT R. KOCH, Assistant Director
LEWIS
C. MASTERS, Associate Director
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
ROBERT
493
494
FEDERAL RESERVE BULLETIN • APRIL 1957
Federal Open Market Committee
W M . M C C . MARTIN, JR.,
CARL E. A L L E N
C. CANBY BALDERSTON
MALCOLM BRYAN
Chairman
ALFRED HAYES,
H. G. LEEDY
A. L. MILLS, JR.
J. L. ROBERTSON
CHAS. N. SHEPARDSON
WINFIELD W. RIEFLER, Secretary
ELLIOTT THURSTON, 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
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
KARL R. BOPP, Associate Economist
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
LEE P. MILLER, ST. LOUIS
JULIAN B. BAIRD, 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
James R. Killian, Jr., Deputy Chairman
Frederick S. Blackall, jr.
Oliver B. Ellsworth
William D. Ireland
Harold I. Chandler
Milton P. Higgins
Harry E. Umphrey
Harvey P. Hood
J. A. Erickson, President
D. H. Angney
Ansgar R. Berge
E. O. Latham, First Vice President
Vice Presidents
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
Charles W. Bitzer
Ferd I. Collins
Clarence Francis
Franz Schneider
(Vacancy)
Forrest F. Hill, Deputy Chairman
Howard C. Sheperd
Lansing P. Shield
FEDERAL RESERVE BANKS AND BRANCHES
495
District 2—FEDERAL RESERVE BANK OF NEW YORK-Continued
Alfred Hayes, President
William F. Treiber, First Vice President
Vice Presidents
H. V. Roelse
Robert V. Roosa
Robert G. Rouse
H. A. Bilby
John Exter
M. A. Harris
H. H. Kimball
A. Phelan
Vernon Alexander
Leland B. Bryan
Charles H. Diefendorf
I. B. Smith, in charge
of Buffalo Branch
T. G. Tiebout
V. Willis
R. B. Wiltse
BUFFALO BRANCH—BOARD OF DIRECTORS
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
Lester V. Chandler
Bayard L. England
Lindley S. Hurff
Charles E. Oakes
Alfred H. Williams, President
R. Russell Pippin
Geoffrey S. Smith
W. J. Davis, First Vice President
Vice Presidents
E. C. Hill
Wm. G. McCreedy
Karl R. Bopp
Robert N. Hilkert
P. M. Poorman
J. V. Vergari
District 4—FEDERAL RESERVE BANK OF CLEVELAND
BOARD OF DIRECTORS
Arthur B. Van Buskirk, Chairman and Federal Reserve Agent
John A. Byerly
Joseph B. Hall
King E. Fauver
Charles Z. Hardwick
Edison Hobstetter
W. D. Fulton, President
Dwight L. Allen
Roger R. Clouse
C. Harrell
L. Merle Hostetler
Roger Drackett
Bernard H. Geyer
Frank C. Irvine
John H. Lucas
Douglas M. Moorhead
Joseph H. Thompson, Deputy Chairman
George P. MacNichol, Jr.
Frank J. Welch
Donald S. Thompson, First Vice President
Vice Presidents
R. G. Johnson, in charge of
Cincinnati Branch
J. W. Kossin, in charge of
Pittsburgh Branch
CINCINNATI BRANCH—BOARD OF DIRECTORS
Anthony Haswell, Chairman
W. Bay Irvine
Ivan Jett
PITTSBURGH BRANCH—BOARD OF DIRECTORS
Ben Moreell
Sumner E. Nichols
A. H. Laning
Martin Morrison
H. E. J. Smith
Paul C. Stetzelberger
Franklin A. McCracken
William A. Mitchell
John C. Warner,
Chairman
Irving W. Wilson
496
FEDERAL RESERVE BULLETIN • APRIL 1957
District 5—FEDERAL RESERVE BANK OF RICHMOND
BOARD OF DIRECTORS
John B. Woodward, Jr., Chairman and Federal Reserve Agent Alonzo G. Decker, Jr., Deputy Chairman
Daniel W. Bell
Robert Gage
Robert O. Huffman
D. W. Colvard
Joseph E. Healy
W. A. L. Sibley
L. Vinton Hershey
Hugh Leach, President
N. L. Armistead
R. L. Cherry, in charge of
Charlotte Branch
J. Dewey Daane
Edw. A. Wayne, First Vice President
Vice Presidents
D. F. Hagner, in charge of
J. M. Nowlan
Baltimore Branch
James M. Slay
Thomas I. Storrs
Aubrey N. Heflin
C. B. Strathy
Upton S. Martin
BALTIMORE BRANCH—BOARD OF DIRECTORS
Gordon M. Cairns
James W. McElroy
Wm. Purnell Hall, Chairman
Charles A. Piper
John W. Stout
Stanley B. Trott
Clarence R. Zarfoss
CHARLOTTE BRANCH—BOARD OF DIRECTORS
William H. Grier, Chairman
Ernest Patton
Charles D. Parker
I. W. Stewart
Paul T. Taylor
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
W. C. Bowman
Pollard Turman
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
BIRMINGHAM BRANCH—BOARD OF DIRECTORS
John R. Downing
Edwin C. Bottcher, Chairman
E. W. McLeod
Robert M. Cleckler
Malcolm A. Smith
Linton E. Allen
W. E. Ellis
JACKSONVILLE BRANCH—BOARD OF DIRECTORS
James G. Garner
James L. Niblack
J. Wayne Reitz, Chairman
L. B. Raisty
Earle L. Rauber
S. P. Schuessler
M. L. Shaw, in charge
of New Orleans
Branch
John E. Urquhart
Adolph Weil, Sr.
Harry M. Smith
McGregor Smith
497
FEDERAL RESERVE BANKS A N D BRANCHES
District 6—FEDERAL RESERVE BANK OF ATLANTA-Continued
NASHVILLE BRANCH—BOARD OF DIRECTORS
J. R. Kellam, Jr.
Ernest J. Moench
A. Carter Myers, Chairman
Jo H. Anderson
Stewart Campbell
Frank B. Ward
C. L. Wilson
NEW ORLEANS BRANCH—BOARD OF DIRECTORS
H. A. Pharr
E. E. Wild, Chairman
J. Spencer Jones
G. H. King, Jr.
D. U. Maddox
William J. Fischer
Joel L. Fletcher, Jr.
District 7—FEDERAL RESERVE BANK OF CHICAGO
BOARD OF DIRECTORS
Bert R. Prall, Chairman and Federal Reserve Agent
Robert P. Briggs
Walter J. Cummings
William J. Grede
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. McBride, Chairman and Federal Reserve Agent
S. J. Beauchamp, Jr.
Phil E. Chappell
Kenton R. Cravens
J. E. Etherton
J. H. Longwell
Delos C. Johns, President
Wm. J. Abbott, Jr.
Fred Burton, in charge of
Little Rock Branch
Joseph H. Moore, Deputy
Chairman
Harold O. McCutchan
Leo J. Wieck
Guy S. Freutel, First Vice President
Vice Presidents
Darryl R. Francis, in charge
of Memphis Branch
Donald L. Henry, in charge
of Louisville Branch
Geo. E. Kroner
Dale M. Lewis
H. H. Weigel
J. C. Wotawa
LITTLE ROCK BRANCH—BOARD OF DIRECTORS
Donald Barger
T. Winfred Bell
E. C. Benton
H. C. McKinney, Jr.
Shuford R. Nichols
J. V. Satterfield, Jr.
A. Howard Stebbins, Jr.,
Chairman
498
FEDERAL RESERVE BULLETIN • APRIL 1957
District 8—FEDERAL RESERVE BANK OF ST. LOUIS-Continued
LOUISVILLE BRANCH—BOARD OF DIRECTORS
David F. Cocks, Chairman
Philip Davidson
Magnus J. Kreisle
W. Scott Mclntosh
M. C. Minor
J. D. Monin, Jr.
Merle E. Robertson
MEMPHIS BRANCH—BOARD OF DIRECTORS
Henry Banks
J. H. Harris
A. E. Hohenberg, Chairman
John A. McCall
William B. Pollard
John D. Williams
John K. Wilson
District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS
BOARD OF DIRECTORS
Leslie N. Perrin, Chairman and Federal Reserve Agent
John E. Corette
Thomas G. Harrison
F. Albee Flodin
Ray C. Lange
Harold C. Refling
O. B. Jesness, Deputy Chairman
Joseph F. Ringland
Harold N. Thomson
Frederick L. Deming, President
A. W. Mills, First Vice President
Vice Presidents
Kyle K. Fossum, in charge
of Helena Branch
C. W. Groth
M. B. Holmgren
A. W. Johnson
H. G. McConnell
M. H. Strothman, Jr.
Sigurd Ueland
HELENA BRANCH—BOARD OF DIRECTORS
A. W. Heidel
J. Willard Johnson
Geo. N. Lund
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
Joe W. Seacrest, Deputy Chairman
Max A. Miller
Oliver S. Willham
Henry O. Koppang, First Vice President
Vice Presidents
R. L. Mathes, in charge
of Oklahoma City Branch
Cecil Puckett, in charge
of Denver Branch
Clarence W. Tow
E. D. Vanderhoof
D. W. Woolley
DENVER BRANCH—BOARD OF DIRECTORS
Merriam B. Berger
Arthur Johnson
Ralph S. Newcomer
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
499
FEDERAL RESERVE BANKS A N D 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
John M. Griffith
Henry P. Drought
D. A. Hulcy
J. Edd McLaughlin
Watrous H. Irons, President
Vice
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
Presidents
T. W. Plant
L. G. Pondrom
Morgan H. Rice
Harry A. Shuford
W. E. Eagle, in charge of
San Antonio Branch
W. H. Holloway
EL PASO BRANCH—BOARD OF DIRECTORS
F. W. Barton
John P. Butler
D. F. Stahmann
E. J. Workman
Floyd Childress
James A. Dick, Chairman
Thomas C. Patterson
HOUSTON BRANCH—BOARD OF DIRECTORS
I. F. Betts
L. R. Bryan, Jr.
S. Marcus Greer
Tyrus R. Timm
W. B. Callan
A. E. Cudlipp
John C. Flanagan, Chairman
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
Carroll F. Byrd
Walter S. Johnson
Reese H. Taylor
M. Vilas Hubbard
N. Loyall McLaren
Philip I. Welk
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
Vice Presidents
R. H. Morrill
John A. O'Kane
J. A. Randall, in charge of
Portland Branch
President
H. F. Slade
W. F. Volberg,
in charge of
Los Angeles Branch
O. P. Wheeler
500
FEDERAL RESERVE BULLETIN • APRIL 1957
District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO-Continued
LOS ANGELES BRANCH—BOARD OF DIRECTORS
Anderson Borthwick
Edward W. Carter, Chairman
Leonard K. Firestone
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, Chairm
Geo. W. Watkins
SEATTLE BRANCH—BOARD OF DIRECTORS
James Brennan
Lyman J. Bunting
Charles F. Frankland
S. B. Lafromboise
D. K. MacDonald, Chairm
Index to Statistical Tables
Acceptances, bankers', 436, 437
Agricultural loans of commercial banks, 432, 434
Agriculture, Gqvt. agency loans, 440, 441
Assets and liabilities (See also Foreign liabilities and
claims reported by banks):
Banks and the monetary system, consolidated,
428
Corporate, current, 448
Domestic banks, by classes, 429, 432, 434
Federal business-type activities, by fund or activity, 440, 441
Federal Reserve Banks, 423, 424
Foreign central banks, 484
Automobiles:
Consumer instalment credit, 452, 453, 454
Production index, 458, 462
Bankers' balances, 433, 435
(See also Foreign liabilities and claims reported
by banks)
Banks and branches, number, by class and State, 472
Banks and the monetary system, consolidated statement, 428
Bonds (See also U. S. Govt. securities):
New issues, 446, 448
Prices and yields, 437, 438
Brokers and dealers in securities, bank
loans to, 432, 434
Business expenditures on new plant and equipment, 448
Business indexes, 456
Business loans (See Commercial and industrial loans)
Capital accounts:
Banks, by classes, 429, 433, 435
Federal Reserve Banks, 423, 424
Carloadings, 456
Central banks, foreign, 482, 484, 489
Coins, circulation of, 427
Commercial banks:
Assets and liabilities, 429, 432
Consumer loans held, by type, 453
Number, by classes, 429, 472
Real estate mortgages held, by type, 449
Commercial and industrial loans:
Commercial banks, 432
Weekly reporting member banks, 434, 436
Commercial paper, 436, 437
Commodity Credit Corporation, loans, etc., 440, 441
Condition statements (See Assets and liabilities)
Construction, 456, 462, 463
Consumer credit:
Instalment credit, 452, 453, 454, 455
Major parts, 452, 454
Noninstalment credit, by holder, 453
Consumer durable goods output indexes, 462
Consumer price indexes, 456, 468
Consumption expenditures, 470, 471
Corporate sales, profits, taxes, and dividends, 447, 448
Corporate security issues, 446, 448
Corporate security prices and yields, 437, 438
Cost of living (See Consumer price indexes)
Currency in circulation, 419, 427
Customer credit, stock market, 438
Debits to deposit accounts, 426
Demand deposits:
Adjusted, banks and the monetary system, 428
Adjusted, commercial banks, by classes, 433
Banks, by classes, 429, 435
Type of holder, at commercial banks, 433
Department stores:
Merchandising data, 467
Sales and stocks, 456, 466
Deposits (See also specific types of deposits):
Adjusted, and currency, 428
Banks, by classes, 429, 433, 435
Federal Reserve Banks, 423, 424, 480
Postal savings, 428
Turnover of, 426
Deposits, reserves, and borrowings, by class of member bank, 421
Discount rates, 422, 489
Discounts and advances by Federal Reserve
Banks, 419, 423
Dividends, corporate, 447, 448
Dollar assets, foreign, 480, 483
Dwelling units started, 463
Earnings and hours, manufacturing industries, 456, 465
Employment, 456, 465
Export-Import Bank, loans, etc., 440, 441
Farm mortgage loans, 440, 449, 450
Federal business-type activities, assets and liabilities,
by fund or activity, 440, 441
Federal Deposit Insurance Corporation,
assets, etc., 440, 441
Federal finance:
Cash transactions, 442
Receipts and expenditures, 443
Treasurer's balance, 442
Federal home loan banks, loans, etc., 440, 441, 451
Federal Housing Administration, loans, etc., 440, 441,
449, 450, 451
Federal National Mortgage Association,
loans, etc., 440, 441, 451
Federal Reserve Banks:
Condition statement, 423, 424
U. S. Govt. securities held by, 419, 423, 424,
444, 445
Federal Reserve credit, 419, 423, 424
Federal Reserve notes, 423, 424, 425, 427
Finance company paper, 436, 437
Foreign central banks, 482, 484, 489
Foreign deposits in U. S. Banks, 419, 423, 424, 428,
433, 435
Foreign exchange rates, 490
Foreign liabilities and claims reported by
banks, 476, 478, 480
Foreign trade, 467
Gold:
Earmarked, 481
Net purchases by U. S., 481
Production, 480, 481
Reserves of central banks and governments, 482
Reserves of foreign countries and international
institutions, 483
Stock, 419, 428, 481
Gold certificates, 423, 424, 425, 427
Govt. debt (See U. S. Govt. securities)
Gross national product, 470, 471
Home owners, Govt. agency loans, 440, 441
Hours and earnings, manufacturing industries, 456, 465
Industrial advances by Federal Reserve Banks, 423,
424, 425, 426
Industrial production indexes, 456, 457, 462
501
502
Instalment loans, 452, 453, 454, 455
Insurance companies, 439, 444, 445, 450
Insured commercial banks, 431, 432, 472
Interbank deposits, 429, 433, 435
Interest rates:
Bond yields, 437
Business loans by banks, 437
Federal Reserve rates, 422, 426
Foreign countries, 489
Open market, 437, 489
Regulation V loans, 426
Stock yields, 437
International capital transactions of the U. S., 476
International financial institutions, 482, 483, 484
Inventories, 471
Investments (See also specific types of investments):
Banks, by classes, 429, 432, 434
Federal Reserve Banks, 423, 424
Govt. agencies, etc., 440, 441
Life insurance companies, 439
Savings and loan associations, 439
Labor force, 464
Loans (See also specific types of loans):
Banks, by classes, 429, 432, 434
Federal Reserve Banks, 419, 421, 423, 424,
425, 426
Govt. agencies, etc., 440, 441
Insurance companies, 439, 450
Sayings and loan associations, 439, 450
Loans insured or guaranteed, 425, 449, 450, 451
Manufacturers, production indexes, 456, 457, 462
Margin requirements, 422
Member banks:
Assets and liabilities, by classes, 429, 432
Borrowings at Federal Reserve Banks, 419, 421
Deposits and reserves, by classes, 421
Number, by classes, 429, 472
Reserve requirements, by classes, 422
Reserves and related items, 419
Weekly reporting series, 434
Minerals, production indexes, 456, 457
Money rates (See Interest rates)
Mortgages (See Real estate loans)
Mutual savings banks, 428, 429, 431, 444, 445,
449, 472
National banks, 431, 472
National income, 470
National security expenditures, 443, 471
Nonmember banks, 423, 431, 432, 472
Payrolls, manufacturing, index, 456
Personal income, 471
Postal Savings System, 428
Prices:
Consumer, 456, 468
Security, 438
Wholesale commodity, 456, 468
Production, 456, 457, 461, 462
Profits, corporate, 447, 448
Real estate loans:
Commercial banks, 432, 434, 449
Type of mortgage holder, 449, 450, 451
Type of property mortgaged, 449, 450, 451
FEDERAL RESERVE BULLETIN • APRIL 1957
Regulation V, loan guarantees, 425, 426
Reserve requirements, member banks, 422
Reserves:
Commercial banks, 433
Federal Reserve Banks, 423, 424
Foreign central banks and governments, 482
Foreign countries and international institutions, 483
Member banks, 419, 421, 423, 424, 433, 435
Residential mortgage loans, 449, 450, 451
Sales finance companies, consumer loans of, 452,
453, 455
Savings, 470
Savings deposits (See Tinie deposits)
Savings institutions, principal assets, 439
Savings and loan associations, 439, 450
Securities, international transactions, 479, 480
Security issues, 446, 448
Silver coin and silver certificates, 427
State member banks, 431, 472
State and municipal securities:
New issues, 446
Prices and yields, 437, 438
States and political subdivisions:
Deposits of, 433, 435
Holdings of U. S. Govt. securities, 444
Ownership of obligations of, 432, 439
Stock market credit, 438
Stocks:
New issues, 446
Prices and yields, 437, 438
Tax receipts, Federal, 443
Time deposits, 421, 428, 429, 433, 435
Treasurer's account balance, 442
Treasury cash, 419, 428
Treasury currency, 419, 427, 428
Treasury deposits, 419, 423, 424, 442
Unemployment, 464
U. S. Govt. balances:
Commercial bank holdings, by classes, 433, 435
Consolidated monetary statement, 428
Treasury deposits at Federal Reserve
Banks, 419, 423, 424, 442
U. S. Govt. securities:
Bank holdings, 428, 429, 432, 434, 444, 445
Federal Reserve Bank holdings, 419, 423, 424,
444, 445
Foreign and international holdings, 483
International transactions, 479
New issues, gross proceeds, 446
Outstanding, by type of security, 444, 445
Ownership of, 444, 445
Prices and yields, 437, 438
United States notes, outstanding and in circulation, 427
Utility output index, 461
Veterans Administration, loans, etc., 440, 441, 449,
450, 451
Yields (See Interest rates)
( THE FEDERAL RESERVE SYSTEM °)
o
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