Full text of Federal Reserve Bulletin : August 1956

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FEDERAL RESERVE

BULLETIN
August

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM







E D I T O R I A L

C O M M I T T E E

Elliott Thurston
Woodlief Thomas
Winfield W. Riefler
Ralph A. Young
Susan S. Burr
The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial
committee. This committee is responsible for opinions expressed, except in official statements and signed articles.

Contents
Trends in Consumer Goods

793

Survey of Common Trust Funds, 1955

800

1956 Survey of Consumer Finances: Durable Goods and Housing

806

The Balance Sheet of Agriculture, 1956

823

Law Department

833

Current Events and Announcements

840

National Summary of Business Conditions

841

Financial and Business Statistics, U. S. (Contents on p. 843)

845

International Financial Statistics (Contents on p. 899)

900

Federal Reserve Board Publications

915

Board of Governors and Staff

917

Open Market Committee and Staff; Federal Advisory Council

918

Federal Reserve Banks and Branches

918

Index to Statistical Tables

925

Map of Federal Reserve Districts

Volume 42

Inside back cover

Number 8

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CONSUMER INCOMES AND DEMANDS have
continued to expand this year. Total personal income reached an annual rate of
$324 billion in June, compared with $306
billion a year earlier. Disposable income
after taxes increased about as much over
the past twelve months as in the earlier
phase of the general economic expansion
from mid-1954 to June 1955. Consumer
buying has increased less than income this
year, as shown in the chart, in contrast to
the greater rise relative to income last year,
when purchases of passenger automobiles
were exceptionally large. Instalment credit
extensions have shown some reduction from
the advanced rates reached in mid-195 5.
Repayment of debt has increased further,
and consumer buying has been supported
to a much smaller extent by instalment
credit than in 1955.
Consumer prices showed little over-all
change in early 1956, but in recent months
food prices have increased more than seasonally and prices of some other goods and
of services have continued to edge up. The
average level at midyear was 1.6 per cent
higher than in mid-195 5.
While retail prices of industrial goods
were changing little last year, wholesale
prices were generally rising as demands for
industrial commodities expanded and capacity operations were reached in a number of
basic industries.
Prospects of further steel price increases
and of work stoppages added to strong demands for steel mill products this year.
Prices of various other industrial commodities advanced and farm product prices re-




covered significantly to levels somewhat
above those a year earlier. Demands for
some materials declined during the second
quarter as world supplies improved and use
in the auto industry decreased. Average
wholesale prices changed little in May and
June, but advances of about 7 per cent in
finished steel prices in July and early August
contributed to a resumption of the rise in
industrial prices.
CONSUMER TRENDS
1953-55 = 100

HETAIt 5 M K

CONSUMER

1952

PBICtS

1953

1954

1955

1955

NOTE.—Based on Department of Commerce seasonally adjusted data for income and sales and Bureau of Labor Statistics data for prices. Latest data are estimates for July.

The recent wage settlements in the steel
industry—ending a work stoppage of more
than one month—provided for an immediate
increase of 10.5 cents per hour in basic
wage rates and other benefits estimated to
amount to an additional 10 cents per hour.
Further wage increases and other gains in

793

794

FEDERAL RESERVE BULLETIN • AUGUST 1956

each of the next two years are also provided
in the settlements. Wage advances had
been negotiated earlier in some other industries, and increases in additional industries
are in prospect. These wage advances, together with the poststrike upswing in industrial activity now under way, are resulting
in substantial increases in manufacturing
payrolls.
In nonmanufacturing lines, employment
and employee earnings showed an accelerated growth in the first half of the year,
farmers' cash receipts were maintained, and
farm wage rates rose. Minimum wage rates
under the Fair Labor Standards Act were
raised on March 1 from $.75 to $1.00 per
hour.

INDUSTRIAL PRODUCTION
FINISHID MANUFACTUtfS

The leveling off in industrial production in
late 1955 at a new record rate of operations
reflected mainly output at near-capacity
limits for a number of basic industrial materials and curtailments in the auto and residential construction industries from exceptionally high levels of activity. Consumer
buying of most goods continued to expand,
and stronger demands developed for business durable equipment and nonresidential
construction. Expansion in these lines took
place without more substantial price advances partly because of the readjustments
in autos and housing.
Throughout this period of redirection of
resources extending from last autumn to
June, the Board's index of industrial production ranged between 141 and 144 of the
1947-49 average; the range was between
107 and 109 per cent of the 1953-55 average used in the accompanying chart. Activity in lines manufacturing finished consumer goods, which accounted for about
one-third of the total index last autumn, has




CONSUMES GOODS:
TOTAL

30

10
MATHIALS AND PARTS

50

1952

TOTAL AND CONSUMER GOODS OUTPUT

Points
40

1953-55 overoge (or lolgl index - 100

1954

NOTE.—Seasonally adjusted
Latest data are for July.

1955

indexes

of

1956

special

groupings.

generally been maintained since that time,
except for autos—as indicated in the chart
showing special groupings expressed in
terms of points in the total index of industrial production.
Output in industries producing business
durable equipment and ordnance increased
about 10 per cent from autumn to midyear.
More adequate supplies of certain materials
such as steel plate would have permitted
an even more rapid expansion in some lines
like railroad cars and shipbuilding. The
relatively large rise in April reflected the
ending of a five-month strike at plants of a
leading electrical equipment manufacturer.
By the spring of this year, total output
of materials and parts, shown on the chart,
was reduced by cutbacks in output of original equipment auto parts, metal stampings,
copper mill products, glass, and various
rubber and textile products used mainly by
the auto industry. Production of lumber,
roofing, and some other materials used in

795

TRENDS IN CONSUMER GOODS

residential construction was also at reduced
levels.
In May steel output was curtailed by work
stoppages at plants accounting for 4 per cent
of capacity, and in late June a major stoppage began that involved an additional 82
per cent of the industry. With steel production in July reduced to 15 per cent of
capacity and with related curtailments in
iron and coal mining activity, there was a
5 per cent decrease in total industrial materials output. As production of finished
consumer goods and of equipment and ordnance was largely maintained, the total index
of industrial production declined only 4 per
cent, or from 141 to 136 per cent of the
1947-49 base period.
With steel consumption sustained, after
allowing for vacation influences, inventories
were reduced in July and early August.
Shortages, that existed in some types of steel
before the strike, began to spread to other
products before full-scale operations were
resumed.
By mid-August steel production was back
to 86 per cent of capacity. Further recovery
is indicated this autumn to balance and
replenish steel stocks, to facilitate the increased production of new model autos, and
to permit various equipment and construction lines to go ahead with scheduled plans
for expansion. The current recovery in
total industrial output appears to be not so
sharp as that after the two-month steel strike
in mid-1952, when output of many goods
was at less advanced levels and auto assemblies had been more than halved, as shown
in the accompanying chart.
AUTO MARKETS

Contraction in consumer purchases of new
passenger automobiles this year is in contrast to increased demands for most other




goods and services. In the early part of
the 1956 model year, consumer demand for
new autos was close to the year-earlier level,
but below the advanced third-quarter 1955
rate. Output rates, although declining from
the November peak shown on the chart, were
held considerably above sales in order to
accumulate dealers' stocks for the spring
selling season. By February stocks reached
nearly 900,000 units and were about threefifths larger than a year earlier.
PASSENGER CARS
Per cent

-

2*0

200

80

40

1952

1953

1955

1956

NOTE.—Consumer prices for new autos based on Bureau of
Labor Statistics data; for used cars, advertised prices based
on trade data for low-priced late models, after allowance for
depreciation. Latest data are for July.

Sales of new cars showed no seasonal expansion during the important selling season, March through June. The number
sold was more than one-fifth below the
corresponding period in 1955, but about the
same as in 1953 and 1954. Output was
curtailed further in late April, and stocks
began to decline in May. By early August
stocks were about one-tenth below the yearearlier total. With monthly output scheduled to be cut to around 325,000 autos

796

FEDERAL RESERVE BULLETIN • AUGUST 1956

during the current model change-over period, dealers' stocks are likely to be reduced
to relatively low levels.
The change-over curtailment in auto production will be followed by a more than
seasonal increase in the fourth quarter to a
rate within 10 per cent of that in the fourth
quarter of last year, according to trade reports. The prospective volume, added to
the 3.8 million cars assembled by midAugust, suggests a total output for 1956
between 140 and 145 per cent of the 194749 average.
Average output levels similar to that for
automobiles are indicated for original
equipment parts and for the various materials used in new auto production. These
levels relative to 1947-49 are roughly comparable to those maintained by producers of
major household goods and for total industrial production over the past year.
The decrease in auto output this year
from 7.9 million units in 1955 apparently
had its origin in market developments in
that year. The expansion in sales was very
large, influenced by recovery from the 195354 recession, by broad styling and engineering changes, by liberalization of credit
terms, and by large discounts from list prices
and intense sales efforts.
Sales of 1956 models, which were not
greatly changed in design from 1955 models,
have been on about the same credit terms
as those in effect after the middle of last
year. Also, sales since March have been at
somewhat higher net prices to consumers
than in the same period of 1955. Factory
prices and dealers' list prices on the 1956
models were raised about 5 per cent, and
discounts and allowances on trade-ins this
spring and summer have not been significantly larger than they were last year. This
year's sales experience, compared with that




of 1955, indicates a shift in buying standards; the highest priced and the lower priced
cars generally have shown less reduction in
sales than medium priced cars.
Demand for used cars this year has been
better maintained than that for new cars.
Sales of used cars during the four months
March-June were only about one-eighth below those a year earlier. During this period
prices of late model cars, after allowance
for depreciation, were rising as market supplies—originating mainly from trade-ins on
new cars—were down more than one-eighth
from a year earlier. Dealers' stocks of used
cars declined about one-sixth from February
to midyear when they were at the lowest
level for this season of the year since 1952.
Consumers have continued to borrow
heavily to finance auto purchases this year.
Sales of new cars on credit have declined
considerably less than cash sales. Along
with the rise in the proportion of purchases
made with borrowed funds, there has been
an increase in the average amount borrowed, due in part to higher prices of autos.
Consequently, the dollar amount of credit
extended for auto purchases has decreased
only half as much as unit sales from the
spring and summer of 1955. The earlier
expansion in credit extensions led to increased repayments this year and, although
extensions have continued to exceed repayments, outstanding auto credit has risen at
a much slower rate. Meanwhile, consumer
credit extensions for other purposes have
continued large.
HOUSEHOLD AND OTHER DURABLE GOODS
Retail sales of goods other than autos have
generally continued upward in 1956 and in
the first half averaged 6 per cent larger than
in the year-earlier period. Unfavorable
shopping weather contributed to some de-

797

TRENDS IN CONSUMER GOODS

crease in Easter sales, but rising consumer
incomes and more widespread sales promotion brought larger volume in the second
quarter. The increase more than offset the
reduced volume of auto sales, and at midyear total retail sales were at a new high,
as the chart shows.
Expansion in sales at furniture and appliance retail outlets this year followed an
increase of about one-tenth during 1955,
which was much less than last year's rise in
new auto sales. The continued expansion in
household goods sales has occurred despite
the effects in these markets of the reduced
volume of home construction and auto output. New home building accounts for
more than one-fifth of the market for
major appliances and some other household goods, and this demand is supplied in
part by retail stores. Production of radio
sets for installation in autos has been sharply
curtailed this year. During 1955 these sets
accounted for about half of total radio output included in the Federal Reserve major
household goods index. The number of
other radio sets produced in the first six
months of this year was about one-fourth
larger than in the same period in 1955.
Over-all output of major household goods,
which account for about 40 per cent of the
total value of consumer durable goods production, reached 145 per cent of the 194749 average by mid-1955. This level was
about one-fourth larger than in 1954 when
output and inventories of major household
goods had been curtailed. Following some
replenishment during 1955, both factory
and distributor stocks increased further
during the first half of 1956, after the settlement of an extended work stoppage at
plants of a major producer of appliances
and television.
Output of major appliances and heating




RETAIL SALES
1953-55.100

120

ALl STORES .

J

100

60
1952

1953

1955

NOTE.—Based on Department of Commerce seasonally adjusted data for dollar value of retail store sales. Latest data
are estimates for July.

equipment reached a new peak in the first
four months of this year, then decreased in
May and June to levels moderately below
those a year earlier. Output of television
sets during the first hah* of the year was
about one-tenth less than in the same period
of 1955. While distributor stocks of television sets at midyear were larger than a year
earlier, factory stocks were smaller and retail
sales were rising further. Output of furniture and floor coverings changed little
through July, at a level 5 per cent higher
than a year earlier.
Except in the case of a few major appliances, retail prices of household durable
goods changed little in thefirsthalf of 1956,
according to Bureau of Labor Statistics data.
Retail prices of vacuum cleaners declined
15 per cent, while refrigerator prices declined 5 per cent further to a level 15
per cent below a year earlier. Manufacturers' prices of these appliances changed
relatively little. In July and early August
manufacturers' prices of these and of some
other consumer durable goods were raised.

798

FEDERAL RESERVE BULLETIN • AUGUST 1956

Furniture prices at wholesale have
changed little since late 1955, when they
rose 4 per cent. Retail prices, which had
declined earlier in 1955, leveled off after
midyear and are reported to have changed
little since then.
Output of miscellaneous consumer durables declined somewhat last winter reflecting
mainly a drop in production of automotive
replacement parts from an advanced yearend level. Over-all output of these parts
and of small appliances, luggage, and various other home and personal goods subsequently held steady at an average level
about 5 per cent above the corresponding
period in 1955. Reflecting the larger number of cars on the road, shipments of passenger tires to the replacement market averaged 3 per cent larger in the first hah* of
1956 than a year earlier.
NONDURABLE GOODS

In markets for such consumer nondurable
goods as clothing, gasoline, and general
merchandise, seasonally adjusted retail sales
reached new peaks during the second quarter
of 1956. Dollar value of sales of fresh and
processed foods also increased further during the first half of the year.
Total output of consumer nondurable
goods has been maintained in 1956. Early
in the year decreases in output of certain
major apparel items were offset by further
increases for some other products. The
reduced rate of clothing and shoe production and curtailment in auto assemblies
have been the main factors in the decrease
in cotton and synthetic textile-mill activity
this year. In recent months consumer
buying of apparel reached advanced levels,
as the chart shows. With output of apparel showing recovery by midyear and as
the preparation for new model autos accel-




SEIECTED KETAIL SUES
1953-M • 100

120

APPAREl
J
/
y y i y ^

A/

HOUSEHOLD
DURABLE
GOOOS

110

100

90
1

19S4

1955

1954

1954

•0

1

19SS

1954

NOTE.—Seasonally adjusted Indexes of dollar value based on
combinations of department store sales of apparel and major
household durable goods and Department of Commerce data
for apparel and furniture and appliance stores. Latest data
are estimates for July.

erates, the basis for greater activity in the
textile industry is indicated.
Food markets. Steady expansion over the
past two years in consumer expenditures for
foods has reflected further growth in population and income, a continuing shift of
demand toward the more highly processed
foods, and—more recently—higher food
prices. When consumer expenditures for
durable goods were rising sharply in late
1954 and in 1955, outlays for food apparently expanded less than in some other periods of rising incomes. This year, however,
further income gains have been reflected in
somewhat greater expansion in demands for
foods. Although these demands have been
accompanied generally by continued growth
in supplies, retail food prices, which had
declined in 1954 and 1955, rose 4 per cent
this spring. At midyear such prices averaged 2 per cent higher than a year earlier.
Late in 1955 meat output increased more
than seasonally and was nearly one-tenth
larger than a year earlier, as the chart on
the following page shows. Retail meat
prices declined about 10 per cent, and
wholesale prices of meat and livestock
dropped substantially more. In the first
half of this year meat production showed

799

TRENDS IN CONSUMER GOODS

less than the usual seasonal decline, and
supplies continued to exceed the rising level
of a year earlier by about 10 per cent.
Despite large supplies, retail prices of meats
recovered more than seasonally during the
spring and early summer to levels near those
of mid-1955.
Also contributing to this year's rise in
average food prices were more than seasonal
increases in prices of fresh fruits and vegetables. Late frosts delayed and to some extent
reduced harvests of potatoes and other vegetables and fruits. Increased demands for
other foods—mainly dairy products, poultry, and eggs—have been accompanied by
larger market supplies and average prices of
these products have changed little, as the
chart shows.
Expanding consumer demands for foods,
along with revisions in Federal agricultural
programs that affect both domestic and export trends, have been reflected in a rise in




CONSUMER FOODS
195355=100
MEATS

OTHER FOOD PRICES

_

FR'1115 AMD /
VEGETABLES /

PRODUCTION S^~

100
ALL OTHER

1
1954

1955

1956

eo

1
1955

1956

NOTE.—Price Indexes based on Bureau of Labor Statistics
data. Seasonally adjusted index of meat output based on
Department of Agriculture data for commercial slaughter.
Latest data: June for prices; second quarter for output.

prices of farm products from the reduced
levels reached at the end of 1955. In July
prices received by farmers were up 10 per
cent from December and were 3 per cent
above the mid-July 1955 level. Supplies
of meats are not expected to expand so
much this autumn as a year earlier, and
Federal agricultural price support levels
generally are not being further reduced.

Survey of Common Trust Funds,1955
T H E ANNUAL
TRUST FUNDS, of

SURVEY

OF

COMMON

which this is the first, is
part of a program instituted by the Board
of Governors to provide information concerning the uses made of principal accumulations of savings. Common trust funds,
as special mediums for investment of trust
funds in the care of banking institutions, recently have had a rapid growth that portends
their future importance in this general area.
The term common trust fund means an
investment "pool" operated and maintained
by a bank or trust company exclusively for
the purpose of combining the funds of many
accounts held in a fiduciary capacity and
created and used for true fiduciary purposes.1
There are two basic types of common
trust funds, legal and discretionary. A legal
fund is restricted to investments prescribed
by State law or by a State authority as legal
for the investment of trust funds. A discretionary fund is not limited to a legal list of
investments, but is one that permits full investment discretion to the trustee. Either
a legal or a discretionary fund may be diversified in its holdings or may be a special fund
limited to one type or class of investment.
NOTE.—This article was prepared by Robt. L. Hill
of the Board's Division of Bank Operations with the
collaboration of the Division of Examinations.
1
As defined by Sec. 584(a), Internal Revenue Code
of 1954, the term "common trust fund" means a fund
maintained by a bank or trust company "(1) exclusively for the collective investment and reinvestment
of moneys contributed thereto by the bank in its
capacity as a trustee, executor, administrator, or
guardian; and (2) in conformity with the rules and
regulations, prevailing from time to time, of the Board
of Governors of the Federal Reserve System pertaining to the collective investment of trust funds by
national banks."




800

Common trust funds of the kind embraced
in this Survey are established and maintained
in conformity with the rules and regulations
contained in Section 17 of Regulation F of
the Board of Governors of the Federal Reserve System. This Section was promulgated December 31, 1937, coincident with
the related provisions of the Internal Revenue Code dealing with tax exemption of
such funds. Basic authority for the establishment of common trust funds has been
enacted in all States except Iowa, and in the
District of Columbia. Funds are now operated in 36 of these jurisdictions.
This Survey covers all common trust funds
for general investment operated by banks
and trust companies in the continental
United States administered under subsection
(c) of Section 17 of Regulation F, and
which had been in operation for at least 12
months on January 31, 1956. There are
198 such funds operated by 162 banks and
trust companies. The Survey attained complete coverage of all of these funds.
All statistics for 1955 cover a 12-month
period; the reporting period is not identical
for all funds, however, because of variations
in fiscal years and related valuation dates.
The terminal date was in October 1955 in
35 per cent of the funds, November 1955
in 25 per cent, December 1955 in 14 per
cent, and January 1956 in 26 per cent.
INVESTMENTS HELD

The combined market value of the assets of
the 198 common trust funds included in the
Survey increased from $1,596 million in
1954 to $1,857 million in 1955, as shown

801

COMMON TRUST FUNDS
TABLE 1
INVESTMENT HOLDINGS, PURCHASES, AND SALES OF COMMON TRUST FUNDS, 1954-55
[Dollar amounts in millions]
Holdings, at
beginning of period
Investment2

Total investments (including principal cash)
Bonds, notes and certificates

total

U. S. Govt.—total
Marketable, maturing:
One year or less
After one year
Nonmarketable
State and political subdivision
Domestic corporate—total
Industrial
Public utilities
Railroad
Other .

. . .

Other*

Cost of
Proceeds
purchases from sales
and
and
other
redempacquitions
sitions

At
market
value

As percentage
of total

$1,595.7

100.0

$356.1

632.9

39.6

210.5

317.9

19.9

3.3
123.8
190.8

.2
7.7
12.0

Holdings, at
end of period
At
market
value

As percentage
of total

$221.6

$1,856.5

100.0

125.5

708.4

38.2

100.3

94.0

320.5

17.3

24.1
61.1
15.1

23.5
44.9
25.6

5.0
136.1
179.4

.3
7.3
9.7

25.6

1.6

9.0

3.0

31.2

1.7

273.5
74.1
131.0
41.0
27.4

17.1
4.6
8.2
2.6
1.7

92.2
18.9
42.5
10.3
20.5

24.0
9.8
7.3
3.5
3.4

336.9
82.0
163.9
47.1
44.0

18.1
4.4
8.8
2.5
2.4

15.9

1.0

9.0

4.6

19.9

1.1

Preferred stocks—total
Industrial
Public utilities
Railroad
Financial.
Trade
Other

190.2
96.1
75.6
5.5
4.3
7.9
.7

11.9
6.0
4.7
.4
.3
.5

49.4
28.7
15.2
1.5
2.3
1.5
.2

26.0
16.7
3.7
2.2
.8
2.3
.2

213.7
107.7
87.6
4.9
5.8
7.1
.7

11.5
5.8
4.7
.3
.3
.4

Common stocks—total
Industrial
Public utilities
Railroad
Financial
Trade
Other

747.7
450.0
158.1
10.8
85.3
38 4
5.2

46.9
28.2
9.9
.7
5.4
2.4
.3

86.7
49.5
21.4
1.8
8.5
4.9
.7

66.1
42.7
7.4
.6
9.7
5.4
.4

904.3
561.4
187.1
13.8
92.3
43.8
5.9

48.7
30.2
10.1
.7
5.0
2.4
.3

Other investments 4

14.4

.9

9.5

3.9

20.0

1.1

Principal cash

10.5

.7

10.2

.5

1 Survey of 198 common trust funds operated under Sec. 17(c) of
Regulation F of Board of Governors. Data are for 12-month periods
with terminal dates for individual funds ranging from Oct. 31, 1955
through Jan. 31, 1956. Excludes funds in operation less than 12
months.
2
Nonmarketable U. S. Government securities are valued at cost
and other holdings at market value. Purchases are shown at cost
and sales at proceeds realized. Conversions and exchanges of securities are treated as sales of securities surrendered and purchases of

securities received. Stock rights held at beginning or end of reporting
period are included in appropriate investment category at market
value. Proceeds from sales of such rights are included in proceeds
from sales of securities during period. Details may not add to totals
because
of rounding.
3
Quasi-government agencies, and Canadian government and
corporations.
4
Mortgages, savings deposits, and savings and loan shares.

in Table 1. About half of the increase resulted from an inflow of new participations
and the remainder from appreciation in
market value of investments and realized
capital gains.
The composition of total investments of
the funds did not change significantly during
the report year. Common stock holdings
of $904 million in 1955 were 49 per cent
of the total value as compared to 47 per cent
in 1954. Bond holdings of $708 million,
about half of which were United States Government securities, were $76 million larger

than in the previous year, but the proportion
of the total portfolio invested in bonds declined from 40 to 38 per cent. Preferred
stocks were approximately 12 per cent of
total investments in both years and other
investments (mortgages and savings deposits) were 1 per cent. Cash holdings
changed little at $10 million.




Diversified discretionary funds.

Total as-

sets of the 138 diversified discretionary
funds covered by the Survey amounted to 80
per cent of all common trust funds at the
end of the 1955 reporting period. They in-

802

FEDERAL RESERVE BULLETIN • AUGUST 1956

vey amounted to $285 million or 15 per
cent of all common trust fund assets. Of
the $34 million increase during 1955, $23
million was from new participations and $ 11
million from appreciation in market value of
investments and realized capital gains. Bond
holdings represented approximately half of
the investments of this type of fund, and individual holdings ranged from 20 to 71 per
cent. Common stock holdings were 32 per
cent of total holdings, and holdings of individual funds were in a relatively narrow
range between 16 and 37 per cent. Preferred stock holdings represented 16 per
cent of total investments of this group, with
individual fund ratios ranging from zero to
48 per cent. Only a few funds held mortgages and savings deposits.
Special funds. A bank or trust company
operating either a legal or a discretionary
fund may, by plan or institutional policy,

creased $208 million during the year, of
which $96 million was from new participations and $112 million from appreciation in
market value of investments and realized
capital gains. Details are given in Table 2.
Common stock holdings in 1955 were 53
per cent of total investments for this group,
and they ranged from 15 to 90 per cent of
the portfolios of individual funds. Bond
holdings were 35 per cent of aggregate holdings and individual ratios ranged from a low
of 1 per cent to a high of 77 per cent. Investments in preferred stocks remained approximately 11 per cent of total assets, and
individual ratios in 1955 portfolios ranged
from zero to 42 per cent. Other investments (mortgages and savings deposits)
amounted to less than 1 per cent of group
holdings and were held by only a few funds.
Diversified legal funds. Total assets of the
42 diversified legal funds covered by the Sur-

TABLE 2
MARKET VALUE OF INVESTMENT HOLDINGS OF COMMON TRUST FUNDS, BY TYPE OF FUND, 1954-55 x
[In millions of dollars]

Investment

1955
Total..
Bonds, notes, and certificates
U. S. Govt
State and political subdivision
Domestic corporate
Other
Stocks
Preferred
Common

Legal

1954 Change 1955 1954 Change 1955 1954 Change 1955 1954 Change

76.8 58.8

18.1

7.9

6.4

52.7 142.1 126.5
1.8 71.9 71.5
3.0
4.2 4.1
44.0 62.8 49.1
3.8
3.2 1.8
795.0 153.1 135.6 117.6
148.8 17.5 45.6 39 9
646.2 135.6
90.1 77.6

15.6
.4
2
13^6
1.4

6.6
39.8 33.1
.6
9.3 8.8
1.8
6.6 4.8
5.5
22.6 17.1
1.2 2.4 - 1 . 2

5.9
2 ^
1.8
1.5
.4

5.3
2.5
1 .1
1.3
.5

18.1
5 6
12.4

32.7 24.1
9
31.9 23.83

8.6
5
8.0

1.5
1.0

1.1
1.1

2.0

1.5

2

.8 4 - . 5

1.4

708.4
320.5
31.2
336.9
19.9
1,117.9
213.7
904.3

Principal cash

10.2




1955

Discretionary

33.8

20.0

1 See Table 1, note 1.
2 See Table 1, note 2.
3 Less than $50,000.

1954 Change

Special funds

Diversified
legal funds

1,856.5 1,595.7 260.8 1,487.3 1,279.7 207.6 284.5 250.8

Other investments
Factors affecting change
during year:
Net additions to principal funds
A p p r e c i a t i o n in market
value of investments
Realized capital gains

Diversified
discretionary
funds

All funds

2

632.9
317.9
25.6
273.5
15.9

75.5
2.6

520.7
237.0

5.6
63.4
4.0

18.6
250.1
15.0

937.9 180.1
190.2 23.5
156.6
747.7
5.6
14.4
-.4
10.5

948.1
166.3
781.9

468.0
235.2
15.6
206.0
11.2

12.3

9.3

3.0

4.1

3.1

.9

6.2

7.5

-1.2

2.7

3.6

o.

3.5

1.4
.6
2
.7
(3)

.3
.5
•

134.2

96.2

22.5

13 9

102.0
24.6

90.5
20.8

8.0
3.2

3 6
.6

2

1.6
(3)

4
Results from reporting instructions providing that securities
purchased but not paid for are included in investment holdings and
as a deduction from principal cash.

803

COMMON TRUST FUNDS

limit investments to one type or class, for
example, exclusively common stocks. In
this study, these funds have been grouped
under the classification of special funds.
Ten of the 18 special funds held only
fixed income investments (bonds or bonds
and preferred stocks); the balance held only
common stocks except that small amounts
of Government securities were held as temporary investments or to supplement cash
requirements to meet withdrawals. As a
group, these funds held 5 per cent of the
total assets of all common trust funds.
INVESTMENT ACTIVITY

Gross security transactions (purchases, sales,
and redemptions) of all common trust funds
totaled $578 million during the report year.
Activity or turnover of bonds was over
2Vi times as great as that of common stocks
and slightly greater than that of preferred
stocks.2 Activity in bonds was affected to
a considerable extent by the practice of using United States Government securities as
a temporary investment and as a supplement
to cash holdings.
Approximately 63 per cent of the new
money flowing into common trust funds
during the report period is estimated to have
been invested in bonds, 15 per cent in common stocks, 17 per cent in preferred stocks,
and 4 per cent in mortgages and savings deposits. This distribution is based on the assumption that the amount by which purchases in each class of securities exceeded
sales represented investment of new money,
and that all other transactions were switches
between or within the various classes. Of
these other transactions, 56 per cent were
2
For this purpose, activity or turnover, of bonds
for example, is measured by dividing the average of
gross purchases and gross sales of bonds by the average of bond holdings at the beginning and end of
the report period.
3
Years of enabling legislation are shown in Table 7.




in bonds, 30 per cent in common stocks, 12
per cent in preferred stocks, and 2 per cent
in mortgages and savings deposits. As
shown in Table 1, purchases exceeded sales
in all major categories.
GROWTH AND DISTRIBUTION

The size of common trust funds varies
widely, as shown in Table 3. There was a
general increase in size from 1954 to 1955;
however, four funds, two diversified and
two special, decreased in size during the
year. The largest fund included in the Survey had total assets valued at just under
$100 million at the end of 1955; at the other
extreme, the smallest fund had only $145,000. Both were diversified discretionary
funds. None of the legal or special funds
had as much as $25 million in total assets.
The number of common trust funds has
increased rapidly in recent years, partly because of the increase in the number of States
that have only recently passed enabling legislation.3 Only 40 of the present funds were
in existence at the end of 1946, as shown in
Table 4. In the following three years the
number nearly doubled and since then there
has been an average of 24 new funds a year.
The 198 funds included in this Survey
were operated by 162 banks, as summarized
in Table 5. A number of banks operated
two or more funds, usually a legal and a
discretionary fund. The largest number of
common trust funds operated by one bank
was four (two diversified discretionary and
two diversified legal funds); this was the result of a merger of two banks. At the end
of 1955, State member banks operated the
largest number of funds with assets totaling
$1,266 million, national banks operated
funds with assets amounting to $373 million,
and nonmember banks operated funds with
assets totaling $217 million.
Geographically, 83 per cent of the dis-

804

FEDERAL RESERVE BULLETIN • AUGUST 1956

almost half was in the Boston, New York,
and Philadelphia Federal Reserve Districts,
as shown in Table 6. New York State had
the largest number, 35 funds, Pennsylvania

cretionary and all of the legal funds in the
Survey were in States east of the Mississippi
River. Dollarwise, this area held 69 per
cent of the common trust funds, of which

TABLE 3
SIZE DISTRIBUTION OF COMMON TRUST FUNDS, 1954-55 a
[Dollar amounts in millions]
Divers, discret. funds

All funds
Size of fund
(Total assets,
in millions
of dollars) 2

1954

1955

No. of
funds

Total
assets

No. of
funds

1954

1955
No. of
funds

Total
assets

Divers legal funds

Total
assets

No. of
funds

1955

Total
assets

Special funds

1954

1955

1954

No. of Total No. of Total No. of Total No. of Total
funds assets funds assets funds assets funds assets
42

$784 5

4?

$750 8

18

$84 7

18

$65,2

29

20.1

49

28.0

14

9. 7

30

18.0

7

7

10

5 4

8

5 7

9

4 6

32

44.1

27

39.8

24

33. 9

19

27.9

6

7 8

7

10 9

2

7 4

1

0

2-5

51

171.3

50

167.7

37

121. 9

35

115.9

11

M 9

10

15 8

3

11 5

5

15 9

5-10

33

231.6

24

167.9

26

189. 9

20

140.5

5

30

3

20 .7

2

11 6

1

6 7

10-25

35

552.2

35

556.1

19

295. 1

21

341.3

13

701 0

1?

177 8

3

54 1

2

17 0

25 50

13

458 2

9

336.9

13

458. ?

9

336.9

379.

4

299.2

198 $1,856.5

All funds
Under 1

379.1

5

50-100

198 $1,595.7

4

299.2

138 $1,487.

5

138 $1,279.7

2 See Table 1, note 2.

i See Table 1, note 1

TABLE 4

TABLE 5

STARTING DATES OF THE 198 REPORTING
COMMON TRUST FUNDS
Discretionary

Legal
Special

Special
Year

COMMON TRUST FUNDS AND THEIR INVESTMENT
HOLDINGS, BY CLASS OF BANK 1

Class of bank

Total
Diversified

Fixed
Comincome mon
invest- stock
ments

Diversified

198

138

6

7

42

4

1

19551....
1954
1953
1952
1951

1
24
33
20
20

14
23
12
15

1
3

1
2
2

6
5
5
4

1

1

1950
1949
1948
1947
1946

22
14
8
16
3

12
13
7
12
2

1945
1944
1943
1942
1941

11
7
1
4
5

9
4
1
3
5

1940
1939
1938
1937

6
2

4
1

1

1

10
1
1
3
1
2
2

1
1
1

1
1

1
At least 17 other discretionary funds and one legal fund are
known to have begun operation in 1955 but were excluded from the
Survey because they had been in operation less than 12 months on
Jan. 31, 1956.




No. of
banks 2

Fixed
income Common
invest- stock
ments

Total....

1

No. of
funds

Market value
of holdings 3
(In millions
of dollars)
1955

1954

All banks, total
Diversified discretionary.
Diversified legal
Special

198
138
42
18

162
134
41
18

1,857
1,487
285
85

1,596
1,280
251
65

State member banks, total.
Diversified discretionary.
Diversified legal
Special

85
55
27
3

61
53
26
3

1,266
994
257
15

,121
881
231
9

National banks, total
Diversified discretionary. .
Diversified legal
Special

79
62
11
6

72
60
11
6

373
318
21
34

298
253
14

Insured nonmember banks,
total
Diversified discretionary..
Diversified legal
Special

19
10
3
6

17
10
3
6

28
20
4
4

22
16
3
3

Noninsured nonmember
banks, total
Diversified discretionary. .
Diversified legal
Special

15
11

12
11
1
3

189
155
3
31

156
131
3
22

1
3

31

1 See Table 1, note I.
2
Details do not add to total because some banks operate two or
more funds.
3 See Table 1, note 2.

805

COMMON TRUST FUNDS

was second with 31, and Massachusetts
third with 16, as shown in Table 7. These
three States had 41 per cent of the total
number of funds. In dollar size, Pennsylvania ranked first with $565 million, New

York second with $412 million, and Massachusetts third with $167 million. These
three States accounted for 62 per cent of all
assets of common trust funds included in the
Survey.

TABLE 6
TYPES OF COMMON TRUST FUNDS AND INVESTMENT HOLDINGS, BY FEDERAL RESERVE DISTRICT,

1955'

[Dollar amounts in millions
Number of funds
Federal
Reserve
district

Total

All districts. . .

198

138

Boston
New Y o r k . . . .
Philadelphia..
Cleveland

24
40
29
17

24
21
14
8

Richmond....
Atlanta
Chicago
St Louis

23
15
15
10

17
12
13
7

Minneapolis...
Kansas City...
Dallas
San Francisco.

3
9
5
8

2
7
5
8

Bonds, notes, and certificates

Total
Special
holdings 2
Divers, Divers.
Total
discret. legal
DisLegal
cret.
42

13

19
14
6

2

2

U. S.
Govt.

5

$1,856.5

il

219.5
428.2
505.9
179.7

75.3
206.3
152.0
75.7

41.5
70.7
96.6
27.8

132.0
42 8
79.4
107.8

44.4
15.7
36.8
44.2

21.6
5.8
16.2
12.4

11.9
30.8
19.0
99.5

5.7
9.6
6.0
36.7

3
2

1
3
l
2

State
and
pol.
subdiv.

Corporate

Stocks

All
other

Total

Preferred

Other Principal
Com- invest. cash
mon

$708.4 $320.5 $31.2 $336.9 $19.9

$1,117.9

16.2
12.7

31.0
130.7
32.9
32.5

2.8
4.8
6.3
2.7

142.9
217.0
351 5
101.9

1.2
.2
.2
.2

21.0
9.6
19.5
31.6

.6

77.1
25 8
42.4
62.7

10.4
7 1
5.2
1.9

66.7
18 8
37.2
60.9

2.0
5.6 " " 5 *
3.3
16.8

3.7
2.5
2.7
19.1

6.2
16.5
12 3
61.6

.4
2.4
2 5
5.6

5.8
14.0
9 8
55.9

8

.9

1.0
.8

$213.7 $904.3 $20.0

$10.2

6
1.2

7
3.7
2 3
2.1

9.9

i.4

.6
2
.1
4
-.5

4.4
5
.9

2
.3

10.6 132 4
25.8 191.2
114 2 237 3
27.5
74.4

3 Less than $50,000.
4 See Table 2, note 4.

1 See Table 1, note 1.
See Table 1, note 2.

2

TABLE 7
STATE DISTRIBUTION OF COMMON TRUST

FUNDS,

BY TYPE,

Number of funds
State, with year of
legalization of common
trust funds

2

Divers. Divers.
discret. legal

198

138

Alabama (1943)
California (1947)
Colorado (1947)
Connecticut (1943)

2
4
4
9

2
4
2
9

Delaware (1935)
Dist. of Columbia (1949)...
Florida (1941)
Georgia (1943)

3
4
4
5

3
2
3
5

Illinois (1943)
Indiana (1937)
Kentucky (1938)
Maine (1951)

5
3
2
2

5
2
2
2

33 States, incl. D. C.

Maryland (1945)
Massachusetts (1941)
Michigan (1941)
Minnesota (1937)

Number of funds
State, with year of
legalization of common
trust funds

Special
Total

6
16
4
3

5
16
4
2

42

Special
Total

Discret.
13

Divers, Divers,
discret. legal

Legal
5

Missouri (1940)3
Nebraska (1953)
New Jersey (1945)
New York (1937)

7
1
6
35

Discret.

4

Legal

3

2
17

4
18

5
7
2
1

3
6
2

1

2

2

North Carolina (1939)
Ohio (1943)
Oklahoma (1949)
Oregon (1951)

1

Pennsylvania (1939)
Tennessee (1953)
Texas (1947)
Utah (1951)

31
6
5
1

11
4
5
1

Vermont (1933)
Virginia (1944)
Washington (1943)
West Virginia (1943)
Wisconsin (1943)

1
7
2
1
4

1
6
2
1
3

1

2

16

i

1 See Table 1, note 1.
2
Arizona, Arkansas, and South Carolina also have funds, excluded
from this Survey, which began operation in 1955.




1955 *

3 By court decision; legislation was enacted in 1955.

2
2

2

1
1

19$6 Survey of Consumer Finances
Durable Goods and Housing
for durable
goods and houses increased sharply from
1954 to 1955. Both new and used car purchases reached new records, and the average price paid for new cars rose substantially. Purchases of most other durable goods
and houses also increased to approach or
exceed earlier records. Data from the 1956
Survey of Consumer Finances suggest that
the increased expenditures were widely distributed among various groups in the population.1
CONSUMER EXPENDITURES

AUTOMOBILES

About 6.1 million consumer spending units
purchased new automobiles and 9.4 million
purchased used automobiles in 1955, according to Survey of Consumer Finances
data. Purchases covered exclude those by
transients, residents of institutions, and personnel living on military bases, as well as
businesses and governments. The average
price reported for new cars reached a new
high, while that for used cars apparently
declined slightly.
1
This is the fourth of a series of articles presenting
the results of the 1956 Survey of Consumer Finances
conducted by the Board of Governors of the Federal
Reserve System in cooperation with the Survey Research Center of the University of Michigan. Earlier
articles appeared in the March, June, and July BULLETINS. The present article was prepared by Mona E.
Dingle of the Consumer Credit and Finances Section
of the Board's Division of Research and Statistics.
E. Scott Maynes directed the work on the 1956
Survey at the Survey Research Center.




Purchases. About 11 per cent of all spending units purchased new cars in 1955, compared with about 8 per cent in 1954 and 10
per cent in 1950, the previous record. The
proportion of purchasers that reported paying $3,000 or more increased from 30 per
cent in 1954 to 42 per cent in 1955. The
median (middlemost) and the mean (average) price rose nearly 10 per cent. The rise
probably reflected mainly an increase in the
importance of higher priced models and
extra equipment, since prices of comparable
models were about the same in both years.
To some extent the increase in prices paid
for new cars was offset by higher trade-in
allowances. About 84 per cent of all new
car purchasers reported trading in a car, and
another 4 per cent reported a sale at the time
of purchase. The average trade-in allowance
increased somewhat from 1954 to 1955,
despite a decline in market prices of used
cars. Even after larger allowances for cars
traded in, however, the net outlay of all
spending units buying new cars rose substantially. More than 40 per cent of all purchasers made net outlays of $2,000 or more
in 1955, compared with 30 per cent in 1954.
Median net outlay rose from $1,670 to
$1,840 and mean net outlay from $1,730 to
$1,900.
Nearly 15 per cent of the new cars purchased in 1955 were 1956 models, which
were introduced in the fall, and almost all
of the rest were 1955 models. Somewhat
806

807

DURABLE GOODS AND HOUSING

less than one-half of the cars traded in for
new cars had been produced in 1950, 1951,
or 1952, about one-third after 1952, and
one-sixth prior to 1950. More than onethird of the cars traded in on new cars in
1955 had been purchased second-hand.
In addition to new car purchasers who
sold or traded in cars at the time of purchase, some purchasers either retained cars
already owned or disposed of them at some
other time during the year. About 95 per
cent of all new car purchasers during 1955
had owned one or more automobiles at the
beginning of the year.
The basis for a record volume of transactions in used cars was supplied by the 5.3
million automobiles traded in for new cars,
together with those traded in by spending
units purchasing more recent models of used
cars. About 17 per cent of all spending
units reported purchasing used cars during
1955. Data from other sources suggest that
Survey data do not account fully for transactions in used cars, even after allowance for
the fact that some spending units purchased
more than one such car during the year.
Prices paid for used cars declined slightly
on the average in 1955. The proportion of
spending units reporting prices of less than
$1,000 increased from 65 to 70 per cent,
but the proportion reporting prices of $ 1,500
or more also increased. The median price
declined from $700 to $600, but the mean
price declined only slightly. The divergent
movement of these measures reflects a
greater relative decline in prices of older cars
than of more recent models and some increase in the share of more recent models
in 1955 transactions.
Trade-ins and sales were considerably less
frequent for used car purchasers than for
new car purchasers. Only 53 per cent of




the used car purchasers either traded in or
sold a car at the time of purchase. Onefourth of such purchasers had not owned a
car at the beginning of the year. Most of
the automobiles traded in for used cars had
been purchased second-hand.
Models produced in 1950-52 accounted
for about 40 per cent of used car purchases
in 1955, more recent models for less than
25 per cent, and pre-1950 models for about
35 per cent. About 70 per cent of all the
cars traded in for used cars, however, were
produced prior to 1950, and 25 per cent
were prewar models. Apparently many of
the older models traded in were scrapped
by the dealers.
Characteristics of purchasers. The frequency of automobile purchases and their
distribution between new and used automobiles varied with the income and age of
the spending unit and the region of the country. As shown in Table 1, purchases were
considerably more frequent in the middle
TABLE 1
AUTOMOBILE PURCHASERS WITHIN
GROUPS, 1955

INCOME

[Percentage distribution of spendingI units]

Money income before taxes
Type of purchase
and method of
financing

Under $3,000- $5,000$3,000 $4,999 $7,499

$7,500
and
over

84
16

69
31

66
34

59
41

New car:
Cash
Credit1

1
2

2
6

5
11

17
13

Used car:
Cash
Credit1

5
8

8
15

7
11

5
5

100

100

100

100

No purchase
Purchase

All cases
1

Includes instalment and other borrowing.

808

FEDERAL RESERVE BULLETIN • AUGUST 1956

and upper income brackets than among
lower income spending units. The major
difference between the middle and the
upper income groups was in the relative
frequency of new and used car purchases.
Among spending units with incomes of
$7,500 or more, about three-fourths of the
purchases were new cars and one-fourth
were used cars, while among those with incomes from $3,000 to $5,000 the proportions were reversed. Spending units with
incomes of $7,500 or more accounted for
about two-fifths of all new car purchases.
AUTOMOBILE PURCHASERS, 1955
Per cent of spending units

-

18-24

25-34

35-44

45-54

60

55-64

The frequency of automobile purchases
was highest in the youngest age bracket and
declined steadily as age increased, as shown
by the chart. About 44 per cent of all
spending units headed by persons from 18
to 24 years old purchased automobiles, compared with only 12 per cent of those headed
by persons 65 and over. The proportion of
all purchases accounted for by new car purchases, however, increased with age. Only
one-seventh of the cars purchased by spending units in the youngest age bracket were
new cars, compared with nearly one-half of
those purchased by all spending units headed
by persons 35 years of age or older. Many
young purchasers who are buying automo-




biles for the first time are presumably not
in a position to finance the purchase of a
new car.
Financing of purchases. About three-fifths
of both new and used car purchasers in 1955
reported some use of instalment or other
credit. The proportion of credit purchases
reported was similar to that in other recent
years, although considerably larger than in
any postwar year prior to 1952. The increase in the number of automobile purchases in 1955, however, was accompanied
by a substantial rise in the number of credit
purchases and the volume of debt outstanding. One-sixth of all spending units incurred debt in connection with automobile
purchases.
About 20 per cent of the credit purchasers
of new automobiles and 30 per cent of the
credit purchasers of used automobiles in
1955 reported incurring debt equal to 80 per
cent or more of the nominal purchase price.
The lower percentage for new car purchasers
may be attributed in part to the large trade-in
allowances that they received. Indebtedness
reported generally includes finance charges
and in some cases insurance charges, as well
as that part of the purchase price which is
not covered by the trade-in or cash payment.
Purchases of the cheapest used cars least
frequently involved the use of credit. Only
about two-fifths of used cars costing less
than $500 were financed through the use of
credit, compared with about three-fourths of
those costing $1,000 or more. Not only do
the less expensive cars require relatively
small net outlays, but it is more difficult to
obtain financing for such cars from financial
institutions. The most expensive new cars,
which were bought most frequently by the
upper income groups, were also financed
somewhat less frequently through the use of

809

DURABLE GOODS AND HOUSING

credit than medium-priced cars.
The proportion of automobile purchasers
using credit varied with income, liquid asset
holdings, and family status. As shown by
Table 1 on page 807, the largest proportion
of purchasers using credit was among spending units with incomes from $3,000 to
$7,500. Within each income group, purchasers reporting a large amount of liquid
assets used credit much less frequently than
those reporting a smaller amount or none.
Young married couples financed automobile
purchases through the use of credit more
frequently than other groups.2
Automobile ownership. Production and
sale of new automobiles in 1955 was offset
only in part by scrappage of older automobiles. It is estimated that the stock of automobiles increased almost 4 million units.
Data from the Survey of Consumer Finances
suggest that consumers accounted for a
sizable part of the increase. Both the proportion of spending units owning automobiles and the average number of automobiles
owned per spending unit apparently continued to increase during 1955. Early this
year about 70 per cent of all spending units
owned at least one automobile, and 9 per
cent owned two or more. The corresponding proportions in 1949 were 51 per cent
and 3 per cent.
The large volume of new cars purchased
in 1955, together with the scrappage of some
of the older automobiles, resulted in a decrease in the average age of automobiles
owned by consumers. The proportion of
2
For a more detailed discussion of the characteristics of spending units with debt on automobiles and
other durable goods, the amount and terms of their
debt, and an evaluation of Survey debt data, see the
article on consumer indebtedness in the July BUL-

LETIN.




AUTOMOBILE OWNERSHIP, EARLY 1956
Per cent of spending units
100

ALL
INCOMES
1955 MONEY INCOME BEFORE TAXES

such automobiles that were more than 3
years old remained larger than in the period
1951-53, but the proportion that were more
than 7 years old was substantially smaller.
The frequency of automobile ownership
increases as income increases, as shown by
the chart. While more than three-fourths
of spending units in all income brackets except that below $3,000 own automobiles,
ownership of two or more automobiles is
heavily concentrated in the upper income
groups. One-fourth of all spending units
with incomes of $7,500 or more own two or
more automobiles.
Automobile ownership is most frequent
relatively among spending units headed by
persons between 25 and 44 years old, and
within this age group married couples own
automobiles more frequently than single persons. Almost 90 per cent of all couples under 45 have at least one automobile. The
largest increase in ownership in recent years,
however, has been among young unmarried
persons. Ownership of two or more automobiles is most frequent among married
couples with children.
The proportion of spending units owning

810

FEDERAL RESERVE BULLETIN • AUGUST 1956

automobiles is smaller in the North East
than in other regions. The difference persists within income groups. Automobile
ownership is also somewhat less frequent in
the South than in the West or North Central
areas, but differences are minor within income groups. The less frequent ownership
in the North East is probably associated
primarily with the high degree of urbanization and developed public transportation
systems, while that in the South apparently
reflects primarily the lower level of income.
FURNITURE AND APPLIANCES

Consumer expenditures for furniture and
household appliances rose in 1955 but more
moderately than those for automobiles. Purchases of most major items increased, while
prices changed little.
About 45 per cent of all spending units,
or almost 25 million spending units, reported buying one or more items of furniture
or a major household appliance during 1955.
This was more than 1 million in excess of the
number that reported such purchases in
1954. Among major items, purchases of
furniture were reported by 18 per cent of all
spending units, television sets by 15 per cent,
and refrigerators and washing machines each
by about 8 per cent.
Purchases of furniture and household appliances typically involved relatively moderate outlays. Almost 80 per cent of all
purchasers of furniture and household appliances made expenditures totaling less
than $500 before allowance for trade-ins,
and only 5 per cent spent $1,000 or more.
The median expenditure for such items reported by spending units purchasing one or
more is estimated at $290, about the same
as in each of the preceding three years.
The median expenditure reported for television sets declined nearly 10 per cent to a




new low of $250 in 1955. Prices paid for
refrigerators also declined slightly, while
those for washing machines showed little
change. The median amount spent by purchasers for furniture rose about 10 per cent
to $225.
The proportion of purchasers of furniture
and major household appliances that reported the use of instalment credit remained
about the same in 1955 as in other recent
years. About 44 per cent of all spending
units buying one or more items financed all
purchases through the use of instalment
credit, and an additional 9 per cent financed
some of their purchases through the use of
such credit. About one-half of all purchases of each of the major items covered
were financed by instalment credit. Spending units making large expenditures used
credit more frequently than those making
small expenditures.
Both the frequency of purchases of furniture and household appliances and the
average size of expenditures increased as income increased. About 60 per cent of all
spending units with incomes of $7,500 or
more purchased one or more of the items
covered, compared with only about 30 per
cent of those with incomes of less than
$3,000. More than one-third of all purchasers with incomes of $7,500 or more
spent $500 or more on the items included.
The greatest differences in the frequency
of purchases of individual items by income
groups were in furniture and miscellaneous
items. Television sets were purchased by
somewhat more than one-sixth of the spending units in all income groups except those
below $2,000. Despite the larger amounts
spent for furniture and household appliances
by spending units in the upper income
groups, purchasers in these groups used

811

DURABLE GOODS AND HOUSING

credit less frequently than those in the lower
and middle income groups.
As shown by Table 2, purchases of furniture and household appliances were most
frequent relatively for young married couples and least frequent for unmarried persons. The average number of purchases and
average total expenditures were relatively
large for the former group. Young married
couples also made use of credit in financing
expenditures for household goods more frequently than other groups. This group includes spending units that are establishing
households for the first time and those that
are expanding housing facilities as their families increase. Many of them are looking
forward to higher incomes in the future.
Unmarried persons frequently live with relatives or in furnished quarters, while older
couples have typically acquired major items
TABLE 2
EXPENDITURES ON SELECTED DURABLE GOODS, 1955 *
[Percentage of spending units within groups]

Gross expenditure3
Age and family status

All
pur- 2
chasers Under $200- $500
and
$200 $499 over

All spending units

45

13

21

9

Single:
Under 45
45 and over

21
24

8
13

8
7

5
3

63

12

32

16

58

12

28

15

51

14

28

8

43

16

20

6

Married:4
Under 45, no children.
Under 45, children
under 18
45 and over, children
under 18
45 and over, no children

1 Includes furniture and major household appliances.
2
Includes purchasers for whom amount of expenditure was not
ascertained.
3
Before allowance for trade-in.
4
Age refers to head of spending unit. Includes only spending
units in which both husband and wife are present.




of furniture earlier and make expenditures
only for replacements or for purchases of
new or improved items.
HOUSING

According to data from the Survey of Consumer Finances, about 5 per cent of all nonfarm spending units purchased houses last
year. Almost two-thirds of the purchases
consisted of existing houses and slightly
more than one-third of new houses. About
one-half of all purchasers had owned a house
prior to the 1955 purchase. As in other
recent years, approximately 85 per cent of
all purchasers incurred mortgage debt.
Somewhat more than 30 per cent of all
houses purchased in 1955 cost the purchaser
$12,500 or more, and about the same proportion cost less than $7,500. The median
price reported was about $10,000 and the
mean about $11,200. Reported costs of
purchase were slightly lower than in 1952
but remained substantially higher than in
earlier years. Because of the small number
of purchases covered each year and the wide
range within which prices fall, data on average purchase price are subject to a particularly large sampling error.
Purchasers of houses. Spending units
headed by persons 25 to 34 years of age purchased houses most frequently and those
headed by persons 45 or over least frequently. Among spending units headed by
persons under 45 years of age, most of the
purchasers were married couples, and purchases were more frequent on the part of
those with children than those without.
Within the younger age groups, spending
units containing veterans continued to purchase houses more frequently than those
without veterans. This difference probably
reflects not only the availability of VA-

812

FEDERAL RESERVE BULLETIN • AUGUST 1956

guaranteed loans on favorable terms but also
differences in family status and sex. A disproportionately large number of spending
units headed by young nonveterans probably consists of unmarried women. Spending units headed by veterans under 45 accounted for almost one-half of all house purchases in 1955.
House purchases were most frequent
among spending units with incomes from
$5,000 to $7,500. Some apparent reduction in frequency of purchase at incomes of
$7,500 or more may have reflected in part
the already large proportion of owners in
the upper income groups. The higher income groups were more important relatively
in the market for new houses than in the
market for existing houses. Spending units
with incomes of $5,000 or more accounted
for about 70 per cent of all purchases of
new houses and about 50 per cent of all
purchases of existing houses.
Housing status. Large-scale production
and sale of houses in recent years have been
accompanied by a large increase in the number of home owners. As shown by the chart,
the proportion of all nonf arm spending units

HOUSING STATUS
Per cent of nonfarm spending units




40

-

1956

1954

1952

1950

1948

20

that own their own homes has increased
from 43 per cent in 1948 to 52 per cent in
1956.
The number of nonfarm home owners has increased from 17 to 26 million.
The proportion of spending units living with
relatives declined by almost one-half, from
15 to 8 per cent, and there was a decline
from 38 to 34 per cent in the proportion
renting their living quarters. In each recent
year, about 5 per cent of the spending units
have neither owned a home nor paid rent;
these probably include principally spending
units headed by workers for whom housing
is provided. If spending units living in hotels
and large rooming houses, in institutions of
various kinds, and on military bases were
included in Survey tabulations, the proportion of spending units either renting quarters
or living in quarters that they neither own
nor rent would be higher.
The decrease in the proportion of spending units living with relatives in recent years
has in part merely relieved crowding due to
wartime and immediate postwar conditions.
As the number of housing units available for
purchase and rent has increased, many
spending units have set up separate households. A tendency for young persons to
establish separate households more frequently and at an earlier age may be associated with higher incomes, veterans' benefits, earlier marriages, and movement of
more young unmarried persons away from
home.
Many questions relating to home ownership lend themselves better to consideration
on a family basis than on a spending unit
basis. In the following discussion all related
spending units living in the same household
are considered as a single family unit. Early
in 1956 about 57 per cent of all nonfarm
families covered by the Survey owned their

DURABLE GOODS AND HOUSING

own homes, and 35 per cent rented a house
or an apartment. The remainder either
rented rooms in private households or lived
in quarters that they neither owned nor
rented.
All respondents owning homes were
asked to estimate their present market value.
Slightly more than 10 per cent of all nonfarm families valued their homes at $20,000
or more, and about the same proportion
valued them at less than $5,000. The median estimated value was about $10,000 and
the mean value about $11,700.
The relative frequency of home ownership
and of renting varies with the income and
other characteristics of the family and its
location. About three-fourths of all nonfarm
families with incomes of $7,500 or more
own their own homes, compared with fewer
than one-half of those with incomes below
$3,000. The median value of homes owned
increases steadily with income. Home ownership increases with age and in each age
bracket is more frequent for married couples
than for single persons. About 70 per cent
of nonfarm couples 45 or over own homes.
About one-half of the families in cities of
50,000 or more own their homes, compared
with about two-thirds of the nonfarm families in smaller communities and in the open
country. Home ownership is considerably
less frequent in the North East than in other
regions of the country for families with incomes below $5,000, but there is little difference in the frequency of ownership in the
higher income brackets. These differences
reflect in part differences in the availability
of rental housing and in the cost and convenience of sites available for purchase.
Mortgage debt. About 50 per cent of all
nonfarm home owners reported some mortgage debt outstanding on their homes early




813
in 1956. About 30 per cent of those with
debt owed $7,500 or more and the same
proportion owed less than $3,000. The
median amount of debt was $5,000 and the
median ratio of debt to house value was
about 50 per cent. The large number of
house purchases since the war, together with
liberal credit terms, has been accompanied
by an increase in both the proportion of
homes on which debt is outstanding and the
proportion with a relatively high ratio of
debt to house value.
Almost two-thirds of all houses valued
from $12,500 to $20,000 were mortgaged,
compared with only slightly more than onefourth of those valued at less than $7,500
and about one-half of those valued at
$20,000 or more. Houses with relatively
low estimated values may have been owned
by the same owner for a considerable period
of time and the mortgage paid off. As
noted earlier, the most expensive houses
tend to be owned by high income families.
Mortgage indebtedness is most frequent
among home owners with incomes from
$5,000 to $10,000. About two-thirds of
all home owners in this income range have
some mortgage debt, compared with only
about one-fifth of those with incomes below
$3,000. As already noted, home ownership
is relatively infrequent in the lowest income
brackets, and a large proportion of home
owners in these brackets probably consists
of families headed by retired persons who
purchased homes or accumulated financial
assets when incomes were higher. Among
families with incomes of $10,000 or more,
mortgage debt is somewhat less frequent
than among those with incomes from $5,000
to $10,000, but about one-third of the
debtors owe $10,000 or more.
The frequency and amount of mortgage
debt and its ratio to house value vary with

814

FEDERAL RESERVE BULLETIN • AUGUST 1956

the age of the head of the family and the
length of the period during which the family
has owned the house. Slightly more than
one-third of all nonfarm owners purchased
their present houses prior to 1946, about the
same proportion from 1946 to 1952, and
somewhat less than one-third after 1952.
About 80 per cent of all owners that purchased their homes in 1953 or later had
mortgage debt early in 1956, compared with
only about 20 per cent of those that purchased their homes before 1946.
Only slightly more than 30 per cent of all
nonfarm home owners 45 or more years of
age have mortgage debt, and nearly half of
the debtors owe debt equal to less than 30
per cent of their house value. Approximately 75 per cent of owners under 45 have

some debt, and more than half of such debts
are equal to at least 50 per cent of the value
of the house. The differential in the frequency and amount of indebtedness by age
groups reflects in part the longer average
period in which older families have lived in
their present homes, but it is also found
among recent house purchasers. Many older
couples can finance current purchases in
whole or in part through equities built up in
homes formerly owned. Moreover, older
couples may find it difficult to obtain mortgage financing on liberal terms. Among
younger purchasers, families containing veterans are more frequently in debt and in
debt for a larger proportion of the house
value than those without veterans.

TECHNICAL NOTE
Results of the 1956 Survey of Consumer
Finances are based on 3,014 interviews during January and February in 2,672 dwelling units. These dwelling units are located
in the 12 largest metropolitan areas and in
54 additional sampling areas chosen to represent a cross section of the population living
in private households in the continental
United States. Transients, residents of institutions, and persons living on military reservations are not represented.
Within dwellings, interviews are conducted with each spending unit. A spending unit is defined as all persons living in the
same dwelling, and related by blood, marriage, or adoption, who pool their incomes
to meet their major expenses. A husband
and wife living together are always included
in the same spending unit even though they
do not pool their separate incomes. All
children under 18 years of age are included
in the spending unit of their closest relative.




The spending unit containing the owner or
lessee of the dwelling is the primary spending unit. Children 18 years or more of age
and other relatives who earn more than $ 15
per week and who do not pool their incomes
with that of the primary spending unit are
classified as related secondary spending
units. Spending units composed of persons
in the dwelling unit who are not related to
members of the primary spending unit are
designated as unrelated secondary spending
units.
Since the spending unit includes those
persons, and only those persons, who make
joint financial decisions, it is the unit most
frequently used in tabulations of Survey
financial data. Some Survey data, however,
notably those on housing, are presented for
family units. A family unit is defined as all
persons living in the same dwelling who are
related by blood, marriage, or adoption.
Survey family units include individuals liv-

815

DURABLE GOODS AND HOUSING

ing alone as well as groups of related persons. To obtain data on a family basis, information for related secondary spending
units is combined with that for the primary
spending units to which they are related and
with which they live. The head of the primary spending unit is considered to be the
head of the family. The number of family
units is equal to the number of primary
spending units plus the number of unrelated
secondary spending units.
Estimates of the total number of spending units in the population covered by the
Survey are derived by multiplying the number of occupied dwelling units, or households, estimated from Census data by the
average number of spending units per dwelling unit included in the Survey sample. The
number of family units is estimated in a similar manner. Both the estimated number of
dwelling units and the average number of
spending units and family units per dwelling
unit are subject to sampling error. The
accompanying table shows the estimated
number of dwelling units, spending units,
SPENDING UNITS AND FAMILY UNITS IN SURVEY
POPULATION
[Estimated number, in millions]
Year of Survey
Type of unit
1956 '1955

1954

1953

1952

a. Primary spending unit
(equals occupied dwelling unit)

48.7

47.6

46.8

46.2

45.4

b. Related secondary spending unit

4.6

5.0

5.4

5.9

5.8

c. Unrelated secondary spending unit

1.7

1.6

Family (a plus c)

50.4

49.2

1.8
48.5

48.0

1.8
47.2

Spending unit (a plus b
plus c) i

55.0

54.2

54.0

53.9

53.0

l Estimates of the number of spending units, which depend upon
the ratio of primary spending units to all spending units, are sub,ect to sampling error. The size of the sampling error is such that
there is one chance in 20 that the estimates shown m the table are
above or below the true figure by one million.




and family units in the population covered
by the Surveys.
As shown by the table, it is estimated that
there were about 55.0 million spending units
and 50.4 million family units in the United
States early in 1956. Spending units had
increased almost 1 million and family units
more than 1 million since early 1955.
Census data showed a considerable increase
in the number of households from early
1955 to 1956. As in most other postwar
years, Survey data showed a decline in the
proportion of related secondary spending
units. The indicated decline during 1955,
however, may have been accounted for in
part by improvement in sampling techniques.
Although Survey of Consumer Finances
data are adjusted to Census Bureau estimates of the number of households, every
effort is made to account for all dwelling
units in the areas sampled in order to insure
that the sample chosen is representative. In
the past the estimated number of dwelling
units obtained by self-expansion of the
Survey sample has been smaller than the
Census estimate. This year special efforts
were made to obtain fuller coverage in the
Survey. In some places the usual method of
interviewer prelisting of dwelling units was
supplemented by the use of city directory
listings or by interviews at every address
within limited areas. Efforts were also made
to improve the quality of the prelisting
process itself.
The number of dwelling units estimated
by expanding the Survey of Consumer Finances sample increased in relation to the
Census Bureau estimate from 1955 to 1956.
Since it is believed that the households
covered this year but missed in earlier years
included a particularly large proportion of

816

FEDERAL RESERVE BULLETIN • AUGUST 1956

single person households, the increased
coverage may have accounted in part for the
decline in the estimated number and proportion of secondary spending units. Thus, the
increase in spending units and family units,
but particularly the former, may have been
understated in relation to the change in the
number of households.
Aggregative data are obtained for the population covered by the Survey of Consumer
Finances by multiplying data on proportions
and means obtained in the Survey by the
estimated total number of spending units or
family units. Estimates of the number of
units with given characteristics are obtained
by multiplying the proportion shown by the

sample to have that characteristic by the estimated total number of units. Estimates of
aggregate assets, debt, expenditures, and
other variables are obtained by multiplying
the mean amount derived from the sample
by the number of units. All 1955 data in
the foregoing article are based on the estimate of 55.0 million spending units and 50.4
million family units. Data in earlier articles
in this series were based on a preliminary
estimate of 54.2 million spending units and
49.8 million family units.
A more detailed description of Survey
methods was published in the Federal Reserve BULLETIN for July 1950.

SUPPLEMENTARY TABLE 1
PURCHASES OF CONSUMER DURABLE GOODS

Type of purchase 1

Percentage of
spending
units
purchasing2

Expenditure 3
Estimated
number
of
Estispending
mated
units Median Mean
total
(In mil(In
lions)
billions)

Automobile:
1955
1954
1953

28 1
23 8
23.6

15.5
12 9
12.7

New automobile:
1955
1954
1953

11.0
7 9

6.1
4.3
4.9

Used automobile:
1955
1954
1953 ..

17.1
15.9
14.5

9.4

8.6
7.8

700
900

Furniture or major4 household appliance:
1955
1954
1953

45.1
43.3
42,8

24.8
23.4
23.1

290
300

365
375

300

410

r
1
2

9.1

$1,370 $1,630
1 200 1 460
1,500 1,600

$25.1
18 6
20.2

2,780
2,550
2,500

2,940
2,720
2,650

17.8
11.7
13.0

600

780

7.3

800
920

Furniture:
1955
1954
1953

18.0
16 3
16.4

Television set:
1955
1954
1953

15.3
14 3
14.2

6.9
7.2

Refrigerator:
1955
1954
1953..

9.1
8.8

Washing machine:
1955
1954
1953..

7.7

6.3
8.7
8.4
8.3
6 5

Estimated
number Median
of
spending expendi
ture3
units
(In millions)

9.9

$225

8.9

205
200

8 8

r

8.4

7.7

250
275
300

4.2

260

7 8

3.4
4.7

4.6
4.5
3 5

280
280
205
200
200

9.5

Revised.
Includes both new and used items except where otherwise specified.
For automobiles, refers to spending units that purchased during
the given year and still owned at time of interview.




Type of purchase 1

Percentage of
spending
units
purchasing

3 Before deduction for trade-in.
4
Includes purchasers of items listed in opposite column and of
other major household appliances.

817

DURABLE GOODS AND HOUSING
SUPPLEMENTARY TABLE 2
AUTOMOBILE PURCHASERS WITHIN VARIOUS GROUPS
[Purchasers as a percentage of spending units]

All spending units
Money income before taxes:
Under $1,000
$1,000-51,999
$2,000-$2,999
$3,OOO-$3,999
$4,000-$4,999
$5,000-$7,499
$7,500-$9,999
$10,000 and over
Region: 2
North East
North Central
South
West

New
automobile

Used
automobile

1955

1954

1955

1954

Occupation of head:
Professional and semiprofessional
Managerial
Self-employed
Clerical and sales
Skilled and semiskilled
Unskilled and service
Farm operator
Retired

18
22
22
15
12
4
7
7

14
17
15
9
7
4
9
3

13
19
12
15
26
14
16
6

16
11
13
14
22
21
10
7

Age of head:
18-24
25-34
35-44
45-54
55-64
65 and over

6
13
16
11
9
6

6
10
11
8
7
2

38
24

28
22
18
14
9
4

Used
automobile

New

automobile

Group characteristic

1955

1954

1955

1954

11

8

17

16

(0

1
7
6
9
16
26
36

2
2
4
4
8
13
14
28

8
13
20
20
27
18
12
8

3
14
17
22
17
20
16
8

10
12
12
11

6
8
10
8

13
17
19
22

14
16
16
19

1 No cases reported or less than one-half of 1 per cent.
2 Survey regions are defined as follows: North East includes New
England, the Middle Atlantic States, and Delaware; North Central
includes West North Central and East North Central States; South

Group characteristic

18

15
9
6

includes East South Central, West South Central, and South Atlantic
States other than Delaware; West includes Mountain and Pacific
Coast States.

SUPPLEMENTARY TABLE 3
PRICE PAID AND N E T OUTLAY BY AUTOMOBILE PURCHASERS
[Percentage distribution of purchasers]
Price

Type of purchase and amount
1955

All cases
Median
Mean
Number of cases
Used automobile:
Under $250
$250 $499
$500-$749
$750-$999
$1 000 $1 499
$1 500-$l 999
$2 000 and over
Not ascertained
All cases
Median
Mean
Number of cases
r
Revised.
1 After deduction for trade-in or sale of automobile.
2 No cases reported or less than one-half of 1 per cent.




1953

(2)

(2)

4

25
28
22
20
1

6

7

40
23
18
12
1

39
30
14
9
1

1952

1955

1954

1953

1
5

26
32

40
28

42
28

40
26
18
8
2

22
12
4
3

16
8
5
1
2

18
7
2
1
2

1952
r

50
22

15
5
2
2
4

100

100

100

100

100

100

100

100

$2 780
$2,940

$2 550
$2,720

$2 500
$2,650

$2 500
$2,680

$1 840
$1,900

$1 670
$1,730

$1 590
$1,660

$1 430
$1,560

387

294

305

245

387

294

305

245

20

24

22

21
WOO 00

New automobile:
Under $1,500
$1 500-$l 999
$2 000 $2 499
$2 500-$2 999
$3 000 $3 499
$3 500 and over
Not ascertained

1954

Net outlay i

12
8
6
4

15

20
16
14
18
8
3
6

\

29

•5-5

33 (

/

24 {
25
12
6
3

20
15
6
2

22

27
18
13
11
4
2
3

26
'18
r
13
12
3
1
7

15
21
16
14
6
1
3

19
16
17
'15
r
6
r
2
3

100

100

100

100

100

100

100

100

$600
$780

$700
$800

$900
$920

$850
$950

$470
$610

$500
$600

$600
$640

$600
$700

482

474

409

405

482

474

409

405

818

FEDERAL RESERVE BULLETIN • AUGUST 1956
SUPPLEMENTARY TABLE 4
TRADE-INS AND SALES IN CONNECTION WITH AUTOMOBILE
[Percentage distribution of purchasers]
Buyers of new and used cars
Type of transaction

Traded in a car
Sold a car
Neither
Not ascertained
All cases
Number of cases
1

PURCHASES

Buyers of used cars

Buyers of new cars

1955

1954

1953

1955

1954

1953

1955

1954

1953

62
5
32
1

62
5
32
1

63
6
30
1

84
4
12

0)

83
3
14

0)

82
4
14

0)

48
5
46
1

51
7
41
1

51
7
41

100

100

100

100

100

100

100

100

100

869

768

714

387

294

305

482

474

409

No cases reported or less than one-half of 1 per cent.
AMOUNTS

EXPENDED

SUPPLEMENTARY TABLE 5
FOR FURNITURE AND MAJOR HOUSEHOLD
[Percentage distribution of spending units]

Amount

1955

1953

1952

1951

1950

1949

1948

1947

61
8
7
7
8
4
1
3
1

64
9
8

55
5
8
11
11
5
2
2
1

57
6
7
9
12
5
2
2
1

57
5
7
8
11
6
2
3
1

61
5
6
8
11
5
1
2
1

58
6
3
10
11
4
5
2
1

58
6
6
10
11
5
2
1
1

61
7
7
8
9
4
2
2

100

100

100

100

100

100

100

100

100

3,014

3,119

3,000

3,097

2,820

3,415

3,512

3,510

3,562

Zero
Under $100
$100-$199 .
$200 $299
$300 $499
$500-$749
$750-$999
$1 000 and over
Not ascertained
All cases
Number of cases

1954

APPLIANCES

0)

6

6
3
1
2
1

SUPPLEMENTARY TABLE 6
PURCHASERS OF FURNITURE AND MAJOR HOUSEHOLD APPLIANCES WITHIN VARIOUS GROUPS
[Purchasers as a percentage of spending units]

Group characteristic

Any type of
purchase l

Television
set

1955

1954

1955

1954

All spending units

45

43

15

14

Money income before taxes:
Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$7,499
$7,500-$9,999
$10,000 and over

25
30
42
49
50
52
57
61

24
31
36
46
47
55
56
57

19
20
17
17
18
18

13
18
17
19
18
16

Family status:
Single:
Age 18-44
Age 45 and over

21
24

23

63
58
43
51

51
57
38
53

25
21
15
16

13
21
12
16

39
48
46
47

39
43
47
44

12
17
16
15

12
15
16
14

Married: 2
Age 18-44, no children under 18 . . .
Age 18-44, children under 18. . . .
Age 45 and over, no children under 18
Age 45 and over, children under 18.
Region: 3
North East
North Central
South
West
1

Includes purchasers of items listed individually and of other
major
household appliances.
2
Age refers to head of spending unit. Includes only spending




Washing
machine
1955

1954

Refrigerator
1955

1954

Furniture
1955

1954
16

4
4
6
8
10
12
10
13

10
14
6
12

10

5
6
5
8
9
13
11

12
13
4
13

7
10

14
9
7
7

7
10

11
7
6

10
19
21
24
30
30

11
11
15
17
22
24
28

11
7

12
6

30
26
15
17

27
22
13
16

16
21
15
22

15
17
16
18

units in which both husband and wife are present.
3 For definition of Survey regions, see Supplementary Table 2,
note 2.

819

DURABLE GOODS AND HOUSING
SUPPLEMENTARY TABLE 7
CONSUMER PLANS TO PURCHASE DURABLE GOODS AND NONFARM HOUSES WITHIN INCOME GROUPS X
[Prospective purchasers as a percentage of spending units]
Consumer durable goods
Money income before taxes in
preceding year

New automobiles
1956

1955

Used automobiles
1956

1955

All spending units
Under $1,000
$l,000-$l,999
$2,000-$2.999
$3,000-$3;999
$4,000-54,999
$5,000-$7,499
$7,500-$9,999
$10,000 and over

1

Median planned expenditure

1
3
5
9
11
19
23

2
7
7
11
19
35

$2,700

$2,700

$700

$800

Nonfarm houses,
new and used 2

Furniture and major
household appliances
1956

1955

28

28

10
19
20
26
32
35
43
47

12
16
23
30
35
36
38
44

$300

$250

1956

1955

3
5
8
8
10
13
13
12

1
4
4
8
10
15
20
12

1 Includes spending units planning definitely, probably, or possibly
to 2buy and those having already bought in Survey year.
Includes nonfarm spending units only.
3
No cases reported or less than one-half of 1 per cent.

4
Based on spending units that have bought, will buy, or will
probably buy automobiles, and spending units that have bought,
will5 buy, will probably, or will possibly buy other items.
Data not available.

SUPPLEMENTARY TABLE 8
CONSUMER PLANS TO PURCHASE AUTOMOBILES
AND OTHER SELECTED DURABLE GOODS 1
[Prospective purchasers as a percentage of all spending units]

SUPPLEMENTARY TABLE 9
CREDIT PURCHASERS OF AUTOMOBILES AND OTHER
SELECTED DURABLE GOODS
[Percentage of purchasers using credit]

Type of purchase

1956

1955

New automobile
Used automobile
Furniture
and major household appliances 2
Furniture
Television set
Refrigerator
Washing machine

8
7

8
7

28
11
5
5
6

28
12
6
4
5

1954

27
12

1 See Supplementary Table 7, note 1.
Includes spending units planning purchases of items listed individually and other major household appliances.
2

Type of purchase
New automobile
Used automobile
Furniture and major household appliances i
Furniture
Television set
Refrigerator
Washing machine

Debt on automobiles:
None
Under $500
$500 $999
$1 000 $1 999
$2 000 and over
Not ascertained
All cases
Other purchase debt: 2
None
Under $100
$100 $199
$200 $499
$500 and over
Not ascertained
All cases
1

1953

60
60

r

61
'61

59

52
45
56
51
55

54
'50
57
58
55

56
50
55
63
58

Revised.
Includes items listed and other major appliances. Purchasers of
two similar items, one for credit and one for cash, were classified as
credit purchasers. Charge-account purchasers are excluded.

1956

All
1955
income
groups

Under
$1,000

$1,000$1,999

$2,000$2,999

$3,000$3,999

$4,000$4,999

$5,000$7,499

$7,500$9,999

$10,000
and over

79

96
2

92

84

78

69

72

68

1

0)

0)

78
4
7
8
3

0)

10
22
1
1

13
44
1

0)

0)
0)

6
1
1
1
C)

0)

0)

0)

100

100

100

100

100

100

100

100

100

70
10
8
9
3

84
9
3
3
1

73
16
8
3

70
10
7
11
2

65
14
8
11
2

67
8
10
11
4

62
11
12
11
4

85
4
3
5
3

0)

0)

0)

0)

0)

0)

C1)

73
7
6
10
4

0)

0)

100

100

100

100

100

100

100

100

100

10
5
4
2

No cases reported or less than one half of 1 per cent.




1954

r
1

SUPPLEMENTARY TABLE 10
INSTALMENT PURCHASE DEBT WITHIN INCOME GROUPS, EARLY
[Percentage distribution of spending units]
Amount of debt

1955

17
7
4
3

10
8
8
2

10
11
8
3

2
Includes instalment debt in connection with consumer goods
other than automobiles, houses, and house additions and repairs.

820

FEDERAL RESERVE BULLETIN • AUGUST 1956
SUPPLEMENTARY TABLE 11
AUTOMOBILE OWNERSHIP WITHIN VARIOUS GROUPS, EARLY
[Percentage distribution of spending units]
Owns
Num-

Group characteristic

ber
of

cases
All spending units

Does

All

cases 1 auto- 2 or
mobile more

3,014

100

61

261
331
359
384
407
703
111
292

100
100
100
100
100
100
100
100

28
38
55
64
78
78
74
62

1955 money income before taxes:
Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,OOO-$3,999
$4,000-$4,999
$5,000-$7,499
$7,500-$9,999
$10,000 and over

9

30

3
4
6
7
11
20
32

71
59
41
30
15
11
6
6

Occupation of head:
Professional and semiprofessional
Managerial
Self-employed
Clerical and sales
Skilled and semiskilled
Unskilled and service
Farm operator
Retired

313
183
262
365
810
299
154
269

100
100
100
100
100
100
100
100

70
80
68
58
74
44
70
45

15
13
20
9
9
3
13
3

15
7
12
33
17
53
17
52

SUPPLEMENTARY TABLE 12
AGE OF AUTOMOBILES OWNED BY CONSUMERS X
[Percentage distribution of automobiles]
1956

1955

1954

1953

37

34

36

42

16
21

13
23
64

11
31

63

12
22
66

41
22

43
23

40
24

30
28

100

100

100

100

Owns
Number
All
of
cases 1 auto- 2 or
cases
mobile more

Region: 1
North East
North Central
South
West

Number of income recipients:
One
Two or more

100
100
100
100

56
65
59
65

5
10
10
12

39
25
31
23

293
437

100
100

54
30

2

44
69

215

100

80

7

13

931

100

74

13

13

617

100

65

10

25

309

100

66

16

18

2,043
948

100
100

59
66

7
13

34
21

See Supplementary Table 6, note 2.
SUPPLEMENTARY TABLE 13

FAMILY EXPENDITURES ON HOME IMPROVEMENT AND
MAINTENANCE
[Percentage distribution of home-owning nonfarm families]
Amount

3 years or less
1 year or less
2 or 3 years ..
More than 3 years
4 to 7 years ..
More than 7 years
All cases

58

19562

19552

1953

1951

1949

$l-$4,999
$5,000-$7,499
$7,500-$9,999
$10,000-$ 12,499....
$12,500-$ 14,999....
$15,000-$19,999....
$20,000 and over...
Not ascertained....

11
16
16
20
10
16
11

18
15
14
20
9
14
10

18
17
15
17
7
12
9
5

22
19
17
16
5
10
7
4

23
19
16
17
6
7
6
6

100

100

100

100

All cases
Median
Mean

. . . . $10,000 $10,000 $9,000 $7,900
$11,700 $11,000 $10,700 $9,300

100

$8,000
$9,100

As estimated by respondents early in year indicated, except that
houses
bought in preceding year were valued at purchase price.
2
House value assigned if not determined in interview.




1953

1952

42

41

42

40

100

100

All cases

100

13
10
17
10
8
1

100

15
10
14
9
8
2

14
12
15
11
7
1

SUPPLEMENTARY TABLE 15
PURCHASES OF NONFARM HOUSES

Type of house

1955: New
Existing. . . . .
1954: New
Existing
1953: New
Existing
1952: New
Existing
r
1

1

1954

12
10
16
11
8
1

SUPPLEMENTARY TABLE 14

Amount l

1955

Zero
Under $100
$100-$199
$200-$499
$500-$999
$1 000 and over
Not ascertained

1
Ownership of automobiles as of date of Survey. In early 1956
automobiles were classified for age as follows: 1 year or less—1955
and 1956 models; 2 or 3 years—1953 and 1954 models; 4 to 7 years—
1949, 1950, 1951, and 1952 models; more than 7 years—1948 models
and earlier. Similar classifications were used in previous Surveys.

VALUE OF NONFARM HOUSES
[Percentage distribution of owner-occupied nonfarm houses]

Does
not
own

868
950
408
788

Family status:
Single:
Age 18^4
Age 45 and over
Married: 2
Age 18-44, no children
under 18
Age 18-44, children under
18
Age 45 and over, no children under 18
Age 45 and over, children
under 18

2

i See Supplementary Table 2, note 2.

Age of automobile

Group characteristic

not
own

1956

Percentage of
nonfarm
spending units

EstiEstimated
mated
number Median Mean
total
of pur- expendiexpendi- expendichasers
ture 1
ture i
ture
(In
(In
billions) 1
millions)

1.7
3.1
1.9
2.8
1.4
2.9
1.3
2.3

0.9
1.7

$10,000 $11,190

$29.1

1.0
l.5

10,500 11,200

'28.0

0.7
1.5

10,500 11,600

25.5

0.6
1.1

10,800 11,800

20.1

r

Revised.
Data based on relatively small number of cases.

821

DURABLE GOODS AND HOUSING
SUPPLEMENTARY TABLE 16
HOUSING STATUS OF SPENDING UNITS BY AGE AND FAMILY STATUS, EARLY
[Percentage distribution of nonfarm spending units within groups]
Percentage of all
nonfarm
spending
units

Age and family status 1

All nonfarm spending units 3

All
cases

Housing status
Owns
home

Rents
home

100

100

53

34

Age 18-44:
Single
Married, no children under 18. . .
Married, youngest child under 6..
Married, youngest child 6 or over

10
7
21
9

100
100
100
100

38
50
62

32
54
43
34

Age 45-64:
Single
Married, no children under 18. . .
Married, children under 18

12
9

100
100
100

49
73
70

36
22
27

100
100

50
72

30
17

Age 65 and over:
Single
Married
1
Age refers to head of spending unit; "married" refers only to
spending units that include both husband and wife; "single" refers
to unmarried, widowed, separated, and divorced persons without
children.
2
Spending units that receive housing as part of compensation, live
temporarily in houses they have sold, etc.

1956

Lives with
relatives

Other 2

54
4
5
2

14
11

3 Includes some spending units of types not covered in separate
categories or for which information was not obtained. Together
these account for about 8 per cent of the 2,893 nonfarm spending
units.
4
No cases reported or less than one-half of 1 psr cent.

SUPPLEMENTARY TABLE 17
HOUSING STATUS OF NONFARM FAMILIES
[Percentage distribution of nonfarm families within specified groups]

Group characteristic

2

All
cases

Owns home

Rents home

Other i

1956

1955

1954

1956

1955

1954

1956

1955

1954

100

57

55

56

37

40

40

Family money income before taxes in precedin;
year:
Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-54,999
$5,000-$7,499
$7,500-59,999
$10,000 and over

100
100
100
100
100
100
100
100

44
41
50
46
56
65
73
80

43
45
39
46
54
65
75

44
45
47
45
52
65

36
49
42
49
41
33
26
20

40
46
54
51
43
33

20
10
8
5
3

17
9
7
3
3

19
9
6
3
3
2

24

37
46
47
52
45
33
26

Occupation of head of family:
Professional and semiprofessional
Managerial
Self-employed
Clerical and sales
Skilled and semiskilled
Unskilled and service
Retired

100
100
100
100
100
100
100

60
64
81
54
58
35
69

58
65
73
55
56
40
65

58
59
76
56
54
41
65

37
34
18
43
39
48
26

37
28
25
44
42
49
30

38
39
23
42
43
46
25

3
2
1
3
3
17
5

5
7
2
1
2
11
5

4
2
1
2
3
13
10

Veteran status: 4
No veteran in family
One or more veterans

100
100

42
50

43
52

44
51

48
47

52
45

52
47

10
3

Size of community:
Metropolitan area
Other city, 50,000 and over
Town or city, 2,500-49,999
Town under 2,500
Open country

100
100
100
100
100

49
46
64
67

46
51
56
70
68

46
51
57
70
68

48
52
33

51
47
41
25
17

52
46
39
23
20

3
2
3

3
2
3
5
15

2
3
4
7
12

Region: 5
North East
North Central
South
West

100
100
100
100

52
60
59
57

46
59
58
60

50
61
56
55

44
36
33
38

50
36
37
36

47
35
39
38

All nonfarm families

1
Families that receive housing as part of compensation, live temporarily
in houses they have sold, etc.
2
Total number of nonfarm families included in Survey was 2,604
in 1956, 2,601 in 1955, and 2,478 in 1954.




72

3
4

12

No cases reported or less than one-half of 1 per cent.
Veteran of World War II or Korea in family, and head of family
under 45 years of age.
5 See Supplementary Table 2, note 2.

822

FEDERAL RESERVE BULLETIN • AUGUST 1956
SUPPLEMENTARY TABLE

18

MORTGAGE DEBT WITHIN FAMILY INCOME GROUPS, EARLY

1956

[Percentage distribution of home-owning nonfarm families]
Number
of
cases

Money income before taxes in
preceding year
All income groups.

Amount of mortgage debt
All
cases

1,558

100

50

86
100
123
131
191
443
211
273

100
100
100
100
100
100
100
100

90
82
68
57
45
36
33
42

Under $1,000
$1,000-$ 1,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$7,499
$7,500-$9,999
$10,000 and over.

SISI,999

Zero

6
5
8
13
12
10
7
2

$2,000$4,999

$5,000$7,499

14

12

15
15
18
17
16
11

8
5
13
20
17
9

$7,500$9,999

$10,000
and over

1
2

0)
0)

0)

4
4
7
10
20

6
8
10
17
16

i No cases reported or less than one-half of 1 per cent.

SUPPLEMENTARY TABLE 19
MORTAGE DEBT IN RELATION TO HOUSE VALUE, EARLY

1956

[Percentage distribution of home-owning nonfarm families within groups]
Percentage
of all
homeowning
nonfarm
families

Group characteristic

All home-owning nonfarm families

Debt as a percentage of house value
All

cases
Zero

1-19

20-39

40-59

60-79

100

100

50

8

13

13

11

Family income before taxes in preceding year:
Under $2,000
$2,000-$2,999
$3,OOO-$3,999
$4,000-$4,999
$5,000-$7,499
$7,500-$9,999
$10,000 and over

15
9
10
13
28
12
13

100
100
100
100
100
100
100

86
68
59
45
36
33
41

4
4
10
6
10
12
8

5
10
10
14
16
17
19

2
6
11
13
15
20
19

3
7
5
16
16
11
11

Estimated house value:
Under $7,500
$7,500-$9,999
$10,000-$ 12,499
$12,500-$ 19,999
$20,000 and over

27
16
20
25
12

100
100
100
100
100

72
43
41
37
52

5
8
10
10
6

7
16
12
16
22

6
10
14
22
13

6
16
15
11
5

1

80 and

C1)
5
6
7
7
2

No cases reported or less than one-half of 1 per cent,

SUPPLEMENTARY TABLE 20

SUPPLEMENTARY TABLE 21

ANNUAL MORTGAGE PAYMENTS BY NONFARM FAMILIES

MONTHLY RENT OF NONFARM FAMILIES

[Percentage distribution of home-owning nonfarm families]

[Percentage distribution of rent-paying nonfarm families]

Amount

19561

19551

19512

19492

Zero
Under $500
$500 $999
$1,000 and over
No regular payments or amount
not ascertained

50
12
27
9

46
14
30
8

55
24
13
3

100

All cases

2

2

51
24
16
5
4

100

100

100

1 Scheduled monthly payment multiplied by 12.
2
Actual payments during previous year.




5

Amount 1
Under $20
$20-$29
$3O-$39
$40-$49
$50-$74
$75 and over
Not ascertained
All cases
i Early in year specified.

1956

1955

1953

1949

11
13
13
14
31
17
1

8
14
16
16
31
14
1

11
16
15
17
26
13
2

19
21
23
15
16
5
1

100

100

100

100

The Balance Sheet of Agriculture, 1956
The major factual portion of the twelfth in a
series of annual reports on the financial condition
of agriculture, issued by the United States Department of Agriculture, is given below.1'2 The full
report will be published as an Agriculture Information Bulletin of the Department of Agriculture.
The study was prepared under the direction of
Norman J. Wall, Head of the Agricultural Finance
Section, Production Economics Research Branch,
Agricultural Research Service, by F. L. Garlock,

L. A. Jones, R. W. Bierman, M. M. Taylor and
W. H. Scofield.
Data relating to the inventories of particular
items were prepared under the direction of the
following persons: Livestock—A. V. Nordquist;
crops—C. E. Burkhead, J. J. Morgan, George D.
Harrell; machinery—E. W. Grove, Robert H.
Masucci; household equipment—Jean L. Pennock.
Data relating to farm income and expenditures
were compiled under the direction of E. W. Grove.

THE 1956 BALANCE SHEET IN GENERAL
and fell in 1955.
Farm debts, including price-support loans, increased about $0.6 billion in 1954 and $1.1 billion in 1955. In those two years, farm mortgage
debt increased by $1.3 billion and non-real-estate
debt, excluding price-support loans, by $0.9 billion. Outstanding price-support loans to individual farmers declined by $0.5 billion. Despite
the increase in farm debt, the value of proprietors'
equities in farm assets rose from the post-Korean
low of $144.4 billion at the beginning of 1954 to
$151.3 billion on January 1, 1956.

Farm assets reached an all-time record value
of $170.1 billion on January 1, 1956. The increase in value of farm assets in 1954 and 1955—
a period when farm prices and farm income were
falling—resulted mainly from increases in the
value of farm real estate. Other farm assets, as
a group, rose $0.9 billion in 1954 and fell $0.3
billion in 1955. Household furnishings and equipment, machinery and motor vehicles, and the
financial assets owned by farmers rose in value
each year; livestock inventories decreased each
year. Inventories of crops rose in value in 1954

x

The Balance Sheet views agriculture as though it
were one large enterprise. It is an aggregate of individual series of farm assets and the claims to those
assets. In effect, it is comparable to a consolidated
balance sheet of all farms, but it is not restricted to
the assets and debts of farm operators. It includes,
in addition, the farm assets owned, and the farmmortgage debt owed, by nonoperators.
The Balance Sheet, formulated by the then Bureau
of Agricultural Economics for each year from 1940
to 1944, was first issued in processed form in September 1944, in a publication entitled The Impact of
the War on the Financial Structure of Agriculture.
In August 1945, a printed report of this study under
the same title was issued as Miscellaneous Publication No. 567 of the U. S. Department of Agriculture. In that report, the nature and significance of the
financial structure of agriculture were analyzed, and




823

the meaning, use, and limitations of the Balance Sheet
and its individual items were considered.
Many of the considerations in that publication are
still pertinent. They may be referred to with profit
by those who examine the Balance Sheet of Agriculture for the first time. The reader will recall that in a
country as vast and diversified as ours, financial
changes are never entirely uniform, either for geographic areas or for individuals. Thus, even when the
Balance Sheet accurately reflects the aggregate, it does
not reveal the differences that are found in different
States and regions and among individual farmers.
2
For earlier reports in this series, see the Federal
Reserve BULLETIN for September 1946, pp. 974-94;
November 1947, pp. 1357-72; September 1948, pp.
1067-82; September 1949, pp. 1053-63; September
1950, pp. 1118-31; September 1951, pp. 1090-1103;
July 1952, pp. 758-71; August 1953, pp. 822-34;
August 1954, pp. 821-33; and August 1955, pp. 869-78.

824

FEDERAL RESERVE BULLETIN • AUGUST 1956

ASSETS

The value of all farm assets in the United States
rose further during 1955 to an all-time peak of
$170.1 billion on January 1, 1956 (Table I ) . 3
These assets include the financial assets, automobiles, and household furnishings and equipment owned by farmers as well as all assets used
directly in farm production, such as farm land
and buildings, livestock, tractors, motor trucks,
farm machinery, and inventories of crops. The
increase in 1955 was $3.6 billion, or about 2 per
cent, compared with $5.0 billion or about 3 per
cent in 1954.
Rising prices of farm real estate caused most
of the increase in value of farm assets in 1955.
Farm real estate values rose despite declines in
farm prices and farm income. A strong demand
for farm real estate was generated by the need of
many farmers to enlarge their operations. The
value of farm real estate was also affected by
restricted offerings of farms for sale and by the
spread of urban development.
Although farm expenditures for motor vehicles
and farm machinery were lower in 1954 and 1955
than in a number of preceding years, purchases
exceeded depreciation in each of these years.
Farmers continued to improve their inventories of
home furnishings and equipment. The currency
and deposits owned by farmers remained constant during 1954 and 1955 but small increases
occurred in the value of the United States savings
bonds that farmers owned, largely because of
interest accruals, and in the value of farmers'
equities in cooperative associations.
3
The Balance Sheet this year incorporates extensive
changes in several series. The data for farm real
estate, machinery and motor vehicles, and deposits
have been revised back to 1940, and the series on
livestock to 1949. Revisions of the series on farm
real estate and livestock are made to bring the series
in line with data obtained from the 1954 Census of
Agriculture. The revision for deposits is made to
harmonize the series with estimates of farmerowned demand deposits for 1954 and 1955 made by
the Board of Governors of the Federal Reserve System. Estimates of the Board for these years, which
involved a revised procedure, were at a considerably
lower level than those made for earlier years. The
revision for machinery and motor vehicles is based on
revisions of data on farm capital expenditures and on
farm depreciation and other capital consumption made
by the Agricultural Marketing Service.




The currency, bank deposits, and United States
savings bonds owned by farmers increased in purchasing power during 1955 by 1.4 per cent. This
gain resulted from a small increase in the amount
of these assets that farmers owned and from a
slight decline in the prices of goods and services
that farmers buy.
TABLE 1
COMPARATIVE BALANCE SHEET OF AGRICULTURE
UNITED STATES, JANUARY 1, SELECTED YEARS, 1940-56
[In billions of dollars]

Item

1940 1950 1955 1956

Net increase or
decrease (—)*
1940-56 1955-56

Assets
Physical assets:
Real estate2
Non-real-estate:
Livestock
Machinery and motor
vehicles2
Crops stored on and
offfarms3
Household furnishings
and equipment 4 ....
Financial assets:
Deposits and currency 2 ..
United States savings
bonds
Investments in cooperatives
Total 2 , 5

33.6 75.3 98.8 102.7

69.0

3.9

10.8

5.6

-.5

16.0 16.6

5.1 213.9 211.2
3.1 11.2

13.6

.6

2.7

7.6

9.6

8.3

5.7

-1.3

4.3

7.7

11.1

11.5

7.2

.4

3.9 10.9

11.3

11.3

7.4

.02

.3

4.8

5.4

5.6

5.3

.2

.8

2.1

3.1

3.3

2.5

.2

53.8 133.5 166.5 170.1

116.3

3.5

.8

Claims
Liabilities:
Real estate debt
6.6
Non-real-estate debt:
To principal institutions :
Excluding
loans
held by and guaranteed by Commodity
Credit
Corporation
1.5
Loans held and
guaranteed by
Commodity
Credit Corporations
.4
To others?
1.5
Total liabilities 5
Proprietors' equities2
Total 2 , 5
1
2
3

5.6

8.2

9.0

2.4

2.8

4.0

4.4

2.9

1.7 22.2 1.9
2.4 3.3 3.5
10.0 12.5 217.7 18.8

1.4
2.0

-.3
.2

8.7

1.1

43.8 121.0 74878 15l73 107.6

2.4

iil 133.5

3.5

166.5 170.1 116.3

Computed from unrounded data.
Revised.
Includes all crops held on farms for whatever purpose and crops
held off farms as security for Commodity Credit Corporation loans.
The
latter on Jan. 1, 1956 totaled $1,381 million.
4
Estimated valuation for 1940, plus purchases minus depreciation
since
then.
5
Total of rounded data.
6
Although these are nonrecourse loans, they are included as
liabilities because borrowers must either pay them in cash or deliver
the commodities on which they were based. The values of the
underlying commodities are included among the assets; hence the
loans must be included as liabilities to avoid overstating the amount
of 7proprietors' equities.
Includes individuals, merchants, dealers, and others. Estimates
based on fragmentary data.

825

BALANCE SHEET OF AGRICULTURE
TABLE 2
PHYSICAL ASSETS OF AGRICULTURE VALUED AT 1940
PRICES, UNITED STATES, JANUARY 1, SELECTED

YEARS, 1940-56
[In billions of dollars]

Assets

1940 1950 1955 1956

Net increase or
decrease (—)*
1940-56 1955-56

Real estate 2
Livestock
Machinery and motor
vehicles 3
Crops stored on and off
farms
Household
furnishings
and equipment 4
TotaP, 5

33.6 35 8 337 3 37 5
5.1 4.8 35.1 5.2

3.8

.04

3.1

6.0

7.5

7.6

4.5

2.7

3.2 33.6

3.5

.9

4.3

5.4

6.6

2.3

6.5

48.8 55.2 60.0 60.4 11.5

0.2

.03
.1

-.03

.4

1
2

Computed from unrounded data.
This series is based on data for Census years developed by Alvin
S. Tostlebe in cooperation with the National Bureau of Economic
Research. It takes into account changes in the area in farms, acreage
of improved land, and number and condition of farm structures.
(See Agricultural Finance Review, November 1952.) Data for intercensal years, and for 1951-56, are extensions from Census benchmarks based on net investment in farm structures (gross investment
minus depreciation). All data adjusted to a 1940 price base.
3 Revised.
4
Purchases since 1940 are deflated by an index of prices paid by
farmers
for housefurnishings.
5
Totals of rounded data.

Only two main types of farm assets declined in
value during the two-year period. These were the
inventories of livestock and crops. Each was
worth at current prices about $0.9 billion less on
January 1, 1956 than two years earlier. The
physical inventories of both livestock and crops
were slightly larger at the end than at the beginning of the period. Lower prices were the chief
cause of decline in the value of these inventories.
The quantity of all physical farm assets, as
measured by valuations in 1940 prices, has risen
each year since 1945 (Table 2). For the entire
period 1946-55, the increase was about 20 per
cent; it was less than 2 per cent for the last two
years. The major changes in 1954 and 1955 came
from expenditures for farm buildings and other
structures and from additions to household furnishings and equipment.
DEBTS

Total farm debt, including price-support loans,
amounted to $18.8 billion on January 1, 1956.
The farm debt has increased each year since 1945.
The growth in farm debt during 1946-56 was
partly a phase of the adjustment to a higher price
level. However, both the physical assets and the
physical production of agriculture increased considerably in this period; and increased use of




credit was one of the means by which these
changes were accomplished.
Farm mortgage debt increased in 1955 by
about $0.8 billion or nearly 10 per cent, bringing
the amount of this debt to $9.0 billion on January 1, 1956. Both the number and size of mortgages recorded were higher in 1955 than in 1954.
Outstanding farm mortgage debt increased in all
regions during 1955.
The non-real-estate debt of farmers, excluding
price-support loans, has increased in all years
since 1944, except in 1953, when it dropped substantially. On January 1, 1956 it amounted to
$7.9 billion, or about 8 per cent more than a year
earlier. Eleven years earlier, this debt reached a
low for the 1940's and 1950's of only $2.7 billion.
Outstanding price-support loans to individual
farmers dropped from $2.4 billion at the beginning of 1954 to $1.9 billion on January 1, 1956.
The amount of such loans made declined from
the record of nearly $2.7 billion in 1953 to about
$2.3 billion in 1954 and $2.2 billion in 1955.
AGRICULTURAL INCOME

Total gross farm income in 1955 was $33.3 billion, a decline of about 2 per cent from the $33.9
billion in 1954 (Table 3). Cash receipts from
farm marketings—the main item of gross income
—declined from $29.7 billion in 1954 to $29.3
billion in 1955. Government payments to farmers and the value of home consumption of farm
products also decreased. The rental value of
farm dwellings increased slightly, and the value
of crop and livestock inventories also rose.
The small decline that occurred between 1954
and 1955 in cash receipts from marketings was
the result of lower prices for farm products. The
price index for all commodities declined a little
more than 5 per cent.
Despite the 2 per cent decline between 1954
and 1955 in gross farm income, production costs
(other than wages, rent, and mortgage interest)
rose about 1 per cent, from $17.2 to $17.4 billion. Expenditures for feed, livestock, and fertilizer declined, but not enough to offset the increased costs related to the operation and depreciation of machinery and other farm capital, and
higher expenditures for seed, taxes, and miscellaneous items of expense.
Because of the decrease in income and the rise
in costs, total net income from agriculture

826

FEDERAL RESERVE BULLETIN • AUGUST 1956
TABLE 3

COMPARATIVE INCOME STATEMENT FOR AGRICULTURE
UNITED STATES, SELECTED YEARS, 1950-55

X

[In millions of dollars]
Item

1950

1954

1955

How net income was obtained
Total gross farm income:
Cash receipts from farm marketings
Government payments to farmers
Home consumption of farm products
Rental value of farm dwellings
Net change in inventory 2

28,405 29, 714 29,264
283
229
257
2,051 1,869 1,768
1,366 1,623 1,678
340
859
466

Total.

32,964 33,929 33,279

Production costs, other than wages, rent, and
interest on mortgages:
Feed bought
Livestock bought, except horses and mules..
Fertilizer and lime bought
Repairs and operation of capital items
Depreciation and other consumption of
farm capital
Taxes on farm real estate and personal
property
Seed bought
Miscellaneous
Total
Net income from agriculture

3,330
2,000
978
2,969

3,872
1,563
1,274
3,265

3,680
1,542
1,266
3,353

2,743 3,645 3,734
919 1,122 1,187
627
531
557
1,611 1,896 1,980
15,081 17,194 17,369
17,883 16,735 15,910

How net income was distributed
Wages to hired labor (cash and perquisites). 2,750 2,710 2,750
Net rent and Government payments to landlords not living on farms3
1,153 1,162 1,070
264
410
Interest on farm mortgage debt
376
Net income of farm operators
, 13,716 12,487 11,680
Net income from agriculture

17,883 16,735 15,910

Realized net income of farm operators
Net income of farm operators.
Net change in inventory

13,716 12,487 11,680
859
340
466

Realized net income of farm operators

12,857 12,021 11,340

1 Revised.
2
Reflects physical changes during year in all livestock and crops
on farms, except crops under CCC loans, with the changes valued
at 3average prices for the year.
After subtraction of taxes, mortgage interest, and other expenses
paid by such landlords.

dropped by more than $800 million or about 5
per cent. From the 1955 net income from agriculture of $15.9 billion, about $4.2 billion was
received by hired labor, mortgage holders, and
landlords not living on farms. Wage and interest
income was larger, and rent to landlords was
smaller in 1955 than in 1954. Total net income
received by farm operators was $11.7 billion in
1955 compared with $12.5 billion in 1954. The
amount of net income that was actually realized
by farm operators in 1955 was about $11.3 billion; $340 million of the total net income of farm
operators was in the form of increased crop and
livestock inventories on hand at the end of the
year. The realized net income of farm operators
of $11.3 billion in 1955 compares with $12.0
billion in 1954 and $14.3 billion in 1952.
The purchasing power of the realized net income
of farm operators declined about 5.5 per cent
between 1954 and 1955. This decrease resulted
almost entirely from the decline in income as
average prices of goods and services bought by
farmers declined only slightly. The purchasing
power of both total and realized net income of
farm operators was lower in 1955 than for any
year since 1940. In 1946, the high year for this
period, the purchasing power of realized and total
net income of farm operators was 79 per cent and
73 per cent, respectively, above that for 1955.
Income of the farm population from nonfarm
sources is an important supplement to their income from agriculture. In 1955, the income of
farm people from nonagricultural sources was
$6.1 billion, about 45 per cent of total net income
of all farm people from agriculture.

THE 1956 BALANCE SHEET IN DETAIL
The foregoing pages have provided a summary analysis of the Balance Sheet in general
terms and an account of the income position of
agriculture. In this section, each item of the
1956 Balance Sheet is treated in detail.
Substantial upward revisions for 1951-55 were
made to conform with the level of values reported by
the 1954 Census of Agriculture. The total value of
farm real estate based on Census reports was $97,583
million as of about October 1954. This was adjusted
to March 1955 by applying the index of average value
per acre which gave a total value of $98,780 million.




ASSETS

Farm real estate.4 The market value of farm
real estate (land and buildings) on March 1, 1956
was estimated at a new high of $102.7 billion,
nearly $4 billion more than a year earlier and $6
billion above the previous high in 1953. This
represented an average value of $88.65 per acre
for the 1,158 million acres of land in farms reported by the 1954 Census. The value of farm
The Balance Sheet for 1955 showed a value of $91.3
billion, or about 8 per cent less.

827

BALANCE SHEET OF AGRICULTURE

CHANGES IN DOLLAR VALUE
OF FARMLAND*

buildings last March was estimated at $24.8 billion, or 24 per cent of the value of land and buildings. The value of farm buildings has represented a declining proportion of the value of farm
real estate in most years since 1940, partly because of steady decline in the number of farms.
Continued strong demand by farmers for additional land with which to enlarge their farms and
the widespread opinion that farmland is still a
safe and desirable long-term investment, despite
lower farm income, appear to be the major factors
responsible for rising land values during the last
two years. In addition, several other value-sustaining forces can be observed in the various
regions. Among these are urban and industrial
expansion into rural areas, demand for part-time
farms and rural residences, a strong demand for
land for timber production, and favorable weather
and crop yields in 1955.
Livestock and poultry on farms. A decline of
nearly $13 per head in the value of hogs was
largely responsible in 1955 for a further drop in
the value of livestock on farms. Total value of
livestock and poultry on farms on January 1,
1956 was $10.8 billion, 4 per cent less than a
year earlier and the lowest since 1946 (Table 4).
In 1940 prices, the total value on January 1,
1956 was $5.2 billion. This represented a rise
of 1 per cent in 1955 and reflected increases in
the total number of cattle and hogs on farms.
The 1955 pig crop was 12 per cent above 1954,
and on January 1, 1956 the number of hogs on
farms totaled 55.1 million, 9 per cent more than
a year earlier. Increases occurred in all regions.
Hog prices declined sharply in 1955, dropping




from $17 per hundredweight in December 1954
to $10.60 in December 1955. The total value
of hogs declined 37 per cent from $1,542 million
on January 1, 1955 to $977 million at the beginning of 1956.
Numbers of cattle and calves kept for milk
declined from 35.4 million on January 1, 1955 to
34.9 million on January 1, 1956, although milk
prices were relatively stable in 1955 and the milkfeed ratio improved. Numbers of other cattle
increased in 1955 from 61.2 million at the beginning of 1955 to 62.6 million a year later. Prices
for beef cattle in late 1955 averaged below the
same months of the preceding year. In December
1955, the average price per hundredweight was
$13.50 as compared with $15.20 in December
1954.
All cattle on farms numbered 97.5 million head
on January 1, 1956. This was an increase of
about 1 per cent in 1955, which was the seventh
consecutive year in which cattle numbers had
increased. The total value was $8,581 million,
less than 1 per cent above the value on January 1,
1955.
TABLE 4
LIVESTOCK AND POULTRY ON FARMS: NUMBER, VALUE
PER HEAD, AND TOTAL VALUE, UNITED STATES
JANUARY 1, 1955 AND 1956
19551
Class

Cattle
Milk cows2
Hogs
Horses and mules
All sheep 3
Stock sheep 4
Chickens
Turkeys
Total

1956

Value Total
Value Total
Num- per value Num- per value
head (Mil- ber
ber
head (Mil(Mil- (Dol- lion (Mil- (Dol- lion
lions) lars) dol- lions) lars) dollars)
lars)
97
23
50
4
32
27
391
5

88.20 8,517 97
134.00 3,148 23
30.60 1,542 55
4
56.20
242
14.90
472 31
14.90
404 27
1.05
411 382
5
5.33
26

88.00 8,581
139.00 3,235
977
17.70
248
62.60
444
14.30
385
14.30
481
1.26
27
5.50

11,210

10,758

1 Revised.
23 Included in cattle.
Includes sheep and lambs on feed for market.
4
Included in all sheep.

Machinery and motor vehicles on farms.

The

value of farm machinery and motor vehicles on
farms reached a record high of $16.6 billion on
January 1, 1956. This was about 4 per cent
above the previous high of $16.0 billion on January 1, 1955 (Table 5). Purchases of farm machinery and motor vehicles in 1955 were nearly

828

FEDERAL RESERVE BULLETIN • AUGUST 1956
TABLE 5

FARM MACHINERY AND MOTOR VEHICLES: VALUE BY
CLASSES, UNITED STATES, JANUARY 1,
SELECTED YEARS, 1940-56
[In milRons of dollars]

Year
1940

..

Total i

Tractors i

Automobiles2

Motortrucks l

Other
farm
machinery 1

3,060

503

958

262

1,337

11,216

2,365

2,324

1,445

5,082

1954

15,919

3,153

3,705

1,907

7,154

1955

15,993

3,160

3,655

1,905

7,273

19563

16,628

3,342

3,761

2,030

7,495

1950

1 Revised 1940-54.
23 Revised 1950-54.
Preliminary.

6 per cent above 1954 but were 9 per cent below
the high reached in 1951. Valued in 1940 prices,
machinery and motor vehicles on farms totaled
nearly $7.6 billion at the beginning of 1956, compared with $7.5 billion for 1955 and 1954. In
terms of 1940 prices, purchases of farm machinery
and motor vehicles in 1955 were about 3 per
cent above 1954 but 23 per cent below the high
reached in 1949.
In 1955, purchases of farm machinery and
motor vehicles amounted to 11.7 per cent of the
total cash receipts from farming. Numbers of
tractors, motortrucks, grain combines, cornpickers, pickup balers, and field forage harvesters
on farms were at record highs at the beginning
of 1956. The number of farms with milking
machines was also the highest of record on that
date.
Crops. Production of crops in 1955 almost
equaled the 1948 record and was considerably
higher than the output for any of the last six
years. This large production resulted mainly
from the generally high yields per acre. The
acreage of principal crops harvested was the
smallest since 1940.
The quantity of crops owned by farmers on
January 1, 1956—stored on farms and in off-farm
storage under Commodity Credit Corporation
loans—was slightly less than a year earlier. In
constant 1940 prices, the 1956 value was $3.5
billion compared with $3.6 billion in 1955 and
$3.4 billion in 1954. Because of lower prices,
the value in current prices of crop inventories of




farmers at the beginning of 1956 was $8.3 billion,
14 per cent lower than a year earlier.
The value of crops stored on farms on January
1, 1956, including crops sealed under loan to
the Commodity Credit Corporation, was $6.9
billion, $800 million less than a year earlier. The
value of such crop inventories in constant 1940
prices, however, increased about 4 per cent from
about $3.0 billion to $3.1 billion.
The important livestock feed crops (feed grains,
hay, and forage crops), which make up about
three-fourths of all crops stored on farms, dropped
in value from $5.9 billion to $5.3 billion during
1955. Corn and hay, the two most important
crops in this group, declined in value by $370
million and $107 million, respectively. The relatively unimportant crops of sorghum silage and
forage were the only ones in this group that rose
in value. As measured by values in 1940 prices,
however, the quantity of feed grains on farms
increased about 6 per cent and the supply of hay
and forage increased by more than 2 per cent
during the year.
The value of food grains stored on farms
decreased from $718 million to $660 million between January 1, 1955 and January 1, 1956.
The chief crop in this group is wheat, which
declined in value from $687 million to $628 million although the quantity on farms was practically the same as a year earlier. The value of
oil crops in farm storage declined by 27 per cent
during the year—from $475 million to $345 million. Of the other crops on farms at the beginning of 1956, cotton was most important. It
had a value of $327 million, more than 40 per
cent above a year earlier.
On January 1, 1956 the value of crops owned
by farmers in off-farm storage that were pledged
as security for price-support loans was $1.4 billion. This is more than $0.5 billion less than
the record amount under loan a year earlier.
Prices were generally lower and the physical
quantity of these stocks was down about a fourth.
Cotton was the chief crop stored off farms. It
was valued at nearly $900 million at the beginning of 1956—about $250 million less than on
January 1, 1955.
Liquidfinancialassets. At the beginning of 1956,
the liquid financial assets owned by farm people
were estimated at $16.9 billion, about $0.2 bil-

829

BALANCE SHEET OF AGRICULTURE
TABLE 6
LIQUID FINANCIAL ASSETS OWNED BY FARMERS
JANUARY 1, SELECTED YEARS, 1940-56
[In billions of dollars]

Year

Total i

Currency i

Deposits1, 2
Demand

u. s.

Time

savings
bonds3
0.3

1940

4.1

0.9

1.5

1.4

1945

12.9

3.2

4.3

2.0

3.4

1950
1951
1952
1953
1954
1955
1956

15.7
15.8
16.3
16.3
16.5
16.7
16.9

3.1
3.0
3.1
2.9
2.8
2.8
2.8

5.3
5.4
5.7
5.7
5.6
5.5
5.5

2.5
2.5
2.6
2.7
2.9
3.0
3.0

4.8
4.9
4.9
5.0
5.2
5.4
5.6

1 Revised.
2
These two series have been revised to adjust them to the level of
current estimates of demand deposits for 1954 and 1955 made by
the Board of Governors of the Federal Reserve System. The demand
deposit series was lowered by amounts ranging from $2.5 billion and
$2.6 billion in the period 1952-55 to no change in 1940. The series
on time deposits was revised to keep the previous relationship with
demand
deposits
3
Redemption value.

lion more than a year earlier (Table 6). This
increase in financial assets occurred mainly in the
cash value of United States savings bonds. The
amount of currency and bank deposits held by
farmers remained about the same as at the beginning of 1955. To some, the maintenance or increase
in liquid assets by farmers may seem paradoxical
in view of the decline in farm income. In some
instances, working funds in the form of demand
deposits or currency were maintained by means
of borrowing. Also, the net increase in United
States savings bonds and savings accounts in
banks is believed to have resulted largely from
the accrual of interest. However, where reduced
incomes have been experienced or anticipated,
there are indications that many farmers have
attempted to hold on, or add, to their financial
reserves by curtailing their expenditures.
Deposits and currency. Farmers' holdings on
January 1, 1956 of demand deposits, time deposits, and currency totaled $5.5 billion, $3.0
billion, and $2.8 billion, respectively. These
amounts are about the same as a year earlier.
For a selected group of some 600 agricultural
counties, the demand deposits of individuals,
partnerships, and corporations in insured banks
increased 1.8 per cent during 1955. Time deposits increased 3.6 per cent. These increases
are believed to stem mainly from the nonfarm
population in these counties and to be larger
than those for farmers.




United States savings bonds. The cash value
of United States savings bonds held by farmers
on January 1, 1956 was estimated at $5.6 billion
compared with $5.4 billion a year earlier. Of
the $200 million increase, only about $60 million
resulted from a net increase in purchases over redemptions. An increase of $140 million stemmed
from the accrual of interest on Series E bonds.
During 1955, farmers invested $303 million in
Series E bonds and $188 million in Series H
bonds. This represented little change from 1954
in purchases of E bonds, but H bond purchases
were $53 million larger than in 1954. Those
buying Series H bonds are believed to be heavier
investors than those buying E bonds; Series H
bonds are current-income bonds for which the
smallest denomination is $500. Relatively heavy
purchases of both E and H bonds continue in the
Corn Belt and the Northern Plains.
Net worth of farmers' cooperatives. On January

1, 1956 the net worth of farmers' cooperatives
was $3.3 billion, about $0.2 billion greater than
a year earlier. The growth of these associations
has been continuous throughout the war and
postwar years. In 1946 the net worth of farmers'
cooperatives was $1.4 billion, and in 1940 it was
only $0.8 billion.
Productive assets in agriculture.

Not all of the

assets shown in the Balance Sheet of Agriculture
are productive assets. To estimate the investment in the productive assets in the agricultural
industry, it is necessary to eliminate the value of
the dwellings, household goods, part of the investment in automobiles, and most of the financial
assets. Also, those crops already produced and
held for sale are eliminated. For 1956, the remainder of the assets—those used in production—
have a value of $124.9 billion, about 73 per cent
of the total assets.
CLAIMS

Farm real estate debt. The current trend toward
higher farm mortgage (real estate) debt continued in 1955, as the demand for farm mortgage
money was strong and major farm mortgage
lenders continued to increase both the number
and size of their loans.
On January 1, 1956 farm mortgage debt totaled
an estimated $8,960 million (Table 7). This
represents an increase of 10 per cent in 1955, the
tenth consecutive year in which farm mortgage

830

FEDERAL RESERVE BULLETIN • AUGUST 1956

FARM MORTGAGE DEBT HELD
BY MAJOR LENDERS
BIL

DOLLARS |
E3Join,- S ock land banks
ESI Fed. iand banks
p i ) Life in
ggj Banks *

~ CH Farmers Home Adm.

12

ED Fed. Farm Morf. Corp.

9

-

-

A:

6
3
^^INDIVIDUALS

01910

1920

WMmm

& OTHERS^

1930

1940

1950

1960

debt has increased, as shown in the chart. The
increase was shared by all active lenders, and the
total debt increased in every region.
Total recordings of farm mortgages rose in
1955, and reflected increased lending activity by
most types of lenders. Farm mortgages recorded
in 1955 amounted to $2,380 million. This was
26 per cent above the 1954 amount and the highest since 1923. By lenders, the increase from
1954 to 1955 in amounts recorded was: Federal
land banks, 60 per cent; insurance companies,
29 per cent; individual and miscellaneous lenders,
TABLE 7
FARM MORTGAGE DEBT OUTSTANDING, BY LENDERS
UNITED STATES, JANUARY 1, SELECTED YEARS

1940-56
Amount outstanding
(In millions of dollars)

Percentage
changei

1940 1950 1955

1940- 195556
56

Lender
1956

6,586 5 ,579 8,176 28,960

36

10

Federal land banks 3
2,010 906i 1,267 1,480
Federal Farm3 4 Mortgage
13
Corporation ,
59
713
0
5
Farmers Home Adm.
32 189 271
278
Life insurance companies 3 . . . 984 1,172 2,052 22,270
Insured commercial banks... 534 879 ,136 1,270
Individuals and misc. 6
2,313 2,374 3,437 23,662

-26

17

770
131
138
58

3
11
12
7

Total

1
2
3

Computed from unrounded data.
Preliminary.
Includes regular mortgages, purchase-money mortgages, and
sales
contracts.
4
Loans were made for the Corporation by the Land Bank Commissioner. Authority to make new loans expired July 1, 1947. On
June 30, 1955, loans of the Federal Farm Mortgage Corporation
were sold to the 12 Federal land banks.
5 For 1940 tenant-purchase loans only. 1945-56 includes tenantpurchase; farm-enlargement; farm-development; project-liquidation
loans; beginning July 1950, farm-housing loans; beginning 1955,
building-improvement loans; and beginning Jan. 1, 1956, direct
soil and water loans to individuals. Data also include similar loans
from State Corporation trust funds.
<> Estimates of farm mortgage debt held by individual and miscellaneous lenders for 1951 and later years should be regarded only
as general indicators of trend.




18 per cent; and banks, 15 per cent.
More liberal appraisal policies of the Federal
land banks, put into effect in late 1954, and
changes in the Federal Reserve Act in August
1955 to permit larger real estate loans for longer
terms by national banks were factors in the increase. The average size of farm mortgages recorded increased from $6,000 in 1954 to $7,100
in 1955. The total number of mortgages recorded in 1955 was 335,000, compared with
316,000 in 1954. The Federal land banks had
the largest relative increase in size of farm mortgages recorded—from $6,000 in 1954 to $8,000
in 1955. The average size of mortgage recorded
by insurance companies increased from $13,700
in 1954 to $14,800 in 1955, while the increase
for commercial and savings banks was from
$4,500 in 1954 to $5,000 in 1955.
The purposes of farm mortgage loans changed
little in 1955. Refinancing of debts and the purchase of farm real estate continued to account
for the largest share of the money borrowed. Of
the proceeds of the last 100 loans made by each
Federal land bank prior to December 15, 1955,
about 62 per cent was to be used to refinance
debts and 15 per cent was for purchase of farm
real estate. The share devoted to real estate purchases was moderately above a year earlier, but
the percentage for refinancing was down slightly.
Reports from 13 life insurance companies which
loaned $120 million on farm mortgages in the
first quarter of 1956 showed no significant change
in purposes of loans from a year earlier. In the
first three months of 1956, about 32 per cent of
the money loaned was for purchase of real estate,
and 50 per cent was for the purpose of refinancing debts.
Principal repayments during 1955 on farm
mortgage debt were somewhat higher relative to
total farm mortgage debt outstanding than in
1954 for life insurance companies, but slightly
lower for the Federal land banks. Delinquencies
continue low. Of 182,000 farm mortgages held
by 16 life insurance companies on March 31,
1956, there were 600 with interest overdue three
months or more and only 100 in process of foreclosure. This was about the same proportion as
a year earlier. Similarly, delinquent and extended
loans of the Federal land banks, in both number
and principal outstanding, made up about the same
proportion of total loans as a year earlier.

831

BALANCE SHEET OF AGRICULTURE

NON-REAL-ESTATE FARM LOANS
(HELD BY BANKS AND FEDERALLY SPONSORED AGENCIES)
Percentage Change, 1955-56*

Noii-real-estate debt. The non-real-estate debt
of farmers, excluding price-support loans made
or guaranteed by the Commodity Credit Corporation, rose during 1955 to $7.9 billion on January 1, 1956. The increase for the year was more
than 8 per cent, compared with 5 per cent for
1954. This type of farm debt has increased each
year since 1944 except in 1953 when it was reduced by 9 per cent (Table 8). At the beginning
of 1945, it amounted to only $2.7 billion.
The non-real-estate debt, excluding price-support loans, owed by farmers to banks and Federally sponsored agencies on January 1, 1956
amounted to $4.4 billion or 10 per cent more than
a year earlier, as shown in the map. During
1955, the loans held by banks increased about
13 per cent and those held by production credit
associations nearly 12 per cent, but loans held by
the Farmers Home Administration decreased
about 6 per cent.
TABLE 8
FARMERS' NON-REAL-ESTATE DEBT, UNITED STATES
JANUARY 1, SELECTED YEARS, 1940-56
[In billions of dollars]
Type of debt
Price-support loans made or guaranteed
by Commodity Credit Corporation x
Other loans by banks and Federally sponsored agencies
Loans and2 book credits by miscellaneous
lenders
Total, excluding Commodity Credit Corporation loans
Total, including Commodity Credit Corporation loans

1940 1950 1955 1956
.4

1.7

2.2

1.9

1.5

2.8

4.0

4.4

1.5

2.4

3.3

3.5

3.0

5.2

7.3

7.9

3.4

6.9

9.5

9.8

1 Although these are nonrecourse loans, they are treated as debts
Borrowers must either pay them in cash or deliver the commodities
on 2which they are based.
Estimate based on fragmentary data.




Regionally, increases during 1955 in the nonreal-estate debt of farmers to principal lenders
were greatest in the North Central and Western
States, as shown in the chart.
Regional differences in growth of non-realestate farm debt can be explained, at least partly,
by regional differences in the income and inventory situations of farmers. In all parts of the
United States, the cost-price squeeze is causing
many farmers to use more credit and making it
more difficult for many farmers to pay debts.
Moreover, many farmers have increased their use
of fertilizer and are mechanizing, expanding, or
NON-REAL-ESTATE FARM LOANS
HELD BY BANKS AND FEDERALLY SPONSORED AGENCIES, BY REGIONS*
$ BILLIONS
$ BILLIONST
1
1—
SOUTH

1910 1920 1930 1940 1950

1910 1920 1930 1940 1950 1960

adjusting their operations in the hope that they
can improve their incomes or lower their costs by
operating on a larger scale or by intensifying or
diversifying their operations. Marketing quotas
and acreage allotments have required many
changes in production. These adjustments have
meant that many farmers have had to use more
credit. But, despite the cost-price squeeze, both
receipts from farm marketings and net income of
farm operators were generally higher in 1955
than in 1954, in both the Northeastern and the
Southeastern States. Higher prices of milk and
eggs, and the excellent crops of cotton, tobacco,
and peanuts produced in 1955 were largely responsible for these improvements. In these regions, many farmers were able not only to repay

832

FEDERAL RESERVE BULLETIN • AUGUST 1956

loans incurred for operating purposes in 1955
but also to pay off considerable amounts of loans
that were carried over from earlier years.
The situation was less favorable in the Corn
Belt, Pacific, and Mountain regions. In both the
Corn Belt and Mountain States, cash receipts
from farm marketings were lower in 1955 than
in 1954, and in all three regions net farm income
from some of the major types of farms was
down considerably. A drastic decline occurred in
the net income from hog-beef fattening farms.
Moreover, cattle feeders had more cattle on feed
and, in the range areas, the carryover of young
stock was greater at the beginning of 1955 than
a year earlier. Apparently, these larger inventories, which were often combined with lower incomes, explain why the non-real-estate debt of
farmers increased more in the Corn Belt, Mountain, and Pacific regions than in other regions.
Data for both production credit associations
and banks indicate that the non-real-estate debt
of farmers is continuing to increase in 1956.
Through May the amount loaned (including renewals) by the production credit associations was
nearly 6 per cent greater in 1956 than in 1955,
and their outstanding loans were 8 per cent higher
on May 30, 1956 than a year earlier. On April
10, 1956 non-real-estate loans to farmers held by
banks are estimated to have been about 6 per cent
higher than a year earlier. But the increase in
1956 appears to be at a lower percentage rate
than in 1955.
Operating loans made by the Farmers Home
Administration, including the regular production
and subsistence loans and emergency loans, were
about 21 per cent greater during the first half of




1956 than in the same period of 1955. Increases
were most pronounced in the Corn Belt, Plains,
and Pacific States. Such loans were lower in 1956
than in 1955 in a number of Southern States,
probably because of improved incomes in these
States.
The volume of price-support loans made to
individual farmers was about $2.2 billion in 1955,
compared with about $2.3 billion in 1954 and
$2.7 billion in 1953. The outstanding amount
of such loans declined from $2.4 billion at the
beginning of 1954 to $1.9 billion on January 1,
1956. Of all price-support loans outstanding on
January 1, 1956, 35 per cent of the amount was
on cotton, 23 per cent on tobacco, 18 per cent
on wheat, 11 per cent on corn, and 14 per cent
on other crops.
Total farm debt. Except for a barely perceptible
decline in 1953, total farm debt (excluding pricesupport loans) has risen each year since January
1, 1946, when it was at the lowest point since
World War I. From $7.7 billion outstanding on
that date, it increased an average of about $0.9
billion per year to $16.9 billion on January 1,
1956. The increase during 1955 was $1.4 billion, or 9 per cent.
Regional data for the total of all farm mortgage debt and of non-real-estate debt held by reporting lenders show increases for the 10-year
period January 1, 1946 to January 1, 1956 ranging from about 68 per cent in the Lake States to
nearly 188 per cent in the Mountain States. During 1955, the total of these debts increased nearly
10 per cent in the United States as a whole. Increases exceeding 10 per cent occurred in the
Corn Belt, Mountain, and Pacific regions.

Law Department
Administrative interpretations, new regulations, and similar material

Member Banks Dealing in Obligations of Banks
for Cooperatives
By Act of Congress, approved July 26, 1956
(Public Law 809, 84th Congress), paragraph Seventh of section 5136 of the Revised Statutes of
the United States was amended, effective January
1, 1957, so as to remove the present limitation
on national banks investing in debentures issued
by the banks for cooperatives. Subject, of course,
to any applicable provision of State law, this authorization also extends to all State member banks
of the Federal Reserve System as section 9 of the
Federal Reserve Act makes this provision of section 5136 applicable to State member banks. The
text of the pertinent provision of the new law is
as follows:
SEC. 201. (c) Paragraph Seventh of section 5136
of the Revised Statutes as amended, is amended (1)
by inserting in next to the last sentence immediately
before the words "Federal Home Loan Banks," the
words "thirteen banks for cooperatives or any of
them or the"; and (2) by changing the last sentence
to read as follows: "The limitations and restrictions
herein contained as to dealing in and underwriting
investment securities shall not apply to obligations
issued by the International Bank for Reconstruction
and Development which are at the time eligible for
purchase by a national bank for its own account:
Provided, That no association shall hold obligations
issued by said bank as a result of underwriting, dealing, or purchasing for its own account (and for this
purpose obligations as to which it is under commitment shall be deemed to be held by it) in a total
amount exceeding at any one time 10 per centum of
its capital stock actually paid in and unimpaired and
10 per centum of its unimpaired surplus fund."
Salary of Federal Reserve Board Members
By Act of Congress, approved July 31, 1956
(Public Law 854, 84th Congress), adjusting the
rates of compensation of the heads of the executive departments and of certain other officials of
the Federal Government, the rate of basic compensation of the Chairman of the Board of Governors of the Federal Reserve System was increased from $16,000 to $20,500 per annum, and
the rate of basic compensation for other members
of the Board was increased from $16,000 to $20,000 per annum. This Act, in effect, amends section 10 of the Federal Reserve Act.




833

Federal Reserve Banks as Fiscal Agents in
Connection with Guarantees of
Flood Damage Loans
The Act of Congress, approved August 7, 1956
(Public Law 1016, 84th Congress), cited as the
"Federal Flood Insurance Act of 1956" authorizes
any Federal Reserve Bank, when designated by
the Housing and Home Finance Administrator, to
act as fiscal agent of the United States in guaranteeing loans made by financing institutions to persons suffering loss from flood damage. The pertinent provisions of the Act are as follows:
SEC. 5. (C) Any Federal Reserve bank, when designated by the Administrator, is hereby authorized to
act, on behalf of the Administrator, as fiscal agent of
the United States in guaranteeing loans under this section and in otherwise taking action in connection with
such guarantees. Such funds as may be necessary to
enable such bank to carry out any such guarantee
shall be supplied and disbursed by or under authority
of the Administrator from the Disaster Loan Fund.
Such bank shall not have any responsibility or accountability except as agent in taking any action in
connection with such guarantees. Each such bank
shall be reimbursed by the Administrator, from funds
appropriated by the Federal Government, for all expenses incurred by the bank in acting as agent on
behalf of the Administrator, including among such
expenses, notwithstanding any other provision of law,
attorneys' fees and expenses of litigation.
(d) Actions and operations of such banks under
authority of subsection (c) of this section shall be
subject to the supervision of the Administrator and
subject to such regulations as he may prescribe. The
Administrator is authorized to prescribe the term and
incidental charges for loans guaranteed under subsection (c) of this section. The Administrator is
further authorized to prescribe regulations with respect
to the forms and procedures (which shall be uniform
to the maximum extent practicable) to be utilized
in connection with such guarantees.
Interest on Time Deposits with Alternate
Maturities
The Board was asked recently whether four
forms of time deposit contracts complied with the
requirements of Regulation Q. The first was evidenced by a certificate which provided for a
maturity 6 months after date of deposit with an
option on the part of the depositor to withdraw
part or all of the funds, without notice, on the

834

FEDERAL RESERVE BULLETIN • AUGUST 1956

30th day after the date of deposit, or on the 90th
day after the date of deposit, and which provided
that funds withdrawn on the 30th day would bear
interest at a rate of 1 per cent, funds withdrawn
on the 90th day would bear interest at a rate of
2 per cent, and funds withdrawn at the end of
6 months would bear interest at a rate of VA
per cent.
With respect to the above form of certificate,
the Board referred to its interpretation published
in 1953 Federal Reserve BULLETIN 721 (12 CFR
217.105) which expressed the view that if a time
certificate permits withdrawal either at a specified
maturity or prior to such time after a specified
period of written notice, the maximum rate of interest will depend upon which of such withdrawal
privileges is elected by the depositor and the maximum rate applicable under the regulation in the
circumstances of the withdrawal privilege so
elected. For example, a certificate providing for
payment 5 years after date with interest at 2Vi
per cent, but providing also for earlier payment
after 90 days' written notice with interest at 2 per
cent, would comply with the regulation. Such a
certificate has a single fixed maturity but provides
that an earlier maturity may be fixed at the option
of the depositor with a resulting reduction in the
rate of interest payable.
The Board pointed out that, by contrast, the
certificate described in the first paragraph above
had several fixed maturities, the first of which was
30 days after date of deposit, so that the deposit
when established was payable 30 days after date.
The Supplement to Regulation Q provides that no
member bank shall pay interest at a rate in excess
of 1 per cent per annum on a time deposit having
a maturity date less than 90 days after the date
of deposit or payable upon written notice of less
than 90 days. The Board said that, consequently,
the 2 per cent and 2>A per cent rates of interest
provided for under the form of time certificate
described in the first paragraph above would be
in excess of the maximum rates prescribed by
Regulation Q.
The second deposit contract on which the
Board's views were requested was a 6 months' time
deposit with interest at a rate of 2VA per cent, but
with an alternate fixed maturity of 90 days after
date with interest at 2 per cent. The third contract represented a deposit payable 11 months after
date with interest at a rate of 23/s per cent but




with alternate fixed maturities of 90 days, 4
months, and 5 months, with interest at 2 per cent;
6, 7, and 8 months, with interest at 2V4 per cent;
and 9 and 10 months with interest at 2% per
cent. The Board stated that the foregoing views
expressed with respect to the form of deposit contract described in the first paragraph above were
applicable also to the second and third forms of
contracts described in this paragraph.
The fourth form of contract represented a time
deposit having a fixed maturity dated 6 months
after the date of deposit but with an option on
the part of the depositor to withdraw a part or all
of the funds either on 90 days' advance written
notice at a rate of 2 per cent, or on 30 days' advance written notice at a rate of 1 per cent if
withdrawn during the first 90 days or at a rate of
2 per cent if withdrawn after the 90th day following the date of deposit. The Board said that such
a contract providing for payment of interest at a
rate of 2 per cent on a deposit withdrawn after
30 days' written notice would not comply with
Regulation Q.
The Board said that in connection with all four
of the forms of deposit contracts described above,
it is important to bear in mind that the maximum
permissible interest rate does not depend upon the
length of time the deposit is left with the bank.
Where the deposit contract provides a fixed maturity but with an option on the part of the depositor to withdraw after a prescribed period of
notice, the maturity is that named in the certificate unless and until the depositor exercises his
option to change that maturity, and in that event
the maximum interest rate payable will be the rate
applicable under the regulation with respect to the
period of such notice of withdrawal given by the
depositor. Where the certificate itself names alternate fixed maturities, as in three of the certificates discussed above, without provision for
withdrawal after notice upon the option of the
depositor, the certificate must be regarded as maturing at the earliest fixed maturity and, if not
withdrawn at that time or at any subsequent fixed
maturity, as being automatically renewed until the
date of the next following fixed maturity; and the
maximum interest rate payable upon withdrawal
at any fixed maturity would be the maximum rate
applicable under the regulation to the period from
the previous automatic renewal to the date of
such withdrawal.

LAW DEPARTMENT
Bank Holding Companies
Pursuant to the Bank Holding Company Act
of 1956, the Board of Governors of the Federal
Reserve System has issued Regulation Y, effective
September 1, 1956. The text of the regulation
follows:
REGULATION Y
SECTION 1. AUTHORITY AND SCOPE

This regulation is issued pursuant to the Bank
Holding Company Act of 1956, the provisions of
which are set forth in the Appendix to this regulation.1 Provisions relating to holding company
affiliates, as defined in section 2(c) of the Banking
Act of 1933, are contained in the Board's Regulation P.2
SECTION 2. DEFINITIONS

(a) Bank holding company.—Subject to the exceptions stated in subsection (b) of this section,
the term "bank holding company" means any
company—
(1) which directly or indirectly owns, controls, or holds with power to vote either
(i) 25 per centum or more of the voting
shares of each of two or more banks, or
(ii) 25 per centum or more of the voting
shares of any other company which is or becomes a bank holding company; or
(2) which controls in any manner the election of a majority of the directors of each of
two or more banks; or
(3) for the benefit of whose shareholders or
members 25 per centum or more of the voting
shares of each of two or more banks or of a
bank holding company is held by trustees; or
(4) which is a successor to any company
that falls within (1), (2), or (3) above, and
any such successor shall be deemed to be a
1
The record keeping and reporting requirements
contained herein have been approved by the Bureau
of the Budget in accordance with the Federal Reports
Act of 1942.
2
The Bank Holding Company Act of 1956 and
this Regulation Y are in addition to, and do not take
the place of, provisions of other laws, such as section
5144 of the Revised Statutes, and the Board's Regulation P thereunder, which relate to "holding company affiliates" as distinguished from "bank holding
companies."




835
bank holding company from the date as of
which its predecessor company became a bank
holding company.
(b) Exceptions from definition of "bank holding
company".—No company shall be considered a
bank holding company—
(1) if it is a bank and it would otherwise be
a bank holding company only by virtue of its
ownership or control of shares in a fiduciary
capacity, provided such shares are not held for
the benefit of the shareholders of such bank; or
(2) if (i) it is registered under the Investment Company Act of 1940 and was so registered prior to May 15, 1955, or is affiliated
with any such registered company in such manner as to constitute it an affiliated company
within the meaning of that Act, and (ii) it does
not directly own 25 per centum or more of the
voting shares of each of two or more banks; or
(3) if it would otherwise be a bank holding
company only by virtue of its ownership or
control of shares acquired by it in connection
with its underwriting of securities and if such
shares are held only for such period of time as
will permit the sale thereof upon a reasonable
basis; or
(4) if it was formed for the sole purpose of
participating in a proxy solicitation and would
otherwise be a bank holding company only by
virtue of its control of voting rights of shares
acquired in the course of such solicitation; or
(5) if at least 80 per centum of its total
assets are composed of holdings in the field of
agriculture, and for this purpose the term "agriculture" includes farming in all its branches,
including fruitgrowing, dairying, the raising of
livestock, bees, fur-bearing animals, or poultry,
forestry or lumbering operations, and the production of naval stores, and operations directly
related thereto.
(c) Company.—The term "company" means
any corporation (including a bank), business
trust, association, or similar organization, except—
(1) any corporation the majority of the
shares of which are owned by the United States
or by any State;
(2) any corporation or community chest,
fund, or foundation, organized and operated
exclusively for religious, charitable, or educational purposes, no part of the net earnings of
which inures to the benefit of any private share-

836

FEDERAL RESERVE BULLETIN • AUGUST 1956

holder or individual, and no substantial part of
the activities of which is carrying on propaganda, or otherwise attempting to influence legislation; and
(3) any partnership.
(d) Bank.—The term "bank" means any national banking association or any State bank, savings bank, or trust company, but shall not include
any organization operating under section 25(a)
of the Federal Reserve Act, or any organization
which does not do any business within the United
States.
O) State member bank.—The term "State member bank" means any State bank which is a member of the Federal Reserve System.
(/) District bank.—The term "District bank"
means any State bank organized or operating under the Code of Law for the District of Columbia.
(g) Subsidiary,—The term "subsidiary," as used
with respect to a specified bank holding company,
means—
(1) any company 25 per centum or more of
whose voting shares (excluding shares owned
by the United States or by any company wholly
owned by the United States) is owned or controlled by such bank holding company;
(2) any company the election of a majority
of whose directors is controlled in any manner
by such bank holding company; or
(3) any company 25 per centum or more of
whose voting shares is held by trustees for the
benefit of the shareholders or members of such
bank holding company.
(h) Successor,—The term "successor" includes
any company which acquires directly or indirectly
from a bank holding company shares of any bank,
when and if the relationship between such company and such bank holding company is such that
the transaction effects no substantial change in
the control of such bank or beneficial ownership
of such shares of such bank.
(/) Board.-—The term "Board" means the
Board of Governors of the Federal Reserve System.
(/) The Act—The term "the Act" means the
Bank Holding Company Act of 1956.
(k) Federal Reserve Bank.—The term "Federal
Reserve Bank" as used herein with respect to the




filing of registration statements, applications, requests, or reports by a bank holding company or
other company shall mean the Federal Reserve
Bank of the Federal Reserve district in which such
company has its principal office.
SECTION 3. REGISTRATION

(a) Registration statement.—On or before November 5, 1956, or within 180 days after it becomes a bank holding company, whichever is
later, each bank holding company shall register
with the Board by filing with the Federal Reserve
Bank a registration statement, in duplicate, on
forms prescribed by the Board. Upon timely application by any bank holding company and upon
a satisfactory showing as to the need therefor, the
Board in its discretion may extend the time prescribed herein for the filing of a registration statement by such bank holding company.
(b) Date of registration.—The date of registration of a bank holding company shall be the date
on which its registration statement is received by
the Federal Reserve Bank with which such statement is required to be filed.
SECTION 4. ACQUISITION OF BANK SHARES
OR ASSETS

(a) Transactions requiring Board approval.—Except with the prior approval of the Board or
except as provided in subsection (b) of this section,—
(1) no action shall be taken which will result in any company becoming a bank holding
company;
(2) no bank holding company shall acquire
direct or indirect ownership or control of any
voting shares of any bank;
(3) no bank holding company which is not
a bank and no nonbanking subsidiary of a bank
holding company shall acquire all or substantially all of the assets of a bank; and
(4) no bank holding company shall merge
or consolidate with any other bank holding
company.
(b) Excepted transactions.—Prior approval by
the Board is not required with respect to any of
the following transactions:
(1) The acquisition by a bank holding company of direct or indirect ownership or con-

LAW DEPARTMENT
trol of any voting shares of any bank if, after
such acquisition, such company will not directly
or indirectly own or control more than 5 per
centum of the voting shares of such bank;
(2) The acquisition by a bank holding company of additional shares in a bank in which
such bank holding company owned or controlled a majority of the voting shares immediately prior to such acquisition; or
(3) The acquisition by a bank (including a
bank which is a bank holding company or a
subsidiary of a bank holding company) of the
voting shares of any bank, if—
(A) such shares are acquired in good faith
in a fiduciary capacity and are not held for
the benefit of the shareholders of the acquiring bank, or
(B) such shares are acquired in the regular course of securing or collecting a debt
previously contracted in good faith, provided
that any shares acquired after the date of the
Act in securing or collecting any such previously contracted debt shall be disposed of
within a period of two years from the date
on which they were acquired.
(c) Applications which will not be approved.—
No application will be approved by the Board if
such approval would permit a bank holding company or any subsidiary thereof to acquire, directly or indirectly, any voting shares of, interest
in, or all or substantially all of the assets of any
bank which was not a subsidiary of the bank holding company on the date of enactment of the Act
and which is located outside the State in which
such bank holding company maintains its principal office and place of business or in which it
conducts its principal operations, unless the acquisition of such shares or assets of a State bank
by an out-of-State bank holding company is specifically authorized by the statute laws of the
State in which such bank is located, by language
to that effect and not merely by implication.
(d) Submission of application.—Application for
approval by the Board of any transaction requiring such approval under subsection (a) of this
section shall be filed, in triplicate, with the Federal Reserve Bank. Any such application shall
be filed not less than 60 days before the date on
which it is proposed that the transaction requiring




837
approval be consummated.3 Upon timely request
and upon a satisfactory showing as to the need
therefor, the Board in its discretion may accept
an application although submitted within such
period of 60 days. A separate application shall
be filed with respect to each bank the voting shares
or assets of which are sought to be acquired.
(e) Procedure on applications.—A Federal Reserve Bank receiving an application under this
section will forward two copies thereof to the
Board. If either the applicant or the bank the
voting shares or assets of which are sought to be
acquired is a national bank or a District bank, the
Board will transmit a copy of the application to
the Comptroller of the Currency. If either the
applicant or the bank the voting shares or assets
of which are sought to be acquired is a State bank,
the Board will transmit a copy of the application
to the appropriate supervisory authority of the
State in which such bank is located.
(/) Hearings on applications.—In any case in
which the Board receives written advice of disapproval of the application from the Comptroller
of the Currency or the appropriate State supervisory authority, as the case may be, within 30
days from the date of receipt of the application by
the notified authority, the Board will so notify
the applicant in writing, directing the applicant's
attention to the provisions of section 3(b) of the
Act. Within three days after the date of the
sending of such notice to the applicant, the Board
will notify in writing the applicant and the Comptroller of the Currency or the appropriate State
supervisory authority, as the case may be, of the
date fixed by the Board for the commencement
of a hearing on the application and of the place
and time at which such hearing will be held. Any
such hearing will be commenced not less than ten
days nor more than thirty days after the date on
which the Board sent the applicant notice of the
disapproval of the Comptroller of the Currency
or the appropriate State supervisory authority.
(g) Action on applications.—In any case in
8
In some cases it may not be possible for the Board
to act upon an application within such period of 60
days and this requirement should not be regarded as
suggesting that the Board will act upon all applications within that period of time, although every effort
will be made to expedite such action.

838

FEDERAL RESERVE BULLETIN • AUGUST 1956

which a hearing is held in accordance with subsection (/) of this section, the Board, after the conclusion of such hearing, will by order grant or
deny the application on the basis of the record
made at such hearing. In all other cases, the
Board will by order grant or deny the application after receipt by it of advice that the Comptroller of the Currency or the appropriate State
supervisory authority, as the case may be, does
not disapprove the application, or, if no such advice is received, after the expiration of thirty days
from the date of receipt of the copy of the application by the Comptroller of the Currency or such
State authority.
(h) Factors affecting action.—In acting upon
any application the Board, as required by the Act,
will consider the following factors:
(1) The financial history and condition of
the applicant and the bank or banks concerned;
(2) The prospects of the applicant and the
bank or banks concerned;
(3) The character of the management of the
applicant and the bank or banks concerned;
(4) The convenience, needs, and welfare of
the communities and the area concerned; and
(5) Whether or not the effect of the proposed transaction for which approval is desired would be to expand the size or extent of
the bank holding company system involved
beyond limits consistent with adequate and
sound banking, the public interest, and the
preservation of competition in the field of banking.
SECTION 5. INTERESTS IN NONBANKING
ORGANIZATIONS

(a) Period allowed for divestment.—No bank
holding company, except as provided in section
4(c) of the Act, the provisions of which are set
forth in the Appendix to this regulation, shall
(1) after the date of enactment of the Act acquire
direct or indirect ownership or control of any
voting shares of any company which is not a
bank, or (2) after two years from the date of
enactment of the Act or from the date as of which
it becomes a bank holding company, whichever is
later, retain direct or indirect ownership or control of any voting shares of any company which is
not a bank or a bank holding company, or engage




in any business other than that of banking or of
managing or controlling banks or of furnishing
services to or performing services for any bank
of which it owns or controls 25 per centum or
more of the voting shares. Upon timely request
and upon a satisfactory showing of the need
therefor, the Board in its discretion may extend
the two-year period referred to in the preceding
sentence, except that, as provided by the Act, no
such extension of time may be approved by the
Board for more than one year at a time or for
any period beyond a date five years after the date
of enactment of the Act or five years after the
date as of which the company became a bank
holding company, whichever is later.
(b) Shares of financial, fiduciary, or insurance
companies.—Any bank holding company which is
of the opinion that a company all the activities of
which are of a financial, fiduciary, or insurance
nature is so closely related to the business of banking or of managing or controlling banks, as conducted by such bank holding company or its banking subsidiaries, as to be a proper incident thereto
and as to make it unnecessary for the prohibitions
of section 4 of the Act to apply in order to carry
out the purposes of the Act, may request the
Board for such a determination pursuant to section 4(c)(6) of the Act. Any such request shall
be filed in duplicate with the Federal Reserve
Bank. After receipt of any such request, the
Board will notify the bank holding company of
the place and time fixed for a hearing on the requested determination; and, after the conclusion
of such hearing and on the basis of the record
made at the hearing, the Board will by order make
or decline to make the requested determination.
(c) Tax certifications,—Any bank holding company desiring a certification by the Board for purposes of the provisions of Part VIII of Subchapter
0 of Chapter 1 of the Internal Revenue Code of
1954, as amended by the Act, may file an application in duplicate for such certification with the
Federal Reserve Bank; and any such application
will be forwarded by the Federal Reserve Bank
to the Board. Any application for a certification
under subsections (a), (b) or (c) of section 1101
of said Part VIII shall be filed not less than sixty
days in advance of the distribution, or exchange
and distribution, with respect to which such cer-

LAW DEPARTMENT
tification is desired.4 Upon timely request by any
bank holding company and upon a satisfactory
showing as to the need therefor, the Board in its
discretion may accept an application for any such
certification although submitted within such 60day period. On the basis of an application under
this subsection, the Board will either issue a certification or by order deny the application. A
duplicate original of each certification will be
transmitted to the Internal Revenue Service of the
Treasury Department.
SECTION 6. BORROWING BY BANK HOLDING
COMPANY OR ITS SUBSIDIARIES

It is unlawful under the Act, with certain exceptions, for any bank which is a subsidiary of
a bank holding company to invest in the capital
•stock, bonds, debentures, or other obligations of
such company or of any other subsidiary of such
company; to accept as collateral for an advance
to any person the capital stock, bonds, debentures,
or other obligations of such company or any such
other subsidiary; to purchase securities, other
assets, or obligations under repurchase agreement
from such company or any such other subsidiary;
or to make any loan, discount or extension of
credit to such company or any such other subsidiary. For statutory provisions on this subject,
see section 6 of the Act, set forth in the Appendix
to this regulation.
SECTION 7. HEARINGS AND PROCEEDINGS

(a) Hearings.—In addition to hearings required
by the Act (see sections 4(/) and 5(b) of this
regulation), a hearing may be ordered by the
Board in its discretion with respect to any application or request under this regulation, either
upon its own motion or upon the request of any
party in interest, if the Board deems such hearing
to be in the interests of the parties or the public
interest. Notice of any hearing required by the
Act will be published in the Federal Register a
reasonable time in advance of the date fixed for
4
In some cases it may not be possible for the
Board to act upon an application within such period
of 60 days and this requirement should not be regarded as suggesting that the Board will act upon all
applications within that period of time, although
.every effort will be made to expedite such action.




839
the hearing; and any hearings so required will
ordinarily be held before trial examiners appointed in accordance with the provisions of the
Administrative Procedure Act. All hearings under
this regulation will be conducted in accordance
with the Board's "Rules of Practice for Formal
Hearings."
(b) Record of proceedings.—The record in any
proceeding under this regulation upon which an
order of the Board is based shall consist of the
application or request filed with the Board in connection with such proceeding; any views and recommendations received by the Board from the
Comptroller of the Currency or the appropriate
State supervisory authority pursuant to section
3(6) of the Act; the transcript of any hearing held
with respect to such application or request and
any report and recommendation made by the trial
examiner or hearing officer before whom such
hearing was held; any other document or writing
relied upon by the Board in making disposition of
the matter; and any order of the Board granting
or denying the application or request.
(c) Parties.—A party to any proceeding under
this regulation shall include any person or agency
named or admitted as a party or any person who
has filed a request in writing to be admitted as a
party and who is entitled as of right to be admitted.
SECTION 8. REPORTS AND EXAMINATIONS

Each bank holding company shall furnish to the
Board in a form to be prescribed by the Board a
report of its operations for its fiscal year ending
in 1956 or the fiscal year in which it became a
bank holding company, whichever is later, and
for each fiscal year thereafter until it ceases to be
a bank holding company. Each such annual report shall be filed, in duplicate, with the Federal
Reserve Bank. Each bank holding company shall
furnish to the Board such additional information
at such times as the Board may require. The
Board may examine any bank holding company
or any of its subsidiaries and the cost of any such
examination shall be assessed against and paid by
such bank holding company. As far as possible
the Board will use reports of examinations made
by the Comptroller of the Currency, the Federal
Deposit Insurance Corporation, or the appropriate

FEDERAL RESERVE BULLETIN • AUGUST 1956

840

State bank supervisory authority for the purposes
of this section.
SECTION 9. STATUTORY PENALTIES

Under the Act, any company which willfully
violates any provision of the Act or any regulation or order issued by the Board pursuant thereto
shall upon conviction be fined not more than
$1,000 for each day during which the violation
continues; and any individual who willfully participates in a violation of any provision of the Act
shall upon conviction be fined not more than

$10,000 or imprisoned not more than one year,
or both. Every officer, director, agent, and employee of a bank holding company is subject under the Act to the same penalties for false entries
in any book, report, or statement of such bank
holding company as are applicable to officers, directors, agents, and employees of member banks
of the Federal Reserve System for false entries in
any books, reports, or statements of member banks
under section 1005 of Title 18, U. S. Code.
APPENDIX
[Text of Bank Holding Company Act]

Current Events and Announcements
FEDERAL RESERVE MEETINGS

RESIGNATION OF BRANCH DIRECTOR

A meeting of the Federal Open Market Committee was held in Washington on August 7, 1956.
At this meeting Alfred Hayes was elected Vice
Chairman of the Committee, succeeding Allan
Sproul whose resignation became effective June
30, 1956.

Effective July 31, 1956, the Board of Governors
accepted the resignation of Mr. William M. Day,
President, Michigan Bell Telephone Company,
Detroit, Michigan, as a director of the Detroit
Branch. Mr. Day had served the Branch as a
director since January 1, 1951.

ADMISSIONS OF STATE BANKS TO MEMBERSHIP
IN THE FEDERAL RESERVE SYSTEM

TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY

The following State banks were admitted to membership in the Federal Reserve System during the
period June 16, 1956 to July 15, 1956:
Arkansas
Crossett
Indiana
Bentonville
Michigan
Warren
New York
Bay Shore
Wyoming
Laramie




Bank of Crossett
. Bentonville State Bank
Warren Bank
State Bank of Suffolk
Bank of Laramie

Latest BULLETIN Reference
Semiannually
Issue
Banking offices:
Analysis of changes in number of.. .. Aug. 1956
On, and not on, Federal Reserve Par
List, number of
Aug. 1956
Stock Exchange firms, detailed debit and
credit balances
Mar. 1956
Annually
Earnings and expenses:
Federal Reserve Banks
Feb.
Member banks:
Calendar year
May
First half of year
Oct.
Insured commercial banks
May
Banks and branches, number of, by class
and State
Apr.
Operating ratios, member banks
June
Banking and monetary statistics, 1955.. | ^

Page
896
897
286

1956

178-179

1956
1955
1956

510-518
1188
519

1956
1956
J9^

398-399
650-652
520-523

National Summary of Business Conditions
Released for publication August 15

Industrial production declined in July and
advanced in early August, reflecting mainly
fluctuations in steel output. Activity in steelconsuming lines, including construction, increased
somewhat in July. Retail sales continued in
record volume. Prices of industrial commodities rose after mid-July, following three months
of little change, and farm product prices changed
little at levels moderately higher than a year
earlier. Bank loans to business expanded, and
interest rates rose.

in August is scheduled to decline because of
model change-overs. Steel output, which declined from a rate of 93 per cent of capacity in
June to about 15 per cent in July, had recovered
to 85 per cent by mid-August.
Activity at textile mills apparently declined
further in July, while apparel production remained
at a level moderately higher than in the spring.
Output of rubber products was maintained following earlier declines, and activity in the paper,
chemicals, and petroleum industries continued at
advanced levels.

INDUSTRIAL PRODUCTION

Industrial production, as measured by the
Board's seasonally adjusted index, declined from
141 per cent of the 1947-49 average in June to
136 in July, owing to the steel work stoppage and
related cuts in output of coke, iron ore, and
coal.
Activity in most durable goods industries other
than iron and steel increased somewhat in July.
Machinery and most other producers' equipment
expanded further, and output of consumer durable goods increased. Auto assembly in July
was somewhat above the reduced June rate but
INDUSTRIAL PRODUCTION
1947-49=100

CONSTRUCTION

Outlays for construction expanded further in
July and were at a record seasonally adjusted annual rate of $44.4 billion. Value of construction
contract awards, after declining considerably in
June from exceptionally high levels, showed little
change in July. Housing starts declined seasonally
and the seasonally adjusted annual rate remained
close to 1.1 million.
EMPLOYMENT

Employment in nonagricultural establishments,
seasonally adjusted, declined 500,000 in July,
largely as a result of the steel strike, to 51.1 million. While average hourly and weekly earnings
in manufacturing were also affected somewhat, the
average length of the factory workweek, which
usually declines in July, was unchanged at 40.1
hours. The number of persons unemployed, not
counting workers on strike unless they are seeking other jobs, was little changed from June but, at
2.8 million, was 350,000 above the year-earlier
level.
DISTRIBUTION

Federal Reserve indexes, seasonally
figures, latest shown are for July.




adjusted,

Seasonally adjusted retail sales in July continued at about the record May-June rate and
were 3 per cent above a year earlier. Sales were
apparently at or above previous highs at most

Monthly

841

842

FEDERAL RESERVE BULLETIN • AUGUST 1956

types of stores. Department store sales in July
exceeded the June peak and remained strong in
early August. Sales of new autos in July were
down from June but remained above production;
dealers' stocks declined further and were below
the year-earlier level for the first time this year.
COMMODITY PRICES

Average wholesale commodity prices advanced
somewhat from mid-July to mid-August, reflecting mainly a general increase of 7 per cent in
steel and advances in a number of metal products.
Pig iron, aluminum, magnesium, scrap metals,
brick, and rubber also advanced, and prices of
tires, gasoline, and some other consumer goods
were raised. Meanwhile, average prices of farm
products changed little. Livestock prices advanced to a level somewhat above that reached
last spring and grains generally continued strong,
but there were moderate decreases in fruits and
vegetables, from sharply advanced levels, and raw
cotton prices declined to about the level of the
new crop (October) future.
BANK CREDIT AND RESERVES

Total loans and investments at city banks declined about $500 million between mid-July and
early August, reflecting principally continued reductions in holdings of U. S. Government securities. While security loans declined, business, real
estate, and consumer loans rose. Recently, new
borrowing by business—principally commodity
dealers—has been offset only in part by net

repayments—largely by metals manufacturers and
sales finance companies.
During late July and early August, average borrowings from the Federal Reserve rose to about
$800 million and excess reserves declined to $525
million. A substantial reduction in Reserve Bank
float absorbed more reserves over the period than
were supplied, largely through reductions in required reserves and small System purchases of
U. S. Government securities.
SECURITY MARKETS

Yields on intermediate- and long-term U. S.
Government securities rose rapidly between midJuly and mid-August, reaching new highs for
the year. Intermediate-term yields moved above
long-term yields to record postwar levels. Although the Treasury bill yield remained below its
April 1956 high, it rose approximately 30 basis
points in the first half of August to a level above
2.60 per cent. In the third week of July the
Treasury refunded $12.9 billion of maturing
securities with a new 23A per cent note, due
August 1, 1957. Cash redemptions of maturing
issues totaled nearly $900 million. On August
6 the Treasury sold for cash $3.2 billion of 2%
per cent March 1957 tax anticipation certificates.
Original subscriptions to the new certificate totaled
$10.6 billion.
Yields on corporate and State and local government bonds increased sharply during the latter
part of July and early August. Common stock
prices fluctuated around record or near-record
levels.

PRICES
1947-49=100
130

RESERVES

AND

BORROWINGS

-

ALL MEMBER BANKS

Billions of dolla

WHOLESALE
120

BORROWINGS A
AT F. R. BANKS A / I

OTHER
HI

•-*"""

110

ALL COMMODITIES
\

^

\r

100

FARM PRODUCTS

V V EXCESS RESERVES

90

-

80
.1

1

L. A

.

ft

FREE RESERVES

_„

CONSUMER

120
ALL ITEMS

_
:

^ - - -

—

i

FOODS

1

. . 1

~—y
.<

_..

110
\
ino

...... 1 .
Bureau of Labor Statistics indexes. "Other" wholesale
prices exclude processed foods, included in total but not
shown separately. Monthly figures, latest shown: June for
consumer prices, and July for wholesale r>rices.




V

. 1

Federal Reserve data. Free reserves are excess reserves less
borrowings. Weekly averages, latest shown are for week ending Aug. 8.

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
Commercial loans; commercial paper and bankers' acceptances
Interest rates.
Security prices; stock market credit.
Savings institutions
Federal credit agencies.
Federal finance
Security issues.
Business finance
Real estate credit
Short- and intermediate-term consumer credit.
Selected indexes on business activity
Production
Employment and earnings
Department stores.
Foreign trade.
Wholesale and consumer prices
National product and income series.
Changes in number of banking offices in the United States
Number of banking offices on Federal Reserve par list and not on par list
Tables published in BULLETIN, annually or semiannually—list, with references
Index to statistical tables

Tables on the following pages include the principal statistics of current significance relating to
financial and business developments in the
United States. The data relating to Federal
Reserve Banks, member banks of the Federal
Reserve System, and department store trade, and
the consumer credit estimates are derived from
regular reports made to the Board; production
indexes are compiled by the Board on the bas's




845
846
849
852
854
855
858
860
862
863
864
865
866
868
872
873
875
878
881
882
888
890
891
892
894
896
897
840
925

of material collected by other agencies; figures
for gold stock, currency in circulation, Federal
finance, and Federal credit agencies are obtained
from Treasury statements; the remaining data
are obtained largely from other sources. Back
figures for 1941 and prior years for banking and
monetary tables, together with descriptive text,
may be obtained from the Board's publication,
Banking and Monetary Statistics.

843

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
Wednesday figures, 1949-1950, weekly averages of daily figures, 1951-




Billions of dollars

25
MEMBER BANK
RESERVE BALANCES
20

15
7

r

|

CAlEdd

KEdCKVCd

|

j

2

T

0
35

30

25

20

TREASURY CASH AND DEPOSITS
^ ^ v ^ P ^ ^
1 NONMEMBtR DEPOSITS
30

FEDERAL RESERVE CREDIT
U.S. GOVERNMENT SECURITIES:

25

20

HELD UNDER
REPURCHASE AGREEMENTS

'

__

A

I

A

DISCOUNTS AND ADVANCES

FEDERAL RESERVE FLOAT

1949

1950

1951

1952

1953

1954

1955

Latest averages shown are for week ending July 25. See p. 845.

844

1956

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Deposits, other
than member bank
reserves,
with F. R. Banks

Reserve Bank credit outstanding
U.S. Govt. securities
DisHeld counts
and Float
under
Bough
adTotal out- repurvances
chase
right agreement

Week
ending

Total

Gold
stock

Treas- Curury
cur- rency
in
rency cirout- culastand- tion
ing

Treas
ury
cash
holdings Treas- Forury
eign

Member bank
reserves
Other
F. R.
accounts

Other

ReExTotal quired
2 cess 2

Averages of
daily figures
1955
June
June
June
June
June

1
8
15
22
29

23 ,683
23 ,588
23 ,554
23 ,554

23,600
23,683
23,588
23,554
23,554

73 ,70

23,692

?1 ,60

772 75 .001
612
812 25 ,044
533
793 24 ,956
558
348 1,137 25 ,055
789 24 ,815
456

7,1 .674
21 ,675
21 ,676
21 ,676
21 ,677

5,001
5,002
5,001
5,001
5,001

29,961
30,059
30,058
30,035
30,021

75 ,765
75 .571
25 ,432
25 ,506

7.1 ,678
71 .679
21 ,680
21 ,681

5,003
5,003
5,003
5,002

30,299
30,416
30,287
30,157

793
798

802 25 ,638
627 75 ,584
794 25 ,495
891 25 ,425
671 25 ,217

21 ,68?
71 ,68?
21 ,682
21 ,682
21 ,682

5,003
5,003
5,003
5,005
5,005

30,237
30,285
30,336
30,288
30,268

797
803
803

687 75 ,401
865
826 75 ,577
768 1,263 25 ,613
960 25 ,478
901

71 ,68?
71 ,68?
21 ,683
21 ,681

5,005
5,006
5,006
5,006

30,436
30,520
30,401
30,323

843
816 75 ,575
874 75 .714
909
1,041 1,088 26 ,169
985 25 ,747
771

71 ,684
71 ,684
21 ,685
21 ,685

5,007
5,007
5,007
5,009

793 75 .748
943
776 25 ,963
1,144
50 1,173 1,013 76 277
816 1,486 26 ,208
98
973 1,019 76 017

71 ,686
21 ,686
21 ,686
21 ,687
7,1 688

11
14

Tu1y 6
July 13
July 20
July 27

23 ,943 23,943
24 ,140 24,035

Aug.
Aug.
Aug.
Aug.
Aug.

3
10
17
24
31

74 ,044
?4 ,05s
23 ,89
23 ,796
23 ,76

23,982
23,983
23,891
23,796
23,761

62
72

Sept
Sept.
Sept.
Sept.

7

71 ,876
73 ,811
23 ,564
73 ,598

23,761
23,744
23,564
23,587

65
69

21
28

5
Oct
Oct. 1 2 . . .
Oct. 19
Oct. 26

71 ,844
73 .911
24 ,021
23 ,973

23,727
23,792
23,916
23,973

117
119

Nov.
Nov.
Nov
Nov.
Nov.

23 995
24 ,024
74 068
23 ,888
74 001

23,995
24,024
24,018
23,888
23,903

74
74
74
74

364
589
588
767

24,039
24,443
24,375
24,385

325
146
213
382

74
74
73
23

785
308
804
517

24,391
24,191
23,802
23,517

394
117
2

73, 416 23,414

2

71 ,957 23,943

14.

2 .. ..
9
16
23
30

Dec. 7
14
Dec. 21
Dec 28
Dec

ios

ii
105

524

814

420

803

440

416
480

367
425
460
439

468
419
415
403

970 18 ,774 18 ,209
967 18 ,945 18 ,386

638
646
507
594
479

422
434
474
415
399

412
396
400
393
394

447
431
579
693

379

794
787

419

393
400
394
386

30,428
30,552
30,621
30,498

791
788
777
778

525
514
534
496

381
383
391
381

390
429

5,009
5,009
5,008
5,008
5,008

30,528
30,657
30,794
30,824
30,963

111
774
774
783
781

500
571
613
532
439

957 76 774 71 688
941 26 428 21 ,689
1,746 77 101 71 689
1,875 27 420 21 690

5,008
5,007
5,008
5,008

31,070
31,244
31,364
31,415

780

483

786
772
774

337
401

21 690
71 691
71 69?
7,1 69?

5,008
5,008
5,008
5,009

31,153
30,914
30,632
30,361

773
782
786

814 75 748 21 693

30,223
30,219
30,247
30,210
30,181

798

71 695

5,009
5,010
5,010
5,011
5,012

796
800
794

695
717
7H
715

5,011
5,011
5,013
5,015

30,202
30,276
30,264
30,249

21 716 5,017 30,321
21 727 5,016 30,300
71 741 5,018 30,290
21, 742 5,019 30,155

782
785
782

918

935
878
747
753

970 18 ,609 18 ,085

478
416
387
278
275

858
913
357 1,118
915
439
888

433

400
387
434
408
425

688

796
724
770

936 18 ,496 18 ,063
18 ,648 18 ,036
18 ,678 18 ,099
18 ,998 18 ,301
18 ,653 18 ,164

582
440
304
213
323

685

781

823
835
832
818
814

803
800

806
803

935
940
981
981

612
579
697
489

971 18 ,779

18 ,047

900
885
910
946
946

18 ,910
18 ,874
18 ,757
18 ,673
18 ,614

18 ,l?0
18 ,163
18 ,155
18 ,100
18 ,130

943
942
990
990

18 ,685
18 ,750
18 ,767
18 618

18 ,111
18 1«P
18 ,191
18 ,134

999 18 ,700
1,011 18 ,7?8
409 1,010 19,119
387 1,010 18 ,891

18 189
18 175
18 ,494
18 ,433

625
458

408
384
400
395
399

385
433
564
399
398
413

377
370

732

565
559
590
661

602
573
484
574
608

576
484
511
553

951
939
938
935
935

18
18
18
19
18

898
899
883
036
794

18 ,4?!
18 ,343
18 30?
18 ,468
18 381

477
556
581
568
413

931
989
1,010
410 1,012

18
18
19
19

869
950
446
487

18 411

523

424
446
469
497

18 488
18 79?
18 804

458
462
654
683

356
244
360
385

438
423
417
388

513
334
321
318

939
923
920
919

19
19
19
19

464
453
136
017

18 887
18 7?5
18 541
18 494

577
728
593
523

464

369

343

919 18 834

18 150

484

18 596

18 117

459

372
336

1956
Jan. 4
Jan. 11 . .
Jan. 18
Jan. 25

.

Feb. 1
Feb. 8
Feb. 15
Feb. 22
F e b 29

23, 423 23,423
23, 349 23,349
389 23,333
? 1 , 435 23,384

56
51

Mar. 7
Mar. 14
Mar. 21
Mar. 28

71,
73
73
71,

23,426
23,410
23,405
23,495

92
95
103
13

Apr. 4
Apr. 11
Apr. 18
Apr. 25

3, 634 23,587
23, 521 23,518
1, 399 23,377
3, 282 23,282

47

May

.

2

May 9
M a y 16
May 2 3 . . .
M a y 30

June
June
June
June

6
13

20
27

July 4
July 11
July 18 . .
July 25

518
505
508
508

1 ?99 23,243

23,406
23 491
23,49?
23,452

97
25

23,748
23 826
490 23,487
3 , 408 23,408

936
175
877
480

822
840 25 104 21 693
976
832 25 174 21 694
622 1,333 75 360 71 694
758

880 75 089

835
749
812
975
934 1,297
941
1,196

56 1,089
1,114
1,066

100
53
10

i . 791

999

26
76
75
25

25
75
75
75

118
308
754
661

986 1,022 25 658
826 25, 481
3 1,119
973 ?5j 497
22 1,109
1,061 1,017 25, 374

1, 35? 23,252
1, 779 23,226
T, ?10 23 200
1, 417 23,359
1, 501
^ 516
3 , 49?
i , 478

584 1,539
1,242
1,125
1,128

801
922
815

26
43
10
3

946
732

2,1
71
21
71

864 75, 766 71 741 5,023
7,1 768 5,025
21 769 5,026
? 1 J 770 5,028
71 77! 5,032

5,
747 970 5
7641 1,507 5,
756' 1,369 5,
906

644
880
849
573

1,231
1,169
1,412
1,393

5
5
5
5,

120
7S|
779
621

71
71
21,
21,

685 21
901 71
769 71
393 2 1 ,

365
377
362

792

542

354

331
917
400
932
366 1,026
306 1,025

783
779
783
787

461
564
489
599

360
360
333
341

327 1,023 18 670 18
346 1,021 18 691 18
336 1,069 9 704 18
317 1,069 19 078 18

347

444

784

560

508
531
569

328
347
335

18 773 18 230
18 693 18 144
18 749 18 175

1,075 8 860
307 1,082 18 917
313 1,081 8 909
331 1,078 18, 884

533
509
617
573

18 1??
18, 284
18 118
18, 344

633
591
540
408

786

575

338

385

998 8 767 18 J 159

555
563
594
507

334
378
319
297

321
314
310
32S

982
980
980
984

78? 5,032 30,505
796 5,033 30,542
798 5,0331 30,541
799 5,033 30,485

782
779
774
781

429
398
535
570

305
332
331
297

310
299
317
290

806 5,032
876 5,031
877 5,031
828 5,032

773
770
768
773

493
437
595
556

298
309
320
288

298
290
278
267

30,765
30,923
30,808
30,632

For other footnotes see following page.

845

543
549
574

117
18?
587
455

781
789
781
785

Preliminary.




406
428
557

30,181
30,296
30,359
30,317
30,327

844 ,5 375
937 25 298
1,139 5 310
835 ,4 995

894

793

538

?95
741
?75
??7

553
469
534
342

983 8 819
982 8 J 749
998 9,
1,000 9 010

18, ?17
IS ?11
18 500
18 415

602
516
616
595

993 8 90?
990 9 J 040
987 8 869
994 8, 744

18, 410
18, ?85
18. ?18
18, 183

^631

848
8 710
8, 809
569
8J

* j

18,
18,
18
18,

472
755

846

BANK RESERVES AND RELATED ITEMS
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Govt. securities

Period
or
date
Total

Averages of
daily figures
1955
July..
Aug..
Sept..
Oct..,
Nov..
Dec..

DisGold
Held counts
stock
under
and
Total
i
Float
Bought repur- adoutchase vances
right agreement

Treas- Currency
ury
in
curcirrency
culaoutstand- tion
ing

Deposits, other
than member bank
reserves,
Treas- with F. R. Banks
ury
cash
holdings Treas- Forury

eign

Member bank
reserves
Other
F. R.
accounts

Other

Re- 2 ExTotal quired
cess?

30,284
30,289
30,420
30,532
30,791
31,265

801
801
797
781
778
777

461
569
540
509
538
434

423
431
386
390
394
459

962 18,824 18,205
423
918 18,728 18,152
398
968 18,711 18,148
392
403 1,000 18,870 18,345
937 18,902 18,378
444
983 19,240 18,646
394

619
576
563
525
524
594

808 1,152 25,879 21,692 5,008 30,620
965 25,183 21,694 5,011 30,214
800
987 25,517 21,711 5,013 30,256
993
1,060
925 25,411 21,735 5,018 30,245
971
928 25,237 21,768 5,028 30,322
770 1,206 25 ,516 21,795 5,033 30,536
738 1,263 25,599 21,826 5,032 30,751

787
796
783
783
785
'778
771

356
480
532
545
556
485
521

404
364
349
338
331
315
300

921 19,138 18,586
354
973 18,709 18,177
351
350 1,048 18.924 18,340
338 1,067 18,847 18,320
982 18,735 18,268
322
991 18,933 18,359
304
999 18,836
280

552
532
584
527
467
574

23,967
23,886
23,709
23,951
23,997
24,602

23,925
23,870
23,668
23,881
23,963
24,318

23,897
23,401
23,522
23,410
23,322
23,522
23,580

23,824
23,375
23,449
23,393
23,262
23,486
23,573

73
26
73

148
1,998
2,484
2,254
24,262
22,559
20,725
24,034
25,318
24,888
23,554

68 1,037

1955—June....

216
1,998
2,484
2,254
24,262
22,559
20,778
24,697
25,916
24,932
23,607

End of month
1955
July
Aug
Sept
Oct
Nov
Dec

24,090
23,761
23,834
24,024
24,256
24,785

23,982
23,761
23,729
24,024
23,991
24,391

Jan..
Feb..
Mar..
Apr..
May.
June.
July.

23,466
23,482
23,636
23.345
23,474
23,758
23,438

23,466
23,426
23,587
23,245
23,360
23,712
23,438

Wednesday
1956
May 2.
May 9.
May 16.
May 23.
May 30.

23,382
23,272
23,296
23,200
23,395

23,252
23,252
23,225
23,200
23,360

June 6.
June 13.
June 20.
June 27.

23,512
23,492
23,492
23,522

23,492
23,492
23,492
23,492

July 4 . .
July 1 1 . .
July 18..
July 2 5 . .

23,863
23,651
23,484
23,367

23,839
23,649
23,484
23,367

940 25,497
42
576
746 25,450
16
803
924 25,525
41
872
""25,792
926
25
70
895
34 1,018 1,055 26,089
284
840 1,389 26,853

21,680
21,682
21,682
21,685
21,687
21,689

5,003
5,004
5,006
5,008
5,008
5,008

1956
Jan..
F«b..
Mar..
Apr..
May.
June.
July.
Midyear or
year-end
1929—June....
1933—June....
1939—Dec
1941—Dec
1945—Dec
1947—Dec
1950—Dec
1952—Dec
1953—Dec
1954—Dec

53
663
598
44
53

108
105
265
394

374
346
251
291
495
563
714
777

1,400 4,037 2,019
164
2,220 4,031 2,286
2,593 17,644 2,963
7
2,361 22,737 3,247
3
1,091 20,065 4,339
249
578 25
85
535 231,181 22,754 4,562
67 1,368 22,216 22,706 4,636
967 25,825 23,187 4,812
156
935 26,880 22,030 4,894
28
808 25,885 21.713 4,985
143
850 24,601 21,678 5,002
128

4,459
5,434
7,598
11,160
28,515
28,868
27,741
30,433
30,781
30.509
30,229

204
264
2,409
2,215
2,287
1,336
1,293
1,270
761
796
812

36
35
634
867
977
870
668
389
346

6
15
397
774
862
392
895
550
423

21
151
256
586
446
569
565
455
493

56T

490

44t

380

374

448

972 18,066 18,139

754
864
470
665
603
792
706
683
618
883
108 1,585

5,003
5,005
5,006
5,008
5,008
5,008

30,244
30,317
30,422
30,559
30,993
31,158

798
804
787
776
778
767

623
393
554
484
477
394

410
387
385
402
408
402

419
383
379
396
412
554

910
945
990
941
931
925

18,311
18,151
18,212
18,393
18,417
18,903

688
217
211
172
57
102

786 25 ,122 21,693 5,009
791 24,920 21,695 5,012
.238 25,761 21,716 5,020
744 25.307 21,743 5.025
726 25,377 21,772 5.030
210 25.219 21,799 5,032
959 24,868 >21,829 '5,034

30,228
30,163
30,339
30,210
30,513
30,715
^30,601

797
789
777
783
779
768
^764

428
554
534
578
515
522
513

355
363
354
330
307
297
308

919 18,750 18,311
349
305 1,025 18,428 18,162
623 1,069 18,799 18,276
984 18,784 18,325
404
983 18,773 18,204
309
992 18,443 18,449
313
950 18,308 *>18,100
288

439
266
523
459
569
-6
P208

901
876 25,173 21,743
1,003
778 25,068 21,768
656 1,015 24,983 21,769
715
876 24,807 21,771
573
856 24,841 21,771

5,025
5,025
5,027
5,029
5,032

30,209
30,317
30,322
30,244
30,437

795
792
786
788
788

585
498
564
636
434

335
336
338
312
296

375
322
312
310
492

18,661
18,617
18,477
18,334
18,215

18,422
18,250
18,281
18,253
18,206

239
367
196
81
9

494
939 24,962 21,796
696 1,030 25,235 21,797
752 ' 454 25,713 21,798
,127 25,203 21,799
537

5,032
5,033
5,033
5,032

30,502
30,527
30,481
30,530

789
782
776
785

435
360
746
576

317
344
326
293

982 18,469
297
981 18,789
283
18,933
1,000
283
290 1,001 18,560

18,236
18,274
18,556
18,404

233
515
377
156

5,031
5,031
5,031
5,034

30,879
30,850
30,704
30,533

773
762
774
779

449
494
477
591

291
326
289
262

287
990
988
285
986
274
261 1,049

18,930 18,382
18,623 18,268
18,784 ^18,272
18,315 »18,157

548
355
»512

25,719
24,911
25,250
25
25,430
25,776
26,507

21,682
21,682
21,684
21,686
21,688
21,690

2,356
2,292
11,653
12,450
15,915
17,899
17,681
19,950
839 20,160

2,333
1,817
6,444
9,365
14,457
16,400
16,509
20,520
19,397
IB fiK

18,999
18,368
18,423
18,565
18,474
19,005

23
475
5,209
3,085
1,458
1,499
1.172
-570

763
258
-73

1956
852

56
632
49
872
100 1,204
114 1,160
46
232
452

130
20
71

30

570
653
452
461

,293 25,745
,150 25,471
,475 25,429
,081 24,927

21,824
21,827
21,828
21,829

r
Revised.
P1 Preliminary.
Includes industrial loans and acceptances; these items are not shown




983
979
979
983
983

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.

847

BANK RESERVES AND RELATED ITEMS
RESERVES, DEPOSITS, AND BORROWINGS OF MEMBER BANKS, BY CLASSES
[Averages of daily figures.1 In millions of dollars]

Item and period

All
member
banks

Central reserve
city banks
New

York

Chicago

Re-

serve
city
banks

Country
banks

All

member
banks

Item and period

Central reserve
city banks
New
York

Chicago

Reserve
city
banks

Country
banks

Excess reserves:2

Total reserves held:
1955—June
July
Aug
Sept
Oct
Nov
Dec

18,715
18,825
18,728
18,711
18,870
18,902
19,240

4,388
4,371
4,286
4,262
4,316
4,257
4,432

1,135
1,148
1,140
1,129
1,127
1,144
1,166

7,680
7,759
7,737
7,738
7,823
7,840
7,924

5,512
5,546
5,565
5,583
5,604
5,660
5,716

1955—June
July
Aug
Sept
Oct
Nov
Dec

569
619
577
564
524
525
594

15
9
10
14
1
14
35

1956—Jan
Feb
Mar
Apr
May
June

19,138
18,709
18,924
18,847
18,734
18,933

4,293
4,196
4,372
4,287
4,264
4,354

,178
,138
,137
,105
,119
,133

7,934
7,753
7,796
7,814
7,775
7,784

5,732
5,623
5,619
5,641
5,577
5,662

1956—Jan
Feb
Mar
Apr
May
June

552
533
585
527
467
575

Week ending:
1956—June 20
June 27
July 4
July 11
July 18
July 25

19,116
19,030
18,902
19,040
18,869
18,744

4,424
4,393
4,361
4,280
4,204
4,189

,139
,146
1,156
1,137
1,130
1,114

7,819
7,798
7,825
7,829
7,824
7,767

5,734
5,692
5,559
5,794
5,711
5,674

Week ending:
1956—June 20
June 27
July 4
July 11
July 18
July 25

-3
8

3
2

61
87
54
63
64
38
60

496
516
514
487
460
470
497

-24
11
28
-12
10
13

_1
3
2
-1
2
4

72
66
84
64
49
78

505
452
470
476
406
479

615
595
472
755
*>629
*561

10
24
-10
37
12
-8

1
2
-2
3
1
4

60
69
92
111
85
72

544
500
392
604

-1

Borrowings at Federal
Reserve Banks:

Required reserves:2
1955—June
July
Aug
Sept
Oct
Nov
Dec

18,146
18,205
18,152
18,148
18,345
18,378
18,646

4,373
4,362
4,277
4,248
4,316
4,243
4,397

1,138
1,140
1,141
1,128
1,127
1,142
1,164

7,619
7,673
7,682
7,675
7,759
7,802
7,865

5,016
5,030
5,052
5,096
5,144
5,191
5,220

1955—June
July
Aug
Sept
Oct
Nov
Dec

401
527
765
849
884
1,016
839

13
78
149
141
151
279
197

40
33
60
114
137
70
85

229
306
395
472
480
538
398

119
110
161
122
116
129
159

1956—Jan
Feb
Mar
Apr
May
June

18,586
18,177
18,340
18,320
18,268
18,359

4,317
4,186
4,344
4,299
4,254
4,341

,179
1,134
1,135
,106
1,117
1,130

7,863
7,687
7,712
7,750
7,726
7,706

5,227
5,170
5,149
5,165
5,171
5,183

1956—Jan
Feb
Mar
Apr
May
June

807
799
993
1,060
971
769

174
149
202
155
98
46

82
106
258
261
155
115

425
402
382
493
517
434

126
142
151
151
201
174

18,500
18,435
18,430
18,285
^18,238
^18,183

4,414
4,369
4,372
4,244
4,192
4,197

1,138
1,145
1,158
1,133
1,129
1,110

7,758
7,729
7,733
7,718
7,739
7,695

5,190
5,192
5,167
5,190
^5,178
^5,181

764
756
643
878
849
573

28
57
88
175
212
42

141
84
45
78
54
31

448
401
403
467
442
398

147
214
107
158
141
102

1955—June
July
Aug
Sept
Oct
Nov
Dec

168
92
-188
-285
-360
-491
-245

2
-69
-139
-127
-150
-265
-162

-43
-25
-61
-114
-137
-67
-83

-168
-219
-341
-409
-416
-500
-338

377
406
353
365
344
341
338

1956—Jan
Feb
Mar
Apr
May
June

-255
- 266
-408
-533
-504
-194

-198
-138
-174
-167
— 88
-33

-83
-103
-256
-262
-153
-111

-353
-336
-298
-429
-468
-356

379
310
319
325
205
305

-18
-33
-98
-138
-200
-50

-140
-82
-47
-75
-53
-27

-388
-332
-311
-356
-357
-326

397
286
285
446

Week ending:
1956—June 20
June 27
July 4
July 11
July 18
July 25

Free reserves:2

June 1955

Deposits:
Gross demand deposits:
Total
112,844
Interbank
12,361
Other
100,483
Net demand deposits 3 . .. 98,045
Time deposits
40,010
Demand balances due
from domestic banks . .. 6,180

23,431
4,008
19,423
21,006
3,445

6,022
1,159
4,863
5,362
1,308

44,132
5,996
38,136
37,846
16,132

39,259
1,198
38,061
33,832
19,125

47

106

1,965

4,062

40,479
1,221
39,258
34,924
19,844

4,046

June 1956

Gross demand deposits:
Total
Interbank
Other
Net demand deposits 3. ..
Time deposits
Demand balances due
from domestic banks...

6 ,065

115,186
12,449
102,736
99,287
41,181

23 ,668
4 ,048
19 ,620
20 ,851
3 ,406

4 ,889
5 ,323
1 ,301

44 ,973
6 ,004
38 ,969
38 ,190
16 ,630

6,212

67

104

1,994

,177

p
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 opsning of business.
2
Weekly figures of required, excess, and free reserves of all member
banks and of country banks are estimates.




Week ending:
1956—June 20
June 27
July 4
July 11
July 18
July 25

Week ending:
1956—June 20
June 27
July 4
July 11
July 18
July 25

4

-149
-161
-171
-123
^-220
P-12

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.

848

DISCOUNT RATES
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Discounts for and advances to member banks
Advances secured by Government
obligations and discounts of and
advances secured by eligible paper
(Sees. 13 and 13a)i

Federal Reserve Bank

Rate on
July 31
Boston
New York. . .
Philadelphia..
Cleveland
Richmond. . .
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco

In effect
beginning—
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.

13
234
234
234

m
i*

234

13,
13,
13,
13,
13,
13,
20,
13,
13,
13,
13,
13,

1956
1956
1956
1956
1956
1956
1956
1956
1956
1956
1956
1956

Previous
rate

21/2

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
July 31

314
314
314
314
314
314
31/2

314
314
31/2

In effect
beginning—
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.

Previous
rate

Rate on
July 31

In effect
beginning—

13,1956
13,1956
13,1956
13,1956
13,1956
13,1956
20,1956
13,1956
13,1956
13,1956
13,1956
13,1956

Apr.
Apr.
Apr.
Nov.
Nov.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.

Previous
rate

13,1956
13,1956
13,1956
18,1955
22,1955
13,1956
20,1956
13,1956
13,1956
13,1956
13,1956
13,1956

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' accept-

ances 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 RATE*

MEMBER BANK RESERVE REQUIREMENTS

[Per cent per annum]

[Per cent of deposits]

Date effective
1930—Feb. 7
Mar. 14
May 2
June 20
Dec. 24
1931—May 8
Oct. 9
Oct. 16
1932—Feb. 26
June 24
1933—Mar. 3
Apr. 7
May 26
Oct. 20
1934—Feb. 2
I937—Aug. 27

Date effective

Rate

21/2

li/i

In effect Aug. 1, 1956

1*
3

2

30
25
12
13
21
16
5
16
15
5
9
18
13

114
lJ/2
1%

i»

214
21/2
234
234

1

U n d e r Sees. 13 a n d 13a, as described in table above.
Preferential r a t e for advances secured by Govt. securities maturing
o r callable in 1 year o r less in effect during the period Oct. 30, 1942A p r . 24, 1946. T h e r a t e of 1 per cent was continued for discounts of and
a d v a n c e s secured b y eligible p a p e r .

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; and Nov. 10, 2.375.

MARGIN REQUIREMENTS 1
[Per cent of market value]

Regulation T:
For extensions of credit by brokers and
dealers on listed securities
For short sales . . . .
Regulation U:
For loans by banks on stocks
1

EffecFeb. 20, Jan. 4,
1955tive
1953Jan. 4, Apr. 2 2, Apr. 23,
1955
1955
1955

50
50

60
60

70
70

50

60

70

Regulations T and U limit the amount of credit that may be extended
on a security by prescribing a maximum loan value, which is a specified
percentage of its market value at the time of extension; margin requirements are the difference between the market value (100%) and the maximum loan value. Changes on Feb. 20, 1953, and Jan. 4, 1955, were
effective after the close of business on those dates.




Central
reserve
city
banks

Reserve
city
banks

Central
reserve
and
reserve
city
banks

Country
banks

134

2

Prescribed in accordance with
Securities Exchange Act pf 1934

Effective date
of change

Time deposits

Country
banks

2 1/2

1942—Oct.
1946—Apr.
1948—Jan.
Aug.
1950—Aug.
1953 Jan.
1954_Feb.
Apr.
1955—Apr.
Aug.
Sept.
Nov.
1956—Apr.

4
3Vi

Net demand deposits 1

Rate

1917—June 21

13

10

7

3

3

1936—Aug. 16
1937—Mar. 1
May 1

191/2

15

2234
26

10Vi
1214
14

6

6

1938—Apr. 16

2234

171/2

12

5

5

1941_Nov.
1942—Aug.
Sept.
Oct.

26
24
22
20

20

14

6

6

1
20
14
3

1948—Feb. 27
June 11
Sept. 1 6 , 2 4 * . . . .

22
24
26

1949—May
June
Aug.
Aug.
Aug.
Sept.

1,5*
30, July 1*.
1,11*....
16, 1 8 * . . . .
25
1

24

1951—Jan. 11, 1 6 * . . . .
Jan. 25, Feb. 1*.
1953—July

1,9*

22

16

71/2

21
20

15
14
13
12

7
6
5

23
24

I8I/2
18
19
20

13
14

6

6

5

5

A

W

\tA

71/2

7
6
5

22

19

13

1954—June 1 6 , 2 4 * . . . .
July 29, Aug. 1 *.

21
20

18

12

In effect Aug. 1, 1956. .

20

18

12

5

5

Present statutory
quirements :
Minimum
Maximum

13
26

10
20

7
14

3
6

3
6

re-

1
Demand deposits subject to reserve requirements, which beginning
Aug. 23, 1935, have been total demand deposits minus cash items in
process of collection and demand balances due from domestic banks (also
minus war loan and series E bond accounts during the period Apr. 13,
1943-June 30, 1947).
*First-of-month or midmonth dates are changes at country banks, and
other dates (usually Thursdays) are at central reserve city or reserve city
banks.

849

FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS
[In thousands of dol.ars]
Wednesday
Item

End of month

1956
July 25

July 11

July 18

1956
July 4

June 27

July

1955
June

July

Assets
Gold certificate account
Redemption fund for F. R. notes..

20,283,392 20.285,394 20 285,393 20. 290,392 20,269, 389 20,296,392 20, 265,391 20,161,102
843,331
854,782
843,128
839,331
854,109
855,496
855,988
833,137

Total gold certificate reserves.

21,139,380 21,139,503 21,140,889 21,133,520 21,108,720 21,151,174 21,108,722 20,994,239

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.

345,523
392,155

307,798
375,945

263,447
353,424

213,342
341,550

266,631
349,653

322,210
396,201

241,478
364,812

225,922
367,246

461,388

451,860

652,549

570,084

537,366

451,680

232,232

909
17,116

914
17,116

906
17,232

874
17,536

922
16,553

954
17,643

904
17,903
567

713,756
40,000
489
10,384

478,370

595,970

760,670

950,9701

603,270

549,570

823,970 1,261,146

10,932,699 10,932.699 10^932^699 10,932,699 10,932,699 10,932 ,699 10,932.
9,153,913 9,153,913 9,153,913 9,153,913 9,153,913 9,153 ,913 9,153;
2,801,750 2,801,750 2,801,750 2.801,750 2,801,750 2,801 750 2,801;

8,273,775
11,645,837
2,801,750

23,366,732 23,484,332 23,649,032 23,839,332 23,491,632 23,437,932 23,712 332 233,982,508
108,000
45 400
1,500
23,500
29,900
23,366,732 23,484,332 23,650,532 23,862,832 23,521,532 23,437,932 23,757,732 24,090,508

Total loans and securities

23,846,145 23,954,222 24,321,219 24,451,326 24,076,373 23,908,209 24,009,338 24,855,137

Due from foreign banks.
Uncollected cash items. .
Bank premises
Other assets

22
22
22
22
22
22
22
4,706, 794 3,814,742
4,617,065 5,511,376 4,759,911 4,702,553 5,032,780 4,278.
57,638
67,
67,901
67,786
67,725
69,506
69,247
69;
172,696
217. 951
235,310
213,714
224,165
190,751
245,038
200;
50,326,618
50,716,917
50,487,642
51,142,123
51,134,26451,115,618
51,603,151
50,600,547

Total assets.
Liabilities
Federal Reserve notes
Deposits:
Member bank reserves
U. S. Treasurer—general account.
Foreign
Other

26,326,474 26,442,255 26,512,468 26,485,572 26,208,485 26,370,250 26,367,109 25,945,405
?,315,358 18,784,169 18,622,962 18,930,241
494,327
449,448
477,076
590,628
326,253
291,027
288,616
261,800
284,714
274,145
286,576
260,880

Total deposits.

,559,565 18,307,716 18,442,853 18,998,673
622,789
522,403
575,507
512,920
409,988
293,440
296,698
308,308
419,479
290,114
287,535
313,442

9,428,666 19,824,006 19,728,256 19,957,292 19,718,626 19,416,479 19,575,396 20,450,929
319,556i 3,496,753 2,950,895
3,53^,306 4,036,701 3,610,077 3,409,127 3,906,218
13,906
14,681
14,343
U5,164
14.870
23.598
14,659
13,885

Deferred availability cash items
Other liabilities and accrued dividends'
Total liabilities.

49,305,331 50,317,621 49,865,482 49,866,861 49,856,927 49,120,628 49,454,422 49,361,135

Capital Accounts

Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Other capital accounts

317,171
693,612
27,543
256,890

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

316,827
693,612
27,543
247,548!

316,521
693,612
27,543
238,965

316,051
693,612
27,543
230,197

315,611
693,612
27,543
221,925

317,236
693,612
27,543
167,599

315,742
693,612
27,543
225,598

296,358
660,901
27,543
141,705

;0,600.547j51,603,151j51,142,l23 51,134,264 51,115,618 50,326,618j50,716,917 50,487,642
46.2 I

45.7 I

45.7

45.5

46.0

46,168S
2,495

44,8541
2,493j

44,6921
2,5181

44,8191
2,585

45,356
2,577,

Maturity Distribution of Loans and U. S. Government Securities 2
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
1

No accrued dividends at end of June.




753,756
451,680|
232,232
451,860: 652.549' 570,084
537,366
461 388
702,155
446,599! 219,204
447,270! 645,733) 561,557
526,888
455
51,532
4,838|
13,028
4,497i
8,527
10,478
6,816|
5 'l69j
69
243!.
243!
93!.
489
904
954!
914!
874
922
909
9061
16
11
li
1
63
1
II
2|
93
64
142
80
154-1
1451
128
165
249
399
428
4281
478
419!
449
456
131
351
331
332
351
341
331
331
10,384
17,536
18,470
17 116
17,116
17,232
16,553
17,643
4,531
5,062
5,525
6 007
7,059
6,013
5,200
5,886
5,853
12,474|
12,945
11 109
11,219
11,353
11,757
10,057
23,366 732 23 ,484,332 23 650,532 23,862,832 23,521,532 23 ,437,932 23 ,757,732 24 ,090,508
226200
133,400 ' 032,899
111,200
226,200
133,600
94,920
101 420
993,485
089,946
688,335 ,939,635
454,650
376 950
542,550 8,591,035
176,035
,
765,699
432699 ,932,699 ,432,699 11,932,699
11,432,699
11,432
432,699
,773,493
,087,127
9,027
,087,127
087.127 ,027,192
087,127 ,432,699
,087,127
013,614
,013,614
,013,614
,013,614
013,614
013,614
1,013;
013,614 ,414,857
,414,857
,414,857
1,414;
414,857 ,414,857
414,857
414,857
2 Holdings under repurchase agreements are classified as maturing
within 15 days in accordance with maximum maturity of the agreements.

850

FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JULY 31, 1956
[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

898,195 5,377,739 1,079,483 l,792,006!l,245,069

818,593

394,576

154,525

42,856

23,240

42,426

Total gold certificate reserves.

957,194 5,554,522 1,140,887 1,866,159 1,316,469 972,004 3,815,524

861,449

417,816

880,078

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

58,999

176,783

61,404

74,153

71,400

921,164 3,660,999
50,840

837,652j 736,259|2,534,657
25,840

72,316

762,099 2,606,973

25,863
28,650

48,277
87,131

37,210
22,240

25,121
38,602

29,182
21,044

48,696
32,777

23,586
60,737

10,257
24,041

20,884
9,495

7,486
12,250

17,452!
14,232

28,19645,002

11,375
33
300

33,665

57,140
14,000

51,730

36,199

23,875

101,015

29,850

11,335

39,070

36,9501
243

5,200

si

603

17,643

,288,28

5,898,812 ,408,409 2,027,217 1,443,050 1,205,155 4,089,263

978,534

529,392 1,015,566! 931,517 2,622,728

Total loans and securities. . . 1,299,997 5,950,120 1,480,152 2,078,947 1,479,249 1,229,030 4,190,278 1,008,384 540,77811,054,636! 968,710J2,627,928
Due from foreign banks. >...
Uncollected cash items
Bank premises
Other assets
Total assets.

1
400,517
5,417
10,646

16
2
808,373 271,955
8,598
4,893
48,528
11,720

1
1
2
3
357,951 313,651 302,315 710,912
7,254
6,788
3,998
5,948
17,398
12,068
36,974
11,136

1

162,781
3,886
8,096

101,773
4,459
4,445

II
241,546! 202,147
4,129!
3,344
8,577
8,501 j

2
404,919
10,969
22,190

2,728,285 12,505,555 2,969,059 4,391,434 3,178,452j2,599,957 8,843,962 2,078,895 1,099,651 2,208,627| 1,976,56215,746,179

Liabilities
F. R. notes
1,592,625 6,043,394 ,744,179 2,462,803 2,005,943 1,307,382 5,109,827
1,175,518 511,403 1,048,697 703,957i2,664,522
:
Deposits:
Member bank reserves
744,567 5,148,629 857,043 1,461,811 795,272 908,870 2,984,967 662,504 410,558 843,396 970,674J2,519,425
U. S. Treasurer—general
28,527
33,173
57,860
38,414 46,168
account
50,029
49,3481 36,723
50,720 39,683 49,252
33,023
15,930 2115,503
13,770
Foreign
6,750| 10,260
13,770! 28,375
11,880 37,800
10,260
19,440 24,570
2,917
2,520
215,592
2,759
Other
1,482!
1,770
1,265! 37,661
3,016
7,277
10,824
452
Total deposits
791,941 5,537,584 920,330 1,522,074 850,215 969,934 3,073,939 719,724 468,042i 905,455 1,035,057,2,622,184
Deferred availability cash
items
Other liabilities and accrued
dividends
Total liabilities

271,145

587,950

846

3,557

217,730 295,949

257,833

266,478

486,009

135,740

88,559

205,936

1,783

540

621

2,940

471

353

539

738

176,934; 329,293
415|

1,540

2,656,557 12,172,485 2,882,977 4,282,609 3,114,531 2,544,415 8,672,715 2,031,453 1,068,357 2,160,627! 1,916,36315,617,539

Capital Accounts
Capital paid in
Surplus (Sec. 7)
Surplus (Sec. 13b)
Other capital accounts.

16,307
41,667
3,011
10,743

91,623
195,827
7,319
38,301

20,414
49,491
4,489
11,688

30,319
62,563
1,006
14,937

14,551
35,012
3,349
11.009

14,740
30,841

76f
9,199

42,406
101,894
1,429
25,518

10,898
27,649
521
8,374

7,050
17,586
1,073

5,585

12,737 i
25,960!
1,137
8,166!

17,445
33,847
1,307
7,600

38,746
71,275
2,140

16,479

Total liabilities and capital
2,728,285 12,505,555 2,969,059 4,391,434 3,178,452 2,599,957 8,843,96: 2,078,895 1,099,651 2,208,62711,976,562 5,746,179
accounts
Reserve ratio
Contingent liability on acceptances purchased for
foreign correspondents
Industrial loan commitments..

40.1%

2,726

48.0%

314,940

42.8%

46.8%

3,326

4,204

28

164

1 After dsducting $16,000 oarticipations of other Federal Reserve Banks.
2 After deducting $192,780,000 participations of other Federal Reserve
Banks.




46.1%

2,356

42.7%

2,033

46.6%

6,468
107

45.5%

1,756

42.7%

1,155

45.0%,;

43.8%

49.3%

1,756|

2,356

4,851

2,128!.

3 Aftsr deducting $32,987,000 participations of other Federal Reserve
Banks.

851

FEDERAL RESERVE BANKS
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS
fin thousands of dollars]
FEDERAL RESERVE BANKS COMBINED
Wednesday

End of month

1956

item
July 25

July 18

1955

1956

July 11

July 4

June 27

July

June

July

27,309,449 27 ,361 ,195 27,341 ,898 27,234 ,868 27, 123 ,226 27 ,313, 323 27, 177, 986 26 ,844, 481

F. R. notes outstanding (issued to Bank)
Collateral held against notes outstanding:
Gold certificate account
.
Eligible paper
U. S. Government securities

11,498,000 U ,498 ,000 11,498 000 11,498 ,000 11J 538 ,000 11 ,498, 000 11 478, 000 11 208 000
13? 060
79 043
90 81?
86 117
100,665
127 593
363 335
119 '498
16,985,000 16 ,985 ,000 16,935 ,000 16,935 ,000 16, 935 ,000 16 ,985, 000 16 935, 000 17 ,055, 000
28,583,665 28 ,573 ,812 28,552 ,498 28,560 ,593 28, 559 ,117 28 ,615, 060 28 492, 043 28 ,626, 335

Total collateral

EACH FEDERAL RESERVE BANK ON JULY 31, 1956

Item

Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St.
Louis

Minne- Kansas
apolis
City

Dallas

San
Francisco

F. R. notes outstanding
1,650,913 6: 236,894 ,823,187 2,556,914 2 ,068,834 1,367,047 5 204,327 ,231,177 557,570 1,077,182 740,664 2,798,614
(issued to Bank)
Collateral held:
Gold certificate acct.. 580,000 2.870,000 650,000 1,090,000 845,000 500,000 2 : 300,000 450,000 150,000 280,000 283 000 1,500,000
63,140
29,850
39,070
Eligible paper
,000 460 ^ 666 800,000 525 000 1,500,000
U. S. Govt. securities. ,200,000 3,600,000 1,200,000 1,500,000 1,300,000 1,000,000 3,000,000 900,'"
Total collateral.

1,780,000 6,470,000 1,913,140 2,590,000 2,145,000 1,500,000 5,300,000 1,379,850 610,000 1,119,070 808,000 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

1950
1951
1952
1953
1954

ParticiApCommit- ofpations
financproved
Loans
ments
ing instibut not
outouttutions
comstanding 2 standing
outpleted i (amount) (amount)
standing 3
(amount)
(amount)

End of
year or
month

Number

Amount

3,698
3,736
3,753
3,765
3,771

651,389
710,931
766,492
803,429
818,224

4,819
3,513
1,638
1,951

2,632
4,687
3,921
1,900
719

3,754
6,036
3,210
3,569
1,148

3,745
11,985
3,289
3,469
1,027

1950
1951
1952
1953
1954

3,775
3,775
3,777
3,777
3,777
3,777
3,778

824,441
824,847
825,161
825,282
825,666
826,111
826,853

170
170
45
45
45
45
305

460
489
586
700
693
704
702

3,571
3,265
3,416
2,795
2,751
2,339
2,293

,577
,305
,392
,230
,224
,107
,103

June
July
Aug
Sept
Oct
Nov
Dec

3,778
3,778
3,778
3,779
3,780
3,781

827,159
827,529
828,016
828,846
829,485
845,116

45
45
45
45
45

693
695
658
945
933
904

2,470
2,444
2,455
2,455
2,571
2,565

I 154
1,152
[,132
1,128
[,288
1,287

Jan
Feb
Mar
Apr
May
June

520

8
675
979
805
472

6
547
803
666
368

8
473
586
364
273

2,543
2,544
2,552
2,557
2,564
2,568
2,575

394
296
291
281
269
281
294

294
225
221
217
210
217
226

235
211
207
204
202
192
170

2,581
2,636
2,654
2,657
2,663
2,710

281
298
338
335
340
363

216
228
253
250
256
270

178
170
167
180
175
186

Number

Amount

62
854
1 ,159
1 ,294
1,367

31
1,395
2,124
2,358
2,500

,390
,392
,396
,400
,402
,404
,411

1,415
1,419
[,427
1,432
1,435
1,441

Total
amount

1956

1956
Jan
Feb
Mar
Apr
May
June

Portion
guaranteed

Additional
amount
available to
borrowers
under guarantee agreements
outstanding

Loans
outstanding

1955

1955
June
July
Aug
Sept
Oct
Nov
Dec

Loans
authorized
to date

1

15,000

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.




1
Loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act
of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing
agencies in these transactions, and the procedure is governed by Regulation V of the Board of Governors.
NOTE.—The difference between guaranteed loans authorized and sum
of loans outstanding and additional amounts available to borrowers
under guarantee agreements outstanding represents amounts repaid,
guarantees authorized but not completed, and authorizations expired or
withdrawn.

852

BAJNK DEBITS
FEES AND RATES ON LOANS GUARANTEED
UNDER REGULATION Vi

FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1
[In effect July 31. Per cent per annum]
To industrial or
commercial
businesses
Federal
Reserve
Bank

[In effect July 31]
Fees Payable to Guaranteeing Agency by Financing
Institution on Guaranteed Portion of Loan

To financing institutions

On discounts or
purchases
On
loans 2

Boston
New Y o r k . . .
Philadelphia.
Cleveland
Richmond...
Atlanta
Chicago
St. L o u i s . . . .
Minneapolis. ,
Kansas City..
Dallas
San Francisco

On
commitments

Portion
for which
institution is
obligated

Re-

main-

Percentage of
loan guaranteed
On
commitments

ing

portion

Guarantee fee
(percentage of
interest payable
by borrower)

Percentage of
any commitment
fee charged
borrower

10
15
20
25
30
35
40-50

10
15
20
25
30
35
40-50

70 or less
75
80
85
90
95
Over 95

Maximum Rates Financing Institution May Charge Borrower
[Per cent per annum]
234-31/4

3-5V2
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.
* Rate charged borrower.
5
Rate charged borrower but not to exceed 1 per cent above the discount
rate.
6
Charge of ll/i per cent per annum is made on undisbursed portion.
7
Charge of A per cent per annum is made on undisbursed portion.

1 Schedule of fees and rates established by the Board of Governors on
loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act
of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing
agencies in these transactions, and the procedure is governed by Regulation V of the Board of Governors.

BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]

Debits to demand deposit accounts,
except interbank and
U. S. Government accounts
Year or month

1948 .
1949
1950
1951 .
1952
1953
1954
1955
1955

.

May
June
July
Aug
Sept
Oct
Nov
Dec

1956—Jan
Feb

Mar
Apr

May
June
July
p
1

Total, all
reporting
centers

New
York
City

1.227.476
,206,293
,380,112
,542,554
642 853
,759,069
.887.366
2 043 548

443,216
446,224
509,340
544,367
597 815
632,801
738,925
766 890

167,714
177,917
161,748
167,343
16^,967
175,779
173.190
200 52">
187,361
162,105
189,793
176,760
185,584
186.540
181,284

Without seasonal adjustment

Seasonally adjusted 3

337 other
6
other
reporting
centers * centers 2

New
York
City

6
other
centers 1

337 other
reporting
centers 2

513,348
499,172
572,208
661,302
695 133
740,436
758,375
845 007

26.9
27.9
31.1
31.9
34 4
36.7
42.3
42 7

21.6
20.9
22.6
24.0
24 1
25.6
25.8
27 3

62,211
67,634
58,904
58,980
62,550
67,568
63,406
81 027

270,912
260,897
298,564
336,885
349 904
385,831
390,066
4*1 651
36,570
37,569
34,123
35,863
35 126
35,803
36,876
40 19 >

68,933
72,714
68,721
72,499
71,291
72,409
72,908
79 ^0"*

42.7
44.7
40.7
38.2
43.5
44.7
45.4
5! 1

28.4
28.3
26.6
25.9
27.4
26.5
29.0
28 1

16.6
15.9
17.2
18 4
18 4
18.9
19,2
20 4
20 6
20.8
20 4
19.9
21 1
20 3
22 0
V 6

43.8
41.4
41.7
44.2
42.4
46.1
45.9
45 4

28.8
27.7
27.1
28.3
27.7
27.3
28.6
26 9

21.0
20.8
20 7
21 2
20 8
20.3
20.9
20 5

69.675
57,413
73 214
65,715
69,452
70,733
65,873

40,718
35.143
40 132
37 763
38,766
38 9^7
38,653

76,967
69.549
76 447
73,282
77,367
76 870
76,757

45.7
41.1
47.2
45.4
46.0
47 0
45.9

29 5
27.5
29 7
30.1
28.7
28 9

21 7
21.0
20 8
21.5
21.7
21 6
^22.4

45.5
42.2
46.0
46.1
47.2
43 5
47.1

30.1
28.2
27.1
29.2
29.1
28 3
2>30.3

21.5
21.1
20 9
22.2
22.1
21 6
P22.7

Preliminary.
Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los
Angeles.




Annual rate of turnover of demand deposits except
interbank and U. S. Government deposits

2

New
York
City

6
337 other
other
reporting
centers 1 centers 2

i

338 centers prior to April 1955.
3 These data are compiled by the Federal Reserve Bank of New York.
NOTE.—For description see BULLETIN for April 1953, pp. 355-357.

853

CURRENCY
DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION
[On basis of compilation by United States Treasury.

End of year or
month
1939
1941
1945
1947
1949
1950
1951
1952..
1953
1954

. ...

1955—June
July
Aus

Sept
Oct

Nov

Dec

1956 Jan
Feb
Mar
A.DT

May
June

In millions of dollars]
Large denomination currency

Coin and small denomination currency

Total
in circula-1
tion

Total

Coin

7,598
11,160
28,515
28 868
27,600
27,741
29,206
30,433
30,781
30,509

5,553
8,120
20,683
20,020
19,025
19,305
20,530
21,450
21,636
21,374

1,274
1,404
,484
1,554
1,654
1,750
1,812
11834

30 229
30,244
30,317
30,422
30,559
30,993
31,158

21,312
21,351
21,406
21,489
21,609
21,971
22,021

30,228
30 163
30,339
30 210
30 513
30,715

21,236
21 227
21,419
21 320
21 621
21,801

$2

$5

$10

$20

Total

36
44
73
65
62
64
67
71
72
71

1,019
1,355

1,039
1,048
1,066
1,113
1,182
1,228
1,249
1,256

2,313
2,110
2,004
2,049
2,120
2,143
2,119

1,772
2,731
6,782
6,275
5,897
5,998
6,329
6,450

1,576
2,545
9,201
9,119
8,512
8,529
9,177
9,696
9,819
9,665

1,858
1,865
,878
.887
1,900
1,922
1,927

1,226
1,228
1,234
1,252
1,270
1,288
,312

72
72
72
72
72
73
75

2,061
2,052
2,055
2,072
2,088
2,129
2,151

6,471
6,466
6,476
6,495
6,513
6,642
6,617

9,625
9,668
9,692
9,711
9,767
9,917
9,940

2,048
3,044
7,834
8,850
8.578
8,438
8,678
8,985
9,146
9,136
8,917
8,894
8,911
8,933
8,951
9,023

1,897
1 900
1,914
1 922
1,939
1,948

,239
231
,244
241
,264
,262

73
73
73
73

2,049
2,042
2,067
2 053
2,090
2,090

6,361
6,392
6,486
6 430
6,539
6,589

9,618
9,588
9,635
9 602
9,716
9,838

$12

559

590
751

695

73
74

6,561
6,565

2,098

1
Outside Treasury and Federal Reserve Banks. Prior to December
1955 the totals shown as in circulation were less than totals of coin and

9,136

8,992
8,936
8,920
8,890
8,892
8,914

$50
460
724

2,327
2,548
2,435
2,422
2,544
2,669
2,732
2,720
2,658
2,652
2,657
2,653
2,655
2,687
2,736
2,684
2,665
2,662
2,654
2,662
2,676

$100

$500

919
1,433
4,220
5,070
5,056
5,043
5,207
5,447
5,581
5,612

191
261
454
428
382

425
556
801
782
689

20
24
7
5
4

32
46
24
17
11

368
355
343
333
321

588
556
512
486
464

4
4
4
4
3

12
12
10
11
15

5,487
5,475
5,489
5,518
5,538
5,579
5,641

312
310
309
308
306
306
307

448
445
444
442
440
438
438

3
3
3
4

9
9
9
9
9
9
12

5,560
5,528
5,518
5 500
5,498
5,505

303
302
300
299

433
430
428
425

3
3
3
4

9

298
296

423
421

3
3

8
13

$1,000 $5,000 $10,000

3

9

9
9

paper currency shown by denomination by amounts of unassorted currency
(not shown separately.)
2
Paper currency only; $1 silver coins reported under coin.

KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION
[On basis of compilation by United States Treasury.

In millions of dollars]

Held in the Treasury
Kind of currency

Gold
Gold certificates
Federal Reserve notes
Treasury currency—total
Standard silver dollars
Silver bullion
Silver certificates and Treasury notes of 1890
Subsidiary silver coin
IVIinor coin .
United States notes
Federal Reserve Bank notes
National Bank notes
Total—June 30, 1956
May 31 1956
June 30 1955

Total outstanding, As security
against
June 30,
gold and Treasury
1956
cash
silver
certificates
21,799
21,142
27,178
5,032
489
2,202
3? 420
1 317
463
347
148
65

I

21 142

70
40

218

29

18,293

2,202
6

1
2
1

23,562
23,535
23,439

June 30,
1956

May 31,
1956

June 30,
1955

2,816
1,052
365

33
26,055
4,626

34
25,853
4,626

34
25,618
4,577

237

235

223

271
53
9
27
1

2,150
1,259
453
318
147
64

2,158
1,253
451
318
148
64

2,171
1,202
433
319
163
67

4,233
4,234
4,089

30,715

2657

3? 470

1
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. 846.
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.
* Less than $500,000.
5 Because some of the types of currency shown are held as collateral or
reserves against other types, a grand total of all types has no special
significance and is not shown. See note for explanation of duplications.
NOTE.—There are maintained in the Treasury—(1) as a reserve for
United States notes and Treasury notes of 1890—$156,039,431 in gold
bullion; (2) as security for Treasury notes of 1890—an equal dollar amount
in standard silver dollars (these notes are being canceled and retired on




For
F. R.
Banks
and
agents

Currency in circulation *
Held by
F. R.
Banks
and
agents

768
779
812

18,293
18,269
18,178

30,513
-36;229"

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.

854

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

Other
securities

Total
assets,
net—
Total
liabilities
and
capital,
net

Bank credit

Date

Gold

Treas
ury
currency
outstanding

U. S. Government obligations
Loans,
net

Total

TotaJ

Commercial
and
savings
banks

Federal
Reserve
Banks

Other

Total
deposits
and
currency

Capital
and
misc.
accounts,
net

1929—June
1933—June
1939—Dec.
1941_Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1952—Dec.
1953—Dec.
1954—June
Dec.

29.
30.
30.
31.
31.
31.
30.
31.
31.
30.
31.

4,037
4,031
17,644
22,737
20,065
22,754
22,706
23,187
22,030
21,927
21,713

2,019
2,286
2,963
3,247
4,339
4,562
4,636
4,812
4,894
4,959
4,985

58,642
42,148
54,564
64,653
167,381
160,832
171,667
192,866
199,791
200,628
210,988

41,082
21,957
22,157
26,605
30,387
43,023
60,366
75,484
80,486
81,210
85,730

5,741
10,328
23,105
29,049
128,417
107,086
96,560
100,008
100,935
99,827
104,819

5,499
8,199
19,417
25,511
101,288
81,199
72,894
72,740
72,610
72,525
77,728

216
1,998
2,484
2,254
24,262
22,559
20,778
24,697
25,916
25,037
24,932

26
131
1,204
1,284
2,867
3,328
2,888
2,571
2,409
2,265
2,159

11,819
9,863
9,302
8,999
8,577
10,723
14,741
17,374
18,370
19,591
20,439

64,698
48,465
75,171
90,637
191,785
188,148
199,009
220,865
226,715
227,514
237,686

55,776
42,029
68,359
82,811
180,806
175,348
184.384
204,220
209,175
209,354
218,882

8,922
6,436
6,812
7,826
10,979
12,800
14,624
16,647
17,538
18,161
18,806

1955—June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1956—Jan.
Feb.
Mar.
Apr.
May
June

30.
27.
31.
28.
26.
30.
31.
25 »
29v

21,678
21,700
21,700
21,700
21,700
21,700
21,690
21,700
21,700
21,700
21,700
21,800
21,800

5,002
5,000
5,000
5,000
5,000
5,000
5,008
5,000
5,000
5,000
5,000
5,000
5,000

209,872
211,400
211,100
211,900
214,000
214,400
217,437
214,200
213,100
214,900
214,900
214,700
215,700

91,349
92,000
93,200
94,600
95,800
97 800
100,031
98,900
99,400
101,700
102,600
103,400
105,200

97,572
98,600
96,900
96,400
97,300
96,000
96,736
94,800
93,000
92,500
91,600
90,800
90,000

71,947
72,400
71,200
70,700
71,400
69,800
70,052
69,400
67,600
67,000
66,500
65,600
64,700

23,607
24,100
23,800
23,700
24,000
24,300
24,785
23,500
23,500
23,600
23,300
23,400
23,500

2,018
2,000
2,000
2,000
1,900
1,900
1,899
1,900
1,900
1,900
1,900
1,900
1,800

20,951
20,900
20,900
20,900
20,800
20,600
20,670
20,600
20,700
20,700
20,700
20,500
20,500

236,552
238,100
237,800
238,600
240,700
241,100
244,135
240,900
239,800
241,700
241,700
241,500
242,600

217,595
218,800
218,200
218,800
220,700
221,200
224,943
221,000
219,900
221,600
221,200
221,200
222,600

18,956
19,300
19,600
19,800
20,000
19,900
19,193
19,900
20,000
20,100
20,400
20,300
19,900

28P.

25*
30^
27 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_June 30.
Dec. 31.

365
50
1,217
1,498
2,141
1,682
2,518
2,501
2,694
3,256
3,329

1955—June 30.
July 27.
Aug. 31.
Sept. 28.
Oct. 26.
Nov. 30.
Dec. 31.
1956—Jan. 25*
Feb. 29P
Mar. 2 8 P
Apr. 25*>
M a y 30^
June 27*>

3,247
3,300
3,100
3,200
3,200
3,200
3,167
3,100
3,000
3,000
3,000
3,000
3,000

v

Treasury
cash
holdings

At
commercial F.AtR.
and
savings Banks
banks

Time deposits2
Total

Demand
Com- Mutual Postal
de- 4
Total mercial savings Savings posits
banks banks 3 System

Currency
outside
banks

Total
demand
deposits
adjusted
and
currency

Demand
deposits
adjusted

Currency
outside
banks

204
381
264
852
2,409
846
2,215
1,895
2,287 24,608
1,336
1,452
1,293
2,989
1,270
5,259
761 4,457
811
5,895
796 4,510

36
35
634
867
977
870
668
389
346
875
563

54,790
40,828
63,253
76,336
150,793
170,008
176,916
194,801
200,917
198,517
209,684

28,611
21,656
27,059
27,729
48,452
56,411
59,247
65,799
70,375
73,292
75,282

19,557
10,849
15,258
15,884
30,135
35,249
36,314
40,666
43,659
45,653
46,844

8,905
9,621
10,523
10,532
15,385
17,746
20,009
22,586
24,358
25,388
26,302

149
1,186
1,278
1,313
2,932
3,416
2,923
2,547
2,359
2,251
2,136

22,540
14,411
29,793
38,992
75,851
87,121
92,272
101,508
102,451
98,132
106,550

3,639
4,761
6,401
9,615
26,490
26,476
25,398
27,494
28,091
27,093
27,852

111,100 85,200 25 ,900
114,300 89,700 24 ,600
124,700 97,800 26 ,9C0
126,700 99,500 27 ,200
126,700 99,700 27 ,000
129,700 102,800 26 ,900

5,418
6,100
5,200
4,500
4,900
4,500
4,038
2,300
4,000
6,500
4,400
5,800
5,400

380
500
400
500
500
500
394
500
600
500
600
400
600

207,738
208,100
208,600
209,700
211,300
212,200
216,577
214,400
211,600
210,800
212,400
211,200
212,900

77,129
77,100
77,400
77,700
77,900
77,400
78,378
78,400
78,800
79,300
79,300
79,600
80,300

47,846
47,700
48,000
48,100
48,200
47,700
48,359
48,300
48,500
48,800
48,800
49,000
49,500

27,277
27,400
27,500
27,700
27,800
27,800
28,129
28,300
28,400
28,600
28,700
28,900
29,100

2,007
2,000
2,000
1,900
1,900
1,900
1,890
1,900
1,800
1,800
1,800
1,800
1,800

103,234
103,900
103,900
104,900
106,100
106,900
109,914
108,900
105,600
104,400
106,100
104,200
105,100

27,375
27,100
27,300
27,200
27,300
27,900
28,285
27,100
27,200
27,200
27,000
27,400
27,500

131,900
132,700
132,700
133,300
132,000
132,900
133,300
133,300
132,700
133,100
134,400
133,200
134,400

812
800
800
800
800
800
767
800
800
800
800
800
800

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.
* 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

104,900 27,000
105,500 27,200
105,500 27,200
106,200 27,100
104,800 27,200
105,400 27,500
105,800 27,500
106,000 27,300
105,400 27,300
105,600,27,500
107,200 27,200
105,700 27,500
106,800 27,600

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.

855

ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Loans and investments

Class of bank
and date
Total

All banks:
1939—Dec. 30
I941_Dec. 31
1945__Dec. 31
1947_Dec. 3H
1950—Dec. 30
1953—Dec. 31
1954__Dec. 31
1955—June 30
Oct. 26
Nov. 30
Dec. 31
1956—Jan. 25^
Feb. 29*>
Mar. 28?
Apr. 25^
May 30^
June UP
Ail commercial banks:
1939—-Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31<*
1950—Dec. 30
1953—Dec. 31
1954—Dec. 31
1955—June 30
Oct. 26
Nov 30
Dec. 31
1956—Jan. 25*>
Feb. 29?
Mar. 28^
Apr. 25*
May 30*
June 21P
All member banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1953—Dec. 31
1954—Dec. 31
1955—June. 30
Oct. 26
Nov. 30
Dec. 31
1956—Jan. 25*
Feb. 29*
Mar. 28*
Apr. 25*
May 30*
June 27*
All mutual savings banks:
1939—Dec. 30
1941—Dec. 31
1945__Dec. 31
1947—Dec. 3H
1950—Dec. 30
1953—Dec. 31
1954_Dec. 31
1955—June 30
Oct. 26
Nov. 30
Dec. 31
1956—Jan. 25*
Feb. 29*
Mar. 28*
Apr. 25*
May 30*
June 27*

50,884
61,126
140,227
134,924
148,021
171,497
183,784
184.253
188,490
189,100
190,780
189,530
188,700
190,510
190,770
190,550
191,550

Loans

U. S.
Govt.
obligations

Other
securities

Cash
assets2

Deposits
Other
Total 2

Interbank 2

Total Numcapital
ber
acof
counts banks

Demand
U. S.
Govt.

22,165 19,417 9,302 23,292 77,068 68,242 9,874
26,615 25,511 8,999 27,344 90,908 81,816 10,982
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
80,518 72,610 18,370 45,811 220,140 201,100 15,957
85,617 77,728 20,439 44,585 231,654 211,115 16,811
91.355 71.947 20,951 42.014 229,631 208,850 15,245
96,260 71,410 20,820 41,480 233,340 210,450 14,710
98,650 69,840 20,610 42,470 235,120 211,860 14,780
100,057 70,052 20,670 47,803 242,008 220,441 16,646
99,600 69,380 20,550 41,170 234,180 211,040 14,550
100,360 67,640 20,700 41,430 233,720 210,130 14,060
102,770 67,020 20,720 40,850 234,910 211,140 14,210
103,570 66,490 20,710 40,750 235,070 211,070 14,220
104,500 65,560 20,490 40,890 235,010 210,890 13,690
106,370 64,660 20,520 41,630 236,770 212,780 14,470

Time
Other

32,516
44,355
105,935
1,346 94,381
2,809 101,936
4,149 112,639
4,176 116,617
5,081 113,034
4,530 114,910
4,210 116,980
3,712 123,239
2,010 117,600
3,640 115,140
6,170 112,930
4,110 114,910
5,450 113,580
5,070 114,330

25,852
26,479
45,613
53,105
56,513
68,354
73,510
75,491
76,300
75,890
76,844
76,880
77,290
77,830
77,830
78,170
78,910

8,194
8,414
10,542
11,948
13,837
16,118
17,270
17,663
18,090
18,210
18,112
18,160
18,360
18,410
18,580
18,710
18,730

15,035
14,826
14,553
14,714
14,650
14,509
14,367
14,309
14,269
14,264
14,243
14,250
14,230
14,229
14,224
14,218
14,209

40,668
50,746
124,019
116,284
126,675
145,687
155,916
155,264
158,860
159,390
160,881
159,410
158,350
159,910
160,040
159,600
160,470

17,238
21,714
26,083
38,057
52,249
67,593
70,619
75.183
79,210
81,390
82,601
81,980
82,540
84,730
85,340
863030
87,720

16,316
21,808
90,606
69,221
62,027
63,426
68,981
63,271
62,860
61,370
61,592
60,900
59,170
58,540
58,060
57,170
56,360

7,114
7,225
7,331
9,006
12,399
14,668
16,316
16,809
16,790
16,630
16,688
16,530
16,640
16,640
16,640
16,400
16,390

22,474
26,551
34,806
37,502
40,289
44,828
43,559
41,025
40,590
41,580
46,838
40,260
40,530
39,960
39,920
40,060
40,720

65,216
79,104
160,312
155,377
168,932
193,010
202.378
199,249
202,410
204,100
210,734
202,730
202,040
202,980
203,070
202,780
204,340

57,718
71,283
150,227
144,103
155,265
176,702
184,757
181,516
182,640
184,020
192,254
182,720
181,670
182,440
182,330
181,980
183,590

9,874
10,982
14,065
13,032
14.039
15;955
16,809
15,242
14,710
14,780
16,643
14,550
14,060
14,210
14,220
13,690
14,470

32,513
44,349
105,921
1,343 94,367
2,806 101,917
4,146 112,604
4,172 116,567
5,078 112.983
4,530 114,860
4,210 116,930
3,709 123,187
2,010 117,550
3,640 115,090
6,170 112,870
4,110 114,860
5,450 113,520
5,070 114,270

15,331
15,952
30,241
35,360
36,503
43,997
47,209
48.214
48,540
48,100
48,715
48,610
48,880
49,190
49,140
49,320
49,780

6,885
7,173
8,950
10,059
11,590
13,559
14,576
14,906
15,300
15,390
15,300
15,340
15,510
15,550
15,710
15,820
15,840

14,484
14,278
14.011
14,181
14,121
13,981
13,840
13,781
13,742
13,737
13,716
13,723
13,703
13,702
13,697
13,691
13,682

33,941
43,521
107,183
97,846
107,424
122,422
131,602
130.788
133;650
134,029
135,360
133,999
133,008
134,582
134,643
134,114
135,054

13,962
18,021
22,775
32,628
44,705
57,762
60,250
64.315
67,889
69,865
70,982
70,329
70,812
72,860
73,386
73,930
75,505

14,328
19,539
78,338
57,914
52,365
52,603
57,809
52.543
51,897
50,483
50,697
50,133
48,571
48,084
47,639
46,818
46,199

5,651
5,961
6,070
7,304
10,355
12,057
13,543
13,930
13,864
13,681
13,680
13,537
13,625
13,638
13,618
13,366
13,350

19,782
23,123
29,845
32,845
35,524
39,381
38,076
36.300
35,732
36,726
41,416
35,366
35,697
35,129
35,101
35,279
35,820

55,361
68,121
138,304
132,060
144,660
163,983
172,242
169,686
171,983
173,507
179,414
172,055
171,491
172,455
172,483
172,156
173,655

49,340
61,717
129,670
122,528
133,089
150,164
157,252
154,670
155,108
156,354
163,757
154,952
154,064
154,870
154,715
154,405
155,923

9,410
10,525
13,640
12,403
13,448
15,170
15,983
14,462
13,936
14,000
15,865
13,850
13,384
13,541
13,541
13,044
13,806

743 27,489
1,709 37,136
22,179 69,640
1,176 80,609
2,523 87,783
3,756 96,024
3,715 99,604
4,656 96,742
4,109 98,030
3,845 99,794
3,327 105,400
1,693 100,360
3,278 98,136
5,620 96,197
3,666 98,037
4,912 96,827
4,574 97,520

11,699
12,347
24,210
28,340
29,336
35,213
37,950
38,810
39,033
38,715
39,165
39,049
39,266
39,512
39,471
39,622
40,023

5,522
5,886
7,589
8,464
9,695
11,316
12,210
12.461
12,774
12,852
12,783
12,813
12,966
13,005
13,134
13,234
13,257

6,362
6,619
6,884
6,923
6,873
6,743
6,660
6,611
6,571
6,559
6,543
6,540
6,525
6,521
6,517
6,510
6,502

10,216
10,379
16,208
18,641
21,346
25,810
27,868
28.990
29,630
29,710
29,898
30,120
30,350
30,600
30,730
30,950
31,080

4,927
4,901
4,279
4,944
8,137
12,925
14,998
16,172
17,050
17,260
17,456
17,620
17,820
18,040
18,230
18,470
18,650

3,101
3,704
10,682
11,978
10,868
9,184
8,748
8,675
8,550
8,470
8,460
8,480
8,470
8,480
8,430
8,390
8,300

2,188
1,774
1,246
1,718
2,342
3,701
4,123
4,142
4,030
3,980
3,982
4,020
4,060
4,080
4,070
4,090
4,130

818
793
609
886
797
983
1,026
989
890
890
965
910
900
890
830
830
910

11,852
11,804
17,020
19,714
22,385
27,130
29,276
30,382
30,930
31,020
31,274
31,450
31,680
31,930
32,000
32,230
32,430

10,524
10,533
15,385
17,763
20,031
24,398
26,359
27,334
27,810
27,840
28,187
28,320
28,460
28,700
28,740
28,910
29,190

10,52!
10,527
15,371
17,745
20,009
24,358
26,302
27,277
27,760
27,790
28,129
28,270
28,410
28,640
28,690
28,850
29,130

1,309
1,241
1,592
1,889
2,247
2,559
2,694
2,757
2,790
2,820
2,812
2,820
2,850
2,860
2,870
2,890
2,890

551
548
542
533
529
528
527
528
527
527
527
527
527
527
527
527
527

* Preliminary.
1 All banks in the United States. All banks comprise all commercial
banks and all mutual sayings 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




Total
assets—
Total
liabilities
and
capital
accounts 3

()
(5)
(5)

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
and2 individual banks, and by mergers, etc.
Beginning June 30, 1942, excludes reciprocal balances, which on
Dec. 31, 1942, aggregated $513 million at all member banks and $525
million at all insured commercial banks.
3 Includes other assets and liabilities not shown separately.
For other footnotes see following two pages.

856

ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1—Continued
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Loans and investments

Class of bank
and date

Central reserve city
member banks:
New York City:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1953—Dec. 31
1954—Dec. 31
1955—June 30
Oct. 26
Nov. 30
Dec. 31
1956—Jan. 25?
Feb. 29^
Mar. 28*>
Apr. 25^
May 30^
June 27?
Chicago:
1939—Dec.
1941_Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1953—Dec.
1954—Dec.
1955—June
Oct.
Nov.
Dec.
1956—Jan.
Feb.
Mar.
Apr.
May
June

Total

9,339
12,896
26,143
20,393
20,612
22,058
23,880
23,099
23,142
23,212
23,583
22,945
22,750
23,563
23,201
22,918
23,558

Loans

U. S.
Govt.
obligations

Other
securities

Total
assets—
Total
liabilities
and
capital
accounts 3

Cash
assets2

Deposits
Other
Total*

Interbank 2

Total
capital

Number
of
banks

36
36
37
37
23
22
21
18
18
18
18
18
18
18
18
18
18

Demand
Time

U. S.
Govt.

Other

3,296 4,712
4,072 7,265
7,334 17,574
7,179 11,972
9,729 8,993
12,289 7,765
12,039 9,342
13,016 7,782
13,868 7,015
14,536 6,546
14,640 6,796
14,134 6,671
14,392 6,140
15,382 5,976
15,099 6,027
15,153 5,871
15,782 5,872

1,272
1,559
1,235
1,242
1,890
2,004
2,499
2,300
2,259
2,130
2,148
2,140
2,218
2,205
2,075
1,894
1,904

6,703
6,637
6,439
7,261
7,922
8,074
7,581
7,748
7,022
7,591
8,948
6,789
7,215
7,076
6,862
6,957
6,976

16,413
19,862
32,887
27,982
28,954
30,684
32,193
31,559
30,850
31,568
33,228
30,477
30,730
31,372
30,773
30,607
31,316

14,507
17,932
30,121
25,216
25,646
27,037
28,252
27,791
26,737
27,229
29,378
25,965
26,317
26,951
26,499
26,388
26,914

4,238
4,207
4,657
4,464
4,638
214
709
5,454
048
5,166
5,600
5,020
4,934
4,958
4,929
4,941
5,138

74
866
6,940
267
451
778
736
1,131
1,060
879
756
215
690
1,401
805
1,049
1,063

9,459
12,051
17,287
19,040
18,836
18,894
19,414
18,926
18,358
18,888
20,719
18,465
18,402
18,210
18,456
18,103
18,318

,392
2,281
2,271
2,296
2,303
2,265
2,291
2,382
2,309
2,295
2,395

1,592
1,648
2,120
2,259
2,351
2,572
2,803
2,715
2,734
2,759
2,745
2,749
2,794
2,783
2,793
2,798
2,802

736
807
1,236
1,445
1,722
2,150

2,105
2,760
5,931
5,088
5,569
6,204
6,518
6,288
6,264
6,210
6,542
6,435
6,237
6,446
6,325
6,219
6,324

569
954
1,333
1,801
2,083
2,776
2,784
2,846
2,977
3,079
3,342
3,239
3,097
3,223
3,383
3,400
3,574

1,203
1,430
4,213
2,890
2,911
2,856
3,120
2,742
2,581
2,430
2,506
2,535
2,472
2,545
2,242
2,124
2,068

333
376
385
397
576
572
614
699
706
701
695
661
668
678
700
695
682

1,446
1,566
1,489
1,739
2,034
2,115
1,954
1,763
1,930
1,956
2,132
1,985
1,953
1,785
1,850
1,903
1,992

3,595
4,363
7,459
6,866
7,649
8,366
8,520
8,102
8,247
8,222
8,720
8,469
8,245
8,282
8,227
8,176
8,367

3,330
4,057
7,046
6,402
7,109
7,724
7,845
7,431
7,387
7,453
8,010
7,749
7,397
7,202
7,208
7,334
7,480

1,035
1,312
1,217
1,229
1,387
1,321
1,180
1,200
1,156
1,296
1,144
1,160
1,236
1,129
1,094
1,207

80
127
1,552
72
174
259
251
343
251
254
222
74
216
420
228
344
336

1,867
2,419
3,462
4,201
4,604
4,837
4,977
4,606
4,635
4,745
5,165
5,230
4,731
4,284
4,572
4,613
4,640

495
476
719
913
1,103
1,242
,295
,303
,301
,298
,327
,301
1,290
1.262
1,279
1,283
1,297

250
288
377
426
490
566
600
612
619
628
628
626
631
631
631
636
636

14
13
12
14
13
13
13
13
13
13
13
13
13
13
13
13
13

Reserve city member banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947_Dec. 31
1950—Dec. 30
1953—Dec. 31
1954—Dec. 31.
1955—June 30
Oct. 26
Nov. 30
Dec. 31
1956—Jan. 25*>
Feb. 29*>
Mar. 28?
Apr. 25^
May 30*>
June 27^

12,272
15,347
40,108
36,040
40,685
46,755
50,738
50,596
51,986
52,054
52,459
52,058
51,600
52,104
52,410
52.057
52,389

5,329
7,105
8,514
13,449
17,906
22,763
23,986
25,654
27,334
28,114
28,622
28,519
28,719
29,350
29,753
29,886
30,415

5,194
6,467
29,552
20,196
19,084
19,559
21,718
19,697
19,526
18,892
18,826
18,603
17,989
17,837
17,694
17,280
17,112

1,749
1,776
2,042
2,396
3,695
4,434
5,034
5,245
5,126
5,048
5,011
4,936
4,892
4,917
4,963
4,891
4,862

6,785
8,518
11,286
13,066
13,998
15,925
15,424
14,696
14,757
15,098
16,994
14,581
14,657
14,431
14,578
14,629
14,774

19,687
24,430
51,898
49,659
55,369
63,547
67,165
66,293
67,782
68,214
70,478
67,687
67,358
67,640
68,107
67,829
68,262

17,741
22,313
49,085
46,467
51,437
58,663
61,796
60,854
61,350
61,685
64,733
61,299
60,756
61,144
61,266
60,959
61,573

3,686
4,460
6,448
5,649
6,448
7,254
7,444
6,545
6,420
6,390
7,446
6,365
6,042
6,121
6,236
5,852
6,249

435
491
8,221
405
976
1,504
1,457
1,843
1,477
1,551
1,288
509
1,335
2,280
1,407
2,017
1,805

9,004
12,557
24,655
28,990
32,366
35,773
37,418
36,459
37,386
37,757
39,835
38,326
37,208
36,528
37,421
36,803
37,081

4,616
4,806
9,760
11,423
11,647
14,132
15,476
16,007
16,067
15,987
16,164
16,099
16,171
16,215
16,202
16,287
16,438

1,828
1,967
2,566
2,844
3,322
3,984
4,300
4,492
4,625
4,650
4,641
4,656
4,722
4,759
4,822
4,875
4,893

346
351
359
353
336
319
300
297
295
294
292
293
291
291
290
291
291

Country member banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1953—Dec. 31
1954—Dec. 31
1955—June 30
Oct. 26
Nov. 30
Dec. 31
1956—Jan. 25*>
Feb. 29?
Mar. 28^
Apr. 25*>
May 30P
June 27*>

10,224
12,518
35,002
36,324
40,558
47,404
50,466
50,806
52,258
52,553
52,775
52,561
52,421
52,469
52,707
52,920
52,783

4,768
5,890
5,596
10,199
14,988
19,934
21,442
22,799
23,710
24,136
24,379
24,437
24,604
24,905
25,151
25,491
25,734

3,159
4,377
26,999
22,857
21,377
22,423
23,629
22,321
22,775
22,615
22,570
22,324
21,970
21,726
21,676
21,543
21,147

2,297
2,250
2,408
3,268
4,193
5,047
5,395
5,685
5,773
,802
,826
,800
,847
,838
,880
5,886
5,902

4,848
6,402
10,632
10,778
11,571
13,268
13,117
12,092
12,023
12,081
13,342
12,011
11,872
11,837
11,811
11,790
12,078

15,666
19,466
46,059
47,553
52,689
61,385
64,364
63,732
65,104
65,503
66,988
65,422
65,158
65,161
65,376
65,544
65,710

13,762
17,415
43,418
44,443
48,897
56,740
59.360
58,594
59,634
59,987
61,636
59,939
59,594
59,573
59,742
59,724
59,956

598
822
1,223
1,073
1,133
1,315
1,508
1,283
1,268
1,288
1,523
1,321
1,248
1,226
1,247
1,157
1,212

154
225
5,465
432
922
1,216
1,271
1,339
1,321
1,161
1,061
895
1,037
1,519
1,226
1,502
1,370

7,158
10,109
24,235
28,378
31,977
36,520
37,794
36,751
37,651
38,404
39,681
38,339
37,795
37,175
37,588
37,308
37,481

5,852
6,258
12,494
14,560
14,865
17,690
18,787
19,220
19,394
19,134
19,372
19,384
19,514
19,653
19,681
19,757
19,893

1,851
1,982
2,525
2,934
3,532
4,194
4,506
4,642
4,796
4,815
4,769
4,782
4,819
4,832
4,888
4,925
4,926

5,966
6,219
6,476
6,519
6,501
6,389
6,326
6,283
6,245
6,234
6,220
6,216
6,203
6,199
6,196
6,188
6,180

30
31
31
31
30
31
31
30
26
30
31
25*>
29*>
28*>
25*
30*>
27^

4
Beginning with Dec. 31, 1947, the all-bank series was revised as announced in November 1947 by the Federal bank supervisory agencies.
At that time a net of 115 noninsured nonmember commercial banks
with total loans and investments of about $110 million was added, and




8 banks with total loans and investments of $34 million were transferred
from
noninsured mutual savings to nonmember commercial banks.
5
Less than $5 million.
For other footnotes see preceding and opposite pages.

857

ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued
[Amounts in millions of dollars]
Loans and investments

Class of bank
and date

All insured commercial banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31 .
1953—Dec. 31
1954—Dec. 3 1 . .
1955—June 30
Dec. 31 . .

Total

Loans

U.S.
Govt.
obligations

Other
secu-

Total
assets —
Total
liabilities
and
Total 2
capital
ac- 3
counts

Cash
assets2

Deposits
Other
Interbank 2

Demand

21,259
25,765
37,583
67,082
70,127
74,692
82,081

21,046
88 912
67.941
62 381
68,012
62 342
60,765

6,984
7,131
8,750
14,333
15,976
16,454
16,318

25,788
34,292
36,926
44,398
43,161
40,685
46,480

76,820
157,544
152,733
190,638
200,127
197,077
208,608

National member banks:
1941-Dec. 31
1945—Dec 31
1947- Dec. 31
1953—Dec. 31
1954—Dec. 31 .
1 9 5 5 _ j u n e 30
Dec 31.

27,571
69,312
65,280
81,913
88,509
83,315
86,152

11,725
13,925
21,428
37,831
39,712
39.424
43,428

12,039
51,250
38,674
35 482
39,392
34 673
33,579

3,806
4,137
5,178
8.600
9,405
9 219
9,144

14,977
20,114
22,024
26,479
25,662
22,892
25,697

43,433 39,458 6,786 1,088
90,220 84,939 9,229 14,013
88,182 82,023 8,410
795
109 804 100.654 10 152 2 525
115,835 105,851 10,714 2,508
107 741 98 636 8 314 2 849
113,412 103,903 9,317 2,063

State member banks:
1941—Dec. 31
1945—Dec. 31
1947-Dec. 31
1953—Dec. 31
1954—Dec 31
1955—June 30
Dec. 31

15,950
37,871
32,566
40,509
43,093
47,473
49,208

6,295
88850
11,200
19,931
20,538
24,891
27,554

7,500
27,089
19,240
17 121
18,417
17.870
17,118

2,155
1,933
2.123
3,457
4. 138
4711
4,536

8,145
9,731
10,822
12,903
12.414
13 408
15,719

24.688
48 084
43.879
54 179
56 407
61 945
66 002

22,259
44,730
40 505
49,510
51,401
56,034
59,854

3,739
4 411
3,993
5 019
5,269
6 148
6 549

Insured nonmember
commercial banks:
1941—Dec. 31
1945—Dec. 31
1947_Dec. 31
1953_Dec. 31
1954—Dec. 31
1 9 5 5 _ j u n e 30
Dec 31

1,509
5,776 3,241
14,639 2,992 10.584
16,444 4 958 10 039
21,396 9,328 9,790
22,536 9,886 10,215
22,723 10,385 9,811
23,829 11,108 10,081

1,025
1,063
1 448
2,278
2,436
2.527
2,640

2.668
4,448
4,083
5,020
5,088
4,388
5,067

8,708
19,256
20 691
26 679
27,9U
27 417
29,220

7,702
18,119
19,340
24,555
25,657
25,082
26,779

129
244
266

1,872
2,452
2,251
2,005
1,871
1,788
1,742

Noninsured nonmember
commercial banks:
1941—Dec. 31
1945- Dec. 3 1 . . .
1947 Dec. 3M
1953- Dec. 31.
1954—Dec. 31
1955- June 30
Dec. 31

69,411
147,775
141,851
174,697
182,886
179 728
190,512

10,654 1,762 41,298 15,699
13,883 23 740 80,276 29 876
12,670 1,325 92,975 34,882
15,548 4 116 111,423 43 610
16,376 4,154 115,482 46,874
14 794 5 064 111,993 47 876
16,273 3,697 122,149 48,393
8,322
16,224
19,278
24,160
26,202
26 554
26,683

3,640
4,644
5,409
7 391
8,085
7 714
7,915

5,117
5,017
5,005
4 856
4,789
4 744
4,692

621
8 166
381
1 232
1.207
1,807
1 264

13.874
24 168
27,068
32 206
33,177
35,823
39,559

4,025
7,986
9,062
11 054
11,748
12,256
12,482

2,246
2 945
3,055
3 925
4,125
4,747
4 868

1,502
1 867
1,918
1 887
1,871
1 867
1 851

53
1,560
149

4,162
10,635
12 366
15 398
15,879
15 251
16,749

3,360
5,680
6 558
8,419
8,947
9,090
9,252

959
1,083
1 271
1,925
2,044
2 121
2,199

6 810
6,416
6 478
6,672
6,647
6 660
6,677

329
181
363
407
433

1 291
1, 905
1,392
18
1,182
30
1 085
18

253
365
478
386
335

329
279
325
320
324

852
714
783
569
536

448
370

13
12

990

337
322

327
320

513
499

457
425
629
784

167
390

825

457

3,613
6,045
7,036
8,806
9,282
9,427
9,574

1,288
1,362
1,596
2,245
2 368
2,448
2,519

7,662
7 130
7,261
7,241
7 183
7,173
7 176

1,789
10,351
12 12,192
33 18,345
48 19,831
49 20,536
49 21,182

1,034
1,252
1,819
1,920
1,965
2,006

378

393
332
408

360

439
408
370

241
200
255
335
339

763
514
576
430
397

491
520

930
827

355
370

340
357

2 283
2.768
2 643
2 372
2 '50
2 172
2 126

All nonmember commercial
banks:
1941 -Dec. 31
1945 -Dec. 31
1947—Dec. 31 «
1953 Dec. 31
195* -Dec. 31
1955—j u n e 30
Dec. 31

7,233 3,696
16,849 3,310
18,454 5,432
23,287 9,838
24,337 10 378
24,499 10,876
25,546 11,628

2,270
12,277
11,318
10,835
11,184
10,741
10,908

1.266
1 262
1,703
2,613
2 775
2,881
3,010

3,431
4,962
4,659
5,450
5,485
4,728
5,424

10,992
22,024
23,334
29,051
30,161
29,589
31,347

9,573
20,571
21,591
26,560
27,528
26,870
28,522

Insured mutual savings banks:
1941—Dec. 31
1945-Dec. 31
1947—Dec. 31.
1953—Dec. 31
1954—Dec. 31
1955__j une 30
Dec. 31

1,693
10,846
12,683
19,252
20,830
21,617
22,331

642

629

7 160
8,165
6,476
6,117
5,998
5,858

421
606

151

3,081
3,560
10,016
11 651
12,567
13,563

429

1,958
11,424
13,499
20,334
21,981
22,761
23,458

1,789
10,363
12,207
18,383
19,885
20.590
21,237

8,687
5,361
5 957
6,558
7,038
7 373
7,567

4.259
I 198
1 384
2,910
3,346
3 605
3,893

3,075
3,522
3 813
2,707
2 630
2 677
2,601

9,846
5,596
6 215
6,796
7,295
7,621
7,816

8,744
5,022
5 556

1

2
2

6 743
6,950

1
1
1
1

Noninsured mutual savings
banks:
1941 -Dec 3 1 . . . .
1945—Dec. 31
1947—Dec 31 4
1953—Dec. 31
1954—Dec. 31
I955 June 30
Dec 31

For other footnotes see preceding two pages.




675
799
785

1,353
641

642
180

760
941

211
184
194
180
180

1,061
1 090
1,072

832
808

6,015
6,474

13,429
13 297
13,398
13 412
13,303
13 267
13,216

23,262
45,473
53,541
63,819
66,426
60 919
65,840

761
1,693
1,280
1,045
969

958
2,760
3,062
3,052
2,910

6,844
8 671
9,734
13 239
14,252
14 579
14,980

Other

455
318
474
511
492

1,457
2 211
2,009
1,891
1,800
1 776
1,716

Number
of
banks

Time

U. S.
Govt.

49,290
121,809
114,274
143,796
154,115
153,488
159,164

Total
capital
accounts

780
778

1,039

504

14' 101

13,758
16,580
16 964
16,241
17,788

422
382

12

1
2
3
2
3

2
3
2
3

(

>
2
2
2

8,738
5,020
5 553
6,013
6,471
6 741
6,947

164

52
192

194
219
218
218

220

1,077
558

496
350

637
740
774
792
806

339
309
309
310
307

NOTE.—For revisions in series prior to June 30, 1947, see BULLETIN
for July 1947, pp. 870-871.

858

COMMERCIAL BANKS
LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1
[In millions of dollars]
Loans

Class of bank
and
call date

Total
loans
and
invest- To taP
ments

Agricultural

2

Loans for
purchasing
or carrying
securities

To
others

Investments
U. S. Government obligations

Obligations
Other
Direct
of
loans
Real
States Other
to Other
esand
inTotal
Guar- polit- secuCertifitate
di- loans
rities
ancates
loans vidTotal
ical
in- Notes Bonds teed subBills of
uals
debtdiviedsions
ness

All commercial
banks: 3
5..276 3 ,729
1947_Dec. 3 1 . . . 116,284 38,057 18,167 ,660 830 1,220 9,393 5.723 1,063 78,226 69,221 2,193 7,789 6,034 53,191
85,297 68,981 5,065 5,361 14,672 43",861
12,,586 3 ,729
70,619 26
"',867 5,200 2,929 1,525 18,418 14,7502,000 85
1954—Dec. 3 1 . . . 155,916
12,785 4 ,025
155,264 75,183 28;872 4,391
4
2,859 1,613 19,779 16,36512,428 80,081 63,271 3,220 1,710 16,640 41 ,685
1955__j une 30... 160,881 82,601 33,'245 4,475 3,263 774 20,809 17,18513,11778
— ,280 61,592 4,219 2,318 14,034 41 ,010
12,
,990
13,060 3 ,790
Dec. 3 1 . . . 159,390 84,400 34,'500 4;330 2",740 i;770 21,270 17,510'3,600 74 ,990 58,140 2,660 1,980 13,350 40 ,140
1956—Apr. 10 e...
411 insured commercial banks:
3,159 12,797 4,102 3,651 3,333
28,031 21,046 988
4,545
1941—Dec. 3 1 . . . . 49,290 21,259 9,214 1,450 614 662 4,773
51,321
" " " 3",258
22 3 ,,873
1945_Dec. 3 1 . . . , 121,809 25,765 9,461 1,314 3,164 3,606 4,677 2,36111,181 96,043 88,912 2,455 19,071 16,045 51
76,691 67,941 2,124 7.552 5,918 52,334
14 5,,129 3 ,621
1947_Dec. 3 1 . . . . 114,274 37,583 18,012 1,610 823 1,190 9,266 5,654 1,028 76
'",287
83,988
4,901
14,523
12,
68,012
21
5,279
70,127
26,731
18,302
14,676
154,115
5,108
2,907
1,501
1,973
,352
3 ,624
1954—Dec. 3 1 . . . .
15 12,549 3 ,906
1955—June 3 0 . . . . 153,488 74,692 28,729 4,319 2,834 ,589 19,661 16,283 2,'400 78,796 62,342 2,996 1,667 16,479 41 ,185
,502
77,083
4,105
13,856
40
60,765
10
12,465
2,292
82,081
33,092
i;742
20,692
3,853
4,396
3,229
59,164
17,104
3,091
Dec. 3 1 . . . .
Member banks,
total:
3,007 11,729
25,500 19,539 971
,832 3,090 2 ,871
3,692
1941—Dec. 31.... 43,521 18,021 8,671 972 594 598 3,494
16 3,254 2,815
1945-Dec. 31... 107,183 22,775 8,949 855 3,133 3,378 3,455 1,90011,104 84,408 78,338 2,275 16,985 14,271 44,792
,286
4,815
45
65,218
57,914
1,987
10 4,199 3,105
5,816
32,628
7,130
16,962 1,046
4,662| 952
811 1,065
1947 -Dec. 31... 97,846
20 10,449 3,094
250 25
25,007 3,529
,
2,881 1,363 14,433 12,127,1,858 71,352 57,809 4,075 4,307 12,464 36 ,944
1954—Dec. 31... 131,602 60,250
,903
13,969
34
66,473
52,543
2,377
13
1,281
64,315
15,594
10,584 ",346
13,4892,285
26,894 2,799 2,808 1,440
1955—June 30... 130,788
943 64.377
64
50.697 3,250 1,738 11,508 34 ,192
9 10,444 3 ,236
~ " 3,150
" "' 1,560 16,391 14,313|2,943
Dec. 31.... 135.360 70,982 31,019 2 ,726
,377
10,930
33
61,542
47,702
1,956
11
1,428
72,488
16,734
10,,802 3 ,037
14,556 3,430
32,221 2,542 2,616 1,560
1956—Apr. 10.... 134,030
New York City:*
12,896
26,143
20,393
23,880
23,099
23,583
23,159

4,072
7,334
7,179
12,039
13,016
14,640
14,945

2,807
3,044
5,361
7,231
7,928
9.126
9,592

169
412
2,453 ,172
545 267
204 2,041 432
16 2,034 466
511
'^2,144
17
2
513
1 1,662

123
80
111
467
656
577
608

2,760
5,931
5,088
6,518
6,288
6,542
6,324

954
1,333
1,801
2,784
2,846
3,342
3,315

732
760
1,418
1,847
1,940
2,390
2,465

6
2
3
140
102
15
13

48
211
73
345
270
275
201

52
233
87
89
88
99
99

22
36
46
91
122
128
130

Reserve city banks
1941—Dec. 3 1 . . . 15,347 7,105
1945—Dec. 3 1 . . . 40,108 8,514
1947—Dec. 3 1 . . . 36,040 13,449
1954_Dec. 3 1 . . . 50,738 23,986
1955—June 30..., 50,596 25,654
Dec. 3 1 . . . 52,459 28,622
1956—Apr. 10... 52,142 29,358

3,456
3,661
7,088
10,624
11,210
13,212
13,615

300
205
225
956
700
566
511

1941_Dec. 31....
1945_Dec. 31...,
1947—Dec. 31....
1954—Dec. 31....
1955—June 30....
Dec. 31....
1956—Apr. 10...,

554

Country banks:
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947—Dec. 3 1 . . .
1954__Dec. 3 1 . . .
1955—June 30...
Dec. 3 1 . . .
1956—Apr. 10...
AH nonmember
banks: 3
1947—Dec. 31...
1954—Dec. 31...
1955—June 30...,
Dec. 31....

119

182
181
213
415
456
476
497

193
204
185
199
243
219
203

751 4,248 1,173
8,243 6,467 295
,512
114 194 1,527
19,552 1,034 6,982 5,653 15,878
5
855 404 31,594 29',
427 1,503 1,459
~~,591 20,196
373 2,358 1,901 15,560
3
366 22
170 484 3,147 1,969
7
407 622 6,134 4,912 720 26,752 21,718 1,326 1,695 4,954 13,736
3
503
481 5,773 12,937
444 651 6,603 5,500 954 24; 942 19,697
5
657 4.708 12,643
542 696 6,962 5,916 ,180 23.837 18,826 813
4
539 689 7,121 5,998; ,354 222,784 17,768 417
478 4,505 12,364

956
1,126
1,342
3,782
3,916
3,778
3,829

820
916
1,053
1,252
1,330
1,233
,186

51
149
223
244
316
283

40
26
105
139
184
197

1,806
4,598
3,287
3,734
3,441
3,200
3,009

1,430
4,213
2,890
3,120
2,742
2,506
2,309

12,518 5,890
35,002 5,596
36,324 10,199
50,466 21,442
50,806 22,799
52,775 24,379
52,406 24,871

1,676 659
1,484 648
3,096 818
5,306 2 ,229
5,815 1,980
6,290 2",127
6,549 2 ,016

20
42
23
89
61
189
213

183
471
227
220
234
255
260

1,823
1,881
3,827
7,742
8,214
8,723
8,875

6,628 4,377
1,530
(
707 363 29,407 26i,999
1,979 229 26,1
,857
5,760 388 29,024 23,,629
6,366 439 28,006 22,321
397 22,570
6,575 573
6,756 577
535 21 ,625

18,454
24,337
24,499
25,546

1,205 614
1,859 1,671
1,979 1,592

20
49
51
113

156
161
173
214

2,266
3,993
4,194
4,428

1,061
2,623
2,875
2,872

5,432
10,378
10,876
11,628

2,226 1,750

« Partly estimated. Figures have been rounded to nearest $10 million.
*A11 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 Federa




1,623 3,652 1,679
7,265 311
1
17,574 477 3,433 3,325 10,337
558 9,771
11,972 ,002
640
1,924
6,026
9,342 785
597
7,782 537
146 1,830 5,262
6,796 552
100 1,141 5,002
6,000 246
82 1,024 4,644

830
629
604
523
547
539
402

Chicago:*

1941—Dec. 31...
1945—Dec. 31...
1947—Dec. 31...
1954—Dec. 31...
1955—June 30...
Dec. 31...
1956—Apr. 10...

8,823
18,809
13,214
11,841
10,083
8.943
8,214

729
606
638
1,977
1,754
1,609
1,812

287 298
564 330
1,232 644
754
1,379
1,506 1,006
1,519,1,301

111 13,021 11,318
143 13,959 11,184
143 13,622 10,741
174 13,918 10,908

256
133 1,467
132
235
70
241
76
66
111
68
28
54

153
749
248
855
812
604
557

903
1,864
2,274
1,953
1,788
1,723
1,670

110
481 2,926
630 5,102 4,544 16,713
480 2,583 2,108 17,681
1,893 1,774 4,731 15,228
587 5,554 14,916
1,261
1,774
913 5,056 14,825
814 4,844 14,699
1,265

206 1,973 1,219 7,916
991 1,054 2,209 6,928
843
429 2,672 6,794
970
580 2,527 6,829

861
9
6
3
3
3
3

1, 222 I ,028
1,342

2,006
4,275
4,458
4,581
4,663

,067
1,262
1,120
1,227
1,246
1,247

1,078
2,139
2,203
2,255

625
636
679
755

Reserve membership, insurance status, and the reserve classifications of
cities
and individual banks, and by mergers, etc.
2
Beginning June 30, 1948, figures for various loan items are shown
gross (i. e., before deduction of valuation reserves); they do not add to the
total and are not entirely comparable with prior figures. Total loans
continue to be shown net.
For other footnotes see opposite page.

859

COMMERCIAL BANKS
RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1
[In millions of dollars]
Demand deposits
JK.C-

Class of bank
and
call date

serves
Cash
with
in
Federal
Revault
serve
Banks

BalDeances mand
dewith
posits
doadmestic
banks 5 justed 6

Interbank
deposits
DoFormestic^ eign

Time deposits

IndiCertiIndi- Bor- CapiU.S. States viduals,
States
fied viduals,
tal
Govt.
and
and
partnerpartneracU. S.
and polit- ships, ings
offiships, Intercounts
Postal
ical
Govt. political
bank
subdi- cers' and corcorSav- subdi- and
visions checks, poraings visions poraetc.
tions
tions

All commercial
banks: 3
1947—Dec. 3 1 . . . .
1954—Dec. 3 1 . . . .
1955—June 3 0 . . . .
Dec. 31
1956—Apr. 10"...

17,796
18,734
17,941
18,721
18,490

2,216
2,469
2,681
2,682
2,840

10,216
12,202
10,529
12,050
10,620

87,123
106,540
103,221
109,905
105,750

11,362
13,511
11,906
13,512
12,200

1,430
1,539
1,577
1,546
1,630

1,343 6.799
4,172 9,902
5,078 10,278
3,709 10,273
3,890 9,870

2,581 84,987
240
3,199 103,466 1,759
3,154 99,550 1,759
3,904 109,011 1,585
3,030 102,130 1,440

111
365
368
356
340

All insured commercial banks:
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1954—Dec. 3 1 . . . .
1955—June 3 0 . . . .
Dec. 3 1 . . . .

12,396
15,810
17,796
18,734
17,941
18,721

1,358
1,829
2,145
2,444
2,655
2,656

8,570
11,075
9,736
11,854
10,241
1i s 744

37,845
74,722
85,751
105,471
102,247
108,887

9,823
12,566
11,236
13,392
11,801
13,390

673

1,248
1,379
1,497
1,534
,516

1,762 3,677
23,740 5,098
1,325 6,692
4,154 9,763
5,064 10,150
3,697 10,138

1,077 36,544
158
70
2,585 72,593
54
2,559 83,723
3,176 102,543 1,487
3,131 98,712 1,459
3,879 108,131 1,367

59
103

111
826 33,946
365 2,348 44,160
368 2,374 45,135
356 2,282 45,756

Member banks,
total:
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1954—Dec. 3 1 . . . .
1955—June 3 0 . . . .
Dec 3 1 . . . .
1956—Apr. 1 0 . . . .

12,396
15,811
17,797
18,735
17,942
18,722
18,487

1,087
1,438
1,672
1,843
2,017
2,019
2,127

6,246
7,117
6,270
7,613
6,704
7,612
6,720

33,754
64,184
73,528
89,836
87,207
92,435
89,145

9,714
12,333
10,978
13,015
11,482
13.002
11,757

1,243
1,375
1,493
1,531
.511
1,603

1,709
22,179
1,176
3,715
4,656
1,327
3,486

3,066
4,240
5.504
7,781
8,117
$.075
7,780

1,009
2,450
2,401
2,964
2,919
1,638
2,781

1,475
1,449
1,3*3
1,207

50
99
105
334
338
127
315

New York City:*
1941_Dec. 31
1945_Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1954-Dec. 3 1 . . . .
1955—June 3 0 . . . .
Dec. 3 1 . . . .
1956—Apr. 10....

5,105
4,015
4,639
4,398
4,399
4,431
4,145

93
111
151
126
138
127
145

141
78
70
67
87
111
91

10,761
15,065
16,653
16,500
15,859
16,493
15,811

3,595
3,535
3,236
3,336
3,129
3.364
2,883

1,105 6,940
267
1,217
736
1,177
1,187 1,131
756
,151
820
1,242

607

866

319
237
290
368
374
102
280

1,338
1,105
1,223
1,252
1,498
1,209

6
11,282
15,712
17
12
17,646
17,823 1,196
17,300 1,137
18,919 1.085
16,955
942

10
12
54
57
59
54

1,021

43
36
30
29
28

2,215
3,153
3,737
4,400
4,024
4.149
3,892

1,027
1.292
1,196
,264
1,125
.246
1,200

8
127
20 1,552
72
21
40
251
39
343
<*0
222
37
217

233
237
285

12
31

298
200
175
162
127
141
98

54
491
110 8,221
131
405
259 1,457
289 1,843
103 1,288
308 1,332

671

Chicago:*
1941_Dec.
1945—Dec.
1947__Dec.
1954—Dec.
1955—June
Dec.
1956—Apr.

31
31
31....
31....
30....
31....
10....

1,070
1,177
1,021
1,135
1,107

Reserve city
1941—Dec.
1945—Dec.
1947—Dec.
1954—Dec.
1955—-June
Dec.
1956—Apr.

banks:
31....
31....
31....
31....
30....
31....
10....

4,060
6,326
7,095
7,783
7,359
7,727
7,659

425
494
562
558
634
638
666

2,590
2,174
2,125
2,327
2,232
2,515
2,088

11,117
22,372
25,714
32,694
32,024
11.757
32,641

4.302
6^307
5,497
6,946
5,979
6,903
6,327

Country banks:
1941 Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947- Dec. 3 1 . . . .
1954-Dec. 3 1 . . . .
1955—June 3 0 . . . .
Dec. 3 1 . . . .
1956—Apr. 1 0 . . . .

2,210
4,527
4,993
5,377
5,163
5.429
5,576

526
796
929

1,129
1,217
1,222
1,284

3,216
4,665
3,900
5,057
4,259
4.844
4,443

9,661
23,595
27,424
36,242
35,299
17,836
36,800

790
1,199
1,049
1,469
1,249
.488
1,348

2
8
7
17
15
17
16

544
627
664
663

3,947
4,590
3,825
4,439

13,595
16,704
16,014
17,470

385
496
424
510

55
46
47
36

All nonmember
banks: 3
1947_Dec 31
1954—Dec. 31
1955—June 30
Dec. 31
3

942

140
64
50

274
288

34
66
63
80
79

255

71

1,144
1,763
2,282
2,876
3,021
1.048
2,856

286
611
705
866
757
1,035
732

11,127
22,281
26,003
33,677
32,681
15,752
33,536

239
238

225
5,465
432
1,271
1,339
1,061
1,116

1,370
2,004
2,647
4,263
4,433
4,425
4,390

239
435
528
795
831
1,020
769

8,500
21,797
25,203
32,736
31,487
14,235
33,012

30
17
17
22
19
18
17

167
457
422
382

1,295
2,121
2,162
2,198

180
235
235
265

12,284
14,608
13,844
15,324

190
284
309

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




450

33,061
62,950
72,704
88,859
85,706
93,687
87,647

299

35

2,152
3,160
3,853
4,622
4,238
4.781
4,144

18
16
11

9
104
10
22
239
277

231

2
6
6
6
4

866
2,402
2,435
2,340
2,470

34,383
65
31
44,441
45,410 150
159
46,019
46,440 1,540

492 15,146
496 29,277

418
399
693
1,966
1,968
1,865
1,992
29
20
14
192
110
72
104

9
10
10
8
8

10,059
14,576
14,906
15,300
15,710

10 6,844
215 8,671

61
21
137
145

9.734
14,252
14,579
14,980

11,878
4
23,712 208
27,542
54
35,650
15
36,504 115
16,972 137
37,275 1,440

5,886
7,589
8,464
12,210
12,461
12,78.1
13,145

778

1,206
1,418
2,146
2.114
2,171
2,220

195
30
1
10
1
297

476
719
902
1,280
1,287

1.111

1,268

243
20
4,542
160 9,563
38
332 11,045
45
965 14,399
111
117 1,018 14,871
106
941 15,117
107
974 15,147

1 64S
2,120
2,259
2,803
2,715
2,745
2,783
288
377
426
600
612

271i

628

631

1,967
2,566
2,844
4,300
4,492
82 4,641
669 4,823
2
1
3
50

31
52
45
163
158
157
150

146
219
337
799
830
844
906

6,082
12,224
14,177
17,826
18,232
18,371
18,640

4
11
23
11
55
52
203

1,982
2,525
2,934
4,506
4.642
4; 769
4,908

6

172
436
468
475

6,858
8,814
8,929
9,071

12
16
35
22

1,596
2,369
29448
2,519

31
30
29

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.

860

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
loans investand
ments Loans
Month or date investadadments justed
* justed !

For purchasing
or carrying securities
ComTo brokers
mer- Agri- and
dealers
cial
culand
indus- tural U.S.
trial
Govt.
obligations

CerOther Loans
tifisecuto
cates
Real Other
estate loans Total Bills of in- Notes Bonds2 rities banks
debtloans
U.S.
edGovt. Other
ness
seob- curiligations ties
To others

Total—
Leading Cities
1955
July

8,843 21,217 8,703 1,082

2,746

1,203

7,933 9,212 32,046 ,074

912

469
461

2,465
2,334

1,268
1,267

8,560 10,824 26,775
8,622 10,828 26,306

690
590

510 6,056 19,519 7,945 1,390
359 5,952 19,405 7,808 1,361

50,060 27 ,498
50,483 27,775
51,354 "",453
51,144 28 ,389

473
483
463
456

2,430
2,452
2,598
2,380

1,273
1,259
1,269
1,271

8,508
8,547
8,582
8,606

10,732 26 ,719
10,821 26,745
10,846 27
27,055
10,899 26 ,582

629
651
796
683

517
543
622
358

6,035
6,031
6,123
6,036

19,538
19,520
19,514
19,505

7,947
8,008
7,927
7,896

1,456
1,363
1,282
1,459

86,980
86,458
86,279
85,799

85,521 51,097 28,381
85,132 5 0i,922
28,275
~ " 28
84,905
876 28,195
84,515
723 28,160

462
459
462
463

2,398
2,335
2,362
2,241

1,278
1,270
1,264
1,259

8,591
8,619
8,627
8,651

10,849 26,559
10,827 26
"',349
10,824 26 ,264
10,813 26,050

688
583
538
551

355
345
372
362

6,002
5,989
5,964
5,852

19,514
19,432
19,390
19,285

7,865
7,861
7,765
7,742

1,459
1,326
1,374
1,284

23,165

22,590 12,884

460

653 1,926 7,439

440

159

1,710

5,130

2,267

575

23,311
23,084

22,435 14,790 9,981
22,279 14,736 10,094

182 1,559
72 1,541

469
471

591
585

2,238 5,751
2,200 5,666

238
196

1,000
1,017

4,422
4,379

1,894
1,877

876
805

22,972
23,121
23,686
23,468

22,024
22,229
22,896
22,594

14,464
14,640
15,101
14,955

9,687
9,832
10,209
10,195

123
199
285
119

1,585
1,547
1,541
1,561

473
465
468
471

585
590
597
594

2,241
2,237
2,231
2,244

5,674
5,684
5,900
5,748

203
200
304
246

60
73
161
71

988
992
,011
,010

4,423
4,419
4,424
4,421

1,886
1,905
1,895
1,891

948
892
790
874

23,523
23,078
23,032
22,703

22,569
22,311
22,248
21,988

14,952
14,722
14,672
14,598

10,226
10,072
10,033
10,044

93
57
72
67

1,590
1,555
1,542
1,477

476
475
469
463

582
588
588
583

2,210
2,202
2,195
2,191

5,753
5,682
5,704
5,525

233
198
201
151

69
71
85
69

,020
,022
,041
987

4,431
4,391
4,377
4,318

1,864
1,907
1,872
1,865

954
767
784
715

62,464

61,957 30,914

7,133 16,087

63,559
63,295

63,045 35,970 18,048
62,739 36,168 18,159

468
460

63,210
63,478
63,932
63,613

62,702
63,007
63,440
63,028

35,596 17 ,811
35,843 17,943
36,253 18,244
36,189 18,194

63,457
63,380
63,247
63,096

62,952
62,821
62,657
62,527

36,145
36,200
36,204
36,125

85,629

84,547 43,798

86,870
86,379

85,480 50,760 28,029
85,018 50,904 28,253

86,182
86,599
87,618
87,081

84,726
85,236
86,336
85,622

23, 436

1956
June
July
1956
June
June
June
June
July
July
July

6
13
20
27
4
11
18

July 25
New York City
1955
July

250

7,967

1956
June

1,835

12

July
1956
June
June
June
June
July
July
July
July

6
13
20
27
4
11
18
25
Outside
New York City
1955
July

731

7,280

7,286 24,607

634

753

6,436

507

724
721

777
776

7,969
8,037

8,586 21,024
8,628 20,640

452
394

419 5,056 15,097 6,051
285 4,935 15,026 5,931

514
556

472
482
462
455

722
706
772
700

778
772
779
777

7,923
7,957
7,985
8,012

8,491 21,045
8,584
584 21,061
8, 615 21,155
8, 655 20,834

426
451
492
437

457
470
461
287

5,047
5,039
5,112
5,026

15,115
15,101
15,090
15,084

6,061
6,103
6,032
6,005

508
471
492
585

461
458
461
462

715
723
748
697

780
775
775
776

8,009
8,031
8,039
8,068

8,639
8,625
8,629
8,622

455
385
337
400

286
274
287
293

4,982
4,967
4,923
4,865

15,083
15,041
15,013
14,967

6,001
5,954
5,893
5,877

505
559
590
569

661

15,469

1956
June
July
1956
June
June
June
June
July
July
July
July

6
13
20
27
4
11
18
25

18,155
18,203
18,162
18,116

l Exclusive of loans to banks and after deduction of valuation reserves;
individual loan items are shown gross.




20,806
20,667
20,560
20,525

2 Includes guaranteed obligations.
See also NOTE on opposite page.

861

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
Reserves Cash
with
in
F. R. vault
Banks

Month or date

BalDeances mand
with
dedo- posits
mestic ad- 1
banks justed

Time deposits,
except interbank

Interbank
deposits

IndividDemand
States Certiuals, States
and U. S.
and
fied
part- politGovt.
polit- and U. S. nerand
ical
offi- Govt. ships, ical Postal
sub- Sav- Dosub- cers'
and
divi- ings mes- Fordivi- checks,
coreign
sions
etc.
poratic
tions

Borrowings

Time

Capital
acFrom From counts
F. R. others
Banks

TotalLeading Cities
1955
July

13,639

970 2,527 55,932 58,014 3,887 1,901 3,322 19,102 1,045

211 10,570 1,500

1,420

405

13,402
13,353

975 2,516 56,432 58,549 4,231 1,932 2,835 19,572 1,033
975 2,535 55,620 58,065 4,132 2,180 2,553 19,600 1,003

177 10,278 1,477
182 10,805 1,525

1,293
1,311

466 1,018 8,780
435 1,062 8,812

795 8,287

1956
June

,

July
1956
June
June
June
June
July
July
July

6
13
20
27
4
11
18

July 25

13,180
925
13,570 1,003
13,573
967
13,283 1,003

2,341
2,571
2,541
2,611

55,641 57,057
56,974 60 ,050
56,905 59 ,128
56,210 57 ,960

4,230
4,128
4,200
4,367

1,871
1,870
2,106
1,882

2,614
2,190
3,116
3,420

19,492
19,548
19,596
19,652

1,049
1,027
1,025
1,031

176
175
177
176

10,241
10,363
10,335
10,171

1,493
1,482
1,463
1,468

,262
,273
,309
,327

365 1,104 8,780
529
984 8,775
637
965 8,778
343 1,017 8,787

13,649
922
13,287 1,025
13,381
979
13,095
974

2,645 55,248
,
57,689
2,559 55,346 58,026
2,562 55,774 58,677
2,374 56,114 57,868

4,471
4,089
3,923
4,044

2,230
1,835
2,739
1,917

3,605
2,477
2,334
1,794

19,641 1,002
999
19,588
19,576 1,006
19,593 1,007

184
183
182
180

10,977
11,194
10,921
10,129

1,496
1,491
1,536
1,576

,342
,326
,285
,290

471
526
380
362

298

57 2,977 1,159

1,119

72

2,900 1,160
3,005 1,204

1,018
1,022

1,129
1,057
1,061
1,003

8,816
8,818
8,801
8,813

New York City
1955
July

4,437

146

58 15,749 16,906

4,234
4,131

144
141

15,978 17,313
15,445 16,807

305
897
278 1,137

4,163
4,392
4,180
4,198

141
149
137
148

15,742
16,234
16,154
15,782

16,839
17,823
17,454
17,135

297
280
327
318

2,173
2,229
2,224
2,216

2,867
2,892
2,912
2,929

1,160
1,151
1,165
1,164

,009
,015
,017
,032

4,225
4,010
4,174
4,114

142
153
135
136

15,451
15,261
15,562
15,508

16,905
16,583
16,984
16,757

320 1,082 1,175 2,200
280
769 2,169
825
262 1,694
700 2,152
250
512 2,165
948

3,059
3,055
3,052
2,854

1,187
1,195
1,191
1,241

,041
,011
1,016

9,202

824 2,469 40,183 41,108 3,589

991 2,172 17,105

933

154 7,593

341

301

333

404 5,602

9,168
9,222

831 2,460 40,454 41,236 3,926 1,035 2,035 17,361
834 2,470 40,175
~ '""41,258 3,854 1,043 1,764 17,428

949
931

142 7,378
146 7,800

317
321

275
289

437
413

636 6,010
566 6,034

9,017
9,178
9,393
9,085

784
854
830
855

2,289
2,513
2,483
2,555

39,899
40,740
40,751
40,428

40 ,218 3,933
921
42 ,227 3,848 1,028
41,674 3,873 1,151
40
",825 4,049 1,041

1,872 17,319
1,619 17,319
2,292 17
17,372
2,356 17,436

951
949
948
949

140
140
142
141

7,374
7,471
7,423
7,242

333
331
298
304

253
258
292
295

365
529
520
343

747
621
573
603

6,010
6,004
6,009
6,019

9,424
9,277
9,207
8,981

780
872
844
838

2,575
2,497
2,493
2,315

39,797
40,085
40,212
40,606

40
41
41
41

2,430
1,708
1,634
1,282

929
930
932
934

148
147
146
144

7,918
8,139
7,869
7,275

309
296
345
335

301
305
274
274

466
451
370
362

544
553
595
573

6,034
6,041
6,024
6,038

910 1,150 1,997

112

391 2,685

1956
June

800 2,211
789 2,172

382 2,770
496 2,778

July
1956
June
June
June
June
July
July
July
July

6
13
20
27
4
11
18
25
Outside
New York City

950
742
842
571
955
824
841 1,064

117

,021

357
363
392
414

2,770
2,771
2,769
2,768

585
504
466
430

2,782
2,777
2,777
2,775

1955
July
1956
June
July
1956
June
June
June
June
July
July
July
July

6
13
20
27
4
11
18
25

784
443
693
111

4,151 1,148
3,809 1,010
3,661 1,045
3,794
969

1
Demand deposits other than interbank and U. S. Govt. less cash
items reported as in process of collection.




17,441
17,419
17,424
17,428

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.

862

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

Food,
liquor,
and
tobacco

PetroTextiles, Metals
leum,
and
apparel,
coal,
metal chemical,
and
prodleather
and
ucts 3
rubber

Other

Trade
(wholesale
and
retail)

Commodity
dealers

Sales
finance
companies

Public
utilities
(incl.
transportation)

Construction

Comm'l
and
All
ind'l
Net
other
changechanges
types
all
classiof
weekly
fied
business
reporting
banks 4

1953—Jan.-June
July-Dec

-657
537

156
-107

420
-326

-45
138

90
-49

215
-7

-644
392

-91
-137

12
91

18
-23

-11
101

-536
610

-805
795

1954—Jan.-June
July-Dec

-505
498

55
-26

-577
-548

-10
88

-1
-62

-41
120

-363
539

-175
32

126
-225

71
82

106
132

-1,314
630

-1,496
539

1955—Jan.-June
July-Dec

-540
480

220
71

177
224

313
208

153
63

146

-461
469

589
704

384
27

134
106

143
370

1,257
3,050

1,078
53,206

1956—Jan.-June

-302

238

1,362

424

369

-386

-322

365

54

149

2,124

42,243

1956—May
June
July

-81
25
-100

38
62
29

53
396
-121

-7
170
64

32
106
75

-107
-96
142

-101
59
-204

-44
222
-28

33
24
-16

103
86
24

-62
1,019
-139

-57
1,082
-229

Week ending:
1956—May 2
May 9
May 16
May 23
May 30

-2
-10
-24
-35
-11

16
14
24
2
-14

61
53
88
3
-151

-6
-1
25
-16
-10

14
15
17

30
7
9
-14
-12

-12
-17
-37
-18
-24

30
-45
-8
-53
-26

45
-76
-9
4

4
14
10
7
-1

40
7
57
-1

220
-39
152
-124
-271

219
-25
168
-111
-308

June 6
June 13
June 20
June 27

-20
16
25
4

7
18
26
11

29
114
215
37

159
24
-13

34
29
48
-5

4
-52
22
-9

-25
-21
-26
-24

-43
-27
242
-112

26
77
105
13

2
16
8
-5

21
36
13
16

195
230
664
-70

191
277
678
-64

July 4
July 11
July 18
July 25

-25
-46
-14
-15

16
18
-4
-1

-28
-39
-37
-17

21
8
15
20

70
10
-6

4
1
4
c

10
2
42
88

8
-100
-46
-67

-16
9
-3

-11
1
-4
-1

27
12
c
-10

23
-89
-56
-17

-8
-106
-80
-35

327
171
20
-35
-4

"-u"

i D a t a 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.

o

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 AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances
Commercial and finance
company paper
Held b y :
Accepting banks

End of year or month
Total

Placed
Placed
directthrough
ly
dealers * (finance
paper) 2

Bills
Own
Own Forbills bought acct. eign
corr.

920
1,331
1,745
1,966
1,924

345
449
552
564
733

575
882
1,193
1,402
1,191

394
490
492
574
873

192
197
183
172
289

114
119
126
117
203

78
79
57
55
86

i955_june
July
Sept
Oct
Nov
Dec

2,303
2,411
2,359
2,245
2 255
2,283
2,008

572
593
580
564
547
542
510

[,731
[,818
1,779
1,681
1,708
[,741
1.498

655
650
655
671
662
642
642

182
184
186
190
189
187
175

138
144
142
147
144
134
126

44
40
44
43
45
52
49

1956—Jan
Feb
Mar
Apr
M!ay
June

2,350
2 618
2,545
2,514
2 607
2,427

573
588
560
508
515
476

1,777
2 030
1,985
2,006
2,092
1,951

624
667
660
628
r
643
684

169
184
170
146
157
180

124
135
130
108
113
109

44
49
40
39
44
71

r

Revised.
i As reported by dealers; includes finance company paper as well as
other commercial paper sold in the open market.




F. R.
Banks

Total

1950
1951
1952
1953 .
1954

AUK

Based on:

Imports
into
United
States

Goods stored in or
Exshipped between
ports Dollar
points in:
from
exUnited change
States
United Foreign
States countries

21
21
20
24
19

180
272
289
378
565

245
235
232
274
285

87
133
125
154
182

2
23
39
29
17

16
10
14
21
16
17
28

26
23
27
27
26
27
33

431
433
427
433
430
410
405

216
223
220
253
258
259
252

189
186
182
189
201
205
210

40
41

18
14
14
13
16
18

32
37
39
42
45
45

406
431
436
427
r
424
441

237
263
263
235
245
264

220
234
236
240
r
252
251

11
20
18
10
9
9

41
33
33
20
17

28
55
64
75

300
125
108
111
108
82
73

32
44
32
43
89

63

85
92
101
87
87
86
100

46
43
49
43
33
34

110
106
94
100
104
125

2 As reported by finance companies that place their paper directly with
investors.

863

INTEREST RATES

BANK RATES ON SHORT-TERM BUSINESS LOANS

MONEY MARKET RATES
[Per cent per annum]

Year,
month, or
week

Finance
Prime
Prime
combankcompany
ers'
mercial
paper
paper
placed acceptances,
4- to 6- direct90
months *
ly.
3- to 6- daysi
1
months

[Per cent per annum]
Size of loan (thous. of dol.)

U. S. Government
securities (taxable) 2
Area and period
3-month bills
Q tr% 1 0 3- to 5month3 year 4
MarRate issues
issues
ket on new
yield issues

1953 average...
1954 average...
1955 average...

2.52
1.58
2.18

2.33
1.42
1.97

1.87
1.35
1.71

1.90

1955—July
Aug
Sept
Oct
Nov
Dec

2.11
2.33
2.54
2.70
2.81
2.99

1.87
2.02
2.28
2.46
2.53
2.80

1956—Jan
Feb
Mar
Apr
May....
June....
July

3.00
3.00
3.00
3.14
3.27
3.38
3.27

Week ending:
June 30.
July 7.
July 14.
July 21.
July 28.

3.38
3.34
3.31
3.29
3.19

1.73

1.931
.953
1.753

2.07
.92
1.89

2.56
1.82
2.50

1.50
1.67
2.08
2.23
2.17
2.43

1.60
1.90
2.07
2.23
2.25
2.54

1.622
1.876
2.086
2.259
2.225
2.564

1.88
2.12
2.14
2.19
2.28
2.56

2.54
2.73
2.72
2.58
2.70
2.83

2.88
2.88
2.88
2.93
3.00
3.00
2.94

2.45
2.38
2.38
2.44
2.50
2.45
2.43

2.41
2.32
2.25
2.60
2.61
2.49
2.31

2.456
2.372
2.310
2.613
2.650
2.527
2.334

2.50
2.38
2.43
2.83
2.83
2.69
2.62

2.74
2.65
2.83
3.11
3.04
2.87
2.97

3.00
2.97
2.94
2.94
2.94

2.38
2.38
2.38
2.43
2.50

2.48
2.33
2.33
2.26
2.32

2.535
2.409
2.387
2.237
2.303

2.60
2.56
2.54
2.55
2.74

2.90
2.85
2.90
2.96
3.09

.94

1
2
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.

Annual averages,
19 large cities:
1953
1954 .
1955

....

Quarterly:!
19 large cities:
1955—Sept
Dec
1956—Mar . .
June
New York City:
1955_Sept
Dec
1956—Mar
June
7 Northern & Eastern
cities:
1955 Sept
Dec
1956—Mar
June
11 Southern & Western
cities:
1955—Sept
Dec
1956—Mar
June . . .

All
loans

110

10100

100200

200
and
over

3.7
3.6
3.7

5.0
5.0
5.0

4.4
4.3
4.4

3.9
3.9
4.0

3.5
3.4
3.5

3.77
3.93
3.93
4.14

4.98
5.01
5.05
5.18

4.44
4.52
4.55
4 69

3.99
4.14
4.13
4.34

3.56
3.75
3.74
3.97

3.54
3.76
3.75
3.97

4.83
4.86
4.92
5.00

4.39
4.48
4.49
4.61

3.87
4.00
4.05
4.23

3.39
3.64
3.62
3.86

3.76
3.95
3.93
4 15

5.06
5.08
5.11
5.26

4.43
4 52
4.55
4 74

3.99
4.16
4.10
4 32

3.58
3.79
3.78
4.01

4.11
4.17
4.19
4.38

5.01
5.06
5.09
5.23

4.47
4.54
4.58
4.71

4.07
4.22
4.20
4.42

3.88
3.91
3.94
4.15

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]

Year, month,
or week

U. S. Govt.
bonds
(long-term)

General
obligation^ S 4

Old
New Totals
series2 series3

Aaa

Baa

5
2.31

5
3.41

Revenue Total 5
bonds 6

By selected
ratings
Aaa

Baa

Industrial stocks
Dividends/
price ratio

By
groups
Industrial

Railroad

PrePublic
utility ferred 7

Common 4

Earnings/
price ratio
Common 8

10

120

30

30

40

40

40

14

125

125

3.09
3.14

3.02
2.81
2.85

3.43
3.16
3.25

3.20
2.90
3.06

3.74
3.51
3.53

3.30
3.09
3.19

3.55
3.25
3.34

3.45
3.15
3.22

4.27
4.02
4.01

5.51
4.70
3.93

10.14
8.75
8.04

2.23
2.33
2.31
2.25
2 20
2.29

3.17
3.22
3.24
3.22
3 20
3.25

2.86
2.92
2.92
2.89
2 87
2.97

3.24
3.29
3.31
3.30
3 29
3.33

3.06
3.11
3.13
3.10
3 10
3.15

3.52
3.56
3.59
3.59
3 58
3.62

3.18
3.25
3.25
3.23
3.22
3.26

3.32
3.36
3.40
3.38
3 38
3.42

3.22
3.26
3.29
3.27
3 28
3.31

3.96
4.01
4.06
4.04
4 01
4.05

3.63
3.76
3.76
3.96
3 96
3.92

7.19

2.69
2.63
2.67
2.84
2.83
2.72
2.78

2.27
2.19
2.24
2.43
2.46
2.34
2.39

3.24
3.21
3.24
3.38
3.37
'3.26
3.34

2.91
2.89
2.95
3.07
3.06
3.02
3.07

3.30
3.28
3.30
3.41
3.46
3.46
3.50

3.11
3.08
3.10
3.24
3.28
3.27
3.28

3.60
3.58
3.60
3.68
3.73
3.75
3.79

3.23
3.20
3.24
3.37
3.40
3.39
3.42

3.40
3.37
3.37
3.47
3.53
3.55
3.59

3.28
3.26
3.27
3.38
3.44
3.44
3.48

4.03
3.99
4.01
4.15
4.22
4.17
4.16

4.08
3.93
3.68
3.69
3.97
3.82
3.70

2.72
2.76
2.78
2.79
2.80

2.34
2.38
2.38
2.40
2.41

-3.26
3.31
3.34
3.35
3.37

3.03
3.04
3.05
3.08
3.11

3.47
3.48
3.49
3.49
3.52

3.27
3.26
3.27
3.28
3.30

3.77
3.78
3.78
3.79
3.82

3.40
3.41
3.40
3 41
3.44

3.55
3.57
3.58
3.59
3.61

3.46
3.46
3.47
3.48
3.49

4.17
4.18
4.15
4.16
4.16

3.8?
3.74
3.70
3.65
3.69

Number of issues....

3-7

1-2

20

1953 average
1954 average
1955 average

2.93
2.53
2.80

3.16
2.70
2.94

2.82
2.46
2.57

1955__july
Aug
Sept
Oct
Nov
Dec

2.87
2.91
2 88
2.82
2 85
2.88

2.96
3.02
3.00
2.96
2 96
2.97

2.62
2.69
2.70
2.64
2 60
2.70

1956 Jan
Feb
Mar
Apr
May
June
July

2.86
2.82
2.90
3.05
2.93
2.89
2.97

2.94
2.93
2.98
3.10
3.03
2.98
3.05

Week ending:
June 30
July 7
July 14
July 21
July 28

2.92
2.90
2.95
2 98
3.02

3.00
2 98
3.01
3 05
3.10

2.04
2.18

r
Revised.
1 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
are as of the end of the period, except for annual
averages.
2 Consists of fully taxable, marketable 2l/i per cent bonds due or first
callable after 12 years, through Sept. 30, 1955, and those due or callable
in 310-20 years, beginning Oct. 1, 1955.
Consists of the 3V4 per cent bond of 1978-83 and, beginning Feb. 1,
1955, the 3 per cent bond of February 1995.




Corporate bonds 4

State and local govt. bonds

7.96

*7.06
7.54

4
Moody's Investors Service.
5
Includes bonds rated Aa and A, data for which are not shown separately. Because of a limited number of suitable issues, the number of
corporate bonds in some groups has varied somewhat.
6
Dow-Jones and Co.
7
Standard and Poor's Corporation. Ratio is based on 8 median yields
in 8a sample of noncallable issues—12 industrial and 2 public utility.
Computed by Federal Reserve from data published by Moody's Investors Service.

864

SECURITY MARKETS
SECURITY PRICES '
Common stock prices

Bond prices
U. S. Govt.
(long-term)
Year, month,
or week
New
Old
seseries 2 ries3

CorpoMunicipal rate
(high- 4 (high- 4
grade) grade) Total

Industrial

Railroad

Volume
of
tradings
(in
Manufacturing
Trade,
thoufiTrans- Pubsands
lic nance, Minporta- utilof
ing shares]
and
Du- Nontion
duTotal rable
servity
rable
ice

Securities and Exchange Commission series
(index, 1939= 100)

Standard and Poor's series
(index, 1935-39= 100)

Public
utility

Total

17

480

420

20

40

265

170

98

72

21

29

31

14

1953 average
1954 average
1955 average

93.90 101.46 119.7
99.51 109.60 125.8
95.97 103.36 123.1

112.1
117.2
114.4

189
227
342

204

122
136
152

193

220
271
374

193
245
352

245
295
394

219
233
320

122
136
153

207
236
297

240

250

170
180
248

1955—July

94.96
94.51
94.87
95.83
95 46
95.07

102.73
101.57
101.95
102.75
102.73
102.62

121.4
120.5
121.3
122.5
122.6
119.8

114.3
113.2
113.1
113.6
113.7
112.4

315
311
323

360
354
371

395
390
407
385
411

334
324
331

157
156
155

304

419

365
389
396

403
430
439

309
325
332

151
154
154

307
325
323

317
311
317
294
312

153

319
315
327
310
328
334

421
410
425

350
369
377

156
156
155
151
154

366
368
387

306
322
327

256
250
257
241
255
258

95.40
95 94
94.88
92.86
94 40
95.03
93.94

103.04
103.28
102.41
100.05
101.35
102.22
100.98

121.3
122 3
120.3
116.9
117 3
119.2
118.6

113.3
113 9
113.2
111.2
110 6
110.5
110.3

323
324
347

372
373
401

249
250
265

153
155
159

326
330
351

408
413
443

379
383
412

434
441
472

320
323
344

154
156
160

310
310
322

94.56
94.76
94.28
93.82
93.40

101.92
102.16
101.65
100/89
100.01

119.0
118.6
118.8
118.6
118.5

110.6
110.6
110.1
110.4
110.0

Number of issues...

Sept
Oct
Nov .
Dec
1956—Jan
Feb

Mar
Apr
May

June
July
Week ending:
June 30
July 7
July 14
July 21
July 28

3-7

1 2

15

341

230
305

302
320

267
313

326

1,419
2,270
2,578
2,423
1,818
2,862
2,008
2,319
2,428

351
344

408
399

271
269

156
155

452
441

410
398

491
480

157
156

317
306

341
357

397
417

257
260

154
157

341
359

434
460

393
421

471
495

328
335

155
159

300
315

352
369

2,247
2,320
2,874
2,576
2,420
1,771
2,177

345
348
356
360
362

403
406
417
423
424

258
255
260
260
265

155
156
157
157
160

347
354
358
363
362

442
453
458
465
463

404
412
420
426
425

477
491
493
500
497

332
334
334
335
336

156
157
158
159
161

303
307
318
318
316

354
364
362
377
372

1,800
1,968
2,272
2,262
2,110

1
Monthly and weekly data for U. S. Govt. bond prices and volume
of trading are averages of daily figures; for other series monthly and
weekly data are based on figures for one day each week—weekly closing
prices for common stocks (Securities and Exchange Commission) and
Wednesday closing prices for all others.
2 Series composed of fully taxable, marketable 2V£ per cent bonds due
or first callable after 12 years through Sept. 30, 1955, and, beginning Oct.

355
347

348
342

330
350
373

369
364

1, 1955, those due or callable in 10-20 years.
3 The 3V4 Per cent bond of 1978-83 and, beginning Feb. 1, 1955, the 3
per4 cent bond of February 1995.
Prices derived from average yields, as computed by Standard and
Poor's Corporation, on basis of a 4 per cent 20-year bond.
5 Average daily volume of trading in stocks on the New York Stock
Exchange for a five and one-half hour trading day.

STOCK MARKET CREDIT
[In millions of dollars]
Customer credit

End of month or last
Wednesday of month

Broker and dealer credit *

Bank loans to others (than
Net debit balances with
TotalNew York Stock1 Exchange brokers and dealers) for pur- 2
securities
chasing and carrying securities
firms
other than
U. S. Govt.
obligations
Secured by
Secured by
(col. 3 +
Other
U. S. Govt.
U. S. Govt.
other
col. 5)
securities
obligations
obligations
securities

Money borrowed
On
U. S. Govt.
obligations

On
other
securities

Customer
net
free
credit
balances

1952—Dec
1953 Dec
1954—Dec

1,980
2,445
3,436

33
31
41

1,332
1,665
2,388

149

88
65

780
1.048

88
69

1,074
1,529

1955

Sept
Oct
Nov
Dec

3,870
3,911
3,865
3,966
3,944
3,980
4,030

46
45
43
43
40
38
34

2,711
2,734
2,710
2,805
2,749
2,759
2,791

31
29
29
33

1.159
1,177
1,155
1,161
1,195
1,221
L239

73
77
71
68
71
75
51

2,020
2,003
1,994
2 056
2,088
2,185
2,246

917
918
887
977

1956—Jan
Feb
Mar
Apr
M!ay
June

4,040
3,991
4,038
4,043
4,047
4,009

36

2,786
2,740
2,786
2,788
2,810
2,786

1,254
1,251
1,252
1,255
1,237
1,223

41

2,129
2,137
2 127
2,145
2,186
2,195

905
913
960
896

June
July
Au2

34
31
33

38
34

i 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.




29

27
32
37
36
40
40

40
48

648

30

52
50
44

42
39

877

727
713
1,019

920

876
894

870
836

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.

865

SAVINGS INSTITUTIONS
LIFE INSURANCE COMPANIES 1
[Institute of Life Insurance data.

In millions of dollars]

Government securities
Total
assets

Date

Total

Business securities

U.S.
United State and Foreign 2
States
local

Total

Bonds

Stocks

Mortgages

Real
estate

Policy
loans

Other
assets

End of year: 3
1941
1945 .

32,731
44,797

9,478
22,545

6,796
20,583

1,995
722

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

1948
1949
1950 . .
1951
1952
1953
1954
1955

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

73 034
78,201
84,068

12,814
12,452
12,199

10 195
9,767
9,021

1 126
1,278
1,833

1,493
1,407
1,345

31,286
34,265
36,695

29,095
31,926
33,985

2,191
2,339
2,710

21,245
23,275
25,928

1 868
1,994
2,275

2 699
2,894
3,087

3 122
3,321
3,884

'86,519 12,261
86 967 12,239
87,636 12,292
88 087 12,368
88 529 12,325
89,016 12,236
89 491 12,096
90,219 11,758

9,058
9 046
9,096
9 179
9,129
9,027
8 891
8,546

1,956
1,957
1,979
1,979
1,983
1,990
1,987
1,998

1,247
1,236
1,217
1,210
1,213
1,219
1,218
1,214

'37,534 '34,746
37,677 34,848
37,927 35,058
37,921 35,046
38,123 35,253
38,385 35,506
38,546 35,647
38,855 35,932

'2,788
2,829
2,869
2 875
2,870
2,879
2,899
2,923

27,217
27 483
27,748
28 001
28,250
28,563
28 868
29,433

'2,406
2 420
2,453
2 471
2,492
2,506
2 523
2,557

3,190
3 207
3,230
3 245
3,260
3,271
3,283
3,293

'3,911
3 941
3,986
4 081
4 079
4,055
4 175
4,323

90,842
91,240
91 543
92,025
92,478

8,393
8,236
8 045
8,085
7,986

2,125
2,144
2,153
2,153
2,140

1,233
1,228
1,217
1,201
1,206

2,930
2,948
2,977
2,980
2,974

29,800
30,102
30,383
30,651
30,991

2,568
2,589
2 609
2,624
2,646

3,307
3,324
3 345
3,365
3,385

4,270
4,241
4 221
4,241
4,270

End of month: 4
1952—Dec
1953—Dec
1954—Dec
1955—Mav
June
July
AUR.

..

Sept
Oct
Nov
Dec
1956—Jan
Feb

Mar
Apr
Mav

11,751
11,608
11,415
11,439
11,332

' Revised.
Figures are for all life insurance companies in the United States.
Represents issues of foreign governments and their subdivisions
and bonds of the International Bank for Reconstruction and Development.
3
These represent annual statement asset values, with bonds carried on
1
2

687

39,146
39,376
39,570
39,705
39,854

36,216
36,428
36,593
36,725
36,880

an amortized basis and stocks at end-of-year market value.
4 These represent book value of ledger assets. Adjustments for interest
due and accrued and for differences between market and book values
are not made on each item separately, but are included, in total, in "Other
assets."

SAVINGS AND LOAN ASSOCIATIONS i
[Federal Savings and Loan Insurance Corporation data.

In millions of dollars]
Assets

Assets

Total 2

Mortgages 3

U. S.
Govt.
obligations

6,049
8,747

4,578
5,376

107
2,420

344
450

775
356

13 028
14,622
16 893
19,222
22,660
26 733
31,736
37,880

10 305
11,616
13 657
15,564
18,396
21 962
26,193
31,584

1 455
1,462
1 487
1,603
1,787
1 920
2,021
2,381

880
924
1,066
1,289
1,479
1,980
2.087

663

501

End of year

1941
1945
1948 . .,
1949
1950 . . . . . .
1951...,
1952
1953
J954
1955* . . . . . .
p
1

Cash

Other 4

566
733
899
1,108
1,297
1,472
1,763

Savings
capital

4,682 1954 l
2
7,365
3
4
10,964
12,471
13,992 1955—1?
16,107
2»
19,195
3P
4*>
22,846
27,334
32,305 1956— 1*

Preliminary.
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.




End of
quarter

2

Total 2

Mortgages 3

U. S.
Govt.
obligations

27,658
29,094
30,165
31,736

22,712
23,836
25,065
26 193

1,927
1,959
1 969
2 021

33,075
35,080
36,343
37,880

27,373
29,107
30,687
31,584

39,049

32,529

Other*

Savings
capital

1,618
1,794
1,681
1 980

1,327
1,432
1,379
I 472

23,909
25,170
25,903
27 334

2 203
2,287
2,340
2 381

1,928
1,973
1,612
2,087

1,502
1.645
1,639
1 763

28,482
29,963
30,636
32,305

2,615

1,999

1,842

33,446

Cash

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.

866

FEDERAL CREDIT AGENCIES
SELECTED ASSETS AND LIABILITIES OF GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
[Based on compilation by Treasury Department.

In millions of dollars]
End of quarter

End of year
Asset or liability, and corporation or agency

1

Loans, by purpose and agency:
To aid agriculture* total
Banks for cooperatives
Federal intermediate credit banks
Federal Farm Mortgage Corporation.
Farmers Home Administration
Rural Electrification Administration. .
Commodity Credit Corporation
Other agencies
To aid home owners, total
Federal National Mortgage Assn 3
Home Owners' Loan Corporation . .4.
Reconstruction Finance Corporation .
Veterans Administration
Other agencies
To railroads, total
Reconstruction Finance Corporation 4
Other agencies
To other industry, total
Reconstruction Finance Corporation 4 .
Department of the Treasury
Other agencies
To financing institutions, total.
Federal home loan banks...
Other agencies
Foreign, total
Export-Import Bank
Reconstruction Finance Corporation 4
U. S. Treasury Department 6
International Cooperation Administration.
All other purposes, total
Reconstruction Finance Corporation 4 .
Public Housing Administration
Other agencies
Less: Reserve for losses
Total loans receivable (net).
Investments:
U. S. Government securities, total
Banks for cooperatives
Federal intermediate credit banks
Production credit corporations
Federal home loan banks
Federal Savings and Loan Insurance Corp.
Federal Housing Administration
Federal Deposit Insurance Corporation. . .
Other agencies

1955
1948

1949

1950

1951

1952

1953

1954

3,632
305
426
80
2 525
999
1,293
5

4,362
302
437
60
523
1,301
1,729
9

3,884
345
510
45
535
1,543
898
7

4,161
425
633
34
539
1,742
782
6

5,070
424
673
25
596
1,920
1,426
6

6,811
377
590
18
648
2,096
3,076
5

6,929
367
638

768
199
369
177

1,251
828
231
168

2,142
1,850

2,603
2,242

22

24

1,528
1,347
10
137
35

123
169

140
138
3

114
112
3

110
108
2

101
99
2

310
272
[ 38

462
423
38

458
400
58

488
415

525
515
10

445
433
12

824
816

6,102
2,145
206
3,750

6,090
2,187
154
3,750

584
190
294
100

1,854
43
44
66
274
199

•

6,362
322
847

5,853
359
833

6,715
375
689

701
2,226
2,981
4

13

7,466
340
725
12
774
2,253
3,357
4

770
2,286
2,137
1

755
2,316
1,590
1

681
2,348
2,621
1

2,930
2,462

2,907
2,461

3,013
2,538

3,095
2,593

3,122
2,590

3,205
2,641

115
246 /

108
300
60

383
63

408
67

430
72

456
76

480
84

82
80
2

79
77
2

12

13

11

11

516
457
58 /

509
294
174
40

420

426

353
67

814
806

864
864

952
952

6,078
2,226
101
3,750

6,110
2,296
64
3,750

7,736
2,496
58
3,667
71,515

484
88
297
99

531
59
366
105

779
61
609
109

2,047
43
74
39
275
214

2,075

2,226

43
46
42
199
193
244

43
51
43
249
200
285

74

11

11

426

706

667

353
73

348
78

328
378

306
362

870
868
2

704
702
2

1,019
1,017
2

1,277
1,275
2

1,419
1,417
2

8,043
2,833
52
3,620
1,537

8,001
2,806

7,968
2,768

8,032 8,025 7,988
2,774 2,735 2,702

3,570
1,624

3,570
1,630

3,567
1,692

3,567
1,722

3,519
1,767

1,095
50
919
126

763
57
535
171

438

451

474

477

501

2,421
43
60
43

2,602
43
63
45
387

2,967

3,187

319
1,526
1

43
61
42
641
228
327

43
60
42
771
234
344

1,624

1,692

3,385

3,385

3,385

3,385

44

40

47

44

3
42
2

3
38
3

93
113
119
408
325
332
494
411
476
268
228
368
259
203
140
185
173
11,692 12,733 13,228 14,422 17,826 19,883 19,348 19,782 18,927 19,061 •0,238

188

311
208

1,064
21

1,205
9

1,307

1,353

316
1,437

1

2

1

3,385

3,385

3,385

Other securities, total
Reconstruction Finance Corporation 4 .
Production credit corporations
Department of the Treasury
Other agencies

133
98
29

107
83
22

Commodities, supplies, and materials, total.
Commodity Credit Corporation
,
Reconstruction Finance Corporation 4 ...
Department of the Treasury
,
Other agencies
,

627
437
157

1,549
1,376
142

32

Investment in international institutions.

Land, structures, and equipment, total
Public Housing Administration
Reconstruction Finance Corporation 4
Tennessee Valley Authority
Federal Maritime Board and Maritime Adm 3 .
Other agencies^
Bonds, notes, and debentures payable (not guaranteed),
total
Banks for cooperatives
Federal intermediate credit banks
Federal home loan banks
Federal National Mortgage Assn
For footnotes see following page.




12

144

3,385
78
66
11

36
8

217

35
5

1

1,461
1,174
129
159

1,280 2,514
978 2,086
156
172
131 I 272

3,852
3,302

30

1,774
1,638
108
28

3,060
1,448
630
793

2,962
1,352
611
830

2,945
1,248
605
886

3,358
1,251
594
1,048

3,213
1,173
199
1,251

189

168

206

465

590

8,062
1,018
175
1,475
4,834
561

8,046
»96
1,739
4,798
1,412

965
70
480
415

772
78
490
204

1,190
110
520
560

1,369
170
674
525

1,330
181
704
445

1,182
150
619
414

1,068
156
640
272

80
470

2

100
374

96
381

3,108
43
60
42
661
241
354
1,706

2,909
43
72
42
443
234
370
1,705

3,236
43
63
42
745
241
381
1,720

2

2

1

3,385 3,385 3,385
45
3
40
2

29
3
23
3

29
2
23
4

3,612
2,983
65
564

3,476
2,910

4,129
3,518

4,356
3,747

19
547

17
594

20
589

7,982

7,821
64

7,799
64

7,822
64

1,781
4,749
1,372

1,812
4,807
1,137

1,823
4,812
1,100

1,829
4,822
1,107

,561
139
713
139
570

1,840
123
811
336
570

2,086
160
821
534
570

2,379
185
665
958
570

867

FEDERAL CREDIT AGENCIES
PRINCIPAL ASSETS AND LIABILITIES OF GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
[Based on compilation by Treasury Department.

In millions of dollars]
Liabilities, other than
interagency items

Assets, other than interagency items *

Date, and corporation or agency

Loans
Total

Cash

ceivable

Bonds, notes,
U . S . Priand debenLand,
Govt. vately
struc- Other tures payable Other inter- owned
interasliabilest
and
plies, U . S .
Guarsets
ities
Other equipand
anteed Other
secument
mate- Govt.
by
rials securities rities
U.S.

Commodities,

Investments

All agencies
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
1954—Dec.

31
31
31
313
313
313
31

21,718
630 11,692
23,733
441 12,733
24,635
642 13,228
26,744
931 14,422
29,945
944 17,826
38,937 1,190 19,883
41,403 1,371 19,348

1,549
1,774
1,461
1,280
2,514
3,852

1,854
2,047
2,075
2,226
2,421
2,602
2,967

3,518
3,492
3,473
3,463
3,429
3,425
3,432

3,060
337
2,962
509
2,945
499
3,358
882
3,213
832
8,062 1,261
8,046 2,387

38
28
23
43
53
75

J90
,369
,330
,18?
,068

1,663
1,720
1,193
1,161
1,728
3,818
4,183

18,886
21.030
21,995
23,842
26,456
33,429
35,610

1955—Mar.
June
Sept
Dec.

31
30
30
31

41,996
40,639
41 183
45,304

3,612
3,476
4,129
4,356

3,187
3,108
2,909
3,236

3,429
3,430
3,414
3,414

7,982
7,821
7,799
7,822

2 629
2,634
2 415
4,900

,561
.840
41
43 2 086
44 2,379

4,013
3,019
2 OH
2,703

35,848
35,171
36 460
39,583

5
9

185
665

2
8

231
110
45
12

1,375 19,782
1,244 18,927
1 456 19,061
1,338 20,238

627

33

965
772

31

166
183
234
329
378
434

508
543
568
583

596

Classification by agency
Dec. 31, 1955
Farm Credit Administration:
Banks for cooperatives
Federal intermediate credit banks
Production credit corporations
Federal Farm Mortgage Corp

450
783
45
13

30
21

372
689

42

1

2 469
7 329
668
17

Federal Home Loan Bank Board:
Federal home loan banks
Federal Savin cs and Loan Insurance Coro

2,231
250

62 1,417
1

313
629
2,741
756

Federal Deposit Insurance Corp
Tennessee Valley Authority
Federal Maritime Board and Maritime Adm
Panama Canal C o m p a n y . . .
Veterans Administration.
Department of the Treasury
International Cooperation Administration .
All other

Office of the Administrator
Small Business Administration

(5)

9 2 345
2 544 3 747

149

24

54
15

1

587

2

92
26
65
31
81 2,638
261
73

381

1

57
2,761
1,734
2,006
5 507

51
4
9 2,725
4 (5)
140
356
261

1,720

464
673
10,685
1,774
950

25
154
481
100 3,825
2 1,767
115
106

••«••

p>
64
1

12
3
20
504

3,408

44
570

712
11

-1
239

27
285
185
400
33 2,135
8
748
56
2,691
94 1,640
41 1,965
147 5 360

421
6
2
32
20 3,312
5
127
98

13
451
664
9
8 10,676
1 774

1,829
4 822

(5)

958

2
26
10
12
24

1
44

5
8
131
150
22
36

31

1 2 469
1 280 6 049
667
5
13

115
865

26
2

745
241

1
Loans by purpose and agency are shown on a gross basis; total loans
and all other assets are shown on a net basis, i.e., after reserve for losses.
2 Includes figures for the Regional Agricultural Credit Corporation, the
assets and liabilities of which have been administered by this agency
since dissolution of the RACC in 1949.
3 Changes in coverage over the period for which data are shown are as
follows: exclusion of the Home Owners' Loan Corporation after June
1951, when U. S. Govt. interest was repaid; and inclusion of the Mutual
Security Agency (superseded by the Foreign Operations Administration
and later by the International Cooperation Administration) beginning
June 1952 and of the Federal Maritime Board and Maritime Administration beginning June 1953.
4 The RFC Liquidation Act approved July 30, 1953 (67 Stat. 230)
terminated the RFC's lending authority, effective Sept. 28, 1953. Its
lending activities under the Federal Civil Defense Act of 1950 and the
Defense Production Act of 1950 were transferred to the Treasury on that
date. When the Corporation went out of existence on June 30, 1954,
certain loans, securities, and other assets were transferred to the Federal
National Mortgage Association, the Small Business Administration, and




2

12

Department ot Agriculture:
Rural Electrification Administration
Commodity Credit Corporation
Farmers Home Administration
Federal Crop Insurance Corp

Housing and Home Finance Agency:
Public Housing Administration
Federal Housing Administration

(5)

43
63

46

562

3

904

the Export-Import Bank, and the Treasury assumed responsibility for
completing liquidation of other activities.
5 Less than $500,000.
6 Figures represent largely the Treasury loan to United Kingdom and
through 1952 are based in part on information not shown in Treasury
compilation.
7
Figure not published in Treasury compilation, but derived by Federal
Reserve. See also footnote 3.
8 Effective July 1, 1954, the public war housing program of the PHA
(represented largely by land, structures, and equipment) and several
small housing programs managed by the Office of the Administrator,
Housing and Home Finance Agency, were designated to be liquidated by
the Office of the Administrator, shown under other agencies.
9 Beginning 1951, includes figures for Panama Canal Company, a new
corporation combining the Panama Railroad Company (included in
earlier Treasury compilations) and the business activities of the Panama
Canal (not reported prior to that time). See also footnote 8.
NOTE.—Statement includes certain business-type activities of the U. S.
Government. Figures for some agencies—usually small ones—may b«
for dates other than those indicated.

868

FEDERAL FINANCE
SUMMARY OF FEDERAL FISCAL OPERATIONS
[On basis of U. S. Treasury statements and Treasury Bulletin. In millions o f dollars]
Derivation of Federal Government cash transactions
Receipts from the public,
other than debt
Period

Net Federal cash borrowing or
repayt. (—) of borrowing
InLess:
crease,
or decrease
Net
Other
(~),in inv. by
nondebt
Govt.
cash
(direct agen. & debt*
& agen.) tr. funds

Equals:
Net
cash
borrowing or

1,583
2,476

752
566

1,173
458

-578

3,300
2,055
1.533
3,235

722
2,919
618
2,512
644
1,*19
623 - 4 , 4 3 6

34,881
7,914
34,786 - 9 , 0 0 1
35,762
6,289
36,426 - 7 , 0 2 8
36,222 11,503

-4,010
7,521
-3,525
7.019
-7,597

1,195
388
1,145
1,331
1,904

305 -5,511
447
6,684
197 -4,865
369
254 -9,759

6,313
4,559
5,562 - 2 , 4 4 9
6,910
-834
6,117
25
5,819 - 2 , 7 7 5
5,800
-59
6,218
-936
5,570
-606
5,679
1,462
5,864
6,116
6,008 - 1 , 1 5 4
6,004
577
7,139
5,107

-2,860
3,237
845
-774
2,621
490
599
-722
238
-3,714
-545
1,036
-3,889

1,092
119
945
-359
-109
605
130
-87
210

40
114
31
40
14
40
130
83

131

-14
15

Plus:
Trust
fund
expenditures

Less:
Adjust-3
ments

68,580
71,448

64,854
66,129

7,598
9,331

2,786
3,272

69,667
72,188

-1,087
-739

3,511
3,494

2,199
2,110
2,061
2,679

71,499
71,627
67,836
77,122

74,274
67,772
64.570
66,386

5 ,288
7 ,204
8
9,389

2,790
3,117
2.568
3,127

76,773
71,860
70,548
72,648

-5,274
-232
-2.712
4,475

6,940
5,186
3.996

5,202
4,368
5,168
5,456
6,229

1,262
839
1,222
1.289
1,390

42,795
25,785
42,051
2Q 3Q7
47,725

33,288
31,566
33,004
33.125
33,261

3,987
3,611
4,935
'4,398
4,991

2,394
392
2,176
1.006
2,031

1,675
745
1,502
721
505
1,142
841
371
1,009
757
871
1,605
1,616

926
394
158
77
151
62
447
90
62
86
96
70
945

10,872
3,113
6,076
6,141
3,044
5,741
5,282
4,964
7,140

6,753
5,382
6,225
5,340
5,355
5,172
5,651
5,274
4,950
5,399
5,387
5,467
6,783

750
752
727
688
900
668
663
904
870
761
1,006
669
783

1,188
571
42
-88
436
40
95
608
142
295
386
132
427

Net
Budget

Less:
IntraGovt.1
trans.

Cal. year—1954.
1955.

61,171
63,358

9,570
10,624

2,101
2,511

Fiscal year—1953..
1954..
1955 .
1956?.

64,825
64,655
60.390
68,141

8,929
9,155
9,536
11,685

Semiannual totals:
1954—Jan.-June.
July-Dec..
1955—Jan.-June.
Tulv-Dec..
1956—Jan- June v.

38,898
22,272
38,118
25,240
42,901

10,125
2,765
4,734
5,498
2,692
4,662
4,889
4,684
6,195
11,313
4,082
5,050
11,576

Excess
of rects.
from,
or
Equals: payts.
Total
payts. to(-),
the
to the
public
public

Equals:
Total
Budget
rects.
expendifrom
tures
the
public 2

Plus:
Trust
fund
rects.

Monthly:
1955 - J u n e
July
Aug
Sept
Oct
Nov
Dec
1956—Jan
Feb
Mar
Apr
May
J

Payments to the public,
other than debt

11,981
4,854
6,581
12,246

-364
1,032

987

110
58

-3,992
3,004
-130
-454
2,717
-154
340
-717

25
-3,832
-197
-106
-4,934

Effects of operations on Treasurer's account
Operating transactions

Period

Net
Budget
surplus
or
deficit
(

Trust
fund
accumulation
or
deficit

Financing transactions

Reconciliation
to Treas.
cash

Net
market
issuance
(-f)of
Govt.
agency
obligations 5

Net
inv.(-)
in Fed.
sec. by
Govt.
agency
& trust
funds 5

Cash balances:
inc., or dec. (—)

Increase,
or
decrease
Held
(-),in
outside
gross
Treasury
direct
public
debt
6,966
5,189
3.115

Account of Treasurer of United
States (end of period)
Deposits in
F. R.
Banks
(available
funds)

Treasurer's
account

Balance

-2,299
2,096
-551
331

4,670
6,766
6.216
6,546

132
875
180
522

3,071
4,836
4,365
4,633

1,467
',055
,471
,391]

Treasury
Tax and
Loan
Accts.

Other
net
assets

Fiscal yr.—1953.
1954.
1955.
1956.

-9,449
-3,117
-4,180
1,754

3,641
1,951
990
2,296

-250
-46
-29
149

-59
-14
602
173

-3,147
-1,609
-1 362
-2,687

-1,623

257
-T12
-269

Semiannual totals:
1954—Jan.-June.
July-Dec..
1955—Jan.-June.
July-Dec..
1956—Jan.-June..

5,611
-9,294
5,114
-7,885
9,639

1,217
757
234
1,060
1,236

204
-689
660
92
57

125
-152
754
-139
312

-801
-412
-950
-1.217
-1,470

-3,908
7,490
-4,375
6.394
-8,017

n.a.
-712
400
-24
-245

2,190
-1,587
1,036
-1,671
2,002

6,766
5,180
6,216
4.545
6,546

875
563
380
397
522

4,836
3,461
4,365
3,036
4,633

,055
,156
,471
,112
,391

3,372
-2,617
-1,491
158

925
-7
775
33
-394
474
178
-533
139
-4
-135
936
833

363
199
21
-90
479
-53
-464
150
57
170
249
-49
-520

38
27
1
-16
-55
-64
-33
-2
128
40
47
48
51

-1,032
-254
-994
319
236
-378
-146
373
-140
-69
353
-983
-1,004

-3,098
3,210
725
-833
2,341
319
632
-720
60
-3,764
-556
941
-3,978

232
-38
95
-50
6
-17
-20
-29
-16
-28
13
-73
-112

336
595
-1,058
-378
-62
-195
-574
-1,293
1,504
2,316
-1,360
548
287

6,216
6,811
5,753
5,376
5,314
5,119
4,545
3,252
4,756
7,072
5,712
6,259
6,546

380
624
393
554
484
477
397
428
554
534
578
515
522

4,365
4,972
4,188
3,638
3,672
3,538
3,036
1,474
2,914
5,345
3,781
4,593
4,633

,471
,215
,172
,184
,158
,104
,112
,350
,288
,193
,353
,151
,391

Monthly:
1955—June
July
Aug
Sept
Oct
Nov
Dec
1956—Jan
Feb
Mar
Apr
May
June

-2,663
-510
-761
-590
1,245
5,914
-1,305
-417
4,793

p
r
Preliminary.
Revised.
n.a. Not available.
1 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




and Treasury bills, (3) Budget expenditures involving issuance of Federal
securities, (4) cash transactions between Intl. Monetary Fund and Exchange Stabilization Fund, (5) reconciliation items to Treasury cash, and
(6)4 net operating transactions of Govt. sponsored enterprises.
Primarily adjustments 2, 3, and 4 described in footnote 3.
5
Excludes net transactions of Govt. sponsored enterprises, which arc
included in the corresponding columns above.

869

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
ceipts

Transfers to:

Total
Budget

Oldage
trust
fund

ceipts

Refunds
Railof
road
reret'ment ceipts
acct.

Withheld i

Other i

21,595 9,934
21,523 10,014
18.265 9,211
21,297 10,004

4,983
5,425
6.220
7,296

Liquor

To-

Mfrs.'
and retailers'

3,369
3,829
4,108
4,862

2,781
2,798
2,743
n.a.

1,655
1,581
1.571
n.a.

3,359
3,127

2,083
3,342
2,668
3,552
3.283
4,013

1,661
2,168
1,724
2,384
2.526
2,336

1,512
1,271
1,453
1,290
1,524
n.a.

804
111
767
805
792
n.a.

1,476
1,651
1.480
1,694
1,890
n.a.

435
369
522

268
231

150

125

116
154
135

977

321
282
322
277
318
316

395
2,982
339
3,087
496
3,188

28,195
44,978
25,239
44,215
28.981
49,815

11,078
10,557
10,230
11,024
11.312
12,703

2,593
8,154
2,323
8,073
2.699
8,623

5,375
16,148
3,767
14,498
4.109
17,188

5,405
4,609
4,527
4.684
5.052
4,952

52
15

399

11,279
3,089
5,848
6,180
2,998
5,527
5,337
4,915
7,158
12,499
5 562
7,107
12,574

1,545

1,417
277
115
1,685
178
94
350
2,152

6,201

924

757

3,004
1,604
1,014
3,037
1,768
939
3,732
1,893

547
328

796
867
881

1,012

Semiannual totals:
1953—July-Dec
1954—Jan.-June
July-Dec
1955—Jan.-June
Tulv-Dec
1956—Jan.-June

25,757
38,898
22,272
38,118
25.240
42,901

1,722
2,815
2,305
2,735
2.927
3,410
703

May
June

ceipts

11,417
10,747
10,396
11,322

620
603

Apr

Other

taxes2

Corporation !•

21,351
21,635
21,254
24,015

4,086
4,537
5,040
6,337

198
912
519

Employ-

72,649
73,173
69,454
78,796

64,825
64,655
60,390
68,141

10,125
2,765
4,734
5,498
2,692
4,662
4,889
4 684
6,195
11,313
4 082
5,050
11,576

Excise
taxesi

Individual

3,118
3,377
3,426
3,684

Fiscal yr.—1953
1954
1955
1956

Monthly:
1955—June
July
Aug. . . .
Sept
Oct.
Nov
Dec
1956—Jan
Feb
Mar

Income and
profits taxes

599
634

85
60

268
692
339
163

18
85
55
17

646
512
567
973
549

85
54
15
91
54

110
118
103

21
89
54
51

231
620
897
993
394

884

795
769

2,555

810

3,356
1,972

865

1,487

1,100
392
293
1,449
424
460

8,109
509
492

7,193

216

re-

245
256

579

331

821
921
766
799

290
791
395
212

303
391
609
389

289
292
211
179

846
826
750
877
854

972
572
586

353
330
352
450
464

212
246
239
256

1,067

604

n.a.

3,175
n.a.

138
136
113
139
128
137
126
149

n.a.

913

I
1

1,005
n.

J

Budget expenditures 3
Major national security
Period
Total
Total 4

Intl.
affairs
Defense Mutual Atomic and
finance
Dept., security,
military military energy

AgriVetculture
erans'
and
GenComNatInterserv- Labor
agrieral
merce
ural
and
est ices
and welfare
culgovernand
rebenetural sources housing ment
fits
resources

Fiscal year:
1953
1954
1955

74,274
67,772
64,570

50,363
46,904
40,626

43,611
40,335
35,533

3 954
3,629
2,291

1,791
1,895
1,857

2,216
1,732
2,181

6,583
6,470
6,438

4,298
4,256
4,457

2,426
2,485
2,552

2 936
2,557
4,411

1 364
1,220
1,081

2 612
1,622

909

1 474
1,239
1,201

Semiannual totals:
1955_jul y .Dec.5

33,125

19,994

17,917

956

797

639

3,349

2,330

1,348

2,775

614

1,137

940

5,382
6,225
5,340
5,355
5,172
5,651

3,046
3,583
3,512
3,293
3,109
3,451

2,648
3,258
3,252
2,837
2,830
3,090

168
137
93

138
138
121

55
95
59

596
525
533

294
223
191

251
229
165

365
117
111

129

152

548

548
598

185
171

336
919
295
362
323
539

79
106
120

280

361
428
353
359
423
406

115
90

192
156

122
116

5,274
4,950
5,399
5,387
5,467

3,005
3,214
3,284
3,232
3,433

2,811
2,941
2,805
2 860
2,918

631
556
566
572

401
398
400
405

297
181
168
226

340
214
438
502

83
82
85
69

168
51
184
113

104
110
106
115

287

100

137

121

Monthly:
1955_Jul y 5
Aug

Sept
Oct
Nov

Dec
1956 Jan
Feb
Mar

Apr
May

101
178

128
143

8
92
299
195

135
138
146
145

307

152

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.




154
124
245
145
167
153
199
3

565

432

283

191

103

145

109

For a description of components, see the 1957 Budget of the United
States, pp. 1093-1102 and 1164-1165.
4 Includes stockpiling and defense production expansion not shown
separately.
5 Monthly figures not available prior to July 1955.

870

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
debt*

Total
gross
direct
debt 2

Nonmarketable

Marketable

Total

Bills

Certificates of
indebtedness

Total

Convert-

Notes

Bank
eligible*

Bank
restricted

52.2
49.6
49.6
36.0
21.0
13.4
8.7
5.7

bonds

Totals

ings
bonds

12.1
12.5
12.0
11.9
11.8

8.9
56.9
59.5
68.1
66.4
65.0
65.1
64.5
63.6

6.1
48.2
52.1
58.0
57.6
57.9
57.7
58.1
57.7

2.5
8.2
5.4
8.6
7.5
5.8
6.0
5.1
4.5

7.0
20.0
29.0
33.7
35.9
39.2
41.2
42.2
42.6
43.3
44 2
43.9
43.7
44.0
43.9

1941—Dec
1945—Dec
1947—Dec
1950—Dec.. . .
1951—Dec
1952—Dec
1953—Dec
1954—June
Dec

64.3
278.7
257.0
256.7
259.5
267.4
275.2
271.3
278.8

57.9
278.1
256.9
256.7
259.4
267.4
275 2
271.3
278.8

50.5
255.7
225.3
220.6
221.2
226.1
231.7
226.7
233.2

41.6
198.8
165.8
152.5
142.7
148.6
154.6
150.4
157.8

2.0
17.0
15.1
13.6
18.1
21.7
19.5
19.5
19.5

38.2
21.2
5.4
29.1
16.7
26.4
18.4
28.5

6.0
23.0
11.4
39.3
18.4
30.3
31.4
32.0
28.0

33.6
68.4
68.4
44.6
41.0
58.9
63.9
71.8
76.1

I955_july
Aug
Sept
Oct
Nov. .
Dec

277.6
278 4
277.5
179.9
280.2
280.8

277.6
278 3
277 5
279.8
280 1
280.8

231.6
231 5
231.0
233.6
233.6
233.9

158.6
158 9
159.5
162.5
162.6
163.3

19.9
20 3
20.8
20.8
20.8
22.3

16.0
9 0
9.0
12.0
12.0
15.7

40.7
47 6
47.7
47.8
47 8
43.3

81.9
81 9
81.9
81.9
81.9
81.9

11.7
11.6
11.5
11.4
11.4
11.4

61.4
61.0
60.0
59.6
59.6
59.2

58.4
58.5
58.3
58.3
58.3
57.9

1.7
1 2
.4
.1
.1

1956—Jan
Feb.. .
Mar
Apr
May
June
July

280.1
280.2
276.4
275.8
276 8
272.8
272.7

280.0
280.1
276.3
275 8
276 7
272 8
272.6

233.6
233.6
229.7
229.7
229 6
224.8
224.6

163.3
163.4
159.5
159.6
159 6
155.0
155.0

22.3
22.3
20.8
20.8
20 8
20.8
20.8

15.7
15.7
20.8
20.8
20 8
16.3
16.3

43.4
43.4
36.0
36.1
36 1
36.0
36.0

81.9
81.9
81.9
81.9
81 9
81.9
81.9

11.3
11.3
11.2
11.2
11.1
11.1
11.1

58.9
59.0
59.0
59.0
58 9
58.7
58.6

57.6
57.7
57.7
57.7
57 7
57.5
57.4

8

1 Includes some debt not subject to statutory debt limitation (amounting
to $462 million on July 31, 1956) and fully guaranteed securities, not
shown
separately.
2
Includes noninterest-bearing debt, not shown separately.
J Includes amounts held by Govt. agencies and trust funds, which
aggregated $8,382 million on June 30, 1956.

Special
issues

Tax
and
savings
notes

Bonds

(6)

(6)

43.6
43.7
43.7
43.4
44 3
45.1
45.4

* Includes Treasury bonds and minor amounts of Panama Canal and
Postal Savings bonds.
5 Includes Series A investment bonds, depositary bonds, armed forces
leave bonds, and adjusted service bonds, not shown separately.
6 Less than $50 million.

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Par value in billions of dollars]
Held by
U. S. Govt.
agencies and
trust funds1

Held by the public

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

64.3
278.7
257.0
256.7
259 5
267.4
275.2
271.3
278.8

7.0
20.0
29.0
33.7
35.9
39.2
41.2
42.2
42.6

2.6
7.0
5.4
5.5
6 4
6.7
7.1
7.1
7.0

54.7
251.6
222.6
217.5
217.2
221.6
226.9
222.0
229.2

2.3
24.3
22.6
20.8
23 8
24.7
25.9
25.0
24.9

21.4
90.8
68.7
61.8
61.6
63.4
63.7
63.6
69.2

1955—May
June
July
Aug
Sept
Oct
Nov
Dec

277.5
274.4
277.6
278.4
277.5
279.9
280.2
280.8

42.2
43.3
43.3
44.2
43.9
43.7
44.0
43.9

7.2
7.3
7.3
7.3
7.3
7.4
7.6
7.8

228.1
223.9
227.0
226.8
226.3
228.8
228.6
229.1

23.7
23.6
24.1
23.8
23.8
24.0
24.3
24.8

1956—Jan
Feb
Mar

280.1
280.2
276.4
275.8
276.8

43.6
43.7
43.7
43 4
44.3

8.1
8 1
8.2
8 2
8.2

228.4
228 4
224.5
224 3
224.3

23.5
23.5
23.6
23.3
23.5

End of
month

r
1
2

Total

Revised.
Includes the Postal Savings System.
Includes holdings by banks in territories and insular possessions,
which amounted to $250 million on Dec. 31, 1955.




State

Individuals

companies

Other
corporations

local
govts.

Savings
Other
bonds securities

3.7
10.7
12.0
10.9
9.8
9.5
9.2
9.1
8.8

8.2
24.0
23.9
18.7
16.5
16.1
15.8
15.3
15.0

4.0
22.2
14.1
19.7
20.7
19.9
21.0
16.4
19.3

.7
6.5
7.3
8.8
9.6
11.1
12.7
13.9
14.4

5.4
42.9
46.2
49.6
49.1
49.2
49.4
49.5
50.0

8.2
21.2
19.4
16.7
15.5
16.0
16.0
15.5
13.6

.9
9.1
8.4
10.5
10.6
11.7
13.2
13.7
13.9

64.8
63.5
63.8
62.7
62.1
62.7
61.6
62.0

8.8
8.7
8.8
8.8
8.7
8.6
8.5
8.5

14.9
14.8
14.9
15.0
15.0
14.9
14.8
14.3

21.2
18.8
19.8
20.8
20.6
22.3
23.2
23.4

14.7
14.7
14.9
14.9
14.9
15.0
15.0
15.1

50.2
50.2
50.2
50.3
50.2
50.2
50.2
50.2

15.4
15.1
15.5
15.6
15.9
15 8
15.5
15.3

14.4
14.4
15.0
15.0
15.1
15 3
15.4
15.6

60.5
59.5
58.3
58.4
57.7

8.5
8.5
8.5
8.5
8.4

14.2
13.9
13.6
13.6
13.5

'23.7
r
23.8
'20.5
r
20.7
21.1

'15.5
'15.7
'15.9
'15.9
16.0

50.3
50 4
50.4
50 4
50.4

'16.1
r
16 6
'17.1
r
17 0
17.0

'16.0
'16 4
'16.5
'16 5
16.6

Federal Com- Mutual
Reserve mercial savings
Banks banks 2 banks

Insur-

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.

871

FEDERAL FINANCE

UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, JULY 31, 1956 *
[On basis of daily statements of United States Treasury. In millions of dollars]
Issue and coupon rate
Treasury bills2
Aug. 2, 1956
Aug. 9, 1956
Aug. 16, 1956
Aug. 23, 1956
Aug. 30, 1956
Sept. 6, 1956
Sept. 13, 1956
Sept. 20, 1956
Sept. 27, 1956
Oct. 4, 1956
Oct. 11, 1956
Oct. 18, 1956
Oct. 25, 1956

Certificates
Dec. 1,1956
Feb. 15, 1957

Issue and coupon rate

Amount

Treasury notes
Aug. 15, 1956
Oct. 1,1956
Mar. 15, 1957
Apr. 1,1957
May 15, 1957
Aug. 1,1957
Aug. 15, 1957
Oct. 1, 1957
Apr. 1,1958
June 15,1958
Oct. 1,1958
Feb. 15, 1959
Apr. 1,1959
Oct. 1.1959
Apr. 1,1960
9,083
Oct. 1,1960
7,219
Apr. 1,1961

2
\Vi
2%
IVi
1%
2%
2
m
W2
2V8
IVi
1%
W2
1%
l\i
\Vi
11A

1,600
1,601
1,601
1,600
1,600
1,602
1,602
1,600
1,601
1,600
1,601
1,600
1,600

2%
2%

Amount
864
22
2,997
531
4,155
12,052
3,792
824
383
4,392
121
5,102
119
99
198
278
34

1
Direct public issues.
2 Sold on discount basis. See table on Money Market Rates, p. 863.

Issue and coupon rate
Treasury bonds
Mar. 15, 1956-58..
Sept. 15, 1956-59 3.
Sept. 15, 1956-59..
Mar. 15, 1957-59..
June 15, 1958
June 15, 1958-634.
Dec. 15, 1958
June 15, 1959-62..
Dec. 15, 1959-62..
Nov. 15, 1960
Dec. 15, 1960-654.
Sept. 15, 1961
Nov. 15, 1961
Aug. 15, 1963
June 15, 1962-67..
Dec. 15, 1963-68..

Amount

Issue and coupon rate

Treasury bonds—Cont.
1,449
June 15, 1964-69... 2 V
982
Dec. 15, 1964-69... 2\
3,820
Mar. 15, 1965-70.. .2»/
927
Mar. 15, 1966-71.. .2V.
4,245
June 15, 1967-72... 2V
919
Sept. 15, 1967-72... 2V,
2,368
Dec. 15, 1967-72..
5,274
June 15, 1978-83..
3,462
Feb. 15, 1995
3,806
1,485 Panama Canal L o a n . . . . 3
2,239
11,177 Convertible bonds
6,755
Investment Series B
2,115
Apr. 1, 1975-80.... 2%
2,824

Amount

3,752
3,827
4,713
2,958
1,873
2,716
3,794
1,606
2,745
50

11,070

3 Called for redemption; partially tax-exempt.
* Partially tax-exempt.

OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES 1
[On basis of Treasury Survey data. Par value in millions of dollars]
Marketable and convertible securities, by type
Type of holder and date

All holders:
1953_j U ne
1954 June
1955 June
Dec.
1956 Apr
May

30
30
30
31
30
31

U. S. Govt. agencies and trust funds:
1953 June 30
.
.
1954—jUne 30
1955 June 30
Dec 31
1956—Apr. 30
May 31
.

.

Marketable securities, by maturity class

Total

Bills

Certificates

Notes

Market- Conable
vertible
bonds 2 bonds

159,675
162 216
166,882
174,639
170 723
170,690

19,707
19,515
19,514
22,313
20,811
20,805

15,854
18,405
13,836
15,741
20,759
20,759

30,425
31,960
40,729
43,285
36,093
36,107

81,349
80,474
81,128
81,912
81,896
81,893

6 899
6,985
7,162
7 676
8,034
8,060

106
46

30
41

23
64

8
47

119
304

304

229

561

302

236

595

3 300
3,395
3,556
3 548
3,547
3,558

13,774
13,029
11 646
14,259
9,185
9,188

4 522
3,093
2 802
2 802
2,802
2,802

40
338

Total

Within
1 year

1-5
years

5-10
years

Over 10
years

12,340
11 861
11,676
11,387
11,164
11,126

147,335
150,354
155,206
163,251
159,559
159,564

64,589
60 123
49,703
60,631
58,195
63,326

32,330
27 965
38.188
38,307
37 066
31,943

18,677
30,542
33,687
31,365
31,363
31,362

31 739
31 725
33 628
32,949
32 935
32 932

3 439
3,439
3,439
3 439
3,393
3,369

3,460
3,546
3,723
4 237
4,641
4,691

163
107

152
205

422
494

506
426

700

199
373

500

410

822

417

421

2 723
2 740
2,944
3 016
3,031
3,031

452
307
773
614
087
097

1 374
1,035
1 014
i ;oi4
1,014
1,014

Federal Reserve Banks:
1953 June 30
1954—June 30
1955 June 30
Dec 31
1956—Apr 30
May 31

24 746
25 037
23 607
24 785
23,345
23 474

1 455
2,316
403
538

4,996
6,600
8,274
6,002
10,955
10,946

Commercial banks:
1953—June 30
1954 June 30
1955 j u n e 30
Dec 31
1956 Apr 30
May 31

51,365
56 199
55,667
53 956
50,943
50,282

4,411
4,187
2,721
3,562
2,280
2,228

4,351
4,942
1,455
1,951
1,584
1,446

10,355
11,423
15,385
12,853
11,996
11,694

32,066
35,481
35,942
35,431
34,926
34,759

182
165

8,816
8 353
8,069
7 856
7,851
7,813

120
98
84
128

87
101
53
47

62
221
289
322

14 155
13,520
13,117
12 667
12,001
11,885

460

337

534

622

209

691

53,694
52,121
59,260
67,700
68,550
69,176

Mutual savings banks:
1953 j U ne 30
1954—June 30
1955 June 30
Dec 31
1956—Apr. 30
May 31

....

.

Insurance companies:
1953—June 30
1954—June 30
1955 June 30
Dec 31
1956—Apr. 30
May 31
Other investors:
1953 June 30
1954—June 30
1955 June 30
Dec. 31
1956 Apr 30
May 31
1

,

886

1,722

131

38

127

44

361

746
037
607
785
345
474

15 505
16,280
17 40D
20 742
19,829
19,948

164
157
158
155

51,183
56 034
55,503
53,798
50,785
50,127

19,580
17,684
7,187
7,733
6,044
8,023

18,344
14 624
21,712
22 003
20,950
18,268

8,772
18,741
21,110
19,483
19,218
19,144

4 488
4 985
5,494
4 579
4,573
4,692

7,232
6.669
6,422
6,170
6,148
6,119

1,314
1,265
1,222
1,189
1,161
1,161

7,502
7 089
6,848
6 667
6,690
6,652

476
294
164
208

464
476
533
570

255

572

271

553

1,395
1,389
1,405
1,335
1,333
1,322

5,167
4 930
4,746
4 554
4,530
4,506

3,486
3,193
3,145
2,941
2,796
2,795

10 669
10,327
9.972
9 726
9 204
9,090

1,472
1,190
810
694
712

1,023
1,045
1,339
1,502
1,361
1,232

1,849
2,171
2,027
1,840
1,839
1,809

6,325
5,921
5,796
5,689
5,425
5,338

3,919
3,800
3,706
3,661
3,656
3,646

49,775
48,322
55,554
64,039
64,894
65,530

27,393
24,568
24,062
30,831
30,788
33,550

5,895
5,308
10,633
12,245
12,595
10,376

4,865
6,711
7,626
7,267
7,549
7,653

11,621
11,734
13,233
13,696
13,962
13,951

630
515

74
83

347

76

798

357

83

794

9,339
8,805
8,479
8,286
7,984
7,856

13,155
12.248
15,153
16,047
17,346
17,253

6,052
6,511
3,973
7.612
7,877
8,005

5,678
6.531
12,502
14,705
13,181
13,474

24,890
23,032
23,927
25,675
26,490
26,798

Direct public issues.
2
Includes minor amounts of Panama Canal and Postal Savings bonds.
NOTE.—Commercial banks, mutual savings banks, and insurance com-




372

789
842

74
422

24
25
23
24
23
23

579

6
6
3
1
1
1

1
1
1
1
1
1

415
415
415
415
415
415

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.

872

SECURITY ISSUES
NEW SECURITY ISSUES 1
[Securities and Exchange Commission estimates. In millions of dollars]
Gross proceeds, all issuers

Noncorporate
Year or
month

Proposed uses of net proceeds
all corporate issuers 6

2

Corporate
Bonds

Total

State
Fedand
U. S.
eral
mu- Others
Govt. 3 agency* nicipal

?

New capital

Total

Publicly
offered

2,164 1,980
2,667 2,390
6,011 4,855

1,276
1,578
3,851

1,004

98
167
758

87
110
397

868
1,041
1,347 1,080

26
28
133

144
134

1,695
1,583
4,555

614 6,652 5,929
736 5,558 4,606
811 4,990 4,006

234
315
364

488
637
620

1,271

Total

If 39
1941
1945

5,687
15,157
54,712

11 466
47 353

13
38
506

1,128
956
795

47

1948
1949
1950
1951
1952
1953
1954
1955

20,250
21,110
19,893
21.265
26,929
28,824
29,765
26,772

10
11 804
9 687
9 ,778
1? 577
957
i ? 51?
9 6?8

216
30
110
459
106
458
746

2,690
2,907
3,532
3,189
4,121
5,558
6,969
5,977

156
132
282
446
237
306
289
182

7,078
6,052
6,361
7,741
9,534
8,898
9,516
10,240

5,973
4,890
4,920
5,691
7,601
7,083
7,488
7,420

2,965
2,437
2,360
2,364
3,645
3,856
4,003
4,119

3,008
2,453
2,560
3,326
3,957
3,228
3,484
3,301

492
425
631
838
564
489
816
635

1,212
1,369
1,326
1,213
2,185

7,120
8,716
8,495
7,490
8,821

6,531
8,180
7,960
6,780
7,957

1,919
2,504
1,638
1 627
2,646
1,840
1,913

496
I 265
509

4
17
(9)
3
9

768
753
870

504
589
655

186
136
491

319
453
163

58
53
15

206
111
200

687
597
644

736

560

301
858

259
188

82
43

670

438
466

651
470
259
407
926
661
415

1,710
1 998
1 787
'1,876
'2 128
2,123

645
544
518
453
451
437

407
709
401
391
'491
698

38

1955 June
July
Aug
Sept
Oct
Nov
Dec

1956—Jan
Feb

Mar .
Apr
M!ay
June ..

n

481
461

60

50
30

33
51

9
58
99

ReRetiretire- ment
ment
of
of
secubank rities
debt,
etc. 8

MiscelPre- ComNew
lanemon Total money 7 ous
Pri- ferred
stock
vately stock
purplaced
poses

1,250 1,046
431
708
835
980
621
744
861

r

529
478
675

'915
'1 185

673
'983

889

661

703
811

155
336

275
499

141
149
393
340
686
270

388
329
282

'332
'297
391

94
161

420

325

226

193
107

19
128
42
'32
65
50

73
139
143

579
704
790

179

830

307
401
486
664
260

537
535
709
864

1,875
1,227

611
526
614

76
70
30

64
143
208

559

111
88

52
71

1,162 1,074
632
590
900
793

85
39

69

42
108

496
664
762

62
63

83
40
28

'702
'210 '816
'137 '1 144 '1 116

32
26
56
'82
'21
43

'114
'28
61

768

Proposed uses of ne proceeds, major groups of corporate iss uers

Year or
month

Manufacturing

Commercial and
miscellaneous

Transportation

Public utility

Communication

Real estate
and financial

RetireRetireRetireRetireRetireRetireNew
New
New
ment of
New
ment of
ment of
ment of
New
New
ment of
ment of
capital 10 secu- capital 10 secu- capital") secu- capital 10 secu- capital o secu- capital 10 securities
rities
rities
rities
rities
rities
1948
1949
1950
1951.
1952
1953
1954
1955
1955 June
July
Aug ..
Sept
Oct .
Nov
Dec

1956 Jan
Feb
Mar
Apr

May
June

2,126
1,347
1,026
2,846
3,712
2,128
2,044
2,397

54
44
149
221
261
90
190
533

155
214
115
166
85
149
2£ 7

8
140
55
19
1
32
54

109
63
37
68
56
70
79

n0

26
23
22
'78

45
41
48
'27
'67
76

is 7
2A9
r
25 8
'46 5
27 6

26

382
310
474

462
512
502
831
769

21
28
63
56
24
40
93
51

691
784
609
437
758
553
501
544

53
225
36
270
338

9
4
4
14
6
4

55
29
45
50
54
17
130

3
1
141
4
52
4
1

260
103
84
208
166
268
269

2
1
3
1
'4
2

26
39
71
'51
'86
54

1
1
10
1
2
5

63
196
187
'294
'335
231

' Revised.
Estimates of new issues sold for cash in ths United States.
Gross proceeds are derived by multiplying principal amounts or number3 of units by offering price.
Includes guaranteed issues.
4
Issues not guaranteed.
5
Represents foreign government, International Bank, and domestic
eleemosynary
and other nonprofit.
6
Estimated net proceeds are equal to estimated gross proceeds less cost
1
2




56
11
196

2,005
2,043
1,927
2,326
2,539'
2,905
2 675
2,254

144
233
85
88
67

682

9Q0

174
11
6
13
1
12
2

1
5

890
517
314
600
747
871
651
1,045

2
49

557
558

81

5
6
3
60
77

639

449
448
1.536
788
1,812

32
45
91
19
694
40
35

32

76
143
272
158
107
88
100

3
37
103
15
'80
11

10

3

17
r(9)

263
194
132
'170
'109
182

30
35
66
60
24
273
56
100

(9)

2
3
3
8
2
1
3
1
2
6

of 7flotation, i.e., compensation to underwriters, agents, etc., and expenses.
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.
1
o Represents all issues other than those for retirement of securities.

BUSINESS FINANCE

873

SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
[In millions of dollars]
Quarterly totals

Annual totals
Industry

1954
1950

1951

1952

1953

1954

1955

1956

1955

Manufacturing
Total (200 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Nondurable goods industries (94 corps.) :*
Sales
Profits before taxes
Profits after taxes
Dividends
Durable goods industries (106 corps.):2
Sales
Profits before taxes
Profits after taxes
Dividends
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

45,787 52,940 54,517 63,343 58,110 69,443 13,552 15,222 16,59917,929 16,887 18,028 18,100
375 7,244 10,226 1,578 1,919 2,452| 2,767 2,388 2,619 2,598
8,176 8,869 7,308
649 3,825 5,221
4,222 3,548 3,192
810 1,106 1,215; 1,392 1,206 1,408 1,282
154 2,384 2,827
2,339 2,075 2,073
533
788
575
577
659 1,015
704

16,252 18,916
9,266 20,694 20,620
8,916 19,266
0,620 23 ,065 5,059 5,426 5,509 5,742 5,776 6,037 6,094
3,447 2,853
2,753 3,408
682
667
801
849
869
889
900
1,581 1,916
1^661 1,533 1,392
422
380
442
471
483
520
495
925
972 1,064 1,202
348
977
946
243
256
260
283
402
290
29,535 34,024 35,251 42,649 37,490 46,378 8,493 9,796 11,090 12,187 11,111 11,990 12 ,006
1 /TCI
1 ,919
CM C\
5,229 5,422 4,455
' '"" 5,346 4,491
911 1,237 1,651
' - ' 6,818
1,518 1,730 1,699
2,560 2,015 1,800 2,123 2,244 3,305
430
684
773
920
723
888
787
1,362 1,149 1,127 1,182 1,320 1,625
290
440
319
317
376
613
414

4,402 4,909 5,042 5,411 5,476 5,813 1,353 1,435 1,358 1,462 1,491 1,502 1,531
465
499
532
473
453
462
122
110
99
131
139
129
123
212
245
227
224
289
203
46
59
57
68
63
68
55
154
160
159
156
36
161
154
39
46
39
50
36
37
4,817 5,882 5,965 6,373 6,182 7,222 1,517 1,623 1,721 1,811 1,799 1,891
1,178 1,490 1,259 1,308 1,153 1,535
313
366
277
381
390
399
782
597
521
486
520
593
174
182
137
193
198
209
467
417
597
194
114
381
396
499
103
115
134
234

1,879
385
195
138

4,359 5,078 5,411 5,883 6,015 6,556 1,473 1,562 1,566 1,613 1,632 1,745 1,764
841
854
712
911
728
751
181
152
210
200
218
226
248
603
624
492
560
524
140
132
567
150
147
156
172
174
290
317
236
262
283
77
294
73
77
77
80
83
82
,448 12,507 11,564 13,750 11,522 14,927 2,715 2,874 3,300 3,858 3,746 4,024 4,162
,706 2,098 1,147 1,817 1,357 2,375
300
400
487
633
582
674
692
857
778
564
790
149
231
241
313
290
350
705 1,194
343
522
378
382
369
377
92
125
114
108
118
182
407
141
5,049 6,168 7,077 8,005 7,745 8,110 1,866 2,024 1,953 2,045 1,977 2,135 2,168
894
914
847 1,000
971 1,011
222
201
229
251
208
206
200
458
465
424
375
402
365
102
138
110
103
120
124
75
281
263
208
199
192
237
64
67
76
66
67
81
78
969 12,707 13,038 16,611 14,137 18,825 2,963 3,850 4,791 5,101 4,246 4,688 4,578
299
510
825
894
589
715
690
,33: 1,950 1,982 2,078 1,789 3,023
863 1,394
126
717
709
758
261
369
261
418
346
312
101
693
108
161
486
469
469
536
198
109
114
309
162
679

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

9,473 10,391 10,581 10,664 9,371 10,106 2,366 2,395 2,305 2,524 2,634 2,643 2,535
900 1,342
1,385 1,260 1,451 1,404
226
319
259
358
370
355
252
925
693
832
871
674
784
172
277
175
242
243
265
164
421
379
312
328
412
74
136
101
338
90
74
156
111
5,528 6,058 6,549 7,136 7,610 8,395 1,831 1,976 2,169 1,999 2,034 2,193 2,422
1,313 l,48f 1,740 1,895 2,049 2,304
478
513
636
535
594
710
523
82f
814
341
947 1,030 1,140 1,247
264
284
288
326
374
296
225
930
229
619
651
725
780
85~
211
224
247
247
229
3,342 3,729 4,136 4,525 4,902 5,425 1,233 1,285 1,298 1,340 1,368 1,419 1,439
925 1,050 1,282
580
691
262
306
787
284
325
315
336
339
452
341
152
331
384
525
638| 141
143
156
161
169
169
All
318
118
355
276
448
496;
112
126
122
116
130
132

1
Includes 26 companies in groups not shown separately, as follows:
textile
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




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);
po. 215-217 of the BULLETIN for March 1942 (public utilities); and p. 908
o!the BULLETIN for September 1944 (electric power).

874

BUSINESS FINANCE

CORPORATE PROFITS, TAXES, AND DIVIDENDS

NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i

(Department of Commerce estimates. In billions
of dollars]
Year or
quarter

Profits
before
taxes

[Securities and Exchange Commission estimates. In millions of dollars]
All types

In- Profits Cash Undisdivi- tributed
come after
taxes taxes dends profits

1948
1949
1950
1951
1952
1953
1954 .
1955

32.8
26.2
40.0
41.2
35.9
37.0
33 2
42.7

12.5
10.4
17.8
22.5
19.8
20.3
16.8
21.5

20.3
15.8
22.1
18.7
16.1
16.7
16.4
21.1

7.2
7.5
9.2
9.1
9.0
9.3
10.0
11.2

13.0
8.3
12.9
9.6
7.1
7.4
6.4
10.0

1955—1 . . .
2
3
4. .

39 7
41.1
43.5
46 4

20.0
20.7
22.0
23.4

19.7
20.3
21.5
23.0

10.4
10.7
11.0
12.1

9.3
9.6
10.5
10.9

1956—1 . . .
21

43 7
43.5

22.1
22.0

21.6
21.5

11.8
12.2

9.8
9.3

Year or
quarter

Bonds and notes

Stocks

New Retire- Net
New Retire- Net
New Retire- Net
issues ments change issues ments change issues ments change

1948
1949
1950
1951
1952
1953
1954
1955

7,570
6,731
7,224
9,048
10,679
9,550
11,694
12,595

1,683
1,875
3,501
2,772
2,751
2,428
5,629
5.372

5,887
4,856
3,724
6,277
7,927
7,121
6,065
7,223

5,938
4,867
4,806
5,682
7,344
6,651
7,832
7,712

1,283
1,583
2,802
2,105
2,403
1,896
4,033
3,199

4,655
3,284
2,004
3,577
4,940
4,755
3,799
4,513

1,632
1,864
2,418
3,366
3,335
2,898
3,862
4,883

400
292
698
666
348
533
1,596
2,173

1,232
1 572
1,720
2,700
2,987
2,366
2,265
2,710

1955—1
2
3
4

3,014
2,891
2,895
3.795

1,295
1,484
1,427
1,165

1,719
1,407
1,468
2,630

1,681
1,802
1,838
2,391

702
767
923
806

979
1,034
915
1,585

1,333
1,089
1,057
1,404

593
717
504
359

740
373
553
1,046

1956—1

2,827

1,043

1,784

1,678

707

970 1,149

336

813

1
Reflects cash transactions only. As contrasted with data shown on p. 874, 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. 874.

i Preliminary estimates by Council of Economic Advisers.
NOTE.—Quarterly data are at seasonally adjusted
annual rates.

CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
[Securities and Exchange Commission estimates. In billions of dollars]
Current liabilities

Current assets
End of year
or quarter

Net
working
capital

Total

Notes and accts.
receivable

U.S.
Govt.
securities

Cash

U. S.
Govt. 2

Inventories

Notes and accts.
payable
Other

Total
U.S.
Govt.2

Other

Other

Federal
income
tax
liabilities

Other

68.6
72.4
81.6
86.5
90.1
92.6
95.8

133.0
133.1
161.5
179.1
186.2
189.6
187.3

25.3
26.5
28.1
30.0
30.8
30.9
31.7

14.8
16.8
19.7
20.7
19.9
21.0
19.3

1.1
2.7
2.8
2.6
2.4

4 2.4
43.0
55.7
58.8
64.6
64.8
66.2

48.9
45.3
55.1
64.9
65.8
67.9
65.1

1.6
1.4
1.7
2.1
2.4
2.4
2.6

64.4
60.7
79.8
92.6
96.1
97.0
91.5

.4
1.3
2.3
2.2
2.4

3 >.3
37.5
47.9
53.6
57.0
56.3
54.0

11.5
9.3
16.7
21.3
18.1
19.2
15.7

13.5
14.0
14.9
16.5
18.7
19.3
19.4

1955_1
2
3
4

98.1
100.6
102.3
103.6

187.9
190.1
198.9
206.6

30.3
30.8
31.3
32.2

19.0
18.8
20.6
23.4

2.2
2.1
2.2
2.3

67.8
70.1
74.5
76.0

65.8
65.5
67.3
69.8

2.8
2.8
3.0
2.9

89.8
89.6
96.6
103.0

2.5
2.3
2.2
2.3

54.2
54.9
58.0
61.6

13.4
12.1
15.3
18.5

19.7
20.1
21.0
20.7

1956—1

105.6

205.4

29.6

20.5

2.3

77.0

72.8

3.2

99.8

2.3

61.0

15.3

21.2

1948
1949
1950
1951
1952
1953
1954

2 Receivables from, and payables to, the U. S. Government exclude
amounts offset against each other on corporations' books.

i Excludes banks and insurance companies.

BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT 1
[Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars]

Year

1948
1949
1950
1951
1952
1953
1954
1955
19564

Total

22.1
19.3
20.6
25.6
26.5
28.3
26.8
28.7
34.9

Manufacturing

9.1
7.1
7.5
10.9
11.6
11.9
11.0
11.4
15.0

Transportation
Mining

.9
.8
.7
.9
1.0
1.0
1.0
1.0
1.1

Railroad
1.3
1.4
1.1
1.5
1.4
1.3
.9
.9
1.3

Public Comutili- muni- Other 2
ties cations

Total

Other
1.3
.9

1.2
1.5
1.5
1.6
.6
.8

1 Corporate and noncorporate business, excluding agriculture.
* Includes trade, service, finance, and construction.




Quarter

2.5
3.1
3.3
3.7
3.9
4.6
4.2
4.3
5.0

1.7
1.3
l.l
I 3
1.5
1.7
7
2.0

10 .6

5.2
4.7
5.7
5.9
5.6
6.3
6.5
7.5

1955—1
2
3
4
1956—1
2*
34

.

5.8
7.0
7.4
8 4

2.4
3.0
3.1
3 8

.5
.6
.6
7

.8
1.1
1 2
1 2

2.0
2.3
2 5
2 6

7.5
9.1
9.2

3.2
4.3
4 4

.7
.8
.8

.9
1.4
1 4

2 6
2.7
2 6

3 Includes communications and other.
Anticipated by business.

4

Manufactur- Trans- Public
ing
All
porta- utiliand
tion
ties other 3
mining

875

REAL ESTATE CREDIT
MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER
[In billions of dollars]
1Nonfarm

All properties

End of year
or quarter

All
holders

Other
holders
Financial
insti- Selected Inditutions Federal viduals
agenand
cies
others

1941
1945 .

37.6
35.5

20.7
21.0

1948
1949
1950
1951
1952
1953
1954
1955*

56.2
62.7
72.8
82.2
91.2
101.1
113.6
129.8

37.8
42.9
51.7
59.5
66.9
75.1
85.7
99.5

113.6

85.7

2.8

1955—Mar*
June*
Sept P
Dec P

117.2
121.9
126.1
129.8

88.8
92.7
96.3
99.5

2.9

1956

133.5
137.6

102.5
105.9

3.2
3.2

1954—Dec

Mar »
June*3

2.0

.9
.6

1.1
1.4
2.0
2.4

2.8
2.8
3.1

3.0
3.0
3.1

Farm

1- to 4-family houses

Multi-family and
commercial properties*

Financial
institutions

Other
holders

Finan- Other
cial
Total instiholdtutions ers

11.2
12.2

7.2

All

holders

31.2
30.8
50.9
57.1
66.8
75.6
84.1
93.5
105.4
120.9
105.4

14.9
13.7
17.8
18.7
19.8
20.7
21.9
23.3
25.0
r
27.3
25.0
25.5

108.8
113.2
117.3
120.9
124.3
128.2

'26.2
26.7
'27.3
r

27.9
28.5

P1 Preliminary.
' Revised.
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.

Total
18.4
18.6
33.3
37.6
45.2
51.7
58.5
66.1
75.7
88.4
75.7
78.5

6.4
8.3

25.0
28.5
35.4
41.1
46.8
53.6
62.5
74.1

10.7
11.7
12.5
13.2
14.4

62.5

13.2

82.2
85.6
88.4

65.0
68.4
71.4
74.1

13.5
13.8
14.1
14.4

91.1
94.2

76.5
79.3

14.6
14.9

9.1
9.8

12.9
12.2
17.6
19.5
21.6
23.9
25.6
27.4
29.7
32.5
29.7
30.3
31.0
31.7
32.5
33.2
34.0

8.1

7.4
10.9
12.3
14.0
15.9
17.2
18.5
20.0
21.8
20.0
20.4
20.8
21.3
21.8
22.3
22.8

All Financial
Other
hold- instiholders*
ers
tutions

4.8

6.4

4.8
6.7

4.8
5.3

8.9
9.7

66
7.7
8.2
r
9.0

7.2
7.6
8.0
8.3

10.7

5.6
6.1

7.2

1 5
1.3

4 9
3.4

1.9
2 1
2 3
2 6
2 8
3.0
3 3
3.6

3.4
3 5
3 7
4 0
4 3
4.6
4 9
r
5.3

8.2

3.3

4.9

r

10.2
10.4
10.7

8.4
'8.7
r
8 8
'9.0

3 4
3.5
3 6
3.6

5 1
'5.2
'5 2
'5.3

10.9
11.2

'9.2
9.4

3.7
3.8

'5.5
5.7

9.7
9.9

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]
Mutual savings bank holdings3

Commercial bank holdings2
End of yew
or quarter

Residential
Total
Total

FHAinsured

VAguaranteed

Residential
Conventional

Other
nonfarm

Farm

Total

1941
1945

4,906
4,772

3,292
3,395

1,048
856

566

1948
1949
1950
1951
1952
1953
1954
1955

10,897
11 644
13,664
14,732
15,867
16,850
18,573
21,004

8,066
8 676
10,431
11,270
12,188
12,925
14,152
15,888

1,957
2,060
2,264
2,458
2,621
2,843
3,263
3,819

874

3,421
3,675
3,912
4,106
4,560

2,921
3,012
3,061
3,350
3,711

4,929
5,501
5,951
6,695
7,617

Total

521

4,812
4,208

FHAinsured

VAguaranteed

Conventional

3,884
3,387

1,004
1,058
1,082
1,159
1,297

5,806 4,758
6,705 5,569
8,261 7,054
9,916 8,595
11,379 9,883
12,943 11,334
15,007 13,211
17,457 15,568

2,567
3,168
3,489
3,800
4,150

1,726
2,237
3,053
4,262
5,773

4,303
4,477
4,792
5,149
5,645

909
968

Other
nonfarm

Farm

900

28

797

24

1 .015
[ 099
1,164
,774
1,444

34

,740
1,831

37
44
47
53
53
56
58

S56

1954—Dec

18,573 14,152

4,106

3,350

6,695

3,263

1,159

15,007 13,211

3,800

4,262

5,149

,740

56

1955—Mar

19,125
19,940
20,540
21,004

14,535
15,128
15,560
15,888

4,205
4,361
4,475
4,560

3,450
3,601
3,675
3,711

6,880
7,166
7,410
7,617

3,385
3,549
3,700
3,819

1,205
1,263
1,280
1,297

15,560
16,173
16,845
17,457

13.745
14,339
14,985
15,568

3,895
4,000
4,090
4,150

4,600
4,976
5,360
5,773

5,250
5,362
5,535
5,645

,758
,775
1,801
811

57
59
59
58

21,500 16,240
22,135 16,700

4,648
4,767

3,760
3,833

7,832
8,100

3,950
4,110

1,310
1,325

18,045 16,132
18,620 16,690

4,210
4,255

6,155
6,550

5,767
5,885

1,855
1,872

58
58

Sent
Dec
1956—Mar.*
June*

* Preliminary.
1 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.

876

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

1941
1945

976

1948
1949
1950
1951
1952
1953
1954
1955

3,407
3,430
4,894
5,134
3,978
4,345
5,344
6,620

3,114
3,123
4,532
4,723
3,606
3,925
4,931
6,107

1,202
1,350
1,486
1,058
864
817
672
971

519
488
536
513
578
545

478
454
503
485
535
514

71
72
77
80

857

811

150

296

646
564

595
503

208
138

556
516
618
546

492
470
568
507

105
75

131
134
140
136

1955—j u n e
July
Sept
Oct
Nov
Dec
1956 Jan
Feb
Mar
May
June

..

76
86

76
68
92
58

Farm

Total

Other

Total

FHAinsured

6 442
6 636

5,529
5 860

1 394

VAguaranteed

815

Farm
Other

4 714
4 466

913
776

1,378
1,843

1,546
1,642
2,108
2,371
2,313
2,653
2,881
3,293

293
307
362
411
372
420
413
513

10,833
12,906
16,102
19,314
21,251
23,322
25,976
29,433

9,843
11,768
14,775
17,787
19 546
21,436
23,928
27,166

2,381
3,454
4,573
5,257
5 681
6,012
6,116
6,410

1,104
1,223
2 025
3,130
3 346
3,560
4,643
6,075

6,358
7,091
8,177
9,400
10 519
11,864
13,169
14,681

990
1,138
1,327
1,527
1,705
1,886
2,048
2,267

151
118
140
127
160
155

256
264
286
278
299
273

365

41
34
33
28
43
31

46

27 483
27,748
28,001
28,250
28,563
28,868
29,433

25 310
25,551
25,787
26,025
26,320
26 613
27,166

6 202
6,225
6,244
6,260
6,289
6 328
6,410

5 297
5,373
5,468
5,573
5,692
5 808
6,075

13 811
13,953
14,075
14,192
14,339
14 477
14,681

2,173
2,197
2,214
2,223
2,243
2,25«
2,26

282
290

51
61

285
268
336
313

64
46
50
39

29,800
30 102
30,383
30,651
30,991
31,284

27,526
27,799
28,055
28,301
28,612
28,884

6,463
6 493
6,515
6,535
6,574
6,584

6,251
6 360
6,466
6,571
6 665
6,764

14,812
14 946
15,074
15,195
15 373
15,536

2,274
2,303
2,328
2,350
2,379
2,400

366
131
938

1,294
429
455

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]

Loans outstanding (end of period)

Loans made
Year or
month

1941
1945
1948,
1949
1950
1951
1952
1953
1954
1955

Total i

New
construction

Home
purchase

Total 2

FHAinsured

4,578
5,376

1,379
1,913

437
181

3,607
3,636
5,237
5,250
6,617
7,767
8,969
11,432

1,046
1,083
1,767
1,657
2,105
2,475
3,076
4,041

1,157
1,054
1,171
1,012
880
782
746

418
371
416
342
303
261
253

536 29,107 1,287
494
553
503 30,687 1,356
426
385
'i,'4O9
351

712
778
908
932
986
976

251
284
331
359
356
349

316
333
386 32.529
388
434
4491 33,866

581
1,358

VA- Convenguaranteed tional 2

1 ,710 10,305
1 ,559 11,616
2 ,246 13,657
2 ,357 15,564
2 ,955 18,396
3 ,488 21,962
3 ,846 26,193
5 ,241 31,584

563
717
848
866
904
1,048
1,172
1,409

2,397
2,586
2,973
3,133
3,394
3,979
4,721
5,912

7,345
8,313
9,836
11,565
14,098
16,935
20,300
24,263

5,336 22,484
5,653 23,678
24^263

1956
Jan
Feb
Mar
Aor
May
June

Number
Total i

Savings &
loan
assns.

Insurance
companies

Commercial
banks

Mutual
savings
banks

1941.
1945.

1,628
1,639

4,732
5,650

1,490
2,017

404
250

1,166
1,097

218
217

1948.
1949.
1950.
1951.
1952.
1953.
1954.
1955.

2,535
2,488
3,032
2,878
3,028
3,164
3,458
3,913

11,882
11,828
16,179
16,405
18,018
19,747
22,974
28,484

3,629
3,646
5,060
5,295
6,452
7,365
8,312
10,452

1,016
1,046
1,618
1,615
1,420
1,480
1,768
1,932

2,664
2,446
3,365
3,370
3,600
3,680
4,239
5,617

745
750
1,064
1,013
1,137
1,327
1,501
1,858

360
335
366
342
326
314
293

2,636
2,463
2,697
2,522
2,387
2,316
2,188

1,024
953
1,060
946
835
765
700

174
161
163
155
153
152
156

516
472
521
505
505
499
457

171
168
179
168
167
171
166

275
278
309
303
324
319

2,059
2,050
2,271
2,269
2,434
2,417

665
700
816
827
872
877

148
136
152
148
159
165

435
421
468
470
508
494

131
127
128
128
152
162

June..
July..
Aug..
Sept..
Oct...
Nov..
Dec...
1956

1,456

6,136 24,937

1,465.

6,351, 26,050

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.




Year or
month

1955

1955
June
July
Aug
Sept
Oct
Nov
Dec

Amount, by type of lender

Jan.
Feb..
Mar..
Apr..
May.
June.

1
Includes amounts for other lenders, not shown separately.
Source.—Federal Home Loan Bank Board.

877

REAL ESTATE CREDIT

MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- TO 4-FAMILY PROPERTIES

GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE
[In millions of dollars]

[In billions of dollars]
FHA-insured loans
Home
mortgages

Year or month

Total
New
properties

Existing
properties

VA-guaranteec loans
Home
mortgages

Projecttype
mortgages^

Property
improvement2
loans

Total 3

New
properties

Existing
properties

665

257

217

20

171

192

1948
1949
1950
1951
1952
1953
1954
1955

3,341
3,826
4,343
3,220
3,113
3,882
3,066
3,807

1.434

684
892
856
713

609
1,021
1,157
582
322
259
232
76

614
594
694
708
848
1,334
891
646

1,881
1,426
3,072
3,614
2,719
3,064
4,257
7,156

793
1,865
2,667
1,823
2,045
2,686
4,582

333
283
350
347
338
345

107
92
113
113
113
122
118

163
138
166
162
160

5
3
4
9
2
11

58
50
67
64
63

553
520
617
590
717

348
332
386
378
461

230

133

148
127
127
116
123
121

1955

June
July
Sent
Oct
Nov
Dec

326

1956—Jan
Feb
Mar
Apr
May
June

335
287
298
253
270
280

319

114
105
87
87
86

974

1,030
907

1,816

154
144

629
1,202
942
890

1,014
1,566
2,564
204
187
211
255

10

59
55

755
620

511
413

243
206

I
5
18
4
2
10

53
41
48
46
59
62

570
535
468
493
469
421

403
372
331
333
307
265

166
162
136
159
162
155

FHA- VAinguarsured anteed

1945

18.6

4.3

4.1

.2

14.3

1948
1949
1950
1951
1952
1953
1954
1955*

33.3
37 6
45.2
51 7
58.5

5.3

7.2

66 1
75.7
88.4

12.5
15 0
18.9
22 9
25.4
28 1
32.1
38.9

1954—Dec......

75.7

32.1

1955—Mar.p....
June**....
Sept.p
Dec.p. . . .

78.5
82.2
85.6
88 4

33.5
35.3
37.0
38.9

1956—Mar.p.... 91.1
June 2 3 .... 94.2

40.2
41.0

6.9
8.6

8 1
10.3
13 2
14.6
16 1
19.3
24.6

20.8
22 6
26.3
28 8
33.1
38 0
43.6
49.5

19.3

43.6

13.2
13.5
13.9
14.3
14.7
15.0

20.3
21.8
23.1
24.6

45.0
46.9
48.6
49.5

25.5
26.0

50.9
53.2

97
10.8
12 0
12.8
14.3
12.8

p

1

Monthly figures do not reflect mortgage amendments included in annual totals.
2 These loans are not ordinarily secured by mortgages.
3
Includes a small amount of alteration and repair loans, not shown separately; only such
loans in amounts of more than $1,000 need be secured.
NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed
loans, gross amount of loans closed. Figures do not take account of principal repayments
on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type
are derived from data on number and average amount of loans closed.
Sources.—Federal Housing Administration and Veterans Administration.

Preliminary.
NOTE.—For total debt outstanding, figures for first
three quarters of year are Federal Reserve estimates.
For conventional, figures are derived.
Sources.—Federal Home Loan Bank Board, Federal
Housing Administration, Veterans Administration,
and Federal Reserve.

FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY i

FEDERAL HOME LOAN BANK LENDING

[In millions of dollars]

[In millions of dollars]

Mortgage holdings
End of year
or month
Total

1948
1949
1950
1951
1952
1953
1954
1955

199
828

1,347
1,850
2,242
2,462
2,434
2,615

t

1955—July
Aug. . . . . , >
Sept
Oct
Nov
Dec

1956

Jan
Feb
Mar
Mi ay
June
July

.

Mortgage
transactions
(during
period)
Sales

Commitments
undisbursed

20
469
111
56
221
525
62

227
824
485
239
323
638
476
76

1948
1949
1950
1951 .
1952
1953
1954 .
1955

15

116

19
11

104
105

FHAinsured

VAguaranteed

188
403
169
204
320
621
802
901

11
425

198
672

1,178
1,646
1,922
1,841
1,632
,714

1,044

1,699
1,696
1,693
1,695
1,700
1,714

42
27
30

1,722
1,736
1,748
,758
1,769
1,789
1,814

22
35
28
23
25
40
43

2,567
2,573
2,564
2,587
2,596
2,615

868

2,623
2,642
2,657
2.665
2 677
2,704
2,729

901
907
909

876
871
891
896

901

Q07

907
915
915

Purchases

677
538
542
614
411

Year or month

0
1
0
0
1
0
0

Advances

Repayments

Advances outstanding
(end of period)
Total

1945

Shortterm i

Long-2
term

278

213

195

176

19

360
256
675
423
586
728
734
1,251

280
337
292
433
528
640
818
702

515
433
816
806
864
952
867
j.417

257
231
547
508
565
634
612
991

258
202
269
298
299
317
255
426

83
80
76

1955—July
Aue
Sept
Oct
Nov
Dec

152
156
115
90
60
109

107
30
27
21
40
56

1,061
1,187
1,275
1,344
[,364
1,417

748
822
885
932
875
991

313
365
390
412
489
426

75
66
62
68
81
92
91

1956—Jan
Feb
Mar
Apr
Miay
June
July

42

213

1,246
1,181
1,138
1,127
1,123
1,173
1,108

833

770
730
709
697
730
700

413

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.




Con-

Total

Total

1945

1,637
1,216
969
[,259
1,035
1.269

Governmentunderwritten

End of
year or
quarter

1
2

. . .

13
24
42
44
99
93

78
67
53
48
49
159

411
408
418
427
443
408

Secured or unsecured loans maturing in one year or less.
Secured loans, amortized quarterly, having maturities of more than
one year but not more than ten years.
Source.—Federal Home Loan Bank Board.

878

CONSUMER CREDIT
CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars]
Instalment credit

End of year or month

Total

Automobile
paper i

Other
consumer
goods
paper *

Total

Noninstalment credit

Repair
and modernization
loans 2

Personal
loans

Total

Singlepayment
loans

Charge
accounts

Service
credit

1939
1941
1945

7,222
9,172
5,665

4,503
6,085
2,462

1,497
2,458

1,620
1,929

455

816

298
376
182

1,088
1,322
1,009

2,719
3,087
3,203

787
845
746

1,414
1,645
1,612

518
597
845

1948
1949
1950
1951
1952
1953
1954
1955

14,411
17,104
20,813
21,468
25,827
29,537
30,125
36,225

8,968
11,516
14,490
14,837
18,684
22,187
22,467
27,895

3,054
4,699
6,342
6,242
8,099
10,341
10,396
14,312

2,842
3,486
4,337
4,270
5,328
5,831
5,668
6,435

843
887

1,006
1,090
1,406
1,649
1,616
1,641

2,229
2,444
2,805
3,235
3,851
4,366
4,787
5,507

5,443
5,588
6,323
6,631
7,143
7,350
7,658
8,330

1,445
1,532
1,821
1,934
2,094
2,219
2,420
2,776

2,713
2,680
3,006
3,096
3,342
3,411
3,518
3,797

1 2SS
1,376
1,496
1,601
1,707
1,720
1,720
1,757

24,914
25,476
26,155
26,699
26,963
27,247
27,895

12,561

Sent
Oct
Nov
Dec

32,471
32,896
33,636
34,293
34,640
35,059
36,225

13,038
13,547
13,929
14,095
14,172
14,312

5,639
5,676
5,762
5,848
5,917
6,057
6,435

1,562
1,570
1,589
1,611
1,627
1,634
1,641

5,152
5,192
5,257
5,311
5,324
5,384
5,507

7,557
7,420
7,481
7,594
7,677
7,812
8,330

2,686
2,595
2,629
2,657
2,666
2,757
2,776

3,040
2,991
3,019
3,108
3,218
3,285
3,797

1,831
1,834
1,833
1,829

1956 Jan
Feb
Mar
Apr
May
June

35,599
35,272
35,536
35,962
36,574
37,093

27,769
27,784
27,964
28,260
28,591
28,890

14,314
14,397
14,565
14,706
14,876
15,077

6,318
6,209
6,137
6,183
6,244
6,247

1,610
L599
1,599
1,611
1,642
1,663

5,527
5,579
5,663
5,760
5,829
5,903

7,830
7,488
7,572
7,702
7,983
8,203

2,715
2,729
2,839
2,876
2,981
3,099

3,355
2,974
2,933
2,996
3,135
3,231

1,760
1,785
1,800
1 830
1 867
1,873

1955

June
July

1 Represents all consumer instalment credit extended for the purpose of
purchasing automobiles and other consumer goods and secured by the
items purchased, whether held by retail outlets or financial institutions.
Includes credit on purchases by individuals of automobiles or other
consumer
goods that may be used in part for business.
2
Represents repair and modernization loans held by financial institutions ; holdings of retail outlets are included in other consumer goods paper.

793

1,770
757

NOTE.—Monthly figures for the period December 1939 through 1951
and a general description of the series are shown on pp. 336-354 of the
BULLETIN for April 1953. Revised monthly figures are shown in later
BULLETINS: 1952, November 1953, p. 1214; 1953, November 1954, p. 1212.
A detailed description of the methods used to derive the estimates may
be obtained from Division of Research and Statistics.

INSTALMENT CREDIT, BY HOLDER
[Estimated amounts outstanding, in millions of dollars]
Financial institutions
Total
instalment
credit

Total

Commercial
banks

Sales
finance
companies

1939
1941
1945

4,503
6,085
2,462

3,065
4,480
1,776

1,079
1,726

1,197
1,797

1948
1949
1950
1951
1952
1953
1954
1955

8,968
11,516
14,490
14,837
18,684
22,187
22,467
27,895

7,092
9,247
11,820
12,077
15,410
18,758
18,935
23,863

3,529
4,439
5,798
5,771
7,524
8,998
8,633
10,347

1,990
2,950
3,785
3,769
4,833
6,147
6,421
8,938

Sect
Oct
Nov
Dec

24,914
25,476
26,155
26,699
26,963
27,247
27,895

21,432
21,980
22,605
23,101
23,324
23,524
23,863

9,495
9,656
9,871
10,060
10,145
10,227
10,347

1956 Jan
Feb
Mar
Apr
May
June

27,769
27,784
27,964
28,260
28,591
28,890

23,862
23,979
24,244*
24,557
24,866
25,284

10,360
10,398
10,521
10,717
10,874
11,096

End of year or month

1955

June
July

i Includes mail-order houses.




745

Retail outlets

Department
stores!

Furniture
stores

Household
appliance
stores

354
320
131

439
496
240

183
206
17

123
188
28

339
395
270

470
595
743
920

1,117
1,040
1,201
1,423

604
724
791
760
866
903
890
956

127
168
239
207
244
291
293
297

159
239
284
255
308
380
394
556

516
543
613
618
739

3,482
3,496
3,550
3,598
3,639
3,723
4,032

1,160
1,155
1,167
1,191
1,203
1,251
1,423

851
856
871
878
889
909
956

279
281
284
283
281
284
297

481
501
523
538
546
550
556

711
703
705
708
720
729
800

3.907
3 805
3,720
3,703
3 725
3,606

1,374
1,341
1,284
1,286

925
909
894
885
882
884

288
281
276
271
273
275

556
559
564
569
575
583

764
715
702
692
698
711

Credit
unions

Other

Total

132
198
102

657
759
629

1,438
1,605

334
438
590
635
837

,124
1,293
1,580

1,239
1,420
1,647
1,902
2,216
2,489
2,588
2,998

1,876
2,269
2,670
2,760
3,274
3,429
3,532
4,032

7,747
8,087
8,422
8,667
8,771
8,825
8,938

1,434
1,458
1,495
1,528
1,547
1,556
1,580

2,756
2,779
2,817
2,846
2,861
2,916
2,998

8,936
8,964
9,037
9,093
9,170
9,298

1,565
1,589
1,618
1,647
[,680
1,715

3,001
3,028
3,068
3,100
3,142
3,175

300

686

597

1,153

Automobile
dealers 2

Other

815
754
800

2 Represents automobile paper only; other instalment credit held by
automobile dealers is included with other retail outlets.

879

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]

[Estimated amounts outstanding, in millions of dollars]

End of year
or month

Total
instalment
credit

Automobile
paper
Purchased

Direct

Other
consumer
goods
paper

Repair
and
modernization
loans

Personal
loans

1939
1941
1945

1,079
1,726
745

237
447
66

178
338
143

166
309
114

135
161
110

363
471
312

1948
1949
1950
1951
1952
1953
1954
1955

3,529
4 439
5,798
5,771
7,524
8,998
8,633
10,347

575
849
1,177
1,135
1,633
2,215
2,198
2,976

753
946
1,294
1,311
1,629
1,867
1,645
2,099

794
1,016
1,456
1,315
1,751
2,078
1,839
2,099

568
715
834
888
1,137
1,317
1,275
1,279

839
913
1,037
1,122
1,374
1,521
1,676
1,894

1955

June
July
Aug
Sept
Oct
Nov
Dec

9,495
9,656
9,871
10,060
10,145
10 227
10,347

2,591
2,656
2,765
2,842
2,901
2 935
2,976

1,940
1,995
2,041
2,088
2,090
2,087
2,099

1,897
1,921
1,950
1,986
2,009
2,052
2,099

1,223
1,231
1,243
1,259
1,273
1,275
1,279

1,844
1,853
1,872
1,885
1,872
1,878
1,894

1956

Jan
Feb
Mar
Apr
M!a.y ..
June

10,360
10 398
10,521
10 717
10 874
11,096

2,977
3 011
3,059
3 104
3 157
3,210

2,107
2,124
2,167
2 200
2 228
2,242

2,109
2,099
2,110
2 175
2 213
2,327

1,256
1,245
1,243
1 252
1,273
1,293

1,911
1,919
1,942
1,986
2,003
2,024

1939
1941
1945

1,197
1,797
300

878
1,363
164

115
167
24

148
201
58

56
66
54

1948
1949
1950
1951
1952
1953
1954
1955

1,990
2,950
3,785
3,769
4,833
6,147
6,421
8,938

1,378
2,425
3,257
3,183
4,072
5,306
5,563
7,939

232
303
313
241
332
367
351
416

216
83
57
70
82
83
81
85

164
139
158
275
347
391
426
498

1955—June
July.
Aug.
Sept.
Oct..
Nov.
Dec.

7,747
8,087
8,422
8,667
8,771
8,825
8,938

6,857
7,180
7,496
7,729
7,822
7,860
7,939

361
372
384
392
398
403
416

78
78
80
81
82
83
85

451
457
462
465
469
479
498

1956—Jan..
Feb.,
Mar.
Apr.
May
June

8,936
8,964
9,037
9,093
9,170
9,298

7,939
7,963
8,026
8,074
8,146
8,260

412
412
412
412
411
418

84
83
82
82
81
81

501
506
517
525
532
539

Total
instalment
credit

Automobile
paper

1939
1941
1945

789
957
731

81
122
54

24
36
20

15
14
14

669
785
643

1948
1949
1950
1951
1952
1953
1954
1955

1,573
1,858
2,237
2,537
3,053
3,613
3,881
4,578

189
240
330
358
457
573
596
742

99
137
182
209
279
337
340
444

59
89
115
132
187
249
260
277

1,226
1,392
1,610
1,838
2,130
2,454
2,685
3,115

1955—June
July

4,190
4,237
4,312
4,374
4,408
4,472
4,578

692
706
722
732
736
740
742

380
388
401
410
417
429
444

261
261
266
271
272
276
277

2,857
2,882
2,923
2,961
2,983
3,027
3,115

4,566
4,617
4,686
4,747
4,822
4,890

735
740
749
759
770
782

446
452
459
462
470
479

270
271
274
277
288
289

3,115
3,154
3,204
3,249
3,294
3,340

End of year
or month

Sect
Oct
Nov
Dec
1956—Jan
Feb
Mar
Apr
June

NONINSTALMENT CREDIT, BY HOLDER

Personal
loans

NOTE.—Institutions included are consumer finance companies (operating primarily under State small-loan laws), credit unions, industrial
loan companies, mutual savings banks, savings and loan associations,
and other lending institutions holding consumer instalment loans.




Personal
loans

[Estimated amounts outstanding, in millions of dollars]

[Estimated amounts outst anding, in millions of dollars
Repair
and
modernization
loans

Repair
and
modernization
loans

Automobile
paper

INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS
OTHER THAN COMMERCIAL BANKS AND SALES
FINANCE COMPANIES, BY TYPE OF CREDIT

Other
consumer
goods
paper

Other
consumer
goods
paper

Total
instalment
credit

End of year
or month

End of year
or month

Total
noninstalment
credit

Financial
institutions
(single-payment loans)
Commercial
banks

Retail
outlets
(charge
accounts)

Other

Department
stores!

Other

Service
credit

1939
1941
1945

2,719
3,087
3,203

625
693
674

162
152
72

236
275
290

1,178
1,370
1,322

518
597
845

1948
1949
1950
1951
1952
1953
1954
1955

5,443
5,588
6,323
6,631
7,143
7,350
7,658
8,330

1,261
1,334
1,576
1,684
1,844
1,899
2,085
2,393

184
198
245
250
250
320
335
383

575
584
641
685
730
748
764
825

2,138
2,096
2,365
2,411
2,612
2,663
2,754
2,972

,285
,376
,496
,601
,707
,720
,720
,757

July.
Aug.
Sept.
Oct..
Nov.
Dec..

7,557
7,420
7,481
7,594
7,677
7,812
8,330

2,303
2,268
2,277
2,273
2,311
2,348
2,393

383
327
352
384
355
409
383

518
474
475
519
562
618
825

2,522
2,517
2,544
2,589
2,656
2,667
2,972

,831
,834
,833
,829
,793
,770
,757

1956—Jan..
Feb..
Mar.
Apr..
May.
June.

7,830
7,488
7,572
7,702
7,983
8,203

2,392
2,387
2,437
2,471
2,516
2,619

323
342
402
405
465
480

676
571
555
548
560
550

2,679
2,403
2,378
2,448
2,575
2,681

,760
,785
,800
,830
,867
1,873

1955—June.

i Includes mail-order houses.

880

CONSUMER CREDIT
INSTALMENT CREDIT EXTENDED AND REPAID
[Estimates of short- and intermediate-term credit, in millions of dollars]
Other consumer
goods paper

Automobile
paper

Total
Year or month
Extended

Repaid Extended

Repaid

Extended

Repaid

Repair and
modernization loans
Extended

Repaid

Personal
loans
Extended

Repaid

1941
1945

9,425
5,379

8,854
5,093

3,823
999

3,436
941

2,929
2,024

2,827
1,999

312
206

307
143

2,361
2,150

2 284
2,010

1948
1949
1950
1951
1952
1953
1954
1955

15,540
18,002
21,256
22,791
28,397
30,321
29,304
37,172

13,267
15,454
18,282
22,444
24,550
26,818
29,024
31,744

5,280
7,182
8,928
9,362
12,306

5,280
5,533
6,458
6,518
7,959
8,014
7,700
9,075

4,581
4,889
5,607
6,585
6 9 901
7,511
7,863
8,308

702
721
826
853

577
677
707
769

4,278
4,566
5,044

1,243
1,387
1,245
1,320

927
1,144
1,278
1,295

6,058

17,748

4,150
5,537
7,285
9,462
10,449
11,379
12,477
13,832

6 889
7,299
7,827
9,029

3,959
4,351
4 683
5,628
6 273
6,784
7,406
8,309

3,443
3,131
3,436
3,241
3,051
3,103
3,508
2,724
2,769
3,114
3,163
3,281
3,204

2,757
2,697
2,787
2,819
2,860
2,850
2,754
2,934
2,867
2,950
2,905

2,678
2,569

1.766
1,594
1,745
1,592
,417
,341
1,369

1.190
1,117
1,236
1,210
251
1,264
1,229

766
711

125
111
130
128
126
124
111

109
103
111
106
117
104

786
715
768
738
723
788
938

675
703
684
710
728

1,090

682
674
707
697
716
710
712

,248
,296
,450
,406
,475
,467

I 246
1,213
[,282
1,265
,305
,266

643

760

86

117

727

627

747

736

759
714
751
742

95

106

751

699

687
780
812
745

106
123
141
123

106
111
110
102

871
854
853
869

787
757
784
795

,589
,519
1,566
,620
1,474
1,435
1,503

1,166
1,133
1,197
1,175
1,233
1,281
1,228

757
794

678
706
718

110
108

108
101
104
108

723
715
758

660
671

114
120

112
118
118

106
117
102

,451
,473
1,360
,358
,331
,312

,275
,266
[,215
1,328
[,284
[ 240

111
123
116
133
129
107

111

13,621
12,532

WITHOUT SEASONAL ADJUSTMENT

1955—June
July
Sept
Oct
Nov
Dec
1956—Jan
Feb
Mar
Apr
Mi ay
June

...

793
783
785
850

110

697

815

SEASONALLY ADJUSTED*

2,612
2,611
2,713
2,691
2,774
2,830
2,747
2,939

3,179
3,136
3,211
3,290
3,075
3,185
3,185
3,211
3,192
2,988
3,227
3,051
2,951

1955—June
July
Sept
Oct
Nov
Dec
1956—Jan
Feb
Mar
Apr
May

June

2,845
2,790
2,987
2,904
2,831

773
759
724

694

805
792

718
698
690

823

770

751

735

719
849
776
733

726
744
732
737

791
765

694
714
717

827
772

734
727

826

783

103

845

741

103
124
117
102

793
887
815
799

746
791
771
752

•Includes adjustment for differences in trading days.
NOTE.—Back figures by months for the period 1940-52, together with
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. 9-22. Monthly figures for 1953 are
shown in the BULLETIN for November 1954, p. 1212. Estimates of in-

stalment credit extended and repaid are based on information from accounting records of retail outlets and financial institutions and include
all 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.

FURNITURE STORE STATISTICS

RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE 1

Percentage change
from preceding
month
Item

Net sales:
Total
Cash sales
.
Credit sales:
Instalment
Charge account

...

Accounts receivable, end of
month:
Total
Instalment
Charge accounts
[nventories, end of month,
at retail value




Percentage change
from corresponding
month of preceding
year

June
1956

May
1956

Apr.
1956

June
1956

May
1956

Apr.
1956

0

+1

+ 12
+ 14

+1

+ 12
+ 12

+2

+3
+1
+3
+ 10

+1

0
0

+5
+2
+6
+ 10

0
0

0
0

-1
-1

+6
+5
+ 10

+8
+6
+ 12

+5

+3

0

0

+1

+1

+1

+5
+4
+7

-4

-2

+2

+4

0
0

+4

Instalment accounts
Month

Charge
accounts

Household ap- Department
pliance
stores
stores

Department
stores

Furniture
stores

1955—June.
July.
Aug.
Sept.
Oct..
Nov.
Dec..

15
14
14
15
15
15
15

12
12
13
12
12
12
11

9
9
9
9
10
10
9

46
43
46
45
47
47
46

1956-Jan..
Feb..
Mar.
Apr..
May.
June.

14
14
16
15
15
15

12
11
12
12
12
12

9
9
9
9
9
10

43
44
47
43
46
46

1 Collections during month as percentage of accounts outstanding at
beginning of month.

881

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

Manufactures
Year
or month

Total
Total

Durable

Nondurable

Minerals

Total

Residential

All
other

Nonagricultural
employment

Manufacturing
production workers
Employment

Freight
carloadings*

DepartWholement
Consale
store sumer
com2
sales*
(retail prices modity
prices2
value)

Payrolls

AdAd- Unad- AdAdAd- Unad- Unad- AdAdAdAdAdAdjusted justed justed justed justed justed justed justed justed justed justed justed justed justed

Adjusted

Unadjusted

Unadjusted

1919
1920
1921.
1922
1923
1924
1925

39
41
31
39
47
44
49

38
39
30
39
45
43
48

38
42
24
37
47
43
49

37
36
34
40
44
42
46

45
53
42
45
62
57
59

34
34
30
43
45
51
66

26
18
27
41
49
57
75

39
45
32
43
42
46
59

61.4
62.0
55.2
58.5
64.4
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

67.6
67.9
68 0
71.0
66 7

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

48
42
48
49

51
42
48
51

22
8
7
7

41
20
18
24

38

55

34
15
14
17

55

20

13

25

60 4
53.5
53 7
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

30

22

35

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

1941..
1942
1943
1944
1945

87
106
127
125
107

88
110
133
130
110

91
126
162
159
123

1946
1947
1948,
1949
1950

90
100
104
97
112

90
100
103
97
113

1951
1952
1953
(954
1955

120
124
134
125
139
138
139
139
140
142
143
143
144
143
143
141
143
r
141
141
*136

. .

71
62
68
76

32
35
39
44

25
27
37
43

36
40
40
44

65 9
70.3
66.1
69.3
73.3

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 49.3
103.9 72.2
121.4 99.0
118.1 102.8
104.0 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

86
101
104
95
116

95
99
102
99
111

91
100
106
94
105

82
84
102
113
159

87
86
98
116
185

79 94.4
83 99.4
105 101.6
111 99 0
142 102.3

97.9 81.2
103.4 97.7
102.8 105.1
93.8 97.2
99.6 111.7

100
108
104
88
97

90
98
104
98
105

83.4
95 5
102.8
101 8
102 8

78.7
96 4
104,4
99 2
103 1

121
125
136
127
140

128
136
153
137
155

114
114
118
116
126

115
114
116
111
122

171
183
192
215
261

170
183
178
232
280

172
183
201
204
248

108 2
110.4
113.6
110.7
114.2

106 4
106.3
111.8
101.8
105.5

129.8
136.6
151.4
137.7
152.5

101
95
96
86
»95

109
110
112
111
119

111 0
113.5
114 4
114.8
114.5

114 8
111.6
110.1
110.?
110.7

138
139
130
139
142
147
145
142

140
141
141
142
144
145
145
146

153
155
155
158

127
128
126
125

121
122
120
121

245
253
257
259

280
290
296
278

221
228
231
246

161

130

129

301

273

319

113.7
114.5
114.7
115.0
115.3
115.7
116.0
116.5

104.1
105.7
104.6
107.2
108.1
108.7
109.0
108.7

150.0
152.0
150.9
154.6
158.6
161.1
163.8
163.7

96
94
95
96
96
98
99
101

117
ll5
124
118
121
122
122
123

114.2
114.4
114.7
114.5
114 9
114.9
115.0
114.7

109.9
110.3
110.5
110.9
111 7
111.6
111.2
111.3

143
144
143
144
141
141
p\29

145
144
142
144
143
142

160
158
156
159
157

129
130
127
129
r
128

131
131
130
130
r
129

300
306
287
277
257

290
318
317
315
286

306 116.8 108.0
298 116.9 107.2
267 116.7 106.4
252 r 117.3 r 107.1
237 117 6 106.9

^149

*122

159.1
157.7
157.9
158.2
'157.3
157.8
e
150.9

103
100
100
99
98
95
*81

124
118
122
122
122
2>124
e
126

114.6
114.6
114.7
114.9
115.4
116.2

*>127

107.2
106.8
106.1
106.0
'105.4
248 118.0 106.3 105.7
^116.9 ?103.1 2101.7

111.9
112.4
112.8
113.6
114.4
114.2
114.0

1955
May
June
July
Aug
Sept
Oct
Nov
Dec

..

160
161
161

128
129
130

123
123
125

250
260
270

256
252
252

246
266
282

105.6
106.3
106.1
106.2
106.2
107.1
108.2
108.3

r

1956
Jan
Feb
Mar
Apr
M!ay
Jane
July

*>138

157

128

129

256

• Estimated.
P Preliminary.
' Revised.
•Average per working day.
i Three-month moving average, based on F. W. Dodge Corporation
data. A description of the index may be obtained from the Division of
Research
and Statistics.
3
The indexes of employment and payrolls, wholesale commodity prices,




269

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.

882

PRODUCTION
INDUSTRIAL PRODUCTION
[Federal Reserve indexes, 1947-49 average= 100]

Industry

Annual
1947-49 average
1955
1956
proportion 1954 1955 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June

SEASONALLY ADJUSTED

INDUSTRIAL PRODUCTION—TOTAL.

100.00

125

139

139

139

140

142

143

143

144

143

143

141

143

141

141

MANUFACTURES—TOTAL

90.02

127

141

141

141

142

144

145

145

146

145

144

142

144

143

142

Durable Manufactures—Total

45.17

137

155

155

155

158

160

161

161

161

160

158

156

159

157

157

6.70

108

140

143

134

139

146

148

149

150

148

148

145

145

141

135

28.52
5.73
13.68
9.04
4.64
7.54
1.29

150
123
142
125
177
175
140

165
134
155
135
194
203
149

164
135
155
136
192
198
149

166
135
158
'136
197
202
151

168
137
159
140
196
203
153

770
141
161
141
199
205
155

775
142
164
143
205
208
156

772
139
162
143
198
212
158

772
138
163
144
199
212
159

770
136
164
146
197
205
160

755
134
162
147
192
202
161

755
132
162
147
191
197
160

777
135
171
151
208
194
163

757
130
168
149
206
•187
164

168
132
168
149
205
191
164

Clay, glass, and lumber products
Stone, clay, and glass products
Lumber and products

5.91
2.82
3.09

123
131
115

138
149
127

142
153
131

138
152
126

140
155
127

747
155
127

141
153
130

139
156
124

73P
154
126

740
154
128

739
155
124

737
156
121

739
158
122

747
162
121

747
160
123

Furniture and misc. manufactures
Furniture and fixtures
Miscellaneous manufactures

4.04
1.64
2.40

121
106
131

132
119
141

136
121
145

134
122
143

137
124
145

137
125
145

136
124
145

735
123
145

737
123
146

735
122
144

734
120
143

732
120
141

734
121
142

735
121
145

735
123
146

107
103
111

106
101
112

Primary metals
Metal fabricating
Fabricated metal products
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment.
Instruments and related products

Nondurable

Manufactures—Total....

r

44.85

116

126

128

126

125

128

129

130

130

129

130

127

129

Textiles and apparel
Textile mill products
Apparel and allied products

11.87
6.32
5.55

100
95
105

109
107
113

110
107
114

109
106
112

109
107
112

111
107
116

112
109
116

113
110
117

112
109
116

111
108
113

112
109
114

707
106
108

108
106
109

Rubber and leather products
Rubber products
Leather and products

3.20
1.47
1.73

104
115
95

122
143
105

727
149
107

120
137
106

119
138
102

727
142
104

124
147
105

722
147
101

725
144
108

725
147
108

725
140
112

779
135
105

'120 '116
-137 131
106 104

770
118
103

Paper and printing
Paper and allied products
Printing and publishing

8.93
3.46
5.47

125
134
120

137
152
127

139
156
128

139
155
128

138
153
128

740
157
130

141
156
131

141
157
130

140
159
128

747
159
130

740
157
130

740
157
129

743
160
131

742
160
132

743
161
131

Chemical and petroleum products
Chemicals and allied products
Petroleum and coal products

9.34
6.84
2.50

142
148
125

159
167
135

161
170
136

160
170
134

160
168
135

163
173
135

752
171
137

164
173
139

755
175
141

755
173
142

755
174
143

755
174
144

757
178
139

169
179
140

168
178
141

Foods, beverages, and tobacco
Food and beverage manufactures
Tobacco manufactures

11.51
10.73
.78

106
106
103

109
109
105

109
109
109

108
108
101

107
108
100

707
108
100

777
111
105

777
112
104

773
113
107

777
111
109

772
112
107

770
111
107

772
113
107

110
110
110

109
109

MINERALS—TOTAL

9.98

111

122

122

120

121

123

123

125

129

131

131

130

130

Mineral fuels
Coal
Anthracite
Bituminous coal
Crude oil and natural gas

8.35
2.68
.36
2.32
5.67

113
67
52
70
134

123
80
48
85
143

122
86
43
92
139

123
87
53
92
139

122
82
41
89
141

722
80
50
84
141

723
80
42
86
143

725
80
47
85
147

730
87
58
92
151

732
87
62
91
153

737
88
55
94
151

737
86
50
92
151

730
86
55
91
151

730
89
41
96
149

729
90
55
95
148

Metal, stone, and earth minerals
Metal mining
Stone and earth minerals

1.63
.82
.81

106
90
123

120
110
130

123
117
129

109
88
130

117
105
130

725
119
133

725
120
131

724
114
134

723
112
135

729
121
137

730
121
138

730
120
139

729
118
139

727
117
138

725
114
142

INDUSTRIAL PRODUCTION—TOTAL

[00.00

125

139

139

130

139

142

147

145

142

143

144

143

144

141

141

MANUFACTURES—TOTAL

90.02

127

141

141

132

140

144

150

148

143

144

146

145

146

142

142

Durable Manufactures—Total

45.17

137

155

155

146

153

157

164

163

161

160

161

161

162

157

108
105
108
101
109
108
115
97
95
106

140
138
144
134
146
141
171
124
123
133

144
141
146
137
147
144
169
129
127
139

122
125
132
129
133
130
147
108
108
108

132
132
140
134
141
136
168
114
114
115

143
142
149
140
150
144
186
125
123
133

149
148
153
141
154
149
188
137
135
148

149
147
154
140
156
150
189
131
129
141

147
145
153
141
154
149
182
128
126
141

151
149
158
143
159
153
197
128
125
143

152
149
159
145
160
155
192
128
126
142

151
149
158
145
159
155
181
129
127
141

144
143
152
140
154
149
182
121
120
129

156
137
135

128

129

WITHOUT SEASONAL ADJUSTMENT

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
r

Revised.




6.70
5.03
3.51
.37
3.05
2.62
.43
1.52
1.29
.23

For other footnotes see end of table.

152
149
158
143
159
153
199
130
128
142

118

883

PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average= 100]
Annual
1947-49 average
1955
proportion
1954 1955 June July Aug. Sept. Oct. Nov. Dec. Jan.

Industry

1956
Feb. Mar. Apr. M a y June

WITHOUT SEASONAL ADJUSTMENT

—Continued
Primary metals—Continued
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

1.67
.38
.09
.06
.04
.10
.09
.13
1.16
.63
.20
.33

120
147
101
109
105
101
244
105
113
100
154
114

146
164
122
123
103
120
261
123
142
114
208
156

154
167
130
133
110
119
259
121
154
128
228
158

112
127
49
50
53
116
261
100
108
75
188
124

132
150
95
97
82
116
263
118
127
91
215
144

147
173
139
142
116
117
265
130
141
110
218
154

153
171
136
126
119
122
265
135
149
114
222
173

154
173
130
136
121
123
272
130
150
118
219
169

28.52

150

165

163

157

162

165

173

174

5.73
2.68
2.12
.30
.63

123
126
117
131
90

134
136
130
142
111

135
136
128
149
117

130
132
125
168

139
137
126
203
128

142
141
129
192
142

145
144
134
197
134

139
145
138
95
117

153
175
128
143
112
127
277
125
148
120
210
164

159
172
132
122
114
124
276
131
158
134
226
163

161
176
133
134
117
126
279
134
159
132
225
170

173

172

137
144
137
102
92

135
140
131
109
109

161
181
139
141
120
125
287
124
158
129
241
166

'158 1 4 8
183 180
139 143
142 140
121
106
125 111
294 296
135
152 140
120 113
242 228
160

172

172

174

167

167

134
138
129
116
110

134
138
126
127
115

136
140
125
189
106

130
'138
'121
'121
105

132
138
119
158
112

144
177
137
136
109
110
296
135
110
213

13.68

142

155

153

142

153

161

169

164

164

167

168

168

172

167

165

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

125
121
79
127
160
114

135
130
91
135
163
144

137
131
95
136
161
157

131
128
92
133
160
116

131
129
87
135
165
113

137
131
69
140
168
147

141
136
92
142
170
141

141
138
94
144
178
130

147
143
97
150
190
141

149
144
98
150
190
164

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
89
155
193
143

Electrical machinery
Electrical apparatus and parts
Radio and television sets

4.64
3.23
.74

177
160
214

194
174
242

184
176
192

165
169
143

194
170
254

207
175
289

223
188
315

208
180
280

197
184
225

201
184
240

200
184
233

196
184
218

206
202
209

198
200
185

194
198
174

Transportation equipment
Autos, trucks, and parts
Autos
Trucks
Light trucks
Medium trucks
Heavy trucks
Truck trailers
Auto and truck parts
Aircraft and parts
Shipbuilding and repair
Railroad equipment
Railroad cars

7.54
4.80
1.50
.66
.22
.19
.14
.07
2.58

175
109
131
92
95
59
133
130
101
474
112
39

203
153
190
115
114
69
172
183
141
481
115
42

200
151
184
134
124
81
220
205
137
466
118
41

198
147
195
126
119
81
203
174
125
469
114
37

192
137
166
106
93
65
167
192
129
469
117
45

185
122
130
102
106
53
138
199
122
484
117
45

200
144
153
106
121
50
138
202
149
490
115
50

216
167
212
122
128
73
172
199
153
500
109
48

214
159
193
122
106
67
216
192
150
516
111
51

206
147
173
113
101
67
194
173
141
517
111
54

201
136
162
131
102
69
265
195
122
516
122
68

142
158
143
166
165
135
92
159
138
140
138
192
172

r

143
162
142
164
163
136
r
93
174
140
145
139
r
202
172

i45*
144
147
208
170
129
118
181
133
260
93

Machinery

191
190
114
116
127 127
123
117
89
89
68
58
237 246
203
191
109
'522 '537*
125
125
66
69

.35

29

30

29

22

32

30

38

33

36

40

1.29

140

149

149

147

150

155

158

159

161

160

Stone, clay, and glass products
Glass and pottery products
Flat glass and vitreous products
Flat and other glass
Glass containers
Home glassware and pottery
Cement
Structural clay products
Brick
Clay firebrick, pipe, and tile
Concrete and plaster products
Misc. stone and earth manufactures....

5.91
2.82
1.09
.60
.47
.26
.23
.32
.35
.12
.20
.48
.58

123
131
118
131
133
117
85
135
111
113
111
161
140

138
149
134
155
156
126
91
148
127
131
127
180
166

146
155
136
154
154
138
88
163
134
146
128
190
170

133
149
124
139
136
130
76
161
128
134
126
191
167

145
158
138
152
153
143
95
164
138
146
134
195
174

147
158
137
161
163
127
86
164
140
151
134
196
175

149
161
144
164
167
133
102
164
138
142
137
192
177

140
157
143
169
172
119
101
151
137
141
136
186
176

132
153
141
172
174
111
96
136
130
122
137
181
176

132
150
141
168
171
121
91
126
129
122
136
175
171

205 203
143 -139
164 163
125 130
109 104
71
68
227 258
187 191
135 128
521 513
118 122
60
66
49
57
161
161
135
135
150 153
141
140
163 163
167 163
130 130
96
93
123 137
132 137
124 132
139 142
177 181
171 171

Lumber and products
Lumber
Millwork and plywood
Millwork
Softwood plywood
Wood containers

3.09
2.05
.60
.39
.12
.29

115
106
161
123
222
88

127
112
197
144
284
90

137
122
207
151
299
94

118
108
160
121
224
85

133
119
198
148
279
86

136
121
209
155
295
90

138
122
213
160
299
93

124
106
201
143
295
92

113
98
173
110
278
94

116
100
189
114
313
90

121
104
201
128
321
91

119
105
193
118
316
91

126
112
199
123
324
92

125
111
187
124
290
'93

4.04

121

132

131

125

134

140

144

142

140

133

136

134

132

r

131

132

Furniture and fixtures
Household furniture
Fixtures and office furniture

1.64
1.10
.54

106
106
107

119
120
115

116
118
114

113
114
111

123
124
121

127
129
123

128
131
123

128
131
121

128
130
122

122
124
119

123
125
119

122
123
120

119
118
120

116
115
119

118
116
122

Miscellaneous manufactures

2.40

131

141

141

133

142

149

154

152

149

141

145

142

141

140

141

1.30

.81
.53

Instruments and related products
Clay, Glass, and Lumber

Furniture

and Misc. Manufacturing

' Revised.




Products

...

For other footnotes see end of table.

60

61

56

164

164

164
145
162
139
158
156
142
86

884

PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average= 100]

Industry

1947-49 Annual
average
proportion 1954 1955 June July

1955

1956

Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June

WITHOUT SEASONAL ADJUSTMENT

—Continued
135

Nondurable Manufactures—Total.

44.85

116

126

127

117

128

130

Textiles and Apparel

11.87

100

109

108

93

112

109

Textile mill products
Cotton and synthetic fabrics.
Cotton consumption
Synthetic fabrics
Fabric finishing
Wool textiles
Wool apparel yarns
Wool fabrics
Knit goods
Hosiery
Full-fashioned hosiery..
Seamless hosiery
Knit garments1
Floor coverings
Woven carpets

6.32
3.72
2.30
.97
.45
.97
.16
.75
1.15
.65
.45
.20
.50
.48
.31

95
100
97
108
93
66
76
64
106
108
113
97
103

107
113
103
137
100
79
85
78
110
106
110
99
115

106
110
100
135
92
85
84
86
113
108
111
102
119

91
96
84
133
67
73
80
72
98
85
86
82
116

108
115
106
134
106
79
90
77
113
104
107
99
123

106
111
103
132
87
80
80
80
114
106
107
101
125

71

79

81

44

72

85

89

77

84

83

93

91

89

'80

77

Apparel and allied products
Men's outerwear
Men's suits and coats
Men's suits
Men's outercoats
Shirts and work clothing
Women's outerwear
Women's suits and coats
Misc. apparel and allied mfrs..

5.55
1.78
.73
.50
.13
.99
1.85
.76
1.92

105
103
83
82
67
116
109
129
103

113
111
92
90
77
123
116
134
111

110
107
92
86
92
117
114
123
108

95
84
59
55
60
98
98
129
103

116
120
110
102
115
126
117
145
112

111
109
91
84
99
119
108
129
117

117
117
95
93
82
130
113
139
122

117
116
94
95
69
131
113
143
122

107
102
84
86
55
113
98
119
119

117
119
99
103
55
132
118
145
113

124
124
99
103
59
141
132
155
117

120
118
99
101
67
130
127
135
114

114
119
103
99
92
129
115
95
108

109
121
107
100
110
129
104
90
104

108
104
91
85
93
111
111
122
108

112
117
109
133
109
85
90
84
119
113
114
110
126

132

125

128

131

130

129

127

114

106

113

119

114

111

107

104

111
118
109
135
110
83
86
83
116
108
109
106
125

105
110
101
131
92
80
78
82
107
99
100
96
118

111
119
110
135
111
83
94
80
107
106
107
102
110

115
123
112
141
118
84
97
81
114
114
117
108
115

110
115
108
132
98
85
89
84
110
105
110
93
116

108
112
107
119
103
89
97
87
110
105
112
90
116

106
109
105
108
108
90
'98
89
108
99
102
91
119

100
99
96
103
90
90
85
92
110
102
104
97
121

r

r

127

Rubber and Leather Products .

3.20

104

122

126

105

119

124

130

122

119

127

132

113

109

Rubber products
Tires and tubes
Auto tires
Truck and bus tires
Miscellaneous rubber products.

1.47
.70
.40
.30
.77

115
105
110
99
124

143
131
140
120
154

151
146
161
126
155

111
127
138
111
115

133
116
125
104

K8

144
128
135
119
158

155
140
143
136
170

150
138
140
134
161

139
120
121
118
156

149
129
131
126
167

146
134
135
132
157

140
130
131
130
149

140
133
135
130
146

129
125
125
125
133

122
115
130
116

Leather and products
,
Leather
Cattlehide leathers
,
Skin leathers
Shoes and slippers*
,
Miscellaneous leather products.

1.73
.44
.29
.15
.90
.39

95
87
92
75

105
92
99
79

105
95
101
83

92
74
79
63

108
90
96
77

107
90
98
74

109
97
105
82

99
95
102
81

102
95
103
80

109
93
100
80

120
103
109
90

112
95
102
80

106
'95
103
82

r99

101

95
103
80

90

99

96

97

104

104

106

105

104

103

98

91

89

Paper and Printing

8.93

125

137

138

128

135

141

147

144

137

138

141

144

146

143

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.
Converted paper products
Shipping containers
Sanitary paper products

3.46
1.76
.51
1.25
.22
.14
.20
.18
.41
.10
1.70
.51
.11

134
132
148
125
118
120
119
137
130
124
136
133
145

152
149
169
140
127
133
129
158
149
137
156
155
158

156
154
175
145
130
138
130
159
158
142
158
159
154

139
135
156
126
112
107
117
148
133
133
144
141
153

155
151
173
141
127
122
126
156
155
151
159
160
152

157
150
169
143
130
134
128
156
153
145
165
167
156

167
158
179
150
132
140
137
176
160
142
177
175
180

159
156
178
147
133
136
132
167
161
137
161
160
163

146
144
164
136
127
129
125
154
144
124
149
149
148

157
158
181
149
137
144
137
172
159
127
156
147
179

162
163
185
154
144
142
145
169
163
139
162
157
173

163
161
183
153
141
152
140
170
159
148
165
165
163

160
162
163
184 187
152
154
142
142
148
153
139
142
168
177
161 162
141
141
157
168
162 154
184 163

163
161
184
152
141
148
140
169
159
140
165
165
163

Printing and publishing
Newsprint consumption
Job printing and periodicals.

5.47
1.85
3.62

120
119
121

127
128
127

127
131
125

121
112
125

123
116
127

131
132
131

135
142
131

135
143
131

130
126
133

126
119
129

128
127
129

132
134
131

134
141
130

133
140
129

130
131
130

Chemical and Petroleum Products .

9.34

142

159

157

152

157

162

166

168

167

168

170

169

168

166

165

Chemicals and allied products
Industrial chemicals
Basic inorganic chemicals
Industrial organic chemicals
Plastics materials
Synthetic rubber
Synthetic fibers
Miscellaneous organic chemicals.
Vegetable and animal oils
Vegetable oils
Grease and tallow
Soap and allied products
Paints
Fertilizers

6.84
2.54
.57
1.97
.24
.11
.59
1.03
.64
.48
.16
.71
.66
.23

148
153
157
152
184
136
152
146
118
113
133
108
116
122

167
184
180
186
242
213
186
169
124
117
145
110
125
125

165
185
179
186
246
208
184
171
105
93
143
103
131
109

158
176
159
181
207
211
177
174
99
87
133
79
130
91

163
182
166
187
234
217
184
175
103
90
145
104
130
90

171
190
179
194
264
222
191
176
122
115
144
126
126
115

176
192
188
192
261
230
188
175
156
157
154
130
127
118

178
197
195
198
268
243
197
178
165
162
174
118
126
114

177
197
194
198
253
233
196
183
148
144
159
115
126
118

111
199
197
200
261
241
195
183
152
147
168
104
123
122

179
201
203
201
264
249
194
185
157
150
175
109
125
131

179
179 176 173
197 193
201
200
195
184
204 201
196
200 200
197
264 266 262
243 244 '242 '227*
191 183 176
169
187
189 190
192
141
133
123
107
134
123
91
110
162 163
155
163
108
111
109
106
125
124
126
125
168
188 163
115

f

Revised.




For other footnotes see opposite page.

122

r

96

885

PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]
1947^9 Annual
average
proportion 1954 1955 June July

Industry

WITHOUT SEASONAL

1955

1956

Aug. Sept. Oct. Nov. Dec.

Jan. Feb. Mar. Apr.

May

June

ADJUSTMENT

—Continued
2.50
1.97
1.04
.98
.06
.56
.30
.26
.10
.17
.26
.15

125
133
141
136
221
128
158
93
110
108
84
103

135
142
152
147
233
138
175
94
107
114
104
110

136
140
152
146
246
133
173
88
88

11.51

106

10.73
8.49
1.48
.46
.83
.69
.14
.07
.19
.28
1.13
1.16
.46
.70
1.64
.27
.11
.13
.71
1.41
2.24
.54
1.70
1.02
.17
.37

106
107
117
135
103
106
110
116
94
104
112
107
81

Tobacco manufactures.
Cigarettes
Cigars

.78
.46
.17

103
105

MINERALS—TOTAL

9.98

Mineral

8.35

Petroleum
andrefining
coal products. . .
Petroleum
Gasoline
Automotive gasoline
Aviation gasoline
Fuel oil
Distillate fuel oil
Residual fuel oil
Kerosene
Lubricating oil
Coke
Asphalt roofing and siding
Foods*

Beverages*

and

Tohacco

...

...

Pood and beverage manufactures
Food manufactures
Meat products
Beef
Pork
Dairy products
Butter
Natural cheese
Concentrated milk
Ice cream
Canned and frozen foods
Grain-mill products
Wheat flour
Cereals and feeds
Bakery products
Sugar
.
Cane sugar
Beet sugar
Confectionery
Miscellaneous food preparations
Beverages
Bottled soft drinks
Alcoholic beverages
Beer and ale
Liquor distilling
Liquor bottling

...

.

Fuels

Coal
Anthracite

136
141
155
149
247
132
172
87
91
111
107
131

138
143
157
151
252
134
171
92
101
111
108
131

140
148
158
153
236
141
178
99
112
126
110
97

141
152
161
156
247
149
187
105
129
112
111
57

109

112

110

117

121

123

114

109
109
128
142
116
107
105
116
97
109
118
105
83
119

112

111
109
104
137
83
132
116
130
107
153
142
110
80
130
100
73
121
26
65
113
121

117
118
118
151
96
120
90
113
94
151
198
106
77
125
98
81
128
36
79
111
114

122
125
129
155
111
101
84
102
82
118
201
108
83
124
99
111
129
90
140
109
111

124
125
143
154

114
118
150
146
148
83
83
87

108
118

104
102

106
122
40
99

104
118
46

117
88
157

105
77
129

94

102
97
83
118

154

146

92
99
82

112
117
110

107
109
111

114

104

116
121
111

118

107
108
113

87

103

109

111

122

121

119

124

126

127

126

127

129

113

123

118

119

122

123

125

128

131

67
52
70

80
48
85

74
46
78

77
42
82

82
39
89

83
53
88

88
51
93

87
51
93

5.67
4.82
4.12
.34
.36
.85

134

143

139

139

147

1.63

106

120

.82
.33
.49
.24
.09
.06

90
84
94
103
80
75

.81

123

2.68

.36
2.32

.

Crude oil and natural gas
Oil and gas extraction
Crude oil
Natural gas

...

Oil and gas well drilling

Metal. Stone* and Earth Minerals
IV^etal mining .
Iron ore
Nonferrous metal mining
Copper mining

Stone and earth minerals
p

138
143
157
151
252
133
172
89
95
116
104
142

143
154
158
153
242
160
204
110
126
119

144

134
141
156
151
247
131
167
89
94
108
101
114

«.

124
97
117
106
121
99

105
103
98
99
68

102
106

128
122
172
160
167

97
115
113
111
101

106
107
102
101
77

109
105
109

118
103

108
114
147
93
145
139

165
138
139
110
110
80
129
100
71
108
35
86
110
127
117
126
58
120

117

141

142

143

132
127
165
159
178

133
128
167
163
187

135
129
176
170
180

137
131
181
174
175

138

120

132

141

137

110
113
108
123
84
81

141
179
116
133
87
84

104
168
62
50
79
81

126
179
90
96
78
79

141
181
114
134
82
81

130

134

135

139

141

137
131
185
169
175

132
127
173
157
177

r
Preliminary.
Revised.
1 Publication suspended pending revision for the period 1952 to date.
2 Publication suspended pending adjustment to revised Census production figures for the period 1950 to date.
MOTE.—A number of groups and subgroups include individual series
not published separately, and metal fabricating contains the ordnance




133
88
88
90
75
93
161
111
96
122
100
247
130
340
134

71
86
114
102
86
112
99
261
103
393
129

142
134
196
183
173

143
151
155
151

142

135
142
150
144
254
140
182
92
98
126
110

137
144
155
149
258
138
111
94
96
123
108

231
158
203
105
126
115
111

148
155
150
242
149
192
99
112
119
111

66

100

127

86

104

102

102

103

105

105
109
152
140
154

102

102

103

105 1 0 7

112

106
153
158
146
91
104
96
85
84
85
100
85
111
95
87
109
63
112

104
140
145
133
99
107
103
94
93
83
98
81
109
95
57
102
14
115

102
136
142
129
109
114
116
106
102
82
99
84
109
94
59
109
11
97

103
131
150
117
121
128
132
123
109
85
97
79
109
95
68
123
16
98

109
1??
154
100
150

84
94
92
79
76
95
100
84
110
99
182
112
236
91

111

101
91

99
87

102
96

88
81
95

84
86
75

94
92
75

109

30148

33139

105

124
113

105
121
147
103
136
131
153
140
125
r
99
77
112
97
70
114
27
90

103
105

102 1 0 7
112 1 1 5

105
103
82

111
111
80

ns

163
146
149
111
101
80
115
99

84
113

108
112
76

96

79

102

113

122

88

107

105

105

103

110

91

112

107

109

108

106

116

104

105

103

127

127

130 1 3 0

133

131

130

130

91
54
97

91
61
95

88
55
94

86
46
92

151

153

151

151

r

130

128

128

86
53
91

85
42
91

84
58
89

151

149

146
137
209
186
177

147
138
219
186
185

147
138
214
187
173

120

106

106

108

109

140

143

136
165
116
137
84
80

105
92
114
135
79
77

83
44
108
127
82
74

87
42
118
140
81
80

91
49
119

91 119 1 3 8
1120
64
46 1 108
27
122
140 1r4 8 140
94
91
85
90
91
86

138

139

135

129

124

126

138

86

148 1 4 4
139 137
210
186 178
171 188

128

142 » 142
135 r\36

176

187
r

138 1 4 2

148

group in addition to the groups shown. Certain types of combat materiel
are included in major group totals but not in individual indexes for autos,
farm machinery, and some other products, as discussed in the BULLETIN
for December 1953, pp. 1269-1271.
For description and back figures, see BULLETIN for Decembei 1953,
pp. 1247-1293 and pp. 1298-1328, respectively.

886

PRODUCTION
OUTPUT OF CONSUMER DURABLE GOODS
[Federal Reserve indexes, 1947-49 average = 100]
Annual
1955
1947-49 average
proportion 1954 1955 June July Aug. Sept. Oct. Nov. Dec

Product

1956
Jan. Feb. Mar. Apr. M a y June

SEASONALLY ADJUSTED

CONSUMER DURABLES—TOTAL.
Major Durables
Autos
Major household goods
Furniture and floor coverings.
Household furniture
Floor coveringsx
Appliances and heaters
Major appliances
Ranges
Refrigeration appliances.,
Laundry appliances
Heating apparatus
Radio and television sets
Radio sets
Television sets
Other Consumer Durables
Auto parts and tires
Misc. home and personal goods.

100.00
69.72
32.10
36.13
15.32
11.31
4.01
15.60
11.88
2.60
4.98
2.51
3.72
5.21
3.42
1.79

116

147

144

150

151

154

152

151

149

143

137

133

132

124

124

125
131
122
101
106

164
190
144
116
120

160
173
151
117
122

169
188
155
117
121

169
189
155
121
125

172
195
156
123
127

168
194
148
121
126

167
196
143
121
126

163
187
144
121
125

156
171
146
120
124

148
158
141
119
123

143
148
141
117
121

142
142
144
116
121

130
119
142
117
120

130
120
140
115
121

111
115
79
124
148
97
214
52
522

138
142
100
151
193
120
242
77
558

145
149
122
163
163
132
269
66
658

146
154
119
161
193
121
290
76
698

143
150
98
160
206
119
294
70
720

147
153
98
166
205
126
279
72
676

137
147
95
162
187
108
259
95
572

134
141
90
146
200
111
235
103
486

143
152
104
151
227
115
216
101
436

150
155
113
140
242
134
207
72
465

146
150
110
145
221
133
194
66
439

150
r
153
111
153
'215
139
186
62
423

'149
158
110
160
r
211
122
207
55
496

141
-147
107
153
r
185
125
218
61
517

138
143
117
148
171
124
220
55
536

30.28
14.00
16.28

95
91
99

106
102
109

106
102
109

106
101
111

107
101
112

111
107
115

114
108
118

114
108
119

114
112
117

113
113
114

111
106
115

109
104
112

110
105
114

110
104
115

110
100
118

WITHOUT SEASONAL ADJUSTMENT

100.00

116

147

144

137

139

136

146

159

148

144

143

143

141

124

124

Major Durables
Autos
Major household goods
Furniture and floor coverings.
Household furniture
Floor coverings1
Appliances and heaters
Major appliances
Ranges
Refrigeration appliances..
Laundry appliances
Heating apparatus
Radio and television sets
Radio sets
Television sets

69.72
32.10
36.13
15.32
11.31
4.01
15.60
11.88
2.60
4.98
2.51
3.72
5.21
3.42
1.79

125
131
122
101
106

164
190
144
116
120

160
184
141
113
118

152
195
115
105
114

152
166
141
117
124

145
130
159
124
129

157
153
162
127
131

177
212
150
124
131

165
193
142
125
130

159
173
150
120
124

157
164
153
123
125

157
163
155
121
123

154
162
150
117
118

131
127
136
113
115

130
127
134
112
116

111
115
79
124
148
97
214
52
522

138
142
100
151
193
120
242
77
558

152
160
117
191
168
128
192
65
434

116
120
76
144
131
103
143
49
321

127
122
91
116
181
142
254
62
619

151
149
107
143
219
159
289
68
710

145
144
105
131
218
148
315
99
726

131
133
97
113
220
125
279
105
612

130
140
99
130
222
97
224
96
470

148
161
115
157
235
109
239
72
559

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

Other Consumer Durables
Auto parts and tires
Misc. home and personal goods.

30.28
14.00
16.28

95
91
99

106
102
109

106
105
106

103
102
103

110
107
112

115
113
116

120
115
124

117
108
124

111
104
118

109
107
111

110
101
116

108
101
115

109
103
114

109
104
113

103
114

CONSUMER DURABLES—TOTAL.

' Revised.
1 Publication suspended pending revision for the period 1952 to date.
NOTE.—Individual indexes without seasonal adjustment for woven

carpets, appliances, heating apparatus, radio sets, and television sets may
be obtained from the Division of Research and Statistics. For a description of this index, see BULLETIN for May 1954, pp. 438-447.

VALUE OF NEW CONSTRUCTION ACTIVITY
[Joint estimates of the Departments of Commerce and Labor. Seasonally adjusted. In millions of dollars]
3

Year or month

1955 July
Aug
Sept
Oct
Nov
Dec

.

1956—Jan
Feb
Mar

Apr p
May
June p
July**
* Preliminary.




Public

Business

Total
Total

1948
1949
1950
1951
1952
1953
1954
1955

rivate

Total

Industrial

Com- Public
mercial utility

Other
nonresidential

8,580 5,693
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

1,397

1,253
1,027
1,288
1,371
1,137
1,791
2,212
3,043

3,043
3,323
3,330
3,729
4,003
4,416
4,341
4,604

2,580
2,795
3,174
3,574
3,547
3,511
3,774
3,931

4,825
6,405
7,000
9,418
10,901
11,394
11,929
12,419

253
272
290
292
273
262

385
385

329
323
324
323
330
327

991
1 018

266
282
291
293
280
274
275

416
418

321
323
325
333
338
336
342

1,112
I 103
1,054
1,095
1,127

Residential

21,678
22,789
28,454
31,182
33,008
35,271
37,782
42,991

16,853
16,384
21,454
21,764
22,107
23,877
25,853
30,572

3,598
3,638
3,623
3,598
3,601
3,580

2,607
2,620
2,629
2,594
2,551
2,519

[,435
1,433
1,422
,375
,342
1,322

3,618
3,625
3,585
3,658
3,686
3,678
3,699

2,506
2,522
2,531
2,563
2,559
2,555
2,575

,286
1,279
1,268
1,276
1,257
1,250
1,258

972

1,062
2,117
2,320
2,229
2,030
2,399

843
864

205
207

883
896
879
870

209
213
217
219

899
920

217
220

938
954
964
969

228
242
261
272

975

276

384
391
389
389

419
419
423
423
424

Total

994

[ 004
1,050
[,061

123

1,124

Military

Highway

Conservation

158
137
177
887

1,388
1,307
1,030
1,297

1 774
2,131
2,272
2 518
2,820
3 160
3 870
4,520

629
793
881
853
854
830
704
593

2 264
3 3443,670>
5 160*
5 839*
6 097
6 3251
6 009

114
112
114
118
111
108

343
376
345
363
403
432

50
46
43
43
43
46

484
484
492
480)
493475

100
103
96
104
118
123
126

467
443
411
438
443
425
426

48
48
51
53
60
58
57

4971
509
496
50O
506
517
515

All
other

887

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

Bjr type of construction

Total
Public

Private

Residential
building

Nonresidential building
Factories

Commercial

Educational

Other

Public
works
and
public
utilities

.

9 430
10,359
14,501
15,751
16,775
17 443
19,770
23,745

3,107
3,718
4,409
6,122
6,711
6,334
6,558
7,475

6,323
6,641
10,092
9,629
10,064
11,109
13,212
16.270

3,608
4,239
6,741
6,205
6,668
6,479
8,518
10,185

840
559
1,142
2,883
2,558
2,051
1,274
1,878

975
885
1,208
915
979
1,489
1,815
2,359

725
824
1,180
1,335
1,472
1,720
2,063
2,134

J.127
1,376
1,651
1,689
1,686
1,695
1.958
2,126

2 155
2,476
2,578
2 723
3,412
4 008
4,142
5,063

1955 July
Aug
Sept
Oct
Nov
Dec

2,272
1,895
2,035
1,863
1,797
1,921

761
549
621
551
527
730

1,511
1,346
1,414
1,312
1,269
1,190

959
835
733
783
726
711

146
170
201
186
178
148

288
215
197
185
200
197

231
153
163
163
143
237

227
144
148
158
142
144

420
378
593
388
408
483

1956 Jan
Feb
Mar
Apr
May

1,858
1 860
2,382
2,421
2,480
2,198
2 149

675
598
638
745
714
732

1,183
,262
1,744
1,677
1,766
1.466

694
799
1,105
1,144
1,129
826
758

158
171
267
196
159
144
152

161
183
206
210
217
224
242

190
145
226
203
202
192
196

153
131
183
213
242
234
258

503
430
395
456
531
577
543

1948
1949
1950
1951
1952
1953
1954
1955

July

CONSTRUCTION CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars]
Total
(11 districts)

Month

Federal Reserve district
Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta Chicago

St.
Louis

Minneapolis

Kansas
City

Dallas

1955—Apr
May
June

2,322
2,185
2,255

126
131
116

306
331
337

119
107
140

212
259
249

266
182
221

272
211
253

492
477
467

119
101
121

73
97
88

181
120
129

157
168
133

1956 Apr
May
June

2,421
2,480
2,198

145
148
173

442
369
391

145
119
119

295
276
247

194
202
221

263
317
213

436
487
349

135
131
166

89
115
87

92
99
99

184
216
133

PERMANENT NONFARM DWELLING UNITS STARTED
[Bureau of Labor Statistics estimates. In thousands of units]

Year or month

1948
1949
1950
1951
1952
1953
1954
1955
1955_july
Aug .
Sept
Oct
Nov
Dec

..

1956—Jan
Feb
Mar
Apr
June
July

.

Government-underwritten 1

Nonmetropolitan
areas

Total

1family

2family

932
1,025
1,396
1,091
1,127
1,104
1,221
1,329

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
897
976

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
324
353

914
989
1,352
1,020
1,069
1,068
1,202
1,310

763
792
1,151
892
939
933
1,077
1,190

46
35
42
40
46
42
34
33

104
162
159
88
84
94
90
87

123
125
115
106
89
76

88
92
84
77
65
55

34
33
31
29
25
21

122
122
114
105
88
74

113
112
104
95
80
66

3
3
2
2
2
2

75
78
99
111
*108
*104
*>101

54
56
72
76
77
75
71

21
22
27
35
31
29
30

74
77
94
110
*107

66
69
84
100
n.a.
n.a.
n.a.

2
2
3
3
n.a.
n.a.
n.a.

»1 Preliminary.
n.a. Not available,
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

Total

2>102

v99

Multifamily

Public
Total

FHA

18
36
44
71
58
36
19
20

393
466
686
413
420
407
585
670

291
361
486
264
279
252
277
277

102
105
200
149
141
155
308
393

6
8
7
7
6
5

1
2
1
1
1
3

63
68
59
54
45
38

26
27
25
19
17
16

37
41
34
35
28
22

5
6
7
8
n.a.
n.a.
n.a.

1
1
2
1
v\
v2
v2

36
30
38
46
47
45
43

13
13
17
20
20
19
18

23
17
21
26
27
26
25

VA

figures are based on field office reports of first compliance inspections
earlier VA figures are estimates based on loans-closed information.

888

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

1948
1949
1950
1951
1952
1953
1954
1955

. ..

1955_ July
Aug
Sept
Oct
Nov
Dec

. . . .

1956—Jan
Feb
Mar
Apr
May
June
July

. ...

Total
labor
force

Employed i
Total
Total

In nonagricultural industries

In
agriculture

Unemployed

Not in the
labor force

108,482
109,623
110,780
111,924
113,119
115,095
116,220
117,388

62,748
63,571
64,599
65,832
66,410
67,362
67,818
68,896

61,442
62,105
63,099
62,884
62,966
63,815
64,468
65,848

59,378
58,710
59,957
61,005
61,293
62,213
61,238
63,193

51,405
50,684
52,450
53,951
54,488
55,651
54,734
56,464

7,973
8,026
7,507
7,054
6,805
6,562
6,504
6,730

2,064
3,395
3,142
1,879
1,673
1,602
3,230
2,654

45 733
46,051
46 181
46,092
46 710
47 732
48,402
48 492

117,404
117,517
117,634
117,749
117,864
117,995

70,429
70,695
69,853
70,250
70,164
69,538

67,465
67,726
66,882
67,292
67,206
66,592

64,994
65,488
64,733
65,161
64,807
64,165

57,291
57,952
56,858
57,256
57,887
58,281

7,704
7,536
7,875
7,905
6,920
5,884

2,471
2,237
2,149
2,131
2 398
2,427

46 975
46,823
47 781
47 499
47 701
48 457

118,080
118,180
118,293
118,367
118,537
118,632
118,762

68,691
68,396
68,806
69,434
70,711
72,274
72,325

65,775
65,490
65,913
66,555
67,846
69,430
69,489

62,891
62,576
63,078
63,990
65,238
66,503
66,655

57,256
57,107
57,400
57,603
58,092
58,627
58,955

5,635
5,469
5 678
6,387
7,146
7 876
7,700

2,885
2,914
2 834
2,564
2,608
2 927
2,833

49 388
49,784
49 488
48',933
47,826
46 357
46,437

-

1
Includes self-employed, unpaid family, and domestic service workers.
NOTE.—Information on the labor force status of the population,
relating to persons 14 years of age and over, is obtained through inter-

views of households on a sample basis. Monthly data through June 1955
relate to the calendar week that contains the eighth day of the month;
beginning July 1955, to the calendar week that contains the fifteenth day;
annual data are averages of monthly figures.

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Bureau of Labor Statistics.

Total

Manufacturing

Mining

44,448
43,315
44,738
47,347
48 303
49,681
48,431
49,950

15,321
14,178
14,967
16,104
16 334
17,238
15,995
16,557

982
918
889

Dec

50,193
50,315
50,448
50,594
50,745
50,948

16,648
16,677
16,683
16,810
16 941
16,975

1956—Jan.
Feb
Mar
Apr
May
June
Julv

51,080
51,127
51,057
51,327
'51,459
51,623
51,126

16,944
16,879
16,804
16 918
'16,909
16,861
16,487

111
780
783
798

50,074
50,484
50,992
51,125
51,262
51,996
50,284
50,246
50,499
50,848
'51,202
51,730
51,017

Year or month

1948
1949.
1950
1951
1952
1953
1954
1955

.

In thousands of persons]

Contract
construction

Transportation and
public
utilities

2,169
2,165
2,333
2,603
2 634
2,622
2,593
2,780

4,141
3,949
3,977
4,166
4,185
4,221
4,009
4,056

2,834
2,833
2,852
2,833
2 822
2,827

Federal,
State, and
local
government

Trade

Finance

Service

9,519
9,513
9,645
10,281
10,527
10,520
10,803

10,012

1,741
1,765
1,824
1,892
1,967
2,038
2,122
2,215

4,925
4,972
5,077
5,264
5 411
5,538
5,664
5,854

5,650
5 856
6,026
6,389
6 609
6.645
6 751
6,915

4,082
4,105
4,117
4,110
4 128
4,136

10,841
10,873
10,902
10,921
10,953
11,020

2,219
2,232
2,248
2,252
2 249
2,254

5,871
5,878
5,883
5,886
5 913
5,942

6,922
6 946
6,983
7 004
6 960
7 015

4,145
4,131
4,127
4 128
'4,141
4,165
4,097

11,083
11,105
11,027
11,120

808
740

2,876
2,924
2,966
3 003
3,055
3,135
3,080

11,177
11,200

2,261
2,273
2,276
2 278
'2,289
2,298
2,303

5,952
5,967
5,979
5 979
'5,981
5,996
6 020

7,042
7 068
7,095
7 103
r
7'l75
7,183
7 199

16,477
16,820
16,919
17,006
17,052
17,027

772
779
784
778
783
783

3,032
3,088
3,094
3,031
2,921
2,756

4,113
4,136
4,148
4 121
4,139
4,161

10,707
10,713
10,902
10,990
11,213
11,849

2,263
2,265
2,248
2 241
2,238
2,243

5,988
5,996
5,971
5 915
5,883
5,853

6,722
6,687
6,926
7 043
7,033
7,324

16,842
16,824
16,764
16,769
16,715
16,791
16,319

111
780
783
790
791
812
736

2,588
2,588
2,669
2,853
3,040
3,260
3,296

4,083
4,083
4,106
4,121
'4,138
4,182
4,127

10,920
10,819
10,931
10,928
10,985
11,106
11,062

2,238
2,250
2,265
2,278
'2,289
2,321
2,349

5,803
5,818
5,859
5,979
'6,041
6,086
6,140

7,033
7,084
7,122
7,130
'7,203
7,172
6,988

916

885
852
111

770

SEASONALLY ADJUSTED

1955—July
Aug
Sept
Oct
Nov

776
771

780
778
779
779

799

WITHOUT SEASONAL ADJUSTMENT

1955_j u ly

...

Aus

Sept
Oct
Nov
Dec.
1956—Jan
Feb
Mar
Apr
May
June
July

...

. .

r
Revised.
NOTE.—Data include all full- and part-tims 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 July 1956 are preliminary.

889

EMPLOYMENT AND EARNINGS
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
[Bureau of Labor Statistics. In thousands of persons]
Seasonally adjusted
Industry group

1955

Total

Without seasonal adjustment

1956

1955

1956

July

May

June

July

July

May

June

July

13,122

13,224

13,150

12,749

12,942

'13,036

13,077

12,574

Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal products
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Misc. manufacturing industries

7,607
94
696
314
468
1,095
906
1,189
827
1,388
228
402

'7,633
'83
'664
319
'480
'1,123
'885
'1,268
r
881
'1,295
232
403

7,595
84
667
322
481
1,122
876
1,265
876
1,268
232
402

7,231
84
662
325
474
728
886
1,282
896
1,251
238
405

7,491
94
710
301
463
1,084
879
1,171
798
1,388
223
382

'7,613
'83
'667
311
'480
'1,117
'881
'1,281
'872
'1,295
231
395

7,601
84
690
312
483
1,122
872
1,278
867
1,268
231
396

7,117
84
675
312
469
721
859

Nondurable goods
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished textiles
Paper and allied products
Printing, publishing and allied products
Chemical and allied products
Products of petroleum and coal
Rubber products
Leather and leather products

5,515
1,103
92
984
1,061
455
529
552
175
221
343

'5,591
1,123
92
968
'1,104
467
'550
'562
171
217
337

5,555
1,116
91
959
1,094
467
549
562
171
209
337

5,518
1,116
91
957
1,062
462
551
558
173
213
335

5,451
1,158
80
954
1,013
450
524
541
178
214
340

5,423
1,051
80
963
'1,049
462
'547
'559
172
216
325

5,476
1,098
80
959
1.050
467
549
554
174
209
335

5,457
1,171
79
928

r
Revised.
NOTE.—Data cover production and related workers only (full- and part-

1,263
865
1,251
233
385

1,014
457

545
547
176
207
332

time) who worked during, or received pay for, the pay period ending
nearest the 15th of the month. Figures for July 1956 are preliminary.

HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Bureau of Labor Statistics. In unit indicated]
Average weekly earnings
(dollars per week)
Industry group

1956

1955

1956

1955

Average hourly earnings
(dollars per hour)

Average hours worked
(per week)

1956

1955

June

July

'1.97

1.97

1.96

2.08
2.17
r
1.78
1.67
'1.94
2.33
2.04
2.18
'1.97
'2.27
'1.99
1.74

2.09
2.20
1.82
1.68
1.95
2.34
2.06
2.19
1.97
2.28
1.99
1.74

2.07
2 21
1.81
1 .68
1.96
n.a.
2.05
2.20
1.98
2.29
1.99
1.74

1.80
1.85
1.50
1.44
1.42
1.91
2.42
2.09
2.53
2.16
1.50

1.81
1.85
1.51
1.43
1.43
1.93
2.42
2.11
2.55
2.15
1.50

1.81
1.85
1.52
1.43
1.44
1.95
2.42
2.12
2.53
2.15
1.49

July

July

May

June

July

July

May

'79 00 79.00

78 60

40.4

'40.1

40.1

40.1

1.89

85.27
90 86
73 71
67.54
80.54
95.47
84 46
91.98
79 98
91.20
80.79
69.77

84 46
90 61
73 67
66.86
79.97
n.a.
84 05
91.96
79 99
93.20
80.20
69.25

40 9
40 3
40 5
40.6
41.3
40.5
41 3
41.5
39 8
41.7
40.2
39.7

'40.8
41 8
'40.1
'39.9
r
41.5
41.0
'40 8
'42.2
40.7
'39.6
'40.8
'40.2

40.8
41 3
40.5
40.2
41.3
40.8
41 0
42.0
40.6
40.0
40.6
40.1

40.8
41 0
40.7
39.8
40.8
n.a.
41 0
41.8
40.4
40.7
40.3
39.8

2.01
2 05
1.72
1.60
1.87
2.29
1.99
2.08
1.88
2.23
1.90
1.65

Nondurable goods
70.38 70.95 71.13
68.06
Food and kindred products
75 11 7^ 85 75 48
72 07
Tobacco manufactures
53 62 '58 20 59 19 59 74
Textile-mill products
56.02 55.48 54.91
54.25
Apparel and other finished products
50.69 50.62 51.41
48.24
Paper and allied products
80.98 82.41 83.85
79.74
Printing, publishing and allied products.. . 90.95
'93.65 93.41 93.65
Chemicals and allied products
83.22 '86.32 86.93 87.13
Products of petroleum and coal
99.53 '102.97 104.81 105.75
Rubber products
86 32 '86.18 84.93 84 50
Leather and leather products
52.40 '54.75 55.80 57.51

39.8
41 9
38 3
39.6
36.0
43.1
38.7
41.2
41.3
41.3
37.7

39.1
40.6
'38 8
38.9
35.7
42.4
'38.7
'41.3
'40.7
39.9
'36.5

39.2
41.0
39 2
38.8
35.4
42.7
38.6
41.2
41.1
39.5
37.2

39.3
40.8
39 3
38.4
35.7
43.0
38.7
41.1
41.8
39.3
38.6

1.71
1.72
1.40
1.37
1.34
1.85
2.35
2.02
2.41
2.09
1.39

July
Total
Durable goods
Ordnance and accessories

76.36

82.21
82 62
69 66
Furniture and fixtures
64.96
Stone, clay, and glass products
77.23
Primary metal industries
92.75
Fabricated metal products
8? 19
Machinery except electrical.
86.32
Electrical machinery
74 82
Transportation equipment
92.99
Instruments and related products
76.38
Miscellaneous manufacturing industries.. . 65.51

May

'84.86
90 71
'71 38
'66 63
'80.51
95.53
'83 23
'92.00
'80 18
'89.89
'81.19
'69.95

r
Revised.
n.a. Not available.
NOTE.—Data are for production and related workers.
July 1956 are preliminary.




June

Figures for

890

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

Minne- Kansas Dallas
City
apolis

San
Francisco

104
98
105
104
104
104
105
108

103
99
108
111
113
112
115
'123

105
102
113
117
124
125
127
138

104
98
105
109
114
115
114
122

108
132
120
119
122
124
125

103
111
107
112
109
110
110

118
136
124
127
125
124
124

'135
145
139
131
138
136
147

'119
123
122
126
126
125
123

120
112
124
117
120
2122

126
122
128
123
129
2119

116
108
112
112
'112
114

123
117
126
124
125
124

144
139
144
144
145
143

129
124
128
131
122
126

121
122
129
136
154
165
255

-111
96
103
123
126
147
204

106
102
109
122
135
149
208

95
89
102
119
126
126
180

113
111
117
127
131
142
211

'123
123
129
131
146
155
247

113
107
118
123
126
145
217

95
96
125
122
136
2128

113
114
146
136
143

91
87
109
110
-119
2120

95
95
115
115
129
2116

83
84
95
109
'113
105

93
92
112
117
124
119

114
111
134
132
143
130

100
97
110
117
120
120

107
100
106
128
111
118
114
117

105
101
113
133
130
143
139
146

108
102
120
140
136
146
141
152

108
97
108
125
112
122
120
121

107
100
106
125
114
124
116
124

110
99
104
116
107
115
115
121

108
100
111
130
121
133
126
'136

110
101
112
132
126
138
132
143

107
100
110
131
126
134
125
133

124
125
122
126
126
128
131

116
118
118
118
119
119
124

145
145
150
152
154
157

151
148
154
156
156
159
156

'125
121
123
121
120
123
127

126
126
126
123
129
130
133

123
119
123
122
125
128
132

'137
134
136
135
141
142
143

'147
143
145
146
147
149
159

13
131
138
137
134
137
141

122
124
122
124
123
126

132
131
130
131
'129
134

123
124
122
123
121
124

161
163
159
157
156
2162

158
164
162
165
160

131
131
128
131
130
131

138
137
132
136
135
138

133
132
130
128
126
128

148
148
148
145
143
2144

158
158
156
154
154
2156

149
146
142
143
138
2142

115
109
118
127
139
144
117

108
105
114
123
132
136
110

116
112
117
132
144
147
116

110
109
114
123
133
135
110

'140
142
148
155
168
167
131

142
139
150
163
170
180
137

'117
114
120
127
137
142
115

116
116
126
133
145
147
120

116
115
120
128
136
142
118

131
129
134
140
152
157
129

'137
136
144
155
162
165
143

'132
130
133
142
153
151
118

113
120
129
133
132
122

108
116
125
130
127
118

115
126
134
140
'134
126

110
119
126
129
126
118

144
152
164
168
165
2157

146
162
169
172
161
2152

118
124
130
134
131
123

120
130
140
143
135
127

122
127
134
133
128
121

133
143
153
151
145
2138

140
153
162
162
155
2145

131
136
142
149
148
2143

Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St.
Louis

104
98
105
109
110
112
111
119

102
99
103
105
104
105
107
112

103
98
101
105
101
102
104
107

104
100
106
109
109
111
109
117

105
98
105
110
110
113
105
115

103
100
105
113
118
121
121
130

103
101
109
115
124
126
129
142

104
97
104
108
106
111
109
118

104
98
104
107
110
112
112
121

,

'115
124
118
121
122
122
123

107
114
107
112
114
116
114

104
108
106
108
109
110
110

114
121
114
120
120
121
122

108
124
114
116
120
118
119

123
136
134
134
132
134
132

136
152
143
140
148
142
147

'113
122
115
118
120
121
121

111
111
102
111
112
114

114
105
107
104
110
115

120
118
116
121
121
125

117
116
116
120
118
118

138
129
137
131
135
2134

147
143
143
144
146

,

124
118
122
122
122
2124

110
98
105
123
128
148
212

107
82
86
120
115
141
206

'101
77
82
111
116
139
194

107
90
92
124
125
159
213

104
96
104
116
125
147
205

118
107
112
138
140
164
237

95
92
111
113
121
2118

87
84
91
106
112
114

90
85
98
97
108
111

90
91
111
109
120
117

91
90
106
109
114
113

107
99
109
128
118
126
122
127

105
100
109
124
111
116
117
122

105
97
105
124
113
116
114
115

107
99
108
127
113
119
116
122

'128
127
129
129
129
131
134

124
121
122
124
123
123
126

115
116
117
116
117
119
121

137
138
135
136
134
2137

124
128
127
128
128
131

••122
119
126
135
145
148
119
123
131
139
142
139

SALESi

1948
1949
1950
1951
1952
1953
1954
1955

SEASONALLY ADJUSTED

1955—June
July
Aug
Sept
Oct
Nov
Dec

,
,
,
,

1956—Jan
Feb
Mar
Apr
May
June

WITHOUT SEASONAL ADJUSTMENT

1955—June
July
Aug
Sept
Oct
Nov
Dec

,
,
,

1956—Jan
Feb
Mar
Apr
May
June

,
STOCKS i

1948
1949
1950
1951
1952
1953
1954
1955

,

SEASONALLY ADJUSTED

1955-June
July
Aug
Sept
Oct
Nov
Dec
1956—Jan
Feb
Mar
Apr
May
June

,

,
,

WITHOUT SEASONAL ADJUSTMENT

1955—June
July
Aug
Sept
Oct
Nov
Dec
1956—Jan
Feb
Mar
Apr
May
June

,
,
,

,
,

2 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.




NOTE.—For description and monthly indexes for back years, see
BULIETIN for December 1951, pp. 1463-1515.

891

DEPARTMENT STORES; FOREIGN TRADE
DEPARTMENT STORE MERCHANDISING DATA
[Based on retail value figures]
Ratios to sales4

Amounts (In millions of dollars)

Period

Sales i
(total
for
month)

Stocks l
(end
of
month)

381
361
376
391

435

979
925
1,012
1.202
1,097
1,163
1,140
1,189

'392
324
382
426
473
546
817
348
332
429
385

OutReNew
standceipts 2 orders 3
ing
(total
orders1 (total
for
for
(end of
month) month) month)

Stocks

Outstanding
orders

Stocks
plus
outstanding
orders

Receipts

Annual average:
1948
1949
1950
1951
1952
1953
1954
1955

397
406
409

494
373
495
460

386
358
391
390

363
358
401
379

2.7
2.7
2.8
3.2

1 4
[.1

1.4
1.3

4.1
3.8
4.2
4.4

435
421
388

397
408
410

401
401
412

2.9
3.0
3.0

1.2

4.1

[ l

4 1

1.0

4.0

1.0
1.0

445

441

446

2.9

[.1

4.0

1.0

1,127
[,090
1,157
1,244
1,350
1,415
1,139

449
554
550
576
581
487
357

323
292
449
513
579
611
541

'462
397
445
539
584
517
411

2.9

r l.l

4.0
5.1
4.5
4.3
4.1
3.5
1.8

0.8

1.7
1.4
1.4
1.2
i 3.9
).4

[,133
[,205
1,271
1,314
,275
[,187

435
450
401
336

342
404
495
428

420
419
446
363

3.3
3.6
3.0
3.4

1.3
.4

4.5
5.0

0 9

338
500

399
329

401
491

2.9
2.8

3 9
4 3
3.7
4.0

10

1 0
LI
1 0
1 0

Month:
1955—June
July
Sept
Oct
Nov
Dec
1956—Jan
Feb
Mar
Apr
May
Junep

438
417

r
p Preliminary.
Revised.
These figures are not estimates for all department stores in the United
States. They are the actual dollar amounts reported by a group of department stores located in various cities throughout the country. In 1955,
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.
1

3.4
3.0
2.9
2.9
2.6
1.4

0.9

0.8
1.2

0-9
I 2

1.2
?
l.l
(> 7
0
?
?
1

0.9
0.8

3 Derived from receipts and reported figures on outstanding orders.
* Thefirstthree 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
1954

1955

1956

1954

1955

1956

1954

1.168
,238
,344
1,264
1,325
1,319
r I 270

1,280
1,358
1,578
'1,510
1,700
^1,687

923
999
923

r 1.252

1.083
1,143

1,198
'1,268
'1,474
'1 398
^1,516
^1,488

Nov
Dec

1,093
1,183
1,126
1 426
1,402
1,475
1 290
1 156
1,115
1 270
1,252
1,320

'1*256
1 396
'1,322
'1,405

833
809
865
957
829
947
822
825
780
767
840

Jan.-June

7,705

7,658

Jan
Feb
Mar
Apr
May
June
Julv
Aug
Sept
Oct

..

..
.

. . . .

»r Preliminary.
Revised.
i Exports of domestic and foreign merchandise.




1,259
1,137
1,115
1,023
1,166
1,167
1,222

1,170
1,194
1,191
1,142
1 108
1,157
1 277
1,249
1,321

6,356

7,033

956
962

r

^9,113

943
^8,342

5,240

1955
871
850

1,019

1956
'1,074
••1,044
'1,102

871

990

'959

1,090

937
885
960

'1 011
1,065
'5,507

^6,332

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.

892

PRICES
CONSUMER PRICES
[Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49= 100]
Housing
Transportation

Medical
care

Personal
care

Reading
and
recreation

Other
goods
and
services

103.5
99.4
98.1
106.9
105.8
104.8
104.3
103.7

100.9
108.5
111.3
118.4
129.7
128.0
126.4

100.9
104.1
106.0
111.1
117.3
121.3
125.2
128.0

101.3
101.1
101.1
110.5
111.8
112.8
113.4
115.3

100.4
104.1
103.4
106.5
107.0
108.0
107.1
106.6

100.5
103.4
105.2
109.7
115.4
118.2
120.2
120.2

119.2
119.4
119 5
119.8
120.1
120.5
120.7

103.2
103.2
103.4
104.6
104.6
104.7
104.7

125.8
125.4
125.4
125.3
126.6
128.5
127.3

127.6
127.9
128.0
128.2
128.7
129.8
130.2

114.7
115.5
115.8
116.6
117.0
117.5
117.9

106.2
106.3
106.3
106.7
106.7

106.8
106.8

119.9
120.3
120.4
120.6
120.6
120.6
120.6

121.2
121.4
121.6
122 1
122 4
122.6

104.1
126.8
104.6 126.9
104.8 126.7
104 8 126 4
104.8 M27.1
104.8 126.8

130.7
130.9
131.4
131.6
131.9
132.0

118.5
118.9
119.2
119 5
119 6
119.9

107.3
107.5
107.7
108 2
108 2
107.6

120.8
120.9
121.2
121 4
121 5
121.8

All
items

Foods

1929
1933
1941
1945

73.3
55.3
62 9
76.9

65.6
41.6
52 2
68.9

1948
1949
1950
1951
1952
1953
1954
1955

102.8
101.8
102.8
111.0
113.5
114.4
114.8
114.5

104.1
100.0
101.2
112.6
114.6
112.8
112.6
110.9

101.7
103.3
106.1
112.4
114.6
117.7
119.1
120.0

100.7
105.0
108.8
113.1
117.9
124.1
128.5
130.3

100.0
102.5
102.7
103.1
104.5
106.6
107.9
110.7

104.4
106.8
110.5
116.4
118.7
123.9
123.5
125.2

103.2
99.6
100.3
111.2
108.5
107.9
106.1
104.1

102.6
100.1
101.2
109.0
111.8
115.3
117.4
119.1

Nov
Dec

114.4
114.7
114 5
114.9
114.9
115.0
114.7

111.3
112.1
111.2
111.6
110.8
109.8
109.5

119.7
119.9
120.0
120.4
120.8
120.9
120.8

130.4
130.4
130.5
130.5
130.8
130.9
131.1

110.7
110.8
110.8
111.2
111.2
111.5
111.5

122 7
123.2
123 8
125.2
126.3
126.7
128.0

103 8
103.6
103 2
103.6
104.4
104.5
103.4

1956—Jan
Feb
Mar
Apr
May
June

114.6
114.6
114.7
114 9
115.4
116.2

109.2
108.8
109.0
109 6
111.0
113.2

120.6
120.7
120.7
120 8
120.9
121.4

131.4
131.5
131.6
131.7
132.2
132.5

111 7
111.7
111.7
111 8
111.8
111.7

129.5
130.0
130.6
129 7
127 9
128.4

102.0
102.5
103.1
102 7
102 6
102.8

Year or month

1955

June
July
Aug
Sept
Oct

Total

Rent

Gas
and
electricity

ApSolid House- House- parel
fuels
furhold
and
nish- operafuel oil ings
tion

117.4
83.6
88.4
90.9

60.3
45.9
55.6

76.3

r
Revised.
NOTE.—Revised indexes, reflecting, beginning January 1953, the inclusion of new series (i.e. home purchases and used automobiles) and re-

126.2

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
Tex- Hides,
All
tile
com- Farm Processed
prod- skins,
modi- prodand
ucts foods Total ucts
ties
and leather
prodapparel ucts

Year or
month

1948...

1949.
1950
1951
1952
1953
1954
1955

. . . .

Fuel,
power,
and
lighting
materials

MaChem- Rub- Lum- Pulp, Metals chinicals
ber
paper,
ery
ber
and
and
and
and metal
and
and wood
allied prodallied prodmoprod- ucts prod- prod- ucts
tive
ucts
ucts
ucts
products

Furniture
and
other
household
durables

Nonmetallic
minerals—
structural

Tobacco
mfrs. Misand cellabottled neous
beverages

104.4 107.3 106.1 103.4 104.4 102.1 107.1
99.2 92.8 95.7 101.3 95.5 96.9 101.9
103.1 97.5 99.8 105.0 99.2 104.6 103.0
114.8 113 4 111.4 115.9 110.6 120.3 106 7
111.6 107.0 108.8 113.2 99.8 97.2 106.6
110.1 97.0 104.6 114.0 97.3 98.5 109.5
110.3 95 6 105 3 114.5 95.2 94.2 108.1
110.7 89.6 101.7 117.0 95.3 93.8 107.9

103.8
94.8
96.3
110.0
104.5
105.7
107.0
106.6

102.1
98.9
120.5
148.0
134.0
125.0
126 9
143.8

107.2
99.2
113.9
123.9
120.3
120.2
118.0
123.6

102.9
98.5
100.9
119.6
116.5
116.1
116.3
119.3

103.9
104.8
110.3
122.8
123.0
126.9
128.0
136.6

100.9
106.6
108.6
119 0
121.5
123.0
124 6
128.4

101.4
103.1
105.3
114 1
112.0
114.2
115 4
115 9

101.7
104.4
106.9
113.6
113.6
118.2
120.9
124.2

100.4
101.6
102.4
108 1
110.6
115.7
120 6
121.6

103.1
96.1
96.6
104.9
108.3
97.8
102.5
92.0

110.3
110.5
110.9
111.7
111.6
111.2
111.3

106.8
106.4
107.2
108.0
108.0
108.6
109.3

106.8
106.0
105.9
106.0
106.5
106.6
106.6

140.3
143.4
148.7
151.7
147.8
150.6
151.0

123.7
124.1
125.1
125.7
125.4
125.0
125.1

118.3
119.0
119.7
120.5
122.8
123.2
123.6

132.6
136.7
139.5
141.9
142.4
142.9
143.9

127.1
127.5
128.5
130.0
131.4
132.5
133.0

115 2
115.5
116.0
116.4
116.9
117.2
117.3

123.7
125.3
126.1
126 4
126.8
125.2
125.4

121 6
121.6
121.7
121 7
121.7
121.7
121.7

89 1
90 8
89.8
90 3
91.5
88.0
88.8

95.7 96.7 111.0
96.0 97.1 111 2
95.9 97.7 110.9
95.1 100.6 110.6
94.9 r 100.0 r110 8
94.9 100.2 110.5

106.3
106 4
106.5
106.9
106.9
107.1

148.4
147 1
146.2
145.0
143 5
142.8

126.3
126.7
128.0
128.5
r
128.0
127.3

124.8
125.4
126.8
127.4
127 3
127.4

145.1
145 1
146.5
147.7
r
146 8
145.8

133.3
133 9
134.7
135.7
'136 5
136.8

118.0
118 2
118.1
118.0
r
118 0
118.1

127.0
127 1
127.9
128.6
128 6
128.9

121.7
121 7
121.7
121.7
r
121 6
121.6

89.e
88 7
88.2
92.1
r
96 1
92.9

1955
July
Aug
Sept

Oct
Nov
Dec
Ian
Fcb
Mar
Apr
May
June.

1956

'Revised.




III.9
! !2.4
112.8
113.6
r
114.4
114.2

91.8
89.5
88.1
89.3
86.8
84.1
82.9

103.9
103.1
101.9
101.5
100.2
98.8
98.2

115.6
116.5
117.5
118.5
119.0
119.4
119.8

84.1 98.3 120.4
86 0 99.0 120.6
86.6 99.2 121.0
88.0 100.4 121.6
90.9 102.4 121.7
91.2 102.3 121.5

95.2
95.3
95.3
95.4
95.4
95.6
95.6

92.9
93.7
93.8
94.0
95.3
96.4
96.7

893

PRICES
WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued
[Bureau of Labor Statistics index, 1947-49= 100]
1955

1956

1955
Apr.

May

104.7
90 3
83.1
103.4
87.0
74.4
88 1
143 2

101.8
89.5
70.8
105.8
89.9
79.9
86.7
143 4

111.8
90 5
74.4
105.9
'92.7
80.2
90.1
144 4

117.6
91 4
104.6
104.5
110 4
171.9
101.4

115.6 115.5
82 1
79 3
105.9 107.9
109.0 109.3
105 3 109 6
187.4 187.4
97.8 '97.5

Pulp, Paper, and Allied Products—
Continued:
120.2
126.0
86 9
Converted paper a n d p a p e r b o a r d . . . . 112.3
74.8
Building paper a n d b o a r d
129.7
106.1
92.7
78.7 Metals and Metal Products:
87.5
Iron and steel
135.8
147 1
137.8
Nonferrous metals
131.4
Metal containers
144 5
Hardware
123.2
Plumbing equipment
115.3
113.5
Heating equipment
83 1
Fabricated structural metal products. 118.7
108.0
Fabricated
nonstructural
metal
109.7
126.0
products
109 5
191.0
97.4 Machinery and Motive Products:

90.6
105 5
86.6
124.0
98 6
74.4

93.7
102 5
80 6
121.0
99 5
71.1

93.1
102 9
80 3
125.0
99 4
70.3

92.7
102 9
80 2
124.7
99 7
70.0

55.7
83 8
111 4
95.0

61 9
94 6
119 9
98.9

r

100.6
133 4
110 4
97.2
111.5

111.7 111.9
145 4 145 4
117 5 115 4
93.2
93.2
117.5 118.3

117 8
114 8
96 9
93.0
53 8
108 8
111 0
107.6

120 9
119 1
101 6
91.9
58 1
108 1
112 4
102.4

120 8
119 1
101 2
'92.1
60 3
107 9
109 1
102.4

Flat glass
Concrete ingredients
121 1
Concrete products
119 1
Structural clay products
99 A
Gypsum products
92.1
Prepared
asphalt roofing
55 2
Other nonmetallic minerals
107 9
108.7
103.8 Tobacco Manufactures and
Beverages:

149 6
142 3
132 3

144 2
151 8
137 9

139 5
151 8
136 7

137 5
151 8
136 0

124 7
128 3
105 6

130 6 '130 4
128 9 '129 2
106 9 '102 7

129.8
129 5
101 0

113.8
104.7
129.2

118.0
127.4
136.2

118.0
114.3
136.6

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

June

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

59.0
92 9
120 0
'99.2

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

Lumber and Wood Products:
Lumber
Millwork
Plywood
Pulp, Paper, and Allied Products:
Woodpulp
Wastepaper
Paper
r

Revised




118.0
116.4
136.2

Agricultural machinery and equipment
Construction machinery and equipment
Metal working machinery
General purpose machinery and
equipment
Miscellaneous machinery
Electrical machinery and equipment
Miotor vehicles

61.2
91 7 Furniture and Other Household Durables:
120 5
98.9
Household furniture
.
..
Commercial furniture
Floor covering
Household appliances
112.2
Radio
145 4
Television
115 4
Other household durable goods
93.2
118.3
Nonmetallic Minerals—Structural:

Rubber and products:
Crude rubber
Tires and tubes
Other rubber products

June

June
Farm Products:
Fresh and dried produce .
Grains
Livestock and poultry
Plant and animal fibers
Fluid milk ..
Eggs
Hay and seeds .
Other farm products

1956

Subgroup

Subgroup

Cigarettes
.
Cigars
Other tobacco products
Alcoholic beverages
Nonalcoholic beverages

Apr.

May

June

134.5 136.4
123.3 123.2
138.1 138.1

136.5
123.2
138.1

151.0 150.8
163 2 160.0
137.9 141.2
153 9 154.0
133.9 135.0
117.3 117.3
131.6 129.4

149.5
158 0
141.2
154 5
134.1
111 A
129.4

132.6

132.6

132.5

121 5

126 1

126 5

126 6

134.7
142.7

144.8 146.6
153.8 154.5

146.7
155.1

131.8
127.0

144 0 146.0
134.3 135.2

145.6
135.5

126.5
122.0

135.6 137.0
129.1 129.1

137.1
129.1

112.9
129.8
126.2
106.4
94.7
68.8
132.4

117.8 118.0
138.5 138.5
130 5 130.5
105.2 105.0
89.7
89.6
69.5
69.3
139.1 139.2

118.0
138.5
130.5
105.1
89.7
69.3
139.3

126.0
124.9
118.3
137.3
122.1
106.7
122.4

131.1
130.0
121.7
146.0
127.1
111.9
123.4

131.1
130.1
121.7
146.1
127.1
111.9
122.8

131.8
130.4
121.9
146.5
127.1
111.9
123.1

124.0 124.0
104.2 104.2
122.5 122.5
114.7 114.6
148.1 148.1

124.0
104.2
122.5
114.6
148.1

115.8
74.4
95.4
105.0
123.1

115.8
75.9
95.7
104.8
123.4

Bottled
.. 124.0
103.7
121.4
114.7
148.1

Miscellaneous:
Toys, sporting goods, small arms
113.2
Manufactured animal feeds
70.8
Notions and accessories
92.9
Jewelry, watches, photo equipment. . . 103.0
Other miscellaneous
.
. . 121.1

115.8
81.8
'95.7
105.0
123.1

894

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

1933

1941

1950

1951

1952

1953

1954

1956

1955

56.0 125.8 285.1 328.2 345.4 363.2 360.7 390.9 387.4 396.8 401.9 403.4 408.3

Less: Capital consumption allowances
Indirect business tax and related liabilities
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of government enterprises

7.2

9.0

20.5

23.5

23.9

26.5

28.8

31.3

31.1

31.7

32.2

7.0
.6
.3

7.1

23.7
.8
.2

25.6
1.0
1.3

28.1
1.2
2.0

30.2
1.4
2.6

30.2
1.4

.*9

11.3
.5
.4

32.5!
1.4
1.8

32.4
1.4
1.2

32.8
1.4
2.7

33.4
1.4

-.1

.0

.1

.2

.2

-.1

-.4

-.2

.3

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
Equals: Personal income
Less: Personal tax and related payments
Federal
State and local

8.6

Less: Personal consumption expenditures....

40.2 104.7 240.0 277.0 290.2 302.1 298.3 324.0 321.9 328.3

10.1 - 2 . 0
.3
.2
.0
.0
1.5
.9
1.2
1.0
2.1
5.8
.6
.7
85.8
47.2
2.6
1.5
1.3
1.4
.5
83.1

Equals: Disposable personal income

14.5
2.8

35.1
6.9

39.9
8.2

36.9
8.6

.0
2.6
1.3
4.5
.5

.0
14.3
4.7
9.2
.8

.1
11.6
4.8
9.1
1.0

.0
12.0
4.9
9.0
1.2

3.3
2.0
1.3

1.0

20.9
18.2
2.7

93.0 206.1

45.7

81.9 194.0

4.2

46.4

11.1

12.1

.2

36.0
8.7

32.9
9.7

40.9
11.1

40.2
10.9

334.4
41.6 43.4
11.3 11.4

5.0
9.3
1.4

.0
15.0
5.2
10.0
1.4

.0
16.1
5.2
11.2
1.4

.5
16.2
5.2
10.7
1.4

-.6
16.0
5.2
11.0
1.4

29.3
26.3
3.0
226.1
208.3

34.4
31.2
3.2

35.8
32.4
3.4

237.4 250.2
218.3 230.5
19.0

19.7

17.7

-.6

n.a. Not available.

.6

33.6

33.7
1.4
1.1

34.1
1.4
n.a.

.7

.7

334.9

n.a.

.0
16.3
5.3
12.1
1.4

n.a.
12.3
.0
17.3
5.5
12.2
1.4

96.3 227.1 255.3 271.8 286.0 287.3 306.1 303.8 309.6 314.6 317.5 322.9

79.0

Equals: Personal saving

.1

32.9

32.9
29.1
3.8
254.4
236.5

35.5
31.3
4.2

35.3
31.2
4.

35.9
31.7
4.2

36.3
32.0
4.3

37.
32
4:]

38.1
33.6
4.4

270.6 268.5 273.8 278.4 2 8 0 .

284.9

254.0 251.8 257.8 259.5 2 6 1 .

263.7

16.6

16.7

15.9

18.8

21.2

18.

17.9

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

1951

1952

1953

1954

1956

1955

National income

87.8

40.2 104.7 240.0 277.0 290.2 302.1 298.3 324.0 321.9 328.3 334.4 334.9

Compensation of employees
Wages and salariesl
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 pro/its before tax
Corporate profits tax liability
Corporate profits after tax
Inventory valuation adjustment

10.1 - 2 . 0
14.5 35.1 39.9
9.6
.2 17.0 40.0 41.2
1.4
.5
7.6 17.8 22.5
8.3
-.4
9.4 22.1 18.7
.5 - 2 . 1 - 2 . 5 - 4 . 9 - 1 . 3

Net interest

6.4

5.0

n.a. Not available.
1
Includes employee contributions to social insurance funds.




n.a.
64.8 154.3 180.4 195.1 208.1 206.9 223.2 221.6 226.8 230.3 233.0 237.2
62.1 146.5 170.9 184.9 197.3 195.5 210.4 209.0 213.6 217.0 219.4 223.5
51.9 124.3 142. 152.0 163.5 161.2 174.5 172.9 177.5 180.5 182.5 186.2
9.8 10.0
9.8
9.7
1.9
5.0
8.7 10.5 10.3 10.0
9.6
9.5
8.3 17.2 20.1 22.5 23.5 24.4 26.1 26.1 26.4 26.8 27.3 27.8
2.7
7.8
9.5 10.2 10.8 11.4 12.8 12.6 13.2 13.3 13.6 13.8

20.9
10.9
6.5
3.5

4.5

44.6
22.9
13.3
8.5

5.9

49.9
24.8
16.0
9.1

6.8
2

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

8.7

48.9
25.9
12.5
10.5

49.1
27.3
11.7
10.1

32.9 40.9
33.2 42.7
16.8 21.5
16.4 21.1
- . 3 -1.7
9.7

10.8

49.5
27.1
12.2
10.2

49.0
27.7
11.3
10.0

49.3
28.0
11.4
9.8

49.5
28.2
11.5
9.8

49.9
28.9
11.3
9.7

40.2 41.6 43.4 40.9
n.a.
41.1 43.5 46.4 43.7
n.a.
20.7 22.0 23.4 22.1
n.a.
20.3 21.5 23.0 21.6
n.a.
- . 9 -1.9 -3.0 -2.8 -3.1
10.6

11.0

11.3

Includes noncorporate inventory valuation adjustment.

11.5

11.7

895

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

1951

1950

1952

1954

1953

1955
2

104 4
Personal consumption expenditures
Durable goods
Nondurable goods
Services

79.0
9.2
37.7
32.1

Gross private domestic investment

,

Residential, nonfarm
Other
Producers' durable equipment
Change in business inventories

purchases

of

goods

and

Federal
Other

8.5
1.3
.0
7.2

State and local

2

1

4

3

56 0 125.8 285 1 328.2 345.4 363.2 360.7 390.9 387.4 396.8 401.9 403.4 408.3
46.4
3.5
22.3
20.7

81.9 194.0 208.3 218.3 230.5 236.5 254.0 251.8 257.8 259.5 261.7 263.7
9.7 28.6 27.1 26.6 29.8 29.4 35.7 35.3 37.2 35.4 34.8 33.4
43.2 100.4 111.1 116.1 119.1 120.9 126.2 125.3 127.6 129.2 130.5 132.3
29.0 65.0 70.1 75.6 81.7 86.3 92.1 91.2 92.9 94.9 96.4 98.0
51.2
22.7
12.6
10.1
21.1
7.4
6.4

56.9
23.3
11.0
12.4
23.2
10.4
9.0

49.8
23.7
11.1
12.6
23.1
3.0
2.1

1.1

-2.2

.2

-.2

-2.0

8.0 24.8
2.0 16.9
2.0 /\ 13.8
3.2
.0
.0
6.0
7.8

42.0
22.1
18.5
3.9
.3
19.9

62.8
41.0
37.3
4.2
.4
21.8

77.5
54.3
48.8
5.8
4
23.2

84.4
59.5
51.5
8.4
4
24.9

.2

'Includes expenditures for crude petroleum and natural gas drilling.

60.6
32.7
16.6
16.1
23.7
4.2
3.8

60.2
32.9
16.9
16.0
22.4
4.9
4.5

62.3
33.5
17.2
16.4
25.0
3.7
3.4

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

64.2
33.1
15.1
18.0
27.5
3.5
3.9

-.4

-.5

-.9

.2

-.8

.1

1.7

76.5
48.9
43.0
6.3
.4
27.6

76.8
46.7
41.2
5.9
4
30.1

76.2
46.3
41.3
5.5
.4
29.9

76.5
46.6
41.3
5.8
.4
29.9

78.1
47.2
40.6
7.1
.5
30.9

78.5
46.4
40.5
6.3
.4
32.1

78.7
46.1
40.7
5.8
.4
32.6

50.3 48.0
25.8 27.9
11.9 13.5
13.8 14.4
24.3 22.4
.3 - 2 . 3
.9 - 2 . 7

18.1
6.6
3.5
3.1
6.9
4.5
4.0

16.2
1.4
8.7
1.4
3.6
.5
1.0
5.1
5.9
1.6
1.7 - 1 . 6
1.8 - 1 . 4
.8

Government

1956

1955
1929

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 monthJ

Personal
income
Total

Commodity Distributive
produc- indusing intries
dustries

Service
industries

Government

Dividends
ProOther prietors* and
perand
labor
income* rental 3 sonal
income interest
income

Transfer
payments*

Less
personal
Noncontributions agricultural
for
social income6
insur-6
ance

1929
1933
1941

85.8
47.2
96.3

50.4
29.0
62.1

21.5
9.8
27.5

15.6
8.8
16.3

8.4
5.2
8.1

4.9
5.1
10.2

.6
.4
.7

20.2
7.6
20.9

13.2
8.3
10.3

1.5
2.1
3.1

.1
.2

77.7
43.6
88.0

1950
1951
1952
1953
1954
1955

227.1
255.3
271.8
286.0
287.3
306.1

146.5
170.8
184.9
197.4
195.5
210.4

63.5
74.9
80.4
87.7
83.6
90.9

41.3
45.8
48.7
51.3
51.8
55.4

19.5
21.3
23.0
24.5
25.8
28.2

22.2
28.8
32.9
33.9
34.3
35.9

3.8
4.8
5.3
6.0
6.3
7.0

44.6
49.9
50.8
49.3
48.9
49.1

19.8
20.7
21.3
23.0
24.9
27.3

15.1
12.6
13.2
14.3
16.4
17.6

2.9
3.4
3.8
3.9
4.6
5.2

210.5
235.7
253.1
269.2
271.4
290.9

1955—June.,
July. .
Aug..
Sept..
Oct...
Nov..
Dec.

306.0
309.2
308.7
3H.0
311.6
314.5
317.5

210.5
214.5
213.4
214.7
215.3
217.2
218.2

91.4
92.1
92.1
92.8
93.3
94.2
94.5

55.3
56.1
56.5
56.9
56.7
57.3
57.6

28.1
28.6
28.7
28.7
28.9
29.3
29.4

35.7
37.7
36.1
36.3
36.4
36.4
36.7

7.0
7.1
7.1
7.2
7.2
7.2
7.3

49.4
48.5
49.0
49.4
49.1
49.6
49.2

26.7
26.9
27.1
27.6
27.9
28.1
30.2

17.6
17.5
17.4
17.4
17.4
17.7
18.0

5.2
5.3
5.3
5.3
5.3
5.3
5.4

290.4
294.7
293.8
295.9
296.9
299.4
302.8

1956—Jan.. .
Feb..
Mar..
Apr..,
May.
June p

316.7
317.1
318.6
321.7
322.8
324.2

219.0
218.9
220.3
222.9
223.2
224.4

94.8
94.7
95.1
96.8
96.8
97.4

57.9
57.9
58.4
59.1
59.1
59.4

29.5
29.5
29.6
29.8
30.0
30.2

36.8
36.8
37.2
37.2
37.3
37.4

7.3
7.2
7.2
7.2
7.2
7.3

49.4
49.7
49.5
49.7
50.1
49.9

28.5
28.7
28.8
29.1
29.4
29.7

18.2
18.3
18.5
18.6
18.7
18.7

5.7
5.7
5.7
5.8
5.8
5.8

301.6
301.5
304.0
306.8
307.6
309.4

9
1
2

Preliminary.
Monthly data are seasonally adjusted totals at annual rates.
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




well as consumer bad debts and other business transfers.
5 Prior to 1952 includes employee contributions only; beginning January
1952, includes also contributions to the old-age and survivors' insurance
program of the self-employed to whom coverage was extended under the
Social Security Act Amendments of 1950. Personal contributions are
not included in personal income.
$ Represents personal income exclusive of net income of unincorporated
farm enterprise, farm wages, agricultural net interest, and net dividends
paid by agricultural corporations.

896

BANKING OFFICES
CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES 1
Commercial and stock savings banks and nondeposit
trust companies

Mutual savings
Kcn-il-e

All
banks

Type of office and type of change

Member banks
Total
Total i

Nonmember banks

State
National1 member2

Total

Insured

Noninsured

Insured2

Noninsured

1,343
851
783
650
569
536
499
470

68
52
194
202
219
218
220
220

511
496
339
327
309
309
307
307

Banks (head offices)
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
June

31 1934
31, 1941
31, 19473
31, 1951..
31, 1953
31 1954
31, 1955
30, 1956

Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
June

31, 1934
31, 1941
31, 19473
31, 1951
31, 1953
31, 1954.
31, 1955
30 1956

.

.

16,063
14,825
14,714
14,618
14,509
14,367
14,243
14,206

15,484
14,277
14,181
14,089
13,981
13,840
13,716
13,679

6,442
6,619
6,923
6,840
6,743
6,660
6,543
6,499

5,462
5,117
5,005
4,939
4,856
4,789
4,692
4,667

980
1,502
1,918
1,901
1,887
1,871
1,851
1,832

9,042
7,661
7,261
7,252
7,241
7,183
7,176
7,183

7,699
6,810
6,478
6,602
6,672
6,647
6,677
6,713

3,133
3,699
4,332
5,383
6,096
6,614
7,253
7,568

3,007
3,564
4,161
5,153
5,826
6,306
6,923
7,226

2,224
2,580
3,051
3,837
4,398
4,787
5,304
5,560

1,243
1,565
1,870
2,370
2,746
3,056
3,365
3,559

981
1,015
1,181
1,467
1,652
1,731
1,939
2,001

783
984
1,110
1,316
1,428
1,519
1,619
1,666

932
1,043
1,275
1,387
1,483
1,584
1,630

+66

+66

+ 18

+ 15

+3

+48

+43

+5

-84
-15
-3

-50
-7
-1
2

-37
-6

-13
-1
-1

-34
-8
-2

-32
-7

-2
-1
-1

+3
+4

+5

+2

+2

-4

-4

Branches and additional offices
.

.

4:

83

4]

52
67
41
41
36
35
36

32
124
165
192
221
234
240

26

103
47
65
78
87
96
102

Changes, Jan. 1-June 30, 1956
Banks:
New banks 5

•t

Consolidations and absorptions:
Banks converted into branches
Other
Voluntary liquidations 6
Conversions:
National into State
State into national
Federal Reserve Membership:7

-84
-15
-3

Number of banks, June 30, 1956
Branches and additional offices except
Banking facilities:9
De novo branches
Banks converted into branches
D iscontinued
Interclass branch changes:

-2

+4
-9

-9

Withdrawals of State banks
Federal Deposit insurance:8
Net increase or decrease . . . .

-2

-3

+9

-3

+9
+29

-29

-37

-37

-44

-25

-19

+7

+36

-29

14,206

13,679

6,499

4,667

1,832

7,183

6,713

470

220

307

+226
+ 84
-18

+ 179
+67
— 14

+ 129
+43
-4

+24
-10

+50

+47

+46

+1

+7

+7

-1

-1

+240
+ 84
— 20

—1

State member to nonmember
Nonmember to national
Nonmember to State member

+ 11

+6
+9

+6

— 11
—1

+ 17
-4

+ 17
—4

+1
-6
-9

+1

+9

-6
-9

Net increase or decrease

+304

+292

+246

+ 185

+61

+46

+45

+1

+6

+6

Number of branches and additional offices,
June 30, 1956

7,344

7,002

5,358

3,381

1,977

1,644

1,608

36

240

102

+ 12

+ 10

+2

+2

Bank facilities:9
Established
Discontinued
Interclass chance
Net increase
Number of facilities June 30 1956

+224
11

+ 11
224

^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.
2
State member bank and insured mutual savings bank figures both include, since 1941, three member mutual savings banks not included in
the total for commercial banks. State member bank figures also include, since 1954, one noninsured trust company without deposits.
3 As of June 30, 1947, the series was revised. The revision resulted in
a net
addition of 115 banks and 9 branches.
4
Separate figures not available.




+1
+ 10
202
5

+1

XI
178

i

+241

+1
22

-1
22

Exclusive of new banks organized to succeed operating banks.
6 Exclusive of liquidations incident to succession, conversion, and
absorption of banks.
7 Exclusive of conversions of national banks into State bank members,
or 8vice versa. Shown separately under conversions.
Exclusive of insured nonmember banks converted into national banks
or 9admitted to Federal Reserve membership, and vice versa.
Banking facilities (other than branches) that are provided at militar y
and other Government establishments through arrangements made by
the Treasury Department.

897

FEDERAL RESERVE PAR LIST
NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST*

Federal Reserve district,
State, or other area

Total banks on
which checks are
drawn, and their 1
branches and offices

On par list
Total

Member

Banks

Branches
and offices

Banks

Branches
and offices

13,647
13,610

6,975
7,279

11,862
11,847

6,645
6,957

443
706
729
998
991
1,285
2 485
1,463
1,284
1,759
1,068
399

523
1 326
412
613
843
356
824
222
120
35
102
1,903

443
706
729
998
823
705
2 485
1,160
683
1,753
978
384

237
9
235
134
156

50
100
26
1 250
5

Connecticut
Delaware
District of Columbia
Florida
Georgia

90
29
17
243
409

Idaho
Illinois.
Indiana
Iowa....
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts

Not on part list
(nonmember)

Nonmember

Branches
and offices

Branches
and offices

Banks

6,537
6,493

5,304
5,560

5,325
5,354

1 341
1,397

1,785
1,763

330
322

523
1 326
412
613
694
311
824
154
77
35
89
1,899

302
606
554
612
473
384
1 021
493
471
749
632
196

419
1 227
328
540
446
265
452
93
31
23
66
1,670

141
100
175
386
350
321
1 464
667
212
1,004
346
188

104
99
84
73
248
46
372
61
46
12
23
229

580

i68

149
45

303
601
6
90
15

68
43

143
9
122
134
156

49
100
7
1,250
5

94
4
72
85
94

49
78
4
1,136
4

49
5
50
49
62

94

1

22
3
114
1

113

19

110
40
54
12
64

90
29
17
196
128

110
40
54
11
62

52
10
13
100
64

91
17
44
10
55

38
19
4
96
64

19
23
10
1
7

47
281

1
2

35
920
473
667
598

70
4
178
161
3

35
918
473
667
596

19
519
235
165
213

5
67
157

89
125
95
173
268

366
73
58
153
173

65
4
111
4
3
61
84
59
100
231

16
399
238
502
383

366
179
58
153
173

70
4
178
161
3
89
100
95
173
268

257
21
21
83
39

28
16
36
73
37

414
678
197
600
113

390
6
101
3

414
273
49
542
113

390
6
38
3

231
205
34
175
84

320
6
19
3

183
68
15
367
29

70

Nebraska
Nevada
New Hampshire
New Jersey
New JVtexico

415
6
75
285
51

415
6
75
285
51

2
29
2
281
32

139
5
52
245
33

2
25
1
247
15

276
1
23
40
18

4
1
34
17

New York
North Carolina
North Dakota
Ohio
Oklahoma

491
203
154
623
385

2
29
2
281
32
1,066
340
24
404
5

491
112
57
623
379

1,066
198
6
404
5

428
54
40
399
222

1,005
107

63
58
17
224
157

61
91
6
45
2

91
97
6

142
18

Oregon....
Pennsylvania
Rhode Island
South Carolina
South Dakota

49
800
10
147
171

149
501
70
91
54

49
800
10
72
72

149
501
70
84
29

19
608
6
33
60

30
192
4
39
12

7
25

295
941
50
61
314

145
22
48
15
185

214
900
50
61
313

130
22
48
15
185

83
578
25
35
203

11
69
16
16
5
37

75
99

Tennessee
Texas
Utah
Vermont
Virginia

138
432
54
68
24
93
22
42
6
127

81
41

15

^Washington
West Virginia
Wisconsin
Wyoming

94
181
550
53

221

221

151
1

94
180
550
53

39
112
164
40

18
5

13
51

3
5

9
51

Total, including
Alaska and
Hawaii: 2
Dec. 31, 1955
June 30 1956
Districts, June 30, 1956:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis.
Minneapolis
Kansas City
Dallas
San Francisco 2
State or area, June 30, 1956:
Alabama
...
Arizona
Arkansas
California
Colorado

Michigan
Minnesota
Mississippi
Missouri
Montana

Alaska 2
Hawaii 2

...

.

. .
...

151
1

1
Comprises all commercial banking offices on which checks are drawn,
including 224 banking facilities. Number of banks and branches differs
from the preceding table because of banks and trust companies on which




Banks

109
52
37
70
134

1

359
3

208
23
1

131
322
25
26
110

Branches
and offices

19

6
9
5$

55
68
386
13

128

2
5

9
51

13

Banks

13
4

2
2
106

25

405
148
58

63

1
1

15

4

no checks are drawn, 3 mutual savings member banks, and banks in
Alaska and Hawaii.
2 Alaska and Hawaii assigned to the San Francisco District for purposes of Regulation J, "Check Clearing and Collection."

Financial Statistics

* International *
International capital transactions of the United States.

900

Gold production.

904

Net gold purchases and gold stock of the United States.

905

Reported gold reserves of central banks and governments. .

906

Estimated foreign gold reserves and dollar holdings.

907

International Bank and Monetary Fund.

908

Central banks.

908

Money rates in foreign countries.

913

Foreign exchange rates.

914

Index to statistical tables.

925

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.

899

900

INTL CAPITAL TRANSACTIONS OF THE U. S.
S, BY COUNTRIES i

TABLE 1.
[Amounts outstanding, in millions of dollars]

In-

ternational
institutions 2

Date

Total foreign
countries
France

Official
Official 3

and

Germany,
Fed.
Rep.
of

Italy

Switz- United
erKingdom
land

Other
Europe

Total
Europe

Canada

Latin
America

Asia

All
other

private
1952—Dec. 3 1 . . . .
1953—Dec. 3 1 . . . .
1954—Dec. 3 1 . . . .

1,585
1,629
1,770

8,961
10,019
11,153

4,654
5,667
6,774

343
429
715

1955—June
July
Aug.
Sept.
Oct.
Nov.
Dec.

30....
31....
31....
30
31....
30....
31....

1,854
1,861
1,859
1,844
1,825
1,823
1,881

11,263
11,281
11,189
11,496
11,748
11,823
11,719

6,776
6,658
6,552
6,806
6,890
6,964
6,953

785
835
915
980

1956—Jan.
Feb.
Mar.
Apr.
May
June

31....
29....
31....
30*...
31*...
30*. ..

1,867
1,876
1,894
1,978
1,999
2,007

11,874
11,993
12,452
12,505
12,517
12,632

6,986
7,048
7,389
7,328
7,436
7,437

1,017
1,069
1,081
1,066
1,035
1,123

867
907
878

1,373

309
466
579

642
674
672

818
709
640

1,093
1,558
1,642

3,755
4,734
5,621

1,421
1,296
1,536

1,613
1,768
1,906

1,837
1,896
1,825

336
326
265

,397
1,418
,420
1,425
1,424
,431
1,454

646
676
702
759
813
810
785

685
703
679
684
709
747
757

689
623
561
575
645
645
548

,588
1,560
,567
:1,562
,557
,489
1,516

5,790
5,815
5,844
5,986
6,166
6,190
6,141

,269
1,302
1,180
1,179
1,138
1,125
1,032

1,920
1,897
1,854
1,916
1,948
,946
2,000

1,983
1,968
1,994
2,085
2,157
2,217
2,186

301
299
316
329
340
344
360

1,458
1,467
1,487
1,524
1,580
1,636

785
798
806
812
830
860

741
739
733
742
709
736

657
679
766
111
751
746

1,561
1,596
1,624
1,821
1,676
1,617

6,268
6,314
6,539
6,544
6,453
6,473

1,088
[,089
1,178
1,207
1,269
1,285

1,952
2,001
2,103
2,170
2,177
2,179

2,213
2,238
2,277
2,268
2,294
2,348

353
353
355
316
324
347

551
899

Table la. Other Europe
Fin- Greece Netherland
lands

Other
Europe

Austria

Belgium

Denmark

1952—Dec. 31 ..
1953—Dec. 31..
1954—Dec. 31. .

1,093
1,558
1,642

91
191
273

124
130
100

70
96
71

29
38
41

47
101
113

1955—June 30..
July 31. .
Aug. 31..
Sept. 30. .
Oct. 31. .
Nov. 30. .
Dec. 31..

,588
,560
,567
,562
,557
,489
,516

269
273
283
280
279
270
261

107
99
104
104
105
98
108

54
56
60
64
54
64
60

38
40
42
41
46
44
49

1956—Jan. 31..
Feb. 29. .
Mar. 31..
Apr. 30*.
M a y 31*.
June 30*.

,561
,596
,624
,821
,676
,617

254
253
252
246
242
247

113
115
126
123
107
105

64
69
71
71
67
70

45
46
45
49
49
47

Date

Nor-

Swe-

Tur-

den

key

Yugo- All
slavia other

way

Portugal

203
243
249

110
119
103

57
72
91

6
6
8

19
36
71

91
117
141

8
14
8

12
7
9

388
363

127
125
126
134
141
159
176

202
202
190
199
183
173
164

71
68
66
68
72
68
79

94
101
106
112
120
125
132

8
8
8
8
8
8
8

109
113
119
120
117
112
104

119
129
141
147
149
149
153

12
9
10
9
9
9
9

11
8
10
9
11
9
13

367
328
303
267
263
200
201

200
188
183
184
182
165

183
183
193
223
227
206

63
49
51
51
51
52

127
128
133
134
135
124

8
8
8
7
7
7

102
103
99
102
96
90

154
160
171
167
162
169

12
13
10
10
8
7

11
9
13
5
8
9

226
273
270
447
334
319

NetherDolands Panminican Guate- Mex- West ama,
ReRemala
ico Indies puband
pubSuri- lic of
lic
nam

Peru

El
Salvador

Uruguay

Ru-

mania

Spain

Table lb. Latin America

Date

Latin
BoAmer- Argentina livia
ica

Brazil Chile

Colombia

Cuba

Other
Vene- Latin
zuela America

1952—Dec. 31
1953—Dec 31
1954—Dec 31 .

1,613
1 768
1 906

139
130
160

24
19
29

73
102
120

79
79
70

118
150
222

301
341
237

44
39
60

34
38
35

231
183
329

44
52
49

81
90
74

61
68
83

26
27
30

94
110
90

146
222
194

117
119
124

1955—June
July
Aug
Sept.
Oct
Nov.
Dec.

30
31
31
30
31
30
31

1,920
1,897
1 854
1 916
1 948
1,946
2 000

157
165
174
165
153
153
138

28
26
25
26
25
24
26

120
118
126
147
162
149
143

94
89
75
87
77
75
95

102
103
106
98
106
120
131

245
241
231
237
249
255
253

71
71
71
70
69
66
65

51
51
47
43
38
41
45

341
327
321
340
362
379
414

42
44
43
46
42
42
47

84
80
85
85
82
87
86

83
89
86
89
95
92
92

50
45
39
33
27
22
24

64
61
60
61
60
63
65

261
253
234
259
270
261
265

129
134
132
132
131
117
112

1956—Jan.
Feb.
Mar.
Apr.
May
June

31
29
31 .
30*
31*
30*

1 952
2 001
2 103
2,170
2,177
2,179

138
143
140
128
120
125

28
28
27
27
25
25

156
192
215
193
198
217

79
80
98
87
91
101

133
133
136
147
139
138

227
223
236
255
261
263

65
65
66
64
65
67

51
58
64
70
68
66

399
407
419
416
384
358

49
49
51
53
56
68

81
78
82
89
93
93

90
93
92
87
83
74

34
43
46
46
44
45

69
74
73
74
66
67

239
213
224
301
349
331

113
124
134
133
136
141

* Preliminary.




For other footnotes see following page.

901

INTL CAPITAL TRANSACTIONS OF THE U. S.

TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIESi— Continued
[Amounts outstanding, in millions of dollars]
Table lc.

Asia and All Other

Asia

Date
Total

Formosa
and Hong
China Kong India
Mainland

All other
Egypt
and Union
rea, PhilBel- AngloAusof Other
ReThaiIsrael Japan pub- ipgian Egyp- South
land Other Total tralia Congo
pines
lic
tian Africa
Of4
Sudan
Ko-

Indo- Iran
nesia

1952—Dec. 31
1953—Dec. 31
1954—Dec. 31

1,837
1,896
1,825

76
74
70

71
68
61

65
99
87

61
39
100

19
44
31

19
18
41

808
828
725

54
92
96

315
295
257

181
168
123

167
171
234

336
326
265

47
59
48

119
90
44

60
43
47

24
38
33

87
96
94

1955—June
July
Aug.
Sept.
Oct.
Nov.
Dec.

30
31
31
30
31
30
31

1,983
1,968
1.994
2,085
2,157
2,217
2,186

71
72
72
72
75
76
75

60
62
60
58
57
57
55

97
78
73
92
90
89
73

115
108
110
120
127
145
174

52
48
42
36
42
37
37

41
43
55
46
46
49
53

757
774
808
865
914
952
901

108
106
102
100
95
91
88

252
258
261
253
247
254
252

130
121
122
123
125
129
138

299
298
290
321
339
339
340

301
299
316
329
340
344
360

64
70
75
72
74
75
75

43
42
46
44
45
44
42

50
45
47
60
70
71
72

30
33
37
37
34
35
53

114
109
112
116
116
120
119

1956—Jan.
Feb.
Mar.
Apr.
May
June

31
29
31
30^
31*\...
30P

2,213
2,238
2,277
2,268
2,294
2,348

77
77
76
75
76
79

55
56
57
58
55
54

70
69
83
75
64
82

159
164
155
129
120
113

33
23
28
25
32
31

57
61
55
48
49
55

926
944
964
998

85
83
89
93
92
95

261
262
268
274
276
282

144
149
151
146
143
136

344
349
350
347
375
374

353
353
355
316
324
347

75
78
76
58
58
79

42
42
43
43
40
41

71
70
68
65
62
62

43
35
43
32
37
30

121
128
124
118
126
135

Table Id.

1,012
1,047

Supplementary Areas and Countries5

End of year

End of year

Area or country

Area or country
1952

Other Europe:
Albania
Azores
British dependencies
Bulgaria
Czechoslovakia 6
Eastern Germany
Estonia
Hungary
.
Iceland
Ireland, Republic of
Latvia
Lithuania
Luxembourg...
Monaco
Poland 6
Trieste
U. S. S. R . 6 . . .

2

.3
.4
.6
.6
n.a.
1.9
1 0
3.7
12.6
1.3
6
5.0
2.6
3.4
4.1
1.7

Other Latin America:
British dependencies
14.6
12 1
Costa Rica
Ecuador
23.7
French West Indies and French Guiana.. . 2.2
Haiti
11 6
Honduras
15.4
Nicaragua
13.4
Paraguay
5.0

1953

1954

1955

2

2

na
n.a.
.4
.7
.7
1.3
n.a.
1 0
4.8
n.a.
1.0
3
3.1
5.6
2.5

.2
.4
.4 * .6
.6
.6
.6
.7
1.2
n.a.
1.9
1.9
1 0
1 0
8.9
7.5
14.1 14.3
1.0
1.3
4
5
4.5
4.0
5.3
3.0
2.1
2.2
2.5
2.0

2.2
1.8

18.0
13 4
17.7
.6
9 3
18.7
16.0
6.0

19.0
15 3
21.2
.4
12 7
17.3
10.3
3.6

1.4
. 7 All other:

16.6
17 6
14.9
.6
12 1
9.7
12.8
3.6

p
Preliminary,
n.a. Not available.
1 Short-term liabilities reported in these statistics represent principally
deposits and U. S. Govt. obligations maturing in not more than one year
from their date of issue, held by banking institutions in the United States;
small amounts of bankers' acceptances and commercial paper and of
liabilities
payable in foreign currencies are also included.
2
Includes International Bank for Reconstruction and Development,
International Monetary Fund, and United Nations and other international
organizations. Excludes Bank for International Settlements, reported
under Other Europe.
3 Represents funds held with banks and bankers in the United States
(and in accounts with the U. S. Treasury) by foreign central banks and by
foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular
establishments, etc.).




Other Asia:
Afghanistan
British dependencies
Burma
Cambodia
Ceylon
Iraq
Jordan
Laos
Lebanon
Pakistan
Palestine
Portuguese dependencies
Saudi Arabia
Syria
Viet-Nam
British dependencies
Ethiopia and Eritrea
French dependencies
Italian Somaliland
Liberia
Libya
New Zealand
Portuguese dependencies
Spanish dependencies
Tangier

1952

1953

1954

1955

4 0
25.5
16.9
n.a.
13 9
14.1
6

2 7
19.8
23.0
n.a.
17.1
13.8
.9
na
23.9
9.7
.1
5 3
18.5
20.5
n.a.

5 1
21.1
29.7
.2
18.8
10.0
.8

na
13.8
19.1
13.1
n.a.
14.7
1.2
na
18.0
5.7
n.a.
2 0
79.5
13.1
62.3

1.6
9.1
22.3
3
11 8
3.0
2 1
5.0
.2
36.1

1.4
18.0
16.8
3

19.3
14 4
.1
2 8
15.9
11.4
n a.
1.6
3 5
27.0
10 3
2.3
3 5
6.3
.2
26.7

1

16.5
3.8
.1
1 8
61.5
21.5
8.1

5.6

1.7
2 3
8.3
.5
35.7

2.4
23.7
23.5
na
13.1
n.a.
1 9
5.3
.7
33.5

4 Through 1952, reported by banks in the Second (New York) Federal
Reserve
District only.
5
Except where noted, these data are based on reports by banks in the
Second (New York) Federal Reserve District only and represent a partial
breakdown of the amounts shown in the "other" categories in Tables
la-lc. For each date the Second District reported at least 90 per cent of
the total amount in the "other" categories.
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.

902

INTL 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]

Date

Total

1952—Dec. 31
1953—Dec. 31
1954—Dec. 31
1955

May
June
July
Aug.
Sept.
Oct.
Nov.
Dec

.

.

31
30 ..
31
31
30
31
30
31

GerFrance many,
Fed.
Rep. of

Canada

Latin
America

Asia

All
other

1,049
905
1,387

32
11
14

27
31
70

18
19
20

7
18
16

30
71
173

98
88
109

212
236
402

62
56
76

662
473
728

90
115
143

22
25
37

1,415
1,450
1,416
,406
1,428
1,473
1,549

10
10
12
10
11
11
12
12

77
84
80
74
69
71
81
88

26
28
26
30
27
30
30
30

19
19
19
20
21
25
24
26

98
91
70
74
76
65
74
109

135
143
154
151
152
159
163
158

367
374
361
359
356
360
383
423

108
122
118
112
115
123
131
144

686
672
655
683
642
656
670
706

213
239
240
236
252
243
239
233

41
43
42
39
42
45
49
43

1,503
1,515
1,510
1,529
1,612

11
14
14
15
16

93
93
92
100
118

31
28
36
32
33

26
27
28
28
28

70
67
69
69
83

158
157
162
164
172

389
387
400
408
449

130
135
132
124
117

696
718
701
718
736

246
236
232
232
264

41
39
44
46
45

Norway

Portugal

Spain

Sweden

Turkey

Yugoslavia

All
other

? 42Q

1956—Jan. 31 .
Feb. 29
Mar. 31
Apr. 30*
May 31*

Switz- United Other Total
King- Europe Europe
erdom
land

Italy

Table 2a. Other Europe
Other
Europe

Date

Austria

Belgium

Denmark

Finland

Greece

1
1

16
13
20

2
6
10

6
2
3

CO

7
7
7
9
8
9
9
13

2

4
3
3

13
11
10
7
10

1952—Dec. 31
1953—Dec. 31
1954—Dec. 31

98
88
109

1955 May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31

135
143
154
151
152
159
163
158

i
2

18
15
14
12
11
13
15
16

1956—Jan.
Feb.
Mar
Apr.
May

158
157
162
164
172

2
2
3
4
6

18
18
20
24
22

31
29
31
30*
31 *

..

Netherlands

11
24
4

3
3
4

39
16
41

9
5

0)

5
7
5

67
80
89
88
92
93
92
78

4

2

2

4
5
5
6
6
5
7
7

4

3
4
4
5
9

4
5
8
6
6
7
7
5

2

8
7
5
6
6
7

9
9
9
10
11

1
1
1
1
1

5
8
6
6
7

7
7
7
7
8

74
69
70
68
71

4
6
6
5
6

7
7
8
7
6

4
9
16

2
1
2
2

3

3
3
4
4

15
13
12
12
13
13
11
11

3
2
2
4
5

3
4
4
4
4

12
13
15
17
15

3

3
2
2

ft

Table 2b. Latin America

Date

Latin
BoAmer- Argentina
livia
ica

Brazil Chile

Colombia

Cuba

NetherDolands Panminican Guate- Mex- West ama,
Reico Indies pubRe- mala
and lic of
pubSurilic
nam

1952—Dec. 31
1953—Dec. 31
1954—Dec. 31

662
473
728

8
7
6

6
11
3

356
125
273

26
23
14

42
57
107

32
51
71

2
2
3

4
4
4

89
93
116

1

1955—May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

31
30
31
31
30
31
30
31

686
672
655
683
642
656
670
706

6
8
6
6
6
6
8
7

3
3
3
3
3
3
4
4

189
153
137
133
107
91
64
69

11
15
17
15
7
8
20
14

116
132
125
132
127
122
128
143

71
65
60
71
71
87
90
92

4
4
4
4
4
4
4
5

5
4
4
4
4
4
5
5

122
125
133
141
146
151
160
154

2
3
4
1
1
2

1956—Jan.
Feb.
Mar.
Apr.
May

31
29
31
30*
31*

696
718
701
718
736

7
10
12
11
11

4
3
4
3
3

63
66
60
62
63

11
19
6
7
7

150
151
160
167
168

82
81
81
85
85

5
5
4
4
4

5

157
163
152
154
157

* Preliminary.
i Short-term claims reported in these statistics represent principally the
following items payable on demand or with a contractual maturity of
not more than one year: loans made to and acceptances made for foreigners ; drafts drawn against foreigners that are being collected by banking institutions on behalf of their customers in the United States; and
foreign currency balances held abroad by banking institutions and their
customers in the United States. Claims on foreigners with a contractual




6
7
6

Peru

Other
El
Vene- Latin
Sal- Uruguay
zuela
Amervador
ica

7
5
9

15
20
16

9
8
10

14
4
7

37
42
63

14
19
27

16
16
18
21
20
22
27
29

5
5
6
6
6
6
9
8

7
6
5
10

3

20
18
15
15
13
14
14
17

12
12
18

84
85
86
91
90
91
91
105

27
32
32
32
32
34
34
34

1
2
3
2
3

16
20
20
18
19

32
31
30
30
29

6
7
7
6
6

20
20
13
12
7

101
102
108
112
133

34
34
35
36
35

1

maturity of more than one year reported by U. S. banking institutions
(excluded from these statistics) amounted to $685 million on May 31 ,
1956. 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 2U. S. banks and commercial firms.
Less than $500,000.
3 Includes transactions of international institutions.

903

INTL CAPITAL TRANSACTIONS OF THE U. S.

TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES *—Continued
[Amounts outstanding, in millions of dollars]
Table 2c. Asia and All Other
Asia
Formosa
and Hong India IndoTotal China
Kong
nesia
Mainland

Date

1952—Dec. 31
1953—Dec. 31.
1954—Dec. 31

90
115
143

10
8
8

3

4
4
5

1955—May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

31
30
31.
31
30
31
30
31

213
239
240
236
252
243
239
233

8
8
8
8
8
8
8
8

5
3
4
4
4
4
4
3

4
4
4
4
4
5
5
5

1956—Jan. 31
Feb. 29
Mar. 31
Apr. 30^
May 3 1 P

246
236
232
232
264

9
8
8
8
8

4
5
5
5
6

6
5
7
6
7

1

Iran

1
1
1

1
1
1
1
3
1
1
1

All other
Egypt
and Union
Bel- AngloAus- gian
of
tralia Congo Egyp- South Other
tian Africa
Sudan

Phil- Thai- Other Total
Israel Japan ippines
land

10
14
16

15
23
11

13
26
50

6
7

6
6

25
25
36

22
25
37

10
8
14

6
6
6

4

2

19
20
21
22
20
19
18
18

7
8
8
10
9
9
9
10

87
92
105
108
110
107
107
103

18
15
17
15
17
17
19
19

17
20
13
11
8
6
8
8

48
69
61
53
71
67
62
57

41
43
42
39
42
45
49
43

11
10
10
9
11
11
13
11

5
5
5
5
5
5

2
3
1
2
1
2

8
7

5

17
19
20
20
22

11
11
10
10
10

97
93
96
100
113

20
16
12
9
11

8
9
9
9
8

71
69
64
64
78

41
39
44
46
45

13
11
12
12
12

5
5
5
6
6

4

1

6
11
10
8

8
10
15
17
19
17
18
16
19
17

2
2
2
2
2

8
7
7
8
7

13
13
18
19
18

6

TABLE 3. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES 3
[In millions of dollars]
U.S. Govt. bonds & notes

1952
1953
1954
1955
1955

May
July

Purchases

Sales

534
646
801
1,341

231
728
793
812

302
-82

249
14
48

142
17
24
24

184
45
21
35

AUK

Sept
Oct
Nov
Dec
1956—Jan
Feb
Mar
Apr &
3

132

86

34

34

30
208

44
444

47
32

May^

36
30
38

OOO

Year or month

Foreign bonds

U.S. corporate securities

Net pur- Purchases, or chases
sales ( - )

Sales

850
802
1,405
1,886

838
731
1,264
1,730

13
70
141
156

495

107
-3
24
159
9
-8

148
176
167

133
158
139
116
154

15
19

46

148

145

28
19
26
13
-20
3

45
70
60
40
37
42

57

-15

185

135

50

60

139

-79

136
176

123
205

13
-29

35
34

42
38

-8
-4

8
529

A

— 14
-236
37
13

135
180
154
121

184
198

141
141

164
139

Net pur- Purchases, or chases
sales ( - )

Foreign stocks

19
59

543
792
693

46
38

38
52

Sales

Net pur- Purchases, or chases
sales ( - )

677
622
841

-182

509

184

27
34
36
26
41
34
37

26
152

-79
-49

18
36
23
14
-4
12
1

12
-100

Sales

Net purchases, or
sales ( - )

294
310
393
664

330
303
645
878

55
69
55
54

58

77
101
75
73
82
61
55
63

61

53

8

56
74

64
99

—7
-25

71
58
57

69
90

87
114

-36
7

-252
-214

22
-33
-20
-19
-11
-3
2

-5

-17
-24

TABLE 4. NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES
[Net sales, ( - ) . In millions of dollars]

15
23
78

300
-34
72
706

5
-42
17
-2

( 22 )
( )
(2)
9

1955 May

-44
1
3

166
15

1

julv

2
1

1952
1953
1954
1955

-21

3
Sept
Oct
Nov
Dec
1956—Jan
Feb.,
Mar p
Apr

t

li)

2
1
1
i

(2)

49
176
33
4
24

47
49
—1
- 2 656
4
72

p

Preliminary.




2
2
2

1
1
3

Italy

(2)
(2)
—1

-7

(2)
j
(2)

(2)

-14
(2)

-139
3
3

1
1

1

Switzerland

United
Kingdom

Total
Europe

Canada

192

5

-121
-187
265

25
113
76

78
-9
-2
132

6
- 21

70
71
70
96

-16
-24
-20
85

111
62
139
329

-1
9
26

41
15
13
-1
-9
2

39
-1
9
7
10

80
24

-7

8

-10
-5
-20

-5

41

28
19
8
-7

-4

3

-3

4

P)

6

1

25
44
47

27
7
14

—1
1

Other
Europe

51
57
73
147

00

Germany,
Federal
Republic of

France

100

International
institutions

Total
foreign
countries

Year or month

12

48
36

23

35

-30

-168

(2)

55
69

5

7
6
-86
-4
-2

For other footnotes see opposite page.

Latin
America

7
13

Asia

-9

(2)

29

All
other

2

-1

3
7

(2)

1

(2)

j

1
1

<2

(2)

2
7

(2)

(2)

5

2

1

3
3
2

-ft21

—1

3

1

1

1

904

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

InterTotal
national foreign
couninstitutions
tries

Year or
month

1952
1953
1954
1955

-118
— 61
-164
-27
-4

Asia

All
other

-10
-30
-34
-49

6
26
7
y

-2
2
-3
-4
-3
-3
-11
-8

5
2
-5
3
2

Europe

Canada

-100
— 11
-137
-4

20
96
-9
-46

-141
-138
-133
74

25
35
33
24

(0

1
-21
o
-1
-7
8
9
17

A

21
26
-6
3
3
6
-7

1
5
2
3
2
2
1
4

12
-5
-7
2
-4

1955—May...
June.
July..
Aug..
Sept..
Oct..
Nov..
Dec.

-10
1
-12
-3
-2
-2

4
13
-6
-3
11
5
-18

1956—Jan..
Feb..
Mar..
Apr.*>
May*

5
3
-12
-6
-3

-66
-12
-18
2
-120

0)

Latin
Amer-

-75

1
3
2
1
1

-7

-10
8
-112

-

0)

-2
0)

5
2
3
3
7

1
1
1
1

* Preliminary.
1 Less than $500,000.

Date

Deposits
U. S. Govt.
securities 2

Miscellaneous 3

1954—Dec. 31

490

2,908

105

1955—July
Aug.
Sept.
Oct.
Nov.
Dec.

31
31
30
31
30
31

410
387
385
402
408
402

3,288
3,373
3,463
3,506
3,558
3,543

135
141
142
138
137
126

1956—Jan.
Feb.
Mar.
Apr.
May
June
July

31
29
31
30
31
30
31

355
363
354
330
307
297
308

3,724
3,793
3,791
3,717
3,751
3,629
3,663

122
132
136
153
155
158
164

1956—July 4
July 11
July 18
July 25

291
326
289
262

3,633
3,626
3,689
3,696

158
159
162
162

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.)

Africa
Total
South
Africa

Rhodesia

North and South America

British
West
Africa

Belgian United
Congo States

Canada

Mexico

Colombia

Other

Chile

Nicaragua 1

Australia

India

$1=15% I grains cif gold %ofine: i. e., an ounce of fine gold=$35.
1948
1949
1950
1951
1952
1953
1954
1955

805.0
840.0
864.5
840.0
868.0
864.5
913.5

1955 May
June
Julv
Aug
Sept
Oct
Nov
Dec
1956

Jan
Feb
Mar
Apr
May

..

728.1
753.2
777.1
758.3
780.9
776.5
826.2

405.5
409.7
408.2
403.1
413.7
417.9
462.4
510.7

18.0
18.5
17.9
17.0
17.4
17.5
18.8
18.4

23.4
23.1
24.1
22.9
23.8
25.4
27.5
23.8

11.1
12.9
12.0
12.3
12.9
13.0
12.8
13.1

70.9
67.3
80.1
66.3
67.4
69.0
65.1
66.2

123.5
144.2
155.4
153.7
156.5
142.4
152.8
159.1

12.9
14.2
14.3
13.8
16.1
16.9
13.5

11.7
12.6
13.3
15.1
14.8
15.3
13.2
13.3

5.7
6.3
6.7
6.1
6.2
4.6
4.4
4.3

7.8
7.7
8.0
8.8
8.9
9.1
8.2
7 3

73.1
73.1
72.8
74.7
76.2
75.7
74.9

42.8
42.7
43.7
44.4
43.6
43.8
43.3
42.9

1.6
1.5
1.6
1.6
1.6
1.5
1.5
1.5

2.1
2.2
2.2
2.2
2.2
2.0
1.9

1.1
1.0
1.0
.9
1.1
1.0
.8
1.1

5.3
5.6
4.1
5.9
7.0
6.8
6.3
5.0

13.4
13.0
13.5
13.5
13.8
13.8
13.6
13.3

.9
.8
1.0
.6
1.0
1.0
1.3

.9
1.2
.8
1.1
1.3
1.2
1.1
.8

.5
.2
.3
.4
.3
.3
.4
.2

.8
.8
.8
.7
.7
.7
.6
.6

43.4
42.9
45.4
45.2
47.3

1.6
1.5
1.5

.1
.1
1.8
2.1
2.2

1.2
1.1
1.2
1.0
1.0

4.8
4.6
5.0
4.7
5.4

13.0
12.4
13.5
12.9
13.1

r

r
Revised.
1 Gold exports, representing about 90 per cent of total production.
2 Less than $50,000.
Sources.—World production: estimates of U. S. Bureau of Mines.
Production reported monthly: reports from individual countries except




1.9
1.2
1 2
1.3

7
.7
7
6
.6

31.2
31.3
30.4
31.3
34.3
37.7
39.1
36 7
r

6.5
5.7
6.7
7 9
8.9
7.8
8.4
6 8

3 1
3.5
3 1
2.8
3.1
3.1
3.3
3.4

6
.6
6
6
.5
6
6
.6

2 9
2 7
2 8

5
5
.6

British West Africa, Belgian Congo, and India, data for which are from
American Bureau of Metal Statistics. For the United States, annual
figures through 1954 are from the U. S. Bureau of the Mint and figures for
1955 and 1956 are from American Bureau of Metal Statistics.

905

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
1955

Area and country
1948
Continental Western Europe:
Belgium
France
Germany (Fed. Rep. of)
Netherlands
Sweden
Switzerland
Bank for Intl. Settlements
Other

1949

1950

69.8 1-43.0
15.8

191.5 -250.2

Sterling Area:
United Kingdom
Union of South Africa
Other
Total

" - 4 * . 5 -100.0
-34.9 - 5 . 0
-32.0
-15.0 " # 22!5
-30.4 (
-29.7 - ?7.3

-380.2 -184.8 -115.6
469.9
52.1
3.6

440.0
11.5
-.3

1,232.9

645.2 -1,003.4

525.6

451.2

-100.0 -10.0

7.2

3.4

114.1
15.5
-10.0
61.6
10.7
-108.0
-2.1

-49.9
-49.9 -20.0
7.0 "'-io!6
17.5 -22.8
-10.0
28.2 -20.0
-16.1
-60.2
87.7
-118.2
-14.4
22.2
14.9
-64.8
-50.0
-.9
-10.5
- 7 . 2 -34.7 - 2 . 4

81.8 -143.9

Total
Asia
Eastern Europe

-4.1

«-55.4

1.0

-6.2

6.9

.4

1,510.0

1955

1954

1-94.8

Jan.Mar.

Apr.June

JulySept.

Oct.Dec.

'-67.*5 *-22.*5 -45 .'6 •••••••

—65.0
-59.9
-20.0
-65.0
-94.3
-17.5

-54.9
-15.0
-15.5
-20.0
2.6

-5.0

-546.4 -328.3

-77.5

-37.5

-5.0

5.0

3.5

(*)

1.5

-50.0

-.5

-.5

-.1

-.1

(2)

-50.5

-.1

-.1

(2)

1.0

1.5 - 3 2 . 8

-41.5

-480.0

-480.5

Jan.Mar.

'-33*.8

-io!6 "-i3o'.6 - 2 2 5 ] 6 - 1 0 . 0 - 1 0 . 0

446.3 -1,020.0
195.7
13.1
3.2
3.5

()

Other

1953

734.3
498.6

2

Latin America:
Argentina
Colombia
Cuba
Mexico

1952

1-58.0 1-18.3 1-5.8
-84.8 -20.0

" # 40!7 " - 2 3 * . 5 " " - 7 9 ' . 8
63.0
-15.0
14.0
3.0
-22.9
"-4o!6
-38.0
'-5.*6 -34.3
-65.3
4.8 3-123.4
-16.4

Total

1951

1956

-84.8 . . . . . . . . . . . . . .
-3.5
-28.1
-15.0
-.3

80.3
-5.0
— 30.0
17.2

iilo
3.0

3.4

-.1

-.1

-.1

-.2

3.4

-.1

10.9

-.1

-.2

"ii!6

-172.0 -126.0

57.5

-131.8

62.5

14.0

5-38.9 3-53.7

-6.7

-5.7

-9.9

-2.2

-.4

-2.7

-2.7

(2)

393.6 - 1 , 1 6 4 . 3 - 3 2 6 . 6

-68.5

-36.9

-41.7

-2.2

13.7

13.1

6-44.2 «-76.0

193.3 - 1 , 7 2 5 . 2

75.2

(*)

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.
34 Includes sale of $114.3 million of gold to Italy.
Includes sale of $43.1 million of gold to Thailand.

725.0
8.7

1.4

5.2

5
Includes sales of gold to Indonesia as follows: 1950, $29.9 million;
and 1951, $45.0 million.
0 Includes sales of gold to Egypt as follows: 1950, $44.8 million; aind
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)

Increase
in total
gold
stock

EarNet
marked Domesgold gold:
de- tic gold
import, crease,
producor
or
intion
export
crease
(-)
(-)

Treasury

Total i

1943
1944
1945
1946
1947
1948
1949

21,938
20,619
20,065
20,529
22,754
24,244
24,427

68.9
21,981 - 7 5 7 . 9
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

-803.6
-459.8
-356.7
465.4
210.0
-159.2
-495.7

48.3
35.8
32.0
51.2
75.8
70.9
67.3

1950
1951
1952
1953
1954
1955

22,706
22,695
23,187
22,030
21,713
21,690

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 , 1 7 0 . 8
22,091 - 1 , 1 6 1 . 9
16.6 - 3 2 5 . 2
21,793 - 2 9 7 . 2
21,753
-40.9
97.6 - 1 3 2 . 4

80.1
66.3
67.4
69.0
65.1
66.2

v 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

1955_Jul y
Aug
Sept
Oct
Nov
Dec
1956—Jan
Feb
Mar
Apr
May
June
July

Treasury

Total i

21,682
21,682
21,684
21,686
21,688
21,690

21,734
21,732
21,745
21,747
21,751
21,753

21,693 21,755
21,695 21,757
21,716 21,765
21,743 21,792
21,772 21,821
21,799 21,868
*>21,829 ^21,917

Increase
in total
gold
stock

4.4

-2.2
12.7

EarNet
marked Domesgold gold:
de- tic gold
import, crease,
or
producor
inexport
tion
crease
(-)
1.6
3.6
4.4

2.0
3.9
1.9

10.4
31.9
26.7

2.5
2.1

11.4
18.6
11.5

7.7

27.4
28.3
47.6
*49.2

9.9

25.3
18.4
(3)

— 1
—2 9
10.6
—7 1
-27.0
-23.8

41
59

-8.2
-15.7
-2.9
16.9
1.8
29.9
443.9

4.8
4.6

7.0

68

6.3
5.0

5.0

47
5.4
5.1
(3)

3 Not yet available.
4
Gold held under earmark at the Federal Reserve Banks for foreign
and international accounts amounted to $6,875.5 million on July 31, 1956.
Gold under earmark is not included in the gold stock of the United States

906

GOLD RESERVES
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]

End of
month

1949—Dec
1950—Dec
1951—Dec
1952—Dec
1953—Dec
1954—Dec

Estimated
United States
total world
(excl. 1
U.S.S.R.) Treasury Total2

Aug

1956

24,427
22,706
22,695
23,187
22,030
21,713

24,563
22,820
22,873
23,252
22,091
21,793

216
216
268
371
371

698
587
621
706
776
778

37,720

21,678
21,682
21,682
21,684
21,686
21,688
21,690

21,730
21,734
21,732
21,745
21,747
21,751
21,753

371
371
371
371
371
371
371

839
845
850
877
920
922
929

*>38,180

21,693
21,695
21,716
21,743
21,772
21,799

21,755
21,757
21,765
21,792
21,821
21,868

371
371
371
371
371

942
955
953
970
958
952

Egypt

Germany,
France4 Federal GuateRepublic mala
of

37,870
'37,990

Jan
Feb

Mar
Apr

May

June

End of
month

Belgium

35,380
35,810
35,960
36,260
36,680
37,340

July
Sept
Oct
Nov
Dec

Argentina

India

Bolivia

23
23
23
21
21
3
(3)
3

)

Indonesia

Brazil

Canada

Chile

317
317
317
317
321
322

496
590
850
896
996
1 ,080

40
40
45
42
42
42

322
322
322
322
322
323
323

1,112
1,122
1,134
1,141
,150
1,147
,141

323
323
323
323
323
323

,136
1,129
1,127
,113
.107
1 ^ 109

Iran

Italy

Colombia

52
74

Cuba

Denmark

Ecuador

299
271
311
214
186
186

32
31
31
31
31
31

21
19
22
23
23
23

42
42
42
42
42
42
44

186
186
186
186
181
141
136

31
31
31
31
31
31
31

23
23
23
23
23
23
23

44
42
43
43
46
46

136
136
136
136
136

31
31
31
31
31
31

23
23
23
23
23
23

86

Mexico

Netherlands

Norway

Pakistan

Peru

28
140
326
626

27
27
27
27
27
27

247
247
247
247
247
247

178
209
280
235
145
81

140
140
138
138
137
138

256
256
333
346
346
346

52
208
208
144
158
62

195
311
316
544
737
796

51
50
50
50
52
45

27
27
27
38
38
38

28
31
46
46
36
35

576
576
576
576
576
576
861

758
776
802
825
849
868
920

27
27
27
27
27
27
27

247
247
247
247
247
247
247

81
81
81
81
81
81
81

138
138
138
138
138
138
138

346
346
346
346
352
356
352

78
78
130
141
142
142
142

804
804
804
804
836
856
865

45
45
45
45
45
45
45

38
48
48
48
48
48
48

35
35
35
35
35
35
35

174
174
174
174
174
174

861
861
861
861
861
861

950
989
1,000
1,033
1,053
1,101

27
27
27
27

247
247
247
247
247

81
81
81
81
81

138
138
138
138
138
138

352
352
352

163
163
164

865
872
875
877
864
853

45
45
45
45
45
45

48
48
48
48
48
49

Portugal

El Salvador

South
Africa

Spain

Turkey

United
King-5
dom

Venezuela

Intl.
Monetary
Fund

1949—Dec
1950—Dec
1951—Dec
1952—Dec
1953—Dec
1954—Dec

178
192
265
286
361
429

17
23
26
29
29
29

128
197
190
170
176
199

85
61
51
51
54
56

70
90
152
184
218
265

1,504
1,470
1,452
1,411
1,459
U513

118
118
113
113
113
113

154
150
151
143
143
144

1,688
3,300
2,335
1,846
2,518
2,762

178
236
221
207
227
227

373
373
373
373
373
403

1,451
1,494
1,530
1,692
1,702
1,740

68
167
115
196
193
196

1955—June
July
Aug
Sept
Oct
Nov
Dec

436
422
425
427
428
428
428

29
29
29
28
28
28
28

212
215
212
214
211
213
212

56
56
56
56
56
56
56

264
264
264
264
270
278
276

1,485
,495
1,501
,513
,535
,560
,597

113
112
112
112
112
112
112

144
144
144
144
144
144
144

2,680
2,544
2,457
2,345
2,297
2,283
2,120

227
227
227
216
216
216
216

403
403
403
403
403
403
403

1,745
1,747
1,751
1,751
1,751
1,756
1,808

230
227
226
215
208
234
217

1956—Jan
Feb
Mar
Apr
May
June

431
431
431
436
435

28
28
28
28
28
28

211
216
212
210
217
215

56
56
56
56
56
56

278
272
273
269
266
257

,593
,592
,608
,606
,579
571

112
112
112
112
112

144
144
144
144
144
144

2,149
2,210
2,277
2,328
2,369
2,385

216
216
216
216
216

403
403
403
403
403
403

1,811
1,811
1,786
1,761
1,741

193
183
197
190
216
199

1949—Dec
1950—Dec
1951—Dec
1952—Dec
1953—Dec
1954_Dec.. . .

53
97
174
174
174
174

523
523
548
573
576
576

1955—June
July
Aug
Sept
Oct
Nov
Dec

174
174
174
174
174
174
174

1956—Jan
Feb
Mar
Apr
May
June

End of
month

Sweden Switzerland

r
v1 Preliminary.
Revised.
Represents reported gold holdings of central banks and governments
and international institutions, unpublished holdings of various central
banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom,
and estimated official holdings of countries from which no reports are
received.
2
Includes gold in Exchange Equalization 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,




Thailand

Uruguay

Bank for
Intl.
Settlements

Reserve Bank Credit, and Related Items" or in the Treasury statement
"United States Money, Outstanding and in Circulation, by Kinds."
3 Less than $500,000.
4
Represents holdings of Bank of France (holdings of French Exchange
Stabilization
Fund are not included).
5
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.)

907

GOLD RESERVES AND DOLLAR HOLDINGS
ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL
INSTITUTIONS
[In millions of dollars]
Dec. 31 , 1954

Continental Western Europe:
Austria
Belgium-Luxembourg (and Belgian Congo)..
Denmark
Finland
...
France (and dependencies) 1
Germany (Federal Republic of)
Greece
Italy..
Netherlands (and Netherlands West Indies
and Surinam)
Norway
Portugal (and dependencies)
Spain (and dependencies)....
Sweden
Switzerland . . .
Turkey
Other*

329

12

1,044
102

10
7

Total

Total
Asia:
Indonesia
Iran....
Jaoan
Philippines...
Thailand
Other

....

9
7
3
161

3

69

161

325
1,111
85
69
1,397
2,155

Sept. 30, 1955

Dec. 3 I, 1955

Mar. 31, 1956

1,593
2,250

2

1,105

2

1,137

2

1,074

116

41
36

41
53

571
225

581
237

44
53

3
42

2,197

(3)
44

1,100
124
601
221
429
2,354
153

a

4

1,273

2

'876

6

1,015

7

1,118

5

1,089

148

6

406

386

j

2,185

3
1
38

2,149

42

2,170

152
947

4

1,016

2

1,242

560
188

. . . 3,190
103
186
334
232
178

531
32
442
112
308
423
72
62
391
74
118
59
317
597
135

109

570
209

26
14

138
992

1,072

383

73
145

113
411

156

154

313
1,244
102
80
2,028
2,487
194
1,158

341

1,149
95

10

(3)
5

10
10
7
5
151
8

12

124
925

(3)

12
322
10 1,201
7
91
5
84
161 21,986
5 2,374

U. S.
Govt.
bonds
& notes

10
6
5
160
3

1,362
2,125
141
957

2,616

Latin America:
Argentina . . .
Bolivia
Brazil . . .
Chile
Colombia
Cuba
Dominican Republic
Guatemala.
Mexico
Panama Republic of
Peru
El Salvador
Uruguay
Venezuela
Other

12

72

4,223

Canada

331

1,090
100

1,328
1,999

11 627

Sterling Area:
United Kingdom
United Kingdom dependencies
Australia
India
Union of South Africa
Other .

June 30, 1955

Gold& U. S. Gold& U. S. Gold& U . S . Gold& U. S. Gold& U . S . Gold &
short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. shortterm
term
bonds term
bonds
term
bonds term
bonds
term
bonds
dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes dollars

Area and country

Total...

Mar. 3 , 1955

187

153

1,143
96

606
216
444

2,341

10

12
6
5

6
10

2
22
69
3
(3)
70

154

260

11,857

285

12,207

324

12,790

345

'13,240

343

13,621

222

216

3,137
103
194

249
4

3,139
102
204

280
4

286
11

2,598
88
219

282
11

1

2,800
100
210

2,816
91
230

241
11
(3)
1
1

4
(3)
1

339
251
194

1
1
3

289

3,894

302

3,692

295

3,920

254

262

2,320

397

2,173

437

2,305

369

8

538

511
27

82

1
1

3

334
236
184

3

344
242
184

3

225

4,188

258

4,215

93

2,418

182

2,381

523
26
417
118
183
420
75
72

82

>y

1
124
(3)
(3)

3
10

427
79
114
72
308
591
140

3 673

146

3,565

181
169
851
266
236
521

(3)

7

179
178
841
264
245
552

4

1

(3)
j

3
6
(3)

1

149

528
28
442
136
188

431
83

(3)

4
1

78
419

11

84
118
79
291
664
138

172

3,707

15
3
6
1
5

196
190
884
263
243
602

(3)
1
3

(3)

2
1
149
(33)
()
4
2

536
26
469
129
184
423
82
70
481
85

3
12

124
61
277
662
140

174

3,749

15
3
6
1
3

201
174
992
266
235
621

(3)
j

(3)

320
265
202

1

330
255
198

3

509
26
466
139
217
389
77
72
556
86
127
52
281
668

14

124

3
15

222
372
79
91
583
82
127
74
289
627
147

194

3,789

195

3,910

2
(3)

169
(33)
()
4
1
(3)
j

141
169
(3)
4
1

8

1

167
(3)
4
(3)
(3)
1
3
14
192

255
175

15

236
166

3
6
1
3

1,029

1,092

(3)
4

268
250
644

4
6
1
4

285
263
658

5

15
(3)

6
1

2,224

16

2,259

30

2,378

28

2,489

28

2,621

30

2,700

16

Eastern Europe ^

309

6

309

6

311

7

307

7

308

7

294

6

All other:
Egypt
Other

221

(3)

228

(3)

224

(3)

234

Total

72

68

Total
Total foreign countries
International ^
Grand total

289

(3)

24,961

746

3,510

354

28,471 1,100

300

24,896

933

3,557

362

28,453 1,295

' 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.
3 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.




84

1

308

1

25,507 1,085
3,599

317

29,106 1,402

1

321

1

25,870 1,274
3,595

242

246

87

320

29,465 1,594

(3)

79

1

91

325

1

333

(*)

'26,148 1,308 27,083

1,059

3,689

321

3,681

319

'29,837 1,629 30,764

1,378

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.

908

INTERNATIONAL INSTITUTIONS

INTERNATIONAL BANK FOR RECONSTRUCTION AND
DEVELOPMENT

INTERNATONAL MONETARY FUND
[End-of-month figures. In millions of dollars]

[End-of-month figures. l n i nilhons of dollars]

1955

1956

1955

1956

Item

Item
June

Dollar deposits and U. S. securities.
Other currencies and securities 1
Other assets3

Mar.

Dec.

Sept.

428
440
464
407
42!
966
977
996
938
94'
2,002 1.95S 1,936 1,837 1,796
36
29
37
52
4C
849
850
849
852
85C
429
All
494
456
A8t
9
11
9
10
1C
193
228
205
184
216
1,810 1,81C 1,81C 1,810 1,806

IBRD bonds outstanding
Undisbursed loans
Other liabilities
Capital3

Apr.

June

Disbursed

Repaid

1,021
118
268
90
221
324

885
110
262
41
221
250

169
6
12

Sterling area, total
Australia
India .
.
..
Union of S. Africa
United Kingdom
Other

868
259
200
135
146
128

566
247
77
113
65
63

44
3
19
11

Latin America, total
Brazil
Colombia
Mexico
Other

653
194
111
141
207

441
156
60
113
111

Asia (excl. Sterling area) . .

117

65

9

8

62,667

1,963

Continental W. Europe, total. .
Belgium and Luxembourg...
Italy

Member subscriptions
Accumulated net income

8,751 8,750 8 ,751 98,863 9 8,853
-14
-12
-14
-11
-10

Other

Africa (excl. Sterling a r e a ) . . . .
Total

Country i o
Total

Sold
to
Total
others5
Brazil
75
24
20
6
19
6

11

521
244
58
102
65
52

68
22
10
15
16
5

35
7
11
6
11

406
149
50
107
100

29
3
4
10
12

2

63

10

137
15

7
250

1,714

7182

Apr.

1,761 1,811 1 ,751 1,747 1,744
50

Cumulaitive net drawings
ort the Fund

Quota

715
104
251
41
84
235

July

1,777 1,708 1 ,633 1,643 1,609
4,333 4,403 4 ,539 4,656 4,691
815
798
815
815
805
1
1
1
1
1

Outstanding
Principal

Oct.

Gold
Investments18
Currencies:
United States
. . .
Other
Unpaid member subscriptions
Other assets

Loans by country, June 30, 1956

Area and member country *

Jan.

Chile
Indonesia
Philippines
Turkey
United States

150
15
50
50
110
15
43
2,750

1956

Paid
in
gold

May

38
1
9
13
16
4
11
688

66
15
13
25
15
15
15
H-344

1955
Apr.

li

May

66
66
15
13
13
25
25
15
15
15
15
20
— 340 U
-484

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 $227 million in loans not yet effective.
78 Includes $156 million not guaranteed by the Bank.
U. S. Treasury bills purchased with proceeds of sales of gold.
9 Includes $125 million subscription of withdrawing member (Czechoslovakia).
10 Countries shown are those with cumulative net drawings of $10 million or more on the latest date.
11 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)
Assets of issue
department

Date

1948 Dec
1949—Dec.
1950 Dec
1951—Dec.
1952—Dec.
1953 Dec
1954_Dec.

29
28
27
26
31
30
29

1955—July
Aug.
Sept
Oct.
Nov
Dec

27
31
28
26
30
28

1956—Jan. 25
Feb 29
Mar. 28
Apr 25
May 30
June 27

Securities

32.2
28.4
17.7
12.5
49.9
55.4
23.7

16.7
14.8
29.2
18.2
11.2
4.9
8.9

401.1
489.6
384.0
389.2
371.2
338.1
350.7

2.4
2.4
2.4
2.4
2 4
2.3

14.5
43.1
33.9
34.9
54.7
10.7

21.0
20.0
11.1
20.2
20.8
37.7

2.3
2 3
2.2
2.0
2.0
2.0

53.7
37.5
34.1
33.4
29.1
57.0

32.8
20.6
22.1
30.3
15.3
15.6

Coin

...

.2
.4
.4
.4
.4
.4
.4

1.325.0
1,350.0
1.375.0
1,450.0
1,575.0
1,675.0
1,775.0

3.9
5.3
1.5
1.7
1.4
2.4
2.4

. .

.4
.4
.4
.4
4
.4

1,875.0
1,825.0
1,890.0
1,800.0
1,850.0
,900.0

.4
4
.4
.4
.4
.4

1,825.0
,825.0
1,875.0
,875.0
,900.0
,950.0

.

For footnotes see opposite page.




Discounts
and advances

Other
assets
(fiduciary
issue)

Gold

Liabilities of banking department

Assets of banking department

Notes

Note
circulation1

Deposits
Bankers'

Public

1.293.1
1,321.9
1,357.7
1,437.9
1,525.5
1,619.9
,751.7

314.5
299.2
313.5
299.8
302.8
290.2
276.1

305.9
280.2
295.8
301.2
287.4
299.6

1,860.9
,782.3
1,766.4
1,765.5
,795.7
,889.6

240.8
243.6
239.3
250.6
263.1
245.2

251.9
300.8
294.2
270.4
294.6
271.0

,771.7
,787.9
,841.3
,842.0
.871.3
1,893.4

236.9
258.1
243.3
225.9
231.6
238.2

11.7
11.6
15.4
13.4
10.0
14.9
15.4
13.6
10.9
14.5
21.9
10.1
12.0
11.9
10.6
11.1
12.8
11.4
10.5

ECA

Other

Capital
and
surplus

97.9
.4
.6
24.3
7.2
9.6

17.4

92.1
111.2
85.0
89.8
78.5
70.4
66.3

18 1
18 1
18 1
18 1
18.1
18 2
18.1

2.2
2.7
2.6
2.6
3 0
3.2

68.8
70.0
68.2
65.7
71 2
71.7

18 3
18.5
18 6
17 8
18 0
18 1

3.3
3.1
3.2
3.1
3.1
.2

70.2
70 9
76.5
76 4
77.0
78.5

18 3
18 5
18.5
17 8
18 0
18.1

909

CENTRAL BANKS
PRINCIPAL ASSETS A N D LIABILITIES OF CENTRAL BANKS—Continued
Bank of Canada (millions of Canadian dollars)
Assets 2
Date

Sterling
and
United
States
dollars

Liabilities

Dominion and provincial govt. securities
Shortterm

Other

1948—-Dec.
1949—Dec.
1950 Dec.
1951—-Dec.
1952 Dec.
1953—Dec.
1954 Dec

31
31
30
31
31
31
31

.4
74.1
111.4
117.8
77.1
54.9
54.2

1.233.7
1,781.4
1,229.:\
L141J \
1,459.1\
1.316.L
1,361.5

779.1
227.8
712.5
1,049.3
767.2
893.7
871.1

1955

30
31
30
31
30
31

59.6
57.7
60.6
56.6
52.9
57.4

1,233.4
1,185.1},
1,103.2
1,318.5
1,326.:}
1,283 AJ

1,032.4
1,149.3
1,196.5
991.2
1,060.2
1,093.7

54.4
56.5
58.8
52.3
67.2
60.1

1,091.!
t.065.( S
'965.9
764.
l,065.<
1,041.. i

1,146.0
1,143.3
1,285.0
1,538.1
1,190.2
1,289.8

1956

July
Aug.
Sept.
Oct.
Nov
Dec.

Jan. 3 1 . . . .
Feb. 29
Mar. 31
Apr. 30
May 31
June 30

Deposits
Other
assets

45.4
42.5
297.1
135.2
77.3
112.0
114.1
134.9
73.2
156.6
158.3
141.3
185.2
119.2
108.2
95.0
121.4
131.3
192.7

Note
circulation

Chartered Dominion
banks
govt.

1.289.1
1,307.4
1,367.4
1 464.2
1,561.2
1,599.1
1,623.5

547.
541.
578.
619.
626.
623.
529.

1,651.8
1,653.9
1,665.8
1,674.2
1,684.0
1,738.5

532.
538.
565.
580.
562.
551.

9
7
7

1.648.7
1,641.1
1,677.2
1,686.3
1,706.1
1,734.9

528.
493.
506.
564.
542.
574.

4
6
1
9
8
7

98.1
30.7
24.7
94.9
16.2
51.5
56.3
52.9
59.5
63.4
62.4
128 3
89.2
76.1
60.8
48 1
54.1

7
6
0
6
9
6

6
0

Other

Other
liabilities
and
capital

81.0
126.9
207 1
66.1
44 5
29.5
30.5

43 1
119.2
172 6
200 0
132 9
133 1
161.0

45 2
38.1
29.1
34.5
45 2
34.0

177 5
175 2
192.8
173 0
160 4
207.5

42 1
35.0
31 4
30.6
29.9
32.2

115 7
143 0
141 9
140 0
145.3
191.0

30.2
51.1

Bank of France (billions of francs)
Assets
Date

Liabilities

Advances to
Government

Domestic bills
Gold

Foreign
exchange

(4)

Open
market

Special

Other

Current

Other

Other
assets

Deposits

Note
circulation

Govern- Other 3
ment

1948 Dec
1949 Dec.
1950—Dec.
1951 Dec.
1952—Dec.
1953 Dec.
1954—Dec.

30
29
28
27
31
31
30

65.2
62.3
182.8
191.4
200.2
201.3
201.3

61 9
162.0
28.3
31.1
15.4
57.3

97.4
137.7
136.9
234.9
274.0
292.5
236.8

8 6
78 5
34. 1
0
57. 0
61 1
48. 9

238.6
335.7
393.1
741.3
937.5
891.6
1,130.2

150.9
157.9
158.9
160.0
172.0
200.0
195.0

558.0
561.0
481.0
481.0
480.0
679.8
617.6

57.6
112.7
212.8
190.8
159.7
170.0
277.2

987.6
1,278.2
1,560.6
1,841.6
2,123.5
2,310.5
2,538.5

.8
1.2

1955_July
Aug.
Sept.
Oct.
Nov.
Dec.

28
25
29
27
24
29

201.3
201.3
201.3
201.3
201.3
301.2

200.1
200.2
200.2
200.2
200.2
200.2

247.6
190.0
235.8
245.4
209.0
226.7

1.061.9
,042.9
1,076.6
1,060.8
1,037.8
1,194.7

190.0
190.0
190.0
190.0
190.0
190.0

579.8
579.3
557.9
545.2
536.4
539.8

355.5
371.6
409.8
429.9
417.8
336.8

2,642.8
2,588.5
2,692.5
2,691.4
2,647.6
2,820.0

.1
.1
.1
.1

1956 Jan. 26
Feb. 23
Mar. 29
Apr 26
May 31
June 28

301.2
301.2
301.2
301 2
301.2
301.2

197.9
178.5
178.6
162.6
152.0
144.1

184.5
197.5
237.7
269.4
214.7
301.6

11. 3
7
14. 9
30 0
43. 2
45.
34 ^
7
19.
14. 6
7 9
5. 2

1,198.1
1,189.2
1,334.5
1,274.0
1,314.4
1,374.8

183.0
183.0
183.0
183.0
183.0
183.0

533.3
539.5
519.6
518.1
518.8
490.2

325.9
302.7
316.1
331.4
368.4
5324.2

2,741.1
2,741.5

1955

1956
Central bank, monetary unit.
and item

Central Bank of the Argentine R epublic
(millions of pesos):
Gold reported separately.
Other gold and foreign exchange..
Govt securities
Rediscounts and loans to b a n k s . . .
Other assets
Currency circulation
Deposits—Nationalized. .
Other sisht obligations
Other liabilities and capita 1

June

May

Apr.

1,458 1,623 1 ,623
-649
-392
-1,013
5,374 5,449 A ,704
94,059 92,468 93 ,288
427
503
417
37,489 S7,285 3-J ,084
52,749 52,503 52 ,476
3,695 3,303 3 ,134
,946
6,447 6,227

June

1,623
859
4,058
75,055
389
31,612
44,485
644
5,243

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.




(4)
(*)

.1

$

Central bank, monetary unit,
and item
Commonwealth Bank of A ustralia (inillions of pounds):
Gold and foreign exc
Checks and bills of o her b a n k s . . .
Securities (incl. Govt . and Treasury bills^
Other asset s
Note cir:ul ation. . . .
Deposits o * Trading Banks:
Specia1
Other
Other liabilities and lapital .

171.8
159.0
176.8
176.8
138.6
144.9
157.8

16 2
19 4
24.2
41 3
49 3
56 3
67 9

145.3
125.3
138.2
139 0
120.6
142 9

59
68
55
72
67
71

143 5
116.8
156 3
148 1
135 9
162.8

73 6
60 9
57 2
71 8
62 5
70.9

(4)

.1

(4)
(4)

2,876.7
2 834.4
2,861.9
2,890.5

.1
.1
1956

June

Other
liabilities
and
capital

May

3
9
7
4
5
8

1955
Apr.

June

273
7

266'•>

259
9

374
12

502
104
373

51' *
IK >
37: I

504
126
383

494
74
363

255
33
225

26t5
At>
22' I

285
22
208

281
41
270

5 Includes advance of 178.3 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
(February 1945), see BULLETIN for December 1946, p. 1424.

910

CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
1956

Central bank, monetary unit,
and item
June
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 o! 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)
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 1
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)

May

1955
Apr.

1,744 1,744 1,744
7,143 6,950 6,830
6,181 5,729 5,692
1,994 1,506 1,717
828
868
860
13,442 12,913 12,824
1,191
552
639
451
519
469
1,388 1,416 1,406
1,457 1,438 1,424
47,605
11,476
4,745
34,660
8,441
5,611
106,612
1,745
40
4,141

47,919 48,499
10,643 11,195
5,165 3,389
34,660 34,660
8,432 7,808
5,486 5,250
107,194 105,126
1,424 1,880
40
48
3,648 3,748
(Dec.
1955)"
502
1,206
52,886
2,505
993
42,364
11,573
4,155

729
17
8
443
126
107
79

695
18
10
454
83
109
77

690
24
6
423
128
86
83

8,968
272
3,933
16,153
24,300
22,875
53,747
7,078
3,003
12,673

8,988
637
4,250
16,153
21,422
20,233
52,326
6,846
1,700
10,812

8,063
645
2,976
16,153
22,052
16,291
49,931
7,192
2,608
6,449

272
24
540
514
118
741
529
198

277
24
514
495
114
685
570
169

276
24
464
496
111
669
537
167

12
90
7
98
6
24
148
55
34

12
97
7
93
6
26
150
54|
36

12
106
7
86
7
27
154
56
35

136'
150

136
153

June




June

National Bank of Cuba—Cont.
Foreign exchange (Stabilization
556
Fund)..
7,941
Net claim on Intl. Fundi
5,673
Loans and discounts
1,813
Credits to Government
111
Other assets
12,575
Note circulation
1,617
Deposits
536
Other liabilities and capital
1,628 National Bank of Czechoslovakia*
National Bank of Denmark (millions
of kroner):
Gold
41,936
Foreign exchange
10,855
Loans and discounts
9,257
Securities
34,660
Govt. compensation account
8,639
Other assets
5,049
Note circulation
105,269
Deposits—Government
1893
893
Other
68
Other liabilities and capital
167 Central Bank of the Dominican Republic (thousands of pesos):
Gold
497
Foreign exchange (net) 1
320
Net claim on Intl. Fund
34,493
Loans and discounts
2,505
Govt. securities
840
Other assets
28,038
Note circulation
6,539
Demand deposits
4,078
Other liabilities and capital
Central Bank of Ecuador (millions of
sucres):
602
Gold
20
Foreign exchange (net)
7
Net claim on Intl. Fund 1
377
Credits—Government
88
Other
111
Other assets
,
53
Note circulation
Demand deposits—Private banks.
Other
5,803
Other liabilities and capital
994 National Bank of Egypt (millions of
4,617 pounds):
15,770
Gold
Foreign assets3
13,718
5,724
Egyptian Govt. securities
34,126
Clearing and other accounts (net)
6,208
Loans and discounts
1,746
Other assets
4,546
Note circulation
Deposits—Government
Other
Other liabilities and capital,
275
24 Central Reserve Bank of El Salvador
634 (thousands of colones):
466
Gold
108
Foreign exchange (net)
654
Net claim on Intl. Fund 1
675
Loans and discounts
180
Govt. debt and securities
Other assets
Note circulation
12
Deposits
143
Other liabilities and capital
7 Bank of Finland (millions of markkaa):
60
Gold
4
Foreign assets and liabilities (net)..
26
Loans and discounts
149
Securities—Government
70
Other
31
Other assets
Note circulation
Deposits
186
Other liabilities and capital
111

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.

1956

Central bank, monetary unit,
and item

May

1955
Apr.

June

241
13
38
109
77
433
307
23

230
13
50
96
79
438
296
22

203
13
42
55
79
419
251
18

68
716
178
490
3,073
704
2,171
1,337
1,478
243

68
741
116
491
3,097
865
2,099
1,330
1,710
240

68
795
182
491
3,099
561
2,102
1,294
1,560
240

68
634
262
475
3,125
747
2,010
1,324
1,730
247

12,526
13,720
1,250
3,473
8,360
17,997
45,951
8,569
2,805

12,526
16,541
1,250
3,000
8,360
17,911
46,156
10.693
2; 740

12,526
14,836
1,250
2,500
8.360
16^45
45,522
7,864
2,631

12,076
13,338
1,250
3,971
8,890
14,684
42,380
9,162
2,667

344
-115
19
563
275
232
638
208
158
313

344
-104
19
514
245
227
623
189
147
286

344
-108
19
504
223
249
611
191
139
290

343
10
19
445
238
246
649
222
171
258

61
117
105
-5
20
2
171
20
90
19

61
120
101
-6
23
2
166
37
78
18

61
125
94
-7
23
2
172
32
76
17

61
174
73
-15
21
3
165
53
80
19

70,638
58,245
1,573
52,146
14,766
7,233
93,539
100,211
10,850

70,699
57,461
1,573
53,386
12,940
6,985
94,983
97,468
10,592

70,777
56,929
1,573
53,297
13,642
7,180
98,634
94,691
10,072

71,382
65,851
1,569
36,606
11,915
7,432
91,304
94,055
9,396

7,849
17,402
47,718
18,750
2,039
14,421
57,911
7,460
42,808

7,849
19,405
48,375
18,750
2,048
12,259
57,361
8,453
42,871

7,849
23,103
45,087
18,750
1,814
10,836
54,951
27,269
25,220

6,882
'29,546
24,382
20,000
2,091
1,972
49,584
18,293
16,996

r

3 Includes foreign government securities formerly shown with Egyptian
Govt. securities.
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.

911

CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
Central bank, monetary unit,
and item
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. Fund..,
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
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 c a p i t a l . . . .
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 c a p i t a l . . . .
Bank Melli Iran5 (millions of rials):
Gold
Foreign exchange
Gold contribution to Intl. F u n d . . .
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
June

May

1955
Apr.

4,337
4,626 4,421
10,570 10,066 9,652
4,183
4,284 4,870
4,121
4,011
4,145
869
937
870
14,169 14,065 13,882
4,629 4,580 4,492
3,550 3,363 3,666
273
237
245
1,573
1,673
1,567

5,488
160
6,667
4,673
1,809
5,324
799

5,576
148
6,472
4,487
1,758
5,329
793

7,314
3,737
1,624

7,251
3,741
1,327
27,241
39,267
1,250
4,140
36,645
52,129
3,913
5,920
24,170
22,410

400
400
6,814
6,814
6,988 6,987
1,049
1,072
15,061 15,050

881
864
8,406
405
7,796
356
1,459
944

190
307
89
22
1,327
1,296
639

223
442
124
18
1,324
1,536
595

984
1,141
8,107
407
7,878
411
1,421
929

1,231
920
7,880
394
7,564
448
1,530

4,242 4,242 4,242
244
244
244
282
282
282
7,187
7,187
7,187
11,890 11,545
11, t
5,486 5,079 4,916
449
469
449
3,439 3,158
3,342
10,437 10,229 10,033
4,796 4,781
4,239
1,050
1,068
1,231
13,534 13,468 13,316
3,202 3,002 3,390
2,646 2,646 2,646
67,994 68,537 69,792
70,640 71,183 72,438

4 Includes figures for the nine Land Central Banks.
5 Items for issue and banking departments consolidated.
6 Holdings in each month were 448 million yen.




June

June

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
604 Bank of Italy (billions of lire):
140
Gold
017
Foreign exchange
,958
Advances to Treasury
569
Loans and discounts
,
886
Govt. securities
316
Other assets
Note circulation
507
Deposits—Government
998
Demand
581
Other
Other liabilities and capital
Bank of Japan (billions of yen):
227
Bullion
189
Advances to Government
250
Loans and discounts
386
Govt. securities
081
Other assets
671
Note circulation
701
Deposits—Government
609
Other
968
Other liabilities
184 Bank of M [exico
e
(millions of pesos):
Monetary reserve7
"Authorized" holdings of securities, etc
Bills and discounts
400
Other assets
520
Note circulation
436
Demand liabilities
054
Other liabilities and capital
108 Netherlands Bank (millions of
guilders):
303
Gold
639
Silver (including subsidiary coin).
108
Foreign assets (net)
,
8
Loans and discounts
955
Govt. debt and securities
,454
Other assets
,
559
Note circulation—Old
New.....
,255
Deposits—Government
,
334
ECA
,797
Other
335
Other liabilities and capital
8,184 Reserve Bank of New Zealand (thou495 sands of pounds):
169
Gold...
874
Foreign exchange reserve
,
Loans and discounts
,
242
Advances to State or State un244
dertakings
,
282
Investments
,
187
Other assets
775
Note circulation
,
385
Demand deposits
,
411
Other liabilities and capital
456 Bank of Norway (millions of kroner):
150
Gold
799
Foreign assets (net)
158
Clearing accounts (net)
605
Loans
and discounts
269
Securities
Occupation account (net)
Other assets
646
Note circulation
,
595
Deposits—Government
241
Banks
FOA
Other liabilities and capital
,
,182
,865
,153
,179
964
,832
,508
,046
209
,750

1956

Central bank, monetary unit,
and item

May

1955
Apr.

June

2,107
2,057 2,054
2,025
131,147 125,814 124,490 73,833
7,805
152 9,048
8,161
21,309
,509 19,592
6,322
30,497
,178 20,908 22,318
39,800
,371 42,172
4,985
139,228 141,428 139,812 140,332
17,855
,871| 21,891
15,570
208,938 205 104 204,782 176,572
32,792 33,691 31,658
7,987
132,841 137,089 128,970 75,346
15,177 15,497 14,558
13,640
4
70
567
436
387
846
1,554
33
98
476
148

4
70
567
419
410
866
1,544
22
83
545
142

4
70
567
436
408
845
1,531
25
79
552
144

71
455
221
597
42
31
77

32
508
224
561
86
36
81

28
521
243
585
64
59
84

71
567
384
362
788
1,428
53
76
474
146

()
231
374
131
533
59
66
80

1,765

1,807

1,775

1,532

4,981
593
446
4,777
2,281
726

5,274
475
382
4,686
2,541
711

5,306
380
334
4,763
2,335
696

4,288
538
465
4,176
1,951
696

3,231
4
1,176
63
540
393

3,271
6
1,361
43
440
376

3,322
11
1,401
84
440
353

3,925
58
466
758
199

4,006
125
466
704
195

4,106
111
466
669
194

3,046
25
1,504
31
801
427
28
3,638
629
612
694
233

6,162
6.162
6,162
52,128 48,950 36,757
31,680 32,824 38,014

6,161
54,714
28,254

20,588
38,279
1,742
70,330
60,441
10,770

13,018
33,257
1,868
68,581
60,538
8,154

37,042
38,173
1,472
69,431
88,641
8,585
208
-63
-50
137
81
5,546
122
3,219
1,384
406!
90
882

28,115
38,174
1,401
68,755
75,730
11,141
208
-64
-70
165
80
5,546
94
3,063
1,526
392
90

209
-87
-74
136
84j
5,546
104'
3,096
1,453
389
88
892;

203
-189
-33
97
111
5,546
73
3,168
1,260
438
'102
'842

7
Includes gold, silver, and foreign exchange forming required reserve
(25 per cent) against notes and other demand liabilities.
For other footnotes see opposite page.

912

CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued

Central bank, monetary unit,
and item

State Bank of Pakistan (millions of
rupees):
Issue department:
Gold at home and a b r o a d 1 . . . .
Sterling securities
Pakistan Govt. securities....
Goyt. 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 c a p i t a l . . . .
Central Bank of Paraguay (millions of
guaranies):
Gold*
Foreign exchange (net)
Net claim on Intl. Funds
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. Fund3
Loans and discounts to b a n k s . . . .
Loans to Government
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of the Philippines
(millions of pesos):
Gold
Foreign exchange
Net claim on Intl. Fund 3
Loans
Domestic securities
Other assets
Circulation—Notes
Coin
Demand deposits
Other liabilities and capital
Bask of Portugal (millions of escudos):
Gold
Foreign exchange (net)
Loans and discounts
Advances to Government
Other assets
Note circulation
Demand deposits—Government..
ECA
Other
Other liabilities and capital
South African Reserve Bank (millions
of pounds):
Gold
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits
Other liabilities and capital
Bank of Spain (millions of pesetas):
Gold
Silver
Govt. loans and securities
Other loans and discounts
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital
r

1956
June

May

1955
Apr.

115
1,014
1,154
176
430
71
2,835

114
914
1,204
276
430
68
2,875

114
914
1,205
275
431
69
2,882

125
1

131
1

126

728
706
147

587
574
144

570
575
121
11
77
23
1,428
384
208
949
230
182
769

545
67
837
1,065
188
1,997
433
272

517
67
832
1,064
195
1,962
437
276

36
391

35
377

53
386
134
647
86
186
80

52
378
133
642
86
171
77

5,750 5,724
13,700 13,720
1,053
957
1,379 1,380
1,475 1,420
10,640 10,497
1,473 1,575
84
81
8,556 8,484
2,604 2,565
76
38
13
50
109
53
15

77
26
31
58
108
66
19

74
31
40
58
107
77
19

617
322
15,806
37,486
47,875
46,495
4,000
9,429
42,184

617
323
16,113
37,463
49,129
46,059
4,256
9,386
43,943

617
321
15,880
36,873
48,050
46,253
3,465
9,395
42,628

June




June

Bank of Sweden (millions of kronor):
Gold
Foreign assets
81
Net claim on Intl. Fund 3
432
Swedish Govt. securities and ad- 4
,455
vances to National Debt Office
221
Other domestic bills and advances.
300
Other assets
47
Note circulation
:,417
Demand deposits—Government..
Other
119
Other liabilities and capital
2 Swiss
is National Bank (millions of
54 francs):
337
Gold
404
Foreign exchange
108
Loans and discounts
Other assets
Note circulation
4
Sight liabilities
13
Other liabilities and capital
8 Central Bank of the Republic of Turkey
,042 (millions of pounds):
499
Gold
249
Foreign exchange and foreign
818
clearings
189
Loans and discounts
170
Securities
637
Other assets
Note circulation
Deposits—Gold
Other
660
Other liabilities and capital
67
of the
of Uruguay (mil396 Bankk of
the Republic
Re
,182 lions of pesos):
Gold
105
Silver
,789
Advances to State and Govt.
437
bodies
184
Other loans and discounts
Other assets
Note circulation
22
Deposits—Government
335
Other
10
Other liabilities and capital
81
295 Central Bank of Venezuela (millions
168 of bolivares):
Gold
571
Foreign exchange (net)
87
Other assets
205
Note circulation
47
Deposits
Other liabilities and capital
495
991 National Bank of Federal People's Re850 public of Yugoslavia (billions of
390 dinars):
081
Gold
156
Gold contribution to Intl. F u n d . . .
518
Foreign assets
95
Loans (short-term)
842
Govt. debt (net)
196
Other assets
Notes and coin in circulation
Demand deposits
75
Foreign liabilities
39
Long-term liabilities (net)
29
Other liabilities and capital
53 Bank for International Settlements
105 (millions of Swiss gold francs):
74
Gold in bars
16
Cash on hand and with b a n k s . . . .
Rediscountable bills and accept615
ances (at cost)
323
Time funds at interest
,771
Sundry bills and investments
667
Funds invested in Germany
755
Other assets
204
Demand deposits—Gold
756
Other
279
Long-term deposits: Special
892
Other liabilities and capital

Revised.
* Latest month available.
1 On July 31, 1955, gold revalued from 115.798 to 166.667 rupees per
troy ounce of fine gold.
2 On Mar. 1, 1956, gold revalued from 0.0423177 to 0.0148112 grams of
fine gold per guarani.

1956

Central bank, monetary unit,
and item

May

1955
Apr,

June

566
922
129

585
852
129

593
925
129

582
916
129

3,787
207
978
5,108
207
116
1,157

3,591
177
1,003
4,968
231
81
1,058

3,791
23
1,019
5,130
202
168
980

2,859
442
1,019
4,924
183
147
694

6,649
633
180
102
5,251
2,094
218

6,684
557
145
102
5,166
2,105
218

6,754
581
132
93
5,205
2,141
213

6,200
747
164
107
5,128
1,888
203

402

402

402

402

188
3,654
29
203
2,108
155
1,549
663

206
3,515
29
144
2,005
155
1,560
577

207
3,473
29
142
1,955
155
1,561
583

177
2,992
30
111
1,625
154
1,435
497

(Mar.)*
327
10

344
11

242
484
648
530
180
343
657

146
462
794
476
144
342
794

1,234
659
141
1,064
323
647

1,234
458
128
1,063
328
428

1,234
435
146
1,028
263
525

5
2
63
839
21
27
77
160
124
439
156

5
2
60
820
27
28
89
158
123
432
140

5
2
49
696
19
52
86
165
101
372
100

610
60

660
59

581
54

703
49

549
115
477
297
2
666
919
229
298

545
95
437
297

1,234
633
166
1,062
292
677

623
945
229
297

92
483
297
1
597
1,254
229
295

367
169
365
297
453
'982
229
288

3 This figure represents the amount of the country's subscription to the
Fund
less the bank's local currency liability to the Fund.
4
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.

913

MONEY RATES
CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANES»
[Per cent per annum]
Central banks with new rates since December 1953
Month effective

In effect Dec. 31, 1953..
1954—Jan
Feb
Mar
Apr
May

Austria

Neth- NorUn.of
GerTur- United Can- New
Dener- way Spain SweZea- South Cey- Japan 2 Philipden key Kingpines
mark France many Greece lands
dom ada land Africa Ion

Belgium

4.0

2.75

3.5

4.0

3.5

12.0

2.5

2.5

2.75 3.0

4.0

2.0

3.5

1.5

4.0

3.0

6.57

2.0

10.0
3.25
3.0
3 5

July
Nov
Dec

5.6

2.5

3.75

4.0

3.0
9.0

1955 Jan
Feb
Apr
May
June
July
Aug
Sept
Oct
Nov.. ..

4 5

3.5

3 5
4.5

3.75

5.5

1.5

4.5
3.5

3.6

2.0

3.0

4.5

3.0

5.0

3.0

5.5

5.0

6.0
2.25 7.0
2.75

5 0

1956—Feb.
Mar
Apr
May
June
In effect July 31, 1956..

1.5

3.5

3.0

5.5

10.0

5.5

10.0

8 03

4.5

5.5
3.0
6.0

3.0

3.75 3.75 6.0

3.5

5.5

3.0

7.0

4.5

2.5

8.03

1.5

Other selected central banks—Rates in effect on July 31, 1956
Area and
country

Rate

Europe:
Italy
4.0
Portugal
2.5
Switzerland. . . 1.5

Month
effective

Area and
country

Rate

Apr. 1950
Jan. 1944
Nov. 1936

Asia:
Burma
India 2
Indonesia 2 ...
Pakistan

3.0
3.25
3.0
3.0

Month
effective

Feb.
Mar.
Apr.
July

1948
1956
1946
1948

1
Rates shown represent mainly those at which the Central bank either
discounts or makes advances against eligible commercial paper and/or
government securities for commercial banks or brokers. For countries
with more than one rate applicable to such discounts or advances, the
rate shown is the one at which the largest proportion of central bank
credit operations is understood to be transacted. In certain cases other
rates for these countries are given in the following footnote.
2
Discounts or advances at other rates include: Japan—various rates
dependent on type of paper or transaction and extent of borrowing from
central bank, including 7.3 per cent for discount of paper related to do-

Area and
country

Rate

Asia—Cont.:
Thailand
7.0
Latin America:
Colombia 2 ...
4.0
Costa Rica 2 .. 3.0

Month
effective

Area and
country

Latin Am.—Cont.
El Salvador 2 .
Mexico
July 1933
Peru 2
Apr. 1939
Venezuela....
Feb. 1945

Month
effective

Rate

3.0
4.5
6.0
2.0

Mar.
June
Nov.
May

1950
1942
1947
1947

mestic commercial transactions (rate shown is for advances on commercial
paper and miscellaneous collateral); India—3.5 per cent for discounts and
for advances on government securities (rate shown is for advances on commercial paper); Indonesia—various rates dependent on type of paper, collateral, commodity involved, etc.; Colombia—3 per cent for agricultural
paper and for loans on products in bonded warehouses; 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 agricultural, industrial, and mining paper.

OPEN MARKET RATES
[Per cent per annum]
United Kingdom

Canada
Month

Treasury Day-today
bills
3 months i money 2

1953—Dec..
1954—Dec..

Bankers' Treasury
acceptbills
ances
3 months 3 months

.78

2.19
1.78

2.11
1.78
3.97
3.97
4.00
4.07
4.07
4.10
4.08
4.07
4.69
5.18
5.11
4.95
5.09

1955—June
July
Aug
Sept
Oct
Nov
Dec

.36
.43
.62
.79
2.07
2.38
2.59

1.08
1.11
1.34
1.61
1.95
2.19
2.42

3.99
4.00
4.06
4.15
4.16
4.21
4.22

1956—Jan...
Feb...
Mar..
Apr..
May.
June.

2.58
2.51
2.62
2.83
2.84
2.63

2.49
2.34
2.57
2.65
2.66
2.68

4.22
4.77
5.34
5.27
5.14
5.20

n average yield of weekly tenders during the month.




Day-today
money

France
Bankers'
allowance Day-today
on
money
deposits

1.75
1.25

1.94
1.45
3.21
3.14
3.24
3.15
3.32
3.28
3.10

2.50
2.50
2.50
2.50
2.50
2.50
2.50

3.03
3.68
4.17
4.05
4.13
4.16

2.50
2.98
3.50
3.50
3.50
3.50

2

3.75
3.29
3.19
3.30
3.06
3.00
3.02
3.06
2.99
2.95
3.05
3.06
3.21
3.23

Netherlands
Treasury
bills
3 months

Day-today
money

Sweden

Switzerland

Loans
up to
3 months
3-5

.50
.50

.91
.75
.80
1.04
.94
.75
1.06

.50
.57
.62
.50
.56
.75
.57
.50
.62

414-61/2
414-61/2
414-61/2
414-61/2
414-61/2
4i4-6i/ 2
414-61/2

.50
.50
.50
.50
.50
.50
.50

1.38
1.53
1.32
1.59
1.76
2.38

1.15
1.00
1.00
1.23
1.25
1.43

4^-61/2
414-61/2
414-61/2
414-61/2
414-61/2
414-61/2

.50
.50
.50
.50
.50
1.50

.03
.77

Based on weekly averages of daily closing rates.

914

FOREIGN EXCHANGE RATES
FOREIGN EXCHANGE RATES
[Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency]
Argentina
(peso)

Australia
(pound)

Year or month

1950
1951
1952
1953
1954
1955

Basic

Preferential

Free

26.571
20.000
20.000
20.000
20.000
120.000

13.333
13.333
13.333
13.333
13.333
U3.333

8.289
7.067
7.163
7.198
7.198
17.183

223.15
223.07
222.63
224.12
223.80
222.41

20.000
13.333
20.000
13.333
20.000
13.333
25.556
5.556
5.556

7.175
7.173
7.175
33.226
3.095
2.806

Austria
(schilling)

Belgium
(franc)

British
Malaysia
(dollar)

Canada
(dollar)
Official

Free

90.909

91.474
94.939
102.149
101.650
102.724
101.401

3.8580
3.8580
3.8580

.9908
.9859
.9878
.0009
.9975
.9905

32.788
32.849
32.601
32.595
32.641
32.624

221.91
222.04
221.98
222.47
223.22
223.32

3.8580
3.8580
3.8580
3.8580
3 8580
3.8580

.9864
.9874
.9874
.9911
.9955
1.9986

32.544
32.577
32.568
32.639
32.753
32.764

101.555
101.502
101.228
100.474
100 047
100.048

2.587
2.386
2.454
2.536
2.657
2.872
3.090

223.63
223.62
223.50
223.72
223.71
223.28
222.58

3.8580
3.8580
3.8580
3.8580
3.8580
3.8580
3.8580

2.0001
2.0000
2.0023
2.0035
2.0029
2.0032
2.0074

32.819
32.816
32.798
32.761
32.700
32.608
32.510

100.122
100.080
100.122
100.302
100.803
101.476
101.835

Ceylon
(rupee)

Denmark
(krone)

Finland
(markka)

France
(franc)

Germany
(deutsche
mark)

India
(rupee)

Ireland
(pound)

Mexico
(peso)

1950..
1951.,
1952.
1953.
1954.
1955.

20.850
20.849
20.903
21.046
21.017
20.894

14.494
14.491
14.492

280.38
279.68
281.27
280.87
279.13

11.570
11.564
11.588
11.607
9.052
8.006

1955-July..
Aug..
Sept..
Oct...
Nov..
Dec...
1956—Jan...
Feb..
Mar..
Apr..
May.
June.
July..

1955—July.
Aug.
Sept.
Oct..
Nov.
Dec.

5.556
5.556
5.556
5.556
5.556
5.556
5.556

1956—Jan..
Feb..
Mar.
Apr..
May.
June.
July.

Year or month

.4354
.4354
.4354
.4354
.4354

.2858
.2856
.2856
.2856
.2856
.2856

23.838
23.838
23.838
23.838
23.765

20.870
20.869
20.922
21.049
21.020
20.894

20.847
20.861
20.852
20.907
20.979
20.988

.4354
.4354
.4354
.4354
.4354
.4354

.2856
.2856
.2856
.2855
.2855
.2854

23.732
23.729
23.726
23.724
23.721
23.719

20.847
20.861
20.852
20.907
20.979
20.988

278 50
278.67
278.58
279.21
280.15
280.26

8.006
8.006
8.006
8.006
8.006
8.006

21.019
21.017
21.004
21.024
21.022
20.977
20.917

4354
.4354
.4354
.4354
.4354
.4354
.4354

2854
2855
.2855
.2855
.2855
.2855
.2855

23.719
23.717
23.716
23.716
23.729
23.797
23.839

21.019
21.017
21.004
21.024
21.022
20.977
20.911

280.66
280.64
280.49
280.77
280.76
280.22
279.33

8.006
8.006
8.006
8.006
8.006
8.006
8.006

Netherlands
(guilder)

New
Zealand
(pound)

Norway
(krone)

Philippine
Republic
(peso)

Portugal
(escudo)

South
Africa
(pound)

Sweden
(krona)

Switzerland
(franc)

United
Kingdom
(pound)

1950
1951
1952
1953
1954
1955

26.252
26.264
26.315
26.340
26.381
26.230

277.28
277.19
276.49
278.48
278.09
276.36

14.015
14.015
14.015
14.015
14.008
14.008

49.621
49.639
49.675
49.676
49.677
49.677

3.4704
3.4739
3.4853
3.4887
3.4900
3.4900

278.38
278.33
278.20
280.21
279.82
278.09

19.332
19.327
19.326
19.323
19.333
19.333

23.136
23.060
23.148
23.316
23.322
23.331

280.07
279.96
279.26
281.27
280.87
279.13

1955—July.
Aug.
Sept.
Oct..
Nov.
Dec.

26.166
26.127
26.148
26.213
26.211
26.128

275.74
275.91
275.82
276.44
277.37
277.49

14.008
14.008
14.008
14.008
14.008
14.008

49.677
49.677
49.677
49.677
49.677
49.677

3.4900
3.4900
3.4900
3.4900
3.4900
3.4900

277.45
277.62
277.54
278.16
279.10
279.21

19.333
19.333
19.333
19.333
19.333
19.333

23.332
23.331
23.334
23.332
23.335
23.335

278.49
278.66
278.58
279.20
280.14
280.26

1956—Jan..
Feb..
Mar.
Apr.,
May
June
July.

26.125
26.123
26.107
26.125
26.110
26.106
26.106

277.88
277.87
277.72
277.99
277.98
277.44
276.57

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

3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900

279.61
279.60
279.45
279.72
279.71
279.17
278.29

19.333
19.333
19.333
19.333
19.333
19.333
19.333

23.335
23.335
23.355
23.335
23.332
23.334
23.335

280.66
280.64
280.49
280.77
280.76
280.22
279.33

Year or month

i Annual averages based on quotations through Ozt. 27, 1955; monthly
averages for October for these rates were the same as those for September.




2 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.
* New free market rate, based on quotations beginning Oct. 28, 1955.

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916

FEDERAL RESERVE BULLETIN • AUGUST 1956

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1956.

BOARD OF GOVERNORS
of the Federal Reserve System
W M . M C C . MARTIN, JR.,

Chairman

M. S. SZYMCZAK

C. CANBY BALDERSTON, Vice Chairman

A. L. MILLS, JR.

JAMES K. VARDAMAN, JR.

J. L. ROBERTSON
CHAS. N. SHEPARDSON

ELLIOTT THURSTON, Assistant to the Board

WINFIELD W. RIEFLER, Assistant to the Chairman

WOODLIEF THOMAS, Economic Adviser to the Board

ALFRED K. CHERRY, Legislative

Counsel

CHARLES MOLONY, Special Assistant to the Board

DIVISION OF BANK OPERATIONS

OFFICE OF THE SECRETARY

ROBERT F. LEONARD, Director

S. R. CARPENTER, Secretary
MERRITT SHERMAN, Assistant

J. E. HORBETT, Associate

Secretary

KENNETH A. KENYON, Assistant

CLARKE L. FAUVER, Assistant

Director

LOWELL MYRICK, Assistant

Secretary

Director

GERALD M. CONKLING, Assistant

Secretary

JOHN R. FARRELL, Assistant

DIVISION OF EXAMINATIONS

LEGAL DIVISION

GEORGE S. SLOAN, Director

GEORGE B. VEST, General Counsel

FREDERIC SOLOMON, Assistant General Counsel
HowARDH.HACKLEY,v4mstanf General Counsel
DAVID B. HEXTER, Assistant General Counsel
G. HOWLAND CHASE, Assistant General Counsel
JEROME W. SHAY, Assistant General Counsel

C. C. HOSTRUP, Assistant Director
FRED A. NELSON, Assistant

DIVISION OF RESEARCH AND STATISTICS

ROBERT C. MASTERS, Assistant
GLENN M. GOODMAN, Assistant

Director

Director

EDWIN J. JOHNSON, Director

H. FRANKLIN SPRECHER, JR., Assistant

Adviser

GUY E. N OYES, Adviser
Director

LISTON P. BETHEA, Director

Director

ALBERT R. KOCH, Assistant

JOSEPH E. KELLEHER, Assistant

Director

Director

LEWIS N. DEMBITZ, Assistant

OFFICE OF DEFENSE LOANS

Director

GARDNER L. BOOTHE, II,

Administrator

OFFICE OF THE CONTROLLER

DIVISION OF INTERNATIONAL FINANCE

EDWIN J. JOHNSON, Controller

M. B. DANIELS, Assistant Controller

ARTHUR W. MARGET, Director




Director

DIVISION OF ADMINISTRATIVE SERVICES

KENNETH B. WILLIAMS, Assistant
SUSAN S. BURR, Assistant

Director

DIVISION OF PERSONNEL ADMINISTRATION

Director

FRANK R. GARFIELD,

Director

ARTHUR H. LANG, Chief Federal Reserve
Examiner

HENRY BENNER, Assistant

RALPH A. YOUNG,

Director

Director

917

918

FEDERAL RESERVE BULLETIN • AUGUST 1956

Federal Open Market Committee
W M . M C C . MARTIN, JR.,

Chairman

C. CANBY BALDERSTON
J. A. ERICKSON
DELOS C. JOHNS

ALFRED HAYES,

A. L. MILLS, JR.
O. S. POWELL
J. L. ROBERTSON

WINFIELD W. RIEFLER, Secretary
ELLIOTT THURSTON, Assistant Secretary
GEORGE B. VEST, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
WOODLIEF THOMAS, Economist
W M . J. ABBOTT, JR., Associate Economist

Vice Chairman

CHAS. N. SHEPARDSON
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.

FRANKLIN L. PARSONS, Associate Economist
H. V. ROELSE, Associate Economist
PARKER B. WILLIS, Associate Economist
RALPH A. YOUNG, Associate Economist
ROBERT G. ROUSE, Manager of System Open
Market Account

Federal Advisory Council
WILLIAM D. IRELAND, BOSTON
ADRIAN M. MASSIE, NEW YORK
WILLIAM R. K. MITCHELL, PHILADELPHIA
FRANK R. DENTON, CLEVELAND,

Vice President
ROBERT V. FLEMING, RICHMOND,

President
WILLIAM

COMER J. KIMBALL, ATLANTA
HOMER J. LIVINGSTON, CHICAGO
L E E P. MILLER, ST. LOUIS
JULIAN B. BAIRD, MINNEAPOLIS
R. CROSBY KEMPER, KANSAS CITY
G E O . G. MATKIN, DALLAS
FRANK L. KING, SAN FRANCISCO

J. KORSVIK, Acting 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.
Harold I. Chandler
Harvey P. Hood
Lloyd D. Brace
Oliver B. Ellsworth
Harry E. Umphrey
Milton P. Higgins
J. A. Erickson, President
O. H. Angney

Alfred C. Neal, First Vice President
Vice Presidents
E. O. Latham
O. A. Schlaikjer
Carl B. Pitman

District 2—FEDERAL RESERVE BANK OF NEW YORK
BOARD OF DIRECTORS
Jay E. Crane, Chairman and Federal Reserve Agent
John E. Bierwirth
Ferd I. Collins




John R. Evans
Clarence Francis
Franz Schneider

Forrest F. Hill, Deputy Chairman
Howard C. Sheperd
Lansing P. Shield

FEDERAL RESERVE BANKS AND BRANCHES

919

District 2—FEDERAL RESERVE BANK OF NEW YORK-Contmued
Alfred Hayes, President
H. A. Bilby
John Exter
H. H. Kimball
A. Phelan
Leland B. Bryan
Robert L. Davis
Charles H. Diefendorf

William F. Treiber, First Vice President
Vice Presidents
H. V. Roelse
T. G. Tiebout
Robert G. Rouse
V. Willis
I. B. Smith, in charge
R. B. Wiltse
of Buffalo Branch
J. H. Wurts
BUFFALO BRANCH—BOARD OF DIRECTORS
Ralph F. Peo
Robert C. Tait,
John W. Remington
Chairman
Clayton G. White

District 3—FEDERAL RESERVE BANK OF PHILADELPHIA
BOARD OF DIRECTORS
William J. Meinel, Chairman and Federal Reserve Agent
Henderson Supplee, Jr., Deputy Chairman
W. Elbridge Brown
Bayard L. England
Warren C. Newton
Lester V. Chandler
Lindley S. Hurff
Charles E. Oakes
Wm. Fulton Kurtz
Alfred H. Williams, President
Karl R. Bopp
Robert N. Hilkert

W. J. Davis, First Vice President

Vice Presidents
E. C. Hill
Wm. G. McCreedy

P. M. Poorman
J. V. Vergari

District 4—FEDERAL RESERVE BANK OF CLEVELAND
BOARD OF DIRECTORS
John C. Virden, Chairman and Federal Reserve Agent
Arthur B. Van Buskirk, Deputy Chairman
King E. Fauver
Charles Z. Hardwick
Alexander E. Walker
Joseph B. Hall
Edison Hobstetter
Frank J. Welch
J. Brenner Root
W. D. Fulton, President

Donald S. Thompson, First Vice President
Vice Presidents
J. W. Kossin, in charge of
Martin Morrison
Pittsburgh Branch
H. E. J. Smith
A. H. Laning
Paul C. Stetzelberger

Dwight L. Allen
Roger R. Clouse
R. G. Johnson, in charge of
Cincinnati Branch
CINCINNATI BRANCH—BOARD OF DIRECTORS
Leonard M. Campbell
Bernard H. Geyer
Roger Drackett
Anthony Haswell, Chairman
W. Bay Irvine
PITTSBURGH BRANCH—BOARD OF DIRECTORS
John H. Lucas
Sumner E. Nichols
Douglas M. Moorhead
Albert L. Rasmussen
Henry A. Roemer, Jr., Chairman




Ivan Jett
William A. Mitchell

John C. Warner
Irving W. Wilson

920

FEDERAL RESERVE BULLETIN • AUGUST 1956

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
Joseph E. Healy
J. K. Palmer
D. W. Colvard
L. Vinton Hershey
W. A. L. Sibley
Robert O. Huffman
Hugh Leach, President
N. L. Armistead
R. L. Cherry, in charge of
Charlotte Branch

Theodore E. Fletcher
Wm. Purnell Hall
Charles W. Hoff
Archie K. Davis
William H. Grier,
Chairman

Edw. A. Wayne, First Vice President
Vice Presidents

D. F. Hagner, in charge of
Baltimore Branch
Aubrey N. Heflin
Upton S. Martin
BALTIMORE BRANCH—BOARD OF DIRECTORS
Charles A. Piper
John W. Stout

CHARLOTTE BRANCH—BOARD OF DIRECTORS
Ernest Patton
I. W. Stewart

James M. Slay
C. B. Strathy
Chas. W. Williams

Stanley B. Trott
Clarence R. Zarfoss,
Chairman
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
A. B. Freeman
Henry G. Chalkley, Jr.
W. C. Bowman
Pollard Turman
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
Edwin C. Bottcher
Robert M. Cleckler
John Will Gay
Linton E. Allen
W. E. Ellis
James G. Garner




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
E. W. McLeod
Malcolm A. Smith
JACKSONVILLE BRANCH—BOARD OF DIRECTORS
James L. Niblack
J- Wayne Reitz

L. B. Raisty
Earle L. Rauber
S. P. Schuessler
M. L. Shaw, in charge
of New Orleans
Branch
John E. Urquhart
Adolf Weil, Sr.,
Chairman
Harry M. Smith
McGregor Smith,
Chairman

921

FEDERAL RESERVE BANKS A N D BRANCHES

District 6—FEDERAL RESERVE BANK OF ATLANTA-Conthmed
NASHVILLE BRANCH—BOARD OF DIRECTORS
A. Carter Myers
W. E. Tomlinson

Stewart Campbell
J. R. Kellam, Jr.
Ernest J. Moench
William J. Fischer
Joel L. Fletcher, Jr.
G. H. King, Jr.

NEW ORLEANS BRANCH—BOARD OF DIRECTORS
D. U. Maddox
Leon J. Minvielle

Frank B. Ward,
Chairman
C. L. Wilson
H. A. Pharr
E. E. Wild,
Chairman

District 7—FEDERAL RESERVE BANK OF CHICAGO
BOARD OF DIRECTORS
Bert R. Prall, Chairman and Federal Reserve Agent
Walter J. Cummings
William J. Grede

William A. Hanley
Walter E. Hawkinson
Vivian W. Johnson

(Vacancy) President *
Neil B. Dawes
W. R. Diercks
A. M. Gustavson

John A. Hannah,
Chairman
Ira A. Moore

Carl E. Allen, Jr., Deputy Chairman *

E. C. Harris, First Vice
Vice Presidents
C. T. Laibly
George W. Mitchell
H. J. Newman
A. L. Olson

Nugent R. Oberwortmann
J. Stuart Russell

President

DETROIT BRANCH—BOARD OF DIRECTORS
Howard P. Parshall
(Vacancy)

R. A. Swaney, in charge
of Detroit Branch
W. W. Turner

Raymond T. Perring
Ernest W. Potter
J. Thomas Smith

District 8—FEDERAL RESERVE BANK OF ST. LOUIS
BOARD OF DIRECTORS
M. Moss Alexander, Chairman and Federal Reserve Agent
Caffey Robertson, Deputy Chairman
S. J. Beauchamp, Jr.
J. E. Etherton
Louis Ruthenburg
Leo J. Wieck
Phil E. Chappell
William A. McDonnell
Joseph H. Moore
Delos C. Johns, President

Frederick L. Deming, First Vice President
Vice Presidents
Victor M. Longstreet, in charge
Darryl R. Francis, in charge
Wm. J. Abbott, Jr.
of Louisville Branch
Fred Burton, in charge of
of Memphis Branch
H. H. Weigel
Little Rock Branch
Geo. E. Kroner
J. C. Wotawa
Dale M. Lewis
LITTLE ROCK BRANCH—BOARD OF DIRECTORS
H. C. McKinney, Jr.
J. V. Satterfield, Jr.
Donald Barger
A. Howard Stebbins, Jr.
Shuford R. Nichols,
T. Winfred Bell
Chairman
E. C. Benton

* President-elect, to take office October 1, 1956.




922

FEDERAL RESERVE BULLETIN • AUGUST 1956

District 8—FEDERAL RESERVE BANK OF ST. LOUIS-Continued
LOUISVILLE BRANCH—BOARD OF DIRECTORS
Pierre B. McBride,
Chairman
W. Scott Mclntosh

David F. Cocks
Magnus J. Kreisle

MEMPHIS BRANCH—BOARD OF DIRECTORS
John A. McCall
William B. Pollard

Henry Banks
J. H. Harris
A. E. Hohenberg

M. C. Minor
J. D. Monin, Jr.
Noel Rush
John D. Williams,
Chairman
John K. Wilson

District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS
BOARD OF DIRECTORS
Leslie N. Perrin, Chairman and Federal Reserve Agent
John E. Corette
F. Albee Flodin

O. B. Jesness, Deputy

Thomas G. Harrison
Ray C. Lange
Harold C. Rerling
O. S. Powell, President

A. W. Heidel
J. Willard Johnson

Joseph F. Ringland
Harold N. Thomson

A. W. Mills, First Vice President
Vice Presidents
C. W. Groth
E. B. Larson
H. G. McConnell

Kyle K. Fossum, in charge
of Helena Branch

Chairman

M. H. Strothman, Jr.
Sigurd Ueland

HELENA BRANCH—BOARD OF DIRECTORS
Geo. N. Lund
Carl McFarland

George R. Milburn,
Chairman

District 10—FEDERAL RESERVE BANK OF KANSAS CITY
BOARD OF DIRECTORS
Raymond W. Hall, Chairman and Federal Reserve Agent
K. S. Adams
W. L. Bunten

Joe W. Seacrest, Deputy Chairman

E. M. Dodds
W. S. Kennedy
Harold Kountze
H. G. Leedy, President

John T. Boysen
P. A. Debus, in charge
of Omaha Branch

Merriam B. Berger
Arthur Johnson

Henry O. Koppang, First Vice President
Vice Presidents
R. L. Mathes, in charge
of Oklahoma City Branch
Cecil Puckett, in charge
of Denver Branch

DENVER BRANCH—BOARD OF DIRECTORS
Ralph S. Newcomer

OKLAHOMA CITY BRANCH—BOARD OF DIRECTORS
Davis D. Bovaird, Chairman
Phil H. Lowery
George R. Gear




Max A. Miller
Oliver S. Willham

Clarence W. Tow
E. D. Vanderhoof
D. W. Woolley

Aksel Nielsen, Chairman
Ray Reynolds
R. Otis McClintock
F. M. Overstreet

FEDERAL RESERVE BANKS AND BRANCHES

923

District 10—FEDERAL RESERVE BANK OF KANSAS CITY-Continued
C. Wheaton Battey
George J. Forbes

OMAHA BRANCH—BOARD OF DIRECTORS
Manville Kendrick
William N. Mitten

James L. Paxton, Jr.,
Chairman

District 11—FEDERAL RESERVE BANK OF DALLAS
BOARD OF DIRECTORS
Robert J. Smith, Chairman and Federal Reserve Agent
John R. Alford
D. A. Hulcy
Henry P. Drought
J. Edd McLaughlin
W. L. Peterson
Watrous H. Irons, President

Hal Bogle, Deputy Chairman
J. B. Thomas
Sam D. Young

W. D. Gentry, First Vice President

Vice Presidents
E. B. Austin
W. E. Eagle, in charge of
Howard Carrithers, in charge
San Antonio Branch
of El Paso Branch
W. H. Holloway
J. L. Cook, in charge of
Houston Branch
EL PASO BRANCH—BOARD OF DIRECTORS
F. W. Barton
Thomas C. Patterson
John P. Butler
J. M. Sakrison
James A. Dick
HOUSTON BRANCH—BOARD OF DIRECTORS
W. B. Callan
John C. Flanagan
S. Marcus Greer

I. F. Betts
L. R. Bryan, Jr.

Clarence E. Ayres,
Chairman
J. W. Beretta

SAN ANTONIO BRANCH—BOARD OF DIRECTORS
E. C. Breedlove
Burton Dunn

T. W. Plant
L. G. Pondrom
Morgan H. Rice
Harry A. Shuford

D. F. Stahmann,
Chairman
E, J. Workman
Herbert G. Sutton,
Chairman
Tyrus R. Timm
V. S. Marett
Alex R. Thomas
Harold Vagtborg

District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO
BOARD OF DIRECTORS
A. H. Brawner, Chairman and Federal Reserve Agent
Carroll F. Byrd
Walter S. Johnson
M. Vilas Hubbard
Alden G. Roach
John A. Schoonover
H. N. Mangels, President
E. R. Barglebaugh, in charge of
Salt Lake City Branch
L M. Leisner, in charge of
Seattle Branch




Y. Frank Freeman, Deputy Chairman
Reese H. Taylor
Philip I. Welk

Eliot J. Swan, First Vice President

Vice Presidents
E. R. Millard
R. H. Morrill
*• A - Randall, in charge of
Portland Branch
H. F. Slade

W. F. Volberg,
in charge of
LOS Angeles Branch
Q. P. Wheeler

924

FEDERAL RESERVE BULLETIN • AUGUST 1956

District 12—FEDERAL RESERVE BANK OF SAN FRANCKCO-c<mtimurf
LOS ANGELES BRANCH—BOARD OF DIRECTORS
Anderson Borthwick
Charles Detoy
Shannon Crandall, Jr., Chairman
Warren W. Braley
J. H. McNally
Harry Eaton
George S. Eccles

James Brennan
Charles F. Frankland




PORTLAND BRANCH—BOARD OF DIRECTORS
John B. Rogers
E. C. Sammons
SALT LAKE CITY BRANCH—BOARD OF DIRECTORS
Russell S. Hanson

SEATTLE BRANCH—BOARD OF DIRECTORS
S. B. Lafromboise
D. K. MacDonald

Hugh C. Gruwell
James E. Shelton
William H. Steiwer, Sr.,
Chairman
Joseph Rosenblatt,
Chairman
Geo. W. Watkins
Ralph Sundquist,
Chairman

Index to Statistical Tables
Acceptances, bankers', 862, 863
Agricultural loans of commercial banks, 858
Agriculture, Govt. agency loans, 866, 867
Assets and liabilities (See also Foreign liabilities and
claims reported by banks):
Banks and the monetary system, consolidated, 854
Corporate, current, 874
Domestic banks, by classes, 855, 858, 860
Federal Reserve Banks, 849, 850
Foreign central banks, 908
Govt. corporations and credit agencies, by type
and agency, 866, 867
Automobiles:
Consumer instalment credit, 878, 879, 880
Production index, 883, 886
Bankers' balances, 859, 861
(See also Foreign liabilities and claims reported
by banks)
Banking offices:
Changes in number, 896
On, and not on, Par List, number, 897
Banks and the monetary system, consolidated statement, 854
Bonds (See also U. S. Govt. securities):
New issues, 872, 874
Prices and yields, 863, 864
Brokers and dealers in securities, bank
loans to, 858, 860
Business expenditures on new plant and equipment, 874
Business indexes, 881
Business loans (See Commercial and industrial loans)
Capital accounts:
Banks, by classes, 855, 859, 861
Federal Reserve Banks, 849, 850
Carloadings, 881
Central banks, foreign, 906, 908, 913
Coins, circulation of, 853
Commercial banks:
Assets and liabilities, 855, 858
Consumer loans held, by type, 879
Number, by classes, 855
Real estate mortgages held, by type, 875
Commercial and industrial loans:
Commercial banks, 858
Weekly reporting member banks, 860, 862
Commercial paper, 862, 863
Commodity Credit Corporation, loans, etc., 866, 867
Condition statements (See Assets and liabilities)
Construction, 881, 886, 887
Consumer credit:
Instalment credit, 878, 879, 880
Major parts, 878
Noninstalment credit, by holder, 879
Ratio of collections to accounts receivable, 880
Consumer durable goods output indexes, 886
Consumer price indexes, 881, 892
Consumption expenditures, 894, 895
Corporate sales, profits, taxes, and dividends, 873, 874
Corporate security issues, 872, 874
Corporate security prices and yields, 863, 864
Cost of living (See Consumer price indexes)
Currency in circulation, 845, 853
Customer credit, stock market, 864
Debits to deposit accounts, 852
Demand deposits:
Adjusted, banks and the monetary system, 854




Demand deposits—Continued
Adjusted, commercial banks, by classes, 859
Banks, by classes, 855, 861
Type of holder, at commercial banks, 859
Department stores:
Merchandising data, 891
Sales and stocks, 881, 890
Deposits (See also specific types of deposits):
Adjusted, and currency, 854
Banks, by classes, 855, 859, 861
Federal Reserve Banks, 849, 850, 904
Postal savings, 854
Turnover of, 852
Deposits, reserves, and borrowings, by class of member bank, 847
Discount rates, 848, 913
Discounts and advances by Federal Reserve
Banks, 845, 849
Dividends, corporate, 873, 874
Dollar assets, foreign, 904, 907
Dwelling units started, 887
Earnings and hours, manufacturing industries, 881, 889
Employment, 881, 889
Export-Import Bank, loans, etc., 866, 867
Farm mortgage loans, 866, 875, 876
Federal credit agencies (See Govt. agencies)
Federal Deposit Insurance Corporation,
assets, etc., 866, 867
Federal finance:
Cash transactions, 868
Receipts and expenditures, 869
Treasurer's balance, 868
Federal home loan banks, loans, etc., 866, 867, 877
Federal Housing Administration, loans, etc., 866, 867,
875, 876, 877
Federal National Mortgage Association,
loans, etc., 866, 867, 877
Federal Reserve Banks:
Condition statement, 849, 850
U. S. Govt. securities held by, 845, 849, 850,
870, 871
Federal Reserve credit, 845, 849, 850
Federal Reserve notes, 849, 850, 851, 853
Finance company paper, 862, 863
Foreign central banks, 906, 908, 913
Foreign deposits in U. S. banks, 845, 849, 850, 854,
859, 861
Foreign exchange rates, 914
Foreign liabilities and claims reported by
banks, 900, 902, 904
Foreign trade, 891
Gold:
Earmarked, 905
Net purchases by U. S., 905
Production, 904, 905
Reserves of central banks and governments, 906
Reserves of foreign countries and international
institutions, 907
Stock, 845, 854, 905
Gold certificates, 849, 850, 851, 853
Govt. agencies, assets and liabilities, by type and
agency, 866, 867
Govt. debt (See U. S. Govt. securities)
Gross national product, 894, 895
Home owners, Govt. agency loans, 866, 867
Hours and earnings, manufacturing industries, 881, 889

925

926

FEDERAL RESERVE BULLETIN • AUGUST 1956

Industrial advances by Federal Reserve Banks, 849,
850, 851, 852
Industrial production indexes, 881, 882, 886
Instalment loans, 878, 879, 880
Insurance companies, 865, 870, 871, 876
Insured commercial banks, 857, 858, 896
Interbank deposits, 855, 859, 861
Interest rates:
Bond yields, 863
Business loans by banks, 863
Federal Reserve rates, 848, 852
Foreign countries, 913
Open market, 863, 913
Regulation V loans, 852
Stock yields, 863
International capital transactions of the U. S., 900
International financial institutions, 906, 907, 908
Inventories, 895
Investments (See also specific tvpes of investments):
Banks, by classes, 855, 858, 860
Federal Reserve Banks, 849, 850
Govt. agencies, etc., 866, 867
Life insurance companies, 865
Savings and loan associations, 865
Labor force, 888
Loans (See also specific types of loans):
Banks, by classes, 855, 858, 860
Federal Reserve Banks, 845, 847, 849, 850,
851, 852
Govt. agencies, etc., 866, 867
Insurance companies, 865, 876
Savings and loan associations, 865, 876
Loans insured or guaranteed, 851, 875, 876, 877
Manufacturers, production indexes, 881, 882, 886
Margin requirements, 848
Member banks:
Assets and liabilities, by classes, 855, 858
Banking offices, changes in number, 896
Borrowings at Federal Reserve Banks, 845, 847
Deposits and reserves, by classes, 847
Number, by classes, 855
Reserve requirements, by classes, 848
Reserves and related items, 845
Weekly reporting series, 860
Minerals, production indexes, 881, 882
Money rates (See Interest rates)
Mortgages (See Real estate loans)
Mutual savings banks, 854, 855, 857, 870, 871,
875, 896
National banks, 857, 896
National income, 894
National security expenditures, 869, 895
Nonmember banks, 849, 857, 858, 896
Par List, banking offices on, and not on, number, 897
Payrolls, manufacturing, index, 881
Personal income, 895
Postal Savings System, 854
Prices:
Consumer, 881, 892
Security, 864
Wholesale commodity, 881, 892
Production, 881, 882, 886
Profits, corporate, 873, 874




Real estate loans:
Commercial banks, 858, 860, 875
Type of mortgage holder, 875, 876, 877
Type of property mortgaged, 875, 876, 877
Regulation V, loan guarantees, 851, 852
Reserve requirements, member banks, 848
Reserves:
Commercial banks, 859
Federal Reserve Banks, 849, 850
Foreign central banks and governments, 906
Foreign countries and international institutions, 907
Member banks, 845, 847, 849, 850, 859, 861
Residential mortgage loans, 875, 876, 877
Sales finance companies, consumer loans of, 878, 879
Savings, 894
Savings deposits (See Time deposits)
Savings institutions, principal assets, 865
Savings and loan associations, 865, 876
Securities, international transactions, 903, 904
Security issues, 872, 874
Silver coin and silver certificates, 853
State member banks, 857, 896
State and municipal securities:
New issues, 872
Prices and yields, 863, 864
States and political subdivisions:
Deposits of, 859, 861
Holdings of U. S. Govt. securities, 870
Ownership of obligations of, 858, 865
Stock market credit, 864
Stocks:
New issues, 872
Prices and yields, 863, 864
Tax receipts, Federal, 869
Time deposits, 847, 854, 855, 859, 861
Treasurer's account balance, 868
Treasury cash, 845, 854
Treasury currency, 845, 853, 854
Treasury deposits, 845, 849, 850, 868
Unemployment, 888
U. S. Govt. balances:
Commercial bank holdings, by classes, 859, 861
Consolidated monetary statement, 854
Treasury deposits at Federal Reserve Banks,
845, 849, 850, 868
U. S. Govt. securities:
Bank holdings, 854, 855, 858, 860, 870, 871
Federal Reserve Bank holdings, 845, 849, 850,
870, 871
Foreign and international holdings, 907
International transactions, 903
New issues, gross proceeds, 872
Outstanding, by type of security, 870, 871
Ownership of, 870, 871
Prices and yields, 863, 864
United States notes, outstanding and in circulation, 853
Veterans Administration, loans, etc., 866, 867,
875, 876
Yields (See Interest rates)

(p THE FEDERAL RESERVE SYSTEM o)
BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES

JJL-X^i^^-V^^^-N-

Boundaries of Federal Reserve Districts




Boundaries of Federal Reserve Branch Territories

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