Full text of Federal Reserve Bulletin : December 1956
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE
•;-•%<<$
December
* ' AM' t-rO.
»
^ I»
I.I*
1
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
EDITORIAL
Elliott Thurston
COMMITTEE
Woodlief Thomas
Ralph A. Young
Winfield W. Riefler
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
Capital Markets in 1956
1277
United States Banking Organization Abroad
1284
Credit Extended by Banks to Real Estate Mortgage Lenders
1300
Law Department
1301
Current Events and Announcements
1312
National Summary of Business Conditions
1314
Financial and Business Statistics, U. S. (Contents on p. 1317)
1319
International Financial Statistics (Contents on p. 1373)
1374
Federal Reserve Board Publications
1389
Board of Governors and Staff
1393
Open Market Committee and Staff; Federal Advisory Council
1394
Federal Reserve Banks and Branches
1394
Index
1401
Map of Federal Reserve Districts
Inside back cover
Volume 42 * Number 12
Subscription Price of Bulletin
A copy of the Federal Reserve Bulletin is sent to each member bank without charge. The subscription price
in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican
Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru,
El Salvador, Uruguay, and Venezuela is $6.00 per annum or 60 cents per copy; elsewhere $7.00 per annum
or 70 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 50
cents per copy per month, or $5.00 for 12 months.
LARGE DEMANDS for long-term credit and
capital have accompanied the continued
growth in economic activity this year. Business financial needs have been particularly
strong, as expenditures for plant and equipment have risen to record levels and funds
available from operations have been no
greater than last year. Demands for credit
to finance construction and purchase of
homes and construction of community facilities by State and local governments have
also been large.
Long-term credit demands are largely met
through investment of the long-term savings
flowing to financial institutions such as life
insurance companies, pension funds, savings
and loan associations, mutual savings banks,
and commercial banks. To meet the sharp
rise in demands for long-term credit in 1955,
many institutions supplemented their inflows
of loan repayments and new savings by
borrowing or by reducing their holdings of
cash and Government securities.
The flow of new savings to financial institutions has increased moderately in 1956,
but supplementary funds have been more
difficult and more costly to obtain. Declining prices of Government securities have
increased the expense of obtaining funds
through further sales of such securities.
This increased cost, together with other restraints on credit expansion exercised by
the Federal Reserve System and the Federal
Home Loan Bank System, has tended to
limit the growth in long-term credit and to
relate it more closely.to the growth in longterm savings.
BOND YIELDS
WN.
1954
1955
1956
NOTE.—Series are from Moody's Investors Service. Corporate yields are weekly averages of daily figures; State and local
yields, Thursday figures. Latest figures are for week ending
Dec. 1, 1956.
Reflecting the pressure of current and prospective demands for credit and the limited
availability of credit supplies, long-term interest rates have risen and other borrowing
terms have become more restrictive. Yields
on outstanding corporate and municipal
bonds have increased substantially, as the
chart shows, and the increase in costs of new
borrowing has been even greater.
Rising interest rates have stimulated the
direct flow of individuals' savings into capital markets. Purchases of corporate and
municipal securities by individuals this year
have been greater than in 1955, and have
represented a larger share of their additions
to financial asset holdings. Use of credit by
individuals has declined, however, as borrowing to finance expenditures on homes and
durable goods has been less than in 1955.
1277
1278
FEDERAL RESERVE BULLETIN • DECEMBER 1956
Restraint in individuals' spending and borrowing and increases in their financial investment have partially offset pressures on commodity and credit markets arising from business expenditures for plant expansion.
INSTITUTIONAL FUNDS
The flow of new long-term savings to financial institutions has expanded moderately
this year. From January through September the increase in these savings, as measured by the growth in reserves of life insurance companies and pension funds, savings capital of savings and loan associations,
and savings and time deposits at banks,
amounted to $12.3 billion. This increase
was about $600 million more than in the
comparable period of 1955.
Insurance and pension fund reserves and
savings capital of savings and loan associations increased at a slightly faster rate
than last year, and there was little change in
the rate of growth in deposits at mutual savings banks. Expansion of savings and time
deposits at commercial banks was much
SELECTED TYPES OF SAVING
NET INCREASE, JANUARY THROUGH SEPTEMBER
Billions of dollars
COMMERCIAL BANK
SAVINGS AND TIME
DEPOSITS
MUTUAL SAVINGS BK.
DEPOSITS
SAVINGS AND IOAN
ASSOCIATION
SHAKES
AND
PENSION HESEtVES
19S2
1953
19S4
1955
1956
NOTE.—Data are from the Securities and Exchange Commission, National Association of Mutual Savings Banks, and Federal Savings and Loan Insurance Corporation.
larger than in 1955, as can be seen on the
chart, but was still well below the deposit
expansion in 1952, 1953, or 1954. Recently, the maximum permissible rates of interest payable by insured commercial banks
on savings and time deposits were raised by
joint action of the Federal Deposit Insurance Corporation and the Board of Governors of the Federal Reserve System. The
increase becomes effective January 1, 1957.
Moderate growth in the flow of savings to
institutions has been more than offset by reductions in funds from other sources that
were utilized by financial institutions in
1955. Last year, with credit demands rising
and a large volume of earlier commitments
to be fulfilled, many institutions supplemented the inflow of new savings by selling
Government securities or by borrowing.
Institutional demands for supplementary
funds added to the pressure of other loan
demands on the banking system and the
capital markets in 1955. Insurance companies, for example, increased their lending
on business securities and mortgages by arranging temporary financing of mortgage acquisitions through repurchase agreements
with commercial banks. Mortgage companies borrowed heavily from commercial
banks to carry portfolios until funds became
available from permanent lenders. Savings
and loan associations increased their borrowings from the Federal home loan banks and
reduced their balances held in these banks.
To supply funds, the Federal home loan
banks, in turn, increased their borrowings
from security markets.
As economic activity, stimulated by the
expansion in credit, pressed increasingly
against productive capacity during 1955, the
Federal Reserve System acted to restrain inflationary pressures by limiting the reserve
funds supplied through open market opera-
1279
CAPITAL MARKETS IN 1956
tions and by increasing the cost of member
bank borrowing. The Federal Home Loan
Bank System also acted to restrain growth
in mortgage debt by limiting the extent of
borrowing by its member associations.
In addition to these restraints on further
expansion of credit, financial institutions
have encountered increased market resistance in obtaining funds through sales of
United States Government securities. Corporate purchases of Government securities
in 1955 offset in large part sales by commercial banks and other financial institutions.
There has been a marked shift in corporate
demand for Treasury issues this year. Nonfinancial corporations reduced their holdings
of Government securities by an unusually
large amount in the first half of 1956, and
have added only moderately to their holdings since midyear. Although the Federal
Government has reduced the publicly held
debt outstanding by a substantial amount
this year, prices of Government securities in
all maturity ranges have declined.
Reflecting the reduced availability and increased cost of supplementary funds, many
financial institutions have exercised increasing selectivity and moderation this year in
lending and in commitments of future funds.
In the first nine months of 1956, savings
and loan associations limited the expansion
of their mortgage portfolios to $3.5 billion,
about the same increase as in their savings
capital, and reduced their indebtedness to
the Federal home loan banks. In the comparable period of 1955, the increase of $4.5
billion in their mortgage holdings exceeded
the net inflow of savings capital by more
than one-third.
Sales of Government securities by life insurance companies were large in the early
months of 1956, as these companies sought
funds to meet rising business loan demands
and to fulfill commitments made earlier. In
recent months both the reduction in Government security holdings and the expansion in portfolios of mortgages and business securities have been smaller. Commercial banks also made substantial reductions
in their holdings of Government securities
in the first half of the year. Since midyear
their holdings have increased somewhat,
while loan expansion has moderated.
LONG-TERM CREDIT DEMANDS
Further increases in business demands for
long-term credit and capital this year have
been accompanied by continued large demands for financing residential construction
and construction outlays of State and local
governments. Business financial needs have
been reflected in a record volume of security
flotations and large increases in bank loans
and commercial mortgages.
Expansion in home mortgage debt, while
less than in 1955, has been substantially
greater than in any other year since World
War II. Financing of toll-highway construction has declined further, but the volume of
State and local government bond issues for
most other programs has continued large.
Business. A record volume of expenditures for new plant and equipment this year
has increased business requirements for both
working capital and long-term funds. Early
in the year, credit demands were augmented
by the need for funds to finance large additions to inventories and to make heavy tax
payments on 1955 incomes. Continued rise
in capital outlays since midyear has sustained business demands for external funds.
The initial impact of business credit demands this year was heavier on commercial
banks than on capital markets. Corporate
liquidation of Government security holdings
in the early months of 1956 was much larger
1280
FEDERAL RESERVE BULLETIN • DECEMBER 1956
than in 1955, and many companies obtained
their external financing through bank loans
rather than security issues.
Although earlier surveys had forecast substantial increases in business expenditures
for new plant and equipment this year, the
net change in outstanding securities in the
first quarter of 1956 was little greater than
a year earlier, as is shown on the chart. Expansion of business loans at commercial
banks, in contrast, was more than two and
one-half times as great as in the first quarter
of 195 5. With demands for long-term funds
moderate, yields on corporate bonds declined somewhat in early 1956, while rates
on short-term bank loans were maintained.
Successive surveys of business spending
plans confirmed the magnitude of the increase expected this year in capital outlays
by manufacturing companies, and indicated
a substantial upward revision in proposed
IUSINESS I0M0WING
N«t change, billiont of dolldri
SECURITY ISSUES
1955
1956
NOTE.—Quarterly changes in commercial and industrial loans
at all commercial banks and Securities and Exchange Commission estimates of net change in outstanding corporate securities.
spending by public utility companies. This
revision was of marked significance for capital markets, since utility expansion customarily is financed to a greater extent through
sales of securities than are capital outlays by
other industries.
The impact of business spending plans
on capital markets was increasingly evident
by late winter, as the volume of security
flotations, of announcements of prospective
flotations, and of commitments for future
borrowing from institutional lenders increased rapidly. Yields on corporate securities rose sharply from early March through
late April, then stabilized at these higher
levels until early July.
Business financial pressures have not
moderated significantly since midyear. Plant
and equipment expenditures have continued
to rise, and financing of customers through
accounts receivable has increased, as is usual
in the second half of the year. In some
manufacturing industries, such as metals and
metal products, short-term financing needs
were reduced somewhat in summer and early
fall by a decline in the rate of inventory accumulation. Recently there has been a resumption of borrowing by these industries.
Internal sources of funds have not kept
pace with the continued rise in business outlays. Funds from operations have been no
larger than in the first half of the year. While
depreciation allowances have increased further, corporate profits have been lower in the
second half and dividend payments have increased.
Reductions in liquid asset balances and increases in short-term borrowing earlier in the
year reduced corporate liquidity by mid1956 to the lowest point in the postwar
period. Decreased liquidity and the need to
provide for future tax payments have limited
further financing from these sources. Business needs for external financing, particularly
CAPITAL MARKETS IN 1956
1281
for long-term funds, have therefore resecurity flotations this year has been for new
mained strong since midyear, and flotations
capital; the volume of flotations for refundof securities have been in record volume.
ing purposes has been relatively small. For
Pressure of business demands for longthe year as a whole, proceeds from new
term credit has been reflected in a rapid rise
capital issues are likely to be about one-sixth
in costs of borrowing. Yields on new secugreater than in 1955.
rity issues have increased by about % of a
Reflecting financing needs arising from
percentage point since June and are at a level
plant expansion programs, the largest insubstantially above the previous postwar
creases in security flotations have been in
peak in mid-1953. The rise in yields on
manufacturing and public utility industries.
new issues has been greater than the increase
With the rate of growth in consumer borin yields on outstanding bonds, as is characrowing for purchases of durable goods reteristic of a period of large demands for
duced, the volume of securities issued by
loans.
sales finance and consumer finance companies
has been slightly smaller than in 1955.
Other borrowing terms have also become
State and local governments. Further
more restrictive. In many cases, the time
expansion of governmental services to meet
periods during which issues may not be rethe needs of a growing and mobile populafinanced have been lengthened considerably,
and the prices at which debt may be re- tion resulted in a 10 per cent rise in construction expenditures by State and local governdeemed before maturity have been raised.
ments this year. Backlog demands for most
Despite the rise in interest costs and the
types
of community facilities remain large;
relatively high level of common stock prices,
in November, voters approved a record
the bulk of new security flotations continues
volume of capital projects to be undertaken
to be debt rather than equity issues. The
in the future.
volume of stock offerings has been no larger
this year than in 1955.
The rise in current and prospective spending has been accompanied by a large amount
As might be expected in a period of rising
of borrowing by State and local governinterest costs and restricted availability of
ments this year. The total volume of bond
internal funds, a large share of corporate
issues, however, is likely to be about 10 per
CORPORATE SECURITY ISSUES
cent
less than in 1955, because increases
JANUARY-NOVEMBER, 1954-56
in
flotations
of securities to finance sani[In billions of dollars]
tation and other community services have
Type, or purpose of issue
1955
1956
1954
been more than offset by decreases in bond
flotations for public housing and for toll
8.5
9.3
9.9
Gross proceeds, total
roads. The sharp drop in new financing
6.6
7.2
6.6
Bonds
for toll roads has reflected increased doubts
0.6
Preferred stocks
0.8
0.6
about the economic feasibility of some pro2.1
2.1
Common stocks
1.1
jected
highways, particularly in view of cur9.1
9.7
Net proceeds, total
8.4
rent interest costs, as well as uncertainties
7.9
New capital
6.9
9.3
earlier in the year about the development of
1.2
Refunding
0.4
1.5
a new Federal highway program.
NOTE.—Securities and Exchange Commission estimates; figures
With the volume of new bond issues only
for October and November 1956 estimated by Federal Reserve. Net
proceeds exclude costs of flotation. Data on type of security not
moderately below the 1955 total and comavailable on net-proceeds basis.
1282
FEDERAL RESERVE BULLETIN • DECEMBER 1956
petitive demands for long-term capital rising,
markets for State and local government securities have been under pressure during most
of 1956. Many investors are willing to accept a lower return on State and local government securities than on alternative longterm investments because the interest paid
on them is exempt from Federal income
taxes. In recent years these bonds have
yielded from % to 1 percentage point less
than corporate securities of comparable
quality. A marked widening of the differential reduces the attractiveness of the taxexemption feature, however. With strong
business demands for credit reflected in rising yields on corporate securities, State and
local governments have had to adjust the
terms offered on their obligations in order to
compete for available long-term funds.
STATE AND LOCAL GOVERNMENT IONDS
2.SO
2.00
Million) of dollofl
I 400
DEALERS' INVENTORIES
300
J
V
/
:
1
200
\
I
!
!
/
N
•
100
300
NEW
ISSUES
L/vLJ
IV
100
u
VW
i
200
0
i
JUNE
1956
NOTE.—Weekly series. Yields are Moody's Aaa bonds,
Thursday figures. Dealers' advertised inventories, from The
Blue List, Friday data. New issues, Federal Reserve compilation of Bond Buyer data. Latest figures are for week ending
Dec. 1, 1956.
The rise in municipal yields has not been
continuous throughout the year, as can be
seen on the chart. In February, in June, and
again in October, concentrations of new issues were greater than capital markets could
absorb readily. As the volume of current
issues and announcements of prospective
flotations mounted, dealers' inventories of
unsold securities increased, and yields were
subsequently adjusted upward in order to
complete the distribution of issues.
For many large-scale construction projects, the timelag between authorization of
the project and inception of construction is
relatively long, and the timing of financing
can be adjusted to take advantage of shortterm fluctuations in market conditions. Each
sharp rise in interest costs this year has therefore caused temporary postponement of
some borrowing. As the volume of flotations diminished and dealers' inventories of
securities declined, pressure on yields abated.
Intensification of demands for long-term
capital throughout the economy during 1956
has carried yields to higher peaks in each
upswing and has moderated subsequent declines. By mid-December, yields on State
and local government bonds were about onethird above those at the beginning of 1956.
Residential construction. Expenditures
for residential construction have been relatively stable during 1956, at a level about
one-tenth below the record set in 1955, but
much higher than in any previous postwar
year. The number of new dwelling units
started has declined more than housing expenditures, for rising building costs and a
trend toward construction of more expensive
houses have moderated the decline in dollar
volume of housing outlays.
Continued high levels of expenditures
for new and older houses have been reflected
in continued strong demands for mortgage
1283
CAPITAL MARKETS IN 1956
money. Home mortgage debt increased
$8V2 billion in the first nine months of the
year, one-seventh less than the record growth
in the comparable period of 1955, but more
than one-fourth larger than in 1954.
Conventional loans have accounted for a
larger share of the expansion in home mortgage debt this year. The net growth in
conventional loans outstanding has been as
large as in 1955, while financing through
mortgages insured or guaranteed by the Federal Government has been smaller than last
year. Government-underwritten financing
is still large, however. As is shown on the
chart, the net growth from January through
September in Government-underwritten
loans outstanding was much greater than in
most recent years.
The increased proportion of conventional
mortgage loans this year reflects changes in
the availability of resources among lending
institutions as well as institutional responses
to competitive demands for long-term capital. In the latter part of 1954, institutional
lenders made commitments for a large
volume of lending on Federally underwritten
mortgages. Fulfillment of these commitments in 1955 required sales of United
States Government securities and extensive
resort to supplementary credit, obtained
largely from commercial banks and the Federal home loan banks.
Since late 1955 supplementary credit has
become less readily available, the cost of obtaining funds through sales of Government
securities has increased, and yields on alternative investments have risen. Interest rates
on mortgages guaranteed or insured by the
Government are fixed by law or regulation.
Although alignment of these rates with yields
on alternative investments is made by the
market through a discounting process, the
range of adjustments is limited and adjust-
KOME MORTGAGE DEBT
NET
INCREASE,
JANUARY
THROUGH
SEPTEMBER
Biiiiont of dollars
OOVCRNMENTUNDERWRITTEN
LOANS
1952
19S3
1954
1955 1956
NOTE.—Quarterly net changes in total home mortgages are
Federal Reserve estimates adjusted to annual data of the Federal Home Loan Bank Board. Government-underwritten loans
are based on Veterans Administration and Federal Housing
Administration data; conventional loans are derived.
ments tend to lag behind the rise in other
rates. As a result, lenders have been increasingly reluctant this year to lend or to
make commitments for future loans on Federally underwritten mortgages.
Large acquisitions of these mortgages by
financial institutions in late 1955 and early
1956 reflected in part the fulfillment of loan
commitments and repurchase agreements
made earlier. Since the spring of this year,
both acquisitions of Federally underwritten mortgages and commitments for future
acquisitions have declined. No comparable
decline has occurred in either lending or
commitments for conventional mortgages,
the terms of which can more easily be adjusted to current market conditions.
In early December, the Federal Housing
Administration increased maximum permissible interest rates on insured home mortgages. This action, effective December 4,
raised the FHA rate on home mortgages to
5 per cent from 4Vi per cent, the rate that
had prevailed since May 1953.
United States Banking Organization
Abroad
UNITED STATES BANKS conduct business
abroad through correspondents, branches,
and subsidiary institutions. A bank's choice
among these various facilities depends principally upon relative advantages in terms of
its own organization and type of business
as well as conditions in the countries in
which it intends to operate. "Foreign banking" and "foreign financing" corporations
are special types of subsidiary institutions,
chartered in the United States, through which
a United States bank may conduct activities
abroad separately from its operations in this
country. These corporations may also serve
as intermediaries through which United
States banks may participate with other
banking as well as with nonbanking interests
in certain phases of foreign and international
business.
These corporations, which appeared as
early as 1901, have filled limited but special
overseas needs of American banking. State
bank participation in these corporations has
always been contingent upon authority provided by State laws, and since the Banking
Act of 1933 State banks which are members of the Federal Reserve System have
also been subject to the same provisions,
in this respect, as national banks. In 1916
Section 25 of the Federal Reserve Act was
amended to authorize national banks to invest in stock of State chartered corporations
engaged in foreign banking, provided such
corporations agreed to operate in accordance
with limitations prescribed by the Federal
Reserve Board. In 1919 the Edge Act
amended the Federal Reserve Act by addition of Section 2 5 ( a ) . This amendment
authorized the Board to charter corporations
engaged in foreign banking and other foreign financial operations and made such
corporations subject to regulation by the
Board and their stock eligible for purchase
by national banks. Federal charter thus was
made available for corporations that engage
in foreign banking or foreign financing, provided they meet certain legal requirements.
Their stock could be held by United States
banks as well as by other investors. In practice, only a few corporations formed by or
with the participation of United States banks
have availed themselves of this Federal charter; most have been formed under State laws.
Organization of such State and Federally
chartered corporations reached a peak between 1916 and 1920, a period of great expansion of the foreign trade of the United
States. In recent years there has been renewed interest in such institutions.
The Board of Governors has issued a revised Regulation K, effective January 15,
1957, which applies to Federal corporations
NOTE.—This article was prepared by Frank M.
Tamagna of the Board's staff and Parker B. Willis
of the staff of the Federal Reserve Bank of Boston,
and is based upon an internal study made for a System
Committee by Parker B. Willis. Staff members of
the Board and various Federal Reserve Banks assisted
in the preparation of this article—in particular, Glenn
M. Goodman, Charles H. Bartz, and John M. Poundstone of the Division of Examinations, Frederic
Solomon of the Legal Division, and John J. Hurley
of the Division of Bank Operations. The authors
wish to acknowledge the cooperation received from
interested banking institutions.
1284
UNITED STATES BANKING ORGANIZATION ABROAD
chartered under Section 25(a) of the Federal Reserve Act, and also (with certain exceptions) to State chartered corporations in
which member banks participate under Section 25 of the Federal Reserve Act. The
new regulation, the text of which appears
on pages 1301-11 of this BULLETIN, reaffirms and clarifies the separation of deposit
banking and other financing functions that
has been part of the regulation since it was
first issued in 1920.
Under the revised regulation, a foreign
banking corporation may conduct deposit
business, accept drafts or bills of exchange,
and make loans related to foreign business.
Subject to specific permission of the Board,
it may also invest in stock of other corporations engaged in foreign banking activities.
Such a banking corporation is not permitted
to issue, underwrite, sell, or distribute securities, or to issue its own obligations except
promissory notes due within one year and
evidencing borrowing from banks. On the
other hand, a foreign financing corporation
is not authorized to receive deposit accounts or to accept drafts or bills of exchange, but may finance itself by the issuance of debentures, bonds, and other such
obligations, and, upon application to the
Board, may obtain general advance permission to make certain kinds of investments in other foreign corporations not engaged in banking business. Neither a foreign banking nor a foreign financing corporation may engage directly or indirectly
in domestic United States business.
Revised Regulation K defines the conditions and limitations under which a foreign banking or financing corporation might
carry on business in the United States
which is "incidental to its international or
foreign business." It prescribes acceptance,
loan, and borrowing limitations, amount and
1285
form of reserves against deposits, and other
operating procedures and limitations for
banking and financing corporations.
UNITED STATES BANKING ABROAD
Most United States banks that conduct
foreign business rely on correspondent banks
to handle their overseas transactions. Under
this system, a United States bank has an
arrangement with a foreign bank, either directly or through another domestic bank,
under which the two banks act as agents
for each other. Banks that have or intend
to develop substantial foreign business often
supplement their correspondent relationships by establishing representatives' offices
in selected foreign cities. A representative's
office is a means of establishing better relations with foreign markets and closer ties
with local banks in those markets. Wide
use of the correspondent system reflects the
tradition and nature of the unit banking system of the United States, as well as the fact
that most United States banks do not have
sufficient foreign business to justify establishments abroad.
A few of the largest institutions, handling
about two-thirds of the foreign commercial
banking business of the United States, have
developed their own overseas banking organizations. While these banks have usually chosen a direct branch organization for
this purpose, in some instances they have
established foreign banking corporations—
chartered in the United States—to supplement their foreign branch operations or to
serve other special needs. In comparison
with the correspondent system, a direct organization has certain advantages—such as
the prestige attached to the name of the
United States bank, direct relations with
prospective foreign customers, and closer
contacts with conditions abroad. On the
1286
FEDERAL RESERVE BULLETIN • DECEMBER 1956
other hand, direct operations in foreign markets may deprive the United States bank
of some foreign correspondent business.
By and large, foreign branches and foreign banking corporations perform the same
transactions in the markets in which they
operate. As compared with a branch, a
banking corporation has some disadvantages, such as smaller loan limits, but it also
offers some advantages. A banking corporation may be more flexible than a branch
in meeting particular or changing conditions
in foreign markets. For instance, it can
acquire controlling or minority interests in
a foreign bank, thus holding shares jointly
with local investors, which a foreign branch
cannot do. A foreign financing corporation,
on the other hand, may conduct abroad certain investment-type activities that are not
permitted to a United States bank. Both
types of foreign corporations—that is, banking and financing—may facilitate closer cooperation between United States and foreign banks and foster the use of American
and foreign capital for financing trade and
investment overseas.
EARLY ACTIVITIES
Before enactment of the Federal Reserve
Act, national banks did not have the power
to establish branches, either at home or
abroad, although several States allowed
banks incorporated under their laws to do
so. The operation of foreign branches
was confined to a few "private" (unincorporated) banks and one or two State banks,
and these conducted only a relatively small
amount of foreign business. Also, there was
no specific provision in the law authorizing
national banks to accept drafts, which at
that time were the primary instruments for
financing international trade.
The first foreign branch of a United States
banking institution is believed to have been
established in London in 1887 by JarvisConklin Mortgage Trust Co., New York.
When this institution closed in 1893, its
London branch was taken over by North
American Trust Company, New York. In
1897 Guaranty Trust Company of New
York opened its London office, which it still
maintains. In 1901 International Banking
Corporation was organized under Connecticut law and soon established branches in
London, Asia, and other parts of the world.
Various banks and insurance companies
held interests in this corporation from time
to time before it was acquired by The National City Bank of New York in 1915.
Branches in London and Paris were established in 1906 by Farmers Loan and Trust
Company, New York, and in 1912 by Equitable Trust Company, New York; the latter
succeeded to the London branch of the
North American Trust Company. Another
branch in London was opened in 1913 by
Empire Trust Company, New York. A foreign banking corporation, Continental
Banking and Trust Company, was organized
in 1913 under the laws of West Virginia
and conducted business through offices in
New York and Panama until dissolved in
1922. Thus, by 1914 four United States
banks incorporated and doing a regular
banking business in New York and two foreign banking corporations operating primarily abroad had a total of 26 branches
in foreign places.
On the whole, United States banks played
a minor role in foreign financing in this period, and most of our foreign trade was
financed in sterling by London banks. One
reason may have been that, in the early period of the national banking system, United
States banks were hard pressed to service
domestic trade and investments and found
UNITED STATES BANKING ORGANIZATION ABROAD
little incentive ta provide the special credit
requirements of the export business.
By 1900, as this nation offered more
manufactured goods in the world market,
the composition of trade between the United
States and Europe began to change. The
partial shift in exports from food and raw
materials to manufactured products created
complex and diverse problems for marketing
and financing these products and gave rise
to demand for improved foreign banking
facilities. The National Monetary Commission, reporting in 1911 on the need for banking reform, specifically pointed to the absence of United States banking institutions
in foreign countries as one of the weak points
of our financial structure, and concluded that
the organization of such banks was necessary for the development of our foreign
trade.
The Federal Reserve Act, passed on December 23, 1913 included provisions authorizing national banks to accept drafts
and to establish foreign branches when approved by the Federal Reserve Board. This
change in powers and the strength resulting
from establishment of the Federal Reserve
System facilitated the rapid expansion of
foreign branches by United States banks
which accompanied the growth of our foreign trade and the transformation of the
United States into a creditor nation during
and after World War I.
PROVISIONS IN FEDERAL RESERVE ACT
Section 25 of Federal Reserve Act. Section
25 of the original Federal Reserve Act authorized the establishment of branches
abroad by national banks having capital and
surplus of not less than $1 million, conditional upon application to and approval by
the Federal Reserve Board.
The National City Bank of New York
1287
was the first national bank to use the new
power to establish foreign branches. It
opened a branch in Buenos Aires in 1914
and followed with other branches in Latin
America. In 1917 The First National Bank
of Boston established a branch in Buenos
Aires to serve New England wool and hide
industries, and later opened a branch in
Havana to finance the sugar trade.
Amendment of Section 25 in 1916. Shortly
after passage of the Federal Reserve Act,
discussions were revived with regard to the
desirability of permitting United States banks
to participate in foreign subsidiaries. One
of the points made was that small banks
could not individually take advantage of
the provisions governing foreign branches,
but that by uniting with other banks they
could participate in foreign business through
establishment of foreign banking corporations.
Participation in such corporations was
made possible by an amendment of Section
25 of the Federal Reserve Act. This amendment (approved on September 7, 1916) authorized national banks with capital and
surplus of $1 million or more to invest up
to 10 per cent of their capital and surplus
in the stock of corporations "principally engaged in international or foreign banking,
or banking in a dependency or insular possession of the United States, either directly
or through the agency, ownership, or control
of local institutions in foreign countries, or
in such dependencies or insular possessions."
This amendment related to corporations "incorporated under the laws of the United
States or any State thereof." However, no
provision was made for Federal chartering
of such corporations and, in practice, the
amendment remained applicable to corporations incorporated under State laws.
Investment by a national bank in this type
1288
FEDERAL RESERVE BULLETIN • DECEMBER 1956
of corporation was made subject to permission by the Federal Reserve Board. The
amendment provided that, in order to have
its stock eligible for purchase by a national
bank, the corporation should "enter into
an agreement or undertaking with the Federal Reserve Board to restrict its operations
or conduct its business in such manner or
under such limitations and restrictions as
said Board may prescribe." Corporations
that have entered into such an agreement
or undertaking have become known as
"agreement corporations."
The National City Bank of New York and
and The First National Bank of Boston were
among the first banks to have their own foreign banking corporations under this provision. Other national banks became stockholders of similar corporations, and some
of them subscribed to the extent permitted
by the amendment.
Act of September 17, 1919. As part of a
series of measures to maintain a high level
of exports from the United States, legislation was enacted after World War I to facilitate long-term borrowing by Europeans
through the placement of securities with private investors in the United States. The Act
of September 17, 1919 amended Section 25
of the Federal Reserve Act to provide that
until January 1, 1921 any national bank,
with the permission of the Federal Reserve
Board, could invest up to 5 per cent of its
capital and surplus in the stock of corporations engaged in "international or foreign
financial operations" necessary to facilitate
American exports. No corporations of this
type were formed or owned by member
banks.
The Edge Act. The Act of December 24,
1919, commonly called the Edge Act for
Senator Edge of New Jersey, added Section
25(a) to the Federal Reserve Act. This
section authorizes the Federal Reserve
Board to charter corporations "for the purpose of engaging in international or foreign
banking or other international or foreign
financial operations . . . either directly or
through the agency, ownership, or control
of local institutions in foreign countries . . .
and to act when required by the Secretary
of the Treasury as fiscal agents of the United
States. . . ."
The Federally chartered corporations to
be organized under the Edge Act were required to have a minimum capital of $2 million, with the controlling interests held by
United States citizens, and were made subject to regulation by the Federal Reserve
Board. Regulation K, first issued by the
Board in 1*920, distinguished between "foreign banking" (the creation of bankers' acceptances and receipts of deposits) and
"foreign financial operations" (investmenttype operations, such as the issuance of their
own obligations or the selling of foreign
securities with their guaranty). Corporations chartered by the Board under these
provisions are commonly referred to as
"Edge corporations."
The discussions and debates that led to
passage of the Edge Act reflected the American tradition of opposition to concentration
of power. One question raised at the time
was whether the proposed Act would encourage monopoly or branch banking in the
United States. Sponsors of the Act pointed
out its safeguards, including the limitations
on activities of Edge corporations in the
United States. In a further attempt to allay
misgivings and emphasize the limitations,
the authorization for the corporations to engage "principally in international or foreign
banking" was changed, first by the Senate
and then by the House, by striking out the
word "principally" as the bill passed through
1289
UNITED STATES BANKING ORGANIZATION ABROAD
Congress.
Agreement and Edge corporations have
been permitted a certain flexibility of operation that has helped United States banks to
meet foreign competition and to engage in
activities which, while customary in foreign
markets, are unnecessary or unusual within
the United States.
FOREIGN OFFICES
The number of foreign offices operated by
United States commercial banks and foreign banking corporations expanded rapidly between 1916 and 1920 and reached
a peak in the latter year. The number of
foreign offices was reduced by the depressions of the early twenties and the thirties
as well as by uncertainties in the ensuing
years. World War II led to the closing of
a number of branches abroad, but renewed
interest in the foreign field has led to expansion of branches abroad in recent years.
UNITED STATES BANKS AND BANKING
CORPORATIONS OPERATING FOREIGN OFFICES
SELECTED YEARS, 1913-56
Year-end
Number of banks
and banking
corporations 1
Number
of foreign
offices
1913..
1920
1926
1933
1937
1945
1955
1956 (November 30) .
6
12
12
9
11
10
11
11
26
181
107
132
108
78
117
122
1
Until 1925 more foreign branches were maintained by banking corporations than by banks. The largest number is now
represented by direct branches of United States commercial
banks. Currently three national banks (First National City
Bank of New York; First National Bank of Boston; Bank of
America National Trust and Savings Association, San Francisco) and four State banks (Chase Manhattan Bank, Bankers
Trust Company, Guaranty Trust Company, and Hanover Bank,
all in New York) engage in banking abroad through direct
branches.
Seven foreign banking and financing corporations are maintained by United States
banks. First National City Bank of New
York and First National Bank of Boston each operate one State chartered agreement corporation—International Banking
Corporation and First of Boston International Corporation, respectively. Bankers
Trust Company and J. P. Morgan & Co., Incorporated (both in New York) also operate agreement corporations—Bankers Company of New York, and Morgan & Cie. Incorporated. Chase Manhattan Bank, in
New York, is associated with two Edge corporations: The Chase Bank, which it wholly
owns, and the American Overseas Finance
Corporation, which it established in 1955
jointly with four other banks having substantial foreign business. Bank of America
NT & SA owns Bank of America, New
York, an Edge corporation.1
FOREIGN
SUBSIDIARIES
The passage of legislation related to foreign subsidiaries of United States banks and
the growth of foreign trade and investment
resulted in a rapid expansion of foreign
banking and financing corporations during
World War I and in postwar years. Altogether, 18 corporations were organized between 1919 and 1929, of which 15 were
established under State charters and operated under agreements with the Board and
three were chartered by the Board under
Section 25 (a) of the Federal Reserve Act.
The organization and activities of selected
foreign banking corporations during this period are described on pages 1292-95.
Most of the corporations formed in these
early years represented the combined interests of various United States banks, some
1
Table 1 on p. 1296 lists branches of United States banks and
banking corporations as of Nov. 30, 1956. Table 2 lists agreement and Edge corporations currently engaged in active operations. Table 3 lists former corporations whose operations have
been discontinued. For a comparative analysis of international
activities of United States banks and of banks of different nationalities, see the article "United States Banks and Foreign
Trade Financing" in the Federal Reserve BULLETIN, April 1955,
pp. 357-67.
1290
FEDERAL RESERVE BULLETIN • DECEMBER 1956
of them were jointly owned with foreign participants, and a few were wholly owned subsidiaries of leading banks in New York and
Boston. Most of these corporations conducted a general foreign banking business,
and their branches were located throughout
Latin America, in the Far East, and in important European cities. Sixteen of these
corporations had been liquidated by the
early thirties or absorbed by other corporations or by banks, which in many cases
took over some of the offices and continued
part of the business of the former institutions. In addition to the two remaining
corporations, only two agreement and three
Edge corporations have been established
since 1930 and continue operations at the
present time.
The experience of foreign banking corporations in these early years was not as
successful as had been hoped, and a number of the corporations which had set up
establishments abroad closed with losses to
shareholders. Some corporations did not
open foreign branches, but directed their
business to foreign correspondents. Other
corporations did not develop or maintain
a sufficient volume of foreign business to
warrant their existence. Nevertheless, the
experience of these years was reflected in additional foreign facilities, some improvement
in banking practices, and recognition of the
problems and hazards involved in foreign
financing.
A number of explanations have been advanced for the experience of foreign banking corporations in this period. The beginnings of many of these corporations coincided with the decline in foreign trade during
the economic crisis of 1920-21, and their
difficulties were continued by the instability
of world prices in later years. Too great reliance on untested techniques, together with
shortages of experienced personnel, contributed to unsuccessful operations, which
in turn affected attitudes toward this type
of institution. At the same time, leading
United States banks expanded their own foreign departments, thus providing to a greater
extent the credit and related facilities that
international business required.
These developments tended to reduce the
need for some of the special functions of
the corporations. Also, there was some
feeling during the 1920's that foreign markets could be satisfactorily serviced and financed through their own local institutions.
In the last analysis, there was some doubt
among American bankers whether the additional business obtained by direct operations
abrbad would compensate for the loss of
business received from foreign correspondent banks.
The depression of the 1930's and widespread systems of exchange and trade controls diminished foreign trade and interest
in foreign banking. World War II further
reduced the number of establishments
abroad and temporarily precluded interest
in foreign expansion.
CURRENT OPERATIONS
In recent years the growth of United States
trade and investments overseas, together
with the gradual liberalization and stabilization of foreign currencies, has resulted in renewed interest in foreign banking. New Edge corporations of the banking
and financing types were formed in 1949
and 1955, and older Edge and agreement
corporations have shown a tendency to expand their operations.
The First National Bank of Boston has
operated its affiliate, First of Boston International Corporation, since 1918, and has
channeled part of its business with its direct
UNITED STATES BANKING ORGANIZATION ABROAD
branches in Latin America and its foreign
correspondents there and elsewhere through
the affiliate. Bank of America NT & SA of
San Francisco has operated its affiliate Bank
of America, New York, for similar purposes
since it was established in 1949. Unlike
First of Boston International Corporation,
however, Bank of America, New York,
maintains four branches and other facilities
abroad and holds minority participation in
three foreign financial institutions—IberoAmerika Bank A.G. (Bremen), Descuento
Agricola S.A. (Mexico D.F.), and Industrial Credit and Investment Corporation of
India Limited (Bombay).
First of Boston International Corporation
and Bank of America, New York, have their
principal offices in New York, which they
regard as important for the conduct of their
foreign business. This preference for New
York, rather than for the centers in which
the parent institutions are located, arises
in large part from the flow of commercial
and financial business through that city,
and in part from the prevailing view, in the
United States and overseas, that a New
York office is essential for efficient service
in the handling of international transactions.
Since the transfer of its foreign branches
to the parent institution in the mid-twenties,
the International Banking Corporation—
foreign affiliate of First National City Bank
of New York—has conducted limited banking business and has served primarily administrative purposes, such as holding stock
of other institutions. In September 1955 it
acquired the business of the Bank of Monrovia, previously operated by the Firestone
rubber interests in Liberia, and formed a
new institution with a similar name under
Liberian law.
Unlike other foreign banking corporations, Morgan & Cie. Incorporated—affiliate
1291
of J. P. Morgan & Co. Incorporated—conducts all dealings with the public through
its Paris office. The Corporation does a
general banking business and, in effect,
serves as a branch in Paris of the New York
parent institution.
Since the early fifties, The Chase Bank
(owned by the Chase Manhattan Bank) has
shifted its activities from commercial banking to direct investments, principally of a
development nature. In 1955 it established
a Canadian company, Arcturus Investment & Development Ltd., for the purpose
of making investments in foreign countries.
In another phase of its activity, The Chase
Bank holds the stock of a foreign fiduciary
affiliate, The Chase Manhattan Executor
and Trustee Corporation Limited, London,
formed in 1930, which conducts the trust
work of the London branch of Chase Manhattan Bank and a limited amount of trust
work in Canada. Bankers Company of
New York performs the same functions for
Bankers Trust Company, holding the stock
of Bankers Trustee and Executor Co., Ltd.,
in London, which was organized in 1938.
This arrangement is used to permit these
banks to offer in England trust services,
which can only be performed by English
corporations. The Guaranty Executor and
Trustee Company Limited, established in
1925, performs the same services in London
for its stockholder, Guaranty Trust Company of New York. Because of the provisions of the Banking Act of 1933 prohibiting member banks from purchasing stock
except in certain limited cases, member
banks may acquire shares of foreign fiduciary affiliates only through foreign banking
corporations.
A foreign financing corporation, American Overseas Finance Corporation, was organized in 1955 by Chase Manhattan Bank,
1292
FEDERAL RESERVE BULLETIN • DECEMBER 1956
New York, Chemical Corn Exchange Bank,
New York, First National Bank of Boston,
Mellon National Bank and Trust Company,
Pittsburgh, and National Bank of Detroit.
It is the first private institution of this type
organized to assist United States manufacturers and exporters by providing intermediate and longer term credit on terms longer
than those normally extended by commercial banks.
The growth of activities of American
banks in the foreign field since the end of
the war has progressed with the gradual
stabilization of the world economy. The
increased interest of United States banks in
a wider range of foreign activities tends to
fill certain gaps in the financial facilities
available to United States businessmen, and
to strengthen the banks' relations with financial institutions in foreign countries.
NOTE ON FOREIGN BANKING CORPORATIONS, 1915-30
Foreign banking corporations have been
formed for a variety of purposes, have operated in various ways, and have experienced
diverse problems. In most cases these corporations have been organized by banks,
State and national, in New York, Boston,
and other important financial centers. Several of the corporations have been wholly
owned subsidiaries. In most instances, however, the initiating banks have invited their
correspondents to join in the enterprise,
and so banks in many sections of the country have participated in varying degrees in
both capital and management. Sometimes
one or more New York banks have joined
with banks located in a particular area of
the United States having common interests in
trade relations with a particular part of the
world. At least one corporation was formed
as the result of a community of interests
between United States and foreign financial
groups. The initiative in forming corporations has not always come from the large
financial centers; on occasion it has come
from banks in an area concerned with financing particular internationally traded commodities.
United States banks have used these affiliated corporations to expand foreign banking activities in several ways. In some cases
the corporations established foreign branches
or acquired participation in or control of
foreign banks with branches, which later
were converted into direct branches of the
parent bank. Many direct branches currently in operation were developed in this
way. In other cases the parent bank has
shared business with foreign correspondents and overseas branches with an affiliate:
this has been the practice of First of Boston
International Corporation and Bank of
America, New York.
Seventeen corporations established under
State charters have operated under agreements with the Board. Thirteen of these
have been liquidated or absorbed by other
corporations or by banks, and the imporant parts of their business or branches were
continued by successor institutions. The
majority of the corporations were established
in the years 1917-22, although two of the
four State corporations active today were
not established until 1931 and 1941.
Only six Edge corporations have been
established. Three were formed in the
1920's and were liquidated after five or more
years of operation. Other corporations
were proposed in this early period and some
of these went through early stages of organization, but were not completed. The
UNITED STATES BANKING ORGANIZATION ABROAD
three Edge corporations currently active
were formed in 1930, 1949, and 1955.
Operations of selected corporations.
The
past operations of foreign banking corporations show the diversity of functions for
which they have been used. The banking
business of three of the most important corporations that operated in the years between
1915 and 1930 was taken over and continued by United States banks.
International Banking Corporation was
established in 1901. It was acquired in
1915 by National City Bank of New York,
which used it until 1930 as the channel for
a broad foreign banking business. In 1924
the Corporation acquired the business of
Asia Banking Corporation, which had absorbed part of the activities of Park Union
Banking Corporation when it was liquidated
in 1922. International Banking Corporation also participated in organizing or was
a stockholder in several of the foreign banking corporations established during the
1920's. The stock of two subsidiaries of
National City Bank—International Finance
Company and Bank of Haiti—was in 1930
concentrated in the Corporation to simplify
management. Since that time the Corporation has been used for administrative purposes to a large extent.
International Banking Corporation, as
noted earlier, was the first American banking institution to establish a system of foreign branches. The charter granted by
Connecticut in 1901 was broad in scope.
The Corporation was organized principally
to develop and service American trade
with China and the Philippine Islands,
but it soon expanded and established
branches in other parts of Asia. Subsequently, branches were established in Panama as an aid to the United States Government in connection with the construction
1293
of the Panama Canal. After becoming affiliated with National City Bank it established a number of branches in Latin America, in Spain, and at additional points in the
Far East. Most of these branches were
eventually transferred to National City Bank
and thus became direct branches of that
bank, now First National City Bank of New
York.
Mercantile Bank of the Americas was
the earliest of the banking corporations established with participation of member
banks of the Federal Reserve System. It
was chartered under Connecticut law in
1915, having been sponsored initially by
two private banking firms—Brown Brothers
and J. & W. Seligman, and Guaranty Trust
Company. Later a number of national and
State banks joined in the ownership of this
bank.
Mercantile Bank of the Americas created
a number of affiliated corporations under
State charter and gained control of some
existing foreign banks, in addition to establishing a few direct branches. The bank
operated on the theory that since countries
differ as regards banking laws, currency, and
customs, a separate institution should be
formed to operate within each country.
These institutions were under joint American and local management.
Mercantile Bank developed an extensive
business, including usual banking operations
as well as related activities to facilitate trade
and development abroad. The decline in
value and volume of South American exports after the crisis of 1920, however, led
to reorganization of the bank in 1922 as
Bank of Central and South America, which
continued operations on a reduced scale.
When this bank was liquidated in 1925, the
Latin American branches were acquired by
Royal Bank of Canada.
1294
FEDERAL RESERVE BULLETIN • DECEMBER 1956
French American Banking Corporation
was established in New York in 1919 and
at that time was owned half by Comptoir
National d'Escompte de Paris and half
equally by First National Bank of Boston
and National Bank of Commerce, New
York. It was particularly concerned with
the development of trade relations between
the United States and France and her colonies. When National Bank of Commerce
merged with Guaranty Trust Company, the
Guaranty assumed its share in ownership.
United States banks' interest in this corporation continued until 1947, when they sold
their holdings to Banque de l'lndochine,
Paris. This led to the termination of the
agreement with the Board of Governors, but
the Corporation continues its activities in
New York under foreign ownership.
Equitable Eastern Banking Corporation
was created by Equitable Trust Company, a
New York bank, in 1920, with the participation of several banks on the Pacific Coast.
The Corporation, formed for the purpose of
handling the Equitable's Far Eastern banking business, opened branches in Shanghai,
Hong Kong, and Tientsin. Its major business was dealing in silver bullion and Hong
Kong dollars, although it also conducted
foreign trade financing. After acquisition
of Equitable Trust Company in 1930, Chase
National Bank continued the operation of
these offices as branches of its affiliate, The
Chase Bank, until developments following
World War II forced their closing.
International Acceptance Bank was organized under New York State laws in 1921
by a group of private financiers (led by Paul
M. Warburg) and banks (First National
Bank of Boston and others); its shares were
ultimately distributed in the United States
and Europe. This Bank conducted acceptance business and developed a large volume
of general banking business, becoming one
of the largest foreign banking corporations.
It established a representative's office in London, and acquired stock in three trade and
finance subsidiaries here and abroad. In
1929 stockholders agreed to exchange their
holdings for stock of Bank of Manhattan
Company of New York, which thus became
the sole owner and eventually absorbed the
business of the Acceptance Bank.
Corporations for administrative purposes.
Foreign banking corporations have been established as holding companies for special
administrative purposes. Among these were
International Finance Company (formerly
Citibank of New York in France S.A.) and
Bank of Haiti, both owned by National City
Bank, and The Chase Bank, owned by
Chase National Bank.
Before the income tax convention between France and the United States, foreign
banks in France were taxed on the basis of
that proportion of earnings considered by
the French fiscal authorities to have accrued
from operations of the banks' offices in
France. In order to meet this tax problem,
National City Bank set up a subsidiary (Citibank of New York in France, later renamed
the International Finance Company) to operate a Paris office. Similarly, Chase National Bank acquired control of a branch in
Paris, formerly belonging to the Equitable
Trust Company, through The Chase Bank.
Bank of Haiti was formed by National
City Bank of New York in 1925 to acquire
and hold the stock of Banque Nationale
de la Republique d'Haiti, whose activities,
since its opening in 1922, had been under
the supervision of National City Bank.
Banque Nationale was bank of issue and
fiscal agent for the Haitian Government,
and it operated a system of branches in
UNITED STATES BANKING ORGANIZATION ABROAD
Haiti. In 1930 International Banking Corporation acquired the stock of Bank of Haiti
and in 1935 sold Banque Nationale to the
Haitian Government.
Other corporations. Federal International
Banking Corporation, whose principal office
was in New Orleans, was formed in 1920,
chiefly at the initiative of banks in cottongrowing States. Its objective was to secure
more adequate credit facilities for the export
of cotton, tobacco, and lumber. The Corporation was liquidated in 1925.
National Shawmut Bank, Boston, together
with other Massachusetts, Rhode Island, and
1295
New York banks, organized The Shawmut
Corporation in 1919 for the purpose of
handling business with foreign correspondents. With the decline in foreign banking
in the early 1920's, the other banks withdrew and The Shawmut Bank took over the
foreign business and turned the Corporation
to operations in the domestic money market
—buying and selling acceptances and investments. The Corporation requested the Federal Reserve Board to cancel its agreement
in 1929; it discontinued its active operations
in 1934, and was completely liquidated in
1944.
NOTE.—Supplementary tables are shown on
the following pages.
Table 1
FOREIGN BRANCHES OF UNITED STATES BANKS AND BANKING CORPORATIONS
[In operation November 30, 1956]
The First National City Bank of New York
The First National City Bank of New York (Cont'd) The Chase Manhattan Bank, New York
England:
London (2 branches)
Saudi Arabia: Jeddah
England:
London (2 branches)
France:
Paris
Singapore:
France:
Paris
Argentina:
Buenos Aires (3 branches)
Rosario
Germany:
Frankfurt am Main
Brazil:
Porto Alegre
Recife
Rio de Janeiro
Salvador
Santos
Sao Paulo (2 branches)
Canal Zone:
Balboa
Cristobal
Chile:
Santiago
Valparaiso
Colombia:
Barranquilla
Bogota
Medellin
Cuba:
Caibarien
Cardenas
Havana (5 branches)
Manzanillo
Matanzas
Santiago
Singapore
International Banking Corp., New York 1
(Subsidiary of First National City
Bank of New York)
England:
London (inactive)
Bank of Monrovia, Liberia2
Liberia:
Monrovia
Bank of America National Trust and
Savings Association, San Francisco
England:
London (2 branches)
Guam:
Agana
Japan:
Kobe
Osaka
Tokyo
Yokohama
Mexico City (2 branches)
Panama:
Panama City (2 branches)
Philippines:
Manila
Peru:
Lima
Thailand:
Bangkok
Venezuela:
Caracas (2 branches)
Maracaibo
Egypt:
Cairo
Hong Kong: Hong Kong
Bank of America, New York 3
(Subsidiary of Bank of America
N.T. & S.A., San Francisco)
France:
Germany:
Paris
Duesseldorf
Lebanon:
Beirut
Singapore:
Singapore
le First National Bank of Boston
India:
Bombay
Calcutta
Argentina:
Japan:
Nagoya
Osaka
Tokyo
Yokohama
Avellaneda
Buenos Aires (4 branches)
Rosario
Brazil:
Rio de Janeiro
Santos
Sao Paulo
Cuba:
Cienfuegos
Havana (3 branches)
Sancti Spiritus
Santiago
Lebanon:
Beirut
Philippines:
Cebu
Clark Field
Manila (2 branches)
1
Foreign banking corporation operating under agreement with
Board of Governors of the Federal Reserve System pursuant to Section
25 of Federal Reserve Act.
2
Wholly owned banking subsidiary organized under Liberian law.
3 Foreign banking corporation organized under Section 25(a) of
Federal Reserve Act.
NOTE.—List comprises foreign branches of U. S. banks that are
members of Federal Reserve System, of foreign banking corporations
organized under or operating pursuant to provisions of Federal
Reserve Act, and of their wholly owned banking subsidiaries organized
under foreign laws. Does not include foreign fiduciary affiliates of
U. S. banks, banking facilities at U. S. military establishments
abroad provided through arrangements made by the U. S. Treasury
Department with U. S. banks designated as depositaries and financial
1296
Cuba:
Havana (3 branches)
Marianao
Panama:
Colon
David
Panama City
(Subsidiary of
International Banking Corp.)
Mexico:
Puerto Rice- Arecibo
Bayamon
Caguas
Mayaguez (2 branches)
Ponce
San Juan (3 branches)
Uruguay:
Montevideo
Canal Zone: Balboa
Cristobal
Puerto Rico: San Juan (3 branches
Japan:
Osaka
Tokyo
Lebanon:
Beirut
The Chase Bank, New York 3
(Subsidiary of Chase
Manhattan Bank)
France:
Paris (inactive)
Guaranty Trust Company of New York
Belgium:
Brussels
England:
London (2 branches)
France:
Paris
Morgan & Cie. Incorporated, New York*
(Subsidiary of J. P. Morgan
& Co. Inc.)
France:
Paris
The Hanover Bank, New York
England:
London (2 branches)
Bankers Trust Company, New York
England:
London
agents, and representative offices of U. S. banks in foreign countries.
As of June 30, military banking facilities were operated by Bank of
America, N. T. & S. A. in Japan (10), Korea (3), Guam (1) and
Saipan (1), and Bank of America, in France (2); by Chase Manhattan
Bank, in Japan (8) and Germany (1); and by First National City
Bank of New York, in Japan (8) and Philippines (1). As of the same
date, Bank of America, N. T. & S. A. had representatives in Paris,
Milan, Zurich, Mexico City, New Delhi, Havana, and Rio de Janeiro;
Chase Manhattan Bank, in Rome, Mexico City, Buenos Aires, and
Bombay; First National City Bank of New York, in Frankfurt;
First National Bank of Boston, in London; the Hanover Bank, in
Paris; and Manufacturers Trust Company of New York, in London,
Rome, Frankfurt and Tokyo.
TABLE 2
UNITED STATES FOREIGN BANKING AND FINANCING CORPORATIONS
[In operation November 30, 1956]
Name of corporation
Capital accounts and stockholders 3
Branches
Nature of business
Edge Act corporations1
The Chase Bank, New York
Chartered May 1930
Capital accounts: $14,238,000
The Chase Manhattan Bank, New York
The nature of the business has undergone a change since
the early fifties from general foreign banking to
investment of available funds. Owns stock of The
Chase Manhattan Executor and Trustee Corporation,
Ltd., which conducts trust business in London and
Toronto. In 1955 organized Arcturus Investment &
Development, Ltd., a Canadian company.
In 1931 acquired branches of Equitable Trust
Co. in Paris and Mexico City and of Equitable Eastern Banking Corp. in Shanghai,
Tientsin, and Hong Kong. All branches
closed, except Paris, which is now inactive.
Bank of America, New York
Chartered November 1949
Capital accounts: $19,479,000
Bank of America N.T. and S.A.,
San Francisco
General foreign banking.
Operates four foreign branches.
American Overseas Finance
Corporation, New York
Chartered June 1955
Capital accounts: $9,721,000
The Chase Manhattan Bank, New York
Chemical Corn Exchange Bank, New York
The First National Bank of Boston
Mellon National Bank and Trust Company,
Pittsburgh
National Bank of Detroit
Medium-term financing of purchases of U. S. equipment and services by foreigners, substantially without
recourse to U. S. manufacturers or exporters.
Foreign lending and investment to finance establishment and expansion of productive enterprises abroad.
None.
International Banking Corporation,
New York—originally The International Company
Chartered in Connecticut, June 1901
Capital accounts: $8,998,000
The First National City Bank of New York
(Originally an independent corporation
owned by industrialists and financiers, was
acquired by National City Company in 1915
and later transferred to National City Bank
of New York).
Until the thirties conducted widespread general banking
abroad. At present substantially all its limited banking operations are conducted at agency at New York
International Airport, which provides facilities for the
purchase and sale of foreign currencies, foreign
drafts, and travelers' checks. In September 1955
acquired business of Bank of Monrovia (incorporated under law of New Mexico, owned by Firestone
interests) and formed new institution with similar
name under Liberian law.
Operated a number of branches in Far East,
Latin America, and Spain until 1927.
Many of them were transferred to National
City Bank of New York. Currently has
dormant San Francisco office and inactive
London branch and operates agency at
New York International Airport.
First of Boston International Corporation,
Boston—originally The First National
Corporation Incorporated in Massachusetts, April 1918
Capital accounts: $1,181,000
The First National Bank of Boston
General foreign banking.
Conducts all business with public at the
New York office.
Bankers Company of New York, New York
Incorporated in Delaware, October 1931
Capital accounts: $281,000
Bankers Trust Company, New York
Owns stock of Bankers Trustee and Executor Company,
Ltd., which conducts trust business in London.
None.
Morgan & Cie. Incorporated, New York
Organized in New York,
September 1941
Capital accounts: $2,211,000
J. P. Morgan & Co. Incorpor
jrporated, New York
General foreign banking. War delayed beginning of
its operations until 1945, when it took over
business of Morgan & Cie., a French partnership.
The French banking firm was originally established
in 1867 as Drexel, Harjes & Cie.
Operates one branch in Paris, and conducts
all business with public at or for account
of Paris branch.
State corporations2
1 Chartered by Board of Governors and operating under Section 25(a) of Federal Reserve Act.
Organized under State laws and operating by agreement with Board of Governors under Section 25 of Federal Reserve Act.
3 Total capital accounts, as of June 30,1956; last three digits of figures are rounded.
2
TABLE 3
FORMER UNITED STATES FOREIGN BANKING CORPORATIONS
VO
00
Name of corporation
Capital accounts and stockholders3
Nature of business
Disposition
Branches and offices
Edge Act corporations1
First Federal Foreign Banking Association, New York
Chartered 1920
Capital accounts: $2,500,000
Bank of Manhattan Co., N. Y.
New York Trust Co.
Others, including industrial concerns
Foreign trade financing.
None.
Liquidated in 1925.
Federal International Banking Company,
New Orleans
Chartered 1921
Capital accounts: $3,250,000
Commercial banks in South and Southwest
Financing exports of cotton, lumber, and tobacco principally to
England and the Continent.
Representative's office in Houston,
Texas.
Liquidated beginning in 1925.
First Federal Foreign Investment Trust
Chartered 1926—name later changed
to First Federal Foreign Banking Corporation, New York
Capital accounts: $2,500,000
Stock sold to public under sponsorship of
F. J. Lisman & Co. N. Y. and of Foreign
Trade Securities Co., Ltd., N. Y. Later
control acquired by Bush Service Corp.
N. Y., then by Bank of America N. A.,
N. Y., (National City Bank of N. Y.,
upon acquisition of Bank of America
N. A.)
General foreign investment and
later foreign trade financing,
principally in South America.
Substantial part of business concerned with financing export and
distribution abroad of automobiles.
Subsidiaries in Argentina, Brazil, and
Switzerland; offices in several other
countries.
Liquidated beginning in 1933.
Mercantile Bank of the Americas, Incorporated, New York
Incorporated in Connecticut, 1915.
Capital accounts: $11,100,000
Brown Brothers & Co., N. Y.
J. & W. Seligman & Co., N. Y.
National Shawmut Bank, Boston
Anglo and London Paris National Bank,
San Francisco
Interests associated with Guaranty Trust Co.
General foreign banking; also
owned controlling interest in
three foreign trading companies.
Operated 4 direct branches in Europe,
various affiliated corporations in
Central and South America, and
agencies in Far East. One domestic
branch in New Orleans.
After crisis of 1921, the bank and
most of its affiliates were taken
over by Bank of Central and South
America in 1922—formed for that
purpose (see below).
American Foreign Banking Corporation,
New York
Incorporated in New York, 1917
Capital accounts: $6,500,000
Chase National Bank, N. Y.
Merchants National Bank, Boston
Corn Exchange National Bank, Chicago
First National Bank, Cleveland
Philadelphia National Bank
Stockholders included 36 banks in 23 States
General foreign banking.
Operated 21 branches variously situated
in Central and South America and the
Far East.
In
Asia^Banking Corporation, New York
Incorporated in New York, 1918
Capital accounts: $6,300,000
Guaranty Trust Co., N. Y.
Bankers Trust Co., N. Y.
Anglo and London Paris National Bank,
San Francisco
First National Bank of Portland
National Bank of Commerce, Seattle
Mercantile Bank of the Americas, N. Y.
General foreign banking.
Operated 12 branches variously situated
in Far East and a branch in San
Francisco.
In 1924, business sold to International
Banking Corporation and subject
placed in liquidation.
Park-Union Foreign Banking Corporation, New York
Incorporated in New York, 1919
Capital accounts: $4,400,000
National Park Bank, N. Y.
Union Bank of Canada, Winnipeg
General foreign banking.
Operated 3 branches in Far East, one
in Paris, and branches in San Francisco and Seattle.
Voluntary liquidation through Asia
Banking Corporation in 1922.
French American Banking Corporation,
New York
Incorporated in New York, 1919
Capital accounts: $5,900,000
National Bank of Commerce, succeeded by
Guaranty Trust Co., N. Y.
First National Bank of Boston
Comptoir National d'Escompte, Paris
General foreign banking, largely
with France and colonies. Also
domestic brokers' loans, trading
in Federal funds.
None.
American interests sold to Banque de
l'lndochine, Paris, in 1947. Corporation continues as American outpost for Comptoir National d'Escompte and Banque de l'lndochine.
The Shawmut Corporation, Boston
Incorporated in Massachusetts, 1919
Capital accounts: $2,500,000
National Shawmut Bank, Boston, with
Guaranty Trust Co., N. Y., and other
banks. Shawmut Bank became sole
owner in 1921.
Financing imports and exports
through letters of credit, acceptances, foreign exchange. After
1922, purchase and sale of securities, trading in Federal funds,
and dealing in acceptances.
Offices in New York, Chicago, and
Philadelphia.
Agreement cancelled at request of
corporation in 1929. Stock of
corporation trusteed for benefit of
stockholders of National Shawmut
Bank. Corporation subsequently
liquidated.
State corporations2
1925 disposed of remaining
branches in Havana, Panama, and
Cristobal, and deposit business in
New York to Chase National Bank.
Foreign Credit Corporation, New York
Incorporated in New York, 1919
Capital accounts: $6,600,000
Guaranty Trust Co., N. Y.
Chase National Bank, N. Y.
Central Union Trust Co., N. Y.
Philadelphia National Bank
Others
Business largely concentrated in
acceptances covering imports
and exports.
None.
Liquidated prior to 1923.
Equitable Eastern Banking Corporation,
New York
Incorporated in New York, 1920
Capital accounts: $3,900,000
Equitable Trust Co., N. Y.
Northwestern National Bank, Portland
Mercantile Securities Co., San Francisco
Citizen National Bank, Los Angeles
General foreign banking; dealt
chiefly in silver bullion and Hong
Kong dollars.
Operated 3 branches in Far East.
Acquired by Chase National Bank in
1930. In 1931 business acquired by
The Chase Bank, which continued
to operate its branches.
Capital accounts: $16,000,000
Paul M. Warburg, N. Y.
First National Bank of Boston
American International Corp. of N. Y.
Others, including institutions abroad
General foreign banking.
Representative's offices in London,
Chicago, and Buffalo, to relay cable
and telegraph messages only. Controlled one subsidiary in Holland
and 2 in New York.
Acquired by Bank of Manhattan Co.,
1929.
Bank of Central and South America,
Incorporated, New York
Incorporated in Connecticut, 1922
Capital accounts: $8,300,000
Mercantile Bank of the Americas, N. Y. and
associated interests (see above)
General foreign banking.
Operated one branch in Germany and
local subsidiaries in Latin America
formerly owned by Mercantile Bank
of the Americas (see above).
Liquidated in 1925. Branches in
Latin America acquired by Royal
Bank of Canada.
Citibank of New York in France Incorporated, Incorporated in Connecticut,
1924—name later changed to The International Finance Company, New York
Capital accounts: $600,000
National City Bank of N. Y.
Holding company for National
City Bank of N. Y. (France)
S. A. (formed 1924), which conducted general banking.
National City Bank of N. Y., France
S. A. took over Paris branch of National City Bank of N. Y., which had
been acquired from Farmers' Loan
and Trust Company in 1922.
Acquired by International Banking
Corporation, 1930. In 1952 National City Bank of N. Y. established direct branch in Paris to take
over business of local branch of
International Banking Corporation.
Atlantic National Corporation, Boston
Incorporated in Massachusetts, 1924—
name changed in 1925 to Atlantic Corporation of Boston, and in 1927 to Atlantic-Merrill Oldham Corporation
and in 1929 reverted to Atlantic Corporation of Boston
Capital accounts: $1,000,000
Atlantic National Bank of Boston
Principally conducted investment
business of Atlantic National
Bank.
Representative's office in New York for
securities trading and to maintain
connections with N. Y. banks, exporters, and importers.
Corporation failed to develop foreign
business. Agreement cancelled in
1932 and name changed to Post
Office Square Securities Corporation. Stock trusteed for the benefit of the stockholders of Atlantic
National Bank. Corporation later
dissolved.
Bank of Haiti, Incorporated, New York
Incorporated in Connecticut, 1925
Capital accounts: $1,600,000
National City Bank of N. Y.
Formed to acquire stock ofBanque
Nationale de la Republique
d'Haiti.
Acquired Banque Nationale de la Republique d'Haiti and its 11 branches
and agencies, and 7 branches from
International Banking Corp.
Acquired by International Banking
Corporation, 1930. In 1935 Banque
Nationale was sold to Haitian Government.
International Acceptance Bank, Inc.,
New York
Incorporated in New York, 1921
1
2
Corporations chartered by Board of Governors and formerly in operation under Section 25 (a) of Federal Reserve Act.
Corporations organized under State laws and formerly in operation under agreement with Board of Governors under Section 25 of Federal Reserve Act.
3 Total capital accounts at or near peak of operations; last five digits of figures are rounded.
to
vo
vo
Credit Extended by Banks
to Real Estate Mortgage Lenders
CREDIT EXTENDED to real estate mortgage lenders by weekly reporting member banks as of
November 14, 1956 amounted to $1,524 million,
$59 million more than reported at the previous
survey on August 8, 1956. Commitments to extend additional credit to these lenders declined
$270 million to $794 million.
The major portion of the $59 million increase
in loans was a $37 million increase to mortgage
companies secured by the pledge of real estate
mortgage loans owned by the borrowers. The
decline in commitments to extend additional credit
largely reflects the expiration of an unused commitment to one institution.
The foregoing information was obtained by a
special survey of all types of credit extended by
commercial banks to real estate mortgage lenders.
Results of earlier surveys have been published in
the September 1956 and earlier Federal Reserve
BULLETINS.
CREDIT EXTENDED TO REAL ESTATE MORTGAGE LENDERS BY WEEKLY REPORTING MEMBER BANKS
IN LEADING CITIES NOVEMBER 14, 1956 AND SELECTED PRIOR DATES
[In millions of dollars]
Increase
(or decrease —)
Outstanding on
Item
Nov. 14,
1956
Real estate mortgage loans purchased from real estate mortgage lenders under
resale agreement, total
Insurance companies
Mortgage companies
Others*
Loans to real estate mortgage lenders secured by the pledge of real estate mortgage loans owned by the borrowers, total
Insurance companies
Mortgage companies
Others*
Loans to real estate mortgage lenders, not secured, or secured other than by
the pledge of real estate mortgage loans owned by the borrowers, total
Insurance companies
Mortgage companies
Others 1
Total loans to real estate mortgage lenders
Unused portions of firm commitments to purchase real estate mortgage loans
from real estate mortgage lenders with or without resale agreement, or to
make secured or unsecured loans to real estate mortgage lenders, total
Insurance companies
Mortgage companies
Othersi
r
1
Revised.
Savings and loan associations, mutual savings banks, builders and
other organizations (other than banks) that make or hold substantial
amounts of real estate loans.
NOTE.—Banks reporting less than $1 million of loans and commit-
Aug. 8,
1956 r
Nov. 16,
1955
Aug. 10,
1955
Aug. 8,
to
Nov. 14,
1956
Nov. 16,
1955 to
Nov. 14,
1956
303
276
404
338
27
-101
102
113
104
103
70
265
109
30
235
90
12
-2
11
18
-163
1,091
1,051
1,110
982
40
-19
7
1,012
73
9
974
68
20
1,035
54
11
911
59
-2
37
4
-13
-24
130
58
18
137
107
88
-8
22
5
57
68
60
70
2
38
68
4
24
60
-3
-3
-1
3
19
1,524
1,465
1,623
,408
59
-98
794
1,064
1,225
,295
-270
-431
97
536
162
110
791
163
151
889
185
183
894
219
-13
-54
-353
-24
-255
-2
ments at Aug. 10, 1955 and Aug. 8, 1956 were not asked to report in
other surveys, but their August 1955 figures are included in November
1955 data and their August 1956 figures are included in the current
survey for comparative purposes. Details may not add to totals due
to rounding.
1300
Law Department
Administrative interpretations, new regulations, and similar material
Maximum Rates of Interest Payable on Time and
Savings Deposits by Member Banks of the
Federal Reserve System
The Board of Governors of the Federal Reserve
System and the Federal Deposit Insurance Corporation have changed the maximum permissible
rates of interest payable by member banks of the
Federal Reserve System and insured nonmember
banks on time and savings deposits, effective January 1, 1957. No change was made in the maximum 1 % rate payable on time deposits of less than
90 days. The maximum rates of interest payable
by member banks are contained in the Supplement
to the Board's Regulation Q, the revised text of
which is as follows:
SUPPLEMENT TO REGULATION Q
Pursuant to the provisions of section 19 of the
Federal Reserve Act and section 3 of its Regulation Q, the Board of Governors of the Federal
Reserve System hereby prescribes the following
maximum rates 1 of interest payable by member
banks of the Federal Reserve System on time and
savings deposits:
(1) Maximum rate of 3 per cent.—No member
bank shall pay interest accruing at a rate in excess
of 3 per cent per annum compounded quarterly,2
regardless of the basis upon which such interest
may be computed,—
(A) On any savings deposit,
(B) On any time deposit having a maturity
date six months or more after the date of deposit or payable upon written notice of six
months or more.
(C) On any Postal Savings deposit which
constitutes a time deposit.
(2) Maximum rate of 2% per cent.—No member bank shall pay interest accruing at a rate in
excess of V/i per cent per annum, compounded
quarterly,2 regardless of the basis upon which such
interest may be computed,—
(A) On any time deposit (except Postal Savings deposits which constitute time deposits)
having a maturity date less than six months and
not less than 90 days after the date of deposit
or payable upon written notice of less than six
months and not less than 90 days.
(3) Maximum rate of 1 per cent.—No member
bank shall pay interest accruing at a rate in excess
of 1 per cent per annum, compounded quarterly,2
regardless of the basis upon which such interest
may be computed,—
(A) On any time deposit (except Postal Savings deposits which constitute time deposits)
having a maturity date less than 90 days after
the date of deposit or payable upon written
notice of less than 90 days.
Corporations Doing Foreign Banking or Other
Foreign Financing Under the Federal Reserve Act
The Board of Governors of the Federal Reserve
System, effective January 15, 1957, revised Regulation K which relates to Corporations doing foreign
banking or other foreign financing under sections
25 or 25(a) of the Federal Reserve Act. This
revision clarifies and makes more specific the rules
applicable to such Corporations, particularly the
rules relating to their activities in the United States.
The text of the revised regulation is as follows:
1
The maximum rates of interest payable by member
banks of the Federal Reserve System on time and
savings deposits as prescribed herein are not appplicable to any deposit which is payable only at an office of
a member bank located outside of the States of the
United
States and the District of Columbia.
2
This limitation is not to be interpreted as preventing the compounding of interest at other than quarterly
intervals, provided that the aggregate amount of such
interest so compounded does not exceed the aggregate
amount of interest at the rate above prescribed when
compounded quarterly.
REGULATION K
SECTION 1.
SCOPE AND APPLICATION OF
REGULATION
This regulation is issued by the Board of Governors of the Federal Reserve System (hereinafter
called the "Board of Governors") under authority
of the Federal Reserve Act. It applies to corporations organized under section 25(a) of that
Act (U.S.C., title 12, sees. 611-631) for the pur-
1301
1302
FEDERAL RESERVE BULLETIN • DECEMBER 1956
pose of engaging in international or foreign banking or other international or foreign financial operations, and to the extent specified in section 11
of this regulation, to corporations having an agreement or undertaking with the Board of Governors
under section 25 of the Act (U.S.C., title 12, sees.
601-604). Pertinent portions of those sections are
printed in the Appendix to this regulation.
SECTION 2. DEFINITIONS
For the purpose of this regulation, unless the
context otherwise requires—
(a) "Corporation" when spelled with a capital
"C" means a corporation organized under section
25(a) of the Federal Reserve Act.
(b) "Banking" means the business of receiving
or paying out deposits, or accepting drafts or bills
of exchange.
(c) '*Banking Corporation" means a Corporation
which is engaged in banking.
(d) "Financing Corporation" means a Corporation which is not engaged in banking except to the
extent that it is required by the Secretary of the
Treasury to act as fiscal agent of the United States.
A Corporation in existence on July 1, 1955 is a
Banking Corporation if it was engaged in banking
on that date, or a Financing Corporation if not so
engaged on that date.
(e) "Abroad" means in one or more foreign
countries or dependencies or insular possessions of
the United States.
(/) "Goods" includes wares, merchandise, commodities and any other tangible personal property
(other than money).
(g) "Persons" includes any individual, and any
corporation, partnership, association or other similar organization.
(h) "Affiliated" when used with respect to two
persons means that, directly or indirectly, either
one controls, is controlled by, or is under common
control with, the other.
(i) "Capital and surplus" means (1) paid in and
unimpaired capital and (2) surplus.
SECTION 3. ORGANIZATION, CORPORATE STRUCTURE
AND OWNERSHIP
(a) Articles of association and organization certificate.—Any number of natural persons, not less
than five, desiring to organize a corporation under
section 25(a) of the Federal Reserve Act shall (1)
enter into articles of association (see Form F. R.
151, which is suggested as a satisfactory form of
articles of association); (2) make an organization
certificate on Form F. R. 152, which is made a
part of this regulation; and (3) forward the articles
of association and the organization certificate to the
Board of Governors. The articles of association
shall specify in general terms the objects for which
the Corporation is formed, and may contain any
other provisions not inconsistent with law which
the Corporation may see fit to adopt for the regulation of its business and the conduct of its affairs. Each person intending to participate in the
organization of the Corporation shall sign the articles of association and the organization certificate
and shall acknowledge the execution of the latter
before a judge of some court of record or notary
public, who shall certify thereto under the seal of
such court or notary.
(b) Name.—The name of the Corporation is
subject to the approval of the Board of Governors,
and a preliminary application for that approval
may be filed with the Board of Governors on Form
F. R. 150, which is made a part of this regulation.
The name shall in no case resemble the name of
any other corporation to the extent that it might
result in misleading or deceiving the public as to
its identity, purpose, connections or affiliations, and
in the case of an application with respect to a
Financing Corporation the name shall also comply
with section 10(c)(2). The name of any Corporation hereafter organized shall so far as practicable indicate the nature of the business contemplated, and shall include the word "international",
"foreign", "overseas", or some similar word. No
Financing Corporation hereafter organized will be
permitted to have the word "bank" or "banking",
or any similar word, as part of its name.
(c) Authority to commence business.—After the
articles of association and organization certificate
have been filed with and approved by, and a preliminary permit to begin business has been issued
by, the Board of Governors, the association shall
become and be a body corporate, but none of its
powers, except such as are incidental and preliminary to its organization, shall be exercised until
the Board of Governors has issued to it a final
permit to commence business. Before the Board
of Governors will issue its final permit to commence business, the president, cashier or secretary,
together with at least three of the directors, must
certify (1) that each director is a citizen of the
United States; (2) that a majority of the shares
1303
LAW DEPARTMENT
of capital stock is held and owned by citizens of
the United States, by corporations the controlling
interest in which is owned by citizens of the United
States, chartered under the laws of the United
States or of a State of the United States, or by
firms or companies the controlling interest in which
is owned by citizens of the United States; and (3)
that of the authorized capital stock specified in the
articles of association at least 25 per cent has been
paid in in cash and that each shareholder has
individually paid in in cash at least 25 per cent of
his stock subscription. Thereafter the cashier or
secretary shall certify to the payment of the remaining installments as and when each is paid in,
in accordance with law.
(d) Amendments to articles of association.—The
articles of association may contain provisions relative to the procedure whereby amendments thereof
may be effected in any manner not inconsistent
with section 25(a) of the Federal Reserve Act,
other applicable law, and this regulation. No
amendment of the articles of association shall become effective unless and until it shall have been
approved by the Board of Governors.
(e) General requirements as to capital stock.—No
Corporation may be organized under section 25(a)
with capital stock of less than $2,000,000. The par
value of each share of stock shall be specified in
the articles of association, and no Corporation will
be permitted to issue stock of no par value. If
there is more than one class of stock, the name and
amount of each class and the obligations, rights,
and privileges attaching thereto shall be set forth
fully in the articles of association. Each class of
stock shall be so named, or so described in the
stock certificates by which it is represented, as to
indicate as clearly as possible its character and any
unusual attributes.
(/) Citizenship of shareholders.—(1) In order to
insure compliance at all times with the requirements of section 25(a) of the Federal Reserve Act
relating to the United States citizenship of those
who hold, own, or control a majority of the shares
of capital stock of a Corporation, such stock shall
be issuable and transferable only on the books of
the Corporation, and no issue or transfer of stock
which would cause a violation of such requirements of law or of related provisions of this regulation shall be made upon the books of the Corporation. The board of directors of the Corporation,
acting directly or through an agent, may, before
making any issue or transfer of stock, require such
evidence as in their discretion they may think
necessary in order to determine whether or not
the issue or transfer of the stock would result in
such a violation. The decision of the board of
directors in each such case shall be final and conclusive as to, and not subject to question by, any
person.
(2) If at any time a change in the status of
the holder of any shares of a Corporation causes
a violation of the requirements of section 25(a)
of the Federal Reserve Act relating to the United
States citizenship of those who hold, own, or control a majority of the shares of capital stock of a
Corporation, the board of directors shall, when
apprised of that fact, forthwith serve on the holder
of the shares in question a notice in writing requiring such holder within two months to transfer
such shares to a person then eligible to acquire
such shares. When such notice has been given
by the board of directors, the shares of stock so
held shall cease to confer any right to vote or to
participate in dividends thereafter declared; and
the right to vote and to receive dividends shall
resume only after, and only with respect to votes
cast and dividends declared after, the shares have
been transferred as required above. If on the
expiration of two months after such notice the
shares shall not have been so transferred, the
shares shall promptly be sold at public or private
sale by the Corporation, as agent for and for the
account of the ineligible holder, to a person then
eligible to acquire such shares. In the event such
shares cannot be sold for a reasonable price and
within a reasonable time at such a public or private
sale, the shares will, with the approval of the Board
of Governors, be forfeited to the Corporation.
(3) The board of directors shall prescribe in
the by-laws of the Corporation appropriate rules
for the registration of the shares of stock in accordance with the terms of the law and these regulations. The certificates of stock issued by the
Corporation shall contain provisions sufficient to
put the holder on notice of the terms of the law
and regulations defining the limitations upon the
rights of ownership and transfer.
SECTION 4.
BANKING CORPORATIONS AND FINANCING CORPORATIONS
A Banking Corporation (a) shall not issue or
have outstanding any debentures, bonds, promis-
1304
FEDERAL RESERVE BULLETIN • DECEMBER 1956
sory notes or similar obligations except promissory
notes due within one year evidencing borrowing
from banks or bankers, and (b) shall not engage
in the business of issuing, underwriting, selling or
distributing securities, except to such limited extent
as the Board of Governors may, upon application
of the Corporation, exempt activities of the Corporation's branch or agency in a foreign country
with respect to obligations of, or obligations unconditionally guaranteed as to principal and interest by, the national government of such country.
A Financing Corporation shall not engage in banking except to the extent that it is required by the
Secretary of the Treasury to act as fiscal agent of
the United States. The Board of Governors may
grant permission, subject to such conditions as it
may prescribe, for a Banking Corporation to
change to a Financing Corporation, or for the
reverse.
SECTION 5.
OPERATIONS ABROAD
(a) General.—Except as otherwise provided by
law or by this regulation, a Corporation may exercise abroad, through branches or agencies established with the approval of the Board of Governors
or through correspondents or other agents, not
only the powers specifically set forth in the law or
by this regulation and those incidental thereto, but
also such powers as may be usual in the determination of the Board of Governors in connection
with the transaction of banking in the case of a
Banking Corporation, or other financial operations
in the case of a Financing Corporation, in the place
in which the Corporation is transacting business.
As indicated in section 6(e) (2), the activities of a
Financing Corporation abroad are limited by the
requirement that it shall not, by its activities
abroad, engage or participate, directly or indirectly, in certain activities in the United States.
(b) Branches.—With the prior approval of the
Board of Governors, a Corporation may establish
branches or agencies abroad.
SECTION 6.
LIMITED OPERATIONS IN THE UNITED
STATES
(a) General.—A Corporation shall not carry on
any part of its business in the United States except
such as shall be incidental to its international or
foreign business. It may not engage in the United
States in the business of acting as trustee, or in a
like fiduciary capacity, or act in the United States
as registrar or in any similar capacity with respect
to the servicing in the United States of any security
issue distributed therein; but it may act as paying agent in the United States with respect to
securities issued by a "foreign state" as defined in
section 25(b) of the Federal Reserve Act or by
a corporation chartered by such a foreign state
and not qualified under the laws of the United
States or any State (or the District of Columbia)
to do business in the United States. A Corporation may not establish any branch in the United
States, but with the prior approval of the Board
of Governors may establish agencies in the United
States for specific purposes, but not generally to
carry on the business of the Corporation. Funds
of a Corporation not currently employed in the
international or foreign business of the Corporation in accordance with other provisions of this
regulation, if held or invested in the United States,
shall be only in the form of (1) cash, (2) deposits with banks, (3) bankers' acceptances or
prime open market commercial paper, or (4) direct obligations of the United States or other investment securities of such kinds, and in such
amounts, as the Corporation could purchase within
the limitations of section 5136 of the Revised
Statutes (U.S.C., title 12, sec. 24) if it were a
member bank of the Federal Reserve System.
Subject to the other provisions of this regulation,
succeeding paragraphs of this section indicate generally the kinds of transactions by a Corporation
which may be considered appropriate in the United
States.
(b) Receipt of deposits in United States by Banking Corporations—(1) A Banking Corporation may
receive only such deposits within the United States
as may be incidental to or for the purpose of
carrying out transactions abroad. Such deposits
may be either time or demand, and shall be subject to all the requirements of Regulation Q (which
relates to the payment of interest on deposits and
related matters) in the same manner as if the
Corporation were a member bank of the Federal
Reserve System; but no such deposit shall be a
"savings deposit" as defined in Regulation Q.
If a Banking Corporation receives deposits in the
United States, it shall maintain reserves against
such deposits in the same manner and amount
(but in no event less in the aggregate than 10 per
cent of such deposits) as if it were a member bank
LAW DEPARTMENT
of the Federal Reserve System, and shall in like
manner submit reports of deposits and be subject
to all the requirements of Regulation D (which
relates to reserves of member banks).
(2) A deposit received in the United States by
a Banking Corporation from a foreign depositor
will ordinarily be considered incidental to or for
the purpose of carrying out transactions abroad
provided the deposit is not to be used to make
payments for expenses in the United States of a
United States office or representative and in addition the deposit (i) is to be used to make payments for transactions abroad, for goods exported or imported, for other direct costs of export or import, or for carrying out transactions
with the Corporation under section 6(c) or 6(d);
or (ii) is to be held for reserve or working balance
purposes, except that a Banking Corporation shall
not receive funds to be held in the United States
as time deposits solely for purposes of safekeeping or investment and unrelated to other international or foreign business of the depositor with
the Corporation. As used in section 6(b) "foreign depositor" means a foreign government, a
person conducting business principally at the person's offices or establishment abroad, or a foreign
national resident abroad.
(3) A deposit received in the United States by
a Banking Corporation from a depositor who is
not a foreign depositor will ordinarily be considered incidental to or for the purpose of carrying
out transactions abroad provided the deposit is
not to be used to make payments for expenses in
the United States of a United States office or representative and in addition the deposit (i) is for
transmission to a place abroad; or (ii) is to provide
collateral or payment for extensions of credit by
the Corporation; or (iii) represents proceeds of
collections abroad which are to be used to make
payments for goods exported or imported or for
other direct costs of export or import, or periodically transferred to the depositor's account at another bank; or (iv) represents proceeds of extensions of credit by the Corporation which are to be
used for the purposes of the credit extension or to
be periodically transferred to the depositor's account at another bank.
(c) Extensions of credit in United States by Banking Corporations.—It will ordinarily be considered
incidental to the international or foreign business
of a Banking Corporation for it to engage in any
1305
of the following transactions in the United States
with respect to extensions of credit—
(1) As principal or as agent for another bank,
issue, confirm, or advise letters of credit or other
authorizing instrument (or receive and forward to
another bank applications therefor) which contemplate the drawing of "qualifying drafts". As
used in section 6(c), "qualifying drafts" means
drafts or bills of exchange drawn, or written receipts given, to cover specific goods in the process
of being (i) exported from or imported into the
United States, (ii) temporarily stored in the United
States as part of such an exportation or importation, (iii) stored abroad, or (iv) shipped within
or between places abroad, or to cover (v) performance of specific contracts at places abroad
or of specific international or foreign transactions,
(vi) cost of operating ships in international or
foreign transportation, or (vii) payments in connection with international or foreign transfers of
royalties, copyrights or patent rights or with the
rendering of services at, or necessary for carrying out projects at, places abroad.
(2) As principal or as agent for another bank,
accept, negotiate, present, discount, purchase, or
pay "qualifying drafts", if the Corporation or a
bank at a place abroad issued, confirmed or advised the authorizing letter of credit or other
authorizing instrument or if the office of the Corporation is named in the authorizing instrument
as the place of payment or an optional place of
payment thereof.
(3) Accept drafts or bills of exchange which
are drawn by a bank or banker located in a place
abroad for the purpose of furnishing dollar exchange as required by the usages of trade in such
place.
(4) Purchase, discount, or lend on, documentary or other drafts which the Corporation is to
send to a place abroad for collection.
(5) Make advances to, or acquire the obligations of, foreign governments; or, if the advances
or acquisitions are for the purpose of financing
activities abroad or payment for goods exported
or imported or other direct costs of export or
import (but not expenses in the United States of
a United States office or representative), make
advances to, or acquire the obligations of, a person conducting business principally at the person's
offices or establishments abroad or a foreign national resident abroad.
1306
FEDERAL RESERVE BULLETIN • DECEMBER 1956
(6) Finance by loan, acceptance, or otherwise—
(i) The shipment (but not production) of
specific goods which are being exported,
or being accumulated for export as part
of an existing export financing arrangement of the Corporation; or
(ii) The storage of specific goods abroad or
the shipment of specific goods between
places abroad; or
(iii) The importation of specific goods into
the United States, which may include
lending against the shipping documents
pending arrival of the goods from a
place abroad; or
(iv) In the case of specific goods whose importation into the United States was
financed by the Corporation, the delivery of the goods to the purchaser
through domestic transport facilities or
the assembly or packaging of the goods
for resale without essential change in
the nature of the product.
(d) Other Activities in United States by Banking
Corporations—It will ordinarily be considered incidental to the international or foreign business
of a Banking Corporation for it to engage in any
of the following other activities in the United
States—
(1) Buy and sell spot and future foreign exchange.
(2) Receive checks, drafts, bills of exchange,
acceptances, notes, bonds, coupons and other securities for collection abroad, and collect such
instruments in the United States when received
from customers abroad.
(3) Hold securities in safekeeping for, or buy
and sell securities upon the order and for the
account and risk of, customers abroad with whom
other relationships permitted by this regulation are
maintained.
(e) Activities in United States by Financing Corporations.—(1) It will ordinarily be considered
incidental to the international or foreign business
of a Financing Corporation for it to engage in any
of the following transactions in the United States—
(i) Finance its own authorized activities
(e.g., borrow money or issue its own
securities) or hold or invest, in accordance with section 6(a), funds not
currently employed in the international
or foreign business of the Corporation.
(ii) Acquire obligations (by purchasing, discounting, or lending thereon) which
cover the export of specific goods (including directly related services and
other direct costs of the export, but
not expenses in the United States of a
United States office or representative),
have as a primary obligor a foreign
government or a person conducting business principally at the person's offices
or establishments abroad, and are acquired by the Corporation as part of
such export transaction.
(iii) Make advances to, or acquire (by
purchasing, discounting, or lending
thereon) the obligations of, foreign governments; or, if the advances or acquisitions are for the purpose of financing activities abroad or payment for
goods exported (including directly related services and other direct costs of
the export, but not expenses in the
United States of a United States office
or representative), make advances to,
or acquire (by purchasing, discounting,
or lending thereon) the obligations of,
a person conducting business principally
at the person's offices or establishments
abroad.
(iv) Issue sight letters of credit undertaking
to extend credit authorized under other
provisions of this paragraph, but in no
event contemplating the accepting of
any drafts.
(v) Guarantee advances which the Corporation is authorized to make, or obligations it is authorized to acquire, under
other provisions of this paragraph.
(vi) Extend credit, by means of advances,
guarantees or otherwise, to a corporation in which the Financing Corporation
owns all the voting stock, or all except
directors' qualifying shares, to enable
such subsidiary to extend credit which
the Financing Corporation is itself authorized to extend under other provisions of this paragraph.
(2) A Financing Corporation, in issuing, underwriting, selling or distributing securities abroad,
LAW DEPARTMENT
shall not engage or participate in the underwriting,
sale or distribution of securities in the United
States (except the issuance of its own securities),
and may not so engage or participate directly
or indirectly or through an agency or on a commission or consignment basis or in any other
manner. If a security issue is being sold or distributed partly in and partly outside the United
States, a Financing Corporation may not underwrite, even on a standby basis, that portion being
sold or distributed in the United States (no matter
by whom it is being so sold or distributed).
SECTION 7. ACCEPTANCES BY BANKING
CORPORATIONS
(a) General.—In accepting drafts or bills of
exchange as permitted in sections 5 and 6, a Banking Corporation shall comply with the requirements set forth in the succeeding paragraphs of
this section.
(b) Maturity.—No Banking Corporation shall
accept any draft or bill of exchange drawn for the
purpose of furnishing dollar exchange having at
the date of its acceptance more than three months
to run, or accept any other draft or bill of exchange having at the date of its acceptance more
than six months to run, exclusive in either case of
days of grace.
(c) Limitations.—No acceptances shall be made
for the account of any one person in an amount
aggregating at any time in excess of 10 per cent
of the capital and surplus of the Corporation, unless the transaction is fully secured or unless it
represents an exportation or importation of goods
and there is a primary obligation to reimburse
the Corporation which is also guaranteed by a
bank or banker. Whenever the aggregate of acceptances outstanding at any time exceeds the
amount of the Corporation's capital and surplus,
50 per cent of all the acceptances in excess of such
amount up to twice the amount of the capital and
surplus, and all the acceptances outstanding in
excess of such double amount, (1) shall be fully
secured, or (2) shall represent exportation or importation of goods and shall have a primary obligation to reimburse the Corporation which is also
guaranteed by a bank or banker. In accepting
drafts drawn for the purpose of furnishing dollar
exchange, a Banking Corporation shall be subject
to all the limitations and requirements of Regulation C (which relates to acceptances by member
1307
banks of drafts and bills of exchange) that would
apply if it were a member bank of the Federal
Reserve System.
SECTION 8. ISSUE OF OBLIGATIONS BY FINANCING
CORPORATIONS
(a) General.—A Financing Corporation is not
required to obtain the approval of the Board of
Governors before issuing any of its debentures,
bonds, promissory notes or other such obligations,
but, as specified in section 10(6), it shall in no
event have liabilities outstanding at any time exceeding ten times its capital and surplus. Every
Financing Corporation shall carry on its business
in accordance with sound financial policies, including among other considerations, a proper regard to the relationship between its assets and the
maturities of its obligations, so as to give reasonable assurance that the Corporation will be in a
position to pay its obligations as they mature.
Further requirements are set forth in paragraphs
(b), (c) and (d) of this section with respect to
secured obligations, unsecured obligations, and information to be made available.
(b) Secured obligations—All secured obligations
issued by a Financing Corporation (except promissory notes due within one year evidencing borrowing from banks or bankers) shall be secured
by collateral which, unless placed under the control of the person or persons owning all the obligations secured thereby, shall be transferred and
delivered, free of any prior lien, charge, or encumbrance thereon, to a member bank of the
Federal Reserve System as the trustee under a
trust indenture executed by the Financing Corporation as security for the obligations of the
Corporation issued or to be issued thereunder,
which trust indenture shall prescribe the general
form of such obligations and shall require that
every such obligation shall be authenticated by
the certificate of the trustee noted thereon.
(c) Unsecured obligations.—In the event a Financing Corporation issues or has outstanding any
unsecured obligations (except promissory notes
due within one year evidencing borrowing from
banks or bankers), the Corporation shall comply
with the following requirements—
(1) While any such unsecured obligations are
outstanding, loans or other credits held by the
Corporation, or outstanding with its guarantee,
shall not have a maturity of more than ten years.
1308
FEDERAL RESERVE BULLETIN • DECEMBER 1956
(2) All unsecured obligations issued by the
Corporation (except promissory notes due within
one year evidencing borrowing from banks or
bankers) shall contain a provision, or shall be issued under an agreement, which shall provide
that the Corporation will not, during the time any
such obligations remain outstanding—
(i) Issue any obligations, regardless of maturity or payee (except in renewal or
retirement of an equivalent amount of
indebtedness), if immediately thereafter
the fair value of the assets of the Corporation, excluding notes, drafts, bills
of exchange and other evidences of
indebtedness that are in default as to
either principal or interest for a period
in excess of six months, would be less
than 110 per cent of the aggregate principal amount of all borrowings of the
Corporation.
(ii) Mortgage, pledge or otherwise subject
any of its assets to any lien or charge
to secure any indebtedness for borrowed
money or to secure any other obligations of the Corporation, unless each
person holding any of the Corporation's unsecured obligations (other than
obligations specifically subordinated to
all other debt of the Corporation),
which would remain outstanding after
such transaction, either grants his consent or is provided with security substantially equivalent in value (in proportion to obligations held) to that provided by such mortgage, pledge, lien or
charge;
(iii) Sell, lease, assign or otherwise dispose
of all or substantially all its assets; or
(iv) Declare or pay any dividend (other than
a dividend payable in stock of the Corporation) or authorize or make any
other distribution (except upon redemption of preferred stock, including payments made for this purpose into a
preferred stock sinking fund, in accordance with law and the articles of
association of the Corporation) on any
stock of the Corporation otherwise than
out of the earned surplus of the Corporation as determined in accordance with
generally accepted accounting principles.
(d) Information.—No prospectus, circular,
letter, advertisement, or other statement published
or issued in any form or manner by a Financing
Corporation, or by persons underwriting, selling,
or distributing an issue of obligations by the Corporation, shall contain any matter to indicate that
any obligations issued by such Corporation or the
collateral securing same has in any way received
the approval of the Board of Governors or any
other agency of the United States or that the collateral securing same has been appraised or approved in any way by the Board of Governors or
any other agency of the United States. There shall
be set forth on the outside front cover page of
every prospectus the following statement in capital letters printed in bold-face roman type at least
as large as ten-point modern type and at least
two points leaded:
These securities have not been approved or disapproved by the Board of Governors of the Federal Reserve System or any other agency of the
United States nor has the Board or any other
agency of the United States passed upon the accuracy or adequacy of this prospectus. These
securities are the obligation solely of (Name of
Financing Corporation), and no other individual,
organization, or group has any direct or indirect
responsibility for their payment.
Within forty days after issuing any obligations (except promissory notes due within one year evidencing borrowing from banks or bankers), a
Financing Corporation shall file with the Board of
Governors copies of all prospectuses and other
literature describing or affecting such issue published by the Corporation or its officers or by persons underwriting, selling or distributing the issue,
and shall also file with the Board of Governors the
information described in subparagraphs (1)
through (4) of this paragraph to the extent, if
any, that such information is not contained in
such prospectuses. The information described in
subparagraphs (1) through (4) of this paragraph
is as follows:
(1) The amount of the funded debt outstanding and to be created by the obligations offered,
including the net price received and to be received
by the Corporation for such obligations, with a
brief description of the date, maturity, and character of such debt, rate of interest, character of
amortization provisions, and the collateral, if any,
provided or to be provided therefor, and a sum-
LAW DEPARTMENT
marized statement of the conditions, if any, under
which substitution of collateral is permitted, and
if substitution is permissible without notice, a specific statement to that effect.
(2) A balance sheet showing all assets and liabilities, including contingent liabilities, of the Corporation with supporting schedules in the form
prescribed by the Board of Governors for reports
of condition (Form F. R. 314) and an analysis
of surplus showing how and from what sources
such surplus was created, all as of the close of
business on the date of issuance of the obligations,
and giving effect thereto.
(3) A copy of any underlying agreements or
indentures affecting the obligations.
(4) A copy of the opinion or opinions of counsel as to the legality of the issue, the validity of any
indenture, and the sufficiency of any transfers of
collateral executed under any indenture.
SECTION 9. INVESTMENTS IN STOCK OF OTHER
CORPORATIONS
(a) General.—With the prior consent of the
Board of Governors and subject to the provisions
of section 25(a) of the Federal Reserve Act and
this regulation, a Corporation may purchase and
hold stock in other corporations. The succeeding paragraphs of this section indicate the circumstances in which such consent may be granted
upon individual application, those in which such
consent is ordinarily not granted, and those in
which general consent may be granted upon application as to types of situations. Any consent
granted by the Board may be conditional, and the
conditions prescribed may apply to activities of
the Corporation and also to activities of the corporation in which stock is purchased or held. A
Corporation may purchase and hold stock where
such purchase is necessary to prevent a loss upon
a debt previously contracted in good faith; but
stock so acquired shall be disposed of within six
months from the date of acquisition unless such
time is extended by the Board of Governors. If
a Corporation makes a permissible purchase of
stock, but a later change in circumstances or in
this regulation causes the holding of the stock to
be no longer permissible, the Corporation shall
dispose of the stock, or the nonconformity with
the regulation shall otherwise be corrected, as
promptly as practicable and in any event within
six months unless such time is extended by the
1309
Board of Governors. As used in this section,
the term "stock" includes all certificates of ownership.
(b) By Banking Corporations.—Consent of the
Board of Governors for a Banking Corporation
to purchase and hold stock in other corporations
will not be granted except upon individual application setting forth the relevant facts and circumstances. The Board of Governors ordinarily
will not grant consent for a Banking Corporation
to purchase and hold stock in a corporation not
engaged in banking or closely related activities.
(c) By Financing Corporations.—Subject to applicable requirements of law and of this regulation
and upon application setting forth the proposed
program of the Financing Corporation, the Board
of Governors may grant its general consent for a
Financing Corporation to purchase and hold
stock, up to such amounts and in such circumstances as the Board may prescribe, in generally
designated types of corporations which are not
engaged in banking and also are neither incorporated, nor qualified to do business in the United
States, under the laws of the United States or
any State (or the District of Columbia), provided
such stock is purchased from a foreign seller by
negotiations in which no United States office or
establishment of the seller participates, and provided further that such purchase or holding does
not cause the Financing Corporation to be affiliated with any person engaged in banking or with
any person the stock of which the Corporation
would be forbidden to purchase or hold under
section 9{d). In any other instance consent of
the Board of Governors for a Financing Corporation to purchase and hold stock will not be granted,
except in special cases upon individual application
setting forth the relevant facts and circumstances.
The Board of Governors ordinarily will not grant
consent for a Financing Corporation to purchase
and hold stock in a corporation engaged in
banking.
(d) Statutory limitations—Under section 25(a)
of the Federal Reserve Act, the following limitations apply to the purchase or holding of stock
by a Corporation—
(1) The corporation whose stock is purchased
or held (i) shall be organized under section 25(a)
of the Federal Reserve Act, the laws of any foreign country or a colony or dependency thereof,
or the laws of any State, dependency, or insular
1310
FEDERAL RESERVE BULLETIN • DECEMBER 1956
possession of the United States; and (ii) shall not
be engaged in the general business of buying or
selling goods in the United States; and (iii) shall
not be transacting any business in the United
States except such as in the judgment of the Board
of Governors may be incidental to its international
or foreign business.
(2) Except with the prior approval of the Board
of Governors in addition to any consent of the
Board of Governors otherwise required, a Corporation shall not invest an amount in excess of 15
per cent of its capital and surplus in the stock of
any one corporation engaged in the business of
banking, or an amount in excess of 10 per cent of
its capital and surplus in the stock of any other
kind of corporation.
(3) A corporation shall not purchase, own,
or hold any stock in any other corporation organized under section 25 (a) of the Federal Reserve
Act or under the laws of any State, which is in
substantial competition therewith, or which holds
stock in corporations which are in substantial
competition with the purchasing Corporation.
SECTION 10. GENERAL LIMITATIONS AND
RESTRICTIONS
(a) Liabilities of one borrower.—The total liabilities to a Corporation of any person or government for money borrowed shall at no time exceed in the case of a Banking Corporation 10 per
cent of its capital and surplus, or in the case of a
Financing Corporation 50 per cent thereof. For
the purposes of this paragraph, the cost to a Corporation of any stock owned by it shall, unless
otherwise specified by the Board of Governors in
a particular case, be treated as if it were a liability of the issuer of the stock for money borrowed; all bonds, notes or other such obligations,
whether or not purchased in the open market,
shall be treated as such a liability; the liabilities of
a partnership or firm shall include those of the
several members thereof; the liabilities of a corporation shall include all liabilities incurred by
any subsidiary of the corporation for the benefit
of the corporation; and the liabilities of a foreign
government shall include those of all its departments or agencies which derive their current funds
principally from the general tax revenues of the
foreign government. The limitations contained
in this paragraph shall not apply (1) to obligations in the form of drafts or bills of exchange
drawn in good faith against actually existing
values; (2) to obligations arising out of the discount of commercial or business paper actually
owned by the person negotiating the same; (3)
to the liability of a customer on account of an acceptance made by the Corporation for his account
unless the Corporation itself holds the acceptance
or the acceptance has matured and the customer
has failed to place the Corporation in funds to
cover payment of the acceptances; (4) to the extent that liabilities are direct obligations of the
United States or are secured or covered by unconditional guarantees, commitments, or agreements to take over or to purchase, made by the
United States or by any department or establishment of, or corporation wholly owned by, the
United States or by the International Bank for
Reconstruction and Development or the International Finance Corporation; (5) to a direct
obligation of, or obligation unconditionally guaranteed by, a foreign government or its appropriate financial or central banking authority, and
with respect to which an institution described in
subdivision (4) has given an unconditional guarantee, commitment or agreement to take over or
to purchase (or has accepted a participation)
which covers only a portion of the obligation (or
a portion of the total credit, in the case of a
participation), but covers it to the extent of at
least 25 per cent and in such manner that any
default to the Corporation will necessarily include
a default to the governmental agency (any such
partial but concurrent guarantee, commitment,
agreement or participation by such an institution
being hereinafter called a "proportionate governmental guarantee"); (6) in the case of a Financing Corporation, to any obligation which is subject to a "proportionate governmental guarantee"
and does not exceed 100 per cent of the Corporation's capital and surplus; (7) to direct obligations of the national government of a foreign
country in which the Corporation has a branch
or agency, or obligations fully and unconditionally guaranteed as to principal and interest by
such government, provided such branch or agency
has outstanding equal or greater liabilities payable
in the same currency; or (8) to such other classes
of transactions at a branch or agency of a Corporation in a foreign country as the Board of
Governors may, upon application of the Corporation, exclude from the limitations of this
LAW DEPARTMENT
paragraph due to special circumstances surrounding such transactions in such country.
(b) Aggregate liabilities of corporation.—Except
with the prior permission of the Board of Governors, the aggregate outstanding liabilities of (1)
a Banking Corporation on account of acceptances, monthly average domestic and foreign
deposits, borrowings, guaranties, endorsements and
any other such obligations, or (2) a Financing Corporation on account of debentures, bonds, notes,
guaranties, endorsements and any other such obligations, shall not exceed ten times the amount
of the Corporation's capital and surplus. In determining the amount of the liabilities within the
meaning of this paragraph, endorsements of bills
of exchange having not more than six months to
run, drawn and accepted by others, shall not be
included.
(c) Relations of Financing Corporations with affiliated banks.—(1) Whenever a Financing Corporation is affiliated with a bank in the United
States, such Corporation shall not incur any liability to such bank that would cause the total
liabilities of such Corporation to such bank to
exceed 10 per cent of the capital and surplus of
such bank, or cause the total liabilities to such
bank of all Financing Corporations affiliated with
such bank to exceed 20 per cent of such capital
and surplus. For the purposes of this paragraph,
a Financing Corporation incurs a liability to a
bank whenever such bank or any organization affiliated with such bank (other than such Financing Corporation or any organization controlled
by it) makes (i) any investment in, or advance
on the collateral security of, capital stock or obligations of such Corporation or any organization
controlled by it, or (ii) any loan or extension of
credit to, or any purchase under repurchase agreement from, such Corporation or any organization controlled by it.
(2) No Financing Corporation hereafter organized shall have a name which is similar to
the name of, or identifies the Corporation with,
any bank in the United States with which such
Financing Corporation is affiliated.
(d) Sale of securities with guaranty or endorsement.—Whenever a Corporation sells, discounts,
or negotiates with its endorsement or guaranty
any securities, notes, drafts, bills of exchange,
acceptances, bankers' acceptances, or other evidence of indebtedness, it shall enter on its books
1311
a proper record thereof, describing in detail each
such evidence of indebtedness so sold, discounted,
or negotiated, the amounts thereof, the parties
thereto, the maturity thereof, and the nature of
the Corporation's liability thereon. Every financial statement of the Corporation submitted
to the Board of Governors or made public in
any way shall show the aggregate amount of all
such liabilities outstanding as of the date on
which such statement purports to show the financial condition of the Corporation.
(e) Reports.—Each Corporation shall make at
least two reports annually to the Board of Governors at such times and in such form as the
Board may require. The Board may, in its discretion, require that statements of condition or
such other reports as it may specify be published
or made available for public inspection.
(/) Examinations.—Each Corporation shall be
examined at least once a year by examiners appointed by the Board of Governors. Each Corporation shall obtain and make available to such
examiners, among other things, such information
as to the earnings, finances, management and other
aspects of any corporation whose stock is held
by the Corporation as may be appropriate for
appraising such investment and determining its
suitability. When required by the Board of Governors, each Corporation shall cause any organization controlled by it to permit such examiners
to examine such organization. The cost of examinations shall be fixed by the Board of Governors
and paid by the Corporation.
(g) Amendments to regulation.—This regulation
is subject to amendment by the Board of Governors from time to time.
SECTION 11. CORPORATIONS WITH AGREEMENTS
UNDER SECTION 25 OF THE FEDERAL RESERVE ACT
In addition to any other requirements to which
it may be subject, no corporation having an agreement or undertaking with the Board of Governors
under section 25 of the Federal Reserve Act shall
purchase or hold any asset, or otherwise exercise
any of its powers in the United States or abroad
in any manner, which would not be permissible
under the provisions of this regulation if such
corporation were a Banking Corporation.
APPENDIX
[Text of Sections 25 and 25(a) of the Federal
Reserve Act]
Current Events and Announcements
FEDERAL RESERVE MEETINGS
Meetings of the Federal Open Market Committee
were held in Washington on November 27 and
December 10, 1956.
The Federal Advisory Council held a meeting
in Washington on November 18-20, 1956, and
met with the Board of Governors on November
20.
A meeting of the Chairmen and Deputy Chairmen of the Federal Reserve Banks with the members of the Board of Governors was held in
Washington on December 5-6, 1956.
MAXIMUM INTEREST RATES ON TIME DEPOSITS
NEW YORK
Class A
New Rate
(Per cent)
CHARLES W. BITZER, President, The
Bridgeport-City Trust Company, Bridgeport,
Connecticut. Mr. Bitzer succeeds John R.
Evans, President, The First National Bank
of Poughkeepsie, Poughkeepsie, New York.
Class B
On December 3, 1956 the Board of Governors
of the Federal Reserve System and the Federal
Deposit Insurance Corporation changed the maximum permissible rates of interest payable by
member banks of the Federal Reserve System
and nonmember banks insured by the FDIC on
savings deposits and time deposits and certificates
as follows, effective January 1, 1957:
Present Rate
(Per cent)
ton, Massachusetts. Mr. Ireland succeeds
Lloyd D. Brace, President, The First National
Bank of Boston, Boston, Massachusetts.
Class B MILTON P. HIGGINS, President, Norton
Company, Worcester, Massachusetts. (Reelected)
LANSING
Class B
Class B
WILLIAM D. IRELAND, President, Sec-
ond Bank-State Street Trust Company, Bos-
The
R. RUSSELL PIPPIN, Treasurer, E. I.
ELECTION OF CLASS A AND CLASS B DIRECTORS
Class A
President,
Class A GEOFFREY S. SMITH, President, Girard
Trust Corn Exchange Bank, Philadelphia,
Pennsylvania. Mr. Smith succeeds Wm.
Fulton Kurtz, Chairman of the Executive
Committee, The First Pennsylvania Banking
and Trust Company, Philadelphia, Pennsylvania.
CLEVELAND
BOSTON
SHIELD,
PHILADELPHIA
Savings deposits
2Vi
3
Time deposits and
certificates, 6
months or more
TTime deposits and
certificates, 90
days to 6 months
2
2.Vi
No change was made in the maximum permissible rate, now 1 per cent, payable on time
deposits and certificates of less than 90 days.
The Federal Reserve Banks have announced the
results of the annual elections by their member
banks of Class A and Class B directors as shown
below. The directors have been elected to serve
for three years beginning January 1, 1957.
P.
Grand Union Company, East Paterson, New
Jersey. (Re-elected)
du Pont de Nemours & Company, Inc., Wilmington, Delaware. Mr. Pippin succeeds
Warren C. Newton, President, O. A. Newton
and Son Company, Bridgeville, Delaware.
Class A JOHN A. BYERLY, President, Fidelity
Trust Company, Pittsburgh, Pennsylvania.
Mr. Byerly succeeds J. Brenner Root, President, The Harter Bank & Trust Company,
Canton, Ohio.
GEORGE P. MACNICHOL, JR., President,
Libbey-Owens-Ford Glass Company, Toledo,
Ohio. Mr. MacNichol succeeds Alexander
E. Walker, Chairman, The National Supply
Company, Pittsburgh, Pennsylvania.
RICHMOND
Class A ROBERT GAGE, President, The Commercial Bank, Chester, South Carolina. Mr.
Gage succeeds J. K. Palmer, Executive Vice
1312
1313
CURRENT EVENTS AND ANNOUNCEMENTS
President and Cashier, Greenbrier Valley
Bank, Lewisburg, West Virginia.
Class B W. A. L. SIBLEY, Vice President and
Treasurer, Monarch Mills, Union, South
Carolina. (Re-elected)
ATLANTA
Class A ROLAND L. ADAMS, President, Bank of
York, York, Alabama. (Re-elected)
Class B JOSEPH T. LYKES, Chairman, Lykes
Bros. Steamship Company, Tampa, Florida.
Mr. Lykes succeeds A. B. Freeman, Chairman, Louisiana Coca Cola Bottling Company, Ltd., New Orleans, Louisiana.
CHICAGO
Class A VIVIAN W. JOHNSON, President, First
National Bank, Cedar Falls, Iowa. (Reelected)
Class B
WILLIAM A. HANLEY, Director, Eli
Lilly and Company, Indianapolis, Indiana.
(Re-elected)
SAN FRANCISCO
Class A
M.
VILAS
HUBBARD,
President
and
Chairman, Citizens Commercial Trust and
Savings Bank of Pasadena, Pasadena, California. (Re-elected)
Class B ALDEN G. ROACH, President, ColumbiaGeneva Steel Division, United States Steel
Corporation, San Francisco, California. (Reelected)
CHANGES IN BRANCH DIRECTORATE
The Federal Reserve Bank of Dallas has accepted
the resignation of Mr. J. M. Sakrison as a director
of the Bank's El Paso Branch. Mr. Sakrison is a
Director of Southern Arizona Bank & Trust Company, Tucson, Arizona. To succeed Mr. Sakrison
on the El Paso Branch Board, the Dallas Reserve
Bank has appointed Mr. Floyd Childress, Vice
President, The First National Bank of Roswell,
Roswell, New Mexico, to serve for the unexpired
portion of a term ending December 31, 1957.
ST. LOUIS
Class A KENTON R. CRAVENS, President, Mercantile Trust Company, St. Louis. Mr. Cravens succeeds William A. McDonnell, President, First National Bank in St. Louis, St.
Louis, Missouri.
Class B
HAROLD
O.
MCCUTCHAN,
Executive
Vice President, Mead Johnson & Company,
Evansville, Indiana. Mr. McCutchan succeeds Louis Ruthenburg, Chairman, Servel,
Inc., Evansville, Indiana.
MINNEAPOLIS
Class A HAROLD N. THOMSON, Vice President,
Farmers & Merchants Bank, Presho, South
Dakota. (Re-elected)
Class B
JOHN E. CORETTE, President and Gen-
eral Manager, The Montana Power Company, Butte, Montana. (Re-elected)
KANSAS CITY
Class A W. L. BUNTEN, President, Goodland
State Bank, Goodland, Kansas. (Re-elected)
Class B K. S. ADAMS, Chairman, Phillips Petroleum Company, Bartlesville, Oklahoma.
(Re-elected)
DALLAS
Class A JOHN M. GRIFFITH, President, The City
National Bank of Taylor, Taylor, Texas.
Mr. Griffith succeeds W. L. Peterson, President, The State National Bank of Denison,
Denison, Texas.
Class B JOHN R. ALFORD, industrialist and
farmer, Henderson, Texas. (Re-elected)
REVISION IN BULLETIN TABLES
Statistics showing the financial position of Federal
Government corporations and credit agencies
(pages 1340-1341 of this BULLETIN) have been
revised to reflect the expanded coverage and the
new classification of agencies now reported in the
Treasury Bulletin. The revised statement includes
a number of agencies not reported earlier, and
activities are now classified according to the type
of fund they represent: public enterprise revolving funds; intragovernmental revolving funds;
other activities (nonrevolving funds); deposit
funds; and trust revolving funds. The latter two
groups include agencies that are Government
sponsored but in general are not Government
owned.
In general, the listings of selected assets and
liabilities (page 1340) and of principal assets and
liabilities (page 1341) are not changed. Because
of the increased coverage, the dollar volume of
several balance-sheet categories has risen sharply.
The increase in inventories reflects largely holdings of intragovernmental funds, while the increase in cash represents holdings of these funds
and of the postal fund. The amount of loans
outstanding changed only slightly.
Beginning with this issue of the BULLETIN, the
combined financial statements for these Government enterprises will appear under the heading
"Federal Business-Type Activities," conforming
to the term in the Treasury Bulletin.
National Summary of Business Conditions
Released for publication December 14
Economic activity was at advanced levels in
the closing months of the year. Industrial production increased in November and construction
activity was close to the midyear high, after
allowance for seasonal variation. Incomes and
retail sales advanced, and in November and early
December, prices of industrial commodities increased. Bank loan expansion continued and
interest rates rose further.
INDUSTRIAL PRODUCTION
The Board's seasonally adjusted index of industrial production was 147 per cent of the
1947.49 average in November, as compared with
146 in October, and was 3 per cent above a
year earlier. Utility output of electricity and
gas, at 223 per cent of the 1947-49 average,
was up 8 per cent from a year ago.
Auto production rose sharply and, after seasonal adjustment, was up one-fourth from the
October level. In early December the weekly
rate of assemblies increased further and was close
to the record levels of 1955. Production of
major household goods declined in November
as output of television and furniture was curtailed. There were further gains indicated in
activity in industrial machinery, shipbuilding, and
INDUSTRIAL PRODUCTION
1947-49=100
TOTAL ^/^^\(
- 140
DURABLE
MANUFACTURES / ~ \ i
f
/ ~
/
120
\
•VK.
I
1
i
^
/
'
•
-
aircraft industries. Steel mill operations for the
month were at 100 per cent of rated capacity
and in early December were scheduled at slightly
higher rates.
Nondurable goods production continued to
expand in November as output of textiles, apparel, and leather products recovered further,
and activity in the chemical and petroleum refining industries increased. Crude oil extraction
also increased in response to international demands, and additional gains were registered in
early December.
CONSTRUCTION
Spending for new construction in November,
seasonally adjusted, rose slightly and, at an annual rate of $44.6 billion, was close to the midyear peak. Private housing starts changed little
at a seasonally adjusted annual rate of 1,060,000
units, and were one-tenth below a year ago.
Value of contract awards, which declined considerably in October, also changed little in November.
EMPLOYMENT
Employment in nonagricultural establishments
was maintained at the record level of 51.9 million
in November—1.1 million above a year ago.
Average weekly earnings in manufacturing rose
somewhat further to a new high of $82.42. Unemployment, at 2.5 million, was up about half
a million persons from the 1956 low reached in
October and was about the same as a year ago.
The rise reflected sharp increases in holiday job
seekers and in layoffs due to curtailment in outdoor activities.
140
MINERALS /
N y \ / NONDURABLE
V'
MANUFACTURES
120
v
V
DISTRIBUTION
A
7 \H
]J^
V
.U,
In,,
-1
!
uu 100
1953
1954
1955
1956
nl
1953
1
1954
Federal Reserve indexes, seasonally adjusted.
ures, latest shown are for November.
1
1955
w
1956
Monthly fig-
Seasonally adjusted retail sales rose about 3
per cent in November to a new high and were
5 per cent above a year ago. Dollar volume
increased at all major categories of retail outlets.
Deliveries of new autos advanced substantially
further; dealers' stocks also rose, but remained
1314
1315
NATIONAL SUMMARY OF BUSINESS CONDITIONS
sharply below a year ago. Retail and wholesale
stocks of other merchandise, however, generally
were larger than last year. Value of department
store stocks at the end of October was 10 per
cent higher than a year earlier, only partly reflecting higher prices.
PRICES
Average wholesale prices of industrial commodities advanced further from mid-November
to mid-December. Nickel, steel scrap, fuels, wool
and wool products, rayon yarns, and rubber increased, as did prices of various finished goods.
Wholesale prices of farm products also advanced,
reflecting mainly a substantial rise in hogs, and
averaged 7 per cent above the reduced yearearlier level. Average retail prices of foods and
other consumer goods and services in October
were 2.5 per cent higher than a year earlier.
Member bank borrowings from the Federal
Reserve averaged about $600 million during late
November and early December, somewhat below
the levels of other recent weeks. Excess reserves,
however, were somewhat higher. Between midNovember and mid-December, reserves supplied
largely through Federal Reserve purchases of
U. S. Government securities and increases in
Reserve Bank float were absorbed only in part
through currency outflows and increases in required reserves.
SECURITY MARKETS
Total loans and investments at city banks rose
about $600 million between early November and
early December reflecting in large part further
expansion in business loans. Loans to seasonal
borrowers rose further and those to metal manufacturers and sales finance companies, which had
declined earlier, also increased. Banks purchased
new Treasury bills in mid-November but subsequently sold U. S. Government securities.
Between mid-November and mid-December,
yields on U. S. Government securities advanced
to new postwar highs. Yields on some issues in
the one-to-five year maturity range moved to
levels in excess of 3.7 per cent, and those on the
longest-term bonds rose above 3.3 per cent. In
the second week of December the yield on 90-day
Treasury bills rose to about 3.25 per cent. In
addition to year-end pressures in the money market, this advance reflected a special $1 billion
cash offering of 95-day tax anticipation bills, the
third cash sale of Treasury bills in three months.
Yields on corporate and State and local government bonds increased further during late November and early December. After declining in
November, common stock prices rose on balance
during the first part of December.
RETAIL TRADE
INTEREST RATES
BANK CREDIT AND RESERVES
1947-49=100
TOTAL RETAIL SALES
150
140
\ .
LONG-TERM
P^ /
A
GOVERNMENT SECURITIES A v v - ^ / \ - /
\W"
AJVI,
^
|
DISCOUNT RATE
ji
\ A 1 ""'"'" K /
\
A
IOO
Federal Reserve indexes, seasonally adjusted; retail sales
based on Department of Commerce data. Monthly figures;
latest shown for sales are November, and for stocks, October.
1
1
i v V TREASURY BILLS
1
_
!
Weekly average market yields for long-term U. S. Government 2Vi per cent bonds and for longest Treasury bills; latest
shown are for week ending Dec. 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..
1319
1322
1323
1326
1328
1329
1332
1334
Commercial loans; commercial paper and bankers' acceptances
Interest rates
.
Security prices; stock market credit. .
Savings institutions
Federal business-type activities
Federal finance. .
Security issues. .
Business
finance
Real estate credit
Short- and intermediate-term consumer credit.
1336
1337
1338
1339
1340
1342
1346
1347
1349
1352
Selected indexes on business activity. .
Production
Employment and earnings.
Department stores.
Foreign trade. . .
...
Wholesale and consumer prices. . .
National product and income series. .
1356
1357
1364
1366
1367
1368
1370
Index
1401
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 basis
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.
1317
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
Wednesday figures, 1949-1950, weekly averages or daily figures, 1951-
Billions of dollars
_
25
MEMBER BANK
RESERVE BALANCES
20
15
r
EXCESS
CAIE33 RESERVES
K»CKV»
1
|
2
0
35
T
30
25
20
TREASURY CASH AND DEPOSITS
g ^
INONMEMBER
DEPOSITS^
30
FEDERAL RESERVE CREDIT
U.S. GOVERNMENT SECURITIES:
25
20
HELD UNDER
REPURCHASE AGREEMENTS
-J 0
DISCOUNTS AND ADVANCES
FEDERAL RESERVE FLOAT
1949
1950
1951
1952
1953
1954
1955
Latest averages shown are for week ending November 28. See p. 1319.
1318
1956
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
Treas- Curury
rency
curin
rency
ciroutculastand- tion
ing
U. S. Govt. securities
Week
ending
Discounts
and
Float
advances
Gold
stock
Total
Held
under
Bought repuroutchase
right
agreement
Oct. 5
Oct. 12
Oct. 19
Oct. 26
23,844
23,911
24,021
23,973
23,727
23,792
23,916
23,973
117
843
816 25,525
119
909
874 25,714
105 1,041 1,088 26,169
771
985 25,747
21,684
21,684
21,685
21,685
Nov.
Nov.
Nov.
Nov.
Nov.
23,995
24,024
24,068
23,888
24,001
23,995
24,024
24,018
23,888
23,903
943
793 25,748
1,144
776 25,963
50 1,173 1,013 26,272
816 1,486 26,208
"98
973 1,019 26,012
24,364
24,589
24,588
24,767
24,039
24,443
24,375
24,385
325
146
213
382
935
878
747
753
Jan.
4
Jan. 11
Jan. 1 8 . . . . .
Jan. 25
24 785
24.308
23.804
23,517
24,391
24,191
23,802
23,517
394
117
2
Feb.
1..
Feb.
8..
Feb. 15..
Feb. 22..
Feb. 29..
23,416
23,423
23,349
23,389
23,435
23,414
23,423
23,349
23,333
23,384
Mar. 7.
Mar. 14.
Mar. 21.
Mar. 28.
23,518
23,505
23,508
23,508
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Total i
Deposits, other
than member bank
reserves,
with F. R. Banks
Treasury
cash
holdings
Treas- Forury
eign
Member bank
reserves
Other
F. R.
accounts
ReExTotal quired 2 cess 2
Other
Averages of
daily figures
1955
30,428
30,552
30,621
30,498
791
788
777
778
525
514
534
496
381
383
391
381
390
999 18,700 18,189
429 1,011 18,728 18,175
409 1,010 19,119 18,494
387 1,010 18,891 18,433
511
553
625
458
21,686
21,686
21,686
21,687
21,688
5,007
5,007
5,007
5,009
5,009
5,009
5,008
5,008
5,008
30,528
30,657
30,794
30,824
30,963
772
774
774
783
781
500
571
613
532
439
408
384
400
395
399
385
433
564
399
398
18,421
18,343
18,302
18,468
18,381
477
556
581
568
413
957 26,274
26,428
746 27,101
875 27,420
21,688
21,689
21,689
21,690
5,008
5,007
5,008
5,008
31,070
31,244
31,364
31,415
780
786
772
774
483
337
401
523
424
446
469
497
413
931 18,869 18,411
372
989 18,950 18,488
336 1,010 19
19,446 18,792
410 1,012 19,487 18,804
458
462
654
683
584
801
922
815
539
242
125
128
26
6,936
26
5,375
25
5,872
25
5,480
21,690
21,691
21,692
21,692
31,153
30,914
30,632
30,361
773
782
786
793
356
244
360
385
438
423
417
388
513
334
321
318
939 19,464
923 19,453
920 19,136
919 19,017
18,387
18,725
18,543
18,494
577
728
593
523
999
822
976
622
758
814 25,248
840 25,104
""25,174
25,360
880 25,089
21,693
21,693
21,694
21,694
21,695
30,223
30,219
30,247
30,210
30,181
798
796
800
794
792
464
406
428
557
542
369
365
377
362
354
343
331
400
366
306
919 18,834
917 18,773
932 18,693
026 18,749
,025 18,596
18,350
18,230
18,144
18,175
18,137
484
543
549
574
459
23,426
23,410
23,405
23,495
92
749
835 25,118
975
95
812 25,308
934 1,297:
25,754
103
13 1,196
941 25,661
21,695
21,717
21,713
21,715
5,008
5,008
5,008
5,009
5,009
5,010
5,010
5,011
5,012
5,011
5,011
5,013
5,015
30,202
30,276
30,264
30,249
783
779
783
787
461
564
489
599
360
360
333
341
327
346
336
317
,023 18,670
,021 18,691
069 19,204
,069 19,028
18,137
18,182
18,587
18,455
533
509
617
573
23,634
23,521
23,399
23,28.^
23,587
23,518
23,377
23,282
986 1,022 25,658
47
3 1,119
826
"'. 25
25,481
973 25,497
22 1,109
1,061 1,017 25,374
21,716
21,727
21,741
21,742
30,321
30,300
30,290
30,155
784
782
785
782
560
508
531
569
347
328
347
335
307
313
331
,075 18,860
1082 18,917
,081 18,909
,078 18,884
18,322
18,284
18,318
18,344
538
633
591
540
May 2
May 9
May 16
May 23
May 30
23,299
23,352
23,279
23,210
23,412
23,243
23,252
23,226
23,200
23,359
56 1,089
864 25,266
844 25,325
100 1,114
93 25,298
53 1,066
10
946 1,139 25,310
53
73:
835 24,995
21,743
21,768
21,769
21,770
21,771
30,181
30,296
30,359
30,317
30,327
786
781
789
781
785
575
555
563
594
507
338
334
378
319
297
385
321
314
310
328
998
982
980
980
984
18,767
18,848
18,710
18,809
18,569
18,359
18,295
18,241
18,275
18,227
408
553
469
534
342
June 6
June 13
June 20
June 27
23,503
23,516
23,492
23,478
23,406
23,491
23,492
23,452
894
906 25,320
747
970 25,251
25
764 1,507 25,779
756 1,""
369 "",621
25
21,782
21,796
21,798
21,799
30,505
30,542
30,541
30,485
782
779
774
781
429
398
535
570
305
332
331
297
310
983
299
982
317
998
290 1,000
18,819
18,749
19,116
19,030
18,217
18,233
18,500
18,435
602
516
616
595
July 4
July 11
July 18
July 25
23,791
23,836
23,490
23,408
23,748
23,826
23,487
23,408
1,231 25,685
1,169
169 25,903
1,412:25,769
1,393 25,393
21,806
21,826
21,827
21,828
5,017
5,016
5,018
5,019
5,023
5,025
5,026
5,028
5,032
5,032
5,033
5,033
5,033
5,032
5,031
5,031
5,032
30,765
30,923
30,808
30,632
773
770
768
773
493
437
595
556
298
309
320
288
298
290
278
267
993 18,902
990 19,040
987 18,869
994 18,744
18,430
18,285
18,240
18,187
472
755
629
557
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Aug. 29
23,418
23,418
23,439
23,574
23,622
23,418
23,418
23,418
23,446
23,592
690 1,046 25,172
,182
917
837 25,254
960
878 1,171 25,642
935
829 ",404
25
21,829
21,855
21,856
21,856
21,857
30,575
30,633
30,681
30,654
30,618
772
769
773
778
776
519
530
539
485
481
284
319
335
293
318
273 1,021 18,591 18,115
284
949 18,588 18,018
277
947 18,593 18,014
266
944119,117 18,464
282
944 18,883 18,375
476
570
579
653
508
Sept.
Sept.
Sept.
Sept.
5.
12.
19.
26.
23,849
23,858
23,691
23,576
23,818
23,829
23,673
23,555
796
787 25,454 21,861
31
1,045 25,934 21,883
29 1,01
654 1,'"
21,883
18
489 "",852
25
705 1,394 25,694 21,884
21
30,786
30,910
30,810
30,714
771
770
771
774
427
518
453
651
379
381
345
331
251
25:
235
219
943
941
945
951
18,800
19,088
19,220
18,980
18,357
18,394
18,524
18,477
443
694
696
503
Oct.
Oct.
Oct.
Oct.
Oct.
3
10
17
24
31
23,697
23,840
23,860
23,736
23,708
23,60:
23,766
23,846
23,736
23,668
95
74
14
5,034
5,035
5,036
5,037
5,041
5,042
5,042
5,043
5,044
5,046
5,046
5,047
5,048
5,051
30,769
30,880
30,953
30,864
30,795
776
770
775
777
780
551
489
388
505
539
325
405
373
293
285
214
227
429
291
29:
953 18,935
958 18,929
958 18,890
956 19,137
925 18,810
18,456
18,322
18,313
18,574
18,451
479
607
577
563
359
7
14
21
28
23,824
23,940
24,033
24,202
23,766
23,882
23,959
24,110
30,963
31,141
31,269
31,355
781
773
771
77:
501
446
441
436
284
321
303
307
345
397
29:
252
847 19,004
845 18,996
844 19,311
843,19,375
18,443
18,377
^18,625
18665
561
619
^686
2
9
16
23
30
Dec.
7.
Dec. 14.
Dec. 2 1 .
Dec. 28.
951
939
938
935
935
18,898
18,899
18,883
19,036
18,794
1956
Nov.
Nov.
Nov.
Nov.
56
51
97
25
"26
43
10
3
21
128
30
644
880
849
573
"40
810
857
714
564
674
1,067 25,593
990 25,707
1,215 25,810
1,547 25,866
i,06r 25,466
21,884
21,906
21,910
21,909
21,909
58
58
74
92
828
945
662
631
1,08- 25,762
1,040 25,954
1,543 26,266
1,51' 26,374
21,909 5,054
21,910 5,056
21,910 5,055
21,910 5,056!
For other footnotes see following page.
Preliminary.
1319
1320
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
Nov
Dec
Held
under
Bought repuroutchase
right
agreement
23,997 23,963
24,602 24,318
Discounts
and
Float
advances
Gold
stock
Totali
Treasury
currency
outstanding
Currency
in
circulation
Treasury
cash
hold-
Deposits, other
than member bank
reserves,
with F. R. Banks
Other
F. R.
accounts
Treas- Foreign
ury
Other
778
777
538
434
394
459
444
394
30,620
30,214
30,256
30,245
30,322
30,536
30,751
30,650
30,803
30,864
31,198
787
796
783
783
785
778
771
774
772
776
774
356
480
532
545
556
485
521
504
523
487
456
404
364
349
338
331
315
300
318
356
337
308
354
351
350
338
322
304
280
275
237
299
313
68 1,037
52 1,400 4,037 2,019 4,459
164
4 2,220 4,031 2,286 5,434
7
91 2,593 17,644 2,963 7,598
3
94 2,361 22,737 3,247 11,160
249
578 25,091 20,065 4,339 28,515
85
535 23,181 22,754 4,562 28,868
53
67 1,368 22,216 22,706 4,636 27,741
663
156
967 25,825 23,187 4,812 30,433
28
935 26,880 22,030 4,894 30,781
598
25,885 21,713 4,985 30,509
143
44
850 24,601 21,678 5,002 30,229
128
53
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
563
380
6
15
397
774
862
392
895
550
423
490
374
618
883 25,776 21,688 5,008 30,993
108 1,585 26,507 21,690 5,008 31,158
778
767
477
394
009 30,228
012 30,163
020 30,339
025 30,210
030 30,513
032 30,715
035 30,604
041 30,757
046 30,768
054 30,839
060 P31,418
797
789
777
783
779
768
761
768
771
778
6
34 1,018 1,055 26,089 21,687 5,008 30,791
840 1,389 26,853 21,689 5,008 31,265
284
Member bank
reserves
Total
ReEx- 2
quired 2 cess
937 18,902 18,378
983 19,240 18,646
524
594
1956
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Mid-year or
year-end
1929—June
1933—June
1939—Dec
1941—Dec
1945—Dec
1947—Dec
1950—Dec
1952—Dec
1953—Dec
1954—Dec
1955—June
End of month
1955
Nov
Dec
23,897
23,401
23,522
23,410
23,322
23,522
23,580
23,530
23,728
23,781
24,024
23,824
23,375
23,449
23,393
23,262
23,486
23,573
23,488
23,695
23,742
23,951
216
1,998
2,484
2,254
24,262
22,559
20,778
24,697
25,916
24,932
23,607
148
1,998
2,484
2,254
24,262
22,559
20,725
24,034
25,318
24,888
23,554
24,256 23,991
24,785 24,391
800
993
1,060
971
770
738
898
792
715
745
265
394
1,152 25,879
965 25,183
987 25,517
925 25,411
928:25,237
25,516
1,206 25
1,263 25,599
910 25,357
25
1,198 25,737
1,182 "",698
25
1,300 26 ,097
21,692
21,694
21,711
21,735
21,768
21,795
21,826
21,855
21,880
21,906
21,910
5,008
5,011
5,013
5,018
5,028
5,033
5,032
5,038
5,043
5,048
5,055
19,138
18,709
18,924
18,847
18,735
18,933
18,836
18,783
19,024
18,939
19,169
18,586
18,177
18,340
18,320
18,268
18,359
18,237
18,224
18,446
18,419
552
532
584
527
467
574
599
559
578
520
21
151
256
586
446
569
565
455
493
441
448
374 2,356
346 2,292
251 11,653
291 12,450
495 15,915
563 17,899
714 17,681
777 19,950
839 20,160
907 18,876
972 18,066
2,333
1,817
6,444
9,365
14,457
16,400
16,509
20,520
19,397
18,618
18,139
23
475
5,209
3,085
1,458
1,499
1,172
-570
763
258
-73
408
402
412
554
931 18,474 18,417
925 19,005 18,903
57
102
428
554
534
578
515
522
513
422
535
495
463
355
363
354
330
307
297
308
350
334
275
356
750 18,311
349
919
428 18,162
305 1,025
799 18,276
623 1,069
784 18,325
404
984
773 18,204
309
983
443 18,449
313
992
288
950 18; 308 18,104
252
888 18,377
227
950 18;831 18,450
297
668 18,459
848
182
208 *»18,622
843
439
266
523
459
569
-6
204
511
381
209
*586
921
973
,048
,067
982
991
999
946
946
950
845
1956
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Wednesday
1956
Sept. 5
Sept. 12
Sept. 19
Sept. 26
23,466
23,482
23,636
23,345
23,474
23,758
23,438
23,854
23,680
23,767
24,385
23,466
23,426
23,587
23,245
23,360
23,712
23,438
23,828
23,590
23,688
24,255
23,863
23,829
23,586
23,593
23,828
23,829
23,586
23,553
Oct.
Oct.
Oct.
Oct.
Oct.
3
10
17
24
31
23,735
23,865
23,860
23,683
23,767
23,653
23,833
23,860
23,683
23,688
Nov.
Nov.
Nov.
Nov.
7
14
21
28
23,857
23,945
24,143
24,284
23,778
23,904
24,068
24,220
852
786 25,122
693
632
695
56
791 24,920
872 1,238 25,761
716
49
743
100 1,204
744 25,307
772
114 1,160
726 25 377
232
799
46
,210 25 219
452
830
959 241868
832
858
"26
771 25,480
664
884
25,487
1,125
90
538
910
79
91025; 236
518
130
,330 26!267 *>21,910
35
40
688
852 25,423 21,883
604 1,063 25,515 21,883
413 1,471 25,488 21,884
573 1,"
060
" 25,243 21,884
5,041
5,042
5,043
5,046
30,894
30,847
30,745
30,661
778
781
777
780
409
554
326
583
444
376
355
331
240
243
220
212
942
940
955
951
18,641
18,700
19,037
18,656
18,361
18,425
18,572
18,466
280
275
465
190
975
579
452
838
538
21,884
21,910
21,909
21,909
21,910
5,045
5,046
5,047
5,049
5,054
30,786
30,932
30,882
30,771
30,839
777
776
783
785
778
547
425
423
606
495
377
303
341
277
275
198
297
293
298
297
957 18,989
958 18,588
957 18,924
956 18,933
848 18,668
18,443
18,305
18,448
18,497
18,459
546
283
476
436
209
1,087
577 25,548 21,909
375 1,078 25,427 21,910
595 1,523 26,287 21,910
359 1,280 25
"-,951 21,910
5,055
5,055
5,055
5,056
31,042
31,196
31,380
31,347
778
775
769
774
400
415
392
479
290
342
300
373
287
305
279
167
846
844
842
842
18,871 18,378
18,515 18,403
19,290 i8,703
18,934 ^18,730
493
112
973 25,702
860 25,325
25,646
25,668
910 25,236
Preliminary,
i Includes industrial loans and acceptances; these items are not shown
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.
1321
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
Reserve
city
banks
Country
banks
NewYork
Chicago
7,823
7,840
7,924
5,604
5,660
5,716
7,934
7,753
7,796
7,814
7,775
7,784
7,796
7,783
7,885
7,869
5,732
5,623
5,619
5,641
5,577
5,662
5,675
5,633
5,732
5,736
Excess reserves:2
1955—,oct
Nov
Dec
1956—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Week ending:
1956—Oct. 17
Oct. 24
Oct. 31
Nov. 7
Nov. 14
Nov. 21
Nov. 28
Total reserves held:
1955—Oct
Nov
Dec...
18,870
18,902
19,240
4,316
4,257
4,432
1,127
1,144
1,166
1956—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct.
19,138
18,709
18,924
18,847
18,734
18,933
18,836
18,783
19,024
18,939
4,293
4,196
4,372
4,287
4,264
4,354
4,237
4,236
4,288
4,222
1,178
1,138
1,137
1,105
1,119
1,133
1,129
1,130
1,120
1,111
Week ending:
1956—Oct. 17
Oct. 24
Oct. 31
Nov. 7....,-...
Nov. 14
Nov. 21
Nov. 28
18,890
19,137
18,810
19,004
18,996
19,311
19,375
4,156
4,247
4,245
4,218
4,173
4,229
4,332
1,106
1,113
1,113
1,125
1,116
1,129
1,115
7,898
7,923
7,874
7,876
7,891
8,003
8,032
5,730
5,854
5,578
5,785
5,817
5,949
5,896
1955—Oct
Nov
Dec
18,345
18,378
18,646
4,316
4,243
4,397
1,127
1,142
1,164
7,759
7,802
7,865
5,144
5,191
5,220
1956—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
18,586
18,177
18,340
18,320
18,268
18,359
18,237
18,224
18,446
18,419
4,317
4,186
4,344
4,299
4,254
4,341
4,225
4,227
4,288
4,214
1,179
1,134
1,135
1,106
1,117
1,130
1,127
1,129
1,120
1,107
7,863
7,687
7,712
7,750
7,726
7,706
7,707
7,704
7,805
7,817
5,227
5,170
5,149
5,165
5,171
5,183
5,179
5,164
5,234
5,281
18,313
18,574
18,451
18,443
18,377
^18,625
18665
4,145
4,258
4,228
4,211
4,163
4,240
4,289
1,104
1,110
1,110
1,122
1,112
1,127
1,113
7,810
7,872
7,817
7,813
7,799
7,939
7,946
5,254
5,334
5,296
5,297
5,303
^5,319
*5317
Required reserves:2
Week ending:
1956—Oct. 17
Oct. 24
Oct. 31
Nov. 7
Nov. 14
Nov. 21
Nov. 28
Deposits:
115,186
12,774
102,412
99,371
40,484
23,539
4,018
19,520
20,729
3,397
6,035
1,201
4,834
5,304
1,314
45,190
6,270
38,921
38,567
16,347
40,422
1,285
39,137
34,770
19,426
6,344
76
106
1,963
4,199
October 1956
Gross demand deposits:
Total
Interbank
Other
Net demand deposits 3 ...
Time deposits
Demand balances due
from domestic banks...
116,135
13,280
102,855
99,695
41,966
22,978
4,100
18,877
20,205
3,457
5,986
1,242
4,744
5,211
1,295
45,647
6,595
39,053
38,729
16,916
41,524
1,343
40,181
35,549
20,298
6,616
69
108
2,004
4,435
P1 Preliminary.
Averages of daily closing figures for reserves and borrowings and of
daily opening figures for other items, inasmuch as reserves required are
based on deposits at opening of business.
2 Weekly figures of required, excess, and free reserves of all member
banks and of country banks are estimates.
All
member
banks
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
Country
banks
64
38
60
460
470
497
505
452
470
476
406
479
496
469
498
456
524
525
594
1
14
35
3
2
552
533
585
527
467
575
599
559
579
520
-24
11
28
-12
10
13
12
10
-1
3
2
-1
2
4
3
1
8
4
72
66
84
64
49
78
89
79
80
52
578
563
359
562
619
*685
*710
11
-11
17
7
10
-11
43
2
3
3
3
3
2
2
89
51
57
64
92
64
87
476
520
282
488
514
*630
P578
1955—Oct
Nov
Dec
884
1,016
839
151
279
197
137
70
85
480
538
398
116
129
159
1956—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
807
799
993
1,060
971
769
738
898
792
715
174
149
202
155
98
46
119
168
204
200
82
106
258
261
155
115
50
74
93
118
425
402
382
493
517
434
433
461
377
299
126
142
151
151
201
174
136
195
118
98
714
564
674
828
942
660
629
239
117
169
227
318
248
170
109
131
116
171
156
147
125
263
252
242
323
329
203
252
103
64
147
107
139
62
82
1955—Oct
Nov
Dec
-360
-491
-245
-150
-265
-162
-137
-67
-83
-416
-500
-338
344
341
338
1956—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
-255
-266
-408
-533
-504
-194
-139
-339
-213
-195
-198
-138
-174
-167
-88
-33
-108
-158
-204
-192
-83
-103
-256
-262
-153
-111
-48
-73
-93
-114
-353
-336
-298
-429
-468
-356
-344
-382
-297
-246
379
310
319
325
205
305
360
274
380
358
Week ending:
1956—Oct. 17
Oct. 24
Oct. 31
Nov. 7
Nov. 14
Nov. 21
Nov. 28
-136
-1
-315
-266
-323
*>25
*>81
-228
-128
-152
-220
-308
-259
-127
-107
-128
-113
-168
-153
-145
-123
-174
-201
-185
-259
-237
-139
-165
373
456
135
381
375
*568
Borrowings at Federal
Reserve Banks:
Week ending:
1956—Oct. 17
Oct. 24
Oct. 31
Nov. 7
Nov. 14
Nov. 21
Nov. 28
Free reserves2
October 1955
Gross demand deposits:
Total
Interbank
Other
Net demand deposits 3 ...
Time deposits
Demand balances due
from domestic banks...
Item and period
4
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.
1322
DISCOUNT RATES
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Discounts for and advances to member banks
Advances secured by Government
obligations and discounts of and
advances secured by eligible paper
(Sees. 13 and 13a)i
Federal Reserve Bank
In effect
beginning—
Rate on
Nov. 30
Boston
New Y o r k . . .
Philadelphia..
Cleveland....
Richmond...
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
Previous
rate
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
Nov. 30
In effect
beginning-
Previous
rate
Aug. 28, 1956
Aug. 24, 1956
Aug. 24, 1956
Aug. 27, 1956
Aug. 24, 1956
Aug. 28, 1956
Aug. 24, 1956
Aug. 28, 1956
Apr. 13, 1956
Aug. 31, 1956
Aug. 28, 1956
Apr. 13, 1956
Aug. 28, 1956
Aug. 24, 1956
Aug. 24, 1956
Aug. 27, 1956
Aug. 24, 1956
Aug. 28, 1956
Aug. 24, 1956
Aug. 28, 1956
Apr. 13, 1956
Aug. 31, 1956
Aug. 28, 1956
Apr. 13, 1956
Rate on
Nov. 30
In effect
beginning—
Aug.
Aug.
Apr.
Aug.
Aug.
Aug.
Aug.
Aug.
Apr.
Aug.
Aug.
Apr.
¥
4
4
4
414
4
4
4
Previous
rate
28,1956
24,1956
13,1956
27,1956
24,1956
28,1956
24,1956
28,1956
13,1956
31,1956
28,1956
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.
Mar.
May
June
Dec.
1931—May
Oct.
Oct.
1932—Feb.
June
1933—Mar.
Apr.
May
Oct.
1934—Feb.
1937—Aug.
7
14
2
20
24
8
9
16
26
24
3
7
26
20
2
27
4
3
b
1942—Oct.
1946—Apr.
1948_Jan.
Aug.
1950—Aug.
1953—Jan.
1954_Feb.
Apr.
1955—Apr.
Aug.
Sept.
Nov.
1956—Apr.
Aug.
30
25
12
13
21
16
5
16
15
5
9
18
13
24
Effective date
of change
i»
WA
18
2VA
In effect Dec. 1, 1 9 5 6 . . . .
¥
3
1 Under Sees. 13 and 13a, as described in table above.
2 Preferential rate for advances secured by Govt. securities maturing
or callable in 1 year or less in effect during the period Oct. 30, 1942Apr. 24, 1946. The rate of 1 per cent was continued for discounts of and
advances secured by eligible paper.
NOTE.—Repurchase rate on U. S. Govt. securities. In 1955 and 1956
this rate was the same as the discount rate except in the following periods
(rates in percentages): 1955—May 4-6, 1.65; Aug. 4, 1.85; Sept. 1-2, 2.10;
Sept. 8, 2.15; Nov. 10, 2.375; and 1956—Aug. 24-29, 2.75.
MARGIN REQUIREMENTS 1
[Per cent of market value]
50
50
60
60
70
70
50
60
70
1 Regulations T and U limit the amount of credit that may be extended
on a security by prescribing a maximum loan value, which is a specified
percentage of its market value at the time of extension; margin requirements are the difference between the market value (100%) and the maximum loan value. Changes on Feb. 20, 1953, and Jan. 4, 1955, were
effective after the close of business on those dates.
Reserve
city
banks
Time deposits
Country
banks
Central
reserve
and
reserve
city
banks
3
Country
banks
1917—June 21
13
10
7
1936—Aug. 16
1937_Mar. 1
May 1
19%
22 VA
26
15
2*
10%
1938—Apr. 16
22%
17V4
12
5
1941_Nov. 1
1942—Aug. 20
Sept. 14
Oct. 3
26
24
22
20
20
14
6
1948_Feb. 27
June 11
Sept. 16,24*
22
24
26
22
16
7%
1949—May
June
Aug.
Aug.
Aug.
Sept.
1,5*
30, July 1*.
1,11*
16, 18*
25
1
24
21
20
19%
19
18%
18
15
14
13
12
7
6
5
7%
7
6
5
1951—Jan. 11, 1 6 * . . . .
Jan. 25, Feb. 1*.
23
24
19
20
13
14
6
6
1953—July
5
5
5
5
3
6
3
6
6
22
19
13
1954_j U ne 1 6 , 2 4 * . . . .
July 29, Aug. 1*.
21
20
12
In effect Dec. 1 , 1 9 5 6 . .
20
00
Regulation T :
For extensions of credit by brokers and
dealers on listed securities
For short sales
Regulation U :
For loans by banks on stocks
Feb. 20, Jan. 4,
Effec19531955tive
Jan. 4, Apr. 22, Apr. 23,
1955
1955
1955
Central
reserve
city
banks
00
Prescribed in accordance with
Securities Exchange Act of 1934
Net demand deposits 1
Rate
Date effective
Rate
12
13
26
10
20
7
14
1,9*
Present statutory requirements :
Maximum
P
5
6
i 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.
y^o-june JU, 1^4/;.
*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.
1323
FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday
End of month
1956
Item
]NTov.
Assets
Gold certificates account
Redemption fund for F. R. notes
28
1^ov. 21
]Hov.
14
1956
Nov. 7
Oct. 31
Nov.
1955
Nov.
Oct
70 367 394 70 369 397 7,0 ,375 ,39? 20 377 391 20,367,391 20,367,392 70 367 391 70 ,138,351
855 ,208
853 208
860 ,020
855 ,745
861 ,209
855,745
860,020
863,750
21 ,227 ,414 21 ,230 ,601 21 ,230 ,600 21 ,230 599 21,223,136 21,227,412 21 223 136 21 ,002,101
Total gold certificate reserves . . . . . .
F. R notes of other Banks
Other cash
Discounts and advances:
For member banks
For nonmember banks etc.
Industrial loans
Acceptances—Bought outright
Held u n d e r repurchase agreement
U . S. G o v e r n m e n t securities:
Bought outright:
Bills
Certificates Special
Other
Notes
Bonds
?95 509
757 ,857
771 ,477
?83 077
3?6 336
375 785
376 861
338 770
356 843
? 000
799
593 408
36? ,78?
1? ,000
809
21 782
5 176
807
21 ,084
3 ,857
1 ,331 770
1 ,179 ,770
?
,000
331,460
358,965
286,637
334,677
331 460
358 965
227,338
325,148
1 086 ?0?
1 000
873
538,346
516,498
2,000
538 346
618,329
802
867
20 ,084
7 ,059
19 550
6 213
867
19,040
870
22,783
10,306
19 040
870
1 ,01 5 5?0
910 ??0
800,020 1,366,420
704
17,493
800 070 1 ,269,846
10 ,93? 699 10 ,937 ,699 10 ,93? ,699 10 ,93? 699 i6,932,699 10,932,699
93? 699 ? ,520,076
9 153 913 9 153 ,913 9 153 913 9 153 913 9,153,913 9,153,913 9 153 913 17 ,399,536
2 ,801 750 2 ,801 ,750 2 ,801 ,750 2 ,801 750 2,801,750 2,801,750 2 , 801 750 2 ,801,750
?4 ??o 08? 74 ,068 ,08? ? 3 ,903 ,88? ?3 ,798 58? 23,688,382 24,254,782 ? 3 , 688 38? ? 3 ,991,208
130,100
265,160
64 ,000
41 ,600
58 600
79,000
79 000
75 ,000
Total bought outright
Held under repurchase agreement
Total U . S. G o v e r n m e n t securities.
24 ,284 082 24 ,143 ,082 23 ,945 ,482 23 ,857 182 23,767,382 24,384,882 2 3 , 767 382 24 ,256,368
Total loans and securities
74 670 687 74 ,764 738 74 348 ?16 ?4 971 070 24,326,505 24,937,271 ?4 376 505 74 ,892,894
22
D u e from foreign b a n k s
Uncollected cash items
Bank premises
O t h e r assets
5 ,071 718
7? 980
376 148
51 ,990 309 52 ,763 ,710 52 ,030 ,655 51 ,595 265 51,390,734 52,144,547 5 1 , 390 734 51 ,196,567
T o t a l assets
Liabilities
Federal Reserve notes
Deposits :
M e m b e r b a n k reserves
U . S. Treasurer—general account
Foreign
Other
?7 ,004 691 ?6 ,997 ,83? 76 ,834 ,7?? ?6 ,706, 577 26,567,092 27,063,872 ?6, 567, 09? ?6 ,629,284
18 ,933
479
373
167
6?6 19 ,?90 ,071 18 ,515 ,?77 18 ,870, 673 18,667,677 19,208,349 18, 667, 677 18 ,474,149
391 ,779
415 ,?76
309
400, 198
476,841
462,641
494,781
494 , 781
300 ,158
?67
341 ,554
?89, 848
356,474
?75, 140
407,615
275,140
286,
181,688
411,766
304 ,654
516
296,869
296, 869
154
279 ,052
19 ,953 356 70 ,?61 ,010 19 ,576 ,761 19 ,847, 735 19,734,467 20,209,152 1Q, 734, 467 19 ,770,371
T o t a l deposits
3 ,740 745 4 ,224 ,907 4 ,350 ,160 3 ,782, 090 3,840,981
3,576,536 3 , 840, 981 3 ,604,599
25,238
20,280
22 ,996
21 ,649
20,545
20, 545
21, 896
24 814
50 ,723, 606 51 ,506 ,745 50 ,783 ,292 50 ,357, 798 50,163,085 50,874,798 50, 163, 085 50 ,024,534
Deferred availability cash items
O t h e r liabilities a n d accrued dividends.
Total liabilities
Capital Accounts
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
O t h e r capital accounts
371, 179
693, 612
27, 543
224, 369
3?1 .04?
693 ,612
27 ,543
214 ,768
370 ,830
693 ,612
27 ,543
205 ,378
3?0, 6?4
693, 612
27, 543
195, 688
320,370
693,612
27,543
186,124
321,472
693,612
27,543
227,122
370, 370
693, 612
27, 543
186, 124
300,220
660,901
27,543
183,369
51 ,990, 309 52 ,763 ,710 52 ,030 ,655 51 ,595, 265 51,390,734 52,144,547 5 1 , 390, 734 51 ,196,567
Total liabilities a n d capital accounts
Ratio of gold certificate reserves to deposit a n d F . R.
n o t e liabilities combined (per cent)
Contingent liability o n acceptances purchased for
Industrial loan commitments
22
22
22
22
22
22
22
,747 ,59? 5 ,4?8 ,456 4 ,359 466 4,750,928 4,906,234 4 , 750 978 4 ,487,715
77 ,930
71 814
73,050
60,407
7? ,?76
71,821
71 8?1
352 ,797
364 ,685
341 097
327,897
379,244
327, 897
200,942
45. 2
44 9
45 .7
45. 6
45.8
44.9
45. 8
45.3
5?, 113
57 34?
57, 454
2 172
52,694
2,236
51,685
2,175
5?, 694
2 , 178
51 874
2 ,176
27,234
2,339
2 , 229
2 , 236
Maturity Distribution of Loans and U. S. Government Securitiesl
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
595,408
374
358,843
354,001
589,469
369
4,765
5,855
5
77
84
799
807
1
67
66
459
452
280
280
27
24,941
26,958
12
9,728
9,983
14
16,975
15,213
24,284,082 24, 143,082 23 ,945
305
6,231,599 ' 309,399
6,096,820
878,020 6,672
9,153,913
153,913 14,165
373
373,279
373,279
013,614 1,013
,013,614
414,857 1,414
,414,857
1
Holdings under repurchase agreements are classified as maturing
within 15 days in accordance with maximum maturity of the agreements.
782 ,087,202
538,346
518
451 ,065,490
534,694
513
273
20,712
3,652
5
58
1,000
867
809
873
1
1
1
65
67
66
512
452
517
289
289
289
33
143
19,910
25,763
13
528
11,079
6,612
19
615
14,684
13,298
482 23 ,857,182 23, 767,382 24 ,384
550
134,600
220,020 6,155
269 6,754,919
579,699 6,273
14,165,913
165,913 9,153
373
373,279
373,279
,013,614
013,614 1,013
,414,857
414,857 1,414
498
538,346
618,329
206
534,694
610,079
218
3,652
8,209
74
41
802
867
704
2
1
12
69
65
33
460
512
555
271
289
104
089
19,910
17,493
975
6,612
5,163
114
13,298
12,330
882 23 767,382 24 ,256,368
499
220,020
,123,059
720 6,579,699
,165,646
913 14,165,913
952,065
279
373,279
,587,127
614 1,013,614
,013,614
857 1,414,857
414,857
1324
FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON NOVEMBER 30. 1956
[In thousands of dollars]
Item
New
York
Boston
Philadelphia
Cleveland
Richmond
Gold certificate account
Redemption fund for F. R.
notes
919,226 5,231,058 1,067,112 1,875,490 1,349,955
Total gold certificate reserves
976,658 5,411,615 1,127,895 1,953,061 ,423,490
F. R. notes of other Banks..
Other cash
57,432
23,107
23,497
180,557
52,883
70,814
60,783
29,702
20,361
77,571
14,093
27,501
Chicago
Atlanta
73,535
17,724
20,477
823,132 3,680,220
49,512
St.
Louis
832,078
156,714
42,015
872,644 3,836,934
874,093
50,821
25,386
21,452
48,234
10,590
24,056
Discounts and advances:
Secured by U. S. Govt.
24,680
18,760
35,330
29,680
85,257 127,660
6,900
securities
21,675
182
144
102
76
118
438
Other
572
458
300
Industrial loans
Acceptances:
22,783
Bought outright
Held under repurchase
10,306
agreement
U. S. Govt. securities:
1,333,188 6,104,395 1,457,494 2,097,869 1,493,343 1,247,157 4,231,780 1,012,637
Bought outright
Held under repurchase
130,100
agreement
Total loans and securities. . .
Due from foreign banks
Uncollected cash items
Bank premises
Other assets
Total assets
Kansas
City
Minneapolis
Dallas
San
Francisco
396,524| 843,382| 770,929j2,578,286
23,O13j
41,783
419,537j 885,165
26,334
70,771
797,263 2,649,057
11,181)
9,710!
6,369
12,523
19,173
16,542
29,542
35,576
3,32Oi
50
44!.
99.963
466
52,100
102
10,625
210
547,84311,050,960
963,982 2,714,134
1,340,506 6,289,831 1,493,426 2,122,731 1,523,125 1,332,502 4,359,878 1,031,473
551,257|.l,151,389 1,016,184 2,724,969
1
182,852
4,308
15,532
1
1
1
2
114,955 299.709 277,400 421,922
10,994
3,635
4,833
4,291
15,765 42,186
8,456
16,116
1
394,634
5,330
20,579
16
2
2
932,635 301,625 455,631
9,241
4,804
8,022
94,360
22,339
32,848
1
368,423
7,319
23,023
1
348,043
4,396
19,911
3
808,405
5,877
68,129
2,784,312 12,861,385 3,000,154 4,613,889 3,383,582 2,653,704 9,148,912 2,142,905 1,119,930 2,375,563 2,145,963 5,914,248
Liabilities
F. R. notes
1,603,753 6,286,961 1,743,718 2,533,429 2,149,487 1,336,630 5,224,593 1,194,377 494,639 1,064,559! 717,387 2,714,339
Deposits:
Member bank reserves
848,636 5,338,568 902,243 1,538,773 842,902 919,541 3,095,441 699,969 456,752 959,293 1,027,072 2,579,159
U. S. Treasurer—general
72,959
34,143
27,082
37,333
43,640 50,267
40,106
29,507
40,692
account
23,038
28,038
35,836
3 7,901 36,880
25,272
8,775
13,338
31,941
17,901
15,444
13,338
Foreign
49,140
20,709 2105,835
3,773 43,643
10,378
2,531
695
1,505
2,160
2,793
7,730
Other
101,052
899
4,529
Total deposits
896,912 5,618,414 972,036 1,612,325 892,470 973,614 3,186,172 749,075 495,140 1,010,659 1,092,386 2,709,949
Deferred availability cash
items
Other liabilities and accrued
dividends
Total liabilities
207,893
599,806
193,528
351,667
273,079
283,220
550,865
149,052
97,186
248,742
271,615
349,883
1,114
7,075
1,347
2,828
1,320
1,183
4,393
900
636
1,011
941
2,490
2,709,672 12,512,256 2,910,629 4,500,249 3,316,356 2,594,647 8,966,023 2,093,404 1,087,601 2,324,971 2,082,329 5,776,661
Capital Accounts
Capital paid in
Surplus (Sec. 7)
Surplus (Sec. 13b)
Other capital accounts.
16,454
41,667
3,011
13,508
92,349
195,827
7,319
53,634
20,613
49,491
4,489
14,932
30,468
62,563
1,006
19,603
14,666
35,012
3,349
14,199
15,371
30,841
762
12,083
43,645
101,894
1,429
35,921
10,984
27,649
521
10,347
7,106
17,586
1,073
6,564
12,925
25,960
1,137
10,570
17,967
33,847
1,307
10,513
38,924
71,275
2,140
25,248
Total liabilities and capital
accounts
2,784,312 12,861,385 3,000,154 4,613,889 3,383,582 2,653,704 9,148,912 2,142,905 1,119,930 2,375,563 2,145,963 5,914,248
Reserve ratio
Contingent liability on acceptances purchased for
foreign correspondents
Industrial loan commitments.
39.1%
3,074
45.5%
314,485
41.5%
47.1%
3,751
4,741
20
133
1 After deducting $16,000 participations of other Federal Reserve Banks.
2 After deducting $250,614,000 participations of other Federal Reserve
Banks.
46.8%
2,657
37.8%
2,292
45.6%
7,294
102
45.0%
42.4%
1,980
1,303;
1
42.7%
44.1%
l,980J
2,657
1,920
3 After deducting $37,200,000 participations of other Federal Reserve
Banks.
1325
FEDERAL RESERVE BANKS
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS
ACCOUNTS
[In thousands of dollars]
FEDERAL RESERVE BANKS COMBINED
Wednesday
End of month
1956
Nov. 28
F. R. notes outstanding (issued to Bank).
Collateral held against notes outstanding:
Gold certificate account
Eligible paper
U. S. Government securities
Nov. 21
Nov. 14
1956
Nov. 7
Oct. 31
1955
Nov.
Oct.
Nov.
28,009,171 27,883,104 27,747,756 27,594,452 27,543,767 28,105,803 27,543,767 27,566,730
11,768,000 11,668,000 11,668,000 11,518,000 11,568,000 11,868,000 11,568,000 11 538,000
64,817
156,402
154,053
83,799
108,018
83,799
127,688
276,180
000 17,135,000 17,135,000 17,135,000 17,135,000 17,135,000 17 085,000
17,135,000 17,135,—
Total collateral
29,030,688 28,911,018 28,867,817 28,809,402 28,786,799 29,157,053 28,786,799 28,899,180
EACH FEDERAL RESERVE BANK ON NOVEMBER 30, 1956
F. R. notes outstanding
(issued to Bank)
Collateral held:
Gold certificate acct..
Eligible paper
U. S. Govt. securities.
Total collateral.
New
York
Boston
Item
Philadelphia
Richmond
Cleveland
Atlanta
580,000 3 170,000
650,000 1,090,000
35,330
945,000
450,000 2,300,000
San
Francisco
450,000 150,000
18,760
760
300,000 283,000 1,500,000
99,963
000 525[666 i,'500,006
800,~~~
LOANS GUARANTEED UNDER REGULATION
Applications
approved
to date
[Amounts in millions of dollars]
ParticiCommit- ofpations
financLoans
proved
ments
ing instibut not
outoutcomtutions
standing 2 standing
pleted 1 (amount) (amount)
out(amount)
standing 3
(amount)
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
520
2,632
4,687
3,921
1,900
719
3,754
6,036
3,210
3,569
1,148
3,777
3,777
3,778
825,666
826,111
826,853
45
45
305
693
704
702
3,778
3,778
3,778
3,779
3,780
3,780
3,781
3,781
3,781
3,781
827,159
827,529
828,016
828,846
829,485
830,116
830,630
830,995
831,409
831.882
45
45
45
45
45
693
695
658
945
933
904
954
959
938
867
End of
year or
month
$,289
J,469
1,027
1950
1951
1952
1953
1954
2,751
2,339
2,293
,224
1,107
,103
Oct
Nov
Dec
2,470
2,444
2,455
2,455
2,571
2,565
2,427
2,447
2,416
2,236
,154
,152
,132
,128
,288
,287
,262
,273
,262
,179
Jan
Feb
Mar
J,745
1 1,985
Portion
guaranteed
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
8
675
979
805
472
6
547
803
666
368
8
473
586
364
273
2,564
2,568
2,575
269
281
294
210
217
226
202
192
170
2,581
2,636
2,654
2,657
2,663
2,710
2,724
2,727
2,737
2,743
281
298
338
335
340
363
364
351
369
364
216
228
253
250
256
270
273
262
276
272
178
170
167
180
175
186
176
174
145
145
Loans
authorized
to date
Number
Amount
62
854
,159
,294
,367
31
1,395
2,124
2,358
2,500
,402
,404
,411
,415
,419
,427
,432
,435
,441
,445
,448
,456
,459
Loans
outstanding
Total
amount
1955
1956
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Dallas
1,780,006 6,770,000 ,885,330 2,640,000 2,245,000 ,450,000 5,400,000 1,368,760 610,000 ,199,963 808,000 3,000,000
1955
Oct
Nov
Dec
Minne- Kansas
apolis
City
000 460,000
,200,000 3,600\666 ,200,000 1,550,000 1,300,000 1,000,000 3,100,000 900,~~~
[Amounts in thousands of dollars]
1950
1951
1952
1953
1954
St.
Louis
651,407 6,619,696 1,832,698 2 ,605,096 2 ,205,033 1,390,274 5:312,560 1,244,105 547,116 1,089,631 759,485 2,848,702
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
End of
year or
month
Chicago
1956
75
1 Includes applications approved conditionally by the Federal Reserve
Banks and under consideration by applicant.
2 Includes industrial loans past due 3 months or more, which are not
included in industrial loans outstanding in weekly statement of condition
of Federal Reserve Banks.
3
Not covered by F. R. Bank commitment to purchase or discount.
NOTE.—The difference between amount of applications approved and
the sum of the following four columns represents repayments of advances,
and applications for loans and commitments withdrawn or expired.
May'.'.'.'.'.'.'.'.
June
July
Aug
Sept
Oct
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.
1326
BANK DEBITS
FEES AND RATES ON LOANS GUARANTEED
UNDER REGULATION V*
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1
[In effect November 30. Per cent per annum]
To industrial or
commercial
businesses
To financing institutions
On discounts or
purchases
Federal
Reserve
Bank
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
[In effect November 30]
Fees Payable to Guaranteeing Agency by Financing
Institution on Guaranteed Portion of Loan
4-51/2
334-51/2
21/2-5
21/2-5
324-51/2
3-51/2
31/2-51/2
3-51/2
31/2-51/2
On
commitments
Portion
ibr which
institution is
obligated
Remain-
Percentage of
loan guaranteed
On
commitments
ing
portion
|:j
(4)
C33)
C)
(3)
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]
3-51/i
3-31/2
Interest rate
Commitment rate.
1
SB
1
Rates on industrial loans, discounts or purchases of loans, and commitments under Sec. 13b of the Federal Reserve Act. Maturities not
exceeding
five years.
2
Including loans made in participation with financing institutions.
3
Rate
charged
borrower less commitment rate.
4
Rate charged borrower.
5
Rate charged borrower but not to exceed 1 per cent above the discount
rate.
6
Twenty-five per cent of loan rate. Charge of Vi per cent per annum
is made
on undisbursed portion.
7
Charge of V4 per cent per annum is made on undisbursed portion.
I
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
Total, all
reporting
centers
New
York
City
1,227,476
1,206,293
1,380,112
1,542,554
1,642,853
1,759,069
1,887,366
2,043,548
1955—Sept..
Oct..
Nov..
Dec.
1956—Jan...
Feb..
Mar..
Apr..
May.
June.
July.
Aug..
Sept..
Oct..
Nov..
1948
1949
1950
1951
1952
1953
1954
1955
p
1
Without seasonal adjustment
337 other
6
reporting
other
centers 1 centers 2
New
York
City
6
other
centers!
337 other
reporting
centers 2
443,216
446,224
509,340
544,367
597,815
632,801
738,925
766,890
270,912
260,897
298,564
336,885
349,904
385,831
390,066
431,651
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
16.6
15.9
17.2
18.4
18.4
18.9
19.2
20.4
168,967
175,779
173,190
200,523
62,550
67,568
63,406
81,027
35,126
35,803
36,876
40,193
71,291
72,409
72,908
79,303
43.5
44.7
45.4
51.3
27.4
26.5
29.0
28.1
187,364
162,107
189,793
176,760
185,584
186,540
181,284
183,819
167,154
193,140
185,207
69,675
57,413
73,214
65,715
69,452
70,733
65,873
67,279
61,223
70,794
66,989
40,718
35,143
40,132
37,763
38,766
38,937
38,653
38,206
34,057
40,148
39,425
76,970
69,551
76,447
73,282
77,367
76,870
76,757
78,333
71,874
82,198
78,794
45.7
41.1
47.2
45.4
46.0
47.0
45.9
44.4
44.8
45.2
48.3
29.5
27.5
29.7
30.1
28.7
28.9
29.6
27.4
27.4
28.4
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
Seasonally adjusted3
New
York
City
6
other
centers1
337 other
reporting
centers 2
21.1
20.3
22.0
21.6
42.4
46.1
45.9
45.4
27.7
27.3
28.6
26.9
20.8
20.3
20.9
20.5
21.7
21.0
20.8
21.5
21.7
21.6
22.4
21.3
22.0
22.1
45.5
42.2
46.0
46.1
47.2
43.5
47.1
51.3
43.7
46.6
48.8
30.1
28.2
27.1
29.2
29.1
21.5
21.1
20.9
22.2
22.1
21.6
22.7
22.7
21.7
22.1
P22.5
29.9
27.7
29.3
338 centers prior to April 1955.
These data are compiled by the Federal Reserve Bank of New York.
NOTE.—For description see BULLETIN for April 1953, pp. 355-357.
3
1327
CURRENCY
DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION
[On basis of compilation by United States Treasury.
Total
in circulation 1
Total
Coin
$12
1939
1941
1945
1947
1949
1950
1951
1952
1953
1954
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
590
751
1,274
1,404
1,484
1,554
1,654
1,750
1,812
1,834
559
695
1,039
1,048
1,066
1,113
1,182
1,228
1,249
1,256
1955_Oct..
Nov.
Dec.
30,559
30,993
31,158
21,609
21,971
22,021
1,900
1,922
1,927
1956—Jan..
Feb..
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
30,228
30,163
30,339
30,210
30,513
30,715
30,604
30,757
30,768
30,839
21,236
21,227
21,419
21,320
21,621
21,801
21,709
21,838
21,834
21,877
1,897
1,900
1,914
1,922
1,939
1,948
1,957
1,967
1,977
1,995
End of year or
month
In millions of dollars]
Coin and small denomination currency
Large denomination currency
$5
$10
$20
Total
$50
$100
$500
36
44
73
65
62
64
67
71
72
71
1,019
1,355
2,313
2,110
2,004
2,049
2,120
2,143
2,119
2,098
1,772
2,731
6,782
6,275
5,897
5,998
6,329
6,561
6,565
6,450
1,576
2,545
9,201
9,119
8,512
8,529
9,177
9,696
9,819
9,665
2,048
3,044
7,834
8,850
8,578
8,438
8,678
8,985
9,146
9,136
460
724
2,327
2,548
2,435
2,422
2,544
2,669
2,732
2,720
919
1,433
4,220
5,070
5,056
5,043
5,207
5,447
5,581
5,612
191
261
454
428
382
368
355
343
333
321
425
556
801
782
689
588
556
512
486
464
20
24
7
5
4
4
4
4
4
3
32
46
24
17
11
12
12
10
11
15
1,270
1,288
1,312
72
73
75
2,088
2,129
2,151
6,513
6,642
6,617
9,767
9,917
9,940
8,951
9,023
9,136
2,655
2,687
2,736
5,538
5,579
5,641
306
306
307
440
438
438
4
3
3
9
9
12
1,239
1,231
1,244
1,241
1,264
1,262
1,258
1,267
1,283
1,296
73
73
73
73
73
74
74
74
74
74
2,049
2,042
2,067
2,053
2,090
2,090
2,065
2,077
2,085
2,080
6,361
6,392
6,486
6,430
6,539
6,589
6,514
6,559
6,549
6,538
9,618
9,588
9,635
9,602
9,716
9,838
9,840
9,895
9,866
9,893
8,992
8,936
8,920
8,890
8,892
8,914
8,895
8,919
8,934
8,962
2,684
2,665
2,662
2,654
2,662
2,676
2,674
2,676
2,673
2,679
5,560
5,528
5,518
5,500
5,498
5,505
5,500
5,527
5,541
5,572
303
302
300
299
298
296
294
293
293
291
433
430
428
425
423
421
415
413
411
409
3
3
3
4
9
9
9
9
8
13
8
8
13
$2
1
Outside Treasury and Federal Reserve Banks. Prior to December
1955 the totals shown as in circulation were less than totals of coin and
$1,000 $5,000 $10,000
3
3
3
3
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]
Currency in circui ation 1
Held in the Treasury
Total outstanding, As security
against
Oct. 31,
gold and
1956
silver
certificates
Kind of currency
Gold
Gold certificates
Federal Reserve notes
Treasury currency—total
.
Standard silver dollars
Silver bullion
Silver certificates and Treasury notes of 1890
Subsidiary silver coin
Minor coin
United States notes
Federal Reserve Bank notes
National Bank notes
Total
Oct 31 1956
Sept. 30, 1956
Oct 31, 1955.
2
21,910
21,256
27,544
5,054
21,256
^2,408
77
49
489
2,209
32 408
1 330
199
2,209
39
653
347
144
64
(5)
(5)
5
( )
For
F. R.
Banks
and
agents
18,408
(44)
()
23 665
23,648
23,456
2,816
1,^08
359
3
2
472
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. 1320.
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
Treasury
cash
Held by
F. R.
Banks
and
agents
Oct. 31,
1955
26,107
4,628
25 936
4,589
33
26,159
4,647
34
6
244
242
228
2,132
1,288
2,131
1 274
2,149
1 229
464
29
1
315
142
63
463
443
4 483
4,522
4,307
30 839
6
4
()
18 408
18,381
18,191
Sept. 30,
1956
277
39
3
778
771
776
Oct. 31,
1956
313
143
64
30 768
318
157
66
30,559
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.
1328
ALL BANKS
CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1
[Figures partly estimated except on call dates.
In millions of dollars]
Liabilities
and Capital
Assets
Other
securities
Total
assets,
net—
Total
liabilities
and
capital,
net
Bank credit
Date
Gold
1929—June
1933—June
1939—Dec.
1941—Dec.
1945—Dec.
1947_Dec.
1950—Dec.
1952—Dec.
1953—Dec.
1954—Dec.
1955—June
29
30
30
31
31
31
30
31
31
31
30
1955—Oct. 26
Nov. 30
Dec. 31
1956—Jan. 25
Feb. 29
Mar. 28
Apr. 25
May 30
June 30
July 25P
Aug. 29*>
Sept. 26P
Oct. 31*
4,037
4,031
17,644
22,737
20.065
22,754
22,706
23,187
22,030
21,713
21,678
,700
,700
,690
,700
,700
,700
,700
,800
.799
,800
,900
.900
,900
Treasury
currency
outstanding
U. S. Government obligations
Total
Commercial
and
savings
banks
Federal
Reserve
Banks
Other
Loans,
net
Total
Total
deposits
and
currency
Capital
and
misc.
accounts,
net
58,642
42,148
54,564
64,653
167,381
160,832
171,667
192,866
199,791
210,988
209,872
41,082
21,957
22.157
26,605
30,387
43,023
60,366
75,484
80,486
85,730
91,349
5,741
10,328
23,105
29,049
128,417
107,086
96,560
100,008
100,935
104,819
97,572
5,499
8,199
19,417
25,511
101,288
81,199
72,894
72,740
72,610
77,728
71.947
216
1,998
2,484
2,254
24,262
22,559
20,778
24,697
25,916
24,932
23,607
26
131
1,204
1,284
2,867
3,328
2,888
2,571
2,409
2,159
2,018
11,819
9,863
9,302
8,999
8,577
10,723
14,741
17,374
18,370
20,439
20,951
64,698
48,465
75,171
90,637
191,785
188,148
199,009
220,865
226,715
237,686
236,552
55,776
42,029
68,359
82,811
180,806
175,348
184,384
204,220
209,175
218,882
217,595
8,922
6,436
6,812
7,826
10,979
12,800
14,624
16,647
17,538
18,806
18,956
5,000 214,000
5,000 214,400
5,008 217,437
5,000 214,200
5,000 213,100
5,000 214.900
5,000 214,900
5,000 214,700
5,032 216,563
5,000 214,900
5,000 217,000
5.000 I218.000
5,100 218,900
95,800
97,800
100,031
98,900
99,400
101,600
102,500
103,300
105,420
104,900
105,500
106,700
107,400
97,300
96,000
96,736
94,800
93,000
92,600
91,700
91,000
90,511
89,700
90,900
90.600
91,000
71,400
69,800
70,052
69,400
67,600
67,100
66,600
65,700
64,917
64,500
65,400
65,300
65,500
24,000
24,300
24,785
23.500
23,500
23,600
23,300
23,400
23,758
23,400
23,700
23.600
23,800
1,900
1,900
1,899
1,900
1,900
1,900
1,900
1,900
1,836
1,800
1,800
1,800
1,800
20,800
20,600
20,670
20,600
20,700
20,700
20,700
20,500
20,632
20,400
20,600
20,700
20,500
240,700
241,100
244,135
240,900
239,800
241,700
241,700
241,500
243,394
241,800
243,900
244,900
245,800
220,700
221,200
224,943
221,000
219,900
221,600
221,200
221,200
223,585
221,400
223,000
224,100
224,800
20,000
19,900
19,193
19,900
20,000
20,100
20,500
20,300
19,807
20,400
20,900
20,800
21,000
2,019
2,286
2,963
3,247
4,339
4,562
4,636
4,812
4,894
4.985
5,002
Details of Deposits and Currency
Deposits adjusted and currency
U. S. Govt. balances
Foreign
bank
deposits,
net
1929—June
1933_j U ne
1939—Dec.
1941—Dec.
1945—Dec.
1947__Dec.
1950—Dec.
1952—Dec.
1953—Dec.
1954—Dec.
1955—June
29
30
30
31
31
31
30
31
31
31
30
365
50
1,217
1,498
2,141
1,682
2,518
2,501
2,694
3,329
3.247
1955—Oct.
Nov.
Dec.
1956—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
26..
30..
31...
25..
29..
28..
25..
30..
30..
25P..
3,200
3,200
3,167
3,100
3,000
3,000
3,000
3,000
3,115
3.100
3,100
3,200
29P.
26*.
31 P.
3,100
At
Treas- comury mercial F.AtR.
cash
and
Banks
hold- savings
ings
banks
Time deposits 2
Total
Total
Currency
outside
banks
Total
demand
deposits
adjusted
and
currency
Demand
deposits
adjusted
Currency
outside
banks
204
381
264
852
846
2,409
1,895
2,215
287 24,608
336
1,452
293
2,989
270
5,259
761
4,457
796 4,510
812 5,418
36
35
634
867
977
870
668
389
346
563
380
54,790
40,828
63,253
76,336
150,793
170,008
176,916
194,801
200,917
209,684
207,738
28,611
21,656
27,059
27,729
48,452
56,411
59,247
65,799
70,375
75,282
77,129
19,557
10,849
15,258
15,884
30,135
35,249
36,314
40,666
43,659
46,844
47,846
8,905
9,621
10,523
10,532
15,385
17,746
20,009
22,586
24,358
26,302
27,277
149
1,186
1,278
1,313
2,932
3,416
2,923
2,547
2,359
2,136
2,007
22,540
14,411
29,793
38,992
75,851
87,121
92,272
101,508
102,451
106,550
103,234
3,639
4,761
6,401
9,615
26,490
26,476
25,398
27,494
28,091
27,852
27,375
111,100 85,200 25 ,900
114,300 89,700 24 ,600
124,700 97,800 26 ,900
126,700 99,500 27 ,200
129,700 102,800 26 ,900
131,900 104,900 27 ,000
4,900
4,500
4,038
2,300
4,000
6,500
4,400
5,800
5,537
3,600
5,800
5,400
3,800
500
500
394
500
600
500
600
400
522
600
500
600
500
211,300
212,200
216,577
214,400
211,600
210,800
212,400
211,200
213,643
213,300
212,800
214,200
216,600
77,900
77,400
78,378
78,400
78,800
79,300
79,300
79,600
80,615
80,700
80,900
81,200
81,500
48,200
47,700
48.359
48,300
48,500
48,800
48,800
49,000
49,698
49.700
49,900
50.000
50,200
27,800
27,800
28,129
28,300
28,400
28,600
28,700
28,900
29,152
29,200
29,300
29,500
29,600
,900
,900
,890
,900
,800
,800
,800
,800
,765
,700
,700
,700
,700
106,100
106,900
109,914
108,900
105,600
104,400
106,100
104,200
104,744
105,200
104,500
105,400
107,400
27,300
27,900
28,285
27,100
27,200
27,200
27,000
27,400
28,284
27,400
27,500
27,500
27,700
132,000
132,900
133,300
133,300
132,700
133,100
134,400
133,200
134,300
134,300
133,600
134,200
133,600
800
800
767
800
800
800
800
800
768
800
800
800
800
p1 Preliminary.
Represents all commercial and savings banks, Federal Reserve Banks,
Postal Savings System, and Treasury currency funds (the gold account,
Treasury
currency account, and Exchange Stabilization Fund).
2
Excludes interbank time deposits; U. S. Treasurer's time deposits,
open
account;
and deposits of Postal Savings System in banks.
3
Prior to June 30, 1947, includes a small amount of demand deposits.
4
Demand deposits other than interbank and U. S. Govt., less cash
items reported as in process of collection.
5 Seasonally adjusted series begin in 1947 and are available only for
last Wednesday of the month. For back figures, see BULLETIN for March
1955, pp. 252-255, and this table in subsequent issues.
Demand
Com- Mutual Postal
demercial savin^
igsS;avings posits 4
banks banks 3 System
Seasonally adjusted series 5
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
106,700 27,600
106,800 27,500
106,100 27,500
106.700 27.500
106,100 27,500
NOTE.—For description of statement and back figures, see BULLETIN
for January 1948, pp. 24-32. The composition of a few items differs
slightly from the description in the BULLETIN article: stock of Federal
Reserve Banks held by member banks is included in other securities and
in capital and miscellaneous accounts, net, and balances of the Postal
Savings System and the Exchange Stabilization Fund with the U. S.
Treasury are netted against capital and miscellaneous accounts, net,
instead of against U. S. Govt. deposits and Treasury cash. Total deposits
and currency shown in the monthly Chart Book excludes foreign bank deposits, net, and Treasury cash. Except on call dates, figures are rounded
to nearest $100 million and may not add to the totals.
1329
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
AH banks:
1939_Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1954—Dec.
1955—June
Oct.
Dec.
1956—Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
30
31
31
3H
30
31
30
26
31
28
25
30
30
25'^
29<°;
26'
31^
All commercial banks:
1939—Dec. 30
1941—Dec. 31
1945_Dec. 31
1947—Dec. 3H
1950—Dec. 30
1954—Dec. 31
1955—June 30
Oct. 26
Dec. 31
1956—Mar. 28
Apr. 25
May 30
June 30
July 25"
Aug. 29 P
Sept. 26P
Oct. 31"
All member banks:
] 939—Dec. 30
1941—Dec. 31
1945_Dec. 31
1947—Dec. 31
1950—Dec. 30
1954—Dec. 31
1955—June 30
Oct. 26
Dec. 31
1956—Mar. 28
Apr. 25
May 30
June 30
July 25"
Aug. 29*>
Sept. 26^
Oct. 3 1 *
All mutual savings banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 3H
1950—Dec. 30
1954—Dec. 31
1955—June 30
Oct. 26
Dec. 31
1956—Mar. 28
Apr. 25
May 30
June 30
July 25?
Aug. 29»
Sept. 26^
Oct. 3\P
Loans
U. S.
Govt.
obliga-
Other
Cash
assets 2
Deposits
Other
Total 2
Interbank 2
Number
of
Time
U. S.
I Govt.
40,668
50,746
124,019
116,284
126,675
155.916
155,264
158,860
160,881
159,930
160.080
159,690
160,008
159,580
161,030
162,050
162.540
17,238
21,714
26,083
38,057
52.249
70.619
75,183
79,210
82,601
84,690
85.290
85.960
86.887
87,140
87.470
88,520
88.830
16,316
21,?"90,606
69.221
62,027
68,981
63,271
62,860
61,592
58,600
58,150
57,310
56,620
56,190
57,170
57,040
57,400
7.114
7,225
7,331
9,006
12,399
16,316
16,809
16,790
16, t
16,640
16,640
16.420
16.502
16,250
16.390
16.490
16.310
22.474
26,551
34,806
37.502
40.289
43.559
41.025
40.590
46.838
39,940
39,880
39.970
42.444
39,920
39,730
41,650
42,360
65.216
79.104
160,312
155,377
168.932
202.378
199.249
202.410
210.734
202.980
203,070
202,780
205,712
202,690
204.090
207,030
208,380
57,718
71.283
150,227
144,103
155,265
184.757
181,516
182,640
192,254
182,440
182.330
181.980
186.326
181,980
183.150
185,720
186.990
9,874|
10,982!
14,065
13,032
14.039
16.809
15.242
14.710
16,643
14.210
14.220
13.690
15,239]
14.560
14.460!
15,100|
15,380!
33.941
43.521
107,183
97,846
107,424
131,602
130,788
133,650
135,360
134,582
134,643
134,114
134,428
133,966
135.223
136.165
136,443
13,962
18,021
22,775
32,628
44,705
60,250
64,315
67,889
70,982
72.860
73,386
73,930
74,783
75,005
75,322
76.334
76,581
14,328
19,539
78,338
57.914
52,365
57,809
52.543
51,897
50,697
48,084
47,639
46,818
46,226
45.763
46.581
46.4271
46,6221
5,651
5.961,
6,070!
7.304
10,355
13,543
13,930i
13.864
13,680
13,638
13,618
13,366
13,419
13,198
13,320
13,404
13,240
19,782
23,123
29.845
32,845
35.524
38.076
36.300
35,732
41.416
35.129
35.101
35.279
37,536
35,160
35,048
36,815
37.289
55,361
68.121
138.304
132.060
144,660
172.242
169,686
171,983
179.414
172.455
172,483
172.156
174.820
171.934
173.210
175.928
176.826
49,340
61.717
129.670
122,528
133.089
157.252
154,670
155.108
163.757
154.870
154.715
154.405
158,388
154,215
155.323
157.639
158.492
9,410
10.525
13,640
12,403
13,448
15,983
14,462
13,936
15.865
13,541
13.541
13.044
14.508
13,874
13.781
14.392
14.645
216
379
208
,641
,346
868
,990
630
,898
600
730
,950
,066
,280
,470
,630
4.927
4.901
4,279
4,944
8,137
14,998
16,172
17,050
17,456
18,040
18,230
18,470
18,639
18.820
19,060
19,240
19,440
3,101
3,704
10,682
11,978
10,868
8,748
8,675
8.550
8,460
8,480
8,430
8,390
8,297
8.300
8,250
8,210
8,060
2,188
1,774
1,246
1,718
2,342
4,123
4,142
4,030
3,982
4,080
4,070
4,090
4,130
4,160
4,160
4,180
4,190
11.852
11.804
17.020
19.714
22,385
29.276
30,382
30.930
31,274
31,930
32,000
32.230
32,421
32,570
32,750
32,920
32,940
10.524
10.533
15.385
17.763
20,031
26,359
27.334
27.810
28,187
28,700
28,740
28.910
29,184
29,270
29.370
29.520
29,580
818
793
609
886
797
1,026
989
8901
965
890
830
830
917
850
830
830
8001
Total
: capital
accounts
Demand
50.884 22,165 19,417 9,302 23,292 77.068 68.242 9.874
61,1261 26.615 25,511 8,999 27,344 90,908 81,816 10.982
140,227' 30.362 101,288 8,577 35,415 177.332 165,612 14,065
134,924 43.002 81,199 10.723 38,388 175.091 161,865 13,033
148,021 60,386 72,894 14.741 41.086 191.317 175,296 14.039
183,784 85.617 77,728 20.439 44,585 231,654 211.115 16,811
184,253 91.355 71,947 20,951 42,014 229,631 208,850 15,245
188,490 96,260 71,410 20.820 41,480 233.340 210,450 14.710
190,780 100,057 70.052 20,670| 47,803 242,008 220.441 16.646
190,530 102,730 67,080 20,720 40,830 234,910 211.140 14,210!
190,810 103,520 66,580 20,710 40,710 235,070 211.070 14,2201
190,640 104,430 65,700 20,510 40,800 235.010 210,890 13.6901
191.074 105,525 64,917 20.632 43,361 238,133 215.510 15,242
190.860 105,960 64,490 20,410 40,770 235,260 211,250 14,560
192,500 106,530 65,420 20,550 40,560 236,840 212.520 14.460
193.680 107,760 65,250 20.670 42.480 239.950 215.240 15.100
194,230 108,270 65,460 20.500 43,160 241,320 216,570 15,380
» Preliminary.
1
All banks in the United States. All banks comprise all commercial
banks and all mutual savings banks. All commercial banks comprise
all nonmember commercial banks and all member banks including one
bank in Alaska that became a member bank on Apr. 15, 1954, and a
noninsured State member nondeposit trust company, but excluding three
mutual savings banks that became members in 1941. Stock savings
banks and nondeposit trust companies are included with commercial
banks. Number of banks includes a few noninsured banks for which
Total
assets—
Total
liabilities
and
capital
accounts 3
Other
94.381]
101.9361
116,6171
113.034
114,910
123.239J
6.170 112.930,
4.110 114,9101
5.450 113.580!
5.235 115.850!
3.290 114,140
5.460 113,050
5.100 115.1801
3.480J117.590
25.852J
26,479
45,6131
53,1O5|
56.513!
73.5101
75.491
76.300i
76.844!
77.830J
77.8301
78.17OJ
79.182J
79.260!
79.550!
79.860'
80.120'
8.194
8.414
10.542
11.948
13.837
17.270
17.663
18.090
18.112
18.410
18.580
18.710
18.811
18.840
18.960
19,090
19.210!
15.035
14,826
14.553
14,714
14.650
14.367
14,309
14.269
14.243
14,229
14,224
14.218
14,206
14.204
14.207
14.206
14.194
32,513
44,349
105,921
1.343 94.367
2,
101,917:
4.
116.567
5.
112.983'
4.
114.860!
3.
123.187!
6.
112,870!
4.110JM4.
5.450i 113.520'!
5.232J115.824
3.290 114.1101
5.460 113.020!
5.100 115,150;
3.480; 117.560
15.33!
15,952;
30.241!
35.3601
36,503!
47.209!
48.214!
48.540
48.715
49.190
49.140J
49.320!
50.030!
50.020!
50.210!
50.370'
50.570
6.885
7.173
8.950
10.059
11.590
14.576
14.906
15.300
15.300
15.550
15.7101
15.820!
15.927
15.940
16.040
16.160
16.280
14,484
14.278
14.011
14.181
14.121
13.840
13.781
13.742
13.716
13,702
13.697
13.691
13.679
13.677
13.680
13.679
13.667
27,489; 11 .699;
37.136; 12.347)
69.640! 24.210!
80,609I 28.340J
87,783! 29.336t
99,604! 37.950!
96,742j 38.8101
98,0301 39.033]
105,400! 39.165
96,197! 39.512!
98.037' 39.471!
96.827! 39.6221
98,904| 40.17li
97,381i 40.100!
96,365, 40.256!
98,164] 40.451)
100.088! 40.59i!
5.522
5.886
7.589
8.464
9.695
12.210
12.461
12.774
12.783
13.005
13.1341
13.2341
13.293
13.304J
13.393
13.498
13.602
6.362
6.619
6.884
6.923
6.873
6.660
6.611
6,571
6,543
6,521
6.517
6.510
6.499
6.494
6.491
6.488
6.483
10.521!
10,527!
15.371!
17,745!
20,009i
26.302
27,2771
27.760
28,129
28,640
28,690
28.850
29.152
29.240
29,340!
29,490
29,550
1.309
1.241
1.592
1.889
2.247
2.694
2.757
2,7901
2.8121
2.860
2,870
2,890
2.885!
2,9001
2,9201
2.930
2,930
551
548
542
533
529
527
528
527
527
527
527
527
527
527
527
527
527
32,516
44.355
105.935
1,346
2.809
4,176
5,081
4,530
3.712
743
1.709
22.179
1.176
2.523
3,715
4.656
4,109
3.327
5.620
3,666
4.912
4.806
2,860
4.921
4.632
3.168
14
19
50
51
50
51
60
50
60
26!
30!
30l
301
30l
asset and liability data are not available. Comparability of figures for
classes of banks is affected somewhat by changes in Federal Reserve
membership, insurance status, and the reserve classifications of cities
and individual banks, and by mergers, etc.
2 Beginning June 30, 1942, excludes reciprocal balances, which on
Dec. 31, 1942, aggregated $513 million at 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.
1330
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Loans and investments
Class of bank
and date
Central reserve city
member banks:
New York City:
1939—Dec. 30
1941—Dec. 31
1945_Dec. 31
1947 Dec 31 .
1950—Dec. 30
1954—Dec. 31
1955—j u n e 30
Oct 26
Dec. 31
1956—Mar. 28
Apr 25.
May 30
June 30
July 25^.
Aug. 29?
Sept. 26P
Oct. 3\P
Total
9,339
12 896
26 143
20,393
20 612
23,880
23 099
23,142
23 583
23,563
23,201
22 918
23,270
22 771
23,220
23 428
23 148
Loans
U. S.
Govt.
obligations
Other
secu-
Total
assets—
Total
liaCash bilities
assets 2
and
capital
accounts 3
Deposits
Other
Total2
Interbank 2
Total Numcapital ber
of
accounts banks
Demand
Time
U. S.
Govt.
Other
16,413
19 8'62
32,887
27,982
28,954
32,193
31,559
30,850
33 228
31,372
30,773
30,607
31,801
30,356
30,972
31,463
31,529
14,507
17,932
30,121
25,216
25,646
28,252
27,791
26,737
29 378
26,951
26,499
26,388
27,775
25,929
26,535
26,702
26,789
4,238
4,207
4,657
4,464
4,638
5,709
5,454
5,048
5,600
4,958
4,929
4,941
5,327
5,127
5,017
5,105
5,219
74
866
6,940
267
451
736
1,131
1,060
756
1,401
805
1,049
1,166
514
1,314
996
742
9,459
12,051
17,287
19,040
18,836
19,414
18,926
18,358
20,719
18,210
18,456
18,103
18,902
17,950
17,822
18,206
18,453
736
807
1,236
1,445
1,722
2,392
2,281
2,271
2,303
2,382
2,309
2,295
2,381
2,338
2,382
2,395
2,375
1,592
1,648
2,120
2,259
2,351
2,803
2,715
2,734
2,745
2,783
2,793
2,798
2,805
2,809
2,825
2,819
2,844
36
36
37
37
23
21
18
18
18
18
18
18
18
18
18
18
18
3,595
4 363
7,459
739
6,866
2,034 7,649
1,954 8,520
,763 8,102
,930 8,247
> 1 3 2 8,720
,785 8,282
,850 8,227
1,903 8,176
,959 8,349
,799 8,035
8,222
844
;9?9 8,233
.947 8,327
3,330
4 057
7,046
6,402
7,109
7,845
7,431
7,387
8 010
7,202
7 208
7,334
7 631
7,243
7,433
7,302
7 350
888
1.035
1,312
1,217
1,229
1,321
1,180
1,200
1,296
1,236
1,129
,094
,195
1,144
1,209
1,214
.253
80
127
1,552
72
174
251
343
251
222
420
228
344
350
142
342
312
187
1,867
2,419
3,462
4,201
4,604
4,977
4,606
4,635
5,165
4,284
4,572
4,613
4,781
4,661
4,595
4,487
4,625
495
476
719
913
1,103
1,293
1,303
1.301
,327
,76?
,279
,783
,304
,?96
,289
.285
250
288
377
426
490
600
612
619
628
631
631
636
639
639
641
647
654
14
13
12
14
13
13
13
13
13
13
13
13
13
13
13
14
14
3,296 4,772
4 072 7,265
7,334 17,574
7,179 11,972
9 729 8,993
12,039 9,342
13 016 7,782
13,868 7,015
14 640 6 796
15,382 5,976
15,099 6,027
15 153 5,871
15,373 6,011
15 252 5,643
15,326 5,935
15 807 5,652
15 758 5,545
1,272
1,559
1,235
1,242
1,890
2,499
2,300
2,259
2,148
2,205
2,075
1,894
1,885
1,876
1,959
1 969
1,845
6,703
6 637
6,439
7,261
7,922
7,581
7,748
7,022
8 948
7,076
6,862
6,957
7,753
6,817
6,938
7,201
7,484
333
1.446
1,566
1,489
Chicago:
1939—Dec. 30
1941—Dec. 3 1 . . . .
1945—Dec. 31
1947_Dec. 31
1950—Dec. 30
1954—Dec. 31. .
1955—June 30
Oct. 26
Dec. 31
1956—Mar. 28
Apr. 25
May 30
June 3 0 . . . .
July 25?
Aug. 29?
Sept. 26*>p
Oct. 31
2,105
2 760
5,931
5,088
5,569
6,518
6,288
6,264
6 542
6,446
6 325
6,219
6 336
6,187
6,325
6,250
6 320
569
954
1,333
1,801
2 083
2,784
2 846
2,977
3 342
3,223
3 383
3,400
3 572
3,500
3,541
3,571
3 631
1,203
1,430
4,213
2,890
2,911
3,120
2,742
2,581
2,506
2,545
2,242
2,124
2,088
2,057
2,159
2,061
2,077
376
385
397
576
614
699
706
695
678
700
695
676
630
625
618
612
Reserve city member banks:
1939—Dec. 30
1941_Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1954_Dec. 31
1955__j une 30
Oct. 26
Dec. 31
1956— Mar. 28
Apr. 25
May 30
June 30
July 25*>. . .
Aug. 29*
Sept. 26*>
Oct 31P
12,272
15 347
40,108
36,040
40 685
50,738
50,596
51,986
52,459
52,104
52,410
52,057
52,071
52,177
52,515
52,878
52,851
5,329
7 105
8,514
13,449
17 906
23,986
25,654
27,334
28,622
29,350
29,753
29,886
30,122
30,461
30,645
30 956
31,007
5,194
6 467
29,552
20,196
19,084
21,718
19,697
19,526
18,826
17,837
17,694
17,280
17,051
16,933
17,057
17,084
17,023
1,749
1 776
2,042
2,396
3,695
5,034
5,245
5,126
5,011
4,917
4,963
4,891
4,898
4,783
4,813
4,838
4,821
6,785
8 518
11,286
13,066
13,998
15,424
14,696
14,757
16,994
14,431
14,578
14,629
15,361
14,490
14,308
15,276
15,181
19,687
24 430
51,898
49,659
55,369
67,165
66,293
67,782
70,478
67,640
68,107
67,829
68,524
67,784
67,999
69,344
69,268
17,741
22 313
49,085
46,467
51 437
61,796
60,854
61,350
64,733
61,144
61,266
60,959
62,392
60,918
61,105
62 490
62,468
3,686
4,460
6,448
5,649
6,448
7,444
6,545
6,420
7,446
6,121
6,236
5,852
6,633
6,339
6,332
6,777
6,819
435
491
8,221
405
976
1,457
1,843
1,477
1,288
2,280
1,407
2,017
1,918
1,010
1,780
1,887
1,222
9,004
12,557
24,655
28,990
32,366
37,418
36,459
37,386
39,835
36,528
37,421
36,803
37,324
37,146
36,530
37,250
37,814
4,616
4,806
9,760
11,423
11,647
15,476
16,007
16,067
16,164
16,215
16,202
16,287
16,517
16,423
16,463
16,576
16,613
1,828
1,967
2,566
2,844
3,322
4,300
4,492
4,625
4,641
4,759
4,822
4,875
4,902
4,909
4,951
5,008
5,032
Country member banks:
1939—Dec. 30
1941_Dec. 31
1945—Dec. 31
1947_Dec. 31
1950—Dec. 30
1954—Dec. 31
1955—June 30
Oct. 26
Dec. 31
1956—Mar. 28
Apr. 25
May 30
June 30
July 25?
Aug. 29?
Sept. 26*
Oct. 31*
10 224
12,518
35,002
36 324
40.558
50,466
50,806
52,258
52,775
52,469
52,707
52 920
52,752
52,831
53,163
53,609
54,124
4,768
5,890
5,596
10 199
14,988
21,442
22 799
23,710
24,379
24,905
25,151
25 491
25,716
25,792
25,810
26,000
26,185
3,159
4,377
26,999
22,857
21,377
23,629
22,321
22,775
22,570
21,726
21,676
21,543
21,076
21,130
21,430
21,630
21,977
2,297
2,250
2,408
3 268
4,193
5,395
5,685
5,773
5,826
5,838
5,880
5 886
5,959
5,909
5,923
5,979
5,962
4 848
6,402
10,632
10 778
11,571
13,117
12,092
12,023
13,342
11,837
11,811
11 790
12,463
12,054
11,958
12,409
12,677
15 666
19 466
46,059
47 553
52 689
64,364
63 732
65,104
66,988
65,161
65,376
65 544
66,147
65,759
66,017
66,888
67,702
13 762
17 415
43,418
44 443
48,897
59,360
58 594
59,634
61,636
59,573
59,742
59 724
60,591
60,125
60,250
61,145
61,885
598
822
1,223
1 073
1,133
1,508
1 283
1,268
1,523
1,226
1,247
1 157
1,353
1,264
1,223
1,296
1,354
154
225
5,465
432
7 158
10,109
24,235
28 378
31,977
37,794
36 751
37,651
39,681
37,175
37,588
37 308
37,897
37,624
37,418
38,221
39,196
5 852
6,258
12,494
14 560
14,865
18,787
19 220
19,394
19,372
19,653
19,681
19 757
19,969
20,043
20,124
20,191
20,318
1 851
1,982
2,525
2 934
3,532
4,506
4 642
4,796
4,769
4 832
4,888
4 925
4,947
4,947
4,976
5,024
5,072
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 $10 million was added, and
922
,271
,339
,321
,061
,519
,226
I 502
1,372
1,194
1,485
1,437
1,017
287
346
351
359
353
336
300
297
295
292
291
290
291
291
290
290
290
289
5 966
6,219
6,476
6 519
6 501
6,326
6 283
6,245
6,220
6 199
6,196
6 188
6,177
6,173
6,170
6,166
6,162
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.
1331
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued
[Amounts in millions of dollars]
Deposits
Loans and investments
Class of bank
and date
All insured commercial banks:
1941_Dec. 31
1945—Dec. 31
1947—Dec. 31
1954—Dec. 31
1955—June 30
Dec. 31
1956—June 30
Total
Loans
U. S.
Govt.
obligations
Other
securities
Cash
assets2
Total
assets—
Total
liabilities
and
capital
accounts 3
Other
Total 2
Interbank 2
Demand
U. S.
Govt.
Total
capital
accounts
Number
of
banks
Time
Other
49,290
121,809
114,274
154,115
153,488
159,164
158,344
21,259
25,765
37,583
70,127
74,692
82,081
86,374
21,046
88,912
67,941
68,012
62,342
60,765
55,835
6,984
7,131
8,750
15,976
16,454
16,318
16,136
25,788
34,292
36,926
43,161
40,685
46,480
42,126
76,820
157,544
152,733
200,127
197,077
208,608
203,676
10,654 1,762
13,883 23,740
12,670 1,325
16,376 4,154
14,794 5,064
16,273 3,697
14,862 5,221
41,:
80,276
92,975
115,482
111,993
122,149
114,892
15,699
29,876
34,882
46,874
47,876
48,393!
49,705!
6,844
8,671
9,734
14,252
14,579
14,980
15.600
13,429
13,297
13,398
13,303
13,267
13,216
13,208
National member banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1954—Dec. 31
1955—June 30
Dec. 31
1956—June 30
27,571
69,312
65,280
88,509
83,315
86,152
85,455
11,725
13,925
21,428
39,712
39,424
43,428
45,860
12,039
51,250
38,674
39,392
34,673
33,579
30,555
3,806
4,137
5,178
9,405
9,219
9,144
9,040
14,977
20,114
22,024
25,662
22,892
25,697
23,545
43,433 39,458 6,786
1,088
90,220 84,939 9,229 14,013
88,182 82,023 8,410
795
115,835 105,851 10,714 2,508
107,741 98,636 8,314
2,849
113,412 103,903 9,317
2,063
110,703 100,826 8,404 2,929
23,262
45,473
53,541
66,426
60,919
65,840
62,123
8,322
16,224
19,278
26,202
26,554|
26,6831
27,370!
640
644
409
085
7,915
8,232
5,117
5,017
5,005
4,789
4.744
4,692
4,667
State member banks:
1941—Dec. 31
1945_Dec. 31
1947—Dec. 31
1954—Dec. 31
1955—June 30
Dec. 31
1956—June 30
15,950
37,871
32,566
43,093
47,473
49,208
48,973
6,295
8,850
11,200
20,538
24,891
27,554
28,923
7,500
27,089
19,240
18,417
17,870
17,118
15,671
2,155
1,933
2,125
4,138
4,711
4,536
4,379
8,145
9,731
10,822
12,414
13,408
15,719
13,992
24,688
48,084
43,879
56,407
61,945
66.002
64;117
22,259
44,730
40,505
51,401
56,034
59,854
57,563
3,739
4,411
3,993
5,269
6,148
6,549
6,104
621
8,166
381
1,207
1,807
1,264
1,877
13,874
24,168
27,068
33,177
35,823
39,559
36,781
4,025
7,986j
9,062
11,748
12,256
12,482
12,801
2,246
2,945
3,055
4,125
4,747
4,868
5,061
1,502
1,867
1,918
1,871
1,867
1,851
1,832
Insured nonmember
commercial banks:
1941_Dec. 31
1945—Dec. 31
1947—Dec. 31
1954_Dec. 31
1955—June 30
Dec. 31
1956—June 30
1,509
5,776 3,241
14,639 2,992 10,584
16,444 4,958 10,039
22,536 9,886 10,215
22,723 10,385 9,811
23,829 11,108 10,081
23,942 11,600 9,621
1,025
1,063
1,448
2,436
2,527
2,640
2,720
2,668
4,448
083
4,388
5,067
4,592
8,708
19,256
20,691
27,911
27,417
29,220
28,884
7,702
18,119
19,340
25,657
25,082
26,779
26,316
129
244
266
393
332
408
355
53
1,560
149
439
408
370
415
4,162
10,635
12,366
15,879
15,251
16,749
15,988
3,360
5,680
6,558
8,947|
9,090
9,252
9,558
959
1,083
1,271
2,044
2,121
2,199
2,309
6,810
6,416
6,478
6,647
6,660
6,677
6,713
Noninsured nonmember
commercial banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 3H
1954—Dec. 31
1955—June 30
Dec. 31
1956—June 30
69,411
147,775
141,851
182,886
179,728
190,512
184,680
1,457
2,211
2,009
1,800
1,776
1,716
1,664
455
318
474
492
491
520
513
761
1,693
1,280
969
930
827
785
241
200
255
339
355
370
365
763
514
576
397
340
357
318
2,283
2,768
2,643
2,250
2,172
2,126
2,036
1,872
2,452
2,251
1,871
1,788
1,742
1,646
329
181
363
433
448
370
377
1,291
1,905
18
1,392
18
1,085
13
990
12
1,039
11
932
253
365
478
335
337
322
326
329
279
325
324
327
320
326
852
714
783
536
513
499
470
All nonmember commercial
banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 3H
1954—Dec. 31
1955—June 30
Dec. 31
1956—June 30
7,233
16,849
18,454
24,337
24,499
25,546
25,605
3,696
3,310
5,432
10,378
10,876
11,628
12,114
2,270
12,277
11,318
11,184
10,741
10,908
10,406
1,266
1,262
1,703
2,775
2,881
3,010
3,085
3,431
4,962
4,659
5,485
4,728
5,424
4,909
10,992
22,024
23,334
30,161
29,589
31,347
30,920
9.573
20,571
21,591
27,528
26,870
28,522
27,962
457
425
629
825
780
778
732
5.504
14,101
167 13,758
457
16,964
422 16,241
382 17,788
426
16,920
3,613
6,045
7,036
9,282
9,427
9,574
9,884
1,2
1,362
1,596
2,368
2,448
2,519
2,636
7,662
7,130
7,261
7,183
7,173
7,176
7,183
Insured mutual savings banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1954—Dec. 31
1955—June 30
Dec. 31
1956—June 30
1,693
10,846
12,683
20,830
21,617
22,331
23,168
642
3,081
3,560
11,651
12,567
13.563
14,514
629
7,160
8,165
6,117
5,998
5,858
5,636
421
606
958
3,062
3,052
2,910
3,018
151
429
675
832
808
785
739
1,958
11,424
13,499
21,981
22,761
23,458
24,271
1.789
10,363
12,207
19,885
20,590
21,237
21,959
1,789
10,351
12,192
19,831
20,536
21,182
21,930
164
1,034
1,252
1,920
1.965
2,006
2,061
52
192
194
218
218
220
220
8,687
5,361
5,957
4,259
1,198
1,384
3,346
3,605
3,893
4,125
3,075
3,522
3,813
2,630
2,677
2,601
2,661
1,353
641
760
1,061
1,090
1,072
1,112
642
180
211
194
180
180
178
9,846|
5,5961
6,215
7,295
7,621
7,816
8,150
8,744
5,022
5,556
6,474
6,743
6,950
7,225
8,738
5,020
5,5531
6,4711
6,74l|
6,947
7,222
1,077
558
637
774
792
806
824
496
350
339
309
310
307
307
Noninsured mutual savings
banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 314
1954—Dec. 31
1955—June 30
Dec. 31
1956—June 30
For other footnotes see preceding two pages.
12
NOTE.—For revisions in series prior to June 30, 1947, see BULLETIN
for July 1947, pp. 870-871.
1332
COMMERCIAL BANKS
LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1
[In millions of dollars]
Loans 2
Class of bank
and
call date
Loans for I
Compurchasing j
meror
carrying j
Total
cial,
loans
in- Agri- securities
and
culinvest- Total* cluding
ments
To
open tural brok- To
marers
ket
and othpaers
dealper
ers
Investments
U. S. Government obligations
Other
Real loans
to
esin- Other
tate
loans Total
diloans viduals
All commercial
banks: 3
1947—Dec. 3 1 . . . .
1954_Dec. 31
1955_j u n e 3 0 . . . .
Dec. 3 1 . . . .
1956—June 3 0 . . . .
116,284
155,916
155,264
160,
160,008
38,057
70 ,619
75 ,183
82,60!
86
"',887
All insured commercial banks:
1941—Dec. 31
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1954—Dec. 3 1 . . . .
1 9 5 5 _ j u n e 30
Dec. 3 1 . . . .
1956—June 3 0 . . . .
49,290
121,809
114,274
154,115
153,488
159,164
158.344
4,545
21 ,259 9,214 ,450 614 662 4,773
25,765 9,461 314 3,164 3,606 4,677 2,361 1,181
37
'",583 18,012
823 ',190 9,266 5,654 1,028
70,127 26,731 5,108 2,907 ,501 18,302 14,676 1,973
74
" ,692 28,729 4319
4;319 22,834 589 19,661 16.283 2,400
82 ,081 33,092 4,396 3,229 1,742 20,692 17,104 3,091
86 ,374 35,944 4,190 2,669 1,704 21,671 18.284 3,259
Member banks,
total:
1941—Dec. 31.
1945—Dec. 31.
1947—Dec. 31.
1954—Dec. 31.
1955—June 30.
Dec. 31.
1956—June 30.
43.521
107.183
97.846
131.602
130.788
135.360
134.428
18,021 8,671 972 594
22.775 8,949 855 3,133
32.628 16,962 1,046 811
60.250 25,007 3,529 2,881
64.315 26,894 2,799 2
70 .982 31,019 2,726 3 ,150
74.783 33.,725 2,552 2,586
N«w York City:4
1941—Dec. 3 1 . . . .
19*5—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1954—Dec. 3 1 . . . .
1955—June 30....
Dec. 3 1 . . . .
1956—June 30....
Chicago:*
1941—Dec.
1945—Dec.
1947—Dec.
1954—Dec.
1955—June
Dec.
1956—June
31. ...
31....
31....
31....
30....
31....
30....
Reserve citv
1941—Dec.
1945—Dec.
1947—Dec.
1954—Dec.
1955—June
Dec.
1956—June
banks.
31....
31....
31....
31....
30....
31....
30....
18,167 1,660 830
26,867 5,200 2,929
28,872 4,391 2,859
33.245 4
1,263
36,111 4,254 2,695
598
,378
,065
,363
,440
,560
,522
3,494
3,455
7,130
14,433
15.594
16,391
17,172
412
169
2,453 1,172
545 267
204 2,041 432
16 2 .034 466
17 2,144 511
1 1.691 494
123
80
111
467
656
577
609
22
36
46
91
122
128
133
12.896
26,143
20.393
23.880
23.099
23.583
23.270
4.072
7.334
7.179
12,039
13.016
14,640
15.373
2 ,807
3 ,044
5 ,361
7 ,231
7
9,126
10.191
2.760
5.931
5.088
6.518
6.21
6.542
6.336
954
1,333
1,801
2.784
2,846
3,342
3.572
732
760
1,418
1,847
1,940
2,390
2.663
6
2
3
140
102
15
3,456
3,661
7,088
10 624
,210
13,212
13.978
300
205
225
956
700
566
520
15.347 7.105
40.108 8,514
36,040 13,449
50,738 23,986
5 0 .596
" ' 25 ,654
52,459 28.622
52.071 30.122
1,220 9,393
1,525 18,418
1,613 19,779
774 20,809
1,738 21,787
13
Obligations
Direct
of
States Other
and
CertifiGuar- polit- securities
cates
anTotal
ical
of insubBills debt- Notes Bonds teed
diviedsions
ness
7,789
5,361
1,710
2,318
1,247
6,034 53,191
'",861
14,672 43
16,640 41 ,685
14,034 41 ,010
12,727 39.815
14 5,276 3 .729
22 12.586 3,729
16'12,785 4,025
11J12.698 3,990
14 12.929 3 .573
19,071
7,552
5,279
1,667
2,292
1,228
3,159 12,797
16,045 51,321
5,918 52 ,334
14,
,287
16,479 41 ,185
13,856 40 ,502
12,552 39,290
,102 3.651 3,333
22 3.873 •3,258
14 5,129 3,
3,621
25,500 19,539 971
3,692
1,900 1,104 84,408 78,338 2,275 16,985
4,662 952 65,218 57,914 1,987 5,816
12,127 ! 858 71,352 57,809 4,075 4 307
285 66,473 52,543 2,377 1,281
13,489 2;2
14.313 2;943 64,377 50,697 3,250 1,738
840
15,330 3,087 59,645 46,"""
226 2 013
3,007 11,729
14,271 44,792
4,815 45 ,286
12,464 36,944
13,969 34,903
11,508 34,192
10,332 33,029
,832
16
10
20
13
9
12
5,7231,063 78,226 69.221 2,193
"",297 68,981 5,065
14,750 2,000 85
16,365 2,428 80 .081 63,271 3,220
4
,
4,219
17,185 3,117 78,280 61,592
18,365 3,2286 73 ,122 56,620 2,817
28,031
96,043
76,691
83,988
78,796
77,083
71,971
21,046
88,912
67,941
68,012
62,342
60,765
55,835
988
2.455
2,124
4.901
2,996
4.105
2,751
3,090 2,
,871
3,2
,815
4,199 3;
,105
10,449 3,094
'" 584 3,346
444 3,236
10,557 2,862
1,806
4.598
3,287
3,734
3,441
3,200
2.764
1,430
4,213
2,890
3,120
2,742
2,506
2,088
256
133| 1,467
132
235
70
241
76
66
111
68
46
3
830
629
604
523
547
539
371
119
182
181
213
415
456
476
489
193
204
185
199
243
219
188
751 4,248 1,173
,243 6,467 295
1,512
114 194 1.527
5
855 404 31,594 29,552 1,034 6,982 5,653 15,878
427 1,503 1,459
",591 20,196 373 2,358 1,901 15,560
3
170 484 3.147 1,969 366 22
7
407 622 6.134 4,912 720 26,752 21,718 1,326 1,695 4,954 13,736
5,773
12,937
3
,942 19,697 503
444 651 6; 603 5,500
481
5
542 696 6.962 5,916'1,180 23,837 18,826 813
657 4,708 12,643
4
502 676 7,357 6,306 1,265 21,949 17,051
374 j 279 4,086 12,308
956
1,126
1,342
3,782
3,916
3,778
3,823
820
916
,053
.252
|33O
,233
,076
1,222
1,342
2,006
4,275
4,458
4,581
4,731
,028
,067
,262
,120
,227
,246
.228
1,078
2,139
2,203
2,255
2,374
625
636
679
755
712
48
211
73
345
270
275
170
233
87
89
88
99
96
95
51
149
223
244
316
384
40
26
105
139
184
187
153
749
248
855
812
604
476
903
1,864
2,274
1,953
1,788
1,723
1,564
12.518
35.002
36,324
50,466
50,806
52.775
52.752
5.890
5,596
10,199
21 ,442
22 ,799
24,379
25.716
1,676 659
1.484 648
3,096 818
5,306 2,229
5,815 1.980
6.290 2.127
6.892 2.019
20
42
23
89
61
189
223
183
471
227
220
234
255
257
1,823
1,881
3,827
7,742
8,214
8.723
9.073
6,628 4 377 110
481 2.926
1,530
29,407 26,999 630 5,102 4,544 16:713
707
26,125 22,857 480 2,583 2,108 17,681
1,979
29,024 23,629 1,893 1,774 4,731 15,228
5,760
6,366 439 28;006 22,321 1,261
587 5,554 14,916
6.575
28,397 22,570 1,774
913 5,056 14,825
14,628
7.050
27,035 21.076 1,267
489
All nonmember
banks: 3
1947—Dec. 3 1 . . . .
1954—Dec. 3 1 . . . .
1955—June 30....
Dec. 3 1 . . . .
1956—June 30....
18.454
24,337
24.499
25.546
25.605
5.432
10.378
10.876
11,628
12.114
1.205
U859
1,979
2,226
2,385
20
49
51
113
110
156
161
173
214
216
2,266
3,993
4.194
4.428
4,625
1,061
2,623
2.875
2,872
3,036
1
All commercial banks in the United States. These figures exclude
data for banks in U. S. possessions except for one bank in Alaska that
became a member bank on Apr. 15, 1954. During 1941 three mutual
savings banks became members of the Federal Reserve System; these
banks are included in member banks but are not included in all insured
commercial banks or all commercial banks. Comparability of figures
for classes of banks is affected somewhat by changes in Federal Reserve
12,694 3.442
1,623 3,652 1,679
8,823 7,265 311
729
554
1
606
287 298 18,809 17,574 477 3,433 3,325 10,337
640
558 9,771
638
564 330 13,214 11,972 1,002
597 1,924 6,026
1,977
1,232 644 11,841 9,342 785
146 1,830 5,262
1,754
1,379 754 10,083 7,782 537
100 1,141 5,002
1,609
1,506 1,006 8,943 6,796 552
70 1,082 4,529
1,514
1,590 1,044 7,896 6,011 325
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—June 30....
614
1.671
1,592
1,750
1,702
12,352 3,624
12,549 3,906
10 12,465 3,853
143
143
174
200
13,021 11,318
13,959 11,184
13,622 10,741
13,918 10,908
13,492 10,406
206 1,973 1,219 7,916
9911 1,054 2,209 6,928
2,672 6,794
843
2,527 6,829
970
2,396 6,797
805
861
9
6
3
3
3
4
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.
1333
COMMERCIAL BANKS
RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES'
[In millions of dollars]
Class of bank
and
call date
Reserves
with
Federal
Re-
Cash
in
vault
Banks
All commercial
banks: 3
1947—Dec. 3 1 . . . .
1954—Dec. 3 1 . . . .
1955—June 3 0 . . . .
Dec. 3 1 . . . .
1956—June 30
BalDeances
mand
with
dedoposits
mestic
adbanks5 justed 6
Interbank
deposits
Domestic 5
Foreign
Demand deposits
Time deposits
CertiIndiStates
viduals,
fied
U. S.
partner- Interand
and
ships,
Govt. political offibank
subdicers'
and corvisions checks, poraetc.
tions
U. S.
Govt.
and
Postal
Savings
States
and
political
subdivisions
Indi- Bor- Capital
viduals, rowacpartner- ings
ships,
counts
and corporations
17,796
18,734
17,941
18,721
18,232
2,216
2,469
2,681
2,682
2,273
10,216
12,202
10,529
12,050
10,802
87,123
106,540
103,221
109,905
104,761
11,362
13,511
11,906
13,512
12,069
,430
1,539
,577
,546
1,557
1,343
4,172
5,078
3,709
5,232
6,799
9,902
10,278
10,273
10,768
42,581
84,987
3,199 103,466
3,154
99,550
3,904 109,011
3,244 101,812
240
1,759
1,759
1,585
1,613
111
365
368
356
332
866
2,402
2,435
2,340
2,493
34,383
44,441
45,410
46,019
47,205
65
31
150
159
354
10,059
14,576
14,906
15,300
15,927
12,396
15,810
17,796
18,734
17,941
18,721
18,232
1,358
1,829
2,145
2,444
2,655
2,656
2,251
8,570
11,075
9,736
11,854
10,241
11,744
10,528
37,845
74,722
85,751
105,471
102,247
108,887
103,844
9,823
12,566
11,236
13,392
11,801
13,390
11,963
673 1,762
1,248 23,740
1,379 1,325
1,497 4,154
1,534 5,064
1,516 3,697
1,516 5,221
3,677
5,098
6,692
9,763
10,150
10,138
10,641
1,077
2,585
2,559
3,176
3,131
3,879
3,217
36,544
72,593
83,723
102,543
98,712
108,131
101,034
158
70
54
1,487
1,459
1,367
1,383
59
103
111
365
368
356
332
492
496
826
2,348
2,374
2,282
2,432
15,146
29,277
33,946
44,160
45,135
45,756
46,941
10
215
61
21
137
145
337
6,844
8,671
9,734
14,252
14,579
14,980
15,600
12,396 1,087
15,811 1,438
17,797 1,672
18,735 1,843
17,942 2,017
18,722 2,019
18,234 1,686
6,246
7,117
6,270
7,613
6,704
7,612
6,787
33,754
64,184
73,528
89,836
87,207
92,435
88,139
9,714
12,333
10,978
13,015
11,482
13,002
11,627
671 1,709
1,243 22,179
,375 1,176
1,493 3,715
1,531 4,656
1,511 3,327
1,510 4,806
3,066
4,240
5,504
7,781
8,117
8,075
8,496
,009
2,450
2,401
2,964
2,919
3,638
3,004
33,061
62,950
72,704
88,859
85,706
93,687
87,404
140
64
50
1,475
1,449
1,353
1,370
50
418
99
399
105
693
334 1,966
338 1,968
327 1,865
302 1,954
11,878
23,712
27,542
35,650
36,504
36,972
37,916
4
208
54
15
115
137
302
5,886
7,589
8,464
12,210
12,461
12,783
13,293
607
866
1,105 6,940
1,217
267
1,177
736
1,187 1,131
1,151
756
,190 1,166
319
237
290
368
374
302
396
450
1,338
1,105
1,223
1,252
1,498
1,110
11,282
15,712
17,646
17,823
17,300
18,919
17,396
6
17
12
1,196
1,137
1,085
1,058
54
57
59
35
29
20
14
192
110
72
60
778
1,206
1,418
2,146
2,114
2,171
2,285
195
30
1
10
1
38
1 648
2,120
2,259
2,803
2,715
2,745
2,805
127
1,552
72
251
343
222
350
233
237
285
274
288
299
399
34
66
63
80
79
85
98
2,152
3,160
3 853
4,622
4,238
4,781
4,283
18
16
11
10
2
6
6
6
6
9
10
10
8
9
476
719
902
1.280
1,287
1,313
1 ,.288
3
1
288
377
426
600
612
628
639
2
1
3
50
82
179
1,967
2,566
2,844
4,300
4,492
4,641
4,902
All insured commerCIS. I D3X1KS •
1941_Dec.
1945—Dec.
1947__Dec.
1954__Dec.
1955—June
Dec.
1956—June
31
31....
31....
31....
30....
31....
30....
Member banks,
total:
1941_Dec. 31
1945—Dec. 3 1 . . . .
1947__Dec. 31
1954—Dec. 3 1 . . . .
1955—June 3 0 . . . .
Dec. 3 1 . . . .
1956—June 3 0 . . . .
New York City:4
1941_Dec. 31
1945—Dec. 3 1 . . . .
1947__Dec. 31
1954_Dec. 3 1 . . . .
1955—June 3 0 . . . .
Dec. 3 1 . . . .
1956—June 3 0 . . . .
5,105
4,015
4,639
4,398
4,399
4,431
4,331
93
111
151
126
138
127
94
141
78
70
67
87
111
89
10,761
15,065
16,653
16,500
15,859
16,493
15,695
3,595
3,535
3,236
3,336
3,129
3,364
3,080
Chicago:4
1941_Dec.
1945_Dec.
1947—Dec.
1954—Dec.
1955_june
Dec.
1956—June
31
31
31
31....
30
31....
30
1,021
942
1,070
1,177
1,021
1,135
1,115
43
36
30
29
28
32
27
298
200
175
162
127
141
124
2,215
3,153
3,737
4,400
4,024
4,349
4,092
1,027
1,292
1,196
,264
1,125
1,246
1,149
Reserve city
1941—Dec.
1945_Dec.
1947_Dec.
1954—Dec.
1955—June
Dec.
1956—June
banks:
31....
31
31....
31....
30
31
30....
4,060
6,326
7,095
7,783
7,359
7,727
7,471
425
494
562
558
634
638
542
2,590
2,174
2,125
2,327
2,232
2,515
2,201
11,117
22,372
25,714
32,694
32,024
33,757
32,203
4,302
6,307
5,497
6,946
5,979
6,903
6,078
54
491
110 8,221
131
405
259 1,457
289 1,843
303 1,288
269 1,918
1,144
1,763
2,282
2,876
3,021
3,048
3,120
286
611
705
866
757
,035
862
11,127
22,281
26,003
33,677
32,681
35,752
33,341
104
30
22
239
277
239
286
in
117
106
112
4,542
243
160 9,563
332 11,045
965 14,399
1,018 14,871
941 15,117
1,013 15,392
Country banks:
1941—Dec. 31
1945_Dec. 31
1947—Dec. 3 1 . . . .
1954—Dec. 3 1 . . . .
1955—June 3 0 . . . .
Dec. 3 1 . . . .
1956—June 3 0 . . . .
2,210
4,527
4,993
5,377
5,163
5,429
5,316
526
796
929
1,129
1,217
1,222
1,024
3,216
4,665
3,900
5,057
4,259
4,844
4,373
9,661
23,595
27,424
36,242
35,299
37,836
36,149
790
1,199
1,049
1,469
1,249
1,488
1,321
2
225
8 5,465
7
432
17 1,271
15 1,339
17 1,061
15 1,372
1,370
2,004
2,647
4,263
4,433
4,425
4,581
239
435
528
795
831
020
934
8,500
21,797
25.203
32J36
31,487
34,235
32,383
30
17
17
22
19
18
17
31
52
45
163
158
157
148
146 6,082
219 12,224
337 14,177
799 17,826
830 18,232
844 18,371
871 18,950
4
11
23
11
55
52
84
1,982
2,525
2,934
4,506
4,642
4,769
4,947
3,947 13,595
4,590 16,704
3,825 16,014
4 439 17 470
4.015 16,621
385
496
424
510
442
55
46
47
36
47
1,295
2,121
2,162
2 198
2,272
180
235
235
265
240
12,284
14,608
13,844
15,324
14,408
190
284
309
231
243
6
31
30
29
30
172
436
468
475
539
12
16
35
22
52
1,596
2,369
2! 448
2519
2*636
All nonmember
banks: 3
1947—Dec. 31
1954 Dec 31
1955—June 30
Dec 31
1956—June 30
544
627
664
663
coo
Ooo
8
20
21
40
39
40
36
3
Breakdown of loan, investment, and deposit classifications is not
available prior to 1947; summary figures for earlier dates appear in the
preceding table.
4
Central reserve city banks.
5
Beginning June 30, 1942, excludes reciprocal bank balances, which on
167
457
422
382
426
to
12
20
38
45
6,858
8,814
8,929
9,071
9,314
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.
1334
WEEKLY REPORTING MEMBER BANKS
LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES
[Monthly data are averages of Wednesday figures.
In millions of dollars]
Loans 1
U . S . Government obligations
For purchasing
or carrying securities
Total Loans
and
Comloans investmer- Agriand
M o n th or date invest- ments Loans
cial
adculadand
1
1
justed justed indus- tural
trial
To brokers
and dealers To others
U.S.
Govt.
obligations
Other
securities
U.S.
Govt.
obligations
Cer-
Other
tifisecuReal
cates
estate Other
Bills
Total
of
in- Notes Bonds 2 rities
loans
debtloans
L oans
to
b<inks
ed-
Other
securities
ness
TotalLeading Cities
1955
86, 36?
Nov
85 473
75 6 83
46, 903
2,6 22
1,2 48
8 138 9 950 30 168
794
1,007
7 646
70 771
8, 40?
889
481
483
1,952
1,940
1,218
1,200
8 830 10 881 ?6 0?4
8 861 10 ,951 25 937
776
939
863
787
5, 515
5, 349
18, 970
18 86?
7, 805
7, 603
1 ,159
1 ,18?
478
477
486
347
953
905
851
813
790
5, 597
5 532
5, 579
5 461
5, 458
18, 943
18 948
18 94?
18 874
18, 895
7, 878
7, 841
7, 816
7, 780
707
18
18
18
18
874
848
884
840
7, 641
7, 536
7 63?
7, 605
1 ,037
1 ,79?
1 ,166
1 ,234
1956
86, 870 85 661
968
87, 150
Oct
Nov
51, 837 79 347
5? 478 7,9 871
1956
Oct.
Oct
Oct
Oct
Oct
87, 5?5
86 584
86, 781
17
24
31
7
Nov
N o v 14
N o v 21
N o v 28
51, 858 79 349
51 747 29, 211
51, 99? 79 449
487
481
482
1,930
1,902
1,958
1,997
1,975
1,230
1,224
1,217
1,211
1,208
8, 794 10 ,871 25, 979
8 815 10 ,870 75, 732
8 834 10 888 76, 39?
8 849 10 ,876 76 057
5?, ?09 79
5? 495 29
545 ?9
5 ? ' 461 79
485
491
476
479
1,970
1,911
1,963
1,915
1,198
1,199
1,198
1,205
8
8
8
8
86, 615 85, 655 51, 798 29, 371
86, 597 85 338 51 765 29, 356
3
10
....
86, 066
85, 584
85, 660
86 639 8 5 , 60?
86, 9?? 85 630
87, 597 86 431
87 j 441 86 ?07
636
948
973
928
8 857 10 900
961
070
909
818
10 941
10 ,954
10 953
10 956
?5 75?
?5 599
76, ?54
76 141
630
601
?65
760
825
783
779
762
5, 473
5 367
5 3?6
5 779
857
870
860
855
960
t ,?59
1 ,459
1 ,000
1 ,121
New York City
1955
Nov.
178 1,664
15
477
612
2 ,089 6 564
234
165
1 363
4 802
131
553
1
1
74 1,198
76 1,152
18
18
412
400
614
611
2 ,182 5 435
2 ,174 5 390
10.3
170
213
185
921
938
4 198
4 147
1 901
739
594
680
15, 164 10 908
373 15 077 10 865
1
1
59 1,210
42 1,192
62 1,205
98 1,188
107 1,193
18
18
415
416
18
18
20
415
412
405
608 2 ,196
610 2 ,184
616 2 ,179
618 2 ,175
617 2 ,178
5 499
5 357
82
4
183
121
126
293
239
183
177
174
926
915
91?
919
935
4
4
4
4
4
198
199
?05
199
187
1 958
1 939
906
1 867
1 833
510
606
318 15 263 11 028
324 11 144
375 15
15
090
1
1
64 1,213
54 1,158
80 1,149
105 1,089
17
18
403
400
17
19
400
396
5 290
5 282
5 547
5 440
25
19
743
194
174
173
194
199
929
939
945
938
4
4
4
4
162
151
165
109
1
1
1
1
6 ?83
15 919
6
7? 961
77 408
13 713
?3 054
73 090
77 460
410
15 124 10 876
15 781 11 100
8,* 96
1956
Oct..
Nov
1956
Oct.
Oct
Oct
Ort
Oct
3
10 . . . .
17
24
31
Nov. 7
T"Jov 14
N o v 21
N o v 28
. .
23 131 22 621
979
22 508
23
7? 814 7? 377
73 054
47?
22 870 22
?3 058 7?
? 3 ?0S
? 3 ??5 77
560
437
15 119 10 874
15 044 10 785
15 217 10 948
767 11
15 272 11 140
1
1
1
1
1
616 2 ,173
619 2 ,182
606 2 ,176
604 2 ,167
5 483
5 416
5 422
765
719
746
775
784
487
582
552
733
648
788
Outside
New York City
1955
63 401
Nov
63 065
33 190
16 787
780
'56
7 526 7 ,861 73 604
560
842
336
1956
Oct..
Nov
63 766 63 201 36 708 18 471
64 060 63 558 37 147 18 771
480
482
680
712
788
782
8 ,216 •8 ,699 20 589
8 250 8 777 70 547
623
819
650 4 594 14 722 5 904
602 4 411 14 715 5 864
63 484 63 ,034 36 634 18 ,463
63 618 62 ,965 36 688 18 ,491
64 ?33 63 558 36 739 18 475
63 770 63 ?57 36 703 18 476
63 777 63 188 36 775 18 ,501
477
476
486
661
668
691
797
790
784
480
481
711
675
781
783
8 ,186 8 ,675 20 ,480
8 ,205 8 ,686 20 ,375
8 7,18 8 709 70 909
8 ,231
,701 70 641
8 ,240
,722 20 ,539
404
343
887
788
69?
660
666
668
636
616
4 ,671 14 ,745
4 ,617 14 ,749
4 ,617 14 ,737
4 54? 14 ,675
4 573 14 708
5 ,920
5 ,902
5 910
5 ,913
5 ,874
450
653
675
63 ,784 36 946
63 ,305 37 171
63 871 37 ?78
63 ,770 37 ,189
484
490
475
478
693
699
734
721
778
781
781
790
605
8 ,241 ? ,768 20 .46?
8 251 ? 77? 70 317
58?
8 ,254 f ,777 20 ,707 1 07?
8 ,251 5,789 20 ,701 1 ,066
651
610
585
563
4 494 14 ,71? 5 ,876
4 ,4?8 14 ,697 5 ,817
4 381 14 719 5 ,886
4 ,341 14 ,731 5 ,880
485
559
518
446
565
502
1956
Oct.
Oct.
Oct
Oct
Oct.
3
10
17
24
31
...
Nov. 7
N o v 14
Nov. 21
Nov. 28
63 769
63 864
64 389
64 ,216
18 608
18 804
18 883
18 ,788
* Exclusive of loans to banks and after deduction of valuation reserve:
individual loan items are shown gross.
2 Includes guaranteed obligations.
See also NOTE on opposite page.
513
539
1335
WEEKLY REPORTING MEMBER BANKS
RESERVES AND LIABILITIES OF BANKS IN LEADING CITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Time deposits,
except interbank
Demand deposits,
except interbank
Month or date
BalReserves Cash ances
with
with
in
doF. R. vault mestic
Banks
banks
Demand
de
T
posits
adjusted^
Interbank
deposits
IndiIndividvidDemand
Certiuals, States
U.S.
uals, States
and Govt.
and
fied
part- politpart- polit- and
nerand
ical
ical
offi- U . S . nerships, subsub- Postal
cers' Govt. ships,
and
and
SavDodividivichecks,
corcormes- Foreign
pora- sions
pora- sions etc.
tic
tions
tions
Borrowings
Time
.Capital
acFrom From
counts
F. R.
others
Banks
TotalLeading Cities
1955
992 2,456 56,336 58,815 3,972 2,151 2,864 19,252
957
205 10,607 1,433
1,457
774
490 8,466
13,475
974 r2,491 55,620 58,620 3,758 1,809 2,489 19,773
13,446 1,031 2,525 56,001 59,407 3,770 2,015 2,442 19,630
943
893
189 10,958 1,558
185 11,062 1,636
1,317
1,312
601
521
884 8,941
946 8,992
13,627
927 2,507 54 915 57,448
13,286 1,011 2,404 55;289
289 57
57,904
13,428
968 2,708 55; 623 60,057
13,630 1,003 2,392 56,206
" ' 206 58
58,713
13,402
963 '2,446 56 069 58,980
19,769
19,765
19,794
971
948
939
930
929
190
189
189
189
189
10,980
11,012
11,510
10,563
10,725
1,560 1,304
1,532 1,313
1,543 1,317
1,553 1,324
1,603 1,325
902
666 8,932
511 1,013 8,935
398 1,173 8,924
767
748 8,936
427
817 8,979
19,771
19,629
19,565
19,556
895
889
889
898
184
185
184
186
11,146
11,594
10,864
10,646
1,585 1,329
1,637 1,310
1,662 1,307
1,660 1,303
1,006
768 8,991
267 1,115 8,982
547
980 8,983
265
921 9,011
335 1,101
924 2,075
95
13,478
Nov
1956
Oct
Nov
1956
Oct.
Oct.
Oct.
Oct.
Oct.
Nov.
Nov.
Nov.
3
10
17
24
31
7
14
21
13,441
990
13,082 1,067
13,741
977
13,518 1,092
Nov. 28
3,800
3,741
3,570
3,673
4,007
,866
,672
,879
,767
,863
3,010
2,264
2,752
2,114
2,303
2,504 55 588 58,529 3,710 ,912 1,822
2,670 551882
,980 1,769
882 60
60,431 3,691
2,441
900 59,370 3,772 2,200 3,301
2,877
2,487
3,909
,296
1,966
632 59
19,760
19
19,778
New York City
1955
4,132
159
77 15,429 16,811
4,191
4,046
145
163
15,410 16,848
15,314 16,941
346
292
985
754 2,224
732 2,161
4,217
4,124
4,121
4,312
4,181
139
165
141
143
140
15,388
15,294
15,368
15,527
15,471
16,636
16,561
17,197
16,830
17,015
317
316
273
293
531
923
789
932
855
900
887
636
866
642
739
2,247
2,234
2,210
2,205
2,225
4,335
3,676
4,155
4,016
162
166
155
168
15,297
15,139
15,248
67 15,575
16,777
17,072
16,896
17,018
302
977
285
891
269 1,106
313
967
549
481
1,026
871
9,346
58 2,938 1,108 1,151
166
277 2,715
2,923 1,229 1,000
2,984 1,309
986
143
134
456 2,800
407 2,816
67
68
67
67
67
2,898
2,912
3,014
2,864
2,929
1,238
1,218
1,209
1,221
1,256
993
994
999
1,006
1,007
226
190
125
174
2
349
523
532
369
506
2,796
2,797
2,798
2,800
2,810
2,181
2,160
2,150
2,153
66
63
61
59
2,955
3,122
2,929
2,928
1,263
1,310
1,326
1,335
1,002
982
981
979
388
150
443
461
451
274
2,815
2,817
2,813
2,818
833 2,379 40,907 42,004 3,637 1,050
1,940 17,177
862
147 7,669
325
306
608
213 5,751
'9,284
9,400
829 '2,424 40,210 41,772 3,412
929
868 2,464 40,687 42,466 3,478 1,030
1,735 17,549
1,710 17,469
876
831
148 8,035
147 8,078
329
327
317
326
458
387
428 6,141
539 6,176
9,410
9,162
9,307
9,318
'9,221
788
846
827
860
823
2,435
2,347
2,633
2,329
2,378
39,527
. ,
40,812
39,995
"" 995 41
41,343
40 255 42,860
40 679 41,883
40 598 41,965
3,483
3,425
3,297
3,380
3,476
2,123
1,628
1,886
1,472
1,564
17,513
17,544
17,559
17,560
17,569
904
880
872
863
862
149
148
148
148
148
8,082
8,100
8,496
7,699
7,796
322
314
334
332
347
311
319
318
318
318
676
321
273
593
425
317
490
641
379
311
6,136
6,138
6,126
6,136
6,169
9,106
9,406
9,586
9,502
828
901
822
924
2,451
2,613
2,373
2,420
,
41,752
40,291
40,743 43
43,359
40 652 42,474
41 057 42,278
3,408
935 1,273 17,590
3,406 1,089 1,288 17,469
3,503 1,094 2,275 17,415
3,596
999 2,006 17",403
829
826
828
839
146
147
146
148
8,191
8,472
7,935
7,718
322
327
336
325
327
328
326
324
618
267
397
265
325
654
529
647
6,176
6,165
6,170
6,193
Nov
1956
Oct
Nov
1956
Oct.
Oct.
Oct.
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.
3
10
17..
24
31
7
14
21
28
Outside
New York City
1955
Nov
1956
Oct
Nov
1956
Oct.
Oct.
Oct.
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.
3
10
17
24
31
7
14
21
28
r
1
943
883
947
912
'963
Revised.
Demand deposits other than interbank and U. S. Govt., less cash
items reported as in process of collection.
NOTE.—For description of revision beginning Mar. 4, 1953, see BULLETIN for April 1953, p. 357, and for figures on the revised basis beginning
Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555.
1336
COMMERCIAL LOANS; OPEN MARKET PAPER
CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY *
[Net decline, (—).
In millions of dollars]
Manufacturing and mining
Periods
Food,
Textiles,
liquor, apparel,
and
and
tobacco leather
PetroMetals
leum,
and
coal,
metal
prod- chemical,
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
change—
changes
types
all
classiweekly
of
fied
reportbusiness
ing
banks*
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_j a n .-June
July-Dec
-540
480
220
71
177
224
313
208
153
63
146
327
-461
469
589
704
384
27
134
106
143
370
1,257
3,050
1,078
53,206
-302
238
1,362
424
369
171
-386
-322
365
54
149
2,124
42,243
196
290
154
16
-77
-24
16
-97
116
227
52
89
20
-45
-30
57
170
31
81
208
97
-107
-305
60
57
102
32
-15
-24
-22
27
-14
31
575
260
534
535
203
479
30
55
44
67
9
12
7
-12
-36
15
43
-5
175
13
19
21
-2
19
9
-6
10
14
28
5
14
19
25
23
-18
-17
7
-79
16
16
-14
39
-9
-8
43
6
-15
181
188
170
36
183
190
136
26
83
67
66
29
45
-1
-20
-23
-34
-47
-41
-16
-57
64
16
18
15
-21
24
-4
-6
-11
-16
-8
13
47
38
21
51
41
65
22
36
44
-47
-207
-55
-29
34
48
33
-13
2
32
-li
-5
54
33
56
11
-2
25
-24
-24
28
54
27
8
65
13
8
3
-6
-6
-10
-9
23
102
-55
-39
32
30
13
21
-25
11
19
55
-5
3
24
10
-5
9
-5
-21
1956—Jan.-June
1956
Sept
Oct.
Nov
.. .
Week ending.
1956—Sept. 5
Sept. 12
Sept. 19
Sept. 26
Oct.
Oct.
Oct.
Oct.
Oct.
3
10
17
24
31
Nov. 7
Nov. 14.
Nov. 21
Nov. 28
1 Data for a sample of about 210 banks reporting changes in their
larger loans; these banks hold over 90 per cent of total commercial
and industrial loans of all weekly reporting member banks and nearly
70 per cent of those of all commercial banks.
#
2
Figures for periods other than weekly are based on weekly changes.
-4
-1
_2
"5
7
-J2
-27
20
28
36
-27
-6
109
-24
-5
-89
269
125
-15
-7
-138
238
189
310
25
10
187
312
25
-45
3 Includes machinery and transportation eauipment
4
Prior to week ending Jan. 11, 1956, included changes in agricultural
loans.
5 Includes increase of $318 million resulting from errors disclosed
incident to survey of credit extended to real estate mortgage lenders.
COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances
Commercial and finance
company paper
Based on:
Held by:
Accepting banks
End of year or month
Total
Placed
Placed directthrough
ly
dealers* (finance
paper) 2
Trvtai
Total
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
1955—Oct
Nov
Dec
2,255
2,283
2,008
547
542
510
1,708
1,741
1,498
662
642
642
189
187
175
144
134
126
45
52
49
1956—Jan
Feb
2,350
2,618
2,545
2,514
2,607
2,427
2,600
2,514
2,463
2,582
573
588
560
508
515
476
509
548
549
574
1,777
624
667
660
628
643
684
723
772
805
843
169
184
170
146
157
180
175
189
209
203
124
135
130
108
113
109
111
120
127
135
44
49
40
39
44
71
64
70
82
69
Apr
May
June
July
Aug .
Sept..
Oct
2,030
1,985
2,006
2,092
1,951
2,091
1,966
1,914
2,008
i As reported by dealers; includes finance company paper as well as
other commercial paper sold in the open market.
Goods stored in or
ImExshipped between
ports
ports Dollar
points in:
from
exinto
United United change
States States
United Foreign
States countries
ForOwn Bills
Own
bills bought acct. eign
corr.
1950
1951
1952
1953
1954
Mar
F. R.
Banks
2
21
21
20
24
19
180
272
289
378
565
245
235
232
274
285
87
133
125
154
182
23
39
29
16
17
28
26
27
33
430
410
405
258
259
252
201
205
210
18
32
37
39
42
45
45
48
51
49
53
406
431
436
427
424
441
483
510
529
567
237
263
263
235
245
264
270
271
294
277
220
234
236
240
252
251
237
259
258
281
14
14
13
16
18
18
22
17
20
17
28
55
64
75
300
32
44
32
43
89
33
20
17
82
73
63
87
86
100
11
20
18
10
9
9
13
21
17
19
46
43
49
43
33
34
74
97
113
133
110
106
94
100
104
125
129
124
123
133
2 As reported by finance companies that place their paper directly with
investors.
1337
INTEREST RATES
MONEY MARKET RATES
BANK RATES ON SHORT-TERM BUSINESS LOANS
[Per cent per annum]
Finance
Prime
comPrime
bankpany
comers'
paper
mercial
acceptplaced
paper,
ances,
4- to 6-1 direct90
ly,
months
3- to 6- ! days i
months
Year,
month, or
week
[Per cent per annum]
U. S. Government
securities (taxable)2
Size of loan (thous. of dol.)
All
loans
Area and period
3-month bills
Market
yield
9-to 12- 3- to 5month
year 4
Rate issues 3 issues
on new
issues
1953 average
1954 average.....
1955 average
2.52
1.58
2.18
I 2.33
1.42
1.97
1.87
1.35
1.71
1.90
.94
1.73
1.931
.953
1.753
2.07
.92
1.89
2.56
1.82
2.50
1955—Nov
Dec
2.81
2.99
2.53
2.80
2.17
2.43
2.25
2.54
2.225
2.564
2.28
2.56
2.70
2.83
1956—Jan
Feb
Mar
Apr
May
June......
July
Aug
Sept
Oct
Nov
3.00
3.00
3.00
3.14
3 27
3.38
3.27
3.28
3.50
3.63
3.63
2.88
2.88
2.88
2.93
3.00
3.00
2.94
3.01
3.13
3.37
3.38
2.45
2.38
2.38
2.44
2.50
2.45
2.43
2.65
2.88
2.88
3 05
2.41
2.32
2.25
2.60
2.61
2.49
2.31
2.60
2.84
2.90
2.99
2.456
2.372
2.310
2.613
2.650
2.527
2.334
2.606
2.850
2.961
3.000
2.50
2.38
2.43
2.83
2.83
2.69
2.62
3.01
3.17
3.07
3.15
2.74
2.65
2.83
3.11
3.04
2.87
2.97
3.36
3.43
3.29
3.49
Week ending:
Nov. 3 . . .
Nov. 1 0 . . .
Nov. 17. . .
Nov. 2 4 . . .
Dec. 1
3.63
3.63
3.63
3.63
3 63
<3.38
3.38
3.38
3.38
3.38
2.88
2.88
3.06
3.13
3.19
2.85
2.91
2.98
3.04
3.08
2.889
2.914
2.979
3.043
3.174
3.09
3.09
3.10
3.16
3.23
3.45
3.45
3.42
3.45
3.60
c
1
Corrected.
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.
$0100
10
Annual averages,
19 large cities:
1953
1954
1955
Quarterly:*
19 large cities:
1955—Dec
1956—Mar
June
Sept
New York City:
1955—Dec
1956— Mar
June
Sept
7 Northern & Eastern
cities:
1955—Dec
1956—Mar
June
Sept
11 Southern & Western
cities:
1955—Dec
1956—Mar
June
Sept
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
3.93
3.93
4.14
4.35
5.01
5.05
5.18
5.30
4.52
4.55
4.69
4.86
4.14
4.13
4.34
4.52
3.75
3.74
3.97
4.19
3.76
3.75
3.97
4.20
4.86
4.92
5.00
5.26
4.48
4.49
4.61
4.84
4.00
4.05
4.23
4.46
3.64
3.62
3.86
4.09
3.95
3.93
4.15
4.39
5.08
5.11
5.26
5.36
4.52
4.55
4.74
4.88
4.16
4.10
4.32
4.53
3.79
3.78
4.01
4.26
4.17
4.19
4.38
4.53
5.06
5.09
5.23
5.29
4.54
4.58
4.71
4.85
4.22
4.20
4.42
4.54
3.91
3.94
4.15
4.32
March
1949,
1
Based on figures for first 15 days of month.
NOTE.—For description see BULLETIN for
pp. 228-237.
BOND AND STOCK YIELDS i
[Per cent per annum]
U. S. Govt.
bonds
(long-term)
Year, month,
or week
Old
series2
Corporate bonds 4
State and local govt. bonds
General
obligations 4
New Totals
series3
Aaa
By selected
ratings
Revenue Totals
bonds 6
Aaa
Baa
Baa
Industrial stocks
Dividends/
price ratio
By
groups
Industrial
Railroad
Public
Preutility ferred?
Common 4
Earnings/
price ratio
Commons
Number of issues. . . .
3-7
1-2
20
5
5
10
120
30
30
40
40
40
14
125
125
1953 average
1954 average
1955 average.
2.93
2.53
2.80
3.16
2.70
2.94
2.82
2.46
2.57
2.31
2.04
2.18
3.41
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
1955
Nov
Dec.
2 85
2.88
2.96
2.97
2.60
2.70
2.20
2.29
3.20
3.25
2.87
2.97
3.29
3.33
3.10
3.15
3.58
3.62
3.22
3.26
3.38
3.42
3.28
3.31
4.01
4.05
3 96
3.92
7.96
1956
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
2 86
2.82
2.90
3.05
2.93
2.89
2.97
3.15
3.19
3 18
3.30
2.94
2.93
2.98
3.10
3.03
2.98
3.05
3.19
3.24
3.24
3.30
2.69
2.63
2.67
2.84
2.83
2.71
2.79
2.94
3.06
3.12
3.39
2.27
2.19
2.24
2.43
2.46
2.34
2.40
2.53
2.63
2.66
2.87
3.24
3.21
3.24
3.38
3.37
3.26
3.34
3.52
3.60
3.67
3.98
2.91
2.89
2.95
3.07
3.06
3.02
3.07
3.32
3.50
3.55
3.85
3.30
3.28
3.30
3.41
3.46
3.46
3.50
3.62
3.75
3.82
3.90
3.11
3.08
3.10
3.24
3.28
3.27
3.28
3.43
3.56
3.59
3.69
3.60
3.58
3.60
3.68
3.37
3.75
3.80
3.93
4.07
4.17
4.24
3 23
3.20
3.24
3.37
3.40
3.39
3.42
3.55
3.68
3.75
3.82
3.40
3.37
3.37
3.47
3.53
3.55
3.59
3.72
3.83
3.89
4.01
3.28
3.26
3.27
3.38
3.44
3.44
3.48
3.60
3.73
3.82
3.86
4.03
3.99
4.01
4.15
4.22
4.17
4.16
4.24
4.39
4.42
4.56
4.08
3.93
3.68
3.69
3.97
3.82
3.68
3.83
4.04
4.03
4.05
Week ending:
3.26
Nov. 3
3.27
Nov. 10
Nov. 17. . . . . . 3.26
3 30
Nov 24
3.36
Dec. 1 .
3.29
3.29
3.29
3 29
3.33
3.24
3.29
3.38
3.49
3.53
2.74
2.79
2.85
2.98
3.01
3.82
3.89
3.99
4.09
4.12
3.71
3.80
3.87
3.91
3.94
3.86
3.87
3.88
3 92
3.95
3.65
3.66
3.67
3.71
3.73
4.20
4.21
4.22
4.26
4.30
3.77
3.78
3.79
3.85
3.89
3.95
3.97
3.99
4.04
4.07
3.84
3.85
3.85
3.87
3.88
4.46
4.48
4.54
4.59
4.61
3.99
3.99
4.03
4.09
4.05
. .
. .
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
in 310-20 years, beginning Oct. 1, 1955.
Consists of the 3*4 per cent bond of 1978-83 and, beginning Feb. 1,
1955, the 3 per cent bond of February 1995.
4
5
6^99
7!65* "
'"6,6Y"
Moody's Investors Service.
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 a sample of noncallable issues—12 industrial and 2 public utility.
« Computed by Federal Reserve from data published by Moody's Investors Service.
1338
SECURITY MARKETS
SECURITY PRICES 1
Bond prices
Common stock prices
U. S. Govt.
(long-term)
Year, month,
or week
Number of issues...
Old
series 2
New
series 3
3-7
1-2
Standard and Poor's series
(index, 1935-39= 100)
CorMuponicipal rate
(high- 4 (highgrade) grade)' Total
Industrial
Railroad
Volume
of
trading 5
—r(in
Trade,
thoufisands
nance, Minof
and
ing shares)
service
Securities and Exchange Commission series
(index, 1939= 100)
Manufacturing
Public
utility
Total
Total
Durable
Trans- Public
Non- portautiltion
duity
rable
17
480
420
20
40
265
170
98
72
21
29
31
14
1953 a v e r a g e . . . .
1954 average
1955 a v e r a g e . . . .
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
'300
204
250
341
170
180
248
122
136
152
193
230
305
220
271
374
193
245
352
245
295
394
219
233
320
122
136
153
207
236
297
240
267
313
1,319
2,270
2,578
1955—Nov
Dec
1956—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
95.46 102.73 122.6
95.07 102.62 119.8
113.7
112.4
322
327
255
258
154
153
328
334
411
419
389
396
430
439
325
332
154
154
325
323
312
326
2,319
2,428
95.40
95.94
94.88
92.86
94.40
95.03
93.94
91.81
91.43
91.53
90.22
103 .04
103 .28
102.41
100.05
101.35
102.22
100.98
98.38
97.39
97.50
96.35
121.3
122.3
120.3
116.9
117.3
119.2
118.6
115.8
113.8
112.8
109.1
113.3
113.9
113.2
111.2
110.6
110.5
110.3
108.4
105.8
105.2
103.7
323
324
347
351
344
341
357
357
344
337
334
369
377
372
373
401
408
399
397
417
418
402
394
390
249
250
265
271
269
257
260
254
240
241
238
153
155
159
156
155
154
157
159
155
151
152
326
330
351
355
347
341
359
359
345
342
338
408
413
443
452
441
434
460
460
440
437
431
379
383
412
410
398
393
421
432
422
422
417
434
441
472
491
480
471
495
484
457
451
445
320
323
344
348
342
328
335
329
313
318
311
154
156
160
157
156
155
159
160
155
152
153
310
310
322
317
306
300
315
313
302
299
296
330
350
373
369
364
352
369
373
349
337
355
2,247
2,320
2,874
2,576
2,420
1,771
2,177
1,936
1,959
1,754
2,178
Week ending:
Nov. 3 .
Nov. 10.
Nov. 17.
Nov. 2 4 .
Dec. 1.
90.61
90.54
90.62
90.27
89.51
96.62
96.59
96.64
96.49
95.73
111.3
110.7
109.1
108.5
107.9
104.4
104.5
103.9
103.4
102.9
333
344
338
329
327
389
402
394
383
380
237
244
241
233
233
150
154
153
151
151
344
342
338
334
334
441
436
430
425
425
423
422
419
413
409
'457
449
441
437
440
317
313
311
308
306
153
154
153
152
152
301
300
300
293
287
344
340
356
368
368
2,119
2,287
2,009
2,250
2,257
15
c
Corrected.
* 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 2Vi per cent bonds due
or first callable after 12 years through Sept. 30, 1955, and, beginning
Oct. 1, 1955, those due or callable in 10-20 years.
3 The 3*4 per cent bond of 1978-83 and, beginning Feb. 1, 1955, the 3
per 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]
Broker and dealer credit 1
Customer credit
End of month or last
Wednesday of month
Bank loans to others (than
Net debit balances with
TotalNew York Stock Exchange brokers and dealers) for purMoney borrowed
securities
chasing
and carrying securities 2
firms
1
other than
U. S. Govt.
obligations
Secured by Secured by
On
On
(col. 3 +
Other
U. S. Govt.
U. S. Govt.
other
U. S. Govt.
other
col. 5)
obligations
securities
obligations
securities
obligations
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
648
780
1,048
30
88
69
877
1,074
1,529
727
713
1,019
1955_Oct..
Nov.
Dec..
3,944
3,980
4,030
40
38
34
2,749
2,759
2,791
29
27
32
1,195
1,221
1,239
71
75
51
2,088
2,185
2,246
920
876
894
1956—Jan..
Feb..
Mar.
Apr.,
May,
June.
July.
Aug.,
Sept.
Oct..
4,040
3,991
4,038
4,043
4,047
4,009
4,026
3,979
3,950
3,914
36
34
31
33
38
34
31
33
33
36
2,786
2,740
2,786
2,788
2,810
2,786
2,812
2,785
2,782
2,748
37
36
40
40
40
48
45
41
42
42
1,254
1,251
1,252
1,255
1,237
1,223
1,214
1,194
1,168
1,166
41
52
50
44
42
39
31
38
42
45
2,129
2,137
2,127
2,145
2,186
2,195
2,211
2,048
2,071
2,086
905
913
960
896
870
836
858
872
866
'835
r
Revised.
1 Ledger balances of member firms of the New York Stock Exchange
carrying margin accounts, as reported to the Exchange. Customers' debit
and free credit balances exclude balances maintained with the reporting
firm by other member firms of national securities exchanges and balances
of the reporting firm and of general partners of the reporting firm. Balances are net for each customer—i.e., all accounts of one customer are
consolidated. Money borrowed includes borrowings from banks and
from other lenders except member firms of national securities exchanges.
Data are as of the end of the month, except money borrowed, which is as
of the last Wednesday of the month beginning June 1955.
2 Data, except as noted below, are for all weekly reporting member
banks, which account for about 70 per cent of all loans to others for purchasing or carrying securities. Figures are for the last Wednesday of the
month. Some loans for purchasing or carrying U. S. Govt. securities are
included in column 5 after 1952; loans for that purpose are shown separately in column 4 for all weekly reporting member banks in 1952 and
for New York and Chicago banks thereafter.
SAVINGS INSTITUTIONS
1339
LIFE INSURANCE COMPANIES *
[Institute of Life Insurance data. In millions of dollars]
Business securities
Government securities
Total
assets
Date
End of year: 3
1941
1945
1948
1949
1950
1951
1952
1953
1954
1955
End of month: 4
1952 Dec
1953—Dec
1954 Dec
1955
. .
Sept
Oct
Nov
Dec
1956 Jan
Feb
Mar
Apr
M^ay
June
July
AU2
Sept
. . .
.
Total
U.S.
United State and Foreign 2 Total
States
local
32,731
44,797
9,478
22,545
6,796
20,583
1,995
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
73,034
78,201
84,068
12,814
12,452
12,199
88,529
89,016
89,491
90,219
90,842
91,240
91,543
92,025
92,478
92,876
93,580
93,992
94,411
Bonds
Stocks
Mortgages
Real
estate
Policy
loans
Other
assets
1,240
10,174
11,059
9,573
10,060
•999
6 442
6,636
1 878
722
857
2 919
1,962
1 840
1 738
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
10,195
9,767
9,021
1,126
1,278
1,833
J.493
,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
12,325
12,236
12,096
11,758
9,129
9,027
8,891
8,546
1,983
1,990
1,987
1,998
1,213
1,219
1,218
.214
38,124
38,385
38,546
38,855
35,253
35,506
35,647
35,932
2,871
2,879
2,899
2,923
28,250
28,563
28,868
29,433
'2,491
2,506
2,523
2,557
3,260
3,271
3,283
3,293
4,079
4,055
4 175
4,323
11,751
11,608
11,415
11,439
11,332
11,280
11,292
11,210
11,253
8,393
8,236
8,045
8,085
7,986
7,921
7,886
7,778
7,805
2,125
2,144
2,153
2,153
2,140
2,148
2,191
2,206
2,213
1,233
1,228
1,217
1.201
1,206
1,211
1,215
1,226
1,235
39,146
39,376
39,570
39,705
39,854
39,963
40,297
40,453
40,514
36,216
36,428
36,593
36,725
36,880
36,999
37,302
37,455
37,546
2,930
2,948
2,977
2 980
2,974
2,964
2,995
2,998
2,968
29,800
30,102
30,383
30 651
30,991
31,284
31,612
31,897
32,111
2,568
2,589
2,609
2 624
2,646
2,673
2,711
2,727
2,748
3,307
3 324
3,345
3 365
3,385
3,409
3,400
3,420
3,440
4,270
4 241
4,221
4 241
4,270
4,267
4,268
4,285
4,345
687
r
1
Revised.
Figures are for all life insurance companies in the United States.
2 Represents issues of foreign governments and their subdivisions
and bonds of the International Bank for Reconstruction and Development.
r
601
r
3
These represent annual statement asset values, with bonds carried on
an 4amortized basis and stocks at end-of-year market value.
These represent book value of ledger assets. Adjustments for interest
due and accrued and for differences between market and book values
are not made on each item separately, but are included, in total, in "Other
assets."
SAVINGS AND LOAN ASSOCIATIONS i
[Federal Savings and Loan Insurance Corporation data. In millions of dollars]
Liabilities
Assets
End of year or month
Total 2
Mortgages 3
U.S.
Govt.
obligations
Borrowings
Cash
1941
1945
6,049
8,747
4,578
5,376
2,420
1948
1949
1950
1951
1952
1953
1954
1955
13,028
14,622
16,893
19,222
22,660
26,733
31,736
37,719
10,305
11,616
13,657
15,564
18,396
21,962
26,194
31,461
1,455
1,462
1,487
1,603
1,787
1,920
2,021
2,342
1955 Sept
36,297
36 796
37,216
37,719
30,661
30,997
31,243
31,461
2,327
2,328
2,339
2,342
.799
2,067
37 995
38,429
38,892
39 388
40,023
40,622
40,797
41,197
41,574
31 697
32,002
32,405
32 814
33,259
33,740
34,134
34,586
34,939
2,450
2,526
2,583
2,639
2,684
2,652
2,687
2,726
2,739
2 019
2.019
1,975
1,917
1,926
2,047
1,878
1,788
1,745
Oct
Nov.
Dec
1956 Jan &
Feb Pv
Mar
Apr vp
May
June p
JUlyPv
Aug
Sept.*>
107
»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.
Other 4
Savings
Capital
FHLB
Advances
Other
Reserves
and
undivided
profits
344
450
775
356
4,878
7,386
218
190
38
146
475
644
663
880
924
501
566
733
899
,108
1,297
,471
1,791
10,969
12,472
13,992
16,107
19,195
22,846
27,334
32,192
500
424
810
801
860
947
864
1,412
90
75
90
93
84
80
96
146
1,106
1,280
1,453
1,658
1,901
2,191
2,557
1,633
I 679
1,776
1,791
30,606
31,022
31,408
32,192
1,272
1 341
1,361
1,412
141
145
143
146
2,557
I 772
1,825
1,873
32 615
32,973
33,332
33,662
34,137
34,948
35,079
35,366
35,633
J 1A1
,178
1,134
1,123
,119
1,170
1,105
1,113
1,139
119
109
102
110
112
118
124
132
138
,066
,289
,479
,980
>,067
,615
732
962
2,099
2,128
2,044
2,043
2,098
969
2,749
2
Includes gross mortgages with no deduction for mortgage pledged
shares.
3
Net of mortgage pledged shares.
4
Includes other loans, stock in the Federal home loan banks and other
investments, real estate owned and sold on contract, and office building
and fixtures.
1340
FEDERAL BUSINESS-TYPE ACTIVITIES
SELECTED ASSETS A N D LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES
[Based on compilation by Treasury Department.
In millions of dollars]
End of year
End of quarter
Asset or liability, and activity1
1955
1956
1949
1950
19512
19522
19532
4,362
302
437
523
1,301
1,729
70
3,884
345
510
535
1,543
898
52
4,161
425
633
539
1,742
782
40
5,070
424
673
596
1,920
1,426
31
6,811
311
590
648
2,096
3,076
23
1,251
828
1,528
1,347
423
181
2,142
1,850
292
2,603 2,930 2,907
2,242 2,462 2,461
' 300 383
362 [ 168
63
To industry, total
Treasury Department...
Commerce Department.
Other agencies
576
568
589
598
576
568
589
598 1
588
174
413
431
353
79
To financing institutions
445
824
814
864
952
870
704
285
124
351
117
744
589
155
1,020
894
126
645
500
145
272
112
160
272
117
154
255
98
158
247
94
153
6,090
2,187
3,750
6,078
2,226
3,750
6,110
2,296
3,750
8,001
2,806
3,570
1,624
1
8,032
2,774
3,567
1,692
8,025
2,735
3,567
1,722
102
8,043
2,833
3,620
1,537
53
7,968
2,768
3,570
1,630
153
7,736
2,496
3,667
51,515
58
64
75
5
69
119
29
90
166
121
39
180
142
38
219
172
47
230
186
44
Loans, by purpose and agency:
To aid agriculture, total
Banks for cooperatives
Federal intermediate credit banks. . .
Farmers Home Administration
Rural Electrification Administration.
Commodity Credit Corporation
Other agencies.
To aid home owners, total
Federal National Mortgage Association..
Veterans Administration
Other agencies
To aid States, territories, etc., total. .
Public Housing Administration . . .
Other agencies
Foreign, total
Exp ort-Import Bank
Treasury Department 4
International Cooperation Administration..
Other agencies
76
All other purposes, total
Housing and Home Finance Administration.
Other agencies.
Less: Reserves for losses
Total loans receivable (net).
Investments:
U. S. Government securities, total
Federal home loan banks
Federal Savings and Loan Insurance Corp
Federal Housing Administration
Federal Deposit Insurance Corporation
Other agencies
Investment in international institutions. . .
"Ye
Land, structures, and equipment, total
Commerce Department (maritime activities).
Panama Canal Company 7
Tennessee Valley Authority
Housing and Home Finance Agency:
Public Housing Administration
Other
Other agencies
Bonds, notes, and debentures payable (not guaranteed),
total
Banks for cooperatives
Federal intermediate credit banks
Federal home loan banks
Federal National Mortgage Association
35
34
-185
-476
12,733 13,228
3,013
2,538
408
67
3,095
2,593
430
72
437
353
85*
3,122
2,590
456
76
439
718
328
348
f
292
91 I 97
6,715
375
689
681
2,348
2,621
1
7,377
355
765
764
2,379
3,114
(3)
',205 3,230
:,64l 2,683
480
424
84
124
678
306
261
112
1,277
593
330
193
70
1,143
245
90
155
7,988
2,702
3,519
1,767
256
209
47
239
106
134
8,106
2,697
3,519
1,832
58
156
108
48
-140
-173
-259
-203
-494
-411
-268
-263
14,422 17,826 19,883 19,348 19,782 18,927 19,061 20,238 20,580
1,307
132
2,421
311
208
316
1,437
148
2,602
387
217
319
1,526
152
2,967
641
228
327
1,624
147
3,187
111
234
344
1,692
147
3,108
661
241
354
1,706
146
2,909
443
234
370
1,705
158
3,236
745
241
381
1,720
149
3,677
1,082
248
390
1,793
164
3,385
3,385
3,385
3,385
3,385
3,385
3,385
3,385
3,385
3,385
3,385
286
266
257
223
219
197
179
252
1,549
1,376
1,774
1,638
1,461
1,174
1,280
978
2,515
2,087
3,852
3,302
203
428
550
629
566
611
8,046
4,798
421
1,739
7,982
4,749
421
1,781
7,821
4,807
422
1,812
7,799
4,812
422
1,823
7,822
4,822
421
1,829
8,056
4,796
421
1,831
2,075
199
193
244
3,612
2,983
3,476
2,910
4,129
3,518
4,356 14,119
3,747 3,536
9,827
f 567
609 \
188
173
136
2,962
2,945
3,358
3,213
16
830
18
886
298
1,048
415
1,251
8,062
4,834
363
1,475
1,352
1
763
1,248
49
745
1,251
34
728
1,173
30
345
1,018
23
350
896
8631
360
80
597
355
64
472
244
64
438
241
64
386
300
59
341
607
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
1,561
139
713
139
570
1,840
123
811
336
570
2,086
160
821
534
570
2,379
185
665
958
570
2,425
161
725
869
670
i
NOTE.—Statistics revised, beginning Mar. 31, 1956, to reflect the
expanded coverage and the new classification of agencies now reported
in the Treasury Bulletin. The revised statement includes a larger number
of agencies, and their activities are classified according to the type of
fund they represent. Funds are combined in the table above, but are
shown separately in the table on the following page. Classifications by
supervisory authorities are those in existence currently. Where current
Treasury compilations do not provide a detailed breakdown of loans,
these items have been classified by Federal Reserve on basis of information about the type of lending activity involved.
1
Figures for trust revolving funds include interagency items. For all
types of funds combined, loans by purpose and agency are shown on a
gross basis; total loans and all other assets, on a net basis, i.e., after
reserve for losses.
2 Coverage changed from preceding period (see also "Note").
6,929 7,466 6,362 5,853
367
340
322
359
638
725
847
833
701
774
770
755
2,226 2,253 2,286 2,316
2,981 3,357 2,137 1,590
18
1
1
17
2,226
249
200
285
1,353
140
2,047
275
214
188
1,205
165
Other securities6. . .
Inventories, total
Commodity Credit Corporation..
Defense Dep artment
General Services Administration.
Other agencies
63
"'63'
1954
3 Less than $500,000.
4
Figures represent largely the Treasury loan to the United Kingdom,
atnd through 1952 are based in part on information not shown in Treasury
com
:ompilation.
5 Figure not published in Treasury compilation, but derived by
Federal Reserve.
6 Includes investment of the Agricultural Marketing Act Revolving
Fund in the banks for cooperatives; Treasury compilations prior to 1956
classified this item as an interagency asset and on that basis it had been
excluded from this table.
For other footnotes, see opposite page,
1341
FEDERAL BUSINESS-TYPE ACTIVITIES
PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES
[Based on compilation by Treasury Department. In millions of dollars]
Liabilities, other than
interagency items *
Assets, other than interagency items1
Date, and fund or activity
Total
Investments
Loans InreCash ceiv- venOther
able tories Public
debt secusecu- rities
rities
Bonds, notes,
PriU.S.
and debenLand,
Govt. vately
tures payable
owned
strucinterOther est
intertures, Other
liabilest
and
Guarities
equipanteed
ment
Other
by
U. S.
All activities
1949_Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
1954—Dec.
1955—Mar.
June
Sept.
Dec.
1956—Mar.
31
31
312
312
312
31
31
30
30
31
312
••
12,733
13,228
14,422
17,826
19,883
19,348
1,549
1,774
1,461
1,280
2,514
3,852
2,047
2,075
2,226
2,421
2,602
2,967
3,492
3,473
3,463
3,429
3,425
3,432
2,962
509
2,945
499
3,358
882
3,213
832
8,062 1,261
8,046 2,387
41,996 ,375 19,782
40,639 ,244 18,927
41,183 ,456 19,061
45,304
338 20,238
58.485 10,042 20,580
3,612
3,476
4,129
4,356
7.808
3,187
3,108
2,909
3,236
3,677
3,429
3,430
3,414
3,414
3,638
7,982
7,821
7,799
7,822
8,056
20,797 1,530 10,278 4,135
757
154 3,062
23,733
24,635
26,744
29,945
38,937
41,403
441
642
931
944
,190
,371
1, 720 21,030
1, 193 21,995
1,161 23,842
728 26,456
1,728
3,818 33,429
4,183 35,610
183
234
329
378
434
508
2,629
2,634
2,415
4,900
4,685
,561 4,013 35,848
,840 3,019 "",171
35
2,086 2,01336,460
2,379! 2,703 ",583
39
2,425 3.730 51,635
543
568
583
596
651
882
44 1,296! 2,072jl7,385
772,
,190
,369
,330
,182
,068
Classification by type of fund
and activity, Mar. 31, 1956
Public Enterprise Funds—Total...
Farm Credit Administration:
Federal intermediate credit banks
Production credit corporations
Federal Farm Mortgage Corporation
Agricultural Marketing Act revolving fund
Department of Agriculture:
Commodity Credit Corporation
Federal Crop Insurance Corporation
Disaster loans, etc., revolving fund
Housing and Home Finance Agency:
Public Housing Administration
Federal Housing Administration
Federal National Mortgage Association
Office of the Administrator
6,981
21
155
19 3,047 3,536
20
98
55
357
647
2,550
803
54
29
Federal Savings and Loan Insurance Corporation.
Small Business Administration
Export-Import Bank
Tennessee Valley Authority
Panama Canal Company
Veterans Administration
General Services Administration
Treasury Department
Post Office Department—postal fund
All other
258
107
2,716
2,025
463
641
763
471
469
283
Intragovernmental Funds—Total...
Defense Department:
Army
Navy
Air Force
All other
Certain Other Activities—Total. . .
Department of Agriculture:
Farmers Home Administration
Rural Electrification Administration
International Affairs and Finance:
Mutual Security Agency
Treasury Department
Department of Commerce—maritime activities .
All other
Certain Deposit Funds—Total. .
Banks for cooperatives
Federal Deposit Insurance Corporation
Federal home loan banks
Certain Trust Revolving Funds—Total. ..
Federal National Mortgage Assocation
All other
845
45
12
186
12
725
45
12
186
12
147
230
1
59
1
()
339
139
226
22
34
246
106
V)
45 2.671
37 1,989
13
450
"*i6
()
1,831
421
2
97
15
148
9
I
18
12
6
1
97
29
30
5
12,145 8,027
3,636
197
283
560J11,584
7,912 6,954
2,772
600
1,136
354
324
120
693
2,138
736
70
106
160
35
47
42
7,717
204 2,568
107 1,029
54
270
3,478 4,796 3,483
156 20,642
24
118
7J 675,
l| 2,528
105
390
^527
153
277
1
42
158
27
193
41
157
439
91
3
248
63
2,696
424
'253
"24
()
24
9
4
529
18
17
'"92
l,328i 5,653
4j
17
!j
154
...I
441
!
... 570|
30!
185
327
417
9!
i
I2|
794
10
j
329)
632
753
464
139
271
20,798
344 8,660
681
2,528
1,854
10,332
5,317
86
569
35 2,376
10 1,832
3,549
'iii 251
85
4,508
1,490
2,918
1,030
931j 1,904
425
1,813
2,270
352
161
1,138
43
1,793
1,082
238
147 1,666
"869
782
237
151
1
100
It
226
11
151
For
other footnotes, see opposite page.
8
Effective July 1, 1954, the public war housing program of the PHA
(represented largely by land, structures, and equirment) 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 of the Housing and Home Finance
9
765
1
36
36
3,478
36
'(3V
4,796
(3V
. . .! 1,854
10,332
13
>3,3O5
22
149 5,168
86
•!
(10)
643
24
'620
119
100
8
Agency,
shown under Other.
9
Includes $1,000 million due under the agreement with Germany
signed Feb. 27, 1953, and lend-lease and surplus property balances due
the United States in the principal amount of $2,254 million.
10 Negative figure; less than $500,000.
1!
Figure represents total trust interest.
1342
FEDERAL FINANCE
SUMMARY OF FEDERAL FISCAL OPERATIONS
[On basis of U. S. Treasury statements and Treasury Bulletin. In millions of dollars]
Derivation of Federal Government cash transactons
Payments to the public,
other than debt
Receipts from the public,
other than debt
Period
Less:
Adjust-3
ments
Equals:
Total
payts.
to the
public
7,598
9,331
2,786
3,272
69,667
72,188
-1,087
-739
3,511
3,494
1,583
2,476
752
566
1,173
458
74 j
67, 772
64, S70
66, 386
5,288
7,204
8,546
9,389
2,790
3,117
2,578
3,183
76,773
71,860
70,538
72,593
-5,274
-232
-2,702
4,475
6,940
5,186
3,986
-578
3,300
2,055
1,533
3,235
722
618
644
623
2,919
2,512
1,809
-4,436
42 ,795
95 ,785
42 ,051
29 ,397
47 ,670
33, 288
566
33, 004
33, 125
33, 261
3,987
3,611
4,935
4,398
4,991
2,394
392
2,176
1,096
2,087
34,881
34,786
35,762
36,426
36,167
7,914 - 4 , 0 1 0
-9,001
7,521
6,289 - 3 , 5 3 5
-7,028
7,019
11,503 - 7 , 5 9 7
1,195
388
1,145
1,331
1,904
305
447
197
369
254
-5,511
6,684
-4,875
5,323
-9,759
3 ,044
5 ,741
5 ,282
4 ,964
7 ,140
11 ,981
4 ,854
6 ,581
12 ,150
3 ,964
6 ,286
6 ,889
3 ,571
5 J 355
5, 17?
900
668
663
904
870
761
1,006
669
783
1,029
801
846
959
436
40
95
608
142
295
386
132
522
676
17
65
459
5,819
5,800
6,218
5,570
5,679
5,864
6,008
6,004
7,044
5,895
6,686
5,699
6,495
2,621
-2,775
-59
490
-936
599
-722
-606
1,462
238
6,116 - 3 , 7 1 4
-1,154
-545
1,036
577
5,107 - 3 , 8 8 9
-1,931
-93
2,982
-400
1,191 - 1 , 1 2 6
-2,924
1,017
-109
14
40
130
83
3
-14
15
110
57
33
-35
33
43
2,717
-154
Net
Budget
rects.
Plus:
Trust
fund
rects.
Less:
IntraGovt.
trans. *
Equals:
Total
rects.
from
the
public 2
Budget
expenditures
Plus:
Trust
fund
expenditures
Cal year 1954
1955
61,171
63,358
9,570
10 624
2,101
2,511
68 ,580
71 ,448
64, 854
66,
Fiscal year—1953
1954
1955
1956?....
64,825
64,655
60 390
68,141
8 929
9,155
9 536
11,685
2,199
2,110
2 061
2,735
71 ,499
71 ,627
67 ,836
77 ,067
Semiannual totals:
1954—Jan.-June
July-Dec . . . .
1955—Jan.-June
July-Dec
1956—Jan.-June*...
38,898
22,272
38,118
25,240
42,901
5,202
4 368
5,168
5,456
6,229
1,262
839
1,222
1,289
1,446
2,692
4 662
4,889
4,684
6,195
11,313
4,082
5,050
11,576
3,485
4,954
6 218
3,184
505
1 142
841
371
1 009
757
871
1,605
1,616
1,112
1,419
753
660
151
Monthly:
1955—Oct
Nov
Dec
1956—Jan
Feb
Mar
Apr
May
June^
July
Aug
Sept
.
Net Federal cash borrowing or
repayt. (—) of borrowing
Excess
of rects.
from,
or
payts.
to ( - ) ,
the
public
62
447
90
62
86
96
70
1,040
631
83
78
268
5, 651
?74
4, 950
5. 399
5, 387
5, 467
6, 783
5j 54?
5, 902
4 918
5 , 995
Increase,
or decrease
Less:
Net
inv. by
Govt.
debt*
(direct agen. &
& agen.) tr. funds
605
130
-87
210
131
-364
1,032
987
312
645
-214
-266
Other
noncash
debt 4
Equals:
Net
cash
borrowing or
repayt.
340
-717
25
-3,832
-197
-106
-4,934
-439
2,372
-946
1,240
Effects of operations on Treasurer's account
Financing transactions
Operating transactions
Period
Fiscal yr
1953
1954
1955. . .
1956
Semiannual totals:
1954—Jan.-June. . . .
July-Dec . . . .
1955—Jan.-June
July-Dec
1956—Jan.-June
Monthly:
1955 " Oct
Nov
Dec
1956 Jan
Feb
Mar
June .
July
Auu
Sept
Oct
.
Increase,
or
decrease
( - ) , in
gross
direct
public
debt
Held
outside
Treasury
Treasurer's
account
Balance
F. R.
Banks
(available
funds)
6,996
5,189
3,115
-1,623
n.a.
257
-312
-269
-2,299
2,096
-551
173
-3,147
-1,609
-1,362
-2,687
132
875
380
331
4,670
6,766
6,216
6,546
204
-689
660
92
57
125
15?
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
479
-53
-464
150
57
170
249
-55
-64
-33
-2
40
47
236
-378
-146
373
-140
-69
353
-983
-1,004
2,341
319
632
-720
60
-3,764
-556
941
-3,978
-105
2,919
-1,304
1,022
6
-17
-20
-29
-16
-28
13
-73
-112
1
-44
-1
62
-62
-195
-574
-1,293
1,504
2,316
- 1 360
accumulation
or
deficit
-9,449
-3,117
-4,180
1,754
3,641
1,951
990
2,296
-250
-46
-29
149
5,611
- 9 294
5,114
-7,885
9,639
1,217
757
234
1,060
1,236
-2,663
-510
-761
-590
1,245
5,914
- 1 305
-417
4,793
-2,057
-948
1,300
-2,812
-394
474
178
-533
139
-4
-135
833
83
617
-94
-299
Reconciliation
to Treas.
cash
-49
Net
market
issuance
(+)of
Govt.
agency
obligations 5
-59
-14
60?
48
51
-520
-34
-21
145
111
-14
173
-45
-in
-703
n.a.
Not available.
* Preliminary.
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
Account of Treasurer of United
States (end of period)
Net
inv.(-)
in Fed.
sec. by
Govt.
agency
& trust
funds5
Trust
Net
Budget
surplus
or
deficit
936
Cash balances:
inc., or dec. (—)
214
282
Deposits in
548
287
-2,369
2,019
249
-1,741
Treasury
Tax and
Loan
Accts.
Other
net
assets
522
3,071
4,836
4,365
4,633
1,467
1,055
1,471
1,391
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
1,055
1 156
1,471
1,112
1,391
5,314
5 119
4,545
3,252
4 756
7,072
5 712
6,259
6,546
4,178
6,197
6 445
4,704
484
477
397
428
554
534
578
515
522
513
422
535
495
3,672
3 538
3,036
1,474
2 914
5,345
3 781
4 593
4,633
2 451
4,644
4 628
2,937
1,158
1 104
1,112
1,350
1 288
1,193
1 353
1 151
1,391
1 214
1,131
1 282
1,272
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 are
included in the corresponding columns above.
1343
FEDERAL FINANCE
DETAILS OF FEDERAL FISCAL OPERATIONS
[On basis of Treasury statements and Teasury Bulletin unless otherwise noted.
In millions of dollars]
Selected excise taxes
(Int. Rev. Serv. repts.)
Budget receipts
Adjustments from total
Budget receipts
Period
Net
Budget
receipts
Transfers to:
Oldage
trust
fund
High- R.re-R.
way
trust tirefund ment
acct.
Refunds
of
receipts
Income and
profits taxes
Total
Budget
receipts
Individual
Withheld i
Other i
11,417
10,747
10,396
11,322
Fiscal yr.—1953
1954
1955
1956^
64,825
64,655
60,390
68,141
4,086
4,537
5,040
6,337
620
603
599
634
3,118
3,377
3,426
3,684
72,649
73,173
69,454
78,796
21,351
21,635
21,254
24,015
Semiannual totals:
1954—Jan.-June..
July-Dec
1955—Jan.-June
July-Dec
1956—Jan.-June*
38,898
22,272
38,118
25,240
42,901
2,815
2,305
2,735
2,927
3,410
282
322
277
318
316
2,982
339
3,087
496
3,188
44,978
25,239
44,215
28,981
49,815
10,557
10,230
11,024
11,312
12,703
Monthly:
1955—Oct
Nov
Dec
1956—Jan
Feb
Mar
Apr
May
June**
July
Aug
Sept
Oct
2,692
4,662
4,889
4,684
6,195
11,313
4,082
5,050
11,576
3,485
4,954
6,218
3,184
268
692
339
163
646
512
567
973
549
295
799
397
182
21 2,998
89 5,527
54 5,337
51 4,915
231 7,158
620 12,499
897 5,562
993 7,107
395 12,574
124 3,927
115 5,959
79 6,897
95 3,660
1,014
3,037
1,768
939
3,732
1,893
810
3,356
1,972
988
3,415
1,935
1,282
10
150
175
Excise 1
taxes
Corpo-1
ration
Employment2
taxes
Other
receipts
Liquor
Mfrs.'
Torebacco and
tailers'
21,595 9,934
21,523 10,014
18,265 9,211
21,297 10,004
4,983
5,425
6,220
7,296
3,369
3,829
4,108
4,862
2,781
2,798
2,743
2,921
1,655
1,581
1,571
1,613
3,359
3,127
3,175
3,778
,651
,480
,694
,890
8,154 16,148
2,323 3,767
8,073 14,498
2,699 4,109
8,623 17,188
4,609
4,527
4,684
5,052
4,952
3,342
2,668
3,552
3,283
4,013
2,168
1,724
2,384
2,526
2,336
1,271
1,453
1,290
1,524
1,397
777
767
805
792
821
392
293
1,449
424
460
8,109
509
492
7,193
837
352
1,709
451
821
921
766
799
846
826
750
877
854
827
910
805
1,033
290
791
395
212
972
572
586
1,067
604
320
881
451
207
303
391
609
389
353
330
352
450
464
498
276
245
443
289
292
211
179
212
246
239
256
264
236
245
n.a.
n.a.
138
136
113
139
128
137
126
149
143
127
157
n.a.
n.a.
178
94
350
2,152
795
769
2,555
865
1,487
457
125
1,752
244
913
1,005
883
1n.a.
J n.a.
Budget expenditures 3
Major national security
Period
Total
Total*
Fiscal year:
1953
1954
1955
1956^5.
Semiannual totals: 5
1955—July-Dec
Monthly: 5
1955_Sept
Oct
Nov
Dec
1956—Jan
Feb
Mar
Apr
May
June23
July
Aug
Intl.
affairs
Defense Mutual Atomic and
Dept., security,
finance
military military energy
1,791
1,895
1,857
1,652
2,216
1,732
2,181
1,819
6,583
6,470
6,438
6,851
4,298
4,256
4,457
4,755
2,426
2,485
2,552
2,775
2,936
2,557
4,411
4,943
1,364
1,220
1,081
992
2,612
909
1,622
2,131
1,474
1,239
1,201
1,633
956
797
639
3,349
2,330
1,348
2,775
614
1,137
940
3,252
2,837
2,830
3,090
93
280
101
178
121
129
128
143
59
152
154
124
533
548
548
598
353
359
423
406
191
283
185
171
295
362
323
539
120
103
115
90
165
145
192
156
111
109
122
116
2,811
2,941
2,805
2,860
2,922
4,114
2,473
3,235
92
299
195
306
27
298
156
135
138
146
145
152
139
140
164
245
145
167
153
202
183
121
193
631
556
566
572
565
612
631
573
401
398
400
405
431
402
361
369
297
181
168
226
197
310
221
263
340
214
438
502
288
466
222
554
83
82
85
69
87
96
78
110
168
51
184
113
145
259
302
129
104
110
106
115
120
134
652
99
74,274
67,772
64,570
66,386
50,363
46,904
40,626
40,495
43,611
40,335
35,533
36,371
33,125
19,994
17,917
5,340
5,355
5,172
5,651
3,512
3,293
3,109
3,451
5,274
4,950
5,399
5,387
5,467
6,783
5,542
5,902
3,005
3,214
3,284
3,232
3,434
4,332
2,945
3,608
3,954
3,629
2,291
1,885
n.a.
Not available.
P Preliminary.
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.
AgriVetculture
GenComand
NatInter- erans'
eral
serv- Labor
merce
agriural
est ices
and
governand welfare
and
culrebenetural sources housing ment
fits
resources
3 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 prior to May 1956 are not fully comparable to the
May and June figures and the fiscal year totals. Hence the monthly
figures for fiscal year 1956 do not add exactly to the totals for that fiscal
year. (For description see Treasury Bulletin, Table 3 of section on budget
receipts and expenditures).
1344
FEDERAL FINANCE
UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY
[On basis of daily statements of United States Treasury. In billions of dollars]
Public issues3
End of
month
Total
gross
debt*
Total
gross
direct2
debt
Marketable
Nonmarketable
Bonds
Convertible
bonds
Total 5
12.1
12.5
12.0
11.8
11.7
56.9
59.5
68.1
66.4
65.0
65.1
63.6
61.6
Tax
and
savings
notes
Total
Bills
Certificates of
indebtedness
38.2
21.2
5.4
29.1
16.7
26.4
28.5
13.8
6.0
23.0
11.4
39.3
18.4
30.3
31.4
28.0
40.7
33.6
68.4
68.4
44.6
41.0
58.9
63.9
76.1
81.1
12.0
15.7
47.8
43.3
81.9
81.9
11.4
11.4
59.6
59.2
58 .3
57 . 9 i
15.7
15.7
20.8
20.8
20.8
16.3
16.3
19.5
19.5
19.5
19.5
43.4
43.4
36.0
36.1
36.1
36.0
36.0
35.1
35.2
35.2
35.2
81.9
81.9
81.9
81.9
81.9
81.9
81.9
81.9
80.9
80.9
80.9
11.3
11.3
11.2
11.2
11.1
11.1
11.1
11.0
11.0
10.9
10.9
58.9
59.0
59.0
59.0
58.9
58.7
58.6
58.6
58.5
58.3
58.1
57.6
57.7
57.7
57.7
57.7
57.5
57.4
57.3
57.3
57.1
56.9
Total
1941_Dec
1945—Dec
1947_Dec
1950—Dec
1951—Dec
1952—Dec
1953—Dec
1954—Dec
1955—June
64.3
278.7
257.0
256.7
259.5
267.4
275.2
278.8
274.4
57.9
278.1
256.9
256.7
259.4
267.4
275.2
278.8
274.4
50.5
255.7
225.3
220.6
221.2
226.1
231.7
233.2
228.5
41.6
198.8
165.8
152.5
142.7
148.6
154.6
157.8
155.2
2.0
17.0
15.1
13.6
18
21.7
19.5
19.5
19.5
1955_Nov
Dec
280.2
280.8
280.1
280.8
233.6
233.9
162.6
163.3
1956—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
280.1
280.2
276.4
275.8
276.8
272.8
272.7
275.6
274.3
275.4
277.1
280.0
280.1
276.3
275.8
276.7
272.8
272.6
275.6
274.3
275.3
277.0
233.6
233.6
229.7
229.7
229.6
224.8
224.6
226.9
225.8
227.2
228.7
163.3
163.4
159.5
159.6
159.6
155.0
155.0
157.3
156.4
158.0
159.8
20.8
22.3
22.3
22.3
20.8
20.8
20.8
20.8
20.8
20.8
20.8
22.4
24.2
1
Includes, some debt not subject to statutory debt limitation (amounting
to $456 million on Nov. 30, 1956) and fully guaranteed securities, not
shown
separately.
2
Includes noninterest-bearing debt, not shown separately.
3 Includes amounts held by Govt. agencies and trust funds, which
aggregated $8,430 million on Oct. 31, 1956.
Notes
Bank
eligible 4
Bank
restricted
52.2
49.6
49.6
36.0
21.0
13.4
5.7
Savings
bonds
6 .1
48 .2
52 1
58 .0
8.9
57.6
57 .9
57 .7
57 .7
58 .4
Special
issues
2.5
8.2
5.4
8.6
7.5
5.8
6.0
4.5
1.9
7.0
20.0
29.0
33.7
35.9
39.2
41.2
42.6
43.3
.1
44.0
43.9
I
I
j.
;.
j.
!.
i.
I.
j.
I
43.6
(6)
43.4
44.
45.1
45.4
46.1
45.8
45.5
45.7
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]
Special
issues
Public
issues
1941_Dec
1945—Dec
1947—Dec
1950—Dec
1951—Dec
1952—Dec
1953—Dec
1954—June
Dec
1955—June
64.3
278.7
257.0
256.7
259.5
267.4
275.2
271.3
278.8
274.4
7.0
20.0
29.0
33.7
35.9
39.2
41.2
42.2
42.6
43.3
1955—Sept
Oct
Nov
De:
277.5
279.9
280.2
280.8
1956—Jan
Fen
M'*r
AnMav
Ju^
Jul
Aug
Sept
280.1
280.2
276.4
275.8
276.8
272.8
272.7
275.6
274.3
End of
month
r
1
2
Held by the public
Held by
U. S. Govt.
agencies andl
trust funds
Total
gross
debt
(including guaranteed
securities)
Federal
Reserve
Banks
Commercial
banks2
Mutual
savings
banks
Insurance
companies
Other
corporations
State
and
local
govts.
Savings
bonds
Other
securities
2.6
7.0
5.4
5.5
6.4
6.7
7.1
7.1
7.0
7.3
54.7
251.6
222.6
217.5
217.2
221.6
226.9
222.0
229.2
223.9
2.3
24.3
22.6
20.8
23.8
24.7
25.9
25.0
24.9
23.6
21.4
90.8
68.7
61.8
61.6
63.4
63.7
63.6
69.2
63.5
3.7
10.7
12.0
10.9
9.8
9.5
9.2
9.1
8.8
8.7
8.2
24.0
23.9
18.7
16.5
16.1
15.8
15.3
15.0
14.8
4.0
22.2
14.1
19.7
20.7
19.9
21.6
16.9
19.8
19.3
.7
6.5
7.3
8.8
9.6
11.1
12.7
13.9
14.4
14.7
5.4
42.9
46.2
49.6
49.1
49.2
49.4
49.5
50.0
50.2
8.2
21.2
19.4
16.7
15.5
16.0
15.4
15.0
13.1
14.6
.9
9.1
8.4
10.5
10.6
11.7
13.2
13.7
13.9
14.4
43.9
43.7
44.0
43.9
7.3
7.4
7.6
7.8
226.3
228.8
228.6
229.1
23.8
24.0
24.3
24.8
62.1
62.7
61.6
62.0
8.7
8.6
8.5
8.5
15.0
14.9
14.8
14.3
21.0
22.7
23.7
24.0
14.9
15.0
15.0
15.1
50.2
50.2
50.2
50.2
15.5
15.4
15.0
14.7
15.1
15.3
15.4
15.6
43.6
43.7
43.7
43.4
44.3
45.1
45.4
46.1
45.8
8.1
8.1
8.2
8.2
8.2
8.4
8.4
8.4
8.3
228.4
228.4
224.5
224.3
224.3
219.3
218.9
221.2
220.2
23.5
23.5
23.6
23.3
23.5
23.8
23.4
23.9
23.7
60.5
59.5
58.3
r
58.5
'"57.8
'•57.1
'56.5
r
57.6
57.6
8.5
8.5
8.5
8.5
8.4
8.4
8.4
8.3
8.3
14.2
13.9
13.6
13.6
13.5
13.3
13.3
13.1
13.1
24.3
24.4
21.1
21.1
21.5
18.0
18.4
19.3
18.5
15.5
15.7
15.9
15.9
16.0
15.9
16.0
16.0
16.0
50.3
50.4
50.4
50.4
50.4
50.3
50.3
50.3
50.2
15.5
16.0
16.6
16.5
M6.5
M6.4
'16.5
'16.5
16.5
16.0
16.4
16.5
16.5
16.6
16.2
16.2
16.3
16.3
Revised.
Includes the Postal Savings System.
Includes holdings by banks in territories and insular possessions,
which amounted to $250 million on June 30, 1956.
Individuals
Total
Misc.
investors 3
3
Includes savings and loan associations, dealers and brokers, foreign
accounts, corporate pension funds, and nonprofit institutions.
NOTE.—Reported data for Federal Reserve Banks and U. S. Govt.
agencies and trust funds; Treasury Department estimates for other groups.
1345
FEDERAL FINANCE
UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, NOVEMBER 30, 19561
[On basis of daily statements of United States Treasury.
Issue and coupon rate
Treasury bills2
Dec. 6, 1956
Dec. 13. 1956
Dec. 20, 1956
Dec. 27, 1956
3, 1957
Jan.
Jan 10 1957
Jan. 16, 1957
Jan. 17, 1957
Jan.
1957
Jan. 31, 1957
Feb. 7 1957
Feb. 14, 1957
Feb. 15, 1957
Feb. 21, 1957...
Feb. ?8 1957
1 Direct public issues.
Sold on discount basis.
2
Amount
Issue and coupon rate
Amount
Certificates
..25/ 8
1,601
Dec. 1, 1956
1.600
Feb. 15, 1957
,600
Mar. 22, 1957*... ..23/4
,601
1,601 Treasury notes
1 600
Mar. 15 1957 . . • -2%
Apr. 1, 1957....
1,603
1,601
May 15, 1957
1 600
Aug. 1, 1957
1,601
Aug. 15, 1957.... . . 2
. . 1 i/2
Oct. 1, 1957
1 601
Apr. 1, 1958
..\y2
1,601
June 15, 1958
1,750
..2%
Oct. 1, 1 9 5 8 . . . .
1,600
Feb. 15, 1959....
1.600
Apr. 1, 1959
Oct. 1, 1959
Apr. 1, 1960
-.1%
9,083
7,219
3,221
2 997
531
4,155
12,056
3,792
824
383
4,392
121
5,102
119
99
198
Issue and coupon rate
Treasury
Oct.
Apr.
Oct.
Amount
notes—Cont.
1, 1960
iy 2
1, 1961
W-,
1,1961.
..!«
278
144
33
Treasury bonds
Mar. 15, 1956-58 • •21/2
Sept. 15, 1956-59. ..2V4
Mar. 15, 1957-59. ..23/s
June 15, 1958
• .23/
June 15, 1958-634 ..234 8
Dec. 15, 1958
..2I/2
June 15, 1959-62. . . 2 1 4
Dec. 15, 1959-62. ..2VA
Nov. 15, 1960
Dec. 15, 1960-65^
..23/ 4
Sept. 15, 1961
Nov. 15, 1961.
•-21/2
Aug. 15, 1 9 6 3 . . . . -.21/2
3
See table on Money Market Rates, p. 1213.
In millions of dollars]
4
Issue and coupon rate
Treasury bonds—Cont
June 15, 1962-67.. 21/2
Dec. 15, 1963-68.. 11A
June 15, 1964-69.. 2J/2
Dec. 15, 1964-69..
Mar. 15, 1965-70..
Mar 15 1966-71
June 15, 1967-72...
Sept. 15, 1967-72...
Dec. 15, 1967-72..
June 15, 1978-83..
Feb. 15, 1995 . . .
1 449
3; 820
927
4,245
919
2 368
5,273
3,462 Panama Canal Loan.. . . 3
3,806
1,485 Convertible bonds
2,239
Investment Series B
Apr. 1, 1975-80.. 2 3 4
11,177
6,755
Amount
2,114
2,824
3.751
3.826
4,712
2 957
1,870
2,716
3 787
1,606
2 745
50
10,852
Tax anticipation series.
Partially tax-exempt.
OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES 1
[On basis of Treasury Survey data. Par value in millions of dollars]
Marketable securities, by maturity class
Marketable and convertible securities, by type
Total
Bills
Certificates
Notes
Marketable
bonds 2
Convertible
bonds
162,216
166,882
174,639
166,050
168,351
167,343
19,515
19,514
22,313
20,808
20,809
20.807
18,405
13,836
15,741
16,303
19,523
19,523
31,960
40,729
43,285
35,952
35,122
35,169
80,474
81,128
81,912
81,840
81,878
80,893
11,861
11,676
11,387
11,098
11,019
10,951
6,985
7,162
7,676
8,236
8.204
8,187
46
40
338
273
180
176
41
8
47
355
296
294
64
119
304
688
834
837
3,395
3,556
3,548
3,575
3,597
3,605
3,439
3,439
3,439
3,345
3,297
3,275
Federal Reserve Banks:
1954—June 30
1955—June 3 0 . . .
Dec. 31
1956—June 30
Aug. 31
Sept. 30
25,037
23,607
24,785
23,758
23,854
23,680
2,316
886
1,722
855
947
742
6,600
8,274
6,002
10,944
10,942
10.950
13,029
11,646
14,259
9,157
9,164
9,186
3,093
2,802
2,802
2,802
2,802
2,802
Commercial banks:
1954—June 30.
1955—June 30
Dec. 31
1956—June 30.
Aug. 31
Sept. 30
56,199
55,667
53,956
49,673
50,056
49,964
4,187
2,721
3,562
2,181
2,008
2,486
4,942
1,455
1,951
1,004
2,219
2,046
11,423
15,385
12,853
11.620
11;249
11,105
35,481
35.942
35,431
34,712
34.425
34,173
8,353
8,069
7,856
7,735
7,690
7,642
98
84
128
107
131
151
101
53
47
37
48
48
221
289
322
356
349
344
Insurance companies:
1954—June 30
1955—June 30.
Dec. 31
1956—June 30.
Aug. 31
Sept. 30
13,520
13,117
12,667
11,702
11,578
11,594
622
630
515
318
444
527
209
74
83
44
59
59
Other investors:
1954—June 30.
1955—June 30.
Dec. 3 1 .
1956—June 30.
Aug. 3 1 .
Sept. 30.
52,121
59,260
67,700
64,947
66,969
66,275
12,248
15.153
16.047
17,074
17,098
16,725
6,511
3,973
7,612
3,919
5,960
6,125
Type of holder and date
All holders:
3954—June
1955—June
Dec.
1956—June
Aug.
Sept.
30. .
30..
31. .
30..
31. .
30. .
U. S. Govt. agencies and trust funds:
1954—June 30.
1955—June 3 0 . .
Dec. 31
1956—June 30
Aug. 31
Sept. 30
Mutual savings banks:
1954—June 30
1955—June 30
Dec. 31
1956—June 30. . . . . . .
Aug. 31
Sept. 30
1
Direct public issues.
2 Includes minor amounts of Panama Canal and Postal Savings bonds.
NOTE.—Commercial banks, mutual savings banks, and insurance com-
Within
1 year
1-5
years
5-10
Over 10
150,354
155,206
163,251
|154,953
157,332
156,391
60,123
49,703
60,631
58,714
64,867
63,883
27,965
38,188
38,307
31,997
28,234
30.520
30,542
33.687
31,365
31,312
31,311
29,072
31,725
33,628
32,949
32.930
32,920
32,916
3,546
3,723
I 4^37
i 4,891
! 4,907
! 4,912
107
74
422
927
911
905
205
199
373
500
518
559
494
506
426
434
441
411
2,740
2,944
3,016
3,030
3,037
3,037
25,037
23,607
24,785
23,758
23,854
23,680
16,280
17,405
20,742
20,242
20,339
20,164
6,307
3,773
1,614
1,087
1,087
1,087
,035
,014
,014
,014
,014
,014
1,415
1,415
1,415
1,415
1,415
1,415
165
164
157
155
155
154
56,034
!55,503
i 53,798
49,517
I 49,901
I 49,810
17,684
7,187
7,733
7,433
9,916
9,816
14,624
21,712
22.003
18;234
16,082
17,416
18,741
21,110
19,483
19,132
19,073
17,719
4,985
5,494
4,579
4,719
4,830
4,859
6,669
6.422
6; 170
6,074
6,006
5,961
1,265
1,222
1,189
1,161
1,157
1,138
7,089
6,848
6,667
6,574
6,534
6,504
294
164
208
247
284
302
476
533
570
540
517
674
1,389
1,405
1,335
1,319
1,289
1,108
4,930
4,746
4,554
4,468
4,444
4,420
691
789
842
760
737
743
8,805
8,479
8,286
7,789
7,568
7,513
3,193
3,145
2,941
791
769
2,752
10,327
9,972
9,726
8,911
8,809
8,843
1,190
810
694
632
855
915
,045
,339
,502
,192
,079
.212
2,171
2,027
1,840
1,802
1,796
1,661
5,921
5,796
5,689
5,285
5.079
5,055
6,531
12,502
14,705
13,371
12,790
12,954
23,032
23,927
25,675
26,896
27,479
26,839
3,800
3,706
3,661
3,646
3,641
3,632
48,322
55,554
64,039
61,301
63,328
62,643
24,568
24,062
30,831
29.233
32,562
31,781
5,308
10,633
12,245
10,443
8,951
9,572
6,711
7,626
7,267
7,612
7,698
7,159
11,734
13,233
13,696
14,013
14,116
14,131
Total
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.
1346
SECURITY ISSUES
NEW SECURITY ISSUES 1
[Securities and Exchange Commission estimates. In millions of dollars]
Proposed uses of net proceeds
all corporate issuers6
Gross proceeds, all issuers2
Noncorporate
Year or
month
Total
FedU.S.
eral
Govt.3 agency
Corporate
New capital
Bonds
Retirement
of
securities
Retirement
of
bank
debt,3
etc.
69
144
134
1,695
1,583
4,555
234
488
315
637
364
620
226
363
537
535
709
864
307
401
1,271
486
664
260
1,875
1,227
Total
Publicly
offered
Pre- ComNew
ferred mon Total money
Pristock
stock
vately
placed
Miscellaneous
purposes
2,164 1,980
2,667 2,390
6,011 4,855
1,276
1,578
3,851
703
811
1,004
98
167
758
87
420
325
110 1,041
868
397 1,347 1,080
26
28
133
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,'484
3,301
492
425
631
838
564
489
816
635
State
and
mu- Others Total
nicipal
1939
1941
1945
5,687
15,157
54,712
11,466
47,353
13
38
506
1,128
956
795
50
30
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
10,327
11,804
9,687
9,778
12,577
13,957
12,532
9,628
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
1955_Oct..
Nov.
Dec.,
2,646
1,840
1,913
461
438
466
926
661
415
9
33
51
1,250 1,046
708
431
980
835
858
155
336
188
275
499
43
85
39
161 1,162 1,074
632
590
193
900
107
793
88
42
108
71
62
63
1956—Jan..
Feb..
Mar.
Apr..
May.
June,
July.
Aug.
Sept.
Oct..
1,710
1,998
1,787
1,876
2,128
2,161
1,975
1,508
r
l,591
1,896
645
544
518
453
451
437
484
436
355
414
407
709
401
391
491
736
379
213
r
336
616
38
621
744
861
915
1,185
889
1,109
708
900
810
141
149
393
340
686
270
588
250
513
316
388
329
19
128
42
32
65
50
15
50
33
139
73
496
579
139
664
704
143
762
790
210
702
816
137 1,144 1,116
179
830
768
183 1,066 1,012
669
563
92
836
822
186
778
685
150
83
40
28
114
28
61
53
107
34
93
32
26
56
82
21
43
27
25
47
14
60
109
9
58
1
99
3
41
55
7,078
6,052
6,361
7,741
9,534
8,898
9,516
10,240
529
478
675
673
983
661
911
565
682
521
332
297
391
315
168
205
614
736
811
1,212
1,369
1,326
1,213
2,185
6,652
5,558
4,990
7,120
8,716
8,495
7,490
8,821
5,929
4,606
4,006
6,531
8,180
7,960
6.780
7,957
Proposed uses of net proceeds, major groups of corporate issuers
Year or
month
Manufacturing
Commercial and
miscellaneous
Transp ortation
Public utility
Communication
Real estate
and financial
RetireRetireRetireRetireRetireRetireNew
New
ment of
New
New
New
ment of
ment of
ment of
New 10 ment of
ment of
capital10 secusecucapital10 secucapital10 secucapital10 secucapital10 secucapital
rities
rities
rities
rities
rities
rities
2,126
1,347
1,026
2,846
3,712
2,128
2,044
2,397
54
44
149
221
261
90
190
533
382
310
474
462
512
502
831
769
21
28
63
56
24
40
93
51
691
784
609
437
758
553
501
544
56
11
196
53
225
36
270
338
2,005
2,043
1,927
2,326
2,539
2,905
2,675
2,254
144
233
682
85
88
67
990
174
890
517
314
600
747
871
651
1,045
1955—Oct..
Nov.
Dec.,
85
149
287
1
32
54
56
70
79
14
6
4
54
17
130
52
4
1
166
268
269
1
12
2
694
40
35
1956—Jan..
Feb.,
Mar.
Apr.,
May,
June,
July.
Aug.
Sept.
Oct..
180
197
249
258
465
276
331
194
227
344
26
23
22
78
14
26
9
21
22
11
45
41
48
27
67
76
100
94
36
34
2
1
3
1
4
2
17
3
21
2
26
39
71
51
86
54
31
38
61
37
1
1
10
1
2
5
63
196
187
294
335
231
240
154
242
222
1948
1949
1950
1951
1952
1953
1954
1955
r
1
2
Revised.
Estimates of new issues sold for cash in the United States.
Gross proceeds are derived by multiplying principal amounts or number3 of units by offering price.
Includes guaranteed issues.
45 Issues not guaranteed.
Represents foreign government, International Bank, and domestic
eleemosynary and other nonprofit.
«• Estimated net proceeds are equal to estimated gross proceeds less cost
5
(9)
4
3
37
103
15
80
11
261
83
56
66
2
49
81
5
6
3
60
77
17
557
558
639
449
448
1,536
788
1,812
30
35
100
66
60
24
273
56
107
88
100
3
8
263
194
132
170
109
182
103
106
214
74
of 7notation, 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.
* Less than $500,000.
1
° Represents all issues other than those for retirement of securities.
1347
BUSINESS FINANCE
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
[In millions of dollars]
Quarterly totals
Annual totals
Industry
1955
1950
1951
1952
1953
1954
1956
1955
i
2
3
4
1
2
Manufacturing
Total (200 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Nondurable goods industries (94 corps.): *
Sales
Profits before taxes
Profits after taxes
Dividends
Durable goods industries (106 corps.): 2
Sales
Profits before taxes
Profits after taxes
Dividends
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
8,176
4,222
2,339
52,940
8,869
3,548
2,075
4,517
54,517
7,308
7308
3,192
2,073
3,343
63,343
8,375
8375
3,649
2,154
58,110
7244
7,244
3,825
2,384
69,443 16,599 17,929 16,887 18,028 18,150 '18,457 16,239
10226 2,452 2,767 2,388 2,619 2,601 '2,507 1,692
10,226
5,221 1,215 1,392 1,206 1,408 1,286 '1,303
903
2,827
721
'710
575
577
659 1,015
703
16,252 18,916 19,266 20,694 20,620 23,065 5,509 5,742 5,776 6,037 6,095 '6,135 6,085
2,947 3,447
3,028
809
'873
3,408
801
849
869
889
901
1,661 1,533
1,526
466
1,916
'488
442
471
483
520
497
925
972
977
1,202
304
946
'295
256
260
283
402
290
29,535
5,229
2,560
1,362
34,024 35 ,251 42,649 37,490 46,378 11,090 12,187 11,111 11,990 12,055 12,321 10,154
5,422 4,455 5,346
883
6,818 1,651 1,919 1,518 1,730 1,701 '1,634
2,015 1,800 2,123
437
'815
3,305
773
920
723
888
789
418
1,149 1,127 1,182
1,625
319
317
376
613
413
415
^402 4,909
532
473
289
227
161
159
,042 5,411 5,476 5,813 1,358 1,462 1,491 1,502 1,535
465
453
462
499
99
131
139
129
123
212
203
224
245
46
63
68
68
55
154
154
156
160
36
36
39
50
37
^,817 5,882
,178 1,490
597
521
467
381
,965 6,373 6,182 7,222 1,721 1,811 1,799 1,891 1,879 '1,957 1,884
340
,259 1,308 1,153 1,535
'377
366
381
390
399
385
'194
177
520
593
782
486
182
193
198
209
195
142
417
499
597
396
114
115
134
234
138
141
^,359 5,078
712
911
492
560
236
262
,411 5,883 6,015 6,556 1,566 1,613 1,632 1,745 1,764
751
854
728
841
210
200
218
226
248
567
624
603
524
150
147
156
172
176
294
317
290
283
77
77
80
83
82
1,448 12,507
,706 2,098
857
778
378
382
,564 13,750 11,522 14,927 3,300 3,858 3,746 4,024 4,212 '4,415 3,212
'711
266
,147 1,817 1,357 2,375
487
633
582
674
693
144
705 1,194
'362
564
790
241
313
290
350
344
140
369
407
377
522
114
108
118
182
141
137
!,049 6,168
847 1,000
424
365
208
192
,077 8,005 7,745 8,110 1,953 2,045 1,977 2,135 2,167
894
914
971 1,011
229
251
208
206
200
458
465
375
402
110
120
103
124
75
281
263
199
237
67
66
67
81
78
,969 12,707 13 038 16,611 14,137 18,825 4,791 5,101 4,246 4,688 4,578
1,332 1,950
982 2,078 1,789 3,023
825
894
589
715
690
863 1,394
,101
717
709
758
369
418
261
346
313
536
693
679
486
469
469
109
114
161
309
162
1,569 1,563
141
'149
71
71
41
'38
1,742
223
162
82
1,770
218
163
89
2,463 2,422
224
268
114
139
79
82
4,195
3,352
273
119
164
164
511
'243
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 2,305 2,524 2,634 2,643 2,535
900 1,342
1,385 1,260 1,451 1,404
259
358
370
355
252
674
925
784
693
832
871
175
242
243
265
164
379
421
312
328
338
412
101
90
74
156
111
5,528 6,058 6,549 7,136 7,610 8,395 2,169 1,999 2,034 2,193 2,412 '2,201 2,185
568
1,313 1,482 1,740 1,895 2,049 2,304
636
539
535
594
710
592
302
822
814
947 1,030 1,140 1,247
341
296
284
326
374
321
248
857
930
619
651
725
780
225
229
229
247
247
256
3,342 3,729 4,136 4,525 4,902 5,425 1,298 1,340 1,368 1,419 1,439
580
925 1,050 1,282
691
787
306
315
325
336
339
452
331
341
384
638
525
152
156
161
169
169
412
318
276
496
355
448
118
122
126
130
132
r
Revised.
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
2,704 2,590
298
343
208
237
70
116
1,480
352
176
136
1,495
359
180
137
quarterly figures on operating revenue and profits before taxes are partly
estimated by the Federal Reserve to include affiliated nonelectric operations.
Telephone. Revenues and profits are for telephone operations of the
Bell System Consolidated (including the 20 operating subsidiaries and
the Long Lines and General departments of American Telephone and
Telegraph Company) and for two affiliated telephone companies, which
together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data
are obtained from the Federal Communications Commission.
All series. Profits before taxes refer to income after all charges and
before Federal income taxes and dividends. For detailed description of
series, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing);
pp. 215-217 of the BULLETIN for March 1942 (public utilities); and p. 908
of the BULLETIN for September 1944 (electric power).
1348
BUSINESS FINANCE
NET CHANGE IN OUTSTANDING CORPORATE SECURITIES <
CORPORATE PROFITS, TAXES, AND DIVIDENDS
[Securities and Exchange Commission estimates. In millions of dollars]
[Department of Commerce estimates. In billions
of dollars]
Income
taxes
32.8
26.2
40.0
41.2
35.9
37.0
33.2
42.7
12.8
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
9.9
1948
1949
1950
1951
1952
1953
1954
1955
1955—2
3
4
41.1
34.5
46.4
20.7
22.0
23.4
20.3
21.5
23.0
10.7
11.0
12.1
9.6
10.5
10.9
1956—1
2
31
43.7
42.9
40.0
22.1
21.7
20.2
21.6
21.3
19.8
11.8
12.2
12.3
9.8
9.1
7.5
1
Preliminary
Advisers.
estimates
of
Economic
Year or
quarter
1948
1949
1950
1951...
1952
1953 . .
1954
1955
.
Stocks
Bonds and notes
All types
Year or
quarter
Profits Cash Undisafter
divi- tributed
taxes dends profits
Profits
before
taxes
Net
New RetireNet
New- RetireNew RetireNet
issues ments change issues ments change issues ments change
1,632
1,864
2,418
3,366
3,335
2,898
3,862
*,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
923
806
915 1,057
1,585 1,404
504
359
553
1,046
707
817
650
970
.149
1.428 1,122
1,531 1,154
336
671
340
813
452
814
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
4,667
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
1955—3
4
2,895
3,795
1,427
1,165
1,468 1,838
2,630 2,391
1956—1
2
3
2,827
3,367
3,336
1,043
1,488
991
1,784 1,678
1,880 2,245
2 345 2,182
4,655
3,284
2,004
3,577
4,940
4,755
3,799
4,513
ith data shown on p. 1346, new issues
by Council
NOTE.—Quarterly data are at seasonally
annual rates.
adjusted
proceeds of issues for that purpose shown on p. 1346,
CURRENT ASSETS AND LIABILITIES OF CORPORATIONS 1
[Securities and Exchange Commission estimates.
In billions of dollars]
Current liabilities
Current assets
End of year
or quarter
1948
1949
1950
1951
1952
1953
1954 . .
1955—1
2
3
4
.
.
1956—1
2
1
Net
working
capital
Total
Cash
U. S.
Govt.
securities
Notes and accts.
receivable
U. S.
Govt. 2
Notes and accts.
payable
Inventories
Other
U. S.
Govt. 2
Other
4; 4
Federal
income
tax
liabilities
Other
47.9
53.6
57.0
57.3
54.9
11.5
9.3
16.7
21.3
18.1
18.7
15.3
13.5
14.0
14.9
16.5
18.7
20.7
20.8
Total
Other
39.3
37.5
68.6
72.4
81.6
86.5
90.1
91.8
95.0
133.0
133.1
161.5
179.1
186.2
190.9
188.5
25.3
26.5
28.1
30.0
30.8
31.2
32.0
14.8
16.8
19.7
20.7
19.9
21.6
19.8
1.1
2.7
2.8
2.6
2.4
55.7
58.8
64.6
65.9
67.3
48.9
45.3
55.1
64.9
65.8
67.2
64.4
1.6
1.4
1.7
2.1
2.4
2.4
2.6
64.4
60.7
79.8
92.6
96.1
99.0
93.5
.4
1.3
2.3
2.2
2.4
97.3
99.7
101.5
102.9
189.1
191.4
200.2
208.1
30.6
31.1
31.6
32.6
19.5
19.3
21.2
24.0
2.2
2.1
2.2
2.3
68.8
71.2
75.6
77.3
65.1
64.9
66.6
69.1
2.8
2.8
3.0
2.9
91.8
91.7
98.7
105.2
2.5
2.3
2 2
2.3
55.1
55.8
1 58.9
62.6
13.1
11.9
15.1
18.1
21.1
21.7
22.6
22.3
104.8
106.4
206.8
207.9
29.9
30.7
21.1
18.0
2.3
2.3
78.2
79.9
72.1
73.9
3.2
3.1
102.0
101.5
2 3
62.0
63.9
15.0
12.1
22.8
22.9
43 0
2.5
2
Receivables from, and payables to, the U. S. Government exclude
amounts offset against each other on corporations' books.
Excludes banks and insurance companies.
BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT 1
[Department of Commerce and Securities and Exchange Commission estimates.
r
1
2
22.1
19.3
20.6
25.6
26.5
28.3
26.8
28.7
34.9
9.1
7.1
7.5
10.9
11.6
11.9
11.0
11.4
14.9
.9
.8
.7
.9
1.0
1.0
1.0
1.0
1.2
Railroad
Other
1.3
1.4
1.1
1.5
1.4
1.3
.9
.9
1.3
1.3
.9
2
1.5
1.5
1.6
1.5
1.6
[ g
Revised.
Corporate and noncorporate business, excluding agriculture.
Includes trade, service, finance, and construction.
Public Comutili- muni- Other 2
ties
cations
ManufacturQuarter
ing
2.5
3.1
3.3
3.7
3.9
4.6
4.2
4.3
4.8
5.2
4.7
5.7
5.9
5.6
6.3
6.5
7 5
1.7
1.3
1.1
1.3
1.5
1.7
1.7
2 0
10 .9
3
4
Trans-
Total
Public
All
utiliother 3
ties
j
1955—3
4
7,4
8.4
3.1
3.8
.6
.7
to to
1948..
1949
1950
1941
1952
1953...
1954
1955
19564'
Total
Transportation
Mining
2.5
2.6
1956—1
2T
3
44r....
1957_14
7.5
8.9
8.9
9.7
3.2
4.1
4.1
4.7
7
7
o
Year
Manufacturing
In billions of dollars]
.7
.9
1 2
1.3
1.4
2.6
2.9
2.7
2.7
8.7
4 1
8
1.2
2.6
Includes communications and other.
Anticipated by business.
1349
REAL ESTATE CREDIT
MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER
[In billions of dollars]
All properties
End of year
or quarter
All
holders
Nonfann
Other
holders
Financial
insti- Selected Inditutions Federal viduals
agenand
cies
others
37.6
35.5
20.7
21.0
2.0
.9
14.9
13.7
1948
1949
1950 . . .
1951
1952 . .
1953
1954
1955
56.2
62.7
72.8
82.2
91 2
101.1
113.6
129.7
37.8
42.9
51.7
59.5
66 9
75.1
85.7
99.4
.6
1.1
1.4
2.0
2.4
2.8
2.8
3.1
17.8
18.7
19.8
20.7
21.9
23.3
25.0
27.3
1955
117.2
121.8
126.1
129.7
88.8
92.7
96.3
99.4
2.9
3.0
3.0
3.1
25.5
26.2
26.7
27.3
133.3
137.3
141.1
102.3
105.6
3.2
3.2
3.3
28.5
29.0
1941
1945
Mar
Sept
Dec
1956—Mar.?
Sept.?
3
108.8
27.9
All
holders
31.2
30.8
50.9
57.1
66.8
75.6
84.1
93.5
105.4
120.8
108.8
113.2
117.2
120.8
124.1
127.8
131.5
p
Preliminary.
1 Derived figures, which include negligible amount of farm loans held
by savings and loan associations.
2 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.
Farm
1- to 4-family houses
Multi-family and
commercial properties *
Total
Financial
institutions
Other
holders
Total
Financial
institutions
18.4
18.6
11.2
12.2
7.2
6.4
12.9
12.2
8.1
7.4
4.8
4.8
6.4
4.8
33.3
37.6
45.2
51.7
58.5
66.1
75.7
88.1
25.0
28.5
35.4
41.1
46.8
53.6
62.5
73.8
8.3
17.6
19.5
21.6
23.9
25.6
27.4
29.7
32.6
10.9
6.7
9.8
10.7
11,7
12.5
13.2
14.4
14.0
15.9
17.2
18.5
20.0
22.0
7.6
8.0
8.3
8.9
9.7
10.7
78.5
82.2
85.5
88.1
65.0
68.3
71.4
73.8
13.5
13.8
14.1
14.4
30.3
31.0
31.8
32.6
20.4
20.8
21.4
22.0
76.2
14.6
14.9
15.2
33.3
34.1
34.9
22.4
90.8
93.7
96.6
78.8
81.4
23.0
23.5
Other
holders
All
holders
Financial
Other
insti- holders*
tutions
1.5
1.3
4.9
3.4
5.3
1.9
6.1
6.6
7.2
7.7
8.2
9.0
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
5 3
9.9
10.2
10.4
10.7
8.4
8.7
8.8
9.0
3 4
3.5
3.6
3 6
5 1
5.2
5.2
5 3
10.9
11.2
11.4
9.2
9.5
9.6
3.7
3.8
3.9
5.5
5.6
5.7
Federal agencies include HOLC, FNMA, and VA (the bulk of the amounts
through 1948 held by HOLC, since then by FNMA). Other Federal
agencies (amounts small and separate data not readily available currently)
are included with individuals and others.
Sources.—Federal Deposit Insurance Corporation, Federal Home Loan
Bank Board, Institute of Life Insurance, Departments of Agriculture
and Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of the Currency, and Federal Reserve.
MORTGAGE LOANS HELD BY BANKS i
[In millions of dollars]
Commercial bank holdings 2
Residential
Residential
End of year
or quarter
Total
Total
1941
1945
4,906
4 772
FHAinsured
VAguaranteed
Conventional
Other
nonfarm
1,048
856
3,292
3 395
10,897
11,644
13,664
14,732
15,867
16,850
18,573
21,004
8,066
8 676
10,431
11,270 ' 3]42i ' 2*92i *4J929
12,188 3,675 3,012 5,501
12,925 3,912 3,061 5,951
14,152 4,106 3,350 6,695
15,888 4,560 3,711 7,617
1,957
2,060
2,264
2,458
2,621
2,843
3,263
3,819
Dec
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
Mar
June v
Sept
21,450 16,180
21,990 16,500
22,500 16,845
4,610
4,668
4,730
3,770
3,837
3,905
7,800
7,995
8,210
3,950
4,137
4,290
1948
1949
1950
1951
1952
1953
1954
1955
....
1955—Mar
June
Sect
1956
Mutual savings bank holdings 3
v 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
Farm
Total
Total
4,812
4,208
FHAinsured
VAguaranteed
Conventional
Other
nonfarm
Farm
3,884
3,387
900
797
28
24
5,806 4,758
6,705 5,569
8,261 7,054
1,004 9,916 8,595
,058 11,379 9,883
08? 12,943 11,334
[,159 15,007 13,211
297 17,457 15,568
34
37
44
47
53
53
56
58
566
521
874
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
1,015
1 099
1,164
1,274
1,444
1,556
1,740
1,831
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
1.758
1,775
1,801
1,831
57
59
59
58
,370 18,045 16,123
18,610 16,644
1,365 19,225 17,218
4,210
4,274
4,333
6,155
6,506
6,885
5,758
5,864
6,000
1,860
1,898
1,936
62
68
71
909
968
,205
,263
,280
,297
15,560
16,173
16,845
17,457
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.
1350
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
FHAinsured
Total
1941
1945
VAguaranteed
Farm
Total
Other
Total
976
FHAinsured
6 442
6 636
5 529
5 860
815
1 394
VAguaranteed
Farm
Other
4 714
4 466
913
776
3 407
3,430
4 894
5,134
3,978
4 345
5,344
6 623
3,114
3,123
4 532
4,723
3.606
3 925
4,931
6 108
1,202
1,350
1 486
1,058
864
817
672
971
366
131
938
1,294
429
455
1,378
1 839
1,546
1,642
2,108
2,371
2,313
2,653
2,881
3,298
293
307
362
411
372
420
413
515
10,833
12,906
16,102
19,314
21,251
23,322
25,976
29,445
9,843
11,768
14,775
17,787
19,546
21,436
23,928
27,172
2,381
3,454
4,573
5.257
5,681
6,012
6,116
6,395
1,104
1,223
2.025
3,130
3,346
3,560
4,643
6 074
6,358
7,091
8 177
9,400
10,519
11,864
13,169
14 703
990
1,138
1 327
1,527
1,705
1,886
2.048
2,273
1955—Oct
Nov
Dec
578
545
857
535
514
811
76
86
150
160
155
296
299
273
365
43
31
46
28,563
28,868
29,433
26,320
26,613
27,166
6,289
6,328
6,410
5 692
5,808
6,075
14,339
14,477
14,681
2,243
2,255
2,267
1956
646
564
556
516
618
546
567
546
454
557
595
503
492
470
568
507
533
508
430
527
105
75
76
68
92
58
84
64
51
69
208
138
131
134
140
136
138
131
102
136
282
290
285
268
336
313
311
313
277
322
51
61
64
46
50
39
34
38
24
30
29,800
30,102
30,383
30,651
30,991
31,283
31,612
31,897
32,111
32,399
27,526
27,799
28,055
28,301
28,612
28,884
29,188
29,454
29,656
29,938
6,463
6,493
6,515
6,535
6,574
6,584
6,608
6,621
6,614
6,632
6,251
6,360
6,466
6 571
6,665
6 764
6,872
6,957
7,044
7,131
14,812
14,946
15,074
15,195
15,373
15,536
15,708
15,876
15,998
16,175
2,274
2,303
2,328
2,350
~>,379
2,400
2,424
2,443
2,455
2,461
1948
1949
1950 .
1951
1952
1953
1954
1955
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
NOTE.—For loans acquired, the monthly figures may not add to annual
totals, and for loans outstanding, the end-of-December figures may differ
from end-of-year figures, because monthly figures represent book value of
ledger assets whereas year-end figures represent annual statement asset
values, and because data for year-end adjustments are more complete.
Source.—Institute of Life Insurance; end-of-year figures are from
Life Insurance Fact Book, and end-of-month figures from the Tally of
Life Insurance Statistics and Life Insurance News Data.
MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS
NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS
[In millions of dollars]
[Number in thousands; amounts in millions of dollars]
Year or
Total i
1941
1945
1948
1949
1950.
1951
1952
1953
1954
1955.
..
Amount by type of lender
Loans outstanding (end of period)
Loans made
Year or
month
New
construction
Home
purchase
Total 2
1,379
1,913
437
181
581
1,358
4,578
5,376
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
1,710
1,559
2,246
2,357
2,955
3,488
3 846
5,241
10,305
11,616
13,657
15,564
18,396
21,962
26 194
31,461
880
782
746
303
261
253
426
385
351 31 461
712
778
908
932
986
976
949
1,037
850
922
251
284
331
359
356
349
341
358
292
323
316
333
386 32,405
388
434
449 33,740
439
483
397 34,939
422
FHAinsured
563
717
848
866
904
1,048
1 172
1,405
VAguaranteed
m o n t h
Conventional 2
Mar .
Apr
May
June...
July
Aug .
Sept
Oct
Insurance
companies
Commercial
banks
Mutual
savings
banks
4,732
5,650
1,490
2,017
404
250
1,166
1,097
218
217
7 345
2,397
2,586
8 313
2,973
9,836
3,133 11 565
3,394 14,098
3,979 16 935
4 721 20 301
5,891 24,165
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
J 016
,046
,618
,615
420
:1,480
768
5
Q3?
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
5 891 24 165
Oct.
Nov
Dec
326
314
293
2,387
2,316
2 188
835
765
700
153
152
156
505
499
457
167
171
166
275
278
309
303
324
319
312
336
290
322
2,059
2,050
2,271
2,269
2,434
2,417
2 374
2,544
2,185
2,425
665
700
816
827
872
877
851
921
779
749
148
136
152
148
158
165
159
163
139
154
435
421
468
470
508
494
464
508
C
441
475
131
127
128
128
152
162
168
181
163
183
1955
1 405
. .
1956
1,424
6,082
24 899
1,458
6,338
25,944
1,499
6,563
26,877
1
Includes loans for other purposes (for repair, additions and alterations,
refinancing, etc.) n o t shown separately.
2 Excludes shares pledged against m o r t g a g e loans.
Source.—Federal
H o m e Loan Bank Board.
Savings &
loans
assns.
1,628
1,639
1956
Jan
Feb
Total i
1941 . . .
1945
1955
Oct
Nov
Dec
Number
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct.
c
.
Corrected.
Includes amounts for other lenders, n o t shown separately.
Source.—Federal
H o m e Loan Bank Board.
1
REAL ESTATE CREDIT
1351
MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- TO 4-FAMTLY PROPERTIES
GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE
[In millions of dollars]
[In billions of dollars]
VA-guaranteed loans
FHA-insured loans
Home
mortgages
Year or month
Total
New
properties
Existing
properties
PropProjerty
ectimtype
provemortment2
gages 1 loans
Home
mortgages
Total 3
1945.
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
1,319
1,637
1,216
969
1,259
1,035
1,269
684
892
856
713
974
1,030
907
1,816
609
,021
,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
1955—Oct..
Nov..
Dec.
338
345
326
113
122
118
1956—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
335
287
298
253
270
280
279
312
278
341
133
114
105
87
87
86
83
97
82
96
2
11
10
160
154
144
148
127
127
116
123
121
125
141
122
134
63
59
55
1
5
18
4
2
10
10
8
16
26
53
41
48
46
59
62
61
67
59
86
717
755
620
570
535
468
493
469
421
465
505
508
501
Existing
properties
New
properties
Governmentunderwritten
End of
year or
quarter
Total
629
1,202
942
890
1,014
1,566
2,564
793
1,865
2,667
1,823
2,045
2,686
4,582
255
243
206
461
511
413
166
162
136
159
162
155
174
184
186
169
403
372
331
333
307
265
291
320
321
331
1
Monthly figures do not reflect mortgage amendments included in annual totals.
2 These loans are not ordinarily secured by mortgages.
Includes a small amount of alteration and repair loans, not shown separately; only such
loans in amounts of more than $1,000 need be secured.
NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed
loans, gross amount of loans closed. Figures do not take account of principal repayments
on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type
are derived from data on number and average amount of loans closed.
Sources.—Federal Housing Administration and Veterans Administration.
3
FHA- VAin
guarsured anteed
4 1
1945
18. 6
4.3
2
14.3
1948
1949
1950
1951
1952
1953
1954
1955
33. 3
37. 6
45. 2
51. 7
58. <5
66.1
75. 7
12.5
15 0
18.9
22 9
25.4
28.1
32 1
38.9
5
6
8
9
10
12
12
14
3
9
6
7
8
0
8
3
7.2
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
49.2
78. 5
82. 2
85. 5
88. 1
33.5
35.3
37.0
38.9
13
13
13
14
2
5
9
3
20.3
21.8
23.1
24.6
45.0
46.9
48.5
49.2
14 7
15 0
\5 2
25.5
26.3
27.2
.
oo
1955—Mar
June
Sept
Dec
1956—Mar.P.... 90. 8
J u n e p . . . . 93. 7
Sept. *>..'.'. 96.6
r
40.2
41.3
42.4
r
FEDERAL HOME LOAN BANK LENDING
[In millions of dollars]
[In millions of dollars]
I2nd of year
or month
Mortgage
transactions
(during
period )
Commitments
undisbursed
Total
FHAinsured
VAguaranteed
Purchases
1948.
1949
1950.
1951
1952
1953.
1954.
1955.
199
828
1,347
1,850
2,242
2,462
2,434
2,615
188
403
169
204
320
621
802
901
11
425
1,177
1,646
1,922
1,841
1,632
1,714
198
672
1,044
677
538
542
614
411
1955--Nov
2,596
2,615
896
901
1,700
1,714
27
30
1
80
76
1956—Tan
Feb
Mar
Apr
May
June
July
Aue
Sept
Oct
Nov
2,623
2,642
2,657
2,665
2,677
2,704
2 729
2,758
2,781
2,838
2,953
900
907
909
907
907
915
915
919
920
934
957
1,722
1,736
1,748
1,758
1,769
1,789
1,814
1,839
1,861
1,904
1,996
22
35
28
23
25
40
43
46
40
69
129
1
75
Sales
20
469
111
56
221
525
62
227
824
485
239
323
638
476
76
66
1
1
1
1
1
62
68
81
92
91
92
130
232
317
i 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.
r
50.6
52.4
54.2
r
P Preliminary.
Revised.
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
Mortgage holdings
Conventional
Tot al
Year or month
Ad-
vances
Repayment'
Advances outstanding
(end of period)
Total
Short-1
term
Longterm 2
1945 .
278
213
195
176
19
1948
1949...
1950
1951
1952 .
1953
1954
1955.
360
256
675
423
586
728
280
337
292
433
528
640
515
433
816
806
864
952
257
231
547
508
565
634
818
1,251
702
867
) 417
991
258
202
269
298
299
317
255
426
1955—Nov
Dec
60
109
40
56
1,364
,417
875
991
489
426
1956—Jan
Feb
Mar
42
13
24
213
78
67
833
770
730
42
44
99
53
48
49
93
66
72
67
159
57
46
61
59
54
1,246
1,181
1,138
1,127
1,123
1,173
1,108
1,116
1,142
1,148
1,153
413
411
408
418
427
443
408
403
401
397
397
May
June
July
Aug
Sept
Oct
Nov
734
.. .
612
709
697
730
700
713
741
752
756
1
Secured or unsecured loans maturing in one year or less.
2
Secured loans, amortized quarterly, having maturities of more than
one year but not more than ten years.
Source.—Federal Home Loan Bank Board.
1352
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
Other
consumer
goods
paper i
Total
Automobile
paper i
7,222
9,172
5,665
4,503
6,085
2,462
1,497
2,458
455
1,620
1,929
816
14,398
17,305
21,395
22,617
27,401
31,243
32,292
38,648
8,996
11,590
14,703
15,294
19,403
23,005
23,568
29,020
3,018
4,555
6,074
5,972
7,733
9,835
9,809
13,468
1955_Oct
Nov.
Dec
36,573
37,114
38,648
27,968
28,269
29,020
1956—Jan
Feb
Mar.
Apr
May
June
July . .
Aug
Sept
Oct
37,848
37,474
37,761
38,222
38,919
39,454
39,478
39,878
40,074
40,196
28,886
28,915
29,112
29,419
29,763
30,084
30,297
30,644
30,707
30,811
1939
1941
1945
1948
1949
1950
1951
1952
1953
1954
1955
.
.
.
.
Noninstalment credit
Repair
and modernization
loans 2
Singlepayment
loans
Personal
loans
Total
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
2,901
3,706
4,799
4,880
6,174
6,779
6,751
7,626
853
898
,016
,085
,385
,610
,616
,670
2,224
2,431
2,814
3,357
4,111
4,781
5,392
6,256
5,402
5,715
6,692
7,323
7,998
8,238
8,724
9,628
1,445
1,532
1,821
1,934
2,120
2,187
2,408
2,992
2,673
2,795
3,291
3,605
4,011
4,124
4,308
4,544
1,284
1,388
1,580
1,784
1,867
1,927
2 008
2,092
13,246
13,326
13,468
7,025
7,169
7,626
,648
,661
,670
6,049
6,113
6,256
8,605
8,845
9,628
2,804
2,930
2,992
3,715
3,839
4,544
2,086
2,076
2,092
13,481
13,574
13,743
13,892
14,059
14,255
14,381
14,530
14,533
14,478
7,487
7,371
7,300
7,337
7 401
7,417
7,421
7,493
7,497
7,601
,638
,628
,631
,643
,677
,700
,710
.734
l'j'SS
1,781
6,280
6,342
6,438
6,547
6,626
6,712
6,785
6,887
6,919
6,951
8,962
8,559
8,649
8,803
9,156
9,370
9,181
9,234
9,367
9,385
2,920
2,932
3,050
3,094
3,258
3,335
3,261
3,295
3,361
3,310
3,961
3,530
3,469
3,531
3,701
3,804
3,674
3,696
3,780
3,875
2,081
2,097
2,130
2,178
2 197
2,231
2,246
2,243
2,226
2,200
1 Represents all consumer instalment credit extended for the purpose
of purchasing automobiles and other consumer goods, whether held by
retail outlets or financial institutions. Includes credit on purchases by
individuals of automobiles or other consumer goods that may be used
in part for business.
2
Represents repair and modernization loans held by financial institutions ; holdings of retail outlets are included in other consumer goods paper.
Charge
accounts
Service
credit
NOTE.—Monthly figures for the period December 1939 through 1947
and a general description of the series are shown on pp. 336-354 of the
BULLETIN for April 1953. Revised monthly figures for the period January
1948-August 1956, together with a description of the revision, are shown
on pp. 1031-1042 of the BULLETIN for October 1956. A detailed description of the methods used to derive the estimates may be obtained from
Division of Research and Statistics.
INSTALMENT CREDIT, BY HOLDER
[Estimated amounts outstanding, in millions of dollars]
Financial institutions
Total
instalment
credit
Total
4,503
6,085
2,462
1948...
1949.
1950
1951
1952.
1953
1954.
1955...
End of year
or month
Commercial
banks
Sales
finance
companies
Credit
unions
3,065
4,480
1,776
1,079
1,726
745
1,197
1,797
300
132
198
102
8,996
11,590
14,703
15,294
19,403
23,005
23,568
29,020
7,120
9,257
11,805
12,124
15,581
18,963
19,450
24,441
3,529
4,439
5,798
5,771
7,524
8,998
8,796
10,601
2,011
2,944
3,711
3,654
4,711
5,927
6,144
8,443
334
438
590
635
JH7
1,124
,342
,680
1955—Oct
Nov
Dec
27,968
28,269
29,020
23,848
24,061
24,441
10,412
10,489
10,601
8,268
8,322
8,443
1956—Jan
Feb
Mar
Apr .
May
28,886
28,915
29,112
29,419
29,763
30,084
30,297
30,644
30,707
30,811
24,447
24,587
24,870
25,208
25,528
25,963
26,193
26,475
26,551
26,635
10,618
10,668
10,796
11,009
11,170
11,394
11,476
11,548
11,548
11,606
8,436
8,460
8,526
8,575
8,641
8,765
8,849
8,953
8,989
8,973
1939
1941....
1945
June.
July .
Aug
Sept
Oct
Consumer
finance
companies *
Other i
Total
Department
stores 2
Furniture
stores
Household
appliance
stores
Automobile
dealers 3
Other
657
759
629
1,438
1,605
686
354
320
131
439
496
240
183
206
17
123
188
28
339
395
270
1,286
1,555
1,866
2,137
2,257
2,656
1,246
1,436
420
509
643
111
911
1.061
1,876
2,333
2,898
3,170
3,822
4,042
4,118
4,579
470
596
746
924
,107
1,064
1,242
1,511
604
740
827
810
943
1,004
984
1,052
127
178
267
243
301
377
377
381
159
236
287
290
389
527
463
535
516
583
771
903
1,082
1 070
1,052
1,100
,640
,654
,680
2,503
2,549
2,656
1,025
1,047
1,061
4,120
4,208
4,579
,283
,332
,511
979
1,001
1,052
361
366
381
545
539
535
952
970
1,100
,668
,697
,732
,767
806
,848
,880
,933
,960
,994
2,670
2,701
2,739
2,773
2,805
2,845
2,880
2,920
2,924
2,938
,055
,061
,077
,084
1,106
1,111
1,108
1,121
1,130
1,124
4,439
4,328
4,242
4,211
4,235
4,121
4,104
4,169
4,156
4,176
,471
,436
,377
,380
,389
1,247
,239
,286
,269
,269
1,018
1,001
984
974
971
973
967
973
970
974
371
362
355
349
351
354
359
365
368
368
535
538
544
548
554
562
568
575
576
574
1,044
991
982
960
970
985
971
970
973
991
i Consumer finance companies included with "other" financial institutions until September 1950.
Retail outlets
2
Includes mail-order houses.
3 Represents automobile paper only; other instalment credit held by
automobile dealers is included with "other" retail outlets.
1353
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]
Automobile
paper
Repair
and
modernization
loans
Personal
loans
Purchased
Direct
Other
consumer
goods
paper
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
8,796
10,601
575
849
1,177
1,135
1,633
2,215
2,269
3,243
753
946
1,294
1,311
1,629
1,867
1,668
2,062
794
1,016
1,456
1,315
1,751
2,078
1,880
2,042
568
715
834
888
1,137
1,317
1,303
1,338
839
913
1,037
1,122
',374
,521
,676
,916
1955__Oct
Nov
Dec
10,412
10,489
10,601
3,152
3,193
3,243
2,043
2,046
2,062
1,992
2,015
2,042
1,325
1,332
1,338
,900
,903
,916
1956—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
10,618
10,668
10,796
11,009
11,170
11,394
11,476
11,548
11,548
11,606
3,252
3,294
3,347
3,403
3,462
3,521
3,560
3,598
3,591
3,584
2,072
2,089
2,133
2,167
2,193
2,207
2,210
2,218
2,199
2,180
2,049
2,040
2,051
2,118
2,155
2,265
2,276
2,266
2,271
2,335
1,314
1,305
1,303
1,313
1,335
1,356
1,367
1,384
1,403
1,421
,931
,940
,962
2,008
2,025
2,045
2,063
2,082
2,084
2,086
End of year
or month
1939
1941
1945
Total
instalment
credit
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
2,011
2,944
3,711
3,654
4,711
5,927
6,144
8,443
1,333
2,265
2,956
2,863
3,630
4,688
4,870
6,919
287
447
532
452
680
816
841
1,034
225
90
61
63
60
46
31
25
166
142
162
276
341
377
402
465
1955—Oct..
Nov.
Dec.
8,268
8,322
8,443
6,817
6,850
6,919
989
,001
,034
24
24
25
438
447
465
1956—Jan..
Feb.
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
8,436
8,460
8,526
8,575
8,641
8,765
8,849
8,953
8,989
8,973
6,919
6,940
6,995
7,037
7,099
7,199
7,264
7,344
7,366
7,333
,024
,024
,024
,024
,021
,039
,049
,061
,071
,083
25
24
24
24
24
24
24
24
23
24
468
472
483
490
497
503
512
524
529
533
or month
Total
instalment
credit
Automobile
paper
Repair
and
modernization
loans
NONINSTALMENT CREDIT, BY HOLDER
Personal
loans
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
1,580
1,874
2,296
2,699
3,346
4,038
4,510
5,397
198
259
360
373
452
538
539
709
103
146
200
233
310
370
375
506
60
93
121
134
188
247
282
307
1,219
1,376
1,615
1,959
2,396
2,883
3,314
3,875
1955_Oct..
Nov.
Dec,
5,168
5,250
5,397
689
698
709
469
484
506
299
305
307
3,711
3,763
3,875
1956—Jan..
Feb..
Mar.
Apr.,
May
June,
July.
Aug.
Sept.
Oct..
5,393
5,459
5,548
5,624
5,717
5,804
5,868
5,974
6,014
6,056
703
713
724
737
751
766
779
795
801
807
510
517
527
532
544
554
560
572
575
581
299
299
304
306
318
320
319
326
332
336
3,881
3,930
3,993
4,049
4,104
4,164
4,210
4,281
4,306
4,332
NOTE.—Institutions included are consumer finance companies, credit
unions, industrial loan companies, mutual savings banks, savings and
loan associations, and other lending institutions holding consumer
instalment loans.
Personal
loans
[Estimated amounts outstanding, in millions of dollars]
[Estimated amounts outstanding, in millions of dollars]
End of year
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 i
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
5,402
5,715
6,692
7,323
7,998
8,238
8,724
9,628
1,261
1,334
1,576
1,684
1,844
1,899
2,096
2,635
184
198
245
250
276
288
312
357
575
587
650
698
728
772
793
862
2,098
2,208
2,641
2,907
3,283
3,352
3,515
3,682
1,284
1,388
1,580
1,784
1,867
1,927
2,008
2,092
1955—Oct . . . .
Nov.'
Dec
8,605
8,845
9,628
2,479
2,552
2,635
325
378
357
587
645
862
3,128
3,194
3,682
2,086
2,076
2,092
1956—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
8,962
8,559
8,649
8,803
9,156
9,370
9,181
9,234
9,367
9,385
2,632
2,625
2,680
2,720
2,766
2,880
2,885
2,894
2,926
2,897
288
307
370
374
492
455
376
401
435
413
706
596
579
573
585
574
523
531
588
612
3,255
2,934
2,890
2,958
3,116
3,230
3,151
3,165
3,192
3,263
2,081
2,097
2,130
2,178
2,197
2,231
2,246
2,243
2,226
2,200
1
Includes mail-order houses.
1354
CONSUMER CREDIT
INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT
[Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment
of monthly figures for seasonal variation and differences in trading days]
Other consumer
goods paper
Automobile paper
Total
Year or month
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Repair and
modernization loans
Adjusted
Unadjusted
Personal loans
Adjusted
Unadjusted
Extensions
1948
1949
1950
1951
1952
1953
1954
1955
1955—Oct
Nov
Dec
1956—Jan
Feb
Mar
Apr
May
June
July.
Aug
Sept
Oct
•.
,
5,383
5,865
7 150
7,485
9,186
9,227
9,117
10,615
5 217
6,967
8 530
8,956
11,764
12,981
11,807
16,743
15 585
18,108
21 558
23,576
29,514
31,558
31,051
39,128
J 147
4,271
4,542
5,043
6,294
7,347
8,006
8,866
10,411
714
734
835
841
1,217
1,344
1,261
1,359
3,327
3,355
3,315
3,211
3,271
3,785
1,415
1,389
1,272
1,303
873
911
904
905
969
1,282
125
125
124
135
130
118
894
904
898
824
900
1,082
3,441
3,324
3,174
3,409
3,264
3,058
3,302
3 358
3,160
3,370
2,885
2,918
3,305
3,329
3,470
3,390
3,316
3,504
2,981
3,382
1,456
1,396
1,284
1,330
1,256
1,181
1,252
.264
1,198
1,315
1,192
1,236
1,378
1,345
1,407
1,391
1,337
1,393
1,150
,284
927
883
859
968
932
841
927
952
883
942
760
731
821
894
949
883
872
952
840
1,010
119
123
120
129
133
116
121
122
117
125
88
97
113
123
145
128
127
137
125
140
939
922
911
982
943
920
1,002
1,020
962
988
845
854
993
967
969
988
980
1,022
866
948
Repayments
1948
1949
1950
1951
1952
1953
1954
1955
13 284
15,514
18 445
22 985
25,405
27,956
30,488
33,676
.
4 625
5,060
6 057
7 404
7,892
8,622
9,145
9,740
4 123
5 430
7 011
9 058
10,003
10,879
11,833
13,084
579
689
717
772
917
1,119
1,255
1,305
3,957
4,335
4 660
5,751
6,593
7,336
8,255
9,547
1955—Oct
Nov
Dec
2,967
2,961
2,918
2,945
2,970
3,034
1,169
1,173
1,143
J.I 76
,192
1,161
849
843
833
839
825
825
112
113
108
112
117
109
837
832
834
818
836
939
1956—Jan
Feb
Mar
Apr
May
June
July
3,109
2,948
2 888
3^145
3,063
3,009
3,160
3,147
3,087
3,183
3,019
2,889
3,108
3,022
3,126
3,069
3,103
3,157
2,918
3,278
J.245
,184
,130
,258
,226
,158
,229
,214
,185
.284
1,179
,143
,209
1,196
,240
1,195
,211
1,244
.147
lj339
887
821
822
870
858
869
890
891
893
883
899
847
892
857
885
867
868
880
836
906
121
110
102
118
111
104
121
112
104
113
120
107
110
111
111
105
117
113
101
117
856
833
834
899
868
878
920
930
905
902
821
792
897
858
890
902
907
920
834
916
Sept
oct
....::..
Change in outstanding credit1
1948
1949
1950
1951
1952
1953
1954
1955
+2,301
+2,594
+3,113
+591
+4,109
+ 3,602
+563
+5,452
+758
+805
+ 1,093
+81
+ 1,294
+605
-28
+ 875
+ 1,094
+ 1,537
+ 1,519
-102
+ 1,761
+2,102
-26
+3,659
+ 135
+45
1955__Oct
Nov
Dec
+360
+394
+397
+266
+301
+751
+266
+242
+246
+ 171
+80
+ 142
+24
+68
+71
+66
+ 144
+457
+ 13
+ 12
+ 16
+23
+ 13
1956—Jan
Feb
Mar
Apr
+332
+376
+286
+264
+201
+49
+ 142
+211
+73
+ 187
-134
+29
+ 197
+307
+ 344
+321
+213
+347
+ 63
+ 104
+211
+212
+ 154
+72
+30
+23
+23
+50
+ 13
+31
+ 13
+93
+ 169
+ 149
+ 167
+ 196
+ 126
+ 149
+3
-55
+40
+62
+37
+98
+74
-28
+37
+61
-10
+59
-139
-116
-71
-2
+ 13
+ 18
+ 11
+22
+ 12
0
+ 10
+ 13
+ 12
-32
-10
+3
+ 12
+34
+23
+ 10
+24
+24
+23
June
July
Aug
Sept
Oct
!
..
i Obtained by subtracting instalment credit repaid from instalment
credit extended.
NOTE.—Monthly figures for the period January 1940-August 1956 are
shown on pp. 1043-1054 of the BULLETIN for October 1956.
A discussion of the composition and characteristics of the data and
a description of the methods used to derive the estimates are shown
+72
+4
+ 104
+314
+207
+383
+543
+754
+670
+611
+864
+ 118
+69
+300
+225
+6
+54
+9
+57
+72
+64
+83
+89
+77
+83
+75
+42
+82
+90
+57
+85
+6
+64
+ 143
+24
+62
+96
+ 109
+79
+86
+73
+ 102
+32
+32
in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment
credit extended and repaid are based on information from accounting
records of retail outlets and financial institutions and often include charges
incurred under the instalment contract. Renewals and refinancing of
loans, repurchases and resales of instalment paper, and certain other
transactions may increase the amount of both credit extended and credit
repaid without adding to the amount of credit outstanding.
CONSUMER CREDIT
1355
INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER
[Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment
of monthly figures for seasonal variation and differences in trading days]
Total
Year or month
Ad-justed
Commercial banks
Unadjusted
Adjusted
Unadjusted
Other financial
institutions
Sales finance
companies
Adjusted
Unadjusted
Adjusted
Unadjusted
Retail outlets
Adjusted
Unadjusted
Extensions
1948
1949
1950
1951
1952
1953
1954
1955
15 585
18,108
21,558
23,576
29 514
31,558
31,051
39,128
3 217
4,296
5,098
5,467
6,982
7,560
7,260
10,200
5 714
6,543
8,135
8,358
11,123
12,099
11,267
14,109
2,938
3,305
3,826
4,788
5 659
6,375
6,983
8,434
3,716
3,964
4,499
4,963
5,750
5,524
5,541
6,385
1955_Oct
Nov
Dec .
3,327
3,355
3,315
3,211
3,271
3,785
1 210
,219
,179
J 146
,142
,171
863
850
840
828
791
838
740
742
746
696
744
906
514
544
550
541
594
870
1956—Jan
Feb
Mar .
Apr
May
June
Julv
Aus
Sept
3,441
3,324
3,174
3,409
3,264
3,058
3,302
3,358
3,160
3,370
2,885
2,918
3,305
3,329
3,470
3,390
3,316
3,504
2,981
3,382
,233
,198
,105
,302
,181
,185
,221
,177
,137
261
,110
,088
,201
,308
,279
,324
1,231
,232
,070
244
891
837
802
790
774
720
756
776
744
821
704
717
822
769
842
847
819
871
722
821
752
758
759
780
656
699
808
766
800
803
795
844
707
774
565
531
508
537
533
401
513
558
508
494
415
414
474
486
549
416
471
557
482
543
Oct
ne
752
812
847
771
794
Repayments
1948
1949
1950
1951..
1952
1953
1954
1955
1955—Oct
Nov
Dec
1956—Jan
Feb.
Mar
Apr
May
June
Julv
Aug
Sept
Oct
.
. .
3,280
3,507
3,934
4,691
5,098
5,304
5,465
5,924
2,633
3,011
3,404
4,385
5,012
5,683
6,511
7,547
2,561
3 363
4,331
5,524
5,925
6,344
7,043
7,901
4,810
5 633
6,776
8 385
9,370
10 625
11,469
12,304
13,284
15,514
18,445
22 985
25,405
27,956
30,488
33,676
2,967
2,961
2,918
2,945
2,970
3,034
j osn
,068
[,043
1,062
1,065
1,059
713
718
692
728
737
717
660
658
668
649
662
759
514
517
515
506
506
499
3,109
2,948
2,888
3,145
3,063
3,009
3,160
3,147
3,087
3,183
3,019
2,889
3,108
3,022
3,126
3,069
3,103
3,157
2,918
3,278
,125
,060
,007
,127
,093
,078
,149
,147
,123
.163
1.093
1,038
1,073
1,095
1,118
1,100
1,149
1,160
,070
.186
772
718
698
762
711
693
756
720
lie
723
735
767
686
837
690
663
673
720
690
699
746
751
723
718
660
633
719
690
707
716
731
738
667
732
522
507
510
536
504
532
501
502
534
513
555
525
560
517
525
530
488
492
495
523
ne
700
764
747
707
789
Change in outstanding credit1
1948.
1949
1950
1951.
1952
1953
1954
1955
+ 2 301
+ 2 594
+ 3,113
+591
+4,109
+ 3,602
+563
+ 5 452
1955 Oct
Nov
Dec.
1956_Jan
Feb.
Mar
Apr
May
June
July
Aug
Sept
Oct. .
. .
.
+ 904
+910
+ 1,359
-11
j 4-1.753
+ 1,474
— 202
+ 1 80S
+436
+457
+565
+ 272
+ 652
+ 220
+ 76
+461
+ 360
+ 394
+ 397
+266
+ 301
+751
+ 130
+ 151
+ 136
+ 84
+77
+ 112
+ 150
+ 132
+ 148
+ 100
+54
+ 121
+ 80
+84
+ 78
+47
+ 82
+ 147
0
+ 27
+35
+ 35
+ 88
+ 371
+ 332
+ 376
+ 286
+ 264
+201
+49
+ 142
+ 211
+73
+ 187
-134
+29
+ 197
+ 307
+ 344
+ 321
+213
+ 347
+ 63
+ 104
+ 108
+ 138
+98
+ 175
+ 88
+ 107
+ 72
+ 30
+ 14
+ 98
+ 17
+ 50
+ 128
+213
+ 161
+224
+ 82
+72
0
+ 58
+ 119
+ 119
+ 104
+28
-2
+20
-8
+ 29
+ 37
+ 32
-7
+24
+ 66
+49
+ 66
+ 124
+ 84
+ 104
+ 36
-16
+ 62
+95
+ 86
+60
+ 86
+53
+ 66
+96
+48
+ 76
-4
+66
+ 89
+ 76
+93
+ 87
+ 64
+ 106
+40
+42
+43
+24
-140
-111
-86
-31
+ 24
-114
-17
+65
-13
+ 20
i Obtained by subtracting instalment credit repaid from instalment
credit extended.
NOTE.—Monthly figures for the period January 1940-August 1956 are
shown on pp. 1043-1054 of the BULLETIN for October 1956.
A discussion of the composition and characteristics of the data and
a description of the methods used to derive the estimates are shown
+ 305
+ 294
+422
+403
+ 647
+ 692
+472
+ 887
+ 656
+ 933
+767
-57
+ 1,057
+ 1,216
+ 217
+2,299
+1
+29
-131
+ 12
+ 56
-26
-19
in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment
credit extended and repaid are based on information from accounting
records of retail outlets and financial institutions and often include charges
incurred under the instalment contract. Renewals and refinancing of
loans, repurchases and resales of instalment paper, and certain other transactions may increase the amount of both credit extended and credit
repaid without adding to the amount of credit outstanding.
1356
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)
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
Employ-
Freight
carloadings*
Department
Con- Wholestore sumer
sale
2
sales* prices
com(retail
modity2
value)
prices
Payrolls
AdAd- Unad- Unad- AdAd- Unad- AdAdAdAdAdAdAdjusted justed justed justed justed justed justed justed justed justed justed justed justed justed
Adjusted
Unadjusted
Unadjusted
64.3
63.5
65.2
68.7
69.0
52.8
58.4
66.9
62.
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
67
68
70
70
62
67.5
67.9
67.9
71.0
66.6
65.5
64.1
64.2
68.3
59.5
33.0
32.4
32.8
35.0
28.3
115
111
112
115
99
37
37
37
38
35
75.6
74.2
73.3
73.3
71.4
65.0
62.0
62.9
61.9
56.1
22
8
7
7
13
41
20
18
24
25
60.3
53.4
53.6
58.8
61.3
50.2
42.6
47.2
55.1
58.8
21.5
14.8
15.9
20.4
23.5
79
59
62
67
69
32
24
24
27
29
65.0
58.4
55.3
57.2
58.7
47.4
42.1
42.8
48.7
52.0
30
32
35
39
44
22
25
27
37
43
35
36
40
40
44
65.8
70.2
66.1
69.3
73.3
63.9
70.1
59.6
66.2
71.2
27.2
32.6
25.3
29.9
34.0
81
84
67
76
83
33
35
32
35
37
59.3
61.4
60.3
59.4
59.9
52.5
56.1
51.1
50.1
51.1
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
102.8
118.
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
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
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
129.8
136.6
151.4
137.7
152.5
101
95
96
86
109
110
112
111.0
113.5
114.4
114.8
114.5
114.8
111.6
110.1
110.3
110.7
145
145
146
161
161
161
129
130
130
123
125
129
260
270
301
252
252
273
266 115.7 107.1 108.7 161.1
282 116.0 108.2 109.0 163.8
319 116.5 108.3 108.7 163.7
99
101
122
122
123
114.9
115.0
114.7
111.6
111.2
111.3
145
144
142
144
143
143
137
144
147
147
160
158
156
159
157
157
148
158
164
164
129
130
128
129
128
128
127
129
129
130
131
131
130
130
129
130
122
128
128
129
300
306
287
277
257
256
255
260
251
248
290
318
317
315
286
269
265
264
250
230
306
298
267
252
237
248
249
257
251
260
103
100
100
99
98
95
81
93
96
96
124
118
122
122
122
124
12!
128
129
^122
114
114
114
114
115
116
117
116
117
117
111.9
112.4
112.8
113.6
114.4
114.2
114.0
114.7
115.5
115.5
115.9
1919.
1920.
1921.
1922.
1923.
1924.
1925.
39
41
31
39
47
44
49
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
1926.
1927.
1928.
1929.
1930.
51
51
53
59
49
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
1931.
1942.
1933.
1934.
1935.
40
31
37
40
47
31
19
24
30
38
48
42
48
49
55
51
42
48
51
55
34
15
14
17
20
1936.
1937.
1938.
1939.
1940.
56
61
48
58
67
49
55
35
49
63
61
64
57
66
69
63
71
62
68
76
1941.
1942.
1943.
1944.
1945.
87
106
127
125
107
110
133
130
110
91
126
162
159
123
84
93
103
99
96
1946..
1947..
1948..
1949..
1950..
90
100
104
97
112
90
100
103
97
113
86
101
104
95
116
1951
1952
1953
1954
1955
120
124
134
125
139
121
125
136
127
140
143
143
144
147
145
142
143
143
141
143
141
141
136
142
145
146
^147
143
144
143
144
141
141
128
142
146
150
108.2
110.4
113.6
110.7
114.2
106.4
106.3
111
101.8
105.5
103.1
1955
Oct..
Nov..
Dec.
1956
Jan..
Feb..
Mar..
Apr..
May.
June.
July.
Aug..
Sept..
Oct..
Nov..
e
p
r
Estimated.
Preliminary.
Revised.
*1 Average per working day.
Three-month moving average, based on F. W. Dodge Corporation
data. A description of the index may be obtained from the Division of
Research
and Statistics.
2
The indexes of employment and payrolls, wholesale commodity prices,
116.8
116.9
116.7
117.3
117.6
118.0
116.6
118.2
-118.1
118.6
'118.6
107.2
106.8
106.1
106.0
105.4
105.7
101.2
107.1
H07.8
108.7
H01.Q P107.8
108
107
106
107
106
106
102
106
r
105
107
159.
157.
157.9
158.2
157.3
158
151.0
161.4
r
165.8
168.
467.9
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.
PRODUCTION
1357
INDUSTRIAL PRODUCTION
[Federal Reserve indexes, 1947-49 average^ 100]
Industry
1947_49 Annual
1955
1956
average
proportion
1954 1955 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July
Aug. Sept. Oct
SEASONALLY ADJUSTED
INDUSTRIAL PRODUCTION—TOTAL
100.00
125
139
143
143
144
143
143
141
143
141
141
136
142
145
146
MANUFACTURES—TOTAL
90.02
127
140
145
145
146
145
144
142
144
143
143
137
144
147
147
Durable Manufactures—Total
45.17
137
161
161
161
160
159
157
148
158
164
164
6.70
108
140
148
149
150
148
148
145
146
141
138
68
124
148
147
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
173
142
164
143
205
208
156
172
139
162
143
198
212
158
172
138
163
144
199
212
159
770
136
164
146
197
205
160
168
134
162
147
192
202
161
166
132
162
147
191
197
160
777
135
171
151
208
193
163
757
130
168
149
206
186
164
755
132
168
149
205
190
164
759
129
172
152
210
191
167
772
134
174
155
211
r
194
171
775
142
176
'158
212
198
172
777
142
177
156
218
201
173
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
141
153
130
139
156
124
139
154
126
140
154
128
139
155
124
757
156
121
139
158
122
141
162
121
141
161
123
142
159
125
160
129
739
154
126
739
157
122
Furniture and misc. manufactures
Furniture and fixtures
Miscellaneous manufactures
4.04
1.64
2.40
121
106
131
132
119
141
136
124
145
136
123
145
137
123
146
135
122
144
134
120
143
132
120
141
134
121
142
735
121
145
735
123
145
735
124
145
735
124
148
737
124
146
735
122
146
44.85
116
126
129
130
129
130
128
129
128
128
127
129
129
130
11.87
6.32
5.55
100
95
105
109
107
113
112
109
116
113
110
117
112
109
116
111
108
113
112
109
114
107
106
108
108
106
109
107
103
111
106
101
112
106
100
112
107
102
112
'108 111
104 106
113 117
Rubber and leather products
Rubber products
Leather and products
3.20
1.47
1.73
104
115
95
122
143
105
124
147
t05
122
147
101
125
144
108
126
147
108
125
140
112
77P
135
105
120
137
106
775
131
104
777
122
102
777
119
104
775
132
102
'116 7/7
133 133
101
P tper and printing
Paper and allied products
Printing and publishing
8.93
3.46
5.47
125
134
120
137
152
127
141
156
131
141
157
130
140
159
128
141
159
130
140
157
130
140
157
129
143
160
131
142
160
132
143
161
132
144
162
133
145
163
134
143
159
133
Chemical and petroleum products
Chemicals and allied products
Petroleum and coal products
9.34
6.84
2.50
142
148
125
159
167
135
162
173
137
164
173
139
166
175
141
165
173
142
166
174
143
755
174
144
757
178
139
75P
179
140
759
178
142
755
178
132
r
757
r
11.51
10.73
.78
106
106
103
109
109
105
111
111
105
7/7
112
104
113
113
107
7/7
111
109
112
112
107
777
111
107
773
114
107
777
111
110
770
111
108
MINERALS—TOTAL
9.98
111
122
123
125
129
131
131
130
130
129
Mineral fuels
Coal
Anthracite
Bituminous coal
Crude oil and natural gas
5.35
2.68
.36
2.32
5.67
113
67
52
70
134
123
80
48
85
143
123
80
42
86
143
125
80
47
85
147
130
87
58
92
151
132
87
62
91
153
131
88
55
94
151
131
86
50
92
151
730
86
55
91
151
Metal, stone, ana earth minerals
Metal mining.
Stone and earth minerals
1.63
.82
.81
106
90
123
120
110
130
126
120
131
124
114
134
123
112
135
129
121
137
130
121
138
130
120
139
100.00
125
139
147
145
142
143
144
90.02
45.17
44.85
127
137
116
140
155
126
150
164
135
148
163
132
143
161
125
144
160
128
146
161
131
9.98
111
122
127
127
127
129
127
Primary metals
Metal fabricating
Fabricated metal products
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
Instruments and related products
Nondurable
Manufactures—Total...
Textiles and apparel
Textile mill products
Apparel and allied products
Foods, beverages, and tobacco
Food and beverage manufactures.
Tobacco manufactures
144
158
135
177
139
755 757
'111 178
143 139
770
110
105
7/3
114
103
112
113
102
130
122
128
128
129
130
89
41
96
149
730
90
55
95
148
725
77
54
81
149
730
87
61
91
150
725
87
63
91
147
725
85
53
90
148
129
118
139
725
118
138
117
143
700
60
142
100
139
130
118
133
124
143
144
141
141
128
142
146
150
145
161
130
146
162
129
142
157
127
142
156
127
129
139
119
143
155
131
147
162
133
152
127
130
130
131
119
130
132
133
WITHOUT SEASONAL ADJUSTMENT
(Major divisions only)
Industrial Production—Total
Manufactures—Total
Durable manufactures
Nondurable manufactures
Minerals—Total
r
Revised.
For other footnotes see end of table.
136
1358
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
TFederal Reserve indexes, 1947-49 average= 100^
Industry
1947_49 Annual
1955
average
propor1954 1955 Oct. Nov. Dec.
tion
1956
Feb. Mar. Apr. May June
I Aug. Sept. Oct.
WITHOUT SEASONAL ADJUSTMENT
INDUSTRIAL PRODUCTION—TOTAL... 100 00
125
139
147
145
142
143
144
143
144
141
141
128
142
146
150
MANUFACTURES—TOTAL
90.02
127
140
150
148
143
144
146
145
146
142
142
129
143
147
152
Durable Manufactures—Total
45.17
137
155
164
163
161
160
161
161
162
157
156
139
155 ! 162 167
6 70
5.03
3.51
.37
3.05
2.62
.43
108
105
108
101
109
108
115
138
144
134
146
141
171
149
148
153
141
154
149
188
149
147
154
140
156
150
189
147
i45
153
141
154
149
182
151
149
158
143
159
153
197
152
149
158
143
159
153
199
152
149
159
145
160
155
192
152
149
158
145
159
155
181
144
143
152
140
154
149
182
140
138
145
135
146
144
157
62
41
24
22
24
23
34
118
114
117
104
119
116
135
145
146
156
145
158
153
183
149
149
160
148
162
157
191
1.52
1.29
.23
97
95
106
124
123
133
137
135
148
131
129
141
128
126
141
128
125
143
130
128
142
128
126
142
129
127
141
120
119
129
123
121
134
79
78
106 1 2 2
106 122
105 120
122
122
127
1.67
.38
.09
.06
,04
.10
.09
120
147
101
109
105
101
244
146
164
122
123
103
120
261
153
171
136
126
119
122
265
154
173
130
136
121
123
272.
153
175
128
143
112
127
277
159
173
134
122
114
124
276
161
177
136
134
117
126
279
160
182
142
141
120
125
287
160
185
143
146
121
125
294
149
181
147
143
106
111
296
145
179
142
139
109
111
296
124
172
117
123
107
114
298
.13
1.16
.63
.20
.33
105
113
100
154
114
123
142
114
208
156
135
149
114
222
173
130
150
118
219
169
125
148
120
210
164
131
158
134
226
163
134
159
132
225
170
124
157
127
241
166
135
154
123
242
160
121
141
116
228
140
110
137
112
215
137
93 108
112 128
79 109
222 187
111 129
165
173
174
173
172
172 171 174 167 166 160
Primary metals
Ferrous metals
Pig iron and steel
Pig iron
Steel
Carbon steel
Alloy steel
Ferrous castings and forgings
Iron and steel castings
Steel forgings
Nonferrous metals
Primary nonferrous metals
Copper smelting
Copper refining
Lead
Zinc
Aluminum
Secondary nonferrous metals
Nonferrous shapes and castings
Copper mill shapes
Aluminum mill shapes
Nonferrous castings
Metal Fabricating
Fabricated metal products
Structural metal parts
Stampings and misc. metal products
Tin cans
Furnaces, gas ranges, and heaters
28.52
130 144 148
143 168 181
124 '122 133
120 114 134
107 123 122
123 '128
182 269 '293'
115
139
120
202
141
r
167
140
111
216
179
5.73
2.68
2.12
.30
.63
123
126
117
131
90
134
136
130
142
111
145
144
134
197
134
139
145
138
95
117
137
144
137
102
92
135
140
131
109
109
134
138
129
116
110
134
138
126
127
115
136
140
125
189
106
130
138
121
121
105
132
138
119
159
112
124
129
111
168
94
135
137
117
214
123
143
144
123
220
143
145
149
130
186
128
13.68
142
155
169
164
164
167
168
168
172
167
165
157
167 1 7 6
181
Nonelectrical machinery
Farm and industrial machinery
Farm machinery
.
Industrial and commercial machinery....
Machine tools and presses
Laundry and refrigeration appliances
9.04
8.13
.68
.69
125
121
79
127
160
114
135
130
91
135
163
144
141
136
92
142
170
141
138
94
144
178
130
147
143
97
150
190
141
149
144
98
150
3 90
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
87
155
194
143
146
144
82
153
194
128
146 '153
145 148
79 r 7 9
155 158
193
199
r
108 '158
153
149
73
160
201
Electrical machinery
Electrical apparatus and parts
Radio and television sets
4 64
3.23
.74
177
160
214
194
174
242
188
315
208
180
280
197
184
225
240
200
184
233
196
184
218
206
202
209
198
200
185
195
199
174
178
193
130
209 '221
198 202
238 266
238
210
312
Transportation equipment
Autos, trucks, and parts
Autos
Trucks.
Light trucks
Medium trucks
Heavy trucks
Truck trailers
Auto and truck parts
7.54
4.80
1.50
.66
.22
.19
.14
07
2.58
175
109
131
92
95
59
133
130
101
203
153
190
115
114
69
172
183
141
200
144
153
106
121
50
138
202
149
216
167
212
122
128
73
172
199
153
214
159
193
122
106
67
216
192
150
206
147
173
113
101
67
194
173
141
205
143
164
125
109
71
227
187
135
202
139
163
130
104
68
258
191
128
201
136
162
133
102
69
265
208
122
190
116
127
117
89
58
237
191
109
189
111
127
123
89
68
246
203
98
187
107
127
99
76
56
198
145
97
188
104
109
101
81
53
192
160
102
182
92
59
98
75
51
201
148
109
199
113
105
103
92
52
195
146
1.30
.81
.53
.35
474
112
39
29
481
115
42
30
490
115
50
38
500
109
48
33
516
111
51
36
517
111
54
40
521
119
60
49
513
121
66
57
516
119
68
60
522
120
69
61
536
121
66
56
543
121
62
51
593
115
60
52
161
160
161
161
164
164
164
162
132
135 735
563 '579
'"112
'•51
49
36
| 168
'172
j
\ 149 145
164 157
142 '127
161 159
160 158
145 113
90 '60
Machinery
Aircraft and parts
Shipbuilding and repair
Railroad equipment
Railroad cars
1.02
7.11
Instruments and related products
1.29
140
149
158
159
Clay, Glass* and Lumber Products
5.91
123
138
149
140
Stone, clay, and glass products
Glass and pottery products
Flat glass and vitreous products
Flat and other glass
Glass containers
Home glassware and pottery
2.82
1.09
.60
.47
.26
.23
131
118
!31
133
117
85
149
134
155
156
126
91
161
144
164
167
133
102
157
143
169
172
119
101
153
141
172
174
111
96
150
141
168
171
121
91
150
141
163
167
130
96
153
140
163
163
130
93
142 143 145 135
158 162 163 156
143 142 140 130
166 164 160 150
165 163 158 146
135 136 142 133
72
92
93
86
Cement
Structural clay products
Brick
Clay firebrick, pipe, and tile
.32
.35
.12
.20
135
111
113
111
148
127
131
127
164
138
142
137
151
137
141
136
136
130
122
137
126
129
122
136
123
132
124
139
137
137
132
142
159
138
140
138
174
140
145
139
175
146
144
148
173
140
140
141
177 174
144 '140
148 135
144^ 147
143
139
147
Concrete and plaster products
Misc. stone and earth manufactures
.48
.58
161
140
180
166
192
177
186
176
181
175
171
177
,7,
181
171
192
172
202
172
208
171
204
167
'203
175
200
176
' Re\ised.
H6
For other footnotes see end of table.
174
147
165
150
174
178
147
1359
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average= 100]
Industry
1947-49 Annual
1955
1956
average
propor1954 1955 Oct. Nov. Dec. Jan. Feb. Mar. Apr. M a y June July
tion
Aug. Sept. Oct.
WITHOUT SEASONAL ADJUSTMENT
—Continued
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
127
112
197
144
284
90
138
122
213
160
299
93
124
106
201
143
295
92
Furniture and Misc. Manufacturing . . .
4.04
121
132
144
F irniture and fixtures
Household furniture
Fixtures and office furniture.
1.64
1.10
.54
106
106
107
119
120
115
128
131
Miscellaneous manufactures
2.40
131
141
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
129
118
181
133
260
92
142
140
133
136
134
132
131
131
128
131
121
128
130
123
116
126
Textiles and Apparel
11.87
100
109
6.32
3.72
2.30
.97
.45
95
100
97
108
93
107
113
103
137
100
112
117
109
133
109
111
118
109
135
110
.97
.16
.75
66
76
64
79
85
78
85
90
84
1.15
.65
.45
.20
.50
106
108
113
97
103
110
106
110
99
115
119
113
114
110
126
132
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
122
123
120
119
118
120
116
115
119
141
145
142
141
140
135
115
216
152
320
90
133
118
200
139
299
90
130
111
206
130
332
93
136
140
143
115
114
116
123
121
126
r
125
126
125
111
127
126
135
145
150
155
119
131
133
136
90
109
122
131
130
129
113
119
114
HI
106
105
110
101
131
92
111
119
110
135
111
115
123
112
141
118
110
115
108
132
98
108
112
83
86
83
80
78
82
83
94
80
84
97
81
116
108
109
106
125
107
99
100
96
118
107
106
107
102
110
114
114
117
108
115
127
125
114
118
116
116
104
161
107
248
90
141
128
135
Floor coverings 1 .
Woven carpets.
123
125
119
122
44.85
Knit goods
Hosiery
Full-fashioned hosiery.
Seamless hosiery
Knit garments
122
124
119
149
Nondurable Manufactures—Total.
Wool textiles
Wool apparel yarns.
Wool fabrics
no
152
154
Textile mill products
Cotton and synthetic fabrics.
Cotton consumption
Synthetic fabrics
Fabric finishing
113
98
173
127
107
119
103
106
109
105
108
108
104
100
99
96
103
90
86
87
81
101
71
103
104
101
102
103
103
101
97
110
109
113
108
118
105
85
89
84
89
97
87
90
98
89
90
85
92
76
83
75
92
94
92
87
79
90
94
93
96
110
105
110
93
116
110
105
112
90
116
108
99
102
91
119
110
102
104
97
121
95
77
77
75
119
108
96
97
94
124
"113
105
106
103
123
110
100
100
101
122
.48
.31
71
79
89
77
84
83
93
91
89
80
78
50
97
76
5.55
1.78
.73
.50
.13
.99
105
103
83
82
67
116
113
111
92
90
77
123
117
117
95
93
82
130
117
116
94
95
69
131
107
102
84
86
55
113
117
119
99
103
55
132
124
124
99
103
59
141
120
118
99
101
67
130
114
119
103
99
92
129
109
121
107
100
110
129
108
104
91
85
93
111
95
79
59
54
63
90
116 108
120 101
91
109
85
103
90
110
126 106
118
116
103
100
91
124
1.85
.76
109
129
116
134
113
139
113
143
98
119
118
145
132
J55
127
135
115
95
104
90
111
122
100
132
116 108
152 138
117
146
113
121
116
1.92
103
111
122
122
119
113
117
114
108
104
107
105
Rubber and Leather Products .
3.20
104
122
130
122
119
127
132
125
122
113
111
97
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
155
140
143
136
170
150
138
140
134
161
138
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
123
122
115
130
124
105
99
97
103
110
127
110
113
106
142
135
120
121
118
148
Leather and products. . .
Leather
Cattlehide leathers.
Skin leathers
1.73
.44
.29
.15
95
87
92
75
105
92
99
79
109
97
105
82
99
95
102
81
102
95
103
109
93
100
80
120
103
110
90
112
95
103
80
106
96
103
82
99
95
103
80
100
91
99
76
90
73
79
61
108
90
97
76
104
90
99
73
106
105
104
96
96
102
99
Shoes and slippers *
,
Miscellaneous leather products.
Paper and Printing.
.90
.39
90
99
8.93
125
137
Paper and allied products
Pulp and paper
Wood pulp
Paper and board
Printing paper
Fine paper
Coarse paper
Miscellaneous paper
Paperboard
Building paper and board.
3 46
1.76
.51
1.25
.22
.14
.20
.18
.41
.10
134
132
148
125
118
120
119
137
130
124
152
149
169
140
127
133
129
158
149
137
167
158
179
150
132
140
137
176
160
142
159
156
178
147
133
136
132
167
161
137
1.70
.51
.11
136
133
145
156
155
158
177
175
180
161
160
163
Converted paper products.,
Shipping containers
Sanitary paper products.
r
Revised.
118
141
121
124
117
158
98
103
98
91
89
138
141
144
146
143
146
144
164
136
127
129
125
154
144
124
157
158
181
149
137
144
137
172
159
127
162
163
185
154
144
142
145
169
163
139
163
161
183
153
141
152
140
170
159
148
165
163
184
154
142
153
142
177
161
141
160
162
187
152
142
148
139
168
162
141
163
161
184
152
143
148
141
169
159
141
144
143
165
134
130
129
121
160
135
127
163
160
182
151
143
143
139
172
157
139
160
152
171
145
139
148
131
169
148
128
169
162
185
152
145
149
135
183
159
131
149
149
148
156
147
179
162
157
173
165
165
163
168
162
184
157
154
163
165
165
163
146
140
162
166
167
163
168
168
166
176
172
187
For other footnotes see end of table.
151
1360
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]
Annual
1947-49
1955
average
propor1954 1955 Oct. Nov. Dec. Jan.
tion
Industry
1956
Feb.
Mar. Apr. May June July
Aug. Sept. Oct.
128
127
129
132
134
131
134
141
130
133
140
129
130
131
130
125
115
130
129
121
133
WITHOUT SEASONAL ADJUSTMENT
—Continued
5.47
1.85
3.62
120
119
121
9.34
6.84
2.54
.57
1.97
.24
.11
.59
1.03
127
128
127
135
142
131
142
159
166
168
167
168
170
169
168
166
164
157
r
148
153
157
152
184
136
152
146
167
184
180
186
242
213
186
169
176
192
188
192
261
230
189
175
178
197
195
198
268
243
197
178
177
197
194
198
253
233
196
183
111
199
197
200
261
241
195
183
179
201
203
201
264
249
194
185
179
201
204
200
264
243
191
187
179
200
201
200
266
244
183
189
176
197
195
197
263
242
176
190
173
192
185
194
253
227
169
192
166
182
158
188
213
227
167
191
.64
.48
.16
118
113
133
124
117
145
156
157
154
165
162
174
148
144
159
152
147
168
157
150
175
141
134
162
133
123
163
123
110
163
107
91
155
93
75
145
100
84
150
123
115
144
159
161
151
.71
.66
.23
108
116
122
no
125
125
130
127
118
118
126
114
115
126
118
104
123
122
109
125
131
108
125
168
111
124
188
106
125
163
109
126
118
88
126
104
121
118
126
129
95 '110
116
127
111
2.50
1.97
1.04
.98
.06
125
133
141
136
221
135
142
152
147
233
138
143
157
151
252
140
148
158
153
236
141
152
161
156
247
143
154
158
153
242
143
151
155
151
231
142
148
155
150
242
135
142
150
144
254
137
144
155
149
258
142
149
162
156
267
132
148
162
156
257
142
151
164
158
264
145 H40
151 ^146
164 H56
158
261
Fuel oil
Distillate fuel oil
Residual fuel oil
.56
.30
.26
128
158
93
138
175
94
134
171
92
141
99
149
187
105
160
204
110
158
203
105
149
192
99
140
182
92
138
177
94
141
186
90
141
187
87
146
195
89
145 ^143
196
87
Kerosene
.10
.17
110
108
107
114
101
111
112
126
129
112
126
119
126
115
112
119
98
126
96
123
95
123
97
113
103
119
108
116
.26
.15
84
103
104
108
131
no
111
57
111
66
111
100
111
127
no
108
109
104
125
38
120
92
123
'109
131
108
114
112
121
125
114
110
122
154
100
113
111
118
154
95
111 '130
122 '134
116 129
148 151
113
95
ue
Job Drintinc and Deriodicals
Chemical and Petroleum Products
Industrial chemicals
Industrial organic chemicals
Synthetic fibers
Vegetable oils
Paints
Fertilizers
Petroleum and coal products
Gasoline
Coke
no
11.51
106
10.73
8.49
1.48
.46
.83
106
107
117
135
103
109
128
109
142
116
Dairy products
Butter
.69
.14
.07
.19
.28
106
110
116
94
104
107
105
116
97
109
Concentrated milk
Ice cream
...
Canned and frozen foods
Wheat flour
Cereals and feeds
Sugar
Cane sugar
Beet sugar
.. .
••
Miscellaneous food preparations
Beverages
Bottled soft drinks
Beer and ale
Liquor distilling
Liquor bottling
Tobacco manufactures
Cigarettes
Cigars
p
r
Preliminary.
Revised.
....
1.13
1.16
.46
.70
112
107
81
124
1.64
.27
.11
.13
178
130
126
133
126
119
129
97
134
133
135
139
143
137
164
168
170
'172
'188
171
'193
247
223
'171
189
mi
181
197
192
198
'192
186
'194
258
241
'169
'189
227
184
189
109
123
86
104
103
102
104
148
105
109
152
140
154
102
106
153
158
146
102
104
140
145
133
104
102
136
142
129
106
131
103
150
117
107
105
121
147
103
83
83
87
71
86
84
94
92
79
76
91
104
96
85
84
99
107
103
94
93
109
114
116
106
102
121
128
132
123
109
136
131
153
140
125
150
138
163
146
149
134
118
133
118
147
120
97
116
98
144
103
r
91
105
'83
118
91
82
97
73
102
161
111
96
122
114
102
86
112
95
100
84
no
85
100
85
111
83
98
81
109
82
99
84
109
85
97
79
109
96
99
77
112
115
103
80
119
149
103
77
121
234 '265
105 '108
85
95
118 '117
185
106
91
116
97
115
113
111
100
247
130
340
99
262
103
393
99
182
112
236
95
87
109
63
95
57
102
14
94
59
109
11
95
68
123
16
97
70
114
27
99
81
124
38
99
73
133
15
98
68
127
11
'99
110
130
86
99
101
106
134
108
129
104
91
101
112
99
115
102
97
103
98
102
90
107
84
112
73
107
98
107
152
106
141
105
118
102
91
88
97
108
117
119
128
123
118
116
117
88
157
154
105
77
129
146
88
81
95
96
84
86
75
79
94
92
75
102
105
103
82
113
111
111
80
122
108
112
76
108
119
128
69
118
107
128
35
88
101
112
50
94
106
93
93
135
107
108
113
88
91
87
107
112
103
105
107
109
105
109
104
103
106
105
110
116
103
115
122
108
96
104
83
115
120
110
111
115
109
123
109
M e a t products
Beef.
Pork
135
143
131
114
124
125
114
133
88
88
90
75
93
118
105
83
119
97
117
106
121
.71
1.41
99
105
2.24
.54
1.70
1.02
.17
.37
103
107
98
99
68
102
102
101
77
109
.78
.46
.17
103
106
105
105
109
104
114
117
118
143 150
118
154 146
106
For other footnotes see end of table.
127
142
160
128
PRODUCTION
1361
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average= 100]
1947-49
proportion
Industry
Annual
average
1954 1955
1955
1956
Oct. Nov. Dec. Jan. Feb.
Mar.
Apr. May June July
Aug. Sept. Oct.
WITHOUT SEASONAL ADJUSTMENT
—Continued
MINERALS—TOTAL
Mineral Fuels
Coal
Anthracite
9.98
111
8.35
113
2.68
67
52
70
.36
2.32
Oil and gas extraction
Crude oil
Natural gas
Oil and gas well drilling
......
•
Metal, Stone, and Earth Minerals
122 127 127 127 129 127 127 130 130 131 119 130 132 133
123 125 128 131 133 131 130 130 128 128 121 130
131
80 88 87 91 91 88 86 86 85 84 61 87 91 93
48 51 51 54 61 55 46 53 42 58 42 59 67 64
85 93 93 97 95 94 92 91 91 89 65 91 95 98
143 143 147 151 153 151 151 151 149 148 149 150 147 v
5.67
4.82
4.12
134
137
131
138
131
142
134
147
138
147
138
148
139
145
137
142
135
143
136
142
136
144
138
172
160
185
169
146
137
.34
.36
181
174
196
183
209
186
219
186
214
187
210
186
198
178
185
176
190
176
172
180
182
.85
167
175
175
173
177
185
173
171
188
187
180
191
183
173
1.63
106
120
137
120
106
106
108
109
129
141
145
109
134
146
145
.82
90
110
136
105
83
87
91
91
119
139
142
11
120
140
140
128
122
142
143
135 ^134
.33
84
113
165
92
44
42
49
46
108
164
173
19
126
179
Copper mining
Lead mining
.49
.24
.09
.06
94
103
80
75
108
123
84
81
116
137
84
80
114
135
79
77
108
127
82
74
118
140
81
80
119
138
88
86
122
140
91
90
127
148
94
91
122
142
88
89
121
141
89
88
107
120
85
84
115
132
90
86
115
132
87
86
117
132
92
91
Stone and earth minerals
.81
123
130
139
135
129
124
126
128
138
142
149
147
149
151
151]
r
* Preliminary.
Revised.
1
Publication suspended pending revision.
NOTE.—A number of groups and subgroups include individual series
not published separately, and metal fabricating contains the ordnance
group in addition to the groups shown. Certain types of combat materiel
are included in major group totals but not in individual indexes for autos,
farm machinery, and some other products, as discussed in the BULLETIN
for December 1953, pp. 1269-1271.
For description and back figures see BULLETIN for December 1953,
pp. 1247-1293 and pp. 1298-1328, respectively.
UnLITY OUTPUT OF ELECTRICITY AND GAS
[Seasonally adjusted Federal Reserve indexes, 1947-49 average= 100]
Annual
1947_49 average
propor1954 1955
tion
Series
ELECTRICITY AND GAS—TOTAL
Residential
N o n residential
Electricity
Residential
Industrial .
General industrial
Atomic energy
Commercial and other
Gas
Residential . . .
Industrial
Commercial and other
100.00
41.34
58.66
76.18
27.48
23.68
23.49
.19
25.02
.
23.82
13.86
6 16
3.80
Oct.
Nov. Dec.
Jan.
Feb.
Mar. Apr.
May June July Aug.
177
198
204
206
210
212
213
214
215
217
219 *218 P219
196
165
216
186
223
191
226
193
230
195
236
196
236
197
238
197
239
199
242
199
244
202
Sept. Oct.
P220
^221
205 207 111 214 214 215 216 217 220 219 219 220 P221
176 199
202 224 230 233 239 246 245 247 247 250 252 253 253 254
199 201
204 203 202 202 205 207 206 202 203 206
190
158
187
187 186 182 183
184 183
180 181
182 185
182
174
150
1124 2221 2596 2656 2710 2700 2700 2710 2720 2720 2720 2700 2680 2650
198 199 196 194
185
183
180
165
187 190 192 192 192 191
181
182
188
197
201
197
202
209
198
204
212
200
205
214
202
207
216
203
209
219
204
211
221
205
213
223
207
215
226
209
217
228
211
167
182
182
182
182
183
184
185
186
187
188
^Preliminary.
NOTE.—For description and back figures see BULLETIN for October
1956
1955
2^218 P219
P220
1956, pp. 1055-1069. Indexes without seasonal adjustment may be obtained from the Division of Research and Statistics.
1362
PRODUCTION
OUTPUT OF CONSUMER DURABLE GOODS
[Federal Reserve indexes, 1947-49 average = 100]
Annual
1955
1947^9 average
pro
portion 1954 1955 Oct. Nov. Dec
Product
1956
Jan. Feb. Mar. Apr. M a y
June July
Aug. Sept. Oct
SEASONALLY ADJUSTED
CONSUMER DURABLES—TOTAL.
100.00
116
147
152
151
149
143
137
133
132
124
124
129
127
129
126
Major Durables
Autos
Major household goods
Furniture and floor coverings.
Household furniture
Floor coverings *
Appliances and heaters
Major appliances
Ranges
Refrigeration appliances.
Laundry appliances
Heating apparatus
Radio and television sets
Radio sets
Television sets
69.72
32.10
36.13
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
168
194
-147
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
141
115
120
137
122
153
118
122
134
125
-143
121
122
135
119
151
123
-124
130
117
143
116
122
111
115
79
124
148
97
214
52
522
138
142
100
151
193
120
242
77
558
-139
147
95
162
187
-114
249
95
542
134
141
90
146
200
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
153
111
153
215
139
186
62
423
149
158
110
160
211
122
207
55
496
141
147
107
153
185
125
218
61
517
138
143
117
148
171
124
220
55
536
161
172
125
167
246
125
233
56
569
'135
142
89
-148
200
114
232
69
542
152
162
98
168
92
135
118
231
70
538
245
85
551
Other Consumer Durables
Auto parts and tires
Misc. home and personal goods.
30.28
14.00
16.28
95
91
99
106
102
109
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
110
100
118
113
103
121
115
111
118
115
100.00
116
147
146
159
148
144
143
143
141
124
124
116
120
113
129
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
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
121
127
117
105
114
122
109
136
117
121
111
115
79
124
148
97
214
52
522
138
142
100
151
193
120
242
77
558
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
125
131
80
149
162
106
130
37
307
121
117
83
107
180
135
238
61
575
Other Consumer Durables
Auto parts and tires
Misc. home and personal goods.
30.28
14.00
16.28
95
91
99
106
102
109
120
115
124
117
108
124
111
104
118
109
107
111
110
101
116
108
101
115
109
103
114
109
104
113
109
103
115
106
101
110
115
109
121
118
117
119
r
237
103
iio'
WITHOUT SEASONAL ADJUSTMENT
CONSUMER DURABLES—TOTAL.
r
Revised.
l Publication suspended pending revision for the period 1952 to date.
NOTE.—Individual indexes without seasonal adjustment for woven
nn
59
159
'124
H26
133
105
159
122
127
157
158
106
145
102
109
157
265
66
645
312
88
738
122
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 M a y 1954, pp. 438-447.
VALUE OF NEW CONSTRUCTION ACTIVITY
[Joint estimates of the Departments of Commerce and Labor. Seasonally adjusted. In millions of dollars]
Public
Private
Year or month
Industrial
Com- Public
mercial utility
Other
nonresidential
1,397
972
1,062
2,117
2,320
2,229
2,030
2,399
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
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
3,344
3,670
5,160
5,839
6,097
6 325
6,009
1,050
1,061
111
108
403
432
43
46
493
475
100
108
103
111
122
128
124
118
116
123
128
467
443
411
438
443
425
408
403
397
403
434
48
48
51
53
60
58
58
58
57
56
55
498
510
495
501
506
519
516
527
536
542
562
Business
Total
Total
Residential
Total
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
1955_Nov..
Dec,
3,601
3,580
2,551
2,519
1,342
1,322
879
870
217
219
273
262
389
389
330
327
1956—Jan....
Feb
Mar...
Apr...
May. .
June. .
July...
Aug...
Sept. ».
Oct.?..
3,619
3,632
3,590
3,687
3,737
3,736
3,726
3,714
3,693
3,661
3,715
2,506
2,523
2,530
,584
,606
,606
,620
,608
,587
2,537
2,536
1,286
1,279
,268
,297
,302
,300
,302
,289
,277
1,227
1,224
899
921
937
954
966
971
976
983
971
962
951
217
221
228
244
263
274
278
279
271
266
263
266
282
290
291
280
274
274
278
275
273
264
416
418
419
419
423
423
424
426
425
423
424
321
323
325
333
338
335
342
336
339
348
361
1948.
1949.
1950.
1951.
1952.
1953.
1954.
1955.
NOV.P.
Preliminary.
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
Total
Military
Highway
Conservation
All
other
1,113
1,109
1,060
1,103
1,131
1,130
1,106
1,106
1,106
1,124
1,179
1363
PRODUCTION
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars]
By type of
ownership
Year or month
By type of construction
Total
Public
Private
Nonresidential building
Residential
building
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
1,127
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—Nov.
Dec.
1,797
1,921
527
730
,269
,190
726
711
178
148
200
197
143
237
142
144
408
483
1956—Jan..
Feb.
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
1,858
1,860
2,382
2,421
2,480
2,198
2,149
2,069
2,025
1,706
1,689
675
598
638
745
714
732
736
620
671
589
582
,183
,262
,744
,677
,766
,466
,412
,449
,354
,117
,107
694
799
1,105
1,144
1,129
826
758
874
764
656
625
158
171
267
196
159
144
152
138
171
126
130
161
183
206
210
217
224
242
184
195
168
212
190
145
226
203
202
192
196
193
185
185
199
153
131
183
213
242
234
258
232
225
196
189
503
430
395
456
531
577
543
448
485
375
335
1948
1949
1950
1951
1952
1953
1954
1955
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]
Month
1955
Total
(11 districts)
Federa Reserve district
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
Aug
Sept
Oct
1,895
2,035
1,863
110
123
114
310
259
298
111
147
123
233
224
221
151
194
210
206
220
219
357
386
310
87
164
106
64
77
52
125
92
86
139
149
124
1956 Aug
Sept
Oct
2,069
2,025
1,706
125
152
110
284
285
309
131
114
81
276
252
190
191
167
160
263
216
203
386
386
320
101
112
95
75
90
53
78
102
73
159
149
113
PERMANENT NONFARM DWELLING UNITS STARTED
1948
1949
1950
1951
1952
1953
1954
1955
Total
932
1 025
1,396
1,091
1,127
1,104
1 220
1,329
1955—Nov
Dec
1956 Jan
Feb
Mar
Apr
89
76
75
78
99
May
June
Julv
Aug
Sept
Oct
114
107
101
Nov
^80
104
Metropolitan
areas
Nonmetropolitan
areas
n.a.
n a.
n.a.
n.a.
n.a.
n.a.
n.a.
na
n.a.
n.a.
n.a.
n.a.
897
976
324
353
65
55
54
58
72
76
78
75
70
71
62
64
55
to to
Year or month
to to
[Bureau of Labor Statistics estimates. In thousands of units]
27
35
36
33
31
33
31
29
26
c
P1 Preliminary.
n.a. Not available.
Corrected.
Represents units started under commitments of FHA or VA to insure or guarantee the mortgage. VA figures after June 1950 and all FHA
Private
Total
914
989
1family
763
792
Multifamily
104
162
159
Total
393
466
686
412
C
421
c
409
C
583
670
FHA
VA
291
361
486
263
c
280
252
C
276
277
102
105
200
149
141
C
157
c
307
393
46
42
34
33
84
94
90
87
80
66
2
2
6
5
1
3
45
38
17
16
28
22
66
69
84
100
101
95
90
93
n.a.
n.a.
n.a.
2
2
3
3
3
3
3
3
n.a.
n.a.
5
6
7
8
7
7
6
8
n.a.
n.a.
n.a.
1
1
2
1
3
36
31
38
46
46
45
43
43
39
40
30
13
13
17
20
20
19
18
19
15
16
12
23
17
21
26
27
26
25
24
24
24
1,151
88
74
74
77
94
110
111
105
99
^80
2_
family
18
36
44
71
58
36
19
20
1,352
1,020
1,069
1,068
1 202
1,310
103
Government-underwritten *
Public
892
939
933
1 077
1,190
46
35
42
40
n.a.
2
1
C
C
18
figures are based on field office reports of first compliance inspections;
earlier VA figures are estimates based on loans-closed information.
1364
EMPLOYMENT
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of the Census estimates, without seasonal adjustment. In thousands of persons]
Civilian labor force
Total noninstitutional
population
Year or month
Total
labor
force
Employed i
Total
Total
In nonagricultural industries
In
agriculture
Unemployed
Not in the
labor force
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
Nov.
Dec
117,864
117,995
70,164
69,538
67,206
66,592
64,807
64,165
57,887
58,281
6,920
5,884
2,398
2,427
47 701
48,457
1956—Jan
Feb
Mar
Apr
M!ay
June
July
Aug
Sept
Oct
Nov
118,080
118,180
118,293
118,367
118 537
118 632
118,762
118,891
119,047
119,198
119,344
68,691
68,396
68,806
69.434
70,711
72,274
72,325
71,787
70,896
70,905
70,560
65,775
65,490
65,913
66,555
67,846
69,430
69,489
68,947
68,069
68,082
67,732
62,891
62,576
63,078
63,990
65,238
66,503
66,655
66,752
66,071
66,174
65,269
57,256
57,107
57,400
57,603
58,092
58,627
58,955
59,487
58,683
59,000
59,076
5,635
5,469
5,678
6.387
7,146
7,876
7,700
7,265
7,388
7,173
6,192
2,885
2,914
2,834
2,564
2 608
2 927
2,833
2,195
1,998
1,909
2,463
49,388
49,784
49,488
48,933
47,826
46,357
46,437
47,105
48,151
48,293
48,783
1948
1949
1950
1951
1952
1953
1954
1955
1955
.
.
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. In thousands of persons]
Total
Manufacturing
Mining
Contract
construction
Transportation and
public
utilities
Trade
Finance
Service
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
916
885
852
777
770
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
9,519
9,513
9,645
10,012
10,281
10,527
10,520
10,803
1,741
1,765
1,824
1,892
1,967
2,038
2,122
2,215
4,925
4,912
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
1955—Nov
Dec
50,745
50,948
16,941
16,975
779
779
2,822
2,827
4,128
4,136
10,953
11,020
2,249
2,254
5,913
5,942
6,960
7 015
1956 Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
51,080
51,127
51,057
51,327
51,454
51,600
51,003
51,702
'51,676
51,869
51,886
16,944
16,879
16,804
16,918
16,909
16,877
16,460
16,890
'16,864
17,027
17,020
777
780
783
798
794
808
750
809
r
814
810
805
2,876
2,924
2,966
3,003
3,055
3,132
3,056
3,076
r
3,O78
3,082
3,078
4,145
4,131
4,127
4,128
4,141
4,164
4,117
4,147
'4,149
4,163
4,151
11,083
11,105
11,027
11,120
11,110
11,162
11,152
11,211
'11,164
11,217
11,232
2,261
2,273
2,276
2,278
2,289
2,297
2,296
2,320
'2,321
2,320
2,320
5,952
5,967
5 979
5,979
5,981
5,999
6,017
6,017
r
6 015
6,014
6,033
7,042
7 068
7 095
7,103
7 175
7,161
7 155
7,232
r
7 271
7,236
7,247
1955—Nov
Dec
51,262
51,996
17,052
17,027
783
783
2,921
2,756
4,139
4,161
11,213
11,849
2,238
2,243
5,883
5,853
7 033
7,324
1956—Jan
Feb
Mar
Apr
May
June.
July
50,284
50,246
50,499
50,848
51,197
51,709
50,896
51,881
'52.261
52,421
52,418
16,842
16,824
16,764
16,769
16,715
16,809
16,291
17,034
'17.121
17,222
17,127
777
780
783
790
786
812
746
817
'818
810
809
2,588
2,588
2,669
2,853
3,040
3,257
3,270
3,353
'3,340
3,298
3,186
4,083
4,083
4,106
4,121
4,138
4,181
4,148
4,178
'4,179
4,174
4.162
10,920
10,819
10,931
10,928
10,985
11,091
11,015
11,047
'11,164
11,288
11,498
2,238
2,250
2,265
2,278
2,289
2,320
2,342
2 355
'2,321
2,308
2,308
5,803
5 818
5,859
5,979
6 041
6,089
6,137
6 137
'6,105
6,044
6,003
7,033
7 084
7,122
7,130
7 203
7,150
6,947
6 960
'7,213
7,277
7,325
Year or month
1948
1949
1950
1951
1952
1953
1954
1955
Federal,
State and
local
government
SEASONALLY ADJUSTED
. . .
WITHOUT SEASONAL ADJUSTMENT
Sent . .
Oct
Nov
r
Revised.
NOTE.—Data include all full- and part-time employees who worked
during, or received pay for, the pay period ending nearest the 15th of the
month. Proprietors, self-employed persons, domestic servants, unpaid
family workers, and members of the armed forces are excluded. Figures
for November 1956 are preliminary. Back data may be obtained from the
Bureau of Labor Statistics.
1365
EMPLOYMENT AND EARNINGS
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
[Bureau of Labor Statistics. In thousands of persons]
Seasonally adjusted
1955
Industry group
Without seasonal adjustment
1956
Nov.
Sept.
Oct.
1955
1956
Nov.
Sept.
Oct.
Nov.
13,379
13,080
13,256
13,230
13,487
'13,335
13,448
13,338
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
7,781
89
675
319
475
1,133
923
'7,571
'82
'658
'319
7,720
81
646
316
478
1,132
906
1,293
907
1,319
237
405
7,746
81
626
308
476
1.135
908
1,286
905
1,385
238
398
7,829
89
685
327
480
1,133
932
1,225
866
1,446
230
418
'7,583
'82
'681
'321
'478
'1,126
'885
'1.262
'891
'1,205
'235
'415
7,758
81
665
322
485
1.132
911
1.267
916
1.319
238
423
7,795
81
635
316
481
1,135
917
1,273
919
1,385
239
414
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
5,598
1,116
95
988
1,114
461
542
552
173
225
332
5,536
1,119
93
952
5,484
1,098
91
941
1.073
465
558
547
175
205
331
5,658
1139
139
104
998
120
466
547
555
172
228
330
'5,752
'1,312
'113
'949
'1,079
'470
'557
553
'176
'215
'329
5,690
1,222
112
952
1,092
470
562
556
175
221
329
5,543
1,122
99
950
1,078
470
564
550
174
208
329
Total
1,237
853
1,446
229
402
'471
'1,126
'885
'1,294
'891
'1,205
'235
'405
'5,509
'1,116
'94
'954
'1,058
'463
'557
550
'174
1,076
465
556
550
175
219
331
'214
'329
r
Revised.
NOTE.—Data cover production and related workers only (full- and parttime) who worked during, or received pay for, the pay period ending
nearest the 15th of the month. Figures for November 1956 are preliminary. Back data may be obtained from the Bureau of Labor Statistics.
HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Bureau of Labor Statistics. In unit indicated]
Average weekly earnings
(dollars per week)
Average hours worked
(per week)
Average hourly earnings
(dollars per hour)
Industry group
Nov.
Sept.
Oct.
1956
1955
1956
1955
1956
1955
Nov.
Nov.
Sept.
Oct.
Nov.
Nov.
Sept.
Oct.
Nov.
Total
79.52
82.42
41.2
40.7
40.7
40.6
1.93
2.00
2.02
2.03
Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation and equipment
Instruments and related products
Miscellaneous manufacturing industries.
85.69
86.73
68.28
69.30
79.04
96.10
85.06
91.16
79.46
98.21
80.51
69.46
'88.60
'93.88
'74.44
'70.62
'80.97
100.12
'87.99
'94.95
'83.02
'97.
'83.64
'70.53
89.23 89.64
95.40 96.70
73.03 69.65
71.55 69.14
81.97 81.99
98.74 99.87
89.03 87.34
94.73 94.47
83.64 83.43
99.96 104.59
84.05 83.64
72.22 71.69
41.8
41.3
40.4
42.0
41.6
41.6
41.9
42.4
41.6
42.7
41.5
41.1
41.4
'42.1
'40.9
'41.3
'41.1
41.2
'41.7
'42.2
'41.1
'41.3
'41.0
'40.3
41.5
42.4
40.8
41.6
41.4
40.8
41.8
42.1
41.2
42.0
41.0
40.8
41.5
42.6
39.8
40.2
41.2
41.1
41.2
41.8
41.1
43.4
40.8
40.5
2.05
2.10
1.69
1.65
1.90
2.31
2.03
2.15
1.91
2.30
1.94
1.69
'2.14
'2.23
'1.82
1.71
1.97
'2.43
2.11
2.25
'2.02
'2.37
2.04
'1.75
2.15
2.25
1.79
1.72
1.98
2.42
2.13
2.25
2.03
2.38
2.05
1.77
2.16
2.27
1.75
1.72
1.99
2.43
2.12
2.26
2.03
2.41
2.05
1.77
Nondurable goods
70.12
Food and kindred products
74.70
Tobacco manufactures
50.81
Textile-mill products
58.50
Apparel and other finished products
50.32
Paper and allied products
81.35
Printing, publishing and allied products. . 92.28
Chemicals and allied products
85.07
Products of petroleum and coal
98.81
Rubber products
92.01
Leather and leather products
54.58
'72.44
'76.80
'56.30
'56.99
'52 92
'84!71
'95.94
'88.18
r
108.00
'89.51
'55.72
72.83 72.71
76.22 76.19
54.25 55.15
59.60 60.15
54.02 52.33
85.14 85.17
96.04 94.92
87.34 87.97
105.11 108.16
90.17 89.28
55.94 56.00
40.3
41.5
38.2
41.2
37.0
43.5
39.1
41.7
41.0
42.4
37.9
'39.8
'42.2
'40.9
'39.3
'36.0
'43.0
39.0
'41.4
'41.7
'40.5
'36.9
39.8
41.2
39.6
40.0
36.5
43.0
39.2
41.2
40.9
40.8
36.8
39.3
40.1
38.3
40.1
35.6
42.8
38.9
41.3
41.6
40.4
36.6
1.74
1.80
1.33
1.42
1.36
1.87
2.36
2.04
2.41
2.17
1.44
1.82
'1.82
'1.37
1.45
1.47
'1.97
'2.46
'2.13
'2.59
2.21
'1.51
1.83
1.85
1.37
1.49
1.48
1.98
2.45
2.12
2.57
2.21
1.52
1.85
1.90
1.44
1.50
1.47
1.99
2.44
2.13
2.60
2.21
1.53
81.40 82.21
' Revised.
NOTE.—Data are for production and related workers.
Figures for
November 1956 are preliminary.
Bureau of Labor Statistics.
Back data are available from the
1366
DEPARTMENT STORES
DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS
[Federal Reserve indexes, based on retail value figures. 1947-49 average = 100]
Federal Reserve district
Year or month
United
States
Minne- Kansas Dallas
apolis
City
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
122
124
125
109
110
110
125
124
124
r
141
136
147
'127
125
123
120
112
124
117
120
124
123
126
127
117
127
123
129
123
129
119
135
129
127
119
116
108
112
112
112
114
113
116
129
98
123
117
126
124
125
124
130
128
123
144
139
144
144
145
143
152
148
r
139
134
129
124
128
131
122
126
132
131
131
130
125
147
204
135
149
208
126
126
180
131
142
211
M49
155
247
113
114
146
136
143
131
128
140
152
150
91
87
109
110
119
121
97
113
132
123
95
96
116
115
129
117
104
118
130
131
83
84
95
109
113
105
91
111
137
113
93
92
112
117
124
119
107
124
128
129
114
111
134
132
143
130
129
138
r
139
142
100
97
110
117
120
120
115
126
128
131
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
l54
154
157
156
159
156
120
123
127
130
130
133
125
128132
r
161
163
159
157
156
162
159
164
169
158
164
162
165
160
162
161
166
167
p
ll4
131
128
131
130
131
132
133
131
134
139
138
133
137
135
138
139
136
134
137
133
132
130
128
126
128
127
132
128
139
148
148
148
145
143
144
144
149
148
^150
170
167
131
170
180
137
137
142
115
145
147
120
136
142
118
r
144
152
164
168
165
158
155
167
175
146
162
169
172
161
152
151
163
174
"189
118
124
130
134
131
123
124
129
H8
153
121
131
141
144
135
127
128
136
145
153
122
127
134
133
128
121
124
128
114
151
133
143
153
151
145
138
138
148
153
^162
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
122
122
123
114
116
114
109
110
110
120
121
122
120
118
119
133
134
132
148
142
147
119
121
121
124
118
122
122
122
124
128
128
129
^122
111
111
102
111
112
114
116
118
117
114
114
105
107
104
110
115
116
117
120
112
120
118
116
121
121
125
119
124
127
118
117
116
116
120
118
118
128
121
127
118
138
129
137
131
135
134
140
145
140
147
143
143
144
146
147
160
156
157
144
1955—Oct
Nov
Dec
128
148
212
115
141
206
116
139
194
126
159
213
125
147
205
141
164
237
154
165
255
1956—Jan
Feb
Mar
Apr
95
92
111
113
121
119
101
113
131
P127
87
84
91
106
112
114
84
95
125
115
90
85
98
97
108
111
83
90
122
120
90
91
111
109
120
117
88
100
131
124
91
90
106
109
114
113
98
110
127
122
95
96
125
122
136
128
111
122
144
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
107
100
106
128
111
118
114
117
SALESi
1948
1949
1950
1951
1952
1953
1954
1955
SEASONALLY ADJUSTED
1955—Oct
Nov
Dec
1956—Jan
Feb
Mar
Apr . .
May
June.
July
Aus
Sept
Oct
r
r
Ul
WITHOUT SEASONAL ADJUSTMENT
June
July
Aus
Sept
Oct
r
r
P\44
r
r
127
145
217
STOCKS i
1948
1949
1950
1951....
1952
1953
1954
1955
.. ..
SEASONALLY ADJUSTED
1955 —Oct
Nov
Dec
r
130
131
134
123
123
126
117
119
121
126
128
131
119
119
124
1956—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
137
138
135
136
134
137
138
141
139
^142
124
128
127
128
128
132
132
132
132
131
122
124
122
124
123
126
127
127
123
129
132
131
130
131
129
132
132
135
135
133
123
124
122
123
121
124
125
127
126
129
1955_Oct
Ndv
Dec
145
148
119
139
144
117
1956—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
123
131
139
142
139
131
130
138
145
^159
113
120
129
133
132
123
118
128
136
148
r
(A0
142
143
r
151
149
159
r
158
158
156
154
154
155
157
159
156
149
146
142
143
138
142
143
154
148
v\41
167
165
143
r
l36
137
141
WITHOUT SEASONAL ADJUSTMENT
131
136
110
r
l45
147
116
133
135
110
108
116
125
130
127
119
116
124
115
126
134
140
134
124
119
130
r
!42
153
110
119
126
129
126
118
115
123
H2
144
r
no
144
r
P Preliminary.
Revised.
1
Figures for sales are the average per trading day, while those for stocks
are as of the end of the month or averages of monthly data.
r
P\92
151
157
129
r
140
153
162
162
155
144
149
158
1f,6
155
151
118
131
136
142
149
148
143
142
148
2*167
NOTE.—For description and monthly indexes for back years, S2e
BULLETIN for December 1951, pp. 1463-1515.
1367
DEPARTMENT STORES; FOREIGN TRADE
DEPARTMENT STORE MERCHANDISING DATA
[Based on retail value figures]
Ratios to sales 4
Amounts (In millions of dollars)
Sales i
(total
for
month)
Period
Stocks i
(end
of
month)
Outstanding
orders i
(end of
month)
Receipts 2
(total
for
month)
New
orders 3
(total
for
month)
Stocks
Outstan dorders
Stocks
plus
outstanding
orders
Receipts
Annual average:
381
361
376
391
397
406
409
435
979
925
1,012
1,202
1,097
1,163
1,140
1,189
494
373
495
460
435
421
388
445
386
358
391
390
397
408
410
441
363
358
401
379
401
401
412
446
2.7
2.7
2.8
3.2
2.9
3.0
3.0
2.9
1.4
1.1
1.4
1.3
1.2
1.1
1.0
1.1
4.1
3.8
4.2
4.4
4.1
4.1
4.0
4.0
1.0
1.0
1.1
1.0
1.0
1.0
1.0
1.0
1955—Oct..
Nov.
Dec,
'477
546
817
'1,361
1,415
1,139
'582
487
357
'585
611
541
'590
517
411
2.9
2.6
1.4
1.2
0.9
0.4
1956— Jan..
Feb.
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct.?
348
332
429
385
438
417
337
412
444
484
1,133
1,205
1,271
1,314
1,275
1,187
1,173
1,253
1,335
1,475
435
450
401
336
338
501
587
573
598
587
342
404
495
428
399
329
323
492
526
624
420
419
446
363
401
492
409
478
551
613
3.3
3.6
3.0
3.4
2.9
2.8
3.5
3.0
3.0
3.0
1.3
1.4
0.9
0.9
0.8
1.2
1.7
1.4
1.3
1.2
4.1
3.5
1.8
4.5
5.0
3.9
4.3
3.7
4.0
5.2
4.4
4.4
4.3
1.2
1.1
0.7
1.0
1.2
1.2
1.1
0.9
0.8
1.0
1.2
1.2
1.3
1948
1949
1950
1951
1952
1953
1954
1955
Month:
p
3
4
Preliminary.
' Revised.
1 These figures are not estimates for all department stores in the United
States. They are the actual dollar amounts reported by a group of department stores located in various cities throughout the country. In 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.
Derived from receipts and reported figures on outstanding orders.
The first three ratios are of stocks and /or orders at the end of the
month to sales during the month. The final ratio is based on totals of
sales and receipts for the month.
NOTE.—For description and monthly figures for back years, see BULLETIN for October 1952, pp. 1098-1102.
xMERCHANDISE EXPORTS AND IMPORTS
[Bureau of the Census.
In millions of dollars]
Merchandise exports 1
Period
Jan
1.093
,168
218
,344
,264
325
,319
,269
,236
,256
,396
' 1,282
402
May
. .
Nov
Dec.
Jan -Oct
Preliminary.
'1 Revised.
Exports of domestic and foreign merchandise.
1956
,126
,426
Mar
Apr
v
1955
183
Feb
June
July
Aug
Sept
Oct
1954
,475
,290
,156
,115
,270
252
321
.320
.405
12.536
12,815
1 360
1,581
1,512
I 716
,689
r
,619
r
r
V
524
,519
.656
*>15,458
Merchandise exports excluding
military-aid shipments 2
1954
1955
923
999
923
1,259
1 137
1,115
1,023
1,166
1 167
1,222
1,083
1 143
1,252
1, 170
1 194
1,191
1,142
1,108
1,157
1,277
1 249
1,321
10,463
11,717
956
962
Merchandise imports 3
1956
1954
1955
1956
' 1,200
833
809
865
957
871
850
1,019
871
521
829
959
,491
,288
372
,419
.554
947
822
937
885
'1,073
1 051
1,102
'991
1 093
1,033
1 051
'1 050
I 270
' 1,477
1,400
r
r
V
3
^13,992
961
946
825
780
767
840
943
1,011
1 065
1,008
^1,120
8,434
9,310
»10,557
993
2
Department of Defense shipments of grant-aid military equipment
md3 supplies under the Mutual Security Program.
imports including
General imp
o .imports for immediate consumption plus
entries into bonded warehouses.
1368
PRICES
CONSUMER PRICES
[Bureau of Labor Statistics index for city wage-earner and clerical-worker families.
1947-49= 100]
Housing
All
items
Year or month
Foods
Total
1929
1933
1941
1945
. ...
1948
1949
1950
1951
1952
1953
1954
1955
*
1955
Oct
Nov
Dec
.
1956 Jan
Feb
Mar
Apr
Mav
June
July
Aug
Sept
Oct
.
. .
Gas
and
electricity
Rent
Solid
fuels
and
fuel oil
Apparel
House- Housefurhold
nish- operaings
tion
Transportation
Medical
care
Personal
care
and
recreation
Other
goods
and
sevices
Reading
73.3
55.3
62.9
76.9
65.6
41.6
52.2
68.9
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
103.5
99.4
98.1
106.9
105.8
104.8
104 3
103.7
100.9
108.5
111.3
118.4
126.2
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
114.9
115.0
114.7
110.8
109 8
109.5
120.8
120.9
120.8
130.8
130.9
131.1
111.2
111.5
111.5
126.3
126 7
128.0
104.4
104 5
103.4
120.1
120.5
120.7
104.6
104.7
104.7
126.6
128.5
127.3
128.7
129.8
130.2
117.0
117 5
117.9
106.7
106.8
106.8
120.6
120.6
120.6
114.6
114.6
114.7
114.9
115.4
116.2
117.0
116.8
117.1
117.7
109.2
108.8
109.0
109.6
111.0
113.2
114.8
113.1
113.1
113.1
120.6
120.7
120.7
120.8
120.9
121.4
121.8
122.2
122.5
122.8
131.4
131.5
131.6
131.7
132.2
132.5
133.2
133.2
133.4
133.4
111.7
111.7
111.7
111.8
111 8
111.7
111.7
112.1
112.2
112.0
129.5
130.0
130.6
129.7
127.9
128.4
128.7
129.5
130.5
132.9
102.0
102.5
103.1
102.7
102.6
102.8
102.8
102.6
103.3
103.6
121.2
121.4
121.6
122.1
122.4
122.6
123.0
123.4
123.7
124.2
104.1
104.6
104.8
104.8
104.8
104.8
105.3
105.5
106.5
106.8
126.8
126.9
126.7
126.4
127.1
126.8
127.7
128.5
128.6
132.6
130.7
130.9
131.4
131.6
131.9
132.0
132.7
133.3
134.0
134.1
118.5
118.9
119.2
119.5
119.6
119.9
120.1
120. ^
120.5
120.8
107.3
107.5
107.7
108.2
108.2
107.6
107.7
107.9
108.4
108.5
120.8
120.9
121.2
121.4
121.5
121.8
122.2
122.1
122.7
123.0
117.4
83 6
88.4
90.9
60.3
45 9
55.6
76.3
NOTE.—Revised indexes, reflecting, beginning January 1953, the inclusion of new series (i.e. home purchases and used automobiles) and re-
vised weights. Prior to January 1953, indexes are based on the "interim
adjusted" and "old" indexes, converted to the base 1947-49= 100.
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Bureau of Labor Statistics index.
1947-49= 100]
Other commodities
All
com- Farm Processed
modi- products foods
ties
Year or
month
1948
1949
1950
1951
1952
1953
1954
1955
.
...
1955
Nov
Dec
1956
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
r
.
Revised.
.
Hides,
skins,
and
leather
products
Fuel,
power,
and
lighting
materials
Ma- FurniToChem- Rub- Lum- Pulp, Metals chin- ture Nonme- bacco
and
icals
ber
paper,
ery
and
tallic mfrs. Misber
other
and
and
and
and
minand cellaallied and wood allied metal
mo- house- erals—
neous
hold struc- bottled
prod- prodprod- prod- prodtive
ucts
bevucts
ucts
ucts
ucts
prod- dura- tural erages
bles
ucts
104.4 107.3 106.1 103.4 104.4 102.1 107.1 103.8 102.1 107.2 102.9
99.2 92.8 95.7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5
103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9
114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6
111.6 107.0 108 8 113.2 99.8 97 2 106.6 104.5 134.0 120.3 116.5
110.1 97.0 104.6 114.0 97.3 98.5 109.5 105.7 125.0 120.2 116.1
110.3 95.6 105.3 114.5 95.2 94.2 108.1 107.0 126.9 118.0 116.3
110.7 89.6 101.7 117.0 95.3 93.8 107.9 106.6 143.8 123.6 119.3
111.6
111.2
111.3
Oct
Total
Textile
products
and
apparel
111.9
112.4
112.8
113.6
114.4
114.2
114.0
114.7
r
115.5
115.5
86.8 100.2 119.0
84.1 98.8 119.4
82.9 98.2 119.8
95.4
95.6
95.6
120.4
120.6
121.0
121.6
121.7
121.5
121.4
122.5
r
l23.1
123.6
95.7
96.0
95.9
95.1
94.9
94.9
94.9
94.8
94.8
95.4
84.1
86.0
86.6
88.0
90.9
91.2
90.0
89.1
r
90.1
88.4
98.3
99.0
99.2
100 4
102.4
102 3
102.2
102.6
104.0
103.6
103.9
104.8
110.3
122.8
123.0
126.9
128.0
136.6
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
95.3 108.0 106.5 147.8 125.4 122.8 142.4 131.4 116.9 126.8 121.7
96.4 108.6 106.6 150.6 125.0 123.2 142.9 132 5 117.2 125 2 121.7
96.7 109.3 106.6 151.0 125.1 123.6 143.9 133.0 117.3 125.4 121.7
91.5
88.0
88.8
96.7
97.1
97.7
100 6
100.0
100 2
100.1
100.0
100.2
99.6
111.0
111.2
110.9
110.6
110.8
110.5
110.7
110.9
r
lll.l
111.6
106.3
106.4
106.5
106.9
106.9
107.1
107.3
107.3
107.1
107.7
148.4
147.1
146.2
145.0
143.5
142.8
143.3
146.9
r
145.7
145.8
126.3
126.7
128.0
128.5
128.0
127.3
126.6
125.2
r
123.6
122.0
124.8
125.4
126.8
127.4
127.3
127.4
127.7
127.9
r
127.9
128.0
145.1
145.1
146.5
147.7
146.8
145.8
r
144.9
150.2
r
151.9
152.1
100.9
106.6
108.6
119.0
121 5
123.0
124.6
128.4
133.3
133.9
134.7
135 7
136.5
136 8
136.9
137.7
r
139.7
140.9
101.4
103.1
105.3
114.1
112.0
114.2
115.4
115.9
118.0
118.2
118.1
118.0
118.0
118.1
r
118.3
119.1
119.7
120.6
101.7
104.4
106.9
113.6
113.6
118.2
120.9
124.2
127.0
127 1
127.9
128 6
128.6
128 9
130.6
130.8
131.1
131.5
121.7
121.7
121.7
121.7
121.6
121 6
121.7
122.5
122.8
123.1
89.6
88.7
88.2
92 1
96.1
92 9
91.3
91.1
r
89.9
89.2
1369
PRICES
WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued
[Bureau of Labor Statistics index, 1947-49= 100]
1955
Subgroup
1956
Oct.
Aug.
Sept.
92.9
82.4
71.8
99.1
95.1
92.6
75.9
145.4
94.8
88.8
76.0
98.2
95.1
77.7
80.1
151.1
95.3
90.7
75.7
98.4
r
96.1
91.2
'76.5
152.9
114.8
81.6
105.0
107.4
110.0
183.8
98.3
114.5
85.1
108.9
107.3
109.8
196.1
96.1
'114.6
89.3
r
109.7
r
106.8
110.0
201.5
95.9
92.8
102.8
86.1
123.7
98.7
71.6
91.9
103.4
80.3
121.0
99.7
72.2
91.5
103.9
80.4
120.1
99.7
74.7
92.7
105.6
80.9
123.6
99.7
75.3
62.3
86.1
H3.5
96.0
60.4
90.9
120.5
98.9
63.3
90.8
120.5
r
98.5
108.7
138.8
109.3
94.3
114.2
113.8
152.9
109.4
94.9
118.3
114.4
156.3
110.3
94.9
118.4
57.8
90.8 Furniture and Other Household Dura120.7
bles:
98.2
Household furniture...
Commercial furniture.
Floor covering
Household appliances.
120.9
156.3
Radio
110.3
Television.
94.9
Other household durable goods.,
118.3
Nonmetallic Minerals—Structural:
118.9
115.0
97.4
92.3
58.2
108.5
112.3
104.5
122.1
119.1
98.3
92.2
53.8
109.7
106.0
103.8
121.9
119.1
97.9
r
91.9
55.4
109.6
104.5
103.4
Flat glass
Concrete ingredients
122.6
Concrete products
122.6
Structural clay products
98.8
Gypsum products
91.9
Prepared asphalt roofing....
55.8
Other nonmetallic minerals.
109.5
104.1
103.6 Tobacco Manufacturers and Bottled
Beverages:
165.0
147.2
137.9
149.9
153.4
138.0
142.2
153.4
'139.1
141.9
153.4
139.5
126.8
128.2
106.1
127.1
129.5
99.2
-125.2
129.2
99.2
123.6
128.6
96.1
114.2
120.3
131.2
118.0
112.1
138.2
118.0
97.5
-138.9
118.0
92.5
138.9
Farm Products:
Fresh and dried produce.
Grains
Livestock and poultry...
Plant and animal fibers...
Fluid milk
,
Eggs
Hay and seeds
Other farm products
Processed Foods:
Cereal and bakery products
Meats, poultry, and fish
Dairy products and ice cream
Canned, frozen fruits, and vegetables,
Sugar and confectionery
Packaged beverage materials
Other processed foods
1955
Oct.
Pulp, Paper, and Allied ProductsContinued:
97.6
84.0
Paperboard
73.0
Converted paper and paperboard . . .
100.0
Building paper and board
97.3
87.4 Metals and Metal Products:
78.6
Iron and steel
149.9
Nonferrous metals
Metal containers
Hardware
115.1
Plumbing equipment
85.7
Heating equipment
110.9
Fabricated structural metal products
106.4
Fabricated
nonstructural
metal
110.8
products
201.6
95.3 Machinery and Motive Products:
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.
Fuel, Power, and Lighting Materials:
Coal
Coke
Gas
Electricity
Petroleum and products.
Chemicals and Allied Products:
Industrial chemicals
Prepared paint
Paint materials
Drugs, Pharmaceuticals, cosmetics. .
Fats and oils, inedible
Mixed fertilizers
Fertilizer materials
Other chemicals and products
Rubber and products:
Crude rubber
Tires and tubes
,
Other rubber products.
Lumber and Wood Products:
Lumber. .
Millwork.
Plywood..
Pulp, Paper, and A Hied Products:
Woodpulp. .
Wastepaper.
Paper
r
Revised.
Subgroup
Agricultural machinery and equipment
Construction machinery and equipment
Metal working machinery
,
General purpose machinery and
equipment
Miscellaneous machinery
,
Electrical machinery and equipment
,
Motor vehicles
Cigarettes
Cigars
Other tobacco products.
Alcoholic beverages
Nonalcoholic beverages.
1956
Oct.
Aug.
Sept.
Oct.
129.7
118.9
133.3
136.4
123.7
138.1
136.3
123.8
138.1
136.3
124.2
138.1
145.7
153.9
132.8
151.3
129.4
117.3
127.4
159.4
155.4
141.9
158.2
134.1
119.1
134.2
161.5
154.8
143.4
158.8
133.9
121.0
"137.1
161.1
154.0
143.4
159.8
133.9
121.7
137.1
131.3
133.5
136.9
141.0
126.7
126.9
127.4
128.5
142.1
149.4
157.1
151.5
159.6
151.6
138.9
154.4
160.7
142.0
129.4
143.2
130.7
147.2
138.6
133.1
152.6
139.8
130.7
124.7
149.1
137.2
138.0
129.1
115.6
137.1
128.7
106.1
89.5
69.5
135.5
119.5
145.9
131.6
105.0
91.0
69.6
139.7
120.4
146.8
131.9
105.5
91.0
70.1
140.2
120.9
146.8
131.8
106.3
91.1
70.3
143.1
133.0
125.6
120.2
144.3
122.1
114.4
122.8
135.7
130.7
123.4
150.1
127.1
117.5
123.8
135.7
130.7
124.8
150.1
127.1
117.5
123.6
135.7
131.6
125.0
150.1
127.1
117.5
124.3
124.0
104.2
122.5
114.7
148.1
124.0
104.2
122.5
116.2
148.4
124.0
104.2
122.5
116.9
148.4
124.0
104.2
122.5
117.2
148.7
113.8
74.7
91.0
104.3
122.3
116.3
72.1
95.8
104.8
124.7
116.6
69.6
'96.5
104.8
124.8
116.7
68.2
96.5
105.2
124.8
Miscellaneous:
Toys, sporting goods, small arms. .
Manufactured animal feeds
Notions and accessories
Jewelry, watches, photo equipment.
Other miscellaneous
1370
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
1933
1941
1950
1951
1952
1953
1954
1956
1955
1
104.4
Gross national product
56.0 125.8 285.1 328.2 345.4 363.2 360.7 390.9 396.8 401.9 403.4 408.3
8 6
7.2
9.0
20.5
23.5
23.9
26.5
31.7
32.2
7.1
.7
.9
11.3
.5
.4
23.7
.8
.2
25.6
1.0
1.3
28.1
1.2
2.0
30.2
1.4
2.6
28.8
30.2
1.4
1.8
31.3
7.0
.6
.3
32.5
1.4
32.8
1.4
2.7
33.4
1.4
-.1
.0
.1
.2
.2
-.1
-.4
-.2
.3
.1
Less: Capital consumption allowances
Indirect business tax and related liabilities
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of government enterprizes
Equals: National income
87.8
2
32.9
33.6
33.7
1.4
1.1
34.1
1.4
1.1
.7
.7
.6
.2
40.2 104.7 240.0 277.0 290.2 302.1 298.3 324.0 328.3
334.4
41.6 43.4
11.3 11.4
334.9 338.7
Less: Corporate profits and inventory valuation adjustment
Contributions for social insurance
Excess of wage accruals over disbursements
Plus: Government transfer payments
Net interest paid by government
Dividends
Business transfer payments
10.1 - 2
.2
.0
.9
1.0
5.8
.6
14.5
2.8
35.
6.9
39.9
8.2
36.9
8.6
36.0
8.7
.0
2.6
1.3
4.5
.5
.0
14.3
4.7
9.2
.8
.1
11.6
4.8
9.
1.0
.0
12.0
4.9
9.0
1.2
-.1
12.9
5.0
9.3
1.4
Equals: Personal income
85.8
96.3 227.1 255.3 271.8 286.0 287.3 306.1 309.6 314.6 317.5 322.9 326.9
Less: Personal tax and related
Federal
payments....
State and local
2.6
1.3
1.4
3.3
2.0
1.3
83.1
Equals: Disposable personal income
93.0 206.1
79.0
Less: Personal consumption expenditures...
4.2
20.9
18.2
2.7
81.9 194.0
-.6
11.1
12.1
Equals: Personal saving
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
32.9
9.7
.0
15.0
5.2
10.0
1.4
32.9
29.1
3.8
254.4
236.5
17.9
40.9
11.1
.0
16.1
5.2
11.2
1.4
35.5
31.3
4.2
-.6
16.0
5.2
11.0
1.4
35.9
31.7
4.2
.0
16.3
5.3
12.1
1.4
40.9
12.1
39.8
12.3
n.a.
12.7
.0
16.9
5.4
11.8
1.4
.0
17.3
5.5
12.2
1.4
.0
17.2
5.6
12.3
1.4
55.51 37.3
32.0 32. v
4.3
4.4
38.1
33.6
4.4
38.8
34.1
4.6
270.6i 273.8 278.4 280.2 284.9 288.2
254.0 257.8 259.5 261.7 263.7 266.8
16.6 (
15.91
18.8
18.6
21.2
21.4
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
[Department of Commerce estimates. In billions of dollars]
Seasonally adjusted annual rates
by quarters
Annual totals
Item
1955
1929
1933
1941
1950
1951
1952
1953
1954
3
Compensation of employees
•
.
.. •
Private
Military
Government civilian
Supplements to wages and salaries
Proprietors' and rental income2
Business and professional
Farm
Rental income of persons
Corporate profits and inventory valuation
adjustment
Corporate profits before tax
Corporate profits tax liability
. .
Corporate profits after tax
Net interest
1
2
40.2 104.7 240.0 277.0 290.2 302.1 298.3 324.0 328.3 334.4 334.9 338.7
51.1
50.4
45.5
29.5
29.0
23.9
.3
4.6
.3
4.9
20.2
8.8
6.0
5.4
7.6
3.2
2.4
2.0
.5
20.9
10.9
6.5
3.5
44.6
22.9
13.3
8.5
49.9
24.8
16 0
9.1
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
6.4
3
n.a.
64.8 154.3 180.4 195.1 208.1 206.9 223.2 226.8 230.3 233.0 237.2 240.4
62.1 146.5 170.9 184.9 197.3 195.5 210.4 213.6 217.0 219.4 223.5 226.2
51.9 124.3 142.1 152.0 163.5 161.2 174.5 177.5 180.5 182.5 186.2 188.3
9.8
9.5
5.0
9.8
9.7
9.6
8.7
9.5
1.9
10.5 10.3 10.0
8.3
17.2 20 1 22.5 23.5 24.4 26.1 26.4 26.8 27.3 27 8 28.5
2.7
7.8
9.5 10.2 10.8 11.4 12.8 13.2 13.3 13.6 13.8 14.2
5.0
n.a. Not available.
1
Includes employee contributions to social insurance funds.
4
87.8
.7
. . . .
1956
1955
4.5
5.9
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
49.9
28.9
11.3
9.7
50.7
29.5
11 6
9.7
32.9 40.9 41.6 43.4 40.9 39.8
33.2 42.7
43.5 46.4 43.7
42.9
16.8 21.5 22.0 23.4 22.1 21.7
16.4 21.1 21.5 23.0 21.6 21.3
- . 3 -1.7 -1.9 -3.0 -2.8 -3.1
n.a.
n.a.
n.a.
n.a.
- .8
11 7
12.0
9.7
10.8
49.0
27.7
11.3
10.0
11.0
49.3
28.0
11.4
9.8
11.3
49.5
28.2
11.5
9.8
11.5
Includes noncorporate inventory valuation adjustment.
1371
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
1955
1929
Gross national product
1933
104 4
Persona) consumption expenditures
Durable goods
Nondurable goods
Services
79 0
9 2
37 7
32.1
Gross private domestic
investment
New constructioni
Residential, nonfarm
Other
Producers' durable equipment
Change in business i n v e n t o r i e s . . . . . . . .
Nonfarm only
16 2
3
5
5
1
7
6
1
9
7
Government purchases of goods
services
Federal
National security
Other
Less: Government sales 2
State and local
r
1
1 4
/ 4
10
1 6
1 6
- 1.4
8.0
2.0
2.0
.0
6.0
1952
1953
1954
1956
1955
285.1 328.2 345.4 363.2 360.7 390.9
403.4* 408.3 413.8
0 208 3 218.3 230.5 236.5 254.0
6 27 1 26.6 29.8 29 4 35.7
4; 111 1 116.1 119.1 120.9 126.2
0j 70 1 75.6 81.7 86.3 92.1
261.7! 263.7 266.8
34.8! 33.4 33.0
13O.5| 132.3 134.0
96.4; 98.0 99.7
18 11
6 6\
3 51
3.1
6.9
4 5!
4 0
1.1
and
8.5
1.3
1.3
.0
7.2
1951
1950
56 Oi 125 81
46 4 81 9
3 5
9 7
22 3 4 3 , 2
20 7 29 0
.2
Net foreign investment
1941
24 8
16.9
13.8
3.2
.0
7.8
194
28
100
65
56 9
23 3
11.0
12.4
23.2
10.4
9.0
49.8
23.7
11.1
12.6
23.
3.0
2.1
-2.2
.2
-.2
-2.0
-.4
-.5
42.0 62.8
22 1\ 41.0
18.5! 37.3
3.9
4.2
3
.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
76.5
48.9
43.0
6.3
.4
27.6
76.8
46.7
41.2
5.9
.4
30.
Revised.
Includes expenditures for crude petrolum and natural gas drilling.
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
92.9
60.6
32.7
16.6
16.1
23.7
4.2
3.8
51 2
22 7
12 6
10
21
7.4
6.4
63.li
32.6
15.3!
17.3.'
26.4:
4.1i
4.2!
r
64.7
33 6
\8.0
27.5
3.5
3.9
65.1
33.6
15.5
18.1
29.5
2.0
2.4
1.2
1.7
78.7
46.1
40.7
5.8
.4
32.6
80.2
47.2
41.9
5.7
.4
33.0
r
.2
78.5
46.4
40.5
6.3
.4
32.1
2
Consists of sales abroad and domestic sales of surplus consumption
goods and materials.
PERSONAL INCOME
[Department of Commerce estimates.
In billions of dollars]
Wage and salary disbursements
Year or month 1
1929
1933
1941
1950
1951
1952
1953
1954
1955 .
1955—Oct
Nov
Dec
1956
Jan
Feb
Mar
Apr
May
June
July
Aug . .
Sept p
Oct
p
Persona]
income
Total
Commodity Distributive
produc- indusing intries
dustries
Government
85.8
47.2
96.3
50 4
29 0
62.1
21.5
15.6
8 4
4 9
9.8
27.5
8.8
16.3
5.2
5.1
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
311.6
314.5
317.5
215.3
217.2
218.2
316.7
317.1
318.6
321.7
322.8
324.9
324.3
328.1
328.5
332.6
219.0
218.9
220.3
222.9
223.2
225.2
224.0
227.1
228.5
230.2
Other
labor
income 2
Transfer
payments 4
Less
personal
contriNonbutions agriculfor
tural
social income*
insur-5
ance
.6
A
20 2
7 6
20.9
13 2
8 3
10.3
2.1
1
.2
3.1
.8
3 8
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
5.3
6.0
6 3
7.0
3.8
3.9
4 6
5.2
210.5
235.7
253.1
269.2
271 4
290.9
1 5
77.7
43.6
88.0
8.1
10.2
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
93.3
94.2
94.5
56.7
57.3
57.6
28.9
29.3
29.4
36.4
36.4
36.7
7.2
7.2
7.3
49 1
49.6
49.2
27 9
28.1
30.2
17.4
17.7
18.0
5.3
5.3
5.4
296.9
299.4
302.8
94.8
94.7
95.1
96.8
96.8
97.5
95.9
98.3
99.1
100.3
57.9
57.9
58.4
59.1
59.1
59.9
59.9
60.3
60.5
60.6
29.5
29.5
29 6
29.8
30 0
30.2
30.4
30 6
30.8
31.0
36.8
36.8
37 2
37.2
37.3
37.6
37.8
37 9
38.1
38.3
7.3
7.2
7 2
7.2
7 2
7.3
7.3
7 3
7.3
7.4
49.4
49.7
49 5
49.7
50.1
50.0
50.5
51 0
50.9
51.9
28.5
28.7
28 8
29.1
29 4
29.6
29.7
29 8
30.0
30.2
18.2
18.3
18 5
18.6
18 7
18.6
18.6
18 8
18.7
18.9
5.7
5.7
5 7
5.8
5.8
5.8
5.8
5 9
5.9
6.0
301.6
301.5
304.0
306.8
307.6
310.3
309.4
312.8
313.4
316.8
Preliminary.
1 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
2
Service
industries
DiviProdends
prietors'
and
and
perrental 3 sonal
income interest
income
.7
4.8
3.4
well
as consumer bad debts and other business transfers.
5
Prior to 1952 includes employee contributions only; beginning January
1952, includes also contributions to the old-age and survivors' insurance
program of the self-employed to whom coverage was extended under the
Social Security Act Amendments of 1950. Personal contributions are
not6 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 corporation.
Financial Statistics
* International *
International capital transactions of the United States. .
1374
Gold production..
1378
Net gold purchases and gold stock of the United States. .
1379
Reported gold reserves of central banks and governments. .
1380
Estimated foreign gold reserves and dollar holdings. .
1381
International Bank and Monetary Fund. .
1382
Central banks. .
1382
Money rates in foreign countries. .
1387
Foreign exchange rates. .
1388
Index
1401
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.
1373
1374
ENTL CAPITAL TRANSACTIONS OF THE U. S.
T A B L E 1. S H O R T - T E R M L I A B I L I T I E S T O F O R E I G N E R S R E P O R T E D BY B A N K S I N T H E U N I T E D S T A T E S , BY C O U N T R I E S i
[Amounts outstanding, in millions of dollars]
International
institutions2
JL>ate
Total ~o reign
countries
Official
and
private
France
Germany,
Fed.
Rep.
of
Italy
Switzerland
United
Kingdom
Official
Other
Europe
Total
Europe
Canada
Latin
America
Asia
All
other
1952—Dec. 3 1 . . . .
1953—Dec. 31
1954—Dec. 3 1 . . . .
1.585
,629
1.770
8.961
10,019
11,153
4,654
5,667
6,774
343
429
715
551
899
1,373
309
466
579
642
674
672
818
709
640
1,093
,558
,642
3,755
4,734
5,621
1,421
,296
,536
1.613
1.768
1,906
1,837
1,896
1,825
336
326
265
1955—Oct. 3 1 . . . .
Nov. 30
Dec. 3 1 . . . .
,825
.823
1,881
11,748
11,823
11,722
6,890
6.964
6,956
,017
,069
,081
,424
1,431
,454
813
810
785
703
747
757
645
645
548
1 ,557
,489
,516
6,166
6,190
6,141
,138
,125
,032
1,948
1,946
2,000
2.157
2,217
2,189
340
344
360
1956—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
1,867
1,876
1,894
1,978
2,001
2,007
2,016
1,998
2,005
2,015
11,873
12,000
12,459
12,511
12,534
12,650
12,818
12,999
13,227
13.116
6,989
7,055
7,395
7,339
7,441
7,461
7,443
47,766
7,929
7,960
,066
,035
,123
867
907
877
813
771
754
733
,458
,467
1,487
[,524
1,580
1,638
1,686
1,759
1,805
1,852
785
798
806
812
831
861
864
898
925
936
741
739
733
742
709
737
759
797
812
791
657
679
766
111
753
746
837
654
737
636
,561
,596
,622
,822
,676
,616
,633
,711
,699
,721
6,268
6,314
6,538
6,545
6,456
6,475
6,592
6,591
6,733
6,669
,084
,089
,178
,207
,269
,285
,354
,436
,437
.436
1,952
2,001
2,105
2,165
2,180
2,182
2,195
2,266
2,322
2,279
2,216
2,244
2,283
2,278
2.306
2; 362
2,360
2,391
2,414
2,417
353
353
355
316
323
347
318
315
322
316
Table la.
Other Europe
Netherlands
Norway
Portugal
47
101
113
203
243
249
110
119
103
57
72
91
6
6
8
46
44
49
141
159
176
183
173
164
72
68
79
120
125
132
8
8
45
46
45
49
49
47
50
58
55
56
200
188
183
184
182
165
160
141
150
158
183
183
193
223
227
206
200
180
168
162
63
49
51
52
51
52
54
54
63
57
127
128
133
134
135
124
124
125
132
133
Denmark
Finland
1952 Dec 31
1953—Dec 31
1954_Dec. 31
1 093
,558
,642
91
191
273
124
130
100
70
96
71
29
38
41
1955_Oct. 31
Nov 30
Dec. 31
,557
,489
,516
279
270
261
105
98
108
54
64
60
1956—j a n .
Feb
Mar.
Apr
jVlay
June
July
Aug.
Sept
Oct.
,561
596
,622
822
,676
616
,633
,711
,699
,721
254
253
252
246
242
247
251
266
276
300
113
115
124
123
107
105
108
110
117
118
64
69
71
71
67
68
4*00 NO
31
29
31
30
31
30
31 P
31 P
30^
31^
ON ON ON
Belgium
70
Greece
8
7
7
7
1
Yugo- All
slavia other
Sweden
Turkey
19
36
71
91
117
141
8
14
8
12
7
9
224
388
363
117
112
104
149
149
153
9
9
9
11
9
13
263
200
201
102
103
99
102
96
90
85
75
68
55
154
160
171
167
162
169
188
182
190
202
12
13
10
10
8
7
7
8
14
14
11
9
13
5
8
9
10
9
11
226
273
270
447
334
319
321
431
390
385
RuSpain
mania
000c
Austria
00
Other
Europe
Date
tO ON ON
31
29....
31
30
31
30
31*>...
3\p.. .
30*\. .
31*...
Table lb. Latin America
.—
Latin ArgenAmertina
ica
— -
Bolivia
Brazil
Chils
Colombia
Cuba
Dominican
Republic
Guate- Mexmala
ico
NetherPanlands ama.
West
ReIndies puband
lic of
Surinam
Peru
El
Salvador
Uruguay
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—Oct. 31
Nov. 30
Dec 31
1,948
1,946
2,000
153
153
138
25
24
26
162
149
143
77
75
95
106
120
131
249
255
253
69
66
65
38
41
45
362
379
414
42
42
47
82
87
86
95
92
92
27
22
24
60
63
65
270
261
265
131
117
112
1956—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
1,952
2,001
2,105
2,165
2,180
2,182
2,195
2,266
2,322
2,279
138
143
140
128
120
125
138
136
141
148
28
28
27
27
25
25
28
30
25
24
156
192
215
193
198
217
238
228
259
241
79
80
98
87
91
101
89
93
106
95
133
133
136
147
139
138
133
125
123
126
227
223
238
255
261
263
267
263
271
250
65
65
66
64
65
68
66
66
64
71
51
58
64
67
68
66
64
60
53
52
399
407
419
416
386
358
355
376
396
408
49
49
51
53
56
62
67
68
70
67
81
78
82
89
94
94
98
101
104
104
90
93
92
87
83
80
70
83
82
84
34
43
46
46
44
45
39
31
25
19
69
74
73
74
66
67
71
82
76
72
239
213
224
298
349
331
341
399
405
402
113
124
134
133
136
141
131
125
122
115
31
29
31
30
31
30
31 P
3\P
30^
31°
v Preliminary.
For other footnotes see fo llowing page.
1375
INT'L CAPITAL TRANSACTIONS OF THE U. S.
TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 - 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
Ko-
rea, PhilUnion
BelAus- gian
Reof Other
Other Total tralia
ip- ThaiIsrael Japan pubEgypt South
land
Congo
lic pines
Africa
Indo- Iran
nesia
ofs
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_Oct. 31
Nov. 30
Dec. 31
2,157
2,217
2,189
75
76
75
57
57
55
90
89
73
127
145
174
42
37
37
46
49
53
914
952
901
95
91
88
247
254
252
125
129
138
339
339
343
340
344
360
74
75
75
45
44
42
70
71
72
34
35
53
116
120
119
1956—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
2,216
2,244
2,283
2,278
2,306
2,362
2,360
2,391
2,414
2,417
77
77
76
75
76
79
79
83
85
88
55
56
57
58
55
54
55
59
60
59
70
69
83
75
64
82
81
81
74
61
159
164
155
133
124
117
101
154
158
180
33
23
28
25
32
31
38
32
36
31
57
61
55
48
49
55
56
51
43
38
926
944
964
999
85
83
89
92
92
95
96
98
98
98
261
262
268
274
277
282
275
275
278
281
144
149
151
146
143
141
136
142
142
140
347
355
357
354
380
379
380
361
365
375
353
353
355
316
323
347
318
315
322
316
75
78
76
58
58
79
73
69
71
74
42
42
43
43
40
41
42
47
47
45
71
70
68
65
62
62
54
50
48
46
43
35
43
32
37
30
121
128
124
118
125
135
115
116
122
116
31
29
31
30
31
30
31*....
31 P . . .
30*>
31P. . . .
Table Id.
1,014
1,047
1,063
1,054
1,075
1,065
Supplementary Areas and Countries6
End of year
End of year
Area or country
Area or country
1952
Other Europe:
Albania
Azores
British dependencies.
Bulgaria
Czechoslovakia7
Eastern Germany....
Estonia
Hungary
Iceland
Ireland, Republic of.
Latvia
Lithuania
Luxembourg
Monaco
Poland 7
Trieste
U. S. S. R.7
.2
.3
.4
,6
.6
n.a.
1.9
Other Latin America:
14.6
British dependencies
12.1
Costa Rica
23.7
Ecuador
French West Indies and French Guiana... 2.2
11.6
Haiti
15.4
Honduras
13.4
Nicaragua
5.0
Paraguay
1953 1954
.2
.4
.4
.6
.6
n.a.
1.9
1.0
7.5
14.1
1.3
.4
4.0
3.0
2.2
2.5
2.0
.2
.2
.6
.6
.7
1.2
1.9
1.0
8.9
14.3
1.0
.5
4.5
5.3
2.1
2.2
1.8
18.0
13.4
17.7
.6
9.3
18.7
16.0
6.0
12.7
17.3
10.3
3.6
1955
n.a.
n.a.
.4
.7
.7
1.3
n.a.
1952
Other Asia:
Afghanistan
British dependencies.
Burma
Cambodia
Ceylon
Iraq
Jordan
an.
Laos.
Lebanon
Pakistan
Palestine
Portuguese dependencies.
Saudi Arabia
Syria
Viet-Nam
1.0
4.8
n.a.
1.0
.3
3.1
5.6
2.5
1.4
.7 All other:
British dependencies
Ethiopia and Eritrea
16.6
French dependencies
17.6
Italian Somaliland
14.9
Liberia
.6
Libya
12.1
New Zealand
Portuguese dependencies.,
9.7
Spanish dependencies.
12.8
Tangier
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
jnder
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.).
34
33
34
34
1953 1954
2.7
19.8
23.0
n.a.
17.1
13.8
.9
n.a.
23.9
9.7
.1
5.3
18.5
20.5
n.a.
1.6
3.5
27.0
1.1
10.3
2.3
3.5
6.3
.2
26.7
1.6
9.1
22.3
.3
11.8
3.0
2.1
5.0
.2
36.1
5.1
21.1
29.7
.2
18.8
10.0
16.5
3.8
1*8
61.5
21.5
1955
n.a.
13.8
19.1
13.1
n.a.
14.7
1.2
n.a.
18.0
5.7
n.a.
2.0
79.5
13.1
62.3
1.4
2.4
1 7
2.3
n.a.
1.9
5.3
.7
33.5
18.0 23.7
16.8 23.5
.3 n.a.
5 6 13.1
8.3
.5
35.7
4
Beginning Aug. 31, includes certain accounts previously classified as
"private."
5 Through 1952, reported by banks in the Second (New York) Federal
Reserve District only.
la-lc. For each date the Second District reported at least 90 per cent of
the
categories.
ic total
iuia.1 amount
amuum in
in the
me "other"
UIIICI uaicgui
ICS.
7
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.
1376
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
GerFrance many,
Fed.
Rep. of
Switz- United Other Total
erKing- Europe Europe
land
dom
Italy
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
1955—Sept. 30.,
Oct. 31.
Nov. 30.,
Dec. 31.
,406
,428
,473
,549
11
11
12
12
69
71
81
88
27
30
30
30
21
25
24
26
76
65
74
109
152
159
163
158
356
360
383
423
115
123
131
144
642
656
670
706
252
243
239
233
42
45
49
43
1956—Jan. 31.,
Feb. 29.,
Mar. 31.
Apr. 30.
M a y 31.
June 30.
July 31*
Aug. 31*
Sept. 30*
,503
,515
,510
,527
,603
,634
,626
,706
,733
11
14
14
14
16
17
15
65
66
93
93
92
100
118
122
118
120
125
31
28
36
32
33
32
32
33
35
26
27
28
28
28
24
28
27
28
70
67
69
69
83
82
78
87
81
158
157
162
164
171
167
165
163
169
389
387
400
407
449
444
437
495
504
130
135
132
124
112
121
121
124
123
696
718
701
718
734
756
762
770
779
246
236
232
231
264
268
265
274
280
41
39
44
47
45
46
40
42
46
Norway
Portugal
Spain
Sweden
Turkey
Yugoslavia
4
9
16
2
1
2
3
0)
4
13
13
11
11
3
4
4
4
4
3
3
4
5
12
13
15
17
15
16
14
14
16
1952—Dec. 31.
1953—Dec. 31.,
1954—Dec. 31.
Table 2a. Other Europe
Other
Europe
Date
Austria
Belgium
Denmark
Finland
16
13
20
2
6
10
6
2
8
9
9
13
2
2
4
3
13
11
10
7
10
9
8
7
6
3
2
1952—Dec. 31
1953—Dec. 31
1954—Dec. 31
98
88
109
1
1955—Sept.
Oct.
Nov.
Dec.
30
31
30
31
152
159
163
158
1
1
2
11
13
15
16
1956—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept
31
29
31
30
31
30
31*
31*
30p
158
157
162
164
171
167
165
163
169
2
2
3
4
6
6
7
7
7
18
18
20
24
22
20
17
17
19
Greece
<*>
3
3
3
3
4
4
4
5
5
Netherlands
11
24
4
4
39
16
41
4
4
5
9
6
7
7
5
6
5
7
7
92
93
92
78
9
9
9
10
11
11
12
16
15
5
8
6
6
7
9
11
8
8
7
7
7
7
8
7
8
10
10
74
69
70
68
71
71
74
63
70
1
9
5
1
(
2}
2
4
6
6
5
6
1
1
All
other
5
7
5
5
6
6
7
7
7
8
7
6
5
6
6
6
Table 2b. Latin America
Date
Latin
BoAmer- Argentina livia
ica
Colombia
Cuba
15
20
16
9
8
10
14
4
7
37
42
63
14
19
27
146
151
160
154
13
14
14
17
20
22
27
29
6
6
9
8
5
12
12
18
90
91
91
105
32
34
34
34
157
163
152
154
157
162
171
178
184
1
2
3
2
3
8
6
6
6
16
20
20
18
19
13
12
11
11
32
31
30
30
29
29
28
32
32
6
7
7
6
6
7
6
6
8
20
20
13
12
7
15
22
29
26
101
102
108
113
133
130
130
129
135
34
34
35
36.
35
39'
41
44
46
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
1955—Sept.
Oct.
Nov.
Dec.
642
656
670
706
6
6
8
7
3
3
4
4
107
91
64
69
7
8
20
14
127
122
128
143
71
87
90
92
4
4
4
5
4
4
5
5
696
718
701
718
734
756
762
770
779
7
10
12
11
11
10
12
12
11
4
3
4
3
3
5
6
4
4
63
66
60
62
61
66
64
65
64
11
19
6
7
7
10
10
12
15
150
151
160
165
168
160
155
147
145
82
81
81
87
85
92
89
86
81
5
5
4
4
4
5
4
4
4
5
5
6
7
6
6
6
6
7
* 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
maturity of more than one year reported by U. S. banking institutions
Other
El
Vene- Latin
Sal- UruAmerzuela
guay
vador
ica
7
5
9
662
473
728
1956—Jan. 31
Feb. 29
Mar. 31
Apr. 30
May 31
June 30
July 31*
Aug. 31 *p
Sept 30
Peru
1
3
1
1
2
2
3
1952—Dec. 31
1953—Dec. 31
1954—Dec. 31
30
31
30
31
8
Brazil Chile
NetherDolands Panminican Guate- Mex- West ama,
ReRe- mala
ico Indies puband lic of
pubSurilic
nam
(excluded from these statistics) amounted to $778 million on Sept. 30,
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 U. S. banks and commercial firms.
2 Less than $500,000.
3 Includes transactions of international institutions.
1377
BVTL 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
nesia
Kong
Mainland
Date
Iran
All other
Union
BelAus- gian
of
Egypt South
Other
tralia Congo
Africa
Phil- Thai- Other Total
Israel Japan ippines
land
1952—Dec. 31
1953—Dec. 31
1954—Dec. 31
90
115
143
10
8
8
1
3
3
4
4
5
1
1
1
10
14
16
15
23
11
13
26
50
8
6
7
3
6
6
25
25
36
22
25
37
10
8
14
6
6
6
1955—Sept.
Oct.
Nov.
Dec.
30
31
30
31
252
243
239
233
8
8
8
8
4
4
4
3
4
5
5
5
]
20
19
18
18
9
9
9
10
110
107
107
103
17
17
19
19
8
6
8
8
71
67
62
57
42
45
49
43
11
11
13
11
5
5
5
5
1956—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
31
29
31
30
31
30
31^
3125
30^
246
236
232
231
264
268
265
274
280
9
8
8
8
8
8
8
8
8
4
5
5
5
6
5
5
5
5
6
5
7
6
6
6
8
5
7
17
19
20
20
22
22
21
22
23
11
11
10
10
10
11
12
12
12
97
93
96
100
113
121
112
126
131
20
16
12
9
11
7
9
13
11
8
9
9
9
9
10
8
8
8
71
69
64
63
78
77
83
73
75
41
39
44
47
45
46
40
42
46
13
11
12
12
12
12
11
11
11
5
5
5
6
6
8
8
8
8
(2 )
(2 )
2
2
6
4
8
10
1
2
2
1
6
11
10
8
18
16
19
17
2
2
2
2
2
3
3
8
7
7
8
7
7
7
7
7
13
13
18
20
18
16
10
14
17
3
TABLE 3. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES3
[In millions of dollars]
U.S. Govt. bonds & notes
Year or month
1952
1953
1954
1955
1955—Sept
Oct
Nov
Dec
1956 Jan .
Feb
Mar
Apr
May
June.
JulyPp
Aug. p
Sept.
. .
. . . .
U.S. corporate securities
Net pur- Purchases, or chases
sales ( - )
Foreign bonds
Net pur- Purchases, or chases
sales ( - )
Foreign stocks
Net pur- Purchases, or chases
sales ( - )
Sales
Net purchases, or
sales ( - )
294
310
393
664
330
303
645
878
-36
7
-252
-214
-4
12
1
-15
71
58
57
58
82
61
55
63
-11
-3
2
-5
-79
-8
-4
13
-76
-35
-61
-30
-10
61
56
74
74
90
64
72
63
48
53
64
99
95
118
70
93
83
55
8
-7
-25
-20
-28
-6
-2!
-20
-7
Purchases
Sales
534
646
801
1,341
231
728
793
812
302
-82
8
529
850
802
1,405
1,886
838
731
1,264
1,730
13
70
141
156
495
543
792
693
677
622
841
509
-182
-79
-49
184
45
21
35
132
36
30
38
86
9
-8
-4
46
180
154
121
148
154
141
141
145
26
13
-20
3
37
46
38
42
41
34
37
57
34
30
208
48
32
28
311
87
19
34
44
444
13
18
16
284
14
11
-1
-14
-236
34
13
12
27
73
8
188
136
176
179
196
130
178
160
130
135
123
205
161
137
108
140
157
97
53
13
-29
18
59
22
38
3
33
60
35
34
40
40
41
48
30
31
139
42
38
27
117
75
108
60
41
Sales
Sales
TABLE 4. NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES
[Net sales, (—). In millions of dollars]
Year or month
1952
1953
1954
1955
. . . .
1955—Sept
Oct
Nov
Dec
1956—Jan
Feb
Mar
Apr
May
June
July"
Aug 13&
Sept.
^Preliminary.
Germany,
Federal
Republic of
International
institutions
Total
foreign
countries
France
15
23
78
-21
300
-34
72
706
5
-42
17
-2
1
33
4
-24
47
2
2
1
3
(2)
(2)
(2)
2
1
1
-1
(2)
1
(2)
4
74
1
52
-1
-264
52
72
35
61
2
40
(2)
2
United
Kingdom
Other
Europe
Total
Europe
Canada
Latin
America
Asia
All
other
g
2
-1
3
7
70
71
70
96
-16
-24
-20
85
111
62
139
329
192
-121
-187
265
5
25
113
76
19
8
-7
8
-9
2
-4
-3
10
-7
3
4
23
8
y
-5
-10
-5
-20
41
13
6
1
2
7
P)
P)
(2)
1
1
1
18
6
35
—5
25
1
-9
-27
81
(2)
(2)
-1
44
47
12
24
6
21
10
6
-86
-5
-2
1
-2
-20
-8
5
-7
3
3
2
-1
1
1
5
2
-}
12
13
-30
-2
5
(2)
9
(2)
3
3
(2)
(2)
—1
-7
Switzerland
51
57
73
147
()
-14
-139
3
3
2
Italy
(2)
1
(22)
()
7
14
19
19
11
10
16
2
8
52
69
32
61
22
42
For other footnotes see opposite page.
•2)
3
29
1
-R2
1
1
1
1
2
1
C2)
1378
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
Canada
Europe
Latin
Amer- Asia
ica
74
25
35
33
24
-10
-30
-34
-49
6
26
7
-7
-3
-3
-11
-8
0)
-100
-11
-137
-4
20
96
-9
-46
-141
-138
-133
1955-Sept....
Oct....
Nov....
Dec...
-12
-3
-2
-2
-3
11
5
-18
-7
8
9
17
3
3
6
-7
2
2
1
4
1956—Jan
Feb....
Mar...
Apr...
May..
June..
July"..
Aug.P.
Sept.*.
-5
-3
-12
-5
-2
-2
-2
-2
-66
-12
-18
-2
12
-5
-75
7
-10
5
-92
-9
-70
-45
-18
1
3
2
1
1
2
2
1
1
2
-102
-39
-80
-48
-19
-6
-5
-4
-20
-6
-5
-7
Date
All
other
2
-S
-5
0)
-2
1
-3
1
-3
1
(1")
-7
- 6 -22
-2
11
-1
3
4
Preliminary,
i Less than $500,000.
Deposits
U. S. Govt.
securities 2
Miscellaneous 3
1954—Dec. 31
490
2,908
105
1955—Nov. 30
Dec. 31
408
402
3,558
3,543
137
126
1956—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
31
29
31
30
31
30
31
31
30
31
30
355
363
354
330
307
297
308
350
334
275
356
3,724
3,793
3,791
3,717
3,751
3,629
3,663
3,630
3,723
3,782
3,553
122
132
136
153
155
158
164
168
167
178
177
1956—Nov.
Nov.
Nov.
Nov.
7
14
21
28
290
342
300
373
3,730
3,625
3,566
3,550
179
178
179
178
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.
23 U. S. Treasury bills, certificates of indebtedness, notes and/or bonds.
Consists of bankers' acceptances, commercial paper, and foreign and
international bonds.
NOTE.—For explanation of table and for back figures see BULLETIN
for May 1953, p. 474.
GOLD PRODUCTION
[In millions of dollars]
Production reported monthly
Estimated
world
production
(excl.
U.S.S.R.)
Year or
Africa
Total
South
Africa
Rhodesia
Other
North and South America
British Belgian United
West
Africa Congo States
Canada
Mexico
Colom- Chile
bia
Nica- Austra- India
lia
ragua !
$1=15H i grains of gold Ho fine: i. e., an ounce of fin e gold= $35.
1948
1949
1950
1951
1952
1953
1954
1955
1955
805.0
840.0
864.5
840 0
868.0
864.5
913.5
Sept
Oct
Nov
Dec
1956—Jan
Feb
Mar
Apr
May
July
Aug
Sept
r
1
.
.
. .
728.1
753.2
777.1
758.3
780.9
776.5
826.2
873.8
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
76.2
75.7
74.9
70.5
43.6
43.8
43.3
42.9
1.6
1.5
2.2
2.0
1.9
71.2
68.9
43.4
42.9
45.4
45.2
47.3
47.4
47 9
48.5
47 3
1.6
1.5
1.5
1.5
1.5
1.6
1.6
1 .6
1 6
(2)
.1
.1
1.8
2.1
2.2
2.1
2 2
2.3
Revised.
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
11.1
12.9
12.0
12.3
12.9
13.0
12.8
13.0
1.1
1.0
.8
1.1
1.2
1
1.2
0
.0
1
0
70.9
67.3
80.1
66.3
67.4
69.0
65.1
65.7
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
13.4
11.7
12.6
13.3
15 1
14.8
15.3
13.2
13.3
7.0
6.8
13.8
13.8
13.6
13.3
1.0
1.0
1.3
1.2
1 1
13.0
12.4
13.5
12.9
13.1
1
r 3.4
12
3
r
12 3
12.4
1.0
.9
6.3
5.0
4.8
4.6
5.0
4.7
5.4
5.1
5 9
6.3
6.0
1.3
1.0
.8
1 9
1.2
1.2
1.3
1.2
1 3
1 6
1 4
6.2
4.6
4.4
4.3
7.8
7.7
8.0
8.8
8.9
9.1
8.2
8.1
31.2
31.3
30.4
31.3
34.3
37.7
39.1
36.7
6.5
5.7
6.7
7 9
8.9
7 8
8.4
7.4
.3
.3
.7
.7
3.1
3.1
3 3
3 4
.5
.6
6
6
.2
.3
7
.7
.2
2
.2
3
.7
6
.6
7
2 9
2 7
2.8
2 7
3.0
3 2
5
5
.6
6
.6
5
6
' f,
.6
5.7
6.3
6.7
6 1
4
2
6
6
6
6
British West Africa, Belgian Congo, and India, data for which are from
American Bureau of Metal Statistics. For the United States, annual
figures are from the U. S. Bureau of the Mint and monthly figures are
from American Bureau of Metal Statistics.
1379
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
1948
1949
1950
1951
1952
1953
Continental Western Europe:
Belgium.
.
69.8 1-43.0 1-58.0 1-18.3 1-5.8
France
15 8
-84.8 -20.0
Germany (Fed. Rep. of)
-10.0
Netherlands
' " 4 6 ! 7 "-23*!5 ' " - 7 9 . * 8 " - 4 ^ 5 -100.0
Portugal
63.0
14.0
-5.0
-15.0 -34.9
Sweden
-22.9 -32.0
3.0
-38.0 -15.0
Switzerland
-40.0
22.5
-65.3 -30.4
Bank for Intl. Settlements....
-34.3
-5.6
(2)
-16.4 -29.7 -17.3
Other
4.8 3-123.4
Total
191.5 - 2 5 0 . 2
Sterling Area:
United Kingdom . . .
Union of South Africa
Other
734.3
498.6
Total ..
Total
645.2 - 1 , 0 0 3 . 4
.
.
.
-480.0
-50.0
-.5
-.5
-480.5
-50.5
-49.9
-10.0
17.5
28.2 - 2 0 . 0
-118.2 -60.2
-64.8
22.2
-.9
- 7 . 2 -34.7
-20.0
-22.8
87.7
14.9
-84.8
-3.5
-28.1
-15.0
2 4
81.8 - 1 4 3 . 9
- 1 7 2 . 0 -126.0
57.5
1.0
-6.2
All other
6.9
.4
Grand total
3.0
-5.0
-49.9
7.0
-10.0
-16.1
-14.4
-50.0
-10.5
Eastern Europe
1,510.0
— 33 8
-8.0
-77.5
i
-.1
20.1
11.0
11.0
-.3
80.3
-5.0
-30 0
17.2
3.0
-.1
-131.8
62.5
14.0
10.9
—9 9
—4 9
—2 2
—5 7
55.1
28.1
2.0
-•i
— 2
_ 2
-.1
-.2
19.9
85.0
725.0
775.0
775.0
5.2
94.9
155.0
13 1
13.7
6-44.2 6-76.0
193.3 - 1 , 7 2 5 . 2
JulySept.
-32.8
440.0
11.5
-.3
—6 7
Apr.June
1.5
469.9
52.1
3.6
— 4 1 4 — 55 4 5 — 38 95 —53 7
Asia
Jan.Mar.
-546.4 -328.3
7.2
114.1
15.5
-10.0
61.6
10.7
-108.0
-2.1
Oct.Dec.
1.0
451.2
-100.0
JulySept.
1955
1.5
525.6
3.4
1954
1-94.8
67 5
-130.0 -225.6 -10.0
-65.0
- 5 9 . 9 — 54.9 - 5 . 0
-20.0 -15.0
-65.0 -15.5
-94.3 -20.0
2.6
-17.5
5.0
-10.0
(2)
.
- 3 8 0 . 2 -184.8 -115.6
446.3 - 1 , 0 2 0 . 0
195.7
13.1
3.2
3.5
1 232 9
Canada
Latin America:
Argentina
Colombia
Cuba
Mexico
Uruguay. ..
Venezuela
Other . .
1956
1955
Area and country
75.2
(2)
-.4
393.6 - 1 , 1 6 4 . 3 - 3 2 6 . 6
1
Includes sales of gold to Belgian Congo as follows (in millions): 1949,
$2.0; 1950, $3.0; 1951, $8.0; 1952, $2.0; and 1953, $9.9.
23 Less than $50,000.
Includes sale of $114.3 million of gold to Italy.
4
Includes sale of $43.1 million of gold to Thailand.
— 68 5
8 7
1.4
5
Includes sales of gold to Indonesia as follows: 1950, $29.9 million;
and 1951, $45.0 million.
6 Includes sales of gold to Egypt as follows: 1950, $44.8 million; and
1951,
$76.0 million.
7
Represents purchase of gold from International Monetary Fund.
ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES
[In millions of dollars]
Gold stock
(end of year)
Year
Treas- Total i
ury
Increase
in total
gold
stock
EarNet
marked Domesgold gold:
de- tic gold
import, crease,
producor
or
intion
export
crease
1943
1944
1945
1946
1947
1948
1949
21,938
20,619
20,065
20,529
22,754
24,244
24,427
21,981 - 7 5 7 . 9
68 9
20,631 - 1 , 3 4 9 . 8 - 8 4 5 . 4
20,083 - 5 4 7 . 8 - 1 0 6 . 3
623.1 311.5
20,706
22,868 22,162.1 1,866.3
24,399 1,530.4 1,680.4
24,563
164.6 686.5
— 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
22,091 - 1 , 1 6 1 . 9
2 2 — 1 170 8
21,793 - 2 9 7 . 2
16.6 - 3 2 5 . 2
21,753
-40.9
97.6 - 1 3 2 . 4
80.1
66.3
67.4
69.0
65.1
65.7
P Preliminary.
1 See footnote 2 on following page.
2 Net after payment of $687.5 million in gold as United States gold subscription to the International Monetary Fund.
Gold stock
(end of month)
Month
Treasury
1955—Nov
Dec
1956 Jan
Feb
Mar
Apr
May
June
July . . .
Aug
Sept
Oct. . .
Nov
Total i
21 688 21,751
21,690 21,753
21,693
21,695
21,716
21,743
21,772
21,799
21,830
21,858
21 884
21,910
^21,910
21,755
21,757
21,765
21,792
21,821
21,868
21,918
21,965
22 032
21,999
^22,106
Increase
in total
gold
stock
EarNet
marked Domesgold gold:
de- tic gold
import, crease,
or
producor
inexport
tion
crease
3.9
1.9
31.9
26.7
-27 0
-23.8
6.3
5,0
2.5
2.1
11.4
18.6
11.5
9.9
25.3
18.4
4.8
4.7
-18.0
-8.2
-15.7
-2.9
16.9
1.8
29.9
43.9
43.2
86.9
-34.3
4105.7
4.8
4.6
7.7
27.4
28.3
47.6
49.4
47.1
67.6
-33.6
^107.5
4.6
5.0
4.7
5.4
5.1
5.9
6.3
6.0
(3)
3 Not yet available.
4
Gold held under earmark at the Federal Reserve Banks for foreign
and international accounts amounted to $6,673.9 million on Nov. 30, 1956.
Gold under earmark is not included in the gold stock of the United States.
1380
GOLD RESERVES
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
United States
Estimated
total world
(excl.
U.S.S.R.)* Treasury Total 2
End of
month
Argentina
1949_Dec
1950—Dec
1951—Dec
1952—Dec
1953—Dec
1954—Dec
35 380
35,810
35,960
36 260
36,680
37,340
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
1955__Oct
Nov
Dec
38,000
21,686
21,688
21,690
21,693
21,695
21,716
21,743
21,772
21,799
21 830
21,858
21,884
21,910
1956—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
38,190
38,360
^38 490
Belgium
Brazil
Canada
Chile
Cuba
Denmark
Ecuador
Egypt
371
371
88
88
112
112
117
138
698
587
621
706
776
778
317
317
317
317
321
322
496
590
850
896
996
1,080
40
40
45
42
42
42
299
271
311
214
186
186
32
31
31
31
31
31
21
19
22
23
23
23
53
97
174
174
174
174
21,747
21,751
21,753
371
371
371
138
141
144
920
922
929
322
323
323
1,150
1,147
1,141
42
42
44
181
141
136
31
31
31
23
23
23
174
174
174
21,755
21,757
21,765
21,792
21,821
21,868
21,918
21,965
22,032
21,999
371
371
371
371
371
147
151
154
157
161
164
942
955
953
970
958
952
965
964
972
949
323
323
323
323
323
323
323
323
323
1,136
1,129
1,127
1,113
1,107
1,109
1,114
1,114
1,112
1,119
44
42
43
43
46
46
46
46
45
45
136
136
136
136
136
136
136
136
136
136
31
31
31
31
31
31
31
31
31
31
23
23
23
23
23
23
23
22
22
22
174
174
174
174
174
174
174
174
174
181
Mexico
Netherlands
Germany,
France 4 Federal GuateRepublic mala
of
Finland
End of
Australia
India
Indonesia
Iran
Italy
Norway
Pakistan
Peru
523
523
548
573
576
576
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
861
854
868
920
27
27
27
247
247
247
81
81
81
138
138
138
142
142
142
836
856
865
45
45
45
48
48
48
35
35
35
953
991
1,003
1,035
1,056
1,104
1,189
1 274
1,294
27
27
27
27
27
27
27
27
27
247
247
247
247
247
247
247
247
247
247
81
81
81
81
81
54
54
46
138
138
138
138
138
138
138
138
163
163
164
164
164
165
165
35
15
35
861
861
861
861
861
861
861
861
861
861
352
356
352
352
352
352
352
352
353
353
865
872
875
877
864
853
853
853
45
45
45
45
45
45
45
46
48
48
48
48
48
49
49
49
35
35
35
35
35
35
35
35
46
45
138
138
Portugal
El Salvador
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
1,513
1955_Oct
/ Nov
Dec
428
428
428
28
28
28
211
213
212
56
56
56
270
278
276
1956—Jan
Feb
Mar
431
431
431
436
436
436
436
442
442
442
28
28
28
28
28
28
28
28
28
28
211
216
212
210
217
215
212
216
214
214
56
56
56
56
56
56
56
56
56
56
278
272
273
269
266
257
260
262
263
265
1949_Dec
1950—Dec
1951—Dec
1952—Dec
1953—Dec
1954—Dec
1955__Oct
Nov.
Dec
6
12
26
26
26
31
35
.
35
35
.
1956—Jan
Feb
Mar
Apr.
May
June
July
35
35
35
35
35
35
35
AUK
SeDt.
Oct
End of
month
Apr .
May
July
Aug
SeDt
Oct . . .
.
South
Africa
Spain
46
47
49
49
Intl. Bank for
MoneIntl.
tary
SettleFund
ments
Turkey
United
King-5
dom
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
,530
,692
1,702
1,740
68
167
115
196
193
196
I 535
1,560
1,597
112
112
112
144
144
144
2,297
2,283
2,120
216
216
216
403
403
403
,751
,756
1,808
208
234
217
1,593
1,592
1,608
1,606
[,579
1,571
1,598
,622
112
112
112
112
112
112
112
112
112
144
144
144
144
144
144
144
144
144
144
2,149
2,210
2,211
2,328
2,369
2,385
2,405
2,276
2,328
2,244
216
216
216
216
216
216
216
214
214
403
403
403
403
403
403
403
403
403
503
1,811
,811
,786
1,761
1,741
1,743
1,718
1,695
1,711
193
183
197
190
216
199
207
212
199
214
Sweden Switzerland
P1 Preliminary.
Represents reported gold holdings of central banks and governments
and international institutions, unpublished holdings of various central
banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom,
and estimated official holdings of countries from which no reports are
received.
2 Includes gold in Exchange Stabilization Fund. Gold in active portion
of this Fund is not included in regular statistics on gold stock (Treasury
gold) used in the Federal Reserve statement "Member Bank Reserves,
854
854
614
Thailand
Uruguay
Venezuela
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.)
1381
GOLD RESERVES AND DOLLAR HOLDINGS
ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL
INSTITUTIONS
[In millions of dollars]
Dec. 3 I, 1954
Area and country
Sterling Area:
United Kingdom
United Kingdom dependencies
India
Union of South Africa
Other
Total
Latin America:
Argentina
Bolivia
Brazil
Chile
Colombia
Cuba
Dominican Republic
Mexico
Peru
El Salvador
Uruguav
Other
Total
Asia:
Indonesia
Philippines
Thailand
Other
Total
All other:
Egypt
Other
*.
12
341
12
322
10
7
3
161
1,149
95
73
1,593
2,250
145
1,105
10
7
5
161
10
1,201
91
84
21,986
2,374
187
1,137
10
7
5
151
1,074
41
53
1,100
10
5
6
Grand total
113
2
124
601
221
3
(3)
429
44
2,354
153
(3)
4
1,273
11,627
260
12,790
3,190
103
186
216
4
2,800
100
210
Mar. 3 , 1956
1,143
96
3
(3)
444
(3)
44
2,341
70
(3)
(3)
154
6
1,015
345
13,240
343
13,622
286
2,598
88
219
282
2,816
91
230
11
302
93
2,320
397
2
469
129
184
423
2
466
139
217
389
169
538
141
222
374
77
72
(3)
79
91
531
32
1
124
(3)
4
(3)
(3)
536
26
82
70
(3)
(3
169
4
1
2
606
216
153
876
11
10
22
69
3,894
2,616
317
597
12
6
5
6
225
4,223
391
74
118
59
10
339
251
194
1
1
3
72
62
3
313
1,242
102
80
2,028
2,490
194
1,158
(3)
1
1
3
334
232
178
442
112
308
423
8
2
44
53
1
38
June 30, 1956
Sept. 3C), 1956*?
(3)
1
308
1,221
99
82
1,782
2,742
176
1,214
1,145
97
602
206
426
10
12
6
5
7
11
2
23
73
3
(3)
2,308 * 117
14
13,671
279
14 126
304
241
11
2,871
87
243
253
2 812
94
241
10
(3)
1
1
3,979
265
3,923
277
437
369
2,394
362
2 549
357
509
26
476
25
(3)
2
399
25
140
14
(3)
(3)
4
1
511
27
2
O)
167
(3)
4
124
1
3
15
289
627
147
3
14
194
3,789
195
3,912
15
255
15
236
556
86
127
52
(3)
(3)
540
147
224
399
167
81
93
(3)
523
94
115
73
283
734
2
(3)
4
77
80
5561
(3)
(3)
104
117
53
6
1
1,092
285
263
6
1
1,175
300
253
4
6
1
521
7
621
1,029
268
250
4
266
235
4
3
647
4
665
5
695
5
2,224
16
2,489
28
2,624
30
2,707
16
2,763
309
6
307
7
308
7
294
6
294
246
79
1
242
91
325
1
354
28,471
1,100
3,595
320
29,465 1,594
(3)
26,159 1,308
3,689
321
29,848 1,629
154
3
14
192
3,961
(3)
171
166
169
333
3,681
30,782 1,378
4
(3)
(3)
193
3,970
191
(3)
204
(3)
174
(3)
1 203
298
254
4
678
6
16
2 811
17
6
287
8
6
1
6
1
222
86
308
27,401 1,121
3,750
167
3
14
339
319
1
135
236
103
27,101 1,059
290
808
1
1
(3)
(3)
(3)
(3)
175
321
248
207
582
151
181
407
174
992
3,510
10
2,173
( )
1
(3)
1
265
(3)
254
281
668
321
(3)
3,928
1
3
25,870 1,274
158
2,305
3
329
245
204
(3)
3
6
746
126
222
3,749
289
3
(3)
1,059
146
24,961
453
2,446
295
3,700
277
662
234
87
109
617
185
2
10
583
82
127
74
3
23
83
(3)
3,673
266
236
1 116
13
j
(3)
(3)
201
12
6
5
7
151
3
10
181
10
1,112
135
169
851
337
1,264
95
90
1 659
3,099
161
1,278
330
255
206
320
265
210
481
85
124
61
P1 Preliminary.
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.
* 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 Includes latest available figure (July 31) for Mexican gold reserves.
6 Excludes gold reserves of the U. S. S. R.
5
581
237
411
2,197
221
68
Total
Dec. 31 , 1955
Gold& U. S. Gold& U. S. Gold& U . S . Gold& U. S. Gold& U. S. Gold& U. S.
short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt.
bonds
term
bonds
term
bonds
bonds term
bonds
term
term
term
bonds
dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes
Continental Western Europe:
329
Austria
Belgium-Luxembourg (and Belgian Congo).. 1,044
102
Denmark
72
Finland
1,328
France (and dependencies) *
1,999
Germany (Federal Republic of)
124
Greece
•.
.
925
Italy
Netherlands (and Netherlands West Indies
and Surinam)
1,118
148
Norway
560
Portugal (and dependencies)
188
406
Sweden
. . .
2,185
152
Turkey
947
Other*
Total
Sept. 30, 1955
21,914
1,154
317
3,717
392
31,151 1,438
31,691
1,546
7
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.
1382
INTERNATIONAL INSTITUTIONS
INTERNATIONAL BANK FOR RECONSTRUCTION AND
DEVELOPMENT
INTERNATONAL MONETARY FUND
[End-of-month figures. In millions of dollars]
[End-of-month figures.
1956
Item
In millions of dollars]
1955
1956
1955
Item
Sept.
June Mar.
Dec.
Sept.
Dollar deposits and U. S. securities.
386
407
425
428
Other currencies and securities 1
960
938' 947
966
Effective loans 2
2,094 2,002 1,959 1,936
Other assets3
42
29
40
37
IBRD bonds outstanding
Undisbursed loans
Other liabilities
Reserves
Capital 3
849
850
850
849
849
530 477
485
494
429
10
11
10
9
9
240' 228
216
205! 193
1,8531 1,810 1,810 1,810 1,810
July
1,718 1,761 1,811
125
50
Continental W. Europe, total
Belgium and Luxembourg.
France
Italy
Netherlands
Other
Disbursed
1,125
118
268
163
221
355
868
Repaid
920
113
265
175
6
12
Member subscriptions
Accumulated net income
8,751 8,751 8,750 8,751 98,863
-14
-14
-14
-12 -11
47
221
273
139
19
Sterling area, total
Australia
India
Union of S. Africa
United Kingdom
Other
259
200
135
146
128
589
256
84
115
68
66
51
5
21
12
Latin America, total
Brazil
Colombia
Mexico
Other
682
194
111
141
235
473
160
70
119
123
40
9
11
Asia (excl. Sterling a r e a ) . . . .
120
70
62.802
2.059
1
12
7
13
268
Total
Sold
to
Total
others5
77
26
20
6
18
7
538
251
63
103
67
53
77
21
10
15
27
5
433
152
59
112
110
30
3
4
11
12
67
10
1,790
7193
Africa (excl. Sterling area). .
Total
Countryi
Brazil
Burma
Chile
Colombia
Egypt
Indonesia....
Iran
Philippines...
Turkey
United States
150
15
50
50
60
110
35
15
43
2,750
1,751 1,747
Cumulative net drawings
on the Fund
Quota
745
107
254
47
83
254
July
1,759 1,777 1,708 1,633 1,643
4,319 4,333 4,403 4,539! 4,656
815
815
815
805
815
1
1
1
1
Outstanding
Principal
Oct.
Gold
Investments*
Currencies: *
United States
Other
Unpaid member subscriptions
Other assets
Loans by country, Oct. 31, 1956
Area and member country 4
Apr. Jan.
Paid
in
gold
1956
Sept.
38
9
13
10
16
9
4
11
66
15
13
25
15
55
26
15
15
1955
Aug.
Sept.
66
15
13
25
66
13
25
15
9
10
20
n-448
H-418
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 $198 million in loans not yet effective.
7 Includes $169 million not guaranteed by the Bank.
8 U. S. Treasury bills purchased with proceeds of sales of gold.
9 Includes $125 million
subscription of withdrawing member (Czecho10
slovakia).
Countries shown are those with cumulative net
drawings
of
$10
million
or
more
on the latest date.
1
1 Represents sales of U. S. dollars by Fund to member countries for
local currencies, less repurchases of such currencies with dollars.
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS
Bank of England (millions of pounds sterling)
Date
Assets of issue
department
Gold
Liabilities of banking department
Assets of banking department
Other
assets
(fiduciary
issue)
Coin
Notes
Discounts
and advances
Securities
Note
circulation1
Deposits
Bankers'
Public
ECA
Other
Capital
and
surplus
29
28
27
26
31
30
29
.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
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
,293.1
,321.9
,357.7
,437.9
,525.5
,619.9
,751.7
314.5
299.2
313.5
299.8
302.8
290.2
276.1
11.7
11.6
15.4
13.4
10.0
14.9
15.4
17.4
97.9
.4
.6
24,3
7.2
9.6
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
1955_Nov. 30
Dec. 28
195£_Jan. 25
Feb. 29
Mar. 28
Apr. 25
May 30
June 27
July 25
Aug. 29
Sept. 26
Oct. 31
.4
.4
1,850.0
1,900.0
54.7
10.7
20.8
37.7
287.4
299.6
,795.7
,889.6
263.1
245.2
10.1
12.0
18.0
18.1
1,825.0
1,825.0
1,875.0
1,875.0
1,900.0
1,950.0
2,000.0
1,950.0
1,925.0
1,925.0
53.7
37.5
34.1
33.4
29.1
57.0
37.4
42.9
44.7
47.5
32.8
20.6
22.1
30.3
15.3
15.6
23.8
26.6
18.3
28.2
251.9
300.8
294.2
270.4
294.6
271.0
254.1
254.6
269.7
285.1
,771.7
,787.9
,841.3
,842.0
,871.3
,893.4
,963.0
,907.5
,880.6
,877.8
236.9
258.1
243.3
225.9
231.6
238.2
215.6
222.4
230.9
256.6
11.9
10.6
11.1
12.8
11.4
10.5
11.9
13.0
12.9
15.1
3.0
3.2
3.3
3.1
3.2
3.1
3.1
.2
.2
71.2
71.7
.4
.4
.4
.4
.4
.4
.4
.4
.4
.4
2.4
2.3
2.3
2.3
2.2
2.0
2.0
2.0
2.0
2.0
2.0
2.0
70.2
70.9
76.5
76.4
77.0
78.5
71.3
72.1
72.4
73.3
18.3
18.5
18.5
17.8
18.0
18.1
18.3
18.5
18.5
17.8
1948_Dec.
1949—Dec.
1950—Dec.
1951 Dec.
1952—Dec.
1953—Dec.
1954—Dec.
For footnotes see opposite page.
1383
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
Bank of Canada (millions of Canadian dollars)
Assets
Date
Sterling
and
United
States
dollars
2
Liabilities
Dominion and provincial govt. securities
Deposits
Other
assets
Shortterm
Other
Other
liabilities
and
capital
Note
circulation
Chartered
banks
Dominion
govt.
Other
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
1,229.3
1,141.8
1,459.8
1,376.6
1,361.5
779.1
227.8
712.5
1,049.3
767.2
893.7
871.1
45.4
42.5
297.1
135.2
77.3
112.0
114.1
1,289.1
1,307.4
1,367.4
1,464.2
1,561.2
1,599.1
1,623.5
547.3
541.7
578.6
619.0
626.6
623.9
529.6
98.1
30.7
24.7
94.9
16.2
51.5
56.3
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
1955_Nov. 30.
Dec. 31.
52.9
57.4
1,326.2
1,283.8
1,060.2
1,093.7
141.3
185.2
1,684.0
1,738.5
562.6
551.0
128.3
89.2
45.2
34.0
160.4
207.5
1956—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
54.4
56.5
58.8
52.3
67.2
60.1
59.9
62.1
57.7
51.4
1,091.5
1,065.6
965.9
764.1
1,065.6
1,041.3
1,029.6
1,019.3
1,041.3
1,031.3
1,146.0
1,143.3
1,285.0
1,538.1
1,190.2
1,289.8
1,316.7
1,351.3
1,353.0
1,360.4
119.2
108.2
95.0
121.4
131.3
192.7
104.9
180.7
150.1
128.0
1,648.7
1,641.1
1,677.2
1,686.3
1,706.1
1,734.9
1,762.3
1,764.6
1,769.5
1,780.9
528.4
493.6
506.1
564.9
542.8
574.7
500.0
580.6
564.0
575.3
76.1
60.8
48.1
54.1
30.2
51.1
49.8
65.4
46.0
55.0
42.1
35.0
31.4
30.6
29.9
32.2
39.6
35.6
45.2
30.7
115.7
143.0
141.9
140.0
145.3
191.0
159.4
167.2
177.3
129.3
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
1954_Dec.
31.
29.
31.
30.
31.
30.
31.
31.
29.
31.
Bank of France (billions of francs)
Liabilities
Assets
Date
Advances to
Government
Domestic bills
Gold
1948—Dec.
l949_Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
1954—Dec.
Foreign
exchange
Deposits
Other
assets
Open
market
Special
Other
Current
Other
Note
circulation
Govern- Other 3
ment
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
28.5
34.1
32.0
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
.1
(4)
1955 —Nov. 24
Dec. 29
201.3
301.2
200.2
200.2
209.0
226.7
43.2
45.2
,037.8
,194.7
190.0
190.0
536.4
539.8
417.8
336.8
2,647.6
2,820.0
1956—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
301.2
301.2
301.2
301.2
301.2
301
301
301
301,
301.2
197.9
178.5
178.6
162.6
152.0
144.1
128.0
116.5
106.7
91.7
184.
197.
237.7
269.4
214.7
301.6
292.4
290.7
277.1
293.7
34.3
27.7
19.5
14.6
7.9
5.2
2.8
2.4
8.7
21.4
,198.1
,189.2
,334.5
,274.0
,314.4
,374.8
,489.6
,556.7
,611.6
,546.6
183.0
183.0
183.0
183.0
183.0
183.0
179.0
179.0
171.5
158.8
533.3
539.5
519.6
518.1
518.8
490.2
496.5
499.3
479.8
479.8
325.9
302.7
316.1
331.4
368.4
324.2
297.0
265.3
271.7
5342.2
2,741.1
2,741.5
2,876.7
2,834.4
2,861.9
2,890.5
2,932.2
2,979.0
2,982.0
2,988.4
26
23
29
26
31
28
26
30
27
31
Oct.
Sept.
997
1,081
-198
37
157
157
5,045
4,974
98.302 97.885
'850
'857
38,303
38,116
59,552 58,306
1,312
1,181
6,409
6,966
Aug.
(4)
(4)
120.6
142.9
67.5
71.8
(4)
143.5
116.8
156.3
148.1
135.9
162.8
161.7
162.0
164.6
158.7
73.6
60.9
57.2
71.8
62.5
70.9
92.6
70.0
81.8
88.3
(4)
.1
(4)
(4^
.1
.1
(4)
(4)
(4)
.1
1956
Oct.
1,328
-568
1,623
279
"4^633
97,631
366
37,861
58,046
642
6,841
' *4J044
79,629
424
33,327
45,894
1,003
5,776
footnotes to central bank table on this and opposite page:
Notes issued, less amounts held in banking department.
Gold was transferred on May 1, 1940, to Foreign Exchange Control
Btoard in return for short-term Govt. securities (see BULLETIN for July 1940,
-.
CHI
£.~IQ\
pp.
677-678).
3 Beginning 1950, includes EC A.
4
Less than 50 million francs.
1
2
16.2
19.4
24.2
41.3
49.3
56.3
67.9
1955
Central bank, monetary unit,
and item
Central bank, monetary unit,
and item
Central Bank of the Argentine Republic
(millions of pesos):
Gold reported separately
Other gold and foreign exchange..
Gold contribution to Intl. Fund.
Govt. securities
Rediscounts and loans to banks...
Other assets
Currency circulation
Deposits—Nationalized
Other sight obligations
Other liabilities and capital
.1
171.8
159.0
176.8
176.8
138.6
144.9
157.8
(4)
1955
1956
Other
liabilities
and
capital
Oct.
Commonwealth Bank of Australia (millions of pounds):
Gold and foreign exchange
Checks and bills of other banks..,
Securities (incl. Govt. and Treasury bills)
Other assets
Note circulation
Deposits of Trading Banks:
Special
Other
Other liabilities and capital
Sept. I Aug.
286
6
285;
6;
293
5
297
6
567
53
380
5451
65
382
522
68
379
527
63
371
270
33
230
255 :
43 i
221;
255
38
215
265
32
224
5
Includes advance of 131.1 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.
1384
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
Central bank, monetary unit,
and item
Austrian National Bank (millions of
schillings):
Gold
Foreign exchange (net)
Loans and discounts
Claim against Government
Other assets
Note circulation
Deposits—Banks
Other
Blocked
Other liabilities and capital
National Bank of Belgium (millions of
francs):
Gold
Foreign claims and balances (net)..
Loans and discounts
Consolidated Govt. debt
Govt. securities
Other assets
Note circulation
Deposits—Demand
EGA
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)
1956
Oct.
Sept.
1955
Au;
1,745
1,745
1,745
8,638 8,376 8,281
5,890 6,059 5,962
1,559 1,560 1,605
715
557
560
13,550 13,509 13,644
1,338
1,155
1,064
711
769
604
1,370 1,353
1,350
1,577 1,510 1.491
47,460
12,375
6,769
34,660
9,366
5,679
110,733
1,445
40
4,091
48,586
10,379
5,539
34,660
8,735
5,755
108,238
1,339
40
4,038
48,223
11,555
4,315
34,660
9,824
5,736
108,676
1,658
40
3,941
(June)*
506
60
92,505
2,505
1,112
75,114
15,535
6,040
725
12
7
441
63
151
90
729
14
6
443
46
172
87
721
22
8
438
125
104
85
8,111
1,621
7,174
15,986
26,900
26,894
54,036
6,665
2,166
23,818
8,529
1,236
6,466
15,987
27,445
25,965
57,676
6,916
1,295
19,741
9,573
1,077
5,257
15,987
23,527
31,969
57,533
9,571
2,613
17,674
257
52
535
611
138
726
564
303
244
52
566
602
137
722
574
305
269
52
480
603
143
715
565
267
12
38
7
121
17
25
142
41
37
12
48
7
116
16
24
142
46
36
12
60
7
107
9
24
142
41
35
136
172
136
153
136
166
Oct.
Oct.
National Bank of Cuba—Cont.
Foreign exchange (Stabilization
1,742
Fund)
7,540
Net claim on Intl. Fund l
5,641
Loans and discounts
1,557
Credits to Government
981
Other assets
12,508
Note circulation
1,515
Deposits
654
Other liabilities and capital 2
1,415 National Bank of Czechoslovakia
1,370 National Bank of Denmark (millions
of kroner):
Gold
45,993
Foreign exchange
9,866
Loans and discounts
7,009
Securities
34,660
Govt. compensation account
9,020
Other assets
5,178
Note circulation
104,573
Deposits—Government
3,536
Other
56
Other liabilities and capital
3,562 Central Bank of the Dominican Republic (thousands of pesos):
Gold
498
Foreign exchange (net)
356
Net claim on Intl. Fund 1
45,083
Loans and discounts
2,505
Govt. securities
955
Other assets
36,542
Note circulation
8,858
Demand deposits
3,996
Other liabilities and capital
Central Bank of Ecuador (millions of
sucres):
648
Gold
18
Foreign exchange (net) l
6
Net claim on Intl. Fund
417
Credits—Government
50
Other
144
Other assets
61
Note circulation
Demand deposits—Private banks.
Other
5,814
Other liabilities and capital
,
1,480 National Bank of Egypt (millions of
6,318 pounds):
16,269
Gold
15,822
Foreign assets
,
6,080
Egyptian Govt. securities
36,742
Clearing and other accounts (net),
5,394
Loans and discounts
2,264
Other assets
7,383
Note circulation
,
Deposits—Egyptian Government.
OtherB
230
Other liabilities and capital
24 Central Reserve Bank of El Salvador
555 (thousands of colones):
471
Gold
102
Foreign exchange (net)
634
Net claim on Intl. Fund l
558
Loans and discounts
191
Govt. debt and securities
Other assets
Note circulation
12
Deposits
110
Other liabilities and capital
7 Bank of Finland (millions of markkaa):
83
Gold
7
Foreign assets and liabilities (net).
26
Loans and discounts
151
Securities—Government
60
Other
34
Other assets
Note circulation
Deposits
,
181
Other liabilities and capital
,
134
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
194
131
44 j
Sept.
1955
Aug.
Oct.
120
77
418
312
26
221
13
41
121
77
421
314
26
219
13
34
111
77
424
306
25
205
13
48
67
80
408
298
21
68
724
164
495
3,072
721
2,169
1,412
1,397
266
668
145
493
3,072
751
2,107
1,407
1,426
257
68
689
124
490
3,072
845
2,079
1,395
1,561
253
68
649
192
558
3,124
816
2,007
1,481
1,654
265
11,276
15,692
2,500
2,950
8,360
19,910
48,068
9,309
3,311
12,526
13,920
1,250
2,972
8,360
20,027
47,595
8,255
3,205
12,526
14,638
1,250
2,972
8,360
18,258
47,275
7,958
2,770
12,076
14,441
1,250
2,500
8,890
14,906
42,318
8,980
2,765
325
42
38
491
328
273
757
235
172
333
325
1
38
527
358
266
782
231
154
348
325
-45
38
549
356
271
745
239
160
350
344
74
19
390
243
289
697
202
154
305
63
114
128
7
40
3
200
12
108
19
61
117
126
-7
21
2
188
14
97
19
61
111
125
-7
17
2
170
17
105
17
61
161
79
-19
22
3
175
70,402
8,404
1,573
82,514
17,780
6,868
91,942
83,724
11,875
70,474
22,306
1,573
71,503
17,498
7,236
90,956
88,155
11,477
70,518
36,034
1,573
64,994
15,718
7,117
92,087
92,567
11,300
71,182
28,718
1,569
56,009
7,381
6,853
87,099
74,531
10,081
7,849
23,073
37,982
17,500
1,998
12,123
56,795
6,588
37,143
7,850
20,940
44,560
17,500
2,028
13,658
58,831
10,040
37,664
7,849
21,401
41,155
18,750
2,011
13,648
58,927
4,109
41,778
7,347
29,716
24,117
20,000
2,008
11,029
51,433
23,426
19,357
22
3 Includes figure for Sudan Government.
NOTE.—All figures, including gold and foreign exchange, are compiled
from official reports of individual banks and are as of the last report date
of the month.
1385
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
Central bank, monetary unit,
and item
1956
Oct.
Sept.
1955
AUJ
Bank of German States 4 (millions of
German marks):
5,571
5,341
5,412
Gold
11,782 11,458 10,868
Foreign exchange
2,757
2,178
3,149
Loans and discounts
4,215
4,040 4,294
Loans to Government
1,064
1,061
1,118
Other assets
14,141 14,379 14,201
Note circulation
5,028 4,953 4,674
Deposits—Government
Banks
3,653 3,839 3,501
223
224
Other
203
1,723
Other liabilities and capital
1,781
1,781
Bank of Greece (millions of drachmae):
5,821
6,075
Gold and foreign exchange (net)..
149
184
Loans and discounts
7,060 6,840
Advances—Government
4,994 4,935
Other
2,117
2,060
Other assets
5,534 5,332
Note circulation
1,043
1,034
Deposits—Government
Reconstruction and
relief accts
7,403 7,403
Other
3,693 3,947
2,469 2,379
Other liabilities and capital
Bank of Guatemala (thousands of
quetzales):
27,239 27,239
Gold
27,068 31,053
Foreign exchange (net)
1,250
1,250
Gold contribution to Intl. Fund..
9,545 7,694
Rediscounts and advances
38,372 36,866
Other assets
Circulation—Notes
53,070 52,544
Coin
3,974 3,942
Deposits—Government
4,945 4,149
Banks
19,991 20,559
Other liabilities and capital
21,495 22,908
National Bank of Hungary 2
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad
400
51,178
400
Foreign securities
4,920 5,867 6,067
Indian Govt. securities
7,207 7,037 6,937
Rupee coin
1,167
1,215
1,201
Note circulation
14,189 14,092 14,245
Banking department:
Notes of issue department
331
413
326
Balances abroad
902
283
249
Bills discounted
39
39
48
Loans to Government
39
28
81
Other assets
1,506 1,311
,141
Deposits
1,461
1,555
,375
Other liabilities and capital
1,365
519
461
Bank Indonesia (millions of rupiahs):
Gold and foreign exchange (net)..
587
408
408
Loans and discounts
1,122
987
801
9,568 10,003 8,905
Advances to Government
Other assets
447
479
462
Note circulation
8,178
8,046 7,860
Deposits—ECA
327
320
327
Other
1,751
1,931
2,301
Other liabilities
and
capital
,
1,191
1,000
945
Bank Melli Iran 6 (millions of rials):
Gold
4,242 4,242 4,242
Foreign exchange
244
341
244
Gold contribution to Intl. Fund. ,
282
282
282
Govt.-secured debt
7,187
7,333 7,187
Govt. loans and discounts
12,264 12,296 11,850
Other loans and discounts
6,494 6,241
5,818
Securities
469
469
469
Other assets
3,999 3,586 3,809
Note circulation
10,897 10,545 10,415
Deposits—Government
5,829 4,916
5,275
Banks
1,153
1,241
1,468
Other
, 14,289 14,268 13,833
Other liabilities and capital
3,255 3,350 3,136
Central Bank of Ireland (thousands of
pounds):
Gold
2,646 2,646 2,646
Sterling funds
, 69,785 69,163 68,046
Note circulation
, 72,431 71,809 70,692
4
Oct.
Bank of Israel (thousands of pounds):
Gold
Foreign exchange
Clearing accounts (net)
Loans and discounts
Advances to Government
Other Govt. accounts
Govt. securities
Other assets
Notes and coin in circulation
Deposits—Government
Other
Other liabilities and capital
5,754 B;lank of Italy (billions of lire):
222
Gold
,666
Foreign exchange
,980
Advances to Treasury
,690
Loans and discounts
,474
Govt. securities
,180
Other assets
Note circulation
,611
Deposits—Government
,246
Demand
Other
,800
Other liabilities and capital
Bank of Japan (billions of yen):
Bullion
,
227
Advances to Government
506
Loans and discounts
,
250
Govt. securities
958
Other assets
,
955
Note circulation
769
745
Deposits—Government
,
Other
,
341
921
Other liabilities
121 Bank of Mexico (millions of pesos):
Monetary reserves
"Authorized" holdings of securities, etc
Bills and discounts
Other assets
400
Note circulation
,271
Demand liabilities
,436
Other liabilities and capital
111
13,059 N etherlands Bank (millions of
guilders):
Gold
160
Silver (including subsidiary coin). ,
853
Foreign assets (net)
72
Loans and discounts
Govt. debt and securities
824
Other assets
,531
Note circulation—Old
378
New
Deposits—Government
,530
ECA
623
Other
,840
Other liabilities and capital
416
,145 Reserve Bank of New Zealand (thou495 sands of pounds):
Gold
,949
Foreign exchange reserve
819
Loans and discounts
Advances to State or State un,242
dertakings
244
Investments
282
Other assets
,187
Note circulation
,800
,719
Demand deposits
411
Other liabilities and capital
Norway (millions of kroner):
2,703 Bankk of N<
Gold
9 ,938
Foreign
assets (net)
5 ,097
Clearing accounts (net)
1 ,131
Loans
and
discounts
11 ,093
Securities
3 ,330
Occupation account (net)
Other assets
Note circulation
,646
Deposits—Government
,863
Banks
,509
FOA
Other liabilities and capital
Includes figures for the nine Land Central Banks.
5 In October 1956, gold held by Bank was revalued from 8.47512 to
2.88
grains of fine gold per rupee.
6
Items for issue and banking departments consolidated.
Central bank, monetary unit,
and item
1956
Oct.
Sept.
1955
Aug.
2,116 2,114
85,116 100,859
- 1 , 3 8 7 1,095
21,296 22,350
72,595 65,423
72,647 61,567
146,220 146,220
14,932 15,002
220,537 218 ,591
35,462 37,224
139,973 141,475
17,563 17,341
4
71
567
493
393
935
1,602
16
98
582
165
4
71
567
479
399
961
1,633
15
98
570
163
Oct.
2,033
74,305
5,289
11,856
40,372
15,187
134,406
15,663
185,483
'9,717
89,115
r
14,796
4
71
567
474
377
926
1.600
50
93
518
158
4
76
567
396
376
918
1,496
29
74
587
152
99
429
224
592
49
33
78
98
461
207
549
51
83
84
0)
80
471
229
611
48
34
97
435
231
600
52
30
82
1,854
1,815
1,801
1,630
5,164
724
448
5,010
2,406
775
5,033
'755
410
4,859
2,401
754
4.968
757
427
4,859
2.347
748
4,177
326
499
4,501
2,019
712
3,230
3
978
328
661
377
3,230
4
972
226
660
382
3,226
4
1.074
72
660
376
4,007
318
419
616
215
3.915
'253
419
672
216
3.998
127
419
656
213
,166
36
,362
35
622
405
28
,866
214
514
790
213
6,162
6,162
46,917 52;635
16,184 16,904
6,161
43,378
22,576
41,641
38,173
2,083
69.639
72.163
9,358
31,280
38.173
K765
69,186
68.600j
9,134
41,970
33,269
1,395
69,970
69,711
9,069
210
59
-27
118
75
5.546
113
3,154
1.626
389
23
903
210
4
-26
117
75
5,546
120
3.127
1.459
530
23
907
208
-84
-38
80
91
,546
94
,161
,395
428
103
812
218
73
-20
117
74
5,546
123
3,162
1,657
364
23
92'
7
Holdings in each month were 448 million yen.
8 Includes gold, silver, and foreign exchange forming required reserve
(25 per cent) against notes and other demand liabilities.
For other footnotes see opposite page.
1386
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 abroad
Sterling securities
Pakistan Goyt. securities.......
Govt. of India securities
India currency
Rupee coin
Notes in circulation
Banking department:
Notes of issue department
Bills discounted
Loans to Government
Other assets
Deposits
Other liabilities and c a p i t a l . . . .
Central Bank of Paraguay (millions of
guaranies):
Gold i
Foreign exchange (net)
Net claim on Int. Fund 2
Loans and discounts
Govt. loans and securities
Other assets
Note and coin issue
Deposits—Government
Other
Other liabilities and capital
Central Reserve Bank of Peru (millions
of soles):
Gold and foreign exchange
Net claim on Intl. Fund 2
Loans and discounts to banks
Loans to Government
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of the Philippines
(millions of pesos):
Gold
Foreign exchange
Net claim on Intl. Fund 2
Loans
Domestic securities
Other assets
Circulation—Notes
Coin
Demand deposits
Other liabilities and capital
|
Bank of Portugal (millions of escudos):
Gold
Foreign exchange (net)
Loans and discounts
Advances to Government
Other assets
Note circulation
Demand deposits—Government. .
EGA
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
1956
Oct.
Sept.
1955
Au]
Oct.
115
940
1,197
177
430
66
2,834
115
1,010
1,126
177
430
69
2,802
96
21
91
26
126
636
180
660
146
660
661
136
11
515
53
1,545
507
219
1,163
301
288
1,098
350
53
1,517
489
205
1,168
273
205
978
624
67
838
1,287
166
2,153
567
263
562
67
860
1,297
183
2,136
555
279
41
401
39
407
39
401
136
371
149
646
86
283
81
141
365
147
645
86
286
82
140
368
146
635
86
298
75
5,835 5,728 5,708
13,625 13,510 13,448
1,420
1,161
1,160
1,373
1,373
1,373
1,937
1,869
1,849
11,114 10,985 10,913
1,873
1,837
1,616
89
89
88
7,974 7,894 7,675
3,139
3,057 3,026
76
42
16
44
110
51
17
76
38
19
49
111
55
15
77
35
24
47
110
54
18
617
317
15,948
44,370
53,240
51,222
5,085
11,179
47,007
617
323
15,849
43,520
51,430
50,453
5,188
10,556
45,543
617
322
16.183
4t;972
52,551
49,060
6,150
9,918
46,518
Foreign assets.
Net claim on Intl. Fund 2
Swedish Govt. securities and advances to National Debt Office 3
Other domestic bills and advances
Other assets
Note circulation
Demand deposits—Government.
Other
80
Other liabilities and capital
20 Swiss National Bank (millions of
12 francs):
559
Gold
564
Foreign exchange...
107
Loans and discounts,
Other assets
Note circulation....
Sight liabilities
Other liabilities and capital
78
8 Central Bank of the Republic of Turkey
1,341
(millions of pounds):
512
Gold
r
38O
Foreign exchange and foreign
866
clearings
236
Loans and discounts
189
Securities
Other assets
1,032
Note circulation
Deposits—Gold
557
Other
67
Other liabilities and capital.
743 Bank of the Republic of Uruguay (mil1,064 lions of pesos):
Gold
146
Silver
1,846
500
Advances to State and Govt.
231
bodies
Other loans and discounts
Other assets
Note circulation
,
28
307
Deposits—Government
Other
10
Other liabilities and capital
31
367 Central Bank of Venezuela (millions
165 of bolivares):
Gold
599
87
Foreign exchange (net).
170
Other assets
Note circulation
51
Deposits
5,567
Other liabilities and capital.
13,326 National Bank of Federal People's Re963 public of Yugoslavia (billions of
1,390 dinars):
1,380
Gold
10,538
Gold contribution to Intl. Fund. ,
1,654
Foreign assets
Loans (short-term)
101
Govt. debt (net)
7,726
Other assets
2,608
Notes and coin in circulation
Demand deposits
Foreign liabilities
Long-term liabilities (net)
Other liabilities and capital
53 Bank for International Settlements
107 (millions of Swiss gold francs):
Gold in bars
53
Cash on hand and with b a n k s . . . ,
19
Rediscountable bills and acceptances (at cost)
615
321
Time funds at interest
Sundry bills and investments
15,959
Funds invested in Germany
32,403
Other assets
40,469
Demand deposits—Gold
45,216
Other
4,151
Long-term deposits: Special
5.170
Other liabilities and capital
35,231
114
644
1,074
275
431
34
2,493
r
Revised.
* Latest month available.
1 On Mar. 1, 1956, gold revalued from 0.0423177 to 0.0148112 grams of
fine2 gold per guarani.
This figure represents the amount of the country's subscription to the
Fund less the bank's local currency liability to the Fund.
Oct.
Bank of Sweden (millions of kronor):
Gold
115
921
1,296
177
430
64
2,907
1956
Central bank, monetary unit,
and item
Sept.
1955
Au;
Oct.
583
961
129
579
956
129
578
892
129
594
1,096
129
3,959
22
1,002
5,235
3,759
108
997
5,129
164
70
1,164
3,944
20
989
5,047
105
252
1,149
3,210
29
1,026
4,924
106
285
768
6,921
590
6,870,
617|
135!
1041
5,290!
85
163
1,173
5,391
2,149
224
2,2151
220
6,415
578
174
96
5,222
1,830
212
402
402
402!
402
222
,844
31
231
,369
155
,585
621
224
3,813
29
247
2,299
155
1,615
646
225
,613
29
242
,135
155
,609
612
175
3,488
30
134
1,963
155
1,550
563
324
10
324
10
327
11
277
524
690
491
212
371
751
253
502
573
485
201
355
622
185
474
980
461
148
327
1,040
1,234
962
175
1,088
357
926
1,234
793
173
1,071
315
813
1,234
412
133
1,032
263
484
5
2
67
940
41
67
85
211
119
518
190
2
68
922
28
65
83
199
124
505
180
608
71
648
46
6,925
590
173!
114!
5,383
2,194
225
1,538
834
194
1,104
415
1,047
654
55
675
98
628
297
1
744
1,137
229
299
154
100
637
104
691
297
2
759
1,124
229!
298!
606
102
588
297
2
761
1,001
229
298
5
2
59
745
16
60
86
205
104
375
117
636
78
313
145
439
297
1
518
874
229
3
Includes small amount of nongovernment bonds.
NOTE.—All figures, including gold and foreign exchange, are compiled
from official reports of individual banks and are as of the last report date
of the month.
1387
MONEY RATES
CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1
[Per cent per annum]
Central banks with new rates since June 1954
Month effective
In effect June 30, 1954
Austria
Belgium
2.75
3.5
Un.of InNeth- Nor2
Tur- United Can- New
DenGerZea- South dia
er- way Spain Swe2 Japan
den key Kingmark France many Greece lands
dom ada land Africa
5.0
3.0
3.25
1954—juiy
Nov..
Dec
10.0
2.5
2.5
4.0
2.75 3.0
3.0
2.0
3.5
3.75
4.0
3.0
6.57
4 0
3 0
1955—Jan
Feb
Apr
9 0
July
3.5
4.5
3.75
5.5
4.5
6.0
2.25 7.0
2.75
5.0
Sept
Oct
Nov
3.0
5.5
5.0
3.0
6 0
3 25
5.0
5.0
3.25
3.0
10.0
10.0
3.25
4 25
3 75
3.5
33.77
4.0
4.25 4.0
3.75 3.5
8.03
4.5
5.5
3.0
4.5
5.5
5.0
2.0
3.5
1956—Feb
Mar
Apr
May
In effect Nov. 30, 1956
1.5
4.5
3.6
Sept
Oct
Nov
3.5
6.0
5.5
3.50
33.77 7.0
4.5
Area and
country
Rate
3.50
8.03
Other selected central banks—rates in effect on Nov. 30, 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
Ceylon
Indonesia 2 ...
Pakistan
3.0
2.5
3.0
3.0
Month
effective
Feb.
June
Apr.
July
1948
1954
1946
1948
1
Rates shown represent mainly those at which the Central bank either
discounts or makes advances against eligible commercial paper and/or
government securities for commercial banks or brokers. For countries
with more than one rate applicable to such discounts or advances, the
rate shown is the one at which the largest proporation of central bank
credit operations is understood to be transacted. In certain cases other
rates
for these countries are given in the following footnote.
2
Discounts or advances at other rates include: India—3.5 per cent
for discounts and for advances on government securities (rate shown
is for advances on commercial paper); Japan—various rates dependent
Area and
country
Rate
Asia—Cont.:
Philippines... 1.5
Thailand
7.0
Latin America:2
Costa Rica .. 3.0
Month
effective
Latin Am.—Cont.
El Salvador 2 . 3.0
4.5
6.0
Peru 2
Apr. 1939
Venezuela.... 2.0
Feb. 1954
Feb. 1945
Month
effective
Mar.
June
Nov.
May
1950
1942
1947
1947
on type of paper or transaction and extent of borrowing from central bank,
including 7.3 per cent for discount of paper related to domestic commercial
transactions (rate shown is for advances on commercial paper and miscellaneous collateral); Indonesia—various rates dependent on type of
paper, collateral, commodity involved, etc.; Costa Rica—5 per cent for
paper related to commercial transactions (rate shown is for agricultural
and industrial paper); El Salvador—2 per cent for agricultural paper; and
Peru—4
per cent for agricultural, industrial, and mining paper,
3
Since Nov. 1, the discount rate is set each week at lA per cent above the
latest average tender rate for Treasury bills.
OPEN MARKET RATES
[Per cent per annum]
United Kingdom
Canada
Month
Treasury Day-tobills
day
3 months * money 2
1953—Dec..
1954—Dec..
1.88
1.08
.78
1955—Oct...
Nov..
Dec.
2.07
2.38
2.59
1.95
2.19
2.42
1956—Jan...
Feb..,
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct...
2.58
2.51
2.62
2.83
2.84
2.63
2.53
2.94
3.06
3.30
2.49
2.34
2.57
2.65
2.66
2.68
2.52
2.63
2.67
2.83
1
Bankers' Treasury
acceptbills
ances
3 months 3 months
2.19
1.78
4.16
4.21
4.22
4.22
4.77
5.34
5.27
5.14
5.20
5.10
5.08
5.18
5.14
Based on average yield of weekly tenders during the month.
2.11
1.78
4.07
4.10
4.08
4.07
4.69
5.18
5.11
4.95
5.09
5.01
5.03
5.11
5.04
Day-today
money
1.94
1.45
3.32
3.28
3.10
3.03
3.68
4.17
4.05
4.13
4.16
3.96
4.14
4.26
4.21
2
France
Bankers'
allowance Day-today
on
money
deposits
1.75
1.25
2.50
2.50
2.50
2.50
2.98
3.50
3.75
3.29
3.02
3.06
2.99
2.95
3.05
3.06
3.08
3.10
3.02
3.21
3.02
3.00
Netherlands
Treasury
bills
3 months
Day-today
money
Sweden
Switzerland
Loans
Private
up to
discount
3 months
rate
1.50
1.50
.94
.75
1.06
.50
.57
.57
.50
.62
.38
.53
.32
.59
.76
2.38
2.74
3.00
3.00
3.30
.15
.00
.00
.23
.25
.43
.50
.50
.50
.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
.03
.77
Based on weekly averages of daily closing rates.
1.50
1.50
1.50
1388
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
Austria
(schilling)
Belgium
(franc)
British
Malaysia
(dollar)
3.8580
3.8580
3.8580
1.9908
1.9859
1.9878
2.0009
1.9975
1.9905
32.788
32.849
32.601
32.595
32.641
32.624
Canada
(dollar)
Official
90.909
Free
91.474
94.939
102.149
101.650
102.724
101.401
1955—Nov.
Dec.
25.556
5.556
33.095
2.806
223.22
223.32
3.8580
3.8580
1.9955
1.9986
32.753
32.764
100.047
100.048
1956—Jan..
Feb..
Mar.
5.556
5.556
5.556
5.556
5.556
5.556
5.556
5.556
5.556
5.556
5.556
2.587
2.386
2.454
2.536
2.657
2.872
3.090
3.249
3.190
3.177
2.987
223.63
223.62
223.50
223.72
223.71
223.28
222.58
221.76
221.76
221.88
221.71
3.8580
3.8580
3.8580
3.8580
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
2.0049
2.0064
2.0084
2.0022
32.819
32.816
32.798
32.761
32.700
32.608
32.510
32.368
32.373
32.384
32.360
100.122
100.080
100.122
100.302
100.803
101.476
101.835
101.907
102.274
102.732
103.725
Finland
(markka)
France
(franc)
Germany
(deutsche
mark)
India
(rupee)
Ireland
(pound)
280.38
279.68
281.27
280.87
279.13
11.570
11.564
11.588
11.607
9.052
8.006
May.
June.
July.
Aug.
Sept.
Oct..
Nov.
Ceylon
(rupee)
Denmark
(krone)
1950.,
1951.,
1952.,
1953.,
1954.
1955.
20.850
20.849
20.903
21.046
21.017
20.894
14.494
14.491
14.492
1955— Nov..
Dec..
1956—Jan...
Feb..
Mar..
Year or month
M^y!
June.
July..
Aug..
Sept..
Oct..,
Nov..
Japan
(yen)
Mexico
(peso)
.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
20.979
20.988
.4354
.4354
.2855
.2854
23.721
23.719
20.979
20.988
280.15
280.26
8.006
8.006
21.019
21.017
21.004
21.024
21.022
20.977
20.917
20.858
20.873
20.878
20.871
.4354
.4354
.4354
.4354
.4354
.4354
.4354
.4354
.4354
.4354
.4354
.2854
.2855
.2855
.2855
.2855
.2855
.2855
.2855
.2855
.2855
.2855
23.719
23.717
23.716
23.716
23.729
23.797
23.839
23.853
23.853
23.843
23.832
21.019
21.017
21.004
21.024
21.022
20.977
20.911
20.830
20.840
20.856
20.840
280.66
280.64
280.49
280.77
280.76
280.22
279.33
278.31
278.31
278.46
278.25
4.2779
8.006
8.006
8.006
8.006
8.006
8.006
8.006
8.006
8.006
8.006
8.006
Netherlands
(guilder)
New
Zealand
(pound)
Norway
(krone)
Philippine
Republic
(peso)
Portugal
(escudo)
South
Africa
(pound)
Sweden
(krona)
Switzerland
(franc)
United
Kingdom
(pound)
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—Nov..
Dec..
26.211
26.128
277.37
277.49
14.008
14.008
49.677
49.677
3.4900
3.4900
279.10
279.21
19.333
19.333
23.335
23.335
280.14
280.26
1956—Jan...
Feb...
Mar..
Apr..
May.
June.
July..
Aug.,
Sept..
Oct..
Nov..
26.125
26.123
26.107
26.125
26.110
26.106
26.106
26.111
26.110
26.124
26.105
277.88
277.87
277.72
277.99
277.98
277.44
276.57
275.55
275.55
275.70
275.49
14.008
14.008
14.008
14.008
14.008
14.008
14.008
14.008
14.008
14.008
14.008
49.677
49.677
49.677
49.677
49.677
49.677
49.677
49.677
49.677
49.677
49.677
3.4900
3.4900
3.4900
3.4900
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
277.27
277.26
277.42
277.21
19.333
19.333
19.333
19.333
19.333
19.333
19.333
19.333
19.333
19.333
19.333
23.335
23.335
23.335
23.335
23.332
23.334
23.335
23.335
23.335
23.331
23.335
280.66
280.64
280.49
280.77
280.76
280.22
279.33
278.31
278.30
278.46
278.25
Year or month
1 Annual averages based on quotations through Oct. 27, 1955.
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.
3 New free market rate, became effective Oct. 28, 1955.
Based on quotations beginning Nov. 26, 1956.
4
Federal Reserve Board Publications
The material listed below may be obtained from
the Division of Administrative Services, Board of
Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated,
remittance should be made payable to the order
of the Board of Governors of the Federal Reserve
System.
THE
FEDERAL RESERVE SYSTEM—PURPOSES AND
FUNCTIONS.
November 1955.
208 pages.
ANNUAL REPORT of the BOARD OF GOVERNORS OF
THE
FEDERAL RESERVE SYSTEM.
Issued each
year.
nual subscription to monthly chart book includes one issue of Supplement. In the United
States and countries listed under Federal Reserve Bulletin on this page, single copies 60 cents
each or in quantities of 10 or more for single
shipment 50 cents each; elsewhere 70 cents per
copy.
FLOW OF FUNDS IN THE UNITED STATES, 1939-53.
A new accounting record designed to picture
the flow of funds through the major sectors of
the national economy. December 1955. 390
pages. $2.75 per copy.
THE DEVELOPMENT OF BANK DEBITS AND CLEARINGS AND THEIR U S E IN ECONOMIC ANALYSIS.
FEDERAL RESERVE BULLETIN.
Issued monthly.
Subscription price in the United States and its
possessions, Bolivia, Canada, Chile, Colombia,
Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras,
Mexico, Nicaragua, Panama, Paraguay, Peru,
El Salvador, Uruguay, and Venezuela is $6.00
per annum or 60 cents per copy; elsewhere
$7.00 per annum or 70 cents per copy. Group
subscriptions in the United States for 10 or
more copies to one address, 50 cents per copy
per month, or $5.00 for 12 months.
FEDERAL RESERVE CHARTS ON BANK CREDIT,
MONEY RATES, AND BUSINESS. Issued monthly.
Annual subscription includes one issue of Historical Supplement listed on this page. Subscription price in the United States and the
countries listed above is $6.00 per annum, 60
cents per copy, or 50 cents each in quantities
of 10 or more of a particular issue for single
shipment; elsewhere $7.00 per annum or 70
cents per copy.
January 1952. 175 pages. 25 cents per copy;
in quantities of 10 or more copies for single
shipment, 15 cents each.
A STATISTICAL STUDY OF REGULATION V LOANS.
September 1950. 74 pages. 25 cents per copy;
in quantities of 10 or more copies for single
shipment, 15 cents each.
BANKING AND MONETARY STATISTICS.
Statistics of
banking, monetary, and other financial developments. November 1943. 979 pages. $1.50
per copy. N o charge for individual sections
(unbound).
RULES OF ORGANIZATION AND RULES OF PROCE-
DURE—Board of Governors of the Federal Reserve System (with Amendments). September
1946. 31 pages.
REGULATIONS OF THE BOARD OF GOVERNORS OF
THE
FEDERAL RESERVE SYSTEM.
Individual
regulations with amendments and supplements
thereto.
HISTORICAL SUPPLEMENT TO FEDERAL RESERVE
ADMINISTRATIVE INTERPRETATIONS OF REGULA-
CHARTS ON BANK CREDIT, MONEY RATES, AND
TION F—SECTION 17—COMMON TRUST FUNDS.
BUSINESS.
9 pages.
Issued annually in September. An-
1389
1390
FEDERAL RESERVE BULLETIN • DECEMBER 1956
PERIODIC RELEASES
DEPARTMENT STORE CREDIT
DEPARTMENT STORE MERCHANDISING DATA
WEEKLY
CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS
BY INDUSTRY
(Also annual list.
Both available at Federal Reserve Banks only)
FEDERAL RESERVE PAR LIST
CHANGES IN STATE BANK MEMBERSHIP
CONDITION OF WEEKLY REPORTING MEMBER
BANKS IN CENTRAL RESERVE CITIES
CONDITION OF WEEKLY REPORTING
BANKS IN LEADING CITIES
MEMBER
WEEKLY AVERAGES OF MEMBER BANK RESERVES,
RESERVE BANK CREDIT, AND RELATED ITEMS
AND STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS
WEEKLY DEPARTMENT STORE SALES
WEEKLY DEPARTMENT STORE SALES—SELECTED
CITIES AND AREAS
WEEKLY FOREIGN EXCHANGE RATES
WEEKLY REVIEW OF PERIODICALS
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS
(Available only
INTERDISTRICT SETTLEMENT FUND
INDEX NUMBERS OF WHOLESALE PRICES
MONTHLY DEPARTMENT STORE SALES
MONTHLY DEPARTMENT STORE
STOCKS, BY DEPARTMENTS
SALES
AND
MONTHLY DEPARTMENT STORE STOCKS
MONTHLY FOREIGN EXCHANGE RATES
NATIONAL SUMMARY OF BUSINESS CONDITIONS
OPEN-MARKET MONEY RATES AND BOND PRICES
RETAIL FURNITURE REPORT
SALES FINANCE COMPANIES
for domestic distribution)
SEMIMONTHLY
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
SELECTED LIST OF ADDITIONS TO THE RESEARCH
LIBRARY
MONTHLY
ASSETS AND LIABILITIES OF ALL BANKS IN THE
UNITED STATES (Including Consolidated State-
ment for Banks and the Monetary System)
STATE MEMBER BANKS OF THE FEDERAL RESERVE
SYSTEM AND NONMEMBER BANKS THAT MAINTAIN CLEARING ACCOUNTS WITH FEDERAL RE-
SERVE BANKS (Also annual list)
SEMIANNUAL-QUARTERLY
ALL BANKS IN THE UNITED STATES AND POSSESSIONS—PRINCIPAL ASSETS AND LIABILITIES
MEMBER BANK CALL REPORT
MEMBER BANK EARNINGS
ASSETS AND LIABILITIES OF ALL MEMBER BANKS,
BY DISTRICTS
MEMBER BANK LOANS
BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
BUSINESS INDEXES
(Short- and Intermediate-Term
and Consumer Instalment Credit Extended and
Repaid)
CONSUMER CREDIT
ANNUAL
BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS
DEPARTMENT STORE TRADE
CONSUMER INSTALMENT CREDIT AT COMMERCIAL
BANKS
BIENNIAL
CONSUMER LOANS MADE UNDER EFFECTIVE STATE
SMALL LOAN LAWS
DISTRIBUTION OF BANK DEPOSITS BY COUNTIES
AND STANDARD METROPOLITAN AREAS
1391
FEDERAL RESERVE BOARD PUBLICATIONS
REPRINTS
an asterisk)
HOUSE PURCHASES IN THE FIVE MONTHS FOLLOWING THE INTRODUCTION OF REAL ESTATE CREDIT
REGULATION. July 1951. 23 pages.
THE HISTORY OF RESERVE REQUIREMENTS FOR
BANKS IN THE UNITED STATES.
November
REVISED INDEXES OF DEPARTMENT STORE SALES
AND STOCKS. December 1951. 53 pages.
(From Federal Reserve Bulletin unless preceded by
1938.
20 pages.
HISTORICAL REVIEW OF OBJECTIVES OF FEDERAL
RESERVE POLICY. April 1940. 11 pages.
REVISED WEEKLY INDEX OF DEPARTMENT STORE
SALES. April 1952. 4 pages.
September 1940.
REAL ESTATE LOANS OF REGISTRANTS UNDER
REGULATION X. June 1952. 18 pages.
FEDERAL RESERVE BANK LENDING POWER NOT
DEPENDENT ON MEMBER BANK RESERVE BAL-
REVISED SERIES ON DEPARTMENT STORE SALES,
STOCKS, AND ORDERS. October 1952. 5 pages.
MEASUREMENT OF PRODUCTION.
16 pages.
ANCES. February 1941. 2 pages.
ADJUSTMENT FOR SEASONAL VARIATION.
Descrip-
tion of method used by Board in adjusting
economic data for seasonal variation. June
1941. 11 pages.
ESTIMATES OF GROSS NATIONAL PRODUCT, 1919-
28.
September 1945. 2 pages.
VALUES AND LIMITATIONS OF CONSUMER FINANCIAL SURVEYS FOR ECONOMIC RESEARCH. March
1947.
9 pages.
THE MONETARY SYSTEM OF THE UNITED STATES.
February 1953. 16 pages.
INFLUENCE OF CREDIT AND MONETARY MEASURES
ON ECONOMIC STABILITY. March 1953. 16
pages.
FEDERAL FINANCIAL MEASURES FOR ECONOMIC
STABILITY.
BANKING ASSETS AND THE MONEY SUPPLY SINCE
1929.
RECENT CENTRAL BANKING DEVELOPMENTS IN
SOUTHEAST ASIA. December 1952. 9 pages.
January 1948. 9 pages.
SALES FINANCE COMPANY OPERATIONS IN 1947.
July 1948. 6 pages.
May 1953. 7 pages.
•DETAILED DESCRIPTION OF SOURCES AND METHODS USED IN REVISION OF SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT STATISTICS.
April 1953. 25 pages.
and Text of
the Act. In part a reprint from the August
1948 BULLETIN. 36 pages.
THE PHILIPPINE CENTRAL BANK ACT
FEDERAL RESERVE BANK RESPONSIBILITIES.
1953.
May
5 pages.
NEW STATISTICS OF INTEREST RATES ON BUSINESS
LOANS. March 1949. 10 pages.
UNITED STATES POSTWAR INVESTMENT IN LATIN
AMERICA. May 1953. 6 pages.
NOTES ON FOREIGN CURRENCY ADJUSTMENTS.
DEPARTMENT STORE SALES AND STOCKS, BY
MAJOR DEPARTMENTS (Revised Indexes). No-
November 1949. 14 pages.
vember 1953. 65 pages.
MEASUREMENT OF CONSUMER CREDIT.
Novem-
ber 1950. 9 pages.
* THE TREASURY—CENTRAL BANK RELATIONSHIP
IN FOREIGN COUNTRIES—PROCEDURES AND
TECHNIQUES. November 1950. April 1951.
19 pages.
FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION, 1953 Revision. December
1953.
96 pages.
EXTENSIONS AND REPAYMENTS OF CONSUMER INSTALMENT CREDIT. January 1954. 14 pages.
1392
FEDERAL RESERVE BULLETIN • DECEMBER 1956
NEW INDEXES OF OUTPUT OF CONSUMER DUR-
ABLE GOODS.
May 1954.
15 pages.
THE PRIVATE DEMAND FOR GOLD, 1931-53. Sep-
tember 1954. 10 pages.
RECENT FINANCIAL CHANGES IN WESTERN GER-
MANY. October 1954. 10 pages.
and 1955 BULLETINS.
WORLD TRADE AND PRODUCTION IN 1953-54. Oc-
tober 1954. 10 pages.
USE
OF MONETARY INSTRUMENTS SINCE MID-
1952.
1956 SURVEY OF CONSUMER FINANCES. Preliminary Findings. March 1956. 3 pages. The
Financial Position of Consumers. June 1956.
14 pages. Consumer Indebtedness. July 1956.
17 pages. Durable Goods and Housing. August
1956. 17 pages. Similar Surveys are available for earlier years from 1952, 1953, 1954,
December 1954. 8 pages.
DIRECTLY PLACED FINANCE COMPANY PAPER. De-
cember 1954. 8 pages.
SURVEY OF BANK LOANS FOR COMMERCIAL AND
INDUSTRIAL PURPOSES. Business Loans of
Member Banks. April 1956. 14 pages. Credit
Lines and Minimum Balance Requirements.
June 1956. 7 pages. (Other articles on this
Survey will appear in later issues of the BULLETIN.) Reprints on a similar Survey are available from March, May, June, July, and August
SEASONAL ADJUSTMENT FACTORS FOR DEMAND
DEPOSITS ADJUSTED AND CURRENCY OUTSIDE
BANKS. March 1955. 4 pages.
FINANCING OF LARGE CORPORATIONS,
UNITED STATES BANKS AND FOREIGN TRADE F I NANCING. April 1955. 11 pages.
BANK CREDIT AND MONEY.
BANKERS' ACCEPTANCE FINANCING IN THE UNITED
STATES. May 1955. 13 pages.
1947 BULLETINS.
1951-55.
June 1956. 9 pages. (Also, similar reprint
from June 1955 BULLETIN.)
July 1956. 7 pages.
(Also, similar reprint from February 1956 BUL-
LETIN.)
SURVEY OF COMMON TRUST FUNDS. August 1956.
SELECTED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES. July 1955. 2 pages.
6 pages.
WORLD TRADE AND PAYMENTS IN 1955-56.
A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS, ANNUAL ESTIMATES, 1939-54. Octo-
ber 1955. 40 pages.
tober 1956.
REVISION OF CONSUMER CREDIT STATISTICS.
BANKING AND MONETARY STATISTICS, 1955.
(Se-
lected series of banking and monetary statistics
for 1955 only) February and May 1956. 12
pages. (Similar reprint of 1954 data, Febru-
Oc-
8 pages.
Oc-
tober 1956. 24 pages. (Also, similar reprint
from April 1953 BULLETIN.)
INDEX OF ELECTRICITY AND GAS OUTPUT.
Oc-
tober 1956. 15 pages.
ary and May 1955 BULLETINS).
FARM LOANS AT COMMERCIAL BANKS.
THE
1957
BUDGET.
February 1956.
11 pages.
INTERNATIONAL GOLD AND DOLLAR FLOWS.
1956.
11 pages.
March
November
1956. 16 pages.
UNITED STATES BANKING ORGANIZATION ABROAD.
December 1956. 16 pages.
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
WOODLIEF THOMAS, Economic Adviser
WINFIELD W. RIEFLER, Assistant to the Chairman
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
GERALD M. CONKLING, Assistant
Secretary
JOHN R. FARRELL, Assistant
Secretary
Director
Director
DIVISION OF EXAMINATIONS
LEGAL DIVISION
GEORGE S. SLOAN, Director
GEORGE B. VEST, General Counsel
HOWARD H. HACKLEY, Associate General
ROBERT C. MASTERS, Associate
Director
C. C. HOSTRUP, Assistant Director
Counsel
FRED A. NELSON, Assistant
Director
FREDERIC SOLOMON, Assistant General Counsel
DAVID B. HEXTER, Assistant General Counsel
G. HOWLAND CHASE, Assistant General Counsel
JEROME W. SHAY, Assistant General Counsel
ARTHUR H. LANG, Chief Federal Reserve
Examiner
THOMAS J. O'CONNELL, Assistant
HENRY BENNER, Assistant
GLENN M. GOODMAN, Assistant
General
Director
Director
Counsel
DIVISION OF PERSONNEL ADMINISTRATION
DIVISION OF RESEARCH AND STATISTICS
EDWIN J. JOHNSON, Director
H. FRANKLIN SPRECHER, JR., Assistant
RALPH A. YOUNG, Director
FRANK R. GARFIELD,
Adviser
DIVISION OF ADMINISTRATIVE SERVICES
GUY E. NOYES, Adviser
ROLAND I. ROBINSON,
LISTON P. BETHEA, Director
Adviser
KENNETH B. WILLIAMS, Assistant
SUSAN S. BURR, Assistant
Director
LEWIS N. DEMBITZ, Assistant
JOSEPH E. KELLEHER, Assistant
Director
Director
ALBERT R. KOCH, Assistant
Director
OFFICE OF DEFENSE LOANS
GARDNER L. BOOTHE, II,
Director
Administrator
OFFICE OF THE CONTROLLER
DIVISION OF INTERNATIONAL FINANCE
ARTHUR W. MARGET,
Director
EDWIN J. JOHNSON, Controller
M. B. DANIELS, Assistant
Director
1393
Controller
1394
FEDERAL RESERVE BULLETIN • DECEMBER 1956
Federal Open Market Committee
W M . M C C . MARTIN, JR.,
C. CANBY BALDERSTON
J. A. ERICKSON
W. D. FULTON
Chairman
ALFRED HAYES,
DELOS C. JOHNS
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
L. MERLE HOSTETLER, Associate Economist
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
HERBERT
V. PROCHNOW, Secretary
COMER J. KIMBALL, ATLANTA
HOMER J. LIVINGSTON, CHICAGO
L E E P. MILLER, ST. LOUIS
JULIAN B. BAIRD, MINNEAPOLIS
R. CROSBY K E M P E R , KANSAS CITY
G E O . G. MATKIN, DALLAS
FRANK L. KING, SAN FRANCISCO
WILLIAM
J. KORSVIK, Assistant
Secretary
Federal Reserve Banks and Branches
District 1—FEDERAL RESERVE BANK OF BOSTON
BOARD OF DIRECTORS
Robert C. Sprague, Chairman and Federal Reserve Agent
James R. Killiam, 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
E. O. Latham, First Vice President
Vice Presidents
D. H. Angney
Ansgar R. Berge
Dana D. Sawyer
O. A. Schlaikjer
District 2—FEDERAL RESERVE BANK OF NEW YORK
BOARD OF DIRECTORS
Jay E. Crane, Chairman and Federal Reserve Agent
Forrest F. Hill, Deputy Chairman
John E. Bierwirth
John R. Evans
Howard C. Sheperd
Ferd I. Collins
Clarence Francis
Lansing P. Shield
Franz Schneider
FEDERAL RESERVE BANKS AND BRANCHES
1395
District 2—FEDERAL RESERVE BANK OF NEW YORKAlfred Hayes, President
H. A. Bilby
John Exter
M. A. Harris
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 V. Roosa
V. Willis
Robert G. Rouse
R. B. Wiltse
I. B. Smith, in charge
of Buffalo Branch
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. Hurt!
Charles E. Oakes
Wm. Fulton Kurtz
Alfred H. Williams, President
W. J. Davis, First Vice President
Vice Presidents
Karl R. Bopp
E. C. Hill
P. M. Poorman
Robert N. Hilkert
Wm. G. McCreedy
J. V. Vergari
District 4—FEDERAL RESERVE BANK OF CLEVELAND
BOARD OF DIRECTORS
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
1396
FEDERAL RESERVE BULLETIN • DECEMBER 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
Edw. A. Wayne, First Vice President
Vice Presidents
D. F. Hagner, in charge of
Baltimore Branch
Aubrey N. Heflin
Upton S. Martin
N. L. Armistead
R. L. Cherry, in charge of
Charlotte Branch
James M. Slay
C. B. Strathy
Chas. W. Williams
BALTIMORE BRANCH—BOARD OF DIRECTORS
Charles A. Piper
John W. Stout
Theodore E. Fletcher
Wm. Purnell Hall
Charles W. Hoff
Stanley B. Trott
Clarence R. Zarfoss,
Chairman
CHARLOTTE BRANCH—BOARD OF DIRECTORS
Ernest Patton
I. W. Stewart
Archie K. Davis
William H. Grier,
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
W. C. Bowman
Henry G. Chalkley, Jr.
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
Lewis M. Clark, First Vice President
Vice Presidents
John L. Liles, Jr.
R. E. Moody, Jr., in charge
of Nashville Branch
Harold T. Patterson
L. B. Raisty
Earle L. Rauber
S. P. Schuessler
M. L. Shaw, in charge
of New Orleans
Branch
BIRMINGHAM BRANCH—BOARD OF DIRECTORS
Edwin C. Bottcher
Robert M. Cleckler
John Will Gay
E. W. McLeod
Malcolm A. Smith
John E. Urquhart
Adolf Weil, Sr.,
Chairman
JACKSONVILLE BRANCH—BOARD OF DIRECTORS
Linton E. Allen
W. E. Ellis
James G. Garner
James L. Niblack
J. Wayne Reitz
Harry M. Smith
McGregor Smith,
Chairman
1397
FEDERAL RESERVE BANKS A N D BRANCHES
District 6—FEDERAL RESERVE BANK OF ATLANTA-Continued
Stewart Campbell
J. R. Kellam, Jr.
Ernest J. Moench
William J. Fischer
Joel L. Fletcher, Jr.
G. H. King, Jr.
NASHVILLE BRANCH—BOARD OF DIRECTORS
A. Carter Myers
W. E. Tomlinson
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
Robert P. Briggs
Walter J. Cummings
William J. Grede
William A. Hanley
Walter E. Hawkinson
Carl E. Allen, Jr., President
Neil B. Dawes
W. R. Diercks
A. M. Gustavson
John A. Hannah,
Chairman
Ira A. Moore
J. Stuart Russell, Deputy
Chairman
Vivian W. Johnson
Nugent R. Oberwortmann
E. C. Harris, First Vice President
Vice Presidents
C. T. Laibly
R. A. Swaney, in charge
George W. Mitchell
of Detroit Branch
H. J. Newman
W. W. Turner
A. L. Olson
DETROIT BRANCH—BOARD OF DIRECTORS
Howard P. Parshall
C. V. Patterson
Raymond T. Perring
Ernest W. Potter
J. Thomas Smith
District 8—FEDERAL RESERVE BANK OF ST. LOUIS
BOARD OF DIRECTORS
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
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
of Memphis Branch
Fred Burton, in charge of
H. H. Weigel
Geo. E. Kroner
Little Rock Branch
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
Delos C. Johns, President
1398
FEDERAL RESERVE BULLETIN • DECEMBER 1956
District «—FEDERAL RESERVE BANK OF ST. LOUIS-Continued
LOUISVILLE BRANCH—BOARD OF DIRECTORS
David F. Cocks
Pierre B. McBride,
M. C. Minor
Magnus J. Kreisle
Chairman
J. D. Monin, Jr.
W. Scott Mclntosh
(Vacancy)
MEMPHIS BRANCH—BOARD OF DIRECTORS
Henry Banks
John A. McCall
John D. Williams,
J. H. Harris
William B. Pollard
Chairman
A. E. Hohenberg
John K. Wilson
District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS
BOARD OF DIRECTORS
Leslie N. Perrin, Chairman and Federal Reserve Agent
O. B. Jesness, Deputy Chairman
John E. Corette
Thomas G. Harrison
Joseph F. Ringland
F. Albee Flodin
Ray C. Lange
Harold N. Thomson
Harold C. Refling
O. S. Powell, President
A. W. Mills, First Vice President
Vice Presidents
Kyle K. Fossum, in charge
C. W. Groth
M. H. Strothman, Jr.
of Helena Branch
E. B. Larson
Sigurd Ueland
H. G. McConnell
HELENA BRANCH—BOARD OF DIRECTORS
A. W. Heidel
Geo. N. Lund
George R. Milbum,
J. Willard Johnson
Carl McFarland
Chairman
District 10—FEDERAL RESERVE BANK OF KANSAS CITY
BOARD OF DIRECTORS
Raymond W. Hall, Chairman and Federal Reserve Agent
Joe W. Seacrest, Deputy Chairman
K. S. Adams
E. M. Dodds
Max A. Miller
W. L. Bunten
W. S. Kennedy
Oliver S. Willham
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
Clarence W. Tow
E. D. Vanderhoof
D. W. Woolley
Aksel Nielsen, Chairman
Ray Reynolds
R. Otis McClintock
F. M. Overstreet
1399
FEDERAL RESERVE BANKS A N D BRANCHES
District 10—FEDERAL RESERVE BANK OF KANSAS CITY-Continucd
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
W. E. Eagle, in charge of
San Antonio Branch
W. H. Holloway
E. B. Austin
Howard Carrithers, in charge
of El Paso Branch
J. L. Cook, in charge of
Houston Branch
EL PASO BRANCH—BOARD OF DIRECTORS
F. W. Barton
James A. Dick
John P. Butler
Thomas C. Patterson
Floyd Childress
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
Y. Frank Freeman, Deputy Chairman
Carroll F. Byrd
Walter S. Johnson
Reese H. Taylor
Alden G. Roach
Philip I. Welk
M. Vilas Hubbard
John A. Schoonover
H. N. Mangels, President
E. R. Barglebaugh, in charge of
Salt Lake City Branch
J. M. Leisner, in charge of
Seattle Branch
Eliot J. Swan, First Vice President
Vice Presidents
E. R. Millard
R. H. Morrill
J. A Randall, in charge of
Portland Branch
H. F. Slade
W. F. Volberg,
in charge of
Los Angeles Branch
O. P. Wheeler
1400
FEDERAL RESERVE BULLETIN • DECEMBER 1956
District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO-Continued
LOS ANGELES BRANCH—BOARD OF DIRECTORS
Charles Detoy
Anderson Borthwick
Shannon Crandall, Jr., Chairman
Joe D. Paxton
James E. Shelton
PORTLAND BRANCH—BOARD OF DIRECTORS
Warren W. Braley
J. H. McNally
John B. Rogers
E. C. Sammons
William H. Steiwer, Sr.,
Chairman
SALT LAKE CITY BRANCH—BOARD OF DIRECTORS
Harry Eaton
George S. Eccles
Russell S. Hanson
Joseph Rosenblatt,
Chairman
Geo. W. Watkins
SEATTLE BRANCH—BOARD OF DIRECTORS
James Brennan
Charles F. Frankland
S. B. Lafromboise
D. K. MacDonald
Ralph Sundquist,
Chairman
Index to Volume 42
GUIDE TO PAGE NUMBERS
Month of issue
January
February
March
April
Pages
1-96
97-216
217-318
319-428
Month of issue
May . .
June . . .
July .. .
August
Pages
. 429-552
. 553-682
683-792
793-926
Pages
Acceptances, bankers':
Open market rates
35, 145, 253, 365, 477,
617, 731, 863, 961, 1093, 1213, 1337
Volume outstanding
34, 144, 252, 364, 476,
616, 730, 862, 960, 1092, 1212, 1336
Agricultural loans:
Commercial banks, by classes. . . .30, 140, 248, 360,
472, 612, 726, 858, 956, 1088, 1208, 1332
Survey of
1163
Weekly reporting member banks
32, 142, 250,
362, 474, 614, 728, 860, 958, 1090, 1210, 1334
Agriculture:
Balance sheet, 1956. .
823
Govt. agency loans
38, 148, 256, 368, 480,
620, 734, 866, 964, 1096, 1216, 1340
National summary of business conditions
940
Allen, Carl E., Jr.:
Appointed Class C director and Deputy
Chairman at Chicago
.11
Appointed President of Federal Reserve
Bank of Chicago
708
Allison, James W., appointed by Board of
Governors as special consultant
..230
Annual Report, Board of Governors, 1955. .
.341
Argentina:
Central Bank of:
Condition
79, 199, 297, 411, 535, 663,
775, 909, 1005, 1139, 1259, 1383
Gold reserves
76, 196, 294, 408, 532, 660,
772, 906, 1002, 1136, 1256, 1380
Foreign exchange rates. . . .84, 204, 302, 416, 540,
668, 780, 914, 1010, 1144, 1264, 1388
Gold purchases by U. S.. .75, 195, 293, 407, 531,
659, 771, 905, 1001, 1135, 1255, 1379
Gold reserves and dollar holdings. . . .77, 197, 295,
409, 533, 661, 773, 907, 1003, 1137, 1257, 1381
Articles (See Leading articles; Special articles)
Assets and liabilities (See also Foreign liabilities
and claims reported by banks):
Agriculture, balance sheet
823
Banks, by classes
27, 137, 245, 357, 469,
609, 723, 855, 953, 1085, 1205, 1330
Commercial banks, by classes. . . .30, 140, 248, 360,
472, 612, 726, 858, 956, 1088, 1208, 1332
Consolidated monetary statement. . . .26, 136, 244,
356, 468, 608, 722, 854, 952, 1084, 1204, 1328
Corporate, balance sheet and income statement. . 5$6
Corporate, current. . . .46, 156, 264, 376, 488, 628,
742, 874, 972, 1104, 1224, 1348
Federal Reserve Banks. . .21-22, 131-132, 239-240,
351-352, 463-464, 603-604, 717-718, 849-850,
947-948, 1079-1080, 1199-1200, 1323-1324
Foreign central banks
78, 198, 296, 410, 534,
662, 774, 908, 1004, 1138, 1258, 1382
Govt. corporations and credit agencies, by
type and agency. . . .38, 148, 256, 368, 480, 620,
734, 866, 964, 1096, 1216, 1340
Revision of tables.
.1313
Month of issue
September .
October
November
December
Pages
. 927-1022
1023-1156
1157-1276
1277-1418
Pages
Assets and liabilities—Continued
Weekly reporting member banks
32, 142, 250,
362, 474, 614, 728, 860, 958,
1090, 1210, 1334
Australia:
Commonwealth Bank of, condition. . .79, 199, 297,
411, 535, 663, 775, 909, 1005, 1139, 1259, 1383
Foreign exchange rates
84, 204, 302, 416, 540,
668, 780, 914, 1010, 1144, 1264, 1388
Gold production
74, 194, 292, 406, 530, 658,
770, 904, 1000, 1134, 1254, 1378
Gold reserves and dollar holdings. . .773, 907, 1003,
1137, 1257, 1381
Austria:
Austrian National Bank:
Condition
80, 200, 298, 412, 536, 664,
776, 910, 1006, 1140, 1260, 1384
Discount rate
83, 203, 301, 415, 539, 667,
779, 913, 1009, 1143, 1263, 1387
Foreign exchange rates. . . .84, 204, 302, 416, 540,
668, 780, 914, 1010, 1144, 1264, 1388
Gold reserves and dollar holdings. . . .77, 197, 295,
409, 533, 661, 773, 907, 1003, 1137, 1257, 1381
Automobile companies, financing of
583
Automobiles:
Consumer durable goods output index. .58, 168, 276,
388, 500, 640, 754, 886, 984, 1118, 1238, 1362
Consumer instalment credit. . .50-52, 160-162, 268270, 380-382, 492-494, 632-634, 746-748, 878880, 976-978, 1108-1111, 1228-1231, 1352-1356
Industrial production index. .55, 165, 273, 385, 497,
637, 751, 883, 981, 1114, 1234, 1358
Markets for, discussion
795
Purchases of, 1956 survey of consumer
finances
. .806, 817
Balance of payments and world trade in 1955-56. . . 1023
Balance sheets (See^ Assets and liabilities)
Bank credit and money:
Articles on
97, 683
National summary of business conditions. . . .455
Bank credit and reserves, national summary of
business conditions.
. 14, 123, 232, 343, 596, 710,
842, 940, 1072, 1191, 1315
Bank debits (See Debits to deposit accounts)
Bank Holding Company Act of 1956:
Extension of time for registration under
1070
Regulation Y issued pursuant t o . .
..835-840
Text of
444
Bank for International Settlements:
Condition.
82, 202, 300, 414, 538, 666,
778, 912, 1008, 1142, 1262, 1386
Gold purchases by U. S
75, 195, 293, 407, 531,
659, 771, 905, 1001, 1135, 1255, 1379
Gold reserves
76, 196, 294, 408, 532, 660,
772, 906, 1002, 1136, 1256, 1380
1401
1402
FEDERAL RESERVE BULLETIN • DECEMBER 1956
Pages
Bankers' balances {See also Foreign liabilities and
claims reported by banks):
Commercial banks, by classes. . . .31, 141, 249, 361,
473, 613, 727, 859, 957, 1089, 1209, 1333
Weekly reporting member banks. .33, 143, 251, 363,
475, 615, 729, 861, 959, 1091, 1211, 1335
Banking laws, recommended changes in
1181
Banking and monetary statistics, 1955, special
tables . . .
182, 453, 520
Banking offices:
Changes in number
. 180, 896
On, and not on, Par List, number
181, 897
Banking system, defense mobilization planning:
Allison, James W., appointed by Board as
consultant in connection with
230
Article on
1188
Committees appointed in connection with
937
Banks and branches, number, by class and State. .398
Banks and the monetary system, consolidated
statement
26,136,244,356,468,608
722, 854, 952, 1084, 1204,. 1328
Banks for cooperatives, member banks dealing
in obligations of, amendment to section 5136
of Revised Statutes
833
Belgian Congo, gold production
74, 194, 292, 406,
530, 658, 770, 904, 1000, 1134, 1254, 1378
Belgium:
Foreign exchange rates. . . . 84, 204, 302, 416, 540,
668, 780, 914, 1010, 1144, 1264, 1388
Gold purcheses by U. S
75, 195, 293, 407, 531,
659, 771, 905, 1001, 1135, 1255, 1379
Gold reserves and dollar holdings. . . .77, 197, 295,
409, 533, 661, 773, 907, 1003, 1137, 1257, 1381
National Bank of:
Condition
80, 200, 298, 412, 536,
664, 776, 910, 1006, 1140, 1260, 1384
Discount rate
83, 203, 301, 415, 539,
667, 779, 913, 1009, 1143, 1263, 1387
Gold reserves
76, 196, 294, 408, 532,
660, 772, 906, 1002, 1136, 1256, 1380
Bell, T. Winfred, appointed director at Little
Rock Branch.
118
Board of Governors:
Annual Report, 1955
341
Expenses, assessment on Federal Reserve Banks 178
Members:
List covering period 1913-1956
120
Martin, Wm. McC, Jr.:
Federal Reserve policy procedure,
statement on
589
Reappointed member of Board and
designation as Chairman reaffirmed 118
Re-elected Chairman of Federal
Open Market Committee.
.230
Robertson, J. L., statement on recommendations for changes in banking laws. . .1181
Salaries, increase in
833
Members and officers
87, 207, 309, 419, 543,
673, 783, 917, 1013, 1147, 1267, 1393
Publications
85, 205, 307, 417, 541,
669, 781, 915, 1011, 1145, 1265, 1389
Recommendations for changes in banking laws 1181
Regulations {See Regulations)
Staff {See Staff of Board of Governors)
Bolivia:
Central Bank of:
Condition
80, 200, 298, 412, 536,
664, 776, 910, 1006, 1140, 1260, 1384
Bolivia—Continued
Central Bank of—Continued
Gold reserves
76, 196, 294, 408, 532,
660, 772, 906, 1002, 1136, 1256, 1380
Gold reserves and dollar holdings. . . .77, 197, 295,
409, 533, 661, 773, 907, 1003, 1137, 1257, 1381
Bonds {See also U. S. Govt. securities):
Corporate, outstanding, net change in. .46, 156, 264,
376, 488, 628, 742, 874, 972, 1104, 1224, 1349
New issues
44, 154, 262, 374, 486,
626, 740, 872, 970, 1102, 1222, 1346
Prices.
36, 146, 254, 366, 478,
618, 732, 864, 962, 1094, 1214, 1338
Yields
35, 145, 253, 365, 477,
617, 731, 863, 961, 1093, 1213, 1337
Branch banks, domestic:
Changes in number
. 180, 896
Number, by class and State
399
Branch banks, Federal Reserve System:
Directors {See Directors, Federal Reserve
branch banks)
Managing officers
88, 208, 310, 420, 544,
674, 784, 918, 1014, 1148, 1268, 1394
Branch banks, foreign:
United States banks and banking
corporations
1286, 1287, 1289, 1296
Brazil:
Gold reserves
76, 196, 294, 408, 532,
660, 772, 906, 1002, 1136, 1256, 1380
Gold reserves and dollar holdings. . . .77, 197, 295,
409, 533, 661, 773, 907, 1003, 1137, 1257, 1381
Briggs, Robert P., appointed Class C director at
Chicago
1070
British Malaysia, foreign exchange rates. . .84, 204, 302,
416, 540, 668, 780, 914, 1010, 1144, 1264, 1388
British West Africa, gold production. . .74, 194, 292, 406,
530, 658, 770, 904, 1000, 1134, 1254, 1378
Brokers and dealers in securities, bank loans to:
Commercial banks, by classes. . .30, 140, 248, 360,
472, 612, 726, 858, 956, 1088, 1208, 1332
Weekly reporting member banks. . . .32, 142, 250,
362, 474, 614, 728, 860, 958, 1090, 1210, 1334
Burma, discount rate
83, 203, 301, 415, 539, 667,
779, 913, 1009, 1143, 1263, 1387
Business conditions, national summary of. . 13, 122, 231,
342, 454, 595, 709, 841, 939, 1071, 1190, 1314
Business expansion, financing of, article on
553
Business expenditures on new plant and
equipment.
.46, 156, 264, 376, 488, 628, 742,
874, 972, 1104, 1224, 1348
Business indexes.
53, 163, 271, 383, 495, 635,
749, 881, 979, 1112, 1232, 1356
Business loans {See Commercial and industrial loans)
Canada:
Bank of:
Condition
79, 199, 297, 411, 535, 663,
775, 909, 1005, 1139, 1259, 1383
Discount rate
83, 203, 301, 415, 539, 667,
779, 913, 1009, 1143, 1263, 1387
Gold reserves
76, 196, 294, 408, 532, 660,
772, 906, 1002, 1136, 1256, 1380
Foreign exchange rates. . . .84, 204, 302, 416, 540,
668, 780, 914, 1010, 1144, 1264, 1388
Gold production
74, 194, 292, 406, 530, 658
770, 904, 1000, 1134, 1254, 1378
Gold purchases by U. S
75, 195, 293, 407, 531,
659, 771, 905, 1001, 1135, 1255, 1379
Gold reserves and dollar holdings. . . .77, 197, 295,
409, 533, 661, 773, 907, 1003, 1137, 1257, 1381
1403
INDEX TO VOLUME 42
Pages
Capital accounts:
Banks, by classes
27, 137, 245, 357, 469, 609,
723, 855, 953, 1085, 1205, 1329
Commercial banks, by classes. . . .31, 141, 249, 361,
473, 613, 727, 859, 957, 1089, 1209, 1333
Federal Reserve Banks
21-22, 131-132, 239-240,
351-352, 463-464, 603-604, 717-718, 849-850,
947-948, 1079-1080, 1199-1200, 1323-1324
Weekly reporting member banks. . . .33, 143, 251,
363, 475, 615, 729, 861, 959, 1091, 1211, 1335
Capital markets in 1956, article on
1277
Carloadings. .
53, 163, 271, 383, 495, 635,
749, 881, 979, 1112, 1232, 1356
Table discontinued..
.12
Central banks, foreign:
Assets and liabilities
78, 198, 296, 410, 534, 662,
774, 908, 1004, 1138, 1258, 1382
Discount rates
83, 203, 301, 415, 539, 667,
779, 913, 1009, 1143, 1263, 1387
Gold reserves
76, 196, 294, 408, 532, 660,
772, 906, 1002, 1136, 1256, 1380
Ceylon:
Central Bank of, condition
80, 200, 298, 412,
536, 664, 776, 910, 1006, 1140, 1260, 1384
Foreign exchange rates. . .84, 204, 302, 416, 540,
668, 780, 914, 1010, 1144, 1264, 1388
Chairmen, Federal Reserve Banks:
Appointments for 1956
8
List.
. . 88, 208, 310, 420, 544, 674,
784, 918, 1014, 1148, 1268, 1394
Meeting
.1312
Chairmen and Vice Chairmen, Board of Governors, list covering period 1914-1956. .
121
Chalkley, Henry G., Jr., appointed Class C
director at Atlanta. . . . .
11
Chart book on bank credit, money rates, and
business
.453, 938
Charts:
Automobiles.
795, 808, 809
Bond yields
934, 1277
Business loans.
98, 557, 684, 1280
Construction
. .123, 429, 435, 596
Consumer credit, revised and unrevised series. 1031
Consumer debt
.691
Consumer foods
799
Consumer prices
7, 795, 1162
Consumer trends . . . .
.793
Corporate profits before taxes.
. . . 556
Demand deposits and currency
101, 687
Electric utilities.
.554, 1056, 1059, 1060, 1061
Employment. .
.319, 321, 324, 325
Exports, world
. . . . 1024
Farm loans
830, 831
Farmland, changes in dollar value of. .
. 827
Federal debt, changes in ownership of. .
.100
Federal expenditures and authorizations.
.108
Foreign gold reserves and dollar
holdings
...
. . . .217, 220, 221
Gas utility series. . .
.1056, 1059, 1062
Home mortgage debt.
.1283
Housing status of consumers. .
812
Income
560, 562
Industrial production. . . 13, 122, 231, 342, 454, 595,
709, 794, 841, 939, 1023, 1061, 1071, 1190, 1314
Interest rates.
.104, 343, 689, 710, 927, 928,
933, 940, 1315
Labor market, changes in. .
.325
Pages
Charts—Continued
Liquid asset holders and debtors
564, 565
Liquid asset holdings of corporations. .
.581
Loans and investments:
Commercial banks
683
Member banks
14, 232, 455, 1072
Major industrial materials
3
Major materials, capacity and output
1159
Member bank reserves and borrowings. . . . 102, 596,
686, 842, 1191
Member bank reserves, Reserve Bank credit,
and related items
16, 126, 234, 346, 458,
598, 712, 844, 942, 1074, 1194, 1318
Nonfarm mortgage lending. . .
433
Plant and equipment outlays
553
Prices.
1, 5, 7, 122, 231, 455, 795,
842, 1024, 1072, 1158, 1160, 1162
Production, major sectors
1055
Retail trade. . .343, 710, 797, 798, 940, 1191, 1315
Saving, selected
types
.1278
State and local Govt. bonds.
.1282
Trade and prices.
.122
Unemployment
.
. . 322
U. S. balance of payments.
1028
U. S. savings bonds. . . .
..
440
Utility output of electricity and gas. . . .1056, 1059
1060, 1061, 1062
Yields on U. S. Govt. securities
931
Childress, Floyd, appointed director at El Paso
Branch
.1313
Chile:
Central Bank of:
Condition
80, 200, 298, 412, 536,
664, 776, 910, 1006, 1140, 1260, 1384
Gold reserves
76, 196, 294, 408, 532,
660, 772, 906, 1002, 1136, 1256, 1380
Gold production
74, 194, 292, 406, 530,
658, 770, 904, 1000, 1134, 1254, 1378
Gold reserves and dollar holdings
77, 197, 295,
409, 533, 661, 773, 907, 1003, 1137, 1257, 1381
Coins, circulation of
25, 135, 243, 355, 467,
607, 721, 853, 951, 1083, 1203, 1327
Colombia:
Bank of Republic of:
Condition
80, 200, 298, 412, 536,
664, 776, 910, 1006, 1140, 1260, 1384
Discount rate.
.83, 203, 301, 415, 539,
667, 779, 913, 1009
Gold reserves
76, 196, 294, 408, 532,
660, 772, 906, 1002, 1136, 1256, 1380
Gold production
74, 194, 292, 406, 530,
658, 770, 904, 1000, 1134, 1254, 1378
Gold purchases by U. S.. . .75, 195, 293, 407, 531,
659, 771, 905, 1001, 1135, 1255, 1379
Gold reserves and dollar holdings. . . .77, 197, 295,
409, 533, 661, 773, 907, 1003, 1137, 1257, 1381
Commercial banks:
Assets and liabilities, by classes
27-30, 137-140,
245-248, 357-360, 469-472, 609-612,
723-726, 855-858, 953-956, 10851088, 1205-1208, 1329-1332
Branches, number, by class and State
399
Consumer loans held, by type. . .51, 161, 269, 381,
493, 633, 747, 879, 977, 1109, 1229, 1353
Revised estimates
1040
Defense mobilization planning (See Defense
mobilization planning)
1404
FEDERAL RESERVE BULLETIN • DECEMBER 1956
Pages
Pages
Commercial banks—Continued
Farm loans, article on
.1163
Foreign, tables discontinued
12
Loans and investments, discussion
98, 684
Number, by class
27, 137, 245, 357, 469,
609, 723, 855, 953, 1085, 1205, 1329
Number, by class and State
398
Real estate mortgages held, by type. . .47, 157, 265,
377, 489, 629, 743, 875, 973, 1105, 1225, 1349
Commercial and industrial loans:
Business loans of banks, discussion
.557
Business loans of member banks, article on. . . .327
Commercial banks, by classes. . . .30, 140, 248, 360,
472, 612, 726, 858, 956, 1088, 1208, 1332
Credit lines and minimum balance requirements for business borrowers
573
Survey of bank loans for commercial and
industrial purposes
. . .327, 573
Weekly reporting member banks:
Sample
34, 144, 252, 364, 476,
616, 730, 862, 960, 1092, 1212, 1336
Total, leading cities
32, 142, 250, 362, 474,
614, 728, 860, 958, 1090, 1210, 1334
Commercial paper:
Rates.
35, 145, 253, 365, 477,
617, 731, 863, 961, 1093, 1213, 1337
Volume outstanding
34, 144, 252, 364, 476,
616, 730, 862, 960, 1092, 1212, 1336
Commodity Credit Corporation, assets and
liabilities
38, 148, 256, 368, 480,
620, 734, 866, 964, 1096, 1216, 1340
Common trust funds:
Advertising
. .228
Assignment of income to b a n k . . . .
. . 228
Survey of, 1955
800
Condition statements {See Assets and liabilities)
Conferences {See Meetings)
Construction:
Article on construction and residential real
estate
429
Contracts awarded
59, 169, 277, 389, 501,
641, 755, 887, 985, 1119, 1239, 1363
Dwelling units started
59, 169, 277, 389, 501,
641, 755, 887, 985, 1119, 1239, 1363
National summary of business conditions. . 1 3 , 122,
231, 342, 454, 595, 709
841, 939, 1071, 1190, 1314
Value of new activity
58, 168, 276, 388, 500,
640, 754, 886, 984, 1118, 1238, 1362
Consumer credit:
Furniture store statistics
52, 162
270, 382, 494, 634, 748, 880, 978
Instalment credit:
Extensions and repayments. .52, 162, 270, 382,
494, 634, 748, 880, 978, 1110, 1230, 1354
Outstanding, by holder 50-51, 160-161, 268-269,
380-381, 492-493, 632-633, 746-747, 878-879,
976-977, 1108-1109, 1228-1229, 1352-1353
Major parts
50, 160, 268, 380, 492,
632, 746, 878, 976, 1108, 1228, 1352
Noninstalment credit, by holder. .51, 161, 269, 381,
493, 633, 747, 879, 977, 1109, 1229, 1353
Revised estimates.
..
1039
Ratio of collections to accounts receivable. .52, 162,
270, 382, 494, 634, 748, 880, 978
Revision of consumer credit statistics. .594, 1031
Consumer durable goods:
Output indexes
58, 168, 276, 388, 500,
640, 754, 886, 984, 1118, 1238, 1362
Consumer finances, survey of, 1956:
Consumer indebtedness
. . 690
Durable goods and h o u s i n g . . . .
. . 806
Financial position of consumers. .
. .559
Preliminary findings
. . 224
Consumer goods, trends in, article on
793
Consumer price indexes
64, 174, 282, 394, 506,
646, 760, 892, 990, 1124, 1244, 1368
Consumer prices, discussion
7, 1161
Consumption expenditures. .66-67, 176-177, 284-285,
396-397, 508-509, 648-649, 762-763, 894-895,
992-993, 1126-1127, 1246-1247, 1370-1371
Corporate balance sheet and income statement. . .586
Corporate financing, 1951-55, article on. .
.580
Corporate profits, discussion
556
Corporate sales, profits, taxes, and dividends
45-46,
155-156, 263-264, 375-376, 487-488, 627628, 741-742, 873-874, 971-972, 1103-1104,
1223-1224, 1347-1348
Corporate securities:
New issues
44, 154, 262, 374, 486, 626,
740, 872, 970, 1102, 1222, 1346
Outstanding, net changes in
46, 156, 264, 376,
488, 628, 742, 874, 972, 1104, 1224, 1348
Prices
36, 146, 254, 366, 478, 618,
732, 864, 962, 1094, 1214, 1338
Yields..
. . . 3 5 , 145, 253, 365, 477, 617,
731, 863, 961, 1093, 1213, 1337
Cost of living {See Consumer price indexes)
Costa Rica, Central Bank of:
Condition
80, 200, 298, 412, 536, 664,
776, 910, 1006, 1140, 1260, 1384
Discount rate
83, 203, 301, 415, 539, 667,
779, 913, 1009, 1143, 1263, 1387
Credit expansion by nonbank lenders, discussion. . . . 103
Credit extended by banks to real estate mortgage
lenders, surveys of
227, 593, 936, 1300
Credit lines and minimum balance requirements,
article on
573
Cuba:
Gold purchases by U. S
75, 195, 293, 407, 531,
659, 771, 905, 1001, 1135, 1255, 1379
Gold reserves and dollar holdings
77, 197, 295,
409, 533, 661, 773, 907, 1003, 1137, 1257, 1381
National Bank of:
Condition
80, 200, 298, 412, 536, 664,
776, 910, 1006, 1140, 1260, 1384
Gold reserves. . . .76, 196, 294, 408, 532, 660,
772, 906, 1002, 1136, 1256, 1380
Currency {See also specific types of currency):
Consolidated monetary statement. . .26, 136, 244,
356, 468, 608, 722, 854, 952, 1084, 1204, 1328
Outstanding and in circulation . .25, 135, 243, 355,
467, 607, 721, 853, 951, 1083, 1203, 1327
Currency and deposits, discussion.
.100, 686
Customer credit, stock market:
Detailed debit and credit balances
386, 994
Monthly table
36, 146, 254, 366, 478,
618, 732, 864, 962, 1094, 1214, 1338
Day, William M., resignation as director of
Detroit Branch
840
Debits to deposit accounts. .24, 134, 242, 354, 466, 606,
720, 852, 950, 1082, 1202, 1326
Defense mobilization planning, banking system:
Allison, James W., appointed by Board as
consultant in connection with.
.230
1405
INDEX TO VOLUME 42
Pages
Defense mobilization planning, banking system—Cont.
Article on
1188
Committees appointed in connection with
.937
Defense Production Act of 1950, amendments to.
707
Defense production loans:
Fees and rates
24, 134, 242, 354, 466, 606,
720, 852, 950, 1082, 1202, 1326
Guaranteed under Regulation V . . . 23, 133, 241,
353, 465, 605, 719, 851, 949, 1081, 1201, 1325
Demand deposits:
Adjusted, banks and the monetary system. .26, 136,
244, 356, 468, 608, 722, 854, 952, 1084, 1204, 1328
Adjusted, commercial banks, by classes. . 31, 141,
249, 361, 473, 613, 727, 859, 957, 1089, 1209, 1333
Banks, by classes. . . .27, 137, 245, 357, 469, 609,
723, 855, 953, 1085, 1205, 1329
Type of holder, at commercial banks. .31, 141, 249,
361, 473, 613, 727, 859, 957, 1089, 1209, 1333
Weekly reporting member banks
33, 143, 251,
363, 475, 615, 729, 861, 959, 1091, 1211, 1335
Dembitz, Lewis N., appointed Assistant Director
of Division of Research and Statistics...
.118
Denmark:
Foreign exchange rates
84, 204, 302, 416, 540,
668, 780, 914, 1010, 1144, 1264, 1388
Gold reserves and dollar holdings. . . .77, 197, 295,
409, 533, 661, 773, 907, 1003, 1137, 1257, 1381
National Bank of:
Condition
80, 200, 298, 412, 536, 664,
776, 910, 1006, 1140, 1260, 1384
Discount rate
83, 203, 301, 415, 539, 667,
779, 913, 1009, 1143, 1263, 1387
Gold reserves. . . .76, 196, 294, 408, 532, 660,
772, 906, 1002, 1136, 1256, 1380
Denton, Frank R., elected Vice President of
Federal Advisory Council
. . . . 230
Department stores:
Merchandising data
63, 173, 281, 393, 505, 645,
759, 891, 989, 1123, 1243, 1367
Sales and stocks
62, 172, 280, 392, 504, 644,
758, 890, 988, 1122, 1242, 1366
Statistics, elimination of certain tables. . .
.12
Deposits {See also specific types of deposits):
Adjusted, and currency. . . .26, 136, 244, 356, 468,
608, 722, 854, 952, 1084, 1204, 1328
Banks, by classes
27, 137, 245, 357, 469, 609,
723, 855, 953, 1085, 1205, 1329
Commercial banks, by classes. . . .31, 141, 249, 361,
473, 613, 727, 859, 957, 1089, 1209, 1333
Federal Reserve Banks:
Condition statement data.. .21-22, 131-132,
239-240, 351-352, 463-464, 603-604,
717-718, 849-850, 947-948, 10791080, 1199-1200, 1323-1324
Held for foreign correspondents. .74, 194, 292,
406, 530, 658, 770, 904, 1000, 1134, 1254, 1378
Growth of deposits and currency
100, 686
Interest on, basis for compounding
340
Maximum rates on time and savings deposits:
Change in, amendment of supplement
to Regulation Q
..
.1301, 1312
Table discontinued
. . . . 119
Postal savings:
Consolidated monetary statement
26, 136,
244, 356, 468, 608, 722, 854,
952, 1084, 1204, 1328
Maximum rates
20, 1301
Turnover of.
. 2 4 , 134, 242, 354, 466, 606,
720, 852, 950, 1082, 1202, 1326
Pages
Deposits—Continued
Weekly reporting member banks. . . .33, 143, 251,
363, 475, 615, 729, 861, 959, 1091, 1211, 1335
Deposits, reserves, and borrowings, by class of
member bank.
. . . 19, 129, 237, 349, 461, 601,
715, 847, 945, 1077, 1197, 1321
Tables consolidated and figures on free
reserves added
...
.119
Deputy Chairmen, Federal Reserve Banks:
Appointments for 1956
8
List.
. . . .88, 208, 310, 420, 544, 674,
784, 918, 1014, 1148, 1268, 1394
Russell, J. Stuart, appointed at Chicago.
1070
Directors, Federal Reserve Banks:
Allen, Carl E., Jr.:
Appointed Class C and Deputy Chairman at Chicago
11
Appointed President of Federal Reserve
Bank of Chicago
708
Appointments for 1956
.9
Briggs, Robert P., appointed Class C at
Chicago
. 1070
Chairmen and Federal Reserve Agents, appointments for 1956
.8
{See also Chairmen, Federal Reserve
Banks)
Chalkley, Henry G., Jr., appointed Class C
at Atlanta
. . . . 11
Class A and B, election of
1312
Deputy Chairmen, appointments for 1956. . .
.8
{See also Deputy Chairmen, Federal
Reserve Banks)
Higgins, Milton P., elected Class B at Boston. .594
Hood, Harvey P., appointed Class C at Boston. . 10
Killian, James R., Jr., appointed Deputy
Chairman at Boston
10
List.
88, 208, 310, 420, 544,
674, 784, 918, 1014, 1148, 1268, 1394
Mitchell, Walter M., appointed Class C, Chairman, and Federal Reserve Agent at Atlanta . . . 1 1
Palmer, J. K., elected Class A at Richmond.
230
Prall, Bert R., appointed Chairman and
Federal Reserve Agent at Chicago.
11
Russell, J. Stuart, appointed Deputy
Chairman at Chicago
. 1070
Sprague, Robert C , appointed Chairman
and Federal Reserve Agent at Boston. .
10
Van Buskirk, Arthur B., appointed Class C
and Deputy Chairman at Cleveland.
10
Directors, Federal Reserve branch banks:
Appointments for 1956
. .9
Bell, T. Winfred, appointed at Little Rock.
.118
Childress, Floyd, appointed at El Paso. .
1313
Day, William M., resignation at Detroit .
. 840
Gruwell, Hugh C , Los Angeles, death of.
.937
Jett, Ivan, appointed at Cincinnati. . . .
.10
King, G. H., Jr., appointed at New Orleans
118
List
88, 208, 310, 420, 544,
674, 784, 918, 1014, 1148, 1268, 1394
Monin, J. D., Jr., appointed at Louisville.
.11
Patterson, C. V., appointed at Detroit. . .
.937
Paxton, James L., Jr., appointed at Omaha.
.11
Paxton, Joe D., appointed at Los Angeles.
. 1070
Peo, Ralph F., appointed at Buffalo.
. . . 10
Rush, Noel, Louisville, death of.. .
.1189
Sakrison, J. M., resignation at El Paso. .
.1313
Smith, J. Thomas, appointed at Detroit. . .
.11
Urquhart, John E., appointed at Birmingham. . . 11&
Vagtborg, Harold, appointed at San Antonio. .11
1406
FEDERAL RESERVE BULLETIN • DECEMBER 1956
Pages
Pages
Discount rates:
Federal Reserve Banks:
Changes in
341, 937
Historical retrospect, Federal Reserve
Bank of New York
119
Tables
20, 130, 238, 350, 462,
602, 716, 848, 946, 1078, 1198, 1322
Foreign central banks
83, 203, 301, 415, 539,
667, 779, 913, 1009, 1143, 1263, 1387
Changes in table
12
Discounts and advances by Federal Reserve Banks:
Condition statement data. . .21, 131, 239, 351, 463,
603, 717, 849, 947, 1079, 1199, 1323
Weekly and monthly data. . . 17, 127, 235, 347, 459,
599, 713, 845, 943, 1075, 1195, 1319
Dividends:
Corporate
45-46, 155-156, 263-264, 375-376,
487-488, 627-628, 741-742, 873-874, 971972, 1103-1104, 1223-1224, 1347-1348
Federal Reserve Banks
12, 178
Insured commercial banks
519
Member banks.
.436, 438, 439, 510, 1179, 1248
Dollar assets, foreign:
Foreign countries and international
institutions
77, 197, 295, 409, 533,
661, 773, 907, 1003, 1137, 1257, 1381
Held at Federal Reserve Banks. . .74, 194, 292, 406,
530, 658, 770, 904, 1000, 1134, 1254, 1378
International gold and dollar flows, article on. . .217
U. S. Govt. security holdings of foreign
countries and international institutions,
inclusion of data on
.221-222
Dominican Republic:
Central Bank of, condition. .80, 200, 298, 412, 536,
664, 776, 910, 1006, 1140, 1260, 1384
Gold reserves and dollar holdings. . . .77, 197, 295,
409, 533, 661, 773, 907, 1003, 1137, 1257, 1381
Dwelling units started:
Discussion
431
Table
59, 169, 277, 389, 501,
641, 755, 887, 985, 1119, 1239, 1363
El Salvador—Continued
Central Reserve Bank of—Continued
Discount rate
83, 203, 301, 415, 539
667, 779, 913, 1009, 1143, 1263, 1387
Gold reserves
76, 196, 294, 408, 532,
660, 772, 906, 1002, 1136, 1256, 1380
Gold reserves and dollar holdings. . . .77, 197, 295,
409, 533, 661, 773, 907, 1003, 1137, 1257, 1381
Electricity and gas output index:
Article on. .
..
1055
Monthly table
117,1237,1361
Emergency planning (See Defense mobilization
planning)
Employment:
Labor force
60, 170, 278, 390, 502,
642, 756, 888, 986, 1120, 1240, 1364
Labor market in early 1956, article on
319
Manufacturing production worker. . . .61, 171, 279,
391, 503, 643, 757, 889, 987, 1121, 1241, 1365
National summary of business
conditions
13, 123, 231, 342, 454,
595, 709, 841, 939, 1071, 1190, 1314
Nonagricultural
60, 170, 278, 390, 502,
642, 756, 888, 986, 1120, 1240, 1364
England (See United Kingdom)
Export-Import Bank, loans, etc. . .38, 148, 256, 368, 480,
620, 734, 866, 964, 1096, 1216, 1340
Exports (See Foreign trade)
Earhart, C. E., retirement as President of Federal
Reserve Bank of San Francisco.
230
Earnings and expenses:
Federal Reserve Banks. . .
.12, 178
Insured commercial banks
519
Member banks
436, 510, 1179, 1248
Earnings and hours, manufacturing industries:
Discussion
320, 323
Table
61, 171, 279, 391, 503,
643, 757, 889, 987, 1121, 1241, 1365
Ecuador, Central Bank of:
Condition
80, 200, 298, 412, 536,
664, 776, 910, 1006, 1140, 1260, 1384
Gold reserves
76, 196, 294, 408, 532,
660, 772, 906, 1002, 1136, 1256, 1380
Egypt:
Gold reserves and dollar holdings. . . .77, 197, 295,
409, 533, 661, 773, 907, 1003, 1137, 1257, 1381
National Bank of:
Condition
80, 200, 298, 412, 536,
664, 776, 910, 1006, 1140, 1260, 1384
Gold reserves
76, 196, 294, 408, 532,
660, 772, 906, 1002, 1136, 1256, 1380
El Salvador:
Central Reserve Bank of:
Condition
80, 200, 298, 412, 536,
664, 776, 910, 1006, 1140, 1260, 1384
Farm mortgage debt, balance sheet of agriculture.... 829
Farm mortgage loans:
Bank holdings
47, 157, 265, 377, 489, 629,
743, 875, 973, 1105, 1225, 1349
Govt. agency loans
38, 148, 256, 368, 480, 620,
734, 866, 964, 1096, 1216, 1340
Life insurance company holdings. . . .48, 158, 266,
378, 490, 630, 744, 876, 974, 1106, 1226, 1350
Farm prices, discussion
5
Federal Advisory Council:
Directory
88, 208, 310, 420, 544, 674, 784,
918, 1014, 1148, 1268, 1394
Meetings
230, 594, 937, 1312
Federal budget for 1957, article on
106
Federal business-type activities (See Govt. agencies)
Federal Deposit Insurance Corporation, assets and
liabilities.
.38, 148, 256, 368, 480, 620, 734,
866, 964, 1096, 1216, 1340
Federal finance:
Cash transactions
40, 150, 258, 370, 482, 622,
736, 868, 966, 1098, 1218, 1342
Receipts and expenditures. .41, 151, 259, 371, 483,
623, 737, 869, 967, 1099, 1219, 1343
Tables relating to, changes in
12, 341
Treasurer's balance
40, 150, 258, 370, 482, 622,
736, 868, 966, 1098, 1218, 1342
Treasury finance, discussion
687
Federal home loan banks:
Assets and liabilities
38, 148, 256, 368, 480,
620, 734, 866, 964, 1096, 1216, 1340
Lending activity
49, 159, 267, 379, 491,
631, 745, 877, 965, 1107, 1227, 1351
Federal Housing Administration:
Assets and liabilities
38, 148, 256,, 368, 480,
620, 734, 866, 964, 1096, 1216, 1340
Loans insured by
47-49, 157-159, 265-267,
377-379, 489-491, 629-631, 743-745, 875-877,
973-975, 1105-1107, 1225-1227, 1349-1351
Federal National Mortgage Association:
Assets and liabilities. .38, 148, 256, 368, 480, 620,
734, 866, 964, 1096, 1216, 1340
1407
INDEX TO VOLUME 42
Pages
Pages
Federal National Mortgage Association—Continued
Lending activity
49, 159, 267, 379, 491, 631,
745, 877, 975, 1107, 1227, 1351
Federal Open Market Committee:
Meetings.
. .11, 118, 230, 341, 453, 594, 708,
840, 937, 1070, 1189, 1312
Members:
Election of
..230
Fulton, W. D., election of
1189
Hayes, Alfred, election as Vice Chairman, succeeding Mr. Sproul
840
Martin, Wm. McC, Jr., re-election as
Chairman
230
Sproul, Allan, re-election as Vice Chairman
230
Members and staff
88, 208, 310, 420, 544,
674, 784, 918, 1014, 1148, 1268, 1394
Federal Reserve Act:
Recommended changes in
1181
Section 10, amendment increasing salaries of
Chairman and members of Board of Governors
833
Section 14(b), amendment extending authority of Federal Reserve Banks to purchase
and sell U. S. Govt. securities directly
from or to the U. S
707
Sections 25 and 25(a), corporations doing
foreign banking or other foreign fianncing
under, revision of Regulation K
1301
Federal Reserve Agents, appointments for 1956
8
Federal Reserve Bank notes, outstanding and in
circulation.
.25, 135, 243, 355, 467, 607, 721,
853, 951, 1083, 1203, 1327
Federal Reserve Bank of Boston:
Latham, E. O., appointment as First Vice
President
1070
Neal, Alfred C , resignation as First Vice
President
1070
Federal Reserve Bank of Chicago:
Allen, Carl E. Jr., appointment as President.... 708
Young, C. S., retirement as President
708
Federal Reserve Bank of New York:
Hayes, Alfred, appointment as President.
. .708
Sproul, Allan, resignation as President.
. .708
Federal Reserve Bank of San Francisco:
Earhart, C. E., retirement as President
230
Mangels, H. N., appointment as President.
.230
Swan, Eliot J., appointment as First Vice
President
.230
Federal Reserve Banks:
Assessment for expenses of Board of Governors
178
Branches (See Branch banks, Federal Reserve System)
Chairman (See Chairmen, Federal Reserve
Banks)
Condition statement
21-22, 131-132, 239-240,
351-352, 463-464, 603-604, 717-718,
849-850, 947-948, 1079-1080, 1199-1200,
1323-1324
Deputy Chairmen (See Deputy Chairmen,
Federal Reserve Banks)
Directors (See Directors, Federal Reserve
Banks)
Discount rates:
Changes in
341, 937
Historical retrospect, Federal Reserve
Bank of New York. .
.119
Federal Reserve Banks—Continued
Discount rates—Continued
Tables.
.20, 130, 238, 350, 462, 602, 716,
848, 946, 1078, 1198, 1322
Earnings and expenses
12, 178
Federal Reserve Agents (See Federal Reserve
Agents)
Fiscal agents in connection with guarantees
of flood damage loans
833
Officers. .
. .88, 208, 310, 420, 544, 674, 784,
918, 1014, 1148, 1268, 1394
Operations of, recommended changes in
banking laws relating to
1183
U. S. Govt. securities, authority to purchase
and sell directly from or to the U. S., extension of
707
U. S. Govt. security holdings:
Condition statement data
21-22, 131-132,
239-240, 351-352, 463-464, 603-604, 717-718,
849-850, 947-948, 1079-1080, 1199-1200,
1323-1324
Ownership data
42-43, 152-153, 260-261,
372-373, 484-485, 624-625, 738-739, 870-871,
968-969, 1100-1101, 1220-1221, 1344-1345
Weekly and monthly data. .17, 127, 235, 347,
459, 599, 713, 845, 943, 1075, 1195, 1319
Federal Reserve Bulletin tables, changes in (See
Tables, Federal Reserve Bulletin)
Federal Reserve Chart Book. . . .
. .453, 938
Federal Reserve credit:
Condition statement data
21-22, 131-132,
239-240, 351-352, 463-464, 603-604, 717-718,
849-850, 947-948, 1079-1080, 1199-1200,
1323-1324
Weekly and monthly data
17, 127, 235, 347,
459, 599, 713, 845, 943, 1075, 1195, 1319
Federal Reserve notes:
Collateral for
23, 133, 241, 353, 465,
605, 719, 851, 949, 1081, 1201, 1325
Condition statement data. .21-22, 131-132, 239-240,
351-352, 463-464, 603-604, 717-718, 849-850,
947-948, 1079-1080, 1199-1200, 1323-1324
Federal Reserve Agents' accounts
23, 133, 241,
353, 465, 605, 719, 851, 949, 1081, 1201, 1325
Interest paid to Treasury
12, 178
Outstanding and in circulaiton
25, 135, 243,
355, 467, 607, 721, 853, 951, 1083, 1203, 1327
Federal Reserve policy and bank reserve
positions, discussion
101, 686
Federal Reserve policy procedure, statement of
Chairman Martin on
589
Federal Reserve System, admissions of State
banks to membership
119, 230,
341, 594, 708, 840, 938, 1070, 1189
Finance company paper:
Rates
35, 145, 253, 365, 477,
617, 731, 863, 961, 1093, 1213, 1337
Volume outstanding
34, 144, 252, 364, 476,
616, 730, 862, 960, 1092, 1212, 1336
Financing of business expansion, article on
553
Financing of large corporations, 1951-55, article on 580
Finland:
Bank of, condition
80, 200, 298, 412, 536,
664, 776, 910, 1006, 1140, 1260, 1384
Foreign exchange rates
84, 204, 302, 416, 540,
668, 780, 914, 1010, 1144, 1264, 1388
Gold reserves and dollar holdings. . . .77, 197, 295,
409, 533, 661, 773, 907, 1003, 1137, 1257, 1381
1408
FEDERAL RESERVE BULLETIN • DECEMBER 1956
Pages
Pages
First Vice Presidents of Federal Reserve Banks:
Latham, E. O., appointment at Boston
1070
List
88,208,310,420,544,
674, 784, 918, 1014, 1148, 1268, 1394
1070
Neal, Alfred C , resignation at Boston.
Swan, Eliot J., appointment at San Francisco. .230
Fleming, Robert V., elected President of
.230
Federal Advisory Council. . .
....
Flood damage loans, Federal Reserve Banks as
.833
fiscal agents in connection with guarantees of
Foreign banking corporations, Regulation K as
1301
revised
Foreign banking organization of United States
1284
banks, article on.
Foreign central banks:
Assets and liabilities
78, 198, 296, 410, 534,
662, 774,908, 1004, 1138, 1258, 1382
Discount rates
83, 203, 301, 415, 539,
667, 779, 913, 1009, 1143, 1263, 1387
Changes in table on
12
Gold reserves
76, 196, 294, 408, 532,
660, 772, 906, 1002, 1136, 1256, 1380
Foreign commercial banks, tables discontinued.
12
Foreign deposits in U. S. banks:
Banks and the monetary system
26, 136, 244,
356, 468, 608, 722, 854, 952, 1084, 1204, 1328
Commercial banks, by classes. . . .31, 141, 249, 361,
473, 613, 727, 859, 957, 1089, 1209, 1333
Federal Reserve Banks:
Condition statement data.. .21-22, 131-132,
239-240, 351-352, 463-464, 603-604,
717-718, 849-850, 947-948, 10791080, 1199-1200, 1323-1324
Held for foreign correspondents. .74, 194, 292,
406, 530, 658, 770, 904, 1000, 1134,
1254, 1378
Weekly and monthly data. . . 17, 127, 235, 347,
459, 599, 713, 845, 943, 1075, 1195, 1319
Weekly reporting member banks
33, 143, 251,
363, 475, 615, 729, 861, 959, 1091, 1211, 1335
Foreign exchange rates
84, 204, 302, 416, 540,
668, 780, 914, 1010, 1144, 1264, 1388
Foreign liabilities and claims reported
by banks
70-74, 190-194, 288-292, 402-406,
526-530, 654-658, 766-770, 900-904, 996-1000,
1130-1134, 1250-1254, 1374-1378
Foreign trade
63, 173, 281, 393, 505,
645, 759, 891, 989, 1123, 1243, 1367
France:
Bank of:
Condition
79, 199, 297, 411, 535,
663, 775, 909, 1005, 1139, 1259, 1383
Discount rate
83, 203, 301, 415, 539,
667, 779, 913, 1009, 1143, 1263, 1387
Gold reserves
76, 196, 294, 408, 532,
660, 772, 906, 1002, 1136, 1256, 1380
Foreign exchange rates
84, 204, 302, 416, 540,
668, 780, 914, 1010, 1144, 1264, 1388
Gold purchases by U. S
75, 195, 293, 407, 531,
659, 771, 905, 1001, 1135, 1255, 1379
Gold reserves and dollar holdings. . .77, 197, 295,
409, 533, 661, 773, 907, 1003, 1137, 1257, 1381
Open market rates
83, 203, 301, 415, 539,
667, 779, 913, 1009, 1143, 1263, 1387
Freight carloadings (See Carloadings)
Fulton, W. D., election as member of Federal
Open Market Committee.
.1189
Furniture and appliances, purchases of, 1956
survey of consumer finances.
810, 818
Furniture store statistics
52, 162,
270, 382, 494, 634, 748, 880, 978-
Garfield, Frank R., title changed to Adviser,
Division of Research and Statistics.
118
Gas and electricity output index:
Article on. . .
..
.
1055
Monthly table.
1117, 1237, 1361
Germany:
Bank of German States:
Condition
81, 201, 299, 413, 537,
665, 777, 911, 1007, 1141, 1261, 1385
Discount rate
83, 203, 301, 415, 539,
667, 779, 913, 1009, 1143, 1263, 1387
Foreign exchange rates
84, 204, 302, 416, 540,
668, 780, 914, 1010, 1144, 1264, 1388
Gold reserves and dollar holdings. . .77, 197, 295,
409, 533, 661, 773, 907, 1003, 1137, 1257, 1381
Gold:
Earmarked
75, 195, 293, 407, 531,
659, 771, 905, 1001, 1135, 1255, 1379
International gold and dollar flows, article on. . .217
Net purchases by U. S
75, 195, 293, 407, 531,
659, 771, 905, 1001, 1135, 1255, 1379
Outstanding, U. S. money. . .25, 135, 243, 355, 467,
607, 721, 853, 951, 1083, 1203, 1327
Production:
Domestic
75, 195, 293, 407, 531,
659, 771, 905, 1001, 1135, 1255, 1379
World
74, 194, 292, 406, 530,
658, 770, 904, 1000, 1134, 1254, 1378
Reserves of central banks and
governments
76, 196, 294, 408, 532,
660, 772, 906, 1002, 1136, 1256, 1380
Reserves of foreign countries and international institutions
77, 197, 295, 409, 533,
661, 773, 907, 1003, 1137, 1257, 1381
Stock:
Changes in
75, 195, 293, 407, 531,
659, 771, 905, 1001, 1135, 1255, 1379
Consolidated monetary statement
26, 136, 244, 356, 468,
608, 722, 854, 952, 1084, 1204, 1328
Weekly and monthly data
17, 127, 235, 347,
459, 599, 713, 845, 943, 1075, 1195, 1319
Gold certificates:
Collateral against Federal Reserve
notes
23, 133, 241, 353, 465,
605, 719, 851, 949, 1081, 1201, 1325
Federal Reserves Bank condition statement
data
21-22, 131-132, 239-240, 351-352,
463-464, 603-604, 717-718, 849-850, 947-948,
1079-1080, 1199-1200, 1323-1324
Outstanding and in circulation. . . .25, 135, 243, 355,
467, 607, 721, 853, 951, 1083, 1203, 1327
Govt. agencies, assets and liabilities, by type
and agency
38, 148, 256, 368, 480,
620, 734, 866, 964, 1096, 1216, 1340
Revision of tables on
1313
Govt. debt (See U. S. Govt. securities)
Govt. securities (See U. S. Govt. securities)
Greece:
Bank of:
Condition
81, 201, 299, 413, 537,
665, 777, 911, 1007, 1141, 1261, 1385
1409
INDEX TO VOLUME 42
Pages
Pages
Greece—Continued
Bank of—Continued
Discount rate
83, 203, 301, 415, 539,
667, 779,913, 1009, 1143, 1263, 1387
Gold reserves and dollar holdings. . . .77, 197, 295,
409, 533, 661, 773, 907, 1003, 1137, 1257, 1381
Gross national product
66-67, 176-177, 284-285,
396-397, 508-509, 648-649, 762-763, 894-895,
992-993, 1126-1127, 1246-1247, 1370-1371
Gruwell, Hugh C , director at Los Angeles
Branch, death of.
.937
Guatemala:
Bank of:
Condition
81, 201, 299, 413, 537,
665, 777, 911, 1007, 1141, 1261, 1385
Gold reserves
76, 196, 294, 408, 532,
660, 772, 906, 1002, 1136, 1256, 1380
Gold reserves and dollar holdings. .77, 197, 295,
409, 533, 661, 773, 907, 1003, 1137, 1257, 1381
Indonesia—Continued
Gold reserves and dollar holdings. . . .77, 197, 295,
409, 533, 661, 773, 907, 1003, 1137, 1257, 1381
Industrial advances by Federal Reserve Banks:
Condition statement data. .21-22, 131-132, 239-240,
351-352, 463-464, 603-604, 717-718, 849-850,
947-948, 1079-1080, 1199-1200, 1323-1324
Number and amount
23, 133, 241, 353, 465,
605, 719, 851, 949, 1081, 1201, 1325
Rates. .
. . .24, 134, 242, 354, 466, 606, 720,
852, 950, 1082, 1202, 1326
Industrial production indexes. . . .54, 164, 272, 384, 496,
636, 750, 882, 980, 1113, 1233, 1357
Industrial production, national summary of business conditions
13, 122, 231, 342, 454, 595,
709, 841, 939, 1071, 1190, 1314
Instalment debt, 1956 survey of consumer finances. .692,
697, 703
Instalment loans
50-52, 160-162, 268-270,
380-382, 492-494, 632-634, 746-748, 878-880,
976-978, 1108-1111, 1228-1231, 1352-1355
Insurance companies:
Mortgage activity of life insurance companies. .48,
158, 266, 378, 490, 630, 744,
876, 974, 1106, 1226, 1350
Principal assets of life insurance companies. . . .37,
147, 255, 367, 479, 619, 733, 865, 963,
1095, 1215, 1339
U. S. Govt. Security holdings
42-43, 152-153,
260-261, 372-373, 484-485, 624-625, 738-739,
870-871, 968-969, 1100-1101, 1220-1221, 1344-1345
Insured commercial banks:
Assets and liabilities
29-31, 139-141, 247-249,
359-361, 471-473, 611-613, 725-727, 857-859,
955-957, 1087-1089, 1207-1209, 1331-1333
Banking offices, changes in number.
.180, 896
Branches, number, by State.
. .399
Earnings and expenses
519
Number.
.29, 139, 247, 359, 471, 611, 725,
857, 955, 1087, 1207, 1331
Number, by State. .
.398
Interbank deposits:
Banks, by classes
27, 137, 245, 357, 469, 609,
723, 855, 953, 1085, 1205, 1329
Commercial banks, by classes . . .31, 141, 249, 361,
473, 613, 727, 859, 957, 1089, 1209, 1333
Weekly reporting member banks
33, 143, 251,
363, 475, 615, 729, 861, 959, 1091, 1211, 1335
Interest on deposits:
Basis for compounding
340
Maximum rates on time and savings deposits,
change in, amendment of Supplement to
Regulation Q
1301, 1312
Time deposits with alternate maturities, interpretation of Regulation Q
833
Interest rates:
Article on interest rates during economic
expansion
927
Bond yields
35, 145, 253, 365, 477, 617,
731, 863, 961, 1093, 1213, 1337
Business loans by banks. . . .35, 145, 253, 365, 477,
617, 731, 863, 961, 1093, 1213, 1337
Discount rates, Federal Reserve Banks:
Changes in
341, 937
Historical retrospect, Federal Reserve
Bank of New York
119
Tables
20, 130, 238, 350, 462,
602, 716, 848, 946, 1078, 1198, 1322
Hackley, Howard H., appointed Associate General
Counsel in Legal Division.
1189
Hayes, Alfred:
Appointed President of Federal Reserve Bank
of New York
708
Elected Vice Chairman of Federal Open
Market Committee
.840
Higgins, Milton P., elected Class B director at
Boston
....
.594
Holding company affiliates:
Bank Holding Company Act of 1956:
Extension of time for registration under. . 1070
Regulation Y issued pursuant to.
.835-840
Text of
444
Home owners, Govt. agency loans. . .38, 148, 256, 368,
480, 620, 734, 866, 964, 1096, 1216, 1340
Hood, Harvey P., appointed Class C director at
Boston .
..
.10
Hours and earnings, manufacturing industries:
Discussion
320, 323
Table.
.61, 171, 279, 391, 503, 643, 757.
889, 987, 1121, 1241, 1365
Housing, 1956 survey of consumer finances.
.806
Imports (See Foreign trade)
Indebtedness of consumers, 1956 survey of consumer finances.
. 566, 690
India:
Foreign exchange rates
84, 204, 302, 416, 540,
668, 780, 914, 1010, 1144, 1264, 1388
Gold production
74, 194, 292, 406, 530, 658,
770, 904, 1000, 1134, 1254, 1378
Gold reserves and dollar holdings. . . .77, 197, 295,
409, 533, 661, 773, 907, 1003, 1137, 1257, 1381
Reserve Bank of:
Condition. . . .81, 201, 299, 413, 537, 665, 777,
911, 1007, 1141, 1261, 1385
Discount rate
83, 203, 301, 415, 539,
667, 779, 913, 1009, 1143, 1263, 1387
Gold reserves
76, 196, 294, 408, 532, 660,
772, 906, 1002, 1136, 1256, 1380
Indonesia:
Bank Indonesia:
Condition
81, 201, 299, 413, 537, 665,
777,911, 1007, 1141, 1261, 1385
Discount rate
83, 203, 301, 415, 539, 667,
779, 913, 1009, 1143, 1263, 1387
Gold reserves. . .76, 196, 294, 408, 532, 660,
772, 906, 1002, 1136, 1256, 1380
1410
FEDERAL RESERVE BULLETIN • DECEMBER 1956
Pages
Pages
Interest rates—Continued
Farm loans. . . .
1173
Foreign countries
83, 203, 301, 415, 539,
667, 779, 913, 1009, 1143, 1263, 1387
Industrial loans of Federal Reserve
Banks
24, 134, 242, 354, 466,
606, 720, 852, 950, 1082, 1202, 1326
Open market rates:
Domestic
35, 145, 253, 365, 477,
617, 731, 863, 961, 1093, 1213, 1337
Foreign
83, 203, 301, 415, 539,
667, 779, 913, 1009, 1143, 1263, 1387
Regulation V loans
24, 134, 242, 354, 466,
606, 720, 852, 950, 1082, 1202, 1326
Stock yields
35, 145, 253, 365, 477,
617, 731, 863, 961, 1093, 1213, 1337
Time and savings deposits, maximum rates:
Change in, amendment of Supplement
to Regulation Q.
1301, 1312
Table discontinued.
119
International capital transactions of the U. S.. . . 70, 190,
288, 402, 526, 654, 766, 900, 996, 1130, 1250, 1374
International financial institutions:
Condition
78, 198, 296, 410, 534,
662, 774, 908, 1004, 1138, 1258, 1382
Gold reserves
76, 196, 294, 408, 532,
660, 772, 906, 1002, 1136, 1256, 1380
Gold reserves and dollar holdings. . . .77, 197, 295,
409, 533, 661, 773, 907, 1003, 1137, 1257, 1381
International gold and dollar flows, article on.
.217
Interpretations:
Regulation F:
Common trust funds:
Advertising
228
Assignment of income to bank.
228
Regulation Q:
Time deposits with alternate maturities,
interest on. . . .
833
Regulation U:
Effect of registration of stock subsequent
to making of loan
117
Inventories
67, 177, 285, 397, 509,
649, 763, 895, 993, 1127, 1247, 1371
Investments {See also specific types of investments):
Banks, by classes
27, 137, 245, 357, 469,
609, 723, 855, 953, 1085, 1205, 1329
Commercial banks, by classes. . . . 30, 140, 248, 360,
472, 612, 726, 858, 956, 1088, 1208, 1332
Commercial banks, discussion.
.99, 685
Common trust funds
800
Federal Reserve Banks
21-22, 131-132, 239-240,
351-352, 463-464, 603-604, 717-718, 849-850,
947-948, 1079-1080, 1199-1200, 1323-1324
Govt. agencies, etc
38, 148, 256, 368, 480,
620, 734, 866, 964, 1096, 1216, 1340
Life insurance companies. . .37, 147, 255, 367, 479,
619, 733, 865, 963, 1095, 1215, 1339
Member banks dealing in obligations of
banks for cooperatives, amendment to
section 5136 of Revised Statutes
833
Savings and loan associations. . . .37, 147, 255, 367,
479, 619, 733, 865, 963, 1095, 1215, 1339
Weekly reporting member banks. .32, 142, 250, 362,
474, 614, 728, 860, 958, 1090, 1210, 1334
Iran:
Bank Melli Iran:
Condition
81, 201, 299, 413, 537,
665, 777, 911, 1007, 1141, 1261, 1385
Iran—Continued
Bank Melli Iran—Continued
Gold reserves
76, 196, 294, 408, 532,
660, 772, 906, 1002, 1136, 1256, 1380
Gold reserves and dollar holdings. . . .77, 197, 295,
409, 533, 661, 773, 907, 1003, 1137, 1257, 1381
Ireland:
Central Bank of, condition. .81, 201, 299, 413, 537,
665, 777, 911, 1007, 1141, 1261, 1385
Foreign exchange rates
84, 204, 302, 416, 540,
668, 780, 914, 1010, 1144, 1264, 1388
Israel, Bank of, condition
81, 201, 299, 413, 537,
665, 777, 911, 1007, 1141, 1261, 1385
Italy:
Bank of:
Condition
81, 201, 299, 413, 537,
665, 777, 911, 1007, 1141, 1261, 1385
Discount rate
83, 203, 301, 415, 539,
667, 779, 913, 1009, 1143, 1263, 1387
Gold reserves
76, 196, 294, 408, 532,
660, 772, 906, 1002, 1136, 1256, 1380
Gold reserves and dollar holdings. . . 77, 197, 295,
409, 533, 661, 773, 907, 1003, 1137, 1257, 1381
Japan:
Bank of:
Condition
81, 201, 299, 413, 537,
665, 777, 911, 1007, 1141, 1261, 1385
Discount rate
83, 203, 301, 415, 539,
667, 779, 913, 1009, 1143, 1263, 1387
Gold reserves and dollar holdings. . . .77, 197, 295,
409, 533, 661, 773, 907, 1003, 1137, 1257, 1381
Jett, Ivan, appointed director at Cincinnati Branch. . 10
Killian, James R., Jr., appointed Deputy Chairman at Boston.
...
King, G. H., Jr., appointed director at New
Orleans Branch.
Korsvik, William J., reappointed Acting Secretary
of Federal Advisory Council.
Labor force
10
118
.230
60, 170, 278, 390, 502,
642, 756, 888, 986, 1120, 1240, 1364
Labor market in early 1956, article on
.319
Latham, E. O., appointed First Vice President
of Federal Reserve Bank of Boston.
. 1070
Leading articles:
Bank credit and money.
.97, 683
Capital markets in 1956
. 1277
Construction and residential real estate.
. 429
Consumer goods, trends in. . .
.793
Financing of business expansion. .
..
.553
Interest rates during economic expansion.
.927
International gold and dollar
flows.
.217
Labor market in early 1956. .
..
.319
Prices during the economic expansion. .
.... 1
Prices, rise in
.1157
World trade and payments in 1955-56.
1023
Legislation:
Authority of Federal Reserve Banks to purchase and sell U. S. Govt. securities directly from or to the U. S., extension of.
.707
Bank Holding Company Act of 1956
444
Banking laws, recommended changes in. . . .1181
Defense Production Act of 1950, amendments to
707
Federal Flood Insurance Act of 1956, provisions relating to Federal Reserve Banks
as fiscal agents in connection with guarantees of flood damage loans.
....
.833
1411
INDEX TO VOLUME 42
Pages
Pages
Legislation—Continued
Federal Reserve Act, section 10, amendment
increasing salaries of Chairman and members of Board of Governors
833
Member banks dealing in obligations of
banks for cooperatives, amendment to
section 5136 of Revised Statutes
833
Liquid asset holdings of consumers. . •. . . 563, 570-572
Loans {See also specific types of loans):
Banks, by classes
27, 137, 245, 357, 469, 609,
723, 855, 953, 1085, 1205, 1329
Commercial banks, by classes. . .30, 140, 248, 360,
472, 612, 726, 858, 956, 1088, 1208, 1332
Commercial banks, discussion.
98, 684
Credit extended by banks to real estate
mortgage lenders, surveys of. . . .227, 593, 936
Federal Reserve Banks:
Condition statement data
21-22, 131-132,
239-240, 351-352, 463-464, 603-604, 717-718,
849-850, 947-948, 1079-1080, 1199-1200,
1323-1324
Industrial advances
23, 133, 241, 353, 465,
605, 719, 851, 949, 1081, 1201, 1325
Member bank borrowings. . .19, 129, 237, 349,
461, 601, 715, 847, 945, 1077, 1197, 1321
Weekly and monthly data. . . 17, 127, 235, 347,
459, 599, 713, 845, 943, 1075, 1195, 1319
Govt. agencies, etc
38, 148, 256, 368, 480,
620, 734, 866, 964, 1096, 1216, 1340
Life insurance companies:
Assets
37, 147, 255, 367, 479, 619,
733, 865, 963, 1095, 1215, 1339
Mortgage activity
48, 158, 266, 378, 490,
630, 744, 876, 974, 1106, 1226, 1350
Savings and loan associations:
Assets
37, 147, 255, 367, 479, 619,
733, 865, 963, 1095, 1215, 1339
Mortgage activity
48, 158, 266, 378, 490,
630, 744, 876, 974, 1106, 1226, 1350
Weekly reporting member banks. .32, 142, 250, 362,
474, 614, 728, 860, 958, 1090, 1210, 1334
Loans insured or guaranteed:
FHA-insured. .. .47-49, 157-159, 265-267, 377-379,
489-491, 629-631, 743-745, 875-877, 973-975,
1105-1107, 1225-1227, 1349-1351
Flood damage loans, Federal Reserve Banks
as fiscal agents in connection with guarantees of
833
Regulation V loan guarantees. . . .23, 133, 241, 353,
465, 605, 719, 851, 949, 1081, 1201, 1325
VA-guaranteed. .47-49, 157-159, 265-267, 377-379,
489-491, 629-631, 743-745, 875-877, 973-975,
1105-1107, 1225-1227, 1349-1351
Luxembourg, gold reserves and dollar holdings. .77, 197,
295, 409, 533, 661, 773, 907, 1003, 1137, 1257, 1381
Margin requirements—Continued
Time for obtaining margin, amendment to
Regulation T .
444
Martin, Wm. McC, Jr.:
Federal Reserve policy procedure, statement on. 589
Reappointed member of Board of Governors
and designation as Chairman reaffirmed.
.118
Re-elected Chairman of Federal Open Market Committee
230
Masters, Robert C , appointed Associate Director
of Division of Examinations. .
1189
Meetings:
Chairmen of Federal Reserve Banks
1312
Federal Advisory Council
230, 594, 937, 1312
Federal Open Market Committee
11, 118, 230,
341, 453, 594, 708, 840, 937, 1070, 1189, 1312
Presidents of Federal Reserve Banks. 118, 453, 1070
Member banks:
Assets and liabilities, by classes. . . .27-31, 137-141,
245-249, 357-361, 469-473, 609-613, 723-727, 855859, 953-957, 1085-1089, 1205-1209, 1329-1333
Banking offices, changes in number
180, 896
Borrowings at Federal Reserve Banks:
By class of member bank
19, 129, 237, 349,
461, 601, 715, 847, 945, 1077, 1197, 1321
Weekly and monthly data
17, 127, 235,
347, 459, 599, 713, 845, 943, 1075, 1195, 1319
Branches, number, by class and State.
. . . . 399
Business loans of, article on
327
Credit extended to real estate mortgage lenders, surveys of
227, 593, 936, 1300
Credit lines and minimum balance requirements for borrowers
573
Deposits and reserves, by classes. . 19, 129, 237, 349,
461, 601, 715, 847, 945, 1077, 1197, 1321
Earnings and expenses. .
.436, 510, 1179, 124B
Foreign branches
1296
Loans for commercial and industrial purposes, survey of
327, 573
Number, by class
27, 137, 245, 357, 469, 609,
723, 855, 953, 1085, 1205, 1329
Number, by class and State
398
Obligations of banks for cooperatives, dealing in, amendment to section 5136 of Revised Statutes
833
Operating ratios
650
Reserve requirements, by classes
20, 130, 238,
350, 462, 602, 716, 848, 946, 1078, 1198, 1322
Reserves and borrowings at Federal Reserve
Banks, 1955 data. .
182
Reserves and related items. . . 17, 127, 235, 347, 459,
599, 713, 845, 943, 1075, 1195, 1319
Supervision of, recommended changes in
banking laws relating to
1185
Tables on deposits, reserves, and borrowings, consolidation of and addition of
figures on free reserves
119
Weekly reporting series
32, 142, 250, 362, 474,
614, 728, 860, 958, 1090, 1210, 1334
Membership of Board of Governors of the
Federal Reserve System, 1913-1956
. . 120
Membership in Federal Reserve System,
admissions of State banks
119, 230, 341, 594,
708, 938, 1070, 1189
Mexico:
Bank of:
Condition
81, 201, 299, 413, 537,
665, 777, 911, 1007, 1141, 1261, 1385
Mangels, H. N., appointed President of Federal
Reserve Bank of San Francisco.
230
Manufacturers, production indexes:
Consumer durable goods output. .58, 168, 276, 388,
500, 640, 754, 886, 984, 1118, 1238, 1362
Industrial
54, 164, 272, 384, 496, 636, 750,
882, 980, 1113, 1233, 1357
Manufacturing corporations:
Balance sheet and income statement.
. .586
Liquidity in, 1951-55, discussion.
. .581
Margin requirements:
Table of.
.20, 130, 238, 350, 462, 602, 716,
848, 946, 1078, 1198, 1322
1412
FEDERAL RESERVE BULLETIN • DECEMBER 1956
Pages
Mexico—Continued
Bank of—Continued
Discount rate
83, 203, 301, 415, 539,
667, 779, 913, 1009, 1143, 1263, 1387
Gold reserves
76, 196, 294, 408, 532,
660, 772, 906, 1002, 1136, 1256, 1380
Foreign exchange rates
84, 204, 302, 416, 540,
.668, 780, 914, 1010 1144 1264 1388
Gold production
•l&J9tl}?2\£}'£&
n JA
u 6 u ' T?°'O 9 0 4 ' i c % c 1 3 ^ 1 2 ^ W1
Gold purchases by U S
.75 195 293 407, 531
659
J Vh 9°5\\?01>
U3 9 2 5 9
l J , tl
13Z9
Gold reserves and dollar holdings. . . .77, 197, 295,
409 533, 661 773, 907, 1003 1137 1257 1381
Minerals, production index
54, 164, 272, 384, 496,
/
636, 750, 882, 980, 1113, 1233, 1357
Mitchell, Walter M appointed Class C director,
Chairman, and Federal Reserve Agent at Atlanta. .11
Money and bank credit:
Articles on.
..
.97, 683
National summary of business conditions.
.455
Money rates (See Interest rates)
Monin, J. D., Jr., appointed director at LouisU
ville Branch
/
V
Mortgages (See Real estate loans)
Mutual savings banks:
Assets and liabilities
27, 137, 245, 357, 469,
609, 723, 855, 953, 1085, 1205, 1329
Banking offices, changes in number.
. 180, 896
Branches, number, by State
399
Consolidated monetary statement
26, 136, 244,
356, 468, 608, 722, 854, 952, 1084, 1204, 1328
Number
27, 137, 245, 357, 469,
609, 723, 855, 953, 1085, 1205, 1329
Number, by State
398
Real estate loans held by
47, 157, 265, 377, 489,
629, 743, 875, 973, 1105, 1225, 1349
U. S. Govt. security holdings
42-43, 152-153,
260-261, 372-373, 484-485, 624-625,
738-739, 870-871, 968-969, 1100-1101,
1220-1221, 1344-1345
Myrick, Lowell, Assistant Director of Division
of Bank Operations, death of
.937
National bank notes, outstanding and in
circulation
25,135,243,355,467,
607, 721, 853, 951, 1083, 1203, 1327
National banks:
Assets and liabilities
29, 139, 247, 359, 471,
12
« „• ffi " V 2 5 ' 8 5 ? ' 95\1087'
?«o ^
Banking offices, changes in number... .180, 896
Branches, number, by State. .
.399
Common trust funds:
ffip
f ;n
tobank:
Pore g f branches
1287 ' 1296
Number
^ . ..'. . . ^g,' m 247 359, 47l!
611, 725, 857, 955, 1087, 1207, 1331
Number, by State
398
National income
66, 176, 284, 396, 508,
. f
. 6 4 8 ' J62, 894, 992, 1126, 1246, 1370
%^T^^^9lf:
109
National product series
67, 177, 285, 397, 509,
649, 763, 895, 993, 1127, 1247, 1371
Treasury statement basis
41, 151, 259, 371, 483,
623, 737, 869, 967, 1099, 1219, 1343
Pages
National summary of business conditions. . .13, 122, 231,
342, 454, 595, 709, 841, 939, 1071, 1190, 1314
Neal, Alfred C , resignation as First Vice Presi1070
dent of Federal Reserve Bank of Boston.
NetherlandsForeign exchange rates
84, 204, 302, 416, 540,
6 6 8 7 8 0 9 1 4 1 0 1 0 1144 1264 1388
6 8
' . $ 195 293 407,531,
G o l d p u r c h a ^ b y $°s
1379
659, 771, 905, 1001, 1135, 1255, 295
Gold
reserves and dollar holdings. . .77, 197,
1381
1137, 1257,
4 0 9 j 5 3 3 ? 6 6 1 > 7 7 3 ? 9 0 7 ? m%
537,
Netherlands Bank:
1385
Condition
81 201 299 413539,
^
665, 777, 911, 1007 U41 1261,' 1387
DiVnnnt rate
83 201 101 415532,
DlSC Unt
°
^ 7 7 9 / 9 1 3 ^ O i > 1143 1263,' 1380
76, 196, 294, 408, 539,
G o l d rese rves
6 6 Q 7 7 2 906 1002 1136 12561387
Open market r a t e s . . . . ' . . . . ' . 83, 203, 301, 415,
667,779,913,1009,1143,1263, 540,
New Zealand*
1388
Foreign exchange rates
84, 204, 302, 416,
&
537,
6 g 8 7 8 0 9 1 4 1 0 1 0 1 1 4 4 1 2 64
1385
Reserve Bank of:'
'
'
Condition
81, 201, 299, 413, 539,
665,777,911,1007,1141,1261, 1387
Discount rate
83, 203, 301, 415,
667, 779, 913, 1009, 1143, 1263, 203
530,
Nicaragua:
Discount rate. .
83, 1378
Gold production
74, 194, 292, 406,
658, 770, 904, 1000, 1134, 1254, 359-859,
Nonmember banks:
Assets and liabilities. .29-31, 139-141, 247-249, 1333
361, 471-473, 611-613, 725-727, 857 , 896
955-957, 1087-1089, 1207-1209, 1331 .399
Banking offices, changes in number.
180:
463,
Branches, number, by State
Discounts and advances by Federal Reserve 1323
Banks
21, 131, 239, 351, .519
603, 717, 849, 947, 1079, 1199, 471,
1331
Earnings and expenses
Number
29, 139, 247, 359, .398
611, 725, 857, 955, 1087, 1207,
Number bv State
,
Nnrwav
537,
Bank of1385
Condition
81, 201, 299, 413, 539,
f-t-c 7 7 7 Q 1 1 inn7 1141 1?611387
discount rate
'
'.83, 203 301 415,532,
1380
6 6 ? 7 7 9 9 1 3 ^QQ^ 1 1 4 3 1263
'
' ? 6 ? fa 2 9 ' 4 4O8'? 540,
G o Mreserve;
1388
6 6 0 ? 7 7 2 j 9 0 6 j 1 0 0 2 > n3^
1256?
295,
1381
G o l d r serves a n d d o l l a r h o l d i n s
77 197
*
S
'
'
409,533,661,773,907, 1003, 1137, 1257, 118
Noyes, Guy E., title changed to Adviser, Division
of Research and Statistics.
.937
O 'Connell, Thomas J., appointed Assistant
.101
o General Counsel in Legal Division.
Open market operations and bank reserve
positions, discussion
.650
Open market rates (See Interest rates)
Operating ratios, member banks. .
1413
INDEX TO VOLUME 42
Pages
Pages
Pakistan, State Bank of:
Condition
82, 202, 300, 414, 538,
666, 778, 913, 1008, 1142, 1262, 1386
Discount rate
83, 203, 301, 415, 539,
667, 779, 913, 1009, 1143, 1263, 1387
Gold reserves
76, 196, 294, 408, 532,
660, 772, 906, 1002, 1136, 1256, 1380
Palmer, J. K., elected Class A director at Richmond. .230
Panama, Republic of, gold reserves and dollar
holdings.
77, 197, 295, 409, 533,
661, 773, 907, 1003, 1137, 1257, 1381
Par List, banking offices on, and not on, number. 181, 897
Paraguay, Central Bank of, condition. .82, 202, 300, 414,
538, 666, 778, 912, 1008, 1142, 1262, 1386
Patterson, C. V., appointed director at Detroit
Branch
. .937
Paxton, James L., Jr., appointed director at
Omaha Branch
.11
Paxton, Joe D., appointed director at Los
Angeles Branch
1070
Payrolls, manufacturing index. . .53, 163, 271, 383, 495,
635, 749, 881, 979, 1112, 1232, 1356
Peo, Ralph F., appointed director at Buffalo
Branch .
.
..
10
Personal debt, 1956 survey of consumer finances 691,701
Personal income
67, 177, 285, 397, 509,
649, 763, 895, 993, 1127, 1247, 1371
Peru:
Central Reserve Bank of:
Condition
82, 202, 300, 414, 538,
666, 778, 912, 1008, 1142, 1262, 1386
Discount rate
83, 202, 301, 415, 539,
667, 779, 913, 1009, 1143, 1263, 1387
Gold reserves
76, 196, 294, 408, 532,
660, 772, 906, 1002, 1136, 1256, 1380
Gold reserves and dollar holdings. . . .77, 197, 295,
409, 533, 661, 773, 907, 1003, 1137, 1257, 1381
Philippine Republic:
Central Bank of the Philippines:
Condition
82, 202, 300, 414, 538,
666, 778, 912, 1008, 1142, 1262, 1386
Discount rate
83, 203, 301, 415, 539,
667, 779, 913, 1009, 1143, 1263, 1387
Foreign exchange rates
84, 204, 302, 416, 540,
668, 780, 914, 1010, 1144, 1264, 1388
Gold reserves and dollar holdings. . .77, 197, 295,
409, 533, 661, 773, 907, 1003, 1137, 1257, 1381
Portugal:
Bank of:
Condition
82, 202, 300, 414, 538,
666, 778, 912, 1008, 1142, 1262, 1386
Discount rate
83, 203, 301, 415, 539,
667, 779, 913, 1009, 1143, 1263, 1387
Gold reserves
76, 196, 294, 408, 532,
660, 772, 906, 1002, 1136, 1256, 1380
Foreign exchange rates
84, 204, 302, 416, 540,
668, 780, 914, 1010, 1144, 1264, 1388
Gold purchases by U. S
75, 195, 293, 407, 531,
659, 771, 905, 1001, 1135, 1255, 1379
Gold reserves and dollar holdings. . . .77, 197, 295,
409, 533, 661, 773, 907, 1003, 1137, 1257, 1381
Postal Savings System:
Deposits:
Consolidated monetary
statement
26, 136, 244, 356, 468,
Prall, Bert R., appointed Chairman and Federal
Reserve Agent at Chicago.
.11
Preparedness program (See Defense mobilization
planning)
Presidents of Federal Reserve Banks:
Allen, Carl E., Jr., appointment at Chicago. .708
Earhart, C. E., retirement at San Francisco.
.230
Hayes, Alfred, appointment at New York
708
List.
88, 208, 310, 420, 544,
674, 784, 918, 1014, 1148, 1268, 1394
Mangels, H. N., appointment at San Francisco. . 230
Meetings
118, 453, 1070
Sproul, Allan, resignation at New York.
.708
Young, C. S., retirement at Chicago.
708
Prices:
Article on prices during the economic
expansion
1
Article on rise in prices.
1157
Commodity, national summary of business
conditions
14, 123, 232, 342, 454,
596, 710, 842, 940, 1072, 1191, 1315
Consumer
64, 174, 282, 394, 506,
646, 760, 892, 990, 1124, 1244, 1368
Foreign, table discontinued
12
Security
36, 146, 254, 366, 478,
618, 732, 864, 962, 1094, 1214, 1338
Wholesale commodity. . . .64, 174, 282, 394, 506,
646, 760, 892, 990, 1124, 1244, 1368
Production:
Consumer durable goods output
58, 168, 276,
388, 500, 640, 754, 886, 984, 1118, 1238, 1362
Industrial
54, 164, 272, 384, 496,
636, 750, 882, 980, 1113, 1233, 1357
Profits:
Corporate
45-46, 155-156, 263-264, 375-376,
487-488, 627-628, 741-742, 873-874, 971972, 1103-1104, 1223-1224, 1347-1348
Insured commercial banks
519
Member banks. . . .436, 438, 439, 510, 1179, 1248
Public utility output index:
Article on. .
1055
Monthly table.
1117, 1237, 1361
Publications:
Annual Report, Board of Governors, 1955.
.341
Banking and monetary statistics, 1955, special tables
453
Board of Governors, list
85, 205, 307, 417, 541,
669, 781, 915, 1011, 1145, 1265, 1389
Consumer credit statistics, revision of
1034
Department store statistics, press releases on. . . . 12
Federal Reserve Chart Book.
.453, 938
608, 722, 854, 952, 1084, 1204, 1328
Maximum rates..
.20, 1301
Table discontinued.
.12
Rates (See Foreign exchange rates; Interest rates)
Real estate loans:
Commercial banks
47, 157, 265, 377, 489, 629,
743, 875, 973, 1105, 1225, 1349
Commercial banks, by classes. . . .30, 140, 248, 360,
472, 612, 726, 858, 956, 1088, 1208, 1332
Construction and residential real estate,
article on
429
Farm real estate debt, balance sheet of
agriculture
..
. 829
Mortgage debt, 1956 survey of consumer
finances
.813, 822
Mortgage yields, discussion
. . . .934
Surveys of credit extended by banks to real
estate mortgage lenders
227, 593, 936, 1300
1414
FEDERAL RESERVE BULLETIN • DECEMBER 1956
Pages
Pages
Real estate loans—Continued
Type of mortgage holder. .47-49, 157-159, 265-267,
377-379, 489-491, 629-631, 743-745, 875-877,
973-975, 1105-1107, 1225-1227, 1349-1351
Type of property mortgaged
47-49, 157-159,
265-267, 377-379, 489-491, 629-631, 743-745,
875-877, 973-975, 1105-1107, 1225-1227,
1349-1351
Weekly reporting member banks. .32, 142, 250, 362,
474, 614, 728, 860, 958, 1090, 1210, 1334
Regulations, Board of Governors:
F, Trust Powers of National Banks:
Common trust funds:
Advertising
.228
Assignment of income to bank. .
.228
K, Corporations Doing Foreign Banking or
Other Foreign Financing Under the Federal Reserve Act:
Revision of
. 1301
Q, Payment of Interest on Deposits:
Basis for compounding interest
340
Maximum rates on time and savings deposits, change in, amendment of Supplement
1301, 1312
Time deposits with alternate maturities,
interest on, interpretation with respect to
833
T, Extension and Maintenance of Credit by
Brokers, Dealers, and Members of National Securities Exchanges:
Amendment with respect to time for
obtaining margin
....
.444
U, Loans by Banks for the Purpose of Purchasing or Carrying Stocks Registered on
a National Securities Exchange:
Effect of registration of stock subsequent
to making of loan
117
V, Loan Guarantees for Defense Production:
Fees and rates
24, 134, 242, 354, 466, 606,
720, 852, 950, 1082, 1202, 1326
Loans guaranteed
23, 133, 241, 353, 465,
605, 719, 851, 949, 1081, 1201, 1325
Y, Bank Holding Companies:
Extension of time for registration.
. . . 1070
Text of
835-840
Reserve requirements, member banks. .20, 130, 238, 350,
462, 602, 716, 848, 946, 1078, 1198, 1322
Reserves:
Commercial banks, by classes. . . .31, 141, 249, 361,
473, 613, 727, 859, 957, 1089, 1209, 1333
Federal Reserve Banks
21-22, 131-132, 239-240,
351-352, 463-464, 603-604, 717-718, 849-850,
947-948, 1079-1080, 1199-1200, 1323-1324
Foreign central banks and governments. . . .76, 196,
294, 408, 532, 600, 772, 906, 1002, 1136,
1256, 1380
Foreign countries and international
institutions
. .77, 197, 295, 409, 533, 661, 773,
907, 1003, 1137, 1257, 1381
Member banks:
Accounts with Federal Reserve Banks. .21-22,
131-132, 239-240, 351-352, 463-464, 603-604,
717-718, 849-850, 947-948, 1079-1080,
1199-1200, 1323-1324
By class of member bank. . . . 19, 129, 237, 349,
461, 601, 715, 847, 945, 1077, 1197, 1321
Commercial bank statement
31, 141, 249,
361, 473, 613, 727, 859, 957, 1089, 1209, 1333
Reserves—Continued
Member banks—Continued
Reserve positions and Federal Reserve
policy, discussion
101, 686
Reserves and related items. . . 17, 127, 235, 347,
459, 599, 713, 845, 943, 1075, 1195, 1319
Tables on deposits, reserves, and borrowings, consolidation of and addition of figures on free reserves
119
Weekly reporting banks. . . .33, 143, 251, 363,
475, 615, 729, 861, 959, 1091, 1211, 1335
Reserves and bank credit, national summary of
business conditions
. 14, 123, 232, 343, 596, 710,
842, 940, 1072, 1191, 1315
Residential mortgage loans. . . .47-49, 157-159, 265-267,
377-379, 489-491, 629-631, 743-745, 875-877,
973-975, 1105-1107, 1225-1227, 1349-1351
Residential real estate and construction, article on. .429
Resignations:
Day, William M., as director of Detroit Branch. 840
Neal, Alfred C , as First Vice President of
Federal Reserve Bank of Boston
1070
Sakrison, J. M., as director of El Paso Branch. 1313
Sproul, Allan, as President of Federal Reserve Bank of New York.
. 708
Retirements:
Earhart, C. E., as President of Federal
Reserve Bank of San Francisco
.230
Young, C. S., as President of Federal
Reserve Bank of Chicago
708
Rhodesia, gold production
74, 194, 292, 406, 530,
658, 770, 904, 1000, 1134, 1254, 1378
Robertson, J. L., statement on recommendations
for changes in banking laws
.1181
Robinson, Roland I., appointed Adviser in
Division of Research and Statistics. . .
.937
Rush, Noel, director at Louisville Branch,
death of
1189
Russell, J. Stuart, appointed Deputy Chairman
at Chicago
1070
Sakrison, J. M., resignation as director of El Paso
Branch
1313
Salaries of Chairman and members of Board of
Governors, increase in.
.833
Sales finance companies:
Bank credit, minimum balance requirements. . . .576
Consumer loans of
50-51, 160-161, 268-269,
380-381, 492-493, 632-633, 746-747, 878-879,
976-977, 1108-1109, 1228-1229, 1352-1353
Savings
66, 176, 284, 396, 508,
648, 762, 894, 992, 1126, 1246, 1370
Savings bonds:
Article on
. 440
Table discontinued
.12
Savings deposits {See also Time deposits):
Interest on, basis for compounding
340
Maximum rates, change in, amendment of
Supplement to Regulation Q
1301, 1312
Savings institutions, principal assets. . . .37, 147, 255, 367,
479, 619, 733, 865, 963, 1095, 1215, 1339
Savings and loan associations:
Mortgage activity
48, 158, 266, 378, 490,
630, 744, 876, 974, 1106, 1226, 1350
Principal assets
37, 147, 255, 367, 479,
619, 733, 865, 963, 1095, 1215, 1339
Securities, international transactions. . .73-74, 193-194,
291-292, 405-406, 529-530, 657-658, 769-770, 903904, 999-1000, 1133-1134, 1253-1254, 1377-1378
1415
INDEX TO VOLUME 42
Pages
Pages
Security issues:
Corporate, outstanding, net change in. .46, 156, 264,
376, 488, 628, 742, 874, 972, 1104, 1224, 1348
New issues
44, 154, 262, 374, 486,
626, 740, 872, 970, 1102, 1222, 1346
Security markets, national summary of business
conditions
14, 123, 232, 343, 455,
596, 710, 842, 940, 1072, 1191, 1315
Shay, Jerome W., appointed Assistant General
Counsel in Legal Division
11
Silver coin and silver certificates, outstanding
and in circulation
25, 135, 243, 355, 467,
607, 721, 853, 951, 1083, 1203, 1327
Smith, J. Thomas, appointed director at Detroit
Branch . . . .
.11
South Africa:
Foreign exchange rates
84, 204, 302, 416, 540,
668, 780, 914, 1010, 1144, 1264, 1388
Gold production
74, 194, 292, 406, 530,
658, 770, 904, 1000, 1134, 1254, 1378
Gold purchases by U. S
75, 195, 292, 407, 531,
659, 771, 905, 1001, 1135, 1255, 1379
Gold reserves and dollar holdings. . . .77, 197, 295,
409, 533, 661, 773, 907, 1003, 1137, 1257, 1381
South African Reserve Bank:
Condition
82, 202, 300, 414, 538,
666, 778, 912, 1008, 1142, 1262, 1386
Discount rate
83, 203, 301, 415, 539,
667, 779, 913, 1009, 1143, 1263, 1387
Gold reserves
76, 196, 294, 408, 532,
660, 772, 906, 1002, 1136, 1256, 1380
Spain:
Bank of:
Condition
82, 202, 300, 414, 538,
666, 778, 912, 1008, 1142, 1262, 1386
Discount rate
83, 203, 301, 415, 539,
667, 779, 913, 1009, 1143, 1263, 1387
Gold reserves
76, 196, 294, 408, 532,
660, 772, 906, 1002, 1136, 1256, 1380
Gold reserves and dollar holdings. . . .77, 197, 295,
409, 533, 661, 773, 907, 1003, 1137, 1257, 1381
Special articles:
Balance sheet of agriculture, 1956. . .
. .823
Banking laws, recommended changes in. .
.1181
Business loans of member banks.
..
. . 327
Consumer credit statistics, revision of. .
1031
Credit extended by banks to real estate
mortgage lenders
227, 593, 936, 1300
Credit lines and minimum balance requirements
..573
Defense mobilization planning..
.1188
Farm loans at commercial banks.
.1163
Federal budget for 1957.
..
..
.106
Federal Reserve policy procedure, statement of Chairman Martin on
.589
Financing of large corporations, 1951-55.
. .580
Index of electricity and gas output.
1055
Member bank earnings
436, 1179
Survey of common trust funds, 1955.
.800
Survey of consumer finances, 1956:
Consumer indebtedness. . .
.690
Durable goods and housing.
.806
Financial position of consumer.
.559
Preliminary findings
224
United States banking organization abroad. . . 1284
United States savings bonds
440
Sprague, Robert C , appointed Chairman and
Federal Reserve Agent at Boston
.10
Sproul, Allan:
Re-election as Vice Chairman of Federal
.230
Open Market Committee
Resignation as President of Federal
.708
Reserve Bank of New York
Staff of Board of Governors:
Allison, James W., appointed special consultant .230
Dembitz, Lewis N., appointed Assistant Director of Division of Research and Statistics. .118
Garfield, Frank R., title changed to Adviser,
Division of Research and Statistics
118
Hackley, Howard H., appointed Associate
General Counsel in Legal Division
1189
Masters, Robert C., appointed Associate
Director of Division of Examinations. .
. 1189
Myrick, Lowell, Assistant Director of Division of Bank Operations, death of. . . .
. .937
Noyes, Guy E., title changed to Adviser,
Division of Research and Statistics
118
O'Connell, Thomas J., appointed Assistant
General Counsel in Legal Division
937
Robinson, Roland I., appointed Adviser in
Division of Research and Statistics. . .
.937
Shay, Jerome W., appointed Assistant
General Counsel in Legal Division.
..11
State member banks:
Admissions to membership in Federal
Reserve System
.119, 230, 341, .594, 708,
840, 938, 1070, 1189
Assets and liabilities
29, 139, 247, 359,
471, 611, 725, 857, 955, 1087, 1207, 1331
Banking offices, changes in number.
. 180, 896
Branches, number, by S t a t e . . .
.399
Earnings and expenses.
.510
Foreign branches
1296
Number.
.29, 139, 247, 359, 471, 611, 725,
857, 955, 1087, 1207, 1331
Number, by State. . .
.398
State and municipal securities:
New issues.
.44, 154, 262, 374, 486, 626, 740,
872, 970, 1102, 1222, 1346
Prices.
.36, 146, 254, 366, 478, 618, 732,
864, 962, 1094, 1214, 1338
Yields.
.35, 145, 253, 365, 477, 617, 731,
863, 961, 1093, 1213, 1337
States and political subdivisions:
Deposits:
Commercial banks, by classes. . . .31, 141, 249,
361, 473, 613, 727, 859, 957, 1089, 1209, 1333
Weekly reporting member banks. .33, 143, 251,
363, 475, 615, 729, 861, 959, 1091, 1211, 1335
Holdings of U. S. Govt. securities
42, 152, 260,
372, 484, 624, 738, 870, 968, 1100, 1220, 1344
Ownership of obligations of:
Commercial bank holdings. .30, 140, 248, 360,
472, 612, 726, 858, 956, 1088, 1208, 1332
Life insurance company holdings
37, 147,
255, 367, 479, 619, 733, 865, 963,
1095, 1215, 1339
Stock market credit:
Detailed debit and credit balances
286, 994
Effect of registration of stock subsequent to
making of loan, interpretation of Regulation U
117
Margin requirements
20, 130, 238, 350, 462,
602, 716, 848, 946, 1078, 1198, 1322
Monthly table
36, 146, 254, 366, 478, 618,
732, 864, 962, 1094, 1214, 1338
1416
FEDERAL RESERVE BULLETIN • DECEMBER 1956
Pages
Stock market credit—Continued
Time for obtaining margin, amendment to
Regulation T
444
Stocks:
Corporate, outstanding, net change in. .46, 156, 264,
376, 488, 628, 742, 874, 972, 1104, 1224, 1348
New issues.
.44, 154, 262, 374, 486, 626, 740,
872,970, 1102, 1222, 1346
Prices.
.36, 146, 254, 366, 478, 618, 732,
864, 962, 1094, 1214, 1338
Yields.
.35, 145, 253, 365, 477, 617, 731,
863, 961, 1093, 1213, 1337
Surveys:
Agricultural loans
1163
Bank loans for commercial and industrial
purposes ...
. . . . 327, 573
Common trust funds 1955
800
Consumer finances 1956:
Consumer indebtedness...
690
Durable goods and h o u s i n g . . .
.806
Financial position of consumers.
.559
Preliminary
findings...
224
Credit extended by banks to real estate
mortgage lenders
227, 593, 936, 1300
Swan, Eliot J., appointed First Vice President
of Federal Reserve Bank of San Francisco.
.230
Sweden:
Bank of:
Condition
82, 202, 300, 414, 538,
666, 778, 912, 1008 1142 1262,' 1386
Discount rate
83, 203, 301, 415, 539,
667, 779 913, 1009 1143 1263' 1387
Gold reserves. .76,9196,
294, 408, 532, 600, 772,
06 !
^
.
,
' <?? 2 ; * 1 3 £, H S 6 1380
Foreign exchange rates
84,204,302,416,540,
r
66
M
h
K8' T ? V 1 4 ' ^ 1 % 1 < 1 4 , 4 o, 1 2 ,% £ 8 , 8
Gold purchases by U. S
75,195,293,407,531,
659, 771, 905, 1001, 1135, 1255, 1379
Gold reserves and dollar holdings. . 7 7 , 197, 295,
A(\Q <i2 ^£1 111 om mna 111-7 n < 7 n o i
409, 533 661, 773, 907, 1003 1137 1257, 1381
Open market rates
83, 203, 301, 415, 539, 667,
779, 913, 1009, 1143, 1263, 1387
Switzerland:
Foreign exchange rates
84, 204, 302, 416, 540,
r
M
1,
66
K' T ? V 1 4 '
\VV<14,V2^
£8i8
Gold purchases by U. S
75, 195, 293, 407, 531,
9
*5A'1\}'
u° 5 i^ 0 0 1 ' 1 1 3 y 2 i 5 n 5 .' ™7c9
Gold reserves and dollar holdings
77, 197, 295,
409, 533, 661, 773, 907, 1003, 1137, 1257, 1381
2
Open market rates
.83 ?^°h
A15iS5A9' £ %
79 913 1009 1143 1263 1387
, „ 7 '
'
'
'
'
o .
XT .
r ^ W .
£ 909 ™n A\A « « ™* 778
Condition. .82, 202, 300, 414 5!58, 666 778,
y i j , IUUO, 1I4Z, lZoZ, I3oo
Tables, Federal
Reserve
Discount
rate. Bulletin:
.83 203 301 415 539 667
Annual and semiannual,
7 9 with
4 12
'£? '1 L ° 12,
n 1 119,
i 341,
£ ' l}f2
latest Bulletin reference
453,
Gold reserves
76 594,
196 708,
294 840,
408 938,
532,1189
660
Banking and monetary
statistics,
772, 906,
1002, 1136, 1256, 1380
1955, special tables
.453
Consumer credit series, revision of. . .
.1031
Department store statistics, elimination
of certain tables on.
....
.12
Pages
Tables, Federal Reserve Bulletin—Continued
Discount rates at Federal Reserve Bank
of New York, historical retrospect,
addition of
.119
Discount rates, foreign central banks,
changes in table on
12
Federal finance, changes in
12, 341
Foreign commercial banks, discontinued.
.12
Freight carloadings, discontinued
12
Gold reserves and dollar holdings of foreign
countries and international institutions, inelusion of data on U. S. Govt. securities. .221-222
Govt. corporations and credit agencies,
revision of tables
. 1313
Maximum rates on time deposits, table
discontinued
119
Member bank deposits, reserves, and borrowi n g s ? consolidation of tables and addition
119
o f figures o n f r e e r e s e rves
.12
P o s t a l Savings System, table discontinued.
P r i c e m o v e ments in principal countries,
discontinued
.12
. 12
u s s a v i n g s b o n d s t a b l e discontinued.
6
U t i l i t y o u t p u t o f ele ctricity and gas,
addition of
1055, 1117
41, 151, 259, 371, 483,
T a x reC eipts, Federal
623, 737, 869, 967, 1099, 1219, 1343
Thailand:
Discount rate
8^ 90^ W^ 415 519
DlSC Unt
°
^ 667, 779,913, 1009 ll^S 1263,' 1387
Crn]d reserves
76 196 294 408 512
G ld
°
660, 772, 906, Iob2 1136 1256 ' 1380
G o ) d reserves and dollar holdings. . 7 7 , 197, 295,
4 0 9 533 6 6 1 7 7 3 9 0 7 1 0 0 3 1 1 3 7 1 2 5 7 1 3 8 1
Timp H^nndKAdiusted,' banks and the monetary
svstem
26 136 244 356 468
' 121 8 5 4 952 1084 1204 1328
Alternate maturities interest on inter
Alternate maturities, interest on, mterpretation of Regulation Q
833
classes
27 137 245 357 469
B ^k b
Banks by c
'
^ f 7 2 3 ; 8 5 5 , 953 1085 izosl' 1329
Commercial banks, by classes
31, 141, 249, 361,
473 6 1 3 727, 859, 957, 1089, 1209, 1333
SyStem
608
I n t e r e s t on
> basis
for
compounding.
.340
Maximum ratesC h a n e in
§
>' amendment of Supplement to
Regulation O
nni u i ?
Table discontinued
119
Member banks, by classes.'." .19, 129, 237, 349; 461,
601, 715, 847, 945, 1077, 1197, 1321
W e e k l y re ortin
P
g member banks
33, 143, 251,
3 6 3 > 4 7 5 j 6 1 5 j 7 2 9 , 861, 959, 1091, 1211, 1335
Trade*
Merchandise exports and imports
63, 173, 281,
393
>
World
5 0 5 6 4 5 75
trade
article o n
'
' 9, 891, 989, 1123, 1243, 1367
' a n d ^ a y m ' e n t s ' i n 1 $5 5 . 1 9 ' 5 6 >
1023
Treasurer's account balance. . . .40, 150, 258, 370,
622, 736, 868, 966, 1098, 1218,
Treasury cash:
Consolidated monetary statement
26, 136,
356, 468, 608, 722, 854, 952, 1084, 1204,
Weekly and monthly data
17, 127, 235,
459, 599, 713, 845, 943, 1075, 1195,
Treasury currency:
Consolidated monetary statement. . . .26, 136,
356, 468, 608, 722, 854, 952, 1084, 1204,
482,
1342
244,
1328
347,
1319
244,
1328
1417
INDEX TO VOLUME 42
Pages
Pages
Treasury cash—Continued
Outstanding and in circulation. . . . 2 5 , 135, 243,
355, 467, 607, 721, 853, 951, 1083, 1203, 1327
Weekly and monthly d a t a . . . . 17, 127, 235, 347,
459, 599, 713, 845, 943, 1075, 1195, 1319
Treasury deposits:
Federal Reserve Banks:
Condition statement data. .. .21-22, 131-132,
239-240, 351-352, 463-464, 603-604, 717718, 849-850, 947-948, 1079-1080, 11991200, 1323-1324
Treasury statement basis
40, 150, 258,
370, 482, 622, 736, 868, 966, 1098, 1218,
1342
Weekly and monthly data. .17, 127, 235, 347,
459, 599, 713, 845, 943, 1075, 1195, 1319
Treasury finance {See Federal finance)
Trust funds, common:
Advertising
. .228
Assignment of income to bank...
. . 228
Survey of, 1955
..800
Turkey:
Central Bank of the Republic of:
Condition
82, 202, 300, 414, 538, 666,
778, 912, 1008, 1142, 1262, 1386
Discount rate
83, 203, 301, 415, 539,
667, 779, 913, 1009, 1143, 1263, 1387
Gold reserves
76, 196, 294, 408, 532,
660, 772, 906, 1002, 1136, 1256, 1380
Gold reserves and dollar holdings. . . .77, 197, 295,
409, 533, 661, 733, 907, 1003, 1137,
1257, 1381
U. S. Govt. balances—Continued
Treasury deposits at Federal Reserve Banks—Cont.
Treasury statement basis. . .40, 150, 258, 370,
482, 622, 736, 868, 966, 1098, 1218, 1342
Weekly and monthly data
17, 127, 235,
347, 459, 599, 713, 845, 943, 1075,
1195, 1319
Weekly reporting member b a n k s . . . 33, 143, 251,
363, 475, 615, 729, 861, 959, 1091, 1211, 1335
U. S. Govt. securities:
Bank holdings:
By class of bank
27, 137, 245, 357, 469,
609, 723, 855, 953, 1085, 1205, 1329
Consolidated monetary statement.... 26, 136,
244, 356, 468, 608, 722, 854, 952, 1084,
1204, 1328
Ownership data
42-43, 152-153, 260-261,
372-373, 484-485, 624-625, 738-739, 870871, 968-969, 1100-1101, 1220-1221,
1344-1345
Commercial bank holdings. .. .30, 140, 248, 360,
472, 612, 726, 858, 956, 1088, 1208, 1332
Federal Reserve Bank holdings:
Condition statement data. .. .21-22, 131-132,
239-240, 351-352, 463-464, 603-604, 717718, 849-850, 947-948, 1079-1080, 11991200, 1323-1324
Ownership data
42-43, 152-153, 260-261,
372-373, 484-485, 624-625, 738-739, 870871, 968-969, 1100-1101, 1220-1221,
1344-1345
Weekly and monthly data
17, 127, 235,
347, 459, 599, 713, 845, 943, 1075,
1195, 1319
Federal Reserve Banks, authority to purchase
and sell directly from or to the U. S., extension of
707
Foreign and international holdings . .295, 409,
533, 661, 773, 907, 1003, 1137, 1257, 1381
Data to be published regularly
221-222
International transactions. . . .73, 193, 291, 405, 529,
657, 769, 903, 999, 1133, 1253, 1377
New issues, gross proceeds
44, 154, 262, 374,
486, 626, 740, 872, 970, 1102, 1222, 1346
Outstanding, by type of security. . . .42-43, 152-153,
260-261, 372-373, 484-485, 624-625, 738-739,
870-871,968-969, 1100-1101,
1220-1221, 1344-1345
Ownership of
42-43, 152-153, 260-261, 372-373,
484-485, 624-625, 738-739, 870-871, 968-969,
1100-1101, 1220-1221, 1344-1345
Prices.
.36, 146, 254, 366, 478, 618, 732,
864, 962, 1094, 1214, 1338
Savings bonds:
Article on
.440
Table discontinued
12
Weekly reporting member bank holdings. . .32, 142,
250, 362, 474, 614, 728, 860, 958,
1090, 1210, 1334
Yields. .
. .35, 145, 253, 365, 477, 617, 731,
863,961, 1093, 1213, 1337
United States notes, outstanding and
in circulation
25, 135, 243, 355, 467, 607,
721, 853, 951, 1083, 1203, 1327
Urquhart, John E., appointed director
at Birmingham Branch. .
.118
Uruguay:
Bank of the Republic of:
Condition. .82, 202, 300, 414, 538, 666, 778,
Unemployment:
Labor market in early 1956
322
Table . ..60, 170, 278, 390, 502, 642, 756, 888,
986, 1120, 1240, 1364
Union of South Africa {See South Africa)
United Kingdom:
Bank of England:
Condition
78, 198, 296, 410, 534, 662,
774, 908, 1004, 1138, 1258, 1382
Discount rate
83, 203, 301, 415, 539,
667, 779, 913, 1009, 1143, 1263, 1387
Gold reserves
76, 196, 294, 408, 532,
660, 772, 906, 1002, 1136, 1256, 1380
Foreign exchange rates. . . . 84, 204, 302, 416, 540,
668, 780, 914, 1010, 1144, 1264, 1388
Gold purchases by U. S
75, 195, 293, 407,
531, 659, 771, 905, 1001, 1135, 1255, 1379
Gold reserves and dollar holdings. . . .77, 197, 295,
409, 533, 661, 773, 907, 1003, 1137,
1257, 1381
Open market rates
83, 203, 301, 415, 539,
667, 779, 913, 1009, 1143, 1263, 1387
United States balance of payments
218, 1028
United States banking organization abroad,
article on
1284
U. S. Govt. balances:
Commercial bank holdings, by classes. . . .31, 141,
249, 361, 473, 613, 727, 859, 957, 1089,
1209, 1333
Consolidated monetary statement. . 2 6 , 136, 244,
356, 468, 608, 722, 854, 952, 1084, 1204, 1328
Treasury deposits at Federal Reserve Banks:
Condition statement data . ...21-22, 131-132,
239-240, 351-352, 463-464, 603-604, 717718, 849-850, 947-948, 1079-1080, 11991200, 1323-1324
1418
FEDERAL RESERVE BULLETIN • DECEMBER 1956
Pages
Pages
Uruguay—Continued
Bank of the Republic of—Continued
Condition. .
.912, 1008, 1142, 1262, 1386
Gold reserves
76, 196, 294, 408, 532, 600,
772, 906, 1002, 1136, 1256, 1380
Gold purchases by U. S
75, 195, 293, 407, 531,
659, 771, 905, 1001, 1135, 1255, 1379
Gold reserves and dollar holdings
77, 197, 295,
409, 533, 661, 773, 907, 1003,
1137, 1257, 1381
Venezuela—Continued
Gold purchases by U. S
75, 195, 293, 407, 531,
659, 771, 905, 1001, 1135, 1255, 1379
Gold reserves and dollar holdings
77, 197, 295,
409, 533, 661, 773, 907, 1003, 1137, 1257, 1381
Veterans Administration:
Assets and liabilities. .38, 148, 256, 368, 480, 620,
734, 866, 964, 1096, 1216, 1340
Loans guaranteed by
47-49, 157-159, 265-267,
377-379, 489-491, 629-631, 743-745, 875-877,
973-975, 1105-1107, 1225-1227, 1349-1351
Vice Chairmen of Board of Governors,
1914-1956, list of. .
.121
Vagtborg, Harold, appointed director
at San Antonio Branch
.11
Van Buskirk, Arthur B., appointed
Class C director and Deputy Chairman
at Cleveland
.10
Venezuela:
Central Bank of:
Condition
82, 202, 300, 414, 538, 666,
778, 912, 1008, 1142, 1262, 1386
Discount rate
83, 203, 301, 415, 539, 667,
779, 913,1009, 1143, 1263, 1387
Gold reserves
76, 196, 294, 408, 532, 660,
772, 906, 1002, 1136, 1256, 1380
West Africa (See British West Africa)
World trade and payments in 1955-56, article on
1023
Yields (See Interest rates)
Young, C. S., retirement as President
of Federal Reserve Bank of Chicago. .
. . 708
Yugoslavia, National Bank of Federal
People's Republic of, condition
82, 202, 300, 414,
538, 666, 778, 912, 1008, 1142, 1262, 1386
(o THE FEDERAL RESERVE SYSTEM Q)
BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES
Legend
Boundaries of Federal Reserve Districts
Boundaries of Federal Reserve Branch Territories
© Board of Governors of the Federal Reserve System
® Federal Reserve Bank Cities
• Federal Reserve Branch Cities
@FedFRASER