Full text of Federal Reserve Bulletin : February 1956
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FEDERAL RESERVE B U LLETIN February *** *** BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON E D I T O R I A L C O M M I T T E E Elliott Thurston 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 97 Bank Credit and Money The 1957 Budget 106 Law Department 117 Current Events and Announcements 118 Membership of the Board of Governors, 1913-56 120 National Summary of Business Conditions 122 Financial and Business Statistics, U. S. (Contents on p. 125) 127 International Financial Statistics (Contents on p. 189) 190 Federal Reserve Board Publications 205 Board of Governors and Staff 207 Open Market Committee and Staff; Federal Advisory Council 208 Federal Reserve Banks and Branches 208 Index to Statistical Tables 215 Map of Federal Reserve Districts Inside back cover Volume 42 * Number 2 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. 1 Bank Credit and Money STRONG DEMAND FOR CREDIT accompanied the increase in economic activity in 1955. As recovery turned into vigorous expansion, the emphasis of Federal Reserve policy shifted from facilitating recovery to restraining inflationary developments in the interest of sustainable economic growth. In order to keep expansion of bank credit and money within limits compatible with the increase in production, the Federal Reserve permitted pressure on bank reserve positions to increase gradually, and Federal Reserve Banks raised discount rates four times during the year. In response to these developments, commercial banks limited their credit and deposit expansion. Direct lending by bank and nonbank lenders expanded sharply in 1955, while capital raised by security flotations increased only slightly from the preceding year. Commercial banks increased their business loans by a record amount. In addition, they contributed to the growth in consumer and real estate credit both through direct lending and indirectly by making funds available to nonbank lenders. In order to finance their lending activities, commercial banks liquidated United States Government securities, particularly shortterm issues, and reduced their purchases of State and local government securities. Despite a record loan expansion, the growth in aggregate bank credit and deposits was less in 1955 than a year earlier. Nonbank investors purchased United States Government securities sold by commercial banks and absorbed the increase in outstanding corporate and State and local government securities. They also increased their consumer and mortgage lending. The continuing pressure on commercial bank resources in 1955 was reflected in an increase in bank indebtedness to the Federal Reserve Banks. Indebtedness increased from an average of $150 million in the fourth quarter of 1954 to more than $900 million in the corresponding quarter of 1955. The increase in indebtedness and the decline in holdings of short-term Government securities tended to reduce bank liquidity and to have a moderating effect on further bank loan expansion. Interest rates rose in response to the increase in credit demand and the pressure on bank reserve positions. Short-term rates rose sharply to the highest level in more than 20 years. Long-term rates rose only moderately, and the spread between short-term and long-term rates narrowed to the smallest margin in recent years. During the early weeks of 1956, bank credit and deposits showed larger seasonal declines than during the corresponding period of 1955. Reserve positions of banks tightened somewhat, after some easing in the latter part of December, but interest rates declined from the high level reached near the end of 1955. 97 98 FEDERAL RESERVE BULLETIN • FEBRUARY 1956 BANK LOANS AND INVESTMENTS and construction groups. In 1954 a decline in loans to metal manufacturers, public utilities, and sales finance companies had been offset only in part by expansion of loans to other groups. Business loans of commercial banks increased $2 billion in the first half of 1955, compared with declines in the corresponding period of the preceding three years. Seasonal repayments of bank loans by food processors and commodity dealers totaling $1 billion were more than offset by increases in loans to most other groups of businesses. In the second half of the year the increase in business loans totaled about $4 billion as seasonal borrowers added their demands to the continued heavy demands of other groups. A particularly sharp increase in loans to sales finance companies in December was offset in part by a decline in privately placed finance company paper outstanding. Commercial bank loans and investments increased about. $4.5 billion or 3 per cent during 1955. A record loan expansion of $11.6 billion was offset in large part by a decline in bank holdings of United States Government securities, as the table on the following page shows. The growth of total loans and investments was about equal to that in 1953, but less than half as large as in 1954. In 1954 loans had increased only $3 billion, but holdings of United States Government and other securities had increased more than $7 billion. Lending activity. An expansion of more than 20 per cent or $6 billion in business loans accounted for about half of the growth in bank loans in 1955. This expansion, the largest percentagewise since 1950, contrasted with declines in 1953 and 1954. As is shown in the chart, about $1.3 billion of the growth during 1955 was in loans by city banks to sales finance companies, which were borrowing mainly to finance consumers and dealers in consumer durable goods. There was also a substantial increase in bank loans to most other business groups, including the petroleum and chemical industries, public utilities, and the metal, textile, trade BUSINESS LOANS - Bank loans to business declined in the early weeks of 1956 as sales finance companies and seasonal industries repaid bank indebtedness. Indebtedness of metal manufacturers, petroleum and chemical companies, and public utilities continued to expand. CUMULATIVE CHANGE DURING YEAR billion* of dollars - FOOD PROCESSORS AND COMMODITY DEALtRS TRADE SALES FINANCE COMPANIES 1954 1 MAR. 1 JUNE 1 ! SEPT. OEC. 1 JUNE 1 SEPT. DEC. MAR. 1 JUNE NOTE.—Changes in large loans reported by a sample of more than 200 large weekly reporting banks. Changes during 1954 — - METALS MANUFACTURERS OTHER I N D U S T R I E S . - 2 ^ - ' ' 1 SEPT. 1 OEC. MA> [ JUNE 1 SEPT 1 DEC. MA> 1 JUNE 1 SEPT. DEC. are cumulative from Dec. 30, 1953; changes during 1955, from Dec. 29, 1954. 99 BANK CREDIT AND MONEY LOANS AND INVESTMENTS BANKS OF COMMERCIAL [In billions of dollars] Type of loan or investment Outstanding Dec. 31, 19551 Increase, or decrease (—) 19551 1954 1953 160.2 4.5 10.2 4.1 U. S. Government securities Other securities 61.7 16.5 7_3 0 2 5.6 1.6 0.1 0.5 Loans, total 82.0 11 .6 2.9 3.4 33.1 20.8 4.4 5.0 12.7 7.2 f >. 2 2 4 0.8 0 5 2.0 I .4 Loans and investments, total Business Real estate Agricultural Security Consumer Other -0.3 -0.7 1.0 1.7 1.0 0.2 0.4 0.9 1.5 -0.2 0.2 0.7 1 Data for Dec. 31, 1955, are preliminary. NOTE.—Data exclude interbank loans. Total loans are after, and types of loans before, deductions for valuation reserves. Consumer and other loans are partly estimated for all dates. Details may not add to totals because of rounding. Real estate loans of commercial banks expanded $2.4 billion during 1955. The 13 per cent rate of growth for the year was about the same as in the second half of 1954 and the highest for a full year since 1950. Expansion in 1955 reflected city bank purchases of mortgages on a temporary basis from insurance companies and other nonbank investors as well as direct lending by banks. Late in the year the rate of growth of real estate loans at city banks declined, probably in part as a result of the resale of some mortgages previously acquired from nonbank investors. In addition to lending a large amount to sales finance companies, commercial banks increased their own holdings of consumer loans $2 billion or almost 20 per cent. Such loans had changed little in 1954. The growth of consumer credit in 1955 reflected a large increase in expenditures for consumer durable goods, particularly automobiles, and some easing of credit terms during late 1954 and most of 1955. Expansion of consumer credit slackened late in 1955. Security loans of banks increased less in 1955 than in the preceding year. Credit extended by banks for purchasing or carrying securities had expanded sharply in 1954 and early in 1955 as stock market trading and stock prices increased. In the first four months of 1955 the Board of Governors raised margin requirements for purchasing or carrying listed securities twice, from 50 to 70 per cent. Growth in security loans slackened thereafter. A decline in agricultural loans of banks during 1955 reflected redemption of publicly issued Commodity Credit Corporation certificates of interest. Agricultural production loans at member banks increased about 15 per cent. Investment activity. About two-thirds of the increase in commercial bank loans in 1955 was offset by sales of United States Government securities totaling $7.3 billion. The 10 per cent decline in holdings was the largest for a calendar year since 1946. Bank sales during 1955 were offset by purchases by nonbank investors, as the chart on the following page shows, especially by nonfinancial corporations, individuals, State and local governments, and miscellaneous investors. In 1954, when the publicly held debt increased more than $2 billion, banks had made net purchases of such securities totaling $5.5 billion and nonbank investors and Federal Reserve Banks had reduced their portfolios. About $5.6 billion of the reduction in commercial bank holdings of Government securities during 1955 occurred in the first six months of the year, when the Treasury 100 FEDERAL RESERVE BULLETIN • FEBRUARY 1956 CHANGES IN OWNERSHIP OF FEDERAL DEBT Billions of dollors 10 NONBANK INVESTORS -5 • COMMERCIAL BANKS 1955 1953 1954 -10 NOTE.—Excludes holdings by U. S. Govt. investment accounts. Nonbank investors include mutual savings banks. Distribution between bank and nonbank investors for 1955 is preliminary. used a seasonal surplus to retire more than $5 billion of publicly held debt. A further reduction occurred in the second half of the year despite the seasonal increase in the public debt. Banks continued to liquidate Government securities in early 1956. Most of the reduction in bank holdings of Government securities in 1955 was in shortterm issues. Securities maturing within one year, which had been reduced from 45 to 25 per cent of bank portfolios during 1954 as a result largely of Treasury refunding operations, declined to about 15 per cent of their portfolios by the end of 1955. The decrease in bank holdings of short-term securities reduced bank liquidity and thus tended to discourage further bank sales of securities in order to expand loans. Commercial bank holdings of corporate and State and local government securities changed little in 1955. During 1954 banks had made net purchases of tax-exempt State and local government securities totaling nearly $2 billion. Although all classes of banks reduced their security portfolios during 1955, the reduction was particularly great on the part of New York City banks, which lost deposits to reserve city and country banks and also increased their loans proportionately more than other banks. New York central reserve city banks reduced their holdings of United States Government securities almost 30 per cent, compared with an increase of 20 per cent in 1954. Country member banks, which increased their loans by a smaller percentage than city banks, reduced their Government security portfolios less than 5 per cent. New York banks also sold securities other than United States Government securities on balance, while country banks purchased such securities. DEPOSITS AND CURRENCY The rate of growth of deposits and currency declined in 1955 from the rapid rate reached in the second half of 1954, when banks were using available reserve funds to expand holdings of securities. Demand deposits and currency held by consumers and businesses, which together constitute the active part of the money supply, increased $3.2 billion or 2.5 per cent in 1955. The rate of expansion was less than that for 1954 as a whole, as shown in the chart, and only about half the annual rate in the second half of that year, after allowance for usual seasonal developments. The active money supply had also increased about 2.5 per cent in the period of strong credit demand from mid-1952 to mid-1953. In the early weeks of 1956, demand deposits and currency apparently declined about the usual seasonal amount. Demand deposits held by consumers and businesses increased $2.6 billion and currency expanded $0.6 billion during 1955. In 1954 the increase in demand deposits had been greater, but currency holdings of individuals and businesses had declined. 101 BANK CREDIT AND MONEY DEMAND DEPOSITS AND CURRENCY Percentage change for year 10 — INCREASE 1 1 -- 5 with a small increase in 1954. These deposits fluctuated over the year in accordance with the pattern of Treasury receipts and expenditures. FEDERAL RESERVE POLICY AND BANK RESERVE POSITIONS 1 —1 I" DECREASE -5 1955 1948 1953 NOTE.—Demand deposits are for all banks in the United States and exclude U. S. Govt. and interbank deposits and items in process of collection. Currency excludes bank vault cash. Changes for 1946 and 1947 are partly estimated, and 1955 data are preliminary. While expansion of the active money supply was moderate, an increase in its turnover accompanied the rising level of expenditures. The annual rate of turnover of demand deposits outside New York City rose from 21.1 in the last quarter of 1954 to 22.5 in the last quarter of 1955, an increase of almost 7 per cent. Most of the increase occurred in the first half of the year. Expansion of time and savings deposits in commercial and mutual savings banks and the Postal Savings System in 1955 was $3 billion, only about three-fifths as much as a year earlier. Reduction in the rate of growth was associated in part with a reduced rate of personal saving and increased security purchases by individuals. At commercial banks, savings deposits increased less than half as much as in 1954. Deposits at mutual savings banks expanded almost as much as a year earlier, probably in part because of increases in interest rates paid by banks in some areas. Savings and loan shares rose somewhat more than in 1954. United States Government deposits declined $700 million during 1955, compared Growth of bank credit and deposits was moderated during 1955 through a gradual change of Federal Reserve policy from ease to restraint. This restraint was exercised by conducting open market operations so as to permit credit expansion to exert growing pressure on bank reserve positions and thus make it necessary for banks to borrow to meet some of their reserve needs. In the fourth quarter of 1954 excess reserves less borrowing of member banks at the Reserve Banks averaged $600 million, but by the last quarter of 1955 borrowing exceeded excess reserves by $350 million. In early February 1956 net borrowed reserves were somewhat higher than the fourth quarter average. Open market operations and bank reserve positions. Late in 1954 the Federal Reserve had limited its purchases of United States Government securities in the open market and permitted the seasonal credit and currency expansion to be reflected in slightly less easy reserve positions. Early in 1955 the Federal Reserve reduced its holdings of Government securities by $1.3 billion. These sales were primarily for the purpose of absorbing reserve funds made available by the seasonal decline in currency and in required reserves, as shown in the chart on the following page. In view or the strong credit demand, however, some pressure was exerted on bank reserve positions. Member bank indebtedness to the Federal Reserve Banks, which had averaged about $150 million in the fourth quarter of 1954, 102 FEDERAL RESERVE BULLETIN • FEBRUARY 1956 exceeded $400 million in the second quarter of 1955. Excess reserves declined from $750 million to less than $600 million. Reserve city and country banks accounted for most of the borrowing in the second quarter as well as the reduction in excess reserves. The Federal Reserve purchased $1.2 billion of Government securities in the second half of 1955, mainly in July and December. These purchases supplied part of the reserve MEMIER BANK RESERVES AND RELATED ITEMS Billions of dollars 32 30 28 26 24 22 RESERVES 20 18 .BORROWINGS — EXCESS RESERVES 1954 1955 '56 1952 1953 NOTE.—Monthly averages of daily figures. Latest data are for January 1956. Required and excess reserves for January are preliminary. funds needed to meet seasonal increases in currency and required reserves, but pressure on reserve positions increased further during the period. In November member bank borrowing exceeded $1 billion, the largest volume since the spring of 1953. The increase in indebtedness after midyear reflected mainly borrowing by central reserve city banks and reserve city banks. Member bank indebtedness declined during December as Federal Reserve security purchases and an unusually large seasonal increase in Federal Reserve float more than offset seasonal drains on reserves. Money markets continued under pressure, however, as a result of year-end desires for liquidity. Outright purchases of Government securities by the Federal Reserve totaled almost $500 million in late November and December. In late December, as in the same period of most other recent years, the Federal Reserve purchased securities under repurchase agreements with dealers and brokers. Over the year ending in December 1955, the Federal Reserve portfolio of United States Government securities was reduced, but the largest drain on member bank reserves came from the increase in currency in circulation. Required reserves increased somewhat as the effect of an expansion of demand and time deposits held by consumers and businesses was offset only in part by a decline in United States Government deposits and a shift of deposits from banks with higher reserve requirements to those with lower reserve requirements. In January and the first half of February 1956, the Federal Reserve reduced its holdings of Government securities by $1.4 billion. Together with a decline in Federal Reserve float, these sales more than offset the effect of factors supplying reserve funds seasonally. As a result, member bank indebtedness in late January and early February reached its early-December level. Other policy actions. The growing pressure on bank reserve positions in 1955 tended to restrain bank credit and deposit expansion. This effect was reinforced by four increases in Federal Reserve Bank discount rates during the year. In April and May discount rates were raised from \Vz BANK CREDIT AND MONEY to 13A per cent in all districts. In August and September they were increased to 2lA per cent in a single step in the Cleveland District and in two steps in other districts. A further increase in November brought them to 2Vi per cent, the highest level for more than 20 years. By making borrowing more expensive, the discount rate increases tended to discourage excessive use of the discount privilege by individual member banks. Changes in discount rates also had an important influence on the level of shortterm open market rates and their changes during 1955. In late March the Federal Reserve Bank of New York began to purchase bankers' acceptances on a small scale. These purchases, the first since 1951, were made in recognition of the increased use of bankers' acceptances. The Board of Governors raised margin requirements for purchasing and carrying listed securities from 50 to 60 per cent in early January and to 70 per cent in late April. These actions were taken to help prevent an excessive expansion of stock market credit at a time when stock trading was active and prices were rising rapidly. CREDIT EXPANSION BY NONBANK LENDERS Although the growth of bank credit and money in 1955 was moderate, aggregate credit expansion by all lenders was the largest for a calendar year since the war. Nonbank lenders increased their mortgage and consumer loans sharply. They also acquired a large volume of new security issues of corporations and State and local governments and took over United States Government securities sold by commercial banks. Selected credit uses. The expansion in real estate lending in 1955 absorbed a large share of the funds available for long-term lending 103 and investing. Bank and nonbank lenders together increased their real estate loans by a record $16.7 billion, compared with $12.5 billion in 1954. After expanding at an accelerating rate throughout 1954, mortgage loans continued to increase until the summer of 1955 at about the rate reached in late 1954. A slackening of growth late in 1955 accompanied a decline in housing starts from the exceptionally high level reached earlier. In July 1955 maximum maturities for Federally underwritten loans were reduced and minimum down payments increased, but in January 1956 the 30-year maximum maturity was restored. Aggregate corporate and State and local government security issues for new capital were about 4 percent larger in 1955 than a year earlier. An increase of one-fifth in corporate security issues reflected primarily flotations by sales finance companies. State and local government issues declined about one-eighth from 1954, largely as the result of a reduction in toll road financing. The publicly held United States Government debt—that is, securities held by investors other than Government investment accounts—changed little in 1955, compared with an increase of more than $2 billion in 1954. For the calendar year, cash receipts from the public were less than $1 billion below expenditures, and the Treasury drew down its balances with commercial and Federal Reserve Banks. Security issues for cash were in part for the purpose of offsetting debt repayment due to attrition on issues refunded and to maturities of nonmarketable savings notes. The Treasury redeemed marketable tax anticipation securities in the first half of the year, when it had a seasonal surplus of receipts over expenditures, and issued tax anticipation securities in the second half. 104 FEDERAL RESERVE BULLETIN • FEBRUARY 1956 The average maturity of the marketable Federal debt, which had been lengthened from 62 to 67 months in 1954 largely through Treasury refunding operations, changed little in 1955. The effect of the issuance of $2.7 billion of 40-year bonds and several new notes maturing in less than three years was offset by the approach to maturity of outstanding securities together with new issues of short-term securities. Supply of funds. All major groups of lenders increased their mortgage lending in 1955. Savings institutions financed such lending in part by borrowing or by liquidating securities or limiting security purchases. Despite a record inflow of savings, savings and loan associations obtained additional funds by increasing their indebtedness to the Federal home loan banks. Life insurance companies sold United States Government securities and reduced their purchases of other securities, and also obtained temporary financing from commercial banks. Mutual savings banks sold both United States Government and other securities on balance. During 1955 investors other than the major financial institutions absorbed a growing share of the expansion in outstanding corporate and State and local government securities and took over a large volume of United States Government securities from institutional investors, particularly commercial banks. They financed these purchases by drawing on accumulated cash balances as well as current savings. INTEREST RATES Interest rates, which had advanced late in 1954, continued to rise in 1955 in response to the strong demand for credit and the growing pressure on bank reserve positions. The largest increase was in yields on short- term securities, which are particularly responsive to changes in bank reserve positions. At the end of the year, most shortterm rates were at the highest levels in more than 20 years. These rates declined during January 1956 but remained close to or above their mid-195 3 peaks. Yields on long-term securities in late 1955 and early 1956 were only slightly above short-term rates. Yields on short-term Treasury securities, which had increased about Vi percentage point in the second half of 1954, increased about 1 Vi percentage points further during 1955, as shown in the chart. In the first INTEREST RATES Per cent LONG-TERM , GOVERNMENT SECURITIES ,11/1 AJVIK [DISCOUNT R A T E J AH. •••"•' rf TREASURY BILLS W52 1953 1954 1955 '56 NOTE.—Treasury bill rates are market yields on longest bills. Long-term U. S. Govt. yields are on long-term VA per cent bonds. Latest data shown are for week ending February 4. half of the year the rise in the Treasury bill rate was limited by strong demand for bills on the part of nonbank investors, particularly nonfinancial corporations and State and local governments. The demand was intensified by maturities of nonmarketable savings notes and seasonal retirements of marketable tax anticipation securities. In the second half of the year bill rates increased BANK CREDIT AND MONEY sharply, however, despite continued nonbank demand, as reserve pressure continued and the Treasury increased its issues of bills and tax anticipation securities. During most of 1955 and early 1956 bill yields generally fluctuated somewhat below the Reserve Bank discount rates. An exception occurred around the year-end, when bill rates exceeded the discount rates for several weeks. The average yield on 90-day Treasury bills was 2.58 per cent in the week ending December 31 and 2.36 per cent in the third week of February, compared with 1.08 per cent at the end of 1954. The peak in 1953 had been 2.29 per cent and the low in 1954 was 0.61 per cent. Yields on intermediate-term Treasury bonds and notes also rose sharply in the first half of 1955 in response to pressure on bank reserve positions, but after midyear they rose less than yields on shorter term securities. Rates on other short-term open market paper, which had remained unchanged or declined slightly in the second half of 1954, followed the increase in yields on short-term Treasury securities closely during 1955. Rate increases totaled more than W2 percentage points on prime commercial paper and on privately placed finance company paper, and about XV\ percentage points on bankers' acceptances. At the end of 1955 these rates were at new highs for recent years. Acceptance rates declined in January but commercial paper rates remained firm. Yields on long-term securities generally increased about VA percentage point during 1955. Late in 1954 yields on United States Government and State and local government 105 bonds had increased, while yields on corporate bonds had shown little change. After an increase in the first quarter of 1955, longterm yields were generally stable in the second quarter. They increased further after midyear, and, after declining in September and October, rose at the year-end to levels near or above their summer peaks. At these levels long-term yields were about equal to those prevailing in late 1953 and early 1954, but were generally about lA to V2 percentage point below their mid-1953 highs. They have declined in 1956, but have remained above June 1955 levels. During 1955 the spread between the yield on Treasury bills and that on long-term Government bonds declined from more than 1 Vi per cent to less than Vi per cent, the smallest differential in recent years. The more moderate increase in long-term rates reflected the minor role played by long-term securities in bank reserve adjustments, the modest extent of the increase in outstanding longterm securities during the year, and some tendency to meet long-term credit needs through short-term borrowing, as well as the willingness of individuals and miscellaneous investors to increase their purchases of long-term securities at only small increases in yields. Interest rates charged customers by commercial banks and other lenders also increased in 1955. The average rate charged by commercial banks on short-term business loans rose almost Vi per cent. Rates charged by lenders on conventional mortgages also increased and discounts deepened on Federally underwritten mortgages. LARGER TAX RECEIPTS resulting from economic expansion, together with restraint in Federal expenditures, are expected to balance the Federal Budget in the current and 1957 fiscal years. The new Budget estimates a $2.4 billion cash surplus for the fiscal year ending June 30, 1957. An equal cash surplus is now anticipated for the current fiscal year, in contrast with an actual $2.7 billion cash deficit for fiscal year 1955. A small margin of receipts over expenditures is also estimated in the administrative Budget for both 1956 and 1957, the first surpluses since 1951. To help achieve the narrow balance between expected Budget receipts and expenditures, the President recommended against a tax cut during this period of peacetime prosperity. Congressional action is requested to postpone for another year the rate reductions in the corporate income tax and in certain excises scheduled under existing legislation to become effective on April 1, 1956. For fiscal year 1956 the new Budget estimates of both receipts and expenditures are higher than earlier estimates, but a greater increase in receipts has converted the year-ago prospect of a deficit into the current expectation of a surplus. Federal expenditures in fiscal year 1956 are expected to show a slight reduction from 1955, with a drop in national security spending more than offsetting larger nondefense outlays. NOTE.—This article was prepared by William F. Hellmuth, Jr., under the supervision of Donald C. Miller, Chief of the Government Finance Section of the Board's Division of Research and Statistics. For the 1957 fiscal year, however, Federal spending for both defense and other purposes is budgeted to rise, reversing the downward movement which reduced annual expenditures by $10 billion between 1953 and 1956. If tax rates are unchanged, 1957 revenues are expected to rise slightly more than expenditures. The Federal Budget, despite its array of tables and complex accounting procedures, presents the only comprehensive summary of the financial aspects of the President's program. Defense, school construction, foreign aid, agriculture, veterans, and other activities, as well as taxes, are all presented as parts of a total program. Demands of the Administration's program on the resources—financial and real—of the nation are measured in monetary terms by the expenditures and appropriations requested in the Budget. The 1957 Budget indicates that Government expenditures, which rose from 15 per cent of gross national product in fiscal year 1950 to almost 21 per cent in 1953, will be about 16 per cent in 1956. The cash Budget—which shows the overall flow of money between the public and the Government—is probably the best single measure of the impact of Federal financial transactions on the nation's economy. It is also an indicator of the effect of Federal activities on the money market. However, neither the cash Budget alone nor any other single measure reveals fully the effects of Federal operations on the economy. The diverse types of expenditures and receipts do not all have the same impact on economic 106 107 THE 1957 BUDGET developments. The economic system also reacts to Government activities not fully or immediately reflected in the cash Budget, such as large changes—actual or anticipated —in appropriations and Government orders, new tax measures, credit insurance and guaranties, credit and monetary policies, and management of the national debt. The cash surplus or deficit indicates the net impact of the Budget on the economy. A large excess of Federal receipts over payments to the public indicates a contractive tendency of Governmental activities in the economy. A substantial cash deficit, on the other hand, signals a net expansive influence. The ultimate economic effects of Governmental activities depend to a considerable extent upon how surpluses or deficits affect the credit system and upon accompanying monetary and credit policies. The cash Budget, shown in Table 1, reTABLE 1 CASH BUDGET [In billions of dollars] Fiscal year ending June 30— Item 19571 19561 1955 1953 1950 67.8 60.4 9.5 71.5 64.8 .8.9 40.9 36.5 6.7 Receipts from the public, total.. 75.4 Budget receipts 66.3 Trust fund receipts 11.9 Less: Intragovernmental transactions and seigniorage 2 2.8 73.5 64.5 11.6 2.6 2.1 2.2 2.2 Payments to the public, total 72.9 Budget expenditures 65.9 Trust fund expenditures 10.2 Less: Intragovernmental transactions 2.8 Net accrued interest and other transactions 3 .... .3 71.0 64.3 9.6 70.5 64.6 8.5 76.8 74.3 5.3 43.2 39.6 6.9 2.6 2.1 2.2 2.2 .2 .5 .6 1.1 2.4 - 2 . 7 .2 - 4 . 2 -5.3 -9.4 -2.2 Cash surplus, or deficit (—).... Budget surplus, or deficit (—).. 1 2 2.4 .4 2 i Budget estimate. Seigniorage amounts to $56 million or less a year. 3 Other transactions include change in clearing account, net transactions of Government sponsored enterprises, and relatively small noncash debt transactions. NOTE.—The cash Budget consolidates the transactions of trust and deposit funds and certain transactions of Government-sponsored corporations with the conventional Budget data. Intragovernmental transactions, such as interest received by trust funds on their investments in Treasury securities, are excluded in the consolidation of Federal transactions. Other noncash transactions, largely interest accruals on savings bonds, are also eliminated. Details may not add to totals because of rounding. ports larger surpluses or smaller deficits than does the conventional Budget, primarily due to an excess of trust fund receipts over payments. Thus a balanced conventional Budget and a moderate cash surplus expected in fiscal year 1956 and again in 1957, if realized, will tend to be a mildly restraining influence on total monetary demand. The shift from a $2.7 billion cash deficit in the 1955 fiscal year to a $2.4 billion cash surplus this year has been a small contractive factor contributing to economic stability during a period of large and rapid growth in output and business and personal incomes. BUDGET RECEIPTS The most impressive change in the 1957 Budget is the upward revision of the revenue estimates as a result of the unexpectedly large increase in economic activity and income over the past year. Budget receipts for fiscal year 1956, which were officially estimated at $60.0 billion in January 1955 and at $62.1 billion in August 1955, are now expected to reach $64.5 billion, as shown in Table 2. The economic expansion has enlarged the tax base and, with no change in tax rates, the larger base has boosted current estimates of fiscal year 1956 collections of individual income taxes by $1.1 billion and of corporate income taxes by $3.3 billion over year-ago estimates. For the 1957 fiscal year, receipts are projected at an all-time high of $66.3 billion, $1.8 billion above the estimate for 1956 and above the previous 1953 record when income tax rates were higher. Practically all of the increase results from larger personal income tax collections. This assumes that personal income during the 1956 calendar year will be $312.5 billion, slightly above the rate for the fourth quarter of 1955 and 3 per cent above the 1955 total. 108 FEDERAL RESERVE BULLETIN • FEBRUARY 1956 APPROPRIATIONS AND EXPENDITURES TABLE 2 BUDGET RECEIPTS [In billions of dollars] Fiscal year ending June 30— Source 19571 19561 Budget receipts, total Individual income taxes Corporation income and excess profits taxes Excise taxes . Employment taxes Estate and gift taxes Customs Miscellaneous receipts Less: Transfers to trust funds: Old Age and Survivors Insurance Railroad Retirement Refunds of receipts 1955 1953 1950 66.3 35.1 64.5 33.6 60.4 31.7 64.8 32.8 36.5 17.4 20.3 9.9 7.6 \l 2.8 20.3 9.9 7.4 1.0 .7 2.5 18.3 9.2 6.2 .9 .6 2.6 21.6 9.9 5.0 .9 .6 1.9 10.9 7.6 2.9 .7 .4 1.4 6.6 .7 3.9 6.5 .6 3.8 5.0 .6 3.4 4.1 .6 3.1 2.1 .6 2 ^ 1 Budget estimate, including the President's tax recommendations. NOTE.—Details may not add to totals because of rounding. Corporate tax collections in fiscal year 1957 are projected as unchanged from the current year, assuming corporate profits in calendar year 1956 equal to last year. The rise in profits from $34.0 billion in 1954 to an estimated $43.0 billion in 1955 is causing corporate tax collections to rise by an estimated $2.0 billion in the current fiscal year. This increase is occurring despite revenue losses from expiration of the excess profit tax, the 1954 tax revisions, and completion of the acceleration of corporate tax payments under the 1950 Mills plan, all of which reduce fiscal year 1956 corporate receipts below those of preceding years. The individual income tax continues as the major source of Budget receipts. After refunds, it is expected to account for 48 per cent of 1957 fiscal year receipts, a record high slightly above recent years and comparable with about 43 per cent in the years just before the Korean conflict. The corporate income tax accounts for about 31 per cent, slightly above the 1949 and 1950 percentages but below the 1953 ratio, when the excess profits tax was in effect. Excise taxes have become relatively less important. Expenditures for Federal activities lag by varying time periods after obligations for them are incurred. For salaries, travel, and similar items, the lag between obligations and expenditures is very short, and over an entire fiscal year obligations and expenditures are approximately equal. For items requiring long periods of planning and production, such as aircraft, ships, highways, and some research projects, however, the time lag between the Government decision to undertake a project, the placing of the order, and completion of the project may be several years. Because of these long-lead times, Congressional authorizations to incur certain types of obligations are made well in advance of the year of expenditure. Accordingly, the trend of new obligational authority and the balances of appropriations carried forward at the end of a fiscal year give an indication of future levels of expenditures, especially for construction and specialized durable goods. The Budget requests new obligational auFEDERAL EXPENDITURES AND AUTHORIZATIONS Billions of dollars 100 1950 1952 1954 1956 NOTE.—Figures are for fiscal years ending June 30. for 1956 and 1957 are estimates. Those THE 1957 BUDGET thority of $66.3 billion for fiscal year 1957, slightly larger than estimated expenditures for the year. This new authority to spend is higher than comparable 1955 and 1956 figures, presented in Table 3. The backlog of unexpended balances, however, will be reduced somewhat by the end of fiscal year 1957 as some appropriations enacted in earlier years will be allowed to lapse. Most of these unexpended balances are for major national security programs. Almost twothirds of estimated 1957 expenditures will be out of new 1957 obligational authority; the rest will be charged to unexpended balances of earlier appropriations. The President's legislative proposals outlined in his State of the Union Message account for $8.5 billion of the new obligational authority and $2.0 billion of estimated expenditures for the 1957 fiscal year. These proposals include both new legislation and extension of existing legislation. MAJOR NATIONAL SECURITY PROGRAMS Expenditures for major national security programs are budgeted at $40.4 billion for fiscal year 1957, a rise of $900 million over the current year but still far below the 1953 level. New obligational authority requested is above the 1956 total and approximates the expected level of 1957 spending. Department of Defense. Revisions in military requirements over the last three years result from the changing character of the threat to our security, the end of the Korean War, and the availability of new weapons. Current planning continues to emphasize probable requirements in terms of current defense needs sustainable over a long period of uncertain peace rather than for a specific date of maximum danger. The President also stressed other major policies and concepts underlying our national security pro- 109 grams: the capability to deter a potential aggressor by a combination of immediate retaliatory power and an increasingly effective system of continental defense; and the development of military forces which minimize numbers of men, by means of more effective utilization of personnel and maximum use of new weapons and technology. Expenditures for military functions of the Defense Department, which declined $9 billion from the Korean high during fiscal year 1953 to the current year, are expected to increase almost $1 billion in 1957. These additional costs are due largely to the higher expenditures for maintenance and operation of more air bases and radar sites and of the larger numbers of more complex weapons and equipment. Most other major categories of costs for the Department of Defense will be about unchanged in 1957 from 1956. Personnel costs will remain at about $11 billion a year, with military personnel on active duty approximately stable at about 2.8 million. Major procurement and production expenditures of $11.7 billion for 1957, though down $1.3 billion from 1955 fiscal year, are little changed from the current year. Most interesting perhaps is a shift within the 1957 total to increased spending for guided missiles, to double the 1955 amount. Offsetting reductions occur in procurement expenditures for aircraft, vehicles, and conventional weapons and ammunition. Expenditures for aircraft, at $6.8 billion, though down slightly from 1956, still account for almost three-fifths of all military procurement and more than one-tenth of the total Budget. Expenditures of $1.4 billion for research and development emphasize projects dealing with missiles, continental air defense, and nuclear propulsion for aircraft and ships. Expenditures for reserve components are in- 110 FEDERAL RESERVE BULLETIN • FEBRUARY 1956 creased somewhat in the 1957 fiscal year. The relative distribution of Defense Department expenditures among the three services will continue about the same as in the current fiscal year, with the Air Force receiving almost half of the total, the Navy slightly more than a quarter, and the Army about a quarter. The recent distribution reflects the new defense emphasis, technological developments, and procurement needs of the different services. Atomic energy. Expenditures for the development and control of atomic energy in 1957 are estimated at more than $1.9 billion, above the previous high in 1954. Rising outlays for the acquisition and processing of nuclear materials account for the major part of all expenditures. Spending for reactor development—both military and civilian—shows the most rapid rate of in- crease, with the 1957 estimate twice the actual total for 1955. Stockpiling and defense production expan- sion. The current high level of industrial activity—which limits availability of some materials—and the attainment of an increasing number of stockpile objectives have combined to reduce further the estimated net expenditures for this program. Net spending is estimated to decline to less than $400 million in 1957, compared with a high of more than $1.0 billion in 1954, and no new obligational authority is requested for 1957. National stockpile inventories of strategic and critical materials are expected to rise to $6.4 billion on June 30, 1957, toward an ultimate objective of $10.3 billion. Mutual security, military. The Mutual Security Program is a long-range program of military, economic, and technical assistance TABLE 3 BUDGET EXPENDITURES, AUTHORIZATIONS, AND UNEXPENDED BALANCES [In billions of dollars] Fiscal year ending June 30— Item or function 19571 19561 1955 1954 1953 1952 1951 1950 1949 1948 BUDGET EXPENDITURES Total. 65.9 64.3 64.6 67.8 74.3 65.4 44.1 39.6 39.5 33.1 Major national security expenditures,total Defense department, military Atomic energy Stockpiling and defense production expansion 2 Mutual security, military 40.4 35.5 1.9 .4 2.5 39.5 34.6 1.7 .7 2.5 40.6 35.5 1.9 .9 2.3 46.9 40.3 1.9 1.0 3.6 50.4 43.6 1.8 1.0 4.0 44.0 38.9 1.7 1.0 2.4 22.4 19.8 .9 .8 1.0 13.0 11.9 .6 .4 .1 12.9 11.6 .6 .3 .4 11.8 10.9 .5 Expenditures other than major national security, total. International affairs and finance Veterans' services and benefits Labor and welfare 2 Agriculture and agricultural resources Natural resources Commerce and housing 2 General government Interest Reserve and adjustment 25.5 2.1 4.9 3.0 3.4 1.0 2.1 1.8 7.1 .2 24.8 2.1 4.8 2.8 3.4 1.0 2.2 1.6 6.9 .1 23.9 2.2 4.5 2.6 4.4 1.1 1.6 1.2 6.4 20.9 1.7 4.3 2.5 2.6 1.2 .9 1.2 6.5 23.9 2.2 4.3 2.4 2.9 1.4 2.6 1.5 6.6 21.4 2.8 4.9 2.2 1.0 1.3 2.7 1.5 5.9 21.6 3.7 5.3 2.1 .7 5.7 -.7 26.6 4.7 6.6 2.0 2.8 1.1 2.1 1.2 5.8 .3 26.6 6.1 6.7 1.6 2.5 .9 2.0 1.1 5.4 .3 21.3 4.6 6.7 1.3 .6 .6 1.4 1.3 5.2 -.4 New obligational authority: Total 66.3 62.0 57.1 62.8 80.3 91.4 83.1 49.3 40.2 38.0 39.7 26.5 35.9 26.1 33.7 23.4 38.9 23.9 57.3 23.0 68.0 23.4 59.4 23.7 46.8 47.6 52.1 67.8 78.4 68.8 50.3 17.0 32.3 14.1 11.5 Major national security programs. Other programs Unexpended balances carried forward, end of year. 1 Budget estimate. 2 New classification in 1957 Budget. Data for earlier years adjusted to new basis. Q 1.1 2.3 1.3 3 Data comparable with present basis are not available. NOTE.—Details may not add to total because of rounding. 111 THE 1957 BUDGET to help build and maintain the defensive and economic strength of the free world. The entire Mutual Security Program for fiscal year 1957 involves requested new obligational authority of $4.9 billion and estimated expenditures of $4.3 billion. Expenditures at this rate would represent little change from 1955 and 1956. However, a backlog of unexpended balances is considered to be necessary to permit orders for future delivery of long-lead-time items. New obligational authority $2.2 billion in excess of that for the current year is recommended in order to maintain future assistance under these programs at the current rate. Of the total amounts for the Mutual Security programs, $2.5 billion of expenditures and $3.0 billion of new obligational authority are for military assistance and are included under major national security. The nonmilitary portion of the program is included under international affairs and finance. The expenditures for military assistance provide military equipment, training, and direct forces support—such as petroleum, uniforms, and military construction. United States' assistance supplements the major efforts of the other free nations to the extent that the combined security of the free world requires military forces beyond the capacity of the other countries. About half of the 1957 program will benefit Korea, Pakistan, Taiwan, and Turkey. NONDEFENSE PROGRAMS Budget estimates for the 1957 fiscal year continue the recent upward trend of expenditures for programs other than major national security, as shown in Table 3. Anticipated spending of $25.5 billion during 1957 for these programs will be $700 million above the current year, $1.6 billion above 1955, and at the highest level since 1950. Spend- ing for these programs, which had accounted for 67 per cent of all Budget expenditures in fiscal year 1950, reached a low of 31 per cent in 1954 and is estimated to rise to 39 per cent of 1956 and 1957 spending. International affairs and finance. Recom- mended expenditures for these activities remain near recent levels. The economic and technical development program calls for net expenditures of $1.8 billion for 1957. The President recommended slightly increased spending for world-wide programs to help solve health, education, and economic problems on a cooperative basis with the less developed countries. In order to assure greater continuity in economic assistance for projects requiring years for planning and completion, the President asked for limited authority to make longer term commitments to be met from future appropriations. Foreign information and exchange activities will expand, supported by a strong Presidential recommendation for a $48 million increase in new obligational authority. Activities to stimulate trade and investment include investment guaranties, direct loans, and guaranties of private loans. Although the Export-Import Bank is expected to expand its commitments under this program, $100 million of net receipts is anticipated in 1957 as a result of increasing use of guaranties of private loans—instead of direct loans by the Bank—and of repayment and sale of outstanding loans. Veterans services and benefits. Estimates of veterans expenditures continue the recent upward trend, though the 1957 figure is still below the 1947 peak. Compensation and pensions to veterans and their dependents are estimated at $2.9 billion in 1957, with about 2.8 million veterans and the survivors of more than 850,000 deceased veterans receiving these payments. Under existing 112 FEDERAL RESERVE BULLETIN • FEBRUARY 1956 legislation these direct payments to veterans are expected to increase steadily to perhaps double their present yearly total by the end of this century. Readjustment benefits for education, training, loan guaranties, and unemployment compensation are anticipated to cost $900 million in 1957, almost all for Korean veterans. The Veterans Administration expects that 640,000 new loans totaling more than $7 billion will be guaranteed during the next fiscal year. With the expiration dates approaching on the "GI Bill" as it applies to World War II veterans, 7.8 million have received education and 4.5 million have bought homes. Medical care, a third important program for veterans, is allocated $800 million in fiscal year 1957. Labor and welfare. Education, including school construction, is the labor and welfare program with the largest dollar increase for 1957 over 1956. The President, in a special message on January 12, proposed a fiveyear program including Federal grants at an annual rate of $250 million matched with State funds to aid construction in the neediest school districts. Federal purchases of school construction bonds up to $750 million are recommended when such issues cannot be sold in the capital markets at reasonable interest rates. The Budget requests almost $400 million of obligational authority for school construction in 1957 and estimates expenditures at $150 million. Other educational programs are continued at an annual cost of about $250 million. Substantial increases are also forecast in 1957 for public health activities. Expenditures for all labor and welfare activities are budgeted at $3.0 billion for 1957, extending the growth that has been uninterrupted for more than 10 years. Re- quested new obligational authority of $3.4 billion suggests that these expenditures will continue to rise beyond 1957. Four-fifths of this total is for grants to State and local governments for programs they administer. Public assistance, the largest single program, is little changed from recent years, with 1957 expenditures of $1.5 billion for grants to the States for old-age assistance and aid to dependent children, the blind, and the totally disabled. Old-Age and Survivors Insurance—financed through a trust fund outside the regular Budget—now provides an additional $5 billion of benefits a year to more than 6 million persons over 65 years of age and 1.5 million mothers and children. OASI now covers more than nine-tenths of all employed persons, and legislation to cover groups still excluded is recommended. The 1957 appropriation request for the Bureau of the Census, which comes under this general classification, includes about $3 million for a national housing inventory to measure significant changes in the nation's housing supply since 1950 and for a census of comprehensive financial information for the more than 100,000 State and local governments for the first time since 1942. Agriculture and agricultural resources. The Budget includes $400 million of estimated expenditures and $450 million of new obligational authority for the 1957 fiscal year to provide for the new program recommended in the President's special message on agriculture. Most of the funds will go for the soil-bank part of the program, which provides both an acreage reserve— withdrawing from current production land eligible to produce price-supported crops— and a conservation reserve of other land to be planted in grasses or woodland. The Budget also increases tax refunds $60 million to carry out the recommendation that THE 1957 BUDGET farmers be refunded Federal taxes on gasoline used in farm operations off the highways. The estimated cost of these new programs is about equal to the decline anticipated in net expenditures for price supports. Net expenditures for agricultural programs are estimated at $3.4 billion for fiscal year 1957, unchanged from the current year but down $1.0 billion from the record 1955 high. Net expenditures are gross expenditures less applicable receipts, both of which are large and variable in the case of agricultural programs. Net expenditures do not reveal the fact that increasing amounts are expected from loan repayments and from commodity sales; these receipts offset the roughly $9 billion of gross expenditures. Sixty per cent of 1957 gross expenditures for agriculture are expected to go for programs to stabilize farm prices and incomes, principally the price support operations of the Commodity Credit Corporation. Net expenditures of the CCC are estimated at $1.4 billion for 1957, against $2.0 billion in 1956 and the record high of $3.4 billion in 1955. Expenditure estimates for this program are very uncertain, depending necessarily on world-wide economic and political conditions, weather and insects, and farmers' decisions as to planting and intensity of cultivation. The Budget Message notes that the chief beneficiaries of the price support program are the large, highly mechanized farms. In the case of wheat loans, for example, three-fourths of the dollar amounts go to one-third of the borrowers. The Budget estimates assume continuation of some private financing of price support operations. By issuing to banks and other private investors certificates of interest against commodity loans, the CCC obtains funds without recourse to the Treasury and in this way avoids a Budget expendi- 113 ture until the certificates are redeemed. These are not included in the Federal debt subject to the statutory ceiling. If the issuance of certificates contemplated in the 1956 Budget estimates does not take place, net expenditures for agriculture may be $800 million higher than budgeted. Outlays greater than receipts on pricesupported commodities have increased the CCC investment in loans and inventories. CCC investment in supported commodities rose from $3.7 billion on June 30, 1954, to $5.0 billion a year later and is expected to total $6.5 billion at the end of fiscal year 1957. The actual CCC investment on December 31, 1955, was $8.7 billion, over three-fourths of which was in wheat, cotton, and corn. Efforts to find markets at home and abroad for our agricultural surpluses are being increased. Rural electrification and telephones, farm credit, soil and water conservation, and research and other agricultural services are the other four agricultural programs. Each will require expenditures of $200 million in 1957, with spending unchanged to slightly higher compared with 1955 and 1956. Natural resources. Actual and estimated gross expenditures for resource development are very steady at $1.3 billion a year, partly offset by slowly rising receipts. In addition to $270 million of estimated receipts—largely from sale of power by the Tennessee Valley Authority—which are applied against gross expenditures, an additional $500 million obtained from sale of power and from timber and mineral leases on public lands is included in miscellaneous Budget receipts. Water resources development through flood control, reclamation, and multiple purpose projects is responsible for most of the expenditures. New TVA power facilities are expected to be financed largely by reve- 114 FEDERAL RESERVE BULLETIN • FEBRUARY 1956 nue bonds, to be authorized by legislation now before the Congress. While most 1957 spending will be for construction on hundreds of water resource projects already under way and for maintenance and operation of existing facilities, small sums totaling $40 million will be used as first payments to start several dozen new projects for which total costs will exceed $1 billion. Small increases in spending are expected for development of forest, mineral, and fish and wildlife resources and for recreation. Commerce and housing. Despite recommendations for increased outlays to inaugurate new programs and to improve road, air, and water transportation facilities, net expenditures are budgeted to decline by $100 million in fiscal year 1957 from 1956 as a result of an estimated $350 million from the proposed increase in postal rates. Receipts chiefly from the Post Office and housing programs will offset the greater part of the expected $6.3 billion of gross expenditures. Spending for highways in 1957 under existing legislation will increase to a new high of more than $800 million, slightly more than in the current year. The Budget makes no provision for the new interstate highway system, but recommends that "the expanded program be soundly financed so as not to create budget deficits." Subsequent to the Budget Message, the President and the Congress appear to have reached general agreement that additional taxes be levied on highway users to finance the new program. The Budget also provides for new measures to aid local areas with persistent unemployment and to initiate an experimental disaster insurance program. Increased appropriations are requested to strengthen every major program for the regulation of commerce and finance. Government activity in the housing field aims to assure continued high levels of residential construction primarily by encouraging private financing through Federal guaranties and insurance. Gross expenditures for housing and community development will remain near $1.4 billion per year. Wide variations in loan repayments and in private refinancing of Government-held mortgages, however, result in Budget figures that vary from $500 million of net repayments in fiscal year 1954 to net expenditures of $200 million in 1955. In both 1956 and 1957 expected receipts almost exactly offset estimated gross expenditures. Small increases in fiscal year 1957 are anticipated for public housing, community development, and college housing programs, but larger net receipts under the management and liquidation functions of Federal National Mortgage Association are expected to hold net expenditures about unchanged from 1956. New credit aids for housing and related programs, primarily loans and guaranties by the Federal Housing Administration and the Veterans Administration, are expected to total $15.8 billion, including the unguaranteed portion of veterans loans. This total is 75 per cent of estimated total new commitments of the major Federal credit programs. About 1.4 million mortgage loans on new and existing dwelling units are expected under Federal credit programs during the 1957 fiscal year, a sharp rise over the current level. An equal number of home improvement loans insured by the FHA is anticipated, under additional authority requested to strengthen this program. General government. Due to increased payments to the retirement fund for civilian employees and to anticipated construction of several new legislative and executive office buildings, expenditures for general government will increase somewhat in 1957. 115 THE 1957 BUDGET Interest. Interest payments are expected to increase to $7.1 billion in the new fiscal year, up $200 million over the current year and $600 million over 1955. The higher charges result principally from a rise during calendar year 1955 in the average interest rate on the outstanding Federal debt from 2.29 to 2.49 per cent. DEBT REDUCTION Some net cash repayment of debt and a small reduction in the outstanding national debt is expected in each of the fiscal years 1956 and 1957. The surplus or deficit in the cash Budget combined with changes in the Treasury cash balance determines the amount of cash repayment to, or borrowing from, the public. The surplus or deficit in the administrative Budget adjusted for variations in the Treasury balance controls the net change in the gross outstanding debt. In the current fiscal year the estimated cash surplus of $2.4 billion plus a small reduction in the Treasury cash balance is expected to allow cash repayment of $2.6 billion of debt, as shown in Table 4. This repayment of debt held by investors other than Federal agencies and trust funds contrasts with net cash borrowing of $ 1.8 billion during the 1955 fiscal year and of larger amounts during the two preceding years. Because of the heavy seasonal concentration of tax receipts in the January-June half year, all of the net cash repayment of debt takes place in this period. The seasonal fluctuation in revenues necessitated actual net cash borrowing of $5.3 billion from July through December 1955 and—to meet Budget estimates for the fiscal year—will permit $8.0 billion of cash repayment of debt in the current half of fiscal year 1956. The cash surplus anticipated for fiscal year 1957 will provide the means for cash TABLE 4 THE FEDERAL DEBT: BORROWING, AND OWNERSHIP REPAYMENT, [In billions of dollars] Fiscal year ending June 30— 1956 19571 JulyFull Jan.June Dec. year 1 19561 1955 Net cash surplus ( —), or deficit. - 2 . 4 - 2 . 4 - 9 . 5 7.0 - . 2 + 1.5 - 1 . 7 Change in cash balance Net cash repayment (—), or borrowing 2 5.3 - 2 . 5 - 2 . 6 -8.0 Plus: Noncash borrowing3 1.7 2.5 1.7 3.4 Less: Issuance of Federal agency debt to public .5 .6 .2 Net change in outstanding debt. Debt outstanding, period end of 1955 2.7 -.9 1.8 2.2 .9 6.4 3.1 273.8 274.3 274.3 280.8 274.4 -.5 -6.5 Ownership of debt: Federal agencies and trust 55.6 53.5 53.5 51.7 funds 218.2 220.8 220.8 229.0 All other holders 50.5 223.9 1 Estimates, derived from Budget and Treasury data. Adjusted by small amounts for seigniorage. 3 Represents principally increase in Government security holdings of Federal agencies and trust funds and net interest accruals on savings bonds. 2 repayment of $2.5 billion of debt. Under present legislation the statutory debt limit, which is temporarily $281 billion, will revert to $275 billion on June 30, 1956. The balanced budgets for 1956 and 1957 will accommodate the June 30 debt level each year to the permanent debt ceiling. The seasonal variation in receipts and resulting July-December deficit, however, will repeat itself again in the 1957 fiscal year. To permit the Treasury to meet its heavy temporary borrowing needs during the period of low receipts, continuation of a temporarily higher debt limit is requested for 1957. The outstanding debt is affected by net cash repayment (or borrowing), by noncash debt transactions, and by direct borrowing by a few Federal credit agencies. The accrual of interest on savings bonds and the investment of trust fund net accruals in Treasury securities account mainly for this 116 FEDERAL RESERVE BULLETIN • FEBRUARY 1956 noncash borrowing. The noncash borrowing makes the decrease in outstanding debt smaller (or increase larger) than the amount of net cash repayment (or borrowing). The declines in the outstanding debt expected in 1956 and 1957 are the first reductions since fiscal year 1951. Over the last half of the current fiscal year and over fiscal year 1957, the national debt will be reduced $7.0 billion from its December 31, 1955 total of $280.8' billion (including $500 million not subject to the debt ceiling). Over the same eighteen-month period, Government security holdings of Government agencies and trust funds are expected to increase $3.9 billion, which will mean that total Federal debt held by the public will be reduced $10.8 billion. The Federal Government is a major and interdependent sector of the nation's economy. The new Budget illustrates the extent to which an expanding economy affects Federal financial operations, especially receipts. The Budget also suggests the impact of Federal transactions on the economy. If economic growth and at least the present uncertain peace continue, and if severe short-run setbacks are avoided, the expansion of tax receipts automatically accompanying growth of incomes and output will offer a choice of tax reduction, more Governmental services, debt retirement, or a combination of these. A shift from a cash deficit to a cash surplus, if realized, will be a mild contractive influence in the economy, but, to the extent that such a surplus results from expansion in national product and income, it might be considered as a stabilizing factor. In the case of a cash surplus, the Government would no longer be a net borrower of funds. In his Message, the President spelled out the three broad national objectives that his Budget policies are designed to achieve. Attainment of a just and durable peace is the first. In the absence of tangible evidence of agreement by the Soviet leaders on a disarmament plan providing adequate inspection, the President stated, we must continue to strengthen the defense of the United States and our allies. The Administration's policies also aim at greater economic well-being for all the free world through cooperative effort. Expenditures to deter aggression and to promote our international alliances again require the largest portion, 64 per cent, of the 1957 Budget. Spending for this purpose, estimated at $42.4 billion for 1957, is $1.0 billion above the 1956 figure and almost equal to actual spending last year. The Administration's second objective is to sustain our unprecedented domestic prosperity and to encourage conditions in which this prosperity can be more fully shared by agriculture and certain sectors of our industrial economy. Many activities which are desirable for meeting the needs of an expanding population and a complex society "for years . . . have been postponed because of the overriding needs of war and defense." Rising revenues now permit some new and expanded programs for economic growth and well-being. Nondefense domestic expenditures in fiscal year 1957 are estimated to increase by $700 million over 1956 and by larger amounts over recent years. Financial stability, the third goal, will be strengthened by the attainment of a balanced budget in the current situation. The President's Message gives priority to a balanced budget and some modest reduction of our national debt ahead of a tax cut under conditions of high peacetime prosperity. Law Department Administrative interpretations, new regulations, and similar material REGULATION U INTERPRETATION EFFECT OF REGISTRATION OF STOCK SUBSEQUENT TO MAKING OF LOAN The Board recently was asked whether a loan by a bank to enable the borrower to purchase a newly issued stock during the initial over-thecounter trading period prior to the stock becoming registered (listed) on a national securities exchange would be subject to the Board's Regulation U. The Board replied that, until such stock is so registered, the regulation would not be applicable to such a loan. The Board now has been asked what the position of the lending bank would be under the regulation if, after the date on which the stock should become registered, such bank continued to hold a loan of the kind just described. It is assumed that the loan was in an amount greater than the maximum loan value for the collateral specified in the regulation. If the stock should become registered, the loan would then be for the purpose of purchasing or carrying a registered stock, and, if secured directly or indirectly by any stock, would be subject to the regulation as from the date the stock was registered. Under the present regulation, this does not mean that the bank would have to obtain reduction of the loan in order to reduce it to an amount no more than the specified maximum loan value. It does mean, however, that so long as the loan balance exceeded the specified maximum loan value, the bank could not permit any withdrawals or substitutions of collateral that would increase such excess; nor could the bank increase the amount of the loan balance unless there was provided additional collateral having a maximum loan value at least equal to the amount of the increase. In other words, as from the date the stock should become registered, the loan would be subject to the regulation in exactly the same way, for example, as a loan subject to the regulation that became under-margined because of a decline in the current market value of the loan collateral or because of a decrease by the Board in the maximum loan value of the loan collateral. 117 Current Events and Announcements REAPPOINTMENT OF MR. MARTIN AS A MEMBER OF THE BOARD AND AS CHAIRMAN The Senate on January 30, 1956, confirmed the reappointment of Mr. Wm. McC. Martin, Jr., as a member of the Board of Governors of the Federal Reserve System for a term of fourteen years from February 1, 1956. On February 1, 1956, the President reaffirmed the designation of Mr. Martin as Chairman of the Board for a term of four years from April 1, 1955. APPOINTMENTS OF BRANCH DIRECTORS On January 28 the Board of Governors appointed Mr. T. Winfred Bell of Little Rock, Arkansas, as a director of the Little Rock Branch of the Federal Reserve Bank of St. Louis for a term ending December 31, 1956. Mr. Bell is President, BushCaldwell Company, Little Rock, and succeeds Mr. G. Ted Cameron, President, Cameron Feed Mills, North Little Rock, who resigned. On January 30 the Board of Governors appointed Mr. John E. Urquhart of Woodward, Alabama, as a director of the Birmingham Branch of the Federal Reserve Bank of Atlanta for a term ending December 31, 1958. Mr. Urquhart is President of the Woodward Iron Company of Woodward and succeeds Mr. Thad Holt of Birmingham, whose term expired. On February 1 the Board of Governors appointed Mr. G. H. King, Jr., of Canton, Mississippi, as a director of the New Orleans Branch of the Federal Reserve Bank of Atlanta for a term ending December 31, 1958. Mr. King is Executive Vice President of King Lumber Industries of Canton, Mississippi, and succeeds Mr. E. O. Batson, President, Batson-McGehee Company, Inc., Millard, Mississippi, whose term expired. A complete listing of the directors at all Federal Reserve Banks and branches is now carried in each issue of the BULLETIN and in this issue appears on pages 208-214. FEDERAL RESERVE MEETINGS A meeting of the Presidents of the Federal Reserve Banks was held in Washington on January 24 and 25, 1956, and on January 25 the Presidents met with the Board of Governors of the Federal Reserve System. On January 24 and February 15 meetings of the Federal Open Market Committee were held. CHANGES IN BOARD'S STAFF Effective January 23, 1956, the Board of Governors changed the title of Mr. Frank R. Garfield from Adviser on Economic Research to Adviser, and the title of Mr. Guy E. Noyes was changed from Assistant Director to Adviser, both in the Division of Research and Statistics. Mr. Garfield has been associated with the Division of Research and Statistics since June 17, 1929, and had been serving as Adviser on Economic Research since March 1, 1950, prior to which he had been serving as Chief of the Business Conditions Section. Mr. Noyes became a member of the Board's staff as Assistant to the Director of the Division of Research and Statistics on November 1, 1948. He had been serving as Assistant Director of that Division since March 1, 1950, except for a period of about two years when he was Assistant Director and later Director of the Division of Selective Credit Regulation. The Board of Governors appointed Mr. Lewis N. Dembitz as an Assistant Director of the Division of Research and Statistics, effective January 29, 1956. He had been serving as Assistant Director of the Division of International Finance since July 1, 1950. Mr. Dembitz has been a member of the Board's staff since 1934 except for the period 1943-1945 when he served in England as an adviser on strategic bombing problems on the staff of the Board of Economic Warfare and Foreign Economic Administration. 118 119 CURRENT EVENTS AND ANNOUNCEMENTS ADMISSIONS OF STATE BANKS TO MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM The following State banks were admitted to membership in the Federal Reserve System during the period November 16, 1955 to January 15, 1956: Arkansas Little Rock. Bank of Arkansas. Louisiana Hammond . Guaranty Bank & Trust Company. Michigan Cheboygan The Cheboygan State Savings Bank. Oregon Medford. . Rogue Valley State Bank. CHANGES IN BULLETIN TABLES This issue of the BULLETIN includes the following changes in content of the statistical section: The tables on "Member Bank Reserves and Borrowings" and "Deposits, Reserves, and Borrowings of Member Banks," (page 19 of the January 1956 issue) have been consolidated, and figures for free reserves have been added (see page 129). A table showing changes since the early 'thirties in the discount rate at the Federal Reserve Bank of New York has been added (see page 130). The table "Maximum Rates on Time Deposits," which was formerly shown on this page and is published regularly in the Board's Annual Report, has been eliminated. TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY Latest BULLETIN Reference Semiannually Banking offices: Analysis of changes in number of On, and not on, Federal Reserve Par List, number of Stock Exchange firms, detailed debit and credit balances Annually Earnings and expenses: Federal Reserve Banks Member banks: Calendar year First half of year Insured commercial banks Banks and branches, number of, by class and State Operating ratios, member banks Banking and monetary statistics, 1955.. Issue Page Feb. 1956 180 Feb. 1956 181 Sept. 1955 1046-1047 Feb. 1956 178-179 May 1955 Oct. 1955 May 1955 564-572 1188 573 Apr. 1955 June 1955 Feb. 1956 430-431 712-714 182-188 Membership of the Board of Governors of the Federal Reserve System, 1913-19^6 APPOINTIVE MEMBERS1 Federal Reserve district Effective date of appointment Charles S. Hamlin. .Boston. . Aug. 10, 1914 Paul M. Warburg. Frederic A. Delano. W. P. G. Harding. . AdolphC. Miller. New York. . . Chicago Atlanta San Francisco. . .do. .do. .do. do. . . . . . New York. Albert Strauss Henry A. Moehlenpah. Chicago. . . . Edmund Platt. . . New York. Oct. 26, 1918 Nov. 10, 1919 June 8, 1920 David C. Wills. . . John R. Mitchell. . Milo D. Campbell. . . Daniel R. Crissinger. George R. James. . Cleveland . . . Minneapolis Chicago. . . Cleveland. . . St. Louis. Sept. 29, May 12, Mar. 14, May 1, May 14, Edward H. Cunningham. Roy A. Young. . Eugene Meyer Wayland W. Magee. Eugene R. Black. M.S. Szymczak. , Chicago.... . Minneapolis . . . New York. . . . Kansas City . . Atlanta. . Chicago. . do. . Oct. 4, 1927 Sept. 16, 1930 May 18, 1931 May 19, 1933 June 14, 1933 J. J. Thomas. . Kansas City . do. Marriner S. Eccles. . San Francisco. Joseph A. Broderick. JohnK. McKee. New York. . Cleveland. . Ronald Ransom. . Atlanta. Ralph W. Morrison. . Dallas. 1 Nov. 15, 1934 Feb. 3, 1936 .do. .do. . . . . Feb. 10, 1936 For footnote see following page. 1920 1921 1923 1923 1923 120 Reappointed 1916 and 1926. Served until Feb. 3, 1936, on which date his successor took office. Term expired Aug. 9, 1918. Resigned July 21, 1918. Term expired Aug. 9, 1922. Reappointed in 1924. Reappointed in 1934 from the Richmond District. Served until Feb. 3, 1936, on which date his successor took office. Resigned Mar. 15, 1920. Term expired Aug. 9, 1920. Reappointed in 1928. Resigned Sept. 14, 1930. Term expired Mar. 4, 1921. Resigned May 12, 1923. Died Mar. 22, 1923. Resigned Sept. 15, 1927. Reappointed in 1931. Served until Feb. 3, 1936, on which date his successor took office. Died Nov. 28, 1930. Resigned Aug. 31, 1930. Resigned May 10, 1933. Term expired Jan. 24, 1933. Resigned Aug. 15, 1934. Reappointed effective Feb. 3, 1936, and Feb. 1, 1948. Served until Feb. 10, 1936, on which date his successor took office. Reappointed effective Feb. 3, 1936, Mar. 8, 1940, and Feb. 1, 1944. Resigned July 14, 1951. Resigned effective Sept. 30, 1937. Served until Apr. 4, 1946, on which date his successor took office. Reappointed effective Feb. 1, 1942. Died Dec. 2, 1947. Resigned effective July 9, 1936. 121 MEMBERSHIP OF THE BOARD • 1913-56 Chester C. Davis. Federal Reserve district Richmond. Effective date of appointment June 25, 1936 Ernest G. Draper. . New York. Mar. 30, 1938 Rudolph M. Evans. . Richmond. Mar. 14, 1942 James K. Vardaman, Jr. Lawrence Clayton. . . Thomas B.McCabe. . Edward L. Norton. Oliver S. Powell . . . Wm. McC. Martin, Jr.. Abbot L. Mills, Jr.. . James L. Robertson. PaulE. Miller C. Canby Balderston. Chas. N. Shepardson. St. Louis. . . Boston . Philadelphia. . Atlanta Minneapolis . .New York. . . . . San Francisco. . Kansas City . . Minneapolis . . Philadelphia. Dallas. Apr. 4, 1946 Feb. 14, 1947 Apr. 15, 1948 Sept. 1, 1950 do Apr. 2, 1951 Feb. 18, 1952 Feb. 18, 1952 Aug. 13, 1954 Aug. 12, 1954 Mar. 17, 1955 Resigned effective Mar. 7, 1940, to accept reappointment effective Mar. 8, 1940, for term of 14 years from Feb. 1, 1940. Resigned effective Apr. 15, 1941. Served until Sept. 1, 1950, on which date his successor took office. Served until Aug. 13, 1954, on which date his successor took office. Died Dec. 4, 1949. Resigned Mar. 31, 1951. Resigned Feb. 1, 1952. Resigned June 30, 1952. Reappointed effective Feb. 1, 1956. Died Oct. 21, 1954. CHAIRMEN2 Charles S. Hamlin. . . Aug. 10, 1914-Aug. 9, 1916. . .Aug. 10, 1916-Aug. 9, 1922. W. P. G. Harding. .May 1, 1923-Sept. 15, 1927. D. R. Crissinger. . .Oct. 4, 1927-Aug. 31, 1930. Roy A. Young. . .Sept. 16, 1930-May 10, 1933. Eugene Meyer . May 19, 1933-Aug. 15, 1934. Eugene R. Black. . Marriner S. Eccles Nov. 15, 1934-Jan. 31, 1948. Thomas B. McCabe Apr. 15, 1948-Mar. 31, 1951. Wm. McC. Martin, Jr.. Apr. 2, 1951- VICE CHAIRMEN2 F. A. Delano. . Aug. 10, 1914-Aug. 9, 1916. Paul M. Warburg. Aug. 10, 1916-Aug. 9, 1918. Albert Strauss Oct. 26, 1918-Mar. 15, 1920. Edmund Platt . July 23, 1920-Sept. 14, 1930. J. J. Thomas.... .Aug. 21, 1934-Feb. 10, 1936. Ronald Ransom . . Aug. 6, 1936-Dec. 2, 1947. C. Canby Balderston. . Mar. 11, 1955- EX-OFFICIO SECRETARIES OF THE TREASURY .Dec. 23, 1913-Dec. 15, 1918. W. G. McAdoo .Dec. 16, 1918-Feb. 1, 1920. Carter Glass .Feb. 2, 1920-Mar. 3, 1921. David F. Houston. Andrew W. Mellon. . .Mar. 4, 1921-Feb. 12, 1932. Feb. 12, 1932-Mar. 4, 1933. Ogden L. Mills. William H. Woodin. .Mar. 4, 1933-Dec. 31, 1933. Henry Morgenthau, Jr..Jan. 1, 1934-Feb. 1, 1936. MEMBERS1 COMPTROLLERS OF THE CURRENCY John Skelton Williams. .Feb. 2, 1914-Mar. 2, 1921. D. R. Crissinger Mar. 17, 1921-Apr. 30, 1923. Henry M. Dawes May 1, 1923-Dec. 17, 1924. Joseph W. Mclntosh Dec. 20, 1924-Nov. 20, 1928. J. W. Pole Nov. 21, 1928-Sept. 20, 1932. J. F. T. O'Connor. . . .May 11, 1933-Feb. 1, 1936. 1 Under the provisions of the original Federal Reserve Act the Federal Reserve Board was composed of seven members, including five appointive members, the Secretary of the Treasury, who was ex-officio chairman of the Board, and the Comptroller of the Currency. The original term of office was 10 years, and the five original appointive members had terms of 2, 4, 6, 8, and 10 years, respectively. In 1922 the number of appointive members was increased to six, and in 1933 the term of office was increased to 12 years. The Banking Act of 1935, approved Aug. 23, 1935, changed the name of the Federal Reserve Board to the Board of Governors of the Federal Reserve System and provided that the Board should be com- posed of seven appointive members; that the Secretary of the Treasury and the Comptroller of the Currency should continue to serve as members until February 1, 1936; that the appointive members in office on the date of that Act should continue to serve until February 1, 1936, or until their successors were appointed and had qualified and that thereafter the terms of members should be 14 years and that the designation of Chairman and Vice Chairman of the Board should be for a term of four years. 2 Prior to Aug. 23, 1935, the Chairman and Vice Chairman of the Board were known as Governor and Vice Governor, respectively. National Summary of Business Conditions Released for publication February 14 Industrial production, nonagricultural employment, and retail sales in January continued at the record year-end rates, after allowance for seasonal changes. Construction activity declined slightly further. Wholesale prices of industrial commodities edged up further in January and early February and average prices of farm products showed some recovery. Bank credit and deposits declined seasonally. INDUSTRIAL PRODUCTION The Board's preliminary seasonally adjusted index of industrial production in January remained at the record rate of 144 per cent of the 1947-49 average reached in December. Output of durable goods other than autos was generally maintained, and production of nondurable goods and minerals continued at peak rates. Auto assemblies were curtailed further and in late January and early February were running at a rate of about 140,000 cars per week. Production of major household durable goods was generally maintained in January—at a level about 5 per cent above a year ago. Output of building materials continued at high levels, and activity in producers' equipment lines showed further gains, with truck production up considerably. Steel pro- duction in January and early February reached a record tonnage level and was 99 per cent of 1956 rated capacity. Production of textiles, apparel, and leather products in January apparently remained close to earlier advanced levels, while activity in the chemical, petroleum, and paper industries edged up to new highs. Output of paperboard and petroleum and products in early February continued at advanced levels. CONSTRUCTION The number of private housing units started in January was close to the December seasonally adjusted annual rate of slightly less than 1.2 million. Total value of contract awards continued at an unusually high level for this season and for the three months ending in January was about onesixth above the corresponding period a year earlier. Outlays for new construction, seasonally adjusted, were down slightly further to an annual rate of $41.5 billion. PRICES AND TRADE Per cent, 1947-49 = 100 INDUSTRIAL PRODUCTION 1952 1953 1954 1955 1952 1953 1954 1955 Federal Reserve indexes. Monthly figures, latest shown are for January. 1953 1954 1952 1953 1954 1955 Seasonally adjusted, except for price indexes. Prices, Bureau of Labor Statistics; disposable personal income and total retail sales, based on Department of Commerce data; department store trade, Federal Reserve. "Other" wholesale prices exclude processed foods, included in total but not shown separately. Monthly figures, latest shown: December for income, consumer prices, and department store stocks; January for other series. 122 FEDERAL RESERVE BULLETIN • FEBRUARY 1956 EMPLOYMENT Employment in nonagricultural establishments, seasonally adjusted, continued in January at a record level of 50.2 million, as a reduction in manufacturing was offset by gains in trade and some other lines. Average factory hourly earnings continued at the peak level of $1.93; but, owing to widespread reductions in hours of work, weekly pay at factories declined by $1.35 to $78.36, 6 per cent higher than a year earlier. Unemployment increased by 450,000, about the usual rise for this time of year, to 2.9 million. DISTRIBUTION Seasonally adjusted sales at department stores in January and early February were moderately above the advanced level of the preceding three months. With sales at some other outlets also showing increases, seasonally adjusted total retail sales in January were little changed from December, at a rate 6 per cent above a year ago. Dealer sales of new autos declined and were moderately below the record January level of last year and dealer stocks rose further to a new high. COMMODITY PRICES Average prices of industrial commodities edged up slightly further from mid-January to midFebruary. Prices of some basic materials, such as rubber, steel scrap, and tin, declined from adCONSTRUCTION CONTRACTS AWARDED Millions of dollars 2000 PRIVATE RESIDENTIAL /*\ / ^ 1600 1200 — ~~ 800 PRIVATE NONRESIDENT1AL ^v i A : , - F. W. Dodge Corporation data for 37 Eastern States. Monthly figures, latest shown are for January. BANK CREDIT AND RESERVES Total loans and investments at city banks declined between early January and early February. Holdings of U. S. Government securities were reduced by more than $1 billion and loans by more than %Vi billion, reflecting largely reductions in business and security loans. Loan repayments by sales finance companies accounted for a substantial part of the decline in business loans. Loans to businesses with special seasonal needs also declined, while new borrowing by metals manufacturers and other nonseasonal borrowers increased further. In late January and early February, average member bank borrowings from the Federal Reserve increased to almost $900 million and average excess reserves declined to about $500 million. More reserves were absorbed, largely through reductions in System holdings of U. S. Government securities and declines in Reserve Bank float, than were provided, principally through currency inflows and declines in required reserves. SECURITY MARKETS 400 0 vanced levels reached around the turn of the year, but increases were reported for steel and brass mill products, lumber, cotton goods, and petroleum and products. Average prices of farm products also rose and in mid-February were 3 per cent above the mid-December low, reflecting mainly increased prices of hogs and pork accompanying a seasonal decline in marketings. In early February a reduction of 11 per cent in the Federal support level for the 1956 corn crop was announced. Support prices for other feed grains were changed little and those for oilseeds were raised about 5 per cent. A 13 per cent reduction in the support price for wheat had been announced earlier. - 0 800 123 Notwithstanding continued pressure on bank reserves, yields on U. S. Government securities declined generally between mid-January and midFebruary. The largest decline was in the Treasury bill yield. Reflecting steady nonbank demand for bills, the bill yield recently has fluctuated somewhat below the Federal Reserve discount rate. Intermediate-term and long-term yields on Government and other securities were also lower. 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 B a n k s . . . . 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 127 130 131 134 136 137 140 142 Commercial loans; commercial paper and bankers' acceptances. Interest rates Security prices; stock market credit. Savings institutions . Federal credit agencies. . Federal finance Security issues Business finance Real estate credit. .. Short- and intermediate-term consumer credit. 144 145 146 147 148 150 154 155 157 160 Selected indexes on business activity. Production . Employment and earnings. Department stores Foreign trade .... Wholesale and consumer prices. . National product and income series. 163 164 170 172 173 174 176 Earnings and expenses of Federal Reserve Banks during 1955. Changes in number of banking offices in the United States. Banking offices on Federal Reserve par and not on par list. Banking and monetary statistics, 1955. ... . Tables published in BULLETIN, annually or semiannually—list, with references. Index to statistical tables. 178 180 181 182 119 215 Tables on the following pages include the prin- of material collected by other agencies; figures cipal statistics of current significance relating to for gold stock, currency in circulation, Federal financial and business developments in the finance, and Federal credit agencies are obtained United States. The data relating to Federal from Treasury statements; the remaining data Reserve Banks, member banks of the Federal are obtained largely from other sources. Back Reserve System, and department store trade, and figures for 1941 and prior years for banking and the consumer credit estimates are derived from monetary tables, together with descriptive text, regular reports made to the Board; production may be obtained from the Board's publication, indexes are compiled by the Board on the basis Banking and Monetary Statistics. 125 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Wednesday figures, 1949-1950, weekly averages of daily figures, 1951- Billions of dollars 25 MEMBER BANK RESERVE BALANCES 15 EXCESS RESERVES j 0 MONEY IN CIRCULATION TREASURY CASH AND DEPOSITS 1 L NONMEMBER DEPOSITS ' 30 FEDERAL RESERVE CREDIT U.S. GOVERNMENT SECURITIES: HELD UNDER REPURCHASE AGREEMENTS DISCOUNTS AND ADVANCES FEDERAL RESERVE FLOAT *. V 1949 1950 1951 1952 1953 1954 Latest averages shown are for week ending Jan. 25. See p. 127. 126 1955 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Treasury currency outstanding U. S. Govt. securities Week ending Total DisHeld counts under and Float Bought repuradoutchase vances right agreement Gold stock Total* Currency in circulation Treasury cash holdings Deposits, other than member bank reserves, with F. R. Banks Member bank reserves Other F. R. accounts Treas- Foreign ury ReTotal quired5 Other Excess2 Averages of daily figures 1954 24,722 24,891 24,919 24,928 24,918 24,715 24,889 24,888 24,888 24,888 698 25,918 498 465 724 26,080 442 810 26,172 311 1,373 26,612 377 1,138 26,433 21,710 21,710 21,711 21,712 21,712 4,982 30,466 4,982 30,623 4,982 30,755 4,982 30,885 4,982 30,828 806 806 812 800 801 605 535 363 345 453 396 361 405 443 523 405 408 398 346 295 881 877 891 975 976 19,052 19,162 19,241 19,512 19,250 18,464 18,444 18,555 18,690 18,630 588 718 686 822 620 Jan. 5. Jan. 12. Jan. 19. Jan. 26. 24,918 24,532 24,155 23,683 24,874 24,511 24,128 23,671 372 504 445 453 885 756 881 806 26,176 25,792 25,482 24,942 21,712 21,713 21,714 21,714 4,984 30,501 4,984 30,361 4,985 30,079 4,985 29,866 804 814 818 827 449 378 275 272 527 493 516 422 413 409 413 280 916 905 902 901 19,263 19,130 19,176 19,074 18,580 18,436 18,383 18,429 683 694 793 645 Feb. 2. Feb. 9. Feb. 16. Feb. 23. 23,852 24,016 23,908 23,732 23,844 23,902 23,827 23,732 524 555 387 395 666 25,042 640 25,212 668 24,964 804 24,932 21,714 21,715 21,715 21,716 4,988 4,988 4,989 4,990 29,767 29,794 29,782 29,771 834 827 824 825 431 472 399 490 441 447 486 390 419 480 458 486 899 895 913 959 18,952 19,000 18,806 18,716 18,361 18,272 18,236 18,108 591 728 570 608 Mar. 2. Mar. 9. Mar. 16. Mar. 23. Mar. 30. 23,604 23,604 23,606 23,664 23,604 23,604 23,604 23,604 23,604 23,604 490 797 24,892 479 789 24,873 483 719 24,809 630 1,032 25,327 745 677 25,028 21,716 21,717 21,717 21,718 21,719 4,995 4,995 4,995 4,995 4,997 29,796 29,819 29,833 29,793 29,716 827 575 828 548 817 356 818 887 826 1,000 324 364 422 339 338 481 476 358 435 490 957 955 957 964 964 18,642 18,596 18,779 18,804 18,408 18,089 18,018 18,149 18,123 17,918 553 578 630 681 490 Apr. 6. Apr. 13. Apr. 20. Apr. 27. 23,643 23,682 23,604 23,604 23,604 23,604 23,604 23,604 613 656 24,918 662 801 25,159 521 1,031 25,175 544 861 25,031 21,719 21,669 21,670 21,671 4,997 4,996 4,997 4,998 29,831 29,940 29,793 29,686 821 812 820 813 559 325 483 541 344 349 419 367 492 553 454 438 976 979 978 978 18,611 18,868 18,895 18,877 18,055 18,214 18,253 18,260 556 654 642 617 May 4 . May 11. May 18. May 25. 23,666 23,839 23,687 23,513 23,613 23,702 23,664 23,513 544 374 317 427 743 24,971 696 24,924 888 24,908 880 24,834 21,671 21,671 21,672 21,673 4,999 29,767 4,999 29,859 4,999 29,877 4,999 29,826 815 811 821 818 675 280 310 437 360 363 417 394 443 442 377 421 923 920 924 937 18,659 18,920 18,853 18,673 18,201 18,176 18,207 18,192 458 744 646 481 June 1. June 8. June 15. June 22. June 29. 23,603 23,683 23,588 23,554 23,554 23,600 23,683 23,588 23,554 23,554 612 772 25,001 812 25,044 533 793 24,956 558 348 1,137 25,055 789 24,815 456 21,674 21,675 21,676 21,676 21,677 5,001 5,002 5,001 5,001 5,001 29,961 30,059 30,058 30,035 30,021 823 835 832 818 814 582 440 304 213 323 400 387 434 408 425 478 416 387 278 275 936 935 940 981 981 18,496 18,648 18,678 18,998 18,653 18,063 18,036 18,099 18,301 18,164 433 612 579 697 489 July 6. July 13. July 20. July 27. 23,703 23,957 23,943 24,140 23,692 23,943 23,943 24,035 688 858 25,265 21,678 685 913 25,571 21,679 357 1,118 25,432 21,680 439 915 25,506 21,681 5,003 5,003 5,003 5,002 30,299 30,416 30,287 30,157 814 803 793 798 420 440 416 480 367 425 460 439 468 419 415 403 970 971 970 967 18,609 18,779 18,774 18,945 18,085 18,047 18,209 18,386 524 732 565 559 Aug. Aug. Aug. Aug. Aug. 24,044 24,055 23,891 23,796 23,761 23,982 23,983 23,891 23,796 23,761 781 888 796 724 770 802 25,638 627 25,584 794 25,495 891 25,425 671 25,217 21,682 21,682 21,682 21,682 21,682 5,003 5,003 5,003 5,005 5,005 30,237 30,285 30,336 30,288 30,268 803 800 797 803 803 638 646 507 594 479 422 434 474 415 399 412 396 400 393 394 900 885 910 946 946 18,910 18,824 18,757 18,673 18,614 18,320 18,163 18,155 18,100 18,130 590 661 602 573 484 23,826 23,813 23,564 23,598 23,761 23,744 23,564 23,587 865 687 25,401 918 826 25,577 768 1,263 25,613 901 960 25,478 21,682 21,682 21,683 21,683 5,005 5,006 5,006 5,006 30,436 30,520 30,401 30,323 806 803 794 787 447 431 579 693 379 419 377 370 393 400 394 386 943 942 990 990 18,685 18,750 18,767 18,618 18,111 18,142 18,191 18,134 574 608 576 484 Oct. 5. Oct. 12. Oct. 19. Oct. 26. 23,844 23,911 24,021 23,973 23,727 23,792 23,916 23,973 843 117 816 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 5,007 5,007 5,007 5,009 30,428 30,552 30,621 30,498 791 788 777 778 525 514 534 496 381 383 391 381 999 18,700 18,189 390 429 1,011 18,728 18,175 409 1,010 19,119 18,494 387 1,010 18,891 18,433 511 553 625 458 Nov. 2. Nov. 9. Nov. 16. Nov. 23. Nov. 30. 23,995 24,024 24,068 23,888 24,001 23,995 24,024 24,018 23,888 23,903 943 793 25,748 21,686 1,144 776 25,963 21,686 50 1,173 1,013 '26,272 21,686 816 1,486 26,208 21,687 973 1,019 26,012 21,688 98 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 18,898 18,899 18,883 19,036 18,794 18,421 18,343 18,302 18,468 18,381 477 556 581 568 413 Dec. 7. Dec. 14. Dec. 2 1 . Dec. 28. 24,364 24,589 24,588 24,767 24,039 24,443 24,375 24,385 325 146 213 382 935 957 26,274 878 941 26,428 747 1,746 27,101 753 1,875 27,420 21,688 21,689 21,689 21,690 5,008 5,007 5,008 5,008 31,070 31,244 31,364 31,415 780 786 772 774 483 337 401 523 424 446 469 497 931 18,869 413 372 989 18,950 336 1,010 19,446 410 ",487 18,411 18,488 18,792 18,804 458 462 654 683 24,785 24,308 23,804 23,517 24,391 24,191 23,802 23,517 394 117 2 584 801 922 815 21,690 21,691 21,692 21,692 5,008 5,008 5,008 5,009 31,152 30,914 30,632 30,361 773 782 786 793 356 244 360 385 438 423 Ail 388 513 334 321 318 18,887 18,725 P18,553 P18,517 P583 P500 Dec. 1. Dec. 8. Dec. 15. Dec. 22. Dec. 29. 1955 Sept. Sept. Sept. Sept. 3. 10. 17. 24. 31. 7. 14. 21. 28. 114 81 53 137 23 105 951 939 938 935 935 1956 Jan. 4. Jan. 11. Jan. 18. Jan. 25. l) Preliminary. c 1,539 1,242 1,125 1,128 26,936 26,375 25,872 25,480 For other footnotes see following page. Corrected. 127 939 923 920 919 19,464 19,453 19,136 19,017 577 728 128 BANK RESERVES AND RELATED ITEMS MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS-Continued [In millions of dollars] Reserve Bank credit outstanding Member bank reserves Treasury currency outstanding Currency in circulation 4,985 4,990 4,996 4,997 4,999 5,001 5,003 5,004 5,006 5,008 5,008 5,008 30,110 29,784 29,790 29,807 29,861 30,050 30,284 30,289 30,420 30,532 30,791 31,265 819 826 823 816 818 825 801 801 797 781 778 777 341 477 690 501 421 329 461 569 540 509 538 434 477 420 363 370 389 412 423 431 386 390 394 459 903 19,114 18,432 383 927 18,819 18,195 473 960 18,635 18,050 442 973 18,800 18,210 481 928 18,746 18,166 432 959 18,715 18,146 345 962 18,824 18,205 423 918 18,728 18,152 398 968 18,711 18,148 392 403 1,000 18,870 18,345 937 18,902 18,378 444 983 19,240 18,646 394 1,152 25,879 21,692 5,008 30,620 788 356 404 354 921 19,138 68 1,037 52 1,400 4,037 2,019 164 4 2,220 4,031 2,286 7 91 2,593 17,644 2,963 3 94 2,361 22,737 3,247 249 578 25,091 20,065 4,339 22,754 4,562 85 535 23,181 23 534 19,499 24,427 4,598 78 53 67 1,368 22,216 22,706 4,636 196 19 1,184 25,009 22,695 4,709 663 156 967 25,825 23,187 4,812 598 28 935 26,880 22,030 4,894 37 567 25,642 21,927 4,959 808 25,885 21,713 4,985 "44 143 4,459 5,434 7,598 11,160 28,515 28,868 27.600 27,741 29,206 30,433 30,781 29,922 30,509 204 264 2,409 2,215 2,287 1,336 1,312 1,293 1,270 1,270 761 811 796 36 35 634 867 977 870 821 668 247 389 346 875 563 6 15 397 774 862 392 767 895 526 550 423 545 490 21 151 256 586 446 569 750 565 363 455 493 377 441 374 2,356 346 2,292 251 11,653 291 12,450 495 15,915 563 17,899 706 16,568 714 17,681 746 20,056 777 19,950 839 20,160 988 19,011 907 18,876 2,333 1,817 6,444 9,365 14,457 16,400 15,550 16,509 19,667 20,520 19,397 18,412 18,618 23 475 5,209 3,085 1,458 1,499 1,018 1,172 389 -570 763 599 258 29,789 29,817 29,800 29,769 30,009 30,229 30,244 30,317 30,422 30,559 30,993 31,158 837 828 819 809 828 812 798 804 787 <776 778 767 360 564 724 812 649 380 623 393 554 484 477 394 441 320 351 360 402 374 410 387 385 402 408 402 419 433 448 490 413 448 419 383 379 396 412 554 899 957 959 923 936 972 910 945 990 941 931 925 18,337 18,091 17,871 18,161 18,029 18,139 18,311 18,151 18,212 18,393 18,417 18,903 581 471 412 334 192 -73 688 217 211 172 57 102 P801 428 355 349 919 18,750 P 1 8 , 3 3 4 *416 940 939 936 935 931 U. S. Govt. securities Period or date Deposits, other than member bank reserves, with F. R. Banks Total Held under Bought repuroutchase right agreement 24,200 23,838 23,619 23,632 23,666 23,598 23,967 23,886 23,709 23,951 23,997 24,602 24,182 23,787 23,604 23,604 23,617 23,596 23,925 23,870 23,668 23,881 23,963 24,318 Discounts and Float Total i advances Gold stock Treasury cash holdings Other F. R. accounts Treas- Forury eign Total Other ReExquired 2 cess 2 Averages of daily figures 1955 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 18 444 805 25,449 51 473 710 25,021 15 566 804 24,989 28 585 838 25,070 49 445 798 24,924 24 2 465 878 24,958 42 576 940 25,497 16 803 746 25,450 41 872 924 25,525 70 895 926 25,792 34 1,018 1,055 26,089 284 840 1,389 26,853 21,714 21,715 21,718 21,680 21,673 21,676 21,680 21,682 21,682 21,685 21,687 21,689 682 624 585 590 580 569 619 576 563 525 524 594 1956 23,897 23,824 73 Jan Midyear or year-end 1929—June.... 1933—June.... 1939—Dec 1941_Dec 1945—Dec 1947—Dec 1949_Dec 1950—Dec 1951—Dec 1952—Dec 1953—Dec 1954—June.... Dec 216 1,998 2,484 2,254 24,262 22,559 18,885 20,778 23,801 24,697 25,916 25,037 24,932 148 1,998 2,484 2,254 24,262 22,559 18,885 20,725 23,605 24,034 25,318 25,037 24,888 23,885 23,605 23,612 23,612 23,662 23,607 24,090 23,761 23,834 24,024 24,256 24,785 23,882 23.605 23,604 23,604 23,662 23,554 23,982 23,761 23,729 24,024 23,991 24,391 End of month 1955 Jan Feb Mar Apr May June July Aug.* Sept Oct Nov 53 108 105 265 394 600 24,960 475 678 24,769 485 24,667 391 799 24,988 560 643 24,780 460 850 24,601 128 754 864 25,719 470 665 24,911 603 792 25,250 706 683 25,430 618 883 25,776 108 1,585 26,507 21,714 21,716 21,719 21,671 21,674 21,678 21,682 21,682 21,684 21,686 21,688 21,690 4,989 4,996 4,998 4,999 5,002 5,002 5,003 5,005 5,006 ; 5,OO8 5,008 5,008 Dec 18,918 18,562 18,283 18,495 18,221 18,066 18,999 18,368 18,423 18,565 18,474 19,005 1956 23,466 23,466 Jan Wednesday 1955 2 9 16 23 30 852 786 25,122 P 2 1 , 6 9 3 P 5 , 0 1 0 *>30,224 Nov. Nov. Nov. Nov. Nov. 24,024 24,024 23,987 23, 24,256 24,024 24,024 23,987 23,888 23,991 1,185 79: 26,018 21,686 21,686 1,201 524 25,767 25 548 1,288 25,840 21,686 796 1,056 25,757 21,687 265 618 25,776 21,688 5,009 5,009 5,008 5,00S 5,008 30,540 30,786 30,743 30,945 30,993 779 779 783 777 778 535 617 635 479 477 387 400 383 404 408 382 388 396 380 412 19,151 18,554 18,658 18,533 18,474 18,443 18,306 18,445 18,423 18,417 708 248 213 110 57 Dec. 7 Dec. 14 Dec. 21 Dec. 28 24,373 24,56:' 24,638 24,807 24,077 24,407 24,357 24,391 296 15 281 416 791 26,160 21,689 978 564 1,193 26,338 21,689 670 1,89 27,221 21,690 509 1,407 26,752 21,690 5,008 5,007 5,008 5,008 31,147 31,277 31,406 31,357 793 779 776 778 469 425 539 522 441 434 479 468 931 18,647' 427 988 18,809 323 19 320 1,010 19,389 425 1,011 18,890 18,424 18,543 18,863 18,776 223 266 526 24,6.63 24,178 23,690 23,508; 24,391 24,141 23,690 23,508 398 1,541 26,626 21,690 5,008 806 1,016 26,023 21,691 5,008 824 1,093 25,628 21,692 5,008 847 786 25,161 21,693 5,009 31,061 30,748 30,480 30,225 783 790 788 799 265 350 289 461 451 458 374 396, 424 319 311 347 19,418 19,135 19,166 18,715 18,907 18,637 P18,550 P18,438 511 498 P616 P277 114 1956 Jan. 4 Jan. 11 Jan. 18 Jan. 25 c P Preliminary. Corrected. 1 Includes industrial loans and acceptances; these items are not shown 923 922 919 919 separately in this table, but are piven for end-of-rnonth and Wednesday dates in subsequent tables on Federal Reserve Banks. 2 These figures are estimated. 129 BANK RESERVES AND RELATED ITEMS RESERVES, DEPOSITS, AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures. 1 In millions of dollars] All member banks Item and period Central reserve city banks New York Chicago Reserve city banks Country banks Item and period All member banks 1954—Dec 19,279 4,508 1,210 7,927 5,634 1954—Dec 704 1955—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 19,114 18,819 18,635 18,800 18,746 18,715 18,825 18,728 18,711 18,870 18,902 19,240 4,410 4,380 4,394 4,445 4,407 4,388 4,371 4,286 4,262 4,316 4,257 4,432 1,203 1,183 1,141 1,122 1,139 1,135 1,148 1,140 1,129 1,127 1,144 1,166 7,881 7,726 7,623 7,747 7,734 7,680 7,759 7,737 7,738 7,823 7,840 7,924 5,619 5,531 5,476 5,486 5,465 5,512 5,546 5,565 5,583 5.604 660 5,716 1955—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 682 625 585 590 580 569 619 577 564 524 525 594 1955—Dec. 21 Dec. 28 19,446 19,4«7 4,451 4,434 1,180 1,182 7,953 8,047 862 824 1955—Dec. 21 Dec. 28 1956—Jan. Jan. Jan. 19,464 19,453 19,136 19,017 4,493 4.371 4,268 4,252 1,203 1,192 1,169 1,171 8,056 8,017 7,966 7,898 5,712 5,872 5,733 5,696 1956—Jan. 4 Jan. 11 Jan. 18 Jan. 25 Week ending: Jan. 25 12 30 21 4 23 15 9 10 14 1 14 35 91 602 S7 79 62 74 85 61 87 54 63 64 38 60 584 516 505 513 470 496 516 514 487 460 470 497 -3 7 1 -3 43 77 95 96 92 65 618 574 485 613 M95 M58 -1 -2 1 -3 *>500 -10 32 -1 11 -6 -20 246 62 15 117 52 313 354 M63 495 368 401 527 765 849 884 1,016 839 77 50 18 27 4 13 78 149 141 151 279 197 57 38 M31 125 26 40 33 60 114 137 70 85 124 189 213 229 213 229 306 395 472 480 538 398 55 77 101 114 125 119 110 161 122 116 129 159 1955—Dec. 21 Dec. 28 744 753 82 59 317 297 141 160 1956—Jan. 4 Jan. 11 Jan. 18 583 799 920 814 204 237 137 177 248 193 50 99 115 71 325 389 435 441 ' 71 134 122 109 458 -50 -16 -26 550 369 271 122 95 212 168 92 -188 -285 -360 -491 -245 -69 -20 3 -23 19 2 -69 -139 -127 -150 -265 -162 -54 -38 -133 -125 -25 -43 -25 -61 -114 -137 -67 -83 -37 -110 -151 -155 -128 -168 -219 -341 -409 -416 -500 -338 529 439 404 399 345 377 406 353 365 344 341 338 1955—Dec. 21 Dec. 28 -90 -70 -214 -205 -79 -59 -274 -220 477 414 1956—Jan. 4 Jan. 11 Jan. 18 Jan. 25 -7 -72 -138 -166 -254 -213 -53 -92 -114 -74 -230 -293 -343 -376 414 479 P-338 P-314 654 683 576 727 P582 Borrowings at Federal Reserve Banks: 2 18,576 4,497 1,210 7,836 5,032 18,432 18,195 18,050 18,210 18,166 18,146 18,205 18,152 18,148 18,345 18,378 18,646 4,402 4,350 4,373 4,442 4,384 4,373 4,362 4,277 4,248 4,316 4,243 4,397 1,200 1,183 1,143 1,122 1,138 1,138 1,140 1,141 1,128 1,127 1,142 1,164 7,794 7,646 7,561 7,673 7,649 7,619 7,673 7,682 7,675 7,759 7,802 7,865 5,036 5,015 4-, 971 4,973 4,995 5,016 5,030 5,052 5.096 5,144 5,191 5,220 1955—Dec. 21 Dec. 28 18,792 18,804 4,461 4,402 1,177 1,182 7,910 7,970 5,244 5,250 1956—Jan. 4 Jan. 11 Jan. 18 Jan. 25 18,887 18,725 4,494 4,360 4,273 4,272 1,205 1,186 1,167 1,174 7,961 7,920 7,875 7,833 5,227 5,259 ^5,238 *>5,238 1955—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Week ending: Chicago Country banks Week ending: 4... 11 18 Required reserves: New York Reserve city banks Excess reserves: 2 Total reserves held: 1954—Dec Central reserve city banks 1954—Dec 1955—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Week ending: P18,553 P18,517 Jan. 25 December 1955 Free reserves: 2 1954—Dec Deposits: Gross demand deposits: Total 117,558 Interbank 12,951 Other 104,607 Net demand deposits 3 ... 101,264 Time deposits 40,288 Demand balances due from domestic b a n k s . . . 6,452 24 ,062 4 ,070 19 ,993 21 ,130 3 ,420 6 222 1 ;i96 5 ,027 5 ,491 1 ,321 46,097 6,363 39,734 39,162 16,307 41,176 1,322 39,854 35,481 19,241 81 110 2,048 4,212 December 1954 Gross demand deposits: 116,078 Total 13.640 Interbank 102,438 Other 100,689 Net demand deposits 3 Time deposits 39,109 Demand balances due from domestic b a n k s . . . 6,982 24 ,062 4 ,201 19 ,861 21 ,581 3 ,607 52 6,391 1,296 5,096 5,729 1,294 119 45 ,447 6 ,781 38 ,666 39,212 15 ,562 2 ,108 40,178 1,362 38,815 34,167 18,645 4,703 r P Preliminary. Revised. 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are based on deposits at opening of business. 2 Weekly figures of required, excess and free reserves of all member banks and of country banks are estimates. 1955—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Week ending: 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. NOTE.—Monthly and weekly data for reserves (except free) and borrowings for the full year 1955 are shown on pp. 182-183 of this BULLETIN. 130 DISCOUNT RATES FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances secured by Government obligations and discounts of and advances secured by eligible paper (Sees. 13 and 13a) i Federal Reserve Bank Rate on Jan. 31 Boston New York. . . Philadelphia.. Cleveland Richmond. . . Atlanta Chicago St. Louis Minneapolis.. Kansas City.. Dallas San Francisco In effect beginning— Previous rate Nov. 22, 1955 Nov. 18, 1955 Nov. 18, 1955 Nov. 18, 1955 Nov. 22, 1955 Nov. 18, 1955 Nov. 18, 1955 Nov. 22, 1955 Nov. 21, 1955 Nov. 21, 1955 Nov. 23, 1955 Nov. 18, 1955 WA 18 IB 214 214 214 IVA 2VA 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 Jan. 31 In effect beginning— Previous rate Rate on Jan. 31 In effect beginning— Nov. 22, 1955 Nov. 18, 1955 Nov. 18, 1955 Nov. 18, 1955 Nov. 22, 1955 Nov. 18, 1955 Nov. 18, 1955 Nov. 22, 1955 Nov. 21, 1955 Nov. 21, 1955 Nov. 23, 1955 Nov. 18, 1955 Nov. Sept. Nov. Nov. Nov. Nov. Nov. Nov. Sept. Sept. Aug. Nov. 22, 9, 18, 18, 22, 18, 18, 22, 12, 9, 5, 18, 1955 1955 1955 1955 1955 1955 1955 1955 1955 1955 1955 1955 Previous rate 3 3 f 3 314 % 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. 7 14 2 20 24 4 I* 1* 1931—May 8 Oct. 9 Oct. 16 IV2 21/2 1932—Feb. 26 June 24 3 2% 1933—Mar. Apr. May Oct. 3 7 26 20 I* 1934—Feb. 2 1937—Aug. 27 Date effective Rate 3*4 1 1942—Oct. 30 2l 1946—Apr. 25 1 A 1948—Jan. 12 Aug. 13 WA 1953—Jan. 16 2 1954_Feb. 5 Apr. 16 WA 1955_Apr. Aug. Sept. Nov. WA lfc 15 5 9 18 2VA 21/2 In effect Feb. 1, 1956 2% 1 Under Sees. 13 and 13a, as described in table above. 2 Preferential rate for advances secured by Govt. securities maturing or callable in 1 year or less in effect during the period Oct. 30, 1942Apr. 24, 1946. The rate of 1 per cent was continued for discounts of and advances secured by eligible paper. MARGIN REQUIREMENTS 1 [Per cent of market value] Regulation T: For extensions of credit by brokers and dealers on listed securities For short sales Regulation U : For loans by banks on stocks Feb. 20, Jan. 4, Effec1955tive 1953Jan. 4, Apr. 22, Apr. 23, 1955 1955 1955 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. Effective date of change 1*4 1950—Aug. 21 Prescribed in accordance with Securities Exchange Act of 1934 Net demand deposits 1 Rate Central reserve city banks Reserve city banks Country banks Time deposits Central reserve and reserve city banks 1917—June 21 13 10 7 3 1936—Aug. 16 1937—Mar. 1 May 1 19V2 2234 26 15 IOV2 1214 14 41/2 1938—Apr. 16 22% 1941_Nov. 1942—Aug. Sept. Oct. 26 24 22 20 1 20 14 3 1948—Feb. 27 June 11 Sept. 16, 24* 22 24 26 1949_May June Aug. Aug. Aug. Sept. 24 1,5* 30, July 1 * . 1,11*.... 16, 18* 25 1 231/2 23 221/2 22 S* Country banks 12 5 5 14 6 6 22 16 7i/2 7i/2 21 20 19i/i 19 15 14 13 12 7 6 5 7 6 6 6 5 5 17^ 20 A \t 1951—Jan. 11, 1 6 * . . . . Jan. 25,Feb. 1*. 23 24 19 20 13 14 1953—July 5 1, 9 * . . . . 22 19 13 1954—June 1 6 , 2 4 * . . . . July 29, Aug. 1*. 21 20 18 12 In effect, Feb. 1, 1956.. 20 18 12 5 5 Present statutory requirements: Minimum Maximum 13 26 10 20 7 14 3 6 3 6 1 Demand deposits subject to reserve requirements, which beginning Aug. 23, 1935, have been total demand deposits minus cash items in process of collection and demand balances due from domestic banks (also minus war loan and series E bond accounts during the period Apr. 13, 1943-June 30, 1947). *First-of-month or midmonth dates are changes at country banks, and other dates (usually Thursdays) are at central reserve city or reserve city banks. 131 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month 1956 Item Jan. 25 Jan. 18 Jan. 11 Jan. 4 1955 1956 Dec. 28 Jan. 1955 Dec. Jan. Assets Gold certificates Redemption fund for F. R. notes.. 20,151,351 20,151,352 20,141,350 20,141,353 20,136,353 20,151,352 20,141,353 20,174,103 860,823 862,747 864,693 867,841 867,841 859,120 867,842 863,796 Total gold certificate reserves. 21,012,174 21,014,099 21,006,043 21,009,194 21,004,194 21,010,472 21,009,195 21,037,899 F. R. notes of other Banks Other cash Discounts and advances: For member banks For nonmember banks, etc Industrial loans , Acceptances—Bought outright , Held under repurchase agreement. U. S. Government securities: Bought outright: Bills Certificates—Special Other Notes Bonds , 421,302 449,635 403,670 421,164 388,263 380,458 351,300 331,842 280,165 293,700 377,208 460,007 344,535 340,898 211,568 467,535 846,879 822,622 1,000 682 20,745 805,262 1,000 695 21,943 354 396,730 1,000 689 22,937 1,115 508,373 1,000 712 21,877 6,556 852,236 106,762 1,000 702 23,802 4,403 354,621 120,000 619 656 19,622 619,000 801,200 1,252,096 1,502,696 1,502,696 5,920,699 5,920,699 ,920,699 5,920 14,165,913 14,165,913 14 ,165,913 14,165 2,801,750 2,801,750 ,801,750 2,801 692 17,562 577,500 1,502,696 1,160,144 5,920,699 5,920,699 5,920,699 13 882,341 14,165,913 14,165,913 14,165,913 037,271 2,801,750 2,801,750 2,801,750 801,750 Total U. S. Government securities. 23,507,362 23,689,562 24 ,140,458 24 ,391 ,058 24,391,058 23. 465,862 24 ,391,058 23, 881,506 37,100 393,575 415,900 3,000 272 100 23,507,362 23,689,562 24,177,558 24,663,158 24,806,958 23,465,862 24,784,633 23,884,506 Total loans and securities 24,374,519 24,534,611 25,006,812 25,085,629 25,345,476 24,336,352 24,921,302 24,359,746 Total bought outright Held under repurchase agreement. 22 22 4,613,658 5,167,788 61,912 62,065 185,673 193,445 Due from foreign banks. Uncollected cash items.. Bank premises Other assets Total assets. 22 22 22 22 ,520,331 5,212 ,252 5,105,372 4,169,266 61,242 61,207 62,022 61 ,174 176,039 199,670 156,049 167 ,677 22 ,502,663 61,164 160,227 22 ,326,401 54,915 167,560 51,126,820 51,788,939 51,539,210 52,219,090 52,246,185 50,615,019 52,340,006 49,625,646 Liabilities 26,205,196 26,406,976 26,613,658 26,837,757 27,014,786 26,170,046 26,920,941 25,639,658 Federal Reserve notes Deposits: Member bank reserves U. S. Treasurer—general account. Foreign Other 18,715,368 19,166. 461,353 289! 396,474 374, 346,896 310 Total deposits. 19,135,388 19,418,285 18,8 ,897 18,749,546 19,004,930 18,918,221 349; 521 617 393, ~ ~ 863 427, 265 359,803 458; 467 726 401,986 450; 355; 441,059 318; 423; 425 268 554,272 348 419,370 19,920,091 20,140,515 20,262,290 20,558,282 20,304,508 19,881,444 20,355,051 20,138,453 3,827,474 4,074, 409 3,504,275 3,671,681 3,698,515 3,383,309 3,917,294 2,726,078 13,092 13; 13,833 23,690 114,687 14,502 12,627 14,369 Deferred availability cash items Other liabilities and accrued dividends * Total liabilities 49,965,853 50,635,788 50,394,056 51,082,222 51,041,499 49,447,426 51,207,973 48,518,558 Capital Accounts 304,921 693,612 27,543 134,891 Capital paid in. Surplus (Section 7). . . . Surplus (Section 13b). . Other capital accounts. Total liabilities and capital accounts. Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) Contingent liability on acceptances purchased for foreign correspondents Industrial loan commitments 304,335 693,612 27,543 127,661 303,808 693,612 27,543 120,191 303,076 693,612 27,543 112,637 302,361 660,901 27,543 213,881 305,330 693,612 27,543 141,108 302,739 693,612 27,543 108,139 290,314 660,901 27,543 128,330 51,126,820 51,788,939 51,539,210 52,219,090 52,246,185 50,615,019 52,340,006 49,625,646 45.6 45.1 44.8 44.3 44.4 45.6 44.4 46.0 33,727 2,518 32,674 2,504 32,941 2,288 33,304 2,307 33,487 2,294 32,412 2,470 33,461 2,294 22,989 3,151 Maturity Distribution of Loans and U. S. Government Securities2 Discounts and advances—total Within 15 days 16 days to 90 days 91 days to 1 year Industrial loans—total Within 15 days 16 days to 90 days 91 days to 1 year Over 1 year to 5 years Acceptances—total Within 15 days 16 days to 90 days U. S. Government securities—total. Within 15 days 16 days to 90 days 91 days to 1 year Over 1 year to 5 years Over 5 years to 10 years Over 10 years 1 No accrued dividends at end-of-December. 846, 823,622 817,838 5,784 806,262 799,843 6,419 397,730 392,343 5,387 107,762 509,373 852,236 474,621 844,915 103,312 502,931 329,067 7,321 5,427 4,450 65,514 1,015 80,040 682 656 695 689 712 692 619 702 1 1 1 1 21 17 15 15 14 14 14 4 4 100 549 574 587 584 587 586 587 429 92 92 103 93 93 91 110 73 19 ,622 20,745 22,297 24,052 17,562 28,433 28,205 6 ,751 6,552 7,780 6,934 6,325 12,600 9,019 12 ,871 14,193 14,517 17,118 11,237 15,833 19,186 23,507 ,362 23,689,562 24 177,558 24,663,158 24 ,806,958 23 465,862 24 ,784,633 23 884,506 262 ,100 355,800 560,696 748,750 203,600 952,550 737,025 " ,115,694 5,368 ,900 457,400 5,740,500 6,038,046 ,978,046 385,900 171,246 ,059,450 13,860 13,860,764 13,860,764 13,860,764 14,860,764 13,860,764 14,860,764 ,193,764 1,587 587,127 1,587,127 1,587,127 587,127 587,127 587,127 ,087,127 1,013 013,614 1,013,614 1,013,614 013,614 013,614 013,614 ,013,614 1,414 414,857 1,414,857 1,414,857 414,857 414,857 414,857 ,414,857 840; 6, 2 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. 132 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JANUARY 31, 1956 [In thousands of dollars] Item Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Assets 871,246 3 ,592,146 904,032 344,039 807,232 154,383 44,309 23,658 41,578 Total gold certificate reserves, 1,018,863 5,575,814 1,203,238 1,827,889 1,326,330 924,586 3,746,529 948,341 367,697 848,810 43,442 92,567 28,608 25,863 22,839 F. R. notes of other Banks 16,689 58,730 101,053 27,145 30,249 72,422 32,541 34,383 35,209 Other cash Discounts and advances: Secured by U. S. Govt. 168,300 45,990 43,831 22,115 62,980 securities 65,520 188,955 Other 634 Industrial loans , Acceptances: 17,562 Bought outright , Held under repurchase agreement U. S. Govt. securities: 1,295,879 5,963,732 1,428,179 2,016,727 1,382,468 1,211,261 4,093,080 Bought outright Held under repurchase agreement , 10,502 21,762 12,341 10,681 8,954 17,190 20,551 17,672 36,122 59,700 7,850 39,739 48,766 39,540 118,650 Gold certificates Redemption fund for F. R. notes Total loans and securities Due from foreign banks. Uncollected cash items.. Bank premises Other assets Total assets. 965,780 5,396,902 1,142,327 1,750,390 11,256,745 53,083 178,912 60,911 77,499 69,585 53,340 1,317,994 6,149,594 1,474,803 2,079,707 1,426,299 1,276,781 4,282,035 1 332,052 5,610 10,677 16 801,324 7,851 49,065 2 264,344 5,027 11,771 2 387,411 6,047 17,239 1 312,859 5,395 11,569 1 311,262 4,030 11,141 3 693,700 6,052 36,104 693,112 2,427,401 26,783 75,079 719,895 2,502,480 58 973,786 568,648 1,020,530 940,934 2,570,638 981,636 608,445 1,069,296 980,474 2,689,288 1 160,666 3,399 8,034 1 181,507 3,606 8,490 95,282 2,497 4,748 1 179,741 2,245 9,283 2 449,118 10,263 21,549 2,740,577 12,777,274 3,014,938 4,369,367 3,156,144 2,621,740 8,862,708 2,134,341 1,101,692 2,137,854 1,929,862 5,768,522 Liabilities 1,562,247 5,951,998 1,781,406 2,428,643 1,973,963 ,339,777 5,055,810 1,217,298 521,699 1,033,882 693,717 2,609,606 F. R. notes Deposits: 738,179 5,450,246 863,011 1,467,133 808,434 895, 140 3,041,683 682,232 427,860 856,193 965,508 2,553,927 Member bank reserves U. S. Treasurer—general 55,829 27,819 31,367 32,322 account 31,857 40,023 50,638 24,430 28,770 31,978 34,099 38,437 296,906 26,064 18,462 32,942 50,680 13,756 38,035 18,462 Foreign 15,928 13,756 21,358 9,050 272,145 10,051 2,774 ' 1,239 44,633 786 7,020 949 Other 1,479 3,761 3,244 849 Total deposits , 794,638 5,875,126 926,945 1,541,337 861,037 950,984 3,143,787 727,438 466,529 906,032 1,016,897 2,670,694 Deferred availability cash items Other liabilties and accrued dividends Total liabilities 312,751 622,222 221,903 291,928 259,020 276,924 496,068 143,057 82,468 150,938 160,379 365,651 616 3,490 712 1,610 521 557 2,358 416 412 480 370 1,085 2,670,252 12,452,836 2,930,966 4,263,518 3,094,541 2,568,242 8,698,023 ,088,209 1,071,108 2,091,332 1,871,363 5,647,036 Capital Accounts Capital paid in Surplus (Sec. 7) Surplus (Sec. 13b) Other capital accounts. 16,205 41,667 3,011 9,442 89,681 195,827 7,319 31,611 19,961 49,491 4,489 10,031 29,634 62,563 1,006 12,646 13,900 35,012 3,349 9,342 13,902 30,841 762 7,993 40,874 101,894 1,429 20,488 10,632 27,649 6,947 17,586 25,960 16,680 33,847 521 7,330 1,073 1,137 1,307 4,978 12,404 7,021 6,665 34,51071,275 2,140= 13,561 Total liabilities and capital accounts 2,740,577 12,777,274 3,014,938 4,369,367 3,156,144 2,621,740 8,862,708 2,134,341 1,101,692 2,137,854 1,929,862 5,768,522 Reserve ratio Contingent liability on acceptances purchased for foreign correspondents Industrial loan commitments.. 43.2% 47.1% 44.4% 46.0% 46.8% 40.4% 45.7% 48.8% 37.2% 1,988 38,350 2,426 3,067 1,719 1,483 4,718 1,281 842 49 282 11 1 After deducting $16,000 participations of other Federal Reserve Banks. 2 After deducting $258,468,000 participations of other Federal Reserve Banks. 43.8% 42.1% 1,281 1,719 47.4% 3,538: 2,128 3 After deducting $24,062,000 participations of other Federal Reserve Banks. 133 FEDERAL RESERVE BANKS FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS* ACCOUNTS [In thousands of dollars] FEDERAL RESERVE BANKS COMBINED Wednesday Item End of month 1956 Jan. 25 F. R. notes outstanding (issued to Bank). Collateral held against notes outstanding: Gold certificates Eligible paper U. S. Govt. securities Jan.18 Jan.11 Jan. 4 1955 1956 Dec. 28 Jan. 1955 Dec. Jan. 27,588,506 27,715,887 27,849,317 27,950,074 27,986,590 27,518,792 27,989,142 26,821,154 11,713,000 11,713,000 11,713,000 11,713,000 11 713,000 11,713,000 111,713,000 11,208,000 219,691 186,872 184,177 116,445 141,272 179,793 52,387 120,644 17,085,000 17,135,000 17,185,000 17,185,000 17,185,000 17,025,000 17,185,000 17,115,000 Total collateral 29,017,691 29,034,872 29,082,177 29,014,445 29,039,272 28,917,793 28,950,387 28,443,644 EACH FEDERAL RESERVE BANK ON JANUARY 31, 1956 Item Boston New York Philadelphia Richmond Cleveland Atlanta Chicago St. Louis Minne- Kansas apolis City Dallas San Francisco F. R. notes outstanding 1,656,106 6,276,402 1,886,246 2,565,096 2,060,274 1,417,413 5,237,551 1,276,019 577,024 1,066,724 741,623 2,758,314 (issued to Bank) Collateral held: 640,000 2,870,000 725,000 1,070,000 845,000 500,000 2 400,000 450,000 150,000 280,000 283 000 1,500,000 Gold certificates 20,333 40,990 7,850 39,739 48,766 22,115 Eligible paper U. S. Govt. securities. 1,200,000 3]6oo ^ 6661,200,000 1,550,000 1,250,000 1,000,000 3,666 ,'666 900,000 500,000 800,000 525,000 1,500,000 Total collateral. 1,862,115 6,470,000 1,965,990 2,620,000 2,115,333 ,500,000 5,400,000 1,357,850 689,739 1,128,766 808,000 3,000,000 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED UNDER REGULATION Vi [Amounts in thousands of dollars] [Amounts in millions of dollars] Applications approved to date End of year or month 1950 1951 1952 1953 1954 ParticiApCommit- ofpations proved financLoans ments but not ing instioutoutcomtutions standing 2 standing pleted ! (amount) (amount) out(amount) standing 3 (amount) End of year or month Number Amount 3,698 3,736 3,753 3,765 3,771 651,389 710,931 766,492 803,429 818,224 4,819 3,513 1,638 1,951 520 2,632 4,687 3,921 1,900 719 3,754 6,036 3,210 3,569 1,148 5,745 1 ,985 5,289 5,469 1,027 1950 1951 1952 1953 1954 3,772 3,772 3,775 3,775 3,775 3,775 3,775 3,777 3,777 3,777 3,777 3,778 821,407 822,063 823,195 823,359 823,754 824,441 824,847 825,161 825,282 825,666 826,111 826,853 170 170 315 270 170 170 170 45 45 45 45 305 629 542 521 675 707 460 489 586 700 693 704 702 3,152 3,227 3,519 3,389 3,410 3,571 3,265 3,416 2,795 2,751 2,339 2,293 1,504 1,498 1,564 1,576 ,586 1,577 1,305 ,392 ,230 1 ,224 ,107 ,103 Jan. Feb Mar Apr May June July Aug Sept Oct Nov Dec Total amount Portion guaranteed Additional amount available to borrowers under guarantee agreements outstanding 31 1,395 2,124 2,358 2,500 8 675 979 805 472 6 547 803 666 368 8 473 586 364 273 2,501 2,504 2,512 2,523 2,530 2,543 2,544 2,552 2,557 2,564 2,568 2,575 454 437 442 425 399 394 296 291 281 269 281 294 347 334 333 321 298 294 225 221 217 210 217 226 265 263 255 255 272 235 211 207 204 202 192 170 Number Amount 62 854 1,159 1,294 1,367 1,370 1,375 1,380 1,384 1,388 1,390 1,392 1,396 1,400 1,402 1,404 1,411 Loans outstanding 1955 1955 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Loans authorized to date 1 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant. 2 Includes industrial loans past due 3 months or more, which are not included in industrial loans outstanding in weekly statement of condition of 3Federal Reserve Banks. Not covered by F. R. Bank commitment to purchase or discount. NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of advances, ;and applications for loans and commitments withdrawn or expired. i Loans made by private financing institutions and guaranteed by 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. 134 BANK DEBITS FEES AND RATES ON LOANS GUARANTEED UNDER REGULATION Vi FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1 [In effect January 31. Per cent per annum] To industrial or commercial businesses [In effect January 31] Fees Payable to Guaranteeing Agency by Financing Institution on Guaranteed Portion of Loan To financing institutions Percentage of loan guaranteed On discounts or purchases Federal Reserve Bank On loans 2 On commitments Portion for which institution is obligated Remaining portion On commitments Guarantee fee (percentage of interest payable by borrower) Percentage of any commitment fee charged borrower 10 15 20 25 30 35 40-50 10 15 20 25 30 35 40-50 70 or less 75 80 85 90 Boston New Y o r k . . . Philadelphia. . Cleveland.... Richmond... Atlanta Chicago St. L o u i s . . . . Minneapolis. . Kansas City.. Dallas San Francisco 95 Over 95 Maximum Rates Financing Institution May Charge Borrower [Per cent per annum] 21/2-5 21/2-3 Interest rate Commitment rate. 1 Rates on industrial loans, discounts or purchases of loans, and commitments under Sec. 13b of the Federal Reserve Act. Maturities not exceeding five years. 2 Including loans made in participation with financing institutions. 3 Rate charged borrower less commitment rate. 4 Rate charged borrower. 5 Rate charged borrower but not to exceed 1 per cent above the discount rate. 67 Charge of 1Vi per cent per annum is made on undisbursed portion. Charge of /A per cent per annum is made on undisbursed portion. Vi i 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 Annual rate of turnover of demand deposits except interbank and U. S. Government deposits Without seasonal adjustment Seasonally adjusted 3 Year or month Total, all reporting centers New York City 337 other reporting centers2 New York City 6 other centers i 337 other 270,912 513,348 260,897 499,172 298,564 572,208 336,885 661,302 349,904 695,133 385,831 740,436 390,066 758,375 431,651 '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 6 other centers1 reporting centers2 156,843 186 317 58,787 73,817 32,230 38,217 65,826 74,282 42.2 48.1 26.3 28.1 Dec rl63 403 149 744 178,924 158 296 167 714 177,917 161 748 167,343 168,967 175 779 173 190 200 523 62 642 57,091 67,242 57 634 62,211 67,634 58 904 58,980 62,550 67 568 63,406 81 027 33,531 31,595 39,908 34,494 36,570 37,569 34,123 35,863 35,126 35,803 36,876 40,193 '67,230 61,058 71,774 66,168 68,933 72,714 68,721 72,499 71,291 72,409 72,908 79,303 42.0 41.9 41.7 37.3 42.7 44.7 40.7 38.2 43.5 44.7 45.4 51.3 25.4 26.4 30.2 27.1 28.4 28.3 26.6 25.9 27.4 26.5 29.0 28.1 16.6 15.9 17.2 18.4 18.4 18.9 19.2 20.4 20.7 21.0 19.6 19.6 20.0 19.2 20.6 20.8 20.4 19.9 21.1 20.3 22.0 21.6 1956—Jan 187,354 69,675 40,718 76,960 45.9 P29.5 P21.6 1.227 476 443,216 1 206 293 446 224 1,380,112 509,340 I 542 554 544 367 1,642,853 597,815 I 759 069 632,801 887 166 738,925 r 2 043 548 ^766,890 1948 1949 1950 1951 1952 1953 1954 1955 1954—Nov Dec 1955 Jan . . Feb Mar Apr May July AUK Sept Oct . Nov r 1 . . . Revised. P Preliminary. Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles. 2 New York City 6 ' 337 other other reporting centers i centers 2 42.6 42.6 25.9 26.9 19.6 19.9 41.8 43.0 40.7 37.9 43.8 41.4 41.7 44.2 42.4 46.1 45.9 45.4 45.7 25.9 27.1 27.6 26.3 28.8 27.7 27.1 28.3 27.7 27 3 28.6 26.9 19 4 19 7 20.1 19 8 21 0 20.8 20 7 21 2 20.8 20 3 20 9 20 5 P30.1 P21.4 338 centers prior to April 1955. 3 These data are compiled by the Federal Reserve Bank of New York. NOTE.—For description see BULLETIN for April 1953, pp. 355-357. 135 CURRENCY DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION [On basis of compilation by United States Treasury. End of year or month 1939 1941 1945 . 1947 1949 1950 1951 1952 1953 1954 . 1955_jan Feb . . Mar Apr May June July Aug Sept Oct Nov Dec In millions of dollars] Large denominatioil currency Coin and small denomination currency Total in circula-1 tion Total Coin $12 $2 $5 $10 $20 Total $50 $100 $500 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 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 29,789 29,817 29,800 29,769 30,009 30,229 30 244 30,317 30,422 30 559 30,993 31,158 20,777 20,845 20,854 20,856 21,098 21,312 21,351 21,406 21,489 21 609 21,971 22,021 1,808 1,810 1,822 1,831 .843 1,858 1,865 1,878 1,887 1,900 1,922 1,927 1,191 1,190 1,196 1,202 1,219 1,226 I 228 1,234 1,252 I 270 1,288 1,312 71 71 70 71 71 72 72 72 72 72 73 75 2,017 2,020 2,021 2,020 2,051 2,061 2,052 2,055 2,072 2,088 2,129 2,151 6,267 6,316 6,324 6,309 6,394 6,471 6,466 6,476 6,495 6,513 6,642 6,617 9,425 9,438 9 All 9,425 9,520 9,625 9,668 9,692 9,711 9,767 9,917 9,940 9,014 8,974 8,946 8,914 8,912 8,917 8,894 8,911 8,933 8,951 9,023 9,136 2,673 2,660 2,647 2,641 2,647 2,658 2 652 2,657 2,653 2 655 2,687 2,736 5,550 5,527 5,512 5,492 5,489 5,487 5,475 5,489 5,518 5 538 5,579 5,641 317 316 317 314 313 312 310 309 308 306 306 307 460 457 457 454 451 448 445 444 442 440 438 438 4 3 4 4 3 3 3 3 4 4 3 3 9 9 9 9 9 9 9 9 9 9 9 12 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 paper currency shown by denomination by amounts of unassorted currency (not shown separately.) 2 Paper currency only; $1 silver coins reported under coin. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Held in the Treasury Kind of currency Gold Gold certificates Federal Reserve notes Treasury currency—total 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—Dec. 31, 1955 Nov. 30 1955 Dec. 31, 1954 Total outstanding, As security Dec. 31, against 1955 gold and Treasury cash silver certificates Dec. 31, 1955 2,816 1,413 341 26,506 4,618 Nov. 30, 1955 Dec. 31, 1954 21 690 21,043 27 989 5,008 21,043 2647 12,419 70 50 489 225 2,194 29 4 231 229 218 16 1 3 1 263 37 6 30 1 (4) 2,156 1,246 449 314 2,157 1,245 448 319 155 66 156 66 2,144 1,186 429 311 171 68 4,569 4,305 4,523 31,158 2,194 U,419 1 299 456 347 157 66 (55) () (5) (4) 23,462 23,445 23,483 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. 128. 2 Includes $156,039,431 held as reserve against United States notes and3 Treasury notes of 1890. To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. 4 Less than $500,000. 5 Because some of the types of currency shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of duplications. NOTE.—Thsre are maintained in the Treasury—(1) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (2) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on For F. R. Banks and agents Currency in circulation * Held by F. R. Banks and agents 767 778 796 i8,i94 18,194 18,187 18,217 34 34 26,340 4,619 30 993 35 25,945 4,529 30,509 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. 136 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates. In millions of dollars] Liabilities and Capital Assets Other securities Total assets, net— Total liabilities and capital, net Total deposits and currency Capital and misc. accounts, net Bank credit Date Gold Treasury currency outstanding U. S. Government obligations Total Commercial and savings banks Federal Reserve Banks Other Loans, net Total 1929—June 29., 1933—June 30. 1939—Dec. 30. 1941_Dec. 31. 1945—Dec. 31. 1947_Dec. 31. 1950—Dec. 30. 1951—Dec. 31. 1952—Dec. 31. 1953—Dec. 31. 1954—j u n e 30. Dec. 31. 4,037 4,031 17,644 22,737 20,065 22,754 22,706 22,695 23,187 22,030 21,927 21,713 2,019 2,286 2,963 3,247 4,339 4,562 4,636 4,709 4,812 4,894 4,959 4,985 58,642 42,148 54,564 64,653 167,381 160,832 171,667 181,323 192,866 199,791 200,628 210,988 41,082 21,957 22,157 26,605 30,387 43,023 60,366 67,597 75,484 80,486 81,210 85,730 5,741 10,328 23,105 29,049 128,417 107,086 96,560 97,808 100,008 100,935 99,827 104,819 5,499 8,199 19,417 25,511 101,288 81,199 72,894 71,343 72,740 72,610 72,525 77,728 216 1,998 2,484 2,254 24,262 22,559 20,778 23,801 24,697 25,916 25,037 24,932 26 131 1,204 1,284 2,867 3,328 2,888 2,664 2,571 2,409 2,265 2,159 11,819 9,863 9,302 8,999 8,577 10,723 14,741 15,918 17,374 18,370 19,591 20,439 64,698 48,465 75,171 90,637 191,785 188,148 199,009 208,727 220,865 226,715 227,514 237,686 55,776 42,029 68,359 82,811 180,806 175,348 184,384 193,410 204,220 209,175 209,354 218,882 8,922 6,436 6,812 7,826 10,979 12,800 14,624 15,317 16,647 17,538 18,161 18,806 1955—Jan. 26. Feb. 23. Mar. 30. Apr. 27. M a y 25. June 30. July 27 P Aug. 31 v Sept. 28 P Oct. 26 P Nov. 30 P Dec. 28 P 21,700 21,700 21,700 21,700 21,700 21,678 21,700 21,700 21,700 21,700 21,700 21,700 5,000 5,000 5,000 5,000 5,000 5,002 5,000 5,000 5,000 5,000 5,000 5,000 209,600 208,200 207,000 209,100 209,100 209,872 211,400 211,100 211,900 214,000 214,400 216,900 85,200 85,800 87,100 87,900 89,000 91,349 92,000 93,200 94,600 95,800 97,800 99,500 103,600 101,400 98,700 100,100 99,300 97,572 98,600 96,900 96,400 97,300 96,000 97,000 77,800 75,600 73,000 74,400 73,700 71,947 72,400 71,200 70,700 71,400 69,800 70,300 23,700 23,700 23,600 23,600 23,500 23,607 24,100 23,800 23,700 24,000 24,300 24,800 2,100 2,100 2,100 2,100 2,000 2,018 2,000 2,000 2,000 1,900 1,900 1,900 20,900 21,000 21,200 21,200 20,900 20,951 20,900 20,900 20,900 20,800 20,600 20,500 236,300 234,900 233,700 235,800 235,800 236,552 238,100 237,800 238,600 240,700 241,100 243,600 217,500 216,000 214,500 216,900 216,600 217,595 218,800 218,200 218,800 220,700 221,200 224,300 18,800 18,900 19,100 18,900 19,200 18,956 19,300 19,600 19,800 20,000 19,900 19,300 Details of Deposits and Currency Date 1929—June 1933—June 1939—Dec. 1941—Dec. 1945—Dec. 1947—Dec. 1950—Dec. 1951—Dec. 1952—Dec. 1953—Dec. 1954—June Dec. 29 30 30 31 31 31 30 31 31 31 30 31 365 50 1,217 1,498 2,141 1,682 2,518 2,279 2,501 2,694 3,256 3,329 1955—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 26 23 30 27 25 30 27 31 28 26 30 28 3,200 3,100 3,200 3,247 300 3,100 3,200 3,200 3,200 3,200 Treasury cash holdings At commercial At F. R. and savings Banks banks Time deposits2 Total Total Demand Com- Mutual Postal demercial savings Savings posits 4 banks banks 3 System Currency outside banks Total demand deposits adjusted and currency Demand deposits adjusted Currency outside banks 204 381 264 852 2,409 846 2,215 1,895 2,287 24,608 1,336 1,452 1,293 2,989 1,270 3,615 1,270 5,259 761 4,457 811 5,895 796 4,510 36 35 634 867 977 870 668 247 389 346 875 563 54,790 40,828 63,253 76,336 150,793 170,008 176,916 185,999 194,801 200,917 198,517 209,684 28,611 21,656 27,059 27,729 48,452 56,411 59,247 61,450 65,799 70,375 73,292 75,282 19,557 10,849 15,258 15,884 30,135 35,249 36,314 37,859 40,666 43,659 45,653 46,844 8,905 9,621 10,523 10,532 15,385 17,746 20,009 20,887 22,586 24,358 25,388 26,302 149 1,186 1,278 1,313 2,932 3,416 2,923 2,704 2,547 2,359 2,251 2,136 22,540 14,411 29,793 38,992 75,851 87,121 92,272 98,234 101,508 102,451 98,132 106,550 3,639 4,761 6,401 9,615 26,490 26,476 25,398 26,315 27,494 28,091 27,093 27,852 111,100 85,200 25,900 114,300 89,700 "',600 24 120,100 94,400 25,700 124,700 97,800 26,900 126,700 99,500 27,200 126,700 99,700 27,000 129,700 102,800 ",900 26 3,800 4,600 4,400 5,000 5,500 5,418 6,100 5,200 4,500 4,900 4,500 4,000 400 600 900 600 400 380 500 400 500 500 500 500 209,200 206,900 205,300 207,400 206,700 207,738 208,100 208,600 209,700 211,300 212,200 215,700 75,400 75,700 76,200 76,200 76,500 77,129 77,100 77,400 77,700 77,900 77,400 78,200 46,800 47,000 47,200 47,200 47,400 47,846 47,700 48,000 48,100 48,200 47,700 48,100 26,500 26,600 26,900 26,900 27,100 27,277 27,400 27,500 27,700 27,800 27,800 28,100 2,100 2,100 2,100 2,100 2,000 2,007 2,000 2,000 1,900 1,900 1,900 1,900 107,000 104,500 102,400 104,500 103,300 103,234 103,900 103,900 104,900 106,100 106,900 109,700 26,800 26,800 26,700 26,700 26,800 27,375 27,100 27,300 27,200 27,300 27,900 27,900 131,200 131,200 131,500 132,600 131,700 131,900 132,700 132,700 133,300 132,000 132,900 133,200 800 800 800 800 800 812 800 800 800 800 800 800 p Preliminary. 1 Includes 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 seasonal adjustment factors and for back figures, see BULLETIN for March 1955, pp. 252-255. Seasonally adjusted series 5 Deposits adjusted and currency U. S. Govt. balances Foreign bank deposits, net 104,200 104,300 104,600 105,600 104,800 104,900 105,500 105,500 106,200 104,800 105,400 105,700 27 7,000 26 6,900 26 6,900 27 7,000 26 6,900 27 7,000 27 7,200 27 7,200 27 7,100 27 7,200 27 7,500 27 7,500 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 ths 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. 137 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 Loans U. S. Govt. obligations Deposits Other securities Total assets— Total liaCash bilities assets 2 and capital accounts 3 Other Total 2 Interbank 2 Total capital Number of banks Demand Time U.S. Govt. Other All banks: 1939—Dec. 30. . 1941—Dec. 3 1 . . 1945—Dec. 3 1 . . 1947_Dec. 3H. 1950—Dec. 30.. 1952—Dec. 31. . 1953—Dec. 3 1 . . 1954—June 30.. Dec. 31. . 1955—June 30.. July Aug. 31P. Sept. 28?. Oct. 2 6 P . Nov. 30P. Dec. 28P. 50,884 22,165 19,417 9,302 23,292 77,068 68,242 9,874 61,126 26,615 25,511 8,999 27,344 90,908 81,816 10,982 140,227 30,362 101,288 8,577 35,415 177,332 165,612 14,065 134,924 43,002 81,199 10,723 38,388 175,091 161,865 13,033 148,021 60,386 72,894 14,741 41,086 191,317 175,296 14,039 165,626 75,512 72,740 17,374 45,584 213,837 195,552 15,321 171,497 80,518 72,610 18,370 45,811 220,140 201,100 15,957 173,343 81,227 72,525 19,591 42,556 218,900 199,508 15,500 183,784 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 15,245 186,190 92,930 72,410 20,850 40,720 230,240 207,900 14,490 186,070 93,940 71,190 20,940 40,610 230,060 207,750 14,570 186,810 95,240 70,680 20,890 41,110 231,230 208,710 14,700 188,490 96,260 71,410 20,820 41,480 233,340 210,450 14,710 189,100 98,650 69,840 20,610 42,470 235,120 211,860 14,780 190,970 100,230 70,260 20,480 44,980 239,330 216,500 15,610 32,516 44,355 105,935 1,346 94,381 2,809 101,936 4,944 111,690 4,149 112,639 5,594 107,043 4,176 116,617 5,081 113,034 5,740 112,240 4,860 112,490 4,220 113,690 4,530 114,910 4,210 116,980 3,700 120,570 25,852 26,479 45,613 53,105 56,513 63,598 68,354 71,371 73,510 75,491 75,430 75,830 76,100 76,300 75,890 76,620 8,194 8,414 10,542 11,948 13,837 15,367 16,118 16,664 17,270 17,663 17,750 17,890 17,930 18,090 18,210 18,180 15,035 14,826 14,553 14,714 14,650 14,575 14,509 14,465 14,367 14,309 14,303 14,290 14,286 14,269 14,264 14,253 All commercial banks: 1939—Dec. 30 1941—Dec. 31 1945_Dec. 31 1947—Dec. 314 1950—Dec. 30 1952—Dec. 31 1953—Dec. 31 1954_june 30 Dec. 31 1955—June 30 July 27? Aug. 31 P Sept. 28P Oct. 26P Nov. 30? Dec. 28? 40,668 50,746 124,019 116,284 126,675 141,624 145,687 146,383 155,916 155,264 156,990 156,680 157,260 158,860 159,390 161,080 17,238 21,714 26,083 38,057 52,249 64,163 67,593 67,337 70,619 75,183 76,570 77,340 78,390 79,210 81,390 82,760 16,316 21,808 90,606 69,221 62,027 63,318 63,426 63,508 68,981 63,271 63,700 62,490 62,020 62,860 61,370 61,810 7,114 7,225 7,331 9,006 12,399 14,143 14,668 15,538 16,316 16,809 16,720 16,850 16,8^0 16,790 16,630 16,510 22,474 26,551 34,806 37,502 40,289 44,666 44,828 41,569 43,559 41,025 39,790 39,680 40,190 40,590 41,580 44,010 65,216 79,104 160,312 155,377 168,932 188,603 193,010 190,585 202,378 199,249 199,710 199,340 200,350 202,410 204,100 208,060 57,718 71,283 150,227 144,103 155,265 172,931 176,702 174,068 184,757 181,516 180,470 180,200 180,990 182,640 184,020 188,310 9,874 10,982 14,065 13,032 14,039 15,319 15,955 15,497 16,809 15,242 14,490 14,570 14,700 14,710 14,780 15,610 32,513 44,349 105,921 1,343 94,367 2,806 101,917 4,941 111,659 4,146 112,604 5,591 106,996 4,172 116,567 5,078 112,983 5,740 112,190 4,860 112,440 4,220 113,640 4,530 114,860 4,210 116,930 3,700 120,520 15,331 15,952 30,241 35,360 36,503 41,012 43,997 45,983 47,209 48,214 48,050 48,330 48,430 48,540 48,100 48,480 6,885 7,173 8,950 10,059 11,590 12,888 13,559 14,038 14,576 14,906 14,980 15,100 15,110 15,300 15,390 15,360 14,484 14,278 14,011 14,181 14,121 14,046 13,981 13,937 13,840 13,781 13,776 13,763 13,759 13,742 13,737 13,726 All member banks: 1939—Dec. 30 1941—Dec. 31 1945—Dec. 31 1947_Dec. 31 1950—Dec. 30 1952—Dec. 31 1953—Dec. 31 1954—June 30 Dec. 31 1955—June 30 July 27P Aug. 31 P Sept. 28P Oct. 26^ Nov. 3 0 P Dec. 28P 33,941 43,521 107,183 97,846 107,424 119,547 122,422 123,185 131,602 130,788 132,331 131,897 132,277 133,650 134,029 135,580 13,962 18,021 22,775 32,628 44,705 55,034 57,762 57,197 60,250 64,315 65,647 66,291 67,193 67,889 69,865 71,113 14,328 19,539 78,338 57,914 52,365 52,763 52,603 53,111 57,809 52,543 52,838 51,642 51,144 51,897 50,483 50,897 5,651 5,961 6,070 7,304 10,355 11,751 12,057 12,876 13,543 13,930 13,846 13,964 13,940 13,864 13,681 13,570 19,782 23,123 29,845 32,845 35,524 39,255 39,381 36,722 38,076 36,300 35,152 35,018 35,400 35,732 36,726 38,857 55,361 68,121 138,304 132,060 144,660 160,826 163,983 162,203 172,242 169,686 170,058 169,535 170,231 171,983 173,507 177,045 49,340 61,717 129,670 122,528 133,089 147,527 150,164 148,252 157,252 154,670 153,657 153,215 153,725 155,108 156,354 160,219 9,410 10,525 13,640 12,403 13,448 14,617 15,170 14,733 15,983 14,462 13,744 13,811 13,930 13,936 14,000 14,804 27,489 37,136 69,640 80,609 87,783 95,453 96,024 91,454 99,604 96,742 95,996 96,125 97,048 98,030 99,794 103,073 11,699 12,347 24,210 28,340 29,336 32,890 35,213 36,900 37,950 38,810 38,653 38,855 38,950 39,033 38,715 39,028 5,522 5,886 7,589 8,464 9,695 10,761 11,316 11,709 12,210 12,461 12,517 12,617 12,624 12,774 12,852 12,822 6,362 6,619 6,884 6,923 6,873 6,798 6,743 6,721 6,660 6,611 6,603 6,589 6,584 6,571 6,559 6,552 10,216 10,379 16,208 18,641 21,346 24,003 25,810 26,959 27,868 28,990 29,200 29,390 29,550 29,630 29,710 29,890 4,927 4,901 4,279 4,944 8,137 11,349 12,925 13,890 14,998 16,172 16,360 16,600 16,850 17,050 17,260 17,470 3,101 3,704 10,682 11,978 10,868 9,422 9,184 9,017 8,748 8,675 8,710 8,700 8,660 8,550 8,470 8,450 2,188 1,774 1,246 1,718 2,342 3,231 3,701 4,052 4,123 4,142 4,130 4,090 4,040 4,030 3,980 3,970 818 793 609 886 797 918 983 987 1,026 989 930 930 920 890 890 970 11,852 11,804 17,020 19,714 22,385 25,233 27,130 28,315 29,276 30,382 30,530 30,720 30,880 30,930 31,020 31,270 10,524 10,533 15,385 17,763 20,031 22,621 24,398 25,440 26,359 27,334 27,430 27,550 27,720 27,810 27,840 28,190 10,521 10,527 15,371 17,745 20,009 22,586 24,358 25,388 26,302 27,277 27,380 27,500 27,670 27,760 27,790 28,140 1,309 1,241 1,592 1,889 2,247 2,479 2,559 2,626 2,694 2,757 2,770 2,790 2,820 2,790 2,820 2,820 551 548 542 533 529 529 528 528 527 528 527 527 527 527 527 527 All mutual savings banks: 1939—Dec. 30 1941_Dec. 31 1945—Dec. 31 1947_Dec. 314 1950—Dec. 30 1952—Dec. 31 1953—Dec. 31 1954__j une 30 Dec. 31 1955 -June 30 July 27P Aug. 31 P Sept. 28? Oct. 26P Nov. 30? Dec. 28^ P Preliminary. 1 All banks in the United States. All banks comprise all commercial banks and all mutual sayings banks. All commercial banks comprise all nonmember commercial banks and all member banks including one bank in Alaska that became a member bank on Apr. 15, 1954, and a noninsured State member nondeposit trust company, but excluding three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with commercial banks. Number of banks includes a few noninsured banks for which 743 1,709 22,179 1,176 2,523 4,567 3,756 5,165 3,715 4,656 5,264 4,424 3,797 4,109 3,845 3,314 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. 138 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 1952—Dec. 31 1953—Dec. 31 1954—June 30 Dec. 31 1955—June 30 July 27P Aug. 31^ Sept. 28P Oct. 26? Nov. 30? Dec. 28? Chicago: 1939—Dec. t941_Dec. 1945—Dec. 1947—Dec. 1950—Dec. 1952—Dec. 1953—Dec. 1954—June Dec. 1955—June July Aug. Sept. Oct. Nov. Dec. Total 9,339 12,896 26,143 20,393 20,612 22,130 22,058 22,681 23,880 23,099 23,445 22,915 22,852 23,142 23,212 23,703 Loans U. S. Govt. obligations Other securities Total assets— Total liabilities and capital Total 2 accounts 3 Cash assets2 Deposits Other Interbank2 Demand Total capital accounts Number of banks Time U.S. Govt. Other 3,296 4,772 4,072 7,265 7,334 17,574 7,179 11,972 9,729 8,993 12,376 7,678 12,289 7,765 11,619 8,695 12,039 9,342 13,016 7,782 13,618 7,557 13,596 6,959 13,716 6,782 13,868 7,015 14,536 6,546 14.848 6,734 1,272 1,559 1,235 1,242 1,890 2,076 2,004 2,367 2,499 2,300 2,270 2,360 2,354 2,259 2,130 2,121 6,703 6,637 6,439 7,261 7,922 8,419 8,074 7,524 7,581 7,748 6,979 6,993 7,104 7,022 7,591 7,808 16,413 19,862 32,887 27,982 28,954 31,053 30,684 30,771 32,193 31,559 31,099 30,595 30,631 30,850 31,568 32,201 14,507 17,932 30,121 25,216 25,646 27,309 27,037 27,225 28,252 27,791 26,927 26,471 26,495 26,737 27,229 28,012 4,238 4,207 4,657 4,464 4,638 4,965 5,214 5,516 5,709 5,454 5,138 5,037 5,097 5,048 5,166 5,341 74 866 6,940 267 451 1,143 778 1,378 736 1,131 1,471 995 696 1,060 879 686 9,459 12,051 17,287 19,040 18,836 19,361 18,894 18,114 19,414 18,926 18,131 18,210 18,446 18,358 18,888 19,673 736 807 1,236 1,445 1,722 1,840 2,150 2,216 2,392 2,281 2,187 2,229 2,256 2,271 2,296 2,312 1,592 1,648 2,120 2,259 2,351 2,505 2,572 2,630 2,803 2,715 2,716 2,746 2,722 2,734 2,759 2,726 36 36 37 37 23 22 22 22 21 18 18 18 18 18 18 18 2,105 2,760 5,931 5,088 5,569 6,240 6,204 5,975 6,518 6,288 6,276 6,235 6,202 6,264 6,210 6,418 569 954 1,333 1,801 2,083 2,748 2,776 2,589 2,784 2,846 2,862 2,887 2,950 2,977 3,079 3,242 1,203 1,430 4,213 2,890 2,911 2,912 2,856 2,825 3,120 2,742 2,712 2,637 2,543 2,581 2,430 2,489 333 376 385 397 576 581 572 561 614 699 702 711 709 706 701 687 1,446 1,566 1,489 1,739 2,034 2,010 2,115 2,036 1,954 1,763 1,844 1,875 1,889 1,930 1,956 2,182 3,595 4,363 7,459 6,866 7,649 8,297 8,366 8,064 8,520 8,102 8,171 8,166 8,140 8,247 8,222 8,651 3,330 4,057 7,046 6,402 7,109 7,686 7,724 7,419 7,845 7,431 7,408 7,414 7,345 7,387 7,453 7,823 1,035 1,312 1,217 1,229 1,350 1,387 1,340 1,321 1,180 1,163 1,222 1,218 1,200 1,156 1,279 80 127 1,552 72 174 343 259 410 251 343 382 296 241 251 254 193 1,867 2,419 3,462 4,201 4,604 4,789 4,837 4,403 4,977 4,606 4,577 4,616 4,590 4,635 4,745 5,032 495 476 719 913 1,103 1,205 1,242 1,267 1,295 1,303 1,286 1,280 1,296 1,301 1,298 1,319 250 288 377 426 490 541 566 583 600 612 613 621 616 619 628 626 14 13 12 14 13 13 13 13 13 13 13 13 13 13 13 13 Reserve city member banks: 1939—Dec. 30 1941_Dec. 31 1945—Dec. 31 1947_Dec. 31 1950—Dec. 30 1952—Dec. 31 1953—Dec. 31 1954—June 30 Dec. 31 1955_j un e 30 July 27P Aug. 31 P Sept. 28 " Oct. 26P Nov. 30? Dec. 28? 12,272 15,347 40,108 36,040 40,685 45,583 46,755 47,056 50,738 50,596 51,338 51,293 51,306 51,986 52,054 52,620 5,329 7,105 8,514 13,449 17,906 21,697 22,763 22,453 23,986 25,654 26,193 26,630 27,041 27,334 28,114 28,639 5,194 6,467 29,552 20,196 19,084 19,624 19,559 19,813 21,718 19,697 19,954 19,476 19,137 19,526 18,892 19,015 1,749 1,776 2,042 2,396 3,695 4,262 4,434 4,791 5,034 5,245 5,191 5,187 5,128 5,126 5,048 4,966 6,785 8,518 11,286 13,066 13,998 15,544 15,925 14,656 15,424 14,696 14,484 14,195 14,430 14,757 15,098 16,068 19,687 24,430 51,898 49,659 55,369 61,941 63,547 62,624 67,165 66,293 66,845 66,535 66,765 67,782 68,214 69,724 17,741 22,313 49,085 46,467 51,437 57,357 58,663 57,665 61,796 60,854 60,723 60,415 60,582 61,350 61,685 63,431 3,686 4,460 6,448 5,649 6,448 7,001 7,254 6,636 7,444 6,545 6,234 6,332 6,383 6,420 6,390 6,821 435 491 8,221 405 976 1,814 1,504 2,015 1,457 1,843 1,891 1,754 1,522 1,477 1,551 1,226 9,004 12,557 24,655 28,990 32,366 35,281 35,773 34,058 37,418 36,459 36,659 36,345 36,698 37,386 37,757 39,266 4,616 4,806 9,760 11,423 11,647 13,261 14,132 14,956 15,476 16,007 15,939 15,984 15,979 16,067 15,987 16,118 1,828 1,967 2,566 2,844 3,322 3,745 3,984 4,124 4,300 4,492 4,510 4,543 4,571 4,625 4,650 4,660 346 351 359 353 336 319 319 310 300 297 298 297 297 295 294 294 Country member banks: 1939—Dec. 30 1941_Dec. 31 1945_Dec. 31 1947—Dec. 31 1950—Dec. 30 1952—Dec. 31 1953—Dec. 31 1954—June 30 Dec. 31 1955—June 30 July 27? Aug. 31 3? Sept. 28 Oct. 26? Nov. 30? Dec. 28? 10,224 12,518 35,002 36,324 40,558 45,594 47,404 47,474 50,466 50,806 51,272 51,454 51,917 52,258 52,553 52,839 4,768 5,890 5,596 10,199 14,988 18,213 19,934 20,537 21,442 22,799 22,974 23,178 23,486 23,710 24,136 24,384 3,159 4,377 26,999 22,857 21,377 22,549 22,423 21,779 23,629 22,321 22,615 22,570 22,682 22,775 22,615 22,659 2,297 2,250 2,408 3,268 4,193 4,832 5,047 5,158 5,395 5,685 5,683 5,706 5,749 5,773 5,802 5,796 4,848 6,402 10,632 10,778 11,571 13,281 13,268 12,506 13,117 12,092 11,845 11,955 11,977 12,023 12,081 12,799 15,666 19,466 46,059 47,553 52,689 59,535 61,385 60,745 64,364 63,732 63,943 64,239 64,695 65,104 65,503 66,469 13,762 17,415 43,418 44,443 48,897 55,175 56,740 55,943 59,360 58,594 58,599 58,915 59,303 59,634 59,987 60,953 598 822 1,223 1,073 1,133 1,301 1,315 1,241 1,508 1,283 1,209 1,220 1,232 1,268 1,288 1,363 154 225 5,465 432 922 1,267 1,216 1,362 1,271 1,339 1,520 1,379 1,338 1,321 1,161 1,209 7,158 10,109 24,235 28,378 31,977 36,022 36,520 34,879 37,794 36,751 36,629 36,954 37,314 37,651 38,404 39,102 5,852 6,258 12,494 14,560 14,865 16,585 17,690 18,461 18,787 19,220 19,241 19,362 19,419 19,394 19,134 19,279 1,851 1,982 2,525 2,934 3,532 3,970 4,194 4,372 4,506 4,642 4,678 4,707 4,715 4,796 4,815 4,810 5,966 6,219 6,476 6,519 6,501 6,444 6,389 6,376 6,326 6,283 6,274 6,261 6,256 6,245 6,234 6,227 30 31 31 31 30 31 31 30 31 30 27 P 31 P 28P 26P 30" 28? 4 Beginning with Dec. 31, 1947, the all-bank series was revised as announced in November 1947 by the Federal bank supervisory agencies. At that time a net of 115 noninsured nonmember commercial banks with total loans and investments of about $110 million was added, and 8 banks with total loans and investments of $34 million were transferred from noninsured mutual savings to nonmember commercial banks. 5 Less than $5 million. For other footnotes see preceding and opposite pages. 139 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued [Amounts in millions of dollars] Loans and investments Class of bank and date All insured commercial banks: 1941—Dec. 31 1945_Dec. 31 1947—Dec. 3 1 . . 1953—Dec. 31 1954—june 30 Dec. 31 . 1955—June 30 Total Loans U.S. Govt. obligations Other secu- Total assets— Total liaCash bilities assets 2 and capital accounts 3 Deposits Other Total 2 Interbank 2 Demand Other 49,290 121,809 114,274 143,796 144,451 154,115 153,488 21,259 25,765 37,583 67,082 66,805 70,127 74,692 21,046 88,912 67,941 62,381 62,461 68,012 62,342 6,984 7,131 8,750 14,333 15,185 15,976 16,454 25,788 34,292 36,926 44,398 41,164 43,161 40,685 76,820 157,544 152,733 190,638 188,191 200,127 197,077 National member banks: 1941_Dec. 31 1945_Dec. 31 1947—Dec. 3 1 . . 1953—Dec. 31 1954—June 30. . Dec. 31. . 1 9 5 5 _ j u n e 30 27,571 69,312 65,280 81,913 82,482 88,509 83,315 11,725 13,925 21,428 37,831 37,672 39,712 39,424 12,039 51,250 38,674 35,482 35,759 39,392 34,673 3,806 4,137 5,178 8,600 9,051 9,405 9,219 14,977 20,114 22,024 26,479 24,636 25,662 22,892 43,433 39,458 6,786 1 088 90,220 84,939 9,229 14 013 88,182 82,023 8,410 795 109,804 100,654 10,152 2 525 108,611 99,362 9,750 3,325 115,835 105,851 10,714 2,508 107,741 98,636 8,314 2,849 State member banks: 1941_Dec. 31 1945—Dec. 31 1947_Dec. 31 . . 1953—Dec. 31 1954—June 30 . Dec. 31 . . . 1955—June 30 15,950 37,871 32,566 40,509 40,704 43,093 47,473 6,295 8,850 11,200 19,931 19,525 20,538 24,891 7,500 27,089 19,240 17,121 17,353 18,417 17,870 2,155 1,933 2,125 3,457 3,826 4,138 4,711 8,145 9,731 10,822 12,903 12,086 12,414 13,408 24,688 48,084 43,879 54,179 53,593 56,407 61,945 22,259 44,730 40,505 49,510 48,890 51,401 56,034 3,739 4,411 3,993 5,019 4,983 5,269 6,148 Insured nonmember commercial banks: 1941—Dec. 31 1945_Dec. 3 1 . . 1947_Dec. 31 1953—Dec 31 1954_june 30. . . Dec. 31 1955—June 30 5,776 3,241 1,509 14,639 2,992 10,584 16,444 4,958 10,039 21,396 9,328 9,790 21,288 9,615 9,362 22,536 9,886 10,215 22,723 10,385 9,811 1,025 1,063 1,448 2,278 2,310 2,436 2,527 2,668 4,448 4,083 5,020 4,444 5,088 4,388 8,708 19,256 20 691 26,679 26,012 27,911 27,417 7,702 18,119 19,340 24,555 23,819 25,657 25,082 129 244 266 378 312 393 761 1,693 1,280 1 045 1,047 969 930 241 200 255 335 763 514 576 430 354 405 18 ' 30 453 397 340 1,872 2,452 2,251 2,005 2,020 1,871 1,788 329 181 363 407 339 355 2,283 2,768 2,643 2 372 2,394 2,250 2,172 30 All nonmember commercial banks: 1941—Dec 3 1 . . 1945—Dec. 31 1947_Dec. 31* 1953—Dec. 31 1954—June 30. . . Dec. 31 1955_june 30 7,233 3,696 2,270 16,849 3,310 12 277 18,454 5,432 11,318 23,287 9,838 10,835 23,220 10,147 10,409 24,337 10,378 11,184 24,499 10,876 10,741 1,266 1,262 1,703 2,613 2,664 2,775 2,881 3,431 4 962 4,659 5,450 4,849 5,485 4,728 10,992 22 024 23,334 29 051 28,406 30,161 29,589 9,573 20 571 21,591 26,560 25,838 27,528 26,870 Insured mutual savings banks: 1941_Dec. 31. . 1945_Dec. 31 1947_Dec. 3 1 . . . 1953—Dec. 31 1954—June 30 Dec. 31 1955_june 3 0 . . . 1 693 10,846 12,683 19,252 20 121 20,830 21,617 642 3,081 3,560 10,016 10 804 11,651 12,567 629 7,160 8,165 6,476 6 309 6,117 5,998 421 151 606 429 958 2,760 3 008 3,062 3,052 675 799 1 958 11,424 13,499 20,334 21 237 21,981 22,761 1 789 10,363 12,207 18,383 19 195 19,885 20,590 8,687 5 361 5,957 6,558 6,838 7 038 7,373 4,259 1 198 1 384 2,910 3,086 3 346 3,605 3,075 3 522 3 813 2,707 2,708 2 630 9,846 5 596 6 215 6,796 7,078 7 295 7,621 8,744 5 022 5 556 6,015 6,246 6 474 6,743 Noninsured nonmember commercial banks: 1941_Dec. 31. . 1945_Dec. 31 1947—Dec. 3 P . 1953—Dec. 31 1954—june 30 Dec. 3 1 . . 1955—June 30 Noninsured mutual savings banks: 1941—Dec. 31 1945—Dec. 3 1 . . . 1947_Dec. 313 1953—Dec. 31 1954—june 30. . Dec. 31 1955_june 30 1,457 2,211 2,009 1,891 1,932 1,800 1,776 455 318 474 511 532 492 491 For other footnotes see preceding two pages 2,en 1,353 641 760 941 1,044 1 061 1,090 807 832 808 642 180 211 184 180 194 180 Number of banks Time U. S. Govt. 69,411 147,775 141,851 174,697 172,048 182,886 179,728 Total capital accounts 10,654 1,762 41,298 15,699 6,844 13,426 13,883 23,740 80,276 29,876 8,671 13,297 12,670 1,325 92,975 34,882 9,734 13,398 15,548 4 116 111,423 43,610 13,239 13,412 15,044 5,562 105,847 45,596 13,714 13,380 16,376 4,154 115,482 46,874 14,252 13,303 14,794 5,064 111,993 47,876 14,579 13,267 332 433 448 457 425 629 784 764 825 780 1 23 3 2 23,262 45,473 53,541 63 819 60,827 66,426 60,919 8 322 16,224 19,278 24 160 25,459 26,202 26,554 3,640 4,644 5,409 7,391 7,686 8,085 7,714 5,117 5,017 5,005 4,856 4,835 4,789 4,744 621 8 166 381 1 232 1,840 1,207 1 807 13 874 24,168 27,068 32 206 30,627 33,177 35 823 4,025 7,986 9,062 11 054 11,441 11,748 12 256 2,246 2,945 3,055 3,925 4,023 4,125 4,747 1,502 1,867 1,918 1,887 1,886 1,871 1,867 53 1,560 149 360 396 439 408 4,162 10,635 12 366 15,398 14,392 15 879 15 251 3,360 5,680 6 558 8,419 8,718 8 947 9 090 959 1,083 1,271 1,925 2,007 2,044 2,121 6,810 6,416 6,478 6,672 6,662 6,647 6,660 253 365 478 386 329 279 325 320 852 714 783 569 1 901 I'QfiS 18 13 1,392 1 182 1 150 1,085 990 325 324 327 536 513 3,613 6 045 7,036 8 806 9,106 9,282 9,427 1,288 1 362 1,596 2 245 2,332 2,368 2,448 7,662 7,130 7,261 7,241 7,219 7,183 7,173 1 789 10 351 12 12,192 33 18,345 45 19 145 48 19,831 49 20,536 164 1 034 1,252 1 819 1 868 1,920 1,965 52 •192 194 219 8 738 5 020 5 553 6 013 6,243 6 471 6,741 1 077 496 5 1C\d 14'ioi 13 758 16 580 426 15,542 457 16 964 16,241 422 167 390 12 2 2 2 3 2 557 388 335 337 6 2 2 2 2 2 558 637 740 758 774 792 219 218 218 350 339 309 309 309 310 NOTE.—For revisions in series prior to June 30, 1947, see BULLETIN for July 1947, op. 870-871. 140 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1 [In million^ of dollars] Loans 2 Investments Loans for U. S. Government obligations Compurchasng meror carrying Total cial, Other securities loans Direct inReal loans and clud- Agrito Other culesinvesting inTotal Guartate ments Total2 open tur- To di- loans anal brok- To loans vidTotal marers ket uals Notes Bonds teed Bills and othpadeal- ers per ers Class of bank and call date Obligations of States Other and secupolit- rities ical subdivisions All commercial banks: 3 1947—Dec. 31.... 1953—Dec. 31.... 1954—Dec. 31.... 1955—June 30.... Oct. 5e... 116,284 38,057 18,167 1,660 830 1,220 145,687 67,593 27,204 4;965 2,361 1,202 155,916 70,619 26J867 5J200 2J929 1,525 155,264 75,183 28 |872 ~~ 4,391 2,859 1,613 157,340 78,600 30,8404,120 2,710 \, 620 9,393 16,694 18,418 19,779 20,310 5,723 1,063 78,226 69,221 2,193 14,461 1,666 78,094 63,426 55,004 14,750 2 2,000 85,297 68,981 5,065 16,365 2,428 80,081 63,271 3,220 17,080 3,'O5O 78 ~~,740 6 1 , 780 " " 3",380 7,789 10,237 5,361 1,710 1,390 6,034 53 ,191 12,439 35,713 14,672 43 ,861 16,640 41 ,685 15,820 41 ,170 All insured commercial banks: 1941—Dec. 3 1 . . . . 1945—Dec. 3 1 . . . . 1947—Dec. 3 1 . . . . 1953—Dec. 3 1 . . . . 1954_Dec. 3 1 . . . . 1955__j une 3 0 . . . . 49,290 21,259 121,809 25,765 114,274 37,583 143,796 67,082 154,11570 ,127 153,488 74 ,692 614 662 3,164 3,606 823 "" 1,190 '"" 2,344 1,181 2,907 1,501 2,834 1,589 4,773 4,677 9,266 16,566 18,302 19,661 28,031 21,046 4,545 2,361 1,181 96,043 88,912 2 ,455 5,654 1J028 76,691 67,941 2,124 14,373 1,629 76,714 62,381 4,895 14,676 1,973 83,988 68,01244,901 16,283 2,400 78,796 62,342 2,996 19,071 7,552 10,076 5,279 1,667 3,159 12,797 4,102 3,651 3,333 16,045 51,321 22 3,873 3~,258 918 52,334 5,918 14 5, ,621 12,283 35,093 33 10,587 3 ,746 523 43,287 14,— 21 12,,352 3 ,624 16,479 41,185 15 12,,549 3 ,906 Member banks, total: 1941—Dec. 31.... 1945_Dec. 31.... 1947_Dec. 31.... 1953—Dec. 31.... 1954_Dec. 31.... 1955—June 30.... Oct. 5.... 43,521 107,183 97,846 122, 131,602 130,788 132,345 18,021 8,671 972 594 598 22 ",715 8,949 855 3,133 3,378 32 ,628 16,962 ,046 811 1,065 ,263 2,321 ; ; 60,250 25,007 3|529 2;881 1,363 64 ,315 26,894 2;799 2; 808 1,440 67,381 28,800 2,477 2,658 1,440 3,494 3,455 7,130 3,020 14,433 15,594 15,981 25,500 19,539 971 3,692 1,900 1,104 84,408 78,338 2,275 4,662 952 65,218 57,914 1,987 11,911 1,518 64,660 52,603 4,095 12,127 1,858 71,352 57,809 4,075 285 66,473 52,543 2,377 13,489 " 2,285 14,119 2,906 64,961 50,931 2,534 16,985 5,816 8,287 4,307 1,281 960 3,007 11,729 14,271 44,792 ",286 4,815 45 10,300 29,890 12,464 36,944 13,969 34,903 13,119 34,309 9,214 1,450 9,461 1,314 18,012 1,610 27,082 4,' 867 " 26,731 5,108 28,729 4,319 5,276 3 ,729 10,821 3,847 12,586 ",729 12,785 4 ,025 12,,990 3 ,980 ,832 16 10 31 20 13 10 3,090 2 ,871 3,254 ,815 4,199 ,105 8,871 3,185 10,449 3~,094 10,,584 3 ,346 10,,747 3 ,283 New York City:* 1941—Dec. 31.... 1945_Dec. 31.... 1947—Dec. 31.... 1953—Dec. 31.... 1954_Dec. 31.... 1955—June 30.... Oct. 5.... 12,896 26,143 20,393 22,058 23,880 23,099 23,007 4,072 7,334 7,179 12,289 12,039 13,016 13,882 2,807 3,044 5,361 8,218 7,231 7,928 8,683 412 169 , 2,453 1,172 545 267 12611,667 320 204 2,041 432 16 2,034 466 ' 1,773 449 123 80 111 383 467 656 645 Chicago:* 1941—Dec. 31.... 1945—Dec. 31.... 1947—Dec. 31.... 1953—Dec. 31.... 1954—Dec. 31.... 1955—June 30.... Oct. 5.... 2,760 5,931 5,088 6,204 6,518 6,288 6,210 954 1,333 1,801 2,776 2,784 2,846 2,968 732 760 1,418 1,912 1,847 1,940 2,140 6 2 3 158 140 102 17 48 211 73 286 345 270 223 22 36 46 70 91 122 128 256 133 132 123 70 76 31 ,467 235 450 241 66 39 153 749 248 684 855 812 619 15,347 7,105 3,456 40,108 8,514 3,661 36,040 13,449 7,088 ",763 10,568 46,755 ,755 22 50,738 23,986 10,624 50,,596 25 ,654 11,210 51,, 323 27,042 12,040 300 205 225 774 956 700 543 8,243 6,467 295 114 194 1,527 1,512 855 404 31,594 29,552 1,034 427 1,503 1,459 170 484 3,147 1,969 366 22 ,591 20,196 373 308 456 5,453 4,942 611 23,993 19,559 1,230 407 622 6,134 4,912 720 26,752 21,718 1,326 444 651 6,603 5,500 954 24,942 19,697 503 508 658 6,727 5,834 1,143 24,281 19,093 574 6,982 2,358 3,357 1,695 481 361 751 5,653 1,901 4,201 4,954 5,773 5,437 4,248 1,173 956 820 15,878 5 1,126 916 15,560 3 1,342 1,053 10,746 25 3,196 1,238 13,736 7 3,782 1,252 12,937 3 3,916 1,330 12,717 5 3,907 1,281 12,518 5,890 35,002 5,596 36,324 10,199 47,404 19,934 50,466 21,442 50,806 22,799 51,803 23,490 1,676 1,484 3,096 4,822 5,306 5,815 5,937 659 648 818 2,204 2,229 1,980 ,916 5,102 2,583 3,374 1,774 587 523 481 4,544 2,108 4,285 4,731 5,554 5,508 2,926 16,713 17,681 12,940 15,228 14,916 14,895 18,454 23,287 24,337 24,499 1,205 614 1,685 1,702 1,859 1,671 1,979 1,592 Reserve city 1941—Dec. 1945—Dec. 1947_Dec. 1953—Dec. 1954—Dec. 1955—June Oct. banks: 31.... 31.... 31.... 31.... 31.... 30.... 5.... Country banks: 1941—Dec. 3 1 . . . . 19*45—Dec. 3 1 . . . . 1947_Dec. 3 1 . . . . 1953—Dec. 3 1 . . . . 1954—Dec. 3 1 . . . . 1955—June 3 0 . . . . Oct. 5 . . . . All nonmember banks: 3 1947—Dec. 31.... 1953—Dec. 31.... 1954_Dec. 31.... 1955—June 30.... 5,432 9,838 10,378 10,876 20 42 23 59 89 61 154 52 233 87 75 89 88 95 8,823 7,265 311 1,623 3,652 1,679 729 554 1 287 298 18,809 17,574 477 3,433 3,325 10,337 606 558 9,771 640 564 330 13,214 11,972 ,002 638 9,769 7,765 924 1,104 1,130 4,605 1,294 1,365 1,232 644 11,841 9,342 785 597 1,924 6,026 1,977 1,379 754 10,083 7,782 537 146 1,830 5,262 1,754 1,404 1,142 9,125 6,774 330 37 1,555 4,850 1,816 95 51 149 234 223 244 263 1,806 4,598 3,287 3,428 3,734 3,441 3,242 1,430 4,213 2,890 2,856 3,120 2,742 2,537 183 471 227 210 220 234 238 1,823 1,881 3,827 7,114 7,742 8,214 8,482 1,530 6,628 4,377 707 363 29,407 26,999 22,857 1,979 229 26,125 26 5,441 336 27,470 22,423 5,760 388 29;024 23,629 6,366 439 28,006 22,321 6,618 457 28,313 22,528 156 142 161 173 2,266 3,681 3,993 4,194 1,061 2,551 2,623 2,875 • Estimated. 1A11 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 40 26 96 105 139 164 111 13,021 148 13,449 143 13,959 143 13,622 11,318 10,835 11,184 10,741 110 630 480 1,819 1,893 1,261 1,599 903 1,864 2,274 1,598 1,953 1,788 1,848 206 1,973 1,219 7,916 909 1,951 2,139 5,834 991 1,054 2,209 6,928 843 429 2,672 6,794 119 861 9 6 5 3 3 3 182 181 213 400 415 456 468 830 629 604 639 523 547 535 193 204 185 172 199 243 237 1,222 1,342 2,006 3,911 4,275 4,458 4,555 1,028 1,067 1,262 1,136 1,120 1,227 1,230 1,078 1,951 2,139 2,203 625 662 636 679 Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 2Beginning 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. 141 COMMERCIAL BANKS RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Time deposits Re- Class of bank and call date BalDeserves mand Cash ances with dewith in Federal vault posits doReadmestic serve banks 5 justed 6 Banks Interbank deposits Domestic 5 Foreign Indi- Bor- CapiIndiCertiU. S. States viduals, States tal fied viduals, Govt. and partner- row- acand and partnerU.S. political offiand polit- ships, ings counts ships, InterGovt. subdi- cers' and cor- bank Postal ical and corSav- subdi- poravisions checks, poraings visions tions etc. tions All commercial banks: 3 1947_Dec. 3 1 . . . . 1953—Dec. 3 1 . . . . 1954_Dec. 31 1955—June 30.... Oct. 5 " . . . 17,796 19,995 18,734 17,941 18,440 2,216 2,512 2,469 2,681 2,680 10,216 12,103 12,202 10,529 10,530 87,123 102,452 106,540 103,221 104,900 11,362 13,444 13,511 11,906 12,150 1,430 1,344 1,539 1,577 1,560 1,343 6,799 4,146 9,546 4,172 9,902 5.078 10,278 3,700 9,680 All insured commercial banks: 1941_Dec. 3 1 . . . . 1945—Dec. 3 1 . . . . 1947_Dec. 3 1 . . . . 1953—Dec. 3 1 . . . . 1954_Dec. 3 1 . . . . 1955—June 30.... 12,396 15,810 17,796 19,995 18,734 17,941 ,358 ,829 2,145 2,482 2,444 2,655 8,570 11,075 9,736 11,724 11,854 10,241 37,845 74,722 85,751 101,289 105,471 102,247 9,823 12,566 11,236 13,221 13,392 11,801 673 1,248 1,379 1,296 1,497 1,534 1,762 3,677 23,740 5,098 1,325 6,692 4,116 9,407 4,154 9,763 5,064 10,150 i;559 Member banks, total: 1941_Dec. 3 1 . . . . 1945_Dec. 3 1 . . . . 1947_Dec. 3 1 . . . . 1953—Dec. 3 1 . . . . 1954—Dec. 3 1 . . . . 1955—June 30.... Oct. 5 . . . . 12,396 15,811 17,797 19,997 18,735 17,942 18,437 1,087 1,438 1,672 1,870 1,843 2,017 2,003 6,246 7,117 6,270 7,554 7,613 6,704 6,447 33,754 64,184 73,528 86,127 89,836 87,207 88,358 9,714 12,333 10,978 12,858 13,015 11,482 11,720 1,243 1,375 1,291 1,493 1,531 1,513 1,709 22,179 1,176 3,756 3,715 4,656 3,258 3,066 4,240 5,504 7,530 7,781 8,117 7,462 .009 2; 450 2,401 2,783 2,964 2,919 2,678 New York City:4 1941_Dec. 31 1945_Dec. 31 1947_Dec. 3 1 . . . . 1953—Dec. 3 1 . . . . 1954—Dec. 3 1 . . . . 1955—June 30.... Oct. 5 5,105 4,015 4,639 4,846 4,398 4,399 4,265 93 111 151 129 126 138 145 141 78 70 70 67 87 81 10,761 15,065 16,653 15,901 16,500 15,859 15,745 3,595 3,535 3,236 3,363 3,336 3,129 2,910 607 866 319 237 290 315 368 374 306 1,338 1,105 1,071 1,223 1,252 1,087 1 021 298 200 175 166 162 127 94 2 215 3 153 3,737 4,211 4 400 4,024 3,881 1,027 1,292 1,196 1,339 1,264 1,125 1,229 8 20 21 39 40 39 38 233 237 285 272 274 288 240 34 66 63 64 80 79 66 2,152 3^160 3?853 4,500 4,622 4,238 4,167 54 110 131 219 259 289 290 1,504 1,457 1,843 1,325 1,144 1,763 2,282 2,880 2,876 3,021 2,622 286 611 705 828 866 757 750 2 225 8 5,465 432 7 12 1,216 17 1,271 15 1,339 15 1,057 1,370 2,004 2,647 4,063 4,263 4,433 4,293 55 52 46 47 1,295 2,016 2 121 2,162 Chicago:4 1941_Dec. 1945_Dec. 1947_Dec. 1953—Dec. 1954_Dec. 1955—June Oct. 987 43 36 30 34 29 28 28 Reserve city banks: 1941—Dec. 3 1 . . . . 1945_Dec. 3 1 . . . . 1947_Dec. 3 1 . . . . 1953—Dec. 3 1 . . . . 1954_Dec. 3 1 . . . . 1955_j u n e 30 Oct. 5 . . . . 4,060 6,326 7,095 8,084 7,783 7,359 7,607 425 494 562 568 558 634 626 2,590 2,174 2,125 2,463 2,327 2,232 2,022 11,117 22,372 25,714 30,986 32,694 32,024 32,243 4,302 6,307 5,497 6,869 6,946 5,979 6,304 Country banks: 1941—Dec. 3 1 . . . . 1945_Dec. 3 1 . . . . 1947_Dec. 3 1 . . . . 1953—Dec. 3 1 . . . . 1954—Dec. 31 1955—June 30.... Oct, 5 2,210 4,527 4,993 5,780 5,377 5,163 5,579 526 796 929 1,140 1,129 1,217 1,205 3,216 4,665 3,900 4,855 5,057 4,259 4,251 9,661 23,595 27,424 35,029 36,242 35,299 36,489 1,199 1,049 1,288 1,469 1,249 1,276 544 642 627 664 3,947 4 550 4 590 3,825 13,595 16,325 16 704 16,014 385 586 496 424 31 31 31 31.... 31 30.... 5.... All nonmember banks:3 1947_Dec. 31 1953—Dec 31 1954—Dec. 31 1955—June 30 942 1,070 1,287 1,177 1,021 790 671 1,105 6,940 267 1,217 778 1,021 736 1,177 1,187 1,131 675 1,171 127 1 552 72 259 251 343 200 491 8,221 405 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 167 390 457 422 240 2,581 84,987 2,996 100,062 1,167 3,199 103,466 1,759 3,154 99,550 1,759 2,920 101,410 1,780 ,077 2,978 3,176 3,131 158 36,544 70 72,593 54 83,723 99,038 1,031 102,543 1,487 98,712 1,459 33,061 62,950 72,704 85,711 88,859 85,706 87,091 140 64 50 65 34,383 62 41,714 31 44,441 45,410 150 45,780 1,280 111 338 365 368 360 1,944 2,402 2,435 2,350 59 103 111 338 365 368 15,146 29,277 33,946 1,891 41,381 2,348 44,160 2,374 45,135 866 492 496 826 10 215 61 54 21 137 6,844 8,671 9,734 13,239 14,252 14,579 418 399 693 4 11,878 23,712 208 54 27,542 43 33,311 15 35,650 36,504 115 36,776 1,197 5,886 7,589 8,464 11,316 12,210 12,461 12,734 1,021 1,475 1,449 1,466 50 99 105 308 334 338 325 1,595 1,966 1,968 1,875 6 11,282 17 15,712 12 17,646 831 17,509 17,823 1,196 17,300 1,137 16,895 1,121 10 12 53 54 57 58 29 20 14 139 192 110 72 9 18 16 17 2 3 6 6 6 9 10 10 10 10 11,127 22,281 26,003 32,065 33,677 32,681 33,263 104 30 22 166 239 277 310 20 38 45 98 111 117 106 243 160 332 830 965 239 435 528 820 795 831 775 8,500 21,797 25,203 31,636 32,736 31,487 32,765 30 17 17 15 22 19 19 31 52 45 153 163 158 156 146 219 337 615 799 830 850 6,082 12,224 14,177 16,921 17,826 18,232 18,390 180 213 235 235 12,284 14,351 14 608 13,844 190 146 284 309 6 30 31 30 172 350 436 468 6,858 8 426 8 814 8,929 450 10,059 13,559 14,576 14,906 15,260 195 30 23 1 10 516 1 648 2,120 2,259 2,572 2,803 2,715 2,728 23 288 377 426 566 600 612 620 778 1,206 1,418 1,958 2,146 2,114 2,142 476 719 902 1,229 1 280 1,287 1,278 4,542 9,563 11,045 13,203 14,399 1,018 14,871 944 14,965 1,967 2 2,566 1 2,844 3,984 3 4,300 50 4,492 524 4,579 4 1,982 11 2,525 23 2,934 20 4,194 11 4,506 55 4,642 134 4,806 12 19 16 35 1,596 2 245 2 369 2,448 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. 142 WEEKLY REPORTING MEMBER BANKS LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] U. S. Government obligations Loans 1 Month or date Total Loans and loans investComand Loans merinvest- ments cial Agriculad- 1 adments justed and tural justed i industrial For purchasing or carrying securities CerOther Loans tifito secucates Real Other estate loans Total Bills of in- Notes Bonds2 rities banks debtloans U.S. Other edOther Govt. ness sese- obcuri- liga- curities tions ties To brokers and dealers To others U.S. Govt. obligations Total— Leading Cities 1955 86,398 85,575 40,398 87,290 86,182 48,019 Jan Dec 22,122 26,433 2,434 2,816 1,079 1,264 823 7,225 8,242 36,532 2,378 2,681 8,158 23,315 8,645 8,154 10,094 29,875 1,134 949 7,079 20,713 8,288 1,108 2,666 1,292 8,143 10,172 29,657 1,407 2,714 2,787 2,910 2,852 1,252 1,261 1,270 1,271 8,156 8,156 8,158 8,147 10,053 29,559 690 ",559 778 10,063 29 10,102 30 ,260 1,534 10,159 30 ,122 1,535 939 991 956 910 7,174 7,094 7,051 6,997 20,756 20,696 20,719 20,680 968 8,340 8,295 1,253 8,262 1,083 8,258 1,128 2,840 2,662 2,633 2,529 1,297 1,295 1,283 1,291 8,135 8,127 8150 8,150 8,160 10,204 29,957 10,172 29,686 509 10J48 29 ,509 10,163 29,475 1,535 1,395 ',348 ,351 866 859 811 820 6,956 6,949 6,943 6,928 20,600 20,483 20,407 20,376 8,259 1,501 8,198 898 8,249 1,066 8,205 1,073 387 478 491 577 1,724 9,050 2,098 6,536 689 353 535 131 1,884 1,171 5,942 2,493 4,881 2,119 458 721 486 549 2,142 6,516 460 97 1,148 4,811 2,108 732 4,852 2,136 2,126 4^905 2,111 4,899 2,104 584 894 681 726 1956 86,859 85,725 47,840 25,829 Jan 563 839 6,944 20,467 8,228 1,134 1955 Dec. 7 Dec. 14 Dec. 21 Dec. 28 1956 Jan. 4 Jan. 11 Jan. 18 Jan. 25 86,419 86,951 87,929 87,864 85,451 85,698 86,846 86,736 47,552 47,844 48,324 48,356 88,014 86,608 86,533 86,282 86,513 85,710 85,467 85,209 48,297 26 ,082 47,826 25 ,830 47,709 25 ,760 47,529 25 ,646 26,117 26,317 26,627 26,673 561 566 562 565 New York City 1955 23,630 23,172 11,629 23,444 22,723 14,068 Jan 7,404 9,104 332 1,488 206 1,805 Dec 1956 23,150 22,418 13,794 8,983 178 1,682 1955 23,134 23,377 23,674 23,591 22,550 22,483 22,993 22,865 13,964 13,990 14,157 14,160 129 191 262 241 1,798 1,820 1,795 474 477 482 478 598 582 571 557 2,103 2,083 2,091 2,115 6,450 6,367 6,725 6,601 175 201 552 486 1,252 127 1,171 125 1,143 99 1,117 23,914 22,869 22,969 22,849 22,755 22,305 22,308 22,306 14,043 13,764 13,738 13,631 224 182 141 166 1,803 1,666 1,694 1,566 488 490 481 482 552 549 551 545 2,139 2,145 2,137 2,147 6,596 6,458 6,464 6,549 501 399 449 493 90 109 80 107 24 Jan Dec. Dec. Dec. Dec. Jan. Jan. Jan. Jan. 7 14 21 28 1956 4 11 18 25 Outside New York City 1955 Jan Dec 62,768 62,403 28,769 63,846 63,459 33,951 9,053 9,061 9,131 9,173 9,062 8,956 8,959 8,955 14,718 17,329 ,8 1,107 1,133 1,186 1,166 4,? 4,817 4,749 4,783 2,116 1,159 2,083 564 2,106 661 2,126 543 614 805 676 768 6,734 7,577 6,518 27,482 ,689 2,146 6,274 17,373 6,152 7,996 23,339 781 818 5,908 15,832 6,169 365 387 806 782 7,594 8,030 23,141 947 742 5,796 15,656 6,120 402 777 798 828 816 760 767 770 773 7,558 7,574 7,587 7,590 7,950 23 ,109 7,980 23 ,192 8,011 23,535 81044 23,521 515 577 982 ,049 768 864 831 811 5,922 5,923 5,908 5,880 15,904 15,828 15,814 15,781 6,204 6,169 6,151 6,154 384 359 402 402 813 814 798 797 784 779 777 789 7,583 7,578 7,599 7,615 8,065 23 ,361 ,034 8,027 23 ,228 996 8,011 23,045 899 8,016 22 22,926 858 776 750 731 713 5,849 5,816 5,757 5,762 15,702 15,666 15,658 15,593 6,143 6.115 6,143 6,079 342 334 405 530 1956 63,709 63,307 34,046 16,846 Jan 562 1955 Dec. 7 Dec. 14 Dec. 21 Dec. 28 1956 Jan. 4 Jan. 11 Jan. 18 Jan. 25 63,285 63,574 64,255 64,273 62,901 63,215 63,853 63,871 33,588 33,854 34,167 34,196 64,100 63,739 63,564 63,433 63,758 63,405 63,159 62,903 34,254 34,062 33,971 33,898 17,064 17,256 17,496 17,500 17,020 16,874 16,801 16,691 560 565 561 564 1 Exclusive of loans to banks and after deduction of valuation reserves; individual loan items are shown gross. 2 Includes guaranteed obligations. See also NOTE on opposite page. 143 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 Reserves Cash with in F.R. vault Banks Interbank deposits IndividDemand States CertiU.S. uals, States and and Govt. fied partpolit- a n d U.S. ner- polit- and ical offiships, ical Postal sub- Savsubcers' Govt. and DoFordivi- ings mesdivi- checks, coreign sions sions etc. poratic tions BalDeances mand with deposits domestic adbanks justed* Borrowings Capital acFrom From counts F. R. Time others Banks TotalLeading Cities 1955 Jan 13,978 980 2,613 58,230 59,598 4,032 2,077 13,640 1,141 2,620 58,358 61,139 3,901 2,078 Dec 1,792 18,856 1,141 979 1,995 19,273 211 11,482 204 10,860 1,386 1,449 1,464 1,368 238 544 627 8,160 680 8,460 1956 13,708 1,034 Jan 2,570 58,528 60,726 4,191 2,030 1,248 19,330 959 204 11,006 1,463 1,273 633 713 8,472 1,060 1,175 1,134 1,194 2,356 2,629 2,692 2,801 57 256 59,100 58 558 61,940 58J39 739 61 61,348 58^82 62,166 3,847 3,863 3,869 4,026 1,878 2,076 2,083 2,277 19,197 19,259 19,283 19,354 979 976 990 969 203 205 205 204 10,546 10,802 11,035 11,057 1,421 1,447 1,437 1,491 1,403 1,377 1,359 1,334 842 384 572 377 589 825 668 640 8,471 8,447 8,451 8,470 13,916 1,061 13,706 1,068 13,734 1,011 13,474 995 2,768 2,534 2,554 2,422 58,384 58 " 8,421 ' 8,572 58;572 588,735 4,122 4,046 4,081 4,516 2,203 2,101 19,363 2,041 1,139 19,356 2,057 880 19,327 1,820 872 19,272 961 961 955 959 207 202 204 203 11,703 11,137 10,972 10,213 1,486 1,427 1,469 1,468 1,311 1,263 1,259 1,259 344 1,096 8,477 702 484 8,480 751 657 8,458 733 615 8,475 191 3,167 1,084 3,018 1,121 1,174 1,092 39 94 355 2,780 301 2,694 59 3,035 1,125 1,016 138 362 2,714 155 147 75 297 293 398 217 2,698 2,694 2,690 2,693 2,713 2,714 2,713 2,715 1955 13,435 13,570 13,901 13,655 Dec. 7 Dec. 14 Dec. 21 Dec. 28 1,890 1,521 2,329 2,239 1956 Jan. 4 Jan. 11 Jan. 18 Jan. 25 61,156 60,813 60,959 60 59,977 New York City 1955 4,424 4,278 154 192 16,517 17,532 16,380 17,888 1956 4,185 155 1955 4,236 4,280 4,391 4,205 186 210 189 183 4,045 4,205 4,278 4,211 162 164 148 147 9,554 9,362 826 2,570 41,713 42,066 3,673 953 1,321 16,777 949 2,551 41,978 43,251 3,630 1,063 1,392 17,183 9,523 879 9,199 9,290 9,510 9,450 874 965 945 1,011 2,287 2,549 2,626 2,739 41,095 41,970 42,319 42,529 9,871 9,501 9,456 9,263 899 904 863 848 2,697 2,475 2,485 2,360 41,970 42,290 42,378 42,588 Jan 359 1,124 271 1,015 603 2,090 65 16,221 17,580 266 361 2,071 85 69 16,161 17,258 16,588 18,207 16,420 17,904 16,353 18,181 319 884 295 1,013 207 968 265 1,195 575 443 708 686 2,067 2,103 2,087 2,104 99 102 103 87 250 948 252 1,007 283 996 279 836 659 332 241 211 2,087 2,066 2,075 2,057 2,079 Dec 946 Jan Dec. 7 Dec. 14 Dec. 21 Dec. 28 1956 Jan. 4 Jan. 11 Jan. 18 Jan. 25 16,414 16,131 16,194 16,147 2,907 3,010 3,048 3,106 1,101 1,130 l,109| 1,1461 1,114 1.096 1,086 1,073 3,150 3,026 3,085 2,880 1,136 1,097 1,139 1,128 1,052 994 995 115 177 261 473 282 341 352 950 881 157 8,315 145 7,842 302 328 290 276 199 450 272 5,380 379 5,766 887 17,259 874 145 7,971 338 257 495 351 5,758 41,842 43,733 43,444 43,985 3,528 994 1,315 17,130 3,568 1,063 1,078 17,156 3,662 1,115 1,621 17,196 3,761 1,082 1,553 17,250 880 874 887 882 144 146 146 145 7,639 7,792 7,987 7,951 320 317 328 345 289 281 273 261 687 384 425 302 292 532 270 423 5,773 5,753 5,761 5,777 43,206 43,356 43,408 42,616 3,872 1,255 1,442 17,276 3,794 1,034 807 17,290 3,798 1,061 ^639 , 17.252 4,237| '984 661 17,215 876 877 869 874 148 143 145 144 8,553 8,111 7,887 7,333 350 330 330 340 259 241 265 264 344 587 574 472 623 202 316 263 5,764 5,766 5,745 5,760 17,950 17,457 17,551 17,361 1,022 Outside New York City 1955 Jan Dec 1956 Jan 2,505 42,307 43,146 3,925 1,084 1955 Dec. 7 Dec. 14 Dec. 21 Dec. 28 1956 Jan. 4 Jan. 11 Jan. 18 Jan. 25 i Demand deposits other than interbank and U. S. Govt., less cash items reported as in process of collection. TIN for April 1953, p. 357, and for figures on the revised basis beginning NOTE.—For description of revision beginning Mar. 4, 1953, see BULLE- Monthly averages and Wednesday figures for total leading cities for the full year 1955 are shown on pp. 184-185 of this BULLETIN. Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555. 144 COMMERCIAL LOANS; OPEN MARKET PAPER CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY 1 [Net decline, ( —). In millions of dollars] Manufacturing and mining Period 2 PetroFood, Textiles, Metals leum, and liquor, apparel, metal coal, and and prod- chemical, tobacco leather 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 classiof weekly fied reportbusiness ing banks4 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 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 1955—Jan.-June July-Dec -540 480 220 71 177 224 313 208 153 63 146 327 -461 469 589 704 384 7 134 106 143 370 1,257 3,016 1,078 '53,172 135 62 -57 2 88 145 76 56 2 8 87 -44 108 -7 315 482 73 -65 22 5 49 58 899 700 890 659 -4 -81 -327 4-466 16 9 19 -7 13 189 158 283 66 203 179 182 298 50 181 -5 37 -13 38 105 183 290 121 103 200 310 46 -33 -25 -11 -12 6 -218 -30 -85 -30 4-252 -70 -114 1955—Nov Dec -113 6 66 48 10 -68 -38 -221 69 Week ending: 1955—Nov. 2 Nov. 9 Nov. 16 Nov. 23 Nov. 30 38 43 46 11 -2 -27 -2 -2 -11 -14 3 26 26 19 15 5 6 20 -8 54 3 3 4 -10 9 19 26 41 5 -4 44 14 25 13 12 53 38 65 51 107 47 -9 24 2 9 Dec. 7 Dec. 14 Dec. 21 Dec. 28 23 9 53 -23 -7 18 10 -19 26 38 68 13 -12 14 23 31 12 -2 -3 6 -6 9 -15 100 132 134 117 -29 -81 44 6 2 12 5 -10 1956—Jan. 4 Jan. 11 Jan. 18 Jan. 25 -47 -26 -18 -22 -4 4 7 -1 -1 38 25 5 38 6 -10 15 -2 10 2 -1 6 -1 3 -52 -38 -10 -11 -10 -10 -9 -9 -10 52 -222 -6 -44 58 4 7 1 -6 12 -5 -5 1956—Jan c Corrected. iData for a sample of about 210 banks reporting changes in their larger loans; these banks hold over 90 per cent of total commercial and industrial loans of all weekly reporting member banks and nearly 70 per cent of those of all commercial banks. 2 Figures for periods other than weekly are based on weekly changes. 3 Includes machinery and transportation equipment. £ 5 16 -536 610 -805 795 -1,314 -1,496 630 539 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. NOTE.—Monthly and weekly data for the full year 1955 are shown on p. 186 of this BULLETIN. COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Doll ir acceptances Commercial and finance company paper Held by: Accepting banks End of year or month Total Placed direct- Placed through ly dealers* (finance paper) 2 1949 1950 1951 1952 1953 1954 1,331 1,745 1,966 1,924 270 345 449 552 564 733 1955 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 2,064 2,187 2,191 2,171 2,335 2,303 2,411 2,359 2,245 2,255 2,283 2,008 713 703 681 623 572 572 593 580 564 547 542 510 837 920 Total ,193 ,402 ,191 128 192 197 183 172 289 58 114 119 126 117 203 70 78 79 57 55 86 ,351 ,484 ,510 ,548 ,763 ,731 ,818 ,779 ,681 ,708 ,741 ,498 869 831 807 767 686 655 650 655 671 662 642 642 282 242 236 206 192 182 184 186 190 189 187 175 206 182 187 164 143 138 144 142 147 144 134 126 77 61 49 42 49 44 40 44 43 45 52 49 1 As reported by dealers; includes finance company paper as well as other commercial paper sold in the open market. F. R. Banks Own Bills Own Foreign bills bought acct. corr. 272 394 490 492 574 873 567 575 882 Based orI : 4 17 14 16 10 14 21 16 17 28 Im- Utn- Goods stored in or shipped between points in: Ex- ports ports Dollar exinto from United United change States States United Foreign States countries 11 21 21 20 24 19 133 180 272 289 378 565 184 245 235 232 274 285 49 87 133 125 154 182 2 23 39 29 17 30 28 55 64 75 300 9 32 44 32 43 89 23 28 29 28 26 26 23 27 27 26 27 33 564 561 538 517 453 431 433 427 433 430 410 405 273 235 227 229 207 216 223 220 253 258 259 252 187 178 182 189 188 189 186 182 189 201 205 210 17 41 56 68 53 40 41 41 33 33 20 17 303 283 248 190 150 125 108 111 108 82 73 63 90 93 93 92 88 85 92 101 87 87 86 100 2 As reported by finance companies that place their paper directly with investors. 145 INTEREST RATES MONEY MARKET RATES BANK RATES ON SHORT-TERM BUSINESS LOANS [Per cent per annum] [Per cent per annum] Finance comPrime pany compaper mercial placed paper, 4- to 6- directly, months * 3- to 6months * Year, month, or week Prime bankers' acceptances, 90 days 1 U. S. Government securities (taxable) Size of loan (thous. of dol.) Area and period 3-month bills 2.52 1.58 2.18 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—Jan Feb Mar. Apr May June July Aug Sept Oct Nov Dec 1.47 1.68 1.69 1.90 2.00 2.00 2.11 2.33 2.54 2.70 2.81 2.99 1.37 1.50 1.50 1.73 1.88 1.82 1.87 2.02 2.28 2.46 2.53 2.80 1.33 1.38 1.38 1.43 1.50 1.50 1.50 1.67 2.08 2.23 2.17 2.43 1.23 1.17 1.28 1.59 1.45 1.41 1.60 1.90 2.07 2.23 2.25 2.54 1.257 1.177 1.335 1.620 1.491 1.432 1.622 1.876 2.086 2.259 2.225 C 2.564 1.36 1.41 1.49 1.71 1.72 1.71 1.88 2.12 2.14 2.19 2.28 2.56 2.11 2.18 2.30 2.39 2.40 2.42 2.54 2.73 2.72 2.58 2.70 2.83 1956—Jan 3.00 2.88 2.45 2.41 2.456 2.50 2.74 Week ending: Dec. 3 1 . . . Jan. 7 . . . Jan. 1 4 . . . Jan. 2 1 . . . Jan. 2 8 . . . 3.00 3.00 3.00 3.00 3.00 2.88 2.50 2.50 2.50 2.45 2.38 2.58 2.51 2.53 2.39 2.28 2.688 2.489 2.596 2.493 2.245 2.73 2.69 2.58 2.41 2.39 2.87 2.87 2.81 2.68 2.66 Z. oo 2.88 2.88 2.88 c 2 3 1 Corrected. Averages of daily prevailing rates. Includes certificates of indebtedness and selected note and bond issues. Includes selected note and bond issues. NOTE.—Monthly and weekly data for the full year 1955 are shown on p. 187 of this BULLETIN. 10100 10 9-to 12- 3- to 5year 3 MarRate month2 ket on new issues issues yield issues 1953 average 1954 average 1955 average All loans Annual averages, 19 large cities: 1953 1954 1955 Quarterly: 19 large cities: 1955—Mar June Sept Dec New York City: 1955—Mar June Sept Dec 7 Northern & Eastern cities: 1955—Mar June Sept Dec . 11 Southern & Western cities: 1955—Mar June Sept Dec NOTE.—For pp. 228-237. description 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 3.54 3.56 3.77 3.93 4.93 4.92 4.98 5.01 4.29 4.29 4.44 4.52 3.83 3.83 3.99 4.14 3.30 3.33 3.56 3.75 3.29 3.30 3.54 3.76 4.68 4.73 4.83 4.86 4.14 4.18 4.39 4.48 3.65 3.62 3.87 4.00 3.14 3.15 3.39 3.64 3.55 3.55 3.76 3.95 5.02 4.97 5.06 5.08 4.32 4.29 4.43 4.52 3.84 3.78 3.99 4.16 3.35 3.37 3.58 3.79 3.87 3.95 4.11 4.17 5.00 4.98 5.01 5.06 4.35 4.34 4.47 4.54 3.92 4.01 4.07 4.22 3.54 3.67 3.88 3.91 March 1949. see BULLETIN for BOND AND STOCK YIELDS i [Per cent per annum] Year, month, or week U. S. Govt. bonds (long-term) Old series2 Corporate bonds 4 State and local govt. bonds General obligations4 New Totals series3 Aaa Revenue Totals bonds 6 By selected ratings Aaa Baa Baa Industrial stocks Dividends/ price ratio By groups Industrial Railroad Public PreComutility ferred 7 mon 4 Earnings/ price ratio Com-8 mon 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 . . 2.65 2.72 2 71 2.77 2.75 2.76 2.87 2.91 Dec 2 82 2.85 2 88 2.76 2.92 2 92 2.92 2.91 2.91 2.96 3.02 3.00 2 96 2.96 2 97 2.48 2.49 2 49 2.50 2 48 2.49 2.62 2.69 2.70 2 64 2.60 2 70 2.09 2.10 2.09 2.08 2.06 2.09 2.23 2.33 2.31 2.25 2.20 2 29 3.04 3.05 3.07 3.08 3.07 3.08 3.17 3.22 3.24 3.22 3.20 3 25 2.77 2.79 2.80 2.79 2.77 2.80 2.86 2.92 2.92 2.89 2.87 2 97 3.15 3.18 3 20 3.21 3.23 3.23 3.24 3.29 3.31 3 30 3.29 3 33 2.93 2.99 3.02 3.01 3.04 3.05 3.06 3.11 3.13 3 10 3.10 3 15 3.45 3.47 3.48 3.49 3.50 3.51 3.52 3.56 3.59 3.59 3.58 3 62 3.08 3.12 3.14 3.14 3.17 3.18 3.18 3.25 3.25 3.23 3.22 3 26 3.25 3.28 3.31 3.30 3.32 3.31 3.32 3.36 3.40 3.38 3.38 3 42 3.12 3.15 3.17 3.17 3.19 3.21 3.22 3.26 3.29 3.27 3.28 3 31 3.98 4.00 4.01 3.98 3.99 3.98 3.96 4.01 4.06 4.04 4.01 4 05 4.10 4.14 4.18 4.03 4.05 3.71 3.63 3.76 3.76 3.96 3.96 3 92 1956 Jan 2 86 2.94 2 69 2.27 3.24 2.91 3.30 3.11 3.60 3.23 3.40 3.28 4.03 4.08 Week ending: Dec 31 . Jan 7 Jan 14 Jan 21 . . Jan. 28 2.89 2.90 2 88 2 83 2.83 2.96 2.96 2 95 2.93 2.94 2 73 2.72 2 69 2 68 2.67 2.30 2.29 2.27 2.27 2.27 3.26 3.26 3.25 3.22 3.22 2.99 2.94 2 91 2.90 2.90 3.34 3.33 3 32 3.30 3.29 3.16 3.14 3 13 3.11 3.09 3.63 3.62 3.61 3.60 3.59 3.27 3.25 3.24 3.23 3.21 3.43 3.43 3 43 3.40 3.39 3.32 3.31 3 29 3.27 3.26 4.07 4.04 4.03 4.02 4.01 3.92 3.95 3 98 4.09 4.13 1955 Jan Feb Mar Apr May June July Aug Sect Oct Nov 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 are2 as of the end of the period, except forl annual averages. Includes fully taxable, marketable 2 /i per cent bonds due or first callable after 12 years, through Sept. 30, 1955, and those due or callable in 310-20 years, beginning Oct. 1, 1955. The 314 per cent bond of 1978-83 and, beginning Feb. 1, 1955, the 3 per cent bond of February 1955. * Moody's Investors Service. 8 25 8.17 7.09 s 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 9 median yields in a sample of noncallable issues—12 industrial and 2 public utility. 8 Computed by Federal Reserve from data published by Moody's Investors Service. NOTE.—Monthly and weekly data for the full year 1955 are shown on p. 188 of this BULLETIN. 146 SECURITY MARKETS SECURITY PRICES 1 Common si ock prices Bond prices U. S. Govt. (long-term) Year, month, or week Old series2 New series 3 3-7 1-2 Standard and Poor's series (index, 1935-39= 100) CorpoMurate nicipal (high- 4 (high- 4 grade) grade) Total Industrial Public utility Railroad Volume of tradings (in Manufacturing Trade, thoufisands Trans- Public nance, Minof porta- utilTotal and ing shares) Du- Nontion duservTotal rable ity rable ice Securities and Exchange Commission series (index, 1939= 100) 480 420 20 40 265 170 98 72 21 29 31 14 1953 average 1954 average 1955 average 93.90 101.46 119.7 99.51 109.60 125.8 95.97 103.36 123.1 112.1 117.2 114.4 189 227 342 204 250 341 170 180 122 136 152 193 230 305 220 271 374 193 245 352 245 295 394 219 233 320 122 136 153 207 236 297 240 267 313 1955—Jan 97.88 108.43 96 97 103.51 97.08 103.63 96.31 103.43 96 53 103.66 96.37 103.75 94.96 102.73 94.51 101.57 94.87 101.95 95.83 102.75 95 46 102.73 95 07 102 62 125.4 125 0 124 A 124.9 125 1 123.9 121.4 120.5 121.3 122.5 122 6 119.8 116.7 115 7 115.4 115.3 114.7 114.5 114.3 113.2 113.1 113.6 113.7 112.4 269 278 278 286 285 301 315 311 323 306 322 327 302 312 311 322 320 341 360 354 371 350 369 377 241 255 258 145 150 150 152 152 153 156 156 155 151 154 153 271 281 280 287 289 303 319 315 327 310 328 334 326 340 337 347 350 370 395 390 407 385 411 419 307 320 318 327 324 344 366 368 387 365 389 396 344 358 354 365 372 393 421 410 425 403 430 439 288 300 305 320 326 336 334 324 331 309 325 332 145 150 151 152 154 154 157 156 155 151 154 154 270 276 275 277 280 294 304 302 320 307 325 323 314 3,555 315 3 201 315 "2 907 311 2,689 303 2 163 314 2,643 317 2,423 311 1,818 317 2,862 294 2,008 312 2 319 326 2,428 1956 Jan 95 40 103 04 121 3 113.3 323 372 249 153 326 408 379 434 320 154 310 330 2 247 Week ending: Dec 31 Jan. 7 Jan 14 Jan 21 Jan. 28 94 96 94.74 95.01 95 71 95.78 112.4 112.6 113.2 113.6 113.8 327 327 324 321 320 377 377 373 370 368 257 252 153 153 153 153 153 335 333 330 319 321 422 418 414 399 401 396 389 384 369 372 445 445 441 425 427 329 326 326 313 316 154 155 154 152 154 321 319 315 303 303 323 332 332 327 330 2 252 2,341 2,420 2 274 2,123 Number of issues... Feb Mar Apr M^ay June July Aug Sept Oct Nov Dec . 102.66 102.66 102.92 103.16 103.20 15 119 6 119.8 120.9 121 6 122.9 17 248 222 232 238 252 251 259 256 250 257 252 248 246 1 Monthly and weekly data for U. S. Government 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) and2 Wednesday closing prices for all others. Series composed of fully taxable, marketable 2Vi per cent bonds due or first callable after 12 years through Sept. 30, 1955, and those due or callable in 10-20 years beginning Oct. 1, 1955. 1,419 2,270 2,578 3 The 3*4 per cent bond of 1978-83 and, beginning Feb. 1, 1955, the 3 per4 cent bond of February 1995. Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 5 Average daily volume of trading in stocks on the New York Stock Exchange for a five and one-half hour trading day. STOCK MARKET CREDIT [In millions of dollars] Customer credit End of month or last Wednesday of month Bank loans to others (than Net debit balances with TotalNew York Stock1 Exchange brokers and dealers) for pur- 2 Money borrowed securities firms chasing and carrying securities other than U. S. Govt. obligations On Secured by Secured by On (col. 3 + Other U. S. Govt. other U. S. Govt. U. S. Govt. other col. 5) obligations securities securities obligations obligations securities 1951—Dec 1952—Dec 1953 Dec 1954 Dec 1,826 1,980 2,445 3,436 1955 Jan Feb Mar 3,537 3,643 3,732 3,785 3,787 3,870 3,911 3 865 3,966 3,944 3 980 4,025 Apr June July Aug Sept Oct Nov Dec 40 33 31 41 42 63 49 48 47 46 45 43 43 40 38 34 Customer net free credit balances 1,253 1,332 1,665 2,388 118 149 88 65 648 780 1,048 30 88 69 877 1,074 1,529 727 713 1,019 2,517 2,590 2,652 2,704 2,684 2,711 2,734 2,710 2,805 2,749 2,759 2,786 35 39 1.020 ,053 ,080 ,081 ,103 ,159 ,177 ,155 ,161 ,195 ,221 ,239 77 113 1,620 1 666 1 861 1,988 2 047 2 020 2,003 1 994 2 056 2,088 2 185 2,246 1,069 1 063 1 022 973 928 i Ledger balances of member firms of the New York Stock Exchange carrying margin accounts, as reported to the Exchange. Customers' debit and free credit balances exclude balances maintained with the reporting , firm by other member firms of national securities exchanges and balances of the reporting firm and of general partners of the reporting firm. Balances are net for each customer—i.e., all accounts of one customer are consolidated. Money borrowed includes borrowings from banks and from other lenders except member firms of national securities exchanges. Broker and dealer credit i 33 27 28 31 29 29 33 29 27 32 573 36 78 74 72 73 77 71 68 71 75 51 659 822 917 918 887 977 920 876 895 Data are as of the end of the month, except money borrowed, which is as of 2the last Wednesday of the month beginning June 1955. 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 1951 and 1952 and for New York and Chicago banks thereafter. 147 SAVINGS INSTITUTIONS LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Total assets Date End of year: 5 1941 1945 Total Business securities United State and Foreign 3 local 2 States Total Bonds 4 Stocks Mortgages Real estate Policy loans Other assets 32,731 44,797 9,478 22,545 6,796 20,583 2,286 1,047 396 915 10,174 11,059 9,573 10,060 601 999 6,442 6,636 1,878 857 2,919 1,962 1,840 1,738 55,512 59,630 64,020 68,278 73,375 78,533 84,486 19,085 17,813 16,066 13,667 12,774 12,405 12,100 16,746 15,290 13,459 11,009 10,252 9,829 9,070 '1,199 1,393 1,547 1,736 1,767 1,990 2,549 1,140 1,130 1,060 922 755 586 481 20,322 23,179 25,403 28,204 31,646 34,570 37,462 18,894 21,461 23,300 25,983 29,200 31,997 34,194 1,428 1,718 2,103 2,221 2,446 2,573 3,268 10,833 12,906 16,102 19,314 21,251 23,322 25,976 1,055 1,247 1,445 1,631 1,903 2,020 2,298 2,057 2,240 2,413 2,590 2,713 2,914 3,127 2,160 2,245 2,591 2,872 3,088 3,302 3,523 73,034 78,201 12,683 12,322 10,195 9,767 1,733 1,968 755 587 31,417 34,395 29,226 32,056 2,191 2,339 21,245 23,275 1,868 1,994 2,699 2,894 3,122 3,321 1954—Nov... Dec... r83,358 '84,068 11,992 12,037 8,936 9,021 2,575 2,533 481 483 '36,681 '36,857 34,040 34,147 2,623 '2,710 25,574 '25,928 2,260 2,275 3,075 3,087 '3,776 '3,884 1955—Jan.. . , Feb... Mar... Apr... May.. June.. July. . , Aug... Sept... Oct.. . Nov... 84,912 85,324 85,627 86,061 86,515 86,967 87,636 88,087 88,529 89,016 89,491 12,348 12,323 12,153 12,167 12,099 12,086 12,138 12,218 12,175 12,087 11,949 9,233 9,242 9,091 9,105 9,058 9,046 9,096 9,179 9,129 9,027 8,891 2,643 2,664 2,649 2,643 2,632 2,629 2,643 2,638 2,636 2,644 2,641 472 417 413 419 409 411 399 401 410 416 417 37,061 37,130 37,384 37,524 37,693 37,830 38,081 38,071 38,273 38,534 38,693 34,305 34,367 34,611 34,733 34,906 35,001 35,212 35,196 35,403 35,655 35,794 2,756 2,763 2,773 2,791 2,787 2,829 2,869 2,875 2,870 2,879 2,899 26,223 26,474 26,727 26,949 27,217 27,483 27,748 28,001 28,250 28,563 28,868 2,310 2,344 2,367 2,381 2,407 2,420 2,453 2,471 2,492 2,506 2,523 3,127 3,144 3,159 3,177 3,190 3,207 3,230 3,245 3,260 3,271 3,283 3,843 3,909 3,837 3,863 3,909 3,941 3,986 4,081 4,079 4,055 4,175 1948 1949 1950 1951 1952 1953 1954 End of month: 6 1952—Dec..., 1953—Dec..., r 1 2 3 4 Revised. Figures are for all life insurance companies in the United States. Includes foreign and domestic issues. Central government only. Includes issues of the International Bank for Reconstruction and Development. 5 These represent annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value. 6 These represent book value of ledger assets. Adjustments for interest due and accrued and for differences between market and book values are not made on each item separately, but are included, in total, in "Other assets." SAVINGS AND LOAN ASSOCIATIONS i [Federal Savings and Loan Insurance Corporation data. In millions of dollars] Assets Assets Total 2 Mortgages 3 U. S. Govt. obligations 1941 1945 6,049 8,747 4,578 5,376 2,420 344 450 775 356 1948 1949 1950' 1951r 1952' 1953' 1954' 1955^ 13,028 14,622 16,893 19,222 22,660 26,733 31,736 37,880 10,305 11,616 13,657 15,564 18,396 21,962 26,193 31,584 1,455 1,462 ,487 ,603 ,787 ,920 >,021 >,381 663 880 924 1,066 1,289 1,479 1,980 2,087 501 566 733 899 1.108 1,297 1,472 1,763 End of year 107 Cash Other 4 Savings capital 4,682 1954—1 r 7,365 2' 3' 10,964 4' 12,471 13,992 1955—I?"" 16,107 2vr 19,195 3*r 22,846 27,334 32,305 r p1 Preliminary. Revised. Figures are for all savings and loan associations m the United States. 2 Includes gross mortgages with no deduction for mortgage pledged shares. End of quarter 3 4 Savings capital Total 2 Mortgages 3 U.S. Govt. obligations 27,658 29,094 30,165 31,736 22,712 23,836 25,065 26,193 1,927 1,959 1,969 2,021 1,618 ,794 1,681 1,980 1,326 1,432 1,379 1,472 23,909 25,170 25,903 27,334 33,075 35,080 36,343 37,880 27,373 29,107 30,687 31,584 2,203 2,287 2,340 2,381 1,928 1,973 1,612 2,087 1,502 1,645 1,639 1,763 28,482 29,963 30,636 32,305 Cash Other 4 Net of mortgage pledged shares. 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. 148 FEDERAL CREDIT AGENCIES SELECTED ASSETS AND LIABILITIES OF GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by Treasury Department.' In millions of dollars] End of year End of quarter Asset or liability, and corporation or agency 1 1954 1955 1948 1949 1950 1951 1952 1953 3,632 305 426 80 2 525 999 1,293 5 4,362 302 437 60 523 1,301 1,729 9 3,884 345 510 45 535 1,543 898 7 4,161 425 633 34 539 1,742 782 6 5,070 424 673 25 596 1,920 1,426 6 6,811 590 18 648 2,096 3,076 5 6,527 343 754 15 754 2,200 2,457 4 6,929 367 638 7,466 340 725 13 701 12 774 2,253 To aid home owners, total Federal National Mortgage Assn Home Owners' Loan Corporation 3 . .4 Reconstruction Finance Corporation Veterans Administration Other agencies 768 199 369 177 1,251 828 231 168 2,142 1,850 2,603 2,242 2,930 2,462 2,818 2,392 22 24 1,528 1,347 10 137 35 123 169 115 246 108 300 60 367 59 To railroads, total Reconstruction Finance Corporation 4 . Other agencies 140 138 3 114 112 3 110 108 2 101 99 2 82 To other industry, total Reconstruction Finance Corporation 4 . Department of the Treasury Other agencies 310 272 462 423 458 400 488 415 516 457 38 38 58 74 To financing institutions, total. Federal home loan banks... Other agencies 525 515 10 445 433 12 824 816 814 806 864 864 952 952 Foreign, total Export-Import Bank 4 Reconstruction Finance Corporation . U. S. Treasury Department 5 3 Foreign Operations Administration . . 6,102 2,145 206 3,750 6,090 2,187 154 3,750 6,078 2,226 101 3,750 6,110 2,296 64 3,750 7,736 2,496 58 3,667 1,515 8,043 2,833 52 3,620 1,537 All other purposes, total Reconstruction Finance Corporation 4 . Public Housing Administration Other agencies 584 190 294 100 484 88 297 99 531 59 366 105 779 61 609 109 1,095 50 919 126 535 144 307 1,854 43 44 66 274 199 2,075 2,226 1,064 21 2,047 43 74 39 275 214 188 1,205 9 43 46 42 199 193 244 43 51 43 249 200 285 2,421 43 60 43 311 208 316 1,307 1,353 1,437 2,988 43 58 42 687 222 324 1,610 1 2 1 2,602 43 63 45 387 217 319 1,526 3,385 3,385 3,385 3,385 3,385 3,385 Other securities, total Reconstruction Finance Corporation 4 Production credit corporations Department of the Treasury Other agencies 133 98 29 6 107 83 22 2 88 71 16 78 66 11 40 35 5 1 1 44 36 8 (7) Commodities, supplies, and materials, total. Commodity Credit Corporation Reconstruction Finance Corporation 4 ... Department of the Treasury Other agencies 627 437 157 1,549 1,376 142 30 1,461 1,174 129 159 1,280 978 172 131 2,514 2,086 156 32 1,774 1,638 108 28 3,060 1,448 630 793 2,962 1,352 611 830 2,945 1,248 605 886 3,358 1,251 594 1,048 3,213 1,173 199 1,251 189 168 206 465 965 70 480 415 772 78 490 204 1,190 110 520 560 1,369 170 674 525 Loans, by purpose and agency: To aid agriculture, total Banks for cooperatives Federal intermediate credit banks Federal Farm Mortgage Corporation. Farmers Home Administration Rural Electrification Administration. . Commodity Credit Corporation Other agencies Less: Reserve for losses Total loans receivable (net). Investments: U. S. Government securities, total Banks for cooperatives Federal intermediate credit banks Production credit corporations Federal home loan banks Federal Savings and Loan Insurance Corp. Federal Housing Administration Federal Deposit Insurance Corporation. . . Other agencies Investment in international institutions. Land, structures, and equipment, total Public Housing Administration Reconstruction Finance Corporation 4 Tennessee Valley Authority Federal Maritime Board and Maritime Adm 3 . Other agencies^ Bonds, notes, and debentures payable (not guaranteed), total. Banks for cooperatives Federal intermediate credit banks Federal home loan banks Federal National Mortgage Assn For footnotes see following page. 211 3,357 4 "770* 2,286 2,137 1 2,907 2,461 3,013 2,538 3,095 2,593 383 63 408 67 430 72 2,226 2,981 4 79 13 11 "n 2 509 294 174 / 58 \ 40 763 6,362 322 847 413 420 426 426 349 64 353 67 353 73 348 78 691 689 2 870 868 2 704 702 2 1,019 1,017 2 2,788 8,001 2,806 7,968 2,768 8,032 2,774 3,618 1,563 3,570 1,624 3,570 1,630 3,567 1,692 451 438 451 474 51 100 113 119 171 374 325 332 476 276 203 228 368 259 494 140 185 173 11,692 12,733 13,228 14,422 17,826 19,883 18,603 19,348 19,782 18,927 144 1 2,967 43 61 42 641 228 327 1,624 3,187 43 60 42 771 234 344 1,692 3,108 43 60 42 661 241 354 1,706 1 1 2 2 3,385 3,385 3,385 3,385 48 47 44 45 4 43 2 3 42 2 3 38 3 3 40 2 3,709 3,059 3,852 3,302 3,476 2,910 272 95 556 470 3,612 2,983 65 564 8,061 8128 1,685 4,782 1,466 8,046 96 7,982 80 590 8,062 1,018 175 1,475 4,834 561 19 547 7,821 64 1,739 4,798 1,412 1,781 4,749 1,372 1,812 4,807 1,137 1,330 181 704 445 1,182 150 619 414 1,072 131 762 179 1,068 156 640 272 1,561 139 713 139 570 1,840 123 811 336 570 1 , 149 FEDERAL CREDIT AGENCIES PRINCIPAL ASSETS AND LIABILITIES OF GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by Treasury Department. In millions of dollars] Liabilities, other than interagency items Assets, other than interagency itemsl Date, and corporation or agency Total Cash ComInvestmodiments Loans ties, resupceiv- plies, able and U . S . Other mate- Govt. securials secu- rities rities Bonds, notes, PriU. S. vately and debenLand, Govt. owned tures payable strucOther interintertures, Other asliabil- est est and Guarsets ities equipanteed ment Other by U.S. AH agencies 1948—Dec. 1949_Dec. 1950—Dec. 1951—Dec. 1952—Dec. 1953—Dec. 31.. 31.. 31.. 313 . 313. 3P. 1954_Sept. 30. Dec. 31. 1955—Mar. 31. June 30. 21,718 630 11,692 23,733 441 12,733 24,635 642 13,228 26,744 931 14,422 29,945 944 17,826 38,937 1,190 19,883 627 1,549 1,774 1,461 1,280 2,514 1,854 2,047 2,075 2,226 2,421 2,602 3,518 3,492 3,473 3,463 3,429 3,425 3,060 337 2,962 509 2,945 499 3,358 882 3,213 832 8,062 1,261 965 ,663 18,886 772 ,720 21,030 ,190 ,193 21,995 ,369 ,161 23,842 26 ,330 ,728 26,456 ,182 3,818 33,429 166 183 234 329 378 434 1,324 1,371 1,375 1,244 3,709 3,852 3,612 3,476 2,988 2,967 3,187 3,108 3,433 3,432 3,429 3,430 8,061 8,046 7,982 7,821 ,072 ,068 ,561 ,840 2,357 36,488 4,183 35,610 4,013 35,848 35 3,019 35,171 498 508 543 568 123 811 236 107 45 13 28 40,443 41,403 41,996 40,639 18,603 19,348 19,782 18,927 2,325 2,387 2,629 2,634 Classification by agency June 30, 1955 Farm Credit Administration: Banks for cooperatives Federal intermediate credit banks. Production credit corporations. . . Federal Farm Mortgage Corp 388 925 46 14 318 847 12 Department ot Agriculture: Rural Electrification Administration. Commodity Credit Corporation.... Farmers Home Administration Federal Crop Insurance Corp 2,399 5,525 713 26 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks Federal Savings and Loan Insurance Corp Public Housing Administration Federal Housing Administration Federal National Mortgage Association Office of the Administrator 1,735 248 323 587 2,696 774 51 1,017 1 25 99 45 5, 85 2,594 38 226 Small Business Administration Export-Import Bank Federal Deposit Insurance Corp Tennessee Valley Authority Federal Maritime Board and Maritime Adm 34 2,827 1,71 2,010 5,435 1 33 4 2,796 7 3 () 160 268 Panama Canal Company Veterans Administration Department of the Treasury Foreign Operations Administration. All other 476 613 8,545 1,69: 888 38 147 431 11 3,913 1,692 105 15: 1 2,282 1,845 2,910 663 Loans by purpose and agency are shown on a gross basis; total loans and2 all other assets are shown on a net basis, i.e., after reserve for losses. Includes figures for the Regional Agricultural Credit Corporation, the assets and liabilities of which have been administered by this agency since dissolution of the RACC in 1949. 3 Changes in coverage over the period for which data are shown are as follows: exclusion of the Home Owners' Loan Corporation after June 1951, when U. S. Govt. interest was repaid; and inclusion of the Mutual Security Agency (superseded by the Foreign Operations Administration) beginning June 1952 and of the Federal Maritime Board and Maritime Administration beginning June 1953. 4 The RFC Liquidation Act approved July 30, 1953 (67 Stat. 230) terminated the RFC's lending authority, effective Sept. 28, 1953. Its lending activities under the Federal Civil Defense Act of 1950 and the Defense Production Act of 1950 were transferred to the Treasury on that date. When the Corporation went out of existence on June 30, 1954, certain loans, securities, and other assets were transferred to the Federal National Mortgage Association, the Small Business Administration, and the Export-Import Bank, and the Treasury assumed responsibility for completing liquidation of other activities. 1 146 336 661 241 64 354 () 47: 6 135 13: 1 37 1,706 (7) 4,807 9 315 42: 3,425 459 1 2,399 1,336 4,189 2 711 17 110 593 30 7 30 ,049 41 570 862 3 10 238 25 298 171 376 37 2,088 76~ () 103 126 51 17' 540 34 2,724 1,591 1,960 5,256 14 8 462 605 8,533 69r 59 829 5 Figures represent largely the Treasury loan to United Kingdom and through 1952 are based in part on information not shown in Treasury compilation. 6 Figure not published in Treasury compilation, but derived by Federal Reserve. See also footnote 3. 7 Less than $500,000. 8 Effective July 1, 1954, the public war housing program of the PHA (represented largely by land, structures, and equipment) and several small housing programs managed by the Office of the Administrator, Housing and Home Finance Agency, were designated to be liquidated by the9 Office of the Administrator, shown under other agencies. Beginning 1951, includes figures for Panama Canal Company, a new corporation combining the Panama Railroad Company (included in earlier Treasury compilations) and the business activities of the Panama Canal (not reported prior to that time). See also footnote 8. NOTE.—Statement includes certain business-type activities of the U. S. Government. Figures for some agencies—usually small ones—may be for dates other than those indicated. 150 FEDERAL FINANCE SUMMARY OF FEDERAL FISCAL OPERATIONS [On basis of U. S. Treasury statements and Treasury Bulletin. In millions of dollars] Derivation of Federal Government cash transactions Receipts from the public, other than debt Period Payments to the public, other than debt Less: IntraGovt.1 trans. Equals: Total rects. from the public 2 Budget expenditures Plus: Trust fund expenditures Less: Adjust-3 ments Equals: Total payts. to the public Net Budget rects. Plus: Trust fund rects. 61,171 63,358 9,571 10,624 2,132 2,499 68,549 71,462 64,854 66,129 7,596 9,330 2,815 3,260 69,635 72,200 64,825 64,655 60,390 8,929 9,155 9,536 2,193 2,109 2,069 71,505 71,628 67,828 74,274 67,772 64,570 5,288 7,202 8,545 2,784 3,114 2,575 Semiannual totals: 1953—July-Dec. 5. .. 25,757 1954—Jan.-June 38,898 22,272 July-Dec 38,118 1955—Jan.-June 25,240 July-Dec 3,953 5,202 4,368 5,168 5,456 847 1,262 869 1,200 1,299 28,833 42,795 25,754 42,074 29,388 34,484 33,288 31,566 33,004 33,125 3,217 3,985 3,611 4,934 4,396 Monthly: 1954—Dec 1955—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 890 268 600 778 528 1,320 1,675 745 1,502 721 505 1,142 841 436 62 58 65 79 64 884 410 133 104 151 65 436 4,194 4,859 5,966 10,451 4,179 5,692 10,915 3,098 6,101 6,114 3,044 5,738 5,293 6,288 4,942 4,831 5,894 5,228 5,356 6,753 5,382 6,225 5,340 5,355 5,172 5,651 524 842 757 781 1,070 736 750 752 727 688 900 668 663 Cal. year—1954 5 1955.. . Fiscal year—1953 5 . . . . 1954 1955 3,742 4,655 5,427 9,741 3,732 4,438 10,125 2,765 4,734 5,498 2,692 4,662 4,889 Excess of rects. from, or payts. to(-), the public Net Federal cash borrowing or repayt. ( —) of borrowing Less: Increase, or deNet Other crease inv. by non( - ) , in Govt. cash4 debt agen. & (direct tr. funds debt & agen.) Equals: Net cash borrowing or repayt. () 3,509 3,494 1,582 2,473 753 564 1,174 457 76,778 71,860 70,539 -1,086 -738 -5,273 -232 -2,712 6,941 5,185 3,996 3,301 2,054 1,532 722 619 644 2,918 2,512 1,819 722 2,392 422 2,154 1,106 36,979 34,881 34,754 35,785 36,415 -8,147 7,914 -9,000 6,289 -7,027 9,196 -4,011 7,520 -3,525 7,019 860 1,194 387 1,145 1,328 313 306 448 196 368 8,023 -5,511 6,685 -4,866 5,323 802 200 429 269 362 -241 1,146 587 17 -62 316 43 84 6,010 5,584 5,159 6,406 5,935 6,333 6,356 5,547 6,935 6,090 5,939 5,797 6,229 -1,816 -725 807 4,045 -1,756 -641 4,559 -2,449 -834 25 -2,895 -59 -936 -129 200 -294 -4,061 2,630 860 -2,860 3,237 845 -774 2,622 490 599 191 -134 -79 97 -413 582 1,092 119 944 -360 -230 604 129 46 51 -10 40 37 39 40 114 31 40 14 40 130 -366 284 -205 -4,198 3,006 239 -3,992 3,004 -130 -454 2,837 -154 340 Effects of operations on Treasurer's account Financing transactions Operating transactions Period Fiscal yr.—1952... 19535... 1954. .. 1955. .. Semiannual totals: 1953—July-Dec. 5 1954—Jan.-June. July-Dec.. 1955—Jan.-June. July-Dec.. Monthly: 1954—Dec 1955_jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Net Budget surplus or deficit Trust fund accumulation or deficit -4,017 -9,449 -3,117 -4,180 3,490 3,641 1,953 991 -8,728 5,611 -9,294 5,114 -7,885 736 1,217 757 234 1,060 -2,546 -287 596 3,846 -1,496 -919 3,372 -2,617 -1,491 158 -2,663 -510 -761 366 -574 -158 -3 -541 584 925 n 115 33 -394 474 178 Net market issuance Net Govt. agency obligations 6 -401 -250 -46 -29 114 -59 -14 602 -3,457 -3,148 -1,611 -1,362 3,883 6,966 5,189 3,115 -250 204 -689 660 92 -139 125 -152 754 -139 -810 -801 -412 -950 -1,217 369 -25 571 27 51 29 36 38 27 1 -16 -55 -64 -33 -241 335 -174 276 145 311 -262 363 199 21 -90 479 -53 -464 (+)of 119 -56 348 -663 -1,032 -254 -994 319 236 -378 -146 p1 Preliminary. n.a. Not available. 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 Increase, or decrease Held (-),in outside gross Treasury direct public debt in Fed. sec. by Govt. agency & trust funds6 Reconciliation to Treas. cash Cash balances: inc., or dec. (—) Account of Treasurer of United States (end of period) Deposits in Treasurer's account Balance n.a. n.a. 257 -312 -388 -2,299 2,096 -551 6,969 4,670 6,766 6,216 9,097 -3,908 7,490 -4,375 6,394 n.a. n.a. -712 400 -24 94 2,190 -1,587 1,036 -1,671 -103 -311 -257 -4,134 2,601 824 -3,098 3,210 725 -833 2,341 319 632 -56 12 -78 109 2 122 232 -38 95 -50 6 -17 -20 -2,124 -451 682 -260 1,250 -522 336 595 -1,058 -378 -62 -195 -574 F. R. Banks (available funds) Treasury Tax and Loan Accts. Other net assets 333 132 875 380 5,106 3,071 4,836 4,365 1,530 1,467 1,055 1,471 4,577 6,766 5,180 6,216 4,545 346 875 563 380 397 3,358 4,836 3,461 4,365 3,036 873 1,055 1,156 1,471 1,112 5,180 4,728 5,411 5,151 6,401 5,880 6,216 6,811 5,753 5,376 5,314 5,119 4,545 563 360 564 724 814 649 380 624 393 554 484 477 397 3,461 2,907 3,561 3,203 4,023 4,054 4,365 4,972 4,188 3,638 3,672 3,538 3,036 1,156 1,461 1,286 1,224 1,564 1,177 1,471 1,215 1,172 1,184 1,158 1,104 1,112 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 Beginning new reporting basis; see Treasury Bulletin, April 1954, p. A2. 6 Excludes net transactions of Govt. sponsored enterprises, which are included in the corresponding columns above. 151 FEDERAL FINANCE DETAILS OF FEDERAL FISCAL OPERATIONS [On basis of Treasury statements and Treasury Bulletin unless otherwise noted. In millions of dollars] Selected excise taxes (Int. Rev. Serv. repts.) Budget receipts Income and profits taxes Adjustments from total Budget receipts Period Fiscal yr.—1952..!. 19533 1954 1955.... Semiannual totals: 1953—Jan.-June.3 July-Dec. 1954—Jan.-June. July-Dec.. 1955—Jan.-June. July-Dec.. Monthly: 1954—Dec. 1955—Jan.. Feb.. Mar.. Apr.. May. June., July., Aug.. Sept.. Oct.. Nov.. Dec. Net Budget receipts Transfers to: Total Budget Oldage trust fund ceipts Refunds Railof road reret'ment ceipts acct. Excise taxesi Employment taxes2 Other receipts Liquor Tobacco Mfrs.' and retailers' 21,467 8,893 21,595 9,934 21,523 10,014 18,265 9,211 4,562 4,983 5,425 6,220 3,197 3,369 3,829 4,108 2,549 2,781 2,798 2,743 1,565 1,655 1,581 1,571 2,824 3,359 3,127 3,169 Individual Corporation i Withheld i Other l 61,391 64,825 64,655 60,390 3,569 4,086 4,537 5,040 738 620 603 599 2,302 3,118 3,377 3,426 67,999 72,649 73,173 69,454 18,521 21,351 21,635 21,254 11,359 11,417 10,747 10,396 37,703 25,757 38,898 22,272 38,118 25,240 2,195 1,722 2,815 2,305 2,735 2,927 311 321 282 322 277 318 2,700 395 2,982 339 3,087 496 42,910 28,195 44,978 25,239 44,215 28,981 11,347 11,078 10,557 10,230 11,024 11,312 8,481 2,593 8,154 2,323 8,073 2,699 13,773 5,375 16,148 3,767 14,498 4,109 4,931 5,405 4,609 4,527 4,684 5,052 2,740 2,083 3,342 2,668 3,552 3,283 1,637 1,661 2,168 1,724 2,384 2,526 1,299 1,521 1,277 1,453 1,290 n.a. 810 804 777 767 805 n.a. 1,786 1,476 1,651 1,480 1,689 n.a. 3,742 4,655 5,427 9,741 3,732 4,438 10,125 2,765 4,734 5,498 2,692 4,662 4,889 329 113 255 562 316 785 703 198 912 519 268 692 339 64 17 64 46 19 80 52 15 85 60 18 85 55 82 48 208 741 874 817 399 110 118 103 21 89 54 4,217 4,833 5,954 11,089 4,941 6,119 11,279 3,089 5,848 6,180 2,998 5,527 5,337 1,359 884 2,916 1,721 967 2,991 1,545 884 3,004 1,604 1,014 3,037 1,768 272 2,239 881 745 2,190 602 1,417 277 115 1,685 178 94 350 1,181 355 274 6,812 478 377 6,201 547 328 1,100 392 293 1,449 715 649 709 841 717 843 924 796 867 881 821 921 766 393 161 786 628 341 879 757 216 1,012 579 290 791 395 297 545 388 342 248 427 435 369 522 331 303 391 609 209 157 183 247 210 226 268 231 245 256 289 292 n.a. 108 131 119 139 122 143 150 116 154 135 138 136 n.a. 10 27 676 99 9 754 123 Hous- AgriSocial ing culture secuand and Natrity, comagriural welfare, munity culreand detural sources health veloprement sources Transportation 977 Budget expenditures4 National security Period Tr»ta1 1 Olal Totals Fiscal yr.: 1952 19533 1954 19557 Semiannual totals: 1953—Jan.-June. July-Dec. 3 1954—Jan.-Jpne. July-Dec.. 1955_j a n ..j u n e 7 July-Dec, P. Monthly: 1954—Dec... 1955—Jan.. . Feb... Mar.. . Apr... May.. June 7. July.. Aug... Sept.. . Oct..., Nov.. . Dec. P. VetIntl. Inter- erans' affairs est on servDefense Mutual and public ices and Dept., security, Atomic finance debt benemilitary military energy fits ca- tion 65,408 74,274 67,772 764,570 42,867 50,276 46,522 40,989 38,077 43,611 40,336 35,730 2,292 3,956 3,629 81,895 1,648 1,791 1,895 1,856 2,839 2,184 1,553 81,175 5,859 6,504 6,382 6,389 4,952 4,334 4,249 4,405 1,672 1,801 1,882 1,821 665 435 -556 169 1,063 2,961 2,653 4,500 1,451 1,554 1,389 1,294 1,839 1,841 1,453 1,540 2,202 2,385 2,244 2,212 37,801 34,484 33,288 31,566 733,004 33,125 25,596 23,750 22,773 20,047 20,650 19,648 22,134 20,819 19,517 17,290 18,440 17,710 2,113 1,671 1,958 1,292 8 605 800 926 945 950 987 869 797 1,113 968 585 680 8787 644 3,542 2,816 3,567 3,000 3,389 3,322 2,115 2,110 2,139 2,114 2,292 2,358 n.a. n.a. n.a. 933 888 1,056 -27 -153 -402 67 101 71 2,172 1,130 1,521 1,722 2,775 2,775 733 788 601 752 543 567 770 919 535 854 684 1,066 n.a. n.a. n.a. 1,396 820 1,618 6,288 3,739 3,280 152 158 192 1,200 401 142 -59 236 117 121 198 4,942 4,831 5,894 5,228 5,356 76,753 5,382 6,225 5,340 5,355 5,172 5,651 3,176 3,048 3,759 3,382 3,346 3,939 2,863 3,420 3,611 3,161 3,116 3,477 3,092 2,705 3,261 3,020 3,017 3,345 2,547 3,111 3,372 2,729 2,828 3,124 -113 163 8 63 122 99 271 92 88 35 297 114 174 158 151 153 134 126 147 138 138 121 129 128 143 171 148 8109 222 396 478 355 443 1,495 592 522 529 542 542 595 379 365 386 383 381 398 364 434 363 364 426 408 178 135 137 170 144 124 179 175 164 216 169 154 38 40 -13 28 37 -29 30 2 -14 14 34 5 349 260 684 762 384 336 336 919 295 362 323 539 91 96 80 87 83 106 73 93 97 137 89 109 175 77 238 231 166 152 143 138 240 205 187 -128 179 135 652 333 52 297 155 128 P1 Preliminary. n.a. Not available. 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. 34 Beginning new reporting basis; see Treasury Bulletin, April 1954, p. A2. For a detailed description of components, see Treasury Bulletin. 5 Includes stockpiling of strategic and critical materials, direct forces and corn- Others muni- 78 184 97 56 95 60 153 156 125 114 95 109 83 support under the Mutual Security Program beginning 1954, and, prior to 1954, some other small expenditures not shown separately. 6 Includes expenditures for the function of finance, commerce, and industry, shown separately in Treasury Bulletin; for legislative and judicial functions; and for executive departments and other agencies not shown elsewhere. 78 Final figures for components are not available. Figures for reclassified items involving a shift between intl. affairs and finance and national security became available on a monthly basis beginning March 1955 and on an annual basis beginning fiscal year 1955. 152 FEDERAL FINANCE UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of United States Treasury. In billions of dollars] Public issues 3 Nonmarketable Marketable Total gross debti End of month Total gross direct debt 2 Total 1941 Dec 1945—Dec 1947 Dec 1950—Dec 1951 Dec 1952 Dec . 1953—Dec 1954 June Dec 1955 Jan Feb Mar. . Apr M^ay June July Aus Sept Oct Nov Dec 1956 Jan . . Convert- Bonds Total Bills Certificates of indebtedness Notes Bank eligible* Bank restricted 52.2 49.6 49.6 36.0 21.0 13.4 8.7 5.7 bonds Totals ings bonds 12.1 12.5 12.0 11.9 11.8 8.9 56.9 59.5 68.1 66.4 65.0 65.1 64.5 63.6 6.1 48.2 52.1 58.0 57.6 57.9 57.7 58.1 57.7 2.5 8.2 5.4 8.6 7.5 5.8 6.0 5.1 4.5 7.0 20.0 29.0 33.7 35.9 39.2 41.2 42 2 42.6 4.5 4.4 4.3 4.3 2.8 1.9 1.7 1.2 .4 .1 .1 42.3 42.0 42.1 41.7 42.2 43.3 43.3 44.2 43.9 43.7 44.0 43 9 64.3 278.7 257 0 256.7 259.5 267.4 275.2 271 3 278 8 57.9 278.1 256.9 256.7 259.4 267.4 275.2 271 3 278.8 50.5 255.7 225.3 220.6 221.2 226.1 231.7 226.7 233.2 41.6 198.8 165.8 152.5 142.7 148.6 154.6 150.4 157.8 2.0 17.0 15.1 13.6 18.1 21.7 19.5 19.5 19.5 38.2 21.2 5.4 29.1 16.7 26.4 18 4 28.5 6.0 23.0 11.4 39.3 18.4 30.3 31.4 32.0 28.0 33.6 68.4 68.4 44.6 41.0 58.9 63.9 71.8 76.1 278.5 278.2 274.1 276.7 277.5 274.4 277.6 278 4 277.5 279 9 280.2 280 8 278.4 278.2 274.0 276.6 277.5 274.4 277.6 278.3 277.5 279.8 280.1 280.8 233.4 233.5 229.1 232.2 232.6 228.5 231.6 231.5 231.0 233.6 233.6 233.9 157.8 157.8 153.4 156.6 158.4 155.2 158.6 158.9 159.5 162.5 162.6 163 3 19.5 19.5 19.5 19.5 19.5 19.5 19.9 20.3 20.8 20.8 20.8 22.3 28.5 21.5 17.7 20.9 17.0 13.8 16.0 9.0 9.0 12.0 12.0 15.7 28.0 35.3 35.0 35.0 40.7 40.7 40.7 47.6 47.7 47.8 47.8 43.3 81.8 81.5 81.1 81.1 81.1 81.1 81.9 81.9 81.9 81.9 81.9 81.9 11.8 11.7 11.7 11.7 11.7 11.7 11.7 11.6 11.5 11.4 11.4 11.4 63.8 64.0 64.0 64.0 62.5 61.6 61.4 61.0 60.0 59.6 59.6 59.2 58.0 58.2 58.4 58.3 58.3 58.4 58.4 58.5 58.3 58.3 58.3 57.9 280.1 280.0 233.6 163.3 22.3 15.7 43.4 81.9 11.3 58.9 57.6 1 Includes some debt not subject to statutory debt limitation (amounting to $472 million on Jan. 31, 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 $7,806 million on Dec. 31, 1955. Special issues Tax and savings notes (6) 43.6 * 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 64.3 278.7 257.0 256.7 259.5 267.4 275.2 271.3 7.0 20.0 29.0 33.7 35.9 39.2 41.2 42.2 1954_Nov Dec 278.9 278.8 1955_Jan Feb Mar Apr May June July Aug Sept Oct Nov 278.5 278.2 274.1 276.7 277.5 274.4 277.6 278.4 277.5 279.9 280.2 End of month 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. 2.6 7.0 5.4 5.5 6.4 6.7 7.1 7.1 54.7 251.6 222.6 217.5 217.2 221.6 226.9 222.0 2.3 24.3 22.6 20.8 23.8 24.7 25.9 25.0 21.4 90.8 68.7 61.8 61.6 63.4 63.7 63.6 3.7 10.7 12.0 10.9 9.8 9.5 9.2 9.1 8.2 24.0 23.9 18.7 16.5 16.1 15.8 15.3 4.0 22.2 14.1 19.7 20.7 19.9 21.0 16.4 .7 6.5 7.3 8.8 9.6 11.1 12.7 13.9 5.4 42.9 46.2 49.6 49.1 49.2 49.4 49.5 8.2 21.2 19.4 16.7 15.5 16.0 16.0 15.5 .9 9.1 8.4 10.5 10.6 11.7 13.2 13.7 42.4 42.6 7.1 7.0 229.5 229.2 24.9 24.9 69.7 69.2 8.8 8.8 15.0 15.0 19.3 19.3 13.8 13.8 49.9 50.0 14.3 14.2 13.8 13.9 42.3 42.0 42.1 41.7 42.2 43.3 43.3 44.2 43.9 43.7 44.0 7.2 7.2 7.3 7.2 7.2 7.3 7.3 7.3 7.3 7.4 7.6 229.0 229.0 224.7 227.8 228.1 223.9 227.0 226.8 226.3 228.8 228.6 23.9 23.6 23.6 23.6 23.7 23.6 24.1 23.8 23.8 24.0 24.3 68.7 66.9 64.2 65.8 64.8 63.5 63.8 62.7 62.1 62.7 61.6 Q.O 52 O 15.2 15.2 15.0 15.0 14.9 14.8 14.9 15.0 15.0 14.9 14.8 20.0 21.2 19.0 20.1 21.2 18.8 19.9 21.0 20.9 22.2 22.8 14.1 14.3 14.5 14.6 14.7 14.7 15.0 15.1 15.1 15.3 15.4 50.0 50.1 50.2 50.2 50.2 50.2 50.2 50.3 50.2 50.2 50.2 14.5 14.9 15.3 15.3 15.3 15.1 15.3 15.4 15.6 15.6 15.6 13.9 13.9 14.2 14.4 14.4 14.4 15.0 14.9 15.0 15.2 15.4 Includes the Postal Savings System. Includes holdings by banks in territories and insular possessions, which amounted to $300 million on June 30, 1955. Individuals Total 8.8 8.8 8.8 8.8 8.7 8.8 8.8 8.7 8.6 8.5 Other Savings bonds securities 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. 153 FEDERAL FINANCE UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, JANUARY 31, 19561 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate 2 Treasury bills Feb. 2,1956 Feb. 9,1956 Feb. 16, 1956 Feb. 23, 1956 Mar. 1,1956 Mar. 8, 1956 Mar. 15, 1956 Mar. 22, 1956 Mar. 23, 19563 Mar. 29, 1956 Apr. 5,1956 Apr. 12, 1956 Apr. 19, 1956 Apr. 26, 1956 Certificates Mar. 22, 19563 June 22, 19563 i vH 2 Issue and coupon rate lertificates—Cont. 1,602 June 22, 19563 1,600 Dec. 1,1956 1,600 1,600 Treasury notes 1,601 Mar. 15, 1956 1,600 Apr. 1,1956 1,601 Aug. 15, 1956 1,601 Oct. 1,1956 1,501 Mar. 15, 1957 1,603 Apr. 1,1957 1,602 May 15, 1957 1,601 Aug. 15, 1957 1,602 Oct. 1,1957 1,601 Apr. 1,1958 June 1,1958 Oct. 1,1958 2,202 Feb. 15, 1959 1,486 Apr. 1,1959 2% 2% 15/8 H/2 2 11/2 2?/8 n/2 1% 2 11/2 n/2 2?/s 11/2 1% n/2 Amount 2,970 9,083 Issue and coupon rate Treasury Oct. Apr. Oct. Amount notes—Cont. 1,1959 Wi 1,1960 W2 1,1960 iy 2 99 198 195 8,472 Treasury bonds 1,007 Mar. 15, 1956-58.. .2i/2 12,547 Sept. 15, 1956-59 4.. 2 34 550 Sept. 15, 1956-59... 214 2,997 Mar. 15, 1957-59.. .2% 531 June 15, 1958 2% 4,155 June 15, 1958-63 4.. 2% 3,792 Dec. 15, 1958 2i/2 824 June 15, 1959-62...214 383 Dec. 15, 1959-62... 2V4 2,282 Nov. 15, 1960 2i/8 121 Dec. 15, 1960-65 4.. 2% 5,102 Sept. 15, 1961 2V4 119 Nov. 15, 1961 21/2 1 Direct public issues. Sold on discount basis. See table on Money Market Rates, p. 145. 2 3 4 Issue and coupon rate Amount Treasury bonds—Cont. Aug. 15, 1963 2 June 15, 1962-67...2 Dec. 15, 1963-68...2 June 15, 1964-69... 2 Dec. 15, 1964-69... 2 Mar. 15, 1965-70.. .2 Mar. 15, 1966-71.. .2 June 15, 1967-72... 2 Sept. 15, 1967-72... 2 Dec. 15, 1967-72... 2 June 15, 1978-83... 3 Feb. 15, 1995 6,755 2,116 2,825 3,752 3,829 4,716 2,959 1,879 2,716 3,804 1,606 2,745 1,449 982 3,821 927 4,245 919 2,368 5,276 3,464 Panama Canal L o a n . . . . 3 3,806 1,485 Convertible bonds 2,239 Investment Series B Apr. 1, 1975-80.... 2% 11,177 50 11,298 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 and convertible securities, by type Type of holder and date Marketable securities, by maturity class Total Bills Certificates Notes Market- Convertible able bonds 2 bonds 159,675 162,216 169,599 166,882 173,991 173,988 19,707 19,515 19,506 19,514 20,812 20,812 15,854 18,405 28,458 13,836 12,017 12,017 30,425 31,960 28,033 40,729 47,797 47,817 81,349 80,474 81,835 81,128 81,918 81,915 6,899 6,985 6,918 7,162 7,263 7,472 106 46 51 40 112 319 30 41 4 8 13 4 23 64 46 119 123 134 3,300 395 378 556 576 3,577 Federal Reserve Banks: 1953—June 30 1954—June 30 Dec. 31 1955—June 30 Oct. 31 Nov. 30 24,746 25,037 24,932 23,607 24,024 24,256 1,455 2,316 2,204 886 1,303 1,278 4,996 6,600 13,882 8,274 2,520 2,640 13,774 13,029 6,044 11,646 17,400 17,537 4,522 3,093 2,802 2,802 2,802 2,802 Commercial banks: 1953—June 30. . 1954_june 30. . Dec. 31. . 1955—June 30. . Oct. 31. . Nov. 30. . 51,365 56,199 61,082 55,667 54,712 53,655 4,411 4,187 4,399 2,721 2,584 2,369 4,351 4,942 4,835 1,455 2,244 1,803 10,355 11,423 13,649 15,385 14,281 13,712 32,066 35,481 38,037 35,942 35,446 35,614 Mutual savings banks: 1953—June 30 1954—June 30 Dec. 31 1955—June 30 Oct. 31 Nov. 30 8,816 8,353 8,113 8,069 7,935 7,877 120 98 75 84 155 127 87 101 57 53 30 34 62 221 242 289 266 290 Insurance companies: 1953—June 30 1954—June 30 Dec. 31 1955—June 30 Oct. 31 Nov. 30 14,155 13,520 13,328 13,117 13,226 13,083 460 622 663 630 948 812 337 209 183 74 77 83 53,694 52,121 55,226 59,260 66,831 67,645 13,155 12,248 12,115 15,153 15,710 15,908 6,052 6,511 9,496 3,973 7,133 7,454 All holders: 1953—June 1954—June Dec. 1955—June Oct. Nov. 30. 30. 31. 30. 31. 30. U. S. Govt. agencies and trust funds: 1953—June 30 1954_j U ne 30 Dec. 31 1955—June 30 Oct. 31 Nov. 30 Other investors: 1 9 5 3 _ j u n e 30. 1 9 5 4 _ j u n e 30. Dec. 31. 1955—June 30. Oct. 31. Nov. 30. 1 Direct public issues. Includes minor amounts of Panama Canal and Postal Savings bonds. NOTE.—Commercial banks, mutual savings banks, and insurance com2 Total Within 1 year 1-5 years 5-10 Over 10 12,340 11,861 11,767 11,676 11,448 11,428 147,335 150,354 157,832 155,206 162,544 162,561 64,589 60,123 62,829 49,703 62,259 62,259 32,330 27,965 29,606 38,188 32,159 35,985 18,677 30,542 33,677 33,687 33,686 29,880 31,739 31,725 31,719 33,628 34,440 34,437 3,439 3,439 3,439 3,439 3,439 3,439 3,460 3,546 3,479 3,723 3,824 4,033 163 107 70 74 173 363 152 205 137 199 176 213 422 494 477 506 464 442 2,723 2,740 2,796 2,944 3,011 3,016 24,746 25,037 24,932 23,607 24,024 24,256 15,505 16,280 19,417 17,405 20,008 20,241 6 ,452 6 ,307 3 ,087 3 ,773 1 ,587 1 ,587 1,374 1,035 1,014 1,014 1,014 1,014 1,415 1,415 1,415 1,415 1,415 1,415 182 165 163 164 157 157 51,183 56,034 60,919 55,503 54,555 53,498 19,580 17,684 15,738 7,187 8,654 7,789 18 ,344 14 ,624 18 ,846 21 ,712 19 ,227 21 ,627 8,772 18,741 21,101 21,110 21,007 18,261 4,488 4,985 5,234 5,494 5,667 5,821 7,232 6,669 6,499 6,422 6,280 6,222 1,314 1,265 1,239 1,222 1,204 1,204 7,502 7,089 6,873 6,848 6,731 6,673 476 294 159 164 237 236 464 476 502 533 470 500 1,395 1,389 1,544 1,405 1,347 1,303 5,167 4,930 4,668 4,746 4,677 4,634 534 691 742 789 843 846 9,339 8,805 8,571 8,479 8,397 8,389 3,486 3,193 3,170 3,145 2,960 2,954 10,669 10,327 10,158 9,972 10,265 10,129 1,472 1,190 1,144 810 1,195 1,068 1,023 1,045 1,180 1,339 1.312 1,402 1,849 2,171 2,102 2,027 1,960 1,858 6,325 5,921 5,732 5,796 5,798 5,800 5,678 6,531 7,310 12,502 14,884 15,298 24,890 23,032 22,548 23,927 25,417 25,312 3,919 3,800 3,756 3,706 3,687 3,673 49,775 48,322 51,469 55,554 63,145 63,972 27,393 24,568 26,301 24,062 31,991 32,562 5,895 5,308 5,855 4,865 6,711 7,439 7,626 7,895 7,002 11,621 11,734 11,874 13,233 13,871 13,751 10,633 9,388 10,656 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. 154 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates. In millions of dollars] Proposed uses of net proceeds all corporate issuers 6 Gross proceeds, all issuers 2 Corporate Noncorporate Year or month Total FedU. S. eral 4 Govt. 3 agency 1939 1941 1945 5,687 15,157 54,712 1948 1949. 1950 1951 . 1952 1953 1954 1955 20 250 21,110 19,893 21.265 26,929 28 824 29,765 26,964 2,332 11,466 47,353 10,327 11,804 9,687 9 778 12,577 13 957 12 532 9,628 1954—Dec . . . 2 552 557 1955—Jan Feb 2 706 1,431 2 583 1 654 4,399 1 915 2 487 1 656 1 640 2,695 1,850 1,916 742 602 614 535 716 3,020 496 1,265 30 .... .. . Mar Apr May June July Aug Sept Oct. r r Nov Dec .. . New capital Bonds MiscellaneNew Total money 7 ous purposes State and mu- Others Total nicipal Total 2,164 2,667 6 011 1,980 2,390 4,855 1,276 1,578 3,851 167 758 110 1,041 397 1,347 325 26 811 1,004 868 1,080 28 133 7 078 6,052 6,361 7,741 9,534 8 898 289 9,516 177 10,454 5,973 4,890 4,920 5,691 7,601 7,083 7,488 7,637 2 965 2,437 2,360 2,364 3,645 3,856 4,003 4,175 3,008 2,453 2,560 3,326 3,957 3,228 3,484 3,462 492 425 614 736 6,652 5,558 4,990 7,120 8,716 8,495 7,490 9,014 5,929 4,606 4,006 6.531 8,180 7,960 6,780 8,110 234 315 Pre- ComPubPri- ferred mon licly vately stock stock offered placed 1,128 956 795 30 47 2 690 2,907 3,532 3 189 4,121 5 558 6 969 5,959 282 446 237 306 638 811 1,212 1,369 1,326 1,213 2,178 906 71 1,019 854 288 566 62 103 604 515 541 328 540 429 35 1 9 15 672 501 252 156 524 297 232 208 346 178 53 25 37 54 135 113 512 146 546 436 465 362 1 420 484 364 871 475 350 651 2 4 998 796 15 509 481 461 470 259 407 926 737 887 749 438 466 661 397 33 51 13 38 506 216 30 110 459 106 458 746 50 156 132 3 9 675 1,299 719 1,001 703 694 533 465 190 229 344 1,097 441 850 136 508 304 858 447 164 270 239 153 334 583 672 574 87 98 631 838 564 489 816 95 57 209 206 53 16 82 43 289 517 101 200 93 159 86 38 192 113 420 Retirement of bank debt, etc. 8 69 144 134 1,695 1,583 4 555 488 637 620 361 904 307 401 1,271 486 664 260 1,875 1,249 89 400 81 74 71 50 114 56 135 165 74 81 140 216 55 75 73 64 364 226 537 535 709 1,261 1,190 494 444 903 697 791 635 112 62 583 654 680 514 623 562 69 32 118 82 1,207 1,125 631 592 921 807 Retirement of securities 39 114 Proposed us ?s of net proceeds, major groups of corporate issu jrs Manufacturing Year or month RetireNew ment of secucapital 9 rities 2,126 1,347 1,026 2,846 3,712 2,128 2 044 2,561 1948 1949 1950 1951 1952 1953 1954 1955 Commercial and miscellaneous New capital 9 Retirement of securities Transportation New capital 9 54 44 149 221 261 90 190 517 382 310 474 462 512 502 831 801 21 28 63 56 24 40 93 73 691 784 609 437 758 553 501 528 Public utility RetireNew ment of secucapital 9 rities Communication Retirement of securities New capital 9 56 11 196 53 225 36 270 360 2,005 2,043 1,927 2,326 2,539 2,905 2,675 2,270 144 233 682 85 88 67 990 172 890 517 314 600 747 871 651 1,040 Real estate and financial RetireRetireNew ment of ment of secu- capital 9 securities rities 2 49 81 5 6 3 60 83 557 558 639 449 448 1,536 788 1,813 30 35 100 66 60 24 273 45 8 1954 Dec 123 64 132 4 52 18 153 305 43 1 100 1955 Jan . . . . Feb Mar Apr M^ay June July Aug Sept Oct r Nov r Dec 163 68 547 141 376 164 215 119 167 131 153 316 23 16 85 26 48 10 138 50 18 4 42 55 45 88 94 37 42 110 66 36 76 58 74 76 5 12 3 37 8 36 18 55 52 27 45 50 50 15 134 43 198 101 196 178 230 260 103 90 208 167 270 270 41 8 27 36 17 15 6 26 2 18 6 6 97 145 368 108 177 78 127 274 160 108 81 91 r 1 2 4 11 5 6 16 6 5 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. 4 Issues not guaranteed. 5 Includes foreign government, International Bank, and domestic eleemosynary and other nonprofit. 89 5 1 158 5 53 4 2 13 1 13 1 21 12 24 31 45 90 19 694 40 34 39 10 1 2 13 6 5 2 2 3 1 8 1 6 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 7 Includes proceeds for plant and equipment and working capital. 8 Includes proceeds for the retirement of mortgages and bank debt with original maturities of more than one year. Proceeds for retirement of short-term bank debts are included under the uses for which the bank debt was incurred. 9 Includes all issues other than those for retirement of securities. 155 BUSINESS FINANCE SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Quarterly Annual Industry 1955 1954 1949 1950 1951 1952 1953 1954 1 2 3 4 1 2 3 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 laxes 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 38,311 5,278 3,261 1,746 45,787 52,940 54,517 63,343 58,098 14,396 14,941 13,539 15,223 16,610 17,931 17,096 8,176 8,869 7,308 8,375 7,246 1,793 1,960 1,581 1,910 2,458 2,769 2,385 4,222 3,548 3,192 3,649 3,841 999 809 1,115 1,218 1,392 1,207 915 528 786 577 650 2,339 2,075 2,073 2,154 2,380 531 532 577 14,292 16,252 18,916 19,266 20,694 20,610 5,061 5,074 5,046 5,427 5,508 5,744 6,024 2,067 2,947 3,447 2 853 3,028 2,776 802 663 710 701 703 848 868 1,361 1,661 1,533 1,392 1,526 1,604 444 484 384 394 374 451 470 272 789 925 972 1,059 234 238 347 257 260 977 946 237 24,020 29,535 34,024 35,251 42,649 37,489 9,335 9,867 8,494 9,796 11,102 12,187 11,072 3,212 5,229 5,422 4,455 5,346 4,469 1,093 1,256 918 1,200 1,655 1,921 1,517 1,900 2,560 2,015 1,800 2,123 2,236 435 664 774 723 531 605 922 958 1,362 1,149 1,127 1,182 1,321 290 439 320 297 295 378 317 4,223 4,402 4,909 5,042 5,411 5,464 434 461 453 465 532 473 224 268 212 289 227 203 149 156 154 161 154 159 1,337 99 46 36 3,904 4,817 5,882 5 965 6,373 6,182 734 1,178 1,490 1,259 1,308 1,175 441 612 597 520 521 486 338 495 467 417 381 396 1,502 1,540 1,518 1,622 1,721 1,811 1,801 277 334 367 282 282 380 390 137 194 183 198 138 142 192 134 99 194 114 100 102 115 3 991 4 359 5 078 5 411 5 883 6,014 587 756 712 911 728 841 571 457 492 560 603 524 295 206 290 236 262 283 1,509 1,472 1,473 1,561 1,568 1,613 1,882 177 210 225 197 157 200 218 136 150 156 156 143 136 147 79 73 77 72 72 77 77 1,351 1,339 1,437 1,355 122 132 108 99 59 46 63 56 45 39 36 36 1,465 1,488 132 139 64 69 36 39 8,184 10,448 12,507 11,564 13,750 11,522 2,912 3,021 2,715 2,874 3,301 3,858 3,706 582 302 306 996 1 706 2,098 1 147 1,817 1,375 360 407 633 487 241 580 717 151 151 235 313 291 180 857 564 790 778 92 125 115 118 409 100 92 109 286 382 378 369 377 4,342 5,049 6,168 7,077 8,005 7,745 901 518 847 1,000 971 1 011 471 320 424 365 375 402 262 138 192 237 208 199 1,918 1,939 238 252 117 108 58 64 1,865 2,024 1,953 2,044 200 209 232 252 102 143 110 121 65 76 67 67 1,977 207 103 68 9,695 11,969 12,707 13,038 16,611 14,137 3,540 3,785 2,963 3,850 4,790 5,101 4,245 302 588 1,488 2,332 1,950 1,982 2,078 1,762 481 827 890 440 538 129 261 871 1 101 232 371 420 837 217 717 758 260 709 535 108 114 161 457 115 198 109 679 114 486 469 469 Public Utility Railroad: Operating revenue Profits before taxes Profits after taxes Dividends Electric power: Operating revenue Profits before taxes Profits after taxes Dividends Telephone: Operating revenue Profits before taxes Profits after taxes Dividends . . . . 1 Includes 26 companies in groups not shown textile mill products (10); paper and allied products 2 Includes 25 companies in groups not shown building materials (12); transportation equipment (6); and miscellaneous (7). 8,580 9,473 10,391 10,581 10,664 9,371 2,275 2,335 2,366 2,395 2,302 2,521 2,631 259 700 1,385 1,260 1,451 1,404 226 319 358 370 900 199 156 175 242 243 438 693 674 172 277 784 832 136 88 871 74 74 252 136 101 312 379 96 73 90 338 412 328 1,993 2,024 535 523 296 284 229 229 1,984 570 321 212 2,967 3,342 3,729 4,136 4,525 4,902 333 925 1,050 580 691 787 207 452 525 331 341 384 412 213 318 355 448 276 1,174 1,210 1,233 1,285 1,298 1,340 262 284 306 315 242 262 141 156 143 152 116 125 112 111 116 118 122 109 separately, as follows: (15); miscellaneous (1). separately, as follows: other than automobile 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 1,831 1,976 2,171 478 636 513 264 341 288 211 225 224 5,069 5,528 6,058 6,549 7,136 7,610 1,129 1,313 1,482 1,740 1,895 2,049 757 822 814 947 1 030 1,140 560 857 619 651 725 780 1,819 487 266 210 1,368 325 161 126 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). 156 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i [Securities and Exchange Commission estimates. In millions of dollars] [Department of Commerce estimates. In billions of dollars] Year or quarter Profits before taxes All types In- Profits Cash Undiscome after divi- tributed taxes taxes dends profits 1939 1945 6.4 19.0 1.4 10.7 5.0 8.3 3.8 4.7 1.2 3.6 1948.. 1949 1950 1951 1952 1953 1954 . 19551 32.8 26.2 40.0 41.2 35.9 38.3 34.0 43.2 12.5 10.4 17.8 22.5 19.8 21.3 17.1 21.7 20.3 15.8 22.1 18.7 16.1 17.0 17.0 21.5 7.2 7.5 9.2 9.1 9.0 9.3 10.0 11.1 13.0 8.3 12.9 9.6 C 7.1 7.7 c 7.0 10.4 1954_4 36.0 18.1 17.9 10.6 7.3 1955—1 2 3 41 40.9 43.0 44.5 44.5 20.5 21.6 22.3 22.3 20.4 21.4 22.2 22.2 10.2 10.7 11.0 12.6 10.2 10.7 11.1 9.6 Year or quarter Bonds and notes Stocks New RetireNew RetireNew RetireNet Net Net issues ments change issues ments change issues ments change 7,570 6,731 7,224 9,048 10,679 9,550 11,715 1,683 1,875 3,501 2 772 2,751 2,428 5,353 5,887 4,856 3,724 6,277 7,927 7,121 6,361 5,938 4,867 4,806 5,682 7,344 6,651 7,872 1,283 1,583 2,802 2,105 2,403 1,896 3,897 4 655 1 ,632 3 284 1 ,864 2 004 2 ,418 3 ,366 3 4 940 3 ,335 4 755 2 ,898 3 975 3 ,843 1954—3 4. . . . 3,027 3,097 1,314 1,892 1,714 2,314 1,205 2,075 938 1,354 1 377 721 1955—1. . . 2 3 3,014 2,891 2,895 1,295 1,484 1,427 1,719 1,681 1 407 1,802 1,468 1,838 702 767 923 979 1 034 1948 1949 1950 1951 1952 1953 . 1954 1 915 400 292 698 666 348 533 1,456 1 232 1 572 1 ,720 700 2 987 2 366 i 386 713 ,022 376 538 337 484 ,333 ,089 ,057 1 593 717 504 740 373 553 Reflects cash transactions only. As contrasted with data shown on p. 154, new issues c 1 Corrected. Preliminary estimates by Council of Economic Advisers. NOTE.—Quarterly data are at seasonally adjusted annual rates. I L .A W U U H 1 V K,J£J^*>^ V ^ A . A^kJMV^) V V A A V + - M1UV O V V U l l t l V of issues for that purpose shown on p. 154, CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i [Securities and Exchange Commission estimates. In billions of dollars] Current liabilities Current assets End of year or quarter Net working capital Total Cash Notes and accts. receivable U.S. Govt. securities Inventories Notes and accts. payable Other Other Other Federal income tax liabilities 21.9 24.8 1.2 10.4 6.9 9.7 11.5 9.3 16.7 21.3 18.1 19.2 13.5 14.0 14.9 16.5 18.7 19.3 Total U.S. Govt. 2 Other U. S. Govt. 2 22.1 23.2 18.0 26.3 1.4 2.4 30.0 45.8 .0 .9 1.6 .4 1.3 2.3 1939... 1945 24.5 51 6 54.5 97.4 10.8 21.7 2.2 21.1 .0 2.7 1948 1949 1950 1951 1952 1953 68 6 72.4 81.6 86.5 90.1 92 6 133.0 133.1 161.5 179.1 186.2 189.6 25.3 26.5 28.1 30.0 30.8 30.9 14.8 16.8 19.7 20.7 19.9 21.0 1.1 2.7 2.8 4 2.4 4 3.0 55.7 58.8 64.6 2.6 64.8 48.9 45.3 55.1 64.9 65.8 67.9 2.4 64.4 60.7 79.8 92.6 96.1 97.0 1954—4. . . . 95.8 187.3 31.7 19.3 2.4 66.2 65.1 2.6 91.5 2.4 54.0 15.7 19.4 98.1 100.6 102.3 187.9 190.1 198.9 30.3 30.8 31.3 19 0 18.8 20.6 2.2 2.1 2.2 67.8 70.1 74.5 65.8 65.5 67.3 2.8 2.8 3.0 89.8 89.6 96.6 2.5 2.3 2.2 54.2 54.9 58.0 13.4 12.1 15.3 19.7 20.1 21.0 1955—1 2. . 3 1 1.4 1.7 2.1 2.4 3 ?.3 37.5 47.9 53.6 57.0 2.2 56.3 2 Receivables from, and payables to, the U. S. Government exclude amounts offset against each other on corporations' books. Excludes banks and insurance companies. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars] Year Total Manufacturing Transportation Mining Railroad Public Comutili- muni- Other 2 cations ties 5.5 8.7 1.9 4.0 .3 .4 .3 .5 .4 .6 .5 .5 .3 1.8 2.4 1948 1949 1950 1951 1952 1953 1954 19554 22.1 19.3 20.6 25.6 26.5 28.3 26.8 28.3 9.1 7.1 7.5 10.9 11.6 11.9 11.0 11.3 .9 .8 .7 .9 1.0 1.0 1.0 .9 1.3 1.4 1.1 1.5 1.4 1.3 .9 .9 1.3 .9 1.2 1.5 1.5 1.6 1.5 1.6 2.5 3.1 3.3 3.7 3.9 4.6 4.2 4.4 1.7 1.3 l.l 1.3 1.5 1.7 I 7 5.2 4.7 5.7 5.9 5.6 6.3 6 5 2 Corporate and noncorporate business, excluding agriculture. Includes trade, service, finance, and construction. Total Other 1939 1945 1 Quarter 3 4 S .1 Manufactur- Transing portaand tion mining Public All utilities other 3 6.3 6.9 6.6 7.0 2.8 3.1 2.9 3.2 .6 .6 .6 .6 .9 1.1 1.1 1.1 1.9 2.1 2.1 2.1 1955—1 2 3 44 5.8 7.0 7.4 8.0 2.4 3.0 3.1 3.6 .5 .6 .6 .7 .8 1.1 1.2 1.3 2.0 2.3 2.5 2.3 1956—14 7.3 3.3 .8 1.0 2.2 1954—1 2 3 4 , , Includes communications and other. Anticipated by business. 157 REAL ESTATE CREDIT MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties End of year or quarter All holders Other holders Financial insti- Selected Inditutions Federal viduals agenand cies others 1- to 4-family houses Multi-family and commercial properties l Financial institutions Other holders Total Financial institutions 11.2 12.2 7.2 6.4 12.9 12.2 25.0 28.5 35.4 41.0 46.8 53.5 62.4 74.2 9.1 9.8 10.7 11.7 12.5 13.2 14.5 17.6 19.5 21.6 23.9 25.6 27.4 29.7 32.4 57.2 59.7 62.4 12.6 12.9 13.2 28.3 29.0 29.7 10.9 12.3 13.9 15.9 17.2 18.5 20.0 21.8 19.1 19.5 20.0 65.0 68.2 71.4 74.2 13.5 13.8 14.2 14.5 30.3 31.0 31.8 32.4 20.4 20.9 21.4 21.8 All holders Total 17.8 18.7 19.8 20.7 21.9 23.3 25.0 27.5 31.2 30.8 50.9 57.1 66.7 75.6 84.0 93.4 105.4 121.1 18.4 18.6 33.3 37.6 45.2 51.7 58.4 66.0 75.7 88.7 2.7 2.7 2.8 24.1 24.5 25.0 98.2 101.6 105.4 2.9 3.0 3.0 3.1 25.5 26.3 27.0 27.5 108.7 113.1 117.4 121.1 69.9 72.7 75.7 78.5 82.1 85.6 88.7 20.7 21.0 2.0 1948 1949 1950 1951 1952 1953 1954 1955^ 37.6 35.5 56.2 62.7 72.8 82.2 91.2 101.0 113.5 130.2 37.8 42.9 51.6 59.5 66.8 75.0 85.7 99.7 .6 1.1 1.4 2.0 2.4 2.8 2.8 3.1 1954—June.. Sept.. Dec... 106.2 109.7 113.5 79.5 82.5 85.7 1955—Mar.. June.. Sept.p Dec.P. 117.2 121.9 126.3 130.2 88.7 92.6 96.3 99.7 1941 1945 Farm Nonfarm 14.9 13.7 P1 Preliminary. Derived figures, which include negligible amount of farm loans held by 2 savings and loan associations. Derived figures, which include debt held by Federal land banks and Farmers Home Administration. NOTE.—Figures for first three quarters of each year are Federal Reserve estimates. Financial institutions include commercial banks (including nondeposit trust companies but not trust departments), mutual savings banks, life insurance companies, and savings and loan associations. 7.4 Other holders All holders Financial Other insti- holders2 tutions 4.8 4.7 6.7 7.2 7.6 8.0 8.3 8.9 9.7 10.6 6.4 4.8 5.3 5.6 6.1 6.6 7.2 7.7 8.2 9.1 1.5 1.3 4.9 3.4 1.9 2.1 2.3 2.6 2.8 3.0 3.3 3.7 3.4 3.5 3.7 4.0 4.3 4.6 4.9 5.4 9.2 9.4 9.7 8.0 8.1 8.2 3.2 3.2 3.3 4.8 4.9 4.9 10.2 10.4 10.6 8.4 8.8 9.0 9.1 3.4 3.5 3.6 3.7 5.1 5.3 5.4 5.4 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, Home Loan Bank Board, Institute of Life Insurance, Departments of Agriculture and Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of the Currency, and Federal Reserve. MORTGAGE LOANS HELD BY BANKS i [In millions of dollars] Mutual savings bank holdings 3 Commercial bank holdings 2 Residential End of year or quarter Total Total FHAinsured VAguaranteed Residential Conventional Other nonfarm Farm Total Total FHAinsured VAguaranteed 4,906 4,772 3,292 3,395 1,048 856 566 521 1948 1949 1950 1951 1952 1953 1954 1955^ 10,897 11,644 13,664 14,732 15,867 16,850 18,573 21,150 8,066 8 676 10,431 11,270 12,188 12,925 14,152 15,995 874 909 3,421 3,675 3,912 4,106 4,595 2,921 3,012 3,061 3,350 3,720 4,929 5,501 5,951 6,695 7,680 1,957 2,060 2,264 2,458 2,621 2,843 3,263 3,830 ,004 ,058 ,082 ,159 ,325 5,806 4,758 6,705 5,569 8,261 7,054 9,916 8,595 11,379 9,883 12,943 11,334 15,007 13,211 17,480 15,610 2,567 3,168 3,489 3,800 4,230 1,726 2,237 3,053 4,262 5,792 1^54—Tune Sept Dec 17,382 13,232 17,920 13,655 18,573 14,152 3,962 4,020 4,106 3,117 3,235 3,350 6,153 6,400 6,695 3,010 3,115 3,263 ,140 13,881 12,181 ,150 14,415 12,665 ,159 15,007 13,211 3,659 3,725 3,800 1955—Mar June . . Sept.p Dec." 19,125 19,940 20,625 21,150 4,205 4,361 4,485 4,595 3,450 3,601 3,685 3,720 6,880 7,166 7,430 7,680 3,385 3,549 3,735 3,830 ,205 ,263 290 ,325 13,745 14,339 15,000 15,610 3,895 4,000 4,125 4,230 1941 1945 14,535 15,128 15,600 15,995 ^Preliminary. 1 Includes all banks in the United States and possessions. 2 Includes loans held by nondeposit trust companies but excludes holdings of trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member Bank Call Report and from weekly reporting member banks. 3 Figures for 1941 and 1945, except for the grand total, are estimates based on Federal Reserve preliminary tabulation of a revised series of QfiS 4,812 4,208 15,560 16,173 16,855 17,480 Conventional Other nonfarm Farm 4,303 4,477 4,792 5,149 5,588 900 797 1,015 1,099 1,164 1,274 1,444 1,556 1,740 1,809 28 24 34 37 44 47 53 53 56 61 3,579 3,900 4,262 4,942 5,040 5,149 1,645 1,695 1,740 55 55 56 4,600 4,976 5,385 5,792 5,250 5,362 5,490 5,588 1,758 1,775 1,795 1,809 57 59 60 61 3,884 3,387 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. 158 REAL ESTATE CREDIT MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES [In millions of dollars] Loans outstanding (end of period) Loans acquired Nonfarm Nonfarm Year or month Total Total 1941 1945 976 1948 1949 1950 1951 1952 1953 1954 1955 3,407 3,430 4,894 5,134 3,978 4,345 C 5.344 6,620 3,114 3,123 4,532 4,723 3,606 3,925 C 4,931 6,107 1,202 1,350 1,486 1,058 630 588 62 521 479 69 480 431 71 525 519 488 536 481 478 454 503 66 77 76 71 72 77 513 485 80 c 1954—Dec 1955 Jan 495 563 Feb Mar Apr May June July AUK Sept 578 545 857 Oct Nov. Dec FHAinsured 443 493 535 514 811 864 817 C 672 971 76 86 150 VAguaranteed 366 131 938 1,294 c 429 455 l,378 1,843 c 207 161 1,546 1,642 2,108 2,371 2,313 2,653 C 2,881 3,293 293 307 362 411 372 420 413 513 C C 319 42 42 249 259 262 52 70 128 232 49 135 151 118 140 270 256 264 286 44 41 34 33 127 278 28 118 154 160 155 296 Total Farm Total FHAinsured 6 442 6,636 5,529 5,860 1,394 10,833 12,906 16,102 19,314 21,251 23,322 C 25,976 29,433 9,843 11,768 14,775 17,787 19,546 21,436 C 23,928 27,166 2,381 3,454 4,573 5,257 5,681 6,012 C 6,116 6,410 C Other 43 31 46 299 273 365 C 25,976 <-23,928 26,223 26,474 26,727 26,949 27,217 27,483 27,748 28,001 28,250 28,563 28,868 29,433 24,171 24,405 24,629 24,824 25,067 25,310 25,551 25,787 26,025 26,320 26,613 27,166 Farm VAguaranteed Other 4,714 4,466 913 776 1,104 1,223 2,025 3,130 3,346 3,560 C 4,643 6,075 6,358 7,091 8,177 9,400 10,519 11,864 C 13,169 14,681 1,138 1,327 1,527 1,705 1,886 c 2,048 2,267 C C c 815 6,116 6,132 6,156 6,166 6,171 6,200 6,202 6,225 6,244 6,260 6,289 6,328 6,410 4,643 4,771 4,861 4,982 5,070 5,168 5,297 5,373 5 468 5,573 5,692 5,808 6,075 13,169 13,268 13,388 13,481 13,583 13,699 13,811 13,953 14,075 14,192 14,339 14,477 14,681 990 2,048 2,052 2,069 2,098 2,125 2,150 2,173 2,197 2,214 2,225 2,243 2,255 2,267 c Corrected. 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 edger assets whereas year-end figures represent annual statement asset values, and because data for year-end adjustments are more complete. Source.—Institute of Life Insurance; end-of-year figures are from Life Insurance Fact Book, and end-of-month figures from the Tally of Life Insurance Statistics and Life Insurance News Data. MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS [In millions of dollars] [Number in thousands; amounts in millions of dollars] Loans outstanding (end of period) Loans made Year or month Total i New construction Home purchase Total 2 437 181 581 1,358 4,578 5,376 FHAinsured VAConguarvenanteed tional 2 Total i Savings & loan assns. Insurance companies Commercial banks Mutual savings banks 404 250 1,166 1,097 218 217 4,732 5,650 1,490 2,017 7,345 8,313 9,812 11,530 14,047 16,877 20,257 24,263 1948. 1949. 1950. 1951. 1952. 1953. 1954. 1955. 2,535 2,488 3,032 2,878 3,028 3,164 3,458 3,913 11,882 11,828 16,179 16,405 18,018 19,747 22,974 28,484 3,629 3,646 5,060 5,295 6,452 7,365 8,312 10,452 1,016 1,046 1,618 1,615 1,420 1,480 1,768 1,932 2,664 2,446 3,365 3,370 3,600 3,680 4,239 5,617 745 750 1,064 1,013 1,137 1,327 1,501 1,858 4,714 20,257 Dec. 318 2,267 784 191 420 158 284 277 343 328 344 360 335 366 342 326 314 293 2,024 1,958 2,455 2,357 2,483 2,636 2,463 2,697 2,522 2,387 2,316 2,188 688 702 928 900 950 1,024 953 1,060 946 835 765 700 165 151 174 165 163 174 161 163 155 153 152 156 379 365 458 456 482 516 472 521 505 505 499 457 128 116 134 136 153 171 168 179 168 167 171 166 1948.... 1949.... 1950.... 1951.... 1952.... 1953.... 1954.... 1955.... 3,607 3,636 5,237 5,250 6,617 7,767 8,969 11,413 1,046 1,083 1,767 1,657 2,105 2,475 3,076 4,025 1,710 1,559 2,246 2,357 2,955 3,488 3,846 5,243 563 10,305 11,616 717 13,622 841 15,520 864 18,336 904 21,882 1,044 26,142 1,171 31,584 14,09 2,397 2,586 2,969 3,125 3,385 3,961 4,714 5,912 853 295 369 26,142 1,171 1954 1954 1955 1955 744 775 1,026 1,016 1,069 1,157 1,054 1,171 1,012 880 782 727 252 265 386 380 395 418 371 416 342 303 261 236 326 340 427 430 470 536 494 553 503 426 385 353 27,313 1,232 4,946 21,135 28,988 1,283 5,318 22,387 30,616 1,350 5,649 23,617 3^584 i,'4O9 5^912 24;263* 1 Includes loans for other purposes (for repair, additions and alterations, refinancing, etc.) not shown separately. 2 Excludes shares pledged against mortgage loans. Source.—Home Loan Bank Board. Number 1,628 1,639 1,379 1,913 Jan Feb Mar Apr May.... June.... July Aug Sept Oct Nov Dec Year or month 1941. 1945. 1941.... 1945.... Dec Amount, by type of lender Jan.. Feb.. Mar.. Apr.. May., June. July.. Aug.. Sept.. Oct.. . Nov.. Dec. i Includes amounts for other lenders, not shown separately. Source.—Home Loan Bank Board. 159 REAL ESTATE CREDIT GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] VA-guaranteed loans FHA-insured loans Home mortgages Year or month Total New properties Existing properties Home mortgages PropProjerty ectimtype provemortment2 gages ! loans 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 1,021 1,157 582 322 259 232 76 614 594 694 708 848 1,334 891 646 1,881 1,426 3,072 3.,614 2,738 3,064 4,257 7,156 New properties Governmentunderwritten Existing properties 793 1,865 2,667 1,824 2,045 2,686 4,582 629 1,202 942 890 1,014 1,566 2,564 1954—Dec, 287 92 109 23 63 556 337 219 309 274 324 294 284 C 333 .283 350 347 338 345 326 107 89 109 93 93 107 92 113 113 113 122 118 145 138 160 151 136 163 138 166 162 160 154 144 5 12 9 5 3 5 3 4 9 2 11 10 52 36 46 45 51 622 566 532 515 548 553 520 617 590 717 755 620 390 357 345 319 341 348 332 386 378 461 511 413 231 209 186 195 207 204 187 230 211 255 243 206 50 67 64 63 59 55 Corrected. Monthly figures do not reflect mortgage amendments included in annual totals. These loans are not ordinarily secured by mortgages. 3 Includes a small amount of alteration and repair loans, not shown separately; only such loans in amounts of more than $1,000 need be secured. NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed loans, gross amount of loans closed. Figures do not take account of principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on number and average amount of loans closed. Sources.—Federal Housing Administration and Veterans Administration. 1 2 FHA- VAguarinsured anteed 1945... 18 6 43 4 1 .2 14.3 1948 . 1949 1950 1951. 1952 1953 1954 12.5 15.0 18.9 22.9 25 4 28.1 32.1 38.8 5.3 6.9 1955P 33.3 37.6 45.2 51.7 58 4 66.0 75.7 88.7 9.7 10 8 12.0 12.8 14.3 7.2 8.1 10.3 13.2 14.6 16.1 19.3 24.5 20.8 22.6 26.3 28.8 33.0 37.9 43.6 49.9 1954_j u n e Sept Dec 69.9 72.7 75 7 29.7 30.5 32 1 12.4 12.6 12 8 17.3 17.9 19 3 40.2 42.2 43 6 1955—Mar June Sept." Dec? 78.5 82.1 85.6 88.7 33.5 35.3 37.0 38.8 13.2 13.5 13.9 14.3 20.3 21.8 23.1 24.5 45.0 46.8 48.6 49.9 8.6 P Preliminary. NOTE.—For total debt outstanding, figures for first three quarters of year are Federal Reserve estimates. For conventional, figures are derived. Sources.—Home Loan Bank Board, Federal Housing Administration, Veterans Administration, and Federal Reserve. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY i FEDERAL HOME LOAN BANK LENDING [In millions of dollars] [In millions of dollars] Mortgage holdings End of year or month Total Mortgage transactions (during period) FHAinsured VAguaranteed Purchases Sales Commitments undisbursed 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 1,178 1,646 1,922 1,841 1,632 1,714 198 672 1,044 677 538 542 614 411 20 469 111 56 221 525 62 227 824 485 239 323 638 476 76 1954—Dec 2,434 802 1,632 64 15 476 1955_jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 817 832 839 855 860 867 868 876 871 891 896 901 1,645 1,656 1,673 1,690 1,702 1,700 1,699 1,696 1,693 1,695 1,700 1,714 48 48 54 58 39 21 15 19 11 42 27 30 10 8 18 11 7 3 1 1 1 1 1 0 418 359 287 215 163 127 116 104 105 83 80 76 1 Operations beginning Nov. 1, 1954, are on the basis of FNMA's new charter, under which it maintains three separate programs: secondary market, special assistance, and management and liquidation. Source.—Federal National Mortgage Association, Advances outstandin (end of period) Advances Year or month 1945 1948 1949 1950 1951 1952 1953 1954 1955 1955 Jan Feb Mar 2,462 2,488 2,512 2,545 2,562 2,567 2,567 2,573 2,564 2,587 2,596 2,615 Conventional Total Total 1955—Jan.. Feb.. Mar. Apr., May, June, July. Aug. Sept. Oct.. Nov. Dec. <=58 End of year or quarter Apr Mav June July Aug Sept Oct Nov Dec 1956 Jan .. Repayments Total Short-1 term Long-2 term 195 515 433 816 806 176 257 231 547 508 19 258 202 269 298 565 634 299 317 255 426 278 360 256 675 423 213 280 337 292 433 586 728 528 640 864 952 734 867 1,251 818 702 1,417 612 991 38 34 188 63 717 688 491 466 226 223 71 85 58 33 702 754 464 497 238 257 104 37 821 542 279 237 152 42 107 715 748 302 313 156 30 115 90 27 21 60 40 109 56 1,017 1,061 1,187 1,275 1,344 1,364 1,417 42 213 1,246 822 365 885 932 390 All 875 991 489 426 833 413 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.—Home Loan Bank Board. 160 CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars] Instalment credit Total End of year or month 1939 1941 1945 . 1949 1950 1951 1952 1953 1954 1955 1955 . Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec .... .. . Other consumer goods paper i Total Automobilel paper 7,222 9,172 5,665 4,503 6,085 2,462 1,497 2,458 455 1,620 1,929 816 17,104 20 813 21,468 25,827 29,537 30,125 36,225 11,516 14,490 14,837 18,684 22,187 22,467 27,895 4,699 6 342 6,242 8,099 10,341 10,396 14,312 3,486 4 337 4,270 5,328 5 831 5,668 6,435 29,760 29,518 29,948 30,655 31,568 32,471 32,896 33,636 34,293 34,640 35,059 36,225 22,436 22,508 22,974 23,513 24,149 24,914 25,476 26,155 26,699 26,963 27,247 27,895 10,459 10,641 11,053 11,482 11,985 12,561 13,038 13,547 13,929 14,095 14,172 14,312 5,609 5 484 5,479 5,492 5 555 5,639 5,676 5 762 5,848 5,917 6,057 6,435 1 Includes all consumer instalment credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased, whether held by retail outlets or financial institutions. Includes credit on purchases by individuals of automobiles or other consumer goods that may be used in part for business. 2 Includes only repair and modernization loans held by financial institutions ; holdings of retail outlets are included in other consumer goods paper Noninstalment credit Repair and modernization loans 2 298 376 182 887 006 ,090 ,406 649 1-,616 ,641 ,574 550 ,530 ,534 546 ,562 ,570 ,589 ,611 ,627 ,634 ,641 Singlepayment loans Charge accounts Service credit Personal loans Total 1,088 1,322 1,009 2,719 3,087 3,203 787 845 746 1,414 1,645 1,612 518 597 845 2,444 2 805 3,235 3,851 4,366 4,787 5,507 5,588 6,323 6,631 7,143 7,350 7,658 8,330 1,532 1,821 1,934 2,094 2,219 2,420 2,776 2,680 3 006 3,096 3,342 3 411 3,518 3,797 1.376 ,496 ,601 ,707 ,720 ,720 ,757 4,794 4,833 4,912 5,005 5,063 5,152 5,192 5,257 5,311 5,324 5,384 5,507 7,324 7,010 6,974 7,142 7,419 7,557 7,420 7,481 7,594 7,677 7,812 8,330 2,371 2,427 2,481 2,496 2,589 2,686 2,595 2,629 2,657 2,666 2,757 2,776 . 3,225 2 831 2,735 2,859 3 011 3,040 2,991 3,019 3,108 3,218 3,285 3,797 ,728 ,752 ,758 ,787 ,819 ,831 ,834 ,833 ,829 ,793 ,770 ,757 NOTE.—Monthly figures for the period December 1939 through 1951 and a general description of the series are shown on pp. 336-354 of the BULLETIN for April 1953. Revised monthly figures are shown in later BULLETINS: 1952, November 1953, p. 1214; 1953, November 1954, p. 1212. A detailed description of the methods used to derive the estimates may be obtained from Division of Research and Statistics. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Total instalment credit Total Commercial banks Sales' finance companies 1939 1941 1945 4,503 6,085 2,462 3,065 4,480 1,776 1,079 1,726 1,197 1,797 745 300 1949 1950 1951 1952 1953 1954 1955 11 516 14,490 14,837 . . . 18,684 22,187 . . . . 22,467 27,895 9 247 11,820 12,077 15,410 18,758 18,935 23,863 4 439 5,798 5,771 7,524 8,998 8,633 10,347 2 950 3,785 3,769 4,833 6,147 6,421 8,938 590 635 837 1,124 1,293 1,580 22,436 . . . . 22,508 22 974 23,513 24,149 24 914 25,476 26,155 .. 26,699 26,963 27,247 27,895 18,977 19,153 19 613 20,127 20,718 21 432 21,980 22,605 23,101 ?3 324 23,524 23,863 8,651 8,688 8,844 9,020 9,228 9,495 9,656 9,871 10,060 10,145 10,227 10,347 6,462 6,570 6,808 7,077 7,390 7,747 8,087 8,422 8,667 8,771 8,825 8,938 1,282 1,298 1,330 1,360 1,395 1,434 1,458 1,495 1,528 1,547 1,556 1,580 End of year or month 1955 . Jan Feb Mar ... Apr May June July Aug Sept Oct Nov Dec . i Includes mail-order houses. Retail outlets Department stores* Furniture stores Household appliance stores 686 354 320 131 439 496 240 183 206 17 123 188 28 1 420 1,647 1 902 2,216 2,489 2,588 2 998 2,269 2,670 2,760 3,274 3,429 3,532 4,032 595 724 168 239 543 743 920 1,117 1,040 1,201 1,423 791 760 866 903 890 956 239 207 244 291 293 297 284 255 308 380 394 556 613 618 739 815 754 800 2,582 2,597 2 631 2,670 2,705 2 756 2,779 2,817 2,846 2 861 2,916 2,998 3,459 3,355 3,361 3,386 3,431 3,482 3,496 3,550 3,598 3,639 3,723 4,032 1,158 1,108 1,123 1,138 1,150 1,160 1,155 1,167 1,191 1,203 1,251 1,423 862 848 838 834 842 851 856 871 878 889 291 286 280 278 277 279 281 284 283 281 397 404 420 437 457 481 501 523 538 546 751 709 700 699 705 711 703 705 708 720 909 956 284 297 550 556 729 800 Credit unions Other Total 132 198 102 657 759 629 1,438 1,605 438 Automobile dealers 2 Other 339 395 270 2 Includes only automobile paper; other instalment credit held by automobile dealers is included with other retail outlets. CONSUMER CREDIT 161 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, BY TYPE OF CREDIT INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] End of year or month Total instalment credit Automobile paper Purchased Direct Other consumer goods paper Repair and modernization loans Personal loans 1939 1941 1945 1,079 1,726 745 237 447 66 178 338 143 166 309 114 135 161 110 363 471 312 1949 1950 1951 1952 1953 1954 1955 4,439 5,798 5,771 7,524 8,998 8,633 10,347 849 1,177 1,135 1,633 2,215 2,198 2,976 946 1,294 1,311 1,629 1,867 1,645 2,099 ,016 ,456 ,315 ,751 ,078 ,839 ,099 715 834 888 1,137 1,317 1,275 1,279 913 1,037 1,122 1,374 1,521 ',676 ,894 1955—Jan.. Feb., Mar. Apr. May June July. Aug. Sept. Oct.. Nov. Dec. 8,651 8,688 8,844 9,020 9,228 9,495 9,656 9,871 10,060 10,145 10,227 10,347 2,208 2,241 2,309 2,371 2,466 2,591 2,656 2,765 2,842 2,901 2,935 2,976 1,656 1,680 1,751 1,818 1,880 1,940 1,995 2,041 2,088 2,090 2,087 2,099 ,859 ,845 ,846 ,842 ,865 ,897 ,921 ,950 ,986 2,009 2,052 2,099 1,241 1,219 1,201 1,205 1,211 1,223 1,231 1,243 1,259 1,273 1,275 1,279 ,687 ,703 ,737 ,784 ,806 ,844 ,853 ,872 ,885 ,872 ,878 1,894 Other consumer goods paper Repair and modernization loans Total instalment credit Automobile paper 1939 1941 1945 1,197 1,797 300 878 1,363 164 115 167 24 148 201 58 56 66 54 1949 1950 1951 1952 1953 1954 1955 2,950 3,785 3,769 4,833 6,147 6,421 8,938 2,425 3,257 3,183 4,072 5,306 5,563 7,939 303 313 241 332 367 351 416 83 57 70 82 83 81 139 158 275 347 391 426 498 ,462 ,570 ,808 ,077 ,390 ,747 ,087 ,422 ,667 ,771 ,825 ,938 5,603 5,709 5,945 6,207 6,512 6,857 7,180 7,496 7,729 7,822 7,860 7,939 350 349 348 348 353 361 372 384 392 398 403 416 79 78 76 76 77 78 78 80 81 82 83 85 430 434 439 446 448 451 457 462 465 469 479 498 End of year or month 1955—Jan.... Feb.. . Mar... Apr... May. . June.. July... Aug... Sept... Oct.... Nov... Dec.. . INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS OTHER THAN COMMERCIAL BANKS AND SALES FINANCE COMPANIES, BY TYPE OF CREDIT Personal loans NONINSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] End of year or month Total instalment credit Automobile paper Other consumer goods paper Repair and modernization loans Personal loans 1939 1941 1945 789 957 731 81 122 54 24 36 20 15 14 14 669 785 643 1949 1950 1951 1952 1953 1954 1955 1,858 2,237 2,537 3,053 3,613 3,881 4,578 240 330 358 457 573 596 742 137 182 209 279 337 340 444 89 115 132 187 249 260 277 1,392 1,610 1,838 2,130 2,454 2,685 3,115 1955_jan.. Feb. Mar. Apr. May June July. Aug. Sept. Oct.. Nov Dec. 3,864 3,895 3,961 4,030 4,100 4,190 4,237 4,312 4,374 4,408 4,472 4,578 595 607 628 649 670 692 706 722 732 736 740 742 338 339 344 353 363 380 388 401 410 417 429 444 254 253 253 253 258 261 261 266 271 272 276 277 2,677 2,696 2,736 2,775 2,809 2,857 2,882 2,923 2,961 2,983 3,027 3,115 NOTE.—Institutions included are consumer finance companies (operating primarily under State small-loan laws), credit unions, industrial loan companies, mutual savings banks, savings and loan associations, and other lending institutions holding consumer instalment loans. End of year or month Total noninstalment credit Financial institutions (single-payment loans) Retail outlets (charge accounts) Service credit Commercial banks Other Department stores i Other 1939 1941 1945 2,719 3,087 3,203 625 693 674 162 152 72 236 275 290 1,178 1,370 1,322 518 597 845 1949 1950 1951 1952 1953 1954 1955 5,588 6,323 6,631 7,143 7,350 7,658 8,330 1,334 1,576 1,684 1,844 1,899 2,085 2,393 198 245 250 250 320 335 383 584 641 685 730 • 748 764 825 2,096 2,365 2,411 2,612 2,663 2,754 2,972 1,376 1,496 1,601 1,707 1,720 1,720 1,757 7,324 7,010 6,974 7,142 7,419 7,557 7,420 7,481 7,594 7,677 7,812 8,330 2,048 2,085 2,114 2,165 2,199 2,303 2,268 2,277 2,273 2,311 2,348 2,393 323 342 367 331 390 383 327 352 384 355 409 383 623 535 507 526 532 518 474 475 519 562 618 825 2,602 2,296 2,228 2,333 2,479 2,522 2,517 2,544 2,589 2,656 2,667 2,972 1,728 1,752 ,758 ,787 ,819 ,831 ,834 ,833 ,829 ,793 .770 ,757 1955—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 1 . . Includes mail-order houses. 162 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID [Estimates of short- and intermediate-term credit, in millions of dollars] Other consumer goods paper Automobile paper Tot ai Repair and modernization loans Personal loans Year or month Extended Repaid Extended Repaid Extended Repaid 1941 1945 9,425 5,379 8,854 5,093 3,823 999 3,436 941 2,929 2,024 2,827 1,999 312 206 1949 1950 1951 1952 1953 1954 1955 18 002 21 256 22,791 28,397 30 321 29 304 37,172 15 454 18 282 22,444 24,550 26 818 29,024 31,744 7 182 8 928 9,362 12,306 13 621 12,532 17,748 5 537 7,285 9,462 10,449 11,379 12,477 13,832 5 533 6,458 6,518 7,959 8,014 7,700 9,075 4,889 5,607 6,585 6,901 7,511 7,863 8,308 721 826 853 1,243 1,387 1,245 1,320 1954—Dec. 3,046 2,593 1,184 1,084 936 666 95 1955 Jan Feb Mar Apr May. June July Aug Sept Oct Nov Dec 2,389 2 416 3 159 3,089 3 206 3 443 3 131 3 436 3 241 3 051 3,103 3 508 2,420 2 344 2 693 2,550 2 570 2 678 2,569 2 757 2 697 2 787 2,819 2 860 1,060 1 167 1,569 1,512 1 616 1 766 1,594 1 745 1 592 616 529 1,341 I 369 997 985 1,157 1,083 1 113 1,190 1,117 1 236 1,210 1,251 1,264 1,229 1,090 675 654 713 690 678 682 674 707 697 716 710 712 67 72 99 106 121 125 111 130 128 126 124 111 1954—Dec 2,762 2,488 1,298 1,083 679 643 99 1955__j an . r Feb. rr Mar Apr. rr May JuneT Julyr Aug. r Sept.r .. Oct. 2,830 2 906 3,045 3,027 3 103 3,179 3 136 3 211 3,290 3 075 3,185 3,185 2.496 2521 2,562 2,552 2 635 2,612 2 611 2 713 2,691 2 774 2,830 2,747 [,239 I 388 1,479 1,411 I 525 ,589 1 519 1,020 1 071 1,096 1,093 1,139 1,166 1 133 1,197 1,175 1,233 1,281 1,228 789 662 744 738 738 757 794 684 680 683 672 687 678 706 718 694 718 698 690 87 97 109 110 117 110 108 114 120 112 118 118 Extended Extended Repaid 307 143 2,361 2,150 2,284 2,010 677 707 769 927 1,144 1,278 1,295 4,566 5,044 6,058 6,889 7,299 7,827 9,029 4,351 4,683 5,628 6,273 6,784 7,406 8,309 110 831 733 109 96 119 102 109 109 103 111 106 110 117 104 646 648 783 768 728 786 715 768 738 723 788 938 639 609 704 675 670 697 675 703 684 710 728 815 108 686 654 104 97 116 109 123 108 101 104 108 106 117 102 715 759 713 768 723 723 715 758 791 765 827 772 688 673 667 678 686 660 671 694 714 717 734 727 Repaid WITHOUT SEASONAL ADJUSTMENT 417 708 703 741 766 711 793 783 785 850 SEASONALLY ADJUSTED* NOV. r Dec 566 ,620 I 474 1,435 773 759 724 805 792 »• Revised. •Includes adjustment for differences in trading days. NOTE.—Back figures by months for the period 1940-52, together with a discussion of the composition and characteristics of the data and a description of the methods used to derive the estimates, are shown in the BULLETIN for January 1954, pp. 9-22. Monthly figures for 1953 are shown in the BULLETIN for November 1954, p. 1212. Estimates of in- stalment credit extended and repaid are based on information from accounting records of retail outlets and financial institutions and include all charges incurred under the instalment contract. Renewals and refinancing of loans, repurchases and resales of instalment paper, and certain other transactions may increase the amount of both credit extended and credit repaid without adding to the amount of credit outstanding. FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE i Item Net sales: Total Cash sales . Credit sales: Instalment Charge account Percentage change from preceding month Percentage change from corresponding month of preceding year Dec. 1955 Nov. 1955 Oct. 1955 Dec. 1955 Nov. 1955 Oct. 1955 +22 + 38 +2 +5 + 13 + 16 +22 + 13 0 +2 + 14 +8 +6 +1 +8 +8 +3 + 10 +8 + + + + 11 12 11 15 Accounts receivable, end of month: Total Instalment Charge accounts +5 +5 +3 +2 +5 +2 +1 +3 +9 +7 + 13 + 10 +8 + 16 + 10 +7 + 16 Inventories, end of month, at retail value -6 +1 +5 +7 4-fi +4 Instalment accounts Month Department stores Furniture stores 1954—Dec. 14 12 1955—Jan.. Feb.. Mar. Apr. May, June July. Aug. Sept. Oct.. Nov. Dec. 14 14 15 15 15 15 14 14 15 15 15 15 12 11 13 12 12 12 12 13 12 12 12 11 Charge accounts Household ap- Department pliance stores stores 46 9 9 9 9 9 9 9 9 9 10 10 9 44 43 48 44 45 46 43 46 45 47 47 46 1 Collections during month as percentage of accounts outstanding at beginning of month. 163 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [Indexes, 1947-49= 100. The terms "adjusted" and "unadjusted" refer to adjustment of monthlyfiguresfor seasonal variation] Construction contracts awarded (value) Industrial production (physical volume)* Employment and payrolls 2 Nonagricultural employment Manufactures Year or month Resi- MinTotal denNon- erals tial DuTotal rable du- Total All other rable Manufacturing production workers Employment Freight carloadings* Payrolls Ad- Unad- Unad- AdAdAdAdjusted justed j justed justed justed justed justed AdAd- Unad- AdAdAdjusted justed justed justed justed justed DepartWholement Consale store sumer comsales* prices2 modity (retail prices2 value) Adjusted Unadjusted Unadjusted 1919 1920 1921 1922 1923 1924 1925 39 41 31 39 4' 44 49 38 39 30 39 45 43 48 38 42 24 3' 47 43 49 37 36 34 40 44 42 46 45 53 42 45 62 57 59 34 34 30 43 45 51 66 26 18 27 41 49 57 75 39 45 32 43 42 46 59 61.4 62.0 55.2 58.5 64.4 63.5 65.2 68.7 69.0 52.8 58.4 66.9 62.1 64.2 31.1 37.1 24.0 25.7 32.6 30.4 32. 90 98 83 92 107 105 110 27 32 30 30 34 34 36 74.0 85.7 76.4 71.6 72.9 73.1 75.0 1926 1927 1928. 1929 1930 51 51 53 59 49 50 50 52 58 48 5: 49 53 60 45 48 50 51 56 51 63 64 63 68 59 69 69 73 63 49 73 71 76 52 30 67 68 70 70 62 67.6 67.9 68.0 71.0 66.7 65.5| 64.1 64.2 68.3 59.5 33.0 32.4 32.8 35.0 28.3 115 111 112 115 99 37 37 37 38 35 75.6 74.2 73.3 73.3 71.4 65.0 62.0 62.9 61.9 56.1 1931 1932 1933 1934 1935 40 31 3' 40 47 39 30 36 3! 46 31 19 24 30 38 48 42 48 49 55 51 42 48 51 55 34 15 14 17 20 22 8 7 7 13 41 20 18 24 25 60.4 53.5 53.7 58.8 61.3 50.2 42.6 47.2 55.1 58.8 21.5 14.8 15.9 20.4 23.5 79 59 62 67 69 32 24 24 27 29 65.0 58.4 55.3 57.2 58.7 41A 42.1 42.8 48.7 52.0 1936 1937 1938 1939 1940 ... 56 61 48 58 67 55 60 46 57 66 49 55 35 49 63 61 64 57 66 69 63 71 62 68 76 30 32 35 39 44 22 25 27 37 43 35 36 40 40 44 65.9 70.3 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 1941 1942 1943 1944 1945 87 106 127 125 107 88 110 133 130 110 91 126 162 159 123 84 93 103 99 96 81 84 87 93 92 66 89 37 22 36 54 49 24 10 16 74 116! 45 30 50 82.8 90.91 96.3 95.0 91.5 87.9 49.3 103.9 72.2 121.4 99.0 118.1 102.8 104.0 87.8 98 104 104 106 102 44 50 56 62 70 62.9 69.7 74.0 75.2 76.9 56.8 64.2 67.0 67.6 68.8 1946 1947 1948 1949 1950 90 100 104 97 112 90 100 103 97 113 86 101 104 95 116 95 99 102 99 111 91 100 106 94 105 82 84 102 113 159 87 86 98 116 185 79 94.4 83 99.4 105 101.6 99.0 111 142 102.3 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 1951 1952 1953.. . 1954 1955 120 124 134 125 121 125 136 127 128 136 153 137 114 114 118 116 P126 172 183 201 204 248 111.0 113.5 114.4 114.8 114.5 114.8 111.6 110.1 110.3 P155 170 183 178 232 280 109 110 112 111 P140 171 183 192 '215 261 101 95 96 86 P139 115 114 116 111 P122 130 128 130 131 142 143 118 119 113 116 255 '258 264 275 250 248 113 116 114.6 114.3 110.0 109.5 119 112 115 119 117 114 124 118 121 122 122 114.3 114.3 114.3 114.2 114.2 114.4 114.7 114.5 114.9 114.9 115.0 110.1 110.4 110.0 110.5 109.9 110.3 110.5 110.9 111.7 111.6 106.4 106.3 111.8 101.8 P105.6 108.2 110.4 113.6 110.4 P112.9 129.8 136.6 151.4 137.7 P152.9 P95 103.1 1954 Nov Dec 128 130 1955 Jan. . Feb Mar. Apr May June July Aue Sept Oct Nov Dec 132 133 135 136 138 139 139 140 142 143 M43 144 132 135 138 138 138 139 130 139 142 147 145 141 133 134 136 138 140 141 141 142 144 145 ••145 146 145 147 148 151 153 155 155 158 160 161 161 161 121 121 124 126 127 128 126 125 128 129 r 129 130 120 123 121 119 121 122 120 121 123 123 125 129 '260 '260 260 253 245 253 257 259 250 260 270 301 ••286 '295 291 286 280 290 296 278 256 252 252 273 110.5 101.6 102.3 142.2 110.7 101.7 102.2 143.1 I I 243j'110.7 238K110.8 239 111.5 230 '111.8 221 '112.6 228 113.2 231 113.5 246 113.7 246 113.9 266 114.2 282 114.6 319 114.8 101.8 102.5 103.5 104.6 105.8 106.7 106.1 106.1 106.4 107.3 '108.4 108.3 101.2 102.3 103.3 103.6 104.1 105.8 104.7 107.2 108.1 108.7 '•109.1 108.8 141.5 144.4 146.6 146.7 150.1 152.1 151.0 154.6 158.7 161.2 163.9 163.8 92 92 93 93 96 94 95 96 96 98 99 101 P122 114.7 111.2 111.3 1956 Jan p{44 129 r «Estimated. P Preliminary. Revised. •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, 1 |P114.8 P107.5 P107.0 458.4 425 111.8 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. 164 PRODUCTION INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average= 100] Industry 1947-49 Annual 1955 1954 proportion 1953 1954 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. SEASONALLY ADJUSTED INDUSTRIAL PRODUCTION—TOTAL 100.00 134 125 130 132 133 135 136 138 139 139 140 142 143 143 144 MANUFACTURES—TOTAL 90.02 136 127 131 133 134 136 138 140 141 141 142 144 145 -145 146 Durable Manufactures—Total 45.17 153 137 145 147 148 151 153 155 155 158 160 161 161 161 6.70 132 108 121 127 131 136 138 140 143 134 139 146 148 149 151 28.52 5.73 13.68 9.04 4.64 7.54 1.29 167 136 160 143 194 189 155 150 123 142 125 177 175 140 155 125 145 121 193 189 140 157 125 145 124 187 197 140 158 126 146 125 189 199 142 160 129 147 126 190 200 143 162 130 151 131 191 202 143 163 134 153 134 189 202 142 164 135 155 136 192 198 149 166 135 158 138 197 202 151 168 137 159 140 196 203 153 770 141 161 141 199 205 155 775 772 142 139 164 -161 143 143 205 198 208 '213 156 772 138 162 143 198 213 160 Clay, glass, and lumber products Stone, clay, and glass products Lumber and products 5.91 2.82 3.09 125 133 118 123 131 115 133 135 131 132 136 129 132 138 127 135 143 127 136 146 127 138 149 128 143 153 133 138 152 125 140 155 127 141 155 127 747 153 130 759 -156 140 155 126 Furniture and misc. manufactures Furniture and fixtures Miscellaneous manufactures 4.04 1.64 2.40 131 117 140 121 106 131 122 108 131 122 109 132 124 109 133 126 112 136 127 113 136 132 111 142 136 121 145 134 122 143 137 124 145 757 125 145 755 124 145 755 123 145 755 123 146 Primary metals Metal fabricating Fabricated metal products Machinery Nonelectrical machinery Electrical machinery Transportation equipment Instruments and related products Nondurable Manufactures—Total.. . 44.85 r 116 119 121 121 124 126 127 128 126 128 129 129 130 11.87 6.32 5.55 107 104 110 100 95 105 104 102 107 106 102 110 104 103 106 101 104 111 109 107 112 110 106 114 110 107 114 109 106 112 709 107 112 111 107 116 112 rll3 109 110 116 '117 113 110 116 Rubber and leather products Rubber products Leather and products 3.20 1.47 1.73 113 128 99 104 115 95 115 133 100 123 143 105 120 138 104 122 140 105 123 144 105 125 147 105 127 149 107 720 137 106 779 138 102 727 142 104 '124 147 105 722 147 725 146 108 Paper and printing Paper and allied products Printing and publishing 8.93 3.46 5.47 125 132 121 125 134 120 '128 '140 121 130 123 131 143 123 134 147 125 755 151 125 138 156 126 139 156 128 139 155 128 138 153 128 140 157 130 141 '156 131 141 157 130 140 160 128 Chemical and petroleum products Chemicals and allied products Petroleum and coal products 9.34 6.84 2.50 142 147 130 142 148 125 148 155 129 148 155 131 151 158 134 154 161 134 156 163 136 159 168 134 161 170 136 160 170 134 160 168 135 755 173 135 752 171 137 164 173 139 755 175 141 11.51 10.73 .78 107 107 108 106 106 103 •108 107 107 107 106 106 106 107 107 107 109 109 103 108 108 109 109 109 109 108 108 101 707 108 100 707 108 100 777 111 105 -777 112 104 772 112 125 129 Textiles and apparel Textile mill products Apparel and allied products Foods, beverages, and tobacco Food and beverage manufactures Tobacco manufactures 108 101 MINERALS—TOTAL 9.98 116 111 116 120 123 121 119 121 122 120 121 123 123 Mineral fuels Coal Anthracite Bituminous coal Crude oil and natural gas 8.35 2.68 .36 2.32 5.67 115 78 57 81 133 113 67 52 70 134 117 73 66 74 138 120 74 55 77 142 123 79 61 82 144 121 72 45 76 145 121 72 41 77 143 121 81 42 87 139 122 86 43 92 139 123 87 53 92 139 82 41 89 141 722 80 50 84 141 725 80 42 86 143 -725 750 80 87 47 58 85 92 147 ^150 Metal, stone, ana earth minerals Metal mining Stone and earth minerals 1.63 .82 .81 119 113 124 106 90 123 115 103 127 118 110 126 119 114 124 123 113 132 114 100 129 120 111 129 123 117 129 709 88 130 777 105 130 725 119 133 725 120 131 -725 -116 -134 725 115 134 141 WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION—TOTAL 100.00 134 125 128 132 135 138 138 138 139 130 139 142 147 -145 MANUFACTURES—TOTAL 90.02 136 127 129 133 136 140 140 140 141 132 140 144 150 148 143 Durable Manufactures—Total 45.17 153 137 143 147 151 154 155 155 155 146 153 157 164 163 161 6.70 5.03 3.51 .37 3.05 2.62 .43 1.52 1.29 .23 132 133 138 130 139 135 165 121 115 154 108 105 108 101 109 108 115 97 95 106 117 115 121 113 121 118 145 101 99 110 129 124 128 117 130 125 155 113 111 127 136 132 136 122 138 134 165 121 119 133 142 138 144 131 146 143 165 124 123 132 144 143 147 134 148 145 171 133 132 140 143 143 149 138 151 148 169 128 127 132 144 141 146 137 147 144 169 129 127 139 122 125 132 129 133 130 147 108 108 108 132 132 140 134 141 136 168 114 114 115 143 142 149 140 150 144 186 125 123 133 149 148 153 141 154 149 188 137 135 148 149 147 154 140 156 150 189 131 129 141 148 146 153 141 154 149 182 130 128 141 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 p Preliminary. r Revised. For other footnotes see end of table. 165 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] Industry 1947-49 Annual 1954 1955 proportion 1953 1954 Dec. Jan. Feb. Mar. Apr. M a y June July Aug. Sept. Oct. Nov. Dec. WITHOUT SEASONAL ADJUSTMENT —Continued Primary metals—Continued Nonferrous metals Primary nonferrous metals Copper smelting Copper refining Lead Zinc Aluminum Secondary nonferrous metals Nonferrous shapes and castings Copper mill shapes Aluminum mill shapes Nonferrous castings 1.67 .38 .09 .06 .04 .10 .09 .13 1.16 .63 .20 .33 129 144 112 116 101 113 209 114 126 112 168 130 120 147 101 109 105 101 244 105 113 100 154 114 124 160 121 131 103 116 250 107 114 90 168 128 146 159 118 122 99 118 252 114 146 135 183 144 149 167 140 134 99 119 253 125 146 125 196 155 155 169 134 133 112 122 256 133 153 133 202 163 148 166 133 124 115 118 257 124 144 114 204 168 166 132 133 101 118 258 123 139 110 209 155 154 167 130 133 110 119 259 121 154 128 228 158 112 127 49 50 53 116 261 100 108 75 188 124 132 150 95 97 82 116 263 118 127 91 215 144 147 153 ••153 173 171 173 139 136 130 142 126 136 116 119 121 117 122 '123 265 265 272 130 '135 '125 141 149 '150 110 114 118 218 222 '219 154 173 169 28.52 167 150 156 159 162 165 166 165 163 157 162 165 173 174 173 5.73 2.68 2.12 .30 .63 136 137 138 129 93 123 126 117 131 90 124 130 124 102 78 124 127 124 110 87 126 129 126 107 99 130 131 129 111 108 131 132 129 126 107 134 136 131 143 105 135 136 128 149 117 130 132 125 168 89 139 137 126 203 128 142 141 129 192 142 145 139 144 '145 134 '138 197 '95 134 117 136 144 137 102 89 13.68 160 142 146 148 152 154 152 151 153 142 153 161 169 163 Nonelectrical machinery Farm and industrial machinery Farm machinery Industrial and commercial machinery. . .. Machine tools and presses Laundry and refrigeration appliances. . 9.04 8.13 1.02 7.11 .68 .69 143 139 96 145 188 128 125 121 79 127 160 114 123 119 80 125 149 122 126 119 85 124 148 146 129 121 90 125 149 155 132 124 94 128 152 164 134 126 95 131 154 161 135 129 95 134 157 155 137 131 95 136 161 157 131 128 92 133 160 116 131 129 87 135 165 113 137 131 69 140 168 147 141 141 136 138 93 92 142 '144 170 178 141 130 146 143 97 150 191 135 Electrical machinery Electrical apparatus and parts Radio and television sets 4.64 3.23 .74 194 179 230 177 160 214 191 165 258 191 165 261 196 167 272 195 169 261 189 171 228 181 175 190 184 176 192 165 169 143 194 170 254 207 175 289 223 188 315 208 180 280 196 185 225 Transportation equipment Autos, trucks, and parts Autos Trucks Light trucks Medium trucks Heavy trucks Truck trailers Auto and truck parts Aircraft and parts Shipbuilding and repair Railroad equipment Railroad cars 7.54 4.80 1.50 .66 .22 .19 .14 .07 2.58 1.30 .81 .53 189 126 146 118 112 58 183 229 117 465 135 72 175 109 131 92 95 59 133 130 101 474 112 | 39 191 136 174 94 103 59 130 131 125 478 110 31 20 200 150 195 98 102 64 143 138 137 479 111 32 20 205 157 210 87 77 48 144 160 145 477 113 36 209 163 215 104 109 67 141 170 148 479 115 35 213 171 223 137 148 89 193 185 150 472 117 38 209 165 205 132 139 88 192 176 150 469 115 47 200 151 184 134 124 81 220 205 137 466 118 41 197 147 195 126 119 81 203 174 125 469 114 37 192 137 166 106 93 65 167 192 129 469 117 45 185 122 130 102 106 53 138 199 122 484 117 45 142 140 200 -216 215 144 '167 159 153 212 193 106 122 122 121 128 106 73 50 67 138 172 216 202 199 192 149 153 150 490 501 518 115 113 118 48 50 50 [33 38 36 '159 162 158 140 133 149 161 '157 154 144 143 142 164 '169 171 167 '172 174 133 '119 111 102 '101 102 164 151 138 '137 'l29* 142 141 122 137 '136 136 192 '186 181 177 '176 375 Metal Fabricating Fabricated metal products Structural metal parts Stampings and misc. metal products Tin cans Furnaces, gas ranges, and heaters Machinery .35 64 29 1.29 155 140 Stone, clay, and glass products Glass and pottery products Flat glass and vitreous products Flat and other glass Glass containers Home glassware and pottery Cement Structural clay products Brick Clay firebrick, pipe, and tile Concrete and plaster products Misc. stone and earth manufactures 5.91 2.82 1.09 .60 .47 .26 .23 .32 .35 .12 .20 .48 .58 125 133 123 136 139 120 91 132 110 106 115 163 143 123 131 118 131 133 117 85 135 111 113 111 161 140 Lumber and products Lumber Millwork and plywood Millwork Softwood plywood Wood containers 3.09 2.05 .60 .39 .12 .29 118 112 149 118 199 99 115 106 161 123 222 Instruments and related products Clay, Glass, and Lumber Products 125 25 26 28 39 29 22 32 30 142 145 144 142 149 147 150 155 153 176 130 143 112 126 277 125 149 120 210 134 121 148 151 93 81 131 113 112 115 162 132 126 148 151 114 83 119 107 101 114 155 147 129 134 129 147 150 124 90 115 111 106 115 155 151 133 140 131 149 152 124 93 132 119 121 120 165 155 137 146 132 150 152 125 95 151 121 127 120 174 160 139 149 132 152 152 123 89 159 125 132 122 184 164 146 155 136 154 154 138 88 163 134 146 128 190 170 133 149 124 139 136 130 76 161 128 134 126 191 167 145 158 138 152 153 143 95 164 138 146 134 195 174 147 158 137 161 163 127 86 164 140 151 134 196 175 116 100 186 137 264 117 101 193 143 274 125 108 206 151 294 126 109 210 155 298 91 129 \\5 201 148 288 89 129 116 195 139 285 91 137 122 207 151 299 94 118 108 160 121 224 85 133 119 198 148 279 86 136 138 '124 121 122 106 209 -213 '201 155 '160 '143 295 299 295 90 92 114 98 175 113 278 95 Furniture and Misc. Manufacturing . . . 4.04 131 125 121 126 128 127 131 125 134 140 144 142 140 Furniture and fixtures Household furniture Fixtures and office furniture 1.64 1.10 .54 111 118 116 106 106 107 112 115 108 109 110 106 113 115 109 114 116 109 111 113 107 113 114 111 116 118 113 114 111 123 124 121 127 129 123 128 131 123 128 131 121 128 131 122 Miscellaneous manufactures 2.40 140 131 134 129 134 137 135 137 141 133 142 149 154 152 149 r Revised. c Corrected. For other footnotes see end of table. 166 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] Industry 1947-49 Annual 1954 1955 propor1953 1954 Dec. Jan. Feb. Mar. Apr. May June July tion Aug. Sept. Oct. Nov. Dec. WITHOUT SEASONAL ADJUSTMENT —Continued 122 125 124 124 127 117 128 130 135 132 125 115 113 110 108 93 112 109 114 114 106 109 118 105 147 106 74 82 72 110 111 118 96 108 109 118 103 154 107 79 89 77 108 109 116 93 106 108 116 104 146 103 83 91 82 108 103 108 92 113 106 110 100 135 92 85 84 86 113 108 111 102 119 91 96 84 133 67 73 80 72 98 85 86 82 116 108 115 106 134 106 79 90 77 113 104 107 99 123 106 111 103 132 87 80 80 80 114 106 107 101 125 111 117 109 133 109 85 90 84 119 113 114 110 126 111 118 109 135 110 83 86 83 116 108 109 106 125 105 110 101 131 92 81 77 84 107 99 100 96 118 89 •77 83 117 '117 117 116 95 94 93 95 82 69 130 131 113 '113 139 -143 122 122 107 102 84 86 55 113 98 119 119 Nondurable Manufactures—Total. 44.85 118 116 115 120 Textiles and Apparel 11.87 107 100 98 108 Textile mill products Cotton and synthetic fabrics. Cotton consumption Synthetic fabrics Fabric finishing Wool textiles Wool apparel yarns Wool fabrics Knit goods Hosiery Full-fashioned hosiery.. Seamless hosiery Knit garments1 Floor coverings Woven carpets 6.32 3.72 2.30 .97 .45 .97 .16 .75 1.15 .65 .45 .20 .50 .48 .31 104 107 104 115 101 78 91 75 116 113 118 102 119 95 100 97 108 93 66 76 64 106 108 113 97 103 98 104 95 127 90 70 68 71 103 102 105 93 104 104 114 105 132 107 70 79 67 105 110 114 100 98 86 71 71 84 83 86 85 71 44 72 85 Apparel and allied products Men's outerwear Men's suits and coats , Men's suits Men's outercoats Shirts and work clothing.... Women's outerwear Women's suits and coats Misc. apparel and allied mfrs.. 5.55 1.78 .73 .50 .13 .99 1.85 .76 1.92 110 113 96 92 89 124 103 117 112 105 103 83 82 67 116 109 129 103 99 96 87 90 52 99 93 115 106 113 115 98 102 60 126 120 152 103 116 113 97 100 59 124 125 160 109 123 113 88 91 55 130 143 165 112 117 118 92 90 76 135 129 109 103 113 119 105 100 101 127 116 96 104 110 107 92 86 92 117 114 123 108 95 84 59 55 60 98 98 129 103 116 120 110 102 115 126 117 145 112 111 109 91 84 99 119 108 129 117 Rubber and Leather Products . 3.20 113 104 110 123 127 128 124 121 126 105 119 124 130 '122 119 Rubber products Tires and tubes Auto tires Truck and bus tires Miscellaneous rubber products. 1.47 .70 .40 .30 .77 US 117 117 118 133 115 105 110 99 124 128 116 119 113 139 145 130 136 121 158 144 134 141 125 153 146 133 145 117 158 147 128 140 113 164 146 135 150 116 155 151 146 161 126 155 111 127 138 111 115 133 116 125 104 148 144 128 135 119 158 155 140 143 136 170 150 138 140 134 161 140 120 121 118 159 Leather and products Leather Cattlehide leathers Skin leathers Shoes and slippers2 Miscellaneous leather products. 1.73 .44 .29 .15 .90 .39 99 91 92 89 95 87 92 75 94 88 95 73 105 94 101 80 112 98 104 86 113 94 101 80 105 95 102 82 100 93 99 80 105 95 101 83 92 74 79 63 108 90 96 77 107 90 98 74 109 97 105 82 '99 r94 101 81 101 93 100 90 94 Paper and Printing 8.93 125 125 Paper and allied products Pulp and paper Wood pulp Paper and board Printing paper Fine paper Coarse paper Miscellaneous paper Paperboard Building paper and board. Converted paper products Shipping containers Sanitary paper products 3.46 1.76 .51 1.25 .22 .14 .20 .18 .41 .10 1.70 .51 .11 132 130 142 125 119 116 118 129 134 118 134 133 138 134 132 148 125 118 120 119 137 130 124 136 133 145 Printing and publishing Newsprint consumption Job printing and periodicals. 5.47 1.85 3.62 121 118 122 Chemical and Petroleum Products . 9.34 Chemicals and allied products..» Industrial chemicals Basic inorganic chemicals Industrial organic chemicals Plastics materials Synthetic rubber Synthetic fibers Miscellaneous organic chemicals. Vegetable and animal oils Vegetable oils Grease and tallow Soap and allied products Paints Fertilizers 6.84 2.54 .57 1.97 .24 .11 .59 1.03 .64 .48 .16 .71 .66 .23 r Revised. 108 116 106 138 109 72 85 69 112 119 124 106 104 91 100 103 92 89 96 97 104 104 106 105 104 127 132 137 137 137 138 128 135 141 147 144 137 129 127 142 120 112 124 112 135 122 115 131 131 128 140 140 158 132 123 132 124 150 136 122 141 135 156 148 147 166 139 127 138 132 154 145 126 149 146 156 152 150 170 142 133 134 134 153 149 141 153 153 152 154 148 169 140 127 131 130 160 147 139 159 156 166 153 151 171 143 128 148 129 158 151 142 154 154 152 156 154 175 145 130 138 130 159 158 142 158 159 154 139 135 156 126 112 107 117 148 133 133 144 141 153 151 173 141 127 122 126 156 155 151 159 160 152 157 150 169 143 130 134 128 156 153 145 165 167 156 167 158 179 150 132 140 137 176 160 142 177 175 180 159 156 147 133 136 132 167 161 137 161 160 163 147 144 164 136 128 130 125 155 145 124 149 149 149 120 119 121 123 123 124 119 114 122 122 121 123 128 132 125 127 134 124 127 135 124 127 131 125 121 112 125 123 116 127 131 132 131 135 142 131 135 143 131 130 126 133 142 142 149 151 155 157 156 156 157 152 157 162 166 168 167 147 154 149 155 183 186 156 144 116 112 131 113 118 124 148 153 157 152 184 136 152 146 118 113 133 108 116 122 156 166 170 165 196 151 173 154 130 126 139 105 118 112 158 169 175 168 206 180 172 155 127 125 135 109 116 116 162 177 181 175 231 193 181 157 128 123 145 115 116 124 166 184 184 184 243 202 196 160 117 111 136 108 119 177 165 182 180 182 247 202 189 161 108 99 134 108 122 176 165 182 185 182 244 211 178 166 109 98 142 105 125 154 165 185 179 186 246 208 184 171 105 93 143 103 131 109 158 176 159 181 207 211 177 174 99 87 133 79 130 91 163 182 166 187 234 217 184 175 103 90 145 104 130 90 111 190 179 194 264 222 191 176 122 115 144 126 126 115 176 192 188 192 •261 •230 188 175 156 157 154 130 127 118 178 197 194 198 268 •243 196 178 165 162 174 118 126 '114 177 197 194 198 For other footnotes see opposite page. •178 233' 196 182 148 144 160 115 126 118 167 PRODUCTION INDUSTRIAL PRODUCTION-Continued [Federal Reserve indexes, 1947-49 average= 100] 1947_49 Annual 1954 proportion 1953 1954 Dec. Jan. Feb. Mar. Apr. Industry 1955 May June July Aug. Sept. Oct. Nov. Dec. WITHOUT SEASONAL ADJUSTMENT —Continued Gasoline Aviation gasoline Fuel oil Distillate fuel oil 130 135 125 133 129 140 132 142 134 144 133 139 132 131 136 135 136 140 134 141 138 143 136 141 138 143 140 148 144 139 141 136 146 141 146 142 147 143 143 140 144 140 146 141 152 146 156 151 157 151 155 149 158 P162 153 .06 227 157 151 221 232 216 209 205 212 226 246 247 252 247 252 236 .56 .30 130 155 128 158 140 177 146 184 152 196 142 181 129 163 128 161 133 173 131 167 133 172 134 171 141 P150 178 101 134 109 96 101 123 105 98 97 117 110 102 91 102 124 104 91 97 113 105 88 88 118 103 89 94 108 101 132 172 89 95 116 104 92 101 111 108 99 112 126 110 .26 .10 .17 .26 Kerosene Lubricating oil Coke Food and beverage manufactures F o o d manufactures Butter Natural cheese Concentrated milk Ice cream Canned and frozen foods Grain-mill products W h e a t flour Cereals and feeds Bakery products Sugar Cane sugar Beet sugar .. Confectionery Miscellaneous food preparations Beverages . Bottled soft drinks Alcoholic beverages Beer and ale Liquor distilling Liquor bottling ... 93 110 108 84 97 125 108 93 87 91 111 107 .15 99 103 62 70 75 110 131 124 144 114 142 131 131 97 107 106 99 99 97 100 101 105 112 110 117 121 123 114 103 10.73 8.49 1.48 107 108 106 107 101 104 98 102 97 99 100 100 101 100 104 102 112 108 111 109 111 118 111 125 124 125 '114 118 105 108 .28 1.13 1.16 .46 .70 1.64 .27 . 101 117 106 111 P141 P152 11.51 .46 .83 .69 .14 .07 .19 Beef Pork. . Tobacco manufactures Cigarettes Cigars 2.50 1.97 1.04 .98 115 129 104 105 108 112 93 117 135 103 106 110 116 94 136 132 134 79 85 91 70 138 140 133 85 99 95 76 124 129 117 91 101 102 86 106 121 104 112 74 87 78 77 84 72 106 107 101 103 102 81 122 100 113 81 124 97 117 80 115 98 176 87 114 94 93 .11 .13 .71 113 108 102 106 121 99 87 248 87 1.41 2.24 .54 1.70 1.02 104 105 105 103 100 103 .17 60 .37 107 .78 .46 .17 9.98 128 134 121 104 104 113 100 100 74 118 133 106 117 119 133 116 114 138 98 140 143 164 143 114 147 93 145 139 165 138 104 137 83 132 116 130 107 118 151 96 120 90 113 94 129 155 111 101 84 102 82 143 154 133 88 88 90 75 150 146 148 83 83 87 71 152 140 154 84 94 92 79 107 81 122 87 139 110 153 142 151 198 118 201 93 161 86 '114 76 94 101 102 104 110 110 106 108 111 '102 100 85 113 95 61 83 113 95 67 79 116 94 64 76 122 97 64 83 124 99 111 110 24 96 101 27 93 96 122 100 247 86 '112 99 261 84 110 106 17 112 80 130 100 73 77 125 98 81 100 81 106 80 129 100 71 102 28 78 108 35 86 121 26 65 128 36 79 129 90 140 130 340 134 103 393 129 101 88 100 84 101 89 101 101 103 107 106 113 110 127 113 121 111 114 109 111 108 118 '104 102 98 99 84 83 80 85 86 84 100 101 106 113 107 120 117 126 106 122 104 118 102 97 117 88 68 67 61 67 66 68 58 58 40 46 83 157 102 90 76 93 109 104 96 120 99 94 118 154 146 108 111 107 103 106 105 83 86 105 111 99 104 106 107 105 108 106 99 102 99 109 115 105 116 121 111 92 99 82 112 117 110 107 109 111 '114 117 118 107 108 113 116 111 99 91 101 105 77 129 82 MINERALS—TOTAL 117 119 118 119 122 121 119 124 126 127 '127 127 121 123 121 120 120 118 119 122 123 125 rl28 131 11 79 71 72 11 74 11 82 83 88 87 91 75 61 77 55 61 41 39 43 46 42 39 53 51 51 81 82 76 77 83 78 82 89 88 93 93 54 97 134 128 122 138 132 123 142 138 130 144 140 131 145 139 132 143 138 132 139 133 128 139 132 127 139 132 127 141 133 128 142 135 129 143 137 131 167 157 172 160 199 172 202 175 207 176 194 169 183 161 170 157 173 157 165 159 167 163 176 170 174 183 154 167 171 163 168 175 174 175 177 178 187 180 175 173 114 Mineral Fuels 8.35 115 113 Coal Anthracite . Bituminous coal 2.68 78 67 .36 57 52 2.32 81 70 Crude oil and natural gas Oil and gas extraction Crude oil Natural gas Natural gas liquids Oil and gas well drilling 5.67 4.82 4.12 133 129 124 .34 .36 .85 117 '147 '142 *144 '134 1.63 119 106 99 97 99 104 114 132 138 120 132 141 137 rl21 109 M^etal mining Iron ore Nonferrous metal mining Copper mining Lead mining Zinc mining .82 .33 .49 .24 .09 .06 113 128 104 114 86 87 90 84 94 103 80 75 76 37 102 116 83 73 79 36 108 124 83 80 85 39 117 134 89 83 86 41 117 133 91 85 101 79 115 132 87 83 131 152 117 135 88 86 141 179 116 133 87 84 104 168 62 50 79 81 126 179 90 96 78 79 141 181 114 134 82 81 136 165 116 137 '84 80 '106 92 '116 135 79 85 127 82 Stone and earth minerals .81 124 123 122 115 113 122 128 133 134 135 139 141 139 135 129 Metal. Stone^ and Earth IMinerals . Preliminary. ' Revised. Publication suspended pending revision for the period 1952 to date. Publication suspended pending adjustment to revised Census production figures for the period 1950 to date. NOTE.—A number of groups and subgroups include individual series not published separately, and metal fabricating contains the ordnance 1 2 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. 168 PRODUCTION OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve indexes, 1947-49 average = 100] Annual 1954 1955 Product 1953 1954 Dec. Jan. Feb Mar. Apr. M a y June July Aug. Sept.! Oct. Nov. Dec. SEASONALLY ADJUSTED 100.00 127 116 131 139 140 142 144 145 144 150 151 154 152 151 147 Major Durables Autos Major household goods Furniture and floor coverings. Household furniture Floor coverings i Appliances and heaters Major appliances Ranges Refrigeration appliances. , Laundry appliances Heating apparatus Radio and television sets Radio sets Television sets 69.72 32.10 36.13 15.32 11.31 4.01 15.60 11.88 2.60 4.98 2.51 3.72 5.21 3.42 1.79 138 146 132 113 118 125 131 122 101 106 146 167 130 105 110 156 -186 133 107 110 159 189 134 107 113 161 192 136 109 114 163 192 140 110 115 163 190 141 113 118 160 173 151 117 122 169 188 155 117 121 -169 -189 155 121 125 172 195 156 123 127 168 194 148 121 126 167 196 143 121 126 162 187 141 121 126 118 123 90 137 141 100 230 67 541 111 115 79 124 148 97 214 52 522 -123 82 -125 181 100 242 70 571 126 130 79 131 190 115 225 73 515 130 133 96 133 181 120 226 68 527 133 134 97 141 172 131 222 71 512 140 147 101 152 199 121 226 65 532 142 148 105 158 188 125 222 68 516 145 149 122 163 163 132 269 66 658 146 154 119 161 193 121 290 76 698 143 150 147 153 137 147 95 160 I 166 162 206 i 205 187 119 126 108 294 279 259 70 72 95 720 676 572 134 141 90 146 200 101 235 103 486 216* 101 436 Other Consumer Durables Auto parts and tires Misc. home and personal goods 30.28 14.00 16.28 102 91 111 95 91 99 96 94 98 98 98 99 96 101 100 95 103 100 97 103 103 100 105 106 102 109 106 101 111 107 111 114 101 107 108 112 I 115 118 114 108 119 112 CONSUMER DURABLES—TOTAL. in' WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL 100.00 127 116 132 142 151 155 156 147 144 137 139 j 136 146 159 147 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 1.79 138 146 132 113 118 125 131 122 101 106 149 174 130 109 115 163 195 137 108 110 174 210 146 111 115 179 215 151 114 116 180 223 145 111 113 167 205 136 109 114 160 184 141 113 118 152 195 115 105 114 152 166 141 117 124 | 145 130 159 124 i 129 157 -177 153 212 162 150 127 124 131 131 163 193 139 125 131 118 123 90 137 141 100 230 67 541 111 115 79 124 148 97 214 52 522 108 116 77 112 177 84 258 67 623 124 134 81 147 177 93 260 73 618 138 149 104 152 207 102 272 74 648 151 163 110 180 201 114 260 80 604 150 162 106 187 193 113 228 74 521 145 156 100 183 181 113 189 75 408 152 160 117 191 168 128 192 65 434 116 120 76 144 131 103 143 49 321 127 122 91 116 181 142 254 62 619 151 149 107 143 219 159 289 68 710 145 131 144 '133 97 105 131 113 218 220 148 125 315 279 99 105 726 612 224 96 470 Other Consumer Durables Auto parts and tires Misc. home and personal goods. 30.28 14.00 16.28 102 91 111 95 91 99 94 89 99 95 93 96 97 92 102 99 92 105 99 95 103 102 100 103 106 105 106 103 102 103 110 107 112 115 113 116 120 115 124 Us r Revised. Publication suspended pending revision for the period 1952 to date. NOTE.—Individual indexes without seasonal adjustment for woven 1 117 108 124 99 110 carpets, appliances, heating apparatus, radio sets, and television sets may be obtained from the Division of Research and Statistics. For a description of this index, see BULLETIN for May 1954, pp. 438-447. VALUE OF NEW CONSTRUCTION ACTIVITY [Joint estimates of the Departments of Commerce and Labor. Seasonally adjusted. In millions of dollars] Private Year or month Public Total Industrial Com- Public mercial utility Other nonresidential Business Total Total Residential Total Military Highway Conservation All other I 1948.. 1949.. 1950.. 1951.. 1952.. 1953.. 1954.. 1955P. 1955 -Jan.... Feb... Mar... Apr.. . May.. June.. July... Aug.. . Sept... Oct.... Nov. P. Dec. P. 1956—Jan.? Preliminary. 21,678 22,789 28,454 31,182 33,008 35,271 37,577 42,250 16,853 16,384 21,454 21,764 22,107 23,877 25,768 30,250 8,580 8,267 12,600 10,973 11,100 11,930 13,496 16,600 5,693 5,322 5,680 7,217 7,460 8,436 8,583 9,907 1,397 972 1,062 2,117 2,320 2,229 2,030 2,403 1,253 1,027 1,288 1,371 1,137 1,791 2,212 3,039 3,043 3,323 3,330 3,729 4,003 4,416 4,341 4,465 2,580 2,795 3,174 3,574 3,547 3,511 3,689 3,743 4,825 6,405 7,000 9,418 10,901 11,394 11,809 12,000 158 137 177 887 1,388 1,307 1,030 1,300 1,774 131 272 518 820 160 750 4,100 629 793 881 853 854 830 704 595 2,264 3,344 3,670 5,160 5,839 6,097 6,325 6,005 3,422 3,453 3,464 3,525 3,581 3,565 3,566 3,568 3,573 3,526 3,518 3,489 2,400 2,438 2,464 2,525 2,556 2,545 2,578 2,591 2,599 2,551 2,517 2,486 1,338 1,348 1,349 1,391 1,419 1,420 1,435 1,433 1,422 1,374 1,345 1,326 749 776 797 812 816 817 831 852 871 874 860 852 181 183 188 188 192 198 205 207 209 212 218 222 200 222 235 248 250 245 253 272 290 291 272 261 368 371 374 376 374 374 373 373 372 371 370 369 313 314 318 322 321 308 312 306 306 303 312 308 1,022 1,015 1,000 1,000 1,025 1,020 988 977 974 975 1,001 1,003 93 101 93 104 110 118 113 110 112 117 111 118 342 339 337 336 352 339 338 334 327 332 357 367 55 51 54 54 55 53 50 48 44 43 43 45 532 524 516 506 508 510 487 485 491 483 490 473 3,457 2,439 1,283 854 221 264 369 302 1,018 115 367 46 490 169 PRODUCTION C O N S T R U C T I O N CONTRACTS AWARDED, BY T Y P E O F O W N E R S H I P AND BY T Y P E O F C O N S T R U C T I O N [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 Nonresidential building Public 1948 . 1949 1950 1951.. 1952 1953 1954 1955 Private Residential building Factories Commercial Educational Other Public works and public utilities 9,430 10 359 14,501 15,751 16 775 17,443 19,770 23,745 3,107 3 718 4,409 6,122 6 711 6,334 6,558 7,475 6,323 6 641 10,092 9,629 10 064 11,109 13,212 16,270 3,608 4,239 6,741 6,205 6,668 6,479 8,518 10,185 840 559 1,142 2,883 C 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 C 3 412 c 4,008 4,142 5,063 1955—Jan Feb Mar.. . Apr May June. July Aug Sept Oct Nov Dec 1,485 1,581 2,135 2,322 2,185 2,255 2 272 1,895 2,035 1,863 1,797 1,921 480 472 677 676 675 757 761 549 621 551 527 730 1,005 1,109 1,458 J 646 1,510 ,498 I 511 ,346 1,414 ,312 ,269 671 744 990 1,070 1,011 951 959 835 733 783 726 711 85 113 176 142 171 163 146 170 201 186 178 148 166 133 194 174 183 228 288 215 197 185 200 197 131 135 201 195 201 181 231 153 163 163 143 237 184 153 189 195 171 270 227 144 148 158 142 144 249 303 386 546 448 461 420 378 593 388 408 483 1956—Jan 1,858 694 158 161 190 153 503 c IQO Corrected. C O N S T R U C T I O N 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] Federal Reserve district Total (11 districts) Month Boston New York Cleveland Philadelphia Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas 1954—Oct . Nov Dec 1,965 1,499 1,829 122 97 109 288 243 308 120 109 119 207 155 205 226 194 159 214 153 233 360 239 274 127 73 106 56 48 42 101 60 113 145 127 160 1955—Oct Nov De^ 1,863 1,797 1,921 114 116 152 298 276 364 123 114 134 221 184 226 210 177 169 219 218 254 310 334 280 106 116 89 52 47 47 86 81 81 124 134 126 P E R M A N E N T N O N F A R M DWELLING UNITS STARTED [Bureau of Labor Statistics estimates. Total Year or month 1948 1949 1950 1951 1952 1953 1954 1955 1955—Jan Feb Mar Apr M^ay June July Aug Sept Oct Nov Dec 1956—Jan . . . . ; . , 932 1,025 1 396 1,091 1 127 1,104 1,221 P1,329 Metropolitan areas Nonmetropolitan areas n a n.a. n a n.a. n a. n.a. 897 975 n.a n.a. n.a. n.a. n.a n.a. 324 354 Private Government-underwritten i Public Total 1family 2family 914 989 1,352 1,020 1,069 1,068 1,202 763 792 1 151 892 939 933 1,077 46 35 42 40 46 42 34 104 162 159 88 84 94 90 18 36 44 71 58 36 19 78 79 100 120 122 121 113 7 6 9 8 10 8 6 8 7 7 n.a. n.a. (?0 n.a. 87 88 113 131 135 131 122 122 114 105 Total FHA 393 466 686 413 420 407 585 670 291 361 486 264 279 252 277 277 102 105 200 149 141 155 308 393 *>3 46 45 54 61 66 72 63 68 r 58 54 45 38 20 17 24 26 28 32 26 27 25 19 17 16 26 28 30 35 38 40 37 41 33 35 28 22 n 36 13 23 P19 vl5 20 23 27 35 38 36 34 33 31 29 26' 21 P89 P72 104 95 n.a. n.a, 2 3 4 3 3 3 3 3 2 2 n.a. n.a. P74 53 21 »73 n.a. n.a. P90 Multifamily P1,309 68 67 87 97 100 99 88 92 84 77 65 54 88 90 114 132 138 135 123 125 115 106 r P Preliminary. Revised. n.a. Not available. 1 Represents units started under commitments of FHA or VA to insure or guarantee the mortgage. VA figures after June 1950 and all FHA In thousands of units] 1 2 3 3 1 2 1 1 1 VA figures are based on field office reports of first compliance inspections; earlier VA figures are estimates based on loans-closed information. 2Less than 500 units. 170 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates, without seasonal adjustment. In thousands of persons] Civilian labor force Year or month 1948. 1949 1950 1951. 1952 1953 19542 1955 1955 . . . . . Jan Feb Mar Apr May June July Aug. Sept Oct Nov Dec 1956—Jan Total noninstitutional population Total labor force Employed 1 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 48,492 116,855 116,901 117,051 117,130 117,236 117,318 117,404 117 517 117,634 117,749 117,864 117,995 66,700 66,550 66,840 67,784 68,256 69,692 70,429 70,695 69,853 70,250 70,164 69,538 63,497 63,321 63,654 64,647 65,192 66,696 67,465 67,726 66,882 67,292 67,206 66,592 60,150 59,938 60,477 61,685 62,703 64,016 64,994 65,488 64,733 65,161 64,807 64,165 54,853 54,854 54,785 55,470 55,740 56,335 57,291 57,952 56,858 57,256 57,887 58,281 5,297 5,084 5,692 6,215 6,963 7,681 7,704 7,536 7,875 7,905 6,920 5,884 3,347 3,383 3,176 2,962 2,489 2,679 2,471 2,237 2,149 2,131 2,398 2,427 50,156 50,352 50 212 49,346 48,979 47,626 46,975 46 823 47,781 47,499 47 701 48,457 118,080 68,691 65,775 62,891 57,256 5,635 2,885 49,388 1 2 Includes self-employed, unpaid family, and domestic service workers. Estimates beginning 1954 are based on an improved sample covering a larger number of areas and are, therefore, not strictly comparable with earlier data. NOTE.—Information on the labor force status of the population, relating to persons 14 years of age and over, is obtained through interviews of households on a sample basis. 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. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Bureau of Labor Statistics. In thousands of persons] Year or month 1948 1949 1950 1951 1952 1953 1954 1955 Total Manufacturing Mining 44,448 43 315 44,738 47 347 48 303 49,681 48 285 49,398 15,321 14,178 14,967 16,104 16,334 17,238 15,989 16,551 982 918 r48 404 '•48,470 '48 760 ••48,882 '49 242 '49,514 '49 638 '49,718 '49 835 '49 950 '50,135 50 211 15,993 16,091 16,229 16,380 16,545 16,688 16,635 16,661 16 691 16,822 '•16,962 16 948 50,208 Contract construction Transportation and public utilities Trade Finance Service Federal, State, and local government 2,169 2,165 2,333 2,603 2,634 2,622 2,527 2,506 4,141 3,949 3,977 A,166 4 185 4,221 4,008 4,057 9,519 9,513 9,645 10,012 10,281 10,527 10,498 10,728 1,741 1,765 1,824 1,892 1,967 2,038 2,114 2,191 4,925 4,972 5,077 5,264 5,411 5,538 5,629 5,694 5,650 5 856 6,026 6 389 6 609 6,645 6 751 6,923 741 741 739 743 749 756 757 747 754 751 750 750 '2,486 '2,451 '2,483 '2,502 ••2,539 '2,514 '2,546 '2,519 '2,537 '2,512 '2,493 2,471 3,974 3,984 3,986 3,946 4,000 4,064 4,082 4,106 4,135 4,116 '4,132 4,153 10,574 10,541 10,633 10,600 10,655 10,711 10,765 10,797 10,824 10,801 '10,868 10,941 2,145 2,154 2,161 2,161 2,171 2,184 2,204 2,208 2,223 2,227 '2,224 2,231 5,646 5,649 5,656 5,674 5,676 5,690 5,730 5,732 5,705 5,730 '5,719 5,715 '6 845 '6,859 '6,873 '6,876 '6,907 '6,907 6,919 '6,948 '6 966 '6 991 '6,987 7 002 16,861 746 2,492 4,144 11,007 2,238 5,714 7,006 47 741 47 753 48,212 48 643 48 918 49,508 49,420 49 858 50,322 50 471 '50 629 51,299 15 925 16 060 16,201 16 255 16,334 16,577 16,475 16,807 16,915 16 999 '17,049 17,009 741 737 739 739 742 760 749 754 758 751 754 754 2,237 2,169 2,255 2,399 2,526 2,615 2,701 2,746 2,748 2,685 r 2,580 2,407 3,927 3,937 3,966 3,939 3,997 4,081 4,113 4,137 4,152 4,127 '4,143 4,164 10,419 10,309 10,408 10,549 10,534 10,643 10,633 10,638 10,824 10,909 '11,126 11,747 2,124 2,132 2,150 2,161 2,171 2,206 2,237 2,241 2,223 2,216 '2,213 2,220 5,533 5,536 5,571 5 674 5,733 5,775 5,816 5,818 5,791 5 730 '5,690 3,658 6 835 6 873 6,922 6 927 6 881 6,851 6,696 6 717 6,911 7 054 7,074 7,340 49,541 16,798 746 2,243 4,095 10,845 2,216 5,600 6,998 889 916 885 852 770 748 SEASONALLY ADJUSTED 1955 Jan. Feb Mar. Apr May June July Aug Sent Oct Nov Dec. . . . . ... . . . . 1956—Jan WITHOUT SEASONAL ADJUSTMENT 1955 Jan Feb.. . Mar Apr May June July Aug Sept Oct Nov Dec 1956—Jan ' Revised. NOTE.—Data include all full- and part-time employees who worked during, or received pay for, the pay period ending nearest the 15 th of the month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed forces are excluded. Figures for January 1956 and 1955 annual averages are preliminary. Seasonally adjusted figures for total, contract construction, and Federal Government were revised beginning January 1953. 171 EMPLOYMENT AND EARNINGS PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES [Bureau of Labor Statistics. In thousands of persons] Seasonally adjusted Industry group 1955 Without seasonal adjustment 1956 1956 1955 Jan. Nov. Dec. Jan. Jan. Nov. Dec. Jan. 12,586 -13,412 13,396 13,299 12,523 '13,498 13,460 13,240 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 7,191 96 668 289 434 1,008 826 1,093 792 1,400 216 369 •7,797 84 686 315 '475 '1,151 '907 '1,225 '857 '1,484 '224 '389 7,810 83 679 315 469 1,156 897 1,225 857 1,514 225 390 7,767 82 675 314 469 1,154 886 1,226 846 1,496 225 394 7,182 96 631 293 430 1,013 834 1,109 800 1,400 217 360 '7,839 84 '696 323 '477 '1,151 '912 '1,213 '870 '1,484 '225 '405 7,853 83 665 321 All 1,162 906 1,237 874 1,514 227 394 7,763 82 638 319 464 1,160 895 1,244 854 1,496 226 384 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 5,395 1,085 90 967 1,058 435 512 534 171 207 336 '5,615 '1,120 94 988 '1,135 460 534 ••551 5,586 103 90 983 ,119 457 529 555 171 231 348 5,532 1,087 89 977 1,097 455 529 556 169 230 343 5,341 1,007 91 977 1,069 437 512 534 169 209 336 '5,659 '1,130 101 998 '1,135 465 539 '557 '171 231 '332 5,607 1,068 96 998 1,136 464 537 558 5,477 1,007 Total '171 228 '334 'Revised. NOTE.—Data cover production and related workers only (full- and part- 90 987 1,108 457 529 556 167 232 343 170 234 346 time) who worked during, or received pay for, the pay period'ending nearest the 15th of the month. Figures for January 1956 are preliminary. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Bureau of Labor Statistics. In unit indicated] Average weekly earnings (dollars per week) Industry group 1955 Jan. Average hours worked (per week) 1956 Nov. Dec. Jan. 1955 Jan. Nov. Average hourly earnings (dollars per hour) 1956 1955 Dec. Jan. Jan. Nov. 1956 Dec. Jan. Total 73.97 79.52 79.71 78.36 40.2 41.2 41.3 40.6 1.84 1.93 1.93 1.93 Durable goods Ordnance and accessories Lumber and wood products Furniture and fixtures Stone, clay, and glass products Primary metal industries Fabricated metal products Machinery except electrical Electrical machinery Transportation equipment Instruments and related products Miscellaneous manufacturing industries... 80.16 81.20 66.34 63.99 73.49 87.26 80.15 82.82 74.56 92.62 75.17 65.93 '86.11 '86.73 '68.28 '68.88 79.04 '96.10 -85.06 '91.16 '79.46 '98.21 '80.93 '69.46 86.31 86.73 68.06 69.37 79.00 97.67 84.85 93.10 79.87 95.30 80.73 70.04 84.05 86.73 65.60 66.42 77.30 n.a. 83.43 92.66 79.13 90.23 79.77 68.34 40.9 40.0 40.7 40.5 40.6 40.4 41.1 40.8 40.3 42.1 40.2 40.2 '41.8 '41.3 '40.4 '42.0 41.6 '41.6 '41.9 42.4 '41.6 '42.7 41.5 '41.1 41.9 41.3 41.0 42.3 41.8 42.1 41.8 43.1 41.6 41.8 41.4 41.2 41.0 41.3 40.0 40.5 40.9 n.a. 41.1 42.7 41.0 40.1 40.7 40.2 1.96 2.03 1.63 1.58 1.81 2.16 1.95 2.03 1.85 2.20 .87 .64 2.06 2.10 1.69 1.64 1.90 2.31 '2.03 '2.15 1.91 '2.30 '1.95 1.69 2.06 2.10 1.66 1.64 1.89 2.32 2.03 2.16 1.92 2.28 1.95 1.70 2.05 2.10 1.64 1.64 1.89 n.a. 2.03 2.17 1.93 2.25 .96 .70 Nondurable goods Food and kindred products Tobacco manufactures Textile-mill products Apparel and other finished products Paper and allied products Printing, publishing and allied products... Chemicals and allied products Products of petroleum and coal Rubber products Leather and leather products 66.02 70.18 50.14 54.25 48.60 75.72 88.24 79.73 93.02 83.84 52.68 70.12 '74.70 51.46 58.50 '50.32 '81.35 92.28 '85.07 '99.22 '92.01 '54.58 70.30 76.08 53.96 58.50 50.46 81.97 94.49 85.27 98.40 88.99 56.45 69.83 75.95 53.06 57.23 50.01 81.65 92.11 85.08 99.12 87.72 57.38 39.3 40.8 37.7 39.6 36.0 42.3 38.2 41.1 40.8 41.3 37.9 40.3 '41.5 38.4 41.2 '37.0 '43.5 39.1 '41.7 '41.0 '42.4 37.9 40.4 41.8 39.1 41.2 37.1 43.6 39.7 41.8 41.0 41.2 39.2 39.9 41.5 37.9 40.3 36.5 43.2 38.7 41.5 41.3 40.8 39.3 .68 .72 .33 .37 .35 .79 2.31 1.94 2.28 2.03 1.39 1.74 1.80 1.34 1.42 1.36 1.87 2.36 2.04 2.42 2.17 '1.44 1.74 .75 .83 .40 .42 .37 .89 2.38 2.05 2.40 2.15 1.46 ' Revised. n.a. Not available. NOTE.—Data are for production and related workers. January 1956 are preliminary. Figures for 1.82 1.38 1.42 1.36 1.88 2.38 2.04 2.40 2.16 1.44 172 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 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 1954—Dec 116 110 -107 -114 110 -129 1955—Jan. Feb Mar Apr May June July. Aug Sept Oct.. . Nov Dec 119 112 115 119 117 114 124 118 121 122 122 108 101 105 102 103 104 108 106 108 109 110 110 113 108 111 115 115 114 121 114 120 120 121 122 111 108 107 116 113 108 124 114 116 120 118 119 133 122 129 126 128 123 136 134 134 132 134 P122 114 109 107 108 111 107 114 107 112 114 116 114 -202 200 91 88 100 114 116 110 98 105 123 128 148 90 82 90 108 111 107 82 86 120 115 141 206 85 82 93 99 101 100 77 82 111 116 139 194 85 83 101 109 114 107 90 92 124 125 159 213 107 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 -125 119 -115 121 123 123 124 124 123 127 127 129 129 129 131 118 118 119 121 120 124 121 122 124 123 123 126 113 113 113 113 111 115 116 117 116 117 119 121 118 117 118 116 119 124 125 122 126 126 P158 Minne- Kansas Dallas apolis City San Francisco 103 99 108 111 113 112 115 124 105 102 113 117 124 125 127 137 104 98 105 109 114 115 -114 122 SALESi 1948 . . 1949 1950 1951 1952 1953 1954 104 98 105 104 104 104 105 108 SEASONALLY ADJUSTED .... -113 117 111 120 136 -119 116 109 114 119 117 114 122 115 118 120 121 121 123 114 116 122 120 108 132 120 119 122 124 125 112 103 108 107 107 103 111 107 112 109 -110 110 124 114 120 126 120 118 136 124 127 125 124 P131 137 134 133 142 137 136 152 143 140 148 142 P147 P124 140 129 134 142 134 132 145 139 131 138 136 144 125 118 118 120 118 118 123 122 126 126 125 123 191 -232 -236 -190 194 180 -206 228 -210 87 83 93 112 110 104 96 104 116 125 147 205 91 91 111 125 129 118 107 112 138 140 164 106 107 129 141 134 121 122 129 136 154 165 80 81 88 108 108 95 89 102 119 126 -126 179 94 89 104 123 119 113 111 117 127 131 142 P255 84 98 114 116 112 96 103 123 126 147 204 92 89 101 118 120 106 102 109 122 135 149 208 110 103 120 136 133 120 123 129 131 146 155 241 97 93 97 112 116 113 107 118 123 126 145 217 105 101 113 133 130 143 139 146 108 102 120 140 136 146 141 152 108 97 108 125 112 122 120 121 107 100 106 125 114 124 116 124 110 99 104 116 107 115 115 121 108 100 111 130 121 133 126 135 110 101 112 132 126 138 132 143 107 100 110 131 126 134 125 133 117 144 144 -121 118 119 -131 139 -129 140 142 144 144 139 143 145 145 150 152 154 146 147 150 149 148 151 148 154 156 156 159 118 118 119 120 122 124 121 123 121 120 123 127 121 120 117 120 121 126 126 126 123 129 130 133 116 116 116 113 117 123 119 123 122 125 128 134 129 129 131 131 132 136 134 136 135 141 142 145 134 136 139 137 137 143 143 145 146 147 149 131 127 129 128 126 130 131 138 137 134 137 131 114 114 113 113 113 116 118 118 118 119 119 124 P157 WITHOUT SEASONAL ADJUSTMENT 1954—Dec 1955 Jan. Feb Mar Apr May June July.. Aug Sept Oct Nov Dec. P212 P236 on P2\2 STOCKS i 1948 1949 . . 1950 1951 1952 1953 1954 1955? SEASONALLY ADJUSTED 1954—Dec.. . 1955—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec P156 P\A2 WITHOUT SEASONAL ADJUSTMENT 1954—Dec 110 111 -105 107 104 120 127 -109 106 107 117 -125 108 1955—Jan... Feb Mar Apr May June July Aug.. Sept Oct Nov Dec 110 117 127 129 127 121 119 126 135 145 148 107 111 122 125 123 115 109 118 127 139 144 117 101 106 116 119 115 108 105 114 123 132 136 110 103 112 122 124 124 116 112 117 132 144 -147 115 101 109 117 119 117 110 109 114 123 133 135 110 125 132 149 153 146 139 142 148 155 168 167 134 145 156 155 150 142 139 150 163 170 180 106 112 121 123 123 116 114 120 127 137 142 115 105 114 124 126 121 116 116 126 133 145 147 120 107 111 119 118 118 1.16 115 120 128 136 142 120 116 125 135 136 135 131 129 134 140 152 157 131 119 132 144 144 139 133 136 144 155 162 165 116 118 129 133 136 131 130 133 142 153 151 ... p Preliminary. - Revised. i Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. P142 NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp. 1463-1515. 173 DEPARTMENT STORES; FOREIGN TRADE DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (In millions of dollars) Sales i (total for month) Period 1948 1949 1950 1951 1952 1953 1954 average. average. average. average. average. average. average. 381 361 376 391 397 406 '409 . . . . . . . Stocksi (end of month) 979 925 1,012 1,202 1,097 1,163 ,140 1955 average^. Ratios to sales'* Outstanding orders 1 (end of month) Receipts 2 (total for month) New orders 3 (total for month) 494 373 495 460 435 421 ••388 445 386 358 391 390 397 408 '410 Stocks Outstanding orders 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 Stocks plus outstanding orders Receipts 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 1.0 441 363 358 401 379 401 401 ••412 446 ••514 '407 1.4 0.4 1.8 0.7 322 370 477 439 377 323 292 449 513 579 611 540 406 399 430 380 376 465 397 445 539 584 517 411 3.1 3.6 3.0 2.9 2.9 2.9 3.4 3.0 2.9 2.9 2.6 1.4 1.1 1.3 0.9 0.7 0.8 1.2 1.7 1.4 1.4 1.2 0.9 0.4 4.2 4.9 4.0 3.7 3.7 4.0 5.1 4.5 4.3 4.1 3.5 1.8 1.01.2 1.2 1.1 0.9 0.8 0.9 1.2 1.2 1.2 1.1 0.7 434 1954—Dec ,067 '774 336 307 392 413 404 390 324 382 426 473 546 817 1955—Jan Feb Mar Apr May June July Aug Sept Oct Nov Deep p 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. ,042 ,105 ,190 ,216 ,189 ,122 ,090 ,157 ,244 ,350 ,415 ,138 385 414 367 308 307 449 554 550 576 581 487 358 3 Derived from receipts and reported figures on outstanding orders. 4 The first three ratios are of stocks and /or orders at the end of the month to sales during the month. The final ratio is based on totals of sales and receipts for the month. NOTE.—For description and monthly figures for back years, see BULLETIN for October 1952, pp. 1098-1102. MERCHANDISE EXPORTS AND IMPORTS [Bureau of the Census. In millions of dollars] Merchandise exports ] Merchandise exports excluding military-aid shipments 2 Merchandise imports 3 Period Jan Feb Mar Apr . . May June July Aus Sept Oct Nov Dec Jan Dec «Estimated. Pr Preliminary. Revised. 1 Exports of domestic and foreign merchandise. 1954 1955 1953 1954 1955 1953 1954 1955 1953 1,293 1,200 1,390 1,394 1 453 1,385 1,363 1,187 1,256 1,253 1,247 1 353 1.092 1,183 1,126 1,426 I 401 1,474 1,290 1,156 1,115 1,265 1,250 .318 1,168 1,237 1,343 1,261 '1 320 1,318 '•I, 267 '1,235 '1,254 1,396 *>l,3O8 «1 363 1,016 927 1,052 1,054 1 085 1,013 965 911 1,052 1,019 1,031 1,138 923 998 923 1,258 1 137 1,115 1,023 955 962 1,162 1,165 1,221 1,083 1,143 1,251 1,167 n 189 1,190 1,140 '1,107 '1,155 1,276 *1,236 «1 279 922 856 1,004 1,013 933 908 840 926 813 849 907 947 822 825 780 763 840 942 936 885 '960 945 1,010 p1,064 4,000 15,774 15,096 •15,471 12,262 12,841 «14,215 10,873 10,212 «11,368 902 833 809 865 957 829 871 850 1,019 871 959 2 Department of Defense shipments of grant-aid military equipment and3 supplies under the Mutual Security Program. General imports including imports for immediate consumption plus entries into bonded warehouses. 174 PRICES CONSUMER PRICES [Bui eau of Labor Statistics index for city wage-earner aiid clerical-worker families . 1947-49= 100] Housing ApSolid House- House- parel hold fuels furand nish- operafuel oil ings tion All items Foods 1929 1933 1941 1945 73.3 55.3 62.9 76.9 65.6 41.6 52.2 68.9 1948 1949 1950 1951 1952 1953 1954 102.8 101.8 102.8 111.0 113.5 104.1 100.0 101.2 112.6 114.6 112.8 112.6 101.7 103.3 106.1 112.4 114.6 117.7 119.1 100.7 105.0 108.8 113.1 117.9 124.1 128.5 100.0 102.5 102.7 103.1 104.5 106.6 107.9 104.4 106.8 110.5 116.4 118.7 123.9 123.5 103.2 99.6 100.3 111.2 108.5 107.9 106.1 110.4 119.7 129.4 109.1 125.5 110.6 110.8 110.8 111.2 111.1 111.3 112.1 111.2 111.6 110.8 109.8 109.5 119.6 119.6 119.6 119.5 119.4 119.7 119.9 120.0 120.4 120.8 120.9 120.8 129.5 129.7 130.0 129.9 130.3 130.4 130.4 130.5 130.5 130.8 130.9 131.1 109.4 109.9 110.3 110.3 110.9 110.7 110.8 110.8 111.2 111.2 111.5 111.5 126.1 126.2 126.2 125.7 122.5 122.7 123.2 123.8 125.2 126.3 126.7 128.0 Year or month 114.4 114.8 114.3 1954—Dec 114.3 114.3 1955—Jan Feb Mar Apr June July . . . . . Aug SeDt Oct Nov Dec 114.3 114.2 114.2 114.4 114.7 114.5 114.9 114.9 115.0 114.7 Total Rent Gas and electricity 117.4 83.6 88.4 90.9 Transportation Medical care Personal care Reading and recreation Other goods and services 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- 102.6 100.1 101.2 109.0 111.8 115.3 117.4 103.5 99.4 98.1 106.9 105.8 104.8 104.3 100.9 108.5 111.3 118.4 126.2 129.7 128.0 100.9 104.1 106.0 111.1 117.3 121.3 125.2 101.3 101.1 101.1 110.5 111.8 112.8 113.4 100.4 104.1 103.4 106.5 107.0 108.0 107.1 100.5 103.4 105.2 109.7 115.4 118.2 120.2 105.4 117.7 104.3 127.3 126.3 113.6 106.6 119.9 104.6 104.8 104.6 104.5 103.7 103.8 103.6 103.2 103.6 104.4 104.5 103.4 117.7 117.7 117.9 118.1 119.0 119.2 119.4 119.5 119.8 120.1 120.5 120.7 103.3 103.4 103.2 103.1 103.3 103.2 103.2 103.4 104.6 104.6 104.7 104.7 127.6 127.4 127.3 125.3 125.5 125.8 125.4 125.4 125.3 126.6 128.5 127.3 126.5 126.8 127.0 127.3 127.5 127.6 127.9 128.0 128.2 128.7 129.8 130.2 113.7 113.5 113.5 113.7 113.9 114.7 115.5 115.8 116.6 117.0 117.5 117.9 106.9 106.4 106.6 106.6 106.5 106.2 106.3 106.3 106.7 106.7 106.8 106.8 119.9 119.8 119.8 119.8 119.9 119.9 120.3 120.4 120.6 120.6 120.6 120.6 vised weights. Prior to January 1953, indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49= 100. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Bureau of Labor Statistics index. 1947-49= 100] Other commodities Year or month All com- Farm Processed modi- products foods Total ties Textile products and apparel Hides, skins, and leather products Fuel, power, and lighting materials Ma- FurniToChem- Rub- Lum- Pulp, Metals chin- ture Nonme- bacco ber icals paper, ery and ber and tallic mfrs. Misand and and and other minand cellaallied and wood allied metal mo- house- eral ils— b(•ottled neous prod- prod- prodprod- prodtive hold strucucts ucts bevucts ucts ucts prod- dura- tural erages ucts bles 104.4 107.3 106.1 103.4 104.4 102.1 107.1 103.8 102.1 107.2 99.2 92.8 95.7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 110.1 97.0 104.6 114.0 97.3 98.5 109.5 105.7 125.0 120.2 110.3 95.6 105.3 114.5 95.2 94.2 108.1 107.0 126.9 118.0 1948 1949 1950 1951 1952 1953 1954 102.9 98.5 100.9 119.6 116.5 116.1 116.3 103.9 104.8 110.3 122.8 123.0 126.9 128.0 101.4 103. 105.3 114.1 112.0 114.2 115.4 100.4 101.6 102.4 108.1 110.6 115.7 120.6 103.1 96.1 96.6 104.9 108.3 97.8 102.5 91.8 107.5 107.0 132.0 120.0 115.9 129.8 125.7 115.7 121.8 121.4 98.0 100.9 106.6 108.6 119.0 121.5 123.0 124.6 101.7 104.4 106.9 113.6 113.6 118.2 120.9 1954 Dec 1955 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec r Revised. 109.5 89.9 103.5 114.9 95.2 110.1 110.4 110.0 110.5 109.9 110.3 110.5 110.9 111.7 111.6 111.2 111.3 92.5 93.1 92.1 94.2 91.2 91.8 89.5 88.1 89.3 86.8 84.1 83.4 115.2 115.7 115.6 115.7 115.5 115.6 116.5 117.5 118.5 119.0 119.4 119.7 95.2 95.2 95.3 95.0 95.0 95.2 95.3 95.3 95.4 95.4 95.6 95.6 103.8 103.2 101.6 102.5 102.1 103.9 103.1 101.9 101.5 100.2 98.8 98.2 91.9 92.3 92.2 93.2 92.9 92.9 93.7 93.8 94.0 95.3 '96.4 96.7 108.5 108.7 108.5 107.4 107.0 106.8 106.4 107.2 108.0 108.0 108.6 108.9 107.1 107.1 106.8 107.1 106.8 106.8 106.0 105.9 106.0 106.5 106.6 106.7 136.8 140.6 138.0 138.3 138.0 140.3 143.4 148.7 151.7 147.8 '150.6 151.0 120.3 121.2 121.4 122.4 123.5 123.7 124.1 125.1 125.7 125.4 125.0 125.1 116.3 116.6 116.8 117.4 117.7 118.3 119.0 119.7 120.5 122.8 123.2 123.6 130.1 131.5 131.9 132.9 132.5 132.6 136.7 139.5 141.9 142.4 142.9 143.9 125.8 126.1 126.1 126.3 126.7 127.1 127.5 128.5 130.0 131.4 132.5 132.8 115.5 115.4 115.1 115.1 115.1 115.2 115.5 116.0 116.4 116.9 117.2 117.4 122.0 121.8 121.9 122.3 123.2 123.7 125.3 126.1 126.4 126.8 125.2 125.4 121.4 121.6 121.6 121.6 121.6 121.6 121.6 121.7 121.7 121.7 121.7 121.7 97.0 97.1 95.6 94.0 91.3 89.1 90.8 89.8 90.3 91.5 88.0 88.7 175 PRICES WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1955 1954 1954 Subgroup Dec. Oct. Nov. 96.9 92 5 74.0 105 0 93 6 64.0 93.8 157 7 92.9 82.4 71.8 99.1 95.1 92.6 75.9 145.4 102.6 79.8 62.2 100.9 '95 0 98.9 75.8 140.1 116.8 85.2 108.2 106.0 111 6 203.4 98.4 114.8 '115.1 81.6 77.8 105.0 105.9 107.4 '107.7 110.0 109.7 183.8 176.6 98.3 97.4 Pulp, Paper, and Allied ProductsContinued: 102.8 82 7 Paoerboard 59.3 Converted paper and paperboard.... 100.8 Building paper and board 94 0 99.2 Metals and Metal Products: 77.6 139.1 Iron and steel Nonferrous metals Metal containers Hardware 115.2 Plumbing equipment. 75.3 Heating equipment 107.2 Fabricated structural metal products. 107.8 Fabricated nonstructural metal 109.4 products 176.6 97.9 Machinery and Motive Products: 89.9 106 7 87.2 123.9 98 4 76.9 92.8 102.8 86.1 123.7 98.7 71.6 93.7 102.8 84.9 120.6 99.1 71.3 47 4 81.5 111.6 95.9 62.3 60.2 86.1 87.7 113.5 '115.4 96.0 '96.2 Farm Products: 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 Dec. Textile Products and Apparel: Cotton products Synthetic textiles Silk products Other textile products. '93.2 102.8 85.8 120.8 '99.0 72.5 Hides, Skins, and Leather Products: Hides and skins Leather Footwear. . . . Other leather products Agricultural machinery and equipment . . . . Construction machinery and equipment M^etal workinc machinerv General purpose machinery and equipment Miscellaneous machinerv Electrical machinery and equipment Motor vehicles.. 61.1 88.4 Furniture and Other Household Dura115.4 bles: 96.4 Fuel, Power, and Lighting Materials: Commercial furniture. . Coal Coke Gas Electricity Petroleum and products. 105 2 132 4 110 2 100.7 110.4 108.7 '109.0 138.8 138.8 109.3 '110.8 94.3 94.3 114.2 115.0 Industrial chemicals 117 4 Prepared paint 112 8 Paint m a t e r i a l s . . . . 96 2 Drugs, Pharmaceuticals, cosmetics. .. 93.6 Fats and oils, inedible 59 3 Mixed fertilizers 108 9 Fertilizer materials 113 3 Other chemicals and products 107.9 118.9 119.3 115.0 115.0 97.4 97.1 92.3 92.3 58.2 57.6 108.5 '108.5 112.3 112.3 104.5 104.6 Flat glass 119.4 Concrete ingredients 115.8 Concrete products 97.3 Structural clav oroducts 92.3 Gypsum products 56.6 Prepared asphalt roofing 108 2 Other nonmetallic minerals 112.3 104.6 Tobacco Manufactures and Beverages: 137.6 134 9 125.2 165.0 166.8 147.2 151.8 137.9 '139.4 168.3 151.8 139.6 119 8 130.3 104.3 126.8 126.4 128.2 '127.9 106.1 105.9 126.4 128.8 105.7 109.6 85.5 126.9 114.2 120.3 131.2 114.2 133.9 133.0 Rubber and Products: Crude rubber Other rubber products . ... 109.4 138 8 110.8 94.3 115.6 Lumber and Wood Products: M i l l w o r k . . . Plywood Pulp, Paper, and Allied Products: ' Revised. Household appliances Radio Television Other household durable goods Dec. Oct. 124 1 111.0 127 6 129 7 130 1 118.9 '119.0 133.3 133 3 130 3 119.2 133 3 135.0 127.6 131.6 142.3 118.7 114.3 117.8 145.7 153.9 132.8 151.3 129.4 117.3 127.4 146 0 153.9 138.0 '151.6 '133.1 '117.4 '127.6 147 1 155.8 138.0 151.6 133.1 117.4 128.0 125.9 131.3 '132.1 132.2 121.2 126.7 '126.1 126.2 132.6 134.7 142.1 142.4 147.2 '148.0 143 0 148.5 128.2 126.0 138.6 '140.4 133.1 '133.5 141.2 133.3 126.8 121.7 130.7 124.7 131.4 '126.5 131.6 126.7 112.9 128.6 124.0 109.4 95 4 69.2 131.5 115.6 '116.4 137.1 137.1 128.7 128.7 106.1 '106.3 89 5 '89 8 69.5 69 5 135.5 136.0 116.5 137.1 129.2 106.3 90 0 69 5 136.7 123.9 122 3 117.4 135 4 122.1 106.1 119 5 133.0 125.6 120.2 144.3 122.1 114.4 122.8 '131.1 125 6 '120 2 144 5 122.1 '101.0 '122 0 131.1 125 9 120.2 144 6 122 A 124.0 103.7 121.4 114.3 148.1 124.0 104.2 122.5 114.7 148.1 124.0 104.2 122.5 114.7 148.1 124.0 104.2 122.5 114.7 148.1 112.9 86.8 101.2 103.5 121 0 113.8 74.7 91.0 104.3 122.3 114.3 67.8 91.0 104.3 122 9 114.9 68.8 91.0 104.3 123.4 Nov. Dec. Nonmetallic Minerals—Structural: Chemicals and Allied Products: Woodpulp Wastepaper Paper 1955 Subgroup 114.2 133.9 131.7 101.0 122 1 Bottled Cigarettes Cigars Other tobacco products .. Alcoholic beverages Nonalcoholic beverages Miscellaneous: Toys, sporting goods, small a r m s . . . . Manufactured animal feeds. . . Notions and accessories Jewelry, watches, photo equipment... Other miscellaneous 176 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 1954 1929 1933 1941 1950 1951 1952 1953 1954 1 4 Gross national product Less: Capital consumption allowances Indirect business tax and related lia- 104.4 1955 1955 2 3 4 56.0 125.8 285.1 328.2 345.2 364.5 360.5 387.2 367.1 375.3 384.8 392.0 397.3 8.6 7.2 9.0 20.5 23.5 25.5 27.8 30.0 32.3 30.9 31.2 31.9 32.7 33.5 7.0 6 7.1 .7 .9 11.3 5 .4 23.7 8 28.1 1 2 30.2 1.2 30.3 1.2 31.1 1.2 32.5 1 2 1.3 -.8 .7 .7 31.7 1.2 2 32.2 1.2 .7 31.9 1 .1 2 — 30.7 1.2 .2 25.6 1 0 1.3 0 1 2 2 —1 -.4 -.1 -.3 .3 .4 .6 Business transfer payments Statistical discrepancy Plus: Subsidies less current surplus of government enterprises —l Equals * National income 87 8 Less: Corporate profits and inventory valuation adjustment Contributions for social insurance Excess of wage accruals over disbursements Plus: Government transfer payments Net interest paid by government Dividends Business transfer payments 10.1 - 2 . 0 .3 .2 .0 .0 .9 1.5 1.0 1.2 5.8 2.1 6 7 14.5 2.8 35.1 6.9 .0 2.6 1.3 4.5 5 .0 14.3 4.7 9.2 8 Equals' Personal income 85.8 47.2 96.3 227.1 255.3 271.1 286.2 287.6 303.3 290.8 293.6 300.5 306.1 312.1 2.6 1.3 1 4 7.5 .5 1 0 Less: Personal tax and related payments Federal State and local .3 .5 .8 5 40 2 104 7 240 0 277 0 289 5 303 6 299 7 322 3 303 2 311 4 320 7 325 7 3.3 2.0 1 3 20.9 18.2 2 7 39.9 8.2 .1 11.6 4.8 9.1 1 0 29.3 26.3 3 0 36.9 8.6 37.2 8.7 33.8 9.6 41.4 11.0 35.5 9.6 39.6 10.5 42.2 10.8 41.9 11.2 "\'\A .0 12.0 4.9 9.0 1 2 -.1 12.8 5.0 9.3 1 2 .0 15.0 5.2 10.0 1.2 .0 16.0 5.0 11.2 1.2 .0 15.7 5.2 10.6 1.2 .1 15.91 5.li 10.2! 1.2! .4 16.2 5.0 10.7 1.2 -.6 15.7 5.0 11.0 1.2 34.4 31.2 3 2 35.8 32.4 3 4 32.8 29.1 3.7 33.9 30.0 3.9 33.1 29.3 3.8 32.6 28.8 3.8 33.4 29.5 34.4 30.4 3.9 4.0 .0 15.9 5.0 12.2 1 2 35.4 31.3 4 1 Equals: Disposable personal income 83.1 45.7 93.0 206.1 226.1 236.7 250.4 254.8 269.4 257.8 261.0 267.1 27!.7 276.6 Less: Personal consumption expenditures.... 79.0 46.4 81.9 194.0 208.3 218.3 230.6 236.5 252.3 241.0 245.8 250.5 255.7 257.2 4.2 -.6 11.1 Equals: Personal saving 12.1 17.7 18.4 19.8 18.3 17.1 16.8 16.6 15.3 16.0 19.4 NATIONAL INCOME, BY DISTRIBUTIVE SHARES [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates by quarters Annual totals 1954 1929 1933 1941 1950 1951 1952 1953 1954 1955 1955 National income. 87.8 40.2 104.7 240.0 277.0 289.5 303.6 299.7 322.3 303.2 311.4 320.7 325.7 Compensation of employees Wages and salaries1 Private Military Government civilian Supplements to wages and salaries. 51.1 50.4 45.5 .3 4.6 .7 29.5 29.0 23.9 .3 4.9 .5 Proprietors' and rental income 2 . Business and professional.... Farm Rental income of p e r s o n s . . . . 20.2 8.8 6.0 5.4 7.6 3.2 2.4 2.0 Corporate profits and inventory valuation adjustment Corporate profits before tax Corporate profits tax liability Corporate profits after tax Inventory valuation adjustment 10.1 9.6 1.4 8.3 .5 Net interest. 1 6.4 20.9 10.9 6.5 3.5 48.4 25.9 12.3 10.3 44.6 22.9 13.3 8.5 49.9 24.8 16.0 9.1 49.9 25.7 14.3 9.9 -2.0 14.5 35.1 .2 17.0 40.0 .5 7.6 17.8 9.4 22.1 -.4 -2.1 - 2 . 5 - 4 . 9 39.9 41.2 22.5 18.7 36.9 37.2 35.9 38.3 19.8 21.3 16.1 17.0 1.0 - 1 . 1 5.0 Includes employee contributions to social insurance funds. 64.8 154.3 180.4 195.3 209.2 207.9 221.3 209.8 213.1 219.5 224.3 228.0 62.1 146.5 170.9 185.1 198.5 196.2 208.5 198.1 200.8 207.0 211.3 214.7 51.9 124.3 142.1 152.2 164.7 162.4 173.2 163.8 166.5 171.7 175.6 178.8 5.0 9.5 9.1 1.9 8.7 10.5 10.3 9.3 9.1 9. 9.0 9.3 8.3 17.2 20.1 22.5 23.5 24.4 26.2 25.0 25.3 25.9 26.6 26.9 7.8 9.5 10.2 10.8 11.7 12.8 11.8 12.21 12.5 13.0 13.2 2.7 4.5 5.9 -1.3J 6.8 2 7.4 48.4 25.9 12.0 10.5 49.1 27.3 11.1 10.7 33.8 41.4 34.0 43.4 17.1 21.8 17.0 21.6 - . 2 -2.0 9.5 10.5 48.2 26.3 11.2 10.7 48.8 26.6 11.5 1U. / I 48.7! 27.1 11.0| IV . / 35.5 39.6 36.01 40.9 18.lj 20.5 17.9 20.4 j -1.3 42 .2 9.9 10 . 3 9.7 43 .0 21 .6 21 .4 - .8 Includes noncorporate inventory valuation adjustment. 48.8 27.6 10.6 10.7 50.1 28.0 11.4 10.7 41.9 44.5 22.3 22.2 — 2.6! - 3 . 1 10.7 11.2 177 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 1954 1933 1929 1941 1951 1950 1952 1954 1953 1955 1 104.4 Gross national product 79.0 9.2 37.7 32.1 46.4 3.5 22.3 20.7 Gross private domestic investment New construction * Residential, nonfarm Other Producers' durable equipment. Change in business inventories Nonfarm only 16.2 8.7 3.6 5.1 5.9 1.7 1.8 1.4 1.4 .5 81.9 194.0 208.3 218.3 230.6 236.5 252.3 241.0 245.8 250.5 255.7 257.2 9.7 28.6 27.1 26.6 29.3 35.3 29.8 30.4 34.4 35.1 36.9 34.8 43.2 100.4 111.1 116.0 118.9 120.9 125.9 122.5 122.4 125.3 127.0 128.8 29.0 65.0 75.7 70.1 91.2 86.4 81.8 89.0 90.2 91.8 93.6 1.6 -1.6 -1.4 18.1 6.6 3.5 3.1 6.9 4.5 4.0 51.2 22.7 12.6 10.1 21.1 7.4 6.4 56.9 23.3 11.0 12.4 23.2 10.4 9.0 49.6 23.7 11.1 12.6 23.1 2.8 2.1 51.4 25.8 11.9 13.8 24.4 1.2 1.9 47.2 27.8 13.5 14.3 22.3 -2.9 -3.2 59.3 32.4 16.6 15.8 23.8 3.2 3.0 54.1 31.2 16.1 15.1 21.5 1.5 1.5 60.1 32.6 16.9 15.7 23.2 4.3 4.2 .8 .2 1.1 -2.2 .2 -.2 -2.0 -.3 -.4 -.4 8.5 1.3 1.3 8.0 2.0 2.0 .0 7.2 .0 6.0 24.8 16.9 13.8 3.2 .0 7.8 42.0 22.1 18.5 3.9 .3 19.9 62.8 41.0 37.3 4.2 .4 21. 77.5 54.3 48.8 5. .4 23.2 84.5 59.5 51.4 8.5 .4 25.0 77.0 49.2 43.2 6.3 .4 27.8 75.9 45.8 40.8 5.4 .3 30.1 75.8 46.4 41.2 5.5 .3 29.4 Net foreign investment 1 3 56.0 125.8 285.1 328.2 345.2 364.5 360.5 387.2 367.1 375.3 384.8 '392.0 397.3 Personal consumption expenditures Durable goods Nondurable goods Services Government purchases of goods services Federal National security Other Less: Government sales2 State and local 2 1.0 60.5 33.2 17.2 16.0 24.9 2.4 2.0 63.2 32.3 16.2 16.2 25.5 5.3 5.1 -.7 .0 -.3 74.9 45.2 40.4 5.2 .3 29.7 75.8 45.5 40.6 5.2 .3 30.2 77.2 46.3 41.0 5.5 .3 31.0 and Includes expenditures for crude petroleum and natural gas drilling. 74.5 45.7 40.5 5.5 .3 28.7! 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. PERSONAL INCOME [Department of Commerce estimates. In billions of dollars] Wage and salary disbursements Personal income Year or month i Total Commodity producing industries Distributive industries Service industries Government Other labor income 2 DiviProdends prietors' and and perrental sonal income 3 interest income Transfer payments 4 Less personal contributions for social insurance5 Nonagricultural income 6 1929 1933 1941 85.8 47.2 96 3 50.4 29.0 62.1 21.5 9.8 27.5 15.6 8.8 16.3 8.4 5.2 8.1 4.9 5.1 10.2 .6 .4 .7 20.2 7.6 20.9 13 2 8.3 10.3 1.5 2.1 3.1 .2 .8 77.7 43.6 88.0 1950 1951 1952 1953 1954 1955 227.1 255.3 271.1 286.2 287.6 303.3 146.5 170.8 185.2 198.6 196.2 208.5 63.5 74.9 80.6 88.2 84.2 90.5 41.3 45.8 48.7 51.8 52.3 55.1 19.5 21.3 23.0 24.8 25.9 27.6 22.2 28.8 32.9 33.8 33.8 35.3 3 8 4.8 5.3 6.0 6.6 7.0 44 6 49.9 49.9 48.4 48.4 49.1 19 8 20 7 21.3 23.1 24 7 26.8 15 1 12.6 13.2 14.0 16 2 17.2 2 9 3.4 3.8 3.9 4 5 5.2 210 5 235.7 253.1 270.2 271 9 288.4 1954—Dec. 293.4 198.8 84.8 53.1 26.6 34.3 6.7 48.9 26.5 17.1 4.6 278.1 1955—Jan Feb. Mar Apr. May June July Aug. Sent Oct. Nov. Dec P 292.2 293 2 295.7 298 9 301.4 301.6 305.3 305.3 307.9 309.2 312.0 315.0 199.3 200 3 202.6 204.6 207.3 208.0 212.4 211.2 212.4 213.3 215.3 215.7 85.4 86.3 87.8 88.9 90.6 90.9 91.7 91.5 92.2 92.8 94.0 94.1 52.9 53.0 53.6 53.6 54.5 54.9 55.7 56.1 56.4 56.4 56.8 57.0 26.8 26.7 27.0 27.2 27.4 27.4 27.8 27.9 28.0 28.2 28.5 28.6 34.2 34.3 34.2 34.9 34.8 34.8 37.2 35.7 35.8 35.9 36.0 36.0 6.8 6 8 6.8 6.9 6.9 6.9 7.0 7.0 7.1 7.1 7.1 7.2 49.1 48 8 48.5 49 0 48.8 48.5 47.9 48.8 49.7 49.8 50.2 50.2 25.0 25 3 25.5 25 9 26.1 26 3 26.4 26.7 27.1 27.4 27.6 29.9 17.0 17 0 17.4 17 6 17.5 17.1 16.9 16.9 16.9 16.9 17.1 17.4 5.0 5 0 5.1 5 1 5.2 s 2 5.3 5.3 5.3 5.3 5.3 5.4 276.5 277 7 280.9 283 7 286.6 287 2 291.7 290 8 293.0 294 4 296.6 299.8 . . . p Preliminary. 1 Monthly data are seasonally adjusted totals at annual rates. 2 Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 3 Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 4 Includes government social insurance benefits, direct relief, musteringout pay, veterans' readjustment allowances and other payments, as well as consumer bad debts and other business transfers. 5 Prior to 1952 includes employee contributions only; beginning January 1952, includes also contributions to the old-age and survivors' insurance program of the self-employed to whom coverage was extended under the Social Security Act Amendments of 1950. Personal contributions are not included in personal income. 6 Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net interest, and net dividends paid by agricultural corporations. 178 FEDERAL RESERVE BANKS EARNINGS AND EXPENSES OF Item Total Boston New York Philadelphia Cleveland Richmond Atlanta Current Earnings Discount and advances Industrial loans Commitments to make industrial loans. Acceptances U. S. Govt. securities All other Total current earnings. $13,084,632 $498,376 $3,055,322 $958,778 $863,074 $567,773 $1,015,249 20,202 24,199 884 17,842 210 818 5,398 215,641 215,641 398,977,919 21,965,707 102,368,356 24 ,212,406 34 ,169,783 23,436,369 20 ,474,183 13,210 10,332 16,943 8,490 26,472 167,698 14,095 412,487,931 22,478,178 105,665,791 25,202,602 35,055,198 24,012,842 21,503,460 Current Expenses Salaries: Officers Employees Directors' and other fees Retirement contributions Traveling expenses Postage and expressage Telephone and telegraph Printing, stationery, and supplies Insurance Taxes on real estate Depreciation (building) Light, heat, power, and water Repairs and alterations Rent. Furniture and equipment: Purchases Rentals Assessment for expenses of Board of Governors Federal Reserve currency All other Total 418,857 339,630 436,648 383,418 330,919 5,171,135 917,538 68,548,252 4,164,103 15,364,153 4,069,829 6,025,265 4,408,395 4,063,355 33,925 21,744 16,023 18,910 15,370 38,874 265,015 423,366 396,657 420,815 1,445,476 594,286 451,018 6,782,212 98,794 129,664 113,259 86,205 197,592 65,788 1,335,055 819,797 1,241,272 1,395,090 1,290,106 15,179,071 1,203,292 2,253,381 90,644 50,642 74,515 68,590 52,172 981,293 205,494 408,539 291,246 413,884 374,234 345,829 5,217,321 934,369 90,657 71,007 1,041,464 75,687 52,750 102,317 182,520 124,051 147,833 2,939,567 450,210 123,384 259,740 646,271 162,231 2,620,474 268,149 243,496 403,814 357,446 273,241 1,187,842 59,493 118,644 94,033 101,577 86,107 206,729 44,362 224,402 52,882 25,822 86,346 770,697 141,768 84,669 2,386 2,891 14,115 111,308 4,082 458,188 1,346,909 4,316,821 4,194,100 4,707,002 U,594,099 99,477 370,326 251,100 343,777 120,130 74,878 629,793 1,218,800 1,250,134 275,420 73,501 310,145 306,000 309,484 118,003 192,143 389,761 380,500 252,424 393,814 152,546 297,036 213,100 369,113 109,352 136,443 271,167 183,800 281,381 105,343 128,656,517 8,891,921 26,260,513 7,803,317 11,687,417 8,924,641 8,410,474 Less reimbursement for certain fiscal agency and other expenses. Net expenses 118,596,494 965,649 3,546,921 962,242 1,734,062 1,082,467 1,323,144 110,060,023 7,926,272 22,713,592 6,841,075 9,953,355 7,842,174 7,087,330 Profit and Loss Current net earnings 302,427,908 14,551,906 82,952,199 18,361,527 25,101,843 16,170,668 14,416,130 Additions to current net earnings 178,313 270 59,877 485 16,315 482 122 Deductions from current net earning: Losses on sales of U. S. Govt. securities (net). Reserves for contingencies All other 506 356,669 86,594 83 35,397 6,953 34 54,159 33,221 50 18,266 224 74 20,806 1,380 55 51,955 995 40 16,181 5,285 Total deductions Net deductions , 443,769 42,433 87,414 18,540 22,260 53,005 21,506 265,456 42,163 27,537 18,055 5,945 52,523 21,384 Net earnings before payments to U. S. Treasury. 302,162,452 14,509,743 82,924,662 18,343,472 25,095,898 16,118,145 14,394,746 Paid U. S. Treasury (interest on F. R. notes). Dividends paid 251,740,721 12,221,591 69,806,747 15,456,865 21,070,509 13,786,647 12 ,249,151 799,651 784,588 930,218 5,361,648 1,169,206 1,684,251 17,711,937 Transferred to surplus (Sec. 7). Surplus (Sec. 7) January 1 ,361,007 32,709,794 1,357,934 7,756,267 1,717,401 2,341,138 1,531,847 660,901,518 40,308,695 188,070,589 47,773,113 60,222,040 33,480,005 29 ,480,095 Surplus (Sec. 7) December 31. 693,611,312 41,666,629 195,826,856 49,490,514 62,563,178 35,011,852 30,841,102 i After deducting $391,109 of prorated inter-Bank expenses to avoid duplication in combined totals. FEDERAL RESERVE BANKS 179 FEDERAL RESERVE BANKS DURING 1955 Chicago St. Louis Minneapolis San Francisco Kansas City Dallas $467,157 $795,143 Item Current Earnings $474,372 $840,861 3,997 $908,481 69,427,125 23,908 16,540,000 6,150 9,669,412 12,007 17,270,913 17,556 15,880,780 9,887 43,562,885 8,648 72,091,159 17,020,522 10,526,277 18,207,402 16,357,824 44,366,676 $2,640,046 80 10,452 586,401 10,932,346 16,136 1,086,488 162,752 2,165,054 114,380 938,952 142,954 451,020 283,321 161,340 46,383 86,316 361,077 3,828,916 24,362 380,116 90,219 822,955 59,814 359,279 74,518 102,866 72,916 88,628 39,990 1,462 294,342 2,058,279 16,066 203,437 69,270 492,849 36,630 134,634 28,691 105,213 56,111 38,156 22,862 60,253 330,175 3,513,649 16,157 363,893 82,931 863,713 56,814 298,425 73,839 130,981 81,688 93,503 20,337 228,334 701,938 585,600 810,535 281,455 174,552 243,320 159,500 238,654 108,193 19,781,705 3,381,061 595 348,013 3,267,435 19,709 345,219 94,657 119,1AS 65,728 235,858 49,941 74,443 35,307 47,328 21,380 49,485 424,117 6,852,527 27,739 671,441 143,924 1,851,817 105,870 482,072 96,583 323,555 382,754 92,304 44,163 40,626 28,585 161,263 105,000 62,047 86,559 67,797 258,521 158,800 201,580 126,188 38,446 227,148 198,000 149,728 88,395 80,207 456,403 433,900 438,145 172,356 7,231,337 4,060,247 6,739,586 6,135,965 13,120,503 1,158,036 541,484 1,288,118 1,079,300 1,925,119 16,400,644 6,073,301 3,518,763 5,451,468 5,056,665 11,195,384 55,690,515 10,947,221 7,007,514 12,755,934 11,301,159 33,171,292 9,049 636 86,471 1,825 2,631 150 Discount and advances Industrial loans Commitments to make industrial loans Acceptances U. S. Govt. securities All other Total current earnings Current Expenses Salaries: Officers Employees Directors' and other fees Retirement contributions Traveling expenses Postage and expressage Telephone and telegraph Printing, stationery, and supplies Insurance Taxes on real estate Depreciation (building) Light, heat, power, and water Repairs and alterations Rent Furniture and equipment: Purchases Rentals Assessment for expenses of Board of Governors Federal Reserve currency All other Total Less reimbursement for certain fiscal agency and other expenses Net expenses Profit and Loss Current net earnings Additions to current net earnings Deductions from current net earnings: Losses on sales of U. S. Govt. securities (net) Reserves for contingencies All other 73 39 33 46 44,972 20,908 18,662 6,998 11,536 1,971 21,333 18,945 131 342 44,457 8,186 65,873 25,733 13,546 21,497 19,333 52,629 56,824 25,097 +72,925 19,672 16,702 52,479 55,633,691 10,922,124 7,080,439 12,736,262 11,284,457 33,118,813 Net earnings before payments to U. S. Treasury 47,949,747 2,356,233 9,274,574 617,044 6,013,073 399,257 10,843,053 688,430 6,491,494 931,086 26,577,270 1,990,325 Paid U. S. Treasury (interest on F. R. notes) Dividends paid 5,327,711 96,565,887 1.030.506 26,618,987 668,109 16,918,046 1,204,779 24,755,181 3,861,877 29,985,195 4,551,218 66,723,685 Transferred to surplus (Sec. 7) Surplus (Sec. 7) January 1 101,893,598 27,649,493 17,586,155 25,959,960 33,847,072 71,274,903 Surplus (Sec. 7) December 31 +7 + 14 Total deductions Net deductions 180 BANKING OFFICES CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES 1 Commercia and stock savings banks and nondeposit trust companies Type of office and type of change All banks Nonmember banks Member banks Total State 2 National1 member Total i Mutual savings Total Insured Noninsured Insured2 Noninsured 1,343 851 783 650 569 536 499 68 52 194 202 219 218 220 511 496 339 327 309 309 307 32 124 165 192 221 234 Banks (head offices) Dec Dec Dec. Dec Dec Dec. Dec. 31 1934 . 31 1941... 31,19473 31 1951 M 1953 31 1954 31, 1955 Dec. Dec Dec. Dec. Dec Dec Dec. 31, 1934 31 1941 31, 19473 31, 1951 31 1953 . 31, 1954 31, 1955 16 063 14 825 14 714 14 618 14 509 14'367 14 243 15,484 14,277 14,181 14 089 13,981 13,840 13,716 6 442 6 619 6,923 6 840 6 743 6 660 6 543 5,462 5,117 5,005 4.939 4,856 4,789 4,692 980 [,502 1,918 [,901 ,887 1,871 1.851 9,042 7,661 7,261 7,252 7,241 7,183 7,176 7,699 6,810 6,478 6,602 6,672 6,647 6,677 3 133 3 699 4,332 5 383 6 096 6 614 7 253 3,007 3,564 4,161 5,153 5,826 6.306 6,923 2,224 2 580 3,051 3,837 4 398 4 787 5 304 1,243 1,565 1,870 2,370 2,746 3,056 3,365 981 ,015 1,181 ,467 1,652 1.731 1,939 783 984 1,110 1,316 1,428 1,519 1,619 932 1,043 1,275 1,387 1,483 1,584 52 67 41 41 36 35 + 117 -4 + 116 -4 + 32 -2 +28 +4 + 84 +72 + 12 -205 27 -5 -204 -149 14 -1 -115 -34 -4 -55 -13 -4 -51 -9 -3 -4 4 -1 +3 +3 -5 -1 -16 -15 -1 Branches and additional offices Changes, Jan. 1-Dec. 31, 1955 Banks: New banks 5 Susoensions Consolidations and absorptions: Banks converted into branches Other — 27 -5 Conversions: National into State _3 +6 + 16 Federal Reserve membership: 8 Admissions of State banks — 10 -1 _1 A +8 +1 +1 -2 + 16 -> 2 Federal Deposit insurance:9 Admissions of Sta+e banks Net increase or decrease Number of banks Dec 31 1955 Branches and additional offices except Banking facilities: i o De novo branches Banks converted into branches D iscontinued Interclass branch changes: -6 +2 i +2 -38 +2 -2 -117 -97 -20 -7 + 30 -37 +2 -2 14,243 13,716 6,543 4,692 1,851 7,176 6,677 499 220 307 +462 +205 44 +1 +442 +203 — 44 + 1 + 335 + 178 30 +231 + 116 — 13 +1 + 104 + 62 -17 + 107 + 105 +2 + 12 +8 til ±% _2 — 73 —3 +73 +28 — 28 _ i +3 +3 Nonmember to State member +1 +9 + 13 +9 +1 + 38 -9 -13 -9 -13 +1 + 624 + 602 + 502 +296 +206 + 100 + 101 Number of branches and additional offices, Dec. 31, 1955 7 040 6,710 5 112 3,196 1,916 1,598 1,563 +20 +20 + 18 + 16 +2 +2 +2 +2 + 15 +2 + 13 -2 -2 21 21 + 15 213 + 15 213 1 Excludes banks in United States territories and possessions except one national bank in Alaska, with no branches, that became a member of the Federal Reserve System on Apr. 15, 1954. 2 State member bank and insured mutual savings bank figures both include, since 1941, three member mutual savings banks not included in the total for commercial banks. State member bank figures also include, since 1954, one noninsured trust company without deposits. 3 As of June 30, 1947, the series was revised. The revision resulted in a net addition of 115 banks and 9 branches. 4 Separate figures not available. 5 Exclusive of new banks organized to succeed operating banks; see also "Other changes." 192 6 169 +2 23 +1 +1 +1 + 13 Net increase or decrease . +1 -124 ] "Miimh*»r nf fari1iti><; D p r 31 10S5 103 47 65 78 87 96 -124 3 Banking facilities: 10 Established Discontinued Tnterclass change 41 26 47 33 -1 -1 35 + 13 +9 234 96 | I Exclusive of liquidations incident to succession, conversion, and absorption of banks. 7 Newly organized State member bank formed by consolidation of four banks, located at the former head office of one of the discontinued national banks and operating other three discontinued banks as branches. 8 Exclusive of conversions of national banks into State bank members, and9 vice versa. Shown separately under conversions. Exclusive of insured nonmember banks converted into national banks or 1admitted to Federal Reserve membership, and vice versa. o Banking facilities (other than branches) that are provided at military and other Government establishments through arrangements made by the Treasury Department. *l Reflects restoration to series of a branch that had been eliminated. 181 FEDERAL RESERVE PAR LIST NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST* Federal Reserve district, State, or other area On par list Total banks on which checks are drawn, and their branches and offices1 Not on par list (nonmember) Total Member Nonmember Banks Branches and offices Banks Branches and offices 13,770 13,647 6,356 6,975 11,968 11,862 6,035 6,645 6,654 6,537 4,787 5,304 444 728 743 1,002 998 1,268 2,484 1,459 1,285 1,759 1 060 417 508 1 275 386 566 810 338 801 218 119 30 91 1 833 444 728 743 1,002 821 682 2,484 1 151 684 1,752 969 402 508 1,275 386 566 655 292 801 149 76 30 78 1,829 303 625 563 615 473 379 1,022 492 473 749 634 209 State or area, Dec. 31, 1955: Alabama Arizona Arkansas California Colorado 237 10 233 142 155 47 93 25 1,210 5 142 10 119 142 155 46 93 7 1,210 5 Connecticut Delaware District of Columbia . . . Florida Georgia 91 30 17 230 407 103 38 54 12 61 91 30 17 183 122 Idaho Illinois Indiana Iowa Kansas 36 916 472 666 601 67 4 166 162 2 Kentucky.. . . Louisiana Maine Maryland Massachusetts. . . . 367 175 58 152 173 Michigan Minnesota Mississippi Missouri Montana Branches and offices Banks 5,314 5,325 1,248 1,341 1,802 1,785 407 1,180 307 498 421 249 431 91 30 20 55 1,615 141 103 180 387 348 303 1,462 659 211 1,003 335 193 101 95 79 68 234 43 370 58 46 10 23 214 94 4 71 92 94 46 67 4 1,105 4 48 6 48 50 61 26 3 105 1 103 38 54 11 59 53 11 13 93 64 85 16 44 10 52 38 19 4 90 58 18 22 10 1 7 36 914 472 666 599 67 4 166 162 2 20 518 235 166 212 62 4 103 4 2 16 396 237 500 387 63 158 84 117 94 168 261 367 69 58 152 173 84 89 94 168 261 109 51 37 70 134 58 77 58 96 226 258 18 21 82 39 26 12 36 72 35 417 679 197 599 113 377 6 98 3 417 272 46 540 113 377 6 35 3 230 206 34 175 84 306 6 18 3 187 66 12 365 29 71 Nebraska Nevada New Hampshire New Jersey New Mexico 414 6 75 294 51 1 29 2 261 30 414 6 75 294 51 29 2 261 30 139 5 52 25? 33 1 25 1 231 13 275 1 23 42 18 New York North Carolina North Dakota Ohio Oklahoma 506 207 154 623 384 1 033 326 24 369 3 506 108 59 623 377 1 033 178 6 369 3 442 53 40 401 223 973 98 64 55 19 222 154 60 80 6 42 Oregon Pennsylvania.. Rhode Island South Carolina . South Dakota 48 812 10 149 171 145 472 69 86 54 48 812 10 73 72 145 472 69 79 29 20 615 6 33 61 135 406 53 63 24 28 197 4 40 11 10 66 16 16 5 Tennessee Texas Utah Vermont Virginia 297 933 51 61 316 138 19 45 15 176 215 891 51 61 315 123 19 45 15 176 86 580 26 35 205 90 19 40 6 120 129 311 25 26 110 33 Washington West Virginia Wisconsin Wyoming 103 181 552 53 208 103 180 552 53 208 42 111 166 40 197 6\ 11 22 1 69 386 13 128 3 5 9 49 2 5 9 49 Total, including Alaska and Hawaii: 2 Dec. 31, 1954 Dec. 31 1955 Districts, Dec. 31, 1955: Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas. . San Francisco 2 . . . . Alaska 2 Hawaii 2 18 5 150 1 n 49 150 1 1 Comprises all commercial banking offices on which checks are drawn, including 213 banking facilities. Number of banks and branches differs from the preceding table because of banks and trust companies on which Banks 1 Branches and offices 327 3 Banks 5 Hi" 586 308 601 7 91 15 Branches and offices 321 330 155 46 69 43 13 4 95 1 114 18 47 285 1 2 2 2 17 106 28 407 151 59 63 99 95 148 18 4 1 30 17 9 56 7 76 99 7 25 82 42 15 1 1 15 4 no checks are drawn, 3 mutual savings member banks, and banks in Alaska and Hawaii. 2 Alaska and Hawaii assigned to the San Francisco District for purposes of Regulation J, "Check Clearing and Collection." 182 BANK RESERVES AND RELATED ITEMS, 1955 MEMBER BANK RESERVES AND BORROWINGS [Averages of daily figures. In millions of dollars ] Month, or week ending Wednesday All member banks Central reserve city banks New York Chicago Reserve city banks Country banks Total reserves held: Month, or week ending Wednesday Central reserve city banks Reserve city banks Country banks New York Chicago 18,432 18,195 18 050 18,210 18,166 18,146 18,205 18,152 18,148 18,345 18,378 18,646 4,402 4,350 4,373 4,442 4,384 4,373 4,362 4,277 4,248 4,316 4,243 4,397 1,200 1,183 1,143 1,122 1,138 1,138 1,140 1,141 1.128 ,127 ,142 ,164 7,794 7,646 7,561 7,673 7,649 7,619 7,673 7,682 7,675 7,759 7,802 7,865 5,036 5,015 4,971 4,973 4,995 5,016 5,030 5,052 5,096 5,144 5,191 5,220 18,580 18,436 18,383 18,429 4,513 4,398 4,354 4,390 ,218 ,199 ,198 ,193 7,829 7,806 7,791 7,798 5,020 5,033 5,040 5,048 18,361 18,272 18,236 18,108 4,398 4,381 4,364 4,302 ,200 ,193 ,180 ,181 7,734 7,668 7,673 7,621 5,029 5,030 5,019 5,004 18,089 18,018 18,149 18,123 17,918 4,339 4,348 4,433 4,383 4,335 ,173 ,163 .156 1,138 1,118 7,586 7,526 7,585 7,621 7,513 4,991 4,981 4,975 4,981 4,952 Required reserves: * 1955 Jan Feb Mar Apr May All member banks 1955 July Aug Sept Oct Nov Dec 19 114 18,819 18 635 18,800 18,746 18,715 18 825 18,728 18,711 18,870 18,902 19,240 4 410 4,380 4 394 4,445 4,407 4,388 4 371 4,286 4,262 4,316 4,257 4,432 Jan. 5 Jan. 12 Jan. 19 Jan. 26 19 263 19,130 19,176 19,074 Feb. 2 Feb. 9 Feb. 16 Feb. 23 Mar. Mar Mar Mar. Mar. ,183 141 ,122 ,139 ,135 148 ,140 .129 1,127 1,144 1,166 7 881 7,726 7 623 7,747 7 734 7,680 7 759 7,737 7 738 7,823 7,840 7 924 5 619 5,531 5 476 5,486 5,465 5,512 5 546 5,565 5,583 5,604 5,660 5,716 4 533 4,401 4,372 4,393 J.232 1,191 ,202 1,188 7 944 7 902 7,895 7,869 5,555 5,635 5,707 5,625 Jan Jan jan Jan 18,952 19,000 18,806 18,716 4,415 4,418 4,373 4,347 ,200 1,200 1,182 1,177 7,817 7 773 7,739 7,685 5,520 5,608 5,511 5,506 Feb 2 Feb 9 Feb 16 Feb 23 2 9 16 23 30 18,642 18 596 18 779 18,804 18,408 4,348 4 354 4,458 4,397 4,361 1,173 1,162 1,150 1,139 1,115 7,658 7 612 7 653 7,684 7,571 5,463 5,469 5,517 5,584 5,361 Mar 2 Mar 9 Mar 16 Mar 23 Mar 30 Apr. Apr Apr. Apr. 6 13 20 27 18,611 18 868 18,895 18,877 4,471 4,465 4,425 4,489 1,065 .123 1,145 1,137 7,668 7 754 7 776 7,751 5,407 5,527 5,549 5,500 Apr 6 Apr 13 Apr 20 Apr 27 18,055 18,214 18,253 18,260 4,440 4,454 4,415 4,446 1,064 1,123 1,145 1,138 7,602 7,675 7,707 7,686 4,949 4,962 4,986 4,990 May May May May 4 11 18 25 18,659 18,920 18 853 18,673 4,402 4,436 4 427 4,403 1,138 1,142 1,152 1,138 7 724 7,754 7 782 7,716 5,394 5,588 5,492 5,417 May 11 May 18 May 25 18,201 18,176 18,207 18,192 4,432 4,387 4,377 4,398 1.139 1,137 ,146 1,139 7,655 7,653 7,686 7,655 4,975 4,999 4,998 5,000 June June June June June 1 8 15 22 29 18 496 18,648 18 678 18 998 18,653 4,338 4,362 4 343 4,443 4,387 1.128 1,130 1,128 1,161 1,134 7 667 7,651 7 670 7 761 7,700 5,364 5,505 5,537 5,633 5,434 June 8 June 15 June 22 June 29 18,063 . . . . 18,036 18,099 18,301 18,164 4,349 4,345 4,346 4,424 4,378 1,129 1,128 1,130 1,154 1,139 7,595 7,552 7,605 7,691 7,635 4,990 5,011 5,018 5,032 5,012 July 6 July 13 July 20 July 27 18 609 18,779 18 774 18,945 4 336 4,307 4 336 4,462 1 137 1.128 1,144 1,151 7 680 7,711 7 738 7,806 5,456 5,633 5,556 5,526 July 6 July 13 July 20 July 27 18,085 18,047 18,209 18,386 4,353 4,274 4,341 4,443 1,135 1,126 1,143 1,149 7,597 7,626 7,684 7,744 5,000 5,021 5,041 5,050 Aug. Aug. Aug. Aug. Aug. 3 10 17 24 31 18,910 18 824 18,757 18 673 18,614 4,424 4,292 4,287 4,242 4,282 1,162 1,147 1,141 1,127 1,144 7,778 7 741 7,751 7 742 7,735 5,547 5,644 5,577 5,563 5,453 Aug Aug Aug Aug Aug 3 10 17 24 31 18,320 18,163 18,155 18,100 18,130 4,409 4,291 4,267 4,239 4,265 1,160 1,145 1,140 1,126 1,142 7,707 7,672 7,697 7,677 7,678 5,044 5,055 5,051 5,058 5,045 Sept Sept. Sept. Sept. 7 14 21 28 18 685 18,750 18 767 18,618 4 243 4,261 4,262 4,250 1 143 .129 1,126 1,122 7 733 7,743 7 732 7,723 5,566 5,617 5,648 5,523 Sept 7 Sept 14 Sept 21 Sept 28 18,111 18,142 18,191 18,134 4,240 4,247 4,264 4,233 1.141 1,136 1,118 1,119 7,655 7,676 7,692 7,672 5,075 5,083 5,117 5,110 Oct. 5 Oct. 12 Oct 19 Oct. 26 18 700 18,728 19 119 18 891 4,290 4,227 4 388 4 336 1,121 1,120 1 135 1,131 7 739 7,783 7 904 7 837 5,550 5,598 5 692 5,587 Oct 5 Oct 12 Oct 19 Oct 26 18,189 18,175 18,494 18,433 4,284 4,241 4,349 4,354 1,126 1,119 1,129 1,129 7,674 7,697 7,850 7,788 5,105 5,118 5,166 5,162 Nov Nov. Nov. Nov. Nov 18 898 18 899 18,883 19,036 18 794 4 378 4 251 4,230 4,229 4 284 1 133 1 140 1,139 1,148 1 145 7 823 7*827 7 839 7,889 7 836 5 565 5 682 5,676 5,770 5 530 Nov ^ Nov 9 Nov 16 Nov 23 Nov 30 18 421 18,343 18,302 18,468 18,381 4,354 4,262 4,197 4,243 4,237 1,132 1,139 1,140 1.152 1,140 7,778 7,765 7,791 7,846 7,809 5,157 5,177 5,174 5,227 5,195 18 869 18 950 19 446 19,487 4 309 4 401 4 451 4,434 1 144 1 143 1,180 1,182 7 817 7 777 7 953 8,047 5 598 5 628 5 862 5,824 Dec 7 Dec 14 Dec 21 Dec 28 18 411 18 488 18,792 18,804 4,309 4,380 4,461 4,402 1,141 1,142 1,177 1,182 7 772 7,769 7,910 7,970 5,189 5,197 5,244 5,250 2 9 16 23 30 Dec 7 Dec 14 Dec. 21 Dec. 28 ... For footnote see following page. Feb Mar Apr May June July Sept Oct Nov Dec 5 12 19 26 . . . .... . . . . • . . . . . . . . . 183 BANK RESERVES AND RELATED ITEMS, 1955 MEMBER BANK RESERVES AND BORROWINGS—Continued [Averages of daily figures. In millions of dollars] Month, or week ending Wednesday All member banks Central reserve city banks New York Chicago Reserve city banks Country banks Excess reserves:1 Month, or week ending Wednesday All member banks Central reserve city banks New York Chicago Reserve city banks Country banks Borrowings at Federal Reserve Banks: 2 1955 1955 Jan Feb Mar M P ay!!'.'.'.'.;!!! June July Aug Sept Oct Nov Dec 682 625 585 590 580 569 619 577 564 524 525 594 30 21 4 23 15 9 10 14 1 14 35 Jan. 5 Jan. 12 Jan. 19 Jan. 26 683 695 793 646 19 4 18 3 Feb. 2 Feb. 9 Feb. 16 Feb. 23 591 727 568 607 Mar. Mar. Mar. Mar. Mar. 2 9 16 23 30 313 354 463 495 368 401 527 765 849 884 1,016 839 77 50 18 27 4 13 78 149 141 151 279 197 57 38 131 125 26 40 33 60 114 137 70 85 124 189 213 229 213 229 306 395 472 480 538 398 55 77 101 114 125 119 110 161 122 116 129 159 Jan. 5.. Jan. 12.. Jan. 19.. Jan. 26., 239 370 312 325 31 126 90 76 37 75 81 49 147 112 82 149 24 57 59 51 491 578 492 502 Feb. 2., Feb. 9.. Feb. 16.. Feb. 23.. 401 435 267 273 84 118 24 16 45 51 30 10 197 210 137 180 75 56 76 67 -3 72 85 68 63 58 472 488 542 603 409 Mar. Mar. Mar. Mar. Mar. 2.. 9., 16.. 23., 30., 383 371 375 527 652 12 21 25 16 15 43 50 82 208 220 211 209 156 221 286 117 91 112 82 131 -1 66 79 68 65 458 565 563 510 Apr. 6., Apr. 13., Apr. 20. Apr. 27.. 519 567 426 462 250 138 53 93 188 224 233 239 81 136 111 114 -29 50 50 5 70 102 96 61 419 589 494 417 May May May May 4. 11. 18. 25. 464 289 236 353 52 18 10 20 280 160 130 208 114 111 96 125 436 611 578 697 490 -10 17 -3 19 9 73 98 65 70 65 374 494 519 601 422 June 1. June 8. June 15. June 22. June 29. 545 463 489 283 402 14 28 6 7 40 32 84 16 33 322 298 244 170 217 183 119 133 91 145 July 6 July 13 July 20 July 27 524 731 566 560 -16 33 -5 20 83 85 54 62 456 612 515 476 July 6. July 13. July 20. July 27. 635 632 302 395 93 181 15 33 68 41 402 287 197 235 72 123 82 118 Aug. Aug. Aug. Aug. Aug. 3 10 17 24 31 589 660 601 572 484 70 69 54 65 56 503 589 526 505 408 Aug. Aug. Aug. Aug. Aug. 741 848 751 689 740 156 228 131 79 92 30 36 88 72 60 412 414 360 389 414 143 170 172 149 174 Sept. Sept. Sept. Sept. 7 14 21 28 574 609 577 483 78 67 40 51 491 534 531 413 Sept. Sept. Sept. Sept. 838 891 741 169 187 51 126 85 93 153 124 450 479 434 513 134 132 103 125 Oct. 5 Oct. 12 Oct. 19 Oct. 26 511 554 623 459 445 480 525 425 Oct. 5. Oct. 12. Oct. 19. Oct. 26. 829 893 1,028 761 157 164 302 47 130 181 172 110 454 436 454 484 112 100 120 Nov. Nov. Nov. Nov. Nov. 2 9 16 23 30 477 557 582 568 414 408 505 502 543 335 Nov. Nov, Nov. Nov Nov. 943 1,143 1,173 811 970 105 290 440 195 233 97 65 98 33 56 592 662 490 477 531 149 126 145 106 150 Dec. Dec. Dec. Dec. 7 14 21 28 458 462 654 683 409 431 618 574 Dec. Dec. Dec. Dec. 932 878 744 753 206 86 204 237 98 104 82 59 471 482 317 297 157 206 141 160 87 79 62 74 85 61 87 54 63 64 38 60 584 516 505 513 470 496 516 514 487 460 470 497 Jan.. Feb.. Mar.. Apr.. May. June. July. Aug.. Sept.. Oct.. Nov.. 115 96 104 71 535 602 667 577 17 37 8 45 83 105 66 64 552 578 629 680 490 6 25 14 26 Apr. 6 Apr. 13 Apr. 20 Apr. 27 555 655 642 617 30 11 11 43 May May May May 4 11.. 18 25 460 746 647 482 June June June June June 1 8 15 22 29 1 20 2 17 3 14 -2 17 -2 1 -3 3 2 14 n 4 -5 Weekly figures for all member banks and country banks are estimates. Dec. 2 3. 10. 17. 24. 31. 7. 14. 21. 28. 7. 14. 21. 28. Some of these figures are revisions of those published originally. 184 WEEKLY REPORTING MEMBER BANKS, 1955 LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Loans 1 Month or date ComTotal Loans merand loans investcial, and ments indusLoans investtrial, adadments justed and i justed i aericultural U. S. Government obligations For purchasing or carrying securities CerOther Loans tifisecuto cates Real Other rities banks of inestate loans Total Bills Notes Bonds2 debtloans edU.S. U.S. Other ness Govt. Other Govt. seseobobliga- curi- liga- curitions ties tions ties To brokers To others and dealers 1955 Jan Feb Mar Apr May.... June July.... Aug Sept Oct Nov Dec 86,398 85,612 85,124 85,763 85,378 85,415 85,629 85,401 85,432 86,324 86,362 87,290 '85,575 84,713 84,130 84,869 84,409 84,421 84,547 84,403 84,473 85,458 85,473 86,182 '40,398 40,548 41,185 41,695 42,140 43,082 43,798 44,335 45,072 45,930 46,903 48,019 '22,122 22,031 22,465 22,517 22,677 23,110 23,436 23,893 24,427 25,082 25,683 26,433 2,434 2,488 2,504 2,685 2,661 2,719 2,746 2,524 2,398 2,624 2,622 2,816 1,079 1,073 1,090 1,104 1,119 1,178 1,203 1,191 1,197 1,195 1,248 1,264 7,225 7,311 7,408 7,528 7,641 7,794 7,933 8,062 8,199 8,015 8,138 8,154 '8,242 36,532 2,378 8,351 35,221 ,878 8,429 33! 908 ,685 8,577 34! 142 ,698 8,761 33,501 ,335 9,003 32,616 ,100 9,212 32,046 ,074 9,401 31,358 ,036 9,588 30,656 ,011 9,750 30,891 ,058 9,950 30,168 794 10,094 29,875 ,134 2,681 2,118 1,404 2,033 1,520 952 912 746 564 1,148 1,007 949 8,158 8,627 8,883 8,699 9,050 9,154 8,843 8,545 8,212 8,023 7,646 7,079 23,315 22,598 21,936 21,712 21,596 21,410 21,217 21,031 20,869 20,662 20,721 20,713 8,645 '823 8,944 899 9,037 994 9,032 894 8,768 969 8,723 994 8,703 1,082 8,710 998 8,745 959 8,637 866 8,402 889 8,288 1,108 Jan. 5 . . . Jan. 12... Jan. 1 9 . . . Jan. 2 6 . . . 86,656 86,290 86,152 86,495 '85,779 '85,436 '85,404 '85,684 -"40,591 r 40,406 r 40,264 r 40,332 '22,254 '22,157 '22,083 '21,994 2,541 2,419 2,324 2,449 1,101 1,082 1,080 1,055 7,182 7,217 7,238 7,263 '8,216 36,573 '8,235 36,513 '8,243 36,602 '8,275 36,441 ,279 ,301 ,497 ,434 2,729 2,714 2,644 2,638 8,210 8,179 8,166 8,076 23,355 23,319 23,295 23,293 8,615 8,517 8,538 8,911 Feb. 2 Feb. 9 Feb. 16 Feb. 23 86,129 85,634 85,411 85,274 85,266 84,766 84,580 84,241 40,483 40,560 40,629 40,520 21,926 21,968 22,123 22,108 2,582 2,590 2,454 2,326 1,056 1,062 1,083 1,092 7,279 7,294 7,326 7,342 8, 346 8, 349 8,350 8,360 35,799 35,280 35,057 34,750 ,065 ,747 ,881 ,821 2,551 2,412 1,832 1,676 8,081 8,121 9,162 9,146 23,102 23,000 22,182 22,107 8,984 863 8,926 868 8,894 831 8,971 1,033 Mar. Mar. Mar. Mar. Mar. 2 9 16 23 30 85,267 85,152 85,890 84,883 84,432 84,341 84,167 84,843 83,921 83,380 40,751 40,898 41,444 41,382 41,448 22,241 22,265 22,584 22,637 22,597 2,374 2,452 2,718 2,491 2,483 1,080 1,075 1,081 1,100 1,113 7,359 7,373 7,402 7,432 7,474 8,408 34,599 8,444 34,177 ; 8;372 34,374 8,435 33,509 8,488 32,885 ,816 ,677 ,949 ,696 ,286 1,633 1,535 1,542 1,197 1,117 9,074 8,962 8,929 8,774 8,676 22,076 22,003 21,954 21,842 21,806 8,991 926 9,092 985 9,025 1,047 9,030 962 9,047 1,052 Apr. Apr. Apr. Apr. 6. 13. 20. 27. 85,878 85,613 85,755 85,808 85,013 84,823 84,864 84,778 41,512 41,666 41,787 41,818 22,449 22,543 22,530 22,545 2,669 2,672 2,741 2,660 1,106 1,103 1,100 1,108 7,482 7,517 7,542 7,570 8,521 34,425 8,547 34,096 8,590 34,063 8,652 33,983 ,739 ,572 ,731 ,750 2,154 2,076 1,991 1,911 8,758 8,729 8,667 8,640 21,774 21,719 21,674 21,682 9,076 865 9,061 790 9,014 891 8,977 1,030 May May May May 4. 11. 18. 25. 85,298 85,106 85,781 85,330 84,464 84,214 84,679 84,280 42,010 42,078 42,208 42,263 22,607 22,721 22,737 22,641 2,717 2,591 2,649 2,686 1,113 1,113 1,121 1,131 7,590 ,701 33,571 7,633 ,739 33,395 7,657 ,763 33,743 7,686 8;840 33,296 834 ,517 1,783 8,608 21,663 8,883 ,377 ,798 8,607 21,613 8,741 892 ,269 ,284 9,604 21,586 8,728 1,102 ,176 ,214 9,382 21,524 8,721 1,050 June 1. June 8. June 15. June 22. June 29. 85,278 85,006 85,859 85,555 85,379 84,164 84,012 85,009 84,449 84,472 42,440 42,464 43,425 43,409 43,674 22,636 22,623 23,355 23,433 23,501 2,742 2,702 2,826 2,648 2,678 1,155 1,171 1,182 1,192 1,190 7,719 ,756 ,797 ,828 ,873 8,910 33,026 8,936 32,831 8,988 32,842 9,029 32,303 9,153 32,076 ,081 ,149 9,306 21,490 ,060 ,091 9,254 21,426 ,255 1,017 9,139 21,431 ,084 760 9,070 21,389 ,019 743 9,001 21,313 July 6. July 13. July 20. July 27. 85,125 85,098 86,195 86,100 84,095 84,013 85,169 84,914 43,518 43,687 43,925 44,064 23,326 23,465 23,429 23,526 2,673 2,647 2,856 2,808 1,203 1,199 1,204 1,206 7,893 7,923 7,937 7,978 9,152 9,185 9,232 9,280 Aug. Aug. Aug. Aug. Aug. 3... . 10.... 17.... 24.... 31.... 85,765 85,438 85,132 85,192 85,478 84,878 84,416 84,210 84,098 84,412 44,113 44,164 44,262 44,443 44,696 23,550 23,754 23,940 24,050 24,171 2,775 2,558 2,409 2,413 2,467 1,190 1,197 1,196 1,189 1,184 7,993 8,028 8,069 8,100 8,120 Sept. Sept. Sept. Sept. 7. 14. 21. 28. 85,189 85,824 85,318 85,399 84,150 84,735 84,516 84,493 44,570 45,029 45,241 45,449 24,080 24,400 24,570 24,660 2,392 2,404 2,391 2,406 1,188 1,200 1,206 1,194 Oct. 5 Oct. 12 Oct. 19 Oct. 26 85,502 86,935 86,509 86,350 84,616 86,102 85,542 85,571 45,641 46,035 45,974 46,071 25,010 25,114 25,082 25,124 2,567 2,705 2,636 2,587 Nov. 2.... Nov. 9.... Nov. 16.... Nov. 23. . . . Nov. 30.... 86,356 86,013 86,790 86,167 86,487 85,623 85,259 85,781 85,369 85,337 46,499 46,604 47,017 47,067 47,331 25,303 25,485 25,783 25,833 26,014 Dec. Dec. Dec. Dec. 86,419 86,951 87,929 87,864 85,451 85,698 86,846 86,736 47,552 47,844 48,324 48,356 26,117 26,317 26,627 26,673 7. 14. 21. 28. 8,698 1,114 8,717 994 8,742 850 8,737 1,106 8,722 907 729 31 ,797 914 709 31,663 869 "",565 ,318 1,126 32 ,161 ,196 1,086 8,903 8,870 8,860 8,739 21,251 21,215 21,261 21,140 8,780 8,663 8,679 8,689 9,340 31,975 ,160 9,364 31,634 ,123 997 9,384 31,261 31 9,428 30,972 916 9,492 30 30,948 985 932 813 706 651 625 8,806 8,645 8,495 8,408 8,373 21,077 21,053 21,063 20,997 20,965 8,790 887 8,618 1,022 8,687 922 8,683 1,094 8,768 1,066 8,135 8,188 8,216 8,257 9,513 9,575 9,595 9,669 30,791 890 30,940 1,150 30,546 1,009 30,347 994 607 617 537 496 8,352 8,267 8,160 8,070 20,942 20,906 20,840 20,787 8,789 1,039 8,766 1,089 8,729 802 8,697 906 1,177 1,198 1,180 1,224 7,972 8,001 8,040 8,049 9,650 30,282 989 9,754 31,419 1,141 9,771 30.941 1,035 9,824 30,922 1,067 480 ,544 ,300 ,266 8,103 8,082 7,959 7,948 20,710 20,652 20,647 20,641 8,693 8,648 8,627 8,578 2,689 2,593 2,646 2,578 2,605 1,245 1,248 1,249 1,249 1,248 8,073 8,106 8,143 8,181 8,188 9,926 30,559 9,910 30 ,300 9,935 30,377 9,964 29,961 10,015 29,643 842 775 932 787 636 ,196 ,088 ,053 872 824 7,877 7,741 7,645 7,559 7,406 20,644 20,696 20,747 20,743 20,777 8,565 733 8,355 754 8,387 1,009 8,341 798 8,363 1,150 2,714 2,787 2,910 2,852 1,252 1,261 1,270 1,271 8,156 8,156 8,158 8,147 10,053 29,559 690 10,063 29,559 778 10,102 30,260 1,534 10,159 30,12: 30 1,535 939 991 956 910 7,174 7,094 7,051 6,997 20,756 20,696 20,719 20,680 8,340 968 8,295 1,253 8,262 1,083 8,258 1,128 ' Revised. Exclusive of loans to banks and after deduction of valuation reserves; individual loan items are shown gross. 1 '877 '854 '748 '811 2 Includes guaranteed obligations. See also NOTE on opposite page. 1,030 1,085 1,026 1,186 833 967 779 185 WEEKLY REPORTING MEMBER BANKS, 1955 RESERVES AND LIABILITIES OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, except interbank Month or date Reserves Cash with in F. R. vault Banks Time deposits, except interbank Interbank deposits BalIndiIndiDeances mand vid- States CertividDemand uals, uals, States with deU.S. and fied and Govt. part- politdoposits part- polit- and nernermestic adand ical offi- U.S. ical banks justed 1 ships, subcers' Govt. ships, sub- Postal and and SavDodividiviForchecks, corcorings mesetc. eign pora- sions pora- sions tic tions tions Borrowings Capital Time From From F. R. Banks others 1955 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 980 2,613 58,230 59,598 13,978 938 2,524 57,093 58,297 13,727 923 2,508 56!554 57,852 13,629 947 2,528 56;129 57,666 13,689 932 2,463 56,237 57,320 13,771 948 2,522 56,678 58,305 13,683 970 2,527 13,639 55,932 58,014 942 2,404 55,694 57,148 13,362 13,262 1,000 2,480 56,058 58,567 13,533 998 2,502 56,209 58,773 13,478 992 2,456 56 336 58,815 13,640 1,141 2,620 58 358 61,139 4,032 4,098 3,r~ 3,948 4,349 4,201 3,887 3,909 3,696 3,708 3,972 3,901 2,077 1,792 18,856 1,141 1,968 2,548 18,876 1,131 1,887 2,471 18,969 1,140 3,506 18,998 1,138 1^837 3,496 18,991 1,132 2,110 2,695 19,094 1,096 1,901 3,322 19,102 1,045 1,726 3,199 19,123 1,014 1,856 2,369 19,176 1,015 1,965 3,144 19,296 968 2,151 2,864 19,252 957 2,078 1,995 19,273 979 211 207 206 207 209 215 211 209 203 200 205 204 11,482 10,566 10,408 10,643 10,152 10,267 10,570 10,371 10,695 10,645 10,607 10,860 Jan. 5 Jan. 12 Jan. 19 Jan. 26 14,329 958 2,691 57,857 59,012 13,946 1,031 2,627 "",981 57 60,113 13,869 964 2,630 58,368 59,884 13,766 968 2,504 58;716 59 "",383 3,958 2,021 2,242 18,845 1,158 3,841 1,793 1,502 18,865 1,157 3,981 1,806 1,477 18,857 1,122 4,348 2,689 1,948 18,856 1,126 213 210 210 211 12,012 11,717 11,502 10,695 Feb. 2 Feb. 9 Feb. 16 Feb. 23 13,947 13,651 13,829 13,483 2,493 57,639 58,317 938 2,483 57,394 57,8 925 2,571 56,598 58,672 993 2,548 56,744 58,311 4,232 4,148 3,984 4,027 2,226 1,595 2,164 1,889 2,320 2,330 2,779 2,764 18,864 18,874 18,875 18,890 1,126 1,127 1,132 1,138 208 210 207 205 Mar. Mar. Mar. Mar. Mar. 2 9 16 23 30 13,511 13,535 14,177 13,521 13,399 893 925 905 927 965 2,488 56,270 57,762 2,358 56,769 57,795 2,652 57,861 60,070 ,158 2,463 56 ;""" 57158 2,,579 55,590 56,474 3,960 3,781 3,722 3,966 4,062 1,865 1,760 2,251 1,756 1,805 2,633 2,078 2,497 2,615 2,534 18,930 18,971 18,957 18,996 18,990 1,145 1,152 1,140 1,132 1,132 Apr. 6 Apr. 13 Apr. 20 Apr. 27 13,767 13,716 13,667 13,608 2,477 55,086 56,262 999 2,657 55,849 58,293 926 2,511 56,613 58,190 974 2,465 56,969 57,921 3,819 3,825 3,931 4,216 1,836 1,812 1,897 2,008 4,299 3,488 3,132 3,105 19,043 19,001 18,980 18,969 May 4 May 11 May 18 May 25 14,001 13,615 13,797 13,671 879 964 921 963 4,449 4,258 4,350 4,338 June 1 June 8 June 15 June 22 June 29 916 13,567 940 13,374 925 13,998 949 13,896 13,582 1,009 July 6 July 13 July 20 July 27 926 2,582 55,336 13,406 13,605 1,020 2,599 56,113 951 2, 13,732 5;866 981 2,386 566,416 13,812 Aug. Aug. Aug. Aug. Aug. 3 10 17 24 31 13,647 13,277 13,444 13,131 13,308 Sept. Sept. Sept. Sept. 2,354 55,981 56,771 2,552 56,234 57,608 2,577 56,294 57,777 2,367 56,437 57,123 1,386 1,464 1,363 1,458 ,421 1,393 ,388 1,436 ,360 1,454 ,411 ',477 ,500 ,420 ,431 ,419 ,441 ,416 ,462 ,423 ,433 ,457 ,449 ,368 238 298 300 423 303 401 405 458 537 732 774 544 627 651 726 612 700 729 795 635 575 488 490 680 8,160 8,205 8,214 8,161 8,228 8,260 8,287 8,327 8,348 8,404 8,466 8,460 ,420 ,403 ,372 ,347 ,440 ,464 ,473 ,481 197 355 136 263 713 669 563 563 8,176 8,154 8,138 8,172 10,821 10,633 10,701 10,110 ,352 ,326 ,376 ,396 ,478 ,460 ,454 ,439 506 155 338 193 616 622 640 727 8,194 8,209 8,202 8,214 205 205 206 206 207 10,610 10,312 10,755 10,127 10,235 ,377 ,364 ,376 ,418 ,430 ,415 ,414 ,428 ,425 ,420 212 287 173 357 468 663 712 744 705 806 8,244 8,239 8,231 8,239 8,118 1,130 1,147 1,133 1,142 207 206 208 208 10,836 11,025 10,536 10,175 ,413 ,452 ,442 ,438 ,404 ,393 ,378 ,375 531 423 390 349 591 568 605 681 8,157 8,155 8,155 8,176 1,939 3,510 18,975 1,132 1,779 3,266 18,976 1,135 1,928 3,841 18,999 1,132 1,703 3,368 19,014 1,129 209 209 210 209 10,341 10,387 10,254 9,625 ,451 ,420 ,434 ,512 ,365 ,348 ,362 ,366 547 185 159 319 602 626 799 774 8,207 8,219 8,233 8,252 8,267 8,262 8,248 8,249 8,272 2,468 565,011 57,624 4,361 2,408 566,374 57,242 4,162 2,631 726 60,835 4,062 2,521 127 58,451 4,162 2,582 56; 156 57 ,376 4,258 2,130 1,702 2,530 2,233 1,956 3,148 2,209 2,211 2,681 3,224 19,037 19,070 19,082 19,108 19,173 1,113 1,122 1,099 1,085 1,059 213 213 215 216 217 10,094 10,354 10,637 10,141 10,108 ,505 ,428 ,448 ,485 ,522 ,375 ,405 ,416 ,433 ,428 388 216 632 253 514 783 737 523 909 693 57,157 58,928 58,050 57,921 4,083 3,851 3,729 3,886 1,885 1,810 2,101 1,810 2,832 2,374 4,145 3,937 19,125 19,093 19,108 19,082 1,059 1,053 1,045 1,021 211 211 211 210 10,862 10,934 10,529 9,955 ,500 ,475 ,501 ,524 ,425 ,419 ,404 ,433 483 334 433 371 8,293 839 8,288 741 8,277 832 8,290 56,984 56,993 57,454 56,786 57,523 3,963 3,900 3,853 3,838 3,990 1,757 1,658 1,730 1,587 1,901 3,374 3,035 3,168 3,162 3,256 19,104 19,142 19,110 19,111 19,146 1,018 991 1,021 1,010 1,032 211 210 209 211 207 10,441 ,471 10,579 ,435 10,638 ,414 10,031 1,416 10,163 1,418 ,427 ,434 ,433 ,407 ,396 395 494 275 322 498 698 606 726 647 8,311 8,312 8,319 8,326 8,366 7 14 21 28 973 2,361 55,555 57,310 13,116 13,198 1,031 2,657 56^10 " ' 110 59 59,946 967 2,474 56 263 58,699 13,364 13,370 1,030 2,426 56 306 58,316 3,734 3,642 3,636 3,772 1,667 1,931 1,903 1,923 2,522 2,102 2,219 2,635 19,128 1,031 19,158 1,028 19,209 1,007 993 19,210 207 202 202 202 10,665 11,401 10,524 10,188 1,423 1,442 1,436 1,464 ,402 ,417 ,421 1,425 467 404 737 538 608 802 388 501 8,356 8,342 8,339 8,353 Oct. 5 Oct. 12 Oct. 19 Oct. 26 968 2,509 55,860 57,857 13,307 13,338 1,022 2,603 55;618 58,996 13,713 990 2,453 56,293 59,145 13,772 1,012 2,441 57,066 59,094 3,790 3,641 3,606 3,793 2,049 2,041 1,996 1,777 2,364 3,995 3,284 2,932 19,249 19,318 19,292 19,324 979 973 966 954 202 10,863 1,490 200 10,883 1,452 199 10,614 1,474 10,218 1,433 1,440 1,416 1,415 1,419 548 773 710 897 532 488 623 308 8,392 8,401 8,393 8,433 Nov. Nov. Nov. Nov. Nov. 13,899 948 2,381 56,394 58,130 13,382 1,041 2,386 55,955 57,994 13,285 977 2,686 56,047 59,817 13,392 969 2, 340 56;386 58,662 13,431 1,023 2,487 56,900 59,475 4,055 3,963 3,976 3,895 3,971 1,968 2,071 2,433 2,049 2,234 2,876 2,496 3,115 2,962 2,870 19,356 19,338 19,195 19,180 19",192 952 947 954 961 971 205 206 205 205 204 10,593 10,687 11,246 10,219 10,288 1,470 1,448 1,456 1,409 1,380 ,452 1,109 ,443 1,106 ,476 472 ,472 686 ,443 495 8,456 8,468 8,453 8,458 8,495 3,847 3,863 3,f " 4,026 1,878 2,076 2,083 2,277 1,890 19 ,197 1,521 19,259 2,329 19,283 2,239 19,354 979 976 990 969 203 205 205 204 10,546 10,802 11,035 11,057 1,421 1,447 1,437 1,491 ,403 ,377 ,359 ,334! 351 326 626 426 723 589 825 668 640 2 9 16 23 30 Dec. 7 Dec. 14 Dec. 21 Dec. 28 13,435 13,570 13,901 13,655 912 951 938 960 947 1,060 1,175 1,134 1,194 2,372 2,397 2,504 2,358 2,390 55,865 55,645 55,360 55,669 55,931 2,356 57 256 59,100 2,629 58; 558 61,940 2,692 739 61,348 2,801 882 62,166 1 Demand deposits other than interbank and U. S. Govt., less cash items reported as in process of collection. 842 384 572 377 8,471 8,447 8,451 8,470 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. 186 COMMERCIAL LOANS, 1955 CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS BY INDUSTRY 1 [Net decline, (—). In millions of dollars] Manufacturing and mining Period 2 Petroleum, Food, Textiles, Metals and coal, liquor, apparel, metal and and prod- chemical, tobacco leather and ucts 3 rubber Comm'l. Other Trade (wholesale and dealers Sales finance companies Commodity retail) Public utilities (inch transportation) Construction ind'l, and agr'l. All Net change— other changes types all classiweekly of fied reportbusiness ing banks 1955 Monthly: -10 4 49 16 50 44 29 17 20 -13 2 -116 13 91 60 54 43 30 31 62 163 87 -44 -82 -47 -132 -109 -31 -61 66 29 113 159 108 -7 5 3 98 198 47 239 -37 274 -126 -204 315 482 9 -17 5 3 -7 4 -2 -6 -56 -12 -28 -19 -23 -43 -9 -7 43 -44 11 -4 5 12 3 9 6 6 96 1 -2 4 7 -5 -11 5 14 -6 -14 -14 -13 30 -4 -8 -15 -1 14 -18 9 1 -20 -1 14 15 63 -18 7 3 -2 40 47 5 3 30 4 9 19 11 41 17 4 -29 -31 -40 -11 -20 95 28 -47 3 18 -21 -3 -11 -9 5 12 69 -1 18 18 16 -40 -24 -28 -17 3 12 18 2 41 -8 4 -32 14 12 30 8 98 5 11 -21 49 9 3 45 -9 6 14 9 -7 1 -2 20 7 9 13 -119 -118 -42 -130 -102 -29 -65 60 128 161 135 62 28 90 73 -6 -6 40 28 78 75 -55 -57 2 7 29 80 -43 35 70 -46 33 5 145 109 87 76 6 36 18 20 17 22 76 56 Week ending Jan. 5 Jan. 12 Jan. 19 Jan. 26 -70 -8 -17 -24 -1 11 5 14 3 1 15 -13 Feb. 2 Feb. 9 Feb. 16 Feb. 23 -27 -19 -48 -25 19 22 38 12 Mar. Mar. Mar. Mar. Mar. 2 9 16 23 30 -10 -26 43 -18 -32 12 27 Apr. 6 Apr. 13 Apr. 20 Apr. 27 -41 -25 -47 -17 May 4 May 11 May 18 May 25 -35 -19 -18 -30 June June June June June 1 8 15 22 29 -10 -19 16 -14 -3 July 6 July 13 July 20 July 27 -21 -20 -6 -17 Aug. 3 Aug. 10 Aug. 27 Aug. 24 Aug. 31 4 9 2 26 19 33 14 20 10 1 Sept. 7 Sept. 14 Sept. 21 Sept. 28 29 35 21 43 4 80 Oct. 5 Oct. 12 Oct. 19 Oct. 26 39 39 49 34 Nov. 2 Nov. 9 Nov. 16 Nov. 23 Nov. 30 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Dec. Dec. Dec. Dec. 7 14 21 28 1 1 -3 -3 6 -9 -3 7 4 20 44 10 16 c 44 -2 -371 124 470 100 197 739 125 705 407 180 899 700 -429 114 489 -52 96 860 25 645 489 4464 890 659 -1 4 -37 4 -27 -20 -144 -100 -32 -95 -169 -97 -74 -89 -4 -1 12 3 10 2 15 16 29 14 95 -13 -68 42 155 -15 10 -11 99 5 23 -11 5 11 -14 6 14 14 24 -9 122 18 281 40 133 24 319 53 -40 67 25 75 32 -22 15 -12 11 2 17 7 2 6 14 14 -16 -41 . 50 25 66 -148 94 -13 15 -4 -6 -7 -14 72 1 -12 -15 24 -4 15 1 30 10 -2 2 17 42 1 120 91 43 -58 62 114 16 -96 -17 -14 -12 -14 13 10 23 17 1 -12 13 6 11 34 12 -12 645 54 40 -5 -13 732 78 68 4 21 27 14 39 -3 183 17 2 -36 6 -24 17 -31 20 -15 28 -7 18 16 15 30 -5 25 -101 131 95 -175 139 -36 97 7 7 12 90 69 47 11 58 5 20 28 12 -23 21 39 18 22 20 170 171 164 101 99 24 204 186 110 121 2 14 9 1 4 28 13 -7 -120 288 134 105 -91 320 170 90 3 9 -3 23 35 -11 -7 53 73 -4 58 4350 104 -32 42 189 158 283 66 203 179 182 298 50 181 105 183 290 121 103 200 310 46 c 25 173 36 9 -9 27 39 64 36 2 26 17 22 5 11 -17 29 -3 12 6 -17 10 15 -6 5 16 11 9 -10 11 10 -6 5 15 27 8 12 -3 34 47 35 -171 25 20 -2 2 -2 -26 -29 5 17 -10 -11 16 1 10 -6 22 2 -14 23 -11 1 10 -3 5 -8 -6 10 69 46 38 41 34 31 53 6 -122 -60 -28 20 38 43 46 11 -2 -27 -2 -2 -11 -14 26 19 15 5 6 20 -8 54 -3 3 4 -10 9 19 26 41 5 -4 44 14 25 13 12 53 38 65 51 107 47 -9 24 2 9 -5 5 16 6 16 9 19 -7 13 23 9 53 -23 -7 18 10 -19 26 38 68 13 -12 14 23 31 -1 3 -52 6 -6 9 -15 100 132 134 117 -29 -81 -2 12 5 -10 -5 37 -13 38 H 12 -2 -3 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. 16 25 5 -80 42 49 18 62 52 65 120 38 40 49 58 -11 126 -8 43 243 2 41 50 -109 73 -65 2 14 11 18 83 44 Monthly figures are based on weekly changes during month. 3 Includes machinery and transportation equipment. 4 Includes increase of $318 million resulting from errors disclosed incident to survey of credit extended to real estate mortgage lenders. 187 INTEREST RATES, 1955 MONEY MARKET RATES [Per cent per annum] Prime commercial paper, 4- to 6months i Month or week Finance Prime company bankers' paper placed acceptances, directly, 3- to 690 days* months 1 u. s. Government securities (taxable) 3-month bills Market yield Rate on new issues 1 23 1.17 1.28 9- to 12month issues2 3- to 5year issues 3 1.36 1.41 1.49 1.71 1.72 1.71 1.88 2.12 2.14 2.19 2.28 2.56 2.11 2.18 2.30 2.39 2.40 2.42 2.54 2.73 2.72 2.58 2.70 2.83 1955 Jan Feb Mar Apr May June July. Aug Sept Oct. Nov Dec 1 47 1 68 1 69 1.90 2 00 2.00 2.11 2 33 2.54 2 70 2 81 2.99 1 37 1 50 1 50 1.73 1 88 1.82 1.87 2 02 2.28 2 46 2.53 2.80 1 33 1 38 1.38 1.43 1 50 1.50 1.50 1.67 2.08 2 23 2.17 2.43 .60 .90 2.07 2 23 2.25 2.54 1.257 1.177 1.335 1.620 1.491 1.432 1.622 1.876 2.086 2.259 2.225 2.564 Week ending: Jan. 8 Jan. 15 Jan. 22. Jan. 29 1.31 1.39 1 54 1.60 1.25 L.25 I 45 1.50 1.25 1.30 1.38 1.38 1.09 1.28 1.32 1.24 1.049 1.222 1.407 1.349 1.23 1.39 1.42 1.40 2.04 2.13 2.15 2.11 Feb. 5 Feb. 12 Feb. 19 Feb. 26 1.66 1.69 1.69 1 69 1.50 1.50 1.50 [ 50 1.38 1.38 1.38 1 38 1.11 1.05 1.134 1.088 1.130 1.355 1.37 1.33 1.38 1.55 2.09 2.10 2.18 2.34 Mar. Mar. Mar. Mar. 1 69 1 69 1.69 1.69 50 50 .50 1 38 1.38 1.38 1.38 I 29 1.23 1.30 1.417 1.231 1.286 1.366 1.56 1.50 1.48 1.44 2.35 2.33 2.26 2.26 Apr 2 Apr. 9 . Apr. 16 Apr. 23 Apr. 30 1.74 1 81 1.86 1.94 1.99 [.50 [ 59 .75 1.85 1.38 1.38 1.38 1.48 1.50 1.37 .49 1.63 1.65 1.62 1.374 1.466 1.652 1.664 1.697 1.53 1.68 1.71 1.71 1.79 2.35 2.38 2.38 2.39 2.43 May 7 May 14 May 21 May 28 2 00 2 00 2.00 2.00 [ 88 [.88 1.88 1.88 1 50 1.50 1.50 1.50 1.55 1.627 1.440 1.427 1.471 1.75 1.71 1.70 1.70 2.41 2.39 2.38 2.41 June June June June 2 00 2 00 2.00 2.00 88 [ 83 1.81 1.81 I 50 1 50 1.50 1.50 I 37 1.41 1.434 1.390 1.514 1.420 1.74 1.71 1.71 1.68 2.40 2.40 2.38 2.43 July 2 July 9 . . . July 16 July 23 July 30 2 00 2 05 2.06 2 14 2.19 I 81 1 86 1.88 I 50 I 50 1.50 88 88 [.50 1.61 1.71 1.401 1.541 1.606 1.620 1.720 1.71 1.88 1.87 1.85 1.92 2.48 2.48 2.49 2.55 2.64 Aug Aug Aug. Aug 6 13 20 27. 2.29 2 31 2.31 2.35 1.98 2 00 2.00 2.00 1.53 61 1.68 1.75 1.88 1 87 1.84 1.90 1.850 1.889 1.888 1.875 2.12 2.12 2.07 2.11 2.75 2.70 2.69 2.72 Sept. Sept. Sept. Sept. 3. 10 17 24 2 48 2.50 2 55 2.56 2 20 2.25 2.25 2.30 1.85 2.00 2.13 2.13 2.08 2.10 2.06 1.99 2.088 2.134 2.104 1.981 2.22 2.16 2.10 2.13 2.80 2.77 2.76 2.70 Oct. 1 Oct. 8 Oct. 15 Oct. 22 Oct 29 2 58 2 63 2 66 2 74 2.75 2 31 2.38 2 45 2.50 2.50 2 13 2.20 2.25 2.25 2.25 2 11 2.21 2.26 2.25 2.21 2.122 2.214 2.257 2.333 2.231 2.15 2.20 2.21 2.20 2.17 2.61 2.57 2.56 2.60 2.60 Nov Nov. Nov. Nov. 5 12... 19 26 2.75 2 75 2 81 2.86 2.50 2 50 2.50 2.56 2.13 2.13 2.13 2.25 2.06 2.07 2.29 2.41 2.179 2.034 2.248 2.440 2.11 2.14 2.28 2.43 2.57 2.61 2.73 2.79 Dec. Dec. Dec. Dec. Dec. 3 10 17 24 31.. 2 88 3 00 3.00 3 00 3.00 2.63 2.70 2.84 2 88 x.oo 2.25 2.41 2.48 2.54 2.63 2.58 2.450 2.471 2.591 2.618 2.688 2.44 2.47 2.51 2.62 2.73 2.80 2.81 2.83 2.84 2.87 . 5 12 19 26 4 11.. 18 25 . . . . .50 .73 1 Data are averages of daily prevailing rates. Includes certificates of indebtedness and selected note and bond issues. 2 50 2.35 2.48 2.50 2.50 3 .59 [.45 .41 .16 1.35 .26 .42 .41 1.44 .47 1.37 43 .51 .57 Includes selected note and bond issues. 188 INTEREST RATES, 1955 BOND AND STOCK YIELDS 1 [Per cent per annum] U.S. Govt. bonds (long-term) General obligations4 Month or week New Totals Old series2 series 3 1955 Number of issues Corporate bonds 4 State and local govt. bonds Aaa Baa Revenue Totals bonds 6 By selected ratings Aaa Baa Industrial stocks Dividends/ price ratio By groups Industrial Railroad PreComPublic utility ferred 7 mon 4 Common 8 125 3-7 1-2 20 5 5 10 120 30 30 40 40 40 14 125 Dec 2 65 2.72 2.71 2.77 2 75 2.76 2 87 2.91 2.88 2 82 2 85 2.88 2.76 2.92 2.92 2.92 2.91 2.91 2 96 3.02 3.00 2 96 2 96 2.97 2.48 2.49 2.49 2.50 2.48 2.49 2 62 2.69 2.70 2 64 2.60 2.70 2.09 2.10 2.09 2.08 2.06 2.09 2 23 2.33 2.31 2 25 2 20 2.29 3.04 3.05 3.07 3.08 3.07 3.08 3.17 3.22 3.24 3 22 3.20 3.25 2 77 2.79 2.80 2.79 2 77 2.80 2 86 2 92 2.92 2 89 2 87 2.97 3.15 3.18 3.20 3.21 3.23 3.23 3 24 3.29 3.31 3 30 3 29 3.33 2 93 2.99 3.02 3.01 3 04 3.05 3 06 3 11 3.13 3 10 3 10 3.15 3.45 3.47 3.48 3.49 3.50 3.51 3 52 3.56 3.59 3 59 3 58 3.62 3.08 3.12 3.14 3.14 3.17 3.18 3.18 3.25 3.25 3 23 3.22 3.26 3 25 3.28 3.31 3.30 3 32 3.31 3 32 3 36 3.40 3 38 3.38 3.42 3.12 3.15 3.17 3.17 3.19 3.21 3 22 3.26 3.29 3 27 3.28 3.31 3.98 4.00 4.01 3.98 3.99 3.98 3.96 4.01 4.06 4 04 4.01 4.05 4.10 4.14 4.18 4.03 4.05 3.71 3.63 3.76 3.76 3.96 3.96 3.92 Week ending: Jan 1 Jan 8 Jan. 15 Jan 22 Jan 29 2 58 2.62 2.64 2 65 2 67 2 67 2.71 2.76 2 78 2 78 2 44 2.45 2.47 2 49 2 51 2 04 2.06 2.09 2 11 2 11 3 02 3.02 3.03 3 05 3 06 2 76 2.76 2.77 2 77 2 79 3 14 3.14 3.14 3 15 3 16 2 92 2.91 2.92 2 93 2 94 3 44 3.45 3.45 3 46 3 46 3 07 3.07 3.08 3 08 3 09 3 24 3.24 3.24 3 25 3 26 3 11 3.10 3.11 3 12 3 12 3 94 3.96 3.97 4 00 4.00 4 09 4.18 4.16 4 19 4.16 Feb Feb. Feb Feb 2 70 2.69 2 72 2 77 2 90 2.91 2 93 2 94 2 50 2.50 2 49 2 49 2 2 2 2 10 11 10 10 3 3 3 3 05 05 04 04 2 2 2 2 79 79 79 79 3 3 3 3 17 17 19 20 2 2 2 3 97 97 99 02 3 3 3 3 46 47 47 48 3 3 3 3 11 11 12 14 3 3 3 3 28 27 29 30 3 3 3 3 14 13 15 16 4 01 4.00 4 00 4 00 4.07 4.03 4 04 4 18 Mar 5 Mar 12 Mar 19 Mar 26 2 2 2 2 75 72 69 69 2 93 2.92 2 92 2 90 2 2 2 2 49 49 49 50 2 2 2 2 09 09 10 08 3 3 3 3 06 07 07 08 2 2 2 2 80 80 80 80 3 3 3 3 21 21 21 20 3 3 3 3 03 04 03 01 3 3 3 3 48 49 49 48 3 3 3 3 15 15 15 14 3 3 3 3 30 31 31 30 3 3 3 3 17 17 17 17 3 4 4 4 99 02 01 01 4 4 4 4 06 23 21 12 Apr 2 Apr 9 Apr 16 Apr 23 Apr 30 2 73 2 77 2.76 2 77 2 77 2 92 2 93 2.93 2 92 2 92 2 2 2 2 2 50 50 50 50 50 2 2 2 2 2 08 09 08 08 08 3 3 3 3 3 08 08 08 08 08 2 2 2 2 2 80 80 80 78 78 3 3 3 3 3 20 20 20 20 21 3 3 3 3 3 01 01 01 01 01 3 3 3 3 3 48 48 48 48 49 3 3 3 3 3 14 14 14 14 15 3 3 3 3 3 30 30 30 30 31 3 3 3 3 3 16 16 17 17 17 4 01 3 99 3 97 3 97 3 98 4 4 4 4 4 16 11 03 01 03 May May May May June June June June 7 14 21 28 4 11 18 25 0 77 2 75 2.74 2 75 2 92 2 92 2.91 2 91 2 49 2 49 2.47 2 47 2 08 2 07 2.05 2 05 3 08 3 08 3.06 3 06 2 78 2 77 2.77 2 77 3 21 3 23 3.23 3 23 3 02 3 04 3.04 3 05 3 49 3 50 3.49 3 50 3 16 3 16 3.17 3 17 3 31 3 32 3.32 3 33 3 18 3 20 3.20 3 20 3 99 3 99 3.98 4 00 4 04 4 09 4.08 4 03 2.74 2.74 2.75 2.78 2.90 2.89 2.90 2.93 2.47 2.47 2.48 2.49 2 06 2.07 2.08 2.09 3.06 3.06 3.07 3.10 2.79 2.79 2.80 2.80 3 05 3 04 3.05 3.05 3 50 3.50 3.51 3.51 3 17 3.17 3.17 3.18 3 32 3.31 3.31 3.31 3 21 3.20 3.21 3.21 3.99 3.99 4.00 3.97 3.99 3.91 3.82 3.76 July 2 July 9 July 16 July 23 July 30 2.81 2.82 2.83 2.90 2.94 2.94 2.94 2.94 2.96 2.99 2.53 2.58 2.62 2.63 2.64 2.14 2.19 2.23 2.24 2.27 3.11 3.14 3.17 3.17 3.18 2.84 2.84 2.84 2.87 2.90 3 23 3.23 3.23 3.23 3.23 3.24 3 24 3.24 3.25 3.05 3.05 3 05 3.05 3.07 3.51 3.51 3 52 3.52 3.53 3.17 3.17 3 18 3.18 3.20 3.31 3.32 3 31 3.32 3.33 3.22 3.22 3 21 3.21 3.22 3.97 3.97 3 98 3.95 3.95 3.70 3.61 3.63 3.61 3.63 Aug. Aug. Aug. Aug. 2.94 2.89 2.89 2.91 3.03 3.02 3.01 3.02 2.67 2.69 2.70 2.71 2.29 2.34 2.34 2.34 3.21 3.21 3.22 3.23 2.90 2.90 2.93 2.95 3.27 3.28 3.29 3.30 3.09 3.10 3.12 3.12 3.55 3.56 3.57 3.58 3.22 3.23 3.26 3.26 3.34 3.36 3 36 3.37 3.23 3.24 3.26 3.28 3.96 3.99 4.01 4.01 3.81 3.81 3 89 3.78 Sept. 3 Sept. 10 Sept. 17 Sept. 24 2.91 2 88 2.89 2.89 3.02 3.01 3.01 3.00 2.71 2.72 2.71 2.68 2.34 2.34 2.32 2.27 3.23 3.25 3.25 3.25 2.95 2.93 2.92 2.90 3.31 3 32 3.31 3.31 3.13 3 14 3.13 3.13 3.58 3 59 3.59 3.58 3.27 3 27 3.25 3.25 3.38 3 40 3.40 3.40 3.29 3 29 3.29 3.29 4.07 4 05 4.05 4.05 3.74 3 71 3.64 3.59 Oct. 1 Oct. 8 Oct. 15 Oct. 22 Oct. 29 2.86 2.83 2.81 2.82 2.81 2.98 2.98 2.96 2.96 2.95 2.66 2.66 2.64 2.62 2.63 2.27 2.27 2.25 2.24 2.24 3.23 3.23 3.22 3.20 3.23 2.90 2.90 2.89 2 89 2.87 3.31 3.30 3.30 3 30 3.30 3.12 3.12 3.11 3 10 3 10 3 59 3.59 3.59 3 59 3 58 3.24 3.24 3.24 3 23 3.23 3 39 3.38 3.38 3 39 3 39 3 29 3.27 3.27 3 28 3 28 4.07 4.07 4.06 4 03 4 01 3.76 3.88 3.97 3 85 3 95 Nov. 5 Nov. 12 Nov. 1 9 . . . Nov. 26 2.79 2.83 2.86 2.88 2.94 2.96 2.96 2.96 2.59 2.59 2.59 2.61 2.19 2.19 2.19 2.21 3.19 3.19 3.19 3.20 2 86 2 86 2.86 2.88 3.30 3,28 3.28 3.30 3 10 3 08 3.08 3.11 3 59 3.58 3 58 3.59 3 23 3.21 3.21 3.22 3 38 3 38 3.37 3.38 3 28 3 27 3.27 3.29 4 00 3 99 4.00 4.02 3 95 3 87 3.90 3.95 Dec. Dec. Dec. Dec. Dec. Z.oo 0 88 2.96 2.96 2.97 2.97 2.96 2.67 2.68 2.71 2.73 2.73 2.27 2.28 2.30 2.30 2.30 3.24 3.25 3 25 3.25 3.26 2.92 2.97 2.99 2.99 2.99 3.31 3.32 3 34 3.35 3.34 3.12 3.13 3 17 3.17 3.16 3.59 3.61 3 62 3.63 3.63 3.23 3.24 3 26 3.27 3.27 3.39 3.41 3 43 3.43 3.43 3.29 3.30 3 32 3.32 3.32 4.04 4.04 4 04 4.05 4.07 3.98 3.92 3 97 3.95 3.92 Jan Feb Mar Apr May June July Aug Sept Oct Nov 5 12 19 26 6 13 20 27. 3... 10 17 24. . 31 2 88 2.88 2.89 1 Monthly and weekly yields are averages of dailyfiguresfor 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 es. nds due or first callable after 12 years, through Sept. 30, 1955, and those due or callable in 10-20 years, beginning Oct. 1, 1955. 3 The 3VA per cent bonds of 1978-83 and, beginning Feb. 1, 1955, the 3 per cent bond of February 1995. Earnings/ price ratio 8.25 8.17 7.09 4 Moody's Investors Service. 5 Includes bonds rated Aa and A, data for which are not shown separately. Because of a limited number of suitable issues, the number of corporate bonds in some groups has varied somewhat. 6 Dow-Jones and Co. 7 Standard and Poor's Corporation. Ratio is based on 9 median yields in a sample of noncallable issues, 12 industrial and 2 public utility. 8 Computed by Federal Reserve from data published by Moody's Investors Service. * International * International capital transactions of the United States. 190 Gold production 194 Net gold purchases and gold stock of the United States. 195 Reported gold reserves of central banks and governments 196 Estimated foreign gold reserves and dollar holdings. 197 International Bank and Monetary Fund. 198 Central banks 198 Money rates in foreign countries 203 Foreign exchange rates . 204 Index to statistical tables. 215 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. 189 190 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] International institutions 2 Date Total foreign countries Official and private Official France Germany, Fed. Rep. of Italy Switz- United Other King- Europe erdom land Total Europe Latin America Canada Asia All other 31... . 31... . 31... . 31... . 1,641 1,585 1,629 1,770 7,661 8,961 10,019 11,153 3,548 4,654 5,667 6,774 289 343 429 715 406 551 899 1,373 300 309 466 579 521 642 674 672 643 818 709 640 847 1,093 1,558 1,642 3,006 3,755 4,734 5,621 1,307 1,421 1,296 1,536 1,455 1,613 1,768 1,906 1,595 1,837 1,896 1,825 297 336 326 265 1955—Jan. 3 1 . . . . Feb. 2 8 . . . . Mar. 3 1 . . . . Apr. 3 0 . . . . May 3 1 . . . . June 3 0 . . . . July 3 1 . . . . Aug. 3 1 . . . . Sept. 3 0 . . . . Oct. 3 1 * . . . Nov. 30P. . . Dec. 3 1 P . . . 1,752 1,785 1,813 1,821 1,875 1,854 1,861 1,859 1,844 1,821 1,823 1,881 11,101 10,925 10,915 11,067 11,178 11,263 11,281 11,189 11,496 11,744 11,797 11,749 6,750 6,540 6,508 6,633 6,711 6,776 6,658 6,552 6,806 6,888 6,938 6,983 707 725 750 671 766 785 835 915 980 1,017 1,069 1,081 1,369 1,407 1,411 1,405 1,408 1,397 1,418 1,420 1,425 1,425 1,421 1,454 592 612 611 629 638 646 676 702 759 813 810 785 624 634 650 658 672 685 702 679 684 709 740 751 659 599 637 677 664 689 623 561 575 645 645 543 1,675 1,627 1,591 ,660 1,577 1,588 1,561 1,567 1,562 1,557 1,484 1,515 5,625 5,604 5,650 5,698 5,724 5,790 5,815 5,844 5,986 6,167 6,168 6,130 1,529 1,367 1,321 ,319 ,275 ,269 1,302 1,180 ,179 1,143 1,125 1,081 1,837 1,812 1,795 1,899 1,989 1,920 1,897 1,854 1,916 1,938 1,945 1,999 1,842 1,858 1,860 1,852 1,885 .983 1J968 1,994 2,085 2,162 2,217 2,180 267 284 290 298 305 301 299 316 329 335 341 360 1951—Dec. 1952—Dec. 1953—Dec. 1954—Dec. Table la. Other Europe Portugal Belgium Denmark 847 57 91 191 273 273 277 275 272 272 269 273 283 280 279 270 263 135 124 130 100 45 70 96 71 27 29 38 41 46 47 101 113 149 203 243 249 100 110 119 103 41 57 72 91 98 93 99 106 103 107 99 104 104 105 98 106 76 70 69 70 64 54 56 60 64 54 64 60 40 42 38 37 40 38 40 42 41 46 44 49 129 134 130 134 131 127 125 126 134 141 156 174 256 219 222 218 195 202 202 190 199 183 173 165 89 66 64 77 68 71 68 66 68 72 68 79 93 98 92 95 94 94 101 106 112 120 125 132 31 31 31 31 1,093 1,558 1,642 1955 Jan Feb. Mar Apr May June July Aug. Sept Oct. Nov Dec. 31 28 31 30 . 31 30 31 31 30 . 31* 30* 31*. [,675 ,627 1,591 ,660 1,577 1,588 1,561 1,567 1,562 ,557 1,484 1,515 Rumania Spain 6 6 6 8 8 8 oooooc Austria 1951 Dec. 1952—Dec. 1953 Dec 1954 Dec ... Neth- NorFinerway land Greece lands Other Europe 8 8 8 8 8 00 00 Date Sweden Turkey 17 19 72 91 36 71 117 141 78 85 93 99 101 109 113 131 130 121 118 114 119 130 119 141 120 117 112 104 147 149 149 153 14 8 14 8 9 9 10 11 10 12 9 10 9 9 9 9 Peru El Salvador Uruguay Yugo- All slavia other 7 12 7 9 131 224 388 363 9 10 8 9 9 11 386 386 362 405 368 367 328 303 267 330 198 201 10s 9 11 9 13 Table lb. Latin America Date Latin BoAmer- Argenlivia tina ica Brazil Chile Colombia Cuba NetherDolands Panminican Guate- Mex- West ama, ReRe- mala ico Indies puband lic of pubSurilic nam Other Vene- Latin zuela America 1951—Dec. 1952—Dec. 1953—Dec. 1954—Dec. 31 31 31 31 1,455 1,613 1,768 1,906 250 139 130 160 28 24 19 29 100 73 102 120 54 79 79 70 106 118 150 222 264 301 341 237 46 44 39 60 27 34 38 35 158 231 183 329 35 44 52 49 68 81 90 74 47 61 68 83 28 26 27 30 85 94 110 90 72 146 222 194 88 117 119 124 1955—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 31 28 31 30 31 30 31 31 30 31* 30? 1,837 1,812 1,795 1,899 1,989 1,920 1,897 1,854 1,916 1,938 1,945 1,999 143 144 152 156 167 157 165 174 165 153 152 138 31 27 26 27 28 28 26 25 26 25 24 26 100 105 95 111 129 120 118 126 147 162 149 143 73 67 75 76 95 94 89 75 87 77 75 95 189 139 97 88 91 102 103 106 98 106 120 131 234 228 234 252 254 245 241 231 237 249 255 253 68 65 63 68 67 71 71 71 70 68 65 65 37 43 45 48 51 51 51 47 43 38 41 45 336 358 363 376 372 341 327 321 340 362 379 414 43 45 45 44 45 42 44 43 46 42 42 46 73 75 79 78 74 84 80 85 85 82 87 86 81 79 79 82 82 83 89 86 89 95 92 92 40 47 43 46 48 50 45 39 33 27 22 24 87 83 81 74 68 64 61 60 61 60 63 65 178 177 188 243 285 261 253 234 259 260 261 265 122 130 129 132 133 129 134 132 132 131 117 112 31P p Preliminary. For other footnotes see following page. 191 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 All other Asia Date Total ForKoEgypt mosa rea, and Union Bel- Angloand Hong India Indo- Iran Israel Japan Re- PhilThaiAusof Other ipgian Egyp- South China Kong pub- pines land Other Total tralia Congo nesia Mainlic tian Africa land Sudan Of4 31.. 31.. 31.. 31.. 1,595 1,837 1,896 1,825 87 76 74 70 62 71 68 61 62 65 99 87 141 61 39 100 25 19 44 31 27 19 18 41 596 808 828 725 26 54 92 96 330 315 295 257 97 181 168 123 142 167 171 234 297 336 326 265 39 47 59 48 54 119 90 44 111 60 43 47 7 24 38 33 87 87 96 94 1955—Jan. 31.. Feb. 28.. Mar. 31.. Apr. 30.. May 31.. June 30.. July 31.. Aug. 31.. Sept. 30.. Oct. 31 P. Nov. 30P. Dec. 31 P. 1,842 1,858 1,860 1,852 1,885 1,983 1,968 1,994 2,085 2,162 2,217 2,180 69 70 70 69 70 71 72 72 72 75 76 75 61 60 61 59 61 60 62 60 58 56 57 55 95 102 87 84 93 97 78 73 92 90 89 73 109 112 98 96 100 115 108 110 120 127 145 174 45 47 40 47 52 52 48 42 36 42 37 35 39 41 45 45 43 41 43 55 46 46 49 53 707 99 700 97 714 97 709 98 720 106 757 108 774 106 808 102 865 J 0 0 914 *95 952 91 901 88 265 263 254 249 249 252 258 261 253 247 254 247 132 133 132 130 129 130 121 122 123 125 129 138 222 233 262 266 261 299 298 290 321 344 339 341 267 284 290 298 305 301 299 316 329 335 341 360 44 59 57 60 70 64 70 75 72 74 75 75 46 43 44 44 43 43 42 46 44 45 44 42 49 52 54 54 48 50 45 47 60 71 68 72 31 36 33 36 34 30 33 37 37 34 35 53 95 97 102 103 110 114 109 112 116 111 119 119 1951—Dec. 1952—Dec. 1953—Dec. 1954_Dec. Table Id. Supplementary Areas and Countries3 End of year End of year Area or country Area or country 1951 1952 1953 '.3 .6 6 1.3 n.a. 2.7 1.0 3.5 15.9 1.3 6 11.8 3.2 2.8 5 6 2 5 .2 .3 .4 6 .6 n.a. 1.9 1.0 3.7 12.6 1.3 6 5.0 2.6 3.4 4 1 1 7 .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 14.6 8.7 Ecuador . 11.4 French West Indies and French Guiana... .8 Haiti 10.3 Honduras 17 2 8.3 Nicaragua Paraguay 5.4 14.6 12.1 23.7 2.2 11.6 15 4 13.4 5.0 18.0 13.4 17.7 .6 9.3 18 7 16.0 6.0 Other Europe: Albania Azores Bulgaria Czechoslovakia6 Eastern Germany Estonia Hungary . . Ireland, Republic of. Lithuania Luxembourg Poland6 Trieste U S S R 6 . Other Latin America: British dependencies . 1954 Other Asia: .2 Afghanistan n.a. British dependencies .6 Burma 6 Ceylon.. .7 Iraq 1.2 Jordan n.a. Lebanon 1.0 Pakistan 8.9 Palestine n.a. Portuguese dependencies 1.0 Syria . .5 4.5 Viet-Nam 5.3 2.1 All other: 2 2 British dependencies 1.8 Ethiopia and Eritrea French dependencies Italian Somaliland 19.0 Liberia 15.3 Libya 21.2 New Zealand . . . . .4 Portuguese dependencies 12.7 Spanish dependencies. . . . n.a. Tangier 10.3 3.6 p Preliminary, n.a. Not available. 1 Short-term liabilities reported in these statistics represent principally deposits and U. S. Govt. obligations maturing in not more than one year from their date of issue, held by banking institutions in the United States; small amounts of bankers' acceptances and commercial paper and of liabilities payable in foreign currencies are also included. 2 Includes International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other international organizations. Excludes Bank for International Settlements, reported under Other Europe. 3 Represents funds held with banks and bankers in the United States (and in accounts with the U. S. Treasury) by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). 1951 1952 1953 1954 10.6 21.0 9.5 19 2 12.9 .5 15.3 13.1 2.7 13.2 5 4 n.a. 4.0 25.5 16.9 13 9 14.1 .6 19.3 14.4 .1 2.8 15.9 11 4 n.a. 2.7 19.8 23.0 17 1 13.8 .9 23.9 9.7 .1 5.3 18.5 20 5 n.a. n.a. 21.1 29.7 n a. 10.0 .8 16.5 3.8 .1 1.8 61.5 21 5 8.1 1 2 6 9 36.5 .1 6.1 .5 5.2 4.3 .2 21 5 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 1.4 n.a. 16.8 n.a. 5.6 n.a. 2.3 n.a. .5 35 7 4 Through 1952, reported by banks in the Second (New York) Federal Reserve District only. 5 Except where noted, these data are based on reports by banks in the Second (New York) Federal Reserve District only and represent a partial breakdown of the amounts shown in the "other" categories in Tables la-lc. For each date the Second District reported at least 90 per cent of the total amount in the "other" categories. 6 Based on reports by banks in all Federal Reserve districts. NOTE.—Statistics on international capital transactions of the United States are based on reports by banks, bankers, brokers, and dealers. Beginning with the BULLETIN for June 1954 (as explained on p. 591 of that issue), tables reflect changes in reporting forms and instructions made as of Mar. 31, 1954, as well as changes in content, selection, and arrangement of material published. For discontinued tables and data reported under previous instructions, see BULLETIN for May 1954, pp. 540-545. 192 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] Total Date GerFrance many, Fed. Rep. of Italy Switz- United Other Total erKing- Europe Europe land dom 1951—Dec. 31 1952 Dec. 31 1953—Dec. 31 968 1,049 905 10 32 11 28 27 31 10 18 19 11 7 18 1954 Nov 30 Dec. 31 1,316 1,387 10 14 56 70 19 20 1955—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct Nov. 1,380 1,368 1,366 1,380 1,415 1,450 1,416 1,429 1,404 1,429 1,498 12 12 7 8 10 10 12 10 11 11 12 73 80 74 79 77 84 80 74 69 67 81 20 22 23 23 26 28 26 30 27 30 30 183 212 236 92 62 56 Asia All other 162 90 115 42 22 25 126 143 33 37 40 38 37 38 41 43 42 39 42 45 49 13 16 109 341 402 66 76 489 662 473 750 728 19 22 19 20 22 20 21 20 21 27 24 146 116 119 96 98 91 70 74 76 65 74 137 143 140 127 135 143 154 151 152 159 163 407 394 382 354 369 375 363 359 356 358 383 104 105 91 104 108 122 118 112 115 123 131 677 671 686 694 684 671 653 682 640 660 675 152 160 170 190 213 239 240 236 252 243 259 Norway Portugal Spain Sweden Turkey Yugoslavia Tt i- . 30P Latin America 35 30 71 128 173 0000 ONOO 31 28 31 30 31 30 31 31 30 31 * 89 Canada Table 2a. Other Europe Other Europe Date 89 98 88 1951—Dec. 31 1952—Dec. 31 1953—Dec. 3 1 . . . 1954—Nov. 30 Dec. 31 114 109 1955—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. 137 143 140 127 135 143 154 151 152 159 163 31 28 31 30 31 30 31 31 30 31 P 30P Netherlands Belgium Denmark Finland 40 16 13 5 2 6 5 4 9 2 2 1 (2) 17 20 7 10 3 6 2 2 3 (2) 1 3 3 15 16 19 19 19 18 18 15 14 12 11 13 15 9 9 7 7 7 7 7 9 8 9 9 2 2 3 2 2 3 3 3 3 4 4 4 3 3 3 3 3 4 18 18 19 15 15 13 12 12 13 13 11 Austria (2) 1 1 1 (2) 1 (2) (2) (2) 1 1 1 Greece 2 2 5 3 3 1 39 16 2 2 19 11 24 6 4 3 4 52 41 2 3 3 3 2 2 2 3 4 4 5 3 4 3 4 4 5 8 6 6 7 7 4 3 4 3 4 5 5 6 6 5 7 66 67 68 62 67 80 89 88 92 93 92 1 All other 4 9 5 1 1 4 5 7 3 6 4 4 4 3 2 5 5 5 5 4 5 8 7 5 6 6 (2) (2\ 1 5 5 Table 2b. Latin America Date Latin BoAmer- Argentina livia ica Brazil Chile Colombia Cuba NetherDolands Panminican Guate- Mex- West ama, ReRe- mala ico Indies puband public of Surilic nam Peru El Salvador Other Uru- Vene- Latin guay zuela America 1951—Dec. 31 1952—Dec. 31 1953—Dec. 31 489 662 473 8 8 7 7 6 11 185 356 125 25 26 23 44 42 57 32 32 51 2 2 2 4 4 4 91 89 93 1 1 3 3 7 5 12 15 20 9 9 8 11 14 4 42 37 42 15 14 19 1954_Nov. 30 Dec. 31 750 728 6 6 2 3 322 273 12 14 92 107 63 71 2 3 5 4 115 116 1 1 12 9 15 16 13 10 61 63 24 27 1955—Jan. Feb. Mar. Apr. May June July Aug. Sept Oct. Nov. 677 671 686 694 684 671 653 682 640 660 675 6 6 5 5 6 8 6 6 6 6 8 2 2 3 3 3 3 3 3 3 3 4 252 249 220 221 189 153 137 133 107 91 64 15 12 19 13 11 15 17 15 7 8 20 97 90 88 97 116 132 125 132 127 122 128 53 48 65 69 71 65 60 71 71 92 95 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 5 4 4 4 4 4 5 111 111 128 125 122 125 133 141 146 151 160 2 2 1 1 2 3 4 1 1 2 2 13 15 18 18 20 18 15 15 13 14 14 15 15 15 16 16 16 18 20 19 20 27 9 7 6 6 5 5 6 6 6 6 9 6 7 7 7 8 7 7 6 5 10 5 10 12 63 76 79 79 81 83 85 91 90 93 91 25 24 24 25 27 32 32 32 32 34 34 31 28 31 30 31 30 31 31 30 31P 30*> P 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 (excluded from these statistics) amounted to $604 million on Nov. 30, 1955. 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. 193 INPL CAPITAL TRANSACTIONS OF THE U. S. TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued [Amounts outstanding, in millions of dollars] Table 2c. Asia and All Other All other Asia Formosa and Hong India IndoTotal China Kong nesia Mainland Date 1951__Dec. 31 1952—Dec. 31 1953—Dec. 31 162 90 115 10 10 8 3 1 3 13 4 4 1954—Nov. 30 Dec. 31 126 143 8 8 3 3 1955—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. 152 160 170 190 213 239 240 236 252 243 259 8 8 8 8 8 8 8 8 8 8 8 3 3 4 5 5 3 4 4 4 4 4 4 5 4 4 5 5 4 4 4 4 4 5 5 31 28 31 30 31 30 31 31 30 31 P 30P (2 ) (2 (2 | (2 1 '. I I Iran Egypt and Union Bel- Angloof PhilThaiAusOther Israel Japan ippines land Other Total tralia gian Egyp- South Congo tian Africa Sudan 9 10 14 30 15 23 12 13 26 29 8 6 2 3 6 52 25 25 42 22 25 23 10 8 6 6 6 (2) 17 16 9 11 30 50 11 7 7 6 36 36 33 37 10 14 7 6 (2) 18 19 16 19 19 20 21 22 20 19 18 11 8 8 7 7 8 8 10 9 9 9 48 60 60 70 87 92 105 108 110 107 107 10 9 10 13 18 15 17 15 17 17 39 13 11 12 15 17 20 13 11 8 6 8 36 36 47 48 48 69 61 53 71 67 62 40 38 37 38 41 43 42 39 • 42 45 49 13 12 11 11 11 10 10 9 11 11 13 6 6 6 5 5 5 5 5 5 5 5 7 2 2 6 4 8 6 6 9 10 7 8 7 6 8 7 7 7 6 11 10 12 11 12 15 15 17 19 17 18 16 19 (2) 1 1 1 1 2 3 1 2 1 2 2 TABLE 3. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES 3 [In millions of dollars] U.S. Govt. bonds & notes Year or month Purchases Sales 1951 1952 1953 1954 674 534 646 801 1,357 231 728 793 1954—Nov... Dec... 115 101 1955—Jan... Feb... Mar.., Apr... May.. June.. July.. Aug.., Sept.., Oct. P . Nov.? 121 361 83 48 249 14 48 181 45 21 35 U.S. corporate securities Foreign bonds Foreign stocks Net pur- Purchases, or chases ties ( - ) Sales 500 495 543 792 801 677 622 841 -301 -182 -79 -49 272 294 310 393 349 330 303 645 -252 76 46 69 2 7 38 39 63 61 -25 -23 76 131 59 49 45 70 60 40 37 46 38 63 70 30 46 27 34 30 26 41 37 37 13 61 29 4 18 36 29 14 -4 9 1 42 43 54 48 55 69 55 54 71 58 57 70 75 58 77 101 75 73 82 62 53 -45 -27 -21 -10 -22 -33 -20 -19 -11 -4 4 Net pur- Purchases, or chases sales ( - ) Sales -683 302 -82 860 850 802 1,405 761 838 731 1,264 99 13 70 141 102 261 13 -160 169 197 130 181 81 216 72 45 142 17 24 24 33 30 38 40 145 11 4 107 -3 24 156 12 177 160 185 135 148 176 167 135 180 154 121 149 161 163 130 133 158 139 116 154 141 141 39 17 28 -2 22 5 15 19 28 19 26 13 -20 Net pur- Purchases, or chases sales ( - ) Sales Net purchases, or sales ( - ) -76 -36 TABLE 4. NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES [Net sales, ( - ) . In millions of dollars] Year or month 1951 1952 1953 1954 1954—Nov.. Dec.., 1955—Jan... Feb... Mar.. Apr.. , May., June., July.. Aug.. Sept.. Oct.p NOV.P Preliminary. International institutions Total foreign countries -16 15 23 78 -568 300 -34 72 53 -132 66 i -11 2 10 (2) (2) -44 3 3 1 1 (2) 133 33 9 166 15 49 173 36 4 -24 France Germany, Federal Republic of Italy 2 6 5 -42 17 (2) (2) 3 -28 (2) (2) 2 1 1 2 -1 1 - 52 C) 1 (2) (2) 2 2 1 (2) 3 1 (2) (2) Switzerland 46 51 57 73 13 10 20 15 20 3 -1 9 26 28 19 8 -7 United Kingdom 21 70 71 70 8 7 18 22 -2 4 41 15 13 -1 -9 2 -4 Other Europe -66 -16 -24 -20 -6 -8 4 20 -4 1 39 9 4 13 -7 3 Total Europe 111 62 139 18 -19 45 53 16 8 80 24 48 33 26 8 n Canada -595 192 -121 -187 -2 -108 -8 76 -5 -5 78 -9 -2 132 -10 c -20 For other footnotes see opposite page. Latin America 14 5 25 113 36 7 29 3 6 4 6 -2 1 7 13 Asia All other -1 2 -1 (2) 1 1 (2) 8 1 8 194 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 TABLE 6. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS i [In millions of dollars] [Net sales, ( - ) . In millions of dollars] Assets in custody Year or month 1951... 1952 1953 1954 Total International foreign Europe couninstitries tutions — 153 — 118 -61 -164 —224 — 100 -11 -137 1954_Nov.... Dec.... -2 -3 -21 -13 1955—Jan Feb.... Mar.... Apr.... May... June... July.... Aug Sept.... Oct.p . . Nov.P. . -3 11 -30 23 0) 0) -2 -4 0) -10 1 -12 -3 -2 -4 0) 19 -6 -3 8 8 Latin Amer- Asia ica Canada All other 29 —259 20 ' —141 96 - 1 3 8 -133 -9 34 25 35 33 — 36 — 10 -30 -34 -12 -3 -1 5 -1 -6 -3 -23 -8 -4 -8 1 -21 -8 -1 -7 7 9 -15 35 6 6 -4 21 26 -6 3 4 2 -2 0) 9 1 5 2 3 2 2 1 g 6 26 7 -2 -10 -5 -4 —1 -2 -2 -2 -3 -4 -3 -3 -11 9 -2 1 0) 2 1 3 2 0) 0) P Preliminary. i Less than $500,000. Date Deposits U. S. Govt. securities 2 Miscellaneous 3 1954—Dec. 31 490 2,908 105 1955—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 441 320 351 360 402 374 410 387 385 402 408 402 3,000 2,966 3,062 3,137 3,264 3,295 3,288 3,373 3,463 3,506 3,558 3,543 117 128 131 137 141 139 135 141 142 138 137 126 3i 28 31 30 31 30 31 31 30 31 30 31 1956—Jan. 31 355 3,724 122 1956—Jan. 4 Jan. 11 Jan. 18 Jan. 25 451 458 374 396 3,545 3,629 3,672 3,680 123 123 122 123 1 Excludes assets held for Intl. Bank and Monetary Fund and earmarked gold. See footnote 4 at bottom of following page for total gold under earmark at Federal Reserve Banks for foreign and international accounts. 2 U. S. Treasury bills, certificates of indebtedness, notes and/or bonds. 3 Includes bankers' acceptances, commercial paper, and foreign and international bonds. NOTE.—For explanation of table and for back figures see BULLETIN for May 1953, p. 474. GOLD PRODUCTION [In millions of dollars] Production reported monthly Year or month Estimated world production (excl. U.S.S.R.) Total South Africa Rhodesia Other North and South America Africa British Belgian United West Africa Congo States Canada Mexico Colom- Chile bia Nica- Austra- India ragua i lia $ /= 15^i grains oj'gold Mo fine: i. e ., an ounce offim•gold= $55. 728.1 753.2 777.1 758.3 780.9 776.5 826.2 405.5 409.7 408.2 403.1 413.7 417.9 462.4 1954—Nov Dec 72.0 71.3 40.7 40.8 1955_jan Feb Mar 70.4 67.9 73.3 71 4 73.1 73.1 40.7 38.8 42.3 41.7 42.8 42.7 43.7 44 4 43.6 43 8 43.3 1948 1949 1950 1951 1952 1953 1954 805.0 840.0 864.5 840.0 868.0 864.5 913.5 Apr May July Aue Sept Oct. Nov 18.0 18.5 17.9 17.0 17.4 17.5 18.8 1.6 23.4 23.1 24.1 22.9 23.8 25.4 27.5 11.1 12.9 12.0 12.3 12.9 13.0 12.8 70.9 67.3 80.1 66.3 67.4 69.0 65.1 123.5 144.2 155.4 153.7 156.5 142.4 152.8 12.9 14.2 14.3 13.8 16.1 16.9 13.5 11.7 12.6 13.3 15.1 14.8 15.3 13.2 5.7 6.3 6.7 6.1 6.2 4.6 4.4 7.8 7.7 8.0 8.8 8.9 9.1 8.2 31.2 31.3 30.4 31.3 34.3 37.7 39.1 6.5 5.7 6.7 7.9 8.9 7.8 3.4 2.3 2.3 .9 .9 5.6 5.8 13.5 13.5 1.2 .8 1.2 .8 .4 .4 .6 .7 3.3 3.4 .6 .6 4 6 1.5 6 2.2 5.0 1.6 1.1 1.2 1.1 .9 .5 .6 2.8 2.7 2.1 2.2 12.8 12.3 13.0 12.9 13.4 13.0 13.5 13 5 13.8 13.8 .9 1.8 1.6 1.3 6 5 1.5 1.2 1.2 1.3 1.1 1.0 1.0 9 1.1 1.0 .8 .5 .5 .6 .5 .6 .6 .6 6 .5 .6 .6 1.5 1.6 6 2.2 2.2 2.2 2.2 22 2.2 2.0 1 Gold exports, representing about 90 per cent of total production. Sources.—World production: estimates of U. S. Bureau of Mines. Production reported monthly: reports from individual countries except British West Africa, Belgian Congo, and India, data for which are from 4.8 5.4 5.0 5.3 5.6 4.1 5 9 7.0 6.8 6.3 .9 .8 1.2 .8 1 i 1.3 1.2 .3 .6 .5 .4 .5 .2 .3 4 .6 .7 .8 .8 .8 7 .7 .7 .6 3.3 2.8 3.0 3.5 3.3 29 American Bureau of Metal Statistics. For the United States, annual figures are from the Mint and monthly figures from American Bureau of Metal Statistics. 195 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 1954 Area and country 1947 Continental Western Europe: Belgium France Germany (Fed. Rep. of) Netherlands Portugal . . .. Sweden 222.8 264.6 i 30! 8 116.0 238.0 10.0 Bank for Intl Settlements Other 59.2 1,041.4 Total Sterling Area: United Kingdom Union of South Africa Other 406.9 256.0 1948 1950 1949 69.8 1-43.0 15.8 "-23*.5 ""-79'.8 14.0 -15.0 -22.9 "-4o!6 - 3 8 . 0 -5.6 -65.3 -34.3 4 . 8 3-123.4 -16.4 63.0 311.2 Canada Latin America: Argentina 191.5 -250.2 734.3 498.6 Uruguay Other 808.4 Total 1.0 Asia. Eastern Europe 440.0 645.2 - 1 , 0 0 3 . 4 525.6 451.2 -100.0 -10.0 7.2 All other 1.0 12.1 6.9 2,864.4 1,510.0 -6.2 .4 28.2 -118.2 -64.8 -7.2 -172.0 5-38.9 11.5 -480.0 -50.0 -.5 -.1 -.1 -.1 (2) -50.5 -.1 -.1 — .1 (2) -84.8 -3.5 -28.1 -15.0 80.3 -5.0 -30.0 -126.0 -131.8 17.2 62.5 5-53.7 -6.7 -5.7 -9.9 13.7 6-44.2 6-76.0 1 Includes sales of gold to Belgian Congo as follows (in millions): 1949, $2.0; 1950, $3.0; 1951, $8.0; 1952, $2.0; and 1953, $9.9. 2 Less than $50,000. 3 Includes sale of $114.3 million of gold to Italy. 75.2 JulySept. - 3 2 8 . 3 - 1 7 0 5 - 7 3 7 - 3 7 5 —41 5 -2.4 57.5 193.3 -1,725.2 Apr.June -480.5 -.9 -34.7 Jan.Mar. -.5 -.3 -49.9 -20.0 17.5 - 2 2 . 8 -20.0 -60.2 87.7 22.2 14.9 ""-io'.o Oct.Dec. JulySept. 1-94.8 -22.5 -45.0 " - U O . O -225! 6 -i4o!6 * —3O!6 - 1 0 . 0 6 5 . 0 -100.0 - 5 9 . 9 - 5 4 . 9 - 2 0 0 —10.0 — 5 0 -5.0 -20.0 -15.0 -15.0 - 6 5 . 0 -15.5 -8.6 -7.5 (2) - 9 4 . 3 -20.0 - 2 6 -8.4 -17.5 -17.3 2.6 -2.9 (2) 3.5 - 3 8 0 . 2 - 1 8 4 . 8 -115.6 -546.4 3.4 1954 1-5.8 469.9 52.1 3.6 -49.9 7.0 -10.0 -16.1 -14.4 -50.0 -10.5 81.8 -143.9 - 4 . 1 4-55.4 1953 -io.6 3.5 (2) 27.4 1952 446.3 - 1 , 0 2 0 . 0 13.1 195.7 727.5 114.1 15.5 60.0 -65.0 -10.0 45.4 61.6 10.7 25 1 - 3 . 7 -108.0 19.1 - 2 . 1 Cuba -34.9 -32.0 -15.0 -30.4 -29.7 3.0 662.9 1,232.9 Grand total 1-58.0 1-18.3 -84.8 -20.0 3.2 Total 1951 1955 -.3 11 0 (2) 1.9 3.4 -.1 -.1 (2) 1.9 3.4 -.1 10.9 -1.1 -2.2 -.4 (2) 393.6 - 1 , 1 6 4 . 3 -326.6 - 1 7 1 . 8 -.4 -2.7 P) -72.3 -36.9 -41.7 8.7 4 Includes sale of $43.1 million of gold to Thailand. 5 Includes sales of gold to Indonesia as follows: 1950, $29.9 million; and 1951, $45.0 million. * Includes sales of gold to Egypt as follows: 1950, $44.8 million; and 1951, $76.0 million. ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES [In millions of dollars] Gold stock (end of year) Year Treas- Total1 ury EarNet marked Domesgold gold: Increase de- tic gold in total import, crease, or producgold or inexport tion stock crease Month Treas- Total1 ury (-) -803.6 -459.8 -356.7 1943 1944 1945 1946 1947 1948 1949 21 938 20,619 20,065 20,529 22,754 24,244 24,427 68.9 21 981 - 7 5 7 . 9 20,631 - 1 , 3 4 9 . 8 - 8 4 5 . 4 20,083 - 5 4 7 . 8 - 1 0 6 . 3 623.1 311.5 20,706 22,868 22,162.1 1,866.3 24,399 1,530.4 1,680.4 164.6 686.5 24,563 465.4 210.0 -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 . 0 617.6 379.8 684.3 - 3 0 4 . 8 23,252 2.2 -1,170.8 22 091 - 1 , 1 6 1 . 9 16.6 - 3 2 5 . 2 21,793 - 2 9 7 . 2 97.6 - 1 3 2 . 4 21,753 -40.9 80.1 66.3 67.4 69.0 65.4 66.2 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) 1955_jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 1956—Jan . . . . . . . . . . . . 21,714 21,716 21,719 21,671 21,674 21,678 21,682 21,682 21,684 21,686 21,688 21,690 21,786 21,788 21,763 21,724 21,727 21,730 21,734 21,732 21,745 21,747 21,751 21,753 *>21,693 P 2 1 , 7 5 5 EarNet marked DomesIncrease gold gold: de- tic gold in total import, crease, gold or producor instock export tion crease (-) -7.3 1.6 -24.7 -39.4 2.9 3.1 4.4 -2.2 12.7 2.0 3.9 1.9 P2.3 2.2 3.2 2.7 2.5 4.5 3.8 1.6 3.6 4.4 10.4 31.9 26.7 3 ( ) —9.7 -.8 -27.7 -41.8 -1.0 -.9 -.1 -2.9 10.6 -7.1 -27.0 -23.8 4-8.2 5.0 4.8 5.4 5.0 5.3 5.6 4.1 5.9 7.0 6.8 6.3 5 0 (3) 3 Not yet available. 4 Gold held under earmark at the Federal Reserve Banks for foreign and international accounts amounted to $6,949.5 million on Jan. 31, 1956. Gold under earmark is not included in the gold stock of the United States. 196 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Estimated United States total world (excl. U.S.S.R.)! Treasury Total2 End of month 1949—-Dec 1950 Dec 1951—Dec 1952 Dec 1953 Dec 1954—Dec 1955 Jan Feb Mar Apr May June July Aug. Sept Oct Nov. Dec 35,400 35,830 35,970 36 290 36,710 37,350 37,500 . 37 730 P37 890 . End of month 1949 Dec. 1950 Dec 1951—Dec 1952 Dec. 1953—Dec 1954_Dec 1955 Jan. Feb Mar Apr May June July Aug. . . . . . . . . . Sept Oct Nov. Dec End of month 1949—Dec 1950 Dec 1951—Dec 1952 Dec 1953—Dec 1954—Dec 1955 Jan. Feb Mar Apr May June July Aug. Sent. . . . Oct Nov. Dec. Argentina 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 21,714 21,716 21,719 21,671 21,674 21 678 21,682 21,682 21 684 21 686 21 688 21,690 21,786 21,788 21,763 21,724 21,727 21 730 21,734 21,732 21 745 21 747 21,751 21,753 371 371 371 371 371 371 371 371 371 371 Egypt France 4 53 97 523 523 174 548 174 174 Belgium 698 587 621 706 776 778 216 268 371 371 Germany, Federal GuateRepublic mala of 23 23 23 21 21 3 781 (ft 797 824 839 848 839 845 850 877 920 922 929 3) India ft (3) (3) Indonesia Brazil 317 317 317 317 321 322 322 322 322 322 322 322 322 322 322 322 323 323 Iran 27 27 247 247 178 209 140 140 28 27 247 280 573 576 140 326 27 27 247 247 138 576 626 27 247 138 576 650 27 247 174 174 576 576 700 714 27 27 138 174 174 174 ' 138 576 722 27 247 576 576 576 576 740 758 776 802 27 27 27 27 247 247 247 247 174 174 174 174 576 576 576 861 825 849 868 920 27 27 27 247 247 247 Portugal El Salvador South Africa 17 128 178 192 265 286 361 429 431 85 70 61 51 51 54 90 152 184 218 29 199 56 265 29 195 56 265 431 438 29 29 438 29 438 436 422 425 425 428 29 29 29 29 28 28 201 203 208 207 212 215 212 214 211 428 28 28 213 212 138 138 138 138 56 56 265 265 56 258 56 56 56 56 56 56 263 264 264 264 264 270 56 56 278 276 Canada Thailand 1.504 ,470 1,452 1,411 ,459 1,513 118 1,512 1,501 1,499 1,493 1,473 [,485 ,495 1,501 .513 1,535 1,560 1,597 113 118 113 113 113 113 113 113 113 113 113 112 112 112 112 112 Chile 496 590 850 896 996 1,080 40 40 45 42 42 42 1,083 1,086 1,097 1 103 1,111 1 112 1,122 1,134 1 141 1 150 1 147 1,141 43 43 43 43 43 42 42 42 42 42 42 44 Colombia 52 74 86 Mexico Netherlands 256 256 333 346 346 346 52 208 208 144 158 62 195 311 346 346 346 346 346 346 63 63 64 65 77 78 78 130 Italy 138 138 138 138 Sweden Switzerland 197 190 170 176 23 26 29 29 138 137 138 138 174 174 174 174 Spain 235 145 247 247 p Preliminary. 1 Includes 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, Bolivia 141 Turkey United King-5 dom 154 150 151 143 143 144 1,688 3,300 2,335 1,846 2,518 2,762 144 144 144 144 144 144 144 144 144 144 144 144 2,763 2,681 2 667 2,686 2,686 2 680 2,544 2,457 2,345 2 297 2,283 2,120 Cuba Denmark Ecuador 299 271 311 214 186 186 32 31 31 31 31 31 21 19 22 23 23 23 186 186 186 186 186 186 186 186 186 181 141 136 31 31 31 31 31 31 31 31 31 31 31 31 23 23 23 23 23 23 23 23 23 23 23 23 Norway Pakistan Peru 51 50 50 50 52 45 27 27 27 38 38 38 28 31 46 46 36 35 796 798 45 45 45 35 35 35 800 45 38 38 38 38 38 38 48 48 48 48 48 48 316 544 737 796 796 804 804 804 804 804 836 856 865 45 45 45 45 45 45 45 45 Venezuela Intl. Monetary Fund 373 J 451 227 403 1,495 I 530 [,692 I 702 1,740 227 403 Uruguay 178 236 221 207 227 227 227 373 373 373 373 403 403 227 403 227 227 227 227 216 216 216 403 403 403 403 403 403 403 403 I 744 1,744 I 744 I 744 1,745 I 745 1,747 1,751 1,751 I 751 I 756 I 808 35 35 35 35 35 35 35 35 35 Bank for Intl. Settlements 68 167 115 196 193 196 198 209 204 204 207 230 227 226 215 208 234 217 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. * 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.) 197 GOLD RESERVES AND DOLLAR HOLDINGS [Amounts outstanding, in millions of dollars] End of year End of quarter 1954 Area and country 1949 Continental Western Europe: Austria Belgium-Luxembourg (and Belgian Congo) Denmark Finland France (and dependencies)1 Germany (Federal Republic of) Greece Italy Netherlands (and Netherlands West Indies and Surinam) Norway Portugal (and dependencies) Spain (and dependencies) Sweden Switzerland Turkey Other 2 Total Sterling Area: United Kingdom United Kingdom dependencies India Union of South Africa Other Total Canada Latin America: Argentina Bolivia Brazil Chile Colombia Cuba Dominican Republic Guatemala Mexico Panama, Republic of Peru El Salvador Uruguay Venezuela Other Total Asia: Indonesia Iran Japan Philippines Thailand Other Total Eastern Europe 3 All other: Egypt Other Total Total foreign countries International 4 1950 1951 1952 1953 1955 92 912 70 31 740 149 36 556 92 848 76 30 834 222 36 571 107 898 76 53 896 434 49 633 143 1,035 101 55 967 691 57 655 238 1,098 127 64 1,049 1,225 112 812 335 1,024 107 69 1,124 1,822 105 874 329 1,039 102 72 1,358 1,999 124 925 331 1,087 100 69 1,417 2,125 141 957 325 1,108 85 69 1,452 2,155 138 992 341 1,146 95 73 1,648 2,250 145 1,105 415 120 234 127 160 2,021 164 349 559 94 257 132 205 2,023 164 689 524 150 331 128 224 1,973 165 477 815 160 374 130 275 2,053 151 712 1,055 171 469 150 335 2,133 157 887 1,118 177 537 174 399 2,172 150 928 1,118 148 560 188 406 2,185 152 947 1,109 109 570 209 386 2,149 154 1,016 1,107 116 571 225 383 2,170 156 1,239 1,109 113 580 237 411 2,197 153 1,273 6,176 6,832 7,118 8,374 10,082 11,115 11,652 11,929 12,291 12,876 1,924 104 310 134 254 3,557 120 303 241 232 2,843 99 309 197 326 2,318 113 312 194 347 3,009 108 346 214 373 3,388 104 320 234 371 3,190 103 334 232 381 3,137 103 334 236 395 3,139 102 344 242 405 2,800 100 339 251 426 2,726 4,453 3,774 3,284 4,050 4,417 4,240 4,205 4,232 3,916 1,365 1,988 2,157 2,492 2,417 2,543 2,616 2,493 2,539 2,618 417 37 510 101 138 463 39 51 267 74 81 45 236 516 81 518 43 543 120 127 530 47 53 415 59 91 50 311 458 90 518 51 417 99 154 575 58 54 366 68 93 54 306 445 102 427 45 390 121 194 515 56 61 375 81 107 55 301 519 132 501 40 423 121 236 531 51 65 341 90 104 56 337 595 130 576 35 413 117 254 477 73 64 315 76 110 58 329 614 147 531 32 442 112 308 423 72 62 391 74 118 59 317 597 134 523 26 417 118 183 420 75 72 427 79 114 72 308 591 140 528 28 442 136 188 431 83 78 419 84 118 79 291 664 140 536 26 469 129 184 423 82 70 481 85 124 61 277 662 142 3,056 3,455 3,360 3,379 3,621 3,658 3,672 3,565 3,709 3,751 194 157 377 298 143 339 324 160 587 377 166 256 421 163 729 337 210 325 296 157 929 324 294 360 184 181 951 304 281 401 168 164 794 318 238 465 181 169 851 266 236 520 194 178 841 264 245 551 211 190 884 263 243 601 216 174 992 266 235 620 1,508 1,870 2,185 2,360 2,302 2,147 2,223 2,273 2,392 2,503 380 344 309 307 306 308 309 310 311 307 115 25 173 28 285 42 234 49 217 67 219 70 221 69 228 71 224 84 234 87 140 201 327 283 284 289 290 299 308 321 19,143 19,230 20,479 23,062 24,477 25,002 25,074 25,782 26,292 15,351 3,109 3,090 3,171 3,287 3,331 3,536 3,560 3,565 3,677 3,673 18,460 22,233 22,401 23,766 26,393 28,013 28,562 28,639 29,459 29,965 Grand total 1 Includes gold reserves of Bank of France and French dependencies only. 2 Includes holdings of other Continental OEEC countries, 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. 3 Excludes gold reserves of the U. S. S. R. 4 Includes holdings of International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other international organizations. NOTE.—Includes reported and estimated gold reserves of central banks, governments, and international institutions, and official and private 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) as well as certain longer term U. S. Govt. securities reported as purchased within 20 months of maturity. 198 INTERNATIONAL INSTITUTIONS INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT INTERNATIONAL MONETARY FUND [End-of-month figures. In millions of dollars] [End-of-month figures. In millions of dollars] 1955 1955 1954 Sept. Dec. Oct. June Mar. July 464 485 428 440 466 966 977 996 1,001 1,010 1,936 1,837 1,796 1,694 1,738 37 35 36 52 37 IBRD bonds outstanding Undisbursed loans Other liabilities Reserves Capital3 849 852 849 838 849 494 429 456 386 420 9 10 11 9 It 184 205 193 174 165 1,810 1,810 1,806 1,806 1,806 Member subscriptions Accumulated net income 8,751 88,863 88,853 88,853 8,853 -11 -11 -10 -9 -12 1,751 1,747 1,744 1,744 1,734 Cumulative net drawings on the Fund 9 Continental W. Europe, total Belgium and Luxembourg. France Italy Netherlands Other 852 106 255 33 981 118 268 90 221 284 221 236 Sterling area, total Australia India Pakistan Union of S. Africa Other 693 259 125 77 135 97 508 223 65 32 Latin America, total Brazil Colombia Mexico Other Asia (excl. Sterling area) 164 5 10 135 14 Sold to Total otherss 688 101 245 33 86 223 61 21 20 6 110 78 34 2 17 3 6 6 474 221 48 29 104 72 58 22 7 2 13 15 627 194 95 141 197 393 150 53 101 90 28 5 8 5 9 365 145 45 96 81 18 4 3 2 9 110 59 58 9 Africa (excl. Sterling area).. 6 Total Country 9 Total Outstanding Repaid 2,419 1,819 226 1,592 Oct. 1,633 1,643 1,609 1,567 1,574 4,540 4,656 4,691 4,734 4,738 805 798 815 798 798 Loans by country, Dec. 31, 1955 Disbursed Jan Gold Currencies: l United States Other Unpaid member subscriptions Quota Principal Apr. Dec. Dollar deposits and U. S. securities Other currencies and securities 1 . . . Effective loans 2 Other assets* Area and member country 4 1954 Item Item 7144 Brazil Colombia.... France Germany India Indonesia.... Iran Japan Philippines... Turkey United States 1955 Paid in gold 150 50 525 330 400 110 35 250 15 43 2,750 Nov. 38 13 108 33 28 16 9 63 4 11 688 66 25 105 -50 13 15 18 62 10 1954 Oct. 66 25 105 -50 13 15 18 62 10 20 15 -388 -392 Nov. 66 105 -50 53 15 9 62 27 -446 Footnotes to tables on international institutions: 1 Currencies include demand obligations held in lieu of deposits. 2 Represents principal of authorized loans, less loans not yet effective, repayments, the net amount outstanding on loans sold or agreed to be sold to others, and exchange adjustment. 3 Excludes uncalled portions of capital subscriptions. 45 Loans to dependencies are included with member. Includes also effective loans agreed to be sold but not yet disbursed. 6 Includes $106 million in loans not yet effective. 78 Includes $127 million not guaranteed by the Bank. Includes $125 million subscription of withdrawing member (Czechoslovakia). 9 Countries shown are those with cumulative net drawings of $10 million ( + or —) on the latest date. Net drawings for each represent purchases of other currencies from Fund less purchases of own currency by it or other countries. PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS Bank of England (millions of pounds sterling) Assets of issue department Assets of banking department Date Gold Other assets (fiduciary issue) Coin Notes Discounts and advances Securities Liabilities of banking department Note circulation1 Deposits Bankers' Public ECA Other Capital and surplus 1948 Dec. 29 1949 Dec 28 1950 Dec. 27 1951 Dec. 26 1952 Dec 31 1953 Dec 30 . . . . 1954_Dec. 29 .2 .4 .4 .4 .4 .4 .4 1,325.0 1,350.0 1.375.0 ,450.0 ,575.0 ,675.0 ,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 1,293.1 1,321.9 1,357.7 1,437.9 1,525.5 1,619.9 1,751.7 314.5 299.2 313.5 299.8 302.8 290.2 276.1 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 Feb. 23 Mar. 30 Apr 27 May 25 June 29 July 27 Aug. 31 Sept 28 Oct 26 . Nov 30 Dec. 28 .4 .4 .4 .4 .4 .4 .4 .4 .4 .4 .4 ,725.0 ,725.0 ,750.0 ,775.0 ,825.0 ,875.0 ,825.0 ,800.0 ,800.0 ,850.0 ,900.0 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.3 66.4 29.1 18.8 23.1 42.7 14.5 43.1 33.9 34.9 54.7 10.7 52.4 16.1 18.0 11.8 5.7 21.0 20.0 11.1 20.2 20.8 37.7 248.1 328.8 319.2 307.2 301.6 305.9 280.2 295.8 301.2 287.4 299.6 1,658.9 1,696.3 1,731.5 1,752.2 1,782.7 1,860.9 1,782.3 1,766.4 1,765.5 1,795.7 1,889.6 271.1 275.7 253.9 240.5 246.6 240.8 243.6 239.3 250.6 263.1 245.2 11.3 11.7 18.6 13.7 14.2 13.6 10.9 14 5 21.9 10.1 12.0 4.7 4.1 4.6 6.9 .5 2.2 2.7 26 2 6 3.0 3.2 63.7 66.4 63.6 65.6 72.9 68.8 70.0 68 2 65 7 71.2 71.7 18.4 18.5 17 8 18.0 18.2 18 3 18.5 18 6 17 8 18 0 18.1 For footnotes see opposite page. 199 CENTRAL BANKS PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued Bank of Canada (millions of Canadian dollars) Assets 2 Date 1948—Dec. 1949—Dec. 1950 Dec 1951—Dec. 1952—Dec. 1953 Dec 1954—Dec. Sterling and United States dollars Liabilities Dominion and provincial govt. securities Deposits Other assets Shortterm Other Note circulation Chartered banks Other 1iabilities and capital 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 1 729.3 1,1 41.8 1,4 59.8 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—Feb. 28 Mar. 31 Apr 30 May 31 June 30 July 30 Aug. 31 Sept 30 Oct. 31 Nov. 30 Dec. 31 52 4 50.8 59.0 52 3 55.8 59.6 57.7 60.6 56 6 52 9 57.4 I 320.6 1,325.6 1,385.5 1,357.6 1,451.9 1,233.4 1,185.2 ,103.2 I 318.5 326.7 1,283.8 815.1 821.6 808.4 817.5 834.9 1,032.4 1,149.3 1,196.5 991 2 1,060.2 1,093.7 82.1 101.4 123.6 87.1 121.5 134.9 73.2 156.6 158.3 141.3 185.2 1,541.7 1,552.9 1,579.3 1,597.7 1,618.8 1,651.8 1,653.9 1,665.8 1,674.2 1,684.0 1,738.5 503. 541. 570. 516. 577. 532. 538. 565. 580. 562. 551. 8 63.2 57.5 50.8 50.6 71.3 52.9 59.5 63.4 62 4 128.3 89.2 47 3 42.7 40.5 35 6 36.5 45.2 38.1 29.1 34 5 45 2 34.0 114 1 104.3 135.2 113 7 160.4 177.5 175 2 192.8 173 0 160 4 207.5 9 7 9 0 9 7 7 7 6 0 Bank of France (billions of francs) Assets Date 30 29 28 27 31 31 30 1955 Feb 24 Mar. 31 Apr. 28 May 26 June 30 July 28 Aug 25 Sept 29 Oct 27. Nov. 24 Dec 29 Foreign exchange Open market 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 78 34 37 57 61 48 201.3 201.3 201.3 201.3 201 3 201.3 201 3 201.3 201.3 201.3 301.2 66.7 86.5 122.0 153.0 183.9 200.1 200.2 200.2 200.2 200.2 200.2 172.7 160.6 200.2 210.4 245.5 247.6 190.0 235.8 245.4 209.0 226.7 40 7 32 .6 28 .5 26 .5 16 4 11 3 7 5 14 9 10 0 43 7 45 . 2 (4) Central Bank of the Argentine Republic (millions of pesos): Gold reoorted seoaratelv Other gold and foreign exchange Govt securities Rediscounts and loans to b Other assets Dec. Nov. 238 6 335 ,7 393 1 741 3 937 .5 891 6 1,130 7 150.9 157.9 158.9 160.0 172.0 200.0 195.0 558.0 561.0 481.0 481.0 480.0 679.8 617.6 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 7 23.5 71 no.5 1,062 1,138 1,113 1,028 1,05^ 1,061 1,042 1,076 1,060 1,037 1,194 190.0 190.0 190.0 190.0 190.0 190.0 190.0 190.0 190.0 190.0 190.0 617.6 597.4 546.7 584.9 579.4 579.8 579.3 557.9 545.2 536.4 539.8 306.5 353.3 336.3 334.4 355.6 355.5 371.6 409.8 429.9 417.8 5336.8 2,482.7 2,583.7 1 2 , . 544.1 2, 523.4 .1 6 1 0 0 1 9 Dec. 1,623 1,623 1,390 4,177 69,533 130 31,589 40,260 379 4,626 4,044 79,629 424 33 327 45,894 1,003 5 776 Footnotes to central bank table on this and opposite page: 1 Notes issued, less amounts held in banking department. 2 Gold was transferred on May 1, 1940, to Foreign Exchange Control Board in return for short-term Govt. securities (see BULLETIN for July 1940, pp. 677-678). 3 Beginning 1950, includes ECA. 4 Less than 50 million francs. Government Other Oct. 279 Deposits Note circulation Current 1954 1955 Other assets Other Special 65.2 62.3 182 8 191.4 200.2 201 3 201.3 Central bank, monetary unit. and item Deposits Nationalized... Other sight obligations Advances to Government Domestic bills Gold 1948 Dec 1949—Dec. 1950 Dec 1951 Dec. 1952—Dec. 1953 Dec 1954 Dec liabilities 6 .8 .4 .5 8 9 9 6 8 ,8 .7 8 1 7 1 (4) (4) 1 538.5 (4) (4) 2,629.9 2,642.8 1 2, 588.5 2,692.5 1 2, 591.4 7 547.6 2,i 320.0 (4) Central bank, monetary unit, and item Commonwealth Bank of Australia (millions of pounds): Gold and foreien exchange Checks and bills of other banks Securities (incl. Govt. and Treasury bills ) Other asse ts Note circulation Deposits of Trading Banks: Special. Other. . Other liabilities and aipital. . Other 3 Other liabilities and capital 171.8 159.0 176.8 176.8 138.6 144.9 157.8 16.2 19.4 24 2 41.3 49.3 56.3 67.9 121.8 122.7 139.9 140.8 138.6 145.3 125.3 138.2 139.0 120.6 142.9 53.1 54. \ 54.4 64.8 58.3 59.3 68.9 55.7 72.4 67.5 71.8 1954 1955 Dec. Nov. Oct. Dec. 297 7 30f 1 297 6 419 7 570 62 413 545 4* 374 527 63 371 485 58 265 38 219 265 3* 225 265 32 224 296 35 392 246 5 Includes advance of 192.4 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. 200 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 i 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) r 1 1955 Dec. Nov. 1954 Oct. 1,742 1,743 1,742 6,990 7,305 7,540 5,995 5,627 5,641 1,557 1,823 1,547 981 1,348 1,159 13,026 12,498 12,508 1,612 1,474 1,515 591 666 654 1,346 1,376 1,415 1,324 1,365 1,370 46,442 9,766 7,120 34,660 8,626 5,381 106,399 1,768 56 3,771 46,088 45,993 10,241 9,866 4,368 7,009 34,660 34,660 8,597 9,020 5,277 5,178 104,104 104,573 1,079 3,536 56 56 3,794 3,562 (May)' 497 982 26,085 2,505 1,001 25,992 226 4,851 655 18 15 425 46 138 79 640 18 11 420 43 144 63 648 18 6 417 50 144 61 5,870 5,814 5,814 2,583 1,435 1,480 7,991 6,670 6,318 16,153 16,269 16,269 18,691 16,881 15,822 9,075 6,088 6,080 44,829 38,245 36,742 5,758 5,477 5,394 2,303 2,346 2,264 7,474 7,088 7,383 273 24 616 487 104 800 525 180 270 24 520 471 104 658 547 183 230 24 555 471 102 634 558 191 12 98 7 99 9 23 168 47 33 12 104 7 92 8 26 157 59 34 12 110 7 83 7 26 151 60 34 136 134 141 144 181 134 Dec. Dec. National Bank of Cuba—Cont. Foreign exchange (Stabilization 556 Fund) 8,704 Net claim on Intl. Fund i 5,272 Loans and discounts , 1,848 Credits to Government 367 Other assets , 12,252 Note circulation , 2,213 Deposits , 566 Other liabilities and capital 2 1,716 National Bank of Czechoslovakia National Bank of Denmark (millions of kroner): Gold , 38,911 Foreign exchange , 12,005 Loans and discounts , 6,956 Securities , 34,660 Govt. compensation account 8,812 Other assets , 4,918 Note circulation , 100,826 Deposits—Government , 1,916 Other 88 Other liabilities and capital , 3,432 Central Bank of the Dominican Republic (thousands of pesos): Gold 1,134 Foreign exchange (net) 1,469 Net claim on Intl. Fundi 26,076 Loans and discounts 2,505 Govt. securities 802 Other assets 21,120 Note circulation 7,096 Demand deposits 3,769 Other liabilities and capital Central Bank of Ecuador (millions of sucres): 524 Gold 27 Foreign exchange (net) , 4 Net claim on Intl. Fund* , 376 Credits—Government 23 Other 105 Other assets 51 Note circulation , Demand deposits—Private banks. Other , 5,742 Other liabilities and capital r 2,572 National Bank of Egypt (millions of 3,867 pounds): 11,385 Gold , 13,059 Foreign assets3 , r 3,340 Egyptian Govt. securities 25,759 Clearing and other accounts (net). 4,836 Loans and discounts 2,136 Other assets 7,234 Note circulation Deposits—Government Other 501 Other liabilities and capital — 24 Central Reserve Bank of El Salvador 465 (thousands of colones): 329 Gold 105 Foreign exchange (net) 780 Net claim on Intl. Fund i 472 Loans and discounts 124 Govt. debt and securities Other assets Note circulation 12 Deposits 76 Other liabilities and capital 7 Bank of Finland (millions of markkaa): 122 Gold 3 Foreign assets and liabilities (net).. 24 Loans and discounts 167 Securities—Government 46 Other 31 Other assets Note circulation Deposits 186 Other liabilities and capital Nov. 1954 Oct, Dec. 210 13 54 63 82 431 240 19 212 13 55 60 81 409 275 22 205 13 48 67 80 408 298 21 201 13 47 77 76 424 216 18 68 705 248 539 3,123 1,016 2,217 1,562 1,644 276 68 714 189 545 3,123 1,032 2,068 1,539 1,797 267 68 649 192 558 3,124 816 2,007 1,481 1,654 265 68 776 397 492 3,161 445 2,145 1,273 1,667 256 12,076 17,150 1,250 4,500 8,890 15,075 49,531 6,492 2,917 12,076 16,493 1,250 2,500 8,890 14,998 44,930 8,414 2,863 12,076 14,441 1,250 2,500 8,890 14,906 42,318 8,980 2,765 12,076 23,771 1,250 3,083 9,420 7,544 42,076 12,701 2,367 344 -11 19 456 235 251 664 217 141 270 344 25 19 417 230 285 660 195 146 319 344 74 19 390 243 289 697 202 154 305 343 150 19 339 216 178 699 215 142 189 61 146 87 -9 30 6 180 14 103 23 61 156 84 -17 26 4 177 19 95 22 61 161 79 -19 22 3 175 20 90 22 61 182 111 -13 19 4 182 83 79 19 71,048 17,298 1,569 73,718 13,777 6,632 96,926 76,930 10,188 71,119 19,579 1,569 61,980 11,576 6,990 88,249 74,299 10,264 71,182 71,811 28,718 34,745 1,569 1,568 56,009 49,319 7,381 11,477 6,853 6,490 87,099 104,579 74,531 61,949 10,081 8,884 7,849 27,401 37,556 20,000 1,915 9,211 55,883 25,556 22,493 7,879 30,239 23,864 20,000 1,999 10,852 53,493 22,528 18,812 7,347 29,716 24,117 20,000 2,008 11,029 51,433 23,426 19,357 6,934 '29,604 '20,438 20,000 2,250 1,905 47,902 19,209 14,020 58 Revised. *Latest month available. 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. 1955 Central bank, monetary unit, and item 3 Includes foreign government securities formerly shown with Egyptian Govt. securities. NOTE.—All figures, including gold and foreign exchange, are compiled from official reports of individual banks and are as of the last report date of the month. 201 CENTRAL BANKS PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued Central bank, monetary unit, and item Bank of German States 4 (millions of German marks): Gold Foreign exchange Loans and discounts Loans to Government Other assets Note circulation Deposits—Government Banks Other Other liabilities and capital Bank of Greece (millions of drachmae): Gold and foreign exchange (net).. Loans and discounts Advances—Government Other Other assets Note circulation Deposits—Government Reconstruction and relief accts Other Other liabilities and capital Bank of Guatemala (thousands of quetzales): Gold Foreign exchange (net) Gold contribution to Intl. Fund. . . Rediscounts and advances Other assets Circulation—Notes Coin Deposits—Government Banks Other liabilities and capital National Bank of Hungary2 Reserve Bank of India (millions of rupees): Issue department: Gold at home and abroad Foreign securities Indian Govt. securities Rupee coin Note circulation Banking department: Notes of issue department Balances abroad Bills discounted Loans to Government Other assets Deposits Other liabilities and c a p i t a l . . . . Bank Indonesia (millions of rupiahs): Gold and foreign exchange (net).. Loans and discounts Advances to Government Other assets Note circulation Deposits—ECA Other Other liabilities and capital. . . Bank Melli Iran 5 (millions of rials) Gold Foreign exchange Gold contribution to Intl. Fund. . . Govt.-secured debt Govt. loans and discounts Other loans and discounts Securities Other assets Note circulation Deposits—Government Banks Other Other liabilities and capital Central Bank of Ireland (thousands of pounds) Gold Sterling funds Note circulation 4 5 1955 Dec. 1954 Nov. Oct. 3,862 9,038 4,105 4,019 3,644 3,566 9,132 9,046 3,223 3,210 4,353 4,252 912 1,032 837 12,708 13,380 13,241 2,890 2,515 3,261 3,292 3,369 4,135 201 206 219 1,621 1,628 1,566 27,234 22,591 1,250 11,719 39,615 51,043 3,851 6,324 20,533 20,659 6,256 166 9,843 4,899 1,651 4,453 1,253 5,754 222 9,666 4,980 1,690 4,474 1,180 7,672 4,510 4,928 7,611 4,246 4,800 27,227 16,245 1,250 11,201 41,431 49,870 3,778 7,076 16,880 19,752 27,227 15,506 1,250 9,958 41,955 48,769 3,745 7,341 15,921 20,121 400 400 400 6,271 6,869 6,471 5,387 5,486 5,436 1,084 1,097 1,111 13,620 13,238 13,059 216 726 58 19 851 1,469 401 824 1,531 378 1,902 1,062 7,913 1,807 721 8,135 429 7,957 495 1,801 838 1,530 623 8,840 4!6 8,145 495 1,949 819 440 8,151 495 1,877 794 4,242 4,242 4,242 244 244 244 282 282 282 7,187 7,187 7,187 10,320 10,836 10,800 5,280 4,786 4,719 444 411 444 3,005 3,017 2,703 10,018 9,970 9,938 4,080 4,758 5,097 1,846 1,131 1,645 11,828 11,436 11,093 3,230 3,229 3,330 2,646 2,646 2,646 73,635 71,211 70,863 76,281 73,857 73,509 Includes figures for the nine Land Central Banks. Items for issue and banking departments consolidated. 6 Bank began operations in December 1954. i Holdings in each month were 448 million yen. 160 853 72 120 483 121 37 1,084 1,383 461 Dec. Dec. Bank of Israel (thousands of pounds) 6 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 949 Bank of Italy (billions of lire): Gold Foreign exchange Advances to Treasury Loans and discounts Govt. securities Other assets Note circulation Deposits—Government Demand Other Other liabilities and capital Bank of Japan (billions of yen): Bullion Advances to Government Loans and discounts Govt. securities Other assets Note circulation Deposits—Government Other Other liabilities 766 Bank of Mexico (millions of pesos): Monetary reserves "Authorized" holdings of securities, etc Bills and discounts 400 Other assets ,632 Note circulation ,177 Demand liabilities ,056 Other liabilities and capital ,005 Netherlands Bank (millions of guilders) : 260 Gold. 676 Silver (including subsidiary coin). . 40 Foreign assets (net) 17 Loans and discounts ,066 Govt. debt and securities ,751 Other assets Note circulation—Old 308 New ,119 Deposits—Government 500 ECA Other ,315 Other liabilities and capital 371 054 Reserve Bank of New Zealand (thou495 sands of pounds): 108 Gold 649 Foreign exchange reserve Loans and discounts 242 Advances to State or State un244 dertakings 282 Investments 754 Other assets 480 Note circulation 087 Demand deposits 706 Other liabilities and capital 342 Bank of Norway (millions of kroner): Gold Foreign assets (net) Clearing accounts (net) Loans and discounts Securities Occupation account (net) Other assets Note circulation Deposits—Government Banks FOA Other liabilities and capital ,630 ,635 ,224 ,241 935 ,350 ,095 ,959 302 ,959 1955 Central bank, monetary unit, and item Nov. 1954 Oct. Dec. 2,042 2,040 2,033 2.025 88,819 83,850 74,305 51,458 3,674 3,536 5,289 15,814 12,730 11,856 2,654 31,727 36,993 40,372 11,093 19,299 21,565 15,187 134,388 134,398 134,406 ^56 16,062 16,735 15,663 16,076 183,561 188,614 185,483 159,282 10,318 9,172 8,279 99,438 94,576 89,115 '32^069 18,508 19,485 16,234 10,502 4 70 567 417 415 991 1,671 21 102 513 157 567 386 399 953 1,504 27 88 608 152 4 76 567 396 376 918 1,496 29 74 587 152 72 567 419 345 r 850 1,538 37 79 448 '156 78 448 256 559 65 89 70 98 461 207 549 51 83 84 265 484 110 622 56 84 99 ) 45 554 261 674 51 65 72 3,275 43 1,362 51 522 413 28 3,955 326 490 656 212 1,662 1,630 1,462 4,999 291 411 4,602 2,045 715 A,111 326 499 4,501 2,019 712 3,805 768 557 4,376 1,471 745 3,241 40 1,334 31 622 405 28 3,852 268 490 827 208 3,166 36 1,362 35 622 405 28 3,866 214 514 790 213 3,015 18 1,451 57 728 473 28 3,579 626 650 620 238 6,161 6,161 34,689 43,378 25,211 22,576 6,175 50,125 28,546 46,884 33,278 1,429 70,140 68,280 9,233 41,970 33,269 1,395 69,970 69,711 9,069 49,961 33,443 1,563 79,215 81,577 9,021 209 -98 -45 116 96 5,546 105 3,142 1,365 504 106 812 208 -84 -38 80 91 5,546 94 3,161 1,395 428 103 812 203 -153 -120 54 38 5,546 56 3,321 990 557 165 592 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. 202 CENTRAL BANKS PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1955 1954 1955 Central bank, monetary unit, and item Dec. State Bank of Pakistan (millions of rupees): Issue department: Gold at home and abroad l Sterling securities Pakistan Govt. securities Goyt. of India securities India currency Rupee coin Notes in circulation Banking department: Notes of issue department Bills discounted Loans to Government Other assets Deposits Other liabilities and c a p i t a l . . . . Central Bank of Paraguay (millions of guaranies): Gold Foreign exchange (net) Net claim on Intl. 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 b a n k s . . . . Loans to Government Other assets Note circulation Deposits Other liabilities and capital Central Bank of the Philippines (millions of pesos): Gold Foreign exchange Net claim on Intl. Fund 2 Loans Domestic securities Other assets Circulation—Notes Coin Demand deposits Other liabilities and capital Bank of Portugal (millions of escudos): Gold Foreign exchange (net) Loans and discounts Advances to Government Other assets Note circulation Demand deposits—Government. ECA Other Other liabilities and capital South African Reserve Bank (millions of pounds): Gold Foreign bills Other bills and loans Other assets Note circulation Deposits Other liabilities and capital Bank of Spain (millions of pesetas): Gold Silver Govt. loans and securities Other loans and discounts Other assets Note circulation Deposits—Government Other Other liabilities and capital Nov. Oct. 114 824 1,194 275 431 24 2,779 114 691,124 275 431 29 2,601 11 644 1,07' 275 431 3' 2,493 84 11 1 519 51 113 6' 21 540 523 110 80 20 12 559 564 10' 4 101 8 1,313 523 444 876 215 220 1,082 78 8 1,280 51" 441 866 236 189 1,03: 467 67 810 1,037 206 1,831 463 293 557 67 743 1,064 146 1,846 500 231 28 270 10 32 372 179 603 87 151 51 28 307 10 31 367 165 599 87 170 51 31 340 10 13 396 155 625 86 177 57 e 5,610 5,567 13,423 13,326 963 1,008 1,390 1,391 1,380 1,372 10,740 10,538 1,654 1,840 101 107 7,523 7,726 2,594 2,608 75 45 19 55 111 66 18 76 32 19 54 107 55 18 75 30 21 53 107 53 19 616 320 14,863 36,719 43,886 47,045 3,715 6,644 39,000 616 321 15,995 36,109 44,026 44,379 8,504 5,460 38,723 615 321 15,959 324,03 40,469 45,216 4,151 5,170 35,231 Dec. Dec. Bank of Sweden (millions of kronor): Gold Foreign assets , Net claim on Intl. Fund 2 433 Swedish Govt. securities and ad,404 vances to National Debt Office 221 Other domestic bills and advances 300 Other assets 4! Note circulation ,399 Demand deposits—Government. Other Other liabilities and capital Swiss National Bank (millions of 53 francs): 378 Gold 406 Foreign exchange , 114 Loans and discounts Other assets Note circulation , Sight liabilities , Other liabilities and capital Central Bank of the Republic of Turkey (millions of pounds): 698 459 Gold 75 Foreign exchange and foreign 690 clearings 140 Loans and discounts 138 Securities 281 Other assets Note circulation Deposits—Gold Other 646 Other liabilities and capital 67 573 Bank of the Republic of Uruguay (mil,124 lions of pesos): Gold 103 Silver ,758 Advances to State and Govt. 461 bodies 295 Other loans and discounts , Other assets Note circulation 19 Deposits—Government , 356 Other , 30 Other liabilities and capital 63 261 Central Bank of Venezuela (millions of bolivares): 171 Gold 629 Foreign exchange (net) 85 Other assets 136 Note circulation 49 Deposits ,601 Other liabilities and capital ,228 National Bank of Federal People's Re,026 public of Yugoslavia (billions of ,403 dinars): ,088 Gold ,513 Gold contribution to Intl. Fund. . . ,617 Foreign assets '26 Loans (short-term) ,010 Govt. debt (net) ,179 Other assets Notes and coin in circulation Demand deposits 71 Foreign liabilities 72 Long-term liabilities (net) 6 Other liabilities and capital 50 Bank for International Settlements 105 (millions of Swiss gold francs): 74 Gold in bars 19 Cash on hand and with banks Rediscountable bills and accept613 ances (at cost) 323 Time funds at interest ,030 Sundry bills and investments ,360 Funds invested in Germany ,742 Other assets ,954 Demand deposits—Gold ,636 Other ,549 Long-term deposits: Special ,931 Other liabilities and capital r Revised. 1 On July 31, 1955, gold revalued from 115.798 to 166.667 rupees per troy ounce of fine gold. 2 This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. 1954 Central bank, monetary unit, and item 3 Nov. Oct. Dec. 608 1,004 129 61 998 129 594 1,096 129 584 1,105 129 4,023 25 1,095 5,319 321 42' 819 3,282 81 1,051 5,029 14f 15: 829 3,210 29 1,026 4,924 106 285 768 3,267 99 1,032 5,087 289 152 688 6,686 624 286 125 5,516 1,990 215 6,526 601 173 111 5,255 1,946 211 6,415 578 174 96 5,222 1,830 212 6,323 650 220 117 5,412 1,692 206 402 402 402 402 188 3,574 30 144 2,008 155 1,604 571 173 3,459 30 140 1,965 155 1,531 554 175 3,488 30 134 1,963 155 1,550 563 172 2,720 30 107 1,474 154 1,338 465 327 10 327 11 344 207 475 667 471 149 329 738 185 474 980 461 148 327 1,040 159 388 576 493 139 331 513 1,234 380 131 1,065 236 444 1,234 412 133 1,032 263 484 1,233 221 175 1,121 203 306 5 2 61 760 88 176 104 387 137 5 2 59 745 16 60 86 205 104 375 117 4 2 45 721 14 67 88 177 111 359 120 664 54 716 50 636 78 599 78 269 142 430 297 2 516 822 229 290 269 138 469 297 1 588 '835 229 289 313 145 439 297 1 518 r 874 229 288 278 360 355 297 3 436 ,019 229 285 1,234 374 137 1,154 263 326 Includes small amount of nongovernment bonds. 4 Less than 500 million dinars. 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. 203 MONEY RATES CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS l [Per cent per annum] Central banks with new rates since December 1953 Month effective Austria In effect, Dec. 31,1953.. 1954_j a n Feb Mar Apr May June July Nov Dec 4.0 Belgium 2.75 Un. of NicaDenGerNorSwe- Tur- United Can- New Zea- South Cey- Japan2 Philipramark France many Greece way Spain den key Kingpines gua dom ada land Africa lon 4.0 3.5 3.5 12.0 3.25 3.5 2.5 4.0 2.75 3.0 3.0 5.0 3.5 2.0 1.5 July Aug Sept Oct Nov 3.5 3.5 4.5 3.0 6.0 1.5 4.5 3.5 5.5 3.0 5.0 2.0 5.0 5.0 1.5 4.0 3.75 5.5 3 0 In effect Jan. 31, 1956.. 5.0 2.5 3.75 9.0 4 5 2.0 6.57 3.5 3.0 3.0 1955_jan Feb Apr May 3.0 4.0 10.0 3.5 9.0 3.5 3.75 3.75 4.5 4.5 6.0 2.25 7.0 2.75 4.5 2.75 7.0 4.5 8.03 2.5 8.03 1.5 Rate Month effective 3.0 4.5 6.0 2.0 Mar. 1950 June 1942 Nov. 1947 May 1947 6.0 Other selected central banks—Rates in effect on January 31, 1956 Area, and central bank of— Rate Month effective Area, and cen- Rate tral bank of— Europe: Italy Netherlands Portugal Switzerland.... 4.0 2.5 2.5 1.5 Apr. 1950 Apr. 1953 Jan. 1944 Nov. 1936 Asia: Burma India2 Indonesia 2 ... Pakistan 3.0 3.0 3.0 3.0 Month effective Feb. Jan. Apr. July Area, and central bank of— Rate Asia—Cont.: Thailand 1948 7.0 1952 Latin America: Colombia 2 ... 4.0 1946 Costa Rica2.. 3.0 1948 1 Rates shown represent mainly those at which the central bank either discounts or makes advances against eligible commercial paper and/or government securities for commercial banks or brokers. For countries with more than one rate applicable to such discounts or advances, the rate shown is the one at which the largest proportion of central bank credit operations is understood to be transacted. In certain cases other rates for these countries are given in the following footnote. 2 Discounts or advances at other rates include: Japan—various rates dependent on type of paper or transaction and extent of borrowing from central bank, including 7.3 per cent for discount of paper related to do- Month effective Area, and central bank of— LatinAm.—Cont. El Salvador 2. Mexico Peru2 July 1933 Venezuela... Apr. 1939 Feb. 1945 mestic commercial transactions (rate shown is for advances on commercial paper and miscellaneous collateral); India—3.5 per cent for discounts and for advances on government securities (rate shown is for advances on commercial paper); Indonesia—various rates dependent on type of paper, collateral, commodity involved, etc.; Colombia—3 per cent for agricultural paper and for loans on products in bonded warehouses; Costa Rica—5 per cent for paper related to commercial transactions (rate shown is for agricultural and industrial paper); El Salvador—2 per cent for agricultural paper; and Peru—4 per cent for agricultural, industrial, and mining paper. OPEN MARKET RATES [Per cent per annum] United Kingdom France Day-toTreasury Day-to- Bankers' accept- Treasury bills day day bills ances 3 months money 3 months* money2 3 months Bankers' allowance Day-today on money deposits Canada Month 1952 Dec 1953 Dec 1954 Dec 1955 Jan Feb Mar Apr May June July Aus . Sept Oct Nov Dec . 1.35 1.88 1.08 .76 .99 .69 .90 .13 .69 .98 .97 .77 1.23 .24 1.36 1.43 1.60 .77 2.07 2 33 2.59 1.11 1.11 1.36 1.64 1.99 2.20 2.45 3.00 2.19 1.78 2.41 2.11 1.78 2.25 1.94 1.45 2.00 1.75 1.25 3.93 3.75 3.29 2.02 2.58 3.81 3.83 3.94 3.99 4.00 4.06 4.15 4.16 4.21 4.22 2.05 2.68 3.80 3.81 3.92 3.97 3.97 4.00 4.07 4.07 4.10 4.08 1.55 2.15 3.29 3.17 3.33 3.21 3.14 3.24 3.15 3.32 3.28 3.10 1.29 1.67 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 3.27 3.25 3.28 • 3.23 3.27 3.19 3.30 3.06 3.00 3.02 3.06 iBeginning 1953, these figures show average rate at tenders. Earlier figures represent tender rates made nearest to the 15th of each month. 2 Netherlands Treasury bills 3 months Day-today money .92 .03 .77 .58 .50 .79 .79 1.16 1.04 1.49 .58 .91 .75 .80 1.04 .94 .75 1.06 Represents an average of closing rates. .57 .53 .71 .58 .90 .62 .50 .56 .75 .57 .50 .62 Sweden Switzerland Loans Private up to discount 3 months rate 3-5 3-5 3^-51/2 31,4 _51£ 3^-514 3J4-5V4 414-6^ 4^-61/2 414-6V2 AV4-6V1 41/4-6V2 VA-&A 4y4-6V2 414-61/2 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 204 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 Basic Preferential Free 1950. 1951., 1952., 1953. 1954. 1955. 26.571 20.000 20.000 20.000 20.000 120.000 13.333 13.333 13.333 13.333 13.333 113.333 8.289 7.067 7.163 7.198 7.198 17.183 223.15 223.07 222.63 224.12 223.80 222.41 1955—Feb... Mar.. Apr.., May., June., July.. Aug.. Sept.. Oct... Nov.. Dec. 20.000 20.000 20.000 20.000 20.000 20.000 20.000 20.000 120.000 13.333 13.333 13.333 13.333 13.333 13.333 13.333 13.333 113.333 7.198 7.198 7.198 7.168 7.175 7.175 7.173 7.175 17.175 1956—Jan... Ceylon (rupee) Year or month Denmark (krone) Austria (schilling) Belgium (franc) British Malaysia (dollar) Canada (dollar) Official 90.909 Free 91.474 94.939 102.149 101.650 102.724 101.401 3.8580 3.8580 3.8580 .9908 .9859 .9878 .0009 .9976 .9905 32.788 32.849 32.601 32.595 32.641 32.624 221.80 222.42 222.83 222.78 222.29 221.91 222.04 221.98 222.47 223.22 223.32 .8580 .8580 .8580 .8580 .8580 .8580 .8580 .8580 3.8580 3.8550 3.8580 .9938 .9856 .9890 .9896 .9871 .9864 .9874 .9874 .9911 .9955 1.9986 32.535 32.608 32.675 32.686 32.614 32.544 32.577 32.568 32.639 32.753 32.764 102.384 101.587 101.404 101.405 101.568 101.555 101.502 101.228 100.474 100.047 100.048 223.63 3.8580 2.0001 32.819 100.122 Finland (markka) France (franc) Germany (deutsche mark) India (rupee) Ireland (pound) 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 20.894 280.38 279.68 281.27 280.87 279.13 11.570 11.564 11.588 11.607 9.052 8.006 1950. 1951. 1952. 1953. 1954. 1955. 20.850 20.849 20.903 21.046 21.017 20.894 1955—Feb.. Mar.. Apr.. May. June. July.. Aug.. Sept.. Oct.., Nov.. Dec. 20.834 20.892 20.930 20.927 20.877 20.847 20.861 20.852 20.907 20.979 20.988 .4354 .4354 .4354 .4354 .4354 .4354 .4354 .4354 .4354 .4354 .4354 .2856 .2856 .2856 .2856 .2856 .2856 .2856 .2856 .2855 .2855 .2854 23.838 23.838 23.834 23.744 23.733 23.732 23.729 23.726 23.724 23.721 23.719 20.834 20.892 20.930 20.927 20.877 20.847 20.861 20.852 20.907 20.979 20.988 278.36 279.14 279.65 279.59 278.98 278.50 278.67 278.58 279.21 280.15 280.26 8.006 8.006 8.006 8.006 8.006 8.006 8.006 8.006 8.006 8.006 8.006 1956—Jan.. 21.019 .4354 .2854 23.719 21.019 280.66 8.006 14.494 14.491 14.492 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—Feb.. Mar. Apr. May June July. Aug. Sept. Oct.. Nov. Dec. 26.290 26.297 26.307 26.302 26.228 26.166 26.127 26.148 26.213 26.211 26.128 275.60 276.38 276.88 276.82 276.22 275.74 275.91 275.82 276.44 277.37 277.49 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 277.32 278.10 278.61 278.54 277.94 277.45 277.62 277.54 278.16 279.10 279.21 19.333 19.333 19.333 19.333 19.333 19.333 19.333 19.333 19.333 19.333 19.333 23.319 23.329 23.330 23.333 23.335 23.332 23.331 23.334 23.332 23.335 23.335 278.36 279.14 279.65 279.59 278.98 278.49 278.66 278.58 279.20 280.14 280.26 1956—Jan.. 26.125 277.88 14.008 49.677 3.4900 279.61 19.333 23.335 280.66 Year or month i Based on quotations through Oct. 27, 1955. 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. A more complete list, including periodic releases and reprints, appeared on pages 1408-12 of the December 1955 Bulletin. THE FEDERAL RESERVE SYSTEM—PURPOSES AND FUNCTIONS. November 1955. 224 pages. ANNUAL REPORT of the BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. Issued each cludes 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 USE IN ECONOMIC ANALYSIS. year. January 1952. 175 pages. 25 cents per copy; in quantities of 10 or more copies for single shipment, 15 cents each. 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 BULLETIN. 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. Statistics of banking, monetary, and other financial developments. November 1943. 979 pages. $1.50 per copy. No charge for individual sections (unbound). BANKING AND MONETARY STATISTICS. FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY RATES, AND BUSINESS. Issued monthly. THE FEDERAL RESERVE ACT, as amended to No- 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. RULES OF ORGANIZATION AND RULES OF PROCE- vember 1, 1946, with an Appendix containing provisions of certain other statutes affecting the Federal Reserve System. 372 pages. $1.00 per copy. DURE—Board of Governors of the Federal Reserve System (with Amendments). September 1946. 31 pages. HISTORICAL SUPPLEMENT TO FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY RATES, AND BUSINESS. Issued annually in September. An- REGULATIONS OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. Individual regulations with amendments and supplements thereto. nual subscription to monthly chart book in- 205 206 FEDERAL RESERVE BULLETIN • FEBRUARY 1956 REPRINTS DIRECTLY PLACED FINANCE COMPANY PAPER. De- cember 1954. 8 pages. (From Federal Reserve Bulletin unless preceded by an asterisk) DOLLAR FLOWS AND INTERNATIONAL FINANCING. March 1955. 8 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. May 1953. 7 pages. REVISION OF CONSUMER CREDIT STATISTICS. 1953. April 19 pages. * DETAILED DESCRIPTION OF SOURCES AND METHODS USED IN REVISION OF SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT STATISTICS (supplementary details for item listed above), April 1953. 25 pages. FEDERAL RESERVE BANK RESPONSIBILITIES. 1953. May 5 pages. SEASONAL ADJUSTMENT FACTORS FOR DEMAND DEPOSITS ADJUSTED AND CURRENCY OUTSIDE BANKS. March 1955. 4 pages. UNITED STATES BANKS AND FOREIGN TRADE F I NANCING. April 1955. 11 pages. BANKERS' ACCEPTANCE FINANCING IN THE UNITED STATES. May 1955. 13 pages. 1955 SURVEY OF CONSUMER FINANCES—From March, May, June, and August issues of BULLE- TIN. 52 pages. (Also, similar Surveys are available for most earlier years from 1947, 1948, 1949, 1950, 1951, 1952, 1953, and 1954 BULLETINS.) ESTIMATES OF CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID, 1929-1939. June 1955. 8 pages. UNITED STATES POSTWAR INVESTMENT IN LATIN AMERICA. May 1953. 6 pages. WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE CORPORATIONS. July 1953. 12 pages. DEPARTMENT STORE SALES AND STOCKS, BY MAJOR DEPARTMENTS (Revised Indexes). No- FINANCING OF LARGE CORPORATIONS IN 1954. June 1955. 8 pages. SELECTED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES. July 1955. 2 pages. (Also, similar article from July 1954 BULLETIN) vember 1953. 65 pages. FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION, 1953 Revision. December 1953. 96 pages. A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS, ANNUAL ESTIMATES, 1939-54. Octo- ber 1955. 40 pages. EXTENSIONS AND REPAYMENTS OF CONSUMER INSTALMENT CREDIT. January 1954. 14 pages. BALANCE OF INTERNATIONAL PAYMENTS IN 1954- NEW INDEXES OF OUTPUT OF CONSUMER DUR- MONETARY POLICY AND THE REAL ESTATE MAR- ABLE GOODS. May 1954. 15 pages. (Also, 55. October 1955. 8 pages. KETS. December 1955. 6 pages. similar reprint from October 1951 BULLETIN) BANKING AND MONETARY STATISTICS, 1955. THE PRIVATE DEMAND FOR GOLD, 1931-53. Sep- tember 1954. 10 pages. (Se- lected series of banking and monetary statistics for 1955 only) February 1956. 8 pages. RECENT FINANCIAL CHANGES IN WESTERN GER- MANY. October 1954. 10 pages. USE BANK CREDIT AND MONEY. February 1956. 9 pages. OF MONETARY INSTRUMENTS SINCE MID- 1952. December 1954. 8 pages. THE 1957 BUDGET. February 1956. 11 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. J. L. ROBERTSON JAMES K. VARDAMAN, JR. ELLIOTT THURSTON, CHAS. N. SHEPARDSON Assistant to the Board WOODLIEF THOMAS, Economic WINFIELD Adviser to the Board CHARLES MOLONY, ALFRED DIVISION OF BANK OPERATIONS ROBERT F. LEONARD, Director S. R. CARPENTER, Secretary J. E. HORBETT, Associate Director LOWELL MYRICK, Assistant Director GERALD M. CONKLING, Assistant Director JOHN R. FARRELL, Assistant Director Assistant Secretary KENNETH A. KENYON, Assistant Secretary CLARKE L. FAUVER, Assistant Secretary MERRITT SHERMAN, DIVISION OF EXAMINATIONS LEGAL DIVISION GEORGE S. SLOAN, Director B. VEST, General Counsel FREDERIC SOLOMON, Assistant General Counsel HOWARDH.HACKLBY, Assistant General Counsel DAVID B. HEXTER, Assistant General Counsel G. HOWLAND CHASE, Assistant General Counsel JEROME W. SHAY, Assistant General Counsel GEORGE C. C. HOSTRUP, Assistant Director A. NELSON, Assistant Director ARTHUR H. LANG, Chief Federal Reserve Examiner FRED C. MASTERS, Assistant Director GLENN M. GOODMAN, Assistant Director HENRY BENNER, Assistant Director ROBERT DIVISION OF PERSONNEL ADMINISTRATION EDWIN J. JOHNSON, Director RALPH A. YOUNG, Director E. NOYES, Adviser FRANK R. GARFIELD, Adviser KENNETH B. WILLIAMS, Assistant Director K. CHERRY, Legislative Counsel Special Assistant to the Board OFFICE OF THE SECRETARY DIVISION OF RESEARCH AND STATISTICS W. RIEFLER, Assistant to the Chairman H. FRANKLIN SPRECHER, JR., Assistant Director GUY DIVISION OF ADMINISTRATIVE SERVICES LISTON P. BETHEA, Director SUSAN S. BURR, Assistant Director JOSEPH E. KELLEHER, Assistant Director ALBERT R. KOCH, Assistant Director LEWIS N. DEMBITZ, Assistant Director OFFICE OF DEFENSE LOANS GARDNER OFFICE OF THE CONTROLLER DIVISION OF INTERNATIONAL FINANCE J. JOHNSON, Controller M. B. DANIELS, Assistant Controller EDWIN ARTHUR W. MARGET, Director L. BOOTHE, II, Administrator 207 208 FEDERAL RESERVE BULLETIN • FEBRUARY 1956 Federal Open Market Committee W M . M C C . MARTIN, JR., Chairman C. CANBY BALDERSTON C. E. EARHART W. D. FULTON ALLAN SPROUL, W. H. IRONS HUGH LEACH A. L. MILLS, JR. J. L. ROBERTSON WINFIELD W. RIEFLER, Secretary ELLIOTT THURSTON, Assistant Secretary GEORGE B. VEST, General Counsel FREDERIC SOLOMON, Assistant General Counsel WOODLIEF THOMAS, Economist J. DEWEY DAANE, Associate Economist Vice Chairman CHAS. N. SHEPARDSON M. S. SZYMCZAK JAMES K. VARDAMAN, JR. L. MERLE HOSTETLER, Associate Economist MORGAN H. RICE, Associate Economist H. V. ROELSE, Associate Economist O. P. WHEELER, Associate Economist RALPH A. YOUNG, Associate Economist ROBERT G. ROUSE, Manager of System Open Market Account Federal Advisory Council WILLIAM D. IRELAND, BOSTON ADRIAN M. MASSIE, NEW YORK WILLIAM R. K. MITCHELL, PHILADELPHIA FRANK R. DENTON, CLEVELAND Vice President ROBERT V. FLEMING, RICHMOND President WILLIAM COMER J. KIMBALL, ATLANTA HOMER J. LIVINGSTON, CHICAGO L E E P. MILLER, ST. LOUIS JULIAN B. BAIRD, MINNEAPOLIS R. CROSBY KEMPER, KANSAS CITY G E O . G. MATKIN, DALLAS FRANK L. KING, SAN FRANCISCO J. KORSVIK, Acting Secretary Federal Reserve Banks and Branches District 1—FEDERAL RESERVE BANK OF BOSTON BOARD OF DIRECTORS Robert C. Sprague, Chairman and Federal Reserve Agent James R. Killian, Jr., Deputy Chairman Frederick S. Blackall, jr. Harold I. Chandler Harvey P. Hood Lloyd D. Brace Oliver B. Ellsworth Harry E. Umphrey (Vacancy) J. A. Erickson, President D. H. Angney Alfred C. Neal, First Vice President Vice Presidents E. O. Latham O. A. Schlaikjer Carl B. Pitman District 2—FEDERAL RESERVE BANK OF NEW YORK BOARD OF DIRECTORS Jay E. Crane, Chairman and Federal Reserve Agent Forrest F. Hill, Deputy Chairman John E. Bierwirth Ferd I. Collins John R. Evans Clarence Francis Franz Schneider Howard C. Sheperd Lansing P. Shield FEDERAL RESERVE BANKS AND BRANCHES 209 District 2—FEDERAL RESERVE BANK OF NEW YORK-Continued Allan Sproul, President William F. Treiber, First Vice President Vice Presidents H. A. Bilby John Exter H. H. Kimball A. Phelan Leland B. Bryan Robert L. Davis Charles H. Diefendorf H. V. Roelse Robert G. Rouse I. B. Smith, in charge of Buffalo Branch BUFFALO BRANCH—BOARD OF DIRECTORS Ralph F. Peo John W. Remington T. G. Tiebout V. Willis R. B. Wiltse J. H. Wurts Robert C. Tait, Chairman Clayton G. White District 3—FEDERAL RESERVE BANK OF PHILADELPHIA BOARD OF DIRECTORS William J. Meinel, Chairman and Federal Reserve Agent Henderson Supplee, Jr., Deputy Chairman W. Elbridge Brown Bayard L. England Warren C. Newton Lester V. Chandler Lindley S. Hurff Charles E. Oakes Wm. Fulton Kurtz Alfred H. Williams, President W. J. Davis, First Vice President Vice Presidents Karl R. Bopp Robert N. Hilkert E. C. Hill Wm. G. McCreedy P. M. Poorman J. V. Vergari District 4—FEDERAL RESERVE BANK OF CLEVELAND BOARD OF DIRECTORS John C. Virden, Chairman and Federal Reserve Agent Arthur B. Van Buskirk, Deputy Chairman King E. Fauver Joseph B. Hall Charles Z. Hardwick Edison Hobstetter 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 Alexander E. Walker Frank J. Welch Ivan Jett William A. Mitchell John C. Warner Irving W. Wilson 210 FEDERAL RESERVE BULLETIN • FEBRUARY 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 Robert O. Huffman D. W. Colvard L. Vinton Hershey W. A. L. Sibley (Vacancy) Hugh Leach, President Edw. A. Wayne, First Vice President Vice Presidents N. L. Armistead R. L. Cherry, in charge of Charlotte Branch D. F. Hagner, in charge of Baltimore Branch Aubrey N. Heflin Upton S. Martin 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 Archie K. Davis William H. Grier, Chairman Ernest Patton I. W. Stewart Paul T. Taylor G. G. Watts T. Henry Wilson District 6—FEDERAL RESERVE BANK OF ATLANTA BOARD OF DIRECTORS Walter M. Mitchell, Chairman and Federal Reserve Agent Harllee Branch, Jr., Deputy Chairman Roland L. Adams William C. Carter A. B. Freeman Pollard Turman W. C. Bowman Henry G. Chalkley, Jr. Donald Comer Malcolm Bryan, President V. K. Bowman J. E. Denmark H. C. Frazer, in charge of Birmingham Branch T. A. Lanford, in charge of Jacksonville Branch Lewis M. Clark, First Vice President Vice Presidents John L. Liles, Jr. R. E. Moody, Jr., in charge of Nashville Branch Harold T. Patterson L. B. Raisty Earle L. Rauber S. P. Schuessler M. L. Shaw, in charge of New Orleans Branch BIRMINGHAM BRANCH—BOARD OF DIRECTORS Edwin C. Bottcher Robert M. Cleckler John Will Gay Linton E. Allen W. E. Ellis James G. Garner E. W. McLeod Malcolm A. Smith JACKSONVILLE BRANCH—BOARD OF DIRECTORS James L. Niblack J. Wayne Reitz John E. Urquhart Adolf Weil, Sr., Chairman Harry M. Smith McGregor Smith, Chairman FEDERAL RESERVE BANKS AND BRANCHES 211 District 6—FEDERAL RESERVE BANK OF ATLANTA-Conthmed NASHVILLE BRANCH—BOARD OF DIRECTORS Frank B. Ward, A. Carter Myers Stewart Campbell Chairman W. E. Tomlinson J. R. Kellam, Jr. Ernest J. Moench C. L. Wilson NEW ORLEANS BRANCH—BOARD OF DIRECTORS H. A. Pharr William J. Fischer D. U. Maddox E. E. Wild, Joel L. Fletcher, Jr. Leon J. Minvielle Chairman G. H. King, Jr. District 7—FEDERAL RESERVE BANK OF CHICAGO BOARD OF DIRECTORS Bert R. Prall, Chairman and Federal Reserve Agent Carl E. Allen, Jr., Deputy Chairman Walter J. Cummings William A. Hanley Nugent R. Oberwortmann William J. Grede Walter E. Hawkinson J. Stuart Russell Vivian W. Johnson C. S. Young, President Neil B. Dawes W. R. Diercks A. M. Gustavson William M. Day John A. Hannah, Chairman 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 Raymond T. Perring Ira A. Moore Ernest W. Potter Howard P. Parshall 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 Phil E. Chappell William A. McDonnell Leo J. Wieck Joseph H. Moore Frederick L. Deming, First Vice President Vice Presidents Wm. E. Peterson Wm. J. Abbott, Jr. Darryl R. Francis, in charge Fred Burton, in charge of H. H. Weigel of Memphis Branch Little Rock Branch Dale M. Lewis J. C. Wotawa Victor M. Longstreet, in charge of Louisville Branch 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 212 FEDERAL RESERVE BULLETIN • FEBRUARY 1956 District 8—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 Noel Rush 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 E. B. Larson Otis R. Preston of Helena Branch H. G. McConnell M. H. Strothman, Jr. C. W. Groth Sigurd Ueland HELENA BRANCH—BOARD OF DIRECTORS A. W. Heidel Geo. N. Lund George R. Milburn, 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 FEDERAL RESERVE BANKS AND BRANCHES 213 District 10—FEDERAL RESERVE BANK OF KANSAS CITY-Continued OMAHA BRANCH—BOARD OF DIRECTORS C. Wheaton Battey Manville Kendrick James L. Paxton, Jr., George J. Forbes William N. Mitten Chairman District 11—FEDERAL RESERVE BANK OF DALLAS BOARD OF DIRECTORS Robert J. Smith, Chairman and Federal Reserve Agent Hal Bogle, Deputy Chairman John R. Alford D. A. Hulcy J. B. Thomas Henry P. Drought J. Edd McLaughlin Sam D. Young W. L. Peterson Watrous H. Irons, President W. D. Gentry, First Vice President Vice Presidents E. B. Austin W. E. Eagle, in charge of Howard Carrithers, in charge San Antonio Branch of El Paso Branch W. H. Holloway J. L. Cook, in charge of Houston Branch EL PASO BRANCH—BOARD OF DIRECTORS F. W. Barton Thomas C. Patterson John P. Butler J. M. Sakrison James A. Dick HOUSTON BRANCH—BOARD OF DIRECTORS I. F. Betts W. B. Callan L. R. Bryan, Jr. John C. Flanagan S. Marcus Greer SAN ANTONIO BRANCH—BOARD OF DIRECTORS Clarence E. Ayres, E. C. Breedlove Chairman Burton Dunn J. W. Beretta 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 M. Vilas Hubbard Alden G. Roach Philip I. Welk John A. Schoonover C. E. Earhart, President H. N. Mangels, First Vice President Vice Presidents J. M. Leisner, in charge of J. A. Randall, in charge of W. F. Volberg, Seattle Branch Portland Branch in charge of E. R. Millard H. F. Slade Los Angeles Branch W. L. Partner, in charge of Eliot J. Swan O. P. Wheeler Salt Lake City Branch 214 FEDERAL RESERVE BULLETIN • FEBRUARY 1956 District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO-Continued LOS ANGELES BRANCH—BOARD OF DIRECTORS Anderson Borthwick Charles Detoy Shannon Crandall, Jr., Chairman Warren W. Braley J. H. McNally Harry Eaton George S. Eccles James Brennan Charles F. Frankland PORTLAND BRANCH—BOARD OF DIRECTORS John B. Rogers E. C. Sammons SALT LAKE CITY BRANCH—BOARD OF DIRECTORS Russell S. Hanson SEATTLE BRANCH—BOARD OF DIRECTORS S. B. Lafromboise D. K. MacDonald Hugh C. Gruwell James E. Shelton William H. Steiwer, Sr., Chairman Joseph Rosenblatt, Chairn Geo. W. Watkins Ralph Sundquist, Chairman Index to Statistical Tables Acceptances, bankers', 144, 145, 187 Agricultural loans of commercial banks, 140 Agriculture, Govt. agency loans, 148, 149 Assets and liabilities (See also Foreign liabilities and claims reported by banks): Banks and the monetary system, consolidated, 136 Corporate, current, 156 Domestic banks, by classes, 137, 140, 142 Federal Reserve Banks, 131, 132 Foreign central banks, 198 Govt. corporations and credit agencies, by type and agency, 148, 149 Automobiles: Consumer instalment credit, 160, 161, 162 Production index, 165, 168 Bankers' balances, 141, 143, 185 (See also Foreign liabilities and claims reported by banks) Banking and monetary statistics for 1955, 182 Banking offices: Changes in number, 180 On, and not on, Par List, number, 181 Banks and the monetary system, consolidated statement, 136 Bonds (See also U. S. Govt. securities): New issues, 154, 156 Prices and yields, 145, 146, 188 Brokers and dealers in securities, bank loans to, 140, 142, 184 Business expenditures on new plant and equipment, 156 Business indexes, 163 Business loans (See Commercial and industrial loans) Capital accounts: Banks, by classes, 137, 141, 143 Federal Reserve Banks, 131, 132 Carloadings, 163 Central banks, foreign, 196, 198, 203 Coins, circulation of, 135 Commercial banks: Assets and liabilities, 137, 140 Consumer loans held, by type, 161 Number, by classes, 137 Real estate mortgages held, by type, 157 Commercial and industrial loans: Commercial banks, 140 Weekly reporting member banks, 142, 144, 186 Commercial paper, 144, 145, 187 Commodity Credit Corporation, loans, etc., 148, 149 Condition statements (See Assets and liabilities) Construction, 163, 168, 169 Consumer credit: Instalment credit, 160, 161, 162 Major parts, 160 Noninstalment credit, by holder, 161 Ratio of collections to accounts receivable, 162 Consumer durable goods output indexes, 168 Consumer price indexes, 163, 174 Consumption expenditures, 176, 177 Corporate sales, profits, taxes, and dividends, 155, 156 Corporate security issues, 154, 156 Corporate security prices and yields, 145, 146, 188 Cost of living (See Consumer price indexes) Currency in circulation, 127, 135 Customer credit, stock market, 146 Debits to deposit accounts, 134 Demand deposits: Adjusted, banks and the monetary system, 136 Adjusted, commercial banks, by classes, 141 Banks, by classes, 137, 143 Type of holder, at commercial banks, 141 Department stores: Merchandising data, 173 Sales and stocks, 163, 172 Deposits (See also specific types of deposits): Adjusted, and currency, 136 Banks, by classes, 137, 141, 143 Federal Reserve Banks, 131, 132, 194 Postal savings, 136 Turnover of, 134 Deposits, reserves, and borrowings, by class of member bank, 129 Discount rates, 130, 203 Discounts and advances by Federal Reserve Banks, 127, 131 Dividends, corporate, 155, 156 Dollar assets, foreign, 194, 197 Dwelling units started, 169 Earnings and expenses, Federal Reserve Banks, 178 Earnings and hours, manufacturing industries, 163, 171 Employment, 163, 171 Export-Import Bank, loans, etc., 148, 149 Farm mortgage loans, 148, 157, 158 Federal credit agencies (See Govt. agencies) Federal Deposit Insurance Corporation, assets, etc., 148, 149 Federal finance: Cash transactions, 150 Receipts and expenditures, 151 Treasurer's balance, 150 Federal home loan banks, loans, etc., 148, 149, 159 Federal Housing Administration, loans, etc., 148, 149, 157, 158, 159 Federal National Mortgage Association, loans, etc., 148, 149, 159 Federal Reserve Banks: Condition statement, 131, 132 Earnings and expenses, 178 U. S. Govt. securities held by, 127, 131, 132, 152, 153 Federal Reserve credit, 127, 131, 132 Federal Reserve notes, 131, 132, 133, 135 Finance company paper, 144, 145, 187 Foreign central banks, 196, 198, 203 Foreign deposits in U. S. banks, 127, 131, 132, 136, 141, 143, 185 Foreign exchange rates, 204 Foreign liabilities and claims reported by banks, 190, 192, 194 Foreign trade, 173 Gold: Earmarked, 195 Net purchases by U. S., 195 Production, 194, 195 Reserves of central banks and governments, 196 Reserves of foreign countries and international institutions, 197 Stock, 127, 136, 195 Gold certificates, 131, 132, 133, 135 Govt. agencies, assets and liabilities, by type and agency, 148, 149 Govt. debt (See U. S. Govt. securities) Gross national product, 176, 177 Home owners, Govt. agency loans, 148, 149 Hours and earnings, manufacturing industries, 163, 171 215 FEDERAL RESERVE BULLETIN • FEBRUARY 1956 216 INDEX TO STATISTICAL TABLES—Continued Industrial advances by Federal Reserve Banks, 131, 132, 133, 134 Industrial production indexes, 163, 164, 168 Instalment loans, 160, 161, 162 Insurance companies, 147, 152, 153, 158 Insured commercial banks, 139, 140, 180 Interbank deposits, 137, 141, 143 Interest rates: Bond yields, 145, 188 Business loans by banks, 145 Federal Reserves rates, 130, 134 Foreign countries, 203 Open market, 145, 187, 203 Regulation V loans, 134 Stock yields, 145, 188 International capital transactions of the U. S., 190 International financial institutions, 196, 197, 198 Inventories, 177 Investments (See also specific types of investments): Banks, by classes, 137, 140, 142 Federal Reserve Banks, 131, 132 Govt. agencies, etc., 148, 149 Life insurance companies, 147 Savings and loan associations, 147 Labor force, 170 Loans (See also specific types of loans): Banks, by classes, 137, 140, 142 Federal Reserve Banks, 127, 129, 131, 132, 133, 134 Govt. agencies, etc., 148, 149 Insurance companies, 147, 158 Savings and loan associations, 147, 158 Loans insured or guaranteed, 133, 157, 158, 159 Manufacturers, production indexes, 163, 164, 168 Margin requirements, 130 Member banks: Assets and liabilities, by classes, 137, 140 Banking offices, changes in number, 180 Borrowings at Federal Reserve Banks, 127, 129, 183 Deposits and reserves, by classes, 129 Number, by classes, 137 Reserve requirements, by classes, 130 Reserves and related items, 127 Weekly reporting series, 142, 184 Minerals, production indexes, 163, 164 Money rates (See Interest rates) Mortgages (See Real estate loans) Mutual savings banks, 136, 137, 139, 152, 153, 157, 180 National banks, 139, 180 National income, 176 National security expenditures, 151, 177 Nonmember banks, 131, 139, 140, 180 Par List, banking offices on, and not on, number, 181 Payrolls, manufacturing, index, 163 Personal income, 177 Postal Savings System, 136 Prices: Consumer, 163, 174 Security, 146 Wholesale commodity, 163, 174 Production, 163, 164, 168 Profits, corporate, 155, 156 Real estate loans: Commercial banks, 140, 142, 157, 184 Type of mortgage holder, 157, 158, 159 Type of property mortgaged, 157, 158, 159 Regulation V, loan guarantees, 133, 134 Reserve requirements, member banks, 130 Reserves: Commercial banks, 141 Federal Reserve Banks, 131, 132 Foreign central banks and governments, 196 Foreign countries and international institutions, 197 Member banks, 127, 129, 131, 132, 141, 143, 182, 185 Residential mortgage loans, 157, 158, 159 Sales finance companies, consumer loans of, 160, 161 Savings, 176 Savings deposits (See Time deposits) Savings institutions, principal assets, 147 Savings and loan associations, 147, 158 Securities, international transactions, 193, 194 Security issues, 154, 156 Silver coin and silver certificates, 135 State member banks, 139, 180 State and municipal securities: New issues, 154 Prices and yields, 145, 146, 188 States and political subdivisions: Deposits of, 141, 143, 185 Holdings of U. S. Govt. securities, 152 Ownership of obligations of, 140, 147 Stock market credit, 146 Stocks: New issues, 154 Prices and yields, 145, 146, 188 Tax receipts, Federal, 151 Time deposits, 129, 136, 137, 141, 143 Treasurer's account balance, 150 Treasury cash, 127, 136 Treasury currency, 127, 135, 136 Treasury deposits, 127, 131, 132, 150 Unemployment, 170 U. S. Govt. balances: Commercial bank holdings, by classes, 141, 143 Consolidated monetary statement, 136 Treasury deposits at Federal Reserve Banks, 127, 131, 132, 150 U. S. Govt. securities: Bank holdings, 136, 137, 140, 142, 152, 153 Federal Reserve Bank holdings, 127, 131, 132, 152, 153 International transactions, 193 New issues, gross proceeds, 154 Outstanding, by type of security, 152, 153 Ownership of, 152, 153 Prices and yields, 145, 146, 187, 188 United States notes, outstanding and in circulation, 135 Veterans Administration, loans, etc., 148, 149, 157, 158 Yields (See Interest rates) •ft (c THE FEDERAL RESERVE SYSTEM °) ft 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