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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
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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
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RULES OF ORGANIZATION AND RULES OF PROCE-

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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
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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-

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June 1955. 8 pages.
SELECTED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES. July 1955. 2 pages.
(Also, similar article from July 1954 BULLETIN)

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A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS, ANNUAL ESTIMATES, 1939-54. Octo-

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EXTENSIONS AND REPAYMENTS OF CONSUMER INSTALMENT CREDIT. January 1954. 14 pages.

BALANCE OF INTERNATIONAL PAYMENTS IN 1954-

NEW INDEXES OF OUTPUT OF CONSUMER DUR-

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May 1954. 15 pages.

(Also,

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Sep-

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(Se-

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RECENT FINANCIAL CHANGES IN WESTERN GER-

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USE

BANK CREDIT AND MONEY.

February 1956.

9

pages.

OF MONETARY INSTRUMENTS SINCE MID-

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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

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