Full text of Federal Reserve Bulletin : February 1957
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FEDERAL RESERVE
B U LLETIN
February 1957
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
If ASWWiTOX
EDITORIAL
Elliott Thurston
COMMITTEE
Woodlief Thomas
Ralph A. Young
Winfield W. Riefler
Susan S. Burr
The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial
committee. This committee is responsible for opinions expressed, except in official statements and signed articles.
Contents
'
Bank Credit and Money in 1956
117
Farm Loans for Current Expenses
125
Loans to Buy Farm Real Estate
133
Impact of General Credit Policy
142
Current Events and Announcements
152
National Summary of Business Conditions
153
Financial and Business Statistics, U. S. (Contents on p. 155)
157
International Financial Statistics (Contents on p. 221)
222
Federal Reserve Board Publications
237
Board of Governors and Staff
239
Open Market Committee and Staff; Federal Advisory Council
240
Federal Reserve Banks and Branches
240
Index to Statistical Tables
247
Map of Federal Reserve Districts
Inside back cover
Volume 43 * Number 2
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1
Bank Credit and Money in 1956
THE
MAJOR EXPANSIVE INFLUENCE
on
markets for both goods and loanable funds
in 1956 was the rise in business capital expenditures. With near-capacity output prevailing generally in basic materials industries, the increase in total spending was
accompanied by rising prices and wages,
despite decreased outlays for automobiles
and housing construction. Increased demands for funds by business were reflected
in heavy borrowing from banks and through
the securities markets and in substantial
reductions in business holdings of United
States Government securities. Credit to
consumers to finance purchases of homes
and durable goods continued to expand, but
by less than the large amounts of 1955.
Business loans at banks rose a record
amount in the first half of 1956. Their
growth slackened somewhat after midyear,
when net new corporate security issues increased sharply. Loans to consumers and
real estate credit at banks increased less
than in 1955.
In meeting loan demands, banks continued to sell United States Government
securities in the first half of the year. Thereafter banks, particularly country banks, increased their Government security portfolios
somewhat, as the Treasury marketed new
issues of bills and certificates.
The emergence of a cash surplus in the
Federal budget tended to dampen the
growth of private demands for goods and
services. The Treasury repaid about $6
billion of Government debt in the hands of
the public, thus releasing funds for other
BANK LOANS AND INVESTMENTS
A l l COMMIICIAl BANKS
Billions of dollars
1952
1»54
1956
NOTE.—Figures are partly estimated. Data exclude interbank loans, and are for last Wednesday of month except for
June and December call dates. Figures for last half of 1956
are preliminary.
purposes and moderating pressures in security markets resulting from heavy private
borrowing. State and local government
debt rose less than in 1955 but expenditures
continued to grow.
In view of inflationary pressures and of
capacity limitations on growth in total output, Federal Reserve policy was generally
directed at limiting the expansion of bank
credit. The supply of bank reserves was
adjusted during the year in accordance with
seasonal and other temporary needs, and
on balance was increased moderately. Federal Reserve discount rates were raised one117
118
FEDERAL RESERVE BULLETIN • FEBRUARY 1957
half percentage point, in two steps at 10
Reserve Banks and in one step at the Minneapolis and San Francisco Reserve Banks.
The money supply rose slightly less than one
per cent, but it was used more actively as
rising interest rates and attractive investment opportunities provided incentives to
businesses and individuals to economize
the holding of cash balances.
Interest rates on all types of obligations
and in all maturity ranges advanced sharply
during the year. The spread between shortand long-term rates narrowed further, and
during most of the year yields on mediumterm Government securities were above
yields on long-term Treasury bonds.
In the early weeks of 1957 outstanding
bank credit declined sharply, due mainly to
seasonal influences. Net loan repayments,
particularly of business loans, were considerably larger than in the same period of
1956. Although a large volume of new
corporate and municipal security issues was
marketed in January 1957, security yields
turned down.
BANK LOANS AND INVESTMENTS
Total commercial bank credit expanded
about $4.3 billion in 1956, compared with
$4.6 billion in the previous year. The
expansion in 1956 accompanied a smaller
growth of economic activity, as output
pressed against capacity in key lines of
production. The increase in loans outstanding and the reduction in security holdings
of banks were both smaller than in 1955.
Loans. Total loans outstanding at commercial banks rose about $7.8 billion, $4
billion less than the record increase in 1955.
A large part of the difference was due to
a slackening in the growth of real estate
and consumer loans.
Changes in the pattern of bank lending
LOANS
AND
INVESTMENTS
OF
COMMERCIAL
BANKS
[In billions of dollars]
Type of loan
or investment
Loans and investments, total
Increase, or
Outstanddecrease (—)
ing
Dec. 31,
19561
19561 1955 1954
164.6
U. S. Government
securities
Other securities
58.6
16.2
Loans, total
89.8
Business
Real estate
Agricultural
Security
Consumer
Other
38.7
22.6
4.2
4.3
14.7
6.9
4.6
10.2
-3.0 -7.4
-0.5
0.4
5.6
1.6
4.3
7.8
11.6
2.9
5.5
6.4 - 0 . 3
1.8
1.7
2.4
0.2
-0.3 -0.7
0.9
0.6
-0.7
2.3
1.5
(2)
0.9
0.4
0.6
1 Data for Dec. 31, 1956, are preliminary.
2 Less than $50 million.
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.
reflected the shift in composition of total
expenditures over the past two years. Reductions in expenditures for residential construction and automobiles in 1956, following record outlays in 1955 for both these
activities, were more than offset by increased
spending for business plant and equipment.
Aggregate business loans at banks increased less than in 1955, as the table
shows. However, sales finance and mortgage companies, which accounted for more
than one-fourth of the increase in business
loans in 1955, repaid bank debt in 1956.
Excluding loans to these borrowers—which
use the proceeds mainly to finance consumer purchases of durable goods and
homes—other business loans rose about
$5.7 billion in 1956, compared with about
$4.5 billion in 1955.
119
BANK CREDIT AND MONEY IN 1956
The expansion of bank loans to business
was particularly strong in the first half of
1956. Heavy tax payments in March and
June intensified financing needs that were
already large because of capital outlays and
additions to inventories. Business loans increased less rapidly in the second half of
the year, when net corporate borrowing in
security markets rose sharply. A substantial increase in business loans at banks in
December was followed by heavy net loan
repayments in January.
During the first half of 1956, loans to
producers of metal products, machinery,
and transportation equipment accounted for
more than one-half the growth of business
loans at city banks. In that period, orders
for producers' durable equipment were rising rapidly and steel inventories were being
increased in anticipation of a work stoppage
in the steel industry. From June through
October, metal fabricating companies repaid bank debt as steel inventories were reduced. Thereafter, loans to these companies rose again and for the year as a
whole increased $1.3 billion compared with
$400 million in 1955.
Borrowing by most other industries was
also greater than in 1955. Loan growth at
city banks to the combined group of petroleum, coal, chemical, and rubber companies
and to public utility and transportation concerns exceeded that of the previous year by
more than 50 per cent.
Food, liquor, and tobacco processors and
commodity dealers also increased their bank
indebtedness substantially in 1956. Their
seasonal repayments in the first half of the
year were less than a year earlier. New
borrowings by these companies in the second half were considerably greater than a
year earlier and accounted for about twothirds of the increase in business loans at
weekly reporting banks in that period.
Business groups that borrowed less than
in 1955 included wholesale and retail trade,
textile concerns, construction companies,
and sales finance companies. In the case
of trade, loan expansion in the early part
of the year was somewhat greater than in
the previous year. After the first quarter,
growth of trade inventories ceased, due primarily to the decline in dealers' stocks of
new automobiles, and in the last three quarters of the year trade concerns borrowed
considerably less than a year earlier.
Sales finance companies, which had borrowed $1.3 billion in 1955 at weekly report-
BUSINESS LOANS — CWMULATIVI CHANOI BUIINO YIA«
UIHons of dollou
uoo
1100
PETROLEUM and
CHEMICALS
FOOD PROCESSORS
ond
COMMODITY DEALERS
SALES FINANCE
1*00
1200
•00
•00
-195 5
1100
NOTE.—Monthly changes in large loans at a sample of more
than 200 large banks in the weekly reporting member bank
•00
1100
series. AH changes are cumulative from the last Wednesday
of December.
120
FEDERAL RESERVE BULLETIN • FEBRUARY 1957
ing banks, reduced debt at these banks $200
million in 1956. Outstanding credit extended by these companies to consumers
and businesses rose only $540 million in
1956, compared with $3.2 billion in 1955.
The growth of bank lending to consumers
was about one-third less than in 1955.
Short- and intermediate-term credit to consumers from all lenders expanded $3.2 billion, about one-half the record increase in
1955. The slowdown reflected a decline
in extensions of credit on automobile paper
and a rise in repayments on all types of
instalment credit.
Total real estate credit at banks grew less
than in 1955, but a major part of the difference was due to a decline in 1956 in mortgages held under resale agreements with
mortgage lenders, compared with an increase in such holdings in 1955. Bank loans
to, and mortgages purchased under resale
agreements from, mortgage lenders had increased substantially in 1955 when these
lenders experienced difficulty in meeting
heavy commitments to absorb new residential mortgages. Although mortgage lenders
did not draw further on bank credit to supplement their usual sources of funds in 1956,
their indebtedness to banks declined only
about $100 million and was $1.5 billion at
the year-end. Of the $1 billion growth in
such credit at weekly reporting banks in
1955, about one-half consisted of business
loans and about one-third, representing
mortgages purchased under resale agreements, was classified as real estate loans.
Outstanding loans for the purpose of purchasing or carrying securities declined $700
million in 1956, in contrast to an increase
of $600 million in 1955. This change appears to reflect reduced incentives for dealers to hold securities in view of the higher
cost of bank credit, the downward move-
ment of bond prices, and cessation of the
rapid increase in stock prices. Agricultural credit, which had declined $700 million in 1955 as Commodity Credit Corporation certificates of interest were redeemed,
was reduced about $300 million in 1956.
Investments. The steady decline in bank
holdings of United States Government securities that began at the end of 1954 was
reversed after mid-1956. This change was
accompanied by a slackening of loan
growth, particularly at country banks. Bank
sales of $5.0 billion of Government securities in the first half of the year were followed by net acquisitions of $2.0 billion
in the second half, largely new issues of
short-term obligations.
Over the entire year Government security holdings of banks declined $3.0 billion,
equivalent to about one-half the reduction
in the publicly held debt of the United
States. Bank holdings of other securities
decreased $500 million, the first annual decline in the postwar period.
Although total Government security holdings of banks declined and the ratio of loans
to deposits rose further in 1956, the liquidity position of banks apparently increased
somewhat in the second half of the year.
Bank holdings of marketable Government
securities maturing in one year or less—
a major liquid asset—remained unchanged
in the first half of the year, as substantial
net sales of these short-term obligations
were offset by the movement of other Government securities into the less-than-oneyear category due to the passage of time.
In the second half of 1956, bank holdings of short-term Government securities
rose nearly $5 billion to $13.7 billion, the
highest level since January 1955. This increase was the result, in about equal measure, of substantial net purchases of new
121
BANK CREDIT AND MONEY IN 1956
issues of bills and certificates and the movement of a large issue of Treasury notes into
the short-term category. As a result, the
ratio of bank holdings of short-term Government securities to total deposits rose from
4.7 per cent in both December 1955 and
June 1956 to about 7 per cent in December
1956.
The ratio increased at all classes
of banks, but remained higher at country
banks than at reserve city and central reserve city banks.
The shortening of the average maturity
of bank portfolios of Government securities
reflected a similar change in total Government debt. Although total debt other than
that held by Federal agencies was reduced
about $6 billion in 1956, Treasury bills
and certificates held by the public rose about
$6 billion. As the net result of new issues,
retirements, and exchanges, as well as the
movement of note issues into the shortterm category due to the passage of time,
total marketable debt maturing within one
year in the hands of the public increased
$7.4 billion in 1956. This development
tended to offset in part the general tendency
toward reduced liquidity that accompanied
economic expansion under conditions of
credit restraint.
DEPOSITS AND CURRENCY
The money supply—demand deposits adjusted and currency outside banks—increased $1.3 billion in 1956 or slightly less
than one per cent, compared with 3 per cent
in both 1954 and 1955. The contrast with
1955 was more marked in the rate of growth
of the money supply than in the rate of
expansion of total bank credit. The difference was reflected partly in a greater increase in time deposits in 1956. These rose
$3.7 billion as against $3.1 billion in 1955,
with more than half of the 1956 increase at
MONEY SUPPLY AND RATE OF TURNOVER
Seasonally adjusted, quarterly averages
Billions
of dollars
Annual rate
of turnover
135
130
DEMAND DEPOSITS
AND CURRENCY
125
21
120
20
18
1952
1954
1956
NOTE.—Figures for deposits and currency are quarterly
averages of seasonally adjusted data for last Wednesday of
month and are partly estimated. 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. Data for last half of 1956
are preliminary. Figures for turnover are quarterly averages
of seasonally adjusted monthly data for 337 leading centers
outside New York and 6 other financial centers.
commercial banks.
The tendency for deposits to shift away
from central reserve city banks continued
in 1956. Total deposits at these banks declined somewhat. While the share of reserve city banks in total deposits remained
roughly the same, country member and nonmember banks accounted for about threefourths of the growth in total deposits.
Over the past two years the rise in demand deposits and currency in the hands
of businesses and individuals—the active
money supply—has been less rapid than the
increase in money incomes and expenditures.
A declining ratio of cash balances to income
and expenditures is typical of periods of
rising economic activity in which incentives
to economize holdings of money balances
122
FEDERAL RESERVE BULLETIN • FEBRUARY 1957
become stronger. The higher cost and reduced availability of additional credit, as
well as favorable opportunities for financial
and real investment, encourage more active
use of cash balances.
This process, which represents a rising
velocity of circulation of money, reflects the
adaptation of the private economy to credit
restraint in the course of an upswing in economic activity, especially following a period
of credit ease and relatively low interest
rates. By drawing down cash balances,
either to lend to others as interest rates become more attractive or to spend directly on
goods and services, businesses and individuals are able, at least temporarily, to overcome in part the effects of restrictions on
the availability of credit. Consequently,
the greater the possibility of activating
cash balances—that is, of increasing velocity—the less the need for expansion of
the active money supply in order to finance
a given increase in total expenditures.
As an example of this process, nonfinancial corporations increased their aggregate
cash balances $1.0 billion or 3 per cent in
the year ending September 1955 while sales
rose about 10 per cent. In the same period
individuals and unincorporated businesses
increased their aggregate holdings of demand deposits and currency $2.7 billion.
On the other hand, in the year ending September 1956, cash balances were reduced—
$400 million by corporations and $300
million by individuals and unincorporated
businesses—while income and expenditures
rose steadily.
A measure of the increasing velocity of
circulation of money is provided by the annual rate of turnover of demand deposits,
which in leading centers outside New York
City and other financial centers rose about
8 per cent in 1956, after increasing 7 per
cent in the previous year. As shown in the
chart on the preceding page, velocity has
accelerated over the past two years as
money supply growth has slackened.
FEDERAL RESERVE POLICY
Slower growth in the money supply in 1956
reflected a Federal Reserve policy of restraint on credit expansion as buoyant overall demand for labor and materials pressing
against available resources maintained upward pressure on prices and wages. Open
market operations were used to allow for
seasonal and other temporary swings in reserve needs, but together with other reserve
factors they were also geared to some
growth in bank credit and the monetary
stock. At times during the year, in response to changes in the climate of business, the degree of restraint was altered
moderately, but restraint was generally sufficient to maintain member bank borrowings above excess reserves throughout the
year.
On balance, the System portfolio of
United States Government securities rose
less than $200 million in 1956. Securities
were sold in the early part of the year to
absorb reserves as demand deposits and currency in circulation declined seasonally. Net
purchases on a temporary basis in March
and again in May, June, and August provided reserves in connection with heavy demands for funds at those times, and seasonal
purchases in the last two months of the year
were considerably larger than in the previous year.
Other factors contributed to bank reserves during the year. Net gold purchases
by the United States, along with a decline
in foreign and other nonmember deposits at
the Reserve Banks, added about $500 million to reserves. These factors together
123
BANK CREDIT AND MONEY IN 1956
RESERVES AND SORROWINGS
6,11,on, of dollar*
A
i \
_
r
\A
I
!
\
i'
EXCESS RESERVES
1
i
^•v
A
/
IV
BORROWINGS \ \
1
0
1.0
EE RESERVES
i
19S2
1953
ik
n
1.0
1954
1955
1954
NOTE.—Monthly averages of daily figures for member
banks. Free reserves are excess reserves less borrowings.
with an expansion of Reserve Bank float
exceeded by more than $200 million the
drain on reserves from an increase in currency in circulation.
In summary, the combination of other
factors with open market operations provided about $400 million in reserves in
1956. Required reserves increased about
$200 million and member banks reduced indebtedness to Federal Reserve Banks about
$150 million.
Member bank borrowing had risen
rapidly in 1955 and had averaged $900
million in the fourth quarter, exceeding excess reserves by $350 minion. Member
bank indebtedness reached its monthly peak
for 1956 in April, when it totaled about
$1.1 billion, or $500 million above excess
reserves. In the last two quarters, the level
of borrowing declined, and in the fourth
quarter was about $700 million, compared
with excess reserves of about $550 million.
The cost of member bank borrowing in-
creased Vz percentage point during 1956.
In April, 10 Reserve Banks raised discount
rates XA percentage point to 2% per cent
and the Minneapolis and San Francisco
Banks raised the rate Vi percentage point
to 3 per cent. In August rates at the other
10 Banks were advanced to 3 per cent.
In another action, the Board of Governors and the Federal Deposit Insurance
Corporation raised the maximum permissible rates of interest payable by commercial
banks on time and savings deposits, beginning in 1957. For savings deposits and
time deposits with a maturity of 6 months
or more, the maximum rate was raised from
IVi to 3 per cent. After this action a number of banks announced increases in rates
to be paid on savings and time deposits.
Banks that increased rates hold at least onethird of total time deposits at commercial
banks.
In addition to Federal Reserve policies,
the development of a surplus in the budget
of the United States Government also provided restraint on the growth of demands
for goods and services in 1956. As tax
receipts rose considerably more than expenditures, the cash budget showed a surplus of about $5.5 billion in 1956, in contrast to a deficit of $700 million in 1955.
Repayment by the Treasury of $6 billion
of Government debt in the hands of the
public acted to relieve pressures in securities markets stemming from strong private demands for funds. Nonfinancial corporations, in particular, sold or redeemed
about $5 billion of Government security
holdings, in contrast to an increase of more
than $4 billion in 1955.
INTEREST RATES
The upward movement in interest rates that
began in late 1954 continued generally
124
FEDERAL RESERVE BULLETIN • FEBRUARY 1957
INTEREST IATES
Per cent
J
1
K
1953
1954
/COMMERCIAL PAI
J
""" •""
1955
1956
'57
NOTE.—Market yield data are weekly averages of daily
figures. Treasury bill rates are market yields on longest
bills. Long-term U. S. Govt. yields are on IVi per cent
bonds. Commercial paper rate is on prime 4- to 6-month open
market paper. Yields on corporate and State and local Aaa
bonds are from Moody's Investors Service. Latest figures
are for week ending February 9.
throughout 1956, carrying most rates well
above earlier postwar peaks established in
1953. Advances were particularly rapid
around the first quarter tax date, in the late
summer, and during November and December. In early 1957, bond yields have again
turned down, offsetting much of the increase
during November and December.
In contrast to 1955, when long-term
bond yields advanced less than one-fourth
as much as short-term interest rates, longand short-term rates rose more nearly together during 1956. Some further narrowing of the spread between long- and short-
term rates did occur, nevertheless, particularly for United States Government securities. Treasury bond yields advanced less
rapidly than corporate and municipal bonds,
while yields on intermediate-term Government securities rose more and remained
above long-term Treasury yields during
most of the year.
Yields on outstanding highest-grade corporate bonds, which increased rapidly in the
last five months of the year when a record
volume of new issues was sold, reached
levels above 33A per cent in December
1956. Yields on highest-grade State and
local government bonds exceeded 3 per cent
at the year-end.
The rate on 90-day Treasury bills, which
is especially sensitive to money market developments, fluctuated within a wide range
during the year. In the first half, as the
volume of bills outstanding declined somewhat, the bill yield varied with pressures on
bank reserves. In the second half, as the
Treasury marketed three new issues of bills
in addition to the usual weekly offerings
and as money market pressures tightened,
the bill yield rose steeply. From December to December the market yield on bills
rose % of a percentage point, or about half
as much as in 1955. Yields on prime commercial paper and bankers' acceptances
moved in general with the market rate on
Treasury bills.
Average rates charged by banks on shortterm business loans rose almost Vz percentage point during the year, as the prime loan
rate was advanced in April and again in
August by VA percentage point. The spread
among average rates on loans of different
size tended to narrow as a result of greater
increases in rates on larger size loans.
Farm Loans for Current Expenses
for the purpose of financing current expenses made up nearly twofifths of the dollar volume and one-half the
number of all farm loans outstanding at
insured commercial banks in mid-1956.
Current-expense loans as used here are
loans to finance the recurring seasonal expenses of crop and livestock production,
such as feed, seed, fertilizer, labor and fuel,
and family living outlays, or to purchase
feeder livestock. These are types of loans
that are ordinarily paid off at the end of
each crop season or at the time of marketing.
FARM LOANS
About one-half of all farm borrowers at
banks and close to one-fourth of all farmers
in the United States had one or more current-expense loans outstanding at midyear.
Loans for current operating purposes (including family expenses) made up threefourths of the dollar total of loans in this
category, and feeder livestock loans onefourth.
The relatively large volume of currentexpense loans in relation to other types of
farm loans held by banks, as well as their
widespread distribution, reflects the large
NOTE.—This is the third of a series of articles reporting the findings of the Agricultural Loan Survey
made in 1956 by the Federal Reserve System. The
first article was published in the Federal Reserve
BULLETIN for November 1956, and the second in
the BULLETIN for January 1957. The fourth article
appears on p. 133 of this issue.
The present article was written by Philip T. Allen
of the Board's Division of Research and Statistics.
Data for the Survey are from a sample of about 1,600
insured commercial banks in all major areas of the
United States. Nonmember banks as well as member
banks of the Federal Reserve System reported in the
Survey.
volume of short-term cash outlays required
by present-day agriculture in this country.
In addition, it reflects the predominant role
of commercial banks as suppliers of shortterm credit to farmers.
The growth in this type of credit to
something more than double the estimated
volume in 1947, the date of the previous
Survey of this type, appears to have about
paralleled growth in farm loans to finance
machinery and equipment and other intermediate-term investments. As with bank
farm loans generally, a much larger proportion of farmers were using bank credit
to finance current expenses in 1956 than in
1947, when farm incomes were much higher
in relation to costs.
The current-expense loans of many farmers were small. The outstanding current
expense debts of nearly one-half of the borrowers with such loans totaled less than
$500. These constituted only about 6 per
cent of the total debts in this category. Indebtedness for feeder livestock purchase
averaged much larger than that for current
operations.
Four-fifths of the borrowers with currentexpense loans outstanding at midyear had
no bank loans to finance intermediate-term
investments or to buy farm real estate.
Current-expense borrowers with smaller net
worths tended to have no other major type
of loan at the bank more frequently than
did borrowers of larger net worths. It
should be noted, however, that banks may
cover different purposes with one note, in
which case the whole loan was classified
125
126
FEDERAL RESERVE BULLETIN • FEBRUARY 1957
characteristics of farming, and to the tenure
and net worth of the borrower.
under its principal purpose for this Survey.
Operators of both meat-animal farms and
cotton farms used current-expense credit
frequently, but usually for different purposes. Over one-half of these loans to
meat-animal producers were to purchase
feeder livestock, while almost all of those to
cotton farmers were for current operations.
Reflecting the lag between farm expenditures and receipts, current-expense loans
were generally of short original maturities.
Consequently, the outstanding loans had
been made, or last renewed, very recently
—all but 3 per cent of the dollar volume
within the 12-month period immediately
preceding the Survey. About one-third of
the outstanding dollar volume, however,
had been renewed one or more times. Few
of the loans were repayable in instalments.
Security for current-expense loans was
most frequently a chattel mortgage, although the use of unsecured loans was fairly
common among borrowers of substantial net
worth. Security requirements appeared to
be closely related to regional practices and
RELATIVE IMPORTANCE
The proportion of farm borrowers at banks
who had loans for current expenses varied
greatly for borrowers operating different
types of farms: it was three-fourths for cotton farmers, two-thirds for meat-animal
farmers, but only about one-third for dairy
or poultry farmers (Table 1). Around onehalf of the borrowers operating other types
of farms had current-expense bank loans
outstanding at midyear.1
The less frequent use of current-expense
loans on dairy and poultry farms and on
general farms probably reflects a rather
1
In the middle of the year current operating loans
are probably at or near their seasonal peak, while
feeder livestock loans are in perhaps two-thirds the
volume reached in the fall and winter. Considering
both types of loans together, the midyear date probably tends to maximize their importance in relation
to credit ordinarily extended for longer periods, such
as loans to buy real estate or loans to finance intermediate-term investments.
TABLE 1
CURRENT-EXPENSE FARM LOANS COMPARED WITH ALL FARM LOANS, JUNE 30,
1956
BY TYPE OF FARM
[Loans outstanding at insured commercial banks]
Type of farm
All types
Meat-animal
Dairy
Poultry
Cash grain
Cotton
Other major product
General
Unclassified i
CurrentAll
expense
loans
(In thou- (Inloans
thousands)
sands)
Percentage
having
currentexpense
loans
2,268
1,105
49
212
331
34
245
184
176
985
99
136
105
11
128
136
105
474
12
64
32
32
52
74
60
48
12
1
For purchased notes where the bank did not know the characteristics of the borrower, data on net worth, age of borrower, and type of
farm were not required.
Average debt per
borrower
Amount of loans outstanding
(In millions of dollars)
Number of borrowers
Current-expense loans
All
loans
5,050
976
740
94
578
346
428
1,792
97
Feeder
livestock
All
purposes
Current
expenses
Total
Current
operating
1,903
1,406
497
$2,227
$1,721
576
92
20
222
216
174
596
7
249
82
12
199
215
170
473
6
327
9
8
23
1
4
124
2
4,599
2,233
2,769
2,354
1,879
2,426
1,818
978
4,249
874
1,762
1,738
1,584
1,660
1,260
622
NOTE.—Details may not add to totals because of rounding.
127
FARM LOANS FOR CURRENT EXPENSES
uniform flow of income over the year, as
compared with cotton, meat-animal, and
some other kinds of farms from which income typically comes in rather large
amounts a few times each year. In addition, particularly on poultry farms, shortterm credit from sources other than banks,
such as feed dealers, may be important.
Tenant borrowers used current-expense
bank credit with somewhat greater relative
frequency than owners. Of the total borrowers with bank loans for current expenses,
29 per cent were tenants. Tenants make
up 24 per cent of the number of all farmers,
according to the Census. Average size of
outstanding current-expense debt was about
$1,950 for owners compared with $1,100
for tenants; within most net worth groups,
however, tenants' debts averaged one-half
or more larger than owners' debts.
Feeder livestock loans. About two-thirds
of the feeder livestock loans were to operators of meat-animal farms (Table 1). Operators of general farms—where more income arose from other enterprises in the
aggregate than from livestock feeding—had
the bulk of the remaining one-third of this
type of loan.
One major difference between feeder
livestock loans and current operating loans
is in geographic concentration. The Midwestern Federal Reserve Districts of Chicago
and Kansas City, which accounted for 37
per cent of the dollar volume of all currentexpense bank loans outstanding to farmers
at mid-1956, had some 60 per cent of all
feeder livestock loans. The San Francisco
District, where feeder cattle operations have
teen expanding in recent years, accounted
for 15 per cent.
While an estimate of the value of livestock on feed at midyear is not available,
it is probable that this value is not greatly
in excess of the $497 million reported as
feeder livestock loans in the Survey. There
is no doubt that bank credit is of great
importance in fattening livestock for market.
SIZE OF BORROWINGS
The majority of farm borrowers at commercial banks at mid-1956 had only small debts
outstanding for current expenses—47 per
cent had less than $500 and 66 per cent
had less than $1,000 (Table 2). Only 7
per cent had current-expense debts of
$5,000 or more, although these borrowers
had 53 per cent of the dollar amount of such
credits outstanding. The typical size of
individual current-expense notes was similarly small.
Because current-expense loans are usually
short term and not repaid in instalments,
there was little difference in the size distribution of loans whether based on the original
size (or size at last renewal) or on outstanding size. For example, 52 per cent of the
number of loans to pay current expenses
were for less than $500 when made or last
TABLE 2
SIZE OF CURRENT-EXPENSE FARM BORROWINGS
JUNE 30,
1956
[Loans outstanding at insured commercial banks]
Size of debt
or note
All sizes
Under $250
$250-$499
$500-5999
$1,000-$ 1,999....
$2,000-54,999....
$5,000-$9,999.. . .
$10,000-524,999..
$25,000 and over.
Purpose
(Thousands
of notes)
Number of
borrowers
Number of
notes
PerIn
thou- centage
distrisands bution
PerIn
thou- centage
distrisands bution
Current
operating
Feeder
livestock
1,105
100
1,697
100
1,564
134
293
218
214
165
139
48
23
6
27
20
19
15
13
4
2
1
570
344
332
231
155
42
18
5
34
20
20
14
9
3
1
560
332
312
200
120
28
10
2
10
12
20
31
36
14
8
2
0)
1
Less than 0.5 per cent.
NOTE.—Details may not add to totals because of rounding. "Size
of debt" differs from "size of note" in that, for example, a borrower
with a debt of $10,000 may have two notes of $5,000 each.
128
FEDERAL RESERVE BULLETIN • FEBRUARY 1957
renewed, while 54 per cent had outstanding
balances less than $500 on June 30.
Loans for feeder livestock operations
were ordinarily of much larger size than
loans to pay current operating expenses.
Only 17 per cent of the number of feeder
livestock loans were under $500 in outstanding size compared with 57 per cent of
the loans for current operations, and 45
per cent were above $2,000 in contrast with
10 per cent of the current operating loans.
To some extent this reflected differences in
the net worth of borrowers obtaining the
two types of loans—borrowers with net
worths of $25,000 or more had about threefourths of the dollar volume of feeder livestock loans compared with one-half of the
loans for current operating purposes.
Since 1947 there has been sharp expansion in the size of loans for current operations, along with a considerable increase in
the number of loans and of borrowers who
have such loans. The average size of these
loans has nearly doubled since mid-1947
and their number has grown by more than
one-third. Thus, the dollar volume is about
two and one-half times the 1947 amount.
SECURITY
Chattel mortgages were the most common
security for current-expense loans, having
been used for about one-half the dollar
volume of loans outstanding at mid-1956.
Unsecured loans constituted 37 per cent
of the total. Endorsed loans were 6 per
cent of the dollar loan volume, as were
loans secured by farm real estate.
Feeder livestock loans were more commonly secured by a chattel mortgage than
were current operating loans, reflecting the
fact that the livestock purchased could
readily provide security for the mortgage.
The use of livestock as security was only
slightly less common among the higher than
TABLE 3
SECURITY FOR FARM LOANS FOR CURRENT OPERATIONS RELATED TO TENURE AND N E T WORTH OF BORROWER
JUNE 30,
1956
[Loans outstanding at insured commercial banks]
Tenure and net worth of borrower
All
current
operating
loans
(In
millions
of
dollars)
Percentage distribution within groups
Secured by:
All
loans
Unsecured
Endorsed
Chattel
mortgage
Farm
real
estate1
Other
Owner-operator:
All net worth groups.
Under $3,000
$3,000-$9,999
$10,000-$24,999...
$25,000-$99,999. ..
$100,000 and over.
1,010
100
40
45
17
116
243
385
244
100
100
100
100
100
12
22
36
48
42
57
53
48
41
45
283
100
26
10
62
52
114
78
39
100
100
100
100
13
24
34
37
24
10
63
65
61
53
21
15
Tenant:
All net worth groups.
Under $3,000
$3,000-$9,999....
$10,000-$24,999. .
$25,000 and over.
1
Includes loans insured or guaranteed by U. S. Government.
NOTE.—Details may not add to totals because of rounding, and
because borrowers whose net worth was not reported are included in
5
4
totals. Loans to landlords (as distinguished from owner-operators)
are omitted from this table.
129
FARM LOANS FOR CURRENT EXPENSES
the lower net worth borrowers. Chattel
mortgages secured 61 per cent of the dollar
volume of feeder livestock loans to borrowers with net worths of $25,000 or more,
compared with 71 per cent of such loans to
borrowers with net worths under $25,000.
The net worth and also the tenure of the
farm borrower had a substantial influence
on the type of security used for current
operating loans (Table 3). Loans to owners in the smaller net worth groups were
secured by farm real estate to a considerable
extent. Tenants in these net worth groups
—who did not have real estate to pledge as
security—utilized endorsements to a much
greater than average extent. Owners and
tenants in comparable net worth groups
obtained similar proportions of loans on an
unsecured basis.
Nationally, and in most of the individual
Federal Reserve districts, the proportion of
loans to farm owners secured by farm real
estate—and the proportion of loans to tenants that were endorsed—declined as the
net worth of the borrower increased.
Strong regional patterns in security use
that apparently were not related to regional
differences in tenure or in net worth were
evident (Table 4 ) . The use of endorsed
notes in the Philadelphia and Richmond
Districts was several times higher than the
national average for each net worth class.
For example, in these districts about twothirds of all loans to tenants having a net
worth of less than $3,000 were endorsed,
compared with the national average of onefourth.
Similarly, the use of real estate security
varied by regions. Owner-borrowers in the
Atlanta and Richmond Districts pledged
farm real estate as security with much
greater than average frequency for the entire range of net worths.
Unsecured loans were most common in
the Cleveland and Chicago Reserve Districts, where about 70 per cent of the loan
volume was not secured. This was twice
the national average and reflected above
average proportions of unsecured loans in
each net worth and tenure group. Un-
TABLE 4
SECURITY FOR FARM LOANS FOR CURRENT OPERATIONS, JUNE 30,
BY FEDERAL RESERVE DISTRICT
1956
[Loans outstanding at insured commercial banks]
Federal Reserve district
Amount
of
loans
(In
millions
of
dollars)
All districts
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louis
....
..
.
Kansas Citv
Dallas
San Francisco
1
Includes loans insured or guaranteed by U. S. Government.
Percentage distribution within district
Secured by:
All
loans
Unsecured
Endorsed
Chattel
mortgage
Farm
real
estate 1
Other
1,406
100
37
6
48
6
3
11
22
10
29
82
128
190
165
109
215
198
246
100
100
100
100
100
100
100
100
100
100
100
100
46
49
55
73
32
11
68
31
42
34
19
42
8
11
36
15
26
5
6
6
4
2
3
4
13
25
3
7
27
53
23
54
52
60
71
46
7
4
5
4
10
29
6
2
2
3
4
27
11
2
2
5
3
2
2
1
3
4
5
NOTE.—Details may not add to totals because of rounding.
130
FEDERAL RESERVE BULLETIN • FEBRUARY 1957
secured loans were also more frequent in
the Northeast.
MATURITIES AND INSTALMENTS
The typically short maturities of currentexpense loans reflected the needs of borrowers for funds during the period when
crops and livestock were being prepared
for market. Few of the loans were written
with original maturities beyond one year,
and in these cases the loans were much
above average size. A considerable proportion of the current-expense loans had
been renewed one or more times; such loans
also were above average size.
While this broad pattern of maturities
was apparent generally, there were some
cases of fairly marked differences by regions
and by types of farms. Demand loans and
loans of very short maturities were more
frequent in the three Northeastern Federal
Reserve districts (Table 5 ) . Short maturities in this area have also been noted for
farm loans for other purposes. Maturities
of nine months and one year were more
common in most of the Southern districts
and in the San Francisco District. While
security requirements tended to be more
exacting in the South and less so in the
Northeast, about the reverse situation was
true of maturities.
About one-fourth of the dollar volume
TABLE 5
MATURITY OF CURRENT-EXPENSE FARM LOANS, JUNE 30,
1956
BY FEDERAL RESERVE DISTRICT
[Loans outstanding at insured commercial banks]
Original maturity!
Federal Reserve district
All
maturities
Demand
1-3
months
6 months
9 months
1 year
Over
1 year
In millions of dollars
All districts
1,903
140
294
806
306
292
64
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis....
Kansas City....
Dallas
San Francisco..
14
25
16
41
92
145
307
198
139
390
222
315
5
5
5
5
6
6
14
21
13
16
12
33
4
10
8
8
25
18
44
15
21
82
27
33
3
6
2
20
31
51
148
94
58
223
89
83
(2)
1
1
1
3
9
21
64
18
24
34
32
85
1
3
1
3
2
8
11
7
3
3
5
1
(2)
2
19
41
26
44
20
32
57
63
18
Percentage distribution within districts
All districts
100
7
15
42
16
15
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. . .
Kansas City....
Dallas
San Francisco..
100
100
100
100
100
100
100
100
100
100
100
100
35
20
29
12
6
4
4
11
9
4
6
10
31
39
47
20
27
13
14
7
15
21
12
10
19
22
13
48
34
35
48
47
42
57
40
27
2
5
1
5
21
28
9
22
4
3
4
8
10
14
21
9
17
9
14
27
1
Loans are classified under the nearest maturity listed—for
example, 5-month and 7-month loans are included with 6-month loans.
2
14
8
26
20
Less than $0.5 million or 0.5 per cent.
NOTE.—Details may not add to totals because of rounding.
9
11
6
6
2
6
4
4
2
1
2
6
131
FARM LOANS FOR CURRENT EXPENSES
of loans to poultry producers and one-eighth
of the loans to dairymen were demand
loans. These proportions, however, varied
greatly among the Federal Reserve districts.
Loans to cotton producers were longer in
maturity than those for other farm types;
slightly more than one-half carried maturities of nine months.
The regional pattern of maturities reflected both regional variations in the proportions of farms of different types in each
district and differences apparently not related to type-of-farm variation. For example, about two-fifths of the dollar loan
volume to dairymen had six months to one
year maturity in the San Francisco District
in contrast with about one-tenth in the
Northeastern districts.
The original maturity of current-expense
loans is often lengthened by renewal. Of
the current-expense loans outstanding on
June 30, 1956, 24 per cent of the dollar
volume had been renewed by "plan," 10
per cent represented unplanned renewals,
and the remaining 66 per cent had not been
renewed up to the time of the Survey. The
proportion of current-expense loans that
had not been renewed was only slightly
greater than the 60 per cent figure for loans
to finance intermediate-term investments.
Renewed current-expense loans averaged
substantially larger in outstanding size than
unrenewed loans. Loans renewed on a
planned basis were nearly double the size
of unrenewed loans, and loans carrying
other renewals about one-third larger.
On loans to cotton farmers, which had
longer than average maturities, planned renewals were relatively few (Table 6). This
was the only instance for which the dollar
volume of unplanned renewals exceeded
that of planned renewals. Conversely, loans
to dairymen, where maturities were shorter,
showed above average frequency of planned
renewals. Renewals were used less often
in most Reserve districts in the South and
in the San Francisco Federal Reserve District and more often in the Northeast and
in the Kansas City District.
Many of the borrowers with currentexpense loans outstanding at mid-1956 had
been indebted to the bank for a considerable
period. Nearly one-third had borrowed
continuously since before 1954. Regionally,
indebtedness periods tended to be longer
in the Northeast and shorter in the South.
Borrowers longest in debt tended to be
older and in the higher net worth groups,
and they had larger than average debts.
About 6 per cent of the dollar volume
of bank loans to farmers to pay current
expenses included instalment repayment
provisions. The high frequency of renewals, however, and the probability that some
partial payments were made at time of renewal (the Survey did not obtain information on the extent of this practice) indicate
that fewer than 94 per cent were made in
expectation of a single one-time repayment.
TABLE 6
RENEWALS OF CURRENT-EXPENSE FARM LOANS
JUNE 30,
1956
BY TYPE OF FARM
[Loans outstanding at insured commercial banks]
Type of farm
All types.
Meat-animal
Dairy
Poultry
Cash grain
Cotton
Other major product...
General
Percentage distribution
within groups
All
loans
(In
millions
of
dollars)
All
Not
renewed
U,903
100
66
24
10
576
92
20
222
216
100
100
100
100
100
100
100
59
55
72
67
87
75
62
31
33
20
22
6
17
26
10
11
7
11
7
7
12
174
596
ReRenewed newed—
other
by plan
1
Includes $7 million for which type of farm was not reported.
NOTE.—Details may not add to totals because of rounding.
132
FEDERAL RESERVE BULLETIN • FEBRUARY 1957
TABLE 7
REPAYMENT METHOD FOR CURRENT-EXPENSE
LOANS, JUNE 30,
1956
FARM
BY TYPE OF FARM
[Loans outstanding at insured commercial banks, in millions of dollars]
Type of farm
All types
Meat-animal
Dairy
Poultry
Cash grain
Cotton
Other major product.
General
All
currentexpense
loans
All other loans
Demand
loans
Singlepayment
Instalment
Instalment
loans as
percentage of
all loans
11,903
140
1,652
111
6
576
92
20
222
216
174
596
48
12
5
16
7
18
35
494
58
12
195
204
148
535
35
22
3
12
6
7
27
6
24
14
5
3
4
5
1
Includes $7 million for which type of farm was not reported.
NOTE.—Details may not add to totals because of rounding.
Instalment provisions were found with
considerably higher than average frequency
on loans to dairy producers and somewhat
above average frequency on loans to poultry
raisers (Table 7 ) . Of the 4 per cent of
current-expense loans (by dollar volume)
that carried maturities longer than one year,
about half provided for instalment repayments, perhaps largely on an annual or irregular rather than a monthly basis.
INTEREST RATES
Interest rates paid by farmers on loans for
current expenses averaged 6.2 per cent per
year. Over-all rates on loans for current
operations were about one percentage point
above those on feeder livestock loans, but
within similar size groups the spread was
about 0.5 percentage point (Table 8). As
with other types of farm loans made by
banks, there was a rather steady decline in
rates as the size of loan increased.
The few current-expense loans with real
estate security carried somewhat higher rates
than the rest, particularly for the smaller
loans. Instalment loans on which interest
was charged on the outstanding balance
had about the same rates as those for singlepayment loans, but instalment loans on
which interest was charged on the original
amount (only about 1 per cent of the dollar
loan volume) had much higher rates.
TABLE 8
INTEREST RATES ON CURRENT-EXPENSE FARM LOANS
BY SIZE AND PURPOSE
[Average annual rate at insured commercial banks, in per cent]
Purpose of loan
Size of loan *
All sizes
Under $250
$250-$499
$500-$999
$l,000-$l,999
$2,000-54,999
$5,000-59,999
$10,000-524,999
$25,000 and over
1
All current
expenses
Current
operations
6.2
6.4
5.5
7.2
7.1
6.8
6.5
6.2
5.9
5.7
5.3
7.2
7.1
6.8
6.6
6.3
6.0
5.8
5.4
7.0
6.5
6.4
5.9
5.7
5.6
5.4
5.1
Buy feeder
livestock
When originally made or (if renewed) when last renewed.
Loans to Buy Farm Real Estate
DEBT SECURED BY MORTGAGES on farm
real estate totaled about $9.8 billion at the
beginning of 1957, and commercial banks
held about one-seventh of this total. Some
loans secured by real estate do not finance
the purchase of farm land, and some loans
to buy farm land are not secured by real
estate mortgages. This article describes all
types of loans made by banks to finance the
purchase of farm land.
The Agricultural Loan Survey made last
year provides information about the characteristics of bank loans on farm real estate
held by various groups of banks. The results show, for example, that about threefifths of all such loans were advanced for
the purchase of real estate, and the remainder provided funds for refinancing debts,
helping to finance equipment and improvements, and for operating needs.
During World War II and the years immediately following, farm commodity prices
and farm income advanced to high levels
and, reflecting shortages of farm machinery
and other goods, farmers utilized their
larger incomes to retire debt and to accumuNOTE.—This is the fourth of a series of articles reporting the findings of the Agricultural Loan Survey
made in 1956 by the Federal Reserve System. The
first article was published in the Federal Reserve
BULLETIN for November 1956, and the second in the
BULLETIN for January 1957. The third article appears
on p. 125 of this issue.
The present article was written by William McD.
Herr of the Federal Reserve Bank of Chicago. Data
for the Survey are from a sample of about 1,600 insured commercial banks in all major areas of the
United States. Nonmember banks as well as member
banks of the Federal Reserve System reported in the
Survey.
late liquid financial assets. The amount of
mortgage credit utilized to finance farm
transfers was small in the years just before
1947, although a relatively large number
of farms were sold. Many sales were cash
transactions, and some other transactions
were financed through the use of short-term
loans not secured by real estate. Down
payments on credit sales were relatively
large, and repayments on outstanding loans
to finance purchase of land were at a high
level.
After 1947, a rapid advance in farm real
estate values and declines in down payments
on purchases and in "prepayments" on outstanding loans more than offset the effects
of a smaller number of farm transfers. In
addition, farm real estate was used increasingly to provide security for loans to finance
expenditures other than land purchase. The
result has been a doubling of farm mortgage debt in the past 10 years. The amount
outstanding has remained quite small relative to the value of farm real estate, whicb
has increased about 55 per cent. The
debt secured by real estate mortgages currently amounts to 9.2 per cent of the value
of farm real estate compared with 7.2 per
cent in 1947.
Banks experienced rapid expansion in
farm real estate loans relative to other lenders in the early postwar years when the
average size of loan was small and many
loans were written with relatively short maturities. After World War II commercial
banks held nearly 11 per cent of the farm
mortgage debt. By 1949, however, the por133
134
FEDERAL RESERVE BULLETIN • FEBRUARY 1957
tion exceeded 16 per cent. In subsequent
years, as the size of loans increased in response to rising land values and smaller
down payments, and more of the purchasers
of farm land sought loans with long-term
maturities, other lenders provided relatively
larger amounts of the farm mortgage funds
and the banks' share of the mortgage debt
declined to 14 per cent by 1957.
MORTGAGE LOANS VS. LOANS
TO BUY LAND
Of the $5 billion of agricultural loans outstanding at the nation's commercial banks
at mid-1956, $1.4 billion were secured by
mortgages on farm real estate. While this
category of loan is usually thought of as
arising from transfers of ownership of farm
land, the mid-1956 Survey showed that only
56 per cent was for that purpose. Nineteen per cent of the amount outstanding
was used to finance investments of an intermediate-term nature such as improving
land and buildings and buying machinery.
Twelve per cent was for the purpose of con-
solidating and refinancing debts, and the
remainder was mainly to finance current
operations. At the time of the previous
Survey in mid-1947, about 30 per cent of
the proceeds from bank loans outstanding
secured by farm mortgages was estimated
to be for purposes other than to buy land.
In addition to the $775 million of farm
mortgage debt that was used to help finance
the purchase of farm land, $108 million of
nonmortgage loans outstanding at commercial banks on June 30, 1956 was used
to buy farm land (Table 1). In total,
205,000 borrowers had 216,000 loans
amounting to $883 million outstanding at
banks to finance the purchase of farm real
estate. This amounted to about one-sixth
of the total agricultural credit granted by
the nation's commercial banks. Exactly
comparable data are not available from the
previous nationwide survey of agricultural
loans. However, it is estimated that commercial bank loans outstanding at mid-1947
to finance purchases of farm real estate
TABLE 1
FARM REAL ESTATE LOANS, JUNE 30,
1956,
BY FEDERAL RESERVE DISTRICT
[Loans outstanding at insured commercial banks]
Loans secured by farm real estate l
Federal Reserve district
All districts
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louis
Minneapolis .
Kansas City
Dallas
San Francisco
1
All
purposes
(In
millions
of
dollars)
In
millions
of
dollars
As a percentage
of all loans
secured by
real estate
1,377
775
56
30
54
68
144
16
35
50
98
54
65
74
68
129
147
255
162
78
81
56
175
Includes loans insured or guaranteed by U. S. Government.
To buy farm real estate
64
54
176
92
39
46
21
85
50
37
69
57
49
57
37
49
Loans to buy farm real estate
Total
(In
millions
of
dollars)
Not secured by mortgage
on farm real estate
In
millions
of
dollars
As a percentage
of total loans to
buy farm real
estate
883
108
12
17
38
56
108
1
3
6
10
7
8
10
9
69
5
7
3
23
9
11
18
3
17
5
12
9
23
29
11
16
57
199
101
50
64
23
102
NOTE.—Details may not add to totals because of rounding.
135
LOANS TO BUY FARM REAL ESTATE
totaled about $570 million or about onefourth of the total bank credit outstanding
to farmers at that time.
SMALL SIZE OF LOANS
An important characteristic of bank financing of farm real estate is the relatively small
size of loan as compared with average farm
values and with the average size of loan
made by other lenders. The average size
of bank loan made to buy farm real estate
in the first half of 1956 was $4,300 compared with the average value of all United
States farms of about $21,500 (Table 2 ) .
While data are not strictly comparable, it
is estimated that farm mortgage loans recorded in the same period by insurance
companies averaged $16,700 and loans
closed by Federal Land Banks averaged
$8,700. The average for all lenders was
about $7,900.
Less than 15 per cent of the number of
loans to buy farm real estate outstanding
at banks in mid-1956 had an original size
that was equivalent to at least half the value
of the average farm. According to estimates
of the United States Department of Agriculture, loans to finance farm land purchases
have averaged about 60 per cent of the
sale value of farms in recent years. It
appears, therefore, that the bulk of bank
loans to finance farm real estate purchases
consists of loans for small portions of the
sales value and for transfers involving small
farms and parcels of land to be incorporated
into other farms.
Non-real-estate farm loans, typically
smaller and carrying shorter maturities than
real estate loans, usually have a high priority for country banks' loanable funds, and in
some areas the legal maximum size loan that
a country bank can make is smaller than
the amount required to finance the transfer
of commercial farms. Moreover, it may
not be considered prudent to lend a large
part of the bank's deposits on long-term
obligations. The bulk of the large and
long-term loans to buy land are made by
insurance companies, Federal Land Banks,
individuals and, to a lesser extent, the larger
commercial banks.
TABLE 2
ORIGINAL SIZE OF LOANS RELATED TO AVERAGE
VALUE OF ALL FARMS
BY FEDERAL RESERVE DISTRICT
Xoans to buy farm real estate outstanding at insured commercial
banks, June 30, 1956]
Average size of Average size
loans to buy
of loan as
farm real estate a percentage
made during first of average
half of 19562
farm value
Federal Reserve
district
Average
value per
farm1
All districts
$21,500
$ 4,300
20
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
$16,000
18,000
18,000
18,000
10,000
11,000
30,000
12,000
24,000
31,000
30,000
52,000
$ 6,600
4,000
6,100
4,500
3,300
2,900
5,400
3,400
3,000
5,000
3,900
10,900
41
22
34
25
33
26
18
28
13
16
13
21
1
Estimated from U. S. Department of Agriculture data for Mar.
1, 21956.
Size when originally made or (if renewed) when last renewed.
BORROWER CHARACTERISTICS
About one-tenth of all farm borrowers at
banks in mid-1956 had loans to buy farm
land. Nearly one-half of the borrowers
were located in three adjacent Federal Reserve districts—Cleveland, Chicago, and
St. Louis. These districts include about onethird of the nation's farms. In the Boston,
Philadelphia, and Cleveland Districts from
one-fifth to one-fourth of all agricultural
borrowers at banks had loans to buy land
while in Western districts the portion
dropped to about 5 per cent.
Net worth. About one-third of all borrowers with bank loans to buy farm land in
mid-1956 also had loans for other purposes
136
FEDERAL RESERVE BULLETIN • FEBRUARY 1957
at the same bank. The corresponding percentage was 25 per cent in the lower net
worth groups (less than $10,000), and
ranged between 35 and 40 per cent in the
higher net worth groups.
The average outstanding bank debt was
much larger for borrowers with loans to
buy land than for farm borrowers not having bank loans to buy land—$5,300 as
compared with $1,900. Even within similar net worth groups, the total bank debt
of borrowers having loans to buy land
averaged two to three times larger than the
debt of other farm borrowers (Table 3).
These differences might not appear so
great if data were available concerning the
debt held by other lenders. The scope of
the Survey was limited to obtaining the
total debt of each farm borrower to the
reporting bank.
Large banks served a greater proportion
of farm borrowers with large net worths and
credit requirements than did small banks.
The average size of outstanding loan to
buy land was $6,300 at banks with deposits
of $10 million or more compared with
TABLE 3
FARM BORROWERS AND AVERAGE AMOUNT OF BANK
DEBT, JUNE 30,
1956
BY N E T WORTH
Borrowers with
loans to buy
farm land
Net worth of
borrower
Borrowers without
loans to buy
farm land
Percentage
distribution
Average
size
of
debt
Percentage
distribution
Average
size
of
debt
All net worths
100
$ 5,320
100
$ 1,920
Under $3,000
$3,000-$9,999
$10,000-$24,999
$25,000-$99,999
$100,000 and 1over
Not reported
4
30
39
22
3
2
1,387
2,570
4,388
7,878
29,092
5,668
14
33
30
16
2
5
511
1,016
1,763
3,746
14,816
843
1
For purchased notes where the bank did not know the characteristics of the borrower, data on net worth were not required.
$3,200 in banks with deposits of less than
$3 million.
Age. Within the same net worth group,
bank loans to buy land were larger among
the younger borrowers than among the
older ones. This was due in part to the
fact that older farmers probably made larger
down payments in relation to the value of
the land bought than did the less established
operators, and many of them purchased
land earlier when values were lower and
have made more repayments. Age distribution was virtually the same for bank borrowers with loans to buy farm real estate as
for non-real-estate borrowers. However,
about 15 per cent of the borrowers were
under 35 years of age, compared with 10
per cent of all owner-operators as shown by
the 1954 Census of Agriculture. Those 45
or more years of age, constituting 68 per
cent of all owner-operators, made up less
than one-half of the borrowers with real
estate loans.
Part-time operation. About one-fifth of
the borrowers with loans to buy farm real
estate were part-time farmers.1 While not
exactly comparable, the 1954 Census classifies 15 per cent of all farmers as part-time
operators. Part-time farmers accounted
for a somewhat larger portion of the borrowers to buy farm land than of farm borrowers with non-real-estate loans. Size of
debt and net worth averaged smaller for
part-time farmers than for full-time farmers.
Type of farm. Borrowers with farms
classified by the reporting banks as general2 made up more than half of all bor1
The Survey defined part-time farmers as those who
earned one-third or more of their incomes from offfarm sources.
2
General farms were defined as those from which
less than half of the income came from a single
product.
137
LOANS TO BUY FARM REAL ESTATE
rowers with loans to buy land. Dairy farmers were next in importance. Together these
two types of borrowers accounted for 70
per cent of all borrowers with loans to buy
land, compared with less than 60 per cent
of borrowers with no loans to buy land.
The relatively greater frequency of loans
to buy land among these two types of farmers is in part due to the fact that they have
a more stable flow of income over the year.
As a result, probably, a smaller portion
of farmers on general and dairy farms need
operating credit than do farmers on other
types of farms such as meat-animal, cotton,
and cash grain, where income is likely to
come irregularly during the year. In areas,
such as the Northeast, where dairy and general farms make up a large portion of all
farms, country banks are often able to go
further in accommodating the demand for
longer term credit than in areas where other
types of farms predominate.
For most types of farms run by farmers
of similar net worth, the size of loan to
buy farm real estate was about the same,
but it was typically smaller for cotton and
general farms.
LOAN CHARACTERISTICS
Loans to buy farm land were nearly three
times larger, on the average, than other farm
loans outstanding at banks in mid-1956.
Thirty-nine per cent of the 216,000 loans
to buy land had an original size of $5,000
or mQre (Table 4 ) . In comparison, only
about 5 per cent of the non-real-estate loans
outstanding had an original size of $5,000
or more. Because loans to buy farm land
are typically large relative to annual farm
income, their characteristics, such as security, maturity, and repayment method,
are different from those of loans for other
purposes.
Security. More than 80 per cent of the
credit outstanding to buy farm land was
secured by real estate mortgages and only
about 5 per cent was unsecured in the sense
that it had no specific endorsement, mortgage, or Government guarantee. In contrast, 25 per cent of the dollar amount of
farm loans for non-real-estate purposes was
unsecured.
The portion of credit to buy land secured
by real estate mortgages was about the same
in all net worth groups except that for
TABLE 4
ORIGINAL SIZE OF LOANS TO BUY FARM LAND, JUNE 30, 1956,
BY FEDERAL RESERVE DISTRICT
[Percentage distribution of number outstanding at insured commercial banks within districts]
Number of
loans (In
thousands)
Federal Reserve district
All districts
Boston
New York
Philadelphia .
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
.
.
.
NOTE.—Details may not add to totals because of rounding.
. . . .
All
loans
Under
$1,000
$1,000$4,999
$5,000$9,999
$10,000
and over
216
100
10
51
26
13
4
9
11
27
19
18
44
35
17
13
7
11
100
100
100
100
100
100
100
100
100
100
100
100
7
6
5
7
17
20
4
13
20
10
15
5
51
47
46
49
53
63
45
64
54
49
57
29
26
34
30
30
21
11
34
17
20
29
20
38
15
12
19
14
10
7
18
7
6
13
9
28 ,
138
FEDERAL RESERVE BULLETIN • FEBRUARY 1957
TABLE 5
N E T WORTH OF BORROWER RELATED TO SECURITY
FOR LOANS TO BUY FARM LAND, JUNE 30,
1956
[Percentage distribution of amount outstanding at insured commercial banks]
Net worth of borrower
Amount
of loans
(In
millions
of dollars)
All
loans
Unsecured
Endorsed
Chattel
mortgage
Secured by:
1
Farm real j G o v t
mSi
! grantee
Other or
not reported
1
All net worths
883
100
6
1
4
82
Under $3,000
$3,000-$9,999
$10,000-524,999
$25,000-$99,999
$100,000 and over
Not reported2
10
141
305
285
123
20
100
100
100
100
100
100
4
1
2
8
17
3
4
2
4
4
7
79
82
89
85
69
43
1
2
Less than 0.5 per cent.
See Table 3, note 1.
$100,000 or more (Table 5). For this
group of borrowers loans secured by real
estate mortgages accounted for 69 per cent
of the dollar amount outstanding, unsecured
loans for 17 per cent, and the remaining
portion was secured by chattels, endorsements, or Government guarantee. Eightyfive per cent of the dollar amount of unsecured credit was advanced to borrowers
with net worths of $25,000 or more.
Security characteristics of loans to buy
land did not vary greatly by Federal Reserve district. In all districts, 65 per cent
or more of the loans were secured by real
estate mortgages. Unsecured notes and
those secured by chattels were most frequent in Western districts where the net
worths of borrowers averaged larger than
in other parts of the country.
About 5 per cent of the dollar amount
outstanding to buy farm real estate was
guaranteed by Government agencies—
Farmers Home Administration and Veterans Administration. There was, of course,
a tendency for this credit to be concentrated among borrowers of small net worths
(less than $10,000), but at most it was
less than 20 per cent of the dollar amount
of credit borrowed by this group at banks.
0)
7
2
0)
0)
I
5
1
10
13
4
1
1
57
0)
0)
5
NOTE.—Details may not add to totals because of rounding.
While the number of borrowers with Government guaranteed loans to buy farm land
was relatively small even among low net
worth groups, guaranteed loans were substantially larger and had longer maturities
than nonguaranteed bank loans. Guaranteed loans averaged $4,900 in outstanding
amount compared with $1,900 for nonguaranteed loans in the net worth group of
less than $10,000.
Maturity. Loans to buy land have substantially longer maturities than other kinds
of farm loans. Over 40 per cent of the
dollar amount and 34 per cent of the number of loans outstanding to buy farm land
had maturities of six years or more (Table
6). Nevertheless, 32 per cent of the credit
outstanding to buy land was due on demand
or had maturities of one year or less. While
demand loans averaged $5,550 in original
size and loans with maturities of from one
month to one year averaged $3,500, those
with maturities of six years or more averaged $7,000 in original size.
The term of loans to buy farm land
varied substantially among Federal Reserve
districts. In the Philadelphia and Boston
Districts, 37 and 41 per cent, respectively,
of the credit outstanding was due on de-
139
LOANS TO BUY FARM REAL ESTATE
TABLE 6
MATURITY OF LOANS TO BUY FARM LAND, JUNE 30,
1956,
BY FEDERAL RESERVE DISTRICT *
[Percentage of amount outstanding at insured commercial banks within districts]
Federal Reserve district
All districts.. .
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco.
Amount of
loans (In
millions
of dollars)
Demand
1-6
months
9-12
months
15 months5 years
6 years
and over
883
100
8
11
13
26
42
17
38
56
108
69
57
199
101
50
64
23
102
100
100
100
100
100
100
100
100
100
100
100
100
41
14
37
17
9
2
1
5
5
2
5
1
8
6
18
9
21
12
6
12
10
22
9
8
5
2
4
7
23
36
4
28
9
11
22
11
6
13
8
20
15
32
35
30
42
42
20
18
40
65
32
48
32
18
54
26
34
23
44
63
1
Loans are classified under the nearest maturity listed—for example, 7-month loans are included with 1-6-month loans.
mand. Four Northeastern districts accounted for more than three-fourths of the
dollar amount of demand loans. While
demand notes may seem to imply loans of
relatively short duration, nearly 45 per cent
of the demand credit had been made
or last renewed prior to 1955, or over one
and one-half years before the date of the
Survey. A similar proportion of the outstanding amount of loans with stated maturities had also been made prior to 1955.
Apparently the effective term of demand
notes approximated that of loans with stated
maturities.
Short maturities—one year or less—accounted for 24 per cent of all credit outstanding to buy land. In the Richmond
and Atlanta Districts over half of the number of loans outstanding carried maturities
of one year or less.
The maturity distribution of loans to
buy farm land was virtually the same in
mid-1956 as that shown by the mid-1947
Survey. In both 1956 and 1947 about 8
per cent of the number of loans outstanding had maturities exceeding 10 years, even
though loan sizes increased and changes in
All
maturities
NOTE.—Details may not add to totals because of rounding.
the National Banking Act in 1955 permitted national banks to extend credit on
farm real estate for periods of 20 instead
of 10 years. At the other extreme of the
maturity distribution, 38 per cent of the
number of loans outstanding in mid-1956
and 1947 were due on demand or carried
maturities of one year or less.
Size of loan was a major factor determining maturities of loans to buy land. For
example, about 80 per cent of the loans
under $1,000 were due in one year or less,
and only 8 per cent had maturities of six
years or more. On the other hand, 50 per
cent of the loans of $5,000 or more had
terms of six years or longer. While there
was some tendency for loans to the largest
borrowers (net worths of $100,000 or
more) to have shorter maturities than loans
of similar size to borrowers with smaller
net worths, longer maturities for the lowest net worth borrowers were not always
apparent.
Repayment method. More than two-fifths
of the number of loans to buy land were
scheduled for lump-sum payment. Singlepayment loans, which accounted for more
140
FEDERAL RESERVE BULLETIN • FEBRUARY 1957
TABLE 7
MATURITY RELATED TO REPAYMENT METHOD OF BANK LOANS TO BUY FARM LAND, JUNE 30,
1956
[Loans outstanding at insured commerical banks]
Maturity 1
Number of
loans (In
thousands)
Repayment method
(Percentage distribution of number
of loans within maturity groups)
Total
All maturities.
Average
original
size of loan
Singlepayment
Instalment
Singlepayment
Instalment
58
$4,104
$6,116
14
20
74
94
5,550
3,313
3,527
4,456
5,656
4,160
3,757
5,122
7,099
216
100
42
Demand 2
1-6 months
,
9-12 months
15 months-5 years.
6 years and over ..
17
30
36
59
74
100
100
100
100
100
100
1
Loans are classified under the nearest maturity listed—for
example, 7-month loans are included with 1-6-month loans.
2
All demand loans were classified as single-payment loans for
purposes of the Survey because of the nature of the legal contract.
than 80 per cent of the loans with terms of
one year or less, averaged about $2,000
smaller than instalment loans. On the
other hand, instalment loans accounted for
more than 75 per cent of the loans due in
over one year (Table 7).
A comparison of original and outstanding size of single-payment loans by date
made indicates that a substantial number
of these loans are in effect repaid in instalments. Of the single-payment notes
outstanding in mid-1956 and made (or
last renewed) prior to 1955, 29 per cent
of the original amount had been repaid.
This compares with repayment of 38 per
cent of the original amount for instalment
notes to buy farm land outstanding over
one and one-half years as of June 30, 1956.
In general, however, loans to buy land
that are scheduled to be paid in a lump sum
are of shorter maturity and relatively few
have been outstanding for more than one
and one-half years. In fact, about onehalf of the number of such loans outstanding were made during the first half of 1956
and, like instalment loans made during the
same six-month period, a relatively small
portion of the principal had been repaid.
About 95 per cent of the instalment loans
(which tend to be the larger loans with
longer maturities) and 70 per cent of the
single-payment loans were secured by farm
real estate mortgages.
Renewed loans. Thirty-one per cent of
the loans to buy land had been renewed.
The number renewed tended to be relatively larger in Federal Reserve districts
that typically have short loan maturities.
In the Philadelphia Federal Reserve District, nearly one-half of the loans had been
renewed, and in the Richmond, Atlanta,
and St. Louis Districts the portion was
about 45 per cent. Lending policies and
practices probably account for a part of
the nominally short-term loans to buy land
and the resulting large proportions of renewals in some areas.
Planned renewals—those with an agreement between the two parties at the time
the loan was made—accounted for more
than 80 per cent of all loans renewed. Unplanned renewals accounted for less than
20 per cent of the total number of loans
renewed, although the portion ranged as
high as 58 per cent in the Dallas District
where drought had been prevalent. In contrast, less than 15 per cent of all renewals
86
80
26
6
141
LOANS TO BUY FARM REAL ESTATE
were unplanned in the New York, Philadelphia, and Richmond Districts.
Interest rates. Interest rates on bank loans
to buy farm real estate averaged 5.2 per
cent in mid-1956. While data do not permit precise comparisons, this is probably
between one-quarter and one-half percentage point higher than in 1947. Interest
rates increased about the same on most
other types of farm loans made by banks.
Rates on loans to buy farm land tended
to be higher in Western and Southern Federal Reserve districts and lower in North-
east and North Central districts. Interest
rates averaged about 4.9 per cent on loans
of $10,000 or more and 6.5 per cent on
loans of less than $1,000.
Lower interest rates on loans of the same
size were obtained by borrowers in the
larger net worth groups than by borrowers
with smaller financial resources. Government guaranteed loans, which formed a considerable portion of the larger loans to borrowers in the smaller net worth groups, also
carried lower rates than other loans to borrowers in these groups.
TABLE 8
INTEREST RATES ON LOANS TO BUY FARM LAND, JUNE 30,
1956
BY NET WORTH OF BORROWER AND ORIGINAL SIZE OF LOAN
[Average annual rate at insured commercial banks, in per cent]
Size of note 1
All
loans
Net worth of borrower
All net worths
5.2
Under $3,000
$3,000-$9,999
$10,000-$24,999...
$25,000-$99,999...
$100,000 and over.
6.1
5.5
5.3
5.1
4.9
1
When originally made or (if renewed) when last renewed.
2
Under
$500
$500$999
$1,000$4,999
$5,000$9,999
$10,000
and over
7.0
7.9
6.8
6.4
6.3
7.1
6.3
6.1
6.1
5.7
6.3
5.9
5.7
5.6
5.3
5.1
4.9
()
4.9
5.2
5.2
5.1
()
4.5
Too few for significant average.
5.2
5.0
4.9
Impact of General Credit Policy
of the Board of Governors
I wish to say again that we are always glad
to have an opportunity to appear here. We
welcome inquiry into what monetary and
credit policy can do, and cannot do, to aid
in achieving the goal of sustained economic
growth and widespread prosperity.
The national economy continues to operate at the highest levels in history. Gross
national product reached the unprecedented
rate of $424 billion by the last quarter of
1956. National income reached more than
$352 billion, personal incomes more than
$333 billion, and civilian employment about
65,000,000. These figures mark new highs.
The year 1956 opened with the economy
generally operating at near capacity levels.
A sharp rise in business expenditures for new
plant and equipment, combined with increased spending by consumers and by State
and local governments, more than offset decreased spending for automobiles and new
home construction, thus imposing further
heavy demands upon productive resources.
Wage rates as well as prices for goods and
services moved upward. The year ended
as it began, with the economic climate dominated by inflationary pressures.
In this environment of intensive utilization of national resources, the aim of monetary policy has been to restrain inflationary
tendencies, while providing at the same time
for orderly economic growth. Over the
O N BEHALF
NOTE.—Statement of William McChesney Martin,
Jr., Chairman, Board of Governors of the Federal
Reserve System before the Joint Economic Committee of Congress, February 5, 1957.
year, the Federal Reserve System sought to
prevent too rapid expansion of bank credit
and the money supply by restricting the
availability of bank reserves. To have permitted more rapid expansion of bank credit
and the money supply would have intensified inflationary pressures already present
in the economy. It would not have produced more goods. Rather, it would have
increased prices further. Without relative
stability of the currency, continued high
utilization of resources would have been in
jeopardy.
Commercial bank loans and investments
in the aggregate rose only moderately during
1956. Banks expanded their loans substantially but to a large extent they obtained the
necessary funds by reducing their investments in Government securities. As a result, while there was little further growth
in the supply of money, there was a more
active use of existing money, as indicated
by an 8 per cent rise in demand deposit
turnover.
The great bulk of all loanable funds is
provided by savings of businesses and individuals. Although the volume of savings
was somewhat higher in 1956 than in 1955,
the growth was not enough to keep pace
with the rapidly increasing demands. Interest rates on borrowed funds rose sharply
over the year, particularly on long-term
borrowing.
Interest rate changes, as well as other
price movements, reflect supply-demand relationships. Rising rates, like rises in other
prices, indicate that demand is exceeding
142
IMPACT OF GENERAL CREDIT POLICY
supply. They discourage some borrowing
on the one hand and encourage increased
saving on the other. Thus they perform
the vital function of balancing supply and
demand. Current interest rates are a signal
that the economy is straining its resources
by trying to accomplish more at one time
than resources permit.
Economic realities cannot be eliminated
or circumvented by Government fiat. Even
the Congress with its enormous powers to
redirect the available resources of the country must operate within the aggregate of resources available. In other words, under
conditions of heavy utilization of resources
generally, an increase in the resources made
available to any one sector of the community would have to be taken from other sectors either by taxation, or by some form of
direct rationing, or by the processes of the
market. They cannot be made available by
attempts to ease credit. That is the road
to inflation. In 1956, fully half of the increase in gross national product represented
a mark-up in prices. Had commercial
banks been enabled to generate sufficient
new money to satisfy all the demands for
funds that were pressing on the market, the
result perhaps would have been a smaller
rise in interest rates, but at the expense of
a sharper rise in prices of goods and services.
In the final analysis, investment must be
financed out of saving from current income.
This economic principle cannot be vitiated
by any form of monetary manipulation.
Under our institutions there is no practicable way of balancing savings and investment without flexible interest rates.
Monetary policy must be administered
with regard to changing situations in the financial markets. During 1956, within its
general policy of restraint, System operations met seasonal changes7 in the reserve
143
needs of member banks and also cushioned
disturbing movements in financial markets,
including those arising from necessary
Treasury financing. From time to time,
during the course of the year, the degree of
restraint was adjusted to variations in the
financial climate and in business activity.
Notwithstanding the combined influence
of restraint on credit expansion and the realization of a substantial cash surplus in the
Federal budget, prices of goods and services moved upward in 1956. Increases of
4.5 per cent in wholesale prices and 3 per
cent in the consumer price index are indicative of the vigor of demands. Such increases cannot be accepted complacently.
In a growing, competitive economy such
as ours, production and prices for individual
commodities fluctuate over a considerable
range in response to changes in supply and
demand without creating serious over-all
instability. These adjustments are necessary to economic progress. They are part
of the process of developing and maintaining high level employment, economic
growth, free markets, and over-all stability
in the price level. Even though many components may be unstable, the total economy
can still experience an upward trend in
production and employment with a horizontal trend in average prices.
In recent years, large shifts in the flow of
funds through the economy have originated
in such important areas as the Federal
budget, agriculture, business investment,
consumer outlays for durable goods and
housing, and State and local governments.
Declines in some sectors have released resources that have made possible increases in
others. Such rolling adjustments not only
are inescapable in a dynamic and unregimented economy, but the ability to adjust
to changes with resiliency and flexibility,
144
FEDERAL RESERVE BULLETIN • FEBRUARY 1957
and with a minimum of Government interference, is one of the great virtues of a private enterprise system.
We know from experience, however, that
the pathway of economic growth cannot be
free of turns and dips. Experience tells us
that important shifts in demands in major
economic sectors can be so powerful as to
have an excessively stimulative or depressive
impact on the whole economy. Where the
effects of such shifts become cumulative,
they can develop into serious booms and
depressions. Monetary and credit measures, by being adapted promptly to shifts
in total demand relative to the supply of
available resources, play an essential role in
moderating these cumulative forces and in
promoting orderly growth and financial
stability.
Considerable attention has been focused
of late on the impact of monetary and credit
policy on various sectors of the economy.
Higher interest rates as a mechanism for
allocating the available supply of funds
among different credit seekers have been
sharply criticized. It is frequently contended that monetary policy is depriving
communities of such vital needs as schools,
housing, and roads. Similarly, small business is said to be injured.
These are debatable matters to say the
least. School and road construction, home
building, and small business activity are actually at high levels. In some of these sectors, many borrowers have been prevented
from competing in the market for savings
by statutory or regulatory limitations on
the maximum interest rates they are allowed
to pay. As a result, borrowers thus affected
have borne a disproportionate brunt of general credit restraint. The cause of this disproportion, however, lies in the interest rate
limitations that have kept some borrowers
out of the market and not in the effort to
restrain inflation. All of these sectors would
suffer infinitely more from further inflationary bites out of the purchasing power of
the dollar than they would from temporarily
foregoing some of their borrowing—however worthy the purpose—if their plans and
programs cannot be financed out of saving
or, in the case of schools and roads, for example, out of taxes.
It is important to recognize that the problem of monetary stability is to keep the use
of credit in line with resources available for
production of goods and services. To accomplish this, some demands must temporarily go unsatisfied. Naturally, these deferments are of great concern to all of us, but
unlimited supplies of easy money would
only complicate and worsen the situation.
It has been suggested that the Government should take action to enable certain
meritorious programs to move forward relatively unhampered by the effects of monetary restraint. These proposals present very
difficult questions of public policy, which
can be decided only by the Congress. Programs designed to make funds more readily
available to some users should be accompanied by action reducing still further their
availability to others, for example, in some
cases, by increased taxation. Otherwise,
the effect will be to intensify inflationary
pressures and imperil price and monetary
stability.
The problem is not insoluble. The correction of economic imbalances takes time,
but corrective forces have been and still are
operating. Our nation unquestionably has
the resources to provide for a continuously
rising level of physical well-being, educational attainment, and cultural development.
Our resources are steadily growing and so
is our ability to use them intelligently. What
IMPACT OF GENERAL CREDIT POLICY
cannot be accomplished today may become
readily attainable in the not too distant
future.
SUPPLEMENTAL QUESTIONS ADDRESSED
TO CHAIRMAN MARTIN
1. What information do you have about
the impact of so-called general credit controls upon small business as compared with
big business? Upon State and local governments as compared with nongovernmental credit users?
Small business. Manifestly, the effects of
credit restraint are felt by more small businesses, numerically, than by large ones.
This does not necessarily mean that the impact of general credit restraints falls disproportionately on small businesses. There
are over 4V4 million business enterprises in
this country. Most of these would be considered small business under any standard
of measurement, and only about one in a
thousand would be classed as big business.
The major difference between small and
large businesses is not in their direct access
to some source of credit but, rather, in their
access to alternate sources of credit. Unlike most small businesses, most large businesses generally have direct contact with
and access to a number of banks as well as
to other sources of outside financing. Consequently, at a time when over-all credit
demands are greater than can be fully met
without inflationary impact, a greater number of small businesses than large ones
find it difficult to secure their customary
credit accommodation.
The Federal Reserve System cannot allocate credit among groups of borrowers.
With demands for goods and services exceeding capacity to produce, monetary policy
over the past year has been directed toward
keeping expansion of the total credit supply
145
within limits set by the willingness of the
community to save. The market place has
determined the allocation of the available
supply of savings.
With aggregate demands for materials
and credit so large, it is obvious that available productive capacity and savings could
not accommodate all creditworthy applicants to the full extent of their desires.
All of us know of legitimate, useful projects
that have had to be deferred or reduced in
scale, because either the physical or financial resources could not be obtained.
We know of no figures that permit a
precise measure of the relative impact of
credit restraints, in particular, on different
groups of borrowers. We have, however,
assembled a considerable body of information that may help to illuminate this troublesome question.
A survey of business loans made in October 1955 shows that one-fifth of the total
dollar volume of the business loans held by
member banks on that date were loans to
firms with assets of less than $250,000, and
more than one-third were loans to firms with
assets of less than $1 million. Most commercial banks are small enterprises themselves; nearly 85 per cent of our 14,000
commercial banks have deposits of under
$10 million, and, necessarily, most of the
lending of these smaller banks is to small
businesses. In October 1955, about ninetenths of the number and four-fifths of the
dollar volume of business loans held by
small banks were loans to firms with assets
of less than $250,000, and these loans accounted for about one-fifth of the dollar
volume of all commercial bank loans to such
small businesses. With the close and direct
contact with customers that smaller banks
enjoy, and with so large a stake in the financial position of their small customers, it is
146
FEDERAL RESERVE BULLETIN • FEBRUARY 1957
evident that most commercial banks have a
strong incentive to maintain the volume of
bank credit flowing to smaller businesses.
Even at large banks, lending to small
business represents a significant share of
their loan volume. In October 1955, banks
with deposits of $100 million or more accounted for about two-fifths of all bank
loans to small business. At these larger
banks, small business loans represented
three-quarters of the number and one-tenth
of the dollar volume of their business loan
portfolios. Lending to small firms is profitable business, and most large banks are
anxious to obtain this type of business.
Information on the structure of bank
loans to business since late 1955 is less
comprehensive. We do receive reports
from large banks in major financial centers
on the size distribution of new business loans
of over $1,000 made in a two-week period
of each quarter. These figures indicate that
from mid-1955 to mid-1956 the number and
dollar volume of new short-term business
loans made increased to record levels. Increases were recorded in all loan-size categories, with the sharpest rise in loans of
$200,000 and over. The average size of
new loans increased about 30 per cent over
this period.
The rise in average size of business loan
extended by large commercial banks reflected primarily the shift in patterns of industrial demand that occurred last year.
When the bulk of the loan demand on commercial banks is from industries where larger
business units predominate, such as public
utilities, machinery or metals manufacturing, the average size is larger than when
most of the loan demand arises primarily
from the needs of retail merchants or service industries. This past year there has
been increased emphasis on borrowing to
meet financial needs in industries characterized by large producing units.
From June to December of 1956, the
volume of new loans made declined about
one-eighth from the peaks reached in June.
The decline was of about equal proportion
for both small and large loans, and there was
very little change in the average size of loan.
With interest costs rising generally, both
large and small borrowers have had to pay
more for their loans. Since mid-1955, the
average interest paid at large banks on
short-term business loans of $200,000 or
more rose by 87 basis points, to 4.20 per
cent, while costs on loans of from $ 1,000 to
$100,000 went up 58 basis points, to 4.94
per cent.
Loan applications to the Small Business
Administration rose from about 3,000 in
1955 to almost 6,000 in 1956. Loan approvals increased more rapidly, rising from
1,148 loans, amounting to about $55 million in 1955, to 2,890 loans, amounting to
about $122 million. These figures are not
large relative to the size of the small business population or to the usual volume of
lending to small businesses by commercial
banks.
An increasing share of the loan funds supplied by the Small Business Administration
last year was for longer term purposes, such
as purchase of plant and equipment or consolidation of obligations, rather than for
working capital. The proportion of SBA
loans carrying final maturities of less than
three years is small. Most maturities are
longer than are customary in commercial
bank business loans.
Reports on manufacturing corporations,
compiled quarterly by the Federal Trade
Commission, indicate that both the return
on shareholders' equity and profits per dollar of sales increased substantially for small
IMPACT OF GENERAL CREDIT POLICY
businesses from the third quarter of 1955
to the third quarter of 1956 (the latest data
now available). Over this period, return
on equity, after taxes, rose from 10.4 per
cent to 15.3 per cent for small companies,
as compared with a decline from 12.3 to
11.0 for the total. Profits per dollar of
sales rose from 2.2 per cent to 3.0 per cent
for small companies, compared with a decline for all manufacturing corporations
over the period.
These reports also indicate that the liquidity position of small corporations deteriorated much less last year than that of large
companies. The ratio of cash balances
and Government security holdings to total
current liabilities for small companies declined from 37 per cent to 34 per cent over
the period, while for all manufacturing corporations, the decline was from 71 per cent
to 55 per cent.
Statistics published by Dun and Bradstreet, Inc. on business failures indicate that
the number of failures where the liability
involved was less than $25,000 rose by oneseventh, as compared with an increase of
one-fourth in the number of firms failing
with liabilities of $100,000 or more. The
dollar amount of debts involved in failures
of small firms also rose less than did the
debts of larger firms failing last year.
State and local governments. State and
local governments spent about $10.7 billion last year for construction of schools,
highways, and other community facilities.
This was about 10 per cent more than was
spent for these purposes in 1955. Bond
issues for new money floated by State and
local governments during the year amounted
to about $5.4 billion, about one-tenth less
than was floated in 1955. All of the reduction in flotations was in issues to finance
toll highway construction and in bond issues
147
to fund short-term debt incurred for public
housing projects. Financing of school construction continued at the record level of
the previous year, and financing of sanitation and other community facilities increased
sharply.
The decline in toll road financing reflected
reconsideration of many highway projects
contemplated earlier. The financial difficulties experienced with some recently completed roads (financed for the most part at
lower interest costs), rising materials, labor
and credit costs, and uncertainties about developments in the new Federal highway program led to the deferral of several projects.
Construction outlays for public housing
continued at close to 1955 levels, but an
increasing share was financed through shortterm debt. Instead of funding the notes
issued by local housing authorities on completion of construction, these notes were
"rolled-over" and fewer long-term housing
bonds were issued in 1956.
Deferral of long-term financing last year
reflected the rapid rise in costs of all types
of long-term borrowing. Yields on high§rade corporate bonds outstanding rose 63
basis points, and yields on new issues rose
almost 100 points. In addition, repayment
terms on corporate issues became substantially more restrictive last year, with longer
"no-call" provisions and higher call prices
required of borrowers.
Yields on high-grade State and local
bonds outstanding rose 75 basis points over
the year, but these bonds still offered investors returns about three-quarters of a
percentage point less than comparable quality corporate securities. This was close to
the average differential that existed in 1955.
For investors subject to high corporate or
personal income tax rates, the exemption
from Federal income taxation of interest re-
148
FEDERAL RESERVE BULLETIN • FEBRUARY 1957
ceived on State and local government obligations provides an offset to the lower rate
of return. This feature is not one of prime
importance to investors subject to lower
tax rates, however, particularly for institutional investors such as life insurance companies, pension funds and mutual savings
banks, which receive a large share of the
community's long-term savings. As the
volume of State and local long-term borrowing increases beyond the supply of investment funds attracted by the tax-exemption
feature, it becomes increasingly necessary
for these governments to compete for funds
on a straight return basis.
In part, the stability of the differential between yields on corporate and municipal
bonds reflects the acumen of the officers
managing the finances of State and local
governments. Because the planning and
financing of large-scale construction projects is usually undertaken long before construction actually begins, finance officers are
often able to time the flotation of bonds to
take advantage of temporary ebbs and flows
of funds into and out of security markets.
On several occasions in 1956, the volume of
security issues floated was greater than the
supply of investment funds could accommodate, and security dealers' inventories of
unsold securities increased rapidly. As
these situations of temporary congestion developed, finance officers postponed some
offerings.
A survey made last year indicated that
about 120 issues, aggregating $175 million,
were not sold on previously announced
flotation dates during the third quarter of
1956. The Board's staff has followed the
subsequent history of these issues; they
found that 41 of the issues were sold later
in that same quarter and 28 were sold in
the fourth quarter of the year. By year-
end, three-fifths of the number and twofifths of the dollar volume of the postponed
issues had been sold. The pattern of issues
postponed in the fourth quarter of 1956
(estimated as 135 issues, valued at $240
million) has been similar, with about 40 per
cent sold to date.
For some borrowers, postponement has
meant higher costs, for others it has proved
advantageous. For example, the State of
Michigan offered a highway bond issue in
early December, with a maximum interest
ceiling of 3.50 per cent. No bids were received. The issue was reoffered in reduced
amount in mid-January, and successfully
marketed at 3.37 per cent.
It appears that, for the most part, State
and local governments last year were able
to finance a very large and rising volume of
expenditures and that the rise in interest
costs of bond financing was a reflection of
supply and demand factors. There were
some cases, however, where borrowers were
unwilling to pay current market rates, and
withdrew their issues, and others where borrowers were prohibited by statutory limitations from paying rates which the market
demanded.
2. Are present statutory provisions governing reserve requirements satisfactory and
desirable?
The present system of reserve requirements is not altogether equitable in its impact on individual member banks. It has
not seriously impeded, however, the effectiveness of monetary and credit policy in
influencing the aggregate volume of bank
credit. The problem of devising a more
equitable and effective structure of reserve
requirements has been under intensive study
for many years, within the System, by the
banking community, and by other students
IMPACT OF GENERAL CREDIT POLICY
of monetary affairs, and many alternatives
have been proposed and analyzed. It is one
of the problems to be considered in any
over-all review of the existing financial organization.
3. Is the breadth of direct control (now
limited to member banks) sufficient for the
workings of general monetary controls, or
should the direct influence of central bank
operations be extended to cover other financial intermediaries, such as insurance companies, savings and loan associations, instalment credit institutions, nonmember
banks, etc.?
Our experience of recent years indicates
clearly that the actions of the System under
its present authority are potent forces affecting financial developments in the economy.
This is true both when stimulation of additional spending to achieve full utilization of
resources is needed or when the problem
is to achieve restraint on spending in order
to avoid inflation.
Although the direct discipline imposed by
the System through control over reserve requirements, the volume of reserves, and discount rates applies only to member banks,
its ramifications are felt by nonmember
banks, other financial institutions, and the
financial markets generally. Federal Reserve member banks, with loans and investments of nearly $140 billion, account for
more than four-fifths of the assets of all commercial banks of the nation. Control over
the rate at which new credit and money are
created by this preponderant part of the
banking system gives the Federal Reserve
System a substantial influence on the total
flow of loan funds, which includes those of
individuals, savings institutions, businesses,
and Government. It also has a marked
149
influence on liquidity conditions in the
economy. The operations of other financial
institutions, particularly their ability and
willingness to sell United States Government
and other securities in order to advance new
credit to borrowers, are substantially affected by changes in credit conditions
brought about in part by Federal Reserve
policies.
As we have pointed out in the past, the
fact that reserve requirements of nonmember banks are defined differently, and in
many cases are much lower than those of
member banks, creates some inequities and
problems. These differences in reserve requirements may discourage some banks from
seeking or maintaining member bank status.
This situation is not new and no simple
and practical way of making reserve requirements of nonmember banks consistent with
those of member banks has been devised
without an extension of Federal banking
authority. The problems arising out of the
situation are in some ways less pressing
now than they were earlier in the postwar
period, when the discrepancy between reserve requirements of member and nonmember banks was greater than it is now.
A policy of extending to nonbanking institutions a system of monetary controls
analogous to that now applied to member
banks by the Federal Reserve, however,
would represent a basic and far-reaching
departure from the principles that have in
the past governed banking legislation and
Federal Reserve policies.
Commercial
banks have special functions that are not
presently shared by nonbank financial institutions. Before extending monetary controls over these institutions a careful study
should be given to the far-reaching implications of such a departure.
150
FEDERAL RESERVE BULLETIN • FEBRUARY 1957
4. Is there any acceptable way of restraining the demand for loans without raising interest rates?
We are not in favor of interest rates any
higher than required by the underlying economic realities, but we do not believe that
there is any practicable way of preventing
them from increasing during those periods
in which desired borrowings tend to outrun
the flow of savings.
In order to keep interest rates below
the level at which the amount of loan funds
supplied is equal to the amount demanded,
it is necessary to select some classes of potential borrowers and prevent them from
borrowing, by law or regulation. Essentially, the problem is one of rationing, and
involves many of the same sorts of difficulties and problems that have attended such
programs in other areas. In a peacetime
economy, there is no acceptable way of
administratively determining who is to be
permitted to borrow and who is to be forbidden.
Selective credit controls affecting the demand for credit have been used in certain
areas where special considerations and conditions made them desirable and workable,
and are now in use in one area, applying to
stock market credit. The earlier controls
over borrowing to buy houses and consumer
durable goods were similar in nature. In
each of these cases, however, there were
special reasons for attempting to control the
particular type of credit involved and some
rough guides as to what would be reasonable
objectives of control. Further, control of
this kind was made possible by the special
character of the borrowing, namely, that it
was related to specific collateral and could
be regulated (though imperfectly) by setting minimum down payments and maxi-
mum margins and maturities.
Any attempt to extend similar controls to
other types of borrowing, however, would
be balked by much greater administrative
difficulties, and by the problem of selecting
the borrowers to be excluded from the
market in a way that is equitable and makes
economic sense. Who can say which business borrowers are to be permitted to have
credit, and how much, and for what purpose? Which State and local governments
are to be able to borrow? Who is to be
permitted access to personal loans? An
attempt to develop any system of general
administrative rationing of credit in an effort
to hold down the interest rates paid by those
who were permitted to borrow would run
into three kinds of difficulties: (1) it would
create inequities, (2) it would require placing great power in the hands of the administrators, and (3) it would tend to undermine the flexible and progressive character
of our economy. This would make it almost certain that any broad system of administrative rationing of all types of credit
across the board would not be effective
under peacetime conditions, but rather
would become a force for inflation.
Even from the narrow point of view of
its effect upon the level of interest rates,
such a policy would be self-defeating. The
greatest possible threat to the maintenance
of reasonably low interest rates is inflation,
and acceptance by the public of the idea
that continuing depreciation of the dollar
is to be expected. The reason for this is
simple. If borrowers expect to repay their
debts with dollars that are worth less than
those borrowed, they are willing to pay high
interest rates. If lenders expect to be repaid in dollars of reduced purchasing power,
they will lend only at interest rates that are
correspondingly high. Such behavior has
IMPACT OF GENERAL CREDIT POLICY
been illustrated in the extremely high levels
reached by interest rates in countries undergoing inflation. Continued inflation, even
if not of extreme proportions, must tend to
cause high interest rates.
5. Have you any general suggestions for
revision of the present institutional arrangements in the field of money and banking,
which would facilitate the use of general
credit controls for economic stabilization?
We are not convinced that our present
institutional arrangements are altogether
151
satisfactory; nor do we believe that Federal
Reserve operations in the past have been
entirely successful. Therefore, we will welcome a comprehensive study of our financial institutions and practices by a Congressional committee or by a monetary commission and will cooperate in every possible
way with such a group. Meanwhile, we do
not wish to propose suggestions for broad
changes in institutional arrangements or
techniques of control in the area of money
and banking.
Current Events and Announcements
FEDERAL
RESERVE
MEETINGS
A meeting of the Federal Open Market Committee was held in Washington on January 28,
1957.
A meeting of the Presidents of the Federal
Reserve Banks was held in Washington on January 28-29, and on January 29 the Presidents
met with the Board of Governors.
APPOINTMENTS OF BRANCH DIRECTORS
On February 1, 1957, the Board of Governors
announced the appointment of Mr. Gordon M.
Cairns, of College Park, Maryland, as a director
of the Baltimore Branch of the Federal Reserve
Bank of Richmond for the remainder of a term
expiring December 31, 1959. Mr. Cairns is Dean
of Agriculture at the University of Maryland,
and succeeds Mr. Theodore E. Fletcher, agriculturist, Easton, Maryland, whose term expired.
The Board of Governors also announced the
appointment of Mr. Edward W. Carter, of Los
Angeles, California, as a director of the Los Angeles Branch of the Federal Reserve Bank of San
Francisco for the remainder of a term expiring
December 31, 1957. Mr. Carter is President of
Broadway-Hale Stores, Inc., Los Angeles, and
succeeds Mr. Shannon Crandall, Jr., President of
the California Hardware Company, Los Angeles,
who recently resigned as a director of the Los
Angeles Branch.
On February 7, 1957, the Board of Governors
announced the appointment of Mr. Leonard K.
Firestone, of Los Angeles, California, as a director
of the Los Angeles Branch of the Federal Reserve
Bank of San Francisco for the remainder of a
term expiring December 31, 1958. Mr. Firestone
is President of the Firestone Tire and Rubber
Company of California, Los Angeles, California,
and a director of the Firestone Tire and Rubber
Company, Akron, Ohio. As a director of the
Los Angeles Branch of the Federal Reserve Bank
of San Francisco he succeeds Mr. Charles Detoy,
Partner, Coldwell, Banker and Company, Los
Angeles, whose term expired.
FEDERAL RESERVE CHART BOOK ON FINANCIAL
AND BUSINESS STATISTICS
A revised edition of the monthly Federal Reserve
Chart Book on Financial and Business Statistics,
containing all information available through February 21 and with space for plotting through
1958, will be available in early March. Most
charts show data beginning with 1950. For earlier
data, subscribers can refer to the historical supplement or to a recent issue of the preceding
edition of the monthly Chart Book.
The annual subscription price for 12 issues of
the Chart Book, including one issue of the supplementary historical Chart Book, is $6.00. Single
copies of monthly issues or the historical supplement may be purchased for 60 cents each; in
quantities of 10 or more copies of a single issue
for shipment to one address, there is a special
price of 50 cents per copy.
ADMISSION OF STATE BANK TO MEMBERSHIP
THE FEDERAL RESERVE SYSTEM
IN
The following State bank was admitted to membership in the Federal Reserve System during the
period December 16, 1956 to January 15, 1957:
Illinois
Elmhurst
York State Bank
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, 1956..
152
Issue
Page
Feb. 1957
212
Feb. 1957
213
Sept. 1956
994
Feb. 1957
210-211
May 1956
Oct. 1956
May 1956
510-518
1248
519
Apr. 1956
June 1956
Feb. 1957
398-399
650-652
214-220
National Summary of Business Conditions
Released for publication February 15
Industrial production in January was slightly
below the record level of December, construction
activity was unchanged, and nonagricultural employment, incomes, and total retail sales remained
at record levels. Prices of some basic commodities declined but the general level of wholesale prices rose further to mid-February. Bank
credit was reduced, due mainly to seasonal influences, and interest rates declined.
INDUSTRIAL PRODUCTION
The Board's preliminary seasonally adjusted index of production at factories and mines was 146
per cent of the 1947-49 average in January, as
compared with 147 in December and 146 in
October and November. This level was about 2
per cent above the year-earlier period. Utility
output of electricity and gas in January was 7 per
cent larger than a year earlier.
Auto assemblies so far this year have been at
an average rate of about 146,000 per week and
in early February were about one-tenth above the
same period last year. Television set output, however, was curtailed considerably further in January and production of furniture and most other
major household goods was below last year's advanced levels. Activity in industries producing
industrial equipment generally was maintained at
the peak rates reached in December. Steel mill
output was also at record levels in January and
the first half of February. Activity at iron and
steel foundries and in the nonferrous metal fabricating industries, however, was at reduced levels.
Total output of nondurable goods continued to
show little change in January as some further
declines at textile and paperboard mills were apparently offset by increases in other lines.
Mineral production was unchanged in January.
Crude oil and natural gas output increased somewhat further, but coal production was moderately
below the level prevailing during most of last
year.
CONSTRUCTION
Value of new construction activity changed
little in January and was at a seasonally adjusted
annual rate of $44.8 billion. While most types of
private construction declined, public construction
rose further. Private housing starts, at a seasonally adjusted annual rate of one million units, were
slightly below the average in the fourth quarter
of 1956. In that quarter contracts awarded for
private residential and nonresidential construction
were down considerably from earlier in the year.
EMPLOYMENT
Seasonally adjusted employment in nonagricultural establishments was unchanged in January at
a record level of 52.1 million. Employment gains
in nonmanufacturing activities were offset by small
decreases in a number of manufacturing industries. The average factory workweek declined
more than seasonally and, with hourly earnings
unchanged, weekly pay averaged $82.41, 2 per
cent below the December peak. Unemployment
increased seasonally and, at 2.9 million, was about
the same as a year ago.
INDUSTRIAL PRODUCTION
1947-49=100
DURABLE
MANUFACTURES
NONDURABLE
MANUFACTURES
DISTRIBUTION
|
Federal Reserve indexes, seasonally
figures, latest shown are for January.
adjusted,
^
Monthly
Seasonally adjusted dollar volume of retail sales
in January remained at the record level of December and was 5 per cent above a year ago.
Sales at department stores declined slightly in
153
FEDERAL RESERVE BULLETIN • FEBRUARY 1957
154
January, to 126 per cent of the 1947-49 average.
Meanwhile sales of new and used autos and some
other goods expanded. Dealer stocks of new autos
increased, but remained substantially below the
record level reached early last year.
COMMODITY PRICES
Wholesale commodity prices advanced further
in January and early February. Average prices of
industrial commodities continued to rise, reflecting mainly increases in steel mill and petroleum
products. Iron ore and newsprint were also advanced. Meanwhile, steel scrap and copper scrap
declined further, refined copper and brass were
reduced, and there were decreases among cotton
textiles. Farm products and foods changed
little following a rise in early January, and in
mid-February averaged 5 per cent above a year
earlier. In early February, reduced Federal support levels were announced for 1957 crops of
cotton, oilseeds, and feed grains.
BANK CREDIT AND RESERVES
Total loans and investments at city banks declined $2.9 billion during January and early February, reflecting chiefly decreases in business and
security loans and in holdings of U. S. Government securities. Seasonal repayments by food
RETAIL TRADE
1947-49-100
TOTAL RETAIL SALES
160
150
processors, commodity dealers, trade concerns,
and sales finance companies accounted for a
large part of the decline in business loans.
Member bank borrowings from the Federal
Reserve rose to an average of 610 million in late
January and the first half of February and excess
reserves declined to $380 million. Over the
period, more reserves were absorbed through reductions in System holdings of Government securities and in Reserve Bank float than were supplied
through declines in currency in circulation and in
required reserves.
SECURITY MARKETS
Yields on U. S. Government securities declined
further from mid-January to mid-February. Yields
on Treasury bonds showed the most pronounced
changes, reaching the lowest levels since early
October—around 3.20 per cent for the longest
term bonds. The yield on three month Treasury
bills fell to 3.00 per cent and for the first time
since mid-November was not above the discount
rate. Yields on corporate and State and local
government bonds also showed marked decreases
during the latter part of January and early February. Common stock prices declined sharply.
During the first week of February the Treasury
offered new securities to refund nearly $11 billion
of certificates and notes and $13A billion of bills
scheduled to mature between February 15 and
April 1. Cash redemptions on the maturing notes
and certificates will amount to $880 million.
LOANS AND INVESTMENTS —
Billions of dollars
M I M B U BANKS I N HADING CITII*
120
150
•I
1
!,,,,,,,,,,,>
A
no
100
Federal Reserve indexes, seasonally adjusted: retail sales
based on Department of Commerce data. Monthly figures:
latest shown for department store stocks is December, for other
series, January.
Federal Reserve data. Weekly figures, latest shown are for
February 6.
Financial and Business Statistics
* United States *
Member bank reserves, Reserve Bank credit, and related items.
Reserve Bank discount rates; reserve requirements; margin requirements
Federal Reserve Banks
Bank debits; currency in circulation
All banks: consolidated statement of monetary system; deposits and currency.
All banks, by classes. .
Commercial banks, by classes.
Weekly reporting member banks.
157
160
161
164
166
167
170
172
Commercial loans; commercial paper and bankers' acceptances.
Interest rates.
...
Security prices; stock market credit.
Savings institutions.
•
Federal business-type activities
Federal finance
Security issues
Business finance .
Real estate credit...
Short- and intermediate-term consumer credit.
174
175
176
177
178
180
184
185
187
190
Selected indexes on business activity
Production
.
Employment and earnings
Department stores
Foreign trade
....
Wholesale and consumer p r i c e s . . . .
National product and income series.
194
195
202
204
205
206
208
Earnings and expenses of Federal Reserve Banks during 1956.
Changes in number of banking offices in the United States
Banking offices on Federal Reserve par list and not on par list
Banking and monetary statistics, 1956. . .
Tables published in BULLETIN, annually or semiannually—list, with references
Index to statistical tables.
210
212
213
214
152
247
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.
155
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
Wednesday figures, 1949-1950, weekly averages or daily figures, 1951-
Billions of dollars
25
MEMBER BANK
RESERVE BALANCES
15
T
r—
1
EXCESS RESERVES
1
1
1
1 2
CURRENCY IN CIRCULATION
TREASURY CASH AND DEPOSITS
NONMEMBER DEPOSITS
30
FEDERAL RESERVE CRIDIT
U.S. GOVERNMENT SECURITIES:
20
1
HELD UNDER
REPURCHASE AGREEMENTS
1
^1
DISCOUNTS AND ADVANCES
1949
1950
1951
1952
1953
1954
Latest averages shown are week ending January 30. See p. 157.
156
1955
1956
2
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Govt. securities
Week
ending
DisGold
Held counts
stock
under
and
Total
i
Bought repur- ad- Float
Total outchase vances
right agreement
TreasCurury
cur- rency
in
rency
ciroutstand- culation
ing
Deposits, other
Member bank
than member bank
reserves,
reserves
with
F.
R.
Banks
TreasOther
ury
F. R.
cash
acholdcounts
ings
ReEx-2
Treas- For- Other
Total quired2 cess
ury eign
Averages of
daily figures
1955
Dec.
Dec.
Dec.
Dec.
7.
14.
21.
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
413
372
336
410
931
989
010
012
18,869
18,950
19,446
19,487
18,411
18,488
18,792
18,804
458
462
654
683
Jan.
Jan.
Jan.
Jan.
24,785
24,308
23,804
23,517
24,391
24,191
23,802
23,517
394
117
2
584
801
922
815
1,539 26,936
242 26,375
26
1,242
__. 25,872
1,125
1,128
" 25,480
21,690
21,691
21,692
21,692
5,008
5,008
5,008
5,009
31,153
30,914
30,632
30,361
773
782
786
793
356
244
360
385
438
423
417
388
513
334
321
318
939
923
920
919
19,464
19,453
19,136
19,017
18,887
18,725
18,543
18,494
577
728
593
523
Feb.
Feb.
Feb. 15.
Feb. 22.
Feb. 29.
23,416
23,423
23,349
23,389
23,435
23,414
23,423
23,349
23,333
23,384
814 25,248
999
840 25,104
822
832 25,174
976
622 1,333 25,360
880 25,089
758
21,693
21,693
21,694
21,694
21,695
5,009
5,010
5,010
5,011
5,012
30,223
30,219
30,247
30,210
30,181
798
796
800
794
792
464
406
428
557
542
369
365
377
362
354
343
331
400
366
306
919
917
932
,026
,025
18,834
18,773
18,693
18,749
18,596
18,350
18,230
18,144
18,175
18,137
484
543
549
574
459
Mar. 7.
Mar. 14.
Mar. 21.
Mar. 28.
23,518
23,505
23,508
23,508
23,426
23,410
23,405
23,495
92
749
835 25,118
95
975
812 25,308
934 1,297 25,754
103
13 1,196
941 25,661
21,695
21,717
21,713
21,715
5,011
5,011
5,013
5,015
30,202
30,276
30,264
30,249
783
779
783
787
461
564
489
599
360
360
333
341
327
346
336
317
,023 18,670
,021 18,691
,069 19,204
,069 19,028
18,137
18,182
18,587
18,455
533
509
617
573
Apr. 4.
Apr. 11.
Apr. 18.
Apr. 25.
23,634
23,521
23,399
23,282
23,587
23,518
23,377
23,282
47
3
22
986 1,022 25,658
,119
',481
,109
,.. ,497
,061 1,017 25,374
21,716
21,727
21,741
21,742
5,017
5,016
5,018
5,019
30,321
30,300
30,290
30,155
784
782
785
782
560
508
531
569
347
328
347
335
444
307
313
331
,075
,082
,081
,078
18,860
18,917
18,909
18,884
18,322
18,284
18,318
18,344
538
633
591
540
May
May
May
May
May
23,299
23,352
23,279
23,210
23,412
23,243
23,252
23,226
23,200
23,359
56
100
53
10
53
,089
864 25,266
,114
844 25,325
,066
937 25,298
946 1,139 25,310
835 24,995
732
21,743
21,768
21,769
21,770
21,771
5,023
5,025
5,026
5,028
5,032
30,181
30,296
30,359
30,317
30,327
786
781
789
781
785
575
555
563
594
507
338
334
378
319
297
385
321
314
310
328
998
982
980
980
984
18,767
18,848
18,710
18,809
18,569
18,359
18,295
18,241
18,275
18,227
408
553
469
534
342
June 6.
June 13.
June 20.
June 27.
23,503
23,516
23,492
23,478
23,406
23,491
23,492
23,452
97
25
906 25,320
970 25,251
507 25,779
369 25,621
21,782
21,796
21,798
21,799
5,032
5,033
5,033
5,033
30,505
30,542
30,541
30,485
782
779
774
781
429
398
535
570
305
332
331
297
983
310
982
299
998
317
290 1,000
18,819
18,749
19,116
19,030
18,217
18,233
18,500
18,435
602
516
616
595
July 4 .
July 11.
July 18.
July 25.
23,791
23,836
23,490
23,408
23,748
23,826
23,487
23,408
644 1,231
__. 25,685 21,806 5,032
880
169 25,903 21,826 5,031
849 1,412 25,769 21,827 5,031
573 1,393 25,393 21,828 5,032
30,765
30,923
30,808
30,632
773
770
768
773
493
437
595
556
298
309
320
288
298
290
278
267
993
990
987
994
18,902
19,040
18,869
18,744
18,430
18,285
18,240
18,187
472
755
629
557
Aug.
Aug.
Aug.
Aug.
Aug.
1.
8.
15.
22.
29.
23,418
23,418
23,439
23,574
23,622
23,418
23,418
23,418
23,446
23,592
476
570
579
653
508
Sept.
Sept.
Sept.
Sept.
5.
12.
19.
26.
23,849
23,858
23,691
23,576
23,818
23,829
23,673
23,555
31
796
29 1,012
18
654
21
705
Oct.
Oct.
Oct.
Oct.
Oct.
3.
10.
17.
24.
31.
23,697
23,840
23,860
23,736
23,708
23,602
23,766
23,846
23,736
23,668
95
74
14
Nov.
Nov.
Nov.
Nov.
7.
14.
21.
28.
23,824
23,940
24,033
24,202
23,766
23,882
23,959
24,110
Dec.
Dec.
Dec.
Dec.
5.
12.
19.
26.
24,404
24,652
24,785
34,906
Jan.
Jan.
Jan.
Jan.
Jan.
2....
9....
16
23. . . .
30....
24,994
24,688
24,293
23,811
23,450
1956
2.
9.
16.
23.
30.
56
51
894
747
764
756
V"
690 1,046 25,172
829 25,182
917
837 25,254
960
878 1,171 25,642
829 "",404
25
935
21,829
21,855
21,856
21,856
21,857
5,034
5,035
5,036
5,037
5,041
30,575
30,633
30,681
30,654
30,618
772
769
773
778
776
519
530
539
485
481
284
319
335
293
318
273 1,021 18,591 18,115
949 18,588 18,018
284
947 18,593 18,014
277
944 19,117 18,464
266
944 18,883 18,375
282
787 25,454
045 25,934
489 25,852
394 25,694
21,861
21,883
21,883
21,884
5,042
5,042
5,043
5,044
30,786
30,910
30,810
30,714
771
770
771
774
427
518
453
651
379
381
345
331
251
252
235
219
943
941
945
951
18,800
19,088
19,220
18,980
18,357
18,394
18,524
18,477
443
694
696
503
40
810 1,067 25,593 21,884 5,046 30,769
857
990 25,707 21,906 5,046 30,880
714
215 25,810 21,910 5,047 30,953
564
547 25,866 21,909 5,048 30,864
674
062 25,466 21,909 5,051 30,795
776
770
775
777
780
551
489
388
505
539
325
405
373
293
285
214
227
429
291
292
953
958
958
956
925
18,935
18,929
18,890
19,137
18,810
18,456
18,322
18,313
18,574
18,451
479
607
577
563
359
58
58
74
92
828
945
662
631
1,084 25,762
1,040 25,954
1,543 26,266
1~514 26,374
21,909
21,910
21,910
21,910
5,054
5,056
5,055
5,056
30,963
31,141
31,269
31,355
781
773
771
772
501
446
441
436
284
321
303
307
345
397
292
252
847
845
844
843
19,004
18,996
19,311
19,375
18,443
18,377
18,701
18,754
561
619
610
621
24,287
24,493
24,489
24,574
117
159
296
332
460
709
555
667
1,268 26,165
226 ",633
26
1,226
1,835 27,223
2,208 27,842
21,953
21,924
21,927
21,949 5,066
31,451
31,660
31,835
31,992
770
775
776
765
408
357
498
635
344
342
389
393
910 19,068 18,682
228
264 1,001 19,220 18,653
169 1,011 19,535 18,922
258 1,024 19,790 19,086
386
567
613
704
24,610
24,601
24,293
23,811
23,450
384
87
925
535
348
347
528
,537 27,524
,539 26,809
,278 25,954
,446 25,636
,078 25,087
5,066
5,066
5,066
5,067
5,068
31,829
31,479
31,108
30,827
30,607
777
783
786
798
809
395
352
293
199
420
374
323
320
324
329
335
287
267
268
258
19,856 19,110
19,701 18,971
19,300 ^18,770
19,342 *>18,761
18,918 ^18,587
746
730
21
128
30
1957
21,949
21,949
21,950
21,951
22,080
Preliminary.
For other footnotes see following page.
157
973
899
897
894
893
158
BANK RESERVES AND RELATED ITEMS
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Govt. securities
Period
or
date
Total
Bought
outright
Held
under
repurchase
agreement
Discounts
and
Float Total
advances
Gold
stock
Treasury
currency
outstanding
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
Other
Total
Required 2
Ex-
Averages of
daily figures
1956
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
23,897
23,401
23 52
23,410
23,322
23,52f
23,580
23,530
23,728
23,781
24,024
24.765
Dec
23,824
23,375
23,449
23,393
23,262
23,486
23,573
23,488
23,695
23,742
23,951
24,498
1,152 25,879 21,692 5,008 30,620
73
26
800
965 25,183 21,694 5,011 30,214
73
993
987 25,517 21,711 5,013 30,256
17 1,060
925 25,411 21,735 5,018 30,245
60
971
928 25,237 21,768 5,028 30,322
36
770 1,206 25,516 21,795 5,033 30,536
7
738 1,263 25,599 21,826 5,032 30,751
898
910 25,357 21,855 5,038 30,650
42
792 1,198 25,111 21,880 5,043 30,803
33
715 1,182 25,698 21,906 5,048 30,864
39
745 1,300 26,097 21,910 5,056 31,198
73
706 1,633 27,156 21,942 5,064 31,775
267
787
796
783
783
785
778
771
774
772
776
774
772
356
480
532
545
556
485
521
504
523
487
456
463
404
364
349
338
331
315
300
318
356
337
308
372
354
351
350
338
322
304
280
275
237
299
313
247
432 1,343 25,905 21,989 5,067 31,040
794
335
323
276
896 19,295
204
264
2,409
2,215
2,287
1,336
1,293
1,270
761
796
812
767
36
35
634
867
977
870
668
389
346
563
380
394
6
15
397
774
862
392
895
550
423
490
374
402
21
151
256
586
446
569
565
455
493
441
448
554
374 2,356
346 2,292
251 11,653
291 12,450
495 15,915
563 17,899
714 17,681
777 19,950
839 20,160
907 18,876
972 18,066
925 19,005
30,228
30,163
30,339
30,210
30,513
30,715
30,604
30,757
30,768
30,839
31,424
31,790
797
789
777
783
779
768
761
768
771
778
763
775
428
554
534
578
515
522
513
422
535
495
463
441
^30,608
P812
5,055
5,055
5,055
5,056
31,042
31,196
31,380
31,347
19,138
18,709
18,924
18,847
18,735
18,933
18,836
18,783
19,024
18,939
19,169
19,535
18,586
18,177
18,340
18,320
18,268
18,359
18,237
18,224
18,446
18,419
18,579
18,883
552
532
584
527
467
574
599
559
578
520
590
652
2,333
1,817
6,444
9,365
14,457
16,400
16,509
20,520
19,397
18,618
18,139
18,903
23
475
5,209
3,085
1,458
1,499
1,172
-570
763
258
-73
102
355
363
354
330
307
297
308
350
334
275
356
322
349
919 18,750 18,311
305 1,025 18,428 18,162
623 1,069 18,799 18,276
404
984 18,784 18,325
309
983 18,773 18,204
313
992 18,443 18,449
288
950 18,308 18,104
252
943 18,888 18,377
227
950 18,831 18,450
297
848 18,668 18,459
182
843 19,208 18,719
426
901 19,059 19,089
439
266
523
459
569
-6
204
511
381
209
489
-30
715
344
263
891 18,882 18,565
P317
778
775
769
774
400
415
392
479
290
342
300
373
287
305
279
167
846
844
842
842
18,378
18,403
18,792
18,819
493
112
498
115
308
314
641
126
921
973
,048
,067
982
991
999
946
946
950
845
998
1957
Jan
Midyear or
year-end
1929—June....
1933—June....
1939—Dec
1941—Dec
1945—Dec
1947_Dec
1950—Dec
1952—Dec
1953—Dec
1954—Dec
1955—June....
Dec
24.092 24,056
36
216
1,998
2,484
2,254
24,262
22,559
20.778
24,697
25,916
24,932
23,607
24,785
148
1,998
2,484
2,254
24,262
22,559
20,725
24,034
25,318
24,888
23,554
24,391
52 1,400 4,037 2,019
4,459
68 1,037
4 2,220 4,031 2,286 5,434
164
91 2,593 17,644 2,963 7,598
7
94 2,361 22,737 3,247 11,160
3
578 25,091 20,065 4,339 28,515
249
85
535 23,181 22,754 4,562 28,868
67 1,368 22,216 22,706 4,636 27,741
53
156
967 25,825 23,187 4,812 30,433
663
28
598
935 26,880 22,030 4,894 30,781
143
44
808 25,885 21,713 4,985 30,509
128
53
850 24,601 21,678 5,002 30,229
108 1,585 26,507 21,690 5,008 31,158
394
23,466
23,482
23,636
23,345
23,474
23,758
23,438
23,854
23,680
23,767
24,385
24,915
23.466
23,426
23,587
23,245
23,360
23,712
23,438
23,828
23,590
23,688
24,255
24,610
786 25,122
852
56
791 24,920
632
49
872 1,238 25,761
100 1,204
744 25,307
114 1,160
726 25,377
46
232 1,210 25,219
959 24,868
452
771 25,480
832
26
664 1,125 25,487
90
910 25,236
79
538
130
518 1,330 26,267
305
50 1,665 26,699
23,421 23,421
668 1,076 25,195
End of month
1956
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
21,693
21,695
21,716
21,743
21,772
21,799
21,830
21,858
21,884
21,910
21,910
21,949
5,009
5,012
5,020
5,025
5,030
5,032
5,035
5,041
5,046
5,054
5,061
5,066
1957
Jan
Wednesday
1956
Nov.
Nov.
Nov.
Nov.
7
14
21
28
23,857
23,945
24,143
24,284
23,798
23,904
24,068
24,220
Dec. 5
Dec. 12
Dec. 19
Dec. 26
14,454
14,669
14.909
14,940
24,365
24,515
24,568
24,610
89
154
341
330
570
559
772
650
1,096
1,251
2,147
1,518
26,156
26,526
27,883
27,171
22,010
21,909
21,931
21,949
5,061
5,062
5,065
5,066
31,522
31,718
31,890
32,018
780
779
787
766
338
314
770
533
310
422
405
382
279
999 18,999 18,691
183 1,001 19,081 18,767
167 1,024 19,836 19,195
321 1,025 19,140 19,014
24.819
24,569
24,142
23,571
23,428
24,610
24,569
24,142
23,571
23,428
209
370
346
264
358
678
1,497 26,745
1,189 26,144
1,373 25,812
1,319 25,278
931 25,068
21,949
21,950
21,950
21,951
22,251
5,066
5,066
5,066
5,067
5,069
31,700
31,270
30,942
30,684
30,567
785
786
797
810
816
377
363
286
259
614
291
327
326
318
348
322
282
291
259
261
59 1,087
577 25,548 21,909
41
375 1,078 25,427 21,910
75
595 1,523 26,287 21,910
64
359 1,280 25,951 21,910
18,871
18,515
19,290
18,934
1957
Jan. 2
Jan. 9
Jan. 16
Jan. 23
Jan. 30
p
Preliminary.
i Includes industrial loans and acceptances; these items are not shown
900
899
896
893
893
19,386
19,233
19,290
19,072
18,889
19,164
18,848
'18,826
'18,684
'18,591
222
385
P464
*388
P298
separately in this table, but are given for end-of-month and Wednesday
dates in subsequent tables on Federal Reserve Banks.
2 These figures are estimated.
159
BANK RESERVES AND RELATED ITEMS
RESERVES, DEPOSITS, AND BORROWINGS OF MEMBER BANKS, BY CLASSES
[Averages of daily figures.l In millions of dollars]
Item and period
All
member
banks
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
Country
banks
Item and period
All
member
banks
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
Country
banks
Excess reserves:2
Total reserves held:
1955—Dec
19,240
4,432
1 166
7,924
5,716
1955—Dec
594
35
2
60
497
1956—Jan.
Feb
Mar
Apr...
May
June
July
19,138
18 709
18 924
18,847
18,735
18,933
18,836
18,783
19 024
18 939
19 169
19,535
4,293
4 196
4 372
4,287
4,264
4 354
4,237
4,236
4 288
4 222
4 244
4,448
1 178
1 138
1 137
1,105
1,119
1,133
1,129
1,130
[ 120
1 111
I 122
[,149
7 934
7 753
7 796
7,814
7,775
7,784
7,796
7,783
7 885
7*869
7 960
8,078
5,732
5 623
5 619
5,641
5,577
5,662
5,675
5,633
5 732
5 736
5 843
5,859
1956—Jan
Feb . . . .
Mar
Apr
May
June
July
552
533
585
527
467
575
599
559
579
520
590
651
-24
11
28
— 12
10
13
12
10
8
13
57
-1
3
2
—1
2
4
3
1
4
3
12
72
66
84
64
49
78
89
79
80
52
83
96
505
452
470
476
406
479
496
469
498
456
491
488
Week ending:
1956—Dec 19
Dec. 26
19,535
19,790
4,434
4,465
,134
,162
8,068
8,156
5,898
6,007
Week ending:
1956—Dec. 19
Dec. 26
613
704
12
21
-2
6
73
86
530
591
1957—Jan. 2.
Jan
9
Jan. 16
Jan. 23
Jan. 30.
19,856
19 701
19,300
19 342
18,918
4,627
4 399
4,301
4 310
4,284
,193
I 149
1,126
I 118
,114
8,199
8 121
8,038
7 992
7,875
5,837
6 032
5,836
5,922
5,646
1957_jan. 2 .
Jan 9
Jan. 16
Jan. 23
Jan 30
745
729
25
5
1
2
130
104
80
66
49
453
609
M43
P33O
137
11
7
2
9
1955—Dec.......
18,646
4,397
1,164
7,865
5,220
1956—Jan
Feb.....
Mar
Apr.
May
839
7,863
7 687
7 712
7 750
7 726
7 706
7,707
7,704
7 805
7,817
7 877
7 983
5,227
5 170
5 149
5 165
5 171
5 183
5,179
5,164
5 234
5,281
5,352
5,371
Week ending:
1956—Dec. 19
Dec. 2 6 . . . .
82
106
258
261
155
115
50
74
93
118
143
97
425
402
382
493
517
434
433
461
377
299
276
300
126
142
151
151
201
174
Sept.
Oct
Nov
Dec
,179
134
135
106
117
130
,127
,129
120
1,107
119
,138
85
159
4,317
4 186
4 344
4*299
4 254
4 341
4,225
4,227
4 288
4,214
4,231
4,392
197
398
18,586
18 177
18 340
18 320
18 268
18 359
18,237
18,224
18,446
18,419
18,579
18,883
18,922
19,086
4,423
4,444
,136
,156
7,995
8,070
5,368
5,416
1957—Jan. 2
19,110
Jan. 9 . . . . . . . . . 18 971
Jan 16
^18,770
Jan. 2^
H8 761
Jan. 30
H8^587
4,490
4 388
4,294
4 308
4,274
,168
144
,125
116
in
8,068
8 017
7,959
7 926
7,826
5,384
5 423
*>5,392
v5 411
»5,374
Sept
Oct
Nov
Dec
.
Required reserves:2
July
December 1955
Demand balances due
from domestic banks...
v
117,558
12 951
104,607
101,264
40,288
24,062
4 070
19,993
21,130
3,420
6,222
1 196
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
6,452
81
110
2,048
4,212
120 004
13,605
106,399
102,503
41,716
24 306
4,354
19,952
21,116
3,374
6 152
1,242
4,909
5,362
1,310
47 100
6,628
40,472
39,644
16,931
42 446
1,381
41,065
36,381
20,101
6,707
67
107
2,110
4,424
Preliminary.
i 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.
* Weekly figures of required, excess, and free reserves of all member
banks and of country banks are estimates.
*>531
*>581
P511
P212
Borrowings at Federal
Reserve Banks:
1955—Dec
1956—Jan
Feb.
Mar
Apr. .
May
June
July
Sept
Oct
Nov
Dec... .
792
715
744
688
174
149
202
155
98
46
119
168
204
200
226
147
Week ending:
1956—Dec. 19
Dec. 26
527
641
79
165
78
88
206
224
164
164
900
259
83
446
239
185
185
315
84
118
16
21
122
99
20
29
17
-245
-162
-83
-338
338
—255
-83
-103
—256
-262
-153
-111
-48
-73
-93
— 114
-140
-85
-353
-336
-298
-429
-468
-356
— 344
-382
-297
-246
-193
379
310
319
204
325
205
305
360
274
380
358
393
344
366
427
807
799
993
1 060
971
769
738
898
1957_jan. 2
Jan 9
Jan. 16
Jan. 23
Jan. 30
505
323
322
502
136
195
118
98
99
144
73
92
149
Free reserves *
December 1956
Gross demand deposits:
Total
Interbank
Other
Net demand deposits 3 . . .
...
2
Deposits:
Gross demand deposits:
Total
Interbank
Other
Net demand deposits 3 . . .
Time deposits
Demand balances due
from domestic banks...
Sent
Oct
Nov
Dec
1955—Dec.
1956—Jan
Feb
Mar
Apr
May
-37
-198
-138
— 174
-167
-88
-33
— 108
-158
-204
— 192
-214
-90
Week ending:
1956—Dec 19
Dec 26
86
63
— 67
— 144
— 80
— 82
— 133
-138
1957_jan. 2
Jan. 9
Jan. 16
Jan. 23
Jan. 30
-155
224
*208
?259
p-172
-122
-72
7
-14
-12
-97
-94
-19
-27
-17
-316
-135
-105
July
Aug
Sept
Oct
Nov
Dec
-266
—408
-533
—504
— 194
— 139
— 339
-213
— 195
— 154
119
380
525
*>325
P419
-266
3 Demand deposits subject to reserve requirements, i. e., gross demand
deposits minus cash items reported as in process of collection and demand
balances
due from domestic banks.
4
Free reserves are excess reserves less borrowings.
160
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
Federa. Reserve Bank
Rate on
Jan. 31
In effect
beginning—
Boston
New Y o r k . . .
Philadelphia..
Cleveland
Richmond...
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
Aug. 28,
Aug. 24,
Aug. 24,
Aug. 27,
Aug. 24,
Aug. 28,
Aug. 24,
Aug. 28,
Apr. 13,
Aug. 31,
Aug. 28,
Apr. 13,
Previous
rate
Other secured advances
(Sec. 10(b))
Rate on
Jan. 31
In effect
beginning—
Aug. 28,
Aug. 24,
Aug. 24,
Aug. 27,
Aug. 24,
Aug. 28,
Aug. 24,
Aug. 28,
Apr. 13,
Aug. 31,
Aug. 28,
Apr. 13,
1956
1956
1956
1956
1956
1956
1956
1956
1956
1956
1956
1956
Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)
1956
1956
1956
1956
1956
1956
1956
1956
1956
1956
1956
1956
Previous
rate
38
3%
38
3*
3i4
In effect
beginning—
Rate on
Jan. 31
Aug.
Aug.
Apr.
Aug.
Aug.
Aug.
Aug.
Aug.
Apr.
Aug.
Aug.
Apr.
4
4
4
4
414
4
4
Previous
rate
28, 1956
24, 1956
13, 1956
27, 1956
24, 1956
28, 1956
24, 1956
28, 1956
13, 1956
31, 1956
28, 1956
13, 1956
1
Rates shown also apply to advances secured by obligations of Federal
intermediate credit banks maturing within 6 months.
NOTE.—Maximum maturities. Discounts for and advances to member
banks: 90 days for discounts and advances under Sections 13 and 13a of
the Federal Reserve Act except that discounts of certain bankers' accept-
ances and of agricultural paper may have maturities not exceeding 6
months and 9 months, respectively, and advances secured by obligations
of Federal intermediate credit banks maturing within 6 months are
limited to maximum maturities of 15 days; 4 months for advances under
Section 10(b). Advances to individuals, partnerships, or corporations
under the last paragraph of Section 13: 90 days.
FEDERAL RESERVE BANK OF NEW YORK DISCOUNT RATE*
MEMBER BANK RESERVE REQUIREMENTS
[Per cent per annum]
[Per cent of deposits]
Date effective
1930—Feb.
Mar.
May
June
Dec.
1931—May
Oct.
Oct.
1932—Feb.
June
1933—Mar.
Apr.
May
Oct.
1934— Feb.
1937—Aug.
7
14
2
20
24
8
9
16
26
24
3
7
26
20
2
27
Rate
4
3%
¥
2%
3*
f*
1*
Date effective
1942—Oct.
1946—Apr.
1948__jan.
Aug.
1950—Aug.
1953—Jan.
1954_Feb.
Apr.
1955—Apr.
Aug.
Sept.
Nov.
1956—Apr.
Aug.
j *
1J4
30
25
12
13
21
16
5
16
15
5
9
18
13
24
•8
2J4
3
4
3
1
2
Under Sees. 13 and 13a, as described in table above.
Preferential rate for advances secured by Govt. securities maturing
or callable in 1 year or less in effect during the period Oct. 30, 1942Apr. 24, 1946. The rate of 1 per cent was continued for discounts of and
advances secured by eligible paper.
NOTE.—Repurchase rate on U. S. Govt. securities. In 1955 and 1956
this rate was the same as the discount rate except in the following periods
(rates in percentages): 1955—May 4-6, 1.65; Aug. 4, 1.85; Sept. 1-2, 2.10;
Sept. 8, 2.15; Nov. 10, 2.375; and 1956—Aug. 24-29, 2.75.
MARGIN REQUIREMENTS 1
[Per cent of market value]
Regulation T:
For extensions of credit by brokers and
dealers on listed securities.. >
For short sales
v\
Regulation U:
For loans by banks on stocks
Feb. 20, Jan. 4,
Effec19531955tive
Jan. 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
Central
reserve
city
banks
2 4
134
In effect Feb. 1, 1957
Prescribed in accordance with
Securities Exchange Act of 1934
Net demand deposits 1
Rate
Reserve
city
banks
Country
banks
Time deposits
Central
reserve
and
reserve
city
banks
Country
banks
1 9 1 7 _ j u n e 21
13
10
7
3
3
1936—Aug. 16
1937—Mar. 1
May 1
191/i
15
lOVi
121^
14
4%
38
17Vi
12
5
20
14
6
8*
1938—Apr. 16
1941—Nov.
1942—Aug.
Sept.
Oct.
2234
26
24
22
20
1
20
14
3
1948—Feb. 27
June 11
Sept. 1 6 , 2 4 * . . . .
22
24
26
1949—May
June
Aug.
Aug.
Aug.
Sept.
1,5*
30, July 1 * .
1,11*....
16, 1 8 * . . . .
25
1
24
1951—Jan. 11, 1 6 * . . . .
Jan. 25, Feb. 1*.
23
24
1953—July
51/4
6
6
5
6
22
16
71/2
7Vi
21
20
19Vi
19
15
14
13
12
7
6
5
7
6
19
20
13
14
6
6
5
5
5
18
22
19
13
1954—June 16, 2 4 * . . . .
July 29, Aug. 1*.
21
20
18
12
In effect Feb. 1, 1957...
20
18
12
5
5
Present statutory
quirements :
Minimum
Maximum
13
26
10
20
7
14
3
6
3
6
1,9*
re-
1 Demand deposits subject to reserve requirements, which beginning
Aug. 23, 1935, have been total demand deposits minus cash items in
process of collection and demand balances due from domestic banks (also
minus war loan and series E bond accounts during the period Apr. 13,
1943-June 30, 1947).
* First-of-month or midmonth dates are changes at country banks, and
other dates (usually Thursdays) are at central reserve city or reserve city
banks.
161
FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday
End of month
1957
Item
Jan. 30
Jan. 23
Jan. 16
1957
Jan. 9
Jan. 2
Jan.
1956
Dec.
Jan.
Assets
Gold certificates account
Redemption fund for F. R. notes.,
20,689,393 20,389,393 20,389,392 20,389,393 20,374,391 20,689,392 20,374,393 20,151,352
894,950
859,120
872,146
875,627
879,951
879,951
872,146
894,951
Total gold certificate reserves.
21,561,539 21,265,020 21,269,343 21,269,344 21,269,341 21,561,538 21,269,344 21,010,472
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
554,216
485,149
564,296
461,403
539,031
430,751
475,370
379,265
379,133
308,549
549,496
486,821
350,598
306,196
377,208
460,007
652,854
25,000
825
29,848
332,915
25,000
785
29,829
238,730
25,000
819
32,775
316,093
30,000
794
34,550
4,834
345,444
25,000
793
34,554
23,734
642,554
25,000
822
30,089
25,027
25,000
794
33,541
35,222
852,236
539,535
682,475 1,253,345 1,680,570 1,721,270
532,335 1,721,270
577,500
10,932,699 10,932,699 10,932,699 10,932,699 10; 932,699 10,932
153,913 9,153;
9,153,913 9,153,913 9,153,913 9,153,913
801,750 2,801;
2,801,750 2,801,750 2,801,750 2,801,750
692
17,562
10,932,699
,920,699
9,153,913 14 ,165,913
2,801,750
,801,750
23,427,897 23,570,837 24,141,707 24,568,932 24,609,632 23,420,697 24,609,632 23,465,862
Total bought outright
Held under repurchase agreement
Total U. S. Government securities.
305,100
209,000
23,427,897 23,570,837 24,141,707 24,568,932 24,818,632 23,420,697 24,914,732 23,465,862
Total loans and securities.
24,136,424 23,959,366 24,439,031 24,955,203 25,248,157 24,119,162 25,034,316 24,336,352
22
4,828,511
74,305
303,615
Due from foreign banks.
Uncollected cash items..
Bank premises
Other assets
Total assets.
22
22
,207,533 5,830,664
74,404
73,769
292,158
281,508
22
,779,996
73,432
269,105
22
,818,830 4,755
73,355
74
255,839
305
22
,623,921
73,361
252,054
22
,169,266
62,022
199,670
51,943,781 51,824,202 52,864,119 52,201,737 53,353,226 51,852,501 52,909,812 50,615,019
Liabilities
26,664,123 26,767,350 26,961,249 27,164,937 27,427,168 26,697,938 27,475,657 26,170,046
Federal Reserve notes
Deposits:
Member bank reserves
U. S. Treasurer—general account.
Foreign
Other
19,289,869 19,232,848 19,385,553 18 ,881,740 19,058 790 18 ,749,546
376,884
427,569
285,862
363,065
714,617
441 ,243
355,399
326,096
327,376
290,656
343,619
322 294
348,930
291,420
281,521
263,439
426 ,325
321,816
18,889,375 19,072,
613,693
258!
347,900
317;
260,681
258
Total deposits.
20,111,649 19,907,881 20,193,247 20,204,810 20,374,909 20,203,415 20,248 ,652 19,881,444
3,897,391 3,888
4,458,086 3,590,741 4,321,734 ,680,388 3,959 ,006 3,383,309
17,332
17,557
16,978
,279
15,749
14,248
12,627
is;
50,688,912 50,579,623 51,629,914 50,978,045 52,140,789 50,595,989 51,700,594 49,447,426
Deferred availability cash items
,
Other liabilities and accrued dividends1.
Total liabilities.
Capital Accounts
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Other capital accounts
327,611
747,593
27,543
152,122
Total liabilities and capital accounts
327,111
747,593
27,543
142,332
326,782
747,593
27,543
132,287
326,506
747,593
27,543
122,050
325,758
747,593
27,543
111,543
327,649
747,593
27,543
153,727
325,602
747,593
27,543
108,480
305,330
693,612
27,543
141,108
51,943,781 51,824,202 52,864,119 52,201,737 53,353,226 51,852,501 52,909,812 50,615,019
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
46.1
45.6
45.1
44.9
44.5
46.0
44.6
45.6
61,429
2,322
59,410
2,362
56,136
2,351
53,601
2,364
50,257
2,366
62,493
2,315
50,055
2,365
32,412
2,470
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.
357,915
346,093
370,444
50,027
852,236
677,854
263,730
667, 554
330,094
319,066
844,915
632,792
232,603
344,317
638; 941
24,130
2,821
2,027
613
7,321
20,062
6,127
1,127
897
25,000
25,000
000
25,000
25,000
25,000
25,000
785
794
822
692
825
819
793
794
35
13
36
35
13
13
36
1
63
61
63
62
61
62
14
60
437
460
476
472
460
474
460
586
250
260
250
250
260
250
260
91
29,829
39,384
29,848
32,775
68,763
17,562
58,288
30 089
9,284
13,368
6,529
11,267
42,232
31,788
7 386
6,325
20,545
26,016
23,319
21,508
26,531
22 703
11,237
26,500
632 23,420 697 24, 914,732 23,,465,862
23 ,427,897 23,570,837 24,141,707 24,568,932 24,818,632
167,740
451,850
116,310
288,420
599,150
710
203,600
715,550 5,187
740,720
439,220
856 625
385,900
726,720
5,935,225 6,026,735 6,476,925
860,764
14,574,612 14,574,612 14,574,612 14,574,612 14 574,612 14,574
15,074,612
373
373,279
373,279
373,279
373,279
373,279
587,127
373,279
,013,614 ,013,614
013,614 1,013
013,614
,013,614 ,013,614
,013,614
,414,857
,414,857 ,414,857
,414,857
414,857 1,414
,414,857
414,857
2I:
2
Holdings under repurchase agreements are classified as maturing
withing 15 days in accordance with maximum maturity of the agreements.
162
FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JANUARY 31, 1957
[In thousands of dollars]
Item
Boston
New
York
Cleveland
Philadelphia
Richmond
St.
Atlanta Chicago i Louis
Minneapolis
Kansas
City
Dallas
SanFran
cisco
Assets
Gold certificate account
,
Redemption fund for F. R.
notes
969,219 5,669,695 1,012,404 1,846,689 1,335,509
56,603
182,074
62,332
77,177
68,773
Total gold certificate reserves 1,025,822 5,851,769 [,074,736 1,923,866 [,404,282
F. R. notes of other Banks..
Other cash
42,755
37,010
88,046
111,573
52,873
28,143
48,152
39,365
43,948
29,317
835,107 3,756,457
817,265
339,893
852,627
160,318
43,617
22,889
41,464
885,952 3,916,775
860.882
362,782
894,091
54,525
74,252
11,525
25,711
21,665
11,653
9,771
16,646
42,936
19,680
46,160
54,779
44,935
925
38,605
600
41
51,764
950
18,450
1,300
28,200
2,800
50,845
87,140
38,692
Discounts and advances:
Secured by U. S. Govt.
66,422
52,645
46,438
130,785 93,455
33,625
37,230
securities
1,750
1,125
1,275
3,550
1,450
7,025
2,250
Other
446
335
Industrial loans
Acceptances:
Bought outright
30,089
Held under repurchase
agreement
U. S. Govt. securities:
1,287,342 5,894,474 1,407,373 2,025,726 1,441,989 1,204,269 4,086,256
Bought outright
Held under repurchase
agreement
Total loans and securities
Due from foreign banks
Uncollected cash items
Bank premises
Other assets
Total assets
977,814
,326,357 6,062,373 1,503,024 2,061,601 ,495,909 1,271,816 4,136,244 1,023,674
346,128
5,327
16,432
16
849,390
9,470
75,247
2
305,651
4,759
18,002
2
478,900
7,771
26,477
1
377,142
7,191
18,634
1
379,292
5,235
15,691
3
808,416
5,862
55,251
1
204,913
4,556
12,574
529,003 1,014,819
735,610 2,518,917
26,072
79,982
761,682 2,598,899
930,832 2,620,800
568,249| 1,067,533 950,582 2,651,800
1
111,361
4,808
6,843
I
237,258
4,421
13,054
1
230,097
4,164
12,681
2
427,360
10,699
34,405
2,799,832 13,047,874 2,987,190 4,586,134 3,376,424 2,683,819 9,051,328 2,143,836 1,087,362 2,242,775 2,021,823 5,824,104
Liabilities
F. R. notes
Deposits:
Member bank reserves
U. S. Treasurer—general
account
Foreign
Other
Total deposits
Deferred availability cash
items.
Other liabilities and accrued
dividends
Total liabilities
,573,385 6,235,015 ,710,970 2,531,529 2,113,884 1,317,774 5 ,149,260 ,183,283 487,40711,054,984 696,082 2,644,365
896,286 ,497,119
818,869
910,655 2,996,796
691,902
428,958
62,193
128,590 44,554
52,819
23,520
30,240
19,488 2102,010
10,771
1,286
438
197,472
850,000 5,853,500 975,131 ,581,464
43,646
17,136
3,301
41,189
12,432
759
40,405
8,064
783
882,952
63,902
87,353
15,120 47,712
1,016
1,519
991,196 3,132,877
746,282
478,210
767,881 5,425,428
887,597 1,012,266 2,547,983
49,022
12,768
2,072
47,135
17,472
2,922
53,809
37,657
41,100
951,459 1,079,795 2,680,549
301,748
611,474
212,028
358,734
312,702
315,849
587,032
164,876
89,264
185,968
181,525
359,188
667
3,713
735
1,720
621
586
2,793
445
473
516
375
1,604
2,725,800 12,703,702 2,898,864 4,473,447 3,310,159 2,625,405 8,871,962 2,094,886 1,055,354 2,192,927 1,957,777 5,685,706
Capital Accounts
Capital paid in
Surplus (Sec. 7)
Surplus (Sec. 13b)
Other capital accounts.
16,935
43,948
3,011
10,138
94,247
208,002
7,319
34,604
20,714
52,301
4,489
10,822
31,416
66,393
1,006
13,872
15,005
37,594
3,349
10,317
15,775
33,179
762
8,698
44,803
110,421
1,429
22,713
11,177
29,331
521
7,921
7,213
18,520
1,073
5,202
13,146
27,983
1,137
7,582
18,094
37,508
1,307
7,137
39,124
82,413
2,140
14,721
Total liabilities and capital
accounts
2,799,832 13,047,874 2,987,190 4,586,134 3,376,424 2,683,819 9,051,328 2,143,836 1,087,362 2,242,775 2,021,8235,824,104
Reserve ratio
Contingent liability on acceptances purchased for
foreign correspondents
Industrial loan commitments..
42.3%
48.4%
40.0%
46.8%
46.9%
38.4%
47.3%
44.6%
37.6%
3,561
318,347
4,298
5,526
3,131
2,763
8,719
2,272
1,473
9
78
1 After deducting $16,000 participations of other Federal Reserve Banks.
2
After deducting $241,584,000 participations of other Federal Reserve
Banks.
100
44.6%
2,333
42.9?
3,193
48.8%
6,877
2,128
3 After deducting $44,146,000 participations of other Federal Reserve
Banks.
163
FEDERAL RESERVE BANKS
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS
[In thousands of dollars]
FEDERAL RESERVE BANKS COMBINED
Wednesday
Item
End of month
1957
Jan. 30
J an. 23
Jan. 16
1956
1957
Jan. 9
Jan. 2
Jan
Jan.
Dec
28 ,066 ,369 28, 194,120 28,295 850 28,390,993 28 ,516 ,040 28 ,037 ,677 28 ,532, 527 27 ,518, 792
F R notes outstanding (issued to Bank)
Collateral held against notes outstanding:
Gold certificate account
Eligible paper
11 ,868 000
173 ,459
Uj
868,000 11,918 000 11,918,000 11 ,618 000 11 ,868 ,000 11 ,618. 000 11 ,713, 000
80,101
50 392
54 ,137
7, 722
76,711
190 ,154
179, 793
17 ,305 ,000 17, 305,000 17,305 000 17,305,000 17 ,605 ,000 17 ,305 000 17 605 000 17 ,025 000
29 ,346 ,459 29, 249,711 29,273 392 29,303,101 29 ,277 ,137 29 ,363 ,154 29 ,230 722 28 ,917, 793
Total collateral
EACH FEDERAL RESERVE BANK ON JANUARY 31, 1957
Item
New
York
Boston
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
F. R. notes outstanding
(issued to Bank)
1,651, 966 6 ,555,563 1,828,506 2,625,805 2,206,030 1,405,735 5,312,240 1,238,065 546,230 1,082,214 752,290 2,833,033
Collateral held:
Gold certificate acct. 580,000 3,170,000 640,000 ,130,000 915,000 450,000 2 ,300,000 450,000 150,000 300,000 28 3,000 1,500,000
51,764
93,455
44,935
Eligible paper
U. S. Govt. securities. 1,200,000 3,600,000 1,200,000 ,550,000 1,350,000 1,000,000 3,200,000 900,000 460,000 820,000 525,000 ,500,000
Total collateral
1,780,000 6,770,000 1,933,455 2,680,000 2,265,000 1,450,000 5,500,000
LOANS GUARANTEED UNDER REGULATION
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
Applications
approved
to date
End of
year or
month
1950
1951
1952
1953
1954
1955....
[Amounts in millions of dollars]
ParticiApCommit- ofpations
financproved
Loans
ments
ing instibut not
outouttutions
comstanding 2 standing
outpleted i (amount) (amount)
standing 3
(amount)
(amount)
Number
Amount
3,698
3,736
3,753
3,765
3,771
3,778
651,389
710,931
766,492
803,429
818,224
826,853
4,819
3,513
1,638
1,951
520
305
2,632
4,687
3,921
1,900
719
702
3,754
6,036
3,210
3,569
1,148
2,293
3,778
3,778
3,778
3,779
3,780
3,780
3,781
3,781
3,781
3,781
3,781
3,782
827,159
827,529
828,016
828,846
829,485
830,116
830,630
830,995
831,409
831,882
832,071
832,550
45
45
45
45
45
693
695
658
945
933
904
954
959
938
867
801
794
2,470
2,444
2,455
2,455
2,571
2,565
2,427
2,447
2,416
2,236
2,175
2,365
$,745
End of
year or
month
$,289
*,469
,027
1,103
1950
1951
1952
1953
1954
1955
,154
,152
1,132
,128
,288
1,287
1,262
1,273
,262
179
,098
1,129
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
l: ,985
M*ay!!!!
June....
July
Aug....
Sept
Oct
Nov
Dec
Loans
authorized
to date
Number
Amount
62
854
1,159
1,294
1,367
1,411
31
1,395
2,124
2,358
2,500
2,575
1,415
1,419
1,427
1,432
1,435
1,441
1,445
1,448
1,456
1,459
,464
1,468
2,581
2,636
2,654
2,657
2,663
2,710
2,724
2,727
2,737
2,743
2,756
2,761
Portion
guaranteed
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
8
675
979
805
472
294
6
547
803
666
368
226
8
473
586
364
273
170
281
298
338
335
340
363
364
351
369
364
375
389
216
228
253
250
256
270
273
262
276
272
280
289
178
170
167
180
175
186
176
174
145
145
141
125
Loans
outstanding
Total
amount
1956
1956
Jan,. ,
Feb
Mar
,394,935 610,000 1,171,764 808,000 3,000,000
75
1 Includes applications approved conditionally by the Federal Reserve
Banks and under consideration by applicant.
2 Includes industrial loans past due 3 months or more, which are not
included in industrial loans outstanding in weekly statement of condition
of Federal Reserve Banks.
3 Not covered by F. R. Bank commitment to purchase or discount.
NOTE.—The difference between amount of applications approved and
the sum of the following four columns represents repayments of advances,
and applications for loans and commitments withdrawn or expired.
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.
164
BANK DEBITS
FEES AND RATES ON LOANS GUARANTEED
UNDER REGULATION V*
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
Boston
,
New Y o r k . . . ,
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. L o u i s . . . .
Minneapolis..
Kansas City..
Dallas
San Francisco
On
commitments
Portion
for which
institution is
obligated
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
95
Over 95
()
Maximum Rates Financing Institution May Charge Borrower
[Per cent per annum]
8
3-3%"
8
8
Interest rate
Commitment rate.
()
(4)
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.
23 Including loans made in participation with financing institutions.
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.
* Twenty-five per cent of loan rate. Charge of l/i per cent per annum
is made
on undisbursed portion.
7
Charge of X/A per cent per annum is made on undisbursed portion.
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
Year or month
Total, all
reporting
centers
Annual rate of turnover of demand deposits except
interbank and U. S. Government deposits
Without seasonal adjustment
New
York
City
6
other
centers1
337 other
reporting
centers2
22.0
21.6
21.7
21.0
20.8
21.5
21.7
21.6
22.4
21.3
22.0
22.1
23.6
23.3
45.9
45.4
45.5
42.2
46.0
46.1
47.2
43.5
47.1
51.3
43.7
46.6
48.8
45.8
28.6
26.9
30.1
28.2
27.1
29.2
29.1
28.3
30.2
29.9
27.7
29.3
30.5
28.6
20.9
20.5
21.5
21.1
20.9
22.2
22.1
21.6
22.7
22.7
21.7
22.1
22.4
22.1
J'22.5
48.1
New
York
City
6
other
centers l
337 other
reporting
centers 2
New
York
City
6
other
centers'
337 other
reporting
centers2
1,206,293
1,380,112
1,542,554
1,642,853
1,759,069
1,887,366
2,043,548
2,200,643
446,224
509,340
544,367
597,815
632,801
738,925
766,890
815,856
260,897
298,564
336,885
349,904
385,831
390,066
431,651
462,859
499,172
572,208
661,302
695,133
740,436
758,375
845,007
921,928
20.9
22.6
24.0
24.1
25.6
25.8
27.3
28.8
15.9
17.2
18.4
18.4
18.9
19.2
20.4
21.8
1955_Nov.,
Dec..
173,190
200,523
63,406
81,027
36,876
40,193
72,908
79,303
1956—Jan..
Feb..
Mar.
Apr..
May.
June.
July.
Aug.
Sept
Oct.
Nov.
Dec.
187,364
162,107
189,793
176,760
185,584
186,540
181,284
183,819
167,154
193,140
185,223
201,876
69,675
57,413
73,214
65,715
69,452
70,733
65,873
67,279
61,223
70,794
66,989
77,495
40,718
35,143
40,132
37,763
38,766
38,937
38,653
38,206
34,057
40,148
39,425
40,912
76,970
69,551
76,447
73,282
77,367
76,870
76,757
78,333
71,874
82,198
78,810
83,469
27.9
31.1
31.9
34.4
36.7
42.3
42.7
45.8
45.4
51.3
45.7
41.1
47.2
45.4
46.0
47.0
45.9
44.4
44.8
45.2
48.3
51.8
29.0
28.1
29.5
27.5
29.7
30.1
28.7
28.9
29.6
27.4
27.4
28.4
31.0
29.9
1957—Jan..
204,293
76,460
42,596
85,237
48.3
P29.9
1949
1950
1951
1952
1953
1954
1955
1956
» Preliminary.
i Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los
Angeles.
Seasonally adjusted 3
*22.3
2 338 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.
165
CURRENCY
DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION
[On basis of compilation by United States Treasury. In millions of dollars]
Total
in circulation i
Total
Coin
$12
$2
$5
$10
$20
Total
$50
$100
$500
1939
1941
1945
1947
1949
1950
1951
1952
1953
1954
1955
7,598
11,160
28,515
28,868
27,600
27,741
29,206
30,433
30,781
30,509
31,158
5,553
8,120
20,683
20,020
19,025
19,305
20,530
21,450
21,636
21,374
22,021
590
751
1,274
1,404
1,484
1,554
1,654
1,750
,812
,834
,927
559
695
1,039
1,048
1,066
1,113
1,182
1,228
1,249
1,256
1,312
36
44
73
65
62
64
67
71
72
71
75
1,019
1,355
2,313
2,110
2,004
2,049
2,120
2,143
2,119
2,098
2,151
1,772
2,731
6,782
6,275
5,897
5,998
6,329
6,561
6,565
6,450
6,617
1,576
2,545
9,201
9,119
8,512
8,529
9,177
9,696
9,819
9,665
9,940
2,048
3,044
7,834
8,850
8,578
8,438
8,678
8,985
9,146
9,136
9,136
460
724
2,327
2,548
2,435
2,422
2,544
2,669
2,732
2,720
2,736
919
1,433
4,220
5,070
5,056
5,043
5,207
5,447
5,581
5,612
5,641
191
261
454
428
382
368
355
343
333
321
307
425
556
801
782
689
588
556
512
486
464
438
20
24
7
5
4
4
4
4
4
3
3
1956—Jan..
Feb.,
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
30,228
30,163
30,339
30,210
30,513
30,715
30,604
30,757
30,768
30,839
31,424
31,790
21,236
21,227
21,419
21,320
21,621
21,801
21,709
21,838
21,834
21,877
22,374
22,598
,897
,900
,914
,922
,939
,948
,957
1,967
1,977
1,995
2,016
2,027
1,239
1,231
1,244
1,241
1,264
1,262
1,258
1,267
1,283
1,296
1,324
1,369
73
73
73
73
73
74
74
74
74
74
76
78
2,049
2,042
2,067
2,053
2,090
2,090
2,065
2,077
2,085
2,080
2,144
2,196
6,361 9,618
6,392 9,588
6,486 9,635
6,430 9,602
6,539 9,716
6,589 9,838
6,514 9,840
6,559 9,895
6,549 9,866
6,538 9,893
6,715 10,100
6,734 10,194
8,992
8,936
8,920
8,890
8,892
8,914
8,895
8,919
8,934
8,962
9,050
9,192
2,684
2,665
2,662
2,654
2,662
2,676
2,674
2,676
2,673
2,679
2,713
2,771
5,560
5,528
5,518
5,500
5,498
5,505
5,500
5,527
5,541
5,572
5,626
5,704
303
302
300
299
298
296
294
293
293
291
291
292
433
430
428
425
423
421
415
413
411
409
409
407
3
3
3
4
3
3
3
3
3
3
3
3
End of year or
month
Coin and small denomination currency
1
Outside Treasury and Federal Reserve Banks. Prior to December
1955 the totals shown as in circulation were less than totals of coin and
Large denomination currency
$1,000 $5,000 $10,000
32
46
24
17
11
12
12
10
11
15
12
8
13
13
14
paper currency shown by denomination by amounts of unassorted currency
(not shown separately.)
2
Paper currency only; $1 silver coins reported under coin.
KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION
[On basis of compilation by United States Treasury. In millions of dollars]
Held in the Treasury
Kind of currency
Gold
Gold certificates
Federal Reserve notes. .
Treasury currency—total
Standard silver dollars
Silver bullion . .
.
. .
Silver certificates and Treasury notes of 1890....
Subsidiary silver coin. .
...
Minor coin
United States notes .
.
Federal Reserve Bank notes
National Bank notes
Total
Dec 31 1956
Nov. 30, 1956
Dec 31 1955
Total outstanding, As security
Dec. 31,
against
1956
gold and
silver
certificates
21,302
2 647
3 2,412
87
40
489
2,209
32,412
1 341
476
347
142
63
203
2,209
33
(5)
23,714
23,680
23,462
21,949
21 302
28,533
5,066
(5)
5
( )
(4)
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. 158.
2 Includes $156,039,431 held as reserve against United States notes
and Treasury notes of 1890.
3
To avoid duplication, amount of silver dollars and bullion held as
security against silver certificates and Treasury notes of 1890 outstanding
is not included in total Treasury currency outstanding.
4 Less than $500,000.
5 Because some of the types of currency shown are held as collateral or
reserves against other types, a grand total of all types has no special
significance and is not shown. See note for explanation of duplications^
NOTE.—There are maintained in the Treasury—(1) as a reserve for
United States notes and Treasury notes of 1890—$156,039,431 in gold
bullion; (2) as security for Treasury notes of 1890—an equal dollar amount
in standard silver dollars (these notes are being canceled and retired on
Treasury
cash
For
F. R.
Banks
and
agents
18,454
767
2,816
1,407
306
2."
1
3
1
775
763
Currency in circulation i
Held by
F. R.
Banks
and
agents
18,454
18,412
18,194
Dec. 31,
1956
Nov. 30,
1956
Dec. 31,
1955
33
27,038
4,720
33
26,701
4,690
34
26,506
4,618
5
247
245
231
238
30
4
27
1
(4)
2,174
1,309
471
316
140
63
2,153
1,303
468
317
141
63
2,156
1,246
449
314
155
66
4,529
4,479
4,569
31,790
31,424
31,158
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.
166
ALL BANKS
CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1
[Figures partly estimated except on call dates.
In millions of dollars]
Liabilities
and Capital
Other
securities
Total
assets,
netTotal
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
Othe*
5,741
10,328
23,105
29,049
128,417
107,086
96,560
100,008
100,935
104,819
97,572
96,736
5,499
8,199
19,417
25,511
101,288
81,199
72,894
72,740
72,610
77,728
71.947
70.052
216
1,998
2,484
2,254
24,262
22,559
20,778
24,697
25,916
24,932
23,607
24.785
26
131
1,204
1,284
2,867
3,328
2,888
2,571
2,409
2,159
2,018
1.899
11,819
9,863
9,302
8,999
8,577
10,723
14,741
17,374
18,370
20,439
20,951
20.670
64,698
48,465
75,171
90,637
191,785
188,148
199,009
220,865
226,715
237,686
236,552
244,135
55,776
42,029
68,359
82,811
180,806
175,348
184,384
204,220
209,175
218,882
217,595
224,943
8,922
6,436
6,812
7,826
10,979
12,800
14,624
16,647
17,538
18,806
18,956
19,193
94,800
93,000
92,600
91,700
91,000
90,511
89,700
90,900
90,500
91,000
92,100
92,900
69,400
67,600
67,100
66,600
65,700
64,917
64,500
65.400
65,200
65,500
66,100
66,300
23,500
23,500
23,600
23,300
23,400
23,758
23,400
23,700
23,600
23,800
24,300
24,900
i.900
1,900
1,900
1,900
1,900
1,836
1,800
1,800
1,800
1,800
1,700
1,700
20,600
20,700
20,700
20,700
20,500
20,632
20,400
20,600
20,800
20,500
20,400
20,400
240,900
239,800
241,700
241,700
241,500
243,394
241,800
243,900
244,900
245,800
247,700
250,400
221,000
219,900
221,600
221,200
221,200
223,585
221,400
223,000
224,000
224,800
227,000
229,800
19,900
20,000
20,100
20,500
20,300
19,807
20,400
20,900
20,900
21,000
20,800
20,600
Loans,
net
Total
1929—June 29.
1933—June 30.
1939—Dec. 30.
1941—Dec. 31.
1945—Dec. 31.
1947—Dec. 31.
1950—Dec. 30.
1952—Dec. 31.
1953—Dec. 31.
1954—Dec. 31.
1955—June 30.
Dec. 31.
4,037
4,031
17,644
22,737
20,065
22,754
22,706
23,187
22,030
21,713
21,678
21,690
2,019
2,286
2,963
3,247
4,339
4,562
4,636
4,812
4,894
4,985
5,002
5.008
58,642 41,082
42,148 21,957
54,564 22,157
64,653 26,605
30,387
167,381
160,832 43,023
171,667 60,366
192,866 75,484
80,486
199,791
85,730
210,988
209,872 91,349
217.437 100.031
1956—Jan. 25.
Feb. 29.
Mar. 28.
Apr. 25.
May 30.
June 30.
July 25*
Aug. 29*
Sept. 26*
Oct. 31*
Nov. 28*
Dec. 26*
21,700
21,700
21,700
21,700
21,800
21,799
21,800
21,900
21,900
21,900
21,900
21,900
5,000
5,000
5,000
5,000
5,000
5,032
5,000
5,000
5,000
5,100
5,100
5,100
214,200
213,100
214,900
214,900
214,700
216,563
214,900
217,000
218,000
218,900
220,800
223,400
98,900
99,400
101,600
102,500
103,300
105,420
104,900
105,500
106,700
107,400
108,200
110,100
Details of Deposits and Currency
Date
1929—June
1933—June
1939—Dec.
1941—Dec.
1945_Dec.
1947_Dec.
1950—Dec.
1952—Dec.
1953—Dec.
1954—Dec.
1955—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
2,501
2,694
3,329
3.247
3,167
1956—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
25..
29..
28.,
25..
30..
30.,
25?
29*,
26*,
31*
28*,
26^,
3,100
3,000
3,000
3,000
3,000
3,115
3,100
3,100
3,200
3,100
3,400
3,400
At
Treas- comury mercial F.AtR.
cash
Banks
and
hold- savings
ings
banks
Time deposits 2
Total
Total
36
35
634
867
977
870
668
389
346
563
380
394
54,790
40,828
63,253
76,336
150,793
170,008
176,916
194,801
200,917
209,684
207,738
216,577
28,611
21,656
27,059
27,729
48,452
56,411
59,247
65,799
70,375
75,282
77,129
78.378
19,557
10,849
15,258
15,884
30,135
35,249
36,314
40,666
43,659
46,844
47,846
48,359
8,905
9,621
10,523
10,532
15,385
17,746
20,009
22,586
24,358
26,302
27,277
28,129
2,300
4,000
6,500
4,400
5,800
5,537
3,600
5.800
5,400
3,800
5,200
4,200
500
600
500
600
400
522
600
500
600
500
500
500
214,400
211,600
210,800
212,400
211,200
213,643
213,300
212,800
214,100
216,600
217,100
220,900
78,400
78,800
79,300
79,300
79,600
80,615
80,700
80,900
81,300
81,500
80,900
81,900
48,300
48,500
48,800
48,800
49,000
49,698
49,700
49,900
50,100
50,200
49,600
50,300
28,300
28,400
28,600
28,700
28,900
29,152
29,200
29,300
29,500
29,600
29,600
30,000
P Preliminary.
1 Represents all commercial and savings banks, Federal Reserve Banks,
Postal Savings System, and Treasury currency funds (the gold account,
Treasury currency account, and Exchange Stabilization Fund).
2 Excludes interbank time deposits; U. S. Treasurer's time deposits,
open account; and deposits of Postal Savings System in banks.
3 Prior to June 30, 1947, includes a small amount of demand deposits.
4 Demand deposits other than interbank and U. S. Govt., less cash
items
reported as in process of collection.
5
Seasonally adjusted series begin in 1947 and are available only for
last Wednesday of the month. For back figures, see BULLETIN for March
lJ
1955, pp. 252-255, and this table in subsequent issues.
Demand
Com- Mutual Postal
demercial saviings Siiavings posits 4
banks banks 3 System
204
381
264
852
2,409
846
2,215
1,895
2,287 24,608
1,336
1,452
1,293
2,989
1,270
5,259
761 4,457
796 4,510
812 5,418
767 4.038
800
800
800
800
800
768
800
800
800
800
800
800
Seasonally adjusted series5
Deposits adjusted and currency
U. S. Govt. balances
Foreign
bank
deposits,
net
149
1,186
1,278
1,313
2,932
3,416
2,923
2,547
2,359
2,136
2,007
1,890
Currency
outside
banks
Total
demand
deposits
adjusted
and
currency
Demand
deposits
adjusted
Currency
outside
banks
22,540
14,411
29,793
38,992
75,851
87,121
92,272
101,508
102,451
106,550
103,234
109,914
3,639
4,761
6,401
9,615
26,490
26,476
25,398
27,494
28,091
27,852
27,375
28.285
111,100 85,200 25 ,900
114,300 89,700 24 ,600
124,700 97,800 26 ,900
126,700 99,500 27 ,200
129,700 102,800 26 ,900
131,900 104,900 27 ,000
133,300 105,800 27 ,500
,900 108,900
,800 105,600
,800 104,400
,800 106,100
,800 104,200
,765 104,744
,700 105,200
,700 104,500
,700 105,400
700 107,400
,700 108,200
,600 110,700
27,100
27,200
27,200
27,000
27,400
28,284
27,400
27,500
27,400
27,700
28,000
28,400
133,300
132,700
133,100
134,400
133,200
134,300
134,300
133,600
134,100
133,600
134,300
134,500
106, 000
105, 400
105, 600
107, 200
105, 700
106, 700
106, 800
106, 100
106, 700
106, 100
106, 700
106, 600
27
7,300
27
7,300
27
7,500
27
7,200
27
7,500
27
7,600
27
7,500
27
7,500
27
7,400
27
7,500
27
7,600
27
7,900
NOTE.—For description of statement and back figures, see BULLETIN
for January 1948, pp. 24^-32. The composition of a few items differs
slightly from the description in the BULLETIN article: stock of Federal
Reserve Banks held by member banks is included in other securities and
in capital and miscellaneous accounts, net, and balances of the Postal
Savings System and the Exchange Stabilization Fund with the U. S.
Treasury are netted against capital and miscellaneous accounts, net,
instead of against U. S. Govt. deposits and Treasury cash. Total deposits
and currency shown in the monthly Chart Book excludes foreign bank deposits, net, and Treasury cash. Except on call dates, figures are rounded
to nearest $100 million and may not add to the totals.
167
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Deposits
Loans and investments
Class of bank
and date
Total
All banks:
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1954—Dec.
1955—June
Dec.
1956—May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
30
31
31
3H
30
31
30
31
30
30
25*
29»
26*
31*
28*
26^
50,884
61,126
140,227
134,924
148,021
183,784
184,253
190,780
780
190,640
191,074
190,860
860
192,500
193,660
194,230
195,750
197,620
Loans
U.S.
Gqvt.
obligations
Other
securities
Total
assets—
Total
liaCash
bilities
assets2
and
capital
accounts 3
Other
Total 2
Interbank 2
22,165
19,417 9,302 23,292 77,068 68,242 9,874
26,615 25,511 8,999 27,344 90,908 81,816 10,982
30,362 101,288 8,577 35,415 177,332 165,612 14,065
43,002 81,199 10,723 38,388 175,091 161,865 13,033
60,386 72,894 14,741 41,086 191,317 175,296 14,039
85,617 77,728 20,439 44,585 231,654 211,115 16,811
91,355 71,947 20,951 42,014 229,631 208,850 15.245
^00,057 70,052 20,670 47,803 242,008 220,441 16,646
100
104,430 65,700 20,510 40,800 235,010 210,890 13,690
105,525 64,917 20,632 43,361 238,133 215,510 15,242
105,960
105
64,490 20,410 40,770 235,260 211,250 14,560
106,530 65,420 20,550 40,560 236,840 212,520 14,460
107,720 65,160 20,780 42,530 240,080 215,210 15,070
108,270 65,460 20,500 43,160 241,370 216,570 15,380
109,230 66,080 20,440 43,140 242,940 217,930 15,360
111,020 66,250 20,350 45,400 247,060 222,090 16,060
40,668
50,746
124,019
116,284
126,675
155,916
155,264
160,881
159,690
160,008
159,580
161,030
162,030
162,540
163,940
165,690
17,238
21,714
26,083
38,057
52,249
70,619
75,183
82,601
85,960
86,887
87,140
87,470
88,480
88,830
89,580
91,240
16,316
21,808
90,606
69,221
62,027
68,981
63,271
61,592
57,310
56,620
56,190
57,170
56,950
57,400
58,100
58,300
7,114
7,225
7,331
9,006
12,399
16,316
16,809
16,688
16,420
16,502
16,250
16,390
16,600
16,310
16,260
16,150
22,474
26,551
34,806
37,502
40,289
43,559
41,025
46,838
39,970
42,444
39,920
39,730
41,700
42,360
42,360
44,470
65,216
79,104
160,312
155,377
168,932
202,378
199,249
210,734
202,780
205,712
202,690
204,090
207,160
208,430
209,880
213,760
57,718
71,283
150,227
144,103
155,265
184,757
181,516
192,254
181,980
186,326
181,980
183.150
185,690
186,990
188,300
192,060
9,874
10,982
14,065
13,032
14,039
16,809
15,242
16,643
13,690
15,239
14,560
14,460
15,070
15.380
15,360
16,060
AH member banks:
1939—Dec. 30
1941_Dec. 31
1945—Dec. 31
1947_Dec. 31
1950—Dec. 30
1954—Dec. 31
1955—June 30
Dec. 31
1956—May 30
June 30
July 25*
Aug. 29*
Sept. 26
Oct. 31*
Nov. 28*
Dec. 26*
33,941
43,521
107,183
97,846
107,424
131,602
130,788
135,360
134,114
134,428
133,966
135,223
136,154
136,443
137,613
139,409
13,962
18,021
22,775
32,628
44,705
60,250
64,315
70,982
73,930
74,783
75,005
75,322
76,305
76,581
77,296
78,879
14,328
19,539
78,338
57,914
52,365
57,809
52,543
50,697
46,818
46,226
45,763
46,581
46,354
46,622
47,143
47,460
5,651
5,961
6,070
7,304
10,355
13,543
13,930
13,680
13,366
13,419
13,198
13,320
13,494
13,240
13,174
13,070
19,782
23,123
29,845
32,845
35,524
38,076
36,300
41,416
35,279
37,536
35,160
35,048
36,817
37,289
37,271
39,176
55,361
68,121
138,304
132,060
144,660
172,242
169,686
179,414
172,156
174,820
171,934
173,210
175,983
176,878
178,043
181,767
49,340
61,717
129,670
122,528
133,089
157,252
154,670
163,757
154,405
158,388
154,215
155,323
157,615
158,492
159,593
163,134
9,410
10,525
13,640
12,403
13,448
15,983
14,462
15,865
13,044
14,508
13,874
13,781
14,361
14,645
14,617
15,302
10,216 4,927
10,379 4,901
16,208 4,279
18,641 4,944
8,137
21,346
27,868 14,998
28,990 16,172
29,898 17,456
30,950 18,470
31,066 18,639
31,280 18,820
31,470 19,060
31,630 19,240
31,690 19,440
31,810 19,650
31,930 19,780
3,101
3,704
10,682
11,978
10,868
8,748
8,675
8,460
8,390
8,297
8,300
8,250
8,210
8,060
7,980
7,950
2,188
1,774
1,246
1,718
2,342
4,123
4,142
3,982
4,090
4,130
4,160
4,160
4,180
4,190
4,180
4,200
c
* Preliminary.
Corrected.
i All banks in the United States. All banks comprise all commercial
banks and all mutual savings banks. All commercial banks comprise
all nonmember commercial banks and all member banks including one
bank in Alaska that became a member bank on Apr. 15, 1954, and a
noninsured State member nondeposit trust company, but excluding three
mutual savings banks that became members in 1941. Stock savings
banks and nondeposit trust companies are included with commercial
banks. Number of banks includes a few noninsured banks for which
818 11,852
793 11,804
609 17,020
886 19,714
797 22,385
,026 29,276
989 30,382
965 31,274
830 32,230
917 32,421
850 32,570
830 32,750
830 32,920
800 , 32,940
780 33,060
930 33,300
Number
of
banks
Time
U.S.
Govt.
All commercial banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 3H
1950—Dec. 30
1954—Dec. 31
1955—June 30
Dec. 31
1956—May 30
June 30
July 25*
Aug. 29*
Sept. 26?
Oct. 31*
Nov. 28*
Dec. 26*
All mutual savings banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947_Dec. 3H
1950—Dec. 30
1954—Dec. 31
1955_j U ne 30
Dec. 31
1956—May 30
June 30
July 25*
Aug. 29*
Sept. 26*
Oct. 31*
Nov. 28*
Dec. 26^
Demand
Total
capital
accounts
10,524
10,533
15,385
17,763
20,031
26,359
27,334
28,187
28,910
29,184
29,270
29,370
29,520
29,580
29,630
30,030
8
8
(5)
Other
32,516
44,355
105,935
1,346 94,381
2,809 101,936
4,176 116,617
5,081 113,034
3,712 123,239
5,450 113,580
5,235 115,850
3,290 114,140
5.460 113,050
5,110 115,140
3,480 117,590
4,930 118,070
3,890 121,550
25,852
26,479
45,613
53,105
56,513
73,510
75,491
76,844
78,170
79,182
79,260
79,550
79,890
80,120
79,570
80,590
8,194
8,414
10,542
11,948
13,837
17,270
17,663
18,112
18,710
18,811
18,840
18,960
19,210
19,260
19,380
19,360
15,035
14,826
14,553
14,714
14,650
14,367
14,309
14.243
14,218
14,206
14,204
14,207
14,206
14,194
14,186
14,174
32,513
44,349
105,921
1,343 94,367
2,806 101,917
4,172 116,567
5,078 112,983
3,709 123,187
5,450 113,520
5,232 115,824
3,290 114,110
5,460 113,020
5,110 115,110
3,480 117,560
4,930 118,040
3,890 121,520
15,331
15,952
30,241
35,360
36,503
47,209
48,214
48,715
49,320
50,030
50,020
50,210
50,400
50.570
49,970
50,590
6,885
7,173
8,950
10,059
11,590
14,576
14,906
15,300
15,820
15,927
15,940
16,040
16,280
16,330
16,420
16,420
14,484
14,278
14,011
14,181
14,121
13,840
13,781
13.716
13,691
13,679
13,677
13,680
13,679
13,667
13,659
13,647
11,699
12,347
24,210
28,340
29,336
37,950
38,810
39,165
39,622
40,171
40,100
40,256
40,477
40,591
40,123
40,678
5,522
5,886
7,589
8,464
9,695
12,210
12,461
12,783
13,234
13,293
13,304
13,393
13,570
13,654
13.706
13,717
6,362
6,619
6,884
6,923
6,873
6,660
6,611
6,543
6,510
6,499
6,494
6,491
6,488
6,483
6,476
6,465
10,521
10,527
15,371
17,745
20,009
26,302
27,277
28,129
28,850
29,152
29,240
29,340
29,490
29,550
29,600
30.000
1,309
1,241
1,592
1,889
2,247
2,694
2,757
2,812
2,890
2,885
2,900
2,920
2,930
2,930
2,960
2,940
551
548
542
533
529
527
528
527
527
527
527
527
527
527
527
527
743
1,709
22.179
1,176
2,523
3,715
4,656
3,327
4,912
4,806
2,860
4,921
4,538
3,168
4,401
3,501
()
(5)
27,489
37,136
69,640
80,609
87,783
99,604
96,742
105,400
96,827
98,904
97,381
96,365
98,238
100,088
100,452
103,653
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.
168
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i— Continued
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Loans and investments
Class of bank
and date
Total
Central reserve city
member banks:
New York City:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947_Dec. 31
1950—Dec. 30
1954—Dec. 31
1955—June 30
Dec. 31
1956—May 30
June 30
July 25*>
Aug. 29*>
Sept. 26
Oct. 31P
Nov. 2 8 P
Dec. 26P
Chicago:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1954_Dec. 31
1955—June 30
Dec. 31
1956—May 30
June 30
July 25P
Aug. 29?
Sept. 26
Oct. 3 1 P
Nov. 2 8 P
Dec. 26*>
9,339
12,896
26,143
20,393
20,612
23,880
23,099
23,583
22,918
23,270
22,771
23,220
23,422
23,148
23,318
24,238
Loans
U.S.
Govt.
obligations
Other
securities
Total
assets—
Total
liabilities
and
capital
accounts 3
Cash
assets2
Deposits
Other
Total
2
Interbank 2
Total Numcapital
ber
of
accounts banks
Demand
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
12,039 9,342
13,016 7,782
14,640 6,796
15,153 5,871
15,373 6,011
15,252 5,643
15,326 5,935
15,804 5,650
15,758 5,545
16,014 5,568
16,537 5,959
1,272
1,559
1,235
1,242
1,890
2,499
2,300
2,148
1,894
1,885
1,876
1,959
1,968
1,845
1,736
1,742
6,703
6,637
6,439
7,261
7,922
7,581
7,748
8,948
6,957
7,753
6,817
6,938
7,196
7,484
7,044
7,754
16,413
19,862
32,887
27,982
28,954
32,193
31,559
33,228
30,607
31,801
30,356
30,972
31,457
31,529
31,257
32,927
14,507
17,932
30,121
25,216
25,646
28,252
27,791
29,378
26,388
27,775
25,929
26,535
26,703
26,789
26,757
28,035
4,238
4,207
4,657
4,464
4,638
5,709
5,454
5,600
4,941
5,327
5,127
5,017
5,105
5,219
5,270
5,509
74
866
6,940
267
451
736
1,131
756
1,049
1,166
514
1,314
993
742
871
753
9,459
12,051
17,287
19,040
18,836
19,414
18,926
20,719
18,103
18,902
17,950
17,822
18,201
18,453
18,322
19,331
736
807
1,236
1,445
1,722
2,392
2,281
2,303
2,295
2,381
2,338
2,382
2,405
2,375
2,294
2,442
1,592
1,648
2,120
2,259
2,351
2,803
2,715
2,745
2,798
2,805
2,809
2,825
2,815
2,844
2,852
2,880
36
36
37
37
23
21
18
18
18
18
18
18
18
18
18
18
333
376
385
397
576
614
699
695
695
676
630
625
618
612
604
592
1,446
1,566
1,489
1,739
2,034
1,954
1,763
2,132
1,903
1,959
1,799
1,844
1,929
1,947
1,954
2,039
3,595
4,363
7,459
6,866
7,649
8,520
8,102
8,720
8,176
8,349
8,035
8,222
8,233
8,327
8,329
8,520
3,330
4,057
7,046
6,402
7,109
7,845
7,431
8,010
7,334
7,631
7,243
7,433
7,302
7,350
7,402
7,589
1,035
1,312
1,217
1,229
1,321
1,180
1,296
1,094
1,195
1,144
1,209
1,215
1,253
1,224
1,277
80
127
1,552
72
174
251
343
222
344
350
142
342
312
187
182
193
1,867
2,419
3,462
4,201
4,604
4,977
4,606
5,165
4,613
4,781
4,661
4,595
4,488
4,625
4,707
4,802
495
476
719
913
1,103
1,295
1,303
1,327
1,283
1,304
1,296
1,287
1,287
1,285
1,289
1,317
250
288
377
426
490
600
612
628
636
639
639
641
646
654
654
654
14
13
12
14
13
13
13
13
13
13
13
13
14
14
14
14
2,105
2,760
5,931
5,088
5,569
6,518
6,288
6,542
6,219
6,336
6,187
6,325
6,251
6,320
6,319
6,432
569
954
1,333
1,801
2,083
2,784
2,846
3,342
3,400
3,572
3,500
541
3,571
3,760
1,203
1,430
4,213
2,890
2,911
3,120
2,742
2,506
2,124
2,088
2,057
2,159
2,061
2,077
2,082
2,080
Reserve city member banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1954—Dec. 31
1955—June 30
Dec. 31
1956—May 30
June 30
July 25*>
Aug. 29*>
Sept. 26
Oct. 31^
Nov. 28P
Dec. 26*>
12,272
15,347
40,108
36,040
40,685
50,738
50,596
52,459
52,057
52,071
52,177
52,515
52,875
52,851
53,389
54,076
5,329
7,105
8,514
13,449
17,906
23,986
25,654
28,622
29,886
30,122
30,461
30,645
30,951
31,007
31,391
32,098
5,194
6,467
29,552
20,196
19,084
21,718
19,697
18,826
17,280
17,051
16,933
17,057
17,048
17,023
17,152
17,220
1,749
1,776
2,042
2,396
3,695
5,034
5,245
5,011
4,891
4,898
4,783
4,813
4,876
4,821
4,846
4,758
6,785
8,518
11,286
13,066
13,998
15,424
14,696
16,994
14,629
15,361
14,490
14,308
15,270
15,181
15,467
16,218
19,687
24,430
51,898
49,659
55,369
67,165
66,293
70,478
67,829
68,524
67,784
67,999
69,300
69,268
70,097
71,518
17,741
22,313
49,085
46,467
51,437
61,796
60,854
64,733
60,959
62,392
60,918
61,105
62,481
62,468
63,019
64,553
3,686
4,460
6,448
5,649
6,448
7,444
6,545
7,446
5,852
6,633
6,339
6,332
6,766
6,819
6,743
7,087
435
491
8,221
405
976
1,457
1,843
1,288
2,017
1,918
1,010
1,780
1,871
1,222
1,633
1,286
9,004
12,557
24,655
28,990
32,366
37,418
36,459
39,835
36,803
37,324
37,146
36,530
37,260
37,814
38,155
39,473
4,616
4,806
9,760
11,423
11,647
15,476
16,007
16,164
16,287
16,517
16,423
16,463
16,583
16,613
16,488
16,707
1,828
1,967
2,566
2,844
3,322
4,300
4,492
4,641
4,875
4,902
4,909
4,951
5,001
5,032
5,066
5,070
346
351
359
353
336
300
297
292
291
291
290
290
290
289
289
290
Country member
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1954—Dec.
1955—June
Dec.
1956—May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
10,224
12,518
35,002
36,324
40,558
50,466
50,806
52,775
52,920
52,752
52,831
53,163
53,607
54,124
54,587
54,663
4,768
5,890
5,596
10,199
14,988
21,442
22,799
24,379
25,491
25,716
25,792
25,810
25,980
26,185
26,258
26,484
3,159
4,377
26,999
22,857
21,377
23,629
22,321
22,570
21,543
21,076
21,130
21,430
21,595
21,977
22,341
22,201
2,297
2,250
2,408
3,268
4,193
5,395
5,685
5,826
5,886
5,959
5,909
5,923
6,032
5,962
5,988
5,978
4,848
6,402
10,632
10,778
11,571
13,117
12,092
13,342
11,790
12,463
12,054
fl,958
12,423
12,677
12,806
13,165
15,666
19,466
46,059
47,553
52,689
64,364
63,732
66,988
65,544
66,147
65,759
66,017
66,994
67,754
68,360
68,802
13,762
17,415
43,418
44,443
48,897
59,360
58,594
61,636
59,724
60,591
60,125
60,250
61,129
61,885
62,415
62,957
598
822
1,223
1,073
1,133
1,508
1,283
1,523
1,157
1,353
1,264
1,223
1,275
1,354
1,380
1,429
154
225
5,465
432
922
1,271
1,339
1,061
1,502
1,372
1,194
1,485
1,361
1,017
1,715
1,269
7,158
10,109
24,235
28,378
31,977
37,794
36,751
39,681
37,308
37,897
37,624
37,418
38,291
39,196
39,268
40,047
5,852
6,258
12,494
14,560
14,865
18,787
19,220
19,372
19,757
19,969
20,043
20,124
20,202
20,318
20,052
20,212
1,851
1,982
2,525
2,934
3,532
4,506
4,642
4,769
4,925
4,947
4,947
4,976
5,107
5,124
5,134
5,113
5,966
6,219
6,476
6,519
6,501
6,326
6,283
6,220
6,188
6,177
6,173
6,170
6,166
6,162
6,155
6,143
banks:
30
31
31
31
30
31
30
31
30
30
25i>
29^
26
31?
28P
26*>
4
Beginning with Dec. 31, 1947, the all-bank series was revised as announced in November 1947 by the Federal bank supervisory agencies.
At that time a net of 115 noninsured nonmember commercial banks
with total loans and investments of about $10 million was added, and
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.
169
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued
[Amounts in millions of dollars]
Loans and investments
Class of bank
and date
Total
All insured commercial banks:
1941—Dec 31
1945—Dec. 31
1947 Dec 31
1954—Dec. 31
1955 j u n e 30
Dec. 31
1956—June 30
Loans
U.S.
Govt.
obligations
Other
securities
Total
assets—
Total
liabilities
and
capital
accounts3
Cash
assets 2
Deposits
Other
Total*
Demand
Interbank 2
Total
capital
accounts
Number
of
banks
Time
U. S.
Govt.
Other
49,290
121,809
114,274
154,115
153,488
159,164
158,344
21,259
25,765
37,583
70,127
74,692
82,081
86,374
21,046
88,912
67,941
68,012
62,342
60,765
55,835
6,984
7,131
8,750
15,976
16,454
16,318
16,136
25,788
34 292
36,926
43,161
40,685
46,480
42,126
76,820
157,544
152,733
200,127
197,077
208,608
203,676
10,654 1,762
13 883 23 740
12,670 1,325
16,376 4,154
14,794 5,064
16,273 3,697
14,862 5,221
41,298
80,276
92,975
115,482
111,993
122,149
114,892
15,699
29 876
34,882
46,874
47,876
48,393
49,705
6,844
8 671
9,734
14,252
14,579
14,980
15,600
'13,426
13,297
13,398
13,303
13,267
13,216
13,208
27,571
69 312
65,280
88,509
83,315
86,152
85,455
11,725
13,925
21,428
39,712
39,424
43,428
45,860
12,039
51,250
38,674
39,392
34,673
33,579
30,555
3,806
4,137
5,178
9,405
9,219
9,144
9,040
14,977
20 114
22,024
25,662
22,892
25,697
23,545
43,433 39,458 6,786 1,088
90,220 84 939 9,229 14 013
795
88,182 82,023 8,410
115,835 105,851 10,714 2,508
107,741 98,636 8,314 2 849
113,412 103,903 9,317 2,063
110,703 100,826 8,404 2,929
23,262
45,473
53,541
66,426
60,919
65,840
62,123
8,322
16 224
19,278
26,202
26 554
26,683
27,370
3,640
4 644
5,409
8,085
7 714
7,915
8,232
5,117
5,017
5,005
4,789
4,744
4,692
4,667
State member banks:
1941—Dec. 31
1945 Dec 31
1947 Dec 31
1954 Dec 31
1955 j u n e 30 .
Dec 31
1955 June 30
15,950
37,871
32 566
43,093
47,473
49,208
48,973
6,295
8,850
11 200
20,538
24,891
27,554
28,923
7,500
27,089
19 240
18,417
17,870
17,118
15,671
2,155
1,933
2 125
4,138
4,711
4,536
4,379
8,145
9,731
10 822
12,414
13,408
15,719
13,992
24,688
48,084
43 879
56,407
61,945
66,002
64,117
22,259
44,730
40 505
51,401
56,034
59,854
57,563
Insured nonmember
commercial banks:
1941 Dec 31
1945 Dec 31
1947 Dec 31
1954 Dec 31
1955 June 30
Dec 31
1956 June 30
5 776 3,241 1 509
14,639 2,992 10,584
16,444 4,958 10,039
22,536 9,886 10,215
22,723 10,385 9,811
23,829 11,108 10 081
23,942 11,600 9,621
1,025
1,063
1,448
2,436
2,527
2,640
2,720
2 668
4,448
4,083
5,088
4,388
5,067
4,592
8,708
19,256
20,691
27,911
27,417
29,220
28,884
7 702
18,119
19,340
25,657
25,082
26,779
26,316
National member banks:
1941 Dec 31 . . .
1945—Dec. 31
1947 Dec 31
1954—Dec 31
1 9 5 5 _ j u n e 30
Dec 31
1956—j u n e 30
...
Noninsured nonmember
commercial banks:
1941 Dec 31
1945 Dec 31 4
1947 Dec 31
1954 Dec 31
1955 June 30
Dec 31
1956 June 30
69,411
147,775
141,851
182,886
179,728
190,512
184,680
1 457
2,211
2 009
1,800
1,776
1,716
1,664
455
318
474
492
491
520
513
761
1,693
1 280
969
930
827
785
241
200
255
339
355
370
365
763
514
576
397
340
357
318
2,283
2,768
2,643
2,250
2,172
2,126
2,036
1,872
2,452
2,251
1,871
1,788
1,742
1,646
All nonmember commercial
banks:
1941 Dec 31
1945 Dec 31
1947 Dec 31 4
1954 Dec 31
1955 June 30
Dec 31
1956—June 30
7 233
16,849
18,454
24,337
24,499
25,546
25,605
3 696
3,310
5,432
10,378
10,876
11,628
12,114
2 270
12,277
11,318
11,184
10,741
10,908
10,406
1,266
1,262
1,703
2,775
2,881
3,010
3,085
3,431
4,962
4,659
5,485
4,728
5,424
4,909
10,992
22,024
23,334
30,161
29,589
31,347
30,920
9,573
20,571
21,591
27,528
26,870
28,522
27,962
Insured mutual savings banks:
1941 Dec 31
1945 Dec 31
1947 Dec 31
1954 Dec 31
1955 June 30
Dec 31
1956 June 30
1 693
10,846
12 683
20,830
21,617
22 331
23,168
642
3,081
3 560
11,651
12,567
13 563
14,514
629
7,160
8,165
6,117
5,998
5 858
5,636
421
606
958
3,062
3,052
2,910
3,018
151
429
675
832
808
785
739
1,958
11,424
13,499
21,981
22,761
23,458
24,271
1,789
10,363
12,207
19,885
20,590
21,237
21,959
8 687
5 361
5,957
7 038
7,373
7 567
7,898
4 259
1,198
1,384
3 346
3,605
3 893
4,125
3 075
3,522
3,813
2,630
2,677
2 601
2,661
1,353
641
760
1,061
1,090
1,072
1,112
642
180
211
194
180
180
178
9,846
5,596
6,215
7,295
7,621
7,816
8,150
8,744
5,022
5,556
6,474
6,743
6,950
7,225
Noninsured mutual savings
banks:
1941 Dec 31
1945 Dec 31 4
1947 Dec 31
1954 Dec 31
1955 June 30
Dec 31
1956 June 30
For other footnotes see preceding two pages.
3,739
4,411
3 993
5,269
6,148
6,549
6,104
621
8,166
381
1 207
1,807
1 264
1,877
13,874
24,168
27 068
33,177
35,823
39,559
36,781
4,025
7,986
9 062
11,748
12,256
12,482
12,801
2 246
2,945
3 055
4,125
4,747
4 868
5,061
1,502
1,867
1,918
1,871
1,867
1,851
1,832
129
266
393
332
408
53
1,560
149
439
408
370
355
415
4,162
10,635
12,366
15,879
15,251
16,749
15,988
3 360
5,680
6,558
8,947
9,090
9,252
9,558
959
1,083
1,271
2,044
2,121
2 199
2,309
6 810
6,416
6,478
6,647
6,660
6 677
6,713
329
181
363
433
448
370
18
18
13
12
253
365
478
335
337
322
329
279
325
324
327
320
852
714
783
536
513
499
377
11
326
326
470
3,613
6,045
7,036
9,282
9,427
9,574
9,884
1,288
1,362
1,596
2,368
2,448
2,519
2,636
7,662
7,130
7,261
7,183
7,173
7,176
7,183
1,789
10,351
12 12,192
48 19,831
49 20,536
49 21,182
24 21,930
164
1,034
1,252
1,920
1,965
2,006
2,061
52
192
194
218
218
220
244
457
425
629
825
780
778
732
1,2 91
1,905
1,392
1,085
990
1,039
932
5,5 04
14,101
13,758
16,964
16,241
17,788
16,920
167
457
422
382
426
12
1
2
2
3
2
3
2
(
>
1
1
1
1
2
2
2
2
2
8,738
5,020
5,553
6,471
6,741
6,947
7,222
220
1,077
496
558
637
774
792
806
824
350
339
309
310
307
307
NOTE.—For revisions in series prior to June 30, 1947, see BULLETIN
for July 1947, pp. 870-871.
170
COMMERCIAL BANKS
LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1
[In millions of dollars]
Loans 2
Class of bank
and
call date
Total
loans
and
invest- Total2
ments
AH commercial
banks: 3
1947—Dec. 31.... 116,284
1954—Dec. 31.... 155,916
1955—Dec. 31.... 160,881
1956—June 30..., 160,008
Sept. 26*.., 162,030
Loans for
Compurchasing
meror
carrying
cial,
Other
in- Agri- securities
Real loans
clud- culto
esing
in- Other
To
tate
loans Total
open turdibrokal
loans
Total
marTo
viders
ket
uals
and othpaers
dealper
ers
49,290
121,809
114,274
154,115
159,164
158,344
21,259
25,765
37,583
70,127
82,081
86,374
Member banks,
total:
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947_Dec. 3 1 . . .
1954—Dec. 3 1 . . . .
1955—Dec. 3 1 . . .
1956—June" 30...
Sept. 26...
43,521
107,183
97,846
131.602
135,360
134.428
136,154
18,021 8,671
972 594 598
22,775 8,949 855 3,133 3 ,378
32,628 16,962 1,046 811 ',065
60,250 25,007 3^29 2 ,881 ,363
70,982 31,019 2,726 3 ,150 1,560
74,783 33,725 2
,586 1 ,522
76,305 34,574 2^70 2 ,236 ,458
New York City:4
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947—Dec. 3 1 . . . .
1954—Dec. 3 1 . . .
1955—Dec. 3 1 . . .
1956—June 30...
Sept. 2 6 . . .
12,896
26,143
20,393
23,880
23,583
23,270
23,422
4,072
7,334
7,179
12,039
14,640
15,373
15,804
Chicago:4
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947—Dec. 3 1 . . .
1954_Dec. 3 1 . . .
1955—Dec. 3 1 . . .
1956—June 30...
Sept. 26...
2,760
5,931
5,088
6.518
6.542
6.336
6,251
1,333
1,801
2,784
3,342
3,572
3,571
1,418
1,847
2,390
2,663
2,700
Reserve city banks
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947_Dec. 3 1 . . .
1954—Dec. 3 1 . . .
1955—Dec. 3 1 . . .
1956—Jmw» 30...
Sept. 26...
15,347 7,105
40,108 8,514
36,040 13,449
50,738 23,986
52,459 28,622
52,071 30,122
52,875 30,951
3,456
3,661
7,088
10,624
13,212
13,978
14,267
Country banks:
1941_Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947_Dec. 3 1 . . .
1954—Dec 3 1 . . .
1955—Dec. 3 1 . . .
1956—June 30...
Sept. 2 6 . . .
12,518 5,890
35.002 5,596
36,324 10,199
50,466 21,442
52,775 24,379
52.752 25,716
53,607 25,980
1,676
1,484
3,096
5,306
6,290
6,892
6,842
18,454
24,337
25,546
25,605
954
5,432
10,378
11,628
12,114
9,214 1,450 614 662 4,773
9,461 1,314 3,164 3,606 4,677
' '"" 9,266
18,012 1,610 823 1,190
26,731 5,108 2,907 1,501 18,302
742 20,692
33,092 4^396 3 ,229 I,-"
35,944 4 ,190 2 ,669 1, 704 21,671
2,807
3,044
5.361
7.231
9,12b
10,191
10,765
732
760
4, 545
28,031
2,361 1,181 96,043
5,654 028 76,691
14,676 1,973 83;988
17,104 3
3,091 77,083
18,284 3,259 71
-,971
Obligations
Direct
of
States Other
and
CertifiGuar- polit- securities
cates
anical
ofinBills debt- Notes Bonds teed subdiviedsions
ness
412 169
2,453 1,172
545 267
204 2,041 432
17 2,144 511
' 1,691 494
,336 433
123
80
111
467
577
609
633
52
233
87
89
99
96
89
22
36
46
91
128
133
134
554
287
564
1,232
1,506
1,590
1,538 ,347
95
8,823
18,809
13,214
11,841
8,943
7,896
7,618
1,806
40 4,598
26 3,287
105 3,734
184 3,200
187 2,764
183 2,679
7,789
5,361
2,318
1,247
2,380
21,046 988
88,912 2.455 19,071
88
67,941 2 124 7,552
68,012 4,901 5,279
60,765 4,105 2,292
55,835 2,751 1,228
3,494
3,692
25,500 19,539 971
3,455 1,90011,104 84; 408 78,338
78
2,275
7,130 4,662 952 65;218 57,914 1,987
14,433 12,127 1,858 71,352 57,809 4.075
16,391 14,313 2,
" 943 64,377 50,697 3,250
17,172 15,330 3,087 59,'645 46.226 2,013
17,606 15,448 3,717 59; 849 46; 3542,147
16,985
5,816
4,307
1,738
840
1,783
6,034 53 ,191
14,672 43 ,861
14,034 41 ,010
12,727 39 ,815
12,330 39 ,140
5,276 3,729
3 729
12,586 3'
12,698 3*990
'
12,929 3 573
,080 3"520
13,""
3,159 12,797 4,102 3.651 3,333
16,045 51
"',321
22 3,873 3 258
5,918 52 ,334
14 5 ,129
- " 3* 621
14,523 43 ,287
21 12, 352 3
..624
13,856 40 ,502
10 12,465 3'853
12,552 39,290
' 442
13 1 2 ,694
"' 3
3,007 11,729
14,271 44,792
4,815 45",286
12,464 36 ,944
11,508 34 ,192
10,332 33 ,029
'954 32,459
9,
,832
090 2 871
16
254 2 815
10
_,105
199 3
20 10,449 3.094
444 3 236
557 2 862
687 2 807
1,623 3,652 1,679
7,265 311
17,574 477 3,433 3,325 10,337
1
640
558 9,771
11,972 1,002
597 1,924 6,026
9,342 785
10
100 1,141 5,002
6,796 552
70 1,082 4,529
6,011
325
301
943 4,285
5,650 117
729
606
638
1.977
1,609
1,514
1,611
830
629
604
523
539
371
357
182
181
213
415
476
489
443
193
204
185
199
219
188
175
6
2
3
140
15
13
48
211
73
345
275
170
170
903
1,864
2,274
1,953
1,723
1,564
1,544
119
300
205
225
956
566
520
535
1,512
751 4,248
114 194 1,527
8,243 6,467 295
855 404 31,594 29.'
19.552 1,034 6,982 5,653 15,878
427 1,503 1,459
366 22
"",591 20,196 373 2,358 1,901 15,560
170 484 3,147 1,969
407 622 6,134 4,912 720 26J52 21,718 1,326 1,695 4,"954 13,736
657 4,708 12,643
542 696 6,962 5,916 1,180 23 ,837 18,826 813
,086 12
12,308
279
374
502 676 7,357 6,306 1,265 21,949 17,051
603 3,898 12,136
455 683 7,573 6,377 548 21,924 17,048 407
,173
5
3
7
5
4
4
51
149
223
316
384
364
1.430
4,213
2,890
3.120
2.506
2.088
2,061
2,229
2,127
2,019
1,926
20
42
23
89
189
223
276
183
471
227
220
255
257
254
1,823
1,881
3,827
7,742
8,723
9,073
9,266
1.530
707 363
1,979 229
5,760 388
6,575 573
7,050 590
7,169
639
6,628
29,407
26,125
29,024
28,397
27,035
27,627
21,595
1,205
614
1,859 1,671
2,226 1,750
2,385 1,702
20
49
113
110
156
161
214
216
2,266
3,993
4,428
4,625
1,061
2.623
2,872
3,036
13,021
13,959
13,918
13,492
11,318
11,184
10,908
10,406
e
Partly estimated. Figures have been rounded to the nearest $10
million.
1 All commercial banks in the United States. These figures exclude
data for banks in U. S. possessions except for one bank in Alaska that
became a member bank on Apr. 15, 1954. During 1941 three mutual
savings banks became members of the Federal Reserve System; these
banks are Included in member banks but are not included in all insured
commercial banks or all commercial banks. Comparability of figures
U. S Government obligations
38,057 18,167 1,660 830 1,220 9,393 5,723 .063 78,226 69,221 2,193
68,981 5.065
70,619 26,867 5,200 2,929 1,525 18,418 14,750 2,000 85
61,592 4,219
82,601 33,245 4,475 3,263 1',774 20,809 17,185 3,117 78^80 61
56.620 2,817
86,887 36,1114,254 2,695 1,738 21,787 18,365 3,286 73
",950 3,090
88,480 36,970 4,170 2,350 1,670 22,250 18,500 3,930 73;550 56
All insured commercial banks:
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1954—Dec. 3 1 . . . .
1955_Dec. 3 1 . . . .
1956—June 30...
All nonmember
banks: 3
1947_Dec. 3 1 . . .
1954—Dec. 3 1 . . .
1955—Dec 3 1 . . .
1956—June 3 0 . . .
Investments
111
143
174
200
256
133 1,467
132
235
70
241
111
68
46
3
43
21
153
749
248
855
604
476
453
481 2,926
4 377 110
26,999 630 5,102 4,544 16,713
22,857 480 2,583 2,108 17,681
23,629 ,893 1,774 4,731 15,228
14,825
22,570 ,774
913 5,056 14
21,076 ,267
489 4,688 14,628
,579
'',493
858 4,660 14
206 1,973 1,219 7,916
991 1,054 2,209 6,928
970
580 2,527 6,829
805
407 2,396 6,797
861
9
6
3
3
4
4
956 820
1,126
916
1,342 1,053
3,782 1,252
3,778 1,233
3,823 1,076
3,843 1,033
1,222
1,342
2,006
4,275
4,581
4,731
4,790
1,028
1,067
1,262
1.120
1,246
1,228
1,242
1,078
2,139
2,255
2,374
625
636
755
712
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, 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.
171
COMMERCIAL BANKS
RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1
[In millions of dollars]
Demand deposits
Class of bank
and
call date
ReDeBalserves Cash ances
mand
with
in
with
deFederal vault
doposits
Remestic
adserve
banks 5 justed 6
Banks
Time deposits
DoFormestic5 eign
Indi- Bor- CapiIndiCertiU. S. States viduals,
States
tal
viduals,
fied
and partner- row- acU. S.
and
partner- Inter- Govt.
and
and polit- ships, ings
Govt. political offiships, bank Postal
counts
ical
subdi- cers' and corcorSav- subdi- and
visions checks, poraings visions porations
tions
etc.
Interbank
deposits
All commercial
banks: 3
1947_Dec. 3 1 . . . .
1954—Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—June 3 0 . . . .
Sept. 26
17,796
18,734
18,721
18,232
18,500
2,216
2,469
2,682
2,273
3,100
10,216
12,202
12,050
10,802
10,270
87,123
106,540
109,905
104,761
105,410
11,362
13,511
13,512
12,069
11,820
1,430
1,539
1,546
1,557
:1,660
1,343 6,799
4,172 9,902
3,709 10,273
5,232 10,768
5,110 9,950
AH insured commercial banks:
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1954—Dec. 3 1 . . . .
1955_Dec. 3 1 . . . .
1956—June 3 0 . . . .
12,396
15,810
17,796
18,734
18,721
18,232
1,358
1,829
2,145
2,444
2,656
2,251
8,570
11,075
9,736
11,854
11,744
10,528
37,845
74,722
85,751
105,471
108,887
103,844
9,823
12,566
11,236
13,392
13,390
11,963
673
1,248
1,379
1,497
1,516
1,516
1,762 3,677
23,740 5,098
1,325 6,692
4,154 9,763
3,697 10,138
5,221 10,641
158
1,077 36,544
70
2,585 72,593
54
2,559 83,723
3,176 102,543 1,487
3,879 108,131 1,367
3,217 101,034 1,383
Member banks,
total:
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1954—Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—June 3 0 . . . .
Sept. 26
12,396
15,811
17,797
18,735
18,722
18,234
18,502
1,087
1,438
1,672
1,843
2,019
1,686
2,296
6,246
7,117
6,270
7,613
7,612
6,787
6,429
33,754
64,184
73,528
89,836
92,435
88,139
88,768
9,714
12,333
10,978
13,015
13,002
11,627
11,400
[,243
1,375
1,493
1,511
1,510
1,615
1,709
22,179
1,176
3,715
3,327
4,806
4,538
3,066
4,240
5,504
7,781
8,075
8,496
7,684
1,009
2,450
2,401
2,964
3,638
3,004
2,696
33,061
62,950
72,704
88,859
93,687
87,404
87,859
New York City:*
1941_Dec. 31
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1954—Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—June 3 0 . . . .
Sept. 26
5,105
4,015
4,639
4,398
4,431
4,331
4,133
93
111
151
126
127
94
147
141
78
70
67
111
89
73
10,761
15,065
16,653
16,500
16,493
15,695
15,447
3,595
3,535
3,236
3,336
3,364
3,080
2,813
607
866
319
237
290
368
302
396
381
1,338
1,105
1,223
1,498
1,110
1,106
450
11,282
15,712
17,646
17,823
18,919
17,396
16,713
1,021
1,070
1,177
1,135
1,115
1,125
43
36
30
29
32
27
29
298
200
175
162
141
124
103
2,215
3,153
3,737
4,400
4,349
4,092
3,820
1,027
,292
,196
1,264
1,246
[,149
1,169
72
251
222
350
312
233
237
285
274
299
399
303
34
66
63
80
85
98
66
286
611
705
866
671
1,105 6,940
267
1,217
736
1,177
756
1,151
1,190 1,166
993
1,279
Chicago:*
1941—Dec.
1945—Dec.
1947_Dec.
1954—Dec.
1955_Dec.
1956—June
Sept.
31
31
31
31
31....
30....
26
Reserve city
1941_Dec.
1945—Dec.
1947—Dec.
1954—Dec.
1955—Dec.
1956—June
Sept.
hanks:
31
31....
31....
31....
31....
30....
26
4,060
6,326
7,095
7,783
7,727
7,471
7,745
425
494
562
558
638
542
718
2,590
2,174
2,125
2.327
2,515
2,201
2,094
11,117
22,372
25,714
32,694
33,757
32,203
32,570
4,302
6,307
5,497
6,946
6,903
6,078
6,175
54
491
110 8,221
131
405
259 1,457
303 1,288
269 1,918
284 1,871
1,144
1,763
2,282
2,876
3,048
3,120
2,601
Country banks:
1941_Dec. 31
1945—Dec. 31
1947_Dec. 3 1 . . . .
1954—Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—June 3 0 . . . .
Sept. 26
2,210
4,527
4,993
5,377
5,429
5,316
5,499
526
796
929
9,661
23,595
27,424
36,242
37,836
36,149
36,930
790
1,129
1,222
1,024
1,401
3,216
4,665
3,900
5,057
4,844
4,373
4,159
1,199
1,049
1,469
1,488
1,321
1,243
2
225
8 5,465
7
432
17 1,271
17 1,061
15 1,372
15 1,361
1,370
2,004
2,647
4,263
4,425
4,581
4,399
544
627
663
588
3,947
4,590
4 439
4,015
13,595
16,704
17 470
16,621
385
496
510
442
55
46
36
47
1,295
2 121
2 198
2,272
All nonmember
banks: 3
1947_Dec. 31
1954 Dec 31
1955—Dec. 31
1956—June 30
942
8
20
21
40
40
36
37
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
127
1,552
167
457
382
426
2,581
3,199
3,904
3,244
2,950
84,987
103,466
109,011
101,812
102,210
240
1,759
1,585
1,613
1,590
140
64
50
111
365
356
332
330
866 34,383
2,402
2,340
2,493
2,450
492 15,146
59
103
496 29,277
111
826 33,946
365 2,348 44,160
356 2,282 45,756
332 2,432 46,941
10
215
61
21
145
337
418 11,878
399 23,712
693 27,542
4
208
54
15
137
302
50
99
105
334
327
302
301
1,966
1,865
1,954
1,913
1,196
1,085
1,058
1,014
10
12
54
59
35
36
29
20
14
192
72
60
52
2,152
3,160
3,853
4,622
4,781
4,283
4,119
18
11
10
9
2
6
6
6
5
9
10
8
9
11
11,127
22,281
26,003
33,677
35,752
33,341
33,940
104
30
22
239
239
286
306
20
38
45
111
106
112
115
243
160
332
934
805
8,500
21,797
25,203
32,736
34,235
32,383
33,088
30
17
17
22
18
17
17
180
235
265
240
12,284
14 608
15,324
14,408
190
284
231
243
1,035
862
719
239
435
528
795
1,020
1,475
1,353
1,370
1,346
6
17
12
65 10,059
31 14,576
44,441
46,019 159 15,300
47,205 354 15,927
47,620!i ,620 16,280
6,844
8,671
9,734
14,252
14,980
15,600
5,886
7,589
8,464
35,650
12,210
36,972
12,783
37,916
13,293
38,264 1,532 13,570
778
195
30
1
1
38
580
1 648
2,120
2,259
2,803
2,745
2,805
2,815
1,280
1,313
1,288
1,271
3
1
198
288
377
426
600
628
639
646
974
4,542
9,563
11,045
14,399
15,117
15,392
15,494
2
1
3
82
179
589
1 967
2,566
2,844
4,300
4,641
4,902
5,001
31
52
45
163
157
148
145
146
219
337
799
844
871
875
6,082
12,224
14,177
17,826
18,371
18,950
19,182
4
11
23
11
52
84
166
1,982
2,525
2,934
4,506
4,769
4,947
5,107
6
31
29
30
172
436
475
539
6,858
8,814
9,071
9,314
12
16
22
52
1 596
2,369
2*519
2,636
965
941
1,013
1,206
1,418
2,146
2,171
2,285
2,316
476
719
902
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.
172
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*
For purchasing
or carrying securities
Total Loans
and
Comloans investmerand
Month or date invest- ments Loans cial Agriculad- 1
ad- 1 and
ments justed
justed indus- tural
trial
CerOther Loans
tifisecuto
Real Other
cates
2 rities banks
estate loans Total Bills of in- Notes Bonds
loans
debtedOther
ness
curities
To brokers
and dealers To others
U.S.
Govt.
obligations
Other
securities
U.S.
Govt.
obligations
TotalLeading Cities
1956
Jan
Dec
86,859 85,725 47,870 25,859
88,297 87,068 53,273 30,501
563
466
2,666
2,095
1,292
1,200
8,143 10,172 29,657 1,407
8,855 11,025 26,234 1,565
87,531 86,243 52,353 30,167
451
1,794
1,193
8,820 10,937 26,460 1,935
692 5,149 18,684 7,430 1,288
839
718
6,944 20,467 8,198 1,134
5,202 18,749 7,561 1,229
1957
Jan
1956
Dec. 5
Dec. 12
Dec. 19
Dec. 26
1957
Jan. 2
Jan. 9
Jan. 16
Jan. 23
Jan. 30
87,368
87,762
88,853
89,205
86,171
86,473
87,704
87,925
52,722 30,012
52,997 30,342
53,596 30,802
53,777 30,848
468
469
464
465
2,071
1,985
2,112
2,214
1,197
1,197
1,202
1,202
8,848
8,856
8,865
8,852
11,003
11,012
11,017
11,067
25,820
25,884
26,578
26,654
1,144
,261
,919
,936
720
714
714
724
5,184
5,189
5,201
5,233
18,772
18,720
18,744
18,761
7,629
7,592
7,530
7,494
89,024
87,459
87,796
86,904
86,474
87,634
86,198
86,503
85;583
85,297
53,375 30,681
52,501 30,298
52,255 30,143
51,855 29,900
51,776 29,816
456
455
452
449
444
2,130
1,745
1,745
1,659
1,689
1,208
1,201
1,190
1,183
1,182
8,839
8,832
8,831
8,807
8,790
069
10^77
10,903
10,866
10,868
26,774 2,093
26,272 1,697
26,823 2,298
26,330 1,907
26,101 1,681
703
690
706
681
680
5.222
5; 189
5,141
5,113
5,082
18,756
18,696
18,678
18,629
18,658
7,485 ,390
7,425 ,261
7,425 ,293
7,398 ,321
7,420 1,177
1,197
1,289
1,149
1,280
New York City
1956
486
394
549 2,142 6,516
608 2,188 5,614
460
450
97
183
1,148
929
380
595 2,168 5,762
616
192
,232
,147
,214
,230
395
393
394
395
602
611
613
606
2,182
2,202
2,179
2,190
5,350
5,454
5,806
5,846
198
296
653
651
200 ,177
57 993
111 950
107 894
131 909
387
387
381
376
372
593
598
601
596
587
2,187
2,164
2,156
2,173
2,163
5,977
5,628
6,002
5,664
5,538
23,150 22,418 13,824 9,013
23,688 23,020 15,656 11,337
178 1,682
153 1,206
1957
23,373 22,575 15,059 11,107
121
985
1956
23,176
23,481
23,938
24,160
22,534
22,713
23,362
23,473
15,421
15,500
15,807
15,897
11,143
11,258
11,476
11,471
99
115
160
237
24,141
23,077
23,543
23,082
23,023
23,234
22,362
22,768
22,300
22,213
15,508 11,260
15,020 11,113
14,994 11,092
14,883
14,894 '030
Jan
4,811 2,078
4,052 1,750
732
668
915
4,039
1,754
798
176
184
176
195
929
930
927
932
4,047
4,044
4,050
4,068
1,763
1,759
1,749
1,730
642
768
576
687
777
490
856
539
419
203
187
185
194
190
928
913
928
914
890
4,069
4,038
4,033
4,017
4,039
1,749
1,714
1,772
1,753
1,781
907
715
775
782
810
Dec
18
Jan
Dec. 5
Dec. 12
Dec. 19
Dec. 26
1957
Jan. 2
Jan. 9
Jan. 16
Jan. 23
Jan. 30
Outside
New York City
1956
Jan
Dec
63,709 63,307 34,046 16,846
64,609 64,048 37,617 19,164
562
465
806
736
782
790
7,594 8,030 23,141 947
8,247 8,837 20,620 1,115
742
535
5,796 15,656 6,120
4,273 14,697 5,811
402
561
64,158 63,668 37,294 19,060
450
688
795
8,225 8,769 20,698 1,319
500 4,234 14,645 5,676
490
64,192
64,281
64,915
65,045
63,637
63,760
64,342
64,452
37,301
37,497
37,789
37,880
18,869
19,084
19,326
19,377
467
468
463
464
740
723
738
747
786
787
792
791
8,246
8,245
8,252
8,246
8,821 20,470 946
8,810 20,430
20
965
8,838 20 ,772 1,266
8,877 20,808 1,285
544
530
538
529
4,255
4,259
4,274
4,301
14,725
14,676
14,694
14,693
5,866
5,833
5,781
5,764
555
521
573
593
64,883
64,382
64,253
63,822
63,451
64,400
63,836
63,735
63,283
63,084
37,867
37,481
37,261
36,972
36,882
19,421
19,180
19,051
18,866
18,786
455
454
451
448
443
753
695
684
658
649
802
796
791
789
793
8,246
8,234
8,230
8,211
8,203
8,882 20,797
8,813 20,644
8,747 20,821
8,693 20,666
8,705 20,563
500
503
521
487
490
4,294
4,276
4,213
4,199
4,192
14,687
14,658
14,645
14,612
14,619
5,736
5,711
5,653
5,645
5,639
483
546
518
539
367
1957
Jan
1956
Dec. 5
Dec. 12
Dec. 19
Dec. 26
1957
Jan. 2
Jan. 9
Jan. 16
Jan. 23
Jan. 30
1
Exclusive of loans to banks and after deduction of valuation reserves;
individual loan items are shown gross.
,316
,207
,442
,368
,262
2
Includes guaranteed obligations.
See also NOTE on opposite page.
173
WEEKLY REPORTING MEMBER BANKS
RESERVES AND LIABILITIES OF BANKS IN LEADING CITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Demand deposits,
except interbank
Month or date
BalReserves Cash ances
with
with
in
doF. R. vault mestic
Banks
banks
Demand
deposits
ad- 1
justed
Time deposits,
except interbank
IndividCertiuals, States
and
fied
part- politand U.S.
nerical
offiships, sub- cers* Govt.
and
cor- divi- checks,
pora- sions etc.
tions
Interbank
deposits
IndividDemand
uals, States
U.S.
and Govt.
part- politnerand
ical Postal
ships, suband divi- SavDocorings mes- Foreign
pora- sions
tic
tions
Borrowings
Time
Capital
accounts
F. R. From
others
Banks
Total—
Leading Cities
1956
Jan
Dec
13,708 1,034 2,570 58,528 60,726 4,191 2,030 1,248 19,330
13,778 1,138 2,586 57,843 61,089 3,931 2,101 2,008 19,734
959
912
204 11,006
183 11,124
1,463
1,671
1,273
1,274
633
522
713 8,472
896 9,041
13,604 1,048 2,619 58,057 60,914 4,136 2,007
936
183 11,157 1,613
1,244
296
822 9,036
1957
Jan
,037 20,094
1956
13,645
13,609
14,151
13,708
1,019
1,165
1,148
1,221
2,379
2,517
2,684
2,763
56,745
58,266
58,148
58,214
59,422
61,871
61,356
61,707
3,933
3,933
3,905
3,953
1,999
2,193
2,167
2,044
19,598
19,701
19,752
19,886
899
900
927
922
184
185
181
182
10,806
10,996
11,368
11,326
1,689
1,645
1,662
1,687
1,280
1,267
1,274
1,275
510
399
659
519
978
911
828
868
9,043
9,042
9,036
9,043
13,600
13,665
13,587
13,639
13,530
1,132
1,086
1,000
1,003
1,017
3, 156 57,629
2, 525 57,760
2,621 58,523
2, 490
""" 58,296
2, 304 58,076
61,966
60,130
61,976
60,545
59,951
4,183
4,011
4,183
4,095
4,211
2,541 2.181 19,919
1,884
949 20,022
1,985
643 20,143
1,870
624 20,169
916
935
942
948
939
182
184
182
182
183
12,640
11,425
11,329
10,537
9,854
1,719
i;637
1,601
1,583
1,526
1,250
1,244
1,240
1,242
1,245
309
254
179
262
475
788
929
878
830
682
9,040
9,045
9,023
9,027
9,047
4,185
4,361
155
186
3,035 1,125 1,016
3,022 1,338
968
138
114
362 2,714
427 2,845
1957
4,177
150
950
3
345 2,845
1956
4,407
4,234
4,467
4,336
166
203
186
187
15,839
16,355
16,247
16,207
17,316
18,055
17,881
18,070
977
261
292 1,120
263
966
252 1,016
654
310
764
754
2,172
2,253
2,244
2,307
2,922
2,949
3,068
3,149
1,349
1,311
1,327
1,365
971
968
966
967
100
41
168
146
422
387
459
441
2,837
2,846
2,848
2,847
3,951
4,322
4,067
4,289
4,257
163
158
140
141
148
16,006
15,994
16,205
16,284
16,397
18,093
17,357
17,863
17,649
17,732
271 1,254
889
237
953
317
947
302
879
307
703
276
170
123
184
2,272
2,295
2,319
2,331
2,351
3,565
3,083
3,142
2,976
2,735
1,389
1,314
1,280
1,259
1,214
950
950
950
951
952
5
8
131
394
455
357
386
2,843
2,845
2,847
2,847
2,845
9,523
9,417
879 2,505 42,307 43,146 3,925 1,084
952 2,535 41,681 43,259 3,664 1,081
887 17,259
,388 17,490
874
856
145 7,971
146 8,102
338
333
257
306
495
408
351 5,758
469 6,196
9,427
898 2,558 41,879 43,175 3,849 1,022
746 17,780
887
148 8,057
322
294
293
477 6,191
17,426
17,448
17,508
17,579
840
842
874
869
146
147
145
146
7,884
8,047
8,300
8,177
340
334
335
322
309
299
308
308
410
358
491
373
556
524
369
427
6,206
6,196
6,188
6,196
,287 1,478 17,647
995
673 17,727
473 17,824
,032
501 17,838
923
606 17,863
876
868
885
893
899
890
146
148
147
147
148
9,075
8,342
8,187
7,561
7,119
330
323
321
324
312
300
294
290
291
293
309
254
179
257
467
657
535
423
473
296
6,197
6,200
6,176
6,180
6,202
Dec. 5
Dec. 12
Dec. 19
Dec. 26
2,087
1,151
2,412
2,380
1957
Jan. 2
Jan. 9
Jan. 16
Jan. 23
Jan. 30
1,755
790 20,214
65 16,221 17,580
16,162 17,830
946
266
267 1,020
361 2,071
620 2,244
61 16,178 17,739
287
291 2,314
New York City
1956
Jan
Dec
985
49
35 3,100 1,291
Jan
Dec. 5
Dec. 12
Dec. 19
Dec. 26
1957
Jan. 2
Jan. 9
Jan. 16
Jan. 23
Jan. 30
Outside
New York City
1956
Jan
Dec
1957
Jan
1956
Dec. 5
Dec. 12
Dec. 19
Dec. 26
9,238
853
9,375
962
9,684
962
9,372 1,034
2,327 40,906
2,469 41
2,631
,.
2,713 42,007
42 ,106
43,816
43,475
43
"",637
3,672
3,641
3,642
3,701
9,649
9,343
9,520
9,350
9,273
3,092 41,623
2,468 41,766
2,567 42,318
2,432 42,012
2,235 41,679
433,873
422,773
44^13
42,896
42,219
3,912
3,774
3,866
3,793
3,904
1,022
1,073
1,201
1,028
1,433
841
1,648
1,626
1957
Jan. 2
Jan. 9
Jan. 16
Jan. 23
Jan. 30
969
928
860
862
869
1
Demand deposits other than interbank and U. S. Govt., less cash
items reported as in process of collection.
NOTE.—For description of revision beginning Mar. 4, 1953, see BULLETIN for April 1953, p. 357, and for figures on the revised basis beginning
Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555.
174
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
chemical,
and
prod-3
tobacco leather
and
ucts
rubber
Other
Trade
(wholesale
and
retail)
Commodity
dealers
Sales
finance
companies
Public
utilities
(incl.
transportation)
1953—Jan.-June
July-Dec
-657
537
156
-107
420
-326
-45
138
90
-49
215
-7
-644
392
1954—Jan.-June
July-Dec
-505
498
55
-26
-577
-548
-1
-62
-41
120
-363
539
1955—Jan.-June
July-Dec
-540
480
220
71
-302
822
154
168
238
-6
424
428
-386
739
-322
98
126
-225
384
27
365
350
-24
3
146
327
171
178
31
-78
-461
469
1956—Jan.-June
July-Dec
111
224
1,362
-71
-10
88
313
208
-91
-137
-175
32
589
704
97
104
60
516
254
Week ending:
1956—Nov. 7
Nov. 14
Nov. 21
Nov. 28
153
63
12
91
Construction
Comm'l
and
All
ind'l
Net
other changes
change—
types
all
classiof
weekly
fied
business
reporting
banks 4
18
-23
71
82
-11
101
134
106
143
370
1,257
3,050
1,078
53,206
54
-66
149
176
2,124
2,719
42,243
2,459
32
136
-22
-9
534
948
479
920
-833
-1,032
106
132
-536
610
-805
795
-1,314 -1,496
539
630
89
-58
-23
116
153
-19
369
72
-30
-8
18
-21
-233
-68
-186
100
-38
31
22
-108
54
33
56
11
-2
25
-24
-24
28
54
27
8
65
13
8
3
-6
-6
-10
-9
23
102
-55
-39
32
30
13
21
-25
11
19
55
-5
3
24
10
-5
9
-5
-21
28
36
-27
-6
189
310
25
10
187
312
25
-45
Dec. 5
Dec. 12
Dec. 19
Dec. 26
38
70
65
-6
-7
10
8
-8
-9
8
-56
2
-3
4
2
-11
7
9
-35
-59
36
26
27
14
22
51
281
162
17
64
38
17
5
-4
5
-15
-11
-3
39
-3
102
304
457
86
84
330
460
46
1957—Jan. 2
Jan. 9
Jan. 16
Jan. 23
Jan. 30
-107
-48
-33
-33
-33
-29
-1
2
-4
10
6
69
82
-4
-84
-11
53
-8
30
42
-12
9
-14
-8
-16
-12
12
-13
8
-116
-39
-23
-35
-21
5
-19
-23
-16
-15
86
-131
-85
-39
-17
81
2
7
-1
14
-1
-17
-7
-12
26
-43
-37
-30
-24
-113
-332
-126
-204
-58
-167
-383
-155
-243
-84
1956—Nov..
Dec
1957_jan
1
Data for a sample of about 210 banks reporting changes in their
larger loans; these banks hold over 90 per cent of total commercial
and industrial loans of all weekly reporting member banks and nearly
702per cent of those of all commercial banks.
Figures for periods other than weekly are based on weekly changes.
3
4
Includes machinery and transportation equipment.
Prior to week ending Jan. 11, 1956, included changes in agricultural
loans.
5 Includes increase of $318 million resulting from errors disclosed
incident to survey of credit extended to real estate mortgage lenders.
COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances
Commercial and finance
company paper
End of year or month
Total
1950.
1951
1952
1953.
1954
1955
920
1,331
1,745
. . .. 1 966
1,924
2,008
1956—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
2,350
2 618
2,545
2,514
2 607
2,427
2,600
2,514
2,463
2 581
2,618
2,129
Held b y :
Placed Total
Placed directly
through1
dealers (finance2
paper)
345
449
552
564
733
510
573
588
560
508
515
476
509
548
549
573
568
506
575
882
1,193
1,402
1,191
1,498
1,777
2,030
1,985
2,006
2,092
1,951
2,091
1,966
1,914
2,008
2,050
1,623
Accepting banks
F. R.
Banks
Goods stored in or
ImExshipped between
ports
ports
Dollar
points in:
Othexinto
from
To- Own Bills Own ForUnited United change
tal bills bought
eign
States States
United Foreign
acct. corr.
States countries
394
490
492
574
873
192
197
183
172
289
114
119
126
117
203
78
79
57
55
86
642
175
126
49
28
624
169
124
44
667
660
184
170
135
130
49
40
108
113
39
44
109
71
723
772
146
157
180
175
189
805
843
924
967
209
203
242
227
127
135
167
155
628
643
684
111
120
i As reported by dealers; includes finance company paper as well as
other commercial paper sold in the open market.
Based on:
64
70
82
69
75
72
245
235
232
274
285
87
133
125
154
182
2
23
39
29
17
252
210
17
237
220
11
431
436
263
263
427
424
234
236
240
252
251
237
259
20
18
43
49
258
281
295
329
21
21
20
24
19
180
272
289
378
565
33
405
18
32
406
14
14
37
39
13
16
42
45
18
45
18
22
48
51
483
510
235
245
264
270
271
49
53
52
50
529
567
598
621
294
277
277
261
17
20
33
69
441
10
9
28
55
64
75
300
32
44
32
43
89
63
100
46
110
106
94
100
104
13
21
43
33
34
74
97
17
19
10
2
113
133
199
227
123
133
143
148
9
125
129
124
2
As reported by finance companies that place their paper directly with
investors.
175
INTEREST RATES
Year,
month, or
week
MONEY MARKET RATES
BANK RATES ON SHORT-TERM BUSINESS LOANS
[Per cent per annum!
[Per cent per annum]
Finance
Prime
comPrime
bankpany
comers'
paper
mercial
acceptplaced
paper,
ances,
4- to 6-! direct90 1
ly,
months
3- to 6-1 days
months
Market
yield
U. S. Government
securities (taxable, 2
Size of loan (thous. of dol.)
All
loans
Area and period
3-month bills
9-to 12- 3- :o 5month
year 4
Rate issues 3 issues
on new
issues
1954 average
1955 average
1956 average
1.58
2.18
3.31
1.42
1.97
3.06
1.35
1.71
2.64
.94
1.73
2.62
.953
1.753
2.658
.92
1.89
2.83
1.82
2.50
3.12
1956—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
3.00
3.00
3.00
3.14
3.27
3.38
3.27
3.28
3.50
3.63
3.63
3.63
2.88
2.88
2.88
2.93
3.00
3.00
2.94
3.01
3.13
3.37
3.38
3.38
2.45
2.38
2.38
2.44
2.50
2.45
2.43
2.65
2.88
2.88
3.05
3.35
2.41
2.32
2.25
2.60
2.61
2.49
2.31
2.60
2.84
2.90
2.99
3.21
2 456
2.372
2.310
2.613
2.650
2.527
2.334
2.6i.6
2.85C
2.961
3.000
3.230
2.50
^.38
2.43
2.83
2.83
2.69
2.62
3.01
3.17
3.07
3.15
3.33
2.74
2.65
2.83
3.11
3.04
2.87
2.97
3.36
3.43
3.29
3.49
3.65
1957—Jan
3.63
3.38
3.38
3.11
3.210
3.17
3.40
Week ending:
Jan. 5 . . .
Jan. 1 2 . . .
Jan. 1 9 . . .
Jan. 2 6 . . .
Feb. 2 . . .
3.63
3.63
3.63
3.63
3.63
3.38
3.38
3.38
3.38
3.38
3.38
3.38
3.38
3.38
3.38
3.14
3.08
3.09
3.10
3.16
3.262
3.197
3.223
3.085
3,283
3.38
3.23
3.14
3.09
3.11
3.63
3.47
3.33
3.31
3.34
1
2
Averages of daily prevailing rates. 4 Consists of selected note and bond issues.
Except for new bill issues, yields are averages computed from daily closing
bid3 prices.
Consists of certificates of indebtedness and selected note and bond issues.
Annual averages,
19 large cities:
1954
1955
1956
Quarterly: 1
19 large cities:
1956—Mar
June
Sept
Dec
New York City:
1956—Mar
June
Sept
Dec
7 Northern & Eastern
cities:
1956—Mar...
June
Sept
Dec
11 Southern & Western
cities:
1956—Mar
June
Sept
Dec
110
10100
100200
200
and
over
3.6
3.7
5.0
5.0
4.3
4.4
3.9
4.0
3.4
3.5
3.93
4.14
4.35
4.38
4.55
4.69
4.86
4.90
4.13
4 "U
4.52
4.63
3.74
3.97
4.19
4.20
3.75
3.97
4.20
4.22
5.05
5 18
5.30
5.32
4.92
5.00
5.26
5.18
4.49
4.61
4.84
4.88
4.05
4.23
4.46
4.57
3.62
3.86
4.09
4.10
3.93
4.15
4.39
4.40
5.11
5.26
5.36
5.41
4.55
4.74
4.88
4.94
4.10
4.32
4.53
4.63
3.78
4.01
4.26
4.25
4.19
4.38
4.53
4.58
5.09
5.23
5.29
5.35
4.58
4.71
4.85
4.90
4.20
4.42
4.54
4.66
3.94
4.15
4.32
4.35
1
Based on figures for first 15 days of month.
NOTE.—For description see BULLETIN for
pp. 228-237.
March
1949,
BOND AND STOCK YIELDS 1
[Per cent per annum]
Corporate bonds 4
State and local govt. bonds
U. S. Govt.
bonds
(long-term)
Year, month,
or week
General
obligations4
New Totals
Old
series2 series3
Aaa
By selected
ratings
Revenue Totals
bonds 6
Baa
Aaa
Baa
Industrial stocks
Dividends/
price ratio
By
groups
Industrial
Railroad
Public
Preutility ferred 7
Com-4
mon
Earnings/
price ratio
Com-8
mon
3-7
1-2
20
5
5
10
120
30
30
40
40
40
14
125
125
2.53
2.80
3.05
2.70
2.94
3.11
2.46
2.57
2.94
2.04
2.18
2.51
3.09
3.14
3.50
2.81
2.85
3.26
3.16
3.25
3.57
2.90
3.06
3.36
3.51
3.53
3.88
3.09
3.19
3.50
3.25
3.34
3.65
3.15
3.22
3.54
4.02
4.01
4.25
4.70
3.93
3.89
8.75
8.04
Dec
2.86
2.82
2.90
3.05
2.93
2.89
2.97
3 15
3.19
3.18
3.30
3.43
2.94
2.93
2.98
3.10
3.03
2.98
3.05
3.19
3.24
3.24
3.30
3.36,
2.69
2.63
2.67
2.84
2.83
2.71
2.79
2.94
3.06
3.12
3.39
3.57
2.27
2.19
2.24
2.43
2.46
2.34
2.40
2.53
2.63
2.66
2.87
3.04
3.24
3.21
3.24
3.38
3.37
3.26
3.34
3.52
3.60
3.67
3.98
4.19
2.91
2.89
2.95
3.07
3.06
3.02
3.07
3.32
3.50
3.55
3.85
3.95
3.30
3.28
3.30
3.41
3.46
3.46
3.50
3.62
3.75
3.82
3.90
3.99
3.11
3.08
3.10
3.24
3.28
3.27
3.28
3.43
3.56
3.59
3.69
3.75
3.60
3.58
3.60
3.68
3.37
3.75
3.80
3.93
4.07
4.17
4.24
4.37
3.23
3.20
3.24
3.37
3.40
3.39
3.42
3.55
3.68
3.75
3.82
3.95
3.40
3.37
3.37
3.47
3.53
3.55
3.59
3.72
3.83
3.89
4.01
4.08
3.28
3.26
3.27
3.38
3.44
3.44
3.48
3.60
3.73
3.82
3.86
3.93
4.03
3.99
4.01
4.15
4.22
4.17
4.16
4.24
4.39
4.42
4.56
4.63
4.08
3.93
3.68
3.69
3.97
3.82
3.68
3 83
4.04
4.03
4.05
3.90
1957—Jan
3.33
3.37
3.51
2.99
4.16
3.92
4.04
3.77
4.49
4.02
4.12
3.98
4.51
4.13
Week ending:
Jan
5
Jan 12
Jan. 19
Jan 26
Feb 2
3 53
3.45
3.30
3 22
3.20
3 45
3.44
3.37
3.31
3.29
3 58
3.57
3.53
3.47
3.39
3.05
3.05
3.02
2.96
2.87
4.22
4.22
4.17
4.13
4.08
3.98
3.95
3.90
3.84
3.81
4.06
4.06
4.05
4.03
4.01
3.82
3.81
3.78
3.73
3.72
4.46
4.49
4.50
4.48
4.48
4.05
4.06
4.04
4.00
3.98
4.14
4.14
4.13
4.11
4.09
3.97
3.97
3.99
3.98
3.97
4.60
4.54
4.53
4.44
4.46
3.91
3.95
4.08
4.12
4.16
Number of issues
1954 average
1955 average
1956 average
1956 Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
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
are as of the end of the period, except for annual
averages.
2 Consists of fully taxable, marketable 2l/i per cent bonds due or first
callable after 12 years, through Sept. 30, 1955, and those due or callable
in 10-20 years, beginning Oct. 1, 1955.
3 Consists of the 3*4 per cent bond of 1978-83 and, beginning Feb. 1,
1955, the 3 per cent bond of February 1995.
4
5
6.99
7.05
6.07
Moody's Investors Service.
Includes bonds rated Aa and A, data for which are not shown separately. Because of a limited number of suitable issues, the number of
corporate
bonds in some groups has varied somewhat.
6
Dow-Jones and Co.
7 Standard and Poor's Corporation. Ratio is based on 8 median yields
in a sample of noncallable issues—12 industrial and 2 public utility.
« Computed by Federal Reserve from data published by Moody's Investors Service.
176
SECURITY MARKETS
SECURITY PRICES 1
Bond prices
Common stock prices
Standard and Poor's series
(index, 1935-39= 100)
U. S. Govt.
(long-term)
Year, month,
or week
Old
series2
CorMuponicipal
rate
New (high- 4 (highse- grade) grade) 4 Total
ries 3
1-2
Industrial
Railroad
Volume
of
tradings
On
Trade,
thoufisands
nance, Minof
and
ing shares)
service
Securities and Exchange Commission series
(index, 1936= 100)
Manufacturing
Public
utility
Total
Total
Durable
Nondurable
Trans- Pubporta- lic
utiltion
ity
17
480
420
20
40
265
170
98
72
21
29
31
14
117.2
114.4
109.1
227
300
342
250
341
397
180
248
253
136
152
155
230
305
345
271
374
439
245
352
410
295
394
465
233
320
327
136
153
156
236
297
306
267
313
358
2,270
2,578
2,216
121.3
122.3
120.3
116.9
117.3
119.2
118.6
115.8
113.8
112.8
109.1
108.1
113.3
113.9
113.2
111.2
110.6
110.5
110.3
108.4
105.8
105.2
103.7
102.8
323
324
347
351
344
341
357
357
344
337
334
340
372
373
401
408
399
397
417
418
402
394
390
398
249
250
265
271
269
257
260
254
240
241
238
236
153
155
159
156
155
154
157
159
155
151
152
151
326
330
351
355
347
341
359
359
345
342
338
344
408
413
443
452
441
434
460
460
440
437
431
441
379
383
412
410
398
393
421
432
422
422
417
425
434
441
472
491
480
471
495
484
457
451
445
457
320
323
344
348
342
328
335
329
313
318
311
315
154
156
160
157
156
155
159
160
155
152
153
152
310
310
322
317
306
300
315
313
302
299
296
287
330
350
373
369
364
352
369
373
349
337
355
362
2 247
2,320
2 874
2,576
2,420
1,771
2,177
1,936
1,959
1,754
2,178
2,443
1957_jan
89.96 95.14 108.6
102.8
335
389
236
156
338
429
406
451
310
157
285
371
2,189
Week ending:
Jan. 5
Jan 12
Jan. 19
Jan 26
Feb 2
87.67
88.58
90.30
91.17
91.49
93.67
93.76
95.16
96.28
96.59
102.0
102.3
102.8
103.2
103.7
340
340
334
331
330
397
396
388
384
382
237
243
236
231
232
153
156
156
156
158
346
343
331
332
330
442
437
419
420
416
419
414
396
396
392
462
458
440
443
439
318
317
304
303
300
156
158
157
157
158
290
290
280
280
281
382
371
367
366
354
2,654
2,372
2 301
2,100
1,810
Number of issues .
1956—Jan..
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct..
Nov
Dec
3-7
15
. . . 99.51 109.60 125.8
95.97 103.36 123.1
93.04 99.88 116.3
1954 average .
1955 average
1956 average
.
.
95.40
95.94
94 88
92.86
94.40
95.03
93.94
91.81
91.43
91.53
90.22
88.74
103.04
103.28
102.41
100.05
101.35
102.22
100.98
98.38
97.39
97.50
96.35
95.19
108.0
107.9
108.4
109.1
109.6
1 Monthly and weekly data for U. S. Govt. bond prices and volume
of trading are averages of daily figures; for other series monthly and
weekly data are based on figures for one day each week—weekly closing
prices for common stocks (Securities and Exchange Commission) and
Wednesday closing prices for all others.
2 Series composed of fully taxable, marketable 2% per cent bonds due
or first callable after 12 years through Sept. 30, 1955, and, beginning *
Oct. 1, 1955, those due or callable in 10-20 years.
3 The 3% per cent bond of 1978-83 and, beginning Feb. 1, 1955, and 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]
Broker and dealer credit 1
Customer credit
End of month or last
Wednesday of month
Net debit balances with
Bank loans to others (than
TotalNew York Stock Exchange brokers and dealers) for pur- 2
securities
chasing
and carrying securities
firms
i
other than
U. S. Govt.
obligations
Secured by Secured by
(col. 3 +
Other
U. S. Govt.
U. S. Govt.
other
col. 5)
obligations
securities
obligations
securities
Money borrowed
On
U. S. Govt.
obligations
On
other
securities
Customer
net
free
credit
balances
1952—Dec,
1953—Dec.
1954—Dec,
1955—Dec.,
1,980
2,445
3,436
4,030
33
31
41
34
1,332
1,665
2,388
2,791
149
88
65
32
648
780
1,048
1,239
30
88
69
51
877
1,074
1,529
2,246
727
713
1,019
894
1956—Jan..
Feb..
Mar.
Apr.,
May.
June,
July.
Aug.,
Sept.
Oct..
Nov.
Dec.
4,040
3,991
4,038
4,043
4,047
4,009
4,026
3,979
3,950
3,914
3,946
3,984
36
34
31
33
38
34
31
33
33
36
32
33
2,786
2,740
2,786
2,788
2,810
2,786
2,812
2,785
2,782
2,748
2,784
2,823
37
36
40
40
40
48
45
41
42
42
43
41
1,254
1,251
1,252
1,255
1,237
1,223
1,214
1,194
1,168
1,166
1,162
1,161
41
52
50
44
42
39
31
38
42
45
43
46
2,129
2,137
2,127
2,145
2,186
2,195
2,211
2,048
2,071
2,086
2,071
2,132
905
913
960
896
870
836
858
872
866
835
822
880
1
Ledger balances of member firms of the New York Stock Exchange
carrying margin accounts, as reported to the Exchange. Customers' debit
and free credit balances exclude balances maintained with the reporting
firm by other member firms of national securities exchanges and balances
of the reporting firm and of general partners of the reporting firm. Balances are net for each customer—i.e., all accounts of one customer are
consolidated. Money borrowed includes borrowings from banks and
from other lenders except member firms of national securities exchanges.
Data are as of the end of the month, except money borrowed, which is as
of 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 1952 and
for New York and Chicago banks thereafter.
177
SAVINGS INSTITUTIONS
LIFE INSURANCE COMPANIES 1
[Institute of Life Insurance data. In millions of dollars]
Business securities
Government securities
Total
assets
Date
Total
End of year :3
1941
1945
1948
1949
1950
1951
1952
1953
1954
1955
Bonds
Stocks
9,478
22,545
6,796
20,583
55,512
59,630
64,020
68,278
73,375
78,533
84,486
90,432
19,135
17,868
16,118
13,760
12,905
12,537
12,262
11,829
73,034
78,201
84,068
End of month: 4
1952—Dec...
1953—Dec...
1954—Dec...
r
1956—Jan.. .
Feb...
Mar...
Apr.. .
May..
June..
July..
Aug...
Sept...
Oct
Nov...
Total
32,731
44,797
,
1955—Nov...
Dec...
U.S.
United State
and Foreign:
States
local
Mortgages
Real
estate
Policy
loans
Other
assets
1,840
1,738
2,160
2,245
2,591
2,872
3,088
3,302
3,523
3,742
687
1,240
10,174
11,059
9,573
10,060
601
999
6,442
6,636
1,878
857
2,919
1,962
16,746
15,290
13,459
11,009
10,252
9,829
9,070
8,576
1,995
722
872
1,052
1,152
1,170
1,153
1,298
1,846
2,038
1,517
1,526
1,507
1,581
1,500
1,410
1,346
1,215
20,272
23,124
25,351
28,111
31,515
34,438
37,300
39,545
18,844
21,406
23,248
25,890
29,069
31,865
34,032
35,912
1,428
1,718
2,103
2,221
2,446
2,573
3,268
3,633
10,833
12,906
16,102
19,314
21,251
23,322
25,976
29,445
1,055
1,247
1,445
1,631
1,903
2,020
2,298
2,581
2,057
2,240
2,413
2,590
2,713
914
127
290
12,814
12,452
12,199
10,195
9,767
9,021
1,126
1,278
1,833
1,493
1,407
1,345
31,286
34,265
36,695
29,095
31,926
33,985
2,191
2,339
2,710
21,245
23,275
25,928
1,868
1,994
2,275
89,495
90,219
12,096
11,758
8,891
8,546
1,987
1,998
1,218
1,214
38,544
38,855
'35,646
35,932
'2,898
2,923
28,867
29,433
2,523
2,557
90,842
91,240
91,543
92,025
92,478
92,876
93,580
93,992
94,411
94,869
95,274
11,751
11,608
11,415
11,439
11,332
11,280
11,292
11,210
11,253
11,306
11,218
8,393
8,236
8,045
8,085
7,986
7,921
7,886
7,778
7,805
7,850
7,749
2,125
2,144
2,153
2,153
2,140
2,148
2,191
2,206
2,213
2,218
2,229
1,233
1,228
1,217
1,201
1,206
1,211
1,215
1,226
1,235
1,238
1,240
39,146
39,376
39,570
39,705
39,854
39,963
40,297
40,453
40,514
40,626
40,735
36,216
36,428
36,593
36,725
36,880
36,999
37,302
37,455
37,546
37,664
37,765
2,930
2,948
2,977
2,980
2,974
2,964
2,995
2,998
2,968
2,962
2,970
29,800
30,102
30,383
30,651
30,991
31,284
31,612
31,897
32,111
32,399
32,709
2,568
2,589
2,609
2,624
2,646
2,673
2,711
2,727
2,748
2,778
2,813
2,699
2,894
3,087
'3,284
3,293
3,307
3,324
3,345
3,365
3,385
3,409
3,400
3,420
3,440
3,461
3,483
r
1
2
Revised.
Figures are for all life insurance companies in the United States.
Represents issues of foreign governments and their subdivisions
and bonds of the International Bank for Reconstruction and Development.
r
r
3,122
3,321
3,884
'4,181
4,323
4,270
4,241
4,221
4,241
4,270
4,267
4,268
4,285
4,345
4,299
4,316
3
These represent annual statement asset values, with bonds carried on
an 4amortized basis and stocks at end-of-year market value.
These represent book value of ledger assets. Adjustments for interest
due and accrued and for differences between market and book values
are not made on each item separately, but are included, in total, in "Other
assets."
SAVINGS AND LOAN ASSOCIATIONS i
[Federal Savings and Loan Insurance Corporation data.
In millions of dollars]
Assets
End of year or month
Total 2
Mortgages 3
U. S.
Govt.
obligations
Liabilities
Borrowings
Cash
Other 4
Savings
Capital
FHLB
Advances
Other
Reserves
and
undivided
profits
1941
1945
6,049
8,747
4,578
5,376
107
2,420
344
450
775
356
4,878
7,386
218
190
38
146
475
644
1948
1949
1950
1951
1952
1953
1954
1955
13,028
14,622
16,893
19,222
22,660
26,733
31,736
37,719
10,305
11,616
13,657
15,564
18,396
21,962
26,194
31,461
1,455
1,462
1,487
1,603
1,787
1,920
2,021
2,342
663
880
924
1,066
1,289
1,479
1,980
2,067
501
566
733
8Q9
,108
1,297
1,471
,791
10,969
12,472
13,992
16,107
19,195
22,846
27,334
32,192
500
424
810
801
860
947
864
1,412
90
75
90
93
84
80
96
146
969
1,106
1,280
1,453
1,658
1,901
2,191
2,557
37,216
37,719
31,243
31,461
1,799
2,067
1,776
1,791
31,408
32,192
1,361
J 41?
143
146
2,557
37,995
38,429
38,892
39,388
40,023
40,622
40,797
41,197
41,574
42,059
42,520
31,697
32,002
32,405
32,814
33,259
33,740
34,134
34,586
34,939
35,305
35,596
2,339
2,342
2,450
2,526
2,583
2,639
2,684
2,652
2,687
2,726
2,739
2,753
2,781
2,019
2 019
1,975
1,917
1,926
2,047
1,878
1,788
1,745
1,782
1,840
1,772
1,825
1,873
32,615
32,973
33,332
33,662
34,137
34,948
35,079
35,366
35,633
36,044
36,438
,242
178
1,134
1,123
1,119
1,170
1,105
1,113
1,139
.145
1,150
119
109
102
110
112
118
124
132
138
128
123
2,749
1955
Nov
Dec
1956 Jan v
Feb P9 . .
Mar.*
A p r 'P
May*p3
June
JulyPp
Aug. v
Septp
Oct
.
Nov. p .
. . .
P1 Preliminary.
Figures are for all savings and loan associations in the United States.
Data beginning 1950 are based on monthly reports of insured associations and annual reports of noninsured associations. Data prior to
1950 are based entirely on annual reports.
962
2,099
2,128
2,044
2,043
2,098
2,166
2,251
2
Includes gross mortgages with no deduction for mortgage pledged
shares.
3
Net of mortgage pledged shares.
4
Includes other loans, stock in the Federal home loan banks and other
investments, real estate owned and sold on contract, and office building
and fixtures.
178
FEDERAL BUSINESS-TYPE ACTIVITIES
SELECTED ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES
[Based on compilation by Treasury Department.
In millions of dollars]
End of year
End of quarter
Asset or liability, and activity *
1955
1949
1950
19512
19522
19532
1956
1954
12
Loans, by purpose and agency:
To aid agriculture\ total
Banks for cooperatives
Federal intermediate credit banks...
Farmers Home Administration
Rural Electrification Administration.
Commodity Credit Corporation
Other agencies
To aid home owners, total
Federal National Mortgage Association.
Veterans Administration
Other agencies
4,362
302
437
523
1,301
1,729
70
3,884
345
510
535
1,543
898
52
4,161
425
633
539
1,742
782
40
5,070
424
673
596
1,920
1,426
31
1,251
828
> 423
1,528
1,347
181
2,142
1,850
292
2,603
2,242
362
576
568
589
598
576
568
589
598
To industry, total
Treasury Department...
Commerce Department.
Other agencies
6,811
6,929 6,362 5,555
359
367
322
833
638
847
755
701
770
2,226 2,286 2,316
2,981 2,137 1,590
1
18
1
6,715
375
689
681
2,348
2,621
1
2,930
2,462
2,907
2,461
3,095
2,593
383
63
430
72
3,205
2,641
480
84
3,230
2,683
300
168
3,122
2,590
456
76
424
124
3 ,299
2,729
433
137
588
174
413
431
353
79
439
348
91
718
328
f 292
t 97
675
306
261
112
593
330
193
70
627
323
221
83
311
590
648
2,096
3,076
23
7,377 6,790
355
765
764
349
898
808
2,379
3,114
2,413
2,319
3
(3)
To financing institutions
445
824
814
864
952
870
1,019
7,277
1,419
7,745
1,178
To aid States, territories, etc., total
Public Housing Administration
Other agencies
408
285
124
468
351
117
744
589
155
1,020
894
126
645
500
145
272
112
160
255
98
158
247
94
153
245
90
155
239
106
134
227
90
137
6,090
2,187
3,750
6,075
2,226
3,750
6,110
2,296
3,750
8,001
2,806
3,570
1,624
1
5,025
2,735
3,567
1,722
7,988
2,702
3,519
1,767
102
8,043
2,833
3,620
1,537
53
5,052
2,774
3,567
1,692
153
7,736
2,496
3,667
51,515
58
64
8,106
2,697
3,519
1,832
58
8,172
2,712
3,519
1,885
76
63
76
"63 ^
119
29
90
166
127
39
219
172
47
230
186
44
256
209
47
756
108
48
176
122
55
Foreign, total
Exj ort-Import Bank. . .
Treasury Department 4 .
Mutual Security (ICA).
Other agencies
All other purposes, total
Housing and Home Finance Administration.
Other agencies
Less: Reserves for losses
Total loans receivable (net).
Investments:
U. S. Government securities, total
Federal home loan banks
Federal Savings and Loan Insurance Corp..
Federal Housing Administration
Federal Deposit Insurance Corporation
Other agencies
Investment in international institutions.
Land, structures, and equipment, total
Commerce Department (maritime activities).
Panama Canal Company 7
Tennessee Valley Authority
Housing and Home Finance Agency
Atomic Energy Commission
Bonneville Power Administration
Bureau of Reclamation
Post Office Department
Other agencies
Bonds, notes, and debentures payable (not guaranteed),
total
Banks for cooperatives
Federal intermediate credit banks
Federal home loan banks
Federal National Mortgage Association
2,047
275
214
188
1,205
165
2,075
199
193
244
1,307
132
2,226
249
200
285
1,353
140
2,421
311
208
316
1,437
148
2,602
387
217
319
1,526
152
2,967
641
228
327
1,624
147
5,705
661
241
354
1,706
146
2,909
443
234
370
1,705
158
3,236
745
241
381
1,720
149
3,385
3,385
5,555
3,385
3,385
3,385
5,555
5,555
5,555
286
266
257
223
219
197
795
77P
1,549
1,376
1,11 A
1,638
1,461
1,174
1,280
978
2,515
2,087
3,852
3,302
3,476
2,910
4,129
3,518
55
3,677
1,082
248
390
1,793
3,719
1,083
256
405
1,810
164
166
3,385
5,555
779
252
570
4,356
21,812
14,119 3,897
3,747
3,536 9,814
9,827 1,574
'
567 6,332
609
{ 188
195
173
136
288
203
428
550
566
611
2,962
2,945
3,358
3,213
16
830
1,352
18
886
1,297
298
1,048
1,285
415
1,251
1,203
8,062
4,834
363
1,475
1,041
8,046
4,798
421
1,739
727
7,821
4,807
422
1,812
536
7,799
4,812
422
1,823
502
7,822
4,822
421
1,829
450
763
745
728
345
350
360
244
241
300
772
78
490
204
1,190
110
520
560
1,369
170
674
525
1,330
181
704
445
1,182
150
619
414
1,068
156
640
272
1,840
123
811
336
570
2,086
160
821
534
570
2,379
185
665
958
570
\
NOTE.—Statistics beginning Mar. 31, 1956, reflect the expanded
coverage and the new classification of agencies now reported in the
Treasury Bulletin. The revised statement includes a larger number of
agencies, and their activities are classified according to the type of fund
they represent. Funds are combined in the table above, but are shown
separately in the table on the following page. Classifications by supervisory authorities are those in existence currently. Where current Treasury
compilations do not provide a detailed breakdown of loans, these items
have been classified by Federal Reserve on basis of information about
the type of lending activity involved.
75
5
69
-185
-140
-476
-173
-203
-228
-494
-477
-265
-263
-595
12,733 13,228 14,422 17,826 19,883 19,348 18,927 19,061 20,238 20,580 19,871
Other securities^
Inventories, total
Commodity Credit Corporation..
Defense Department
Atomic Energy Commission
General Services Administration.
Other agencies
35
8,056 17,463
4,796 4,612
421
400
1,831
1,723
400
310
5,196
309
2,571
590
607 1,752
2,425
161
725
869
670
2,607
152
857
928
670
1 Figures for trust revolving funds include interagency items. For all
types of funds combined, loans by purpose and agency are shown on a
gross basis; total loans and all other assets, on a net basis, i.e., after
reserve for losses.
2 Coverage changed from preceding period (see also "NOTE").
3 Less than $500,000.
4
Figures represent largely the Treasury loan to the United Kingdom,
and through 1952 are based in part on information not shown in Treasury
compilation.
For other footnotes, see opposite page.
179
FEDERAL BUSINESS-TYPE ACTIVITIES
PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES
[Based on compilation by Treasury Department. In millions of dollars]
Liabilities, other than
interagency items1
Assets, other than interagency items 1
Bonds, notes,
PriU.S.
and debenLand,
Govt. vately
tures
payable
owned
Loans InstrucOther interinterretures,
venCash ceivliabil- est
est
Other
and
Other equipGuarities
able tories Public
debt secu- ment
anteed
secu- rities
by Other
rities
U. S.
Investments
Date, and fund or activity
Total
All activities
1949_Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
1954_Dec.
31..
31..
312.
312.
312.
31..
23,733
24,635
26,744
29,945
38,937
41,403
1,549
1,774
1,461
1,280
2,514
3,852
2,047
2,075
2,226
2,421
2,602
2,967
3,492
3,473
3,463
3,429
3,425
3,432
1955—June
Sept.
Dec.
1956—Mar.
June
30..
30..
31..
312.
302.
,244 18,927 3,476
40,639
41,183
,456 19,061 4,129
45,304
,338 20,238 4,356
".485 3,731 20,580 14,119
,668 6,103 19,871 21,812
3,108
2,909
3,236
3,677
3,719
3,430
3,414
3,414
3,638
3,695
4,544
780
441
642
931
944
,190
,371
12,733
13,228
14,422
17,826
19,883
19,348
2,962
509
2,945
499
3,358
882
3,213
832
8,062 1,261
8,046 2,387
7,821
7,799
7,822
8,056
17,463
2,634
2,415
4,900
4,685
6,005
772
1,190
1,369
1,330
1,182
1,068
1,720 21 ,030
1,193 21 ,995
1,161 23,842
1,728 26
",456
3,818 33 ,429
4,183 35 ,610
183
234
329
378
434
508
1,840
2,086
2,379
2,425
2,607
3,019
2,013
2,703
3,730
3,582
568
583
596
651
980
35,171
36,460
39,583
51,635
71,895
Classification by type of fund
and activity, June 30, 1956
Public Enterprise Funds—Total
20,578 1,213 9,330
Farm Credit Administration:
Federal intermediate credit banks
Production credit corporations.
Federal Farm Mortgage Coporation
Agricultural Marketing Act revolving fund.
Department of Agriculture:
Commodity Credit Corporation
Disaster loans, etc., revolving fund
All other
Housing and Home Finance Agency:
Public Housing Administration
Federal Housing Administration
Federal National Mortgage Association
Office of the Administrator
6,301
152
28
29 1,908 3,897
39
109
19
3
306
683
2,510
692
30
89
30
1 2,496
303
93
Federal Savings and Loan Insurance Corporation
Small Business Administration
Export-Import Bank
Tennessee Valley Authority
Panama Canal Company
Veterans Administration.
General Service Administration
Treasury Department
Post Office Department—postal fund
All other
265
127
2,738
2,005
444
649
793
385
982
297
1
45
81
1 2,712
130
21
188
433
28
58
'276
354
94
"22
981
43
12
186
154 3,391 1,166
49 1,427 1,643 17,459
11
12
112
42
12
186
857
10
150
36
147
405
47
1
(3)
263
319
4
7
913
139
247
13
33
48
570
5,387
152
20
275
31
494
141
38 1,902
686
()
1,723
400
2
73
15
590
129
198
1
24
121
15
1
120
28
29
38
253
126
39 2,699
36 1,968
421
22
640
9
779
14
381
5
638
344
285
12
222
482 11,850
93
158
3.
20
9
155 7,767
174 2,828
100 1,031
224
53
3,478 13,873 4,502
549 40,039
1,574
346
8,532 1,416
Atomic Energy Commission
5,196
•(3)'
5,723
263
7,941
General Services Administration
833
1,121
64
6
406
Bonneville Power Administration
27
309
354
6
93
Department of Interior—Bureau of Reclamation. . . 3,024
2,571
Department of Agriculture:
564
18
25
60
Farmers Home Administration
8 2,407
120
Rural Electrification Administration
2,534
International Affairs and Finance:
23
1,911
Mutual security
14 ^3,255
10,300
3,551
3,478
Treasury Department
179
4,612
5,13
29
Department of Commerce—maritime activities
276
201
51
43
All other
22
84
26
4,554
2,936
Certain Deposit Funds—Total.
66 1,519
9
4:
41
Banks for cooperatives
1
1,810
10
1,822
Federal Deposit Insurance Corporation.
346
1,083
2,318
Federal home loan banks
4' 1,173
616
Certain Trust Revolving Funds—Total.
21
253
29'
Federal National Mortgage Association.
All other™
88
141
27 (3)
316
226
201 8,331
49 7,891
Intragovernmental Funds—Total
Defense Department:
Army
Navy
Air Force
All other
Certain Other Activities—Total.
12,332 1,989
7,922
3,002
1,130
278
720
866
336
67
30
9
3
573
9
9
14
9,922
6,938
2,101
775
108
40,588 2,621 8,768 7,345
For other footnotes, see opposite page.
5 Figure not published in Treasury compilation, but derived by
Federal Reserve.
6 Includes investment of the Agricultural Marketing Act revolving
fund in the banks for cooperatives; Treasury compilations prior to 1956
classified this item as an interagency asset and on that basis it had been
excluded
from this table.
7
Figures prior to 1951 are for the Panama Railroad Company. The
256
()
20
397
137 2,8
606
2,534
1,911
10,298
4,984
198
1,080
889 1,92:
664
152
1
237
132 1,691
—6
756
25
928
640
100
21
625
9316
100
4
299
326
97
9309
Panama Canal Company, established in 1951, combined the Panama
Railroad Company with the business activities of the Panama Canal
(not
reported prior to that time).
8
Includes $1,000 million due under the agreement with Germany
signed Feb. 27, 1953, and lend-lease and surplus property balances due
the9 United States in the principal amount of $2,204 million.
Figure represents total trust interest.
1
0 Represents largely the Office of Alien Property.
180
FEDERAL FINANCE
SUMMARY OF FEDERAL FISCAL OPERATIONS
[On basis of U. S. Treasury statements and Treasury Bulletin. In millions of dollars]
Derivation of Federal Government cash transactons
Receipts from the public,
other than debt
Period
Payments to the public,
other than debt
Excess
of rects.
from,
or
payts.
to ( - ) ,
the
public
Net Federal cash borrowing or
repayt. (—) of borrowing
Increase,
or decrease
Net
Budget
rects.
Plus:
Trust
fund
rects.
Less:
IntraGovt.
trans. 1
Equals:
Total
rects.
from
the
public 2
Budget
expenditures
Plus:
Trust
fund
expenditures
Cal year—1955
1956
63,358
70,994
10,624
12 398
2,511
2,980
71,448
80,377
66, 1?9
67, ' 1 6
9,331
10,342
3,282
2,701
72,178
74,853
Fiscal year
64,825
64,655
60,390
68 165
8 929
9,155
9,536
11 685
2,199
2,110
2,061
2,743
71,499
71,627
67,836
77,084
74 t 774
5,288
7,204
8,546
9,436
2,790
3,117
2,578
3,362
76,773
71,860
70,538
72,613
-5,274
-232
-2,702
4,471
6,940
5,186
3,986
-578
22,272
38,118
25,240
42,925
28,069
4,368
5,168
5,456
6,229
6,169
839
1,222
1,289
1,454
1,526
25,785
42,051
29,397
47,687
32,690
31, 566
33, 304
33, 415
33, 801
3,611
4,935
392
2,186
1,096
2,266
437
34,786
35,752
36,426
36,187
38,666
4,889
4 684
6,195
11 313
4,082
5 050
11,601
3,485
4,954
6,218
3,184
4,818
5,412
841
371
1,009
447
90
5,282
4,964
7,140
11,981
4,854
6,581
12,167
3,964
6,286
6,889
3,747
5,972
5,832
5, 651
774
4 950
5, 399
387
5, 467
6, 937
95
608
6,218
5,570
5,679
5,864
6,008
6,004
7,064
5,895
6,686
5,699
6,671
6,355
7,360
1953 .
1954
1955
1956.. .
Semiannual totals:
1954—July-Dec
1955—Jan.-June....
July-Dec
1956—Jan.-June
July-Dec .
Monthly:
1955 Dec
1956 Jan
Feb
M^ar
May
June
July
Aug
Sept
Oct
Nov
Dec *
757
871
1,605
1,617
1,112
1,419
753
660
1,231
994
62
86
96
70
1,049
631
83
78
93
71
570
67 j 77?
64, 570
66, S40
Equals:
Total
Less:
Adjust- payts.
ments 3 to the
public
••4,396
'5,040
5,302
663
904
870
761
1,006
669
830
1,029
801
846
959
857
809
5, 542
5, 90?
4, 918
5, 995
5 7?6
5, 718
142
295
386
132
703
676
17
65
285
227
-833
Le
Net
inv. by
Govt.
debt
(direct agen. &
& agen.) tr. funds
-729
3,484
5,525 - 3 , 5 6 1
2,476
2,482
Other
noncash
debt 4
Equals:
Net
cash
borrowing or
repayt.
566
448
-136
-5,911
3,300
2,055
1,533
3,166
722
618
644
623
2,919
2,512
1,809
-4,366
-9,001
7,52!
6,299 - 3 , 5 3 5
-7,028
7,019
11,499 - 7 , 5 9 7
4,036
-5,974
388
1,145
1,331
1,835
647
447
197
369
254
-390
6,684
-4,875
5,323
-9,689
3,778
-935
599
-606
-722
1,462
238
6,116 - 3 , 7 1 4
- 1,154
-545
577
1 036
5,103 - 3,890
-1,931
-93
2,982
-400
1,191 - 1 , 1 2 6
-2,924
1,017
-383
1,661
-1,527
-405
130
-87
130
83
340
-717
210
131
-364
1 032
916
312
645
-214
-266
3
-14
15
110
57
33
-35
33
43
292
37
-122
-501
25
-3,832
-197
-106
-4,863
-439
2,372
-946
1,240
1,332
218
Effects of operations on Treasurer's account
Operating transactions
Period
Fiscal yr
Net
1953
1954
1955
1956
Semiannual totals:
1954 July-Dec
1955—Jan.-June
July-Dec . . . .
1956—Jan.-June....
July-Dec
Monthly:
1955 Dec
1956 Jan
Feb
Mar
Apr
M^ay. •
July
AUK
Sept
Oct
Nov
Dec
...
Financing transactions
Trust
Fnriri
Reconciliation
to Treas.
cash
Budget
surplus
or
deficit
accumulation
or
deficit
-9,449
-3,117
-4,180
1,626
3,641
1,951
991
2,250
-250
-29
320
-9,294
5,114
- 7 885
9,511
-5,732
757
234
1,060
1,190
866
-689
660
92
228
-483
-761
-590
1,245
5,914
-1,305
-417
4,664
-2,057
-948
1,300
-2,812
-908
-307
178
-533
139
-4
-135
936
787
83
617
-94
-299
374
185
-464
150
57
170
249
-49
-349
-34
-21
-46
145
173
129
-875
Net
market
issuance
(+)of
Govt.
agency
obligations 5
Net
inv.(-)
in Fed.
sec. by
Govt
agency
& trust
funds 5
Increase,
or
decrease
-59
-14
602
173
-3,147
-1,609
-1,362
-2,617
6,966
5,189
3,115
-1,623
754
139
312
-5
-412
-950
-1,217
-1,400
-697
-146
373
-140
-33
-2
40
47
48
51
22
111
-14
-45
70
-11
-69
353
-983
934
-277
-703
214
282
-305
p
r
n.a. Not available.
Preliminary.
Revised.
1 Consist primarily of interest payments by Treasury to trust accounts
and to Treasury by Govt. agencies, transfers to trust accounts representing
Budget expenditures, and payroll deductions for Federal employees retirement funds.
2 Small adjustments to arrive at this total are not shown separately.
3 Consist primarily of (1) intra-Governmental transactions as described
in footnote 1, (2) net accruals over payments of interest on savings bonds
91
Cash balances:
inc., or dec. ( —)
Account of Treasurer of United
States (end of period)
Deposits in
Held
outside
Treasury
Treasurer's
account
Balance
F. R.
Banks
(available
funds)
Treasury
Tax and
Loan
Accts.
Other
net
assets
-312
-202
-2,299
2,096
-551
331
4,670
6 766
6,216
6,546
132
875
3,071
4 836
4,365
4,633
1,467
1,055
1,471
1,391
7,490
-4,375
6,394
-8,017
3,877
-712
400
-24
-178
-55
-1,587
1,036
-1,671
2,002
-2,119
5,180
6,216
4 545
6,546
4,427
563
3 461
4,365
3 036
4,633
2,924
1,156
1,471
1 112
1,391
1,062
632
-720
60
-3,764
-556
941
3,978
-105
2,919
-1,304
1,022
1,734
-389
-20
-29
-16
-28
13
-73
-45
1
-44
-574
-1,293
1,504
2,316
-1,360
548
397
428
554
62
-119
45
-1,741
1,074
-1,350
4 545
3,252
4 756
7 072
5,712
6 259
6,546
4,178
6 197
6,445
4 704
5,778
4,427
3 036
1,474
2 914
5 345
3,781
4 593
4 633
2,451
4 644
4,628
2 937
4 159
2,924
1 112
1,350
1 288
1,193
1,353
1 151
1,391
1,214
1 131
1,282
1 272
1,156
1,062
gro'ss
direct
public
debt
257
t
287
-2,369
2,019
249
380
522
380
397
522
441
534
578
515
522
513
422
535
495
463
441
and Treasury bills, (3) Budget expenditures involving issuance of Federal
securities, (4) cash transactions between Intl. Monetary Fund and Exchange Stabilization Fund, (5) reconciliation items to Treasury cash, and
(6)4 net operating transactions of Govt. sponsored enterprises.
Primarily adjustments 2, 3, and 4 described in footnote 3.
5 Excludes net transactions of Govt. sponsored enterprises, which are
included in the corresponding columns above.
181
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
Net
Budget
receipts
Transfers to:
Oldtrust
fund
High- R.re-R.
way
tiretrust ment
fund acct.
Refunds
of
receipts
Total
Budget
receipts
620
603
599
634
3,118
3,377
3,426
3,684
72,649
73,173
69,454
78,820
21,351
21,635
21,254
24,012
Semiannual totals:
1954—July-Dec
1955—Jan.-June
July-Dec
1956—Jan.-June
July-Dec
22,272
38,118
25,240
42,925
28,069
2,305
2,735
2,927
3,410
2,559
322
277
318
316
312
339
3,087
496
3,188
463
25,239
44,215
28,981
49,839
32,045
10,230
11,024
11,312
12,700
13,020
4,889
4,684
6,195
339
163
646
512
567
973
549
295
799
397
182
587
299
54 5,337
51 4,915
231 7,158
620 12,499
897 5,562
993 7,107
395 12,598
124 3,927
115 5,959
79 6,897
95 3,660
62 5,705
-12
5,898
1,768
939
3,732
1,893
810
3,356
1,969
988
3,415
1,935
1,282
3,333
2,067
11,601
3,485
4,954
6,218
3,184
4,818
5,412
10
150
175
164
144
21,595 9,934
21,523 10,014
18,265 9,211
21,299 10,004
4.983
5,425
6,220
7,296
3,369
3,829
4,108
4,887
2,781
2,798
2,743
2,921
1,655
1,581
1,571
1,613
3,359
3,127
3,177
3,778
2,323 3,767
8,073 14,498
2,699 4,109
8,623 17,190
3,004 5,553
4,527
4,684
5,052
4,952
5,325
2,668
3,552
3,283
4,013
2,876
1,724
2,384
2,526
2,361
2,267
1,453
1,290
1,524
1,397
n.a.
767
805
792
821
n.a.
1,480
1,694
1,890
1,888
n.a.
1,449
424
460
8,109
509
492
7,195
837
352
1,709
451
380
1,825
766
799
846
826
750
877
855
827
910
805
1,033
936
815
395
212
972
572
586
1,067
604
320
881
451
207
662
355
609
389
353
330
352
450
488
498
276
245
443
291
512
11,417
10,747
10,396
11,322
4,086
4,537
5,040
6,337
11,313
4,082
5,050
Liquor
Other i
64,825
64,655
60,390
68,165
643
Other
receipts
Withheld i
Fiscal yr.—1953
1954
1955
1956....
Monthly:
1955—Dec
1956—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
EmExploycise
ment
Corpo- taxes * taxes 2
ration i
Individual
350
2,152
795
769
2,555
865
1,487
457
125
1,752
244
103
324
211
179
212
246
239
256
264
236
245
255
354
325
n.a.
Mfrs.'
Torebacco and
tailers'
113
139
128
137
126
149
143
127
157
128
155
142
n.a.
913
1,005
883
890
n.a.
n.a.
n.a.
Budget expenditures 3
Major national security
Period
Total
Total 4
Intl.
affairs
Defense Mutual Atomic and
Dept., security,
finance
military military energy
Agriculture
VetGenand
ComNatInter- erans'
eral
agrimerce
serv- Labor
ural
and
est ices
culand
and
governrebene- welfare tural sources housing ment
refits
sources
Fiscal year:
1953
1954
1955
19565
74,274
67,772
64,570
66,540
50,363
46,904
40,626
40,641
43,611
40,335
35,533
35,791
3,954
3,629
2,291
2,612
1,791
1,895
1,857
1,651
2,216
1,732
2,181
1,831
6,583
6,470
6,438
6,846
4,298
4,256
4,457
4,756
2,426
2,485
2,552
2,776
2,936
2,557
4,411
4,929
1,364
1,220
1,081
992
2,612
909
1,622
2,135
1,474
1,239
1,201
1,635
Semiannual totals: 5
1955—July-Dec..
33,125
19,994
17,917
956
797
639
3,349
2,330
,348
2,775
614
1,137
940
Monthly: 5
1955—Nov
Dec
5,172
5,651
3,109
3,451
2,830
3,090
101
178
128
143
154
124
548
598
423
406
185
171
323
539
115
90
192
156
122
116
1956—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
5,274
4,950
5,399
5,387
5,467
6,937
5,542
5,902
4,918
5,995
3,005
3,214
3,284
3,232
3,434
4,478
2,945
3,608
3,152
3,750
2,811
2,941
2,805
2,860
2,922
3,534
2,473
3,235
2,868
3,400
92
299
195
306
754
298
156
96
160
135
138
146
145
152
138
140
164
149
164
245
145
167
153
202
195
121
193
158
157
631
556
566
572
565
607
631
573
574
589
401
398
400
405
431
403
361
369
353
396
297
181
168
226
197
311
221
263
219
314
340
214
438
502
288
452
222
554
187
466
83
82
85
69
87
96
78
168
51
184
113
145
263
302
129
58
35
104
110
106
115
120
136
652
99
117
109
n.a.
Not available.
1
Corporation and estate and gift taxes are from Internal Revenue
Service reports prior to July 1953. Excise taxes and nonwithheld individual taxes for that period are obtained by subtracting Internal Revenue
Service data from appropriate monthly Treasury statement totals.
2 Represents the sum of taxes for old-age insurance, railroad retirement, and unemployment insurance.
no
108
159
3
For a description of components, see the 1957 Budget of the United
States,
pp. 1093-1102 and 1164-1165.
4
Includes stockpiling and defense production expansion not shown
separately.
5
Monthly figures prior to May 1956 are not fully comparable to the
May and June figures and the fiscal year totals. Hence the monthly
figures for fiscal year 1956 do not add exactly to the totals for that fiscal
year. (For description see Treasury Bulletin, Table 3 of section on budget
receipts and expenditures).
182
FEDERAL FINANCE
UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY
[On basis of daily statements of United States Treasury. In billions of dollars]
Public issues3
End of
month
Total
gross
debti
Total
gross
direct2
debt
Nonmarketable
Marketable
Total
Bills
Certificates of
indebtedness
Total
Convert-
Bonds
Notes
Bank
eligible*
Bank
restricted
52.2
49.6
49.6
36.0
21.0
13.4
5.7
bonds
Totals
ings
bonds
12.1
12.5
12.0
11.8
11.4
89
56.9
59.5
68.1
66.4
65.0
65.1
63.6
59.2
61
48.2
52.1
58.0
57.6
57.9
57.7
57.7
57.9
58.9
59.0
59.0
59.0
58.9
58.7
58.6
58.6
58.5
58.3
58.1
57.4
57.2
57.6
57.7
57.7
57.7
57.7
57.5
57.4
57.3
57.3
57.1
56.9
56 3
56.0
1941 Dec
1945_Dec
1947_Dec
1950—Dec
1951—Dec
1952—Dec.
1953—Dec
1954 Dec
1955—Dec..
64 3
278.7
257.0
256.7
259 5
267.4
275.2
278.8
280.8
57 9
278.1
256.9
256.7
259.4
267.4
275.2
278.8
280.8
50 5
255.7
225.3
220.6
221.2
226.1
231.7
233.2
233.9
41 6
198.8
165.8
152.5
142.7
148.6
154.6
157.8
163.3
2 0
17.0
15.1
13.6
18.1
21.7
19.5
19.5
22.3
38.2
21.2
5.4
29.1
16.7
26.4
28.5
15.7
6 0
23.0
11.4
39.3
18.4
30.3
31.4
28.0
43.3
33 6
68.4
68.4
44.6
41 0
58.9
63.9
76.1
81.9
1956—Jan..
Feb
Mar .
Apr
May.
June
July.
Aug
Sept
Oct...
Nov
Dec.
280.1
280.2
276.4
275.8
276.8
272.8
272.7
275.6
274.3
275.4
277.1
276 7
280.0
280.1
276.3
275.8
276.7
272.8
272.6
275.6
274.3
275.3
277.0
276 6
233.6
233.6
229.7
229.7
229.6
224.8
224.6
226.9
225.8
227.2
228.7
228 6
163.3
163.4
159.5
159.6
159.6
155.0
155.0
157.3
156.4
158.0
159.8
160 4
22.3
22.3
20.8
20.8
20.8
20.8
20.8
20.8
20.8
22.4
24.2
25 2
15.7
15.7
20.8
20.8
20.8
16.3
16.3
19.5
19.5
19.5
19.5
19.0
43.4
43.4
36.0
36.1
36.1
36.0
36.0
35.1
35.2
35.2
35.2
35 3
81.9
81.9
81.9
81 9
81.9
81.9
81.9
81.9
80.9
80.9
80.9
80 9
11.3
11.3
11.2
11.2
11.1
11.1
11.1
11.0
11.0
10.9
10.9
10 8
1957—Jan.. .
276.3
276.2
228.4
160.5
25.3
19.0
35.3
80.9
10.7
1
Includes some debt not subject to statutory debt limitation (amounting
to $453 million on Jan. 31, 1957) and fully guaranteed securities, not
shown
separately.
2
Includes noninterest-bearing debt, not shown separately.
3
Includes amounts held by Govt. agencies and trust funds, which
aggregated $8,399 million on Dec. 31, 1956.
Tax
and
savings
notes
2 5
8.2
5.4
8.6
7.5
5.8
6.0
4.5
(6)
Special
issues
70
20.0
29.0
33.7
35.9
39.2
41.2
42.6
43.9
43.6
43.7
43.7
43.4
44.3
45.1
45.4
46.1
45.8
45.5
45.7
45 6
45.3
4
Includes Treasury bonds and minor amounts of Panama Canal and
Postal
Savings bonds.
5
Includes Series A investment bonds, depositary bonds, armed forces
leave bonds, and adjusted service bonds, not shown separately.
6 Less than $50 million.
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Par value in billions of dollars]
Held by
U. S. Govt.
agencies and
trust funds i
Total
gross
debt
(including guaranteed
securities)
Special
issues
Public
issues
1941—Dec
1945—Dec
1947_Dec
1950—Dec
1951—Dec
1952—Dec
1953—Dec
1954—June
Dec
1955—June
64.3
278.7
257.0
256.7
259.5
267.4
275.2
271.3
278.8
274.4
7.0
20.0
29.0
33.7
35.9
39.2
41.2
42.2
42.6
43.3
1955—Nov
Dec
280.2
280.8
1956—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
280.1
280.2
276.4
275.8
276.8
272.8
272.7
275.6
274.3
275.4
277.1
End of
month
1
2
Held by the public
Federal
Reserve
Banks
Commercial2
banks
Mutual
savings
banks
Insurance
companies
Other
corporations
State
and
local
govts.
Savings
bonds
Other
securities
2.6
7.0
5.4
5.5
6.4
6.7
7.1
7.1
7.0
7.3
54.7
251.6
222.6
217.5
217.2
221.6
226.9
222.0
229.2
223.9
2.3
24.3
22.6
20.8
23.8
24.7
25.9
25.0
24.9
23.6
21.4
90.8
68.7
61.8
61.6
63.4
63.7
63.6
69.2
63.5
3.7
10.7
12.0
10.9
9.8
9.5
9.2
9.1
8.8
8.7
8.2
24.0
23.9
18.7
16.5
16.1
15.8
15.3
15.0
14.8
4.0
22.2
14.1
19.7
20.7
19.9
21.6
16.9
19.8
19.3
.7
6.5
7.3
8.8
9.6
11.1
12.7
13.9
14.4
14.7
5.4
42.9
46.2
49.6
49.1
49.2
49.4
49.5
50.0
50.2
8.2
21.2
19.4
16.7
15.5
16.0
15.4
15.0
13.1
14.6
.9
9.1
8.4
10.5
10.6
11.7
13.2
13.7
13.9
14.4
44.0
43.9
7.6
7.8
228.6
229.1
24.3
24.8
61.6
62.0
8.5
8.5
14.8
14.3
23.7
24.0
15.0
15.1
50.2
50.2
15.0
14.7
15.4
15.6
43.6
43.7
43.7
43.4
44.3
45.1
45.4
46.1
45.8
45.5
45.7
8.1
8.1
8.2
8.2
8.2
8.4
8.4
8.4
8.3
8.4
8.5
228.4
228.4
224.5
224.3
224.3
219.3
218.9
221.2
220.2
221.5
222.9
23.5
23.5
23.6
23.3
23.5
23.8
23.4
23.9
23.7
23.8
24.4
60.5
59.5
58.3
58.5
57.8
57.1
56.5
57.6
57.6
58.0
58.7
8.5
8.5
8.5
8.5
8.4
8.4
8.4
8.3
8.3
8.1
8.1
14.2
13.9
13.6
13.6
13.5
13.3
13.3
13.1
13.1
13.2
13.0
24.3
24.4
21.1
21.1
21.5
18.0
18.3
19.1
18.0
18.9
19.4
15.4
15.6
15.7
15.7
15.8
15.7
15.8
15.8
15.8
15.8
15.8
50.3
50.4
50.4
50.4
50.4
50.3
50.3
50.3
50.2
50.2
50.1
15.6
16.2
16.8
16.6
16.7
16.6
16.8
16.9
17.1
17.1
17.1
16.0
16.4
16.5
16.5
16.6
16.2
16.2
16.3
16.3
16.3
16.4
Includes the Postal Savings System.
Includes holdings by banks in territories and insular possessions,
which amounted to $250 million on June 30, 1956.
Individuals
Total
Misc.
investors 3
3
Includes savings and loan associations, dealers and brokers, foreign
accounts, corporate pension funds, and nonprofit institutions.
NOTE.—Reported data for Federal Reserve Banks and U. S. Govt.
agencies and trust funds; Treasury Department estimates for other groups.
183
FEDERAL FINANCE
UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, JANUARY 31, 19571
[On basis of daily statements of United States Treasury. In millions of dollars]
Issue and coupon rate
Treasury bills2
Feb. 7, 1957
Feb. 14, 1957
Feb. 15, 1957
Feb. 21, 1957
Feb. 28, 1957
Mar. 7, 1957
Mar. 14, 1957
Mar. 21, 1957
Mar. 22, 1957
Mar. 28, 1957
Apr. 4,1957
Apr. 11,1957
Apr. 18,1957
Apr. 25,1957,
May 2,1957,
June 24,1957.
Amount
Issue and coupon rate
Certificates
1,601
Feb. 15, 1957
Mar. 22, 19573
1,601
1,750
June 24, 1957
1,600
Oct. 1,1957
1,600
1,600 Treasury notes
1,600
Mar. 15, 1957
1,600
Apr. 1,1957
1,006
May 15, 1957
1,615
Aug. 1, 1957
1,600
Aug. 15, 1957
1,600
Oct. 1,1957
1,600
Apr. 1,1958
1,601
June 15, 1958
1,700
Oct. 1,1958
1,601
Feb. 15, 1959
Apr. 1,1959
Oct. 1,1959
Amount
2%
2%
3V4
3V4
7,219
3,221
1,312
7,271
2?/8
1%
1%
2Y4
2
\y2
li/ 2
2%
lyfc
1%
11/2
11/2
2,997
531
4,155
12,056
3,792
824
383
4,392
121
5,102
119
99
1 Direct public issues.
2 Sold on discount basis. See table on Money Market Rates, p. 1213.
3
Tax anticipation series.
Issue and coupon rate
Treasury notes—Cont.
Apr. 1,1960
Oct. 1, 1960
Apr. 1,1961
Oct. 1,1961
Amount
\y2
iy 2
P/2
\y2
198
278
144
156
Treasury bonds
Mar. 15, 1956-584. .214
Sept. 15, 1956-59 4,. 214
Mar. 15, 1957-59.. .2Y&
June 15, 1958
2%
June 15, 1958-63 5.. 234
Dec. 15, 1958
2%
June 15, 1959-62...214
Dec. 15, 1959-62... 214
Nov. 15, 1960
iy%
Dec. 15, 1960-65 5.. 2 34
Sept. 15, 1961
2%
Nov. 15, 1961
iy2
Issue and coupon rate
Treasury bonds—Cont.
Aug. 15, 1963
June 15, 1962-67.
Dec. 15, 1963-68.
June 15, 1964-69.
Dec. 15, 1964-69.
Mar. 15, 1965-70.
Mar. 15, 1966-71.
June 15, 1967-72.
Sept. 15, 1967-72.
Dec. 15, 1967-72.
June 15, 1978-83.
Feb. 15, 1995
.3
I
1,449
3,820
927
4,245
919
2,368
5,273
3
3,461 Panama Canal Loan
3,806
1,485 Convertible bonds
2,239
Investment Series "•
11,177
Apr. 1 1975-80... V4
SB
4
Not called for redemption on first call date
interest
payment dates.
5
Partially tax-exempt.
Amount
6,755
2,114
2,823
3,750
3,826
4,712
2,956
1,868
2,716
3,784
1,606
2,745
50
10,695
Callable on succeeding
OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES 1
[On basis of Treasury Survey data. Par value in millions of dollars]
Marketable and convertible securities, by type
Type of holder and date
All holders:
19^4—June
1955 June
Dec.
1956 June
Oct.
Nov.
30
30
31
30 . . . .
31
30
U. S. Govt. agencies and trust funds:
1954_j U ne 30
1955 June 30
Dec. 31
1956—June 30
Oct. 31
Nov 30
Total
Bills
Certificates
Notes
Marketable
bonds 2
Convertible
bonds
Total
Within
1 year
1-5
years
5-10
years
Over 10
years
162,216
166,882
174,639
166,050
168 919
170 643
19,515
19,514
22,313
20,808
22,410
24 161
18,405
13,836
15,741
16,303
19,523
19,523
31,960
40,729
43,285
35,952
35,194
35 223
80,474
81,128
81,912
81,840
80,888
80 883
11,861
11,676
11,387
11,098
10,903
10,852
150,354
155,206
163,251
154,953
158,016
159,791
60,123
49,703
60,631
58,714
66,289
68,039
27,965
38.188
38,307
31,997
29,744
40 950
30,542
33,687
31,365
31,312
29,071
17 893
31,725
33,628
32,949
32.930
32,912
32,908
6 985
7,162
7 676
8 236
8,280
8,297
46
64
3,439
3,439
3,439
3,345
3,275
3,254
3 546
3,723
4 237
4,891
5,005
5,04?
107
205
494
957
985
927
199
373
500
566
693
506
426
843
843
3 395
3,556
3 548
3,575
3,638
3,650
436
319
2,740
2.944
3,016
3.030
3,046
3,046
13 029
11 646
14 259
9 157
9 177
9,171
3 093
2 802
2 802
2 802
2 802
2,802
25 037
23 607
24 785
23 758
23,767
24,385
16,280
17 405
20 742
20 242
20,966
21,583
6,307
3 773
1 614
1 087
373
1 035
1 014
1 014
1 014
1 014
1,014
1,415
1 415
1,415
1 415
1,415
1,415
35,481
35 942
35,431
34 712
34,134
34,042
165
164
157
155
153
152
56,034
55,503
53,798
49,517
49,988
50,555
17,684
7,187
7,733
7,433
10,128
10,905
14,624
21,712
22,003
18,234
17,317
24,517
18,741
21 110
19,483
19,132
17,677
10,242
4,985
5,494
4,579
4,719
4,866
4,891
6,669
6 422
6 170
6,074
5,910
5,872
1,265
1,222
1,189
1,161
1,132
1,129
7,089
6,848
6 667
6,574
6,388
6,317
294
164
208
247
245
476
533
570
540
653
224
1,059
1,389
1,405
1 335
1,319
1,100
666
4,930
4,746
4,554
4,468
4,390
4,369
8,805
8,479 .
8 286
7,789
7,516
7,502
3,193
3,145
2,941
2,791
2,742
2,725
10,327
9,972
9,726
8,911
8,915
8,824
1,190
810
694
632
976
881
1,045
1,339
1,502
1,192
1,222
1,729
2,171
2,027
1,840
1,802
1,655
1,156
5,921
5,796
5,689
5.285
5,062
5,059
3,800
3,706
3,661
3,646
3,601
3,592
48,322
55,554
64,039
61,301
63,953
64,666
24,568
24,062
30,831
29.233
33,017
33,462
5,308
10,633
12,245
10,443
9,612
12,579
6,711
7,626
7,267
7,612
7,190
4,497
11,734
13,233
13,696
14,013
14,134
14,128
40
338
273
232
191
41
8
47
119
304
355
688
292
358
Federal Reserve Banks:
1954 June 30
1955 June 30
Dec. 31
1956 June 30 . . . .
Oct. 31
Nov 30
25 037
23 607
24 785
23 758
23 767
24,385
2 316
1,415
6,600
8 274
6,002
10 944
10,938
10,998
Commercial banks:
1954—June 30
1955—June 30
Dec 31
1956—June 30
Oct 31
Nov. 30
56 199
55 667
53,956
49 673
50,141
50,707
4 187
2 721
3,562
2 181
3,038
3,911
4,942
1,455
1,951
1,004
1,816
1,803
11,423
15 385
12,853
11.620
Mutual savings banks:
1954—June 30
1955—June 30
Dec 31
1956—June 30
Oct. 31
Nov 30 . . . .
8 353
8 069
7 856
7 735
7,521
7,466
98
84
128
107
119
101
53
47
37
29
221
289
322
356
330
Insurance companies:
1954 June 30
1955—June 30
Dec 31
1956 June 30
Oct 31 . . .
Nov 30
13 520
13,117
12 667
11 702
11 658
11 549
Other investors:
1954—June 30
1955 Tune 30
Dec 31
1956—June 30
Oct 31
Nov. 30
52,121
59 260
67 700
64,947
67,553
68,258
12,248
15 153
16 047
17,074
17,602
18,044
886
1 722
855
850
n;ooo
10,799
115
23
622
209
691
630
515
318
569
485
74
83
44
72
66
789
842
760
758
771
6,511
3 973
7,612
3,919
6,375
6,275
6,531
12,502
14,705
13,371
13,086
13,332
1 Direct public issues.
Includes minor amounts of Panama Canal and Postal Savings bonds.
NOTE.—Commercial banks, mutual savings banks, and insurance com2
Marketable securities, by maturity class
307
23,032
23 927
25,675
26,896
26,889
27,015
74
422
373
434
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.
184
SECURITY ISSUES
NEW SECURITY ISSUES 1
[Securities and Exchange Commission estimates. In millions of dollars]
Proposed uses of net proceeds
all corporate issuers6
Gross proceeds, all issuers2
Corporate
Noncorporate
Year or
month
FedU.S.
eral 4
Govt.3 agency
State
and
mu- Others Total
nicipal
,687
,157
54 ,712
? 33?
j j 466
47 j
13
38
506
1,128
956
795
50
30
47
,110
11 804
216
30
110
459
106
458
746
169
2,907
3,532
3,189
4,121
5,558
6.969
5,977
5,409
132
282
446
237
306
289
182
334
6,052
6,361
7,741
9,534
8,898
9,516
10,240
10,963
Total
1939
1941
1945
1949
1950
1951
1952
1953
1954. .
1955
1956
1^ ,893
9, 687
265
778
12* 577
If >,929
IV 957
?fc ,824
? > 765 P
9 6?8
It >,772
2:>,392
5 517
New capital
Bonds
Total
Publicly
offered
Pre- ComNew 7
mon Total money
Pri- ferred
stock
stock
vately
placed
2,164 1,980
2,667 2,390
6,011 4,855
1,276
1,578
3,851
703
811
1,004
98
167
758
4,890
4,920
5,691
7,601
7,083
7,488
7,420
8,020
2,437
2,360
2,364
3,645
3,856
4,003
4,119
4,224
2,453
2,560
3,326
3,957
3,484
3,301
3,796
425
631
838
564
489
816
635
633
736
811
1,212
1,369
1,326
1,213
2,185
2,309
5,558
4,990
7,120
8,716
8,495
7,490
8,821
10,362
Miscellaneous
purposes
325
87
420
110 1,041
868
397 1,347 1 .080
RetireRetire- ment
ment
of
of
secubank rities
debt,
etc. 3
26
28
133
4,606
4.006
(5,531
iJ,180
7,960
(5.780
7,957
<?,625
69
144
134
1,695
1,583
4,555
315
637
364
620
363
226
537
535
709
864
737
401
1,271
486
664
260
1,875
1,227
415
Dec
i ,913
466
415
51
980
835
336
499
39
107
900
793
108
63
1956—Jan
Feb
Mar . . .
Apr
May . .
June
July
Aug
Sept
Oct
Nov
Dec
,710
,998
,787
.876
> 128
>, 161
975
,508
,591
,898
,829
,929
645
544
518
453
451
437
484
436
355
414
389
390
407
709
401
391
491
736
379
213
336
646
'311
390
38
621
744
861
915
1 185
889
1 109
708
900
'780
1,126
529
478
675
673
983
661
911
565
682
'491
141
149
393
340
686
270
588
250
513
316
178
401
388
329
282
332
297
391
323
315
168
'176
'275
519
19
128
42
32
65
50
15
50
33
139
'44
16
73
139
143
210
137
179
183
92
186
'149
'627
191
579
704
790
816
1 144
830
1 066
669
836
'747
'1,088
1,094
496
664
762
702
1,116
768
1,012
563
c
802
'660
1,042
1,040
83
40
28
114
28
61
53
107
34
'87
'47
54
32
26
56
82
21
43
27
25
47
'15
'24
17
1955
60
109
9
58
1
99
3
41
'58
23
920
Proposed uses of net proceeds, major groups of corporate issuers
Year or
month
Manufacturing
<Commercial and
miscellaneous
Transportation
Communication
Public utility
Real estate
and financial
RetireRetireRetireRetireRetireRetirement of
New
New
ment of
New
New
ment of
ment of
New
ment of
ment of
New
capital10 secucapital 10 secucapital 10 secucapital10 secucapital10 secucapital 10 securities
rities
rities
rities
rities
rities
1,347
1,026
2 846
3,712
2,128
2,044
2.397
3,375
1949 .
1950
1951
1952
1953
1954
1955
1956
1955
310
474
462
512
502
831
769
713
28
63
56
24
40
93
51
60
784
609
437
758
553
501
544
688
11
196
53
225
36
270
338
2,043
1,927
2,326
2,539
2,905
2,675
2,254
2,479
233
682
85
88
67
990
174
14
517
314
600
747
871
651
1,045
1,389
2
35
\
100
3
37
103
15
80
11
261
83
56
'68
'596
77
(9 )
263
194
132
170
109
182
103
106
214
'59
'37
150
Dec
287
54
79
4
130
1
269
1956—jan
Feb
Mar
180
197
249
258
465
276
331
194
227
'326
'147
524
26
23
22
78
14
26
9
21
22
'10
'21
12
45
41
48
27
67
76
100
94
36
r
33
'110
38
2
26
39
71
51
86
54
31
38
61
'36
'45
148
1
1
10
1
2
5
63
196
187
294
335
231
240
154
242
'226
'154
157
Apr
May
June
July . .
Aug
Sept
Oct . .
Nov
Dec
c
3
1
4
2
17
3
21
'4
1
1
'1 Revised.
Corrected.
Estimates of new issues sold for cash in the United Spates.
2
Gross proceeds are derived by multiplying principal amounts or number3 of units by offering price.
Includes guaranteed issues.
4
Issues not guaranteed.
5
Represents foreign government, International Bank, and domestic
eleemosynary
and other nonprofit organizations.
6
Estimated net proceeds are equal to estimated gross proceeds less cost
4S>
81
44
149
221
261
90
190
533
284
1
5
1
4
r(9)
r(9)
*
(>
\
6()
7"1
IS)
r
r(9)
558
639
449
448
1,536
788
1,812
1,719
35
100
66
60
24
273
56
18
2
1
3
1
2
6
1
1
(9)
r(9)
3
of 7flotation, i.e., compensation to underwriters, agents, etc., and expenses.
Represents proceeds for plant and equipment and working capital.
8
Represents proceeds for the retirement of mortgages and bank debt
with original maturities of more than one year. Proceeds for retirement of
short-term bank debts are included under the uses for which the bank
debt was incurred.
9 Less than $500,000.
1
° Represents all issues other than those for retirement of securities.
185
BUSINESS FINANCE
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
[In millions of dollars]
Annua totals
Quarterly totals
1956
1955
Industry
1950
1951
1952
1953
1954
1955
1
2
3
4
1
2
3
Manufacturing
Total (200 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Nondurable goods industries (94 corps.): i
Sales
Profits before taxes
Profits after taxes
Dividends
Durable goods industries (106 corps.): 2
Sales
Profits before taxes
Profits after taxes
Dividends
. . . .
Sleeted 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
69,443 16,599 17,929 16,887 18,028 18,150
10,226 2 452 2 767 2 388 2 619 2 601
5,221 1,215 1,392 1,206 1,408 1,286
659 1 015
703
2 827
575
577
18,457 16,239
2 507 1 692
1,303
903
721
710
5 509 5 742 5 776 6 037 6 095
869
801
849
889
901
471
520
497
483
442
283
402
256
260
290
6 135 6 085
809
873
488
466
295
304
29,535 34,024 35,251 42,649 37,490 46,378 11,090 12,187 11,111 11,990 12,055
5,229 5,422 4,455 5,346 4,491 6,818 1,651 1,919 1,518 1,730 1,701
773
888
789
2,560 2,015 1,800 2,123 2,244 3,305
920
723
319
613
413
1,362 1,149 1,127 1,182 1,320 1,625
317
376
12,321 10,154
1,634
883
815
437
415
418
45,787
8 176
4,222
2 339
52,940
8 869
3,548
2 075
54,517
7 308
3,192
2 073
63,343
8 375
3,649
2 154
58,110
7,244
3,825
2,384
16 252 18 916 19 266 20 694 20,620 23,065
2,947 3,447 2,853 3,028 2,753 3,408
1 661 1 533 1 392 1 526 1,581 1,916
946
972 1,064 1,202
977
925
4,402 4,909 5,042 5,411 5,476 5,813
462
499
453
465
532
473
224
245
203
212
289
227
156
154
160
159
154
161
1,358
99
46
36
1,491 1,502 1,535
139
129
123
68
68
55
39
50
37
1,569 1,563
149
141
71
71
38
41
4 817 5 882 5 965 6 373 6,182 7 222
1,178 1,490 1,259 1,308 1,153 1,535
593
782
486
597
520
521
499
597
396
467
All
381
1 721 1 811 1 799 1 891 1 879
390
399
385
366
381
198
209
195
182
193
134
234
138
114
115
1 957 1 884
377
340
194
177
141
142
4 359 5 078 5 411 5 883 6,015 6,556
751
854
728
841
712
911
567
624
524
492
560
603
294
317
283
236
262
290
1,566
210
150
77
1 613 1 632 1 745 1 764
200
218
226
248
156
172
176
147
80
83
82
77
1 742 1 770
218
223
162
163
82
89
10 448 12 507 11 564 13 750 11,522 14,927 3,300 3 858 3,746 4,024 4 212
582
633
674
693
487
1,706 2,098 1,147 1,817 1,357 2,375
705 1 194
290
350
564
241
313
790
857
778
344
522
182
407
114
108
118
141
369
378
382
377
4 415 3 212
711
266
362
144
140
137
1,977 2,135 2,167
206
208
200
124
103
75
81
67
78
2,463 2,422
268
224
139
114
82
79
11,969 12,707 13,038 16,611 14,137 18,825 4,791 5,101 4,246 4,688 4,578
589
715
690
825
894
2 332 1 950 1 982 2 078 1,789 3,023
863 1,394
261
346
313
369
418
709
758
1,101
717
161
309
162
469
536
693
109
114
469
679
486
4,195 3,352
273
511
243
119
164
164
9,473 10,391 10,581 10,664 9,371 10,106 2,305 2,524 2,634 2,643 2,535
370
252
908 1,342
259
358
1 385 1,260 1 438 1,436
355
265
682
925
242
243
164
175
784
693
825
903
74
379
421
156
338
412
101
90
312
328
2,704 2,590
343
298
1,999 2,034 2 J 9 3 2,412
535
594
710
539
284
326
374
296
229
247
247
229
2,201 2,185
5,049 6,168 7,077 8,005 7,745 8,110
914
894
971 1,011
847 1,000
465
458
375
365
402
424
263
281
199
192
208
237
1,462
131
63
36
1,953 2,045
251
229
120
110
66
67
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
.
5 528 6
1 313 1
822
619
058 6 549 7 136 7,588 8,395 2,169
636
482 1 740 1 895 2,049 2 304
341
947 1,030 1,134 1,247
814
930
780
868
651
225
725
3 342 3 729 4 136 4,525 4,902 5,425
925 1,050 1,282
580
691
787
525
452
638
384
331
341
412
448
496
355
276
318
1 Includes 26 companies in groups not shown separately, as follows:
textile
mill products (10); paper and allied products (15); miscellaneous (1).
2
Includes 25 companies in groups not shown separately, as follows:
building materials (12); transportation equipment other than automobile
(6); and miscellaneous (7).
NOTE.—Manufacturing corporations. Sales data are obtained from
the Securities and Exchange Commission; other data from published
company reports.
Railroads. Figures are for Class I line-haul railroads (which account
for 95 per cent of all railroad operations) and are obtained from reports
of the Interstate Commerce Commission.
Electric power. Figures are for Class A and B electric utilities (which
account for about 95 per cent of all electric power operations) and are
obtained from reports of the Federal Power Commission, except that
1,298 1,340 1,368 1,419 1,439
336
339
315
325
306
169
152
161
169
156
126
132
130
118
122
237
116
592
208
70
568
321
256
302
248
1,480
1,495
352
359
176
136
180
137
quarterly figures on operating revenue and profits before taxes are partly
estimated by the Federal Reserve to include affiliated nonelectric operations.
Telephone. Revenues and profits are for telephone operations of the
Bell System Consolidated (including the 20 operating subsidiaries and
the Long Lines and General departments of American Telephone and
Telegraph Company) and for two affiliated telephone companies, which
together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data
are obtained from the Federal Communications Commission.
All series. Profits before taxes refer to income after all charges and
before Federal income taxes and dividends. For detailed description of
series, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing);
pp. 215-217 of the BULLETIN for March 1942 (public utilities); and p. 908
of the BULLETIN for September 1944 (electric power).
186
BUSINESS FINANCE
NET CHANGE IN OUTSTANDING CORPORATE SECURITIES *
CORPORATE PROFITS, TAXES, AND DIVIDENDS
[Department of Commerce estimates.
of dollars]
[Securities and Exchange Commission estimates.
In billions
All types
Profits
before
taxes
come
taxes
Profits
after
taxes
1949....
1950
1951....
1952
1953....
1954....
1955....
1956....
26.2
40.0
41.2
35.9
37.0
33.2
42.7
43.4
10.4
17.8
22.5
19.8
20.3
16.8
21.5
21.9
15.8
22.1
18.7
16.1
16.7
16.4
21.1
21.5
10.0
11.2
12.0
8.3
12.9
9.6
7.1
7.4
6.4
9.9
9.5
1955—3.
4.
43.5
46.4
22.0
23.4
21.5
23.0
11.0
12.1
10.5
10.9
1956—1.
2.
3.
41
43.7
42.9
41.2
46.0
22.1
21.7
20.8
23.2
21.6
21.3
20.4
22.8
11.8
12.2
12.3
'11.9
9.8
9.1
8.1
'10.9
Year or
quarter
In-
Cash Undisdivi- tributed
dends profits
7.5
9.2
9.1
9.0
9.3
Year or
quarter
Stocks
Bonds and notes
New RetireNet
New RetireNew RetireNet
Net
issues ments change issues ments change issues ments change
7,570
6,731
7,224
9,048
10,679
9,550
11,694
12,595
1,683
1,875
3,501
2,772
2,751
2,428
5,629
5,372
5 ,887 5 ,938
4 ,856 4 ,667
4 ,806
6 ^277 5 ,682
7 ,927 7 ,344
7 ,121 6 ,651
6 ,065 7 ,837
7 ,223 7 ,712
1, 283
1, 583
80?
2, 105
2, 403
1, 896
4, 033
3 , 199
2,895
3,795
1,427
1,165
1 ,468 1 ,838
,630 o ,391
1956—1
2,827
2 . . . . 3,367
3
3,336
1,043
1,488
991
1 ,784 1 ,678
1 ,880 2 ,245
2 ,345 2 ,182
1948
1949
1950
1951
1952
1953
1954
1955
1955
In millions of dollars]
3
4
4, 655
3, 284
004
3, 577
4, 940
4, 755
3, 799
4 , 513
1 ,632
1 ,864
,418
3 ,366
3 ,335
2 ,898
3 ,867
4 ,883
400
292
698
666
348
533
1,596
2,173
1 ,232
1 ,572
1 ,770
2 ,700
2 ,987
2 ,366
7
2 ,710
923
806
915 1 ,057
1,404
504
359
553
1 ,046
707
817
650
970 1 ,149
428 1 ,122
l', 531 1 ,154
336
671
340
813
452
814
i Reflects cash transactions only. As contrasted with data shown on p. 184, new issues
exclude foreign and include offerings of open-end investment companies, sales of securities
held by affiliated companies or RFC, special offerings to employees, and also new stock
issues and cash proceeds connected with conversions of bonds into stocks. Retirements
include the same types of issues, and also securities retired with internal funds or with
proceeds of issues for that purpose shown on p. 184.
r Revised.
i Preliminary estimates by Council of Economic
Advisers.
NOTE.—Quarterly data are at seasonally adjusted
annual rates.
CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
[Securities and Exchange Commission estimates.
In billions of dollars]
Current liabilities
Current assets
End of year
or quarter
1948
1949
1950
Net
working
capital
Total
Cash
U. S.
Govt.
securities
Notes and accts.
receivable
U.S.
Govt.2
2.7
2.8
2.6
2.4
55.7
58.8
64.6
65.9
67.3
48.9
45.3
55.1
64.9
65.8
67.2
64.4
19.3
21.2
24.0
2.1
2.2
2.3
71.2
75.6
77.3
21.1
18 0
18.0
2.3
2 3
78.2
79.9
83.6
133 0
133.1
161.5
179.1
186.2
190.9
188.5
25.3
26.5
28.1
30.0
30.8
31.2
32.0
14 8
16.8
19 7
20.7
19.9
21.6
19.8
1.1
2
3
4
99.7
101.5
102.9
191.4
200.2
208.1
31.1
31.6
32.6
1956—1
2
3
104.8
106 4
107.2
206.8
207.9
213.4
29.9
30.7
31.2
1955
1
2.4
Notes and accts.
payable
Other
U.S.
Govt.2
2.1
2.4
2.4
2.6
64.4
60.7
79.8
92.6
96.1
99.0
93.5
64.9
66.6
69.1
2.8
3.0
2.9
72.1
73.9
75.1
3.2
Other
3( . 3
37 .5
Other
1.3
2.3
2.2
2.4
47.9
53.6
57.0
57.3
54.9
16 7
21.3
18 1
18.7
15.3
13.5
14.0
14.9
16.5
18.7
20.7
20.8
91.7
98.7
105.2
2.3
2.2
2.3
55.8
58.9
62.6
11.9
15 1
18.1
21.7
22.6
22.3
102.0
101.5
106.2
2.3
2 5
62.0
63 9
65.4
15.0
12 1
14.2
22.8
22 9
24.0
1.6
1.4
1.7
3.1
3.1
Federal
income
tax
liabilities
Total
Other
4: .4
43 .0
68 6
72.4
81 6
86.5
90 1
91.8
95.0
1951
1952
1953
1954
Inventories
.4
2.5
11 5
9.3
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]
Total
Manufacturing
and
mining
1955—3
4
7.4
8 4
3.1
3 8
1956—1
2
3
44
7.5
8.9
8.9
9 7
1957—14
8.7
Transportation
Year
1948
1949
1950
1951
1952
1953 .
1954
1955
19564
Total
22.1
19.3
20.6
25.6
26.5
28.3
26.8
28.7
34.9
Manufacturing
Mining
9.1
7.1
7.5
10.9
11.6
11.9
11.0
11.4
14.9
.9
.8
.7
.9
1.0
1.0
1.0
1.0
1.2
Railroad
Other
Public
utilities
1.3
1.4
1.1
1.5
1.4
1.3
.9
.9
1.3
1.3
.9
1.2
1.5
1.5
1.6
1.5
1.6
I 8
2.5
3.1
3.3
3.7
3.9
4.6
4.2
4.3
4.8
1
Corporate and noncorporate business, excluding agriculture.
2 Includes trade, service, finance, and construction.
Communi- Other 2
cations
.7
.3
5.2
4.7
5.7
5.9
5.6
6.3
6.5
7.5
.'.3
.5
1.7
.7
2.0
1C .9
3
4
Quarter
Includes communications and other.
Anticipated by business.
Public
utilities
All
other^
.6
7
1.2
1 2
2.5
2 6
3.2
4.1
4.1
4 7
.7
.7
.7
9
.9
1.2
1.3
1 4
2.6
2.9
2.7
2 7
4.1
.8
1.2
2.6
Transportation
187
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
Nonfarm
Other
holders
Financial
insti- Selected Inditutions Federal viduals
agenand
cies
others
Farm
1- to 4-family houses
Multi-family and
commercial properties l
Total
Financial
institutions
Other
holders
Total
Financial
institutions
Other
holders
All
holders
All
holders
Financial
Other
insti- holders2
tutions
37.6
35.5
62.7
72.8
82.2
91.2
101.1
113.6
129.7
144.5
20.7
21.0
2.0
.9
14.9
13.7
31.2
30.8
18.4
18.6
11.2
12.2
7.2
6.4
12.9
12.2
7.4
4.8
4.7
6.4
4.8
1.5
1.3
42.9
51.7
59.5
66.9
75.1
85.7
99.4
111.4
1.1
1.4
2.0
2.4
2.8
2.8
3.1
3.6
18.7
19.8
20.7
21.9
23.3
25.0
27.3
29.5
57.1
66.7
75.6
84.1
93.5
105.4
120.8
134.8
37.6
45.2
51.7
58.5
66.1
75.7
88.1
99.2
28.5
35.4
41.1
46.8
53.6
62.5
73.8
83.5
9.1
9.8
10.7
11.7
12.5
13.2
14.4
15.6
19.5
21.6
23.9
25.6
27.4
29.7
32.6
35.6
12.3
14.0
15.9
17.2
18.5
20.0
22.0
24.0
7.2
7.6
8.0
8.3
8.9
9.7
10.7
11.6
5.6
6.1
6.6
7.2
7.7
8.2
9.0
9.7
2.1
2.3
2.6
2.8
3.0
3.3
3.6
3.9
4.9
3.4
3.5
3.7
4.0
4.3
4.6
4.9
5.3
5.8
Sept..
Dec..
121.8
126.1
129.7
92.7
96.3
99.4
3.0
3.0
3.1
26.2
26.7
27.3
113.2
117.2
120.8
82.2
85.5
88.1
68.3
71.4
73.8
13.8
14.1
14.4
31.0
31.8
32.6
20.8
21.4
22.0
10.2
10.4
10.7
8.7
8.8
9.0
3.5
3.6
3.6
5.2
5.2
5.3
1956—Mar.P
June*
Sept.*
Dec.*3
133.3
137.3
141.1
144.5
102.3
105.6
108.8
111.4
3.2
3.2
3.3
3.6
27.9
28.5
29.0
29.5
124.1
127.8
131.5
134.8
90.8
93.7
96.6
99.2
76.2
78.8
81.4
83.5
14.6
14.9
15.2
15.6
33.3
34.1
34.9
35.6
22.4
23.0
23.5
24.0
10.9
11.2
11.4
11.6
9.2
9.5
9.6
9.7
3.7
3.8
3.9
3.9
5.5
5.6
5.7
5.8
1941
1945
1949
1950
1951
1952
1953
1954
1955
1956^
1955—June.
p
1
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 sayings
banks, life insurance companies, and savings and loan associations.
Federal agencies include HOLC, FNMA, and VA (the bulk of the amounts
through 1948 held by HOLC, since then by FNMA). Other Federal
agencies (amounts small and separate data not readily available currently)
are included with individuals and others.
Sources.—Federal Deposit Insurance Corporation, Federal Home Loan
Bank Board, Institute of Life Insurance, Departments of Agriculture
and Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of the Currency and Federal Reserve.
MORTGAGE LOANS HELD BY BANKS i
[In millions of dollars]
Mutual savings bank holdings3
Commercial bank holdings 2
Total
Total
1941
1945
1949
1950
1951 .
1952
1953
1954.
1955
1956? .
1955
.
.
June
Sept
Dec
1956—Mar
Sept.2325.
Dec.
Residential
Residential
End of year
or quarter
. . . .
FHAinsured
VAguaranteed
Total
Total
FHAinsured
VAguaranteed
5,362
5,535
5,645
,775
,801
,831
59
59
58
6,155
6,506
6,885
7,228
5,758
5,864
6,000
6,112
,860
1,898
,936
,970
62
68
71
74
2,060
2,264
2,458
2,621
2 843
3,263
3,819
4,390
909
968
,004
,058
,082
,159
,297
,360
6,705
8,261
9,916
11,379
12,943
15,007
17,457
19,760
5,569
7,054
8,595
9,883
11,334
13,211
15,568
17,716
2,567
3,168
3,489
3,800
4,150
4,376
1,726
2,237
3,053
4,262
5,773
7,228
3,601
3 675
3,711
7,166
7 410
7,617
3,549
3,700
3,819
,263 16,173 14,339
,280 16,845 14,985
,297 17,457 15,568
4,000
4,090
4,150
3,770
3,837
3,905
3,920
7,800
7,995
8,210
8,290
3,950
4,137
4,290
4,390
,320
,353
,365
,360
16,123
16,644
17,218
17,716
4,210
4,274
4,333
4,376
2,921
3,012
3,061
3,350
3,711
3,920
19,940 15,128
20 540 15 560
21,004 15,888
4,361
4 475
4,560
21,450
21,990
22,500
22,775
4,610
4,668
4,730
4,815
18,045
18,610
19,225
19,760
28
24
4,976
5,360
5,773
4,929
5,501
5 951
6,695
7,617
8,290
3,421
3,675
3 912
4,106
4,560
4,815
Farm
37
44
47
53
53
56
58
74
3,884
3,387
8,676
10 431
11,270
12,188
12 925
14,152
15 888
17,025
Other
nonfarm
4,303
4,477
4,792
5,149
5,645
6,112
4,812
4,208
11,644
13 664
14,732
15,867
16 850
18,573
21 004
22,775
Conventional
900
797
1,099
1,164
1,274
1,444
1,556
,740
1,831
1,970
566
521
3,292
3,395
v Preliminary.
1 Represents all banks in the United States and possessions.
2
Includes loans held by nondeposit trust companies but excludes
holdings of trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member
Bank Call Report and from weekly reporting member banks.
3 Figures for 1941 and 1945, except for the grand total, are estimates
Farm
1,048
856
4,906
4,772
16,180
16 500
16,845
17,025
Conventional
Other
nonfarm
based on Federal Reserve preliminary tabulation of a revised series of
banking statistics. March and September figures are Federal Reserve
estimates based in part on data from National Association of Mutual
Savings Banks.
Sources—All-bank series prepared by Federal Deposit Insurance
Corporation from data supplied by Federal and State bank supervisory
agencies, Comptroller of the Currency, and Federal Reserve.
188
REAL ESTATE CREDIT
MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES
[In millions of dollars]
Loans acquired
Loans outstanding (end of period)
Nonfarm
Nonfarm
Year or month
Total
FHAinsured
Total
1941...
1945
976
1949
1950
1951...
1952
1953 .
1954
1955
1956
3,430
4,894
5,134
3,978
4,345
5,344
6,623
6,686
3,123
4,532
4,723
3,606
3,925
4,931
6,108
6,179
1955—Dec
857
811
1956 Jan
Feb
Mar
Apr
May
June •.
July
AuR
Sent
Oct
Nov .
Dec
646
564
556
516
618
546
567
546
454
557
562
554
595
503
492
470
568
507
533
508
430
527
529
517
...
VAguaranteed
1,350
1,486
1,058
864
817
672
971
857
150
105
76
75
68
92
58
84
64
51
69
60
55
Farm
Total
Total
Other
FHAinsured
6,442
6,636
5,529
5,860
815
1,394
VAguaranteed
Farm
Other
4 714
4,466
913
776
1,642
2,108
2,371
2,313
2,653
2,881
3,298
3,675
307
362
411
372
420
413
515
507
12,906
16,102
19,314
21,251
23,322
25,976
29,445
33,017
11,768
14,775
17,787
19,546
21,436
23,928
27,172
30,546
3,454
4,573
5,257
5,681
6,012
6,116
6,395
6,654
1,223
2,025
3,130
3,346
3,560
4,643
6,074
7,318
7,091
8,177
9,400
10,519
11,864
13,169
14,703
16,574
1,138
1,327
1,527
1,705
1,886
2,048
2,273
2,471
296
365
46
29,433
27,166
6,410
6,075
14,681
2,267
208
138
131
134
140
136
138
131
102
136
120
133
282
290
285
268
336
313
311
313
277
322
349
329
51
61
64
46
50
39
34
38
24
30
33
37
29,800
30,102
30,383
30,651
30,991
31,284
31,612
31,897
32,111
32,399
32,709
33,017
27,526
27,799
28,055
28,301
28,612
28,884
29,188
29,454
29,656
29,938
30,243
30,546
6,463
6,493
6,515
6,535
6,574
6,584
6,608
6,621
6,614
6,632
6,649
6,654
6,251
6,360
6,466
6,571
6,665
6,764
6,872
6,957
7,044
7,131
7,214
7,318
14,812
14,946
15,074
15,195
15,373
15,536
15,708
15,876
15,998
16,175
16,380
16,574
2,274
2,303
2,328
2,350
2,379
2,400
2,424
2,443
2,455
2,461
2,466
2,471
131
938
1,294
429
455
1,378
1,839
1,647
NOTE.—For loans acquired, the monthly figures may not add to annual
totals, and for loans outstanding, the end-of-December figures may differ
from end-of-year figures, because monthly figures represent book value of
ledger assets whereas year-end figures represent annual statement asset
values, and because data for year-end adjustments are more complete.
Source.—Institute of Life Insurance; end-of-year figures are from
Life Insurance Fact Book, and end-of-month figures from the Tally of
Life Insurance Statistics and Life Insurance News Data.
MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS
NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS
[In millions of dollars]
[Number in thousands; amounts in millions of dollars]
Loans made
Year or
month
Total i
New
construction
Loans outstanding (end of period)
Amount, by type of lender
Year or
Home
purchase
Total 2
FHAinsured
month
VAConvenguaranteed tional 2
1941.
1945
1,379
1 913
437
181
581
1,358
4,578
5,376
1949
1950
1951
1952..
1953
1954
1955
1956 .
3,636
5 237
5,250
6,617
7,767
8,969
11,432
10,545
1 083
1 767
1 657
2,105
2,475
3 076
4,041
3 771
1,559
2,246
2,357
2,955
3,488
3,846
5,241
4,727
11,616
13,657
15,564
18,396
21,962
26,194
31,461
35,870
717
848
866
904
1,048
1,172
1,405
1,492
2,586
2 973
3,133
3,394
3,979
4,721
5,891
6,664
746
253
351 31,461
1,405
5,891 24,165
8,313
9 836
11,565
14 098
16,935
20,301
24 165
27,714
AUK
Sept.
Oct
Nov
Dec
r
Insurance
companies
Commercial
banks
Mutual
savings
banks
4,732
5 650
1,490
2 017
404
250
1,166
1 097
218
217
1949
1950...
1951
1952
1953
1954
1955
1956
2,488
3,032
2,878
3,028
3,164
3,458
3,913
3,602
11,828
16,179
16,405
18,018
19,747
22,974
28,484
27,088
3,646
5 060
5,295
6,452
7,365
8,312
10,452
9,532
1.046
I 618
,615
1,420
1,480
,768
1,932
.799
2,446
3 365
3,370
3,600
3,680
4,239
5,617
5,458
1,064
1,013
1,137
1,327
1,501
1,858
.824
293
2,188
700
156
457
166
275
278
2,059
2,050
2,271
2,269
2,434
2 417
2,374
2,544
2 185
2,425
2 108
1,951
665
700
816
827
872
877
851
921
779
848
717
660
148
136
152
148
158
165
159
163
139
154
136
138
435
421
468
470
508
494
464
508
441
475
408
366
131
127
128
128
152
162
168
181
163
183
152
148
750
1955
Dec
1956
712
778
908
932
986
976
949
1,037
850
922
784
710
251
284
331
359
356
349
341
358
292
323
277
250
316
333
3.86
388
434
449
439
483
397
422
360
320
35,870
6 338 25 944
1 458
33 740
34 939
6,082 24,899
. ...
1,424
32,405
r
l 476
1,492
r
6 530 r 26 933
6,664 27 714
Revised.
1 Includes loans for other purposes (for repair, additions and alterations,
refinancing, etc.) not shown separately.
2 Excludes shares pledged against mortgage loans.
Source.—Federal Home Loan Bank Board.
Savings &
loans
assns.
1,628
1,639
1956
Jan
Feb
Mar
Apr
May.
June
July
Total i
1941
1945
1955
Dec
Number
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
309
303
324
319
312
336
290
322
277
257
1
Includes amounts for other lenders, not shown separately.
Source.—Federal Home Loan Bank Board.
189
REAL ESTATE CREDIT
MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- TO 4-FAMILY PROPERTIES
GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE
[In millions of dollars]
[In billions of dollars]
FHA-insured loans
Home
mortgages
Year or month
Total
New
properties
Existing
properties
VA-guaranteed loans
PropProjerty
ectimtype
provemortment2
gages * loans
Home
mortgages
Total 3
New
properties
Governmentunderwritten
End of
year or
quarter
Existing
properties
Total
1945
665
257
217
20
171
192
1949
1950
1951
1952
1953
1954
1955
1956
3,826
4,343
3,220
3,113
3,882
3,066
3,807
3,461
1,319
1,637
1,216
969
1,259
1,035
1,269
1,133
892
856
713
974
1,030
907
1,816
1,505
1,021
1,157
582
322
259
232
76
130
594
694
708
848
1,334
891
646
692
1,426
3,072
3,614
2,719
3,064
4,257
7J56
5,868
793
1,865
2,667
1,823
2,045
2,686
4,582
3,910
942
890
1,014
1,566
2,564
1,948
1955—Dec
326
118
144
10
55
620
413
206
1956—Jan
Feb....
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
335
287
298
253
270
280
279
312
278
341
279
249
133
114
105
87
87
86
83
97
82
96
89
76
148
127
127
116
123
121
125
141
122
134
124
98
1
5
18
4
2
10
10
8
16
26
4
27
53
41
48
46
59
62
61
67
59
86
62
48
570
535
468
493
469
421
465
505
508
501
462
472
403
372
331
333
307
265
291
320
321
331
315
321
166
162
136
159
162
155
174
184
186
169
146
150
FHA- VAinguarsured anteed
629
1,202
1 Monthly figures do not reflect mortgage amendments included in annual totals.
2 These loans are not ordinarily secured by mortgages.
3 Includes a small amount of alteration and repair loans, not shown separately; only such
loans in amounts of more than $1,000 need be secured.
NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed
loans, gross amount of loans closed. Figures do not take account of principal repayments
on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type
are derived from data on number and average amount of loans closed.
Sources.—Federal Housing Administration and Veterans Administration.
1945
18.6
4.3
4.1
.2
14.3
1949
1950
1951
1952
1953
1954
1955
1956^
37.6
45.2
51.7
58.5
66.1
75.7
88.1
99.2
15.0
18.9
22.9
25.4
28.1
32.1
38.9
43.8
6.9
8.6
9.7
10.8
12.0
12.8
14.3
15.5
8.1
10.3
13.2
14.6
16.1
19.3
24.6
28.3
22.6
26.3
28.8
33.1
38.0
43.6
49.2
55.4
1955—June
Sept
Dec....
82.2
85.5
88.1
35.3
37.0
38.9
13.5
13.9
14.3
21.8
23.1
24.6
46.9
48.5
49.2
1956—Mar.*..
June?..
Sept. P . .
Dec.?. .
90.8
93.7
96.6
99.2
40.2
41.3
42.4
43.8
14.7
15.0
15.2
15.5
25.5
26.3
27.2
28.3
50.6
52.4
54.2
55.4
*> Preliminary.
NOTE.—For total debt outstanding, figures for first
three quarters of year are Federal Reserve estimates.
For conventional, figures are derived.
Sources.—Federal Home Loan Bank Board, Federal
Housing Administration, Veterans Administration
and Federal Reserve.
FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY1
FEDERAL HOME LOAN BANK LENDING
[In millions of dollars]
[In millions of dollars]
Mortgage holdings
End of year
or month
Purchases
Sales
1945
278
213
195
176
19
,177
,646
,922
,841
,632
,714
>,069
672
1,044
677
538
542
614
411
/609
20
469
111
56
221
525
62
5
824
485
239
323
638
476
76
360
1949
1950
1951
1952
1953
1954
1955
1956
256
675
423
586
728
734
1,251
745
337
292
433
528
640
818
702
934
433
816
806
864
952
867
1,417
1,228
231
547
508
565
634
612
991
798
202
269
298
299
317
255
426
430
900
907
909
907
907
915
915
919
920
934
957
978
,722
,736
748
,758
,769
,789
,814
,839
,861
,904
.996
2,069
22
35
28
23
25
40
43
46
40
69
129
109
1
75
66
62
68
81
92
91
92
130
232
317
360
1956—Jan
Feb
Mar
Apr
May
42
13
26
42
44
99
93
66
72
67
59
121
213
78
69
53
48
49
159
57
46
61
54
47
1.246
,181
,138
,127
,123
,173
.108
i;il6
1,142
1,148
1,153
1,228
833
770
730
709
697
730
700
713
741
752
756
798
413
411
408
418
427
443
408
403
401
397
397
430
1,009
2,173
147
411
1957 Jan
77
267
1,038
660
378
FHAinsured
VAguaranteed
1949
1950
1951
1952
1953
1954
1955
1956
828
1,347
1,850
2,242
2,462
2,434
2,615
3,047
403
169
204
320
621
802
901
978
425
1956—Jan
Feb
Mar
Apr
May
June • • • . . . .
July
2,623
2,642
2 657
2,665
2,677
2,704
2,729
2,758
2,781
2,838
2,953
3,047
3,182
1957—Jan
c
1
1
1
1
1
(0
Corrected.
i Operations beginning Nov. 1, 1954, are on the basis of FNMA's new
charter, under which it maintains three separate programs: secondary
market, special assistance, and management and liquidation.
Source.—Federal National Mortgage Association.
Advances outstanding
(end of period)
Commitments
undisbursed
Total
Seot
Oct
Nov
Dec
Mortgage
transactions
(during
period)
Conventional
Total
Year or month
Advances
Repayment?
Total
July
Aug
Sept
Oct
Nov
Dec
1
Short-1
term
Long-2
term
Secured or unsecured loans maturing in one year or less.
2 Secured loans, amortized quarterly, having maturities of more than
one year but not more than ten years.
Source.—Federal Home Loan Bank Board.
190
CONSUMER CREDIT
,
CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars]
Instalment credit
Total
End of year or month
Total
Automobile
paper i
Other
consumer
goods
paper i
Noninstalment credit
Repair
and modernization
loans 2
Personal
loans
Total
Singlepayment
loans
Charge
accounts
Service
credit
1939
1941
1945
7,222
9,172
5,665
4,503
6,085
2,462
1,497
2,458
455
1,620
1,929
816
298
376
182
1,088
1,322
1,009
2,719
3,087
3,203
787
845
746
1,414
1,645
1,612
518
597
845
1949
1950
1951
1952
1953
1954
1955
1956
17,305
21,395
22,617
27,401
31,243
32,292
38,648
41,863
11,590
14,703
15,294
19,403
23,005
23,568
29,020
31,552
4,555
6,074
5,972
7,733
9,835
9,809
13,468
14,436
3,706
4,799
4,880
6,174
6,779
6,751
7,626
8,139
898
[,016
1,085
1,385
[,610
1,616
1,670
1,793
2,431
2,814
3,357
4,111
4,781
5,392
6,256
7,184
5,715
6,692
7,323
7,998
8,238
8,724
9,628
10,311
1,532
1,821
1,934
2,120
2,187
2,408
2,992
3,421
2,795
3,291
3,605
4,011
4,124
4,308
4,544
4,702
1,388
1,580
1,784
1,867
1 927
2,008
2 092
2,188
37,848
37,474
37,761
38,222
38,919
39,454
39,478
39,878
40 074
40,196
40,631
41,863
28,886
28,915
29,112
29,419
29,763
30,084
30,297
30,644
30,707
30,811
31,024
31,552
13,481
13,574
13,743
13,892
14,059
14,255
14,381
14,530
14,533
14,478
14,449
14,436
7,487
7,371
7,300
7,337
7,401
7,417
7,421
7,493
7,497
7,601
7,752
8,139
1,638
1,628
1,631
1,643
1,677
1,700
1,710
1,734
,758
1,781
1,797
1,793
6,280
6,342
6,438
6,547
6,626
6,712
6,785
6,887
6 919
6,951
7,026
7,184
8,962
8,559
8,649
8,803
9,156
9,370
9,181
9,234
9 367
9,385
9,607
10,311
2,920
2,932
3,050
3,094
3,258
3,335
3,261
3,295
3 361
3,310
3,401
3,421
3,961
3,530
3,469
3,531
3,701
3,804
3,674
3,696
3 780
3,875
4 029
4,702
2,081
2,097
2,130
2,178
2,197
2,231
2.246
2,243
2 226
2,200
2 177
2,188
. ..
1956 Jan
Feb
Mar
Apr
May
June
July
Sept
Oct
Nov
Dec
...
1
Represents all consumer instalment credit extended for the purpose
of purchasing automobiles and other consumer goods, whether held by
retail outlets or financial institutions. Includes credit on purchases by
individuals of automobiles or other consumer goods that may be used
in part for business.
2 Represents repair and modernization loans held by financial institutions; holdings of retail outlets are included in other consumer goods paper.
NOTE.—Monthly figures for the period December 1939 through 1947
and a general description of the series are shown on pp. 336-354 of the
BULLETIN for April 1953. Revised monthly figures for the period January
1948-August 1956, together with a description of the revision, are shown
on pp. 1031-1042 of the BULLETIN for October 1956. A detailed description of the methods used to derive the estimates may be obtained from
Division of Research and Statistics.
INSTALMENT CREDIT, BY HOLDER
[Estimated amounts outstanding, in millions of dollars]
Financial institutions
Total
instalment
credit
Total
1939
1941
1945
4,503
6 085
2,462
1949
1950
1951
1952
1953
1954
1955
1956
1956—Jan
Feb
Mar
Apr
May
End of year
or month
July
Sept
Oct
Nov
Dec
. ..
Commercial
banks
Sales
finance
companies
Credit
unions
3,065
4,480
1,776
1,079
1,726
745
1,197
1,797
300
132
198
102
11,590
14,703
15,294
19,403
23,005
23,568
29,020
31,552
9,257
11,805
12,124
15,581
18,963
19,450
24,441
27,038
4,439
5,798
5,771
7,524
8,998
8,796
10,601
11,682
2,944
3,711
3,654
4,711
5,927
6,144
8,443
9,100
438
590
635
837
28,886
28,915
29,112
29,419
29,763
30,084
30,297
30,644
30,707
30,811
31,024
31,552
24,447
24,587
24,870
25,208
25,528
25,963
26,193
26,475
26,551
26,635
'26,846
27,038
10,618
10,668
10,796
11,009
11,170
11,394
11,476
11,548
11,548
11,606
11,634
11,682
8,436
8,460
8,526
8,575
8,641
8,765
8,849
8,953
8,989
8,973
r
9,075
9,100
Consumer
finance
companies^
Other i
Total
Department
stores 2
Furniture
stores
Household
appliance
stores
354
320
131
439
496
240
183
206
17
123
188
28
339
395
270
596
746
178
267
243
301
377
377
381
378
236
287
290
389
527
463
535
572
583
771
903
1,082
1 070
1,052
1,100
1 137
371
362
355
349
351
354
359
365
368
368
373
378
535
538
544
548
554
562
568
575
576
574
573
572
1 044
991
982
960
970
985
971
970
973
991
1,014
1,137
657
759
629
1,438
1 605
686
1,124
,342
.680
2,048
1,286
1,555
1,866
2,137
2,257
2,656
3,049
1,436
420
509
643
111
911
1,061
1,159
2 333
2,898
3,170
3,822
4,042
4,118
4,579
4,514
1,107
1,064
1,242
1,511
,407
740
827
810
943
1 004
984
1,052
1,020
1,668
1,697
1,732
1,767
1,806
1,848
[,880
1,933
1,960
.994
2,021
2,048
2,670
2,701
2,739
2,773
2,805
2,845
2,880
2,920
2,924
2,938
2,961
3,049
1,055
1,061
1.077
1,084
1,106
1,111
1,108
1,121
1,130
1,124
1,155
1,159
4,439
4,328
4,242
4,211
4,235
4,121
4,104
4,169
4,156
4,176
r
4,178
4,514
,471
1,436
1,377
1,380
1,389
1,247
1,239
1,286
[,269
1,269
1,230
[ 407
1,018
1,001
984
974
971
973
967
973
970
974
988
1,020
r
Revised.
i Consumer finance companies included with "other" financial institutions until September 1950.
Retail outlets
924
Automobile
dealers 3
Other
23 Includes mail-order houses.
Represents automobile paper only; other instalment credit held by
automobile dealers is included with "other" retail outlets.
191
CONSUMER CREDIT
INSTALMENT CREDIT HELD BY COMMERCIAL BANKS,
BY TYPE OF CREDIT
INSTALMENT CREDIT HELD BY SALES FINANCE
COMPANIES, BY TYPE OF CREDIT
[Estimated amounts outstanding, in millions of dollars]
[Estimated amounts outstanding, in millions of dollars]
End of year
or month
Total
instalment
credit
Automobile
paper
Purchased
Direct
Other
consumer
goods
paper
Repair
and
modernization
loans
Personal
loans
1939
1941
1945
1,079
1,726
745
237
447
66
178
338
143
166
309
114
135
161
110
363
471
312
1949
1950
1951
1952
1953
1954
1955
1956
4,439
5,798
5,771
7,524
8,998
8,796
10,601
11,682
849
1,177
1,135
1,633
2,215
2,269
3,243
3,579
946
1,294
1,311
1,629
1,867
1,668
2,062
2,181
1,016
1,456
1,315
1,751
2,078
1,880
2,042
2,388
715
834
888
1,137
1,317
1,303
1,338
1,429
913
1,037
1,122
1,374
1,521
1,676
1,916
2,105
10,618
10,668
10,796
11,009
11,170
11,394
11,476
11,548
11,548
11,606
11,634
11,682
3,252
3,294
3,347
3,403
3,462
3,521
3,560
3,598
3,591
3,584
3,578
3,579
2,072
2,089
2,133
2,167
2,193
2,207
2,210
2,218
2,199
2,180
2,177
2,181
2,049
2,040
2,051
2,118
2,155
2,265
2,276
2,266
2,271
2,335
2,364
2,388
1,314
1,305
1,303
[,313
1,335
1,356
1,367
1,384
1,403
[,421
1,430
1,429
1,931
1,940
1,962
2,008
2,025
2,045
2,063
2,082
2,084
2,086
2,085
2,105
1956—Jan..
Feb.,
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
Total
instalment
credit
Automobile
paper
Other
consumer
goods
paper
1939
1941
1945
1,197
1,797
300
878
115
148
1,363
164
167
24
201
58
56
66
54
1949
1950
1951
1952 . .
1953
1954
1955
1956
2,944
3,711
3,654
4,711
5,927
6,144
8,443
9,100
2,265
2,956
2,863
3,630
4,688
4,870
6,919
7,283
447
532
452
680
816
841
1,034
1,227
90
61
63
60
46
31
25
23
142
162
276
341
377
402
465
567
1956—Jan
Feb
Mar
8,436
8,460
8,526
8,575
8,641
8,765
8,849
8,953
8,989
8,973
r
9,015
9,100
6,919
6,940
6,995
7,037
7,099
7,199
7,264
7,344
7,366
7,333
7,305
7,283
1,024
1,024
1,024
1,024
1,021
1,039
1,049
1,061
1,071
1,083
n, 202
1,227
25
24
24
468
472
483
24
490
24
24
24
24
23
24
24
23
497
503
512
524
529
533
544
567
End of year
or month
May
June
July
Sept
Oct
Nov
Dec
r
NONTNSTALMENT CREDIT, BY HOLDER
[Estimated amounts outstanding, in millions of dollars]
[Estimated amounts outstanding, in millions of dollars]
1939
1941
1945
1949
1950
1951
1952
1953
1954
1955
1956..
789
957
731
81
122
54
24
36
20
15
14
14
669
785
643
1,874
2,296
2,699
3,346
259
360
373
452
538
146
200
233
310
93
121
134
188
247
1,376
1,615
1,959
2,396
4,510
5,397
6,256
Mar
Apr
May
June
July
Aus
Sept
Oct
Nov
Dec
Repair
and
modernization
loans
Automobile
paper
4,038
1956 Jan
Feb
Other
consumer
goods
paper
Total
instalment
credit
5,393
5,459
5,548
5,624
5,717
5,804
5,868
5,974
6,014
6,056
6,137
6,256
Personal
loans
2,883
539
709
370
375
506
821
582
341
3,314
3,875
4,512
703
713
724
737
751
766
779
795
801
807
816
821
510
517
527
532
544
554
560
572
575
581
581
582
299
299
304
306
318
320
319
326
332
336
343
341
3,881
3,930
3,993
4,049
4,104
4,164
4 210
4,281
4,306
4,332
4,397
4,512
282
307
NOTE.—Institutions included are consumer finance companies, credit
unions, industrial loan companies, mutual savings banks, savings and
loan associations, and other lending institutions holding consumer
instalment loans.
Personal
loans
Revised.
INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS
OTHER THAN COMMERCIAL BANKS AND SALES
FINANCE COMPANIES, BY TYPE OF CREDIT
End of year
or month
Repair
and
modernization
loans
End of year
or month
Total
noninstalment
credit
Financial
institutions
(single-payment loans)
Retail
outlets
(charge
accounts)
Service
credit
Commercial
banks
Other
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
1956 .
5,715
6,692
7,323
7,998
8,238
8,724
9,628
10,311
1,334
1,576
1,684
1,844
1,899
2,096
2,635
2,975
198
245
250
276
288
312
357
446
587
650
698
728
772
793
862
895
2,208
2,641
2,907
3,283
3,352
3,515
3,682
3,807
1,388
1,580
1,784
1,867
1,927
2,008
2,092
2,188
1956—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
8,962
8,559
8,649
8,803
9,156
9,370
9,181
9,234
9,367
9,385
9,607
10,311
2,632
2,625
2,680
2,720
2,766
2,880
2,885
2,894
2,926
2,897
2,894
2,975
288
307
370
374
492
455
376
401
435
413
507
446
706
596
579
573
585
574
523
531
588
612
672
895
3,255
2,934
2,890
2,958
3,116
3,230
3,151
3,165
3,192
3,263
3,357
3,807
2,081
2,097
2,130
2,178
2,197
2,231
2,246
2,243
2,226
2,200
2,177
2,188
1939
1941
1945
..
Dec
1
Includes mail-order houses.
Department Other
stores *
192
CONSUMER CREDIT
INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT
[Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment
of monthly figures for seasonal variation and differences in trading days]
Year or month
Adjusted*
Other consumer
goods paper
Automobile paper
Total
Unadjusted
Adjusted*
Unadjusted
Adjusted*
Unadjusted
Repair and
modernization loans
Adjusted"
Unadjusted
Personal loans
Adjusted*
Unadjusted
Extensions
1949
1950
1951
1952
1953
1954
1955
1956
5,865
7,150
7,485
9,186
9,227
9,117
10,615
11,015
6,967
8,530
8,956
11,764
12,981
11,807
16,743
15,533
18,108
21,558
23,576
29,514
31,558
31,051
39,128
39,602
4,542
5,043
6,294
7,347
8,006
8,866
10,411
11,606
734
835
841
,217
,344
,261
,359
,448
1955—Dec.
3,315
3,785
1,389
1,303
904
1,282
124
1956—Jan.. .
Feb..
Mar..
Apr..
May.
June.
July. .
Aug..
Sept..
Oct.. .
Nov..
Dec..
3,432
3,317
3,167
3,402
3,255
3,049
3,293
3,350
3,153
3,363
3,453
3,368
2,885
2,918
3,305
3,329
3,470
3,390
3,316
3,504
2,981
3,382
3,387
3,735
1,448
1,390
1,278
1,324
1,250
1,175
1,246
1,258
1,191
1,308
1,354
1,311
1,192
1,236
1,378
1,345
1,407
1,391
1,337
1,393
1,150
1,284
1,225
1,195
926
883
858
966
930
839
925
951
883
942
973
939
760
731
821
894
949
883
872
952
840
1,010
1,037
1,266
119
122
119
128
132
115
121
122
117
125
120
108
1,082
118
97
113
123
145
128
127
137
125
140
125
100
939
922
912
984
943
920
1,001
1,019
962
988
1,006
1,010
845
854
993
967
969
988
980
1,022
866
948
1,000
1,174
Repayments
1949.
1950.
1951.
1952.
1953.
1954.
1955.
1956.
1955—Dec.
2,918
1956—Jan.. .
Feb..
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct.. .
Nov..
Dec.
3,107
2,946
2,894
3,142
3,060
006
158
145
085
182
160
3,185
5,060
6,057
7,404
7,892
8,622
9,145
9,740
10,502
5,430
7,011
9,058
10,003
10,879
11,833
13,084
14,565
15,514
18,445
22,985
25,405
27,956
30,488
33,676
37,070
4,335
4,660
5,751
6,593
7,336
8,255
9,547
10,678
689
717
772
917
,119
1,255
1,305
1,325
3,034
1,143
1,161
833
825
108
109
834
939
3,019
2,889
3,108
3,022
3,126
3,069
3,103
3,157
2,918
3,278
3,174
3,207
1,243
1,182
1,131
1,256
1,224
1,156
1,227
1,212
1,184
1,283
1,231
1,236
1,179
1,143
1,209
1,196
1,240
1,195
1,211
1,244
1,147
1,339
1,254
1,208
887
821
823
869
857
868
890
891
892
882
904
918
899
847
892
857
885
867
868
880
836
906
886
879
121
110
102
118
111
104
121
112
104
113
105
104
120
107
110
111
111
105
117
113
101
117
109
104
856
833
838
899
868
878
920
930
905
904
920
927
821
792
897
858
890
902
907
920
834
916
925
1,016
Change in outstanding credit1
+2,594
+ 3,113
+ 591
+4,109
+3,602
+ 563
+ 5,452
+2,532
1949
1950
1951
1952
1953
1954
1955
1956
1955—Dec.
+ 397
+751
1956—Jan.. .
Feb..
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct..
Nov..
Dec.
+ 325
+ 371
+273
+260
+ 195
+43
+ 135
+205
-134
+68
+ 181
+293
+ 183
+29
+ 197
+ 307
+ 344
+ 321
+ 213
+ 347
+ 63
+ 104
+ 213
+ 528
+246
+205,
+208
+ 147
+ 68
+26
+ 19
+ 19
+46
+7
+25
+ 123
+75
+ 1,537
+ 1,519
-102
+ 1,761
+2,102
-26
+ 3,659
+968
+ 142
+ 13
+93
+ 169
+ 149
+ 167
+ 196
+ 126
+ 149
+3
-55
-29
-13
* Monthly data for 1956 revised to bring annual totals into agreement
with
totals for unadjusted data.
1
Obtained by subtracting instalment credit repaid from instalment
credit extended.
NOTE.—Monthly figures for the period January 1940-August 1956 are
shown on pp. 1043-1054 of the BULLETIN for October 1956.
A discussion of the composition and characteristics of the data and
+ 805
+ 1,093
+ 81
+45
+ 118
+69
+ 300
+225
+6
+ 54
+ 123
+ 1,294
+ 605
-28
+ 875
+ 513
+71
+ 39
+ 62
+ 35
+97
+73
-29
+ 35
+60
-9
+ 60
+69
+ 21
+457
+ 16
+9
-139
-116
-71
-2
-32
-10
+ 37
+ 64
+ 16
+4
+72
+4
+ 104
+ 151
+ 387
+ 12
+ 17
+ 10
+21
+H
0
+ 10
+ 13
+ 12
+ 15
+4
+3
+ 12
+ 34
+23
+ 10
+24
+24
+23
+ 16
+207
+ 383
+ 543
+754
+670
+611
+ 864
+928
+ 64
+83
+ 89
+74
+ 85
+75
+42
+ 81
+ 89
+ 57
+ 84
+ 86
+ 83
+ 143
+24
+62
+96
+ 109
+79
+86
+73
+ 102
+ 32
+32
+75
+ 158
a description of the methods used to derive the estimates are shown
in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment
credit extended and repaid are based on information from accounting
records of retail outlets and financial institutions and often include charges
incurred under the instalment contract. Renewals and refinancing of
loans, repurchases and resales of instalment paper, and certain other
transactions may increase the amount of both credit extended and credit
repaid without adding to the amount of credit outstanding.
193
CONSUMER CREDIT
INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER
[Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment
of monthly figures for seasonal variation and differences in trading days]
Total
Year or month
Adjusted*
Commercial banks
Unadjusted
Adjusted*
Unadjusted
Other financial
institutions
Sales finance
companies
Adjusted*
Unadjusted
Adjusted*
Unadjusted
Retail outlets
Adjusted*
Unadjusted
Extensions
1949
1950
1951
1952
1953
1954
1955
1956
18,108
21,558
23,576
29,514
31,558
31,051
39,128
39 602
1955—Dec
3,315
3,785
1956—Jan
Feb .
Mar
3,432
3,317
3,167
3,402
3,255
3,049
3,293
3,350
3,153
3,363
3,453
3,368
2,885
2,918
3,305
3,329
3,470
3,390
3,316
3,504
2,981
3,382
3,387
3,735
Apr
May
June
July
Aus
Sept
Oct
Nov
Dec
6,543
8,135
8,358
11,123
12,099
11,267
14,109
14,428
3,305
3,826
4,788
5,659
6,375
6,983
8,434
9,426
4,296
5,098
5,467
6,982
7,560
7,260
10,200
9,600
3,964
4,499
4,963
5,750
5,524
5,541
6,385
6,148
1,179
1,171
840
838
746
906
550
870
1,195
[,102
,299
,178
,182
,218
1,174
,135
259
1,221
,235
1,110
1,088
t 201
1,308
1,279
1,324
[,231
1,232
1,070
1,244
1,148
1,193
886
834
799
787
770
716
752
772
740
817
704
717
822
769
842
847
819
871
722
821
r
881
785
752
758
759
780
775
751
811
846
770
793
835
796
656
699
808
766
800
803
795
844
707
774
835
939
564
530
507
536
532
400
512
558
508
494
'468
539
415
414
474
486
549
416
471
557
482
543
'523
818
798
Repayments
1949
1950
1951
1952
1953
1954
1955
1956
••••••••
15,514
18,445
22,985
25,405
27,956
30,488
33,676
37,070
5,633
6,776
8,385
9,370
10,625
11,469
12,304
13,347
3,011
3,404
4,385
5,012
5,683
6,511
7,547
8,567
3,363
4,331
5,524
5,925
6,344
7,043
7,901
8,943
3,507
3,934
4,691
5,098
5,304
5,465
5,924
6,213
1955—Dec
2,918
3,034
1,043
1,059
692
717
668
759
515
499
1956—Jan
Feb
Mar
Apr
May
June
3,107
2,946
2,894
3,142
3,060
3,006
3,158
3,145
3,085
3,182
3,160
3,185
3,019
2,889
3,108
3,022
3,126
3,069
3,103
3,157
2,918
3,278
3,174
3,207
] 174
,059
,006
,126
,092
,077
,148
,146
,122
,162
122
,163
J 0Q1
1,038
1,073
1,095
1,118
1,100
1,149
1,160
,070
,186
1,120
.145
771
717
697
711
693
756
690
663
681
660
633
719
522
507
510
555
525
560
761
775
699
720
776
723
720
690
699
690
707
716
535
503
531
517
525
530
763
746
735
767
746
751
731
738
501
502
488
492
706
686
723
667
534
837
779
718
748
732
754
513
534
495
789
756
763
760
738
820
521
July
Aug...
Sept
Oct....
Nov
Dec
'
523
521
482
1
Change in outstanding credit
1949
1950
1951
1952
1953
1954
1955
1956
1955—Dec
1956—Jan
Feb
Mar
Apr
May
June
July
Aue
Sept
Oct
Nov
Dec
+2,594
+3 113
+591
+4,109
+3,602
+563
+910
+ 1 359
— 27
4-1,753
+ 1,474
-202
4-5,452
+ 2 532
+397
+ 325
+ 371
+273
+260
+ 195
+43
+ 135
+205
+68
+ 181
+293
+ 183
+751
-134
t-29
+ 197
+ 307
+344
+321
+213
+347
+63
+ 104
4-213
+ 528
+ 136
+ 106
+ 136
+96
+ 173
+ 86
+ 105
+70
+ 28
+ 13
+97
+99
+72
4-1,805
+ 1 081
f 112
+ 50
+ 128
+213
+ 161
+224
+82
0
+58
+28
+48
r
Revised.
* Monthly data for 1956 revised to bring annual totals into agreement
with
totals for unadjusted data.
1
Obtained by subtracting instalment credit repaid from instalment
credit extended.
NOTE.—Monthly figures for the period January 1940-August 1956 are
shown on pp. 1043-1054 of the BULLETIN for October 1956.
A discussion of the composition and characteristics of the data and
4-148
+ 115
+ 117
+ 102
+ 26
+ 17
-11
+26
+ 34
+28
r
+173
+ 35
+933
+767
— 57
4-1,057
+ 1,216
+217
+2,299
+ 657
+ 121
-7
4-24
+66
4-49
4-66
+ 124
+84
+ 104
+36
-16
'•+102
+25
4-457
4-294
+422
4-403
+647
4-692
+472
4-887
+565
4-272
+652
4-220
+76
+461
-65
+ 859
+78
+ 62
+95
+78
+60
+ 85
+ 52
+65
+95
+47
+75
+ 87
+ 58
4-147
-4
4-66
4-89
4-76
4-93
+ 87
+64
+ 106
f40
+42
+ 81
+ 119
+ 35
+42
+23
+1
+29
-131
+ 11
+56
-26
-19
r
66
+ 18
+371
-140
-111
-86
-31
4-24
-114
-17
4-65
-13
+20
'+2
+ 336
a description of the methods used to derive the estimates are shown
in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment
credit extended and repaid are based on information from accounting
records of retail outlets and financial institutions and often include charges
incurred under the instalment contract. Renewals and refinancing of
loans, repurchases and resales of instalment paper, and certain other transactions may increase the amount of both credit extended and credit
repaid without adding to the amount of credit outstanding.
194
BUSINESS ACTIVITY
SELECTED BUSINESS INDEXES
[Indexes, 1947-49 == 100. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Construction
contracts
awarded (value) i
Industrial production
(physical volume)*
Employment and payrolls 2
Manufactures
Year
or month
Total
Total
Durable
Nondurable
Minerals
Total
Residential
All
other
Nonagricultural
employment
Manufacturing
production workers
Employment
Freight
carloadings*
Department
Con- Wholesale
store sumer
2
comsales* prices
modity
(retail
prices 2
value)
Payrolls
AdAd- Unad- AdAd- Unad- Unad- AdAdAdAdAdAdAdjusted justed justed justed justed justed justed justed justed justed justed justed justed justed
Adjusted
Unadjusted
Unadjusted
1919.
1920.
1921.
1922.
1923.
1924.
1925.
39
41
31
39
47
44
49
38
39
30
39
45
43
48
38
42
24
37
47
43
49
37
36
34
40
44
42
46
45
53
42
45
62
57
59
34
34
30
43
45
51
66
26
18
27
41
49
57
75
39
45
32
43
42
46
59
61.3
61.9
55.2
58.5
64.3
63.5
65.2
68.7
69.0
52.8
58.4
66.9
62.1
64.2
31.1
37.1
24.0
25.7
32.6
30.4
32.1
90
98
83
92
107
105
110
27
32
30
30
34
34
36
74.0
85.7
76.4
71.6
72.9
73.1
75.0
1926.
1927.
1928.
1929.
1930.
51
51
53
59
49
50
50
52
58
48
52
49
53
60
45
48
50
51
56
51
63
64
63
68
59
69
69
73
63
49
73
71
76
52
30
67
68
70
70
62
67.5
67.9
67.9
71.0
66.6
65.5
64.1
64.2
68.3
59.5
33.0
32.4
32.8
35.0
28.3
115
111
112
115
99
37
37
37
38
35
75.6
74.2
73.3
73.3
71.4
65.0
62.0
62.9
61.9
56.1
1931.
1932.
1933.
1934.
1935.
40
31
37
40
47
39
30
36
39
46
31
19
24
30
38
48
42
48
49
55
51
42
48
51
55
34
15
14
17
20
22
8
7
7
13
41
20
18
24
25
60.3
53.4
53.6
58.8
61.3
21.5
14.8
15.9
20.4
23.5
79
59
62
67
69
32
24
24
27
29
56
61
48
58
67
55
60
46
57
66
49
55
35
49
63
61
64
57
66
69
63
71
62
68
76
30
32
35
39
44
22
25
27
37
43
35
36
40
40
44
65.8
70.2
66.1
69.3
73.3
27.2
32.6
25.3
29.9
34.0
81
84
67
76
83
33
35
32
35
37
65.0
58.4
55.3
57.2
58.7
59.3
61.4
60.3
59.4
59.9
47.4
42.1
42.8
48.7
52.0
1936.
1937.
1938.
1939.
1940.
50.2
42.6
47.2
55.
58.8
63.9
70.
59.6
66.2
71.2
1941.
1942.
1943.
1944.
1945.
87
106
127
125
107
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
87.9
103.9
121.4
118.1
104.0
49.3
72.2
99.0
102.8
87.8
98
104
104
106
102
44
50
56
62
70
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
83
105
111
142 102.3
97.9
103.4
102.8
93.8
99.6
81.2
97.7
105.1
97.2
111.7
100
108
104
88
97
90
98
104
98
105
62.9
69.7
74.0
75.2
76.9
83.4
95.5
102.8
101.8
102.8
56.8
64.2
67.0
67.6
68.8
1946.
1947.
1948.
1949.
1950.
82.8
90.9
96.3
95.0
91.5
94.4
99.4
101.6
99.0
78.7
96.4
104.4
99.2
103.1
1951..
1952..
1953..
1954..
1955..
1956..
120
124
134
125
139
121
125
136
127
140
128
136
153
137
155
114
114
118
116
126
115
114
116
111
122
171
183
192
215
261
170
183
178
232
280
172
183
201
204
248
108.2
110.4
113.6
110.7
114.2
117.7
106.4
106.3
111.8
101.8
105.5
P106.5
129.8
136.6
151.4
137.7
152.5
101
95
96
86
109
110
112
111
r
120
111.0
113.5
114.4
114.8
114.5
116.2
114.8
111.6
110.1
110.3
110.7
114.3
144
142
146
161
130
129
301
273
319 116.5 108.3 108.7 163.7
101
123
114.7
111.3
143
143
141
143
141
141
136
142
145
146
146
147
143
144
143
144
141
141
128
14:
146
-•151
14'
144
145
144
142
144
143
143
137
144
147
148
14'
148
160
158
156
159
157
157
148
158
163
164
165
166
129
130
128
129
128
128
127
129
130
131
129
130
131
131
130
130
129
130
122
128
128
128
••129
130
300
306
287
277
257
256
255
260
251
248
242
290
318
317
315
286
269
265
264
250
230
197
306 116.8
298 116.9
267 116.7
252 117.3
237 117.6
248 118.0
249 116.6
257 118.2
251 118.1
260 r 118.7
27: 118.8
124
118
122
122
122
124
128
128
129
122
131
114.6
114.6
114.7
114.9
115.4
116.2
117.0
116.8
117.1
117.7
117.8
118.0
111.9
112.4
112.8
113.6
114.4
114.2
114.0
114.7
115.5
115.6
115.9
116.3
52.5
56.1
51.1
50.1
51.1
1955
Dec.
1956
Jan.. ,
Feb..
Mar..
Apr..
May.
June.
July.,
Aug..
Sept..
Oct..
Nov..
Dec.
107.2
106.8
106.1
106.0
105.4
105.7
101.2
107.1
107.8
108.7
108.0
107.7
159.1
157.7
157.9
158.
157.3
158.2
151.0
161.4
165.8
168.
r
167.
170.9
103
100
100
99
98
95
81
93
96
96
97
100
H19A ^106.8 ^106.0
465.1
P9S
108.0
107.2
106.4
107.1
106.9
106.3
102.6
106.0
105.7
107.1
107.1
119.0 107.3
P129
1957
Jan..
P146
^130
e
p
r
Estimated.
Preliminary.
Revised.
*1 Average per working day.
Three-month moving average, based on F. W. Dodge Corporation
data. A description of the index may be obtained from the Division of
Research
and Statistics.
2
The indexes of employment and payrolls, wholesale commodity prices,
426
116.9
and consumer prices are compiled by the Bureau of Labor Statistics.
Nonagricultural employment covers employees only and excludes personnel in the armed forces. The consumer price index is the revised series,
reflecting, beginning January 1953, the inclusion of some new series and
revised weights; prior to January 1953, indexes are based on the "interim
adjusted" and "old" indexes converted to the base 1947-49 = 100.
PRODUCTION
195
INDUSTRIAL PRODUCTION
[Federal Reserve indexes, 1947-49 average= 100]
Industry
Annual
1947-49 average
1955
1956
proportion
1954 1955 Dec. Jan. Feb. Mar. Apr. May June July
Aug. Sept. Oct. Nov. Dec.
SEASONALLY ADJUSTED
INDUSTRIAL PRODUCTION—TOTAL.
100.00
125
139
144
143
143
141
143
141
141
136
146
146
147
90.02
127
140
146
145
144
142
144
143
143
137
142
144
145
MANUFACTURES—TOTAL
147
148
147
148
Durable Manufactures-—Total
45.17
137
155
161
160
158
156
159
157
157
118
158
163
164
165
166
6.70
108
140
150
148
148
145
146
141
138
68
124
148
147
146
146
28.52
5.73
13.68
9.04
4.64
7.54
1.29
150
123
142
125
177
175
140
165
134
155
135
194
203
149
172
138
164
146
199
212
159
770
136
164
146
197
205
160
168
134
162
147
192
202
161
166
132
162
147
191
197
160
171
135
169
148
208
193
162
167 168
130 132
168 168
149 149
206 205
186 1 8 9
164 1 6 3
169 172 176
129 134 142
172 174 176
152 155 158
210 211 212
r
190 193
196
167 171 171
777
142
176
155
215
•"202
172
180
138
176
154
r
218
215
172
752
139
176
155
218
221
173
Clay, glass, and lumber products
Stone, clay, and glass products
Lumber and products
5.91
2.82
3.09
123
131
115
138
149
127
139
154
126
140
154
128
139
155
124
137
156
121
139
158
122
141
162
121
141
161
123
142
159
125
144
160
129
139
154
126
139
157
122
139
159
120
136
157
116
Furniture and misc. manufactures
Furniture and fixtures
Miscellaneous manufactures
4.04
1.64
2.40
121
106
131
132
119
141
137
123
146
135
122
144
134
120
143
132
120
141
134
121
142
135
121
145
136
123
145
136
124
145
138
124
148
137
124
146
136
122
146
132
118
142
134
120
143
44.85
116
126
130
129
130
128
129
128
128
127
129
130
131
129
130
11.87
6.32
5.55
100
95
105
109
107
113
112
109
116
111
108
113
'•111
109
114
107
106
108
106
109
107
103
111
106
101
112
106
100
112
107
102
112
108
103
113
111
106
117
Rubber and leather products
Rubber products
Leather and products
3.20
1.47
1.73
104
115
95
122
143
105
125
144
108
126
147
108
125
140
112
119
135
105
120
137
106
116
131
104
111
122
102
111
119
104
116
132
102
116 r777
133 136
100
101
126
102
Paper and printing
Paper and allied products
Printing and publishing
8.93
3.46
5.47
125
134
120
137
152
127
140
159
128
141
159
131
141
157
131
142
157
132
144
160
134
145
160
135
146
161
136
147
162
137
148
163
139
146
159
138
147
158
141
147
160
139
146
157
139
Chemical and petroleum products
Chemicals and allied products
Petroleum and coal products
9.34
6.84
2.50
142
148
125
159
167
135
166
175
141
165
173
142
166
174
143
166
174
144
168 169 '168
178
178 1 8 0
139
140 142
166
178
132
167
177
139
mi
168 '168 "167
178 176
143 139
170
179
146
11.51
10.73
.78
106
106
103
109
109
105
113
113
107
111
111
109
112
112
107
HI
111
113
114
107
111 '111
111
111
110 108
110
110
105
113
114
102
113
114
103
774
114
106
113
113
107
130
Primary metals
Metal fabricating
Fabricated metal products
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
Instruments and related products
Nondurable
Manufactures—Total....
Textiles and apparel
Textile mill products
Apparel and allied products
Foods, beverages, and tobacco
Food and beverage manufactures
Tobacco manufactures
r
106
104
108
nu
106
102
110
779
139
129
130
122
128
128
128
114
108
129
129
89
41
96
149
130
90
55
95
148
126
77
54
81
149
130
87
61
91
150
128
87
'59
91
147
727
85
53
90
147
128
83
54
87
149
129
80
59
83
153
129 '129 '131
120
119 1 1 9
139 138 143
noi
r
120
'61 101
142 139
133
126
141
r
119
143
134
124
143
134
124
144
142
146
151
147
144
143
155
131
148
161
134
153
168
137
149
167
132
146
166
126
132
130
128
128
MINERALS—TOTAL
9.98
111
122
129
131
131
130
Mineral fuels
Coal
Anthracite
Bituminous coal
Crude oil and natural gas
8.35
2.68
.36
2.32
5.67
113
67
52
70
134
123
80
48
85
143
130
87
58
92
151
132
87
62
91
153
131
88
55
94
151
131
86
50
92
151
130
86
55
91
151
Metal, stone, and earth minerals
Metal mining
Stone and earth minerals
1.63
.82
.81
106
90
123
120
110
130
123 r130
112 1 2 4
135 137
H31
123
138
mi
130
100.00
125
139
142
143
144
143
144
141
141
128
144
160
128
146
161
131
145
161
130
146
162
129
142
157
127
142
156
127
129
139
119
129
127
127
130
130
131
119
131
139
r
r
130
WITHOUT SEASONAL ADJUSTMENT
(Major divisions only)
Industrial Production—Total
Manufactures—Total
Durable manufactures
Nondurable manufactures
Minerals—Total
' Revised.
90.02
45.17
44.85
127
137
116
140
155
126
143
161
125
9.98
111
122
127
For other footnotes see end of table.
196
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average= 100]
Annual
1947-49 average
1955
1956
proportion
1954 1955 Dec Jan. Feb. Mar. Apr. M a y June July Aug. Sept. Oct. Nov. Dec.
Industry
WITHOUT SEASONAL ADJUSTMENT
INDUSTRIAL PRODUCTION—TOTAL.... 100.00
125
139
142
143
144
143
144
141
141
128
142
146 151
147
144
MANUFACTURES—TOTAL
90.02
127
140
143
144
146
145
146
142
142
129
143
148 153
149
146
Durable Manufactures—Total
45.17
137
155
161
160
161
161
162
157
156
139
155
161
168 166
165
6.70
5.03
3.51
.37
3.05
2.62
.43
108
105
108
101
109
108
115
140
138
144
134
146
141
171
147
145
153
141
154
149
182
151
149
158
143
159
153
197
152
149
158
143
159
153
199
152
149
159
145
160
155
192
152
149
158
145
159
155
181
144
143
152
140
154
149
182
140
138
145
135
146
144
157
118
114
117
104
119
116
135
145
146
156
145
158
153
183
149 146
149 146
160 158
148 147
162 159
157 156
191 181
143
145
157
149
158
156
170
1.52
1.29
.23
97
95
106
124
123
133
128
126
141
128
125
143
130
128
142
128
126
142
129
127
141
120
119
129
123
121
134
62
41
24
22
24
23
34
79
78
88
106
106
105
122
122
120
123 r118
122 118
127 120
117
117
121
1.67
.38
.09
.06
.04
.10
.09
120
147
101
109
105
101
244
146
164
122
123
103
120
261
153
175
128
143
112
127
277
159
173
134
122
114
124
276
161
177
136
134
117
126
279
160
182
142
141
120
125
287
160
185
143
146
121
125
294
149
181
147
143
106
111
296
145
179
142
139
109
111
296
124
172
117
123
107
114
298
130
143
124
120
107
123
182
144
168
122
114
123
128
269
148 146
181 180
133 127
134 135
122 116
127 130
293 295
136
180
127
128
120
.13
1.16
.63
.20
.33
105
113
100
154
114
123
142
114
208
156
125
148
120
210
164
131
158
134
226
163
134
159
132
225
170
124
157
127
241
166
135
154
123
242
160
121
141
116
228
140
110
137
112
215
137
93
112
79
222
111
108
128
109
187
129
115
139
120
202
141
124
140 138
111 116
218 195
149 146
124
98
175
28.52
150
165
173
172
172
171
174
167
166
160
167
172
180
181
182
5.73
2.68
2.12
.30
.63
123
126
117
131
90
134
136
130
142
111
137
144
137
102
92
135
140
131
109
109
134
138
129
116
110
134
138
126
127
115
136
140
125
189
106
130
138
121
121
105
132
138
119
159
112
124
129
111
168
94
135
137
117
214
123
144
144
123
220
143
145 138
150 149
130 132
186 100
128
98
138
152
134
105
Primary metals
Ferrous metals
Pig iron and steel
Pig iron
Steel
Carbon steel
Alloy steel
Ferrous castings and forgings
Iron and steel castings
Steel forgings
Nonferrous metals
Primary nonferrous metals
Copper smelting
Copper refining
Lead
Zinc
Aluminum
Secondary nonferrous metals
Nonferrous shapes and castings
Copper mill shapes
Aluminum mill shapes
Nonferrous castings
Metal Fabricating
Fabricated metal products
<
Structural metal parts
Stampings and misc. metal products
Tin cans
Furnaces, gas ranges, and heaters
....
292*
13.68
142
155
164
167
168
168
172
167
165
157
167
176
181
177
176
Nonelectrical machinery
Farm and industrial machinery
Farm machinery
Industrial and commercial machinery....
Machine tools and presses
Laundry and refrigeration appliances
9.04
8.13
135
130
91
135
163
144
147
143
97
150
190
141
149
144
98
150
190
164
152
145
95
153
195
173
154
146
94
154
196
183
154
148
92
156
197
175
151
147
88
155
197
146
150
147
87
155
194
143
146
144
82
153
194
128
146
145
79
155
193
108
153
148
79
158
199
159
152
149
73
160
201
139
151
150
7.11
.68
.69
125
121
79
127
160
114
160
201
123
156
154
83
164
208
Electrical machinery
Electrical apparatus and parts
Radio and television sets
4.64
3.23
.74
177
160
214
194
174
242
197
184
225
201
184
240
200
184
233
196
184
218
206
202
209
198
200
185
195
199
174
178
193
130
209
198
238
220 '237
202 209
266 312
227
211
271
216
214
218
Transportation equipment
Autos, trucks, and parts
Autos
Trucks
Light trucks
Medium trucks
Heavy trucks
Truck trailers
Auto and truck parts
7.54
4.80
1.50
.66
.22
.19
.14
.07
2.58
175
109
131
92
95
59
133
130
10i
203
153
190
115
114
69
172
183
141
214
159
193
122
106
67
216
192
150
206
147
173
113
101
67
194
173
141
205
143
164
125
109
71
227
187
135
202
139
163
130
104
68
258
191
128
201
136
162
133
102
69
265
208
122
189
116
127
117
89
58
237
191
109
188
111
127
123
89
68
246
203
98
186
107
127
99
76
56
198
145
97
186
104
109
101
81
53
192
160
102
180
92
59
98
75
51
201
148
109
202
121 139
105 164
103 102
92 100
52
43
195 195
146 133
135 135
224
142
177
101
92
45
207
126
1.30
.81
.53
.35
474
112
39
29
481
115
42
30
516
111
51
36
517
111
54
40
521
119
60
49
513
121
66
57
516
119
68
60
520
120
69
61
531
121
66
56
536
121
62
51
555
114
58
49
569
113
51
36
582
115 118
60
68
52
64
619
124
75
73
Machinery
Aircraft and parts
Shipbuilding and repair
Railroad equipment
Railroad cars
1.02
r77
Instruments and related products
29
140
149
161
160
161
161
164
164
163
162
167
171
173
174
175
Clay, Glass, and Lumber
91
123
138
132
132
135
135
142
143
145
135
149
145
146
138
129
Stone, clay, and glass products
Glass and pottery products
Flat glass and vitreous products
Flat and other glass
Glass containers
Home glassware and pottery
82
09
.60
.47
.26
.23
131
118
131
133
117
85
149
134
155
156
126
91
153
141
172
174
111
96
150
141
168
171
121
91
150
141
163
167
130
96
153
140
163
163
130
93
158
143
166
165
135
92
162
142
164
163
136
93
163
140
160
158
142
86
156
130
150
146
133
72
164
142
161
160
145
90
157
127
159
158
113
61
165 161
149 147
173 174
177 177
147 135
86
156
143
173
176
114
96
Cement
Structural clay products
Brick
Clay firebrick, pipe, and tile
.32
.35
.12
.20
135
111
113
111
148
127
131
127
136
130
122
137
126
129
122
136
123
132
124
139
137
137
132
142
159
138
140
138
174
140
145
139
175
146
144
148
173
140
140
141
177
144
148
144
174
140
135
147
171 157
143 136
139 131
147 141
126
106
142
Concrete and plaster products
Misc. stone and earth manufactures
.48
.58
161
140
180
166
181
176
175
171
177
171
181
171
192
172
202
172
208
171
204
167
208
171
204
176
199 1 9 2
177 177
187
180
' Revised.
Products
For other footnotes see end of table.
197
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average= 100J
Annual
1947-49
1955
average
propor1954 1955 Dec. Jan. Feb. Mar. Apr.
tion
Industry
1956
May June July Aug. Sept. Oct. Nov. Dec.
WITHOUT SEASONAL ADJUSTMENT
—Continued
3.09
2.05
.60
.39
.12
.29
115
106
127
112
113
98
116
100
121
104
119
105
126
112
125
111
129
118
116
104
135
115
133
118
130
111
Ill 104
101
91
161
123
222
88
197
144
284
90
173
110
278
94
189
114
313
90
201
128
321
91
193
118
316
91
199
123
324
92
187
124
290
93
181
133
260
92
161
107
248
90
216
152
320
90
200
139
299
90
206
130
332
93
181
103
310
r
88
. . . 4.04
121
132
140
133
136
134
132
131
'132
127
136
140
143
138
137
1.64
1.10
.54
2.40
106
106
107
119
120
115
128
130
122
122
124
119
123
125
119
111
123
120
119
118
120
'117
115
118
116
115
114
123
121
125
125
126
127
127
122
123
125
125
126
120
123
117
127
127
122
140
141
135
145
154
150
Millwork
Softwood plywood....•••
Furniture and Misc. Manufacturing
Household furniture
Fixtures and office furniture
• •
-.
IVIiscellaneous manufactures ••
Nondurable Manufactures—Total
Cotton and synthetic fabrics
Fabric finishing
W o o l textiles
Hosiery
Seamless hosiery
,
44.85
116
126
125
100
109
106
113
119
114
111
127
107
127
11.87
6.32
3.72
2.30
95
100
97
107
113
103
105
110
101
111
119
110
115
123
112
110
115
108
108
112
107
'105
109
105
100
.97
108
137
131
135
141
132
119
108 102
101
102
110
.45
93
100
92
111
118
98
103
108
90
71
103
82
.97
.16
66
76
79
85
83
94
84
97
85
89
89
97
90
98
90
85
76
83
92
94
.75
64
78
80
78
82
80
81
84
87
89
92
75
92
1.15
.65
.45
106
108
113
110
106
110
107
99
100
107
106
107
114
114
117
110
105
110
110
105
112
108 '111
99 102
102 104
95
77
77
96
97
105
106
.20
.50
97
103
99
115
96
118
102
110
108
115
93
117
90
116
75
120
94
126
103
125
.48
.31
Men's suits and coats
^^ omen's outerwear
Auto tires
Truck and bus tires
Miscellaneous rubber products
Leather
Cattlehide leathers
Miscellaneous leather products
Paner and allied ornducts
. .
r
Revised.
142
141
145
131
130
129
150
146
134
91
120
99
96
97
123
126
131
109
105
137
114
86 1 0 2
87 104
81 101
103
101
97
'109
113
108
119
90
r
132
106
100
105
109
104
98
103
93
118 119
120
105
90
99
87
79
94
93
78
79
90
86
76
96
90
79
109
100 101
98
100
99
90
90
107
119
90
111
108
116 r98
101
103
100
90
9?
89
93
90
91
57
101
125
71
79
84
83
93
91
89
80
78
50
86
97
87
105
113
107
117
124
120
114
109
108
95
116
108
103
118
111
102
119
124
118
119
121
104
79
120
101
83
82
92
90
84
86
99
103
99
103
99
101
103
99
107
100
59
54
109
103
.13
67
77
55
59
67
110
93
63
110
91
85
55
92
91
85
.99
116
123
113
132
141
130
129
129
111
90
126
106
124
101
98
1.85
.76
109
129
116
134
98
119
118
145
132
155
127
135
115
95
104
90
111
100
116
108
138
106
89
101
132
152
117
146
122
107
105
113
1.92
103
111
119
113
117
114
108
104
3.20
104
122
119
127
132
125
122
113
1.47 115 143 138 149
.70 105 131 120 129
.40 110 140 121 131
146
140
140
129
130
131
130
133
135
130
97
125
125
125
105
99
127
110
115
130
97
103
113
121
118
119
r
135
'144
120
121
118
121
124
128
108
113
122
130
148
117
165
101
147
143
123
113
r
113
133
.30
99
120
118
126
.77
124
154
156
167
157
149
146
133
124
110
106
142
1.73
.44
.29
.15
95
87
92
105
92
99
102
95
103
109
93
100
120
103
110
112
95
103
106
96
103
99
95
103
100
91
99
90
73
79
108
90
97
104
90
99
104
90
99
100
90
100
75
79
80
80
90
80
82
80
76
61
76
73
74
70
99
.90
.39
90
99
104
98
103
98
91
89
96
96
102
8.93
125
137
137
138
142
146
148
145
145
135
145
3.46
1.76
134
132
152
149
146
144
157
158
183
153
141
152
140
170
159
184
154
142
153
142
177
161
160
162
163
161
144
143
163
160
160
152
181
149
137
144
137
172
159
163
161
165
163
164
136
127
129
125
154
144
162
163
.10
124
137
124
127
139
148
141
141
141
127
139
1.70
.51
.11
136
133
145
156
155
158
149
149
148
156
147
179
162
157
173
165
165
163
168
162
184
157
154
163
165
165
163
146
140
162
166
167
163
.22
.14
.20
.18
.41
148
125
118
120
119
137
130
169
140
127
133
129
158
149
185
154
144
142
145
169
163
187
152
142
148
139
168
162
184
152
143
148
141
169
159
For other footnotes see end of table.
165
134
130
129
121
160
135
182
151
143
143
139
172
157
53
118
117
123
122
96
128
116
111
79
134
135
132
1.25
Shiooinc containers
149
5.55
1.78
.73
.50
.51
Miscellaneous paper
141
141
128
131
155
82
277
90
110
101
97
154
151
143
169
162
162
159
145
142
128
131
118
94
168
168
166
177 165
172 161
189 173
148
144
158
171
145
139
148
131
169
148
185 183
152 149
145 146
149 146
135 138
183 174
159 155
160
135
135
139
123
159
139
198
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average =100]
Annual
1947-49 average
1955
1956
proportion 1954 1955 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
Industry
WITHOUT SEASONAL ADJUSTMENT
—Continued
5.47
1.85
3.62
120
119
121
127
128
127
130
126
133
127
119
131
130
127
131
135
134
135
137
141
135
136
140
135
Chemical and Petroleum Products ..... 9.34
142
159
167
168
170
169
168
166
6.84
2.54
.57
1.97
.24
.11
.59
1.03
148
153
157
152
184
136
152
146
167
184
180
186
242
213
186
169
177
197
194
198
253
233
196
183
177
199
197
200
261
241
195
183
179
201
203
201
264
249
194
185
179 1 8 0
201 200
204 201
200 200
264 266
243 244
191 183
187 189
176
197
195
197
263
242
176
190
.64
.48
.16
118
113
133
124
117
145
148
144
159
152
147
168
157
150
175
141
134
162
123
110
163
Soar* and allied oroducts
Paints
.71
.66
.23
108
116
122
Petroleum and coal oroducts••
2.50
1.97
1.04
.98
.06
144
145
144
142
131
147
168 mi
171
172
mi 182
181
199
191
201
r274
222
189
189
181
200
191
202
242
187
193
157
154
167
143
139
157
110
125
125
115 1 0 5 111 111 1 1 4 1 0 9 1 1 2 '91 121 1 2 4 1 1 9 1 0 8
126 123 125 1 2 4 124 1 2 4 125 125 1 2 7 125 1 2 4 123
95 109 119 112
118 122 131 168 188 163 118 104
110
123
121
125
133
141
136
221
135
142
152
147
233
141
152
161
156
247
143
154
158
153
242
143
151
155
151
231
142
148
155
150
242
135
142
150
144
254
137
144
155
149
258
142
149
162
156
267
132
148
162
156
257
142
151
164
158
264
145
151
164
158
261
140
146
155
149
256
143 P
152 159
160 ^166
155
251
.56
.30
.26
128
158
93
138
175
94
149
187
105
160
204
110
158
203
105
149
192
99
140
182
92
138
177
94
141
186
90
141
187
87
146
195
89
145
196
87
142
188
89
149
195
97
.10
.17
110
108
107
114
129
112
126
119
126
115
112
119
98
126
96
123
95
123
97
113
103
119
108
116
117
122
126
122
.26
.15
84
103
104
110
111
57
111
66
111
100
111
127
110
86
108
109
104
125
38
120
92
123
109
131
109
123
109
84
11.51
106
109
104
103
103
104
106
108
114
112
121
129
126
105
10.73
8.49
1.48
.46
.83
106
107
117
135
103
109
109
128
142
116
105
109
152
140
154
102
106
153
158
146
102
104
140
145
133
104
102
136
142
129
106 1 0 8
103 105
131 121
150 147
117 103
114 1 1 4 111
110 111 '123
122 118 116
154 154 148
95
95
100
130
134
129
151
113
127 1 1 7
129 119
142 148
160 154
128 140
106
107
138
149
127
.69
.14
.07
.19
.28
106
110
116
94
104
107
105
116
97
109
84
94
92
79
76
91
99
107
103
94
93
109
114
116
106
102
121 136 150
104
96
85
84
128
132
123
109
131
153
140
125
138
163
146
149
134
118
133
118
147
97
116
98
144
91
105
83
118
82
97
73
102
85
83
93
71
90
86
96
96
77
80
1.13
1.16
.46
.70
112
107
81
124
118
105
83
119
95
100
84
110
85
100
85
111
83
98
81
109
82
99
84
109
85
97
79
109
96
99
77
112
115
103
80
119
149
103
77
121
234
105
85
118
264
109
95
118
188 1 1 6
106 199
87
91
116 107
98
100
88
108
1.64
.27
.11
.13
97
117
106
121
97
115
113
111
99
182
112
236
95
87
109
63
95
57
102
14
r
95
59
109
11
95
68
123
16
97 100 100
73
81
70
114 124 133
15
38
27
'99 100 101 100
68 110 271 296
127 130 123 100
11
86 393 459
99
Confectionery
Miscellaneous food preparations
.71
1.41
99
105
101
106
91
101
112
99
115
102
97
103
98
102
90
107
84
112
73
107
98
107
2.24
.54
1.70
1.02
103
107
91
88
97
108
117
119
128
123
Bottled soft drinks
102
101
.37
98
99
68
102
77
109
88
81
95
96
84
86
75
79
94
92
75
102
105
103
82
113
111
111
80
122
108
112
76
108
119
128
69
118
107
128
35
88
.78
.46
.17
103
106
105
105
109
104
88
91
87
107
112
103
105
107
109
105
109
104
103
106
105
110
116
103
115
122
108
96
104
83
Industrial orsanic chemicals
Vegetable oils
Grease and tallow.
Gasoline
Fuel oil
Distillate fuel oil
Residual fuel oil
Kerosene
Lubricatinsz oil
....
Coke
Food &nd beverase manufactures.
Beef.
pork
Butter
Bakery products
Beet su&ar
Liquor distilling
Cigarettes
Cigars
P Preliminary.
' Revised.
.17
133
123
163
134
131
136
129
115
136
133
121
140
165
157
164
173
192
185
194
253
227
169
192
166
182
158
188
213
227
167
191
172
188
171
193
247
223
171
189
107
91
155
93
75
145
100
84
150
r
For other footnotes see end of table.
139
133
143
145
143
145
192 198
186 r 191
194 200
254 272
241 227
169 185
189 188
123
115
144
120 103
159
161
151
91
152
106
141
105
130
105
118
116
120
110
101
112
50
94
106
93
93
135
118
83
133
179
109
80
92
175
115
120
110
111
115
109
115
119
116
111
114
113
nei
49
91
102
199
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average^ 100]
1947-49 Annual
1955
average
proportion
1954 1955 Dec. Jan. Feb.
Industry
1956
Mar. Apr. May June July
Aug. Sept. Oct. Nov. Dec.
WITHOUT SEASONAL ADJUSTMENT
—Continued
MINERALS—TOTAL
Mineral Fuels
9.98
111
122
127
129
127
127
130
130
131
119
131
132
132 130
128
8.35
113
123
131
133
131
130
130
128
128
121
130
129
130
130
Coal
. .
Anthracite
2.68
.36
2.32
67
52
80
48
85
91
54
97
91
61
95
88
55
94
86
46
92
86
53
91
85
42
91
84
58
89
62
42
65
87
59
91
'90
r
62
95
93
64
98
5.67
4.82
4.12
134
128
122
167
151
147
138
214
187
173
151 151
148 144
139 137
210 198
186 178
171 188
149
142
135
185
176
187
148
143
136
190
176
180
149
142
136
182
172
191
150
144
138
184
180
183
149 p
146 151
137 P141
172
160
153
147
138
219
186
185
147
141
134
.85
151
146
137
209
186
177
147
143
135
.34
.36
143
137
131
185
169
175
180
177
186
170
1.63
106 no9
146
mo
Crude oil and natural gas
Oil and gas extraction
...
Natural gas
Natural gas liquids
Metal,
Stone,
and
Earth
Minerals
Iron ore
Nonferrous metal mining
Copper mining..
....
.
....
70
mo
106
120
106
.82
.33
.49
.24
.09
.06
90
84
94
103
80
75
110
113
108
123
84
81
83 r89 r 92
44
42
49
108 120 •122
127 140 138
82
81
88
74
80
86
93
46
124
140
91
90
.81
123
130
129
128
r
» Preliminary.
Revised.
i Publication suspended pending revision.
NOTE.—A number of groups and subgroups include individual series
not published separately, and metal fabricating contains the ordnance
group in addition to the groups shown. Certain types of combat materiel
124
126
r
129
141
r
r
135
189
182
173
r
147
90
59
95
r
146
83
55
87
115
r
121 140 144
73
142 142 114
92
108 164 173
19 126 179 175 109
130 125 124 109 118 117 1 2 0 118 2*115
148 142 141 120 132 132 •134 132 #129
94
90
89
85
87
88
92
87 ^83
91
84
89
88
86
86
91
88
138
142
149
147
149
151
150
144
138
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.
UTTLITY OUTPUT OF ELECTRICITY AND GAS
[Seasonally adjusted Federal Reserve indexes, 1947-^49 average^ 100]
Annual
1955
1947-49 average
propor1954 1955 Dec. Jan.
tion
Series
ELECTRICITY AND GAS—TOTAL
Residential
.
Electricity
Residential
Industrial
General industrial
(Commercial and other
Residential
Industrial
.
100.00
41.34
58.66
76.18
27.48
23.68
23.49
.19
25.02
23.82
13.86
6.16
3.80
177
196
165
198
216
186
210
230
195
Feb.
213
236
197
Mar. Apr. May June July Aug. Sept. Oct. N o v . Dec.
214
238
197
215
239
199
217
242
199
219
244
202
219
245
201
219
246
201
220 .222 ,224 ,225
247
202
214 215 216 217 220 219 219 219 221 222
245 247 247 250 252 253 253 252 253 254
202 202 205 207 206 202 203 206 209 212
150 174 184 183 182 182 185 187 186 182 183 187 190 192
1124 2221 2710 2700 2700 2710 2720 2720 2720 2700 2680 2650 2660 2670
165 180 187 190 192 192 192 191 198 199 196 194 196 197
176
199
211
214
202
158
224
190
239
204
246
203
181
197
201
197
182
205
214
202
182
207
216
203
183
182
188
167
^Preliminary.
'Revised
NOTE.—For description and back figures see BULLETIN for October
212
236
196
1956
209
219
204
184
211
221
205
185
213
223
207
186
215
226
209
187
217
228
211
188
219
230
214
186
222
233
219
186
225 3>227 P228
236
224
186
1956, pp. 1055-1069. Indexes without seasonal adjustment may be obtained from the Division of Research and Statistics.
200
PRODUCTION
OUTPUT OF CONSUMER DURABLE GOODS
[Federal Reserve indexes, 1947-49 average= 100]
Annual
1955
1956
1947-49 average
proportion 1954 1955 Dec. Jan. Feb. Mar. Apr. M a y June July Aug. Sept. Oct. Nov. Dec,
Product
SEASONALLY ADJUSTED
CONSUMER DURABLES—TOTAL.
100.00
116
147
150
145
138
134
132
Major Durables
Autos
Major household goods
Furniture and floor coverings.
Household furniture
Floor coverings*
Appliances and heaters
Major appliances
Ranges
Refrigeration appliances.,
Laundry appliances
Heating apparatus
Radio and television sets
Radio sets
Television sets
69.72
32.10
36.13
15.32
11.31
4.01
15.60
11.88
2.60
4.98
2.51
3.72
5.21
3.42
1.79
125
131
122
101
106
164
190
144
116
120
165
187
148
121
125
158
171
149
120
124
150
158
144
118
123
144
148
143
116
121
142
142
144
116
121
131
119
142
111
115
79
124
148
97
214
52
522
138
142
100
151
193
120
242
77
558
143
152
104
151
227
115
240
101
506
150
155
113
140
242
134
r
232
72
'537
146
150
110
145
221
133
149
158
110
160
211
122
'212
55
'512
141
66
'500
150
153
111
;153
215
139
'203
62
'471
Other Consumer Durables
Auto parts and tires
Misc. home and personal goods.
30.28
14.00
16.28
95
91
99
106
102
109
114
112
117
113
113
114
111
106
115
109
104
112
100.00
116
147
148
144
143
69.72
32.10
36.13
15.32
11.31
4.01
15.60
11.88
2.60
4.98
2.51
3.72
5.21
3.42
1.79
125
131
122
101
106
164
190
144
116
120
165
193
142
125
130
159
173
150
120
124
157
164
153
123
125
111
115
79
124
148
97
214
52
522
138
142
100
151
193
120
242
77
558
130
140
99
130
222
97
224
96
470
148
161
115
157
235
109
239
72
559
30.28
14.00
16.28
95
91
99
106
102
109
111
104
118
109
107
111
129
127
128
124
131
138
129
120
139
115
120
137
122
152
117
122
133
125
142
120
122
134
119
150
140
148
122
124
130
117
143
116
122
149
162
139
114
120
147
107
153
185
125
'222
61
'531
138
143
117
148
171
124
r211
55
'508
161
172
125
167
246
125
233
56
569
135
142
89
148
200
114
232
69
542
152
163
98
168
237
118
231
70
538
134 123
143 133
76
92
135 134
227 ^204
92
105
245 228
90
85
551 493
232
97
491
110
105
114
110
104
115
110
100
118
110
100
118
112
103
121
115
110
118
112
104
119
109
101
117
113
110
116
143
141
124
124
116
120
113
128
139
140
157
163
155
121
123
154
162
150
116
118
131
127
136
112
115
130
127
134
111
116
121
127
117
104
114
122
109
136
116
121
111
59*
158
•122
132
105
158
153
125
127
151
164
140
U7
123
156
169
118
165
252
113
233
72
540
168
183
125
194
237
121
218
70
499
162
178
115
197
222
113
209
63
486
143
152
102
173
176
113
184
67
409
143
150
112
174
162
121
174
54
402
125
131
80
149
162
106
130
37
307
121
117
83
107
180
135
238
61
575
158
158
106
145
251
157
265
66
645
142
143
102
109
261
137
312
88
738
110
101
116
108
101
115
109
108
104
113
109
103
114
106
101
110
115
109
121
118
116
119
118
110
125
-•215
124 123
U6
120
134
'113
118
149
WITHOUT SEASONAL ADJUSTMENT
CONSUMER DURABLES—TOTAL.
Major Durables
Autos
Major household goods
Furniture and floor coverings.
Household furniture
Floor coverings1
Appliances and heaters
Major applia
Refrigeration appliances.
Laundry appliances
Heating apparatus
Radio and television sets
Radio sets
Television sets
Other Consumer Durables
Auto parts and tires
Misc. home and personal goods.
103
114
177
134
118
125
120
125
82
103
222
104
270
91
611
217
92
456
112
111
103
117
101
I
' Revised.
1
Publication suspended pending revision for the period 1952 to date.
NOTE.—Individual indexes without seasonal adjustment for woven
carpets, appliances, heating apparatus, radio sets, and television sets may
be obtained from the Division of Research and Statistics. For a description of this index, see BULLETIN for May 1954, pp. 438-447.
VALUE OF NEW CONSTRUCTION ACTIVITY
[Joint estimates of the Departments of Commerce and Labor. Seasonally adjusted. In millions of dollars]
]Private
Business
Total
Year or month
Total
1949
1950
1951..
1952
1953
1954
1955
1956?
Public
16,384
Residential
Com- Public
mercial utility
Other
nonresidential
Total
Total
Industrial
8,267 5,322
12,600 5,680
10,973 7,217
11,100 7,460
11,930 8,436
13,496 8,583
16,595 10,046
15,339 11,426
1,062
2,117
2,320
2,229
2,030
2,399
3,065
1,027
1,288
1,371
1,137
1,791
2,212
3,043
3,296
3,323
3,330
3,729
4,003
4,416
4,341
4,604
5,065
2,795
3,174
3,574
3,547
3,511
3,774
3,931
4,060
6,405
7,000
9,418
10,901
11,394
11,929
12,419
13-433
321
323
1,120
I 114
1,042
I 101
I 136
1,149
109
1', 108
1 105
1 114
1 148
1,187
22,789
28,454
31,182
33,008
35,271
37,782
42,991
44,258
21,454
21,764
22,107
23,877
25,853
30,572
30,825
2,505
2,522
2,528
2,582
2,608
2,605
2,618
2,617
2,596
2,551
2,551
2,542
1,287
1,280
1,268
1,297
1,306
1,300
1,299
1,297
1,286
1,241
1,239
1,239
897
919
216
220
265
281
416
418
935
952
965
227
243
263
971
976
983
970
289
290
279
274
278
279
271
274
273
277
274
419
419
423
Sept
Oct
N o vpv
Dec
3,625
3,636
3,570
3,683
2,744
3,754
3,727
3,725
3,701
3,665
3,699
3,729
266
263
272
263
947
265
259
1957 Jan *
3,733
2,496
1,207
942
260
255
1956 Jan
Feb
Mar
Apr .
May
June
July
Aug
J> Preliminary.
.
...
961
950
972
325
333
337
423
425
427
425
334
343
337
340
423
424
349
362
423
356
427
347
1,237
Military
Highway
Conservation
137
2,131
1,388
1,307
1,030
1,297
1,398
2,272
2,518
2,820
3,160
3,870
4 520
5 100
793
881
853
854
830
704
593
675
3 344
3 670
5,160
5 839
6 097
6 325
6 009
6 259
104
109
470
447
48
48
498
510
101
112
120
395
436
450
51
53
61
440
411
399
390
59
59
59
58
495
500
505
177
887
131
125
120
121
122
113
120
115
390
417
455
489
59
60
60
59
All
other
519
514
530
536
543
558
552
574
201
PRODUCTION
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars]
By type of
ownership
Year or month
Total
Public
1949
1950
1951
1952
1953
1954
1955
1956
By type of construction
Private
Residential
building
Nonresidential building
Factories
Commercial
Educational
Other
Public
works
and
public
utilities
10,359
14,501
15,751
16,775
17,443
19,770
23,745
24,413
3,718
4,409
6,122
6,711
6,334
6,558
7,475
8,036
6,641
10,092
9,629
10,064
11,109
13,212
16,270
16,377
4,239
6,741
6,205
6,668
6,479
8,518
10,185
9,826
1,142
2,883
2,558
2,051
1,274
1,878
1,918
1,208
915
979
1,489
1,815
2,359
2,355
1,180
1,335
1,472
1,720
2,063
2,134
2,314
824
1,376
1,651
1,689
1,686
1,695
1,958
2,126
2,419
2 476
2,578
2,723
3,412
4 008
4,142
5,063
5,580
1955 Dec
1,921
730
1,190
711
148
197
237
144
483
1956 Jan
Feb
Mar
Apr
May.. .
June
July
Aug
Sept .
Oct
1,858
1,860
2,382
2,421
2,480
2,198
2,149
2,069
2,025
1,706
1,689
1,576
675
598
638
745
714
732
736
620
671
589
582
737
1,183
1.262
1,744
1,677
1,766
1,466
1,412
1,449
,354
,117
I 107
694
799
1,105
1,144
1,129
826
758
874
764
656
625
451
158
171
267
196
159
144
152
138
171
126
130
104
161
183
206
210
217
224
242
184
195
168
212
155
190
145
226
203
202
192
196
193
185
185
199
200
153
131
183
213
242
234
258
232
225
196
189
164
503
430
395
456
531
577
543
448
485
375
335
502
.
Nov
Dec
.
.
839
559
885
CONSTRUCTION CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars]
Month
1955—Oct
Nov
Dec
Total
(11 districts)
... .
1956—Oct
Nov
Dec
Federa1 Reserve district
New
York
Boston
Philadelphia
Cleveland
Richmond
Atlanta Chicago
1,863
,797
1,921
114
116
152
298
276
364
123
114
134
221
184
226
210
177
169
219
218
254
1,706
,689
I 376
110
119
309
311
81
88
318
85
190
183
160
133
117
113
169
St.
Louis
Minneapolis
Kansas
City
310
334
280
106
116
89
52
47
47
86
81
81
203
191
320
330
278
95
84
53
66
177
73
74
70
58
77
Dallas
124
134
126
113
110
114
PERMANENT NONFARM DWELLING UNITS STARTED
[Bureau of Labor Statistics estimates. In thousands of units]
Year or month
1949
1950
1951
1952
1953
1954
1955
1956
Total
private,
seasonally
adjusted
annual rate
Total
,025
,396
,091
,127
. .
n.a.
1,022
n.a.
374
315
332
300
324
353
342
989
1,352
1,020
1,069
1,068
1,202
1,310
^1,097
792
1,151
892
939
933
1,077
1,190
35
42
162
159
36
44
466
686
40
46
42
34
33
88
84
94
90
87
71
C
59
36
19
20
*23
412
421
409
583
670
463
74
77
94
110
111
105
99
103
91
91
*>80
*>64
66
69
84
100
101
95
90
93
81
81
2
5
1
1
5
36
n.a.
n.a.
3
n.a.
n.a.
6
7
8
7
7
6
8
7
8
n.a.
n.a.
*>62
n.a.
n.a.
n.a.
1956 Jan
Feb
Mar
Apr
May
June
July
Aug
Sent
Oct
Nov
Dec
1 195
1,127
I 094
1,157
1,146
[ 091
1,070
[ 136
1,008
1,052
V
061
V ,030
94
P80
*64
65
55
45
21
21
27
35
36
33
31
33
32
29
26
19
1957—Jan
V
1,009
*>65
46
19
75
54
78
99
58
72
111
114
107
76
78
75
101
104
70
71
94
62
c
Total
P Preliminary.
n.a. Not available.
Corrected.
i Represents units started under commitments of FHA or VA to insure or guarantee the mortgage. VA figures after June 1950 and all FHA
Government-underwritten *
Nonmetropolitan
areas
111
795
804
897
976
779
1,104
,220
,329
V .120
PriA^ate
Metropolitan
areas
1family
2family
2
3
3
3
3
3
3
2
Multifamily
Public
Total
105
200
149
141
157
307
393
271
23
17
21
26
26
13
13
17
20
20
C
18
18
19
15
16
12
c
ll
20
8
12
31
38
46
46
45
2
1
43
43
3
VQ
P0
n
c
VA
360
486
264
280
252
276
277
192
1
3
3
2
FHA
39
40
30
C
C
27
26
25
24
24
24
18
15
figures are based on field office reports of first compliance inspections;
earlier VA figures are estimates based on loans-closed information.
202
EMPLOYMENT
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of the Census estimates, without seasonal adjustment.
In thousands of persons]
Civilian labor force
Total noninstitutional
population
Year or month
Total
labor
force
Employed1
Total
Total
In nonagricultural industries
In
agriculture
Unemployed
Not in the
labor force
1949
1950 .
1951
1952 .
1953
1954 .
1955
1956.
109,623
110,780
111,924
113,119
115,095
116,220
117,388
118,734
63,571
64,599
65,832
66,410
67,362
67,818
68,896
70,387
62,105
63,099
62,884
62,966
63,815
64,468
65,848
67,530
58,710
59,957
61,005
61,293
62,213
61,238
63,193
64,979
50,684
52,450
53,951
54,488
55,651
54,734
56,464
58,394
8,026
7,507
7,054
6 805
6,562
6 504
6,730
6,585
3,395
3,142
1,879
1,673
1,602
3,230
2,654
2,551
46,051
46,181
46,092
46,710
47,732
48 402
48,492
48,348
1956—j an
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
118,080
118,180
118,293
118,367
118,537
118,632
118,762
118,891
119,047
119,198
119,344
119 481
68,691
68,396
68,806
69,434
70,711
72,274
72,325
71,787
70,896
70,905
70,560
69,855
65,775
65,490
65,913
66,555
67,846
69,430
69,489
68,947
68,069
68,082
67,732
67,029
62,891
62,576
63,078
63,990
65,238
66,503
66,655
66,752
66,071
66,174
65,269
64,550
57,256
57,107
57,400
57,603
58,092
58,627
58,955
59,487
58,683
59,000
59,076
59,440
5 635
5,469
5,678
6,387
7,146
7,876
7,700
7,265
7,388
7,173
6,192
5,110
2,885
2,914
2,834
2,564
2,608
2,927
2,833
2,195
1,998
1,909
2,463
2,479
49 388
49,784
49,488
48,933
47,826
46,357
46,437
47,105
48,151
48,293
48,783
49,626
1957—Jan
119,614
68,647
65,830
62,890
57,947
4,943
2,940
50,967
i Includes self-employed, unpaid family, and domestic service workers.
NOTE.—Information on the labor force status of the population,
relating to persons 14 years of age and over, is obtained through inter-
views of households on a sample basis. Monthly data through June 1955
relate to the calendar week that contains the eighth day of the month;
beginning July 1955, to the calendar week that contains the twelfth day;
annual data are averages of monthly figures.
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Bureau of Labor Statistics. In thousands of persons]
Year or month
1949
1950
1951
1952
1953
1954
1955..
1956
Total
Manufacturing
43,315
44,738
47,347
48,303
49,681
48,431
49,950
51,490
14,178
14,967
16,104
16,334
17,238
15,995
16,557
16,893
51,080
51,127
51,057
51,327
51 454
51,600
51,003
51,702
51,676
51,902
'51,950
52,071
16,944
16,879
16,804
16,918
16,909
16,877
16,460
16,890
16,864
17,026
r
17,043
17,079
52,112
17,033
50,246
50,284
50,499
50,848
51,197
51,709
50,896
51,881
52,261
52,455
'52,484
53,134
16,824
16,842
16,764
16,769
16,715
16,809
16,291
17,034
17,121
17,222
'17,151
17,129
51,297
16,935
Contract
construction
Transportation and
public
utilities
Trade
Finance
Service
2,165
2,333
2,603
2,634
2,622
2,593
2,780
3,037
3,949
3,977
4,166
4,185
4,221
4,009
4 0*56
4,145
9,513
9,645
10,012
10,281
10,527
10,520
10,803
11,144
1,765
1,824
1,892
1,967
2 038
2,122
2 215
2,300
4,972
5,077
5,264
5,411
5,538
5,664
5,854
6,000
5 856
6,026
6 389
6,609
6 645
6 751
6 915
7,176
2,876
2,924
2,966
3,003
3,055
3,132
3,056
3,076
3,078
3,085
'3,083
3,075
4,145
4 131
4,127
4,128
4 141
4,164
4,117
4,147
4,149
4,166
'4,159
4,145
11,083
11,105
11,027
11,120
11,110
11,162
11,152
11,211
11,164
11,217
'11,230
11,248
2,261
2 273
2,276
2 278
2 289
2,297
2,296
2,320
2 321
2,324
'2,325
2,320
5,952
5 967
5,979
5,979
5,981
5,999
6,017
6,017
6,015
6,015
'6,040
6,063
7 042
7 068
7,095
7 103
7 175
7,161
7 155
7,232
7 271
7 257
'7,263
7,334
3,060
4,186
11,348
2,320
6,064
7,300
812
746
817
818
812
'811
811
2,588
2,588
2,669
2,853
3,040
3,257
3,270
3,353
3,340
3,301
'3,191
2,998
4,083
4,083
4,106
4,121
4,138
4,181
4,148
4,178
4,179
4,177
'4,170
4,169
10,819
10,920
10,931
10,928
10,985
11,091
11,015
11,047
11,164
11,288
'11,496
12,091
250
22 238
2,265
2 278
2,289
2,320
2 342
2,355
2,321
2,312
'2,313
2 308
5,818
5 803
5,859
5,979
6,041
6,089
6,137
6,137
6,105
6,045
'6,010
5,972
7
7 084
033
7,122
7 130
7 203
7,150
6 947
6,960
7 213
7,298
'7,342
7 656
801
2,754
4,124
11,182
2,297
5,912
7,292
Mining
918
889
916
885
852
111
770
795
Federal
State and
local
government
SEASONALLY ADJUSTED
1956—Jan
Feb
Mar
Apr
May
June
July
Aufi
Sent
Oct
Nov
Dec
•
.........
.
..
1956—jan
Feb
Mar
Apr
June
July
AUR
Sept
Oct
Nov
Dec
1957_jan
r
780
783
798
794
808
750
809
814
812
'807
807
801
1957_jan
WITHOUT SEASONAL ADJUSTMENT
in
111
780
783
790
786
Revised.
NOTE.—Data include all full- and part-time employees who worked
during, or received pay for, the pay period ending nearest the 15th of the
month. Proprietors, self-employed persons, domestic servants, unpaid
family workers, and members of the armed forces are excluded. Figures
for January 1957 and annual averages for 1956 are preliminary. Back
data may be obtained from the Bureau of Labor Statistics.
203
EMPLOYMENT AND EARNINGS
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
[Bureau of Labor Statistics. In thousands of persons]
Seasonally adjusted
Industry group
Without seasonal adjustment
1956
1957
1956
1957
Jan.
Nov.
Dec.
Jan.
Jan.
Nov.
Dec.
Jan.
13,356
13,244
13,266
13,207
13,260
13,353
13,316
13,117
Durable goods
Ordnance and accessories
t
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal producis
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries
7,770
87
672
317
480
1,135
904
1,249
846
1,449
229
402
'7,752
'82
'625
310
'474
1,132
'902
'1,286
'904
1,402
236
399
7,759
83
616
7,720
82
608
306
469
1,131
892
7,751
87
635
322
468
1,141
913
1,261
854
1,449
230
392
'7,802
'82
'634
318
'479
1,132
'911
415
7,798
83
604
318
473
1,137
910
1,286
904
1,449
236
398
7,709
82
575
311
457
1,137
901
1,290
891
1,447
235
382
Nondurable goods
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished textiles
Paper and allied products
Printing, publishing and allied industries
Chemicals and allied products
Products of petroleum and coal
Rubber products
Leather and leather products
5,586
1,115
93
986
1,094
460
538
553
174
228
345
'5,492
1,108
'93
'940
1,083
462
558
r
547
176
196
'329
5,507
1,120
92
929
1,074
467
560
549
176
212
328
5,509
'5,551
1,131
101
'949
1,088
467
564
'550
175
199
'327
5,518
1.082
97
943
1,090
469
568
552
174
216
328
5,408
1,030
89
932
1,062
466
561
548
173
217
329
Total
r
Revised.
NOTE.—Data cover production and related workers only (full- and parttime) who worked during, or received pay for, the pay period ending
312
473
1,131
901
1,280
886
1,449
234
394
1,277
882
1,447
234
392
5,487
1,127
87
927
1,051
468
561
545
1,022
95
991
1,105
458
538
556
171
230
345
177
215
329
1,273
'918
1,402
237
nearest the 15th of the month. Figures for January 1957 are preliminary.
Back data may be obtained from the Bureau of Labor Statistics.
HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Bureau of Labor Statistics. In unit indicated]
Average hours worked
(per week)
Average weekly earnings
(dollars per week)
Average hourly earnings
(dollars per hour)
Industry group
1956
1957
1956
1957
Jan.
Nov.
Dec.
Jan.
Jan.
Nov.
Dec.
Jan.
Total
78.55
"82.22
84.05
82.41
40.7
'40.5
41.0
Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and
fixtures
,
Stone, clay, and glass products
,
Primary metal industries
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation and equipment
Instruments and related products
Miscellaneous manufacturing industries,
84.87
87.56
66.73
67.32
78.12
97.63
83.03
92.66
78.94
91.35
79.97
69.66
'88.99
'94.50
'71.20
'69.43
'81.79
'99.06
88.18
94.05
83.64
'100.86
'83.64
'71.33
91.34 89.38
96.93 97.55
69.60 67.25
71.62 68.06
82.61 81.81
101.19 100.78
90.52 87.95
96.28 94.92
84.46 83.22
105.46 100.38
84.67 82.40
73.21 72.94
41.2
41.3
40.2
40.8
40.9
41.9
40.9
42.7
40.9
40.6
40.8
40.5
41.2
'42.0
'40.0
'40.6
'41.1
'40.6
41.4
41.8
41.0
'42.2
40.8
40.3
41.9
42.7
40.0
41.4
41.1
41.3
42.1
42.6
41.2
43.4
41.1
40.9
Nondurable goods
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished textiles
Paper and allied products
Printing, publishing and allied industries
Chemicals and allied products
Products of petroleum and coal
Rubber products
Leather and leather products
69.83
76.36
52.96
57.37
50.37
81.46
91.72
84.87
99.95
87.91
56.55
73.26
78.88
'55.87
'60.30
53.07
84.74
94.57
'88.18
105.11
'88.29
'56.09
74.03 72.54
78.72 78.38
58.76 58.11
60.30 58.65
53.72 52.90
85.57 84.38
95.80 93.70
89.02 88.58
105.78 103.17
92.96 92.51
57.30 57.75
39.9
41.5
38.1
40.4
36.5
43.1
38.7
41.4
41.3
40.7
39.0
39.6
41.3
'38.8
'40.2
36.1
42.8
38.6
'41.4
'40.9
40.5
'36.9
39.8
41.0
39.7
40.2
36.3
43.0
39.1
41.6
41.0
41.5
37.7
r
Revised.
NOTE.—Data are for production and related workers.
Figures for
1956
Jan.
Nov.
40.2
1.93
41.0
42.6
39.1
39.8
40.5
40.8
41.1
42.0
40.4
42.0
40.0
40.3
2.06
2.12
1.66
1.65
1.91
2.33
2.03
2.17
1.93
2.25
1.96
1.72
39.0
40.4
39.0
39.1
35.5
42.4
38.4
41.2
40.3
41.3
37.5
1.75
1.84
1.39
1.42
1.38
1.89
2.37
2.05
2.42
2.16
1.45
1957
Dec.
Jan.
2.03
2.05
2.05
2.16
2.25
1.78
1.71
1.99
2.44
2.13
2.25
2.04
2.39
'2.05
1.77
2.18
2.27
1.74
1.73
2.01
2.45
2.15
2.26
2.05
2.43
2.06
1.79
2.18
2.29
1.72
1.71
2.02
2.47
2.14
2.26
2.06
2.39
2.06
1.81
1.85
1.91
1.44
1.50
1.47
1.98
2.45
2.13
2.57
'2.18
1.52
1.86
1.92
1.48
1.50
1.48
1.99
2.45
2.14
2.58
2.24
1.52
1.86
1.94
1.49
1.50
1.49
1.99
2.44
2.15
2.56
2.24
1.54
January 1957 are preliminary, Back data are available from the Bureau
of Labor Statistics.
204
DEPARTMENT STORES
DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS
[Federal Reserve indexes, based on retail value figures. 1947-49 average= 100]
Federal Reserve district
United
States
Year or month
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
98
105
109
110
112
111
120
2*125
99
103
105
104
105
107
112
98
101
105
101
102
104
107
100
106
109
109
111
109
117
P122
98
105
110
110
113
105
115
100
105
113
118
121
121
131
2*138
101
109
115
124
126
129
142
2*150
97
104
108
106
111
109
117
98
104
107
Minne- Kansas
Dallas
apolis
City
San
Francisco
SALESi
1949
1950
1951
1952
1953
1954
1955
1956
...
112
112
121
98
105
104
104
104
105
109
99
108
111
113
112
115
123
102
113
117
124
125
127
140
2*144
98
105
109
114
115
114
123
2*129
lfO
SEASONALLY ADJUSTED
1955
Dec
123
114
110
122
119
132
147
120
125
112
123
147
124
1956
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
124
118
122
122
122
124
128
128
129
122
131
2*129
111
111
102
111
112
114
116
118
117
114
119
116
114
105
107
104
110
115
116
117
120
112
120
116
120
118
116
121
121
125
119
124
127
118
126
125
117
116
116
120
118
118
128
121
127
118
123
122
138
129
137
131
135
134
140
145
140
136
146
147
143
143
144
146
147
160
156
157
144
157
120
112
124
117
120
124
123
126
127
117
130
128
127
123
129
123
129
119
135
129
127
119
134
116
108
112
112
112
114
113
116
12-9
103
122
124
123
117
126
124
125
124
130
131
128
123
131
128
144
139
144
144
145
143
152
148
139
134
146
150
129
124
128
131
122
126
132
131
131
130
132
131
1955 Dec
212
206
194
213
205
'238
•"254
202
208
182
211
247
r
1956 Jan
Feb
Mar
Apr
95
92
111
113
121
119
101
113
131
128
158
2*223
87
84
91
106
112
114
84
95
125
115
143
210
90
85
98
97
108
111
83
90
122
120
151
205
90
91
111
109
120
117
88
100
131
124
165
220
91
90
106
109
114
113
98
110
127
122
152
212
95
96
125
122
136
128
111
122
144
144
179
2*250
113
114
146
136
143
131
128
140
152
150
182
91
87
109
110
119
121
97
113
132
123
159
216
95
96
116
115
129
117
104
118
130
131
161
83
84
95
109
113
105
91
111
137
119
141
202
93
92
112
117
124
119
107
124
128
129
150
218
114
111
134
132
143
130
129
138
139
142
166
252
100
97
110
117
120
120
115
126
128
131
153
231
99
109
128
118
126
122
128
2*139
100
109
124
111
116
117
122
97
105
124
113
116
114
116
2>126
99
108
127
113
119
116
123
100
106
128
111
118
114
117
2>125
101
113
133
130
143
139
147
2*165
102
120
140
136
146
141
152
^165
97
108
125
112
122
120
122
100
106
125
114
124
116
124
2^137
99
104
116
107
115
115
121
100
111
130
121
133
126
136
101
112
132
126
138
132
••147
100
110
131
126
134
125
134
2*146
135
126
121
131
124
158
156
127
133
132
••145
161
143
137
138
135
136
134
137
138
141
139
142
142
124
128
127
128
128
132
132
132
132
131
130
P129
122
124
122
124
123
126
127
127
123
129
131
132
132
131
130
131
129
132
132
135
135
135
136
137
123
124
122
123
121
124
125
127
126
129
129
161
163
159
157
156
162
159
164
169
174
176
158
164
162
165
160
162
161
166
167
174
173
2*169
131
131
128
131
130
131
132
133
131
134
135
139
138
133
137
135
138
139
136
134
137
137
2>136
133
132
130
128
126
128
127
132
128
139
137
139
148
148
148
145
143
144
144
149
148
150
147
158
158
156
154
154
155
157
159
156
158
156
149
146
142
143
138
142
143
154
148
147
149
WITHOUT SEASONAL ADJUSTMENT
. .
.
June
July
Aug
Sept
Oct
Nov
Dec
r
219
STOCKS 1
1949
1950
1951
1952
1953
1954
1955
1956
SEASONALLY ADJUSTED
1955
Dec
1956—Jan
Feb
Apr .
May
June
July
Aus
Sept
Oct
Nov
Dec
WITHOUT SEASONAL ADJUSTMENT
1955—Dec
119
117
110
116
110
132
137
115
120
118
131
145
120
1956—Jan
Feb
Mar
Apr
123
131
139
142
139
131
130
138
145
159
161
113
120
129
133
132
123
118
128
136
148
152
108
116
125
130
127
119
116
124
130
145
150
121
115
126
134
140
134
124
119
130
142
156
157
121
110
119
126
129
126
118
115
123
132
144
146
144
152
164
168
165
158
155
167
175
192
190
2*148
146
162
169
172
161
152
151
163
174
190
195
2*148
118
124
130
134
131
123
124
129
138
153
157
2*123
121
131
141
144
135
127
128
136
145
153
154
2*123
122
127
134
133
128
121
124
128
134
151
153
124
133
143
153
151
145
138
138
148
153
162
163
2*131
140
153
162
162
155
144
149
158
166
174
174
131
136
142
149
148
143
142
148
154
167
164
June
July
Aus
Sept
Oct
Nov
Dec
. . .
r
* Preliminary.
Revised.
1
Figures for sales are the average per trading day, while those for stocks
are"as of the end of the month or averages of monthly data.
NOTE.—For description and monthly indexes for back years, see
BULLETIN for December 1951, pp. 1463-1515.
205
DEPARTMENT STORES; FOREIGN TRADE
DEPARTMENT STORE MERCHANDISING DATA
[Based on retail value figures]
Ratios to sales4
Amounts (In millions of dollars)
Period
Sales i
(total
for
month)
Stocks i
(end
of
month)
Outstanding
orders l
(end of
month)
Receipts 2
(total
for
month)
New
orders 3
(total
for
month)
Stocks
Outstanding
orders
Stocks
plus
outstanding
orders
Receipts
Annual average:
1948
1949
1950
1951
1952
1953
1954
1955
1956
494
386
363
2.7
1.4
4.1
1.0
361
376
391
397
406
409
r
437
^452
1,012
1,202
1,097
1,163
1,140
,195
,280
373
495
460
435
All
388
'446
P469
358
391
390
397
408
410
r
444
^458
358
401
379
401
401
412
2.7
2.8
3.2
2.9
3.0
3.0
2.9
^3.0
l.l
1.4
L.3
.2
.1
.0
.1
V
1
3.8
4.2
4.4
4.1
4.1
4.0
4.0
1.0
1
1.0
0
1.0
1.0
1.0
0
1955—Dec
'825
1,149
O60
r
0-7
1956—Jan
Feb
Mar
Apr
348
332
429
385
438
417
337
412
444
485
577
1,133
1,205
1,271
1,314
1,275
1,187
1,173
1,253
1,335
1,475
1 525
1 212
435
450
401
336
338
501
587
573
598
588
473
381
979
92S
r449
^457
Month:
May
June
July
Aug
Sept
Oct..
Nov
...
.
.
823
rr
P Preliminary.
Revised.
Revised.
i Th
These fi
figures are not estimates for all department sto
vjres in the United
states,
States. They
iney are tne
the actual aonar
dollar amounts reported by
b 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.
342
549
M21
1.4
0.4
1.8
342
404
495
428
399
329
323
492
526
625
627
420
419
446
363
401
492
409
478
551
615
512
3.3
3.6
3.0
3.4
2.9
2.8
3.5
3.0
3.0
3.0
2.6
1.3
1.4
0.9
0.9
0.8
1.2
1.7
1.4
1.3
1.2
0.8
379
1.5
0.4
4.5
5.0
3.9
4.3
3.7
4.0
5.2
4.4
4.4
4.3
3.5
510
1.9
.0
1.2
l.l
(
() 8
0
.2
1.3
1
0.6
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 i
Merchandise exports excluding
military-aid shipments 2
Merchandise imports 3
Period
Jan
Feb
Mar
Apr
May
July
Aug
Sent
Oct
Nov
Dec
Jan -Dec
..
e
Estimated.
Pr Preliminary.
Revised.
i Exports of domestic and foreign merchandise.
1954
1955
1956
1954
1955
1956
1954
1955
1956
1,093
1,183
1,126
1,426
1,402
1,475
1 290
1,156
1,115
1,270
1,252
1,320
1.168
1,238
1,344
1 264
1,323
1,321
1 269
1,239
1,254
1,398
1,321
r 1 .407
^1.284
1,362
1,582
1,512
1,714
1,690
620
r
1,529
r 1,523
r ,659
1,520
P .995
923
999
923
[ 259
,137
,115
I 023
956
962
1,166
,167
. 222
1.083
1,143
1,252
1 170
1,192
1,193
1 142
'1.202
,272
,478
871
850
1,019
1.073
1,051
1,102
^18,989
12,852
14,291
15,108
15,547
1 ^ 155
1,279
1,248
1 .323
r
400
833
809
865
957
871
991
r
,520
,492
829
947
959
937
289
r
r
r
r
,377
,423
,558
,412
.892
822
825
780
767
840
943
885
961
946
1,093
1,033
r I 050
.050
1,011
1,065
1,008
1,120
r
983
«l,023
^17,313
10,217
11,383
*12,561
V
993
2
Department of Defense shipments of grant-aid military equipment
and supplies under the Mutual Security Program.
3 General imports including imports for immediate consumption plus
entries into bonded warehouses.
206
PRICES
CONSUMER PRICES
[Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49= 100]
Housing
Personal
care
99.4
98.1
106.9
105.8
104.8
104.3
103.7
105.5
108.5
111.3
118.4
126.2
129.7
128.0
126.4
128.7
104.1
106.0
111.1
117.3
121.3
125.2
128.0
132.6
101.1
101.1
110.5
111.8
112.8
113.4
115.3
120.0
104.1
104.6
104.8
104.8
104.8
104.8
105.3
105.5
106.5
106.8
107.0
107.0
126.8
126.9
126.7
126 A
127.1
126.8
127.7
128.5
128.6
132.6
133.2
133.1
130.7
130.9
131.4
131.6
131.9
132.0
132.7
133.3
134.0
134.1
134.5
134.7
118.5
118.9
119.2
119.5
119.6
119.9
120.1
120.3
120.5
120.8
121.4
121.8
117.4
83.6
88.4
90.9
60.3
45.9
55.6
76.3
1929.
1933
1941
1945
73.3
55 3
62 9
76.9
65.6
41.6
52.2
68.9
1949
1950
1951
1952..
1953
1954
1955
1956
101.8
102.8
111.0
113.5
114.4
114.8
114.5
116.2
100.0
101.2
112.6
114.6
112.8
112.6
110.9
111.7
103.3
106.1
112.4
114.6
117.7
119.1
120.0
121.7
105.0
108.8
113.1
117.9
124.1
128.5
130.3
132.7
102.5
102.7
103.1
104.5
106.6
107.9
110.7
111.8
106.8
110.5
116.4
118.7
123.9
123.5
125.2
130.7
99.6
100.3
111.2
108.5
107.9
106.1
104.1
103.0
100.1
101.2
109.0
111.8
115.3
117.4
119.1
122.9
1956 Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
114 6
114.6
114.7
114.9
115.4
116 2
117.0
116.8
117 1
117.7
117.8
118.0
109.2
108.8
109.0
109.6
111.0
113.2
114.8
113.1
113.1
113.1
112.9
112.9
120.6
120.7
120.7
120.8
120.9
121.4
121.8
122.2
122.5
122.8
123.0
123.5
131.4
131.5
131.6
131.7
132.2
132.5
133.2
133.2
133.4
133.4
133.8
134.2
111.7
111.7
111.7
111.8
111.8
111.7
111.7
112.1
112.2
112.0
111.8
112.0
129.5
130.0
130.6
129.7
127.9
128.4
128.7
129.5
130.5
132.9
134.3
136.1
102.0
102.5
103.1
102.7
102.6
102.8
102.8
102.6
103.3
103.6
103.8
104.1
121.2
121.4
121.6
122.1
122.4
122.6
123.0
123.4
123.7
124.2
124.5
124.8
Dec
Medical
care
Rent
Foods
Total
Transportation
ApGas
Solid House- House- parel
fuels
hold
and
furand
elecnish- operation
tricity fuel oil ings
All
items
Year or month
NOTE.—Revised indexes, reflecting, beginning January 1953, the inclusion of new series (i.e. home purchases and used automobiles) and re-
Other
ing
goods
and
and
recrea- servtion
ices
Read-
104.1
103.4
106.5
107.0
108.0
107.1
106.6
108.1
107.3
107.5
107.7
108.2
108.2
107.6
107.7
107.9
108.4
108.5
109.0
109.3
103.4
105.2
109.7
115.4
118.2
120.2
120.2
122.0
120.8
120.9
121.2
121.4
121.5
121.8
122.2
122.1
122.7
123.0
123.2
123.3
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
1949
1950
1951
1952
1953
1954
1955
1956
Jan
Feb
Mar
Apr
May
June..
July
Aug
Sept
Oct
Nov
Dec
Tex- Hides, Fuel,
All
tile skins, power,
com- Farm Processed
and
modi- prodprodand lightties ucts foods Total ucts leather
and prod- ing
maapparel ucts terials
Chemicals
and
allied
products
MaPulp,
chinRub- Lumery
ber paper, Metals
ber
and
and and metal and
and
allied prod- moprod- wood
tive
products products ucts ucts products
99.2 92.8 95.7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5
103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9
114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6
111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5
110.1 97.0 104.6 114.0 97.3 98.5 109.5 105.7 125.0 120.2 116.1
110.3 95.6 105.3 114.5 95.2 94.2 108.1 107.0 126.9 118.0 116.3
110.7 89.6 101.7 117.0 95.3 93.8 107.9 106.6 143.8 123.6 119.3
1956
111.9
112.4
112.8
113.6
114.4
114.2
114.0
114.7
115.5
115.6
115.9
116.2
84.1
86.0
86.6
88.0
90.9
91.2
90.0
89.1
90.1
88.4
87.9
88.6
98.3
99.0
99.2
100.4
102.4
102.3
102.2
102.6
104.0
103.6
103.6
103.1
120.4
120.6
121.0
121.6
121.7
121.5
121.4
122.5
123.1
123.6
124.2
124.6
95.7
96.0
95.9
95.1
94.9
94.9
94.9
94.8
94.8
95.3
95.4
95.6
96.7
97.1
97.7
100.6
100.0
100.2
100.1
100.0
100.2
99.7
99.8
99.4
111.0
111.2
110.9
110.6
110.8
110.5
110.7
110.9
111.1
111.7
111.2
113.1
106.3
106.4
106.5
106.9
106.9
107.1
107.3
107.3
107.1
107.7
108.2
108.3
148.4
147.1
146.2
145.0
143.5
142.8
143.3
146.9
145.7
145.8
146.9
147.9
126.3
126.7
128.0
128.5
128.0
127.3
126.6
125.2
123.6
122.0
121.5
120.9
124.8
125.4
126.8
127.4
127.3
127.4
127.7
127.9
127.9
128.1
127.8
127.9
Furni- Non- Toture me- bacco
and
mfrs. Misother tallic
min- and cellahouse- erals—
bottled
neous
hold
bevdura- structural
erages
bles
104.8
110.3
122.8
123.0
126.9
128.0
136.6
106.6
108.6
119.0
121.5
123.0
124.6
128.4
103.1
105.3
114.1
112.0
114.2
115.4
115.9
104.4
106.9
113.6
113.6
118.2
120.9
124.2
101.6 96.1
102.4 96.6
108.1 104.9
110.6 108.3
115.7 97.8
120.6 102.5
121.6 92.0
145.1
145.1
146.5
147.7
146.8
145.8
144.9
150.2
151.9
152.2
152.1
152.4
133.3
133.9
134.7
135.7
136.5
136.8
136.9
137.7
139.7
141.1
143.4
143.5
118.0
118.2
118.1
118.0
118.0
118.1
118.3
119.1
119.7
121.0
121.1
121.4
127.0
127.1
127.9
128.6
128.6
128.9
130.6
130.8
131.1
131.5
131.2
131.3
121.7
121.7
121.7
121.7
121.6
121.6
121.7
122.5
122.8
123.1
123.5
123.6
89.6
88.7
88.2
92.1
96.1
92.9
91.3
91.1
89.9
89.2
91.2
91.6
207
PRICES
WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued
[Bureau of Labor Statistics index, 1947-49= 100]
1955
Subgroup
Eggs
Hay and seeds
Other farm products .
.
Cotton p r o d u c t s . . . .
W o o l products
Synthetic textiles
Silk products
Apparel
Other textile products
..
Gas
Electricity
.
•
r
Revised.
136.2
124.5
138.1
147.2
155.8
137.9
151.6
Hardware
133.1
Plumbing equipment
117.1
Fabricated structural metal products. 128.0
Fabricated
nonstructural
metal
132.2
products....
161.1
154.1
143.4
159.8
133.9
121.9
137.1
'162.5
149.7
147.5
160.1
133.9
'122.0
'137.5
163.3
149.7
147.5
160.1
133.9
122.1
137.5
141.2
141.2
141.2
126.5
129.5 '130.8
130.9
143.1
148.5
154.7
161.4
155.5
163.0
155.6
163.2
141.5
133.5
153.0
140.4
'154.0
'142.0
154.4
142.2
132.1
126.7
143.2
130.8
'145.2
'134.2
145.3
134.3
116.5
137.1
129.3
105.8
89.8
69.7
136.7
120.8
146.8
131.8
106.5
91.1
69.9
145.0
121.2
'146.9
131.9
'106.5
91.1
'69.9
145.0
121.2
146.9
131.9
106.5
91.1
69.7
146.7
131.1
126.0
120.2
144.6
122.1
101.0
122.1
135.7
131.6
125.0
150.1
127.1
117.5
124.3
135.7
131.6
125.3
150.3
127.1
'114.4
124.3
135.7
131.7
125.3
150.4
127.1
114.4
124.3
124.0
104.2
122.5
114.7
148.1
124.0
104.2
122.5
117.2
148.7
124.0
104.2
122.5
118.1
148.7
124.0
104.2
126.0
118.1
148.7
Toys, sporting goods, small arms.... 115.0
68.8
91.0
Notions and accessories
Jewelry, watches, photo equipment... 104.3
124.0
116.7
68.2
96.5
105.2
124.7
116.8
71.9
96.5
105.2
125.1
116.8
72.6
96.6
105.4
125.1
115.2
75.3
107.2
107.9
109.4
176.6
97.9
115.3
85.7
110.9
106.4
110 8
201.6
95.3
115.8
82.7
113.6
106.4
111 8
201.6
95.7
115.4
81.4
112.5
105.9
112 3
196.3
95.7 Machinery and Motive Products:
93.7
102.8
84.8
120.6
99.1
71.3
92.7
104 8
80.9
123.6
99.7
75.3
92.8
106.1
80.3
122.7
99.7
76.2
92.7
107 7
80.5
122.8
99.7
78.7
61.1
88.4
115.4
96.7
57.8
90.8
120.7
'98.6
59.0
'90.6
120.8
98.6
109.4
138.8
115.5
93.8
115.6
121.0 '122.0
156.3 156.3
111.1 111.1
'94.3
94.9
118.3 117.5
119 4
115.8
97.4
92.3
56.6
107.9
112.3
104.5
122 6
122.4
98.8
91.9
55.8
109.5
104.1
103.6
122 5
123.6
99.4
'92.3
'57.8
'109.6
105.7
104.2
168 3
151.8
139.6
141 9
153.4
139 5
147 0
153.4
139 5
151 1
153 4
139 7
126.4
128.8
105 7
123.6
128.6
96 1
123.1
128.5
94 8
122.4
128.5
94 6
114.2
133.9
132.6
118.0
92.5
139.1
118.0
77.3
139.2
118.0
78.3
139.2
Agricultural machinery and equipment
Construction machinery and equipment
General
purpose
machinery
Miscellaneous machinery
Electrical machinery and
ment
...
Motor vehicles
and
equip-
53.8
90.9 Furniture and Other Household Dura120.8
bles:
98.9
Household furniture
Commercial furniture
Floor covering. .
.
Household appliances
123.5
Radio
156.3
Television
111 1
94.3
Other household durable goods
120.9
Nonmetallic Minerals—Structural:
Flat glass
Concrete ingredients
122 4
124.1
Structural clay products
99.6
Gypsum products
92.5
Prepared asphalt roofing
59.4
109 4
105.7
104.4 Tobacco Manufacturers and Bottled
Beverages:
Pulp, Paper, and Allied Products:
Woodpulp
^^astepaper
136.2
124.3
138.1
Pulp, Paper, and Allied Products—
Continued:
102.6
88.8
Paperboard
Converted paper and paperboard
71.7
101.3
98.2
74.3 Metals and Metal Products:
85.1
Iron and steel
145.5
Nonferrous metals
Lumber and Wood Products:
Lumber...
Millwork
Plvwood
136.3
124.3
138.1
104.3
87.9
68.6
100.8
98.8
79.3
84.0
147.4
Rubber and products:
Crude rubber
Tires and tubes
Other rubber products
130.3
119.2
133.3
97.6
84.0
73.0
100.0
'97.2
87.4
78.6
149.9
Chemicals and Allied Products:
Industrial chemicals
Prepared paint
Paint materials
Drugs, Pharmaceuticals, cosmetics...
Fats and oils inedible
Miixed fertilizers
....
Fertilizer materials
Other chemicals and oroducts
Dec.
95.6
82.7
59.3
100.8
94.4
99.2
77.6
139.1
Fuel, Power, and Lighting Materials:
Coal
Coke
Nov.
Dec.
Hides, Skins, and Leather Products:
Hides and skins
Leather
Footwear
Oct.
Nov.
Textile Products and Apparel:
1956
Dec.
Oct.
Processed Foods'
Cereal and bakery products
Meats, poultry, and fish
Dairy products and ice cream
Canned, frozen fruits, and vegetables.
Sugar and confectionery
Packaged beverage materials
Other processed foods
Subgroup
Dec.
Farm Products:
Fresh and dried produce
Grains
Livestock and poultry
Plant and animal fibers
1955
1956
Cigarettes
Cigars
Alcoholic beverages
Nonalcoholic beverages
Miscellaneous:
208
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
1955
1929
1933
1941
1950
1952
1953
1954
1955
1956
1956
2
1
Gross national product
Less: Capital consumption allowances
Indirect business tax and related liabilities
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of government enterprises
Equals: National income
390.9 412.4 401.9 403.4 408.3 413.8 423.8
104.4
56.0
8.6
7.2
9.0
20.5
23.9
26.5
28.1
31.3
34.0
32.2
32.9
33.6
34.4
35.1
7.0
.6
7.1
.7
.9
11.3
.5
.4
23.7
.8
.2
28.1
1.2
2.0
30.2
1.4
2.6
30.2
1.4
32.5
1.4
1.8
34.6
33.4
1.4
33.7
1.4
34.1
1.4
1.1
35.1
1.4
.3
35.6
1.4
n.a.
.0
.1
.2
I
.3
.9
.6
.9
.2
.9
•7
334.9 338.7 343.5
n.a.
-.1
125.8 285.1 345.4 363.2 360.7
3
-.4
104.7 240.0 290.2 302.1 298.3 324.0
1.4
i
j
1.4
87.8
40.2
10.1
.2
-2.0
.3
14.5
2.8
35.1
6.9
36.9
8.6
36.0
8.7
32 9
9.1
40.9
11.
40.9
12.5
43.4
11.4
40.9
12.1
39.8
12.3
40.4
12.7
n.a.
13.0
.0
.9
1.0
5.8
.6
.0
1.5
1.2
2.1
.7
.0
2.6
1.3
4.5
.5
.0
14.3
4.7
9.2
.8
.0
12.0
4.9
9.0
1.2
\23
5.0
9.3
1.4
.0
15.0
5.2
10.0
1.4
.0
16.1
5.2
11.2
1.4
.0
17.3
.0
16.3
5.3
12.1
.0
16.9
5.4
11.8
1.4
.0
17.3
5.5
12.2
1.4
.0
17.2
5.6
12.3
1.4
.0
17.6
5.7
11.9
1.4
85.8
47.2
2.6
1.3
1.4
7.5
.5
1.0
83.1
45.7
93.0 206.1 237.4 250.2 254.4 270.6 286.7 278.4 280.2 284.9 288.2 293.3
79.0
46.4
81.9
4.2
-.6
11.1
342.4 334.4
Less: Corporate profits and inventory valuation adjustment
Contributions for social insurance
Excess of wage accruals over disbursements
Plus: Government transfer payments'
Net interest paid by government
Dividends
Business transfer payments
Equals: Personal income
Less: Personal tax and related payments
Federal
5.5
12.0
1.4
1.4
96.3 227.1 271.8 286.0 287.3 306.1 325.2 314.6 317.5 322.9 326.9 333.2
3.3
2.0
1.3
20.9
18.2
2.7
34.4
31.2
3.2
35.8
32.4
3.4
32.9
29.1
3.8
35.5
31.3
4.2
38.5
33.9
4.6
36.3
32.0
4.3
37.3
32.9
4.4
38.1
33.6
4.4
38.8
34.1
4.6
39.9
35.1
4.8
State and local
Equals: Disposable personal income
194.0 218.3 230.5 236.5 254.0 265.7 259.5 261.7 263.7 266.8 270.9
Less: Personal consumption expenditures....
12.1
19.0
Equals: Personal saving
19.7
17.9
16.6
20.9
18.8
18.6
21.2
21.4
22.4
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
[Department of Commerce estimates.
In billions of dollars]
Seasonally adjusted annual rates
by quarters
Annual totals
1955
1929
1933
1941
1950
1952
1953
1954
1955
1956
1956
4
National income
87.8
40.2 104.7 240.0 290.2 302.1 298.3 324.0 342.4 334.4 334.9 338.7 343.5
Compensation of employees
Wages and salariesl
Private
Military
Government civilian
Supplements to wages and salaries
51.1
50.4
45.5
.3
4.6
29.5
29.0
23.9
.3
4.9
.5
64.8
62.1
51.9
1.9
8.3
2.7
20.2
8.8
6.0
5.4
7.6
3.2
2.4
2.0
20.9
10.9
6.5
3.5
44.6
22.9
13.3
8.5
50.8
25.7
15.1
9.9
49.3
25.9
13.3
10.2
48.9
25.9
12.5
10.5
49.1
27.3
11.7
10.
50.5
29.
11.6
9.7
49.3
28.0
11.4
9.8
49.5
28.2
11.5
49.9
28.9
11.3
9.7
50.7
29.5
11.6
9.7
51.7
29.9
12.1
9.7
10.1 - 2 . 0
9.6
2
1.4
8.3
.5
.5
-.4
-2.1
14.5
77.0
7.6
9.4
-2.5
35.1
40.0
17.8
22.1
-4.9
36.9
35.9
19.8
16.1
1.0
36.0
37.0
20.3
16.7
-1.0
32.9
33.2
16.8
16.4
-.3
40.9
42.7
21.5
21.1
-1.7
40.9
43.4
21.9
21.5
-2.5
43.4
46.4
23.4
23.0
-3.0
40.9
43.7
22.1
21.6
-2.8
39.8
42 9
21.7
21.3
-3.1
40.4
41.2
20.8
20.4
n.a.
n.a.
n.a.
n.a.
-3.3
6.4
5.0
4.5
5.9
7.4
8.7
9.7|
10.8
11.9
11.3
11.5
11.7
12.0
12.4
...
Proprietors and rental income2
Business and professional
Farm
Rental income of persons
Corporate profits and inventory valuation
adjustment
Corporate profits before tax
Corporate profits tax liability
Corporate profits after tax.
Inventory valuation adjustment
Net interest
1
Includes employee contributions to social insurance funds.
n.a.
154.3 195.1 208.1 206.9 223.2 239.1 230.3 233.0 237.2 240.4 245.5
146.5 184.9 197.3 195.5 210.4 225.1 277.0 219.4 223.5 226.2 231.1
124.3 152.0 163.5 161.2 174.5 187.5 180.5 182.5 186.2 188.3 192.9
5.0
10.5
9.8
9.5
10.3 10.0
9.5
9.5
9.7
9.6
9.5
17.2
22.5
24.4
26.1
28.1
26.8
27.3
28.5
23.5
27.8
28.7
7.8
10.2
12.8 14.0 13.3 13.6 13.8 14.2 14.4
10.8
11.4
2
Includes noncorporate inventory valuation adjustment.
209
NATIONAL PRODUCT AND INCOME
GROSS NATIONAL PRODUCT OR EXPENDITURE
[Department of Commerce estimates.
In billions of dollars]
Seasonally adjusted annual rates
by quarters
Annual totals
1955
1929
Gross national product
1933
104.4
1941
1950
1952
1953
46.4
3.5
22.3
20.7
Gross private domestic
investment
New constructionl
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
1.0
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
49.8
23.7
11.1
12.6
23.1
3.0
2.1
.8
.2
1.1
-2.2
2
-2.0
8.5
1.3
1.3
.0
7.2
8.0
2.0
2.0
.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
77.5
54.3
48.8
5.8
.4
23.2
84.4
59.5
51.5
8.4
.4
24.9
:
1
1956
1956
81.9 194.0 218.3 230.5 236.5 254.0 265.7 259.5 261.7 263.7 266.8 270.9
9.7 28.6 26.6 29.8 29.4 35.7 34.0 35.4 34.8 33.4 33.0 34.8
43.2 100.4 116.1 119.1 120.9 126.2 132.9 129.2 130.5 132.3 134.0 134.7
29.0 65.0 75.6 81.7 86.3 92.1 98.9 94.9 96.4 98.0 99.7 101.4
79.0
9.2
37.7
32.1
Government purchases of goods
services
Federal
National security
Other
Less: Government sales2
State and local
1955
56.0 125.8 285.1 345.4 363.2 360.7 390.9 412.4 401.9 403.4 408.3 413.8 423.8
Personal consumption expenditures
Durable goods
Nondurable goods
Services
Net foreign investment
1954
and
Includes expenditures for crude petroleum and natural gas drilling.
50.3 48.0
27.9
25.8
11.9 13.5
13.8 14.4
24.3 22.4
.3 - 2 . 3
.9 - 2 . 7
76.5
48.9
43.0
6.3
.4
27.6
60.6
32.7
16.6
16.1
23.7
4.2
3.8
65.4
33.2
15.3
17.8
28.7
3.5
3.8
-.5
1.4
76.8
46.7
79.8
47.0
41.6
5.8
.4
32.8
41.2
5.9
.4
30.1
65.1
33.0
16.2
16.8
25.9
6.1
5.9
78.1
47.2
40.6
7.1
.5
30.9
63.1
32.6
15.3
17.3
26.4
4.1
4.2
64.7
33.6
15.6
18.0
27.5
3.5
3.9
65.1
33.6
15.5
18.1
29.5
2.0
2.4
68.5
32.9
14.9
18.0
31.5
4.1
4.4
.1
1.2
1.7
2.4
78.5
46.4
40.5
6.3
.4
32.1
78.7
46.1
40.7
5.8
.4
32.6
80.2
47.2
41.9
5.7
.4
33.0
82.0
48.3
43.2
5.5
.4
33.7
2
Consists of sales abroad and domestic sales of surplus consumption
goods and materials.
PERSONAL INCOME
[Department of Commerce estimates.
In billions of dollars]
Wage and salary disbursements
Year or month 1
Personal
income
Total
Commodity Distributive
producindusing intries
dustries
Service
industries
Government
Other
labor
income 2
Dividends
Proand
prietors'
perand
sonal
rental
income interest
income
Transfer
payments 4
Less
personal
Noncontributions agricultural
for
income 6
social
insur-5
ance
85.8
47.2
96.3
50.4
29.0
62.1
21.5
8.8
8.3
10.2
.6
.4
.7
7.6
16.3
8.4
5.2
8.1
20.2
9.8
27.5
20.9
10.3
1.5
2.1
3.1
.1
2
!8
77.7
43.6
88.0
1950
1951
1952
1953
1954
1955
1956
227.1
255.3
271.8
286.0
287.3
306.1
325.2
146.5
170.8
184.9
197.4
195.5
210.4
225.1
63.5
74.9
80.4
83.6
90.9
97.7
87.7
41.3
45.8
48.7
51.3
51.8
55.4
59.5
19.5
21.3
23.0
24.5
25.8
28.2
30.3
22.2
28.8
32.9
33.9
34.3
35.9
37.6
3.8
4.8
5.3
6.0
6.3
7.0
7.3
44.6
49.9
50.8
49.3
48.9
49.1
50.5
19.8
20.7
21.3
23.0
24.9
27.3
29.4
15.1
12.6
13.2
14.3
16.4
17.6
18.7
2.9
3.4
3.8
3.9
4.6
5.2
5.8
210.5
235.7
253.1
269.2
271.4
290.9
310.0
1955—Dec...
317.5
218.2
94.5
57.6
29.4
36.7
7.3
49.2
30.2
18.0
5.4
302.8
1956—Jan
Feb.. . .
Mar....
Apr....
May.. .
June.. .
July. . .
Aug
Sept....
Oct.. ..
Nov....
Dec.P. .
316.7
317.1
318.6
321.7
322.8
324.9
324.3
328.1
328.5
332.5
333.5
333.5
219.0
218.9
220.3
222.9
223.2
225.2
224.0
227.1
228.5
229.7
231.0
232.5
94.8
94.7
95.1
96.8
96.8
97.5
95.9
98.3
99.1
100.6
101.1
102.1
57.9
57.9
58.4
59.1
59.1
59.9
59.9
60.3
60.5
60.2
60.6
60.9
29.5
29.5
29.6
29.8
30.0
30.2
30.4
30.6
30.8
30.9
31.1
31.2
36.8
36.8
37.2
37.2
37.3
37.6
37.8
37.9
38.1
38.0
38.2
38.3
7.3
7.2
7.2
7.2
7.2
7.3
7.3
7.3
7.3
7.4
7.4
7.4
49.4
49.7
49.5
49.7
50.1
50.0
50.5
51.0
50.9
52.3
51.7
51.2
28.5
28.7
28.8
29.1
29.4
29.6
29.7
29.8
30.0
30.2
30.3
29.2
18.2
18.3
18.5
18.6
18.7
18.6
18.6
18.8
18.7
18.9
19.1
19.2
5.7
5.7
5.7
5.8
5.8
5.8
5.8
5.9
5.9
6.0
6.0
6.0
301.6
301.5
304.0
306.8
307.6
310.3
309.4
312.8
313.4
316.3
317.9
318.3
1929
1933
1941...
p
1
2
15.6
Preliminary.
Monthly data are seasonally adjusted totals at annual rates.
Represents compensation for injuries, employer contributions to
private
pension and welfare funds, and other payments.
3
Represents business and professional income, farm income, and
rental income of unincorporated enterprise; also a noncorporate inventory
valuation
adjustment.
4
Represents government social insurance benefits, direct relief, mustering-out pay, veterans' readjustment allowances and other payments, as
4.9
5.1
13.2
well
as consumer bad debts and other business transfers.
5
Prior to 1952 includes employee contributions only; beginning January
1952, includes also contributions to the old-age and survivors' insurance
program of the self-employed to whom coverage was extended under the
Social Security Act Amendments of 1950. Personal contributions are
not6 included in personal income.
Represents personal income exclusive of net income of unincorporated
farm enterprise, farm wages, agricultural net interest, and net dividends
paid by agricultural corporations.
210
FEDERAL RESERVE BANKS
EARNINGS AND EXPENSES OF
Item
Total
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Current Earnings
Discounts and advances
Industrial loans
Commitments to make industrial loans
Acceptances
U. S. Govt. securities
All other
$23,024,697 $788,287 $5,617,842$! ,903,609 $1,905,478 $893,227 $1,377,298
35,621
23,260
9,770
14,972
190
2.115
26
547,170
547,170
571,788,486 31,363,787 145,564,629 34,351,192 49,229.899 34,751,769 29,334,395
39 944
"0 —
-~
_.~
888
25,731
19,713
238,146
15.579
16,992
JL,
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
OOO
595,649,092 32,178,836 151,769,585 36,291,138 51,157,205 35,660,601 30,737,424
5,449,677
998,266
372,850
451,817
450,762
326,580
419,688
72.810,052 4,373,726 16,116,623 4,081,418 6,590.282 4,598,632 4,389,395
348,008
46,272
29,940
38,320
21,233
19,413
19,761
6,920,835
438,144
412,457 1,460,562
387,020
622,997
446,569
1,464,312
214,186
63,391
138,818
110,488
89,437
130,156
15,586,655 1,246,644 2,344,388
824,418 1,262 852 1.483,925 1,336,636
1,190,712
259,957
59.959
91,563
107,217
60,290
87,199
5,574,919
278;776
486,611
423,458 1,000,137
372,880
394,003
,29
11284
114,499
74,864
201,315
50,176
87,825
76,244
128,429
507,615
684,919
123,384
262,139'
140,385
151,397
,138,279
403,814
284,591
268,149
•602,964| 275.415
154,351
.229,455
108,414
224,855
87,838
130.584
109,405
61,931
;278,129
94,084
157,3181
50,696
30,916
65,381
138,650
,380,489
78,391]
121,476
5,060
15,679
9,991
4,467
458,354
254,742I
2,343,523
76,354
460,617
149,563
53,328
136,276
403,23l|
4,582,017
313,735
302,571
285,648
389,863
643,067
483,000
5,339,800
382,800
272,100
237,200
315,700 1,521,200
236,766
5,603,176
261,649
516,920
411,347
349,827 1,520,639
430,753!
11,712,081
127,448
110.026
119,440
124,472
301,644
1139,538,902 9,322,629 28,029,337 7,888,541 12,829,269! 9,977,191 9,084,258
Less reimbursement for certain fiscal agency and other expenses,
Net expenses
118,356,406
953,996
3,485,188
918,438 l,785,49lj 1,033,5641 1,296,262
121,182,496 8,368,632 24,544,149 6,970,104 11,043,7781 8,943,627| 7,787,996
Profit and Loss
Current net earnings
Additions to current net earnings:
Profits on sales of U. S. Govt. securities (net)
All other
474,466,596 23,810,203 127,225,436 29,321,035 40,113,427;26,716.974 22,949,428
268,090
91,025
16,548
5,350
64,613
13,898
16,492
441
24,350i
5,926!
16,960
4,039
14,623
131
359,115
21,898
78,511
16,933
30,276!
20,999
14,753
20,147
340,270
22,135
37,017
1,831
52,92:
1,426
14,591
551
382,551
38,848
58,907
23,436
16,950
+ 19,604
Total additions
Deductions from current net earnings:
Charge-offs on bank premises
Reserves for contingencies
All other
Total deductions
Net deductions
Net earnings before payments to U. S. Treasury
Paid U. S. Treasury (interest on F. R. notes)
Dividends paid
Transferred to surplus (Sec. 7)
Surplus (Sec. 7) January 1
Surplus (Sec. 7) December 31
16,903
38.785!
54,354
15,141
+ 31
8,510j
33.355
388
474,443,160 23,793,253 127,245,040 29,321,066 40,104,917J26,683,619 22,949,039
401,555,581 20,531,028 109,579,944 25 295,834 34 ,468. 38023, 237,535 19. 731,928
878,877
18,904,897
981,028 5,489,626
214,605 1,806; 754]
864,154
53,982,682 2,281,197 12,175, 470 2,810,627 3,829.
693,611,316 41,666,629 195,826! 856 49,490,515 62",563;
2,581,930 2,338,235
35,011,853 30,841,102
747,593,998 43,947,826 208,002,326 52,301,142 66,392,961 37,593,783 33,179,336
1 After deducting $415,326 of prorated inter-Bank expenses to avoid
duplication in combined totals.
NOTE.—Details may not add to totals because of rounding. In some
147|.
896|
742 j
16,475
428
instances, the last digit of "Surplus (Sec. 7) January 1" differs from the
corresponding figure in previously published tables because of the change
in treatment of rounded figures.
FEDERAL RESERVE BANKS
211
FEDERAL RESERVE BANKS DURING 1956
Minneapolis
Kansas
City
$627,153
$1,010,077
2,591
$1,363,059
99 ,442,889
32,204
23,764,913
10,026
13,086,844
13,764
105 ,418,077
24,402,093
563,973
11 ,584,900
31,172
1,085,475
194,902
2 ,249,258
140,825
964,650
163,234
413,408
300,238
166,330
45,379
88,874
Chicago
St. Louis
Dallas
San
Francisco
Item
Current Earnings
$5 ,942,710
$830, 142
$765,815
24,718,650
21,258
22 ,699, 658
13, 264
63,479,860
16,783
14,113,276
26,115,335
23 ,543, 065
64,262,458
390,141
4.159,956
31,368
398,097
96,312
822,107
69.254
363.037
75.727
107,448
178,988
89,447
179,936
2,889
306,858
2,177,066
19,545
238,341
78,398
496,231
41,820
159,928
47,716
165,196
43,991
44,276
383,976
61,468
361,865
3 774,458
31,396
377,264
86,372
866,245
69,033
335,045
77,153
136,911
82,172
95,386
29.960
678
375, 169
3 ,465, 474
24, 002
355, 103
97, 196
790, 905
75, 932
270, 818
60, 297
81, 769
33, 394
50,501
49, 855
50, 914
431,708
7,498,122
35,586
698,806
164,656
1,863,046
127,663
525,576
99,379
363,708
601,388
109,162
154,338
18,467
262,540
708,545
749,600
961,660
293,802
329,798
273.948
201;500
245.642
106,449
184,450
175,882
132,600
25,614
87,627
67,774
265,133
204,300
223,298
136,612
214, 801
239, 648
269, 900
84, 406
95, 945
153,280
580,746
569,900
765,408
193,189
20 ,968,765
8,122,044
4,870,983
7,221,055
6 ,686, 029
14,954,128
3 ,319,761
1,190,764
524,399
1,306,406
1 ,073, 099
1,884,366
17 ,649,004
6,931.280
4,346,585
5,914,650
5 ,612, 930
13,069,761
Net expenses
87 ,769,073
17,470,813
9,766,691
20,200,686
17 ,930, 135
51,192,697
Current net earnings
43,529
44,821
12.665
4,541
7,371
377
11,702
1,388
11, 537
37
27,700
10,076
88,350
17,206
7,748
13,090
11, 574
37,776
274
12,367
Discounts 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
Profit and Loss
41,017
2,360
i7.370
2,812
11,458
438
19,999
343
17, 892
641
38,572
6,711
43,377
20,182
11,896
20,341
18, 533
45,282
+44,973
2,976
4,148
7,251
6, 959
7,507
Additions to current net earnings:
Profits on sales of U. S. Govt. securities (net)
All other
Total additions
Deductions from current net earnings:
Charge-offs on bank premises
Reserves for contingencies
All other
Total deductions
Net deductions
87 ,814,045
17,467,836
9,762,543
20,193,435
17 ,923, 176
51,185,190
Net earnings before payments to U. S. Treasury
76 ,747,423
2 ,539,170
15.135,639
'650,481
8,406,449
422,045
17,409,249
760,994
13 ,223, 260
1 ,039, 339
37,788,912
2,257,825
Paid U. S; Treasury (interest on F. R. notes)
Dividends paid
8 ,527,453
101 ,893,599
1,681,716
27,649,493
934,049
17,586,155
2,023,192
25,959,962
3 ,660, 577
33 ,847, 072
11,138,453
71,274,903
Transferred to surplus (Sec. 7)
Surplus (Sec. 7) January 1
110 ,421,051
29.331,210
18,520,204
27,983,154
37 ,507, 649
82,413,356
Surplus (Sec. 7) December 31
212
BANKING OFFICES
CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES 1
Commercial and stock savings banks and nondeposit
trust companies
All
banks
Type of office and type of change
Member banks
Total
Total i
Mutual savings
banks
Nonmember banks
NaState
tional ! member2
Total
Insured
Noninsured
Insured2
Noninsured
1,343
851
783
650
569
536
499
444
68
52
194
202
219
218
220
223
511
496
339
327
309
309
307
304
Banks (head offices)
Dec.
Dec.
Dec
Dec.
Dec
Dec.
Dec
Dec.
31
31,
31
31,
31
31,
31
31,
1934.
1941
19473
1951
1953
1954
1955
1956
Dec.
Dec
Dec.
Dec
Dec.
Dec.
Dec
Dec.
31, 1934
31 1941
31, 19473
31 1951
31, 1953
31, 1954
31 1955
31, 1956
16,063
14,825
14,714
14,618
14,509
14,367
14,243
14,167
15,484
14,277
14,181
14,089
13,981
13,840
13,716
13,640
6,442
6,619
6,923
6,840
6,743
6,660
6,543
6,462
5,462
5,117
5,005
4,939
4,856
4,789
4,692
4,651
,502
1,918
1,901
,887
:1,871
1,851
.811
9,042
7,661
7,261
7,252
7,241
7,183
7,176
7,181
7,699
6,810
6,478
6,602
6,672
6,647
6,677
6,737
3,133
3,699
4,332
5,383
6,096
6,614
7,253
7,955
3,007
3,564
4,161
5,153
5,826
6,306
6,923
7,589
2,224
2,580
3,051
3,837
4,398
4,787
5,304
5,886
1,243
1,565
1,870
2,370
2,746
3,056
3,365
3,809
981
1,015
1,181
1,467
1,652
1,731
1,939
2,077
783
984
1,110
1,316
1,428
1,519
1,619
1,703
932
1,043
1,275
1,387
1,483
1,584
1,666
1_23
+ 123
+ 36j
+ 30
+6
+72
-1
+ 15
-1
-166
-23
-7
-166
-23
-7
-101
-13
-2
-3
+7
+ 10
14
-65
-10
-36
-3
-1
+ 87
-2
-65
-10
-5
-61
-8
-4
-4
+3
-81
6,462
+3
-6
-8
+ 14
+59
+60
6,737
980
Branches and additional offices
4 783
52
67
41
41
36
35
37
32
124
165
192
221
234
257
4 126
103
47
65
78
87
96
109
Changes, Jan. 1-Dec. 31, 1956
Banks:
New banks ->
Suspensions
Consolidations and absorptions:
Banks converted into branches
Other
Voluntary liquidations 6
Conversions:
National into State
State into national
Federal Reserve Membership:7
Admissions of State banks
Withdrawals of State banks
Federal Deposit insurance: 8
Admissions of State banks
,
+
+9
""-2*
+ 10
-14
-10
+ 14
-41
-40
+5
4,651
1,811
7,181
+419
+ 144
+ 307
+94
-12
+ 112
+ 50
-16
+ 103
+22
-8
+6
g
-6
+26
+24
...
Net increase or decrease
Number of banks, Dec. 31, 1956
Branches and additional
offices except
Banking facilities:9
De novo branches
Banks converted into branches
Discontinued
Interclass branch changes:
National to State member
State member to national
State member to nonmember
Nonmember to national
Nonmember to State member
Noninsured to insured
-3
. .
-76
-76
14,167
13,640
+560
+ 166
-38
+ 522
+ 166
-36
-28
+24
+ 19
-26
-8
+ 19
-24
-19
+8
+688
+652
+ 570
+433
+ 137
+ 82
Number of branches and additional offices,
Dec 31 1956
7,728
7,362
5,682
3,629
2,053
1,680
+20
-6
+20
-6
+3
+ 14
227
+ 16
-6
+1
+ 11
180
+1
+ 14
227
+ 17
-6
+1
+ 12
204
+1
+2
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.
24
-1
23
i
-1
-2
-55
+3
+3
-3
444
223
304
+3
+ 17
+21
-1
-1
-59
-8
-3
+8
-24
-19
+1
Net increase or decrease
Banking facilities:9
Established
Discontinued
Interclass change
Net increase
Number of facilities, Dec. 31, 1956
+ 100
+22
o
+ 80
1,643
-1
+7
-7
+2
+23
+ 13
37
257
109
+3
-1
+2
23
5 Exclusive of new banks organized to succeed operating banks.
6
Exclusive of liquidations incident to succession, conversion, and
absorption of banks.
7 Exclusive of conversions of national banks into State bank members,
or 8vice versa. Shown separately under conversions.
Exclusive of insured nonmember banks converted into national banks
or 9admitted to Federal Reserve membership, and vice versa.
Banking facilities (other than branches) that are provided at military
and other Government establishments through arrangements made by
the Treasury Department.
213
FEDERAL RESERVE PAR LIST
NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LISTi
Federal Reserve district,
State, or other area
Total banks on
which checks are
drawn, and their
branches and offices1
Banks
Total, including Alaska and
Hawaii: 2
Dec. 31, 1955. . .
Dec. 31, 1956
Branches
and offices
On par list
Not on par list
(nonmember)
Total
Banks
Member
Branches
and offices
Banks
Nonmember
Branches
and offices
Banks
Branches
and offices
13 647
13,569
6 975
7,641
11 862
11,815
6 645
7,314
6 537
6,456
5 304
5,886
5 325
5,359
1 341
1,428
435
685
717
986
987
1 298
2,477
1 465
1,287
1 764
1,075
393
550
1,382
444
664
885
370
863
233
122
37
110
1,981
435
685
717
986
819
721
2,477
1,165
688
1,758
986
378
550
1,382
444
664
735
324
863
163
78
37
97
1,977
298
586
547
606
470
391
1,020
492
473
752
634
187
441
1,282
361
586
479
274
491
98
32
26
71
1,745
137
99
170
380
349
330
1,457
673
215
1 006
352
191
109
100
83
78
256
50
372
65
46
11
26
232
237
9
236
132
157
53
111
27
1 302
5
145
9
125
132
157
52
111
7
1 302
5
94
4
73
82
95
52
88
4
1 180
4
51
5
52
50
62
23
3
122
1
Connecticut
Delaware
District of Columbia
Florida
Georgia
89
28
17
252
412
119
40
54
12
67
89
28
17
205
133
119
40
54
11
65
51
10
13
106
65
97
17
44
10
57
38
18
4
99
68
22
23
10
1
8
Idaho
Illinois
Indiana
Iowa
Kansas
33
925
469
667
598
72
4
193
161
3
33
923
469
667
596
72
4
193
161
3
18
521
234
165
214
67
4
121
4
3
15
402
235
502
382
72
157
Kentucky
Louisiana
M^aine
Maryland
Massachusetts
365
180
57
150
170
96
129
101
180
278
365
73
57
150
170
96
104
101
180
278
109
52
36
68
133
66
84
63
105
238
256
21
21
82
37
30
20
38
75
40
Michigan
Minnesota
Mississippi
Missouri
Montana
405
681
196
606
113
416
6
103
4
405
278
49
549
113
416
6
38
4
228
207
34
175
84
350
6
19
4
177
71
15
374
29
66
Nebraska..
Nevada
New Hampshire
New Jersey
New Mexico
415
6
73
273
52
2
29
2
308
35
415
6
73
273
52
2
29
2
308
35
140
5
51
233
34
2
25
1
271
19
275
1
22
40
18
4
1
37
16
New York
North Carolina
North Dakota
Ohio
Oklahoma.. .
480
202
154
617
385
1,106
357
26
435
6
480
111
57
617
379
1,106
213
7
435
6
418
53
40
395
222
1,048
118
1
387
4
62
58
17
222
157
58
95
6
48
2
Oregon
Pennyslvania
Rhode Island
South Carolina
South Dakota
50
786
10
148
171
151
538
73
95
54
50
786
10
73
72
151
538
73
89
29
19
601
6
33
60
140
470
57
72
24
31
185
4
40
12
11
68
16
17
5
Tennessee
Texas
Utah
Vermont
Virginia
295
947
48
60
312
152
22
54
16
199
213
907
48
60
311
137
22
54
16
199
82
579
98
22
48
7
140
131
328
27
25
108
39
Washington
West Virginia
Wisconsin
Wyoming
93
182
550
53
229
229
222
150
1
93
181
550
53
55
69
386
13
128
18
5
13
52
3
5
9
52
2
5
9
52
Districts, Dec. 31, 1956:
Boston
New York
Philadelphia. .
Cleveland
Richmond.
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City. .
Dallas
San Francisco 2
State or area, Dec. 31, 1956:
Alabama
Arizona
Arkansas.. . .
California
Colorado
Alaska 2
Hawaii 2
150
1
i Comprises all commercial banking offices on which checks are drawn,
including 227 banking facilities. Number of banks and branches differs
from the preceding table because of banks and trust companies on which
no checks are drawn, 3 mutual savings member banks, and banks in
35
203
38
112
164
40
1
22
1
Banks
Branches
and offices
1.785
1,754
330
327
168
577
150
46
300
599
6
89
15
70
44
92
1
111
20
47
279
1
2
13
4
5
2
2
19
6
9
59
107
25
403
147
57
65
91
97
144
19
6
75
99
6
25
82
40
15
1
7
1
15
4
Alaska and Hawaii.
2
Alaska and Hawaii assigned to the San Francisco District for purposes of Regulation J, "Check Clearing and Collection."
214
BANK RESERVES AND RELATED ITEMS, 1956
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
All
member
banks
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
Country
banks
Required reserves1
Total reserves held
1956
Jan... .
Feb
Mar .
Apr
May
June
July
Aug
Sept
Oct..
Nov
Dec
19 138
18,709
18 924
18.847
18 735
18,933
18,836
18,783
19,024
18 939
19,169
19,535
4,293
4,196
4 372
4,287
4 264
4,354
4,237
4,236
4,288
4 222
4,244
4,448
1.178
1,138
I 137
1,105
1 119
1,133
1,129
1,130
1,120
I 111
1,122
1,149
7,934
7,753
7,796
7,814
7,775
7,784
7,796
7,783
7,885
7,869
7,960
8,078
5,732
5,623
5,619
5,641
5 577
5,662
5,675
5,633
5,732
5 736
5,843
5,859
18,586
18,177
18,340
18,320
18,268
18,359
18,237
18,224
18,446
18,419
18,579
18,883
4,317
4,186
4,344
4,299
4,254
4,341
4,225
4,227
4,288
4,214
4,231
4,392
1,179
1,134
1 135
1,106
1 117
1,130
1,127
1,129
1,120
1 107
1,119
1,138
7,863
7,687
7,712
7,750
7,726
7,706
7,707
7,704
7,805
7,817
7,877
7,983
5,227
5,170
5,149
5,165
5,171
5,183
5,179
5,164
5,234
5,281
5,352
5,371
Jan. 4
Jan. 11
Jan. 18
Jan. 25
19,464
19 453
19,136
19 017
4,493
4 371
4,268
4 252
1,203
1,192
1,169
I 171
8,056
8,017
7,966
7,898
5,712
5,872
5,733
5,696
18,887
18,725
18,543
18,494
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
5,228
5,215
Feb. 1
Feb. 8
Feb 15
Feb. 22
Feb. 29
18 834
18,773
18 693
18 749
18,596
4 278
4,208
4 179
4,143
4,238
I 172
1,139
I 132
1,140
1,130
7,806
7,771
7,756
7,765
7,721
5 579
5,655
5 627
5,702
5,507
18 350
18,230
18 144
18,175
18,137
4 247
4,213
4 155
4,164
4,197
1 166
1,138
1 129
1 137
1,128
7,745
7,705
7 684
7,696
7.655
5 192
5,174
5 176
5,178
5,157
Mar.
Mar.
Mar.
Mar.
7
14
21
28
18,670
18 691
19,204
19,028
4,239
4,289
4,454
4,416
1,140
1,134
1,157
1,140
7,702
7,690
7,882
7,835
5,589
5 579
5,711
5,637
18,137
18,182
18,587
18,455
4,245
4,284
4,449
4,388
1,138
1 132
1,155
1,140
7.617
7 6^5
7,822
7.770
5,137
5 141
5.161
5,157
Apr. 4
Apr. 11
Apr. 18
Apr. 25
18 860
18,917
18,909
18,884
4 373
4 298
4,279
4,307
I 077
1,105
1,101
7,820
7,798
7,826
7,819
5 590
5,716
5,679
5,657
18 322
18,284
18,318
18,344
4 367
4,292
4,274
4,295
J 074
I 104
1,123
,107
7 7^3
7.727
7.764
7,756
5 148
5,161
5,157
5,186
May
May
May
May
May
2
9
16
23
30
18 767
18,848
18,710
18,809
18 569
4,323
4,278
4,226
4,264
4 236
1,126
1,116
1,114
1,115
1,121
7,824
7,807
7,796
7,776
7,762
5,495
5,648
5,574
5,654
5 451
18,359
18,295
18,241
18,275
18,227
4,314
4,275
4,221
4,243
4 250
118
,115
I 111
1,115
I 124
7,770
7,735
7,742
7,728
7 689
5 157
5,170
5 167
5,189
5 164
June 6
June 13
June 20
June 27
18 819
18,749
19 116
19,030
4,291
4,289
4 424
4,393
1,125
1,109
1,139
1,146
7,749
7,738
7,819
7,798
5,654
5,612
5 734
5,692
18,217
18,233
18 500
18,435
4,257
4,291
4 414
4,369
I 116
1,108
138
145
7,670
7,656
7,758
7,729
5,174
5,178
5 190
5,192
July 4
July 11
July 18
July 25
18,902
19 040
18,869
18,744
4,361
4 280
4,204
4,189
1,156
1 137
1,130
1,114
7,825
7 829
7,824
7,767
5,559
5 794
5,711
5 674
18,430
18 285
18,240
18 187
4,372
4 244
4,192
4,197
1 158
1 133
1,129
1 110
7 733
7 718
7,739
7 695
Aug.
Aug.
Aug.
Aug.
Aug.
1...
8
15
22
29
18,591
18,588
18,593
19,117
18,883
4,212
4,144
4,133
4,349
4,308
1,110
1,119
1,114
1,145
1,151
7,724
7,709
7,701
7,851
7,859
5,545
5,616
5,645
5,773
5,564
18,115
18,018
18,014
18,464
18,375
4,185
4,137
4,144
4,319
4,288
1 1M
I 112
,113
1,145
1,142
7,658
7,637
7,621
7,787
7,764
5,167
5 190
5.180
5 185
5.159
5 132
5,136
5,213
5,181
Sept.
Sept
Sept.
Sept.
5
12
19
26
18,800
19,088
19,220
18,980
4,292
4,267
4,317
4,305
1 141
1,127
1,125
1,097
7,831
7,881
7,903
7,874
5,536
5,813
5,875
5,705
18,357
18,394
18,524
18,477
4,286
4,260
4,306
4,302
1,139
1,125
,123
1,102
7,754
7,788
7,839
7,815
5,178
5,221
5,256
5,258
Oct
Oct.
Oct.
Oct
Oct.
3
10 .
17
24
31
18.935
18.929
18,890
19,137
18,810
4,294
4,195
4,156
4,247
4,245
1,121
1,102
1,106
1,113
1,113
7,871
7,854
7,898
7,923
7,874
5,649
5,778
5,730
5,854
5,578
18,456
18,322
18,313
18,574
18,451
4,293
4,190
4,145
4,258
4,228
1,114
1,100
1,104
1,110
[,110
7.810
7,777
7,810
7,872
7,817
5,239
5.255
5,254
5,334
5 296
Nov.
Nov.
Nov.
Nov.
7
14
21
28
19 004
18 996
19,311
19,375
4,218
4,173
4,229
4,332
1,125
1 116
1,129
1,115
7,876
7,891
8,003
8,032
5,785
5 817
5,949
5,896
18,443
18 377
18,701
18,754
4,211
4 163
4,240
4 289
1,122
I 112
1,127
I 113
7,813
7 799
7,939
7,946
5,297
5 303
5^395
5,406
19,068
19,220
19,535
19,790
4,301
4,320
4,434
4,465
1,129
1,118
1,134
1,162
7,958
7,966
8,068
8,156
5,680
5,817
5,898
6,007
18,682
18,653
18,922
19,086
4,311
4,298
4,423
4,444
1,126
1,114
1,136
1,156
7,901
7,896
7,995
8,070
5,344
5,345
5,368
5,416
Dec. 5
Dec. 12
Dec. 19
Dec. 2 6 . . . '
For footnote see following page.
125
215
BANK RESERVES AND RELATED ITEMS, 1956
MEMBER BANK RESERVES AND BORROWINGS—Continued
[Averages of daily figures. In millions of dollars]
All
member
banks
Month, or week
ending Wednesday
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
Country
banks
Excess reserves1
All
member
banks
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
Country
banks
All
member
banks
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
Country
banks
Free reserves1
Borrowings at Federal Reserve Banks
1956
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
.. •
. .
552
533
-24
11
—1
3
72
66
505
452
807
799
174
149
82
106
425
402
126
142
585
527
467
575
28
-12
10
13
2
—1
2
4
84
64
49
78
993
1 060
971
769
202
155
98
46
258
261
155
115
382
493
517
434
151
151
201
174
599
559
579
520
12
10
3
1
8
4
89
79
80
52
470
476
406
479
496
469
498
456
738
898
792
715
119
168
204
200
50
74
93
118
433
461
377
299
136
195
118
98
590
651
13
57
3
12
83
96
491
488
744
688
226
147
143
97
276
300
99
144
-255
-266
-408
-533
-504
-194
-139
-339
-213
-195
-154
-37
-198
-138
-174
-167
-88
-33
-108
-158
-204
-192
-214
-90
-7
-138
-166
-254
-213
_3
95
485
583
325
71
727
11
7
96
613
799
177
99
389
134
-72
592
523
-6
-20
1
-3
92
65
505
481
920
814
248
193
115
71
435
441
122
109
-328
-291
485
543
550
574
31
6
24
-21
61
67
72
69
999
822
973
622
165
100
288
128
88
86
102
87
562
494
417
310
184
142
166
97
41
2
387
481
451
524
460
3
2
67
350
758
87
140
372
159
-514
-279
-423
-48
-298
Mar. 7
Mar. 14
Mar. 21
Mar. 28
533
509
-6
5
85
65
452
438
749
975
71
115
115
218
413
463
150
179
617
572
5
27
2
1
2
60
65
550
480
934
1,196
265
325
292
383
265
322
112
166
Apr. 4
Apr 11
Apr. 18
Apr. 25
537
6
442
6
2
2
87
634
71
555
591
539
5
12
2
-6
62
62
522
471
985
1,119
1,109
1,060
2
9
16
23
30
408
9
7
54
338
553
467
534
343
3
5
21
-14
1
2
-3
71
53
48
73
478
407
465
287
June 6
June 13
June 20
June 27
602
516
615
34
-2
10
9
2
1
79
82
60
595
24
2
July 4
July 11
July 18
July 25
472
-10
-2
755
37
629
557
12
-8
477
570
579
654
508
Sept. 5
Sept 12
Sept. 19
Sept 26
Oct
Oct
Oct
Oct.
Oct
Jan 4
Jan 11.
Jan. 18
Jan 25
Feb. 1
Feb 8
Feb. 15
Feb 22
Feb. 29
May
May
May
May
May
Aug 1
Aug. 8
Aug 15
Aug 22
Aug 29
3
10
17
24.
31
Nov 7
Nov. 14
Nov 21
Nov 28
Dec. 5
Dec 12
Dec 19
Dec. 26
576
,
50
-134
-105
-264
-149
-46
-77
379
310
319
325
205
305
360
274
380
358
393
344
-230
-293
-343
-376
414
479
-114
-74
-82
-86
-99
-85
-138
-501
-427
-345
-241
-305
203
302
259
-48
-73
-93
-114
-140
-85
-53
-92
383
372
339
285
427
191
-216
-466
-317
-624
-110
-260
-298
-113
-217
-290
-383
-328
-398
-205
-257
-448
-485
-518
-521
-120
-216
-209
-105
-290
-250
-261
-288
-356
-433
-419
-455
-681
-561
-599
-412
-389
-117
-121
-160
-229
-194
-184
-164
-49
-484
-522
-455
-508
-341
149
276
200
312
38
-290
-226
-149
-161
-48
-11
-18
-118
-129
-140
-82
-420
-334
-388
-332
296
248
397
286
-98
-138
-200
-50
-47
-53
-27
-311
-356
-357
-326
285
446
390
387
438
314
318
126
292
443
124
222
252
504
141
214
117
263
282
481
517
151
144
126
236
538
189
946
732
124
165
73
23
195
186
164
46
593
508
556
414
202
207
153
249
480
434
544
892
742
764
82
9
28
127
131
141
499
416
448
184
186
147
69
500
756
57
84
401
214
92
392
643
88
45
403
107
3
111
604
878
175
78
467
158
1
4
85
72
531
489
849
573
212
42
54
31
442
398
141
102
-171
-123
-220
-16
27
7
— 11
30
20
2
7
1
386
484
509
560
383
690
917
960
878
935
59
167
139
175
225
46
41
54
99
115
419
541
509
435
395
166
168
258
169
200
-213
-347
-381
224
-427
-32
-160
-150
-145
-205
-48
-34
-53
-99
-106
-353
-469
-429
-371
-299
220
9
66
72
80
64
96
443
694
698
503
6
7
11
2
2
2
3
-5
77
93
64
59
358
592
619
447
796
1 012
654
705
137
314
178
168
58
78
91
128
427
451
306
328
11A
169
79
81
-353
-318
44
-202
-131
-307
-167
-166
-56
-76
-88
-133
-350
-358
-242
-269
184
423
479
607
578
563
359
1
5
11
-11
17
7
2
2
3
3
61
77
89
51
57
410
523
476
520
282
810
857
714
564
674
219
256
239
117
169
116
111
109
131
116
384
406
263
252
242
91
84
103
64
147
-331
-250
-136
-315
— 218
-251
-228
-128
-152
-109
-109
-107
-128
-113
-323
-329
-174
-201
-185
319
439
373
456
135
562
7
3
64
488
828
227
171
323
107
619
609
622
10
— 11
43
3
2
2
92
64
87
514
554
490
942
660
629
318
248
170
156
147
125
329
203
252
139
62
82
-266
-323
-51
-7
-220
-308
-259
-127
-168
-153
-145
-123
-259
-237
-139
-165
381
375
492
386
567
-10
22
3
3
57
70
458
699
24
133
55
103
280
286
-72
-132
-34
— 111
-52
-100
527
641
79
165
206
224
86
63
-67
-80
-82
-223
-216
-133
-138
237
295
73
86
78
99
111
-2
6
336
472
613
704
12
21
530
591
1,089
1,114
1,066
i Weekly figures for all member banks and country banks are estimates.
137
-353
-336
-298
-429
-468
-356
-344
-382
-297
-246
-193
-204
-83
-103
-256
-262
-153
— 111
88
OO
164
164
-52
-37
-33
-144
-75
414
371
327
316
251
391
183
540
366
408
366
427
216
WEEKLY REPORTING MEMBER BANKS, 1956
LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES
[Monthly data are averages of Wednesday figures.
In millions of dollars]
Loans l
U. S. Government obligations
For purchasing
or carrying securities
Month or date
Loans
Total
and
loans
investand
ments Loans
investadadments justed i justed 1
Commercial
and
industrial
Agricultural
To brokers
and dealers
To others
Real
estate
loans
Other
loans
Total
Bills
U. S.
U.S.
Govt. Other Govt. Other
seseobobliga- curi- liga- curi-
CerOther
tifisecucates
of in- Notes Bonds 2 rities
debtedness
Loans
to
banks
1956
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
86,859
85,375
86,701
86,688
86,282
86,870
86,379
86,563
87,151
86,820
87,150
88,297
85,725
84,281
85,452
85,432
85,083
85,480
85,018
85,292
85,768
85,661
85,968
87,068
47,870
47,611
48,882
49,448
50,041
50,760
50,904
51,043
51,520
51,832
52,42!"
53,273
"25,859
25,719
26,741
27,238
27,558
28,029
28,253
28,517
29,111
29,347
29,871
30,501
563
565
530
480
475
469
461
451
471
481
483
466
2,666
2,485
2,545
2,409
2,416
2,465
2,334
2,116
1,928
1,952
1,940
2,095
1,292
1,289
1,292
1,294
1,283
1,268
1,267
1,243
1,219
1,218
1,200
1,200
8,143
8,186
8,301
8,389
8,471
8,560
8,622
8,708
8,782
8,830
8,861
8,855
839 6,944
10,172 29,657 1,407
631 6,727
983
10,200 28,506
687 6,649
925
10,322 28;
640 6,442
767
10,493 27;
566 6,130
675
10,695 27,026
510 6,056
690
10,824 26,775
359 5,952
590
10,828 26,306
900 5,817
565
10,873 26;
601 1,064 5,662
,879 26;
863 5,515
10,881 26,024 726
787 5,349
10,951 25,937 939
718 5,202
11,025 26,234 1,565
20,467
20,165
20,048
19,839
19,655
19,519
19,405
19,205
19,054
18,920
18,862
18,749
r
Jan. 4
Jan. 11
Jan. 18
Jan. 25
88,014
86,608
86,533
86,282
86,513
85,710
85,467
85,209
"48,327
"47,856
"47,739
"47,559
26,112
'25,860
"25,790
r
25,676
561
566
562
565
2,840
2,662
2,633
2,529
1,297
1,295
1,283
1,291
8,135
8,127
8,150
8,160
10,204 29,957
10,172 29,686
10,148 29,509
10,163 29,475
1,535
1,395
1,348
1,351
r
Feb.
1
Feb. 8
Feb. 15
Feb. 22
Feb. 29
85,642
85,135
85,502
85,169
85,430
84,694
84,140
84,310
84,072
84,190
47,741
47,515
47,611
47,494
47,694
25,720
25,635
25,737
25,707
25,796
570
576
564
564
550
2,625
2,492
2,482
2,407
2,422
1,302
1,281
1,288
1,285
1,287
8,154
8,161
8,197
8,194
8,224
Mar. 7
Mar. 14
Mar. 21
Mar. 28
85,639
86,571
87,588
87,006
84,338
85,349
86,489
85,631
47,914
48,655
49,586
49,373
25,944
26,536
27,217
27,266
540
541
524
515
2,463
2,549
2,732
2,436
Apr. 4
Apr. 11
Apr. 18
Apr. 25
86,703
86,583
86,743
86,724
85,454
85,447
85,487
85,340
49,277
49,383
49,504
49,628
27,095
27,202
27,291
27,364
483
481
479
478
May 2
May 9
May 16
May 23
May 30
86,567
85,943
86,422
86,422
86,054
85,448
84,887
85,241
85,115
84,724
49,953
49,942
50,167
50,243
49,900
27,583
27,558
27,726
27,615
27,307
June 6
June 1 3 . . . .
June 20
June 2 7 . . . .
86,18:
86,599
87,618
87,081
84,726
85,236
86,336
85,622
50,060
50,483
51,354
51,144
July
4....
July 11
July 1 8 . . . .
July 25
86,980
86,458
86,279
85;799
85,521
85,132
84,905
84,515
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Aug. 29
85,976
85,726
87,256
87,131
86,725
Sept. 5
Sept. 12
Sept. 19
Sept. 26
Oct.
Oct.
Oct.
Oct.
Oct.
8,198
8,164
8,261
8,296
8,016
7,945
7,808
7,762
7,867
7,805
7,603
7,561
1,134
1,094
1,249
1,256
1,199
1,390
1,361
1,271
1,383
1,159
1,182
1,229
8,229
8,168
8,219
r
8,175
1,501
898
1,066
1,073
866
859
811
820
6,956
6,949
6,943
6,928
20,600
20,483
20,407
20,376
10,197 28,822 1,044
10,198 28,498 938
172 28,542 1,074
10,175 28,395 948
10,259 28,272
910
698
638
617
613
586
6,850
6,743
6,681
6,690
6,673
20,230
20,179
20,170
20,144
20,103
8,131
8,127
8,157
8,183
8,224
948
995
1,192
1,097
1,240
1,290
1,293
1,293
1,292
8,254 10,268 28,157 763
8,287 10,300 28,431
28
987
8,320 10,350 28,654 1,113
8,341
373 27,995
837
563
611
865
708
6,722
6,727
6,624
6,524
20,109
20,106
20,052
19,926
8,267
8,263
8,249
8,263
1,301
1,222
1,099
1,375
2,495
2,444
2,350
2,347
1,294
1,287
1,298
1,295
8,344
8,377
8,412
8,424
10,420 27,852
10,447 27,696
10,530 27,695
27,509
10,"""
;575 27
750
699
839
782
663
645
635
618
6,541
6,504
6,398
6,324
19,898
19,848
19,823
19,785
8,325
8,368
8,288
8,203
1,249
1,136
1,256
1,384
470
473
477
478
477
2,412
2,378
2,363
2,492
2,435
1,298
1,281
1,278
1,280
1,277
8,430
8,457
8,471
8,494
8,503
10,618 27,357
10,652 .26,939
10,710 27,082
27
10,743 26,877
10,756 26,873
26
753
572
736
634
679
588
568
578
549
544
6,258
6,125
6,121
6,095
6,050
19,758
19,674
19,647
19,599
19,600
8,138
8,006
7,992
7,995
7,951
1,119
1,056
1,181
1,307
1,330
27,498
27,775
28,453
28,389
473
483
463
456
2,430
2,452
2,598
2,380
1,273
1,259
1,269
1,271
8,508 10,732 26 ,719
8,547 10,821 26,745
8,582
;846 27,055
8,606 10,899 26,582
629
651
796
683
517
543
622
358
6,035
6,031
6,123
6,036
19,538
19,520
19,514
19,505
7,947
8,008
7,927
7,896
1,456
1,363
1,282
1,459
51,097
50,922
50,876
50,723
28,381
28,275
28,195
28,160
462
459
462
463
2,398
2,335
2,362
2,241
1,278
1,270
1,264
1,259
8,591 10,849 26,559
8,619 10,827 26,
,349
8,627 10,824 26,264
8,651
813 26,050
583
538
551
355
345
372
362
6,002
5,989
5,964
5,852
19,514
19,432
19,390
19,285
7,865
7,861
7,765
7,742
1,459
1,326
1,374
1,284
84,609
84,402
86,051
85,857
85,541
50,925
50,814
51,131
51,227
51,120
28,291
28,282
28,577
28,724
28,711
443
445
452
458
457
2,269
2,142
2,150
2,069
1,948
1,255
1,247
1,238
1,243
1,235
8,671
8,678
8,716
8,737
8,738
10,864 25,978
10,886 25,824
10,862 27,199
27
10,861 26,859
10,895 26,576
350 5,888
498
321 5,863
435
716 1,383 5,843
626 1,260 5,775
548 1,187 5,718
19,242
19,205
19,257
19,198
19,123
7,706
7,764
7,721
7,771
7,845
1,367
1,324
1,205
1,274
1,184
87,010
87,337
87,291
86,965
85,684
85,868
85,843
85,677
51,295
51,457
51,599
51,729
28,894
29,084
29,220
29,246
461
470
474
478
1,905
1,864
1,925
2,019
1,233
1,223
1,210
1,210
8,747 10,925 26,501
8,775 10,913 26,545
26
8,798 10,843 26,383
8,810
835 26,096
463 1,117 5,768
575 1,114 5,689
760 1,056 5,614
605
970 5,576
19,153
19,167
18,953
18,945
7,*
7,866
7,861
7,852
1,326
1,469
1,448
1,288
86,615
86,597
87.525
86,584
86,781
85,655
85,338
86,066
85,584
85,660
51,798
51,765
51,858
51,747
51,992
29,371
29,356
29,349
29,211
29,449
478
477
487
481
482
1,930
1,902
1,958
1,997
1,975
1,230
1,224
1,217
1,211
1,208
8,794
8,815
8,834
8,849
8,857
10,871 25,979 486
10,870 25,732
25
347
10,888 26,392 1,070
909
10,876
,876 26,057
26
818
10,900 25,961
953
905
851
813
790
5,597
5,532
5,529
5,461
5,458
18,943
18,948
18,942
18,874
18,895
7,878
7,841
7,816
7,780
7,707
960
1,259
1,459
1,000
1,121
Nov. 7
Nov. 14
Nov. 21
Nov. 2 8 . . . .
86,639
86,92
87,597
87,441
85,602
85,630
86,431
86,207
52,209
52,495
52,545
52,461
29,636
29,948
29,973
29,928
485
491
476
479
1,970
1,911
1,963
1,915
1,198
1,199
1,198
1,205
8,857
8,870
8,860
8,855
10,941 25,752 630
10,954
601
954 25,599
25
10,953 26,254 ,265
10,956 26,141 ,260
825
783
779
762
5,423
5,367
5,326
5,279
18,874
18,848
18,884
18,840
7,641 1,037
7,536 1,292
7,632 • 1,166
7,605 1,234
Dec. 5 . . . .
Dec. 1 2 . . . .
Dec. 1 9 . . . .
Dec. 2 6 . . . .
87,368
87,762
88,853
89,205
86,171
86,473
87,704
87,925
52,722
52,997
53,596
53,777
30,012
30,342
30,802
30,848
468
469
464
465
2,071
1,985
2,112
2,214
1,197
1,197
1,202
1,202
8,848
8,856
8,865
8,852
11,003 25,820 ,144
11,012 25;884 ,261
11,017 26,578 ,919
11,067 26,654 ,936
720
714
714
724
5,184
5,189
5,201
5,233
18,772
18,720
18,744
18.761
7,629
7,592
7,530
7,494
3
10
17
24
31
r
Revised.
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.
r
r
1,197
1,289
1,149
1,280
217
WEEKLY REPORTING MEMBER BANKS, 1956
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
BalDeances mand
with
dedo- posits
mestic adbanks justed i
IndiIndividvidCertiU. S.
uals, States
uals, States
and Govt.
and
fied
partpartand
ner- polit- a n d
ner- political Postal
offiships, ical
ships, subsub- cers' Govt. and
and
Savdivi- ings
divi- checks,
corcoretc.
pora- sions
pora- sions
tions
tions
Interbank
deposits
Borrowings
Demand
u. s.
Time
Domestic
Capital
acFrom From counts
F. R. others
Banks
Foreign
1956
57,318
58,468
58,620
59,407
61,089
4,191
4,277
4,108
4,125
4,393
4,231
4,132
3,971
3,799
3,758
3,770
3,931
2,030
1,896
1,875
1,964
2,008
1,932
2,180
1,964
1,901
1,809
2,015
2,101
19,330
19,279
19,391
19,358
19,347
19,572
19,600
19,626
19,709
19,773
19,630
19,734
959
976
1,013
1,050
1,053
1,033
1,003
1,008
983
943
893
912
204
205
195
194
179
177
182
178
183
189
185
183
11,006
10,162
10,249
10,598
9,937
10,278
10,805
10,418
10,951
10,958
11,062
11,124
,463
,491
,509
,544
,517
,477
,525
,591
,590
,558
,636
,671
1,273
1,197
1,173
1,197
1,236
1,293
1,311
1,288
1,311
1,317
1,312
1,274
633
713 8,472
689
712 8,555
653
860 8,605
719
827 8,681
634
823 8,749
466 1,018 8,780
435 1,062 8,812
512
992 8,858
471 1,100 8,892
601
884 8,941
521
946 8,992
522
896 9,041
61,156
60,813
60,959
59,977
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
,486
,427
,469
,468
1,311
1,263
1,259
1,259
344 1,096
702
484
751
657
615
733
8,477
8,480
8,458
8,475
4,399 2,175 1,477 19,251
4,284 1,657 1,191 19,273
4,241 1,885 1,862 19,250
4,145 1,893 2,155 19,291
4,319 1,870 2,391 19,331
963
969
982
975
992
202
208
209
206
202
10,165
10,174
10,627
9,968
9,878
,523
,472
,490
,486
,481
1,229
1,212
1,192
1,183
1,167
836
718
851
545
496
504
672
843
687
851
8,512
8,530
8,557
8,571
8,602
1,722
1,614
3,958
4,342
983
19,354
19,412 1,010
19,393 1,025
19,406 1,032
198
195
195
195
10,323
10,522
10,155
9,996
,515
,516
,486
,518
,168
,172
,174
,177
507
574
966
566
960
843
701
936
8,601
8,599
8,596
8,622
1,814
2,014
2,017
2,009
3,404
2,426
2,483
2,624
19,414
19,382
19,323
19,311
1,044
1,044
1,055
1,058
200
197
200
180
10,858
10,932
10,662
9,939
,550
,580
,527
,521
,179
,178
,214
,218
541
864
722
747
857
727
857
865
8,640
8,703
8,684
8,698
4,632
4,339
4,315
4,231
4,451
2,161
1,823
1,969
2,246
1,841
3,343
2,998
3,848
3,797
3,669
19,304
19,334
19,352
19,368
19,378
1,072
1,050
1,049
1,054
1,041
179
180
180
180
177
10,235
10,064
10,362
9,561
9,464
,517
,519
,526
,522
,498
,212
,211
,234
,262
,262
792
852
556
590
381
666
672
844
982
949
8,735
8,742
8,748
8,756
8,764
4,230
4,128
4,200
4,367
1,871
1,870
2,106
1,882
2,614
2,190
3,116
3,420
19,492
19,548
19,596
19,652
1,049
1,027
1,025
1,031
176
175
177
176
10,241
10,363
10,335
10,171
,493
,482
,463
,468
,262
,273
,309
,327
365 1,104 8,780
529
984 8,775
637
965 8,778
343 1,017 8,787
July 4
July 11
July 18
July 25
922 2,645 55,248 57,689 4,471
13,649
13,287 1,025 2,559 55,346 58
"",026 4,089
979 2,562 55,
13,381
,677 3,923
13,095
974 2,374 56J114 57
4,044
2,230
1,835
2,739
1,917
3,605
2,477
2,334
1,794
19,641 1,002
999
19,588
19,576 1,006
19,593 1,007
184
183
182
180
10,977
11,194
10,921
10,129
,496
,491
,536
,576
,342
,326
,285
,290
471
526
380
362
1,129
1,057
1,061
1,003
8,816
8,818
8,801
8,813
Aug.
Aug.
Aug.
Aug.
Aug.
1
8
15
22
29
13,048
915 2,427 55,556
12,960
936 2,287 55
"",428
13,456
934 2,523 54,697
13,448
953 2,'"
,368 "",007
55
13,120 1,017 2,413 55,381
4,168
3,948
3,922
3,891
3,928
2,125
1,784
2,035
1,973
1,901
2,085
1,371
4,006
4,053
3,648
19,596
19,616
19,613
19,645
19,661
1,004
1,011
1,009
1,009
1,005
180
180
178
178
178
10,465
10,481
10,945
10,147
10,052
,594
,617
,605
,589
,552
,300
,282
,272
,282
,305
315 1,079
570 1,096
669
928
685 1,002
322
852
8,854
8,855
8,848
8,857
8,875
Sept.
Sept.
Sept.
Sept.
5
12
19
26
931 2,462 54,920 57 ,327
13,290
13,251 1,059 2,561
59,485
13,529
994 2,581
59,098
13,412 1,024 2,533 55,374 57
"",961
3,949 1,760
3,777 1,811
3,640 1,993
3,831 2,039
3,205
2,294
2,689
3,404
19,657
19,727
19,713
19,739
998
992
976
966
180
181
185
183
10,843
11,307
11,112
10,543
,594
,566
,610
,590
,288
,324
,316
,317
574 1,114 8,887
487 1,200 8,887
344 1,158 8,881
479
929 8,913
Oct.
Oct.
Oct.
Oct.
Oct.
3
10
17
24
31
13,627
927
507
13,286 1,011
404
13,428
708
968
13,630 1,003
;
13,402
963 2,446
3,010
2,264
2,752
2,114
2,303
19,760
19,778
19,769
19,765
19,794
971
948
939
930
929
190
189
189
189
189
10,980
11,012
11,510
10,563
10,725
,560
,532
,543
,553
,603
,304
,313
,317
,324
,325
902
666
511 1,013
398 1,173
767
748
427
817
Nov.
Nov.
Nov.
Nov.
7
14
21
28
13,441
990 2,504 55,588
13,082 1,067 2,670 55,882
977 2,441 55, 900
13,741
13,518 1,092 2,487 56,632
58 ,529
60 ,431
3,710 1,912 1,822
3,691 1,980 1,769
59,370 3,772 2,200 3,301
59,296 3,909 1,966 2,877
19,771
19,629
19,565
19,556
895
889
889
184
185
184
186
11,146
11,594
10,864
10,646
,585
,637
,662
,660
768 8,991
,329 1,006
,310
267 1,115 8,982
,307
980 8,983
547
,303
921 9,011
265
2,379 56,745 59,422
,871
2,517
2,684 58; 148 61 ,356
2,763 58,214 61,707
3,933
2,087 19,598
3,933 2,193 1,151 19,701
3,905 2,167 2,412 19,752
3,953 2,044 2,380 19,886
899
900
927
922
184
185
181
182
10,806
10,996
11,368
11,326
,689
,645
,662
,687
,280
,267
,274
,275
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
13,708
13,384
13,382
13,370
13,258
13,402
13,353
13,206
13,370
13,475
13,446
13,778
1,034
945
958
955
941
975
975
951
1,002
974
1,031
1,138
2,570 58. 528
2,424 56; 676
2,502 56 563
2,602 56 306
2,396 55 484
2,516 56
2,535 55,620
2,404 55 213
2,534 55: 495
2,491 55,620
2,525 56,001
2,586 57,843
60,726
58,629
58,432
58,094
57,234
58,549
58,065
Jan. 4
Jan. 11
Jan. 18
Jan. 25
13,916 1,061
13,706 1,068
13,734 1,011
13,474
995
2,768 58,384
2,534 58;
"" ""'
2,554 58,572
2,422 58,735
Feb. 1
Feb. 8
Feb. 15
Feb. 22
Feb. 29
13,609
13,422
13,591
13,015
13,284
919
942
960
972
931
2,390 57,607 58 ,946
2,304 57,047 58 ,004
6,391 59,798
2,590 56
5,105
2,456 56;
105 "
58,069
5,230 58,326
2,,377 56
Mar.
Mar.
Mar.
Mar.
7
14
21
28
13,288
13,389
13,470
13,382
917 2,383 56,417 57 ,701
986 2,552 57,603 60 ,553
929 2,539 56,500 58,329
2,533 55,733 57,147
4,113
4,020
4,044
4,254
1,895
1,806
2,048
1,752
Apr. 4
Apr. 11
Apr. 18
Apr. 25
13,291
13,417
13,452
13,321
914 2,622 55,392
979 2,664 56
"',211
957 2,678 56 ,713
2,445 56,908
56,886
58,392
58,842
'",257
4,122
4,014
4,083
4,281
May 2
May 9
May 16
May 23
May 30
13,412
13,344
13,204
13,197
13,133
895
948
917
966
980
2,421 55,896
2,294 55,559
2 ,555
""" 54,999
54
2:359 55,444
2,350 55
"",521
57 ,224
56,694
57,943
56 ,988
57,319
June 6
June 13
June 20
June 27
13,180
925 2,341 55,641
13,570 1,003 2,571 56,974
13,573
967 2,541 56,905
13,283 1,003 2,611 56,210
57,057
60,050
60
59,128
57
",960
Dec. 5
Dec. 12
Dec. 19
Dec. 26
13,645
13,609
14,151
13,708
1,019
1,165
1,148
1,221
57,492
56,968
58,167
56,939
57,026
54,915 57,448 3,800
55,289 57,904 3,741
55;623 60,057 3,570
,713 3,673
;
56,069 58,980 4,007
1,866
1,672
1,879
1,767
1,863
1 Demand deposits other than interbank and U. S. Govt. less cash
items reported as in process of collection.
1,248
1,815
2,909
2,734
3,531
2,835
2,553
3,033
2,898
2,489
2,442
2,008
510
399
659
519
8,932
8,935
8,924
8,936
8,979
978 9,043
911 9,042
828 9,036
9,043
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.
218
COMMERCIAL LOANS, 1956
CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY!
[Net decline, ( —).
In millions of dollars]
Manufacturing and mining
Period 2
Food,
liquor,
and
tobacco
Textiles,
apparel,
and
leather
Trade
(wholesale
and
retail)
Commodity
dealers
Sales
finance
companies
Public
utilities
(incl.
transportation)
Construction
All
other
types
of
business
Comm'l
and
Net
ind'l
changes change—
classiall
fied
weekly
reporting
banks
Metals
and
metal
products 3
Petroleum,
coal,
:hemical,
and
rubber
48
45
111
57
-7
170
64
54
227
52
89
-58
10
59
145
18
32
106
75
60
20
-45
-30
-68
57
107
91
20
-35
-4
2
57
170
31
-78
-38
8
-73
-80
-107
-96
142
108
81
208
97
104
-221
-257
158
41
-101
59
-204
137
-107
-305
60
516
65
13
226
-118
-44
222
-28
52
57
102
32
136
-4
-29
3
28
33
24
-16
19
-15
-24
-22
-9
-81
2
60
-21
103
86
24
86
27
-14
31
22
-331
75
1,374
48
-62
1,019
-139
541
575
260
534
948
4-470
120
1,470
98
-57
1,082
-229
551
535
203
479
920
38
6
-10
15
-2
10
2
-1
-38
-10
-11
-10
-10
-9
-9
-10
52
-222
-6
-44
54
4
7
1
-6
12
-5
-33
-25
-11
-12
2
-218
-30
-85
-34
4-252
-70
-114
13
-6
18
4
-16
n
-19
-12
11
-2
-6
11
-104
96
-35
107
44
-85
102
-30
-5
37
30
-1
136
565
647
26
148
592
681
49
-26
28
-15
-146
85
65
44
-171
107
89
73
Other
1956
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Week ending:
Jan. 4
Jan. 11
Jan. 18
Jan. 25
-113
-120
43
-55
-81
25
-100
115
196
290
154
168
38
62
29
48
16
-77
-24
3
66
250
510
87
53
396
-121
-139
16
-97
116
153
-47
-26
-18
-22
-4
4
7
-1
-1
38
25
5
6
48
84
c
Feb.
1
Feb.
8
Feb. 15
Feb. 22
Feb. 29
-21
-21
-24
-19
-36
18
10
30
-24
15
33
25
83
47
62
-3
4
21
9
14
1
11
17
18
13
-14
16
13
17
25
4
-1
5
-2
-135
-58
-81
18
Mar. 7
Mar. 14
Mar. 21
Mar. 28
-5
15
49
-16
20
40
10
14
52
166
262
31
47
26
13
26
36
44
46
19
14
45
42
6
-14
-8
-11
-40
-26
72
104
7
12
123
92
-1
Apr. 4
Apr. 11
Apr. 18
Apr. 25
-29
-8
11
-28
2
-18
—9
61
32
4
67
-12
8
-6
4
-25
21
17
9
19
48
15
-17
-22
-31
-11
29
-28
-15
55
-185
48
-5
24
May 2
May 9
May 16
May 23
May 30
-2
-10
-24
-35
-11
16
14
24
-3
-14
61
53
88
3
-151
-6
-1
25
-16
-10
14
15
17
30
7
9
-14
-12
-12
-17
-37
-18
-24
30
-45
-8
-53
-26
45
-76
-9
4
4
14
10
7
-1
40
7
57
-1
220
-39
152
-124
-271
219
-25
168
-111
-308
June 6
June 13
June 20
June 27
-20
16
25
4
7
18
26
11
29
114
215
37
159
24
-13
34
29
48
-5
4
-52
22
-25
-21
-26
-24
-43
-27
242
-112
26
77
105
13
2
16
21
36
13
16
195
230
664
-70
191
277
678
-64
July 4
July 11
July 18
July 25
-25
-46
-14
-15
16
18
-4
-1
-28
-39
-37
-17
21
8
15
20
1
70
10
4
1
-4
-5
10
2
42
-100
-46
-67
-16
-11
1
-4
-1
27
12
-5
-10
23
-89
-56
-17
-106
-80
-35
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Aug. 29
19
2
22
34
38
19
19
4
-15
-35
-9
-57
-23
-20
-9
32
84
-32
-11
-5
17
-12
13
56
42
3
7
66
-42
76
27
10
5
-10
44
20
-7
10
16
28
10
25
16
45
129
-12
264
148
12
131
n
295
147
-13
Sept. 5
Sept. 12
Sept. 19
Sept. 26
30
55
44
67
9
12
7
-12
-36
15
43
-5
175
13
19
21
-2
19
9
-6
10
14
28
5
14
19
25
23
-18
-17
7
-79
16
16
-14
39
-9
-4
-1
43
6
-15
181
188
170
36
183
190
136
26
Oct.
Oct.
Oct.
Oct.
Oct.
3
10
17
24
31
83
67
66
29
45
1
-20
-23
-34
-47
-41
-16
-57
64
16
18
15
-21
24
-4
-6
-11
-16
13
47
38
21
51
41
65
22
36
44
-47
-207
-55
-29
34
48
33
-13
2
32
-1
-14
-5
2
-3
7
12
-26
-27
20
109
-24
-5
-89
269
125
-15
-7
-138
238
Nov. 7
Nov. 14
Nov. 21
Nov. 28
54
33
56
11
-2
25
-24
-24
28
54
27
65
13
8
3
-6
-6
-10
-9
23
102
-55
-39
32
30
13
21
-25
11
19
55
-5
3
24
10
-5
9
-21
28
36
-27
-6
189
310
25
10
187
312
25
-45
Dec. 5
Dec. 12
Dec. 19
Dec. 26
38
70
65
-6
-7
10
6
69
82
-4
-9
8
-56
-2
-3
4
2
-11
7
9
-35
-59
36
26
27
14
22
51
281
162
17
64
38
17
5
-4
5
-15
-11
-3
39
-3
102
304
457
86
84
330
460
46
-3
-14
1
Data for a sample of about 210 banks reporting changes in their
larger loans; these banks hold over 90 per cent of total commercial
and industrial loans of all weekly reporting member banks and nearly
70 per cent of those of all commercial banks.
Q
-3
-1
4
6
11
-19
3
17
9
-1
13
6
c
2 Monthly figures are based on weekly changes during month.
3
Includes machinery and transportation equipment.
4
Prior to week ending Jan. 11, 1956, included changes in agricultural
loans.
219
INTEREST RATES, 1956
MONEY MARKET RATES
[Per cent per annum]
Month or week
Prime
commercial
paper,
4- to 6months *
Finance
company
Prime
paper placed
bankers'
directly,
acceptances,
3- to 690 daysi
months *
U. S. Government securities (taxable)
3-month bills
Market
yield
Rate on
new issues
9-to 12month
issues2
3- to 5year
issues3
1956
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
3.00
.00
.00
3.14
3.27
3.38
3.27
3.28
3.50
3.63
3.63
3.63
2.88
2.88
2.88
2.93
3.00
3.00
2.94
3.01
3.13
3.37
3.38
3.38
2.45
2.38
2.38
2.44
2.50
2.45
2.43
2.65
2.88
2.88
3.05
3.35
2.41
2.32
2.25
2.60
2.61
2.49
2.31
2.60
2.84
2.90
2.99
3.21
2.456
2.372
2.310
2.613
2.650
2.527
2.334
2.606
2.850
2.961
3.000
3.230
2.50
2.38
2.43
2.83
2.83
2.69
2.62
3.01
3.17
3.07
3.15
3.33
2.74
2.65
2.83
3.11
3.04
2.87
2.97
3.36
3.43
3.29
3.49
3.65
Week ending:
Jan. 7
Jan. 14
Jan. 21
Jan. 28
3.00
3.00
3.00
3.00
2.88
2.88
2.88
2.88
2.50
2.50
2.45
2.38
2.51
2.53
2.39
2.28
2.489
2.596
2.493
2.245
2.69
2.58
2.41
2.39
2.87
2.81
2.68
2.66
Feb. 4
Feb. 11
Feb. 18
Feb. 25
3.00
3.00
3.00
3.00
2.88
2.88
2.88
2.38
2.38
2.38
2.38
2.29
2.26
2.36
2.40
2.402
2.271
2.388
2.429
2.40
2.34
2.34
2.41
2.65
2.63
2.63
2.67
Mar.
Mar.
Mar.
Mar.
Mar.
3
10
17
24
31
3.00
3.00
3.00
3.00
3.00
2.88
2.88
2.88
2.88
2.88
2.38
2.38
2.38
2.38
2.38
2.24
2.24
2.36
2.26
2.19
2.409
2.173
2.374
2.422
2.173
2.47
2.42
2.44
2.42
2.42
2.71
2.75
2.81
2.89
2.94
Apr. 7
Apr. 14
Apr. 21
Apr. 28
3.00
3.05
3.25
3.25
2.88
2.88
2.98
3.00
2.38
2.38
2.50
2.50
2.38
2.55
2.74
2.71
2.397
2.497
2.769
2.788
2.68
2.78
2.93
2.92
3.02
3.07
3.18
3.16
May 5
May 12
May 19
May 26
3.25
3.25
3.25
3.25
3.00
3.00
3.00
3.00
2.50
2.50
2.50
2.50
2.61
2.55
2.67
2.65
2.741
2.524
2.708
2.702
2.91
2.88
2.87
2.75
3.10
3.11
3.08
2.97
June
June
June
June
June
2
9
16
23
30
3.38
3.38
3.38
3.38
3.38
3.00
3.00
3.00
3.00
3.00
2.50
2.50
2.50
2.40
2.38
2.55
2.53
2.51
2.41
2.48
2.573
2.562
2.581
2.430
2.535
2.74
2.82
2.72
2.60
2.60
2.91
2.92
2.85
2.83
2.90
July 7
July 14
July 21
July 28
3.34
3.31
3.29
3.19
2.97
2.94
2.94
2.94
2.38
2.38
2.43
2.50
2.33
2.33
2.26
2.32
2.409
2.387
2.237
2.303
2.56
2.54
2.55
2.74
2.85
2.90
2.96
3.09
Aug.
Aug.
Aug.
Aug.
4
11
18
25
3.19
3.19
3.25
3.35
2.94
2.94
2.90
3.10
2.50
2.50
2.60
2.73
2.29
2.40
2.64
2.82
2.378
2.399
2.603
2.818
2.85
2.92
3.00
3.10
3.19
3.26
3.37
3.43
Sept.
Sept.
Sept.
Sept.
Sept.
1
8
15
22
29
3.38
3.50
3.50
3.50
3.50
3.13
3.13
3.13
3.13
3.15
2.85
2.88
2.88
2.88
2.88
2.72
2.68
2.79
2.91
2.94
2.832
2.736
2.770
2.908
2.985
3.10
3.14
3.19
3.46
3.49
3.48
3.36
3.39
Oct.
6
Oct. 20
Oct. 27
3.63
3.63
3.63
3.63
3.35
3.38
3.38
3.38
2.88
2.88
2.88
2.88
2.87
2.96
2.94
2.86
2.899
3.013
3.024
2.907
3.11
3.10
3.06
3.02
3.25
3.25
3.23
3.34
Nov.
Nov.
Nov.
Nov.
3
10
17
24
3.63
3.63
3.63
3.63
3.38
2.88
2.88
3.06
3.13
2.85
2.91
2.98
3.04
2.889
2.914
2.979
3.043
3.09
3.09
3.10
3.16
3.45
3.45
3.42
3.45
Dec.
Dec.
Dec.
Dec.
Dec.
1
8
15
22
29
3.63
3.63
3.63
3.63
3.63
3.19
3.26
3.38
3.38
3.38
3.08
3.12
3.24
3.27
3.20
.174
.102
,268
.331
3.217
3.23
3.26
3.30
3.37
3.40
3.60
3.67
3.68
3.66
3.57
Oct. 13
. oo
3.38
1 Data are averages of daily prevailing rates.
Includes certificates of indebtedness and selected note and bond issues.
2
3 Includes selected note and bond issues.
220
INTEREST RATES, 1956
BOND AND STOCK YIELDS 1
[Per cent per annum]
Corporate bonds 4
State and local govt. bonds
Month or week
U. S. Govt.
bonds
(long-term)
General
obligations4
New
Old
series2 series 3 Totals
By selected
ratings
Revenue Totals
bonds 6
Aaa
Aaa
Baa
Industrial stocks
Dividends/
price ratio
By
groups
Industrial
Railroad
Earnings/
price ratio
PrePublic
Cornutility ferred 7
Commons
125
1956
Number of Issues..,.
3-7
1-2
10
20
120
30
40
40
40
40
14
3.23
3.20
3.24
3.37
3.40
3.39
3.42
3.55
3.68
3.75
3.82
3.95
3.40
3.37
3.37
3.47
3.53
3.55
3.59
3.72
3.83
3.89
4.01
4.08
3.28
3.26
3.27
3.38
3.44
3.44
3.48
3.60
3.73
3.82
3.86
3.93
4.03
3.99
4.01
4.15
4.22
4.17
4.16
4.24
4.39
4.42
4.56
4.63
4.08
3.93
3.68
3.69
3.97
3.82
3.68
3.83
4.04
4.03
4.05
3.90
125
2.91
2.89
2.95
3.07
3.06
3.02
3.07
3.32
3.50
3.55
3.85
3.95
3.30
3.28
3.30
3.41
3.46
3.46
3.50
3.62
3.75
3.82
3.90
3.99
3.11
3.08
3.10
3.24
3.28
3.27
3.28
3.43
3.56
3.59
3.69
3.75
3.60
3.58
60
3.68
3.73
3.75
3.80
3.93
4.07
4.17
4.24
4.37
2.94
2.91
2.90
2.90
3.33
3.32
3.30
3.29
3.14
3.13
3.11
3.09
3.62
3.61
3.60
3.59
3.25
3.24
3.23
3.21
3.43
3.43
3.40
3.39
3.31
3.29
3.27
3.26
4.04
4.03
4.02
4.01
3.95
3.98
4.09
4 13
3.22
3.22
3.20
3.20
2.89
2.89
2.89
2.89
3.28
3.28
3.27
3.27
3.09
3.08
3.07
3.07
3.59
3.58
3.58
3.58
3.20
3.20
3.20
3.19
3.39
3.37
3.37
3.37
3.26
3.26
3.26
3.24
3.99
3.97
3.99
3.99
4.02
4.11
4.04
3.93
2.18
2.18
2.25
2.27
2.33
3.20
3.20
3.23
3.26
3.29
2.90
2.91
2.96
2.98
3.00
3.27
3.27
3.29
3.31
3.33
3.07
3.08
3.10
3.12
3.14
3.58
3.58
3.59
3.60
3.62
3.20
3.21
3.23
3.27
3.30
3.37
3.36
3.37
3.38
3.39
3.25
3.25
3.26
3.28
3.30
3.99
3.99
3.99
4.01
4.05
3.88
3.83
3.72
3.67
3.68
2.78
2.80
2.85
2.91
2.38
2.38
2.43
2.51
3.33
3.35
3.40
3.44
3.01
3.06
3.10
3.12
3.35
3.39
3.43
3.46
3.16
3.21
3.27
3.30
3.64
3.67
3.70
3.72
3.33
3.36
3.41
3.40
3.42
3.45
3.49
3.52
3.32
3.34
3.39
3.45
3.65
3 72
3.74
3 74
3.08
3.05
3.03
3.00
2.91
2.86
2.83
2.80
2.51
2.48
2.44
2.44
3.44
3.40
3.37
3.33
3.10
3.06
3.04
3.04
3.46
3.45
3.45
3.46
3.72
3.72
3.73
3.73
3.39
3.39
3.40
3.40
3.54
3.52
3.53
3.54
3.44
3.44
3.44
3.44
4.08
4.11
4.18
4.23
4.23
4.19
4.20
4.23
3.67
3.78
3.81
4.02
2.87
2.87
2.87
2.88
2.92
2.99
2.98
2.97
2.98
3.00
2.77
2.74
2.70
2.70
2.72
2.42
2.38
2.33
2.32
2.34
3.31
3.28
3.23
3.26
3.26
3.03
3.02
3.00
3.01
3.03
3.46
3.46
3.46
3.46
3.47
3.27
3.27
3.26
3.26
3.27
3.74
3.75
3.75
3.75
3.77
3.39
3.39
3.39
3.39
3.40
3.54
3.56
3.56
3.56
3.55
3.44
3.44
3.44
3.44
3.46
4.23
4.18
4.17
4.17
4.17
3.96
3 96
3.89
3.84
3.82
July 7
July 14
July 21
July 28
2.90
2.95
2.98
3.02
2.98
3.01
3.05
3.10
2.76
2.78
2.79
2.80
2.38
2.38
2.40
2.41
3.31
3.34
3.35
3.37
3.04
3.05
3.08
3.11
3.26
3.27
3.41
3.40
3.41
3.44
3.57
3.58
3.59
3.61
3.46
3.47
3.48
3.49
4.18
4.15
4.16
4.16
3.74
3.70
3.65
3 69
Aug.
Aug.
Aug.
Aug.
4
11
18
25
3.06
3.09
3.14
3.21
3.13
3.14
3.18
3.23
2.84
2.87
2.94
2.99
2.45
2.47
2.53
2.59
3.42
3.46
3.54
3.57
3.48
3.49
3.49
3.52
3.55
3.59
3.62
3.65
3.35
3.38
3.42
3.47
3.85
3.90
3.94
3.95
3.48
3.51
3.55
3.59
3.65
3.68
3.71
3.74
3.52
3.57
3.61
3.62
4.17
4.20 !!
4.24
4.28
3.66
3 69
3.70
3.76
Sept.
Sept.
Sept.
Sept.
Sept.
1
8
15
22
29
3.21
3.22
3.21
3.15
3.17
3.23
3.25
3.23
3.04
3.07
3.06
3.06
3.06
2.62
2.62
2.63
2.63
2.62
3.60
3.60
3.60
3.61
3.60
3.50
3.48
3.49
3.68
3.71
3.74
3.76
3.78
3.49
3.53
3.55
3.56
3.58
3.97
4.01
4.05
4.09
4.12
3.61
3.66
3.68
3.69
3.70
3.78
3.80
3.81
3.84
3.87
3.64
3.67
3.72
3.76
3.78
4.32
4.36
4.41
4.39
4.38
3 83
3.80
3.86
3.91
4.04
Oct. 6
Oct. 13
Oct. 20
Oct. 27
3.14
3.16
3.16
3.22
3.21
3.21
3.22
3.27
3.05
3.07
3.14
3.21
2.61
2.63
2.68
2.72
3.58
3.62
2.71
3.77
3.49
3.52
3.56
3.64
3.79
3.80
3.81
3.83
3.58
3.57
3.57
3.61
4.14
4.16
4.16
4.18
3.72
3.74
3.75
3.76
3.87
3.86
3.87
3.92
3.79
3.80
3.82
3.82
4.42
4.40
4.38
4.43
3.96
3.91
3.94
3.98
Nov.
Nov.
Nov.
Nov.
3
10
17
24
3.26
3.27
3.26
3.30
3.29
3.29
3.29
3.29
3.24
3.29
3.38
3.49
2.74
2.79
2.85
2.98
3.82
3.89
3.99
4.09
3.71
3.80
3.87
3.91
3.86
3.87
3.88
3.92
3.65
3.66
3.67
3.71
4.20
4.21
4.22
4.26
3.77
3.78
3.79
3.85
3.95
3.97
3.99
4.04
3.84
3.85
3.85
3.87
4.46
4.48
4.54
4.59
3.99
3.99
4.03
4 09
Dec. 1
Dec. 8
—Dee, 15. ; . w , , ,
Dec. 22
Dec. 29
3.36
3.35
3,38
3.49
3.48
3.39
3.53
3.55
3,56
3.58
3.59
3.01 4.12
3.02 4.15
3.04 - 4.17
3.05 4.20
3.05 4.22
3.94
3.94
3,91
3.97
3.98
3.95
3.96
3.97
4.00
4.02
3.73
3.72
3.72
3.76
3.79
4.30
4.32
4.35
4.38
4.41
3.89
3.90
3.92
3.97
4.02
4.07
4.07
4.08
4.08
4.10
3.88
3.91
3.93
3.93
3.94
4.61
4.65
4.61
4.62
4.62
4.05
3.90
3.92
3 93
3.90
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
2.86
2.82
2.90
3.05
2.93
2.89
2.97
3.15
3.19
3.18
3.30
3.43
2.94
2.93
2.98
3.10
3.03
2.98
3.05
3.19
3.24
3.24
3.30
3.36
2.69
2.63
2.67
2.84
2.83
2.71
2.79
2.94
3.06
3.12
3.39
3.57
2.27
2.19
2.24
2.43
2.46
2.34
2.40
2.53
2.63
2.66
2.87
3.04
Week ending:
Jan. 7
Jan. 14
Jan. 21
Jan. 28
2.90
2.88
2.83
2.83
2.96
2.95
2.93
2.94
2.72
2.69
2.68
2.67
2.29
2.27
2.27
2.27
Feb. 4
Feb. 11
Feb. 18
Feb. 25
2.81
2.81
2.80
2.83
2.92
2.93
2.93
2.94
2.66
2.64
2.62
2.62
2.24
2.18
2.17
2.17
Mar.
Mar.
Mar.
Mar.
Mar.
3
10
17
24
31
2.84
2.86
2.89
2.93
2.96
2.94
2.96
2.97
2.99
3.01
2.62
2.63
2.67
2.70
2.75
Apr.
Apr.
Apr.
Apr.
7
14
21
28
3.03
3.05
3.08
3.07
3.07
3.09
3.13
3.11
May 5
May 12
May 19
May 26
2.99
2.97
2.94
2.89
June
June
June
June
June
2
9
16
23
30
3.24
3.21
3.24
3.38
3.37
3.26
3.34
3.52
3.60
3.67
3.98
4.19
6.99
7.05
6.07
I
1
Monthly and weekly yields are averages of daily figures for U. S. Govt.
and corporate bonds. Yields of State and local govt. general obligations
are based on Thursday figures; of revenue bonds, on Friday figures; and
of preferred stocks, on Wednesday figures. Figures for common stocks
are as of the end of the period, except for annual averages.
2 Includes fully taxable, marketable 2% per cent bonds due or callable
in 10-20 years.
3 The 314 per cent bonds of 1978-83 and the 3 per cent bond of February
1995.
4
Moody's Investors Service.
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.
Financial Statistics
* International *
International capital transactions of the United States
222
Gold production. .
226
Net gold purchases and gold stock of the United States.
227
Reported gold reserves of central banks and governments
228
Estimated foreign gold reserves and dollar holdings.
229
International Bank and Monetary Fund.
230
Central banks .
230
Money rates in foreign countries.
235
Foreign exchange rates
236
Index to statistical tables
247
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.
221
222
INTL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES *
[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
Canada
Latin
America
Asia
All
other
31... .
31...
31... !
31...
1,585
1,629
1,770
1,881
8,961
10,019
11,153
11,722
4,654
5,667
6,774
6,956
343
429
715
1,081
551
899
1,373
1,454
309
466
579
785
642
674
672
757
818
709
640
548
,093
,558
,642
,516
3,755
4,734
5,621
6,141
1,421
1.296
1,536
,032
1,613
1,768
1,906
2,000
1,837
1,896
1,825
2,189
336
326
265
360
1956—Jan. 3 1 . . .
Feb. 2 9 . . .
Mar. 3 1 . . .
Apr. 3 0 . . .
May 3 1 . . . .'
June 3 0 . . . .
July 3 1 . . . .
Aug. 3 1 . . . .
Sept. 30*. . .
Oct. 3 1 P . . .
Nov. 30*.. .
Dec. 31*.. .
1,867
1,876
1,894
1.978
11,873
12,000
12,459
12,511
12,534
12,650
12,827
12,996
13,227
13,116
13,096
13,467
6,989
7,055
7,395
7,339
7,441
7,461
7,457
47,782
7,929
7,960
7,849
8,026
1,066
1,035
1,123
867
907
877
813
770
754
733
639
627
1,458
1,467
1,487
1,524
L,58O
1,638
1,686
1,759
1,805
1,852
1,849
1,822
785
798
806
812
831
861
864
899
925
936
920
928
741
739
733
742
709
737
758
792
812
791
797
839
657
679
766
,561
,596
,622
1,822
1,676
1,616
1,634
1,711
1,699
1,721
1,653
1,612
6,268
6,314
6,538
6,545
6,456
6,475
6,592
6,590
6,733
6,669
6,481
6,827
1,084
,089
1,178
1,207
1,269
1,285
1,352
1,435
1,437
1,436
1,448
1,515
1,952
2,001
2,105
2,165
2,180
2,182
2,194
2,265
2,322
2,279
2,422
2,355
2,216
2,244
2,283
2,278
2,306
2,362
2,370
2,391
2,414
2,417
2,413
2,431
353
353
355
316
323
347
319
315
322
316
332
339
1952—Dec.
1953—Dec.
1954—Dec.
1955—Dec.
2;ooi
2,007
2,016
1,998
2,005
2,015
2,008
1,452
in
753
746
837
659
737
636
623
999
Table la. Other Europe
Date
Other
Europe
Austria
Belgium
Denmark
Neth- NorFinerway
land Greece lands
Portugal
Rumania Spain
Sweden
Turkey
Yugo- Anslavia other
1952—Dec.
1953—Dec.
1954—Dec.
1955—Dec.
31
31
31...
31
J.093
1,558
1,642
1,516
91
191
273
261
124
130
100
108
70
96
71
60
29
38
41
49
47
101
113
176
203
243
249
164
110
119
103
79
57
72
91
132
6
6
8
8
19
36
71
104
91
117
141
153
8
14
8
9
12
7
9
13
224
388
363
201
1956—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec
31
29...
31
30...
31
30
31
31
30?
31*
30*
31 P
1,561
1,596
1,622
1,822
1,676
1,616
1,634
1,711
1,699
.721
1,653
1,612
254
253
252
246
242
247
251
266
276
300
297
296
113
115
124
123
107
105
108
110
117
118
125
114
64
69
71
71
67
68
69
68
64
70
68
65
45
46
45
49
49
47
50
57
55
56
53
53
200
188
183
184
182
165
160
141
150
158
166
176
183
183
193
223
227
206
201
182
168
162
131
134
63
49
51
52
51
52
54
54
63
57
57
65
127
128
133
134
135
124
124
125
132
133
133
137
8
8
8
7
7
7
6
6
2
1
1
102
103
99
102
96
90
85
75
68
55
52
43
154
160
171
167
162
169
188
181
190
202
199
217
12
13
10
10
8
7
7
7
14
14
14
20
11
9
13
5
8
9
10
9
11
11
16
17
226
273
270
447
334
319
321
431
390
385
341
272
NetherDolands Panminican Guate- Mex- West ama,
ReRe- mala
ico Indies puband
pubSuri- lic of
lic
nam
Peru
El
Salvador
Uruguay
Table lb. Latin America
Date
Latin
BoAmer- Argenlivia
tina
ica
Brazil Chile
Colombia
Cuba
Other
Vene- Latin
zuela America
1952—Dec.
1953 Dec
1954—Dec.
1955—Dec.
31
31
31
31
1,613
1 768
1,906
2,000
139
130
160
138
24
19
29
26
73
102
120
143
79
79
70
95
118
150
222
131
301
341
237
253
44
39
60
65
34
38
35
45
231
183
329
414
44
52
49
47
81
90
74
86
61
68
83
92
26
27
30
24
94
110
90
65
146
222
194
265
117
119
124
112
1956 Jan
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
31
29...
31
30 . .
31
30
31 .
31
30*
31*
30*
31*
1 952
2,001
2,105
2 165
2,180
2,182
2 194
2,265
2,322
2,279
2,422
2,355
138
143
140
128
120
125
138
136
141
148
150
146
28
28
27
27
25
25
28
27
25
24
27
29
156
192
215
193
198
217
238
231
259
241
248
226
79
80
98
87
91
101
89
92
106
95
85
91
133
133
136
147
139
138
133
125
123
126
140
153
227
223
238
255
261
263
267
263
271
250
228
211
65
65
66
64
65
68
66
66
64
71
69
68
51
58
64
67
68
66
63
59
53
52
55
64
399
407
419
416
386
358
355
376
396
408
422
433
49
49
51
53
56
62
62
68
70
67
67
69
81
78
82
89
94
94
98
101
104
104
100
108
90
93
92
87
83
80
75
83
82
84
86
88
34
43
46
46
44
45
39
31
25
19
21
25
69
74
73
74
66
67
71
81
76
72
70
73
239
213
224
298
349
331
341
399
405
402
541
460
113
124
134
133
136
141
131
125
122
115
113
111
Preliminary.
For other footnotes see following page.
223
INTL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 1. S H O R T - T E R M LIABILITIES T O F O R E I G N E R S R E P O R T E D BY B A N K S I N T H E U N I T E D S T A T E S , BY C O U N T R I E S *—Continued
[Amounts outstanding, in millions of dollars]
Table l c .
Asia and All Other
Asia
Date
Total
All other
Korea, PhilUnion
BelReAus- gian
of Other
ip- ThaiIsrael Japan pubEgypt South
land Other Total tralia Congo
pines
lic
Africa
Of5
Formosa
and Hong
IndoChina Kong India nesia Iran
Mainland
1952—Dec.
1953—Dec.
1954—Dec.
1955—Dec.
31...
31...
31...
31...
1,837
1,896
1,825
2,189
76
74
70
75
71
68
61
55
65
99
87
73
61
39
100
174
19
44
31
37
19
18
41
53
808
828
725
901
54
92
96
88
315
295
257
252
181
168
123
138
167
171
234
343
336
326
265
360
47
59
48
75
119
90
44
42
60
43
47
72
24
38
33
53
87
96
94
119
1956—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
31...
29...
31...
30...
31...
30...
31...
31...
30*..
31*..
30*..
31*>..
2,216
2,244
2,283
2,278
2,306
2,362
2,370
2,391
2,414
2,417
2,413
2,431
77
77
76
75
76
79
79
83
85
88
94
96
55
56
57
58
55
54
55
59
60
59
62
66
70
69
83
75
64
82
81
81
74
61
69
76
159
164
155
133
124
117
102
154
158
180
185
186
33
23
28
25
32
31
38
32
36
31
22
20
57
61
55
48
49
55
56
51
43
38
36
45
926
944
964
999
1,014
1,047
1,063
1,054
1,075
1,065
1,049
1,039
85
83
89
92
92
95
96
98
98
98
100
99
261
262
268
274
277
282
275
275
278
281
274
272
144
149
151
146
143
141
141
142
142
140
144
143
347
355
357
354
380
379
383
361
365
375
378
388
353
353
355
316
323
347
319
315
322
316
332
339
75
78
76
58
58
79
72
69
71
74
82
77
42
42
43
43
40
41
42
47
47
45
42
44
71
70
68
65
62
62
54
50
48
46
46
50
43
35
43
32
37
30
34
33
34
34
43
53
121
128
124
118
125
135
116
116
122
116
119
114
Table Id. Supplementary Areas and Countries6
End of year
End of year
Area or country
Area or country
1952
Other Europe:
Albania
Azores
British dependencies
Bulgaria
Czechoslovakia7
Eastern Germany
Estonia
Hungary
Iceland
Ireland, Republic of.
Latvia
Lithuania
Luxembourg
Monaco
Poland?
Trieste
U. S. S. R.7
.6
.6
n.a.
.9
1.0
3.7
12.6
1.3
.6
5.0
2.6
3.4
4.1
1.7
Other Latin America:
British dependencies
14.6
Costa Rica
12.1
Ecuador
23.7
French West Indies and French Guiana... 2.2
Haiti
11.6
Honduras
15.4
13.4
Nicaragua
5.0
Paraguay
1953
1954
1955
.2
.4
.4
.6
.6
n.a.
1.9
1.0
.2
.2
.6
.6
.7
n.a.
n.a.
1.2
1.3
.4
4.0
3.0
2.2
2.5
2.0
1.9
1.0
8.9
14.3
1.0
.5
4.5
5.3
2.1
2.2
1.8
18.0
13.4
17.7
.6
9.3
18.7
16.0
6.0
19.0
15.3
21.2
.4
12.7
17.3
10.3
3.6
7.5
14.1
Other Asia:
Afghanistan
British dependencies.
Burma.
Cambodia.
Ceylon
Iraq
Jordan.
Laos
Lebanon
Pakistan
Palestine
Portuguese dependencies.
Saudi Arabia
Syria
Viet-Nam
.7
.7
1.3
n.a.
1.0
4.8
n.a.
1.0
.3
3.1
5.6
2.5
1.4
.7 All other:
British dependencies
Ethiopia and Eritrea....
French dependencies....
16.6
Italian Somaliland
17.6
Liberia
14.9
Libya
.6
New Zealand
12.1
Portuguese dependencies.
9.7
Spanish dependencies.. .
12.8
Tangier
3.6
P Preliminary,
n.a.
Not available.
1
Short-term liabilities reported in these statistics represent principally
deposits and U. S. Govt. obligations maturing in not more than one year
from their date of issue, held by banking institutions in the United States;
small amounts of bankers' acceptances and commercial paper and of
liabilities payable in foreign currencies are also included.
2 Includes International Bank for Reconstruction and Development,
International Monetary Fund, and United Nations and other international
organizations. Excludes Bank for International Settlements, reported
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.).
1952
1953
1954
1955
2.7
19.8
23.0
n.a.
17.1
13.8
.9
n.a.
23.9
9.7
5.1
21.1
29.7
.2
18.8
10.0
.8
16.5
3.8
.1
1.8
61.5
21.5
8.1
n.a.
13.8
19.1
13.1
n.a.
14.7
1.2
n.a.
18.0
5.7
n.a.
2.0
79.5
13.1
62.3
1.4
18.0
16.8
.3
5.6
1.7
2.3
8.3
.5
35.7
2.4
23.7
23.5
n.a.
13.1
n.a.
1.9
5.3
.7
33.5
18.5
20.5
n.a.
1.6
3.5
27.0
1.1
10.3
2.3
3.5
6.3
.2
26.7
1.6
9.1
22.3
.3
11.8
3.0
2.1
5.0
.2
36.1
4 Beginning Aug. 31, includes certain accounts previously classified as
"private."
5 Through 1952, reported by banks in the Second (New York) Federal
Reserve
District only.
6
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-tc. For each date the Second District reported at least 90 per cent of
the total amount in the "other" categories.
7 Based on reports by banks in all Federal Reserve districts.
NOTE.—Statistics on international capital transactions of the United
States are based on reports by banks, bankers, brokers, and dealers.
Beginning with the BULLETIN for June 1954 (as explained on p. 591 of
that issue), tables reflect changes in reporting forms and instructions made
as of Mar. 31, 1954, as well as changes in content, selection, and arrangement of material published. For discontinued tables and data reported
under previous instructions, see BULLETIN for May 1954, pp. 540-545.
224
ENT'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]
Date
Total
GerFrance many,
Fed.
Rep. of
Italy
Switz- United Other Total
erKing- Europe Europe
land
dom
Canada
Latin
America
Asia
All
other
1952 Dec 31
1953—Dec. 31
1954—Dec. 31
1,049
905
1,387
32
11
14
27
31
70
18
19
20
7
18
16
30
71
173
98
88
109
212
236
402
62
56
76
662
473
728
90
115
143
22
25
37
1955_Nov. 30
Dec 31
1.473
,549
12
12
81
88
30
30
24
26
74
109
163
158
383
423
131
144
670
706
239
233
49
43
,503
,515
,510
,527
603
,634
,629
697
,733
,834
,809
11
14
14
14
16
93
93
92
100
118
31
28
36
32
33
26
27
28
28
28
158
157
162
164
171
696
718
701
718
734
246
236
232
231
264
122
32
24
168
163
389
387
400
407
449
444
439
486
756
268
758
770
265
274
41
39
44
47
45
46
43
42
169
504
779
280
288
304
46
798
800
Yugoslavia
1956 Jan
Feb.
Mar.
Apr
May
June
July
Aug.
Sept.
Oct.
Nov.
31
29 .
31
30
31
30
31 .
31
30?
31?
30?
.
.
.
15
65
118
120
32
33
28
27
70
67
69
69
83
82
78
78
66
125
35
28
81
17
67
19
127
134
28
30
29
32
107
115
177
175
535
505
130
135
132
124
112
121
123
124
123
167
155
Portugal
Spain
Sweden
Turkey
3
3
39
16
41
167
46
45
Table 2a. Other Europe
Denmark
Finland
Greece
1
1
16
13
20
2
6
10
6
2
3
c<n
1
2
15
16
9
13
4
2
2
18
18
13
11
20
10
7
10
9
8
7
6
3
4
4
4
5
5
18
22
10
10
4
4
4
4
3
3
4
5
158
157
162'
164
171
167
168
163
169
4
6
6
7
7
7
177
175
9
7
3
24
22
20
17
17
19
4
4
11
11
5
3
4
12
13
2
4
15
5
5
11
24
2
( )
4
7
4
7
7
92
78
9
5
I
1
All
other
5
j
'
6
7
ONO>
31
29..
31
30 .
31
30
31 .
31 p
30 .
31*
30 P
1
2
1
2
5
8
7
7
74
69
2
4
6
9
6
7
70
6
8
5
6
5
1
1
(2)
7
6
5
6
6
6
ON
VC
158
Norway
4
9
16
CO
ONOOO
1955—Nov. 30
Dec 31
Netherlands
COfN
Belgium
OOOOON
1952—Dec. 31
1953 Dec. 31 .
1954—Dec. 31
1956 Jan
Feb.
Mar.
Apr
May
June
July
Aug
Sept.
Oct.
Nov
Austria
Other
Europe
Date
5
I
17
15
16
16
19
16
10
11
11
12
16
15
6
7
9
11
8
8
7
8
7
8
10
10
68
71
71
74
63
70
16
13
16
17
6
5
12
11
73
72
( 2 )
7
7
6
6
Table 2b. Latin America
Latin
BoAmer- Argenlivia
tina
ica
Date
Brazil Chile
Colombia
Cuba
Dominican Guate- MexRe- mala
ico
public
Netherlands
West
Indies
and
Surinam
Panama,
Republic of
Peru
El
Salvador
Uruguay
Other
Vene- Latin
zuela America
1952—Dec. 31
1953—Dec. 31
1954—Dec. 31
662
473
728
8
7
6
6
11
3
356
125
273
26
23
14
42
57
107
32
51
71
2
2
3
4
4
4
89
93
116
1
3
1
7
5
9
15
20
16
9
8
10
14
4
7
37
42
63
14
19
27
1955—Nov. 30
Dec. 31
670
706
8
7
4
4
64
69
20
14
128
143
90
92
5
5
160
154
2
3
14
17
27
29
9
8
12
18
91
105
34
34
1956—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
696
718
701
718
734
756
758
770
779
798
800
7
10
12
11
11
10
12
12
11
11
13
4
3
4
3
3
5
6
4
4
4
4
63
66
60
62
61
66
64
65
64
65
65
11
19
6
7
7
10
10
12
15
14
15
150
151
160
165
168
160
155
147
145
151
145
82
81
81
87
85
92
89
86
81
80
84
4
5
5
5
4
4
4
5
4
4
4
7
7
5
5
6
7
6
6
6
6
7
7
7
157
163
152
154
157
162
170
178
184
194
201
1
2
3
2
3
8
6
6
6
6
5
16
20
20
18
19
13
12
11
11
11
12
32
31
30
30
29
29
28
32
32
32
32
6
7
7
6
6
7
6
6
8
12
14
20
20
13
12
7
15
22
29
26
18
14
101
102
108
113
133
130
130
129
135
140
134
34
34
35
36
35
39
38
44
46
46
47
31
29
31
30
31
30
31
31
30*>
31P
30^
t
P1 Preliminary.
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 $798 million on Nov. 30,
1956. The term foreigner is used to designate foreign governments,
central banks, and other official institutions as well as banks, organizations, and individuals domiciled outside the United States, including
U. S. citizens domiciled abroad and the foreign subsidiaries and offices
of U. S. banks and commercial firms.
23 Less than $500,000.
Includes transactions of international institutions.
225
INTL 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
Asia
Formosa
and Hong India IndoTotal China
Kong
nesia
Mainland
Date
All other
Union
Belof
Aus- gian
Other
Egypt South
tralia Congo
Africa
Phil- Thai- Other Total
Israel Japan ippines
land
Iran
1952—Dec. 31
1953—Dec. 31
1954—Dec. 31
90
115
143
10
8
8
1
3
3
4
4
5
10
14
16
15
23
11
13
26
50
8
6
7
3
6
6
25
25
36
22
25
37
10
8
14
6
6
6
1955—Nov. 30
Dec. 31
239
233
8
8
4
3
5
5
18
18
9
10
107
103
19
19
8
8
62
57
49
43
13
11
5
5
1956—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
246
236
232
231
264
268
265
274
280
288
304
9
8
8
8
8
8
8
8
8
10
7
4
5
5
5
6
5
5
5
5
4
4
6
5
7
6
6
6
6
5
7
6
6
17
19
20
20
22
22
21
22
23
22
20
11
11
10
10
10
11
12
12
12
13
13
97
93
96
100
113
121
112
126
131
134
159
20
16
12
9
11
7
9
13
11
9
9
8
9
9
9
9
10
9
8
8
9
8
71
69
64
63
78
77
83
73
75
82
77
41
39
44
47
45
46
43
42
46
46
45
13
11
12
12
12
12
5
5
5
6
6
8
8
8
8
7
7
31
29
31
30
31
30
31
31
30^
31*
30?
I21
i
(
ii
11
11
12
11
2
2
6
4
8
10
2
1
10
8
19
17
2
2
2
2
2
3
3
2
3
3
3
8
7
7
8
7
7
7
7
7
7
6
13
13
18
20
18
16
14
14
17
17
19
TABLE 3. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES 3
fin millions of dollars]
U.S. Govt. bonds & notes
Year or month
Net pur- Purchases, or chases
sales ( - )
Sales
302
-82
8
529
850
802
1,405
1,886
838
731
1,264
1,730
38
86
-4
46
121
148
34
44
444
13
18
16
298
14
11
18
67
-1
-14
-236
34
13
12
20
73
8
20
-45
188
136
176
179
196
130
178
160
130
145
143
Purchases
Sales
534
646
801
1,341
231
728
793
812
1955_Nov..,
Dec...
35
132
1956—Jan...
Feb...
Mar...
Apr...
May..
June..
July. .
Aug...
Sept.P.
Oct.*>.
34
30
208
48
32
28
317
87
19
37
22
1952
1953
1954
1955
NOV.P
U.S. corporate securities
Foreign bonds
Net pur- Purchases, or chases
sales ( - )
Sales
13
70
141
156
495
543
792
693
677
622
841
509
141
145
-20
3
38
42
135
123
205
161
137
108
140
155
97
108
139
53
13
-29
18
59
22
38
5
33
37
4
60
35
34
40
40
41
48
30
31
169
44
Foreign stocks
Net pur- Purchases, or chases
sales ( - )
Sales
Net purchases, or
sales ( - )
-182
-79
-49
184
294
310
393
664
330
303
645
878
-36
7
-252
-214
37
57
1
-15
57
58
55
63
2
-5
139
42
38
27
117
75
123
60
41
149
89
-79
-8
-4
13
-76
-35
-75
-30
-10
20
-45
61
56
74
74
90
64
76
64
48
45
37
53
64
99
95
118
70
96
86
55
44
38
8
-7
-25
-20
-28
-6
-20
-23
-7
2
-1
TABLE 4. NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES
[Net sales, ( —). In millions of dollars]
Year or month
1952
1953
1954.
1955
15
23
78
-21
300
-34
72
706
5
-42
17
-2
1
1
4
74
1
1
..
Preliminary.
France
l
1956 Jan
Feb
Mar
Apr
May
June
July
0
Total
foreign
countries
(1
1955 Nov
Dec
Oct p
Nov P
International
institutions
-24
47
52
-1
-264
52
72
35
54
4
40
56
-41
-14
-139
3
3
2
3
3
2
Germany,
Federal
Republic of
Other
Europe
Total
Europe
Canada
Latin
America
70
71
70
96
-16
-24
-20
85
111
62
139
329
192
— 121
— 187
265
5
25
113
76
8
-7
8
-4
-3
3
4
-7
-5
-20
41
2
7
3
1
2
18
-5
25
44
47
12
24
6
21
23
-2
6
-9
-27
7
14
19
20
11
10
11
-40
12
13
-30
-2
5
-1
12
2
8
9
1
35
10
6
-86
—5
-2
1
-7
-18
-8
1
-10
5
2
3
3
2
-13
2
1
1
1
1
-1
-1
1
1
2
1
Italy
Switzerland
-i
-7
51
57
73
147
p>
9
1
1
1
1
i /l
1
1
1
1
pi
United
King-.
dom
-168
52
69
32
58
22
42
46
-38
For other footnotes see opposite page.
1
1
5
7
6
Asia
All
other
-9
2
—1
3
7
4
29
1
1
1
j
-1
226
INTL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 5. NET PURCHASES BY FOREIGNERS OF LONG-TERM
FOREIGN SECURITIES OWNED IN THE UNITED STATES,
BY AREAS
[Net sales, ( - ) .
TABLE 6. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT
FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS 1
[In millions of dollars]
In millions of dollars]
Assets in custody
Year or
month
InterTotal
national foreign Europe
insticountutions
tries
Canada
Latin
Amer- Asia
ica
.. ..
-118
-61
-164
-27
-100
— 11
-137
-4
20
96
-9
-46
-141
-138
-133
74
25
35
33
24
-10
-30
-34
-49
6
26
7
-7
1955—Nov....
Dec....
-2
-2
5
-18
9
17
6
n
1
4
-11
-8
-23
1956—Jan....
Feb....
Mar...
Apr....
May..
June..
July...
Aug...
Sept.*.
Oct.p.
Nov.*.
-5
-3
-12
-5
-2
-2
-2
-2
2
-66
-12
-18
-2
-102
-39
-93
-50.
-19
21
-48
12
-5
-7
-6
-5
-4
-18
-6
-5
22
18
-75
-7
-10
5
-92
-9
-86
-48
-18
-6
-58
1
3
2
1
1
2
2
1
1
1
3
1952
1953
1954
1955
0)
2
0)
-5
-2
-3
-3
-7
-6
-2
-1
4
1
-8
Date
All
other
(i)
1
1
1
-2
11
3
—1
3
-3
*> Preliminary.
i Less than $500,000.
Deposits
U. S. Govt.
securities2
Miscellaneous 3
1955—Dec. 31
402
3,543
126
1956—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
355
363
354
330
307
297
308
350
334
275
356
322
3,724
3,793
3,791
3,717
3,751
3,629
3,663
3,630
3,723
3,782
3,553
3,856
122
132
136
153
155
158
164
168
167
178
177
139
1957—Jan. 31
344
3,707
164
1957_jan. 2
Jan. 9
Jan. 16
Jan. 23
Jan. 30
291
327
326
318
348
3,854
3,820
3,791
3,765
3,741
136
139
148
157
163
31
29
31
30
31
30
31
31
30
31
30
31
1
Excludes assets held for Intl. Bank and Monetary Fund and earmarked
gold. See footnote 4 at bottom of following page for total gold under
earmark at Federal Reserve Banks for foreign and international accounts.
2 U. S. Treasury bills, certificates of indebtedness, notes and/or bonds.
3 Consists of bankers' acceptances, commercial paper, and foreign and
international bonds.
NOTE.—For explanation of table and for back figures see BULLETIN
for May 1953, p. 474.
GOLD PRODUCTION
[In millions of dollars]
Production reported monthl)r
Year or
month
Estimated
world
production
(excl.
U.S.S.R.)
North and South America
Africa
Total
SouthAfrica
Rhodesia
British Belgian
United
West
Africa Congo States
Canada
Mexico
Colombia
Other
Chile
Nica- Austra- India
lia
ragua1
11.1
12.9
12.0
12.3
12.9
13.0
12.8
13.0
70.9
67.3
80.1
66.3
67.4
69.0
65.1
65.7
123.5
144.2
155.4
153.7
156.5
142.4
152.8
159.1
12.9
14.2
14.3
13.8
16.1
16.9
13.5
13.4
11.7
12.6
13.3
15.1
14.8
15.3
13.2
13.3
5.7
6.3
6.7
6.1
6.2
4.6
4.4
4.3
74.9
70.5
43.3
42.9
1.9
.8
1.1
6.3
5.0
13.6
13.3
1.3
1.0
1.1
.8
.4
.2
71.2
68.9
74.9
73.9
43.4
42.9
45.4
45.2
47 3
47.4
47.9
48.5
47.3
47 8
47 3
.1
.1
1.8
2.1
2 2
2.1
2.2
2.3
2.3
2 2
2 2
4.8
4.6
5.0
4.7
5.4
5.1
5.9
6.3
6.0
6 2
5.6
13.0
12.4
13.5
12.9
13.1
13.4
12.3
12.3
12.4
12 9
12.9
1.0
.9
1.1
.9
J-9
2
.2
3
.2
.3
.2
.2
2
.3
15
1.5
6
1.6
1.6
1.6
1.6
1 Gold exports, representing about 90 per cent of total production.
2 Less than $50,000.
Sources.—World production: estimates of U. S. Bureau of Mines.
Production reported monthly: reports from individual countries except
1
1.2
0
o1
1.0
0
1
6
4
?
7.8
7.7
8.0
8.8
8.9
9.1
8.2
8.1
31.2
31.3
30.4
31.3
34.3
37.7
39.1
36.7
6.5
5.7
6.7
7.9
8.9
7.8
8.4
7.4
3.3
3.4
ONON
23.4
23.1
24.1
22.9
23.8
25.4
27.5
23.8
2.9
2.7
2.8
2.7
3 0
3.2
3.3
3.0
3.2
.5
.6
.6
6
.5
.6
.6
.6
.7
.7
.6
6
.7
.6
.6
.6
6
6
LM
18.0
18.5
17.9
17.0
17.4
17.5
18.8
18.4
ON ON
1956—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
405.5
409.7
408.2
403.1
413.7
417.9
462.4
510.7
-J
Nov
Dec
728.1
753.2
777.1
758.3
780.9
776.5
826.2
873.8
CM CM
1955
805.0
840.0
864.5
840.0
868.0
864.5
913.5
959.0
3N
$1= 755h grains of gold) iofine: i . e.t an ounce off me gold= $35.
1948
1949
1950
1951
1952
1953
1954
1955
British West Africa, Belgian Congo, and India, data for which are from
American Bureau of Metal Statistics. For the United States, annual
figures are from the U. S. Bureau of the Mint and monthly figures are
from American Bureau of Metal Statistics.
227
U. S. GOLD
NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES
[In millions of dollars at $35 per fine troy ounce. Negative figures indicate net sales by the United States]
Quarterly totals
Annual totals
1955
Area and country
1948
Continental Western Europe:
Belgium
France
Germany (Fed. Rep. of)
Netherlands
Portugal
Sweden
69.8
15.8
1949
1950
1-43 0
-79 8
— 15 0
-22 9
-38.0
-65.3
-16.4
3.0
-40.0
-34.3
-5.6
4.8 3-123.4
Total
191.5 -250.2
Sterling Area:
United Kingdom
Union of South Africa
Other....
734.3
498.6
Canada
114.1
15 5
-10 0
61.6
10 7
-108.0
-2.1
Total
3.5
34
22.5
-49.9
70
— 10 0
-16.1
— 14 4
-50.0
-10.5
-546.4 -328.3
440 0
11.5
-.5
451 2
-49.9 -20.0
17 5 — 22 8
28 2 — 20 0
-118.2 - 6 0 . 2
87.7
— 64 8 22 2
14 9
g
- 7 . 2 -34.7 - 2 . 4
JulySept.
-33.8
-8.0
" " i . * 5 ""i!6
"'To
-32.8
-5.0
-77.5
1.5
-.1
_ .
20.1
55.1
28 1
-.2
-.2
-.2
-.2
19.9
85.0
-84.8
—3 5
'Ujo o
-28 1
— 15 0
-.3
-143.9
-172.0 -126.0
57.5
-131.8
4-55.4
5-38.9 5-53.7
-6.7
-5 7
Eastern Europe
1.0
-6.2
All other
6.9
.4
1,510.0
Apr.June
72
81.8
Grand total
-.5
—480 5 — 50 5
-4.1
Asia
Jan.Mar.
Oct.Dec.
—480 0 —50 0
-.3
— 100 0 — 10 0
JulySept.
— 67 5
J&.3
3.6
1955
-130.0 -225.6 -10.0
-65 0
— 59 9 — 54 9 — 5 0
—20 0 — 15 0
-65.0 -15 5
-94.3 -20.0
-17.5
2.6 " " 5 . 0
—5 0
645 2 — 1 003 4 525 6
(2)
Latin America:
Argentina
Colombia
Cuba
Mexico
Uruguay
Venezuela
Other
— 34 9
-32.0
-15.0
-30.4
-29.7
1954
1—94 8
-10.0
- 4 ! 5 -100.0
446 3 — 1 020 0 469 9
195.7
13.1
52.1
1 232 9
1953
- 3 8 0 . 2 -184.8 - 1 1 5 . 6
3.2
Total
1952
1-58 0 i_18 3 1-5 8
-84.8 -20.0
*40!7 " - 2 3 ! 5
63 0
14 0
Bank for Intl. Settlements
Other
1951
1956
80 3
—5 0
— 30 0
17.2
11 0
11 0
3.0
-.1
62.5
14.0
10.9
—9 9
—4 9
-2.2
20
-.1
-
1
13.7
13.1
6-44.2 «-76.0
193.3 -1,725.2
75.2
2
( )
-.4
393.6 - 1 , 1 6 4 . 3 - 3 2 6 . 6
1
Includes sales of gold to Belgian Congo as follows (in millions): 1949,
$2.0; 1950, $3.0; 1951, $8.0; 1952, $2.0; and 1953, $9.9.
2 Less than $50,000.
3 Includes sale of $114.3 million of gold to Italy.
* Includes sale of $43.1 million of gold to Thailand.
-68.5
1.4
8.7
725.0
775.0
5.2
94.9
7
75.0
155.0
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.
7
Represents purchase of gold from International Monetary Fund.
ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES
[In millions of dollars]
Gold stock
(end of year)
Year
Treasury
Total i
Increase
in total
gold
stock
EarNet
marked Domesgold gold:
de- tic gold
import, crease,
or
producor
inexport
tion
crease
1944
1945
1946
1947
1948.
1949
20,619
20,065
20,529
22,754
24,244
24,427
20,631 -1,349.8 - 8 4 5 . 4
20,083 - 5 4 7 . 8 -106.3
623.1 311.5
20,706
22,868 22,162.1 1,866.3
1,530.4
1,680.4
24,399
164.6 686.5
24,563
-459.8
-356.7
465.4
210.0
-159.2
-495.7
35.8
32.0
51.2
75.8
70.9
67.3
1950
1951
1952
1953
1954
1955
1956
22,706
22,695
23,187
22,030
21,713
21,690
21,949
22,820 - 1 , 7 4 3 . 3 - 3 7 1 . 3 - 1 , 3 5 2 . 4
52.7 - 5 4 9 . 0
22,873
617.6
23,252
379.8 684.3 -304.8
2.2 -1,170.8
22,091 - 1 , 1 6 1 . 9
16.6 - 3 2 5 . 2
21,793 - 2 9 7 . 2
21,753
-40.9
97.6 - 1 3 2 . 4
305.9 106.5
318.5
22,058
80.1
66.3
67.4
69.0
65.1
65.7
64.3
.
.
P Preliminary.
1 See footnote 2 on following page.
2 Net after payment of $687.5 million in gold as United States gold subscription to the International Monetary Fund.
Gold stock
(end of month)
Month
Treas- Total i
ury
1956 Jan
Feb
21 693 21,755
. 21,695 21,757
Mar
21 716 21 765
Apr
. 21,743 21,792
May..
21 772 21 821
June.... . 21,799 21,868
. 21,830 21,918
July
Aug....
21 858 21 965
. 21,884 22,032
Sept
21 910 21 999
Oct
Nov
. 21 910 22,106
Dec
. 21,949 22,058
1957_j a n
3
. ^22,251 ^22,377
Increase
in total
gold
stock
2.5
2.1
7.7
EarNet
marked Domesgold gold:
de- tic gold
import, crease,
or
producor
inexport
tion
crease
11.4
18.6
11.5
27.4
9.9
28.3
25.3
47.6
18.4
49.4
4.8
47.1
4.7
67.6 - 1 8 . 0
-33.6
4.6
107.6
12.5
-47.7
2.7
-318.8
-8.2
-15.7
—2 9
16.9
18
29.9
43.9
43.2
86.9
-34 3
105.7
51.2
4
(3)
295.9
4.8
4 6
5 0
4.7
5 4
5.1
5.9
63
6.0
6 2
5 6
4.6
($}
Not yet available.
* Gold held under earmark at the Federal Reserve Banks for foreign
and international accounts amounted to $6,326.9 million on Jan. 31, 1957.
Gold under earmark is not included in the gold stock of the United States.
228
GOLD RESERVES
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
United States
Estimated
total world
(excl. 1
U.S.S.R.) Treasury Total2
End of
month
1949_Dec
1950—Dec
1951—Dec.
1952 Dec
1953—Dec
1954—Dec
1955—Dec
.
..
1956—Jan
Feb
Mar
Apr
May
June
July.
35,380
35,810
35 960
36 260
36,680
37,340
38,000
38,190
38,360
»38,500
Sent.
Oct
Nov
Dec
Finland
End of
month
Argentina
24,427
22,706
22 695
23 187
22,030
21,713
21,690
24,563
22,820
22,873
23 252
22,091
21,793
21,753
216
216
268
21,693
21,695
21,716
21,743
21,772
21,799
21 830
21,858
21,884
21,910
21 910
21,949
21,755
21,757
21,765
21,792
21,821
21,868
21,918
21,965
22,032
21,999
22,106
22,058
371
371
371
371
371
371
371
371
6
12
26
26
26
31
35
523
523
548
573
576
576
861
1956—Jan
Feb
Mar
Apr
May
June . . . .
July
Aug
Sept
Oct
Nov
Dec
35
35
35
35
35
35
35
35
35
35
35
35
Belgium
Brazil
Canada
Chile
Cuba
Denmark
Ecuador
Egypt
88
88
112
112
117
138
144
698
587
621
706
776
778
929
317
317
317
317
321
322
323
496
590
850
896
996
[,080
1,141
40
40
45
42
42
42
44
299
271
311
214
186
186
136
32
31
31
31
31
31
31
21
19
22
23
23
23
23
53
97
174
174
174
174
174
147
151
154
157
161
164
942
955
953
970
958
952
965
964
972
949
941
928
323
323
323
323
323
323
323
323
323
323
323
1,136
1,129
1,127
[,113
1,107
1,109
1,114
1,114
1,112
1,119
I 124
1,113
44
42
43
43
46
46
46
46
45
45
45
46
136
136
136
136
136
136
136
136
136
136
136
136
31
31
31
31
31
31
31
31
31
31
31
31
23
23
23
23
23
23
23
22
22
22
22
22
174
174
174
174
174
174
174
174
174
181
181
188
Mexico
Netherlands
258
Germany,
France 3 Federal GuateRepublic mala
of
1949 Dec
1950—Dec
1951—Dec
1952—Dec
1953—Dec
1954—Dec
1955 Dec.
Australia
India
Indonesia
Iran
Italy
Norway
Pakistan
Peru
28
140
326
626
920
27
27
27
27
27
27
27
247
247
247
247
247
247
247
178
209
280
235
145
81
81
140
140
138
138
137
138
138
256
256
333
346
346
346
352
52
208
208
144
158
62
142
195
311
316
544
737
796
865
51
50
50
50
52
45
45
27
27
27
38
38
38
48
28
31
46
46
36
35
35
861
861
861
861
861
861
861
861
861
861
861
861
953
991
1,003
1,035
[,056
1,104
1,189
1,274
1,294
[,329
.376
27
27
27
27
27
27
27
27
27
27
27
247
247
247
247
247
247
247
247
247
247
247
81
81
81
81
81
54
54
46
46
45
45
45
138
138
138
138
138
138
138
138
138
138
138
352
352
352
352
352
353
353
360
360
163
163
164
164
164
165
165
166
166
865
872
875
877
864
853
853
853
854
854
854
844
45
45
45
45
45
45
45
46
46
47
47
50
48
48
48
48
48
49
49
49
49
49
49
49
35
35
35
35
35
35
35
35
Portugal
El Salvador
South
Africa
Turkey
United
King-4
dom
1949—Dec
1950—Dec
1951—Dec
1952—Dec
1953—Dec
1954—Dec
1955 Dec
178
192
265
286
361
429
428
17
23
26
29
29
29
28
128
197
190
170
176
199
212
85
61
51
51
54
56
56
70
90
152
184
218
265
276
1 504
[,470
1,452
1,411
1,459
[,513
1,597
118
118
113
113
113
113
112
154
150
151
143
143
144
144
1 688
3,300
2,335
1,846
2,518
2 762
2,120
178
236
221
207
227
227
216
373
373
373
373
373
403
403
1 451
1,494
1 530
1,692
1,702
1 740
1,808
68
167
115
196
193
196
217
1956—Jan
Feb
Mar
Apr
May
431
431
431
436
436
436
436
442
442
442
448
448
28
28
28
28
28
28
28
28
28
28
28
28
211
216
212
210
217
215
212
216
214
214
220
224
56
56
56
56
56
56
56
56
56
56
56
278
272
273
269
266
257
260
262
263
265
265
266
1,593
1,592
1,608
I 606
1,579
[,571
1,598
1,622
1,634
1,635
112
112
112
112
112
112
112
112
112
112
144
144
144
144
144
144
144
144
144
144
144
144
2,149
2 210
2,277
2 328
2,369
2,385
2 405
2,276
2,328
2,244
1,965
2,133
216
216
216
216
216
216
216
214
214
192
186
403
403
403
403
403
403
403
403
403
503
503
603
1,811
1 811
1,786
1 761
1,741
1,743
1 718
1,695
1,711
1,687
1,692
193
183
197
190
216
199
207
212
199
214
175
179
End of
month
July
Sept
Oct
Nov
Dec
....
. .
Spain
Sweden Switzerland
r
P1 Preliminary.
Revised.
Represents reported gold holdings of central banks and governments
and international institutions, unpublished holdings of various central
banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom,
and estimated official holdings of countries from which no reports are
received.
2 Includes gold in Exchange 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,
6*58
Thailand
Uruguay
Venezuela
Intl. Bank for
MoneIntl.
tary
SettleFund
ments
Reserve Bank Credit, and Related Items" or in the Treasury statement
"United
States Money, Outstanding and in Circulation, by Kinds."
3
Represents holdings of Bank of France (holdings of French Exchange
Stabilization
Fund are not included).
4
Exchange Equalization Account holdings of gold and of United
States and Canadian dollars, as reported by British Government. (Gold
reserves of Bank of England have remained unchanged at $1 million
since 1939, when Bank's holdings were transferred to Exchange Equalization Account.)
229
GOLD RESERVES AND DOLLAR HOLDINGS
ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL
INSTITUTIONS
[In millions of dollars]
Dec. 3 I, 1954
Gold&
shortterm
dollars
Area and country
Continental Western Europe:
329
Austria
Belgium-Luxembourg (and Belgian Congo).. 1,044
102
Denmark.
72
Finland
1,328
Prance (and dependencies) 1
1,999
Germany (Federal Republic of)
124
925
Italy
Netherlands (and Netherlands West Indies
1,118
and Surinam)
148
560
Portugal (and dependencies)
188
406
2,185
Switzerland
152
Turkey
947
Other*. .
......
Sept. 30, 1955
12
10
7
5
161
5
41
53
4
1,074
113
581
237
411
2,197
153
1,273
11,627
260
216
4
Other....
3,190
103
186
334
232
178
Total
4,223
2,616
Sterling Area:
United Kingdom
United Kingdom dependencies
Australia
India
Canada
Latin America:
Argentina
Guatemala
Panama, Republic of
Peru
El Salvador
Other
Iran
.....
Philippines
Thailand
Other
Total.
..
All other:
Egypt
Other
10
10
7
5
151
8
44
53
2
1,100
124
601
221
429
2,354
153
876
12,790
345
2,800
100
210
339
251
194
286
11
225
3,894
93
2,320
10
5
6
1
38
1
1
3
3
10
536
26
469
129
184
423
82
70
481
85
124
61
277
662
140
146
(3)
3
6
Grand total
June 30, 1956
2,598
88
219
320
265
210
282
11
2,816
91
230
330
255
206
241
11
302
3,700
295
3,928
397
2,173
437
2,305
1
1
3
16
309
6
(3)
24,961
746
3,510
354
28,471
1,100
(3)
44
(3)
1
1
308
1,221
99
82
1,782
2,742
176
1,214
10
12
6
5
7
11
1,145
97
602
206
426
2,308
151
1,112
23
73
Sept. 30, 1956*
14,133
304
2,871
87
243
329
245
204
253
10
2,812
94
241
321
248
207
265
10
254
3,979
265
3,923
277
369
2,394
362
2,549
357
1
1
(33)
()
1
3
14
476
25
540
147
224
399
81
93
523
94
115
73
283
734
154
3,912
192
3,961
255
175
1,029
268
250
647
15
3
6
1
3
4
6
1
4
236
166
1,092
285
263
665
(3)
4
6
1
5
171
169
1,175
300
253
695
2,489
28
2,624
30
2,707
16
307
7
308
7
294
6
234
87
1
246
79
1
242
91
321
1
325
1
333
25,870 1,274
3,595
320
29,465 1,594
(3)
j
26,159 1,308
3,689
321
29,848 1,629
(3)
2
1
167
4
(3)
319
30,782 1,378
(3)
117
(3)
1
1
23
83
(3
\
126
14
1
1
1
3
14
399
25
582
151
181
407
77
80
562
104
117
53
290
808
134
193
3,970
191
204
174
1,203
298
254
678
(3)
4
6
1
5
2,763
16
2 811
17
294
6
287
g
?
(3)
222
86
236
103
27,101 1,059
3,681
2
279
(3)
195
j
4
1
(3)
13,671
70
3,789
4
1
(33)
()
(3)
2
(3)
(3)
169
10
12
6
5
7
13
10
(3,
3
15
(3)
2
(33)
()
169
2
337
1,264
95
90
1,659
3,099
161
1,285
1,116
109
617
185
453
2,446
158
1,059
511
27
538
141
222
374
79
91
583
82
127
74
289
627
147
P Preliminary.
1 Excludes gold holdings of French Exchange Stabilization Fund.
2 Reflects publication by France of certain previously unpublished
French gold reserves, which are included for earlier dates in Continental
Western Europe—Other.
3 Less than $500,000.
4 Includes Yugoslavia, Bank for International Settlements (both for
its own and European Payments Union account), gold to be distributed
by the Tripartite Commission for Restitution of Monetary Gold, and
unpublished gold reserves of certain Western European countries.
5 Excludes gold reserves of the U. S. S. R.
222
2,224
289
22
69
13,622
7
j
2
343
15
(3)
(3)
13,240
201
174
992
266
235
621
181
169
851
266
236
521
1
10
12
6
5
6
10
6
(3)
44
194
•3
2
313
1,242
102
80
2,028
2,490
194
1,158
1,143
96
606
216
444
2,341
154
1,015
3,749
(3)
2
1
221
68
Total
2
3
14
3,673
Total
Asia:
322
1,201
91
84
21,986
2,374
187
1,137
12
10
7
3
161
509
26
466
139
217
389
77
72
556
86
127
52
281
668
124
531
32
442
112
308
423
72
62
391
74
118
59
317
597
135
Brazil....
Chile
Colombia
Cuba
Mar. 31, 1956
U. S. Gold& U. S. Gold& U. S. Gold& U. S. Gold& U.S. Gold& U. S.
Govt. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt.
term
bonds term
bonds term bonds
bonds term
bonds term
bonds
& notes dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes
341
1,149
95
73
1,593
2,250
145
1,105
Total
Dec. 3 1, 1955
339
(3)
2
1
4
1
(3)
(3)
(
27,401 1,121
3,750
308
27,981
(3)
1
167
4
(3)
(3)
1
3
14
6
1
6
(3)
(3)
1,154
317
3,717
392
31,151 1,438
31,698
1,546
6 Represents International Bank for Reconstruction and Development,
International Monetary Fund, and United Nations and other international organizations.
NOTE.—Gold and short-term dollars include reported and estimated
official gold reserves, and total dollar holdings as shown in Short-term
Liabilities to Foreigners Reported by Banks in the United States, by
Countries (Tables 1 and la-Id of the preceding section). U. S. Govt.
bonds and notes represent estimated holdings of such securities with original maturities of more than one year; these estimates are based on a
survey of selected U. S. banks and on monthly reports of security transactions. For back figures see BULLETIN for March 1956, pp. 304-305.
230
INTERNATIONAL INSTITUTIONS
INTERNATIONAL BANK FOR RECONSTRUCTION AND
DEVELOPMENT
[End-of-month figures.
INTERNATIONAL MONETARY FUND
In millions of dollars]
[End-of-month figures.
1956
In millions of dollars]
1955
1956
Item
1955
Item
Dec.
Sept.
June Mar.
Dollar deposits and U. S. securities.
365
386
407
425
428
931
Other currencies and securities1... .
960
938
947
966
2,238
2,094
2,002
Effective loans*
1,959
1,936
41
42
29
37
Other assets 3
40
IBRD bonds outstanding
Undisbursed loans
Other liabilities
Reserves
Capital
Oct.
Dec.
849
848
850
850
849
609
530
477
485
494
11
10
11
9
10
254
205
240
228
216
1,853 1,853 1,810 1,810 1,810
Disbursed
Repaid
1,125
118
268
163
221
355
935
115
267
50
221
281
178
6
14
Sterling area, total
Australia
India
Union of S. Africa
United Kingdom
Other
947
318
220
135
146
128
Latin America, total
Brazil
Colombia
Mexico
Other
Asia (excl. Sterling a r e a ) . . . .
Continental W. Europe, total
Belgium and Luxembourg.
France
Italy
Netherlands
Other
Member subscriptions
Accumulated net income
8,929 8,751 8,751 8,750 8,751
-14
-14
-14
-14
-12
1,687 1,718 1,761 1,811
125
200
50
75
25
18
139
19
606
259
96
116
68
67
56
5
21
16
1
12
551
254
75
100
67
55
77
22
13
13
26
5
698
194
111
141
252
488
163
73
124
129
43
9
13
7
13
445
153
60
117
115
30
3
4
11
12
144
71
68
10
62,922
2,108
1,829
7192
279
Total
Sold
to
Total
others 5
7
17
7
Africa (excl. Sterling area). .
Total
Country 9
Brazil
Burma
Chile
Colombia
Egypt
Indonesia....
Iran
Philippines...
Turkey
United States
150
15
50
50
60
110
35
15
43
2,750
1,751
Cumulative net drawings
on the Fund
Quota
757
109
253
50
82
263
Oct.
1,697 1,759 1,777 1,708 1,633
4,387 4,319 4,333 4,403 4,539
815
942
815
815
815
1
2
1
1
Outstanding
Principal
Apr. Jan,
Gold
Investments 8
Currencies:*
United States
Other
Unpaid member subscriptions
Other assets
Loans by country, Dec. 31, 1956
Area and member country 4
July
Paid
in
gold
38
1
9
13
10
16
9
4
11
688
1956
Nov.
1955
Oct.
Nov.
66
66
66
15
15
12
13
13
25
25
25
15
15
55
55
15
25
26
18
15
15
10
15
15
15
10-418 10-418 10-457
1 Currencies include demand obligations held in lieu of deposits.
2
Represents principal of authorized loans, less loans not yet effective,
repayments, the net amount outstanding on loans sold or agreed to be
sold
to others, and exchange adjustment.
3
Excludes uncalled portions of capital subscriptions.
4
Loans
to dependencies are included with member.
5
Includes also effective loans agreed to be sold but not yet disbursed.
6
Includes
$206 million in loans not yet effective.
7
Includes $169 million not guaranteed by the Bank.
8
U.
S.
Treasury
bills purchased with proceeds of sales of gold.
9
Countries shown are those with cumulative net drawings of $10
million or more on the latest date.
i o Represents sales of U. S. dollars by Fund to member countries for
local currencies, less repurchases of such currencies with dollars.
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS
Bank of England (millions of pounds sterling)
Assets of issue
department
Gold
1949 Dec
1950 Dec
1951—Dec
1952 Dec
1953 Dec
1954 Dec
1955—Dec.
1956
28
27
26
31
30
29
28
Feb 29
Mar. 28
Apr 25
May 30
June 27
July 25
Aug 29
Sept 26
Oct 31
Nov 28
Dec. 26
...
.4
.4
.4
.4
.4
.4
.4
.4
.4
.4
.4
.4
.4
4
4
4
4
.4
Other
assets
(fiduciary
issue)
Coin
1,350.0
1,375.0
1,450.0
1,575.0
1,675.0
1,775.0
1,900.0
5.3
1.5
1.7
1.4
2.4
2.4
1,825.0
1,875.0
1,875.0
1,900.0
1,950.0
2,000.0
1 950 0
l'925.0
1 925 0
l'925.0
2,025.0
2.3
2.2
2.0
For footnotes see opposite page.
Li£ibilities of banking department
Assets of banking department
Date
2.3
2.0
2.0
2.0
2.0
2.0
2.0
2.0
2.0
Notes
Discounts
and advances
Securities
Note
circulation i
Depc>sits
Bankers'
Public
ECA
Other
Capital
and
surplus
97.9
111.2
85.0
89.8
78.5
70.4
66.3
71.7
18.1
18.1
18.1
18.1
18.2
18.1
18.1
70.9
76.5
76.4
77.0
78.5
71.3
72.1
72.4
73.3
75.8
74.9
18.5
18.5
17.8
18.0
18.1
18.3
18.5
18.5
17.8
18.0
18.1
37.7
489.6
384.0
389.2
371.2
338.1
350.7
299.6
,321.9
,357.7
,437.9
,525.5
,619.9
,751.7
1,889.6
299.2
313.5
299.8
302.8
290.2
276.1
245.2
11.6
15.4
13.4
10.0
14.9
15.4
12.0
20.6
22.1
30.3
15.3
15.6
23.8
26.6
18.3
28.2
26.8
11.0
300.8
294.2
270.4
294.6
271.0
254.1
254.6
269.7
285.1
279.9
267.7
1,787.9
1,841.3
1,842.0
11871.3
1,893.4
1,963.0
1,907.5
1,880.6
1,877.8
1,906.3
1,997.7
258.1
243.3
225.9
231.6
238.2
215.6
222.4
230.9
256.6
220.0
203.6
10.6
11.1
12.8
11.4
10.5
11.9
13.0
12.9
15.1
13.8
11.6
28.4
17.7
12.5
49.9
55.4
23.7
10.7
14.8
29.2
18.2
11.2
37.5
34.1
33.4
29.1
57.0
37.4
42.9
44.7
47.5
19.0
27.7
4.9
8.9
.4
.6
24.3
7.2
9.6
3.2
3.1
3.2
3.1
3.1
.2
.2
231
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
Bank of Canada (millions of Canadian dollars)
Assets 2
Date
Sterling
and
United
States
dollars
Liabilities
Dominion and provincial govt. securities
Deposits
Other
assets
Shortterm
Note
circulation
Other
Chartered
banks
Dominion
govt.
Other
Other
liabilities
and
capital
1949—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
1954—Dec. 31
1955—Dec. 31
74.1
111.4
117.8
77.1
54.9
54.2
57.4
,781.4
,229.3
,141.8
,459.8
,376.6
,361.5
,283.8
227.8
712.5
1,049.3
767.2
893.7
871.1
1,093.7
42.5
297.1
135.2
77.3
112.0
114.1
185.2
,307.4
,367.4
,464.2
,561.2
,599.1
,623.5
,738.5
541.7
578.6
619.0
626.6
623.9
529.6
551.0
30.7
24.7
94.9
16.2
51.5
56.3
89.2
126.9
207.1
66.1
44.5
29.5
30.5
34.0
119.2
172.6
200.0
132.9
133.1
161.0
207.5
1956—Feb. 29
Mar. 31
Apr. 30
M a y 31.
June 30
July 31
Aug. 31
Sept.-29,
Oct. 31
Nov. 30
Dec. 31
56.5
58.8
52.3
67.2
60.1
59.9
62.1
57.7
51.4
61.1
60.8
,065.6
965.9
764.1
,065.6
,041.3
029.6
,019.3
,041.3
1,031.3
1,021.2
1,025.0
1,143.3
1,285.0
1,538.1
1,190.2
1,289.8
1,316.7
1,351.3
1,353.0
1,360.4
1,380.3
1,392.0
108.2
95.0
121.4
131.3
192.7
104.9
180.7
150.1
128.0
158.7
69.9
,641.1
,677.2
,686.3
,706.1
,734.9
,762.3
,764.6
,769.5
,780.9
,793.5
,868.7
493.6
506.1
564.9
•542.8
574.7
500.0
580.6
564.0
575.3
624.9
511.5
60.8
48.1
54.1
30.2
51.1
49.8
65.4
46.0
55.0
7.4
38.8
35.0
31.4
30.6
29.9
32.2
39.6
35.6
45.2
30.7
31.7
31.2
143.0
141.9
140.0
145.3
191.0
159.4
167.2
177.3
129.3
163.9
97.5
Bank of France (billions of francs)
Liabilities
Assets
Date
Gold
Foreign
exchange
Advances to
Government
Domestic bills
Open
market
Special
Other
Current
Other
Other
assets
Note
circulation
1949—Dec. 29
1950—Dec. 28
1951—Dec. 27
1952—Dec. 31
1953—Dec. 31
1954—Dec. 30
1955—Dec. 29
62.3
182.8
191.4
200.2
201.3
201.3
301.2
61.9
162.0
28.3
31.1
15.4
57.3
200.2
137.7
136.9
234.9
274.0
292.5
236.8
226.7
28.5
34.1
32.0
57.0
61.1
48.9
45.2
335.7
393.1
741.3
937.5
891.6
1,130.2
1,194.7
157.9
158.9
160.0
172.0
200.0
195.0
190.0
561.0
481.0
481.0
480.0
679.8
617.6
539.8
112.7
212.8
190.8
159.7
170.0
277.2
336.8
1,278.2
1,560.6
1,841.6
2,123.5
2,310.5
2,538.5
2,820.0
1956—Feb. 23
Mar. 29
Apr. 26
May 31
June 28
July 26
Aug. 30
Sept. 27
Oct. 31
Nov. 29,
Dec. 27
301.2
301.2
301.2
301.2
301.2
301.2
301.2
301.2
301.2
301.2
301.2
178.5
178.6
162.6
152.0
144.1
128.0
116.5
106.7
91.7
68.4
49.6
197.5
237.7
269.4
214.7
301.6
292.4
290.7
277.1
293.7
270.7
289.2
27.7
19.5
14.6
7.9
5.2
2.8
2.4
8.7
21.4
30.5
30.5
1,189.2
1,334.5
1,274.0
1,314.4
1,374.8
1,489.6
1,556.7
1,611.6
1,546.6
1,638.1
1,753.7
183.0
183.0
183.0
183.0
183.0
179.0
179.0
171.5
158.8
178.9
179.0
539.5
519.6
518.1
518.8
490.2
496.5
499.3
479.8
479.8
479.8
479.8
302.7
316.1
331.4
368.4
324.2
297.0
265.3
271.7
342.2
251.5
5236.4
2,741.5
2,876.7
2,834.4
2,861.9
2,890.5
2,932.2
2,979.0
2,982.0
2,988.4
2,964.6
3,046.9
1956
1955
Dec.
Nov.
Oct.
Central Bank of the Argentine Republic
(millions of pesos):
940
983
997
Gold reported separately
Other gold and foreign exchange..
37
454
275
Gold contribution to Intl. Fund. .
157
157
157
4 ,714 5,666 5,045
Govt. securities
Rediscounts and loans to banks... 106,882 100,741 98,302
Other assets
850
638
872
Currency circulation
42,802 39,238 38,116
Deposits—Nationalized
63,669 61 ,593 59,552
Other sight obligations
1,372 1,326 1,312
Other liabilities and capital
5,942 6,537 6,409
Dec.
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.
Dec.
Commonwealth Bank of Australia (millions of pounds):
Gold and foreign exchange
Checks and bills of other banks..,
Securities (incl. Govt. and Treas5,145
ury bills)
Other assets
85,167
Note circulation
127
Deposits of Trading Banks:
37,466
Special
46,714
Other
2,117
Other liabilities and capital
5,515
1,623
-250
GovernOther 3
ment
1.2
.1
()
.1
Nov.
Other
liabilities
and
capital
159.0
176.8
176.8
138.6
144.9
157.8
142.9
19.4
24.2
41.3
49.3
56.3
67.9
71.8
116.8
156.3
148.1
135.9
162.8
161.7
162.0
164.6
158.7
169.4
173.8
60.9
57.2
71.8
62.5
70.9
92.6
70.0
81.8
88.3
85.1
98.8
1955
1956
Central bank, monetary unit,
and item
Central bank, monetary unit,
and item
Deposits
Oct.
Dec.
310
5
286
6
297
7
556
43
384
567
53
380
413
270
35
225
270
33
230
265
38
219
570
62
5
Includes advance of 71.6 billion francs to Stabilization Fund.
NOTE.—All figures, including gold and foreign exchange, are compiled
from official reports of individual banks and are as of the last report date
of the month. For details relating to individual items, see BULLETIN for
April 1955, p. 443. For last available report from the Reichsbank
(Feburary 1945), see BULLETIN for December 1946, p. 1424.
232
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
1955
1956
1956
Dec.
Nov.
Oct.
Dec.
Dec.
Nov.
National Bank of Cuba—Cont.
Foreign exchange (Stabilization
1 743
16?
16?
Fund)
6 990
Net claim on Intl F u n d 1
13
5 995
Loans and discounts . .
42
42
Loans and discounts
113
131
1 8?3
Credits to Government
Claim against Government
1 348
Other assets
74
77
Other assets
Note circulation
452
418
13 ,026
Note circulation
1
61?
Deposits
Deposits—Banks
.
?98
591
899
?3
Other liabilities and capital
?7
Other
1 ,166
1 ,346 National Bank of Czechoslovakia 2
Blocked
1 ,555
,324 National Bank of Denmark (millions
Other liabilities and capital
of kroner):
National Bank of Belgium (millions of
Gold
68
68
francs) *
045
69?
460
46
46
398
44?
47
Foreign exchange
7?7
47
Gold
189
9 766
Loans and discounts
125
Foreign claims and balances (net). 11 ,384 12 ,308 12 375
6 769
Securities
498
Loans and discounts
7 564 7 406
7
505
3 ,071
34 660
3 ,051
34 ,660 34 ,660 34 660
Govt. compensation account
Consolidated Govt debt
9
8
8 6?6
960
366
Other assets
Govt securities
. . . .
853 7 ,497
2 37?
2 ?38
5 775
5 ,9?8
5 679
5 381
Note circulation
Other assets
1 ,461
1,450
109 ,883 108 ,918 110 733 106 399
Deposits—Government
Note circulation
.
1 477
1 445
1 768
1 412
1 501
597
Other
Deposits Demand
40
?66
40
' ?8
56
Other liabilities and capital. . .
?74
ECA
3 771 Central Bank of the Dominican Re3 ,399
4 ,137
4,091
Other liabilities and capital
public (thousands of pesos):
Central Bank of Bolivia—Monetary
Gold
11 ,396 11,276
(July)*
dept. (millions of bolivianos):
507
13 ,928 12,427
502
Foreign exchange (net)
Gold at home and abroad
1 ?06
488
2.500
500
Net claim on Intl. Fund *
Foreign exchange (net) . .
9 9 400
5 988
4 ,050
52 886
Loans and discounts
Loans and discounts
505
505
8 360
8 360
Govt. securities
Govt securities
1 115
19 907 19 931
993
Other assets
Other assets
5 0 778 47
4 ? 364
Note circulation..
. .
84 443
Note circulation
11 573
14 4?9
7 9?9
Demand deposits
7 899
Deposits
3 ,389
5 142
4 155
Other liabilities and capital
3 ,402
Other liabilities and capital
Central Bank of Ecuador (millions of
Central Bank of Ceylon (millions of
sucres):
rupees):
3?5
7?5
655
3?5
Gold
Foreign exchange
737
737
55
?9
11
18
1?
Foreign exchange (net)
Govt. securities
15
8
7
7
38
38
Net claim on Intl. F u n d i . . . .
Other assets
443
4? 5
513
433
477
441
Currency in circulation
Credits—Government
67
63
46
Other .
296
310
76
Deposits Government
151
153
150
Other assets
Banks....
138
?58
95
Note circulation .
752
743
93
90
79
Other liabilities and capital
230
233
Central Bank of Chile (millions of
Demand deposits—Private banks.
165
147
Other
pesos):
7 ,314
5 870
8 111
340
7 394
3?6
Other liabilities and capital. .
Gold
1 ,551
1 677
1, 621
2 583 National Bank of Egypt (millions of
Foreign exchange (net)
19
19
pounds):
Net claims on Intl. Fund 1
8 ,725
Gold
63
8 379
7, 174
7 991
66
Discounts for member banks
109
18 ,537 15 987 15, 986
Foreign assets
114
Loans to Government
18 691
150
37 ,381 30 304 ?6 9 0 0
144
Egyptian Govt. securities
Other loans and discounts
26 ,830 24 568 26 894
-10
-8
9 075
Clearing and other accounts (net).
Other assets
44
64 ,416 55 024 54 036 44 829
Note circulation
Loans and discounts
42
5 59^
5 758
3
6 665
7
Other assets
4
Deposits—Bank
1 9^8
101
166
2 303
Note circulation
Other
25 ,283 25 772 23 818
10
7 474
5
Other liabilities and capital
Deposits—Egyptian Government..
Others
114
11?
Bank of the Republic of Colombia (millions of pesos):
Other liabilities and capital
19
19
329
Gold and foreign exchange
277
257
273 Central Reserve Bank of El Salvador
5?
?4
Net claim on Intl. Fund *
(thousands of colones):
5?
5?
684
542
535
616
Gold
70 ,283 70 ,343
Loans and discounts
615
638
611
18 ,118
Govt. loans and securities
Foreign exchange (net)
5 068
487
146
138
104
Other assets
Net claim on Intl. F u n d ! . . . .
,677 - 4 ,677
964
778
726
800
97 ,803 93 ,657
Note circulation
Loans and discounts
559
564
Govt. debt and securities
\f>,616 18 ,61S
Deposits
55?
5?5
315
294
303
Other assets
6 ,784
7 ,647
Other liabilities and capital
180
109
,68? 96 019
Central Bank of Costa Rica (millions
Deposits
of col ones):
83 ,291 82 ,503
12
12
12
12
11 ,954 12 ,132
Gold
Other liabilities and capital
54
46
38
98 Bank of Finland (millions of markkaa):
Foreign exchange
1
7
7
7
7
7 849
7 ,849
Gold
Net claim on Intl. Fund
130
121
126
99
Loans and discounts
Foreign assets and liabilities (net). 20 ,926 22 ,368
17
9
18
17
49 ,448 41 ,666
Securities
Loans and discounts . .
?5
?3
17 500 17 ,500
?7
Securities—Government
164
142
Note circulation . .
...
145
168
Other
,794
1 ,989
10 715 11 ?80
41
Demand deposits
Other assets
44
53
47
33
60 ,735 58 468
36
38
Note circulation
37
Deposits
6 ,025
13 ,077
National Bank of Cuba (millions of
pesos):
Other liabilities and capital
34 ,420 38 ,159
136
136
136
136
Gold
172
182
172
134
Foreign exchange (net)
Austrian National Bank (millions of
schillings):
Gold
1 752
8 418
923
1
826
14 ,259
1 798
745
8 610
6
1 559
780
13 ,774
1 349
785
1 ,415
1 ,598
Oct.
1
8
5
1
745
638
890
559
715
13 ,550
1 338
711
1 ,370
1 ,577
r
Revised.
* Latest month available.
1
This figure represents the amount of the country's subscription to the
Fund less the bank's local currency liability to the Fund.
2 For last available reports for Czechoslovakia and Hungary (March
and February 1950, respectively) see BULLETIN for September 1950,
pp. 1262-1263.
1955
Central bank, monetary unit,
and item
Central bank, monetary unit,
and item
Dec.
194
13
44
210
13
54
63
82
431
?40
19
77
418
31?
?6
68
7?4
164
495
3 ,072
2 ,169
1 ,412
1 397
?66
11 ,276
15 ,692
,500
? 950
8 360
,910
48 068
9 309
3 ,311
3?5
4?
38
491
328
?73
757
235
17?
333
63
114
-7
40
?00
12
108
19
68
705
248
539
3 ,123
1 ,016
?
1 ,562
1 644
276
12 ,076
17 ,150
1 250
4 500
8 890
15 075
49 531
6 ,492
2 ,917
344
— 11
19
456
235
251
664
217
141
270
61
146
87
-9
30
6
180
r
2
23
70 ,402
8 ,404
1 573
82 ,514
17 ,780
6 ,868
91 ,94?
83 ,724
11 ,875
71 ,048
17 298
1 569
73 ,718
13 777
6 ,632
96 926
76 ,930
10 ,188
7 849
23 ,073
37 ,982
17 500
,998
7 849
27 ,401
37 ,556
1?
56 ,795
6 ,588
37 ,143
?0 000
1 ,915
9 211
55 883
25 ,556
22 ,493
3
Includes figure for Sudan Government.
NOTE.—All figures, including gold and foreign exchange, are compiled
from official reports of individual banks and are as of the last report date
of the month.
233
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
1955
1956
Central bank, monetary unit,
and item
Dec.
Bank of German States 4 (millions of
German marks):
Gold
Oct.
5 763
11 919
7 014
5,571
11 782
2,178
4,215
1,061
14,141
5 028
3,653
203
1,781
4} 7 0 3
1 3?7
T nans to Government
631
083
3 480
745
1 787
Banks
Other
Other liabilities and carntal
Bank of Greece (millions of drachmae):
Gold and foreign exchange (net)
5, 663
180
7, 011
5 058
Other
Other assets
7
016
450
1 080
j
s
Denosits
Government
Reconstruction and
relief accts
Other
Other liabilities and caoital
Bank of Guatemala (thousands of
quetzales):
Gold
7 786
4 067
7
9
Gold contribution to Intl. Fund..
Other assets
Coin
Banks
National Bank of Hungary2
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad
Foreign securities
Tndian Govt securities
Runee coin
Note circulation
Banking department:
Notes of issue department
Balances abroad
T oatis to Government
Other assets
Other liabilities and capital .
Bank Indonesia (millions of rupiahs):
Gold and foreign exchange (net)..
Other 3ssets
Note circulation
Denosits ECA
Other
7 J 738
36 43^
1, 250
11 789
43 j 9 5 3
58 517
4 168
4 809
494
24, 674
91
876
33
73
272
793
71
30
547
•
Banks
Other
Other liabilities and capital
Central Bank of Ireland (thousands of
pounds):
Gold
Sterling funds
Note circulation
385
4,920
7,207
1,215
14,189
1 409
739
960
9 846
478
8 ?88
320
129
1 288
587
987
9,568
479
8,178
320
1 931
1,191
4 247
534
282
7 67?
11 945
4 ?4?
1
10
17 708
3 761
4 135
1
r
7
r
608
083
367
514
640
282
221
429
n1
917
7,387
3,824
2,329
331
902
48
39
1,506
1 461
1,365
1 873
1 377
1 475
3, 867
9 038
4 105
4, 019
r
178 51,178
753
Dec.
5,816
155
7,005
5,130
1,999
5,467
1,097
77, 738 27,239
30 135 26,592
1, 250 1,250
11 553 13,131
40 754 38,355
56 403 54,314
4,033
4 071
4 877
S44
038 21,823
22 576 19,520
577
655
1
Gold contribution to Intl. F u n d . .
045
1, 178
1
4 473 4
7 854
7
1 748
1
14 661 14
8
Bank Melli Iran<> (millions of rials):
Gold
Other loans and discounts
Securities
Other assets
Nov.
706
67$
5, 609
'143
r
6, 985
r
4 6S1
r
7H9
1
r
4 r951
866
5K4
4 408
8Q9
Sank of Israel (thousands of pounds):
Gold
Foreign exchange
Clearing accounts (net) . .
Loans and discounts
Advances to Government
Other Govt. accounts
Govt. securities
Other assets
Notes and coin in circulation
Deposits—Government
Other
Other liabilities and capital
Sank 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
Sank of Japan (billions of yen):
734
591
Advances to Government
Loans and discounts
1, 250
11 719
Other assets
39 615
Note circulation
51 043
3 851
Deposits—Government
6 I'M
Other
Other liabilities
20 531
of pesos):
20 659 Bank of Mexico (millions
8
77
72
6
5
1
13
1
1956
Dec.
1955
Nov.
Oct.
(Sept.)*
2,116
85,116
1 387
°1 7 9 6
77 595
7 7 , 647
146 7 7 0
14 9 3 7
7 7 0 537
35 467
139 973
Monetary reserve
"Authorized" holdings of securities, etc
Bills and discounts
Other assets
400
869
Note circulation
3fl7
Demand liabilities
Other liabilities and capital
084
Bank (millions of
6 7 0 Netherlands
guilders):
Gold....
120
Silver (including subsidiary coin). .
483
Foreign assets (net)
121
Loans and discounts
37
Govt. debt and securities
084
3S3
461
Note circulation—Old
4 74?
244
282
7 1S7
10 320
5 7R0
2 ,646
2 ,646 2,646
72 ,774 70 ,905 69,785
75 -170 73 551 72 431
2 ,646
73 ,635
76 7R1
444
Loans and discounts
Advances to State or State unInvestments
Note circulation.
Other liabilities and capital
3 005 Bank of Norway (millions of kroner):
10 01S
4 ,080
1 846
11 R7f?
3 ,230
Gold.
Foreign assets (net)
Clearing accounts (net)
Securities
Occupation account (net)
Other assets
Note circulation
Banks
FOA
Other liabilities and capital
2
88
3
15
31
19
134
16
183
r
16
99
042
819
674
814
777
7QQ
3HK
062
561
977
4
4
71
567
71
567
535
406
475
398
974
4
71
567
4
70
567
417
493
393
935
415
1 671
1,052
1,818
8
1,620
7
1, 602
16
123
503
182
111
581
170
9S
5K7
165
71
102
r
513
163
(7 )
143
587
232
785
54
31
92
75
484
80
471
-OQ
231
626
42
36
87
611
48
M
8R
45
554
°61
674
51
65
77
1,863
1 854
1 ,770
5,261
730
383
5,128
2 325
5 164
5 ,364
5
0
406
775
4 997
2 082
694
3,230
4
784
174
3 230
3 ,275
1 ,362
825
420
660
366
3
978
37R
661
377
413
4,073
252
368
587
223
3,923
157
368
552
218
4 007
3 ,955
784
3,192
4
718
345
724
448
010
303
336
43
51
78
New
Deposits—Government.
1 902
067
ECA
Other
7 913
Other liabilities and capital.
440
Reserve Bank of New Zealand (thou8
495 sands of pounds):
1 877
Gold.
Foreign exchange reserve.
794
4,242
341
534
282
282
7 673 7 333
P 227 12 264
6 403
6 494
469
916
469
3 401
3 571
3,999
11 0 9 7 11 066 10 897
5,829
4 574 5 ,041
1 379
1 759 1 153
15 030 14 776 14 289
3 ,448
3 ,208 3,255
Dec.
438
17, 563 ni 854
Bullion
* Includes figures for the nine Land Central Banks.
5 In October 1956, gold held by bank was revalued from 8.47512 to
2.88 grains of fine gold per rupee.
6 Items for issue and banking departments consolidated.
Central bank, monetary unit,
and item
,
318
419
616
71S
326
490
656
op
6 162 6 162 6 162
29,457 32,270 40 582
25,894 27,255 29 307
162
29 ,244
26 ,220
51,298
53,173
2 304
83 257
73 565
11,466
55 ,848
41 ,278
1 525
81 090
68 753
10 433
53,665
38,173
1 966
74 726
74 730
10 035
218
106
— 39
111
74
5,546
138
3,204
1,542
425
26
957
708
173
4SK
242
^94
9 884
49
38
1
70
ft5
71R
73
— 70
117
74
5 ,546
123
3 ,162
1 ,657
364
23
927
709
-96
— 58
po
93
5 ,546
106
3 ,305
1 ,060
640
106
807
7 Holdings in each month were 448 million yen.
8 Includes gold, silver, and foreign exchange forming required reserve
(25 per cent) against notes and other demand liabilities.
For other footnotes see opposite page.
234
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
1955
1956
Central bank, monetary unit,
and item
State Bank of Pakistan (millions of
rupees):
Issue department:
Gold at home and abroad
Pakistan Govt. securities
Govt. of India securities
India currency
Ruoee coin
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
froaranies*) •
Gold1
Net claim on Int. Fund 2
Govt. loans and securities
Note and coin issue
Deposits Government
Other
Other liabilities and capital
Central Reserve Bank of Peru (millions
of soles):
Dec.
Net claim on Intl Fund 2
Loans
.
...
Other assets
Circulation Notes
Coin
Demand deoosits
115
864
1,653
246
430
115
870
1,527
176
430
114
824
1,194
275
431
61
64
24
3,077
2,907
2,779
103
10
2
671
104
30
96
21
616
170
661
627
168
699
636
180
11
460
11
463
11
564
53
1,620
551
354
1 218
53
1,572
535
368
1 169
53
1,524
520
329
1 181
270
267
290
311
303
323
1,292
1,231
1,192
719
67
786
1,306
731
67
780
1,305
148
125
2 176
2 175
601
249
609
224
43
385
41
401
96
451
156
692
86
265
87
84
436
153
661
86
284
85
ECA
84
11 Swiss National Bank (millions of
12 francs):
519
Gold
512
Foreign exchange
113
Loans and discounts
Other assets
Note circulation
4
Sight liabilities
93
Other liabilities and capital
8 Central Bank of the Republic of Turkey
1,443 (millions of pounds):
517
Gold . .
511
Foreign exchange and foreign
920
clearings
218
185
Securities
1,255
Other assets
Note circulation
Deposits—Gold
554
Other
67
Other liabilities and capital
820 Bank of the Republic of Uruguay (mil1,024 lions of pesos):
143
Gold.
Silver
1,890
460
Nov.
41
401
583
961
129
608
1,004
129
4,390
21
1,038
5,598
4,010
27
1,023
5,316
3,959
22
1,002
5,235
4,023
25
1,095
5,319
260
199
85
321
244
1,134
119
1,178
163
1,173
427
819
7,103
6,686
7,025
6,925
627
587
624
254
121
5,483
2,277
590
459
135
5,810
2,286
173
114
5,383
2,194
286
125
5,516
1,990
228
227
225
215
402
402
402
402
242
219
222
188
4,079
3,891
3,844
3 574
30
31
235
2,526
155
1,694
613
234
2,433
155
1,586
604
31
30
231
2,369
155
1,585
621
144
2,008
155
1,604
571
305
10
327
10
Advances to State and Govt.
136
371
149
646
86
283
81
57
5,835
13,625
1,420
1,373
1 937
11,114
1 873
5,680
13,588
l!087
89
7 974
3 139
ll'075
1,459
117
7 880
2,520
277
226
527
741
495
205
351
467
632
518
159
336
810
649
1,438
1,297
1,538
1 234
834
194
374
137
1,170
413
1,372
1,104
415
1,047
1,154
263
326
5
2
62
5
2
61
78
47
13
47
76
42
16
44
118
70
113
56
17
110
51
17
111
66
18
617
617
616
321
347
16,124
44,149
53 803
51,254
3,652
12,035
48,074
15,948
44 370
53 240
51,222
5 085
11,179
47,007
.
Note circulation
Deposits
Other liabilities and capital
National Bank of Federal People's Republic of Yugoslavia (billions of
dinars):
Gold
Gold contribution to Intl. Fund. .
Foreign assets
1,747
1,045
206
1,290
368
1,339
94
252
107
54
65
5
2
59
787
14
80
86
229
108
88
159
121
578
190
583
185
409
171
547
536
654
664
49
67
55
54
509
658
675
269
67
524
297
2
100
572
297
2
98
628
297
142
430
297
2
633
832
720
982
744
1,137
229
303
229
302
229
299
Govt. debt (net)
Other assets
Notes and coin in circulation
Demand deposits
75
Long-term liabilities (net)
45
Other liabilities and c a p i t a l . . . .
19
55 Bank for International Settlements
79
52
25
48
16
Deposits—Government..
Other
13
Other liabilities and capital
396 Central Bank of Venezuela (millions
155 of bolivares):
625
Gold
86
Foreign exchange (net)
177
Other assets
320
14,863
36,719
43 886
47,045
3,715
6,644
39,000
(millions of Swiss gold francs):
Gold in bars
Cash on hand and with b a n k s . . . .
Rediscountable bills and acceptances (at cost)
Time funds at interest
Sundry bills and investments
Funds invested in Germany
Demand deposits—Gold
Other
Long-term deposits: Special
Other liabilities and capital
Dec.
584
1,038
129
31
340
10
Oct.
586
1,072
129
bodies
1 On Mar. 1,1956, gold revalued from 0.0423177 to 0.0148112 grams of
fine2 gold per guarani.
This figure represents the amount of the country's subscription to the
Fund less the bank's local currency liability to the Fund.
Net claim on Intl. Fund 2
Swedish Govt. securities and advances to National Debt Office 3.
Other domestic bills and advances.
Other assets
Note circulation
Demand deposits—Government..
Other
Dec.
Other assets
Other assets
Other
Other liabilities and capital
115
921
1,296
177
430
59
Demand deposits—Government
Other loans and discounts
Other assets
Note circulation
Dec.
3,264
Bank of Portugal (millions of escudos):
Gold
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
Oct.
Bank of Sweden (millions of kronor):
Gold
Loans and discounts to banks
Loans to Government
Other assets
Note circulation
Other liabilities and cat)ital
Central Bank of the Philippines
(millions of pesos):
Gold
Nov.
1955
1956
Central bank, monetary unit,
and item
1,036
1,004
56
59
516
822
229
290
3 Includes small amount of nongovernment bonds.
NOTE.—All figures, including gold and foreign exchange, are compiled
from official reports of individual banks and are as of the last report date
of the month.
235
MONEY RATES
CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1
[Per cent per annum]
Central banks with new rates since December 1954
Month effective
Austria
In effect Dec 31 1954
1955_jan
Feb
Bel-
gium
2.75
3.5
.
.
Neth- NorUn.of
Den- GerTur- United Can- New
er- way Spain SweZea- South In- Japan*
mark many Greece lands
den key Kingdom ada land Africa dia 2
5.0
3.0
10.0
2.5
9.0
.
4.5
May
2.5
3.75 2.75 3.0
3.5
3.0
3.5
45
3.75
5.5
2.0
4.0
3.0
3.5
5 0
2.0
6 0
2.25 7.0
5.0
8.03
4 5
2 75
1956 Feb
Mar
5.5
60
3.25
3 25
4.25
3.75
3 5
33.77
3.92
4.0
3.5
1957_j a n
3.5
4.5
5.5
3.5
3.95
4.5
5.0
3.25
30
10.0
5.0
Sept
Oct
Nov
Dec
55
3.0
4.5
In effect Jan. 31, 1957
6.57
3.0
15
4.5
July
Aug
Sept
Oct
Nov
4.0
10.0
3.75 3.5
4.25 4.0
6.0
5.5
3.95 7.0
4.5
Area and
country
Rate
3.5
8.03
Other selected central banks—rates in effect on Jan. 31, 1957
Area and
country
Europe:
Rate
France
3.0
Italy
4.0
Portugal
2.5
Switzerland... 1.5
Month
effective
Dec.
Apr.
Jan.
Nov.
Area and
country
Asia:
1954
1950
1944
1936
Month
effective
Rate
Ceylon
Indonesia 2 ...
Pakistan
3.0
2.5
3.0
3.0
Feb.
June
Apr.
July
1948
1954
1946
1948
1 Rates shown represent mainly those at which the Central bank either
discounts or makes advances against eligible commercial paper and/or
government securities for commercial banks or brokers. For countries
with more than one rate applicable to such discounts or advances, the
rate shown is the one at which the largest proporation of central bank
credit operations is understood to be transacted. In certain cases other
rates
for these countries are given in the following footnote.
2
Discounts or advances at other rates include: India—3.5 per cent
for discounts and for advances on government securities (rate shown
is for advances on commercial paper); Japan—various rates dependent
Area and
country
Rate
Asia—Cont.:
Philippines... 1.5
Thailand
7.0
Latin America:
Costa R i c a 2 . . 3.0
Month
effective
Latin Am.—Cont.
El Salvador 2 .
Mexico
Peru 2
Apr. 1939
Venezuela....
Feb. 1954
Feb. 1945
3.0
4.5
6.0
2.0
Month
effective
Mar.
June
Nov.
May
1950
1942
1947
1947
on type of paper or transaction and extent of borrowing from central bank,
including 7.3 per cent for discount of paper related to domestic commercial
transactions (rate shown is for advances on commercial paper and miscellaneous collateral); Indonesia—various rates dependent on type of
paper, collateral, commodity involved, etc.; Costa Rica—5 per cent for
paper related to commercial transactions (rate shown is for agricultural
and industrial paper); El Salvador—2 per cent for agricultural paper; and
Peru—4 per cent for industrial, and mining paper and 3 per cent for most
agricultural paper.
3 Since Nov. 1, the discount rate is set each week at 1/A per cent above the
latest average tender rate for Treasury bills.
OPEN MARKET RATES
[Per cent per annum]
Canada
Month
Treasury Day-tobills
day
3 months1 money2
I954 Dec
1955 Dec
1.08
2.59
1956 Jan
Feb
Mar
Apr
May
2.51
2.62
2.83
2.84
July
Sept
Oct
Nov
Dec
r
1
2.58
2.63
2.53
2.94
3.06
3.30
3.40
3.61
.78
2.42
2.49
2.34
2.57
2.65
2.66
2.68
2.52
2.63
2.67
2.83
2.89
3.18
Bankers' Treasury Day-toacceptbills
day
ances
3 months 3 months money
1.78
4.22
4.22
4.77
5.34
5.27
5.14
5.20
5.10
5.08
5.18
5.14
5.08
5.07
Revised.
Based on average yield of weekly tenders during the month.
France
United Kingdom
1.78
4.08
4.07
4.69
5.18
5.11
4.95
5.09
5.01
5.03
5.11
5.04
5.01
4.94
1.45
3.10
3.03
3.68
4.17
4.05
4.13
4.16
3.96
4.14
4.26
4.21
4.24
4.15
Bankers'
allowance Day-today
on
money
deposits
1.25
2.50
2.50
2.98
3.50
3.50
3.50
3.50
3.50
3.50
3.50
3.50
3.50
3.50
Netherlands
Treasury
bills
3 months
Day-today
money
3.29
2.99
.77
1.06
.57
.62
2.95
1.38
1.53
1.32
1.59
1.76
2.38
2.74
3.00
1.15
1.00
1.00
1.23
3.05
3.06
3.08
3.10
3.02
3.21
3.02
3.00
3.47
3.71
3.00
3.30
3.25
3.48
Sweden
Loans
Private
up to
discount
3 months
rate
3^-5^
AVA-WL
AVA-^A
AVA-&A
VA-^VI
AVA-61A
AVA-6VI
A1/A-&A
AVA-6VL
AVA-&A
[.25
1.43
1.50
1.50
1.50
1.50
1.50
1.50
2 Based on weekly averages of daily closing rates.
Switzerland
AVA-SVI
r
Vh-&/A
1.50
.50
1.50
1.50
1.50
.50
1.50
1.50
1.50
1.50
1.50
1.50
L.50
1.50
236
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)
Year or month
Preferential
Basic
Australia
(pound)
Austria
(schilling)
Belgium
(franc)
British
Malaysia
(dollar)
Canada
(dollar)
Ceylon
(rupee)
Free
20.000
13.333
20.000
13.333
20.000
13.333
20.000
13.333
120.000
113.333
25.556
7.067
7.163
7.198
7.198
17.183
32.835
223.07
222.63
224.12
223.80
222.41
222.76
3.8580
3.8580
3.8580
3.8580
1.9859
1.9878
2.0009
1.9975
1.9905
2.0030
32.849
32.601
32.595
32.641
32.624
32.582
94.939
102.149
101.650
102.724
101.401
101.600
20.849
20.903
21.046
21.017
20.894
20.946
1956—Jan..
Feb..
Mar.
Apr..
May.
June.
July.
Aug.
Sept.
Oct..
Nov.
Dec.
5.556
5.556
5.556
5.556
5.556
5.556
5.556
5.556
5.556
5.556
5.556
5.556
2.587
2.386
2.454
2.536
2.657
2.872
3.090
3.249
3.190
3.177
2.987
2.806
223.63
223.62
223.50
223.72
223.71
223.28
222.58
221.76
221.76
221.88
221.71
221.92
3.8580
3.8580
3.8580
3.8580
3.8580
3.8580
3.8580
3.8580
3.8580
3.8580
3.8580
3.8580
2.0001
2.0000
2.0023
2.0035
2.0029
2.0032
2.0074
2.0049
2.0064
2.0084
2.0022
1.9945
32.819
32.816
32.798
32.761
32.700
32.608
32.510
32.368
32.373
32.384
32.360
32.475
100.122
100.080
100.122
100.302
100.803
101.476
101.835
101.907
102.274
102.732
103.725
104.095
21.019
21.017
21.004
21.024
21.022
20.977
20.917
20.858
20.873
20.878
20.871
20.881
1957—Jan..
5.556
2.642
222.77
3.8570
1.9912
32.529
104.085
20.948
Finland
(markka)
France
(franc)
Germany
(deutsche
mark)
India
(rupee)
Ireland
(pound)
Japan
(yen)
Mexico
(peso)
280.38
279.68
281.27
280.87
279.13
279.57
1951
1952
1953
1954
1955
1956
Denmark
(krone)
Year or month
.4354
.4354
.4354
.4354
.4354
.4354
.2856
.2856
.2856
.2856
.2856
.2855
23.838
23.838
23.838
23.765
23.786
20.869
20.922
21.049
21.020
20.894
20.934
4.2779
11.564
11.588
11.607
9.052
8.006
8.006
1956—Jan...
Feb..
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct..
Nov..
Dec.
.4354
.4354
.4354
.4354
.4354
.4354
.4354
.4354
.4354
.4354
.4354
.4354
.2854
.2855
.2855
.2855
.2855
.2855
.2855
.2855
.2855
.2855
.2855
.2855
23.719
23.717
23.716
23.716
23.729
23.797
23.839
23.853
23.853
23.843
23.832
23.823
21.019
21.017
21.004
21.024
21.022
20.977
20.911
20.830
20.840
20.856
20.840
20.861
280.66
280.64
280.49
280.77
280.76
280.22
279.33
278.31
278.31
278.46
278.25
278.50
4.2779
.2779
8.006
8.006
8.006
8.006
8.006
8.006
8.006
8.006
8.006
8.006
8.006
8.006
1957_jan.,
.4354
.2855
23.808
20.939
279.57
.2779
8.006
14.491
14.492
1951.
1952.
1953.
1954.
1955.
1956.
Netherlands
(guilder)
New
Zealand
(pound)
Norway
(krone)
Philippine
Republic
(peso)
Portugal
(escudo)
South
Africa
(pound)
Sweden
(krona)
Switzerland
(franc)
United
Kingdom
(pound)
1951
1952
1953
1954
1955
1956
26.264
26.315
26.340
26.381
26.230
26.113
277.19
276.49
278.48
278.09
276.36
276.80
14.015
14.015
14.015
14.008
14.008
14.008
49.639
49.675
49.676
49.677
49.677
49.676
3.4739
3.4853
3.4887
3.4900
3.4900
3.4900
278.33
278.20
280.21
279.82
278.09
278.52
19.327
19.326
19.323
19.333
19.333
19.333
23.060
23.148
23.316
23.322
23.331
23.334
279.96
279.26
281.27
280.87
279.13
279.57
1956—Jan..
Feb..
Mar.
Apr..
May.
June.
July.
Aug.
Sept.
Oct..
Nov.
Dec.
26.125
26.123
26.107
26.125
26.110
26.106
26.106
26.111
26.110
26.124
26.105
26.101
277.88
277.87
277.72
277.99
277.98
277.44
276.57
275.55
275.55
275.70
275.49
275.75
14.008
14.008
14.008
14.008
14.008
14.008
14.008
14.008
14.008
14.008
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
49.674
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
279.61
279.60
279.45
279.72
279.71
279.17
278.29
277.27
277.26
277.42
277.21
277.46
19.333
19.333
19.333
19.333
19.333
19.333
19.333
19.333
19.333
19.333
19.333
19.333
23.335
23.335
23.335
23.335
23.332
23.334
23.335
23.335
23.335
23.331
23.335
23.335
280.66
280.64
280.49
280.77
280.76
280.22
279.33
278.31
278.30
278.46
278.25
278.50
1957—Jan..
20.106
276.80
14.008
49.677
3.4900
278.53
19.333
23.329
279.57
Year or month
1 Annual averages based on quotations through Oct. 27, 1955.
2
Official rate. The basic and preferential rates were discontinued and
the new official rate of 18 pesos per U. S. dollar became effective Oct.
28, 1955.
3 New free market rate, became effective Oct. 28, 1955.
Based on quotations beginning Nov. 26, 1956.
4
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FEDERAL RESERVE BULLETIN • FEBRUARY 1957
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February
BOARD OF GOVERNORS
of the Federal Reserve System
W M . M C C . MARTIN, J R . ,
Chairman
M. S. SZYMCZAK
C. CANBY
BALDERSTON,
A. L. MILLS, J R .
J. L. ROBERTSON
JAMES K. VARDAMAN, J R .
CHAS. N. SHEPARDSON
ELLIOTT THURSTON,
Assistant to the Board
WOODLIEF THOMAS,
Economic Adviser to the Board
CHARLES MOLONY,
Vice Chairman
WINFIELD
W. RIEFLER, Assistant to the Chairman
ALFRED
K. CHERRY, Legislative Counsel
Special Assistant to the Board
DIVISION OF BANK OPERATIONS
OFFICE OF THE SECRETARY
S. R. CARPENTER, Secretary
ROBERT F. LEONARD, Director
Assistant Secretary
A. KENYON, Assistant Secretary
CLARKE L. FAUVER, Assistant Secretary
J. E. HORBETT, Associate Director
GERALD M. CONKLING, Assistant Director
JOHN R. FARRELL, Assistant Director
MERRITT SHERMAN,
KENNETH
DIVISION OF EXAMINATIONS
LEGAL DIVISION
B. VEST, General Counsel
HOWARD H. HACKLEY, Associate General
Counsel
FREDERIC SOLOMON, Assistant General Counsel
DAVID B. HEXTER, Assistant General Counsel
G. HOWLAND CHASE, Assistant General Counsel
JEROME W. SHAY, Assistant General Counsel
THOMAS J. O'CONNELL, Assistant General
Counsel
GEORGE
DIVISION OF RESEARCH AND STATISTICS
GEORGE S. SLOAN, Director
ROBERT C. MASTERS, Associate Director
C. C. HOSTRUP, Assistant Director
FRED A. NELSON, Assistant Director
ARTHUR H. LANG, Chief Federal Reserve
Examiner
GLENN M. GOODMAN, Assistant Director
HENRY BENNER, Assistant Director
DIVISION OF PERSONNEL ADMINISTRATION
EDWIN J. JOHNSON, Director
H. FRANKLIN SPRECHER, JR., Assistant Director
RALPH A. YOUNG, Director
R. GARFIELD, Adviser
E. NOYES, Adviser
ROLAND I. ROBINSON, Adviser
KENNETH B. WILLIAMS, Assistant Director
DIVISION OF ADMINISTRATIVE SERVICES
SUSAN S. BURR, Assistant Director
OFFICE OF DEFENSE LOANS
FRANK
GUY
LISTON P. BETHEA, Director
JOSEPH
ALBERT R. KOCH, Assistant Director
LEWIS
E. KELLEHER, Assistant Director
GARDNER
N. DEMBITZ, Assistant Director
L. BOOTHE, II, Administrator
OFFICE OF THE CONTROLLER
DIVISION OF INTERNATIONAL FINANCE
J. JOHNSON, Controller
M. B. DANIELS, Assistant Controller
EDWIN
ARTHUR W. MARGET, Director
239
240
FEDERAL RESERVE BULLETIN • FEBRUARY 1957
Federal Open Market Committee
W M . M C C . MARTIN, JR.,
C. CANBY BALDERSTON
J. A. ERICKSON
W. D. FULTON
Chairman
ALFRED HAYES,
DELOS C. JOHNS
A. L. MILLS, JR.
O. S. POWELL
J. L. ROBERTSON
WINFIELD W. RIEFLER, Secretary
ELLIOTT THURSTON, Assistant Secretary
GEORGE B. VEST, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
WOODLIEF THOMAS, Economist
W M . J. ABBOTT, JR., Associate Economist
Vice Chairman
CHAS. N. SHEPARDSON
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.
FRANKLIN L. PARSONS, Associate Economist
H. V. ROELSE, Associate Economist
PARKER B. WILLIS, Associate Economist
RALPH A. YOUNG, Associate Economist
ROBERT G. ROUSE, Manager of System Open
Market Account
L. MERLE HOSTETLER, Associate Economist
Federal Advisory Council
LLOYD D. BRACE, BOSTON
ADRIAN M. MASSIE, NEW YORK
WILLIAM R. K. MITCHELL, PHILADELPHIA
FRANK R. DENTON, CLEVELAND
ROBERT V. FLEMING, RICHMOND
COMER J. KIMBALL, ATLANTA
HERBERT
V. PROCHNOW, Secretary
HOMER J. LIVINGSTON, CHICAGO
L E E P. MILLER, ST. LOUIS
JULIAN B. BAIRD, MINNEAPOLIS
R. CROSBY KEMPER, KANSAS CITY
WALTER B. JACOBS, DALLAS
FRANK L. KING, SAN FRANCISCO
WILLIAM
J. KORSVIK, Assistant Secretary
Federal Reserve Banks and Branches
District 1—FEDERAL RESERVE BANK OF BOSTON
BOARD OF DIRECTORS
Robert C. Sprague, Chairman and Federal Reserve Agent
James R. Killian, Jr., Deputy Chairman
Frederick S. Blackall, jr.
Oliver B. Ellsworth
William D. Ireland
Harold I. Chandler
Milton P. Higgins
Harry E. Umphrey
Harvey P. Hood
J. A. Erickson, President
D. H. Angney
Ansgar R. Berge
E. O. Latham, First Vice President
Vice Presidents
Dana D. Sawyer
O. A. Schlaikjer
District 2—FEDERAL RESERVE BANK OF NEW YORK
BOARD OF DIRECTORS
John E. Bierwirth, Chairman and Federal Reserve Agent
Forrest F. Hill, Deputy Chairman
Charles W. Bitzer
Ferd I. Collins
Clarence Francis
Franz Schneider
(Vacancy)
Howard C. Sheperd
Lansing P. Shield
FEDERAL RESERVE BANKS AND BRANCHES
241
District 2—FEDERAL RESERVE BANK OF NEW YORK-Continued
Alfred Hayes, President
Vice Presidents
H. V. Roelse
Robert V. Roosa
Robert G. Rouse
H. A. Bilby
John Exter
M. A. Harris
H. H. Kimball
A. Phelan
Vernon Alexander
Leland B. Bryan
Charles H. Diefendorf
William F. Treiber, First Vice President
BUFFALO BRANCH—BOARD OF DIRECTORS
Raymond E. Olson
Ralph F. Peo
I. B. Smith, in charge
of Buffalo Branch
T. G. Tiebout
V. Willis
R. B. Wiltse
John W. Remington
Clayton G. White,
Chairman
District 3—FEDERAL RESERVE BANK OF PHILADELPHIA
BOARD OF DIRECTORS
William J. Meinel, Chairman and Federal Reserve Agent
Henderson Supplee, Jr., Deputy Chairman
W. Elbridge Brown
Bayard L. England
R. Russell Pippin
Lester V. Chandler
Lindley S. Hurff
Geoffrey S. Smith
Charles E. Oakes
Alfred H. Williams, President
W. J. Davis, First Vice President
Vice Presidents
Karl R. Bopp
E. C. Hill
P. M. Poorman
Robert N. Hilkert
Wm. G. McCreedy
J. V. Vergari
District 4—FEDERAL RESERVE BANK OF CLEVELAND
BOARD OF DIRECTORS
Arthur B. Van Buskirk, Chairman and Federal Reserve Agent
Joseph Thompson, Deputy Chairman
John A. Byerly
Joseph B. Hall
George P. MacNichol, Jr.
King E. Fauver
Charles Z. Hardwick
Frank J. Welch
Edison Hobstetter
W. D. Fulton, President
Dwight L. Allen
Roger R. Clouse
C. Harrell
L. Merle Hostetler
Roger Drackett
Bernard H. Geyer
Frank C. Irvine
John H. Lucas
Douglas M. Moorhead
Donald S. Thompson, First Vice President
Vice Presidents
R. G. Johnson, in charge of
A. H. Laning
Cincinnati Branch
Martin Morrison
J. W. Kossin, in charge of
H. E. J. Smith
Pittsburgh Branch
Paul C. Stetzelberger
CINCINNATI BRANCH—BOARD OF DIRECTORS
Anthony Haswell, Chairman
W. Bay Irvine
Ivan Jett
PITTSBURGH BRANCH—BOARD OF DIRECTORS
Ben Moreell
Sumner E. Nichols
Franklin A. McCracken
William A. Mitchell
John C. Warner,
Chairman
Irving W. Wilson
242
FEDERAL RESERVE BULLETIN • FEBRUARY 1957
District 5—FEDERAL RESERVE BANK OF RICHMOND
BOARD OF DIRECTORS
John B. Woodward, Jr., Chairman and Federal Reserve Agent Alonzo G. Decker, Jr., Deputy
Daniel W. Bell
D. W. Colvard
Robert Gage
Joseph E. Healy
L. Vinton Hershey
Hugh Leach, President
Chairman
Robert O. Huffman
W. A. L. Sibley
Edw. A. Wayne, First Vice President
Vice Presidents
D. F. Hagner, in charge of
Baltimore Branch
Aubrey N. Heflin
Upton S. Martin
N. L. Armistead
R. L. Cherry, in charge of
Charlotte Branch
J. Dewey Daane
J. M. Nowlan
James M. Slay
Thomas I. Storrs
C. B. Strathy
BALTIMORE BRANCH—BOARD OF DIRECTORS
Stanley B. Trott
Clarence R. Zarfoss
James W. McElroy
Charles A. Piper
John W. Stout
Gordon M. Cairns
Wm. Purnell Hall, Chairman
CHARLOTTE BRANCH—BOARD OF DIRECTORS
G. G. Watts
T. Henry Wilson
Ernest Patton
I. W. Stewart
Paul T. Taylor
William H. Grier, Chairman
Charles D. Parker
District 6—FEDERAL RESERVE BANK OF ATLANTA
BOARD OF DIRECTORS
Walter M. Mitchell, Chairman and Federal Reserve Agent
Roland L. Adams
W. C. Bowman
Harllee Branch, Jr., Deputy
William C. Carter
Henry G. Chalkley, Jr.
Donald Comer
Malcolm Bryan, President
Chairman
Joseph T. Lykes
Pollard Turman
Lewis M. Clark, First Vice President
Vice Presidents
V. K. Bowman
J. E. Denmark
H. C. Frazer, in charge of
Birmingham Branch
T. A. Lanford, in charge of
Jacksonville Branch
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, Chairman
Robert M. Cleckler
John R. Downing
E. W. McLeod
Malcolm A. Smith
John E. Urquhart
Adolph Weil, Sr.
JACKSONVILLE BRANCH—BOARD OF DIRECTORS
Linton E. Allen
W. E. Ellis
James G. Garner
James L. Niblack
J. Wayne Reitz, Chairman
Harry M. Smith
McGregor Smith
243
FEDERAL RESERVE BANKS AND BRANCHES
District 6—FEDERAL RESERVE BANK OF ATLANTA-Continued
NASHVILLE BRANCH—BOARD OF DIRECTORS
J. R. Kellam, Jr.
Ernest J. Moench
A. Carter Myers, Chairman
Jo H. Anderson
Stewart Campbell
Frank B. Ward
C. L. Wilson
NEW ORLEANS BRANCH—BOARD OF DIRECTORS
J. Spencer Jones
G. H. King, Jr.
D. U. Maddox
William J. Fischer
Joel L. Fletcher, Jr.
H. A. Pharr
E. E. Wild, Chairman
District 7—FEDERAL RESERVE BANK OF CHICAGO
BOARD OF DIRECTORS
Bert R. Prall, Chairman and Federal Reserve Agent
J. Stuart Russell, Deputy Chairman
Vivian W. Johnson
Robert P. Briggs
William J. Grede
Walter J. Cummings
William A. Hanley
Nugent R. Oberwortmann
Walter E. Hawkinson
Carl E. Allen, Jr., President
E. C. Harris, First Vice President
Vice Presidents
C. T. Laibly
Neil B. Dawes
A. L. Olson
W. R. Diercks
George W. Mitchell
R. A. Swaney, in charge
A. M. Gustavson
of Detroit Branch
H. J. Newman
Paul C. Hodge
W. W. Turner
DETROIT BRANCH—BOARD OF DIRECTORS
John A. Hannah, Chairman
Ira A. Moore
Howard P. Parshall
C. V. Patterson
Raymond T. Perring
Ernest W. Potter
J. Thomas Smith
District 8—FEDERAL RESERVE BANK OF ST. LOUIS
BOARD OF DIRECTORS
Pierre B. McBride, Chairman and Federal Reserve Agent
S. J. Beauchamp, Jr.
Kenton R. Cravens
Phil E. Chappell
J. E. Etherton
J. H. Longwell
Delos C. Johns, President
Wm. J. Abbott, Jr.
Fred Burton, in charge of
Little Rock Branch
Joseph H. Moore, Deputy Chairman
Harold O. McCutchan
Leo J. Wieck
Frederick L. Deming, First Vice President
Vice Presidents
Victor M. Longstreet, in charge
Darryl R. Francis, in charge
of Louisville Branch
of Memphis Branch
H. H. Weigel
Geo. E. Kroner
J. C. Wotawa
Dale M. Lewis
LITTLE ROCK BRANCH—BOARD OF DIRECTORS
Donald Barger
T. Winfred Bell
E. C. Benton
H. C. McKinney, Jr.
Shuford R. Nichols
J. V. Satterfield, Jr.
A. Howard Stebbins, Jr.,
Chairman
244
FEDERAL RESERVE BULLETIN • FEBRUARY 1957
District 8—FEDERAL RESERVE BANK OF ST. LOUIS-Continued
LOUISVILLE BRANCH—BOARD OF DIRECTORS
David F. Cocks, Chairman
Magnus J. Kreisle
Philip Davidson
W. Scott Mclntosh
M. C. Minor
MEMPHIS BRANCH—BOARD OF DIRECTORS
A. E. Hohenberg, Chairman
John A. McCall
William B. Pollard
Henry Banks
J. H. Harris
J. D. Monin, Jr.
Merle E. Robertson
John D. Williams
John K. Wilson
District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS
BOARD OF DIRECTORS
Leslie N. Perrin, Chairman and Federal Reserve Agent
John E. Corette
Thomas G. Harrison
F. Albee Flodin
Ray C. Lange
Harold C. Refling
O. S. Powell, President
Kyle K. Fossum, in charge
of Helena Branch
C. W. Groth
A. W. Heidel
J. Willard Johnson
O. B. Jesness, Deputy Chairman
Joseph F. Ringland
Harold N. Thomson
A. W. Mills, First Vice President
Vice Presidents
M. B. Holmgren
H. G. McConnell
A. W. Johnson
M. H. Strothman, Jr.
Sigurd Ueland
HELENA BRANCH—BOARD OF DIRECTORS
Geo. N. Lund
Carl McFarland,
Chairman
George R. Milburn
District 10—FEDERAL RESERVE BANK OF KANSAS CITY
BOARD OF DIRECTORS
Raymond W. Hall, Chairman and Federal Reserve Agent
K. S. Adams
E. M. Dodds
W. L. Bunten
W. S. Kennedy
Harold Kountze
H. G. Leedy, President
John T. Boysen
P. A. Debus, in charge
of Omaha Branch
Merriam B. Berger
Arthur Johnson
Joe W. Seacrest, Deputy Chairman
Max A. Miller
Oliver S. Willham
Henry O. Koppang, First Vice President
Vice Presidents
R. L. Mathes, in charge
Clarence W. Tow
of Oklahoma City Branch
E. D. Vanderhoof
Cecil Puckett, in charge
D. W. Woolley
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
Aksel Nielsen, Chairman
Ray Reynolds
R. Otis McClintock
C. L. Priddy
FEDERAL RESERVE BANKS AND BRANCHES
245
District 10—FEDERAL RESERVE BANK OF KANSAS CITY-Continued
OMAHA BRANCH—BOARD OF DIRECTORS
C. Wheaton Battey
George J. Forbes
Manville Kendrick
William N. Mitten
James L. Paxton, Jr.
Chairman
District 11—FEDERAL RESERVE BANK OF DALLAS
BOARD OF DIRECTORS
Robert J. Smith, Chairman and Federal Reserve Agent
John R. Alford
John M. Griffith
Henry P. Drought
D. A. Hulcy
J. Edd McLaughlin
Watrous H. Irons, President
E. B. Austin
Howard Carrithers, in charge
of El Paso Branch
J. L. Cook, in charge of
Houston Branch
Hal Bogle, Deputy Chairman
J. B. Thomas
Sam D. Young
W. D. Gentry, First Vice President
Vice Presidents
W. E. Eagle, in charge of
San Antonio Branch
W. H. Holloway
T. W. Plant
L. G. Pondrom
Morgan H. Rice
Harry A. Shuford
EL PASO BRANCH—BOARD OF DIRECTORS
F. W. Barton
John P. Butler
Floyd Childress
James A. Dick, Chairman
Thomas C. Patterson
D. F. Stahmann
E. J. Workman
HOUSTON BRANCH—BOARD OF DIRECTORS
I. F. Betts
L. R. Bryan, Jr.
W. B. Callan
A. E. Cudlipp
John C. Flanagan, Chairman
Clarence E. Ayres
J. W. Beretta
E. C. Breedlove
SAN ANTONIO BRANCH—BOARD OF DIRECTORS
Burton Dunn
V. S. Marett
S. Marcus Greer
Tyrus R. Timm
Alex R. Thomas,
Chairman
Harold Vagtborg
District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO
BOARD OF DIRECTORS
A. H. Brawner, Chairman and Federal Reserve Agent
Y. Frank Freeman, Deputy Chairman
Carroll F. Byrd
Walter S. Johnson
Reese H. Taylor
M. Vilas Hubbard
John A. Schoonover
Philip I. Welk
(Vacancy)
H. N. Mangels, President
E. R. Barglebaugh, in charge of
Salt Lake City Branch
J. M. Leisner, in charge of
Seattle Branch
E. R. Millard
Eliot J. Swan, First Vice President
Vice Presidents
R. H. Morrill
John A. O'Kane
J. A. Randall, in charge of
Portland Branch
H. F. Slade
W. F. Volberg,
in charge of
Los Angeles Branch
O. P. Wheeler
246
FEDERAL RESERVE BULLETIN • FEBRUARY 1957
District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO-Continued
LOS ANGELES BRANCH—BOARD OF DIRECTORS
Anderson Borthwick
Edward C. Carter, Chairman
Leonard K. Firestone
Joe D. Paxton
James E. Shelton
PORTLAND BRANCH—BOARD OF DIRECTORS
Warren W. Braley, Chairman
J. H. McNally
John B. Rogers
E. C. Sammons
William H. Steiwer, Sr.
SALT LAKE CITY BRANCH—BOARD OF DIRECTORS
Harry Eaton
George S. Eccles
Russell S. Hanson
Joseph Rosenblatt, Chairman
Geo. W. Watkins
SEATTLE BRANCH—BOARD OF DIRECTORS
James Brennan
Lyman J. Bunting
Charles F. Frankland
S. B. Lafromboise
D. K. MacDonald, Chairman
Index to Statistical Tables
Acceptances, bankers', 174, 175, 219
Agricultural loans of commercial banks, 170, 172
Agriculture, Govt. agency loans, 178, 179
Assets and liabilities (See also Foreign liabilities and
claims reported by banks):
Banks and the monetary system, consolidated, 166
Corporate, current, 186
Domestic banks, by classes, 167, 170, 172
Federal business-type activities, by fund or
activity, 178, 179
Federal Reserve Banks, 161, 162
Foreign central banks, 230
Automobiles:
Consumer instalment credit, 190, 191, 192
Production index, 196, 200
Demand deposits—Continued
Banks, by classes, 167, 173
Type of holder, at commercial banks, 171
Department stores:
Merchandising data, 205
Sales and stocks, 194, 204
Deposits (See also specific types of deposits):
Adjusted, and currency, 166
Banks, by classes, 167, 171, 173
Federal Reserve Banks, 161, 162, 226
Postal savings, 166
Turnover of, 164
Deposits, reserves, and borrowings, by class of member bank, 159
Discount rates, 160, 235
Discounts and advances by Federal Reserve
Banks, 157, 161
Dividends, corporate, 185, 186
Dollar assets, foreign, 226, 229
Dwelling units started, 201
Bankers' balances, 171, 173, 217
(See also Foreign liabilities and claims reported by
banks)
Banking and monetary statistics for 1956, 214
Banking offices:
Changes in number, 212
On, and not on, Par List, number, 213
Banks and the monetary system, consolidated statement, 166
Bonds (See also U. S. Govt. securities):
New issues, 184, 186
Prices and yields, 175, 176, 220
Brokers and dealers in securities, bank
loans to, 170, 172, 216
Business expenditures on new plant and equipment, 186
Business indexes, 194
Business loans (See Commercial and industrial loans)
Earnings and expenses, Federal Reserve Banks, 210
Earnings and hours, manufacturing industries, 194, 203
Employment, 194, 203
Export-Import Bank, loans, etc., 178, 179
Capital accounts:
Banks, by classes, 167, 171, 173
Federal Reserve Banks, 161 162
Carloadings, 194
Central banks, foreign, 228, 230, 235
Coins, circulation of, 165
Commercial banks:
Assets and liabilities, 167, 170
Consumer loans held, by type, 191
Number, by classes, 167
Real estate mortgages held, by type, 187
Commercial and industrial loans:
Commercial banks, 170
Weekly reporting member banks, 172, 174, 218
Commercial paper, 174, 175, 219
Commodity Credit Corporation, loans, etc., 178, 179
Condition statements (See Assets and liabilities)
Construction, 194, 200, 201
Consumer credit:
Instalment credit, 190, 191, 192, 193
Major parts, 190, 192
Noninstalment credit, by holder, 191
Consumer durable goods output indexes, 200
Consumer price indexes, 194, 206
Consumption expenditures, 208, 209
Corporate sales, profits, taxes, and dividends, 185, 186
Corporate security issues, 184, 186
Corporate security prices and yields, 175, 176, 220
Cost of living (See Consumer price indexes)
Currency in circulation, 157, 165
Customer credit, stock market, 176
Debits to deposit accounts, 164
Demand deposits:
Adjusted, banks and the monetary system, 166
Adjusted, commercial banks, by classes, 171
Farm mortgage loans, 178, 187, 188
Federal business-type activities, assets and liabilities,
by fund or activity, 178, 179
Federal Deposit Insurance Corporation,
assets, etc., 178, 179
Federal finance:
Cash transactions, 180
Receipts and expenditures, 181
Treasurer's balance, 180
Federal home loan banks, loans, etc., 178, 179, 189
Federal Housing Administration, loans, etc., 178, 179,
187, 188, 189
Federal National Mortgage Association,
loans, etc., 178, 179, 189
Federal Reserve Banks:
Condition statement, 161, 162
Earnings and expenses, 210
U. S. Govt. securities held by, 157, 161, 162,
182, 183
Federal Reserve credit, 157, 161, 162
Federal Reserve notes, 161, 162, 163, 165
Finance company paper, 174, 175, 219
Foreign central banks, 228, 230, 235
Foreign deposits in U. S. banks, 157, 161, 162, 166,
171, 173,217
Foreign exchange rates, 236
Foreign liabilities and claims reported by
banks, 222, 224, 226
Foreign trade, 205
Gold:
Earmarked, 227
Net purchases by U. S., 227
Production, 226, 227
Reserves of central banks and governments, 228
Reserves of foreign countries and international
institutions, 229
Stock, 157, 166, 227
Gold certificates, 161, 162, 163, 165
Govt. debt (See U. S. Govt. securities)
Gross national product, 208, 209
Home owners, Govt. agency loans, 178, 179
247
248
FEDERAL RESERVE BULLETIN • FEBRUARY 1957
Hours and earnings, manufacturing industries, 194, 203
Production, 194, 195, 199, 200
Profits, corporate, 185, 186
Industrial advances by Federal Reserve
Banks, 161, 162, 163, 164
Industrial production indexes, 194, 195, 200
Instalment loans, 190, 191, 192, 193
Insurance companies, 177, 182, 183, 188
Insured commercial banks, 169, 170, 212
Interbank deposits, 167, 171, 173
Interest rates:
Bond yields, 175, 220
Business loans by banks, 175
Federal Reserve rates, 160, 164
Foreign countries, 235
Open market, 175, 219, 235
Regulation V loans, 164
Stock yields, 175, 220
International capital transactions of the U. S., 222
International financial institutions, 228, 229, 230
Inventories, 209
Investments (See also specific types of investments):
Banks, by classes, 167, 170, 172
Federal Reserve Banks, 161, 162
Govt. agencies, etc., 178, 179
Life insurance companies, 177
Savings and loan associations, 177
Real estate loans:
Commercial banks, 170, 172, 187, 216
Type of mortgage holder, 187, 188, 189
Type of property mortgaged, 187, 188, 189
Regulation V, loan guarantees, 163, 164
Reserve requirements, member banks, 160
Reserves:
Commercial banks, 171
Federal Reserve Banks, 161, 162
Foreign central banks and governments, 228
Foreign countries and international institutions, 229
Member banks, 157, 159, 161, 162, 171, 173,
214, 217
Residential mortgage loans, 187, 188, 189
Labor force, 202
Loans, (See also specific types of loans):
Banks, by classes, 167, 170, 172
Federal Reserve Banks, 157, 159, 161, 162,
163, 164
Govt. agencies, etc., 178, 179
Insurance companies, 177, 188
Sayings and loan associations, 177, 188
Loans insured or guaranteed, 163, 187, 188, 189
Manufacturers, production indexes, 194, 195, 200
Margin requirements, 160
Member banks:
Assets and liabilities, by classes, 167, 170
Banking offices, changes in number, 212
Borrowings at Federal Reserve Banks, 157,
159, 215
Deposits and reserves, by classes, 159
Number, by classes, 167
Reserve requirements, by classes, 160
Reserves and related items, 157
Weekly reporting series, 172, 216
Minerals, production indexes, 194, 195
Money rates (See Interest rates)
Mortgages (See Real estate loans)
Mutual savings banks, 166, 167, 169, 182, 183,
187, 212
National banks, 169, 212
National income, 208
National security expenditures, 181, 209
Nonmember banks, 161, 169, 170, 212
Par List, banking offices on, ad not on, number, 213
Payrolls, manufacturing, index, 194
Personal income, 209
Postal Savings System, 166
Prices:
Consumer, 194, 206
Security, 176
Wholesale commodity, 194, 206
Sales finance companies, consumer loans, of, 190,
191, 193
Savings, 208
Savings deposits (See Time deposits)
Savings institutions, principal assets, 177
Savings and loan associations, 177, 188
Securities, international transactions, 225, 226
Security issues, 184, 186
Silver coin and silver certificates, 165
State member banks, 169, 212
State and municipal securities:
New issues, 184
Prices and yields, 175, 176, 220
States and political subdivisions:
Deposits of, 171, 173, 217
Holdings of U. S. Govt. securities, 182
Ownership of obligations of, 170, 177
Stock market credit, 176
Stocks:
New issues, 184
Pricjs and yields, 175, 176
Tax receipts, Federal, 181
Time deposits, 159, 166, 167, 171, 173
Treasurer's account balance, 180
Treasury cash, 157, 166
Treasury currency, 157, 165, 166
Treasury deposits, 157, 161, 162, 180
Unemployment, 202
U. S. Govt. balances:
Commercial bank holdings, by classes, 171, 173
Consolidated monetary statement, 166
Treasury deposits at Federal Reserve
Banks, 157, 161, 162, 180
U. S. Govt. securities:
Bank holdings, 166, 167, 170, 172, 182, 183
Federal Reserve Bank holdings, 157, 161, 162,
182, 183
Foreign and international holdings, 229
International transactions, 225
New issues, gross proceeds, 184
Outstanding, by type of security, 182, 183
Ownership of, 182, 183
Prices and yields, 175, 176, 219, 220
United States notes, outstanding and in circulation, 165
Utility output index, 199
Veterans Administration, loans, etc., 178, 179, 187,
188, 189
Yields (See Interest rates)
(o THE FEDERAL RESERVE SYSTEM o)
BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES
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Boundaries of Federal Reserve Districts
Boundaries of Federal Reserve Branch Territories
© Board of Governors of the Federal Reserve System
® Federal Reserve Bank Cities
• Federal Reserve Branch Cities
@FedFRASER