Full text of Federal Reserve Bulletin : January 1957
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FEDERAL RESERVE
1 3 UL JL^ L-jis
JL. JL .1 i
January
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
E D I T O R I A L
Elliott Thurston
C O M M I T T E E
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
!
-
—
•
,_,..,.,.,„_,_„
,. .„,
"
•
"
Further Economic Expansion in 1956
Farm Loans to Finance Intermediate-Term Investments
9
Trusteeship over Money
18
Law Department
21
Current Events and Announcements
24
]
National Summary of Business Conditions
31
j!
Financial and Business Statistics, U. S. (Contents on p. 33)
35
International Financial Statistics (Contents on p. 89)
90
Federal Reserve Board Publications
105
Board of Governors and Staff
107
Open Market Committee and Staff; Federal Advisory Council
108
Federal Reserve Banks and Branches
108
Index to Statistical Tables
115
Map of Federal Reserve Districts
Inside back cover
Volume 43 * Number i
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!
Further Economic Expansion in 1956
TOTAL OUTPUT reached new highs in
1956 in response to further expansion in
demands for goods and services. Resources
of manpower, materials, and plant continued
to be intensively utilized and the price structure was subject to upward pressures. Strong
demands for credit pressed against the supply of funds and interest rates rose to highs
for the postwar period.
Gross national product in 1956 amounted
to $412 billion, $22 billion or 5.5 per cent
larger than in 1955. This compares with
an increase of 8 per cent in 1955 from the
slightly reduced level of the preceding year.
Following an unusually rapid expansion,
output began to level off late in 1955 as expenditures for automobiles and new houses
were curtailed, as may be seen on the chart.
Increase in gross national product in the
first half of 1956 was moderate and represented largely higher prices. The sharpest
rise of the year came in the fourth quarter,
with most types of expenditure up; at an
annual rate of $424 billion, gross national
product was 5.5 per cent larger than a year
earlier. Higher prices accounted for about
half of the increase.
Throughout 1956, the strongest expansive force was provided by business expenditures for plant and equipment, which
totaled one-fifth more than in 1955. From
the fall of 1955 to the spring of 1956, the
dollar amount of increase in such outlays
about equaled the decline in spending for
autos and homes. Accumulation of nonfarm business inventories in 1956 was little
changed from the total for the preceding
NOTE.—Department of Commerce quarterly estimates, adjusted for seasonal variation; estimates for the fourth quarter
of 1956 by the Council of Economic Advisers. Consumer and
other includes consumer purchases of goods and services other
than autos and parts; State and local government purchases
of goods and services; net foreign investment; and business
inventory change. Plant and equipment includes producers'
durable equipment and private nonresidential construction.
Autos relate only to consumer expenditures for automobiles
and parts.
year. Demands from abroad contributed to
expansion as United States exports increased
further, while imports remained near the
advanced levels reached in early 1956.
Steady growth in disposable personal income in 1956 permitted increases both in
total consumer expenditures for goods and
services and in personal saving. Expenditures for services and most goods continued
to grow as rapidly as in 1955. With purchases of automobiles down one-fifth from
the record 1955 level, however, total consumer spending expanded more slowly than
in the preceding year. Late in 1956, fol1
FEDERAL RESERVE BULLETIN • JANUARY 1957
lowing introduction of the 1957 models at
higher prices, seasonally adjusted automobile purchases rose markedly from the reduced summer level.
Personal saving as a proportion of disposable income rose in 1956 to slightly over
7 per cent, which was only moderately below
the postwar highs of 1951-53. The increase in personal saving was closely related to the decline in consumer purchases
of automobiles and the accompanying retardation in growth of outstanding instalment credit.
GROSS NATIONAL PRODUCT 1
[In billions of dollars]
Increase5, or decrease (—)
Type of expenditure
Gross national product
Half year
4th Q. Year
ending—
1956 ending
4th Q.
1955 2ndQ. 4th Q.
1956
1956
424.0
34.8
271.2
Durable goods
34.9
Nondurable goods.. 134.8
Services
101.5
18.4
Personal consumption
expenditures
Gross private domestic
investment
New construction..
Producers' durable
equipment
Change in business
inventories
Net foreign investment.
Govt. purchases of
goods and services
Federal
National security.
Other2 ..
State and local
6.4
15.7
4.2
5.0
6.7
6.6
-2.0
7.5
1.5
2.5
3.5
68.4
32.9
13.6
-.4
.6
3.7
3.5
31.5
4.2
1.6
4.0
4.0
5.9
-2.6
.5
2.4
-1.1
2.0
1.2
82.0
48.3
43.2
3.9
1.5
.5
1.0
2.4
.6
3.3
2.2
2.5
5.1
33.7
3.1
3.1
-1.1
.1
-1.2
1.7
j
3
i!i
1 Fourth quarter 1956 figures and changes from earlier quarters are
for2 seasonally adjusted totals at annual rates.
Government sales, amounting to $400 million in the fourth
quarter of 1956, have been deducted.
NOTE.—Estimates for the fourth quarter of 1956 by the Council of
Economic Advisers; data for other quarters from the Department of
'Commerce. Details may not add to totals because of rounding.
Purchases of goods and services by the
Federal Government, which had been fairly
stable from late 1954 to mid-1956, have
increased somewhat since then, reflecting
larger outlays under national security programs and for soil bank payments. Federal
tax receipts increased substantially, and a
large cash surplus in the calendar year 1956
helped absorb inflationary pressures and
permitted reduction in the Federal debt.
Expenditures by State and local governments
continued to expand steadily.
The moderate gain in aggregate physical
output of goods and services was accompanied by a higher level of industrial production, as the chart shows. The Board's index
was 143 per cent of the 1947-49 average in
1956, compared with 139 per cent in 1955.
In the first half of the year industrial output
fluctuated around a level slightly below the
peak reached in December 1955. Following settlement of the steel strike in the late
summer and the changeover to 1957 automobile models in the autumn, industrial
output rose rapidly and in December was
at a new high of 147 compared with 144
a year earlier. Durable goods output accounted for most of the rise.
The labor market was strong in 1956.
Employment increased further and unemployment remained at low levels. In December unemployment, at 2.5 million, was about
the same as a year earlier and less than 4
per cent of the civilian labor force. An
increase of 1 million in employment in nonfarm establishments from December 1955
to December 1956 was concentrated in nonmanufacturing activities. In manufacturing industries, employment increased 100,000 and the average workweek in December
was somewhat shorter than a year earlier.
Farm employment was lower in late 1956
than a year earlier.
FURTHER ECONOMIC EXPANSION IN 1956
Consumer prices, which had been fairly
stable from early 1951 to the spring of 1956,
have risen since then to new highs. In November the consumer price index was 2.5
per cent above a year earlier.
SELECTED BUSINESS INDEXES
1947.49-100, monthly
INDUSTRIAL
PRODUCTION
WHOLESALE PRICES
160
BUSINESS INVESTMENT
FARM ond FOOD
NONAGRICULTURAL
EMPLOYMENT
_
NONMANUFACTUIING
CONSUMER PRICES
120
120
100
100
1954
1954
1956
NOTE.—Seasonally adjusted series, except for prices. Bureau
of Labor Statistics data for employment and prices, and
Federal Reserve data for production. Industrial prices include
those other than farm products and foods. Latest figures
shown are for December.
Average hourly earnings in manufacturing increased about 12 cents, or 6 per cent,
approximately the same as in 1955. With
consumer prices rising, cost of living escalator clauses were included more frequently
in wage contracts. According to Bureau
of Labor Statistics estimates, the number
currently covered by such contracts is more
than twice as large as two years ago.
For the year 1956 output per man-hour
for the economy as a whole apparently grew
less than in most postwar years. In the
latter part of the year, however, it appeared
to be rising more rapidly than for some time.
Wholesale prices of industrial commodities, both materials and finished products,
have been rising for about 18 months and
at the end of 1956 averaged nearly 8
per cent higher than in mid-195 5. Prices
of farm products made some recovery in
1956 following a long period of decline.
Business investment outlays in 1956 reached
a record high, well above the earlier
peak in 1951. Expenditures on fixed investment increased sharply, reflecting substantial additions to productive capacity and
replacement and modernization of existing
facilities as well as higher prices. Nonfarm
business inventories were accumulated in
about the same volume as in 1955.
Businesses were under financial pressure
in making these investment outlays and their
liquidity as a whole declined. Corporate
profits after taxes were little changed from
the 1955 volume; with dividend payments
rising, retained earnings were smaller than
in 1955. While depreciation allowances rose
further, the total amount of corporate internal funds appears to have been only
slightly larger than in 1955.
Needs for external financing were large.
Security flotations were in record volume
and bank loans to business also increased.
With demands for funds generally strong,
interest rates advanced to the highest levels
in many years, and other terms of borrowing, particularly prepayment options, also
became less favorable to borrowers. By the
end of the third quarter the liquidity ratio
for corporations, that is the ratio of cash and
United States Government securities to total
current liabilities, was the lowest since before World War II. Some stretching out
and postponement of business spending on
plant and equipment may have reflected
financial developments as well as shortages
of steel and some other materials.
FEDERAL RESERVE BULLETIN • JANUARY 1957
PRIVATE DOMESTIC INVESTMENT
Billions of dollars, annual rales
30
PRODUCERS'
DURABLE EQUIPMENT
RESIDENTIAL
CONSTRUCTION
J
/
/
L
v
1950
\
INVENTORY CHANGE
19S6
NOTE.—Department of Commerce quarterly estimates, adjusted for seasonal variation; estimates for the fourth quarter
of 1956 by the Council of Economic Advisers. Business
construction includes all private nonresidential construction.
Fixed investment. Expenditures for producers' durable equipment rose steadily,
continuing the rapid advance which began in
early 1955. For the year, they totaled $29
billion, and were about 20 per cent larger
than in 1955. A decline in farm purchases
of equipment was the only significant exception to the general advance, and even these
increased in the second half of the year.
Price increases for machinery and equipment were general and substantial, but the
physical volume of investment increased
significantly and capacity expanded in many
lines. Expansion in capacity varied widely
among industries. For example, increases
in 1956 are estimated at 4 per cent for steel
ingots, 10 per cent for primary aluminum,
and 15 per cent for cement. Electric power
capacity increased almost 5 per cent.
Expenditures for private nonresidential
construction advanced sharply through the
second quarter and then changed little over
the remainder of the year. Although construction costs continued to rise rapidly to
midsummer, the physical volume of construction was well above that for 1955. Industrial construction showed the largest rise,
with an increase over 1955 of one-fourth in
dollar outlays. Increases in other nonfarm
categories ranged from 5 to 10 per cent.
Farm construction continued the decline
which began in 1952.
While all nonfarm industry groups showed
increases in combined plant and equipment
expenditures, differences in the year-to-year
increases were marked. Railroads raised
their expenditures 37 per cent, while manufacturing and mining were up 30 per cent.
Smaller increases, from 10 to 15 per cent,
were shown by other transportation industries, commercial and miscellaneous industries, and electric and gas utilities.
Expansion in business spending for plant
and equipment appears to be continuing
into this year. The Commerce-SEC Survey,
taken in late October and November, indicates that business plans further to increase such spending in the current quarter,
although by a smaller amount than earlier.
In some important industries, including manufacturing, spending appears to be leveling
off. At a seasonally adjusted annual rate
of $38 billion in the first quarter of 1957,
planned spending is $5 billion, or one-sixth,
larger than a year earlier.
The survey taken by the McGraw-Hill
Publishing Company in November shows
that for the full year 1957 business anticipates expenditures for fixed investment 11
per cent above the record 1956 level. These
plans imply a moderate further increase in
spending from the current quarter. Higher
prices were expected by the respondents to
absorb about half of the anticipated rise in
FURTHER ECONOMIC EXPANSION IN 1956
outlays from 1956 to 1957. While most
lines are planning increased spending, some
groups are showing declines, in contrast to
the pattern of general increase planned a
year earlier.
Inventories. The book value of nonfarm
business stocks increased more than $6 billion in the year ending November 1956.
This compares with an advance of $4.5 billion during the preceding year. Price rises,
however, were a more significant influence
on the value of stocks in 1956 than in 1955.
Stocks expanded significantly in both durable and nondurable goods lines; in 1955 accumulation was preponderantly in durables.
The rise in the book value of stocks was
largely concentrated at the manufacturing
level where stocks of purchased materials,
goods in process, and finished goods all increased. This contrasts with 1955, when
manufacturers' stocks of finished goods
changed little. Moderate accumulation in
most lines of wholesale and retail trade was
about offset by substantial liquidation of
dealer stocks of automobiles. New auto
stocks rose after the introduction of 1957
models, but at the year-end were substantially below a year earlier.
Business sales increased less rapidly than
book value of inventories, and the over-all
ratio of stocks to sales rose from the low
levels prevailing in the second half of 1955.
Increases in stock-sales ratios were concentrated in durable goods lines, particularly at
the manufacturing level. Ratios in both
durable and nondurable goods lines, however, were below the averages prevailing
from 1951 through 1954 and at the yearend stocks appeared to be about in line
with current sales.
RESIDENTIAL CONSTRUCTION
The number of private nonfarm dwelling
units started in 1956 continued the downward trend that became pronounced in the
fall of 1955. Major factors in the decline
SALES AND STOCKS
INVENTORIES, Billions ol dol
OfS
STOCK-SALES RATIOS
SALES, Billions o l dollars
DURABLES
DURABLES
DURABLES
MANUFACTURING
MANUFACTURING
^
^
-
s
_
MANUFACTURING
_
^
T
r
1
TRADE
HADE
TtAOE
1
1
1
1
1
NONDURABLES
NONDURABLES
NONDURABLES
_
IOIAL
—
IOTAI
IOTAI
1
1953
1
1
1954
1955
1
1956
1953
1
1
1954
1955
1956
1953
NOTE.—Department of Commerce monthly data, seasonally adjusted, for sales and inventories.
November.
1954
1955
195*
Latest figures shown are for
FEDERAL RESERVE BULLETIN • JANUARY 1957
were the difficulty of obtaining commitments
for mortgage credit, in view of strong overall demands for long-term funds, and apparently some relaxation in consumer demands
for new housing. About 1.1 million housing units were started in 1956, 16 per cent
fewer than in 1955 and about the same as in
1952 and 1953.
Housing markets in 1956 were also characterized by a further rise in costs of land
development and building, a trend toward
construction of larger and more expensive
homes, and a larger volume of expenditures
for additions and alterations to existing
homes. As a result, the decline of 8 per
cent in the dollar value of residential construction activity from 1955 was substantially less than the decline in the number of
units started. Dollar outlays in 1956 exceeded any year prior to 1955. Stability
in the value of residential construction activity in the spring and summer of 1956
was followed by some further reduction.
Most of the decline in the number of
dwelling units started was in houses financed by Federally underwritten mortgages. As money markets tightened and
interest rates rose under the impact of strong
general demands, funds for such mortgages,
with their maximum permissible interest
rates fixed by law, became less readily available. Steps were taken by the Federal housing agencies in September and again in
December to attract more funds into this
area and to encourage construction of lowcost housing. The number of units financed
by conventional mortgages in 1956 was
about the same as in 1955. Total mortgage
debt outstanding on 1- to 4-family nonfarm
houses rose about $11 billion, an amount
exceeded only by the $12.5 billion increase
in 1955.
CONSUMER EXPENDITURES
For the year 1956, total consumer spending
increased 4.5 per cent compared with a
rise of 7.5 per cent in 1955. The different
rates of growth reflect wide swings in purchases of automobiles. Excluding automobile purchases, consumer spending increased
6 per cent in both years.
In the fourth quarter of 1956, total consumer outlays showed the largest advance
since mid-1955, and were 5 per cent larger
than a year earlier. A sizable advance in
consumer prices, beginning in the spring,
accounted for much of the increase in dollar
outlays. With population growing steadily,
per capita real takings of goods and services
rose less than 2 per cent, compared with
the exceptionally large increase of 5 per
cent in 1955.
Durable goods. Domestic sales of new
automobiles in 1956 numbered 5.8 million
PERSONAL CONSUMPTION EXPENDITURES
Billions of dollars,
annual rates
110
OTHER
NONDURABLES .
SERVICES
J
L
1954
1956
1954
1956
NOTE.—Department of Commerce quarterly estimates, adjusted for seasonal variation; estimates for the fourth quarter
of 1956 by the Council of Economic Advisers.
FURTHER ECONOMIC EXPANSION IN 1956
units, compared with a record 7.4 million in
1955 and an average of 5.4 million in the
preceding five years. Most of the sharp
decline from the peak in the third quarter
of 1955 had taken place by the spring of
1956 and, after leveling off in the summer,
sales of new autos picked up in the fourth
quarter. With list prices of 1957 models
higher, expenditures for automobiles and
parts in the fourth quarter, at an annual rate
of $15.5 billion, were almost $2 billion
above the previous quarter and $1 billion
below the level of late 1955.
Sales of automobiles in 1955 had been
stimulated by a marked easing of instalment
credit terms, with maturities lengthened and
downpayments reduced. Although terms
did not ease materially further in 1956, they
continued on the liberal side. As sales of
new autos declined, extensions of auto credit
fell off, but less rapidly. At the same time,
repayments continued to grow, reflecting the
earlier upsurge in borrowing, and outstanding automobile instalment credit increased
at a much slower pace than in 1955.
Consumer expenditures for furniture and
household equipment rose much less sharply
in 1955 than purchases of automobiles
They continued to grow moderately in early
1956, and subsequently leveled off.
Nondurable goods and services. Consumer
expenditures for nondurable goods continued to rise in 1956. In the fourth quarter
they were 4 per cent above a year earlier.
Outlays for food rose somewhat less rapidly
in 1956 than in 1955. Last year, moreover,
food prices increased, in contrast to the decline of 1955, and the gain in real consumption in 1956 was small. Purchases of
clothing and shoes, which have long been
a declining proportion of total consumer
spending, increased last year at about the
same rate as the total.
Consumer expenditures for services in
1956 increased by 7 per cent, the same as in
1955.
In earlier postwar years, outlays for
services had also tended to rise more rapidly
than for goods. The increase for 1956
reflected the steady rise in prices as well as
an increased volume of housing services
and of household operation, medical care,
and other services.
PERSONAL INCOME AND SAVING
A major factor making for expansion in consumer spending has been the steady growth
in personal income. In November personal
income, at a seasonally adjusted annual
rate of $334 billion, was $19 billion or 6
per cent above the level of a year earlier.
A further increase apparently occurred in
December.
Wages and salaries have risen to new
PERSONAL INCOME, CONSUMPTION. AND SAVING
Billions of dollars, annual rales
350
PERSONAL
INCOME
DISPOSABLE INCOME
AFTER TAXES
300
CONSUMPTION
EXPENDITURES
I
I
200
I
I
Par
TO
RATIO OF SAVING
DISPOSABLE INCOME
1952
19S4
NOTE.—Department of Commerce quarterly estimates, adjusted for seasonal variation; estimates for the fourth quarter
of 1956 by the Council of Economic Advisers.
FEDERAL RESERVE BULLETIN • JANUARY 1957
highs in nearly every month since early
1955, when they exceeded their 1953 peak.
In November 1956, they were 6 per cent
above a year earlier. Increases over the year
reflected larger payrolls in nearly all private
industries and in State and local governments, as employment and wage rates both
increased.
Realized income of farm proprietors increased somewhat in 1956, reflecting increased output, payments under the Federal
soil bank program, and the firming in farm
prices. The increase in farm income followed several years of decline. Further
growth in transfer payments resulted mainly
from increased payments under the Old-Age
and Survivors Insurance program. Property incomes also continued to rise.
In marked contrast to developments in
1955, consumer expenditures for goods and
services in 1956 increased much less rapidly
than disposable personal income, and personal saving amounted to $21 billion, compared with $16.5 billion in 1955. As a
proportion of disposable income, personal
saving in 1956 was also higher than in most
postwar years and only moderately below
the advanced levels of 1951-53. In the
fourth quarter, the saving ratio was 7.5 per
cent, compared with the recent low of about
5 per cent in the first quarter of 1955.
The pattern of changes in consumer
spending and income was reflected in
changes in their asset and debt positions.
Saving in the form of financial assets apparently exceeded the advanced level of
1955. Particularly striking was the slower
rate of growth in personal debt in 1956.
Consumer instalment credit, affected particularly by reduced purchases of automobiles, increased about $2.5 billion in 1956,
compared with $5.5 billion in 1955. Outstanding residential mortgage debt also rose
by a smaller amount than in 1955. On the
whole, consumers' net acquisition of financial assets was larger than the increase in
their debts. This was in contrast to the
experience of consumers in 1955.
Farm Loans to Finance
Intermediate-Term
COMMERCIAL BANK LOANS to finance
intermediate-term investments of farmers
were outstanding in the amount of $1.7 billion on June 30, 1956. These were loans
made to finance purchases of investment
items with a productive life extending over
several years, excluding loans for the purchase of real estate. For purposes of the
1956 Agricultural Loan Survey, loans to
finance intermediate-term investments include loans for purchasing livestock other
than feeder livestock, machinery and equipment, automobiles and other consumer
durable goods, and for improving land and
buildings.
Intermediate-term investment has been
increasing in recent years, partly in response
to changes in farm technology. These
changes also have increased farmers' current expenses for fertilizers, seeds and feeds,
insecticides, and the like. The rate of
growth has been about the same for bank
loans to finance intermediate-term investments as for loans to meet current-expense
needs.
NOTE.—This, the second of a series of articles reporting the findings of the Agricultural Loan Survey
made in 1956 by the Federal Reserve System, was
prepared by Raymond J. Doll, Agricultural Economist of the Federal Reserve Bank of Kansas City.
The first article was published in the Federal Reserve
BULLETIN for November 1956.
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.
Investments
Loans to finance any given type of intermediate-term investment may appropriately
have widely varying repayment schedules.
The high degree of variability in farm income that prevails in many parts of the industry should be considered in establishing
repayment schedules. Sometimes it is assumed that such schedules should be based
on the income anticipated from the specific
assets purchased with the borrowed funds.
But farmers differ greatly with respect to
the income and financial reserves they have
available for paying loans. A better determination of a suitable repayment schedule
usually can be made by analyzing the financial condition and prospective earnings of
the borrower than by estimating the useful
life or contribution to earnings of the asset
purchased.
Some bank loans to finance intermediateterm investments have been written on a
short-term basis similar to that applied to
current-expense loans. Many of these notes
have then been renewed because funds for
payment have not been available at maturity. Use of this method would seem unrealistic if at the time the note was made it
was relatively certain that funds for payment would not be available at maturity. It
appears, however, that extensive use of the
note renewal method may be influenced by
regional variability in income. In the Kansas City Federal Reserve District, a region
where farm income fluctuates greatly, banks
10
FEDERAL RESERVE BULLETIN • JANUARY 1957
reported that more than half the dollar volume of their notes for intermediate-term
investment purposes (excluding demand
loans) had maturities of six months or less,
while in the San Francisco District, where
income has been less variable, banks had
a much smaller proportion of such short
maturities.
RELATIVE IMPORTANCE AND SIZE
Loans to finance intermediate-term investments accounted for one-third of the dollar
volume of outstanding commercial bank
loans to farmers at mid-1956. This proportion varied regionally. It was larger in
the Northeast and the Minneapolis Federal
Reserve District where dairying is important
than it was in other areas. There was also
substantial variability in average size of debt
per borrower on loans to finance intermediate-term investments among Federal Reserve districts. This average varied from a
high of $2,432 per borrower in the San
Francisco District to a low of $1,151 in the
St. Louis District (Table 1).
Nearly half of all farm borrowers had
loans to finance intermediate-term investments, although these loans accounted for
only about a third of the dollar amount
of all farm loans. The difference arises
largely from the fact that some borrowers
having such notes also had loans for other
farm purposes. Of the farmers borrowing
to finance intermediate-term investments,
the 80 per cent who had no current-expense
or farm real estate notes accounted for
$1.3 billion of the $1.7 billion of intermediate-type debt outstanding. Probably
these figures reflect in part the fact that
some banks customarily write one note to
cover funds used for several purposes. Respondents in the Survey were instructed to
indicate the one purpose for which the largest portion of each loan was used.
The average size of note outstanding on
June 30, 1956 to finance intermediate-term
investments was $1,271. The comparable
figure for all other types of farm loans as a
group was $1,528 or, if loans to purchase
TABLE 1
LOANS TO FINANCE INTERMEDIATE-TERM INVESTMENTS COMPARED WITH ALL FARM LOANS, JUNE 30,
BY FEDERAL RESERVE DISTRICT
1956
[Loans outstanding at insured commercialtbanks]
Number of borrowers
Federal Reserve district
All districts.
Boston
New Y o r k . . . .
Philadelphia. .
Cleveland
Richmond....
Atlanta
Chicago
St. Louis
Minneapolis. .
Kansas City...
Dallas
San Francisco.
Intermediate-term
investments
All purposes (In
thousands)
As a perIn
centage of
thousands
all
borrowers
All farm
loans (In
millions
of
dollars)
Average size of debt
per borrower
Intermed iate-term
investment loans
In
millions
of
dollars
As a percentage
of all
farm loans
All
purposes
Intermediate
-term
investments
2,268
1,078
47
5,050
1,685
33
$2,227
$1,563
29
70
54
129
199
220
445
309
277
225
167
143
18
44
32
59
78
84
232
127
160
96
61
87
62
63
59
46
39
38
52
41
58
43
36
61
75
153
146
282
306
336
946
496
469
694
407
738
30
68
58
89
100
104
340
146
218
192
128
213
40
44
40
31
33
31
36
29
46
28
31
29
2,633
2,191
2,717
2,183
1,534
1,529
2,125
1,608
1,694
3,080
2,431
5,152
1,677
1,551
1,804
1,505
1,276
1,240
1,466
1,151
1,366
1,999
2,076
2,432
NOTE.—Details may not check because of rounding.
Total amount outstanding
11
FARM LOANS TO FINANCE INTERMEDIATE-TERM INVESTMENTS
real estate are excluded, $1,250. When
notes to finance intermediate-term investments are classified by purpose, those written for improving land and buildings and
for buying livestock averaged considerably
larger than notes for other agricultural purposes, those written for buying machinery
were smaller, and those for consumer durable goods were the smallest, with their outstanding balances averaging only $641.
About half of both dollar amount and
number of notes to finance intermediateterm investments were made for the purpose
of buying machinery and equipment. Notes
to buy livestock other than feeder stock accounted for more than one-fourth of the
dollar volume and about one-sixth of the
number, while notes to improve land and
buildings accounted for about one-fifth of
the dollar volume and one-tenth of the
number (Table 2).
The average size of note outstanding for
intermediate-term investment purposes was
considerably larger in the San Francisco,
Dallas, and Kansas City Federal Reserve
Districts than in the rest of the country. The
Dallas and Kansas City Districts also had a
larger proportion of total notes made for the
purpose of buying livestock and a smaller
proportion to buy machinery than the rest
of the country.
A large proportion of the notes written to
finance intermediate-term investments were
small in size. Almost two-thirds had outstanding balances of less than $1,000,
although in dollar volume they accounted
for only one-fifth of the total. The notes
were of a smaller average size if written to
finance the purchase of consumer durable
goods or machinery and equipment than if
written to finance the purchase of livestock
or to improve land and buildings.
TABLE 2
SIZE OF NOTES TO FINANCE INTERMEDIATE-TERM
INVESTMENTS, JUNE 30,
1956
[Loans outstanding at insured commercial banks]
Number
of notes
Purpose and balance
outstanding
All purposes
Under $250
$250-499
$500-999
$1,000-1,999
$2,000-4,999
$5,000-9,999
$10,000 and over.
In
thousands
Amount
outstanding
PerIn
Percentage millions centage
distridistriof
bution dollars bution
14
100
22
19
22
21
13
2
1
1,685
40
91
206
378
501
218
252
100
2
5
12
23
30
13
15
234
41
37
47
51
41
11
6
100
17
16
20
22
17
5
3
447
6
13
32
68
123
71
134
100
1
3
7
15
28
16
30
723
149
145
175
100
21
20
24
21
12
2
781
22
53
124
205
258
76
43
100
3
7
16
26
33
10
5
Purchase of autos and other
consumer durable goods...
Under $250
$250-499
$500-999
$1,000-1,999
$2,000-4,999
$5,000-9,999
$10,000 and over
215
77
45
42
42
9
1
100
35
21
20
20
4
C 1)
C)
C1)
0)
138
10
16
30
58
22
2
100
7
12
22
42
16
1
0)
0)
Improvement of land and
buildings
Under $250
$250-499
$500-999
$1,000-1,999
$2,000-4,999
$5,000-9,999
$10,000 and over
153
21
22
28
34
32
10
5
100
14
15
18
22
21
7
3
319
3
8
20
47
97
69
75
100
Purchase of other than feeder
livestock
Under $250
$250-499
,
$500-999
$1,000-1,999
,
$2,000-4,999
$5,000-9,999
$10,000 and over
Purchase of machinery and
equipment
Under $250
$250-499
$500-999
$1,000-1,999
$2,000-4,999
$5,000-9,999
$10,000 and over
,
1,325
288
250
292
276
173
33
149
91
12
3
0)
3
6
15
30
22
23
1
Less than one after rounding.
NOTE.—Details may not check because of rounding.
There was a tendency for notes written to
finance intermediate-term investments to be
relatively more important in the medium and
small net worth groups. Individuals with
net worths of less than $25,000 accounted
for 56 per cent of the dollar volume of these
loans, but for only 48 per cent of farm loans
made for all purposes.
12
FEDERAL RESERVE BULLETIN • JANUARY 1957
MATURITY AND RENEWAL
The most common maturities for notes to
finance intermediate-term investments were
six months and one year. About 34 per
cent had maturities longer than one year as
compared with 29 per cent of the dollar
volume of farm notes written for all purposes.
TABLE 3
MATURITY OF NOTES TO FINANCE INTERMEDIATETERM INVESTMENTS, JUNE 30, 1956
[Loans outstanding at insured commercial banks]
Original maturity 1
All
purposes
Purchase
of other
than
feeder
livestock
Purchase
of machinery
and
equipment
Purchase
of autos
and
other
consumer
durable
goods
Improvement
of land
and
buildings
Amount outstanding, in millions of dollars
,685
447
781
138
319
Demand.
All maturities.
134
50
47
5
33
1 month. .
3 months.
6 months.
27
126
378
10
44
158
12
54
150
j
7
19
4
20
52
9 months.
1 year
110
321
38
93
55
146
9
32
8
49
15 months.
18 months.
2 years
3 years
4—5 years..
34
78
220
91
72
6
4
15
12
12
22
58
157
45
18
4
12
38
8
1
10
76
19
3
3
13
4
1
6-10 years
Over 10 years.
1
4
26
40
59
12
Percentage distribution within groups
All maturities.
100
Demand
100
100
100
100
11
6
4
11
1
6
16
1 month. .
3 months.
6 months.
2
7
22
2
10
35
7
19
1
5
14
9 months.
1 year
7
19
8
21
7
19
6
23
3
15
15 months.
18 months.
2 years
3 years
4-5 years..
2
5
13
5
4
3
3
3
3
7
20
6
2
3
9
27
6
1
0
1
3
8
13
2
1
1
19
4
6-10 years
Over 10 years.
4
1
1
1
Loans are classified under the nearest maturity listed—for
example, 5-month and 7-month loans are included with 6-month
loans.
NOTE.—Details may not check because of rounding.
Maturities tended to vary by purpose of
loan within the intermediate-term investment category (Table 3 ) . A larger proportion of the dollar volume of notes made
for improving land and buildings and for
buying autos and other consumer durables
was written with maturities of more than a
year than was the case for notes written for
buying livestock. The proportion with maturities of more than a year was substantially larger for buying machinery and
equipment than it was for buying livestock
but somewhat smaller than for the other
intermediate-term purposes.
Maturities of notes made to finance intermediate-term investments varied significantly by Federal Reserve district. In the
northeast districts, more than a fourth of
the dollar volume of all such notes was on
a demand basis, and about the same proportion matured in one to six months. In the
Kansas City District, more than half had
maturities of one to six months, and the
Dallas District also had a relatively large
proportion with short maturities. In the
San Francisco District, on the other hand,
less than 15 per cent of the dollar volume
had maturities of one to six months.
Renewals have often been used in financing projects where repayment extends over
periods of more than six months or a year,
especially in areas where income is more
variable than is average for the nation. Of
the dollar amount of intermediate-term investment financing outstanding at mid-1956,
40 per cent had been renewed one or more
times. This compares with 33 per cent of all
farm loans made for other than intermediateterm purposes (Table 4 ) . Planned renewals
were more important in the intermediateterm field than for the other financing—30
per cent compared with 24 per cent.
Use of renewals for financing interme-
FARM LOANS TO FINANCE INTERMEDIATE-TERM INVESTMENTS
TABLE 4
RENEWAL STATUS OF FARM LOANS, JUNE 30,
1956
[Loans outstanding at insured commercial banks]
Purpose and renewal status
Intermediate-term investment purposes—total
Renewed
Planned
Other renewals
Not renewed
All other purposes—total....
Renewed
Planned
Other renewals
Not renewed
Amount
Number of outstanding
notes (In (In millions
thousands) of dollars)
Average
size
of note
1,325
391
270
121
933
1,685
668
499
169
1,015
$1,271
1,709
2,203
589
387
203
1,613
3,365
1,122
795
327
2,242
1,528
1,904
2,056
1,613
1,390
1,848
1,399
1,088
NOTE.—Details may not check because of rounding.
diate-term investments tended to be more
important in Federal Reserve districts where
maturities were relatively short. In the Kansas City District, where short-term maturities
were most prevalent, 52 per cent of the dollar volume outstanding had been renewed.
In the San Francisco District, on the other
hand, where maturities were relatively long,
only 30 per cent of the dollar volume had
been renewed. Planned renewals also were
more frequent in the areas where short-term
maturities predominated.
Although a considerable proportion of the
loans made for financing intermediate-term
investments had short maturities, a substantial number of borrowers with such loans
had been in debt to the bank continuously
since 1953 or earlier. Of the borrowers who
at mid-1956 owed on notes made for intermediate-term investments (excluding borrowers who also had additional notes for
real estate or current-expense purposes),
about one-third had been in debt to the bank
since 1953 or before; one-tenth had been in
debt back to 1954; one-third had been out
of debt to the bank for the last time in 1955,
and only about one-fifth had been out of
debt within the first half of 1956. These
13
proportions were practically the same among
borrowers who had current-expense loans
outstanding at mid-1956. It is apparent
that many farm borrowers require continuous access to credit in order to carry on
their farming operations.
METHOD OF REPAYMENT
Most farm loans outstanding on June 30,
1956—about 70 per cent of the dollar volume—were made with terms specifying that
they be repaid in a single payment at maturity. The remainder carried provision for
repayment by instalments. By definition, a
major part of the intermediate-term financing would be used to pay for durable or
semidurable types of investment. Since
instalment financing has been most prevalent in the durable goods field, it would be
expected that provision for instalment repayment would be more prevalent among
notes to finance intermediate-term investments than among notes for current-expense
purposes. Of the total dollar volume of
outstanding loans made for intermediateterm investments, 41 per cent provided for
instalment repayment.
Instalment loans in agriculture frequently
vary from the more conventional type used
in the consumer credit field. Monthly repayment is not appropriate for much of agriculture outside of the dairy and egg production sectors. Payments need to be adapted
to the income flow on the particular farm
that is being financed. Consequently instalment loans with irregular payments are
much more prevalent in agriculture than in
the consumer credit field.
As would be expected, instalment loans
were usually not renewed. The ones renewed, however, were larger in size than
those that were not renewed. Notes payable
in instalments made up a greater proportion
of the large notes ($1,000 or more in size)
14
FEDERAL RESERVE BULLETIN • JANUARY 1957
TABLE 5
REPAYMENT METHOD OF NOTES TO FINANCE INTERMEDIATE-TERM INVESTMENTS, JUNE 30,
1956
[Loans outstanding at insured commercial banks]
Number of notes
(In thousands)
Maturity
Amount outstanding
(In millions of dollars)
Average size
Total
Instalment
notes
Singlepayment
notes
Total
Instalment
notes
Singlepayment
notes
All
notes
Instalment
notes
Singlepayment
notes
All maturities
1,325
603
721
1,685
692
993
$1,271
$1,146
$1,377
Demand 1
6 months or less..
9 months-1 year..
15 months-5 years
Over 5 years
66
444
370
426
20
134
531
431
495
95
134
59
145
379
19
66
383
225
46
1
2,030
1,196
1,165
1,162
4,776
883
833
1,119
4,963
2,030
1,246
1,379
1,509
2,000
1
Demand notes were all classified as single-payment notes in the
Survey.
than of the small notes ($999 or less).
The proportion of notes written with provision for instalment repayment also varied
with maturity. Provision for instalment repayment was associated with notes that had
long maturities. Three-fourths of the dollar
volume of notes to finance intermediateterm investments made with provision for
instalment repayment had maturities of 15
months or more, 18 per cent had maturities
of 9 or 12 months, while 7 per cent had maturities of 6 months or less (Table 5).
ACQUIRED LOANS
In recent years, many commercial banks
have followed the practice of acquiring
farmers' notes from merchants and dealers.
To a large extent, these notes were originally
taken by the merchant or dealer to finance
the sale of some intermediate-term investment item. Twenty-three per cent of the
dollar volume of all commercial bank notes
made to finance intermediate-term investments outstanding at mid-1956 had been
acquired from merchants and dealers. Of
the acquired notes, over two-thirds of the
dollar volume provided for instalment repayment (Table 6).
52
121
424
92
478
310
69
2
NOTE.—Details may not check because of rounding.
There was substantial variation in maturity between the notes acquired from merchants and dealers and those made direct.
Almost two-thirds of the acquired notes but
only slightly more than a fourth of the direct
loans were written with maturities longer
than one year. Acquired notes tended to
be longer term instalment notes and direct
TABLE 6
NOTES ACQUIRED BY BANKS FROM MERCHANTS
OR DEALERS
[Loans for intermediate-term farm investment purposes
outstanding at insured commercial banks, June 30, 1956]
Repayment method
Total,
acquired
and
direct
Acquired
loans
1,325
603
721
529
354
174
795
248
546
40
59
24
1,685
692
993
390
277
113
1,294
413
880
23
40
11
1,271
1,146
1,377
737
781
646
1,627
1,666
1,610
Direct
loans
Acquired
as a percentage
of total
Number of notes (in thousands) :
All repayment methods
Instalment payments
Single payment
Amount outstanding (in milions of dollars):
All repayment methods
Instalment payments
Single payment
Average size of note (in dollars) :
All repayment methods
Instalment payments
Single payment
NOTE.—Details may not check because of rounding.
15
FARM LOANS TO FINANCE INTERMEDIATE-TERM INVESTMENTS
loans to be shorter term notes. The latter
were often renewed at maturity.
The practice of acquiring notes from merchants and dealers and the maturities of acquired notes varied among Federal Reserve
districts. In the San Francisco District,
more than one-third of the dollar volume of
all intermediate-type notes was acquired
from merchants and dealers, while in the
Philadelphia, Cleveland, Kansas City, and
Dallas Districts only about one-eighth of the
dollar volume outstanding was so acquired.
The large proportion of acquired notes in
the San Francisco District may partly explain the significantly longer maturities
there. However, both acquired and direct
loans in that District bore longer maturities
than corresponding types of loans for the
country as a whole.
BORROWER CHARACTERISTICS
Distribution of the number of borrowers according to net worth was not substantially
different for those borrowing for intermediate-term investment purposes than for
borrowers for all farm purposes. However,
the dollar volume tended to be relatively
more important for intermediate-type loans
than for all farm loans in the small and medium net worth groups, and less important
in the large net worth groups. The relatively large average size of loan for purchasing real estate and feeder livestock
probably caused loans for all farm purposes
to be more important in the larger net worth
categories.
The net worth group having the largest
dollar amount of loans to finance intermediate-term investments was the $10,000$24,999 group (Table 7), which also had
the largest number of the loans outstanding.
The next largest number of notes was in
the $3,000-$9,999 net worth group, but the
dollar amount outstanding there was smaller
TABLE 7
NET WORTH AND AGE OF BORROWERS FOR INTERMEDIATE-TERM INVESTMENTS, JUNE 30,
1956
[Loans outstanding at insured commercial banks]
Age of borrower
Net worth
All
ages
Under
35
35-44
45
and
over
Age not
ascertained 1
Amount outstanding
(In millions of dollars)
All net worth groups.. 1,685
Under $3,000
$3,000-9,999
$10,000-24,999
$25,000-99,999
$100,000 and over
Not ascertained *
55
341
545
484
181
80
276
566
767
278
26
110
95
37
4
4
16
126
224
158
34
8
12
103
224
284
135
9
1
2
2
5
8
59
Average size of note
All net worth groups.. $1,271 $1,104 $1,262 $1,420
Under $3,000
$3,000-9,999
$10,000-24,999
$25,000-99,999
$100,000 and over
Not ascertained1
488
815
1,238
2,150
6,412
782
553
952
1,437
2,394
811
492
790
1,301
2,220
7,696
898
395
736
1,121
2,081
6,074
833
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.
2
Includes $9 million of loans to corporate farms.
3 Too few for significant average.
NOTE.—Details may not check because of rounding.
because of the smaller average size of loan.
In the $25,000-$99,999 net worth bracket
the number of notes outstanding was significantly smaller than for either of the two
preceding brackets, but the dollar volume
was large because of large average size. The
average size of note for farmers in the highest net worth group was about 12 times
larger than the average size for the lowest
net worth group.
Within most net worth groups, notes of
the younger borrowers tended to be larger.
The greatest proportion of large net worths
was in the age group 45 and over. The
net worth of a relatively large number of
farm borrowers under 35 years of age was
less than $10,000.
General type farms had the largest dollar
16
FEDERAL RESERVE BULLETIN • JANUARY 1957
TABLE 8
TYPE OF FARM RELATED TO LOANS TO FINANCE INTERMEDIATE-TERM INVESTMENTS, JUNE 30,
1956
[Loans outstanding at insured commercial banks]
Amount
outstanding
(In millions of dollars)
Number of
borrowers
(In thousands)
Intermediate-term
investment as a percentage of total for
all purposes
All
purposes
Intermediate-term
investment
All
purposes
Intermediate-term
investment
Average indebtedness
per
borrower
for intermediateterm investment
2,268
1,078
5,050
1,685
$1,563
48
33
212
331
34
245
184
176
985
99
85
212
17
116
53
61
455
81
976
740
94
578
346
428
1,792
97
226
390
36
202
76
106
586
64
2,664
1,843
2,138
1,748
1,437
1,732
1,287
793
40
64
50
47
29
35
46
82
23
53
38
35
22
25
33
66
Type of farm
All types.
Meat-animal
Dairy
Poultry
Cash grain
Cotton
Other major product.
General
Not ascertained1
Number
of
borrowers
Amount
of indebtedness
i See Table 7, note 1.
NOTE.—Details may not check because of rounding.
volume of loans for intermediate-term purposes outstanding at mid-1956 and accounted for about 3 5 per cent of the dollar
volume of all such loans (Table 8). Dairy
farms were next in importance, with 23 per
cent, and meat-animal farms third, with 13
per cent. General type farms also had the
largest number of notes outstanding, but
meat-animal farms had the largest average size of note. Distribution of credit
for financing intermediate-term investments
among types of farms differed from the distribution of total farm credit in that dairy
farms used relatively more credit for this
purpose than other types of farms, and
meat-animal, cotton, and other major product farms used relatively less.
SECURITY
The most common type of security used in
financing intermediate-term investments was
the chattel mortgage. Sixty-five per cent of
the number and 58 per cent of the dollar
volume of such loans were thus secured.
Sixteen per cent of dollar volume was secured by real estate mortgages, 16 per cent
was unsecured, and 7 per cent was endorsed.
The remaining 2 per cent was secured in
other ways. The average size of note varied
with the type of security used. Loans secured by real estate mortgages were largest,
while endorsed loans were smallest.
Of the loans for the purpose of improving
land and buildings, 63 per cent of the dollar amount was secured by real estate mortgage, 22 per cent was unsecured, and the
remaining 15 per cent was secured by chattel mortgage or in other ways. For each of
the other purpose groups, however, the major part was secured by chattel mortgage.
INTEREST RATES
The interest rate on outstanding loans to
finance intermediate-term investments averaged 6.7 per cent, which was higher than the
6.2 per cent average for all types of farm
loans. The intermediate-type loans had
higher interest rates than other farm loans
within each size group.
Relevant to this difference is the fact that
loans to finance intermediate-term investments are often repayable in instalments.
Interest oi> such loans is charged either on
the original amount throughout the life of
17
FARM LOANS TO FINANCE INTERMEDIATE-TERM INVESTMENTS
TABLE 9
INTEREST RATES ON NOTES TO FINANCE INTERMEDIATE-TERM INVESTMENTS, JUNE 30,
BY PURPOSE AND SIZE OF NOTE
1956
[Average annual rate at insured commercial banks, in per cent]
Size of note 1
Purpose of loan
All
loans
Under
$250
$250$499
$500$999
$1,000$1,999
$2,000$4,999
$5,000$9,999
$10,000- $25,000
$24,999 and over
All intermediate-term investment purposes..
6.7
8.1
8.1
7.6
7.3
6.8
5.9
5.6
5.4
Purchase of other than feeder livestock
Purchase of machinery and equipment
Purchase of autos and other consumer durable
goods
Improvement of land and buildings
6.1
7.1
7.2
7.8
7.1
7.8
6.5
7.4
6.4
7.1
5.9
6.3
5.7
6.1
5.4
6.0
8.5
5.8
10.0
7.4
9.8
7.8
6.8
7.5
8.8
7.4
8.3
6.6
8.2
6.0
a
(2)
5.2
5.1
1
When originally made or (if renewed) when last renewed.
2 Too few for significant average.
the loan or on the current unpaid balance.
The interest rate for instalment loans with
interest charged on the original amount was
10.8 per cent, which compares with 6
per cent on instalment notes with interest
charged on the unpaid balance and 6.1 per
cent for single-payment notes. Inclusion of
many instalment loans with interest charged
on the original amount partly explains the
high average interest rate on loans made for
financing intermediate-term investments.
Rates averaged higher on loans for
financing automobiles and other consumer
durables than on loans for other intermediate-term investment purposes (Table 9).
Part of this variation can be attributed to the
difference in size of note and in the proportion of loan volume that was financed by the
instalment plan. Sixty-two per cent of the
dollar volume of loans made to finance auto
and other consumer durables was instalment
financing. This compares with 48 per cent
of loans made to improve land and build-
ings, 47 per cent of loans made to buy machinery and equipment, and 19 per cent of
loans made to buy livestock.
Loans for intermediate-term purposes
that were purchased by banks from dealers
had an average interest rate of 8.3 per cent,
compared with a rate of 6.2 per cent for
loans for these purposes that were made
direct. The difference is apparently related
to the fact that more of the acquired notes
had interest charged on the original amount.
Forty per cent of the loans to buy autos and
other consumer durable goods and machinery and equipment (which had higher
average interest rates than loans for other
purposes) were purchased notes, as compared with only 2 per cent of the outstanding notes held that were made for all other
agricultural purposes.
The influence on interest rates of factors
such as maturity, security, and net worth
of the borrower will be analyzed in a subsequent article.
Trusteeship over Money
my associates of the Federal Reserve System I want to express our
appreciation for these periodic opportunities
to appear before committees of the Congress. The Congress has placed a great responsibility upon the Federal Reserve System—a trusteeship, as I conceive of it, over
money.
The Reserve System has always benefited
from thoughtful inquiry. These hearings
are not merely a public forum—and that is
all to the good. They provide a means of
keeping the monetary machinery of the
country abreast of the times. The Federal
Reserve Act provides that we shall report
directly to Congress and thus, through it,
to the country.
The task of the Federal Reserve System,
under today's conditions, is to determine the
volume of credit that needs to be made
available in order to keep the economy running in high gear—but without overstrain.
Too much credit would intensify upward
pressures on prices. Too little could needlessly starve some activities. We have to
rely on human judgments in this determination. There are bound to be differences in
judgment—sincere differences. We do not
undertake—and I do not see how it could
be otherwise, short of some form of dictatorship—to say how a given supply of credit
shall be allocated.
Experience would seem to demonstrate
that allocations of credit determined through
the market process are to be preferred to
judgments—or guesses—of public authoriO N BEHALF OF
ties, however well-intentioned. I was told
recently of a tongue-in-cheek sign that hung
in a Washington office some years ago. It
read: "Our guess is always best." It may be
that collective judgments expressed through
the market process are not always best, but
that process is consistent with our heritage
and our institutions under which direct governmental intervention in economic affairs
is confined largely to broad, general policies
necessary to protect and promote the public
interest.
At any given time the economy is capable
of producing a volume of goods and services
limited by currently available resources, human and material. The difficulty throughout this year has been the attempt to crowd
too much into a given time period—demand, in brief, has been pressing strongly
against the supply of labor and materials.
Creating more money won't produce more
things when the economy is running at peak
levels. A choice has to be made—and the
public in the end has to make the choice
of whether we shall have more of this and
less of that. We can have, in a given period,
just so many houses, automobiles, household
appliances, schools, manufacturing plants,
and a myriad other things, including ships,
planes, submarines, and other essentials of
defense. Under present conditions, something has to be given up at least for a time.
NOTE.—Statement by William McChesney Martin,
Jr., Chairman, Board of Governors of the Federal
Reserve System, before the Subcommittee on Economic Stabilization of the Joint Economic Committee
of Congress, December 11, 1956.
18
TRUSTEESHIP OVER MONEY
Throughout this year the combined demand
for funds—for credit—coming from virtually all sectors of the economy has been at
an all-time high. It has outrun the available supply. Contrary to some impressions,
the Reserve System has not reduced the
money supply; in fact the money supply has
continued to increase this year though at a
lesser rate than in 1955. Moreover, the
turnover—the velocity—of the existing
money supply has greatly increased. Although the so-called "tightness" of credit is
often attributed to an insufficient supply of
money, the fact is that the tightness results
from the volume and intensity of demand.
The great bulk of loanable funds represents savings of the community made available to borrowers directly or through financial institutions other than commercial
banks, such as mutual savings banks, insurance companies, savings and loan associations, private and public pension funds, finance companies, corporations, and individuals. It is often forgotten that when the
commercial banking system expands its
loans and investments, it generates new
money. When, as has been the case this
year, aggregate demands for credit have exceeded savings, the only way to finance
them all would be by an even greater expansion of bank credit—that is, by generating still more money. And as I have emphasized, creating more money will not create more goods. It can only intensify demands for the current supply of labor and
materials. That is outright inflation.
The Reserve System—and it is a nationwide system of 12 Federal Reserve Banks
with 24 branches having all told some 260
directors representing varied walks of life
—is united in the conviction that the best
course is to do what the System can do, to
restrain excesses arising from monetary
19
causes. It has been estimated that a rise
of only one point in the consumer price index would cost the American public two and
a half billion dollars a year.
The Federal Reserve System has been devoting its efforts, through varying times and
circumstances, to assuring monetary and
credit conditions that would help to foster
high levels of business and employment,
maintain the stability of the currency, and
promote sustainable growth in the economy.
The System has sought to keep constantly
alert to changes in economic and financial
conditions, and to adapt its operations accordingly—leaning against the breezes of
inflation and deflation alike, as I have put
it a number of times.
Thus, when the economy had a downturn
in 1953, the Reserve System acted promptly
to stimulate credit expansion to help halt
the decline and foster the recovery that
began in 1954 and carried through into
1955. As we moved from recovery to
boom in 1955 and on through 1956, and
as the economy in general pressed against
the limits of immediate capacity, the System
took steps to keep expansion of credit within
the limits of the growth in resources so as
to discourage excesses that would inevitably
produce higher prices and severe economic
maladj us tments.
Focussing more closely on the events of
1956, it was apparent there were positive inflationary dangers inherent in superimposing a massive increase in business investment on an economy already featuring high
utilization of resources and upward price
pressures. In this situation, to supply on
easy terms all of the credit desired by prospective investors would have increased inflationary bidding for available resources,
especially in the sectors of capital equipment and construction. It also would have
20
FEDERAL RESERVE BULLETIN • JANUARY 1957
involved a rise in the volume of outstanding
credit, and in commercial bank credit and
demand deposits in particular, that would
compound the threat to economic stability
and sustained growth.
Despite the restraint on credit growth and
spending capabilities imposed by monetary
policy, demands in many sectors have risen
more rapidly than was consistent with price
stability. The price advances that began
in 1955, after several years of stability, continued during 1956, as output in a number
of key areas pressed against the limits of
capacity. Price increases have been particularly marked in sectors affected by investment expenditures, in machinery and construction lines and, affected in part by them,
in metals and metal products. These are
the areas in which the restraint imposed
upon current expenditures by monetary
policy was, quite possibly, the heaviest. It
is in these sectors that such additional demand as would have resulted from easier
credit would have been concentrated.
Despite the strength of credit demands,
growth in total commercial bank credit was
limited to a moderate rate, below the average of the postwar period and somewhat
lower than in the corresponding period in
1955. Thus, the increase in total loans and
investments of commercial banks in the 12
months ending with October was held to 2
per cent, and growth in the privately held
money supply—demand deposits and currency—to about Wi per cent.
Restraint on expansion in bank credit and
the money supply this year contrasts with the
rapid increase that occurred from mid-1953
through 1954, even though loan demands
then were generally less active. During that
period, policy was directed toward assuring
ready availability of credit in the economy
generally, and toward creating liquidity conditions favorable to revival and expansion.
In part the developments since 1954 should
be interpreted as a transition from a time of
ready availability of resources, reduced demands for credit, and a monetary policy of
active ease to a time of intense utilization of
resources, very strong credit demands, and
a monetary policy directed to restraint of
inflationary forces.
Just now, the year is coming to a close
with demands still out-pacing savings, with
personal income at a new high annual rate
of over 332 billion dollars in October—21
billion dollars above the rate a year ago—
and international disturbances that could
add to further overstraining of our resources.
It is a situation that calls for alertness, as
well as prudence and restraint, on the part of
Government, business, finance, labor, and
agriculture.
Basically, the problem confronting us
now—in contrast to that of the early 1930's
—is not one of creating millions of jobs
overnight to cure mass unemployment, but
one of sustaining the millions of jobs we
have today and fostering new opportunities
for an expanding working force tomorrow.
Meeting that problem requires that the
efforts of all of us be directed to preserving
the stability of the economy, and the stability
of the dollar that underlies it, so that we
may move steadily along the road to a
higher standard of living for all.
Law Department
Administrative interpretations, new regulations, and similar material
Bank Holding Company's Subsidiary Banks
Owning Shares of Nonbanking Companies
The Board's opinion has been requested on the
following related matters under the Bank Holding
Company Act of 1956.
The question is raised as to whether shares in
a nonbanking company which were acquired by
a banking subsidiary of the bank holding company many years ago when their acquisition was
lawful and are now held as investments, and
which do not include more than 5 per cent of the
outstanding voting securities of such nonbanking
company and do not have a value greater than 5
per cent of the value of the bank holding company's total assets, are exempted from the divestment requirements of the Act by the provisions
of section 4(c)(5) of the Act.
In the Board's opinion, this exemption is as
applicable to such shares when held by a banking
subsidiary of a bank holding company as when
held directly by the bank holding company itself.
While the exemption specifically refers only to
shares held or acquired by the bank holding company, the prohibition of the Act against retention
of nonbanking interests applies to indirect as well
as direct ownership of shares of a nonbanking
company, and, in the absence of a clear mandate
to the contrary, any exception to this prohibition
should be given equal breadth with the prohibition. Any other interpretation would lead to
unwarranted results.
Although certain of the other exemptions in
section 4(c) of the Act specifically refer to shares
held or acquired by banking subsidiaries, an
analysis of those exemptions suggests that such
specific reference to banking subsidiaries was for
purpose of excluding nonbanking subsidiaries
from such exemptions, rather than for the purpose of providing an inclusionary emphasis on
banking subsidiaries.
It should be noted that the Board's view as to
this question should not be interpreted as meaning that each banking subsidiary could own up to
5 per cent of the stock of the same nonbanking
21
organization. In the Board's opinion the limitations set forth in section 4(c)(5) apply to the
aggregate amount of stock held in a particular
organization by the bank holding company itself
and by all of its subsidiaries.
Secondly, question is raised as to whether shares
in a nonbanking company acquired in satisfaction
of debts previously contracted (d.p.c.) by a banking subsidiary of the bank holding company may
be retained if such shares meet the conditions
contained in section 4(c)(5) as to value and
amount, nonwithstanding the requirement of section 4(c)(2) that shares acquired d.p.c. be disposed of within two years after the date of their
acquisition or the date of the Act, whichever is
later. In the Board's opinion, the 5 per cent
exemption provided by section 4(c)(5) covers
any shares, including shares acquired d.p.c, that
meet the conditions set forth in that exemption,
and, consequently, d.p.c. shares held by a banking
subsidiary of a bank holding company which meet
such conditions are not subject to the two-year
disposition requirement prescribed by section
4(c)(2), although any such shares would, of
course, continue to be subject to such requirement for disposition as may be prescribed by
provisions of any applicable banking laws or by
the appropriate bank supervisory authorities.
Finally, question is raised as to whether shares
held by banking subsidiaries of the bank holding
company in companies holding bank premises of
such subsidiaries are exempted from the divestment requirements by section 4(c) (1) of the Act.
It is the Board's view that section 4 ( c ) ( l ) , exempting shares owned or acquired by a bank
holding company in any company engaged solely
in holding or operating properties used wholly or
substantially by any subsidiary bank, is to be read
and interpreted, like section 4(c)(5), as applying
to shares owned indirectly by a bank holding
company through a banking subsidiary as well as
to shares held directly by the bank holding company. A contrary interpretation would impair
the right that member banks controlled by bank
holding companies would otherwise have to invest,
22
FEDERAL RESERVE BULLETIN • JANUARY 1957
subject to the limitations of section 24A of the
Federal Reserve Act, in stock of companies holding their bank premises; and such a result was not,
in the Board's opinion, intended by the Bank
Holding Company Act.
Continental Bank and Trust Company Matter
The United States Court of Appeals for the
Tenth Circuit on January 2, 1957, affirmed the
decision of the District Court in the case of The
Continental Bank and Trust Company vs. Emery
J. WoodalL The bank had brought suit to enjoin
the trial examiner from conducting an administrative proceeding instituted by the Board to determine the adequacy of the capital of the bank.
The District Court had denied the injunction. In
affirming this decision, the Court of Appeals
granted a stay until February 4, 1957, so as to
give the bank an opportunity to apply to the
Supreme Court of the United States for a writ of
certiorari. The opinion of the Court of Appeals
is printed below.
UNITED STATES COURT OF APPEALS
TENTH CIRCUIT
January Term—1957
No. 5498
THE
CONTINENTAL BANK AND TRUST COMPANY, of
Salt Lake City, Utah,
vs.
EMERY J. WOOD ALL,
Appellant,
Appellee.
FILED—United States Court of Appeals, Tenth Circuit,
Jan. 2, 1957, Robert B. Cartwright, Clerk.
APPEAL FROM THE DISTRICT COURT OF THE
UNITED STATES FOR THE DISTRICT OF UTAH
Peter W. Billings (Albert J. Colton and Fabian,
Clendenin, Moffat & Mabey were with him on the
briefs) for Appellant.
Boiling R. Powell, Jr., for Appellee.
Before BRATTON, Chief Judge, and HUXMAN and
PICKETT, Circuit Judges.
BRATTON, Chief Judge:
This case presents for determination questions of
law arising out of the attempt of the Board of Governors of the Federal Reserve System, hereinafter
referred to as the Board, to conduct a hearing in
repect to the capital adequacy or inadequacy of a
State bank member of the Federal Reserve System.
Continental Bank and Trust Company, of Salt Lake
City, Utah, hereinafter referred to as the Bank, is
a State bank member of the Federal Reserve System.
The Board issued an order for a hearing to be held
at Salt Lake City for the purpose of determining the
adequacy or inadequacy of the net capital stock and
surplus of the Bank in relation to the character and
condition of its assets and to its then present and
prospective deposit liabilities and its other corporate
responsibilities; determining what additional amount,
if any, of capital funds were needed by the Bank to
have an adequate capital structure; and determining
what was a reasonable period of time to allow the
bank within which to effect any increase of capital
funds found to be needed to make them adequate
before being required to surrender its capital stock
in the Federal Reserve Bank of San Francisco and to
forfeit its rights and privileges of membership in the
Federal Reserve System for failure to do so. The
Bank moved the Board to dismiss the proceeding upon
the ground that the Board had no authority to inquire
into the capital adequacy or inadequacy of a State
bank member of the Federal Reserve System, or to
require such a bank to acquire additional capital or
forfeit its membership in the Federal Reserve System. The motion was denied. The Bank requested
that the hearing be public and the Board acquiesced
therein. Emery J. Woodall was designated as trial
examiner to conduct the hearing and take evidence.
Shortly before the hearing was scheduled to begin,
the Bank instituted this action against Woodall to
enjoin him from conducting the hearing upon the
ground that the Board for whom he was acting had
no power to conduct a hearing for such purposes. A
temporary restraining order was issued. Later the
restraining order was vacated and the action was
dismissed. The Bank appealed.
The focus of the attack upon the judgment dismissing the action is that the Board has no power to
inquire into the capital adequacy or inadequacy of a
State bank member of the Federal Reserve System;
that the conducting of the hearing in question would
result in irreparable injury to the Bank; and that
therefore the court should have enioined the holding
of the hearing. The court predicated in part its
dismissal of the action upon the view that the Board
was an indispensable party. It is the well established
rule of law that where a Federal official attempts to
perform an act which is in excess of his authority or
under authority not validly conferred, an equitable
action will lie to restrain him without the sovereign
being a party; but where he acts within the range
of his authority in the exercise of a function legally
delegated to him, an action to restrain him cannot
be maintained without the sovereign being impleaded
even though there is an assertion of error in the exercise of such power or an abuse of discretion. Larson
v. Domestic and Foreign Commerce Corp., 337 U. S.
682; State of New Mexico v. Backer, 199 F. (2d)
426; Oyler v. McKay, 227 F. (2d) 604; Ogden River
Water Users' Association v. Weber Basin Water Conservancy, CA-10,
F. (2d)
.
The action was not one to restrain the trial examiner on the ground that he was acting beyond the
range of the order of the Board. The essence of the
cause of action pleaded in the complaint was to
restrain the trial examiner on the ground that the
Board had no power to order the hearing. Section 9
of the Federal Reserve Act, as amended, makes provision for banks incorporated under State law to
LAW DEPARTMENT
become members of the Federal Reserve System. It
provides that a State bank desiring to become such
member may make application to the Board, under
such rules and regulations as the Board may prescribe, for the right to subscribe to the stock of the
Federal Reserve Bank organized within the district
in which the applying bank is located; and that the
Board, subject to the provisions of the Act and to
such conditions as the Board may prescribe pursuant
to the Act, may permit the applying bank to become
a stockholder in such Federal Reserve Bank. 12
U. S. C. A. § 321. The section further provides that
in acting upon the application of an applying State
bank, the Board shall consider the financial condition of such bank, the general character of its management, and whether or not the corporate powers
exercised are consistent with the purpose of the Act.
12 U. S. C. A. § 322. The section further provides
that whenever the Board shall permit an applying
bank to become a stockholder in the Federal Reserve
Bank of the district, its stock subscription shall be
payable on call of the Board, and stock issued to it
shall be held subject to the provisions of the Act.
12 U. S. C. A. § 323. The section further provides
that all banks admitted to membership in the Federal Reserve System under the provisions of the
section shall be required to comply with, the capital
and reserve requirements of the Act and to conform
to those provisions of law imposed upon national
banks which prohibit such banks from lending on or
purchasing their own stock, which relate to the withdrawal or impairment of capital, and which relate to
the payment of unearned dividends. 12 U. S. C. A.
§ 324. The section further provides that as a condition to membership in the Federal Reserve System,
such State banks shall be subject to examinations
made by direction of the Board or of the Federal
Reserve Bank by examiners selected and approved by
the Board. 12 U. S. C. A. § 325. And the section
further provides that if at any time it shall appear to
the Board that a State bank member has failed to
comply with the provisions of the Act, or the regulations of the Board made pursuant thereto, it shall
be within the power of the Board after hearing to
require such bank to surrender its stock in the Federal
Reserve System and to forfeit all rights and privileges
of membership. 12 U. S. C. A. § 327. Under the
clear commands of the statute, after a State bank has
been admitted to membership in the Federal Reserve
System it must meet certain requirements. One of
such requirements is compliance with the capital and
reserve exactions of the Act. Another is compliance
with the restrictions and inhibitions of the Act against
the impairment of the capital of the bank. And
where a State bank member fails to comply with
the requirements of the Act in respect to its capital
and reserve, or fails to comply with the restrictions
or inhibitions against the impairment of its capital,
the Board is expressly vested with power after hearing to require such bank to surrender its stock in the
Federal Reserve Bank and to forfeit all rights and
privileges of membership in the Federal Reserve
System. In respect to a State bank meeting these
requirements of the Act, the duties and functions of
the Board are not merely coterminous with the making of the application for membership and the admission of the applying bank into membership of the Federal Reserve System. Instead, it is the continuing
duty and function of the Board to see that such
bank either comply with the capital and reserve
23
requirements of the Act and does not suffer impairment of its capital structure or surrenders its stock
in the Federal Reserve Bank and cease to be a member of the Federal Reserve System. The object and
purpose of the scheduled hearing now under consideration was to inquire into the condition of the
Bank in respect to whether it had suffered inadequacy of capital structure, if so what corrective procedure should be invoked, and whether the Bank
should be required to surrender its stock in the
Federal Reserve Bank and cease to be a member of
th Federal Reserve System. And we entertain no
doubt that under the provisions of the section of
the Act, the Board had power to conduct the hearing
for such purposes.
Section 9 of the Act does not stand alone in point
of present pertinence. By section l l ( i ) , as amended,
the Board is required to perform the duties, functions, and services specified in the Act, and it is authorized to make rules and regulations necessary to
enable it effectively to perform the same. 12 U. S. C.
A. §248(i). The provision amounts to a general
grant of power to make rules and regulations in
harmony with the objects and purposes of the Act
and reasonably adapted to the effective discharge of
the duties and functions of the Board under the Act.
The Board promulgated and for many years has
maintained Regulation H relating to conditions of
membership of State banking institutions in the
Federal Reserve System. The regulation provides
among other things that such banks shall at all times
conduct their business and exercise their powers
with due regard to the safety of their depositors; and
that the net capital and surplus funds of such banks
shall be adequate in relation to the character and
condition of their assets and to their deposit liabilities and other corporate responsibilities. The regulation is in harmony with the objectives and purposes
of the Act. It is reasonably adapted to further the
discharge of the duties and functions of the Board
under the Act. And its promulgation and maintenance constitute permitted administrative action under
the Act. The scheduled hearing was intended and
designed to ascertain whether the Bank had failed
and was continuing to fail to meet the requirements
of the Act and the regulation, if so what should be
done to bring its condition into compliance with
the Act and the regulation in respect to capital adequacy, and in the event of continued failure to meet
the requirements of he Act and the regulation
whether the Bank should cease to be a member of
the Federal Reserve System. That being its purpose,
the hearing was within the purview of the Act and
the regulation, considered in their entirety.
The Board was clothed with power to order the
hearing. The authority to conduct the hearing and
take the evidence was regularly delegated to the
trial examiner, and the examiner was acting well
within the range of authority delegated to him. In
such circumstances, the Board was an indispensable
party to the action to restrain the conducting of the
hearing. And the Board not being a party, the court
correctly entered its judgment of dismissal. Larson
v. Domestic and Foreign Commerce Corp., supra;
State of New Mexico v. Backer, supra; Oyler v.
McKay, supra; Ogden River Water Users' Association v. Weber Basin Water Conservancy, supra.
The judgment is
AFFIRMED.
Current Events and Announcements
APPOINTMENTS OF CHAIRMEN, DEPUTY CHAIRMEN, AND DIRECTORS
The Board of Governors of the Federal Reserve System announced the following designations
and appointments of officers and directors at the Federal Reserve Banks and branches. Names in
CAPITALS indicate new appointments; all others are reappointments. Brief biographical data on
newly appointed directors follow the list of appointments.
CHAIRMEN AND FEDERAL RESERVE AGENTS FOR YEAR
Federal Reserve
Bank
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Robert C. Sprague, North Adams, Massachusetts.
JOHN E. BIERWIRTH, Cedarhurst, Long Island, New York.
William J. Meinel, Philadelphia, Pennsylvania.
ARTHUR B. VAN BUSKIRK, Pittsburgh, Pennsylvania.
John B. Woodward, Jr., Hilton Village, Warwick County, Virginia.
Walter M. Mitchell, Atlanta, Georgia.
Bert R. Prall, Winnetka, Illinois.
PIERRE B. McBRIDE, Louisville, Kentucky.
Leslie N. Perrin, Mineapolis, Minnesota.
Raymond W. Hall, Kansas City, Missouri.
Robert J. Smith, Dallas, Texas.
A. H. Brawner, San Mateo, California.
DEPUTY CHAIRMEN FOR YEAR
Federal Reserve
Bank
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
1957
1957
James R. Killian, Jr., Cambridge, Massachusetts.
Forrest F. Hill, New York, New York.
Henderson Supplee, Jr., Radnor, Pennsylvania.
JOSEPH THOMPSON, Willoughby, Ohio.
Alonzo G. Decker, Jr., Lutherville, Maryland.
Harllee Branch, Jr., Atlanta, Georgia.
J. Stuart Russell, Des Moines, Iowa.
JOSEPH H. MOORE, Charleston, Missouri.
O. B. Jesness, St. Paul, Minnesota.
Joe W. Seacrest, Lincoln, Nebraska.
Hal Bogle, Dexter, New Mexico.
Y. Frank Freeman, Beverly Hills, California.
24
25
CURRENT EVENTS AND ANNOUNCEMENTS
FEDERAL RESERVE BANK DIRECTORS X
(Three-year terms, with exception indicated)
Federal Reserve
Bank
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
James R. Killian, Jr., Cambridge, Massachusetts.
JOHN E. BIERWIRTH, Cedarhurst, Long Island, New York.
Lester V. Chandler, Princeton, New Jersey.
JOSEPH THOMPSON, Willoughby, Ohio.
Alonzo G. Decker, Jr., Lutherville, Maryland.
Harllee Branch, Jr., Atlanta, Georgia.
J. Stuart Russell, Des Moines, Iowa.
PIERRE B. McBRIDE, Louisville, Kentucky.
J. H. LONGWELL, Columbia, Missouri. (For unexpired portion
of term ending December 31, 1958.)
Leslie N. Perrin, Minneapolis, Minnesota.
Oliver S. Willham, Stillwater, Oklahoma.
Hal Bogle, Dexter, New Mexico.
A. H. Brawner, San Mateo, California.
FEDERAL RESERVE BANK BRANCH DIRECTORS2
(Three-year terms unless otherwise indicated)
Federal Reserve
Bank and Branch
New York
Buffalo
RAYMOND E. OLSON, Rochester, New York.
Cleveland
Pittsburgh
Cincinnati
BEN MOREELL, Pittsburgh, Pennsylvania.
Anthony Haswell, Dayton, Ohio.
Richmond
Charlotte
William H. Grier, Rock Hill, South Carolina.
Atlanta
Birmingham
Jacksonville
Nashville
New Orleans
Adolph Weil, Sr., Montgomery, Alabama.
McGregor Smith, Coral Gables, Florida.
Frank B. Ward, Knoxville, Tennessee.
E. E. Wild, Midland, Louisiana.
Chicago
Detroit
J. Thomas Smith, Bloomfield Hills, Michigan.
1
Each Federal Reserve Bank has a board of directors consisting of nine members, divided into
three classes, designated as Classes A, B, and C. The
six A and B directors are elected by the member
banks, and the three C directors are appointed by the
Board of Governors. The terms of two of the elected
directors and one of the appointed directors expire
at the end of each year.
2
Federal Reserve Bank branches have either five
or seven directors, of whom a majority are appointed
by the Board of Directors of the parent Federal Reserve Bank, and the others are appointed by the Board
of Governors of the Federal Reserve System. One
of the directors appointed by the Board of Governors at each branch is designated annually as Chairman of the Board in such manner as the Federal Reserve Bank may prescribe.
26
FEDERAL RESERVE BULLETIN • JANUARY 1957
St. Louis
Little Rock
Louisville
Louisville
T. Winfred Bell, Little Rock, Arkansas.
David F. Cocks, Louisville, Kentucky.
Philip Davidson, Louisville, Kentucky. (For unexpired portion of term ending December 31, 1957.)
John D. Williams, University, Mississippi.
Memphis
Minneapolis (two-year term)
Helena
Kansas City (two-year terms)
Denver
Oklahoma City
Omaha
Dallas
El Paso
Houston
San Antonio
D. F. Stahmann, Las Cruces, New Mexico.
A. E. CUDLIPP, Lufkin, Texas.
Clarence E. Ayres, Austin, Texas.
San Francisco (two-year terms)
Portland
Salt Lake City
Seattle
William H. Steiwer, Sr., Fossil, Oregon.
Geo. W. Watkins, Idaho Falls, Idaho.
LYMAN J. BUNTING, Yakima, Washington.
Federal Reserve Bank of New York
JOHN E. BIERWIRTH, Cedarhurst, Long Island, New York, who has been serving as an
elected director of the Federal Reserve Bank of
New York since March 1953, was appointed by
the Board of Governors for a three-year term
beginning January 1, 1957, and was designated
Chairman and Federal Reserve Agent at New
York for the year 1957. Mr. Bierwirth is President of National Distillers Products Corporation,
New York, New York. In his new capacities at
the Reserve Bank he succeeds Mr. Jay E. Crane,
Director, Standard Oil Company (New Jersey),
New York, N. Y., whose terms both as Chairman
and as an appointed director expired December
31, 1956.
RAYMOND E. OLSON, Rochester, New York,
was appointed a director of the Buffalo Branch of
the Federal Reserve Bank of New York for a
three-year term beginning January 1, 1957. Mr.
Olson is President of Taylor Instrument Companies, Rochester, New York. He succeeds Mr.
Robert C. Tait, President, Stromberg-Carlson
Company, Rochester, New York, whose term as
a director of the Buffalo Branch expired December 31, 1956.
Federal Reserve Bank of Cleveland
ARTHUR B. VAN BUSKIRK, Pittsburgh,
Carl McFarland, Missoula, Montana.
Ray Reynolds, Longmont, Colorado.
Phil H. Lowery, Loco, Oklahoma.
Manville Kendrick, Sheridan, Wyoming.
Pennsylvania, who has been serving as a Boardappointed director of the Federal Reserve Bank
of Cleveland since January 1956 and as its Deputy
Chairman, was appointed Chairman and Federal
Reserve Agent for the year 1957. Mr. Van Buskirk is Vice President and Governor of T. Mellon
& Sons, Pittsburgh, Pennsylvania. As Chairman
and Federal Reserve Agent, he succeeds Mr. John
C. Virden, Chairman of the John C. Virden Company, Cleveland, Ohio, whose term expired December 31, 1956.
JOSEPH THOMPSON, Willoughby, Ohio, was
appointed a director of the Federal Reserve Bank
of Cleveland for a three-year term beginning
January 1, 1957, and as Deputy Chairman of the
Bank for the year 1957. Mr. Thompson is President of The M. A. Hanna Company, Cleveland,
Ohio. He succeeds Mr. John C. Virden, Chairman of the John C. Virden Company, Cleveland,
Ohio, whose term as a director of the Bank expired December 31, 1956.
BEN MOREELL, Pittsburgh, Pennsylvania,
was appointed a director of the Pittsburgh Branch
of the Federal Reserve Bank of Cleveland for a
three-year term beginning January 1, 1957. Admiral Moreell is Chairman of Jones & Laughlin
Steel Corporation, Pittsburgh, Pennsylvania. He
succeeds Mr. Henry A. Roemer, Jr., President of
27
CURRENT EVENTS AND ANNOUNCEMENTS
Forbes Steel Corporation, Canonsburg, Pennsylvania, whose term as a director of the Pittsburgh
Branch expired December 31, 1956.
Mr. Caffey Robertson, President of the Caffey
Robertson Company, Memphis, Tennessee, who
resigned as a director of the Bank.
Federal Reserve Bank of St. Louis
PIERRE B. McBRIDE, President, Porcelain
Metals Corporation, Louisville, Kentucky, was
appointed a director of the Federal Reserve Bank
of St. Louis for a three-year term beginning
January 1, 1957, and as Chairman and Federal
Reserve Agent for the year 1957. Mr. McBride
has been serving since January 1951 as a director
of the Bank's Louisville Branch and since January
1956 as Chairman of the Branch board. Both as
Chairman and Federal Reserve Agent and as an
appointed director of the St. Louis Bank he succeeds Mr. M. Moss Alexander, President, Missouri Portland Cement Company, St. Louis, Missouri, whose terms in both capacities expired
December 31, 1956.
PHILIP DAVIDSON, President, University of
Louisville, Louisville, Kentucky, was appointed a
director of the Louisville Branch of the Federal
Reserve Bank of St. Louis for the remainder of a
term expiring December 31, 1957. Mr. Davidson
succeeds Mr. Pierre B. McBride, President, Porcelain Metals Corporation, Louisville, Kentucky,
who resigned as a director of the Louisville Branch
in order to accept appointment as a director of
the Federal Reserve Bank of St. Louis.
JOSEPH H. MOORE, Charleston, Missouri,
who has been serving as an appointed director of
the Federal Reserve Bank of St. Louis since
March 1950, was appointed Deputy Chairman of
the Bank for the year 1957. Mr. Moore is engaged in farming. As Deputy Chairman he
succeeds Mr. Caffey Robertson, President of
Caffey Robertson Company, Memphis, Tennessee, who resigned as a director of the St. Louis
Bank.
J. H. LONGWELL, Dean, College of Agriculture, University of Missouri, Columbia, Missouri,
was appointed a director of the Federal Reserve
Bank of St. Louis for the unexpired portion of a
term ending December 31, 1958. He succeeds
Federal Reserve Bank of Dallas
A. E. CUDLIPP, Lufkin, Texas, was appointed
a director of the Houston Branch of the Federal
Reserve Bank of Dallas for a three-year term
beginning January 1, 1957. Mr. Cudlipp is Vice
President and Director of Lufkin Foundry and
Machine Corp., Lufkin, Texas. He succeeds Mr.
Herbert G. Sutton, of T. O. Sutton and Sons,
Colmesneil, Texas, whose term as a director of
the Branch expired December 31, 1956.
Federal Reserve Bank of San Francisco
LYMAN J. BUNTING, Yakima, Washington,
was appointed a director of the Seattle Branch of
the Federal Reserve Bank of San Francisco for
a two-year term beginning January 1, 1957. Mr.
Bunting is President of Rainier Fruit Company,
Yakima, Washington, and succeeds Mr. Ralph
Sundquist, President and General Manager, Sundquist Fruit and Cold Storage, Inc., Yakima, Washington, whose term expired December 31, 1956.
FEDERAL RESERVE BANK APPOINTMENTS OF BRANCH DIRECTORS1
The Federal Reserve Banks have announced the following appointments of Branch directors. The
appointments have been made for terms of three years beginning January 1, 1957, except where
otherwise indicated.
Federal Reserve
Bank and Branch
New York
Buffalo
1
For statement concerning appointment of
branch directors, see page 25, footnote 2.
President, The National Bank
of Geneva, Geneva, New York. Mr. Alexander
succeeds Robert L. Davis, President, The First National Bank of Olean, Olean, New York.
VERNON ALEXANDER,
28
FEDERAL RESERVE BULLETIN • JANUARY 1957
Cleveland
Cincinnati
A. MCCRACKEN, Executive Vice President
and Trust Officer, The Newport National Bank,
Newport, Kentucky. Mr. McCracken succeeds
Leonard M. Campbell, President, The Second National Bank of Ashland, Ashland, Kentucky.
Pittsburgh
FRANK C. IRVINE, President, First National Bank in
Tarentum, Tarentum, Pennsylvania. Mr. Irvine succeeds Albert L. Rasmussen, President, The Warren
National Bank, Warren, Pennsylvania
Richmond
Baltimore
Charlotte
Atlanta
Birmingham
JAMES W. MCELROY, Executive Vice President, First
National Bank, Baltimore, Maryland. Mr. McElroy
succeeds Charles W. Hoff, President, Union Trust
Company of Maryland, Baltimore, Maryland.
CHARLES D. PARKER, President, First National Bank
& Trust Company, Asheville, North Carolina. Mr.
Parker succeeds Archie K. Davis, Chairman, Wachovia Bank and Trust Company, Winston-Salem, North
Carolina.
JOHN R. DOWNING, Executive Vice President, Citizens-Farmers & Merchants Bank, Brewton, Alabama.
Mr. Downing succeeds John Will Gay, President,
The First National Bank of Scottsboro, Scottsboro,
Alabama.
G. GARNER, President and Chairman, Little
River Bank and Trust Company, Miami, Florida.
(Reappointed)
Jacksonville
JAMES
Nashville
Jo H. ANDERSON, President, Park National Bank of
Knoxville, Knoxville, Tennessee. Mr. Anderson succeeds W. E. Tomlinson, President, The Hamilton
National Bank of Johnson City, Johnson City, Tennessee.
New Orleans
J. SPENCER JONES, President, The Citizens National
Bank in Hammond, Hammond, Louisiana. Mr.
Jones succeeds Leon J. Minvielle, President, The
Peoples National Bank of New Iberia, New Iberia,
Louisiana.
Chicago
Detroit
St. Louis
Little Rock
FRANKLIN
A. MOORE, Chairman, Peoples National Bank of
Grand Rapids, Grand Rapids, Michigan. (Reappointed)
IRA
President, Peoples Exchange Bank,
Russellville, Arkansas. (Reappointed)
DONALD BARGER,
CURRENT EVENTS AND ANNOUNCEMENTS
29
E. ROBERTSON, Chairman and President, Liberty National Bank and Trust Company of Louisville,
Louisville, Kentucky. Mr. Robertson succeeds Noel
Rush, President, Lincoln Bank and Trust Company,
Louisville, Kentucky, who died on November 9,1956.
Louisville
MERLE
Memphis
K. WILSON, President, The First National Bank
of West Point, West Point, Mississippi. (Reappointed)
Minneapolis (two-year terms)
Helena
JOHN
J. WILLARD JOHNSON, Financial Vice President and
Treasurer, Western Life Insurance Company, Helena,
Montana. (Reappointed)
GEO. N. LUND, Chairman and President, The First
National Bank of Reserve, Reserve, Montana. (Reappointed)
Kansas City (two-year terms)
Denver
S. NEWCOMER, Executive Vice President,
First National Bank in Boulder, Boulder, Colorado.
(Reappointed)
RALPH
President, First National Bank
in Raton, Raton, New Mexico. (Reappointed)
ARTHUR JOHNSON,
Oklahoma City
R. OTIS MCCLINTOCK, Chairman, The First National
Bank and Trust Company of Tulsa, Tulsa, Oklahoma.
(Reappointed)
C. L. PRIDDY, President, The National Bank of McAlester, McAlester, Oklahoma. Mr. Priddy succeeds
F. M. Overstreet, President, The First National Bank
at Ponca City, Ponca City, Oklahoma.
Omaha
N. MITTEN, Chairman, First National Bank
of Fremont, Fremont, Nebraska. (Reappointed)
WILLIAM
Dallas
El Paso
F. W. BARTON, President, The Marfa National Bank,
Marfa, Texas. (Reappointed)
Houston
I. F. BETTS, President, The American National Bank
of Beaumont, Beaumont, Texas. (Reappointed)
San Antonio
E. C. BREEDLOVE, President, The First National Bank
of Harlingen, Harlingen, Texas. (Reappointed)
San Francisco (two-year terms)
Los Angeles
President, The First National
Trust and Savings Bank of San Diego, San Diego,
California. (Reappointed)
ANDERSON BORTHWICK,
E. SHELTON, Chairman, Security-First National Bank of Los Angeles, Los Angeles, California.
(Reappointed)
JAMES
30
FEDERAL RESERVE BULLETIN • JANUARY 1957
B. ROGERS, President, The First National Bank
of Baker, Baker, Oregon. (Reappointed)
JOHN
Portland
J. H. MCNALLY, President, The First National Bank
of Bonners Ferry, Bonners Ferry, Idaho. (Reappointed)
RUSSELL S. HANSON, Executive Vice President, The
First National Bank of Logan, Logan, Utah. (Reappointed)
Salt Lake City
GEORGE S. ECCLES, President, First Security Bank
of Utah, National Association, Salt Lake City, Utah.
(Reappointed)
S. B. LAFROMBOISE, President, The First National
Bank of Enumclaw, Enumclaw, Washington. (Reappointed)
Seattle
President, First National Bank in
Spokane, Spokane, Washington. (Reappointed)
JAMES BRENNAN,
FEDERAL RESERVE MEETINGS
DEATH OF DIRECTOR
A meeting of the Federal Open Market Committee was held in Washington on January 8, 1957.
Mr. Alden G. Roach, who had served as a Class
B director of the Federal Reserve Bank of San
Francisco since January 1, 1951, died on December 20, 1956. Mr. Roach was President of
the Columbia-Geneva Steel Division, United
States Steel Corporation, San Francisco, California.
EARNINGS AND EXPENSES OF THE FEDERAL RESERVE BANKS IN 1956 AND 1955
A condensed comparative statement of earnings
and expenses of the Federal Reserve Banks in
1956 and 1955 is shown below. A detailed statement of earnings and expenses of each Federal
Reserve Bank in 1956 will appear in the February
Federal Reserve BULLETIN.
Thousands of dollars
Item
Current earnings
Current expenses
Current net earnings
Additions to current net earnings
Deductions from current net earnings
Net deductions
1956
1955
595,649
121,182
412,488
110,060
474,467
302,428
1359
383
178
1443
24
265
Net earnings before payments to U. S.
Treasury
474f443
302,163
Paid U. S. Treasury (interest on F. R. notes)..
Dividends paid
Transferred to surplus (Sec. 7)
401,555
18,905
53,983
251,741
17,712
32,710
1 Includes $268,000 net profits in 1956 and $506 net losses in 1955
on sales of U. S. Government securities.
TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY
Latest BULLETIN Reference
Semiannually
Issue
Banking offices:
Analysis of changes in number of
Aug. 1956
On, and not on, Federal Reserve Par
List, number of
Aug. 1956
Stock Exchange Brms, detailed debit and
credit balances
Sept. 1956
Annually
Earnings and expenses:
Federal Reserve Banks
Feb.
Member banks:
Calendar year
May
First half of year
Oct.
Insured commercial banks
May
Banks and branches, number of, by class
and State
Apr.
Operating ratios, member banks
June
Banking and monetary statistics, 1955.. {{•££
Page
896
897
994
1956
178-179
1956
1956
1956
510-518
1248
519
1956
1956
g||
398-399
650-652
National Summary of Business Conditions
Released for publication
Industrial production and total construction
activity continued at advanced rates in December.
Nonfarm employment was maintained at record
levels, incomes rose further, and retail sales
changed little at high levels. In December and
early January, prices of industrial commodities
advanced further. Substantial expansion of bank
credit in December was followed by a sharp decline in early January.
INDUSTRIAL PRODUCTION
Industrial production in December, as measured
by the Board's seasonally adjusted index, was
147 per cent of the 1947-49 average, up one
point from the revised November figure and three
points from December 1955. For the year 1956,
industrial production averaged 143, four points,
or 3 per cent, above 1955.
In December, auto assemblies rose further and
activity in most producers' equipment lines
reached new highs. Production of household
goods, which decreased in November reflecting
some accumulation of inventories, apparently
changed little in December. Steel output was
maintained at capacity and was 3 per cent above
a year ago, while production of both ferrous and
nonferrous castings and forgings continued below
January 15
the levels reached in 1955. In early January,
steel ingot production was scheduled at 98 per
cent of 1957 capacity, which is rated 4 per cent
larger than in 1956.
Following a dip in November, shown by revised figures, seasonally adjusted production of
nondurable goods recovered. Output of leather,
paper, chemical, and petroleum products increased. Crude oil extraction registered further
gains and in early January reached new highs
as export demands continued strong.
CONSTRUCTION
Value of new construction rose slightly further
in December to a seasonally adjusted annual rate
of $44.7 billion. Private housing starts, seasonally
adjusted, showed little change and were at an annual rate of slightly more than 1 million units.
Value of contract awards was down moderately,
reflecting a further sharp decline in residential
construction awards. For the year as a whole, the
value of new construction was a record $44.3
billion, 3 per cent above 1955. Housing starts
totaled slightly more than 1.1 million units, as
compared with 1.3 million the year before.
EMPLOYMENT
Seasonally adjusted employment in nonfarm
establishments in December continued at the record level of 52 million—1 million above a year
ago. Reflecting increases in both the workweek
and hourly earnings, weekly earnings in manufacturing rose further to $84.05, which was 5
per cent higher than a year ago. Unemployment,
at 2.5 million, was little changed from a month
ago and a year ago.
INDUSTRIAL PRODUCTION
1947-49=100
DISTRIBUTION
Federal Reserve indexes, seasonally adjusted.
ures, latest shown are for December.
Monthly fig-
31
The dollar volume of department store sales,
after seasonal adjustment, continued close to the
record volume reached in November. With sales
at most other groups of stores also strong in December, seasonally adjusted total retail sales continued at the November record and were about
32
FEDERAL RESERVE BULLETIN • JANUARY 1957
4 per cent above a year ago. Dealer deliveries
of new autos rose moderately further, but were
below the advanced rate of December 1955;
dealer stocks also increased but remained substantially below a year earlier.
COMMODITY PRICES
The general level of wholesale commodity
prices advanced further from mid-December to
mid-January and was 4 per cent above a year
ago.
Average prices of industrial commodities
continued to rise and prices of farm products
were maintained.
Prices of various steel mill products were raised
and in mid-January finished steel averaged about
10 per cent above a year earlier. Crude oil
prices rose 12 per cent, mainly due to export
demands, and gasoline and fuel oils increased.
Cement, wool textiles, floor coverings, and some
appliances also advanced, while scrap metals declined. Rail freight rates were raised at the yearend, the second increase of 6 per cent in 1956.
BANK CREDIT AND RESERVES
Total loans and investments at city banks rose
$1.7 billion in December; three-quarters of the
rise was in loans, mainly to business. Sales finance companies accounted for over half the rise
in business loans. Holdings of United States
Government securities increased as banks purchased new Treasury tax-anticipation bills in midDecember. In early January, bank credit declined substantially.
PRICES
Member bank borrowing from the Federal
Reserve declined to an average of $645 million
in the second half of December and early January
and excess reserves rose to $715 million. In late
December System purchases of Government securities and the usual year-end rise infloatsupplied more reserves than were absorbed by an
outflow of currency, an increase in Treasury
balances at the Reserve Banks, and a rise in required reserves. Subsequently, an inflow of currency and decreases in Treasury balances and
required reserves were offset only in part by
System sales of Government securities and a
decline in float.
SECURITY MARKETS
The yield spread between intermediate- and
long-term Treasury bonds narrowed substantially
in late December and the first week of January;
yields on long-term issues advanced steadily to
about 3.5 per cent and those on intermediate
issues declined from more than 3.7 per cent to
just over 3.5 per cent. Subsequently, yields on
all Government bonds declined. Treasury bills
declined nearly 20 basis points from the midDecember seasonal high of about 3.3 per cent.
On January 11 the Treasury sold $1.6 billion of
June 24 tax bills to refund the maturing special
bill sold for cash in October.
Yields on corporate bonds increased further
during late December and early January, while
those on State and local government bonds were
relatively stable. Common stock prices changed
little.
1947-49.100
LOANS AND INVESTMENTS
. WHOLESALE
-
of dollars
OTHER
^-W^X^
ALL COMMODITIES
-
FARM PRODUCTS
-
I
, , 1
| , ,
CONSUMER
ALL ITEMS
-
^
-—
FOODS
Bureau of Labor Statistics indexes. "Other" wholesale prices
exclude processed foods, included in total but not shown separately. Monthly figures, latest shown: November for consumer
prices, and December for wholesale prices.
1952
1953
1954
1955
1956
Federal Reserve data. Weekly figures, latest shown are for
January 2.
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.
35
38
39
42
44
45
48
50
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. .
52
53
54
55
56
58
62
63
65
68
Selected indexes on business activity. .
Production.
Employment and earnings. .
Department stores. .
Foreign trade
Wholesale and consumer prices.
National product and income series. .
72
73
80
82
83
84
86
Tables published in BULLETIN, annually or semiannually—list, with references.
Index to statistical tables.
30
115
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.
33
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
Wednesday figures, 1949-1950, weekly averages or daily figures, 1951-
Billions of dollars
MEMBER BANK
RESERVE BALANCES
20
15
EXCESS RESERVES
2
0
35
30
25
20
TREASURY CASH AND DEPOSITS
^
-i-NONMEMBER DEPOSITS^
30
FEDERAL RESERVE CREDIT
U.S. GOVERNMENT SECURITIES:
25
20
HELD UNDER
REPURCHASE AGREEMENTS
-—
-1
A
DISCOUNTS AND ADVANCES
I FEDERAL RESERVE FLOAT
1949
1950
1951
1952
1953
|
1954
|
1955
Latest averages shown are for week ending December 26. See p. 35.
34
1956
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Govt. securities
Week
ending
DisHeld counts
under
Float Total
Bought] repur- and
adoutTotal
chase
vancesl
right agreement
Gold
stock
Deposits, other
than member bank
Member bank
reserves,
reserves
with
F.
R.
Banks
Treas-|
Other
ury
F. R.
cash
acholdcountsl
ings
Re- 2 Ex-2
Treas- For- Other
Total quired
cess
ury
eign
Treas-|
ury
currency
outstand-1
ing
Currency
in
circulation
5,009
5,009
5,008
5,008
5,008
30,528
30,657
30,794
30,824
30,963
772
774
774
783
781
500
571
613
532
439
408
384
400
395
399
385
433
564
399
398
18,898
18,899
18,883
19,036
18,794
18,421
18,343
18,302
18,468
18,381
477
556
581
568
413
Averages of
daily figures
1955
Nov.
Nov.
Nov.
Nov.
Nov.
2
9
16
23
30
23,995
24,024
24,068
23 — '
24;ooi
23,995
24,024
24,018
23,888
23,903
Dec. 7.
Dec. 14.
Dec. 2 1 .
Dec. 28.
24,364
24,589
24,588
24,767
24,039
24,443
24,375
24,385
325
146
213
382
935
957 26,274
878
941 26,428
747 1,746!27,101
753 1,875 27,420
21,688
21,689
21,689
21,690
5,008
5,007
5,008
5,008
31,070
31,244
31,364
31,415
780
786
772
774
483
337
401
523
424
446
469
497
413
931 18,869
989118,950
372
336 1,010 19,446
410 1,012 19,487
18,411
18,488
18,792
18,804
458
462
654
683
Jan. 4 . .
Jan. 1 1 . .
Jan. 1 8 . .
Jan. 2 5 . .
24,785
24,308
23,804
23,517
24,391
24,191
23,802
23,517
394
117
2
584
801
9221
815
1,539 26,936
l,242l 26,375
1,125 25,872
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. 1 . .
Feb. 8 . .
Feb. 1 5 . .
Feb. 2 2 . .
Feb. 2 9 . .
23,416
23,423
23,349
23,389
23,435
23,414
23,423
23,349
23,333
23,384
999
814 25,248
822
840 25,104
976
83: 25,174
622 1,333 25,360
758
880 25,089
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.
Mar.
Mar.
Mar.
7.
14.
21.
28.
23,518
23,505
23,508
23,508
23,426
23,410
23,405
23,495
92| 7491 835 25,118
95
975
81 25,308
103
934 1,297 25,754
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
,0231 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
986 1,02: 25,658 21,716 5,017 30,321
,119
826 25,481 21,727 5,016 30,300
,109
97: 25,497 21,741 5,018 30,290
,061 1,017 25,374 21,742 5,019 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 2
May 9
May 16
May 23
May 30
23,299
23,352
23,279
23,210
23,412
23,243
23,252
23,226
23,200
23,359
56
100
53|
10
53
,089
864 25,266
,114
844 25,325
,066
93 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
30,2961
30,359
30,317
30,327
786j
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
"'26
894
906 25,320
747
970 25,251
764, 1,507 25,779
756| 1,369 25,621
21,782
21,796
21,798
21,799
30,505
30,542
30,541
30,485
782|
779
774
781
429
398
535
570
305
332
331
297
310
983
299
982
317
998
290 1,000
18,819
18,749
19,116
19,030
18,217
18,233
18,500
18,435
602
516
616
595
July 4
July 11
July 18
July 25
23,791
23,836
23,490
23,408
23,748
23,826
23,487
23,408
43
644
880]
849
573
21,806
21,826
21,827
21,828
5,032
5,033
5,033
5,033
5,032
5,031
5,031
5,032
30,765
30,923
30,808
30,632
773
770
768
773
493
437
595
556
298
309
320
288
298
290|
278
267
993 18,902
990 19,040
990|
987| 18,869
994|18,744
18,430
18,285
18,240
18,187
472
755
629
557
Aug.
Aug.
Aug.
Aug.
Aug.
8.
15.
22.
29.
23,418
23,418
23,439
23,574
23,622
23,418
23,418
23,418
23,446
23,592
6901 1,046 25,172 21,829 5,034 30,575
917
829 25,182 21,855 5,035 30,633
9601 83' 25,254 21,856 5,036 30,681
878 1,171 25,642 21,856 5,037 30,654
935
829 25,404 21,857 5,041 30,618
772
769
773
778
7761
519
530
539
485
481
284
319
335
293
318
273 1,021 18,591 18,115
284
949|18,588 18,018
277
18,593 18,014
266
19,117 18,464
282
944|18,883 18,375
476
570
579
653
508
Sept. 5.
Sept. 12.
Sept. 19.
Sept. 26.
23,849
23,858
23,691
23,576
23,818
23,829
23,673
23,555
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
Oct.
Oct.
Oct.
Oct.
Oct.
3.
10.
17.
24.
31.
23,697
123,840
23,860
23,736
23,708
23,602
23,766
23,846
23,736
23,668
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 18,935
958 18,929
958 18,890
956|19,137
925 18,810
18,456
18,322
18,313
18,574
18,451
479
607
577
563
359
Nov.
Nov.
Nov.
Nov.
7.
14.
21.
28.
23,824
23,940
24,033
24,202
23,766
23,882
23,959
24,110
58
58
74
9:
828
945,
662
631
847
845
844
843
19,004
18,996
19,311
19,375
Dec. 5.
Dec. 12.
Dec. 19.
Dec. 26.
24,404
24,652
24,785
24,906
24,287
24,493
24,489
24,574
117
159
296
332
460|
709
555
667
943
793 25,748 21,686
1,144
776 25,963 21,686
50 1,173 1,013 26,272 21,686
816 1,486 26,208 21,687
98| 973 1,019 26,012 21,688
951
939
938
935
935
1956
1
It
22!
10
21
128
30
1,231
1,169
1,412
1,393
25,685
25,903
25,769
25,393
796
78' 25,454 21,861
1,012 1,045 25,934 21,883
654 1,489 25,852 21,883
705 1,394 25,694 21,884
,084 25,762
,040 25,954
,543 26,266
,514 26,374
1,268
1,226
1,835
2,208
26,165
26,633
27,223
27,842
5,042
5,042
5,043
5,044
21,909
21,910
21,910
21,910
3,054
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
18,443
18,377
18,701
18,754
561
619
610
621
21,953
21,924
21,927
21,949
5,060
5,062
5,064
5,066
31,451
31,660
31,835
31,992
770
775
776
765
408
357
498
635
344
342
389
393
91019,068 18,682
228
264 1,001 19,220 18,653
169 1,011 19,535 ^18,914
258 1,024 19,790 *>19,072
386
567
Preliminary.
30,786
30,910
30,810
30,714
For other footnotes see following page.
35
36
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
DisGold
stock
Held counts
and
Total
i
under
Float
Total Bought
repur- adoutchase vances
right agreement
Averages of
daily figures
1955
Dec
24,602 24,318
284
Treas- Curury
cur- rency
rency
ciroutstand- culation
ing
840 1,389 26,853 21,689 5,008 31,265
Deposits, other
than member bank
reserves,
Treas- with F. R. Banks
cash
holdings Treas- Forury
eign
Member bank
reserves
Other
F. R.
accounts
Other
Re- 2 Ex-2
Total quired
cess
777
434
459
394
983 19,240 18,646
594
552
532
584
527
467
574
599
559
578
520
590
1956
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept.
Oct
Nov
Dec
23,897
23,401
23 522
23,410
23 322
23,522
23 580
23,530
. . 23 728
23,781
24,024
24,765
23,824
23,375
23,449
23,393
23,262
23,486
23,573
23,488
23,695
23,742
23,951
24,498
808 1 152 25,879 21,692 5,008
73
965 25,183 21,694 5,011
26
800
73
993
987 25,517 21,711 5,013
925 25,411 21,735 5,018
17 1,060
928 25,237 21,768 5,028
60
971
36
770 1,206 25,516 21,795 5,033
7
738 1 263 25,599 21,826 5 032
910 25,357 21,855 5,038
42
898
792 1 198 25,737 21 880 5 043
33
39
715 1,182 25,698 21,906 5,048
745 1,300 26,097 21,910 '5.056
73
267
706 1 633 27,156 21,942 5,064
30,620
30,214
30,256
30,245
30,322
30,536
30,751
30,650
30,803
30,864
31,198
31,775
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
921 19,138 18,586
351
973 18,709 18,177
350 1 048 18,924 18,340
338 1,067 18,847 18,320
322
982 18,735 18 268
304
991 18,933 18,359
280
999 18,836 18 237
275
946 18,783 18,224
237
946 19,024 18 446
299
950 18,939 18,419
313
845 19,169 18,579
998
19,535
247
148
1,998
2,484
2,254
24,262
22,559
20,725
24,034
25,318
24,888
23,554
52 1,400 4,037 2,019 4,459
68 1,037
4 2,220 4,031 2,286 5,434
164
7
91 2,593 17,644 2,963 7,598
3
94 2,361 22,737 3,247 11,160
249
578 25,091 20,065 4,339 28,515
535 23,181 22,754 4,562 28,868
85
67 1,368 22,216 22,706 4,636 27,741
53
967 25,825 23,187 4,812 30,433
156
663
935 26,880 22,030 4,894 30,781
28
598
808 25,885 21,713 4,985 30,509
143
44
850 24,601 21,678 5,002 30,229
128
53
204
264
2,409
2,215
2,287
1,336
1,293
1,270
761
796
812
36
35
634
867
977
870
668
389
346
563
380
6
15
397
774
862
392
895
550
423
490
374
21
151
256
586
446
569
565
455
493
441
448
374 2,356
346 2,292
251 11,653
291 12,450
495 15,915
563 17,899
714 17,681
777 19,950
839 20,160
907 18,876
972 18,066
2,333
1,817
6,444
9,365
14,457
16,400
16,509
20,520
19,397
18,618
18,139
23
475
5,209
3,085
1,458
1,499
1,172
-570
763
258
-73
108 1,585 26,507 21,690 5,008 31,158
767
394
402
554
925 19,005 18,903
102
5,009 30,228
5,012 30,163
5,020 30,339
5,025 30,210
5,030 30,513
5,032 30,715
5,035 30,604
5,041 30,757
5,046 30,768
5,054 30,839
5,061 31,424
*>5,066 "31,786
797
789
777
783
779
768
761
768
771
778
763
428
554
534
578
515
522
513
422
535
495
463
441
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 ^19,075
439
266
523
459
569
-6
204
511
381
209
489
Mid-year o r
year-end
1929—June..
1933—June..
1939—Dec...
1941—Dec...
1945—Dec...
1947_Dec...
1950—Dec...
1952—Dec...
1953—Dec...
1954—Dec...
1955—June..
216
1 998
2,484
2,254
24,262
22,559
20,778
24,697
25,916
24,932
23,607
End of momth
1955
Dec
24,785 24,391
394
1956
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
Wednesday
1956
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31
23,735
23,865
23,860
23,683
23,767
23,653
23,833
23,860
23,683
23,688
79
Nov.
Nov.
Nov
Nov.
7
14
21
28
23 857
23 945
24,143
24,284
'23 798
23,904
24,068
24,220
577 25 548
59 1 087
375 1 078 25,427
41
75
595 1,523 26,287
64
359 1,280 25,951
Dec
Dec.
Dec
Dec.
5
12
19
26 . . . .
24,454
24,669
24,909
24,940
24,365
24,515
24,568
24,610
Feb
Mar
Apr.
May
June
July
Aug
Sent.
Oct
Nov
Dec
.
p
786 25,122
852
56
632
791 24,920
872 1 238 25,761
49
744 25,307
100 1,204
726 25,377
114 1,160
232 1 210 25,219
46
452
959 24,868
832
26
771 25,480
664 1,125 25,487
90
538
910 25,236
79
518 1,330 26,267
130
1,665
50
26,699
305
82
32
89
154
341
330
21,693
21,695
21,716
21,743
21,772
21,799
21,830
21,858
21,884
21,910
21,910
^21,949
973 25,702 21,884
975
579
860 25,325 21,910
452 1,315 25,646 21,909
838 1,127 25,668 21,909
538
910 25,236 21,910
5,045
5,046
5,047
5,049
5,054
30,786
30,932
30,882
30,771
30,839
777
776
783
785
778
547
425
423
606
495
377
303
341
277
275
198
297
293
298
297
957
958
957
956
848
18,989
18,588
18,924
18,933
18,668
18,443
18,305
18,448
18,497
18,459
546
283
476
436
209
21,909
21,910
21,910
21,910
5,055
5,055
5,055
5,056
31,042
31,196
31,380
31,347
778
775
769
774
400
415
392
479
287
305
279
167
846
844
842
842
18,871
18,515
19,290
18,934
18 378
18 403
18,792
18,819
493
112
498
115
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
290
342
300
373
310
422
405
382
279
999 18,999 18,691
183 1,001 19,081 18,767
167 1,024 19,836 ^19,181
321 1,025 19,140
308
314
570
559
772
650
1,096
1,251
2,147
1,518
26,156
26,526
27,883
27,171
c
Preliminary.
'Revised
Corrected.
i Includes industrial loans and acceptances; these items are not shown
#140
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.
37
BANK RESERVES AND RELATED ITEMS
RESERVES, DEPOSITS, AND BORROWINGS OF MEMBER BANKS, BY CLASSES
[Averages of daily figures. 1 In millions of dollars]
Item and period
All
member
banks
Central reserve
city banks
New
York
Chicago
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—Nov
Dec
18,902
19,240
4,257
4,432
,144
,166
7,840
7,924
5,660
5,716
1955—Nov
Dec
525
594
14
35
3
2
38
60
470
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
4 293
4,196
4,372
4 287
4,264
4 354
4,237
4 236
4,288
4 222
4,244
178
,138
,137
105
,119
133
,129
130
,120
111
,122
7 934
7,753
7,796
7 814
7,775
7 784
7,796
7 783
7,885
7 869
7,960
5 732
5,623
5,619
5 641
5,577
5 662
5,675
5 633
5,732
5 736
5,843
1956 Jan
Feb
Mar
Apr
May
June .
July
Aug .
Sept
Oct...
Nov
552
533
585
527
467
575
599
559
579
520
590
—24
11
28
— 12
10
13
12
10
_1
3
2
72
66
84
505
452
470
2
4
3
1
8
4
13
3
49
78
89
79
80
52
83
406
479
496
469
498
456
491
5 949
5,896
5 680
5,817
5 898
6,007
Week ending:
1956—Nov. 21 . .
Nov. 28
Dec 5
Dec. 12
Dec 19
Dec. 26
609
622
386
567
*>621
»718
— 11
43
— 10
22
12
21
2
2
3
3
_2
6
64
87
57
70
73
86
554
490
336
472
j>538
1955—Nov
Dec
1,016
279
839
197
70
1956—Jan
Feb
Mar
Apr
May
807
799
Sept
Oct
Week ending:
1956—Nov. 21
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
19 311
19,375
19 068
19,220
19 535
19,790
4 229
4,332
4 301
4,320
4 434
4,465
129
,115
129
,118
134
,162
8 003
8,032
7 958
7,966
8 068
8,156
Required reserves:2
1955—Nov
Dec
18,378
18,646
4,243
4,397
,142
,164
7,802
7 865
5,191
5,220
1956—Jan
Feb
Mar
Apr
May
18,586
18,177
18,340
18 320
18,268
18,359
18 237
18,224
18,446
18 419
18,579
4,317
4,186
4,344
4 299
4,254
4,341
4 225
4,227
4,288
4 214
4,231
1,179
1,134
1,135
I 106
,117
,130
I 127
1,129
1,120
I 107
1,119
7,863
7,687
7,712
7 750
7,726
7,706
7 707
7,704
7,805
7 817
7,877
5,227
5,170
5,149
5 165
5,171
5,183
5 179
5,164
5,234
5 281
5^352
18,701
18,754
18,682
18,653
^18,914
*19,072
4,240
4,289
4,311
4,298
4,423
4,444
1,127
1,113
1,126
1,114
1,136
7,939
7,946
7,901
7,896
7,995
8,070
5,395
5,406
5,344
5,345
*>5,36O
P5.402
July
Aug
Sept
Oct
Nov
Week ending:
1956—Nov. 21
Nov. 28
Dec 5 . . . .
Dec. 12
Dec. 19
Dec. 26
15fi
Deposits:
115,670
12,870
Other
102,800
Net demand deposits 3 . . . 99,748
40,402
Demand balances due
from domestic banks.., 6,341
23,163
4,022
19,141
20,351
3,452
6,091
1,194
4,898
5,381
1,312
45,511
6,319
39,193
38,818
16,297
40,904
1,336
39,568
35,197
19,341
72
106
1,943
4,219
November 1956
Gross demand deposits:
Total
117,919
13,608
104 311
Other
Net demand deposits 3 . . . 100,845
41,717
Demand balances due
from domestic banks... 6,716
23,320
4,289
19 031
20,316
3,353
6,067
1,269
4 799
5,272
1,294
46,198
6,659
39 539
39,078
16,860
42,334
1,391
40 942
36,180
20,209
74
105
2,016
4,521
P Preliminary.
* Corrected.
1 Averages of daily closing figures for reserves and borrowings and of
daily opening figures for other items, inasmuch as reserves required are
based
on deposits at opening of business.
2
Weekly figures of required, excess, and free reserves of all member
banks and of country banks are estimates.
_1
64
476
"605
Borrowings at Federal
Reserve Banks:
538
85
398
129
159
82
106
425
402
993
202
258
382
1,060
971
769
738
898
792
715
744
155
98
46
119
168
204
200
226
261
155
115
50
74
93
118
143
493
517
434
433
461
377
299
276
126
142
151
151
201
174
136
195
118
98
99
660
629
458
699
527
641
248
170
24
133
79
165
147
125
55
103
78
88
203
252
280
286
206
224
62
82
99
177
164
164
1955—Nov
Dec
-491
-245
-265
-162
-67
-83
-500
-338
341
338
1956 Jan .
Feb
Mar
Apr
May
-255
-266
-408
-533
-504
-194
-139
-339
-213
-195
-154
-198
-138
-174
-167
-88
-33
-108
-158
-83
-103
-256
-262
-153
-111
-353
-336
-298
-429
-468
-356
-344
-382
-192
-214
— 114
-140
-246
-193
379
310
319
325
205
305
360
274
380
358
393
-51
-7
-259
-127
— 34
-111
-67
-144
-145
-123
— 52
-100
-80
-139
-165
—223
-216
-133
-138
492
408
237
295
*374
P441
July
Sect
Oct
Nov
Week ending:
1956—Nov. 21
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
174
149
Free reserves 2 *
November 1955
Gross demand deposits:
Total
.
July
Aug
Sept
Oct
Nov
Week ending:
1956—Nov. 21
Nov. 28
Dec 5
Dec. 12
Dec. 19
Dec. 26
—72
-132
*>94
*77
204
-48
-73
93
-82
297
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.
38
DISCOUNT RATES
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Discounts for and advances to member banks
Advances secured by Government
obligations and discounts of and
advances secured by eligible paper
(Sees. 13 and 13a)i
Federal Reserve Bank
Rate on
Dec. 31
In effect
beginning—
Boston
New Y o r k . . .
Philadelphia..
Cleveland
Richmond. . .
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Apr.
Aug.
Aug.
Apr.
Previous
rate
28,1956
24,1956
24,1956
27,1956
24,1956
28,1956
24,1956
28,1956
13,1956
31,1956
28,1956
13,1956
Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)
Other secured advances
(Sec. 10(b))
Rate on
Dec. 31
In effect
beginning—
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Apr.
Aug.
Aug.
Apr.
Previous
rate
In effect
beginning—
Rate on
Dec. 31
28,1956
24,1956
24,1956
27,1956
24,1956
28,1956
24,1956
28,1956
13,1956
31,1956
28,1956
13,1956
Aug.
Aug.
Apr.
Aug.
Aug.
Aug.
Aug.
Aug.
Apr.
Aug.
Aug.
Apr.
4
4
4
4
4
4
4*
4
4
28,
24,
13,
27,
24,
28,
24,
28,
13,
31,
28,
13,
Previous
rate
1956
1956
1956
1956
1956
1956
1956
1956
1956
1956
1956
1956
i 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
Date effective
Rate
4
i*
I
b
1942—Oct.
1946_Apr.
1948_Jan.
Aug.
1950—Aug.
1953—Jan.
1954—Feb.
Apr.
1955_Apr.
Aug.
Sept.
Nov.
1956—Apr.
Aug.
30
25
12
13
21
16
5
16
15
5
9
18
13
24
2
J
/2
WA
2
|8
2VA
21/2
2VA
3
MARGIN REQUIREMENTS i
[Per cent of market value]
Reserve
city
banks
Country
banks
Central
reserve
and
reserve
city
banks
3
Country
banks
60
60
70
70
50
60
70
13
10
7
1936—Aug. 16
1937—Mar. 1
May 1
191/i
2234
26
15
IOI/2
171/2
20
1214
14
6
1938—Apr. 16
2234
171/2
12
5
1941_Nov.
1942—Aug.
Sept.
Oct.
26
24
22
20
20
14
6
6
22
16
71/2
71/2
21
20
191/2
19
I8I/2
18
15
14
13
12
7
6
5
7
6
6
6
5
5
5
5
3
6
3
6
1
20
14
3
1948—Feb. 27
June 11
Sept. 1 6 , 2 4 * . . . .
22
24
26
1949_May
June
Aug.
Aug.
Aug.
Sept.
24
1,5*
30, July 1*.
1,11*....
16, 18*
25
1
.231/2
23
g*
1951—Jan. 11, 1 6 * . . . .
Jan. 25, Feb. 1*.
23
24
19
20
13
14
1953—July
22
1,9*
19
13
1954—June 16, 2 4 * . . . .
July 29, Aug. 1*.
21
20
12
In effect Jan. 1, 1957....
20
00
50
50
1917_j U ne 21
00
Feb. 20, Jan. 4,
Effec19531955tive
Jan. 4, Apr. 22, Apr. 23,
1955
1955
1955
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.
Central
reserve
city
banks
4
1
Under Sees. 13 and 13a, as described in table above.
2 Preferential rate for advances secured by Govt. securities maturing
or callable in 1 year or less in effect during the period Oct. 30, 1942Apr. 24, 1946. The rate of 1 per cent was continued for discounts of and
advances secured by eligible paper.
NOTE.—Repurchase rate on U. S. Govt. securities. In 1955 and 1956
this rate was the same as the discount rate except in the following periods
(rates in percentages): 1955—May 4-6, 1.65; Aug. 4, 1.85; Sept. 1-2, 2.10;
Sept. 8, 2.15; Nov. 10, 2.375; and 1956—Aug. 24-29, 2.75.
Regulation T:
For extensions of credit by brokers and
dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks
Effective date
of change
Time deposits
WA
In effect Jan. 1,1957
Prescribed in accordance with
Securities Exchange Act of 1934
Net demand deposits 1
Rate
12
Present statutory
quirements :
Minimum
Maximum
13
26
10
20
7
14
h
5
5
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.
FEDERAL RESERVE BANKS
39
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday
End of month
1956
Item
Dec. 26
Dec. 19
Dec. 12
1956
Dec. 5
Nov. 28
Dec.
1955
Nov.
Dec.
20,394,392 20,366,393 20,364,392 20,467,391 20,367,394 20,374,393 20,367,392 20,141,353
874,952
856,875
860,020
860,020
867,842
874,511
858,146
894,951
Gold certificates account
Redemption fund for F. R. notes..
Total gold certificate reserves.
21,269,344 21,240,904 21,222,538 21,324,266 21,227,414 21,269,344 21,227,412 21,009,195
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
77
Certificates—Special
Other
Notes
Bonds
Total bought outright
Held under repurchase agreement.
280,511
277,109
291,980
287,409
285,108
297,104
286,086
313,211
295,509
326,336
350,598
306,196
286,637
334,677
344,535
340,898
624,724
25,000
805
33,043
28,919
745,426
27,000
816
31,764
22,112
526,987
32,000
817
31,764
15,084
567,624
2,000
811
25,737
10,468
356,843
2,000
799
21,782
5,176
25,027
25,000
794
33,541
35,222
516,498
2,000
802
22,783
10,306
106,762
1,000
702
23,802
4,403
1,721,270 1,679,770
,626,520 1,476,120 1,331,720 1,721,270 1,366,420 1,502,696
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
2,801,750 2,801,750 2,801,750 2,801,750
801,750 2,801
10,932,699
9,153,913
2,801,750
920,699
165,913
801,750
4,254,782 24.391,058
24,609,632 24.568,132 24,514,882 24.364,482 24,220,082 24 609 632 24
89,200
130,100
330,600
340,600
64,000
393,575
153,700
305; 100
Total U. S. Government securities.
24,940,232 24,908,732 24,668,582 24,453,682 24,284,082 24,914,732 24,384,882 24,784,633
Total loans and securities
25,652,723 25,735,850 25,275,234 25,060,322 24,670,682 25,034,316 24,937,271 24,921,302
22
22
22
22
4,879,847 6,408,347 5,065,687 A,165,919
73,641
73,399
73,342
73,311
233,282
243,897
231,073
243,570
Due from foreign banks.
Uncollected cash items..
Bank premises
Other assets
Total assets.
22
22
22
22
,021,218 5,623 ,921 4,906,234 5,502,663
73 ,361
73,050
72,980
61,164
252 054
379,244
376,148
160,227
52,677,094 54,271,193 52,462,574 52,054,301 51,990,309 52,909,812 52,144,547 52,340,006
Liabilities
27,596,336 27,501,680 27,329,532 27,154,509 27,004,691 21,415,651 27,063,872 26,920,941
Federal Reserve notes
Deposits:
Member bank reserves
U. S. Treasurer—general account.
Foreign
Other
19,140,164 19,835 675 19,080,840 18,998,888 18,933,626 19,058 790 19 ,208,349 19 ,004,930
338; 046
532,728
769 623
441 243
462,641
479
393,863
313
479 —
310; 464
381,531
405 347
356,474
373
322 294
401,986
422;
321,470
167 032
278; 901
181,688
167;
554,272
426 325
183;
Total deposits.
20,375,893 21,177,677 20,000,084 19,926,299 19,953,356 20,248,652 20,209,152 20,355,051
3,361,986 4,261.
3,814,763 3,670,122 3,740,745 3,959 ,006 3,576,536 ,917,294
26,242
24,814
17 ,279
30,679
14,687
27,914
25,238
29;
51,364,894 52,969,933 51,172,293 50,777,172 50,723,606 51,700,594 50,874,798 51,207,973
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
325,121
693,612
27,543
265,924
Total liabilities and capital accounts.
Ratio of gold certificate reserves to deposit and F. R.
note liabilities combined (per cent)
Contingent liability on acceptances purchased for
foreign correspondents
,
Industrial loan commitments
324,849
693,612
27,543
255,256
324,216
693,612
27,543
244,910
321,574
693,612
27,543
234,400
321,179
693,612
27,543
224,369
325,602
747,593
27,543
108,480
321,472
693,612
27,543
227,122
302,739
693,612
27,543
108,139
52,677,094 54,271,193 52,462,574 52,054,301 51,990,309 52,909,812 52,144,547 52,340,006
44.3
43.6
44.8
45.3
45.2
44.6
44.9
44.4
49,750
2,369
51,225
2,160
51,635
2,161
51,248
2,166
52,113
2,178
50,055
2,365
51,685
2,175
33,461
2,294
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 dates.
649 724
772,426
558 987
569,624
358,843
50,027
518,498
107,762
623; 414
743,532
564,787
354,001
529; 648
24,130
513,206
103,312
L 236
4,776
4,765
3,799
4 168
897
5,218
4,450
61
77
25; 074
25,095
25; 171
25,000
74
817
811
799
816
805
794
802
702
13
1
13
68
75
13
2
1
68
66
68
4
4
61
4
69
450
452
456
460
463
468
460
587
280
280
280
260
270
269
271
110
36,205
26,958
61 962
46 848
68,763
53,876
33,089
28,205
14,464
9,983
35 665
21 539
42,232
29,387
13,975
9,019
21,741
16,975
26 297
25 309
26,531
19,114
24,489
19,186
24,940 232 24, 908,732
732 24 ,668 582 24,453,682 24,284,082 24,914,732 24 384,882 24, 784,633
228,400 " 231,599
624 650
216 900
599,150 ' 155,499
534,400
737,025
6,439 220
497,970 6,575 320 6,348,920 6,096,820 6,439,220 ;273,720
171,246
15,074
153,913 15,074,612 9,153,913
860,764
15 074,612 15,074 612 15,074,612
373
373 279
373,279
373,279
'373,279
373,279
373,279
587,127
1,013
013,614 1,013 614 ,013,614 ,013,614 ,013,614 ,013,614
013,614
1,414
414,857 1,414 857 ,414,857 ,414,857 ,414,857 ,414,857
414,857
2
Holdings under repurchase agreements are classified as maturing
withing 15 days in accordance with maximum maturity of the agreements.
40
FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON DECEMBER 31, 1956
[In thousands of dollars]
Item
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
Assets
Gold certificate account
Redemption fund for F. R.
notes
871,773 5,402,485 1,051,273 1,934,799 1,315,476
Total gold certificate reserves
928,799 5,601,223 1,114,326 2,012,668 1,386,616
F. R. notes of other Banks..
Other cash
57,026
29,465
22,291
198,738
53,311
61,624
63,053
35,132
13,116
77,869
19,697
21,212
71,140
31,349
18,749
727,344 2,661,539
821,262
351,393
798,610
161,000
43,812
22,952
41,614
883,239 3,767,373
865,074
374,345
840,224
29,609
48,569
13,676
23,357
14,377
9,319
9,327
12,462
28,288
14,956
32,313
37,507
3,530
625
42
1,397
950
1,275
200
2,625
832,066 3,606,373
51,173
54,054
23,034
Discounts and advances:
Secured by U. S. Govt.
150
5,500
1,400
6,175
1,250
325
1,850
3,250
securities
950
3,500
7,150
1,800
2,275
1,475
1,100
1,275
Other
440
312
Industrial loans
,
Acceptances:
33,541
Bought outright
Held under repurchase
35,222
agreement
U. S. Govt. securities:
6,193,703
1,478,817 2,128,561 1,515,191 1,265,403 4,293,692 1,027,452
1,352,693
Bought outright
Held under repurchase
305,100
26,197
80,377
753,541 2,741,916
555,858 1,066,335 978,085 2,753,842
Total loans and securities... 1,354,805 6,576,116 ,487,232 2,132,086 1,519,716 1,268,353 4,302,692 1,028,552 560,055 ,068,682 979,360 2,756,667
1
2
1
1
16
2
3
1
525,927 1,039,318 405,812 540,172 417,564 411,223 951,921 208,733
4,782
5,882
4,443
9,397
7,805
4,687
5,361
7,220
14,884 21,489
10,354
62,069
13,382 45,720
15,336
13,445
Due from foreign banks
Uncollected cash items
Bank premises
Other assets
Total assets.
2
1
1
1
135,945 254,312 250,706 482,288
10,749
3,970
4,719
4,346
10,584 28,285
5,686
10,820
2,880,094 13,403,064 3,075,286 4,755,131 3,396,551 2,657,973 9,151,769 2,154,190 1,104,447 2,200,174 2,041,406 6,089,727
Liabilities
F. R. notes
1,623,169 6,414,299 1,756,490 2,592,654 2,181,224 1,371,607 5,273,439 1,211,029 498,236 1,075,190 726,041 2,752,279
Deposits:
Member bank reserves
778,900 5,540,767 859,677 1,470,223 814,961 905,111 3,063,567 699,664 398,117 860,424 1,013,277 2,654,102
U. S. Treasurer—general
39,654
38,439
33,984
31,313 28,484 24,258 69,236 31,063 22,652 37,771
account
,
56,548 27,841
15,096
31,105
21,312 26,936
7,400
Foreign
,
17,464 2110,925
13,024 41,440
11,248
11,248
15,096
6,884
59,563
16,865
10,971
3,835
Other
269,748
7,233
22,804
6,157
6,197
7,248
8,820
Total deposits
Deferred availability
items..
Other liabilities.
836,545 5,977,988
cash
Total liabilities....
348,117
662
672,671
6,060
925,695 1,539,443 867,361
949,626 3,197,047
749,223
432,004
915,600 1,074,911 2,783,209
306,868
800
280,190
684
507,453
3,196
146,317
540
142,597
595
161,017
534
513,240
1,454
283,634
970
177,690
440
419,212
1,344
2,808,493 13,071,018 2,989,853 4,646,791 3,333,189 2,602,107 8,981,135 2,107,109 1,073,432 2,152,341 1,979,082 5,956,044
Capital Accounts
Capital paid in
Surplus (Sec. 7)
Surplus (Sec. 13b)
Other capital accounts.
16,801
43,948
3,011
7,841
93,991
208,002
7,319
22,734
20,629
52,301
4,489
8,014
31,046
66,393
1,006
9,895
14,817
37,594
3,349
7,602
15,493
33,179
762
6,432
44,408
110,421
1,429
14,376
11,084
29,331
521
6,145
7,182
18,520
1,073
4,240
13,025
27,983
U37
5,688
18,019
37,508
1,307
5,490
39,107
82,413
2,140
10,023
Total liabilities and capital
accounts
2,880,094 13,403,064 3,075,286 4,755,131 3,396,551 2,657,973 9,151,769 2,154,190 1,104,447 2,200,174 2,041,406 6,089,727
Reserve ratio
Contingent liability on acceptances purchased for
foreign correspondents
Industrial loan commitments..
37.8%
2,938
45.2%
314,498
41.5%
48.7%
3,586
4,532
15
121
1 After deducting $16,000 participations of other Federal Reserve Banks.
2 After deducting $211,344,000 participations of other Federal Reserve
Banks.
45.5%
2,540
38.1%
2,191
44.5%
6,972
101
44.1%
1,892
40.2%
1,245
42.2%
1,892
41.8%
2,540
49.5%
5,229
2,128
3 After deducting $35,557,000 participations of other Federal Reserve
Banks.
41
FEDERAL RESERVE BANKS
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS
ACCOUNTS
[In thousands of dollars]
FEDERAL RESERVE BANKS COMBINED
Wednesday
Item
End of month
1956
Dec. 26
F. R. notes outstanding (issued to Bank).
Collateral held against notes outstanding:
Gold certificate account
Eligible paper
U. S. Government securities
Dec. 19
Dec. 12
1956
Dec. 5
Nov. 28
1955
Dec.
Nov.
Dec.
28,533,465 28,452,089 28,349,236 28,204,060 28,009,171 28,532,527 28,105,803 27,989,142
11,918,000 11 ,918,000 11,888,000 11,888,000 11 ,768,000 11,618,000 11 ,868,000 11,713,000
7,722
154,053
92,863
95,558
101,388
105,195
127,688
52,387
17,285,000 17 ,285,000 17,235,000
000 17,235,000 17 ,135,000 17,605,000 17 ,135,000 17 ,185,000
Total collateral
29,295,863 29,298,558 29,224,388 29,228,195 29,030,688 29,230,722 29,157,053 28,950,387
EACH FEDERAL RESERVE BANK ON DECEMBER 31, 1956
Item
Boston
New
York
Philadelphia
Richmond
Cleveland
Atlanta
Chicago
St.
Louis
Minne- Kansas
apolis
City
Dallas
San
Francisco
F. R. notes outstanding
(issued to Bank)
1,676 884 6,655,515 1,855,738 2,665, 145 2,251,832 1,437,728 5. 404,795 1,265,818 552,463 ,106,161 771,479 2,888,969
Collateral held:
Gold certificate acct. 580 ,000 2,870,000 660,000 1,130,000 945,000 450,000 2 ; 300,000 450,000 150,000 300,000 283,000 1,500,000
150
Eligible paper
1,397
6,175
U. S. Govt. securities. 1,200,000 3,900,000 1,200,000 1,550,000 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 1,866,175 2,680,000 2,295,000 1,450,000 5,500,000 1,350,150 610,000 1,121,397 808,000 3,000,000
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
LOANS GUARANTEED UNDER REGULATION V*
[Amounts in thousands of dollars]
[Amounts in millions of dollars]
Applications
approved
to date
End of
year or
month
ParticiApCommit- ofpations
proved
financLoans
ments
but not
ing instioutoutcomtutions
standing 2 standing
pleted i (amount) (amount)
out(amount)
standing 3
(amount)
End of
year or
month
Number
Amount
.
.
.
.
.
3,698
3,736
3,753
3,765
3,771
651,389
710,931
766,492
803,429
818,224
4,819
3,513
1,638
1,951
520
2,632
4,687
3,921
1,900
719
3,754
6,036
3,210
3,569
1,148
>,745
1 1,985
J,289
$,469
*1,027
1950
1951
1952
1953
1954
.
.
3,777
3,778
826,111
826,853
45
305
704
702
2,339
2,293
1,107
1,103
Nov
Dec
.
.
.
.
June.... .
July.... .
Aug.... .
.
Sept
.
Oct
.
Nov
3,778
3,778
3,778
3,779
3,780
3,780
3,781
3,781
3,781
3,781
3,781
827,159
827,529
828,016
828,846
829,485
830,116
830,630
830,995
831,409
831,882
832,071
45
45
45
45
45
693
695
658
945
933
904
954
959
938
867
801
2,470
2,444
2,455
2,455
2,571
2,565
2,427
2,447
2,416
2,236
2,175
1,154
1,152
1,132
1,128
1,288
1,287
,262
1,273
,262
,179
098
Jan
Feb
Mar
Apr
May
1950....
1951....
1952....
1953....
1954....
1955
Nov
Dec
Portion
guaranteed
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
8
675
979
805
472
6
547
803
666
368
8
473
586
364
273
2,568
2,575
281
294
217
226
192
170
2,581
2,636
2,654
2,657
2,663
2,710
2,724
2,727
2,737
2,743
2,756
281
298
338
335
340
363
364
351
369
364
375
216
228
253
250
256
270
273
262
276
272
280
178
170
167
180
175
186
176
174
145
145
141
Number
Amount
62
854
1,159
1,294
1,367
31
1,395
2,124
2,358
2,500
1,404
1,411
1,415
1,419
1,427
1,432
1,435
1,441
1,445
1,448
1,456
1,459
1,464
Loans
outstanding
Total
amount
1955
1956
Jan
Feb
Mar
Loans
authorized
to date
1956
75
1 Includes applications approved conditionally by the Federal Reserve
Banks and under consideration by applicant.
2 Includes industrial loans past due 3 months or more, which are not
included in industrial loans outstanding in weekly statement of condition
of Federal Reserve Banks.
3 Not covered by F. R. Bank commitment to purchase or discount.
NOTE.—The difference between amount of applications approved and
the sum of the following four columns represents repayments of advances,
and applications for loans and commitments withdrawn or expired.
July
Aug
Sept
Oct
Nov
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.
42
BANK DEBITS
FEES AND RATES ON LOANS GUARANTEED
UNDER REGULATION \ i
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1
[In effect December 31. Per cent per annum]
To industrial or
commercial
businesses
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. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
[In effect December 31]
Fees Payable to Guaranteeing Agency by Financing
Institution on Guaranteed Portion of Loan
On
commitments
Portion
Refor which maininstituing
tion is
porobligated
tion
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]
Interest rate
Commitment rate.
4)
4
3-5V
1
Rates on industrial loans, discounts or purchases of loans, and commitments under Sec. 13b of the Federal Reserve Act. Maturities not
exceeding five years.
2 Including loans made in participation with financing institutions.
3 Rate charged borrower less commitment rate.
4
Rate charged borrower.
5 Rate charged borrower but not to exceed 1 per cent above the discount rate.
« Twenty-five per cent of loan rate. Charge of Vi per cent per annum
is made
on undisbursed portion.
7
Charge of XA 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
6
other
centers1
337 other
reporting
centers 2
20.3
22.0
21.6
46.1
45.9
45.4
27.3
28.6
26.9
20.3
20.9
20.5
21.7
21.0
20.8
21.5
21.7
21.6
22.4
21.3
22.0
22.1
23.6
*23.6
45.5
42.2
46.0
46.1
47.2
43.5
47.1
51.3
43.7
46.6
48.8
45.8
30.1
28.2
27.1
29.2
29.1
28.3
30.2
29.9
27.7
29.3
30.5
P28.7
21.5
21.1
20.9
22.2
22.1
21.6
22.7
22.7
21.7
22.1
22.4
6
other
centers 1
337 other
reporting
centers 2
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
27.9
31.1
31.9
34.4
36.7
42.3
42.7
20.9
22.6
24.0
24.1
25.6
25.8
27.3
*>29.0
15.9
17.2
18.4
18.4
18.9
19.2
20.4
»21.9
175,779
173,190
200,523
67,568
63,406
81,027
35,803
36,876
40,193
72,409
72,908
79,303
44.7
45.4
51.3
26.5
29.0
28.1
187,364
162,107
189,793
176,760
185,584
186,540
181,284
183,819
167,154
193,140
r
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
45.7
41.1
47.2
45.4
46.0
47.0
45.9
44.4
44.8
45.2
48.3
51.8
29.5
27.5
29.7
30.1
28.7
28.9
29.6
27.4
27.4
28.4
31.0
1,206,293
1,380,112
1,542,554
1,642,853
1,759,069
1,887,366
2,043,548
2,200,643
1955_Oct..
Nov.
Dec.
1956—Jan..
Feb..
Mar.
Apr.,
May,
June,
July.
Aug.
Sept
Oct..
Nov.
Dec.
r
Revised.
*1 Preliminary.
Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los
Angeles.
2
Seasonally adjusted3
New
York
City
New
York
City
New
York
City
Without seasonal adjustment
337 other
6
reporting
other
centers * centers2
Total, all
reporting
centers
1949
1950
1951
1952
1953
1954
1955
1956
Annual rate of turnover of demand deposits except
interbank and U. S. Government deposits
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.
43
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
1939
1941...
1945
1947
1949
1950
1951
1952
1953
1954
7,598
11,160
28,515
28,868
27,600
27,741
29,206
30,433
30,781
30,509
5,553
8,120
20,683
20,020
19,025
19,305
20,530
21,450
21,636
21,374
,274
,404
,484
1,554
1,654
1,750
1,812
1,834
J fHQ
1955_Nov
Dec
30,993
31,158
21,971
22,021
1956—Jan
Feb
Mar
Apr
May
June
July
30,228
30,163
30,339
30,210
30,513
30,715
30,604
30,757
30,768
30,839
31,424
21,236
21,227
21,419
21,320
21,621
21,801
21,709
21,838
21,834
21,877
22,374
End of year or
month
AUK
Sept
Oct
Nov
Coin and small denomination currency
$12
$2
Large denomination currency
$5
$10
$20
Total
$50
$100
$500
,048
1,066
L, 113
1,182
1,228
1,249
1,256
36
44
73
65
62
64
67
71
72
71
1,019
1,355
2,313
2,110
2,004
2,049
2,120
2,143
2,119
2,098
1,772
2,731
6,782
6,275
5,897
5,998
6,329
6,561
6,565
6,450
1,576
2,545
9,201
9,119
8,512
8,529
9,177
9,696
9,819
9,665
2,048
3,044
7,834
8,850
8,578
8 438
8,678
8 985
9,146
9,136
460
724
2,327
2,548
2,435
2,422
2,544
2,669
2,732
2,720
919
1,433
4,220
5,070
5,056
5,043
5,207
5 447
5,581
5,612
191
261
454
428
382
368
355
343
333
321
425
556
801
782
689
588
556
512
486
464
20
24
7
5
4
4
4
4
4
3
32
46
24
17
11
12
12
10
11
15
1,922
1,927
1,288
1,312
73
75
2,129
2,151
6,642
6,617
9,917
9,940
9,023
9,136
2,687
2,736
5,579
5,641
306
307
438
438
3
3
9
12
1,897
1,900
1,914
1,922
1,939
1,948
1,957
067
V,917
1,995
2,016
1,239
1,231
1,244
1,241
1,264
1,262
1,258
1,267
1,283
1,296
1,324
73
73
73
73
73
74
74
74
74
74
76
2,049
2,042
2,067
2,053
2,090
2,090
2,065
2,077
2,085
2,080
2,144
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
8,992
8,936
8,920
8,890
8,892
8,914
8,895
8,919
8,934
8,962
9,050
2,684
2,665
2,662
2,654
2,662
2,676
2,674
2,676
2,673
2,679
2,713
5,560
5,528
5,518
5,500
5,498
5,505
5,500
5,527
5,541
5,572
5,626
303
302
300
299
298
296
294
293
293
291
291
433
430
428
425
423
421
415
413
411
409
409
3
3
3
4
3
3
3
3
3
3
3
9
9
9
590
7S1
559
695
i Outside Treasury and Federal Reserve Banks. Prior to December
1955 the totals shown as in circulation were less than totals of coin and
$1,000 $5,000 $10,000
8
13
8
8
13
8
8
paper currency shown by denomination by amounts of unassorted currency
(not shown separately.)
2
Paper currency only; $1 silver coins reported under coin.
KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION
[On basis of compilation by United States Treasury.
In millions of dollars]
Currency in circulation1
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
United States notes
Federal Reserve Bank notes
National Bank notes
Total
Nov 30 1956
Oct. 31, 1956
Nov. 30 1955
Total outstanding, As security
Nov. 30,
against
1956
gold and
silver
certificates
For
F. R.
Banks
and
agents
Nov. 30,
1956
Oct. 31,
1956
Nov. 30,
1955
2,816
1,329
335
33
26,701
4,690
33
26,159
4,647
34
26,340
4,619
2
21 910
21,260
28,106
5,061
21,260
^2,419
77
36
489
2 209
^2,419
1,336
475
347
142
64
210
2 209
28
6
245
244
229
3
2
3
266
30
6
27
2,153
1,303
468
317
141
63
2,132
1,288
464
315
142
63
2,157
1,245
448
319
156
66
4,479
4,483
4,305
31,424
650
18,412
(4)
23,680
23,665
23,445
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. 36.
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
Held by
F.R.
Banks
and
agents
763
778
778
18,412
18,408
18,187
30,839
30,993
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.
44
ALL BANKS
CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1
[Figures partly estimated except on call dates.
In millions of dollars]
Liabilities
and Capital
Assets
Other
securities
Total
assets,
netTotal
liabilities
and
capital,
net
Bank credit
Date
Gold
Treasury
currency
outstanding
U. S. Government obligations
Loans,
net
Total
Total
Commercial
and
savings
banks
Federal
Reserve
Banks
Other
Total
deposits
and
currency
Capital
and
misc.
accounts,
net
29..
30..
30..
31..
31..,
31..
30..
31...
31...
31..
30..
4,037
4,031
17,644
22,737
20,065
22,754
22,706
23,187
22,030
21,713
21,678
2,019
2,286
2,963
3,247
4,339
4,562
4,636
4,812
4,894
4,985
5,002
58,642
42,148
54,564
64,653
167,381
160,832
171,667
192,866
199,791
210,988
209,872
41,082
21,957
22,157
26,605
30,387
43,023
60,366
75,484
80,486
85,730
91,349
5,741
10,328
23,105
29,049
128,417
107,086
96,560
100,008
100,935
104,819
97,572
5,499
8,199
19,417
25,511
101,288
81,199
72,894
72,740
72,610
77,728
71.947
216
1,998
2,484
2,254
24,262
22,559
20,778
24,697
25,916
24,932
23,607
26
131
1,204
1,284
2,867
3,328
2,888
2,571
2,409
2,159
2,018
11,819
9,863
9,302
8,999
8,577
10,723
14,741
17,374
18,370
20,439
20,951
64,698
48,465
75,171
90,637
191,785
188,148
199,009
220,865
226,715
237,686
236,552
55,776
42,029
68,359
82,811
180,806
175,348
184,384
204,220
209,175
218,882
217,595
8,922
6,436
6,812
7,826
10,979
12,800
14,624
16,647
17,538
18,806
18,956
1955—Nov. 30..
Dec. 3 1 . . .
1956—Jan. 2 5 . .
Feb. 2 9 . .
Mar. 2 8 . .
Apr. 2 5 . .
May 30..
June 30..
July 25*.,
Aug. 29*.,
Sept. 26* r ,
Oct. 31*..
Nov. 28*.,
21,700
21,690
21,700
21,700
21,700
21,700
21,800
21,799
21,800
21,900
21,900
21,900
21,900
5,000
5,008
5,000
5,000
5,000
5,000
5,000
5,032
5,000
5,000
5,000
5,100
5,100
214,400
217,437
214,200
213,100
214,900
214,900
214,700
216,563
214,900
217.000
218,000
218,900
220,800
97,800
100,031
98,900
99,400
101,600
102,500
103,300
105,420
104,900
105,500
106,700
107,400
108,200
96,000
96,736
94,800
93,000
92,600
91,700
91,000
90,511
89,700
90,900
90,500
91,000
92,100
69,800
70,052
69,400
67,600
67,100
66,600
65,700
64,917
64,500
65.400
65,200
65,500
66,100
24,300
24,785
23,500
23,500
23,600
23,300
23,400
23,758
23,400
23,700
23,600
23,800
24,300
1,900
1,899
1,900
1,900
1,900
1,900
1,900
1,836
1,800
1,800
1,800
1,800
1,700
20,600
20,670
20,600
20,700
20,700
20,700
20,500
20,632
20,400
20,600
20,800
20,500
20,400
241,100
244,135
240,900
239,800
241,700
241,700
241,500
243,394
241,800
243,900
244,900
245,800
247,700
221,200
224,943
221,000
219,900
221,600
221,200
221,200
223,585
221,400
223,000
224,000
224,800
227,000
19,900
19,193
19,900
20,000
20,100
20,500
20,300
19,807
20,400
20,900
20,900
21,000
20,800
1929—June
1933_june
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1952—Dec.
1953—Dec.
1954—Dec,
1955—June
Details of Deposits and Currency
Date
1929—June 29..,
1933—June 30...
1939—Dec. 30...
1941_Dec. 31...
1945—Dec. 31...
1947_Dec. 31...
1950—Dec. 30..,
1952—Dec. 31...
1953—Dec. 31...
1954—Dec. 31...
1955—June 30..,
365
50
1,217
1,498
2,141
1,682
2,518
2,501
2,694
3,329
3.247
1955—Nov.
Dec.
1956—Jan.
Feb.
Mar.
Apr.
May
June
July
Aue.
Sept.
Oct.
Nov.
3,200
3,167
3,100
3,000
3,000
3,000
3,000
3,115
3,100
3,100
3,200
3,100
3,400
30..,
31...
25..,
29...
28..,
25..,
30..,
30...
25*.,
29*.,r
26*
31*.
28*..
At
Treas- comury mercial F.AtR.
cash
and
Banks
hold- savings
ings
banks
Time deposits 2
Total
Demand
de- 4
Com- Mutual Postal
1
Total mercial savings Saivings posits
banks banks 3 ~System
Currency
outside
banks
Total
demand
deposits
adjusted
and
currency
Demand
deposits
adjusted
Currency
outside
banks
381
204
852
264
846
2,409
1,895
2,215
2,287 24,608
1,452
1,336
2,989
1,293
5,259
1,270
761 4,457
796 4,510
812 5,418
36
35
634
867
977
870
668
389
346
563
380
54,790
40,828
63,253
76,336
150,793
170,008
176,916
194,801
200,917
209,684
207,738
28,611
21,656
27,059
27,729
48,452
56,411
59,247
65,799
70,375
75,282
77,129
19,557
10,849
15,258
15,884
30,135
35,249
36,314
40,666
43,659
46,844
47,846
8,905
9,621
10,523
10,532
15,385
17,746
20,009
22,586
24,358
26,302
27,277
149
1,186
1,278
1,313
2,932
3,416
2,923
2,547
2,359
2,136
2,007
22,540
14,411
29,793
38,992
75,851
87,121
92,272
101,508
102,451
106,550
103,234
3,639
4,761
6,401
9,615
26,490
26,476
25,398
27,494
28,091
27,852
27,375
111,100 85,200 25 ,900
114,300 89,700 24 ,600
124,700 97,800 26 ,900
126,700 99,500 27 ,200
129,700 102,800 26 ,900
131,900 104,900 27 ,000
4,500
4,038
2,300
4,000
6,500
4,400
5,800
5,537
3,600
5.800
5,400
3,800
5,200
500
394
500
600
500
600
400
522
600
500
600
500
500
212,200
216,577
214,400
211,600
210,800
212,400
211,200
213,643
213,300
212,800
214,100
216,600
217,100
77,400
78,378
78,400
78,800
79,300
79,300
79,600
80,615
80,700
80,900
81,300
81,500
80,900
47,700
48,359
48,300
48,500
48,800
48,800
49,000
49,698
49,700
49,900
50,100
50,200
49,600
27,800
28,129
28,300
28,400
28,600
28,700
28,900
29,152
29,200
29,300
29,500
29,600
29,600
,900
,890
,900
,800
,800
,800
800
106,900
109,914
108,900
105,600
104,400
106,100
104,200
104,744
105,200
104.500
105,400
107,400
108,200
27,900
28,285
27,100
27,200
27,200
27,000
27,400
28,284
27,400
27.500
27,400
27,700
28,000
132,900
133,300
133,300
132,700
133,100
134,400
133,200
134,300
134,300
133,600
134,100
133,600
134,300
800
767
800
800
800
800
800
768
800
800
800
800
800
r
P Preliminary.
Revised.
1 Represents all commercial and savings banks, Federal Reserve Banks,
Postal Savings System, and Treasury currency funds (the gold account,
Treasury currency account, and Exchange Stabilization Fund).
2 Excludes interbank time deposits; U. S. Treasurer's time deposits,
open account; and deposits of Postal Savings System in banks.
3 Prior to June 30, 1947, includes a small amount of demand deposits.
* Demand deposits other than interbank and U. S. Govt., less cash
items
reported as in process of collection.
5
Seasonally adjusted series begin in 1947 and are available only for
last Wednesday of the month. For back figures, see BULLETIN for March
1955, pp. 252-255, and this table in subsequent issues.
Seasonally adjusted series 5
Deposits adjusted and currency
U. S. Govt. balances
Foreign
bank
deposits,
net
700
700
1,700
1,700
700
1,700
105, 400
105, 800
106, 000
105, ,400
105, 600
107, 200
105, 700
106, 700
106, 800
106, 100
106, 700
106, 100
106, 700
277,500
27
7,500
27
7,300
277,300
277,500
277,200
27
7,500
27
7,600
27
7,500
27
7,500
27
7,400
27
7,500
277,600
NOTE.—For description of statement and back figures, see BULLETIN
for January 1948, pp. 24^32. The composition of a few items differs
slightly from the description in the BULLETIN article: stock of Federal
Reserve Banks held by member banks is included in other securities and
in capital and miscellaneous accounts, net, and balances of the Postal
Savings System and the Exchange Stabilization Fund with the U. S.
Treasury are netted against capital and miscellaneous accounts, net,
instead of against U. S. Govt. deposits and Treasury cash. Total deposits
and currency shown in the monthly Chart Book excludes foreign bank deposits, net, and Treasury cash. Except on call dates, figures are rounded
to nearest $100 million and may not add to the totals.
45
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Loans and investments
Class of bank
and date
All banks:
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1954—Dec.
1955—June
Nov.
Dec.
1956—May
June
July
Aug.
Sept.
Oct.
Nov.
Total
Loans
U. S.
Govt.
obligations
Other
securities
Total
assets—
Total
liaCash
assets2 bilities
and
capital Total2
accounts 3
Deposits
Other
Interbank 2
Demand
U.S.
Govt.
Total
capital
accounts
Number
of
banks
Time
Other
50,884 22,165
19,417 9,302 23,292 77,068 68,242 9,874
61,126 26,615
25,511 8,999 27,344 90,908 81,816 10,982
8,577 35,415 177,332 165,612 14,065
140,227 30,362 101,288
134,924 43,002
81,199 10,723 38,388 175,091 161,865 13,033
148,021 60,386 72,894 14,741 41,086 191,317 175,296 14,039
183,784 85,617 77,728 20,439 44,585 231,654 211,115 16,811
184,253 91,355 71,947 20,951 42,014 229,631 208,850 15.245
189,100 98,650
69,840 20,610 42,470 235,120 211,860 14,780
190,780 100,057 70,052 20,670 47,803 242,008 220,441 16,646
190,640 104,430 65,700 20,510 40,800 235,010 210,890 13,690
191,074 105,525 64,917 20,632 43,361 238,133 215,510 15,242
190,860 105,960 64,490 20,410 40,770 235,260 211,250 14,560
192,500 106,530 65,420 20,550 40,560 236,840 212,520 14,460
193,660 107,720 65,160 20,780 42,530 240,080 215,210 15,070
194,230 108,270 65,460 20,500 43,160 '241,370 216,570 15,380
195,750 109,230
66,080 20,440 43,140 242,940 217,930 15,360
32,516
44,355
105,935
1,346 94,381
2,809 101,936
4,176 116,617
5,081 113,034
4,210 116,980
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
25,852
26,479
45,613
53,105
56,513
73,510
75,491
75,890
76,844
78,170
79,182
79,260
79,550
79,890
80,120
79,570
8,194
8,414
10,542
11,948
13,837
17,270
17,663
18,210
18,112
18,710
18,811
18,840
18,960
19,210
r
19,260
19,380
15,035
14,826
14,553
14,714
14,650
14,367
14,309
14,264
14,243
14,218
14,206
14,204
14,207
14,206
14,194
14,186
All commercial banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947_Dec. 3H
1950—Dec. 30
1954—Dec. 31
1955—June 30
Nov. 30
Dec. 31
1956—May 30
June 30
July 25?
Aug. 29? r
Sept. 26P
Oct. 31*
Nov. 28*>
40,668
50,746
124,019
116,284
126,675
155,916
155,264
159,390
160,881
159,690
160,008
159,580
161,030
162,030
162,540
163,940
17,238
21,714
26,083
38,057
52,249
70,619
75,183
81,390
82,601
85,960
86,887
87,140
87,470
88,480
88,830
89,580
16,316
21,808
90,606
69,221
62,027
68,981
63,271
61,370
61,592
57,310
56,620
56,190
57,170
56,950
57,400
58,100
7,114
7,225
7,331
9,006
12,399
16,316
16,809
16,630
16,688
16,420
16,502
16,250
16,390
16,600
16,310
16,260
22,474
26,551
34,806
37,502
40,289
43,559
41,025
41,580
46,838
39,970
42,444
39,920
39,730
41,700
42,360
42,360
65,216
79,104
160,312
155,377
168,932
202,378
199,249
204,100
210,734
202,780
205,712
202,690
204,090
207,160
r
208,430
209,880
57,718
71,283
150,227
144,103
155,265
184,757
181,516
184,020
192,254
181,980
186,326
181,980
183.150
185,690
186,990
188,300
9,874
10,982
14,065
13,032
14,039
16,809
15,242
14,780
16,643
13,690
15,239
14,560
14,460
15,070
15,380
15,360
32,513
44,349
105,921
1,343 94,367
2,806 101,917
4,172 116,567
5,078 112,983
4,210 116,930
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
15,331
15,952
30,241
35,360
36,503
47,209
48,214
48,100
48,715
49,320
50,030
50,020
50,210
50,400
50,570
49,970
6,885
7,173
8,950
10,059
11,590
14,576
14,906
15,390
15,300
15,820
15,927
15,940
16,040
16,280
'16,330
16,420
14,484
14,278
14,011
14,181
14,121
13,840
13,781
13,737
13.716
13,691
13,679
13,677
13,680
13,679
13,667
13,659
All member banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947_Dec. 31
1950—Dec. 30
1954—Dec. 31
1955—June 30
Nov. 30
Dec. 31
1956—May 30
June 30
July 25*>
Aug. 29*>
Sept. 26 r
Oct. 31*
Nov. 28*>
33,941
43,521
107,183
97,846
107,424
131,602
130,788
134,029
135,360
134,114
134,428
133,966
135,223
136,154
136,443
137,613
13,962
18,021
22,775
32,628
44,705
60,250
64,315
69,865
70,982
73,930
74,783
75,005
75,322
76,305
76,581
77,296
14,328
19,539
78,338
57,914
52,365
57,809
52,543
50,483
50,697
46,818
46,226
45,763
46,581
46,354
46,622
47,143
5,651
5,961
6,070
7,304
10,355
13,543
13,930
13,681
13,680
13,366
13,419
13,198
13,320
13,494
13,240
13,174
19,782
23,123
29,845
32,845
35,524
38,076
36,300
36,726
41,416
35,279
37,536
35,160
35,048
36,817
37,289
37,271
55,361
68,121
138,304
132,060
144,660
172,242
169,686
173,507
179,414
172,156
174,820
171,934
173,210
175,983
'176,878
178,043
49,340
61,717
129,670
122,528
133,089
157,252
154,670
156,354
163,757
154,405
158,388
154,215
155,323
157,615
158,492
159,593
9,410
10,525
13,640
12,403
13,448
15,983
14,462
14,000
15,865
13,044
14,508
13,874
13,781
14,361
14,645
14,617
743 27,489
1,709 37,136
22,179 69,640
1,176 80,609
2,523 87,783
3,715 99,604
4,656 96,742
3,845 99,794
3,327 105,400
4,912 96,827
4,806 98,904
2,860 97,381
4,921 96,365
4,538 98,238
3,168 100,088
4,401 100,452
11,699
12,347
24,210
28,340
29,336
37,950
38,810
38,715
39,165
39,622
40,171
40,100
40,256
40,477
40,591
40,123
5,522
5,886
7,589
8,464
9,695
12,210
12,461
12,852
12,783
13,234
13,293
13,304
13,393
13,570
'13,654
13,706
6,362
6,619
6,884
6,923
6,873
6,660
6.611
6i559
6,543
6,510
6,499
6,494
6,491
6,488
6,483
6,476
10,216
10,379
16,208
18,641
21,346
27,868
28,990
29,710
29,898
30,950
31,066
31,280
31,470
31,630
31,690
31,810
4,927
4,901
4,279
4,944
8,137
14,998
16,172
17,260
17,456
18,470
18,639
18,820
19,060
19,240
19,440
19,650
3,101
3,704
10,682
11,978
10,868
8,748
8,675
8,470
8,460
8,390
8,297
8,300
8,250
8,210
8,060
7,980
2,188
1,774
1,246
1,718
2,342
4,123
4,142
3,980
3,982
4,090
4,130
4,160
4,160
4,180
4,190
4,180
818
793
609
886
797
1,026
989
890
965
830
917
850
830
830
800
780
11,852
11,804
17,020
19,714
22,385
29,276
30,382
31,020
31,274
32,230
32,421
32,570
32,750
32,920
32,940
33,060
10,524
10,533
15,385
17,763
20,031
26,359
27,334
27,840
28,187
28,910
29,184
29,270
29,370
29,520
29,580
29,630
10,521
10,527
15,371
17,745
20,009
26,302
27,277
27,790
28,129
28,850
29,152
29,240
29,340
29,490
29,550
29,600
1,309
1,241
1,592
1,889
2,247
2,694
2,757
2,820
2,812
2,890
2,885
2,900
2,920
2,930
2,930
2,960
551
548
542
533
529
527
528
527
527
527
527
527
527
527
527
527
30
31
31
31*
30
31
30
30
31
30
30
25?
29» r
26*>
31?
28*
All mutual savings banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 3H
1950—Dec. 30
1954—Dec. 31
1955—June 30
Nov. 30
Dec. 31
1956—May 30
June 30
July 25P
Aug. 29*>
Sept. 26?
Oct. 31P
Nov. 28?
v
r
Preliminary.
Revised.
1 All banks in the United States. All banks comprise all commercial
banks and all mutual savings banks. All commercial banks comprise
all nonmember commercial banks and all member banks including one
bank in Alaska that became a member bank on Apr. 15, 1954, and a
noninsured State member nondeposit trust company, but excluding three
mutual savings banks that became members in 1941. Stock savings
banks and nondeposit trust companies are included with commercial
banks. Number of banks includes a few noninsured banks for which
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.
46
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Loans and investments
Class of bank
and date
Central reserve city
member banks:
New York City:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec 30
1954—Dec. 31
1955 June 30
Nov. 30
Dec 31
1956—May 30
June 30
July 25*
Aug. 29*
Sept 26 r
Oct. 31*
Nov 28*
Total
9 339
12,896
26 143
20,393
20 612
23,880
23,099
23,212
23,583
22 918
23,270
22,771
23,220
23 422
23,148
23,318
Loans
U. S.
Govt.
obligations
Other
securities
Total
assets—
Total
liaCash
bilities
assets 2
and
capital
accounts 3
Deposits
Other
Total*
Interbank*
Demand
Number
of
banks
Time
U. S.
Govt.
Other
9,459
12,051
17,287
19,040
18,836
19,414
18,926
18,888
20,719
18,103
18,902
17,950
17,822
18,201
18,453
18,322
736
807
1,236
1,445
1,722
2,392
2,281
2,296
2,303
2,295
2,381
2,338
2,382
2,405
2,375
2,294
1,592
1,648
2,120
2,259
2,351
2,803
2,715
2,759
2,745
2,798
2,805
2,809
2,825
2,815
2,844
2,852
36
36
37
37
23
21
18
18
18
18
18
18
18
18
18
18
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
14,536 6,546
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
1,272
1,559
1,235
1,242
1,890
2,499
2,300
2,130
2,148
1,894
1,885
1,876
1,959
1,968
1,845
1,736
6,703
6,637
6,439
7,261
7,922
7,581
7,748
7,591
8,948
6,957
7,753
6,817
6,938
7,196
7,484
7,044
16 413
19,8(62
32 887
27,982
28 954
32,193
31,559
31,568
33,228
30,607
31,801
30,356
30.972
31,457
31,529
31,257
14,507
17,932
30,121
25,216
25 646
28,252
27,791
27,229
29,378
26,388
27,775
25,929
26,535
26 703
26,789
26,757
A1,238
A1,207
AL657
A1,464
At,638
*
5,709
5,454
5,166
5,600
Ak941
t
5,327
5,127
*
5,017
t
5,105
t
5,219
t
5,270
74
866
6,940
267
451
736
1,131
879
756
1,049
1,166
514
1,314
993
742
871
3 330
4,057
7,046
6,402
7,109
7 845
7,431
7,453
8,010
7,334
7,631
7,243
7,433
7,302
7,350
7,402
888
1 ,035
,312
,217
,229
,321
,180
,156
,296
,094
,195
,144
,209
1,215
,253
,224
80
127
1,552
72
174
251
343
254
222
344
350
142
342
312
187
182
1,867
2,419
3,462
4,201
4,604
4,977
4,606
4,745
5,165
4,613
4,781
4,661
4,595
4,488
4,625
4,707
495
476
719
913
1,103
1,295
1,303
1,298
1,327
1,283
1,304
1,296
1,287
1,287
1,285
1,289
250
288
377
426
490
600
612
628
628
636
639
639
641
646
654
654
14
13
12
14
13
13
13
13
13
13
13
13
13
14
14
14
9,004
12,557
24,655
28,990
32,366
37,418
36,459
37,757
39,835
36,803
37,324
37,146
36,530
37,260
37,814
38,155
4,616
4,806
9,760
11,423
11,647
15,476
16,007
15,987
16,164
16,287
16,517
16,423
16,463
16,583
16,613
16,488
1,828
1,967
2,566
2,844
3,322
4,300
4,492
4,650
4,641
4,875
4,902
4,909
4,951
5,001
5,032
5,066
346
351
359
353
336
300
297
294
292
291
291
290
290
290
289
289
7,158
10,109
24,235
28,378
31,977
37,794
36,751
38,404
39,681
37,308
37,897
37,624
37,418
38,291
39,196
39,268
5,852
6,258
12,494
14,560
14,865
18,787
19,220
19,134
19,372
19,757
19,969
20,043
20,124
20,202
20,318
20,052
1,851
1,982
2,525
2,934
3,532
4,506
4,642
4,815
4,769
4,925
4,947
4,947
4,976
5,107
r
5,124
5,134
5,966
6,219
6,476
6,519
6,501
6,326
6,283
6,234
6,220
6,188
6,177
6,173
6,170
6,166
6,162
6,155
t
A
t
Chicago:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1954—Dec. 31
1955—June 30
Nov 30
Dec. 31
1956—May 30
June 30
July 25*
Aug. 29*r
Sept. 26
Oct. 3 1 * . . .
Nov. 28*
2 105
2,760
5,931
5,088
5,569
6 518
6,288
6 210
6,542
6,219
6,336
6,187
6,325
6,251
6 320
6,319
569
954
1 333
1 801
2 083
2 784
2 846
3 079
3 342
3,400
3 572
3,500
3 541
3,571
3 631
3,633
1 203
1,430
4,213
2 890
2,911
3 120
2,742
2 430
2 506
2,124
2,088
2,057
2,159
2,061
2 077
2,082
333
376
385
397
576
614
699
701
695
695
676
630
625
618
612
604
1,446
J.566
1,489
1,739
1,954
1,763
1,956
2,132
1,903
1,959
,799
1,844
1,929
1,947
.954
3,595
4,363
7,459
6,866
7,649
8,520
8,102
8,222
8,720
8,176
8,349
8,035
8,222
8,233
8,327
8,329
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
Nov. 30
Dec. 31
1956—May 30
June 30
July 25*
Aug. 29*
Sept. 26 '
Oct. 31*
Nov. 28*
12 272
15,347
40,108
36,040
40,685
50,738
50,596
52,054
52,459
52 057
52,071
52,177
52,515
52,875
52,851
53,389
5 329
7 105
8,514
13 449
17,906
23 986
25 654
28 114
28,622
29 886
30 122
30,461
30 645
30,951
31,007
31,391
5 194
6,467
29,552
20,196
19,084
21,718
19,697
18,892
18,826
17,280
17,051
16,933
17,057
17,048
17,023
17,152
1 749
1,776
2,042
2,396
3,695
5,034
5,245
5 048
5,011
4,891
4 898
4,783
4,813
4,876
4,821
4,846
6 785
8,518
11,286
13,066
13,998
15,424
14,696
15,098
16,994
14,629
15,361
14,490
14,308
15,270
15,181
15,467
19 687
24,430
51,898
49,659
55,369
67,165
66,293
68 214
70,478
67,829
68,524
67,784
67,999
69,300
69,268
70,097
17 741
22,313
49,085
46,467
51,437
61,796
60,854
61,685
64,733
60,959
62,392
60,918
61,105
62,481
62,468
63,019
1.686
4! 460
(5,448
4
$,649
<5,448
7,444
(5,545
(5,390
5,852
5,633
5,339
5,332
<5,766
(5,819
(5,743
435
491
8,221
405
976
1,457
1,843
1,551
1,288
2,017
1,918
1,010
1,780
1,871
1,222
1.633
Country member banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1954—Dec. 31
1 9 5 5 _ j u n o 30
Nov. 30
Dec. 31
1956—May 30
June 30
July 25*
Aug. 29*
Sept. 26 r
Oct. 31*
Nov. 28*
10,224
12,518
35,002
36,324
40,558
50,466
50,806
52,553
52,775
52,920
52,752
52,831
53,163
53,607
54,124
54,587
4 768
5,890
5 596
10,199
14,988
21 442
22,799
24 136
24 379
25,491
25,716
25,792
25,810
25,980
26,185
26,258
3 159
4,377
26 999
22,857
21,377
23 629
22,321
22 615
22,570
21,543
21,076
21,130
21,430
21,595
21,977
22,341
2,297
2,250
2 408
3,268
4,193
5,395
5,685
5 802
5,826
5,886
5,959
5,909
5,923
6,032
5,962
5,988
4,848
6,402
10,632
10,778
11,571
13,117
12,092
12,081
13,342
11,790
12,463
12,054
11,958
12,423
12,677
12,806
15,666
19,466
46 059
47,553
52,689
64,364
63,732
65,503
66,988
65,544
66,147
65,759
66,017
66,994
r
67,754
68,360
13,762
17,415
43,418
44,443
48,897
59 360
58,594
59 987
61,636
59,724
60,591
60,125
60,250
61,129
61,885
62,415
598
822
1,223
1,073
1,133
1,508
1,283
1,288
1,523
1,157
1,353
1,264
1,223
1,275
1,354
1,380
154
225
5,465
432
922
1,271
1,339
1,161
1,061
1,502
1,372
1,194
1,485
1.361
I,'6l7
1,715
}>QU
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
Total
capital
accounts
7,44<>
4
(
<
(
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.
47
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued
[Amounts in millions' of dollars]
Loans and investments
Class of bank
and date
All insured commercial banks:
1941—Dec. 31
1945—Dec. 31
1947_Dec. 31
1954—Dec. 31
1955—June 30
Dec. 31
1956—June 30
Total
Loans
U.S.
Govt.
obligations
Other
securities
Total
assets—
Total
liaCash
bilities
assets 2
and
capital
accounts 3
Deposits
Other
Total 2
Interbank 2
Demand
Number
of
banks
Time
U. S.
Govt.
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
National member banks:
1941_Dec. 31
1945—Dec. 31
1947_Dec. 31
1954—Dec. 31
1955—June 30
Dec. 31
1956—June 30
27,571
69,312
65,280
88,509
83,315
86,152
85,455
11,725
13,925
21,428
39,712
39,424
43,428
45,860
12,039
51,250
38,674
39,392
34,673
33,579
30,555
3,806
4,137
5,178
9,405
9,219
9,144
9,040
14,97
20,114
22,024
25,662
22,892
25,697
23,545
43,433 39,458 6,786 1,088
90,220 84,939 9,229 14,013
88,182 82,023 8,410
795
115,835 105,851 10,714 2,508
107,741 98,636 8,314 2,849
113,412 103,903 9,317 2,063
110,703 100,826 8,404 2,929
State member banks:
1941—Dec. 31
1945—Dec. 31
1947_Dec. 31
1954—Dec. 31
1955—June 30
Dec. 31
1956—June 30
15,950
37,871
32,566
43,093
47,473
49,208
48,973
6,295
8,850
11,200
20,538
24,891
27,554
28,923
7,500
27,089
19,240
18,417
17,870
17,118
15,671
2,155
1,933
2,125
4,138
4,711
4,536
4,379
8,145
9,731
10,822
12,414
13,408
15,719
13,992
24,688
48,084
43,879
56,407
61,945
66,002
64,117
22,259
44,730
40,505
51,401
56,034
59,854
57,563
3,739
4,411
3,993
5,269
6,148
6,549
6,104
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
129
244
266
393
332
408
355
Noninsured nonmember
commercial banks:
1941—Dec. 31
1945—Dec. 31
1947_Dec. 3H
1954—Dec. 31
1955—June 30
Dec. 31
1956—June 30
Total
capital
accounts
69,411
147,775
141,851
182,886
179,728
190,512
184,680
Other
10,654 1,762 41,298 15,699 6,844 i:5,429
13,883 23,740 80,276 29,876 8,671 131297
12,670 1,325 92,975 34,882 9,734 13,398
16,376 4,154 115,482 46,874 14,252 13,303
14,794 5,064 111,993 47,876 14,579 13,267
16,273 3,697 122,149 48,393 14,980 13,216
14,862 5,221 114,892 49,705 15,600 13,208
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
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
,871
,867
,851
1,832
53
1,560
149
439
408
370
415
4,162
10,635
12,366
15,879
15,251
16,749
15,988
3,360
5,680
6,558
8,947
9,090
9,252
9,558
959
1,083
1,271
2,044
2,121
2,199
2,309
6,810
6,416
6,478
6,647
6,660
6.677
(5,713
1,45
2,211
2,009
1,800
1,776
1,716
1,664
455
318
474
49:
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
1,87!
2,452
2,251
1,871
1,788
1,742
1,646
329
181
363
433
448
370
377
1,291
1,905
1,392
18
1,085
18
990
13
1,039
12
11
932
253
365
478
335
337
322
326
329
279
325
324
327
320
326
852
714
783
536
513
499
470
All nonmember commercial
banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 3H
1954—Dec. 31
1955—June 30
Dec. 31
1956—June 30
7,233
16,849
18,454
24,337
24,499
25,546
25,605
3,696
3,310
5,432
10,378
10,876
11,628
12,114
2,270
12,277
11,318
11,184
10,741
10,908
10,406
1,266
1,262
1,703
2,775
2,881
3,010
3,085
3,431
4,962
4,659
5,485
4,728
5,424
4,909
10,992
22,024
23,334
30,161
29,589
31,347
30,920
9,573
20,571
21,591
27,528
26,870
28,522
27,962
457
425
629
825
780
778
732
5,504
14,101
167 13,758
457 16,964
422 16,241
382 17,788
426 16,920
3,613
6,045
7,036
9,282
9,427
9,574
9,884
1,288
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
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
64:
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
3,06:
3,052
2,910
3,018
151
429
675
832
808
785
739
1,958
11,424
13,499
21,981
22,761
23,458
24,271
1,789
10,363
12,207
19,885
20,590
21,237
21,959
1,789
10,351
12,192
19,831
20,536
21,182
21,930
164
1,034
1,252
1,920
1,965
2,006
2,061
52
192
194
218
218
220
220
8,687
5,361
5,957
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
21
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
8,738
5,020
5,553
6,471
6,741
6,947
7,222
1,077
558
637
774
792
806
824
496
350
339
309
310
307
307
Noninsured mutual savings
banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 3H
1954—Dec. 31
1955—June 30
Dec. 31
1956—June 30
For other footnotes see preceding two pages.
12
NOTE.—For revisions in series prior to June 30, 1947, see BULLETIN
for July 1947, pp. 870-871.
48
COMMERCIAL BANKS
LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1
[In millions of dollars]
Loans2
Class of bank
and
call date
Total
loans
and
invest2
ments Total
Investments
Loans for
Compurchasing
meror
carrying
cial,
Other
in- Agri- securities
Real loans
clud- culto
esing
in- Other
To
loans Total
tate
open turdial brok- To loans vidmarers
ket
uals
and othpadeal- ers
per
ers
U. S. Government obligations
Obligations
Direct
of
States Other
and
CertifiGuar- polit- securities
cates
anTotal
ical
of
inBills debt- Notes Bonds teed subdiviedsions
ness
All commercial
banks:3
1947—Dec. 3 1 . . . .
1954—Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—June 30....
Sept. 26 e ...
16,284 38,057 18,167 ,660 830
55,916 "',619
70
26,867 5 ,200 2,929
60,881 82,601 33,
,4*/5 3,263
60,008 "6,887 36,111 4,254 2,695
62,030 88,480 3 6,970
4
, " " ,170 2,350
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....
3,159 12,797 4,102 3.651 3,333
4, 545
28,031 21,046 988
49,290 21,259 9,214 1,450 614 662 4,773
22 3,873 33 258
21,809 25,765 9,461 1,314 3,164 3,606 4,677 2,361 1,181 96,043 88,912 2,455 19,071 16,045 51,321
-,334
14 5,129 3,621
028 76,691 67,941 2,124 7,552 5,918 52
14,274 37,583,
37
18,012 1,610 823 ,190 9,266 5,654 1,028
,287
21 12,"2,907 ,501 18,302 14,676 1,973 83,988 68,012 4,901 5,279 14,
54,115 70,127 26,731 5,108
,
352 3 [624
;742 20,692 17,104 3",091 77,083 60,765 4,105 2,292 13,856 40,502
10 12,465 3 853
59,164$82,081 33,092 4,396 3,229
3
13 12,694 3,442
58,344 "',374
86
35,944 4,190 2,669 1,704 21,671 18, 284 3;259 71,971 55,835 2,751 1,228 12,,552 39,290
,220 9,393
,525 18,418
774 20,809
,738 21,787
;670 22;250
1,063
5,723 :
, 78,226
,297
14,750 2,000 85,
17,185 "3;il778,280
18,365 3,286 73,122
18^00 3,930 73,550
69,221 2,193
68,981 5,065
61,592 4,219
56,620 2,817
56,950 3,090
7,789 6,034 53,191
5,361 14,672 43
-,861
2,318 14,034 41,010
1,247 12,727 39,815
2,380 12,330 39,140
5,276 3 729
12,586 3^729
698 3 990
12,698
12,929 3,573
13,080 3,520
Member banks,
total:
3,007 11,729 3,832
3,692
25,500 19,539 971
1941—Dec. 3 1 . . . . 43,521 8,021 8,671 972 594 598 3,494
090 2 871
16
1945—Dec. 3 1 . . . . 07,183 22,775 8,949 855 3,133 3,378 3,455 1,900(1,104 84,408 78,338 2,275 16,985 14,271 44,792
254 2 815
10
,218 57,914 ,987 5,816 4,815 45",286
1947—Dec. 3 1 . . . . 97, 846 32,628 16,962 1,046 811 1,065 7,130 4,662
199 -,105
3
20 10,449 3 094
1954—Dec. 3 1 . . . . 31.602 60,250 25,007 3,529 2,881 ,363 14,433 12,127 1,858 71,352 57,809 4,075 4,307 12,464 36,944
10,444 3 236
1955—Dec. 3 1 . . . . 35,360 '0,982 31,019 2,126 3",150 ,560 16,391 14,313 2^43 64 ,377 50,697 3,250 1,738 11,508 34,192
840 10,,332 33,029
1,552 2,586 ,522 17,172 15,330 3,087 59,645 46,226 2,013
10,557 2 862
1956—June 30..., 34,428 74,783 33,
10,687 2; 807
Sept. 26
36,154 "6,305 34,574 21,470 2,236 ,458 17,606 15,448 3,717 59,849 46,354 2,147 1,783 9,,954 32,459
New York City:*
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...
Chicago:*
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 4,072 2,807
26,143 7,334 3,044
20,393 7,179 5,361
880 12,039 7,231
23,880
23,583 14,640 9,12b
270 15,373 10,191
23,270
23,422 15,804 10,765
412 169
2,453 1,172
545 267
204 2,041 432
17 2,144 511
1 ,691 494
1 ,336 433
1,623 3,652 1,679
8,823 7,265 311
729
123
554
287 298 18,809 17,574 477 3,433 3,325 10,337
80
606
1
111
640
558 9,771
564 330 13,214 11,972 ,002
638
467 1,232 644 11,841 9,342 785
597 1,924 6,026
1.977
577 ,506 1,006 8,943 6,796 552
100 1,141 5,002
1,609
609 1,590 1,044 7,896 6,011 325
70 1,082 4,529
1,514
633 1,538 1,347 7,618 5,650 117
301
943 4,285
1,611
1,806
4,598
3,287
3,734
3,200
2,764
2,679
1,430
4,213
2,890
3.120
2,506
2,088
2,061
153
749
248
855
604
476
453
830
629
604
523
539
371
357
193
204
185
199
219
188
175
732
760
1,418
1,847
2,390
2,663
2,700
6
2
3
140
15
13
8
48
211
73
345
275
170
170
52
233
87
89
99
96
89
22
36
46
91
128
133
134
Reserve city banks
1941—Dec. 3 1 . . . 15,347 7,105 3,456
1945—Dec. 3 1 . . . , 40,108 8,514 3,661
1947_Dec. 3 1 . . . . 36,040 13,449 7,088
1954—Dec. 3 1 . . . 50,738 23,986 10,624
1955—Dec. 3 1 . . . , 52,459 28,622 13,212
1956—Juno 30... 52,071 30,122 13,978
Sept. 2 6 . . . 52,875 30,951 14,267
300
205
225
956
566
520
535
114 194
427 1,503
170 484
407 622
542 696
502 676
455 683
1,527
1,459
3,147
6,134
6,962
7,357
7,573
751 4,248 1,173
1,512
956 820
243 6,467 295
855 404 3i;594 29,552 1,034 6,982 5,653 15,878
5 1,126 916
1,969
3 1,342 1,053
,591 20,196 373 2,358 1,901 15,560
4,912 720 26,752 21,718 1,326 1,695 4,954 13,736
7 3,782 '.252
5,916 180 23,837 18,826 813
5 3,778 ,233
657 4,708 12,643
6,306 li265 21,949 17,051 374
4 3,823 ,076
279 4,086 12,308
6,377 1,548 21,924 17,048 407
4 3,843 ,033
603 3,898 12,136
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
5,760 388
6,575 573
7,050 590
7,169 639
110
156
161
214
216
2,266
3,993
4,428
4,625
1,061
2.623
2,872
3,036
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 . . .
All nonmember
banks: 3
1947—Dec. 31...
1954—Dec. 31...
1955—Dec. 31...
1956—June 30...
2,760
5,931
5,088
6,518
6,542
6,336
6,251
954
1,333
1,801
2,784
3,342
3,572
3,571
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
1,676 659
1,484 648
3,096 818
306 2,229
5,"""
6,290 2 ,127
6,892 2,019
6,842 1,926
18,454
24,337
25,546
25,605
1,205 614
1,859 1,671
2,226 1,750
2,385 1,70:
5,432
10,378
11,628
12,114
95
51
149
223
316
384
364
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
40
26
105
184
187
183
256
133 1,467
132
235
70
241
111
68
46
3
43
21
903
1,864
2,274
1,953
1,723
1,564
1,544
6,628 4 377
29,40726,999
,125 22,857
29,02423,629
28,397 22,570
27,035 21,076
27,627 21,595
110
481 2,926
630 5,102 4,544 16,713
480 2,583 2,108 17,681
,893 1,774 4,731 15,228
,774
913 5,056 14,825
,267
489 4,688 14,628
,579
858 4,660 14,493
111 13,021 11,318
143 13,959 11.184
174 13,918 10,908
200 13,492 10,406
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
119
861
9
6
3
3
4
4
182
181
213
415
476
489
443
1,222
1,342
2,006
4,275
4,581
4,731
4,790
,028
,067
,262
.120
,246
,228
,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.
49
COMMERCIAL BANKS
RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1
[In millions of dollars]
Time deposits
Demand deposi ts
Reserves
with
Banks
BalDeCash ances mand
in
with
dedoposits
v«lUlt
mestic
adbanks5 justed 6
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 10 ,216 87,123 11 ,362
2 ,469 12 ,202 106,540 13 ,511
2 ,682 12 ,050 109,905 13 ,512
2 ,273 10 ,802 104,761 12 ,069
3 ,100 10 ,270 105,410 11 ,820
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 3 0 . . . .
12,396
15,810
17,796
18,734
18,721
18,232
1 ,358 8 ,570 37,845
1 ,829 11 ,075 74,722
2 ,145 9 ,736 85,751
2 ,444 11 ,854 105,471
2 ,656 11 ,744 108,887
2 ,251 10 ,528 103,844
Member banks
total:
l941_Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1954—Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—June 3 0 . . . .
Sept. 2 6 . . . .
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
New York City:*
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. 2 6 . . . .
5,105
4,015
4,639
4,398
4,431
4,331
4,133
93
111
151
126
127
94
147
1,021
1,070
1,177
1,135
1,115
1,125
Reserve city 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 . . . .
Country 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 . . . .
Sept. 2 6 . . . .
Class of bank
e
call date
Chicago:4
1941—Dec.
1945—Dec.
1947_Dec.
1954—Dec.
1955—Dec.
1956—June
Sept.
31....
31....
31....
31....
31....
30....
26....
AH nonmember
banks:3
1947 Dec. 31
1954—Dec. 31
1955—Dec. 31
1956—June 30
Rl-
a
1nterbank
deposits
DoFormestics eign
IndiIndi- Bor- CapiCertiU.S. States viduals,
viduals,
tal
States
fied
partner- Inter- and polit- partner- row- acU. S.
and
and
ships, ings counts
Govt. political offiships, bank Postal ical
corsubdi- cers' and corSav- subdi- and
visions checks, poraings visions porations
tions
etc.
1,430
1,539
1,546
1,557
1,660
1 343
A, 172
3, 709
5, 232
5, 110
6 ,799
9 ,902
10 ,273
10 ,768
9 ,950
84,987
240
103,466 1 ,759
$,904 109,011 1 ,585
2J,244 101,812 1 ,613
>,950 102,210 1 ,590
111
365
356
332
330
2,402
2,340
2,493
2,450
9 ,823
673
1,248
1,379
13 ,392 1,497
13 ,390 1,516
11 ,963 1,516
1, 762
2 3 , 740
1, 325
4 , 154
3, 697
5, 221
3 ,677
5 ,098
6 ,692
9 ,763
10 ,138
10 ,641
158
,077 36,544
70
>,585 72,593
54
>,559 83,723
5,176 102,543 1 ,487
\5,879 108,131
,367
5,217 101,034 1 ,383
59
103
111
365
356
332
15,146
29,277
33,946
2,348 44,160
2,282 45,756
2,432 46,941
33,754
64,184
73,528
89,836
92,435
88,139
88,768
S ,714
12 ,333
1C ,978
13 ,015
13 ,002
11 ,627
11 ,400
1,243
1,375
1,493
1,511
1,510
1,615
j 709
22', 179
1 s 176
3 , 715
3 , 327
4 , 806
4 , 538
3 ,066
4 ,240
5 ,504
7 ,781
8 ,075
8 ,496
7 ,684
,009
>,450
>,401
>,964
5,638
5,004
>,696
33,061
140
64
62,950
50
72,704
88,859 1 ,475
93,687 1 ,353
87,404 j ,370
87,859 1 ,346
50
99
105
334
327
302
301
1,966
1,865
1,954
1,913
141
78
70
67
111
89
73
10,761
15,065
16,653
16,500
16,493
15,695
15,447
- ,595
607
866
319
237
290
368
302
396
381
1,338
1,105
1,223
1,498
1,110
1,106
11,282
15,712
17,646
17,823
18,919
17,396
16,713
1 ,196
1 ,085
1 ,058
1 ,014
10
12
54
59
35
36
29
20
14
192
72
60
52
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
1 ,292
1 ,196
1 ,264
1 ,246
1 ,149
1 ,169
8
20
21
40
40
36
37
127
1, 552
72
251
222
350
312
233
237
285
274
299
399
303
34
66
63
80
85
98
66
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
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
At,3O2
54
110
131
259
303
269
284
491
8, 221
405
1, 457
1, 288
1, 918
1, 871
1 ,144
,763
2 ,282
2 ,876
3 ,048
3 ,120
2 ,601
286
611
705
866
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
2,210
4,527
4,993
5,377
5,429
5,316
5,499
526
796
929
3 ,216
4 ,665
3 ,900
5 ,057
4 ,844
4 ,373
4 ,159
9,661
23,595
27,424
36,242
37,836
36,149
36,930
,199
,049
,469
,488
,321
,243
£
7
17
17
15
15
225
5, 465
432
1, 271
1, 061
1, 372
1, 361
1 ,370
2 ,004
2 ,647
4 ,263
4 ,425
4 ,581
4 ,399
8,500
21,797
25,203
32,736
34,235
32,383
33,088
30
17
17
22
18
17
17
31
52
45
163
157
148
145
3 947 13,595
4 ,590 16,704
4 ,439 17,470
4 ,015 16,621
385
496
510
442
55
46
36
47
167
457
382
426
1 295
2 ,121
2 ,198
2 ,272
12,284
14,608
15,324
14,408
190
284
231
243
6
31
29
30
942
1 ,129
1 ,222
1 ,024
1 ,401
544
627
663
588
n11 ,566
,236
,535
,236
,336
25,364
2 ,080
.,813
•
t),307
4
,497
( 5,946
ti,903
ti,078
t),175
671
1,105 6, 940
267
1,217
736
1,177
756
1,151
1,190 1, 166
993
1,279
790
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
>,581
25,199
450
1,035
862
719
239
435
528
795
1,020
934
805
180
235
265
240
6
17
12
866
34,383
65
31
44,441
46,019 159
47,205 354
47,620 1,620
10,059
14,576
15,300
15,927
16,280
492
496
826
10
215
61
21
145
337
6,844
8,671
9,734
14,252
14,980
15,600
418
399
693
11,878
4
23,712 208
54
27,542
15
35,650
36,972 137
37,916 302
38,264 1,532
5,886
7,589
8,464
12,210
12,783
13,293
13,570
778
1,206
1,418
2,146
2,171
2,285
2,316
1,648
i95 2,120
30 2,259
2,803
1 2,745
38 2,805
580 2,815
476
719
902
1,280
1,313
1,288
1,271
3
1
198
288
377
426
600
628
639
646
4,542
9,563
11,045
14,399
15,117
1,013 15,392
974 15,494
2
1
3
82
179
589
1,967
2,566
2,844
4,300
4,641
4,902
5,001
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
172
436
475
539
6,858
8,814
9,071
9,314
243
160
332
965
941
12 1 596
16 2,369
22 2,519
52 2,636
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.
50
WEEKLY REPORTING MEMBER BANKS
LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Loans *
U. I3. Government obligations
For purchasing
or carrying securities
Total Loans
and
Comloans investand
ments Loans merMonth or date investcial Agriculadadments justed 1 justed * indus- tural
trial
CerOther Loans
tifisecuto
Real Other
cates
Total Bills ofin- Notes Bonds2 rities banks
estate
debtloans
U.S. Other
edOther Govt.
ness
se- ob- securicuri- ligaties tions ties
To brokers
and dealers To others
U.S.
Govt.
obligations
TotalLeading Cities
1955
87,290 86,182 48,027
Dec
2 6 , 442
2,8 15
I,->64
8,154 10,094 29,875 1,134
949
7,079 20,713 8,280 1,108
787
718
5,349 18,862 7,603 1,182
5,202 18,749 7,561 1,229
1956
Nov
Dec
87,150 85,968 52,428 29,871
88,297 87,068 53,273 30,501
483
466
1,940
2,095
1,200
1,200
8,861 10,951 25,937 939
8,855 11,025 26,234 1,565
1956
7
14
21
28
86,639
86,922
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
10,954
10,953
10,956
25,752 630
25,599 601
26,254 1,265
26,141 1,260
825
783
779
762
5,423
5,367
5,326
5,279
18,874
18,848
18,884
18,840
7,641
7,536
7,632
7,605
1,037
1,292
1,166
1,234
Dec. 5
Dec 12
Dec 19
Dec 26
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
11,012
11,017
11,067
25,820
25,884
26,578
26,654
1,144
1,261
1,919
1,936
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
1,197
1,289
1,149
1,280
Nov.
Nov.
Nov
Nov.
New York City
1955
23,444 22,723 14,076
Dec
9 , 113
205
1,805
18
478
577
2,098 6,536
353
131
1,171
4,881 2,111
721
76
153
1,152
1,206
18
16
400
394
611
608
2,174 5,390
2,188 5,614
120
450
185
183
938
929
4,147 1,739
4,052 1,750
680
668
1956
23,090 22,410 15,281 11,100
23,688 23,020 15,656 11,337
Nov
Dec
1
1
1956
7
14
21
28
22.870
23,058
23,208
23,225
22,318
22,325
22,560
22,437
15,263
15,324
15,267
15,272
11,028
11,144
11,090
11,140
64
54
80
105
1,213
1,158
1,149
1,089
17
18
17
19
403
400
400
396
616
619
606
604
2,173
2,182
2,176
2,167
5,290
5,282
5,547
5,440
25
19
243
194
174
173
194
199
929
939
945
938
4,162
4,151
4,165
4,109
1,765
1,719
1,746
1,725
552
733
648
788
Dec. 5
Dec 12
Dec 19
Dec 26
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
1,232
1,147
1,214
1,230
16
17
16
16
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
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
Outside
New York City
1955
Dec
63,846 63,459 33,951
Nov
Nov
Nov.
Nov
1
17, 329
05
768
7,577 7,996 23,339
781
818
5,908 15,832 6,169
387
1956
Nov
Dec
64,060 63,558 37,147 18,771
64,609 64,048 37,617 19,164
482
465
712
736
782
790
8,250 8,777 20,547 819
8,247 8,837 20,620 1,115
602
535
4,411 14,715 5,864
4,273 14,697 5,811
502
561
1956
7
14
21
28
63,769
63,864
. . . 64,389
64,216
63,284
63,305
63,871
63,770
36,946
37,171
37,278
37,189
18,608
18,804
18,883
18,788
484
490
475
478
693
699
734
721
778
781
781
790
8,241
8,251
8,254
8,251
8,768 20,462 605
8,772 20,317 582
8,777 20,707 1,022
8,789 20,701 1,066
651
610
585
563
4,494
4,428
4,381
4,341
14,712 5,876
14,697 5,817
14,719 5 886
14,731 5,880
485
559
518
446
Dec 5
Dec 12
Dec 19
Dec. 26
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
8,810
8,838
8,877
544
530
538
529
4,255
4 259
4,274
4,301
14,725
14 676
14,694
14,693
555
521
573
593
Nov
Nov.
Nov
Nov.
1
Exclusive of loans to banks and after deduction of valuation reserves;
individual loan items are shown gross.
20,470 946
20,430 965
20,772 1,266
20,808 1,285
2 Includes guaranteed obligations.
See also NOTE on opposite page.
5,866
5 833
5 781
5,764
51
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
Reserves Cash
in
with
F. R. vault
Banks
Time deposits,
except interbank
BalDe- Indiances mand vid- States Certiuals,
with
defied
do- posits part- and
and U . S .
mestic ad- 1 ner- political
offibanks justed ships, sub- cers' Govt.
and
cor- divi- checks,
pora- sions etc.
tions
Interbank
deposits
IndividDemand
uals, States
and U . S .
part- politGovt.
nerand
ical
ships, subPostal
and
DoSavcor- diviings mes- Foreign
pora- sions
tic
tions
Borrowings
Time
Capital
acFrom From counts
F. R. others
Banks
TotalLeading Cities
1955
Dec
13,640 1,141 2,620 58,358 61,139 3,901 2,078 1,995 19,273
979
204 10,860
1,449
1,368
544
680 8,460
13,446 1,031 2,525 56,001 59,407 3,770 2,015 2,442 19,630
13,778 1,138 2,586 57,843 61,089 3,931 2,101 2,008 19,734
893
912
185 11,062 1,636
183 11,124 1,671
1,312
521
522
946 8,992
896 9,041
1956
Nov
Dec
1956
Nov.
Nov.
Nov.
Nov.
Dec.
Dec.
Dec.
7
14
21
28
5
12
19
13,441
990
13,082 1,067
13,741
977
13,518 1,092
13,645
13,609
14,151
13,708
1,019
1,165
1,148
1,221
4,278
192
4,046
4,361
1,274
2,504 55,588 58 529 3,710
2,670 55,882 60 431 3,691
2,441
900 59; 370 3,772
2,487
632 59 296 3,909
1,912
1,980
2,200
1,966
1,822
1,769
3,301
2,877
19,771
19,629
19,565
19,556
895
889
889
898
184
185
184
186
11,146
11,594
10,864
10,646
1,585
1,637
1,662
1,660
,329 1,006
768 8,991
,310
267 1,115 8,982
,307
547
980 8,983
,303
265
921 9,011
3,933
3,933
3,905
3,953
1,999
2,193
2,167
2,044
2,087
1,151
2,412
2,380
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
,280
,267
,274
,275
510
399
659
519
98
59 3,018 1,121
1,092
94
301 2,694
2,984 1,309
3,022 1,338
986
968
134
114
407 2,816
427 2,845
2,379
2,517
2,684
2,763
56,745 59,422
~" 266 61",871
58;266
58,148 61 ,356
58^14 61 ,707
Dec. 26
978
911
828
868
9,043
9,042
9,036
9,043
New York City
1955
n , QOQ
000
271 1,015
603 2,090
163
186
15,314 16,941
16,162 17,830
292
985
267 1,020
732 2,161
620 2,244
4,335
3,676
4,155
4,016
162
166
155
168
15,297
15,139
15,248
15,575
16,777
17,072
16,896
17,018
302
977
549 2,181
285
891
481 2,160
269 1,106 1,026 2,150
313
967
871 2,153
2,955
3,122
2,929
2,928
1,263
1,310
1,326
1,335
1,002
982
981
979
388
150
443
461
451
274
2,815
2,817
2,813
2,818
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
261
977
292 1,120
263
966
252 1,016
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
9,362
949 2,551 41,978 43,251 3,630 1,063 1,392 17,183
881
145 7,842
328
276
450
379 5,766
9,400
9,417
868 2,464 40,687 42,466 3,478 1,030 1,710 17,469
952 2,535 41,681 43,259 3,664 1,081 1,388 17,490
831
856
8,078
146 8,102
327
333
326
306
387
408
539 6,176
469 6,196
9,106
9,406
9,586
9,502
828
901
822
924
3,408
935 1,273 17,590
3,406 1,089 1,288 17,469
3,503 1,094 2,275 17,415
3,596
-,403
999 2,006 17
829
826
828
839
146
147
146
148
8,191
8,472
7,935
7,718
322
327
336
325
327
328
326
324
618
267
397
265
325
654
529
647
6,176
6,165
6,170
6,193
2,327 40,906 42 ,106 3,672 1,022 1,433 17,426
2,469 41
43,816 3,641 1,073
841 17,448
2,631
43,475 3,642 1,201 1,648 17,508
" , 6 3 7 3,701 1,028 1,626 17,579
2,713 42,007 43
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
69 16,380
Dec
1956
Nov
Dec
1956
Nov.
Nov.
Nov.
Nov.
Dec.
Dec.
Dec.
Dec.
7
14
21
28
5
12
19
26
Outside
New York City
654
310
764
754
1955
Dec
1956
Nov
Dec
1956
Nov.
Nov.
Nov.
Nov.
Dec.
Dec.
Dec.
Dec.
7
14
21
28
5
12
19
26
9,238
853
9,375
962
9,684
962
9,372 1,034
41,752
2,451-40,291
,
2,613 40,743
.
43,
43,359
2,373 40,652 42,474
2,420 41,057 42,278
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.
52
COMMERCIAL LOANS; OPEN MARKET PAPER
C H A N G E S I N C O M M E R C I A L AND I N D U S T R I A L L O A N S O F WEEKLY R E P O R T I N G M E M B E R BANKS, BY I N D U S T R Y 1
[Net decline, ( — ). In millions of dollars]
Manufacturing and mining
Trade
(wholesale
and
retail)
Commodity
dealers
Sales
finance
companies
215
-7
-644
392
-91
-137
-41
120
-363
539
Construction
12
91
18
-23
-11
101
-536
610
— 805
795
-175
32
126
— 225
71
82
106
132
-1,314
630
-1,496
539
— 461
469
589
704
384
27
134
106
143
370
1,257
3,050
1 078
53,206
171
178
-386
739
-322
98
365
350
54
-66
149
176
2,124
2,719
42,243
2,459
170
31
-78
208
97
104
-305
60
516
102
32
136
-24
-22
-9
-14
31
22
260
534
948
203
479
920
-4
-6
-11
-16
-8
13
47
38
21
51
41
65
22
36
44
-47
-207
-55
-29
34
48
33
-13
2
32
i
-14
-5
-2
-3
7
12
-26
-27
20
109
-24
-5
-89
269
125
-15
-7
-138
238
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
-9
8
-56
-2
-3
4
7
9
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
Textiles,
apparel,
and
leather
Metals
and
metal
products 3
Petroleum,
coal,
chemical,
and
rubber
Other
Jan -June
July-Dec
— 657
537
156
-107
420
-326
-45
138
90
-49
1954—Jan.-June
July-Dec
-505
498
55
-26
-577
-548
-10
88
-62
1955
Jan -June
July-Dec
— 540
480
220
71
177
224
313
208
153
63
146
327
1956—Jan.-June
July-Dec
-302
822
238
-6
1,362
-71
424
428
369
72
290
154
168
— 77
-24
3
— 97
116
153
52
89
-58
-45
-30
83
67
66
29
45
-1
1
-20
-23
-34
-47
-41
-16
-57
64
16
18
15
-21
24
Nov 7
Nov. 14
Nov 21
Nov. 28
54
33
56
11
-2
25
— 24
-24
28
54
27
8
Dec. 5
Dec 12
Dec 19
Dec. 26
38
70
65
-6
-7
10
8
-8
6
69
82
-4
1953
1956
Oct
Nov. .
Dec
. .
Week ending:
1956 Oct. 3
Oct. 10
Oct 17 . .
Oct. 24
Oct 31
Comm'l
and
ind'l
Net
change—
changes
all
classiweekly
fied
reporting
banks4
All
other
types
of
business
Food,
liquor,
and
tobacco
Period 2
Public
utilities
(incl.
transportation)
Q
1C
2
-11
-59
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 pa]?er
Held by:
End of year or month
Accepting banks
Total
Placed
Placed
directthrough
ly
dealers l (finance2
paper)
Total
Own
bills
Bills
Own Forbought acct. eign
corr.
920
1,331
1,745
1 966
1,924
345
449
552
564
733
575
882
1,193
1,402
1,191
394
490
492
574
873
192
197
183
172
289
114
119
126
117
203
78
79
57
55
86
1955—Nov
Dec
2,283
2,008
542
510
1,741
1,498
642
642
187
175
134
126
52
49
1956—Jan
Feb
Mar
2,350
2 618
2,545
2,514
2 607
2,427
2 600
2,514
2,463
r
2 581
2,618
573
588
560
508
515
476
509
548
549
r
573
568
1,777
2,030
1,985
2,006
2,092
1,951
2,091
1,966
1,914
2,008
2,050
624
667
660
628
643
684
723
772
805
843
924
169
184
170
146
157
180
175
189
209
203
242
124
135
130
108
113
109
111
120
127
135
167
44
49
40
39
44
71
64
70
82
69
75
AUK
Sept
Oct
Nov
r
1
Revised.
As reported by dealers; includes finance company paper ;
other commercial paper sold in the open market.
F. R.
Banks
Oth-
Total
1950
1951
1952
1953
1954
Apr
M^ay
June..
July
Based on:
well as
Imports
into
United
States
Exports
from
United
States
Dollar
exchange
Goods stored in or
shipped between
points in:
United
States
Foreign
countries
21
21
20
24
19
180
272
289
378
565
245
235
232
274
285
87
133
125
154
182
2
23
39
29
17
28
55
64
75
300
32
44
32
43
89
17
28
27
33
410
405
259
252
205
210
20
17
73
63
86
100
18
14
14
13
16
18
18
22
17
20
33
32
37
39
42
45
45
48
51
49
53
52
406
431
436
427
424
441
483
510
529
567
598
237
263
263
235
245
264
270
271
294
277
277
220
234
236
240
252
251
237
259
258
281
295
11
20
18
10
9
9
13
21
17
19
10
46
43
49
43
33
34
74
97
113
133
199
110
106
94
100
104
125
129
124
123
133
143
2
As reported by finance companies that place their paper directly with
investors.
53
INTEREST RATES
BANK RATES ON SHORT-TERM BUSINESS LOANS
MONEY MARKET RATES
[Per cent per annum]
Finance
comPrime
pany
compaper
mercial
placed
paper,
4- to 6- directly,
months i
3- to 6months *
Year,
month, or
week
Prime
bankers'
acceptances,
90
days 1
[Per cent per annum]
U. S. Government
securities (taxable)2
Size of loan (thous. of dol.)
All
loans
Area and period
3-month bills
9-to 12- 3- to 5month3 year 4
Mar- Rate issues
issues
ket on new
yield 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
1955—Dec
2.99
2.80
2.43
2.54
2.564
2.56
2.83
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
2.606
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:
Dec. 1 . . .
Dec. 8 . . .
Dec. 15. . .
Dec. 2 2 . . .
Dec. 2 9 . . .
3.63
3.63
3.63
3.63
3.63
3.38
3.38
3.38
3.38
3.38
3.19
3.26
3.38
3.38
3.38
3.08
3.12
3.24
3.27
3.20
3.174
3.102
3.268
3.331
3.217
3.23
3.26
3.30
3.37
3.40
3.60
3.67
3.68
3.66
3.57
1
2
Averages of daily prevailing rates.
Except for new bill issues, yields are
averages computed from daily closing bid prices.
3
Consists
of
certificates
of
indebtedness
and
selected note and bond issues.
4
Consists of selected note and bond issues.
10100
10
Annual averages,
19 large cities:
1954
1955
1956
Quarterly: *
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.
100200
200
and
over
3.6
3.7
4.2
5.0
5.0
5.2
4.3
4.4
4.8
3.9
4.0
4.4
3.4
3.5
4.0
3.93
4.14
4.35
4.38
5.05
5.18
5.30
5.32
4.55
4.69
4.86
4.90
4.13
4.34
4.52
4.63
3.74
3.97
4.19
4.20
3.75
3.97
4.20
4.22
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
March
1949,
1
Based on figures for first 15 days of month.
NOTE.—For description see BULLETIN for
pp. 228-237.
BOND AND STOCK YIELDS«
[Per cent per annum]
U . S . Govt.
bonds
(long-term)
Year, month,
or week
Old
series2
Corporate bonds 4
State and local govt. bonds
General
obligations 4
New Totals
series3
Aaa
Revenue Totals
bonds 6
By selected
ratings
Aaa
Baa
Baa
Industrial stocks
Dividends/
price ratio
By
groups
Industrial
Railroad
Public
Preutility ferred i
Com-4
mon
Earnings/
price ratio
Common 8
Number of issues
3-7
1-2
20
5
5
10
120
30
30
40
40
40
14
125
125
1954 average
1955 average
1956 average
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
1955—Dec
2 88
2.97
2.70
2.29
3.25
2.97
3.33
3.15
3.62
3.26
3.42
3.31
4.05
3.92
7.96
1956
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
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
Week ending:
Dec 1
Dec 8
Dec. 15
Dec 22 . .
Dec. 29
3 36
3 35
3.38
3 49
3.48
3 33
3.33
3.34
3.38
3.39
3.53
3.55
3.56
3.58
3.59
3.01
3.02
3.04
3.05
3.05
4.12
4.15
4.17
4.20
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
.
Monthly and weekly yields are averages of daily figures for U. S. Govt.
corporate bonds. Yields of State and local govt. general obligations
2
Consists of fully taxable, marketable 2!/i per cent bonds due or first
callable after 12 years, through Sept. 30, 1955, and those due or callable
in 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.
6.99
7.05
6.07
4
Moody's Investors Service.
5
Includes bonds rated Aa and A, data for which are not shown separately. Because of a limited number of suitable issues, the number of
corporate
bonds in some groups has varied somewhat.
6
Dow-Jones and Co.
7
Standard and Poor's Corporation. Ratio is based on 8 median yields
in 8a sample of noncallable issues—12 industrial and 2 public utility.
Computed by Federal Reserve from data published by Moody's Investors Service.
54
SECURITY MARKETS
SECURITY PRICES i
Bond prices
Common stock prices
Standard and Poor's series
(index, 1935-39= 100)
U. S. Govt.
(long-term)
Year, month,
or week
Old
New
series 2
series 3
3-7
1-2
CorMuponicipal
rate
(high- (high4
grade) grade) 4 Total
15
In-
dustrial
Railroad
Volume
of
trad-5
ing
(in
thou-
Securities and Exchange Commission series
(index, 1939= 100)
Public
util- Total
ity
Manufacturing
Total
Durable
Trade,
fiTrans- Pubporta- lic nance, Minof
Non- tion
and
ing shares)
utilduservity
rable
ice
17
480
420
20
40
265
170
98
72
21
29
31
14
1954 average
1955 average
99.51 109.60 125.8
95.97 103.36 123.1
116.3
117.2
114.4
109.1
227
250
180
136
230
271
245
295
233
136
236
267
300
342
341
397
248
253
152
155
305
345
374
439
352
410
394
465
320
327
153
156
297
306
313
358
2,270
2,578
2,216
1955 Dec
95.07 102.62 119.8
112.4
327
377
258
153
334
419
396
439
332
154
323
326
2,428
1956 Jan
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
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
372
373
401
408
249
250
265
271
153
155
159
156
326
330
351
355
155
154
347
341
408
413
443
452
379
383
412
410
434
441
472
491
320
323
344
348
154
156
160
157
310
310
322
317
156
155
306
300
330
350
373
369
357
357
344
337
334
340
417
418
402
394
390
398
254
240
241
238
236
157
159
155
151
152
151
359
359
345
342
338
344
460
460
440
437
431
441
421
432
422
422
417
425
495
484
457
451
445
457
335
329
313
318
311
315
159
160
155
152
153
152
315
313
302
299
296
287
2,247
2,320
2,874
2,576
2,420
1,771
2,177
1,936
1,959
1,754
2,178
2,443
89.51
89.58
89.28
88.06
88.15
95.73
95.74
95.73
94.88
94.59
107.9
107.9
108.2
108.2
108.0
102.9
103.1
103.4
102.4
102.2
327
340
338
340
380
398
395
398
233
236
236
237
151
152
151
151
334
346
344
342
425
444
441
439
409
428
425
424
440
460
456
453
306
319
315
314
152
152
152
152
287
291
288
284
341
399
236
151
344
442
423
368
365
363
356
459
312
152
286
364
Number of issues...
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Week ending:
Dec. 1
Dec 8
Dec. 15
Dec 22
Dec. 29
344
341
399
397
269
257
260
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 2y2 per cent bonds due
or first callable after 12 years through Sept. 30, 1955, and, beginning
441
434
398
393
480
471
342
328
364
352
369
373
349
337
355
362
2,257
2,398
2,362
2,253
2,557
Oct. 1, 1955, those due or callable in 10-20 years.
3 The 314 per cent bond of 1978-83 and, beginning Feb. 1, 1955, and 3
per cent bond of February 1995.
, 4 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
Totalsecurities
other than
U S Govt
obligations
(col. 3 +
col. 5)
Net debit balances with
Bank loans to others (than
New York Stock Exchange brokers and dealers) for pur- 2
firms 1
chasing and carrying securities
Money borrowed
Customer
net
free
credit
balances
Secured by
U. S. Govt.
obligations
Secured by
other
securities
U. S. Govt.
obligations
33
31
1,332
1,665
2,388
149
88
65
1,048
69
1,074
1,529
1,019
Other
securities
On
U. S. Govt.
obligations
On
other
securities
1952 Dec
I953 Dec
1954 Dec
1,980
2,445
3,436
1955 Nov
Dec
3,980
4,030
38
2,759
2,791
27
32
1,221
1,239
75
51
2,185
2,246
876
34
1956 Jan
Feb
Mar
Apr
M!ay
June
July
4,040
3,991
4,038
4,043
4,047
4,009
4,026
3,979
3,950
3,914
3,946
36
34
31
33
38
34
31
33
33
36
32
2,786
2,740
2,786
2,788
2,810
2,786
2,812
2,785
2,782
2,748
2,784
37
36
40
40
40
48
45
41
42
42
43
1,254
1,251
1,252
1,255
1,237
1,223
1,214
1,194
1,168
1,166
1,162
41
52
50
44
42
39
31
38
42
45
43
2,129
2,137
2,127
2,145
2,186
2,195
2,211
2,048
2,071
2,086
2,071
905
913
960
896
870
836
858
872
866
835
822
AUK
Sept
Oct
Nov
41
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
648
780
30
88
877
727
713
894
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.
SAVINGS INSTITUTIONS
55
LIFE INSURANCE COMPANIES 1
[Institute of Life Insurance data. In millions of dollars]
Government securities
Total
assets
Date
Total
End of year: 3
1941
1945
Business securities
U.S.
United State and Foreign 2
Total
States
local
Mortgages
Bonds
Stocks
Real
estate
Policy
loans
Other
assets
32,731
44,797
9,478
22,545
6,796
20,583
1,995
722
687
1,240
10,174
11,059
9,573
10,060
• 601
999
6,442
6,636
1,878
857
2,919
1,962
1,840
1,738
55,512
59,630
64,020
68,278
73,375
78,533
84,486
90,432
19,135
17,868
16,118
13,760
12,905
12,537
12,262
11,829
16,746
15,290
13,459
11,009
10,252
9,829
9,070
8,576
872
1,052
1,152
1,170
1,153
1,298
1,846
2,038
1,517
1,526
1,507
1,581
1,500
1,410
1,346
1,215
20,272
23,124
25,351
28,111
31,515
34,438
37,300
39,545
18,844
21,406
23,248
25,890
29,069
31,865
34,032
35,912
1,428
1,718
2,103
2,221
2,446
2,573
3,268
3,633
10,833
12,906
16,102
19,314
21,251
23,322
25,976
29,445
1,055
1,247
1,445
1,631
1,903
2,020
2,298
2,581
2,057
2,240
2,413
2,590
2,713
2,914
3,127
3,290
2,160
2,245
2,591
2,872
3,088
3,302
3,523
3,742
End of month: 4
1952—Dec...
1953—Dec...
1954—Dec...
73,034
78,201
84,068
12,814
12,452
12,199
10,195
9,767
9,021
1,126
1,278
1,833
,493
,407
,345
31,286
34,265
36,695
29,095
31,926
33,985
2,191
2,339
2,710
21,245
23,275
25,928
1,868
1,994
2,275
2,699
2,894
3,087
3,122
3,321
3,884
1955_Oct...
Nov...
Dec...
89,016
89,491
90,219
12,236
12,096
11,758
9,027
8,891
8,546
1,990
1,987
1,998
,219
,218
,214
38,386
38,546
38,855
35,506
35,647
35,932
'2,880
2,899
2,923
28,563
28,868
29,433
2,505
2,523
2,557
3,271
3,283
3,293
4,055
4,175
4,323
1956—Jan...
Feb...
Mar...
Apr...
May..
June..,
July..,
Aug...,
Sept...
Oct.. .
90,842
91,240
91,543
92,025
92,478
92,876
93,580
93,992
94,411
94,869
11,751
11,608
11,415
11,439
11,332
11,280
11,292
11,210
11,253
11,306
8,393
8,236
8,045
8,085
7,986
7,921
7,886
7,778
7,805
7,850
2,125
2,144
2,153
2,153
2,140
2,148
2,191
2,206
2,213
2,218
,233
,228
,217
,201
,206
,211
,215
,226
,235
,238
39,146
39,376
39,570
39,705
39,854
39,963
40,297
40,453
40,514
40,626
36,216
36,428
36,593
36,725
36,880
36,999
37,302
37,455
37,546
37,664
2,930
2,948
2,977
2,980
2,974
2,964
2,995
2,998
2,968
2,962
29,800
30,102
30,383
30,651
30,991
31,284
31,612
31,897
32,111
32,399
2,568
2,589
2,609
2,624
2,646
2,673
2,711
2,727
2,748
2,778
3,307
3,324
3,345
3,365
3,385
3,409
3,400
3,420
3,440
3,461
4,270
4,241
4,221
4,241
4,270
4,267
4,268
4,285
4,345
4,299
1948
1949
1950
1951
1952
1953
1954
1955
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
These represent annual statement asset values, with bonds carried on
an 4amortized basis and stocks at end-of-year market value.
These represent book value of ledger assets. Adjustments for interest
due and accrued and for differences between market and book values
are not made on each item separately, but are included, in total, in "Other
assets."
SAVINGS AND LOAN ASSOCIATIONS i
[Federal Savings and Loan Insurance Corporation data. In millions of dollars]
Liabilities
Assets
End of year or month
Total 2
Mortgages 3
U. S.
Govt.
obligations
Borrowings
Cash
Other 4
Savings
Capital
FHLB
Advances
Other
Reserves
and
undivided
profits
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
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
899
1,108
1,297
1,471
1,791
10,969
12,472
13,992
16,107
19 195
22,846
27,334
32,192
500
424
810
801
860
947
864
1,412
90
75
90
93
84
80
96
146
969
1,106
1,280
1,453
1 658
1,901
2,191
2,557
1955—Oct
Nov
Dec
36,796
37 216
37,719
30,997
31,243
31,461
2,328
2,339
2,342
1,732
1 799
2,067
1,679
1,791
31,022
31 408
32,192
1,341
1,361
1,412
145
143
146
2,557
1956—Jan.*>
Feb P . .
37,995
38 429
38,892
39,388
40,023
40,622
40 797
41,197
41 574
42,059
31,697
32 002
32,405
32,814
33,259
33,740
34 134
34,586
34 939
35,305
2,450
2,526
2,583
2,639
2,684
2,652
2 687
2,726
2 739
2,753
2,019
1,772
1 825
1,873
1,962
2,099
2,128
2 044
2,043
2 098
2,166
32,615
32 973
33,332
33,662
34,137
34,948
35 079
35,366
35 633
36,044
1,242
1 178
1,134
1,123
1,119
1,170
1 105
1,113
1 139
1,145
119
109
102
110
112
118
124
132
138
128
1941..
1945
1948
1949
1950
1951.
1952
1953
1954
1955
.
.
Apr.**p
May .
Julvpp
Aug
Sept vv
Oct
....
.
...
»1 Preliminary.
Figures are for all savings and loan associations in the United States.
Data beginning 1950 are based on monthly reports of insured associations and annual reports of noninsured associations. Data prior to
1950 are based entirely on annual reports.
2 O1Q
,975
,917
,926
i,047
878
,788
745
782
776
2 749
2
Includes gross mortgages with no deduction for mortgage pledged
shares.
3 Net of mortgage pledged shares.
4
Includes other loans, stock in the Federal home loan banks and other
investments, real estate owned and sold on contract, and office building
and fixtures.
56
FEDERAL BUSINESS-TYPE ACTIVITIES
SELECTED ASSETS A N D LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES
[Based on compilation by Treasury Department.
In millions of dollars]
End of quarter
End of year
1955
Asset or liability, and activity1
1949
Loans, by purpose and agency:
To aid agriculture, total
Banks for cooperatives
Federal intermediate credit b a n k s . . .
Farmers Home Administration
Rural Electrification Administration.
Commodity Credit Corporation
Other agencies
To aid home owners, total
Federal National Mortgage Association.
Veterans Administration
Other agencies
1950
19512
19522
1953 2
4,362 3,884 4,161
302
345
425
437
510
633
523
535
539
1,301 1,543 1,742
1,729
898
782
70
52
40
5,070
424
673
596
1,920
1,426
31
6,811
311
590
648
2,096
3,076
23
1,251
828
423
2,603 2,930 2,907
2,242 2,462 2,461
383
300
362 '
63
[ 168
3,013
2,538
408
67
431
353
79
437
353
85
1,528 2,142
1,347 1,850
292
181
1956
1954
6,929 7,466 6,362 5,853 6,715
322
375
367
340
359
833
689
638
725
847
701
774
770
755
681
2,226 2,253 2,286 2,316 2,348
2,981 3,357 2,137 1,590 2,621
1
1
18
17
3,095
2,593
430
72
3,122
2,590
456
76
7,377
355
765
764
2,379
3,114
(3)
3,205
2,641
480
84
3,230
2,683
424
124
439
718
678
306
348
328
261
'
292
91 . 97
112
593
330
193
70
To industry, total
Treasury Department...
Commerce Department.
Other agencies
576
568
589
598
588
174
576
568
589
598
[ 4.3
To financing institutions
445
824
814
864
952
870
704
1,019
1,277
1,419
1,143
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
272
117
154
255
98
158
247
94
153
245
90
155
239
106
134
6,090
2,187
3,750
6,078
2,226
3,750
6,110
2,296
3,750
8,032
2,774
3,567
1,692
8,025
2,735
3,567
1,722
7,988
2,702
3,519
1,767
153
102
8,106
2,697
3,519
1,832
58
76
63
219
172
47
230
186
44
256
209
47
156
108
48
Foreign, total
Exp ort-Import Bank
Treasury Department 4
International Cooperation Administration.
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..
Other securities 6
7,736
2,496
3,667
51,515
58
64
35
"63
75
5
69
8,043 8,001
2,833 2,806
3,620 3,570
1,537 1,624
53
119
29
90
166
127
39
7,968
2,768
3,570
1,630
180
142
38
-228
-140
-755 -173
-476
-203
-268
-259
-494
-411
-263
12,733 13,228 14,422 17,826 19,883 19,348 19,782 18,927 19,061 20,238 20,580
2,047
275
214
188
1,205
165
2,075
199
193
244
1,307
132
2,226
249
200
285
1,353
140
3,385 3,385 3,385
2,421
311
208
316
1,437
148
2,602
387
217
319
1,526
152
2,967
641
228
327
1,624
147
3,187
111
234
344
1,692
147
3,108
661
241
354
1,706
146
2,909
443
234
370
1,705
158
3,385 3,385 3,385
3,385
3,385
3,385 3,385
3,236
745
241
381
1,720
149
3,677
1,082
248
390
1,793
164
3,555
286
266
257
223
219
197
195
179
Inventories, total
Commodity Credit Corporation..
Defense Department
General Services Administration.
Other agencies
1,549
1,376
1,174
1,638
1,461
1,174
1,280
978
2,515
2,087
3,852
3,302
3,612
2,983
3,476
2,910
4,129
3,518
173
136
288
203
428
550
629
566
611
609
9,827
' 567
[ 188
Land, structures, and equipment, total
Commerce Department (maritime activities).
Panama Canal Company 7
Tennessee Valley Authority
Housing and Home Finance Agency:
Public Housing Administration
Other
Other agencies
2,962
2,945
3,358
3,213
16
830
18
886
298
1,048
415
1,251
8,062
4,834
363
1,475
8,046
4,798
421
1,739
7,982
4,749
421
1,781
7,821
4,807
422
1,812
7,799
4,812
422
1,823
7,822
4,822
421
1,829
8,056
4,796
421
1,831
1,352
1
763
1,248
49
745
1,251
34
728
1,173
30
345
1,018
23
350
896
8631
360
80
597
355
64
472
244
64
438
241
64
386
300
59
341
607
772
78
490
204
1,190
110
520
560
1,369
170
674
525
1,330
181
704
445
1,182
150
619
414
1,068
156
640
272
1,561
139
713
139
570
1,840
123
811
336
570
2,086
160
821
534
570
2,379
185
665
958
570
2,425
161
725
869
670
Bonds, notes, and debentures payable (not guaranteed),
total
Banks for cooperatives
Federal intermediate credit banks
Federal home loan banks
Federal National Mortgage Association
c
Corrected.
NOTE.—Statistics revised, beginning Mar. 31, 1956, to reflect the
expanded coverage and the new classification of agencies now reported
in the Treasury Bulletin. The revised statement includes a larger number
of agencies, and their activities are classified according to the type of
fund they represent. Funds are combined in the table above, but are
shown separately in the table on the following page. Classifications by
supervisory authorities are those in existence currently. Where current
Treasury compilations do not provide a detailed breakdown of loans,
these items have been classified by Federal Reserve on basis of information about the type of lending activity involved.
1
Figures for trust revolving funds include interagency items. For all
types of funds combined, loans by purpose and agency are shown on a
gross basis; total loans and all other assets, on a net basis, i.e., after
reserve for losses.
179
252
4,356 14,119
3,747 3,536
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.
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
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).
For other footnotes, see opposite page.
57
FEDERAL BUSINESS-TYPE ACTIVITIES
PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES
[Based on compilation by Treasury Department. In millions of dollars]
Liabilities, other than
interagency items 1
Assets, other than interagency items 1
Bonds, notes,
U.S. Priand debenLand,
Govt. vately
tures
payable
owned
Loans InstrucOther interinterretures, Other
est
venliabilest
Cash ceivand
tories
GuarPublic
Other
ities
able
debt secu- equipanteed
secu- rities ment
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
441 12,733
24,635
642 13,228
26,744
931 14,422
29,945
944 17,826
38,937 1,190 19,883
41,403 1,371 19,348
1955—Mar.
June
Sept.
Dec.
1956—Mar.
31..
30..
30. .
31 . .
312.
41,996
40,639
41,183
45,304
58,485
:
2,962
509
2,945
499
3,358
882
3,213
832
8,062 1,261
8,046 2,387
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 -',456
3,818 33,429
4,183 35,610
183
234
329
378
434
508
1,375 19,782 3,612 3,187 3,429 7,982 2,629
1,244 18,927 3,476 3,108 3,430 7,821 2,634
1,456 19,061 4,129 2,909 3,414 7,799 2,415
1,561
1,840
2,086
2,379
2,425
4,013 35,848
3,019 35 ,171
2,013 36,460
2,703 39 ,583
3,730 51 ,635
543
568
583
596
651
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
338 20,238 4,356 3,236 3,414 7,822 4,900
3,731 20,580 C14,119 3,677 3,638 8,056 4,685
Classification by type of fund
and activity, Mar. 31, 1956
Public Enterprise Funds—Total
Farm Credit Administration:
Federal intermediate credit banks
Production credit corporations
Federal Farm Mortgage Corporation
Agricultural Marketing Act revolving fund
Department of Agriculture:
Commodity Credit Corporation
Federal Crop Insurance Corporation
Disaster loans, etc.,revolving fund
Housing and Home Finance Agency:
Public Housing Administration
Federal Housing Administration
Federal National Mortgage Association
Office of the Administrator
20,797 1,530 10,278 4,135
12
845
45
12
186
1
42
63
1 2,696
158
27
193
424
41
157
'253
439
"24
91
Department of Agriculture:
Farmers Home Administration
Rural Electrification Administration
International Affairs and Finance:
Mutual Security Agency
Treasury Department
Department of Commerce—maritime activities
All other
Certain Deposit Funds—Total. . .
Banks for cooperatives
Federal Deposit Insurance Corporation.
Federal home loan banks
Certain Trust Revolving Funds—Total.
Federal National Mortgage Assocation.
All other
C
693
600
354
c
70
20,798
344 8,660
681
2,528
35 2,376
10
12
186
3,549
251
85
1,328 5,653
4
17
1
154
139
226
22
34
()
1,831
421
2
97
15
12
246
106
45 2,671
37 1,989
13
450
632
8
10
753
7
464
139
329
11
271
44
570
9
248
1
30
327
185
417
32 1,947
9
794
16
148
18
12
6
1
97
29
30
5
9,948
197
283
560 11,584
=6,954
2,138
736
c
120
106
160
35
47
42
196 7,717
204 2,568
107 1,029
54
270
3,478 4,796 3,483
156 20,642
24
118
675
2,528
()
24
9
4
529
18
17
"*92
36
10 1,832
'iii
111
45
59
1
(3)
339
569
1,854
10,332
13
3,478
36
4,796
93,305
22
149 5,168
86
1
4,508
1,490
2,918
1,030
931 1,904
643
425
1,813
2,270
352
43
1,793
1,082
161
869
2
238
147 1,666
782 (10)
*620
1
100
11
119
118
100
2
119
115
113
1%
237
151
226
11
151
For other footnotes, see opposite page.
* Effective July 1, 1954, the public war housing program of the PHA
(represented largely by land, structures, and equipment) and several
small housing programs managed by the Office of the Administrator,
Housing and Home Finance Agency, were designated to be liquidated
by the Office of the Administrator of the Housing and Home Finance
725
230
1
2
390
C
12,145 1,716
1,854
10,332
5,317
86
9
19 3,047 3,536
20
55
98
258
Federal Savings and Loan Insurance Corporation...
107
Small Business Administration
2,716
Export-Import Bank
2,025
Tennessee Valley Authority
463
Panama Canal Company
641
Veterans Administration
763
General Services Administration
471
Treasury Department
469
Post Office Department—postal fund
283
All other
Certain Other Activities—Total.
44 1,296 2,072 17,385
36
6,981
21
155
7,912
2,772
1,136
324
882
12
54
105
29
1 2,527
153
277
Defense Department:
Army
Navy
Air Force
All other
154 3,062
765
357
647
2,550
803
Intragovernmental Funds—Total....
757
(3V
24
Agency,
shown under Other.
9
Includes $1,000 million due under the agreement with Germany
signed Feb. 27, 1953, and lend-lease and surplus property balances due*
the1 United States in the principal amount of $2,254 million.
0 Negative figure; less than $500,000.
1
1 Figure represents total trust interest.
58
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
Net Federal cash borrowing or
repayt. (—) of borrowing
Excess
of rects.
from,
InLess:
Equals:
or
crease,
Net
Equals: payts.
orde-.
Less:
Total to ( - ) , crease
cash
Net
Adjust- payts.
borrowOther
(-).in inv. by
the
ments 3 to the
ing or
nondebt
Govt.
public public (direct
cash
repayt.
agen. &
(-)
& agen.) tr. funds debt*
Payments to the public,
other than debt
Net
Budget
rects.
Plus:
Trust
fund
rects.
Less:
IntraGovt.
trans. 1
Equals:
Total
rects.
from
the
public2
Budget
expenditures
Plus:
Trust
fund
expenditures
Cal. year—1954.
1955.
61,171
63,358
9,570
10,624
2,101
2,511
68,580
71,448
64,854
66,129
7,598
9,331
2,786
3,282
69,667
72,178
-1,087
-729
3,511
3,484
1,583
2,476
752
566
1,173
448
Fiscal year—1953..
1954..
1955..
1956..
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
74,274
67,772
64,570
66,540
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
3,300
2,055
1,533
3,166
722
618
644
623
2,919
2,512
1,809
-4,366
Semiannual totals:
1954—Jan.-June.
July-Dec..
1955—Jan.-June.
July-Dec..
1956—Jan.-June.
38,898
22,272
38,118
25,240
42,925
5,202
4,368
5,168
5,456
6,229
1,262
839
1,222
1,289
1,454
42,795
25,785
42,051
29,397
47,687
33,288
31,566
33,004
33,125
33,415
3,987
3,611
4,935
4,398
5,038
2,394
392
2,186
1,096
2,266
34,881
34,786
35,752
36,426
36,187
7,914
-9,001
6,299
-7,028
11,499
-4,010
7,521
-3,535
7,019
-7,597
1,195
388
1,145
1,331
1,835
305
447
197
369
254
-5,511
6,684
-4,875
5,323
-9,689
4,662
4,889
4,684
6,195
1,142
841
371
1,009
757
871
1,605
1,617
1,112
1,419
753
660
1,231
62
447
90
62
86
96
70
1,049
631
83
78
93
66
5,741
5,282
4,964
7,140
5,172
5,651
5,274
4,950
5,399
5,387
5,467
6,937
5,542
5,902
4,918
5,995
5,726
668
663
904
870
761
1,006
669
830
1,029
801
846
959
857
40
95
608
142
295
386
132
703
676
17
65
285
216
5,800
6,218
5,570
5,679
5,864
6,008
6,004
7,064
5,895
6,686
5,699
6,671
6,367
-59
-936
-606
1,462
6,116
-1,154
577
5,103
-1,931
-400
1,191
-2,924
-383
490
599
-722
238
-3,714
-545
1,036
-3,890
-93
2,982
-1,126
1,017
1,661
605
130
-87
210
131
-364
1,032
916
312
645
-214
-266
292
40
130
83
-154
340
-717
25
-3,832
-197
-106
Monthly:
1955—Nov
Dec
1956—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct 1
Nov.* . . . .
11,313
4,082
5,050
11,601
3,485
4,954
6,218
3,184
4,818
11,981
4,854
6,581
12,167
3,964
6,286
6,889
3,747
5,984
-14
15
110
57
33
-35
33
43
37
-4,863
-439
2,372
-946
1,240
1,332
Effects of operations on Treasurer's account
Operating transactions
Period
Net
Budget
surplus
or
deficit
Financing transactions
Trust
fund
Reconaccumu- ciliation
lation
to
Treas.
or
cash
deficit
Govt.
agency
obligations 5
Net
inv.(-)
in Fed.
sec. by
Govt
agency
& trust
funds 5
Net
market
issuance
(+)of
Increase,
or
decrease
Held
( - ) , in
outside
gross
Treasury
direct
public
debt
Fiscal yr.—1953
1954,
1955
1956
-9,449
-3,117
-4,180
1,626
3,641
1,951
'991
'2,250
-250
-46
-r 2 9
320
-59
-14
602
'173
-3,147
-1,609
-1,362
-2,617
6,966
5,189
3,115
-1,623
Semiannual totals:
1954_Jan.-June.
July-Dec..
1955—Jan.-June
July-Dec..
1956—Jan.-June.
5,611
9,294
5,114
-7,885
9511
1,217
757
234
1,060
'1,190
204
-689
660
92
'228
125
-152
754
-139
'312
-801
-412
-950
-1,217
-1,400
-3,908
7,490
-4,375
6,394
-8,017
Monthly:
1955—Nov
Dec
1956—Jan
Feb
Mar
Apr
May....
June....
July
Aug
Sept
Oct
Nov
-510
-761
-590
1,245
5,914
-1,305
-417
'4,664
-2,057
-948
1,300
-2,812
-908
474
178
-533
139
4
-135
936
»787
83
617
-94
-299
374
-53
-464
150
57
-64
-33
2
128
40
47
48
'51
22
111
-378
-146
373
-140
-69
353
-983
r
-934
-277
-703
319
632
-720
60
-3,764
-556
941
3,978
-105
2,919
-14
-45
-70
282
-305
214
-1,304
170
249
-49
'-349
-34
-21
145
173
129
v
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
Cash balances:
inc., or dec. ( —)
1,022
1,734
257
-312
-202
n.a.
-712
400
-24
'-178
-17
-20
-29
-16
-28
13
-73
'-45
1
-44
62
-119
Account of Treasurer of United
States (end of period)
Deposits in
Treasurer's
account
Balance
-2,299
2,096
-551
331
Other
net
assets
F. R.
Banks
(available
funds)
Treasury
Tax and
Loan
Accts.
4,670
6,766
6,216
6,546
132
875
380
522
3,071
4,836
4,365
4,633
1,467
1,055
,471
,391
2,190
-1,587
1,036
-1,671
2,002
6,766
5,180
6,216
4,545
6,546
875
563
380
397
522
4,836
3,461
4,365
3,036
4,633
,055
,156
,471
,112
1,391
-195
-574
-1,293
1,504
2,316
-1,360
548
287
-2,369
2,019
249
-1,741
1,074
5,119
4,545
3,252
4,756
7,072
5,712
6,259
6,546
4,178
6,197
6,445
4,704
5,778
477
397
428
554
534
578
515
522
513
422
535
495
463
3,538
3,036
1,474
2,914
5,345
3,781
4,593
4,633
2,451
4,644
4,628
2,937
4,159
1,104
1,112
1,350
1,288
1,193
1,353
1,151
1,391
1,214
1,131
1,282
1,272
1,156
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.
59
FEDERAL FINANCE
DETAILS OF FEDERAL FISCAL OPERATIONS
[On basis of Treasury statements and Treasury Bulletin unless otherwise noted. In millions of dollars]
Selected excise taxes
(Int. Rev. Serv. repts.)
Budget receipts
Adjustments from total
Budget receipts
Period
Net
Budget
receipts
Transfers to:
Oldage
trust
fund
High- R.re-R.
way tiretrust ment
fund acct.
Income and
profits taxes
Total
Individual
Excise 1
Re- Budget
retaxes
funds ceipts
Corpoof
ration *
Withreceipts
held i Other 1
Employment2
taxes
Other
receipts
Liquor
Mfrs.f
To- and
rebacco tailers'
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
Fiscal yr.—1953...
1954...
1955...
1956...
64,825
64,655
60,390
68,165
4,086
4,537
5,040
6,337
620
603
599
634
3,118
3,377
3,426
3,684
72,649
73,173
69,454
78,820
21,351
21,635
21,254
24,012
Semiannual totals:
1954__jan.-June.
July-Dec..
1955—Jan.-June.
July-Dec..
1956—Jan.-June.
38,898
22,272
38,118
25,240
42,925
2,815
2,305
2,735
2,927
3,410
282
322
277
318
316
2,982
339
3,087
496
3,188
44,978
25,239
44,215
28,981
49,839
10,557
10,230
11,024
11,312
12,700
4,662
4,889
4,684
6,195
692
339
163
646
512
567
973
549
295
799
397
182
587
89 5,527
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
3,037
1,768
939
3,732
1,893
810
3,356
1,969
988
3,415
1,935
1,282
3,333
Monthly:
1955_Nov
Dec
1956—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
11,313
4,082
5,050
11,601
3,485
4,954
6,218
3,184
4,818
10
150
175
164
11,417
10,747
10,396
11,322
21,595 9,934
21,523 10,014
18,265 9,211
21,299 10,004
8,154 16,148
2,323 3,767
8,073 14,498
2,699 4,109
8,623 17,190
4,609
4,527
4,684
5,052
4,952
3,342
2,668
3,552
3,283
4,013
2,168
1,724
2,384
2,526
2,361
1,271
1,453
1,290
1,524
1,397
777
767
805
792
821
,651
,480
,694
,890
94
350
2,152
795
769
2,555
865
1,487
457
125
1,752
244
103
921
766
799
846
826
750
877
855
827
910
805
1,033
936
791
395
212
972
572
586
1,067
604
320
881
451
207
662
391
609
389
353
330
352
450
488
498
276
245
443
291
292
211
179
212
246
239
256
264
236
245
255
354
n.a.
136
113
139
128
137
126
149
143
127
157
128
155
913
293
1,449
424
460
8,109
509
492
7,195
837
352
1,709
451
380
1,005
883
890
n.a.
n.a.
Budget expenditures 3
Major national security
Period
Total
Total*
Fiscal year:
1953
1954
1955
19565
Semiannual totals: 5
1955—July-Dec...
Intl.
affairs
Defense Mutual Atomic and
Dept., security,
finance
military military energy
AgriVetculture
GenComerans*
and
NatInter- serv- Labor agrieral
merce
ural
est ices and and
and
governculrebene- welfare tural sources housing ment
fits
resources
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
33,125
19,994
17,917
956
797
639
3,349
2,330
1,348
2,775
614
1,137
940
Monthly: 5
1955—Oct...
Nov..
Dec..
5,355
5,172
5,651
3,293
3,109
3,451
2,837
2,830
3,090
280
101
178
129
128
143
152
154
124
548
548
598
359
423
406
283
185
171
362
323
539
103
115
90
145
192
156
109
122
116
1956- -Jan...
Feb..
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
5,274
4,950
5,399
5,387
5,467
6,937
5,542
5,902
4,918
3,005
3,214
3,284
3,232
3,434
4,478
2,945
3,608
3,152
2,811
2,941
2,805
2,860
2,922
3,534
2,473
3,235
2,868
8
92
299
195
306
754
298
156
96
135
138
146
145
152
138
140
164
149
245
145
167
153
202
195
121
193
158
631
556
566
572
565
607
631
573
574
401
398
400
405
431
403
361
369
353
297
181
168
226
197
311
221
263
219
340
214
438
502
288
452
222
554
187
83
82
85
69
87
96
78
110
108
168
51
184
113
145
263
302
129
58
104
110
106
115
120
136
652
99
117
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.
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).
60
FEDERAL FINANCE
UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY
[On basis of daily statements of United States Treasury. In billions of dollars]
Public issues3
End of
month
Total
gross
debt*
Total
gross
direct
debt 2
Nonmarketable
Marketable
Bonds
Total
Total
Bills
Certificates of
indebtedness
Notes
Bank
eligible 4
Bank
restricted
52.2
49.6
49.6
36.0
21.0
13.4
5.7
1941 Dec
1945_Dec
1947 Dec
1950—Dec
1951—Dec
1952 Dec
1953—Dec
1954 Dec
1955_june
1955 Dec
64.3
278.7
257.0
256.7
259.5
267.4
275.2
278.8
274.4
280.8
57.9
278.1
256.9
256.7
259.4
267.4
275.2
278.8
274.4
280.8
50.5
255.7
225.3
220.6
221.2
226.1
231.7
233.2
228.5
233.9
41.6
198.8
165.8
152.5
142.7
148.6
154.6
157.8
155.2
163.3
2.0
17.0
15.1
13.6
18.1
21.7
19.5
19.5
19.5
22.3
38.2
21.2
5.4
29.1
16.7
26.4
28.5
13.8
15.7
6.0
23.0
11.4
39.3
18.4
30.3
31.4
28.0
40.7
43.3
33.6
68.4
68.4
44.6
41.0
58.9
63.9
76.1
81.1
81.9
1956
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
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov.
Dec
1 Includes some debt not subject to statutory debt limitation (amounting
to $455 million on Dec. 31, 1956) and fully guaranteed securities, not
shown
separately.
2
Includes noninterest-bearing debt, not shown separately.
3
Includes amounts held by Govt. agencies and trust funds, which
aggregated $8,451 million on Nov. 30, 1956.
Special
issues
Convertible
bonds
Totals
Savings
bonds
Tax
and
savings
notes
12.1
12.5
12.0
11.8
11.7
11.4
8.9
56.9
59.5
68.1
66.4
65.0
65.1
63.6
61.6
59.2
6.1
48.2
52.1
58.0
57.6
57.9
57.7
57.7
58.4
57.9
2.5
8.2
5.4
8.6
7.5
5.8
6.0
4.5
1.9
(6)
7.0
20.0
29.0
33.7
35.9
39.2
41.2
42.6
43.3
43.9
11.3
11.3
11 2
11.2
11.1
11.1
11.1
11.0
11.0
10.9
10.9
10.8
58.9
59.0
59 0
59.0
58.9
58.7
58.6
58.6
58.5
58.3
58.1
57.4
57.6
57.7
57 7
57.7
57.7
57.5
57.4
57.3
57.3
57.1
56.9
56.3
(66)
()
43.6
43.7
43 7
43.4
44.3
45.1
45.4
46.1
45.8
45.5
45.7
45.6
(6)
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 CJF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Par value in billions of dollars]
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_j U ne
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—Oct
Nov
Dec
279.9
280.2
280.8
1956—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
280.1
280.2
276.4
275.8
276.8
272.8
272.7
275.6
274.3
275.4
End of
month
r
1
2
Held by
U. S. Govt.
agencies and
trust funds *
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
43.7
44.0
43.9
7.4
7.6
7.8
228.8
228.6
229.1
24.0
24.3
24.8
62.7
61.6
62.0
8.6
8.5
8.5
14.9
14.8
14.3
22.7
23.7
24.0
15.0
15.0
15.1
50.2
50.2
50.2
15.4
15.0
14.7
15.3
15.4
15.6
43.6
43.7
43.7
43.4
44.3
45.1
45.4
46.1
45.8
45.5
8.1
8.1
8.2
8.2
8.2
8.4
8.4
8.4
8.3
8.4
228.4
228.4
224.5
224.3
224.3
219.3
218.9
221.2
220.2
221.5
23.5
23.5
23.6
23.3
23.5
23.8
23.4
23.9
23.7
23.8
60.5
59.5
58.3
58.5
57.8
57.1
56.5
57.6
57.6
58.0
8.5
8.5
8.5
8.5
8.4
8.4
8.4
8.3
8.3
8.1
14.2
13.9
13.6
13.6
13.5
13.3
13.3
13.1
13.1
13.2
24.3
24.4
21.1
21.1
21.5
18.0
'18.3
19.1
'18.0
18.9
15.4
15.6
'15.7
'15.7
'15.8
'15.7
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
15.6
16.2
16.8
16.6
16.7
16.6
16.8
16.9
17.1
17.1
16.0
16.4
16.5
16.5
16.6
16.2
16.2
16.3
16.3
16.3
Revised.
Includes the Postal Savings System.
Includes holdings by banks in territories and insular possessions,
which amounted to $250 million on June 30, 1956.
Individuals
Total
Misc.
investors 3
3
Includes savings and loan associations, dealers and brokers, foreign
accounts, corporate pension funds, and nonprofit institutions.
NOTE.—Reported data for Federal Reserve Banks and U. S. Govt.
agencies and trust funds; Treasury Department estimates for other groups.
61
FEDERAL FINANCE
UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, DECEMBER 31, 19561
[On basis of daily statements of United States Treasury. In millions of dollars]
Issue and coupon rate
Treasury bills2
Jan. 3,1957
Jan. 10, 1957
Jan. 16, 1957
Jan. 17, 1957
Jan. 24, 1957
Jan. 31, 1957
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
Amount
Issue and coupon rate
Certificates
,601
Feb. 15, 1957
,600
Mar. 22, 19573
,603
June 24, 1957
,601
Oct. 1,1957
,600
,602 Treasury notes
,601
Mar. 15, 1957
,601
Apr. 1,1957
,750
May 15, 1957
,600
Aug. 1,1957
,600
Aug. 15, 1957
,600
Oct. 1,1957
,600
Apr. 1,1958
,600
June 15, 1958
,006
Oct. 1,1958
,615
Feb. 15, 1959
Apr. 1,1959
Oct. 1,1959
Amount
2%
2V4
3V4
314
7,219
3.221
1,312
7,271
2%
11/2
iy 8
2Y4
2
11/2
iy 2
2%
IV2
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
Apr.
Oct.
Apr.
Oct.
notes—Cont.
1,1960
iy 2
1,1960
iy 2
1,1961
IV2
1,1961
11/2
Treasury bonds
Mar. 15, 1956-584. .iy2
Sept. 15, 1956-59 4.. 214
Mar. 15, 1957-59.. . 2 %
June 15, 1958
2%
June 15, 1958-635..234
Dec. 15, 1958
2*/2
June 15, 1959-62... 2 V4
Dec. 15, 1959-62... 2 V4
Nov. 15, 1960
2i/8
Dec. 15, 1960-65 5.. 234
Sept. 15, 1961
2V4
Nov. 15, 1961
21/2
Amount
198
278
144
104
1,449
3,820
927
4,245
Issue and coupon rate
Treasury bonds—Cont.
Aug. 15, 1963
2
June 15, 1962-67... 2
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
919
2,368
5,273
3,462 Panama Canal Loan
3
3,806
1,485 Convertible bonds
Investment Series B
2,239
Apr. 1, 1975-80...2M
11,177
Amount
6,755
2,114
2,824
3,750
3,826
4,712
2,957
1,869
2,716
3,785
1,606
2,745
50
10,763
4
Not called for redemption on first call date. Callable on succeeding
interest payment dates.
5 Partially tax-exempt.
OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES 1
[On basis of Treasury Survey data. Par value in millions of dollars]
Marketable and convertible securities, by type
Marketable securities, by maturity class
Total
Bills
Certificates
Notes
Market- Convertible
able
bonds 2 bonds
162,216
166,882
174,639
166,050
167,343
168,919
19,515
19,514
22,313
20,808
20,807
22,410
18,405
13,836
15,741
16,303
19,523
19,523
31,960
40,729
43,285
35.952
35,169
35,194
80,474
81,128
81,912
81,840
80,893
6,985
7,162
7,676
8,236
8,187
8,280
46
40
338
273
176
232
41
8
47
355
294
292
64
119
304
688
837
843
395
556
548
575
605
3,638
25,037
23,607
24,785
23,758
23,680
23,767
2,316
886
1,722
855
742
850
6,600
8,274
6,002
10,944
10,950
10,938
13,029
11,646
14,259
9,157
9,186
9,177
3,093
2,802
2,802
2,802
2,802
2,802
56,199
55,667
53,956
49,673
49,964
50,141
4,187
2,721
3,562
2,181
2,486
3,038
4,942
1,455
1,951
1,004
2,046
1,816
11,423
15,385
12,853
11.620
11,105
11,000
35,481
35,942
35,431
34,712
34,173
34,134
Mutual savings banks:
1954—June 30
1955_j U ne 30
Dec. 31
1956—June 30
Sept. 30
Oct. 31
8,353
8,069
7,856
7,735
7,642
7,521
98
84
128
107
151
119
101
53
47
37
48
29
221
289
322
356
344
330
Insurance companies:
1954—June 30
1955—June 30
Dec. 31
1956—June 30
Sept. 30
Oct. 31
13,520
13,117
12,667
11,702
11,594
11,658
622
630
515
318
527
569
209
74
83
44
59
72
Other investors:
1954—June 30
1955_j u n e 30
Dec. 31
1956—June 30
Sept. 30
Oct. 31
52,121
59,260
67,700
64,947
66,275
67,553
12,248
15,153
16,047
17,074
16,725
17,602
6,511
3,973
7,612
3,919
6,125
6,375
Type of holder and date
All holders:
1954—June
1955—June
Dec.
1956—June
Sept.
Oct.
30
30
31
30
30
31
U. S. Govt. agencies and trust funds:
1954—June 30
1955—June 30
Dec. 31
1956—June 30
Sept. 30
Oct. 31
Federal Reserve Banks:
1 9 5 4 _ j u n e 30
1955—June 30
Dec. 31
1956—June 30
Sept. 30
Oct. 31
Commercial banks:
1954—June 30
1955—June 30
Dec. 31
1956—June 30
Sept. 30
Oct. 31
1
Direct public issues.
Includes minor amounts of Panama Canal and Postal Savings bonds.
NOTE.—Commercial banks, mutual savings banks, and insurance com2
Total
Within
W
1 year
1-5
years
5-10
years
Over 10
years
11,861
11,676
11,387
11,098
10,951
10,903
150,354
155,206
163,251
154,953
156,391
158,016
60,123
49,703
60,631
58,714
63,883
66,289
27,965
38,188
38,307
31,997
30,520
29,744
30,542
33,687
31,365
31,312
29,072
29,071
31,725
33,628
32,949
32.930
32,916
32,912
3,439
3,439
3,439
3,345
3,275
3,275
3,546
3,723
4,237
4,891
4,912
5,005
107
74
422
927
905
957
205
199
373
500
559
566
494
506
426
434
411
436
2,740
2,944
3,016
3,030
3,037
3,046
25,037
23,607
24,785
23,758
23,680
23,767
16,280
17,405
20,742
20,242
20,164
20,966
6,307
3,773
1,614
1,087
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
165
164
157
155
154
153
56,034
55,503
53,798
49,517
49,810
49,988
17,684
7,187
7,733
7,433
9,816
10,128
14,624
21,712
22,003
18,234
17,416
17,317
18,741
21,110
19,483
19,132
17,719
17,677
4,985
5,494
4,579
4,719
4,859
4,866
6,669
6,422
6,170
6,074
5,961
5,910
1,265
1,222
1,189
1,161
1,138
1,132
7,089
6,848
6,667
6,574
6,504
6,388
294
164
208
247
302
245
476
533
570
540
674
653
1,389
1,405
1,335
1,319
1,108
1,100
4,930
4,746
4,554
4,468
4.420
4; 390
691
789
842
760
743
758
8,805
8,479
8,286
7,789
7,513
7,516
3,193
3,145
2,941
2,791
10,327
9,972
9,726
8,911
8,843
8,915
,190
810
694
632
915
976
1,045
1,339
1,502
1,192
1,212
1,222
2,171
2,027
1,840
1,802
1,661
1,655
5,921
5,796
5,689
5.285
5,055
5,062
6,531
12,502
14,705
13,371
12,954
13,086
23,032
23,927
25,675
26,896
26,839
26,889
3,800 48,322 24,568
3,706 55,554 24,062
3,661 64,039 30,831
3,646 I 61,301 29.233
3,632 I 62,643 31,781
3,601 I 63,953 33,017
5,308
10,633
12,245
10,443
9.572
9,612
6,711
7,626
7,267
7,612
7,159
7,190
11,734
13,233
13,696
14,013
14,131
14,134
2,752
2,742
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.
62
SECURITY ISSUES
NEW SECURITY ISSUES 1
[Securities and Exchange Commission estimates. In millions of dollars]
Proposed uses of net proceeds
all corporate issuers 6
Gross proceeds, all issuers:
Noncorporate
Year or
month
Total
Corporate
Bonds
Total
Publicly
offered
MiscelPre- ComNew
laneferred
mon
Total
money
7
Prious
vately stock stock
purposes
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
7,078
6,052
6,361
7,741
9,534
8,898
9,516
10,240
5,973
4,890
4,920
5,691
7,601
7,083
7,488
7,420
2,965
2,437
2,360
2,364
3,645
3,856
4,003
4,119
3,008
2,453
2,560
3,326
3,957
3,228
3,484
3,301
492
425
631
838
564
489
816
614
736
811
1,212
1,369
1,326
1,213
2,185
6,652
5,558
4,990
7,120
8,716
8,495
7,490
8,821
708
431
155
275
499
85
193
107
632
900
FedU. S.
eral
Govt. 3 agency 4
State
and
mu- Other 5 Total
nicipal
? J 33?
11, 466
471
1,128
956
795
50
30
47
2,690
2,907
3,532
3,189
4,121
5,558
6,969
5,977
156
132
282
446
237
306
289
182
661
33
1939
1941.
1945
1*5,157
5 ' L712
1948
1949
1950
1951
1952
1953
1954
1955
20-250
2 .110
19.893
2 .265
26-929
21*.824
29,765
26.772
10, 3?7
1,840
1,913
438
466
415
51
,710
,998
1,787
1,876
2,128
2,161
1,975
1,508
[,591
r 1,925
1,779
645
407
38
621
529
141
544
518
709
401
9
744
861
478
675
149
393
5,687
1955—Nov
Dec
1956—- Jan
Feb
Mar .
Apr
May
June
July
Aus
Sept
Oct
Nov
13
38
506
804
9 687
9, 778
\7, 577
13. 957
1? 53?
216
30
110
459
106
458
6? 8
453
451
437
484
436
355
414
389
746
60
391
58
1
491
736
99
3
379
41
213
336
r
646
295 . . . 5 5 .
109
New c apital
980
915
1,185
889
1,109
708
900
810
1,095
835
673
983
661
911
565
682
521
425
336
635
39
388
282
332
340
686
270
588
250
513
316
178
87
420
110 1,041
397 1,347
19
73
128
42
139
143
32
65
50
15
50
33
139
45
391
323
315
168
205
247
210
137
179
183
92
186
150
624
Retirement
of
bank
debt,
etc. 3
Retirement
of
securities
325
868
26
28
133
69
144
134
1,695
1,583
4,555
5,929
1,606
1,006
(5,531
3,180
7,960
(5.780
7,957
234
315
364
226
488
637
620
363
537
535
709
864
307
401
1,271
486
664
260
1,875
1,227
590
793
42
108
62
63
496
579
664
704
762
790
702
816
1,144 1,116
768
830
1,066 1,012
563
669
836
822
685
778
1,057 1,006
83
40
28
114
28
61
53
107
34
93
51
32
26
56
82
21
43
27
25
47
14
22
1,080
t
i
Proposed uses of net proceeds, major groups of corporate issuers
Year or
month
Manufacturing
Commercial and
miscellaneous
Transportation
Public utility
Communication
Real estate
and financial
RetireRetireRetireRetireRetireRetireNew 10 ment of
New 10 ment of
New 10 ment of
ment of
New
New
ment of
New
ment of
secusecucapital 10 secucapital
secucapital
capital 10 secucapital 10 secucapital
rities
rities
rities
rities
rities
rities
1948
1949
1950
1951
1952
1953
1954
1955...
2,126
1,347
1,026
2,846
3,712
2,128
2,044
2,397
54
44
149
221
261
90
190
533
382
310
474
462
512
502
831
769
21
28
63
56
24
40
93
51
691
784
609
437
758
553
501
544
56
11
196
53
225
36
270
338
2,005
2,043
1,927
2,326
2,539
2,905
2,675
2,254
144
233
682
85
88
67
990
174
890
517
314
600
747
871
651
1,045
Nov
Dec
149
287
32
54
70
79
6
4
17
130
4
1
268
269
1956 Jan
Feb
Mar
Apr
180
197
249
258
465
276
331
194
227
344
26
23
22
78
14
26
9
21
22
H
19
45
41
48
27
67
76
100
94
36
34
106
2
1
3
1
4
2
17
26
39
71
51
86
54
31
38
61
37
1
1
10
1
2
5
63
196
187
294
335
231
240
154
242
222
12
2
2
40
35
3
37
103
15
80
11
261
83
56
66
1955
June
July
Sept
Oct
Nov
136
3
21
2
1
' Revised.
Estimates of new issues sold for cash in the United States.
Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
3 Includes guaranteed issues.
• Issues not guaranteed.
5 Represents foreign government, International Bank, and domestic
eleemosynary and other nonprofit organizations.
• Estimated net proceeds are equal to estimated gross proceeds less cost
1
2
42
144
1
5
1
4
591
2
49
81
5
6
3
6C
77
557
558
639
449
448
1,536
788
1,812
30
35
100
66
60
24
273
56
88
100
8
3
263
194
132
170
109
182
103
106
214
74
2
1
3
1
2
6
(
9
(9)
(9
)
1
38
of notation, i.e., compensation to underwriters, agents, etc., and expenses.
78 Represents proceeds for plant and equipment and working capital.
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.
63
BUSINESS FINANCE
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
[In millions of dollars]
Annual totals
Quarterly totals
Industry
1955
1950
1951
1952
1953
1954
1956
1955
4
!
1
Manufacturing
Total (200 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Nondurable goods industries (94 corps.): 1
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
54,517 63 343 58,110
7,308 8,375 7,244
3,192 3.649
649 3,825
2,073 2,154 2,384
69,443 16,599 17,929
10,226 2,452 ,767
5,221 1,215 ,392
2,827
575
577
,887 18,028 18,150 18,457 16.239
,388 2.619 2,601
2,507 1.692
,206 1.408 1,286
903
1,303
659 1,015
703
721
710
23,065 5,509
3,408
801
1,916
442
1,202
256
.742
849
471
260
,776
869
483
283
35,251 42,649 37,490 46,378 11,090
,491 6,818 1,651
4,455 5.346
1,800 2,123 2,244 3.305
773
1,127 1,182 1.320 1,625
319
,187
,919
920
317
,111 11,990112,055
,518 1,730! 1,701
723
8881
789
376
613!
413
45,787
8,176
4,222
2,339
52,940
8,869
3,548
2,075
16,252
2,947
1,661
977
29,535
5.229
2,560
1,362
18,916 19,266 20.694 20,620
3,447
853 3,028 ,753
1,533 1,392 1.526 .581
,064
925
946
972
34,024
5,422
2,015
1,149
6.0371 6,095
•8891
901
520!
497
402!
290
,402 4,909 5,042 5,411 5.476 5,813 1,358 1,462 1,491 1.5021 1,535
462
473
499
532
99
453
465
131
139
129|
123
224
227
245
46
289
203
212
63
68
68|
55
156
159
160
36
161
154
154
36
39
50!
37
6,135
873
488
295
6,085
809
466
304
12,321 10,154
1,634
883
815
437
415
418
1,569
149
71
38
1,563
141
71
41
,817 5,882 5,965 6,373 6,182 7,222 1,721 1,811 1,799 1.891! 1,879
,178 1,490 1,259 1,308 1,153 1,535
366
381
390
399;
385
593
782
597
486
521
182
520
193
198
209|
195
499
467
396
597
114
381
All
115
134
234:
138
1,957
377
194
141
1,884
340
177
142
,359 5,078 5,411 5,883 6,015 6,556 1,566 1,613 1.632 1.745; 1,764
728
751
854
712
911
841
210
200
218
2261
248
567
624
492
560
524
603
150
156
147
172|
176
294
317
236
262
283
290
77
80
77
83:
82
1,742
223
162
82
1,770
218
163
89
1,448 12,507 11,564 13,750 11,522 14,92' 3.300 3,858 3,746 4.024! 4,212
,706 2,098 1,147 1,817 1,357 2,375
487
633
582
674|
693
857
778
564
705 1,194
241
313
790
290
35O1
344
378
38:
369
114
108
407
52:
377
141
182|
118
4.415 3.212
711
266
36:
144
140
137
!
I
;,049 6,168 7,077 8,005 7,745 8,110 1,953 2,045 1,977 2,135 2.167
914
894
847 1,000
971 1,011
229
251
200
208
206
465
458
424
365
375
110
402
120
103
124
75
263
281
208
199
19:
237
67
66
78
67
81
2,463 2,422
268
224
139
114
79
,969 12,707 13,038 16,611 14,137 18,825 4,791 5,101 4,246 4 ,688 4,578
1,332 1,950 1,982 2,078 1,789 3,023
825
894
690
715
589
.101
71"
863 1,394
709
758
369
418
313
346
261
679
469
536
109
486
469
693
114
162
309
161
4,195 3,352
511
273
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
1,385 1,260 '1,438 '1,436 '908 1,34:
259
358
252
355
370
'68:
784
693
925
'903
175
'825
24:
164
265
243
379
328
421
31
412
101
338
90
156
74
111
2.704 2,590
343
298
237
208
116
70
5,528 6,058 6,549 7.136 '7,588 8,395 2,169 1,999 2,034 2,193 2,412
1,313 1,48
1,740 1,895 2,049 2,304
636
539
710
594
535
814
822
947 1,030 '1,134 1,24^
341
296
374
284
326
651
725
780
930
619
'868
229
225
247
229
247
2,201 2,185
59:
568
321
302
256
248
3,342 3,729 4,136 4,525 4,90: 5,425 1,298 1,340 1,368 1,419 1,439
580
691
787
925 1,050 l,28f
306
315
339
325
336
384
525
331
341
45:
638
15:
156
169
161
169
448
118
276
318
355
41:
496
122
132
126
130
1,480 1,495
352
359
176
180
136
137
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
r
Revised.
1 Includes 26 companies in groups not shown separately, as follows:
textile
mill products (10); paper and allied products (15); miscellaneous (1).
2
Includes 25 companies in groups not shown separately, as follows:
building materials (12); transportation equipment other than automobile
(6); and miscellaneous (7).
NOTE.—Manufacturing corporations. Sales data are obtained from
the Securities and Exchange Commission; other data from published
company reports.
Railroads. Figures are for Class I line-haul railroads (which account
for 95 per cent of all railroad operations) and are obtained from reports
of the Interstate Commerce Commission.
Electric power. Figures are for Class A and B electric utilities (which
account for about 95 per cent of all electric power operations) and are
obtained from reports of the Federal Power Commission, except that
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 Tune 1949 (manufacturing);
pp. 215-217 of the BULLETIN for March 1942 (public utilities); and p. 908
of the BULLETIN for September 1944 (electric power).
64
BUSINESS FINANCE
NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i
CORPORATE PROFITS, TAXES, AND DIVIDENDS
[Securities and Exchange Commission estimates. In millions of dollars]
[Department of Commerce estimates. In billions
of dollars]
All types
Profits
before
taxes
come
taxes
1949....
1950....
1951....
1952....
1953....
1954....
1955....
19561...
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
21.8
15.8
22.1
18.7
16.1
16.7
16.4
21.1
21.7
1955—3.
4.
43.5
46.4
22.0
23.4
1956—1.
2.
3.
41
43.7
42.9
41.2
46.0
22.1
21.7
20.8
23.2
Year or
quarter
Year or
quarter
Profits Cash Undisafter
divi- tributed
taxes dends profits
In-
10.0
11.2
12.0
8.3
12.9
9.6
7.1
7.4
6.4
9.9
9.5
1948
1949
1950
1951
1952
1953 . . .
1954
1955
21.5
23.0
11.0
12.1
10.5
10.9
21.6
21.3
20.4
22.8
11.8
12.2
12.3
11.8
9.8
9.1
8.1
11.0
7.5
9.2
9.1
9.0
9.3
Stocks
New RetireNew RetireNew RetireNet
Net
Net
issues ments change issues ments change issues ments change
4,655
3,284
2 004
3,5771
4 940
4,755
3,799
4,513
1,632
400
1,864
292
9. 418
698
666
3,366
348
^ ^*>
533
2,898
3,862 1,596
4,883 2 173
1,232
1.572
1,720
2,700
2,987
2,366
2,265
0 710
7,570
6,731
7,224
9,048
10,679
9,550
11,694
12,595
1,683
1,875
3,501
2,772
2,751
2,428
5,629
5,372
5,887
4,856
3,724
6,277
7,927
7,121
6,065
7,223
5,938
4,667
4,806
5,682
7,344
6,651
7,832
7,712
1,283
1,583
2,802
2,105
2,403
1,896
4,033
3,199
1955—3
4
2,895
3,795
1,427
1,165
1,468 1,838
2,630 2,391
923
806
915 1,057
1,585 1,404
504
359
553
1,046
1956—1
2
3
2,827
3,367
3,336
1,043
1,488
991
1,784 1,678
1,880 2,245
2,345 2,182
707
817
650
970 1,149
1,428 1,122
1,531 1,154
336
671
340
813
452
814
1 Reflects cash transactions only. As contrasted with data shown on p. 62, 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. 62.
1
Preliminary estimates by Council of Economic,
Advisers.
NOTE.—Quarterly data are at seasonally
annual rates.
Bonds and notes
adjusted
CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
[Securities and Exchange Commission estimates.
In billions of dollars]
Current liabilities
Current assets
End of year
or quarter
Net
working
capital
Total
Cash
U.S.
Govt.
securities
68.6
72.4
81 6
86.5
90 1
91.8
95.0
133 0
133.1
161 5
179.1
186 2
190.9
188.5
25.3
26.5
28 1
30.0
30 8
31.2
32.0
14.8
16.8
19.7
20.7
19 9
21.6
19.8
1955—2
3. . .
99.7
101.5
102.9
191.4
200.2
208.1
31.1
31.6
32.6
19.3
21.2
24.0
1956—1...
104.8
106 4
107.2
206.8
207 9
213.4
29.9
30 7
31.2
21.1
18 0
18.0
1948
1949
1950
1951
1952
1953
1954
4
2
3
1
Notes and accts.
receivable
U. S.
Govt. 2
2.3
2 3
2.4
Other
Total
U. S.
Govt. 2
Other
Federal
income
tax
liabilities
Other
13.5
14.0
14.9
16.5
18.7
20.7
20.8
55.7
58.8
64.6
65.9
67.3
48.9
45.3
55.1
64.9
65.8
67.2
64.4
1.4
1.7
2.1
2.4
2.4
2.6
64.4
60.7
79.8
92.6
96.1
99.0
93.5
2.3
2.2
2.4
47.9
53.6
57.0
57.3
54.9
11.5
9.3
16.7
21.3
18.1
18.7
15.3
71.2
75.6
77.3
64.9
66.6
69.1
2.8
3.0
2.9
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
78.2
79.9
83.6
72.1
73.9
75.1
3.2
102.0
101.5
106.2
2.3
62.0
63.9
65.4
15.0
12.1
14.2
22.8
22.9
24.0
43 0
1.1
Notes and accts.
payable
Other
4: . 4
2.7
2 8
2.6
2.4
2.1
2.2
2.3
Inventories
1.6
3.1
3.1
3S .3
37
.4
1.3
2.5
2.5
2
Receivables from, and payables to, the U. S. Government exclude
amounts offset against each other on corporations' books.
Excludes banks and insurance companies.
BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
[Department of Commerce and Securities and Exchange Commission estimates.
Tr ansp ortation
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
Railroad
Other
9.1
7.1
.9
.8
1.3
1.4
1.3
.9
2.5
3.1
7.5
10.9
11.6
11.9
11.0
11.4
14.9
.7
.9
1.0
1.0
1.0
1.0
1.2
1.1
1.5
1.4
1.3
.9
.9
1.3
.2
.5
.5
.6
.5
1.6
1.8
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.
Public Comutili- muni- Other 2
ties
cations
1.7
1.3
5.2
4.7
l]3
1.5
1.7
1.7
2.0
5.7
5.9
5.6
6.3
6.5
7.5
3
4
1C).9
Quarter
In billions of dollars]
Total
Manufactur- Transing
portaand
tion
mining
Public
All
utiliother ^
ties
1955—3
4
7.4
8.4
3.1
3.8
.6
.7
1.2
1.2
2 5
1956—1
2
3
44
7.5
3.2
.7
.9
8.9
8.9
9.7
4.1
4.1
4.7
.7
.7
.9
1.2
1.3
1.4
2.6
1957—H
8.7
4.1
.8
1.2
Includes communications and other.
Anticipated by business.
2.6
2.9
2 7
2.7
2.6
65
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
1- to 4-family houses
Multi-family and
commercial properties1
Financial
institutions
Other
holders
Financial
institutions
7.2
6.4
All
holders
Total
20.7
21.0
2.0
.9
14.9
13.7
31.2
30.8
18.4
18.6
1954
1955
37.6
35.5
56.2
62.7
72.8
82.2
91.2
101.1
113.6
129.7
37.8
42.9
51.7
59.5
66.9
75.1
85.7
99.4
.6
1.1
1.4
2.0
2.4
2.8
2.8
3.1
17.8
18.7
19.8
20.7
21.9
23.3
25.0
27.3
50.9
57.1
66.7
75.6
84.1
93.5
105.4
120.8
33.3
37.6
45.2
51.7
58.5
66.1
75.7
88.1
11.2
12.2
25.0
28.5
35.4
41.1
46.8
53.6
62.5
73.8
1955—Mar
June
Sept
Dec
117.2
121.8
126.1
129.7
92.7
96.3
99.4
2.9
3.0
3.0
3.1
25.5
26.2
26.7
27.3
108.8
113.2
117.2
120.8
78.5
82.2
85.5
88.1
1956—Mar.*p5
June
Sept.^
133.3
137.3
141.1
102.3
105.6
108.8
3.2
3.2
3.3
27.9
28.5
29.0
124.1
127.8
131.5
90.8
93.7
96.6
1941
1945
1948
1949
1950
1951
1952
1953
C
c
1
v
Corrected.
Preliminary.
Derived figures, which include negligible amount of farm loans held
by 2savings and loan associations.
Derived figures, which include debt held by Federal land banks and
Farmers Home Administration.
NOTE.—Figures for first three quarters of each year are Federal Reserve
estimates. Financial institutions include commercial banks (including
nondeposit trust companies but not trust departments), mutual savings
banks, life insurance companies, and savings and loan associations.
Farm
Total
Other
holders
All
holders
C
4.8
4.7
6.4
4.8
10.9
12.3
14.0
15.9
17.2
18.5
20.0
22.0
6.7
7.2
7.6
8.0
8.3
8.9
9.7
10,7
30.3
31.0
31.8
32.6
20.4
20.8
21.4
22.0
33.3
34.1
34.9
22.4
23.0
23.5
8.3
9.1
9.8
10.7
11.7
12.5
13.2
14.4
12.9
12.2
17.6
19.5
21.6
23.9
25.6
27.4
29.7
32.6
65.0
68.3
71.4
73.8
13.5
13.8
14.1
14.4
76.2
78.8
81.4
14.6
14.9
15.2
8.1
7.4
Financial
Other
insti- holders2
tutions
5.3
5.6
6.1
6.6
7.2
7.7
8.2
9.0
1.5
1.3
1.9
2.1
2.3
2.6
2.8
3.0
3.3
3.6
4.9
3.4
3.4
3.5
3.7
4.0
4.3
4.6
4.9
5.3
9.9
10.2
10.4
10.7
8.4
8.7
8.8
9.0
3.4
3.5
3.6
3.6
5.1
5.2
5.2
5.3
10.9
11.2
11.4
9.2
9.5
9.6
3.7
3.8
3.9
5.5
5.6
5.7
Federal agencies include HOLC, FNMA, and VA (the bulk of the amounts
through 1948 held by HOLC, since then by FNMA). Other Federal
agencies (amounts small and separate data not readily available currently)
are included with individuals and others.
Sources.—Federal Deposit Insurance Corporation, Federal Home Loan
Bank Board, Institute of Life Insurance, Departments of Agriculture
and Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of the Currency and Federal Reserve.
MORTGAGE LOANS HELD BY BANKS i
[In millions of dollars]
Commercial bank holdings 2
Total
Total
4,906
4,772
FHAinsured
Total
Total
566
521
4,812
4,208
FHAinsured
3,450
3,601
3,675
3,711
6,880
7,166
7,410
7,617
3,385
3,549
3,700
3,819
1,205
1,263
1,280
1,297
15,560
16,173
16,845
17,457
13,745
14,339
14,985
15,568
3,895
4,000
4,090
4 150
4,610
4,668
4,730
3,770
3,837
3,905
7,800
7,995
8,210
3,950
4,137
4,290
1,320
1,353
1,365
18,045 16,123
18,610 16,644
19,225 17,218
4 210
4,274
4,333
14,535
15,128
15,560
15,888
21,450
21,990
22,500
16,180
16,500
16,845
Preliminary.
Represents all banks in the United States and possessions.
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
Other
nonfarm
1 015
4,205
4,361
4,475
4,560
19,125
19,940
20,540
21,004
Conventional
900
797
5,501
5,951
6,695
7,617
"2J92i "4^929
874
VAguaranteed
3,884
3,387
3,012
3,061
3,350
3,711
19^5—Mar
June
Sept
Dec
Farm
1,957
2,060
2,264
2,458
2,621
2,843
3,263
3,819
8,066
8,676
10,431
11,270 "* 3 j 421
12 188 3 675
3,912
12,925
14,152 4,106
15,888 4,560
p
1
2
Conventional
Other
nonfarm
1,048
856
10,897
11,644
13,664
14,732
15 867
16,850
18,573
21,004
v
VAguaranteed
3,292
3,395
1948 .
1949
1950
1951 . .
1952
1953
1954
1955
1956—Mar
June
Sept
Residential
Residential
End of year
or quarter
1941
1945
Mutual savings bank holding? S 3
968
1,004
1,058
1,082
1,159
1,297
5,806 4,758
6,705 5,569
8,261 7,054
9,916 8,595
11,379 9 883
12,943 11,334
15,007 13,211
17,457 15,568
2,567
3 168
3,489
3 800
4,150
1,726
2 237
3,053
4 262
5,773
4 303
4 477
4,792
5 149
5,645
1,099
1,164
1 274
1 444
1,556
I 740
1,831
4,600
4,976
5,360
5,773
6,155
6,506
6,885
5 250
5,362
5,535
5 645
1 758
1,775
,801
I 831
5 758
5,864
6,000
1,936
909
860
898
Farm
28
24
34
37
44
47
53
53
56
58
57
59
59
58
62
68
71
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.
66
REAL ESTATE CREDIT
MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES
[In millions of dollars]
Loans acquired
Loans outstanding (end of period)
Nonfarm
Nonfarm
Year or month
Total
FHAinsured
Total
1941
1945
VAguaranteed
Farm
Total
Other
Total
976
FHAinsured
6,442
6,636
5,529
5,860
815
1,394
VAguaranteed
Farm
Other
4,714
4,466
913
776
3,407
3,430
4,894
5,134
3,978
4,345
5,344
6,623
3,114
3,123
4,532
4,723
3,606
3,925
4,931
6,108
1,202
1,350
1,486
1,058
864
817
672
971
366
131
938
1,294
429
455
1,378
1,839
1,546
1,642
2,108
2,371
2,313
2,653
2,881
3,298
293
307
362
411
372
420
413
515
10,833
12,906
16,102
19,314
21,251
23,322
25,976
29,445
9,843
11,768
14,775
17,787
19,546
21,436
23,928
27,172
2,381
3,454
4,573
5,257
5,681
6,012
6,116
6,395
1,104
1,223
2,025
3,130
3,346
3,560
4,643
6,074
6,358
7,091
8,177
9,400
10,519
11,864
13,169
14,703
990
1,138
1,327
1,527
1,705
1,886
2,048
2,273
1955_Nov
Dec
545
857
514
811
86
150
155
296
273
365
31
46
28,868
29,433
26,613
27,166
6,328
6,410
5,808
6,075
14,477
14,681
2,255
2,267
1956—Jan
Feb
Mar
Apr
May
June
July
646
564
556
516
618
546
567
546
454
557
562
595
503
492
470
568
507
533
508
430
527
529
105
75
76
68
92
58
84
64
51
69
60
208
138
131
134
140
136
138
131
102
136
120
282
290
285
268
336
313
311
313
51
61
64
46
50
39
34
38
24
30
33
29,800
30,102
30,383
30,651
30,991
31,284
31,612
31,897
32,111
32,399
32,709
27,526
27,799
28,055
28,301
28,612
28,884
29,188
29,454
29,656
29,938
30,243
6,463
6,493
6,515
6,535
6,574
6,5«4
6,608
6,621
6,614
6,632
6,649
6,251
6,360
6,466
6,571
6,665
6,764
6,872
6,957
7,044
7,131
7,214
14,812
14,946
15,074
15,195
15,373
15,536
15,708
15,876
15,998
16,175
16,380
2,274
2,303
2,328
2,350
2,379
2,400
2,424
2,443
2,455
2,461
2,466
1948
1949
1950....
1951
1952
1953
1954
1955
...
AUK
Sent
Oct
Nov
in
322
349
NOTE.—For loans acquired, the monthly figures may not add to annual
totals, and for loans outstanding, the end-of-December figures may differ
from end-of-year figures, because monthly figures represent book value of
ledger assets whereas year-end figures represent annual statement asset
values, and because data for year-end adjustments are more complete.
Source.—Institute of Life Insurance; end-of-year figures are from
Life Insurance Fact Book, and end-of-month figures from the Tally of
Life Insurance Statistics and Life Insurance News Data.
MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS
NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS
[In millions of dollars]
[Number in thousands; amounts in millions of dollars]
Loans outstanding (end of period)
Loans made
Year or
month
Total i
1941
1945....
1948....
1949
1950....
1951....
1952....
1953
1954....
1955
New
construction
Home
purchase
Total 2
FHAinsured
1,379
1,913
437
181
581
1,358
4,578
5,376
3,607
3,636
5,237
5,250
6,617
7,767
8,969
11,432
1,046
1,083
1,767
1,657
2,105
2,475
3,076
4,041
1,710
1,559
2,246
2,357
2,955
3,488
3,846
5,241
10,305
11,616
13,657
15,564
18,396
21,962
26,194
31,461
782
746
261
253
385
351 31,461
712
778
908
932
986
976
949
1,037
850
922
784
251
284
331
359
356
349
341
358
292
323
277
316
333
386 32,405
388
434
449 33,740
439
483
397 34^939
42:
360
563
717
848
866
904
1,048
1,172
1,405
VAguar-
Convenanteed tional2
Dec
Savings &
loans
assns.
Insurance
companies
Commercial
banks
Mutual
savings
banks
1,166
1,097
218
217
4,732
5,650
1,490
2,017
404
250
7,345
8,313
9,836
11,565
14,098
16,935
20,301
24,165
1948.
1949.
1950.
1951.
1952.
1953.
1954.
1955.
2,535
2,488
3,032
2,878
3,028
3,164
3,458
3,913
11,882
11,828
16,179
16,405
18,018
19,747
22,974
28,484
3,629
3,646
5,060
5,295
6,452
7,365
8,312
10,452
1,016
1,046
1,618
1,615
1,420
1,480
1,768
1,932
2,664
2,446
3,365
3,370
3,600
3,680
4,239
5,617
745
750
1,064
1,013
1,137
1,327
1,501
1,858
5,891 24,165
Nov..
Dec..
314
293
2,316
2,188
765
700
152
156
499
457
171
166
275
278
309
303
324
319
312
336
290
322
277
2,059
2,050
2^71
2,269
2,434
2,417
2,374
2,544
2,185
2,425
2,108
665
700
816
827
872
877
851
921
779
'848
717
148
136
152
148
158
165
159
163
139
154
136
435
421
468
470
508
494
464
508
441
475
408
131
127
128
128
152
162
168
181
163
183
152
2,397
2,586
2,973
3,133
3,394
3,979
4,721
5,891
1955
1,405
1956
1,424
6,082 24,899
1,458
6,338 25,944
1,499
6,563 26^877
1 Includes loans for other purposes (for repair, additions and alterations,
refinancing, etc.) not shown separately.
2 Excludes shares pledged against mortgage loans.
Source.—Federal Home Loan Bank Board.
Total i
1,628
1,639
1956
Jan
Feb
Mar
May'.'.'.'.
June
July
Aug
Sept
Oct
Nov
Number
1941.,
1945.,
1955
Nov
Amount, by type of lender
Year or
month
Jan...
Feb...
Mar..
Apr...
May..
June..
July..
Aug..
Sept..
Oct...
Nov..
c
Corrected.
* Includes amounts for other lenders, not shown separately.
Source.—Federal Home Loan Bank Board.
67
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]
VA-guaranteed loans
FHA-insured loans
Home
mortgages
Year or month
Total
Projecttype
mort-1
gages
Property
improve- Total 3
ment
loans 2
Home
mortgages
New
properties
Existing
properties
665
257
217
20
171
192
3,341
3,826
4,343
3,220
3,113
3,882
3,066
3,807
1,434
1,319
1,637
1,216
969
1,259
1,035
1,269
684
892
856
713
974
1,030
907
1,816
609
1,021
1,157
582
322
259
232
76
614
594
694
708
848
1,334
891
646
1,881
1,426
3,072
3,614
2,719
3,064
4,257
7,156
793
1,865
2,667
1,823
2,045
2,686
4,582
629
1,202
942
890
1,014
1,566
2,564
1955—Nov
Dec
345
326
122
118
154
144
11
10
755
620
511
413
243
206
1956—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
335
287
298
253
270
280
279
312
278
341
279
133
114
105
87
87
86
83
97
82
96
89
148
127
127
116
123
121
125
141
122
134
124
1
5
18
4
2
10
10
8
16
26
4
59
55
53
41
48
46
59
62
61
67
59
86
62
570
535
468
493
469
421
465
505
508
501
462
403
372
331
333
307
265
291
320
321
331
315
166
162
136
159
162
155
174
184
186
169
146
1945
1948..
1949
1950
1951
1952
1953
1954
1955
New
properties
Governmentunderwritten
End of
year or
quarter
Existing
properties
Total
1
Monthly figures do not reflect mortgage amendments included in annual totals.
2 These loans are not ordinarily secured by mortgages.
Includes a small amount of alteration and repair loans, not shown separately; only such
loans in amounts of more than $1,000 need be secured.
NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed
loans, gross amount of loans closed. Figures do not take account of principal repayments
on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type
are derived from data on number and average amount of loans closed.
Sources.—Federal Housing Administration and Veterans Administration.
3
FHA- VAinguarsured anteed
?_
18 .6
4.3
4.1
1948
1949
1950
1951
1952
1953
1954
1955
33 .3
37 .6
45 .2
51 .7
58 .5
66 .1
75 .7
88 .1
12.5
15.0
18 9
22.9
25 4
28.1
32.1
38.9
5.3
6.9
8 6
9.7
10 8
12.0
12.8
14.3
8
10
13
14
16
19
24
1
3
2
6
1
3
6
20. 8
22. 6
26. 3
28. 8
33. 1
38. 0
43. 6
49. 2
1955—Mar
June..
Sept...
Dec...
78 .5
82 .2
85 .5
88 .1
33.5
35.3
37.0
38.9
13.2
13.5
13.9
14.3
20
21
23
24
3
8
1
6
45. 0
46. 9
48. 5
49. 2
1956—Mar.*.
June*.
Sept.*.
90 .8
93.7
96 .6
40.2
41.3
42.4
14.7
15.0
15.2
25 5
26.3
27 2
50. 6
52. 4
54. 2
7.2
p
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 HOME LOAN BANK LENDING
[In millions of dollars]
[In millions of dollars]
Mortgage
transactions
(during
period)
Total
FHAinsured
VAguaranteed
Purchases
Sales
Commitments
undisbursed
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
,177
1,646
1,922
1,841
1,632
1,714
2,069
672
1,044
677
538
542
614
411
109
20
469
111
56
221
525
62
5
824
485
239
323
638
476
76
360
1955 Nov
Dec
2,596
2,615
896
901
1,700
1,714
27
30
1
80
76
2,623
2,642
2,657
2,665
M a y ! . . . . ! ! ! 2,677
2,704
June
2 729
July.
2,758
2,781
Sent
2 838
Oct
2 953
Nov
3,047
Dec
900
907
909
907
907
915
915
919
920
934
957
978
1,722
1,736
1,748
1,758
1,769
1,789
1,814
1,839
1,861
1,904
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
End of year
or month
Year or month
1956 Jan
Feb
Mar
QQ6
2^069
1
1
1
1
1
5
i Operations beginning Nov. 1, 1954, are on the basis of FNMA's new
charter, under which it maintains three separatle programs: secondary
market, special assistance, and management and liquidation.
Source.—Federal National Mortgage Association.
Advances
Repayment
Advances outstanding
(end of period)
Total
1945.
14. 3
1945
FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY i
Mortgage holdings
Conventional
Total
Shortterm i
Long-2
term
278
213
195
176
19
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
1955—Nov
Dec
60
109
40
56
1,364
1,417
875
991
489
426
1956—Jan
Feb
Mar
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
1,181
1,138
1,127
1,123
1,173
1,108
1,116
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
1949
1950
1951
1952
1953
1954
1955
1956
May
July
AUK
Sept
Oct
Nov
Dec
c
1
Corrected.
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.
68
CONSUMER CREDIT
CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars]
I n Jtalment credit
Total
End of year or month
Total
Automobile
paper 1
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
1948
1949
1950
1951
1952
1953
1954
1955
14,398
17,305
21,395
22 617
27,401
31,243
32,292
38,648
8,996
11,590
14,703
15,294
19,403
23,005
23,568
29,020
3,018
4,555
6,074
5,972
7,733
9,835
9,809
13,468
2,901
3,706
4,799
4,880
6,174
6 779
6,751
7,626
853
898
1,016
1,085
1,385
1,610
1,616
1 670
2,224
2 431
2,814
3 357
4,111
4 781
5,392
6,256
5,402
5 715
6,692
7,323
7,998
8 238
8,724
9,628
1,445
1 532
1,821
1 934
2,120
2 187
2,408
2,992
2,673
2 795
3,291
3 605
4,011
4 124
4,308
4,544
1,284
1 388
1,580
1 784
1,867
1 927
2 008
2,092
37,114
38,648
28,269
29,020
13,326
13,468
7,169
7,626
J.661
1,670
6 113
6,256
8 845
9,628
2 930
2,992
3 839
4,544
2 076
2 092
37,848
37,474
37,761
38,222
38,919
39,454
39,478
39,878
40 074
40,196
40,631
28,886
28,915
29,112
29,419
29,763
30,084
30,297
30,644
30,707
30,811
31,024
13,481
13,574
13,743
13,892
14,059
14,255
14,381
14,530
14,533
14,478
14,449
7,487
7,371
7,300
7,337
7,401
7,417
7,421
7,493
7,497
7,601
7,752
1,638
1,628
1,631
1,643
1,677
1,700
1,710
1,734
.758
1,781
1,797
6,280
6,342
6,438
6,547
6,626
6,712
6,785
6,887
6 919
6,951
7,026
8,962
8,559
8,649
8,803
9,156
9,370
9,181
9,234
9 367
9,385
9,607
2,920
2,932
3,050
3,094
3 258
3,335
3,261
3,295
3 361
3,310
3,401
3,961
3,530
3,469
3,531
3 701
3,804
3 674
3,696
3 780
3,875
4,029
2,081
2,097
2 130
2,178
2 197
2,231
2 246
2,243
2 226
2,200
2,177
1955
.
Nov
Dec
1956—Jan
Feb
Mar
A.pr
May
June
July . .
Aug.
Sept
Oct
Nov
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
End of year
or month
Total
Commercial
banks
Sales
finance
companies
Credit
unions
1939
1941
1945
4 503
6,085
2,462
3 065
4,480
1,776
1,079
1,726
745
1 197
1,797
300
132
198
102
1948
1949
1950
1951
1952
1953
1954
1955.
..
8,996
11,590
14,703
15,294
19,403
23,005
23,568
29,020
7,120
9,257
11,805
12,124
15,581
18,963
19,450
24,441
3,529
4,439
5,798
5,771
7,524
8,998
8,796
10,601
2,011
2,944
3,711
3,654
4,711
5,927
6,144
8,443
334
438
590
635
837
1,124
1,342
1,680
Nov
Dec
28,269
29,020
24,061
24,441
10,489
10,601
8,322
8,443
28,886
28,915
29,112
29,419
29,763
30,084
30,297
30,644
30 707
30,811
31,024
24,447
24,587
24,870
25,208
25,528
25,963
26,193
26,475
26,551
26,635
26,734
10,618
10,668
10,796
11,009
11,170
11,394
11,476
11,548
11,548
11,606
11,634
8,436
8,460
8,526
8,575
8,641
8,765
8,849
8,953
8,989
8,973
8,963
1955
.
1956—Jan
Feb
Mar
Apr
May
June.
July
Aug .
Sept
Oct
Nov
....
Consumer
finance
companies 1
Other i
Total
Department
stores 2
Furniture
stores
Household
appliance
stores
Automobile
dealers 3
Other
657
759
629
1 438
1,605
686
354
320
131
439
496
240
183
206
17
123
188
28
339
395
270
1,286
1,555
1,866
2,137
2,257
2,656
1,246
1,436
420
509
643
777
911
1.061
1,876
2,333
2,898
3,170
3,822
4,042
4,118
4,579
470
596
746
924
,107
1,064
1,242
1,511
604
740
827
810
943
1,004
984
1,052
127
178
267
243
301
377
377
381
159
236
287
290
389
527
463
535
516
583
771
903
1,082
1 070
1,052
1,100
1,654
1,680
2,549
2,656
1,047
1,061
4,208
4,579
,332
1,511
1,001
1 052
366
381
539
535
970
1 100
1,668
1,697
1,732
1,767
1,806
1,848
1,880
1,933
I 960
L994
2,021
2,670
2,701
2,739
2,773
2,805
2,845
2,880
2,920
2,924
2,938
2,961
1,055
1,061
1,077
1,084
1,106
1,111
1,108
1,121
1,130
1.124
1,155
4 439
4,328
4,242
4,211
4,235
4 121
4,104
4,169
4 156
4,176
4,290
1,471
1,436
1,377
1,380
1,389
L 247
1,239
1,286
I 269
.269
l',342
1 018
1,001
984
974
971
973
967
973
970
974
988
371
362
355
349
351
354
359
365
368
368
373
535
538
544
548
554
562
568
575
576
574
573
1 044
991
982
960
970
985
971
970
973
991
1,014
1
Consumer finance companies included with "other" financial institutions until September 1950.
Retail outlets
2
Includes mail-order houses.
3 Represents automobile paper only; other instalment credit held by
automobile dealers is included with "other" retail outlets.
69
CONSUMER CREDIT
INSTALMENT CREDIT HELD BY COMMERCIAL BANKS,
BY TYPE OF CREDIT
INSTALMENT CREDIT HELD BY SALES FINANCE
COMPANIES, BY TYPE OF CREDIT
[Estimated amounts outstanding, in millions of dollars]
[Estimated amounts outstanding, in millions of dollars]
End of year
or month
Total
instalment
credit
Automobile
paper
Purchased
Direct
Other
consumer
goods
paper
Repair
and
modernization
loans
Personal
loans
1939
1941
1945
1,079
1,726
745
237
447
66
178
338
143
166
309
114
135
161
110
363
471
312
1948
1949
1950
1951
1952
1953
1954
1955
3,529
4,439
5,798
5,771
7,524
8,998
8,796
10,601
575
849
1,177
1,135
1,633
2,215
2,269
3,243
753
946
1,294
1,311
1,629
1,867
1,668
2,062
794
1,016
1,456
1,315
1,751
2,078
1,880
2,042
568
715
834
888
,137
,317
,303
,338
839
913
,037
,122
,374
,521
,676
,916
1955—Nov
Dec
10,489
10,601
3,193
3,243
2,046
2,062
2,015
2,042
,332
,338
,903
,916
1956—Jan....
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
10,618
10,668
10,796
11,009
11,170
11,394
11,476
11,548
11,548
11,606
11,634
3,252
3,294
3,347
3,403
3,462
3,521
3,560
3,598
3,591
3,584
3,578
2,072
2,089
2,133
2,167
2,193
2,207
2,210
2,218
2,199
2,180
2,177
2,049
2,040
2,051
2,118
2,155
2,265
2,276
2,266
2,271
2,335
2,364
,314
,305
,303
,313
,335
,356
,367
,384
,403
,421
,430
1,931
1,940
1,962
2,008
2,025
2,045
2,063
2,082
2,084
2,086
2,085
1939
1941
1945
1,197
1,797
300
878
1,363
164
115
167
24
148
201
58
56
66
54
1948
1949
1950
1951
1952
1953
1954
1955
2,011
2,944
3,711
3,654
4,711
5,927
6,144
8,443
1,333
2,265
2,956
2,863
3,630
4,688
4,870
6,919
287
447
532
452
680
816
841
1,034
225
90
61
63
60
46
31
25
166
142
162
276
341
377
402
465
1955—Nov.
Dec.
8,322
8,443
6,850
6,919
1,001
1,034
24
25
447
465
1956—Jan..
Feb..
Mar.
Apr..
May.
June.
July.
Aug.
Sept.
Oct..
Nov.
8,436
8,460
8,526
8,575
8,641
8,765
8,849
8,953
8,989
8,973
8,963
6,919
6,940
6,995
7,037
7,099
7,199
7,264
7,344
7,366
7,333
7,305
1,024
1,024
1,024
1,024
1,021
1,039
1,049
1,061
1,071
1,083
1,090
25
24
24
24
24
24
24
24
23
24
24
468
472
483
490
497
503
512
524
529
533
544
End of year
or month
Total
instalment
credit
Automobile
paper
NONTNSTALMENT CREDIT, BY HOLDER
81
122
24
36
15
14
Total
Personal
loans
789
957
731
54
20
14
1948
1949
1950
1951
1952
1953
1954
1955
1,580
1,874
2,296
2,699
3,346
4,038
4,510
5,397
198
259
360
373
452
538
539
103
146
200
233
310
370
375
60
93
121
134
188
247
282
709
506
307
1,219
1,376
1,615
1,959
2,396
2,883
3,314
3,875
1955_Nov
Dec..... .
5,250
5,397
698
709
484
506
305
307
3,763
3,875
1956 Jan
Feb
Mar
5,393
5,459
5 548
5,624
5,717
5,804
5,868
5,974
6,014
6,056
6,137
703
713
724
737
751
766
779
795
801
807
510
517
527
532
544
554
560
572
575
581
299
299
304
306
318
320
319
326
332
336
816
581
343
3,881
3,930
3,993
4,049
4,104
4,164
4,210
4,281
4,306
4,332
4,397
Apr
May
June..
July
Aug
Sept . . .
Oct
Nov . .
643
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.
End of year
or month
non-
ment
credit
669
785
1939
1941
1945
Personal
loans
[Estimated amounts outstanding, in millions of dollars]
[Estimated amounts outstanding, in millions of dollars]
Repair
and
modernization
loans
Repair
and
modernization
loans
Automobile
paper
INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS
OTHER THAN COMMERCIAL BANKS AND SALES
FINANCE COMPANIES, BY TYPE OF CREDIT
Other
consumer
goods
paper
Other
consumer
goods
paper
Total
instalment
credit
End of year
or month
Financial
institutions
(single-payment loans)
Commercial
banks
Other
Retail
outlets
(charge
accounts)
De-
partment
stores i
Service
credit
Other
1939
1941
1945
2,719
3,087
3,203
625
693
674
162
152
72
236
275
290
1,178
1,370
1,322
518
597
845
1948
1949
1950
1951
1952
1953
1954
1955
5,402
5,715
6,692
7,323
7,998
8,238
8,724
9,628
1,261
1,334
1,576
1,684
1,844
1,899
2,096
2,635
184
198
245
250
276
288
312
357
575
587
650
698
728
772
793
862
2,098
2,208
2,641
2,907
3,283
3,352
3,515
3,682
1,284
1,388
1,580
1,784
1,867
1,927
2,008
2,092
1955—Nov.
Dec.
8,845
9,628
2,552
2,635
378
357
645
862
3,194
3,682
2,076
2,092
1956—Jan..
Feb..
Mar.
Apr.,
May
June
July.
Aug.
Sept.
Oct..
Nov.
8,962
8,559
8,649
8,803
9,156
9,370
9,181
9,234
9,367
9,385
9,607
2,632
2,625
2,680
2,720
2,766
2,880
2,885
2,894
2,926
2,897
2,894
288
307
370
374
492
455
376
401
435
413
507
706
596
579
573
585
574
523
531
588
612
672
3,255
2,934
2,890
2,958
3,116
3,230
3,151
3,165
3,192
3,263
3,357
2,081
2,097
2,130
2,178
2,197
2,231
2,246
2,243
2,226
2,200
2,177
1
Includes mail-order houses.
70
CONSUMER CREDIT
INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT
[Estimates of short- aiid intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment
of monthlyfiguresfor seasonal variation and differences in trading days]
Adjusted
Other consumer
goods paper
Automobile paper
Total
Year or month
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Repair and
modernization loans
Adjusted
Unadjusted
Persona 1 loans
Adjusted
Unadjusted
Extensions
5,217
6,967
8,530
8,956
11,764
12,981
11,807
16,743
15,585
18,108
21,558
23 576
29,514
31,558
31,051
39,128
1948
1949
1950
1951
1952
1953
1954
1955
1955 Nov
Dec
3,355
3,315
3,271
3,785
J 415
1956—Jan
Feb
Mar
Apr
May
3,441
3,324
3,174
3,409
3,264
3,058
3,302
3,358
3,160
3,370
3,461
2,885
2,918
3,305
3,329
3,470
3,390
3,316
3,504
2,981
3,382
3,387
,456
,396
1,284
,330
1,256
1,181
1,252
1,264
1,198
1,315
1,361
July
Sept
Oct
Nov
,389
5,383
5 865
7,150
7,485
9,186
9,227
9,117
10,615
714
734
835
841
1,217
1,344
1,261
1,359
4 271
4 542
5 043
6,294
7,347
8,006
8,866
10,411
1 272
,303
911
904
969
1,282
125
124
130
118
904
898
,192
,236
,378
,345
,407
,391
,337
,393
,150
.284
927
883
859
968
932
841
927
952
883
942
973
760
731
821
894
949
883
872
952
840
1,010
1,037
119
123
120
129
133
116
121
122
117
125
121
88
97
113
123
145
128
127
137
125
140
125
939
922
911
982
943
920
1,002
1,020
962
988
1,006
\\l25
900
1,082
845
854
993
967
969
988
980
1 022
866
948
1,000
Repayments
4,123
5,430
7,011
9,058
10,003
10,879
11,833
13,084
13,284
15,514
18,445
22,985
25,405
27,956
30,488
33,676
1948
1949
1950
1951
1952
1953
1954
1955
1955—Nov
Dec
1956—Jan
Feb
Mar
Apr
May
•
July
Aug
Sept
Oct
Nov
4,625
5,060
6,057
7,404
7,892
8,622
9,145
9,740
579
689
717
772
917
1,119
1,255
1,305
3,957
4,335
4 660
5,751
6 593
7,336
8,255
9,547
2,961
2,918
2,970
3,034
1,173
1,143
1.192
1,161
843
833
825
825
113
108
117
109
832
834
836
939
3,109
2,948
2,888
3,145
3,063
3,009
3,160
3,147
3,087
3,183
3,161
3,019
2,889
3,108
3,022
3,126
3,069
3,103
3,157
2,918
3,278
3,174
1.245
1,184
1,130
1,258
1,226
1,158
1,229
1.214
1,185
1,284
1,232
1,179
1,143
1,209
1,196
1,240
1,195
1,211
1,244
1,147
887
821
822
870
858
869
890
891
893
899
847
892
857
885
867
868
880
836
121
110
102
118
111
104
121
112
104
113
105
120
107
110
111
111
105
117
113
101
856
833
834
899
868
878
920
930
905
903
919
792
897
858
890
902
907
920
834
916
925
[,339
1,254
883
905
906
886
117
109
821
Change in outstanding credit1
1955_Nov
Dec
1956—Jan
Feb
Mar...
Apr
May
June
July
Auu .
Sept
Oct
Nov
+ 1 094
+ 1,537
+ 1,519
— 102
+ 1,761
+2,102
-26
+3,659
+2 301
+2,594
+3,113
+591
+4,109
+3,602
+563
+5,452
1948..
1949
1950
1951..
1952
1953
1954
1955
.
. .
•
+ 314
+207
+383
+543
+754
+670
+611
+864
+394
+397
+301
+751
+242
+246
+80
+ 142
+ 68
+71
+ 144
+457
+ 12
+ 16
+ 13
+9
+72
• +64
+64
+ 143
+332
+376
+286
+264
+201
+49
+ 142
+211
+73
+ 187
+ 300
-134
+29
+ 197
+307
+344
+321
+213
+347
+63
+ 104
+213
+211
+212
+ 154
+72
+30
+23
+23
+50
+ 13
+31
+ 129
+ 13
+93
+ 169
+ 149
+ 167
+ 196
+ 126
+ 149
+40
+62
+37
+98
+74
-28
+37
+61
-10
+59
+68
-139
-116
-71
+ 37
+64
+ 16
-2
+ 13
+ 18
+ 11
+22
+ 12
0
+ 10
+ 13
+ 12
+ 16
-32
-10
+3
+ 12
+34
+23
+ 10
+24
+24
+23
+ 16
+83
+89
+77
+83
+75
+42
+82
+90
+57
+85
+87
+24
+62
+96
+ 109
+79
+ 86
+73
+ 102
+32
+32
+75
+
_4
-29
i Obtained by subtracting instalment credit repaid from instalment
credit extended.
NOTE.—Monthly figures for the period January 1940-August 1956 are
shown on pp. 1043-1054 of the BULLETIN for October 1956.
A discussion of the composition and characteristics of the data and
a description of the methods used to derive the estimates are shown
+ 135
+45
+ 118
+69
+300
+225
+6
+54
+758
+ 805
+ 1,093
+81
+ 1,294
+605
— 28
+875
+4
+72
+4
+ 104
+ 151
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 andfinancialinstitutions and often include charges
incurred under the instalment contract. Renewals and refinancing of
loans, repurchases and resales of instalment paper, and certain other
transactions may increase the amount of both credit extended and credit
repaid without adding to the amount of credit outstanding.
CONSUMER CREDIT
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
Sales finance
companies
Adjusted
Unadjusted
Other financial
institutions
Adjusted
Retail outlets
Unadjusted
Adjusted
Unadjusted
Extensions
1948
1949
1950
1951
1952
1953
1954
1955
15,585
18 108
21,558
23,576
29,514
31,558
31,051
39,128
.
.
1955_Nov
Dec
1956—Jan
Feb
Mar .
Apr
May
June....
July
Aug .
Sept
Oct
Nov
...
5,714
6 543
8,135
8,358
11,123
12,099
11,267
14,109
3,217
4 296
5,098
5,467
6,982
7,560
7,260
10,200
2,938
3 305
3,826
4,788
5,659
6,375
6 983
8,434
3 716
3,964
4 499
4,963
5 750
5,524
5 541
6 385
3,355
3,315
3,271
3,785
1.219
1,179
1,142
1,171
850
791
742
744
S44
840
838
746
906
550
870
3,441
3,324
3,174
3,409
3,264
3,058
3,302
3,358
3 160
3,370
3,461
2,885
2,918
3,305
3,329
3,470
3,390
3.316
3,504
2,981
3.382
3,387
1,233
1,198
,105
1,302
1,181
,185
1,221
1,177
,137
,261
1,223
1,110
1,088
1,201
1.308
,279
,324
,231
,232
,070
,244
,148
891
837
802
790
774
720
756
704
717
822
769
842
847
819
871
722
752
758
759
780
776
752
812
847
771
656
699
808
766
800
803
795
844
707
565
531
508
537
533
401
513
558
508
415
414
474
486
549
416
471
557
482
794
837
774
835
494
580
543
635
lie
744
821
821
769
821
594
Repayments
13,284
15,514
18,445
22,985
25,405
27,956
30,488
33,676
1948
1949
1950
1951...
1952
1953
1954
1955
1955—Nov
Dec
1956
Jan
Feb
Mar
Apr
...
May
June
July
Aug
Sept
Oct
Nov
4,810
5,633
6,776
8,385
9,370
10,625
11,469
12,304
2,961
2,918
2,970
3,034
1.068
1,043
1,065
1,059
3,109
2,948
2,888
3,145
3,063
3,009
3,160
3,147
3,087
3,183
3,161
3,019
2,889
3,108
3,022
3,126
3,069
3,103
3,157
2,918
3,278
3,174
1,125
1,060
1,007
1,127
1,093
[,078
1,149
[,147
1,123
.163
1,123
J.O93
,038
1,073
1,095
1,118
,100
1,149
1,160
.070
1,186
1,120
2,561
3,363
4,331
5,524
5,925
6,344
7,043
7,901
2,633
3 011
3,404
4,385
5,012
5,683
6,511
7,547
3,280
3,507
3,934
4,691
5,098
5,304
5,465
5,924
718
737
658
662
517
506
692
717
668
759
515
499
772
718
698
762
776
700
764
747
711
693
756
720
776
723
735
767
690
663
673
720
690
699
746
751
660
633
719
690
707
716
731
738
522
507
510
536
504
532
501
502
555
525
560
517
525
530
488
492
707
789
756
686
837
779
723
718
748
667
732
754
534
513
534
495
523
521
Change in outstanding credit*
+2,301
+2,594
+ 3,113
+ 591
+4,109
+ 3,602
+563
+5,452
1948
1949
1950
1951
1952
1953
1954
1955
1955—Nov
Dec
1956—Jan
Feb
Mar
Apr
M^ay •
June
July
AUE
Sept
Oct
Nov
+394
+397
+332
+376
+286
+264
+201
+49
+ 142
+211
+73
+ 187
+300
+301
+751
-134
+29
+ 197
+307
+344
+321
+213
+347
+63
+ 104
+213
+ 151
+ 136
+ 108
+ 138
+98
+ 175
+88
+ 107
+72
+30
+ 14
+98
+ 100
+904
+910
+ 1,359
-27
+ 1,753
+ 1,474
— 202
+ 1,805
+77
+ 112
+ 17
+50
+ 128
+213
+ 161
+224
+82
+72
0
+ 58
+28
i Obtained by subtracting instalment credit repaid from instalment
credit extended.
NOTE.—Monthly figures for the period January 1940-August 1956 are
shown on pp. 1043-1054 of the BULLETIN for October 1956.
A discussion of the composition and characteristics of the data and
a description of the methods used to derive the estimates are shown
+ 132
+ 148
+ 119
+ 119
+ 104
+28
+~20
-8
+29
+37
+32
+65
+656
+933
+767
— 57
+ 1,057
+ 1,216
+217
+2,299
+54
+ 121
-7
+24
+66
+49
+66
+ 124
+84
+ 104
+36
-16
-10
+305
+294
+422
+403
+647
+692
+472
+887
+84
+78
+62
+95
+86
+60
+86
+53
+66
+96
+48
+76
+89
+82
+ 147
4
+66
+89
+76
+93
+87
+64
+ 106
+40
+42
+81
+436
+457
+565
+272
+652
+220
+76
+461
+27
+35
+43
+24
+1
+29
+ 12
-131
±%
-19
+46
+88
+371
-140
-111
-86
-31
+24
-114
-17
+65
-13
+20
+ 114
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.
72
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 m o n t h
Total
Total
Durable
Nondurable
Minerals
Total
Residential
All
other
AdA d - U n a d - AdAdAdAdAdAdjusted justed justed justed justed justed justed justed justed
Nonagricultural
employment
Manufacturing
production workers
Employment
Freight
carloadings*
Department
WholeConstore
sale
sumer
sales* prices 2 com(retail
modity
value)
prices 2
Payrolls
Ad- Unad- Unad- AdAdjusted 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
50.2
42.6
47.2
55.1
58.8
21.5
14.8
15.9
20.4
23.5
79
59
62
67
69
32
24
24
27
29
65.0
58.4
55.3
57.2
58.7
47.4
42.1
42.8
48.7
52.0
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
63.9
70.1
59.6
66.2
71.2
27.2
32.6
25.3
29.9
34.0
81
84
67
76
83
33
35
32
35
37
59.3
61.4
60.3
59.4
59.9
52.5
56.1
51.1
50.1
51.1
1941
1942
1943
1944
1945
87
106
127
125
107
88
110
133
130
110
91
126
162
159
123
84
93
103
99
96
81
84
87
93
92
66
89
37
22
36
54
49
24
10
16
74
116
45
30
50
82.8
90 9
96 3
95.0
91.5
87.9
49.3
103 9 72 2
121.4
99.0
118.1 102.8
104.0
87.8
98
104
104
106
102
44
50
56
62
70
62.9
69.7
74.0
75.2
76.9
56.8
64.2
67.0
67.6
68.8
1946
1947
1948
1949
1950
90
100
104
97
112
90
100
103
97
113
86
101
104
95
116
95
99
102
99
111
91
100
106
94
105
82
84
102
113
159
87
86
98
116
185
79
83
105
111
142
94 4
99.4
101 6
99.0
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
83.4
95.5
102.8
101.8
102.8
78.7
96.4
104.4
99.2
103.1
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
106.5
129.8
136.6
151.4
137.7
152.5
161.2
101
95
96
86
*95
109
110
112
111
119
111.0
113.5
114.4
114.8
114.5
114.8
111.6
110.1
110.3
110.7
143
144
145
142
145
146
161
161
130
130
125
129
270
301
252
273
282
319
116 0 108.2
116.5 108.3
109.0
108.7
163.8
163.7
99
101
122
123
115.0
114.7
111.2
111.3
143
143
141
143
141
141
136
142
145
146
146
2*147
143
144
143
144
141
141
128
142
146
150
147
3*144
145
144
142
144
143
143
137
144
147
r
148
147
*148
160
158
156
159
157
157
148
158
'163
164
165
^166
129
130
128
129
128
128
127
129
'130
r
131
129
*131
131
131
130
130
129
130
122
128
128
r
128
130
^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 r118 7
272 118 7
^118.9
108.0
107.2
106.4
107.1
106 9
106.3
102.6
106.0
105.7
r
107 1
107.2
*>107.3
107.2
106.8
106.1
106.0
105 4
105.7
101.2
107.1
107.8
108 7
108.1
^107.8
159.1
157.7
157.9
158.2
157.3
158.2
151.0
161.4
165.8
r
168 7
168.3
•171.1
103
100
100
99
98
95
81
93
96
96
97
*>100
124
118
122
122
122
124
128
128
129
122
*131
c
130
114.6
114.6
114.7
114.9
115.4
116.2
117.0
116.8
117.1
117.7
117.8
111.9
112.4
112.8
113.6
114.4
114.2
114.0
114.7
115.5
115 6
115.9
116.2
1936
1937
1938
1939
1940. . . .
1951
1952
1953
1954
1955
1956
..
. ..
.....
1955
Nov
Dec
1956
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
.
..
e
v
r
Estimated.
Preliminary.
Revised.
* Average per working day.
1
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,
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
73
INDUSTRIAL PRODUCTION
[Federal Reserve indexes, 1947-49 average= 100]
Industry
Annual
1947-49 average
1955
propor1954 1955 Nov. Dec
tion
Jan. Feb. Mar. Apr. May June July
Aug. Sept. Oct.
1956
Nov
SEASONALLY ADJUSTED
INDUSTRIAL PRODUCTION—TOTAL.
100.00
125
139
143
144
143
143
141
143
141
141
136
142
145
146
MANUFACTURES—TOTAL
90.02
127
140
145
146
145
144
142
144
143
143
137
144
147
148
147
Durable Manufactures—Total
45.17
137
155
161
161
160
158
156
159
157
157
148
158
163
164
165
149
124
Primary metals
146
6.70
108
140
150
148
148
145
146
141
138
68
148
147
Ul
28.52
5.73
13.68
9.04
4.64
7.54
1.29
750
123
142
125
177
175
140
170
136
164
146
197
205
160
168
134
162
147
192
202
161
166 171
132 135
162 169
147 148
191 208
197 193
160 163
167
130
168
149
206
186
164
168
132
168
149
205
190
164
169
129
172
152
210
191
167
172 176
134 142
174 176
155 158
211 212
194 196
171 172
177
142
175
"155
"215
"203
172
180
138
176
155
219
216
172
Clay, glass, and lumber products
Stone, clay, and glass products
Lumber and products
5.91
2.82
3.09
123
131
115
165 172 172
134 139 138
155 163 '164
135 r]44 r146
194 '200 199
203 212 212
149 158 159
138 139 139
149 156 154
127 124 126
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
Furniture and misc. manufactures
Furniture and fixtures
Miscellaneous manufactures
4.04
1.64
2.40
121
106
131
132
119
141
136
123
145
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
117
143
44.85
116
126
130
130
129
130
128
129
128
128
127
129
130
131
129
11.87
6,32
5.55
100
95
105
109
107
113
113
110
117
112
109
116
111
108
113
112
109
114
107
106
108
108
106
109
107
103
111
106
101
112
106
100
112
107
102
112
108
104
113
111
107
117
107
103
111
Rubber and leather products
Rubber products
Leather and products
3.20
1.47
1.73
104
115
95
122
143
105
122
147
101
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 7/5
133 132
101 100
116
Paper and printing
Paper and allied products
Printing and publishing
8.93
3.46
5.47
125
134
120
137
152
127
141
157
130
140 141
159 159
128 131
157
*142 "144 "145 r146 r147 r148 r146 r147
157 160 160 161 162 163 159 158
1 3 2 134 135 136 137 139 138 141
147
160
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
164
173
139
166
175
141
165
173
142
166
174
143
166
174
144
167
178
139
169
179
140
169
178
142
166
178
132
167 168
111 176
139 143
11.51
10.73
.78
106
106
103
109
109
105
111
112
104
113
113
107
111
111
109
112
112
107
111
111
107
113
114
107
111
111
110
110
111
108
110
110
105
MINERALS—TOTAL
9.98
111
122
125
129
131
131
130
130
129
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
125
80
47
85
147
130
87
58
92
151
132
87
62
91
153
131
88
55
94
151
131
86
50
92
151
130
86
55
91
151
130
89
41
96
149
130
90
55
95
148
Metal, stone, and earth minerals
Metal mining
Stone and earth minerals
1.63
.82
.81
106
90
123
120
110
130
114
134
123
112
135
129
121
137
130
121
138
130
120
139
129
118
139
128
118
138
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
767
178
139
166
176
140
113
114
102
113 nu
114 114
103 106
775
113
122
128
128 128
130
126
77
54
81
149
130
87
61
91
150
128 727
87
85
63
53
91
90
147 147
128
83
54
87
150
130
117
143
100
60
142
119
100
139
130 133
118 124
143 141
136
130
142
WITHOUT SEASONAL ADJUSTMENT
(Major divisions only)
Industrial Production—Total
Manufactures—Total
Durable manufactures
Nondurable manufactures
Minerals—Total
r
Revised.
100.00
125
139
145
142
143
144
143
144
141
141
128
142
146
150
147
90.02
45.17
44.85
127
137
116
140
155
126
148
163
132
143
161
125
144
160
128
146
161
131
145
161
130
146
162
129
142
157
127
142
156
127
129
139
119
143 148
155 161
131 134
152
168
137
149
167
132
9.98
111
122
127
127
129
127
127
130
130
131
119
130
132 132
131
For other footnotes see end of table.
74
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average= 100]
Annual
1947-49 average
1955
proportion 1954 1955 Nov. Dec. Jan.
Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov.
100.00
125
139
145
142
143
144
143
144
141
141 128
146
150
147
MANUFACTURES—TOTAL
90.02
127
140
148
143
144
146
145
146
142
142
129
143 148
152
149
Durable Manufactures—Total
45.17
137
155
161
160
161
161
162
157
156
139
155 161
168
167
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
149
147
154
140
156
150
189
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
145
146
156
145
158
153
183
149
149
160
148
162
157
191
147
146
158
147
159
156
181
97
95
106
124
123
133
131
129
141
128
126
141
128
125
143
130
128
142
128
126
142
129
127
141
120
119
129
62
41
24
22
24
23
34
79
78
118
114
117
104
119
116
135
1.52
1.29
.23
140
138
145
135
146
144
157
123
121
134
106
106
105
122 123
122 122
120 127
119
119
124
1.67
.38
.09
.06
.04
.10
.09
120
147
101
109
105
101
244
146
164
122
123
103
120
261
154
173
130
136
121
123
272
153
175
128
143
112
127
277
159
173
134
122
114
124
276
161
177
136
134
117
126
279
160
182
142
141
120
125
287
160
185
143
146
121
125
294
149
181
147
143
106
111
296
145
179
142
139
109
111
296
124
172
117
123
107
114
298
130
143
124
120
107
123
182
144
168
122
114
123
128
269
147
180
126
135
116
.13
1.16
.63
.20
.33
105
113
100
154
114
123
142
114
208
156
130
150
118
219
169
125
148
120
210
164
131
158
134
226
163
134
159
132
225
170
124
157
127
241
166
135
154
123
242
160
121
141
116
228
140
110
137
112
215
137
93
112
79
222
111
108
128
109
187
129
115
139
120
202
141
28.52
150
165
174
173
172
172
171
174
167
166
160
167
5.73
2.68
123
126
117
131
90
134
136
130
142
111
139
145
138
95
117
137
144
137
102
92
135
140
131
109
109
134
138
129
116
110
134
138
126
127
115
136
140
125
189
106
130
138
121
121
105
132
138
119
159
112
124
129
111
168
94
135
137
117
214
123
13.68
9.04
8.13
142
155
164
164
167
168
168
172
167
165
157
167
125
121
79
127
160
114
135
130
91
135
163
144
141
138
94
144
178
130
147
143
97
150
190
141
149
144
98
150
190
164
152
145
95
153
195
173
154
146
94
154
196
183
154
148
92
156
197
175
151
147
88
155
197
146
150
147
87
155
194
143
146
144
82
153
194
128
177
160
214
194
174
242
208
180
280
197
184
225
201
184
240
200
184
233
184
218
206
202
209
198
200
185
195
199
174
175
109
131
92
95
59
133
130
1i
203
153
190
115
114
69
172
183
141
216
167
212
122
128
73
172
199
153
214
159
193
122
106
67
216
192
150
206
147
173
113
101
67
194
173
141
205
143
164
125
109
71
227
187
135
202
139
163
130
104
68
258
191
128
201
136
162
133
102
69
265
208
122
190
116
127
117
89
58
237
191
109
189
111
127
123
89
68
246
203
98
474
112
39
29
481
115
42
30
500
109
48
33
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
Industry
1956
WITHOUT SEASONAL ADJUSTMENT
INDUSTRIAL PRODUCTION—TOTAL.
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
Machinery
Nonelectrical machinery
Farm and industrial machinery
,
Farm machinery
Industrial and commercial machinery.,
Machine tools and presses
Laundry and refrigeration appliances
2.12
.30
.63
1.02
142
148
181
133
134
122
127
293
295*
140
111
218
149
139
115
195
172
180
181
143
144
123
220
143
145
149
130
186
128
138
148
132
102
98
176
181
177
146 153
145 148
79
79
155 158
193 199
108 159
152
149
73
160
201
139
151
150
78
160
202
123
178
193
130
209 '220 '236
198 202 209
238 266 312
227
211
271
187
107
127
99
76
56
198
145
97
188 180 '202
104
92 '121
109
59 105
101
98 103
81
75
92
53
51
52
192 201 195
160 148 146
102 109 135
219
142
164
102
100
43
195
133
r
Instruments and related products
7.11
.68
.69
4.64
3.23
.74
7.54
4.80
1.50
.66
.22
.19
.14
.07
2.58
1.30
.81
.53
.35
1.29
140
149
159
161
160
161
161
164
164
164
162
168
172
174
174
Clay, Glass, and Lumber
5.91
123
13$
140
132
132
135
135
142
143
145
135
149
145
146
138
2.82
1.09
.60
.47
.26
.23
131
118
131
133
117
85
149
134
155
156
126
91
157
143
169
172
119
101
153
141
172
174
111
96
150
141
168
171
121
91
150
141
163
167
130
96
153
140
163
163
130
93
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
149
173
177
147
'86
160
146
172
176
135
89
Cement
Structural clay products
Brick
Clay firebrick, pipe, and tile
.32
.35
.12
.20
135
111
113
111
148
127
131
127
151
137
141
136
136
130
122
137
126
129
122
136
123
132
124
139
137
137
132
142
159
138
140
138
174
140
145
139
175
146
144
148
173
140
140
141
177
144
148
144
174
140
135
147
171
143
139
147
136
131
142
Concrete and plaster products
Misc. stone and earth manufactures
.48
.58
161
140
180
166
186
176
181
176
175
171
177
171
181
171
192
172
202
172
208
171
204
167
208 1 0 4
171 176
199
177
190
177
Electrical machinery
Electrical apparatus and parts
Radio and television sets
Transportation equipment
Autos, trucks, and parts
Autos
Trucks
Light trucks
Medium trucks
Heavy trucks
Truck trailers
Auto and truck parts
Aircraft and parts
Shipbuilding and repair
Railroad equipment
Railroad cars
Products...
Stone, clay, and glass products
Glass and pottery products
Flat glass and vitreous products
Flat and other glass
Glass containers
Home glassware and pottery
r
Revised.
For other footnotes see end of table.
r
536
121
62
51
r
555
113
58
49
r
569
112
51
36
582
115
60
52
P
600
117
68
64
75
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average= 100]
Annual
1955
1947-49
average
propor1954 1955 Nov. Dec.
tion
Industry
1956
Jan. Feb. Mar. Apr.
May June July
Aug. Sept. Oct. Nov.
WITHOUT SEASONAL ADJUSTMENT
—Continued
Lumber
Millwork
Softwood plywood
Furniture and Misc. Manufacturing ...
Household furniture
3.09
2.05
.60
.39
.12
.29
115
106
161
123
222
88
127
112
197
144
284
90
124
106
201
143
295
92
113
98
173
110
278
94
4.04
121
132
142
1.64
1.10
106
106
107
119
120
115
128
131
121
116
100
189
114
313
90
121
104
201
128
321
91
119
105
193
118
316
91
126
112
199
123
324
92
125
111
187
124
290
93
129
118
181
133
260
92
116
104
161
107
248
90
135
115
216
152
320
90
133
118
200
139
299
90
130
111
206
130
332
93
117
101
181
103
310
89
140
133
136
134
132
131
131
127
136
140
143
138
128
130
122
111
124
119
123
125
119
122
123
120
119
118
120
116
115
119
118
116
122
115
114
116
123
121
126
125
125
125
127
127
126
122
123
120
131 141 152 149
116 126 132 125
141
145
145
150 154
150
128
131
142 141 140 141
130 129 127 127
135
44.85
119
131 134
137
132
11.87
100
109
114
106
113
119
114
111
107
104
90
109
105
nu
107
6.32
3.72
2.30
.97
.45
95
100
97
108
93
107
113
103
137
100
111
118
109
135
110
105
110
101
131
92
111
119
110
135
111
115
123
112
141
118
110
115
108
132
98
108
112
107
119
103
106
109
105
108
108
100
99
96
103
90
86
87
81
101
71
103
104
101
102
103
103 110
101
113
97
108
110 118
82
105
104
107
104
120
90
.97
.16
.75
66
76
64
79
85
78
83
86
83
80
78
82
83
94
80
84
97
81
85
89
84
89
97
87
90
98
89
90
85
92
76
83
75
92
94
92
1.15
.65
.45
.20
.50
106
108
113
97
103
110
106
110
99
116
108
109
106
125
107
99
100
96
118
107
106
107
102
110
114
114
117
108
115
110
105
110
93
116
110
105
112
90
116
108
99
102
91
119
110
121
95
77
77
75
119
108
96
97
94
124
.54
2.40
Textile mill products
Cotton and synthetic fabrics.
Cotton consumption
Synthetic fabrics
Fabric finishing
•
W o o l textiles....
W o o l fabrics
Full-fashioned hosiery
Knit garments
•
••••
.48
.31
5.55
1.78
.73
.50
84
83
93
91
89
80
78
50
86
97
'87
83
107
102
84
86
55
113
117
119
99
103
55
132
124
124
99
103
59
141
120
118
99
101
109
121
107
100
110
129
108
104
91
85
130
114
119
103
99
92
129
111
95
79
59
54
63
90
116
120
109
103
110
126
108
101
91
85
90
106
118
116
103
100
91
124
111
106
90
92
57
115
116
134
113
143
98
119
118
145
132
155
127
135
115
95
104
90
111
122
100
132
116
152
108
138
117
146
107
129
109
129
Miscellaneous rubber products
Leather
Cattlehide leathers
Shipping containers
r
Revised.
107
101
98
107
116
77
1.85
.76
Tires and tubes
113
110
105 100
106
100
103
101
123 123
117
116
94
95
69
131
W o m e n ' s outerwear
W o m e n ' s suits and coats
Ruftttfr and leather Products
86
76
90
79
.99
.13
94
93
96
113
111
92
90
77
123
Shirts and work clothing
Men's suits and coats
Men's suits
104
97
87
79
90
71
105
103
83
82
67
116
ADDarel &nd allied Droducts
115
102
r
67
93
1.92
103
111
122
119
113
117
114
108
104
107
105
113
116
3.20
104
122
122
119
127
132
125
122
113
HI
97
117
118
1.47
115
150
138
140
134
161
138
120
121
118
156
149
129
131
126
167
146
140
122
115
130
149
129
125
125
125
133
123
132
157
140
133
135
130
146
130
124
105
99
97
103
110
111
110
113
106
142
135 140
120 121
121 124
118 117
148
158
99
95
102
81
102
95
103
80
109
93
100
80
120
103
110
90
112
95
103
80
106
96
103
82
99
95
103
80
100
91
99
76
90
73
79
61
108
90
97
76
104
90
99
73
.30
.77
99
124
143
131
140
120
154
1.73
.44
.29
.15
95
87
92
75
105
92
99
79
.70 105
.40 110
134 130
135 131
.90
.39
90
99
105
104
98
8.93
125
137
144
137
138
3.46
1.76
.51
1.25
.22
.14
.20
.18
.41
.10
134
132
148
125
118
120
119
137
130
124
152
149
169
140
127
133
129
158
149
137
159
156
178
147
133
136
132
167
161
137
146
144
164
136
127
129
125
154
144
124
157
158
181
149
137
144
137
172
159
127
162
163
185
154
144
142
145
169
163
139
163
161
183
153
141
152
140
170
159
148
165
163
184
154
142
1.70
.51
.11
136
133
145
156
155
158
161
160
163
149
149
148
156
147
179
162
157
173
165
165
163
142
r
146
r
148
r
145
96
102
135
'145
163
160
182
151
143
143
139
172
157
139
160
152
171
145
139
148
131
169
148
128
166
167
163
96
89
91
98
103
r
r
145
r
163
161
184
152
143
141
160
162
187
152
142
148
139
168
162
141
141
144
143
165
134
130
129
121
160
135
127
168
162
184
157
154
163
165
165
163
146
140
162
153
142
177
161
For other footnotes see end of table.
148
141
169
159
121
119
121
117
r
104
90
99
74
99
r
147
101
r
154
151
169
162
185
152
145
149
135
183
159
131
162
159
183
149
146
146
138
173
156
118
168 1 7 7
168 172
166 189
164
161
172
76
PRODUCTION
INDUSTRIAL PRODUCTION-Continued
[Federal Reserve indexes, 1947-49 average = 100]
Annual
1947-49
average
proportion
1954 1955
Industry
1955
1956
Nov. Dec. Jan. Feb. Mar. Apr. May June July
Aug. Sept. Oct.
Nov.
WITHOUT SEASONAL ADJUSTMENT
—Continued
Printing? and Dublishinc
Joh nrintinff a n d oeriodicals
••
Chemical and Petroleum Products
Industrial chemicals
Industrial organic chemicals
Plastics materials
Synthetic rubber
Synthetic fibers
Vegetable oils
Paints
Fertilizers
Petroleum and coal products
Petroleum refining
..
Automotive gasoline
Fuel oil
Distillate fuel oil
Residual fuel oil • •
. •
Lubricating oil
..
Coke
Asphalt roofing and siding
5.47
1.85
3.62
120
119
121
9.34
6.84
2.54
.57
1.97
.24
.11
.59
1.03
127
128
127
135
143
131
130
126
133
142
159
168
167
168
170
148
153
157
152
184
136
152
146
167
184
180
186
242
213
186
169
178
197
195
198
268
243
197
178
111
197
194
198
253
233
196
183
111
199
197
200
261
241
195
183
179
201
203
201
264
249
194
185
127
119
131
130 135
127 134
131 135
164
166
182
158
188
213
227
167
191
172
188
171
193
247
223
171
189
144
145
144
168
170
171
181
176
192 197
186 191
194 199
r
254 272
241 227
169 184
189 188
181
199
191
165
148
152
157
141
133
123
107
93
100
123
159
157
162
174
144
159
147
168
150
175
134
162
123
163
110
163
91
155
75
145
84
150
115
144
161
151
154
167
.71
.66
.23
108
116
122
110
125
125
118
126
114
115
126
118
104
123
122
109
125
131
108
125
168
111
124
188
106
125
163
109
126
118
88
126
104
118 121 116
129 126 126
95 109 111
105
127
112
2.50
1.97
1.04
.98
.06
125
133
141
136
221
135
142
152
147
233
140
148
158
153
236
141
152
161
156
247
143
154
158
153
242
143
151
155
151
231
142
148
155
150
242
135
142
150
144
254
137
144
155
149
258
142
149
162
156
267
132
148
162
156
257
142
151
164
158
264
145
151
164
158
261
.56
140
146
155 ^158
149
256
128
138
141
149
160
158
149
140
138
141
141
146
145
142
.30
158
175
178
187
204
203
192
182
177
186
187
195
196
188
.26
93
94
99
105
110
105
99
92
94
90
87
89
87
89
.10
110
107
112
129
126
126
112
98
96
95
97
103
108
117
.17
108
114
126
112
119
115
119
126
123
123
113
119
116
122
.26
.15
84
103
104
110
110
97
111
111
66
111
100
111
110
86
108
109
104
38
120
92
123
109
131
109
123
112
121
129
126
115
113
111
122
122
130
134 129
nu
115
117
106
109
106
107
109
109
.83
103
116
.69
.14
106
110
.07
.19
.28
1.13
1.16
.46
.70
Susar
C a n e sugar
Beet sugar
Confectionery
.
Miscellaneous food preparations
114
103
102
114
118
105
152
109
106
108
114
104
102
106
102
104
106
103
107
105
142
131
150
121
147
104
136
102
Pr Preliminary.
Revised.
109
125
127
114
122
110
r
140
153
158
154
118
154
129
151
142
160
148
154
146
133
129
117
103
100
95
95
113
128
140
107
105
83
83
84
94
91
104
99
107
109
114
121
128
136
131
150
138
134
118
120
116
94
104
116
97
109
87
71
86
92
79
76
96
85
84
103
94
93
116
106
102
132
123
109
153
140
125
163
146
149
133
118
147
97
116
98
144
103
91
91
82
85
83
93
112
118
114
95
85
83
82
85
96
115
149
234
107
81
124
105
83
119
102
86
112
100
84
110
100
85
111
98
81
109
99
84
109
97
79
109
99
77
112
103
80
119
103
77
121
r
264 188
106
105 109
95
91
85
116
118 118
1.64
.27
.11
.13
97
117
106
121
97
115
113
111
99
262
103
393
99
182
112
236
95
87
109
63
95
57
102
14
94
59
109
11
95
68
123
16
97
70
114
27
99
81
124
38
99
73
133
15
98
68
127
11
99
110
130
86
99
271
123
393
98
.71
1.41
99
105
101
106
129
104
91
ioi
112
99
115
102
97
103
98
102
90
107
84
112
73
107
98
107
152
106
141
105
130
105
2.24
128
142
150
146
140
145
116
148
105
83
118
97
73
102
103
107
102
91
88
97
108
117
119
128
123
118
116
120
1.70
1.02
.17
.37
98
99
68
102
102
101
77
109
105
77
129
146
88
81
95
96
84
86
75
79
94
92
75
102
105
103
82
113
111
111
80
122
108
112
76
108
119
128
69
118
107
128
35
88
101
112
50
94
106
93
93
135
118
83
133
179
.78
.46
103
106
105
109
107
108
88
91
107
112
105
107
105
109
103
106
110
116
115
122
96
104
115
120
111
115
115
119
87
103
109
.54
Tobacco manufactures
Cigarettes
Cigars
223
188
193
117
145
117
135
Liquor distilling
Liquor bottling
201
124
10.73
8.49
1.48
.
157
173
192
185
194
253
227
169
192
145
143
145
113
133
.46
Canned and frozen foods
Grain-mill products...
W h e a t flour
Cereals and feeds
164
176
197
195
197
263
242
176
190
168
179
200
201
200
266
244
183
189
139
133
143
118
104
Dairy products
Butter .
166
169
179
201
204
200
264
243
191
187
133
121
140
.64
11.51
M e a t products
Beef.
Pork
129
115
136
136
140
135
.48
.16
57
Food and beverage manufactures
134
131
136
137
141
135
.17
105
104
113
104
105
103
For other footnotes see end of table.
108
83
110
109
116
148
154
71
90
109
100
87
109
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average= 100]
1947-49
proportion
Industry
Annual
average
1955
1956
1954 1955 Nov. Dec.
Jan.
Feb.
Mar. Apr. May
June July
Aug. Sept. Oct.
Nov.
WITHOUT SEASONAL ADJUSTMENT
—Continued
9.98
111
122
127
127
129
127
127
130
130
131
119
130
132
132
131
Mineral Fuels
8.35
113
123
128
131
133
131
130
130
128
128
121
130
129
r
130
131
Coal
2.68
67
80
87
91
91
88
86
86
85
84
62
87
91
93
90
.36
52
70
48
85
51
93
54
97
61
95
55
94
46
92
53
91
42
91
58
89
42
65
59
91
67
95
64
98
59
95
134
128
143
137
151
146
151
145
149
142
148
143
149
142
.34
.36
131
185
169
147
142
151
148
122
172
160
.85
167
175
1.63
106
.82
33
.49
.24
.09
.06
.81
MINERALS—TOTAL
2.32
Bituminous coal
Crude oil and natural gas
Oil and gas extraction
•
.•
N atural gas
Oil and gas well drilling
]\fetalf Stone> and Earth IMinerals
Iron ore
.
.
Lead mining
5.67
4.82
4.12
153
147
151
147
137
209
186
138
219
186
138
214
187
139
210
186
137
198
178
173
177
185
173
171
120
120
106
106
108
90
84
94
103
80
75
110
113
108
123
84
81
105
92
114
135
79
83
44
108
127
82
74
87
42
118
140
81
80
123
130
129
124
134
196
183
77
135
r
P Preliminary.
Revised.
1
Publication suspended pending revisi
N
A
b
f
d b
147 2*150
141 *>146
134 ^137
150
144
147
143
136
182
172
138
184
180
135
189
182
180
191
183
173
177
141
145
109
134
146
145
132
119
108
127
148
94
91
139
164
122
142
88
89
142
173
121
141
89
88
72
19
107
120
85
84
120
126
115
132
90
86
140
179
115
132
87
86
140
175
117
132
92
91
120
138
142
149
147
149
151
150
144
135
185
176
136
190
176
188
187
109
129
91
49
119
138
88
86
91
46
122
140
91
90
126
128
180
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.
UTILITY OUTPUT OF ELECTRICITY AND GAS
[Seasonally adjusted Federal Reserve indexes, 1947-49 average= 100]
Annual
1955
average
1947-49
propor1954 1955 Nov. Dec.
tion
Series
ELECTRICITY AND GAS—TOTAL
Residential
Nonresidential
76.18
27.48
23.68
23.49
.19
25.02
Electricity
..
Residential
Industrial
General industrial
Atomic energy
Commercial and other
Gas
Residential
Commercial and other
100.00
41.34
58.66
•
23.82
13.86
6.16
3.80
Jan.
Feb.
Mar. Apr. May June July Aug. Sept. Oct. Nov.
177
198
206
210
212 213 214 215 217 219 219 219
196
165
216
186
226
193
230
195
236
196
236
197
238
197
239
199
242
199
244
202
245
201
246
201
220 P222
,224
247
202
207 211 214 214 215 216 217 220 219 219 '219 221
176 199
202 224 233 239 246 245 247 247 250 252 253 253 r252 253
190 201 204 203 202 202 205 207 206 202 203 206 209
158
183
174
187
190
182 183
182 182 185
187
186
184
181
150
1124 2221 2656 2710 2700 2700 2710 2720 2720 2720 2700 2680 2650 2660
194
190 192
185
165
180
196
196
199
192
192
191
198
187
181
182
188
197
201
197
204
212
200
205
214
202
207
216
203
209
219
204
211
221
205
213
223
207
215
226
209
217
228
211
219
230
214
222
233
219
167
182
182
182
183
184
185
186
187
188
225 ^227
236
224
186
186
186
^Preliminary.
'Revised
NOTE.—For description and back figures see BULLETIN for October
1956
1956, pp. 1055-1069. Indexes without seasonal adjustment may be obtained from the Division of Research and Statistics.
78
PRODUCTION
OUTPUT OF CONSUMER DURABLE GOODS
[Federal Reserve indexes, 1947-49 average = 100]
1947^9
proportion
Product
Annual
average
1955
1956
1954 1955 Nov. Dec. Jan.
Feb. Mar. Apr. May June July
Aug. Sept. Oct. Nov
SEASONALLY ADJUSTED
CONSUMER DURABLES—TOTAL.
100.00
116
147
151
150
143
137
133
132
124
124
129
127
129
125
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
167 165
196 187
143 148
121 121
126 125
156
171
146
120
124
148
158
141
119
123
143
148
141
117
121
142
142
144
116
121
130
119
142
117
120
130
120
141
115
120
137
122
153
118
122
134
125
143
121
122
135
119
151
123
124
130
117
143
118
122
141
148
136
117
118
111
115
79
124
148
97
214
52
522
138
142
100
151
193
120
242
77
558
134 143
141 152
90 104
146 151
200 227
111 115
237 '240
103 101
494 '506
150
155
113
140
242
134
207
72
465
146
150
110
145
221
133
194
66
439
150
153
111
153
215
139
186
62
423
149
158
110
160
211
122
207
55
496
141
147
107
153
185
125
218
61
517
138
143
117
148
171
124
220
55
536
161
172
125
167
246
125
233
56
569
135 152
142 163
89
98
148 168
200 237
114 118
232 231
69
70
542 538
134
143
92
135 P133
227 P204
105
245 228*
85
90
551 493
Other Consumer Durables
Auto parts and tires
Misc. home and personal goods.
30.28
14.00
16.28
95
91
99
106
102
109
114
108
119
113
113
114
111
106
115
109
104
112
110
105
114
110
104
115
110
100
118
110
100
118
112 115
103 110
121 118
112
104
119
112
114
112
117
in'
WITHOUT SEASONAL ADJUSTMENT
CONSUMER DURABLES—TOTAL.
100.00
116
147
159
148
144
143
143
141
124
124
116
120
113
128
140
Major Durables
Autos
Major household goods
Furniture and floor coverings.
Household furniture
Floor coverings1
Appliances and heaters
Major appliances
Ranges
Refrigeration appliances..
Laundry appliances
Heating apparatus
Radio and television sets
Radio sets
Television sets
69.72
32.10
36.13
15.32
11.31
4.01
15.60
11.88
2.60
4.98
2.51
3.72
5.21
3.42
1.79
125
131
122
101
106
164
190
144
116
120
177
212
150
124
131
165
193
142
125
130
159
173
150
120
124
157
164
153
123
125
157
163
155
121
123
154
162
150
117
118
131
127
136
113
115
130
127
134
112
116
121
127
117
105
114
122
109
136
117
121
111
59
159
124
125
133
105
159
124
127
152
164
142
120
123
111
115
79
124
148
97
214
52
522
138
142
100
151
193
120
242
77
558
131
133
97
113
220
125
279
105
612
130
140
99
130
222
97
224
96
470
148
161
115
157
235
109
239
72
559
156
169
118
165
252
113
233
72
540
168
183
125
194
237
121
218
70
499
162
178
115
197
222
113
209
63
486
143
152
102
173
176
113
184
67
409
143
150
112
174
162
121
174
54
402
125
131
80
149
162
106
130
37
307
121 158
117 158
83 106
107 145
180 251
135 157
238 265
61
66
575 645
142
143
102
109
261
137
312
88
738
Other Consumer Durables
Auto parts and tires
Misc. home and personal goods.
30.28
14.00
16.28
95
91
99
106
102
109
117
108
124
111
104
118
109
107
111
110
101
116
108
101
115
109
103
114
109
104
113
109
103
115
106
101
110
115
109
121
118
116
119
118
110
125
f
Revised.
l Publication suspended pending revision for the period 1952 to date.
NOTE.—Individual indexes without seasonal adjustment for woven
P102
270
91
611
114
iii'
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]
1Private
Business
Total
Industrial
Com- Public
mercial utility
Other
nonresidential
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
972
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
137
177
887
1,388
1,307
1 030
1,297
1 398
2 131
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
Total
Year or month
Total
1949
1950
1951
1952
1953
1954
1955
1956
Public
22,789
28,454
31,182
33,008
35,271
37,782
42,991
44,258
16,384
21,454
21,764
22,107
23,877
25,853
30,572
30,825
Residential
Total
Military
Highway
Conservation
All
other
1955
Dec
3,580
2,519
1,322
870
219
262
389
327
1 061
108
432
46
475
1956
Jan. rr
Feb r
Mar.
Apr rr
May
3,625
3,636
3,570
3,683
2,744
3,754
3,727
3,725
3,701
3,665
3,699
3,729
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
935
952
965
971
976
983
970
961
950
216
220
227
243
263
274
278
279
271
266
263
265
281
289
290
279
274
273
277
274
272
263
416
418
419
419
423
423
425
427
425
423
424
321
323
325
333
337
334
343
337
340
349
362
104
109
101
112
120
131
125
120
121
122
113
470
447
395
436
450
440
411
399
390
390
417
947
265
48
48
51
53
61
59
59
59
58
59
60
259
423
498
510
495
500
505
519
514
530
536
543
558
356
j i?o
,114
042
,101
,136
149
,109
1,108
I 105
1,114
I 148
I 187
120
455
60
552
*.
JUly r
r
Sept.
Oct p
NOV.P
Dec p
Preliminary.
r
Revised.
79
PRODUCTION
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F . W. Dodge Corporation.
Value of contracts, in millions of dollars]
By type of
ownership
Year or month
By type of construction
Total
Public
1949
1950
1951.
1952
1953
1954
1955
1Q^6
10,359
14,501
15,751
16,775
17,443
19,770
23,745
24 413
Private
Residential
building
Nonresidential building
Factories
Commercial
Educational
Other
Public
works
and
public
utilities
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
559
1,142
2,883
2,558
2,051
1,274
1,878
885
1,208
915
979
1,489
1,815
2,359
824
1,180
1,335
1,472
1,720
2,063
2,134
1,376
1,651
1,689
1,686
1,695
1,958
2,126
2,476
2,578
2,723
3,412
4,008
4,142
5,063
1955—Dec
1,921
730
1,190
711
148
197
237
144
483
1956—j a n . . .
Feb
Mar . .
Apr
May
June
July
Aug.
Sent
Oct
Nov
Dec
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
1,354
1,117
1,107
839
694
799
1,105
1,144
1,129
826
758
874
764
656
625
158
171
267
196
159
144
152
138
171
126
130
161
183
206
210
217
224
242
184
195
168
212
190
145
226
203
202
192
196
193
185
185
199
153
131
183
213
242
234
258
232
225
196
189
503
430
395
456
531
577
543
448
485
375
335
CONSTRUCTION CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars]
Total
(11 districts)
Month
1955—Sept
Oct
Nov
1956—Sept
Oct
Nov
Federal Reserve district
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
2,035
1,863
1,797
123
114
116
259
298
276
147
123
114
224
221
184
194
210
177
220
219
218
386
310
334
164
106
116
77
52
47
92
86
81
149
124
134
2,025
1,706
1,689
152
110
285
309
114
81
252
190
167
160
216
203
386
320
112
95
149
113
311
88
183
133
191
330
84
90
53
102
73
119
74
110
66
PERMANENT NONFARM DWELLING UNITS STARTED
[Bureau of Labor Statistics estimates. In thousands of units]
Year or month
1949
1950
1951
1952.
1953
1954
195s?
1956
Total
.
1,025
1 396
1,091
1,127
1 104
1,220
1,329
PI 120
. . .
.
804
897
300
324
QSQ
1,352
1,020
1,069
,068
,202
,310
P .097
21
74
78
99
111
101
70
104
94
71
62
P93
*>80
*>64
64
55
45
21
21
27
35
36
33
31
33
32
29
26
19
74
77
94
110
111
105
99
103
91
*91
*>80
*>64
114
107
.
n.a.
374
315
332
Total
54
58
72
76
78
75
76
75
.
n.a.
1 022
111
795
P Preliminary.
n.a. Not available.
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 *
Private
353
342
1955 Dec
.
Nonmetropolitan
areas
976
779
55
1956 Jan
Feb
Mar
Apr
M.ay
June
July
Aus
Sept
Oct
Nov
Dec
.
Metropolitan
areas
1family
2family
Multifamily
42
34
33
162
159
88
84
94
90
87
66
2
5
66
69
84
100
101
95
90
93
81
n.a.
n.a.
n.a.
2
2
3
3
3
3
3
3
2
n.a.
n.a.
n.a.
5
6
7
8
7
7
6
8
7
n.a.
n.a.
n.a.
792
1,151
892
939
933
1,077
1,190
35
42
40
46
Public
Total
FHA
36
44
71
58
466
686
412
421
361
486
263
280
252
276
VA
36
19
409
583
20
?23
3
670
463
38
16
105
200
149
141
157
307
393
271
22
1
36
1
5
1
31
38
46
13
13
17
20
20
19
18
19
15
16
12
10
23
17
21
26
27
26
25
24
24
24
18
15
3
3
46
45
2
43
3
v2
3>0
PQ
43
39
40
30
25
277
192
figures are based on field office reports of first compliance inspections;
earlier VA figures are estimates based on loans-closed information.
80
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
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
1955—Dec
117,995
69,538
66,592
64,165
58,281
5,884
2,427
48,457
1956—Jan
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
1949
1950
1951
1952
1953
1954
1955..
1956
.
.
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
.
.
Dec
1
Includes self-employed, unpaid family, and domestic service workers.
NOTE.—Information on the labor force status of the population,
relating to persons 14 years of age and over, is obtained through inter-
views of households on a sample basis. Monthly data through June 1955
relate to the calendar week that contains the eighth day of the month;
beginning July 1955, to the calendar week that contains the twelfth day;
annual data are averages of monthly figures.
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Bureau of Labor Statistics. In thousands of persons]
Trade
Finance
Service
3 949
3,977
4 166
4,185
4 221
4,009
4,056
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
7 172
2,827
4,136
11,020
2,254
5,942
7,015
2 876
2,924
2,966
3,003
3,055
3,132
3,056
3,076
3,078
'3,085
3,085
3,077
4,145
4,131
4,127
4,128
4,141
4,164
4,117
4 147
4,149
'4,166
4 160
4,154
11,083
11,105
11,027
11,120
11,110
11,162
11,152
11,211
11,164
11,217
11,212
11,218
2,261
2,273
2,276
2,278
2,289
2,297
2,296
2 320
2,321
'2,324
2 326
2,325
5,952
5,967
5,979
5,979
5,981
5,999
6,017
6 017
6,015
'6,015
6,041
6,063
7,042
7,068
7,095
7,103
7,175
7,161
7,155
7 232
7,271
'7,257
7 257
7,268
783
2,756
4,161
11,849
2,243
5,853
7,324
111
780
783
790
786
812
746
817
818
r
812
809
2,588
2,588
2,669
2,853
3,040
3,257
3,270
3,353
3,340
'3,301
3,193
3,000
4 083
4,083
4,106
4,121
4,138
4,181
4,148
4,178
4,179
'4,177
4,171
4,178
10,920
10,819
10,931
10,928
10,985
11,091
11,015
11,047
11,164
11,288
11,478
12,058
2 238
2,250
2,265
2,278
2,289
2,320
2,342
2,355
2,321
'2,312
2,314
2,313
5,803
5,818
5,859
5,979
6,041
6,089
6,137
6,137
6,105
'6,045
6,011
5,972
7 033
7,084
7,122
7,130
7,203
7,150
6,947
6,960
7,213
'7,298
7,336
7,584
Manufacturing
Mining
43 315
44,738
47 347
48,303
49 681
48,431
49,950
51,483
14,178
14,967
16 104
16,334
17 238
15,995
16,557
16,890
918
889
916
885
852
111
770
795
2 165
2,333
2 603
2,634
2 622
2,593
2,780
3 038
1955—Dec
50,948
16,975
779
1956—Jan
Feb
51,080
51,127
51,057
51,327
51,454
51,600
51,003
51,702
51,676
'51,902
51,943
51,988
16,944
16,879
16,804
16,918
16,909
16,877
16,460
16,890
16,864
'17,026
17,057
17,078
111
780
783
798
794
808
750
809
814
'812
805
805
1955—Dec
51,996
17,027
1956—Jan
50,284
50,246
50,499
50,848
51,197
51,709
50,896
51,881
52,261
'52,455
52,472
53,048
16,842
16,824
16,764
16,769
16,715
16,809
16,291
17,034
17,121
17.222
17^160
17,134
1949
1950
1951
1952
1953
1954
1955
1956
Federal
State and
local
government
Transportation and
public
utilities
Contract
construction
Total
Year or month
SEASONALLY ADJUSTED
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
WITHOUT SEASONAL ADJUSTMENT
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
809
' 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 December 1956 and annual averages for 1956 are preliminary. Back
data may be obtained from the Bureau of Labor Statistics.
81
EMPLOYMENT AND EARNINGS
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
[Bureau of Labor Statistics. In thousands of persons]
Seasonally adjusted
Industry group
1955
Without seasonal adjustment
1956
1955
1956
Dec.
Oct.
Nov.
Dec.
Dec.
Oct.
Nov.
Dec.
13,399
13,248
13,260
13,275
13,451
'13,439
13,368
13,329
Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stons, clay, and glass products
Primary metal products
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Misc. manufacturing industries
7,800
87
667
319
474
1,135
919
1,244
851
1,471
229
404
'7,714
'82
'645
316
'477
1,132
906
'1,290
'905
1,319
'236
'406
7,764
83
621
310
473
1,134
904
1,292
906
1,406
236
399
7,770
83
616
310
474
1,130
901
1,287
895
1,442
234
398
7,838
87
654
325
474
1,141
928
1,250
868
1,471
231
408
'7,751
'82
'664
322
'484
1,132
911
'1,264
'914
1,319
'237
'424
7,813
83
630
318
478
1,134
913
1,279
920
1,406
237
415
7.807
83
604
316
474
1,136
910
1,293
913
1,442
236
402
Nondurable goods
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished textiles
Paper and allied products
Printing, publishing and allied products
Chemical and allied products
Products of petroleum and coal
Rubber products
Leather and leather products
5,599
1,116
95
985
1,105
463
537
553
173
226
346
'5,534
'1,122
•"92
952
'1,075
'463
'558
'549
175
5,496
1,102
92
939
1,085
462
558
550
175
203
330
5,505
1,109
92
932
1,073
468
563
549
175
5,613
1,079
101
1,000
1,122
465
545
556
171
231
346
'5,688
'1,226
'110
952
'1,091
'468
'564
'554
175
'220
'328
5,555
1,126
100
948
1,090
467
564
553
174
206
328
5,522
1,076
98
946
1,089
470
571
552
Total
'218
'330
' Revised.
NOTE.—Data cover production and related workers only (full- and parttime) who worked during, or received pay for, the pay period ending
214
330
173
218
330
nearest the 15th of the month. Figures for December 1956 are preliminary. Back data may be obtained from the Bureau of Labor Statistics.
HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Bureau of Labor Statistics. In unit indicated]
Average weekly earnings
(dollars per week)
Average hourly earning
(dollars per hour)
Average hours worked
(per week)
Industry group
1955
Dec.
1956
Oct.
Nov.
1955
Dec.
1956
Oct.
Nov.
1955
1956
Dec.
Dec.
Oct.
Nov.
Dec.
Total
79.71
84.05
41.3
40.7
40.6
41.0
1.93
2.02
2.03
2.05
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
86.52
86.73
68.47
69.37
79.19
97.21
85.06
93.31
79.68
95.53
80.73
70.04
'89.01
'95.18
73.03
71.55
'81.77
98.74
'89.25
94.73
83.64
'99.48
'83.64
'72.04
89.99 91.34
94.73 96.93
70.58 69.77
69.26 72.14
81.59 82.00
99.31 101.84
88.18 90.30
94.05 96.48
83.64 85.08
101.10 104.35
83.23 83.85
71.73 72.85
42.0
41.3
41.0
42.3
41.9
41.9
41.9
43.2
41.5
41.9
41.4
41.2
'41.4
'42.3
40.8
41.6
'41.3
40.8
'41.9
42.1
41.2
'41.8
41.0
'40.7
41.2
42.1
40.1
40.5
41.0
40.7
41.4
41.8
41.0
42.3
40.8
40.3
41.9
42.7
40.1
41.7
41.0
41.4
42.0
42.5
41.5
43 !3
40.9
40.7
2.06
2.10
1.67
1.64
1.89
2.32
2.03
2.16
1.92
2.28
1.95
1.70
2.15
2.25
1.79
1.72
1.98
2.42
2.13
2.25
2.03
2.38
'2.04
1.77
2.16
2.25
1.76
1.71
1.99
2.44
2.13
2.25
2.04
2.39
2.04
1.78
2.18
2.27
1.74
1.73
2.00
2.46
2.15
2.27
2.05
2.41
2.05
1.79
Nondurable goods
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished products. . .
Paper and allied products
Printing, publishing and allied products
Chemicals and allied products
Products of petroleum and coal
Rubber products
Leather and leather products
70.30
75.66
53.70
58.50
50.83
81.97
94.25
84.85
98.40
89.21
55.91
72.83
'76.41
54.25
'59.20
'53.87
'84.94
'95.80
'87.97
'104.45
90.17
'56.09
73.26 74.03
78.88 78.53
55.44 57.57
60.15 61.00
53.07 54.24
84.74 84.74
94.57 96.68
88.40 89.02
104.86 105.01
88.70 91.46
56.24 57.15
40.4
41.8
39.2
41.2
37.1
43.6
39.6
41.8
41.0
41.3
39.1
39.8
'41.3
39.6
40.0
'36.4
'42.9
'39.1
'41.3
'40.8
40.8
'36.9
39.6
41.3
38.5
40.1
36.1
42.8
38.6
41.5
40.8
40.5
37.0
39.8
40.9
38.9
40.4
36.4
42.8
39.3
41.6
40.7
41.2
37.6
1.74
1.81
1.37
1.42
1.37
1.88
2.38
2.03
2.40
2.16
1.43
1.83
1.85
1.37
'1.48
1.48
1.98
2.45
'2.13
'2.56
2.21
1.52
1.85
1.91
1.44
1.50
1.47
1.98
2.45
2.13
2.57
2.19
1.52
1.86
1.92
1.48
1.51
1.49
1.98
2.46
2.14
2.58
2.22
1.52
82.21 82.42
' Revised.
NOTE.—Data are for production and related workers.
Figures for
December 1956 are preliminary.
Bureau of Labor Statistics.
Back data are available from the
82
DEPARTMENT STORES
DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS
[Federal Reserve indexes, based on retail value figures. 1947-49 average= 100]
Federal Reserve district
Year or month
United
States
New
Boston York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minne- Kansas Dallas
apolis City
San
Francisco
SALESi
104
98
105
109
110
112
111
119
102
99
103
105
104
105
107
112
103
98
101
105
101
102
104
107
104
100
106
109
109
111
109
117
105
98
105
110
110
113
105
115
103
100
105
113
118
121
121
130
103
101
109
115
124
126
129
142
104
97
104
108
106
111
109
118
104
98
104
107
110
112
112
121
104
98
105
104
104
104
105
108
103
99
108
111
113
112
115
123
105
102
113
117
124
125
127
138
104
98
105
109
114
115
114
122
1955 Nov
Dec
122
123
116
114
110
110
121
122
118
119
135
132
143
147
120
121
124
125
110
110
124
124
139
147
126
123
1956 Jan
Feb
Mar
Apr
May
124
118
122
122
122
124
128
128
129
122
111
111
102
111
112
114
116
118
117
114
119
114
105
107
104
110
115
116
117
120
118
116
121
121
125
119
124
117
116
116
120
118
118
128
121
138
129
137
131
135
134
140
145
147
143
143
144
146
147
160
156
120
112
124
117
120
124
123
126
127
123
129
123
129
119
135
129
120
112
127
118
127
118
140
136
157
144
127
117
127
119
120
126
123
157
130
134
116
108
112
112
112
114
113
116
129
103
122
123
117
126
124
125
124
130
131
128
123
"131
144
139
144
144
145
143
152
148
139
134
146
129
124
128
131
122
126
132
131
131
130
132
1955—Nov
Dec
148
212
141
206
139
159
147
165
166
146
149
194
213
205
237
255
204
208
126
180
142
211
158
247
147
217
1956—Jan
Feb
Mar
Apr
May
95
92
111
113
121
119
101
113
131
128
87
84
91
106
112
114
84
95
125
115
143
90
83
84
95
109
113
105
91
111
137
119
140
93
92
112
117
124
119
107
124
128
129
114
111
134
132
143
130
129
138
139
142
166
100
97
110
117
120
120
115
126
128
131
154
108
100
111
130
121
133
126
135
110
101
112
132
126
138
132
143
107
100
110
131
126
134
125
133
1948
1949
1950
1951
1952
1953
1954
1955
SEASONALLY ADJUSTED
July
Aug.
Sept
Oct
WITHOUT SEASONAL ADJUSTMENT
July
Aug
Sept
Oct
Nov
95
113
85
91
90
96
114
87
96
98
97
111
109
106
109
125
122
146
136
109
110
116
115
108
111
83
90
122
120
151
120
117
88
100
131
124
165
114
113
98
110
127
122
152
136
128
111
122
144
144
"179
143
131
128
140
152
150
182
119
121
97
113
132
123
159
129
117
104
118
130
131
161
90
91
91
95
STOCKS i
1948
1949
1950
1951
1952
1953
1954
1955
107
99
109
128
118
126
122
127
105
100
109
124
111
116
117
122
105
97
105
124
113
116
114
107
99
108
127
113
119
116
107
100
106
128
111
118
114
105
101
113
133
130
143
139
108
102
120
140
136
146
141
108
97
108
125
112
122
120
107
100
106
125
114
124
116
115
122
117
146
152
121
124
110
99
104
116
107
115
115
121
132
134
123
126
119
121
128
131
119
124
155
157
159
156
123
127
130
133
128
132
142
143
153
159
140
141
137
138
135
136
134
137
138
141
139
142
124
128
127
128
128
132
132
132
132
131
122
124
122
124
132
131
130
131
123
124
122
123
161
163
159
157
158
164
162
165
131
131
128
131
139
138
133
137
148
148
148
145
143
144
144
149
148
150
158
158
156
154
154
155
157
159
156
158
"157
149
146
142
143
138
142
143
154
148
147
"149
1955—Nov
Dec
149
119
1956—Jan
Feb
Mar
123
131
139
142
139
131
130
138
145
159
SEASONALLY ADJUSTED
1955—Nov
Dec
1956 Jan
Feb
Mar
Apr
May
*
July
AUK
Sept
Oct
Nov
123
129
121
156
160
130
135
126
127
127
123
129
131
132
132
135
135
135
136
124
125
127
126
129
"130
162
159
164
169
174
175
162
161
166
167
174
131
132
133
131
134
135
138
139
136
134
137
138
133
132
130
128
126
128
127
132
128
139
137
144
117
136
110
147
116
135
110
168
131
180
137
143
115
147
120
142
118
158
129
170
143
153
118
113
120
129
133
132
123
118
128
136
148
108
116
125
130
127
119
116
124
130
145
150
115
126
134
140
134
124
119
130
142
156
157
110
119
126
129
126
118
115
123
132
144
"147
144
152
164
168
165
158
155
167
175
192
188
146
162
169
172
161
152
151
163
174
190
"195
118
124
130
134
131
123
124
129
138
153
157
121
131
141
144
135
127
128
136
145
153
156
122
127
134
133
128
121
124
128
134
151
153
133
143
153
151
145
138
138
148
153
162
140
153
162
162
155
144
149
158
166
174
"175
131
136
142
149
148
143
142
148
154
167
WITHOUT SEASONAL ADJUSTMENT
Apr
May
July
AUK
Sept
Oct .
Nov
...
r
»Preliminary.
Revised.
i Figures for sales are the average per trading day, while those for stocks
are as of the end of the month or averages of monthly data.
NOTE.—For description and monthly indexes for back years, see
BULLETIN for December 1951, pp. 1463-1515.
83
DEPARTMENT STORES; FOREIGN TRADE
DEPARTMENT STORE MERCHANDISING DATA
[Based on retail value figures]
Amounts (In millions of dollars)
Sales i
(total
for
month)
Period
Stocks i
(end
of
month)
Outstanding
orders*
(end of
month)
Receipts 2
(total
for
month)
386
358
391
390
397
408
410
Ratios to sales *
New
orders3
(total
for
month)
Stocks
Outstanding
orders
Stocks
plus
outstanding
orders
Receipts
Annual average:
381
361
376
391
397
406
409
435
979
925
,012
,202
,097
,163
,140
,189
494
373
495
460
435
421
388
445
1955_Nov..
Dec.
••552
817
,425
,139
»-488
357
1956—Jan...
Feb...
Mar..
Apr...
May..
June..
July..
Aug..
Sept..
Oct...
348
332
429
385
438
417
337
412
444
485
578
,133
,205
,271
,314
,275
,187
,173
,253
,335
,475
,522
435
450
401
336
338
501
587
573
598
588
477
1948
1949
1950
1951
1952
1953
1954
1955
441
363
358
401
379
401
401
412
446
2.7
2.7
2.8
3.2
2.9
3.0
3.0
2.9
616
541
'522
411
342
404
495
428
399
329
323
492
526
625
625
420
419
446
363
401
492
409
478
551
615
514
2.6
1.4
3.3
3.6
3.0
3.4
2.9
2.8
3.5
3.0
3.0
3.0
2.6
4.1
3.8
4.2
4.4
4.1
4.1
4.0
4.0
1.0
1.0
1.1
1.0
1.0
1.0
1.0
1.0
Month:
p
r
Preliminary.
Revised.
1
These figures are not estimates for all department stores in the United
States. They are the actual dollar amounts reported by a group of department stores located in various cities throughout the country. In 1955,
sales by these stores accounted for about 50 per cent of estimated total
department
store sales.
2
Derived from the reported figures on sales and stocks.
r
0.9
0.4
1.3
1.4
0.9
0.9
0.8
1.2
1.7
1.4
1.3
1.2
0.8
1.1
0.7
4.5
5.0
3.9
4.3
3.7
4.0
5.2
4.4
4.4
4.3
3.5
1.0
1.2
1.2
1.1
0.9
0.8
1.0
1.2
1.2
1.3
1.1
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
Period
Jan
Feb
Mar
Apr....
May
July
Sept
Oct
Nov
Dec
* Preliminary.
'1 Revised.
Exports of domestic and foreign merchandise.
Merchandise exports excluding
military-aid shipments 2
Merchandise imports 3
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
.252
1^320
1,168
1,238
1,344
1,264
1,325
1,319
1,269
1,236
1,256
1,396
1,321
1,405
'1,283
1,361
1,582
1,513
r
l,717
1,690
1,619
1,526
1,522
1,657
^1,515
923
999
871
850
1,019
1,073
1,051
1,102
1,166
1,167
1,222
1,201
1,272
1,478
1.401
1,522
r 1,492
r ,289
r 1,374
1,422
1,556
V .408
833
809
1,259
1,137
1,115
1,023
1,083
1,143
1,252
1,170
,194
,191
,142
,108
,157
,277
,249
.321
13,788
14,136
^16,985
11,630
12,966
»15,415
923
956
962
865
957
829
947
822
825
780
767
840
943
1,011
1,065
1,008
9,274
10,375
871
959
937
885
961
946
991
,093
,033
,051
.050
'993
1,120
*>986
*11,543
2 Department of Defense shipments of grant-aid military equipment
and3 supplies under the Mutual Security Program.
General imports including imports for immediate consumption plus
entries into bonded warehouses.
84
PRICES
CONSUMER PRICES
[Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49= 100]
Housing
All
items
Year or month
1929 .
1933
1941
1945
Foods
Total
Gas
and
electricity
Rent
ApSolid House- House- parel
fuels
hold
furand
nish- operafuel oil ings
tion
Medical
care
Personal
care
Reading
and
recreation
Other
goods
and
sevices
73.3
55 3
62.9
76.9
65.6
41 6
52.2
68.9
102.8
101.8
102.8
111.0
113.5
114.4
114.8
114.5
104.1
100.0
101.2
112.6
114.6
112.8
112.6
110.9
101.7
103.3
106.1
112.4
114 6
117.7
119.1
120.0
100.7
105.0
108.8
113.1
117.9
124.1
128.5
130.3
100.0
102.5
102.7
103.1
104 5
106.6
107.9
110.7
104.4
106.8
110.5
116.4
118.7
123.9
123.5
125.2
103.2
99.6
100.3
111.2
108 5
107.9
106.1
104.1
102.6
100.1
101.2
109.0
111.8
115.3
117.4
119.1
103.5
99.4
98.1
106.9
105 8
104.8
104.3
103.7
100.9
108.5
111.3
118.4
126 2
129.7
128.0
126.4
100.9
104.1
106.0
111.1
117.3
121.3
125.2
128.0
101.3
101.1
101.1
110.5
111 8
112.8
113.4
115.3
100.4
104.1
103 4
106.5
107 0
108.0
107.1
106.6
100.5
103.4
105.2
109.7
115.4
118.2
120.2
120.2
1955—Nov.
Dec
115.0
114.7
109.8
109.5
120.9
120.8
130.9
131.1
111.5
111.5
126.7
128.0
104.5
103.4
120.5
120.7
104.7
104.7
128.5
127.3
129.8
130.2
117.5
117.9
106.8
106.8
120.6
120.6
1956 Jan
Feb
Mar
Apr
May
June
July
Aus
Sept
Oct
Nov
114.6
114.6
114.7
114.9
115.4
116.2
117.0
116.8
117.1
117.7
117.8
109.2
108.8
109.0
109.6
111.0
113.2
114.8
113.1
113.1
113.1
112.9
120.6
120.7
120.7
120.8
120.9
121 4
121.8
122.2
122.5
122.8
123.0
131.4
131.5
131.6
131.7
132.2
132 5
133.2
133.2
133.4
133.4
133.8
111.7
111.7
111.7
111.8
111.8
111 7
111.7
112.1
112.2
112.0
111.8
129.5
130.0
130.6
129.7
127.9
128 4
128.7
129.5
130.5
132.9
134.3
102.0
102.5
103.1
102.7
102.6
102.8
102.8
102.6
103.3
103.6
103.8
121.2
121 A
121.6
122.1
122.4
122.6
123.0
123.4
123.7
124.2
124.5
104.1
104.6
104.8
104.8
104.8
104 8
105.3
105.5
106.5
106.8
107.0
126.8
126.9
126.7
126.4
127.1
126 8
127.7
128.5
128.6
132.6
133.2
130.7
130.9
131.4
131.6
131.9
132.0
132.7
133.3
134.0
134.1
134.5
118.5
118.9
119.2
119.5
119.6
119 9
120.1
120.3
120.5
120.8
121.4
107.3
107.5
107.7
108 2
108.2
107 6
107.7
107.9
108.4
108.5
109.0
120.8
120.9
121.2
121.4
121.5
121.8
122.2
122.1
122.7
123.0
123.2
1948
1949
1950
1951
1952
1953
1954
1955
.
117.4
83 6
88.4
90.9
Transportation
60.3
45 9
55.6
76.3
NOTE.—Revised indexes, reflecting, beginning January 1953, the inclusion of new series (i.e. home purchases and used automobiles) and re-
vised weights. Prior to January 1953, indexes are based on the "interim
adjusted" and "old" indexes, converted to the base 1947-49= = 100.
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Bureau of Labor Statistics index.
1947-49= 100]
Other commodities
Year or
month
1955
Nov
Dec
r
Processed
foods
Total
Textile
products
and
apparel
Hides,
skins,
and
leather
products
Fuel,
power,
and
lighting
materials
Chem- Rubicals
ber
and
and
allied
prodproducts
ucts
1956
Revised.
.
111.2
111.3
84.1
82.9
111.9
112.4
112.8
113.6
114.4
114.2
114.0
114.7
115.5
115.6
115.9
84.1
86.0
86.6
88.0
90.9
91.2
90.0
89.1
90.1
88.4
87.9
98.8 119.4
98.2 119.8
98.3
99.0
99.2
100.4
102.4
102.3
102.2
102.6
104.0
103.6
103.6
120.4
120.6
121.0
121.6
121.7
121.5
121.4
122.5
123.1
123.6
124.2
95.6
95.6
95.7
96.0
95.9
95.1
94.9
94.9
94.9
94.8
94.8
r
95.3
95.4
Ma-
Furni-
ucts
bles
100.9
106.6
108.6
119.0
121.5
123.0
124.6
128.4
105.3
114.
112.0
114.2
115.4
115.9
Lum- Pulp, Metals chinture Nonmeber
and
ery
paper, and
and
and metal and
other tallic
minwood allied prodmo- house- eral
Is—
prod- prod- ucts
tive
hold
ucts
prod- dura- strucucts
tural
104.4 107.3 106.
103.4 104.4 102.1 107.1 103.8 102.1 107.2 102.9
99.2 92.8 95.7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5
103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9
114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6
111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5
110.1 97.0 104.6 114.0 97.3 98.5 109.5 105.7 125.0 120.2 116.1
110.3 95.6 105.3 114.5 95.2 94.2 108.1 107.0 126.9 118.0 116.3
110.7 89.6 101.7 117.0 95.3 93.8 107.9 106.6 143.8 123.6 119.3
1948
1949
1950
1951
1952
1953
1954
1955
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
All
com- Farm
modi- products
ties
103.9
104.8
110.3
122.8
123.0
126.9
128.0
136.6
Tobacco
mfrs. Misand cellab<•ottled neous
beverages
101.4 101.7 100.4 103.1
103.1 104.4 101.6 96.1
106.9 102.4 96.6
113.6 108. 104.9
113.6 110.6 108.3
118.2 115.7 97.8
120.9 120.6 102.5
124.2 121.6 92.0
96.4 108.6 106.6 150.6 125.0 123.2 142.9 132.5 117.2 125.2 121.7
96.7 109.3 106.6 151.0 125.1 123.6 143.9 133.0 117.3 125.4 121.7
96.7
97.1
97.7
100.6
100.0
100.2
100.
100.0
100.2
99.7
99.8
111.0
111.2
110.9
110.6
110.8
110.5
110.7
110.9
111.1
r
111.7
111.2
106.3
106.4
106.5
106.9
106.9
107.1
107.3
107.3
107.1
107.7
108.2
148.4
147.1
146.2
145.0
143.5
142.8
143.3
146.9
145.7
145.8
146.9
126.3
126.7
128.0
128.5
128.0
127.3
126.6
125.2
123.6
122.0
121.5
124.8
125.4
126.8
127.4
127.3
127.4
127.7
127.9
127.9
r
128.1
127.8
145.1
145.1
146.5
147.7
146.8
145.8
144.9
150.2
151.9
r
152.2
152.1
133.3
133.9
134.7
135.7
136.5
136.8
136.9
137.7
139.7
141.1
143.4
118.0
118.2
118.
118.0
118.0
118.
118.3
119.
r 119.7
121.0
121.1
127.0
127.1
127.9
128.6
128.6
128.9
130.6
130.8
131.1
131.5
131.2
121
121
121
121
121.6
121.6
121.7
122.5
122.8
123.1
123.5
88.0
89.6
88.7
88.2
92.1
96.1
92.9
91.3
91.1
89.9
89.2
91.2
85
PRICES
WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued
[Bureau of Labor Statistics index, 1947-49= 100]
1955
Subgroup
1956
Nov.
Sept.
Oct.
102.6
79.8
62.2
100.9
95.0
98.9
75.8
140.1
95.3
90.7
75.7
98.4
96.1
91.2
76.5
152.9
97.6
84.0
73.0
100.0
r
97.2
87.4
78.6
149.9
115.1
77.8
105.9
107.7
109.7
176.6
97.4
114.6
89.3
109.7
106.8
110.0
201.5
95.9
115.3
85.7
110.9
106.4
110.8
201.6
95.3
93.2
102.8
85.8
120.8
99.0
72.5
91.5
103.9
80.4
120.1
99.7
74.7
92.7
104.8
80.9
123.6
99.7
75.3
92.8
106.1
80.3
122.7
99.7
76.2
60.2
87.7
115.4
96.2
63.3
90.8
120.5
98.5
57.8
90.8
120.7
r
98.6
109.0
138.8
110.8
94.3
115.0
114.4
156.3
110.3
94.9
118.4
121.0
156.3
111.1
94.9
118.3
59.0
90.8 Furniture and Other Household Dura120.8
bles:
98.6
Household furniture
Commercial furniture
Floor covering
121.9
Household appliances
156.3
Radio
111.1
Television
,
94.9
Other household durable goods
117.5
Nonmetallic Minerals—Structural:
119.3
115.0
97.1
92.3
57.6
108.5
112.3
104.6
121.9
119.1
97.9
91.9
55.4
109.6
104.5
103.4
122.6
"122.4
98.8
91.9
55.8
109.5
104.1
103.6
Flat glass
122.5
Concrete ingredients
123.6
Concrete products
99.4
Structural clay products
92.1
Gypsum products
57.6
Prepared asphalt roofing
109.5
Other nonmetallic minerals
105.7
104.2 Tobacco Manufacturers and Bottled
Beverages:
166.8
151.8
139.4
142.2
153.4
139.1
141.9
153.4
139.5
147.0
153.4
139.5
126.4
127.9
105.9
125.2
129.2
99.2
123.6
128.6
96.1
123.1
128.5
94.8
114.2
133.9
131.7
118.0
97.5
138.9
118.0
92.5
139.1
118.0
77.3
139.2
Farm Products:
Fresh and dried produce
Grains
Livestock and poultry
Plant and animal fibers
Fluid milk
Eggs
Hay and seeds
Other farm products
Processed Foods:
Cereal and bakery products
Meats, poultry, and fish
Dairy products and ice cream
Canned, frozen fruits, and vegetables
Sugar and confectionery
Packaged beverage materials
Other processed foods
1955
Subgroup
Nov.
Pulp, Paper, and Allied Products—
Continued:
104.3
87.9
Paperboard
68.6
Converted paper and paperboard
100.8
Building paper and board
98.8
79.3 Metals and Metal Products:
84.0
147.4
Iron and steel
Nonferrous metals
Metal containers
Hardware
115.8
Plumbing equipment
82.7
Heating equipment
113.6
Fabricated structural metal products
106.4
Fabricated
nonstructural
metal
111.8
products
201.6
95.7 Machinery and Motive Products:
Textile Products and Apparel:
Cotton products
Wool products
Synthetic textiles
Silk products
Apparel
Other textile products
Hides, Skins, and Leather Products:
Hides and skins
Leather
Footwear
Other leather products
Fuel, Power, and Lighting Materials:
Coal
Coke
Gas
Electricity
Petroleum and products
Chemicals and Allied Products:
Industrial chemicals
Prepared paint
Paint materials
Drugs, Pharmaceuticals, cosmetics. .
Fats and oils, inedible
Mixed fertilizers
Fertilizer materials
Other chemicals and products
Rubber and products:
Crude rubber
Tires and tubes
Other rubber products
Lumber and Wood Products:
Lumber
Millwork
Plywood
Pulp, Paper, and Allied Products:
Woodpulp
Wastepaper
Paper
r
Revised.
Agricultural machinery and equipment
Construction machinery and equipment
Metal working machinery
General purpose machinery and
equipment
Miscellaneous machinery
Electrical machinery and equipment
Motor vehicles
Cigarettes
Cigars
Other tobacco products
Alcoholic beverages
Nonalcoholic beverages
1956
Nov.
Sept.
Oct.
Nov.
130.1
119.0
133.3
136.3 136.3
123.8 124.3
138.1 138.1
J36.2
124.3
138.1
146.0
153.9
138.0
151.6
133.1
117.4
127.6
161.5 161.1
154.8 r 154.1
143.4 143.4
158.8 159.8
133.9 133.9
121.0 '•121.9
137.1 137.1
162.4
149.7
147.5
160.1
133.9
121.9
137.2
132.1
136.9
141.2
141.2
126.1
127.4 129.5
130.9
142.4
148.0
151.5 154.7
159.6 1 6 1 . 4
155.5
163.0
140.4
133.5
151.6 1 5 3 . 0
138.9 1 4 0 . 4
153.7
141.6
131.4
126.5
142.0 143.2
129.4 130.8
143.7
135.9
116.4
137.1
128.7
106.3
89.8
69.5
136.0
120.4 120.8
146.8 146.8
131.9 131.8
105.5 106.5
91.1
91.0
70.1 '69.9
140.2 1 4 5 . 0
121.2
146.8
131.9
106.7
91.1
71.0
145.0
131.1
125.6
120.2
144.5
122.1
101.0
122.0
135.7
130.7
124.8
150.1
127.1
117.5
123.6
135.7
131.6
125.0
150.1
127.1
117.5
124.3
135.7
131.6
125.3
150.3
127.1
114.9
124.3
124.0
104.2
122.5
114.7
148.1
124.0
104.2
122.5
116.9
148.4
124.0
104.2
122.5
117.2
148.7
124.0
104.2
122.5
118.1
148.7
114.3
67.8
91.0
104.3
122.9
116.6 116.7
68.2
69.6
96.5
96.5
104.8 105.2
124.8 124.7
116.8
71.9
96.5
105.2
125.1
Miscellaneous:
Toys, sporting goods, small arms
Manufactured animal feeds
Notions and accessories
Jewelry, watches, photo equipment..
Other miscellaneous
86
NATIONAL PRODUCT AND INCOME
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
[Department of Commerce estimates. In billions of dollars]
Seasonally adjusted annual rates
by quarters
Annual totals
Item
1955
1929
Gross national product
Less: Capital consumption allowances.....
Indirect business tax and related liabilities
Business transfer payments
,
Statistical discrepancy
,
Plus: Subsidies less current surplus of government enterprizes
Equals: National income
Less: Corporate profits and inventory valuation adjustment
,
Contributions for social insurance
,
Excess of wage accruals over disbursements
,
Plus: Government transfer payments
Net interest paid by government
,
Dividends
Business transfer payments
Equals: Personal income
Less: Personal tax and related payments
Federal
State and local
Equals: Disposable personal income
Less: Personal consumption expenditures....
104.4
1933
1941
1950
1951
1952
1953
1954
1956
1955
56.0 125.8 285.1 328.2 345.4 363.2 360.7 390.9 396.8 401.9 403.4 408.3 413.8
8.6
7.2
9.0
20.5
23.5
23.9
26.5
28.8
31.3
31.7
32.2
32.9
33.6
34.4
7.0
.6
.3
7.1
.7
.9
11.3
.5
.4
23.7
.8
.2
25.6
1.0
1.3
28.1
1.2
2.0
30.2
1.4
2.6
30.2
1.4
1.8
32.5
1.4
1.8
32.8
1.4
2.7
33.4
1.4
33.7
1.4
1.1
34.1
1.4
1.1
35.1
.1
.2
.7
.7
-.1
87.8
.0
-.1
-.4
-.2
.1
.3
.2
40.2 104.7 240.0 277.0 290.2 302.1 298.3 324.0 328.3
10.1 - 2 . 0
.3
.2
.0
.0
1.5
.9
1.2
1.0
5.8
2.1
.6
.7
85.8
47.2
2.6
1.3
1.5
1.4
.5
83.1
1.0
14.5
2.8
35.1
6.9
39.9
8.2
36.9
8.6
36.0
8.7
32.9
9.7
40.9
11.1
334.4
41.6 43.4
11.3 11.4
.0
2.6
1.3
4.5
.5
.0
14.3
4.7
9.2
.8
.1
11.6
4.8
9.1
1.0
.0
12.0
4.9
9.0
1.2
-.1
12.9
5.0
9.3
1.4
.0
15.0
5.2
10.0
1.4
.0
16.1
5.2
11.2
1.4
-.6
16.0
5.2
11.0
1.4
.0
16.3
5.3
12.1
1.4
1.4
.3
.9
334.9 338.7
343.5
40.9
12.1
39.8
12.3
40.4
12.7
.0
16.9
5.4
11.8
1.4
.0
17.3
5.5
12.2
.0
17.2
5.6
1.4
12.3
1.4
96.3 227.1 255.3 271.8 286.0 287.3 306.1 309.6 314.6 317.5 322.9 326.9
3.3
2.0
1.3
20.9
18.2
2.7
93.0 206.1
79.0
45.7
81.9 194.0
4.2
46.4
11.1
Equals: Personal saving
.2
.6
12.1
29.3
26.3
3.0
226.1
208.3
34.4
31.2
3.2
35.8
32.4
3.4
32.9
29.1
3.8
35.5
31.3
4.2
35.9
31.7
4.2
36.3
32.0
4.3
37.3
32.9
4.4
38.1
33.6
4.4
38.8
34.1
4.6
237.4 250.2 254.4 270.6 273.8 278.4 280.2 284.9 288.2
218.3 230.5 236.5 254.0 257.8 259.5 261.7 263.7 266.8
19.0
19.7
17.9
16.6
15.9
18.8
18.6
21.2
21.4
17.7
-.6
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
[Department of Commerce estimates. In billions of dollars]
Seasonally adjusted annual rates
by quarters
Annual totals
Item
1955
1929
1933
1941
1950
1951
1952
1953
1954
3
Private
Military.
Government civilian
Business and professional
Corporate profits and inventory valuation
adjustment
Corporate profits before tax
Corporate profits after tax
Inventory valuation adjustment
Net interest
1
4
1
2
3
87.8
40.2 104.7 240.0 277.0 290.2 302.1 298.3 324.0 328.3 334.4 334.9 338.7 343.5
51.1
50.4
45.5
.3
4.6
.7
20.2
8.8
6.0
5.4
29.5
29.0
23.9
.3
4.9
.5
7.6
3.2
2.4
2.0
64.8 154.3 180.4 195.1 208.1 206.9 223.2 226.8 230.3 233.0 237.2 240.4
62.1 146.5 170.9 184.9 197.3 195.5 210.4 213.6 217.0 219,4 223.5 226.2
51.9 124.3 142.1 152.0 163.5 161.2 174.5 177.5 180.5 182.5 186.2 188.3
5.0
9.8
9.6
9.5
1.9
9.8
9.7
9.5
8.7 10.5 10.3 10.0
8.3 17.2 20.1 22.5 23.5 24.4 26.1 26.4 26.8 27.3 27.8 28.5
2.7
7.8
9.5 10.2 10.8 11.4 12.8 13.2 13.3 13.6 13.8 14.2
20.9
10.9
6.5
3.5
44.6
22.9
13.3
8.5
49.9
24.8
16.0
9.1
10.1 - 2 . 0 14.5 35.1 39.9
9.6
.2 17.0 40.0 41.2
1.4
.5
7.6 17.8 22.5
8.3 - . 4
9.4 22.1 18.7
.5 - 2 . 1 - 2 . 5 - 4 . 9 - 1 . 3
6.4
5.0
4.5
5.9
6.8
Includes employee contributions to social insurance funds.
1956
1955
50.8
25.7
15.1
9.9
49.3
25.9
13.3
10.2
36.9 36.0
35.9 37.0
19.8 20.3
16.1 16.7
1.0 - 1 . 0
7.4
8.7
48.9
25.9
12.5
10.5
49.9
28.9
11.3
9.7
50.7
29.5
11.6
9.7
32.9 40.9 41.6 43.4 40.9 39.8
33.2 42.7 43.5 46.4 43.7 42.9
16.8 21.5 22.0 23.4 22.1 21.7
16.4 21.1 21.5 23.0 21.6 21.3
- . 3 -1.7 -1.9 -3.0 -2.8 -3.1
40.4
41.2
20.8
20.4
-.8
9.7
49.1
27.3
11.7
10.1
10.8
49.0
27.7
11.3
10.0
11.0
49.3
28.0
11.4
9.8
11.3
49.5
28.2
11.5
9.8
11.5
2 Includes noncorporate inventory valuation adjustment.
11.7
12.0
87
NATIONAL PRODUCT AND INCOME
GROSS NATIONAL PRODUCT OR EXPENDITURE
[Department of Commerce estimates. In billions of dollars]
Seasonally adjusted annual rates
by quarters
Annual totals
Item
1955
1929
1933
1941
1950
1951
1952
1953
1954
3
104.4
79.0
9.2
37.7
32.1
Durable goods
Nondurable goods
Other
Producers' durable equipment
Nonfarm only
.8
Government
purchases
of
goods
and
Federal
National security
Other
8.5
1.3
\
i
i
7.2
State and local
4
1
3
2
56.0 125.8 285.1 328.2 345.4 363.2 360.7 390.9 396.8 401.9 403.4 408.3 413.8
46.4
3.5
22.3
20.7
16.2
1.4
8.7
1.4
3.6
.5
5.1
1.0
5.9
1.6
1.7 - 1 . 6
1.8 - 1 . 4
New construction *
1956
1955
81.9 194.0 208.3 218.3 230.5 236.5 254.0 257.8 259.5 261.7 263.7 266.8
9.7 28.6 27.1 26.6 29.8 29.4 35.7 37.2 35.4 34.8 33.4 33.0
43.2 100.4 111.1 116.1 119.1 120.9 126.2 127.6 129.2 130.5 132.3 134.0
29.0 65.0 70.1 75.6 81.7 86.3 92.1 92.9 94.9 96.4 98.0 99.7
18.1
6.6
3.5
3.1
6.9
4.5
4.0
51.2
22.7
12.6
10.1
21.1
7.4
6.4
56.9
23.3
11.0
12.4
23.2
10.4
9.0
49.8
23.7
11.1
12.6
23.1
3.0
2.1
.2
1.1
-2.2
.2
-.2
-2.0
8.0
2.0
/
2.0 {
.0
6.0
24.8
16.9
13.8
42.0
22.1
18.5
3.9
.3
19.9
62.8
41.0
37.3
4.2
.4
21.8
77.5
54.3
48.8
5.8
.4
23.2
84.4
59.5
51.5
8.4
.4
24.9
3.2
7.8
Includes expenditures for crude petrolum and natural gas drilling.
50.3 48.0
25.8 27.9
11.9 13.5
13.8 14.4
24.3 22.4
.3 - 2 . 3
.9 - 2 . 7
60.6
32.7
16.6
16.1
23.7
4.2
3.8
62.3
33.5
17.2
16.4
25.0
3.7
3.4
65.1
33.0
16.2
16.8
25.9
6.1
5.9
63.1
32.6
15.3
17.3
26.4
4.1
4.2
64.7
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
-.4
-.5
.2
-.8
.1
1.2
1.7
76.5
48.9
43.0
6.3
.4
27.6
76.8
46.7
41.2
5.9
.4
30.1
76.5
46.6
41.3
5.8
.4
29.9
78.1
47.2
40.6
7.1
.5
30.9
78.5
46.4
40.5
6.3
.4
32.1
78.7
46.1
40.7
5.8
.4
32.6
80.2
47.2
41.9
5.7
.4
33.0
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 *
Personal
income
Total
Commodity Distributive
produc- indusing intries
dustries
Service
industries
Government
Other
labor
income2
DiviProdends
prietors' and
perand
sonal
rental
income3 interest
income
Transfer
payments4
Less
personal
Noncontributions agricultural
for
social income'
insurance 5
1929
1933
1941
85.8
47.2
96.3
50.4
29.0
62.1
21.5
9.8
27.5
15.6
8.8
16.3
8.4
5.2
8.1
4.9
5.1
10.2
.6
.4
.7
20.2
7.6
20.9
13.2
8.3
10.3
1.5
2.1
3.1
.1
.2
.8
77.7
43.6
88.0
1950
1951
1952
1953
1954
1955
227.1
255.3
271.8
286.0
287.3
306.1
146.5
170.8
184.9
197.4
195.5
210.4
63.5
74.9
80.4
87.7
83.6
90.9
19.5
21.3
23.0
24.5
25.8
28.2
22.2
28.8
32.9
33.9
34.3
35.9
3.8
4.8
5.3
6.0
6.3
7.0
44.6
49.9
50.8
49.3
48.9
49.1
19.8
20.7
21.3
23.0
24.9
27.3
15.1
12.6
13.2
14.3
16.4
17.6
314.5
317.5
217.2
218.2
94.2
94.5
29.3
29.4
36 4
36.7
7 2
7.3
49 6
49.2
28 1
30.2
17.7
18.0
2.9
3.4
3.8
3.9
4.6
5.2
5.3
5.4
210.5
235.7
253.1
269.2
271.4
290.9
1955—Nov
Dec
41.3
45.8
48.7
51.3
51.8
55.4
57.3
57.6
1956—Jan
Feb
Mar
Apr
May
June
July
316.7
317.1
318.6
321.7
322.8
324.9
324.3
328.1
328.5
332.5
333.6
219.0
218.9
220.3
222.9
223.2
225.2
224.0
227.1
228.5
229.7
230.7
94.8
94.7
95.1
96.8
96.8
97.5
95.9
98.3
99.1
100.6
101.2
57.9
57.9
58.4
59.1
59.1
59.9
59.9
60.3
60.5
60.2
60.4
29.5
29.5
29.6
29.8
30.0
30.2
30.4
30.6
30.8
30 9
31.1
36.8
36.8
37 2
37.2
37.3
37.6
37.8
37 9
38.1
38 0
38.0
7.3
7.2
7.2
7.2
7.2
7.3
7.3
7.3
7.3
7 4
7.4
49.4
49.7
49.5
49.7
50.1
50.0
50.5
51 0
50.9
52 3
52.0
28.5
28.7
28.8
29.1
29.4
29.6
29.7
29.8
30.0
30.2
30.4
18.2
18.3
18.5
18.6
18.7
18.6
18.6
18.8
18.7
18.9
19.1
5.7
5.7
5.7
5.8
5.8
5.8
5.8
5.9
5.9
6.0
6.0
301.6
301.5
304.0
306.8
307.6
310.3
309.4
312.8
313.4
316.3
317.7
Sent
Oct
NOV.P
v Preliminary.
1 Monthly data are seasonally adjusted totals at annual rates.
2 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
299.4
302.8
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.
Financial Statistics
* International *
International capital transactions of the United States
90
Gold production.
94
Net gold purchases and gold stock of the United States
95
Reported gold reserves of central banks and governments
96
Estimated foreign gold reserves and dollar holdings.
97
International Bank and Monetary Fund.
98
Central banks
98
Money rates in foreign countries
103
Foreign exchange rates
104
Index to statistical tables.
115
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
89
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.
90
INTL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1
[Amounts outstanding, in millions of dollars]
In-
ternational
institutions 2
Date
Total foreign
countries
Official
and
France
Officials
Germany,
Fed.
Rep.
of
Italy
Switz- United
erKingland
dom
Other
Europe
Total
Europe
Canada
Latin
America
Asia
All
other
private
1952—Dec. 3 1 . . . .
1953—Dec. 3 1 . . . .
1954_Dec. 3 1 . . . .
1,585
1,629
1,770
8,961
10,019
11,153
4,654
5,667
6,774
343
429
715
1,373
309
466
579
642
674
672
818
709
640
1,093
1,558
1,642
3,755
4,734
5,621
1,421
1,296
1,536
1,613
1,768
1,906
1,837
1,896
1,825
336
326
265
1955_Nov. 3 0 . . . .
Dec. 3 1 . . . .
1,823
1,881
11,823
11,722
6,964
6,956
1,069
1,081
1,431
1,454
810
785
747
757
645
548
1,489
1,516
6,190
6,141
1,125
1,032
1,946
2,000
2,217
2,189
344
360
1956—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
31....
29....
31....
30....
31....
30....
31....
31*...
30P...
11,873
12,000
12,459
12,511
12,534
12,650
12,827
12,999
13,227
13,116
13,096
6,989
7,055
7,395
7,339
7,441
7,461
7,457
47,766
7,929
7,960
7,849
1,066
1,035
1,123
Sept.
1,867
1,876
1,894
1,978
2,001
2,007
2,016
1,998
2,005
2,015
2,008
1,458
1,467
1,487
1,524
1,580
1,638
1,686
1,759
1,805
1,852
1,849
785
798
806
812
831
861
864
898
925
936
920
741
739
733
742
709
737
758
797
812
791
797
657
679
766
777
753
746
837
654
737
636
623
1,561
1,596
1,622
1,822
1,676
1,616
1,634
1,711
1,699
1,721
1,653
6,268
6,314
6,538
6,545
6,456
6,475
6,592
6,591
6,733
6,669
6,481
1,084
1,089
1,178
1,207
1,269
1,285
1,352
1,436
1,437
1,436
1,448
1,952
2,001
2,105
2,165
2,180
2,182
2,194
2,266
2,322
2,279
2,422
2,216
2,244
2,283
2,278
2,306
2,362
2,370
2,391
2,414
2,417
2,413
353
353
355
316
323
347
319
315
322
316
332
Oct. 312*...
Nov. 30*...
867
907
877
813
771
754
733
639
551
899
Table la. Other Europe
NethFinerland Greece lands
Norway
Portugal
203
243
249
110
119
103
159
176
173
164
200
188
183
184
182
165
160
141
150
158
166
183
183
193
223
227
206
201
180
168
162
131
Other
Europe
Austria
Belgium
Denmark
1952—Dec. 31.
1953—Dec. 31.
1954—Dec. 31.
,093
,558
,642
91
191
273
124
130
100
70
96
71
29
38
41
47
101
113
1955—Nov. 30.
Dec. 31.
,489
,516
270
261
98
108
64
60
44
49
1956—Jan. 31.
Feb. 29.
Mar. 31.
Apr. 30.
M a y 31.
June 30.
July 31.
Aug. 31*
Sept. 30*
Oct. 312>
Nov. 30*
,561
,596
,622
,822
,676
1,616
1,634
1,711
1,699
1,721
1,653
254
253
252
246
242
247
251
266
276
300
297
113
115
124
123
107
105
108
110
117
118
125
64
69
71
71
67
68
69
68
64
70
68
45
46
45
49
49
47
50
58
55
56
53
Date
Turkey
Yugo- All
slavia other
Spain
Sweden
57
72
91
19
36
71
91
117
141
68
79
125
132
112
104
149
153
200
201
63
49
51
52
51
52
54
54
63
57
57
127
128
133
134
135
124
124
125
132
133
133
102
103
99
102
96
90
85
75
68
55
52
154
160
171
167
162
169
188
182
190
202
199
226
273
270
447
334
319
321
431
390
385
341
Panama,
Republic of
Peru
El
Salvador
Uruguay
Ru-
224
388
363
14
Table lb. Latin America
Latin
BoAmer- Argenlivia
tina
ica
Date
1952 Dec 31
1953—Dec. 31
1954—Dec. 31
1955 Nov 30
Dec 31
1956 Jan
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
31
29
31
30
31
30
31
31*
30*
31*
302'
Preliminary.
.
Brazil Chile
Colombia
Cuba
NethDoerminlands
ican Guate- Mex- West
ReIndies
mala
ico
puband
lic
Surinam
Other
Vene- Latin
zuela America
1,613
1,768
1,906
139
130
160
24
19
29
73
102
120
79
79
70
118
150
222
301
341
237
44
39
60
34
38
35
231
183
329
44
52
49
81
90
74
61
68
83
26
27
30
94
110
90
146
222
194
117
119
124
1 946
2,000
153
24
75
95
255
253
41
45
379
414
42
47
87
86
92
22
24
63
131
66
65
92
26
149
143
120
138
65
261
265
117
112
1 952
2,001
2,105
2 165
2,180
2,182
2,194
2,266
2,322
2,279
2,422
138
143
140
128
120
125
138
136
141
148
150
28
28
27
27
25
25
28
30
25
24
27
156
192
215
193
198
217
238
228
259
241
248
79
80
98
87
91
101
89
93
106
95
85
133
133
136
147
139
138
133
125
123
126
140
227
223
238
255
261
263
267
263
271
250
228
65
65
66
64
65
68
66
66
64
71
69
51
58
64
67
68
66
63
60
53
52
55
399
407
419
416
386
358
355
376
396
408
422
49
49
51
53
56
62
62
68
70
67
67
81
78
82
89
94
94
98
101
104
104
100
90
93
92
87
83
80
75
83
82
84
86
34
43
46
46
44
45
39
31
25
19
21
69
74
73
74
66
67
71
82
76
72
70
239
213
224
298
349
331
341
399
405
402
541
113
124
134
133
136
141
131
125
122
115
113
For other footnotes see following page.
91
INT'L CAPITAL TRANSACTIONS OF THE U. S.
TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued
[Amounts outstanding, in millions of dollars]
Table lc. Asia and All Other
Asia
Date
Total
Formosa
and Hong
China Kong India
Mainland
All other
Korea, PhilUnion
BelReof
Thai- Other Total Aus- gian
Israel Japan pubipland
tralia Congo Egypt South Other
pines
lic
Africa
Of5
Indo- Iran
nesia
1952—Dec. 31
1953—Dec. 31
1954_Dec. 31
1,837
1,896
1,825
76
74
70
71
68
61
65
99
87
61
39
100
19
44
31
19
18
41
808
828
725
54
92
96
315
295
257
181
168
123
167
171
234
336
326
265
47
59
48
119
90
44
60
43
47
24
38
33
87
96
94
1955_Nov. 30
Dec. 31
2,217
2,189
76
75
57
55
89
73
145
174
37
37
49
53
952
901
91
88
254
252
129
138
339
343
344
360
75
75
44
42
71
72
35
53
120
119
1956—Jan. 31
Feb. 29
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31^
Sept. 30?
Oct. 3 1 * \ . . .
Nov. 30^
2,216
2,244
2,283
2,278
2,306
2,362
2,370
2,391
2,414
2,417
2,413
77
77
76
75
76
79
79
83
85
88
94
55
56
57
58
55
54
55
59
60
59
62
70
69
83
75
64
82
81
81
74
61
69
159
164
155
133
124
117
102
154
158
180
185
33
23
28
25
32
31
38
32
36
31
22
57
61
55
48
49
55
56
51
43
38
36
926
944
964
999
1,014
1,047
1,063
1,054
1,075
1,065
1,049
85
83
89
92
92
95
96
98
98
98
100
261
262
268
274
277
282
275
275
278
281
274
144
149
151
146
143
141
141
142
142
140
144
347
355
357
354
380
379
383
361
365
375
378
353
353
355
316
323
347
319
315
322
316
332
75
78
76
58
58
79
72
69
71
74
82
42
42
43
43
40
41
42
47
47
45
42
71
70
68
65
62
62
54
50
48
46
46
43
35
43
32
37
30
34
33
34
34
43
121
128
124
118
125
135
116
116
122
116
119
Table Id. Supplementary Areas and Countries6
End of year
End of year
Area or country
Area or country
1952
1953
1954
1955
Other Europe:
Albania
Azores
British dependencies
Bulgaria
Czechoslovakia 7
Eastern Germany
Estonia
Hungary
Iceland
Ireland, Republic of
Latvia
Lithuania
Luxembourg
Monaco
Poland?
Trieste
U. S. S. R.7
.2
.3
.4
.6
.6
n.a.
1.9
1.0
3.7
12.6
1.3
.6
5.0
2.6
3.4
4.1
1.7
.2
.4
.4
.6
.6
n.a.
1.9
1.0
7.5
14.1
1.3
.4
4.0
3.0
2.2
2.5
2.0
.2
.2
.6
.6
.7
n.a.
n.a.
.4
.7
.7
Other Latin America:
British dependencies
Costa Rica
Ecuador
French West Indies and French Guiana. .
Haiti
Honduras
Nicaragua
Paraguay
14.6
12.1
23.7
2.2
11.6
15.4
13.4
5.0
18.0
13.4
17.7
.6
9.3
18.7
16.0
6.0
1.2
1.9
1.0
8.9
14.3
1.0
.5
4.5
5.3
2.1
2.2
19.0
15.3
21.2
.4
12.7
17.3
10.3
3.6
1.3
Other Asia:
Afghanistan
British dependencies
Burma
Cambodia
Ceylon
Iraq
Jordan
Laos
Lebanon
Pakistan
Palestine
Portuguese dependencies
Saudi Arabia
Syria
Viet-Nam
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
16.6
French dependencies
17.6
Italian Somaliland
14.9
Liberia
.6
Libya
12.1
New Zealand
9.7
Portuguese dependencies
12.8
Spanish dependencies
3.6
Tangier
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
1.6
3.5
27.0
1.1
10.3
2.3
3.5
6.3
.2
26.7
1953
1954
1955
2.7
19.8
23.0
n.a.
17.1
13.8
.9
n.a.
23.9
9.7
18.5
20.5
n.a.
5,1
21.1
29.7
.2
18.8
10.0
.8
.1
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
1.6
9.1
22.3
.3
11.8
3.0
2.1
5.0
.2
36.1
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
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-lc. For each date the Second District reported at least 90 per cent of
the7 total amount in the "other" categories.
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.
92
EVFL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1
[Amounts outstanding, in millions of dollars]
Total
Date
GerFrance many,
Fed.
Rep. of
Switz- United Other Total
erKing- Europe Europe
land
dom
Italy
Canada
Latin
America
Asia
All
other
1952—Dec. 31.
1953—Dec. 31.
1954—Dec. 31.
1,049
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—Oct. 31.
Nov. 30.
Dec. 31.
1,428
1,473
1,549
11
12
12
71
81
88
30
30
30
25
24
26
65
74
109
159
163
158
360
383
423
123
131
144
656
670
706
243
239
233
45
49
43
1956—Jan. 31.
Feb. 29.
Mar. 31.
Apr. 30.
May 31.
June 30.
July 31.
Aug. 31*>
Sept. 30^
Oct. 31*
1,503
1,515
1,510
1,527
1,603
1,634
1,629
1,706
1,733
1,834
11
14
14
14
16
17
15
65
66
67
93
93
92
100
118
122
118
120
125
127
31
28
36
32
33
32
32
33
35
29
26
27
28
28
28
24
28
27
28
28
70
67
69
69
83
82
78
87
81
107
158
157
162
164
171
167
168
163
169
111
389
387
400
407
449
444
439
495
504
535
130
135
132
124
112
121
123
124
123
167
696
718
701
718
734
756
758
770
779
798
246
236
232
231
264
268
265
274
280
288
41
39
44
47
45
46
43
42
46
46
Norway
Portugal
Spain
Sweden
Turkey
Yugoslavia
All
other
2
1
1
11
24
4
3
3
4
39
16
41
7
7
5
5
g
6
6
7
9
11
8
8
5
7
7
7
7
7
7
8
7
8
10
10
93
92
78
74
69
70
68
71
71
74
63
70
6
12
73
905
Table 2a. Other Europe
Other
Europe
Date
Denmark
Finland
16
13
20
2
6
10
6
2
3
1952—Dec. 31
1953 Dec 31
1954—Dec. 31
1
1
1955_Oct. 31
Nov. 30
Dec. 31
O>
IT
Belgium
0000ON
ON OOO
Austria
163
158
1
1
2
13
15
16
9
9
13
1956 Jan
Feb.
Mar.
Apr
May
June
July
Aug.
Sept.
Oct.
31
29
31
30
31
30
31
31 p
30 p .. ..
158
157
162
164
171
167
168
163
169
2
2
3
4
6
6
7
7
7
18
18
20
24
22
20
17
17
19
31P
177
9
18
Greece
Netherlands
3
4
9
16
2
3
4
4
13
11
11
4
5
9
13
11
10
7
to
9
8
7
6
2
4
3
3
2
2
3
4
4
4
5
5
3
4
4
4
4
3
3
4
5
12
13
15
17
15
16
16
14
16
9
9
9
10
11
11
12
16
15
10
4
5
16
16
1
9
5
1
1
2
4
6
6
5
6
5
7
5
6
6
7
7
7
8
5
7
6
5
6
6
6
(2)
6
Table 2b. Latin America
Date
Latin
BoAmer- Argentina
livia
ica
Brazil Chile
Colombia
Cuba
NethDoerminlands
ican Guate- Mex- West
Re- mala
Indies
ico
puband
lic
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
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—Oct. 31
Nov. 30
Dec. 31
656
670
706
6
8
7
3
4
4
91
64
69
8
20
14
122
128
143
87
90
92
4
4
5
4
5
5
151
160
154
2
2
3
14
14
17
22
27
29
6
9
8
12
12
18
91
91
105
34
34
34
1956—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
696
718
701
718
734
756
758
770
779
798
7
10
12
11
11
10
12
12
11
11
4
3
4
3
3
5
6
4
4
4
63
66
60
62
61
66
64
65
64
65
11
19
6
7
7
10
10
12
15
14
150
151
160
165
168
160
155
147
145
151
82
81
81
87
85
92
89
86
81
80
5
5
4
4
4
5
5
6
7
6
6
6
6
7
157
163
152
154
157
162
170
178
184
194
2
3
2
3
8
6
6
6
6
16
20
20
18
19
13
12
11
11
11
32
31
30
30
29
29
28
32
32
32
6
7
7
6
6
7
6
6
8
12
20
20
13
12
7
15
22
29
26
18
101
102
108
113
133
130
130
129
135
140
34
34
35
36
35
39
38
44
46
46
31
29
31
30
31
30
31
31*>
30*>
31?
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
4
4
4
7
7
(excluded from these statistics) amounted to $774 million on Oct. 31,
1956. The term foreigner is used to designate foreign governmentscentral banks, and other official institutions as well as banks, organiza,
tions, and individuals domiciled outside the United States, including
U. S. citizens domiciled abroad and the foreign subsidiaries and offices
of 2U. S. banks and commercial firms.
Less than $500,000.
3
Includes transactions of international institutions.
93
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
All other
Asia
Formosa
and
Hong
Total China
Kong
Mainland
Date
India
1952—Dec. 31
1953—Dec. 31
1954—Dec. 31
90
115
143
10
8
8
1
3
3
4
4
5
1955—Oct. 31
Nov. 30
Dec. 31
243
239
233
8
8
8
4
4
3
5
5
5
1956—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
246
236
232
231
264
268
265
274
280
288
9
8
8
8
8
8
8
8
8
10
4
5
5
5
6
5
5
5
5
4
6
5
7
6
6
6
6
5
7
6
31
29
31
30
31
30
31
31»
30*>
31P
Indonesia
L
)
(2 )
PhilIsrael Japan ippines Thailand
Iran
Other
Total
Union
BelAusof
Other
gian
tralia Congo Egypt South
Africa
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
1
(2)
1
2
2
6
4
8
10
19
18
18
9
9
10
107
107
103
17
19
19
6
8
8
67
62
57
45
49
43
11
13
11
5
5
5
2
2
1
11
10
8
16
19
17
17
19
20
20
22
22
21
22
23
22
11
11
10
10
10
11
12
12
12
13
97
93
96
100
113
121
112
126
131
134
20
16
12
9
11
7
9
13
11
9
8
9
9
9
9
10
9
8
8
9
71
69
64
63
78
77
83
73
75
82
41
39
44
47
45
46
43
42
46
46
13
11
12
12
12
12
5
5
5
6
6
8
8
8
8
7
2
2
2
2
2
3
3
2
3
3
8
7
7
8
7
7
7
7
7
7
13
13
18
20
18
16
14
14
17
17
11
11
12
TABLE 3. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES 3
[In millions of dollars]
U.S. Govt. bonds & notes
Year or month
Purchases
Sales
534
646
801
1,341
231
728
793
812
1955—Oct
Nov
Dec
21
35
132
30
38
86
1956—Jan
Feb
Mar
Apr
May
June
July
Aug.2'
Sept.*3
O
34
30
208
48
32
28
317
87
19
37
34
44
444
13
18
16
298
14
11
18
1952
1953
1954
1955
U.S. corporate securities
Net purPurchases, or chases
sales ( - )
302
-82
Sales
Net purchases, or
sales ( - )
Foreign stocks
Foreign bonds
Purchases
Sales
Net purchases, or
sales ( - )
Purchases
529
850
802
1,405
1,886
838
731
1,264
1,730
13
70
141
156
495
543
792
693
677
622
841
509
-182
-79
-49
184
294
310
393
664
-4
46
154
121
148
141
141
145
13
-20
3
46
38
42
34
37
57
12
1
-15
-1
-14
-236
34
13
12
20
73
8
20
188
136
176
179
196
130
178
160
130
145
135
123
205
161
137
108
140
157
97
108
53
13
-29
18
59
22
38
3
33
37
60
35
34
40
40
41
48
30
31
169
139
42
38
27
117
75
123
60
41
149
-79
-8
—4
13
-76
-35
-75
-30
-10
20
Sales
330
303
645
878
-36
7
-252
-214
58
57
58
61
55
63
-3
2
-5
61
56
74
74
90
64
76
63
48
45
53
64
99
95
118
70
96
83
55
44
-7
-25
-20
-28
-6
-20
-20
-7
2
I
TABLE 4. NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES
[Net sales, ( —). In millions of dollars]
Year or month
1952
1953
1954
1955
1955—Oct
Nov
Dec
1956—Jan
Feb
Mar
Apr
May
June
July
Aug. p . . .
Sept.*.. .
Oct.P
' Preliminary.
International
institutions
Total
foreign
countries
France
15
23
78
-21
300
-34
72
706
5
-42
17
2
1
4
-24
47
2
(2)
2
1
1
-1
(2)
1
(2)
4
74
1
1
52
—1
-264
52
72
35
54
2
40
56
Germany,
Federal
Republic of
Italy
(2)
(2)
(2)
(2)
9
-1
-7
3
(2)
(2)
-14
1
(2)
(2)
(2)
(2)
1
\
I
-1
1
1
(2)
(2)
(2)
(2)
(2)
-139
3
3
2
1
3
3
1
1
(2)
(2)
—I
1
1
(2)
Switzerland
United
Kingdom
Other
Europe
Total
Europe
Canada
51
57
73
147
70
71
70
96
-16
-24
-20
85
111
62
139
329
192
-121
-187
265
8
-7
8
2
-4
-3
-7
3
4
8
-7
-5
-5
-20
41
18
-5
25
44
47
12
24
6
21
23
6
-9
-27
7
14
19
20
11
10
11
12
13
-30
-2
5
-1
12
2
8
9
35
-168
52
69
32
58
22
42
46
10
6
-86
-5
-2
1
-7
-20
-8
1
(2)
For other footnotes see opposite page.
Net purchases, or
salis(-)
94
EVFL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 5. NET PURCHASES BY FOREIGNERS OF LONG-TERM
FOREIGN SECURITIES OWNED IN THE UNITED STATES,
BY AREAS
TABLE 6. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT
FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS i
[In millions of dollars]
[Net sales, (—). In millions of dollars]
Assets in custody
Year or
month
1952
1953
1954
1955
InterTotal
national foreign
insticountries
tutions
-118
Europe
Canada
Latin
America
Asia
All
other
-10
— 30
-34
— 49
6
26
7
—7
-3
-11
-8
0)
0)
— 27
-100
— 11
-137
—4
20
96
g
—46
-141
— 138
-133
74
25
35
33
24
1955—Oct
Nov....
Dec...
-3
-2
2
11
5
-18
8
9
17
3
6
-7
2
1
4
1956—Jan....
Feb....
Mar....
Apr.. . .
May...
June...
July....
Aug.*3..
Sept.**..
Oct.*5. .
-5
-3
-12
-5
-2
_2
-2
-2
2
-66
-12
-18
-2
-102
-39
-93
-48
-19
21
12
-5
-7
-6
-5
-4
-18
-6
-5
22
-75
7
-10
5
-92
-9
-86
-45
-18
-6
1
3
2
1
1
2
2
1
1
1
-61
-164
0)
Date
-23
-5
2
-3
-3
-7
-6
2
-1
4
1
0)
1
1
1
0)
-22
11
3
—i
3
> Preliminary.
i Less t h a n $500,000.
Deposits
U. S. Govt.
securities2
Miscellaneous 3
1954—Dec. 31
490
2,908
105
1955—Dec. 31
402
3,543
126
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
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
1956—Dec. 5
Dec. 12
Dec. 19
Dec. 26
310
422
405
382
3,538
3,637
3,683
3,946
177
176
162
154
1
Excludes assets held for Intl. Bank and Monetary Fund and earmarked
gold. See footnote 4 at bottom of following page for total gold under
earmark
at Federal Reserve Banks for foreign and international accounts.
2
U. S. Treasury bills, certificates of indebtedness, notes and/or bonds.
3
Consists of bankers' acceptances, commercial paper, and foreign and
international bonds.
NOTE.—For explanation of table and for back figures see BULLETIN
for May 1953, p. 474.
GOLD PRODUCTION
[In millions of dollars]
Production reported monthly
Year or
month
Estimated
world
production
(excl.
U.S.S.R.)
Africa
Total
SouthAfrica
Rhodesia
North and South America
British
West
Africa
Belgian United
Congo States
Canada
Mex-
Colombia
Other
Chile
Nica- Austraragua 1
grains of gold %o fine: i. e., an ounce of fine gold= $35.
$1
728.1
753.2
777.1
758.3
780.9
776.5
826.2
873.8
405.5
409.7
408.2
403.1
413.7
417.9
462.4
510.7
18.0
18.5
17.9
17.0
17.4
17.5
18.8
18.4
23.4
23.1
24.1
22.9
23.8
25.4
27.5
23.8
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
7.8
7.7
8.0
1955—Oct..
Nov..
Dec.
75.7
74.9
70.5
43.8
43.3
42.9
1.5
1.5
1.5
2.0
1.9
1.0
.8
1.1
6.8
6.3
5.0
13.8
13.6
13.3
1.0
1.3
1.0
1.2
.3
.4
.2
.7
.6
1956—Jan...
Feb...
Mar..
Apr...
May..
June..
July..
Aug..
Sept..
Oct...
71.2
68.9
43.4
42.9
45.4
45.2
47.3
47.4
47.9
48.5
47.
47.8
1.6
1.5
1.5
1.6
1.6
1.6
1.6
1.6
1.2
1.1
1.2
1.0
1.0
1.1
1.1
1.0
1.0
1.1
4.8
4.6
5.0
4.7
5.4
5.1
5.9
6.3
6.0
6.2
13.0
12.4
13.5
12.9
13.1
13.4
12.3
12.3
12.4
12.9
1.0
.9
1.8
2.1
2.2
2.1
2.2
2.3
2.3
1.9
1.2
1.2
1.3
1.2
1.3
1.6
1.4
1.2
.2
.3
.2
.2
.2
.3
1948.
1949.
1950.
1951.
1952.
1953.
1954.
1955.
1
805.0
840.0
864.5
840.0
868.0
864.5
913.5
959.0
Gold exports, representing about 90 per cent of total production.
Less than $50,000.
Sources.—World production: estimates of U. S. Bureau of Mines.
Production reported monthly: reports from individual countries except
2
India
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
3.1
3.3
3.4
.6
.6
2.9
2.7
2.8
2.7
3.0
3.2
3.3
3.0
.5
.5
.6
.6
.6
.5
.6
.6
.6
.6
British West Africa, Belgian Congo, and India, data for which are from
American Bureau of Metal Statistics. For the United States, annual
figures are from the U. S. Bureau of the Mint and monthly figures are
from American Bureau of Metal Statistics.
95
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
1956
1955
Area and country
1948
Continental Western Europe:
Belgium
69.8
15 8
1949
1-43.0
1-58.0 1 - 1 8 . 3
20 0
— 84 8
Germany (Fed. Rep. of)
Total
191.5
Sterling Area:
United Kingdom
-250.2
734.3
498.6
Other
Total
1,232.9
(2)
Canada
Latin America:
Argentina
Colombia
Cuba
Mexico
Uruguay
Venezuela
Other
446.3 -1,020.0
195.7
13.1
3.2
3.5
469.9
52.1
3.6
440.0
11.5
-.3
-480.0
-50.0
5
-.5
645.2 - 1 , 0 0 3 . 4
525.6
451.2
— 480 5 — 50 5
-10.0
7.2
3.4
-100.0
-143.9
-172.0 - 1 2 6 . 0
4
5
55 4
Eastern Europe
1.0
-6.2
All other
6.9
.4
Grand total
1,510.0
1-94.8
-546.4 -328.3
81.8
4 1
1-5.8
1955
1954
-380.2 - 1 8 4 . 8 -115.6
-49.9
7.0
-10.0
-16.1
-14.4
-50.0
-10.5
Asia
1953
-130.0 -225.6
-65.0
-59.9 -54.9
-20.0 -15.0
-65.0 -15.5
-94.3 -20.0
-17.5
2.6
114.1
15.5
-10.0
61.6
10.7
-108.0
-2.1
Total
1952
-10.0
" - 4 ! 5 -100.0
-5.0
-34.9
-32.0
-15.0 "'22]5
(2)
-30.4
-29.7 -17.3
"'40'.7 " - 2 3 ' . 5 ' " - 7 9 ' . 8
63.0
14.0
-15.0
3.0
-22.9
"-4o!6
-38.0
-5.6
-34.3
-65.3
-16.4
4.8 3-123.4
Portugal
Sweden
Switzerland
Bank for Intl. Settlements
Other...
1951
1950
-49.9 -20.0
17.5 - 2 2 . 8
-20.0
-60.2
87.7
22.2
14.9
— .9
-34.7
-2.4
-10.0
28.2
-118.2
-64.8
-7.2
38 9
5
53 7
JulySept.
Jan.Mar.
Oct.Dec.
JulySept.
— 33 8
67 5
-10.0
-5.0
"-k'.b
5.0
1.5
1.0
3.0
-77 5
1.5
-32.8
-5.0
-.1
_ j
-84.8
-3.5
-28.1
-15.0
Apr.June
11.0
ii.6
-.3
80 3
-5.0
— 30 0
17.2
3.0
57.5
-131.8
62.5
14.0
6 7
5 7
9 9
4 9
2 2
20.1
55.1
28.1
2.0
-.i
-.1
-.2
-.2
-.2
10.9
-.1
-.2
19.9
85.0
725.0
775.0
775.0
5.2
94.9
155.0
13.7
13.1
2
6-44.2 6-76.0
193.3 -1,725.2
75.2
( )
A
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.
4
Includes sale of $43.1 million of gold to Thailand.
-68.5
1.4
8.7
5 Includes sales of gold to Indonesia as follows: 1950, $29.9 million;
and 1951, $45.0 million.
6
Includes sales of gold to Egypt as follows: 1950, $44.8 million; and
1951, $76.0 million.
7
Represents purchase of gold from International Monetary Fund.
ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES
[In millions of dollars]
Gold stock
(end of year)
Year
Increase
in total
gold
stock
EarNet
marked
gold
gold: deimport, crease,
or
or inexport
crease
Treasury
Total i
1943
1944
1945
1946
1947
1948
1949
21,938
20,619
20 065
20,529
22 754
24,244
24,427
-757.9
68.9
21,981
20,631 - 1 , 3 4 9 . 8 - 8 4 5 . 4
-547.8 -106.3
20,083
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
-803.6
-459.8
-356.7
465.4
210.0
-159.2
-495.7
48.3
35.8
32.0
51.2
75.8
70.9
67.3
1950
1951
1952
1953
1954
1955
22,706
22 695
23,187
22,030
21 713
21,690
22,820 - 1 , 7 4 3 . 3 - 3 7 1 . 3 - 1 , 3 5 2 . 4
52.7 - 5 4 9 . 0
22,873
617.6
379.8
684.3
23,252
-304.8
2.2 -1,170.8
22,091 - 1 , 1 6 1 . 9
-297.2
16.6
-325.2
21,793
-40.9
97.6
-132.4
21,753
80.1
66.3
67.4
69.0
65.1
65.7
*> 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)
Domestic gold
production
Month
Treasury
Total i
1955—Dec
21,690 21,753
1956—j a n
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
3
n1,949
21,755
21,757
21 765
21,792
21,821
21,868
21,918
21 965
22,032
21,999
22,106
*>22,058
Increase
in total
gold
stock
EarNet
marked
gold
gold:
deimport,
crease,
or
or
inexport
crease
1.9
26.7
2.5
2.1
7.7
27.4
28.3
47.6
49.4
47.1
67.6
-33.6
107.6
P-48.1
11.4
18.6
11.5
9.9
25.3
18.4
4.8
4.7
-18.0
4.6
12.5
Domestic gold
production
-23.8
5.0
-8.2
-15.7
-2 9
16.9
1.8
29.9
43.9
43 2
86.9
-34.3
105.7
451.2
4 8
4.6
5 0
4 7
5.4
5.1
5.9
6 3
6 0
6.2
Not yet available.
Gold held under earmark at the Federal Reserve Banks for foreign
and international accounts amounted to $6,622.7 million on Dec. 3 1 , 1956.
Gold under earmark is not included in the gold stock of the United States.
4
96
GOLD RESERVES
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
Estimated
United States
total world
(excl.
U.S.S.R.)! Treasury Total*
End of
month
1949_Dec
1950—Dec
1951—Dec
1952 Dec
1953—Dec . .
1954—Dec
Argentina
35,380
35,810
35,960
36 260
36,680
37,340
24,427
22,706
22,695
23 187
22,030
21,713
24,563
22,820
22,873
23 252
22,091
21,793
216
216
268
1955—Nov
Dec
38,000
21,688
21,690
1956—Jan
Feb
Mar
Apr . .
May
38,190
21,751
21,753
21,755
21,757
21,765
21,792
21,821
21,868
21,918
21,965
22 032
21,999
22,106
. .
38,360
July
Sept . . .
Oct
Nov
^38 490
End of
month
Finland
21 693
21,695
21,716
21,743
21,772
21,799
21,830
21,858
21 884
21,910
21,910
Australia
Belgium
J 080
40
40
45
42
42
42
299
271
311
214
186
186
32
31
31
31
31
31
21
19
22
23
23
23
53
97
174
174
174
174
1,147
1,141
42
44
141
136
31
31
23
23
174
174
1,136
1,129
,127
,113
,107
,109
,114
1,114
112
,119
,152
44
42
43
43
46
46
46
46
45
45
136
136
136
136
136
136
136
136
136
136
31
31
31
31
31
31
31
31
31
31
31
23
23
23
23
23
23
23
22
22
22
22
174
174
174
174
174
174
174
174
174
181
181
37 i
371
371
371
141
144
922
929
317
317
317
317
321
322
323
323
371
371
371
371
371
147
151
154
157
161
164
942
955
953
970
958
952
965
964
972
949
941
323
323
323
323
323
323
323
323
323
323
323
Indonesia
Egypt
496
590
850
896
996
698
587
621
706
776
778
India
Ecuador
Canada
88
88
112
112
117
138
Germany,
France 3 Federal GuateRepublic mala
of
Denmark
Brazil
Iran
Italy
Chile
Cuba
Mexico Netherlands
Norway
Pakistan
Peru
6
12
26
26
26
31
523
523
548
573
576
576
28
140
326
626
27
27
27
27
27
27
247
247
247
247
247
247
178
209
280
235
145
81
140
140
138
138
137
138
256
256
333
346
346
346
52
208
208
144
158
62
195
311
316
544
737
796
51
50
50
50
52
45
27
27
27
38
38
38
28
31
46
46
36
35
1955_Nov
Dec
35
35
576
861
868
920
27
27
247
247
81
81
138
138
356
352
142
142
856
865
45
45
48
48
35
35
1956 j a n
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
35
35
35
35
35
35
35
35
35
35
35
861
861
861
861
861
861
861
861
861
861
861
953
991
1,003
,035
,056
,104
,189
,274
294
329
27
27
27
27
27
27
27
27
27
27
247
247
247
247
247
247
247
247
247
247
81
81
81
81
81
54
54
46
46
45
45
138
138
138
138
138
138
138
138
138
138
138
352
352
352
352
352
353
353
360
163
163
164
164
164
165
165
166
865
872
875
877
864
853
853
853
854
854
854
45
45
45
45
45
45
45
46
46
47
47
48
48
48
48
48
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
178
192
265
286
361
429
17
23
26
29
29
29
128
197
190
170
176
199
85
61
51
51
54
56
70
90
152
184
218
265
1.504
1,470
1,452
1,411
1,459
1,513
118
118
113
113
113
113
154
150
151
143
143
144
1,688
3,300
2,335
1,846
2,518
2,762
178
236
221
207
227
227
373
373
373
373
373
403
1.451
1,494
,530
,692
1,702
,740
68
167
115
196
193
196
1955—Nov
Dec
428
428
28
28
213
212
56
56
278
276
1,560
[,597
112
112
144
144
2,283
2,120
216
216
403
403
,756
,808
234
217
1956 Jan
Feb
Mar
431
431
431
436
436
436
436
442
442
442
28
28
28
28
28
28
28
28
28
28
28
211
216
212
210
217
215
212
216
214
214
220
56
56
56
56
56
56
56
56
56
56
278
272
273
269
266
257
260
262
263
265
265
1,593
1,592
1,608
1,606
1,579
1,571
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
2,149
2,210
2,277
2,328
2,369
2,385
2,405
2,276
2,328
2,244
1,965
216
216
216
216
216
216
216
214
214
192
403
403
403
403
403
403
403
403
403
503
503
1,811
,811
,786
1,761
1,741
1,743
1,718
,695
1,711
1.687
193
183
197
190
216
199
207
212
199
214
175
1949 Dec
1950 Dec
1951—Dec
1952—Dec
1953—Dec
1954—Dec
.
.
End of
month
May!!!!!!..
June.•
July
Aug
Sept
Oct
Nov
M6
Spain
Sweden Switzerland
P Preliminary.
1 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,
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.)
97
GOLD RESERVES AND DOLLAR HOLDINGS
ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL
INSTITUTIONS
[In millions of dollars]
Dec. 31, 1954
Area and country
Gold&
shortterm
dollars
Continental Western Europe:
329
Austria
Belgium-Luxembourg (and Belgian Congo).. 1,044
102
Denmark
72
Finland
1,328
1,999
Germany (Federal Republic of)
124
925
Italy
Netherlands (and Netherlands West Indies
1,118
and Surinam)
148
Norway
560
Portugal (and dependencies)
1S8
Spain (and dependencies)
406
2,185
Switzerland
152
Turkey
947
Other*
Total
Sterling Area:
United Kingdom
United Kingdom dependencies
Australia
India
Union of South Africa
Other
Total
Canada
Latin America:
Bolivia
Brazil
Chile
Cuba
Dominican Republic.
Guatemala
Mexico
Panama, Republic of
Peru
El Salvador
Uruguay
Other
Total
Asia:
Indonesia
Japan
Thailand
Other
Total
All other:
Egypt
oth?r..
:...::..:::::::::::::::::
Total
Total foreign countries
International7
Grand total
Sept. 30, 1955
Mar. 31, 1956
June 30 ,1956
Sept. 30, 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.
bonds term
bonds term bonds term
bonds term
bonds
bonds term
& notes dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes
341
1,149
95
73
1,593
2,250
145
1,105
12
10
7
5
161
5
41
53
4
1,074
113
581
237
411
2,197
153
1,273
11,627
260
3,190
103
186
334
232
178
216
4
4,223
2,616
531
32
442
112
308
423
72
62
391
74
118
59
317
597
135
12
10
7
3
161
308
1,221
99
82
1,782
2,742
176
1,214
10
12
6
5
7
11
23
73
(3)
7
1,145
97
602
206
426
2,308
151
1,112
13,622
222
2,816
91
230
330
255
206
241
11
295
3,928
437
2,305
313
1,242
102
80
2,028
2,490
194
1,158
10
12
6
5
6
10
22
69
6
1,143
96
606
216
444
2,341
154
1,015
13,240
343
2,598
88
219
320
265
210
282
11
322
1,201
91
84
21,986
2,374
187
1,137
10
10
7
5
151
8
44
53
(3)
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
302
3,700
93
2,320
397
2,173
(3)
(3)
8
8
169
3
10
536
26
469
129
184
423
82
70
481
85
124
61
277
662
140
3
14
509
26
466
139
217
389
77
72
556
86
127
52
281
668
124
3,673
146
3,749
194
3,789
181
169
851
266
236
521
8
15
7
201
174
992
266
235
621
2
6
1
3
255
175
1,029
268
250
647
2,224
16
2,489
28
309
6
307
7
221
68
234
87
1
246
79
289
321
1
325
8
10
5
6
3
1
38
1
1
3
2
1
124
3
()
4
8
6
24,961
746
3,510
354
28,471
1,100
2
(3)
44
(3)
1
1
3
if
25,870 1,274
3,595
320
29,465 1,594
v 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 Includes latest available figure (Aug. 31) for Mexican gold reserves.
6 Excludes gold reserves of the U. S. S. R.
Dec. 3 1, 1955
337
1,264
95
90
1,659
3,099
161
1,278
10
12
6
5
7
13
(3)
1
2
10
1,116
109
617
185
453
2,446
158
1,059
13,671
279
14,126
2,871
87
243
329
245
204
253
10
2,812
94
241
321
248
207
(3)
254
3,979
265
3,923
277
369
2,394
362
2,549
357
82
3
15
511
27
538
141
222
374
79
91
583
82
127
74
289
627
147
1
3
14
476
25
540
147
224
399
81
93
523
94
115
73
283
734
154
195
3,912
192
15
4
236
166
1,092
285
263
665
2,624
30
308
7
44
(3)
j
1
8
3
()
84
169
(3)
(3)
4
6
1
26,159 1,308
3,689
321
29,848 1,629
2
(3)
j
1
2
(3)
117
(3)
1
()
3
23
83
(3)
W
3
126
(3)
14
304
265
10
1
1
(3)
(3)
1
3
14
399
25
582
151
181
407
77
80
5562
104
117
53
290
808
134
3,961
193
3,970
84
5
171
169
1,175
300
253
695
5
204
174
1,203
298
254
678
2,707
16
2,763
16
2 811
17
294
6
294
6
287
8
242
91
236
103
8
222
86
333
339
83
()
1,154
1
84
8
( 3)
(3)
4
6
27,101 1,059
3,681
319
30,782 1,378
(3)
2
1
167
3
()
4
1
(3)
6
308
27,401 1,121
3,750
27,974
1
1
167
84
(3)
(3)
3
14
191
(3)
'A
6
1
6
317
3,717
392
31,151 1,438
31,691
1,546
7
Represents International Bank for Reconstruction and Development,
International Monetary Fund, and United Nations and other international organizations.
NOTE.—Gold and short-term dollars include reported and estimated
official gold reserves, and total dollar holdings as shown in Short-term
Liabilities to Foreigners Reported by Banks in the United States, by
Countries (Tables 1 and la-Id of the preceding section). U. S. Govt.
bonds and notes represent estimated holdings of such securities with original maturities of more than one year; these estimates are based on a
survey of selected U. S. banks and on monthly reports of security transactions. For back figures see BULLETIN for March 1956, pp. 304-305.
98
INTERNATIONAL INSTITUTIONS
INTERNATIONAL BANK FOR RECONSTRUCTION AND
DEVELOPMENT
INTERNATONAL MONETARY FUND
[End-of-month figures. In millions of dollars]
[End-of-month figures. In millions of dollars]
1956
Item
1955
1956
1955
Item
Sept.
June
Mar.
Dec.
Sept.
Dollar deposits and U. S. securities
Other currencies and securities 1 . . .
Effective loans*
Other assets 3
386
425
407
428
440
960
938
947
966
977
2,094 2,002 1,959 1,936 1,837
42
29
40
36
37
IBRD bonds outstanding
Undisbursed loans
Other liabilities
Reserves
Capitals
849
850
850
849
849
530
477
485
494
429
10
11
10
9
9
240
228
216
205
193
1,853 1,810 1,810 1,810 1,810
Oct.
Gold
Investments8
Currencies: *
United States
Other
Unpaid member subscriptions .
Other assets
Area and member country*
Continental W. Europe, total
Belgium and Luxembourg.
France
Italy
Netherlands
Other
Disbursed
Repaid
1,125
118
268
163
221
355
930
114
266
50
221
279
177
6
13
Sterling area, total
Australia
India
Union of S.Africa
United Kingdom
Other
877
268
200
135
146
128
Latin America, total
Brazil
Colombia
Mexico
Other
Asia (excl. Sterling area)
139
19
74
25
18
6
18
7
599
257
91
115
68
66
55
5
21
16
1
12
544
253
71
100
67
54
77
698
194
111
141
252
480
162
72
121
126
43
9
13
7
437
152
59
114
112
30
3
4
11
12
120
70
68
10
1,809
7192
22
13
13
26
5
9
Africa (excl. Sterling area)..
2,087
62,828
Total
13
278
Total
Brazil
753
108
252
50
83
261
Chile
Egypt
Indonesia
Turkey
United States
Oct.
Cumulative net drawings
on the Fund
Country 9
Sold
Total
to
others5
Jan.
1,697 1,759 1,777 1,708 1,633
4 387 4,319 4,333 4 403 4 539
942
815
815
815
815
1
1
2
1
1
8,929 8,751 8,751 8,750 8,751
-14
-14
-14
-14
-12
Quota
Outstanding
Principal
Apr.
1,687 1,718 1,761 1,811 1 751
200
125
50
Member subscriptions
Accumulated net income
Loans by country, Nov. 30, 1956
July
150
15
50
50
60
110
35
15
43
2,750
Paid
in
gold
38
1
9
13
10
16
9
4
11
688
1956
Oct.
1955
Sept.
Oct.
66
66
66
15
15
13
13
13
25
25
25
15
15
55
55
15
26
26
18
15
15
10
20
15
15
10
- 4 1 8 io_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.
* Loans to dependencies are included with member.
5 Includes also effective loans agreed to be sold but not yet disbursed.
6 Includes $198 million in loans not yet effective.
7 Includes $168 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.
1
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)
Date
Assets of issue
department
Gold
Liabilities of banking department
Assets of banking department
Other
assets
(fiduciary
issue)
Coin
Notes
Discounts
and advances
Securities
Note
circulation 1
Deposits
Bankers'
Public
ECA
Other
Capital
and
surplus
28
27
26
31
30
29
28
.4
.4
.4
.4
.4
.4
.4
1,350.0
[,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
2.3
28.4
17.7
12.5
49.9
55.4
23.7
10.7
14.8
29.2
18.2
11.2
4.9
8.9
37.7
489.6
384.0
389.2
371.2
338.1
350.7
299.6
1,321.9
1,357.7
1,437.9
1,525.5
1,619.9
1,751.7
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
97.9
.4
.6
24.3
7.2
9.6
3.2
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
1956—Jan. 25
Feb. 29
Mar. 28
Apr. 25
May 30
June 27
July 25
Aug. 29
Sept. 26
Oct. 31
Nov. 28
.4
.4
.4
.4
.4
.4
.4
.4
.4
.4
.4
1,825.0
1,825.0
1,875.0
1,875.0
,900.0
,950.0
!,000.0
1,950.0
1,925.0
1,925.0
,925.0
2.3
2.3
2.2
2.0
2.0
2.0
2.0
2.0
2.0
2.0
2.0
53.7
37.5
34.1
33.4
29.1
57.0
37.4
42.9
44.7
47.5
19.0
32.8
20.6
22.1
30.3
15.3
15.6
23.8
26.6
18.3
28.2
26.8
251.9
300.8
294.2
270.4
294.6
271.0
254.1
254.6
269.7
285.1
279.9
1,771.7
,787.9
,841.3
1,842.0
,871.3
,893.4
: ,963.0
l ,907.5
1,880.6
i ,877.8
,906.3
236.9
258.1
243.3
225.9
231.6
238.2
215.6
222.4
230.9
256.6
220.0
11.9
10.6
11.1
12.8
11.4
10.5
11.9
13.0
12.9
15.1
13.8
3.3
3.1
3.2
3.1
3.1
.2
.2
70.2
70.9
76.5
76.4
77.0
78.5
71.3
72.1
72.4
73.3
75.8
18.3
18.5
18.5
17.8
18.0
18.1
18.3
18.5
18.5
17.8
18.0
1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
1954—Dec.
1955—Dec.
For footnotes see opposite page.
99
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
Other
Note
circulation
1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
1954—Dec.
1955—Dec.
31
30
31
31
31
31
31
74.1
111.4
117.8
77 1
54.9
54.2
57.4
1,781.4
I 229.3
1,141.8
I 459 8
1,376.6
,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
1,367.4
1,464.2
1,561.2
1,599.1
,623.5
1,738.5
1956—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
31
29
31
30
31
30
31
31
29
31
30
54.4
56.5
58.8
52.3
67 2
60.1
59.9
62.1
57.7
51.4
61.1
091.5
,065.6
965 9
764.1
065 6
,041.3
,029.6
1 019.3
1,041.3
1 031 3
1,021.2
1,146.0
1,143.3
I 285.0
1,538.1
I 190 2
1,289.8
1,316.7
1,351.3
,353.0
I 360.4
1,380.3
119.2
108.2
95.0
121.4
131.3
192.7
104.9
180.7
150.1
128.0
158.7
,648.7
,641.1
,677.2
,686.3
,706.1
,734.9
,762.3
,764.6
,769.5
,780.9
,793.5
Chartered Dominion
banks
govt.
Other
Other
liabilities
and
capital
541. 7
578. 6
619. 0
626. 6
623. 9
529.6
551.0
30.' i
24.'
94.S>
16.: >
51 .f
56.:
89.: >
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
528.
493.
506.
564.
542.
574.
500.
580.
564.
575.
624.
76.1
60. i
48.1
54.1
30.:
51.1
49.1
65.A[
46.C)
55.C)
42.1
35.0
31.4
30.6
29.9
32.2
39.6
35.6
45.2
30.7
31.7
115.7
143.0
141.9
140.0
145.3
191.0
159.4
167.2
177.3
129.3
163.9
4
6
1
9
8
7
0
6
0
3
9
1A I
Bank of France (billions of francs)
Liabilities
Assets
Date
Gold
Foreign
exchange
Open
market
Special
Other
28.! >
335
393
741
931
891
1949—Dec.
1950—Dec.
1951_Dec.
1952—Dec.
1953—Dec
1954—Dec.
1955—Dec.
29
28
27
31
31
30
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
1956 Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
26.
23
29
26
31
28
26
30
27
31
29
301 2
301 2
301.2
301 2
301.2
301 2
301 2
301 2
301 2
301.2
301.2
197 9
178.5
178.6
162.6
152.0
144 1
128.0
116 5
106 7
91.7
68.4
184 5
197.5
237.7
269 4
214.7
301 6
292.4
290 7
277 1
293.7
270.7
Central bank, monetary unit.
and item
Central Bank of the Argentine Republic
(millions of pesos):
Gold reported separately
Other gold and foreign exchanoe..
Gold contribution to Intl Fund
Govt securities
Rediscounts and loans to b anks
Other assets
Currency circulation
Deposits—Nationalized
Other sieht oblieations
Other liabilities and capita1
34.
32.0
57.0
61.
48.9
45.: >
34 *\
27.' 7
19.1
14.6
7.S )
5 . :>
2.1
2.4
8 . '7
21.4
30.! >
Oct.
997
37
157
Sept.
1 081
-198
157
5 045 4 974
98 302 97 885
850
857
38,116 38,303
59 55? 58 306
1 3 P 1 181
6,409 6,966
5
6
1
.IS4)
W4 5
,214 0
,M4 4
,W4 8
,489 6
7
1.611 6
1,546 6
1,638
Nov.
Deposits
Other
assets
Note
circulation
112.7
1 / >78.2
Current
Other
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
183.0
183.0
183.0
183.0
183.0
183.0
179.0
179.0
171.5
158.8
178.9
533.3
325.9
539.5
302.7
316.1
519.6
518.1
331.4
518.8
368.4
490.2
324.2
496.5
297.0
499.3 . 265.3
479.8
271.7
479.8
342.2
479.8
5251.5
212.8
190.8
159.7
170.0
277.2
336.8
Govern- Others
ment
1 / 560.6
1.2
.1
1 , J341.6
123.5
510.5
V 538.5
2 1320.0
(4)
(4)
.1
741.1
(4)
1
?J
V 741.5
2J $76.7
2J ?34.4
2,} S61.9
2,1J90.5
2,932.2
2,979.0
2,982.0
2,988.4
2,964.6
(4)
.1
4
( )
(4}
\
Nov.
Oct.
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
143.5
116.8
156.3
148.1
135.9
162.8
161.7
162.0
164.6
158.7
169.4
73.6
60.9
57.2
71.8
1956
Central bank, monetary unit,
and item
Commonwealth Bank of Australia (millions of pounds):
Gold and foreien exchanee
Checks and bills of other banks>...
-17
Securities (incl. Govt. and Treasury bills)
4 461
80 996
423
Note circulation
34,069
Deposits of Trading Banks:
45 805
1 723
Other
5,889
Other liabilities and capital..
1,623
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.
7
1
,194 7
1955
1956
Nov.
Advances to
Government
Domestic bills
62.5
70.9
92.6
70.0
81.8
88.3
85.1
1955
Sept.
Nov.
310
5
286
6
285
6
300
7
556
43
384
567
53
380
545
65
382
549
48
374
270
35
225
270
33
230
255
43
221
265
35
229
5 Includes advance of 95.3 billion francs to Stabilization Fund.
NOTE.—All figures, including gold and foreign exchange, are compiled
from official reports of individual banks and are as of the last report date
of the month. For details relating to individual items, see BULLETIN for
April 1955, p. 443. For last available report from the Reichsbank
(February 1945), see BULLETIN for December 1946, p. 1424.
100
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
1956
Central bank, monetary unit,
and item
Austrian National Bank (millions of
schillings):
Gold
Foreign exchange (net)
Loans and discounts
Claim against Government
Other assets
Note circulation
Deposits—Banks
Other
Blocked
Other liabilities and capital
National Bank of Belgium (millions of
francs):
Gold
Foreign claims and balances (net)..
Loans and discounts
Consolidated Govt. debt
Govt. securities
Other assets..
Note circulation
Deposits—Demand
ECA
Other liabilities and capital
Central Bank of Bolivia—Monetary
dept. (millions of bolivianos):
Gold at home and abroad
Foreign exchange (net)
,
Loans and discounts
Govt. securities
,
Other assets
,
Note circulation
,
Deposits
,
Other liabilities and capital
Central Bank of Ceylon (millions of
rupees):
Foreign exchange
,
Govt. securities
,
Other assets
Currency in circulation
,
Deposits—Government
Banks
Other liabilities and capital
Central Bank of Chile (millions of
pesos):
Gold
Foreign exchange (net)
Discounts for member banks
Loans to Government
Other loans and discounts
Other assets
Note circulation
Deposits—Bank
Other
Other liabilities and capital
Bank of the Republic of Colombia (millions of pesos):
Gold and foreign exchange
Net claim on Intl. Fund 1
Loans and discounts
Govt. loans and securities
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of Costa Rica (millions
. of colones):
Gold
Foreign exchange
Net claim on Intl. Fund 1
Loans and discounts
Securities
Other assets..
Note circulation
Demand deposits
Other liabilities and capital
National Bank of Cuba (millions of
pesos):
Gold
Foreign exchange (net)
r
1
Nov.
1,745
8,610
6,226
1,559
780
13,774
1,349
785
1,41
1,598
47,045
12,308
7,406
34,660
7,497
5,775
108,918
1,597
40
4,137
Oct.
1955
Sept.
1,745
1,74:
8,638 8,376
5,890 6,059
1,559 1,560
715
557
13,550 13,509
1,338 1,155
769
711
1,370 1,353
1,577 1,510
47,460
12,375
6,769
34,660
9,366
5,679
110,733
1,445
40
4,091
48,586
10,379
5,539
34,660
8,735
5,755
108,238
1,339
40
4,038
(July)
507
488
99,4001
2,505(
1,115
84,443
14,429
5,142
737
11
8
433
76
153
93
277,
52
542
615,
146
778
559
294i
725
12
7
441
63
151
90
729
8,111
1,621
7,174
15,986
26,900
26,894
54,036
6,665
2,166
23,818
8,529
1,236
6,466
15,987
27,445
25,965
57,676
6,916
1,295
19,741
257
52
535
611
138
726
564
303
244
52
566
602
137
722
574
305
46
172
87
12
48
126
17
27
145
53
38
37
116|
16,
24
142
46,
36
136
182
136
172
136
153
Nov.
Nov.
National Bank of Cuba—Cont.
Foreign exchange (Stabilization
1,742
Fund)
7,305
Net claim on Intl. Fund 1
5,627
Loans and discounts
1,547
Credits to Government
1,159
Other assets
12,498
Note circulation
1,474
Deposits
666
Other liabilities and capital
1,376 National Bank of Czechoslovakia2
1,365 National Bank of Denmark (millions
of kroner):
Gold
46,088
Foreign exchange
10,241
Loans and discounts
4,368
Securities
34,660
Govt. compensation account
8,597
Other assets
5,277
Note circulation
104,104
Deposits—Government
1,079
Other
56
Other liabilities and capital
3,794 Central Bank of the Dominican Republic (thousands of pesos):
Gold
500
Foreign exchange (net)
712
Net claim on Intl. Fund 1
48,307
Loans and discounts
2,505
Govt. securities
994
Other assets
37,939
Note circulation
10,748
Demand deposits
4,331
Other liabilities and capital
Central Bank of Ecuador (millions of
sucres):
640
Gold
18
Foreign exchange (net)
11
Net claim on Intl. Fund 1
420
Credits—Government
43
Other
144
Other assets
63
Note circulation
Demand deposits—Private banks.
Other
5,814
Other liabilities and capital
1,435 National Bank of Egypt (millions of
6,670 pounds):
16,269
Gold
16,881
Foreign assets
6,088
Egyptian Govt. securities
38,245
Clearing and other accounts (net).
5,477
Loans and discounts
2,346
Other assets
7,088
Note circulation
Deposits—Egyptian Government.
Other3
270
Other liabilities and capital
24 Central Reserve Bank of El Salvador
520 (thousands of colones):
471
Gold
104
Foreign exchange (net)
658
Net claim on Intl. Fund 1
547
Loans and discounts
183
Govt. debt and securities
Other assets
Note circulation
12
Deposits
104
Other liabilities and capital
7 Bank of Finland (millions of markkaa):
92
Gold
8
Foreign assets and liabilities (net).
26
Loans and discounts
157
Securities—Government
59
Other
34
Other assets.
Note circulation
Deposits
141
Other liabilities and capital
144
Revised.
* Latest month available.
This figure represents the amount of the country's subscription to the
Fund less the bank's local currency liability to the Fund.
2 For last available reports for Czechoslovakia and Hungary (March
and February 1950, respectively) see BULLETIN for September 1950,
pp. 1262-1263.
1956
Central bank, monetary unit,
and item
Oct.
16:
42
131
77
418
298
27
194
13
44
120
77
418
31
26
68
727
125
505
3,071
960
2,238
1,450
1,501
2661
724]
164
495
3,072
721
2,169
1,412
1,397
266
13
68
1955
Sept,
221
13
41
121
77
421
314
26
68,
668
145
493
3,072
751
2,107
1,407
1,426|
257
Nov.
212
13
55
60
81
409
275
22
68
714
189
545
3,123
1,032
2,068
1,539
1,797
267
11,276
12,427
2,500
4,050
8,360
19,931
47,225
7,929
3,389
11,276
15,692
2,500
2,950
8,360
19,910
48,068
9,309
3,311
12,526
13,920
1,250
2,972
8,360
20,027
47,595
8,255
3,205
12,076
16,493
1,250
2,500
8,890
14,998
44,930
8,414
2,863
325
55
38
477
3101
258!
743
233
147,
340
325
42
38
491
328
273
757
235
172|
333
325
38
527
358
266
782
231
154
3481
344
25
19
417
230
285
660
195
146
319
63
114
144
63
114
128
-7
40!
61
117
126|
-7
21
2
188
14
97
19
61
156
84
-17
26
4
177
r
6
'109
22
o
44
220
10
112
19
70,343
5,068
-4,677
93,657
18,615
7,647
96,019
82,503
12,132
2001
108
70,402
8,404
1,573
82,514
17,780
6,868
91,942
83,724
11,875
70,474
22,306
1,573
71,503
17,498
7,236
90,956
88,155
11,477
7,849| 7,849 7,850
22,368 23,073 20,940
41,666 37,982 44,560
17,500 17,500 17,500
1,989
1,998 2,028
11,280 12,123 13,658
58,468 56,795 58,831
6,025 6,588 10,040|
38,159| 37,143 37,664
71,119
19,579
1,569
61,980
11,576
6,990
88,249
74,299
10,264
7,879
30,239
23,864
20,000
1,999
10,852
53,493
22,528
18,812
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.
101
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
Central bank, monetary unit,
and item
Bank of German States 4 (millions of
German marks):
Gold
Foreign exchange
Loans and discounts
Loans to Government
Other assets
Note circulation
Deposits—Government
Banks
Other
Other liabilities and capital
Bank of Greece (millions of drachmae):
Gold and foreign exchange (net)..
Loans and discounts
Advances—Government
Other
Other assets
Note circulation
Deposits—Government
Reconstruction and
relief accts
Other
Other liabilities and capital
Bank of Guatemala (thousands of
quetzales):
Gold
Foreign exchange (net)
Gold contribution to Intl. Fund..
Rediscounts and advances
Other assets
Circulation—Notes
Coin
Deposits—Government
Banks
Other liabilities and capital
National Bank of Hungary2
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad
Foreign securities
Indian Govt. securities
Rupee coin
Note circulation
Banking department:
Notes of issue department
Balances abroad
Bills discounted
Loans to Government
Other assets
Deposits
Other liabilities and capital...
Bank Indonesia (millions of rupiahs):
Gold and foreign exchange (net)..
Loans and discounts
Advances to Government
Other assets
Note circulation
Deposits—ECA
Other
Other liabilities and capital
Bank Melli Iran6 (millions of rials):
Gold
Foreign exchange
Gold contribution to Intl. F u n d . .
Govt.-secured debt
Govt. loans and discounts
Other loans and discounts
Securities
Other assets
Note circulation
Deposits—Government
Banks
Other
Other liabilities and capital
Central Bank of Ireland (thousands of
pounds):
Gold
Sterling funds
Note circulation
1956
Nov.
Oct.
1955
Sept,
5,412
5,763 5,571
11,919 11,782 11,458
3,149
2,014 2,178
4,203 4,215
4,040
1,061
1,118
1,327
14,631 14,141 14,379
5,083 5,028 4,953
3,480 3,653 3,839
203
223
245
1,787
1,781
1,781
5,816
155
7,005
5,130
1,999
5,467
1,097
5,821
149
7,060
4,994
2,117
5,534
1,043
7,387
3,824
2,329
7,403
3,693
2,469
27,239
26,592
1,250
13,131
38,355
54,314
4,033
4,877
21,823
19,520
27,239
27,068
1,250
9,545
38,372
53,070
3,974
4,945
19,991
21,495
400
1,178 51,178
5,867
4,572 4,920
7,655 7,207 7,037
1,215 1,201
1,253
14,385 14,189 14,092
331
902
48
39
413
283
39
28
1,311
1,555
519
272
793
71
30
1,546
1,304
1,409
1,506
1,461
1,365
739
960
9,846
478
8,288
320
2,129
1,288
587
408
987
801
9,568 10,003
462
479
8,046
8,178
320
327
1,931
2,301
1,191
1,000
4,242 4,242 4,242
341
244
534
282
282
282
7,623 7,333 7,187
12,227 12,264 12,296
6,403 6,494 6,241
469
469
469
3,999 3,586
3,571
11,066 10,897 10,545
5,041
5,829 4,916
1,153
1,468
1,259
14,776 14,289 14,268
3,208 3,255 3,350
2,646 2,646 2,646
70,905 69,785 69,163
73,551 72,431 71,809
Nov.
Nov.
Bank of Israel (thousands of pounds):
Gold
Foreign exchange
Clearing accounts (net)
Loans and discounts
Advances to Government
Other Govt. accounts
Govt. securities
Other assets
Notes and coin in circulation
Deposits—Government
Other
Other liabilities and capital
256 Bank of Italy (billions of lire):
Gold
166
Foreign exchange
,843
Advances to Treasury
899
Loans and discounts
,651
Govt. securities
,453
Other assets
,253
Note circulation
Deposits—Government
,672
Demand
,510
Other
,928
Other liabilities and capital
Bank of Japan (billions of yen):
Bullion
227
Advances to Government
,
245
Loans and discounts
250
Govt. securities
201
Other assets
,431
Note circulation
,870
Deposits—Government
,778
Other
,076
Other liabilities
752 Bank of Mexico (millions of pesos):
Monetary reserve®
"Authorized" holdings of securities, etc
Bills and discounts
Other assets
400
Note circulation
,
,471
Demand liabilities
,
,486
Other liabilities and capital
,
,097
,238 Netherlands Bank (millions of
guilders):
Gold
216
Silver (including subsidiary coin).,
726
Foreign assets (net)
58
Loans and discounts
19
Govt. debt and securities
,
851
Other assets
,469
Note circulation—Old
401
New
Deposits—Government
,807
ECA
721
Other
,135
Other liabilities and capital
429
Reserve Bank of New Zealand (thou,957 R(
495 sands of pounds):
Gold
,801
Foreign exchange reserve
838
Loans and discounts
,242
Advances to State or State un244
dertakings
282
Investments
,187
Other assets
,836
Note circulation
,786
Demand deposits
444
Other liabilities and capital
,017 Bank of Norway (millions of kroner):
,970
Gold
,758
Foreign assets (net)
,645
Clearing accounts (net)
,436
Loans and discounts
,229
Securities
Occupation account (net)
Other assets
Note circulation
Deposits—Government
Banks
FOA
Other liabilities and capital
Oct.
1955
Sept.
Nov.
2,040
2,116
85,116 83,850
3,536
-1,387
21,296 12,730
72,595 36,993
72,647 21,565
146,220 134,398
14,932 16,735
220,537 188,614
35,462 12,947
139,973 94,576
15,711
17,563
644
132
223
353
032
380
890
292
201
621
* 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.
1956
Central bank, monetary unit,
and item
4
71
567
475
398
974
1,620
7
111
581
170
4
71
567
493
393
935
1,602
16
98
582
165
4
71
567
479
399
961
1,633
15
98
570
163
4
69
567
386
399
953
1,504
27
88
608
152
75
484
231
626
42
36
87
471
229
611
48
34
88
97
435
231
600
52
30
82
78
448
256
559
65
89
70
1,863
1,854
1,815
1,662
5,261
730
383
5,128
2,325
784
5,164
724
448
5,010
2,406
775
5,033
755
410
4,859
2,401
754
4,999
291
411
4,602
2,045
715
3,230
4
784
174
660
366
3,230
3
978
328
661
377
3,230
4
972
226
660
382
3,923
157
368
552
218
4,007
318
419
616
215
3,915
253
419
672
216
3,241
40
1,334
31
622
405
28
3,852
268
490
827
208
6,162
6,162
6,162
32,270 40,582 46,917
27,255 29,307 16,184
6,162
34,689
25,211
53,665
38,173
1,966
74,726
74,730
10,035
49,708
38,173
1,488
70,242
85,294
9,884
41,641
38,173
2,083
69,639
72,163
9,358
46,884
33,278
1,429
70,140
68,280
9,233
218
106
-39
111
74
5,546
138
3,204
1,547
425
26
95
218
73
-20
117
74
5,546
123
3,162
1,657
364
23
927
210
59
-27
118
75
5,546
113
3,154
1,626
389
23
903
209
-98
-45
116
96
5,546
105
3,142
1,365
504
106
812
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.
102
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
Central bank, monetary unit,
and item
State Bank of Pakistan (millions of
rupees):
Issue department:
Gold at home and abroad
Sterling securities
Pakistan Govt. securities
Goyt. of India securities
India currency
Rupee coin
Notes in circulation
Banking department:
Notes of issue department
Bills discounted
Loans to Government
Other assets
Deposits
.
Other liabilities and capital
Central Bank of Paraguay (millions of
guaranies):
Goldi
Foreign exchange (net)
Net claim on Int. Fund 2
Loans and discounts
Govt. loans and securities
Other assets
Note and coin issue
Deposits—Government
Other
Other liabilities and capital
Central Reserve Bank of Peru (millions
of soles):
Gold and foreign exchange
Net claim on Intl. Fund 2
Loans and discounts to banks
Loans to Government
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of the Philippines
(millions of pesos):
Gold
Foreign exchange
Net claim on Intl. Fund 2
Loans
Domestic securities
Other assets
Circulation—Notes
Coin
Demand deposits
Other liabilities and capital
Bank of Portugal (millions of escudos):
Gold
Foreign exchange (net)
Loans and discounts
Advances to Government
Other assets
Note circulation
Demand deposits—Government..
ECA
Other
Other liabilities and capital
South African Reserve Bank (millions
of pounds):
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits
Other liabilities and capital
Bank of Spain (millions of pesetas):
Gold
Silver
Govt. loans and securities
Other loans and discounts
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital
r
1956
Nov.
Oct.
1955
Sept.
115
870
1,527
176
430
61
3,077
115
921
1,296
177
430
64
2,907
115
940
1,197
177
430
66
2,834
104
30
96
21
91
26
661
627
168
699
636
180
688
660
146
11
515
53
1,545
507
219
1,163
301
288
1,098
719
67
786
1,306
148
2,176
601
249
731
67
780
1,305
125
2,175
609
224
624
67
838
1,287
166
2,153
567
263
41
401
41
401
39
407
84
436
153
661
86
284
85
136
371
149
646
86
283
81
141
365
147
645
86
286
82
5,835 5,728
13,625 13,510
1,420 1,161
1,373 1,373
1,937 1,869
11,114 10,985
1,873 1,616
89
89
7,974 7,894
3,139 3,057
78
47
13
47
113
56
17
76
42
16
44
110
51
17
76
38
19
49
111
55
15
617
321
16,124
44,149
53,803
51,254
3,652
12,035
48,074
617
317
15,948
44,370
53,240
51,222
5,085
11,179
47,007
617
323
15,849
43,520
51,430
50,453
5,188
10,556
45,543
Nov.
Nov.
Bank of Sweden (millions of kronor):
Gold
Foreign assets
114
Net claim on Intl. Fund 2
,
694
Swedish Govt. securities and ad,124
vances to National Debt Office 3,
'275
Other domestic bills and advances.
431
Other assets
,
29
Note circulation
:,601
Demand deposits—Government.,
Other
,
67
Other liabilities and capital
,
21 Swiss National Bank (millions of
5 francs):
540
Gold
523
Foreign exchange
110
Loans and discounts
Other assets
Note circulation
4
Sight liabilities
101
Other liabilities and capital
8 Central Bank of the Republic of Turkey
,346 (millions of pounds):
523
Gold
r
411
Foreign exchange and foreign
876
clearings
215
Loans and discounts
220
Securities
,082
Other assets
Note circulation
Deposits—Gold
467
Other
67
Other liabilities and capital
810 Bank of the Republic of Uruguay (mil,037 lions of pesos):
206
Gold
,831
Silver
463
Advances to State and Govt.
293
bodies
Other loans and discounts
Other assets
28
Note circulation
Deposits—Government
270
Other
10
32
Other liabilities and capital
372 Central Bank of Venezuela (millions
179 of bolivares):
603
Gold
87
Foreign exchange (net)
151
Other assets
Note circulation
51
Deposits
,610
Other liabilities and capital
423 National Bank of Federal People's Re,008 public of Yugoslavia (billions of
391 dinars):
,372
Gold
10 ,740
Gold contribution to Intl. Fund. .
,840
Foreign assets
107
Loans (short-term)
,523
Govt. debt (net)
,594
Other assets
Notes and coin in circulation
Demand deposits
Foreign liabilities
Long-term liabilities (net)
Other liabilities and capital
54 Bank for International Settlements
107 (millions of Swiss gold francs):
55
Gold in bars
18
Cash on hand and with b a n k s . . . .
Rediscountable bills and accept616
ances (at cost)
321
Time funds at interest
,995
Sundry bills and investments
,109
Funds invested in Germany
,026
Other assets
,379
Demand deposits—Gold
,504
Other
,460
Long-term deposits: Special
,723
Other liabilities and capital
Revised.
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.
1956
Central bank, monetary unit,
and item
584
1,038
129
4,010
27
1,023
Oct.
1955
Sept.
Nov.
583
961
129
579
956
129
612
998
129
3,959
22
3,759
108
997
5,129
164
70
1,164
3,282
81
1,051
5,029
6,921
590
154
1,002
5,316
199
119
1,178
5,235
85
163
1,173
7,025
587
254
121
5,483
2,277
227
6,925
590
173
114
5,383
2,194
225
5,391
2,149
224
100
6,526
601
173
111
5,255
1,946
211
402
402
402
402
219
3,891
31
234
2,433
155
1,586
604
222
3,844
31
231
2,369
155
1,585
621
224
3,813
29
247
2,299
155
1,615
646
3,459
30
140
1,965
155
1,531
554
324
10
327
10
277
524
690
491
212
371
751
207
475
667
471
149
329
738
1,538
834
194
1,104
415
1,047
,234
962
175
,088
357
926
1,234
380
131
1,065
236
444
5
2
61
1,004
54
65
86
229
108
583
185
5
2
67
940
41
67
85
211
119
518
190
5
2
61
760
654
55
675
98
628
297
1
744
1,137
229
299
608
71
716
50
637
104
691
297
2
759
1,124
229
298
269
138
469
297
1,438
1,297
219
1,170
413
1,372
536
67
658
100
572
297
720
982
229
302
142
152
829
173
64
88
176
104
387
137
588
835
229
289
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.
103
MONEY RATES
CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1
[Per cent per an n urn]
Central banks with new rates since December 1954
Month effective
In effect Dec. 31, 1954
1955_jan
Feb
Apr
May
Austria
Belgium
3.5
Denmark
2.75
Un.of
Tur- United Can- New
Ger- Greece Nether- Nor- Spain SweZea- South In- Japan 2
"ranee many
den key Kinglands way
dom ada land Africa dia 2
5.0
3.0
3.0
10.0
2.5
9.0
4.5
3.75 2.75 3.0
3.5
3.75
5.5
July
3.0
2.0
3.5
4 5
1.5
3.5
4.0
5.0
3.0
4 5
5.5
Seot..
Oct
Nov
Dec
6.6
6.0
3.5
5.5
3.0
5.0
10.0
3.5
33.77
3.92
4.0
3.5
5.0
3.25
4 25
3.75
3.75 3.5
4.25 4.0
8.03
3.25
3.0
3.25
6.57
4.5
5.5
10.0
5 0
3.0
5.0
2.0
2.25 7.0
2.75
1956—Feb
Mar
Apr
May
In effect Dec. 31, 1956
4.0
4.5
3.0
Sept
Oct
Nov
2.5
6.0
5.5
3.50
3.92 7.0
4.5
Area and
country
Rate
3.50
8.03
Other selected central banks—rates in effect on Dec. 31, 1956
Area and
country
Rate
Month
effective
Area and
country
Rate
Europe:
Italy
Portugal
Switzerland...
4.0
2.5
1.5
Apr. 1950
Jan. 1944
Nov. 1936
Asia:
Burma
Ceylon
Indonesia 2 ...
Pakistan
3.0
2.5
3.0
3.0
Month
effective
Feb.
June
Apr.
July
1948
1954
1946
1948
1
Rates shown represent mainly those at which the Central bank either
discounts or makes advances against eligible commercial paper and/or
government securities for commercial banks or brokers. For countries
with more than one rate applicable to such discounts or advances, the
rate shown is the one at which the largest proporation of central bank
credit operations is understood to be transacted. In certain cases other
rates for these countries are given in the following footnote.
2 Discounts or advances at other rates include: India—3.5 per cent
for discounts and for advances on government securities (rate shown
is for advances on commercial paper); Japan—various rates dependent
Area and
country
Rate
Asia—Cont.:
Philippines... 1.5
Thailand
7.0
Latin America:2
Costa Rica .. 3.0
Month
effective
Latin Am.—Cont.
El Salvador 2.
Mexico
Peru2
Venezuela
Apr. 1939
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 mos t
agricultural
paper.
3
Since Nov. 1, the discount rate is set each week at 14 per cent above the
latest average tender rate for Treasury bills.
OPEN MARKET RATES
[Per cent per annum]
United Kingdom
Canada
Month
Treasury Day-today 2
bills
3 months 1 money
1953—Dec.,
1954—Dec.
1.88
1.08
1955_Nov..
Dec.
2.38
2.59
.78
2.19
2.42
1956—Jan...
Feb...
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct...
Nov..
2.58
2.51
2.62
2.83
2.84
2.63
2.53
2.94
3.06
3.30
3.40
2.49
2.34
2.57
2.65
2.66
2.68
2.52
2.63
2.67
2.83
2.89
Bankers' Treasury
acceptbills
ances
3 months 3 months
2.19
1.78
4.21
4.22
4.22
4.77
5.34
5.27
5.14
5.20
5.10
5.08
5.18
5.14
5.08
1 Based on average yield of weekly tenders during the month.
2.11
1.78
4.10
4.08
4.07
4.69
5.18
5.11
4.95
5.09
5.01
5.03
5.11
5.04
5.01
Day-today
money
1.94
1.45
3.28
3.10
3.03
3.68
4.17
4.05
4.13
4.16
3.96
4.14
4.26
4.21
4.24
France
Bankers'
allowance Day-today
on
money
deposits
1.75
1.25
2.50
2.50
2.50
2.98
3.50
3.50
.50
.50
.50
.50
3.50
3.50
3.50
3.75
3.29
3.06
2.99
2.95
3.05
3.06
3.08
3.10
3.02
3.21
3.02
3.00
3.47
Netherlands
Treasury
bills
3 months
.03
.77
Day-today
money
.75
1.06
.50
.57
.50
.62
1.38
1.53
1.32
1.59
1.76
2.38
2.74
3.00
3.00
3.30
3.25
1.15
1.00
1.00
1.23
1.25
1.43
1.50
1.50
1.50
1.50
1.50
2 Based on weekly averages of daily closing rates.
Sweden
Switzerland
Loans
Private
up to
discount
3 months
rate
.50
.50
4V4-6V
4%6
.50
.50
4J4-6J/2
.50
.50
.50
.50
.50
.50
.50
.50
.50
.50
.50
41/2-61/2
4J/4-61,*
414-61^
414-6V
414-6V
104
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
20.000
13.333
20.000
13.333
20.000
13.333
20.000
13.333
120.000
113.333
25.556
1951
1952
1953
1954
1955
1956
Australia
(pound)
Austria
(schilling)
Belgium
(franc)
British
Malaysia
(dollar)
Canada
(dollar)
Ceylon
(rupee)
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
Free
7.067
7.163
7.198
7.198
17.183
32.835
1955—Dec.
5.556
2.806
223.32
3.8580
1.9986
32.764
100.048
20.988
1956—Jan..
Feb.,
Mar.
Apr.,
May,
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
556
556
556
556
556
556
556
556
556
556
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
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
4.2779
11.564
11.588
11.607
9.052
8.006
8.006
Denmark
(krone)
Year or month
14.491
14.492
Finland
(markka)
.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
1955—Dec..
.4354
.2854
23.719
20.988
280.26
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
1951.
1952.
1953.
1954.
1955.
1956.
Year or month
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)
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
1955—Dec
26.128
277.49
14.008
49.677
3.4900
279.21
19.333
23.335
280.26
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
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
4
New free market rate, became effective Oct. 28, 1955.
Based on quotations beginning Nov. 26, 1956.
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FLOW OF FUNDS IN THE UNITED STATES, 1939-53.
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THE FEDERAL RESERVE SYSTEM—PURPOSES AND
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105
106
FEDERAL RESERVE BULLETIN • JANUARY 1957
REPRINTS
MONETARY POLICY AND THE REAL ESTATE MAR-
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THE MONETARY SYSTEM OF THE UNITED STATES.
February 1953. 16 pages.
INFLUENCE OF CREDIT AND MONETARY MEASURES
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STABILITY.
May 1953. 7 pages.
* DETAILED DESCRIPTION OF SOURCES AND METHODS USED IN REVISION OF SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT STATISTICS.
April 1953. 25 pages.
DEPARTMENT
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96 pages.
EXTENSIONS AND REPAYMENTS OF CONSUMER INSTALMENT CREDIT. January 1954. 14 pages.
NEW INDEXES OF OUTPUT OF CONSUMER DURABLE GOODS. May 1954. 15 pages.
THE PRIVATE DEMAND FOR GOLD, 1931-53.
Sep-
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RECENT FINANCIAL CHANGES IN WESTERN GER-
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WORLD TRADE AND PRODUCTION IN 1953-54.
OF MONETARY INSTRUMENTS SINCE MID-
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(Se-
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1957 BUDGET. February 1956. 11 pages.
1956 SURVEY OF CONSUMER FINANCES. Preliminary Findings. March 1956. 3 pages. The
Financial Position of Consumers. June 1956.
14 pages. Consumer Indebtedness. July 1956.
17 pages. Durable Goods and Housing. August
1956. 17 pages. (Similar Surveys are available for earlier years from 1952, 1953, 1954,
and 1955 BULLETINS.)
SURVEY OF BANK LOANS FOR COMMERCIAL AND
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Business Loans of
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Lines and Minimum Balance Requirements.
June 1956. 7 pages. (Other articles on this
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June 1956. 9 pages. (Also similar reprint
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FINANCING OF LARGE CORPORATIONS,
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Oc-
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USE
December 1955. 6 pages.
BANKING AND MONETARY STATISTICS, 1955.
THE
FEDERAL FINANCIAL MEASURES FOR ECONOMIC
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KETS.
July 1956. 7 pages.
SURVEY OF COMMON TRUST FUNDS. August 1956.
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WORLD TRADE AND PAYMENTS IN
1955-56. Octo-
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DIRECTLY PLACED FINANCE COMPANY PAPER. De-
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SEASONAL ADJUSTMENT FACTORS FOR DEMAND
DEPOSITS ADJUSTED AND CURRENCY OUTSIDE
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UNITED STATES BANKS AND FOREIGN TRADE F I NANCING. April 1955. 11 pages.
BANKERS' ACCEPTANCE FINANCING IN THE UNITED
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A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS, ANNUAL ESTIMATES, 1939-54. Octo-
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REVISION OF CONSUMER CREDIT STATISTICS. Oc-
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INDEX OF ELECTRICITY AND GAS OUTPUT.
Octo-
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AGRICULTURAL LOAN SURVEY.
UNITED STATES BANKING ORGANIZATION ABROAD.
December 1956. 16 pages.
BOARD OF GOVERNORS
of the Federal Reserve System
W M . M C C . MARTIN, JR.,
Chairman
M. S. SZYMCZAK
C. CANBY BALDERSTON, Vice Chairman
A. L. MILLS, JR.
J. L. ROBERTSON
JAMES K. VARDAMAN, JR.
CHAS. N. SHEPARDSON
ELLIOTT THURSTON,
Assistant to the Board
WOODLIEF THOMAS,
Economic Adviser to the Board
CHARLES MOLONY,
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
GEORGE S. SLOAN, Director
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
ROBERT
DIVISION OF PERSONNEL ADMINISTRATION
EDWIN J. JOHNSON, Director
DIVISION OF RESEARCH AND STATISTICS
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
107
108
FEDERAL RESERVE BULLETIN • JANUARY 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
Vice Chairman
CHAS. N. SHEPARDSON
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.
WINFIELD W. RIEFLER, Secretary
FRANKLIN L. PARSONS, Associate Economist
ELLIOTT THURSTON, Assistant Secretary
GEORGE B. VEST, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
WOODLIEF THOMAS, Economist
WM. J. ABBOTT, JR., 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
LEE 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
109
District 2—FEDERAL RESERVE BANK OF NEW YORK-Continued
Alfred Hayes, President
William F. Treiber, First Vice 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
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
Lester V. Chandler
Bayard L. England
Lindley S. Hurff
Charles E. Oakes
Alfred H. Williams, President
W. J. Davis, First Vice President
Vice Presidents
E. C. Hill
Wm. G. McCreedy
Karl R. Bopp
Robert N. Hilkert
R. Russell Pippin
Geoffrey S. Smith
P. M. Poorman
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
Cincinnati Branch
J. W. Kossin, in charge of
Pittsburgh Branch
CINCINNATI BRANCH—BOARD OF DIRECTORS
Anthony Haswell, Chairman
W. Bay Irvine
Ivan Jett
PITTSBURGH BRANCH—BOARD OF DIRECTORS
Ben Moreell
Sumner E. Nichols
A. H. Laning
Martin Morrison
H. E. J. Smith
Paul C. Stetzelberger
Franklin A. McCracken
William A. Mitchell
John C. Warner,
Chairman
Irving W. Wilson
110
FEDERAL RESERVE BULLETIN • JANUARY 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 Chairman
Daniel W. Bell
Robert Gage
Robert O. Huffman
D. W. Colvard
Joseph E. Healy
W. A. L. Sibley
L. Vinton Hershey
Hugh Leach, President
N. L. Armistead
R. L. Cherry, in charge of
Charlotte Branch
J. Dewey Daane
Edw. A. Wayne, First Vice President
Vice Presidents
D. F. Hagner, in charge of
J. M. Nowlan
Baltimore Branch
James M. Slay
Aubrey N. Heflin
Thomas I. Storrs
C. B. Strathy
Upton S. Martin
BALTIMORE BRANCH—BOARD OF DIRECTORS
Charles A. Piper
John W. Stout
(Vacancy)
Wm. Purnell Hall
James W. McElroy
Stanley B. Trott
Clarence R. Zarfoss
CHARLOTTE BRANCH—BOARD OF DIRECTORS
William H. Grier, Chairman
Charles D. Parker
Ernest Patton
I. W. Stewart
Paul T. Taylor
G. G. Watts
T. Henry Wilson
District 6—FEDERAL RESERVE BANK OF ATLANTA
BOARD OF DIRECTORS
Walter M. Mitchell, Chairman and Federal Reserve Agent
Harllee Branch, Jr., Deputy Chairman
Roland L. Adams
William C. Carter
Joseph T. Lykes
Henry G. Chalkley, Jr.
Pollard Turman
W. C. Bowman
Donald Comer
Malcolm Bryan, President
V. K. Bowman
J. E. Denmark
H. C. Frazer, in charge of
Birmingham Branch
T. A. Lanford, in charge of
Jacksonville Branch
Lewis M. Clark, First Vice President
Vice Presidents
John L. Liles, Jr.
R. E. Moody, Jr., in charge
of Nashville Branch
Harold T. Patterson
L. B. Raisty
Earle L. Rauber
S. P. Schuessler
M. L. Shaw, in charge
of New Orleans
Branch
BIRMINGHAM BRANCH—BOARD OF DIRECTORS
Edwin C. Bottcher, 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
111
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
Robert P. Briggs
William J. Grede
Vivian W. Johnson
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
Neil B. Dawes
C. T. Laibly
A. L. Olson
W. R. Diercks
R. A. Swaney, in charge
George W. Mitchell
A. M. Gustavson
of Detroit Branch
H. J. Newman
Paul C. Hodge
W. W. Turner
DETROIT BRANCH—BOARD OF DIRECTORS
John A. Hannah
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. Long well
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 Bargef
T. Winfred Bell
E. C. Benton
H. C. McKinney, Jr.
Shuford R. Nichols
J. V. Satterfield, Jr.
A. Howard Stebbins, Jr.
112
FEDERAL RESERVE BULLETIN • JANUARY 1957
District 8—FEDERAL RESERVE BANK OF ST. LOUIS-Continued
LOUISVILLE BRANCH—BOARD OF DIRECTORS
David F. Cocks
Philip Davidson
Magnus J. Kreisle
W. Scott Mclntosh
M. C. Minor
J. D. Monin, Jr.
Merle E. Robertson
MEMPHIS BRANCH—BOARD OF DIRECTORS
Henry Banks
J. H. Harris
A. E. Hohenberg, Chairman
John A. McCall
William B. Pollard
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
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.
E. B. Larson
Sigurd Ueland
HELENA BRANCH—BOARD OF DIRECTORS
A. W. Heidel
J. Willard Johnson
Geo. N. Lund
Carl McFarland
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
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
Merriam B. Berger
Arthur Johnson
Ralph S. Newcomer
Aksel Nielsen, Chairman
Ray Reynolds
OKLAHOMA CITY BRANCH—BOARD OF DIRECTORS
Davis D. Bovaird, Chairman
George R. Gear
Phil H. Lowery
R. Otis McClintock
C. L. Priddy
FEDERAL RESERVE BANKS AND BRANCHES
U3
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
Hal Bogle, Deputy Chairman
J. B. Thomas
Sam D. Young
Watrous H. Irons, President
W. D. Gentry, First Vice President
Vice Presidents
E. B. Austin
W. E. Eagle, in charge of
T. W. Plant
Howard Carrithers, in charge
San Antonio Branch
L. G. Pondrom
of El Paso Branch
W. H. Holloway
Morgan H. Rice
J. L. Cook, in charge of
Harry A. Shuford
Houston Branch
EL PASO BRANCH—BOARD OF DIRECTORS
Floyd Childress
James A. Dick
Thomas C. Patterson
F. W. Barton
John P. Butler
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
S. Marcus Greer
Tyrus R. Timm
SAN ANTONIO BRANCH—BOARD OF DIRECTORS
Clarence E. Ayres
J. W. Beretta
E. C. Breedlove
Burton Dunn
V. S. Marett
Alex R. Thomas
Harold Vagtborg
District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO
BOARD OF DIRECTORS
A. H. Brawner, Chairman and Federal Reserve Agent
Y. Frank Freeman, Deputy Chairman
Carroll F. Byrd
Walter S. Johnson
Reese H. Taylor
M. Vilas Hubbard
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
Eliot J. Swan, First Vice President
Vice Presidents
E. R. Millard
W. F. Volberg,
R. H. Morrill
in charge of
J. A. Randall, in charge of
Los Angeles Branch
Portland Branch
O. P. Wheeler
H. F. Slade
114
FEDERAL RESERVE BULLETIN • JANUARY 1957
District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO—Continued
LOS ANGELES BRANCH—BOARD OF DIRECTORS
Anderson Borthwick
(Vacancy)
(Vacancy)
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, Chairmai
Index to Statistical Tables
Acceptances, bankers', 52, 53
Agricultural loans of commercial banks, 48
Agriculture, Govt. agency loans, 56, 57
Assets and liabilities (See also Foreign liabilities and
claims reported by banks):
Banks and the monetary system, consolidated, 44
Corporate, current, 64
Domestic banks, by classes, 45, 48, 50
Federal Reserve Banks, 39, 40
Foreign central banks, 98
Govt. corporations and credit agencies, by type
and agency, 56, 57
Automobiles:
Consumer instalment credit, 68, 69, 70
Production index, 74, 78
Bankers' balances, 49, 51
(See also Foreign liabilities and claims reported by
banks)
Banks and the monetary system, consolidated statement, 44
Bonds (See also U. S. Govt. securities):
New issues, 62, 64
Prices and yields, 53, 54
Brokers and dealers in securities, bank
loans to, 48, 50
Business expenditures on new plant and equipment, 64
Business indexes, 72
Business loans (See Commercial and industrial loans)
Capital accounts:
Banks, by classes, 45, 49, 51
Federal Reserve Banks, 39, 40
Carloadings, 72
Central banks, foreign, 96, 98, 103
Coins, circulation of, 43
Commercial banks:
Assets and liabilities, 45, 48
Consumer loans held, by type, 69
Number, by classes, 45
Real estate mortgages held, by type, 65
Commercial and industrial loans:
Commercial banks, 48
Weekly reporting member banks, 50, 52
Commercial paper, 52, 53
Commodity Credit Corporation, loans, etc., 56, 57
Condition statements (See Assets and liabilities)
Construction, 72, 78, 79
Consumer credit:
Instalment credit, 68, 69, 70, 71
Major parts, 68, 70
Noninstalment credit, by holder, 69
Consumer durable goods output indexes, 78
Consumer price indexes, 72, 84
Consumption expenditures, 86, 87
Corporate sales, profits, taxes, and dividends, 63, 64
Corporate security issues, 62, 64
Corporate security prices and yields, 53, 54
Cost of living (See Consumer price indexes)
Currency in circulation, 35, 43
Customer credit, stock market, 54
Debits to deposit accounts, 42
Demand deposits:
Adjusted, banks and the monetary system, 44
Demand deposits—Continued
Adjusted, commercial banks, by classes, 49
Banks, by classes, 45, 51
Type of holder, at commercial banks, 49
Department stores:
Merchandising data, 83
Sales and stocks, 72, 82
Deposits (See also specific types of deposits):
Adjusted, and currency, 44
Banks, by classes, 45, 49, 51
Federal Reserve Banks, 39, 40, 94
Postal savings, 44
Turnover of, 42
Deposits, reserves, and borrowings, by class of member bank, 37
Discount rates, 38, 103
Discounts and advances by Federal Reserve
Banks, 35, 39
Dividends, corporate, 63, 64
Dollar assets, foreign, 94, 97
Dwelling units started, 79
Earnings and hours, manufacturing industries 72, 81
Employment, 72, 81
Export-Import Bank, loans, etc., 56, 57
Farm mortgage loans, 56, 65, 66
Federal business-type activities, assets and liabilities,
by fund or activity, 56, 57
Federal Deposit Insurance Corporation,
assets, etc., 56, 57
Federal finance:
Cash transactions, 58
Receipts and expenditures, 59
Treasurer's balance, 58
Federal home loan banks, loans, etc., 56, 57, 67
Federal Housing Administration, loans, etc., 56, 57,
65, 66, 67
Federal National Mortgage Association,
loans, etc., 56, 57, 67
Federal Reserve Banks:
Condition statement, 39, 40
U. S. Govt. securities held by, 35, 39, 40, 60, 61
Federal Reserve credit, 35, 39, 40
Federal Reserve notes, 39, 40, 41, 43
Finance company paper, 52, 53
Foreign central banks, 96, 98, 103
Foreign deposits in U. S. banks, 35, 39, 40, 44, 49, 51
Foreign exchange rates, 104
Foreign liabilities and claims reported by
banks, 90, 92, 94
Foreign trade, 83
Gold:
Earmarked, 95
Net purchases by U. S., 95
Production, 94, 95
Reserves of central banks and governments, 96
Reserves of foreign countries and international
institutions, 97
Stock, 35, 44, 95
Gold certificates, 39, 40, 41, 43
Govt. debt (See U. S. Govt. securities)
Gross national product, 86, 87
Home owners, Govt. agency loans, 56, 57
Hours and earnings, manufacturing industries, 72, 81
115
116
FEDERAL RESERVE BULLETIN • JANUARY 1957
Industrial advances by Federal Reserve Banks, 39, 40,
41, 42
Industrial production indexes, 72, 73, 78
Instalment loans, 68, 69, 70, 71
Insurance companies, 55, 60, 61, 66
Insured commercial banks, 47, 48
Interbank deposits, 45, 49, 51
Interest rates:
Bond yields, 53
Business loans by banks, 53
Federal Reserve rates, 38, 42
Foreign countries, 103
Open market, 53, 103
Regulation V loans, 42
Stock yields, 53
International capital transactions of the U. S., 90
International financial institutions, 96, 97, 98
Inventories, 87
Investments (See also specific types of investments):
Banks, by classes, 45, 48, 50
Federal Reserve Banks, 39, 40
Govt. agencies, etc., 56, 57
Life insurance companies, 55
Savings and loan associations, 55
Labor force, 80
Loans (See also specific types of loans):
Banks, by classes, 45, 48, 50
Federal Reserve Banks, 35, 37, 39, 40, 41, 42
Govt. agencies, etc., 56, 57
Insurance companies, 55, 66
Savings and loan associations, 55, 66
Loans insured or guaranteed, 41, 65, 66, 67
Manufacturers, production indexes, 72, 73, 78
Margin requirements, 38
Member banks:
Assets and liabilities, by classes, 45, 48
Borrowings at Federal Reserve Banks, 35, 37
Deposits and reserves, by classes, 37
Number, by classes, 45
Reserve requirements, by classes, 38
Reserves and related items, 35
Weekly reporting series, 50
Minerals, production indexes, 72, 73
Money rates (See Interest rates)
Mortgages (See Real estate loans)
Mutual savings banks, 44, 45, 47, 60, 61, 65
National banks, 47
National income, 86
National security expenditures, 59, 87
Nonmember banks, 39, 47, 48
Payrolls, manufacturing, index, 72
Personal income, 87
Postal Savings System, 44
Prices:
Consumer, 72, 84
Security, 54
Wholesale commodity, 72, 84
Production, 72, 73, 77, 78
Profits, corporate, 63, 64
Real estate loans:
Commercial banks, 48, 50, 65
Type of mortgage holder, 65, 66, 67
Type of property mortgaged, 65, 66, 67
Regulation V, loan guarantees, 41, 42
Reserve requirements, member banks, 38
Reserves:
Commercial banks, 49
Federal Reserve Banks, 39, 40
Foreign central banks and governments, 96
Foreign countries and international institutions, 97
Member banks, 35, 37, 39, 40, 49, 51
Residential mortgage loans, 65, 66, 67
Sales finance companies, consumer loans of, 68, 69, 71
Savings, 86
Savings deposits (See Time deposits)
Savings institutions, principal assets, 55
Savings and loan associations, 55, 66
Securities, international transactions, 93, 94
Security issues, 62, 64
Silver coin and silver certificates, 43
State member banks, 47
State and municipal securities:
New issues, 62
Prices and yields, 53, 54
States and political subdivisions:
Deposits of, 49, 51
Holdings of U. S. Govt. securities, 60
Ownership of obligations of, 48, 55
Stock market credit, 54
Stocks:
New issues, 62
Prices and yields, 53, 54
Tax receipts, Federal, 59
Time deposits, 37, 44, 45, 49, 51
Treasurer's account balance, 58
Treasury cash, 35, 44
Treasury currency, 35, 43, 44
Treasury deposits, 35, 39, 40, 58
Unemployment, 80
U. S. Govt. balances:
Commercial bank holdings, by classes, 49, 51
Consolidated monetary statement, 44
Treasury deposits at Federal Reserve Banks, 35,
39, 40, 58
U. S. Govt. securities:
Bank holdings, 44, 45, 48, 50, 60, 61
Federal Reserve Bank holdings, 35, 39, 40, 60, 61
Foreign and international holdings, 97
International transactions, 93
New issues, gross proceeds, 62
Outstanding, by type of security, 60, 61
Ownership of, 60, 61
Prices and yields, 53, 54
United States notes, outstanding and in circulation, 43
Utility output index, 77
Veterans Administration, loans, etc., 56, 57, 65, 66, 67
Yields (See Interest rates)
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Boundaries of Federal Reserve Districts
Boundaries of Federal Reserve Branch Territories
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