Full text of Federal Reserve Bulletin : January 1958
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FEDERAL RESERVE
BULLETIN
January
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
E D I T O R I A L
C O M M I T T E E
Elliott Thurston
Woodlief Thomas
Ralph A. Young
Winfield W. Riefler
Susan S. Burr
The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial
committee. This committee is responsible for opinions expressed, except in official statements and signed articles.
Contents
!
Production and Prices
I
Law Department
1
Current Events and Announcements
17
i
National Summary of Business Conditions
26
j
Financial and Business Statistics, U. S. (Contents on p. 29)
31
1
International Financial Statistics (Contents on p. 85)
86
j
8
Board of Governors and Staff
101
Open Market Committee and Staff; Federal Advisory Council
102
!
I
Federal Reserve Banks and Branches
102
|
I
Federal Reserve Board Publications
109
Index to Statistical Tables
111
1
Map of Federal Reserve System
Inside back cover
Volume 44 * Number i
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IN THE LATTER PART OF 1957 economic
activity declined from the advanced level
prevailing during the first three quarters of
the year. The number of persons unemployed increased and personal income declined. In wholesale markets, prices of
sensitive industrial materials receded, but
the average of industrial commodity prices
changed little. Food prices declined in early
autumn, then advanced. Consumer prices
reached a new high toward the year-end.
During the summer months total industrial production rose, after declining somewhat during the spring. With activity and
employment in nonmanufacturing lines continuing upward, total nonagricultural employment attained a new high level in July
and August. In this period activity in consumer goods industries was increasing in
response to expanding demands. Meanwhile, employment and working schedules
in industries manufacturing defense hard
goods and producers' equipment were being
reduced because of declines in military programs and in new orders for capital goods.
In the autumn consumer demands became less active and, with demands for
producers' equipment declining further, total
production and employment turned downward. By December industrial production
had declined to 136 per cent of the 1947-49
average, which compares with the late summer high of 145 and the December 1956
high of 147.
Cuts in output of industrial materials
were especially marked as industrial users
PRODUCTION AND PRICES
Ratio
1947.49.100
PRODUCTION
240
UTILITIES^/
-
/ ^
_/^
—
200
NEW
CONSTRUCTION
y
160
140
V
^-^S^S
/INDUSTRIAL
PRODUCTION
•-'
120
AGRICULTURE
100
MO
PRICES
CONSUMER
-
^ J ^ 120
-^X^~2
WHOLESALE
1
I I
1953
1955
»57
no
NOTE.—Industrial production and utilities: Federal Reserve
indexes, seasonally adjusted. New construction: value in constant prices based on monthly data of the Departments of Commerce and Labor, seasonally adjusted by Federal Reserve.
Agriculture: Department of Agriculture annual index of farm
output. Prices: Bureau of Labor Statistics indexes. Latest
monthly data are preliminary figures for December.
reduced inventories as well as current production. The total book value of manufacturers' stocks, which had leveled off in the
summer, turned down in October.
Curtailment in output of manufactures
and minerals in the autumn months was
accompanied by a sharp reduction in freight
traffic, especially on the railroads. Reductions in industrial demands for electricity
and gas, on the other hand, were largely
offset by continued expansion in residential
and other nonindustrial uses, and total utility
1
FEDERAL RESERVE BULLETIN • JANUARY 1958
output showed only a moderate decline from
the peak reached last summer.
Construction activity in the closing
months of 1957 was somewhat above the
level maintained in the first half of the year,
chiefly because of a moderate pickup in new
residential building after a two-year decline.
Public utility and highway construction continued to expand but private industrial building declined. Farm output in 1957 equaled
the record volume of 1956.
Wholesale prices of industrial commodities at the end of 1957 were slightly above
the advanced level reached at the beginning
of the year. Steel prices increased in July
and machinery and auto prices rose later
in the year. Marked declines occurred in
prices of sensitive industrial materials from
late August to November. Prices of foodstuffs rose during the summer, declined in
early autumn, and advanced toward the end
of the year to the summer level.
March, production in the equipment and
ordnance sector began to decline. At about
that time, however, as a result of earlier inventory adjustments and a brisk pickup in
retail trade, production of consumer goods
advanced. This rise, continuing from April
to August, carried industrial production to
somewhat higher ground.
INDUSTRIAL
FINISHED
for
total
index
:
100
MANUFACTURES
points
60
CONSUMfiR GOODS
30
EQUIPMENT ANO ORDNANCE
MATERIALS AND PARTS
80
PRODUCTION ADJUSTMENTS
The Board's seasonally adjusted index of
production at factories and mines declined
6 per cent in the latter part of 1957. This
was as much decline as in the initial period
of the 1953-54 and 1948-49 downturns.
During 1956 and most of 1957 industrial
production fluctuated within an unusually
narrow range around the advanced level of
144 reached in December 1955, as increases
in some lines were offset by downward adjustments in others. Through early 1957,
downward adjustments were occurring in industries producing consumer durable goods
and residential building materials. Upward
pressures came mainly from rising investment, defense, and export demands.
Last spring, after reaching a new high in
PRODUCTION
1947 - 49 average
70
1953
NOTE.—Special breakdown of the seasonally adjusted index
of industrial production, expressed as points in the total index.
Latest data are estimates for December.
In the autumn, inventories of some consumer goods appeared excessive and production of these goods was reduced. Capital
goods producers were continuing to cut output and to reduce stocks of materials and
goods in process. As a result, sharp curtailments in production of steel and some other
industrial materials developed. In December, as the chart shows, over-all activity in
industries making materials and parts was
down about 9 per cent from midsummer.
PRODUCTION AND PRICES
EQUIPMENT AND ORDNANCE
Activity in equipment and ordnance industries, which had been increasing since late
1954, continued upward in the first quarter
of 1957 as defense production rose further.
Production of capital equipment was generally leveling off as new orders declined and
unfilled orders were drawn down. In the
second quarter activity in the aircraft and
machine tool industries turned down.
After midyear declines in equipment and
ordnance production were extended. During the summer and autumn many new defense contracts were withheld, some projects
were canceled, and aircraft procurement
was generally stretched out. In the autumn
surveys of business plans for capital expenditures indicated substantial reductions in
1958, especially in manufacturing and the
railroads. Exports of capital goods were
showing little change at a level higher than
a year earlier. Near the end of the year
new defense orders were rising, following
reappraisal of military programs.
In December over-all output of equipment
and ordnance was about 13 per cent below
the March peak, with over half the decline
occurring in the last quarter. Output of
machine tools was down about a fourth, and
declines in most other industrial machinery
industries and in aircraft were substantial.
Shipbuilding activity advanced until summer
and then declined. Late in the year output
of railroad equipment, trucks, and farm
machinery also declined.
put of most such goods either continued at
an advanced level or increased somewhat
further. In the closing months of 1957,
however, production of nondurable as well
as durable goods declined. In December
total output of industries manufacturing consumer goods was appreciably below the high
levels reached in late 1955 and again last
summer.
Automobiles. Production of autos fluctuated widely in 1956 and 1957 around
levels well below 1955, as the chart below
shows. For the year 1957, production
totaled 6.1 million units, as compared with
5.8 million in 1956 and 7.9 million in 1955.
Sales of domestically produced new cars
over the first 10 months of 1957 were
slightly higher than in the corresponding
1956 period, despite moderately lower volume in the early months of the year. In
November and December the number sold
averaged 3 per cent below the corresponding 1956 period and for the year as a whole
sales equaled the 1956 total of 5.8 million.
Imports increased steadily and for the year
exceeded 200,000—more than double the
1956 volume.
CONSUMER DURABLE GOODS OUTPUT
220
_
AUTOS
/
'V'
:
- 180
1
\
140
/
r
V'
A* t
I-".-/
CONSUMER GOODS
From the end of 1955 to early autumn 1957,
output changes in consumer goods lines were
most pronounced for autos and household
durable items. Consumer demands for nondurable goods were generally rising and out-
f
/
J
- 100
-
|
MAJOR
; HOUSEHOLD GOODS
•!
1
1
1
1
60
1953
NOTE.—Seasonally adjusted indexes.
liminary figures for December.
Latest data are pre-
FEDERAL RESERVE BULLETIN • JANUARY 1958
Last spring and summer, with sales relatively favorable and stocks not very high
at the outset, auto production was maintained well above the corresponding 1956
level and also above the current rate of sales.
Dealers' stocks rose over this period and at
the end of the summer were at a new high
for that season. After a large reduction
during the fall model-changeover period,
stocks expanded again in November as output of 1958 models increased sharply and
sales rose less rapidly than anticipated.
In December output was curtailed and the
rise in stocks slackened. At the year-end
stocks were about two-fifths higher than
at the end of 1956.
Household durable goods. Production of
household durable goods in 1956 and early
1957 was generally declining from the high
reached in the fall of 1955. Retail sales
leveled off and demands from builders for
appliances and heating apparatus were curtailed as the number of new houses built
declined. Output was reduced more than
sales declined and by late spring of 1957
large inventories accumulated earlier had
been worked down.
In late spring and summer of 1957 buying
of household durable goods picked up, reflecting in part new-model stimulus and the
increase in residential building activity. Output increased and in September was 13 per
cent above the low reached in the spring.
Inventories—especially of television, furniture, and some appliances—rose again but
not to earlier peaks. Subsequently, with
retail sales lagging, production of household
durable goods was reduced and in December was 132 per cent of the 1947-49 average as compared with 140 in September and
151 at the high in 1955.
MATERIALS OUTPUT
Production of industrial materials generally
edged off in the first half of 1957, picked up
during the summer, and then declined
sharply in the autumn. The summer rise,
at a time when demands from equipment and
ordnance industries were declining, reflected
in part increased takings by consumer goods
industries. The sharp autumn reduction reflected lower demands from equipment and
MAJOR INDUSTRIAL MATERIALS
1947-49 output.100
NOTE.—Based on monthly output and end-of-year capacity
data for pig iron, steel ingots, primary aluminum, refined
copper, cement, cotton yarn, synthetic fibers and yarns, wood
pulp, paper, paperboard, petroleum products, coke, and five
industrial chemicals, combined with value-added weights. Output index is seasonally adjusted; latest figure shown is preliminary estimate for December.
ordnance industries and consumer goods
lines, and was attributable in part to more
cautious inventory policies.
Output changes for major industrial materials, including steel, aluminum, cement,
and textile fibers, are summarized in the
chart. Total production of these materials
in December was about an eighth below
the high level of a year earlier.
The decline in late 1957, as well as the
downward movement to last summer, reflected to a large extent reductions in iron
and steel production. Activity at steel mills,
PRODUCTION AND PRICES
after receding to 86 per cent of capacity
in June, dropped sharply later in the year.
In early January steel ingot output was running at a rate about two-fifths below the
record level of a year earlier and about 56
per cent of the capacity reported for the
beginning of 1958.
Output of aluminum and copper also
declined in late 1957, but not so sharply as
steel production. Cotton textile production
declined only moderately from the low levels
prevailing earlier, and output of synthetic
textile fibers rose somewhat. Output of
paper and of most industrial chemicals continued near the high rates prevailing since
mid-1956. Cement production was curtailed sharply by a strike in July, rose to a
new high in late summer, and declined near
the end of the year.
especially toward the end of the year, output
curtailments for various finished goods and
inventory reductions by industrial users led
to curtailment in output of a number of
materials. By the year-end utilization of
productive capacity for these materials was
down sharply.
WHOLESALE PRICES
The average level of wholesale commodity
prices changed little in the first half of 1957,
as the chart shows, but rose somewhat during the summer to a level 7 per cent above
mid-1955. The midyear rise in prices of
foods and foodstuffs was due only in part
to seasonal changes in supplies, and in
December prices of these commodities
averaged 4 per cent above a year earlier.
The average level of industrial commodity
CAPACITY
Industrial capacity for production of both
finished goods and materials has increased
continuously over the postwar years. As
the preceding chart shows, the rate of expansion for major industrial materials slackened in 1954 when available capacity was
being less fully used than before. After
sharp recovery in industrial activity and
demands for materials, capacity expansion
was again at an advanced rate in 1956 and
1957.
Production of industrial materials was
pressing on capacity in many lines in late
1955 and early 1956. With capacity expanding, a similar level of materials output
in late 1956 was reflected in less active use
of capacity except for steel.
In early 1957 inventory demands for
materials slackened, partly as a result of the
steady improvement in supplies made possible by expanded capacity. Subsequently,
WHOLESALE PRICES
1947-49 -100
130
INDUSTRIAL
COMMODITIES
FOODS AND
FOODSTUFFS
80
110
1954
1955
1956
1957
NOTE.—Bureau of Labor Statistics index for all commodities;
Federal Reserve groupings of BLS indexes for foods and foodstuffs (raw and processed foods and feeds) and industrial
commodities (all other commodities in the total index). Sensitive industrial materials based on BLS daily index of 13 raw
industrial commodities. Latest figures are for December.
FEDERAL RESERVE BULLETIN • JANUARY 1958
prices also increased in the summer, and at
the year-end was up 1 per cent from December 1956 and 9 per cent from mid-1955.
Prices of basic or sensitive industrial materials, some of which reflect demand and
supply conditions abroad as well as in the
United States, turned down at the beginning
of 1957. The decline then, which was
mainly a reaction to the rise that had been
stimulated by the Suez crisis the previous
autumn, was followed by little change in
late spring and early summer. In late summer and early fall the widely expected upturn in buying of materials associated with
an expected autumn rise in industrial activity
failed to develop, and basic industrial commodity prices declined generally.
By November, average prices of the sensitive materials included in the index
shown in the chart on page 5 were 15 per
cent below the advanced level at the end of
1956 and only slightly above the low of
1954. Consequently, collections of scrap
and output of various basic materials were
being curtailed. In the final weeks of 1957
prices of these commodities declined little
further. Abroad, the lower prices of basic
materials were an element in the exchange
problems of a number of raw materials producing countries.
Prices of steel mill products, building materials other than lumber, and some other
fabricated materials advanced further in the
spring and summer of last year. Meanwhile
lumber prices continued the decline begun
in early 1956, and prices of fuel oils, under
pressure of heavy stocks, declined from the
advanced levels reached during the Suez
crisis. Altogether, prices of industrial materials at the end of last year were down
slightly from the August high and not much
above the level at the end of 1956.
With a smaller volume of new orders for
defense and business equipment, with productive capacity enlarged, and with prices of
materials no longer generally advancing, increases in wholesale prices of finished industrial products last year were neither so large
nor so widespread as in the 1955-56 period.
Prices of machinery and equipment, which
had risen 14 per cent from mid-1955
through 1956, advanced 3 per cent in the
second half of 1957, following the midyear increase in prices of steel mill products.
Wholesale prices of consumer goods other
than foods changed little during the year.
CONSUMER PRICES
Prices for goods and services to consumers
continued upward last year, rising 3 per cent
or about as much as in 1956. An interruption in the advance in September and
October was due mainly to seasonal decreases in food prices.
The consumer price index, in contrast to
the wholesale commodity price index, includes rent and many services, which currently have a relative importance of onethird. Steadily advancing service prices in
recent months have accounted for much,
though by no means all, of the rise in the
consumer index.
In 1957 as a whole, the advance in prices
of services was about 5 per cent—the highest rate of increase since the period following the outbreak of war in Korea. As in
most other recent years, increases were small
in gas and electricity, where opportunities
to increase productivity have been greater
than in most lines. Increases in rates for
hospital services and for house maintenance
and repair were somewhat greater than the
average.
Rents have continued to edge up. Since
PRODUCTION AND PRICES
1953 they have increased less rapidly than
earlier—about 2 per cent or less per year, as
compared with an average rate of nearly 5
per cent from 1946 through 1953.
Retail prices of foods advanced last year,
and in December were at a record high for
this season, 3 per cent above a year earlier.
Changes in food prices throughout the year
reflected to a large extent changes in prices
of meat.
Market supplies of meats, which had increased steadily in 1955 and early 1956,
changed little during the first 10 months of
1957. In November and December production was unusually low for that time of
year. With consumer demands strong, retail prices of meats rose substantially last
spring and summer. Following some seasonal decline, meat prices were rising again
toward the year-end and in December were
about 10 per cent above a year earlier.
Retail prices of commodities other than
foods advanced further last autumn and in
December averaged 2 per cent above a year
earlier. When 1958 models were introduced in November, prices of autos rose
sharply, reflecting mainly reduction in dealer
CONSUMER
PRICES
1947-49.100
AIL ITEMS
y*^
A
fOODS ,
/
V
no
OTHER
COMMODITIES
1
1
1
SERVICES
1
1»54
1
'55
f
1
1
'56 '57
1954
1 1
'55 '56
NOTE.—Bureau of Labor Statistics indexes. Latest figures are
Federal Reserve estimates for December.
discounts from those offered on 1957 models
but also increases in manufacturers' list
prices. Retail prices of apparel were somewhat higher last autumn than they were a
year earlier. Prices of coal and fuel oils rose
seasonally during this period and by the
end of the year were near the record levels
reached during the Suez crisis.
Law Department
Administrative interpretations, new regulations, and similar material
Margin Requirements
The Board of Governors of the Federal Reserve
System, effective January 16, 1958, amended the
Supplement to Regulation T entitled "Extension
and Maintenance of Credit by Brokers, Dealers,
and Members of National Securities Exchanges,"
and amended the Supplement to Regulation U
entitled "Loans by Banks for the Purpose of Purchasing or Carrying Stocks Registered on a National Securities Exchange" so as to decrease the
margin requirements from 70 per cent to 50 per
cent for credit extended by brokers and banks to
finance purchases of stock exchange securities.
The decreased margins also apply to short sales.
The texts of the Supplements as thus amended are
as follows:
SUPPLEMENT TO REGULATION T
Maximum loan value for general accounts.—
The maximum loan value of a registered security
(other than an exempted security) in a general account, subject to section 3 of Regulation T, shall
be 50 per cent of its current market value.
Margin required for short sales in general accounts.—The amount to be included in the adjusted debit balance of a general account, pursuant
to section 3(d) (3) of Regulation T, as margin required for short sales of securities (other than exempted securities) shall be 50 per cent of the current market value of each such security.
SUPPLEMENT TO REGULATION U
For the purpose of section 1 of Regulation
U, the maximum loan value of any stock, whether
or not registered on a national securities exchange,
shall be 50 per cent of its current market value, as
determined by any reasonable method.
ORDERS UNDER SECTION 3 OF BANK HOLDING COMPANY ACT
Since enactment of the Bank Holding Company Act of 1956, the Board of Governors of the
Federal Reserve System has issued the following
Orders and Statements with respect to applications by various bank holding companies for
approval of the acquisition of voting shares of
banks.
FIRST BANK STOCK CORPORATION
In the Matter of the Application of First Bank
Stock Corporation for Approval of Acquisition of
Voting Shares of First State Bank of Babbitt,
Babbitt, Minnesota.
Order
The above matter having come before the
Board on the application of First Bank Stock
Corporation, Minneapolis, Minnesota, dated
May 17, 1956, filed pursuant to the provisions
of section 3 (a) (2) of the Bank Holding Company Act of 1956, for prior approval of acquisition by First Bank Stock Corporation of direct
ownership of 470 shares of a total of 500 voting
shares of the proposed First State Bank of Babbitt, Babbitt, Minnesota, and it appearing after
due consideration thereof in the light of the
factors enumerated in section 3 (c) of the Bank
Holding Company Act of 1956 that such application should be granted,
IT IS HEREBY ORDERED that the said application
be and hereby is granted and the acquisition by
First Bank Stock Corporation of 470 voting shares
of the First State Bank of Babbitt is hereby approved, provided that such acquisition is completed within six months from the date hereof.
By order of the Board.
(Signed) S. R. CARPENTER,
Secretary.
(SEAL)
Dated: July 26, 1956.
MARINE MIDLAND CORPORATION
In the Matter of the Application of Marine Midland Corporation for Approval of Acquisition of
Voting Shares of The Lake Shore National Bank
of Dunkirk, Dunkirk, New York.
Order
The above matter having come before the
Board on the application of Marine Midland
LAW DEPARTMENT
Corporation, Buffalo, New York, dated August 6,
1956, filed pursuant to the provisions of section
3 (a) (2) of the Bank Holding Company Act of
1956, for prior approval of acquisition by Marine Midland Corporation of direct ownership
of 2,000 shares of a total of 2,000 voting shares
of The Lake Shore National Bank of Dunkirk,
Dunkirk, New York, and it appearing after due
consideration thereof in the light of the factors
enumerated in section 3(c) of the Bank Holding
Company Act of 1956 that such application should
be granted,
IT IS HEREBY ORDERED that the said application
be and hereby is granted and the acquisition by
Marine Midland Corporation of 2,000 voting
shares of The Lake Shore National Bank of Dunkirk, Dunkirk, New York, is hereby approved,
provided that such acquisition is completed within
three months from the date hereof.
By order of the Board.
(Signed) S. R. CARPENTER,
Secretary.
(SEAL)
Dated: January 31, 1957.
NORTHWEST BANCORPORATION
In the Matter of the Application of Northwest
Bancorporation for Approval of Acquisition of
Voting Shares of First National Bank of Hoyt
Lakes, Hoyt Lakes, Minnesota.
Order
The above matter having come before the
Board on the application of Northwest Bancorporation, Minneapolis, Minnesota, dated February
11, 1957, filed pursuant to the provisions of section 3(a)(2) of the Bank Holding Company Act
of 1956, for prior approval of acquisition bv
Northwest Bancorporation of direct ownership
of 1,200 shares of a total of 1,250 voting shares
of the proposed First National Bank of Hovt
Lakes, Hoyt Lakes, Minnesota, and it appearing
after due consideration thereof in the light of
the factors enumerated in section 3(c) of the
Bank Holding Company Act of 1956 that such
application should be granted,
IT IS HEREBY ORDERED that the said application
be and hereby is granted and the acquisition by
Northwest Bancorporation of 1,200 voting shares
of First National Bank of Hoyt Lakes, Hoyt
Lakes, Minnesota, is hereby approved, provided
that such acquisition is completed within three
months from the date hereof.
By order of the Board of Governors.
(Signed) S. R. CARPENTER,
Secretary.
(SEAL)
Dated: May 9, 1957.
BRENTON COMPANIES
In the Matter of the Application of Brenton Companies for Approval of Acquisition of Voting
Shares of South Des Moines National Bank,
Des Moines, Iowa.
Order
The above matter having come before the
Board on the application of Brenton Companies,
Des Moines, Iowa, dated January 10, 1957, filed
pursuant to the provisions of section 3(a)(2) of
the Bank Holding Company Act of 1956, for
prior approval of acquisition by Brenton Companies of direct ownership of 51 per cent to 95
per cent of a total of 2,000 voting shares of the
proposed South Des Moines National Bank,
Des Moines, Iowa, and it appearing after due
consideration thereof in the light of the factors
enumerated in section 3(c) of the Bank Holding
Company Act of 1956 that such application should
be granted,
IT IS HEREBY ORDERED that the said application
be and hereby is granted, and the acquisition by
Brenton Companies of 51 per cent to 95 per cent
of 2,000 voting shares of South Des Moines
National Bank, Des Moines, Iowa, is hereby approved, provided that such acquisition is completed within three months from the date hereof.
By order of the Board of Governors.
(Signed) MERRITT SHERMAN,
Assistant Secretary.
(SEAL)
Dated: July 1, 1957.
Order Extending Time
The above matter having come before the
Board on the application of Brenton Companies,
Des Moines, Iowa, dated January 10, 1957, filed
pursuant to the provisions of section 3(a)(2) of
the Bank Holding Company Act of 1956, for
prior approval of acquisition by Brenton Companies of direct ownership of 51 per cent to 95 per
cent of a total of 2,000 voting shares of the pro-
10
FEDERAL RESERVE BULLETIN • JANUARY 1958
posed South Des Moines National Bank, Des
Moines, Iowa, and it appearing after due consideration thereof in the light of the factors
enumerated in section 3(c) of the Bank Holding
Company Act of 1956 that such application
should be granted,
And such application having been granted
pursuant to order of the Board, dated July 1,
1957, provided the acquisition is completed
within three months from the date of the Board's
order,
IT IS HEREBY ORDERED, That the time in which
such acquisition may be completed is extended
to May 1, 1958.
By order of the Board of Governors.
(Signed) S. R. CARPENTER,
Secretary.
(SEAL)
Dated: July 29, 1957.
FIRST SECURITY CORPORATION
In the Matter of the Application of First Security
Corporation for Approval of Acquisition of Voting
Shares of Union Bank and Trust Company, Salt
Lake City, Utah.
Order
The above matter having come before the Board
on the application of First Security Corporation,
Salt Lake City, Utah, dated May 10, 1957, filed
pursuant to the provisions of section 3(a)(2) of
the Bank Holding Company Act of 1956, for
prior approval of acquisition by First Security
Corporation of direct ownership of the 25,000
outstanding shares of capital stock of Union Bank
and Trust Company, Salt Lake City, Utah, and it
appearing after due consideration thereof in the
light of the factors enumerated in section 3(c) of
the Bank Holding Company Act of 1956 that
such application should be granted,
IT IS HEREBY ORDERED that the said application
be and hereby is granted and the acquisition by
First Security Corporation of the 25,000 outstanding shares of capital stock of Union Bank and
Trust Company is hereby approved, provided that
such acquisition is completed within three months
from the date hereof.
By order of the Board of Governors.
(Signed) S. R. CARPENTER,
Secretary.
(SEAL)
Dated: September 19, 1957.
WISCONSIN BANKSHARES CORPORATION
In the Matter of the Application of Wisconsin
Bankshares Corporation for Approval of Acquisition of Voting Shares of Southgate National
Bank of Milwaukee, Milwaukee, Wisconsin.
Order
The above matter having come before the
Board on the application of Wisconsin Bankshares Corporation, Milwaukee, Wisconsin, dated
February 27, 1957, filed pursuant to the provisions of section 3(a) (2) of the Bank Holding
Company Act of 1956, for prior approval of
acquisition by Wisconsin Bankshares Corporation
of direct ownership of 2,950 shares of a total
of 3,000 voting shares of the proposed Southgate National Bank of Milwaukee, Milwaukee,
Wisconsin, and it appearing after due consideration thereof in the light of the factors enumerated
in section 3(c) of the Bank Holding Company
Act of 1956 that such application should be
granted,
IT IS HEREBY ORDERED that the said application
be and hereby is granted and the acquisition by
Wisconsin Bankshares Corporation of 2,950 voting shares of Southgate National Bank of Milwaukee is hereby approved, provided that such
acquisition is completed within three months
from the date hereof.
By order of the Board of Governors.
(Signed) S. R. CARPENTER,
Secretary.
(SEAL)
Dated: October 9, 1957.
Order Extending Time
The above matter having come before the
Board on the application of Wisconsin Bankshares Corporation, Milwaukee, Wisconsin, filed
pursuant to the provisions of section 3 (a) (2)
of the Bank Holding Company Act of 1956, for
prior approval of acquisition by Wisconsin Bankshares Corporation of direct ownership of 2,950
shares of a total of 3,000 voting shares of the
proposed Southgate National Bank of Milwaukee,
Milwaukee, Wisconsin, and it appearing after due
consideration thereof in the light of the factors
enumerated in section 3(c) of the Bank Holding
Company Act of 1956 that such application
should be granted,
And such application having been granted pur-
LAW DEPARTMENT
suant to Order of the Board, dated October 9,
1957, provided the acquisition be completed
within three months from the date of the Board's
Order,
IT IS HEREBY ORDERED, That the time within
which such acquisition may be completed is extended to April 9, 1958.
This 10th day of January, 1958.
By order of the Board of Governors.
(Signed) S. R. CARPENTER,
Secretary.
(SEAL)
NORTHWEST BANCORPORATION
In the Matter of the Application of Northwest
Bancorp oration for Approval of Acquisition of
Voting Shares of Proposed Northwestern State
Bank, Rochester, Minnesota.
Order
There having come before the Board the application of Northwest Bancorporation, Minneapolis,
Minnesota, dated March 29, 1957, under section
3(a)(2) of the Bank Holding Company Act of
1956, for prior approval of the acquisition by
it of direct ownership of 1,450 voting shares of
a total of 1,500 voting shares of Northwestern
State Bank, Rochester, Minnesota, a proposed
new institution, and it appearing, after due consideration thereof pursuant to the requirements
of the Bank Holding Company Act of 1956, that
such application should be denied,
IT IS ORDERED, That the application of Northwest Bancorporation, Minneapolis, Minnesota,
under section 3 (a) (2) of the Bank Holding
Company Act of 1956, for the Board's prior approval of the acquisition by Northwest Bancorporation of direct ownership of 1,450 voting shares
of a total of 1,500 voting shares of Northwestern
State Bank, Rochester, Minnesota, a proposed new
institution, shall be, and the same hereby is,
denied.
This 5th day of November 1957.
By order of the Board of Governors.
(Signed) S. R. CARPENTER,
Secretary.
(SEAL)
Statement
This matter comes before the Board on the
application of Northwest Bancorporation, Minneapolis, Minnesota, dated March 29, 1957, filed
11
pursuant to the provisions of section 3(a)(2) of
the Bank Holding Company Act of 1956, for
prior approval of the acquisition by it of direct
ownership of 1,450 shares of a total of 1,500 voting shares of the Northwestern State Bank,
Rochester, Minnesota, a proposed new institution.
After full consideration of the facts in this
case, as set forth in the application and as outlined herein, the Board has concluded that the
features favorable to the proposed acquisition are
outweighed by those which appear unfavorable,
and that consequently the application should be
denied.
Factual background. The applicant, Northwest
Bancorporation, is a bank holding company located in Minneapolis, Minnesota. On December
31, 1956, it controlled 45 subsidiary banks in
Minnesota with aggregate deposits of $980 million,
and 30 subsidiary banks, with aggregate deposits
of $669 million, in the States of Iowa (4 banks),
Montana (7 banks), Nebraska (5 banks), North
Dakota (9 banks), South Dakota (4 banks) and
Wisconsin (1 bank).
The city of Rochester, Minnesota, has a population of about 35,000 and is presently served by
three banks: the First National Bank, the Northwestern National Bank, and the Olmsted County
Bank and Trust Company. On December 31,
1956, the First National Bank had deposits of
$17,876,000, Northwestern National Bank had
deposits of $14,388,000, and Olmsted County
Bank and Trust Company had deposits of
$15,042,000. First National Bank is a subsidiary of First Bank Stock Corporation of Minneapolis (a bank holding company), Northwestern
National Bank is a subsidiary of the applicant
bank holding company, and Olmsted County Bank
and Trust Company is not a subsidiary of a bank
holding company.
The proposed site of the new bank is approximately IVA miles from the business center of
Rochester, where the three existing banks are
situated. The new bank would be located within
the principal area of growth in and adjacent to
the city, in which area there has been and evidently will be further considerable expansion in
industry, commerce, and housing.
As indicated by the foregoing, at the present
time two of the three banks in Rochester are
subsidiaries of bank holding companies and those
12
FEDERAL RESERVE BULLETIN • JANUARY 1958
two banks hold about two-thirds of the deposits
of the banks in that city. If the applicant acquired control of the stock of the proposed
Northwestern State Bank, as it desires to do,
three of the four banks in Rochester would be
subsidiaries of bank holding companies, the applicant would control two of those four banks,
and the applicant presumably would be in a
strong position to increase its relative proportion
of the banking business of the community.
Statutory provision. Section 3(c) of the Bank
Holding Company Act (12 U.S.C. 1842(c))
provides:
"In determining whether or not to approve any
acquisition . . . under this section, the Board shall
take into consideration the following factors: (1) the
financial history and condition of the company or
companies and the banks concerned; (2) their prospects; (3) the character of their management; (4) the
convenience, needs, and welfare of the communities
and the area concerned; and (5) whether or not the
effect of such acquisition . . . would be to expand
the size or extent of the bank holding company system involved beyond limits consistent with adequate
and sound banking, the public interest, and the
preservation of competition in the field of banking."
Discussion. There obviously can be no precise
formula to describe the relative weight or significance to be accorded the facts under each of the
five factors in section 3(c). Moreover, each of
those factors will often involve a variety of considerations which may have widely differing
strength in different situations. Of necessity, each
case must be determined on the basis of a careful judgment in the light of all the relevant circumstances. The legislative history of the Act
makes it clear, however, that Congress attached
special importance to the fourth factor dealing
with "convenience, needs, and welfare" and the
fifth factor bearing on the "size or extent" of
a bank holding company system and the relationship thereof to adequate, sound, and competitive
banking and the public interest.
In the present case, the information relevant
to the first three factors in section 3(c) appears
to be generally favorable to the application.
On the other hand, the facts relevant to the
fourth and fifth factors are partially favorable and
partially unfavorable to the application.
Any consideration of facts relevant to the fourth
factor—"the convenience, needs, and welfare of
the communities and the area concerned"—necessarily raises difficult questions of degree. In
the present case it appears that a bank established
in approximately the location of the proposed
bank probably would not lead to an overbanked
situation and probably would serve a useful purpose. However, presently existing "needs" do
not appear to be of a high order of intensity,
and the "convenience" and "welfare" of the community and area do not appear to be heavily dependent on the early establishment of a bank at
about the proposed location. Furthermore, even
if facts relating to "convenience, needs, and welfare" in a particular case were strongly favorable
to the establishment of a proposed new bank,
they would not necessarily be equally favorable
to a bank holding company's acquisition of stock
of the new bank. The two actions are related
but they are not the same; and the acquisition of
stock is the action for which the Board's prior
approval is sought under the Bank Holding Company Act.
Bank holding companies often have the available resources, and therefore the ability, to act
more quickly than a group of individuals in endeavoring to establish a new bank in an area
which gives promise of supporting a successful
banking operation. Such early establishment of
a bank, and the acquisition of its stock by a
bank holding company, may benefit the community in some respects. On the other hand,
such an entry into an area by a bank holding
company bank may, in some circumstances, "expand the size or extent" of the bank holding company system in such a manner or to such a degree as to have a strong tendency to preclude
later entry by a bank which is not controlled by
a bank holding company. It is apparent that in
such a situation control of a bank by a bank holding company would run counter to the considerations stated in the fifth factor and should not be
approved unless there are considerations favorable to the application that are sufficient to offset such adverse circumstances.
In the judgment of the Board such an adverse
situation exists in the present case and outweighs
the favorable features of the proposed acquisition
of stock. Accordingly, the Board concludes that
the application should be denied, and it so orders.
Voting for this action: Vice Chairman Balderston and
Governors Szymczak, Robertson, and Shepardson;
voting against this action: Governors Vardaman and
Mills; absent and not voting: Chairman Martin.
13
LAW DEPARTMENT
Order Reaffirming Decision
This matter comes before the Board of Governors on a petition by Northwest Bancorporation,
Minneapolis, Minnesota, that the Board reconsider
the application of Northwest Bancorporation filed
pursuant to the provisions of section 3(a) of the
Bank Holding Company Act of 1956, for the
Board's prior approval of acquisition of direct
ownership by Northwest Bancorporation of 1,450
voting shares of the Northwestern State Bank,
Rochester, Minnesota, which application was denied by Order of the Board, dated November 5,
1957.
Upon analysis of the facts and arguments set
forth in the said petition, and upon review of the
reasons underlying the Board's previous Order,
it appears that petitioner has failed to set forth
any material facts or arguments not heretofore
fully considered by the Board; and, therefore, the
Board reaffirms its original decision herein and
denies the Petition for Reconsideration of the Application and, IT is so ORDERED.
This 9th day of December 1957.
By order of the Board of Governors.
(Signed) S. R. CARPENTER,
Secretary.
(SEAL)
BAYSTATE CORPORATION
In the Matter of the Application of Bay state Corporation for Approval of Acquisition of Voting
Shares of Union Trust Company of Springfield.
Order
The above matter having come before the Board
on the application of Baystate Corporation, Boston, Massachusetts, dated March 28, 1957, filed
pursuant to the provisions of section 3(a)(2) of
the Bank Holding Company Act of 1956, for
prior approval of the acquisition of up to 60 per
cent of the voting shares of Union Trust Company
of Springfield, Springfield, Massachusetts, and it
appearing after due consideration thereof pursuant
to the requirements of the Bank Holding Company
Act of 1956 that such application should be approved,
IT IS ORDERED, That the said application of Baystate Corporation under section 3 (a)(2) of the
Bank Holding Company Act of 1956 for the
Board's prior approval of the acquisition by Baystate Corporation of up to 60 per cent of the
voting shares of Union Trust Company of Springfield is hereby approved, provided that such acquisition is completed within three months from
the date hereof.
This 7th day of November 1957.
By order of the Board of Governors.
Voting for this action: Chairman Martin, Vice Chairman Balderston, and Governors Vardaman and Mills;
voting against this action: Governors Szymczak,
Robertson, and Shepardson.
(Signed) S. R. CARPENTER,
Secretary.
(SEAL)
Statement
Pursuant to section 3 (a) (2) of the Bank Holding Company Act of 1956 (hereinafter referred to
as the Act), an application was filed with the
Board by Baystate Corporation, Boston, Massachusetts, a bank holding company under the Act,
for prior approval by the Board of the acquisition
by Baystate of up to 60 per cent of the voting
shares of Union Trust Company of Springfield,
Springfield, Massachusetts. As required by section
3(b) of the Act, the Board gave notice of the application to the Commissioner of Banks for the
State of Massachusetts and requested his views and
recommendations, and the Commissioner of Banks
responded with a statement to the effect that in
his opinion the application should be approved.
Under section 3(c) of the Act, in determining
whether or not to approve an application the Board
is required to take into consideration five stated
factors: "(1) the financial history and condition
of the company or companies and the banks concerned; (2) their prospects; (3) the character of
their management; (4) the convenience, needs,
and welfare of the communities and the area concerned; and (5) whether or not the effect of such
acquisition or merger or consolidation would be
to expand the size or extent of the bank holding
company system involved beyond limits consistent
with adequate and sound banking, the public interest, and the preservation of competition in the
field of banking."
In the light of these statutory standards, consideration has been given to all the relevant facts
and circumstances of the present case, including
the fact that the proposed acquisition of stock
of Union Trust Company is to be followed by a
merger of that institution with Springfield Na-
14
FEDERAL RESERVE BULLETIN • JANUARY 1958
tional Bank, an existing subsidiary of the applicant; that the resulting institution, because of its
larger size, will be in a position, in the circumstances of this case, to furnish somewhat expanded
services to the community, particularly in making
loans of the size needed by the larger firms in the
locality; that, despite this merger, the resulting
institution will not be dominant in the area but
will be of approximately the same size as what is
now the largest bank in the area; that mutual savings banks in the Springfield area compete actively
in certain fields with commercial banks; and that,
after the proposed transaction, residents of the
area would continue to have adequate freedom of
choice among banking facilities.
On the basis of the facts of this case and in the
light of the statutory factors, it is the judgment
of the majority of the members of the Board that
the proposed transaction would not be inconsistent
with the apparent general intent of those factors
or with the underlying purposes of the Act.
Dissenting Statement by
Governors Szymczak, Robertson,
and Shepardson
In our judgment, the application of Baystate
Corporation to acquire shares of Union Trust
Company of Springfield should be denied.
A principal objective of the Bank Holding Company Act was to prevent expansion of bank holding company systems where such expansion would
be inimical to "the preservation of competition
in the field of banking". In this case, Baystate already controls one of the four larger banks in
Springfield; it proposes to purchase a majority of
the stock of another and to merge the two into
an institution that will be the largesi in the city
and in Western Massachusetts. Approval of the
acquisition will enable this holding company (1)
to terminate the existence of a successful independent bank that now competes v|ith its own
bank, and (2) to increase the size and extent of
its holding company system to a very substantial
degree. One of the two major purposes of the
Bank Holding Company Act is to combat this
tendency of holding companies to grow constantly
larger and more powerful by buying up control
of competing banks.
In this case the applicant claims that the proposed acquisition and merger will permit better
service to Springfield and stronger local competition between two dominant banks in the field of
large business loans, and a determination to this
effect has been made by the Massachusetts Board
of Bank Incorporation. But a claim of this nature
can be made with some plausibility whenever a
holding company proposes to buy and absorb a
competing bank. If Congress had intended that
all acquisitions for merger purposes—short of
monopoly—should be permitted, it would not
have directed this Board to go through the motions
of deciding such cases on the basis of the factors
enumerated in section 3(c) of the Act.
In our view, where the number of competing
banks will be substantially reduced and the existence of one of the holding company bank's chief
competitors will be terminated by its absorption
into the holding company system, the proposed
transacation should be approved only if there is
convincing evidence of prospective benefits that
definitely outweigh this patently adverse effect
upon competition in the field of banking. The
record before the Board does not add up to a convincing case on that point.
BRENTON COMPANIES
In the Matter of the Application of Brenton Companies for Approval of Acquisition of Voting
Shares of Palo Alto County State Bank, Emmetsburg, Iowa.
Order
The above matter having come before the Board
on the application of Brenton Companies, Des
Moines, Iowa, filed pursuant to the provision of
section 3(a) (2) of the Bank Holding Company
Act of 1956, for prior approval of acquisition by
Brenton Companies of direct ownership of 13 of
the 1,500 outstanding shares of the Palo Alto
County State Bank, and it appearing after due
consideration thereof in the light of the factors
enumerated in section 3(c) of the Bank Holding
Company Act of 1956 that such application should
be granted,
IT IS HEREBY ORDERED that the said application
be and hereby is granted and the acquisition by
Brenton Companies of direct ownership of 13 of
the 1,500 outstanding shares of capital stock of
Palo Alto County State Bank, Emmetsburg, Iowa,
is hereby approved, provided that such acquisition
15
LAW DEPARTMENT
is completed within three months from the date
hereof.
This 10th day of December 1957.
By order of the Board of Governors.
(Signed) S. R. CARPENTER,
Secretary.
(SEAL)
Statement
Pursuant to section 3 of the Bank Holding Company Act of 1956 (hereafter referred to as the
Act) an application was filed with the Board by
Brenton Companies, Des Moines, Iowa, a bank
holding company under the Act, for prior approval
by the Board of the acquisition by Brenton Companies of direct ownership of 13 of the 1,500 outstanding shares of Palo Alto County State Bank,
Emmetsburg, Iowa. As required by section 3(b)
of the Act, the Board gave notice of the application to the Superintendent of Banking of the State
of Iowa, and requested his views and recommendations, and the Superintendent of Banking
responded by stating that he knew of no reason
to object to the proposed purchase of such stock
by Brenton Companies.
Under section 3(c) of the Act, in determining
whether or not to approve an application the Board
is required to take into consideration five stated
factors: "(1) the financial history and condition
of the company or companies and the banks concerned; (2) their prospects; (3) the character of
their management; (4) the convenience, needs,
and welfare of the communities and the area concerned; and (5) whether or not the effect of such
acquisition or merger or consolidation would be
to expand the size or extent of the bank holding
company system involved beyond limits consistent
with adequate and sound banking, the public interest, and the preservation of competition in the
field of banking."
The facts of this case have been considered in
the light of these statutory standards. It appears
that the considerations with respect to the first
three factors are favorable, and that the proposed
acquisition of 13 additional shares of an existing
bank, of which the applicant presently owns 501
of the 1,500 outstanding shares, would in no way
affect the convenience, needs, or welfare of the
communities and the area concerned, and would
not expand the size or extent of the applicant's
system of banks.
On the basis of the facts of the case and in the
light of the statutory factors, it is the judgment of
the Board that this application should be approved, and IT is so ORDERED.
WISCONSIN BANKSHARES CORPORATION
In the Matter of the Application of Wisconsin
Bankshares Corporation for Approval of Acquisition of Voting Shares of Proposed Capitol National Bank of Milwaukee, Milwaukee, Wisconsin.
Order
The above matter having come before the Board
on the application of Wisconsin Bankshares Corporation, Milwaukee, Wisconsin, filed pursuant to
the provisions of section 3(a) (2) of the Bank
Holding Company Act of 1956, for prior approval
of the acquisition by it of direct ownership of
2,950 shares of a total of 3,000 voting shares of
the Capitol National Bank of Milwaukee, Milwaukee, Wisconsin, a proposed new institution,
and it appearing, after due consideration thereof
pursuant to the requirements of the Bank Holding
Company Act of 1956, that such application
should be denied,
IT IS HEREBY ORDERED that the said application
of Wisconsin Bankshares Corporation shall be,
and the same hereby is, denied.
This 20th day of December 1957.
By order of the Board of Governors.
Voting for this action: Chairman Martin and Governors Szymczak, Mills, Robertson, and Shepardson;
absent and not voting: Vice Chairman Balderston
and Governor Vardaman.
(Signed) S. R. CARPENTER,
Secretary.
(SEAL)
Statement
This matter comes before the Board on the
application of Wisconsin Bankshares Corporation,
Milwaukee, Wisconsin, dated April 22, 1957, filed
pursuant to the provisions of section 3(a)(2) of
the Bank Holding Company Act of 1956 (hereafter referred to as the Act) for approval of the
acquisition by it of direct ownership of 2,950
shares of a total of 3,000 voting shares of the
Capitol National Bank of Milwaukee, Milwaukee,
Wisconsin, a proposed new institution.
As of December 31, 1956, the Applicant controlled six banks in the State of Wisconsin having
twenty banking offices and aggregate deposits of
approximately $807,000,000. The City of Mil-
16
FEDERAL RESERVE BULLETIN • JANUARY 1958
waukee, with a population of approximately 700,000, is presently served by eighteen commercial
banks having thirty-one banking offices and aggregate deposits of approximately $1,175,000,000 as
of June 6, 1957. There are also two mutual savings banks in Milwaukee with deposits of about
$5,500,000. The largest bank in the city is First
Wisconsin National Bank of Milwaukee, a subsidiary of the Applicant, which has thirteen banking offices and aggregate deposits of approximately
$557,000,000.
The proposed new Capitol National Bank of
Milwaukee would be located in a large, recently
developed shopping center comprising sixty-one
acres. Within a three-mile radius of the shopping
center there is an estimated population of 287,000,
and within that area there are presently seven
banking offices, three of which are branches of
First Wisconsin National Bank.
There is no banking office presently located
within the shopping center or its immediate vicinity. However, a State bank, Milwaukee Western
Bank (formerly known as Teutonia Bank), which
is now located a little more than three miles from
the shopping center, was granted permission by the
Wisconsin Commissioner of Banks in April 1956
to move its office to a new location just outside
the shopping center and four-tenths of a mile from
the site of the proposed new Capitol National
Bank. A new building to be occupied by the Milwaukee Western Bank at its new location is under
construction and nearing completion.
Under section 3(c) of the Act, in determining
whether or not to approve an application the
Board is required to take into consideration five
stated factors: "(1) the financial history and condition of the company or companies and the banks
concerned; (2) their prospects; (3) the character
of their management; (4) the convenience, needs,
and welfare of the communities and the area concerned; and (5) whether or not the effect of such
acquisition or merger or consolidation would be
to expand the size or extent of the bank holding
company system involved beyond limits consistent
with adequate and sound banking, the public interest, and the preservation of competition in the
field of banking."
In the present case it appears that all considerations relative to the first three factors stated above
are generally favorable.
With respect to the fourth factor required to be
considered by the Board, it appears that there is
clearly a need for a bank in the shopping center
or its vicinity. The imminent move of Milwaukee
Western Bank to its new location, however, will
provide a bank just outside the shopping center;
and, while a bank in the shopping center itself
would probably contribute to the "convenience"
of the businesses and shoppers in the center, it
does not appear that "needs and welfare" of the
area call for the operation of two banks in the
shopping center and its vicinity at the present time.
With respect to the fifth statutory factor, the
establishment by the Applicant of the proposed
new Capitol National Bank would cause banks
controlled by the Applicant to have four out of
nine offices within a three-mile radius of the shopping center, thus increasing the Applicant's competitive strength in that area. At the same time,
the establishment of the proposed new national
bank, with the advantage of its location within the
shopping center itself, probably would have an
adverse effect upon the competitive position, at
its new location, of Milwaukee Western Bank, an
existing bank not controlled by a bank holding
company.
No precise formula can be applied in determining the relative weight or significance to be accorded the facts of a particular case under each
of the five factors set forth in section 3(c) of the
Act, and each case must necessarily be determined
on the basis of a considered judgment in the light
of all relevant circumstances. In the present case,
in view of the Applicant's strong competitive position in the City of Milwaukee and the local area
involved, the reasonable probability that the Applicant's establishment of the proposed new bank in
the shopping center would tend to impair the prospects of the independent bank moving into the
vicinity of the center, and the lack of clear evidence of need at this time for the proposed new
bank sufficient to offset these adverse circumstances, it is believed that approval of the application here under consideration would not be
consistent with the intent and purposes of the
Bank Holding Company Act. Accordingly, in
the judgment of the Board, the application should
be denied, and IT IS SO ORDERED.
Current Events and Announcements
DESIGNATIONS AND APPOINTMENTS OF CHAIRMEN AND FEDERAL RESERVE AGENTS,
DEPUTY CHAIRMEN, AND DIRECTORS
The Board of Governors of the Federal Reserve System announced the following designations
of Chairmen and Federal Reserve Agents and appointments of Deputy Chairmen and directors at the
Federal Reserve Banks and branches, effective January 1, 1958, with exceptions indicated. 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
1958
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, New York, New York
HENDERSON SUPPLEE, JR., Philadelphia, Pennsylvania
Arthur B. Van Buskirk, Pittsburgh, Pennsylvania
John B. Woodward, Jr., Newport News, Virginia
Walter M. Mitchell, Atlanta, Georgia
Bert R. Prall, Winnetka, Illinois
Pierre B. McBride, Louisville, Kentucky
Leslie N. Perrin, Minneapolis, Minnesota
Raymond W. Hall, Kansas City, Missouri
Robert J. Smith, Dallas, Texas
A. H. Brawner, San Francisco, California
DEPUTY CHAIRMEN FOR YEAR
1958
Federal Reserve
Bank
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
HARVEY P. HOOD, Boston, Massachusetts
Forrest F. Hill, New York, New York
LESTER V. CHANDLER, Princeton, New Jersey
Joseph H. Thompson, Cleveland, Ohio
Alonzo G. Decker, Jr., Towson, Maryland
Harllee Branch, Jr., Atlanta, Georgia
J. Stuart Russell, Des Moines, Iowa
J. H. LONGWELL, Columbia, Missouri
O. B. Jesness, St. Paul, Minnesota
Joe W. Seacrest, Lincoln, Nebraska
Hal Bogle, Dexter, New Mexico
Y. Frank Freeman, Hollywood, California
17
18
FEDERAL RESERVE BULLETIN • JANUARY 1958
FEDERAL RESERVE BANK DIRECTORS
1
(Three-year terms, with exceptions indicated)
Federal Reserve
Bank
Robert C. Sprague, North Adams, Massachusetts
NILS Y. WESSELL, Medford, Massachusetts, effective December 17,
1957, for unexpired portion of term ending December 31, 1959
Forrest F. Hill, New York, New York
AUBREY J. BROWN, Lexington, Kentucky
D. W. Colvard, Raleigh, North Carolina
Henry G. Chalkley, Jr., Lake Charles, Louisiana
Bert R. Prall, Winnetka, Illinois
JESSE D. WOOTEN, Memphis, Tennessee
O. B. Jesness, St. Paul, Minnesota
Joe W. Seacrest, Lincoln, Nebraska
Robert J. Smith, Dallas, Texas
LAMAR FLEMING, JR., Houston, Texas, effective December 14, 1957,
for unexpired portion of term ending December 31, 1958
Philip I. Welk, Walla Walla, Washington
Boston
Boston
New York
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Dallas
San Francisco
FEDERAL RESERVE BANK BRANCH DIRECTORS
2
(Three-year terms unless otherwise indicated)
Federal Reserve Bank
and Branch
New York
Buffalo
DANIEL M. DALRYMPLE, Appleton, New York
Cleveland
Cincinnati
Pittsburgh
W. Bay Irvine, Marietta, Ohio
John C. Warner, Pittsburgh, Pennsylvania
Richmond
Baltimore
Charlotte
Clarence R. Zarfoss, Baltimore, Maryland
GEORGE H. AULL, Clemson, South Carolina
Atlanta
Jacksonville
New Orleans
J. Wayne Reitz, Gainesville, Florida
FRANK A. GODCHAUX, III, Abbeville, Louisiana
Chicago
Detroit
John A. Hannah, East Lansing, 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.
19
CURRENT EVENTS AND ANNOUNCEMENTS
St. Louis
Little Rock
Little Rock
Louisville
R. H. ALEXANDER, Scott, Arkansas
WALDO E. TILLER, Little Rock, Arkansas (for unexpired portion of term ending December 31, 1958)
Philip Davidson, Louisville, Kentucky
Minneapolis (two-year term)
Helena
JOHN M. OTTEN, Lewistown, Montana
Kansas City (two-year terms)
Denver
Oklahoma City
Omaha
Aksel Nielsen, Denver, Colorado
Davis D. Bovaird, Tulsa, Oklahoma
James L. Paxton, Jr., Omaha, Nebraska
Dallas
Houston
San Antonio
John C. Flanagan, Houston, Texas
Alex R. Thomas, San Antonio, Texas
San Francisco (two-year terms)
Los Angeles
Portland
Salt Lake City
Seattle
Robert J. Cannon, Los Angeles, California
Warren W. Braley, Portland, Oregon
Joseph Rosenblatt, Salt Lake City, Utah
HENRY N. ANDERSON, Aberdeen, Washington
Federal Reserve Bank of Boston
HARVEY P. HOOD, Boston, Massachusetts,
who has been serving as a Board-appointed director of the Federal Reserve Bank of Boston since
January 1956, was appointed Deputy Chairman
for the year 1958. Mr. Hood served as a director
of the Boston Reserve Bank, elected by the member banks of that District, from January 1951 to
December 1955. He is President of H. P. Hood &
Sons, Inc., Boston. As Deputy Chairman, he succeeds Dr. James R. Killian, Jr., President, Massachusetts Institute of Technology, Cambridge, who
resigned.
NILS Y. WESSELL, President, Tufts University, Medford, Massachusetts, was appointed a
director of the Federal Reserve Bank of Boston
for the unexpired portion of a term ending December 31, 1959. He succeeds Dr. James R.
Killian, Jr., President, Massachusetts Institute of
Technology, Cambridge, who resigned as a director
of the Bank.
Federal Reserve Bank of New York
DANIEL M. DALRYMPLE, Appleton, 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, 1958.
Mr. Dalrymple is Partner and Manager of the
Pomona Fruit Farms, Appleton, New York. He
succeeds Mr. Clayton G. White, Dairy Farmer,
Stow, New York, whose term as a director of the
Buffalo Branch expired December 31, 1957.
Federal Reserve Bank of Philadelphia
HENDERSON SUPPLEE, JR., Philadelphia,
Pennsylvania, who has been serving as a Boardappointed director of the Federal Reserve Bank
of Philadelphia since January 1953 and as Deputy
Chairman of that Bank since January 1954, was
designated Chairman and Federal Reserve Agent
at Philadelphia for the year 1958. Mr. Supplee
is President of The Atlantic Refining Company,
Philadelphia. As Chairman and Federal Reserve
Agent, he succeeds Mr. William J. Meinel, Chairman of the Board, Heintz Manufacturing Company, Philadelphia, whose term expired December 31, 1957.
LESTER V. CHANDLER, Princeton, New
Jersey, who has been serving as an appointed
director of the Federal Reserve Bank of Philadelphia since January 1954, was appointed Deputy
Chairman of the Bank for the year 1958. Dr.
Chandler is Professor of Economics, Princeton
University, Princeton, New Jersey. As Deputy
20
FEDERAL RESERVE BULLETIN • JANUARY 1958
Chairman he succeeds Mr. Henderson Supplee,
Jr., President, The Atlantic Refining Company,
Philadelphia, who was designated Chairman and
Federal Reserve Agent.
Federal Reserve Bank of Cleveland
AUBREY J. BROWN, Lexington, Kentucky,
was appointed a director of the Federal Reserve
Bank of Cleveland for a three-year term beginning
January 1, 1958. Dr. Brown is Professor of
Agricultural Economics, University of Kentucky,
Lexington. He succeeds Dr. Frank J. Welch,
Dean, College of Agriculture and Home Economics, University of Kentucky, whose term expired December 31, 1957.
Federal Reserve Bank of Richmond
GEORGE H. AULL, Clemson, South Carolina,
was appointed a director of the Charlotte Branch
of the Federal Reserve Bank of Richmond for a
three-year term beginning January 1, 1958. Dr.
Aull is Agricultural Economist of Clemson College, Clemson, South Carolina. He succeeds Mr.
Paul T. Taylor, President, Taylor Warehouse
Company, Winston-Salem, North Carolina, whose
term expired December 31, 1957.
Federal Reserve Bank of Atlanta
FRANK A. GODCHAUX, III, Abbeville,
Louisiana, was appointed a director of the New
Orleans Branch of the Federal Reserve Bank of
Atlanta for a three-year term beginning January
1, 1958. Mr. Godchaux is Vice President, Louisiana State Rice Milling Company, Inc., Abbeville,
Louisiana. He succeeds Dr. Joel L. Fletcher, Jr.,
President, Southwestern Louisiana Institute, Lafayette, whose term expired December 31, 1957.
Federal Reserve Bank of St. Louis
J. H. LONGWELL, Columbia, Missouri, who
has been serving as an appointed director of the
Federal Reserve Bank of St. Louis since January
1957, was appointed Deputy Chairman of the
Bank for the year 1958. Dr. Longwell is Dean,
College of Agriculture, University of Missouri,
Columbia. As Deputy Chairman, he succeeds
Mr. Joseph H. Moore, Farmer, Charleston, Missouri, whose terms as Deputy Chairman and as a
director expired December 31, 1957.
JESSE D. WOOTEN, Memphis, Tennessee, was
appointed a director of the Federal Reserve Bank
of St. Louis for a three-year term beginning Jan-
uary 1, 1958. Mr. Wooten is Executive Vice
President, Mid-South Chemical Corporation,
Memphis, Tennessee. He succeeds Mr. Joseph
H. Moore, Farmer, Charleston, Missouri, whose
term expired December 31, 1957.
R. H. ALEXANDER, Scott, Arkansas, was appointed a director of the Little Rock Branch of
the Federal Reserve Bank of St. Louis for a threeyear term beginning January 1, 1958. Mr. Alexander is a Farmer. He succeeds Mr. Shuford R.
Nichols, Farmer, of Des Arc, Arkansas, whose
term expired December 31, 1957.
WALDO E. TILLER, Little Rock, Arkansas,
was appointed a director of the Little Rock Branch
of the Federal Reserve Bank of St. Louis for the
unexpired portion of a term ending December 31,
1958. Mr. Tiller is President of Tiller Tie and
Lumber Company, Little Rock, Arkansas. He
succeeds Mr. A. Howard Stebbins, Jr., Little Rock,
who resigned effective December 31, 1957.
Federal Reserve Bank of Minneapolis
JOHN M. OTTEN, Lewistown, Montana, was
appointed a director of the Helena Branch of the
Federal Reserve Bank of Minneapolis for a twoyear term beginning January 1, 1958. Mr. Otten
is a Farmer. He succeeds Mr. George R. Milburn, Manager, N Bar Ranch, Grass Range,
Montana, whose term expired December 31, 1957.
Federal Reserve Bank of Dallas
LAMAR FLEMING, JR., Houston, Texas, was
appointed a director of the Federal Reserve Bank
of Dallas for the unexpired portion of a term
ending December 31, 1958. Mr. Fleming is
Chairman of the Board of Anderson, Clayton &
Co., Inc., Houston, Texas. He succeeds Mr.
Henry P. Drought, Attorney at Law, San Antonio,
Texas, who died recently.
Federal Reserve Bank of San Francisco
HENRY N. ANDERSON, Aberdeen, 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,
1958. Mr. Anderson is President of Twin Harbors
Lumber Company, Aberdeen, Washington. He
succeeds Mr. D. K. MacDonald, Chairman of the
Board, D. K. MacDonald & Company, Inc.,
Seattle, Washington, whose term expired December 31, 1957.
CURRENT EVENTS AND ANNOUNCEMENTS
21
FEDERAL RESERVE BANK APPOINTMENTS OF BRANCH DIRECTORS 1
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, 1958, except where otherwise indicated.
Federal Reserve
Bank and Branch
New York
Buffalo
Cleveland
Cincinnati
E. PERRY SPINK, President, Liberty Bank of Buffalo,
Buffalo, New York. Mr. Spink succeeds Charles H.
Diefendorf, Chairman of the Executive Committee,
The Marine Trust Company of Western New York,
Buffalo, New York.
ROGER DRACKETT, President, The Drackett Company, Cincinnati, Ohio. (Reappointed)
T. M. WOLFE, President, The Athens National Bank,
Athens, Ohio. Mr. Wolfe succeeds Bernard H.
Geyer, President, The Second National Bank of
Hamilton, Hamilton, Ohio.
Pittsburgh
LAWRENCE O. HOTCHKISS, President, The First National Bank of Mercer, Mercer, Pennsylvania. Mr.
Hotchkiss succeeds John H. Lucas, Chairman of the
Board, Peoples First National Bank & Trust Company, Pittsburgh, Pennsylvania.
IRVING W. WILSON, Chairman of the Board, Aluminum Company of America, Pittsburgh, Pennsylvania.
(Reappointed)
Richmond
Baltimore
Charlotte
Atlanta
Birmingham
1
J. N. SHUMATE, President, The Farmers National
Bank of Annapolis, Annapolis, Maryland. Mr.
Shumate succeeds Charles A. Piper, President, The
Liberty Trust Company, Cumberland, Maryland.
ERNEST PATTON, Chairman of the Board, The
Peoples National Bank, Greenville, South Carolina.
(Reappointed)
JOHN C. PERSONS, Chairman of the Board, The First
National Bank of Birmingham, Birmingham, Alabama. General Persons succeeds Malcolm A. Smith,
First Vice President, Birmingham Trust National
Bank, Birmingham, Alabama.
For statement concerning appointment of branch directors, see page 18.
22
FEDERAL RESERVE BULLETIN • JANUARY 1958
Jacksonville
C. B. MCLEOD, President, Bank of Crestview, Crestview, Florida. Mr. McLeod succeeds James L.
Niblack, President, The First National Bank of Lake
City, Lake City, Florida.
Nashville
P. D. HOUSTON, JR., President, First American National Bank, Nashville, Tennessee. Mr. Houston succeeds J. R. Kellam, Jr., Executive Vice President,
Commerce Union Bank, Nashville, Tennessee.
New Orleans
D. U. MADDOX, President, The Commercial National
Bank and Trust Company of Laurel, Laurel, Mississippi. (Reappointed)
Chicago
Detroit
A. MAYBERRY, President, Manufacturers
National Bank of Detroit, Detroit, Michigan. Mr.
Mayberry succeeds Howard P. Parshall, President,
Bank of the Commonwealth, Detroit, Michigan.
WILLIAM
W. POTTER, President, Citizens Commercial
& Savings Bank, Flint, Michigan. (Reappointed)
ERNEST
St. Louis
Little Rock
J. W. BELLAMY, JR., President, National Bank of
Commerce of Pine Bluff, Pine Bluff, Arkansas. Mr.
Bellamy succeeds H. C. McKinney, Jr., President,
The First National Bank of El Dorado, El Dorado,
Arkansas.
E. C. BENTON, President, Fordyce Bank and Trust
Company, Fordyce, Arkansas. (Reappointed)
Louisville
JOHN G. RUSSELL, President, The Peoples First National Bank & Trust Company of Paducah, Paducah,
Kentucky. Mr. Russell succeeds M. C. Minor, President, The Farmers National Bank of Danville, Danville, Kentucky.
W. SCOTT MCINTOSH, President, State Bank of
Hardinsburg, Hardinsburg, Indiana. (Reappointed)
Memphis
President, The National Bank of
Commerce of Jackson, Jackson, Tennessee. Mr.
Russell succeeds John A. McCall, President, The
First National Bank of Lexington, Lexington, Tennessee.
SIMPSON RUSSELL,
E. BROWN, President, Union Planters National
Bank of Memphis, Memphis, Tennessee. (Reappointed)
JOHN
Minneapolis (two-year term)
Helena
O. M. JORGENSON, Chairman, Security Trust & Savings Bank, Billings, Montana. Mr. Jorgenson succeeds A. W. Heidel, President, Powder River County
Bank, Broadus, Montana.
CURRENT EVENTS AND ANNOUNCEMENTS
Kansas City (two-year terms)
Denver
23
STEWART COSGRIFF, President, The Denver National
Bank, Denver, Colorado. Mr. Cosgriff succeeds
Merriam B. Berger, Vice President, The Colorado
National Bank of Denver, Denver, Colorado.
Oklahoma City
C. P. STUART, President, The Fidelity National Bank
and Trust Company, Oklahoma City, Oklahoma. Mr.
Stuart succeeds George R. Gear, President, The City
National Bank of Guymon, Guymon, Oklahoma.
Omaha
GEORGE
J. FORBES, President, Bank of Laramie, Laramie, Wyoming. (Reappointed)
C. WHEATON BATTEY, President, The Continental
National Bank of Lincoln, Lincoln, Nebraska. (Reappointed)
Dallas
El Paso
JOHN P. BUTLER, President, The First National Bank
of Midland, Midland, Texas. (Reappointed)
FLOYD CHILDRESS, Vice President, The First National
Bank of Roswell, Roswell, New Mexico. (Reappointed)
Houston
W. B. CALLAN, President, The Victoria National
Bank, Victoria, Texas. (Reappointed)
L. R. BRYAN, Jr., Vice Chairman of the Board and
Chairman of the Executive Committee, Bank of the
Southwest National Association, Houston, Houston,
Texas. (Reappointed)
San Antonio
DONALD D. JAMES, Vice President, The Austin National Bank, Austin, Texas. Mr. James succeeds V.
S. Marett, President, The Citizens National Bank of
Gonzales, Gonzales, Texas.
J. W. BERETTA, President, First National Bank of San
Antonio, San Antonio, Texas. (Reappointed)
San Francisco (two-year terms)
Los Angeles
Portland
D. PAXTON, Chairman of the Board, County
National Bank and Trust Company of Santa Barbara,
Santa Barbara, California. (Reappointed)
JOE
C. B. STEPHENSON, President, The First National
Bank of Portland, Portland, Oregon. Mr. Stephenson
succeeds E. C. Sammons, President, The United
States National Bank of Portland, Portland, Oregon.
24
FEDERAL RESERVE BULLETIN • JANUARY 1958
Salt Lake City
OSCAR HILLER, President, Butte County Bank, Arco,
Idaho. Mr. Hiller succeeds Harry Eaton, President,
Twin Falls Bank and Trust Company, Twin Falls,
Idaho.
Seattle
IOSHUA GREEN,
JR., President, Peoples National
Bank of Washington, Seattle, Washington. Mr.
Green succeeds Charles F. Frankland, President, The
Pacific National Bank of Seattle, Seattle, Washington.
FEDERAL RESERVE MEETING
CHANGES IN THE BOARD'S STAFF
A meeting of the Federal Open Market Committee was held in Washington on January 7, 1958.
Mr. Jerome W. Shay was appointed Legislative
Counsel effective January 1, 1958. He joined
the staff of the Legal Division in 1937 and had
been serving as Assistant General Counsel since
January 1, 1956.
Mr. Shay succeeded Mr. Alfred K. Cherry,
who retired as Legislative Counsel on December
31, 1957. Mr. Cherry became associated with
the Board of Governors in 1933 as an Assistant
Counsel. He was appointed Legislative Counsel
in 1952.
Mr. Joseph E. Kelleher was appointed Director
of the Division of Administrative Services on
January 1, 1958. A member of the Board's
organization since 1937, he had served as Assistant Director of the Division since 1951.
Mr. Kelleher succeeded Mr. Liston P. Bethea,
who retired as Director of the Division of Administrative Services on December 31, 1957.
Mr. Bethea was appointed Assistant Secretary
of the Board in 1933, and had been Director
of the Division of Administrative Services since
1944.
In the Division of Research and Statistics, effective January 1, 1958, the titles of Mr. Albert R.
Koch, Mr. Kenneth B. Williams, and Miss
Susan S. Burr were changed from Assistant Director to Associate Adviser; and the title of Mr.
Lewis N. Dembitz was changed from Assistant
Director to Research Associate.
In the Division of International Finance, effective January 1, 1958, Mr. A. B. Hersey,
Mr. J. Herbert Furth, and Mr. Robert L.
Sammons were appointed Associate Advisers.
Mr. Hersey joined the Board's staff in 1935.
After a break in service of approximately two
and one-half years, during which time he was
REDUCTION IN MARGIN REQUIREMENTS
On January 15, 1958, the Board of Governors of
the Federal Reserve System amended Regulations
T and U, relating respectively to margin requirements of brokers and banks, by reducing margin
requirements from 70 per cent to 50 per cent,
effective January 16, 1958. The reduced requirements apply to both purchases and short sales.
No other change was made in the regulations.
EARNINGS AND EXPENSES OF THE
RESERVE BANKS IN 1957 AND 1956
FEDERAL
A condensed comparative statement of earnings
and expenses of the Federal Reserve Banks in 1957
and 1956 is shown below. A detailed statement
of earnings and expenses of each Federal Reserve
Bank in 1957 will appear in the February Federal
Reserve BULLETIN.
Item
Current earnings
Current expenses
Current net earnings
Additions to current net earnings l
Deductions from current net earnings
Thousands of dollars
1957
1956
763,348
131,814
595,649
121,182
631,534
474,467
1,580
8,721
359
383
7,141
24
Net earnings before payments to U. S. Treasury. 624,393
474,443
Paid U. S. Treasury (interest on F. R. notes).. 542,708
Dividends paid
20,081
61,604
Transferred to surplus (Sec. 7)
401,555
18,905
53,983
Net deductions
I
i Includes net profits of $167,000 in 1957 and $268,000 in 1956 on
sales of U. S. Government securities.
25
CURRENT EVENTS AND ANNOUNCEMENTS
employed by the Office of Strategic Services,
he rejoined the Board's staff in December 1945,
and has been continuously engaged in work in
the international area.
Mr. Furth joined the Board's staff in 1943,
and has served in a number of capacities in the
Division of International Finance.
Mr. Sammons joined the Board's staff in 1956.
Prior to his association with the Board, he had
extensive experience with the United States Department of Commerce and also with the Puerto
Rico Planning Board in San Juan.
CHANGE IN YIELD SERIES FOR UNITED STATES
GOVERNMENT BONDS
Beginning with this issue of the BULLETIN, a consolidated series of average yields on long-term
United States Government bonds will be published regularly in the table "Bond and Stock
Yields" (page 49). This series, which replaces the
so-called "New" and "Old" series previously shown
(page 1385 of the BULLETIN for December 1957),
includes all bonds due or callable in 10 years or
more. Under the previous breakdown the "Old"
series, after December 1957, would have contained only a single unrepresentative issue, the 4
per cent bond of 1969.
For comparisons with earlier periods, the consolidated yield series has been calculated back
through April 1953, when the first postwar longterm bond (the 3V4 per cent bond of 1978-83) was
issued and the "New" series was initiated. Annual,
monthly, and weekly averages for the consolidated
series for 1953-57 are shown on page 84 of this
BULLETIN.
ERROR IN DECEMBER 1957 BULLETIN
Some copies of the December 1957 BULLETIN
contained an error in the article describing the
revision of the department store indexes. The
formula shown in the section on adjustment of
sales indexes, page 1327, should read as follows:
*—po-sri
ADMISSION OF STATE BANK TO MEMBERSHIP IN THE
FEDERAL RESERVE SYSTEM
The following State bank was admitted to membership in the Federal Reserve System during the
period November 16, 1957 to December 15, 1957:
Florida
Jacksonville
. Florida Northside Bank of
Jacksonville
TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY
Latest BULLETIN Reference
Semiannually
Issue
Banking Offices:
Analysis of changes in number of. . . Aug. 1957
On, and not on, Federal Reserve Par
List, number of
Aug. 1957
Annually
Earnings and expenses:
Federal Reserve Banks
Feb. 1957
Member banks:
Calendar year
June 1957
Nov. 1956
First half of year
June 1957
Insured commercial banks
Banks and branches, number of, by class
and State
Apr. 1957
June 1957
Operating ratios, member banks
Stock Exchange firms, detailed debit and
credit balances
Mar. 1957
1957
Banking and monetary statistics, 1956..
1957
Summary
flow-of-funds
accounts,
1954-56
Oct. 1957
Page
974
975
210-211
710-718
1248
719
472-473
720-722
336
214-220
582-585
1190-1194
National Summary of Business Conditions
Released for publication
January 15
equipment lines continued to fall. Auto assemblies
were down 10 per cent, and current production
schedules for January indicate little change from
December. Output of furniture and television sets,
which had declined earfier, showed little change in
December.
Activity in the textile, apparel, and rubber industries declined somewhat further in December,
while output of paper, chemical, and refined
petroleum products apparently held steady. Production of bituminous coal and metal ores was
reduced, and output of crude petroleum rose
slightly.
Industrial production and employment continued to decline in December, and unemployment
rose further. Construction activity was maintained
at an advanced level, and retail sales increased
slightly. From mid-December to mid-January,
prices of industrial commodities were stable, while
both wholesale and retail prices of foods advanced.
Substantial expansion of bank credit in December
was followed by contraction in early January.
Yields on Government securities and corporate
bonds declined further.
INDUSTRIAL PRODUCTION
Output of factories and mines in December, as
measured by the Board's seasonally adjusted index
of industrial production, was 136 per cent of the
1947-49 average, 3 points or 2 per cent below
November and 7 per cent below a year earlier.
For the year 1957 industrial production averaged
143, the same as for 1956.
Steel ingot output declined sharply further in
December and early January, to a level about 40
per cent below a year earlier and moderately below
the 1947-49 average. Production of lumber and
other construction materials also was curtailed
further. Output of farm machinery and trucks was
reduced in December, and activity in most other
CONSTRUCTION
Private housing starts declined to a seasonally
adjusted annual rate of 970,000 units in December,
and totaled about 990,000 units for 1957. Outlays
for new construction continued to change little in
December, at a seasonally adjusted annual rate of
$48.6 billion.
EMPLOYMENT
Seasonally adjusted employment declined further
in most manufacturing and nonmanufacturing industries in December. At 51.9 million, total nonfarm employment was down 340,000 from November and 650,000 from a year earlier. The average
factory workweek, which usually rises somewhat
in December, was unchanged at 39.3 hours, and
average hourly earnings continued at $2.11. Unemployment rose 200,000 further, to 3.4 million,
and was about 700,000 higher than a year earlier.
INDUSTRIAL PRODUCTION
1947-49-100
DISTRIBUTION
Seasonally adjusted retail sales increased slightly
in December and, while 2 per cent below the
summer peak, were 2 per cent above December
1956. For the year, sales totaled 5 per cent above
1956. In December, sales declined at automotive
outlets but they recovered further at department
stores and rose at some other nondurable goods
outlets. Total business inventories declined further
in November, reflecting decreases in manufacturing industries.
Federal Reserve indexes, seasonally adjusted. Monthly figures,
latest shown are for December.
26
27
NATIONAL SUMMARY OF BUSINESS CONDITIONS
COMMODITY PRICES
The general level of wholesale commodity prices
advanced somewhat from mid-December to midJanuary, reflecting mainly further increases in livestock and meats. Due in part to much smaller than
usual marketings of meat animals at this time of
year, prices are about one-fifth above a year ago.
While copper prices were reduced, prices of industrial materials and finished products generally
continued to change little.
The consumer price index rose in November,
reflecting mainly introduction of 1958 model autos
at higher list prices and smaller dealer discounts to
buyers. Prices of services and fuels continued to
rise, while foods declined further. Since midNovember, retail as well as wholesale prices of
meats have advanced.
BANK CREDIT AND RESERVES
Total loans and investments at city banks rose
almost $3 billion during December, mainly reflecting expansion in business and security loans
and in holdings of U. S. Government securities.
While sales finance companies accounted for a
substantial part of the increase in business borrow-
ing, loans to public utilities, petroleum and chemical concerns, and metals manufacturers also rose.
In early January, total bank credit declined.
During late December and early January, member banks had free reserves for the first time since
early 1957, as excess reserves averaged about $50
million more than average borrowings from the
Federal Reserve. In late December, System purchases of U. S. Government securities, mainly
under repurchase agreements, supplied a substantial volume of reserves. In early January, reserves
supplied through currency inflows and reductions
in required reserves were offset by drains from
reductions in float and in System holdings of U. S.
Government securities.
SECURITY MARKETS
Yields on U. S. Government securities and on
corporate and State and local government bonds
continued to decline from mid-December to midJanuary. Long-term Treasury yields declined
more moderately than earlier, while yields on intermediate and short-term issues moved sharply
lower, reflecting in part seasonal easing of reserve
factors around the turn of the year. Common stock
prices fluctuated within a narrow range.
RETAIL TRADE
1947-49-100
RESERVES AND
TOTAL RETAIL SALES
J1MI1
I I I I I I I
Billions
BORROWINGS-ALL
MEMBER
BANKS
of dollars
I I I I i I I I M i I I I I i I I I I I i i I 1 I i I I I I I I l
DEPARTMENT STORES
-I.I;i i i i i n i t I t i i i i i i i i i I 1 i I i i i i i i i i i I i i i I I I I I i I i I i i i i i i i
Federal Reserve indexes, seasonally adjusted; retail sales
based on Department of Commerce data. Monthly figures;
latest shown for department store stocks is November, for other
series, December.
Federal Reserve data. Free reserves are excess reserves
less borrowings. Weekly averages, latest shown are for week
ending Jan. 8.
* 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.
31
34
35
38
40
41
44
46
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.
48
49
50
51
52
54
58
59
61
64
Selected indexes on business activity.
Production
Employment and earnings.
Department stores.
Foreign trade
. . . .
Wholesale and consumer prices .
National product and income series.
68
69
76
78
79
80
82
Yields on long-term bonds of the United States government
Tables published in BULLETIN, annually or semiannually—list, with references
Index
84
25
111
Tables on the following pages include the prin- of material collected by other agencies; figures
cipal statistics of current significance relating for gold stock, currency in circulation, Federal
to 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.
29
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
Weekly averages of daily figures
Billions of dollars
MEMBER BANK
RESERVE BALANCES
^
CURRENCY IN CIRCULATION
RESERVE BANK CREDIT
TREASURY CASH AND DEPOSITS
NONMEMBER DEPOSITS
FEDERAL RESERVE CREDIT
25
BOUGHT OUTRIGHT
U. S. GOVERNMENT SECURITIES*.
20
HELD UNDER"]
REPURCHASE AGREEMENTS
A
A
I
^
2
J
2
0
DISCOUNTS AND ADVANCES
0
n
•
FEDERAL RESERVE FLOAT
I
i
i 2
0
1951
1952
1953
1954
1955
1956
Latest averages shown are for week ending Dec. 25. See p. 31.
30
1957
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
Treasury
currency
outstanding
U. S. Govt. securities
Week
ending
Discounts
and
Float
advances
Gold
stock
Currency
in
circulation
Treasury
cash
holdings
Deposits, other
than member bank
reserves,
with F. R. Banks
Member bank
reserves
Other
F. R.
accounts
Total
Held
Bought under
repuroutchase
right
agreement
7.
14.
21.
28.
23,824
23,940
24,033
24,202
23,766
23,882
23,959
24,110
58
58
74
92
828
945
662
631
1,084
1,040
1,543
1,514
25,762
25,954
26,266
26,374
21,909
21,910
21,910
21,910
5,054 30,963
5,056 31,141
5,055 31,269
5,056 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
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
1,268
1,226
1,835
2,208
26,165
26,633
27,223
27,842
21,953
21,924
21,927
21,949
5,060 31,451
5,062 31,660
5,064 31,835
5,066 31,992
770
775
776
765
408
357
498
635
344
342
389
393
228
910 19,068 18,682
264 1,001 19,220 18,653
169 1,011 19,535 18,922
258
024 19,790 19,086
386
567
613
704
Jan. 2
Jan. 9
Jan. 16
Jan. 23
Jan. 30
24,994
24,688
24,293
23,811
23,450
24,610
24,601
24,293
23,811
23,450
384
87
925
535
348
347
528
1,537
1,539
1,278
1,446
1,078
27,524
26,809
25,954
25,636
25,087
21,949
21,949
21,950
21,951
22,080
5,066
5,066
5,066
5,067
5,068
31,829
31,479
31,108
30,827
30,607
777
783
786
798
809
395
352
293
199
420
374
323
320
324
329
335
287
267
268
258
973
899
897
894
893
19,856
19,701
19,300
19,342
18,918
19,110
18,971
18,765
18,724
18,550
746
730
535
618
368
Feb.
6.
Feb. 13.
Feb. 20.
Feb. 27.
23,435
23,264
22,969
22,854
23,411
23,190
22,958
22,854
640 1,040 25,146 22,251 5,070 30,596
962 24,997 22,252 5,070 30,641
741
577 1,188 24,764 22,303 5,071 30,605
713 1,217 24,813 22,303 5,073 30,544
817
820
815
815
534
377
173
297
333
366
307
334
276
299
226
382
992
,007
,116
,134
18,920
18,808
18,895
18,683
18,445
18,265
18,309
18,218
475
543
586
465
Mar. 6.
Mar. 13.
Mar. 20.
Mar. 27.
22,913
22,979
23,178
23,094
22,895
22,934
23,064
23,051
18
45
114
43
755 1,179 24,871 22,304 5,077
908 24,791 22,304 5,079
880
783 1,173 25,158 22,305 5,080
967 24,930 22,305 5,083
844
30,566
30,609
30,589
30,502
813
812
811
813
479
471
302
353
329
297
300
334
212
201
199
205
,131 18,721
129 18,654
138 19,204
139 18,971
18,231
18,205
18,578
18,362
490
449
626
609
Apr. 3.
Apr. 10.
Apr. 17.
Apr. 24.
23,189
23,262
23,282
23,237
23,040
23,040
23,146
23,169
877 25,165
149 1,074
881 25,400
222 1,230
967 25,520
136 1,244
947 1,484 25,695
68
5,086 30,589
5,088 30,655
5,089 30,681
5,092 30,610
814
808
791
517
387
478
456
294
340
344
390
314
305
300
454
,167 18,868
,205 19,088
,203 19,107
202 19,201
18,525
18,523
18,556
18,639
343
565
551
562
May 1.
May 8.
May 15.
May 22.
May 29.
23,169
23,213
23,083
22,91'
22,930
23,169
23,125
23,033
22,915
22,901
730 1,168 25,093 22,318 5,094 30,499
947 25,177 22,318 5,095 30,589
993
948 25,031 22,319 5,096 30,654
975
793 1,341 25,070 22,320 5,098 30,645
903
979 24,833 22,406 5,102 30,660
793
795
787
790
794
419
504
479
525
562
352
366
366
362
358
291
275
241
273
279
148 19,000
078 18,984
,075 18,845
,074 18,818
,073 18,616
18,621
18,495
18,368
18,284
18,264
379
489
477
534
352
June 5.
June 12.
June 19.
June 26.
23,110
22,972
22,930
22,951
22,950
22,926
22,880
22,888
902
160
46 1,059
50 1,089
63 1,003
954 24,987
936 24,988
,384 25,424
,320 25,294
22,620
22,621
22,621
22,622
5,104
5,106
5,106
5,106
30,837
30,903
30,904
30,849
792
791
782
776
485
463
518
477
357
379
389
407
323
276
335
254
,072
,069
,076
,087
18,846
18,834
19,148
19,171
18,378
18,330
18,546
18,625
468
504
602
546
July
July
July
July
July
3
10
17
24
31
23,098
23,443
23,319
23,342
23,360
23,031
23,260
23,252
23,235
23,084
,198 25,387
67 1,068
,111 25,792
183 1,213
,236 25,641
67 1,062
739 1,351 25,456
107
998 24,932
553
276
22,623
22,623
22,625
22,625
22,626
5,107
5,108
5,108
5,108
5,110
31,150
31,313
31,184
30,999
30,910
763
765
770
774
770
546
431
455
507
494
420
339
413
385
370
296
290
279
267
278
,077 18,865
,077 19,308
,073 19,200
,070 19,189
961 18,885
18,521
18,732
18,636
18,568
18,493
344
576
564
621
392
Aug. 7
Aug. 14
Aug. 21
Aug. 28
23,116
23,047
23,034
23,220
23,078
23,047
23,034
23,215
928 25,124
38 1,060
874 25,102
1,161
931 1,227 25,211
977 25,133
915
22,627
22,627
22,625
22,626
5,113 30,983
5,114 31,069
5,116 31,055
5,118 30,998
767
764
762
764
498
475
513
475
355
363
343
339
277
273
270
268
,116
,113
,203
,203
18,868
18,786
18,806
18,831
18,331
18,195
18,254
18,397
537
591
552
434
Sept.
Sept.
Sept.
Sept.
23,511
23,399
23,303
23,178
23,463
23,367
23,286
23,173
832
858 25,228
953 25,408
1,031
950 1,44: 25,719
1,106 1,318 25,622
22,626
22,626
22,627
22,628
5,118
5,119
5,121
5,123
31,149
31,256
31,184
31,052
759
759
755
769
485
431
510
759
340
357
429
386
281
279
287
255
,197
,194
,196
,189
18,760
18,876
19,108
18,963
18,346
18,301
18,484
18,416
414
575
624
547
Oct. 2
Oct. 9
Oct. 16
Oct. 23
Oct. 30
23,346
23,545
23,371
23,267
23,195
23,294
23,312
23,281
23,222
23,179
942
52
233 1,009
992
90
605
45
710
16
22,634
22,646
22,658
22,665
22,671
5,125
5,127
5,128
5,131
5,13"
31,039
31,129
31,191
31,129
31,008
776
774
776
781
786
493
498
506
464
518
356
373
333
317
318
253
260
252
265
251
112 19,034
,112 19,189
,110 19,068
,109 19,137
,057 18,837
18,685
18,625
18,574
18,574
18,474
349
564
494
563
363
Nov.
Nov.
Nov.
Nov.
6..
13..
20..
27..
23,441
23,498
23,288
23,318
23,256
23,332
23,282
23,167
185
166
151
943 25,225 22,707
824
997 25,424 22,731
911
1,430
752
25,489 22,757
777 1,209 25,325 22,76:
5,135
5,136
5,137
5,139
31,115
31,287
31,336
31,431
792
795
801
794
461
505
503
469
367
329
315
301
313
407
386
294
,056 18,963
,057 18,911
,054 18,987
030 18,907
18,509
18,354
18,459
18,461
454
557
528
446
Dec.
Dec.
Dec.
Dec.
4.
11.
18.
25.
23,732
23,886
23,907
23,950
23,480
23,574
23,600
23,617
25:
312
307
333
626
676
751
786
5,141
5,142
5,143
5,145
31,668
31,827
31,973
32,089
770
769
768
764
305
318
339
483
291
318
334
359
191
186
183
179
19,023 18,580
19,027 18,600
19,483 P 1 8 , 8 4 9
19,666 ^18,957
443
427
*634
P709
Total i
Treas- Forury
eign
Other
Total
R e - J Ex- 2
quired 2 cess
Averages of
daily figures
1956
Nov.
Nov.
Nov.
Nov.
847 19,004
845 18,996
844 19,311
843 19,375
1957
4.
11.
18.
25.
29
1,000
991
1,071
1,517
1,051
1,005
1,020
1,525
1,894
25,304
25,563
25,451
25,407
24,972
25,387
25,617
26,218
26,687
22,306
22,307
22,313
22,317
22,763
22,766
22,770
22,770
* Preliminary.
For other notes see following page.
31
1,041
1,""
080
1,050
1,061
32
BANK RESERVES AND RELATED ITEMS
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Govt. securities
Period
or
date
Total
Held
Bought under
repuroutchase
right
agreement
Discounts
and
Float
advances
Gold
stock
Total
Treasury
currency
outstanding
Currency
in
circulation
Treasury
cash
holdings
Deposits, other
than member bank
reserves,
with F. R. Banks
Member bank
reserves
Other
F. R.
accounts
Treas- Foreign
ury
Other
Total
ReExquired 2 cess2
Averages of
daily figures
1956
24,765 24,498
Dec
267
706 1,633 27,156 21,942 5,064 31,775
772
463
372
247
998 19,535 18,883
652
522
514
518
507
465
497
534
534
522
467
511
1957
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
.343
.106
,024
,110
.046
.170
,175
989
.147
.143
J26
,443
5.067
5.071
5.081
5,090
24,092
23,111
23,061
23,239
23,041
22,989
23.351
23,146
23,325
23,348
23.417
23,982
24.056
23,083
22,997
23.121
22,996
22.917
23.198
23,129
23,302
23.252
23.276
23,615
36
432
28
665
64
859
118 1.036
45
931
72 1.009
153
917
17 1.010
23
994
96
818
141
810
367
716
31,040
30,595
30,568
30,614
30,645
30,902
31,116
31,035
31,143
31,109
'31,335
5,144 31,931
794
817
812
803
792
782
769
764
763
780
'793
769
335
336
423
429
521
490
480
490
547
495
464
385
323
335
316
348
361
393
377
349
378
338
322
345
276
896 19,295 18,773
294 1,071 18,816 18,302
216
,135 18,884 18,366
339
.195 19,087 18,580
276
.075 18,827 18,362
290
,077 18,982 18,485
279
,048 19,129 18,595
273
,163 18,834 18,300
271
.180 18,956 18.434
258
,097 19,040 18.573
337
.044 18.958 18,447
186
.063 19,420
216
1.998
2.484
2,254
24,262
22,559
20,778
24.697
24.932
24.785
23,758
148
1,998
2,484
2 254
24^262
22.559
20.725
24.034
24 888
24.391
23,712
52 1,400 4,037 2,019
4.459
68 1.037
4 2,220 4,031 2,286
164
5,434
91 2,593 17.644 2,963 7.598
7
94 2.361 22.737 3,247 11,160
3
578 25.091 20,065 4.339 28,515
249
535 23,181 22,754 4.562 28.868
85
53
67 1,368 22,216 22,706 4,636 27,741
967 25,825 23,187 4,812 30.433
663
156
44
808 25.885 21,713 4,985 30,509
143
394
108 1.585 26,507 21,690 5,008 31,158
1,210 25,219 21,799 5,032 30,715
46
23
204
264
2,409
2,215
2,287
1,336
1,293
1,270
796
767
768
36
35
634
867
977
870
668
389
563
394
522
6
15
397
774
862
392
895
550
490
402
297
21
151
256
586
446
569
565
455
441
554
313
50 1,665 26,699 21,949 5,066 31,790
775
441
322
25.905
24.912
24.968
25.411
25.041
25.189
25.466
25,166
25.489
25.326
25.373
26,186
21.989
22,279
22,305
22,313
22,358
22,621
22,625
22,626
22,627
22,660
22.743
22,769
Midyear or
year-end
1929—June....
1933_june....
1939—Dec
1941 _ D e c
1945—Dec
1947—Dec
1950—Dec
1952—Dec
1954—Dec
1955—Dec
1956—June....
2,356
2,292
11,653
12.450
15,915
17,899
17,681
19,950
18,876
19,005
18,443
2,333
1,817
6,444
9,365
14,457
16,400
16,509
20,520
18,618
18,903
18,449
23
475
5,209
3,085
1,458
1,499
1,172
-570
258
102
-6
901 19,059 19,089
-30
,882 18,517
,576 18,294
,629 18,512
,864 18,588
,049 18,351
,376 18,543
,630 18,520
,975 18,305
,399 18,694
,917 18.541
.274 18.578
,034 ^19,034
365
282
117
276
698
-167
110
670
-295
376
696
374
346
251
291
495
563
714
777
907
925
992
End of month
1956
24,915 24,610
Dec.
305
1957
23,421
22.887
23,149
23,169
23,108
23.035
23,355
23,539
23.312
23,338
23.733
24,238
23,421
22.854
23 040
23J69
22.950
22.994
23.079
23.475
23.312
23.218
23.448
23,719
Oct. 2
Oct. 9
Oct. 16
Oct. 23
Oct. 30
23,461
23,461
23.312
23.228
23,235
23,313
23,313
23,259
23.228
23,174
Nov.
Nov.
Nov.
Nov.
6
13
20
27
23.570
23,405
23,235
23,576
23,332
23,332
23.235
23,352
Dec.
Dec.
Dec.
Dec.
Dec.
4
11
18
25
313
23.778
23.872
23,863
24.020
24.238
23.555
23,600
23.600
23.636
23.719
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
33
109
158
41
276
64
120
285
519
1,076 25,195 22,252 5,071
1,196 24,704 22,304 5.076
803 24,970 22.306 5,086
936 24.960 22,318 5,094
620
926 25.224
623
1,199 24.816
627 5,111
896 24.691
626 5,118
865 25,418
635 5,125
898 24.622
691 5,135
1,062 25,206
,763 5,139
942 25.515
1,424 25,784 *>22,781 ^5,146
30,614
30,575
30,585
30,519
30.836
31,082
30,933
31,133
31,073
31,090
31.661
31.815
809
809
804
791
788
758
759
752
773
784
761
715
458
591
509
568
498
504
477
429
552
243
481
344
327
311
316
360
449
364
342
337
378
283
356
263
206
304
294
274
308
296
285
261
256
196
246
891
,133
,137
,079
,072
,075
942
.198
.111
,056
.000
998
963 25,115 22,645 5,126
674
885 25,047 22,655 5,127
684
589 1.293 25,211 22,665 5,130
646 1,115 25.006 22,668 5,131
787
863 24,902 22,678 5,134
31,056
31,145
31,156
31,033
31,020
774
786
781
786
792
448
504
543
484
458
367
337
326
302
391
260
253
261
258
231
,111
,111
,110
,108
,056
18,870
18,692
18.828
18.833
18,766
18,788
18,572
18.623
18,496
18,524
82
120
205
337
242
5,136
5,136
5,138
5,141
31,181
31,334
31,315
31,628
800
800
804
784
418
482
541
430
353
323
304
283
250
337
392
178
.056 18,714
.055 18.364
.054 19,133
,000 18,739
18.446
18,361
18,471
18,492
268
3
662
247
1,019 25,321 22,763 5,141
961 25,836 22,770 5,142
1,923 26,559 22,770 5,144
1,520 26,394 22,770 5,145
1,424 25,784 ^22,781 ^5,146
31.716
31,878
32.002
32.131
1
773
770
776
759
^780
244
333
488
346
481
308
330
344
386
356
182
182
175
180
246
.095
.041
.063
.062
998
18.667
18.737
^19,049
^18,880
^19,034
240
477
^576
^564
668
595
994
829
1,170
558
420
986
396
789
819
55
Wednesday
1957
p
148
148
53
61
651 24,927
689
950 24,824
450
1.054 1.336 25,643
'224
935 25,139
607
238
73
223
272
263
384
519
498
972
731
794
55
22,710
22,735
22,761
22,762
r
Preliminary.
Revised.
1 Includes industrial loans and acceptances: these items are not shown
separately in this table, but are given for end-of-month and Wednesday
18.907
19,214
19,625
19,444
19,034
dates in subsequent tables on Federal Reserve Banks.
2
These figures are estimated.
3
Tuesday.
33
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
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
Country
banks
83
96
491
478
443
440
443
393
438
455
444
457
428
432
Excess reserves:2
Total reserves held:
1956—Nov
Dec
19,169
19,535
4,244
4,448
,122
,149
7,960
8,078
5,843
5,859
1956—Nov
Dec
590
651
13
57
1957—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
19,295
18,816
18,884
19,087
18,827
18,982
19,129
18,834
18,956
19,040
18,958
4,316
4,205
4,341
4,307
4,234
4,335
4,294
4,170
4,211
4,231
4,162
,126
,107
,102
,097
,101
,121
,131
,123
,122
,116
,101
7,996
7,781
7,746
7,921
7,794
7,774
7,906
7,790
7,800
7,836
7,849
5,857
5,722
5,696
5,762
5,697
5,751
5,799
5,750
5,823
5,857
5,847
1957—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
523
514
518
506
465
496
534
534
522
467
512
-10
5
14
-1
13
15
6
19
9
16
1
58
66
60
65
56
45
66
69
51
39
63
528
447
8
13
1
1
40
66
479
367
444
428
^635
^710
32
3
9
42
50
58
87
371
384
23
16
^598
1956_Nov.
Dec.
744
688
226
147
143
97
276
300
99
144
1957- -Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
407
640
834
1,011
909
1,005
917
1,005
988
811
804
30
129
116
299
117
200
186
308
263
141
96
38
53
257
210
169
46
34
28
120
115
123
229
314
302
329
422
531
519
468
485
423
405
110
144
159
173
201
228
177
201
121
127
181
Week ending:
Nov. 20
Nov. 27
747
772
130
74
Dec. 4
Dec. 11
Dec. 18
Dec. 25
618
669
745
781
1956—Nov
Dec
Week ending:
1957_Nov. 20
Nov. 27
18,987
18,907
4,133
4,165
,101
,107
7,848
7,856
5,904
5,780
Week ending:
Nov. 20
Nov. 27
Dec. 4
Dec. 11
Dec. 18
Dec. 25
19,023
19,027
19,483
19,666
4,276
4,234
4,362
4,327
,107
,110
,126
,153
7,851
7,874
8,009
8,155
5,789
5,809
5,986
6,032
Dec. 4
Dec. 11
Dec. 18
Dec. 25
Required reserves:2
18,579
18,883
4,231
4,392
,119
,138
7,877
7,983
5,352
5,371
1957_jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
18,773
18,302
18,366
18,580
18,362
18,485
18,595
18,300
18,434
18.573
18,447
4,327
4,200
4,326
4,308
4,221
4,320
4,288
4,152
4,203
4,231
4,147
,129
,107
,098
,097
,098
,123
,124
,121
,117
,116
[,100
7,938
7,715
7,686
7,855
7,739
7,729
7,840
7,722
7,749
7,797
7,786
379
279
256
320
305
5,314
Week ending:
1957_Nov. 20
Nov. 27
18,459
18,461
4,126
4,152
1,100
1,106
7,808
7,790
5,425
5,413
Dec. 4
Dec. 11
Dec. 18
Dec. 25
18,580
18,600
P18.849
^18,957
4,244
4,241
4,340
4,311
1,109
1,109
1,123
1,144
7,809
7,825
7,951
8,067
5,418
5,425
^5,435
^5,435
5,414
Deposits:
117.919
13,608
104,311
100,845
41,717
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
6,716
74
105
2,016
4,521
November 1957
116,048
13,001
103,047
98,943
45,770
23,032
4,205
18,828
19,816
3,666
5,933
1,182
4,752
5,168
1,330
45,206
6,228
38,978
38,105
18,533
41,877
1,387
40,490
35,853
22,241
6,441
67
100
1,947
4,327
c
v
Corrected.
Preliminary.
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
4
—i
3
-2
7
2
5
_1
H
c
c
107
82
360
409
34
214
297
67
83
73
90
329
322
282
252
222
230
176
142
-154
-37
-214
-90
-140
-85
-193
-204
393
344
1957—Jan
Feb
Mar
Apr
May....
June... .
July
Aug
Sept.
Oct
Nov
117
-126
-316
-505
-444
-508
-383
-471
-467
-344
-293
-40
-123
-101
-300
-104
-185
-181
-289
-254
-141
-80
-40
-53
-253
-210
-165
-48
-28
-26
-115
-115
-123
-172
-249
-242
-263
-367
-486
-452
-400
-433
-389
-342
369
299
280
269
192
210
278
244
335
301
251
Week ending:
Nov. 20.
Nov. 27.
-219
-325
-122
-61
-106
-81
-320
-343
160
-174
-241
32
-41
-191
-281
-68
-82
-70
-81
-287
-272
-224
-165
150
207
Free reserves:2 4
November 1956
Gross demand deposits:
Total
Interbank
Other
Net demand deposits3 . .
Time deposits
Demand balances due
from domestic banks.
-2
Borrowings at Federal
Reserve Banks:
1956—Nov
Dec
Gross demand deposits:
Total
Interbank
Other
Net demand deposits3 . .
Time deposits
Demand balances due
from domestic banks.
3
12
Dec. 4.
Dec. 11.
Dec. 18.
Dec. 25.
P-71
c
149
154
banks and of country banks are estimates.
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.
34
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
Nov. 19,
Nov. 15,
Nov. 22,
Nov. 29,
Nov. 15,
Nov. 15,
Nov. 29,
Nov. 15,
Nov. 22,
Nov. 22,
Dec. 2,
Nov. 29,
Previous
rate
1957
1957
1957
1957
1957
1957
1957
1957
1957
1957
1957
1957
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—
Previous
rate
In effect
beginning—
Rate on
Dec. 31
4
3*4
Nov. 19,
9, 1957
15,
'" 1957
22, 1957
29, 1957
15, 1957
15, 1957
29, 1957
15, 1957
22
22, 1957
1
'. 22,1957
1
Dec. 2, 1957
1
Nov. 29, 1957
]
Nov.
Nov.
Aug.
Nov.
Aug.
Aug.
Aug.
Nov.
Aug.
Nov.
Aug.
Aug.
k
4%
h
4%
4%
Previous
rate
19,1957
15,1957
9, 1957
29,1957
19,1957
13,1957
9, 1957
15,1957
9, 1957
22,1957
13,1957
15,1957
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' acceptances 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 hinder
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 RATES i
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.
1942—Oct.
7
14
2
20
24
8
9
16
26
24
3
7
26
20
2
27
30
Rate
h
1
2%
1946—Apr.
1948—Jan.
Aug.
1950—Aug.
1953—Jan.
1954_Feb.
Apr.
1955—Apr.
Aug.
Sept.
Nov.
1956—Apr.
Aug.
1957—Aug.
Nov.
1%
In effect Jan. 1, 1958
2%
1%
f
2%
3%
25
12
13
21
16
5
16
15
5
9
18
13
24
23
15
1%
s
2
4
2VA
3
3
2
%
1 Under Sees. 13 and 13a, as described in table above.
Preferential rate for advances secured by Govt. securities maturing
or callable in 1 year or less in effect during the period Oct. 30, 1942Apr. 24, 1946. The rate of 1 per cent was continued for discounts of and
advances secured by eligible paper.
NOTE. Repurchase rate on U. S. Govt. securities. In 1955, 1956, and
1957 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;
1957—Aug. 22, 3.50.
2
MARGIN REQUIREMENTS i
[Per cent of market value]
Prescribed in accordance with
Securities Exchange Act of 1934
Regulation T:
For extensions of credit by brokers and
dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks
Jan. 4, Apr. 23, Effec19551955tive
Apr. 22, Jan. 15, Jan. 16,
1958
1955
1958
60
60
70
70
50
50
60
70
50
i 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. Change on Jan. 4, 1955, was effective after the close
of business on that date.
Net demand deposits 1
Rate
Date effective
Effective date
of change
Central
reserve
city
banks
Reserve
city
banks
Country
banks
1917—June 21
13
10
7
1936—Aug. 16
1937—Mar. 1
May 1
19Vi
22%
26
15
10%
12%
14
1938—Apr. 16
2234
1941_Nov.
1942—Aug.
Sept.
Oct.
26
24
22
20
1
20
14
3
S*
17%
12
Central
reserve
and
reserve
city
banks
Country
banks
3
P
4%
I*
5
5
20
14
6
6
22
16
7%
7%
21
20
19%
19
18%
18
15
14
13
12
7
6
5
7
6
6
6
5
5
1948—Feb. 27
June 11
Sept. 1 6 , 2 4 * . . . .
22
24
26
1949—May
June
Aug.
Aug.
Aug.
Sept.
1,5*
30, July 1*.
1, 11*
16, 1 8 * . . . .
25
1
24
1951—Jan. 11, 1 6 * . . . .
Jan. 25, Feb. 1*.
23
24
19
20
13
14
1953—July
1,9*
Time deposits
5
22
19
13
1954—June 1 6 , 2 4 * . . . .
July 29, Aug. 1*.
21
20
18
12
In effect Jan. 1, 1958...
20
18
12
5
5
Present statutory
quirements:
Minimum
Maximum
13
26
10
20
7
14
3
6
3
6
re-
i Demand deposits subject to reserve requirements which, beginningAug. 23, 1935, have been total demand deposits minus cash items in
process of collection and demand balances due from domestic banks (alsominus 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
35
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday
Item
End of month
1957
Dec. 311
Dec. 25
Dec. 18
1957
Dec. 11
Dec. 4
Dec.
1956
Nov.
Dec.
Assets
Gold certificate account
Redemption fund for F. R. notes..
21,215,392 21,215,392 21,217,393 21,226,392 21,218,392 21,215,392 21,219,392 20,374,393
867,254
860,240
869,249
863,150
894,951
869,249
869,254
860,592
Total gold certificate reserves.
22,084,641 22,084,646 22,084,647 22,086,984 22,078,632 22,084,641 22,082,542 21,269,344
F. R. notes of other Banks
Other cash
Discounts and advances:
For member banks
For nonmember banks, etc
Industrial loans
Acceptances—Bought outright
Held under repurchase agreement
U. S. Government securities:
Bought outright:
Bills
Certificates—Special
Other
Notes
Bonds
443,288
338,622
345,109
306,288
351,987
308,829
345,344
325,069
334,069
328,800
443,288
338,622
310,108
348,015
350,598
306,196
50,364
5,000
482
42,337
23,351
788,709
5,000
499
36,327
23,631
725,353
5,500
507
26,312
15,519
961,043
10,500
498
25,857
4,710
492,155
5,500
522
23,056
2,616
50,364
5,000
482
42,337
23,351
813,907
5,500
548
20,208
25,027
25,000
794
33,541
35,222
983,573
900,073
864,273
864,273
819,273
983,573
712,573 1,721,270
19,933,612 19,933,612 19,933,612 19,933,612 19,933,612 19,933,612 19,933,612 10 932,699
153,913
801,750
2,801,750 2,801,750 2,801,750 2,801,750 2,801,750 2,801,750 2,801,750
23,718,935 23 ,635,435 23. 599,635 23,599,635 23. 554,635 23 ,718,935 23. 447,935 24, 609,632
519,350
285,500
305,100
519,350
263,800
223,600
272,800
384,200
Total bought outright
Held under repurchase agreement.
Total U. S. Government securities.
24,238,285 24,019,635 23,863,435 23,872,435 23,778,235 24,238,285 23,733,435 24,914,732
Total loans and securities
24,359,819 24,873,801 24,636,626 24,875,043 24,302,084 24,359,819 24,573,598 25,034,316
Due from foreign banks.
Uncollected cash items..
Bank premises
Other assets
12
15
12
15
12
12
12
5,494,735 5,583,515 6,497,394 4,677,961 4,856,253 5,494,735 4,891,486
83,363
83,763
83,585
83,763
83,452
83,358
83,895
272,527
195,036
223,584
223,584
185,664
210,416
201,058
Total assets.
22
,623,921
73.361
252,054
53,028,467 53,487,682 54,158,116 52,594,923 52,168,872 53,028,467 52,561,651 52,909,812
Liabilities
Federal Reserve notes
Deposits:
Member bank reserves
U. S. Treasurer—general account..
Foreign
Other
27,534,791 27,710,671 27,610,478 27,493,363 27,325,766 27,534,791 27,260,056 27,475,657
19,033
480
356
246
Total deposits.
19,444,314 19,625,048 19.213,931 18,907,393 19,033,795 19,274,041 19 ,058,790
243,487
441,243
487,738
480.810
346
244,361
332,774
282,875
322,294
344,069
356,342
386
307,569
330,147
195,946
426,325
174,823
246,284
180;
182,393
182,036
20,117,231 20,357,061 20,631,678 20,058,888 19,641,71620,117,231 19,996,349 20,248,652
4,070
14
Deferred availability cash items
Other liabilities and accrued dividends2 .
Total liabilities
4,063,252 4,574,829
24,692
25,750
,716.869 3,837,323 4,070,844 3,949,744
23,639
24,409
24,230
14,948
,959,006
17,279
51,737,814 52,156,734 52,841,677 51,293,529 50,829,035 51,737,814 51,229,788 51,700,594
Capital Accounts
Capital paid in.
Surplus (Section 7). . . .
Surplus (Section 13b). .
Other capital accounts.
345,106
809,198
27,543
108,806
Total liabilities and capital accounts.
Ratio of gold certificate reserves to deposits and F. R.
note liabilities combined (per cent)
Contingent liability on acceptances purchased for
foreign correspondents
Industrial loan commitments
344,587
747,593
27,543
211,225
343.643
747,593
27.543
197,660
342,150
747,593
27,543
184,108
341,860
747,593
27,543
222,841
345,106
809,198
27,543
108,806
341,672
747,593
27,543
215,055
325,602
747,593
27,543
108.480
!3,028,467 53,487,682 54,158,116 52,594,923 52,168,872 53,028,467 52,561,651 52,909,812
46.3
45.9
45.8
46.4
47.0
46.3
46.7
44.6
76,114
1,109
68,146
1,104
68,367
1,095
68,670
1,124
67,612
1,145
76,114
1,109
67,032
1,130
50,055
2,365
Maturity Distribution of Loans and U. S. Government Securities3
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 •.
Acceotances—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 Tuesday.
No accrued dividends at end-of-December dates.
2
55,364
46,700
8,664
55,364
793,709
730,853
971,543
497,655
819,407
50,027
959,422
46,700
779,775
24,130
785,010
721,418
484,753
8,664
39,632
897
8,684
9,409
12,095
12,876
25,000
15
26
26
26
482
482
499
507
498
522
5481
794
69
69
60
69
69
61
13
60
20
20
29
61
69
61
29
20
260
260
276
460
277
285
267
250
133
133
142
260
133
142
142
133
65,688
20,208
65,688
59,958
41,831
30,567
25,672
68,763
34,371
3,211
34,371
32,317
22,394
10,518
7,022
42,232
31,317
16,997
31,317
27,641
19,437
20,049
18,650
26,531
24,238,285 24 ,019,635 23 ,863,435 23, 872,435 23 778,235 24,238,285 23,733,435 24 ,914,732
674,850 8,187,825
674,850
524,200
331,200
297,800
276,360
599,150
6,335,066 6 267,066 6,303,866
333,773 6,261,013 6,335,066 6,162,313' ,439,220
14,439,112 14;439;il2 14,439,112 14,451,605 14,451,605 14,439,112 6,594,040
,074,612
,374,400
680,635
1,374,400 ,374,400
680,635
680,635
373,279
,374,400
56,610
750,375 ,013,614
56,610
750,375
750,375
56,610
56,610
1,358,247 ,358,247
,358,247 1,358,247 ,358,247 1,358,247
,414,857
,358,247
3
Holdings under repurchase agreements are classified as maturing
within 15 days in accordance with maximum maturity of the agreements.
36
FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON DECEMBER 31, 1957
[In thousands of dollars]
New
York
Boston
Item
Philadelphia
Cleveland
Richmond
Atlanta Chicago
San
Francisco
St.
Louis
Minneapolis
Kansas
City
Dallas
808,001 2,620,994
Assets
1,010,595 5,522,298 1,182,730 1,943,736 1,347,887
Gold certificate account
Redemption fund for F. R.
60,901
73,569
56,043
notes
182,497
79,558
830,921 3,805,144
908,740
390,876
843,470
157,090
43,349
22,171
41,597
Total gold certificate reserves
879,840 3,962,234
952,089
413,047
885,067
23,008
8,359
10,162
12,492
21,148
12,829
36,659
47,935
6,909
190
14,565
260
200
560
F. R. notes of other Banks..
Other cash
Discounts and advances:
Secured by U. S. Govt.
securities
Other
Industrial loans
Acceptances:
Bought outright
Held under repurchase
agreement
U. S. Govt. securities:
Bought outright
Held under repurchase
agreement
,066,638 5,704,795 1,243,631 2,023,294 1,421,456
48,919
31,701
19,863
95,949
66,417
38,556
15,056
28,480
22,701
45,902
25,618
56,404
24,744
37,731
56,959
17,588
25,649
450
290
285
3,290
1,405
5,140
350
173
3,750
450
4,010
255
3,050
225
8,750
710
250
185
,293,773 5,931,655 1,384,545 2,083,424 1,515,474 1,228,570 4,140,164
980,896
75,060
42,337
23,351
511,855 1,018,325
929,521 2,700,733
519,350
Total loans and securities. . . 1,294,798 6,521,388 1,390,208 2,087,624 1,519,739 1,231,845 4,149,624 981,331
1
1
2
i4
1
467,096 1,173,568 345,425 490,271 421,538 466,237 887,537
6,996
6,823
5,010
10,664
9,678
4,514
6,497
14,058
11,971
55,349
19,340
12,740
11,657 40,656
1
Due from foreign banks
Uncollected cash items
Bank premises
Other assets
120
24
28,495
836,496 2,696,054
1
188,651
6,138
9,041
511,999 1,025,424 944,346 2,701,493
1
1
(2)
136,191 238,904 223,368 455,949
4,903
5,307
6,260
10,973
4,779
9,493
9,345 25,155
2,897,078 13,628,134 3,050,131 4,681,389 3,455,308 2,677,225 9,141,566 2,180,488 1,102,690 2,186,446 2,053,793 5,974,219
Total assets.
Liabilities
1,638,156 6,500,863 ,738,756 2,624,653 2,188,221 1,305,420 5,334,243 1,226,564 494,826 ,077,385 748,184 2,657,520
F. R. notes
Deposits:
5,716,993 874,741 1,486,691 801,083 851,881 2,905,986 699,440 433,491 804,111 996,223 2,685,733
Member bank reserves
U. S. Treasurer—general
47,161
62,021
68,734
30,221
25,982
18,515 41,690 30,868
30,532
38,077
45,778
41,231
account
17,391
8,184
12,958
17,732
19,778 3 111,163 23,870
30,690
12,617
38,192
15,345 48,422
Foreign
5,156
10,423
12,954
1,336
3,436
2,167 44,726
3,106
5,483
3,974
2,560
Other
150,963
838,383 6,047,853 941,786 1,568,642 870,791 912,431 3,026,852 740,599 461,526 862,195 1,046,990 2,799,183
Total deposits
Deferred availability
items
Other liabilities
cash
Total liabilities
344,347
549
717,766
5,367
279,334
623
371,626
1,484
327,773
587
398,917
492
594,080 163,043 113,263 195,229 190,958 374,508
1,252
480
439
628
2,475
572
2,821,435 13,271,849 2,960,499 4,566,405 3,387,372 2,617,260 8,957,650 2,130,645 1,070,243 2,135,289 1,986,704 5,832,463
17,742
47,013
3,011
7,877
102,215
223,963
7,319
22,788
21,192
55,923
4,489
8,028
32,514
71,550
1,006
9,914
15,695
41,236
3,349
7,656
16,562
36,192
762
6,449
Capital Accounts
Capital paid in
Surplus (Sec. 7)
Surplus (Sec. 13 b)
Other capital accounts.
46,570
121,504
1,429
14,413
11,577
31,586
521
6,159
7,426
19,697
13,781
30,533
1,073
1,137
4,251
5,706
19,405
40,871
1,307
5,506
40,427
89,130
2,140
10,059
Total liabilities and capital
accounts
2,897,078 13,628,134 3,050,131 4,681,389 3,455,308 2,677,225 9,141,566 2,180,488 1,102,690 2,186,446 2,053,793 5,974,219
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.
43.1
45.5
46.4
48.3
46.5
39.7
47.4
48.4
43.2
45.6
46.6
49.4
4 21,398
5,327
6,849
3,881
3,425
10,806
2,816
1,826
2,892
3,957
8,523
26
77
1 After deducting $11,000 participations of other Federal Reserve Banks.
2 Less than $500.
3 After deducting $245,179,000 participations of other Federal Reserve
Banks.
66
940
4
After deducting $54,716,000 participations of other Federal Reserve
Banks.
37
FEDERAL RESERVE BANKS
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS
[In thousands of dollars]
FEDERAL RESERVE BANKS COMBINED
Wednesday
Item
End of month
1957
Dec. 25
Dec. 311
F. R. notes outstanding (issued to Bank).
Collateral held against notes outstanding:
Gold certificate account
Eligible paper.
U. S. Government securities
Dec. 18
1957
Dec. 11
Dec. 4
1956
Dec.
Nov.
Dec.
28,643,286 28,609,818 28,602,757 28,493,203 28,245,563 28,643,286 28,178,234 28,532,527
12,273,000 12,273,000 12,273,000 12,273,000 12,028,000 12,273,000 12,028,000 11,618,000
12,299
111,084
103,513
215,587
7,722
141,679
147,280
12,299
17,165,000 17,165,000 17,165,000 17,165,000 17,145,000 17,165,000 16,995,000 17,605,000
Total collateral
29,450,299 29,549,084 29,541,513 29,579,679 29,320,280 29,450,299 29,238,587 29,230,722
EACH FEDERAL RESERVE BANK ON DECEMBER 31, 1957
Item
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
F. R. notes outstanding
(issued to Bank)
1,702,333 6 795,945 1,800,791 2,700,128 2',266,546 1,374,708 5,472,919 1,280,689 534,419 ,109,605 792,868 2,812,335
Collateral held:
Gold certificate acct.. 700,000 3, 270,000 640,000 1,130,000 945,000 425,000 2 ,500,000 450,000 130,000 300,000 283,000 1,500,000
6,909
5,140
250
Eligible paper
U. S. Govt. securities. 1,150,000 3,600,000 1,200,000 1,600,000 1,350,000 1,000,000 3,100,000 895,000 425,000 820,000 525,000 1,500,000
Total collateral.... 1,850,000 6,870,000 1,845,140 2,730,000 2,295,000
425,000 5,600,000 1,345,250 555,000 1,126,909 808,000 3,000,000
i Tuesday.
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
1951
1952
1953
1954
1955
Number
Amount
3,736
3,753
3,765
3,771
3,778
710,931
766,492
803,429
818,224
826,853
3,781
3,782
3,782
3,782
3,782
3,782
3,782
3,783
3,784
3,784
3,785
3,786
3,786
ParticiCommit- 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
4,687
3,921
1,900
719
702
6,036
3,210
3,569
1,148
2,293
11,985
3,289
3,469
1,027
1,103
1951
1952
1953
1954
1955
832,071
832,550
801
794
2,175
2,365
1,098
1,129
Nov
Dec
833,045
833,692
834,051
834,668
835,264
835,766
836,636
837.410
838,714
840,504
840,814
822
758
772
780
774
742
608
628
620
586
581
2,315
2014
1,987
1,955
1,794
,780
1,795
1,815
,323
,165
,130
1,126
1,017
1,012
991
948
919
812
816
684
1,169
1,126
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
3,513
1,638
1,951
520
305
Amount
Total
amount
Portion
guaranteed
854
: ,159
,294
,367
,411
1,395
2,124
2,358
2,500
2,575
675
979
805
472
294
547
803
666
368
226
473
586
364
273
170
1,464
1 ,468
2,756
2,761
375
389
280
289
141
125
,475
,481
,482
,485
,488
,493
,496
,497
,498
,498
,500
2,823
2,829
2,842
2,850
2,862
2,867
2,878
2,880
2,882
2,888
2,906
401
398
408
402
407
412
412
390
395
398
394
298
296
304
300
305
307
307
292
295
300
298
120
128
127
133
130
126
123
146
138
124
127
1957
1957
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Number
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
Loans
outstanding
1956
1956
Nov
Dec
Loans
authorized
to date
80
155
80
760
1
Includes applications approved conditionally by the Federal Reserve
Banks
and under consideration by applicant.
2
Includes industrial loans past due 3 months or more, which are not
included in industrial loans outstanding in weekly statement of condition
of 3Federal Reserve Banks.
Not covered by Federal Reserve 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.
1
Loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act
of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing
agencies in these transactions, and the procedure is governed by Regulation V of the Board of Governors.
NOTE.—The difference between guaranteed loans authorized and sum
of loans outstanding and additional amounts available to borrowers
under guarantee agreements outstanding represents amounts repaid,
guarantees authorized but not completed, and authorizations expired or
withdrawn.
38
BANK DEBITS
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1
FEES AND RATES ON LOANS GUARANTEED
UNDER REGULATION V*
[In effect December 31. Per cent per annum]
[In effect December 31]
To industrial or
commercial
businesses
To financing institutions
On discounts or
purchases
Federal
Reserve
Bank
On
loans 2
Boston
New Y o r k . . .
Philadelphia. .
Cleveland
Richmond...
Atlanta
Chicago
St. L o u i s . . . .
Minneapolis..
Kansas City..
Dallas
San Francisco
Fees Payable to Guaranteeing Agency by Financing
Institution on Guaranteed Portion of Loan
4-6
UfcS*
4-6
4-6
334-6
3^-6
On
commitments
Portion
for which
institution is
obligated
Remaining
portion
Percentage of
loan guaranteed
On
commitments
(3)
t*
Percentage of
any commitment
fee charged
borrower
10
15
20
25
30
35
40-50
10
15
20
25
30
35
40-50
Maximum Rates Financing Institution May Charge Borrower
[Per cent per annum]
8
Interest rate
Commitment rate.
8
3
()
1
70 or less
75
80
85
90
95
Over 95
8
a*
4-6
4-6
4-6
Guarantee fee
(percentage of
interest payable
by borrower)
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 R a t e charged borrower but not to exceed
1 per cent above the discount rate.
6 Twenty-five per cent of loan rate. Charge of Vi per cent per annum
is made on undisbursed
portion.
7 Charge of l/* per cent per annum is made on undisbursed portion.
1 Schedule of fees and rates established by the Board of Governors on
loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act
of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing
agencies in these transactions, and the procedure is governed by Regulation V of the Board of Governors.
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits to demand deposits accounts,
exceot interbank and
U. S>. Government accounts
Year or month
Annual rate of turnover of demand deposits except
interbank and U. S. Government deposits
Without seasonal adjustment
Total, all
reporting
centers
New
York
City
6
other
centersi
337 other
reporting
centers 2
New
York
City
6
other
centers*
337 other
reporting
centers 2
1,380,112
1 542 554
1,642,853
1 759 069
1,887,366
2,043,548
2,200,643
2,356,768
509,340
544 367
597,815
632 801
738,925
766,890
815,856
888,455
298,564
336 885
349,904
385 831
390,066
431,651
462,859
489,311
572,208
661,302
695,133
740,436
758,375
845,007
921,928
979,002
31.1
31.9
34.4
36.7
42.3
42.7
45.8
22.6
24.0
24.1
25.6
25.8
27.3
28.8
17.2
18.4
18.4
18.9
19.2
20.4
21.8
Oct
Nov
Dec
193,140
185,223
201,876
70,794
66,989
77,495
40,148
39,425
40,912
82,198
78,810
83,469
45.2
48.3
51.8
28.4
31.0
29.9
1957 Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
204,514
177 536
197,231
192,701
197 257
193,349
200,559
190,539
r
189,294
204 168
189,246
220,376
76,460
67 035
74,786
72,328
71 780
74,512
74,509
68 409
70,953
77 431
71,667
88,584
42,596
36,886
42.113
40,182
42,128
39,942
41,711
40,194
39,095
41 761
39,012
43,692
85,457
73,615
80,332
80,192
83,349
78,895
84,339
81,936
r
79,245
84,976
78,567
88,100
48.3
48.9
48.7
46.9
47.1
51.4
49.5
44.7
52.2
49.9
51.2
58.9
30.0
30.2
32.0
30.3
30.5
30.4
30.6
28.5
31.4
29.6
30.5
1950
1951
1952
1953
1954
1955
1956
1957
1955
.
...
r
P Preliminary.
Revised.
1 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los
Angeles.
2
Seasonally adjusted3
New
York
City
6
other
centers 1
337 other
reporting
centers 2
22.1
23.6
23.3
46.6
48.8
45.8
29.3
30.5
28.6
22.1
22.4
22.1
22.9
23.0
22.5
22.4
23.2
23.1
23.6
22.1
24 A
22.7
23.5
48.1
50.2
47.5
47.6
48.3
47.6
50.8
51.7
50.9
51.4
51.7
52.1
30.6
31.0
29.2
29.4
31.0
29.8
31.2
31.1
31.7
30.5
30.0
22.7
23.1
22.6
'23.1
23.7
23.1
24.0
23.5
23.7
22.7
22.3
*23.7
338 centers prior to April 1955.
These data are compiled by the Federal Reserve Bank of New York.
NOTE.—For description see BULLETIN for April 1953, pp. 355-357.
3
39
CURRENCY
DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION
[On basis of compilation by United States Treasury.
Total
in circulation 1
Total
Coin
$12
1939
1941
1945
1947
1950
1951
1952
1953
1954
1955
7,598
11,160
28,515
28,868
27,741
29,206
30,433
30,781
30,509
31,158
5,553
8,120
20,683
20,020
19,305
20,530
21,450
21,636
21,374
22,021
590
751
1,274
1,404
1,554
1,654
1,750
1,812
1,834
1,927
559
695
1,039
1,048
1,113
1,182
1,228
1,249
1,256
1,312
1956—Nov
Dec
31.424
31,790
22,374
22,598
2,016
2,027
1957—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
30,614
30,575
30,585
30,519
30,836
31,082
30,933
31,133
31,073
31,090
31,661
21,597
21,601
21,639
21,588
21,905
22,123
21,987
22,155
22,088
22,086
22,582
1,990
1,993
2,000
2,020
2,029
2,042
2,050
2,060
2,069
2,083
2,099
End of year or
month
In millions of dollars]
Large denomination currency
Coin and small denomination currency
$5
$10
$20
Total
$50
36
44
73
65
64
67
71
72
71
75
1,019
1,355
2,313
2,110
2,049
2,120
2,143
2,119
2,098
2,151
1,772
2,731
6,782
6,275
5,998
6,329
6,561
6,565
6,450
6,617
1,576
2,545
9,201
9,119
8,529
9,177
9,696
9,819
9,665
9,940
2,048
3,044
7,834
8,850
8,438
8,678
8,985
9,146
9,136
9,136
2,327
2,548
2,422
2,544
2,669
2,732
2,720
2,736
1,433
4,220
5,070
5,043
5,207
5,447
5,581
5,612
5,641
1,324
1,369
76
78
2,144
2,196
6,715 10,100
6,734 10,194
9,050
9,192
2,713
2,771
626
704
1,276
1,269
1,270
1,276
1,301
1,302
1,292
1,296
1,312
1,330
1,356
76
75
75
75
76
77
77
78
78
77
78
2,065
2,058
2,063
2,055
2,093
2,102
2,069
2,085
2,084
2,089
2,146
6,427 9,763
6,450 9,756
6,473 9,758
6,425 9,737
6,554 9,852
6,615 9,985
6,520 9,979
6,581 10,055
6,533 10,013
6,533 9,975
6,726 10,177
9,017
8,974
8,946
8,931
8,931
8,958
8,946
8,977
8,984
9,003
9,079
2,701
2,689
2,679
2,674
2,679
2,696
2,695
2,701
2,696
2,695
2,725
5,613
5,586
5,573
5,566
5,564
5,575
5,570
5,596
5,611
5,632
5,677
$2
i Outside Treasury and Federal Reserve Banks. Prior to December
1955 the totals shown as in circulation were less than totals of coin and
460
724
$100
$500
$1,000 $5,000 $10,000
919
191
261
454
428
368
355
343
333
321
307
425
556
801
782
588
556
512
486
464
438
20
24
7
5
4
4
4
4
3
3
32
46
24
17
12
12
10
11
15
12
291
292
289
287
286
285
284
283
281
280
279
279
279
409
407
3
3
8
14
402
400
397
395
393
391
388
388
386
385
386
3
3
3
3
3
3
3
4
4
4
3
8
8
8
10
8
8
9
9
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 circulation 1
Held in the Treasury
Kind of currency
Total outstanding As security
against
Nov. 30,
Treasury
gold and
1957
cash
silver
certificates
Gold
Gold certificates . . . .
Federal Reserve notes
Treasury currency—total
Standard silver dollars. .
Silver bullion
Silver certificates and Treasury notes of 1890
Subsidiary silver coin
Minor coin
.
United States notes
Federal Reserve Bank notes
National Bank notes
Total—Nov 30 1957
Oct. 31, 1957
Nov. 30, 1956
1
Nov. 30,
1957
Oct. 31,
1957
Nov. 30,
1956
32
26,887
4,742
32
26,364
4,693
33
26,701
4,690
22 763
22 115
28 178
5,139
22 115
32,396
63
50
488
2 212
32,396
1 405
183
2 212
36
9
260
259
245
8
3
2
261
44
9
24
2
2,135
1,353
486
320
127
61
2,103
1,341
483
319
128
61
2,153
1,303
468
317
141
63
4,392
4,561
4,479
31,661
497
347
(4)
129
61
(j)
648
19,267
24,510
24,425
23,680
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. 32.
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
2
For
F. R.
Banks
and
agents
Held by
F. R.
Banks
and
agents
761
784
763
19,267
19,189
18,412
2,816
1 228
348
31,090
31,424
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 Treasury 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.
40
ALL BANKS
CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1
[Figures partly estimated except on call dates.
In millions of dollars]
Liabilities
and Capital
Other
securities
Total
assets,
netTotal
liabilities
and
capital,
net
26
131
1,204
1,284
2,867
3,328
2,888
2,571
2,159
,899
,836
11,819
9,863
9,302
8,999
8,577
10,723
14,741
17,374
20,439
20,670
20,632
64,698
48,465
75,171
90,637
191,785
188,148
199,009
220,865
237,686
244,135
243,394
55,776
42,029
68,359
82,811
180,806
175,348
184,384
204,220
218,882
224,943
223,585
8,922
6,436
6,812
7,826
10,979
12,800
14,624
16,647
18,806
19,193
19,807
Bank credit
Date
Gold
Treasury
currency
outstanding
U. S. Government obligations
Total
Commercial
and
savings
banks
Federal
Reserve
Banks
Other
5,741
10,328
23,105
29,049
128,417
107,086
96,560
100,008
104,819
96,736
90,511
5,499
8,199
19,417
25,511
101,288
81,199
72,894
72,740
77,728
70,052
64,917
216
1,998
2,484
2,254
24,262
22,559
20,778
24,697
24,932
24,785
23,758
Loans,
net
Total
Total
deposits
and
currency
Capital
and
misc.
accounts,
net
1929—June 29.
1933—June 30.
1939—Dec. 30.
1941—Dec. 31.,
1945—Dec. 31.
1947—Dec. 31.
1950— Dec. 30.
1952—Dec. 31.,
1954—Dec. 31.,
1955—Dec. 31.,
1956—June 30.
4,037
4,031
17,644
22,737
20,065
22,754
22,706
23,187
21,713
21,690
21,799
2,019
2,286
2,963
3,247
4,339
4,562
4,636
4,812
4,985
5,008
5,032
58.642 41,082
42,148
21,957
54,564 22,157
64,653
26,605
167,381
30,387
160,832 43,023
60,366
171,667
192,866 75,484
85,730
210,988
217,437 100,031
216,563 105,420
1956—Nov. 28.,
Dec. 31.
21,900
21,949
5,100
5,066
220,800
223,742
108,200
110,120
92,200
93,161
66,200
66,523
24,300
24,915
,700
,723
20,400
20,461
247,800
250,757
227,000
230,510
20,700
20,246
1957—Jan.
Feb.
Mar.
Apr.
May
June
June
July
Aug.
Sept.
Oct.
Nov.
22,300
22,300
22,300
22,300
22,600
22,620
22,600
22,600
22,600
22,600
22,700
22,800
5,100
5,100
5,100
5,100
5,100
5,106
5,100
5,100
5,100
5,100
5,100
5,100
219,300
218,100
219,000
221,700
221,600
221,454
222,200
222,700
223,200
223,600
225,200
224,800
108,000
108,200
109,600
110,400
110,700
110,938
113,000
112,200
112,700
113,400
113,000
113,000
90,800
89,400
88,500
90,200
89,600
89,114
87,800
89,000
88,900
88,400
89,700
89,300
65,700
64,800
63,800
65,400
65,000
64,548
63,400
64,100
64,000
63,700
65,000
64,400
23,400
22,900
23,100
23,200
23,000
23,016
22,900
23,400
23,300
23,200
23,200
23,600
,700
,700
,700
,600
,600
,550
,600
,500
,500
,500
,500
,400
20,400
20,600
20,900
21,100
21,400
21,402
21,400
21,400
21,600
21,800
22,500
22,400
246,600
245,500
246,400
249,200
249,400
249,180
249,900
250,400
250,900
251,300
253,000
252,700
226,400
225,100
225,400
228,200
228,200
227,576
229,100
229,300
229,000
229,500
231,100
231,000
20,300
20,500
20.900
20,900
21,200
21,605
20,900
21,100
21,900
21,900
21,900
21,700
30.
27.,
27.,
24.,
29.,
6.
26*\
3 1P,
28P
25?
30^
27",
Details of Deposits and Currency
Date
1929—June
1933_june
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1952—Dec.
1954—Dec.
1955—Dec.
1956—June
At
Treas- comury
At
mercial
cash
F. R.
and Banks
hold- savings
ings
banks
Time deposits2
Total
Total
Demand
deCom- Mutual Postal
mercial savings Savings posits4
banks banks3 System
29.,
30.,
30.,
31.,
31.,
31.,
30..
31..
31.,
31.,
30.,
365
50
1,217
1,498
2,141
1,682
2,518
2,501
3,329
3,167
3,115
1956—Nov. 28.,
Dec. 31.,
3,400
3,306
800
775
5,200
4,038
500 217,200 80,900 49,600 29.600
441 221,950 82,224 50,577 30,000
1957—Jan. 30.,
Feb. 27.,
Mar. 27.,
Apr. 24.
M a y 29.
June 6.,
June 2 6 P
July 31 P
Aug. 2 8 P
Sept. 25P
Oct. 3 0 P
Nov. 27^
3,100
3,100
3,100
3,200
3,200
800
800
800
800
800
792
800
800
800
800
800
800
1,900
2,800
3,800
4,400
5,300
3,625
4,800
3,700
4,400
3,900
3,500
3,300
600
300
500
300
500
473
500
500
500
600
500
400
3,200
204
381
852
264
846
2,409
1,895
2,215
2,287 24,608
1,452
1,336
1,293
2,989
1,270
5,259
796 4,510
767 4,038
768 5,537
36
35
634
867
977
870
668
389
563
394
522
54,790
40,828
63,254
76,336
150,793
170,008
176,916
194,801
209,684
216,577
213,643
219,900
218,000
217,200
219,600
218,400
219,439
219,700
221,000
220,000
220,900
223,000
223,300
28,611
21,656
27,059
27,729
48,452
56,411
59,247
65,799
75,282
78,378
80,615
82,900
83,600
84,600
84,900
85,700
85,715
86,400
86,700
87,100
87,700
88,100
87,600
v Preliminary.
1 Represents all commercial and savings banks, Federal Reserve Banks,
Postal Savings System, and Treasury currency funds (the gold account,
Treasury currency account, and Exchange Stabilization Fund).
2 Excludes interbank time deposits; U. S. Treasurer's time deposits,
open account; and deposits of Postal Savings System in banks.
3 Prior to June 30, 1947, includes a small amount of demand deposits.
« 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 July
1957, pp. 828-829.
Seasonally adjusted series5
Deposits adjusted and currency
U. S. Govt. balances
Foreign
bank
deposits,
net
19,557
10,849
15,258
15,884
30,135
35,249
36,314
40,666
46,844
48,359
49,698
51,200
51,800
52,600
52,900
53,600
53,605
54,000
54,400
54,700
55,100
55,500
55,000
8,905
9,621
10,523
10,532
15,385
17,746
20,009
22,586
26,302
28,129
29,152
30.100
30,200
30,400
30,400
30,600
30,647
30,900
30,900
31,000
31,200
31,300
31,300
149
1,186
1,278
1,313
2,932
3,416
2,923
2,547
2,136
,890
,765
22,540
14,411
29,793
38,992
75,851
87,121
92,272
101,508
106,550
109,914
104,744
Currency
outside
banks
Total
demand
deposits
adjusted
and
currency
Demand
deposits
adjusted
Currency
outside
banks
3,639
4,761
6,401
9,615
26,490
26,476
25,398
27,494
27,852
28.285
28,284
111,100 85,200 25 ,900
114,300 89.800 24 ,500
124,700 97,800 26 ,900
129.700 102.800 26 ,900
133.200 105,800 27 ,400
134,300 106,700 27 ,600
,700 108.300 28.000
,647 111,391 28.335
134.700 107.000 27,700
134.400 106.700 27,700
,600 109,500
,600 107,000
,600 105,200
,500 107,300
,500 104,800
,463 105,706
,500 105,600
,400 106,600
,400 105,100
,400 105,500
,400 107,200
,300,107,200
134,100 106,500 27 ,600
134.500 106.900 27 ,600
134.700 107.000 27 ,700
135,000 107,300 27 ,700
134,600 106,600 28 000
(5)
()
:;
135,200 107,300 27,900
136,000 108,000 28,000
134,700 106,800 27,900
133.900 106,200 27,700
134,200 106,500 27,700
134,000 105.900,28,100
27,400
27,400
27.400
27,400
27,900
28,018
27,800
27,800
27,800
27,800
27,800
28.500
NOTE.—For description of statement and back figures, see BULLETIN
for January 1948, pp. 24-32. The composition of a few items differs
slightly from the description in the BULLETIN article; stock of Federal
Reserve Banks held by member banks is included in other securities and
in capital and miscellaneous accounts, net, and balances of the Postal
Savings System and the Exchange Stabilization Fund with the U. S.
Treasury are netted against capital and miscellaneous accounts, net,
instead of against U. S. Govt. deposits and Treasury cash. Total deposits
and currency shown in the monthly Chart Book excludes foreign bank deposits, net, and Treasury cash. Except on call dates, figures are rounded
to nearest $100 million and may not add to the totals.
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Loans and investments
Class of bank
and date
Total
Loans
U. S.
Govt.
obligations
Other
securities
Total
assets—
Total
liabilities
and
capital
accounts 3
Cash
assets2
Deposits
Other
Total 2
bank 2
U. S.
Govt.
All banks:
1939—Dec. 30
1941_Dec. 31
1945—Dec. 31
1947_Dec. 3H
1950—Dec. 30
1955—Dec. 31
1956—June 30
Nov. 28
Dec. 31
1957—May 29
June 6
June 26*
July 31*
Aug. 28*
Sept. 25*
Oct. 30*
Nov. 27'*
50,884
61,126
140,227
134,924
148,021
190,780
191,074
195,780
197,063
197,980
980
197,465
198,600
198,530
199,250
199,820
201.450
200,910
All commercial banks:
1939—Dec. 3 0 . . .
1941—Dec. 3 1 . . .
1945—Dec. 31 . . .
1947—Dec. 3 H . .
1950—Dec. 3 0 . . .
1955—Dec. 31. . .
1956—June 30. . .
Nov. 28. . .
Dec. 31. . .
1957—May 2 9 . . .
June 6 . . .
June 26*..
July 3 1 * . .
Aug. 28*. .
Sept. 25*. .
Oct. 30*. .
Nov. 27*. .
40,668
50,746
124,019
116,284
126,675
160,881
160,008
163,970
165,123
165,070
164,515
165,600
165,380
165,900
166,320
167,900
167,270
17,238
21,714
26,083
38,057
52,249
82,601
86,887
89,510
90,302
91,180
91,028
93,280
92,340
92,840
93,400
93,000
93,010
16,316
21,808
90,606
69,221
62,027
61,592
56,620
58,200
58,55:
57,070
56,642
55,500
56,280
56,170
55,870
57,280
56,840
7,114
7,225
7,331
9,006
12,399
16,688
16,502
16,260
16,269
16,820
16,845
16,820
16,760
16,890
17,050
17,620
17,420
22,474
26,551
34,806
37,502
40,289
46,838
42,444
42,390
48,720
40,770
39,995
41,380
42,040
41,320
41,260
41,790
42,800
65,216
79,104
160,312
155,377
168,932
210,734
205,712
209,930
217,460
209,600
208,393
210,710
211,310
211,250
211,590
213,840
214,220
57,718
71,283
150,227
144,103
155,265
192,254
186,326
188,370
197,515
187,370
186,308
188,880
189,710
188,680
188,930
190,740
191,050
9,874
10,982
14,065
13,032
14,039
16,643
15,239
15,360
17,593
13,700
14,421
14,380
14,950
14,370
14,800
14,710
14,550
All member banks:
1939—Dec. 3 0 . .
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947_Dec. 3 1 . .
1950—Dec. 30. .
1955—Dec. 3 1 . .
1956—June 30. .
Nov. 28. .
Dec. 31 . .
1957_May 29. .
June 6. .
June 26*.
July 31*.
Aug. 28*.
Sept. 25*.
Oct. 30*.
Nov. 27*.
33,
43,
107,
97,
107,
135.
134;
137.
1383
138.
137,
138,
138.
139;
139;
140;
139
13,96!
18,021
22,775
32,628
44,705
70,982
74,783
77,296
78,034
78,590
78,448
80,529
79,621
80,103
80,608
80,155
80,097
14,328
19,539
78,338
57,914
52,365
50,697
46,226
47,143
47,575
46,159
45,829
44,808
45,490
45,334
45,007
46,158
45,823
5,651
5,961
6,070
7,304
10,355
13,680
13,419
13,174
13,159
13,558
13,531
13,511
13,462
13,573
13,700
14,162
13,962
19,782
23,123
29,845
32,845
35,524
41,416
37,536
37,271
42,906
36,074
35,270
36,660
37,137
36,594
36,399
36,935
37,86:
55,361
68,121
138,304
132,060
144,660
179,414
174,820
178,043
184,874
177,720
176,507
178,816
179,151
179,188
179,283
181,109
181,440
49,340
61,717
129,670
122,528
133,089
163,757
158,388
159,593
167,906
158,655
157,593
160,116
160,65?
159,76'
159,759
161,229
161,536
9,410
10,525
13,640
12,403
13,448
15,865
14,508
14,617
16.855
13,067
13,736
13,704
14,236
13,681
14,095
14,008
13,841
4,927
4,901
4,279
4,944
8,137
17,456
18,639
19,650
19,777
20,440
20,487
20,530
20,620
20,750
20,860
21.000
33,640 21,120
3,101
3,704
10,682
11,978
10,868
8,460
8,297
7,980
7,971
7,940
7,906
7,860
7,860
7,870
7,850
7 680
7,550
2,188
1,774
1,246
1,718
2,342
3,982
4,130
4,180
4,192
4,530
4,557
4,610
4,670
4,730
4,790
4 870
4,970
818
793
609
886
797
965
91
780
920
800
839
870
800
760
780
800
800
11,85:
11,804
17,020
19,714
22,385
31,274
32,421
33,060
33,311
34,190
34,254
34,340
34,430
34,600
34,780
34,820
34,930
10,524
10,533
15,385
17,763
20,031
28,187
29,184
29,630
30,032
30,640
30,678
30,910
30,930
31,020
31,220
31,290
31,330
All mutual savings banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947_Dec. 31 4
1950—Dec. 30
1955—Dec. 31
1956—June 30
Nov. 28
Dec. 31
1957—May 29
June 6
June 26*
July 31*
Aug. 28*
Sept. 25*
Oct. ^OP
Nov. 27»
10,216
10,379
16,208
18,641
21,346
29,898
31,066
31,810
31,940
32,910
32,950
33,000
33.150
33,350
33.500
22,165 19,417 9,302 23,292 77,068 68,242 9,874
26,615 25,511 8,999 27,344 90,908 81,816 10,982
30,362 101,288 8,577 35,415 177,332 165,612 14,065
43,002 81,199 10,723 38,388 175,091 161,865 13,033
60,386 72,894 14,741 41,086 191,317 175,296 14,039
00,057 70,052 20,670 47,803 242,008 220,441 16,646
05,525 64,917 20,632 43,361 238,133 215,510 15,242
09,160 66,180 20,440 43,170 242,990 218,000 15,360
110,079 66,523 20,461 49,641 250,770 227,546 17,595
111,620
65,010 21,350 41,570 243,790 218,010 13,700
111
111,515 64,548 21,402 40,834 242,647 216,986 14,423
113,810 63,360 21,430 42,250 245,050 219,790 14,380
112,960 64,140 21,430 42,840 245,740 220,640 14,950
113,590 64,040 21,620 42,080 245,850 219,700 14,370
114,260 63,720 21,840 42,040 246,370 220,150 14,800
114,000 64,960 22,490 42,590 248,660 222,030 14,710
114,130 64,390 22,390 43,600 249,150 222,380 14,550
*1 Preliminary.
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 (1) one
bank in Alaska and one in the Virgin Islands that became members on
Apr. 15, 1954, and May 31, 1957, respectively, and (2) a noninsured 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
Demand
Total
capital
accounts
Number
of
banks
Time
Other
32,516
44,355
105,935
1,346 94,381
2,809 101,936
3,712 123,239
5,235 115,850
4,930 118,140
3,736 125,308
5,040 114,770
3,320 114,659
4,490 115,690
3,390 116,690
4,130 115,150
3,580 115,160
3,180 117,100
3,040 118,190
25,852
26,479
45,613
53,105
56,513
76,844
79,182
79,570
80,908
84,500
84,584
85,230
85,610
86,050
86,610
87,040
86,600
8,194
8,414
10,542
11,948
13,837
18,112
18,811
19,360
19,249
19,710
19,879
19,760
20,000
20,140
20,210
20,450
20,540
15,035
14,826
14,553
14,714
14,650
14,243
14,206
14,186
14,167
14,145
14,144
14,138
14,135
14,133
14,128
14,113
14,102
32,513
44,349
105,921
1,343 94,367
2,806 101,917
3,709 123,187
5,232 115,824
4,930 118,110
3,733 125,282
5,040 114,740
3,318 114,633
4,490 115,660
3,390 116,660
4,130 115,120
3,580 115,130
3,180 117,070
3,040 118,160
15,331
15,952
30,241
35,360
36,503
48,715
50,030
49,970
50,908
53,890
53,937
54,350
54,710
55,060
55,420
55,780
55,300
6,885
7,173
8,950
10,059
11,590
15,300
15,927
16,400
16,302
16,680
16,837
16,750
16,970
17,090
17,140
17,380
17,440
14,484
14,278
14,011
14,181
14,121
13,716
13,679
13,659
13,640
13,619
13,619
13,613
13,610
13,608
13,603
13,588
13,578
11,699
12,347
24,210
28,340
29,336
39,165
40.171
40,123
40,909
43,301
43,313
43,653
43,901
44,184
44,478
44,740
44,366
5,522
5,886
7,589
8,464
9,695
12,783
13,293
13,706
13,655
13,947
14,058
14,004
14,210
14,300
14,341
14,539
14,584
6,362
6,619
6,884
6,923
6,873
6,543
6.499
6,476
6,462
6,445
6,445
6,438
6,430
6,427
6,421
6,411
6,406
10,521
10,527
15,371
17,745
20,009
28,129
29,152
29,600
30,001
30,610
30,647
30,880
30,900
30,990
31,190
31.260
31,300
1,309
1,241
1,592
1,889
2,247
2,812
2,885
2,960
2,947
3,030
3,042
3,010
3,030
3,050
3,070
3.070
3,100
551
548
542
533
529
527
527
527
527
526
525
525
525
525
525
525
524
743
1,709
22,179
1,176
2,523
3,327
4,806
4,401
3,292
4,514
2,932
4,086
3,090
3,715
3,189
2,777
2,681
()
(5)
27,489
37,136
69,640
80,609
87,783
105,400
98,904
100,452
106,850
97,773
97,612
98,673
99,425
98,187
97,997
99,704
100,648
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 notes see following two pages.
42
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES *—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
1955—Dec. 31
1956—June 30
Nov. 28
Dec. 31
1957—May 29
June 6
June 26*
July 31?
Aug. 28*
Sept. 25?
Oct. 30?
Nov. 27?
Chicago:
1939—Dec.
1941—Dec.
1945—Dec.
1947_Dec.
1950—Dec.
1955—Dec.
1956—June
Nov.
Dec.
1957—May
June
June
July
Aug.
Sept.
Oct.
Nov.
Total
9,339
12,896
26,143
20,393
20,612
23,583
23,270
23,318
23,809
23,279
23,293
23,686
23,182
23,252
23,258
23,385
23,054
Loans
U. S.
Govt.
obligations
3,296 A,112
4,072 7,265
7,334 17,574
7,179 11,972
9,729 8,993
14,640 6,796
15,373 6,011
16,014 5,568
15,987 6,057
15,907 5,706
15,895 5,738
16,776 5,270
16,006 5,476
16,191 5,298
16,216 5,254
16,115 5,415
15,887 5,423
Other
securities
Total
assets—
Total
liabilities
and
capital
accounts 3
Cash
assets2
Deposits
Other
Total
2
Interbank 2
Demand
Total
capital
accounts
Number
of
banks
36
36
37
37
23
18
18
18
18
18
18
18
18
18
18
18
18
Time
U.S.
Govt.
Other
1,272
1,559
1,235
1,242
1,890
2,148
1,885
1,736
1,765
1,666
1,660
1,640
1,700
1,763
1,788
1,855
1,744
6,703
6,637
6,439
7,261
7,922
8,948
7,753
7,044
8,629
7,300
6,692
7,384
7,470
7,701
6,984
7,539
7,700
16,413
19,862
32,887
27,982
28,954
33,228
31,801
31,257
33,381
31,556
30,993
32,053
31,685
32,144
31,403
32,103
31,921
14,507
17,932
30,121
25,216
25,646
29,378
27,775
26,757
29,149
26,914
26,322
27,565
26,981
27,070
26,182
27,030
26,935
4,238
4,207
4,657
4,464
4,638
5,600
5,327
5,270
5,987
4,962
5,033
5,158
5,233
4,945
5,108
5,119
5,148
74
866
6,940
267
451
756
1,166
871
747
1,032
688
938
726
737
535
500
443
9,459
12,051
17,287
19,040
18,836
20,719
18,902
18,322
19,940
18,084
17,836
18,722
18,320
18,698
17,778
18,648
18,591
1,722
2,303
2,381
2,294
2,475
2,836
2,765
2,747
2,702
2,690
2,761
2,763
2,753
1,592
1,648
2,120
2,259
2.351
2,745
2,805
2,852
2,873
2,904
2,907
2,909
3,061
3,059
3,054
3,127
3.133
736
807
1,236
1,445
2,105
2,760
5,931
5,088
5,569
6,542
6,336
6,319
6,473
6,249
6,266
6,293
6,234
6,289
6,261
6,273
6,275
569
954
1,333
1,801
2,083
3,342
3,572
3,633
3,772
3,776
3,789
3,893
3,862
3,915
3,937
3,829
3,781
1,203
1,430
4,213
2,890
2,911
2,506
2,088
2,082
2,113
1,876
1,884
1,847
1,825
1,823
1,783
1,888
1,927
333
376
385
397
576
695
676
604
588
597
593
553
547
551
541
556
567
1,446
1,566
1,489
1,739
2,034
2,132
1,959
1,954
2,171
1,941
1,821
1,912
1,947
1,968
1,939
1,969
1,938
3,595
4,363
7,459
6,866
7,649
8,720
8,349
8,329
8,695
8,247
8,147
8,258
8,239
8,314
8,257
8,310
8,285
3,330
4,057
7,046
6,402
7,109
8,010
7,631
7,402
7,943
7,259
7,284
7,407
7,462
7,440
7,319
7,264
7,320
,035
,312
,217
,229
,296
,195
,224
,372
,081
,184
,153
,279
,185
,251
,183
,145
80
127
1,552
72
174
222
350
182
184
195
97
305
196
275
186
148
151
1,867
2,419
3,462
4,201
4,604
5,165
4,781
4,707
5,069
4,669
4,691
4,630
4,676
4,674
4,573
4,624
4,708
495
476
719
913
1,103
1,327
1,304
1,289
1,319
1,314
1,312
1,319
1,311
1,306
1,309
1,309
1,316
250
288
377
426
490
628
639
654
660
662
665
663
671
671
670
679
685
14
13
12
14
13
13
13
14
14
14
14
14
14
14
14
14
14
Reserve city member banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1955—Dec. 31
1956—June 30
Nov. 28
Dec. 31
1957—May 29
June 6
June 26*
July 31*
Aug. 28*
Sept. 25*
Oct. 30*
Nov. 27*
12,272
15,347
40,108
36,040
40,685
52,459
52,071
53,389
53,915
53,401
53,137
53,649
53,785
53,831
53,881
54,109
54,201
5,329
7,105
8,514
13,449
17,906
28,622
30,122
31,391
31,783
31,574
31,435
32,168
32,104
32,259
32,576
32,261
32,510
5,194
6,467
29,552
20,196
19,084
18,826
17,051
17,152
17,368
16,830
16,797
16,529
16,798
16,696
16,372
16,755
16,669
1,749
1,776
2,042
2,396
3,695
5,011
4,898
4,846
4,764
4,997
4,905
4,952
4,883
4,876
4,933
5,093
5,022
6,785
8,518
11,286
13,066
13,998
16,994
15,361
15,467
17,716
14,807
14,532
15,150
15,079
14,683
14,930
14,899
15,500
19,687
24,430
51,898
49,659
55,369
70,478
68,524
70,097
72,854
69,518
68,965
70,083
70,164
69,808
70,128
70,389
71,106
17,741
22,313
49,085
46,467
51,437
64,733
62,392
63,019
66,524
62,299
61,796
62,886
63,225
62,521
62,870
62,963
63,556
3,686
4,460
6,448
5,649
6,448
7,446
6,633
6,743
7,878
5,809
6,228
6,138
6,373
6,248
6,408
6,367
6,203
435
491
8,221
405
976
1,288
1,918
1,633
1,201
1,716
1,051
1,634
1,264
1,453
1,274
918
1,017
9,004
12,557
24,655
28,990
32,366
39,835
37,324
38,155
40,647
37,153
36,874
37,276
37,671
36,820
37,103
37,483
38,159
4,616
4,806
9,760
11,423
11,647
16,164
16,517
16,488
16,797
17,621
17,642
17,838
17,917
18,000
18,085
18,195
18,177
1,828
1,967
2,566
2,844
3,322
4,641
4,902
5,066
5,076
5,168
5,182
5,195
5,199
5,242
5,260
5,298
5,338
346
351
359
353
336
292
291
289
289
282
282
282
282
282
281
281
279
Country member banks:
1939^-Dec. 30
1941—Dec. 31
1945—Dec. 31
1947_Dec. 31
1950—Dec. 30
1955—Dec. 31
1956—June 30
Nov. 28
Dec. 31
1957—May 29
June 6
June 26*
July 31*
Aug. 28*
Sept. 25*
Oct. 30*
Nov. 27*
10,224
12,518
35,002
36,324
40,558
52,775
52,752
54,587
54,571
55,378
55,112
55,220
55,372
55,638
55,915
56,708
56,352
4,768
5,890
5,596
10,199
14,988
24,379
25,716
26,258
26,491
27,333
27,330
27,692
27,649
27,738
27,879
27,950
27,919
3,159
4,377
26,999
22,857
21,377
22,570
21,076
22,341
22,037
21,747
21,409
21,162
21,391
21,517
21,598
22,100
21,804
2,297
2,250
2,408
3,268
4,193
5,826
5,959
5,988
6,042
6,298
6,373
6,366
6,332
6,383
6,438
6,658
6,629
4,848
6,402
10,632
10,778
11,571
13,342
12,463
12,806
14,390
12,026
12,224
12,214
12,641
12,242
12,546
12,528
12,724
15,666
19,466
46,059
47,553
52,689
66,988
66,147
68,360
69,945
68,399
68,404
68,422
69,063
68,922
69,495
70,307
70,128
13,762
17,415
43,418
44,443
48,897
61,636
60,591
62,415
64,289
62,183
62,192
62,258
62,984
62,736
63,388
63,972
63,725
598
822
1,223
1,073
1,133
1,523
1,353
1,380
1,618
1,215
1,290
1,255
1,351
1,303
1,328
1,339
1,345
154
225
5,465
432
922
1,061
1,372
1,715
1,160
1,571
1,097
1,209
904
1,250
1,194
1,211
1,070
7,158
10,109
24,235
28,378
31,977
39,681
37,897
39,268
41,194
37,867
38,211
38,045
38,758
37,995
38,543
38,949
39,190
5,852
6,258
12,494
14,560
14,865
19,372
19,969
20,052
20,317
21,530
21,594
21,749
21,971
22,188
22,323
22,473
22,120
1,851
1,982
2,525
2,934
3,532
4,769
4,947
5,134
046
213
304
237
279
328
5,357
5,435
5,428
5,966
6,219
6,476
6,519
6,501
6,220
6,177
6,155
6,141
6,131
6,131
6,124
6,116
6,113
6,108
6,098
6,095
30
31
31
31
30
31
30
28
31
29
6
26*
31*
28*
25?
30?
27*
4
Beginning with Dec. 31, 1947, the all-bank series was revised as announced in November 1947 by the Federal bank supervisory agencies.
At that time a net of 115 noninsured nonmember commercial banks
with total loans and investments of about $110 million was added, and
8 banks with total loans and investments of $34 million were transferred
from noninsured mutual savings to nonmember commercial banks.
5 Less than $5 million.
For other notes see preceding and opposite pages.
43
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued
[Amounts in millions of dollars]
Loans and investments
Class of bank
and date
Total
All insured commercial banks:
1941—Dec. 31
1945 Dec 31
1947_Dec. 31
1955 Dec 31 .
1956—June 30
Dec 31
1957—June 6
Loans
U.S.
Govt.
obligations
Other
securities
Total
assets—
Total
liabilities
and
capita]
accounts3
Cash
assets2
Deposits
Other
Total 2
Interbank 2
Demand
21,046
88,912
67 941
60,765
55 835
57,837
55,973
6,984
7,131
8,750
16,318
16 136
15,933
16,481
?5 ,788
34 ,292
36 ,9?6
46 ,480
4? P 6
48 ,352
39 ,713
76 820
157,544
152 733
208,608
203 676
215,514
206,567
69,411
147,775
141,851
190,512
184 680
195,953
184,860
National member banks:
1941 Dec 31
1945—Dec 31
1947_Dec. 31
1955—Dec 31
1956—June 30
Dec 31 .
1957—June 6
27,571
69,312
65,280
86,152
85,455
88,477
87,910
11,725
13,925
21,428
43,428
45,860
48,109
48,415
12,039
51,250
38,674
33,579
30 555
31,568
30,345
3,806
4,137
5,178
9,144
9,040
8,800
9,150
14 ,977
20 ,114
99 074
25 ,697
93 545
27 ,006
22 ,525
43,433
90,220
88 182
113,412
110 703
117,345
112,460
39,458
84,939
82,023
103,903
100 826
107,161
100,989
State member banks:
1941 Dec. 31
1945—Dec. 31
1947 Dec 3 1 . .
1955—Dec. 31
1956—June 30
Dec. 31
1957—June 6
15,950
37,871
32,566
49,208
48,973
50,291
49,898
6,295
8,850
11,200
27,554
28,923
29,924
30,034
7,500
27 089
19,240
17 118
15,671
16*007
15,483
2,155
1,933
2,125
4,536
4,379
4 359
4,381
8 ,145
9 731
10 ,822
15 719
24,688
48 084
43,879
66 002
64,117
67 530
64,047
22,259
44,730
40,505
59 854
57,563
60 744
56,605
Insured nonmember
commercial banks:
1941—Dec. 31
1945—Dec. 31
1947_Dec. 31
1955 Dec. 31
1956—June 30
Dec 31
1957—June 6
5,776
14,639
16,444
23,829
23,942
24,859
25,243
3,241
2,992
4,958
11,108
11,600
11,808
12,134
1,509
10 584
10,039
10,081
9,621
10,274
10 156
1,025
1 063
1,448
2,640
2,720
2,777
2 953
8,708
19 256
20,691
29,220
28,884
30,667
30 088
7,702
18 119
19 340
26,779
26,316
28,073
27 292
1,457
2,211
2,009
1,716
1,664
1,521
1,490
455
318
474
520
513
471
457
761
1,693
1 280
827
785
714
669
241
200
255
370
365
336
364
763
2,283
2,768
2 643
2,126
2 036
1,946
1,825
1,872
2,452
2 251
1,742
1 646
1,562
1,448
3?9
All nonmember commercial
banks:
1941—Dec. 31
1945 Dec 31.
1947—Dec. 314
1955 Dec. 31
1956—June 30
Dec. 31
1957 June 6
7 233
16,849
18,454
25,546
25,605
26,381
26,733
3,696
3,310
5,432
11,628
12,114
12,279
12,591
2 270
12,277
11,318
10,908
10,406
10 989
10,825
1 266
1,262
1,703
3,010
3,085
3 113
3,317
3 431
4 ,962
4 659
5 ,424
4 ,909
10 992
22,024
23,334
31,347
30,920
32 613
31,913
9 573
20,571
21,591
28,522
27,962
29 635
28,740
457
425
6?9
778
73?
Insured mutual savings banks:
1941 Dec 31
1945_Dec. 31
1947—Dec. 31
1955 Dec 31
1956 June 30
Dec. 31
1957 June 6
1,693
10,846
12 683
22,331
23 168
24,170
25,185
642
3,081
3 560
13,563
14,514
15,542
16,228
629
7,160
8 165
5,858
5 636
5,518
5,505
421
606
958
2,910
3 018
3,110
3,452
151
4?9
1,958
11,424
13 499
23,458
24,271
25,282
26,241
1,789
10,363
12 207
21,237
21,959
22,886
23,578
8,687
5,361
5 957
7 567
7,898
7 770
7,765
4,259
1,198
1 384
3 893
4,125
4 235
4,259
3,075
3 522
3 813
2 601
2,661
2 453
2,401
1,353
641
760
1 072
1,112
1 082
1,105
642
180
211
180
178
9,846
5,596
6 215
7 816
8,150
8 028
8,013
8,744
5,022
5 556
6 950
7,225
7 146
7,100
Noninsured nonmember
commercial banks:
1941—Dec. 31
1945 Dec 31
1947_Dec. 31 4
1955 Dec 31
1956—June 30
Dec. 31
1957—June 6
. .
. . . .
Noninsured mutual savings
banks:
1941 Dec 31
1945_Dec. 31 4
1947 Dec 31
1955 Dec 31
1956—June 30
Dec 31
1957 June 6
For other notes see preceding two pages.
n
15
99?
900
12 ,745
? ,668
4 448
4 083
5 ,067
4 59?
5 ,448
4 446
514
576
357
318
369
282
5 817
4 ,728
675
785
739
739
672
189
167
6,844
8,671
9,734
14,980
15 600
15,988
16,525
13,426
13,297
13.398
13,216
13 208
13,195
13,189
Other
10 654 1 762 41 ,?98 15 699
13 ,883 23 ,740 80 ,276 29, 876
1? 670 1 325 9? ,975 34 88?
16 ,273 3 ,697 122 ,149 48, 393
14 869 5 221 114 899 49 705
17 ,282 3 ,717 124 ,346 50, 608
14 ,095 3 ,310 113 ,812 53, 643
21,259
25,765
37,583
82,081
86,374
89,831
90,571
Number
of
banks
Time
U.S.
Govt.
49,290
121,809
114,274
159,164
158,344
163,601
163,025
Total
capital
accounts
6 ,786 1 ,088
9 ,229 14 ,013
795
8 410
9 ,317 2 ,063
?
404
929
8
9 ,844 2 ,074
,782
7 ,963
23 ,262
45 ,473
53 , 541
65 ,840
6? ,1?3
67 ,434
61 ,737
8, 322
16, 224
19, 978
26, 683
r
7 J 370
27, 810
29, 506
3,640
4,644
5,409
7,915
8 232
8,450
8,722
5,117
5,017
5,005
4,692
4,667
4,651
4,647
3 ,739
4 .411
3 ,993
6 549
6 104
7 OP
5 ,773
621
8 166
381
1 264
1 ,877
1 218
1,150
13 ,874 4, 025
94 ,168 7, 986
27 ,068 9, 062
39 ,559 1?, 489
36 781 1 ? J 801
39 416 13 098
35 ,874 13, 807
2,246
2 945
3,055
4 868
5,061
5 205
5,337
1,502
1,867
1,918
1,851
1,832
1,811
1,798
1?9
53
1 560
149
370
415
425
378
3 360
959
1 083
1,271
2,199
2,309
2,336
2,469
6,810
6,416
6,478
6,677
6,713
6,737
6,748
852
714
783
499
470
444
429
944
?66
408
355
427
359
4 16?
10 635
1? ^66
5, 680
6, 558
16 ,749 9, 252
15 988 9 558
17 ,497 9, 724
\6 ,900 10, 355
1,2 91
181
363
370
377
1,3 05
1 ,39?
18
1 ,039
12
11
93?
365
478
322
396
310
16
326
8
936
821
294
329
279
325
320
326
313
312
3 613
5,5 04
14,1 01
6, 045
167 13 ,758 7, 036
382 17 ,788 9, 574
426 16 9?0 9, 884
18 ,433 10, 094
440
17 ,021 10, 649
385
1,288
1,362
1,596
2,519
2,636
2,649
2,781
7,662
7,130
7,261
7,176
7,183
7,181
7,177
1, 789
10, 351
23, 549
164
1,034
1,252
2,006
2,061
2,130
2,240
52
192
194
220
220
223
234
8, 738
0?0
5,
5 553
6, 947
7, ???
7 143
7, 098
1,077
558
637
806
824
817
802
496
350
339
307
307
304
291
737
685
?53
12
1
2
3
3
3
2
?
2
1?
49
?4
73
26
3
2
6
2
j
1
9
?
?
?
300
1?, 19?
21, 182
91, 930
? ? , 857
NOTE.—For revisions in series prior to June 30, 1947, see BULLETIN
for July 1947, pp. 870-871.
44
COMMERCIAL BANKS
LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1
[In millions of dollars]
Loans 2
Class of bank
and
call date
All commercial
banks: 3
1947_Dec.
1955—Dec.
1956—June
Dec.
1957_june
Loans for
Compurchasing
merTotal
or
carrying
cial,
loans
in- Agri- securities
and
culinvest- Total 2 eluding
turments
To
open
al
brok- To
marers
ket
othand
paers
dealper
ers
Investments
U. S. Government obligations
Real
estate
loans
Other
loans
to
in- Other Total
loans
dividuals
Obligations
of
States Other
and
secupolit- rities
ical
subdivisions
Direct
Total
GuarCertifiancates
of in- Notes Bonds teed
Bills debtedness
31....
31....
30....
31....
6....
116,284
160,881
160,008
165,123
164,515
38,057
82,601
86,887
90,302
91,028
18,167
33,245
36,111
38,720
39,020
1,660
4,475
4,254
4,161
4,077
830
3,263
2,695
2,589
2,274
1,220
1,774
1,738
1,691
1,634
9,393
20,809
21,787
22,509
22,530
5,723
17,185
18,365
18,850
19,508
1,063
3,117
3,286
3,343
3,623
78,226
78,280
73,122
74,821
73,487
69,221
61,592
56,620
58,552
56,642
2,193 7,789 6,034 53,191
4,219 2,318 14,034 41,010
2,817 1,247 12,727 39,815
5,924 1,997 11,823 38,796
4,761 3,665 10,070 38,137
All insured commercial banks:
1941_Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947—Dec. 31
1955—Dec. 3 1 . . . .
1956—June 3 0 . . . .
Dec. 3 1 . . . .
1957—June 6 . . . .
49,290
121,809
114,274
159,164
158,344
163,601
163,025
21,259
25,765
37,583
82,081
86,374
89,831
90,571
9,214
9,461
18,012
33,092
35,944
38,571
38,870
1,450
1,314
1,610
4,396
4,190
4,101
4,027
614
3,164
823
3,229
2,669
2,565
2,251
662
3,606
1,190
1,742
1,704
1,669
1,613
4,773
4,677
9,266
20,692
21,671
22,394
22,427
4,<
2,361
5,654
17,104
18,284
18,765
19,421
45
1,181
1,028
3,091
3,259
3,325
3,599
28,031
96,043
76,691
77,083
71,971
73,770
72,454
21,046
88,912
67,941
60,765
55,835
57,837
55,973
988
2,455
2,124
4,105
2,751
5.763
4,658
19 071
7,'552
2,292
1,228
1,981
3,610
3,159
16,045
5,918
13,856
12,552
11,722
9,967
12,797 4,102 3,651 3,333
22 3,873 3,258
51,321
14 5,129 3,621
52,334
10 12,465 3,853
40,502
13 12,694 3,442
39,290
13
38,358
12,675 3,258
8 13,095 3,386
37,730
Member banks,
total:
1941_Dec. 31
1945—Dec.
31....
1947_Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—June 3 0 . . . .
Dec. 3 1 . . . .
1957—June 6 . . . .
43,521
107,183
97,846
135,360
134,428
138.768
137,808
18,021
22,775
32,628
70,982
74,783
78,034
78,448
8,671
8,949
16,962
31,019
33,725
36,296
36,500
972
855
1,046
2,726
2,552
2,478
2,453
594
3,133
811
3,150
2,586
2,447
2,132
598
3,378
1,065
1,560
1,522
1,473
1,416
3 494
3,455
7,130
16,391
17,172
17,811
17,768
3 69?
1,900 1,104
4,662
952
14,313 2,943
15,330 3,087
15,765 3,147
16,229 3,399
25,500
84,408
65,218
64,377
59,645
60,734
59,360
19, 539
78', 338
57,914
50,697
46,226
47,575
45,829
971
2,275
1,987
3,250
2,013
4,383
3,439
16,985
5,816
1,738
840
1,469
2,798
3,007
14,271
4,815
11,508
10,332
9,493
7,952
11,729 3,832 3,090 2,871
16 3,254 2,815
44,792
10 4,199 3,105
45,286
9 10,444 3,236
34,192
12 10,557 2,862
33,029
12
32,218
10,494 2,665
8 10,768 2,763
31,632
New York Citv:4
1931—Dec. 31
1945—Dec. 31
1947 Dec. 31
1955—Dec. 3 1 . . . .
1956—June 3 0 . . . .
Dec. 3 1 . . . .
1957_june 6....
12,896
26,143
20,393
23,583
23,270
23,809
23,293
4,072
7,334
7 179
14,640
15,373
15,987
15,895
2,807
3,044
5,361
9,126
10,191
11,266
11,344
8
412
169
2,453 1,172
267
545
2,144
511
1 1,691
494
1 1,409
402
389
1 1,152
123
80
111
577
609
617
567
* 54
287" 298
564
330
1,506 1,006
1,590 1,044
1,558 1,049
1,516 1,245
8,823
18,809
13 214
8^943
7,896
7,822
7,398
7,265
311
1,623 3,652
17^574 477 3,433 3,325 10,337
558 9,771
640
11 972 1 002
100 1,141 5,002
6^796 '552
70 1,082 4,529
6,011
325
976 4,160
194
6,057
724
219
781 4,052
5,738
685
1,679
1
153
903
749 1,864
248 2,274
604 1 723
476 1,564
316 1,643
223 1,513
119
182
181
213
476
489
440
460
193
204
185
219
188
148
133
4,248
15,878
15,560
12,643
12,308
11,995
11,819
1,173
5
3
5
4
4
3
956
1,126
1,342
3,778
3,823
3,820
3,888
820
916
1,053
1,233
1,076
944
1,017
861
9
6
3
4
4
4
1,222
1,342
2.006
4,581
4,731
4,827
5,109
1,028
1,067
1,262
1,246
1,228
1,215
1,265
4
2
1
1
1
1,078
2,255
2,374
2,409
2,548
625
755
712
704
769
2,760
5,931
5,088
6,542
6336
6,473
6,266
954
1,333
1,801
3 342
3 572
3,772
3,789
732
760
1,418
2,390
2 663
2,781
2,859
6
2
3
15
13
17
8
Reserve city
1941 _ D e c .
1945—Dec.
1947—Dec.
1955—Dec.
1956—June
Dec.
1957—June
bar>ks:
31
31....
31....
31....
30....
31
6....
15 347
40,108
36,040
52,459
52,071
53,915
53,137
7,105
8,514
13,449
28,622
30,122
31,783
31,435
3,456
3,661
7,088
13,212
13,978
15,170
14,919
300
205
225
566
520
489
495
Country banJcs:
1941—Dec. 3 1 . . . .
1945_Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—June 3 0 . . . .
Dec. 3 1 . . . .
1957_june 6
12,518
35,002
36,324
52,775
52,752
54,571
55,112
5,890
5,596
10,199
24,379
25,716
26,491
27,330
1,676
1,484
3,096
6,290
6,892
7,080
7,378
659
648
818
2,127
2,019
1,972
1,949
20
42
23
189
223
334
312
183 1,823
6,628 4,377
481 2,926
30
110
471 1,881
101
363 29,407 26,999
630 5,102 4,544 16,713
227 3,827 1,979
229 26,125 22,857 480 2,'583 2,108 17,681
255 8,723 6,575
913 5,056 14,825
573 28,397 22,570 1,774
257 9,073 7,050
489 4,688 14,628
590 27,035 21,076 1,267
261 9,407 7,256
631 28,080 22,037 2,362
792 4,458 14,420
259 9,586 7,653
669 27,782 21,409 1,920 1,326 3,910 14,248
Nonmember commercial banks: 3
1947—Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—June 3 0 . . . .
Dec. 3 1 . . . .
1957—June 6 . . . .
18,454
25,546
25,605
26,381
26,733
5,432
11,628
12,114
12,279
12,591
1,205
2,226
2,385
2,424
2,519
614
1,750
1,702
1,683
1,625
20
113
110
143
143
156
214
216
218
219
22
36
46
128
133
134
135
1,806
40 4,598
26 3,287
184 3,200
187 2^764
178 2,701
184 2,477
1,430
4,'213
2,890
2 506
2088
2,\U
1,884
256
133
132
111
46
112
75
1,467
235
68
3
42
74
194 1 527
8 243 6 467 295
114
1 5 12
427 1,503 1,459
855
404 31,594 29^552 1,034
170
484 3,147 1,969
366 22,591 20,196
373
542
696 6,962 5,916 1,180 23,837 18,826
813
502
676 7,357 6,306 1,265 21,949 17,051
374
712 7,654 6,512 1,289 22,132 17,368 1,185
501
496
672 7,481 6,630 1,300 21,702 16,797
758
6,982
2,358
657
279
441
1,179
2,266
4,428
4,625
4,708
4,773
1
All commercial banks in the United States. These figures exclude
data for banks in U. S. possessions except for one bank in Alaska and
one in the Virgin Islands that became members on Apr. 15, 1954, and
May 31, 1957, respectively. During 1941 three mutual savings banks
became members of the Federal Reserve System; these banks are included in member banks but are not included in all insured commercial
banks or all commercial banks. Comparability of figures for classes of
banks is affected somewhat by changes in Federal Reserve membership,
95
51
149
316
384
439
430
1,061
2,872
3,036
3,085
3,278
111
174
200
196
224
13,021
13,918
13,492
14,102
14,141
206
11,318
970
10,908
805
10,406
10,989 1,541
10,825 1,323
751
5,653
1,901
4,708
4,086
3,742
3,038
1,973 1,219
580 2,527
407 2,396
528 2,330
867 2,119
3,729
3,990
3,573
3,368
3,531
830
629
604
539
371
358
349
31
31....
31....
31
30
31....
6
52
233
87
99
96
97
96
5,276
12,698
12,929
12,901
13,314
729
606
638
1,609
1,514
1,406
1,311
Chicago:4
1941—Dec.
1945_Dec.
1947_Dec.
1955 Dec.
1956—June
Dec.
1957_june
48
211
73
275
170
203
172
14
11
14
13
9
7,916
6,829
6,797
6,588
6,515
2
4
3
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 notes see opposite page.
45
COMMERCIAL BANKS
RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1
[In millions of dollars]
Time deposits
Demand deposits
Class of bank
and
call date
BalDeserves
mand
with Cash ances
with
deFederal in
doposits
Revault mestic
adserve
banks5 justed6
Banks
DoFormestics eign
Indi- Bor- CapiIndiCertiU.S. States viduals,
tal
States
fied viduals,
row- acGovt. and partnerpartnerand
and
u. s. political offi- ships, Inter- and polit- ships, ings counts
ical
Govt. subdi- cers' and cor- bank postal
corSav- subdi- and
visions checks, poraporaings
visions
tions
etc.
tions
1,343
3,709
5,232
3,733
3,318
Interbank
deposits
AH commercial
banks:3
1947_Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—June 30
Dec. 3 1 . . . .
1957—June 6 . . . .
17,796
18,721
18,232
18,706
18,500
2,216
2,682
2,273
3,261
2,737
10,216
12,050
10,802
12,813
9,761
87,123
109,905
104,761
111,405
105,713
11,362
13,512
12,069
14,338
11,247
6,799
10,273
10,768
10,449
10,603
2,581
3,904
3,244
3,785
2,852
84,987
109,011
101,812
111,048
101,177
All insured commercial banks:
1941_Dec. 31
1945—Dec. 3 1 . . . .
1947_Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—June 30....
Dec. 3 1 . . . .
1957—June 6 . . . .
12,396
15,810
17,796
18,721
18,232
18,706
18,500
1,358
1,829
2,145
2,656
2,251
3,237
2,717
8,570
11,075
9,736
11,744
10,528
12,490
9,515
37,845
74,722
85,751
108,887
103,844
110,487
104,904
9,823
3,677
673 1,762
12,566 1,248 23,740 5,098
11,236 1,379 1,325 6,692
13,390 ,516 3,697 10,138
11,963 ,516 5,221 10,641
14,226 ,755 3,717 10,350
11,127 1,581 3,310 10,500
1,077
2,585
2,559
3,879
3,217
3,744
2,829
36,544
72,593
83,723
108,131
101,034
110,252
100,483
Member banks,
total:
1941—Dec. 3 1 . . . .
1945_Dec. 3 1 . . . .
1947_Dec. 3 1 . . . .
1955—Dec. 31
1956—June 30....
Dec. 3 1 . . . .
1957_j u n e 6 . . . .
12,396
15,811
17,797
18,722
18,234
18,707
18,501
1,087
1,438
1,672
2,019
1,686
2,487
2,065
6,246
7,117
6,270
7,612
6,787
8,124
5,931
33,754
64,184
73,528
92,435
88,139
93,320
88,912
9,714
671 1,709
12,333 1,243 22,179
10,978 ,375 1,176
13,002 ,511 3,327
11,627 ,510 4,806
13,818 ,749 3,292
10,799 1,568 2,932
3,066
4,240
5,504
8,075
8,496
8,211
8,371
1,009
2,450
2,401
3,638
3,004
3,475
2,616
33,061
62,950
72,704
93,687
87,404
95,163
86,624
New York City:*
1941—Dec. 31
1945_Dec. 3 1 . . . .
1947_Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—June 30....
Dec. 3 1 . . . .
1957_j u n e 6 . . . .
5,105
4,015
4,639
4,431
4,331
4,375
4,080
93
111
151
127
94
161
143
141
78
70
111
89
99
45
10 761
15,065
16,653
16,493
15,695
15,974
15,450
607
866
3 595
3,535 ,105 6,940
267
3,236 ,217
756
3,364 ,151
3,080 1,190 1,166
747
3,622 1,400
688
2,775 1,249
319
237
290
302
396
286
261
1,338
1,105
1,498
1,110
1,172
1,021
233
237
285
299
399
294
459
34
66
63
85
98
85
80
2,152
3,160
3,853
4,781
4,283
4,690
4,152
1,144
1,763
2,282
3,048
3,120
3,092
2,911
286
611
705
Chicago:*
1941—Dec.
1945_Dec.
1947_Dec.
1955—Dec.
1956—June
Dec.
1957—June
1,430
[,546
1,557
1,794
1,618
31
31
31
31....
30....
31....
6....
1,070
1,135
1,115
1,158
1,089
43
36
30
32
27
37
28
298
200
175
141
124
174
95
2,215
3,153
3,737
4,349
4,092
4,272
4,087
,027
1,292
1,196
1,246
1,149
,318
,133
8
20
21
40
36
46
35
Reserve city banks:
1941_Dec. 3 1 . . . .
1945_Dec. 3 1 . . . .
1947_Dec. 31
1955—Dec. 31
1956—June 30....
Dec. 3 1 . . . .
1957—June 6 . . . .
4,060
6,326
7,095
7,727
7,471
7,649
7,701
425
494
562
638
542
787
653
2,590
2,174
2,125
2,515
2,201
2,656
1,825
11,117
22,372
25,714
33,757
32,203
34,046
32,549
4,302
6,307
5,497
6,903
6,078
7,298
5,648
54
110
131
303
269
286
266
Country banks:
1941—Dec. 3 1 . . . .
1945_Dec. 3 1 . . . .
1947_Dec. 3 1 . . . .
1955—Dec. 31
1956—June 30....
Dec. 3 1 . . . .
1957—June 6 . . . .
2,210
4,527
4,993
5,429
5,316
5,526
5,631
526
796
929
9,661
23,595
27,424
37,836
36,149
39,028
36,827
790
1,222
1,024
1,502
1,241
3,216
4,665
3,900
4,844
4,373
5,194
3,966
1,199
1,049
1,488
1,321
1,580
1,243
2
8
7
17
15
16
18
544
663
588
774
672
3,947
4,439
4,015
4,690
3,831
13,595
17,470
16,621
18,085
16,801
385
510
442
521
448
55
36
47
45
50
Nonmember commercial banks:3
1947 Dec 31
1955—Dec. 31
1956 June 30
Dec. 31
1957_j u n e 6
942
127
1,552
72
222
350
184
97
491
8,221
405
1,288
1,918
1,201
1,051
225
914
1,035
862
1,036
787
239
435
528
2,282
2,432
2,329
2,652
6
11 282
15,712
17
12
17,646
18,919 1,085
17,396 1,058
965
18,482
16,660 1,009
10
12
59
35
36
36
29
20
14
72
60
44
67
11
10
7
16
2
6
6
5
4
9
8
9
12
10
11,127
22,281
26,003
35,752
33,341
36,519
33,177
104
30
22
239
286
294
314
20
38
45
106
112
114
120
243
160
332
941
30
17
17
18
17
22
30
31
52
45
157
148
146
142
146
219
337
844
871
847
962
190
231
243
171
187
6
29
30
29
30
172
475
539
546
584
1,020
835
167
382
426
440
385
1,295
2,198
2,272
2,238
2,232
180
265
240
310
236
12,284
15,324
14,408
15,885
14,553
934
492
496
826
1,865
1,954
1,839
2,128
1,061
1,372
1,160
1,097
1,183
1,367
1,383
1,301
1,388
59
103
111
356
332
330
331
866
2,340
2,493
2,384
2,712
1,353
1,370
1,289
1,369
8,500
21,797
25,203
34,235
32,383
35,473
32,635
432
158
70
54
111
356
332
330
331
50
99
105
327
302
301
302
1,370
2,004
2,647
4,425
4,581
4,538
4,740
5,465
3
Breakdowns of loan, investment, and deposit classifications are 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
450
240
1,585
1,613
1,460
1,556
140
64
50
418
399
693
65
34,383
46,019 159
354
47,205
75
48,193
50,893 1,446
10,059
15,300
15,927
16,302
16,837
10
15,146
29,277 215
61
33,946
45,756 145
46,941 337
56
47,949
50,660 1,430
6,844
8,671
9,734
14,980
15,600
15,988
16,525
4
11,878
23,712 208
54
27,542
36,972 137
37,916 302
48
38,769
40,883 1,374
5,886
7,589
8,464
12,783
13,293
13,655
14,058
778
1,206
1,418
2,171
2,285
2,395
2,662
195
30
1
38
2
326
476
719
902
1,313 ' " " 3
1
1,288
4
1,302
1,298 101
1 648
2,120
2,259
2,745
2,805
2,873
2,907
288
377
426
628
639
660
665
2
1
82
179
21
681
1,967
2,566
2,844
4,641
4,902
5,076
5,182
6,082
12,224
14,177
18,371
18,950
19,324
20,491
4
11
23
52
84
21
267
1,982
2,525
2,934
4,769
4,947
5,046
5,304
6,858
9,071
9,314
9,449
10,035
12
22
52
27
72
1,596
2,519
2,636
2,649
2,781
4,542
9,563
11,045
15,117
1,013 15,392
935 15,748
1,089 16,432
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 notes see opposite page.
46
WEEKLY REPORTING MEMBER BANKS
LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
U. S. Government obligations
Loans 1
For purchasing
or carrying securities
Total Loans
and
loans investComand
Month or date
Loans merinvest- ments
cial Agriadadculments justed
and tural
i justed i industrial
To brokers
and dealers
U.S.
Govt.
obligations
Other
securities
CerOther Loans
tifisecuto
cates
Real Other
rities banks
estate loans Total Bills of in- Notes Bonds2
debtloans
edU.S.
ness
Govt. Other
obligaTo others
Total—
Leading Cities
1956
Dec
718 5,202 18,749 7,561 1,229
88,297 87,068 53,273 30,501
466
2,095
1,200
8,855 11,025 26,234 1,565
87,556 86,196 53,568 31,283
89,316 88,060 54,254 31,609
443
435
1,623
2,015
1,095
1,114
8,770 11,415 24,923 977
8,771 11,390 25,953 1,411
,641
,726
4,389 17,916 7,705 1,360
4,823 17,993 7,853 1,256
1957
Nov
Dec
Nov.
Nov.
Nov.
Nov.
6
13
20
27
87,577
87,725
87,427
87,495
86,277
86,103
86,332
86,072
53,535 31,301
53,684 ",387
31
53,726 31 ,353
53,329 31,093
450
449
441
434
,554
,590
,737
,610
1,102
1,091
1,094
1,093
8,751
437 24,959 1,011
8,776 11,452 24,785 883
8,777 11,387 24,938 1,006
8,777 11,385 25,010 1,007
,584
,601
,666
,713
4,411
4,360
4,394
4,392
17,953
17,941
17,872
17,898
7,783
7,634
7,668
7,733
1,300
1,622
1,095
1,423
Dec.
Dec.
Dec.
Dec.
Dec.
4
11
18
25
313
88,483
88,705
90,028
89,671
89,693
86,858
87,390
88,578
88,487
88,987
53,496 31 ,136
53,908 31,385
54,689 31
~',872
54,518 31 ,853
54,658 31,801
437
434
433
435
436
,756
,915
2,190
2,022
2,190
1,094
1,105
1,106
1,114
1,154
8,761
8,779
8,780
8,772
8,761
11,379 25,619
11,360 25,630
11,374 26,010
11,390 26,087
11,448 26,423
1,042
1,124
1,470
1,533
1,888
,697
,726
,730
,725
,752
4,865
4,820
4,824
4,829
4,776
18,015
17,960
17,986
18,000
18,007
7,743
7,852
7,879
7,882
7,906
1,625
1,315
1,450
1,184
706
23,688 23,020 15,656 11,337
153 1,206
16
394
608 2,188 5,614
450
183
929
4,052 1,750
668
22,886 22,080 15,168 11,537
23,634 22,976 15,583 11,713
152
377
766
807
345
347
567 2,103 5,209
554 2,084 5,591
264
474
225
227
948
,063
3,772 l,703i
3,827 1,802
806
658
815
949
594
869
New York City
1956
Dec
1957
Nov
Dec
Nov.
Nov.
Nov.
Nov.
6
13
20
27
22,921
22,930
22,739
22,954
22,106
21,981
22,145
22,085
15,191
15,202
15,225
15,054
11,600
11,612
11,522
11,417
157
74
220
157
724
792
770
777
347
343
345
344
563
570
569
565
2,101
2,116
2,100
2,096
5,197
5,110
5,230
5,296
258
191
284
322
183
213
254
251
968
946
939
937
3,788
3,760
3,753
3,786
1,718
1,669
1,690
1,735
Dec.
Dec.
Dec.
Dec.
Dec.
4
11
18
25
313
23,385
23,438
23,903
23,691
23,755
22,378
22,859
23,283
23,064
23,297
15,217 11,506
15,538 11,692
15,816 11,874
15,654 11,794
15,691 11,699
266
408
449
384
377
764
753
814
783
919
342
343
348
346
359
558
564
555
546
548
2,079
2,077
2,072
2,092
2,101
5,434
5,499
5,649
5,603
5,770
307
386
524
498
654
211
239
251
216
220
,084
,047
,062
,066
,058
,832
,827
,812
,823
3,838
1,727 1,007
579
1,822
620
1,818
627
1,807
458
1,836
Outside
New York City
1956
Dec
535 4,273 14,697 5,811
561
713
937
1,416 3,441 14,144 6,002
1,499 3,760 14,166 6,051
554
598
64,609 64,048 37,617 19,164
465
736
790
8,247 8,837 20,620 ,115
64,670 64,116 38,400 19,746
65,682 65,084 38,671 19,896
442
434
705
831
733
740
8,203 9,312 19,714
8,217 9,306 20,362
1957
Nov
Dec
Nov.
Nov.
Nov.
Nov,
6
13
20
27
64,656
64,795
64,688
64,541
64,171
64,122
64,187
63,987
38,344
38,482
38,501
38,275
19,701
19,775
19,831
19,676
449
448
440
433
673
724
747
676
737
734
730
731
8,188
8,206
8,208
8,212
9,336
9,336
9,287
9,289
753
692
722
685
1,401
1,388
1,412
1,462
3,443
3,414
3,455
3,455
14,165
14,181
14,119
14,112
6,065
5,965
5,978
5,998
485
673
501
554
Dec.
Dec.
Dec.
Dec.
Dec.
4
11
18
25
313
65,098
65,267
66,125
65,980
65,938
64,480
64,531
65,295
65,423
65,690
38,279 19,630
38,370 19,693
38,873 19,998
"",059
38,864 20
38,967 20 ,102
436
433
432
434
435
726
754
927
855
894
729
740
733
738
757
8,203
8,215
8,225
8,226
8,213
9,300 20 ,185 735
9,283 20,131
738
9,302 20
20,361
946
9,298 20 ,484 1,035
9,347 20,653 ,234
1,486
1,487
1,479
1,509
1,532
3,781
3,773
3,762
3,763
3,718
14,183
14,133
14,174
14,177
14,169
6,016
6,030
6,061
6,075
6,070
618
736
830
557
248
\ Exclusive of loans to banks and after deduction of valuation reserves ;
individual loan items are shown gross.
2 Includes guaranteed obligations.
3
19,762
19,675
19,708
19,714
Tuesday.
See also NOTE on opposite page.
47
WEEKLY REPORTING MEMBER BANKS
RESERVES AND LIABILITIES OF BANKS IN LEADING CITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Time deposits,
except interbank
Demand deposits,
except interbank
Month or date
DeBalRemand
serves Cash ances
with
dewith
in
do- posits
F. R. vault mestic
adBanks
banks justed1
Interbank
deposits
IndiIndiDemand
vidviduals, States
uals, States CertiU.S.
and
and
fied
partpartGovt.
ner- polit- and U.S. ner- polit- and
offiships, ical Postal Doships, ical
Govt.
Forsubsub- cers'
and
and
Sav- mes- eign
cor- divi- ings
cor- divi- checks
tic
pora- sions
pora- sions etc.
tions
tions
Borrowings
Capital
acFrom From
counts
Time F. R. others
Banks
Total—
Leading Cities
1956
Dec
183 11,124 1,671
1,274
522
896 9,041
172 10,541
167 11,093
,661
,662
,216
,214
539
510
895 9,589
662 9,608
,066
,043
,057
,060
176
175
170
169
10,773
10,949
10,378
10,062
,699
,666
,639
,639
,220
,214
,213
,217
551
851 9,590
266 1,187 9,586
928
593 9,577
410
950 9,601
2,332 21
1,507
,086
1,418 211,619
,101
2,374 21;622 1,134
2,800 21,762 1,168
2,458 21,951 1,175
167
168
167
166
167
10,493
10,559
11,259
10,851
12,305
,610
,652
,670
,683
,693
,218
,220
,211
,207
,213
380 1,097 9,606
709 9,584
784
828 9,597
694
676 9,616
671
9,635
22
37 3,022 1,338
968
114
427 2,845
2,868 1,359
3,000 1,360
904
903
44
118
397 3,108
366 3,101
13,778 1,138 2,586 57,843 61,089 3,931 2,101 2,008 19,734
912
2,124 1,557 21,531
2,304 2,276 21,692
,056
,133
1957
Nov
Dec
Nov.
Nov.
Nov.
Nov.
Dec.
Dec.
Dec.
Dec.
Dec.
13,246
13,693
,024 2,380 55,099 58,550 3,849
,126 2,617 56,361 59,925 4,013
6
13
20
27
13,176
12,862
13,608
13,340
973
,087
,015
,023
2,335 54,800 57,758 3,987 2,070 1,400 21 ,654
" 4 5 5 55,025 59,215 3,677 1,873 1,158 21,535
2,455
"',447
2 ,379
, 3 " 55,110 58,456 3,729 2,387 1,913 21
2,3354 55,464 58,772 4,005 2,166 1,758 21 ,487
4
11
18
25
312
13,421
13,734
13,834
13,807
13,670
,038
,170
,181
,112
,131
2,329 55,389 58,063
2,346 56,710 59,833
2,617 56,651 60,040
2,599 56,169 59,800
,887 61,887
3,193
4,361
186
16,162 17,830
267 1,020
620 2,244
4,064
4,396
158
180
15,095 16,826
15,605 17,467
334 1,094
264 1,165
412 2,586
718 2,674
3,981
3,825
3,917
4,013
4,331
2,248
2,161
2,513
2,088
2,510
New York City
1956
Dec
56
1957
Nov
Dec
Nov.
Nov.
Nov.
Nov.
6
13
20
27
4,029
3,897
4,192
4,139
159
167
148
159
15,049
14,920
15,147
15,265
16,658
16,711
16,824
17,110
468 1,151
299
861
267 1,224
301 1,141
418
312
470
446
2,582
2,573
2,573
2,614
2,872
2,939
2,790
2,872
1,390
1,366
1,333
1,350
908
902
902
907
161
Dec.
Dec.
Dec.
Dec.
Dec.
4
11
18
25
312
4,248
4,514
4,458
4,206
4,556
166
202
196
174
160
15,339
15,883
15,575
15,386
15,842
16,878
17,432
17,458
17,149
18,420
263
259
246
274
279
1,188
1,112
1,256
997
1,269
882
465
691
817
734
2,600
2,681
2,646
2,690
2,752
2,848
2,801
3,057
2,817
3,479
1,314
1,362
1,376
1,372
1,375
910
910
901
898
897
9,417
952 2,535 41,681 43,259 3,664 1,081
1,388 17,490
856
146 8,102
333
9,182
9,297
866 2,321 40,004 41,724 3,515
946 2,557 40,756 42,458 3,749
1,145 18,945
984
1,558 19,018 1,064
143 7,673
143 8,093
16
444
527
259
359
3,113
3,111
3,105
3,102
227
190
175
472
343
615
402
3,100
3,093
3,097
3,102
3,111
306
408
469 6,196
302
302
312
311
495
392
498 6,481
296 6,507
Outside
New York City
1956
Dec
1957
Nov
Dec
Nov.
Nov.
Nov.
Nov.
6
13
20
27
9,147
8,965
9,416
9,201
814
920
867
864
2,268 39,751
2,401 40,105
2,326 39,963
2,291 40,199
Dec.
Dec.
Dec.
Dec.
Dec.
4
11
18
25
312
9,173
9,220
9,376
9,601
9,114
872
968
985
938
971
2,251 40,050 41,185
299 40,827 42,401
2,'"
2,567 41,076 42,582
2,545 40,783 42,651
120 41,045 43,467
3,
41,100
42,504
42;
41,632
41,662
1,030
1,139
982 19,072
3,519
919
3,378 1,012
846 18,962
3,462 1,163 1,443 18,874
3,704 1,025 1,312 18,873
3,718
3,566
3,671
3,739
4,052
1,060
1,049
1,257
1,091
1,241
1 Demand deposits other than interbank and U. S. Govt., less cash
items reported as in process of collection.
2 Tuesday.
1,450
953
1,683
1,983
1,724
18,907
18,938
18,976
19,072
19,199
982
970
988
998
144
143
145
144
7,901
8,010
7,588
7,190
309
300
306
289
312
312
311
310
535
266
767
410
407
660
334
591
6,477
6,475
6,472
6,499
1,016
1,032
1,056
1,100
1,114
144
144
143
142
143
7,645
7,758
8,202
8,034
8,826
296
290
294
311
318
308
310
310
309
316
380
557
504
496
22
625
366
213
274
6,506
6,491
6,500
6,514
6,524
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.
48
COMMERCIAL LOANS; OPEN MARKET PAPER
CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY 1
[Net decline, (—). In millions of dollars]
Manufacturing and mining
Period2
PetroFood, Textiles, Metals
leum,
and
liquor, apparel, metal
coal,
and
and
chemical,
prodtobacco leather
and
ucts 3
rubber
Other
Commodity
dealers
Sales
finance
companies
146
327
171
178
-461
469
589
704
384
27
134
106
143
370
1,257
3,050
1,078
53,206
-386
739
-322
98
365
350
54
-66
149
176
2,124
2,719
42,243
2,459
-539
420
366
-108
513
183
-12
-49
1,404
161
1,249
-296
89
68
83
-410
-175
569
6
10
200
-37
-6
-21
-54
58
-75
-66
135
-439
-163
750
-663
-211
708
n
12
4
-51
-33
-39
-154
7
-216
-36
-82
-188
-34
-300
-59
-15
30
-32
-50
-13
84
-31
-204
-3
86
-34
-260
34
-16
49
10
58
77
256
458
-12
-30
43
249
487
-19
-52
Construction
1955—Jan.-June
July-Dec
-540
480
220
71
177
224
313
208
153
63
1956—Jan.-June
July-Dec
-302
822
-456
331
238
-6
1,362
-71
424
428
148
-159
935
-496
291
150
369
72
214
-161
125
63
-19
-137
-25
-20
-50
-89
52
-21
49
89
-76
-42
-65
-1
-8
145
52
-254
30
37
35
22
2
-7
-13
-29
-42
-45
-30
-3
7
-20
-3
-15
-4
-7
3
2
-33
1
-6
-19
-19
17
24
84
2
18
18
10
33
7
21
-20
-168
-124
-89
-9
30
-57
18
-12
27
-21
7
-8
-19
4
13
5
16
15
-14
-7
-6
-15
17
30
-2
7
42
8
14
3
-1
-54
-36
-84
-18
27
-25
27
-1
10
26
15
-4
-7
-19
-20
-16
-3
-1
-63
-82
-105
-13
29
55
17
-5
37
73
294
68
97
-14
97
2
23
92
-16
4
7
-9
1957—Jan.-June
July-Dec
1957 Oct
Nov
Dec
Week ending:
1957__Oct. 2
Oct. 9
Oct. 16
Oct. 23
Oct. 30
Nov.
Nov.
Nov.
Nov.
6
13
20
27
15
27
39
-17
-10
9
-21
-41
11
6
-65
Dec.
Dec.
Dec.
Dec.
Dec.
4
11
18
25
316
20
30
81
-31
-118
-10
3
6
2
-20
35
18
31
11
-42
A
37
Comm'l
and
All
ind'l
Net
other changes
change—
types
all
classi- weekly
of
fied
business
reporting
banks 4
Public
utilities
(incl.
transportation)
Trade
(wholesale
and
retail)
1
Data for a sample of about 210 banks reporting changes in their
larger loans; these banks hold over 90 per cent of total commercial
and industrial loans of all weekly reporting member banks and nearly
70 2per cent of those of all commercial banks.
Figures for periods other than weekly are based on weekly changes.
3
Includes machinery and transportation equipment.
i
A
j
4
Prior to week ending Jan. 11, 1956, included changes in agricultural
loans.
5 Includes increase of $318 million resulting from errors disclosed
incident to survey of credit extended to real estate mortgage lenders.
6 Tuesday.
COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances
Commercial and finance
company paper
End of year or month
Total
Held by:
Placed
Placed direct- Total
through1
ly
dealers (finance
paper)"
Goods stored in or
shipped between
ImExports Dollar
points in:
Oth- ports
from
exinto
ers United United change
Own Bills Own ForStates States
United Foreign
eign
bills bought acct. corr.
States
Accepting banks
Total
Based on:
F. R.
Banks
1951
1952
1953
1954
1955
1,331
1,745
1,966
1,924
2,020
449
552
564
733
510
882
1,193
1,402
1,191
1,510
490
492
574
873
642
197
183
172
289
175
119
126
117
203
126
79
57
55
86
49
272
289
378
565
405
235
232
274
285
252
133
125
154
182
210
23
39
29
17
17
55
64
75
300
63
44
32
43
89
100
1956—Nov.
Dec.
2,660
2,166
568
506
2,092
1,660
924
967
242
227
167
155
75
72
598
621
277
261
295
329
10
2
199
227
143
148
1957—Jan..
Feb.
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
2,575
2,714
2,650
2,485
2,775
2,452
2,781
2,835
2,558
2,654
2.944
548
555
489
466
483
454
459
501
501
516
560
2,027
2,159
2,161
2,019
2,292
1,998
2,322
2,334
2,057
2,138
2,384
1,012
992
1,019
1,018
984
979
1,000
1,227
1,197
-1,225
1,224
230
202
209
195
188
183
154
220
214
197
221
156
133
150
135
142
142
112
152
149
131
151
74
69
59
60
46
41
42
68
65
66
70
689
708
728
735
713
711
757
913
901
942
916
291
307
305
272
227
220
231
243
234
248
268
363
389
425
471
501
502
507
524
483
465
459
2
2
2
4
5
21
35
66
75
94
64
197
127
116
89
73
58
59
212
225
226
222
158
167
171
182
177
178
169
182
181
192
211
c
Corrected.
1
As reported by dealers; includes finance company paper as well as
other commercial paper sold in the open market.
2
As reported by finance companies that place their paper directly with
investors.
49
INTEREST RATES
Year,
month, or
week
MONEY MARKET RATES
BANK RATES ON SHORT-TERM BUSINESS LOANS
[Per cent per annum]
[Per cent per annum]
Finance
comPrime
pany
compaper
mercial
placed
paper,
4- to 6- directly,
months 1
3- to 6months *
Prime
bankers'
acceptances,
90
days 1
Size of loan (thous. of dol.)
U. S. Government
securities (taxable)2
All
loans
Area and period
3-month bills
9-to 12- 3- to 5month3
year
Mar- Rate issues
issues4
ket on new
yield issues
1955 average
1956 average
1957 average
2.18
3.31
3.81
1.97
3.06
3.55
1.71
2.64
3.45
1.73
2.62
3.23
1.753
2.658
3.267
1.89
2.83
3.53
2.50
3.12
3.62
1956—Dec
3.63
3.38
3.35
3.21
3.230
3.33
3.65
1957—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
3.63
3.63
3.63
3.63
3.63
3.79
3.88
3.98
4.00
4.10
4.07
3.81
3.38
3.38
3.38
3.38
3.38
3.48
3.63
3.63
3.82
3.88
3.79
3.55
3.38
3.38
3.27
3.20
3.25
3.36
3.38
3.78
3.83
3.75
3.50
3.35
3.11
3.11
3.08
3.06
3.06
3.29
3.16
3.37
3.53
3.58
3.29
3.04
3.210
3.165
3.140
3.113
3.042
3.316
3.165
3.404
3.578
3.591
3.337
3.102
3.17
3.23
3.35
3.41
3.37
3.55
3.71
3.93
4.02
3.94
3.52
3.09
3.40
3.33
3.38
3.48
3.60
3.77
3.89
3.91
3.93
3.99
3.63
3.04
Week ending:
Nov. 30. . .
Dec. 7. . .
Dec. 14. . .
Dec. 21 . . .
Dec. 2 8 . . .
4.00
3.93
3.81
3.75
3.75
3.66
3.63
3.58
3.50
3.50
3.38
3.38
3.33
3.33
3.38
3.14
3.07
3.01
3.12
3.10
3.158
3.105
2.991
3.140
3.174
3.38
3.33
3.12
3.01
2.96
3.32
3.18
3.09
3.00
2.96
Annual averages,
19 large cities:
1955
1956
1957
Quarterly: 1
19 large cities:
1957—Mar
June
Sept
Dec
New York City:
1957_Mar
June
Sept
Dec
7 Northern & Eastern
cities:
1957_Mar
June
Sept
Dec
11 Southern & Western
cities:
1957_Mar
June
Sept
Dec
1
Average of daily prevailing rates. 2 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.
110
10100
100200
200
and
over
3.7
4.2
4.6
5.0
5.2
5.5
4.4
4.8
5.1
4.0
4.4
4.8
3.5
4.0
4.5
4.38
4.40
4.83
4.85
5.38
5.37
5.67
5.66
4.94
4.94
5.29
5.29
4.59
4.61
5.01
5.01
4.21
4.23
4.69
4.71
4.23
4.23
4.69
4.71
5.26
5.24
5.54
5.50
4.92
4.86
5.24
5.23
4.47
4.49
4.93
4.94
4.11
4.12
4.60
4.62
4.40
4.39
4.85
4.86
5.41
5.39
5.69
5.67
4.91
4.94
5.31
5.33
4.61
4.61
5.01
5.02
4.26
4.25
4.7T
4.74
4.60
4.65
5.01
5.05
5.42
5.42
5.72
5.73
4.96
4.99
5.31
5.31
4.64
4.70
5.05
5.04
4.35
4.43
4.81
4.87
1
Based on figures for first 15 days of month.
NOTE.—For description see BULLETIN for
pp. 228-237.
March
1949,
BOND AND STOCK YIELDS i
[Per cent per annum]
Corporate bonds 3
Year, month, or week
State and local
govt. bonds 3
U. S.
Govt.
bonds
(longterm) 2
By selected
ratings
Total
Total 4
Number of issues
4-7
20
1955 average
1956 average
1957 average
2.84
3.08
3.47
2.57
2.94
3.56
Aaa
5
2.18
2.51
3.10
3.14
3.50
4.20
Aaa
Baa
Dividends/
price ratio
By
groups
4
Baa
Stocks 5
Industrial
Railroad
Public
utility
Preferred
Common
Common
120
30
30
40
40
40
14
90
3.25
3.57
4.21
3.06
3.36
3.89
3.53
3.88
4.71
3.19
3.50
4.12
3.34
3.65
4.32
3.22
3.54
4.18
4.01
4.25
4.63
4.08
4.09
4.35
7.81
7.40
7.84
7.17
1956—Dec
3.40
3.57
3.04
4.19
3.99
3.75
4.37
3.95
4.08
3.93
4.63
4.24
1957_jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
3.34
3.22
3.26
3.32
3.40
3.58
3.60
.63
.66
3.73
3.57
3.30
3.51
3.29
3.36
3.35
3.48
3.65
3.65
3.84
3.89
3.74
3.67
3.33
2.99
2.79
2.88
2.88
3.00
3.19
3.17
3.37
3.43
3.31
3.24
2.92
4.16
3.96
3.97
3.95
4.10
4.32
4.29
4.43
4.49
4.38
4.35
4.00
4.04
3.99
3.97
3.96
4.02
4.15
4.26
4.37
4.44
4.46
4.49
4.33
3.77
3.67
3.66
3.67
3.74
3.91
3.99
4.10
4.12
4.10
4.08
3.81
4.49
4.47
4.43
4.44
4.52
4.63
4.73
4.82
4.93
4.99
5.09
5.03
4.02
3.94
3.90
3.89
3.96
4.14
4.19
4.29
4.31
4.32
4.34
4.11
4.12
4.06
4.04
4.06
4.13
4.26
4.39
4.49
4.56
4.57
4.65
4.53
3.98
3.97
3.95
3.94
3.98
4.06
4.19
4.33
4.45
4.48
4.49
4.34
4.51
4.47
4.46
4.47
4.53
4.69
4.75
4.83
4.79
4.80
4.78
4.49
4.31
4.54
4.47
4.36
4.18
4.04
3.95
4.17
4.31
4.54
4.67
4.64
Week ending:
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
3.48
3.37
3.31
3.29
3.26
3.56
3.43
3.34
3.27
3.26
3.16
3.03
2.94
2.86
2.84
4.25
4.14
4.03
3.92
3.92
4.47
4.44
4.36
4.29
4.26
4.02
3.97
3.84
3.77
3.73
5.10
5.09
5.06
5.00
5.00
4.30
4.23
4.15
4.07
4.01
4.67
4.64
4.57
4.50
4.48
4.46
4.44
4.36
4.32
4.28
4.67
4.61
4.54
4.44
4.42
4.55
4.51
4.61
4.73
4.71
1
Monthly and weekly yields are averages of daily figures for U. S. Govt.
and corporate bonds. Yields of State and local govt. general obligations
are based on Thursday figures; and of preferred stocks, on Wednesday
figures. Figures for common stocks are as of the end of the period,
except
for annual averages.
2
This series, representing yields on bonds maturing or callable in 10
years or more, replaces the "old" and "new" series shown previously;
data beginning April 1953 appear on p. 84. For weekly and monthly
figures for December 1957 for series shown previously, see second paragraph of Note on p. 84.
The price series shown on p. 50 has not yet been changed to the new
basis.
Earnings/
price ratio
500
7.71
7.10
8.66"
3 Moody's Investors Service. State and local govt. bonds include general4 obligations only.
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.
5 Standard and Poor's Corporation. Preferred stock ratio is based on
8 median yields in a sample of noncallable issues—12 industrial and 2
public utility. For common stocks, the earnings/price ratio is now computed for the 500 stocks in the price index, but figures prior to June 1957
are based on the 90 stocks formerly included in the daily price index.
The dividend/price ratio has not yet been converted to the broader base.
50
SECURITY MARKETS
SECURITY PRICES i
Common stock prices
Bond prices
Standard and Poor's series
(index, 1941-43= 10)
U. S. Govt.
(long-term)2
Year, month,
or week
Number of issues...
Old
series 3
New
series 4
3-7
1-3
CorMuponicipal rate
(high- (highgrade) 5 grade)Total
Industrial
Railroad
Public
utility
425
25
50
Volume
of
trad-6
ing
(in
Trade,
Manufacturing
thoufisands
Trans- PubMinnance,
lic
of
porta- utilTotal
ing shares)
and
tion
Du- Nonservduity
Total rable
ice
rable
Securities and Exchange Commission series
(index, 1939= 100)
265
170
98
72
21
29
31
14
1955 average
1956 average
1957 average
95.97 103.36 123.1
93.04 99.88 116.3
90.61 93.78 105.8
114.4
109.1
101.3
40.49 42.40 32.94 31.37
46.62 49.80 33.65 32.25
44.38 47.66 28.11 32.19
305
345
331
374
439
422
352
410
391
394
465
451
320
327
275
153
156
156
297
306
277
313
358
342
2,578
2,216
2,222
1956—Dec
88.74 95.19 108.1
102.8
46.44 49.79 31.75 31.70
344
441
425
457
315
152
287
362
2,443
1957—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
89.96
91.51
90.88
90.45
89.41
87.12
86.88
86.92
86.86
93.19
95.63
99.63
95.14
97.08
96.88
95.45
94.20
91.88
91.31
90.36
90.82
90.56
92.87
99.82
108.6
110.9
110.0
109.8
106.9
103.5
103.5
101.2
101.3
102.9
103.4
107.5
102.8
104.3
104.5
104.3
103.2
101.1
100.0
98.3
98.1
98.2
98.3
102.7
45.43
43.47
44.03
45.05
46.78
47.55
48.51
45.84
43.98
41.24
40.35
40.33
48.43
46.10
46.86
48.06
50.10
51.30
52.54
49.51
47.52
44.43
43.41
43.29
31.36
29.59
29.37
29.78
30.42
30.11
31.20
29.52
27.17
24.78
22.63
21.39
32.32
32.29
32.45
33.03
34.03
33.35
32.93
31.89
31.09
30.39
30.68
31.79
338
325
328
339
352
355
362
343
328
306
302
298
429
409
415
431
450
457
468
441
419
388
382
376
406
386
388
404
419
421
434
408
386
357
350
336
451
431
440
455
480
489
500
472
450
417
411
413
310
292
288
291
297
293
302
286
263
241
228
215
157
157
159
160
163
160
158
155
153
149
149
152
285
278
280
281
286
283
291
282
277
266
262
258
371
346
344
352
380
390
382
354
334
297
284
274
2,189
1,978
1,698
2,300
2,389
2,224
2,194
1,882
1,844
2,782
2,538
2,594
97.41
98.60
99.29
100.00
100.28
94.59
98.70
99.60
100.28
100.40
104.6
106.1
107.4
107.9
108.2
99.1
100.2
101.3
102.8
104.6
41.06
41.42
40.65
39.64
39.68
44.18
44.58
43.68
42.49
22.55
22.08
21.47
21.12
42.52 21.00
31.38
31.69
31.88
31.67
31.80
309
305
302
292
294
392
386
381
367
370
355
347
340
325
330
426
422
418
404
408
227
217
220
211
211
152
152
153
152
152
266
263
259
255
254
299
289
279
266
264
3,077
2,215
2,297
2,635
2,477
Week ending:
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
15
500
17
1 Monthly and weekly data for (1) U. S. Govt. bond prices, Standard
and Poor's common stock indexes, and volume of trading are averages
of daily figures; for (2) municipal and corporate bond prices are based
on Wednesday closing prices; and for (3) the Securities and Exchange
Commission series on common stock prices are based on weekly closing
prices.
2
Average prices for issues included in yield series shown on preceding
page are not yet available.
3 Consists of fully taxable, marketable 2V£ per cent bonds due or first
callable after 12 years, through Sept. 30, 1955, and beginning Oct. 1,
1955, those due or callable in 10-20 years. •
4 The 314 per cent bond of 1978-83 and, beginning Feb. 1, 1955, the 3
per cent bond of February 1995 and beginning Dec. 2, 1957, the 3%
per5 cent bond of November 1974.
Prices derived from average yields, as computed by Standard and
Poor's Corporation, on basis of a 4 per cent, 20-year bond.
6 Average daily volume of trading in stocks on the New York Stock
Exchange for a SVi-hour trading day.
STOCK MARKET CREDIT
[In millions of dollars]
Customer credit
End of month or last
Wednesday of month
Broker and dealer credit 1
Net debit b dances with
Bank loans to others (than
TotalNew York Stock Exchange brokers and dealers) for pur- 2
securities
firms
1
chasing
and carrying securities
other than
U. S. Govt.
obligations
Secured by
Secured by
(col.34U. S. Govt.
Other
U. S. Govt.
other
col. 5)
obligations
securities
obligations
securities
Money borrowed
On
U. S. Govt.
obligations
On
other
securities
Customer
net
free
credit
balances
1953—Dec.
1954—Dec.,
1955—Dec.
2,445
3,436
4,030
31
41
34
1,665
2,388
2,791
88
65
32
1,048
1,239
88
69
51
1,074
1,529
2,246
1,019
1956—Dec.
3,984
33
2,823
41
1,161
46
2,132
880
1957—Jan..
Feb..
Mar.
Apr..
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
3,902
3,846
3,832
3,938
3,924
4,031
4,004
3,929
3,882
3,643
3,577
3,576
29
35
28
28
39
31
32
30
35
39
42
68
2,761
2,729
2,713
2,792
2,794
2,887
2,885
2,833
2,789
2,568
2,517
2,482
41
31
27
28
26
25
23
24
21
31
33
60
1,141
1,117
1,119
1,146
1,130
1,144
1,119
1,096
1,093
1,075
1,060
1,094
42
53
47
53
52
52
59
58
63
72
56
124
1,964
2,004
1,958
2,051
2,063
2,104
2,079
2,035
2,046
1,708
1,641
1,706
866
828
820
807
817
820
829
816
838
879
876
896
1 Ledger balances of member firms of the New York Stock Exchange
carrying margin accounts, as reported to the Exchange. Customers' debit
and free credit balances exclude balances maintained with the reporting
firm by other member firms of national securities exchanges and balances
of the reporting firm and of general partners of the reporting firm. Balances are net for each customer—i. e., all accounts of one customer are
consolidated. Money borrowed includes borrowings from banks and
from other lenders except member firms of national securities exchanges.
Data are as of the end of the month, except money borrowed, which is as
of the last Wednesday of the month beginning June 1955.
780
713
894
2
Figures are for last Wednesday of month for weekly reportingg mei
member
banks, which account for about 70 per
„ cent of all loans for this pur]
purpose.
Column 5 includes some loans for purchasing or carrying U, S. Govt.
securities (such loans are reported separately only by New York and
Chicago banks). On June 30, 1956, reporting banks outside New York
and Chicago held $51 million of such loans. On the same date insured
commercial banks not reporting weekly held loans of $28 million for
purchasing and carrying U. S. Govt. securities and of $384 million for
other securities. Noninsured banks had $33 million of such loans,
probably mostly for purchasing or carrying other securities.
51
SAVINGS INSTITUTIONS
LIFE INSURANCE COMPANIES1
[Institute of Life Insurance data. In millions of dollars]
Government securities
Date
Total
assets
Total
End of year: 3
1941
1945
and
United State
local Foreign2
States
(U. S.)
32,731
44,797
9,478
22,545
6,796
20,583
59,630
64,020
68,278
73,375
78,533
84,486
90,432
96,011
17,868
16,118
13,760
12,905
12,537
12,262
11,829
11,067
End of month:4
1953—Dec....
1954—Dec....
1955—Dec....
78,201
84,068
90,267
1956—Nov....
Dec....
'95,287
'95,844
1957—Jan
Feb....
Mar....
Apr.. ..
May...
June...
July...
Aug
Sept....
Oct
Nov.. .
96,316
96,738
97,074
97,488
97,868
98,239
99,005
99,374
99,812
100,224
100,597
1949
1950
1951
1952
1953
1954
1955
1956
Business securities
Total
Bonds
Stocks
Mortgages
Real
Policy
loans
Other
assets
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
15,290
13,459
11,009
10,252
9,829
9,070
8,576
7,555
1,995
722
1,052
1,152
1,170
1,153
1,298
1,846
2,038
2,273
,526
,507
,581
,500
,410
,346
,215
,239
23,124
25,351
28,111
31,515
34,438
37,300
39,545
41,543
21,406
23,248
25,890
29,069
31,865
34,032
35,912
38,040
1,718
2,103
2,221
2,446
2,573
3,268
3,633
3,503
12,906
16,102
19,314
21,251
23,322
25,976
29,445
32,989
1,247
1,445
1,631
1,903
2,020
2,298
2,581
2,817
2,240
2,413
2,590
2,713
2,914
3,127
3,290
3,519
2,245
2,591
2,872
3,088
3,302
3,523
C
3,743
4,076
12,452
12,199
11,757
9,767
9,021
8,545
1,278
1,833
1,998
,407
,345
,214
34,265
36,695
38,851
31,926
33,985
35,930
2,339
2,710
2,921
23,275
25,928
29,425
1,994
2,275
2,557
2,894
3,087
3,294
3,321
3,884
4,383
11,207
10,989
'7,745
'7,519
'2,228
'2,234
,234
,236
37,775
38,067
'2,969
'2,909
r
32,706
r
32,994
'2,815
'2,829
3,483
'3,505
'4,332
'4,551
11,068
11,038
10,926
10,946
10,895
10,824
10,906
10,880
10,833
10,856
10,782
7,588
7,544
7,427
7,430
7,340
7,270
7,306
7,268
7,224
7,233
7,135
2,244
2,244
2,251
2,264
2,290
2,290
2,323
2,333
2,340
2,352
2,362
,236
,250
,248
,252
,265
1,264
1,277
1,279
1,269
1,271
1,285
38,256
38,432
38,638
38,821
39,004
39,190
39,574
39,724
39,922
40,149
40,340
2,921
2,933
2,941
2,951
2,958
2,956
2,993
3,018
3,010
3,021
3,028
33,279
33,479
33,672
33,840
34,022
34,159
34,356
34,547
34,697
34,859
34,986
2,841
2,865
2,883
2,907
2,948
2,983
3,004
3,032
3,059
3,085
3,113
3,523
3,547
3,575
3,606
3,633
3,657
3,703
3,731
3,764
3,802
3,833
4,428
4,444
4,439
4,417
4,408
4,470
4,469
4,442
4,527
4,452
4,515
p
c
r
Corrected.
Revised.
1 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.
2
r
40,744
r
40,976
41,177
41,365
41,579
41,772
41,962
42,146
42,567
42,742
42,932
43,170
43,368
r
r
3 These represent annual statement asset values, with bonds carried on
an amortized basis and stocks at end-of-year market value.
4 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
Mort-
Borrowings
U. S.
Govt.
obligations
Cash
Other 4
Savings
capital
Reserves
and
undivided
profits
FHLB
advances
1941
1945
6,049
8,747
4,578
5,376
107
2,420
344
450
775
356
4,878
7,386
218
190
38
146
475
644
1949
1950
1951
1952
1953
1954
1955
1956
14,622
16,893
19,222
22,660
26,733
31,736
37,719
42,875
11,616
13,657
15,564
18,396
21,962
26,194
31,461
35,729
1,462
1,487
1,603
1,787
1,920
2,021
2,342
2,782
880
924
1,066
1,289
1,479
1,980
2,067
2,119
566
733
899
1,108
1,297
1,471
1,791
2,199
12,472
13,992
16,107
19,195
22,846
27,334
32,192
37,148
424
810
801
860
947
864
1,412
1,225
75
90
93
84
80
96
146
122
1,106
1,280
1,453
1,658
1,901
2,191
2,557
2,950
1956—Nov.
Dec..
42,352
42,875
35,497
35,729
2,771
2,782
1,817
2,119
2,220
2,199
36,326
37,148
1,150
1,225
116
122
2,950
1957—Jan..
Feb..
Mar.
Apr..
May.
June.
July.
Aug.
Sept.
Oct..
Nov.
43,020
43,419
43,934
44,431
45,085
45,736
45,750
46,188
46,639
47,127
47,600
35,929
36,195
36,559
36,963
37,421
37,886
38,280
38,743
39,106
39,532
39,835
2,924
3,041
3,132
3,162
3,180
3,139
3,180
3,203
3,229
3,219
3,238
1,947
1,907
1,884
1,836
1,874
2,061
1,741
1,635
1,643
1,622
1,705
2,175
2,232
2,316
2,428
2,569
2,610
2,510
2,569
2,624
2,718
2,787
37,484
37,799
38,158
38,471
38,939
39,798
39,730
39,982
40,306
40,673
41,072
1,035
973
958
968
990
1,077
1,037
1,070
1,117
1,129
1,141
97
89
83
87
84
103
109
115
115
121
117
3,136
1 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 Includes gross mortgages with no deduction for mortgage pledged
shares.
3
4
Net of mortgage pledged shares.
Includes other loans, stock in the Federal home loan banks and other
investments, real estate owned and sold on contract, and office building
and fixtures.
NOTE.—Data for 1957 are preliminary.
52
FEDERAL BUSINESS-TYPE ACTIVITIES
SELECTED ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES
[Based on compilation by Treasury Department. In millions of dollars]
End of quarter
End of vear
Asset or liability, and activity1
1956
1950
19512
19522
19532
3,884
345
510
535
1,543
898
52
4,161
425
633
539
1,742
782
40
5,070
424
673
596
1,920
1,426
31
6,811
377
590
648
2,096
3,076
23
6,929 6,715
367
375
689
638
701
681
2,226 2,348
2,981 2,621
18
1,528
1,347
- 181
2,142
1,850
292
2,603
2,242
362
2,930
2,462
200
168
2,907
2,461
383
63
3,205
2,641
480
84
568
589
598
568
589
598
588
174
• 413
431
353
79
678
306
261
112
To financing institutions
824
814
952
870
To aid States, territories, etc., total
Public Housing Administration
Other agencies
468
351
117
744
589
155
645
500
145
272
112
160
245
90
155
7,736 8,043
2,496 2,833
3,667 3,620
71,515 1,537
58
53
64
8,001
2,806
3,570
1,624
1
119
29
90
166
127
39
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
To industry, total
Treasury Department...
Commerce Department.
Other agencies
Foreign, total
Export-Import Bank
,
Treasury Department*
International Cooperation Administration.
Other agencies
All other purposes, total
,
Housing and Home Finance Agency.
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 securities6
1954
1957
1955
7,377 35,757
349
355
898
765
764
3778
2,379 2,413
3,114 2,319
(5)
(5)
3,230 3,299
2,683 2,729
433
424
137
124
7,160
395
874
769
2,450
2,671
(5)
6,752
457
734
724
2,488
2,349
(5)
7,261
423
4845
823
2,544
2,626
(5)
3,391
2,807
447
138
3,680
3,072
464
145
4,076
3,433
488
155
624
216
216
192
619
209
219
191
629
209
228
192
593
330
193
70
627
323
221
83
1,143
1,178
239
106
134
227
90
137
244
109
135
246
106
140
272
120
153
7,988
2,702
3,519
1,767
8,106
2,697
3,519
1,832
58
8,172
2,712
3,519
1,885
55
8,229
2,692
3,519
1,958
60
8,223
2,701
3,470
1,995
57
8,237
2,678
3,470
2,035
54
256
209
47
156
108
48
176
122
55
193
137
56
213
156
57
240
184
56
-228
-263
-268
-173
-140
-203
-185
13,228 14,422 17,826 19,883 19,348 20,238 20,580
19,844
3,677
1,082
248
390
1,793
164
3,385
252
3,719
1,083
256
405
1,810
166
3,385
253
•
864
1,020
894
126
6,078 6,110
2,226 2,296
3,750 3,750
102
63
63
35
(5)
34
75
5
69
1,419
3-592
1,147
1,233
966
-656
-327
-309
20,331 20,657 21,353
3,720
1,054
248
422
1,812
183
3,385
283
3,739
1,018
256
458
1,825
181
3,385
284
3,923
1,095
265
479
1,898
186
3,385
344
2,075
199
193
244
1,307
132
3,385
266
2,226
249
200
285
1,353
140
3,385
257
2,421
311
208
316
1,437
148
3,385
223
2,602
387
217
319
1,526
152
3,385
219
2,967
641
228
327
1,624
147
3,385
197
3,236
745
241
381
1,720
149
3,385
179
Inventories, total
Commodity Credit Corporation..
Defense Department
General Services Administration.
Other agencies
1,77'4
1,638
1,461
1,174
1,280
987
2,515
2,087
3,852
3,302
136
288
203
428
550
4,356 14,119 20,231 20,949 21,375 21,303
3,897 3,323 3,651 3,362
3,747 3,536
9,827 9,814 10,994 11,004 11,094
6,332 6,418 6,517 6,654
f
567
609 [ 188
215
193
201
188
Land, structures, and equipment, total
Commerce Department (maritime
activities).
Panama Canal Company 9
Tennessee Valley Authority
Housing and Home Finance Agency
Nat. Advisory Committee for Aeronautics...
Bonneville Power Administration
General Services Administration
Post Office Department
Other agencies
2,945
3,358
3,213
18
886
1,297
298
1,048
1,285
415
1,251
1,203
8,062
4,834
363
1,475
1,041
8,046
4,798
421
1,739
727
7,822
4,822
421
1,829
450
8,056
4,796
421
1,831
400
745
728
345
350
360
300
607
Bonds, notes, & debentures payable (not guar.), total... 1,190
Banks for cooperatives
110
Federal intermediate credit banks
520
Federal home loan banks
560
Federal National Mortgage Association
1,369
170
674
525
1,330
181
704
445
1,182
150
619
414
1,068
156
640
272
2,379
185
665
958
570
2,425
161
725
869
670
NOTE.—Statistics beginning Mar. 31, 1956, reflect the expanded coverage and the new classification of agencies now reported in the Treasury
Bulletin. The revised statement includes a larger number of agencies, and
their activities are classified according to the type of fund they represent.
Funds are combined in the table above, but are shown separately in the
table on the following page. Classifications by supervisory authorities
are those in existence currently. Where current Treasury compilations
do not provide a detailed breakdown of loans, these items have been
classified by Federal Reserve on basis of information about the type of
lending activity involved.
A few major activities and several minor ones, first reported for June
30, 1956, are not included for later dates, because they are not reporting
on a quarterly basis.
* Adjusted totals; these reflect exclusion of data for agencies reporting
other than quarterly, the latest data for which are shown at the bottom
of the table on the opposite page.
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.
9,682 10,028
4,612 4,549
398
400
1,723 1,712
285
311
278
306
309
1,199 1,302
590
590
608
538
9,985
4,502
398
1,762
236
276
311
1,298
590
613
9,875
4,470
396
1,751
144
277
317
1,226
590
704
2,742
188
865
918
770
2,711
257
721
963
770
2,975
231
803
720
1,220
2,607
152
857
928
670
2 Coverage changed from preceding period (see also NOTE).
3 Adjusted figures; for amounts reported for this date but excluded
from
this figure, see BULLETIN for May 1957, p. 550, note 3.
4
Effective Jan. 1, 1957, the production credit corporations were merged
in the Federal intermediate credit banks, pursuant to the Farm Credit
Act of 1956, approved July 26, 1956 (70 Stat. 659). Thereafter operations
of the banks (including the corporations) are classified as trust revolving
transactions.
s6 Less than $500,000.
Figures represent largely the Treasury loan to the United Kingdom,
and through 1952 are based in part on information not shown in Treasury
compilation.
? Figure derived by Federal Reserve.
8 Includes investment of the Agricultural marketing revolving fund in
the banks for cooperatives; Treasury compilations prior to 1956 classified
this item as an interagency asset.
9 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).
53
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 inter agency items 1
Investments
Date, and fund or activity
Total
Cash
Bonds, notes,
PriU. S. vately
and debenLand,
Govt. owned
tures
payable
Loans InstrucOther interinterretures,
venliabil- est
est
Other
ceiv- tories
and
Public
Guarities
able
equipdebt Other
anteed
ment
Other
secu- secuby
rities rities
U.S.
All activities
1951—Dec.
1952—Dec.
1953—Dec.
1954—Dec.
1955—Dec.
1956—Mar.
June
Sept.
Dec.
1957—Mar.
31 2
312
312
31
31
31
30*
30
31*
31
Classification by type of fund
and activity, Mar. 31, 1957
Public Enterprise Funds—Total
Farm Credit Administration: 4
Federal Farm Mortgage Corporation
Agricultural Marketing Act, revolving fund. . .
Department of Agriculture:
Commodity Credit Corporation
Disaster loans, etc., revolving fund
All other
Housing and Home Finance Agency:
Public Housing Administration
Federal Housing Administration
Federal National Mortgage Association
Office of the Administrator
26,744
931 14,422 1,461
29,945
944 17,826 1,280
38,937 1,190 19,883 2,514
41,403 1,371 19,348 3,852
45,304 1,338 20
"",238 4,356
2,226
2,421
2,602
2,967
3,236
3,463
3,429
3,425
3,432
3,414
58,485
66,797
69,143
69,653
69,895
20,580 14,119
19,844 20,231
20
20,949
20,,331 _.
20,657 21 ,375
21,353 21,303
3,677
3,719
3,720
3,739
3,923
3,638
3,638
3,668
3,669
3,729
20,312 1,511 9,069 4,112
775
11
186
6,543
140
37
3,731
4,457
5,144
4,996
4,441
1
39
3,358
882
3,213
832
8,062 1,261
8,046 2,387
7,822 4,900
8,056
9,682
10,028
9,985
9,875
149 3,294 1,403
38 2,518 3,362
47
86
26
9
64
119
20
1 2,402
175
397
Federal Savings and Loan Insurance Corporation...
276
Small Business Administration
172
Export-Import Bank
2,733
2,019
Tennessee Valley Authority
456
Panama Canal Company
Veterans Administration
731
General Services Administration
901
Treasury Department
380
Post Office Department—postal fund
1,023
Interior Department
216
All other
160
1
44
126
35 2,677
236
39
115
386
50
51
Intragovernmental Funds—Total
Defense Department:
Army
Navy
Air Force
All other
13,022 1,444
649
418
302
75
Certain Other Activities—Total
National Advisory Committee for Aeronautics
General Services Administration
Bonneville Power Administration
Department of Agriculture:
Farmers Home Administration
Rural Electrification Administration
International Cooperation Administration
Treasury Department
Department of Commerce—maritime activities
Allother
488
'225
68
1,161 23,842
1,721 26,456
3,818 33,429
4, 183 35,610
2,703 39.583
329
378
434
508
596
2,425
2,607
2,742
2,711
2,975
730 51,635
238 60,224
145 62,507
659 62,516
713 62,364
651
677
693
699
775
570 1,842 17,831
10
10
186
169
456
6
2
32
156
279
27
31
1,112 5,431
138
2
34
3
34
337
143
570
31 1.830
570
741
7
'i47
371
780
2,431
747
4,685
5,226
5,303
5,232
5,272
1,369
1,330
1,182
1,068
2,379
479
)
144
67
115
30
39
21
57
1
262
171
3, 2,701
32 1,986
432
24
721
886
16
377
3
659
364
209
6
149
10
11
1
265
()
1,751
396
2
71
9
590
129
4
677
9
7
6
(5>
19
119
21
11,220
202
156
802 12,220
7,411
2,881
801
126
105
77
42
34
3
320 7,921
293 3,048
133 1,004
56
246
29,996 1,358 9,066 5,971
408
59
1
8,049
665
82 5,929
393
28
5
3,563 6,379 3,652
70
277
158
1,214
42
317
192 29,804
398
12 8,036
388
765
121
623
2,767
103 2,538
2,054
2,035
10,215
3,505
5,115 "302
283
232
76
1
127
16
103,146
3,563
4,470
25
100
47
21
754
2,766
2,054
10,215
133 4,982
211
8,242
3,342
1,137
302
Certain Deposit Funds—Total
Banks for cooperatives
Federal Deposit Insurance Corporation
Federal home loan banks
4,530
502
1,920
2,109
60 1,381
26 5419
2 ()
31
961
Certain Trust Revolving Funds—Total
Federal National Mortgage Association
Federal intermediate credit banks
All other
2,035
1,047
969
19
68 1,837
51
992
11
845
5
97
34
3,036
43
1,898
1,095
37
10
19
14
951
231
"726
1,453
650
805
106
100
6
835 2,007
238
3
151 1,769
681
42
19
13
10
502
357
145
737
30
707
1121
118
119
Latest data for agencies not reporting quarterly
Office of Alien Property (Dec. 31, 1956)
Atomic Energy Commission (June 30, 1956)
Department of Interior—Bureau of Reclamation
(June 30, 1956)
All other—excluding OAP—(June 30, 1956)
220
143
8,532 1,416
3,024
50
93
6
27
10
Includes $1,000 million due under the agreement with Germany
signed Feb. 27, 1953, and lend-lease and surplus property balances due
the United States in the principal amount of $2,086 million.
1,574
5,196
77
346
6
2,571
14
354
2
1
1 Figure represents total trust interest.
For other notes, see opposite page.
219
201 8,331
137 2,887
15
30
54
FEDERAL FINANCE
SUMMARY OF FEDERAL FISCAL OPERATIONS
[On basis of U. S. Treasury statements and Treasury Bulletin.
In millions of dollars]
Derivation of Federal Government cash transactions
Period
Net
Budget
rects.
Less:
IntraGovt.1
trans.
Plus:
Trust
fund
rects.
Net Federal cash borrowing or
repayt. (—) of borrowing
Excess
of rects.
Infrom,
Less:
Equals :
or
crease,
Net
Equals: payts
or
decash
Less:
Total to ( - ) , crease
Net
borrowAdjust- payts.
Other
the
(-),in inr. by nonments 3 to the
ing or
Govt.
debt
cash
public public (direct
agen. & debt
4
Payments to the public,
other than debt
Receipts from the public,
other than debt
Equals:
Total
rects.
from
the
public 2
Budget
expenditures
Plus:
Trust
fund
expenditures
f
& agen.) tr. funds
Cal. year—1955.
1956.
63,358
70,994
10,624
12,398
2,511
3,027
71,448
80,330
66,129
67,216
9,331
10,342
3,282
2,751
72,178
74,805
-729
5,525
3,484
-3,561
2,476
2,481
566
-136
448
-5,910
Fiscal year—1954
64,655
60,390
68,165
71,029
9,155
9,536
11,685
14,369
2,110
2,061
2,739
3,243
71,627
67,836
•77,088
82,106
67,772
64,570
66,540
69,433
7,204
8,546
9,436
12,961
3,117
2,578
'3,358
2,387
71,860
70,538
'72,617
80,007
-232
-2,702
4,471
2,099
5,186
3,986
-578
-1,053
2,055
1,533
3,166
2,338
618
644
623
-292
2,512
1,809
-4,366
-3,100
38,118
25,240
42,925
28,069
42,960
5,168
5,456
6,229
6,169
8,200
1,222
1,289
'1,450
1,573
1,670
42,051
29,397
47,691
32,643
49,463
33,004
33,125
33,415
33,801
35,632
4,935
4,396
5,040
5,302
7,657
2,186
1,096
'2,262
485
1,902
35,752
36,426
'36,191
38,618
41,389
6,299
-7,028
11,499
-5,974
8,073
-3,535
7,019
-7,597
4,036
-5,089
1,145
1,331
1,835
646
1,692
197
369
254
-390
98
-4,875
5,323
-9,689
3,779
-6,879
4,818
5,412
1,231
994
71
617
5,972
5,785
5,726
5,718
857
809
227
-785
6,355
7,312
-383
-1,527
1,661
-405
292
-123
37
-501
1,333
219
4,809
6,188
650
1,458
1,068
1,083
2,121
1,820
858
1,778
972
938
1,438
106
80
96
90
117
,182
113
115
126
167
201
5,349
7,564
6,095
5,743
5,584
5,987
5,944
6,279
6,347
5,930
5,667
6,501
5,806
1,112
1,095
1,342
1,491
1,344
1,275
1,220
1,075
1,086
1,387
964
1,111
-250
296
258
367
122
408
-180
2
386
566
6,096
7,088
6,630
7,220
6,923
7,431
7,160
7,185
6,754
7,501
6,204
-747
-195
476
142
5,073 - 1 , 1 6 0
-1,976
-813
358
1,432
4,891 - 4 , 4 9 6
-3,359
1,992
-399
1,462
1,311
634
-3,605
476
-144
655
-126
209
108
-469
1,241
728
-382
646
-310
9
3
367
-103
-126
-174
257
-123
-435
37
-1,142
-170
-67
-5,100
2,373
776
1,014
500
665
1955
1956
1957
Semiannually:
1955—Jan.-June
July-Dec
1956—Jan.-June
July-Dec
1957—Jan.-June
Monthly:
1956—Nov
Dec
1957—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov.?
10,737
4,256
5,282
11,688
3,057
5,128
7,225
3,131
4,827
r
11,704
5,244
7,280
12,322
3,801
6,786
8,066
3,896
6,060
40
-69
-32
-13
Effects of operations on Treasurer's account
Operating transactions
Period
Financing transactions
Net
market
issuance
Cash balances:
inc., or dec. (—)
Net
Increase,
inv. ( - )
or
in Fed. decrease
Held
sec. by (-),in
outside
Govt.
gross Treasury
agency
direct
& trust public
funds 5
debt
Deposits in—
Net
Budget
surplus,
or
deficit
Trust
fund
accumulation,
or
deficit
Reconciliation
to Treas.
cash
1955
1956
1957
-3,117
-4,180
1,626
1,596
1,951
991
2,250
1,409
-46
-29
'309
-518
-14
602
173
1,085
-1,609
-1,362
-2,617
-2,300
5,189
3,115
-1,623
-2,224
257
-312
2,096
-551
-213
5
331
Semiannually:
1955_j an .-June
July-Dec
1956—Jan.-June
July-Dec
1957—Jan.-June
5,114
-7,885
9,511
-5,732
7,328
234
1,060
1,190
866
543
660
92
'217
-482
-36
754
-139
312
5
,090
-950
-1,217
-1,400
-697
-1,603
-4,375
6,394
-8,017
3,877
-6,101
Monthly:
1956—Nov
Dec
-908
-307
374
185
129
-875
-70
-11
-305
91
1957—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
-1,286
446
5,153
-1,731
-662
5,409
-3,290
-802
1,559
-3,370
-979
-462
363
-274
-408
777
547
-362
703
-115
-449
474
390
-200
275
333
59
-894
384
-288
43
282
382
205
35
298
253
153
147
19
87
-6
745
-23
374
-169
-245
402
-1,255
-708
324
-694
282
36
Fiscal year—1954
p
(+)of
Govt.
agency
obligations 5
Preliminary.
' Revised.
1 Consists 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 Consists primarily of (1) intra-Governmental transactions as described
in note 1, (2) net accruals over payments of interest on savings bonds
Account of Treasurer of United
States (end of period)
Treasurer's Balance
account
F. R.
Banks
(available
funds)
Treasury
Tax and
Loan
Accts.
Other
net
-956
6,766
6,216
6,546
5,590
875
380
522
498
4,836
4,365
4,633
4,082
,055
,471
,391
,010
400
-24
-189
-55
60
1,036
-1,671
2,002
-2,119
1,163
6,216
4,545
6,546
4,427
5,590
380
397
522
441
498
4,365
3,036
4,633
2,924
4,082
,471
,112
,391
,062
,010
1,734
-389
-119
45
1,074
-1,350
5,778
4,427
463
441
4,159
2,924
,156
,062
-399
40
-1,271
-991
1,226
-4,707
1,942
1,376
567
-345
679
-17
-69
112
1
-11
44
131
-40
-106
-72
-33
-1,162
584
3,824
-2,142
308
-250
-1,115
423
2,436
-3,028
558
3,265
3,849
7,673
5,532
5,840
5,590
4,475
4,898
7,335
4,307
4,865
715
458
591
509
568
498
504
477
429
552
243
1,161
2,027
5,912
3,516
4,318
4,082
2,833
3,331
5,818
2,572
3,583
,389
,364
,170
,507
954
,010
,138
,090
,088
1,183
1,039
and Treasury bills, (3) Budget expenditures involving issuance of Federal
securities, (4) cash transactions between International Monetary Fund
and the Treasury, (5) reconciliation items to Treasury cash, and (6) net
operating
transactions of Govt. sponsored enterprises.
4
Primarily adjustments 2, 3, and 4, described in note 3.
5 Excludes net transactions of Govt. sponsored enterprises, which are
included in the corresponding columns above.
55
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—
Refunds
of
receipts
Oldage
trust
fund*
High- R.re-R.
way tiretrust ment
fund acct.
,479
603
599
634
616
3,377
3,426
3,684
3,917
277
318
316
312
304
Fiscal year—1954...
1955...
1956
1957...
64,655
60,390
68,165
71,029
4,537
5,040
6,337
6,634
Semiannually:
1955—Jan.-June
July-Dec
1956—Jan.-June
July-Dec
1957—Jan.-June
38,118
25,240
42,925
28,069
42,960
2,735
2,927
3,410
2,559
4,075
643
836
Monthly:
1956—No v
Dec
4,818
5,412
587
299
164
144
1957—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
4,809
6,188
10,737
4,256
5,282
11,688
3,057
5,128
7,225
3,131
4,827
255
1807
632
617
1,229
536
346
919
486
332
671
141
205
120
124
109
137
174
219
207
183
203
Income and
profits taxes
Total
Budget
receipts
Individual
Excise
taxes
Corporation
Employment
taxes2
Other
receipts
Liquor
Mfrs.'
Torebacco and
tailers'
21,523 10,014
18,265 9,211
21,299 10,004
21,531 10,638
5,425
6,220
7,296
7,581
3,829
4,108
4,887
4,895
2,798
2,743
2,921
2,973
1,581
1,571
1,613
1,674
3,127
3,177
3,778
4,098
4,684
5,052
4,952
5,325
5,313
3,552
3,283
4,013
2,876
4,705
2,384
2,526
2,361
2,267
2,628
1,290
1,524
1,397
1,648
1,325
805
792
821
817
857
1,694
1,890
1,888
1,876
2,222
662
355
316
1,160
692
633
1,314
589
366
1,003
540
363
740
291
512
325
233
142
108
n.a.
n.a.
520
298
327
531
391
561
556
346
357
379
386
186
197
231
214
243
257
244
241
260
323
n.a.
151
132
138
133
161
142
146
157
146
159
n.a.
Withheld
Other
73,173
69,454
78,820
83,675
21,635
21,254
24,012
26,728
10,747
10,396
11,322
12,302
3,087
496
3,188
463
3,454
44,215
28,981
49,839
32,045
51,630
11,024
11,312
12,700
13,020
13,708
62
-12
5,705
5,898
3,333
2,067
103
324
380
1,825
936
815
52 5,279
203 7,486
606 12,145
1,130 6,142
1,057 7,759
406 12,819
138 3,734
124 6,475
137 8,109
120 3,796
76 5,845
1,025
3,838
2,083
819
3,690
2,253
1,047
3,678
2,163
1,333
3,415
2,101
871
785
2,827
897
1,818
269
128
1,823
204
97
461
445
7,327
520
502
6,722
541
355
2,304
429
367
856
874
931
812
965
875
955
965
922
,088
840
8,073 14,498
2,699 4,109
8,623 17,190
3,004 5,553
9,298 15,978
1,119
1,102
-1,124
n.a.
n.a.
Budget expenditures 3
Major national security
Period
Total
TotaH
Intl.
affairs
Defense Mutual Atomic and
finance
Dept., security,
military program energy
(5)
AgriVetculture
erans' Labor
and
GenNatComservagriural
eral
Intermerce
and
reculand
governest ices and welfare
benetural sources housing ment
fits
resources
Fiscal year:
1953
1954
1955
1956
1957P
74,274
67,772
64,570
66,540
69,344
51,830
47,871
42,090
41,825
44,321
43,611
40,335
35,533
35,791
38,425
5,421
4,596
3,755
3,795
3,460
,791
,895
,857
,651
,994
749
765
718
662
820
6,583
6,470
6,438
6,846
7,312
4,298
4,256
4,457
4,756
4,794
2,426
2,485
2,552
2,776
2,967
2,936
2,557
4,411
4,913
4,595
1,476
1,315
1,202
1,104
1,295
2,502
814
1,502
2,028
1,449
1,474
1,239
1,201
1,629
1,790
Semiannually:
1955—July-Dec. 6
1956—Jan.-June 7
July-Dec..
1957—Jan.- June?
33,125
33,415
33,801
35,543
20,421
21,190
21,145
23,252
17,917
17,873
18,547
19,878
1,383
2,197
1,464
2,025
797
854
930
,064
212
664
382
323
3,349
3,497
3,587
3,725
2,330
2,426
2,291
2,502
1,348
1,428
1,421
1,544
2,775
2,138
2,183
2,561
614
490
736
560
,137
891
879
551
940
689
1,181
608
4,918
5,995
5,726
5,718
3,260
3,851
3,664
3,651
2,868
3,400
3,276
3,295
204
261
201
178
149
164
160
153
50
56
72
57
574
589
585
635
353
396
407
405
219
314
207
197
187
466
319
435
108
159
175
106
58
35
213
142
117
109
102
102
6,095
5,743
5,584
5,987
5,944
6,190
6,347
5,931
5,666
3,833
3,654
3,788
4,011
3,869
4,097
3,628
3,989
3,589
3,335
3,245
3,224
3,544
3,279
3,251
3,108
3,545
3,148
269
214
349
253
377
563
311
215
226
182
150
169
183
184
196
170
190
169
29
65
43
44
57
85
77
96
53
655
592
606
611
610
651
665
635
638
410
407
414
419
444
408
377
382
362
330
236
209
285
208
276
317
272
239
551
312
397
455
308
538
664
215
386
87
94
85
82
106
106
129
161
138
85
268
-19
-6
139
84
241
108
269
100
98
81
101
124
104
120
100
104
Monthly:
1956—Sept
Oct
Nov
Dec
1957—Jan
Feb
Mar
Apr
May
Junep....
July
Aug
Sept
p
Preliminary,
n.a. Not available.
1 Beginning February 1957, includes transfers to Federal disability
insurance
trust fund.
2
Represents the sum of taxes for old-age insurance, railroad retirement, and unemployment insurance.
3 For more details, see the 1958 Budget document, pp. 1076-1084 and
pp. 1149-1150 and the Treasury Bulletin, table 3 of section on Budget
receipts
and expenditures.
4
Includes stockpiling and defense production expansion not shown
separately.
5 Revised for transfer in the Midyear Review of the 1958 Budget of
the defense-support portion of the Mutual security program from "Economic and technical development" to "Major National Security." Since
all details of the revision are not available, monthly and semiannual
data
may not add to totals.
6
Data are from Treasury Bulletin for June 1956 and are not fully comparable with data in subsequent Bulletins or with other data in this
table.
7 Derived by subtracting totals for July-December 1955 from totals for
fiscal year 1956.
56
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
Total
Bills
Certificates of
indebtedness
Total
Bonds
Notes
Bank
eligible ^
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—Dec.
1956—Dec.
64.3
278.7
257.0
256.7
259.5
267.4
275.2
278.8
280.8
276.7
57.9
278.1
256.9
256.7
259.4
267.4
275.2
278.8
280.8
276.6
50.5
255.7
225.3
220.6
221.2
226.1
231.7
233.2
233.9
228.6
41.6
198.8
165.8
152.5
142.7
148.6
154.6
157.8
163.3
160.4
2.0
17.0
15.1
13.6
18.1
21.7
19.5
19.5
22.3
25.2
38.2
21.2
5.4
29.1
16.7
26.4
28.5
15.7
19.0
6.0
23.0
11.4
39.3
18.4
30.3
31.4
28.0
43.3
35.3
33.6
68.4
68.4
44.6
41.0
58.9
63.9
76.1
81.9
80.9
1957—Jan..
Feb.,
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
276.3
276.4
275.1
274.1
275.3
270.6
272.6
274.0
274.5
274.2
274.9
275.0
276.2
276.3
275.0
274.0
275.2
270.5
272.5
273.8
274.4
274.1
274.7
274.9
228.4
228.4
227.2
226.9
226.9
221.7
224.3
225.3
226.5
226.3
227.1
227.1
160.5
160.9
159.9
160.0
160.3
155.7
158.8
160.2
161.8
162.2
163.4
164.2
25.3
25.9
25.3
25.3
26.8
23.4
26.4
28.2
26.7
26.7
26.7
26.9
19.0
20.2
19.4
19.4
21.8
20.5
20.5
34.1
35.0
34.7
34.7
34.6
35.3
33.9
34.4
34.4
30.9
31.0
31.1
17.1
19.3
19.4
20.6
20.7
80.9
80.9
80.9
80.9
80.8
80.8
80.8
80.8
80.8
81.5
81.5
82.1
1
Includes some debt not subject to statutory debt limitation (amounting
to $439 million on Dec. 31, 1957) and fully guaranteed securities, not
shown
separately.
2
Includes non-interest-bearing debt, not shown separately.
3
Includes amounts held by Govt. agencies and trust funds, which
aggregated $9,338 million on Nov. 30, 1957.
Convertible
bonds
Totals
Savings
bonds
12.1
12.5
12.0
11.8
11.4
10.8
8.9
56.9
59.5
68.1
66.4
65.0
65.1
63.6
59.2
57.4
6.1
48.2
52.1
58.0
57.6
57.9
57.7
57.7
57.9
56.3
10.7
10.6
10.5
10.4
10.3
10.3
10.2
10.1
9.9
9.7
9.6
9.5
57.2
57.0
56.7
56.5
56.3
55.7
55.3
55.0
54.8
54.4
54. f
53.4
56.0
55.8
55.6
55.4
55.2
54.6
54.3
54.0
53.8
53.5
53.2
52.5
Tax
and
savings
notes
2.5
8.2
5.4
8.6
7.5
5.8
6.0
4.5
Special
issues
7.0
20.0
29.0
33.7
35.9
39.2
41.2
42.6
43.9
45.6
45.3
45.5
45.6
45.2
46.1
46.8
46.3
46.7
46.2
46.1
46.0
45.8
4 Includes Treasury bonds and minor amounts of Panama Canal and
Postal Savings bonds.
5 Includes Series A investment bonds, depositary bonds, armed forces
leave
bonds, and adjusted service bonds, not shown separately.
6
Less than $50 million.
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Par value in billions of dollars]
Held by
U. S. Govt.
agencies andJ
trust funds
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—Dec
1955—June
Dec
1956—June
64.3
278.7
257.0
256.7
259.5
267.4
275.2
278.8
274.4
280.8
272.8
7.0
20.0
29.0
33.7
35.9
39.2
41.2
42.6
43.3
43.9
45.1
2.6
7.0
5.4
5.5
6.4
6.7
7.1
7.0
7.3
7.8
8.4
1956—Oct
Nov
Dec
275.4
277.1
276.7
45.5
45.7
45.6
1957—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
276.3
276.4
275.1
274.1
275.3
270.6
272.6
274.0
274.5
274.2
45.3
45.5
45.6
45.2
46.1
46.8
46.3
46.7
46.2
46.1
End of
month
Held by the public
banks
rations
State
and
local
govts.
21.4
90.8
68.7
61.8
61.6
63.4
63.7
69.2
63.5
62.0
57.1
3.7
10.7
12.0
10.9
9.8
9.5
9.2
8.8
8.7
8.5
8.4
8.2
24.0
23.9
18.7
16.5
16.1
15.8
15.0
14.8
14.3
13.3
4.0
22.2
14.1
19.7
20.7
19.9
21.6
19.2
18.7
23.3
17.4
.7
6.5
7.3
8.8
9.6
11.1
12.7
14.4
14.7
15.1
15.7
5.4
42.9
46.2
49.6
49.1
49.2
49.4
50.0
50.2
50.2
50.3
8.2
21.2
19.4
16.7
15.5
16.0
15.4
13.7
15.2
15.4
17.2
.9
9.1
8.4
10.5
10.6
11.7
13.2
13.9
14.4
15.6
16.2
23.8
24.4
24.9
58.0
58.6
59.3
8.1
8.1
8.0
13.2
13.1
12.8
18.5
19.2
18.6
16.0
16.1
16.1
50.2
50.1
50.1
17.4
17.4
17.0
16.3
16.0
15.9
23.4
22.9
23.1
23.2
23.1
23.0
23.4
23.5
23.3
23.3
58.3
57.7
58.1
58.0
57.7
55.8
56.8
56.6
58.3
58.1
8.1
8.1
8.1
8.0
8.0
7.9
7.9
7.9
7.9
7.8
12.9
12.8
12.6
12.5
12.4
12.3
12.3
12.2
12.2
12.2
20.2
20.9
18.0
17.9
18.5
15.7
16.3
16.8
16.1
16.1
16.2
16.3
16.6
16.8
16.8
16.9
16.9
17.1
17.2
17.2
49.9
49.7
49.6
49.4
49.3
49.1
48.9
48.8
48.6
48.4
17.3
17.8
18.6
18.6
18.3
18.3
18.7
19.2
19.6
19.5
16.2
16.2
16.3
16.0
16.4
16.1
16.3
16.0
16.0
16.1
Corn-
Mutual
Banks
banks 2
54.7
251.6
222.6
217.5
217.2
221.6
226.9
229.2
223.9
229.1
219.3
2.3
24.3
22.6
20.8
23.8
24.7
25.9
24.9
23.6
24.8
23.8
8.4
8.5
8.4
221.5
222.9
222.7
8.6
8.6
8.6
8.5
8.7
8.7
8.8
9.1
9.2
9.4
222.4
222.3
221.0
220.4
220.5
215.1
217.4
218.2
219.1
218.7
1 Includes the Postal Savings System..
2
Includes holdings by banks in territories and insular possessions,
which
amounted to about $250 million on Dec. 31, 1956.
3
Includes savings and loan associations, dealers and brokers, foreign
accounts, corporate pension funds, and nonprofit institutions.
Individuals
Insurance
companies
Federal
Total
Other
Savings
Other
bonds securities
Misc.
investors 3
NOTE.—Reported data for Federal Reserve Banks and U. S. Govt.
agencies and trust funds; Treasury Department estimates for other groups.
57
FEDERAL FINANCE
UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, DECEMBER 31, 19571
[On basis of daily statements of United States Treasury. In millions of dollars]
Issue and coupon rate
Treasury bills2
Jan. 2,1958
Jan. 9,1958
Jan. 16,1958
Jan. 23,1958
Jan. 30, 1958
Feb. 6,1958
Feb. 13, 1958
Feb. 20, 1958
Feb. 27, 1958
Mar. 6, 1958
Mar. 13, 1958
Mar. 20, 1958
Mar. 24, 1958
Mar. 27, 1958
Apr. 15, 1958
Certificates
Feb. 14, 1^58
3%
Amount
Issue and coupon rate
Certificates—Cont.
1,600
Apr. 15, 1958
1,600
Aug. 1,1958
1,600
Dec, 1,1958
1,601
1,699 Treasury notes
1,700
Apr. 1,1958
1,700
June 15,1958
1,800
Oct. 1,1958
1,801
Feb. 15, 1959
1,800
Apr. , 1959.
1,803
Oct.
, 1959.
1,700
Apr. , 1960.
3,002
May 15; 1960
1,700
, 1960.
Oct.
1,751
Apr. , 1961
Aug. 1, 1961
Oct. 1,1961
10,851
Feb. 15,1962
Apr. 1,1962
Amount
Issue and coupon rate
Treasury notes—Cont.
Aug. 15, 1962
4
Oct. 1,1962
\Vi
Nov. 15, 1962
3%
3Vi
4
3y4
2,351
11,519
9,833
ty2
383
4,392
121
5,102
119
99
198
2,406
278
144
2,609
332
647
551
2%
Vh
V/s
3\
IV
IV
35/
\y
1
Direct public issues.
2 Sold on discount basis. See table on Money Market Rates, p. 1253.
Treasury bonds
Mar. 15, 1956-583. ,2y2
Sept. 15,1956-59 3.. 214
Mar. 15, 1957-593..23/8
June 15, 1958
23/8
June 15, 1958-634..234
Dec. 15, 1958
2Vi
June 15, 1959-62...214
Dec. 15, 1959-62...214
Nov. 15, 1960
2i/8
Dec. 15, 1960-654..234
Sept. 15,1961
234
Nov. 15,1961
2Vi
Aug. 15, 1963
2i/i
Amount
2,000
140
1,143
1,449
3,818
927
4,245
Issue and coupon rate
Treasury bonds—Cont.
June 15, 1962-67... 2V
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.
Oct. 1, 1969.
Nov. 15, 1974
3%
June 15, 1978-83... 3»4
Feb. 15, 1995
3
919
2,368
5,269
3,458
3,806
1,485 Panama Canal L o a n . . . . 3
2,239
11,177 Convertible bonds
6,755
Investment Series B
Apr. 1,1975-80... 2%
Amount
2,114
2,822
3,748
3,822
4,707
2,952
1,855
2,716
3,758
657
653
1,605
2,743
50
9,527
3 Not called for redemption on first call date. Callable on succeeding
interest
payment dates.
4
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 1ype
Type of holder and date
Marketable securities, by maturity class
Total
Bills
Certificates
Notes
Market- Convertible
able
bonds2 bonds
166,882
166,050
171,137
165,985
171,669
171,939
19,514
20,808
25,179
23,420
26,658
26,659
13,836
16,303
19,023
20,473
35,010
34,692
40,729
35,952
35,294
30,973
19,317
19,412
81,128
81,890
80,878
80,839
80,823
81,474
7 162
8,236
8 242
8,554
9,050
9,198
40
273
142
130
147
211
8
355
353
416
699
681
119
688
842
1,282
1,502
1,513
3 556
3,575
3 669
3,664
3,698
3,805
Federal Reserve Banks:
1955_june 30
1956—June 30
Dec. 31 .
1957—June 30
Sept. 30
Oct. 31
23 607
23 758
24^915
23 035
23,312
23,338
886
855
1,918
287
577
574
8,274
10 944
10,975
11,367
19,934
19,956
11 646
9 157
9,219
8 579
4
2 802
2 802
2,802
2,802
2,802
2,805
Commercial banks:
1955—June 30
1956—June 30
Dec. 31
1957—June 30
Sept. 30
Oct. 31
55,667
49 673
51,466
48 734
50,848
50 663
2,721
2 181
4,934
2,853
3,892
3,880
1,455
1 004
1,600
2,913
4,263
4,013
15,385
11 620
10,714
8,984
9,132
9,073
35,942
34,712
34,071
33,839
33,419
33,556
8,069
7,735
7 431
7,397
7,426
7,331
84
107
131
163
225
178
53
37
24
114
181
157
289
356
312
367
433
476
Insurance companies:
1955—June 30
1956—June 30
Dec. 31
1957—June 30
Sept. 30
Oct. 31
13,117
11 702
11,331
10,936
10,952
11,044
630
318
349
326
421
479
74
44
66
136
232
240
Other investors:
1955—June 30
1956—June 30
Dec. 31
1957_j U ne 30
Sept. 30
Oct. 31
59 260
64,947
67,752
67 329
70,081
70,367
15,153
17,074
17,705
19,661
21,396
21,337
3 973
3,919
6,004
5,527
9,700
9,645
All holders:
1955—June 30
1956—June 30
Dec. 31
1957—June 30
Sept. 30
Oct. 3 1 . . .
U. S. Govt. agencies and trust funds:
1955_june 30
1956—June 30
Dec. 31
1957—June 30
Sept. 30
Oct. 31
Mutual savings banks:
1955_june 30
1956—June 30
Dec. 31
1957—June 3 0 . . .
Sept. 30
Oct. 31
....
1 Direct public issues.
2 Includes minor amounts of Panama Canal and Postal Savings bonds.
NOTE.—Commercial banks, mutual savings banks, and insurance com-
Total
Within
1 year
1-5
years
5-10
years
Over 10
years
11,676
11,098
10,763
10,280
9,861
9,702
155,206
154,953
160,374
155,705
161,808
162,237
49,703
58,714
68,557
71,033
72,185
71,940
38,188
31,997
41,021
39,184
44,150
44,172
33,687
31,312
17,893
14,732
14,731
14,731
33,628
32,930
32,904
30.756
30;742
31,394
3 439
3,345
3 236
3,063
3,003
2,988
3 723
4,891
5 006
5,491
6,047
6,210
74
927
928
1,138
1,267
1,314
199
500
708
1.210
1,626
1,638
506
434
317
295
302
301
2 944
3,030
3 053
2,848
2,852
2,957
23 607
23 758
24^915
23,035
23,312
23,338
17,405
20 242
22,113
20,246
20,523
20,549
3 773
1 087
'373
681
681
681
1 014
1 014
'750
750
750
1 415
1 415
1,415
1 358
1,358
1,358
164
155
147
144
142
141
55,503
49 517
51,319
48,590
50,706
50,522
7,187
7 433
11,635
12,268
12,189
11,863
21,712
18 234
24,528
23,500
25,725
25,640
21,110
19 132
10,242
8,600
8,579
8,669
5,494
4 719
4,914
4.222
4,213
4,350
6,422
6,074
5,849
5,655
5,521
5,497
1,222
1,161
1,115
1,098
1,066
1,023
6,848
6,574
6,316
6,299
6,360
6,308
164
247
241
576
593
503
533
1,057
1,082
1,182
1,208
1,405
1,319
659
601
595
595
4,746
4,468
4,358
4.040
3,991
4,001
789
760
781
648
635
660
8,479
7,789
7,464
7,277
7,249
7,274
3,145
2 791
2,671
2,549
2,414
2,390
9,972
8,911
8,660
8,387
8,538
8,654
810
632
726
955
1,031
1,090
,339
,192
1,749
[,775
1,848
.869
2,027
1,802
1,136
1,022
1,032
1,028
5,796
5,285
5,049
4.634
4! 626
4,665
12,502
13,371
13,426
11,113
7,615
7,687
23,927
26,896
27,024
27,602
28,134
28,537
3,706
3,646
3,593
3,426
3,236
3,161
55,554
61,301
64,159
63,904
66,845
67,206
24,062
29,233
32,914
35,850
36,582
36,621
10,633
10,443
12,605
10,936
13,087
13,135
7,626
7,612
4,525
3,464
3,473
3,387
13,233
14,013
14,114
13.654
13,703
14,062
S40
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.
58
SECURITY ISSUES
NEW SECURITY ISSUES 1
[Securities and Exchange Commission estimates. In millions of dollars]
Proposed uses of net proceed
all corporate issuers6
Gross proceeds, all issuers2
Noncorporate
Year or
month
Total
U.S.
Govt.s
Federal
igency'
New capital
Corporate
Bonds
69
144
134
1,695
1,583
4,555
315
637
364
620
363
226
537
535
709
864
721
1,271
486
664
260
1,875
1,227
364
Total
Publicly
offered
Pre- ComNew 7
ferred mon Total money
Pristock
stock
vately
placed
2,164 1,980
2,667 2,390
6,011 4,855
1,276
1,578
3,851
703
811
1,004
98
167
758
325
420
87
110 1,041
868
397 1,347 1,080
26
28
133
State
and
mu- Others Total
nicipal
Retirement
of
securities
Retirement
of
bank
debt,
etc. *
Miscellaneous
purposes
1939
1941
1945
5,687
15,157
54,712
2,332
11,466
47,353
13
38
506
1,128
956
795
50
30
47
1949
1950
1951
1952
1953
1954
1955
1956
21,110
19,893
21,265
26,929
28,824
29,765
26,772
22,405
11,804
9,687
9,778
12,577
13,957
12,532
9,628
5,517
216
30
110
459
106
458
746
169
2,907
3,532
3,189
4,121
5,558
6,969
5,977
5,446
132
282
446
237
306
289
182
334
6,052
6,361
7,741
9,534
8,898
9,516
10,240
10,939
4,890
4,920
5,691
7,601
7,083
7,488
7,420
8,002
2,437
2,360
2,364
3,645
3,856
4,003
4,119
4,225
2,453
2,560
3,326
3,957
3,228
3,484
3,301
3,777
425
631
838
564
489
816
635
636
1956—Nov.
Dec.
1,829
1,955
389
390
5
23
1,123
1,114
451
915
179
401
272
514
45
16
627 1,089 1,048
183 1,088 1,049
41
39
21
11
1957—Jan..
Feb..
Mar.
Apr.,
May.
June,
July.
Aug.
Sept.
Oct..
Nov.
2,432
2,123
3,248
2,362
1,785
2,401
1,977
1,934
3,980
r
2,624
3,015
496
386
1,327
390
394
362
400
392
2,263
894
1,374
311
427
685
569
503
763
539
388
516
595
437
'683
615
1,094
916
1,116
761
1,386 1,072
956
647
802
691
1,547 1,074
1,022
770
937
830
1,028
913
1,039
872
693
867
641
514
643
385
437
633
459
540
587
608
480
276
248
429
262
254
441
311
290
327
264
213
34
26
38
46
25
66
22
31
19
68
24
144
329
276
264
85
407
230
76
96
100
150
1,063 1,026
1,071
927
1,344 1,271
924
864
771
707
1,489 1,419
991
930
914
905
973
949
1,014
976
831
793
38
144
73
61
64
69
60
9
24
38
38
11
22
21
13
15
31
15
9
40
12
19
72
125
"60"
215
"ioo"
84
53
32
128
51
44
38
10
37
8
59
736 5,558
811 4,990
1,212 7,120
1,369 8,716
1,326 8,495
1,213 7,490
2,185 8,821
2,301 10,384
4,606
4,006
6,531
8,180
7,960
6,780
7,957
9,663
401
Proposed uses of net proceeds, major groups of corporate issuers
Year or
month
Manufacturing
RetireNew
ment of
capital* o securities
1949
1950
1951
1952
1953
1934
1955
1956
Commercial and
miscellaneous
New
Transportation
Public utility
RetireRetirement of
New
ment of
New
secu- capital1(
secu- capital10
rities
rities
1,347
1,026
2,846
3,712
2,128
2,044
2,397
3,336
44
149
221
261
90
190
533
243
310
474
462
512
502
831
769
682
28
63
56
24
40
93
51
51
784
609
437
758
553
501
544
694
1956—Nov.
Dec.
147
526
19
5
2
3
45
148
153
157
1957_j an ..
Feb..
Mar.
Apr..
May,
June.
July.
Aug.
Sept.
Oct..
Nov.
381
543
366
314
135
626
234
242
331
126
243
110
33
42
94
32
53
55
29
71
50
36
57
38
1
4
9
()
3
1
10
6
5
2
3
101
31
85
65
80
51
45
30
52
12
38
247
247
490
351
348
436
244
251
418
302
297
r
1
2
2
4
3
4
21
5
Revised.
Estimates of new issues sold for cash in the United States.
Gross proceeds are derived by multiplying principal amounts or number3 of units by offering price.
Includes guaranteed issues.
4
Issues not guaranteed.
5 Represents foreign governments, International Bank for Reconstruction and Development, and domestic eleemosynary and other nonprofit
organizations.
11
196
53
225
36
270
338
20
2,043
1,927
2,326
2,539
2,905
2,675
2,254
2,474
Retirement of
securities
233
682
85
88
67
990
174
14
()
14
16
5
8
(9)
8
Communication
Real estate
and financial
RetireRetireNew
ment of
New
ment of
secu- capital™
secuapital™
rities
rities
517
314
600
747
871
651
1,045
1,384
596
73
105
46
281
47
82
137
54
126
65
363
91
49
81
5
6
3
60
77
21
1
1
558
639
449
448
1,536
788
1,812
1,815
35
100
66
60
24
273
56
17
37
151
187
108
91
93
72
210
343
215
47
1
30
154
123
6
Estimated net proceeds are equal to estimated gross proceeds less cost
of 7flotation, i.e., compensation to underwriters, agents, etc., and expenses.
Represents proceeds for plant and equipment and working capital.
8
Represents proceeds for the retirement of mortgages and bank debt
with original maturities of more than one year. Proceeds for retirement of
short-term bank debt are included under the uses for which the bank
debt was incurred.
• Less than $500,000.
1
° Represents all issues other than those for retirement of securities.
59
BUSINESS FINANCE
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
[In millions of dollars]
Annual totals
Quarterly totals
1956
Industry
1951
1952
1953
1954
1955
1957
1956
1
2
3
4
1
2
3
Manufacturing
Total (200 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Nondurable goods industries (94 corps.): *
Sales
Profits before taxes
Profits after taxes
Durable goods industries (106 corps.):2
Sales
Profits before taxes
Profits after taxes
Dividends
Selected industries:
Foods and kindred products (28 corps.):
Sales
Profits before taxes
Profits after taxes
Chemicals and allied products (26 corps.):
Sales
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
52,940
8,869
3,548
2,075
54,517
7,308
3,192
2,073
63,343
8,375
3,649
2,154
58,110
7,244
3,825
2,384
69,876 71,901 18,131 18,457 16,119 19,193 19,754 19,424 17,994
10,250 9,253 2,603 2 509 1,700 2,441 2,751 2 575 2 053
5,231 4,842 1,302 1,305
914 1,321 1,420
1,339 1,107
723
2,827 2,972
703
706
752
841
757
757
18,916 19,266 20,694 20,620
3,447 2,853 3,028 2,753
1,533 1,392 1,526 1,581
972 1,064
946
925
23,106 24,762 6,079 6 135 6,084 6,464
3,413 3,468
808
907
876
877
503
466
1,985
1,918
491
526
1,202
305
1,249
290
295
359
34,024
5,422
2,015
1,149
46,770 47,139 12,052 12,322 10,036 12,730 13,150 12,914 11,472
892 1,564 1,810 1,702 1 209
6,836 5,784 1,696 1 633
3,313 2,857
448
799
815
794
836
620
883
1,724
1,625
418
413
482
437
439
438
411
35,251
4,455
1,800
1,127
42,649
5,346
2,123
1,182
37,490
4,491
2,244
1,320
6,604
941
537
315
6 510 6 522
873
844
503
487
318
319
4,909 5,042 5,411 5,476 5,833
453
473
465
462
499
227
203
212
224
244
154
154
159
156
160
6,300 1 530 1 569 1 561 1,640
141
561
126
145
149
71
275
58
74
71
166
41
37
38
50
1 618
133
63
39
1 642 I 663
154
158
75
77
40
41
5,882 5,965 6,373 6,182 7,222
1,490 1,259 1,308 1,153 1,535
521
486
520
593
782
396
417
381
499
597
7,726 1,879 1 957 1,889 2,001
342
1,500
388
380
389
178
776
196
195
207
602
143
141
181
138
2,045
395
197
150
2,047 2,065
394
397
202
201
152
150
7,185 1,764 1,742 1,770 1,909
916
218
248
223
226
163
688
177
163
184
82
89
346
93
82
14 952 16,062 4 209 4 415 3 098 4,340
267
2,377 2,366
690
712
697
1,233
145
1,195
346
363
378
606
141
140
137
188
522
8,477 9,798 2,167 2,463 2,422 2,746
233
943
912
267
243
200
125
460
465
139
120
76
321
281
79
78
78
87
2,048
298
220
91
1,941 1,920
219
193
172
161
91
95
4 272
678
344
157
4,270 3 830
652
515
327
267
157
158
2,624
296
142
79
2,750 2,669
305
273
148
136
82
81
12,707 13,038 16,611 14,137 18,826 16,336 4,578 4,195 3,347 4,215
1,950 1,982 2,078 1,789 3,023 1,940
272
689
470
509
717
709
118
898
758
863 1,394
320
242
214
164
656
486
469
693
162
164
469
536
166
4,993
713
337
167
4,522 3,689
603
293
292
152
166
164
10,581 10,664 9,371 10,106 10,551 2,535 2,704 2,590 2,722
252
298
1,438 1,436
908 1,341
343
375
1,267
874
825
903
682
927
163
237
208
266
445
412
70
338
379
448
110
116
148
2,575
247
161
124
6,549 7,136 7,588 8,360
1,740 1,895 2,049 2,304
947 1,030 1 134 1,244
725
780
942
868
9,059 2,398 2,185 2,175 2,302
710
592
568
586
2,457
374
321
302
331
1,329
1,013
247
256
248
262
2,549
731
393
269
2,660 2,676
264
286
182
191
111
83
2,318 2,344
596
600
326
327
270
265
3,729 4,136 4,525 4,902 5,425
691
787
925 1,050 1,282
341
384
452
525
638
318
355
All
448
496
5,966 1,439 1,480 1,495 1,552
1,430
339
352
359
380
715
169
176
190
180
552
132
136
147
137
1,560
387
195
148
1,611 1,623
388
387
195
195
150
155
5,078 5,411 5,883 6,015 6,556
728
841
854
911
751
524
603
560
567
624
262
283
290
317
294
12,507 11,564 13,750 11 522
2,098 1,147 1,817 1,357
564
778
790
705
382
369
407
377
6,168 7,077 8,005 7,745
1,000
971 1,011
914
365
375
402
465
192
199
237
263
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
10,391
1,260
693
328
6,058
1,482
814
651
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, whiefti
together represent about 85 per cent of all telephone operations. Divi^
dends are for the 20 operating subsidiaries and the two affiliates.. I>ata«
are obtained from the Federal Communications Commission.
All series. Profits before taxes refer to income after all charges andl
before Federal income taxes and dividends. For detailed description of
series, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing);
pp. 215-217 of the BULLETIN for March 1942 (public utilities); and p. 908
of the BULLETIN for September 1944 (electric power).
60
BUSINESS FINANCE
CORPORATE PROFITS, TAXES, AND DIVIDENDS
NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i
[Department of Commerce estimates. la billions
of dollars]
[Securities and Exchange Commission estimates. In millions of dollars]
All types
Year or
quarter
Profits
In- Profits Cash Undisbefore come after
divi- tributed
taxes taxes taxes dends profits
1949
1950
1951
1952
1953
1954
1955
1956
26.2
40.0
41.2
35.9
37.0
33.5
42.5
43.0
10.4
17.8
22.5
19.8
20.3
17.4
21.5
22.0
15.8
22.1
18.7
16.1
16.7
16.0
21 0
21.0
7.5
9.2
9.1
9.0
9.3
9.9
11.0
11.9
8.3
12.9
9.6
7.1
7.4
6.1
9.9
9.2
1956—1
2
3
4
43.3
42.4
40.8
45.6
22.1
21.6
20.8
23.3
21.2
20.7
19.9
22.3
11.7
12.0
12.1
11.5
9.5
8.7
7.8
10.8
1957—1
2
43.9
42.0
22.4
21.4
21.5
20.5
12.4
12.5
9.1
8.0
3
41.8
21.3
20.4
12.6
7.8
Year or
quarter
Bonds and notes
Stocks
New RetireNew RetireNew RetireNet
Net
Net
issues ments change issues ments change issues ments change
1949
1950
1951
1952
1953
1954
1955
1956
6,731
7 224
9,048
10 679
9,550
11 694
12.474
13,007
1.875
3.501
2,772
2,751
2,429
5 629
5,599
4,519
1956—3
4
3 336
3,477
1957—1
2
3
3,666
3,739
3,474
4.856
3 724
6,277
7 927
7,121
6 065
6,875
8,488
4,867
4 806
5.682
7 344
6.651
7 832
7,571
7,937
1,583
2,802
2,105
2 403
1,896
4 033
3,383
2,768
991
998
2 345 2 182
2,479 1,833
783
867
802
2,884 2,377
2,873 2,367
2,672 2,554
3,284
2,004
3.577
4 940
4,755
3 799
4,188
5,170
1,865
2,418
3,366
3,335
2,898
3 862
4,903
5,070
292
698
667
348
533
1 596
2,216
1,751
1,572
1 720
2,700
2 987
2,366
2 265
2,687
3,319
650
593
1,531 1,154
1,240 1,644
340
404
814
1,239
553
626
554
1,824 1,289
1,741 1,373
2,000
920
230
241
248
1,059
1,132
672
1
Reflects cash transactions only. As contrasted with data shown on p. 58, 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. 58.
NOTE.—Quarterly data are at seasonally adjusted
annual rates.
CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
[Securities and Exchange Commission estimates. In billions of dollars]
Current assets
End of year
or quarter
Net
working
capital
Total
Cash
133.1
161.5
179.1
186.2
190.6
194.6
214.6
26.5
28.1
30.0
30.8
31.1
33.4
34.0
16.8
19.7
20.7
19.9
21.5
19.2
23.3
4
102 7
103.4
104.4
214.7
220.4
225.7
32.1
32.6
34.7
17.4
17.5
18.6
1957_1
2
3
106 0
107.0
107.7
224.9
224.5
228.9
31.9
32.5
33.2
18.0
15.7
16.1
1956—2...
3
1
Notes and aects.
receivable
U. S.
Govt.
securities
72.4
81.6
86.5
90.1
91.8
91.8
98.9
1949
1950
1951
1952
1953
1954
1955
Current liabilities
U.S.
Govt.2
Inventories
Other
47.9
53.6
57.0
57.3
61.4
69.9
9 3
16.7
21.3
18.1
18.7
15.5
18.4
14.0
14.9
16.5
18.7
20.7
23.5
25.1
Total
U.S.
Govt. 2
Other
37 .5
3.5
60.7
79.8
92.6
96.1
98.9
102.8
115.7
1.3
2.3
2.2
2.4
2.3
3.8
3.8
3.6
112.1
117.0
121.3
2.5
2.5
2.4
71.4
73.0
74.9
12.3
14.4
16 8
25.8
27.1
27.2
4.0
4.0
4.2
118.9
117.6
121.2
2.5
2.6
2.6
74.1
74.4
75.2
14.4
12.2
13.8
28.0
28.3
29.6
45.3
55.1
64.9
65.8
67.2
65.3
70.0
1.4
1.7
2.1
2.4
2.4
3.1
2.3
55.7
58.8
64.6
65.9
71.2
81.6
2.3
2.4
2.6
84.3
88.1
88.8
74.8
76.0
77.3
2.5
2.5
2.4
89.4
90.5
92.9
79.1
79.3
80.0
43 .0
2.7
2.8
2.6
2.4
Other
Other
Federal
income
tax
liabilities
Notes and accts.
payable
.4
2
Receivables from, and payables to, the U. S. Government exclude
amounts offset against each other on corporations' books.
Excludes banks and insurance companies.
BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
[Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars]
Year
1949
1950
1951
1952
1953
1954
1955
1956
19574
1
Total
19.3
20.6
25.6
26 5
28.3
26.8
28.7
35.1
37.0
Manufacturing
7.1
7.5
10.9
11.6
11.9
11.0
11.4
15.0
16.0
Transportation
Mining
.8
.7
.9
1.0
1.0
1.0
1.0
1.2
1.3
Railroad
1.4
.1
.5
.4
1.3
.9
.9
1.2
1.4
Other
.9
1.2
1.5
6
1.6
7
1.8
Corporate and noncorporate business, excluding agriculture.
2 Includes trade, service, finance, and construction.
Public Com2
utili- muni- Other
cations
ties
3.1
3.3
3.7
3.9
4.6
4.2
4.3
4.9
6.3
4.7
5.7
5.9
5.6
6.3
6.5
7.5
8.4
1.3
1.3
1.5
1.7
1.7
2.0
2.7
10 .3
Manufactur- Trans- Public
ing
All
portautiliand
other 3
tion
ties
mining
Quarter
Total
1956—3. . .
4
8.9
9.8
4.1
4.8
.7
.8
1.3
1.5
2.7
2 8
1957—1
3
44
8.3
9.6
9.4
9.8
3.8
4.5
4.3
4.7
.7
.8
.8
.8
1.2
1.5
1.7
.8
2 6
2.7
2.5
25
1958—14
8.2
3.7
.7
1.4
2.3
3 Includes communications and other.
Anticipated by business.
4
61
REAL ESTATE CREDIT
MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER
[In billions of dollars]
1Nonfarm
All properties
End of year
or quarter
All
holders
Other
holders
Financial
insti- Selected Inditutions Federal viduals
agenand
cies
others
Farm
1- to 4-family houses
Multi-family and
commercial properties 1
Total
Finan*
cial
institutions
Other
holders
Total
Financial
institutions
Other
holders
All
holders
All
holders
Financial
Other
insti- holders*
tutions
37.6
35.5
20.7
21.0
2.0
.9
14.9
13.7
31.2
30.8
18.4
18.6
11.2
12.2
7.2
6.4
12.9
12.2
8.1
7.4
4.8
4.7
6.4
4.8
1.5
1.3
4.9
3.4
1949
1950 .
1951
1952
1953
1954
1955
1956
62.7
72.8
82.3
91.4
101.3
113.8
130.0
r
144.7
42.9
51.7
59.5
66.9
75.1
85.8
99.4
111.2
1 1
1.4
2.0
2.4
2 8
2.8
3.1
3.6
18.7
19.8
20.8
22.1
23.5
25.2
27.5
29.9
57.1
66.7
75.6
84.2
93.6
105.5
120.9
r
134.8
37.6
45.2
51.7
58.5
66.1
75.7
88.2
99.0
28.5
35.4
41.1
46.8
53.6
62.5
73.8
83.4
9.1
9.8
10.7
11.7
12.5
13.2
14.4
15.6
19.5
21.6
23.9
25.7
27.5
29.8
32.7
35.8
12 3
14.0
15.9
17.2
18 5
20.0
21.9
23.9
7.2
7.6
8.0
8.4
9.0
9.8
10.8
11.9
5 6
6.1
6.7
7.3
7 8
8.3
9.1
9 9
2 1
2.3
2.6
2.8
3 0
3.3
3.6
3 9
3 5
3.7
4.1
4.4
4 8
5.0
5.4
6 0
1956—Mar
June
Sept
Dec
r
133.6
H37.6
141.4
'144.7
102.3
105.5
108.7
111.2
3.2
3.2
3.3
3.6
28.2
28.8
29.4
29.9
124 2
128.0
131.6
r
134.8
90.8
96.6
99.0
76.2
78.8
81.4
83.4
14.6
14.9
15.2
15.6
33.4
34.3
35.1
35.8
22.4
22.9
23.4
23.9
11.0
11.3
11.6
11.9
9.4
9.6
9 8
9.9
3.7
3.8
3 9
3.9
5.7
5.8
5 9
6.0
147.4
150.3
153.5
113.0
115.3
117.7
4.0
4.2
4.5
30.4
30.8
31.3
137.3
140.1
143.1
101.0
103.3
105.6
84.9
86.8
88.7
16.2
16.5
16.9
36.3
36.8
37.5
24.2
24.6
25.1
12.0
12.2
12.4
10.1
10 3
10.4
3.9
4 0
4.0
6.2
6 4
6.4
1941
1945
.
1957—Mar.Pp
June v
Sept
.
r
r
P Preliminary.
Revised.
1 Derived figures, which include negligible amount of farm loans held
by savings and loan associations.
2 Derived figures, which include debt held by Federal land banks and
Farmers Home Administration.
NOTE.—Figures for first three quarters of each year are Federal Reserve
estimates. Financial institutions represent commercial banks (including
nondeposit trust companies but not trust departments), mutual sayings
banks, life insurance companies, and savings and loan associations
r
93.7
r
r
Federal agencies represent HOLC, FNMA, and VA (the bulk of the
amounts through 1948 held by HOLC, since then by FNMA). Other
Federal agencies (amounts small and separate data not readily available
currently) are included with individuals and others.
Sources.—Federal Deposit Insurance Corporation, Federal Home Loan
Bank Board, Institute of Life Insurance, Departments of Agriculture
and Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of the Currency, and Federal Reserve.
MORTGAGE LOANS HELD BY BANKS i
[In millions of dollars]
Mutual savings bank holdings 3
Commercial bank holdings 2
End of year
or quarter
Residential
Total
Total
1941
1945
1949
1950 .
1951
1952
1953
1954
1955
1956
1956—Mar
June
Sept
Dec
1957—Mar
June p
Sept.
.
FHAinsured
VAguaranteed
Residential
Conventional
Farm
Total
Total
FHAinsured
VAguaranteed
Conventional
Other
nonfarm
Farm
4,906
4,772
3,292
3,395
1,048
856
566
521
4,812
4,208
3,884
3,387
900
797
28
24
11,644
13 664
14,732
15,867
16,850
18,573
21,004
22,719
8 676
10 431
11,270
12 188
12,925
14,152
15,888
17,004
3,421
3,675
3,912
4,106
4,560
4,803
2,921
3,012
3,061
3,350
3,711
3,902
4,929
5,501
5,951
6,695
7,617
8,300
2,060
2,264
2,458
2,621
2,843
3,263
3,819
4,379
909
968
1,004
1,058
1,082
1,159
1,297
1,336
6,705
8,261
9,916
11,379
12,943
15,007
17,457
19,745
5,569
7,054
8,595
9,883
11,334
13,211
15,568
17,703
2,567
3,168
3,489
3,800
4,150
4,409
1,726
2,237
3,053
4,262
5,773
7,139
4,303
4,477
4,792
5,149
5,645
6,155
1.099
1,164
1,274
1,444
1,556
1,740
,831
1,984
37
44
47
53
53
56
58
59
21,450
21 990
22,500
22,719
16,180
16 500
16,860
17,004
4,610
4 668
4,760
4,803
3,770
3 837
3,890
3,902
7,800
7,995
8,210
8.300
3,950
4,137
4,282
4,379
1,320
1,353
1,358
1,336
18,045
18,610
19,225
19,745
16,123
16,644
17,218
17,703
4,210
4,274
4,350
4,409
6,155
6,506
6,840
7,139
5,758
5 864
6,028
6,155
1,860
1 898
1,944
1.984
62
68
63
59
22,670 16,880
22 760 16 890
23,105 17,070
4,770
4 730
4,760
3,810
3,720
3,660
8,300
8,440
8,650
4,440
4,500
4,660
1,350 20,105 18,035
1,370 20,475 18,384
1,375 20,812 18,697
4,455
4,500
4,550
7,330
7,520
7,677
6,250
6 364
6,470
2,010
2 033
2,058
60
58
57
p Preliminary
1 Represents all banks in the United States and possessions.
2
Includes loans held by nondeposit trust companies but excludes
holdings of trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member
Bank Call Report and from weekly reporting member banks.
3 Figures for 1941 and 1945, except for the grand total, are estimates
Other
nonfarm
based on Federal Reserve preliminary tabulation of a revised series of
banking statistics. March and September figures are Federal Reserve
estimates based in part on data from National Association of Mutual
Savings Banks.
Sources.—All-bank series prepared by Federal Deposit Insurance
Corporation from data supplied by Federal and State bank supervisory
agencies, Comptroller of the Currency, and Federal Reserve.
62
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
Vaguaranteed
FHAinsured
Total
Farm
Total
Other
Total
1941.
1945.
976
1949.
1950.
1951.
1952.
1953.
1954.
1955.
1956.
3,430
4,894
5,134
3,978
4,345
5,344
6,623
6,715
3,123
4,532
4,723
3,606
3,925
4,931
6,108
6,201
1,350
1,486
1,058
864
817
672
971
842
131
938
1,294
429
455
1,378
1,839
1,652
1,642
2,108
2,371
2,313
2,653
2,881
3,298
3,707
1956—Nov..
Dec..
562
554
529
517
60
55
120
133
1957—Jan...
Feb..
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct..
Nov..
553
402
429
454
426
367
432
435
408
435
362
512
356
376
419
391
338
404
412
383
404
335
51
43
43
49
44
48
53
50
82
67
60
141
98
73
93
94
53
64
58
43
51
38
FHAinsured
6,442
6,636
5,529
5,860
815
1,394
307
362
411
372
420
413
515
514
12,906
16,102
19,314
21,251
23,322
25,976
29,445
32,989
11,768
14,775
17,787
19,546
21,436
23,928
27,172
30,508
3,454
4,573
5,257
5,681
6,012
6,116
6,395
6,627
349
329
33
37
32,709
33,017
30,243
30,546
6,649
6,654
320
215
260
277
253
237
287
304
258
286
237
41
46
53
35
35
29
28
23
25
31
27
33,279
33,479
33,672
33,840
34,022
34,159
34,356
34,547
34,697
34,859
34,986
30,810
31,001
31,179
31,334
31,498
31,620
31,794
31,978
32,122
32,274
32,396
6,658
6,671
6,666
6,671
6,673
6,670
6,671
6,677
6,690
6,706
6,720
VAguaranteed
Farm
Other
4,714
4,466
913
776
1,224
2,026
3,131
3,347
3,560
4,643
6,074
7,304
7,090
8,176
9,399
10,518
11,864
13,169
14,703
16,577
1,138
1,327
1,527
1,705
1,886
2,048
2,273
2,481
7,214
7,318
7,420
7,493
7,556
7,603
7,656
7,677
7,702
7,725
7,736
7,753
7,758
16,380
16,574
2,466
2,471
16,732
16,837
16,957
17,060
17,169
17,273
17,421
17,576
17,696
17,815
17,918
2,469
2,478
2,493
2,506
2,524
2,539
2,562
2,569
2,575
2,585
2,590
NOTE.—For loans acquired, the monthly figures may not add to annual
totals, and for loans outstanding, the end-of-December figures may differ
from end-of-year figures, because monthly figures represent book value of
edger assets whereas year-end figures represent annual statement asset
values, and because data for year-end adjustments are more complete.
Source.—Institute of Life Insurance; end-of-year figures are from
Life Insurance Fact Book, and end-of-month figures from the Tally of
Life Insurance Statistics and Life Insurance News Data.
MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS
NONFARM MORTGAGE RECORDING OF $20,000 OR LESS
[In millions of dollars]
[In millions of dollars]
Loans outstanding (end of period)
Loans made
Year or
month
Tot aU
New
construction
Home
purchase
Total 2
1941
1945
1 379
1, 913
437
181
1 ,358
5 ,376
1949
1950
1951
1952
1953
1954
1955
1956
636
5, 237
5, ?50
,559
2 ,246
? ,357
? ,955
3 ,488
3 ,846
5 ,?41
4 ,7?7
11 ,616
13 ,657
15 ,564
18 ,396
969
11J 43?
10 545
1 083
1,767
1 657
2 105
2,475
3 076
4,041
3 771
784
710
714
709
84?
899
968
9?5
969
1 001
891
980
768
6 617
7. 767
581
FHAinsured
VAConguarvenanteed tional 2
4 ,578
717
848
866
904
?1 96?
?6 ,194
31 ,461
35 ,7?9
1,048
1,172
,405
1,486
277
250
360 35 497
3?0 35 ,7?9
1,486
245
243
298
317
360
319
318
331
292
341
250
3?6
318
366
391
41?
415
46?
470
4?3
443
358
? . 586
2, 973
3, 133
3 , 394
3, 979
4 , 7?1
5, 891
6, 643
8,313
9,836
11,565
14,098
16,935
20,301
24,165
27,600
1956
Nov
Dec
48?
6 603 27,412
6, 643 27,600
1957
Jan
Feb
Mar
Apr
May
June
July . .
Aug
Sent
Oct
Nov
35 ,9?9
36 ,195
36 ,559
36 .963
37 ,4?1
37 ,886
38 ,?80
38 ,743
39 ,106
39 ,53?
39 ,835
1,488
1,493
1,499
1,508
1,520
1 530
1,545
1 560
1,573
1,591
1,597
6, 659 27,782
6, 68? 28,020
6j
7?4 28,336
28,681
29,068
29,467
29,831
30,263
30,600
30,995
31,275
6, 774
6, 833
6 889
6, 904
6 9?0
6 933
6 946
6 963
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.
By type of lender
(without seasonal adjustment)
Total
Year or
month
Season- Without
ally
seasonal
adadjust-2
justed i
ment
Savings &
loan
assns.
Insurance
companies
1941
1945
4 732
5,650
1 490
2,017
404
1 165
1,097
218
250
1949
1950
1951
1952
1953
1954
1955
1956
11 828
16,179
16 405
18,018
19,747
22 974
28,484
27,088
3 646
5,060
5 295
6,452
7,365
8 312
10,452
9,532
1,046
1,618
1,615
1,420
1,480
1,768
1,932
1,799
2,446
3,365
3,370
3,600
3,680
4,239
5,617
5,458
750
1,064
1,013
1,137
1,327
1,501
1,858
1,824
2,119
2,094
2,108
1,951
717
660
136
138
408
366
152
148
2,056
2,050
2 011
2 042
2,031
2 046
2,047
2,056
2 032
1,983
1,942
1,749
1 937
2,044
2,144
2 028
2,211
2,208
2,026
2,226
1,877
659
134
353
117
644
744
798
105
115
116
308
334
357
840
795
125
119
374
363
852
883
796
855
686
130
132
124
132
117
390
378
354
395
333
96
99
110
121
126
142
137
121
131
Commercial
banks
Mutual
savings
banks
217
1956
Nov
Dec
1957
Jan
Feb
Mar
Apr
May
June .
July
Aug
Sept .
Oct
Nov
.
117
1 Three-month moving average, seasonally adjusted by Federal Re
serve.
2 Includes amounts for other lenders, not shown separately.
Source.—Federal Home Loan Bank Board.
63
REAL ESTATE CREDIT
GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE
MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- TO 4-FAMILY PROPERTIES
[In millions of dollars]
[In billions of dollars]
VA-guaranteed loans
FHA-insured loans
Home
mortgages
Year or month
Total
Proj-
New
properties
Existing
properties
type
mortgages i
Property
imTotaP
provement2
loans
Home
mortgages
New
properties
257
217
20
171
192
1949
1950
1951
1952
1953
1954
1955
1956
3,826
4,343
3,220
3,113
3,882
3,066
3,807
3,461
1,319
1,637
1,216
969
1,259
1,035
1,269
1,133
892
856
713
974
1,030
907
1,816
1,505
1,021
1,157
582
322
259
232
76
130
594
694
708
848
1,334
891
646
692
1,426
3,072
3,614
2,719
3,064
4,257
7,156
5,868
793
1,865
2,667
1,823
2,044
2,686
4,582
3,910
628
1,202
942
890
1,014
1,566
2,564
1,948
1956—Nov
Dec
279
249
89
76
124
98
4
27
62
48
462
472
315
321
146
150
1957
300
266
317
264
292
247
333
340
273
422
329
87
74
75
68
60
60
67
63
57
87
86
107
85
86
90
94
104
124
122
116
145
145
29
50
96
41
80
18
76
67
14
79
33
77
56
60
66
58
65
65
88
85
111
65
555
431
380
350
286
276
268
251
295
280
213
393
316
285
271
218
213
206
193
228
229
182
162
113
94
78
68
62
62
58
66
50
30
Sept
Oct
Nov
1
2
Monthly figures do not reflect mortgage amendments included in annual totals.
These loans are not ordinarily secured by mortgages.
3 Includes a small amount of alteration and repair loans, not shown separately; only such
loans in amounts of more than $1,000 need be secured.
NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed
loans, gross amount of loans closed. Figures do not take account of principal repayments
on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type
are derived from data on number and average amount of loans closed.
Sources.—Federal Housing Administration and Veterans Administration.
FHA- VAinguarsured anteed
1945
18.6
4.3
4.1
.2
14.3
1949
1950
1951
1952
1953
1954
1955
1956
37.6
45 2
51.7
58 5
66.1
75.7
88 2
99.0
15.0
18 9
22.9
25 4
28.1
32.1
38 9
43.9
6.9
8 6
9.7
10.8
12.0
12.8
14 3
15.5
8.1
10.3
X'i.l
14.6
16.1
19.3
24 6
28^4
22.6
26.3
28^8
33.1
38.0
43.6
49 3
55.1
1956—Mar
June...
Sept
Dec
90.8
'93.7
'96.6
99.0
40.2
41.3
42.5
43.9
14.7
15.0
15.2
15.5
25.5
26.3
27.3
28.4
1957—Mar.*..
June*..
Sept.*..
101.0
103.3
105.6
45.1
45.9
46.5
15.7
15.9
16.1
29.4
30.0
30.4
FEDERAL HOME LOAN BANK LENDING
[In millions of dollars]
[In millions of dollars]
t956
Dec
1957 Jan
Feb
Mar . .
Apr
May
June
July
Aug . . . . . . . .
Sept
Oct
Nov
Dec
Advances outstanding
(end of period)
Total
FHAinsured
VAguaranteed
Purchases
Sales
1945
278
213
195
176
19
1,347
1,850
2,242
2,462
2,434
2,615
3,047
3,974
169
204
320
621
802
901
978
1,237
1,177
1,646
1,922
1,841
1,632
1,714
2,069
2,737
1,044
677
538
542
614
411
609
1,119
469
111
56
221
525
62
5
2
485
239
323
638
476
76
360
764
1950
1951
1952
1953
1954
1955
1956
1957
675
423
586
728
734
1,251
745
1,119
292
433
528
640
818
702
934
1,079
816
806
864
952
867
1,417
1,228
1,265
547
508
565
634
612
991
798
731
269
298
299
317
255
426
430
534
3,047
978
2,069
109
360
1956—Dec.
121
47
1,228
798
430
3,182
3,295
3,409
3,491
3,551
3,605
3,654
3,718
3,783
3,849
3,909
3,974
1.009
,026
,053
,074
,087
1,100
,112
,132
,152
.170
1,197
1,237
2,173
2,269
2,356
2,417
2,464
2,505
2,541
2,586
2,631
2,679
2,712
2,737
147
129
127
95
75
69
83
78
82
79
75
80
411
436
483
493
518
525
626
680
712
726
717
764
1957—Jan..
Feb.,
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
77
30
68
73
73
135
131
83
96
83
74
196
267
91
83
62
52
48
171
50
49
70
62
74
1,038
976
961
971
993
1,079
660
601
563
544
559
614
638
663
688
686
689
731
378
375
398
427
434
465
402
409
431
445
454
534
1
1
1
Operations beginning Nov. 1, 1954, are on the basis of FNMA's new
charter, under which it maintains three separate programs: secondary
market, special assistance, and management and liquidation.
Source.—Federal National Mortgage Association.
55.9
57.4
59.1
Commitments
undisbursed
End of year
or month
1950
1951
1952
1953
1954
1955
1956
1957
Mortgage
transactions
(during
period)
50.6
52.4
'"54.1
55.1
r
P Preliminary.
'Revised
NOTE.—For total debt outstanding, figures for first
three quarters of year are Federal Reserve estimates.
For conventional, figures are derived.
Sources.—Federal Home Loan Bank Board, Federal
Housing Administration, Veterans Administration, and
Federal Reserve.
FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY i
Mortgage holdings
Conventional
Total
Total
665
AUE
End of
year or
quarter
Existing
properties
1945
Jan
Feb
Mar
Apr
May
June
July
Governmentunderwritten
Year or month
Advances
Repayments
Total
1,040
1,072
1,119
1,131
1,143
1,265
Shortterm 1
Longterm2
1 Secured or unsecured loans maturing in one year or less.
2 Secured loans, amortized quarterly, having maturities of more than
one year but not more than ten years.
Source.—Federal Home Loan Bank Board.
64
CONSUMER CREDIT
CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars]
Instalment credit
Total
End of year or month
Total
Automobile
paper i
Other
consumer
goods
paper i
Noninstalment credit
Repair
and modernization
loans 2
Personal
loans
Total
Singlepayment
loans
Charge
accounts
Service
credit
518
597
845
I939
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
1949
1950
1951
1952
1953
1954
1955
1956
17,305
21,395
22,617
27,401
31,243
32,292
38,670
42,097
11,590
14,703
15,294
19,403
23,005
23,568
28,958
31,827
4,555
6,074
5,972
7,733
9,835
9,809
13,472
14,459
3,706
4,799
4,880
6,174
6,779
6,751
7,634
8,510
898
1 016
1,085
1,385
1,610
1.616
,689
,895
2,431
2,814
3,357
4,111
4,781
5,392
6,163
6,963
5,715
6 692
7,323
7,998
8,238
8,724
9,712
10,270
1,532
1,821
1,934
2,120
2,187
2,408
3 002
3,253
2,795
3 291
3 605
4,011
4 124
4,308
4 579
4 735
1,388
1 580
1 784
1,867
1 927
2,008
2 131
2,282
1956
Nov
Dec
40,831
42,097
31,240
31,827
14,469
14,459
8,066
8,510
,890
,895
6,815
6,963
9,591
10,270
3,258
3,253
4,072
4,735
2,261
2,282
1957
Jan
Feb
Mar
Apr
Mav
June
July
Aus
Sept
Oct
Nov
41,138
40,738
40,735
41,247
41,937
42,491
42,592
43,133
43,270
43,274
43,530
31,568
31,488
31,524
31,786
32,158
32,608
32,968
33,303
33,415
33,504
33,596
14,410
14,432
14,528
14,691
14,883
15,127
15,329
15,490
15,556
15,579
15,542
8,305
8,160
8 043
8,017
8 081
8,165
8,189
8,229
8,228
8,236
8,300
[ 872
,859
856
,862
886
,905
,921
1 954
,969
1 988
1,996
6,981
7,037
7,097
7,216
7 308
7,411
7,529
7,630
7,662
7,701
7,758
9,570
9,250
9 211
9,461
9 779
9,883
9,624
9,830
9,855
9.770
9,934
3 199
3,273
3 370
3,374
3 582
3,530
3,406
3 458
3,493
3,405
3,458
4 111
3 690
3 534
3,735
3 834
3 948
3,810
3 957
3,942
3,991
4,135
2 260
2 287
2 307
2,352
2 363
2 405
2,408
2 415
2,420
2,374
2,341
.
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; monthly figures for 1948-1956, in the BULLETINS
for October 1956, pp. 1035-1042, and December 1957, pp. 1420-1422.
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
End of year
or month
Total
instalment
credit
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
1949
1950
1951
1952
1953
1954
1955
1956
11 590
14,703
15,294
19,403
23,005
23,568
28,958
31,827
9,257
11,805
12,124
15,581
18,963
19,450
24,450
27,084
4,439
5,798
5,771
7,524
8,998
8,796
10.601
11,707
2,944
3,711
3,654
4,711
5,927
6,144
8,443
9,100
438
590
635
837
1,124
1,342
1,678
2,014
1956—Nov
Dec
31,240
31,827
26,877
27,084
11,648
11,707
9,075
9,100
1957
31,568
31 488
31,524
31,786
32,158
32,608
32.968
33,303
33,415
33,504
33,596
26,974
27,008
27,148
27,544
27,864
28,263
28,726
29,014
29,128
29,241
29,239
11,638
11 662
11.736
11.981
12,143
12,323
12,508
12,607
12,656
12,749
12,717
9,077
9 035
9,048
9,104
9,176
9,300
9,476
9,565
9,598
9,585
9,564
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Retail outlets
Consumer
finance
companies 1
Total
Department
stores 2
Furniture
stores
Household
appliance
stores
Automobile
dealers 3
Other
339
395
270
657
759
629
1,438
1,605
686
354
320
131
439
496
240
183
206
17
123
188
28
1,286
1,555
1,866
2,137
2,257
2,656
3,056
1,436
420
509
643
111
911
.072
,207
2,333
2,898
3,170
3,822
4,042
4,118
4,508
4,743
596
746
924
,107
,064
,242
,511
,408
740
827
810
943
1,004
984
,044
,187
178
267
243
301
377
377
365
377
236
287
290
389
527
463
487
502
,082
070
,052
,101
,?69
1,986
2,014
2,969
3,056
,199
,207
4,363
4,743
,231
,408
,136
,187
371
377
504
502
,121
269
2,011
2.039
2.076
2,127
2,167
2,227
2,284
2.344
2,377
2,415
2,439
3,048
3 058
3,063
3.105
3,123
3,155
3,209
3,234
3,231
3.229
3,248
,200
,214
,225
,227
1,255
,258
1,249
1,264
1,266
1,263
1,271
4,594
4,480
4,376
4,242
4,294
4,345
4.242
4,289
4,287
4,263
4,357
,387
351
,304
,176
,229
,249
1,144
1,161
1,167
1,134
1,199
.139
115
,090
,075
,077
,077
,072
1.083
1,077
,080
1,092
364
362
356
354
355
359
361
360
363
365
365
499
499
501
505
510
518
525
530
533
533
531
205
153
125
,132
,123
142
,140
,155
1 147
.151
1 170
i Consumer finance companies included with "other" financial institutions until September 1950.
Other i
583
771
QOT
2
Includes mail-order houses.
3
Represents automobile paper only; other instalment credit held by
automobile dealers is included with "other" retail outlets.
65
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
congoods
paper
Repair
and
modernization
loans
1,079
1,726
745
237
178
166
447
66
338
143
309
114
1949
1950
1951
1952
1953
1954
1955
1956
4 439
5,798
5 771
7,524
8,998
8,796
10,601
11,707
849
946
1,177
1,135
1,633
2,215
2,269
3,243
3,651
1,294
1,311
1,629
1,867
1,668
2,062
2,075
1,016
1,456
1,315
1,751
2,078
1,880
2,042
2,394
1,137
1,317
1,303
1,338
,469
1,037
1,122
1,374
1,512
1,676
1,916
2,118
11,648
11,707
3,640
3,651
2,082
2,075
2,363
2,394
1,466
1,469
2,097
2,118
11,638
11,662
11 736
11,981
12,143
12,323
12,508
12 607
12,656
12 749
12,717
3,653
3,680
3 723
3,789
3,851
3,921
3,976
4,026
4,050
4,082
4,067
2,092
2,109
2 149
2,200
2,246
2,282
2,310
2,330
2,334
2,334
2,333
2,313
2,295
2 280
2,363
2,368
2,395
2,456
2,434
2,437
2,471
2,448
1,452
1,438
1,432
1,436
.450
1,466
1,480
1,503
1,514
1,531
1,537
2,128
2,140
2,152
2,193
2,228
2,259
2,286
2,314
2,321
2,331
2,332
1956—Nov
Dec
1957
Jan
Feb
Mar
Apr
May
June...
July
Aug. . .
Sept
Oct
Nov
135
161
110
715
834
888
363
All
312
913
1939
1941
1945
1,197
1,797
300
878
1,363
164
115
167
24
148
201
58
56
66
54
1949
1950
1951
1952
1953
1954
1955
1956
2,944
3,711
3,654
4,711
5,927
6,144
8,443
9,100
2,265
2,956
2,863
3,630
4,688
4,870
6,919
7,283
447
532
452
680
816
841
1,034
1,227
90
61
63
60
46
31
25
23
142
162
276
341
377
402
465
567
1956—Nov.
Dec.
9,075
9,100
7,305
7,283
,202
,227
24
23
544
567
1957—Jan..
Feb.
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
9,077
9,035
9,048
9,104
9,176
9,300
9,476
9,565
9,598
9,585
9,564
7,222
7,190
7,190
7,212
7,272
7,376
7,466
7,532
7,557
7,537
7,510
,261
,247
,255
,279
,285
,296
,369
,384
,389
,390
1,388
23
23
22
22
22
22
22
22
22
23
21
571
575
581
591
597
606
619
627
630
635
645
INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS
OTHER THAN COMMERCIAL BANKS AND SALES
FINANCE COMPANIES, BY TYPE OF CREDIT
Total
instalment
credit
Automobile
paper
Other
consumer
goods
paper
Repair
and
modernization
loans
NONINSTALMENT CREDIT, BY HOLDER
Personal
loans
789
957
731
81
122
54
24
36
20
15
14
14
669
785
643
1949.
1950.
1951
1952.
1953
1954
1955.
1956
1,874
2,296
2,699
3,346
4,038
4 510
5,406
6,277
259
360
373
452
538
539
146
200
233
310
370
375
93
121
134
188
247
282
761
948
537
648
326
403
1,376
1,615
1,959
2,396
2,883
3,314
3,782
4,278
1956—Nov
Dec
6,154
6 277
938
948
642
648
400
403
4,174
4,278
1957- —Jan
Feb
Mar
Apr .
May
June
July
Aug
Seot
Oct
6,259
6,311
6,364
6,459
6,545
6 640
6,742
6 842
6,874
6,907
6,958
944
954
636
637
397
398
965
985
633
638
644
647
647
652
648
645
638
402
404
414
417
419
429
433
434
438
4,282
4,322
4,364
4,432
4,483
4,546
4,624
4,689
4,711
4,735
4,781
1939
1941
1945
Nov
1,004
1,030
1,052
1,072
1,082
1,093
1,101
NOTE.—Institutions represented are consumer finance companies, credit
unions, industrial loan companies, mutual savings banks, savings and
loan associations, and other lending institutions holding consumer
instalment loans.
Personal
loans
[Estimated amounts outstanding, in millions of dollars]
[Estimated amounts outstanding, in millions of dollars
End of year
or month
Repair
and
modernization
loans
Automobile
paper
End of year
or month
loans
1939
1941
1945
Other
consumer
goods
paper
Total
instalment
credit
Per-
End of year
or month
Total
noninstalment
credit
Financial
institutions
(single-payment loans)
Commercial
banks
Retail
outlets
(charge
accounts)
DeOther partment
stores i
Other
Service
credit
1939
1941
1945
2,719
3,087
3,203
625
693
674
162
152
72
236
275
290
1,178
1,370
1,322
1949
1950
1951
1952
1953
1954
1955
1956
5,715
6,692
7,323
7,998
8,238
8,724
9,712
10,270
1,334
1,576
1,684
1,844
1,899
2,096
2,635
2,843
198
245
250
276
288
312
367
410
587
650
698
728
772
793
862
893
2,208
2,641
2,907
3,283
3,352
3,515
3,717
3,842
1,388
1,580
1,784
1,867
1,927
2,008
2,131
2,282
1956—Nov.
Dec.
9,591
10,270
2,774
2,843
484
410
670
893
3,402
3,842
1957—Jan..
Feb..
Mar.
Apr..
May.
June.
July.
Aug.
Sept.
Oct..
Nov.
9,570
9,250
9,211
9,461
9,779
9,883
9,624
9,830
9,855
9,770
9,934
2,829
2,851
2,874
2,920
2,996
3,029
2,996
3,002
3,023
3,022
3,028
370
422
496
454
586
501
410
456
470
383
430
723
611
566
592
593
579
533
535
588
612
658
3,388
3,079
2,968
3,143
3,241
3,369
3,277
3,422
3,354
3,379
3,477
2,261
2,282
2,260
2,287
2,307
2,352
2,363
2,405
2,408
2,415
2,420
2,374
2,341
1
Includes mail-order houses.
518
597
845
66
CONSUMER CREDIT
INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT
[Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment
of monthly figures for seasonal variation and differences in trading days]
Automobile paper
Total
Other consumer
goods paper
Repair and
modernization loans
Personal loans
Year or month
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Extensions
1949
1950
1951
1952
1953
1954
1955
1956
1956—Nov
Dec
1957_j a n
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
18,108
21,558
23,576
29,514
31,558
31,051
39,039
40,063
6,967
8,530
8,956
11,764
12,981
11,807
16,745
15,563
5,865
7,150
7,485
9,186
9,227
9,117
10,634
11,590
1,542
734
835
841
«5,043
i),294
f,347
\5,006
\5,866
10.272
1,217
1,344
1,261
1,388
1 568
11 ,342
3,512
3,451
3,449
3,824
1,353
1,334
1,227
1,200
1,047
1,003
1,110
1,359
133
123
138
115
979
991
3,475
3,506
3,423
3,469
3,533
3,546
3,598
3,590
3,544
3,541
3,558
3,090
2,976
3,347
3,594
3,748
3,674
3,837
3,704
3,388
3,545
3,439
1,422
1,408
1,375
1,372
1,364
1,359
1,385
1,357
1,395
1,439
1,407
1,258
1,215
1,380
1,468
1,513
1,494
1,563
1,467
1,364
1,404
1,250
931
960
928
935
993
1,004
995
1,025
970
909
961
802
763
846
901
1,016
998
995
1,022
927
976
1,020
124
129
123
123
135
128
130
137
127
126
120
96
101
111
123
147
133
143
150
138
141
123
998
1,009
997
1,039
1,041
1,055
1,088
1,071
1,052
1,067
1,070
974
,150
934
897
,010
,102
1,072
1,049
1,136
1,065
959
1,024
1,046
Repayments
1949
1950
1951
1952
1953
1954
1955
1956
15,514
18,445
22,985
25,405
27,956
30,488
33,649
37,194
5,060
6,057
7,404
7,892
8,622
9,145
9,751
10,714
5,430
7,011
9,058
10,003
10,879
11,833
13,082
14,576
4,335
4,660
5,751
6,593
7,336
8,255
9,501
10,542
689
717
772
917
1,119
1,255
1,315
1,362
1956—Nov..
Dec.
3,191
3,241
3,194
3,237
,238
,251
1,256
1,210
935
953
916
915
109
111
113
110
909
926
909
1,002
1957—Jan...
Feb..
Mar..
Apr..
May.
June.
July. .
Aug..
Sept..
Oct..
Nov..
3,295
3,257
3,256
3,284
3,314
3,339
3,383
3,342
3,420
3,358
3,395
3,349
3,056
3,311
3,332
3,376
3,224
3,477
3,369
3,276
3,456
3,347
,314
,284
,272
,295
,306
,289
,318
,276
,319
,317
,292
1,307
1,193
1,284
1,305
1,321
1,250
1,361
1,306
1,298
1,381
1,287
943
933
936
908
920
952
964
977
990
946
982
1,007
908
963
927
952
914
971
982
928
968
956
117
121
113
117
122
120
125
117
124
118
113
119
114
114
117
123
114
127
117
123
122
115
921
919
935
964
966
978
976
972
987
977
1,008
916
841
950
983
980
946
1,018
964
927
985
989
Change in outstanding credit1
1949
1950
1951
1952
1953
1954
1955
1956
1956—Nov..
Dec.
1957_j a n .. .
Feb..
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct...
Nov..
+ 321
+210
+ 180
+249
+ 167
+ 185
+219
+207
+215
+248
+ 124
+ 183
+ 163
+2,594
+ 3,113
+591
+4,109
+ 3,602
+563
+ 5,390
+2,869
+255
+587
-259
-80
+ 36
+262
+ 372
+450
+ 360
+ 335
+ 112
+ 89
+92
+ 1,537
+ 1,519
+805
+ 1,093
+81
+ 1,294
+605
-28
+883
+876
-102
761
+2,102
-26
+3,663
+987
+ 115
+83
+ 108
+ 124
+ 103
+77
+58
+70
+67
+ 81
+76
+ 122
+ 115
-29
-10
-49
+22
+96
+ 163
+ 192
+244
+202
+ 161
+66
+23
-37
1
Obtained by subtracting instalment credit repaid from instalment
credit extended.
NOTE.—Monthly figures for 1940-1954 are shown on pp. 1043-1054
+ 112
+ 50
+ 194
+444
-12
-205
-145
-117
-26
+27
-8
+27
+73
+ 52
+ 31
+48
-20
-37
-21
+64
+84
+24
+40
-1
+8
+64
+45
+ 118
+69
+300
+225
+6
+73
+206
+24
+ 12
+7
+8
+ 10
+6
+ 13
+8
+13
+3
+8
+7
+25
+5
-23
-13
-3
+6
+24
+ 19
+ 16
+33
+ 15
+ 19
+8
+207
+ 383
+ 543
+754
+670
+611
+771
+ 800
+70
+65
+77
+90
+62
+75
+75
+77
+ 112
+99
+65
+90
+62
+ 65
+ 148
+ 18
+ 56
+60
+ 119
+92
+ 103
+ 118
+ 101
+ 32
+ 39
+ 57
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
of the BULLETIN for October 1956; for 1955-1956, in the BULLETIN for
incurred under the instalment contract. Renewals and refinancing of
December 1957, pp. 1420-1422.
loans, repurchases and resales of instalment paper, and certain other
A discussion of the composition and characteristics of the data and transactions may increase the amount of both credit extended and credit
a description of the methods used to derive the estimates are shown
repaid without adding to the amount of credit outstanding.
67
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
Sales finance
companies
Commercial banks
Other financial
institutions
Retail outlets
Year or month
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Extensions
18,108
21,558
23,576
29,514
31,558
31,051
39,039
40,063
1949
1950
1951
1952
1953
1954
1955
1956
1956—Nov
Dec
1957 Jan i
Feb
Mar
Apr. i
May
June1
July
AUK
Sept
Oct i
Nov
....
6,543
8,135
8,358
11,123
12,099
11,267
14,109
14,387
4,296
5,098
5,467
6,982
7,560
7,260
10,200
9,600
3,305
3 826
4,788
5,659
6,375
6,983
8,449
9,474
3,964
4,499
4,963
5,750
5,524
5,541
6,281
6,602
3,512
3,451
3,449
3,824
] 229
,248
1,156
1,203
923
813
881
785
837
812
837
949
523
578
575
887
3,475
3,506
3,423
3,469
3,533
3,546
3,598
3,590
3,544
3,541
3,558
3,090
2,976
3,347
3,594
3,748
3,674
3,837
3,704
3,388
3,545
3,439
,278
,263
,209
,239
,249
,270
,292
285
1,290
1,327
1,253
1,204
1,108
1,212
1,348
1,362
1,333
1,382
1,320
1,239
1,302
1,150
907
831
853
845
831
831
891
819
835
858
835
785
691
821
855
886
904
1,022
903
829
860
779
817
840
835
865
875
870
905
908
868
871
893
740
749
843
901
904
871
946
906
797
850
877
473
572
526
520
578
575
510
578
551
485
577
361
428
471
490
596
566
487
575
523
533
633
Repayments
15,514
18,445
22,985
25,405
27,956
30,488
33,649
37,194
1949
1950
1951
1952
1953
1954
1955
1956
3,191
3,241
1956—Nov
Dec
1957—Jan.
1
Feb
Mar
Apr 1
May
June
Julyi
Aug
Sept 1
Oct.
Nov
. ...
3,295
3,257
3,256
3,284
3,314
3,339
3,383
3 342
3,420
3,358
3,395
3,194
3,237
3,349
3,056
3,311
3,332
3,376
3,224
3,477
3,369
3,276
3,456
3,347
5,633
6,776
8,385
9,370
10,625
11,469
12,304
13 320
3,363
4,331
5,524
5,925
6,344
7,043
7,901
8,943
3,011
3,404
4,385
5,012
5,683
6,511
7,553
8 603
3,507
3,934
4,691
5,098
5,304
5,465
5,891
6 328
1,120
1,168
1,116
1,144
760
769
779
760
754
758
756
826
557
546
543
507
1.177
I 163
1,141
I 155
1,170
I 196
1,189
1,198
1 084
1,138
1,187
1,200
1 153
1,242
1 221
1,190
1,226
1,182
823
793
791
801
817
805
832
796
808
808
733
808
799
814
780
846
814
796
767
756
778
792
804
799
817
817
815
758
697
790
806
818
776
844
806
765
528
545
546
536
523
539
545
532
567
585
542
575
540
544
515
545
528
525
529
554
540
539
197
1,230
1,200
1,208
820
795
873
800
809
838
817
826
Change in outstanding credit 2
+2 594
+ 3,113
+591
+ 4,109
+ 3,602
+563
+ 5,390
+ 2 869
1949
1950
1951
1952
1953
1954
1955
1956
+910
+ 1,359
+933
+767
— 27
— 57
+ 1,753
+ 1,474
+294
+422
+403
+647
+692
+472
+896
+871
+ 1,057
+ 1,216
+217
+2,299
+657
— 202
+ 1,805
+ 1,106
1956—Nov
Dec
+321
+210
+255
+ 587
+ 109
+80
+40
+ 59
+ 163
+44
+ 102
+25
+ 83
+ 54
+ 81
+ 123
1957_jan.i
+ 180
+249
+ 167
+ 185
+219
+207
+215
+248
+ 124
+ 183
+ 163
-259
+26
+ 100
+68
+ 168
+79
+74
+ 148
+ 88
+60
+ 144
+45
-69
+24
+74
+245
+ 162
+ 180
+ 185
+99
+49
+93
+ 84
+ 38
+62
+44
+ 14
+26
+ 59
+23
+27
+ 38
+40
-23
+ 13
+56
+72
+ 124
+ 176
+89
+ 50
+84
+57
+73
+71
+71
+ 88
+91
+53
+62
+55
-18
+ 52
+ 53
+95
+86
+95
+ 102
+ 100
+ 32
+ 33
+51
Feb
Mar . . .
Apr. .1
M^ay
...
June1
July
....
AUK
Sept1
Oct
Nov
-80
+ 36
+262
+ 372
+450
+ 360
+ 335
+ 112
+89
+92
-32
1
Data on extensions and repayments for commercial banks and retail
outlets have been adjusted to avoid duplications resulting from large
transfers of other consumer goods paper. As a result, the differences
between extensions and repayments for these institutions do not equal the
changes
in outstanding credit.
2
Obtained by subtracting instalment credit repaid from instalment
credit extended, except as indicated in note 1.
NOTE.—Monthly figures for 1940-1954 are shown on pp. 1043-1054
of the BULLETIN for October 1956; for 1955-1956, in the BULLETIN for
December 1957, pp. 1420-1422.
-42
±K
-21
-34
+ 32
+20
+27
-20
-100
+55
+36
-80
+46
-16
-61
+23
+457
+565
+272
+652
+220
+76
+ 390
+235
+ 32
+ 380
-149
-114
-104
-134
+52
+51
-103
+47
-24
+94
A discussion of the composition and characteristics of the data and
a description of the methods used to derive the estimates are shown
in the BULLETIN for January 1954, pp. 9-17. 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.
68
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)1
Industrial production
(physical volume)*
Employment and payrolls 2
Manufactures
Year
or month
Total
Total
Durable
Nondurable
Minerals
Total
Residential
All
other
Nonagricultural
employment
Manufacturing
production workers
Employment
Depart
WholeFreight ment
Consales
store sumer
carcom2
load- sales* prices
modity
ings* (retail
prices2
value)
Payrolls
AdAd- Unad- AdAdAdAdAdAdAdAd- Unad- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed justed
Adjusted
Unadjusted
Unadjusted
1919.
1920.
1921.
1922.
1923.
1924.
1925.
39
41
31
39
47
44
49
38
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
2
41
49
57
75
39
45
32
43
42
46
59
61
61.9
55.2
58
64
63
65.2
68.7
69.0
52.8
58.4
66.9
62.
64.2
31.1
37.1
24.0
25.7
32.6
30.4
32.1
90
98
83
92
107
105
110
27
32
30
30
34
34
36
74.0
85.7
76.4
71.6
72.9
73.1
75.0
1926.
1927.
1928.
1929.
1930.
51
51
53
59
49
52
49
53
60
45
48
50
51
56
51
63
64
63
68
59
69
69
73
63
49
73
71
76
52
30
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
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
1936.
1937.
1938.
1939.
1940.
56
61
48
58
67
49
55
35
49
63
61
64
57
66
69
63
71
62
68
76
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.
59.6
66.2
71.2
27.2
32.6
25.3
29.9
34.0
81
84
67
76
83
32
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
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
49
56
62
70
62.9
69.7
74.0
75.2
76.9
56.8
64.2
67.0
67.6
68.8
1946.
1947.
1948.
1949.
1950.
90
100
104
97
112
90
100
103
97
113
86
101
104
95
116
95
99
102
99
111
91
100
106
94
105
82
84
102
113
159
87
86
98
116
185
79 94.4
83 99.4
105 101.6
111 99.0
142 102.3
97.9 81.2
103.4 97.7
102.8 105.1
93.8 97.2
99.6 111.7
100
108
104
88
97
90
98
104
99
107
83.4
95.5
102.8
101.8
102.8
78.7
96.4
104.4
99.2
103.1
1951.
1952.
1953.
1954.
1955.
1956.
1957.
120
124
134
125
139
143
^143
121
125
136
127
140
144
P144
128
136
153
137
155
159
114
114
118
116
126
129
115
114
116
111
122
129
2*128
171
183
192
215
261
268
170
183
178
232
280
271
172
183
201
204
248
266
129.8
136.6
151.4
137.7
152.9
161.4
!
162.7
101
95
96
86
95
97
90
112
114
118
118
128
135
111.0
113.5
114.4
114.8
114.5
116.2
114.8
111.6
110.1
110.3
110.7
114.3
147
144
149
167
130
130
311 120.1 107.5 107.9 171.4
100
137
118.0
116.3
146
146
145
143
143
144
144
145
144
141
139
145
148
148
144
143
145
135
145
145
145
141
^134
147
148
147
145
145
146
146
147
146
142
140
164
164
162
160
159
162
161
162
159
154
153
131
131
131
129
130
130
130
131
132
130
128
P127
131
133
133
130
130
127
127
129
129
'128
123
106.4
106.3
111.8
101.8
105.6
106.7
^104.5
108.2
110.4
113.6
110.7
114.4
118.6
1956
Dec..
1957
Jan...
Feb..
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct..
Nov..
Dec.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
r
• Estimated.
*» Preliminary.
Revised,
n.a. Not available.
* Average per working day.
l 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.
297
323
281
286
259
267
252
246
251
262
n.a.
n.a.
120.0
120.2
120.1
120.2
120.5
120.6
120.7
120.8
120.4
120.0
119.4
^118.6
107.0
106.4
106.0
105.9
105.7
105.3
104.9
104.4
103.3
102.8
102.0
100.5
106.3
106.0
105.8
104.8
104.2
104.7
103.4
105.3
105.0
104.2
102.8
165.5
165.0
164.3
161.5
161.0
163.8
160.5
164.7
164.7
162.6
161.1
158.1
133
136
137
131
135
138
138
144
136
129
*>134
e
139
118.2 116.9
118.7 117.0
118.9 116.9
119.3 117.2
119.6 117.1
120.2 117.4
120.8 118.2
121.0 118.4
121.1 118.0
121.1 117.8
121.6 118.1
121.6 P118.4
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.
69
PRODUCTION
INDUSTRIAL PRODUCTION
[Federal Reserve indexes, 1947-49 average= 100]
1947-49
proportion
Industry
Annual
average
1956
1957
1955 1956 Nov. Dec. Jan.
Feb.
Mar. Apr. May June July Aug. Sept. Oct.
SEASONALLY ADJUSTED
INDUSTRIAL PRODUCTION—TOTAL.
100.00
139
143
MANUFACTURES—TOTAL
90.02
140
144 147 149
Durable Manufactures—Total
45.17
Primary metals
Metal fabricating
Fabricated metal products
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
Autos, trucks, and parts
Other transportation equipment
Instruments and related products
146
145
143
143
144
144
145
144
141
139
147 148
147
145
145
146
146
147
146
142
140
155 159 165 167 164 164 762
760
759
762
767
762
759
754
753
146
147
146
6.70
140
138
146
145 -143
28.52
5.73
13.68
9.04
4.64
7.54
4.80
2.74
1.29
165
134
155
135
194
203
153
272
149
172
135
171
153
207
199
125
310
166
180
139
175
155
214
216
137
336
172
183
141
177
157
216
223
143
344
173
180
137
173
154
208
-•222
139
'348
173
143
137
134
132
132
132
136
131 '128
121
180
138
172
155
204
179
137
172
155
204
222
135
355
173
176
140
166
151
196
217
126
356
172
175
136
168
152
199
213
124
349
171
777 777
139 141
171 173
151 152
209 214
215 210
127 123
350 '342
171 173
777
140
173
152
213
209
127
333
175
174
140
170
151
207
205
123
329
174
136
162
146
194
r
200
M18
324
170
169
139
161
142
199
201
130
305
171
••225
140
353
174
r
r!68
Clay, glass, and lumber products
Stone, clay, and glass products
Lumber and products
5.91
2.82
3.09
138 140 138 136 133 133 132 133 136 140 134 139 135 757
149 158 157 158 155 155 155 155 158 157 155 160 159 153
127 123 119 117 114 113 111 113 115 125 114 120 114 110
128
150
108
Furniture and misc. manufactures
Furniture and fixtures
Miscellaneous manufactures
4.04
1.64
2.40
132 135 134 134 131 129 130 132 132 133 134 135 136 757
119 122 119 120 118 118 118 121 121 121 124 122 121 119
141 144 144 144 140 136 137 140 139 142 141 144 146 '139
128
115
137
Nondurable
Manufactures—Total....
Textiles and apparel
Textile mill products
Apparel and allied products
44.85
126 129 129 130 131 131 131 729
737
732
730
128
11.87
6.32
5.55
109 108 105 106 104 105 105 104 105 106 104 705
97
99
98 100
99
107 104 103 103 100 101 101
113 112 108 110 109 110 111 109 113 113 113 111
707
101
113
705
97
110
99
94
104
123 779
144 137
105 103
777
136
101
777
132
149
M61
142
130
148
162
140
128
146
130 730
730
Rubber and leather products
Rubber products
Leather and products
3.20
1.47
1.73
122 117 114 118 122 124 123 118 115 116 777
143 133 126 137 145 145 142 131 130 129 133
105 104 104 102 102 106 107 106 M03 106 103
Paper and printing
Paper and allied products
Printing and publishing
Newsprint consumption
Job printing and periodicals
8.93
3.46
5.47
1.85
3.62
137
152
127
128
127
145
159
136
132
138
147
160
139
132
142
147
157
140
133
144
148
159
141
135
145
147
157
141
132
146
147
157
141
132
145
147
156
141
128
147
148
158
142
132
147
148
159
141
132
146
146
156
140
129
146
149
163
141
129
146
149
161
142
131
147
Chemical and petroleum products
Chemicals and allied products. •
Industrial chemicals
Petroleum and coal products
9.34
6.84
2.54
2.50
159
167
184
135
167
177
196
141
168
177
195
143
170
179
199
145
174
184
205
147
172
183
205
143
171
182
202
141
172
183
204
142
174
185
206
142
170
182
198
138
775
185
205
139
174
186
204
141
174 173
185 M85
207 206
143 139
11.51
10.73
8.49
2.24
.78
109
109
109
107
105
112
113
113
112
107
113
114
113
115
109
113
114
113
117
107
111
111
111
113
112
113
113
113
111
116
113
113
113
115
111
110
110
111
108
109
HI
774
114
115
!08
114
113
113
113
112
110
113
113
113
112
113
'777
111
111
111
110
112
112
112
115
111
MINERALS—TOTAL
9.98
122
129
130
130
131
133
133
130
130
127
127
129
129
'128
Mineral fuels
Coal
Anthracite
Bituminous coal
Crude oil and natural gas
Crude oil
Natural gas and gas liquids
8.35
2.68
.36
2.32
5.67
4.12
.70
123
80
48
85
143
131
177
129
85
55
90
150
137
191
129
87
57
91
149
137
191
130
80
57
84
153
141
189
131 133 133
92
82
87
48
57
52
99
86
93
154 154 152
142 144 144
196 198 198
130 130
82
87
49 49
88
93
151 153
139 141
202 204
127
86
60
90
146
136
194
727 r128
83
84
37
54
90
89
147 M49
134 134
195 198
1.63
.82
.81
120 127 135 134 131 132 132 129 127 130 127 132 757 128 124
110 114 128 127 120 122 121 118 113 119 112 118 119 '114
130 141 142 141 142 142 143 140 142 142 143 145 144 142 i39*
Foods, beverages, and tobacco
F o o d a n d beverage m a n u f a c t u r e s . . . . . . .
F o o d manufactures
Beverages
T o b a c c o manufactures
Metal, stone, and earth minerals
Metal mining
Stone and earth minerals
Preliminary.
••Revised.
,
For other notes see end of table.
r
148
r
111
111
111
109
129 r128
82
80
47
44
88
85
151 151
136 136
196 P199
777
184
203
^135
777
110
123
725
77
44
82
70
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average= 100]
Industry
Annual
1947-49 average
1956
proportion 1955 1956 Nov. Dec
Jan. Feb. Mar. Apr. May June July
1957
Aug. Sept. Oct. Nov.
WITHOUT SEASONAL ADJUSTMENT
INDUSTRIAL PRODUCTION—TOTAL.
100.00
139
143
147
144
145
148
148
144
143
145
135
145
145
145
141
MANUFACTURES—TOTAL....
90.02
140
144
149
146
146
149
150
146
144
146
136
146
147
147
143
Durable Manufactures—Total
45.17
155
159
166
166
164
167
166
163
159
162
150
159
159
157
155
6.70
5.03
3.51
.37
3.05
2.62
.43
140
138
135
142
131
143
139
167
146
146
158
147
159
156
181
142
145
157
149
158
156
170
146
147
159
148
160
157
178
148
149
159
149
160
159
167
144
144
154
147
154
152
163
140 1 3 5
138 133
148 143
144 141
147 142
146 141
151 149
136
134
141
139
140
141
136
118
118
130
136
128
129
123
128
127
135
137
134
133
137
128
126
136
139
134
134
132
129
126
135
132
134
132
143
121
118
126
121
126
125
132
119
117
126
118
118
120
118
117
121
118
117
126
124
122
133
122
119
137
115
113
124
109
108
116
119
117
126
90
90
89
106
107
103
105
104
110
106
105
107
98
Primary metals
Ferrous metals
Pig iron and steel.
Pig iron
Steel
Carbon steel..
Alloy steel. . .
1.52
1.29
.23
138
144
134
146
141
171
124
123
133
1.67
.38
.09
.06
.04
.10
.09
143
153
122
123
103
120
261
144
164
133
132
115
123
280
143
169
127
135
116
130
295
133
170
129
128
120
134
292
143
170
135
137
113
128
289
148
167
139
146
118
133
259
142
'167
132
141
116
132
267
145
175
140
146
129
137
283
139
171
131
148
115
133
285
142
167
134
136
110
128
280
117
157
114
125
104
118
279
132
160
122
126
107
115
282
134
153
120
119
116
110
263
138
156
126
128
115
113
263
127
158
124
130
112
113
274
.13
1.16
.63
.20
.33
123
142
114
208
156
118
140
115
215
146
116
138
116
196
146
108
123
98
175
141
116
138
111
203
150
125
144
121
200
156
120
137
105
206
157
118
138
113
213
141
110
132
107
215
131
108
138
114
211
140
86
107
72
214
109
106
125
105
192
125
114
130
108
200
131
118
134
111
199
140
118
98
170
Metal Fabricating.
28.52
165
172
181
183
181
185
184
179
174
176
166
173
172
Fabricated metal products
Str uctural metal parts
Stampings and misc. metal products.
Tin cans
Furnaces, gas ranges, and heaters. ..
5.73
2.68
2.12
.30
.63
13.68
9.04
134
136
130
142
111
135
141
125
151
110
138
149
132
100
98
139
152
134
105
82
136
148
130
113
84
138
149
130
116
103
138
149
129
127
101
140
148
126
190
98
136
149
124
122
95
139
152
124
149
104
134
149
118
163
81
141
152
121
205
105
144
155
122
195
122
155
171
178
178
175
177
177
169
166
168
158
166
171
8.13
1.02
7.11
.68
.69
135
130
91
135
163
144
153
147
86
156
197
168
152
150
77
160
201
137
158
155
82
165
209
155
158
153
86
163
203
152
160
154
89
164
204
175
161
154
92
163
202
190
157
152
90
161
198
164
154
149
87
158
193
158
153
148
85
157
188
160
146
143
82
152
179
129
143
141
79
149
176
119
148
142
82
151
176
159
Electrical machinery
Electrical apparatus and parts.
Radio and television sets
4.64
3.23
.74
194
174
242
207
198
224
227
211
271
217
214
218
208
210
188
210
210
201
208
208
196
194
204
159
189
200
153
197
200
180
182
194
143
211
194
256
Transportation equipment. .
Autos, trucks, and parts.
Autos
Trucks
Light trucks
Medium trucks
Heavy trucks
Truck trailers
Auto and truck parts..
7.54
4.80
1.50
.66
.22
.19
.14
.07
2.58
203
153
190
115
114
69
172
183
141
199
125
138
112
92
58
218
167
121
218
139
164
102
100
43
195
133
135
225
144
177
101
92
45
207
121
136
141
174
98
97
42
182
134
134
231
148
178
113
110
57
200
156
140
228
142
171
109
105
52
193
162
134
222
135
155
120
107
69
224
154
127
213
127
144
113
100
60
215
148
121
216
130
156
119
108
62
228
156
118
203
114
134
103
94
52
208
109
106
2.74
1.30
.81
.53
.35
272
481
115
42
310
548
118
63
336
601
118
68
348
619
126
75
73
351
624
-128
78
77
356
630
130
84
359
633
132
88
356
630
'132
81
345
608
134
76
347
606
136
84
175
173
129
125
156
143
173
177
114
96
148
143
167
171
127
98
126
106
142
187
180
Ferrous castings and forgings.
Iron and steel castings
Steel forgings
Nonferrous metals
Primary nonferrous metals.
Copper smelting
Copper refining
Zinc.
Aluminum.
Secondary nonferrous metals. ..
Nonferrous shapes and castings.
Copper mill shapes
Aluminum mill shapes
Nonferrous castings
Machinery.
Nonelectrical machinery
Farm and industrial machinery
Farm machinery
Industrial and commercial machinery.
Machine tools and presses
Laundry and refrigeration appliances. . .
Other transportation equipment.
Aircraft and parts
Shipbuilding and repair
Railroad equipment
Railroad cars
Instruments and related products
1.29
30
54
64
149
166
174
138
140
158
140
164
165
132
87
138
Clay, Glass, and Lumber Products.
5.91
Stone, clay, and glass products
Glass and pottery products
Flat glass and vitreous products
Flat and other glass
Glass containers
Home glassware and pottery
2.82
1.09
.60
.47
.26
.23
.32
.35
.12
.20
149
134
155
156
126
91
148
127
131
127
.48
.58
180
166
Cement
Structural clay products
Brick
Clay firebrick, pipe, and tile.
Concrete and plaster products
Misc. stone and earth manufactures.
Revised.
157
137
134
142
161
147
174
177
135
92
157
136
131
141
194
173
192
177
86
98
86
81
174
174
174
171
131
132
135
137
113
120
94
140
151
145
166
168
134
102
116
120
96
139
153
144
164
166
138
100
133
121
101
138
155
141
160
163
132
100
145
129
119
138
158
141
159
161
137
97
161
130
122
138
173
174
177
177
181
177
185
176
194
177
For other notes see end of table.
r
r
339
597
131
73
r
141
154
124
146
116
138
154
125
114
168
163
P
144
138
81
147
165
149
139
134
76
142
157
142
217
197
269
217
192
282
211
192
260
206
123
148
103
95
48
195
146
113
190
100
84
84
67
29
184
136
114
194
207
140
171
99
115
47
157
116
333
588
128
69
329
574
126
83
no
88
'92
93
46
161
122
127
321
564
123
74
305
536
119
71
71
84
85
76
72
168
172
174
172
173
127
143
141
139
163
142
156
159
154
91
185
137
129
145
162
141
163
167
138
90
187
134
123
144
161
144
165
170
143
128
153
140
163
168
128
161
133
123
143
150
132
149
151
137
78
119
134
122
145
177
134
126
143
130
200
177
198
173
201
175
198
175
193
173
181
167
171
144
159
139
157
160
144
85
r92
i38
71
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average= 100]
Industry
Annual
1957
947-49 average
1956
propor1955 1956 Nov. Dec. Jan. Feb. Mar. Apr. May June July
tion
Aug. Sept. Oct. Nov.
WITHOUT SEASONAL ADJUSTMENT
—Continued
Lumber and products
Lumber
,
Millwork and plywood.
Millwork
Softwood plywood...
Wood containers
3.09
2.05
.60
.39
.12
.29
127
112
197
144
284
90
123
107
189
121
301
91
117
101
181
103
310
104
91
155
82
277
90
104
89
167
90
295
112
98
181
105
306
86
112
100
170
102
282
86
117
100
191
107
330
87
118
99
196
110
339
131
110
219
146
339
105
88
168
101
277
83
125
106
209
144
314
83
121
103
205
132
327
83
119
98
207
124
344
82
106
89
178
100
307
78
Furniture and Misc. Manufacturing.
4.04
132
135
138
137
128
130
131
129
128
130
125
136
140
138
133
Furniture and fixtures
Household furniture
Fixtures and office furniture.
1.64
1.10
.54
119
120
115
122
121
122
111
123
122
125
125
126
118
116
121
119
118
121
119
119
121
117
117
118
115
114
118
118
117
119
116
115
118
124
124
123
125
125
124
124
125
120
119
121
114
2.40
141
144
150
145
136
137
139
137
137
139
131
144
150
148
142
Nondurable Manufactures—Total.
44.85
126
129
132
125
128
131
133
128
129
130
122
133
135
136
131
Textiles and Apparel
11.87
109
108
106
100
106
112
115
104
106
104
89
107
105
103
101
6.32
3.72
2.30
.97
.45
107
113
103
137
100
104
108
102
118
98
105
109
104
119
90
99
104
93
123
99
101
108
99
129
87
105
111
101
129
102
106
111
102
123
110
99
103
95
117
87
100
106
99
110
107
100
103
96
110
100
83
85
75
109
62
100
104
98
111
91
101
105
97
119
91
99
104
97
118
82
97
104
97
116
91
.97
.16
.75
79
85
78
86
88
86
86
76
90
78
77
79
74
80
72
81
85
80
79
85
78
78
82
77
81
89
79
87
67
71
67
82
86
81
79
79
80
71
66
74
65
66
65
1.15
.65
.45
.20
.50
110
106
110
99
115
108
100
102
96
119
109
101
98
107
119
99
90
90
90
110
100
98
98
97
102
105
103
104
101
108
109
106
109
97
113
102
92
91
93
116
102
89
87
95
118
106
92
87
103
124
96
76
69
90
122
109
95
88
111
127
109
95
87
113
127
108
96
88
118
123
103
92
88
104
116
.48
.31
79
83
78
79
86
92
91
85
69
64
68
75
5.55
1.78
.73
.50
.13
.99
113
111
92
90
77
123
112
110
95
93
78
118
108
98
90
92
57
101
101
96
89
93
53
98
113
119
107
114
51
126
119
111
95
100
50
121
126
113
101
104
63
120
110
99
88
90
60
104
112
110
102
100
85
113
109
102
91
88
78
108
115
108
97
93
90
113
110
97
78
77
65
109
109
96
73
73
51
111
106
94
72
76
39
107
Women's outerwear
Women's suits and coats.
Misc. apparel and allied mfrs....
1.85
.76
116
134
112
128
107
128
89
101
108
131
130
148
169
119
102
115
96
111
118
148
109
108
134
102
1.92
111
113
Miscellaneous manufactures
Textile mill products
Cotton and synthetic fabrics.
Cotton consumption
Synthetic fabrics
Fabric finishing
Wool textiles
Wool apparel yarns.
Wool fabrics
Knit goods
Hosiery
Full-fashioned hosiery.
Seamless hosiery
Knit garments
Floor coverings i.
Woven carpets.
Apparel and allied products...
Men's outerwear
Men's suits and coats....
Men's suits
Men's outercoats
Shirts and work clothing.
119
117
118
112
101
130
111
112
110
119
59
123
121
121
112
117
r
133
127
157
r
119
Rubber and Leather Products .
3.20
122
117
113
112
123
Rubber products
Tires and tubes
Auto tires
Truck and bus tires
Miscellaneous rubber products.
1.47
.70
.40
.30
.77
143
131
140
120
154
133
121
123
119
144
129
108
113
101
147
132
122
130
110
141
126
136
111
166
Leather and products. . .
Leather
Cattlehide leathers.
Skin leathers
1.73
.44
.29
.15
105
92
99
79
104
91
99
76
100
90
100
70
.90
.39
99
97
97
95
90
96
96
90
87
92
92
100
98
145
151
143
144
147
151
150
149
148
136
147
151
156
152
145
142
160
135
135
138
123
159
139
94
157
158
182
149
140
140
139
184
154
118
161
160
181
151
139
147
139
189
155
128
163
159
181
150
137
152
131
186
158
120
161
159
182
150
136
147
131
192
155
126
158
157
182
147
136
143
125
182
157
124
161
155
175
147
136
142
123
184
154
127
139
132
152
124
121
107
102
160
128
118
165
157
181
147
132
139
127
175
158
134
163
153
172
146
125
145
124
171
160
134
170
163
187
154
135
143
135
185
166
141
164
156
182
146
132
139
130
173
157
122
148
144
158
156
148
179
163
156
183
167
163
177
163
155
184
160
155
174
166
160
183
147
141
163
173
172
175
173
170
178
177
168
204
171
167
184
Shoes and slippers *
Miscellaneous leather products.
Paper and Printing.
8.93
137
Paper and allied products
Pulp and paper
Wood pulp
Paper and board
Printing paper
Fine paper
Coarse paper
Miscellaneous paper
Paperboard
Building paper and board.
3.46
1.76
.51
1.25
.22
.14
.20
.18
.41
.10
152
149
169
140
127
133
129
158
149
137
159
157
179
148
140
145
136
170
155
131
162
159
183
149
146
146
138
174
155
118
Converted paper products..
Shipping containers
Sanitary paper products.
1.70
.51
.11
156
155
158
162
159
170
165
161
173
r
Revised.
102
89
98
72
For other notes see end of table.
130
119
114
101
123
130
148
136
150
117
159
148
134
151
111
161
135
121
135
103
147
133
125
137
108
140
117
132
123
136
105
141
112
109
122
91
114
135
120
131
105
150
121
139
124
135
110
153
145
129
139
117
160
115
99
108
115
95
103
81
106
89
96
76
98
88
94
75
105
97
107
77
92
74
82
58
112
92
103
72
105
87
97
69
104
91
101
71
123
r
116
135
119
124
112
149
72
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average= 100]
1947-49 Annual
1956
1957
average
proportion
1955 1956 Nov. Dec. Jan. Feb. Mar. Apr. May June July
Industry
Aug. Sept. Oct. Nov.
WITHOUT SEASONAL ADJUSTMENT
—Continued
Printing and publishing
Newsprint consumption
Job printing and periodicals.
5.47
1.85
3.62
127
128
127
136
132
138
Chemical and Petroleum Products.
9.34
159
Chemicals and allied products
Industrial chemicals
Basic inorganic chemicals
Industrial organic chemicals
Plastics materials
Synthetic rubber
Synthetic fibers
Miscellaneous organic chemicals.
6.84
2.54
.57
1.97
.24
.11
.59
167
184
180
186
242
213
186
169
1.03
144
145
144
142
131
147
136
123
143
139
128
144
144
137
147
143
137
146
142
140
144
140
132
144
134
112
144
136
116
146
144
133
150
146
140
150
145
140
147
167
171
171
175
175
174
172
172
168
165
171
174
176
174
111
196
189
197
256
236
181
189
181
199
191
201
274
222
189
189
181
199
193
200
247
242
187
193
184
205
198
208
263
243
205
193
186
207
208
207
277
238
202
191
186
206
206
206
280
242
196
190
184
206
210
205
275
219
203
188
184
206
209
205
278
245
198
188
179
200
197
201
266
225
189
191
174
194
189
196
240
209
191
188
181
200
196
201
269
241
197
184
185
205
203
206
283
252
203
184
190
208
209
208
300
274
208
'179
188
207
205
208
282*
206
181
Vegetable and animal oils.
Vegetable oils
Grease and tallow
.64
.48
.16
124
117
145
132
124
158
157
154
167
143
139
157
147
143
159
152
143
181
134
129
150
121
113
146
116
103
155
109
94
154
107
95
142
113
100
153
120
110
151
150
148
159
149
147
156
Soap and allied products.
Paints
Fertilizers
.71
.66
.23
110
125
125
111
124
129
108
123
112
110
123
120
120
122
125
117
121
135
128
120
166
113
122
181
115
122
172
104
125
119
126
104
115
125
108
115
122
119
119
'122
110
115
115
Petroleum and coal products.
Petroleum refining
Gasoline
Automotive gasoline..
Aviation gasoline....
2.50
1.97
1.04
.98
.06
135
142
152
147
233
141
150
159
153
254
143
152
160
155
251
145
158
165
159
260
148
160
164
158
263
139
149
156
150
254
137
145
154
149
247
139
148
161
155
255
139
147
162
156
258
139
146
161
155
260
144
152
168
163
265
144
152
170
166
233
139
145
162 H58
157
242
.56
.30
.26
138
175
94
147
193
95
149
195
97
161
210
105
170
225
108
145
154
157
153
242
164
216
104
151
197
99
143
187
93
143
190
90
142
188
90
141
185
144
191
89
142
188
90
137 2*136
181
86
.10
.17
107
114
111
119
126
122
124
116
120
118
116
114
109
116
93
126
89
122
83
111
112
90
108
87
107
.26
.15
104
110
102
104
109
110
49
110
110
94
107
92
108
80
107
104
106
107
106
73
106
119
103
121
11.51
109
705
104
108
116
115
122
127
104
102
123
139
108
107
104
124
148
104
116
111
120
148
97
115
114
116
150
91
122
123
118
150
94
128
131
130
154
109
124
126
140
156
124
114
116
133
140
122
102
109
107
96
97
105
104
131
144
117
109
117
115
105
101
122
122
135
128
109
140
139
161
151
122
151
145
165
142
149
134
113
137
114
151
120
97
119
97
141
101
87
105
78
117
91
88
100
77
96
85
87
92
73
84
Fuel oil
Distillate fuel oil.
Residual fuel oil.
Kerosene
Lubricating oil...
Coke
Asphalt roofing and siding.
Foods, Beverages, and Tobacco.
Food and beverage manufactures.
Food manufactures
Meat products
Beef
Pork
84
77
116
102
112
10.73
8.49
1.48
.46
.83
109
109
128
142
116
113
113
133
151
119
.69
.14
.07
.19
.28
107
105
116
97
109
110
107
117
101
112
111
119
148
154
140
85
83
93
71
90
Canned and frozen foods.
Grain-mill products
Wheat flour
Cereals and feeds
1.13
1.16
.46
.70
118
105
83
119
133
101
84
113
Bakery products.
Sugar
Cane sugar
Beet sugar
1.64
.27
.11
.13
97
115
113
111
Confectionery
Miscellaneous food preparations.
.71
1.41
101
106
2.24
.54
1.70
Dairy products
Butter
Natural cheese
Concentrated milk.
Ice cream
Beverages
Bottled soft drinks. .
Alcoholic beverages.
Beer and ale
Liquor distilling. .
Liquor bottling...
Tobacco manufactures.
Cigarettes
Cigars
Preliminary.
r
Revised.
106
108
138
149
127
103
104
133
151
117
86
96
96
77
80
101
104
139
163
121
91
102
100
85
82
116
99
87
107
98
99
88
107
87
100
92
105
84
100
92
106
82
99
90
106
89
95
82
104
91
97
81
108
111
98
87
105
163
97
78
110
212
105
88
116
230
107
94
116
'157
104
92
113
108
100
89
107
98
122
116
121
100
296
100
459
99
222
102
320
95
85
102
65
96
57
96
20
96
54
107
98
60
110
13
99
68
117
21
102
88
140
38
104
74
122
27
103
80
123
38
102
117
125
105
101
262
108
390
101
107
105
130
105
91
102
113
101
123
103
119
103
96
102
84
106
95
81
113
103
113
155
113
147
'111
132
109
107
112
110
98
90
97
110
110
119
137
121
119
116
119
.17
.37
102
101
77
109
105
101
78
119
109
80
92
175
93
84
80
115
86
88
79
81
93
86
85
105
105
104
86
111
102
108
81
95
107
116
80
97
122
129
65
127
104
126
33
84
100
109
46
101
106
95
106
125
115
87
135
158
.78
.46
.17
105
109
104
107
111
104
111
114
113
87
92
83
110
117
101
114
119
112
111
115
110
104
109
102
113
121
104
121
129
111
102
114
81
120
126
115
118
123
116
119
122
121
1.02
For other notes see end of table.
73
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]
Annual
1947-49
average
proportion
1955 1956
Industry
1957
1956
Nov. Dec.
Jan.
Feb. Mar. Apr. May June
July
Aug. Sept. Oct.
Nov.
WITHOUT SEASONAL ADJUSTMENT
—Continued
MINERALS—TOTAL
Mineral
Fuels
Coal
Anthracite
Bituminous coal
Crude oil and natural gas
Oil and gas extraction
Crude oil
Natural gas and gas liquids
Natural gas
Natural gas liquids
Oil and gas well drilling
Metal, Stone, and Earth Minerals
129
123
127
127
124
86
52
92
86
52
91
87
49
93
80
46
85
145
139
132
181
196
167
179
145
138
130
186
194
179
185
147
140
132
188
196
180
185
146 P144
140
131
9.98
122
129
130
129
130
131
131
131
132
130
123
8.35
123
129
130
132
135
135
134
132
130
127
119
2.68
.36
2.32
48
85
85
55
90
90
59
95
83
55
87
85
57
90
87
52
93
88
43
95
83
46
89
82
50
87
88
64
92
65
32
71
5.67
4.82
4.12
.70
.34
.36
.85
143
137
131
177
185
169
175
150
145
137
191
199
182
180
149
146
137
197
209
186
170
155
150
141
202
214
191
181
158
154
143
214
240
190
182
157
157
147
214
235
194
160
156
156
148
206
225
189
151
155
153
145
200
214
188
168
153
150
143
194
202
186
168
145
143
136
184
192
177
156
130
r
126
130
r
182
177
1.63
120
127
129
116
109
113
114
124
140
149
143
146
144
137
Metal mining
Iron ore
Nonferrous metal mining
Copper mining
Lead mining
Zinc mining
.82
.33
.49
.24
.09
.06
110
113
108
123
84
81
114
104
120
136
88
87
114
109
118
132
87
94
62
115
129
83
86
91
49
120
133
89
92
98
50
130
145
96
96
95
48
127
141
94
98
111
87
126
140
94
99
135
159
118
133
88
86
150
193
122
139
85
90
137
181
108
121
79
78
139
182
110
124
81
77
137
172
113
132
79
68
124
143
110
125
83
72
Stone and earth minerals
.81
130
141
144
138
128
129
133
137
145
148
149
154
152
151
P Preliminary.
' Revised.
1
Publication suspended pending revision.
NOTE.—A number of groups
and subgroups
gp
gp include individual series
not published separately, and metal fabricating contains the ordnance
group iin addition
to
the
groups
shown.
Certain
types off combat
ddii
th
h
Ci
b materiel
il
120
141
are included in major group totals but not in individual indexes for autos,
farm machinery, and some other products, as discussed in the BULLETIN
f r December
Decembe
D
b
1953,
1953 pp.
pp. 1269-1271.
12691271
1 6 7 1 .
for
1953,
For description and back figures, see BULLETIN for December 1953
d pp. 12981328
i l
PP- 12471293
1247-1293 and
1298-1328, respectively.
UTILITY OUTPUT OF ELECTRICITY AND GAS
[Seasonally adjusted Federal Reserve indexes, 1947-49 average = 100]
tion
ELECTRICITY AND GAS—TOTAL
Nonresidential
Electricity
Residential
Industrial
.
General industrial
Atomic energy
Commercial and other
Gas
Residential
Industrial
Commercial and other
..
.
.
100.00
41.34
58.66
76.18
27.48
23 68
23.49
.19
25.02
23.82
13.86
6.16
3.80
Annual
average
1955
199
217
187
1956 Nov. Dec.
218
241
201
222
244
206
223
246
207
Jan.
225
248
210
Feb.
227
252
209
Mar. Apr.
226
252
207
'227
'252
209
May
229
'255
211
June
232
'259
'213
July
236
262
217
Aug. Sept. Oct.
236
265
217
Nov.
234 ^230 vTV
261
214
228 231 234 239 240 237 233
227
227 229
199 218 223 224
274
284
280
274
280
263
267
266
266
258
260
224
257
250
215
213
214
215
209
217
217
214
213
211
212
211
190
206
198
196
194
198
193
194
193
191
188
193
191
192
174
186
2221 2697 2670 2720 2740 2720 2750 2790 2880 2790 2560 2530 2580 2610
210 215 214 210 206
199 204 205 202 203 207
194
180
197
200
203
201
185
218
223
218
197
218
220
229
194
r
Revised.
Preliminary.
NOTE.—For description and back figures see BULLETIN for October
1957
1956
219
221
228
197
220
223
225
203
221
224
222
205
221
to to to
O to to
1947_49
pro-
Series
'222
'229
215
209
'224
'231
'215
210
'225
'231
'221
212
225
228
228
212
225
226
231
213
224 ^223
225
229
214
1956 pp. 1055-1069. Indexes without seasonal adjustment may be obtained from the Division of Research and Statistics.
74
PRODUCTION
OUTPUT OF CONSUMER DURABLE GOODS
[Federal Reserve indexes, 1947-49 average= 100]
Annual
1947-49
average
proportion
1955 1956
Product
1957
1956
Nov. Dec.
Jan.
Feb.
Mar. Apr.
May June
July
Aug. Sept. Oct.
Nov,
SEASONALLY ADJUSTED
100.00
147
131
132
141
137
138
134
124
124
129
129
133
129
121
133
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
164
190
144
116
120
140
138
144
117
121
143
152
136
114
118
154
168
143
115
121
147
169
130
114
119
149
167
134
113
117
144
159
132
113
118
131
141
124
114
120
131
139
126
112
118
137
144
133
113
121
137
134
142
118
123
141
145
138
116
124
134
129
140
115
122
125
118
134
'110
••119
143
154
134
111
116
138
144
100
151
193
120
242
77
558
143
151
103
150
216
118
224
70
519
130
138
85
136
211
102
218
74
493
144
156
104
151
233
108
218
75
491
128
136
95
128
209
105
181
71
392
137
144
103
153
183
114
189
81
395
133
140
100
151
177
111
185
80
388
119
121
88
136
133
110
167
75
343
119
124
85
138
152
104
186
67
413
123
127
85
135
167
108
226
69
524
126
132
77
140
182
109
259
65
628
123
133
84
140
182
92
248
68
591
134
144
85
146
212
102
237
88
521
129
139
85
143
203
100
215
83
468
209*
88
441
Other Consumer Durables
Auto parts and tires
Misc. home and personal goods.
30.28
14.00
16.28
106
102
109
111
105
116
109
102
115
113
109
117
114
112
116
114
114
113
111
112
110
109
104
113
108
103
112
108
104
112
111
110
112
114
111
117
116
112
119
112
109
114
111
100.00
147
131
139
141
137
143
142
130
124
131
116
132
119
119
141
Major Durables
Autos
Major household goods
Furniture and floor coverings.
Household furniture
Floor coveringsi
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
164
190
144
116
120
140
138
144
117
121
151
164
141
117
123
154
177
137
118
125
149
174
129
113
116
157
178
140
116
118
155
171
143
116
119
140
155
128
113
117
131
144
122
108
114
140
156
129
110
117
121
134
110
105
115
139
148
133
115
124
118
84
150
119
125
119
88
147
'116
'125
153
171
138
113
121
138
144
100
151
193
120
242
77
558
143
151
103
150
216
118
224
70
519
122
127
82
103
230
104
270
91
611
128
141
94
128
229
85
217
92
456
125
137
94
131
207
88
188
73
408
144
158
116
162
208
100
201
83
427
151
166
114
188
195
104
196
84
411
131
140
92
173
140
103
159
72
326
125
133
82
163
144
99
153
67
318
131
136
88
164
150
114
180
57
414
105
108
59
130
126
94
143
40
339
109
109
77
102
164
109
256
62
627
141
144
93
133
229
134
268
81
625
133
136
90
119
229
122
282
101
627
206
Other Consumer Durables
Auto parts and tires
Misc. home and personal goods.
30.28
14.00
16.28
106
102
109
111
105
116
112
101
121
110
103
117
110
109
111
112
110
114
111
107
114
107
101
112
106
103
109
108
107
108
106
109
104
116
114
117
121
120
121
120
118
122
CONSUMER DURABLES—TOTAL.
189
WITHOUT SEASONAL ADJUSTMENT
CONSUMER DURABLES—TOTAL.
r
Revised
1
Publication suspended pending revision.
NOTE.—For a description of these indexes, see BULLETIN for May 1954,
pp. 438-447.
259*
108
547
114
iio*
Individual indexes without seasonal adjustment for woven carpets,
appliances, heating apparatus, radio sets, and television sets may be
obtained from the Division of Research and Statistics.
VALUE OF NEW CONSTRUCTION ACTIVITY
[Joint estimates of the Departments of Commerce and Labor.
Seasonally adjusted.
In millions of dollars]
Private
Year or month
Business
Total
Total
Residential
Total
1950
1951
1952
1953
1954
1955
1956
1957*
Public
Industrial
Com- Public
mercial utility
Other
nonresidential
1,062
2,117
2,320
2,229
2,030
2,399
3,084
3,162
1,288
1,371
1,137
1,791
2,212
3,218
3,631
3,570
3,330
3,729
4,003
4,416
4,284
4,543
5,113
5,830
3,174
3,574
3,547
3,511
3,774
3,755
3,782
4,180
7,001
9,419
10,901
11,394
11,922
11,961
12,818
13,942
177
887
1,388
1,307
1,030
1,313
1,395
1,275
Total
Military
Highway
Conservation
All
other
2,272
2,518
2,820
3,160
3,870
4,050
4,470
4,840
942
912
900
892
773
701
826
975
3,610
5,102
5,793
6,035
6,249
5,897
6,127
6,852
29,955
32,739
34,750
37,118
39,601
44,581
46,060
47,255
22,954
23,320
23,849
25,724
27,679
32,620
33,242
33,313
1956—Dec..
3,904
2,799
1,460
1,009
269
305
435
330
1,105
111
369
72
553
1957__jan...
Feb.. .
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct. p .
Nov.*
3,922
3,861
3,912
3,906
3,905
3,900
3,833
3,942
3,979
4,064
4,043
4,051
2,736
2,740
2,752
2,754
2,751
2,742
2,739
2,787
2,790
2,833
2,843
2,854
1,411
1,391
1,383
1,361
1,321
1,324
1,349
1,377
1,388
1,414
1,434
1,444
991
1,009
1,025
1,044
1,079
1,065
1,050
1,056
1,050
1,069
1,055
1,054
264
270
274
277
278
273
265
266
257
251
246
243
292
283
292
295
304
303
293
297
298
308
306
303
435
456
459
472
497
489
492
493
495
510
503
508
334
340
344
349
351
353
340
354
352
350
354
356
1,186
1,121
1,160
1,152
1,154
1,158
1,094
1,155
1,189
1,231
1,200
1,197
115
105
104
98
105
99
104
117
111
111
103
100
441
406
434
407
401
406
366
374
392
429
427
423
70
73
71
76
78
79
80
90
92
94
85
79
560
537
551
571
570
574
544
574
594
597
585
595
Preliminary.
14,100 5,680
12,529 7,217
12,842 7,460
13,777 8,436
15,379 8,526
18,705 10,160
17,632 11,828
16,571 12,562
PRODUCTION
75
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
Nonresidential building
Factories
Commercial
Educational
Other
Public
works
and
public
utilities
Total
Public
Private
Residential
building
10 359
14,501
15,751
16,775
17,443
19,770
23,745
124,628
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
116,592
4 239
6,741
6,205
6,668
6,479
8,518
10,185
H0,042
559
1,142
2,883
2,558
2,051
1,274
1,878
1,918
885
1,208
915
979
1,489
1,815
2,359
12,581
824
1,180
1,335
1,472
1,720
2,063
2,134
2,314
1,376
1,651
1,689
1,686
1,695
1,958
2,126
12,193
2,476
2,578
2,723
3,412
4,008
4,142
5,063
5,580
Nov
Dec
1,757
1,659
582
737
1,175
922
693
533
130
104
226
170
199
200
174
149
335
502
1957_jan
Feb
Mar
Apr
May
1 778
1,718
2 448
2,151
2,674
2,424
2,301
2 275
2,125
1 974
1,876
679
664
757
652
1,029
930
791
619
673
587
1 099
J .053
690
,499
,645
1,494
,510
1,656
1,452
187
612
676
861
966
1,020
887
1,067
1 035
918
913
737
197
167
182
118
129
221
115
159
123
145
124
211
175
303
180
246
279
236
267
262
200
229
184
178
222
165
244
232
173
206
192
214
202
170
167
208
162
247
268
221
191
220
177
175
405
354
670
559
788
537
487
417
409
325
409
Kansas
City
Dallas
San
Francisco
1949
1950
1951...
1952
1953
1954
1955
1956
1956
July
Aug
Sept
Oct
Nov
i Figure not comparable with earlier years.
CONSTRUCTION CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS
[Figures as reported by the F. W. Dodge Corporation.
Value of contracts, in millions of dollars]
Federal Reserve district
Month
All
districts
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
1956—Sept
Oct
Nov
2,575
2,443
2,377
142
115
113
303
328
329
113
94
90
258
196
182
176
179
148
226
224
196
424
374
348
117
100
86
108
89
90
164
149
184
152
141
130
393
454
481
1957_Sept
Oct . .
Nov
2,625
2,614
2,371
119
136
105
364
307
383
142
103
83
240
201
226
201
204
183
254
266
209
392
356
339
106
103
84
112
89
67
166
128
132
160
148
133
370
574
426
PERMANENT NONFARM DWELLING UNITS STARTED
[Bureau of Labor Statistics estimates.
Year or month
Total
private
(seasonally
adjusted
annual rate)
1949.
1950.
1951.
1952.
1953.
1954.
1955.
1956.
1957.
Total
Metropolitan
Nonmetropolitan
areas
In thousands of units]
Total
1family
,025
,396
,091
,127
,104
,220
,329
,118
n.a.
,022
777
795
804
897
976
780
699
n.a.
374
315
332
300
324
353
338
340
989
1,352
1,020
1,069
1,068
1,202
1,310
1,094
P990
792
1,151
892
939
933
1,077
1,190
981
1956—Dec..
1,020
64
45
19
63
53
1957—Jan...
Feb..,
Mar..
Apr...
May.
June.
July..
Aug..
Sept..
Oct..,
Nov..
Dec..
962
935
933
962
994
995
1,015
1,056
1,012
*l,000
*l010
63
66
87
94
103
100
100
100
92
44
47
59
64
68
69
63
68
62
62
53
42
19
19
29
30
35
31
37
32
30
33
25
20
60
63
79
91
97
95
94
97
90
50
53
68
79
82
80
81
82
77
n.a.
n.a.
n.a.
9 Preliminary.
n.a. Not available.
1
Represents units started under commitments of FHA or VA to insure or guarantee the mortgage. VA figures after June 1950 and all FHA
Government-underwritten!
Private
Public
2family
35
42
40
46
42
34
33
31
2
2
3
3
3
3
3
3
3
n.a.
n.a.
n.a.
Multifamily
162
159
88
84
94
90
87
82
8
9
10
13
11
10
12
10
n.a.
n.a.
n.a.
Total
FHA
VA
36
44
71
59
36
19
20
24
466
686
412
421
409
583
670
463
305
360
486
264
280
252
276
277
192
177
105
200
149
141
157
307
393
271
128
26
11
15
3
3
8
2
6
5
6
3
2
PS
20
19
24
26
27
29
29
30
29
29
24
20
8
10
12
12
15
16
17
19
17
20
17
15
12
10
11
13
12
13
12
12
12
10
6
5
P2
P\
figures are based on filed office reports of first compliance inspections;
earlier VA figures are estimates based on loans-closed information.
76
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
1950
1951
1952
1953
1954
1955
1956
1957
.
Total
labor
force
Employed *
Total
Unemployed
Not in the
labor force
Total
In nonagricultural industries
In
agriculture
7,507
7,054
6,805
6,562
6,504
6,730
6,585
6,222
3,142
1,879
1,673
1,602
3,230
2,654
2,551
2 936
46 181
46,092
46,710
47,732
48,402
48,492
48,348
49 699
110,780
111,924
113,119
115,095
116,220
117,388
118,734
120,445
64,599
65,832
66,410
67,362
67,818
68,896
70,387
70,746
63,099
62,884
62,966
63,815
64,468
65,848
67.530
67 946
59,957
61,005
61,293
62,213
61,238
63,193
64,979
65,011
52,450
53,951
54,488
55,651
54,734
56,464
58.394
58,789
1956—Dec
119,481
69,855
67,029
64,550
59,440
5,110
2,479
49,626
1957 Jan. 2
Feb
Mar
Apr
May
June
July
Aus
Sept
Oct
Nov
Dec
119,614
119,745
119,899
120,057
120,199
120,383
120,579
120,713
120,842
120,983
121,109
121,221
68,638
69,128
69,562
69,771
70,714
72,661
73,051
71,833
71,044
71,299
70,790
70,458
65,821
66,311
66,746
66,951
67,893
69,842
70,228
68,994
68,225
68,513
68,061
67,770
62,578
63,190
63,865
64,261
65,178
66,504
67,221
66,385
65,674
66,005
64,873
64,396
57,643
57,996
58,431
58,506
58,519
58,970
59,449
59,562
59,156
59,168
59,057
59,012
4,935
5,195
5,434
5,755
6,659
7,534
7,772
6,823
6,518
6,837
5,817
5,385
3,244
3,121
2,882
2,690
2,715
3,337
3,007
2,609
2,552
2,508
3,188
3,374
50,973
50,617
50,337
50,286
49,485
47,722
47,528
48,880
49,797
49,684
50,318
50,763
. .
1
Includes self-employed, unpaid family, and domestic service workers.
2 Beginning 1957 persons waiting to start new wage and salary jobs and
those on temporary layoff, previously considered as employed (with a job
but not at work), are classified as unemployed, and a small group in school
and waiting to start new jobs (previously included as employed) are classified as not in the labor force. December 1957 data comparable to Decem-
ber 1956 shown above are: Labor force, 70,480; employment—total 64,652;
nonagricultural, 59,262; agricultural, 5,391; and unemployment, 3,140.
NOTE.—Information relating to persons 14 years of age and over is
obtained through interviews of households on a sample basis. Monthly
data relate to the calendar week that contains the 12th day; annual
data are averages of monthly figures.
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Bureau of Labor Statistics. In thousands of persons]
Total
Manufacturing
Mining
Contract
construction
Transportation and
public
utilities
Trade
Finance
Service
44,738
47,347
48,303
49,681
48,431
50,056
51.878
52,539
14,967
16,104
16,334
17,238
15,995
16,563
16,905
16,795
889
916
885
852
777
777
816
840
2,333
2,603
2,634
2,622
2,593
2,759
2,993
3,025
3,977
4,166
4,185
4,221
4,009
4,062
4.157
4,157
9,645
10,012
10,281
10,527
10,520
10,846
11,292
11,548
1,824
1,892
1,967
2,038
2,122
2,219
2,306
2,343
5,077
5,264
5,411
5,538
5,664
5,916
6,231
6,454
1956—Dec
52,54i
17,106
833
3,074
4,169
11,408
2,320
6,359
7,272
1957_Jan
Feb
Mar
Apr
May
52,493
52,577
52,547
52,593
52,698
52,773
52,815
52,844
52,662
52,469
52,237
51,895
17,053
16,995
16,962
16,965
16,946
16,924
16,880
16,836
16,681
16,604
16,474
16,281
832
833
831
841
843
854
861
853
849
837
825
816
2,963
3,020
3,062
3,059
3,097
3,108
3,061
3,032
3,028
3,013
2,956
2,906
4,188
4,168
4,168
4,160
4,159
4,164
4,168
4,184
4,175
4,148
4,112
4,076
11,465
11,519
11,490
11,501
11,542
11,579
11,636
11,669
11,620
11,590
11,571
11,471
2,316
2,324
2,322
2,320
2,329
2,336
2,343
2,354
2,361
2,368
2,368
2,365
6,366
6,401
6,381
6,400
6,424
6,454
6,492
6,477
6,508
6,482
6,515
6,545
7,310
7,317
7,331
7,347
7,358
7,354
7.374
7,439
7,440
7,427
7 416
7,435
1956—Dec
53,639
17,159
837
2,997
4,194
12,260
2,308
6,295
7 589
1957_Jan
Feb
Mar
51,716
51,704
51,919
52,270
52,482
52,881
52,605
52,891
53,152
53,043
52,807
52,992
16,959
16,945
16,933
16,822
16,762
16,852
16,710
16,955
16,905
16,783
16,581
16,333
832
833
831
833
835
858
857
862
853
837
829
820
2,667
2,673
2,756
2,906
3,082
3,232
3,275
3,305
3,285
3,224
3,059
2,833
4,126
4,120
4,147
4,153
4,156
4,181
4,199
4,215
4,206
4,159
4,123
4,100
11,298
11,225
11,265
11,428
11,411
11,505
11,493
11,499
11,620
11,664
11,845
12,324
2,293
2,301
2,310
2,320
2,329
2,359
2,390
2,389
2,361
2,356
2,356
2,353
6,239
6,273
6,317
6,432
6,520
6,551
6,524
6,509
6,541
6,547
6,515
6,480
7 302
7,334
7 360
7 376
7,387
7,343
7.157
7,157
7 381
7 473
7,499
7,749
Year or month
1950
1951
1952
1953 ..
1954
1955
1956
1957
. . .
Federal
State and
local
government
6,026
6,389
6,609
6,645
6,751
6 914
7,178
7,377
SEASONALLY ADJUSTED
July
Sept
Oct .
Nov
Dec
WITHOUT SEASONAL ADJUSTMENT
May
July
Aug
Sept
Oct
Nov
Dec
NOTE.—Data include all full- and part-time employees who worked
during, or received pay for, the pay period ending nearest the 15th of the
month. Proprietors, self-employed persons, domestic servants, unpaid
family workers, and members of the armed forces are excluded. Figures
for November and December 1957 and annual averages for 1957 are preliminary. Back data may be obtained from the Bureau of Labor Statistics.
77
EMPLOYMENT AND EARNINGS
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
[Bureau of Labor Statistics. In thousands of persons]
Seasonally adjusted
Industry group
1956
Without seasonal adjustment
1957
1956
1957
Dec.
Oct.
Nov.
Dec.
Dec.
Oct.
Nov.
Dec.
13,297
12,717
12,614
12,431
13,350
12,893
12,719
12,482
Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries.
7,790
83
641
314
465
1,129
899
1.271
882
1,478
231
397
7,350
70
605
311
449
1,049
885
1,190
860
1,321
222
388
7,272
68
589
304
444
1,028
879
1,156
840
1,364
222
378
7,127
68
587
301
438
999
865
1,117
809
1,362
215
366
7,827
83
628
320
465
1,135
908
1,277
900
1,478
233
401
7,389
70
623
317
456
1,049
889
1,166
869
1,321
223
405
7,318
68
598
7,160
68
575
307
438
Nondurable goods
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished textiles
Paper and allied products
Printing, publishing and allied industries,
Chemicals and allied products
Products of petroleum and coal
Rubber products
Leather and leather products.
5,507
1,110
88
934
5,367
1,054
78
906
1,059
465
561
527
173
208
336
5,342
1,049
79
884
1,067
463
560
526
173
206
335
5,304
1,062
77
873
1,047
463
557
524
170
200
331
5,523
1,076
93
948
1,093
472
566
547
5,504
1,143
5,401
1,074
86
893
1,072
468
566
529
172
209
333
Total
1,077
470
558
544
176
212
338
NOTE.—Data covering production and related workers only (full- and
part-time) who worked during, or received pay for, the pay period ending
nearest the 15th of the month. Figures for November and December 1957
174
216
338
312
448
1,028
888
1,144
853
1,364
223
393
94
906
1,075
470
567
532
173
210
334
1,004
874
1,123
825
1,362
217
370
5,322
1,031
82
886
1,063
465
565
527
168
204
331
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)
Industry group
Total
1956
1957
Average hours worked
(per week)
1956
1957
Dec.
Oct.
Nov.
Dec.
Dec.
Oct.
Nov.
84.05
82.56
82.92
Average hourly earnings
(dollars per hour)
1956
1957
Dec.
Dec.
Oct.
Nov.
Dec.
82.92
41.0
39.5
39.3
39.3
2.05
2.09
2.11
2.11
Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries..
91.34
96.70
69.25
71.45
82.81
100.94
90.09
96.70
84.46
105.95
84.87
72.67
88.75 88.93 88.70
94.96 95.60 95.91
73.97 71.55 70.41
72.04 69.30 70.75
84.85 84.21 83.16
98.18 97.16 95.63
90.35 90.32 88.80
93.67 92.66 94.77
81.95 82.95 83.16
97.57 101.75 100.30
85.39 85.81 85.79
72.40 72.25 73.23
41.9
42.6
39.8
41.3
41.2
41.2
42.1
42.6
41.2
43.6
41.0
40.6
39.8
39.9
40.2
40.7
40.6
38.5
40.7
40.2
39.4
39.5
39.9
40.0
39.7
40.0
39.1
39.6
40.1
38.1
40.5
39.6
39.5
40.7
40.1
39.7
39.6
40.3
38.9
40.2
39.6
37.8
40.0
40.5
39.6
39.8
39.9
39.8
2.18
2.27
1.74
1.73
2.01
2.45
2.14
2.27
2.05
2.43
2.07
1.79
2.23
2.38
1.84
1.77
2.09
2.55
2.22
2.33
2.08
2.47
2.14
1.81
2.24
2.39
1.83
1.75
2.10
2.55
2.23
2.34
2.10
2.50
2.14
1.82
2.24
2.38
1.81
1.76
2.10
2.53
2.22
2.34
2.10
2.52
2.15
1.84
Nondurable goods
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished textiles
Paper and allied products
Printing, publishing and allied industries..
Chemicals and allied products
Products of petroleum and coal
Rubber products
Leather and leather products
73.84 74.10 74.30 74.69
77.71 77.99 79.38 79.98
58.90 56.30 56.98 59.66
60.30 59.04 58.14 58.20
54.45 53.49 53.10 52.95
85.57 88.19 86.94 87.15
96.19 97.15 95.89 98.43
89.86 91.84 92.66 93.52
105.37 110.03 110.57 110.57
92.74 93.03 92.97 93.73
57.30 57.04 57.31 58.19
39.7
40.9
39.8
40.2
36.3
43.0
39.1
41.6
41.0
41.4
37.7
39.0
40.2
38.3
39.1
35.9
42.4
38.4
41.0
40.6
40.1
36.8
38.7
40.5
37.0
38.5
35.4
41.8
37.9
41.0
40.5
39.9
36.5
38.9
40.6
38.0
38.8
35.3
41.9
38.6
41.2
40.5
40.4
37.3
1.86
1.90
1.48
1.50
1.50
1.99
2.46
2.16
2.57
2.24
1.52
1.90
1.94
1.47
1.51
1.49
2.08
2.53
2.24
2.71
2.32
1.55
1.92
1.96
1.54
1.51
1.50
2.08
2.53
2.26
2.73
2.33
1.57
1.92
1.97
1.57
1.50
1.50
2.08
2.55
2.27
2.73
2.32
1.56
NOTE.—Data are for production and related workers. Figures for
November and December 1957 are preliminary. Back data are available
from the Bureau of Labor Statistics.
78
DEPARTMENT STORES
DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS
[Federal Reserve indexes, based on retail value figures. 1947-49 average= 100]
Federal Reserve district
United
States
Year or month
San
Francisco
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
99
107
112
114
118
118
128
135
100
105
109
110
114
117
123
126
98
102
107
104
105
108
113
120
100
107
112
113
117
116
125
131
99
107
114
115
119
112
122
128
100
107
115
122
127
129
140
146
101
111
117
127
131
135
149
164
98
105
110
109
114
112
122
128
99
106
111
116
120
121
132
138
99
107
107
109
110
113
117
126
100
112
117
121
123
129
140
143
102
115
120
129
132
136
149
158
98
106
112
120
122
122
132
141
1956—Nov
Dec
139
130
125
133
131
150
143
132
128
149
131
132
'146
144
163
123
'145
140
132
129
'175
168
135
137
161
143
1957_jan
Feb
Mar
Apr
May
133
120
123
130
125
147
165
125
133
123
135
157
137
136
137
131
135
138
138
144
136
129
129
122
117
123
122
125
130
114
116
118
124
124
118
124
125
126
135
122
119
123
129
133
130
133
139
131
138
128
129
128
131
130
122
126
128
132
139
134
121
129
149
152
148
148
152
147
158
144
141
165
164
162
172
175
175
179
172
159
129
131
125
128
129
131
139
130
121
125
137
139
136
137
139
139
147
145
126
129
131
123
126
126
130
138
130
119
125
145
144
137
141
142
145
147
147
136
161
161
151
158
168
170
170
163
152
141
146
137
141
148
141
144
141
Minne- Kansas Dallas
apolis
City
SALESi
1949
1950
1951
1952
1953
1954
1955
1956
,
,
,
SEASONALLY ADJUSTED
July
Aug
Sept
Oct
NoV
^134
'134
140
WITHOUT SEASONAL ADJUSTMENT
1956—Nov
Dec
'170
158
234
160
218
177
234
161
224
188
272
'203
175
237
152
220
'186
'166
290
165
223
'170
240
249
279
255
1957_Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
102
104
114
131
132
131
111
127
139
134
95
97
99
121
123
122
90
102
122
117
144
99
98
104
116
120
121
92
104
126
126
158
97
98
115
129
131
130
96
110
134
132
170
98
101
105
126
122
120
107
123
134
125
159
104
107
126
149
146
140
118
135
150
148
128
136
151
165
165
153
145
161
165
167
101
105
117
134
138
129
114
132
143
138
124
126
138
148
156
153
151
158
157
158
109
108
115
133
134
139
125
139
141
'135
P193
90
96
103
124
127
116
104
130
139
138
145
102
106
118
134
139
137
128
141
149
142
^178
95
97
109
124
126
126
104
124
136
127
153
^183
162
100
110
131
121
131
128
136
148
101
112
129
117
124
126
132
141
97
106
127
115
120
117
119
130
100
110
132
120
129
127
135
148
100
102
108
109
132
115
125
122
124
133
129
127
141
138
159
175
102
123
145
143
155
152
170
194
97
108
125
112
122
120
127
138
101
108
130
120
131
125
135
148
100
106
121
113
123
124
130
142
101
114
137
130
146
141
152
164
102
114
135
129
143
140
153
168
100
112
137
131
140
135
142
156
1956—Nov
Dec
152
151
142
141
151
151
137
134
181
181
'206
150
148
145
144
'172
'157
194
141
140
'162
139
162
169
155
1957_Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov..
150
149
140
140
138
135
149
149
138
135
175
174
202
200
139
139
149
149
144
144
161
162
172
170
153
151
150
152
152
153
154
153
154
140
138
140
138
139
136
138
138
137
137
137
137
137
138
138
138
150
149
153
156
154
157
159
135
136
135
136
136
137
139
139
176
181
182
184
184
180
181
174
202
203
198
198
204
203
201
208
139
140
142
146
149
145
144
147
148
147
151
151
153
149
151
151
145
150
148
145
141
145
145
148
159
161
161
159
160
158
159
163
167
172
175
176
178
176
173
176
155
161
160
159
159
159
P138
138
141
151
150
STOCKS i
1949
1950
1951
1952
1953
1954
1955
1956
SEASONALLY ADJUSTED
,
'155
'156
157
138
Pi 74
^176
'162
'163
^161
WITHOUT SEASONAL ADJUSTMENT
1956—Nov
Dec
1957—Jan
Feb
Mar
Apr
May
July
Sept
Oct
Nov
166
'157
174
155
206
'233
160
168
165
'180
'189
'176
137
131
128
136
123
165
169
123
134
134
147
157
142
135
142
155
159
155
146
144
150
160
172
126
131
142
144
143
130
125
132
144
156
123
127
141
143
140
129
124
134
145
155
159
131
143
155
159
156
145
138
151
167
121
129
139
142
139
129
125
131
144
154
156
156
167
187
190
183
170
168
175
187
198
183
198
212
213
200
188
190
199
209
227
127
131
141
149
147
142
143
139
150
161
161
133
145
154
156
151
141
142
148
158
169
169
133
138
149
153
147
136
134
142
151
164
170
145
155
165
169
163
153
152
156
164
177
151
165
176
179
173
164
169
176
184
193
137
142
156
164
159
153
154
160
'180
181
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.
r
168
'183
"181
NOTE.—For description of the series and for monthly indexes beginning
1947, see BULLETIN for December 1957, pp. 1323-1352. Figures prior to
1947 may be obtained from the Division of Research and Statistics.
79
DEPARTMENT STORES; FOREIGN TRADE
DEPARTMENT STORE MERCHANDISING DATA
[Based on retail value figures]
Amounts (In millions of dollars)
Outstanding
orders i
(end of
month)
Receipts 2
(total
for
month)
New
orders 3
(total
fr»r
i or
month)
Stocks
1,012
1,202
1,097
1,163
1,140
1,195
1,282
494
373
495
460
435
421
388
446
469
386
358
391
390
397
408
410
444
459
363
358
401
379
401
401
412
449
457
2.7
2.7
2.8
3.2
2.9
3.0
3.0
2.9
3.0
577
821
1,528
1,214
'476
340
627
510
'516
362
336
394
441
449
409
356
432
438
481
548
1,197
1,252
,356
1,381
,353
,257
,245
1,300
,400
1,518
1,544
430
461
414
346
355
519
600
569
'567
529
424
345
391
498
466
421
313
344
487
538
599
574
435
422
451
398
430
All
425
456
Sales i
(total
for
month)
Stocks i
(end
of
month)
381
361
376
391
397
406
409
437
453
1956—Nov..
Dec...
1957—Jan...
Feb...
Mar..
Apr...
May..
June..
July..
Aug..
Sept..
Oct...
Nov.*
Period
Ratios to sales'*
Outstanding
orders
Stocks
plus
outstanding
orders
Receipts
Annual average:
1948
1949
1950
1951
1952
1953
1954
1955
1956
979
925
1.1
4.1
3.8
4.2
4.4
4.1
4.1
4.0
4.0
4.1
2.6
1.5
0.8
0.4
3.5
1.9
1.1
0.6
3.3
3.7
3.4
3.1
3.0
3.1
3.5
3.0
3.2
3.2
2.8
1.2
1.4
1.1
0.8
0.8
1.3
1.7
1.3
1.3
1.1
4.5
5.1
4.5
3.9
3.8
4.3
5.2
4.3
4.5
4.3
3.6
1.0
1.2
1.3
:l.l
1.4
1.1
1.4
1.3
1.2
I i
1.0
1.1
1.0
1.0
[ 11
1.0
'.o
1.0
1.0
1.0
1.0
Month:
r
P1 Preliminary.
Revised.
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 1956,
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.
377
'536
561
469
1 9
i
1.0
l.l
1.2
1.2
l.l
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 1
Merchandise exports excluding
military-aid shipments2
Merchandise imports3
Period
jan
Feb
Mar
Apr
May
June
July
Sept
Oct...:
Nov
Dec
Jan.-Nov
.
1955
1956
1957
1955
1956
1957
J.16R
1,238
,344
1,264
1,323
1,321
1,270
1,239
,255
,399
,322
.407
1.2R4
1,362
1,583
1,512
1,717
1,697
1,639
1,536
1,534
1,672
.544
2,004
1,680
1,611
2,151
1,863
1,814
r
l,786
1,692
r
l,677
1,540
1,674
1,681
1.083
1,143
,252
,170
,192
,193
,142
,112
,156
,279
,249
.323
1.202
1,272
1,479
1.400
1*522
1,492
1,289
1,378
1,427
1,561
1,424
1.881
1,583
1,490
2.022
,779
,711
,652
,505
,536
,437
r ,600
.594
14,143
17,080
19,169
12,971
15,446
17,909
r
P Preliminary.
Revised.
1 Exports of domestic and foreign merchandise.
2 Department of Defense shipments of grant-aid military equipment
1955
1956
1957
871
850
1.073
1,051
,102
1,113
993
1,131
1,118
,104
983
1,147
1,042
1,007
,145
p 1.032
1,019
871
959
937
885
961
947
991
,095
1,034
1,052
.055
995
1,011
1,065
1,008
1,121
10,376
11,556
987
1,059
*11,815
and3 supplies under the Mutual Security Program.
General imports including imports for immediate consumption plus
entries into bonded warehouses.
80
PRICES
CONSUMER PRICES
[Bureau of Labor Statistics index for city wage-earner and clerical-worker families.
1947-49= 100]
Housing
Transportation
Medical
care
Personal
care
Reading
and
recreation
Other
good
and
services
99.4
98.1
106.9
105.8
104.8
104.3
103.7
105.5
108.5
111.3
118.4
126.2
129.7
128.0
126.4
128.7
104.1
106.0
111.1
117.3
121.3
125.2
128.0
132.6
101.1
101.1
110.5
111.8
112.8
113.4
115.3
120.0
104.1
103.4
106.5
107.0
108.0
107.1
106.6
108.1
103.4
105.2
109.7
115.4
118.2
120.2
120.2
122.0
124.5
124.8
107.0
107.0
133.2
133.1
134.5
134.7
121.4
121.8
109.0
109.3
123.2
123.3
125.4
125.6
126.2
126.4
127.3
127.6
127.9
128.0
128.3
128.7
129.4
106.4
106.1
106.8
106.5
106.5
106.6
106.5
106.6
107.3
107.7
107.9
133.6
134.4
135.1
135.5
135.3
135.3
135.8
135.9
135.9
135.8
140.0
135.3
135.5
136.4
136.9
137.3
137.9
138.4
138.6
139.0
139.7
140.3
122.1
122.6
122.9
123.3
123.4
124.2
124.7
124.9
125.1
126.2
126.7
109.9
110.0
110.5
111.8
111.4
111.8
112.4
112.6
113.3
113.4
114.4
123 8
124.0
124.2
124.2
124.3
124.6
126.6
126.7
126.7
126.8
126.8
All
items
Foods
1929
1933
1941
1945
73.3
55.3
62 9
76.9
65.6
41.6
52 2
68.9
1949
1950
1951
1952
1953
1954
1955
1956
101.8
102.8
111.0
113.5
114.4
114.8
114.5
116.2
100.0
101.2
112.6
114.6
112.8
112.6
110.9
111.7
103.3
106.1
112.4
114.6
117 7
119.1
120.0
121.7
105.0
108.8
113.1
117.9
124.1
128.5
130.3
132.7
102.5
102.7
103.1
104.5
106.6
107.9
110.7
111.8
106.8
110.5
116.4
118.7
123.9
123.5
125.2
130.7
99.6
100.3
111.2
108.5
107.9
106.1
104.1
103.0
100.1
101.2
109.0
111.8
115.3
117.4
119.1
122.9
1956—Nov
Dec
117.8
118.0
112.9
112.9
123.0
123.5
133.8
134.2
111.8
112.0
134.3
136.1
103.8
104.1
1957
118.2
118.7
118.9
119.3
119.6
120.2
120.8
121.0
121.1
121.1
121.6
112.8
113.6
113.2
113.8
114.6
116.2
117.4
117.9
117.0
116.4
116.0
123.8
124.5
124.9
125.2
125.3
125.5
125.5
125.7
126.3
126.6
126.8
134.2
134.2
134.4
134.5
134.7
135.0
135.2
135.4
135.7
136.0
136.3
112.3
112.4
112.4
112.4
112.3
112.3
112.3
113.3
113.7
113.8
114.3
138.9
139.3
139.2
138.1
135.4
135.3
135.9
135.7
136.8
137.6
138.0
104.0
105.0
104.9
105.1
104.2
104.6
104.1
103.9
104.8
104.8
104.5
Year or month
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Total
Gas
and
electricity
Rent
Apparel
Solid House- Housefuels
furhold
and
nish- operafuel oil ings
tion
60.3
45.9
55.6
76.3
117.4
83.6
88.4
90.9
NOTE.—Revised index, 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
1949
1950
1951
1952
1953
1954
1955
1956
1956
Dec
Feb
Mar
Apr
May
June
July
AUK . . .
Sept
Oct . .
Nov
r
115.9
116.3
1957
Jan
Textile
products
and
apparel
Fuel,
MaHides, power, Chem- Rub- Lum- Pulp, Metals chinskins, and
icals
ber paper, and
ber
ery
and light- and
and
and
and metal and
leather ing
allied prod- wood allied prod- moprod- ma- prod- ucts prod- prod- ucts
tive
ucts terials ucts
ucts
ucts
products
99.2 92.8 95.7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5 104.8
103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3
114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8
111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0
97.3 98.5 109.5 105.7 125.0 120.2 116.1 126.9
110.1 97.0 104.6 114.0
110.3 95.6 105.3 lli.5 95.2 94.2 108.1 107.0 126.9 118.0 116.3 128.0
95.3 93.8 107.9 106.6 143.8 123.6 119.3 136.6
110.7 89.6 101.7 117.0
114.3 88.4 101.7 122.2 95.3 99.3 111.2 107.2 145.8 125.4 127.2 148.4
.
Nov
All
com- Farm Procmodi- prod- essed
ties
ucts foods Total
Revised.
116.9
117.0
116.9
117.2
117.1
117.4
118.2
118.4
118.0
'117.8
118.0
87.9 103.6 124.2
88.9 103.1 124.7
95.4
95.6
89.3
88.8
88.8
90.6
89.5
90.9
92.8
93.0
91.0
91.5
91.9
95.8
95.7
95.4
95.3
95.4
95.5
95.4
95.4
95.4
95.1
95.0
104.3
103.9
103.7
104.3
104.9
106.1
107.2
106.8
106.5
105.5
106.5
125.2
125.5
125.4
125.4
125.2
125.2
125.7
126.0
126.0
'125.8
125.7
106.6
108.6
119.0
121.5
123 0
124.6
128.4
137.8
Furniture
and
other
household
durables
103. 1
105.
114. 1
112. 0
114 ?
115. 4
115. 9
119. 1
Non- Tome- bacco
tallic mfrs. Mismin- and cellaerals— bottled neous
struc- bevtural erages
104.4
106.9
113.6
113.6
118 2
120.9
124.2
129.6
101.6 96.1
102.4 96 6
108.1 104.9
110.6 108.3
115 7 97 8
120.6 102.5
121.6 92.0
122.3 91.0
99.8 111.2 108.2 146.9 121.5 127.8 152.1 143.4 121. 1 131.2 123.5
99.2 114.0 108.3 147.9 121.0 128.0 152.3 143.6 121. 2 131.3 123.6
98.4
98.0
98.4
98.8
99.0
99.9
100.7
100.5
100.3
100.4
100.2
116.3
119.6
119.2
119.5
118.5
117.2
116.4
116.3
116.1
'115.8
115.3
108.7
108.8
108.8
109.1
109.1
109.3
109.5
109.8
110.2
110.4
110.3
145.0
143.9
144.3
144.5
144.7
145.1
144.9
146.9
146.5
146.2
144.7
121.3
120.7
120.1
120.2
119.7
119.7
119.3
118.6
117.8
'117.3
117.0
128.6
128.5
128.7
128.6
128.9
128.9
129.5
129.9
130.1
130.9
130.9
152.2
151.4
151.0
150.1
150.0
150.6
152.4
153.2
152.2
150.8
150.4
143.9
144.5
144.8
145.0
145.1
145.2
145.8
146.2
146.9
'147.7
148.5
121 9
121. 9
121. 9
121. 5
121. 6
121. 7
122. 4
122. 6
122.
r
122. 6
122. 6
132 0
132.7
133.2
134.6
135.0
135.1
135.2
135.3
135 2
135.3
135.3
124 0
124.1
124.1
124 5
124.5
124.7
127.7
127.7
127 7
127.7
127.8
91.2
91.7
93 2
92.4
92.0
91 4
89.4
87.3
88.8
90.1
89 4
'87.7
86.8
81
PRICES
WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued
[Bureau of Labor Statistics index, 1947-49= 100]
1956
Subgroup
1957
1956
Subgroup
Nov.
Sept.
Oct.
Nov.
104.3
87.9
68.6
100.8
98.8
79.3
84.0
98.9
81.2
81.5
102.9
96.9
91.2
78.0
143.2
107.7
80.6
78.4
103.3
'98.8
103.5
77.3
141.5
106.3
Paperboard
80.9
79.3
Converted paper and paperboard
Building paper and board
104.7
99.4
100.1 Metals and Metal Products:
77.6
Iron and steel
144.1
115.8
82.7
113.6
106.4
111.8
201.6
95.7
116.7
95.7
112.4
102.5
113.9
178.3
96.0
117.3
91.6
113.7
103.6
113.8
172.9
96.0
117.6
93.6
114.5
103.8
114.4
172.9
96.6 Machinery and Motive Products:
92.8
106.1
80.3
122.7
99.7
76.2
90.0
110.3
82.3
121.1
99.7
77.2
89.9
108.3
82.3
120.0
r
99.6
77.2
89.8
107.4
82.3
119.6
99.6
76.7
59.0
90.6
120.8
98.6
58.2
91.6
121.6
98.4
56.8
91.2
122.4
r
98.4
53.4
91.2 Furniture and Other Household Dura122.6
bles:
98.6
Pulp, Paper,
(Cont.):
Farm Products:
Fresh and dried produce
Grains
Livestock and poultry
Plant and animal fibers
Fluid milk
Eggs
Hay and seeds
Other farm products
147.4
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
122.5
123.6
99.4
92.3
57.8
109.6
105.7
104.2
123.5 123.6
128.1 128.1
101.5 102.2
93.5 r 93.4
64.5 64.8
112.0 '112.1
106.4 107.6
106.7 106.8
123.6 Concrete ingredients
128.1 Concrete products
Structural clay products
101.6
Gypsum products
93.4
Prepared asphalt roofing
65.1
112.3 Other nonmetallic minerals
107.7
106.6 Tobacco Manufactures and
147.0
153.4
139.5
140.3
153.5
142.2
138.1
153.5
142.5
131.6
153.5
142.3
123.1
128.5
94.8
118.3
128.3
94.7
117.5
128.3
96.9
117.3
128.0
96.4
118.0
77.3
139.2
118.0
88.5
143.2
121.2
88.5
143.2
121.2
88.5
143.3
125.8
161.9
112.2
96.1
123.5
Beverages:
Lumber and Wood Products:
Lumber
Millwork
Plywood
r
Pulp, Paper, and Allied Products:
Woodpulp
Wastepaper
Paper
'Revised.
Nov.
136.2
124.3
138.1
136.2
126.5
141.7
136.6
127.0
141.7
136.6
127.0
141.7
162.5
149.7
147.5
160.1
133.9
122.0
137.5
170.2
131.7
153.1
167.2
128.9
122.3
134.9
167.8
129.9
153.1
167.4
128.5
122.3
134.6
166.5
130.8
153.1
167.4
128.5
122.4
134.6
141.2
147.1
147.1
146.9
130.8
155.5
163.0
154.0
142.0
145.2
134.2
133.4
162.7
168.9
158.5
147.3
150.8
134.8
136.2
164.9
170.8
159.5
147.7
150.7
135.5
136.9
165.2
171.4
160.4
148.0
150.7
137.1
121.2
146.9
131.9
106.5
91.1
69.9
145.0
122.5
153.6
132.5
104.6
93.4
71.4
148.3
122.6
153.6
132.5
105.4
93.4
71.4
148.8
122.8
153.8
132.5
104.9
93.2
71.4
149.0
135.7
131.6
, 125.3
150.3
127.1
114.4
124.3
135.7
136.7
126.3
155.0
127.1
124.6
128.6
135.7
136.9
126.5
155.1
127.1
124.6
128.5
135.7
136.9
126.5
155.1
127.1
124.6
128.5
124.0
104.2
122.5
118.1
148.7
134.8
105.1
143.8
119.6
149.3
134.8
105.1
144.3
119.6
149.3
134.8
105.1
144.3
119.8
149.3
116.8
71.9
96.5
105.2
125.1
118.2
66.4
97.4
107.6
130.1
117.9
63.2
97.4
107.6
130.7
117.9
61.4
97.4
107.6
130.8
Products
Nonmetallic Minerals—Structural:
Flat glass
Rubber and products:
Crude rubber
Tires and tubes
Other rubber products...
Oct.
Household furniture
Commercial furniture
Floor covering
Household appliances
Radio
Television
Other household durable goods
124.8
161.9
112.2
95.5
125.6
125.6
161.9
112.2
r
96A
124.6
Sept.
Agricultural machinery and equipment
Construction machinery and equipment
Metal working machinery
General purpose machinery and
equipment
Miscellaneous machinery
Electrical machinery and equipment
Motor vehicles
122.0
156.3
111.1
94.3
117.5
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
Allied
Nov.
Nonferrous metals
Metal containers
Hardware
,
Plumbing equipment
Heating equipment
Fabricated structural metal products.
Fabricated
nonstructural
metal
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
and
1957
Bottled
Cigarettes
Cigars
Other tobacco products
Alcoholic beverages
Nonalcoholic beverages
Miscellaneous:
Toys, sporting goods, small a r m s . . .
Manufactured animal feeds
Notions and accessories
Jewelry, watches, photo equipment..
Other miscellaneous
r
82
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
1956
1929
1933
1941
1950
1952
1953
1954
1955
3
104.4
Gross national Droduct
4
1
2
3
56.0 125.8 285.1 345.4 363.2 361.2 391.7 414.7 416.7 426.0 429.1 434.3 439.0
8.6
7.2
9.0
20.5
23.9
26.5
28.9
31.6
34.3
34.6
35.3
36.1
36.6
37.4
7.0
.6
.3
7.1
.7
.9
11.3
.5
.4
23.7
.8
.2
28.1
1.2
2.0
30.2
1.4
2.6
30.1
1.3
1.7
32.9
1.3
2.1
35.0
1.3
1.6
35.1
1 3
2.3
36.1
1.3
1.6
36.4
1.3
1.6
36.6
1.3
3.3
37.1
1.3
n.a.
.0
.1
.2
— .1
— .4
— .2
.2
1.1
11
1 6
1 4
1 6
1 7
40.2 104.7 240.0 290.2 302.1 299.0 324.1 343.6 344.5 353.3 355.1 358.1
n.a.
Less * Capital consumption allowances
indirect business tax and related liabilities
Business transfer payments
Statistical discrepancy .
Plus: Subsidies less current surplus of government enterprises
-.1
Eouals * National income
87.8
Less: Corporate profits and inventory valua-
1957
1956
10.1 - 2 . 0
.2
.3
14.5
2.8
35.1
6.9
36.9
8.6
36.0
8.7
33.1
9.7
40.7
11.0
40.4
12.4
39 8
12.5
42.4
12.8
41.2
14.2
40.7
14.3
n. a.
14.6
.0
.9
1.0
5.8
.6
.0
1.5
1.2
2.1
.7
.0
2.6
1.3
4.5
.5
.0
14.3
4.7
9.2
.8
.0
12.0
4.9
9.0
1.2
-.1
12.9
5.0
9.3
1.4
.0
15.0
5.2
9.9
1.3
.0
16.1
5.2
11.0
1.3
.0
17.2
5.7
11.9
1.3
.0
17.4
5.8
12.1
1 3
.0
17.7
5.9
11.5
1.3
.0
18.4
6.0
12.4
1.3
.0
20.0
6.0
12.5
1.3
.0
20.0
6.0
12.6
1.3
85.8
47.2
2.6
1.5
3.3
20.9
34.4
35.8
33.0
35.8
39.7
39.8
40.5
42.2
42.9
43.6
1.3
1.4
.5
1.0
2.0
1.3
18.2
2.7
31.2
3.2
32.4
3.4
29.2
3.8
31.5
4.2
35.1
4.6
35 2
4.6
35 8
4.7
37.4
4.9
38.0
4.9
38.6
5.0
Eouals* Disoosable Dersonal income
83.1
45.7
93.0 206.1 237.4 250.2 254.5 270.2 287.2 288.8 294.0 295.5 299.9 302.9
Less: Personal consumption expenditures....
79.0
46.4
81.9 194.0 218.3 230.5 236.6 254.4 267.2 268.6 272.3 276.7 278.9 283.6
4.2
-.6
11.1
Contributions for social insurance
Excess of wage accruals over disbursePlus* Government transfer payments
Net interest paid by government
Business transfer payments
Eauals: Personal income
Less: Personal tax and related payments
Federal
State and local
Eauals * Personal savins
96.3 227.1 271.8 286.0 287.4 305.9 326.9 328.7 334.5 337.7 342.8 346.5
12.1
19.0
19.7
17.9
15.8
20.0
20.3
21.7
18.9
21.0
19.3
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
[Department of Commerce estimates. In billions of dollars]
Seasonally adjusted annual rates
by quarters
Annual totals
Item
1956
1929
1933
1941
1950
1952
1953
1954
1955
1957
1956
National income.
87.8
40.2 104.7 240.0 290.2 302.1 299.0 324.1 343.6 344.5 353.3 355.1 358.1
Compensation of employees
Wages and salaries1
Private
Military
Government civilian
Supplements to wages and salaries.
51.1
50.4
45.5
.3
4.6
.7
29.5
29.0
23.9
.3
4.9
.5
Proprietors' and rental income2
Business and professional
Farm
Rental income of persons
20.2
8.8
6.0
5.4
7.6
3.2
2.4
2.0
Corporate profits and inventory valuation
adjustment
Corporate profits before tax.
Corporate profits tax liability
,
Corporate profits after tax
Inventory valuation adjustment
10.1 - 2 . 0 14.5 35.1
9.6
.2 77.0 40.0
7.6 17.8
1.4
.5
9.4 22.1
8.3 - . 4
.5 - 2 . 1 - 2 . 5 - 4 . 9
Net interest.
6.4
5.0
n. a. Not available
* Includes employee contributions to social insurance funds.
n.a.
64.8 154.3 195.1 208.1 206.8 223.1 241.4 242.7 247.9 251.1 254.0 257.0
62.1 146.5 184.9 197.3 195.5 210.3 227.2 228.3 233.3 235.9 238.6 241.3
51.9 124.3 152.0 163.5 161.2 174.4 189.4 190. 194.7 196.8 199.1 200.9
1.9
5.0 10.5 10.3 10.0
9.8
9.7
9.7
9.6
9.7
9.7
9.8
8.3 17.2 22.5 23.5 24.4 26.1 28.2 28.5 28.9 29.4 29.7 30.6
2.7
7.8 10.2 10.8 11.3 12.7 14.1 14.4 14.6 15.3 15.4 15.7
20.9
10.9
6.5
3.5
4.5
44.6
22.9
13.3
8.5
50.8
25.7
15.
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
5.9
3
8.7
49.1
25.9
12.7
10.6
49.4
27.3
11.9
10.2
49.9
28.0
11.6
10.3
50.7
28.7
11.7
10.4
51.3
29.1
11.8
10.4
33.1 40.7 40.4 39.8 42.4 41.2 40.7
33.5 42.5 43.0 40.8 45.6 43.9 42.0
17.4 21.5 22.0 20.8 23.3 22.4 21.4
16.0 21,0 21.0 19.9 22.3 21.5 20.5
- . 3 -1.7 -2.6 -1.0 -3.2 -2.7 -1.3
n.a.
n.a.
n.a.
n.a.
-.9
9.8
10.9
11.9
50.0
28.2
11.5
10.4
12.0
50.7
28.3
12.0
10.4
12.3
50.3
28.4
11.5
10.4
12.5
Includes noncorporate inventory valuation adjustment
12.7
13.0
83
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
1957
1956
1929
1933
1941
1950
1952
1953
1954
1955
1956
3
Gross national product
4
3
2
1
104.4
56.0
Personal consumption expenditures
Durable goods
Nondurable goods
Services
79.0
9.2
37.7
32.1
46.4
3.5
22.3
20.7
Gross private domestic investment
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
18.1
6.6
3.5
3.1
6.9
4.5
4.0
51.2
22.7
12.6
10.1
21.1
7.4
6 4
49.8
23.7
11.1
12.6
23.1
3.0
2 1
50.3
25.8
11.9
13.8
24.3
.3
9
48.4
27.8
13.5
14.3
22.5
-1.9
-2 4
60.6
32.7
16.6
16.1
23.7
4.2
4 0
65.9
33.3
15.3
18.0
28.1
4.6
5 0
65.5
33.2
15.1
18 1
29.0
3 3
3 9
68.5
33.4
15.1
18 4
29.9
5.1
5 7
62.7
32.8
14.4
18.5
30.7
-.8
— 3
65.0
32.7
13.9
18.9
30.5
1.7
2.2
65.5
33.0
14.0
19.0
30.5
2.0
2.3
.2
1.1
-2.2
-.2
-2.0
-.4
-.4
1.4
2.0
2.4
4.1
3.5
3.2
76.6
48.9
43.1
6.2
4
27.7
77.1
46.8
41.3
5.9
4
30.3
80.2
47.2
42.4
5.2
4
33.0
80.6
47.3
42.7
4.9
4
33.3
82.8
49.0
44.2
5.1
4
33.9
85.6
50.3
45.5
5.2
4
35.3
86.9
51.1
46.3
5.2
4
35.8
86.7
50.6
45.8
5.2
4
36.1
Residential, nonfarm.
Other
Producers' durable e q u i p m e n t . . .
Change in business inventories
Nonfarm only
Net foreign investment
.8
Government purchases of goods
services
Federal
National security
Other
Less* Government sales2
State and local
125.8 285.1 345.4 363.2 361.2 391.7 414.7 416.7 426.0 429.1 434.3 439.0
81.9
9.7
43.2
29.0
194.0 218.3 230.5 236.6 254.4 267.2 268.6 272.3 276.7 278.9 283.6
28.6
33.9
26.6
35.0
35.0
29.4
35.6
29.8
34.8
35.9
33.0
100.4 116.1 119.1 120.6 126.0 133.3 134.4 135.3 137.3 139.1 142.5
65.0 75.6
99.9 101.1 102.2 103.4 104.9 106.1
86.6
92.8
81.7
and
8.5
1.3
} ,.3
0
7.2
24.8
8.0
16.9
2.0
/ 13.8
2.0
0
6.0
7.8
42.0
22.1
18.5
3.9
3
19.9
1 Includes expenditures for crude petroleum and natural gas drilling.
77.5
54.3
48.8
5.8
4
23.2
84.4
59.5
51.5
8.4
4
24.9
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
producing industries
Distributive
industries
Service
industries
Government
Proprietors'
Other
and
labor
income 2 rental
Dividends
and
personal
interest
income
Transferpayments 4
Less
personal
contributions
for
social
insurance 5
Nonagricultural
income 6
1929
1933
1941
85.8
47.2
96.3
50.4
29.0
62.1
21.5
9.8
27.5
15.6
8.8
16.3
8.4
5.2
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
77.7
43.6
88.0
1952
1953
1954
1955
1956
1957
271.8
286.0
287.4
305.9
326.9
342.8
184.9
197.4
195.5
210.3
227.2
238.8
80.4
87.7
83.6
90.9
98.3
102.0
48.7
51.3
51.9
55.4
60.1
63.7
23.0
24.5
25.8
28.2
31.1
33.3
32.9
33.9
34.3
35.9
37.9
39.8
5.3
6.0
6.2
6.9
7.5
7.9
50.8
49.3
49.1
49.4
49.9
50.7
21.3
23.0
24.9
27.1
29.5
31.0
13.2
14.3
16.2
17.4
18.5
21.2
3.8
3.9
4.6
5.2
5.7
6.8
253.1
269.2
271.3
290.6
311.7
327.5
1956—Dec
334.8
235.3
102.7
61.6
32.2
38.8
7.7
50.2
28.5
19.0
5.9
319.6
1957—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
335.9
337.9
339.5
340.6
342.9
344.8
346.2
346.8
346.6
345.9
345.4
342.8
234.5
235.9
237.2
237.1
238.3
240.1
240.9
241.7
241.5
240.1
239.5
238.8
101.4
102.0
102.3
102.4
102.4
103.3
103.0
102.8
102.2
101.3
100.9
100.0
62.0
62.4
63.0
62.7
63.4
63.8
64.5
64.7
64.8
64.3
64.2
64.3
32.2
32.4
32.6
32.9
33.0
33.2
33.4
33.7
33.9
34.0
34.1
34.2
38.9
39.1
39.3
39.1
39.5
39.8
40.0
40.5
40.6
40.5
40.3
40.3
7.7
7.8
7.8
7.8
7.8
7.9
7.9
8.0
8.0
8.0
8.0
8.0
50.2
50.4
50.4
50.6
50.8
50.9
51.6
51.2
51.1
50.8
50.4
50.4
30.7
30.8
30.9
31.0
31.2
31.2
31.4
31.6
31.6
31.7
31.7
29.7
19.5
19.7
20.0
20.8
21.6
6.7
6.7
6.8
6.7
6.8
6.8
6.9
6.9
6.8
6.8
6.8
6.8
320.7
322.7
Oct
Nov
P 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
22.1
22.6
22.7
324.
325.
327.
329.
330.
331.
331.3
331.0
330.3
327.3
well as consumer bad debts and other business transfers.
5
Prior to 1952 includes employee contributions only; beginning January
1952, includes also contributions to the old-age and survivors' insurance
program of the self-employed to whom coverage was extended under the
Social Security Act Amendments of 1950. Personal contributions are
not included in personal income.
6
Represents personal income exclusive of net income of unincorporated
farm enterprise, farm wages, agricultural net interest, and net dividends
paid by agricultural corporations.
84
INTEREST RATES
YIELDS ON LONG-TERM BONDS OF THE UNITED STATES GOVERNMENT
[Averages of daily figures calculated from closing bid prices]
Year or month
Per cent
per
annum
19531
1954
1955
1956
1957
2.94
2.55
2.84
3.08
3.47
1953
2
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
2.80
22.83
22.89
2.97
3.12
3.13
3.04
3.05
3.01
2.87
2.86
2.79
1954
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept.
Oct
Nov
Dec
2.69
2.62
2.53
2.48
2.54
2.55
2.47
2.48
2.52
2.54
2.57
2.59
1955
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
2.68
2.77
2.78
2.82
2.81
2.82
2.91
2.95
2.92
2.87
2.89
2.91
Wesk ending:
1957
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
3.34
3.22
3.26
3.32
3.40
.58
3.60
3.63
3.66
3.73
3.57
3.30
Per cent
per
annum
Week ending:
Per cent
per
annum
1956
1955
1954
2.59
2.57
2.54
2.52
Aug.
Aug.
Aug.
Aug.
6
13
20
27
2.97
2.94
2.94
2.95
Oct.
Oct. 2 0 . . . .
Oct. 27
3.17
3.18
3.19
3.24
3.05
3.10
3.10
3.11
.3.15
July
July
July
July
July
3
10
17
24
31
2.52
2.49
2.46
2.46
2.46
Sept.
Sept.
Sept.
Sept.
3
10
17
24
2.95
2.92
2.93
2.92
Nov.
Nov.
Nov.
Nov.
3 . .. .
10
17
24
3.27
.28
.28
.30
June 6.
June 13.
June 20.
June 27.
3.19
3.14
3.13
3.09
Aug.
Aug.
Aug.
Aug.
7
14
21
28
2.45
2.48
2.49
2.50
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
2.90
2.88
2.86
2.86
2.86
Dec.
1. .. .
Dec. 8
Dec. 15
Dec. 22 . .. .
Dec. 29
3.35
3.35
3.37
3.45
3.44
July 4
July 11
July 18
July 25
3.04
3.03
3.02
3.01
Sept.
Sept.
Sept.
Sept.
4
11
18
25.
2.51
2.52
2.52
2.53
Nov.
Nov.
Nov.
Nov.
5
12
19
26
2.84
2.87
2.89
2.91
Aug.
Aug.
Aug.
Aug.
Aug.
3.03
3.01
3.02
3.01
3.02
Oct. 2
Oct. 9
Oct. 16
Oct. 23
Oct. 20
2.53
2.52
2.52
2.55
2.56
Dec. 3
Dec. 10
Dec. 17
Dec. 24
Dec. 31
2.91
2.90
2.91
2.91
2.92
Sept. 5.
Sept. 12.
Sept. 19.
Sept. 26.
3.04
3.03
3.01
2.93
Nov.
Nov.
Nov.
Nov.
6
13
20
27
2.56
2.57
2.57
2.58
Oct.
3.
Oct. 10.
Oct. 17.
Oct. 24.
Oct. 31.
2.87
2.83
2.84
2.83
2.82
Dec. 4
Dec. 11
Dec. 18
Dec. 25
2.58
2.57
2.59
2.60
Nov. 7.
Nov. 14.
Nov. 21 .
Nov. 28.
2.83
2.86
2.86
2.88
Dec.
5
Dec. 12....
Dec. 19
Dec. 26
2.85
2.79
2.78
2.78
May 2
May 9
May 16
May 23
May 30
1.
15
22
29
Jan.
Jan.
Jan.
Jan.
Jan.
2.
9.
16.
23.
30.
2.74
2.74
2.72
2.67
2.64
1955
1956
6
Oct. 13
1957
Jan. 5
Jan. 12
Jan. 19
Jan. 26
3.50
3.45
3.33
3.26
Feb. 2
Feb. 9
Feb. 16
Feb. 23 . . . .
3.24
3.18
3.19
3.26
3.27
3.28
3.26
3.26
3.24
Jan. 7
Jan. 14
Jan. 21
Jan. 28
2.92
2.90
2.87
2.87
Mar.
Mar.
Mar.
Mar.
Mar.
2....
9
16....
23
30....
Feb. 4
Feb. 11
Feb. 18
Feb. 25
2.85
2.85
2.84
2.87
Apr. 6
Apr. 13
Apr. 20
Apr. 27
3.25
3.28
3.34
3.38
May 4
May 11
May 18
May 25
3.38
3.37
3.40
3.41
Jan. 1
Jan. 8
Jan. 15
Jan. 22
Jan. 29
2.60
2.64
2.67
2.68
2.70
Mar.
Mar.
Mar.
Mar.
Mar.
3
10
17
24
31
2.87
2.89
2.92
2.95
2.98
Feb. 5
Feb. 12
Feb. 19
Feb. 26
2.73
2.75
2.78
2.82
Apr. 7
Apr. 14
Apr. 21
Apr. 28
3.04
3.07
3.10
3.09
June 1 . . . .
June 8
June 1 5 . . . .
June 22
June 29. . . .
3.47
3.49
3.52
3.66
3.64
2.80
2.78
2.76
2.76
May 5
May 12
May 19
May 26
3.03
3.00
2.98
2.94
July 6
July 13
July 20
July 27
3.59
3.56
3.59
3.65
2.80
2.82
2.82
2.82
2.82
June 2
June 9
June 16
June 23
June 30
2.92
2.92
2.91
2.92
2.95
Aug.
Aug.
Aug.
Aug.
Aug.
3
10
17
24
31
3.63
3.63
3.66
2.82
2.81
2.80
2.80
July 7
July 14
July 21
July 28
2.94
2.97
3.01
3.05
Sept.
Sept.
Sept.
Sept.
7
14
21
28. . . .
3.59
3.60
3.71
3.72
2.79
2.80
2.81
2.83
Aug.
Aug.
Aug.
Aug.
4
11
18
25
3.09
3.11
3.16
3.22
Oct. 5
Oct. 1 2 . . . .
Oct. 19
Oct. 2 6 . . . .
3.72
3.71
3.76
3.74
2.86
2.86
2.88
2.92
2.96
Spet.
Sept.
Sept.
Sept.
Sept.
1
8
15
22
29
3.22
3.24
3.23
3.19
3.20
Nov.
Nov.
Nov.
Nov.
Nov.
2....
9
16
23
30
3.74
3.68
3.62
3.49
3.48
Dec.
7....
Dec. 14. . . .
Dec. 21
Dec. 28 . . . .
3.37
3.31
3.29
3.26
Mar.
Mar.
Mar.
Mar.
5
12
19
26
Feb.
6
Feb. 13
Feb. 20
Feb. 27
2.64
2.61
2.62
2.58
Apr. 2
Apr. 9
Apr. 16
Apr. 23
Apr. 30
Mar. 6.
Mar. 13.
Mar. 20.
Mar. 27.
2.55
2.54
2.52
2.52
May 7
May 14
May 21
May 28
Apr.
3
Apr. 10
Apr. 17
Apr. 24
2.51
2.48
2.49
2.48
June
June
June
June
May 1.
May 8.
May 15.
May 22.
May 29.
2.47
2.49
2.53
2.56
2.58
July 2
July 9
July 16
July 23
July 30
4
11
18
25
1
Figures for January-March included in this average are for bonds
due or callable in 12 years or more (old series).
2
Based on bonds due or callable in 12 years or more (old series).
NOTE.—This series, representing yields on bonds due or callable in 10
years or more, replaces those shown in earlier BULLETINS (p. 1385 of the
December 1957 issue). Average prices for the issues included in this
yield series have not yet been compiled.
Week ending:
June 5
June 12
June 19
June 26
2.91
2.91
2.97
3.00
1954
2.88
2.85
2.93
3.07
2.97
2.93
3.00
3.17
3.21
3.20
3.30
3.40
Per cent
per
annum
Week ending:
1953
Apr. 4.
Apr. 11 .
Apr. 18.
Apr. 25.
1956
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Per cent
per
annum
••
••
••
••
••
••
••
••
••
Average yields for the "old" and "new" series shown in previous issues
of the BULLETIN were (in per cent): Week ending Dec. 7, 1957—3.32,
3.41; Dec. 14—3.25, 3.35; Dec. 21—3.18, 3.29; Dec. 28—3.15, 3.28,
respectively. The December 1957 averages for these series were 3.22
and 3.33, respectively.
Financial Statistics
* International *
International capital transactions of the United States.
86
Gold production.
90
Net gold purchases and gold stock of the United States
91
Reported gold reserves of central banks and governments
92
Estimated foreign gold reserves and dollar holdings.
93
International Bank and Monetary Fund.
94
Central banks
94
Money rates in foreign countries
99
Foreign exchange rates
100
Index
Tables on the following pages include the principal available statistics of current significance
relating to international capital transactions of
the United States, foreign gold reserves and dollar holdings, and foreign central banks. Figures
on international capital transactions of the
United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and
dealers in the United States in accordance with
the Treasury Regulation of November 12, 1934.
Other data are compiled largely from regularly
published sources such as central bank statements and official statistical bulletins. Back figures for 1941 and prior years, together with descriptive text, may be obtained from the Board's
publication, Banking and Monetary Statistics.
85
86
INT'L CAPITAL TRANSACTIONS OF THE U. S.
TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1
[Amounts outstanding, in millions of dollars]
International
institutions 2
Date
Total i'oreign
countries
Official
and
private
Officials
France
Germany,
Fed.
Rep.
of
Italy
Switzerland
United
Kingdom
Other
Europe
Total
Europe
Latin
Canada America
Asia
All
other
1953—Dec. 3 1 . . . .
1954—Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1,629
1,770
1,881
10,019
11,149
11,720
5,667
6,770
6,953
429
715
1,081
899
1,373
1,454
466
579
785
674
672
757
709
640
550
1,558
1,642
1,519
4,734
5,621
6,147
1,296
1,536
1,032
1,768
1,906
2,000
1,896
1,821
2,181
326
265
360
1956—Nov. 3 0 . . . .
Dec. 3 1 . . . .
2,008
1,452
13,103
13,487
7,840
8,045
640
626
1,850
1,835
927
930
797
836
642
1,012
1,653
1,627
6,508
6,865
1,453
1,516
2,415
2,346
2,392
2,415
335
346
1957—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
1,809
1,681
1,558
1,358
1,700
1,573
1,545
1,635
1,512
1,517
1,538
13,207
13,090
13,002
13,090
13,114
13,270
13,266
13,248
13,315
13,747
13,610
7,761
7,551
7,550
47,808
7,810
7,942
7,803
7,606
7,633
7,910
7,795
538
490
423
420
367
403
514
449
405
394
352
1,790
1,764
,764
,728
,732
,690
,559
,573
,664
,573
,567
905
885
886
909
937
959
979
1,007
1,029
1,057
1,032
800
775
774
742
775
804
778
774
797
857
865
867
869
929
903
926
969
1,008
947
808
1,161
1,200
1,676
1,735
1,754
1,804
1,764
1,793
1,725
1,745
1,851
1,946
1,964
6,575
6,518
6,530
6,507
6,502
6,618
6,563
6,495
6,554
6,987
6,980
1,531
1,564
1,496
1,521
1,619
1,591
1,659
1,724
1,655
1,739
1,735
2,382
2,309
2,345
2,505
2,543
2,680
2,674
2,671
2,714
2,671
2,596
2,382
2,323
2,243
2,160
2,053
1,990
1,986
1,980
2,019
1,975
1,937
337
375
388
396
398
391
384
377
372
374
362
31....
28....
31....
30....
31....
30
31....
31»...
30*>...
31 * \ . .
30*\ . .
Table la.
Other
Europe
Date
Other Europe
Austria
Belgium
Denmark
Finland
Greece
Netherlands
Norway
Portugal
Rumania Spain
Sweden
Turkey
Yugoslavia
All
other
1953—Dec. 31
1954—Dec. 31
1955—Dec. 31
1,558
L 642
1,519
191
273
261
130
100
108
96
71
60
38
41
49
101
113
176
243
249
164
119
103
82
72
91
132
6
8
8
36
71
104
117
141
153
14
8
9
7
9
13
388
363
201
1956—Nov. 30
Dec 31
1,653
,627
297
296
125
117
68
65
53
53
166
177
131
134
59
67
133
137
1
1
50
43
199
217
14
20
16
17
341
281
,676
,735
,754
804
,764
,793
725
,745
,851
,946
964
294
297
296
298
298
302
315
327
337
345
347
125
135
141
142
120
119
120
123
132
137
131
64
76
76
71
65
61
97
101
102
97
100
54
61
59
60
59
59
61
55
62
68
66
181
184
178
181
175
166
156
143
139
144
146
117
122
120
110
111
110
98
115
172
186
215
69
67
76
73
75
87
85
87
94
97
95
138
134
123
117
120
120
115
116
124
129
127
42
40
32
28
25
25
25
24
24
30
26
230
229
228
245
253
268
278
272
273
255
265
16
22
14
20
12
14
12
16
12
19
16
14
17
14
11
12
11
9
11
12
9
11
332
350
396
446
439
449
351
353
367
429
418
Panama,
Republic of
Peru
El
Salvador
Uruguay
1957_jan.
Feb.
Mar.
Apr
May
June
July
Aug
Sept.
Oct.
Nov
31
28
31
30
31
30
31
31p
30*>
31 P
30^
Table lb.
Date
Latin
Amer- Argentina
ica
Bolivia
Brazil
Latin America
Chile
Colombia
Cuba
NetherDominlands
ican Guate- Mex- West
Remala
ico
Indies
pub, and
lic
Surinam
Other
Vene- Latin
zuela America
1953—Dec. 31
1954—Dec. 31
1955—Dec 31
1 768
1,906
2,000
130
160
138
19
29
26
102
120
143
79
70
95
150
222
131
341
237
253
39
60
65
38
35
45
183
329
414
52
49
47
90
74
86
68
83
92
27
30
24
110
90
65
222
194
265
119
124
112
1956—Nov 30
Dec. 31
2 415
2,346
150
146
27
29
249
225
85
91
140
153
228
211
69
68
55
64
422
433
67
69
101
109
82
84
21
25
70
73
536
455
113
111
1957—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
2 382
2,309
2 345
2 505
2,543
2,680
2,674
2,671
2,714
2,671
2,596
140
142
138
211
185
164
142
135
147
160
151
27
27
25
26
25
24
27
28
29
24
24
241
240
232
216
184
143
127
133
133
145
149
86
86
91
86
79
88
73
78
77
76
76
186
175
193
203
206
205
213
194
186
202
175
217
220
218
226
241
257
274
284
280
235
235
67
76
78
85
82
87
94
67
59
57
58
66
69
74
77
72
70
67
65
60
60
62
421
413
409
393
375
339
352
393
371
367
360
66
67
66
65
62
58
74
73
75
75
72
109
112
117
116
118
135
129
130
129
140
133
81
82
82
75
77
75
73
72
61
64
62
37
39
41
39
43
50
46
39
34
26
22
76
76
74
70
66
65
60
56
60
55
55
448
363
374
479
588
781
789
788
886
858
835
114
120
133
139
139
138
133
136
129
126
127
p
31 # < _
28
31
30
31
30
31
31P
30^
31»
30?
Preliminary.
For other notes see following page.
87
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
All other
Asia
Date
Total
Hong
Kong India
Indonesia Iran
Korea, PhilReipTaiIsrael Japan pub- pines wan
lic
of
1953—Dec. 31
1954_Dec. 31
1955—Dec. 31
1,896
1,821
2,181
68
61
55
99
87
73
39
100
174
44
31
37
18
41
53
1956—Nov. 30
Dec. 31
2,392
2,415
62
66
69
76
185
186
22
20
36
45
2,382
2,323
2,243
2,160
2,053
1,990
1,986
1,980
2,019
Oct. 3 1 P . . . . 1,975
Nov. 30*>. . . . 1,937
64
61
56
58
56
59
65
66
72
72
71
75
76
77
77
78
76
79
78
83
88
89
179
166
145
129
126
128
139
167
179
190
187
21
31
40
33
29
35
31
30
49
43
42
37
38
35
30
40
36
46
41
53
47
46
1957—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
31
28
31
30
31
30
31
31*
30*>
Table Id.
BelUnion
ThaiAus- gian
of
land Other Total tralia Congo Egypt South Other
Africa
92
96
88
295
257
252
37
34
39
168
123
138
208
270
380
326
265
360
59
48
75
90
44
42
43
47
72
38
33
53
96
94
119
1,027 100
1,017 99
274
272
59
61
144
148
414
425
335
346
82
84
45
44
46
50
42
53
119
114
269
254
244
227
218
217
206
217
215
195
174
63
65
68
75
75
79
79
78
76
83
85
158
161
167
165
166
167
167
170
163
162
159
421
432
433
425
432
461
463
442
451
420
417
337
375
388
396
398
391
384
377
372
374
362
64
68
80
85
88
75
80
78
81
85
84
42
44
42
42
41
40
42
41
39
41
42
52
69
60
61
59
58
57
53
54
50
45
58
63
60
56
58
60
51
49
47
45
39
121
132
147
152
153
158
153
156
151
153
151
828
721
893
994
937
875
835
728
626
605
586
572
564
555
101
102
104
106
106
107
106
106
106
110
112
Supplementary Areas and Countries5
End of year
End of year
Area or country
1953
1954
1955
1956
Other Europe:
Albania
British dependencies
Bulgaria
Czechoslovakia6
Eastern Germany
Estonia
Hungary
Iceland
Ireland, Republic of
Latvia
Lithuania
Luxembourg
Monaco
Poland 6
Trieste
U. S. S. R. 6
.4
.6
.6
n.a.
1.9
1.0
7.5
14.1
1.3
.4
4.0
3.0
2.2
.2
.6
.6
.7
1.2
1.9
1.0
8.9
14.3
1.0
.5
4.5
5.3
2.1
2.2
1.8
.4
.4
.7
.7
1.3
n.a.
.4
.2
.5
1.2
n.a.
Other Latin America:
British dependencies
Costa Rica
Ecuador
French West Indies and French Guiana...
Haiti
Honduras
Nicaragua
Paraguay
18.0
13.4
17.7
.6
9.3
18.7
16.0
6.0
2.7
.6
Other Asia:
Afghanistan....
Bahrein Islands.
p
1
2.5
2.0
1.0
4.8
13.7
1.0
.3
3.1
5.6
2.5
1.4
.7
3.1
9.1
.6
.4
13.2
4.3
3.3
1.4
21.2
.4
12.7
17.3
10.3
3.6
16.6
17.6
14.9
.6
12.1
9.7
12.8
3.6
24.1
14.6
18.0
1.0
8.9
10.2
11.8
4.0
5.1
.6
4.1
.5
19.0
15.3
Other Asia (Cont.):
British dependencies.
Burma
Cambodia
Ceylon
China Mainland 6 ....
Ira
Jordan
Kuwait
Laos
Lebanon
Pakistan
Portuguese dependencies.
Ryukyu Islands
Saudi Arabia
Syria
Viet-Nam
All other:
British dependencies
Ethiopia and Eritrea
French dependencies
Liberia
Libya
Morocco
New Zealand
Portuguese dependencies
Spanish dependencies
Sudan
5.3
Tangier
n.a.
Tunisia
Preliminary.
n.a. Not available.
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.).
Area or country
1953
1954
1955
1956
9.1
23.0
n.a.
17.1
36.4
13.8
.9
10.1
n.a.
23.9
9.7
5.3
n.a.
18.5
20.5
n.a.
9.8
29.7
.2
18.8
35.7
10.0
.8
10.7
.1
9.8
19.1
13.1
32.9
36.2
14.7
1.2
3.5
23.1
18.0
5.7
2.0
34.0
79.5
13.1
62.3
8.8
7.0
17.2
1.4
18.0
8.7
5.6
1.7
7.6
2.3
8.3
.5
n.a.
35.7
.4
2.4
23.7
8.0
13.1
1.6
36
16.5
3.8
1.8
26.9
61.5
21.5
8.1
9.9
14.8
1.9
5.3
.7
n.a.
33.5
.7
41.2
35.5
16.9
2.0
5.3
n.a.
22.3
20.2
2.7
n.a.
n.a.
17.1
50.1
3.8
24.2
10.5
23.7
3.7
13.6
2.2
2.8
.3
.4
22.4
.5
4
Beginning Apr. 30, data include certain accounts previously classified
as 5"private."
These data are based on reports by banks in the Second (New York)
Federal Reserve District and include funds held in an account with the
U. S. Treasury. They represent a partial breakdown of the amounts
shown in the "other" categories in tables la-lc.
6 Based on reports by banks in all Federal Reserve districts.
NOTE.—Statistics on international capital transactions of the United
States are based on reports by banks, bankers, brokers, and dealers.
Beginning with the BULLETIN for June 1954 (as explained on p. 591 of
that issue), tables reflect changes in reporting forms and instructions made
as of Mar. 31, 1954, as well as changes in content, selection, and arrangement of material published. For discontinued tables and data reported
under previous instructions, see BULLETIN for May 1954, pp. 540-545.
88
INFL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES*
[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
1953—Dec. 31..
1954—Dec. 31.,
1955—Dec. 31..
1,387
1,549
11
14
12
31
70
88
19
20
30
18
16
26
71
173
109
88
109
158
236
402
423
56
76
144
473
728
706
115
143
233
25
37
43
1956—Oct. 31.,
Nov. 30.,
Dec. 31..
1,828
1,787
1,946
67
19
18
127
134
157
29
32
43
28
30
29
86
94
104
177
174
216
514
483
568
186
170
157
799
797
840
282
292
337
46
45
43
1957—Jan. 31..
Feb. 28.,
Mar. 31.,
Apr. 30.,
May 31.,
June 30.,
July 31.,
Aug. 31*.
Sept. 30*
Oct. 31*.
2,038
2,060
2,150
2,141
2,174
2,202
2,135
2,186
2,159
2,254
23
18
26
60
72
82
96
113
113
106
168
176
177
177
174
159
150
149
151
139
50
55
59
58
61
60
59
55
54
54
30
33
26
27
27
28
31
33
32
36
109
127
160
151
176
159
123
115
110
124
213
211
219
208
188
197
189
192
209
203
593
621
667
680
699
686
646
657
669
663
171
157
161
108
114
125
125
130
111
111
867
861
898
919
889
894
896
950
947
959
360
375
375
392
426
451
421
397
379
407
48
46
49
41
46
46
46
52
53
48
Norway
Portugal
Spain
Sweden
Turkey
Yugoslavia
All
other
905
Table 2a. Other Europe
Other
Europe
Date
Austria
Belgium
Denmark
Finland
Greece
Netherlands
1953—Dec. 31..
1954—Dec. 31.,
1955—Dec. 31..
109
158
13
20
16
6
10
13
9
16
11
2
9
24
4
5
3
4
7
16
41
78
7
5
7
1956—Oct. 31..
Nov. 30.,
Dec. 31.,
177
174
216
18
22
28
10
10
12
16
13
21
16
17
23
6
5
8
12
11
13
73
72
6
6
7
1957_jan. 31..
Feb. 28.,
Mar. 31.,
Apr. 30.,
May 31.
June 30.
July 31.
Aug. 31*
Sept. 30*
Oct. 31*
213
211
219
208
188
197
189
192
209
203
30
29
34
29
28
25
23
25
25
24
13
10
11
9
20
21
20
23
19
23
27
21
24
22
23
17
18
17
16
16
17
17
18
16
9
7
11
10
11
12
12
19
24
10
13
14
14
14
14
14
13
9
9
9
85
86
83
79
67
75
63
68
72
81
1
6
8
8
9
10
9
9
9
11
13
Table 2b. Latin America
Date
Latin
BoAmer- Argentina
livia
ica
Brazil Chile
Colombia
Cuba
NetherDolands Panminican Guate- Mex- West ama,
ReRe- mala
ico Indies puband lic of
pubSurilic
nam
Peru
El
Salvador
Uruguay
Other
Vene- Latin
zuela America
1953—Dec. 31
1954—Dec. 31
1955—Dec. 31
473
728
706
7
6
7
11
3
4
125
273
69
23
14
14
57
107
143
51
71
92
2
3
5
4
4
5
93
116
154
3
1
3
5
9
17
20
16
29
8
10
8
4
7
18
42
63
105
19
27
34
1956—Oct. 31
Nov. 30
Dec. 31
799
797
840
13
15
4
4
4
65
65
72
14
15
16
150
145
145
83
84
90
7
7
7
7
7
7
194
201
213
6
5
5
11
12
12
32
32
35
11
14
11
18
14
15
139
132
144
46
47
49
1957—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
867
861
898
919
889
894
896
950
947
959
15
25
37
42
43
48
47
35
29
27
5
4
5
5
5
5
4
5
5
9
77
72
76
78
73
77
94
116
123
108
22
20
22
25
26
35
33
40
28
36
145
148
158
151
144
123
98
91
101
126
99
90
89
92
93
93
91
103
90
73
13
13
10
8
7
8
8
7
7
8
8
8
8
216
219
216
213
207
208
212
246
246
246
4
3
3
4
3
3
2
3
3
4
13
10
13
15
13
12
13
13
16
16
34
32
37
36
35
32
36
34
33
34
8
8
8
9
8
8
8
7
6
8
12
11
12
12
13
18
24
31
39
38
145
144
152
163
154
159
158
151
152
154
52
54
51
56
58
56
53
50
50
52
31
28
31
30
31
30
31 ,
31 v
30*
31*
*1 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
9
9
15
19
17
20
(excluded from these statistics) amounted to $1,051 million on Oct. 31,
1957. The term foreigner is used to designate foreign governments,
central banks, and other official institutions as well as banks, organizations, and individuals domiciled outside the United States, including
U. S. citizens domiciled abroad and the foreign subsidiaries and offices
of U. S. banks and commercial firms.
2 Less than $500,000.
3 Includes transactions of international institutions.
89
INT'L CAPITAL TRANSACTIONS OF THE U. S.
TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES*—Continued
[Amounts outstanding, in millions of dollars]
Table 2c. Asia and All Other
All other
Asia
Date
Total Hong
Kong
India
1953—Dec. 31
1954—Dec. 31
1955—Dec. 31...
115
143
233
3
3
3
4
5
5
1956—Oct. 31
Nov. 30
Dec. 31...
282
292
337
4
4
4
6
6
6
1957__jan. 31
Feb. 28
Mar. 31
Apr. 30
M a y 31
June 30
July 31
Aug. 31*>
Sept. 30*1
Oct. 3\P
360
375
375
392
426
451
423
397
379
407
5
6
6
7
7
7
7
9
9
7
7
7
9
10
11
11
11
9
9
8
Indonesia
1
(2)
C22)
()
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
Phil- TaiIsrael Japan ippines
wan
Iran
Union
Belof
Thai- Other Total Aus- gian
land
tralia Congo Egypt South Other
Africa
14
16
18
23
11
10
26
50
103
6
7
19
5
5
6
6
6
8
27
39
59
25
37
43
8
14
11
6
6
5
22
20
20
13
13
16
127
143
170
12
13
16
6
6
6
9
8
9
84
79
91
46
45
43
12
11
11
7
7
6
22
22
23
24
23
22
24
24
20
24
23
24
24
22
25
24
22
24
23
26
186
192
193
210
244
258
250
215
188
174
17
18
18
19
24
30
28
40
45
51
5
6
5
5
5
5
6
6
6
6
10
10
10
10
13
12
11
14
8
11
83
89
86
86
74
81
63
58
71
99
48
46
49
41
46
46
46
52
53
48
11
11
13
10
13
12
12
11
11
11
5
5
5
5
6
5
6
6
5
4
(2)
2
6
8
8
10
17
7
6
8
17
19
17
8
7
7
8
8
11
12
12
12
12
21
22
11
17
18
17
15
21
24
20
>
>
>
*
TABLE 3. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES3
[In millions of dollars]
U. S. Govt. bonds & notes
Year or month
1953
1954
1955
1956
1957—Jan
Feb
Mar
Aor
May
June
July
Aug.P
Sept."
OtP
Net pur- Purchases, or chases
sales ( - )
Sales
-82
8
529
-135
802
1,405
1,886
1,907
731
1,264
1,730
1,615
18
67
39
20
-46
-26
143
144
145
28
42
47
8
157
14
122
157
10
19
16
91
22
r
44
r
-55
43
-93
-128
4
15
163
146
117
134
179
170
161
136
92
108
Purchases
Sales
646
801
1,341
883
728
793
812
1,018
37
21
13
44
134
68
r
53
102
57
29
30
14
33
1956—Oct
Nov
Dec
U. S. corporate securities
Foreign stocks
Foreign bonds
Ner pur- Purchases, or chases
sales ( - )
Sales
-79
-49
184
-385
310
393
664
749
303
645
878
875
145
101
77
29
-53
-52
52
43
45
47
44
38
172
133
67
'215
193
49
191
42
80
106
-123
-99
-24
M46
-136
-4
-61
-20
-29
18
54
43
44
54
59
76
69
44
37
43
53
42
51
59
81
90
60
43
42
42
Net pur- Purchases, or chases
sales ( - )
Sales
70
141
156
291
543
792
693
607
622
841
509
992
108
140
108
35
4
37
174
49
25
107
91
104
113
160
135
153
122
102
142
57
55
13
21
19
35
8
14
-11
-34
49
34
43
69
57
45
130
22
51
123
Net purchases, or
sales ( - )
7
252
214
126
5
—1
7
«
-7
-5
-21
-14
9
1
-6
1
TABLE 4. NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES
[Net sales, ( —). In millions of dollars]
Year or month
1953
1954
1955
1956
International
institutions
Total
foreign
countries
France
23
78
-21
82
-34
72
706
75
-42
17
-2
-121
53
-42
10
1956—Oct...
Nov..
Dec.
1957—Jan...
Feb..
Mar..
Apr..
May.
June.
July..
Aug.p
Sept.p
Oct.*'.
p
Preliminary.
2
1
-25
1
(2)
-137
1
1
r
70
145
34
'65
r
-U
77
-85
23
-7
-21
Revised.
Germany,
Federal
Republic of
()
9
7
1
1
(2)
Switzerland
(
57
73
147
234
71
70
96
()
C22)
()
23
-2
19
C2)
27
24
11
9
7
5
7
17
-2
-21
i
-7
2
i
2
1
-1
United
Kingdom
Italy
Latin
America
Other
Europe
Total
Europe
Canada
-24
-20
85
33
62
139
329
161
-121
-187
265
-124
25
113
76
34
11
-40
-14
46
-39
3
-1
-11
-3
7
6
-3
1
1
1
7
41
21
21
7
54
-78
-1
-5
2
19
17
4
10
11
7
13
24
4
10
56
86
37
42
27
68
-59
42
2
-9
4
54
-4
'21
'-34
5
-27
-22
-7
-14
6
5
1
3
For other notes see opposite page.
Asia
()
29
-1
i?
(2)
4
1
2
(2)
l
2
All
other
-1
3
7
4
8
(2)
90
INTL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 5. NET PURCHASES BY FOREIGNERS OF LONG-TERM
FOREIGN SECURITIES OWNED IN THE UNITED STATES,
BY AREAS
TABLE 6. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT
FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS >
[In millions of dollars]
[Net sales, ( - ) . In millions of dollars]
Assets in custody
Year or
month
1953
1954.
1955
1956
1956—Oct
Nov....
Dec....
1957—Jan
Feb....
Mar...
Apr...
May...
June...
July....
Aug.*..
Sept.*>..
Oct. P..
InterTotal
national foreign
insticountutions
tries
Europe
Canada
Latin
America
Asia
-61
— 164
-27
— 33
-11
— 137
-4
—478
96
_9
-46
g
-138
— 133
74
—447
35
33
24
17
-30
26
7
— 34
—7
-49
—40 — 16
2
-3
33
-55
-41
22
17
13
8
-53
-47
-1
3
3
-13
-72
16
r_ 97
-7
-14
1
10 ' - 1 5 3
-84
1
-18
-12
-70
117
-29
15
-29
-9
13
85
2
2
-71
9
-1
-5
-81
-101
-6
2
-77
-52
-107
-31
'-146
-76
-18
-49
-13
-37
96
0)
C1)
-1
10
2
2
2
2
1
-8
-8
-9
-6
-2
-2
-4
-3
Date
All
other
0)
11
1
-16
0)
—1
14
1
1
-1
-4
0)
1
-2
r
Preliminary.
Revised,
i Less than $500,000.
Deposits
U. S. Govt
securities2
Miscellaneous*
1955—Dec. 31
402
3,543
126
1956—Dec. 31
322
3,856
139
1957_Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
31
28
31
30
31
30
31
31
30
3!
30
31
344
327
311
316
360
449
364
342
337
378
283
356
3,707
3,671
3,744
3,727
3,600
3,685
3,730
3,523
3,421
3,774
3,787
3,729
164
156
158
165
164
164
278
280
278
349
344
353
1957—Dec.
Dec.
Dec.
Dec.
4
11
18
25
308
330
344
386
3,805
3,808
3,761
3,776
345
277
346
346
* Excludes assets held for Intl. Bank and Monetary Fund and earmarked
gold. See note 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 at $35 per fine troy ounce]
Production reported monthl)
Year or
month
Estimated
world
production
(excl.
U.S.S.R.)
South
Africa
Rhodesia
753.2
777.1
758.3
780.9
776.5
826.2
873.8
r
910.6
409.7
408.2
403.1
413.7
417.9
462.4
510.7
556.2
18.5
17.9
17.0
17.4
17.5
18.8
18.4
18.8
23.1
24.1
22.9
23.8
25.4
27.5
23.8
21.9
12.9
12.0
12.3
12.9
13.0
12.8
13.0
13.1
1956—Oct
Nov
Dec
78.7
HI.9
73.6
47.8
47.3
45.8
1 6
1.5
1.5
2.2
2.2
2.2
1957__Jan
Feb
Mar
Apr
May
276.5
272.9
278.3
48.3
46.3
49.2
49.1
50.6
50 1
51.4
51.1
50.3
50.9
1 6
1.5
1.5
1.6
1.5
1 6
1.5
1.5
2 3
2.3
2.2
2.2
2.2
2 2
2.3
2.4
2.4
1949
1950
1951
1952.
1953
1954
1955
1956
840.0
864.5
840.0
868.0
864.5
913.5
959.0
994.0
July
Aug
Sept
Oct
United
Ghana Belgian
Congo States
r
Revised.
1 Gold exports, representing about 90 per cent of total production.
2 Excluding Mexico.
Sources.—World production: estimates of U. S. Bureau of Mines.
Production reported monthly: reports from individual countries except
Other
North and South America
Africa
Total
Colom- Chile
bia
Nica- Austra- India
lia
ragua1
Canada
Mexico
67.3
80.1
66.3
67.4
69.0
65.1
65.7
65.3
144.2
155.4
153.7
156.5
142 A
152.8
159.1
r
l53.4
14.2
14.3
13.8
16.1
16.9
13.5
13.4
12.3
12.6
13.3
15.1
14.8
15.3
13.2
13.3
15.3
6.3
6.7
6.1
6.2
4.6
4.4
4.3
3.3
7.7
8.0
8.8
8.9
9.1
8.2
8.1
7.6
31.3
30.4
31.3
34.3
37.7
39.1
36.7
36.1
5.7
6.7
7.9
8.9
7.8
8.4
7.4
7.3
1.1
1.5
1.0
6.2
5.6
4.6
12 9
12.9
12.7
1.2
1.0
.7
1.2
1.2
.7
.4
.2
.3
.6
.6
.6
3.0
3.4
2.9
.6
.6
.6
9
1.1
1.5
1.1
1.0
.9
1.2
1.1
1.2
1.1
5 0
4.4
5.1
4.7
5.0
4 9
5.8
5.8
5.7
6.5
12 6
12.0
13.2
12 9
13.1
12 6
12 8
12.6
13.1
13.9
1 5
1.2
1.0
.7
.9
.7
.9
8
9
.4
.2
.3
.6
.5
.6
.6
.6
.6
.6
6
.6
.6
3.0
2.8
3.1
3.2
3.1
3.4
3.7
.5
.5
.5
.6
.5
.5
.5
Ghana and Belgian Congo, 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.
91
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
Area and country
1950
1949
1951
1952
1953
1954
Continental Western Europe:
1-43.0
Belgium
France
Germany (Fed. Rep. o f ) . . . .
-23.5
Netherlands
14.0
Portugal
Sweden
-40 0
Switzerland
-34.3
Bank for Intl. Settlements....
3-123.4
Other
1-58.0 1-18.3 1-5.8
- 8 4 . 8 -20.0
-10.0
-4.5 -100.0
-79.8
- 1 5 . 0 -34.9 - 5 . 0
- 2 2 . 9 -32.0
- 3 8 . 0 -15.0
22.5
- 6 5 . 3 -30.4
- 1 6 . 4 -29.7
1-94.8
-250.2
-380.2 -184.8 - 1 1 5 . 6
-546.4 -328.3
Total
Sterling Area:
United Kingdom
Union of South Africa
Other
446.3 -1,020.0
13 1
195 7
3.2
Total
Canada
.
Latin America:
Argentina
Colombia
Cuba
Mexico
Uruguay
Venezuela
Other
469.9 440.0
52 1 11 5
525.6
451.2
-100.0
-10.0
7.2
-143.9
. . . . 4-55.4
Asia
-6.2
Eastern Europe
.4
All other
5-38.9 5-53.7
-77.5
-19.2
c
-.5
-480.5
-50.5
34
Jan.Mar.
JulySept.
34
20 0
—8 0
Apr.June
5.0
15 2
3.0
-5.0
18.6
7.0
1.0
30.4
6.0
100.3
100 3
-
1
100.3
100 3
14.6
14.6
5.2
-84.8
-3 5
115.3
28 1
40.1
10.0
-28 1
-15 0
80 3
11.0
-5.0
29.1
20
27 1
-30.0
-200.0
-200.0
""3.6
'
'
.
2
17.2
— 7
-.2
14.0 - 2 8 . 3
62.5
85.0 - 1 3 3 . 0
6.5
12.9
15.0
-.4
-.5
4.0
-.3
-131.8
-6.7
Oct.Dec.
-.1
-5.7
-9.9
-4.9
55.1
28 1
-.2
13.7
-.2
10.1
15.0
••"2:8
13.1
6-44.2 6-76.0
193.3 -1,725.2
Grand total
JulySept.
3.4
-480 0 -50.0
-49.9
7.0 " -io!6
28.2
-10.0
-16.1
-118.2
-14.4
-64.8
-50.0
- 1 0 . 5 ""-Y.2
Total
-49.9 - 2 0 . 0
17.5 - 2 2 . 8
-20.0
-60.2
87.7
22.2
14.9
-.9
2.4
-34.7
-172.0 -126.0
57.5
1956
- 6 7 5 — 33 8
-130.0 -225.6 -10.0
-65.0
— 59 9 — 54.9 - 5 . 0
15.2
-20.0 -15.0
— 65 0 — 15 5
—8 0
-94.3 -20.0
5.0
2.6
4.0
-17.5
-.3
3.6
645.2 -1,003.4
3.4
...
3.5
1955
1957
75.2
-.4
<*)
393.6 - 1 , 1 6 4 . 3 - 3 2 6 . 6
1 Includes sales of gold to Belgian Congo as follows (in millions): 1949,
$2.0; 1950, $3.0; 1951, $8.0; 1952, $2.0; and 1953, $9.9.
2 Less than $50,000.
3 Includes sale of $114.3 million of gold to Italy.
4
Includes sale of $43.1 million of gold to Thailand.
7200.0
775.0
280.2
155.0
-68.5
725.0 7300.0 7300.0
25.2
341.5
318.4
-.1
18.9
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)
Treasury
20,619
20,065
20,529
22,754
24,244
24,427
20,631 - 1 , 3 4 9 . 8 - 845.4
20,083 - 547.8 - 1 0 6 . 3
623.1 311.5
20,706
22,868 22,162.1 1,866.3
24,399 1,530.4 1,680.4
164.6 686.5
24,563
Year
1944
1945
1946
1947
1948
1949
1950
1951
1952 .
1953
1954
1955
1956
EarNet
marked Domesgold gold:
de- tic gold
import, crease,
producor
or
intion
export
crease
Increase
in total
gold
stock
Total 1
22,706
22,695
. . . . 23,187
22,030
21,713
21,690
21,949
-459.8
-356.7
465.4
210.0
-159.2
-495.7
35.8
32.0
51.2
75.8
70.9
67.3
22,820 - 1 , 7 4 3 . 3 - 3 7 1 . 3 - 1 , 3 5 2 . 4
22,873
52.7 - 5 4 9 . 0
617.6
23,252
379.8 684.1 - 3 0 4 . 8
2.0 - 1 , 1 7 0 . 8
22,091 - 1 , 1 6 1 . 9
16.1 - 3 2 5 . 2
21,793 - 2 9 7 . 2
97.3 - 1 3 2 . 4
21,753
-40.9
305.9 106.1
318.5
22,058
80.1
66.3
67.4
69.0
65.1
65.7
65.3
P Preliminary.
1 See note 2 on following page.
2 Net after payment of $687.5 million in gold as United States gold subscription to the International Monetary Fund.
Gold stock
(end of month)
Month
Treasury
1956—Dec
1957—Jan . . .
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
3
4
Total 1
21,949 22,058
22.252
22,304
22,306
22,318
22,620
22,623
22,627
22,626
22,635
22,691
22,763
*>22,781
22,377
22 396
22,406
22,424
22,726
22,732
22 735
22,735
22,759
22,835
22,837
^22,857
Increase
in total
gold
stock
-47.7
EarNet
marked Domesgold gold:
de- tic gold
import, crease,
or
producor
inexport
tion
crease
27
319.0 - 5 3 . 9
18.6 — 29 8
10.2 - 8 . 8
17.4
20.8
302.6
20.0
5.5
10.0
38
27
-.5
28 6
24.1
18.9
75 4
42 8
2.4
26.7
^19.9
51 2
4 6
295.9
28 0
16 0
-5.8
285.4
-6.0
— 8
— 11 4
-9.0
36 9
-31 2
42.0
5.0
4 4
51
4.7
5.0
4 9
5 8
5 8
5.7
6 5
5 1
Not yet available.
Gold held under earmark at the Federal Reserve Banks for foreign
and international accounts amounted to $6,022.6 million on Dec. 31, 1957.
Gold under earmark is not included in the gold stock of the United States.
92
GOLD RESERVES
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of
month
1950—Dec
1951—Dec
1952—Dec
1953—Dec
1954—Dec
1955—Dec
1956—Nov
Dec
1957—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
End of
month
Estimated
United States
total world
(excl.
U.S.S.R.)i Treasury Total 2
35,810
35,960
36,260
36,680
37.340
38;000
22,706
22,695
23.187
22,030
21,713
21,690
22,820
22,873
23,252
22,091
21,793
21,753
38,490
21,910
21,949
22,252
22,304
22,306
22,318
22,620
22,623
22,627
22,626
22,635
22,691
22,763
38^796
39,000
Finland
Argentina
Australia
Belgium
Brazil
Canada
Chile
Colombia
Cuba
Denmark
Egypt
88
112
112
117
138
144
587
621
706
776
778
929
317
317
317
321
322
323
590
850
896
996
,080
,141
40
45
42
42
42
44
271
311
214
186
186
136
97
174
174
174
174
174
22,106
22,058
106
107
941
928
323
324
,124
,113
45
46
136
136
181
22,377
22,396
22,406
22,424
22,726
22,732
22,735
22,735
22,759
22,835
22,837
109
113
113
113
116
116
877
864
848
849
849
842
846
882
874
876
875
324
324
324
324
324
324
324
324
324
324
324
,116
,110
,112
,114
,116
,121
,120
,135
,136
,136
1,127
43
46
46
46
46
43
43
40
40
40
40
136
136
136
136
136
136
136
136
136
136
188
188
188
174
183
188
188
188
188
188
188
216
268
371
371
371
182
181
181
181
181
166
127
126
Germany,
France 3 Federal GuateRepublic mala
of
India
Indonesia
Iran
Italy
Mexico
Netherlands
Norway
Pakistan
Peru
1950—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
1954—Dec.
1955—Dec.
523
548
573
576
576
861
28
140
326
626
920
27
27
27
27
27
27
247
247
247
247
247
247
209
280
235
145
81
81
140
138
138
137
138
138
256
333
346
346
346
352
208
208
144
158
62
142
311
316
544
737
796
865
50
50
50
52
45
45
27
27
38
38
38
48
31
46
46
36
35
35
1956—Nov.
Dec.
861
861
1,376
1,494
27
27
247
247
45
45
138
138
370
338
167
167
854
844
47
50
49
49
35
35
1957—Jan..
Feb..
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
861
861
861
861
861
575
575
575
575
575
575
1,566
1,661
1,756
1,834
1,923
2,029
2,124
2,261
2,399
2,548
2,556
27
27
27
27
27
27
27
27
27
27
247
247
247
247
247
247
247
247
247
247
44
44
43
42
41
40
40
41
41
41
138
138
138
138
138
138
138
138
138
138
138
325
350
364
359
359
364
390
422
167
167
166
166
165
165
164
163
834
819
814
809
806
806
793
747
700
700
700
45
45
45
48
47
46
45
45
45
45
46
49
49
49
49
49
49
49
49
49
49
49
35
35
35
35
35
35
35
35
35
28
28
El Salvador
South
Africa
Turkey
United
Kingdom 4
End of
month
Portugal
Spain
Sweden Switzerland
Thailand
Uruguay
Venezuela
Intl.
Monetary
Fund
Bank for
Intl.
Settlements
1950—Dec
1951—Dec
1952—Dec
1953—Dec
1954—Dec
1955—Dec
192
265
286
361
429
428
197
190
170
176
199
212
61
51
51
54
56
56
90
152
184
218
265
276
1,470
1,452
1,411
1,459
1,513
1,597
118
113
113
113
113
112
150
151
143
143
144
144
3,300
2,335
1,846
2,518
2,762
2,120
236
221
207
227
227
216
373
373
373
373
403
403
,494
,530
,692
,702
,740
167
115
196
193
196
217
1956—Nov.. . .
Dec
448
448
220
224
56
56
265
266
1,658
1,676
112
112
144
144
1,965
2,133
186
186
503
603
,692
,692
175
179
1957—Jan
Feb.. . .
Mar....
Apr.. . .
May...
June...
July....
Aug... .
Sept....
452
461
461
461
463
458
461
466
467
464
469
226
227
233
230
235
234
226
226
215
215
218
56
56
56
56
56
56
56
56
56
56
56
256
256
252
249
231
231
233
241
235
226
227
1,667
,652
,636
,621
,615
,633
,674
,694
,725
,733
,718
112
112
112
112
112
112
112
112
112
144
144
144
144
144
144
144
144
144
144
144
2,084
2,147
209
320
186
186
183
183
183
183
183
183
183
183
603
669
669
669
669
669
719
719
719
719
719
,420
,433
,438
,439
,141
,147
,148
,157
,167
,177
202
197
168
160
148
205
165
184
138
130
143
Oct
Nov....
P1 Preliminary.
Represents reported gold holdings of central banks and governments
and international institutions, unpublished holdings of various central
banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom,
and estimated official holdings of countries from which no reports are
received.
2
Includes gold in Exchange Stabilization Fund. Gold in active portion
of this Fund is not included in regular statistics on gold stock (Treasury
gold) used in the Federal Reserve statement "Member Bank Reserves,
2,345
2,381
2,367
2,142
1,850
2,093
2,185
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.)
93
GOLD RESERVES AND DOLLAR HOLDINGS
ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL
INSTITUTIONS
[In millions of dollars]
Sept. 30, 1956
Dec. 31 , 1955
Area and country
Dec. 3 , 1956
Total
Sterling Area:
United Kingdom
United Kingdom dependencies
Australia
India
Union of South Africa
Other
Sept. 30 , 1957*
326
10
342
10
361
10
368
9
8
418
8
1,201
91
10
7
1,265
95
12
6
1,227
96
12
6
1,170
107
11
6
1,133
92
11
6
1,165
133
8
6
5
90
5
88
5
5
97
5
1,957
2,374
187
1,137
151
8
7
13
998
4,063
152
41,451
10
14
2
2996
3,719
177
1,323
9
14
2
1,302
3,520
189
1,250
8
14
2
1,631
3,099
161
1,286
7
14
94
5
1,505
3,329
187
1,268
94
1 100
44
1,113
23
1,071
9
1,024
998
971
127
53
109
79
(3)
117
87
10
95
12
118
84
(3)
131
14
628
160
483
2,512
164
917
14,107
300
2,820
90
177
266
4
(3)
126
6
617
185
453
2,446
158
1,057
13,214
343
2,600
84
219
282
4
601
221
429
2,354
153
872
44
3
(3)
169
281
668
124
1
3
15
290
808
133
1
3
14
1,058
Total
3,789
195
3,967
Asia:
Indonesia
Iran
.
Japan
Philippines...
Thailand
Other
255
175
1,021
268
250
647
15
4
6
1
4
.
14,417
332
238
4
(3)
2,894
96
191
268
4
2,508
109
4197
191
4
1
25
323
294
226
(3)
1
1
28
2,854
93
193
399
25
582
151
180
407
77
80
561
104
117
53
.
14,087
317
203
4
509
26
466
139
217
389
77
72
556
86
127
52
.. .
309
2,812
103
191
3,874
1
636
140
508
2 522
156
868
13,867
2,547
Canada
3
(3)
132
298
437
3,702
2,173
J
133
14,113
295
Total....
7
323
277
228
1
1
14
286
3,934
223
3,983
269
4,024
352
2,629
367
2,608
438
2,712
(3)
360
29
549
137
210
347
79
91
600
109
119
53
(3)
332
25
556
137
250
354
89
101
575
117
117
73
1
1
167
1
(3)
167
(3)
324
293
226
(
?1
1
167
(3)
(3)
4
345
24
467
131
263
393
98
97
504
135
110
81
3,632
227
M57
2,791
441
1
167
(3)
1 450
140
190
4,160
190
4,486
4
6
1
6
231
158
1,145
294
260
707
8
6
1
6
188
178
1,003
267
279
730
4
6
1
6
191
4,113
204
174
1,186
298
254
677
(3)
(3)
257
12
302
134
1,043
113
1
3
12
259
3
134
(3)
1
1
30
2
2
12
1
(3)
139
330
262
226
4
1
(3)
(3)
1
2
11
(3)
2
622
142
499
2 437
158
1,188
(3)
14
1
1
14
320
265
214
121
12
3
376
10
105
628
148
480
2,410
158
898
328
248
211
.
June 3C , 1957
Gold& U. S. Gold& U. S. Gold& U. S. Gold& U. S. Gold& U. S. Gold& U. S.
short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt.
bonds
term
term
bonds
term
bonds
term bonds
term
bonds
bonds
term
dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes
Continental Western Europe:
Austria
Belgium-Luxembourg (and Belgian Congo)..
Denmark...
Finland
France (and dependencies) 1
Germany (Federal Republic of). . . .
Greece
Italy
Netherlands (and Netherlands West Indies
and Surinam).
Norway
Portugal (and dependencies)
Spain (and dependencies)
.. .
Sweden. . .
Switzerland
Turkey
Others
Latin America:
Argentina
Bolivia . .
Brazil
Chile
Colombia
Cuba
Dominican Republic
Guatemala
Mexico .
Panama, Republic of
•Peru
El Salvador
Uruguay
Venezuela
Other
Mar. 3 , 1957
313
29
457
117
244
416
70
87
4534
129
96
65
(3)
1
1
167
(3)
(3)
243
j
1 605
147
2
13
188
4,552
189
168
173
754
243
279
767
(3)
2
6
1
7
220
187
700
235
275
770
248
(3)
*• 2
6
1
7
2,616
30
2,793
17
2,795
17
2,645
17
2,384
16
2,387
16
Eastern Europe ^
308
7
288
8
287
8
288
8
288
8
286
7
All other:
Egypt
Other
246
116
1
222
126
238
118
(3)
248
151
(3)
(3)
246
162
(3)
(3)
242
155
8
362
1
348
399
(3)
408
(3)
397
(3)
Total
Total
26,164 1,308
Total foreign countries
International ^ . . .
Grand total
.
.
3,689
321
29,853 1,629
27,924 1,154
3,717
392
31,641 1,546
r
P Preliminary.
Revised.
1 Excludes gold holdings of French Exchange Stabilization Fund.
2 Does not include $286 million of gold loaned by Bank of France to
the French Exchange Stabilization Fund on June 26, 1957.
3 Less than $500,000.
4
Includes latest reported figures for gold reserves, as follows: Italy
(Aug.
31); Australia (June 30); and Mexico (Aug. 31).
5
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.
6 Excludes gold reserves of the U. S. S. R.
356
28,227 1,103
3,144
391
31,371 1,494
27,950 1,231
2,996
391
30,946 1,622
28,389 r l,288
2,720
366
31,109 '1,654
28,462 1,212
2,679
227
31,141 1,439
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.
94
INTERNATIONAL INSTITUTIONS
INTERNATIONAL BANK FOR RECONSTRUCTION AND
DEVELOPMENT
INTERNATIONAL MONETARY FUND
[End-of-month figures. In millions of dollars]
[End-of-month figures. In millions of dollars]
1957
1957
1956
Item
Sept.
June
Mar.
Dec.
Oct.
Sept.
Dollar deposits and U. S. securities
Other currencies and securities 1 ...
Effective Ioans2
Other assets 3
484
524
430
365
386
873
901
931
960
858
2,549 2,437 2,378 2,238 2,094
72
54
76
41
42
IBRD bonds outstanding
Undisbursed loans
Other liabilities
Reserves
Capital
1,141 1,034
948
848
849
670
676
676
609
530
20
19
20
11
10
303
289
266
254
240
1,867 1,854 1,853 1,853 1,853
9,016 8,941 8,932 8,929 8,929
-6
-10
-2
-14
2
2
2
2
Country 9
Repaid
Continental W. Europe, total
Belgium and Luxembourg.
France
Italy
Netherlands
Other
1,197
173
267
163
236
358
1,028
119
267
99
233
309
196
12
18
143
23
249
98
91
286
Sterling area, total
Australia
India
Pakistan
Union of S. Africa
United Kingdom
Other
1,137
318
356
108
160
146
49
753
278
183
54
135
79
24
82
12
25
9
26
3
7
671
266
158
45
109
76
17
86
25
14
4
20
24
Latin America, total
Brazil
Colombia
Mexico
Other
720
169
111
141
298
565
166
89
135
175
63
15
19
10
19
502
152
70
125
156
26
Asia (excl. Sterling a r e a ) . . . .
Thailand
313
146
37
110
5
4
141
33
108
15
2
Other
107
206
24
Africa (excl. Sterling area). .
Total
63,391
Sold
to
Total
others 5
831
107
73
24
14
7
21
6
3
9
13
13
1
2,501
7200
347
Oct.
Member subscriptions
Accumulated net incorne
Reserves and liabilities
Outstanding
Disbursed
Jan.
1,177 1,148 1,439 1,420 1,687
200
200
200
200
200
977 1,423 1,697
992
811
5,948 5,777 5,489 5,051 4,387
824
817
818
874
942
3
5
6
8
2
Cumulative net drawings
on the Fund
Quota
Principal
Apr.
July
Gold
Investments 8
Currencies: United Stsites 1
Other i . . .
Unpaid member subscriptions.
Other assets
Loans by country, Nov. 30, 1957
Area and member country +
1956
Item
1957
Paid
in
gold
Total
Argentina
Belgium
Brazil
Chile
Colombia . . .
Denmark
Egypt
France
India .
Indonesia
150
225
150
50
50
68
60
525
400
110
35
Japan
250
Netherlands
275
United K i n g d o m . . . . 1,300
United S t a t e s . . . .
2,750
Oct.
1956
Sept.
38
56
38
9
13
6
10
108
28
16
9
63
69
75
50
75
25
25
34
30
263
200
55
25
125
69
236
688
1 0 - -1.901
562
Oct.
75
50
38
25
25
34
30
263
200
55
25
125
69
66
13
25
15
55
26
562
10-1.861 10-418
Notes to tables on international institutions:
1 Currencies include demand obligations held in lieu of deposits.
2
Represents principal of authorized loans, less loans not yet effective,
repayments, the net amount outstanding on loans sold or agreed to be
sold to others, and exchange adjustment.
3 Excludes uncalled portions of capital subscriptions.
4
Loans to dependencies are included with member.
56 Includes also effective loans agreed to be sold but not yet disbursed.
Includes $260 million in loans not yet effective.
78 Includes $179 million not guaranteed by the Bank.
U. S. Treasury bills purchased with proceeds of sales of gold.
9 Countries shown are those with cumulative net drawings of $25
million
or more on the latest date.
1
o Represents sales of U. S. dollars by the Fund to member countries
for local currencies, less repurchases of such currencies with dollars.
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS
Bank of England (millions of pounds sterling)
Assets of issue
department
Gold
Liabilities of banking department
Assets of banking department
Other
assets
(fiduciary
issue)
Coin
2.4
2.4
2.3
55.4
23.7
10.7
Notes
Discounts
and advances
Securities
4.9
8.9
37.7
338.1
350.7
299.6
Note
circulation 1
Deposits
Bankers'
Public
,619.9
,751.7
,889.6
290.2
276.1
245.2
14.9
15.4
12.0
ECA
Other
Capital
and
surplus
7.2
9.6
3.2
70.4
66 3
71.7
18.2
18.1
18.1
1953—Dec. 30
1954—Dec. 29
1955—Dec. 28
.4
.4
.4
,675.0
,775.0
,900.0
1956—Dec. 26
.4
>,025.0
1.9
27.7
11.0
267.7
,997.7
203.6
11.6
74.9
18.1
1957—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
.4
.4
.4
.4
.4
.4
.4
.4
.4
.4
.4
,925.0
,925.0
,925.0
.975.0
.975.0
>,000.0
1.075.0
>.025.0
>,000.0
>.000.0
>,050.0
2.0
2.0
2.3
24
2.4
2.4
2 4
2 4
25
2.5
2.4
63.7
52.0
22.5
23.1
21.7
14.9
15.9
29 9
32.9
33.4
48.9
34.9
15.8
18.6
21.5
40.5
32.6
29.9
17.6
15 I
n 7
19.8
240.3
261.0
290.3
259.2
243.2
268.4
262.4
253.5
271 .0
288 7
260.3
,861.6
.873.4
.902.8
.952.2
.953.7
.985.5
>.059.5
.995.5
967.5
967.0
>,001.4
232.1
225.2
228.9
202.4
204.4
216.3
205 0
199.3
216.8
?14.6
226.9
14.4
13.5
13.7
11.5
10.1
12.2
13.4
11.6
13.0
10.1
10.1
76.0
73.7
72.5
74 5
75.3
71 8
73 9
74 2
73. 1
75.7
76.4
18.3
18 5
18 5
17.8
18.0
18 1
18.3
18.5
18 5
17 9
18.0
30
27
27
24
29
26
31
28
25
30
27
For notes see opposite page.
95
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
Bank of Canada (millions of Canadian dollars)
Assets 2
Sterling
and
United
States
dollars
Liabilities
Dominion and provincial govt. securities
Shortterm
Other
1,376.6
1,361.5
1,283.8
893.7
871.1
1,093.7
1953—Dec. 31
1954_Dec. 31
1955—Dec. 31
54.9
54.2
57.4
1956—Dec. 31
60.8
1,025.0
1957—Jan. 31
Feb. 28
Mar. 30
Apr. 30
M a y 31
June 29
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
53.5
60.8
53.7
50.3
52.3
57.3
63.1
62.4
55.3
56.6
56.2
1,091.7
1.052.7
1,105.2
1,158.0
1,165.9
1,213.3
1,197.7
1,251.8
1,208.4
1,297.5
1,321.5
Deposits
Other
assets
Note
circulation
112.0
114.1
185.2
1,599.1
1,623.5
1,738.5
1,392.0
69.9
1,868.7
1,202.2
1,1-9.4
1,176.3
1,190.2
1,185.1
1,194.3
1,202.3
1,208.4
1,204.2
1,192.1
1,152.0
113.5
118.6
213.5
119.2
188.7
210.3
100.7
203.9
110.9
161.5
252.8
1,738.9
1,717.9
1,724.6
1,756.3
1,751.5
1,784.3
1,817.7
1,815.5
1,819.1
1,824.0
1,828.0
Chartered
banks
Dominion
govt.
Other
liabilities
and
capital
Other
51.5
56.3
89.2
29.5
30.5
34.0
511.5
38.8
31.2
97.5
524.0
497.5
519.5
546.9
526.3
545.5
490.5
542.8
480.8
623.7
543.4
57.8
52.7
78.3
62.9
43.9
44.4
54.2
64.0
66.9
40.1
64.3
34.3
27.2
25.1
22.5
32.0
28.9
26.9
33.3
28.7
25.8
30.7
105.8
126.3
201.2
129.2
238.3
272.1
174.5
270.9
183.3
196.0
316.1
623.9
529.6
551.0
133.1
161.0
207.5
Bank of France (billions of francs)
Liabilities
Assets
Date
Gold
Foreign
exchange
Advances to
Government
Domestic bills
Other
assets
Open
market
Special
Other
Current
Other
891.6
1,130.2
1,194.7
200.0
195.0
190.0
679.8
617.6
539.8
170.0
277.2
336.8
2,310.5
2,538.5
2,820.0
201.3
201.3
301.2
15.4
57.3
200.2
292.5
236.8
226.7
61.1
48.9
45.2
1956—Dec. 27
301.2
49.6
289.2
30.5
1,753.7
179.0
479.8
236.4
1957—Jan. 31
Feb. 28
Mar. 28
Apr. 25
May 29,
June 27
July 25
Aug. 29,
Sept. 26
Oct. 31,
Nov. 28
301.2
301.2
303.2
301.2
301.2
201.2
201.2
201.2
201.2
201.2
201.2
26.8
25.0
27.6
24.9
20.2
16.1
7.3
6.2
18.3
44.0
44.6
1,759.5
1,735.7
1,836.8
1,871.9
1,948.1
2,014.1
2,027.1
1,931.4
1,886.7
1.914.9
1,893.9
175.0
171.3
175.0
158.3
175.0
175.0
175.0
175.0
175.0
17* 0
175.0
479.8
479.8
479.8
479.8
479.8
594.1
752.1
789.8
804.8
829.8
820.1
233.8
245.7
192.6
196.9
192.4
267.0
306.6
271.1
266.2
341.1
3296.2
1953—Dec. 31
1954_Dec. 30
1955—Dec. 29
33.0
32.9
23.1
12.2
12.0
12.0
11.9
11.9
11.9
12.0
12.0
270.3
317.4
310.3
325.2
322.9
274.9
273.6
307.2
322.7
^15.2
282.0
1957
Central bank, monetary unit,
and item
Nov.
Deposits
Note
circulation
GovernOther 4
ment
Oct.
Sept.
144.9
157.8
142.9
56.3
67.9
71.8
3,046.9
173.8
98.8
3,045.0
3,065.8
3,051.6
3,044.1
3,106.9
3,130.0
3,238.3
3,219.7
3,214.4
3,292 5
3,139.9
149.4
161.1
214.3
222.7
263.1
330.9
397.7
376 6
359.5
417 0
467.1
84.9
82.2
80.6
103.6
81.6
93.6
118.9
97.4
112.9
Nov.
Commonwealth Bank of Australia (milCentral Bank of the Argentine Republic
lions of pounds):
(millions of pesos):
983
533
697
Gold and foreign exchange
Gold reported separately
530
275
Checks and bills of other banks..
Other gold and foreign exchange..
1,089 1,216 1,649
Gold contribution to Intl. Fund...
157
Securities (incl. Govt. and Treas157
157
157
ury bills)
5.666
Govt. securities
5,001 4,825 4,822
Other assets
Rediscounts and loans to banks... 118,671 118,042 115,316 100J41
872
Note circulation
Other assets
1,582 1.697 1.782
Deposits of Trading Banks:
Currency circulation
46,843 45,211 44,987 39,238
Special
Deposits—Nationalized
69,060 70,326 69,566 61,593
Other
1.326
Other sight obligations
3,065 2,965 2,025
6,537
Other liabilities and capital
Other liabilities and capital
8,063 7,970 7,846
4
Oct.
118.0
1956
Central bank, monetary unit,
and item
Nov.
Notes
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
Other assets include 100.0 billion francs of gold loaned to Stabilization Fund.
(5)
1957
1956
Other
liabilities
and
capital
Sept.
Nov.
469
3
497
22
389
468
3
473|
3!
503
25
387
486
25,
388
310
5
556
43
384
340
25|
2^71
340
32
240j
340
31
227,
270
35
225
Includes Economic Cooperation Administration.
5 Less than 50 million francs.
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.
96
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
1957
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
Advances to Govt
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)
Net claim on Intl. Fund 1
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 l
Loans and discounts
Securities
Other assets
Note circulation
Demand deposits
Other liabilities and capital
National Bank of Cuba (millions of
pesos):
Gold
r
1
Nov.
Oct.
1956
Sept.
2,660 2,129 2,231
10,409 10,963 10,396
5,879 5,852 5,891
1,342 1,342 1,342
619
615
823
15,031 14,835 14,477
2,060 2,183 2,265
1,044 1,066
974
1,040
898
906
1,938 1,923 1,854
43,758 43,820 43,709
9,192 8,184 7,879
11,820 13,130 13,948
34,456 34,456 34,456
9,430 9,023 9,406
7,738 8,728 6,005
109,388 110,862 109,483
1,970 1,584 1,200
20
20
20
5,016 4,875 4,700
591
56
48
13
463
8
116
120
4,371
765
-1,356
15,914
26,077
55,741
24,682
70,532
6,481
3,070
46,110
319
52
,399
626
299
983
905
806
12
47
7
155
15
33
163
48
58
Nov.
Nov.
National Bank of Cuba—Cont.
Foreign exchange (net)
1,745
Foreign exchange (Stabilization
8,610
Fund)
6,226
Net claim on Intl. Fund 1
1,559
Loans and discounts
780
Credits to Government
13,774
Other assets
,
1,349
Note circulation
785
Deposits
1,415
Other liabilities and capital
,598N:ational Bank of Czechoslovakia2
National Bank of Denmark (millions
of kroner):
47,045
Gold
12,308
Foreign exchange
7,406
Loans and discounts
,
34,660
Securities
7,497
Govt. compensation account
5,775
Other assets
,
108,918
Note circulation
1,597
Deposits—Government
40
Other
,
4,137
Other liabilities and capital
(July)*
Central Bank of the Dominican Re7,714
668 public (thousands of pesos):
28,176
-636
Gold.
287,803 155,721
Foreign exchange (net)
7,920
2,505
Net claim on Intl. Fund 2
22,497
3,043
Loans and discounts
,
175,982 142,497
Govt. securities
16,523 20,044
Other assets
,
161,605 -1,240
Note circulation
,
Demand deposits
Other liabilities and capital
605
625
737 Central Bank of Ecuador (millions of
27
96
sucres):
11
50
49
Gold
22
16
8
Foreign exchange (net) 1
472
433
473
Net claim on Intl. Fund
4
32
Credits—Government
76
110
Other
153
166
118
Other assets
93
115
Note circulation
,
Demand deposits—Private banks.
4,846 5,258
7,394
Other
717
815
1,677
Other liabilities and capital
-1,356 -1,356
onal Bank of Egypt (millions of
19 National
17,385 15,798
8,379 pounds):
26,077 26,077 15,987
Gold
54,166 52,962 30,304
Foreign assets
,
26,462 27,150 24,568
Egyptian Govt. securities
,
70,614 72,594 55,024
Clearing and other accounts (net).
6,320 6,471
Loans and discounts
,
5,593
6,149 5,350
Other assets
,
1,938
45,213 42,287 25,772
Note circulation
Deposits—Egyptian Government,
Other
286
312
277
Other liabilities and capital
52
52
"
Reserve
Bank of El Salvador
52 Central
1,312 1,116
542 (thousands of colones):
620
615
622
Gold
281
146
256
Foreign exchange (net)
927
778
921
Net claim on Intl. Fund x
830 1,193
559
Loans and discounts
793
294
243
Govt. debt and securities
Other assets
Note circulation
,
12
12
Deposits
,
53
70
Other liabilities and capital
,
7
7
7 Bank<. of Finland (millions of markkaa):
135
119
126
Gold
16
16
17
Foreign assets and liabilities (net),
31
30
27
Loans and discounts
157
145
155
Securities—Government
41
45
53
Other
56
53
38
Other assets
Note circulation
Deposits
136
136
Other liabilities and capital
136
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.
Sept.
Nov.
141
162
182
186
13
60
145
78
434
288
36
200
13
54
120
74
439
284
35
162
13
42
131
77
418
298
27
1,346
271
68
796
211
499
3,022
774
2,242
1,479
1,384
266
68
884
197
501
3,022
613
2,135
1,494
1,397
260
68
727
125
505
3,071
960
2,238
1,450
1,501
266
11,405
13,831
2,500
4,921
7,830
25,759
50,412
11,919
3,914
11,405
14,746
2,500
4,779
7,830
25,805
48,776
14,449
3,839
11,405
13,600
2,500
4,300
7,830
25,735
48,732
12,921
3,717
11,276
12,427
2,500
4,050
8,360
19,931
47,225
7,929
3,389
325
82
-37
466
349
269
745
222
170
317
325
75
-37
470
354
281
755
219
172
322
325
56
-37
479
329
328
771
240
168
301
325
55
38
477
310
258
743
233
147
340
66
89
190
-48
42
3
213
10
100
20
66
90
184
-49
41
3
212
4
99
20
66
93
176
-42
30
2
193
8
102
21
63
114
144
-8
44
3
220
10
3112
19
78,578
18,141
4,688
92,276
9,323
9,087
99,587
99,358
13,148
78,602
26,263
4,687
86,202
10,538
8,012
95,718
105,707
12,879
7,850
30,098
31,683
16,250
1,451
16,697
51 AH
7,069
39,481
7,850
27,913
28,403
16,250
1,474
16,619
54,094
5,414
39,000
68
828
156
485
3,002
827
2,276
1,473
78,613 70,343
42,616
5,068
1,562 -4,677
81,726 93,657
9,174 18,615
7,684
7,647
97,201 96,019
111,588 82,503
12,587 12,132
7,850
21,285
37,987
16,250
1,514
17,014
55,828
6,776
39,297
7,849
22,368
41,666
17,500
1,989
11,280
58,468
6,025
38,159
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.
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
Central bank, monetary unit,
and item
1957
Nov.
Oct.
1956
Sept
4
German Federal Bank (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 Hungary 2
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 Iran (millions of rials):
Gold
Foreign exchange
Gold contribution to Intl. Fund. .
Govt.-secured debt
Govt. loans and discounts
Other loans and discounts
Other assets5
Note circulation
Deposits—Government
Banks
Other
Special Account—Profits of revaluation
Other liabilities and capital
Central Bank of Ireland (thousands of
pounds):
Gold
Sterling funds
Note circulation
10,691 10,655 10,033
13,436 13,634 14,328
1,035
1,297
839
3,475 3,432 3,765
1,176
1,167
1,070
16,402 16,074 15,928
5,472
4,428 5,218
5,623
5,397 5,341
681
812
526
2,755
2,757 2,617
5,330
192
5,366
5,568
27,276
37,438
1,250
16,908
42,252
62,082
4,434
9,704
23,401
25,502
2,555
6,723
1,112
5,358
175
5,565
5,385
2,474
6,611
1,061
3,676
5,632
1,866
3,676
5,628
1,981
27,277
34,907
1,250
17,592
41,083
61,070
4,363
10,090
21,841
24,745
27,277
34,429
1,250
15,073
41,673
58,936
4,275
9,548
22,389
24,554
1,178 1,178 1,178
2,802 3,117 3,266
9,823 9,508 9,359
1,337
1,351
1,352
14,787 14,862 14,711
367
293
11
290
3,281
2,816
1,426
278
154
38
499
3,282
2,822
1,428
443
259
6
418
2,925
2,697
1,353
875
761
532
844
792
791
17,217 17,141 16,561
1,022
853
1,209
12,876 12,588 12,343
220
220
185
3,926
3,735 3,917
2,954 3,157
2,478
4,533
1,115
663
7,923
12,515
7,409
16,213
12,416
6,562
1,613
18,842
4,533
500
663
7,923
11,489
7,137
17,381
12,063
8,097
1,612
16,841
663
7,923
12,537
6,720
14,527
11,783
5,894
1,691
16,578
7,110
3,827
7,110
3,902
7,110
3,848
4,533
2,646 2,646 2,646
75,115 74,215 74,413
77,761 76,861 77,059
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
Bank
of
Italy
(billions
of lire):
,663
Gold
180
Foreign
exchange
,011
Advances to Treasury
058
Loans and discounts
,016
Govt. securities
,450
Other assets
080
Note circulation
Deposits—Government
286
Demand
,067
Other
045
Other liabilities and capital
Bank of Japan (billions of yen):
Bullion
Loans and discounts
Govt. securities
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Bank of Mexico (millions
of pesos):
Monetary reserve7
"Authorized" holdings of securities, etc
Bills and discounts
Other assets
Note circulation
,178
Demand liabilities
.572
Other liabilities and capital
,655
,253 N e t h e r l a n d s B a n k (millions of
guilders):
,385
Gold
Silver (including subsidiary coin)..
272
Foreign assets (net)
793
Loans and discounts
71
Govt. debt and securities
30
Other assets
,547
Note circulation
,304
Deposits—Government
,409
ECA
Other
739
960 R ( Other liabilities and capital
Reserve
Bank
of
New Zealand (thou,846
478 sands of pounds):
Gold
,288
Foreign exchange reserve
320
Loans and discounts
,129
Advances to State or State un,288
dertakings
Investments
,242
Other assets
534
Note circulation
,
282
Demand deposits
,
,623
,227 „ Other liabilities and capital
,403 Baink of Norway (millions of kroner):
Gold
,039
Foreign assets (net)
,066
Clearing accounts (net)
,041
Loans and discounts
,259
Securities
,776
Occupation account (net)
Other assets
Note circulation
3,208
Deposits—Government
Banks
FOA
Other liabilities and capital
4 On Aug. 1, 1957, the Land Central Banks and the Berlin Central
Bank were merged with the Bank of German States (Bank deutscher
Lander) and the latter became the German Federal Bank (Deutsche
Bundesbank).
5
Includes (1) gold and foreign exchange in banking department and
(2) in May 1957, the profit resulting from revaluation of gold from
Nov.
Nov
,763
919
014
203
327
631
083
480
245
787
1957
Central bank, monetary unit,
and item
Oct.
1956
Sept.
6,274 6,266
88,158 95,760
-11,787 -10.
47,871 37:
71,566 70;483
136,214 133,935
148,699 149,045
13,056 13,306
6,265
109,611
-5,262
35,625
67,812
130,354
149,698
12,151
249,550 247,301 250,303
29,433 35,492 40,861
189.142 183,166 186,382
31,925 30,449 28,709
4
71
567
455
415
1,188
1,716
10
140
652
181
4
71
567
472
405
1,098
1,701
10
136
594
177
4
71
567
473
415
1,113
1,729
9
150
579
176
()
()
()
537
257
146
684
48
83
127
534
251
138
665
41
86
132
563
205
140
654
61
84
108
Nov.
12,037
83,729
-7,961
28,926
83,745
86,125
151,649
14,615
246,991
37,085
148,716
20,073
4
71
567
475
398
974
1,620
7
111
581
170
()
75
484
231
626
42
36
87
1,874
1,851
1,878
1,863
4,958
856
555
5,403
2,092
748
4,583
1,039
685
5,325
2,078
755
4,424
1,090
874
5,171
2,342
754
5,261
730
383
5,128
2,325
784
!,649
11
949
178
660
387
2,649
11
915
322
660
356
4,060
96
17
529
211
2,649
12
735
425
660
346
4,118
101
17
381
210
3,230
4
784
174
660
366
3,923
157
368
552
218
6,162 6,162 6,162
20,126 32,127 46,650
35, C " 31,986 23,930
6,162
32,270
27,255
56,139 47,160 39,692
38,124 38,124 38,124
53,665
38,173
1,966
74,726
74,730
10,035
1,994
145
17
462
216
1,384
1,436
1,631
78,277 74,141 73,221
68,827 73,096 73,453
9,919
9,758 9,517
210
203
-14
84
104
5,545
134
3,273
1,451
327
1
1,215
208
215
4
82
104
5,545
137
3,276
1,383
493
1
1,142
209
205
13
74
105
5,545
127
3,238
1,557
340
1
1,144
218
106
-39
111
74
5,546
138
3,204
1,542
425
26
957
.0275557 to .0117316 grams of fine gold per rial.
6 Holdings in each month were 448 million yen.
7
Includes gold, silver, and foreign exchange forming required reserve
(25 per cent) against notes and other demand liabilities.
For other notes see opposite page.
CENTRAL BANKS
98
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
1957
1956
Nov.
State Bank of Pakistan (millions of
rupees):
Issue department:
Gold at home and abroad
Foreign exchange—Approved..
Other
Pakistan Govt. securities
India currency
Rupee coin
Notes in circulation
Banking department:
Notes of issue department
Bills discounted
Loans to Government
Other assets
Deposits
Other liabilities and c a p i t a l . . . .
Central Bank of Paraguay (millions of
guaranies):
Gold
Foreign exchange (net)
Net claim on Int. Fund 1
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*
Loans and discounts to b a n k s . . .
Loans to Government
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of the Philippines
(millions of pesos):
Gold
Foreign exchange
Loans
Domestic securities
Other assets
Circulation—Notes
Coin
Demand deposits
Other liabilities and capital
Bank of Portugal (millions of escudos):
Gold
Foreign exchange (net)
Loans and discounts
Advances to Government
Other assets
Note circulation
Demand deposits—Government..
ECA
Other
Other liabilities and capital
South African Reserve Bank (millions
of pounds):
Gold
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits
Other liabilities and capital
Bank of Spain (millions of pesetas):
Gold
Silver
Govt. loans and securities
Other loans and discounts
Other assets..
Note circulation
Deposits—Government
Other
Other liabilities and capital
r
Oct.
115
663
57
2,046
430
49
3,248
115
658
57
1,902
430
53
3,128
113
1
61
998
1,032
141
2
1,055
1,016
130
Sept.
115
658
57
1,872
430
54
3,076
110
1,046
1,038
118
15
655
113
1,669
719
517
1,227
507
270
1,684
40
173
64
754
168
711
87
228
173
191
67
1,203
1,708
107
2,456
607
214
400
67
1,139
1,647
127
2,477
672
230
40
220
61
713
163
703
87
242
165
39
249
76
647
165
691
86
232
166
5,993 5,999 5,995
13,500 13,517 13,570
1,785
1,851
1,744
1,365
1,363
1,365
2,384 2,327 2,309
11,785 11,840 11,640
1,922
1,945
1,986
19
19
19
7,749 7,741
7,850
3,51" 3,488
3,55f
7
25
30
54
116
53
18
76
30
25
55
116
55
16
76
31
3:
48
116
55
15
618
323
14,57:
59,43
65,586
62,570
4,107
14,611
59,248
618
323
16,191
60,946
65,918
62,826
4,660
15,580
60,929
618
323
15,830
59,541
65,514
62,467
4,479
14,576
60,305
Nov.
Nov.
Bank of Sweden (millions of kronor):
Gold
Foreign assets
115
Net claim on Intl. Fund 1
993
Swedish Govt. securities and ad57
vances to National Debt Office2.
,527
Other domestic bills and advances.
430
Other assets
'58
Note circulation
,077
Demand deposits—Government. .
Other
104
Other liabilities and capital
30 Swiss National Bank (millions of
francs):
661
Gold
627
Foreign exchange
168
Loans and discounts
Other assets
Note circulation
11
Sight liabilities
463
Other liabilities and capital
53 Central Bank of the Republic of Turkey
,572 (millions of pounds):
535
Gold
368
Foreign exchange and foreign
,169
clearings
290
Loans and discounts
311
Securities
,231
Other assets
Note circulation
Deposits—Gold
719
Other
67
Other liabilities and capital
786 Bank{ of the Republic of Uruguay (mil,306
lions of pesos):
148
Gold
,176
Silver
601
Advances to State and Govt.
249
bodies
Other loans and discounts
Other assets
41
Note circulation
401
Deposits—Government
84
Other
436
Other liabilities and capital
153 Central
tral Bank of Venezuela (millions
661
of bolivares):
86
Gold
284
Foreign exchange (net)
Other assets
85
Note circulation
,846
Deposits
,735
Other liabilities and capital
,259Nirational Bank of Federal People's Re,375
public of Yugoslavia (billions of
,883
dinars):
,136
Gold
,739
Gold contribution to Intl. Fund . .
89
Foreign assets
1,064
Loans (short-term)
,071
Govt. debt (net)
Other assets
Notes and coin in circulation
78
Demand deposits
47
Foreign liabilities
13
Long-term liabilities (net)
47
Other liabilities and capital
113 Bank for International Settlements
56 (millions of Swiss gold francs):
17
Gold in bars
Cash on hand and with b a n k s . . . .
617
Rediscountable bills and accept321
ances (at cost)
124
Time funds at interest
149
Sundry bills and investments
803
Funds invested in Germany
254
Other assets
65
Demand deposits—Gold
035
Other
074
Long-term deposits: Special
Other liabilities and capital
Revised.
* Latest month available.
1
This figure represents the amount of the country's subscription to the
Fund less the bank's local currency liability to the Fund.
2 Includes small amount of nongovernment bonds.
1956
Central bank, monetary unit,
and item
Central bank, monetary unit,
and item
Oct.
Sept.
Nov.
500
1,184
129
4971
1,258
129
517
1,180
129
584
1,038
129
4,477
172
921
5,542
49
64
1,727
4,561
16
917
5,504
74
56
1,745
4,474
112
974
5,362
128
156
1,742
4,010
27
1,023
5,316
199
119
1,178
7,283
561
180
94
5,709
2,169
240
,348
546
159
103
,616
,302
238
7,313
556
155
97
5,605
2,281
236
7,025
587
254
121
5,483
2,277
227
402
402
402
402
461
5,153
33
264
3,345
156
2,027
786
475
5,107
33
273
3,323
155
2,016
797
467
4,823
33
265
3,105
155
1,983
747
219
3,891
31
234
2,433
155
1,586
604
(July)
278
283
10
264
615
797
559
203
371
829
288
540
843
509
198
354
903
1,999
2,150
193
1,382
559
,4022
2,099
2,165
220
1,333
585
2,567
1,438
1,297
219
1,170
413
1,372
4
2
40
776
128
63
117
401
84
274
138
6
2
39
790
113
53
111
380
85
283
143
5
2
62
,036
56
59
94
252
107
578
190
438
52
399
58
424
73
536
67
637
151
601
297
1
547
,084
229
316
711
117
789
297
4
492
1,342
229
31
540
114
814
29
4
52
1,199
229
310
658
100
572
297
2
720
982
229
302
1,999
2,055
180
1,484
450
2,300
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.
99
MONEY RATES
CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1
[Per cent per annum]
Central banks with new rates since June 1956
Month effective
In effect June 30, 1956
Belgium
France
Germany
Netherlands
Spain
Sweden
3.0
3.0
5.5
3.00
3.75
3.75
1956 Aug
Sept
3.25
5.6
Oct
Nov
1.5
5.5
Apr .
4 0
2 5
May
June
July
4.5
5 0
\ug
Sept
Oct
4.25
5 00
4.6
5.00
5.00
7.0
Nov
Dec
In effect Dec. 31, 1957
4.5
5.00
4.0
5.0
5.00
Japan 2
3.00
3.25
8.03
3 95
4.01
3 95
4 00
4.01
4 06
4.05
4 28
4.05
4.05
3.83
3.87
5.0
Feb
Mar
India
3 50
33.77
3 92
4.00
4 5
1957 Jan
Canada
El
Philip- Chile2
Salpines
vador 2
1.5
4.5
3.0
3.25
4.25
3.75
3 5
Dec
Switz- United
erKingland
dom
5.00
2.5
3.50
44.00
2 0
9.13
4.0
4 5
3.87
7.0
6 0
8.40
4.00
9.13
4.5
6.0
4.0
Other selected central banks—rates in effect on Dec. 31, 1957
Area and
country
Europe:
Austria
Denmark
Greece
Italy
Norway
Portugal
Rate
5.0
5.5
10.0
4.0
3.5
2.5
Month
effective
Nov.
Mav
May
Apr.
Feb.
Jan.
Area and
country
Europe—Cont. :
Turkey
Asia
Burma
Ceylon
Indonesia 2 ...
Pakistan
1955
1955
1956
1950
1955
1944
Rate
Month
effective
6.0
June 1956
3.0
2.5
3.0
3.0
Feb.
June
Apr.
July
1948
1954
1946
1948
1
Rates shown represent mainly those at which the Central bank either
discounts or makes advances against eligible commercial paper and/or
government securities for commercial banks or brokers. For countries
with more than one rate applicable to such discounts or advances, the
rate shown is the one at which the largest proportion of central bank
credit operations is understood to be transacted. In certain cases other
rates
for these countries are given in the following note.
2
Discounts or advances at other rates include: Japan—various rates
depending on type of paper or transaction and extent of borrowing from
central bank, including 8.40 per cent for discount of paper related to domestic commercial transactions (rate shown is for advances on commercial
paper and miscellaneous collateral); Chile—rates in excess of 6 per cent
Area and
country
Rate
Asia—Cont. :
T h a i l a n d . . . . 7.0
Latin America:2
Costa Rica . 3.0
Mexico
4.5
Peru 2
6.0
Month
effective
Area and
country
Feb. 1945
Apr. 1939
June 1942
Nov. 1947
Rate
Latin America—
Cont. :
Venezuela. . . 2.0
All other:
New Zealand. 7.0
South Africa. 4.5
Month
effective
May 1947
Oct. 1955
Sept. 1955
are applied to rediscounts in excess of 50 per cent of the rediscounting
bank's capital and reserves; El Salvador—3 per cent for agricultural and
industrial paper; Indonesia—various rates depending 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); and Peru—4 per cent for industrial paper and mining
paper,
and 3 per cent for most agricultural paper.
3
Since Nov. 1, the discount rate is set each week at l/x per cent above the
latest
average
tender rate for Treasury bills.
4
Since May 16, this rate applies to advances against commercial paper
as well as against government securities and other eligible paper.
OPEN MARKET RATES
[Per cent per annum]
United Kingdom
Canada
Month
Treasury Day-today
bills
3 months 1 money 2
Bankers' Treasury
acceptbills
ances
3 months 3 months
Day-today
money
France
Bankers'
allowance Day-today 3
on
deposits money
Netherlands
Treasury
bills
3 months
Day-today
money
1955 Dec
1956 Dec
2.59
3.61
2.42
3.18
4.22
5.07
4.08
4.94
3.10
4.15
2.50
3.50
2.99
3.55
1.06
3.48
3.23
1957 Jan
Feb
3.70
3.76
3.71
3.72
3.77
3.80
3.81
4.02
3.94
3.84
3.66
3.27
3.48
3.65
3.69
3.71
3.80
3.72
3.88
2.96
3.57
3.52
4.85
4.44
4.25
4.18
4.04
4.08
4.06
4.17
5.40
6.81
6.78
4.69
4.30
4.07
4.01
3.84
3.87
3.85
3.97
5.42
6.60
6.54
4.06
3.66
3.55
3.59
3.48
3.45
3.45
3.60
4.33
5.53
5.63
3.50
3.10
3.00
3.00
3.00
3.00
3.00
3.00
3.80
5.00
5.00
3.92
3.52
4.10
4.61
5.19
5.78
7.82
7.94
5.77
4.94
3.58
3.47
3.61
3.63
3.59
3.60
3.81
4 45
4 86
4 87
4.66
3.38
2.85
3.50
3.50
2.88
2.70
3.08
3.51
3.64
3.75
3.35
Apr
June
JUly
Sept
Oct
Nov
1 Based on average yield of weekly tenders during the month.
2 Based on weekly averages of daily closing rates.
.62
Sweden
Switzerland
Loans
Private
up to
discount
3 months
rate
4 1 4-6 1 / 2
4%-6y
41/_£3/
4L£_634
41// 6 3 /
41^—634
4ix_634
5*4-8
5*4-8
5*2-8
5*4-8
1.50
.50
69
1.75
75
I 75
.75
2.50
2 50
2.50
2.50
2.50
2.50
3
Beginning January 1957, rate shown is on private securities. Previous
figures are averages of rates on government and private securities.
100
FOREIGN EXCHANGE RATES
FOREIGN EXCHANGE RATES
[Average of certified noon buying rates in New York for cable transfers.
Argentina
(peso)
Year or month
Preferential
Basic
1952
1953
1954
1955
1956 ..
1957
13.333
20.000
20.000
13.333
20.000
13.333
13.333
20.000
15.556
5,556
.
In cents per unit of foreign currency]
Australia
(pound)
Austria
(schilling)
Belgium
(franc)
Canada
(dollar)
Ceylon
(rupee)
Denmark
(krone)
222.63
224.12
223.80
222.41
222.76
222.57
3.8580
3.8580
3.8580
3.8580
3.8539
1.9878
2.0009
1.9975
1.9905
2.0030
1.9906
102.149
101.650
102.724
101.401
101.600
104.291
20 903
21.046
21 017
20.894
20 946
20 913
14.492
Free
7.163
7.198
7.198
7.183
22.835
2,506
1956—Dec
5.556
2.806
221.92
3.8580
1.9945
104.095
20 881
1957 Jan
Feb .
Mar
5.556
5.556
5.556
5.556
5.556
5.556
5.556
5.556
5.556
5.556
5 556
5.556
2.642
2.681
2.586
2.478
2.564
2.477
2.365
2.303
2.216
2.487
2 595
2.707
222.77
222.96
222.55
222.22
222.39
222.33
222.14
221.73
221.92
223.09
223.32
223.57
3.8570
3.8536
3.8536
3.8536
3.8536
3.8536
3.8536
3.8536
3.8536
3.8536
3.8536
3.8536
1.9912
1.9900
1.9900
1.9887
1.9862
1.9875
1.9908
1.9865
1 9874
1.9929
1 9983
1.9991
104.085
104.334
104.577
104.184
104.638
104.891
105.150
105.470
104 241
103.636
103 921
102.304
20.948
20 960
20 921
20.890
20 895
20.898
20 890
20.862
20 867
20 928
20 935
20.969
Germany
(deutsche
mark)
India
(rupee)
Ireland
(pound)
Japan
(yen)
Malaysia
(dollar)
Mexico
(peso)
23.838
20.922
21.049
21.020
20.894
20.934
20.910
279.68
281 27
280.87
279 13
279 57
279.32
.2779
.2779
32.601
32 595
32 641
32 624
32 582
32 527
11.588
11 607
9.052
8 006
8 006
8 006
Apr
May
June
July
Aufi
Sept
Oct
Nov
Dec
. . . .
Finland
(markka)
Year or month
France
(franc)
.4354
.4354
.4354
4354
.4354
3.3995
.2856
.2856
.2856
.2856
.2855
4.2856
4354
2855
23.823
20.861
278 50
2779
32 475
8 006
4354
.4354
.4354
.4354
.4354
4354
.4354
.4354
3.3674
.3118
.3118
.3118
2855
.2855
.2855
.2855
.2856
.2855
.2856
4.2857
.2858
.2858
.2858
.2858
4.2376
.2375
.2375
.2375
.2376
23.808
23.797
23.793
23.790
23.796
23.798
23.800
23.800
23.800
23.800
23.800
23.799
20 939
20.947
20.913
20.890
20.896
20.896
20.884
20.844
20.858
20.940
20.951
20.975
279 57
279.81
279.30
278 89
279.10
279 02
278.78
278.27
278 51
279 98
280.26
280.58
2779
.2779
.2779
.2779
.2779
2779
.2779
.2779
.2779
.2779
.2779
.2779
32 529
32 561
32.532
32 512
32 526
32 523
32 495
32.431
32 448
32 556
32.580
32.527
8 006
8 006
8.006
8 006
8.006
8 006
8 006
8.006
8 006
8 006
8.006
8.006
Netherlands
(guilder)
New
Zealand
(pound)
Norway
(krone)
Philippine
Republic
(peso)
Portugal
(escudo)
South
Africa
(pound)
Sweden
(krona)
Switzerland
(franc)
United
Kingdom
(pound)
26.315
26.340
26.381
26.230
26.113
26.170
276.49
278.48
278.09
276.36
276.80
276.56
14.015
14.015
14.008
14.008
14.008
14.008
49.675
49.676
49.677
49.677
49.676
45.693
3.4853
3.4887
3.4900
3.4900
3.4900
3.4900
278.20
280.21
279 82
278.09
278.52
278.28
19.326
19.323
19 333
19.333
19.333
19.331
23.148
23.316
23 322
23 331
23.334
23.330
279.26
281 27
280 87
279 13
279 57
279.32
1956 Dec
26.101
275.75
14.008
49.674
3.4900
277.46
19.333
23.335
278.50
1957 Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct .
Nov
Dec
26.106
26.111
26.119
26.137
26.134
26.106
26.121
26.103
26.102
26.287
26.363
26.367
276.80
277.04
276.54
276.12
276.33
276.26
276.02
275.52
275.75
277.21
277.49
277.80
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
49.687
49.695
49.695
49.695
49.695
49.695
49.695
49.695
49.695
49.695
49.695
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
278.53
278.76
278.26
277.84
278.05
277 98
211.1A
277.23
277 47
278.94
279.21
279.53
19.333
19.333
19.333
19.333
19.333
19 333
19.333
19.329
19.328
19.328
19.328
19.328
23 329
23 308
23.318
23 329
23 335
23 335
23 332
23 335
23 335
23 335
23.335
23.335
279 57
279 81
279.30
278 89
279 10
279 02
278 78
278 27
278 51
279 98
280 26
280.58
1952
1953
1954 . . .
1955
1956
1957 .
.
1956 Dec
1957 Jan
Feb
Mar
Apr
May . .
June
July
Aug
Sept
Oct
Nov
Dec
. .
. ...
Year or month
1952
1953
1954
1955
1956
1957
.
.
4.2376
1 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.
2 New free market rate became effective Oct. 28, 1955.
3 Effective Sept. 16, 1957, the Finnish markka was devalued from 230
to 320 markkaa per U. S. dollar.
23.838
23.765
23.786
23.798
4 On Aug. 12, 1957, the French authorities established an effective rate
of 420 francs per U. S. dollar applicable to most foreign exchange transactions. The rate of 350 francs per U. S. dollar will remain in effect for
all other transactions.
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
JEROME
W. SHAY, Legislative Counsel
Special Assistant to the Board
OFFICE OF THE SECRETARY
DIVISION OF BANK OPERATIONS
S. R. CARPENTER, Secretary
ROBERT F. LEONARD, Director
Assistant Secretary
KENNETH 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,
LEGAL DIVISION
DIVISION OF EXAMINATIONS
H. HACKLEY, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
DAVID B. HEXTER, Assistant General Counsel
G. HOWLAND CHASE, Assistant General Counsel
THOMAS J. O'CONNELL, Assistant General
Counsel
HOWARD
ROBERT C. MASTERS, Director
C. C. HOSTRUP, Assistant Director
FRED A. NELSON, Assistant Director
ARTHUR H. LANG, Chief Federal Reserve
Examiner
GLENN M. GOODMAN, Assistant Director
HENRY BENNER, Assistant Director
DIVISION OF RESEARCH AND STATISTICS
RALPH A. YOUNG, Director
R. GARFIELD, Adviser
GUY E. NOYES, Adviser
ROLAND I. ROBINSON, Adviser
DIVISION OF PERSONNEL ADMINISTRATION
FRANK
EDWIN J. JOHNSON, Director
H. FRANKLIN SPRECHER, JR., Assistant Director
SUSAN S. BURR, Associate Adviser
R. KOCH, Associate Adviser
KENNETH B. WILLIAMS, Associate Adviser
LEWIS N. DEMBITZ, Research Associate
ALBERT
DIVISION OF ADMINISTRATIVE SERVICES
JOSEPH E. KELLEHER, Director
OFFICE OF DEFENSE LOANS
DIVISION OF INTERNATIONAL FINANCE
GARDNER
L. BOOTHE, II, Administrator
ARTHUR W. MARGET, Director
J. HERBERT FURTH, Associate Adviser
A. B. HERSEY, Associate Adviser
ROBERT L. SAMMONS, Associate Adviser
OFFICE OF THE CONTROLLER
M. B. DANIELS, Assistant Controller
101
102
FEDERAL RESERVE BULLETIN • JANUARY 1958
Federal Open Market Committee
W M . M C C . MARTIN, JR.,
Chairman
CARL E. A L L E N
C. CANBY BALDERSTON
MALCOLM BRYAN
ALFRED HAYES,
H. G. LEEDY
A. L. MILLS, JR.
J. L. ROBERTSON
CHAS. N. SHEPARDSON
Vice Chairman
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.
ALFRED H. WILLIAMS
WINFIELD W. RIEFLER, Secretary
KARL R. BOPP, Associate Economist
ELLIOTT THURSTON, Assistant Secretary
MERRITT SHERMAN, Assistant Secretary
HOWARD H. HACKLEY, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
WOODLIEF THOMAS, Economist
THOMAS R. ATKINSON, Associate Economist
ARTHUR W. MARGET, Associate Economist
GEORGE W. MITCHELL, Associate Economist
H. V. ROELSE, Associate Economist
CLARENCE W. TOW, Associate Economist
RALPH A. YOUNG, Associate Economist
ROBERT G. ROUSE, Manager of System Open
Market Account
Federal Advisory Council
LLOYD D. BRACE, BOSTON
ADRIAN M. MASSIE, NEW YORK
CASIMIR A . SlNKIEWICZ, PHILADELPHIA
FRANK R. DENTON, CLEVELAND
JOHN S. ALFRIEND, RICHMOND
JOHN A. SIBLEY, ATLANTA
HERBERT
V. PROCHNOW, Secretary
HOMER J. LIVINGSTON, CHICAGO
WILLIAM A. MCDONNELL, ST. LOUIS
GORDON MURRAY, 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
Stanley M. Cooper
Milton P. Higgins
Oliver B. Ellsworth
William D. Ireland
Arthur F. Maxwell
J. A. Erickson, President
D. H. Angney
Ansgar R. Berge
George H. Ellis
Harvey P. Hood, Deputy Chairman
Harry E. Umphrey
Nils Y. Wessell
E. O. Latham, First Vice President
Vice Presidents
Benjamin F. Groot
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
Clarence Francis
Cyrus M. Higley
Augustus C. Long
Franz Schneider
Howard C. Sheperd
Lansing P. Shield
FEDERAL RESERVE BANKS AND BRANCHES
103
District 2—FEDERAL RESERVE BANK OF NEW YORK-Continued
Alfred Hayes, President
William F. Treiber, First Vice President
Vice Presidents
Robert V. Roosa
Robert G. Rouse
Walter H. Rozell, Jr.
H. A. Bilby
John Exter
M. A. Harris
H. H. Kimball
H. V. Roelse
I. B. Smith, in charge
of Buffalo Branch
T. G. Tiebout
V. Willis
R. B. Wiltse
BUFFALO BRANCH—BOARD OF DIRECTORS
Daniel M. Dalrymple
Raymond E. Olson
Ralph F. Peo, Chairman
Vernon Alexander
Leland B. Bryan
John W. Remington
E. Perry Spink
District 3—FEDERAL RESERVE BANK OF PHILADELPHIA
BOARD OF DIRECTORS
Henderson Supplee, Jr., Chairman and Federal Reserve Agent
Lester V. Chandler, Deputy Chairman
William B. Brosius
Bayard L. England
Walter E. Hoadley, Jr.
Lindley S. Hurff
Charles E. Oakes
Alfred H. Williams, President
R. Russell Pippin
Geoffrey S. Smith
W. J. Davis, First Vice President
Vice Presidents
E. C. Hill
Wm. G. McCreedy
Karl R. Bopp
Robert N. Hilkert
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
Aubrey J. Brown
John A. Byerly
King E. Fauver
Joseph B. Hall
Charles Z. Hardwick
W. D. Fulton, President
Dwight L. Allen
Roger R. Clouse
C. Harrell
Joseph H. Thompson, Deputy Chairman
Donald S. Thompson, First Vice President
Vice Presidents
L. Merle Hostetler
R. G. Johnson, in charge of
Cincinnati Branch
J. W. Kossin, in charge of
Pittsburgh Branch
CINCINNATI BRANCH—BOARD OF DIRECTORS
Roger Drackett
W. Bay Irvine
Anthony Haswell, Chairman
Ivan Jett
Franklin A. McCracken
Lawrence O. Hotchkiss
Frank C. Irvine
Douglas M. Moorhead
George P. MacNichol, Jr.
Paul A. Warner
PITTSBURGH BRANCH—BOARD OF DIRECTORS
Ben Moreell
Sumner E. Nichols
Martin Morrison
H. E. J. Smith
Paul C. Stetzelberger
William A. Mitchell
T. M. Wolfe
John C. Warner,
Chairman
Irving W. Wilson
104
FEDERAL RESERVE BULLETIN • JANUARY 1958
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
Denver L. Morgan
W. A. L. Sibley
Joseph E. Healy
L. Vinton Hershey
Robert O. Huffman
D. W. Colvard
Robert Gage
Hugh Leach, President
Edw. A. Wayne, First Vice President
Vice Presidents
D. F. Hagner, in charge of
Baltimore Branch
Aubrey N. Heflin
Upton S. Martin
N. L. Armistead
R. L. Cherry, in charge of
Charlotte Branch
J. Dewey Daane
J. M. Nowlan
James M. Slay
Thomas I. Storrs
C. B. Strathy
Gordon M. Cairns
Wm. Purnell Hall
BALTIMORE BRANCH—BOARD OF DIRECTORS
James W. McElroy
J. N. Shumate
John W. Stout
Stanley B. Trott
Clarence R. Zarfoss
George H. Aull
William H. Grier
CHARLOTTE BRANCH—BOARD OF DIRECTORS
Charles D. Parker
Ernest Patton
I. W. Stewart
G. G. Watts
T. Henry Wilson
District 6—FEDERAL RESERVE BANK OF ATLANTA
BOARD OF DIRECTORS
Walter M. Mitchell, Chairman and Federal Reserve Agent
Roland L. Adams
W. C. Bowman
Harllee Branch, Jr., Deputy Chairman
William C. Carter
Henry G. Chalkley, Jr.
Donald Comer
Malcolm Bryan, President
J. E. Denmark
H. C. Frazer, in charge of
Birmingham Branch
T. A. Lanford, in charge of
Jacksonville Branch
John L. Liles, Jr.
Joseph T. Lykes
Pollard Turman
Lewis M. Clark, First Vice President
Vice Presidents
J. E. McCorvey
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
Robert M. Cleckler
John R. Downing
BIRMINGHAM BRANCH—BOARD OF DIRECTORS
E. W. McLeod
John C. Persons
Selden Sheffield
John E. Urquhart, Chairn
Adolph Weil, Sr.
Linton E. Allen
W. E. Ellis
JACKSONVILLE BRANCH—BOARD OF DIRECTORS
James G. Garner
C. B. McLeod
J. Wayne Reitz
Harry M. Smith, Chairma
McGregor Smith
105
FEDERAL RESERVE BANKS A N D BRANCHES
District 6—FEDERAL RESERVE BANK OF ATLANTA-Continued
NASHVILLE BRANCH—BOARD OF DIRECTORS
Jo H. Anderson
Stewart Campbell
Frank B. Ward, Chairman
C. L. Wilson
P. D. Houston, Jr.
V. S. Johnson, Jr.
W. N. Krauth
NEW ORLEANS BRANCH—BOARD OF DIRECTORS
William J. Fischer
Frank A. Godchaux, III
J. Spencer Jones
G. H. King, Jr., Chairman
D. U. Maddox
H. A. Pharr
E. E. Wild
District 7—FEDERAL RESERVE BANK OF CHICAGO
BOARD OF DIRECTORS
Bert R. Prall, Chairman and Federal Reserve Agent
Robert P. Briggs
William J. Grede
Walter J. Cummings
William A. Hanley
Vivian W. Johnson
Carl E. Allen, President
Neil B. Dawes
W. R. Diercks
A. M. Gustavson
Paul C. Hodge
J. Stuart Russell, Deputy Chairman
G. F. Langenohl
Nugent R. Oberwortmann
E. C. Harris, First Vice President
Vice Presidents
C. T. Laibly
A. L. Olson
George W. Mitchell
R. A. Swaney, in charge
of Detroit Branch
H. J. Newman
W. W. Turner
DETROIT BRANCH—BOARD OF DIRECTORS
John A. Hannah
William A. Mayberry
Ira A. Moore
C. V. Patterson
Raymond T. Perring
Ernest W. Potter
J. Thomas Smith
District 8—FEDERAL RESERVE BANK OF ST. LOUIS
BOARD OF DIRECTORS
J. H. Long well, Deputy Chairman
Pierre B. McBride, Chairman and Federal Reserve Agent
Leo J. Wieck
S. J. Beauchamp, Jr.
Kenton R. Cravens
H. Lee Cooper
J. E. Etherton
Jesse D. Wooten
Harold O. McCutchan
Guy S. Freutel, First Vice President
Delos C. Johns, President
Vice
Wm. J. Abbott, Jr.
Fred Burton, in charge of
Little Rock Branch
R. H. Alexander
Donald Barger
Presidents
Darryl R. Francis, in charge
of Memphis Branch
Donald L. Henry, in charge
of Louisville Branch
LITTLE ROCK BRANCH—BOARD OF DIRECTORS
T. Winfred Bell
J. W. Bellamy, Jr.
E. C. Benton
Geo. E. Kroner
Dale M. Lewis
H. H. Weigel
J. C. Wotawa
J. V. Satterfield, Jr.
Waldo E. Tiller
106
FEDERAL RESERVE BULLETIN • JANUARY 1958
District 8—FEDERAL RESERVE BANK OF ST. LOUIS-Continued
LOUISVILLE BRANCH—BOARD OF DIRECTORS
David F. Cocks, Chairman
Philip Davidson
Merle5 E. Roberts<
John G. Russell
Magnus J. Kreisle
W. Scott Mclntosh
J. D. Monin, Jr.
MEMPHIS BRANCH—BOARD OF DIRECTORS
John D. Williams
John K. Wilson
Simpson Russell
Frank Lee Wesson
(Vacancy)
John E. Brown
J. H. Harris
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
(Vacancy)
Frederick L. Deming, President
O. B. Jesness, Deputy Chairman
Harold C. Refling
Harold N. Thomson
A. W. Mills, First Vice President
Vice Presidents
Kyle K. Fossum, in charge
of Helena Branch
C. W. Groth
M. B. Holmgren
A. W. Johnson
H. G. McConnell
M. H. Strothman, Jr.
Sigurd Ueland
HELENA BRANCH—BOARD OF DIRECTORS
J. Willard Johnson
Geo. N. Lund
Carl McFarland
O. M. Jorgenson
John M. Otten
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
Joseph S. Handford
Joe W. Seacrest, Deputy Chairman
Max A. Miller
Oliver S. Willham
Henry O. Koppang, First Vice President
Vice Presidents
R. L. Mathes, in charge
of Oklahoma City Branch
Cecil Puckett, in charge
of Denver Branch
Clarence W. Tow
D. W. Woolley
DENVER BRANCH—BOARD OF DIRECTORS
Stewart Cosgriff
Arthur Johnson
Ralph S. Newcomer
Aksel Nielsen, Chairman
Ray Reynolds
OKLAHOMA CITY BRANCH—BOARD OF DIRECTORS
Davis D. Bovaird, Chairman
Phil H. Lowery
R. Otis McClintock
C. L. Priddy
C. P. Stuart
107
FEDERAL RESERVE BANKS AND BRANCHES
District 10—FEDERAL RESERVE BANK OF KANSAS CITY-Continued
C. Wheaton Battey
George J. Forbes
OMAHA BRANCH—BOARD OF DIRECTORS
Manville Kendrick
William N. Mitten
James L. Paxton, Jr.,
Chairman
District 11—FEDERAL RESERVE BANK OF DALLAS
BOARD OF DIRECTORS
Robert J. Smith, Chairman and Federal Reserve Agent
John M. Griffith
John R. Alford
Lamar Fleming, Jr.
D. A. Hulcy
J. Edd McLaughlin
Watrous H. Irons, President
E. B. Austin
Howard Carrithers, in charge
of El Paso Branch
J. L. Cook, in charge of
Houston Branch
Hal Bogle, Deputy Chairman
J. B. Thomas
Sam D. Young
W. D. Gentry, First Vice President
Vice Presidents
W. E. Eagle, in charge of
T. W. Plant
San Antonio Branch
L. G. Pondrom
T. A. Hardin
Morgan H. Rice
W. H. Holloway
Harry A. Shuford
C. E. Walker
F. W. Barton
John P. Butler
EL PASO BRANCH—BOARD OF DIRECTORS
Floyd Childress
William R. Mathews
Thomas C. Patterson
I. F. Betts
L. R. Bryan, Jr.
HOUSTON BRANCH—BOARD OF DIRECTORS
W. B. Callan
A. E. Cudlipp
John C Flanagan, Chairman
Clarence E. Ayres
J. W. Beretta
SAN ANTONIO BRANCH—BOARD OF DIRECTORS
E. C. Breedlove
Burton Dunn
Donald D. James
D. F. Stahmann
E. J. Workman,
Chairman
S. Marcus Greer
Tyrus R. Timm
Alex R. Thomas,
Chairman
Harold Vagtborg
District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO
BOARD OF DIRECTORS
A. H. Brawner, Chairman and Federal Reserve Agent
Y. Frank Freeman, Deputy Chairman
Carroll F. Byrd
Walter S. Johnson
Reese H. Taylor
M. Vilas Hubbard
N. Loyall McLaren
Philip I. Welk
John A. Schoonover
H. N. Mangels, President
E. R. Barglebaugh, in charge of
Salt Lake City Branch
J. M. Leisner, in charge of
Seattle Branch
E. R. Millard
Eliot J. Swan, First Vice President
Vice Presidents
R. H. Morrill
H. F. Slade
John A. O'Kane
W. F. Volberg,
J. A. Randall, in charge of
in charge of
Portland Branch
Los Angeles Branch
O. P. Wheeler
108
FEDERAL RESERVE BULLETIN • JANUARY 1958
District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO-Continued
LOS ANGELES BRANCH—BOARD OF DIRECTORS
Anderson Borthwick
Robert J. Cannon
Leonard K. Firestone,
Chairman
Joe D. Paxton
James E. Shelton
PORTLAND BRANCH—BOARD OF DIRECTORS
Warren W. Braley
J. H. McNally
John B. Rogers
William H. Steiwer, Sr., Chairman
C. B. Stephenson
SALT LAKE CITY BRANCH—BOARD OF DIRECTORS
George S. Eccles
Russell S. Hanson
Oscar Hiller
Joseph Rosenblatt, Chairman
Geo. W. Watkins
SEATTLE BRANCH—BOARD OF DIRECTORS
Henry N. Anderson
James Brennan
Lyman J. Bunting,
Chairman
Joshua Green, Jr.
S. B. Lafromboise
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THE FEDERAL RESERVE SYSTEM—PURPOSES AND
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THE FEDERAL RESERVE ACT, as amended through
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RULES OF ORGANIZATION AND RULES OF PROCE-
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REGULATIONS OF THE BOARD OF GOVERNORS OF
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109
110
FEDERAL RESERVE BULLETIN • JANUARY 1958
(From Federal Reserve Bulletin unless preceded
by an asterisk)
THE MONETARY SYSTEM OF THE UNITED STATES.
February 1953. 16 pages.
AGRICULTURAL LOAN SURVEY.
November
FEDERAL FINANCIAL MEASURES FOR ECONOMIC
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.
December 1956. 16 pages.
vember 1953. 65 pages.
FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION, 1953 Revision. December
96 pages.
and May 1956 BULLETINS.)
GOLD
AND DOLLAR
FLOWS.
March 1957. 7 pages.
1957 SURVEY OF CONSUMER FINANCES. March,
June, and August 1957. 54 pages. (Similar
Surveys are available for earlier years from
1952, 1953, 1954, 1955, and 1956 BULLETINS.)
SUMMARY FLOW-OF-FUNDS ACCOUNTS 1950-55.
NEW INDEXES OF OUTPUT OF CONSUMER DU-
May 1954. 15 pages.
SEASONAL ADJUSTMENT FACTORS FOR DEMAND
DEPOSITS ADJUSTED AND CURRENCY OUTSIDE
BANKS. March 1955. 4 pages.
A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS, ANNUAL ESTIMATES, 1939-54. Octo-
ber 1955. 40 pages.
April 1957. 20 pages.
SURVEY
OF FINANCE
Member Banks. April 1956. 14 pages. Credit
Lines and Minimum Balance Requirements.
June 1956. 7 pages. (Reprints on a similar
Survey are available from March, May, June,
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June 1956. 9 pages.
Oc-
tober 1956. 24 pages. (Also similar reprint
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COMPANIES,
MID-1955.
April 1957. 17 pages.
OWNERSHIP OF DEMAND DEPOSITS.
May 1957.
6 pages.
June 1957.
(Also, similar reprint from August
SURVEY OF COMMON TRUST FUNDS.
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SURVEY OF BANK LOANS FOR COMMERCIAL AND
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REVISION OF CONSUMER CREDIT STATISTICS.
(Se-
lected series of banking and monetary statistics
for 1956 only) February and May 1957. 12
pages. (Similar reprints of 1954 and 1955
data, February and May 1955 and February
INTERNATIONAL
DEPARTMENT STORE SALES AND STOCKS, BY
MAJOR DEPARTMENTS (Revised Indexes). No-
RABLE GOODS.
1956
and January, February, and March 1957 BULLETINS. 52 pages.
BANKING AND MONETARY STATISTICS, 1956.
pages.
ber 1956. 15 pages.
UNITED STATES BANKING ORGANIZATION ABROAD.
INFLUENCE OF CREDIT AND MONETARY MEASURES
ON ECONOMIC STABILITY. March 1953. 16
1953.
Octo-
INDEX OF ELECTRICITY AND GAS OUTPUT.
REPRINTS
1956 BULLETIN.)
BANK CREDIT AND MONEY.
July 1957. 6 pages.
INTEREST RATES IN LEADING COUNTRIES.
August
1957. 7 pages.
WINNING THE BATTLE AGAINST INFLATION.
Au-
gust 1957. 12 pages.
WORLD PAYMENTS STRESSES IN
1957.
1956-57. October
8 pages.
REVISION OF MONTHLY DEPARTMENT STORE IN-
DEXES. December 1957. 30 pages.
Index to Statistical Tables
Deposits (See also specific types of deposits):
Adjusted and currency, 40
Banks, by classes, 41, 45, 47
Federal Reserve Banks, 35, 36, 90
Postal savings, 40
Turnover of, 38
Deposits, reserves, and borrowings, by class of member bank, 33
Discount rates, 34, 99
Discounts and advances by Federal Reserve
Banks, 31, 35
Dividends, corporate, 59, 60
Dollar assets, foreign, 90, 91
Dwelling units started, 75
Acceptances, bankers', 48, 49
Agricultural loans of commercial banks, 44, 46
Agriculture, Goyt. agency loans, 52 53
Assets and liabilities (See also Foreign liabilities and
claims reported by banks):
Banks and the monetary system, consolidated, 40
Corporate, current, 60
Domestic banks, by classes, 41, 44, 46
Federal business-type activities, by fund or
activity, 52, 53
Federal Reserve Banks, 35, 36
Foreign central banks, 94
Automobiles:
Consumer instalment credit, 64, 65, 66
Production index, 70, 74
Earnings and hours, manufacturing industries, 68, 77
Employment, 68, 76, 77
Export-Import Bank, loans, etc., 52, 53
Bankers' balances, 45, 47
(See also Foreign liabilities and claims reported
by banks)
Banks and the monetary system, consolidated statement, 40
Bonds (See also U. S. Govt. securities):
New issues, 58, 60
Prices and yields, 49, 50, 84
Brokers and dealers in securities, bank loans to, 44, 46
Business expenditures on new plant and equipment, 60
Business indexes, 68
Business loans (See Commercial and industrial loans)
Farm mortgage loans, 52, 61, 62
Federal business-type activities, assets and liabilities,
by fund or activity, 52, 53
Federal Deposit Insurance Corporation,
assets, etc., 52, 53
Federal finance:
Cash transactions, 54
Receipts and expenditures, 47
Treasurer's balance, 54
Federal home loan banks, loans, etc., 52, 53, 63
Federal Housing Administration, loans, etc., 52, 53,
61, 62, 63
Federal National Mortgage Association,
loans, etc., 52, 53, 63
Federal Reserve Banks:
Condition statement, 35, 36
U. S. Govt. securities held by, 31, 35, 36,
56, 57
Federal Reserve credit, 31, 35, 36
Federal Reserve notes, 35, 36, 37, 39
Finance company paper, 48, 49
Foreign central banks, 92, 94, 99
Foreign deposits in U. S. banks, 31, 35, 36, 40,
45, 47
Foreign exchange rates, 100
Foreign liabilities and claims reported by
banks, 86, 88, 90
Foreign trade, 79
Capital accounts:
Banks, by classes, 41, 45, 47
Federal Reserve Banks, 35, 36
Carloadings, 68
Central banks, foreign, 92, 94, 99
Coins, circulation of, 39
Commercial banks:
Assets and liabilities, 41, 44
Consumer loans held, by type, 65
Number, by classes, 41
Real estate mortgages held, by type, 61
Commercial and industrial loans:
Commercial banks, 44
Weekly reporting member banks, 46, 48
Commercial paper, 48, 49
Commodity Credit Corporation, loans, etc., 52, 53
Condition statements (See Assets and liabilities)
Construction, 68, 74, 75
Consumer credit:
Instalment credit, 64, 65, 66, 67
Major parts, 64, 66
Noninstalment credit, by holder, 65
Consumer durable goods output indexes, 74
Consumer price indexes, 68, 80
Consumption expenditures, 82, 83
Corporate sales, profits, taxes, and dividends, 59, 60
Corporate security issues, 58, 60
Corporate security prices and yields, 49, 50
Cost of living (See Consumer price indexes)
Currency in circulation, 31, 39
Customer credit, stock market, 50
Gold:
Earmarked, 91
Net purchases by U. S., 91
Production, 90, 91
Reserves of central banks and governments, 92
Reserves of foreign countries and international
institutions, 93
Stock, 31, 40, 91
Gold certificates, 35, 36, 37, 39
Govt. debt (See U. S. Govt. securities)
Gross national product, 82, 83
Home owners, Govt. agency loans, 52, 53
Hours and earnings, manufacturing industries, 68, 77
Debits to deposit accounts, 38
Demand deposits:
Adjusted, banks and the monetary system, 40
Adjusted, commercial banks, by classes, 45
Banks, by classes, 41, 47
Type of holder, at commercial banks, 45
Department stores:
Merchandising data, 79
Sales and stocks, 68, 78
Industrial advances by Federal Reserve Banks, 35,
36, 37, 38
Industrial production indexes, 68, 69, 74
Instalment loans, 64, 65, 66, 67
Insurance companies, 51, 56, 57, 62
in
112
FEDERAL RESERVE BULLETIN • JANUARY 1958
Insured commercial banks, 43, 44
Interbank deposits, 41, 45, 47
Interest rates:
Bond yields, 49, 84
Business loans by banks, 49
Federal Reserve rates, 34, 38
Foreign countries, 99
Open market, 49, 99
Regulation V loans, 38
Stock yields, 49
International capital transactions of the U. S., 86
International financial institutions, 92, 93, 94
Inventories, 83
Investments {See also specific types of investments):
Banks, by classes, 41, 44, 46
Federal Reserve Banks, 35, 36
Govt. agencies, etc., 52, 53
Life insurance companies, 51
Savings and loan associations, 51
Labor force, 76
Loans {See also specific types of loans):
Banks, by classes, 41, 44, 46
Federal Reserve Banks, 31, 33, 35, 36, 37, 38
Govt. agencies, etc., 52, 53
Insurance companies, 51, 62
Savings and loan associations, 51, 62
Loans insured or guaranteed, 37, 61, 62, 63
Manufacturers, production indexes, 68, 69, 74
Margin requirements, 34
Member banks:
Assets and liabilities, by classes, 41, 44
Borrowings at Federal Reserve Banks, 31, 33
Deposits and reserves, by classes, 33
Number, by classes, 41
Reserve requirements, by classes, 34
Reserves and related items, 31
Weekly reporting series, 46
Minerals, production indexes, 68, 69
Money rates {See Interest rates)
Mortgages {See Real estate loans)
Mutual savings banks, 40, 41, 43, 56, 57, 61
National banks, 43
National income, 82
National security expenditures, 55, 83
Nonmember banks, 35, 43, 44
Payrolls, manufacturing, index, 68
Personal income, 83
Postal Savings System, 40
Prices:
Consumer, 68, 80
Security, 50
Wholesale commodity, 68, 80
Production, 68, 69, 73, 74
Profits, corporate, 59, 60
Real estate loans:
Commercial banks, 44, 46, 61
Type of mortgage holder, 61, 62, 63
Type of property mortgaged, 61, 62, 63
Regulation V, loan guarantees, 37, 38
Reserve requirements, member banks, 34
Reserves:
Commercial banks, 45
Federal Reserve Banks, 35, 36
Foreign central banks and governments, 92
Foreign countries and international institutions, 93
Member banks, 31, 33, 35, 36, 45, 47
Residential mortgage loans, 61, 62, 63
Sales finance companies, consumer loans of, 64,
65, 67
Savings, 82
Savings deposits {See Time deposits)
Savings institutions, principal assets, 51
Savings and loan associations, 51, 62
Securities, international transactions, 89, 90
Security issues, 58, 60
Silver coin and silver certificates, 39
State member banks, 43
State and municipal securities:
New issues, 58
Prices and yields, 49, 50
States and political subdivisions:
Deposits of, 45, 47
Holdings of U. S. Govt. securities, 56
Ownership of obligations of, 44, 51
Stock market credit, 50
Stocks:
New issues, 58
Prices and yields, 49, 50
Tax receipts, Federal, 55
Time deposits, 33, 40, 41, 45, 47
Treasurer's account balance, 54
Treasury cash, 31, 40
Treasury currency, 31, 39, 40
Treasury deposits, 31, 35, 36, 54
Unemployment, 76
U. S. Govt. balances:
Commercial bank holdings, by classes, 45, 47
Consolidated monetary statement, 40
Treasury deposits at Federal Reserve
Banks, 31, 35, 36, 54
U. S. Govt. securities:
Bank holdings, 40, 41, 44, 46, 56, 57
Federal Reserve Bank holdings, 31, 35, 36,
56, 57
Foreign and international holdings, 93
International transactions, 89
New issues, gross proceeds, 58
Outstanding, by type of security, 56, 57
Ownership of, 56, 57
Prices and yields, 49, 50, 84
United States notes, outstanding and in circulation, 39
Utility output index, 73
Veterans Administration, loans, etc., 52, 53, 61, 62, 63
Yields {See Interest rates)
(o THE FEDERAL RESERVE SYSTEM o)
BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES
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Boundaries of Federal Reserve Districts
Boundaries of Federal Reserve Branch Territories
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