Full text of Federal Reserve Bulletin : July 1957
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FEDERAL RESERVE
July
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
E D I T O R I A L
Elliott Thurston
C O M M I T T E E
Woodlief Thomas
Winfield W. Riefler
Ralph A. Young
Susan S. Burr
The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial
committee. This committee is responsible for opinions expressed, except in official statements and signed articles.
Contents
Bank Credit and Money
753
Proposed Financial Institutions Act
759
Problem of Small Business Financing
767
Law Department
769
Current Events and Announcements
770
National Summary of Business Conditions
771
Financial and Business Statistics, U. S. (Contents on p. 773)
775
International Financial Statistics (Contents on p. 831)
832
Federal Reserve Board Publications
847
Board of Governors and Staff
849
Open Market Committee and Staff; Federal Advisory Council
850
Federal Reserve Banks and Branches
850
Index to Statistical Tables
857
Map of Federal Reserve Districts
Volume 43
Inside back cover
Number 7
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CREDIT AND MONETARY DEVELOPMENTS
in the first half of 1957 reflected an economy
operating at high levels of income and employment under continuing upward pressure
on prices. Business outlays for plant and
equipment continued to expand, though at
a much less rapid pace than last year, while
spending for business inventories was
smaller than a year ago. Rising exports and
government expenditures contributed significantly to expansion in aggregate demand.
Borrowing by business concerns remained heavy but shifted toward the capital
markets. Expansion of outstanding business loans at commercial banks was half
as large as in the first six months of 1956
while the volume of corporate securities
issued was one-third above a year ago.
The surplus in the cash budget of the
United States Government and net debt retirement by the Treasury were less than in
the first half of 1956. Furthermore, substantial redemptions of savings bonds and
other Government securities required the
Treasury to undertake a sizable volume of
cash borrowing. Commercial banks reduced their Government security holdings
less than in the first half of most other recent years.
With economic activity at high levels and
inflationary pressures still evident, Federal
Reserve policies continued to be directed toward restraining the growth of bank credit.
Member bank borrowings at the Reserve
Banks, which had shown a declining tendency in the latter part of 1956, increased in
the early months of 1957 and remained
753
CHANGES IN BANK LOANS AND INVESTMENTS
JANUArr-JUNI
Billions ai dollars
NOTE.—AH commercial banks. Data exclude interbank loans.
Data for 1957 are preliminary.
relatively high during the second quarter.
The money supply, as represented by demand deposits and currency in the hands of
the public, continued to exceed levels of a
year earlier by about one per cent. Time
deposits rose by a record amount, however,
as many commercial banks advanced the
rates paid on such deposits.
Continued strong aggregate demand for
credit relative to the supply of funds available for lending resulted in a sharp advance
in interest rates. Following a temporary
decline in the opening months of the year,
interest rates generally rose in the second
quarter to the highest levels in 25 years.
BANK LOANS AND INVESTMENTS
Total loans and investments at commercial
banks declined in the first half of this year,
754
but less than in the same period of last year.
The expansion in total loans and the decline
in holdings of Government securities both
were less than a year ago.
Since late 1954, commercial banks have
been obtaining funds for a substantial portion of their loan expansion by disposing of
Government securities. To this extent, the
growth in bank loans has represented transfers of loanable funds from nonbank purchasers of Government securities to borrowers at banks, rather than creation of new
money. This process continued in the first
half of 1957 but on a smaller scale than in
the comparable periods of 1955 and 1956.
Loans. The rapid growth in outstanding
bank loans that had been under way for two
years slackened in the first half of 1957.
Total loans expanded $2.2 billion compared
with more than $4 billion in the first half of
both 1955 and 1956. The increase was
greater than in most earlier years, however.
Business loans outstanding rose $1.5 billion or about half as much as in the first
six months of 1956. There was virtually no
net expansion in the first five months of
1957, in contrast with an increase of $1.6
billion in the same period of 1956. In June,
however, business loans grew by a record
amount for that month. In the two weeks
near the date for payment of corporate taxes,
business loans outstanding at weekly reporting banks increased one-third more than in
the same period of last year, even though
corporate tax payments were smaller this
June than a year ago.
While business loan expansion at banks
slackened, reliance by business concerns on
the capital markets was heavier. Corporate
security offerings for new capital amounted
to about $6.5 billion, one-third more than
in the first half of 1956. The continued
FEDERAL RESERVE BULLETIN • JULY 1957
strong over-all demand for funds by business concerns reflected further growth in
plant and equipment outlays, offset in part
by a slower rate of inventory accumulation.
In the first five months of the year, the
increase in book value of business inventories, at $2.8 billion, was two-fifths less
than in the same period of 1956.
The slower rate of expansion in outstanding business loans during the first half of
BUSINESS LOANS
N I W IOANS AND MPAYMINTS
Billions of dollars
-JUNI
JUIT-BIC.
195*
NOTE.—Data are for a sample of large weekly reporting
banks in 10 Federal Reserve districts that report their larger
new loans and repayments by industry of borrower. Semiannual changes are based on data reported between the last
Wednesdays of June and December.
1957 was the result of a sharp rise in repayments relative to the growth of new
loans. The volume of new lending increased
at a slower rate than in earlier periods, as the
chart shows. In almost all major industrial
groups new lending was up from a year ago
but repayments on outstanding loans were
up even more.
Food processors and commodity dealers,
businesses that follow a pronounced seasonal pattern in their borrowing from banks,
BANK CREDIT AND MONEY
reduced their combined net indebtedness
considerably more than a year ago but
about the same amount as in 1955. Although new borrowings were larger than
last year, repayments were up sharply, reflecting the rapid growth of new loans made
in the second half of 1956. The bank debt
of wholesale and retail trade concerns,
which had increased in the first half of the
previous year, showed little change this
year, when the increase in inventories held
by these concerns was less than a year ago.
Sales finance companies and public utilities were the only major business groups
that increased their indebtedness to banks
more than in the first half of 1956. Sales
finance companies increased their debt at
weekly reporting banks almost $400 million in the first half of 1957 in contrast
with net repayments of more than $300 million a year earlier. These companies, however, borrowed less in the securities markets
than they did in the first half of 1956. Public utility concerns, which are making substantial additions to their plant and equipment, not only increased their bank debt
more than last year but expanded their
offerings in the capital markets 50 per cent.
Real estate loans outstanding at commercial banks changed little, in contrast with an
increase of $1 billion in the first half of
1956. Real estate credit at city banks declined about $200 million, reflecting continued repayment by mortgage lenders of
funds advanced earlier under so-called warehousing arrangements. At other commercial banks, mortgage credit continued to increase, but less than half as much as last
year. The slackening in growth of mortgage
credit was more marked at commercial
banks than at other lending institutions.
Total mortgage debt increased about twothirds as much as in the first half of 1956.
755
Loans to consumers at commercial banks
increased $800 million, somewhat less than
in the first half of 1956. While consumer
instalment credit extensions by both banks
and other lenders have remained relatively
stable at high levels, repayments have continued to increase.
Bank investments and Treasury finance.
Commercial bank holdings of United States
Government securities declined $3.2 billion in the first half of this year, about twothirds as much as a year earlier. Banks
added about $500 million to their holdings
of corporate and State and local government securities, in contrast with 1956 when
they reduced these holdings by a small
amount. Their total security portfolios declined $2.7 billion compared with $5.2 billion in the first six months of last year.
Although declining on balance over the
half-year period, holdings of United States
Government securities by commercial banks
fluctuated with Treasury financing operations. Despite a cash surplus in the first
half of 1957, the Treasury found it necessary to undertake new cash borrowing several times, as savings bonds were redeemed
in substantial volume and sizable amounts
of maturing securities were presented for
cash payment. At each of the two major
offerings, commercial banks were initial
purchasers of nearly all of the new issue.
Before and after the offerings, however,
banks sold securities in large volume. In
June, when loans expanded sharply, banks
sold or redeemed $1.5 billion of Government securities.
Over the six-month period, $26 billion of
marketable Treasury securities other than
regular weekly bill issues reached maturity.
Of this amount, $15 billion was refunded
in exchange offers and about $11 billion
was paid off in cash by the Treasury. Of
756
the cash payments $2 billion represented
marketable securities for which holders did
not accept exchange offers. In addition,
savings bond redemptions exceeded $2
billion, more than twice as much as in the
first half of 1956.
To meet the cash drain of $13 billion
from these debt operations and to add to
its cash balances, the Treasury supplemented the cash surplus of $8 billion by
borrowing $6 billion of new money during
the six months. The Treasury increased
several of its weekly bill issues in the first
quarter for a total of $1.1 billion and also
offered $3.4 billion of certificates and notes
in March and $1.5 billion of tax anticipation bills in May. On July 3 the Treasury
borrowed an additional $3 billion on an offering of tax anticipation bills maturing in
March 1958.
DEPOSITS AND CURRENCY
Demand deposits and currency held by businesses and individuals declined, as is typical
in the first half of the year, but on the average continued to exceed levels of a year
earlier by about one per cent. On a seasonally adjusted basis, demand deposits and
currency increased about $600 million or a
little more than half as much as in the first
six months of 1956. In contrast, savings
and time deposits at commercial banks increased $3.5 billion, almost three times as
much as last year.
The rate of turnover of demand deposits
continued to rise but at a somewhat slower
rate than a year earlier. In leading cities
other than financial centers, the annual rate
of turnover rose from 20.5 in the second
quarter of 1955 to 22.0 a year later and
to 23.3 in the second quarter of 1957. In
the recent quarter, the rate of turnover was
FEDERAL RESERVE BULLETIN • JULY 1957
GROWTH OF SELECTED TYPES OF SAVING
JANUARY • MAY
Billions of dollars
COMMERCIAL
BANKS
1956
NOTE.—Time deposits at commercial and mutual savings
banks exclude interbank deposits. Data for 1957 are preliminary. Data are for all savings and loan associations in the
United States and are from the Federal Savings and Loan
Insurance Corporation.
Data for 1954 are partly estimated
by the Federal Reserve. Data for 1956 and 1957 are preliminary.
about 5 per cent above the level in the
fourth quarter of 1956, whereas during the
same period a year earlier the growth was
almost 7 per cent.
The substantial growth of savings and
time deposits in the first half of 1957 followed the announcement of higher rates of
interest on such accounts at many commercial banks. In late 1956, the Board of
Governors and the Federal Deposit Insurance Corporation raised from 2Vi to 3
per cent the maximum permissible rate of
interest payable on savings and time deposits at commercial banks.
While savings and time deposits at commercial banks experienced a record growth,
the expansion of savings accounts at mutual
savings banks and of shares held at savings
and loan associations was only slightly less
than last year, as the chart shows. In the
first five months of the year, deposits at
mutual savings banks grew $600 million
757
BANK CREDIT AND MONEY
compared with $800 million in the same
period of 1956. For savings and loan associations, the growth of share capital was
$1.8 billion compared with $1.9 in 1956.
BANK RESERVE POSITIONS AND FEDERAL
RESERVE POLICIES
Federal Reserve policies of credit restraint
designed to resist advancing prices remained
in force in the first half of 1957. Open market sales of United States Government securities were utilized to offset the effect on
bank reserves of the seasonal decline in currency and demand deposits and to exert
pressure on bank reserve positions.
CHANGES IN MEMBER BANK RESERVES
[In millions of dollars]
Jan.June
1957
Item
Jan. June
1956
Member bank reserves
INTEREST RATES
Total reserves
Required reserves
Excess reserves
..
Factors affecting reserves
-553
— 307
"-406
-287
-20
p-147
(sign indicates
effect on reserves)
Federal Reserve credit:
Discounts and advances to member banks
F. R. holdings of U. S. Govt.
securities and acceptances
Float
+317
-70
— 1,805
-463
-1,082
-183
Currency in circulation
Gold stock and foreign accounts...
Other factors
+874
+658
-131
+729
+250
+55
p
Preliminary.
NOTE.—Based on averages of daily figures for December and June.
Details may not add to totals because of rounding.
Member bank borrowings from Federal
Reserve Banks, after a temporary decline in
December and January, rose sharply to
more than $1 billion in April and exceeded
excess reserves by $500 million. Borrow-
ings and excess reserves remained near these
levels in May and June.
A major factor that supplied member
bank reserves was the sale, in two transactions occurring in January and May, of
$600 million of gold by the International
Monetary Fund to the United States Treasury. Additions to reserves from these transactions and from the usual reduction in currency in circulation exceeded by almost $1
billion the drains on reserves from a decline
in float and other factors.
In the face of these influences on bank
reserves, open market operations absorbed
about $1.8 billion of reserves during the first
half of this year, $700 million more than in
the same period of last year. With pressure
on reserves growing, member bank indebtedness to the Reserve Banks increased by
about $300 million in contrast with a small
decline last year.
After rising sharply in the second half of
1956, interest rates declined in the early
months of this year. The declines were
most evident in the case of intermediateand long-term Treasury and municipal
securities, and appeared to reflect uncertainties about the economic outlook, reinvestment of the proceeds of redeemed savings
bonds and other Government securities, and
a transitory easing of bank reserve positions.
Market yields turned up again in the second quarter, accompanying a renewal of
business optimism and a growing congestion in capital markets arising from continued heavy offerings of corporate and
State and local government securities. Under pressure from this record supply, spreads
between yields on new and outstanding issues widened considerably. Securities mar-
758
FEDERAL RESERVE BULLETIN • JULY 1957
INTEREST RATES
Per cent
1954
19S5
1956
1957
NOTE.—Market yield data are weekly averages of daily figures. Treasury bill rates are yields on 90-day bills. Longterm U. S. Government yields are on 2'/i per cent bonds. Commercial paper rate is on prime 4- to 6-month open market
paper. Yields on corporate and State and local government
Aaa bonds are from Moody's Investors Service. Latest figures
are for week ending July 6.
kets were also influenced by the unexpectedly frequent need for Treasury cash
financing. Additional pressures developed
in June as banks disposed of a large volume
of United States Government securities in
order to expand loans to business borrowers.
After advancing sharply to record high
levels in the second half of June, yields
stabilized in the early part of July at levels
slightly below the June peaks.
Yields on 90-day Treasury bills were
above the Federal Reserve discount rate
during most of the six-month period. They
fluctuated with demand pressures—including investment of proceeds of new issues by
borrowers and of maturing securities by
lenders—and with the volume of bills offered by the Treasury, but they rose less
than most other market rates. On the
other hand, yields on short-term securities
with maturities closer to one year rose
sharply to record highs as the Treasury
offered new securities in that maturity
range. The rate on 4- to 6-month prime
commercial paper remained steady at 3.63
per cent until June when, as other yields
rose, it advanced to 3.88 per cent.
Yields on outstanding high-grade corporate and State and local government securities rose less on balance than yields on
Treasury bonds, but rates on new issues advanced sharply. Yields on 3- to 5-year Government securities remained above those on
longer term Treasury obligations throughout the period.
Bank rates on short-term business loans
changed little in the first half of 1957, after
rising with the prime loan rate in 1956.
Proposed Financial Institutions Act
THE BILLS that are the subject of this
hearing have for their objective a complete
streamlining of Federal statutes relating to
financial institutions, including national
banks, member banks of the Federal Reserve System, insured banks, Federal savings and loan associations, and Federal
credit unions. The legislation would rearrange provisions of law on this subject in a
more logical order, eliminate obsolete provisions, correct technical defects, and make
a number of substantive changes designed to
clarify and improve the operation of these
statutes.
The Board of Governors is thoroughly in
accord with the objectives of this legislation
and believes that enactment of such a codification of the banking laws would be in
the public interest. The Board's adverse
comments on a few provisions should not
be construed as indicating lack of general
approval.
Most of the changes which would be
made by the bill in the Federal Reserve Act
are purely technical and would merely serve
to bring that Act up to date by eliminating
deadwood and clarifying ambiguous provisions. Such changes are clearly desirable
and require no special comment. As to the
changes of substance which would be made
in Federal Reserve law, it may save time
to review briefly those which the Board endorses or to which it has no objection and
NOTE.—Statement of Chairman Martin on behalf
of the Board of Governors of the Federal Reserve
System before the House Banking and Currency Committee, July 15, 1957, regarding the proposed "Financial Institutions Act of 1957."
then direct attention to the few provisions
of the bill which the Board would oppose or
with respect to which it would have serious
question.
PROVISIONS ENDORSED BY THE BOARD
In the order in which they occur in Title
II of the bill and not necessarily in the order
of their importance, the following provisions
would make substantial changes in existing
law which meet with the approval of the
Board or to which the Board would have
no objection. Most of these changes are
in accordance with recommendations which
were made by the Board last year to the
Senate Banking and Currency Committee.
Expenditures for Federal Reserve Bank
branch buildings—Sec. 4(c). The present
statutory dollar limitation on the aggregate
costs of construction for Federal Reserve
Bank branch buildings would be eliminated.
Franchise tax—Sec. 7(b). A new provision
would require each Federal Reserve Bank
to pay 90 per cent of its annual net earnings to the United States as a franchise tax.
This would have the effect of restoring the
franchise tax provision which was repealed
in 1933 when the Reserve Banks were
required to subscribe half of their surplus to
the capital stock of the Federal Deposit Insurance Corporation. The proposed specific statutory direction for the transfer of
annual net earnings to the Treasury would
replace the somewhat complicated and awkward procedure under which the Federal
Reserve System, since 1947, has paid to
the Treasury approximately 90 per cent
of its annual net earnings.
759
760
FEDERAL RESERVE BULLETIN • JULY 1957
Rotation of membership on Federal Advisory Council—Sec. 8(a). The bill would make
any member of the Federal Advisory Council who has served six consecutive terms of
one year each ineligible to serve again as a
member of the Council until after an intervening period of not less than three years.
Such a provision for rotation in the membership of the Council would have the advantage of obtaining broader representation
and wider experience over a period of time.
Majority vote of Board members—Sees. 10
(b), 39(1), and 42. Certain provisions of
present law require designated actions of the
Board to be approved by a stated number of
Board members. For example, permission
for the carrying of reduced reserves by member banks in outlying sections of reserve
and central reserve cities requires the affirmative vote of not less than five members
of the Board. These and similar provisions
would be modified by the bill to require
such actions to be taken on the affirmative
vote of a majority of the members of the
Board in office at the time the action is
taken.
Repeal of authority for business loans.
The
proposed revision of the Federal Reserve
Act would omit and thereby repeal Section
13b of the present Federal Reserve Act authorizing the Federal Reserve Banks to make
working capital loans to industrial or commercial businesses. This authority has not
been utilized extensively in recent years and
in any event it is believed to be inconsistent
with central banking functions. Repeal of
these provisions has heretofore been recommended by the Board. Their repeal would
mean that the Reserve Banks would repay
to the Treasury approximately $27.5 million which has been paid by the Treasury
to the Reserve Banks under these provisions.
Rotation of directors of Federal Reserve
Banks—Sec. 17(a). Under the bill no director of a Federal Reserve Bank who has
served two consecutive terms of three years
each would be eligible to serve again as a
director until after an intervening period
of not less than three years, with a modification of the rule as to the chairman of the
board of directors. Like the similar provision with respect to members of the Federal Advisory Council, this provision would
insure broader representation and wider
experience on the boards of directors of the
Federal Reserve Banks.
Residence of Federal Reserve directors—
Sec. 17(a). Every Federal Reserve Bank director would be required to be a resident of
the Federal Reserve district served by his
Federal Reserve Bank or to reside within
50 miles of the Reserve Bank.
Federal Reserve agents—Sec. 19.
The bill
would eliminate the present unnecessary requirement that Federal Reserve agents and
assistant Federal Reserve agents be persons
of "tested banking experience." Other provisions would make it clear that a Federal
Reserve agent could delegate ministerial
functions to his assistants and that an assistant Federal Reserve agent could act in the
place of the agent during a vacancy in that
office as well as during the absence or disability of the agent.
Reports of State member banks—Sec. 23(b).
A new provision would authorize the obtaining of special reports from State member
banks and thereby enable the Board to call
for relatively simple reports from smaller
banks and more detailed reports from the
larger member banks engaged in a variety
of banking operations.
Stock acquisitions in connection with absorp-
tions—Sec. 23(d). A new provision would
permit a State member bank, with the
761
PROPOSED FINANCIAL INSTITUTIONS ACT
Board's approval, to purchase and hold for
not more than 90 days the stock of another
bank as a step in connection with the absorption of such other bank. Such temporary
stock acquisitions would sometimes be convenient as a step in the absorption process
and the requirement for the Board's approval
would serve to prevent any abuses of this
exception from the general rule against the
acquisition of corporate stock by member
banks.
Shareholders9 lists and disclosure of stock
ownership—Sec. 23. New provisions would
require each State member bank to maintain
a list of its stockholders and to notify the
Board of any single transaction involving
the transfer of 10 per cent or more of the
outstanding shares of the bank. In addition,
the record owner of any such stock would be
required to notify the Board of the names of
any persons having a beneficial or equitable
interest in such stock in excess of 5 per cent
of the outstanding shares of the bank. Although this requirement for disclosure of
equitable ownership might be burdensome
in some instances, the Board believes that
the proposed provisions have merit.
Investments in bank premises—Sec. 23(h).
Under the bill, investment in bank premises by a State member bank would require the Board's approval only if they exceed 100 per cent of the bank's capital stock
or 50 per cent of the bank's capital and
surplus, whichever may be greater. Existing
law requires Board approval in all cases in
which the investment would exceed 100 per
cent of the capital stock.
Audits of State member banks—Sec. 24(c).
A new provision would authorize the Board,
whenever it deems it necessary, to require
an independent audit to be made of a State
member bank.
Confidentiality of examination reports—Sec.
24(f). Reports of examinations of State
member banks and related correspondence
would be made privileged against disclosure
without the Board's consent, except to committees of Congress upon request.
Loans to executive officers—Sec.
28(e).
Present law prohibiting loans by member
banks to their executive officers includes an
exemption with respect to loans not exceeding $2,500. This exception would be liberalized by increasing the dollar limitation to
$5,000. In addition, a requirement that
executive officers make reports of their borrowings from other banks would be modified
to make such reports unnecessary where the
indebtedness does not exceed $15,000, in
the case of home mortgage loans, or $5,000
in the case of all other extensions of credit.
Reserves of holding company affiliates—Sec.
33(b). Under present law a holding company affiliate is required to maintain certain
reserves of readily marketable assets, and
this requirement has been interpreted as
meaning that each of several holding company affiliates of the same member banks
must maintain the statutory reserve. The
bill would make it possible, where such a
multiple holding company situation exists,
for only one of the holding company affiliates to carry the required reserve, provided it is designated for that purpose by
the Board, and provided that the designated
company directly or indirectly owns or controls the stock of the affiliated banks.
Audits of Board's accounts—Sec. 38(h). The
bill would require the Board to have its accounts audited annually by a firm of certified public accountants, and reports of such
audits would be required to be submitted to
the Banking and Currency Committees of
Congress.
762
Conflict of interests—Sec. 38(i).
FEDERAL RESERVE BULLETIN • JULY 1957
It would
be made a criminal offense for any employee
of the Board or any Federal Reserve Bank to
accept employment in a member bank within
two years after terminating his employment
with the Board or the Reserve Bank, except
with the Board's approval. While the Board
doubts that such a "conflict of interests"
provision is necessary, it would not object to
the provision of the bill on this subject.
Trust powers of national banks.
Present
provisions of the Federal Reserve Act relating to trust powers of national banks would
be transferred to the National Bank Act as
revised in Title I of the bill and authority
for granting such powers and regulation
thereof would be vested in the Comptroller
of the Currency instead of the Board. Since
national banks are under the supervision of
the Comptroller, the Board would have no
objection to this proposal.
Audits of Federal Reserve Banks—Sec.
39(m). The Board would be required by
the bill to take measures to insure that examinations of the Federal Reserve Banks
meet the highest standards of commercial
audits and the Board would be authorized
to arrange for review by certified public accountants of the adequacy of the procedures
and techniques followed in the examination
of the Reserve Banks. Copies of the reports
of examinations of the Reserve Banks, including each examination of the System open
market account, would be required to be
transmitted promptly to the Banking and
Currency Committees of Congress.
Federal Reserve notes—Sec. 43.
Present
provisions of law relating to the issuance of
Federal Reserve notes, which have become
antiquated over the years and in many respects are ambiguous, would be completely
rewritten for purposes of simplification and
clarification. The revision would make no
substantial change with respect to Federal
Reserve notes, although existing provisions
regarding the redemption of such notes
would be eliminated as obsolete. Redemption in the traditional sense in gold or gold
certificates is no longer permissible and in
any event Federal Reserve notes, like other
types of currency, have been legal tender for
all purposes since 1933.
Powers of foreign branches of national
banks—Sec. 44(f). The Board would be empowered by regulation to authorize foreign
branches of national banks to exercise such
further powers as might be usual in connection with the transaction of the banking business in the foreign countries in which they
operate. This authority is intended to enable foreign branches of national banks to
operate more effectively in the foreign countries in which they do business.
Mergers and consolidations. Title III of the
bill, relating to insured banks, contains in
Section 23 new provisions which would
make it necessary for all bank mergers or
consolidations to be approved in advance
by the appropriate bank supervisory agency.
Thus, the Board's approval would be necessary in connection with any merger or consolidation if the acquiring or resulting institution would be a State member bank.
The Board would be required in such a case
to consider, not only the usual banking
factors stated in the Federal Deposit Insurance Act, but also whether the effect of the
proposed transaction might be to lessen competition unduly or to tend unduly to create
a monopoly. On the question of competition,
the Board would be required to consult the
Comptroller of the Currency and the Federal
Deposit Insurance Corporation and would
be authorized to request the Attorney General's opinion with respect to that question.
The Board believes that these provisions
PROPOSED FINANCIAL INSTITUTIONS ACT
would fill a gap in the present law. They
would insure consideration by the Federal
bank supervisory agencies, on a substantially uniform basis, of the impact of bank
mergers upon competition in the banking
field. A separate bill along the lines of these
provisions of Section 23 of Title III of the
pending bill was passed by the Senate last
year and was endorsed by the Board, as well
as by the other Federal bank supervisory
agencies.
PROVISIONS OF TITLE II QUESTIONED
BY THE BOARD
There are two provisions in Title II of the
bill which, while not of the greatest importance, would make changes in present
law which in the Board's opinion would not
be desirable.
Removal of officers and directors—Sec. 29.
Provisions for the removal of directors and
officers of member banks, which are now
contained in Section 30 of the Banking Act
of 1933, would be repeated in substance in
Section 29 of Title II of the bill as far as
State member banks are concerned. Certain changes would be made in these provisions as to which the Board would have no
objection. The Board would, however, object to one of the proposed changes. Under
the Administrative Procedure Act, agency
action may be set aside on judicial review
if the reviewing court finds that such action
was "unsupported by substantial evidence."
Despite this provision, the bill would include
a statement that any hearing held in connection with the removal of a director or officer
of a State member bank shall be held in accordance with the provisions of the Administrative Procedure Act and be subject
to review as therein provided, except that
the review by the court shall be upon the
763
"weight of the evidence." The Board sees
no sound reason for this departure from the
general rule laid down in the Administrative
Procedure Act and the Board questions
whether it is desirable to single out the type
of action here involved as an exception from
the "substantial evidence" rule uniformly
applied in the case of all other agency actions. Application of the "weight of the
evidence" rule would, of course, mean that
the decision of an expert administrative
agency in proceedings for the removal of
a bank director or officer could be upset
by a reviewing court even though that
decision was clearly supported by substantial
evidence.
Use of reserves of holding company affiliates—Title II, Sec. 33. Mention has already
been made of one change which would be
made by the bill with respect to the reserve
of readily marketable assets required by
present law to be maintained by holding
company affiliates. Another proposed
change in this respect would be to permit
a holding company affiliate to use such
reserve for additions to capital of affiliated
banks as well as for the replacement of
capital in such banks. This reserve was
originally intended to enable a holding
company affiliate to come to the aid of its
subsidiary banks in times of stress or emergency. The Board questions whether the
proposed broadening of this provision to
permit the reserve to be used for capital
additions would be consistent with the purposes of the law, since, if it were used in
normal times for such purposes, it might
well become depleted and not be available
when it would be needed in unusual circumstances in order to maintain the sound condition of the holding company affiliate's
subsidiary banks.
764
PROVISIONS OF TITLE I QUESTIONED
BY THE BOARD
Most of the provisions of this bill outside
of Title II have no direct effect upon the
Federal Reserve System. Title I of the bill,
however, relating to national banks, includes
two provisions which are of concern to the
Board because of their possible effect upon
the soundness of the banking system.
Cumulative voting. Under present law
cumulative voting in elections of directors
of national banks is mandatory, and this has
been the case since 1933. Cumulative
voting is based on the principle of permitting due representation of minority
shareholders on a corporation's board of
directors. Section 26(c) of Title I of the
bill would permit cumulative voting only if
provided for in the national bank's articles
of association. The Board feels that the
principle of cumulative voting is sound and
questions whether the proposed change
should be made unless Congress is satisfied
that cumulative voting has produced undesirable results so great as to outweigh the
obvious justice of giving proper representation to minority interests. Since the contents
of the articles of incorporation of a national
bank are determined by a majority of the
bank's shareholders, it is obvious that the
practical effect of the proposed change
would be to eliminate all cumulative voting
in elections of national bank directors. Although proponents of this change have contended that cumulative voting has given rise
to situations in which minority shareholders
have been able to place an undesirable individual on the board of directors of a
national bank, the Board doubts whether
abuses of this kind have been so great as
to justify abandonment of the basically
sound principle of cumulative voting. It
should be borne in mind in this connection
FEDERAL RESERVE BULLETIN • JULY 1957
that minority-elected directors often can
stimulate other directors to greater activity
in behalf of a bank and, furthermore, that
if a minority-elected director should engage
in unsound activities, he would be subject
to removal under the law.
Debt limit of national banks. Section 37 of
Title I would increase the maximum limit
of a national bank's total indebtedness from
100 per cent of its capital stock to 100 per
cent of its capital stock and surplus. This
considerable expansion in the borrowing
ability of national banks would, in the
Board's opinion, be unnecessary and undesirable. Although bank borrowings may
occasionally be necessary in limited amounts
and for limited periods in order to avoid
liquidation of assets that might otherwise be
necessary, it is a practice that should not
be encouraged because it tends to dilute the
cushion of protection which is afforded depositors by a bank's capital and surplus.
Enlargement of the borrowing limits as
here proposed might well encourage national
banks to hold smaller amounts of liquid
assets and to rely unduly upon borrowings
for necessary adjustments. In the case of
an emergency requiring unusual borrowing,
the discount facilities of the Reserve Banks
are readily available. To encourage the
ability of national banks to borrow outside
the Reserve Banks would tend to diminish
the restraining influence that the Reserve
Banks are directed by law to assert upon
borrowing member banks which may be
making undue use of credit for speculative
purposes.
ADDITIONAL PROVISIONS RECOMMENDED
BY THE BOARD
Before concluding this statement, the Board
would like to bring to the attention of the
Committee certain proposed changes in
765
PROPOSED FINANCIAL INSTITUTIONS ACT
Federal Reserve law which are not included
in the pending bills but which, in the Board's
opinion, should appropriately be incorporated in this legislation.
Repurchase agreements.
For many years
the Federal Reserve Banks in connection
with their open market operations have
utilized repurchase agreements as a convenient and flexible means of helping to smooth
out temporary irregularities in the money
market. These agreements are in the form
of a purchase and sale and they are used
only to implement open market operations
pursuant to regulations of the Federal Open
Market Committee. However, such transactions admittedly have some of the attributes of a loan and present law contains no
specific reference to these transactions.
Accordingly, the Board believes that a
clarifying amendment which would specifically authorize such repurchase agreements
by the Federal Reserve Banks would be
desirable.
Fiscal agency operations by the Federal Re-
serve Banks. Under various provisions of
present law, the Federal Reserve Banks are
authorized or directed to act as fiscal agents
of the United States and of a number of
departments and agencies of the Federal
Government. The activities of the Reserve
Banks as such fiscal agents have increased
tremendously in recent years. More than
3,100 of the approximately 18,600 employees of the Federal Reserve Banks are
now engaged full time in fiscal agency operations on behalf of more than 25 governmental agencies in some 50 different capacities. It has become increasingly evident that,
in addition to the general authority of the
Board to supervise the Reserve Banks, the
law should contain some more specific
authority for the over-all coordination of the
fiscal agency operations of the Reserve
Banks. In five instances such authority now
exists; and it would be helpful if it existed
in all cases so as to make certain that the
many activities which the Reserve Banks
are required to perform on behalf of Government departments and agencies do not
become inconsistent with the over-all purposes of the Reserve Banks or unduly
burdensome. The Board, therefore, recommends that this legislation include at an
appropriate place a provision making all
fiscal agency operations of the Reserve
Banks specifically subject to supervision and
regulation by the Board.
Payment of interest on deposits.
Since
1933, the law has prohibited member banks
from paying interest on demand deposits,
directly or indirectly, by any device whatsoever, and has required the Board of
Governors to fix maximum rates of interest
which may be paid by member banks on
time and savings deposits. Similar provisions are contained in the Federal Deposit
Insurance Act with respect to payment of
interest on deposits by nonmember insured
banks. For many years, the matter of
determining whether particular practices
involve a payment of interest on deposits
has presented substantial and almost impossible administrative problems. Questions
arise, for example, as to whether the furnishing of free parking facilities, special printing of checks, lower rates of interest on
loans to depositors, and numerous other
practices constitute indirect payments of
interest under the broad language of the
statute. In order to make the law more
workable, the Board recommends that the
words "directly or indirectly, by any device
whatsoever" be deleted from the statute and
that the words "payment of interest" be
expressly defined as including only cash
payments made, or credits given, by a bank
766
for the account or benefit of a depositor.
In the Board's opinion such a change would
carry out the basic purposes of the statute
and at the same time make possible a more
practical administration of the law.
In this connection, the Board also recommends that the law be clarified so as to
make the same rules as to what constitutes
a payment of interest on deposits apply to
member banks and nonmember insured
banks alike. Obviously this was the intent
of Congress when the law was originally
enacted. However, in the application of the
statute, the Board has ruled that absorption of exchange charges by member banks
is a payment of interest, whereas the
Federal Deposit Insurance Corporation has
taken the opposite position with respect to
nonmember insured banks. As a result,
member banks in some sections of the
country have been placed at a serious competitive disadvantage with respect to nonmember banks, and the check collection
process has been slowed up by the unnecessary circuitous routing of checks drawn on
nonpar banks. If the law should be amended
as previously suggested by the Board to define interest as including only cash payments or credits, it is believed that absorption of exchange would come within that
definition. However, if the law should not
be amended to include such a definition,
the Board believes that the law should be
amended either by including an explicit
statement regarding absorption of exchange
charges by both member and nonmember
insured banks, or, in the alternative, by
authorizing either the Board or the Federal
Deposit Insurance Corporation to define a
"payment of interest" for both classes of
banks.
It should be emphasized that this recommendation is made only for the purpose of
FEDERAL RESERVE BULLETIN • JULY 1957
removing existing inequities which have
arisen in this field and not for the purpose
of forcing "par clearance" upon banks that
now charge exchange. The Board's proposal relates not to the making of exchange
charges but to the absorption of such
charges as a device for paying interest on
deposits. The purpose is simply to make
the same rules applicable to all insured
banks and to preclude situations in which
nonmember insured banks are permitted to
absorb exchange while competing State and
national member banks are not allowed to
do so.
With respect to this matter, the report
of the Senate Banking and Currency Committee recognized that the law should apply
uniformly to both classes of banks, but
stated that the Board and the Federal
Deposit Insurance Corporation should resolve the question by developing uniform
regulations for both member and nonmember insured banks. However, all efforts
for such uniform regulations, over a period
of many years, have proved fruitless. In
the Board's opinion, the problem is one
which can be resolved only by specific
legislation.
CONCLUSION
In view of the length of this statement, it
may be appropriate in conclusion to say
again that the Board endorses the general
objectives of the pending legislation. With
the few exceptions that have been indicated,
the Board approves the provisions of the bill
insofar as they affect the Federal Reserve
System. Enactment of such a codification
of Federal statutes relating to financial institutions is long overdue and the Board
hopes that it will be approved.
Problem of Small Business Financing
THE BOARD OF GOVERNORS concurs in the
broad objective of Senate Bill 2160 now
before your Committee, namely, to fill an
apparent gap in existing credit facilities by
providing for a new type of private investment institution to specialize in small business financing.
It seems likely that today the problem of
small business financing is in the area of
longer term credit and equity capital rather
than in that of shorter term credit. This
view takes into account the fact that business
activities now require a higher investment
in tools, machinery, and plant facilities than
ever before in our history.
We also base our view in part on information concerning business and credit developments we receive from the 12 Federal
Reserve Banks and their 24 branches. This
information is derived not only from member banks but also from bankers and businessmen through their representation on the
boards of directors of the Reserve Banks
and branches and through many other established business and financial contacts. In
this way it is possible for us at the Federal
Reserve Board to obtain a fairly complete
picture of the extent to which credit demands
in various parts of the country are being met
in total and by various categories of borrowers.
In making our appraisal of the credit
NOTE.—Statement of William McChesney Martin,
Jr., Chairman, Board of Governors of the Federal
Reserve System, before the Subcommittee on Small
Business of the Senate Banking and Currency Committee, June 20, 1957.
767
situation, we combine these observations
with careful analysis of a large volume of
statistical information on loans by banks
and other financial institutions. From the
available information, it is possible to draw
certain broad inferences concerning the financing of small business.
We know, for example, that most loans
made by commercial banks are to small
businessmen. Further insight is obtained
by studying the rates of interest charged by
commercial banks on various sizes of business loans as reported to us in a quarterly
interest rate survey. We are also now in
the process of developing information from
a recent loan survey on the location of business borrowers in relation to the institutions
with which they bank. These and many
other current efforts throw light on small
business financing and its problems.
This kind of information broadly substantiates the thesis that the problem of
small business financing is primarily one of
long-term credit and equity capital, and that
financing difficulties arise most frequently
in the case of ventures where direct financing by commercial banks or other institutions which hold the liquid savings of the
public is inadvisable.
There have been a number of attempts in
recent years to cope experimentally with the
needs of smaller firms for capital and longer
term credit. I refer particularly to regional
development corporations, organized under
State charter with local financing, that have
been established in the New England States
and in some other areas.
768
These organizations have as their main
objective the removal of impediments and
imperfections in the market organization
for supplying intermediate and longer term
funds to small- and medium-size businesses,
particularly those situated away from the
main stream of supply. Assuming the potential borrower to be a reasonable credit
risk, sheer lack of knowledge on his part of
alternative sources of financing may be a
problem; or a lender may lack the skill necessary to arrange the appropriate financial
accommodations for him; or insufficient
lender competition or facilities in the field
may cause the difficulty. By acting as intermediaries, sometimes advancing some funds
along with those of participating lenders, at
other times merely bringing borrower and
lender together, these regional and local
financing institutions perform a constructive
function.
The efforts of these organizations should
certainly be encouraged, and ways and
means should be explored to further the
participation of private commercial banks
in their activities. Commercial banks, because of the demand nature of the bulk of
their liabilities, must generally limit the extent to which they make loans outside the
field of higher grade, shorter term obligations. They can facilitate the operations of
development companies, however, by helping to minimize costs of investigating applicants and by extending loans to these companies in appropriate circumstances.
It strikes us as noteworthy that other private investment companies, organized under
general incorporation acts of the various
States to specialize in the equity as well as
longer term debt financing of promising
small business ventures, do not now exist
in large numbers. In postwar years, only
a few have been established. The privilege
FEDERAL RESERVE BULLETIN • JULY 1957
of Federal incorporation might offer some
advantages and attract the formation of
additional companies.
An explanation of the scarcity of private
companies in this field may lie in two operating problems. One is the very high cost
of original risk appraisal and subsequent
supervision; the other relates to taxation.
The bill under consideration recognizes the
desirability of reducing the tax obstacle.
As to the role of the Federal Reserve with
respect to the proposed new financing institutions designed to provide longer term debt
or equity financing for small businesses, it
would be appropriate, if the Congress sees
fit, for the Board of Governors and the
Reserve Banks to perform certain functions
relating to the activities of such new facilities. These functions relate to chartering,
examination, and fiscal agency duties. The
performance of such duties is consistent and
compatible with the similar functions now
performed by the Federal Reserve.
However, the Board would favor neither
the financing of such institutions by the Federal Reserve by purchase of stock or otherwise, nor the exercise by the System of any
proprietary functions. For example, the
Board should not have the responsibility to
"promulgate standards to determine the eligibility of business enterprises for the purposes of this Act." Also, it should not be
responsible for regulating the borrowing of
the investment companies. Such activities
should be specifically governed by the Act
itself.
Our views on these matters are based on
the fundamental objections discussed before
this Subcommittee two years ago. Basically,
our concern stems from the belief that it is
good government as well as good central
banking for the Federal Reserve to devote
itself primarily to the objectives set for it by
769
LAW DEPARTMENT
the Congress, namely, guiding monetary and
credit policy so as to exert its influence toward maintaining the value of the dollar
and fostering orderly economic progress.
While we feel that it is undesirable for
the Federal Reserve to provide the capital
and participate in management functions in
the proposed institutions, this should in no
way be taken as minimizing our concern
with the financing problems of small business. Despite the fact that available information on the subject is illuminating, some
further investigation of the subject might be
useful. The time required for such an investigation would preclude its use in the
consideration of the pending proposed legislation, but it might provide valuable factual
information for future reconsideration of
the problem.
A fresh study of the small business financing problem might confirm the existence of
gaps in the present financing facilities and
techniques, and it might yield important
by-products. The pointing out of potentially profitable lending opportunities could
stimulate private enterprise to fill the indicated gaps.
Something like this happened as a result
of the extensive research directed to consumer lending methods, practices, and experience carried on during the late twenties
and the thirties. Dissemination of these
research findings did much to spread knowledge of the opportunities of the instalment
financing device through the financial community. This research also led to modifications of some State laws governing consumer
lending. Wider knowledge of opportunities
and broader legislative authority powerfully
stimulated the increased provision of consumer credit facilities, which today make up
such a large and important segment of our
existing structure of private financing institutions.
Law Department
Administrative interpretations, new regulations, and similar material
Designation of Federal Reserve District
for Virgin Islands
The Board of Governors, effective June 19,
1957, designated the Virgin Islands as being in or
of the Second Federal Reserve District for the collection, under Regulation G, of noncash items
payable in such area, and for the collection, under
Regulation J, of checks drawn on nonmember parremitting banks located therein. There are set
forth below texts of the designations.
FOR PURPOSES OF REGULATION G
Pursuant to Footnote 1 of Regulation G, the
Board of Governors has taken the following action:
For purposes of Regulation G, the Virgin Islands shall be deemed to be in or of the Second
Federal Reserve District, effective on and after
June 19, 1957.
FOR PURPOSES OF REGULATION J
Pursuant to Footnote 1 of Regulation J, the
Board of Governors has taken the following action:
For purposes of Regulation J, the Virgin Islands
shall be deemed to be in or of the Second Federal Reserve District, effective on and after June
19, 1957.
Current Events and Announcements
FEDERAL RESERVE MEETINGS
The Federal Open Market Committee met in
Washington on July 9, 1957.
CHANGES IN THE BOARD'S STAFF
Mr. Robert C. Masters was appointed Director of
the Division of Examinations effective July 1,
1957. Mr. Masters was employed by the Federal
Reserve Bank of Boston as an Examiner from
June 1933 until he joined the Board's staff in
1948. He was appointed as Assistant Director
of the Division of Examinations on December 23,
1951, and had been serving as Associate Director
of that Division since November 18, 1956.
Mr. Masters succeeded Mr. George S. Sloan,
who retired as Director of the Division of Examinations. Mr. Sloan became associated with
the Board of Governors as a Federal Reserve
Examiner on June 29, 1934, prior to which he
had been with the Federal Reserve Bank of Richmond for approximately seven years. He was
appointed an Assistant Director of the Division
of Examinations on November 1, 1946, and had
been serving as Director of that Division since
June 1951.
to the revised summary flow-of-funds tables appearing in the BULLETIN for April 1957 are now
available in mimeographed form. Complimentary
copies may be obtained upon request from the
National Income, Moneyflows, and Labor Section,
Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington 25, D.C.
REVISIONS IN SEASONALLY ADJUSTED DEPOSITS
AND CURRENCY
Revised seasonal adjustment factors for demand
deposits adjusted and currency outside banks,
together with unadjusted data and revised seasonally adjusted figures for each series, are shown on
pages 828-829 of this BULLETIN.
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 May 16, 1957 to June 15, 1957:
Minnesota
Duluth
. Northwestern Bank of Commerce
DEATH OF DIRECTOR
Mr. William B. Pollard, President, National Bank
of Commerce in Memphis, Memphis, Tennessee,
who had served as a director of the Memphis
Branch of the Federal Reserve Bank of St. Louis
since January 1, 1952, died on July 11, 1957.
Mr. Pollard was on the staff of the Board of Governors of the Federal Reserve System beginning
in 1933, and was Assistant Director of the Board's
Division of Examinations from July 1942 through
1945. From January 1946 to June 1948 he was
Vice President of the Federal Reserve Bank of
St. Louis in charge of its Memphis Branch.
TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY
FLOW-OF-FUNDS TABLES
Detailed flow-of-funds sector and transaction account tables for the years 1950-55 corresponding
770
Latest BULLETIN Reference
Semiannually
Banking offices:
Analysis of changes in number of....
On, and not on, Federal Reserve Par
List, number of
Stock Exchange firms, detailed debit and
credit balances
Annually
Earnings and expenses:
Federal Reserve Banks
Member banks:
Calendar year
First half of year
Insured commercial banks
Banks and branches, number of, by class
and State
Operating ratios, member banks
Banking and monetary statistics, 1956..
Issue
Page
Feb. 1957
212
Feb. 1957
213
Mar. 1957
336
Feb. 1957
210-211
June 1957
Oct. 1956
June 1957
710-718
1248
719
Apr. 1957
June 1957
(g£ g g
472-473
720-722
fj£§g
National Summary of Business Conditions
Released for publication July 15
Industrial production in June remained at the
April-May rate. Residential construction activity increased, and total nonagricultural employment, personal incomes, and retail sales continued
at record levels. Average wholesale prices advanced somewhat from early June to early July.
Total bank credit expanded sharply and security
prices firmed.
INDUSTRIAL PRODUCTION
Output of factories and mines, as measured by
the Board's preliminary seasonally adjusted index,
was unchanged in June at 143 per cent of the
1947-49 average—four points below the December 1956 peak but two points above June a year
ago. Utility output of electricity advanced to a
new high, 5 per cent above June 1956.
Output of durable goods changed little. Auto
assemblies increased and television production
recovered sharply further. Over-all activity in
producers' equipment lines edged off further, but
was moderately above a year ago. Steel mill
operations, as in May, were 86 per cent of
capacity, and output of building materials was
maintained. By early July, cement production
was significantly reduced by work stoppages; steel
INDUSTRIAL
1947-49*100
DURABLE
MANUFACTURES
1
MIN :RALS '
CONSTRUCTION
Construction contract awards rose sharply in
May, and in the first five months of the year
slightly exceeded the level of the corresponding
period in 1956. In June the number of private
housing units started was unchanged at a seasonally adjusted annual rate of close to one million
units. Reflecting an increase in residential building, the seasonally adjusted value of new construction put in place advanced slightly to a new
record.
EMPLOYMENT
Seasonally adjusted nonfarm employment was
unchanged in June at the record level of 52.6
million. Manufacturing employment declined
slightly further while employment in nonmanufacturing industries continued to rise. Unemployment increased somewhat more than seasonally—
to 3.3 million—as a large number of students
entered the labor market seeking summer jobs.
The average workweek at factories rose slightly
and, with hourly earnings also higher, average
weekly pay increased to the highest level of
the year.
PRODUCTION
TOTAL
^
production and auto assemblies were also curtailed, mainly because of the holiday.
Production of textiles and apparel was stable in
June at the reduced level of recent months. Work
stoppages continued in the rubber products industry and output remained at the curtailed AprilMay rate. Activity in the paper, printing, and
chemicals industries continued at advanced rates.
Minerals production was maintained close to
record levels. Output of coal increased and stone
and earth minerals continued at high levels, while
extraction of metal ores and crude petroleum
declined.
f**r*s*
MANUFACTURES
DISTRIBUTION
...I
I
^,J 80
Federal Reserve indexes, seasonally adjusted. Monthly figures, latest shown are for June.
771
Seasonally adjusted dollar sales at retail stores
in June remained at the record level of the previous six months and were about 3 per cent above
a year earlier. Unit sales of new autos increased,
772
FEDERAL RESERVE BULLETIN • JULY 1957
and for the first time this year exceeded the year
earlier rate. Sales at department stores recovered
further and the advance continued in early July.
services and foods were partly offset by decreases
in fuels and some other commodities.
BANK CREDIT AND RESERVES
AGRICULTURE
Total crop production this year was officially
forecast as of July 1 to be smaller than in 1956.
Largely reflecting the soil bank programs, cotton
acreage in cultivation on July 1 was 15 per cent
smaller than last year and the prospective wheat
crop was off 6 per cent. While the forecasted
corn crop is 13 per cent smaller, the total feed
grain harvest is indicated to be close to last year's
output. Pasture conditions as of July 1 were
above average, and a record hay crop was in
prospect.
COMMODITY PRICES
Total credit at city banks rose $2 billion between early June and early July, mainly reflecting
heavy business borrowing in mid-June to meet income tax payments and bank acquisitions of new
Treasury tax anticipation bills in early July. During June, banks had reduced substantially their
holdings of U. S. government securities.
Average member bank borrowing from the
Federal Reserve exceeded excess reserves by
about $570 million in the four weeks ending July
10, somewhat more than in the previous four
weeks. Reserves absorbed through currency outflow and an increase in required reserves exceeded
those supplied through Federal Reserve purchases
of U. S. Government securities and an increase
in float.
The general level of wholesale commodity
prices advanced somewhat from early June to
early July. Prices of steel were raised about 4
per cent and a few metal products were increased. Prices of copper, lead, and zinc declined
further. Among agricultural commodities, livestock and meat prices increased further while
some other foodstuffs declined.
The consumer price index continued to rise
from mid-April to mid-May. Increases among
Yields on U. S. Government securities, following an extended rise to new postwar record levels,
declined in late June and early July. Yields on
both corporate and State and local bonds rose
further after mid-June, but declined somewhat in
early July. After a moderate decline, common
stock prices rose to a level slightly above the
previous 1957 high reached in mid-June.
PRICES
INTEREST RATES
SECURITY MARKETS
1947-49 = 100
""
WHOLESALE
CONSUMER
OTHER
yS***^
-
ALL
ITEMS^^^^"^
COMMODITIES
V*\
-
FOODS
r
|
DISCOUNT RATE
.
V
t ft
x FARM / \ .
WIIIHIlllIMM
1954
1955
1
*,
,M,,I,MMW
1956
1957
V
!
1954
1955.
1956
TREASURY BILLS
V
1
!
1957
Bureau of Labor Statistics indexes. "Other" wholesale prices
exclude processed foods, included in total but not shown
separately. Monthly figures, latest shown: May for consumer
prices, and June for wholesale prices.
U
Weekly average market yields for long-term U. S. Government IVi per cent bonds and for longest Treasury bills; latest
shown are for week ending July 5.
Financial and Business Statistics
* United States *
Member bank reserves, Reserve Bank credit, and related items.
.,
Reserve Bank discount rates; reserve requirements; margin requirements.
Federal Reserve Banks . . .
Bank debits; currency in circulation
All banks: consolidated statement of monetary system; deposits and currency
All banks, by classes.
Commercial banks, by classes. . . .
Weekly reporting member banks.
775
778
779
782
784
785
788
790
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
792
793
794
795
796
798
802
803
805
808
Selected indexes on business activity
Production
.
Employment and earnings.
Department stores.
Foreign trade.
..
Wholesale and consumer prices.
National product and income series
812
813
820
822
823
824
826
Deposits and currency—seasonal adjustment factors
....
Tables published in BULLETIN, annually or semiannually—list, with references .
Index to statistical tables.
828
770
857
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.
773
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
Weekly averages of daily figures
Billions of dollars
25
MEMBER BANK
RESERVE BALANCES.
20
15
r- EXCESS RESERVES
2
0
«WjW\rv^
35
CURREN : Y
I N CIRC JLATION
\
j
30
\
:
25
RESERVE BANK CREDIT
s-
SN
:
^
~
GOLD STOCK
20
-
TR EASURY CA SH AND DE POSITS
NONMEMBER DEPOSITS
FEDERAL RESERVE CREDIT
BOUGHT OUTRIGHT
U. S. GOVERNMENT SECURITIES:
HELD UNDER""]
REPURCHASE AGREEMENTS
A
A
DISCOUNTS AND ADVANCES
I
1951
i
1952
FEDERAL RE5ERVE FLOAT
1953
1954
1955
'
|
1956
Latest averages shown are for week ending June 26. See p. 775.
774
1957
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Govt. securities
Week
ending
Total
DisGold
Held counts
stock
Bought under and Float Total i
outrepur- adright
chase vances
agreement
Treasury
Curcur- rency
rency
in
outcirstand- culaing
tion
Deposits, other
than member bank
Member bank
reserves,
reserves
Treas- with F. R. Banks
ury
Other
cash
F. R.
acholdcounts
ings
Treas- For- Other
ReExTotal
quired2 cess2
ury
eign
wmmmmamm
Averages of
daily figures
1956
May
May
May
May
May
2
9
16
23
30
23,299
23,352
23,279
23,210
23,412
23,243
23,252
23,226
23,200
23,359
June
June
June
June
6
13
20
27
23,503
23,516
23,492
23,478
23,406
23,491
23,492
23,452
97
25
"26
July 4 .
July 11.
July 18.
July 25.
23,791
23,836
23,490
23,408
23,748
23,826
23,487
23,408
43
10
3
Aug.
Aug.
Aug.
Aug.
Aug.
23,418
23,418
23,439
23,574
23,622
23,418
23,418
23,418
23,446
23,592
Sept. 5
Sept. 12
Sept. 19
Sept. 26
23,849
23,858
23,691
23,576
23,818
23,829
23,673
23,555
Oct.
Oct.
Oct.
Oct.
Oct.
3.
10.
17.
24.
31.
23,697
23,840
23,860
23,736
23,708
23,602
23,766
23,846
23,736
23,668
Nov. 7.
Nov. 14.
Nov. 2 1 .
Nov. 28.
23,824
23,940
24,033
24,202
23,766
23,882
23,959
24,110
Dec. 5.
Dec. 12.
Dec. 19.
Dec. 26.
24,404
24,652
24,785
24,906
Jan. 2
Jan. 9
Jan. 16
Jan. 23
Jan. 30
864 25,266 21,743
56 1,089
844 25,325 21,768
100 1,114
937
25,298 21,769
1,066
53
10
946 1,139 25,310 21,770
835
24,995 21,771
53
732
5,023
5,025
5,026
5,028
5,032
30,181
30,296
30,359
30,317
30,327
786
781
789
781
785
575
555
563
594
507
338
334
378
319
297
385
321
314
310
328
998
982
980
980
984
18,767
18,848
18,710
18,809
18,569
18,359
18,295
18,241
18,275
18,227
408
553
469
534
342
894
906 25,320
970 25,251
747
764 1,507 25,779
756 ,369 251,621
21,782
21,796
21,798
21,799
5,032
5,033
5,033
5,033
30,505
30,542
30,541
30,485
782
779
774
781
429
398
535
570
305
332
331
297
310
983
299
982
317
998
290 1,000
18,819
18,749
19,116
19,030
18,217
18,233
18,500
18,435
602
516
616
595
644
880
849
573
21,806
21,826
21,827
21,828
5,032
5,031
5,031
5,032
30,765
30,923
30,808
30,632
773
770
768
773
493
437
595
556
298
309
320
288
298
290
278
267
18,902
19,040
18,869
18,744
18,430
18,285
18,240
18,187
472
755
629
557
690 1,046 25,172 21,829 5,034 30,575
829 25,182 21,855 5,035 30,633
917
837 25,254 21,856 5,036 30,681
960
878 1,171 25,642 21,856 5,037 30,654
935
829 25,404 21,857 5,041 30,618
772
769
773
778
776
519
530
539
485
481
284
319
335
293
318
273 1,021 18,591 18,115
284
949 18,588 18,018
277
947 18,593 18,014
266
944 19,117 18,464
282
944 18,883 18,375
476
570
579
653
508
30,786
30,910
30,810
30,714
771
770
771
774
427
518
453
651
379
381
345
331
251
252
235
219
943
941
945
951
18,800
19,088
19,220
18,980
18,357
18,394
18,524
18,477
443
694
696
503
40
810 1,067 25,593 21,884 5,046 30,769
857
990 25,707 21,906 5,046 30,880
714
,215 25,810 21,910 5,047 30,953
564 ,547 25,866 21,909 5,048 30,864
674 ,062 25,466 21,909 5,051 30,795
776
770
775
777
780
551
489
388
505
539
325
405
373
293
285
214
227
429
291
292
953
958
958
956
925
18,935
18,929
18,890
19,137
18,810
18,456
18,322
18,313
18,574
18,451
479
607
577
563
359
58
58
74
92
828 ,084 25,762
945 ,040 25,954
662 ,543 26,266
631 1,514 26,374
21,909
21,910
21,910
21,910
5,054
5,056
5,055
5,056
30,963
31,141
31,269
31,355
781
773
771
772
501
446
441
436
284
321
303
307
345
397
292
252
847
845
844
843
19,004
18,996
19,311
19,375
18,443
18,377
18,701
18,754
561
619
610
621
24,287
24,493
24,489
24,574
117
159
296
332
460
268 26,165
709 ,226 26,633
555 ,835 27,223
667 2,208 27,842
21,953
21,924
21,927
21,949
5,060
5,062
5,064
5,066
31,451
31,660
31,835
31,992
770
775
776
765
408
357
498
635
344
342
389
393
228
910 19,068 18,682
264 1,001 19,220 18,653
169 1,011 19,535 18,922
258 1,024 19,790 19,086
386
567
613
704
24,994
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
27,524
26
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
741
962 24,997 22,252 5,070
577
188 24,764 22,303 5,071
713
217 24,813 22,303 5,073
30,596
30,641
30,605
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
123.094
22,895
22,934
23,064
23,051
18
45
114
43
755 1,179 24,871 22,304 5,077
880
908 24,791 22,304 5,079
783 1,173 25,158 22,305 5,080
844
'"24,930 22,305 5,083
967
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
,129
,138
,139
18,721
18,654
19,204
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
149 1,074
30,589
30,655
30,681
30,610
814
808
791
517
387
478
456
294
340
344
390
314
305
300
454
,167
,205
,203
,202
18,868
19,088
19,107
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
22,915
22,930
23,169
23,125
23,033
22,915
22,901
730 1,168 25,093 22,318 5,094 30,499
993
947 25,177 22,318 5,095 30,589
975
948 25,031 22,319 5,096 30,654
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
,078
,075
,074
,073
19,000
18,984
18,845
18,818
18,616
18,621
18,495
18,368
18,284
18,264
379
489
477
534
352
June
June
June
June
23,110
22,972
22,930
22,951
22,950
22,926
22,880
22,"""
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
18,537
18,603
468
504
1.
8.
15.
22.
29.
21
128
30
1,231
1,169
1,412
1,393
25,685
25,903
25,769
25
25,393
796
787 25,454
1,045 25,934
654 1,489 25,852
",694
705
394 25
1,012
21,861
21,883
21,883
21,884
5,042
5,042
5,043
5,044
993
990
987
994
1957
5
12
19
26
1,537
1,539
1,278
1,446
1,078
877 25,165
1,230
25,400
967 25,520
136 1,244
947 1,484 25,695
68
50
29
22,306
22,307
22,313
22,317
902
160
954 24,987 22,620
46 1,059
936 24,988 22,621
50 1,089 1,384 25,424 22,621
63 1,003 1,320 25,294 22,622
5,086
5,088
5,089
5,092
5,104
5,106
5,106
5,106
For other footnotes see following page.
Preliminary.
30,837
30,903
30,904
30,849
775
776
BANK RESERVES AND RELATED ITEMS
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Govt. securities
Period
or
date
Total
Bought
outright
Held
under
repurchase
agreement
Discounts
and
Float
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 cess 2
Averages of
daily figures
1956
June.
July.,
Aug..
Sept..
Oct..
Nov..
Dec.
770
738
898
792
715
745
706
1,206 25,516
1,263 25,599
910 25,357
1,198 25,737
1,182 25,698
1,300 26,097
1,633 27,156
21,795
21,826
21,855
21,880
21,906
21,910
21,942
5,033
5,032
5,038
5,043
5,048
5,056
5,064
30,536
30,751
30,650
30,803
30,864
31,198
31,775
778
771
774
772
776
774
772
485
521
504
523
487
456
463
315
300
318
356
337
308
372
304
280
275
237
299
313
247
1,343
1,106
1,024
1,110
1,046
1,170
21,989
22,279
22,305
22,313
22,358
22,621
5,067
5,071
5,081
5,090
5,098
5,106
31,040
30,595
30,568
30,614
30,645
30,901
794
817
812
803
792
782
335
336
423
429
521
490
323
335
316
348
361
393
148
! 098
/ 4
2,254
24,2f«2
22,559
20,725
24,034
25,318
24,888
23,554
24,391
52 1,400 4,037 2,019 4,459
68 1,037
4 2,220 4,031 2,286 5,434
164
91 2,593 17,644 2,963 7,598
7
94 2,361 22,737 3,247 11,160
3
578 25,091 20,065 4,339 28,515
249
535 23,181 22,754 4,562 28,868
85
1,368
22,216 22,706 4,636 27,741
67
53
967 25,825 23,187 4,812 30,433
156
663
935
26,880 22,030 4,894 30,781
28
598
25,885 21,713 4,985 30,509
143
44
850
24,601
21,678 5,002 30,229
128
53
108 1,585 26,507 21,690 5,008 31,158
394
204
264
2,409
2,215
2,287
1,336
1,293
1,270
761
796
812
767
36
35
634
867
977
870
668
389
346
563
380
394
23,758
23,438
23,854
23,680
23,767
24,385
24,915
23,712
23,438
23,828
23,590
23,688
24,255
24,610
26
90
79
130
305
30,715
30,604
30,757
30,768
30,839
31,424
31,790
768
761
768
771
778
763
775
23,421
22,887
23,149
23,169
23,108
23,035
23,421
22,854
23,040
23,169
22,950
22,994
668 1,076 25,195 22,252
595 1,196 24,704 22,304
994
803 24,970 22.306
829
936 24,960 22;318
926 25,224
25
22,620
158 1,170
558 1,199 24,816 ^22,623
41
5,071 30,614
5,076 30,575
5,086 30,585
5,094 30,519
5,104 30,836
'5,106 *>31,074
23,268
23,222
23,239
23,169
23,040
23,040
23,170
23,169
911 25,324
228 1,121
723 25,201
182 1,227
809 1,127 25,201
69
674 1,073 24,942
22,306
22,311
22,317
22,318
5,087
5,088
5,089
5,093
23,169
23,180
23,008
22,895
23,013
23,169
23,121
23,008
22,895
22,950
1,095 1,015 25,305 22,318
804
781 24,790 22,319
691 1,085 24,807 22,320
669 1,090 24,675 22,320
784 24,783 22,620
964
63
23,108
22,889
22,871
22,911
22,950
22,889
22,871
22,911
23,522
23,580
3,530
3,728
23,781
24.024
24,765
23,486
23,573
23,488
23,695
23,742
23,951
24,498
36
7
42
33
39
73
267
24,092
23.111
23.061
23,239
23,041
22,989
24,056
23,083
22,997
23,121
22,996
22,917
432
36
665
28
859
64
118 1,036
931
45
72 1,009
216
1,998
2,484
2,254
24,262
22,559
20,778
24,697
25,916
24,932
23,607
24,785
991
999
946
946
950
845
998
18,933
18,836
18,783
19,024
18,939
19,169
19,535
18,359
18,237
18,224
18,446
18,419
18,579
18,883
574
599
559
578
520
590
652
276
294
216
339
276
290
896 19,295
,071 18,816
,135 18,884
,195 19,087
,075 18,827
,077 18,982
18,773
18,302
18,366
18,580
18,362
522
514
518
507
465
6
15
397
774
862
392
895
550
423
490
374
402
21
151
256
586
446
569
565
455
493
441
448
554
374 2,356
346 2,292
251 11,653
291 12,450
495 15,915
563 17,899
714 17,681
777 19,950
839 20,160
907 18,876
972 18,066
925 19,005
2,333
1,817
6,444
9,365
14,457
16,400
16,509
20,520
19,397
18,618
18,139
18,903
23
475
5,209
3,085
1,458
1,499
1,172
-570
763
258
-73
102
522
513
422
535
495
463
441
297
308
350
334
275
356
322
313
288
252
227
297
182
426
992
950
943
950
848
843
901
18,449
18,104
18,377
18,450
18,459
18,719
19,089
-6
204
511
381
209
489
-30
809
809
804
791
788
715
458
591
509
568
498
344
327
311
316
360
449
263
206
304
294
274
308
891 18,882 18,517
,133 18,576 18,294
,137 18,629 18,512
,079 18,864 18,588
,072 19,049 18,351
,075 18,376 ^18,526
365
282
117
276
698
30,592
30,633
30,650
30,471
818
823
797
799
360
376
384
328
249
334
360
388
298
308
300
293
1,205
1,204
1,202
1,201
19,195
18,922
18,915
18,872
18,643
18,505
18,685
18,632
552
417
230
240
5,094
5,096
5,096
5,101
5,103
30,510
30,604
30,634
30,580
30,818
803
792
795
796
797
599
366
366
518
487
311
353
343
353
364
293
234
242
283
283
1,078
1,077
1,074
1,073
1,072
19,123
18,779
18,769
18,494
18,685
18,641
18,438
18,367
18,274
18,403
482
341
402
220
282
5,106
5,106
5.106
5,106
30,850
30,881
30,837
30,890
796
791
784
770
380
424
602
456
360
395
370
410
269
272
283
272
1,071
1,068
1,087
1,087
18,536 18,381
19,031 18,412
19,052 ^18,675
18,628 ^18,528
155
619
1957
Jan..
Feb..
Mar..
Apr..
May.
June.
25,905
24,912
24,968
24
25,411
25,041
25,189
Midyear or
year-end
1929—June....
1933—June....
1939—Dec
1941_Dec
1945_Dec
1947_Dec
1950—Dec
1952—Dec
1953—Dec
1954—Dec
i955_j U ne
Dec
End of month
1956
June
July
Aug
Sept
Oct
Nov
Dec
232
452
832
664
r
28
518
50
1,210 25,219
959 24,868
771 25,480
1,125 25,487
910 25,236
1,330 26,267
1,665 26,699
21,799
21,830
21,858
21,884
21,910
21,910
21,949
5,032
5,035
5,041
5,046
5,054
5,061
5,066
18,443
18,308
18,888
18,831
18,668
19,208
19,059
1957
Jan
Feb
Mar
Apr
May
33
109
June
Wednesday
1957
Apr.
Apr.
Apr.
Apr.
May
May
May
May
May
3
10
17
24
1
8
15
22
29
June 5
June 12
June 19
June 26
59
158
869 24,536
538
934 25,134
1,291
1,044 1,353 25,287
029 24,785
824
22,620
22,621
22,622
22,622
P Preliminary. r Revised
i Includes industrial loans and acceptances; these items are not shown
separately in this table, but are given for end-of-month and Wednesday
dates in subsequent tables on Federal Reserve Banks.
2
These figures are estimated.
777
BANK RESERVES AND RELATED ITEMS
RESERVES, DEPOSITS, AND BORROWINGS OF MEMBER BANKS, BY CLASSES
[Averages of daily figures.* In millions of dollars]
Item and period
All
member
banks
Central reserve
city t>anks
New
York
Chicago
Reserve
city
banks
Country
banks
Aug
Sept
Oct
Nov
Dec
1957__jan
Feb
Mar
Apr
May
Week ending:
May 22
May 29
June 5
June 12
June 19
June 26
Oct
Nov
Dec
1957 Jan
Feb
Mar
Apr
May
Week ending:
1957 May 22
May 29
June 5
June 12.
June 19
June 26
p
1
Country
banks
10
13
12
10
2
4
3
49
78
89
79
80
52
83
96
406
479
496
469
498
456
491
488
8
13
4
3
12
58
66
60
65
56
478
443
440
443
393
472
281
402
450
7,775
7 784
7,796
7 783
7,885
7 869
7 960
8,078
5,577
5 662
5,675
5 633
5,732
5 736
5 843
5,859
1956—May
June
July
Aug
Sept
Oct
Nov
Dec
467
575
599
559
579
520
590
651
19 295
18 816
18,884
19 087
18,827
4 316
4 205
4,341
4 307
4,234
I 126
1 107
1,102
1 097
1,101
7 996
7 781
7,746
7 921
7,794
5 857
5 722
5,696
5 762
5,697
1957—Jan
Feb
Mar
Apr
M^ay
523
514
518
506
465
-10
i
i
13
3
18 818
18,616
18 846
18 834
19,148
19 171
4 192
4,200
4 270
4 234
4,368
4 388
1 095
1,098
I 105
I 113
1,135
I 141
7 755
7,748
7 758
7 725
7,794
7 839
5 777
5,569
5 713
5 761
5,850
5 802
Week ending:
1957 May 21
May 29
June 5
June 12
June 19
June 26
535
350
468
503
^608
9
6
11
-4
20
17
3
4
4
2
51
62
56
53
47
47
971
769
738
898
792
715
744
688
98
46
119
168
204
200
226
147
155
115
50
74
93
118
143
97
517
434
433
461
377
299
276
300
201
407
640
834
1 011
909
30
129
116
299
117
38
53
257
210
169
229
314
302
329
422
110
144
159
173
201
772
883
888
1 051
1 089
1,003
71
34
86
181
280
234
148
132
58
49
42
27
406
472
511
565
541
504
147
245
933
256
226
238
July.
Aug
Sept
Oct
Nov.
Dec
-504
-194
-139
— 339
-213
— 195
-154
-37
-88
-33
-108
— 158
-204
— 192
-214
-90
-153
-111
-48
— 73
-93
— 114
-140
-85
-468
-356
-344
— 382
-297
— 246
-193
-204
205
305
360
274
380
358
393
344
1957—Jan
Feb
Mar.
Apr
May
117
-126
-316
-505
-444
-40
-123
101
-300
-104
-40
-53
253
-210
-165
-172
-249
— 242
-263
-367
369
299
280
269
192
-237
-533
-420
-548
-62
-28
-75
-185
— 260
-217
-145
— 131
-59
-45
— 38
-25
-355
— 410
— 455
-512
— 494
— 457
325
36
169
194
18,268
18 359
18,237
18 224
18,446
18 419
18 579
18 883
4,254
4 341
4,225
4 227
4,288
4 214
4 231
4 392
1,117
[ 130
1,127
I 129
I J20
1 107
18,773
18,302
18,366
18 580
18 362
18,284
18 264
18 378
18 330
^18 537
^18 608
119
I 138
7,726
7 706
7,707
7 704
7,805
7 817
7 877
7 983
5,171
5 183
5,179
5 164
5,234
5 281
5 352
5 371
4,327
4,200
4,326
4 308
4 221
1,129
I 107
1,098
097
098
7,938
7 715
7,686
7 855
7 739
5,379
5 279
5,256
5 320
5 305
4,183
4 194
4 259
4 238
4 348
4 372
,092
097
106
109
7,704
7 685
7 702
7 672
7'746
7 792
5,305
5 288
5 311
5 311
^5 313
P5 305
no
1 139
57
-2
5
14
4
i>497
Borrowings at Federal
Reserve Banks:
1956
May
June
July
AUR
Sept
Oct
Nov
Dec
1957_j a n
Feb
Mar
Apr
May
Week ending:
1957 May 22
May 29
June 5
June 12
June 19
June 26
Free reserves2
1956—May
June
114 067
12,131
101 936
98,911
40,829
23 106
3,958
19 149
20.451
3 282
5 952
1,121
4 831
5,262
1,292
44 796
5,840
38 956
38,334
16.510
40 213
1,212
39 001
34,863
19,745
5,988
66
105
1,902
3,915
114,304
12 278
102,026
98.640
44 340
22,913
4 106
18,807
20,161
3 778
5,896
1 106
4,790
5,160
1 317
44,740
5 798
38,941
38,047
17,801
40,756
1 268
39,488
35,273
21 445
6,030
53
102
1,927
3,948
Preliminary.
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
Chicago
1,119
1 133
1,129
I 130
1,120
1 111
1 122
1,149
May 1957
Gross demand deposits:
Total
Interbank
Other
Net demand deposits3 . . .
Time deposits
Demand balances due
from domestic banks...
New
York
Reserve
city
banks
4,264
4 354
4,237
4 236
4,288
4 222
4 244
4,448
May 1956
Deposits:
Gross demand deposits:
Total
Interbank
Other
Net demand deposits 3 ....
Time deposits
Demand balances due
from domestic banks...
Central reserve
city banks
18,735
18 933
18,836
18 783
19,024
18 939
19 169
19,535
Required reserves:2
1956 May
June
July
Aug
Sept
All
member
banks
Excess reserves: 2
Total reserves held:
1956—May
June
July
Item and period
Week ending:
1957 May 22
May 29
June 5
June 12
June 19
June 26
174
136
195
118
98
99
144
4
P-440
^259
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.
778
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)*
Federal Reserve Bank
Rate on
June 30
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City. . .
Dallas
San Francisco.
In effect
beginning—
Previous
rate
Aug. 28, 1956
Aug. 24, 1956
ig. 24, 1956
ig 27 1956
'is. 24,1956
Aug. 28, 1956
Aug. 24, 1956
Aue. 28, 1956
Apr. 13, 1956
Aug. 31, 1956
Aug. 28, 1956
Apr. 13, 1956
2%
234
2%
234
2%
234
23/
4
21/2
23/
24
21/2
1
Rates shown also apply to advances secured by obligations of Federal
intermediate credit banks maturing within 6 months.
NOTE.—Maximum maturities. Discounts for and advances to member
banks: 90 days for discounts and advances under Sections 13 and 13a of
the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6
Advances to individuals,
partnerships r 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
June 30
31/2
3J/2
I
I
31/2
3%
In effect
beginning—
Aug. 28,
Aug. 24,
Aug. 24,
Aug. 27,
Aug. 24,
Aug. 28,
Aug. 24,
Aug. 28,
Apr. 13,
Aug. 31,
Aug. 28,
Apr. 13,
1956
1956
1956
1956
1956
1956
1956
1956
1956
1956
1956
1956
Previous
rate
Rate on
June 30
In effect
beginning—
Previous
rate
314
314
31/4
314
314
31/4
314
314
4
334
Aug. 28, 1956
J
Aug. 24, 1956
1
Apr. 13, )1956
Aug. 27, 1956
]
Aug. 24, 1956
1
Aug. 28, 1956
Aug. 24, 1956
:
Aug. 28, 1956
Apr. 13, 1956
Aug. 31, J1956
Aug. 28, 1956
1
Apr. 13, 1956
1
334
3i/i
314
314
2*
4
4
4
4
414
4
4
4
M E M B E R BANK R E S E R V E R E Q U I R E M E N T S
[Per cent per annum]
[Per cent of deposits]
1930
Feb.
Mar.
May
June
Dec.
1931—Mav
Oct.
Oct.
1932—Feb.
June
1933—Mar.
Apr.
May
Oct.
1934—Feb.
1937—Aug.
7
14
2
20
24
8
9
16
26
24
3
7
26
20
2
27
Date effective
Rate
4
31/2
2i/ 2
11/2
f
2V 2
31/2
21/2
IVi
1
1942—Oct.
1946—Apr.
1948—Jan.
Aug.
1950—Aug.
1953—Jan.
1954—Feb.
Apr.
1955—Apr.
Aug.
Sept.
Nov.
1956—Apr.
Aug.
2
1/2
iJ4
WA
WI
I*
214
21/2
234
MARGIN REQUIREMENTS 1
[Per cent of market value]
EffecFeb. 20, Jan. 4,
1955tive
1953Jan. 4, Apr. 22, Apr. 23,
1955
1955
1955
50
50
60
60
70
70
50
60
70
1 Regulations T and U limit the amount of credit that may be extended
on a security by prescribing a maximum loan value, which is a specified
percentage of its market value at the time of extension; margin requirements are the difference between the market value (100%) and the maxim u m loan value. Changes on Feb. 20, 1953, and Jan. 4, 1955, were
effective after the close of business on those dates.
Central
reserve
city
banks
1*
3
1
Under Sees. 13 and 13a, as described in table above.
2
Preferential rate for advances secured by Govt. securities maturing
or callable in 1 year or less in effect during the period Oct. 30, 1942Apr. 24, 1946. The rate of 1 per cent was continued for discounts of and
advances secured by eligible paper.
NOTE.—Repurchase rate on U. S. Govt. securities. In 1955 and 1956
this rate was the same as the discount rate except in the following periods
(rates in percentages): 1955—May 4-6, 1.65; Aug. 4, 1.85; Sept. 1-2, 2.10;
Sept. 8, 2.15; Nov. 10, 2.375; and 1956—Aug. 24-29, 2.75.
Regulation T:
For extensions of credit by brokers and
dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks
Effective date
of change
m
In effect July 1, 1957
Prescribed in accordance with
Securities Exchange Act of 1934
Net demand deposits 1
Rate
30
25
12
13
21
16
5
16
15
5
9
18
13
24
334
31/2
months and 9 months, respectively, and advances secured by obligations
of Federal intermediate credit banks maturing within 6 months are
limited to maximum maturities of 15 days; 4 months for advances under
Section 10(b). Advances to individuals, partnerships, or corporations
under the last paragraph of Section 13: 90 days.
FEDERAL RESERVE BANK OF NEW YORK DISCOUNT RATES 1
Date effective
314
31/2
3i/2
334
3%
31/2
3%
Reserve
city
banks
Country
banks
Time deposits
Central
reserve
and
reserve
city
banks
Country
banks
1917—June 21
13
10
3
3
1936—Aug. 16
1937—Mar. 1
May 1
191/2
2234
26
15
171/2
20
IO1/2
1214
14
41/2
514
6
41/2
514
6
1938—Apr. 16
2234
171/2
12
5
5
1941_NOV.
20
14
1942—Aug. 20
Sept. 14
Oct. 3
26
04
22
20
6
6
1948—Feb. 27
June 11
Sept. 16, 2 4 * . . . .
22
24
26
22
16
71/2
71/2
I949—May 1,5*
June 30, July 1*.
Aug. 1, 11*
Aug. 16, 1 8 * . . . .
Aug. 25
Sept. 1
24
21
20
191/2
19
I8I/2
18
15
14
13
12
7
6
5
7
6
6
6
5
5
1
§*
22i/
22
2
7
1951—Jan. 11, 16*
Jan. 25, Feb. 1*.
23
24
19
20
13
14
1953__jLlly
is9*
5
22
19
13
1954—June 16, 24*
July 29, Aug. 1*.
21
20
18
12
In effect July 1, 1 9 5 7 . . .
20
18
12
5
5
Present statutory
quirements :
Minimum
Maximum
13
26
10
20
7
14
3
6
3
6
re-
1 Demand deposits subject to reserve requirements, which beginning
Aug. 23, 1935, have been total demand deposits minus cash items in
process of collection and demand balances due from domestic banks (also
minus war loan and series E bond accounts during the period Apr. 13.
1943-June 30, 1947).
* First-of-month or midmonth dates are changes at country banks, and
other dates (usually Thursdays) are at central reserve city or reserve city
banks.
FEDERAL RESERVE BANKS
779
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday
Item
End of month
1957
June 26
June 19
June 12
1957
June 5
May 29
June
1956
May
June
Gold certificate account.
Redemption fund for F. R. notes..
21,099,391 21,099,392 21,099,393 21,089,394 21 089,392 21,099,393 21,089,393 20.265,391
845,264
837,415
839,156
840,941
842,662
845,262
842,662
843,331
Total gold certificate reserves.
21,944,655 21,936,807 21,938,549 21,930,335 21,932,054 21,944,655 21,932,055 21,108,722
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
310,122
323,165
304,930
325,782
315,593
332,926
288,197
338,991
308,840
334,747
241,478
364,812
824,047 1,043,858 1,290,512
525,818
12,000
764
20,718
943,741
20,000
748
20,719
557,913 1,157,593
12,000
742
774
20,950
20,692
1,607
232,232
214,763
214,763
258,913
317,656
340,989
744
19,916
175,213
11,362.
8,571.
2,80i;
317,758
337,510
725
19,415
773
19,419
135,213
153,963
11,362,199 11,362,199
8,571,413 8 5571,413
71413
801,750
2,801,750
904
17,903
567
214,763
823,970
,362,199 11,362,199 11,362,199 11,362,199
,571,413 8,571,413 8,571,413 8,571,413
,801,750 2,801,750 2,801,750 2,801,750
,932,699
,153,913
,801,750
22,910,575 22,870,575 22,889,325 22, 950,125 22. 950,125 22,994,275 22 950,125 23. 712,332
63,200
157,800
40,600
157,400
45,400
Total bought outright
Held under repurchase agreement.
Total U. S. Government securities.
22,910,575 22,870,575 22,889,325 23,107,925 23,013,325 23,034,875 23,107,525 23,757,732
Total loans and securities
23,755,282 23,934,573 24,200,029 23,667,225 23,998,533 23,616,087 24,298,584 24,009,338
Due from foreign banks.
Uncollected cash items..
Bank premises
Other assets
22
5,224.
79.
219;
Total assets.
22
22
22
22
22
22
6,979,766 4,977,961 4,478,662 4,757,915 4,866,930 4,471,668
78,387
78,919
78,162
78,193
79,112
78,155
216,250
190,431
208,070
203,627
227,727
194,266
51,881,745 53,793,425 52,044,485
Liabilities
22
,706,794
67,800
217,951
618,337 50,716,917
26,535,315 26,485,740 26,515,989 26
Federal Reserve notes
Deposits:
Member bank reserves
U. S. Treasurer—general account.
foreign
Other
18,628,208 19,051,894 19,031,242
455,524
601,901
423,527
409,806
369,987
394,814
272,165
Total deposits.
282,553
271,806
19,765,703 20,306,335 20,121,389
4,194,616 5,627,067 4,044,347
21,124
21,635
22,638
50,518,272 52,440,777 50,702,849 49,657,788 50,285,327 49,991,597 50,295,010 49,454,422
Deferred availability cash items
,
Other liabilities and accrued dividends 1 .
Total liabilities.
Capita] Accounts
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Other capital accounts
332,672
747,593
27,543
255,665
Total liabilities and capital accounts
332,433
747,593
27,543i
245,079
332,205
747,593
27,543
234,295
332,174
747,593
27,543
223,647
332,111
747,593
27,543
213,093
332,161
747,593
27,543
216,030
315,742
693,612
27,543
225,598
51,881,745 53,793,425 52,044,485 50,988,745 51,605,667 51,361,72! 51,618,337 50,716,917
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
47.4
46.9
47.0
47.6
47.4
47.4
46. <
45.9
61,411
1,778
62,625
1,800
63,239
1,752
62,593
1,803
59,819
1,820
62,186
1,780
62,637
1,794
44,786
2,565
557,913 1,169,593
532,868 1,067,186
102,407
25,045
232,232
219,204
13,028
Maturity Distribution of Loans and U. S. Government Securities2
Discounts and advances—total
Within 15 days
16 days to 90 days
91 days to 1 year
Industrial loans—total
Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
Acceptances—total
Within 15 days
16 days to 90 days
U. S. Government securities—total.
Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
Over 5 years to 10 years
Over 10 years.
1
No accrued dividends at end-of-June dates.
824,047 1,043,858 1,290,512
818,947 1,015,696 1,284,547
28,162
5,965
5,100
744
62
29
463
190
19,916
5,974
13,942
22,910,575
38,450
7,994,328
12,088,540
680,635
750,375
1,358,247
537,818
530,593
7,225
773
764
61
52
30
30
490
441
481
192
192
201
19 ,419
19,415
20,718
6 ,317
5,930
5,702
13 ,102
13,485
15,016
,870,575 22,889 ,325 23,107,925
25 ,250
7.500
201,450
,985,278 7,986 ,278 ,028,678
088,540 12,088 ,540 ,088,540
360 ,786
680,635
360,786
750,375 1,013 ,614 ,013,614
, 358,247 1,414 ,857 ,414,857
725
63
29
963,741
953,544
10,197
748
742
774
904
362
63
52
11
39
29
30
64
146
460
491
478
201
190
201
351
20.719
22,557
20,692
18,470
6,749
8,924
5,518
5,525
13,970
13,633
15,174
12,945
23,013,325 23 ,034,875 23 ,107,525 23 757,732
118,613
117,750
185,850
133,400
8,016,915
,039,328
043,878 ,176,035
12,088,540 12 ,088,540
088,540 ,932,699
360,786
680,635
360,786 ,087,127
1,013,614
750,375
,013,614 ,013,614
1,414,857 ,358,247
414,857 ,414,857
2
Holdings under repurchase agreements are classified as maturing
within 15 days in accordance with maximum maturity of the agreements.
780
FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JUNE 30, 1957
[In thousands of dollars]
Item
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
Assets
Gold certificate account
,
Redemption fund for F. R.
notes
976,263 6,003,811 1,155,317 1,772,934 1,303,259
Total gold certificate reserves,
,030,713 6,176,664 1,214,108 1,846,681 1,379,638
F. R. notes of other Banks...
Other cash
54,450
12,251
22,356
172,853
54,481
72,889
58,791
18,488
18,248
76,379
73,747
22,839
36,182
13,718
16,977
777,651 3,773,691
849,758
322,053
840,122
151,544
42,563
22,546
40,568
826,586 3,925,235
892,321
344,599
880,690
9,573
18,219
11,250
8,151
6,571
12,247
22,698
14,221
24,065
41,422
10,000
67,060
60,980
75
5,300
12,700
48,935
71,495
27,905
20,768
50,174
Discounts and advances:
Secured by U. S. Govt.
22,700 128,885
61,331
62,872
70,125
29,600
securities
26,285
Other
384
Industrial loans.
, " " 327
Acceptances:
Bought outright
20,950
Held under repurchase
agreement
,
1,607
U. S. Govt. securities:
Bought outright
, 1,254,246 5,750,431 1,342,245 2,019,771 1,469,173 1,191,035 4,013,674
Held under repurchase
40,600
agreement
,
31
950,928
1,280,858 5,883,713 1,365,329 2,148,656 1,530,504 1,253,907 4,043,274 960,928
Total loans and securities
1
392,490
5,184
12,232
Due from foreign banks.
Uncollected cash items..
Bank premises
Other assets
2
2
16
937,079 258,202 507,973
10,019
9,039
4,648
55,306
13,026 20,189
1
370,245
7,179
14,367
1
365,149
5,473
11,793
3
827,551
6,490
41,708
496,216
793,092 2,531,442
25,347
77,539
818,439 2,608,981
987,213
901,123 2,618,220
563,307 1,048,268
906,423 2,630,920
1
1
1
1
2
181,623 113,616 219,475 252,057 441,470
5,460
5,219
10,569
4,733
5,099
9,232
4,884
9,616
9,430 25,944
2,756,085 13,190,157 2,892,051 4,591,561 3,332,629 2,562,309 8,915,203 2,077,357 1,051,027 2,181,601 2,028,368 5,783,373
Total assets.
Liabilities
1,600,283 6,294,780 1,702,537 2,514,128 2,107,007 1,257,165 5,155,292 1,182,137 480,691 1,060,690 683,589 2,643,538
F. R. notes
Deposits:
753,532 5,433,313 814,599 1,478,541 786,920 881,259 2,829,311 662,824 405,801 842,397 1,004,081 2,483,006
Member bank reserves
U. S. Treasurer—general
35,175
40,612
23,736
62,831
35,506
44,729
75,537
23,836
35,668
31,987
58,951
29,560
account
30,310
38,970
19,485
48,496
61,486
Foreign
,
16,021
22,083
10,392
16,454
22,516
25,114 2137,702
248,774
10,133
1,214
1,851
36,505
949
Other
1,053
2,973
227
710
2,861
365
808,571 5,882,620 890,548 1,553,900 856,705 943,207 2,967,283 703,634 440,256 895,229 1,061,445 2,626,958
Total deposits
Deferred availability
items.
Other liabilities
cash
Total liabilities
266,654
718
635.724
3,189
203,345
486
399,329
1,759
295,377
441
297,465
450
590,170
2,398
138,121
418
95,364
407
170,486
383
214,456
315
361,009
940
2,676,226 12,816,313 2,796,916 4,469,116 3,259,530 2,498,287 8,715,143 2,024,310 1,016,718 2,126,788 1,959,805 5,632,445
Capital Accounts
Capital paid in
Surplus (Sec. 7)
Surplus (Sec. 13b)
Other capital accounts.
17,120
43,948
3,011
15,780
95,177
208,002
7,319
63,346
21,066
52,301
4,489
17,279
31,985
66,393
1,006
23,061
15,322
37,594
3,349
16,834
16,122
33,179
762
13,959
45,540
110,421
1,429
42,670
11,372
29,331
521
11,823
7,310
18,520
1,073
7,406
13,525
27,983
1,137
12,168
18,714
37,508
1,307
11,034
39,443
82,413
2,140
26,932
Total liabilities and capital
2,756,085 13,190,157 2,892,051 4,591,561 3,332,629 2,562,309 8,915,203 2,077,357 1,051,027 2,181,601 2,028,368 5,783,373
accounts
Reserve ratio
Contingent liability on acceptances purchased for
foreign correspondents
Industrial loan commitments..
42.8%
3,561
50.7%
318,040
46.8%
45.4%
4,298
5,526
35
14
1 After deducting $16,000 participations of other Federal Reserve Banks.
2 After deducting $311,327,000 participations of other Federal Reserve
Banks.
46.6%
3,131
37.6%
2,763
48.3%
8,719
83
47.3%
2,272
37.4%
1,473
45.0%
2,333
46.9%
3,193
49.5%
6,877
1,648
3 After deducting $44,146,000 participations of other Federal Reserve
Banks.
781
FEDERAL RESERVE BANKS
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS
[In thousands of dollars]
FEDERAL RESERVE BANKS COMBINED
Wednesday
Item
End of month
1957
June 26
F. R. notes outstanding (issued to Bank).
Collateral held against notes outstanding :
Gold certificate account
Eligible paper
U. S. Government securities
June 19
June 12
1957
June 5
May 29
1956
June
June
May
27,556,103 27,519,215 27,446,100 27,364,124 27,370,771 27,632,726 27,371,37'5 27,177,986
11,848,000 11,898,000 11,798,000 11,798,000 11,798,000 11,848,000 11,798,000 11,478,000
205,360
207,660
182,720
93,755
272,849
79,043
108,485
213,989
16,905,000 16,905,000 17,005,000 17,005,000 17,005,000 16,905,000 17,005,000 16,935,000
Total collateral
28,935,720 29,008,360 29,010,660 28,911,485 29,016,989 28,846,755 29,075,849 28,492,043
EACH FEDERAL RESERVE BANK ON JUNE 30, 1957
Item
New
York
Boston
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minne- Kansas
City
apolis
Dallas
San
Francisco
F. R. notes outstanding
(issued to Bank)
1,633,615 6 560,059 ,769,682 2 ,594,224 2i, 155,3051,312,718 5 259,999 1,231,886 531,512 1,086,475 726,495 2,770,756
Collateral held:
Gold certificate acct.. 580,000 3;170,060 640,000 1,130,000 865,000 400,000 2.400,000 450,000 130,000 300,000 283,000 1,500,000
22,700
Eligible paper
10,000
61,055
U. S. Govt. securities. 1,150,000 3,600,000 1,200,000 1,500,000!1,310,000 1,000,000 3,000,000 875,000 425,000 820,000 525,000 ,500,000
Total collateral.
1,730,000 6,770,000 1,862,700 2,630,000 2,175,000 1,400,000 5,400,000 1,335,000 555,000
LOANS GUARANTEED UNDER REGULATION
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
Applications
approved
to date
End of
year or
month
1951
1952
1953
1954
1955
[Amounts in millions of dollars]
ParticiApCommit- ofpations
proved
Loans
financments
but not
outing instioutcom- 1 standing2 standing
tutions
pleted
(amount) (amount)
out(amount)
standing 3
(amount)
End of
year or
month
Number
Amount
3,736
3,753
3,765
3,771
3,778
710,931
766,492
803,429
818,224
826,853
3,513
1,638
1,951
520
305
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
3,780
3,780
3,781
3,781
3,781
3,781
3,781
3,782
829,485
830,116
830,630
830,995
831,409
831,882
832,071
832,550
45
933
904
954
959
938
867
801
794
2,571
2,565
2,427
2,447
2,416
2,236
2,175
2,365
1,288
1,287
1,262
1,273
1,262
1,179
1,098
1,129
May
June
July
Aug
Sept
Oct
Nov
Dec
3,782
3,782
3,782
3,782
3,782
833,045
833,692
834,051
834,668
835,264
822
758
772
780
774
2,315
2,014
1,987
1,955
1,794
1,126
1,017
1,012
991
948
Jan
Feb
Mar
Apr
May
1956
May
June
July
Aug
Sept
Oct
Nov
Dec
Loans
authorized
to date
Portion
guaranteed
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
675
979
805
472
294
547
803
666
368
226
473
586
364
273
170
2,663
2,710
2,724
2,727
2,737
2,743
2,756
2,761
340
363
364
351
369
364
375
389
256
270
273
262
276
272
280
289
175
186
176
174
145
145
141
125
2,823
2,829
2,842
2,850
2,862
401
398
408
402
407
298
296
304
300
305
120
128
127
133
130
Number
Amount
854
1,159
1,294
1,367
1,411
1,395
2,124
2,358
2,500
2,575
[,435
1,441
[,445
1,448
1,456
1,459
1,464
1,468
1,475
1,481
1,482
1,485
1,488
Loans
outstanding
Total
amount
1956
75
1957
1957
Jan
Feb
Mar
Apr
May
181,055 808,000 3,000,000
1
Includes applications approved conditionally by the Federal Reserve
Banks and under consideration by applicant.
2 Includes industrial loans past due 3 months or more, which are not
included in industrial loans outstanding in weekly statement of condition
of Federal Reserve Banks.
3
Not covered by F. R. Bank commitment to purchase or discount.
NOTE.—The difference between amount of applications approved and
the sum of the following four columns represents repayments of advances,
and applications for loans and commitments withdrawn or expired.
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.
782
BANK DEBITS
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1
FEES AND RATES ON LOANS GUARANTEED
UNDER REGULATION V*
[In effect June 30. Per cent per annum]
[In effect June 30]
To industrial or
commercial
businesses
Fees Payable to Guaranteeing Agency by Financing
Institution on Guaranteed Portion of Loan
To financing institutions
On discounts or
purchases
Federal
Reserve
Bank
On
loans 2
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas..
San Francisco
On
Recommit- Portion
ments for which maining
instituportion is
obligated tion
Percentage of
loan guaranteed
On
commitments
4-6
()
4
3-51/2
31/2-51
3-5i/2
4-6
(5)
(3)
(3)
(3)
3-51/2
3
^
Guarantee fee
(percentage of
interest payable
by borrower)
Percentage of
any commitment
fee charged
borrower
10
15
20
25
30
35
40-50
10
15
20
25
30
35
40-50
70 or less
75 . . .
80
85
90
95
Over 95
Maximum Rates Financing Institution May Charge Borrower
[Per cent per annum]
()
3-51/2
(4)
Interest rate
Commitment rate.
3-51/2
3-5i/2
c
1
Corrected.
Rates on industrial loans, discounts or purchases of loans, and commitments under Sec. 13b of the Federal Reserve Act. Maturities not
exceeding
five years.
2
Including loans made in participation with financing institutions.
3
Rate
charged
borrower less commitment rate.
4
Rate charged borrower. 5 Rate charged borrower but not to exceed
1 per cent above the discount rate.
« Twenty-five per cent of loan rate. Charge of l/i per cent per annum
is made
on undisbursed portion.
7
Charge of *4 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 deposit accounts,
except interbank and
U. S. Government accounts
Year or month
1949
1950
1951
1952
1953
1954
1955
1956
.
.
.
1956 Apr
May
June
July
Aue
Sept
Oct
Nov
Dec
1957—Jan
Feb
Mar
Apr
May
June
v
1
.
.
..
Without seasonal adjustment
Total, all
reporting
centers
New
York
City
6
other
centers1
337 other
reporting
centers 2
New
York
City
1,206,293
1,380,112
1,542,554
1,642,853
1,759,069
1,887,366
2,043,548
2,200,643
446,224
509,340
544,367
597,815
632,801
738,925
766,890
815,856
260,897
298,564
336,885
349,904
385,831
390,066
431,651
462,859
499,172
572,208
661,302
695,133
740,436
758,375
845,007
921,928
27.9
31.1
31.9
34.4
36.7
42.3
42.7
45.8
20.9
22.6
24.0
24.1
25 6
25.8
27.3
28.8
15.9
17 2
18.4
18 4
18 9
19.2
20 4
21.8
176,760
185,584
186,540
181,284
183,819
167,154
193,140
185,223
201,876
65,715
69,452
70,733
65,873
67,279
61,223
70,794
66,989
77,495
37,763
38,766
38,937
38,653
38,206
34,057
40,148
39,425
40,912
73,282
77,367
76,870
76,757
78,333
71,874
82,198
78,810
83,469
45.4
46.0
47.0
45.9
44.4
44.8
45.2
48.3
51.8
30 1
28.7
28.9
29.6
27.4
27.4
28.4
31 0
29.9
204,435
177,468
197,158
192,628
197,181
193,303
76,460
67,035
74.786
72,328
71,780
74,512
42,596
36,886
42,113
40,182
42,128
39,942
85,378
73,548
80,259
80,118
83,273
78,849
48.3
48.9
48.7
46.9
47.1
51.4
30.0
30.2
32 0
30.3
30 5
30.5
Preliminary.
Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los
Angeles.
Annual rate of turnover of demand deposits except
interbank and U. S. Government deposits
2
Seasonally adjusted3
New
York
City
6
other
centersJ
337 other
reporting2
centers
21 5
21.7
21.6
22.4
21 3
22.0
22.1
23 6
23.3
46 1
47.2
43.5
47.1
51 3
43.7
46.6
48 8
45.8
29 2
29.1
28 3
30.2
29 9
27 7
29.3
30 5
28 6
22 2
22.1
21 6
22 7
22 7
21 7
22.1
22 4
22 1
22 8
23.0
22 5
22.3
23 2
23.2
48 1
50.2
47 5
47.6
48 3
47.6
30 6
31.0
29 2
29.4
31 0
22 6
23.1
22 6
23.0
23 7
^23.2
6
337 other
other
reporting
centers * centers 2
338 centers prior to April 1955.
3 These data are compiled by the Federal Reserve Bank of New York.
NOTE.—For description see BULLETIN for April 1953, pp. 355-357
783
CURRENCY
DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION
[On basis of compilation by United States Treasury. In millions of dollars]
Total
in circula-1
tion
Total
Coin
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
,274
1,404
,554
1,654
1,750
1,812
1,834
1,927
695
1,039
1,048
1,113
1,182
1,228
1,249
1,256
1,312
44
73
1956—May
June . .
July
30,513
30,715
30 604
30,757
30,768
30,839
31,424
31,790
21,621
21,801
21 709
21,838
21,834
21,877
22,374
22,598
1,939
1,948
I 957
1,967
977
l"995
2,016
2,027
30 614
30,575
30,585
30,519
30,836
21,597
21.601
21,639
21,588
21,905
1,990
1,993
2 000
2,020
2,029
End of year or
month
Aug
Sept
Oct
Nov
Dec
1957—Jan
Feb
Mar
Apr
May
..
Coin and small denomination currency
590
751
$12
Large denomination currency
$100
$5
$10
$20
Total
$50
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
460
919
191
425
20
32
724
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
261
454
556
801
24
7
46
24
75
1,019
1,355
2 313
2,110
2,049
2,120
2,143
2 119
2,098
2,151
1,264
1,262
1,258
1,267
1,283
1,296
1,324
1,369
73
74
74
74
74
74
76
78
2,090
2,090
2 065
2,077
2,085
2 080
2,144
2,196
6,539 9,716
6,589 9,838
6 514 9 840
6,559 9,895
6,549 9,866
6 538 9,893
6,715 10,100
6,734 10,194
8,892
8,914
8,895
8,919
8,934
8,962
9,050
9,192
2,662
2,676
2 674
2,676
2,673
2,679
2,713
2,771
1,276
1,269
1 270
,276
301
76
75
75
75
76
2 065
2,058
2,063
2,055
2,093
6,427
6,450
6 473
6,425
6,554
9,017
8,974
8,946
8,931
8,931
2,701
2,689
2,679
2,674
2,679
559
$2
36
65
64
67
71
72
71
1
Outside Treasury and Federal Reserve Banks. Prior to December
1955 the totals shown as in circulation were less than totals of coin and
9,763
9,756
9,758
9,737
9,852
$500
$1,000 $5,000 $10,000
428
782
5
368
355
343
333
588
556
512
486
4
4
4
4
12
12
10
11
321
464
3
15
307
438
3
12
5,498
5,505
5 500
5,527
5,541
5 572
5,626
5,704
298
296
294
293
293
291
291
292
423
421
415
413
411
409
409
407
3
3
3
3
3
3
3
3
8
13
8
5 613
5,586
5 573
5,566
5,564
289
287
286
285
284
402
400
397
395
393
3
8
17
g
13
8
8
14
3
g
8
3
3
8
8
paper currency shown by denomination by amounts of unassorted currency (not shown separately.)
2 Paper currency only; $1 silver coins reported under coin.
KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION
[On basis of compilation by United States Treasury. In millions of dollars]
Currency in circulation 1
Held in the Treasury
Kind of currency
Gold
Gold certificates
Federal Reserve notes
Treasury currency^total . .
Standard silver dollars
Silver bullion
Silver certificates and Treasury notes of 1890 .
Subsidiary silver coin
Minor coin
United States notes
Federal Reserve Bank notes
National Bank notes
Total
May 31 1957
Apr. 30, 1957
May 31 1956
1
Total outstanding, As security
May 31,
against
1957
gold and
silver
certificates
22.620
21,965
27,371
5,104
21,965
196
2,209
(5)
(55)
()
24,369
24,073
23,535
74
58
For
F. R.
Banks
and
agents
19,117
(4)
(4)
788
791
779
2]816 '
1.204
'335
7
35
18
2
2
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 Wednesday2 dates in table on p. 776.
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.
* 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
2656
' "u,'4O5' '
488
2,209
32 405
1,378
484
347
135
62
Treasury
cash
Held by
F. R.
Banks
and
agents
19,117
18,819
18.269
240 "
53
10
23
2
(4)
4,355
4,676
4.234
May 31,
1957
Apr. 30,
1957
May 31,
1956
33
26,093
4,711
33"
25,855
4,631
25,853
4,626
251
2^165
1,307
471
322
133
62
30,836
250
"iiioo"
1.301
469
315
135
62
30,519
34
235
2,158
1.253
451
318
148
64
''3O^5i3 "
receipt); (3) as security for outstanding silver certificates—silver in bullion
and standard silver dollars of a monetary value equal to the face amount
of such silver certificates; and (4) as security for gold certificates—gold
bullion of a value at the legal standard equal to the face amount of
such gold certificates. Federal Reserve notes are obligations of the
United States and a first lien on all the assets of the issuing Federal Reserve
Bank. Federal Reserve notes are secured by the deposit with Federal
Reserve agents of a like amount of gold certificates or of gold certificates
and such discounted or purchased paper as is eligible under the terms of
the Federal Reserve Act, or of direct obligations of the United States.
Each Federal Reserve Bank must maintain a reserve in gold certificates of
at least 25 per cent against its Federal Reserve notes in actual circulation. Gold certificates deposited with Federal Reserve agents as collateral, and those deposited with the Treasurer of the United States as a
redemption fund, are counted as reserve. Gold certificates, as herein
used, includes credits with the Treasurer of the United States payable
in gold certificates. Federal Reserve Bank notes and national bank
notes are in process of retirement.
784
ALL BANKS
CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1
[Figures partly estimated except on call dates.
In millions of dollars]
Liabilities
and Capital
Assets
Other
securities
Total
assets,
net—
Total
liabilities
and
capital,
net
Total
deposits
and
currency
Capital
and
misc.
accounts,
net
Bank credit
Date
Gold
Treasury
currency
outstanding
U. S. Government obligations
Total
Commercial
and
savings
banks
Federal
Reserve
Banks
Other
5,741
10,328
23,105
29,049
128,417
107,086
96,560
100,008
100,935
104,819
96,736
5,499
8,199
19,417
25,511
101,288
81,199
72,894
72,740
72,610
77,728
70,052
216
1,998
2,484
2,254
24,262
22,559
20,778
24,697
25,916
24,932
24,785
26
131
1,204
1,284
2,867
3,328
2,888
2,571
2,409
2,159
1,899
11,819
9,863
9,302
8,999
8,577
10,723
14,741
17,374
18,370
20,439
20,670
64,698
48,465
75,171
90,637
191,785
188,148
199,009
220,865
226,715
237,686
244,135
55,776
42,029
68,359
82,811
180,806
175,348
184,384
204,220
209,175
218,882
224,943
8,922
6,436
6,812
7,826
10,979
12,800
14,624
16,647
17,538
18,806
19,193
Loans,
net
Total
1929—June
1933—June
1939—Dec.
1941_Dec.
1945_Dec.
1947_Dec.
1950—Dec.
1952—Dec.
1953—Dec.
1954—Dec.
1955—Dec.
29.
30.
30.
31.
31.
31.
30.
31.
31.
31.
31.
4,037
4,031
17,644
22,737
20,065
22,754
22,706
23,187
22,030
21,713
21,690
2,019
2,286
2,963
3,247
4,339
4,562
4,636
4,812
4,894
4,985
5,008
58,642 41,082
42,148 21,957
54,564 22,157
64,653 26,605
30,387
167,381
160,832 43,023
60,366
171,667
192,866 75,484
80,486
199,791
85,730
210,988
100,031
217,437
1956—May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
30.
30.
25.
29.
26.
31.
28.
31.
21,800
21,799
21,800
21,900
21,900
21,900
21,900
21,949
5,000
5,032
5,000
5,000
5,000
5,100
5,100
5,066
214,700
216,563
214,900
217,000
218,000
218,900
220,800
223,742
103,300
105,420
104,900
105,500
106,700
107,300
108,200
110,120
91,000
90,511
89,700
90,900
90,500
91,000
92,200
93,161
65,700
64,917
64,500
65,400
65,200
65,500
66,200
66,523
23,400
23,758
23,400
23,700
23,600
23,800
24,300
24,915
,900
,836
,800
,800
,800
,800
,700
,723
20,500
20,632
20,400
20,600
20,800
20,500
20,400
20,461
241,500
243,394
241,800
243,900
244,900
245,800
247,800
250,757
221,200
223,585
221,400
223,000
224,000
224,800
227,000
230,510
20,300
19,807
20,400
20,900
20,900
21,000
20,700
20,246
1957—Jan.
Feb.
Mar.
Apr.
May
30?
27?
27?
24*
29*>,
22,300
22,300
22,300
22,300
22,600
5,100
5,100
5,100
5,100
5,100
219,300
218,100
219,000
221,600
221,400
108,000
108,200
109,600
110,400
110,700
90,800
89,400
88,500
90,000
89,400
65,700
64,800
63,800
65,300
64,900
23,400
22,900
23,100
23,200
23,000
,700
,700
,700
1,600
1,600
20,400
20,600
20,900
21,100
21,300
246,600
245,500
246,400
249,000
249,100
226,400
225,100
225,400
228,100
228,200
20,300
20,500
20,900
20,900
21,000
Details of Deposits and Currency
Date
1929—June 29..
1933—June 30..
1939—Dec. 30..
1941—Dec. 31..
1945_Dec. 31..
1947_Dec. 31..
1950—Dec. 30..
1952—Dec. 31..
1953—Dec. 31..
1954_Dec. 31..
1955—Dec. 31..
365
50
1,217
1,498
2,141
1,682
2,518
2,501
2,694
3,329
3,167
1956—May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
30..
30..
25..
29..
26..
31.,
28.,
31..
3,000
3,115
3,100
3,100
3,200
3,100
3,400
3,306
1957_jan.
Feb.
Mar.
Apr.
May
30*>
27*
27*>.
24^
29*>,
3,100
3,100
3,100
3,200
3,200
At
Treas- comury mercial
At
cash
F. R.
and
hold- savings
Banks
ings
banks
Time deposits
Total
2
Demand
Com- Mutual Postal
deSavings posits 4
Total mercial savings
banks banks 3 System
Currency
outside
banks
Total
demand
deposits
adjusted
and
currency
Demand
deposits
adjusted
Currency
outside
banks
381
204
852
264
2,409
846
1,895
2,215
2,287 24,608
1,452
1,336
2,989
1,293
5,259
1,270
761 4,457
796 4,510
767 4,038
36
35
634
867
977
870
668
389
346
563
394
54,790
40,828
63,254
76,336
150,793
170,008
176,916
194,801
200,917
209,684
216,577
28,611
21,656
27,059
27,729
48,452
56,411
59,247
65,799
70,375
75,282
78,378
19,557
10,849
15,258
15,884
30,135
35,249
36,314
40,666
43,659
46,844
48,359
8,905
9,621
10,523
10,532
15,385
17,746
20,009
22,586
24,358
26,302
28,129
149
1,186
1,278
1,313
2,932
3,416
2,923
2,547
2,359
2,136
1,890
22,540
14,411
29,793
38,992
75,851
87,121
92,272
101,508
102,451
106,550
109,914
3,639
4,761
6,401
9,615
26,490
26,476
25,398
27,494
28,091
27,852
28,285
111,100 85,200 25 ,900
114,300 89,800 24,500
124,700 97,800 26
"',900
126,800 99,500 27 ,300
129,700 102,800 26,900
133,200 105,800 27
'",400
800
768
800
800
800
800
800
775
5,800
5,537
3,600
5,800
5,400
3,800
5,200
4,038
400
522
600
500
600
500
500
441
211,200
213,643
213,300
212,800
214,100
216,600
217,200
221,950
79,600
80,615
80,700
80,900
81,300
81,500
80,900
82,224
49,000
49,698
49,700
49,900
50,100
50,200
49,600
50,577
28,900
29,152
29,200
29,300
29,500
29,600
29,600
30,000
1,800
1,765
1,700
1,700
1,700
1,700
1,700
1,647
104,200
104,744
105,200
104,500
105,400
107,400
108,300
111,391
27,400
28,284
27,400
27,500
27,400
27,700
28,000
28,335
133,500
134,300
134,100
133,700
133,500
134,200
134,700
134,400
106,000 27 ,500
106,700 27 ,600
106,600 27 ,500
106,200 27 ,500
106,100 27 ,400
106,700 27 ,500
107,000 27 ,700
106,700 27 ,700
800
800
800
800
800
1,900
2,800
3,800
4,400
5,300
600
300
500
300
500
219,900
218,000
217,200
219,500
218,300
82,900
83,600
84,600
84,900
85,600
51,200
51,800
52,600
52,900
53,500
30,100
30,200
30,400
30,400
30,600
1,600
1,600
1,600
1,500
1,500
109,500
107,000
105,200
107,300
104,800
27,400
27,400
27,400
27,400
27,900
134,100
134,500
134,700
135,000
134,600
106,500 27 ,600
106,900 27 ,600
107,000 27 ,700
107,300 27 ,700
106,600 28 ,000
* Preliminary.
1 Represents all commercial and savings banks, Federal Reserve Banks,
Postal Savings System, and Treasury currency funds (the gold account,
Treasury
currency account, and Exchange Stabilization Fund).
2
Excludes interbank time deposits; U. S. Treasurer's time deposits,
open account; and deposits of Postal Savings System in banks.
3 Prior to June 30, 1947, includes a small amount of demand deposits.
4
Demand deposits other than interbank and U. S. Govt., less cash
items reported as in process of collection.
5 Seasonally adjusted series begin in 1947 and are available only for
last Wednesday of the month. Seasonal adjustment factors have been
revised for the period 1950 to date. For back figures, see this BULLETIN,
pp. 828-829.
Seasonally adjusted series5
Deposits adjusted and currency
U. S. Govt. balances
Foreign
bank
deposits,
net
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.
785
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Loans and investments
Class of bank
and date
All banks:
1939—Dec.
1941—Dec.
1945—Dec.
1947_Dec.
1950—Dec.
1954—Dec.
1955—Dec.
1956—May
June
Aug.
Sept.
Oct.
Nov.
Dec.
1957—Jan.
Feb.
Mar.
Apr.
May
30
31
31
31 4
30
31
31
30
30
29
26
31
28
31
30?
27*
27*
24?
29*
Total
50,884
61,126
140,227
134,924
148,021
183,784
190,780
190,640
191,074
192,500
193,660
194,230
195,780
197,063
194,950
194,810
195,440
197,650
197,770
Loans
U. S.
Gqvt.
obligations
Other
securities
Total
assets—
Total
liabilities
and
capital
accounts 3
Cash
assets2
Deposits
Other
Total 2
Interbank 2
Total
capital
accounts
Number
of
banks
25,852
26,479
45,613
53,105
56,513
73,510
76,844
78,170
79,182
79,550
79,890
80,120
79,570
80,908
81,640
82,310
83,360
83,670
5^040 114J10 84,460
8,194
8,414
10,542
11,948
13,837
17,270
18,112
18,710
18,811
18,960
19,210
19,260
19,360
19,249
19,340
19,480
19,520
19,570
19,690
15,035
14,826
14,553
14,714
14,650
14,367
14,243
14,218
14,206
14,207
14,206
14,194
14,186
14,167
14,163
14,158
14,160
14,154
14,145
Demand
U. S.
Govt.
22,165 19,417 9,302 23,292 77,068 68,242 9,874
26,615 25,511 8,999 27,344 90,908 81,816 10,982
30,362 101,288 8,577 35,415 177,332 165,612 14,065
43,002 81,199 10,723 38,388 175,091 161,865 13,033
60,386 72,894 14,741 41,086 191,317 175,296 14,039
85,617 77,728 20,439 44,585 231,654 211,115 16,811
100,057 70,052 20,670 47,803 242,008 220,441 16,646
104,430 65,700 20,510 40,800 235,010 210,890 13,690
105,525 64,917 20,632 43,361 238,133 215,510 15,242
106,530 65,420 20,550 40,560 236,840 212,520 14,460
107,720 65,160 20,780 42,530 240,080 215,210 15,070
108,220 65,510 20,500 43,160 241,370 216,570 15,380
109,160 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
108,830 65,680 20,440 41,640 240,730 216,040 14,180
109,350 64,820 20,640 42,350 241,310 216,170 14,280
110,800 63,750 20,890 41,550 241,130 215,900 14,480
111,260 65,270 21,120 42,070 243,970 218,810 14,430
111,620 64,850 21,300 41,640 243,650 217,880 13,670
Time
Other
32,516
44,355
105,935
1,346 94,381
2,809 101,936
4,176 116,617
3,712 123,239
5,450 113,580
5,235 115,850
5,460 113,050
5,110 115,140
3^480 117^590
4,930 118,140
3,736 125,308
1^620 118^600
2,510 117,070
3,510 114,550
4,050 116,660
All commercial banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31 4
1950—Dec. 30
1954—Dec. 31
1955—Dec. 31
1956—May 30
June 30
Aug. 29
Sept. 26
Oct. 31
Nov. 28
Dec. 31
1957—Jan. 30*
Feb. 27?
Mar. 27*
Apr. 24?
May 29*
40,668
50,746
124,019
116,284
126,675
155,916
160,881
159,690
160,008
161,030
162,030
162,540
163,970
165,123
162,810
162,490
162,860
164,960
164,860
17,238
21,714
26,083
38,057
52,249
70,619
82,601
85,960
86,887
87,470
88,480
88,780
89,510
90,302
88,930
89,340
90,630
90,990
91,180
16,316
21,808
90,606
69,221
62,027
68,981
61,592
57,310
56,620
57,170
56,950
57,450
58,200
58,552
57,710
56,830
55,740
57,320
56,910
7,114
7,225
7,331
9,006
12,399
16,316
16,688
16,420
16,502
16,390
16,600
16,310
16,260
16,269
16,170
16,320
16,490
16,650
16,770
22,474
26,551
34,806
37,502
40,289
43,559
46,838
39,970
42,444
39,730
41,700
42,360
42,390
48,720
40,800
41,510
40,700
41,280
40,840
65,216
79,104
160,312
155,377
168,932
202,378
210,734
202,780
205,712
204,090
207,160
208,430
209,930
217,460
207,290
207,680
207,230
210,020
209,460
57,718
71,283
150,227
144,103
155,265
184,757
192,254
181,980
186,326
183,150
185,690
186,990
188,370
197,515
185,930
185,940
185,440
188,340
187,240
9,874
10,982
14,065
13,032
14,039
16,809
16,643
13,690
15,239
14,460
15,070
15,380
15,360
17,593
14,180
14,280
14,480
14,430
13,670
32, 513
44, 349
105, 921
1,343 94,367
2,806 101,917
4,172 116,567
3,709 123,187
5,450 113,520
5,232 115,824
5,460 113,020
5,110 115,110
3,480 117,560
4,930 118,110
3,733 125,282
1,620 118,570
2,510 117,040
3,510 114,520
4,050 116,630
5,040 114,680
15,331
15,952
30,241
35,360
36,503
47,209
48,715
49,320
50,030
50,210
50,400
50,570
49,970
50,908
51,560
52,110
52,930
53,230
53,850
6,885
7,173
8,950
10,059
11,590
14.576
15,300
15,820
15,927
16,040
16,280
16,330
16,400
16,302
16,380
16,500
16,520
16,560
16,660
14,484
14,278
14,011
14,181
14,121
13,840
13.716
13,691
13,679
13,680
13,679
13,667
13,659
13.640
13,636
13,631
13,633
13,628
13,619
All member banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947_Dec. 31
1950—Dec. 30
1954—Dec. 31
1955—Dec. 31
1956—May 30
June 30
Aug. 29
Sept. 26
Oct. 31
Nov. 28
Dec. 31
1957—Jan. 30*
Feb. 27*
Mar. 27*
Apr. 24*
May 29*
33,941
43,521
107,183
97,846
107,424
131,602
135,360
134,114
134,428
135,223
136,154
136,443
137,613
138,768
136,579
136,387
136,869
138,562
138,307
13,962
18,021
22,775
32,628
44,705
60,250
70,982
73,930
74,783
75,322
76,305
76,581
77,296
78,034
76,742
77,082
78,318
78,558
78,590
14,328
19,539
78,338
57,914
52,365
57,809
50,697
46,818
46,226
46,581
46,354
46,622
47,143
47,575
46,767
46,097
45,205
46,536
46,159
5,651
5,961
6,070
7,304
10,355
13,543
13,680
13,366
13,419
13,320
13,494
13,240
13,174
13,159
13,070
13,208
13,346
13,468
13,558
19,782
23,123
29,845
32,845
35,524
38,076
41,416
35,279
37,536
35,048
36,817
37,289
37,271
42,906
35,909
36,634
35,823
36,360
36,074
55,361
68,121
138,304
132,060
144,660
172,242
179,414
172,156
174,820
173,210
175,983
176,878
178,043
184,874
175,762
176,292
175,949
178,277
177,720
49,340
61,717
129,670
122,528
133,089
157,252
163,757
154,405
158,388
155,323
157,615
158,492
159,593
167,906
157,485
157,623
157,270
159,677
158,655
9,410
10,525
13,640
12,403
13,448
15,983
15,865
13,044
14,508
13,781
14,361
14,645
14,617
16,855
13,559
13,674
13,859
13,803
13,067
743 27,489
1,709 37,136
22,179 69,640
1,176 80,609
2,523 87,783
3,715 99,604
3,327 105,400
4,912 96,827
4,806 98,904
4,921 96,365
4,538 98,239
3,168 100,088
4,401 100,452
3,292 106,850
1,408 101,084
2,244 99,838
3,183 97,671
3,582 99,511
4,514 97,773
11,699
12,347
24,210
28,340
29,336
37,950
39,165
39,622
40,171
40,256
40,477
40,591
40,123
40,909
41,434
41,867
42,557
42,781
43,301
5,522
5,886
7,589
8,464
9,695
12,210
12,783
13,234
13,293
13,393
13,570
13,654
13,706
13,655
13,713
13,813
13,825
13,863
13,947
6,362
6,619
6,884
6,923
6,873
6,660
6,543
6,510
6,499
6,491
6,488
6,483
6,476
6,462
6,459
6,456
6,454
6,450
6,445
10,216
10,379
16,208
18,641
21,346
27,868
29,898
30,950
31,066
31,470
31,630
31,690
31,810
31,940
32,140
32,320
32,580
32,690
32,910
4,927
4,901
4,279
4,944
8,137
14,998
17,456
18,470
18,639
19,060
19,240
19,440
19,650
19,777
19,900
20,010
20,170
20,270
20,440
3,101
3,704
10,682
11,978
10,868
8,748
8,460
8,390
8,297
8,250
8,210
8,060
7,980
7,971
7,970
7,990
8,010
7,950
7,940
2,188
1,774
1,246
1,718
2,342
4,123
3,982
4,090
4,130
160
4,180
4,190
4,180
4,192
4,270
4,320
4,400
4,470
4,530
818
793
609
886
797
1,026
965
830
917
830
830
800
780
920
840
840
850
790
800
11,852
11,804
17,020
19,714
22,385
29,276
31,274
32,230
32,421
32,750
32,920
32,940
33,060
33,311
33,440
33,630
33,900
33,950
34,190
10,524
10,533
15,385
17,763
20,031
26,359
28,187
28,910
29,184
29,370
29,520
29,580
29,630
30,032
30,110
30,230
30,460
30,470
30,640
10,521
10,527
15,371
17,745
20,009
26,302
28,129
28,850
29,152
29,340
29,490
29,550
29,600
30,001
30,080
30,200
30,430
30,440
30,610
1,309
1,241
1,592
1,889
2,247
2,694
2,812
2,890
2,885
2,920
2,930
2,930
2,960
2,947
2,960
2,980
3,000
3,010
3,030
551
548
542
533
529
527
527
527
527
527
527
527
527
527
527
527
527
526
526
All mutual savings banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947_Dec. 31 *
1950—Dec. 30
1954—Dec. 31
1955—Dec. 31
1956—May 30
June 30
Aug. 29
Sept. 26
Oct. 31
Nov. 28
Dec. 31
1957_j a n . 30*
Feb. 27*
Mar. 27*
Apr. 24*
May 29*
P Preliminary.
i All banks in the United States. All banks comprise all commercial
banks and all mutual savings banks. All commercial banks comprise
all nonmember commercial banks and all member banks including one
bank in Alaska that became a member bank on Apr. 15, 1954, and a
noninsured State member nondeposit trust company, but excluding three
mutual savings banks that became members in 1941. Stock savings
banks and nondeposit trust companies are included with commercial
banks. Number of banks includes a few noninsured banks for which
(5)
8
(5)
asset and liability data are not available. Comparability of figures for
classes of banks is affected somewhat by changes in Federal Reserve
membership, insurance status, and the reserve classifications of cities
and2 individual banks, and by mergers, etc.
Beginning June 30, 1942, excludes reciprocal balances, which on
Dec. 31, 1942, aggregated $513 million at all member banks and $525
million
at all insured commercial banks.
3
Includes other assets and liabilities not shown separately.
For other footnotes see following two pages.
786
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Loans and investments
Class of bank
and date
Total
Central reserve city
member banks:
New York City:
1939_Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1954_Dec. 31
1955—Dec. 31
1956—May 30
June 30
Aug. 29
Sept. 26
Oct. 31
Nov. 28
Dec. 31
1957_jan. 30*
Feb. 27*
Mar. 27?
Apr. 24*>
May 29^
9,339
12,896
26,143
20,393
20,612
23,880
23,583
22,918
23,270
23,220
23,422
23,148
23,318
23.809
23,101
23,134
23,592
23,562
23,279
Chicago:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1954—Dec. 31
1955—Dec. 31
1956—May 30
June 30
Aug. 29
Sept. 26
Oct. 31
Nov. 28
Dec. 31
I957_jan. 30?
Feb. 27P
Mar. 27P
Apr. 24P
May 29^
2,105
2,760
5,931
5,088
5,569
6,518
6,542
6,219
6,336
6,325
6,251
6,320
6,319
6,473
6,120
6,171
6,444
6,303
6,249
Reserve city member banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1954_Dec. 31
1955—Dec. 31
1956—May 30
June 30
Aug. 29
Sept. 26
Oct. 31
Nov. 28
Dec. 31
1957—Jan. 30*>
Feb. 27*>
Mar. 27^
Apr. 24P
May 29^
Country member banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1954—Dec. 31
1955_Dec. 31
1956—May 30
June 30
Aug. 29
Sept. 26
Oct. 31
Nov. 28
Dec. 31
1957_Jan. 30^
Feb. 27^
Mar. 27P
Apr. 24P
May 29*>
Loans
U.S.
Govt.
obligations
Other
securities
Cash
assets2
Deposits
Other
Total 2
Interbank 2
Demand
Total
capital
accounts
Number
of
banks
Time
U.S.
Govt.
Other
3,296 4,772
4,072 7,265
7,334 17,574
7,179 11,972
9,729 8,993
12,039 9,342
14,640 6,796
15,153 5,871
15,373 6,011
15,326 5,935
15,804 5,650
15,758 5,545
16,014 5,568
15,987 6,057
15,665 5,645
15,762 5,506
16,366 5,357
16,176 5,586
15,907 5,706
1,272
1,559
1,235
1,242
1,890
2,499
2,148
1,894
1,885
1,959
1,968
1,845
1,736
1,765
1,791
1,866
1,869
1,800
1,666
6,703
6,637
6,439
7,261
7,922
7,581
8,948
6,957
7,753
6,938
7,196
7,484
7,044
8,629
7,046
7,260
7,207
7,137
7,300
16,413
19,862
32,887
27,982
28,954
32,193
33.228
30,607
31,801
30,972
31,457
31,529
31,257
33,381
31,151
31,383
31,772
31,701
31,556
14,507
17,932
30,121
25,216
25,646
28,252
29.378
26,388
27,775
26.535
26,703
26.789
26,757
29,149
26,497
26,605
27.056
26,907
26,914
4,238
4,207
4,657
4,464
4,638
5,709
5,600
4,941
5.327
5,017
5,105
5,219
5,270
5,987
4,927
5,059
5,013
5,001
4,962
74
866
6,940
267
451
736
756
1,049
1,166
1,314
993
742
871
747
188
394
755
686
1,032
9,459
12,051
17,287
19,040
18,836
19,414
20,719
18,103
18,902
17,822
18,200
18,453
18,322
19,940
18,905
18,636
18,520
18,467
18,084
736
807
1,236
1,445
1,722
2,392
2,303
2,295
2,381
2,382
2,405
2,375
2,294
2,475
2,477
2,516
2,768
2,753
2,836
1,592
1,648
2,120
2,259
2,351
2,803
2,745
2,798
2,805
2,825
2,815
2,844
2,852
2,873
2,878
2,892
2,886
2,902
2,904
36
36
37
37
23
21
18
18
18
18
18
18
18
18
18
18
18
18
18
569
954
1,333
1,801
2,083
2,784
3,342
3,400
3,572
3,541
3,571
3,631
3,633
3,772
3,494
3,514
3,685
3,758
3,776
1,203
1,430
4,213
2,890
2,911
3,120
2,506
2,124
2,088
2,159
2,061
2,077
2,082
2,113
2,074
2,073
2,165
1,933
1,876
333
376
385
397
576
614
695
695
676
625
618
612
604
588
552
584
594
612
597
1,446
1,566
1,489
1,739
2,034
1,954
2,132
1,903
1,959
1,844
1,929
1,947
1,954
2,171
1,905
2,029
1,706
1,893
1,941
3,595
4,363
7,459
6,866
7,649
8,520
8,720
8,176
8,349
8,222
8,233
8,327
8,329
8,695
8,077
8,254
8,203
8,251
8,247
3,330
4,057
7,046
6,402
7,109
7,845
8,010
7,334
7,631
7,433
7,302
7.350
7,402
7,943
7,280
7,315
7.127
7,313
7,259
035
312
217
229
321
296
094
195
209
215
253
224
372
125
140
212
1,182
1,081
80
127
1,552
72
174
251
222
344
350
342
312
187
182
184
68
139
185
175
195
1,867
2,419
3,462
4,201
4,604
4,977
5,165
4,613
4,781
4,595
4,488
4,625
4,707
5,069
4,784
4,727
4,432
4,653
4,669
495
476
719
913
1,103
1,295
1,327
1,283
1,304
1,287
1,287
1,285
1,289
1,319
1,303
1,309
1,298
1,303
1,314
250
288
377
426
490
600
628
636
639
641
646
654
654
660
660
658
651
655
662
14
13
12
14
13
13
13
13
13
13
14
14
14
14
14
14
14
14
14
12,272
15,347
40,108
36,040
40,685
50,738
52,459
52,057
52,071
52,515
52,875
52,851
53,389
53,915
52.978
52,897
52,677
53,672
53,401
5,329
7,105
8,514
13,449
17,906
23,986
28,622
29,886
30,122
30,645
30,951
31,007
31,391
31,783
31,234
31,308
31,548
31,644
31,574
5,194
6,467
29,552
20,196
19,084
21,718
18,826
17,280
17,051
17,057
17,048
17,023
17,152
17,368
17,056
16,898
16,416
17,207
16,830
1,749
1,776
2,042
2,396
3,695
5,034
5,011
4,891
4,898
4,813
876
821
846
19,687
24,430
51,898
49,659
55,369
67,165
70.478
67,829
68,524
67,999
69,300
69,268
70,097
72,854
69,034
69,310
68,674
70,001
69,518
17,741
22,313
49,085
46,467
51,437
61,796
64,733
60,959
62,392
61,105
62,481
62,468
63,019
66,524
62,111
62,253
61,808
63,070
62,299
3,686
4,460
6,448
5,649
6,448
7,444
7,446
5,852
6,633
6,332
6,766
6,819
6,743
7,878
6,224
6,223
6,361
6,307
5,809
435
491
8,221
405
976
1,457
1,288
2,017
1,918
1,780
1,871
1,222
1,633
1,201
474
865
1,199
1,312
1,716
9,004
12,557
24,655
28,990
32,366
37,418
39,835
36,803
37,324
36,530
37,260
37,814
38,155
40,647
38,393
37,979
36,922
38,029
37,153
4,616
4,806
9,760
11,423
11,647
15,476
16,164
16,287
16,517
16,463
16,584
16,613
16,488
16,797
17,020
17,186
17,326
17,422
17,621
1,828
1,967
2,566
2,844
3,322
4,300
4,641
4,875
4,902
4,951
5,001
5,032
4,764
4,688
4,691
4,713
4,821
4,997
6,785
8,518
11,286
13,066
13,998
15,424
16,994
14,629
15,361
14,308
15,270
15,181
15,467
17,716
14,802
15,161
14,744
15,029
14,807
066
076
082
124
121
120
5,168
346
351
359
353
336
300
292
291
291
290
290
289
289
289
290
291
286
284
283
10,224
12,518
35,002
36,324
40,558
50,466
52,775
52,920
52,752
53,163
53,607
54,124
54,587
54,571
54,380
54,185
54.156
55,025
55,378
4,768
5,890
5,596
10,199
14,988
21,442
24,379
25,491
25,716
25,810
25,980
26,185
26,258
26,491
26.349
26,498
26,719
26,980
27,333
3,159
4,377
26,999
22,857
21,377
23,629
22,570
21,543
21,076
21,430
21,595
21,977
22,341
22,037
21,992
21,620
21,267
21,810
21,747
2,297
2,250
2,408
3,268
4,193
5,395
5,826
5,886
5,959
5,923
6,032
5,962
5,988
6,042
6.039
6,067
6.170
6,235
6,298
4,848
6,402
10,632
10,778
11,571
13,117
13,342
11,790
12,463
11,958
12,423
12,677
12,806
14,390
12,156
12.184
12,166
12,301
12,026
15,666
19,466
46,059
47,553
52,689
64,364
66,988
65,544
66.147
66,017
66,994
67,754
68,360
69.945
67,500
67,345
67,300
68,324
68,399
13,762
17,415
43,418
44,443
48,897
59,360
61,636
59,724
60,591
60,250
61,129
61,885
62,415
64,289
61,597
61,450
61,279
62,387
62,183
598
822
1,223
1,073
1,133
1,508
1,523
1,157
1,353
1,223
1,275
1,354
1,380
1,618
1,283
1,252
1,273
1,313
1,215
154
225
5,465
432
922
1,271
1,061
1,502
1,372
1,485
1,361
1,017
1,715
1,160
678
846
1,044
1,409
1,571
7,158
10,109
24,235
28,378
31,977
37,794
39.681
37,308
37,897
37,418
38,291
39,196
39,268
41,194
39,002
38,496
37,797
38,362
37,867
5,852
6,258
12,494
14,560
14,865
18,787
19,372
19,757
19.969
20,124
20,202
20,318
20,052
20,317
20,634
20,856
21,165
21,303
21,530
1,851
1,982
2,525
2,934
3,532
4,506
4,769
4,925
4,947
4,976
5,107
5,124
5,134
5,046
5,093
5,139
5,167
5,186
5,213
5,966
6,219
6,476
6,519
6,501
6,326
6,220
6,188
6,177
6,170
6,166
6,162
6.155
6,141
6,137
6,133
6,136
6,134
6,129
4
Beginning with Dec. 31, 1947, the all-bank series was revised as announced in November 1947 by the Federal bank supervisory agencies.
At that time a net of 115 noninsured nonmember commercial banks
with total loans and investments of about $10 million was added, and
Total
assets—
Total
liabilities
and
capital
accounts 3
8 banks with total loans and investments of $34 million were transferred
from noninsured mutual savings to nonmember commercial banks.
5 Less than $5 million.
For other footnotes see preceding and opposite pages.
787
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES*—Continued
[Amounts in millions of dollars]
Loans and investments
Class of bank
and date
All insured commercial banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1954—Dec. 31
1955—Dec. 31
1956 June 30
Dec. 31
Total
Loans
U. S.
Govt.
obligations
Other
secu-
Total
assets—
Total
liabilities
and
capital
accounts 3
Cash
assets 2
Deposits
Other
Total 2
Interbank 2
Demand
21,046
88,912
67,941
68,012
60,765
55,835
57,837
6,984
7,131
8,750
15,976
16,318
16,136
15,933
25,788
34,292
36,926
43,161
46,480
42,126
48,352
76,820
157,544
152,733
200.127
208,608
203,676
215,514
69,411
147,775
141,851
182,886
190,512
184,680
195,953
National member banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1954 Dec. 31 .
1955—Dec. 31
1956— June 30
Dec. 31
27,571
69,312
65,280
88,509
86 152
85,455
88,477
11,725
13,925
21,428
39,712
43 428
45,860
48,109
12,039
51,250
38,674
39,392
33 579
30,555
31,568
3,806
4,137
5,178
9,405
9 144
9,040
8,800
14,977
20,114
22,024
25,662
25,697
23.545
27,006
43,433
90,220
88 182
115.835
113 412
110,703
117,345
39,458 6,786 1,088
84,939 9,229 14,013
82,023 8 410
795
105,851 10,714 2.508
103,903 9 317 2 063
100,826 8,404 2,929
107,161 9,844 2,074
State member banks:
1941—Dec. 31
1945—Dec 31 .
1947 Dec. 31
1954—Dec. 31
1955—Dec. 31
1956—June 30
Dec 3 1 . .
15,950
37,871
32,566
43,093
49,208
48,973
50,291
6,295
8,850
11,200
20,538
27,554
23,923
29,924
7,500
27,089
19,240
18,417
17,118
15,671
16,007
2,155
1,933
2,125
4,138
4,536
4,379
4,359
8,145
9,731
10,822
12,414
15,719
13,992
15,900
24,688
48,084
43,879
56.407
66,002
64 117
67,530
22,259
44,730
40,505
51,401
59,854
57.563
60,744
Insured nonmember
commercial banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1954—Dec. 31
1955 Dec 31
1956 June 30
Dec. 31
5,776 3,241 1,509
14,639 2,992 10,584
16,444 4,958 10 039
22,536 9,886 10,215
23,829 11,108 10,081
23,942 11,600 9,621
24,859 11,808 10,274
1,025
1,063
1 448
2,436
2,640
2 720
2,777
2,668
4,448
4,083
5,088
5,067
4,592
5,448
8,708
19,256
20 691
27,911
29,220
28 884
30,667
7,702
18,119
19,340
25,657
26,779
26.316
28,073
241
200
763
514
255
339
576
397
785
714
370
365
336
357
318
369
2,283
2,768
2,643
2.250
2,126
2.036
1,946
1,872
2,452
2,251
1,871
1,742
1.646
1,562
2,270
12,277
11,318
11,184
10,908
10,406
10,989
1,266
1,262
1,703
2,775
3,010
3,085
3,113
3,431
4,962
4,659
5,485
5,424
4,909
5,817
10,992
22,024
23,334
30,161
31,347
30 920
32,613
9,573
20,571
21,591
27,528
28,522
27.962
29,635
421
606
151
429
958
3,062
2,910
3,018
3,110
675
832
1,958
11,424
13,499
21,981
23,458
24.271
25,282
1,789
10,363
12,207
19,885
21,237
21.959
22,886
9,846
5 596
6,215
7,295
7,816
8,150
8,028
8,744
5 022
5,556
6.474
6,950
7.225
7,146
455
318
All nonmember commercial
banks:
1941 Dec. 31
1945—Dec. 31
1947—Dec. 3H
1954 Dec 31
1955—Dec. 31
1956 June 30
Dec. 31
7,233
16,849
18,454
24,337
25,546
25.605
26,381
3,696
3,310
5,432
10,378
11,628
12.114
12,279
Insured mutual savings banks:
1941—Dec. 31
1945—Dec. 31
1947 Dec 3 1 .
1954—Dec. 31
1955 Dec 31
1956 June 30
Dec. 31
1,693
10,846
12,683
20,830
22,331
23,168
24,170
642
629
3,081
3,560
11,651
13 563
14,514
15,542
7,160
8,165
6.117
5,858
5,636
5,518
8,687
5 361
5,957
7,038
7,567
7 898
7,770
4,259
1 198
1,384
3,346
3,893
4 125
4,235
3,075
3 522
3,813
2,630
2,601
2 661
2,453
Noninsured mutual savings
banks:
1941—Dec. 31
1945 Dec 31
1947—Dec 3H
1954—Dec. 31
1955- Dec 31
1956 Tune W.
Dec 31
474
492
520
513
All
For other footnotes see preceding two pages.
761
1,693
1,280
969
827
1,353
785
739
739
641
642
180
760
1,061
1,072
1,112
1,082
211
194
180
178
182
6,844
8 671
9,734
14,252
14 980
15,600
15 988
13,426
13 297
13 398
13.303
13 216
13,208
13 195
Other
21,259
25,765
37,583
70,127
82,081
86,374
89,831
1,457
2,211
2,00^
1.800
1,716
1,664
1,521
Number
of
banks
Time
U. S.
Govt.
49,290
121,809
114,274
154,115
159,164
158,344
163,601
Noninsured nonmember
commercial banks:
1941 Dec. 31
1945—Dec. 31
1947 Dec 314
1954—Dec. 31
1955—Dec. 31
1956 June 30
Dec. 31
Total
capital
accounts
10,654 1,762 41,298 15,699
13 883 23 740 80 276 29 876
12,670 1,325 92,975 34 882
16,376 4,154 115,482 46,874
16,273 3 697 122,149 48 393
14,862 5,221 114,892 49,705
17 282 3 717 124,346 50 608
23,262
45,473
53 541
66,426
65 840
62,123
67,434
8 322
16,224
19 278
26,202
26 683
27 370
27,810
3 640
4,644
5 409
8,085
7 915
8 232
8,450
5 117
5,017
5 005
4,789
4 692
4*667
4 651
3,739
4,411
3,993
5.269
6,549
6 104
7,012
621
8,166
381
1,207
1,264
1 877
1,218
13 874
24,168
27,068
33 177
39,559
36 781
39,416
4 025
7,986
9,062
11 748
12,482
12 801
13,098
2 246
2,945
3,055
4 125
4,868
5 061
5,205
1,867
1,918
I 871
1,851
I 832
129
53
1,560
4,162
10,635
12 366
15,879
16,749
15 988
17,497
3 360
5,680
6 558
8 947
9,252
9 558
9 724
959
1,083
1 271
2 044
2,199
2 309
2 336
6 810
6 416
6 478
6 647
6,677
6 713
6 737
1 2Q1
1,905
1,392
18
18
1,085
12
1,039
253
365
329
279
478
335
325
324
783
536
322
326
300
320
326
313
499
470
444
5 i 04
3 613
14,1 01
6,045
167 13,758 7,036
457 16,964 9,282
382 17,788 9 574
426
16 920 9 884
440
18,433 10,024
1 288
1,362
1,596
2,368
2 519
2 636
2 649
7 662
7 130
7,261
7.183
7 176
7 183
7 181
1,789
10 351
12 12,192
48 19,831
49 21 182
24 21,930
23 22,857
164
1 034
1,252
1,920
2 006
2 061
2,130
52
192
244
266
393
149
439
408
355
370
415
427
425
329
181
363
433
370
377
310
457
425
629
825
778
732
737
11
16
932
936
]2
1
3
3
3
2
2
3
3
2
3
<
>
1
1
1
1
1
2
2
2
2
2
8,738
5 020
5,553
6,471
6,947
7 222
7,143
1 077
81 t
852
714
194
218
220
220
223
558
496
350
637
774
806
824
339
309
307
307
817
304
NOTE.—For revisions in series prior to June 30, 1947, see BULLETIN
for July 1947, pp. 870-871.
788
COMMERCIAL BANKS
LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1
[In millions of dollars]
Loans 2
Class of bank
and
call date
Total
loans
and
invest- Total2
ments
Loans for
Compurchasing
meror
carrying
cial,
Other
in- Agri- securities
Real loans
clud- culto
esing
in- Other
To
tate
loans Total
open turdial brok- To loans vidTotal
marers
ket
uals
and othpaers
dealper
ers
All commercial
banks: 3
1947—Dec. 3 1 . . . ,
1955—Dec. 3 1 . . . ,
1956—June 30...,
Dec. 3 1 . . . .
1957_Mar. 14....
116,284 38,057 18,167 1,660 830
160,881 82,601 33,245 4,475 31,263
160,008 86,887 "',111
36
4,254 2,695
165,123 90,302
,161 2,589
163,602 90,020 38 524 4,155 2,363
All insured com*
mercia! banks:
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947_Dec. 3 1 . . . ,
1955—Dec. 3 1 . . . ,
1956—June 30...,
Dec. 3 1 . . . ,
49,290 21,259 9,214
121,809 25,765 9,461
114,274 37,583 18,012
159,164 82,081 33,092
158,344 86,374 35.944
163,601 89,831 38,571
Member banks,
total:
1941—Dec. 3 1 . . . ,
1945_Dec. 3 1 . . . .
1947—Dec. 3 1 . . . ,
1955—Dec. 3 1 . . . .
1956—June 30...,
Dec. 3 1 . . . ,
1957_Mar. 14...,
43,521 18,021 8,671 972 594 598 3,494
107,183 22,775 8,949 855 3,133 3,378 3,455
97,846 32,628 16,962 ,046 811 1,065 7,130
135,360 70,982 31,019 2,726 3 150 1,560 16,391
134,428 74,783 33,725
2,552 2 586 1,522 17,172
,
138,768 78,034 36,296 2,478 2,447 1,473 17,811
137,492 77,760 36,107 2,474 2,216 1,402 17,753
New York City:*
1941—Dec. 3 1 . . . .
1945_Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—June 30....
Dec. 3 1 . . . .
1957_Mar. 14....
.220 9.393 5,723
,774 20,809 17,185
1,738 21,787 18,365
1,691 22,509 18,850
1,623 22,442 18,713
U. S Government obligations
Direct
.063 78,226 69.221 2.193
3,117 783,280 61.592 4,219
3,286 733,122 56.620 2,817
3,343i 74,821 58,552 5,924
"',905 4,842
3,809 73;582 56
7.789
2,318
1,247
1,997
2,266
,450 614 662 4,773
28,031 21,046 988
4, 545
,314
88,912 2,455
314 3,164 3,606 4,677 2,361 1,181 96,043 88
1,610 823 1,190 9,266 5,654 1,028
028 76,691 67.941 2,124
60,765 4,105
4 ^ 9 6 3,229 I',742 20,692 17,104 3,091 77,083 60
- ' 9 7 1 : 55,835 2,751
4,190 2 ,669
" " 704 21,671 18,284 3J259 71
"",837 5,763
4,101 2,565 669 22,394 18,765 3,325 73,770 57
19,071
7,552
2,292
1,228
1,981
25,500 19 ,539 971
3,692
1,900 1,104 84,408 78,338 2,275
'",218 57.914 1,987
4,662 952 65
14,313 2,943 64,,377 50,697 3,250
15,330 3.087 59,645 46',226 2,013
15,765 3,147 60,734 47 ,575 4,383
15,633 3,613 59,732 46 ,235 3,540
554
2871
298
5641 330
1,506 1,006
1,5901,044
1,558 1,049
1,509 1,292
Other
securities
CertifiGuarcates
anofin- Notes Bonds teed
Bills debted-
65034 53,191
14,034 41 ,010
12,727 39 ,815
11,823 38,796
11,125 38,659
5.276
12,698
12,929
12,901
13,242
3 .729
3,990
3,573
3,368
3,435
3,159 12,797 4,102 3,651 3,333
16,045 51,321
22 3, 873 ~,258
3
5,918 52
-,334
14 5, 129 3.621
13,856 40,502
10 12,465 3,853
12,552 39,290
13 12,694
694 3,442
3
11,722 "38
,358
13 12,675 3,258
3,007 11,729
16,985 14,271 44,792
45,286
5,816 4,815 45
1,738 11,508 34,192
840 10,332 33,029
1,469 9,493 32,218
32
1,679 8,914 32,090
,832 3,090 2,,871
16 3,2
,254 2,815
1Q .
,199 3 105
4,1 3,236
9 10,444
12 10,557 2,862
12 10,494 2,665
12 10,780 2,716
1,623 3,652 1,679
8,823 7,265 311
729
18,809 17,574 477 3,433 3,325 10,337
606
1
558 9,771
13,214 11,972 1,002
640
638
8,943 6,796 552
100 1,141 5,002
1,609
7,896 6,011 325
70 1,082 4,529
1,514
7,822 6,057 724
194
976 4,160
1,406
7,580 5,661 444
176
895 4,142
1,578
412 169
2,453 1,172
545 267
17 2',144 511
1 ,691 494
1 1,409 402
1 1,292 373
123
80
111
577
609
617
599
52
233
87
99
96
97
95
22
36
46
128
133
134
135
114 194
427 1,503
170 484
542 696
502 676
501 712
443 679
1,527
1,459
3,147
6,962
7,357
7,654
7,569
751 4,248 1,173
8,243 6,4*7 295
1,512
956 820
1,034 6,982 5,653 15,878
,594 29,552
29
5 1,126 916
855 404 31,594
1,901
15,560
366
22
20,196
22,591
373
2,358
3 1,342 1,053
1.969
657 4,708 12,643
5 3,778 1,233
5,916 1,180 23,837 18,826 813
279 4,086 12,308
4 3,823 1,076
",051 374
6,306 1,265 21,949 17
441 3,742 11,995
4 3,820 944
6,512 1,289 22,132 17,368 1,185
4 3,770 963
548 3,502 11,907
6,446 1,468 21,561 16,828 868
1,676 659
1,484 648
3,096 818
290 2,127
6,"
6,892 2,019
7,080 1,972
055 ",003
2
1,'"
20
42
23
189
223
334
321
183
471
227
255
257
261
256
1,823
1,881
3,827
8,723
9,073
9,407
9,451
481 2,926
6,628 4,377 110
1,530
707 363 29,407 26,999 630 5,102 4,544 16,713
1,979 229 26; 125 22,857 480 2,583 2,108 17.681
913 5,056 14 ,825
6,575 573 28,397 22,570 1,774
489 4,688 14,628
7,050 590 27,035 21,076 1,267
792 4,458 14,420
7,256 631 28,080 22,037 2,362
929 4,246 14,444
7,330 673 21,111 21,537 1,914
861 1,222
1,342
2,006
4,581
4,731
4,827
4,968
,028
,067
.262
,246
,228
,215
,272
AH nonmember
banks: 3
1947_Dec. 3 1 . . . . 18,454 5,432 1,205 614
1955—Dec 3 1 . . . . 25,546 11,628 2,226 1,750
1956—June 3 0 . . . . 25,605 12,114 2,385 1,702
Dec. 3 1 . . . , 26,381 12,279 2,424 1,683
20
113
110
143
156
214
216
218
2,266
4,428
4,625
4,708
1.061
2,872
3.036
3,085
11.318 206 1,973 1,219 7,916
580 2,527 6,829
10,908 970
407 2,396 6,797
10,406 805
10 ,989 1,541
528 2,330 6,588
1,078
2,255
2,374
2,409
625
755
712
704
Chicago:4
1941—Dec.
1945_Dec.
1947_Dec.
1955—Dec.
1956—June
Dec.
1957—Mar.
31....
31....
31....
31....
30....
31....
14....
Reserve city
1941—Dec.
1945_Dec.
1947_Dec.
1955—Dec.
1956—June
Dec.
1957_Mar.
banks,
31....
31....
31....
31....
30....
31....
14....
Country banks:
1941_Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947_Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—June 3 0 . . . .
Dec. 3 1 . . . .
1957—Mar. 14....
12,896 4,072 2,807
26,143 7,334 3,044
20,393 7,179 5,361
23,583 14,640 9,126
23,270 15,373 10,191
23,809 15,987 11,266
23,793 16,213 11,465
2,760
5,931
5,088
6,542
6,336
6,473
6,434
954
1,333
1.801
3,342
3,572
3,772
3,621
732
760
1,418
2,390
2,663
2,781
2,789
15,347 7,105 3,456
40,108 8,514 3,661
36,040 13,449 7,088
52,459 28,622 13,212
52,071 30,122 13,978
53,915 31,783 15,170
52,869 31,307 14,798
12,518 5,890
35,002 5,596
36,324 10,199
52,775 24,379
52,752 25,716
54,571 26,491
54,396 26,619
48
211
73
275
170
203
160
300
205
225
566
520
489
463
i All commercial banks in the United States. These figures exclude
data for banks in U. S. possessions except for one bank in Alaska that
became a member bank on Apr. 15, 1954. During 1941 three mutual
savings banks became members of the Federal Reserve System; these
banks are included in member banks but are not included in all insured
commercial banks or all commercial banks. Comparability of figures
for classes of banks is affected somewhat by changes in Federal Reserve
51
149
316
384
439
348
95
40
26
184
187
178
180
111
174
200
196
1,806
4,598
3,287
3,200
2,764
2,701
2,813
13,021
13,918
13,492
14,102
1,430
4,213
2,890
2,506
2,088
2,113
2,209
256
133
132
111
46
112
314
,467
235
68
3
42
26
153
749
248
604
476
316
271
903
1,864
2,274
1,723
1.564
1,643
1,598
119
182
181
213
476
489
440
465
830
629
604
539
371
358
341
193
204
185
219
188
148
139
membership, insurance status, and the reserve classifications of cities and
individual
banks, and by mergers, etc.
2
Beginning June 30, 1948, figures for various loan items are shown
gross (i. e., before deduction of valuation reserves); they do not add to the
total and are not entirely comparable with prior figures. Total loans,
continue to be shown net.
For other footnotes see opposite page.
789
COMMERCIAL BANKS
RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES *
[In millions of dollars]
Demand deposits
Class of bank
and
call date
Reserves Cash
with
in
Federal vault
ReBanks
BalDeances mand
with
dedoposits
mestic
adbanks 5 justed 6
Interbank
deposits
DoFormestic5 eign
CertiIndiIndi- Bor- CapiU. S. States viduals
fied viduals,
States
tal
and partner- row- acand partner- Inter- Govt.
and
U.S.
and polit- ships, ings c<
ships, bank Postal
Govt. political offi>unts
ical
subdi- cers' and corcorSav- subdi- and
visions checks, poraings visions poraetc.
tions
tions
All commercial
banks:3
1947—Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—June 3 0 . . . .
Dec. 3 1 . . . .
1957—Mar. 14....
17.796
18,721
18,232
18,706
18,627
2 ,216
2 ,682
2 ,273
3 ,261
2 ,875
10 ,216
12 ,050
10 ,802
12 ,813
10 ,345
87,123
109,905
104,761
111,405
108,290
11,362
13,512
12,069
14,338
11,453
1,430
1,546
1,557
1,794
1,582
1 ,343 6, 799
3 ,709 10 273
5 ,232 10 768
3 ,733 10 449
2 ,040 9, 998
AH insured commercial banks:
1941._Dec. 31
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—June 3 0 . . . .
Dec. 3 1 . . . .
12,396
15,810
17,796
18,721
18,232
18,706
1 ,358
1 ,829
2 ,145
2 ,656
2 ,251
3 ,237
8 ,570
11 ,075
9 ,736
11 ,744
10 ,528
12 ,490
37,845
74,722
85,751
108,887
103,844
110,487
9,823
12,566
11,236
13,390
11,963
14,226
673
1,248
1,379
1,516
1,516
1,755
Member banks,
total:
1941_Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1955_Dec. 3 1 . . . .
1956—June 30
Dec. 3 1 . . . .
1957—Mar. 14....
12,396
15,811
17,797
18,722
18,234
18,707
18,628
1 ,087
1 ,438
1 ,672
2 ,019
1 ,686
2 ,487
2 ,196
6 ,246
7 ,117
6 ,270
7 ,612
6 ,787
8 ,124
6 ,287
33,754
64,184
73,528
92,435
88,139
93,320
91,311
9,714
12,333
10,978
13,002
11,627
13,818
11,059
1,243
1,375
1,511
1,510
1,749
1,546
New York City:*
1941 Dec 31
1945__Dec. 31
1947—Dec. 3 1 . . . .
1955_Dec. 3 1 . . . .
1956—June 30
Dec. 3 1 . . . .
1957_Mar. 14
5 105
4,015
4,639
4,431
4,331
4,375
4,458
93
111
151
127
94
161
151
141
78
70
111
89
99
51
10,761
15,065
16,653
16,493
15,695
15,974
16,763
3,595
3,535
3,236
3,364
3,080
3,622
2,833
1,021
1,070
1,135
1,115
1,158
1,004
43
36
30
32
27
37
29
298
200
175
141
124
174
103
2,215
3,153
3 737
4,349
4,092
4,272
4,088
1.027
1,292
Reserve city banks:
1941—Dec. 31
1945—Dec. 3 1 . . . .
1947—Dec. 31
1955—Dec. 3 1 . . . .
1956—June 30
Dec. 3 1 . . . .
1957_Mar. 14
4,060
6,326
7,095
7,727
7,471
7,649
7,624
425
494
562
638
542
787
697
2 ,590
2 ,174
2 ,125
2 ,515
2 ,201
2 ,656
2 ,033
Country banks:
1941—Dec. 3 1 . . . .
1945_Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—June 30
Dec. 3 1 . . . .
1957—Mar. 14
2,210
4,527
4,993
5,429
5,316
5,526
5,542
526
796
929
3 ,216
4 ,665
3 ,900
4 ,844
4 ,373
5 ,194
4 ,099
Chicago:4
1941_Dec.
1945 Dec.
1947 Dec.
1955—Dec.
1956—June
Dec.
1957_Mar.
31
31
31
31....
30....
31....
14
All nonmember
banks: s
1947 Dec 31
1955 Dec 31
1956 June 30
Dec. 31
942
1 ,222
1 ,024
1 ,502
1 ,319
544
663
588
774
2,581
3,904
3,244
3,785
3,093
84,987
109,011
101,812
111,048
105,731
866
34,383
65
46,019 159
47,205 354
75
48,193
49,748 1,708
240
1 ,585
1 ,613
1 ,460
1 ,486
111
356
332
330
328
2,340
2,493
2,384
2,522
1 ,762 3 , 677
23 ,740 5, 098
1 ,325 6 692
3 ,697 10 138
5 ,221 10, 641
3 ,717 10, 350
158
1,077 36,544
70
2,585 72,593
54
2,559 83,723
3,879 108,131 1 ,367
1
3,217 101,034 ,383
3,744 110,252 1 ,301
59
103
111
356
332
330
15,146
29,277
33,946
2,282 45,756
2,432 46,941
2,329 47,949
1 ,709
22 ,179
1 ,176
3 ,327
4 ,806
3 ,292
3 , 066
4 , 240
5 , 504
8, 075
8, 496
8, 211
7, 778
1,009
2,450
2,401
3,638
3,004
3,475
2,807
50
99
105
327
302
301
296
1,105 6 ,940
267
1,217
756
1,151
1,190 1 ,166
747
1,400
286
1,216
866
319
237
290
302
396
286
261
1,338
1,105
1,498
1,110
1,172
1,107
1,246
1,149
1,318
1,100
8
20
21
40
36
46
38
127
1 ,552
72
222
350
184
88
233
237
285
299
399
294
316
34
66
63
85
98
85
72
2,152
3,160
3 853
4,781
4,283
4,690
4,397
11,117
22,372
25,714
33,757
32,203
34,046
33,173
4,302
6,307
5,497
6,903
6,078
7,298
5,851
54
110
131
303
269
286
277
491
8 ,221
405
1 ,288
1 ,918
1 ,201
704
1, 144
1, 763
2 , 282
3 , 048
3 , 120
3 , 092
2 , 667
286
611
705
9,661
23,595
27,424
37,836
36,149
39,028
37,287
1,199
1,049
1,488
1,321
1,580
1,275
2
225
8 5 ,465
432
7
17 1 ,061
15 1 ,372
16 1 ,160
711
14
1, 370
2 , 004
2 , 647
4 , 425
4 , 581
4 , 538
4 , 533
3 ,947 13,595
4 ,439 17,470
4 ,015 16,621
4 ,690 18,085
385
510
442
521
196
790
671
,789
607
55
36
47
45
3
Breakdown of loan, investment, and deposit classifications is not
available prior to 1947; summary figures for earlier dates appear in the
preceding table.
* Central reserve city banks.
5 Beginning June 30, 1942, excludes reciprocal bank balances, which on
Time deposits
167
382
426
440
1, 295
2, 198
2 , 272
2 , 238
450
33,061
62,950
72,704
93,687
87,404
95,163
91,017
140
64
50
1 ,353
1 ,370
1 ,289
1 ,308
6
11,282
17
15,712
12
17,646
18,919 1 ,085
17,396 1 ,058
965
18,482
977
18,556
492
496
826
10
215
61
145
337
56
6 ,844
8 ,671
9 ,734
14 ,980
15 .600
15 ,988
418
399
693
4
11,878
23,712 208
54
27,542
36,972 137
37,916 302
48
38,769
40,028 1,564
5 ,886
7 ,589
8 ,464
12 ,783
13 ,293
13 ,655
13 ,796
1,865
1,954
1,839
1,965
59
35
36
34
29
20
14
72
60
44
46
11
10
7
7
2
6
6
5
4
9
8
9
12
12
11,127
22,281
26,003
35,752
33,341
36,519
34,683
104
30
22
239
286
294
294
20
38
45
106
112
114
114
860
8,500
21,797
25,203
34,235
32,383
35,473
33,381
30
17
17
18
17
22
31
31
52
45
157
148
146
143
180
265
240
310
12,284
15,324
14,408
15,885
190
231
243
171
6
29
30
29
1,035
862
1,036
768
239
435
528
1,020
934
1,183
10
12
10 ,059
15 ,300
15 ,927
16 ,302
16 ,483
195
30
1
38
2
430
1 648
2 ,'l20
2 ,259
2 ,745
2 ,805
2 ,873
2 ,880
1,313 " " 3
1
1,288
4
1,302
1,296 255
288
377
426
628
639
660
654
778
1,206
1,418
2,171
2,285
2,395
2,612
476
719
902
1 ,967
4,542
9,563
11,045
15,117
1,013 15,392
935 15,748
995 16,139
2
1
82
179
21
592
2 ,566
2 .844
4 ,641
4 ,902
5 ,076
5 ,101
146
219
337
844
871
847
912
6,082
12,224
14.177
18,371
18,950
19,324
19,981
4
11
23
52
84
21
287
1 ,982
2 ,525
2 ,934
4 ,769
4 ,947
5 ,046
5 ,162
172
475
539
546
6,858
9,071
9,314
9,449
12
22
52
27
1 .596
2 ,519
2 ,636
2 ,649
243
160
332
941
Dec. 31, 1942, aggregated $513 million at all member banks and $525
million at all insured commercial banks.
6 Demand deposits other than interbank and U. S. Govt., less cash items
reported as in process of collection.
For other footnotes see opposite page.
790
WEEKLY REPORTING MEMBER BANKS
LOANS AND INVESTMENTS O F BANKS IN LEADING CITIES
[Monthly data are averages of Wednesday figures.
In millions of dollars]
Loans 1
U . S . Government obligations
For purchasing
or carrying securities
M o nth or date
Loans
Total
and
loans
investand
invest- ments Loans
adadjusted * justed 1
Commercial
Agriculindus- tura
trial
To brokers
and dealers
l o others
Real Other
estate
loans
Total
Rills
8 560 10 824
775
690
U . S . Other U . S . Other
Govt. se- Govt. seob- curi- obliga- ties liga- curitions ties
tions
CerOther
tifisecucates
2 rities
of in- Notes Bonds
debtedness
L oans
to
be inks
TotalLeading Cities
1956
86 870
85 ,480
50 760 78 079
469
2,4 65
68
Mi ay
June
87 415
88 050
86 197
86 901
53 059 30 ,933
53 784 31 495
419
424
1,803
1,880
1,162
1,168
Mi ay 1
May 8
M[ay 15
M a y 29
88 170 87 , P 9
87, 333 86 087
87 153 85 ,905
86 954 85 ,696
87, 469 86
53, 454
5? 988
53, 134
59 j 996
756
31
30
31
30
30
030
9?1
147
906
661
420
417
422
422
416
2,113
1,762
1.667
1,706
1,765
June 5
June 12
June 19
June 26
87 634
87 647
88 795
88, 196
86 ?10
86 754
87 670
86 ,972
5? 834
53 413
54, 434
54, 454
30
31
3?
32
750
094
039
097
420
425
424
428
,767
,940
,969
.842
311
435
14 790 9 981
1
463
871
June
6 056
19 519
7,945
1 390
8 ,668 11 ,114
,558 1 077
?5 507 1 437
8 665 ! 1
1 485 4 ,576
,513 4 9 0 9
18 490
18 ,348
7 587
7 610
1 918*
1 149
1,173
1,167
1,159
1,156
1,156
8 679
8 665
8 ,669
8 664
8 661
?6 ,034 1
?5 55?
880
9 5 ,991
867
?5 ,114
850
?5 878 1 665
1,311
1,302
,620
,615
1,581
18 ,458 7,641
18 ,440 7,547
18 405 -7 550
18 ,403 7 586
18 ,394 7,608
1 041
1 946
1 948
I
1 997
1,163
1,168
1,170
1,169
8
8
8
8
11 134 ?5 790 1 638
II 167 9 5 690 1 585
11 ?05 ?5 633
541
11 ,301 24 ,917
985
,561
536
,527
.429
4 ?98
4 996
4
4 151
510
1957
22
649
667
675
667
11 086
11 103
11 ,117
11
11 144
5
4
4
4
4
140
930
399
946
938
18 363 7,586 1 494.
K9T
18 343 7 651
18 339 7 603 1 055
18 ,352 7,601 1 , 2 2 4
New York City
1956
June
182 1,559
22
469
591
2 . 2.38 5 751
738
91
1 000
4 49?
,894
876
15 408 11 553
15 737 11 785
86 1,017
82 1,086
10
10
386
389
553
558
9
148
5 ,365
5 477
379
539
203
205
891
767
3 969
3 966
690
,657
795
719
2 ,131
5 ,512
,1?3 5
2 119 5 198
2,115 5 ,578
407
?93
996
955
613
214
177
199
201
224
907
886
779
773
767
3 989
3 958
3 957
969
3 974
754
,672
672
,684
,667
633
705
714
787
785
5 615
5 ,588
5 550
5 ,156
666
645
594
251
211
209
224
177
768
771
770
757
3
3
3
3
970
963
969
971
,664
,681
641
,640
994
526
646.
751
419 5, 056
15 097
t ,051
514
1957
May
93
93
June
188
583
99
?3 719 ?3 086
93 110 9 9 405
92 989 00 968
99
00 141
2 3 , 202 22 417
8?0
15 419
15, 379
15 959
15, 172
11
11
11
11
11
662
591
640
51?
361
263 1,130
34 1,030
45
933
36
969
50 1,023
11
10
10
10
10
389
387
387
383
382
554
557
554
550
551
435
23, 354
o~>, 998
23, 614
99 511
22 828
93
22 863
15 ?39
15, 559
16 091
16, 067
11
11
19
12
396
554
081
110
33
97
139
59
10
10
10
10
383
389
393
393
55? 2.124
561 2 ,135
569
138
556 2 ,194
63, 559
63 045 35, 970 18 048
468
724
111
7 969 8 ,586 21 ,024
452
May
June
64 9^7
64 467
63 734 37 644 19 380
64 030 38, 047 19 710
418
423
700
712
166
769
8 115 8 ,991 ?0 ,193
8 107 9 053
030
705
898
1,282
1,308
3 75*
3 449
14 451
14 389
897
953
493
437
May
May 8
May 15
May 22
May 29
64 451
64 9 9 ^
64, 171
64 096
64, 967
64
63
63
63
63
043
689
637
485
895
368
330
507
394
300
419
416
421
421
415
720
698
689
701
692
773
770
762
763
764
8
8
8
8
8
1?5
108
115
114
110
8 955
8 973
8 994
9 ,00?
9 0?9
90 , 5?9
?0 ?38
9 997
9 916
?0 300
587
S71
595
05?
1,097
1,125
1,421
1,414
1,357
4, 933
4, 044
3 557
3, 473
3, 471
14 469
14 489
14, 448
14 434
14 490
887
875
,878
902
941
408
541
534
541
44?
June 5
June 12
June 19
June 26
64, 199
64 993
64 797
64, 582
63
63
64
64,
699 37, 602 19, 354
9?6 37 854 19 540
388 38 343 19 958
109 38, 387 19, 987
419
424
423
427
679
709
741
717
770
769
767
766
8 097
8 106
8 113
8, 111
9,010
9.032
9 067
9 ,107
20 ,175
70 10?
90 083
9 ,761
972
940
947
734
1,350
1,327
1.303
1,252
3, 460
4*5
3 463
3, 394
,922
14, 393
14 380
,970
370
14
962
14, 381 5 ,961
500
367
409
473
May
May 8
May 15
M a y 22
May 29
. .
June 5
June 12
June 19
June 26
1,055
1,134
1,089
1.066
o 130 5 314
Outside
New York City
1956
J une
1957
c
37 634
37, 569
37, 76?
37, 667
37, 584
19
19,
19
19,
19
Correction.
Exclusive of loans to banks and after deduction of valuation reserves;
individual loan items are shown gross.
1
2
Includes guaranteed obligations.
See also NOTE on opposite page.
791
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
Interbank
deposits
IndiIndiDemand
vidvidCertiuals, States
uals, States
U. S.
and
fied
and
part- polit- and
part- polit- Govt.
nernerand
ical
offi- U. S. ships,
ical
ships, subDoGovt.
cers'
sub- Postal mesForand
and
Savdividivieign
checks,
cor- sions
cortic
ings
sions
etc.
poraporations
tions
Borrowings
Reserves Cash
with
in
F. R. vault
Banks
BalDeances mand
with
dedo- posits
mestic ad- 1
banks justed
13,402
975
2,516 56.432 58,549 4,231 1,932 2,835 19.572 1,033
177 10,278 1,477 1,293
466 1,018 8,780
May.
June.
13,416
13,397
936 2,389 55,369 57,821 4,391 2,013 2,657 20,979 1,081
985 2,414 55.943 58,495 4,305 1,888 2.451 21,156 1,106
181 :l0,033 1,583 1,237
180 10,183 1,579 1,295
673
741
May 1.
May 8.
May 15.
May 22.
May 29.
13,736
13,389
13,388
13,198
13,368
897
944
929
966
942
978
634
532
535
June 5
June 12
June 19
June 26
924 2,358 55,320 57 144
13.113
13.619 1,013 2,432 56,448 59 ,718
13.505
977 2,457 56,276 59 ,105
13,350 1,026 2,409 55,729 58,013
Month or date
Capital
From
Time
F. R. From
Banks others
Total—
Leading Cities
1956
June.
1957
2,497 56,213 58,635
2,350 55,273 56,859
2,
,057 58,910
2,345 55,151 57,316
2,242 55;i49 57,383
814 9,188
713 9,218
4,545 2,720 2,822 20 ,870
4,361 ',716 2,581 20,938
4,297
20,969
,966 2,327...
4,315
,751 2,334 "',037
21
4,439
,912 3,214 21 ,082
,063
,066
,079
,087
,111
181 10,298
181 10,156
182 10,559
181 9,748
179 9,406
1,588
1,587
1,579
1,626
1,536
1,212
1,207
1,226
1,230
1,311
4,371
,750
4,272
.768
4.092
,993
4,483 2,042
2,367 21.129
1,511 21,180
,
2.800 21.111
3.125 1.205
.105
,097
,098
,124
180 10,173
181 10,330
180 10,327
181 9,903
1,524
1,525
1,593
1,674
1,320
366 1,019 9,220
1,305 1.071
468 9,212
1,279
910
610 9,209
1,275
615
755 9,233
897
800 2,211
84
785 2,645
745 2,642
559
882
914
958
C
759
9,179
9,189
9,183
9,189
9,201
New York City
1956
4.234
144
56 15,978 17,313
May.
June.
4,246
4.233
136
145
15,320 16,869
15,784 17,314
339 1,058
262
893
May 1.
May 8.
May 15.
May 22.
May 29.
4,377
4,282
4,239
4,232
4,103
131
140
132
137
140
15,742 17,419
15,291 16,463
15,187 17,051
15,261 16,628
15,123 16,784
423 1,639
859
341
823
797
329
614
979
320
619
838
283 1,013 1,035
June 5.
June 12.
June 19.
June 26.
3,992
4.510
4.226
4,203
139
150
135
154
15,389
15.963
16,002
15.780
278
817
269
798
245
893
254 1,063
9.168
831 2,460 40,454 41 ,236
May
June
May 1.
May 8.
May 15.
May 22.
May 29.
9,170
9,164
800 2,333 40,049 40,952 4,052
840 2,369 40,159 41,181 4,043
9,359
9,107
9,149
8,966
9,265
766
804
797
829
802
2,429
2,313
2,462
2,278
2,185
June 5.
June 12.
June 19.
June 26.
9.121
9.109
9.279
9.147
785
863
842
872
,
39,931
,
2,315
2.386 40485
40,485
2^^407 40,274
2,365 39,949
June.
305
35 2,900 1,160 1,018
29
382 2,770
1957
16,722
17,654
17,518
17,364
803
465
770
942
2,904 1,274
2,8'~ 1,278
942
970
78
150
343 2,879
294 2,877
2,621
2,635
2,632
2,662
2,675
3,014
2,889
3,040
2,839
2,739
,260
,279
,265
,334
,232
930
929
931
928
991
258
85
15
256
344
391
390
332
2.679
2,703
2,59f
2,593
2.848
2;835
2,889
2,822
,228
,229
,273
,381
994
968
962
955
327
275
437
32
2,883
2,886
2,880
2,875
2,872
378 2,882
212 2,876
296 2,874
2,877
Outside
New York City
1956
June.
636 6,010
1,035 2.035 17,361
949
142 7,378
317
275
955 1,872 18,334
995 1,706 18,514
1,020
1,033
309
301
295
325
4,122 1,081 1,963 18,249 1,011
4,020
893 1,784 18,303 1,012
3,968
987 1,713 18,337 1,015
3,995
913 1,715 18,375 1,023
4,156
2,179 18,407 1,037
149 7,129
150 7,335
149 7,284
149 7,267
150 7,519
149 6,909
149 6,667
328
308
314
292
304
282
278
295
302
320
720
549
517
535
656
303
538
523
568
427
6,296
6,303
6,303
6,314
6,329
4,093
933 1,564 18,450
4,003
970 K046 18,477
3.847 1,100 2,030 18,519
4,229
979 2,183,18,612
150
151
150
151
7,325
7,495
7,438
7,081
296
296
320
293
326
337
317
320
366
744
635
615
641
256
314
467
6,338
6,336
6,335
6.356
1957
40,471 41,216
39
,'982 40,396
39,982
39,870 41
",859
39,890 40 ,688
40,026 40 ,599
40.422
42,064
41,587
40,649
c
Corrected.
1
Demand deposits other than interbank and U. S. Govt., less cash
items reported as in process of collection.
1,030
1,022
1,026
1,052
C
595
591
'471 6,309
419 6,341
NOTE.—For description of revision beginning Mar. 4, 1953, see BULLETIN for Aoril 1953, p. 357, and for figures on the revised basis beginning
Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555.
792
COMMERCIAL LOANS; OPEN MARKET PAPER
CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY 1
[Net decline, ( —). In millions of dollars]
Manufacturing and mining
Period 2
Petroleum,
Food, Textiles, Metals
and
coal,
liquor, apparel, metal
chemical,
and
and
prodand
tobacco leather
ucts 3
rubber
Other
Trade
(wholesale
and
retail)
Commodity
dealers
Sales
finance
companies
Public
utilities
(incl.
transportation)
1953—Jan.-June
July-Dec
-657
537
156
-107
420
-326
-45
138
90
-49
215
-7
-644
392
-91
-137
12
91
1954—Jan.-June
July-Dec
-505
498
55
-26
-577
-548
-10
88
-1
-62
-41
120
-363
539
1955—Jan.-June
July-Dec
-540
480
220
71
177
224
313
208
153
63
-461
469
126
-225
384
27
1956—Jan.-June
July-Dec
-302
822
238
-6
1,362
-71
424
428
-386
739
-322
98
1957—Apr
May
June
-74
-96
19
6
-35
40
-19
98
295
29
7
201
369
72
11
-6
97
146
327
171
178
-175
32
589
704
64
10
48
-83
-137
-66
Week ending:
1957_Apr. 3
Apr. 10
Apr. 17
Apr. 24
-36
-7
-13
-18
-2
15
1
-8
24
8
14
-66
-9
-3
28
13
1
15
-2
5
26
40
-6
May 1
May 8
May 15
May 22
May 29
-44
-23
5
-12
-21
-17
1
16
-19
-17
53
-11
94
-17
-22
-4
17
12
4
-21
-28
-5
27
2
-1
18
June 5
June 12
June 19
June 26
-10
-4
45
-13
1
12
11
17
1
74
186
33
30
66
72
34
7
38
44
9
Construction
18
-23
71
82
Comm'l
and
All
ind'l
Net
other changes
change—
types
all
classi- weekly
of
fied
business
reporting
banks 4
-11
101
134
106
106
132
143
370
365
350
54
-66
92
-176
315
-39
61
351
4
29
7
-37
-13
-39
-20
41
110
-39
-29
-8
26
-26
c
-12
-29
-25
-26
-45
85
-55
-35
-90
-82
69
-10
44
-12
-30
-4
-6
12
15
31
3
-23
-22
7
-28
76
47
279
-87
-6
48
223
86
7
10
3
9
-5
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.
-2
i
-7
-3
15
i
-536
610
-805
795
-1,314 -1,496
630
539
1,257
3,050
1,078
53,206
149
176
2,124
2,719
42,243
2,459
-18
11
85
-27
-264
1,414
-84
-267
1,443
-23
-11
16
-89
40
177
-155
-106
55
142
-175
o
-11
23
-18
9
124
-135
199
-216
-237
102
-109
226
-241
-245
17
40
5
23
100
324
905
86
89
344
945
65
3
Includes machinery and transportation equipment.
44
Prior
Prior to
to week
week ending
ending Jai
Jan. 11, 1956, included changes in agricultural
loans.
5 Includes increase of $318
$3 million resulting from errors disclosed
incident to survey of credit' eextended to real estate mortgage lenders.
COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Doll.ir acceptances
Commercial and finance
company paper
End of year or month
Total
Placed Total
Placed directthrough1
ly
dealers (finance
paper) 2
1951
1952
1953
1954
1955 .
1,331
1,745
1 966
1,924
'2,020
449
1956—May
June
July
AUK
Sept
Oct
Nov
Dec
1957__Jan
Feb
Mar
Apr
May
Held by:
882
490
Accepting banks
197
510
492
574
873
642
183
172
289
175
'2,618
-2,443
r
2,626
'2,539
'2,490
'2,618
'2,660
'2,166
515
476
509
548
549
573
568
506
'2,103
'1,967
'2,117
'1,991
'1,941
'2,045
'2,092
'1,660
643
684
723
772
805
843
924
967
'2,575
'2,714
'2,650
'2,485
2,728
548
555
489
466
483
'2,027 1,012
'2,159
992
'2,161 1,019
'2,019 1,018
984
2,245
733
272
119
79
21
126
117
57
55
289
378
232
274
235
565
133
125
154
23
55
44
39
29
32
43
285
182
252
210
17
17
64
75
300
63
9
9
13
21
17
19
10
2
2
2
2
4
5
33
34
74
97
113
133
199
227
197
127
116
89
73
203
86
126
49
28
20
24
19
33
157
180
175
189
209
203
242
227
113
109
111
120
127
135
167
155
44
71
64
70
82
69
75
72
16
18
18
22
17
20
33
69
45
45
48
51
49
53
52
50
424
441
483
510
529
567
598
621
245
264
270
271
294
277
277
261
252
251
237
259
258
281
295
329
230
202
209
195
188
156
133
150
135
142
74
69
59
60
46
30
24
23
24
21
62
58
58
64
63
689
708
728
735
713
291
307
305
272
227
363
389
425
471
501
r
Revised. Revisions, which began in September 1955, reflect the addition1 of one finance company.
As reported by dealers; includes finance company paper as well as
other commercial paper sold in the open market.
F. R.
Banks
Goods stored in or
ImExshipped between
ports
ports
Dollar
pointsfin:
Othexinto
from
United United change
To- Own Bills Own Foreign
United Foreign
States States
tal bills bought
acct. corr.
States countries
1,193
1 402
1,191
'1,510
552
564
Based on:
405
89
100
104
125
129
124
123
133
143
148
158
167
171
182
111
2
As reported by finance companies that place their paper directly with
investors.
793
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,
direct4-toely,
months i
3-toemonths1
Prime
bankers'
acceptances,
90
days 1
U. S. Government
securities (taxable) 2
Size of loan (thous. of dol.)
All
loans
Area and period
3-month bills
9-to 12- 3- to 5month
year 4
Mar- Rate issues 3 issues
ket on new
yield issues
1954 average
1955 average
1956 average
1.58
2.18
3.31
1.42
1.97
3.06
1.35
1.71
2.64
.94
1.73
2.62
.953
1.753
2.658
.92
1.89
2.83
1.82
2.50
3.12
1956—June
July
Aug
Sept
Oct
Nov
Dec
3.38
3.27
3.28
3.50
3.63
3.63
3.63
3.00
2.94
3.01
3.13
3.37
3.38
3.38
2.45
2.43
2.65
2.88
2.88
3.05
3.35
2.49
2.31
2.60
2.84
2.90
2.99
3.21
2.527
2.334
2.606
2.850
2.961
3.000
3.230
2.69
2.62
3.01
3.17
3.07
3.15
3.33
2.87
2.97
3.36
3.43
3.29
3.49
3.65
1957—Jan
Feb
Mar
Apr
May
June
3.63
3.63
3.63
3.63
3.63
3.79
3.38
3.38
3.38
3.38
3.38
3.48
3.38
3.38
3.27
3.20
3.25
3.36
3.11
3.11
3.08
3.06
3.06
3.29
3.210
3.165
3.140
3.113
3.042
3.316
3.17
3.23
3.35
3.41
3.37
3.55
3.40
3.33
3.38
3.48
3.60
3.77
Week ending:
June 1 . . .
June 8 . . .
June 1 5 . . .
June 2 2 . . .
June 2 9 . . .
3.63
3.70
3.75
3.85
3.88
3.38
3.38
3.40
3.55
3.59
3.25
3.30
3.38
3.38
3.38
3.26
3.30
3.27
3.36
3.23
3.245
3.374
3.256
3.404
3.231
3.42
3.51
3.53
3.59
3.58
3.72
3.69
3.68
3.84
3.86
Annual averages,
19 large cities:
1954
1955
1956
Quarterly:1
19 large cities:
1956—Sept
Dec
1957—Mar
June
New York City:
1956—Sept
Dec
1957—Mar
June
7 Northern & Eastern
cities:
1956—Sept . . .
Dec
1957—Mar
June.
.
11 Southern & Western
cities:
1956—Sept
Dec
1957_Mar
June
1
Averages of daily prevailing rates.
2
Except for new bill issues, yields are averages computed from daily closing
bid3 prices.
Consists of certificates of indebtedness and selected note and bond issues.
4 Consists of selected note and bond issues.
10100
110
100200
200
and
over
3.6
3.7
4.2
5.0
5.0
5.2
4.3
4.4
4.8
3.9
4.0
4.4
3.4
3.5
4.0
4.35
4.38
4.38
4.40
5.30
5.32
5.38
5.37
4.86
4.90
4.94
4.94
4.52
4.63
4.59
4.61
4.19
4.20
4.21
4.23
4.20
4.22
4.23
4.23
5.26
5.18
5.26
5.24
4.84
4.88
4.92
4.86
4.46
4.57
4.47
4.49
4.09
4.10
4.11
4.12
4.39
4.40
4.40
4.39
5.36
5.41
5.41
5.39
4.88
4.94
4.91
4.94
4.53
4.63
4.61
4.61
4.26
4.25
4.26
4.25
4.53
4.58
4.60
4.65
5.29
5.35
5.42
5.42
4.85
4.90
4.96
4.99
4.54
4.66
4.64
4.70
4.32
4.35
4.35
4.43
1
Based on figures for first 15 days of month.
NOTE.—For description see BULLETIN for March 1949,
pp. 228-237.
BOND AND STOCK YIELDS 1
[Per cent per annum]
Year, month,
or week
Corporate bonds 4
U. S. Govt.
bonds
(long-term)
State and local
govt. bonds 4
By selected
ratings
Industrial stocks
Dividends /
price ratio
By
groups
Earnings /
price ratio
Totals
Old
New
series2 series 3
Totals
Aaa
Number of issues
3-7
1-2
20
1954 average
1955 average
1956 average
2.53
2.80
3.05
2.89
2.97
3.15
3.19
3.18
3.30
3.43
2.70
2.94
3.11
2.98
3.05
3.19
3.24
3.24
3.30
3.36
2.46
2.57
2.94
2.04
2.18
2.51
2.71
2.79
2.94
3.06
3.12
3.39
3.57
2.34
2.40
2.53
2.63
2.66
2.87
3.04
3.33
3.51
3.29
3.36
3.35
3.48
3.65
3.57
3.60
3.64
3.68
3.69
1956—June
July
Aug
Sept
Oct
Nov
Dec
1957_j a n
Feb
Mar
Apr
May
June
3.61
3.37
3.26
3.27
3.35
3.42
3.54
Week ending:
June 1
June 8
June 15
June 22
June 29
3.48
3.51
3.54
3.70
3.68
3.45
3.47
3.49
3.62
3.60
Baa
5
30
3.09
3.14
3.50
3.26
3.34
3.52
.60
3.67
120
3.16
3.25
3.57
3.46
3.50
3.62
3.75
3.82
3.90
3.99
2.99
2.79
2.88
2.88
3.00
3.19
4.16
3.96
3.97
3.95
4.10
4.32
4.04
3.99
3.97
3.96
4.02
4.15
3.75
3.77
3.67
3.66
3.67
3.74
3.91
3.10
3.14
3.17
3.23
3.23
4.23
4.27
4.31
4.33
4.35
4.06
4.09
4.14
4.18
4.21
3.79
3.82
3.88
3.94
3.97
1
Monthly and weekly yields are averages of daily figures for U. S. Govt.
and corporate bonds. Yields of State and local govt. general obligations
are based on Thursday figures; of revenue bonds, on Friday figures; and
of preferred stocks, on Wednesday figures. Figures for common stocks
are2 as of the end of the period, except for annual
averages.
Consists of fully taxable, marketable 2l/i per cent bonds due or first
callable after 12 years, through Sept. 30, 1955, and those due or callable
in 10-20 years, beginning Oct. 1, 1955.
3 Consists of the 3*4 per cent bond of 1978-83 and, beginning Feb. 1,
Industrial
Aaa
2.90
3.06
3.36
3.27
30
3.51
Railroad
Public
PreCornutility ferred 6
3.98
3.97
3.95
3.94
3.98
4.06
4.13
4.27
4.16
3.96
3.82
3.79
4.01
4.02
4.05
4.08
4.11
4.56
4.58
4.65
4.74
4.78
3.82
3.80
3.74
3.83
3.79
40
40
3.15
3.22
3.54
3.44
3.48
3.60
3.73
3.82
3.86
3.93
4.49
4.47
4.47
4.44
4.52
4.63
3.55
.68
3.75
3.82
3.95
4.02
3.94
3.90
3.89
3.96
4.14
3.25
3.34
3.65
3.55
3.59
3.72
3.83
3.89
4.01
4.08
4.12
4.06
4.06
4.06
4.13
4.26
4.56
4.59
4.62
4.66
4.68
4.03
4.06
4.12
4.17
4.20
4.14
4.21
4.25
4.28
4.32
3.75
3.80
3.93
4.07
4.17
4.24
4.37
125
14
4.02
4.01
4.25
4.17
4.16
4.24
4.39
4.42
4.56
4.63
4.51
4.47
4.46
4.47
4.53
4.69
40
3.09
3.19
3.50
4.70
3.93
3.89
3.82
3.68
3.83
4.04
4.03
4.05
3.90
Common 7
125
8.75
8.04
6.93
6.95
6! 66
'i',60
7.85
1955,
the 3 per cent bond of February 1995.
4
Moody's Investors Service. State and local govt. bonds include general obligations only.
s Includes bonds rated Aa and A, data for which are not shown separately. Because of a lmited number of suitable issues, the number of
corporate
bonds in some groups has varied somewhat.
6
Standard and Poor's Corporation. Ratio is based on 8 median yields
in a sample of noncallable issues—12 industrial and 2 public utility.
7 Computed by Federal Reserve from data published by Moody's Investors Service.
794
SECURITY MARKETS
SECURITY PRICES i
Bond prices
U. S. Govt.
(long-term)
Year month,
or week
Number of issues...
Old
series2
New
series3
3-7
1-2
Common stock prices
Standard and Poor's series*
(index, 1941-43= 10)
CorpoMunicipal rate
(high- 4 (high- 4
grade) grade) Total
15
17
500
Industrial
Railroad
Public
utility
425
25
50
Volume
of
trading^
(in
Manufacturing
Trade,
thoufiTrans- Pubsands
lic nance, Minporta- utilof
Total
and
ing shares)
Du- Non- tion
servity
Total rable duice
rable
Securities and Exchange Commission series
(index, 1939= 100)
265
170
98
72
21
29
31
14
1954 average
1955 average
1956 average
99.51 109.60 125.8
95.97 103.36 123.1
93.04 99.88 116.3
117.2
114.4
109.1
29.69 30.25 23.96 27.57
40.49 42.40 32.94 31.37
46.62 49.80 33.65 32.25
230
305
345
271
374
439
245
352
410
295
394
465
233
320
327
136
153
156
236
297
306
267
313
358
2,270
2,578
2,216
1956—June
July
Aug
Sept
Oct
Nov
Dec
95.03
93.94
91.81
91.43
91.53
90.22
88.74
102.22
100.98
98.38
97.39
97.50
96.35
95.19
119.2
118.6
115.8
113.8
112.8
109.1
108.1
110.5
110.3
108.4
105.8
105.2
103.7
102.8
46.27
48.78
48.49
46.84
46.24
45.76
46.44
49.38
52.27
51.89
50.15
49.52
48.92
49.79
34.22
34.63
33.72
31.98
32.22
31.73
31.75
31.93
33.01
33.39
32.29
31.67
31.82
31.70
341
359
359
345
342
338
344
434
460
460
440
437
431
441
393
421
432
422
422
417
425
471
495
484
457
451
445
457
328
335
329
313
318
311
315
155
159
160
155
152
153
152
300
315
313
302
299
296
287
352
369
373
349
337
355
362
1,771
2,177
1,936
1,959
1,754
2,178
2,443
1957—Jan
Feb
Mar
Apr
May
June
89.96
91.51
90.88
90.45
89.41
87.12
95.14
97.08
96.88
95.45
94.20
91.88
108.6
110.9
110.0
109.8
106.9
103.5
102.8
104.3
104.5
104.3
103.2
101.1
45.43
43.47
44.03
45.05
46.78
47.55
48.43
46.10
46.86
48.06
50.10
51.30
31.36
29.59
29.37
29.78
30.42
30.11
32.32
32.29
32.45
33.03
34.03
33.35
338
325
328
339
352
355
429
409
415
431
450
457
406
386
388
404
419
421
451
431
440
455
480
489
310
292
288
291
297
293
157
157
159
160
163
160
285
278
280
281
286
283
371
346
344
352
380
390
2,189
1,978
1,698
2,300
2,3892,224
Week ending:
June 1
June 8
June 15
June 22
June 29
88.45
88.08
87.83
86.23
86.33
93.60
93.29
92.81
90.62
90.78
105.1
104.2
103.9
103.1
102.8
102.4
101.8
101.0
100.8
100.6
47.00
47.43
47.94
47.72
47.13
50.43
51.02
51.69
51.54
50.95
30.12
29.97
30.29
30.16
30.03
34.07
34.02
33.87
33.16
32.36
355
356
359
351
352
455
457
463
452
455
419
420
427
417
421
488
491
496
484
486
293
292
296
290
294
164
162
162
157
157
288
287
286
279
282
393
402
393
383
380
2,169
2,172
2,646
2,181
1,897
*1 New series.
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
Series composed of fully taxable, marketable 2^i per cent bonds due
or first callable after 12 years through Sept. 30, 1955, and, beginning
Oct. 1, 1955, those due or callable in 10-20 years.
3 The 3*4 per cent bond of 1978-83 and, beginning Feb. 1, 1955, and 3
per4 cent bond of February 1995.
Prices derived from average yields, as computed by Standard and
Poor's
Corporation, on basis of a 4 per cent, 20-year bond.
5
Average daily volume of trading in stocks on the New York Stock
Exchange for a SVi-hour trading day.
STOCK MARKET CREDIT
[In millions of dollars]
Broker and dealer credit1
Customer credit
End of month or last
Wednesday of month
Bank loans to others (than
Net debit balances with
TotalNew York Stock1 Exchange brokers and dealers) for pur- 2
securities
chasing
and carrying securities
firms
other than
U. S. Govt.
obligations Secured by Secured by
(col. 3 +
Other
U. S. Govt.
other
U. S. Govt.
col. 5)
securities
obligations
securities
obligations
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
65
32
780
,048
,239
88
69
51
1,074
1,529
2,246
713
1,019
894
1956—May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
4,047
4,009
4,026
3,979
3,950
3,914
3,946
3,984
38
34
31
33
33
36
32
33
2,810
2,786
2,812
2,785
2,782
2,748
2,784
2,823
40
48
45
41
42
42
43
41
,237
,223
,214
,194
,168
,166
,162
,161
42
39
31
38
42
45
43
46
2,186
2,195
2,211
2,048
2,071
2,086
2,071
2,132
870
836
858
872
866
835
822
880
1957_Jan..
Feb..
Mar.
Apr.
May
3,902
3,846
3,832
3,938
3,924
29
35
28
28
26
2,761
2,729
2,713
2,792
2,794
41
31
27
28
39
,141
,117
,119
1,146
1,130
42
53
47
53
52
1,964
2,004
1,958
2,051
2,063
866
828
820
807
817
1
Ledger balances of member firms of the New York Stock Exchange
carrying margin accounts, as reported to the Exchange. Customers' debit
and free credit balances exclude balances maintained with the reporting
firm by other member firms of national securities exchanges and balances
of the reporting firm and of general partners of the reporting firm. Balances are net for each customer—i. e., all accounts of one customer are
consolidated. Money borrowed includes borrowings from banks and
from other lenders except member firms of national securities exchanges.
Data are as of the end of the month, except money borrowed, which is as
of 2the last Wednesday of the month beginning June 1955.
Data, except as noted below, are for all weekly reporting member
banks, which account for about 70 per cent of all loans to others for purchasing or carrying securities. Figures are for the last Wednesday of the
month. Some loans for purchasing or carrying U. S. Govt. securities are
included in column 5 after 1952; loans for that purpose are shown separately in column 4 for all weekly reporting member banks in 1952 and
for New York and Chicago banks thereafter.
795
SAVINGS INSTITUTIONS
LIFE INSURANCE COMPANIES 1
[Institute of Life Insurance data
In millions of dollars]
Government securities
Date
End of year: 3
1941
1945
Total
assets
U.S.
United State
and Foreign 2
States
local
Mortgages
Total
Bonds
Stocks
Real
estate
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
16,746
15,290
13,459
11,009
10,252
9,829
9,070
8,576
1,995
722
872
1,052
1,152
1,170
1,153
1,298
1,846
2,038
1,517
1,526
1,507
1,581
1,500
1,410
1,346
1,215
20,272
23,124
25,351
28,111
31,515
34,438
37,300
39,545
18,844
21,406
23,248
25,890
29,069
31,865
34,032
35,912
1,428
1,718
2,103
2,221
2,446
2,573
3,268
3,633
10,833
12,906
16,102
19,314
21,251
23,322
25,976
29,445
1,055
1,247
1,445
1,631
1,903
2,020
2,298
2,581
2,057
2,240
2,413
2,590
2,713
2,914
3,127
3,290
2,160
2,245
2,591
2,872
3,088
3,302
3,523
3,742
12,452
12,199
11,757
9,767
9,021
8,545
1,278
1,833
1,998
1,407
1,345
1,214
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
92,478
92,876
93,580
93,992
94,411
94,869
95,274
95,819
11,332
11,280
11,292
11,210
11,253
11,306
11,218
11,005
7,986
7,921
7,886
7,778
7,805
7,850
7,749
7,532
2,140
2,148
2,191
2,206
2,213
2,218
2,229
2,237
1,206
1,211
1,215
1,226
1,235
1,238
1,240
1,236
39,854
39,963
40,297
40,453
40,514
40,626
40,735
40,959
36,880
36,999
37,302
37,455
37,546
37,664
37,765
38,053
2,974
2,964
2,995
2,998
2,968
2,962
2,970
2,906
30,991
31,284
31,612
31,897
32,111
32,399
32,709
33,017
2,646
2,673
2,711
2,727
2,748
2,778
2,813
2,809
3,385
3,409
3,400
3,420
3,440
3,461
3,483
3,503
4,210
4,267
4,268
4,285
4,345
4,299
4,316
4,526
96,316
96,738
97,074
97,488
97,868
11,068
10,890
10,926
10,946
10,895
7,588
7,544
7,427
7,430
7,340
2,244
2,244
2,251
2,264
2,290
1,236
1,102
1,248
1,252
1,265
41,177
41,513
41,579
41,772
41,962
38,256
38,580
38,638
38,821
39,004
2,921
2,933
2,941
2,951
2,958
33,279
33,479
33,672
33,840
34,022
2,841
2,865
2,883
2,907
2,948
3,523
3,547
3,575
3,606
3,633
4,428
4,444
4,439
4,417
4,408
32,731
44,797
6,796
20,583
55,512
59,630
64,020
68,278
73,375
78,533
84,486
90,432
9,478
22,545
19,135
17,868
16,118
13,760
12,905
12,537
12,262
11,829
End of month."*
1953—Dec
1954—Dec
1955—Dec
78,201
84,068
90,267
1956—May
June
July
Aug
Sept
Oct
Nov
Dec
1957_jan
Feb
Mar
Apr
May
1948
1949
1950
1951
1952
1953
1954
1955
Business securities
r
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
3
These represent annual statement asset values, with bonds carried on
an 4amortized basis and stocks at end-of-year market value.
These represent book value of ledger assets. Adjustments for interest
due and accrued and for differences between market and book values
are not made on each item separately, but are included, in total, in "Other
assets."
SAVINGS AND LOAN ASSOCIATIONS i
[Federal Savings and Loan Insurance Corporation data. In millions of dollars]
Liabilities
Assets
End of year or month
Total 2
Mortgages 3
U. S.
Gqvt.
obligations
Borrowings
Cash
Other 4
Savings
capital
FHLB
advances
Other
Reserves
and
undivided
profits
1941
1945
6,049
8,747
4,578
5,376
107
2,420
344
450
775
356
4,878
7,386
218
190
38
146
475
644
1949
1950
1951
1952
1953
1954
1955
1956
14,622
16,893
19,222
22,660
26,733
31,736
37,719
43,098
11,616
13,657
15,564
18,396
21,962
26,194
31,461
35,870
1,462
1,487
1,603
1,787
1,920
2,021
2,342
2,798
880
924
1,066
1,289
1,479
1,980
2,067
2,142
566
733
899
1,108
1,297
1,471
1,791
2,236
12,472
13,992
16,107
19,195
22,846
27,334
32,192
37,302
424
810
801
860
947
864
1,412
1,225
75
90
93
84
80
96
146
130
1,106
1,280
1,453
1,658
1,901
2,191
2,557
2,970
1956—May. .
June..
July...
Aug.. .
40,023
40,622
40,797
41,197
41,574
42,059
42,520
43,098
33,259
33,740
34,134
34,586
34,939
35,305
35,596
35,870
2,684
2,652
2,687
2,726
2,739
2,753
2,781
2,798
1,926
2,047
1,878
1,788
1,745
1,782
1,840
2,142
2,099
2,128
2,044
2,043
2,098
2,166
2,251
2,236
34,137
34,948
35,079
35,366
35,633
36,044
36,438
37,302
1,119
1,170
1,105
1,113
1,139
1,145
1,150
1,225
112
118
124
132
138
128
123
130
43,285
43,684
44,200
44,696
45,352
36,102
36,371
36,734
37,136
37,595
2,946
3,061
3,153
3,181
3,196
1,974
1,935
1,911
1,863
1,901
2,211
2,265
2,351
2,466
2,611
37,638
37,953
38,312
38,625
39,093
1,035
973
958
968
990
107
99
93
96
95
Sept.. .
Oct....
Nov.. .
Dec...
1957—Jan...
Feb..
Mar..
Apr..
May.
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.
2,749
2,970
3
Net of mortgage pledged shares.
4
Includes other loans, stock in the Federal home loan banks and other
investments, real estate owned and sold on contract, and office building
and fixtures.
NOTE.—Data for 1956 and for all months are preliminary.
796
FEDERAL BUSINESS-TYPE ACTIVITIES
SELECTED ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES
[Based on compilation by Treasury Department. In millions of dollars]
End of year
End of quarter
1956
Asset or liability, and activity 1
1950
19512
19522
19532
1954
1957
1955
2*
Loans, by purpose and agency:
To aid agriculture, total
Banks for cooperatives
Federal intermediate credit banks...
Farmers Home Administration
Rural Electrification Administration.
Commodity Credit Corporation
Other agencies
3,884
345
510
535
1,543
898
52
4,161
425
633
539
1,742
782
40
5,070
424
673
596
1,920
1,426
31
1,528
1,347
181
2,142
1,850
292
2,603 2,930
2,242 2,462
' 300
362
168
k
2,907
2,461
383
63
To industry, total
Treasury Department...
Commerce Department.
Other agencies
568
589
598
568
589
598
588
174
\ 413
431
353
79
To financing institutions
824
814
864
952
870
To aid States, territories, etc., total
Public Housing Administration
Other agencies
468
351
117
744
589
155
1,020
894
126
645
500
145
272
112
160
6,078
2,226
3,750
6,110
2,296
3,750
7,736
2,496
3,667
71,515
64
58
8,043
2,833
3,620
1,537
53
8,001
2,806
3,570
1,624
1
119
29
90
166
127
39
To aid home owners, total
Federal National Mortgage Association.
Veterans Administration
Other agencies
Foreign, total
Export-Import Bank
Treasury Department 6
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 securities*
\
6,811
377
590
648
2,096
3,076
23
7,377 16,757
355
349
765
898
764
3778
2,379 2,413
3,114 2,319
(5)
(5)
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)
3,205
2,641
480
84
3,230
2,683
424
124
3,299
2,729
433
137
3,391
2,807
447
138
3,680
3,072
464
145
4,076
3,433
488
155
678
306
593
330
193
70
627
323
221
83
624
216
216
192
619
209
219
191
629
209
228
192
6,929 6,715
375
367
689
638
681
701
2,226 2,348
2,981 2,621
1
18
r 26i
I 112
102
63
"*63
55
(5)
34
75
5
69
4*
1,143
1,178
1,147
1,233
966
1,419
245
90
155
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
156
108
48
176
122
55
193
137
56
256
209
47
213
156
57
240
184
56
-185 -173
-327
-268
-263 3 -592 -656
-309
-203
-140
-228
13,228 14,422 17,826 19,883 19,348 20,238 20,580 19,844 20,331 20,657 21,353
3,677
1,082
248
390
1,793
164
3,385
252
3,719
1,083
256
405
1,810
166
3,385
253
3,720
1,054
248
422
1,812
183
3,385
283
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
1,774
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
567 6,332 6,418 6,517 6,654
609
215
193
188
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
,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
110
Banks for cooperatives
520
Federal intermediate credit banks
560
Federal home loan banks
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.
2
3
3,739
1,018
256
458
1,825
181
3,385
284
3,923
1,095
265
479
1,898
186
3,385
344
9,682 10,028
4,612 4,549
400
398
1,723
1,712
311
285
278
306
309
1,302
1,199
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
2,607
152
857
928
670
2,711
257
721
963
770
2,975
231
803
720
1,220
2,742
188
865
918
770
Coverage changed from preceding period (see also NOTE).
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.
5 Less than $500,000.
6 Figures represent largely the Treasury loan to the United Kingdom,
and through 1952 are based in part on information not shown in Treasury
compilation.
7 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
this9 item as an interagency asset.
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).
797
FEDERAL BUSINESS-TYPE ACTIVITIES
PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE
[Based on compilation by Treasury Department.
ACTIVITIES
In millions of dollars]
Liabilities, other than
interagency items 1
Assets, other than interagency items1
Bonds, notes,
PriU. S. vately
and debenLand,
Govt. owned
tures payable
Loans InstrucinterOther
interretures, Other
venliabil- est
est
ceiv- tories
and
Public
ities
Guarable
equipdebt Other
anteed Other
secument
secu- rities
by
rities
U.S.
Investments
Date, and fund or activity
Total
Cash
All activities
1951—Dec.
1952—Dec.
1953—Dec.
1954_Dec.
1955—Dec.
312
312
312
31
31
1956—Mar. 31
June 30*
Sept. 30
Dec. 31*
1957—Mar. 31
26,744
931 14,422 1,461 2,226
944 17,826 1,280 2,421
29,945
38,93
1,190 19,883 2,514 2,602
41,403 1,371 19,348 3,852 2,967
45,304 1,338 20,238 4,356 3,236
3,463
3,429
3,425
3,432
3,414
3,731 20,580 14,119
4,457 19,844
,
20
5,144 20,331 20J949
4,996 20,657 21
21,375
4,441 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
58,485
66,797
69,143
69,653
69,895
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
4,685
5,226
5,303
5,232
5,272
1,369
1,330
1,182
1,068
2,379
1,161 23,842
1,728
,728 "
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
3,730 51 ,635
3,238 60 ,224
3,145 62,507
3,659
,516
3,713 62 ,364
651
677
693
699
775
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
11
186
6,543
140
3
1
39
68
570 1,842 17,831
10
10
186
456
6
2
1,112 5,431
138
2
34
3
147
169
38 2,518 3,362
86
47
26
9
371
780
2,431
74^
119
64
20
1 2,402
175
397
Federal Savings and Loan Insurance Corporation...
276
Small Business Administration
17:
Export-Import Bank
2,733
Tennessee Valley Authority
2,019
Panama Canal Company
456
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
110
32
236
488
39
'225
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
29,996 1,358 9,066 5,971
59
1
408
665
8,049
82 5,929
28
5
393
8,242
3,342
1,137
302
149 3,294 1,403
765
2,767
2,054
0,215
5,115
232
623
121
103 2,538
3 2,035
3,505
283
"302
1
76
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
419
2 (5)
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
992
51
845
11
5
479
()
144
265
()
()
39
7
4
1,751
396
2
71
9
590
129
677
1
9
7
6
156
279
27
31
67
570
34
337
570
143
31 1,830
741
11
1
19
119
21
1
115
30
39
21
57
262
14
171
31 2,701
32 1,986
432
24
721
11
886
16
377
3
659
364
209
6
149
10
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
246
3,563 6,379 3,652
70
277
158
1,214
42
317
192 29,804
398
9
12 8,036
388
21
127
16
3,563
103,146
4,470
25
100
47
754
2,766
2,054
10,215
133 4,982
211
5
(V
97
3,036
43
1,898
1,095
37
10
19
951
231
720
1,453
650
805
106
100
6
835 2,007
238
3
151 1,769
681
737
30
502
357
145
H38
U21
42
19
13
10
707
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
io 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
1
201 8,331
6
1
2,571
14
354
2|
137 2,887
ll Figure represents total trust interest.
For other footnotes, see opposite page.
15
219
30
798
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
Payments to the public,
other than debt
Receipts from the public,
other than debt
Period
Excess
of rects.
from,
or
Equals: payts.
Less:
Total to ( - ) ,
Adjust- payts.
the
ments 3 to the
public
public
Net
Budget
rects.
Plus:
Trust
fund
rects.
Less:
IntraGovt.
trans. 1
Equals:
Total
rects.
from
the
public 2
Budget
expenditures
Plus:
Trust
fund
expenditures
Cal. year—1955.
1956.
63,358
70,994
10,624
12,398
2,511
3,027
71,448
80,330
66,129
67,216
9,331
10,342
3,282
2,751
72,178
74,805
Fiscal year—1953
64,825
64,655
60,390
68,165
8,929
9,155
9,536
11,685
2,199
2,110
2,061
2,743
71,499
71,627
67,836
77,084
74,274
67,772
64,570
66,540
5,288
7,204
8,546
9,436
2,790
3,117
2,578
3,362
76,773
71,860
70,538
72,613
Semiannual totals:
1954—July-Dec
1955—Jan.-June
July-Dec
1956—Jan.-June
July-Dec
22,272
38,118
25,240
42,925
28,069
4,368
5,168
5,456
6,229
6,169
839
1,222
1,289
1,454
1,573
25,785
42,051
29,397
47,687
32,643
31,566
33,004
33,125
33,415
33,801
3,611
4,935
4,396
5,040
5,302
392
2,186
1,096
2,266
485
Monthly:
1956—May
June
July
Aug
Sept
Oct
Nov
Dec
5,050
11,601
3,485
4,954
6,218
3,184
4,818
5,412
1,605
1,617
1,112
1,419
753
660
1,231
994
70
1,049
631
83
78
93
71
617
6,581
12,167
3,964
6,286
6,889
3,747
5,972
5,785
5,467
6,937
5,542
5,902
4,918
5,995
5,726
5,718
669
830
1,029
801
846
959
857
809
4,809
6,188
10,737
4,256
5,282
650
1,458
1,068
1,083
2,121
106
80
96
90
94
5,349
7,564
11,704
5,244
7,303
6,095
5,743
5,584
5,987
5,944
1,112
1,095
1,342
1,491
1954
1955
1956
1957—Jan
Feb
Mar
Apr
May?
1,344
Net Federal cash borrowing or
repayt. (—) of borrowing
Increase,
or decrease
Less:
Net
inv. by
Govt.
debt
(direct agen. &
& agen.) tr. funds
Other
noncash
debt 4
Equals:
Net
cash
borrowing or
3,484
-729
5,525 -3,561
2,476
2,481
566
-136
448
-5,910
-5,274
-232
-2,702
4,471
6,940
5,186
3,986
-578
3,300
2,055
1,533
3,166
722
618
644
623
2,919
2,512
1,809
-4,366
34,786
35,752
36,426
36,187
38,618
-9,001
6,299
-7,028
11,499
-5,974
7,521
-3,535
7,019
-7,597
4,036
388
1,145
1,331
1,835
646
447
197
369
254
-390
6,684
-4,875
5,323
-9,689
3,779
132
703
676
17
65
285
227
-785
6,004
7,064
5,895
6,686
5,699
6,671
6,355
7,312
577
5,103
-1,931
-400
1,191
-2,924
-383
-1,527
1,036
-3,890
-93
2,982
-1,126
1,017
1,661
-405
1,032
916
312
645
-214
-266
292
-123
110
57
33
-35
33
43
37
-501
-106
-4,863
-439
2,372
-946
1,111
-250
296
258
343
6,096
7,088
6,630
-747
476
5,073
-1,976
358
-195
142
-1,160
-813
1,432
-126
209
108
-469
1,241
367
-103
-126
-174
257
7,220
6,945
1,240
1,333
219
-435
37
-1,142
-170
-66
Effects of operations on Treasurer's account
Operating transactions
Period
Net
market
issuance
Net
Budget
surplus
or
deficit
Trust
fund
accumulation
or
deficit
Reconciliation
to Treas.
cash
-9,449
-3,117
-4,180
1,626
3,641
1,951
991
2,250
-250
-46
-29
320
-59
-14
602
Semiannual totals:
1954—July-Dec
1955—Jan.-June
July-Dec
1956—Jan.-June
July-Dec
-9,294
5,114
-7,885
9,511
-5,732
757
234
1,060
1,190
866
Monthly:
1956—May
June
July
Aug
Sept
Oct
Nov
Dec
-417
4,664
-2,057
-948
1,300
-2,812
-908
-307
1957_jan
Feb
Mar
Apr
May
-1,286
446
5,153
-1,731
-662
Fiscal year—1953
1954
1955
1956
v
1
(+)of
Govt.
agency
obligations 5
Increase,
or
decrease
Held
( - ) , in
outside
gross
Treasury
direct
public
debt
Net
inv. ( - )
in Fed.
sec. by
Govt.
agency
& trust
funds 5
Account of Treasurer of United
States (end of period)
Deposits in
Treasurer's
account
Balance
F. R.
Banks
(available
funds)
Treasury
Tax and
Loan
Accts.
Other
net
assets
173
-3,147
-1,609
-1,362
-2,617
6,966
5,189
3,115
-1,623
257
-312
-202
-2,299
2,096
-551
331
4,670
6,766
6,216
6,546
132
875
380
522
3,071
4,836
4,365
4,633
,467
,055
,471
,391
-689
660
92
228
-483
-152
754
-139
312
-5
-412
-950
-1,217
-1,400
-697
7,490
-4,375
6,394
-8,017
3,877
-712
400
-24
-178
-55
-1,587
1,036
-1,671
2,002
-2,119
5,180
6,216
4,545
6,546
4,427
563
380
397
522
441
3,461
4,365
3,036
4,633
2,924
,156
,471
,112
,391
,062
-49
-349
-34
-21
145
173
129
-875
48
'-958
-934
-277
-703
214
282
-305
91
941
787
83
617
-94
-299
374
185
-3,978
-105
2,919
-1,304
1,022
1,734
-389
-73
-45
-44
-1
62
-119
45
548
287
-2,369
2,019
249
-1,741
1,074
-1,350
6,259
6,546
4,178
6,197
6,445
4,704
5,778
4,427
515
522
513
422
535
495
463
441
4,593
4,633
2,451
4,644
4,628
2,937
4,159
2,924
,151
,391
,214
,131
,282
,272
,156
,062
-462
363
-274
-408
777
390
-200
275
333
59
374
-169
-245
402
-1,255
-399
40
-1,271
-991
1,226
-17
-69
112
1
-11
-1,162
584
3,824
-2,142
308
3,265
3,849
7,673
5,532
5,840
715
458
591
509
568
1,161
2,027
5,912
3,516
4,318
,389
,364
1,170
1,507
954
51
22
111
-14
-45
-70
-11
205
35
298
253
153
r
Preliminary.
Revised.
Consist prinru
rimarily of interest payments by Treasury to trust accounts
and to Treasury by Govt. agencies, transfers to trust accounts representing
Budget expenditures, and payroll deductions for Federal employees retirement
funds.
2
Small adjustments to arrive at this total are not shown separately.
3
Consist primarily of (1) intra-Governmental transactions as described
in footnote 1, (2) net accruals over payments of interest on savings bonds
Cash balances:
inc., or dec. (—)
Financing transactions
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 footnote 3.
5
Excludes net transactions of Govt. sponsored enterprises, which are
included in the corresponding columns above.
799
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:
Old- High- R.re-R.
age
way
trust
trust tirefund 3 fund ment
acct.
Refunds
of
receipts
Income and
profits taxes
Total
Budget
receipts
Individual
With- Other 1
held 1
Fiscal year—1953
1954
1955
1956
64,825
64,655
60,390
68,165
4,086
4,537
5,040
6,337
6?0
603
599
634
3,118
3,377
3,426
3,684
72,649
73,173
69,454
78,820
21,351
21,635
21,254
24,012
Semiannual totals:
1954—July-Dec
1955—Jan.-June
July-Dec
1956—Jan.-June
July-Dec
22,272
38,118
25,240
42,925
28,069
2,305
2,735
2,927
3,410
2,559
322
?77
318
316
312
339
3,087
496
3,188
463
25,239
44,215
28,981
49,839
32,045
10,230
11,024
11,312
12,700
13,020
5,050
11,601
3 485
4,954
6,218
3,184
4,818
5,412
973
549
295
799
397
182
587
299
993 7,107
395 12,598
124 3 927
115 5,959
79 6,897
95 3,660
62 5,705
- 1 2 5,898
4,809
6,188
10,737
4 256
5,282
255
3807
Monthly:
1956—May
June
July
Aug
Sept
Oct
Nov
Dec .
1957—Jan
Feb
Mar
Apr
Mav
632
617
1,229
643
91
54
23
10
150
175
164
144
81
25
74
55
141
205
120
121109
21
83
50
83
52
203
5,279
7,486
12,145
1,130 6,142
1,057 7,759
606
11,417
10,747
10,396
11,322
EmExploycise
ment
Corpo- taxes 1 taxes 2
ration 1
21 595 9,934
21,523 10,014
18,265 9,211
21,299 10,004
Other
receipts
Liquor
Mfrs.'
Torebacco and
tailers'
4,983
5,425
6,220
7,296
3,369
3,829
4,108
4,887
2 781
2,798
2,743
2,921
1,655
1,581
1,571
1,613
3,359
3,127
3,177
3,778
767
805
792
821
817
1,480
1,694
1,890
1,888
1,876
2,323 3,767
8,073 14,498
2,699 4,109
8,623 17,190
3,004 5,553
4,527
4,684
5,052
4,952
5,325
2,668
3,552
3,283
4,013
2,876
1,724
2,384
2,526
2,361
2,267
1,453
1,290
1,524
1,397
1,648
3,356
1,969
988
3,415
1,935
1,282
3,333
2,067
865
1,487
457
125
1,752
244
103
324
492
7,195
837
352
1,709
451
380
1,825
877
855
827
910
805
1,033
936
815
1,067
604
320
881
451
207
662
355
450
488
498
276
245
443
291
512
256
264
236
245
255
354
325
233
1,025
3,838
2,083
2,101
871
461
445
7,327
520
298
692
633
897
520
502
856
874
931
812
965
316
1,160
785
327
531
391
186
197
231
214
n.a.
819
3,690
2,827
1,314
149
143 \ n.a.
127
890
157
128
155
986
142
108
151
132
138
133
n.a.
1.119
n.a.
Budget expenditures'*
Major national security
Period
Total
Totals
Intl.
affairs
and
Defense Mutual
Dept., security, Atomic finance
military military energy
Agriculture
Veterans'
and
NatComGenInterserv- Labor
agriural
merce
eral
culreand
est ices and and
governbene- welfare tural sources housing ment
fits
resources
Fiscal year:
1953
1954
1955
19566
74 274
67,772
64,570
66,540
50,363
46,904
40,626
40,641
43, 611
40, 335
35, 533
35, 791
3,954
3,629
2,292
2,611
1 ,791
1 ,895
1,857
1,651
2,216
1,732
2,181
1,846
6,583
6,470
6,438
6,846
4 298
4,256
4,457
4,756
2,426
2,485
2,552
2,776
2 936
2,557
4,411
4,913
1 476
1,315
1,202
1,104
2 502
814
1,502
2,028
1 474
1,239
1,201
1,629
Semiannual totals: 6
1955—July-Dec
1956—Jan -June
July-Dec
33,125
33,415
33,801
19,994
20,647
20,595
17, 917
17, 873
18, 547
956
1,654
914
797
854
930
639
1,107
933
3,349
3,497
3,587
2,330
2,438
2,291
1,348
1,380
1,421
2 775
2,234
2,183
614
502
736
1,137
924
879
940
691
1,181
5,399
5 387
5,467
6,937
5,542
5,902
4,918
5,995
5,726
5,718
3,284
3,232
3,434
4,478
2,945
3,608
3,152
3,750
3,564
3,576
805
2 860
2* 9??
3, 534
2, 473
299
195
306
754
146
145
152
138
167
153
202
195
121
193
158
157
566
572
565
607
168
226
197
311
631
573
574
589
400
405
431
403
361
369
353
396
221
263
219
314
438
502
288
452
222
554
187
466
85
69
87
96
78
110
108
159
184
113
145
263
302
129
58
35
106
115
120
136
652
99
117
109
101
160
172
132
207
319
175
153
585
407
103
6,095
5 743
5,584
3,741
3,576
3,700
3 335
177
18?
3
3 , 224
136
261
150
169
Monthly: 6
1956—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1957__Jan
Feb
Mar
3,
2, 868
3, 400
3,
3, 295
298
156
96
160
n.a.
Not available.
1
Corporation and estate and gift taxes are from Internal Revenue
Service reports prior to July 1953. Excise taxes and n on withheld individual taxes for that period are obtained by subtracting Internal Revenue
Service
data from appropriate monthly Treasury statement totals.
2
Represents the sum of taxes for old-age insurance, railroad retirement, and unemployment insurance.
3 Beginning February 1957, includes transfers to Federal disability
insurance trust fund.
140
164
149
164
102
435
213
197
106
142
102
410
330
551
87
85
100
407
414
236
209
312
397
94
85
268
-19
98
81
635
405
121
655
143
131
592
606
4 For more details, see the 1958 Budget of the United States, pp. 1076-84
and 1149-50.
5 Includes stockpiling and defense production expansion not shown
separately.
6
Monthly figures prior to May 1956 are not fully comparable with
subsequent months nor with the fiscal year totals. (For description see
Treasury Bulletin, table 3 of section on Budget receipts and expenditures).
800
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
1941 Dec
1945—Dec
1947 Dec
1950—Dec
1951—Dec
1952 Dec
1953—Dec
1954 Dec
1955—Dec
1956
June
July
Au2
Sept
Oct
Nov
Dec
1957 Jan
Feb
Mar
Apr
May
June
. ..
Total
gross
debt*
Total
gross
direct2
debt
Nonmarkete ible
Marketable
Bonds
Total
Bills
Certificates of
indebtedness
Notes
Total
Bank
eligible 4
Bank
restricted
Convertible
bonds
Totals
Savings
bonds
Tax
and
savings
notes
6.1
48.2
52.1
58.0
57.6
57.9
57.7
57.7
57.9
2.5
8.2
5.4
8.6
7.5
5.8
6.0
4.5
(6)
Special
issues
7.0
20.0
29.0
33.7
35.9
39.2
41.2
42.6
43.9
64.3
278.7
257.0
256.7
259.5
267.4
275.2
278.8
280.8
57.9
278.1
256.9
256.7
259.4
267.4
275.2
278.8
280.8
50.5
255.7
225.3
220.6
221.2
226.1
231.7
233.2
233.9
41.6
198.8
165.8
152.5
142.7
148.6
154.6
157.8
163.3
2.0
17.0 " 3 8 ! i "
15.1
21.2
13.6
5.4
18.1
29.1
21.7
16.7
19.5
26.4
19.5
28.5
15.7
22.3
6.0
23.0
11.4
39.3
18.4
30.3
31.4
28.0
43.3
33.6
68.4 * *52!i*"
68.4
49.6
44.6
49.6
41.0
36.0
58.9
21.0
63.9
13.4
76.1
5.7
81.9
12.1
12.5
12.0
11.8
11.4
8.9
56.9
59.5
68 1
66.4
65.0
65.1
63.6
59.2
272.8
272.7
275.6
274.3
275.4
277.1
276.7
272 8
272.6
275.6
274.3
275.3
277.0
276.6
224 8
224.6
226.9
225.8
227.2
228 7
228.6
155.0
155.0
157.3
156.4
158.0
159.8
160.4
20.8
20.8
20.8
20.8
22.4
24.2
25.2
16 3
16.3
19.5
19.5
19.5
19.5
19.0
36 0
36.0
35.1
35.2
35.2
35.2
35.3
81.9
81.9
81.9
80.9
80.9
80.9
80.9
11 1
11.1
11.0
11.0
10.9
10.9
10.8
58 7
58.6
58.6
58.5
58.3
58 1
57.4
57.5
57.4
57.3
57.3
57.1
56.9
56.3
45.1
45.4
46.1
45.8
45.5
45.7
45.6
276.3
276.4
275.1
274.1
275.3
270.6
276.2
276.3
275.0
274.0
275.2
270.5
228.4
228 4
227.2
226.9
226.9
221.7
160.5
160.9
159.9
160.0
160.3
155.7
25.3
25.9
25.3
25.3
26.8
23.4
19.0
20.2
19.4
19.4
21.8
20.5
35.3
33 9
34.4
34.4
30.9
31.0
80.9
80.9
80.9
80.9
80.8
80.8
10.7
10 6
10.5
10.4
10.3
10.3
57.2
57 0
56.7
56.5
56.3
55.7
56.0
55.8
55.6
55.4
55.2
54.6
45.3
45.5
45.6
45.2
46.1
46.8
1
Includes some debt not subject to statutory debt limitation (amounting
to $446 million on June 30, 1957) and fully guaranteed securities, not
shown
separately.
2
Includes noninterest-bearing debt, not shown separately.
3 Includes amounts held by Govt. agencies and trust funds, which
aggregated $8,732 million on May 31, 1957.
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]
End of
month
1941—Dec
1945—Dec .
1947_Dec
1950—Dec
1951—Dec
1952—Dec
1953 Dec
1954—June
Dec
1955__jUne
Dec
1956 Apr
M^ay
June
July
Aus
Sept
Oct
Nov
Dec
1957_j an
Feb
Mar
Apr
Total
gross
debt
(including guaranteed
securities)
Held by
U. S. Govt.
agencies and
trust funds1
Special
issues
Public
issues
64.3
278.7
257.0
256.7
259.5
267.4
275.2
271.3
278.8
274.4
280.8
7.0
20.0
29.0
33.7
35.9
39.2
41.2
42.2
42 6
43.3
43.9
2.6
7.0
5.4
5.5
6.4
6.7
7.1
7.1
7.0
275.8
276.8
272.8
272.7
275.6
274.3
275.4
277.1
276.7
43.4
44.3
45.1
45.4
46.1
45.8
45.5
45.7
45.6
8.2
8.2
276.3
276.4
275.1
274.1
45.3
45.5
45 6
45.2
8.6
7.3
7.8
8.4
8.4
8.4
8.3
8.4
8.5
8.4
8.6
8.6
8.5
Held by the public
Total
Federal
Reserve
Banks
Commercial
banks2
Mutual
savings
banks
54.7
251.6
222.6
217.5
217.2
221.6
226.9
222.0
229.2
223.9
229.1
2.3
24.3
22.6
20.8
23.8
24.7
25.9
25.0
24.9
23.6
24.8
21.4
90.8
68.7
61.8
61.6
63.4
63.7
63.6
69.2
63.5
62.0
3.7
10.7
12.0
10.9
9.8
9.5
9.2
9.1
8.8
224.3
224.3
219.3
218.9
221.2
220.2
221.5
222.9
222.7
23.3
23.5
23.8
23.4
23.9
23.7
23.8
24.4
24.9
58.5
57.8
57.1
56.5
57.6
57.6
58.0
58.7
59.4
8.5
8.4
222.4
222.3
221.0
220.4
23.4
22.9
23.1
23.2
58.5
57.8
58.2
58.1
8.1
1 Includes the Postal Savings System.
2
Includes holdings by banks in territories and insular possessions,
which amounted to about $250 million on June 30, 1956.
8.7
8.5
8.4
8.4
8.3
8.3
8.1
8.1
8.0
8.1
8.1
8.0
Other
corporations
State
Individuals
companies
local
govts.
Savings
Other
bonds securities
8.2
24.0
23.9
18.7
16.5
16.1
15.8
15.3
15.0
14.8
14.3
4.0
22.2
14.1
19.7
20.7
19.9
21.6
16.9
19.8
19.3
24.0
.7
6.5
7.3
8.8
9.6
11.1
12.7
13.9
14.4
14.7
15.1
5.4
42.9
46.2
49.6
49.1
49.2
49.4
49.5
50.0
50.2
50.2
8.2
21.2
19.4
16.7
15.5
16.0
15.4
15.0
13 1
14.6
14.7
.9
9 1
8.4
10 5
10.6
11 7
13.2
13.7
13 9
14 4
15.6
13.6
13.5
13.3
13.3
13.1
13.1
13.2
13.1
12.8
21.1
21.5
18.0
18.3
19.1
18.0
19.0
19.8
19.2
15.7
15.8
15.7
15.8
15.8
15.8
15.8
15.8
15.7
50.4
50 4
50.3
50.3
50 3
50.2
50.2
50.1
50.1
16.6
16 7
16.6
16.8
16 9
17.1
17.0
16 9
16.5
16.5
16 6
16 2
16.2
16 3
16 3
16.3
16 2
16 0
12.9
12.8
12.6
12.5
21.1
22.4
19.9
19.8
15.8
15.8
16.0
16.2
49.9
49.7
49 6
49.4
16.6
16.6
17 2
17.3
16 3
16.2
16 3
16.0
Insur-
Misc.
mvestors3
3 Includes savings and loan associations, dealers and brokers, foreign
accounts, corporate pension funds, and nonprofit institutions.
NOTE.—Reported data for Federal Reserve Banks and U. S. Govt.
agencies and trust funds; Treasury Department estimates for other groups.
801
FEDERAL FINANCE
UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, JUNE 30, 19571
[On basis of daily statements of United States Treasury. In millions of dollars]
Issue and coupon rate
Treasury bills2
July 5, 1957
July 11, 1957
July 18, 1957
July 25, 1957
Aug. 1,1957
Aug. 8, 1957
Aug. 15, 1957
Aug. 22, 1957
Aug. 29, 1957
Sept. 5, 1957
Sept. 12, 1957
Sept. 19, 1957
Sept. 23, 1957
Sept. 26, 1957
Amount
Issue and coupon rate
Certificates
,604
Oct. 1,1957
,611
Feb. 14.1958
,600
Apr. 15, 1958
,600
,702 Treasury notes
,699
Aug. 1,1957
,700
Aug. 15, 1957
,800
Oct. 1,1957
,801
Apr. 1,1958
,800
June 15, 1958
,800
Oct. 1,1958
,600
Feb. 15, 1959
,501
Apr. 1,1959
,602
Oct. 1,1959
Apr. 1,1960
May 15, 1960
Oct. 1,1960
Amount
Issue and coupon rate
Amount
Treasury notes—Coat.
Apr. 1,1961
\Vi
Oct. 1,1961
1V4
Feb. 15, 1962
3%
Apr. 1,1962
\Vi
144
332
647
80
3V4
3V*
3i/2
7,271
10,851
2,351
2Y4
2
li/i
V/i
2%
1V4
1%
V/i
\Vi
1 Vi
3%
1%
12,056 Treasury bonds
3,792
Mar. 15, 1956-58 3.. 2V>
824
Sept. 15, 1956-59 3.. 21
Mar. 15, 1957-593.. 2\
383
June 15, 1 9 5 8 . . . . . . 2 \
4,392
121
June 15, 1958-63 *.. 2%
5,1.02
Dec. 15, 1958
2*'
119
June 15, 1959-62... 2>
99
Dec. 15, 1959-62... 2*
198
Nov. 15, 1960
2\
2,406
Dec. 15, 1960-654.. V
Sept. 15, 1961
2YA
278
Nov. 15, 1961
2V
1 Direct public issues.
Sold on discount basis. See table on Money Market Rates, p. 793.
2
Issue and coupon rate
Treasury bonds—Cont.
Aug. 15, 1963
21/
June 15, 1962-67... 21/
Dec. 15, 1963-68.
June 15, 1964-69.
Dec. 15, 1964-69.
Mar. 15, 1965-70.,
Mar. 15, 1966-71.,
June 15, 1967-72.,
Sept. 15, 1967-72.
Dec. 15, 1967-72.
June 15, 1978-83.
Feb. 15, 1995
.3
1,449
3,819
927
4,245
919
2,368
5,271
3,460 Panama Canal Loan
3
3,806
1,485 Convertible bonds
2,239
Investment Series B
11,177
Apr. 1, 1975-80... 2V4
Amount
6,755
2,114
2,823
3,749
3,824
4,709
2,954
1,860
2,716
3,772
1,605
2,744
50
10,280
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 i
[On basis of Treasury Survey data. Par value in millions of dollars]
Marketable and convertible securities, by type
Marketable securities, by maturity class
Total
Bills
Certificates
Notes
Market- Conable
vertible
bonds2 bonds
162,216
166,882
166,050
171,137
170,430
170,417
19,515
19,514
20,808
25,179
25,262
25,277
18,405
13,836
16,303
19,023
19,433
19,434
31,960
40,729
35,952
35,294
34,367
34,407
80,474
81,128
81,890
80,878
80,861
80,852
6,985
7,162
8,236
8.242
8,390
8,346
46
40
273
142
185
140
41
8
355
353
388
380
64
119
688
842
1,000
1,013
3,395
3,556
3,575
3,669
3,651
3,657
Federal Reserve Banks:
1954—June 30
1955—June 30
1956—June 30
Dec. 31
1957—Mar. 31
Apr. 30
25,037
23,607
23,758
24,915
23,149
23,169
2,316
886
855
1,918
319
434
6,600
8,274
10,944
10,975
11,418
11,362
13,029
11,646
9,157
9,219
8,606
8,571
3,093
2,802
2,802
2,802
2,806
2,802
Commercial banks:
1 9 5 4 _ j u n e 30
1955—June 30
1956—June 30
Dec. 31
1957—Mar. 31
Apr. 30
56,199
55,667
49,673
51,466
50,547
50,453
4,187
2,721
181
934
944
3,200
4,942
1,455
1,004
1,600
3,027
2,701
11,423
15,385
11.620
10I714
10,559
10,553
35,481
35,942
34,712
34,071
33,873
33,855
8,353
8,069
7,735
7,431
7,552
7,472
98
84
107
131
217
168
101
53
37
24
97
89
221
289
356
312
367
386
13,520
13,117
11,702
11,331
11,163
11,160
622
630
318
349
367
406
209
74
44
66
92
101
52,121
59;260
64,947
67,752
69,629
69,732
12,248
15,153
17,074
17,705
21,230
20,929
6,511
3,973
3,919
6,004
4,411
4,801
Type of holder and date
All holders:
1954—June
1955__june
1956—June
Dec.
1957—Mar.
Apr.
30
30
30
31
31
30
U. S. Govt. agencies and trust funds:
1954—June 30
1955—June 30
1956—June 30
Dec. 31
1957_Mar. 31
Apr. 30
Mutual savings banks:
1954—June 30
1955—June 30
1956—June 30
Dec. 31
1957—Mar. 31
Apr. 30
Insurance companies:
1954—June 30
1955—June 30
1956—June 30
Dec. 31
1957—Mar. 31
Apr. 30
Other investors:
1954—June 30
1955—June 30
1956—June 30
Dec. 31
1957—Mar. 31
Apr. 30
s...
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
Over 10
years
11,861
11,676
11,098
10,763
10,507
10,448
150,354
155,206
154,953
160,374
159,924
159,969
60,123
49,703
58,714
68,557
66,981
67,369
27,965
38,188
31,997
41,021
42,163
41,829
30,542
33,687
31,312
17,893
17,891
17,890
31,725
33,628
32.930
32,904
32,889
32,881
3,439
3,439
3,345
3,236
3,166
3,156
3,546
3,723
4,891
5,006
5,224
5,189
107
74
927
928
940
830
205
199
500
708
908
979
494
506
434
317
321
319
2,740
2,944
3.030
3.053
3,055
3,062
25,037
23,607
23,758
24,915
23,149
23,169
16,280
17,405
20,242
22,113
20,341
20,380
6,307
3.773
1,087
373
380
361
1,035
1.014
1,014
1,014
1,014
1,014
1,415
1,415
1,415
1,415
1,415
1,415
165
164
155
147
144
144
56,034
55,503
49,517
51,319
50,403
50,309
17,684
7,187
7,433
11,635
10,376
10,495
14,624
21,712
18,234
24,528
24,768
24,584
18,741
21,110
19,132
10,242
10,325
10,242
4,985
5,494
4.719
4,914
4,934
4,987
6,669
6,422
6,074
5,849
5,763
5,726
1,265
1,222
1,161
1,115
1,108
1,104
7,089
6,848
6,574
6,316
6,444
6,368
294
164
247
241
402
357
476
533
540
1,057
1,075
1,061
1,389
1,405
1,319
659
650
639
4,930
4,746
4.468
4,358
4,317
4,311
691
789
760
781
741
736
8,805
8,479
7,789
7,464
7,372
7,350
3,193
3,145
2.791
2,671
2,591
2,567
10,327
9,972
8,911
8,660
8,572
8,593
1,190
810
632
726
709
763
1,045
1,339
1,192
1,749
1,740
1,724
2,171
2,027
1,802
1,136
1,121
1,111
5,921
5,796
5.285
5.049
5,003
4,994
6,531
12.502
13,371
13,426
13,094
13,148
23,032
23.927
26,896
27,024
27,396
27,463
3,800
3,706
3,646
3,593
3,497
3,391
48,322
55,554
61,301
64,159
66,131
66,341
24,568
24,062
29.233
32,914
34,212
34,544
5,308
10,633
10,443
12,605
13,292
13,120
6,711
7,626
7,612
4,525
4,461
4,566
11,734
13,233
14,013
14,114
14,166
14,111
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.
802
SECURITY ISSUES
NEW SECURITY ISSUES 1
[Securities and Exchange Commission estimates. In millions of dollars]
Proposed uses of net proceeds,
all corporate issuers6
Gross proceeds , all issuers2
Corporate
Noncorporate
Year or
month
. . . .
1949
1950
1951
1952
1953
1954
1955
1956
1956 May
June
July
Sent . .
Oct
Nov
Dec . . .
.
1957 Jan . .
Feb
Mar
Apr
May
Bonds
FedU. S.
eral 4
Govt. 3 agency
State
and
mu- Others Total
nicipal
5,687
15,157
54,712
332
11 466
47 353
506
1,128
956
795
50
30
47
21,110
19 893
21,265
26 929
28,824
29,765
26 772
22,405
11 804
9 687
216
30
9 778
P 577
957
110
459
106
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
491
736
379
213
336
646
311
427
1
98
3
40
1 180
893
1,106
977
661
901
270
588
58
r
5
23
693
890
773
250
514
315
179
401
302
167
170
1,123
1,114
551
681
485
451
915
685
569
503
r
763
502
84
53
32
123
49
1,094
916
761
1,116
1,386 1,072
641
514
643
385
437
276
248
Total
1939
1941
1945
New capital
n
12 532
9 628
5 517
13
38
458
746
169
2 123
2,164
1,972
1,493
1 581
1,892
1 829
1 955
451
436
355
414
389
390
109
2 432
2,123
3 248
r
2,323
1,712
496
386
1 327
390
394
72
437
484
125
(9)
Retirement
of
securities
Miscellaneous
purposes
Retirement
of
bank
debt,
etc. 8
133
26
28
69
144
134
1,695
1 583
4,555
315
364
637
620
401
1 271
486
664
260
1,875
1 227
• 364
Total
Publicly
offered
Pre- ComNew 7
mon Total money
Pri- ferred
stock
stock
vately
placed
2,164 1,980
2,667 2,390
6,011 4,855
1,276
1,578
3,851
703
811
1,004
98
167
758
2,437
2,360
2,364
3,645
3,856
4,003
4,119
4,225
2,453
2,560
3,326
3,957
425
631
838
564
489
816
635
636
736
811
1,212
1 369
1,326
1,213
2,185
2,301
5,558
4 990
7,120
8 716
8,495
7,490
8 821
10,384
4,606
4,006
6,531
8 180
7,960
6,780
7,957
9,663
65
50
16
50
33
139
45
16
139
182
189
92
176
150
627
183
1 146
841
1,063
654
838
745
1 089
1,088
1 105
782
1,003
550
816
660
1,048
1,049
104
23
84
41
39
15
35
26
25
35
11
21
11
144 1 063 1,026
329 1,071
927
276 1 344 1,271
261
892
827
84
692
738
38
144
73
65
46
11
22
21
9
14
922
767
612
658
3,484
3,301
3,777
686
391
313
514
87
420
325
110 1 041
868
397 1,347 1,080
34
26
38
49
25
227
221
363
226
537
535
709
864
721
41
59
60
Proposed uses of net proceeds, major groups of corporate issuers
Year or
month
Manufacturing
Commercial and
miscellaneous
Transportation
Public utility
Communication
Real estate
and financial
RetireRetireRetireRetireRetireRetireNew 10 ment of
New 10 ment of
New
ment of
New 10 ment of
New 10 ment of
New
ment of
secusecusecucapital
secusecu- capital10 secucapital i o
capital
capital
capital
rities
rities
rities
rities
rities
rities
1949
1950
1951
1952
1953
1954
1955
1956
1956
May
June
July . .
1 347
1,026
2,846
3 712
2,128
2 044
2,397
3,336
149
221
474
462
261
90
190
533
243
512
502
831
769
682
467
281
11
19
58
77
333
Aus
196
206
Oct
314
147
526
Sept
Nov
Dec
1957_Jan
Feb
Mar
Apr
May
r
1
.
381
543
366
296
118
44
8
16
10
310
95
83
36
28
63
56
24
40
93
51
51
609
437
758
553
501
544
694
86
54
16
1
21
11
196
53
225
36
270
338
20
2
5
2,043
1,927
2,326
2,539
2,905
2,675
2,254
2,474
335
226
36
237
227
153
157
37
63
154
242
7
19
5
31
110
33
4
2
3
37
45
148
8
42
94
1
4
101
31
247
247
85
50
490
355
4
4
4
32
49
53
5
3
Revised.
Estimates of new issues sold for cash in the United States.
2 Gross proceeds are derived by multiplying principal amounts or number3 of units by offering price.
Includes guaranteed issues.
4
Issues not guaranteed.
5
Represents foreign government, International Bank, and domestic
eleemosynary and other nonprofit organizations.
784
71
339
233
682
85
88
67
990
174
14
6
(9)
4
(9)
14
16
(9)
517
314
600
747
871
651
1,045
1,384
81
11
261
82
56
68
596
73
105
46
281
47
81
49
81
5
6
3
60
77
21
558
639
449
448
1,536
788
1,812
1,815
118
192
(9)
1
1
1
(9)
102
102
236
35
100
66
60
24
273
56
17
1
4
2
7
68
37
151
(9}
(9)
r\
187
108
2
91
94
76
6
Estimated net proceeds are equal to estimated gross proceeds less cost
of flotation, i.e., compensation to underwriters, agents, etc., and expenses.
7 Represents proceeds for plant and equipment and working capital.
8 Represents proceeds for the retirement of mortgages and bank debt
with original maturities of more than one year. Proceeds for retirement of
short-term bank debts are included under the uses for which the bank
debt was incurred.
9 Less than $500,000.
1
o Represents all issues other than those for retirement of securities.
BUSINESS FINANCE
803
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
[In millions of dollars]
Quarterly totals
Annual totals
Industry
1955
1951
1952
1953
1954
1955
1956
1957
1956
Manufacturing
Total (200 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Nondurable goods industries (94 corps.): l
Sales
Profits before taxes
Profits after taxes
Dividends
Durable goods industries (106 corps.): 1
Sales
Profits before taxes
Profits after taxes
Dividends
Selected industries:
Foods and kindred products (28 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Chemicals and allied products (26 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Petroleum refining (14 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Primary metals and products (39 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Machinery (27 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Automobiles and equipment (15 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
52,940 54,517 63,343 58,110
7,308 8,375 7,244
3,548 3.192 3,649 3,825
2,075 2,073 2,154 2,384
69,876
10,250
5.231
2,827
'71,901 17,017
'9,253 2,407
'4.842 1,218
'2,972
659
18,139 18,131 18,457 16,119 19,193 19,764
2,612 '2,603 '2,509 '1,700 2,441 2,732
1,399 '1,302 '1,305 '914 1,321 1,394
1,015
703
723
841
'706
750
18,916 19,266 20,694 >0,620 23,106 ••24.762 5,779 6,043 '6,079
3,447 2,853 3,028 2,753 3,413 '3,468
'907
871
895
1,533 1,392 1,526 1,581 1,918 'K985
'503
484
523
946
925
972 1,064 1,202 1,249
290
283
402
34,024 35,251 42,649 37,490
5 422 4,455 5,346 4,491
2,015 1,800 2,123 2,244
1,149 1,127 1,182 1,320
46 770
6,836
3,313
1,625
6,135 6,084 6,464 6,610
877
'876
808
945
526
'491
466
535
359
295
305
313
r
47,139 11.238 12,096 12,052 "12,322 10,036 12,730 13,154
'5,784 1,537 1,717 '1,696 '1,633
892 1,564 1,787
'2,857
876
'799
794
734
815
"448
859
'1,724
613
413
482
376
'411
418
437
,909
473
227
159
:,042 5,411 5,476 5,833 '6,300 1,491 1,495 '1,530
453
465
499
462
'561
140
128
'126
203
212
244
224
68
'275
66
'58
154
160
154
156
39
166
50
37
1,569 1,561 1,640 1,618
145
149
141
136
'74
71
71
64
50
38
41
39
,882
,490
521
381
,965 6,373 6,182 7,222 7,726 1,799 1,891
400
390
,259 1,308 1,153 1,535 '1,500
520
782
210
198
593
'776
486
417
597
134
499
602
234
396
1,879
'388
'196
138
1,957 1,889 2,001 2,044
342
389
'380
395
178
207
'195
197
143
181
141
150
,078
911
560
262
,411 5,883 6,015 6,556
841
854
728
751
603
624
567
524
290
317
294
283
1,764
248
'177
82
1,742 1,770 1,909 2,048
218
226
223
298
163
184
'163
217
82
89
93
91
507
098
778
382
,564 13,750 11,522 14,952 16,062 3,753 4,030 '4,209
,147 1,817 1,357 2,377 '2,366
674
'690
584
564
348
'346
293
790
705 1,195 '1,233
369
182
141
522
118
377
606
407
4,415 3,098 4,340 4,274
267
697
'712
679
145
378
'363
344
140
188
137
157
168
000
365
192
,077 8,005 7,745 8,477
912
971 1,011
914
465
375
402
465
281
199
263
237
2,167
200
'76
78
2,463 2.422 2,746 2,624
'267 '233
243
265
139 '125
120
111
79
'78
87
79
707
950
717
486
,038 16,611 14,137 18,826 16,336 4,246
589
,982 2,078 1,789 3,023 '1.940
261
709
'898
758
863 1,394
161
469
469
693
656
536
714
346
309
4,578
'689
'320
162
4,195 3,347 4,215 4,993
'509
272
470
719
118
218
'242
344
164
166
164
167
10,391 10,581 10,664 9,371 10,106 10,551 2,632 2,640
1,260 1,438 1,436
370
353
908 1,341 1,267
693
264
874
243
825
903
682
927
176
328
379
448
445
78
338
412
2,535
252
163
110
2,704 2,590 2.722 2,575
298 '375
343
247
266
237
208
161
148
116
70
124
7,185 1,632 1,745
916
228
218
'688
156
173
346
80
83
9,798 2,095 2,237
224
194
'943
114
460
111
81
'321
67
Public Utility
Railroad:
Operating revenue
Profits before taxes
Profits after taxes
Dividends
Electric power:
Operating revenue
Profits before taxes
Profits after taxes
Dividends
Telephone:
Operating revenue
Profits before taxes
Profits after taxes
Dividends
c
1
6,058 6,549 7,136 7,588 8,360
1,482 1,740 1,895 2,049 2,304
814
947 1,030 1,134 1,244
651
942
725
780
9,059 2,025 2,185
595
2,457
536
1,329
285
325
1,013
224
253
2,398
710
374
247
2,185 2,175 2,302 C 2.563
568
592
586 CC731
302
321
331
392
248
256
262
269
3,729 4,136 4,525 4,902 5,425
691
925 1,050 1,282
787
341
452
384
638
525
318
412
355
496
448
5,966 1,368 1,419
325
336
1,430
161
169
715
126
130
552
1,439
339
169
132
1,480 1,495 1,552 1,560
352
359
380
353
176
180
190
161
136
148
137
147
Corrected
' Revised.
Includes 26 companies in groups not shown separately, as follows:
textile
mill
products
(10);
paper and allied products (15); miscellaneous (1).
2
Includes 25 companies in groups not shown separately, as follows:
building materials (12); transportation equipment other than automobile
(6); and miscellaneous (7).
NOTE.—Manufacturing corporations. Sales data are obtained from
the Securities and Exchange Commission; other data from published
company reports.
Railroads. Figures are for Class I line-haul railroads (which account
for 95 per cent of all railroad operations) and are obtained from reports
of the Interstate Commerce Commission.
Electric power. Figures are for Class A and B electric utilities (which
account for about 95 per cent of all electric power operations) and are
obtained from reports of the Federal Power Commission, except that
quarterly figures on operating revenue and profits before taxes are partly
estimated by the Federal Reserve to include affiliated nonelectric operations.
Telephone. Revenues and profits are for telephone operations of the
Bell System Consolidated (including the 20 operating subsidiaries and
the Long Lines and General departments of American Telephone and
Telegraph Company) and for two affiliated telephone companies, which
together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data
are obtained from the Federal Communications Commission.
All series. Profits before taxes refer to income after all charges and
before Federal income taxes and dividends. For detailed description of
series, see pp. 662-666 of the BULLETIN for 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).
804
BUSINESS FINANCE
CORPORATE PROFITS, TAXES, AND DIVIDENDS
NET CHANGE IN OUTSTANDING CORPORATE SECURHTESi
[Department of Commerce estimates. In billions
of dollars]
[Securities and Exchange Commission estimates. In millions of dollars]
Year or
quarter
Profits
before
taxes
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
1955—4''
46.1
23.4
22.7
12.0
10.7
1956—lrr
2r
3
4r
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
43.9
22.4
21.5
12.4
9.1
Year or
quarter
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
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
2,827
3,367
3,336
3,477
1,043
1,487
991
998
1 784
1,880
2,345
2,479
1,678
2,245
2,182
1,833
707
3,666
783
'2,884 '2,337
553
. .
r
1957—1
3,284
2,004
3,577
4,940
4,755
3,799
4,188
5,170
817
650
593
r
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
970 1,149
1,428 1,122
1,531 1,154
1,240 1,644
336
813
671
340
404
452
814
1,239
l,824 1,289
230
1,059
r
1
Revised.
Reflects cash transactions only. As contrasted with data shown on p. 802, 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. 802.
r
Revised.
NOTE.—Quarterly data are at seasonally
annual rates.
New Retire- Net
Net
New RetireNew RetireNet
issues ments change issues ments change issues ments change
1949
1950..
1951
1952
1953
1954
1955
1956
1956—1
2
3
4
Stocks
Bonds and notes
All types
InProfits Cash Undiscome after
divi- tributed
taxes taxes dends profits
adjusted
CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
[Securities and Exchange Commission estimates.
In billions of dollars]
Current assets
End of year
or quarter
1949
1950
1951..
1952
1953 r
1954rr
1955
1956
1r
2rr
3r .
4
1957—1
r
1
Net
working
capital
Total
Cash
Current liabilities
Notes and accts.
receivable
U.S.
Govt.
securities
U.S.
Govt.2
Notes and accts.
payable
Inventories
Other
U.S.
Govt.2
Other
4: .0
Federal
income
tax
liabilities
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
Other
72.4
81.6
86.5
90.1
91.8
91.8
98.9
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
1.1
2.7
2.8
2.6
2 4
2.3
55.7
58.8
64.6
65.9
71.2
81.6
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
3.5
60.7
79.8
92.6
96.1
98.9
102.8
115.7
.4
1.3
2.3
2.2
2.4
2.3
101.0
102.7
103.4
104.4
213.4
214.7
220.4
225.7
224.9
30.9
32.1
32.6
34.7
20.8
17.4
17.5
18.6
2.3
2.3
2.4
2.6
82.4
84 3
88.1
88.8
73.1
74 8
76.0
77.3
3.9
3 8
3.8
3.6
112.4
112.1
117.0
121.3
2.3
2.5
2.5
2.4
69.2
71 4
73.0
74.9
15.3
12 3
14.4
16.8
25.6
25.8
27.1
27.2
31.9
18.0
2.5
89.4
79.1
4.0
118.9
2.5
74.1
14.4
28.0
106.0
31 .5
2 Receivables from, and payables to, the U. S. Government exclude
amounts offset against each other on corporations' books.
Revised.
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
Total
19.3
20.6
25.6
26.5
28.3
26.8
28.7
35.1
37.4
Transportation
Manufacturing
Mining
7.1
7.5
10.9
11.6
11.9
11.0
11.4
15.0
16.4
.8
.7
.9
1.0
1.0
1.0
1.0
1.2
1.2
Railroad
Other
1.4
l.l
1.5
L4
L3
.9
.9
1.2
1.5
1.2
1.5
L.5
1.6
1.5
1.6
1.7
1.8
.9
* Corporate and noncorporate business, excluding agriculture.
* Includes trade, service, finance, and construction.
Public Comutili- muni- Other 2
ties
cations
3.1
3.3
3.7
3.9
4.6
4.2
4.3
4.9
6.1
1.3
1.1
1.3
1.5
1.7
1.7
2.0
2.7
10 .4
4.7
5.7
5.9
5.6
6.3
6.5
7.5
8.4
Quarter
Total
Public
All
utiliother*
ties
1956—1
2
3
4
7.5
8.9
8.9
9.8
3.2
4.1
4.1
4.8
.7
.7
.7
.8
.9
1.2
1.3
1.5
2.6
2.9
2.7
2.8
1957—1
24
34
8.3
9.9
9.6
3.8
4.7
4.5
.7
.9
.9
1.2
1.6
1.8
2.6
2.6
2.5
3 Includes communications and other.
Anticipated by business.
4
Manufactur- Transing
portaand
tion
mining
805
REAL ESTATE CREDIT
MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER
[In billions of dollars]
All properties
End of year
or quarter
All
holders
Nonfarm
Other
holders
Financial
insti- Selected Inditutions Federal viduals
agenand
cies
others
Farm
1- to 4-family houses
Multi-family and
commercial properties1
Total
Financial
institutions
Other
holders
Total
Financial
institutions
Other
holders
All
holders
All
holders
Financial
Other
insti- holders2
tutions
1941
1945
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
82.2
91.3
101.2
113.7
129.9
144.6
42.9
51.7
59.5
66.9
75.1
85.8
99.4
111.4
1.1
1.4
2.0
2.4
2.8
2.8
3.1
3.6
18.7
19.8
20.7
22.0
23.4
25.1
27.4
29.6
57.1
66.7
75.6
84.2
93.6
105.5
120.9
134.9
37.6
45.2
51.7
58.5
66.1
75.7
88.2
99.1
28.5
35.4
41.1
46.8
53.6
62.5
73.8
83.6
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
6.6
7.2
7.7
8.2
9.0
9.7
2.1
2.3
2.6
2.8
3.0
3.3
3.6
3.9
3.5
3.7
4.0
4.3
4.6
4.9
5.3
5.8
1955—Sept..
Dec...
126.2
129.9
96.3
99.4
3.0
3.1
26.9
27.4
117.4
120.9
85.6
88.2
71.4
73.8
14.2
14.4
31.8
32.7
21.4
21.9
10.5
10.8
9.0
3.6
3.6
5.2
5.3
1956—Mar.P
June*7.
Sept.?
Dec*.
133.4
137.4
141.2
144.6
102.3
105.6
108.8
111.4
3.2
3.2
3.3
3.6
28.0
28.6
29.2
29.6
124.2
128.0
131.6
134.9
90.8
93.7
96.6
99.1
76.2
78.8
81.4
83.6
14.6
14.9
15.1
15.6
33.4
34.3
35.1
35.8
22.4
23.0
23.5
23.9
11.0
11.3
11.6
11.9
9.2
9.5
9.6
9.7
3.7
3.8
3.9
3.9
5.5
5.6
5.7
5.8
1957—Mar.P
147.2
113.2
4.0
30.0
137.4
101.1
85.1
16.0
36.2
24.2
12.0
9.8
3.9
6.0
P1 Preliminary.
Derived figures, which include negligible amount of farm loans held
by2savings and loan associations.
Derived figures, which include debt held by Federal land banks and
Farmers Home Administration.
NOTE.—Figures for first three quarters of each year are Federal Reserve
estimates. Financial institutions include commercial banks (including
nondeposit trust companies but not trust departments), mutual savings
banks, life insurance companies, and savings and loan associations.
Federal agencies include HOLC, FNMA, and VA (the bulk of the amounts
through 1948 held by HOLC, since then by FNMA). Other Federal
agencies (amounts small and separate data not readily available currently)
are included with individuals and others.
Sources.—Federal Deposit Insurance Corporation, Federal Home Loan
Bank Board, Institute of Life Insurance, Departments of Agriculture
and Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of the Currency and Federal Reserve.
MORTGAGE LOANS HELD BY BANKS i
[In millions of dollars]
Commercial bank holdings 2
Total
Total
4,906
4,772
11,644
13,664
14,732
15,867
16,850
18,573
21,004
22,719
1941
1945
1949
1950
1951
1952..
1953 .
1954
1955..
1956*
Sept
Dec
1956—Mar
June
Sept
Dec
1957—Mar.p
p
...
Residential
Residential
End of year
or quarter
1955
.
FHAinsured
VAguaranteed
Conventional
3,292
3,395
Other
nonfarm
Farm
Total
Total
1,048
856
566
521
4,812
4,208
3,884
3,387
FHAinsured
VAguaranteed
Conventional
Other
nonfarm
Farm
900
797
28
24
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
[,740
1,831
1,984
37
44
47
53
53
56
58
59
20,540 15,560
21,004 15,888
4,475
4,560
3,675
3,711
7,410
7,617
3,700
3,819
1,280
1,297
16,845 14,985
17,457 15,568
4,090
4,150
5,360
5,773
5,535
5,645
1,801
1,831
59
58
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 16,905
4,775
3,825
8,305
4,430
1,335
20,105 18,045
4,450
7,360
6,235
>,000
60
Preliminary.
1 Represents all banks in the United States and possessions.
Includes loans held by nondeposit trust companies but excludes
holdings of trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member
Bank Call Report and from weekly reporting member banks.
3 Figures for 1941 and 1945, except for the grand total, are estimates
2
Mutual savings bank holdings 3
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.
806
REAL ESTATE CREDIT
MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES
[In millions of dollars]
Loans acquired
Loans outstanding (end of period)
Nonfarm
Nonfarm
Year or month
Total
FHAinsured
Total
1941
1945
VAguaranteed
Farm
Total
976
1949
1950
1951
1952
1953
1954 .
1955
1956
1956—May
June
July
Aug
Sept
Oct
Nov
Dec
Total
Other
FHAinsured
6 442
6,636
5 529
5,860
815
1,394
VAguaranteed
Farm
Other
4 714
4,466
913
776
3,430
4,894
5,134
3,978
4,345
5,344
6,623
6,686
3,123
4,532
4,723
3,606
3,925
4,931
6,108
6,179
1,350
1,486
1,058
864
817
672
971
857
131
938
1,294
429
455
1,378
1,839
1,647
1,642
2,108
2,371
2,313
2,653
2,881
3,298
3,675
307
362
411
372
420
413
515
507
12,906
16,102
19,314
21,251
23,322
25,976
29,445
33,017
11,768
14,775
17,787
19,546
21,436
23,928
27,172
30,546
3,454
4,573
5,257
5,681
6,012
6,116
6,395
6,654
1 224
2,026
3,131
3,347
3,560
4,643
6 074
7,318
7,090
8,176
9,399
10,518
11,864
13,169
14,703
16,574
1,138
1,327
1,527
1,705
1,886
2,048
2,273
2,471
618
546
567
546
454
557
562
554
568
507
533
508
430
527
529
517
92
58
84
64
51
69
60
55
140
136
138
131
102
136
120
133
336
313
311
313
277
322
349
329
50
39
34
38
24
30
33
37
30,991
31,284
31,612
31,897
32,111
32,399
32,709
33,017
28,612
28,884
29,188
29,454
29,656
29,938
30,243
30,546
6,574
6,584
6,608
6,621
6,614
6,632
6,649
6,654
6,665
6,764
6,872
6,957
7 044
7,131
7,214
7,318
15,373
15,536
15,708
15,876
15 998
16,175
16,380
16,574
2,379
2,400
2,424
2,443
2,455
2,461
2,466
2,471
553
402
429
454
426
512
356
376
419
391
51
43
43
49
44
141
98
73
93
94
320
215
260
277
253
41
46
53
35
35
33,279
33,479
33,672
33,840
34,022
30,810
31,001
31,179
31,334
31,498
6,658
6,671
6,666
6,671
6,673
7,420
7,493
7,556
7,603
7,656
16,732
16,837
16 957
17,060
17,169
2,469
2,478
2,493
2,506
2,524
.
1957_Jan
Feb
Mar
Apr.
May
NOTE.—For loans acquired, the monthly figures may not add to annual
totals, and for loans outstanding, the end-of-December figures may differ
from end-of-year figures, because monthly figures represent book value of
ledger assets whereas year-end figures represent annual statement asset
values, and because data for year-end adjustments are more complete.
Source.—Institute of Life Insurance; end-of-year figures are from
Life Insurance Fact Book, and end-of-month figures from the Tally of
Life Insurance Statistics and Life Insurance News Data.
MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS
NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS
[In millions of dollars]
[In millions of dollars]
Loans outstanding (end of period)
Loans made
Year or
month
Total*
New
construction
Home
purchase
Total2
FHAinsured
VAConvenguaranteed tional*
1941
1945
1,379
1,913
437
181
581
1,358
4,578
5,376
1949
1950
1951
1952
1953
1954
1955
1956
3,636
5,237
5,250
6,617
7,767
8,969
11,432
10,545
1,083
1,767
1,657
2,105
2,475
3,076
4,041
3,771
1,559
2,246
2,357
2,955
3,488
3,846
5,241
A,121
11,616
13,657
15,564
18,396
21,962
26,194
31,461
35,870
717
848
866
904
,048
,172
,405
,492
2,586
2,973
3,133
3,394
3,979
4,721
5,891
6,664
8,313
9,836
11,565
14,098
16,935
20,301
24,165
27,714
986
976
949
1,037
850
922
784
710
356
349
341
358
292
323
277
250
434
449
439
483
397
422
360
320
33,259
33,740
34,134
34,586
34,939
35,305
35,596
35,870
1,444
1,458
1,463
1,470
1,476
1,481
1,487
1,492
6,243
6,338
6,377
6,464
6,530
6,567
6,622
6,664
25,572
25,944
26,294
26,652
26,933
27,257
27,487
27,714
714
709
842
899
968
245
243
298
317
360
326
318
366
391
412
36,102
36,371
36,734
37,136
1,496
,501
1,509
1,519
6,679
6,729
6,796
6,838
27,927
28,141
28,429
28,779
May
June
July
Aug
Sept
Oct
Nov
Dec
1957
Jan
Feb
Mar
Apr
May
Seasonally
adjusted^
1949
1950
1951
1952
1953
1954
1955 . .
1956
Without Savseasonal ings &
adjust-2
loan
ment
assns.
Insurance
companies
Commercial
banks
Mutual
savings
banks
4,732
5,650
1,490
2,017
404
250
1,165
1,097
218
217
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
2,327
2,316
2,329
2,266
2,250
2,174
2,119
2,094
2,434
2,417
2,374
2,544
2,185
2,425
2,108
1,951
872
877
851
921
779
848
717
660
158
165
159
163
139
154
136
138
508
494
464
508
441
475
408
366
152
162
168
181
163
183
152
148
2,056
2,050
2,011
2,042
1,942
1,749
1,937
2,044
2,144
659
644
744
798
840
134
105
115
116
125
353
308
334
357
374
117
96
99
110
121
.
1956
May
June
July
Aug
Sept
Oct . .
Nov
Dec
1957
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
Year or
month
1941
1945
1956
By type of lender
(without seasonal adjustment)
Total
Jan
Feb
Mar
Apr
May
1 Three-month moving average, seasonally adjusted by Federal Reserve.
2
Includes amounts for other lenders, not shown separately.
Source.—Federal Home Loan Bank Board.
807
REAL ESTATE CREDIT
MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- TO 4-FAMILY PROPERTIES
GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE
[In millions of dollars]
[In billions of dollars]
VA-guaranteed loans
FHA-insured loans
Home
mortgages
Year or month
Total
New
properties
Existing
properties
Projecttype
mortgages i
Property
improve- Total 3
ment
loans 2
Home
mortgages
New
properties
Governmentunderwritten
End of
year or
quarter
Existing
properties
Total
665
3,826
4,343
3,220
3,113
3,882
3,066
3,807
3,461
257
217
20
171
192
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—May,
June,
July.
Aug.
Sept.
Oct..
Nov.
Dec.
270
280
279
312
278
341
279
249
87
86
83
97
82
96
89
76
123
121
125
141
122
134
124
98
2
10
10
8
15
26
4
27
59
62
61
67
59
86
62
48
469
421
465
505
508
501
462
472
307
265
291
320
321
331
315
321
162
155
174
184
186
169
146
150
1957—Jan..
Feb..
Mar.
Apr..
May.
300
266
317
264
292
87
74
75
68
60
107
85
86
90
94
29
50
96
41
80
77
56
60
66
58
555
431
380
350
286
393
316
285
271
218
162
113
94
78
68
1945
1949
1950
1951
1952
1953
1954
1955
1956
Conventional
Total
1 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.
2
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.
75. 7
88. 2
99. 1
6.9
8.6
8.1
10.3
13.2
1
4.6
l.'.l
19.^
24.6
28.4
22 .6
26 .3
28 .8
33 .1
38 .0
43 .6
49 .3
55 .2
1955—Sept
Dec
85. 6
88. 2
23.1
24.6
48 .6
49 .3
1956—Mar.*>. . . .
June*.
Sept.*
Dec.*
90. 8
93. 7
96. 6
99. 1
15.0
18.9
22.9
25.4
28.1
32.1
38.9
43.9
37.0
38.9
40.2
41.3
42.4
43.9
45.1
25.5
26.3
27.2
28.4
50 .6
52 .4
54 .2
55 .2
29.4
56 .0
1957—Mar.p.... 101. 1
97
ir.8
1J.0
12.8
*4.3
.5.5
13.9
14.3
14.7
15.0
15.2
15.5
15.7
» Preliminary.
NOTE.—For total debt outstanding, figures for first
three quarters of year are Federal Reserve estimates.
For conventional, figures are derived.
Sources.—Federal Home Loan Bank Board, Federal
Housing Administration, Veterans Administration and
Federal Reserve.
FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY i
FEDERAL HOME LOAN BANK LENDING
[In millions of dollars]
[In millions of dollars]
Mortgage holdings
End of year
or month
1949
1950
1951
1952 .
1953
1954
1955
1956
.
1956—June
July
AUE . .
Sept
Oct
Nov
Dec
1957_jan
Feb
Mar . .
Apr
May
. .
Purchases
Sales
Commitments
undisbursed
,177
,646
,922
,841
,632
,714
1,069
672
20
824
1,044
677
469
111
485
239
538
542
614
411
56
221
525
62
5
323
638
476
76
40
919
920
934
957
978
,789
,814
,839
,861
,904
.996
2^069
1,009
1,026
1,053
1,074
1,087
2,173
2,269
2,356
2,417
2,464
FHAinsured
VAguaranteed
828
403
425
1,347
1,850
2,242
2,462
2,434
2,615
3,047
169
204
2,704
2,729
2,758
2,781
2,838
2,953
915
Total
3,047
3,182
3,295
3,409
3,491
3,551
Mortgage
transactions
(during
period)
320
621
802
901
978
915
609
92
43
46
40
69
129
360
1
1
1
91
109
92
130
232
317
360
147
129
127
95
75
411
436
483
493
518
1
i Operations beginning Nov. 1, 1954, are on the basis of FNMA's new
charter, under which it maintains three separate programs: secondary
market, special assistance, and management and liquidation.
Source.—Federal National Mortgage Association.
Advances outstanding
(end of period)
Year or month
Advances
Repayments
Total
Short-1
term
Long-2
term
1945
278
213
195
176
19
1949
1950
1951
1952
1953
1954
1955
1956
256
337
433
231
292
816
547
423
586
728
734
1 251
745
433
528
640
818
508
565
634
612
934
806
864
952
867
1,417
1,228
798
202
269
298
299
317
255
426
430
99
93
66
72
67
59
121
49
159
57
46
61
54
47
1,173
1,108
1,116
1,142
1,148
1,153
1,228
730
700
713
741
752
756
798
443
408
403
401
397
397
430
77
30
267
91
1,038
976
660
601
378
375
68
83
961
563
398
73
73
62
52
971
993
1,079
544
559
427
434
614
465
675
1956—June
July
Sept
Oct
Nov
Dec .
1957 Jan . .
Feb
Mar
Apr
May
June
135
702
48
991
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.
808
CONSUMER CREDIT
CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars]
Noninstalment credit
Instalment credit
Total
End of year or month
Total
Automobile *
paper i
Other
consumer
goods
paper i
Repair
and modernization
loans2
Personal
loans
Total
Singlepayment
loans
Charge
accounts
Service
credit
1939
1941
1945
7 222
9,172
5,665
4,503
6,085
2,462
1,497
2,458
455
1 620
1,929
816
298
376
182
1,088
1,322
1,009
2,719
3,087
3,203
787
845
746
1,414
1,645
1,612
518
597
845
1949
1950
1951
1952
1953
1954
1955
1956
17 305
21,395
22,617
27,401
31,243
32 292
38,648
41,863
11,590
14,703
15,294
19,403
23,005
23,568
29,020
31,552
4,555
6,074
5,972
7,733
9,835
9,809
13,468
14,436
3 706
4,799
4,880
6 174
6,779
6 751
7,626
8,139
898
1,016
1,085
1,385
1,610
1 616
1,670
1,793
2 431
2,814
3,357
4,111
4,781
5 392
6,256
7,184
5 715
6,692
7,323
7,998
8,238
8 724
9,628
10,311
1,532
1,821
1,934
2,120
2,187
2 408
2,992
3,421
2 795
3,291
3,605
4,011
4,124
4 308
4,544
4,702
1,388
1,580
1,784
1,867
1,927
2,008
2,092
2,188
May
June
July
Aug
Sept
Oct
Nov
Dec
38,919
39,454
39,478
39,878
40,074
40 196
40,631
41,863
29,763
30,084
30,297
30,644
30,707
30,811
31,024
31,552
14,059
14,255
14,381
14,530
14,533
14,478
14,449
14,436
7,401
7,417
7,421
7 493
7,497
7 601
7,752
8,139
1,677
1,700
1,710
1,734
1,758
1 781
1,797
1,793
6,626
6,712
6,785
6,887
6,919
6 951
7,026
7,184
9,156
9,370
9,181
9,234
9,367
9 385
9,607
10,311
3,258
3,335
3,261
3,295
3,361
3,310
3,401
3,421
3,701
3,804
3,674
3,696
3,780
3,875
4,029
4,702
2,197
2,231
2,246
2,243
2,226
2 200
2,177
2,188
1957—Jan
Feb
Mar
Apr
40 916
40,513
40,503
41,015
41,707
31,298
31,233
31,273
31,532
31,901
14,389
14,410
14,501
14,659
14,852
7 938
7,805
7,698
7 671
7,731
1 772
1,759
1,754
1,760
1,783
7 199
7,259
7,320
7,442
7,535
9 618
9,280
9,230
9,483
9,806
3 360
3,433
3,527
3,536
3,741
4 085
3,662
3,500
3,687
3,785
2 173
2,185
2,203
2,260
2,280
1956
May
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 2part for business.
Represents repair and modernization loans held by financial institutions ; holdings of retail outlets are included in other consumer goods paper.
NOTE.—Monthly figures for the period December 1939 through 1947
and a general description of the series are shown on pp. 336-354 of the
BULLETIN for April 1953. Revised monthly figures for the period January
1948-August 1956, together with a description of the revision, are shown
on pp. 1031-1042 of the BULLETIN for October 1956. A detailed description of the methods used to derive the estimates may be obtained from
Division of Research and Statistics.
INSTALMENT CREDIT, BY HOLDER
[Estimated amounts outstanding, in millions of dollars]
Financial institutions
Total
instalment
credit
Total
4,503
6,085
2,462
1949
1950
1951
1952
1953
1954
1955
1956
End of year
or month
Retail outlets
Consumer
finance
companies 1
Commercial
banks
Sales
finance
companies
Credit
unions
3,065
4,480
1,776
1,079
1,726
745
1,197
1,797
300
132
198
102
11,590
14,703
15,294
19,403
23,005
23,568
29,020
31,552
9,257
11,805
12,124
15,581
18,963
19,450
24,441
27,038
4,439
5,798
5,771
7,524
8,998
8,796
10,601
11,682
2,944
3,711
3,654
4,711
5,927
6,144
8,443
9,100
438
590
635
1,124
1,342
1,680
2,048
1,286
1,555
1,866
2,137
2,257
2,656
3,049
1956—May
June
July
Aug
Seot
Oct
Nov
Dec .
29,763
30,084
30,297
30,644
30,707
30,811
31,024
31,552
25,528
25,963
26,193
26,475
26,551
26,635
26,846
27,038
11,170
11,394
11,476
11,548
11,548
11,606
11,634
11,682
8,641
8,765
8,849
8,953
8,989
8,973
9,075
9,100
1,806
1,848
1,880
1,933
1,960
994
2,021
2,048
1957—Jan
Feb
Mar
Apr
May
31,298
31,233
31,273
31,532
31,901
26,931
26,967
27,101
27,493
27,810
11,616
11,641
11,711
11,960
12,123
9,077
9,035
9,048
9,104
9,176
2,045
2,074
2,108
2,154
2,194
1939...
1941
1945
837
1 Consumer finance companies included with "other" financial institutions
until September 1950.
2
Includes mail-order houses.
Other i
Total
Department
stores 2
Furniture
stores
Household
appliance
stores
Automobile
dealers 3
Other
657
759
629
1,438
1,605
686
354
320
131
439
496
240
183
206
17
123
188
28
339
395
270
1,436
420
509
643
777
,061
,159
2 333
2,898
3,170
3,822
4 042
4,118
4,579
4,514
596
746
924
1,107
1 064
1,242
1,511
1,407
740
827
810
943
1 004
984
1,052
1,020
178
267
243
301
377
377
381
378
236
287
290
389
527
463
535
572
583
771
903
1,082
1 070
1,052
1,100
1,137
2 805
2,845
2,880
2,920
2,924
2,938
2 961
3,049
,106
,111
,108
,121
,130
,124
,155
1,159
4 235
4,121
4,104
4,169
4,156
4,176
4 178
4,514
I 389
1,247
1,239
1,286
1,269
1,269
I 230
1,407
971
973
967
973
970
974
988
1,020
351
354
359
365
368
368
373
378
554
562
568
575
576
574
573
572
970
985
971
970
973
991
1 014
1,137
3,041
3,051
3,056
3,095
3,110
1,152
1,166
1,178
,180
I 207
4,367
4,266
4,172
4 039
4,091
1,380
1,345
1 298
I 170
I 222
975
957
936
922
923
364
362
357
354
356
568
568
570
575
581
1,080
1,034
1 011
1 018
1,009
Q11
3 Represents automobile paper only; other instalment credit held by
automobile dealers is included with "other" retail outlets.
809
CONSUMER CREDIT
INSTALMENT CREDIT HELD BY SALES FINANCE
COMPANIES, BY TYPE OF CREDIT
INSTALMENT CREDIT HELD BY COMMERCIAL BANKS,
BY TYPE OF CREDIT
[Estimated amounts outstanding, in millions of dollars]
[Estimated amounts outstanding, in millions of dollars]
End of year
or month
Total
instalment
credit
Automobile
paper
Purchased
Direct
Other
consumer
goods
paper
Repair
and
modernization
loans
Personal
loans
1939
1941
1945
1,079
1,726
745
237
447
66
178
338
143
166
309
114
135
161
110
363
471
312
1949
1950
1951
1952
1953
1954
1955
1956
4,439
5,798
5,771
7,524
8,998
8,796
10,601
11,682
849
1,177
1,135
1,633
2,215
2,269
3,243
3,579
946
1,294
1,311
1,629
1,867
1,668
2,062
2,181
1,016
1,456
1,315
1,751
2,078
1,880
2,042
2,388
715
834
888
,137
,317
,303
,338
,429
913
1,037
1,122
1,374
1,521
1,676
1,916
2,105
1956— May.
June.
July.
Aug.
Sept.
Oct..
Nov.
Dec.
11,170
11,394
11,476
11,548
11,548
11,606
11,634
11,682
3,462
3,521
3,560
3,598
3,591
3,584
3,578
3,579
2,193
2,207
2,210
2,218
2,199
2,180
2,177
2,181
2,155
2,265
2,276
2,266
2,271
2,335
2,364
2,388
,335
,356
,367
,384
,403
1,421
1,430
1,429
2,025
2,045
2,063
2,082
2,084
2,086
2,085
2,105
1957—Jan..
Feb..
Mar.
Apr..
May.
11,616
11,641
11,711
11,960
12,123
3,584
3,611
3,649
3,713
3,775
2,198
2,216
2,258
2,313
2,361
2,306
2,290
2,275
2,359
2,364
1,413
1,399
1,392
1,397
1,410
2,115
2,125
2,137
2,178
2,213
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—May
June
July
Sept
Oct
Nov
Dec
8,641
8,765
8,849
8,953
8,989
8,973
9,075
9,100
7,099
7,199
7 264
7,344
7,366
7,333
7,305
7,283
1,021
1,039
1,049
1,061
[,071
1,083
1,202
1,227
24
24
24
24
23
24
24
23
497
503
512
524
529
533
544
567
1957_j a r i
Feb
Mar
Apr
May
9,077
9,035
9,048
9,104
9,176
7,222
7,190
7,190
7,212
7,272
1,261
1,247
1,255
1,279
I 285
23
23
22
22
22
571
575
581
591
597
AUK
Automobile
paper
Other
consumer
goods
paper
Repair
and
modernization
loans
NONINSTALMENT CREDIT, BY HOLDER
Personal
loans
1939
1941
1945
789
957
731
81
122
54
24
36
20
15
14
14
669
785
643
1949
1950
1951
1952
1953
1954
1955
1956
1,874
2,296
2,699
3,346
4,038
4,510
5,397
6,256
259
360
373
452
538
539
709
821
146
200
233
310
370
375
506
582
93
121
134
188
247
282
307
341
1,376
1,615
1,959
2,396
2,883
3,314
3,875
4,512
1956—May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
5,717
5,804
5,868
5,974
6,014
6,056
6,137
6,256
751
766
779
795
801
807
816
821
544
554
560
572
575
581
581
582
318
320
319
326
332
336
343
341
4,104
4,164
4,210
4,281
4,306
4,332
4,397
4,512
1957—Jan..
Feb..
Mar.
Apr.,
May,
6,238
6,291
6,342
6,429
6,511
817
825
834
846
863
572
570
566
569
572
336
337
340
341
351
4,513
4,559
4,602
4,673
4,725
NOTE.—Institutions included are consumer finance companies, credit
unions, industrial loan companies, mutual savings banks, savings and
loan associations, and other lending institutions holding consumer
instalment loans.
Personal
loans
[Estimated amounts outstanding, in millions of dollars]
[Estimated amounts outstanding, in millions of dollars]
Total
instalment
credit
Repair
and
modernization
loans
Automobile
paper
INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS
OTHER THAN COMMERCIAL BANKS AND SALES
FINANCE COMPANIES, BY TYPE OF CREDIT
End of year
or month
Other
consumer
goods
paper
Total
instalment
credit
End of year
or month
End of year
or month
1939
1941
1945
1949
1950
1951..
1952
1953
1954
1955
1956
. .
1956—May
June
July
Aug
Sept
Oct
Nov
Dec
1957_jan
Feb
Mar
Apr
May ..
Total
noninstalment
credit
Financial
institutions
(single-payment loans)
Retail
outlets
(charge
accounts)
Service
credit
Other
Department
stores!
Other
625
693
674
162
152
72
236
275
290
1,178
1,370
1,322
518
597
845
5 715
6 692
7 323
7 998
8 238
8,724
9 628
10,311
1 334
1 576
1 684
1 844
1 899
2,096
2 635
2,975
198
245
250
276
288
312
357
446
587
650
698
728
772
793
862
895
2,208
2,641
2,907
3,283
3,352
3,515
3,682
3,807
1,388
1,580
1,784
1,867
1,927
2,008
2,092
2,188
9 156
9,370
9 181
9 234
9,367
9 385
9,607
10,311
2 766
2,880
2 885
2 894
2,926
2 897
2,894
2,975
492
455
376
401
435
413
507
446
585
574
523
531
588
612
672
895
3,116
3,230
3,151
3,165
3,192
3,263
3,357
3,807
2,197
2,231
2,246
2,243
2,226
2,200
2,177
2,188
9,618
9,280
9,230
9 483
9,806
2 960
2,983
3,007
3 055
3,135
400
450
520
481
606
728
617
571
597
599
3,357
3.045
2,929
3,090
3,186
2,173
2,185
2,203
2,260
2,280
Commercial
banks
2 719
3,087
3,203
i Includes mail-order houses.
810
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]
Total
Year or month
Adjusted
Other consumer
goods paper
Automobile paper
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Repair and
modernization loans
Adjusted
Unadjusted
Personal loans
Adjusted
Unadjusted
Extensions
1949
1950
1951
1952
1953
1954
1955
1956
1956
May
July
Sept
Oct
Nov
Dec
1957__jan
Feb
Mar .
Apr
May
5 865
7,150
7,485
9,186
9,227
9,117
10,615
11,015
6 967
8,530
8,956
11,764
12,981
11,807
16,743
15,533
18 108
21,558
23,576
29,514
31,558
31,051
39,128
39,602
734
835
841
1,217
1,344
1,261
1,359
1,448
4,542
5,043
6,294
7,347
8,006
8,866
10,411
11,606
3,255
3,049
3,293
3,350
3,153
3,363
3,453
3,368
3,470
3,390
3,316
3,504
2,981
3,382
3,387
3,735
t 250
1,175
[,246
1,258
1,191
1,308
1,354
1,311
1,407
1,391
1,337
1,393
1,150
1,284
1,225
1,195
930
839
925
951
883
942
973
939
949
883
872
952
840
1,010
1,037
1,266
132
115
121
122
117
125
120
108
145
128
127
137
125
140
125
100
943
920
1,001
1,019
962
988
1,006
1,010
969
988
980
1,022
866
948
1,000
1,174
3,512
3,496
3,299
3,505
3,485
3,079
2,954
3,319
3,558
3,709
1,477
1,426
1,324
1,258
1,214
1,374
1,460
1,511
899
914
878
896
948
111
727
809
856
966
119
120
115
118
127
91
93
105
116
139
1,017
1,036
982
1,102
1,061
953
920
1,031
1,126
1,093
38Q
l|349
Repayments
15,514
18,445
22,985
25,405
27,956
30,488
33,676
37,070
1949
1950
1951
1952
1953
1954
1955
1956
1956—May
June
July
Aug
Sept
Oct
Nov
Dec
1957 Jan
Feb
Mar
Apr
May
.
5,060
6,057
7,404
7,892
8,622
9,145
9,740
10,502
5,430
7,011
9,058
10,003
10,879
11,833
13,084
14,565
3,126
3,069
3,103
3,157
2,918
3,278
3,174
3,207
1.224
1,156
1,227
1,212
1,184
1,283
1,231
1,236
1.240
1,195
1,211
1,244
[,147
1,339
[,254
1,208
857
868
890
891
892
882
904
918
885
867
868
880
836
906
886
879
111
104
121
112
104
113
105
104
111
105
117
113
101
117
109
104
868
878
920
930
905
904
920
927
890
902
907
920
834
916
925
1,016
3,311
3,214
3,160
3,301
3,274
3,333
3,019
3,279
3,299
3,340
,326
,286
,244
.317
1^303
1,305
1,193
1,283
1,302
1,318
935
874
875
860
978
860
916
883
906
110
112
106
114
112
106
110
110
116
940
942
935
1,010
975
938
860
970
1,004
1,000
880
Change in outstanding credit
+3
-55
-29
-13
+73
-29
+35
+60
-9
+60
+69
+21
^+4
+ 104
+ 151
+387
-47
+21
+91
+ 158
+ 193
-36
+40
+3
+36
+68
-201
-133
-107
-27
+ 60
July
Aug
Sept
Oct
Nov
Dec
+ 195
+43
+ 135
+205
+68
+ 181
+293
+ 183
+344
+321
+213
+347
+63
+ 104
+213
+528
+26
+ 19
+ 19
+46
+7
+25
+ 123
+75
+
+
+
+
1957_jan
Feb
Mar
Apr
May
+201
+282
+ 139
+204
+211
-254
-65
+40
+259
+ 369
+ 151
+ 140
+80
+72
+46
167
196
126
149
1
Obtained by subtracting instalment credit repaid from instalment
credit extended.
NOTE.—Monthly figures for the period January 1940-August 1956 are
shown on pp. 1043-1054 of the BULLETIN for October 1956.
A discussion of the composition and characteristics of the data and
a description of the methods used to derive the estimates are shown
in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment
116
1
+805
+ 1,093
+ 81
+ 1,294
+605
-28
+875
+513
+ 1,537
+1,519
-102
+ 1,761
+2,102
-26
+ 3 659
+968
+2,594
+3,113
+591
+4,109
+3,602
+563
+ 5 452
+2,532
4,335
4,660
5,751
6,593
7,336
8,255
9,547
10,678
3,060
3,006
3,158
3,145
3,085
3,182
3,160
3,185
1949
1950
1951
1952
1953
1954
1955
1956
1956—May
689
717
772
917
1,119
1,255
1,305
1,325
+64
+45
+ 118
+69
+300
+225
+6
+54
+ 123
+21
+l
l
+ 10
+ 12
13
+
+ 15
+4
+9
+8
+9
+4
+ 11
+207
+383
+543
+754
+670
+611
+864
+928
+34
+23
+ 10
+24
+24
+23
+ 16
+75
+42
+81
+89
+57
+84
+86
+83
+79
+86
+73
+ 102
+32
+32
+75
+ 158
-21
-13
-5
+77
+94
+47
+92
+ 86
+ 15
+60
+61
+ 122
+93
+6
+23
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.
811
CONSUMER CREDIT
INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER
[Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment
of monthly figures for seasonal variation and differences in trading days]
Total
Year or month
Adjusted
Commercial banks
Unadjusted
Adjusted
Unadjusted
Sales finance
companies
Adjusted
Unadjusted
Other financial
institutions
Adjusted
Unadjusted
Retail outlets
Adjusted
Unadjusted
Extensions
1949
1950
1951
1952
1953
1954
1955
1956
18,108
21,558
23,576
29,514
31,558
31,051
39,128
39,602
...
1956—May
June
July
Aug
Sept . . .
Oct
Nov
Dec
1957_jan i . . .
Feb
Mar
Apr i
May
6,543
8,135
8,358
11 123
12,099
11 267
14,109
14,428
3,305
3,826
4,788
5,659
6,375
6,983
8,434
9,426
4,296
5,098
5,467
6,982
7,560
7 260
10,200
9,600
3,964
4,499
4,963
5,750
5,524
5,541
6,385
6,148
3,255
3,049
3,293
3,350
3,153
3,363
3,453
3,368
3,470
3,390
3,316
3,504
2,981
3,382
3,387
3,735
1.178
1,182
1,218
1,174
1,135
1,259
1,221
1,235
1.279
1,324
1,231
1,232
1,070
1,244
[,148
1,193
770
716
752
772
740
817
929
798
842
847
819
871
722
821
881
785
775
751
811
846
770
793
835
796
800
803
795
844
707
774
835
939
532
400
512
558
508
494
468
539
549
416
471
557
482
543
523
818
3,512
3,496
3,299
3,505
3,485
3,079
2,954
3,319
3,558
3,709
[,285
1,265
1,150
1,286
1.253
[,204
1,105
1,208
1,347
1.361
955
840
834
850
817
785
691
821
855
886
818
845
817
878
866
742
750
842
894
897
454
546
498
491
549
348
408
448
462
565
Repayments
1949
1950
1951
1952
1953
1954
1955
1956
15,514
18,445
22,985
25,405
27,956
30,488
33,676
37,070
..
5,633
6,776
8,385
9,370
10,625
11,469
12,304
13,347
3,363
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
7,547
8,567
3,507
3,934
4,691
5,098
5,304
5,465
5,924
6,213
1956 May
June
July
Aug .
Sept
Oct
Nov
Dec
3,060
3,006
3,158
3,145
3,085
3,182
3,160
3,185
3,126
3,069
3,103
3,157
2,918
3,278
3,174
3,207
1,092
1,077
1,148
1,146
1,122
1,162
1,122
1,163
1.118
1,100
1,149
1,160
1,070
1,186
1,120
1,145
775
699
763
746
706
789
756
763
776
723
735
767
686
837
779
760
690
699
746
751
723
718
748
738
707
716
731
738
667
732
754
820
503
531
501
502
534
513
534
521
525
530
488
492
495
523
521
482
1957—Jan.*
Feb .
Mar
Apr *
May
3,311
3,214
3,160
3,301
3,274
3,333
3,019
3,279
3,299
3,340
1,183
1,153
1,107
1,166
1,172
1,195
1,080
1,138
1,182
1.198
846
790
773
814
815
808
733
808
799
814
766
758
767
811
794
760
697
791
807
815
516
513
513
510
493
570
509
542
511
513
Change in outstanding credit 2
+2,594
+ 3 113
+ 591
+4,109
+ 3 602
+ 563
+ 5,452
+2,532
1949
1950
1951
1952
1953
1954
1955
1956
1956—May
June
July....
Aus
Sept
Oct
Nov
Dec
1957—Jan.*
Feb
Mar
Apr. i
M^ay
+294
+422
+403
+647
+ 692
+472
+ 887
+ 859
+457
+ 565
+272
+652
+220
+76
+461
-65
+ 195
+43
+ 135
+205
+68
+ 181
+293
+ 183
+ 344
+ 321
+213
+ 347
+63
+ 104
+213
+528
+86
+ 105
+70
+28
+ 13
+97
+99
+72
+ 161
+224
+ 82
+72
0
+ 58
+28
+48
-5
+ 17
-11
+26
+34
+28
+ 173
+35
+66
+ 124
+84
+ 104
+36
-16
+ 102
+25
+ 85
+52
+65
+95
+47
+75
+87
+58
+93
+87
+64
+ 106
+40
+42
+81
+ 119
+29
-131
+ 11
+56
-26
-19
-66
+ 18
+336
+201
+282
+ 139
+204
+211
-254
-65
+40
+259
+ 369
+28
+ 112
+43
+204
+ 81
-66
+25
+70
+249
+ 163
+ 109
+50
+61
+36
-23
-42
+ 13
+ 56
+72
+ 52
+ 87
+50
+67
+72
-18
+53
+ 51
+ 87
+ 82
+ 12
+33
-15
-103
+ 56
-147
-101
-94
-133
+ 52
1 Data on extensions and repayments for retail outlets and commercial
banks 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
crediVextended, except as indicated in note 1.
NOTE.—Monthly figures for the period January 1940-August 1956 are
shown on pp. 1043-1054 of the BULLETIN for October 1956.
+933
+767
— 57
+ 1,057
+ 1 216
+217
+2,299
+657
+910
+ 1 359
— 27
+ 1,753
+ 1 474
-202
+ 1,805
+ 1,081
+2
+24
-114
-17
13
+20
+2
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.
812
BUSINESS ACTIVITY
SELECTED BUSINESS INDEXES
[Indexe s, 1947-49= 100. The terms 'adjusted" and "unadjusted i•efer to adjustment of monthly figures for seasonal variation]
Construction
contracts
awarded (value)1
Industrial production
(physical volume)*
Manufactures
Year
or month
A/fin
Total
Total
Durable
Nondurable
erals
Employment and payrolls 2
NonManufacturing
agri- production workers
culResiTotal den- other tural
emtial
EmployPayployment
rolls
ment
A 11
Freight
carloadings*
Ad- Unad- AdAdAdAdAd- Ad- Ad- Unad- Unad- AdAdAdjusted justed justed justed justed justed justed justed justed justed justed justed justed justed
1919
1920
1921
1922
1923.
1924
1925
39
41
31
39
47
44
49
38
39
30
39
45
43
48
38
42
24
37
47
43
49
37
36
34
40
44
42
46
45
53
42
45
62
57
59
34
34
30
43
45
51
66
26
18
27
41
49
57
75
39
45
32
43
42
46
59
1926
1927
1928
1929
1930
51
51
53
59
49
50
50
52
58
48
52
49
53
60
45
48
50
51
56
51
63
64
63
68
59
69
69
73
63
49
73
71
76
52
30
67
68
70
70
62
1931
1932
1933
1934
1935
40
31
37
40
47
39
30
36
39
46
31
19
24
30
38
48
42
48
49
55
51
42
48
51
55
34
15
14
17
20
22
8
7
7
13
41
20
18
24
25
1936
1937
1938
1939
1940
56
61
48
58
67
55
60
46
57
66
49
55
35
49
63
61
64
57
66
69
63
71
62
68
76
30
32
35
39
44
22
25
27
37
43
35
36
40
40
44
1941
1942
1943
1944 . . .
1945
87
106
127
125
107
88
110
133
130
110
91
126
162
159
123
84
93
103
99
96
81
84
87
93
92
66
89
37
22
36
54
49
24
10
16
74
116
45
30
50
1946
1947
1948
1949
1950
90
100
104
97
112
90
100
103
97
113
86
101
104
95
116
95
99
102
99
111
91
100
106
94
105
82
84
102
113
159
87
86
98
116
185
79
83
105
111
142
1951
1952
1953
1954
1955
1956
120
124
134
125
139
143
121
125
136
127
140
144
128
136
153
137
155
159
114
114
118
116
126
129
115
114
116
111
122
129
171
183
192
215
261
268
170
183
178
232
280
271
172
183
201
204
248
266
61.3
61.9
55.2
58.5
64.3
63.5
65.2
67.5
67 9
67.9
71.0
66.6
60.3
53.4
53.6
58.8
61.3
65.8
70.2
66.1
69.3
73.3
82.8
90 9
96.3
95.0
91.5
94.4
99.4
101.6
99.0
102.3
108.2
110.4
113.6
110.7
114.4
118.6
141
141
136
143
144
146
146
147
141
141
128
142
146
151
147
144
143
142
138
144
146
147
147
149
157
157
148
158
162
163
165
167
129
128
128
130
130
131
129
130
128
129
123
130
131
131
130
130
286
257
269
256
265
255
264
260
251
250
230
248
242
197
n.a.
n.a.
237
248
249
257
251
260
272
311
118.4
118.9
117.6
119.3
119.2
119.7
119.9
120.1
146
146
145
143
143
145
148
148
144
143
147
148
147
145
145
164
164
162
160
159
131
131
131
129
130
130
132
132
130
131
P131
68.7
69.0
52.8
58.4
66.9
62.1
64.2
65.5
64.1
64.2
68.3
59.5
50.2
42.6
47.2
55.1
58.8
63.9
70.1
59.6
66.2
71.2
87.9
103.9
121.4
118.1
104.0
97.9
103.4
102.8
93.8
99.6
106.4
106.3
111.8
101.8
105.6
106.7
31.1
37.1
24.0
25.7
32.6
30.4
32.1
33.0
32 4
32.8
35.0
28.3
21.5
14.8
15 9
20.4
23.5
27.2
32.6
25.3
29.9
34.0
49.3
72 2
99.0
102.8
87.8
81.2
97 7
105.1
97.2
111.7
129.8
136.6
151.4
137.7
152 9
161.4
105.6
106.0
101.4
107.2
107.9
108.9
108.3
107.9
120.0 107.0 106.3
120.2 106.4 106.0
120.1 106.0 105.8
120.2 105.9 104.8
n.a. 120.3 105.7 104.2
^120.3 H05A ^104.6
Department
Con- Wholestore sumer
sale
2
sales* prices
com(retail
modity2
value)
prices
Adjusted
Unadjusted
Unadjusted
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
115
111
112
115
99
37
37
37
38
35
75 6
74 2
73 3
73.3
71 4
65
62
62
61
56
0
0
9
9
1
79
59
62
67
69
32
24
24
27
29
65 0
58 4
55 3
57 2
58.7
47
42
42
48
52
4
1
8
7
0
81
84
67
76
83
33
35
32
35
37
59.3
61 4
60 3
59 4
59 9
52.5
56 1
51 1
50 1
51 1
98
104
104
106
102
44
50
56
62
70
62
69
74
75
76
9
7
0
2
9
56
64
67
67
68
8
2
0
6
8
100
108
104
88
97
90
98
104
98
105
83
95
102
101
102
4
5
8
8
8
78
96
104
99
103
7
4
4
2
1
101
95
96
86
95
97
109
110
112
111
120
125
111
113
114
114
114
116
0
5
4
8
5
2
114
111
110
110
110
114
8
6
1
3
7
3
156.4
158.5
150.5
161.5
166.7
169.0
168.2
171.4
98
95
81
93
96
96
97
100
122
124
128
128
129
122
131
129
115.4
116 2
117.0
116 8
117 1
117.7
117 8
118 0
114.4
114 2
114.0
114.7
115 5
115.6
115 9
116 3
165.5
165.0
164.3
161.5
160.9
163.1
98
96
98
91
125
125
127
122
^125
118 2
118 7
118 9
119 3
119.6
116 9
117 0
116 9
117 2
117.1
117.4
1956
May
June
July
Sent
Oct
Nov
Dec
107.1
106.5
102.8
106.2
106.0
107.3
107.4
107.5
1957
Jan
Feb
Mar
Apr
May
June
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
r
* Preliminary.
Revised.
• Estimated.
n.a. Not available.
• Average per working day.
i 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
282
287
90
P90
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 figures on employment and payrolls incorporate revisions to first-quarter 1956 bench-mark levels. 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.
813
PRODUCTION
INDUSTRIAL PRODUCTION
[Federal Reserve indexes, 1947-49 average= 100]
Industry
Annual
1947-49 average
proportion
1955 1956 May June July
1956
1957
Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May
SEASONALLY ADJUSTED
INDUSTRIAL PRODUCTION—TOTAL
100.00
139
143
141
141
136
143
144
146
146
147
146
146
145 '143
143
MANUFACTURES—TOTAL
90.02
140
144
143
142
138
144
146
147
147
149
147
148
147
145
145
Durable Manufactures—Total
45.17
155
159
157
157
148
158
162
163
165
167
164
164
162
160
159
6.70
140
138
141
136
69
125
148
147
146
145
144
143
137 '134
133
28.52
5.73
13.68
9.04
4.64
7.54
4.80
2.74
1.29
755
134
155
135
194
203
153
272
149
772
135
171
153
207
199
125
310
166
757
130
171
151
208
187
110
302
164
755
132
170
151
208
188
110
306
163
759
130
173
154
210
189
110
308
167
772
134
175
157
211
191
112
311
171
774
139
175
158
210
193
112
317
171
775
140
175
156
211
203
121
328
172
750
139
175
155
214
216
137
336
172
755
141
177
157
216
223
143
344
173
750
137
173
154
208
221
139
347
173
750
138
172
155
204
224
140
352
174
779
137
172
155
204
222
135
355
173
775
'140
'166
'151
196
217
'126
'356
'172
175
136
168
152
199
212
124
348
171
Clay, glass, and lumber products
Stone, clay, and glass products
Lumber and products
5.91
2.82
3.09
138
149
127
140
158
123
141
162
121
141
161
123
143
161
127
145
160
130
759
154
126
755
157
120
755
157
119
755
158
117
755
155
114
755
155
113
752 755
155 '155
111 '113
755
157
115
Furniture and misc. manufactures
Furniture and fixtures
Miscellaneous manufactures
4.04
1.64
2.40
132
119
141
135
122
144
135
123
143
135
122
144
755
123
145
755
122
145
755
122
146
755
122
146
134
119
144
134
120
144
757
118
140
729
118
136
750 '752
118 121
137 '139
752
121 1
139 '
44.85
126
129
129
128
128
130
130
131
129
130
131
131
131
11.87
6.32
5.55
109
107
113
108
104
112
107
103
111
106
100
112
106
100
112
107
102
112
108
103
113
111
105
117
105
103
108
106
103
110
104
100
109
105
101
110
105
101
111
Rubber and leather products
Rubber products
Leather and products
3.20
1.47
1.73
122
143
105
777
133
104
114
127
103
770
120
101
772
125
102
777
135
102
775
132
102
777
134
101
114
126
104
775
137
102
722
145
102
124
145
106
f
123
r
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
145
160
135
132
137
145
161
135
131
137
146
162
136
132
138
147
161
138
134
140
145
159
137
131
140
148
160
140
133
144
147
160
139
132
142
147
157
140
133
144
148
159
141
135
145
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
757
177
196
141
757 755
177 '175
197 190
140 140
164
176
191
132
757
176
192
139
755
177
194
143
757
177
196
140
755
177
195
143
770
179
199
145
11.51
10.73
8.49
2.24
.78
709
109
109
107
105
772
113
113
112
107
777
111
111
111
106
770
111
111
108
106
777
112
112
110
106
775
114
115
112
105
775
114
115
112
106
775
113
114
111
106
775
114
113
115
109
MINERALS—TOTAL
9.98
122
129
128
129
123
130
131
131
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
729
85
55
90
150
137
191
128
85
41
92
149
134
190
729
85
55
90
149
136
192
727
75
48
79
152
139
190
752
85
61
88
154
142
193
750
86
56
91
151
139
193
750
85
56
90
151
138
192
Metal, stone, and earth minerals
Metal mining
Stone and earth minerals
1.63
.82
.81
120
110
130
727
114
141
729
118
140
128
113
143
700
60
142
722
103
140
755
123
143
755
132
141
755
128
142
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
Nondurable
Manufactures—Total...
Textiles and apparel
Textile mill products
Apparel and allied products
Foods, beverages, and tobacco
Food and beverage manufactures
Food manufactures
Beverages
Tobacco manufactures
* Preliminary.
r
Revised.
r
r
129
130
104
99
109
105
98
113
775
142 '131
107 '106
775
129
104
147
157
141
132
146
147 147
157 156
141 141
132 128
145 '147
149
159
142
132
147
174
184
205
147
772
183
205
143
777 772
182 183
202 '203
141 142
775
185
205
141
775
114
113
117
107
777
111
111
113
112
775
113
113
111
116
775 '770
113 '110
113 111
115 108
111 109
770
110
111
130
130
130
132
132 '130
131
729
87
57
91
149
137
191
750
80
57
84
153
141
189
750
81
57
85
153
142
188
752 752 '750
87
93
88
52
48
49
92 100
94
154 151 150
144 144 139
192 190 ?196
752
84
49
89
154
142
134
127
141
757
120
142
752
122
142
752 '729
121 '118
143 '140
727
113
141
For other footnotes see end of table.
814
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947^49 average= 100]
Industry
1947-49 Annual
average
proportion
1955 1956 May June July
Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May
1956
1957
WITHOUT SEASONAL ADJUSTMENT
INDUSTRIAL PRODUCTION—TOTAL
100.00
139
143
141
141
128
142
146
151
147
144
145
148
148
144
143
MANUFACTURES—TOTAL
90.02
140
144
142
142
129
143
148
153
149
146
146
149
150
146
144
Durable Manufactures—Total
45.17
155
159
157
156
139
155
161
168
166
166
164
167
166
163
159
6.70
5.03
3.51
.37
3.05
2.62
.43
140
138
144
134
146
141
171
138
135
142
131
143
139
167
144
143
152
140
154
149
182
140
138
145
135
146
144
157
62
41
24
22
24
23
34
118
114
117
104
119
116
135
145
146
156
145
158
153
183
149
149
160
148
162
157
191
146
146
158
147
159
156
181
142
145
157
149
158
156
170
146
147
159
148
160
157
178
149
149
159
149
160
159
167
144
144
154
147
154
152
163
'140
138
148
144
147
146
151
136
134
143
141
142
141
149
1.52
1.29
.23
124
123
133
119
117
126
120
119
129
123
121
134
79
78
88
106
106
105
122
122
120
123
122
127
118
118
120
118
117
121
118
117
126
124
122
133
122
119
137
115
113
124
116
1.67
.38
.09
.06
.04
.10
.09
143 '144
153 164
122 133
123 132
103 115
120 123
261 280
147
170
147
143
106
111
296
142
'168
142
139
109
111
296
'121
156
117
123
107
114
298
••128
135
124
120
107
123
182
'142
159
122
114
123
128
269
'146
'170
133
134
122
127
293
'143
'169
127
135
116
130
295
'133 143
'170 170
129 135
128 137
120 113
134 128
292 289
'148
'167
139
146
118
133
259
'142
'166
132
141
116
132
267
145
175
140
146
129
137
283
141
171
130
148
115
133
285
.13
1.16
.63
.20
.33
123
142
114
208
156
118
140
115
215
146
121
142
116
228
140
110
137
112
215
137
93
112
79
222
111
108
128
109
187
129
115
139
120
202
141
124
140
111
218
149
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
120
138
113
213
141
135
107
215
28.52
165
172
167
166
160
167
172
180
181
183
181
185
184
179
5.73
2.68
2.12
.30
.63
134
136
130
142
111
135
141
125
151
110
130
138
121
121
105
132
138
119
159
112
124
129
111
168
94
135
137
117
214
123
144
144
123
220
143
US
150
130
186
128
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
148
126
190
98
Primary metals
Ferrous metals
Pig iron and steel
Pig iron
Steel
Carbon steel
Alloy steel
Ferrous castings and forgings
Iron and steel castings
Steel forgings
Nonferrous metals
Primary nonferrous metals
Copper smelting
Copper refining
Lead
Zinc
Aluminum
Secondary nonferrous metals
Nonferrous shapes and castings
Copper mill shapes
Aluminum mill shapes
Nonferrous castings
Metal Fabricating
Fabricated metal products
Structural metal parts
Stampings and misc. metal products....
Tin cans
Furnaces, gas ranges, and heaters
Machinery
140
136
149
124
122
13.68
155
171
168
167
158
168
177
182
178
178
175
177
177
169
166
Nonelectrical machinery
Farm and industrial machinery
Farm machinery
Industrial and commercial machinery.
Machine tools and presses
Laundry and refrigeration appliances. . .
9.04
8.13
1.02
7.11
.68
.69
135
130
91
135
163
144
153
147
86
156
197
168
153
147
88
155
197
174
152
147
87
155
194
171
148
144
82
153
194
152
147
145
79
155
193
127
155
148
79
158
199
174
153
149
73
160
201
150
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
86
158
193
158
Electrical machinery
Electrical apparatus and parts
Radio and television sets
4.64
3.23
.74
194
174
242
207
198
224
198
200
185
195
199
174
178
193
130
209
198
238
203
266
237
209
312
211
271
214
218
208
210
188
210
210
201
208
208
196
194
204
159
189
200
153
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
189
116
127
117
89
58
237
191
109
188
111
127
123
89
68
246
203
98
185
107
127
99
76
56
198
145
97
186
104
109
101
81
53
192
160
102
181
92
59
98
75
51
201
148
109
202
121
105
103
92
52
195
146
135
218
139
164
102
100
43
195
133
135
225
144
177
101
92
45
207
121
136
224
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
61
214
148
2.74
1.30
.81
.53
272
481
115
42
310
548
118
63
298
520
120
69
303
531
121
66
305
536
119
62
311
555
114
58
317
570
114
51
325
582
116
60
336
601
118
68
348
619
126
75
73
351
624
127
78
77
356
630
129
84
633
132
88
98
356
630
131
r
81
86
345
607
134
76
175
173
174
174
132
135
153
145
165
167
138
100
155
141
161
164
132
100
137
157
141
160
162
137
96
133
121
101
138
145
129
119
138
129
122
137
181
177
185
176
194
176
Other transportation equipment
Aircraft and parts
Shipbuilding and repair
Railroad equipment
Railroad cars
Instruments and related products
Clay, Glass, and Lumber Products . .
Stone, clay, and glass products
Glass and pottery products
Flat glass and vitreous products
Flat and other glass
Glass containers
Home glassware and pottery
Cement
Structural clay products
Brick
Clay firebrick, pipe, and tile
Concrete and plaster products
Misc. stone and earth manufactures....
* Preliminary
r
Revised.
.35
30
54
61
56
51
49
36
52
64
1.29
149
166
163
163
162
167
171
173
174
5.91
138
140
143
145
135
156
130
150
146
133
72
149
145
157
127
159
158
113
61
146
138
2.82
1.09
.60
.47
.26
.23
.32
.35
.12
.20
149
134
155
156
126
91
148
127
131
127
158
140
164
165
132
87
157
137
134
142
162
142
164
163
136
93
174
141
145
139
163
140
160
158
142
86
175
145
144
148
.48
.58
180
166
194
173
202
172
208
171
173
140
140
141
164
142
161
160
145
90
177
144
148
144
204
167
208
171
174
140
135
147
165
149
173
177
147
86
171
142
139
147
161
147
174
177
135
92
157
136
131
141
204
176
199
177
192
177
86
174
129
125
156
143
173
177
114
96
148
143
167
171
127
98
144
126
106
142
113
120
94
140
151
145
166
168
134
102
116
120
96
139
187
180
173
174
177
177
131
For other footnotes see end of table.
81
171
815
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average= 100]
1947^9 Annual
average
proportion
1955 1956 May June July
Industry
1957
1956
Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May
WITHOUT SEASONAL ADJUSTMENT
—Continued
Lumber
and products
Lumber
Millwork and plywood ..
Millwork
Wood containers
.
Furniture and Misc.
Manufacturing...
Furniture and fixtures
Household furniture
Fixtures and office furniture
3.09
2.05
.60
.39
.12
.29
127
112
197
144
284
90
123
107
189
121
301
91
125
111
187
124
290
93
129
118
181
133
260
92
116
104
161
107
248
90
135
115
216
152
320
90
133
118
200
139
299
90
130
111
206
130
332
93
117
101
181
103
310
88
104
91
155
82
277
90
104
89
167
90
295
88
112
98
181
105
306
86
''87
88
4.04
132
135
131
132
127
136
140
143
138
137
128
130
131
r
129
128
1.64
1.10
.54
119
120
115
111
121
122
111
115
120
118
116
123
115
114
117
123
121
127
125
125
126
127
127
127
111
123
122
125
125
126
118
116
121
119
118
121
119
mi
115
111
118
114
118
1T7
112
100
Ill
100
170
102
191
107
282
330
86
119
121
118
99
196
110
2.40
141
144
140
141
135
145
150
154
150
145
136
137
139 1 3 6
Nondurable Manufactures—Total
44.85
126
129
128
128
119
131
134
137
132
125
128
131
133 1 2 8
Textiles and Apparel
11.87
109
108
107
103
90
109
105
114
106
100
106
112
115
104
105
6.32
3.72
2.30
.97
.45
107
113
103
137
100
104
108
102
118
98
105
109
105
108
108
100
99
96
102
90
86
87
81
101
71
103
104
101
102
103
102
101
97
110
82
109
113
108
118
105
105
109
104
119
90
99
104
93
123
99
101
105
111
101
129
102
106
99
100
111
103
95
117
'87
106
102
123
110
.97
.16
.75
79
85
78
86
88
86
90
98
89
90
85
92
76
83
75
92
94
92
87
79
90
94
93
96
86
76
90
78
77
79
74
81
85
80
79
78
85
78
82
77
80
87
79
1.15
.65
.45
.20
.50
110
106
110
99
115
108
100
102
96
119
108
99
102
91
120
111
102
104
97
123
95
76
77
75
120
109
96
97
94
126
114
105
106
103
125
111
100
100
101
125
109
101
98
107
119
99
90
90
90
110
100
98
109
106
102
92
102
89
102
105
103
104
101
108
.48
.31
79
83
80
78
50
86
97
87
78
79
86
92
108
104
91
85
93
111
95
79
59
54
63
90
116
120
109
103
110
126
108
101
91
85
90
106
118
116
103
100
91
124
108
98
90
92
57
101
101
96
89
93
53
98
113 119
119
107
114
51
113
101
104
63
99
88
90
60
110
10?
100
85
Miscellaneous manufactures
Textile mill products
Cotton and synthetic fabrics
Cotton consumption
Synthetic fabrics
Wool textiles
Wool apparel yarns
Wool fabrics
Knit goods
Hosiery
Full-fashioned hosiery
Seamless hosiery
Knit garments
Woven carpets
108
99
129
87
80
72
98
97
99
111
107
109
97
91
93
87
95
113
116
119
91
'85
68
126 110
111
Men's suits
Men's outercoats
Shirts and work clothing
5.55
1.78
.73
.50
.13
.99
113
111
92
90
77
123
112
110
95
93
78
118
110
121
107
100
110
129
126
111
95
100
50
121
104
in
Women's outerwear
Women's suits and coats
1.85
.76
116
134
112
128
104
90
112
122
100
132
116
152
108
138
117
146
107
128
89
101
108
131
130
157
148 119
169 102
115
Misc. apparel and allied mfrs
1.92
111
113
104
107
105
113
116
121
119
117
112
117
118
111
110
Rubber and Leather Products
3.20
122
117
113
111
97
117
118
123
113
112
123
130
130 ni9
114
Rubber products
Tires and tubes
Auto tires
Truck and bus tires
Miscellaneous rubber products
1.47
129
125
125
125
133
123
122
115
130
124
105
99
97
103
110
111
110
113
106
142
135
120
121
118
148
144
121
124
117
165
129
108
113
101
147
132
122
130
110
141
148 148 135
136 134 121
150 151 135
117 111 103
159 161 147
n?
.77
133
121
123
119
144
147
.70
.40
.30
143
131
140
120
154
Leather and products
Leather
Cattlehide leathers
Skin leathers
1.73
.44
.29
.15
105
92
99
79
104
91
99
76
99
95
103
80
100
91
99
76
90
73
79
61
108
90
97
76
104
90
99
73
104
90
99
74
100
90
100
70
95
85
95
65
102
89
115 115 106
89
99 r95
96
108 1 0 3
76
82
81
100
Apparel and allied products
Men's outerwear
126
136
111
166
98
72
120
r
96
125
137
108
139
.90
.39
99
97
89
96
96
102
99
101
97
95
90
96
96
'90
86
Paper and Printing
8.93
137
145
145
145
135
145
147
154
151
143
144
147
151
150
149
Paper and allied products
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
160
162
187
152
142
148
139
168
162
141
163
161
184
152
143
148
141
169
159
141
144
143
165
134
130
129
121
160
135
127
163
160
182
151
143
143
139
172
157
139
160
152
171
145
139
148
131
169
148
128
169
162
185
152
145
149
135
183
159
131
162
159
183
149
146
146
138
174
155
118
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
161
159
159
181
150
137
152
131
186
158
159
182
150
136
147
130
192
155
161
120
126
1.70
.51
.11
156
155
158
162
159
170
157
154
163
165
165
163
146
140
162
166
167
163
168
168
166
177
172
189
165
161
173
148
144
158
156
148
179
163
156
183
167
163
163
155
177
184
Miscellaneous leather products
Wood pulp
Paper and board
Fine paper
Coarse paper
Miscellaneous paper
Paperboard
Building paper and b o a r d . . . .
Converted paper products
Shipping containers
Sanitary paper products
v Preliminary.
r
Revised.
For other footnotes see end of table.
158
155
816
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average= 100]
Annual
1947-49
average
proportion
1955 1956 May June July
Industry
1956
1957
Aug. Sept. Oct.
Nov. Dec.
Jan.
Feb.
Mar. Apr.
May
WITHOUT SEASONAL ADJUSTMENT
—Continued
127
136
136
134
129
133
139
145
144
142
136
139
144
143
143
128
127
132
138
140
135
131
136
115
136
121
140
133
143
143
145
145
144
131
147
123
143
128
144
137
147
137
146
140
144
9.34
159
167
166
165
157
164
168
171
171
171
175
175
174
172
171
6.84
2.54
.57
1.97
167
184
180
177
196
189
176
197
195
173
192
185
166
182
158
111
188
171
111
192
186
182
198
191
181
199
191
181
199
193
184
205
198
186
207
208
186
206
206
184
205
209
.24
.11
.59
186
242
213
186
197
256
236
181
197
263
242
176
194
252
227
169
188
213
227
167
193
247
223
171
194
254
241
169
200
272
227
185
201
274
222
189
200
247
242
187
208
263
243
205
207
277
238
202
184
'205
'210
206 '204
280 273
242 219
196 '201
245
195
1.03
169
189
190
192
191
189
189
188
189
193
193
191
190 '188
191
Vegetable and animal oils
Vegetable oils
Grease and tallow
.64
124
132
123
107
93
100
122
159
157
143
147
152
.48
117
124
110
91
75
84
115
161
154
139
143
143
.16
145
158
163
155
145
150
144
151
167
157
159
181
134 '121
129 '113
150 146
155
Soap and allied products
Paints
Fertilizers
.71
.66
110
125
12;5
111
124
109
124
112
125
91
125
163
118
104
121
127
120
122
129
.98
135
142
152
147
141
150
159
153
137
144
155
149
142
149
162
156
Printing
and publishing
Newsprint
consumption
Job printing and periodicals
Chemical
and Petroleum
5.47
1.85
3.62
.
Products
Chemicals and allied products
Industrial chemicals
Basic inorganic chemicals
Industrial organic chemicals
Plastics materials .
....
Synthetic rubber
Miscellaneous organic chemicals
.23
2.50
1.97
1.04
Gasoline
Automotive sasoline
Aviation gasoline
Fuel oil
. . . .
Distillate fuel oil
Residual fuel oil
....
Kerosene
Lubricating oil
Coke
Asphalt roofing and siding
Foods
.
Beverages, and Tobacco
Food and beverage manufactures
F o o d manufactures
Beef
Pork
Dairy products
Butter
Natural cheese
Concentrated milk
Canned and frozen foods
C a n e sugar
Miscellaneous food preparations
124
125
119
124
108
123
110
123
117
121
128
120
113
122
115
122
95
109
119
112
120
125
135
166 '181
171
132
148
162
156
142
151
164
158
145
151
164
158
140
146
155
149
143
152
160
155
145
158
165
159
148
160
164
158
145
154
157
153
139
149
156
150
137 ^138
145 ^148
154 *>158
149
233
254
258
267
257
264
261
256
251
260
263
242
254
247
138
147
138
141
141
146
145
142
149
161
170
164
151
143 ^146
.30
.26
175
94
193
95
177
94
186
90
187
87
195
89
196
87
188
89
195
97
210
105
225
108
216
104
197
99
187
93
.10
107
111
96
95
97
103
108
117
126
124
120
116
109
93
.17
114
119
123
123
113
119
116
122
122
116
118
114
116
126
.26
.15
104
110
102
104
108
109
104
125
38
120
92
123
109
131
109
123
109
84
110
49
110
77
110
94
111
73
107
92
79
11.51
109
112
108
114
112
121
129
126
116
105
102
103
105
no4
107
10.73
8.49
1.48
109
109
113
113
108
105
114
110
114
111
111
123
130
134
111
129
129
151
113
142
160
128
111
119
106
108
101
104
103
104
105 '104
104 102
107
104
.46
,83
128
142
116
.69
.14
.07
.19
.28
107
105
116
97
109
110
107
117
101
112
136
131
153
140
125
150
138
163
146
149
134
118
133
118
147
120
97
116
98
144
103
91
105
83
118
91
82
97
73
102
85
83
93
71
90
86
96
96
77
80
91
102
100
85
82
102
109
107
96
97
109 '122
117 122
115 135
105 128
101 109
140
139
161
151
122
1.13
1.16
118
105
83
119
133
101
84
113
96
99
77
112
115
103
80
119
149
103
77
121
234
105
85
118
264
109
95
118
188
106
91
116
116
99
87
107
98
99
88
107
87
100
92
105
84
100
92
106
82
99
90
106
'89
95
82
104
90
96
81
107
99
67
100
110
101
271
100
296
99
222
95
85
96
57
'98
60
99
133
151
119
121
147
103
122
154
100
118
154
95
100
73
116
148
95
97
115
98
122
97
70
100
81
.11
113
116
114
124
.13
111
121
27
38
15
11
.71
1.41
101
106
107
105
90
107
84
112
73
107
98
107
133
127
130
148
154
140
138
149
127
139
163
121
133
151
117
131
144
117
96
54
123
139
108
123
100
86
393
459
320
65
20
3
13
152
106
141
105
130
105
91
102
113
101
123
103
119
103
96
'102
102
102
96
107
107
112
119
128
123
118
116
120
110
98
90
97
110
110
102
101
105
101
108
112
119
128
107
128
101
112
i93
o6
118
83
109
80
93
84
86
88
93
86
105
104
102
108
77
109
78
119
76
108
69
118
35
88
50
94
93
135
133
179
92
175
80
115
79
81
85
105
86
111
81
95
.78
105
107
110
115
96
115
111
115
111
87
110
114
111
104
.46
.17
109
104
111
104
116
103
122
108
104
83
120
110
115
109
119
116
114
113
92
83
117
101
119
112
115
110
109
102
r
.54
Tobacco manufactures
Cigars
Preliminary.
r
Revised.
For other footnotes see end of table.
124
148
104
110
1.70
1.02
.17
.37
2.24
Liquor distilling
Liquor bottling
103
.06
1.64
.27
Bakery products .
116
.56
.46
.70
W h e a t flour
204
84
106
817
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average= 100]
1947-49 Annual
average
proportion
1955 1956 May June July
Industry
1956
1957
Aug. Sept. Oct.
Nov. Dec.
Jan.
Feb.
Mar. Apr. M a y
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
Natural gas liquids
Oil and gas well drilling
Metal, Stone, and Earth Minerals
Iron ore
Copper mining.
. .
Zinc mining
...
.
9.98
122
129
130
131
119
131
132
132
130
129
130
131
8.35
2.68
.36
2.32
5.67
123
129
128
128
121
130
129
130
130
132
134
134
80
48
85
85
55
90
85
42
91
84
58
89
62
42
65
87
59
91
90
62
95
93
64
98
90
59
95
83
55
87
85
57
89
87
52
92
4.82
4.12
.70
.34
.36
.85
143
137
131
177
185
169
175
150
145
137
191
199
182
180
149
142
135
181
185
176
187
148
143
136
182
190
176
180
149
142
136
177
182
172
191
150
144
138
182
184
180
183
147
143
135
186
189
182
173
147
141
134
187
194
180
177
149
146
137
197
209
186
170
155
150
141
202
214
191
181
157
152
143
205
222
190
182
157 155 154
156 '155 152 ^149
147 148 145
208 198
222 208 • — •
194 189
160 151 168
1.63
120
127
141
146
110
135
147
146
129
116
109
113
114
124
139
.82
.33
.49
.24
.09
.06
110
113
108
123
84
81
114
104
120
136
88
87
140
164
125
142
88
89
144
173
124
141
89
88
73
19
109
120
85
84
121
126
118
132
90
86
142
179
117
132
87
86
142
175
120
134
92
91
114
109
118
132
87
88
94
62
115
129
83
86
91
49
120
133
89
92
98
50
130
145
96
96
95
87
48
127 127
141 '140
94 '94
98 '99
nu
135
.81
130
141
142
149
147
149
151
150
144
138
128
129
133 '137
144
r
P Preliminary.
Revised.
1
Publication suspended pending revision.
NOTE.—A number of groups and subgroups include individual series
not published separately, and metal fabricating contains the ordnance
group in addition to the groups shown. Certain types of combat materiel
130 '130
r
133
r
133
131
84
46
90
83
50
88
88
43
96
132
r
119
133
87
86
are included in major group totals but not in individual indexes for autos,
farm machinery, and some other products, as discussed in the BULLETIN
for December 1953, pp. 1269-1271.
For description and back figures, see BULLETIN for December 1953
pp. 1247-1293 and pp. 1298-1328, respectively.
UTILITY OUTPUT OF ELECTRICITY AND GAS
[Seasonally adjusted Federal Reserve indexes, 1947-49 average= 100]
Series
ELECTRICITY AND GAS—TOTAL
Residential
Nonresidential
1947-49 Annual
1956
average
proportion
1955 1956 M a y June July Aug. Sept. Oct. Nov. Dec.
100.00
41.34
58.66
'199
'217
'187
'218
241
'201
'219
244
'201
220 219 '219 '220 '221 '222 '223
246 245 244 244 243 244 246
'203 '201 '202 '202 '205 '206 '207
1957
Jan.
225
248
210
Feb.
227
252
209
M a r . Apr.
227
252
207
v221 P227
Electricity
Residential
Industrial
General industrial
Atomic energy
Commercial and other
76.18
27.48
23 68
23.49
.19
25.02
199 218 216 220 219 219 219 221 223 224 227 229 227 228
224 250 248 252 253 253 254 253 257 258 260 266 266 263
190 206 207 206 202 203 205 211 212 211 213 211 209 214
173 186 187 186 182 183 186 192 192 191 193 191 188 193
2221 2697 2720 2720 2700 2680 2650 2660 2670 2720 2740 2720 2750 2790
180 194 191 196 197 196 194 196 197 199 204 205 202 203
Gas
Residential
Industrial
Commercial and other
23.82
13.86
6.16
3.80
'200
'203
'201
'185
P22\
^223 P774
'218 '226 '224 '222 '221 '220 '219 '218 '219 z>220
^224
223 238 233 229 227 224 222 220 221
'229
226
'228
^220
218 216 218 219 221 224
P201
'197 '199 '199 '201 '203 '199 '196 '194 '197
* Preliminary.
' Revised.
NOTE.—For description and back figures see BULLETIN for October
May
1956 pp. 1055-1069. Indexes without seasonal adjustment may be obtained from the Division of Research and Statistics.
818
PRODUCTION
OUTPUT OF CONSUMER DURABLE GOODS
[Federal Reserve indexes, 1947-49 average= 100]
Product
1947^19 Annual
average
propor1955 1956 May June July
tion
Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May
1957
1956
SEASONALLY ADJUSTED
CONSUMER DURABLES—TOTAL.
100.00
147
131
125
123
127
127
123
123
132
141
137
138
134
124
124
Major Durables
Autos
Major household goods
Furniture and floor coverings.
Household furniture
Floor coverings*
Appliances and heaters
Major appliances
Ranges
Refrigeration appliances.
Laundry appliances
Heating apparatus
Radio and television sets
Radio sets
Television sets
69.72
32.10
36.13
15.32
11.31
4.01
15.60
11.88
2.60
4.98
2.51
3.72
5.21
3.42
1.79
164
190
144
116
120
140
138
144
117
121
132
118
141
117
120
128
120
138
114
119
135
122
148
117
122
132
124
141
117
121
127
106
148
118
122
129
117
142
115
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
132
139
126
112
118
138
144
100
151
193
120
242
77
558
143
151
103
150
216
118
224
70
519
137
143
106
147
185
118
226
67
531
134
140
108
142
180
114
218
66
509
152
161
105
160
236
123
227
59
549
136
142
91
146
200
115
231
68
542
149
158
98
159
233
120
232
71
538
136
144
96
132
231
112
237
72
551
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
186*
67
413
Other Consumer Durables
Auto parts and tires
Misc. home and personal goods.
30.28
14.00
16.28
106
102
109
111
105
116
110
104
116
110
100
118
111
102
118
114
106
121
113
108
117
110
102
117
109
102
115
113
109
117
114
112
116
114
114
113
111
112
110
108
104
112
108
103
112
124
85
138
152
WITHOUT SEASONAL ADJUSTMENT
CONSUMER DURABLES—TOTAL.
100.00
147
131
124
124
116
120
113
128
139
141
137
143
142
130
124
Major Durables
Autos
Major household goods
Furniture and floor coverings.
Household furniture
Floor coverings *
Appliances and heaters
Major appliances
Ranges
Refrigeration appliances.,
Laundry appliances
Heating apparatus
Radio and television sets
Radio sets
Television sets
69.72
32.10
36.13
164
190
144
116
120
140
138
144
117
121
131
127
136
112
115
130
127
134
111
116
121
127
117
104
114
122
109
136
116
121
111
59
158
122
125
132
105
158
122
127
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
131
144
122
108
114
15.60
11.88
2.60
4.98
2.51
3.72
5.21
3.42
1.79
138
142
100
151
193
120
242
77
558
143
151
103
150
216
118
224
70
519
143
152
102
173
176
113
184
67
409
143
150
112
174
162
121
174
54
402
125
131
80
149
162
106
130
37
307
121
117
83
107
180
135
238
61
575
158
158
106
145
251
157
265
66
645
142
143
102
109
261
137
312
88
738
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
Other Consumer Durables
Auto parts and tires
Misc. home and personal goods.
30.28
14.00
16.28
106
102
109
111
105
116
108
104
113
109
103
114
106
101
110
115
109
121
118
116
119
118
110
125
112
101
121
110
103
117
110
109
111
112
110
114
111
107
101
111
15.32
11.31
4.01
' Revised.
i Publication suspended pending revision for the period 1952 to date.
NOTE.—Individual indexes without seasonal adjustment for woven
carpets, appliances, heating apparatus, radio sets, and television sets may
Residential
Total
106
103
108
Public
Indus- Com- Public
mercial utility
trial
Other
nonresidential
Total
Military
Highway
Conservation
All
other
972
1,062
2,117
2,320
2,229
2,030
2,399
3,084
1,027
1,288
1,371
1,137
1,791
2,212
3,218
3,631
3,323
3,330
3,729
4,003
4,416
4,284
4,543
5,113
2,795
3,174
3,574
3,547
3,511
3,774
3,755
3,782
6,404
7,001
9,419
10,901
11,394
11,922
11,961
12,818
137
177
887
1,388
1,307
1,030
1,313
1,395
2,131
2,272
2,518
2,820
3,160
3,870
4,050
4,470
852
942
912
900
892
773
701
826
3,284
3,610
5,102
5,793
6,035
6,249
5,897
6,127
Business
Total
153*
67
318
In millions of dollars]
Private
Total
133
82
163
144
be obtained from the Division of Research and Statistics. For a description of this index, see BULLETIN for May 1954, pp. 438-447.
VALUE OF NEW CONSTRUCTION ACTIVITY
[Joint estimates of the Departments of Commerce and Labor. Seasonally adjusted.
Year or month
107
114
128
113
117
24,163
29,955
32,739
34,750
37,118
39,601
44,581
46,060
17,759
22,954
23,320
23,849
25,724
27,679
32,620
33,242
1956—June'
July'.
Aug.'r
Sept.
Oct.'.
Nov.'
Dec.'
3,879
3,873
3,861
3,857
3,890
3,894
3,904
2,792
2,788
2,780
2,768
2,778
2,822
2,799
,475
,464
,466
,459
,451
,468
,460
1,006
1,010
995
987
1,001
1,025
1,009
268
273
276
276
273
269
269
315
308
292
288
296
304
305
423
429
427
423
432
452
435
311
314
319
322
326
329
330
1,087
1,085
1,081
,089
,112
,072
,105
122
121
122
121
118
113
111
392
375
360
368
381
341
369
70
72
77
74
72
73
72
503
517
522
526
541
545
553
1957_jan...
Feb..
Mar..
Apr.?
May^
June11
3,904
3,851
3,895
3,888
3,911
3,939
2,721
2,728
2,737
2,726
2,750
2,778
,411
,397
,388
,360
,335
1,364
983
999
1,013
1,027
1,070
1,064
264
270
274
277
278
273
292
283
292
295
304
303
427
446
447
455
488
488
327
332
336
339
345
350
,183
,123
,158
,162
1,165
1,161
115
108
104
104
102
104
441
406
434
414
410
414
70
70
70
74
74
76
557
539
550
570
575
567
1949'
1950'
1951 r
1952'
1953'
1954'
1955'
1956'
Preliminary.
9,642 5,322
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
r
Revised.
819
PRODUCTION
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars]
By type of
ownership
Year or month
By type of construction
Total
Public
Private
Commercial
Educational
Other
Public
works
and
public
utilities
Nonresidential building
Residential
building
Fac-
10,359
14,501
15,751
16,775
17,443
19,770
23,745
24,413
3,718
4,409
6,122
6,711
6,334
6,558
7,475
8,036
6,641
10,092
9,629
10,064
11,109
13,212
16,270
16,377
4,239
6,741
6,205
6,668
6,479
8,518
10,185
9,826
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
2,355
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
2,419
2,476
2,578
2,723
3,412
4,008
4,142
5,063
5,580
1956—May..
June..
July..
Aug..
Sept..
Oct...
Nov..
Dec...
2,480
2,198
2,149
2,069
2,025
,706
,689
,576
714
732
736
620
671
589
582
737
,766
,466
,412
,449
,354
,117
,107
839
1,129
826
758
874
764
656
625
451
159
144
152
138
171
126
130
104
'234
224
242
184
195
168
212
155
202
192
196
193
185
185
199
200
'225
234
258
232
225
196
189
164
531
577
543
448
485
375
335
502
1957- Jan...
Feb..,
Mar..
Apr..
May.
,778
,718
12,448
12,150
12,675
679
664
757
652
,099
,053
,690
,498
1612
1676
1861
1965
11,021
197
167
182
118
129
211
175
303
180
246
184
178
222
165
244
170
167
208
162
247
405
354
670
559
788
Kansas
City
Dallas
San
Francisco
1949.
1950.
1951.
1952.
1953.
1954.
1955.
1956.
r
Revised.
i Figure not comparable with earlier months.
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
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta Chicago
St.
Louis
Minneapolis
1956— Mar
Apr...
May
2,770
3,045
2,980
129
142
135
285
408
342
109
128
133
219
246
232
178
203
212
279
263
320
506
485
488
121
133
125
98
154
137
163
163
159
192
179
215
491
543
482
1957—Mar
Apr
May
3,078
2,776
3,400
117
137
192
476
414
405
128
98
171
250
191
278
225
188
175
289
271
317
403
428
568
134
106
157
98
116
136
153
153
147
253
146
224
552
528
632
PERMANENT NONFARM DWELLING UNITS STARTED
[Bureau of Labor Statistics estimates. In thousands of units]
Year or month
Total
private,
seasonally
adjusted
annual rate
1949
1950
1951
1952
1953
1954
1955
1956
Private
Government-underwritten *
Metropolitan
areas
Nonmetropolitan
areas
Total
1family
2family
1,025
1,396
1,091
1,127
1,104
1,220
1,329
1,118
n.a.
1,022
777
795
804
897
976
780
n.a.
374
315
332
300
324
353
338
989
1,352
1,020
1,069
1,068
1,202
1,310
1,094
792
1,151
892
939
933
1 077
1,190
981
35
42
40
46
42
34
33
31
162
159
88
84
94
90
87
82
Total
Multifamily
Public
Total
FHA
VA
36
44
71
59
36
19
20
24
466
686
412
421
409
583
670
463
360
486
264
280
252
276
277
192
105
200
149
141
157
307
393
271
1956 June
July
Aug
Sept
Oct
Nov
Dec
1,091
1,070
1,136
1,008
1,052
1,027
1,020
107
101
104
94
94
77
64
75
70
71
62
65
55
45
33
31
33
32
29
23
19
105
99
103
91
91
77
63
95
90
93
81
81
68
53
3
3
3
2
3
3
2
7
6
8
7
8
7
8
3
2
1
3
2
0
1
45
43
43
39
40
30
26
18
18
19
15
16
12
11
26
25
24
24
24
18
15
1957 Jan
Feb
Mar
Apr
'962
r
935
933
*940
2980
*970
63
66
87
P92
2102
44
47
59
64
68
68
19
19
29
28
34
29
60
63
79
290
296
50
53
68
n.a.
n.a.
n.a.
2
2
3
n.a.
n.a.
n.a.
8
8
9
n.a.
n.a.
n.a.
3
3
8
23
^6
20
19
23
26
27
28
8
9
11
12
15
15
12
10
11
13
12
13
June
r
292
25
21 Preliminary.
n.a. Not available.
Revised.
figures
are based on field office reports of first compliance inspections;
Represents units started under commitments of FHA or VA to inearlier VA figures are estimates based on loans-closed information,
sure or guarantee the mortgage. VA figures after June 1950 and all FHA
820
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
1949
1950
1951
1952
1953
1954
1955
1956
.
....
1956 June
July
AUK
Sept
Oct
Nov
Dec
1957
Jan 2
Feb
. . .
Mar
Apr
May
June
Total
labor
force
Employed *
Total
Total
In nonagricultural industries
In
agriculture
Unemployed
Not in the
labor force
109,623
110,780
111,924
113,119
115,095
116,220
117,388
118,734
63,571
64,599
65,832
66,410
67,362
67,818
68,896
70,387
62,105
63,099
62,884
62,966
63,815
64,468
65,848
67,530
58,710
59,957
61,005
61,293
62,213
61,238
63,193
64,979
50,684
52,450
53,951
54,488
55,651
54,734
56,464
58,394
8,026
7,507
7,054
6,805
6,562
6,504
6,730
6,585
3,395
3,142
1,879
1,673
1,602
3,230
2,654
2,551
46,051
46,181
46,092
46,710
47,732
48,402
48,492
48,348
118,632
118,762
118,891
119,047
119,198
119,344
119,481
72,274
72,325
71,787
70,896
70,905
70,560
69,855
69,430
69,489
68,947
68,069
68,082
67,732
67,029
66,503
66,655
66,752
66,071
66,174
65,269
64,550
58,627
58,955
59,487
58,683
59,000
59,076
59,440
7,876
7,700
7,265
7,388
7,173
6,192
5,110
2,927
2,833
2,195
1,998
1,909
2,463
2,479
46,357
46,437
47,105
48,151
48,293
48,783
49,626
119,614
119,745
119,899
120,057
120,199
120,383
68,638
69,128
69,562
69,771
70,714
72,661
65,821
66,311
66,746
66,951
67,893
69,842
62,578
63,190
63,865
64,261
65,178
66,504
57,643
57,996
» 58,431
58,506
58,519
58,970
4,935
5,195
5,434
5,755
6,659
7,534
3,244
3,121
2,882
2,690
2,715
3,337
50,973
50,617
50,337
50,286
49,485
47,722
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. June 1957 data comparable to June 1956
shown above are: Labor force, 72,742; employment—total, 66,892; nonagricultural, 59,345; agricultural, 7,547; and unemployment, 3,030.
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 twelfth day; annual
data are averages of monthly figures.
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Bureau of Labor Statistics. In thousands of persons]
Contract
construction
Transportation and
public
utilities
918
889
916
885
852
777
777
816
2,165
2,333
2,603
2,634
2,622
2,593
2,759
2,993
16,895
16,468
16,901
16,874
17,045
17,072
17,106
829
769
831
838
836
833
833
52,493
52,577
52,522
52,568
52,639
52,615
17,053
16,995
16,962
16,965
16,935
16,893
1956—June
July
Aug
Sept
Oct
Nov
Dec
52,135
51,258
52,258
52,663
52,952
53,007
53,639
1957__j an
Feb
Mar
Apr
May
June
51,716
51,704
51,894
52,245
52,420
52,727
Trade
Finance
Service
Federal
State and
local
government
3,949
3,977
4,166
4,185
4,221
4,009
4,062
4,157
9,513
9,645
10,012
10,281
10,527
10,520
10,846
11,292
1,765
1,824
1,892
1,967
2,038
2,122
2,219
2,306
4,972
5,077
5,264
5,411
5,538
5,664
5,916
6,231
5,856
6,026
6,389
6,609
6,645
6,751
6,914
7,178
3,113
3,043
3,083
3,080
3,080
3,067
3,074
4,174
4,130
4,159
4,160
4,178
4,173
4,169
11,307
11,303
11,364
11,319
11,372
11,388
11,408
2,305
2,303
2,326
2,325
2,327
2,326
2,320
6,227
6,265
6,262
6,291
6,280
6,327
6,359
7,176
7,175
7,254
7,261
7,249
7,255
7,272
832
833
831
841
844
847
2,963
3,020
3,062
3,059
3,095
3,087
4,188
4,168
4.168
4; 160
4,160
4,153
11,465
11,519
11,490
11,501
11,532
11,522
2,316
2,324
2,322
2,320
2,331
2,334
6,366
6,401
6,381
6,400
6,415
6,450
7,310
7,317
7.306
7,322
7,327
7,329
16,825
16,301
17,035
17,119
17,238
17,180
17,159
833
765
839
842
836
837
837
3,237
3,256
3,361
3,342
3,296
3,174
2,997
4,191
4,161
4,190
4,191
4,189
4,184
4,194
11,236
11,164
11,198
11,319
11,445
11,657
12,260
2,328
2,349
2,361
2,325
2,315
2,314
2,308
6,320
6,296
6,293
6,322
6,343
6,327
6,295
7,165
6,966
6,981
7,203
7,290
7,334
7,589
16,959
16,945
16,933
16,822
16,748
16,826
832
833
831
833
836
851
2,667
2,673
2,756
2,906
3,080
3,210
4,126
4,120
4,147
4,153
4,157
4,170
11,298
11,225
11,265
11,428
11,401
11,448
2,293
2,301
2,310
2,320
2,331
2,357
6,239
6,273
6,317
6,432
6,511
6,547
7,302
7,334
7,335
7,351
7,356
7,318
Total
Manufacturing
43,315
44,738
47,347
48,303
49,681
48,431
50,056
51,878
14,178
14,967
16,104
16,334
17,238
15,995
16,563
16,905
1956—June
July
Aug
Sept
Oct
Nov
Dec
52,026
51,456
52,180
52,148
52,367
52,441
52,541
1957—Jan
Feb
Mar
Apr
May
June
Year or month
1949
1950
1951
1952
1953
1954
1955
1956
Mining
SEASONALLY ADJUSTED
WITHOUT SESAONAL ADJUSTMENT
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 May and June, 1957 are preliminary. The series for recent years
were revised by the Bureau of Labor Statistics in June 1957 to first-quarter
1956 bench-mark levels indicated by data from government social insurance programs. Back data may be obtained from the Bureau of Labor
Statistics,
821
EMPLOYMENT AND EARNINGS
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
[Bureau of Labor Statistics. In thousands of persons]
Seasonally adjusted
Industry group
1956
Total
Without seasonal adjustment
1957
1956
1957
June
Apr.
May
June
June
Apr.
May
June
13,178
13,094
13,068
13,006
13,108
12,960
12,886
12,935
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
7,628
83
689
322
475
1,119
875
1,261
871
1,299
230
404
7,637
78
628
314
455
1,101
889
1,258
853
1,446
229
386
7,609
76
632
316
456
1,095
887
1,243
854
1,431
228
391
7,571
76
637
321
453
1,091
886
1,221
855
1,413
226
392
7,636
83
713
312
477
1,119
871
1,274
862
1,299
229
398
7,635
78
612
312
455
1,101
889
1,277
853
1,446
230
382
7,587
76
635
308
456
1,090
883
1,255
845
1,431
227
383
7,575
76
659
311
455
1,091
882
1,233
846
1,413
225
386
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
5,550
1,111
89
966
1,094
467
549
557
172
203
342
5,457
1,077
86
919
1,091
472
562
544
175
194
337
5,459
1,069
84
918
1,093
470
559
549
174
206
337
5,435
1,059
83
911
1,094
471
559
546
176
201
335
5,472
1,094
78
966
1,050
467
549
549
175
203
340
5,325
990
74
919
1,069
467
559
549
173
191
334
5,299
1,005
73
913
1,038
465
556
546
175
205
325
5,360
1,045
73
911
1,050
471
559
538
179
201
333
Statistics in June 1957 to first-quarter 1956 bench-mark levels indicated
by data from government social insurance programs. Back data may be
obtained from the Bureau of Labor Statistics.
NOTE.—Data cover production and related workers only (full- and parttime) who worked during, or received pay for, the pay period ending
nearest the 15th of the month. Figures for May and June, 1957 are preliminary. The series for recent years were revised by the Bureau of Labor
HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Bureau of Labor Statistics. In unit indicated]
Industry group
June
Apr.
May
June
39.9
1.97
2.05
2.06
2.07
40.5
40.5
40.3
40.0
40.8
40.0
41.2
41.2
40.4
40.3
40.6
39.8
2.09
2.20
1.81
1.69
1.96
2.34
2.06
2.19
1.97
2.29
2.00
1.74
2.18
2.31
1.80
1.72
2.01
2.46
2.15
2.28
2.06
2.37
2.10
1.81
2.18
2.32
1.82
1.73
2.02
2.46
2.15
2.28
2.05
2.37
2.09
1.81
2.19
2.33
1.85
1.75
2.02
2.47
2.17
2.29
2.06
2.39
2.10
1.81
39.1
40.7
38.8
39.0
35.7
42.3
38.3
41.1
40.8
40.3
37.8
1.81
1.83
1.52
1.44
1.45
1.93
2.43
2.12
2.55
2.14
1.50
1.87
1.93
1.55
1.50
1.48
2.00
2.49
2.17
2.59
2.19
1.54
1.88
1.94
1.58
1.50
1.48
2.00
2.51
2.20
2.61
2.22
1.54
1.89
1.94
1.58
1.50
1.48
2.03
2.51
2.23
2.65
2.22
1.55
June
Apr.
May
June
June
Apr.
May
June
Total
79.19
81.59
81.78
82.59
40.2
39.8
39.7
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. .
85.27
91.52
73.31
68.11
81.14
95.71
84.46
92.20
79.98
91.37
81.20
69.77
88.29
95.63
72.00
68.28
81.20
97.91
87.94
94.39
83.02
96.22
85.26
72.22
87.64
94.42
73.35
67.82
82.21
97.42
87.94
93.71
82.21
94.56
83.81
71.86
88.70
94.37
74.56
70.00
82.42
98.80
89.40
94.35
83.22
96.32
85.26
72.04
40.8
41.6
40.5
40.3
41.4
40.9
41.0
42.1
40.6
39.9
40.6
40.1
40.5
41.4
40.0
39.7
40.4
39.8
40.9
41.4
40.3
40.6
40.6
39.9
40.2
40.7
40.3
39.2
40.7
39.6
40.9
41.1
40.1
39.9
40.1
39.7
70.95 72.74 73.13 73.90
75.21 77.20 78.38 78.96
59.58 57.04 61.46 61.30
55.87 57.90 57.60 58.50
51.48 52.84 52.98 52.84
82.41 84.20 84.00 85.87
93.80 95.87 96.64 96.13
87.77 89.40 90.42 91.65
104.81 106.71 107.01 108.12
84.74 87.60 89.02 89.47
55.95 56.83 55.90 58.59
39.2
41.1
39.2
38.8
35.5
42.7
38.6
41.4
41.1
39.6
37.3
38.9
40.0
36.8
38.6
35.7
42
38.5
41.2
41.2
40.0
36.9
38.9
40.4
38.9
38.4
35.8
42.0
38.5
41.1
41.0
40.1
36.3
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
NOTE.—Data are for production and related workers. Figures for
May and June, 1957 are preliminary. Data for recent years revised as
indicated in note to table above,
of Labor Statistics.
1957
1956
1957
1956
1957
1956
Average hourly earnings
(dollars per hour)
Average hours worked
(per week)
Average weekly earnings
(dollars per week)
Back data are available from the Bureau
822
DEPARTMENT STORES
DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS
[Federal Reserve indexes, based on retail value figures. 1947-49 average*3 100]
Federal Reserve district
United
States
Year or month
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
98
105
109
110
112
111
120
125
99
103
105
104
105
107
112
114
98
101
105
101
102
104
107
113
100
106
109
109
111
109
117
122
98
105
110
110
113
105
115
120
100
105
113
118
121
121
131
138
101
109
115
124
126
129
142
150
97
104
108
106
111
109
117
123
98
104
107
110
112
112
121
127
98
105
104
104
104
105
109
116
99
108
111
113
112
115
123
126
102
113
117
124
125
127
140
144
98
105
109
114
115
114
123
129
Minne- Kansas
Dallas
apolis
City
San
Francisco
SALESi
1949
1950
1951
1952
1953
1954
1955
1956
SEASONALLY ADJUSTED
1956
May
June
July
Aug
Sept
Oct
Nov
Dec
122
124
128
128
129
122
131
129
112
114
116
118
117
114
119
116
110
115
116
117
120
112
120
116
121
125
119
124
127
118
126
125
118
118
128
121
127
118
123
122
135
134
140
145
140
136
146
139
149
147
160
156
157
144
157
154
120
124
123
126
127
117
130
128
129
119
135
129
127
119
134
130
112
114
113
116
129
103
123
124
126
124
130
131
128
123
131
128
144
143
152
148
139
134
146
150
122
126
132
131
131
130
132
131
1957
Jan
Feb
Mar
Apr
125
125
127
122
119
115
115
109
115
121
119
124
121
124
118
123
120
117
118
144
136
146
136
151
153
149
146
120
121
126
120
123
125
125
125
125
127
118
114
118
113
116
122
121
122
121
*>125
109
117
110
107
112
140
141
143
135
141
131
127
133
127
126
121
119
101
113
131
128
158
222
112
114
84
95
125
115
143
210
108
111
83
90
122
120
151
204
120
117
88
100
131
124
165
220
114
113
98
110
127
122
152
212
136
128
111
122
144
144
179
251
146
131
128
140
152
150
182
267
119
121
97
113
132
123
159
215
129
117
104
118
130
131
161
216
113
105
91
111
137
119
141
202
125
119
107
124
128
129
150
218
143
130
129
138
139
142
166
252
120
120
115
126
128
131
153
231
95
97
106
122
86
88
89
110
94
93
98
109
91
91
107
121
92
95
99
118
99
101
117
143
116
122
137
149
91
93
105
119
94
98
107
123
84
90
95
114
90
94
104
120
111
113
125
132
101
100
104
123
112
113
123
114
121
127
118
140
124
WITHOUT SEASONAL ADJUSTMENT
1956
May
June
July
Aug
Sept
Oct
Nov
Dec
1957
Jan .
Feb
Mar
Apr .
.
May
STOCKS 1
1949 ,
1950
1951
1952
1953
1954 .
1955
1956
.
99
109
128
118
126
122
128
139
100
97
99
100
109
124
HI
116
117
122
129
105
124
113
116
114
116
126
108
127
113
119
116
123
133
106
128
111
118
114
117
125
101
113
133
130
143
139
147
165
102
120
140
136
146
141
152
165
134
137
138
141
139
142
142
142
128
132
132
132
132
131
129
123
126
127
127
123
129
131
131
129
132
132
135
135
135
136
138
121
124
125
127
126
129
129
130
156
162
159
164
170
175
176
176
141
139
141
141
127
128
129
127
131
129
131
131
136
134
136
135
128
127
127
127
^140
128
131
135
125
139
132
128
134
126
131
130
138
145
159
161
123
118
128
136
148
152
119
116
124
130
145
150
124
119
130
142
156
157
118
115
123
132
144
146
97
100
99
108
125
100
112
122
120
122
132
104
116
107
115
115
121
132
100
111
130
121
133
126
136
146
101
106
125
114
124
116
124
137
112
132
126
138
132
147
157
110
131
126
134
125
134
145
160
162
161
166
167
174
173
169
130
131
132
133
131
134
135
137
135
138
139
136
134
137
137
136
126
128
127
132
128
139
137
140
143
144
144
149
148
150
147
145
154
155
157
159
156
158
156
160
137
142
143
154
148
147
149
144
169
171
173
168
162
165
170
173
137
134
135
136
141
141
133
136
134
134
133
136
144
142
143
144
156
156
156
157
144
141
145
146
167
168
137
138
134
165
161
131
135
128
158
155
167
175
193
190
152
151
163
174
190
195
123
124
129
138
153
157
127
128
136
145
153
154
121
124
128
134
151
153
145
138
138
148
153
162
163
155
144
149
158
166
174
174
148
143
142
148
154
167
164
SEASONALLY ADJUSTED
1956—May
1957
July
Aug
Sent
Oct
Nov
Dec
.
Jan
Feb
Mar
Apr
May
..
130
WITHOUT SEASONAL ADJUSTMENT
1956—May
June .
July
•.
..
Sent .
Oct
Nov
Dec
1957_j a n
Feb
Mar
Apr
May
.. .
126
120
120
122
116
147
149
123
123
125
131
144
121
126
132
144
116
121
132
116
121
134
118
129
140
114
122
131
149
163
179
123
128
138
123
134
141
123
129
137
129
138
147
139
152
162
147
144
132
132
151
159
178
127
130
145
138
136
144
140
133
130
180
111
180
169
139
138
143
138
142
136
149
165
152
r
» Preliminary.
Revised.
i Figures for sales are the average per trading day, while those for stocks
re as of the end of the month or averages of monthly data.
NOTE.—For description and monthly indexes for back years, see
BULLETIN for December 1951, pp. 1463-1515.
823
DEPARTMENT STORES; FOREIGN TRADE
DEPARTMENT STORE MERCHANDISING DATA
[Based on retail value figures]
Ratios t o sales 4
Amounts (In millions of dollars)
Period
Sales i
(total
Stocksi
(end
month)
month)
for
of
Outstanding
orders 1
(end of
month)
Receipts 2
(total
for
month)
New
orders 3
(total
for
month)
Outstanding
orders
Stocks
plus
outstanding
orders
Stocks
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
1.4
1.1
1.4
1.3
1.2
1.1
1.0
1.1
1.1
4.1
3.8
4.2
4.4
4.1
4.1
4.0
4.0
4.1
1.0
1.0
l.l
1.0
1.0
.0
1.0
1.0
1.0
'340
501
587
573
598
588
473
340
'406
329
323
492
526
625
627
510
'409
492
409
478
551
615
512
377
2.9
2.8
3.5
3.0
3.0
3.0
2.6
1.5
0.8
1.2
1.7
1.4
1.3
1.2
0.8
0.4
3.7
4.0
5.2
4.4
4.4
4.3
3.5
1.9
0.9
0.8
1.0
1.2
1.2
1.3
1.1
0.6
430
461
414
346
355
345
391
498
466
422
435
422
451
398
431
3.3
3.7
3.4
3.1
3.0
1.2
1.4
1.1
0.8
0.8
4.5
5.1
4.5
3.9
3.8
1.0
1.2
1.3
1.1
(3.9
Re-
ceipts
Annual average:
381
361
376
391
397
406
409
437
453
1,282
1956—May..
June..
July..
Aug..
Sept..
Oct...
Nov..
Dec...
'442
'1,284
417
337
412
444
485
577
821
1,187
1,173
1,253
1,335
1,475
1,525
1,214
1957—Jan...
Feb...
Mar..
Apr...
May p ,
362
336
394
441
450
1,197
1,252
1.356
1948
1949
1950
1951
1952
1953
1954
1955
1956
979
925
1,012
1,202
1,097
1.163
,140
1 195
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.
Ii381
1,353
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 excluding
military-aid shipments 2
Merchandise exports 1
Period
Jan
Feb
Mar
Apr
Mtay
June
July
Aug
SeDt
oct
Nov
Dec
Jan -May
..
..
....:
.
1955
1956
1957
1955
1956
1957
1955
1.168
,238
,344
1,264
[,323
1,321
,269
:1,239
[,254
,398
.321
1,407
1.284
1,362
[,582
[,512
1,716
1,698
1,639
1,536
[,530
1,670
1,678
1,606
2,147
r
1.860
1,811
1,083
1.143
,252
,170
,192
1,581
1 485
2,017
r
l,776
1,709
1,019
871
537
279
?4R
2,002
1,323
1,202
1 271
1,478
1.399
I 521
1 492
1,288
1,378
1,423
1 559
1 417
6,337
7,456
P Preliminary
' Revised.
1 Exports of domestic and foreign merchandise.
2
Department of Defense shipments of grant-aid military equipment
and supplies under the Mutual Security Program.
Merchandise imports 3
193
,142
,111
,155
9,102
3
5,840
959
937
3851
96
947
1 011
1 065
1 008
880
6,871
871
850
8,568
4,570
1956
1 073
1 051
1,102
991
1 095
1 034
1 051
1,055
995
1 121
1957
1 119
992
'1,131
1,118
vl 109
986
1 053
5,312
^5,469
General imports including imports for immediate consumption plus
entries into bonded warehouses.
824
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
goods
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
122.4
122.6
123.0
123.4
123.7
124.2
124.5
124.8
104.8
104.8
105.3
105.5
106.5
106.8
107.0
107.0
127.1
126.8
127.7
128.5
128.6
132.6
133.2
133.1
131.9
132 0
132.7
133.3
134.0
134.1
134.5
134.7
119.6
119 9
120.1
120.3
120.5
120.8
121.4
121.8
108.2
107 6
107.7
107.9
108 4
108.5
109 0
109.3
121.5
121 8
122.2
122.1
122.7
123.0
123.2
123.3
125.4
125.6
126.2
126.4
127.3
106.4
106.1
106.8
106.5
106.5
133.6
134.4
135.1
135.5
135.3
135.3
135.5
136.4
136.9
137.3
122.1
122.6
122.9
123 3
123.4
109.9
110 0
110.5
111 8
111.4
123.8
124 0
124.2
124 2
124.3
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 Mav
June
July
AU2
Sept
Oct
Nov
Dec
115.4
116.2
117.0
116.8
117.1
117.7
117.8
118.0
111.0
113.2
114.8
113.1
113.1
113.1
112.9
112.9
120.9
121.4
121.8
122.2
122.5
122.8
123.0
123.5
132.2
132.5
133.2
133.2
133.4
133.4
133.8
134.2
111.8
111.7
111.7
112.1
112.2
112.0
111.8
112.0
127.9
128.4
128.7
129.5
130.5
132.9
134.3
136.1
102.6
102.8
102.8
102.6
103.3
103.6
103.8
104.1
118.2
118.7
118.9
119.3
119.6
112.8
113.6
113.2
113.8
114.6
123.8
124.5
124.9
125.2
125.3
134.2
134.2
134.4
134.5
134.7
112.3
112.4
112.4
112.4
112.3
138.9
139.3
139.2
138.1
135.4
104.0
105.0
104.9
105.1
104.2
Year or month
1957_jan
Feb
Mar
Apr
May
...
...
Total
Rent
Gas
and
electricity
Solid House- Housefuels
furhold
and
nish- operafuel oil ings
tion
Apparel
117.4
83.6
88.4
90.9
60.3
45.9
55.6
76.3
NOTE.—Revised indexes, reflecting, beginning January 1953, the inclusion of new series (i.e. home purchases and used automobiles) and re-
109.7
115.4
118.2
120.2
120.2
122.0
vised weights. Prior to January 1953, indexes are based on the "interim
adjusted" and "old" indexes, converted to the base 1947-49= 100.
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Bureau of Labor Statistics index. 1947-49= 100]
Other commodities
Year or
month
All
com- Farm Processed
modi- Products foods Total
ties
Ma- FurniTex- Hides, Fuel, Chemchin- ture
Pulp,
tile
power, icals Rub- Lumery
and
ber paper, Metals
prod- skins,
and
ber
and
and light- and
and other
and
and
ucts leather
and wood
mo- houseallied prodallied metal
and proding prodprodtive
hold
prod- ucts
apmaucts prodprod- duraucts
ucts
parel ucts terials ucts
ucts
bles
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 1C6.6 104.5 134.0 120.3 116.5 123.0
110.
97.0 104.6 114.0 97.3 98.5 109.5 105.7 125.0 120.2 116.1 126.9
110.3 95.6 105.3 114.5 95.2 94.2 108.1 107.0 126.9 118.0 116.3 128.0
110.7 89.6 101.7 117.0 95.3 93.8 107.9 106.6 143.8 123.6 119.3 136.6
114.3 88.4 101.7 122.2 95.3 99.3 111.2 107.2 145.8 125.4 127.2 148.4
1949
1950
1951
1952.
1953
1954
1955
1956
1956
May
June
July
Aug
Sept
Oct
Nov
Dec
1957
Jan
Feb
Mar
Apr
May
Nonmetallic
minerals—
structural
Tobacco
mfrs. Misand cellabottled neous
beverages
106.6
108.6
119.0
121.5
123.0
124.6
128.4
137.8
103.1
105.3
114.1
112.0
114.2
115.4
115.9
119.1
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
124.7
94.9
94.9
94.9
94.8
94.8
95.3
95.4
95.6
100.0
100.2
100.1
100.0
100.2
99.7
99.8
99.2
110.8
110.5
110.7
110.9
111.1
111.7
111.2
114.0
106.9
107.1
107.3
107.3
107.1
107.7
108.2
108.3
143.5
142.8
143.3
146.9
145.7
145.8
146.9
147.9
128.0
127.3
126.6
125.2
123.6
122.0
121.5
121.0
127.3
127.4
127.7
127.9
127.9
128.1
127.8
128.0
146.8
145.8
144.9
150.
151.9
152.2
152.
152.3
136.5
136.8
136.9
137.7
139.7
141.1
143.4
143.6
118.0
118.
118.3
119.1
119.7
121.0
121.1
121.2
128.6
128.9
130.6
130.8
131.1
131.5
131.2
131.3
121.6
121.6
121.7
122.5
122.8
123.1
123.5
123.6
96.1
92.9
91.3
91.1
89.9
89.2
91.2
91.7
125.2
125.5
125.4
125.4
125.2
95.8
95.7
95.4
95.3
95.4
98.4
98.0
98.4
98.8
99.0
116.3
119.6
119.2
119.5
118.5
108.7
108.8
108.8
109.1
109.1
145.0
143.9
144.3
144.5
144.7
121.3
120.7
120.1
120.2
119.7
128.6
128.5
128.7
128.6
128.9
152.2
151.4
151.0
150.1
150.0
143.9
144.5
144.8
145.0
145.1
121.9
121.9
121.9
121.5
121.6
132.0
132.7
133.2
134.6
135.0
124.0
124.1
124.1
124.5
124.5
93.2
92.4
92.0
91.4
89.4
114.4
114.2
114.0
114.7
115.5
115.6
115.9
116.3
90.9
91.2
90.0
89.1
90.1
88.4
87.9
88.9
102.4
102.3
102.2
102.6
104.0
103.6
103.6
103.1
121.7
121.5
121.4
122.5
116.9
117.0
116.9
117.2
117.
89.3
88.8
88.8
90.6
89.5
104.3
103.9
103.7
104.3
104.9
123.1
123.6
124.
825
PRICES
WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued
[Bureau of Labor Statistics index1, 1947-49= 100]
1956
Subgroup
136.2
125.3
141.7
150.8
160.0
141.2
154.0
Hardware
135.0
117.3
Heating equipment .
Fabricated structural metal products. 129.4
Fabricated
nonstructural
metal
132.6
products
...
163.8
143.2
148.0
162.2
132.0
121.6
133.4
161 9
142.5
148.0
163.5
131.6
121.6
132.8
162.9
139.9
152.5
164.6
130.1
121.5
132.2
142.8
143.3
143.3
116.7
84 6
111.3
105.9
112.3
190.9
95.1
116.8
88 2
111.4
104.9
112.1
183.7
95.2
116.5
91 5
110.7
104.7
112.8
183.7
95.3 Machinery and Motive Products:
93.1
102.9
80.3
125.0
.. 99.4
70 3
91.1
109.0
81.7
123.0
99.6
76 1
90.8
109.9
81.5
124.8
99.6
75 9
90.7
110.9
81.8
124.7
99.5
76 9
59.0
92.9
. 120 0
99.2
51.0
88.6
120 9
97.8
51.8
88.6
121.5
97.8
Motor vehicles
55.8
88.8 Furniture and Other Household Dura121.1
bles97.6
Household furniture
Agricultural machinery and equip-
Leather
Footwear
Other leather products
Fuel, Power, and Lighting Materials:
Coal
Coke
Gas
Electricity
Petroleum and products.
Industrial chemicals
Preoared oaint
Paint materials . .
Drugs, Pharmaceuticals, cosmetics...
Fats and oils inedible
Mixed fertilizers
Fertilizer materials
Other chemicals and products
132.4
132.5
146.6
154.5
156.7
164.9
157.5
165.3
157.5
165.6
146.0
135.2
155.9
143.3
156.2
143.7
156.0
143.8
137.0
129.1
147.5
134.6
147.8
134.7
147.8
134.7
118.0
138.5
130.5
105.0
89.6
69.3
139.2
122.2
146.9
134.3
106.8
91.1
69.5
147.0
122.4
147.3
133.8
105.4
91.1
69.5
147.0
122.4
147.3
133.8
105.1
91.1
69.5
147.6
131.1
130.1
121 7
146.1
127.1
111.9
122.8
135.7
135.1
125.7
150.8
127.1
118.2
127.5
135.7
135.7
126 6
155.0
127.1
121.6
128.3
135.7
135.7
126.7
155.0
127.1
125.8
128.3
124.0
104.2
122.5
114.6
148.1
124.0
105.1
126.0
119.0
149.0
124.0
105.1
126.9
119.6
149.3
124.0
105.1
126.9
119.6
149.3
Toys, sporting goods, small a r m s . . . . 115.8
81.8
Manufactured animal feeds
95.7
Notions and accessories
Jewelry, watches, photo equipment... 105.0
123.1
Other miscellaneous
...
117.5
72.0
96.7
107.6
126.5
117.5
71.0
97.4
107.6
126.8
117.5
67.2
97.4
107.6
126.8
General purpose machinery and
equipment
Miscellaneous machinery
Electrical machinery and equip-
Floor covering
Household appliances
Radio
123.2
161 9
118 4
96.6
130.4
123.2
161 9
118.4
96.6
129.8
120.8
119 1
101.2
92.1
60 3
107.9
109.1
102.4
122.9
124 1
100.1
93.2
57 9
108.5
106.8
105.2
123.6
124 1
99.8
93.5
58 2
108.6
107.5
105.2
Flat glass
123.6
Concrete ingredients
124 7
Concrete products
Structural clay products
99.8
93.3
59 2
Prepared asphalt roofing
108.4
Other nonmetallic minerals
107.2
105.2 Tobacco Manufacturers and Bottled
Beverages:
139 5
151.8
136.7
142 0
149 0
140.0
143 2
149 0
140.0
144 0
149.0
139.9
Lumber and Wood Products:
.
132.4
123.6
161 9
118.4
94.9
130.7
Rubber and products:
Crude r u b b e r . . . .
Tires and tubes
Other rubber products
126.5
Construction machinery and equipment
111.9
145 4
115 4
93.2
118.3
Chemicals and Allied Products:
130.4
129.2
102 7
121.2
128.7
96 2
121.2
128.3
96 7
120.6
128.3
96 8
118.0
116.4
136.2
118.0
75.4
140.1
118.0
68.6
140.7
118.0
66.1
142 A
Pulp, Paper, and Allied Products:
136.2
125.2
141.7
115.5
82 1
107.9
109.3
109.6
187.4
97.5
Hides, Skins, and Leather Products •
' Revised.
136.2
125.6
141.1
Pulp, Paper, and Allied Products—
Continued:
111.8
85 4
Paperboard
78.7
Converted paper and paperboard....
104.3
Building paper and board
92.4
57.5 Metals and Metal Products:
84.4
Iron and steel
144 1
Nonferrous metals
Textile Products and Apparel:
Wastepaper
Paper
136.4
123.2
138.1
103.0
87 3
79.3
104.3
95 0
68.5
85.2
144 7
Cereal and bakery products
Meats poultry and fish
Dairy products and ice cream
Canned, frozen fruits, and vegetables.
Sugar and confectionery.
Packaged beverage materials
Millwork
Plywood
May
94.1
87.5
76.6
104.0
95.6
63.8
85.1
146 0
Processed Foods *
Silk products
Apparel
Other textile products
Apr.
111.8
90.5
74.4
105.9
92.7
80.2
. 90.1
144 4
.
Cotton products . .
Wool products
Mar.
May
...
1957
May
Apr.
Farm Products:
Fluid milk
Eggs
Hay and seeds
.
Other farm oroducts
Subgroup
Mar.
May
Grains
Livestock and poultry
1956
1957
Other household durable goods
Nonmetallic Minerals—Structural:
Cigars
Alcoholic beverages
Nonalcoholic beverages
.
Miscellaneous:
826
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
Gross national product
104.4
8.6
Less: Capital consumption allowances
Indirect business tax and related liabilities
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of government enterprises
-.1
Equals: National income
87.8
Less: Corporate profits and inventory valuation adjustment
Contributions for social insurance
Excess of wage accruals over disbursements
Plus: Government transfer payments
Net interest paid by government
Dividends
Business transfer payments
Equals: Personal income
Less: Personal tax and related payments
Federal
State and local
7.0
.6
.3
1933
1941
85.8
2.6
1.3
1.4
1952
1953
1954
1955
1957
1956
56.0 125.8 285.1 345.4 363.2 361.2 391.7 414.7 405.2 410.8 416.7 426.0 429.1
7.2
9.0 20.5 23.9 26.5 28.9 31.6 34.3 33.3 33.9 34.6 35.3 36.0
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
34.1
1.3
1.5
34.7
1.3
1.3
35.1
1.3
2.3
36.1
1.3
1.6
36.4
1.3
1.8
.0
.1
.2
-.1
-.4
-.2
.2
1.1
.8
1.0
1.1
1.6
1.4
40.2 104.7 240.0 290.2 302.1 299.0 324.1 343.6 335.8 340.6 344.5 353.3 355.1
10.1 - 2 . 0
.3
.2
.0
.9
1.0
5.8
.6
1950
.0
1.5
1.2
2.1
.7
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
40.5
12.0
39.1
12.2
39.8
12.5
42.4
12.8
41.2
14.2
.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
16.6
5.5
11.7
1.3
.0
17.1
5.7
12.0
1.3
.0
17.4
5.8
12.1
1.3
.0
17.7
.0
18.4
6.0
12.4
1.3
5.9
11.5
1.3
96.3 227.1 271.8 286.0 287.4 305.9 326.9 318.5 325.3 328.7 334.5 337.7
47.2
3.3
2.0
1.3
7.5
.5
20.9
18.2
2.7
34.4
31.2
3.2
35.8
32.4
3.4
33.0
29.2
3.8
55.
31.5
4.2
39.7
35.1
4.6
38.9
34.4
4.5
39.5
35.0
4.5
39.8
35.2
4.6
40.5
35.8
4.7
42.2
37.4
4.9
Equals: Disposable personal income
83.1
1.0
93.0 206.1 237.4 250.2 254.5 270.2 287.2 279.6 285.8 288.8 294.0 295.5
Less: Personal consumption expenditures
79.0
45.7
81.9 194.0 218.3 230.5 236.6 254.4 267.2 262.8 265.0 268.6 272.3 276.7
4.2
46.4
11.1
Equals: Personal saving
NOTE.
12.1
19.0
19.7
17.9
15.8
20.0
16.8
20.8
20.3
21.7
18.9
-.6
Data for 1954-56 and all quarterly figures have been revised.
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
40.2 104.7 240.0 290.2 302.1 299.0 324.1 343.6 335.8 340.6 344.5 353.3 355.1
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
.2 17.0 40.0
9.6
.5
1.4
7.6 17.8
8.3
-.4
9.4 22.1
.5 - 2 . 1 - 2 . 5 - 4 . 9
Net interest
1
2
6.4
5.0
Includes employee contributions to social insurance funds.
Includes noncorporate inventory valuation adjustment.
64.8 154.3 195.1 208.1 206.8 223.1 241.4 234.5 240.0 242.7 247.9 251.1
62.1 146.5 184.9 197.3 195.5 210.3 227.2 220.9 226.1 228.3 233.3 235.9
51.9 124.3 152.0 163.5 161.2 174.4 189.4 183.9 188.4 190.1 194.7 196.8
1.9
5.0 10.5 10.3 10.0
9.8
9.7
9.7
9.7
9.7
9.7
9.6
8.3 17.2 22.5 23.5 24.4 26.1 28.2 27.3 27.9 28.5 28.9 29.4
2.7
7.8 10.2 10.8 11.3 12.7 14.1 13.7 13.9 14.4 14.6 15.3
20.9
10.9
6.5
3.5
4.5
44.6
22.9
13.3
8.5
5.9
50.8
25.7
15.1
9.9
49.3
25.9
13.3
10.2
36.9 36.0
35.9 37.0
19.8 20.3
16.1 16.7
1.0 - 1 . 0
7.4
8.7
49.1
25.9
12.7
10.6
49.4
27.3
11.9
10.2
49.9
28.0
11.6
10.3
49.3
27.7
11.4
10.2
49.7
28.0
11.5
10.3
50.0
28.2
11.5
10.4
50.7
28.3
12.0
10.4
50.3
28.4
11.5
10.4
33.1 40.7 40.4 40.5 39.1 39.8 42.4
33.5 42.5 43.0 43.3 42.4 40.8 45.6
17.4 21.5 22.0 22.1 21.6 20.8 23.3
16.0 21.0 21.0 21.2 20.7 19.9 22.3
- . 3 -1.7 -2.6 -2.8 -3.2 -1.0 -3.2
41.2
43.9
22.4
21.5
-2.7
9.8
10.9
11.9
11.5
11.7
12.0
12.3
12.5
NOTE.—Data for 1954-56 and all quarterly figures have been revised.
827
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
1956
1929
1933
1941
1952
1950
1953
1954
104.4
56.C
Personal consumption expenditures
Durable goods
Nondurable goods
Services
79.0
9.2
37.7
32.1
46 4
3.5
22.3
20.7
81.9
9.7
43.2
29.0
Gross private domestic investment.
New construction1
Residential, nonfarm
Other
Producers' durable equipment..
Change in business inventories.
Nonfarm only
,
16.2
8.7
3.6
5.1
5.9
1.7
1.8
1.4
1.4
.5
1.0
1.6
-1.6
-1.4
18.1
6.6
3.5
3.1
6.9
4.5
4.0
51.2
22.7
12.6
10.1
21.1
7.4
6.4
49.8
23.7
11.1
12.6
23.1
3.0
2.1
50.3
25.8
11.9
.2
1.1
-2.2
-.2
-2.0
-.4
8.5
1.3
8.0
2.0
1.3
2.0
.0
7.2
.0
6.0
24.8
16.9
13.8
3.2
.0
7.8
42.0
22.1
18.5
3.9
.3
19.9
77.5
54.3
48.8
5.8
.4
23.2
84.4
59.5
51.5
8.4
.4
24.9
76.6
48.9
43.1
6.2
.4
27.7
Gross national product.
Net foreign investment
Government purchases of goods
services
Federal
National security
Other
Less: Government sales 2
State and local
125.8 285.1
1957
1956
1955
345.4 363.2 361.2 391.7 414.7 405.2 410.8 416.7 426.0 429.1
194.0 218.3 230.5
26.6
28.6
29.8
100.4 116.1 119
65.0
75.6
81.7
13.8
24.3
.3
.9
236.6 254.4 267.2 262.8 265.0 268.6 272.3 276.7
29.4
33.9
35.6
34.6
33.0
35.9
33.3
34.8
120.6 126.0 133.3 130.9 132.7 134.4 135.3 137.3
86.6
92.8
99.9
97.2
99.0 101.1 102.2 103.4
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
64.4
32.9
15.7
17.3
26.3
5.2
5.4
65.3
33.6
15.5
18.1
27.2
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
5.7
62.7
32.8
14.4
18.5
30.7
-.8
-.3
1.4
-.2
1.2
2.0
2.4
4.1
80.2
47.2
42.4
5.2
.4
33.0
78.2
46.2
41.1
5.5
.4
32.0
79.3
46.4
41.6
5.2
.4
32.9
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
5.1
and
1
Includes expenditures for crude petroleum and natural gas drilling.
Consists of sales abroad and domestic sales of surplus consumption
goods and materials.
77.1
46.8
41.3
5.9
.4
30.3
NOTE.—Data for 1954-56 and all quarterly figures have been revised.
2
PERSONAL INCOME
[Department of Commerce estimates. In billions of dollars]
Wage and salary disbursements
Year or month 1
Personal
income
Total
Commodity
producing industries
Distributive
industries
Service
industries
Government
DiviProdends
prietors'
and
Other
and
perlabor
2
rental
sonal
income
income interest
income
Transferpayments^
Less
personal
contriNonbutions agriculfor
tural
social
income 6
insurance 5
1929
1933
1941
85.8
47.2
96.3
50.4
29.0
62.1
21.5
9.8
27.5
15.6
8.8
16.3
8.4
5.2
8.1
4.9
5.1
10.2
.6
.4
.7
20.2
7.6
20.9
13.2
8.3
10.3
1.5
2.1
3.1
.1
.2
77.7
43.6
88.0
1951
1952
1953
1954
1955
1956
255.3
271.8
286.0
287.4
305.9
326.9
170.8
184.9
197.4
195.5
210.3
227.2
74.9
80.4
87.7
83.6
90.9
98.3
45.8
48.7
51.3
51.9
55.4
60.1
21.3
23.0
28.8
32.9
33.9
34.3
35.9
37.9
4.8
5.3
6.0
6.2
6.9
7.5
49.9
50.8
49.3
49.1
49.4
49.9
20.7
21.3
23.0
24.9
27.1
29.5
12.6
13.2
14.3
16.2
17.4
18.5
3.4
3.8
3.9
4.6
5.2
5.7
235.7
253.1
269.2
271.3
290.6
311.7
1956—June
July
Aug
Sept
Oct
Nov
Dec
326.8
325.6
329.3
331.1
334.1
334.9
334.8
227.3
225.7
228.8
230.4
231.8
233.1
235.3
98.1
96.3
98.6
99.6
100.8
101.2
102.7
60.3
60.2
60.5
60.9
60.8
61.4
61.6
31.0
31.2
31.5
31.5
31.8
31.9
32.2
37.9
38.0
38.2
38.4
38.4
38.6
38.8
7.5
7.5
7.6
7.6
7.7
7.7
7.7
49.7
49.9
50.1
49.9
51.3
50.7
50.2
29.5
29.7
29.9
30.1
30.2
30.4
28.5
18.5
18.5
18.7
18.8
18.9
18.9
19.0
5.7
5.7
5.8
5.7
5.8
5.9
5.9
312.0
310.7
314.1
316.1
317.7
319.3
319.6
1957_jan
Feb
Mar
Apr
May
J
335.9
337.9
339.5
340.6
342.9
343.8
234.5
235.9
237.2
237.1
238.3
239.2
101.4
102.0
102.3
102.4
102.4
102.8
62.0
62.4
63.0
62.7
63.4
63.6
32.2
32.4
32.6
32.9
33.0
33.1
38.9
39.1
39.3
39.1
39.5
39.7
7.7
50.2
50.4
50.4
50.6
50.8
50.8
30.7
30.8
30.9
31.0
31.2
31.2
19.5
19.7
20.0
20.8
21.6
21.5
6.7
6.7
6.8
6.7
6.8
6.8
320.7
322.7
324.5
325.3
327.5
328.3
p
Preliminary.
Monthly data are seasonally adjusted totals at annual rates.
Represents compensation for injuries, employer contributions to
private pension and welfare funds, and other payments.
3 Represents business and professional income, farm income, and
rental income of unincorporated enterprise; also a noncorporate inventory
valuation adjustment.
4
Represents government social insurance benefits, direct relief, mustering-out pay, veterans' readjustment allowances and other payments, as
1
2
24.5
25.8
28.2
31.1
7.8
7.8
7.9
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.
NOTE.—Data for 1954-56 and all monthly figures have been revised.
828
DEPOSITS AND CURRENCY
DEMAND DEPOSITS ADJUSTED—BEFORE AND AFTER ADJUSTMENT FOR SEASONAL VARIATION 1
[Figures are as of last Wednesday of month and are partly estimated]
Year
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Unadjusted series (in billions of dollars)
1946 2
1947
1948
1949 .
1950
76.8
82.5
86.6
85.4
86.4
76.4
80.6
84.6
83.4
84.5
75.0
80.4
81.5
81.1
83.2
77.5
81.3
82.7
82.4
84.3
78.6
81.5
82.8
82.5
85.0
79.5
82.5
82.7
82.2
85.4
80.3
83.0
83.3
83.1
86.5
80.6
83.3
83.8
83.4
87.4
81.4
84.1
83.9
83.1
88.0
82.4
85.4
85.1
84.3
89.2
83.0
85.9
85.2
85.0
90.3
83.3
87.1
85.8
86.7
93.2
1951
1952
1953
1954
1955
91.6
97.9
100.5
102.3
107.0
90.6
95.7
98.3
99.6
104.5
89.0
94.8
97.4
96.7
102.4
89.5
95.1
98.0
98.6
104.5
89.5
95.3
97.5
98.7
103.3
89.5
95.8
97.2
98.1
103.2
90.7
95.7
97.4
100.0
103.9
91.4
95.8
97.5
99.4
103.9
92.0
96.4
97.7
101.2
104.9
95.0
98.6
100.3
103.1
106.1
96.3
99.4
100.2
104.0
106.9
98.1
101.5
103.3
106.7
109.8
1956
1957
108.9
^109.5
105.6
^107.0
104.4
^105.2
106.1
*>107.3
104.2
2>104.8
105.0
105.2
104.5
105.4
107.4
108.3
110.8
Seasona adjustment factors (per cent) 3
1946
1947
1948
1949
1950
1951
1952
1953.
1954
1955
1956
1957
. . . .
100.3
100.3
102.3
102.3
102.3
98.5
98.5
99.8
99.8
99.8
496.2
97.8
496.5
497.1
497.6
98.7
98.7
98.3
98.3
98.3
99.0
99.0
98.6
98.6
98.6
99.8
99.8
98.4
98.4
98.4
100.1
100.1
99.2
99.2
99.2
100.1
100.1
99.8
99.8
99.4
100.5
100.5
99.8
99.8
99.5
101.3
101.3
101.3
101.3
101.0
101.6
101.6
101.6
101.6
101.6
102.3
102.3
102.8
102.8
103.8
102.3
102.8
102.8
102.8
102.8
100.1
100.1
100.1
100.1
100.1
98.9
98.9
98.9
497.3
497.9
99.1
99.1
99.1
99.1
99.4
98.6
98.6
98.6
98.6
98.3
98.4
98.4
98.4
98.4
98.4
98.7
98.7
98.7
98.7
98.7
98.7
98.4
98.4
98.4
98.4
98.8
98.8
98.8
99.3
99.3
101.0
101.0
101.0
100.7
100.7
101.6
101.4
101.4
101.2
101.2
103.8
103.8
103.8
103.8
103.8
102.8
102.8
100.1
100.1
98.3
98.3
100.0
100.0
98.3
98.3
98.4
98.4
98.7
98.7
98.4
98.4
99.3
99.3
100.7
100.7
101.2
101.2
103.8
103.8
Adjusted series (in billions of dollars)
19462
1947
1948
1949
1950
76.6
82.3
84.7
83.5
84.5
77.6
81.8
84.8
83.6
84.7
78.0
82.2
84.5
83.5
85.2
78.5
82.4
84.1
83.8
85.8
79.4
82.3
84.0
83.7
86.2
79.6
82.7
84.0
83.5
86.8
80.2
82.9
84.0
83.8
87.2
80.5
83.2
84.0
83.6
87.9
81.0
83.7
84.1
83.3
88.4
81.3
84.3
84.0
83.2
88.3
81.7
84.5
83.9
83.7
88.9
81.4
85.2
83.5
84.3
89.8
1951
1952
1953
1954 .
1955
89.5
95.2
97.8
99.5
104.1
90.5
95.6
98.2
99.5
104.4
90.0
95.9
98.5
99.4
104.6
90.3
96.0
98.9
99.5
105.1
90.8
96.7
98.9
100.1
105.1
91.0
97.4
98.8
99.7
104.9
91.9
97.0
98.7
101.3
105.3
92.6
97.4
99.1
101.0
105.6
93.1
97.6
98.9
101.9
105.6
94.1
97.6
99.3
102.4
105.4
94.8
98.0
98.8
102.8
105.6
94.5
97.8
99.5
102.8
105.8
105.9
?106.5
105.5
*>106.9
106.2
^107.0
106.1
*>107.3
106.0
"106.6
106.7
106.6
106.2
106.1
106.7
107.0
106.7
1956
1957
p
1
Preliminary.
Demand deposits adjusted are total demand deposits, other than
interbank and U. S. Govt., less cash items reported as in process of collection.
2
Data are for last day of month.
3
To adjust for seasonal movements, the unadjusted figure should be
divided by the appropriate seasonal adjustment factor.
4
The seasonal adjustment factor for March is affected by the date on
which the last Wednesday of the month falls (see discussion in the Federal
Reserve BULLETIN for March 1955, p. 254). When the last Wednesday
falls on March 29-31, the decline in demand deposits adjusted is larger
than the normal seasonal decline by the following percentage points:
March 29—0.5; March 30—1.0; and March 31—1.6.
DEPOSITS AND CURRENCY
829
CURRENCY OUTSIDE BANKS—BEFORE AND AFTER ADJUSTMENT FOR SEASONAL VARIATION 1
[Figures are as of last Wednesday of month and are partly estimated]
Year
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Unadjusted series (in billions of dollars)
1947
1948
1949...
1950
26.1
25.8
25.2
24.5
26.2
25.7
25.1
24.7
26.1
25.6
25.1
24.6
26.1
25.4
24.9
24.6
26.1
25.4
25.0
24.7
26.0
25.6
25 0
24.6
26.0
25.5
24 9
24.4
26.1
25.6
25.1
24.5
26.3
25.7
24 9
24.5
26.2
25.7
24 9
24.6
26.5
25.9
25.1
24.9
26.5
25.7
25 0
25.0
1951
1952
1953.
1954
1955
24.6
25.6
26.8
26.9
26.8
24.6
25.6
26.9
26.9
26.8
24.4
25.7
26.9
26.9
26.7
24.6
25.9
27.0
26.7
26.7
24.9
26.0
27.0
26.8
26.8
25.0
26.0
27.1
27.1
27.1
25.1
26.2
27.2
26.8
27.1
25.3
26.3
27.3
26.9
27.3
25 4
26.6
27.5
26.9
27.2
25.7
26.7
27.4
26.9
27.3
25.8
27.4
27.9
27.5
27.9
26 3
27.5
27.8
27.4
27.9
1956
1957
27.1
^27.4
27.2
*>27.4
27.2
?27.4
27.0
*27.4
27.4
P27.9
27.5
27.4
27.5
27.4
27.7
28.0
28.5
Seasonal adjustment factors (per cent) 2
1947
1948
1949
1950
99.4
99.3
99.4
99.4
99.4
99.3
99.7
99.6
99.0
99.2
99.1
98.9
99.4
98.6
98.8
98.8
99.5
99.1
99.4
99.9
99.1
100.4
100.2
99.8
99.5
99.5
99.5
99.6
99.7
99.9
100.6
100.2
100.3
100.5
100.2
99.8
100.3
100.2
100.3
100.3
102.1
102.3
101.4
101.5
102.3
101.7
101.4
102.2
1951
1952
1953
1954
1955
99.5
99.4
99.2
99.3
99.4
99.5
99.4
99.2
99.3
99.4
98.8
99.1
99.2
99.2
99.0
98.9
99.4
99.1
98.6
98.7
99.7
99.5
99.3
99.2
99.3
99.8
99.2
99.5
100.2
100.0
99.5
99.4
99.5
99.6
99.7
99.9
99.7
99.9
100.0
100.5
100.0
100.3
100.5
100.2
100.0
100.6
100.4
100.3
100.2
100.2
101.0
102.1
102.3
102.3
101.9
102.8
102.1
102.0
101.9
101.9
1956
1957
99.4
99.4
99.6
99.4
98.8
98.9
98.9
98.9
99.7
99.6
99.8
99.5
99 5
99.4
99 9
99.8
100.0
100.2
100.6
100.4
101.0
101.6
102.8
102.9
Adjusted series (in billions of dollars)
1947
1948
1949
1950
1951
1952
1953
1954
1955
.
1956
1957
p
26.3
26.0
25.4
24.6
26.4
25.9
25.2
24.8
26.4
25.8
25.3
24.9
26.3
25.8
25.2
24.9
26.2
25.6
25.2
24.7
26.2
25.5
25 0
24.6
26.1
25.6
25 0
24.5
26.2
25.6
25 0
24.5
26.2
25.6
24.9
24.5
26.1
25.6
24.8
24.5
26.0
25.3
24.8
24.5
25.9
25.3
24.7
24.5
24.7
25.8
27 0
27.1
27.0
24.7
25.8
27 1
27.1
27.0
24.7
25.9
27 1
27.1
27.0
24.9
26.1
27 2
27.1
27.1
25.0
26.1
27.2
27.0
27.0
25.1
26.2
27 2
27.0
27.1
25.2
26.4
27 3
26.9
27.2
25.3
26.4
27 3
26.9
27.2
25.4
26.5
27 4
26.8
27.2
25.5
26.6
27.3
26.8
27.2
25.5
26.8
27.3
26.9
27.4
25.6
26.9
27.3
26.9
27.4
27.3
*>27.6
27.3
?27.6
27.5
P27.7
27.3
P27.7
27.5
^28.0
27.6
27.5
27.5
27.4
27.5
27.7
27.7
Preliminary.
Currency outside banks is total currency outstanding less the amounts
held by the Treasury, the Federal Reserve Banks, and vault cash at all
banks.
1
2
The amount of currency outside banks varies with the date on which
the last Wednesday of the* month falls (see discussion in the FEDERAL
RESERVE BULLETIN for March 1955, p. 255). To adjust for seasonal
movements, the unadjusted figure should be divided by the appropriate
seasonal adjustment factor.
Financial Statistics
* International *
International capital transactions of the United States.
832
Gold production
836
Net gold purchases and gold stock of the United States. .
837
Reported gold reserves of central banks and governments.
838
Estimated foreign gold reserves and dollar holdings.
839
International Bank and Monetary Fund
840
Central banks.
840
Money rates in foreign countries.
845
Foreign exchange rates.
846
Index to statistical tables
857
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,
831
832
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]
In-
Total foreign
countries
Germany,
Fed.
Rep.
ternational
institutions 2
Official
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
1,081
1,373
1,454
466
579
785
674
672
757
1956—May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
31....
30
31....
31....
30....
31....
30....
31....
2,001
2,007
2,016
1,998
2,005
2,015
2,008
1,452
12,536
12,648
12,811
12,986
13,223
13,124
13,103
13,477
7,438
7,459
7,445
47,778
7,934
7,952
7,840
8,044
907
877
813
770
755
735
640
626
1,580
1,638
1,686
1,759
1,805
1,855
1,850
1,835
831
861
864
904
926
939
927
930
709
736
758
792
812
795
797
836
1957—Jan.
Feb.
Mar.
Apr.
May
31....
28*...
31*>...
30*\ . .
31*\..
1,809
1,681
1,558
1,358
1,700
13,195
13,080
13,005
13,095
13,091
7,753
7,531
7,550
47,794
7,803
538
492
424
416
367
1,790
1,762
1,763
1,727
1,735
905
890
891
909
937
801
775
111
753
775
Date
France
and
Switz- United
erKingland
dom
Other
Europe
Total
Europe
Canada
Latin
America
Asia
All
other
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
758
750
837
664
745
645
'642
1,012
1,679
1,619
1,631
1,708
1,701
1,721
,653
1,627
6,464
6,482
6,588
6,597
6,745
6,690
'6,508
'6,865
1,272
1,285
1,352
1,435
1,435
1,441
1,453
1,516
2,180
2,182
2,194
2,265
2,318
2,276
2,415
2,346
2,297
2,353
'2,358
'2,374
'2,404
'2,402
'2,392
'2,405
323
347
319
315
322
316
335
346
867
868
929
901
925
1,674
1,730
1,752
1,800
1,753
6,575
6,517
6,536
6,506
6,492
1,526
1,565
1,493
1,522
1,613
2,376
2,306
2,341
2,506
2,545
2,371
2,304
2,234
2,148
2,045
348
389
401
412
395
of
Official
private
Italy
429
715
899
Table la. Other Europe
Netherlands
Norway
Portugal
101
113
176
243
249
164
119
103
82
72
91
132
6
8
8
49
47
50
57
55
56
53
53
182
165
160
141
150
158
166
177
227
206
201
182
168
162
131
134
54
55
57
58
63
57
59
67
135
124
124
125
132
133
133
137
7
7
6
6
2
54
61
59
60
59
181
184
178
181
175
117
122
120
110
111
69
67
76
73
75
138
134
123
117
120
Other
Europe
Austria
Belgium
Denmark
Finland
1953—Dec 31
1954_Dec. 3 1 . .
1955—Dec. 31
,558
I 642
1,519
191
273
261
130
100
108
96
71
60
38
41
49
1956—May
June
July
Aug.
Sept
Oct.
Nov.
Dec.
31
30
31
31
30
31
30 .
31
,679
,619
,631
.708
1,701
1,721
1 653
1,627
242
247
251
266
277
300
297
296
107
105
108
110
117
118
125
117
67
68
69
68
64
70
68
65
1957—Jan.
Feb.
Mar.
Apr
May
31
28*\
31^
3O*3
31*>
1,674
1,730
1,752
1,800
1,753
294
297
296
298
298
125
133
141
142
120
64
76
76
71
65
Date
Greece
Yugo- All
slavia other
Sweden
Turkey
36
71
104
117
141
153
14
8
9
7
9
13
388
363
201
96
90
85
75
68
55
50
43
162
169
188
181
190
202
199
217
8
7
7
7
14
14
14
20
8
9
10
9
11
11
16
17
334
319
314
424
391
385
341
281
42
40
32
28
25
230
229
228
245
251
16
22
14
20
12
14
17
14
11
12
330
347
394
442
430
Panama,
Republic of
Peru
El
Salvador
Uruguay
27
30
110
90
65
222
194
265
119
124
112
66
67
71
81
76
72
70
73
349
331
341
399
405
397
536
455
136
141
131
125
121
115
113
111
76
76
74
71
66
448
363
374
479
588
114
120
133
139
139
RuSpain
mania
Table lb. Latin America
Date
Latin
Amer- Argentina
ica
Bolivia
Brazil
Chile
Colombia
Cuba
Dominican Guate- MexRemala
ico
public
Netherlands
West
Indies
and
Suri-
Other
Vene- Latin
zuela America
nam
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
1956—May
June
July
Aug.
Sept
Oct.
Nov.
Dec
31
30 .
31
31
30 .
31
30
31
2,180
2 182
2 194
2,265
2 318
2 276
2,415
2 346
120
125
138
136
141
148
150
146
25
25
28
27
25
24
27
29
198
217
238
231
259
242
249
225
91
101
89
92
106
95
85
91
139
138
133
125
123
126
140
153
261
263
267
263
271
250
228
211
65
68
66
66
64
71
69
68
68
66
63
59
53
52
55
64
386
358
355
376
395
408
422
433
56
62
62
68
67
67
67
69
94
94
98
101
104
105
101
109
83
80
75
83
82
84
82
84
1957—Jan
Feb.
Mar.
Apr.
May
31
28^
31*
30?
31»
2 376
2,306
2,341
2,506
2,545
140
142
138
211
185
27
27
25
26
25
241
240
232
216
184
86
86
91
86
79
180
171
190
200
206
217
222
217
226
241
67
76
78
85
82
66
69
74
77
72
421
413
409
393
375
66
67
66
65
62
109
112
117
116
118
81
82
82
78
79
> Prel iminary.
r
Revised.
For other footnotes see following page.
24
44
45
39
31
25
19
21
25
37
39
41
39
43
833
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
Formosa
Date
Ko-
and
Total
1953—Dec. 31
1954—Dec. 31
1955—Dec. 31
Hong
China Kong India
TV/
T
*
n
iviainland
Indonesia Iran
rea, PhilBelUnion
ipof
ReThaiAus- gian
Israel Japan pub- pines land Other Total tralia Congo Egypt South Other
lic
Africa
of
1,896
1,821
2,181
74
70
75
68
61
55
99
87
73
39
100
174
44
31
37
18
41
53
2,297
2,353
2,358
'•2,374
'2,404
r
2 402
55
54
55
59
60
59
62
66
64
82
81
81
81
68
69
76
124
117
102
154
158
180
185
186
32
31
38
32
36
31
22
20
49
55
56
51
43
38
36
45
64
60
56
58
56
75
76
80
79
78
179
166
145
129
126
21
31
40
33
29
37
38
35
30
40
1956—May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
31
30
31
31
30
31
30
31
'2,405
76
79
79
83
85
88
94
96
1957_jan.
Feb.
Mar.
Apr.
May
31
2,371
2 8 * \ . . . 2,304
3\P
2,234
30*>
2,148
3 1 * . . . . 2,045
99
100
103
111
111
r
a! 392
295
257
252
168
123
138
171
234
343
326
265
360
59
48
75
90
44
42
. 72
38
33
53
94
119
1,005 92
1,039 95
96
1,051
98
1,037
98
1,058
98
1,054
1,027 100
99
1,007
277
282
275
275
278
281
274
272
143
141
141
142
142
140
144
148
380
379
383
361
365
365
379
389
323
347
319
315
322
316
335
346
58
79
72
69
71
74
82
84
40
41
42
47
48
45
45
44
62
62
54
50
48
46
46
50
37
30
34
33
34
34
42
53
125
135
116
116
122
116
119
114
269
254
244
224
216
158
161
167
165
166
385
393
398
390
399
348
389
401
412
395
75
80
93
101
87
42
44
42
42
41
52
69
60
61
59
58
63
61
56
58
121
133
145
152
151
893
982
922
863
823
719
101
102
103
106
106
43
47
96
92
96
88
828
'•721
Table Id. Supplementary Areas and Countries5
End of year
End of year
Area or country
Area or country
1953
1954
1955
1956
2
.2
.4
.6
6
.7
1.2
1 9
1 0
.4
7
.7
1.3
1 8
1 0
n.a.
.4
2
.5
1.2
na
Other Europe:
Albania
British dependencies
Bulgaria
Czechoslovakia ^
Eastern Germany
Estonia
Hungary
Iceland
Ireland, Republic of
Latvia
Lithuania
Luxembourg
Monaco
Poland**
Trieste
U. S. S. R.6
1.0
7.5
8.9
14.1
1.3
.4
4.0
3.0
2.2
2.5
2.0
4.8
8
3.1
14.3
1.0
.5
4.5
5.3
2.1
2.2
1.8
13.7
1.0
.3
3.1
5.6
2.5
1.4
.7
9.1
.6
.4
13.2
4.3
3.3
1.4
.8
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
19.0
15.3
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
2.7
.6
5.1
.6
4.1
.5
Other Asia:
Afghanistan
Bahrein Islands
.4
6
.6
n.a.
1 9
Other Asia—Cont.
British dependencies
Burma
Cambodia
Ceylon. .
Iraq
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
Tangier
Tunisia
5.3
n.a.
r
P Preliminary.
Revised,
n.a.
Not available.
1
Short-term liabilities reported in these statistics represent principally
deposits and U. S. Govt. obligations maturing in not more than one year
from their date of issue, held by banking institutions in the United States;
small amounts of bankers' acceptances and commercial paper and of
liabilities payable in foreign currencies are also included.
2 Includes International Bank for Reconstruction and Development,
International Monetary Fund, and United Nations and other international
organizations. Excludes Bank for International Settlements, reported
under Other Europe.
3 Represents funds held with banks and bankers in the United States
(and in accounts with the U. S. Treasury) by foreign central banks and by
foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular
establishments, etc.).
1953
. . .
1954
9.1
9.8
23.0
na
17.1
13.8
.9
10 1
n.a.
23.9
9.7
5.3
n.a.
18.5
20.5
n.a.
29.7
2
18.8
10.0
.8
10.7
.1
16.5
3.8
1.8
26.9
61.5
21.5
8.1
1955
1956
9.8
8.8
19.1
13 1
32.9
14.7
1.2
3.5
23.1
18.0
5.7
2.0
34.0
79.5
13.1
62.3
7.0
17 2
41.2
16.9
2.0
5.3
n.a.
22.3
20.2
2.7
n.a.
n.a.
17.1
50.1
1.6
1.4
2.4
3.8
9.1
5.7
11.8
3.0
15.9
2.1
5.0
.2
na
36.1
.6
18.0
8.7
5.6
1.7
7.6
2 3
8.3
.5
n a.
35.7
.4
23.7
8.0
13.1
9.9
14.8
1.9
5.3
.7
n.a.
33.5
.7
24.2
10.5
23.7
3.7
13.6
2.2
2.8
.3
.4
22.4
.5
4
Includes for the first time certain accounts previously classified as
"private."
5
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" catagories 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.
834
BVFL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1
[Amounts outstanding, in millions of dollars]
Total
Date
1953—Dec. 31
1954—Dec. 31
1955—Dec. 31
1956—Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
30
31
30
31
31
30
31
30
31
1957_Jan.
Feb.
Mar.
Apr
31
28*
31*
30*
....
.
GerFrance many,
Fed.
Rep. of
Switz- United Other Total
erKing- Europe Europe
land
dom
Italy
Canada
Latin
America
Asia
All
other
905
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
1,527
1,606
1,639
'I,631
'1,698
'1,729
r
l,828
'1,787
1,942
14
16
17
15
65
66
67
19
18
100
118
122
118
120
125
127
134
157
32
33
32
32
33
35
29
32
43
28
28
24
28
27
28
28
30
29
69
83
82
78
78
81
86
94
104
164
171
167
168
163
169
177
174
216
407
449
444
439
486
504
514
483
567
718
734
755
758
772
776
799
797
'840
231
264
268
'262
'266
'272
'282
'292
'334
47
45
46
43
42
46
46
45
43
2,034
2,040
2,133
2,144
23
18
26
60
168
176
175
177
50
53
59
58
30
33
26
27
108
126
159
151
213
211
219
208
593
619
665
680
124
115
127
128
132
131
186
170
157
171
145
149
113
867
860
898
918
356
371
372
391
48
46
49
41
Norway
Portugal
Spain
Sweden
Turkey
Yugoslavia
All
other
1
24
4
5
3
4
7
7
8
7
8
10
10
12
11
13
16
41
78
68
71
71
74
63
70
73
72
88
13
14
14
14
85
86
83
79
Table 2a. Other Europe
Netherlands
Other
Europe
Austria
Belgium
Denmark
Finland
1953—Dec. 31
1954 Dec 31
1955—Dec. 31
88
109
158
1
(2)
13
20
16
6
10
13
2
3
3
1
3
4
9
16
11
1
2
9
1956—Apr.
May
June
July
Aug
Sept.
Oct.
Nov.
Dec.
30
31
30
31
31
30
31
30
31
164
171
167
168
163
169
177
174
216
4
6
6
7
7
7
9
7
7
24
22
20
17
17
19
18
22
28
7
10
9
8
7
6
10
10
12
3
4
4
4
5
5
4
3
4
4
4
3
3
4
5
5
5
4
17
15
16
16
19
16
16
13
21
10
11
11
12
16
15
16
17
23
1
2
6
7
9
11
8
8
6
5
8
1957_jan.
Feb.
Mar.
Apr
31
28*
31*
30*
213
211
219
208
6
7
8
8
30
29
34
29
13
10
11
9
4
3
3
3
4
4
5
5
20
21
20
23
23
17
18
17
2
1
2
2
9
7
11
10
Dominican Guate- MexRe- mala
ico
public
Netherlands
West
Indies
and
Surinam
Panama,
Republic of
Peru
El
Salvador
Uruguay
Date
Greece
5
1
2
5
6
5
1
1
(2)
(2)
(2)
n
2
(2)
7
5
7
7
6
5
6
6
6
6
6
7
6
8
8
9
Table 2b. Latin America
Date
Latin
BoAmer- Argenlivia
tina
ica
Brazil Chile
Colombia
Cuba
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—Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
30
31
30
31
31
30
31
30
31
718
734
755
758
772
776
799
797
••840
11
11
10
12
12
11
11
13
15
3
3
5
6
4
4
4
4
4
62
61
66
64
65
63
65
65
72
7
7
10
10
12
15
14
15
16
165
168
162
155
147
145
150
145
145
87
85
90
89
86
81
83
84
90
4
4
5
4
4
4
7
7
7
7
6
6
6
6
7
7
7
7
154
157
161
170
178
184
194
201
'213
2
3
8
6
6
6
6
5
5
18
19
13
12
11
11
11
12
12
30
29
29
28
32
32
32
32
35
6
6
7
6
6
8
11
14
11
12
7
15
22
29
26
18
14
15
113
133
130
130
131
133
139
132
144
36
35
39
38
44
46
46
47
49
1957—Jan.
Feb.
Mar.
Apr.
31
28*
31*
30*
867
860
898
918
15
25
37
42
5
4
5
5
77
72
76
78
22
20
22
25
145
145
158
151
99
91
89
92
13
13
10
11
8
7
8
8
216
218
216
213
4
3
3
4
13
10
13
15
34
32
37
36
8
8
8
9
12
11
12
12
145
146
152
163
52
54
51
55
r
* Preliminary.
Revised.
i Short-term claims reported in these statistics represent principally the
following items payable on demand or with a contractual maturity of
not more than one year: loans made to and acceptances made for foreigners; drafts drawn against foreigners that are being collected by banking institutions on behalf of their customers in the United States; and
foreign currency balances held abroad by banking institutions and their
customers in the United States. Claims on foreigners with a contractual
maturity of more than one year reported by U. S. banking institutions
(excluded from these statistics) amounted to $837 million on Apr. 30,
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.
23 Less than $500,000.
Includes transactions of international institutions.
835
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
Formosa
and Hong
Total China Kong India
Mainland
3
4
1
3
3
5
5
1
1
1956—Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
231
264
268
r
262
r
266
r
r 272
282
'292
r
334
8
8
8
8
5
6
5
5
5
5
1
1
1
1
8
4
8
8
4
4
6
6
6
6
5
7
6
6
6
356
371
372
391
8
8
8
8
5
6
6
7
7
7
9
10
115
30
31
30
31
31
30
31
30
31
...
1957_j a n . 31
Feb. 28?
Mar. 31P
Apr. 30^
(2)
10
10
11
12
12
12
13
13
16
100
113
121
r
108
9
11
7
9
13
11
10
9
127
12
9
82
13
16
8
9
77
88
23
24
24
182
188
190
206
17
18
18
19
10
10
10
12
81
86
84
84
20
22
22
21
22
23
11
10
20
20
hi
(2>
6
7
19
23
22
(2)
26
50
103
14
16
18
22
22
23
24
118
143
167
6
25
36
57
ONO>
8
143
233
Phil- ThaiAusIsrael Japan ippines land Other Total tralia
Iran
VOOO
1953—Dec. 31
1954 Dec. 31
1955—Dec. 31
oooo
Indonesia
oooo
Date
63
78
77
83
73
75
8
8
Union
of
Belgian Egypt South Other
Congo
Africa
25
37
43
8
14
11
6
6
5
(2)
47
45
46
43
42
46
46
45
43
12
12
12
11
11
11
12
11
11
6
6
8
8
8
8
7
7
6
48
11
11
13
10
46
49
41
2
6
8
8
10
17
2
2
3
3
2
3
3
3
2
8
20
18
16
14
14
17
17
19
17
5
2
5
5
5
2
1
8
7
7
8
1
7
7
7
7
7
6
8
21
22
22
17
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
U.S. corporate securities
Net purchases, or Pursales ( - ) chases
Purchases
Sales
646
801
1,341
883
728
793
812
1,018
-82
8
529
-135
802
1,405
1,886
1,907
731
1,264
1,730
1,615
48
13
34
Sales
Foreign bonds
Net purchases, or Pursales ( - ) chases
Sales
70
141
156
291
543
792
693
607
622
841
509
992
40
Foreign stocks
Net purchases, or Pursales ( - ) chases
32
28
324
87
21
37
21
13
18
16
298
14
12
18
67
39
13
12
26
73
9
20
-46
-26
179
161
18
May
196
130
178
160
131
143
144
145
137
108
140
155
96
108
140
108
59
22
38
5
35
35
4
37
40
41
48
31
32
174
49
25
27
117
75
129
60
41
145
101
77
-79
-49
184
-385
13
-76
-34
-82
-29
-9
29
-53
-52
1957—Jan
Feb.p
Mar P . . . .
Apr.p
47
135
76
26
29
43
48
10
17
92
28
16
163
152
122
134
107
93
104
113
57
59
19
21
49
32
34
67
172
131
37
209
-123
-99
-4
-142
1956—Apr
June
July
Aug
Sept
Oct.....!
Nov
Dec
Sales
Net purchases, or
sales ( - )
310
393
664
749
303
645
878
875
7
-252
-214
-126
74
90
64
76
65
49
52
43
45
105
-31
118
70
97
87
54
47
44
38
-28
-6
-21
-23
-5
5
-1
7
54
41
42
53
53
40
49
55
-2
1
n
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
France
-34
72
-42
17
706
-2
9
75
-121
7
52
72
35
61
4
43
53
-42
10
3
3
2
1
3
3
1
2
2
1
72
150
46
36
2
2
1
23
78
-21
82
1956 Apr
May
July
Aug
Seot
Oct
Nov
Dec
1
4
74
. .
1957 Jan
Feb.*
Mar.?
Preliminary.
2
r
Germany,
Federal
Republic of
Total
foreign
countries
Revised.
e
1
Italy
United
Kingdom
Other
Europe
Canada
25
113
76
34
3
2
—1
1
1
6
7
6
8
«
57
73
71
70
-24
-20
62
139
147
96
234
8
85
329
161
-121
— 187
265
-124
44
47
12
24
6
21
23
-2
19
7
14
19
20
11
10
11
-40
-14
-2
5
-1
19
2
8
9
1
-3
52
69
32
65
22
43
46
-39
3
-5
-2
1
-7
-18
-8
-1
-11
-3
29
25
12
9
6
46
29
21
19
16
4
10
57
90
47
42
5
56
i
(2)
i
33
Latin
America
Total
Europe
-7
1
(2)
(2)
Switzerland
-9
For other footnotes see opposite page.
6
5
1
2
Asia
All
other
3
29
-1
-1
3
7
4
?
(2
:
(2)
(2)
1
1
i
i
i
836
INT'L CAPITAL TRANSACTIONS OF THE U. S.
TABLE 5. NET PURCHASES BY FOREIGNERS OF LONG-TERM
FOREIGN SECURITIES OWNED IN THE UNITED STATES,
BY AREAS
TABLE 6. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT
FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS i
[In millions of dollars]
[Net sales, (—). In millions of dollars]
Assets in custody
Year or
month
1953
1954
1955
1956
1956—Apr....
May...
June...
July....
Aug
Sept....
Oct
Nov....
Dec....
1957—Jan
Feb.P. .
Mar.?..
Apr. P..
Preliminary.
International
institutions
Total
foreign
countries
Europe
— 61
-164
-27
— 33
— 11
-137
-4
— 478
96
9
-46
8
-138
-133
c
-2
-2
-2
_2
2
2
-3
-13
-102
-38
-101
-49
-15
33
-55
-41
-6
-5
-4
-18
-6
-4
22
17
13
-6
-92
-9
-94
-47
-15
8
-53
-47
1
2
2
1
1
-1
3
-71
9
1
-5
-52
-107
-10
-139
16
j
-72
-98
-11
2
2
9
-147
0)
Canada
74
-447
Latin
Amer- Asia
ica
35
33
24
17
-30
-34
-49
-40
-
C1)
0)
1
26
7
-7
-16
3
7
6
2
1
4
1
-8
-8
-
1
0)
-22
11
3
-1
3
-13
0)
11
9
5
4
2
0)
4
0)
Deposits
Date
All
other
U. S. Govt.
securities2
Miscellaneous 3
1955_Dec. 31
402
3,543
126
1956—June
July
Aug.
Sept.
Oct.
Nov.
Dec.
30
31
31
30
31
30
31
297
308
350
334
275
356
322
3,629
3,663
3,630
3,723
3,782
3,553
3,856
158
164
168
167
178
177
139
1957—Jan.
Feb.
Mar.
Apr.
May
June
31
28
31
30
31
30
344
327
311
316
360
449
3,707
3,671
3,744
3,727
3,600
3,685
164
156
158
165
164
164
1957_j U ne 5
June 12
June 19
June 26
360
395
370
410
3,608
3,673
3,747
3,754
164
165
164
163
i Less than $500,000.
1
Excludes assets held for Intl. Bank and Monetary Fund and earmarked
gold. See footnote 4 at bottom of following page for total gold under
earmark
at Federal Reserve Banks for foreign and international accounts.
2
U. S. Treasury bills, certificates of indebtedness, notes and/or bonds.
3 Consists of bankers' acceptances, commercial paper, and foreign and
international bonds.
NOTE.—For explanation of table and for back figures see BULLETIN
for May 1953, p. 474.
GOLD PRODUCTION
[In millions of dollars]
Production reported monthlj
Year or
month
Estimated
world
production
(excl.
U.S.S.R.)
Africa
Total
South
Africa
Rhodesia
Other
North and South America
United
Ghana Belgian
Congo States
Canada
Mexico
Colom- Chile
bia
Nica- Austra- India
ragua1
lia
j
$i = 15Hi grains o,
f gold H ifine: i. e., an ourice of fine gold= "35
1949
1950
1951
1952
1953
1954
1955
1956
840.0
864.5
840.0
868.0
864.5
913.5
959.0
1956 Apr
May
June
July . . .
Sept
Oct
Nov
Dec
1957 Jan
Feb
Mar
Apr
r
753.2
777.1
758.3
780.9
776.5
826.2
873.8
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
67.3
80.1
66.3
67.4
69.0
65.1
65.7
64 3
144.2
155.4
153.7
156.5
142.4
152.8
159.1
153 9
14.2
14.3
13.8
16.1
16.9
13.5
13.4
73.9
77.7
77.7
45.2
47.3
47.4
47.9
48.5
47.3
47.8
47 3
45 8
1.6
1.6
1.6
1.6
2.1
2.2
2.1
2.2
1.0
1.0
1.1
1.1
4.7
5.4
5.1
5.9
.9
1.3
1.6
1.6
1 5
1 5
2.3
2.2
2 2
2 2
12.9
13.1
13.4
12.3
12.3
12.4
12.9
12 9
12 8
48.3
46.3
49.2
49 1
1.6
1.5
2.3
2.3
5.0
4.4
2.2
5.1
1.6
2.3
Revised.
Gold exports, representing about 90 per cent of total production.
Sources.—World production: estimates of U. S. Bureau of Mines.
Production reported monthly: reports from individual countries except
1
1.0
1.0
6.3
6.0
6.2
5 6
4 6
47
12.6
12.0
13.2
12 9
1.1
12.6
13.3
15.1
14.8
15.3
13.2
13.3
15 3
1 -3
2
.3
6
4
.2
">
7
2
6.3
6.7
6.1
6.2
4.6
4.4
4.3
33
.2
.2
.3
.2
.3
.5
.4
2
3
8.1
7 6
31.3
30.4
31.3
34.3
37.7
39.1
36.7
36 1
.6
.6
.7
.6
2.7
3.0
3.2
3.3
.6
3.0
r 7
.6
.6
6
6
3.2
3 0
3 4
2 9
.6
.6
5
5
.6
.5
3.0
2 8
7.7
8.0
8.8
8.9
9.1
8.2
.6
6
5.7
6.7
7.9
8.9
7.8
8.4
7.4
7 2
.6
.6
.6
r
Ghana and Belgian Congo, data for which are from American Bureau of
Metal Statistics. For the United States, annual figures through 1955 are
from the U. S. Bureau of the Mint and figures for 1956 and 1957 are
from American Bureau of Metal Statistics.
837
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
1957
1956
Area and country
1949
1950
Continental Western Europe:
1-43.0 1-58.0
France
-84.8
Germany (Fed. Rep. of)
Netherlands
"-23"!5 " " ' - 7 9 ! 8
-15.0
Portugal
14.0
-22.9
Sweden
-38.0
-40.6
Switzerland.
3
4
.
3
65.3
Bank for Intl. Settlements....
3-123.4
-16.4
Other
-250.2
Total
Sterling Area:
United Kingdom. . .
Union of South Africa
Other
1951
1-18.3 1-5.8
-20.0
-10.0
" - 4 i 5 -100.0
-34.9
-5.0
-32.0
- 1 5 . 0 "*22.'5
-30.4
(2)
-29.7 -17.3
-380.2 -184.8 -115.6
1-94.8
-546.4 -328.3
-480.0
-50.0
-.5
-.5
645 2 — 1 003 4 525.6
451.2
-480.5
-50 5
34
3.5
— 100 0 — 10.0
-49.9
Cuba
Mexico
Uruguay
Venezuela
Other
-10.0
-16.1
-14.4
-50.0
-10.5
-49.9
-10.0
17.5
28.2 - 2 0 . 0
-118.2 - 6 0 . 2
22.2
-64.8
-.9
- 7 . 2 -34.7
-20.0
-22.8
-84.8
-3.5
87.7
14.9
-28.1
-15.0
-2.4
-.3
80.3
-5.0
-30.0
17.2
Total
-143.9
-172.0 -126.0
57.5
-131.8
62.5
4
5-38.9 5-53.7
-6.7
-5.7
-9.9
Asia
-55.4
-6.2
Eastern Europe
Allother
.4
75.2
(2)
Apr.June
Oct.Dec.
JulySept.
4.0
5.0
Jan.Mar.
3.4
3.4
"ioio
15.2
-8.0
—8 0
1.0
3.0
-77.5 - 1 9 . 2 - 3 2 . 8
-5.0
15.2
7.0
18.6
30.4
100.3
100 3
— .1 100 3
100 3
14 6
14 6
52
10.0
-.1
115.3
28.1
20 1
55 1
28.1
40 1
2.0
27.1
-200 0
11.0
29.1
-200.0
3.0
-.7
-.2
-.2
-.2
14.0 - 2 8 . 3
-.2
19.9
85.0 - 1 3 3 . 0
-4.9
-.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.
Jan.Mar.
-67.5 - 3 3 . 8 — 33 8
-10.0
-5.0
-.2
13.7
6-44.2 6-76.0
193.3 -1,725.2
Grand total
1956
7.2
Latin America:
Argentina
7.0
1955
3.4
-130.0 -225.6
-65.0
-59.9 -54.9
-20.0 -15.0
-65.0 -15.5
-94.3 -20.0
-17.5
2.6
440.0
11.5
3
3.2
Canada
469.9
52.1
1954
1953
3.6
446.3 -1,020.0
13.1
195.7
Total
1952
-68.5
-.2
-.2
13.1
13.1
7200.0
725.0
775.0
775.0
280.2
5.2
94.9
155.0
-3.6
6.5
— .4
725.0 7300.0
25.2
341.5
5 Includes sales of gold to Indonesia as follows: 1950 $29.9 million;
and 1951, $45.0 million.
6 Includes sales of gold to Egypt as follows: 1950 $44.8 million and
1951,
$76.0 million.
7
Represents purchase of gold from International Monetary Fund.
ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES
[In millions of dollars]
Gold stock
(end of year)
Year
Treasury
Total i
Increase
in total
gold
stock
Earmarked DomesNet
gold gold: de- tic gold
import, crease, producor
or intion
export
crease
1944
1945
1946
1947
1948
1949
20,619
20,065
20,529
22,754
24 244
24,427
20,631 - 1 , 3 4 9 . 8 - 8 4 5 . 4
20,083 - 5 4 7 . 8 - 1 0 6 . 3
20,706
623.1 311.5
22,868 22,162.1 1,866.3
24 399 1 530 41 680 4
24,563
164.6 686.5
1950
1951
1952
1953
1954
1955
1956
22,706
22,695
23 187
22 030
21,713
21,690
21,949
22,820 - 1 , 7 4 3 . 3 - 3 7 1 . 3 - 1 , 3 5 2 . 4
617.6
22,873
52.7 - 5 4 9 . 0
23 252
379 8 r684
1 -304.8
r
22,091 - 1 , 1 6 1 . 9
2.0 - 1 , 1 7 0 . 8
r
16.1 - 3 2 5 . 2
21,793 - 2 9 7 . 2
'97.3 - 1 3 2 . 4
21,753
-40.9
318.5
22,058
305.9 '106.1
.
.
. .
p
-459.8
-356.7
465.4
210.0
— 159.2
-495.7
35.8
32.0
51.2
75.8
70.9
67.3
80.1
66.3
67 4
69.0
65.1
65.7
64.3
r
Preliminary.
Revised,
XWYlOtUt
1i See footnote 2 on following pag<
page.
illion in gold as United States gold sub2 Net after payment of $687.5 million
scription to the International Monetary
etary Fund.
•^ X X V1J.11J.11IC11 J •
Gold stock
(end of month)
Month
1956—June
July
Aug
Sept
Oct
Nov
Dec
1957—Jan
Feb
Mar
Apr
May
June
Treasury
Total i
21,799
21,830
21,858
21,884
21 910
21,910
21,949
21,868
21,918
21,965
22,032
21 999
22,106
22,058
22,252 22,377
22 304 22,396
22,306 22,406
22,318 22,424
22,620 22,726
^22,623 ^22,731
Increase
in total
gold
stock
Earmarked DomesNet
gold gold: de- tic gold
import, crease, producor intion
or
crease
export
47.6
18.4
49.4
4.8
47.1
4.7
67.6 - 1 8 . 0
— 33 6
4 6
107.6
12.5
-47.7
2.7
319.0 - 5 3 . 9
18 6 —29 8
10.2 - 8 8
17.4
20.8
302.6
20.0
29.9
43.9
43.2
86.9
— 34 3
105.7
51.2
295.9
28 0
16.0
-5.8
285.4
4
-6.0
5.1
5.9
6.3
6.0
62
5.6
4.6
5.0
44
5.1
4.7
(3)
3 Not yet available.
4
Gold held under earmark at the Federal Reserve Banks for foreign
and international accounts amounted to $6,009.3 million on June 30, 1957.
Gold under earmark is not included in the gold stock of the United States.
838
GOLD RESERVES
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of
month
Estimated
United States
total world
(excl.
U.S.S.R.)! Treasury Total*
35,810
35,960
36,260
36,680
37,340
38,000
1950—Dec
1951 Dec
1952—Dec
1953—Dec
1954 Dec
1955—Dec
1956—May
June
July
Aug
Seot
Oct
Nov
Dec
1957 Jan
Feb
Mar
Apr
May
End of
month
r
38,370
r
38,440
r
38,490
^38 765
Finland
Argentina
22,706
22,695
23,187
22,030
21,713
21,690
22,820
22,873
23,252
22,091
21,793
21,753
216
268
21,772
21,799
21 830
21,858
21,884
21 910
21,910
21,949
21,821
21,868
21 918
21,965
22,032
21 999
22,106
22,058
371
22 252
22,304
22 306
22,318
22,620
22 377
22,396
22 406
22,424
22,726
France
3
37i
371
371
258
Germany,
Federal GuateRepublic mala
of
Australia
Belgium
Brazil
Canada
Chile
Cuba
Denmark
Ecuador
Egypt
88
112
112
117
138
144
587
621
706
776
778
929
317
317
317
321
322
323
590
850
896
996
1,080
1,141
40
45
42
42
42
44
271
311
214
186
186
136
31
31
31
31
31
31
19
22
23
23
23
23
97
174
174
174
174
174
161
164
165
162
106
106
106
107
958
952
965
964
972
949
941
928
323
323
323
323
323
323
323
324
1,107
1,109
I 114
1,114
,112
,119
,124
,113
46
46
46
46
45
45
45
46
136
136
136
136
136
136
136
136
31
31
31
31
31
31
31
31
23
23
23
22
22
22
22
22
174
174
174
174
174
181
181
188
877
864
848
849
849
324
324
324
324
324
,116
1,110
43
46
46
46
46
136
136
136
136
136
31
31
31
31
31
22
22
22
22
22
188
188
188
174
183
Mexico
Netherlands
India
Indonesia
Iran
112
1,114
1,116
Italy
Norway
Pakistan
Peru
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
861
861
861
861
861
861
861
861
J 056
1,104
1,189
1,274
1,294
1,329
1,376
1,494
27
27
27
27
27
27
27
27
247
247
247
247
247
247
247
247
81
54
54
46
138
138
138
138
138
138
138
138
352
353
353
360
360
362
370
338
164
165
165
166
166
166
167
167
864
853
853
853
854
854
854
844
45
45
45
46
46
47
47
50
48
49
49
49
49
49
49
49
35
35
35
35
35
35
35
35
35
35
35
35
35
861
861
861
861
861
I 566
1,661
[ 756
.834
27
27
27
247
247
247
247
138
138
138
138
325
350
167
167
834
819
814
809
806
45
45
45
48
47
49
49
49
49
35
35
35
Portugal
El Salvador
South
Africa
Venezuela
Intl.
Monetary
Fund
23
26
29
29
29
28
197
1956_May
June
July
Aug
Sept
Oct
Nov
Dec
192
265
286
361
429
428
436
436
436
442
442
442
448
448
28
28
28
28
28
28
28
28
1957_jan
Feb
Mar
Apr . .
May
452
461
461
461
463
28
32
32
32
31
1950—Dec
1951—Dec
1952 Dec
1953—Dec
1954—Dec
1955 Dec
12
26
26
26
31
35
523
548
573
576
576
861
1956 May
July
Aug
Sept
Oct
Nov
Dec
35
35
35
35
35
35
35
35
1957 Jan
Feb
Mar
Apr
May
End of
month
1950—Dec
1951 Dec .
1952—Dec
1953 Dec
1954 Dec
1955—Dec
28
140
326
190
170
176
199
212
217
215
212
216
214
214
220
224
226
227
233
230
235
Spain
45
44
44
43
42
41
Sweden Switzerland
Thailand
Turkey
United
King-4
dom
Uruguay
49
61
51
51
54
56
56
90
152
184
218
265
276
1.470
1,452
1,411
[ 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
1 494
1,530
1 692
1 702
1,740
1,808
56
56
56
56
56
56
56
56
266
257
260
262
263
265
265
266
1,579
1,571
1,598
[,622
1,634
[ 635
1,658
1,676
112
112
112
112
112
112
112
112
144
144
144
144
144
144
144
144
2,369
2,385
2,405
2,276
2,328
2 244
1,965
2,133
216
216
216
214
214
192
186
186
403
403
403
403
403
503
503
603
1 741
1,743
1,718
1 695
1,711
1 687
1,692
1,692
56
56
56
56
56
256
256
252
249
231
1,667
1,652
,636
I 621
,615
112
112
112
144
144
144
144
144
2,084
2,147
2,209
2,320
2,345
186
186
183
183
603
669
669
669
669
1 420
1,433
1 438
1,439
r
*> Preliminary.
Revised.
* Represents reported gold holdings of central banks and governments
and international institutions, unpublished holdings of various central
banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom,
and estimated official holdings of countries from which no reports are
received.
2 Includes gold in Exchange Stabilization Fund. Gold in active portion
of this Fund is not included in regular statistics on gold stock (Treasury
gold) used in the Federal Reserve statement "Member Bank Reserves,
46
45
45
Bank for
Intl.
Settlements
167
115
196
193
196
217
216
199
207
212
199
214
175
179
202
197
168
160
148
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.)
839
GOLD RESERVES AND DOLLAR HOLDINGS
ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL
INSTITUTIONS
[In millions of dollars]
Dec. 31, 1955
Area and country
Continental Western Europe:
Austria
Belgium-Luxembourg (and Belgian Congo).,
Denmark.
Finland
France (and dependencies)1
Germany (Federal Republic of)
Greece
Italy
Netherlands (and Netherlands West Indies
and Surinam)
Norway
Portugal (and dependencies)
Spain (and dependencies)
Sweden
Switzerland
Turkey
Other*
Total.
Sterling Area:
United Kingdom
United Kingdom dependencies.
Australia
India
Union of South Africa
Other
Total.
Canada
Asia:
Indonesia. .
Iran
Japan
Philippines.
Thailand...
Other
Total
Total foreign countries.
International 6
Grand total
Mar. 31, 1957?
317
1,242
102
80
1,999
2,490
194
1,158
312
1,221
99
82
1,753
2,742
176
1,214
1,100
127
601
221
429
2,354
153
872
44
53
(2)
(2)
44
(2)
6
1,143
99
606
216
444
2,341
154
1,011
1,145
100
602
206
426
2,307
151
1,108
13,214
343
13,596
222
13,644
279
14,105
300
14,111
298
13,851
313
2,600
84
219
320
265
214
282
4
(2)
241
4
2,875
83
243
329
245
208
253
3
(2)
2,812
103
191
323
277
'228
203
4
2,854
93
200
327
294
226
246
4
1
7
2,820
90
177
328
248
211
266
4
1
7
2,820
87
230
330
255
210
3,702
295
3,932
254
3,983
265
3,874
286
3,934
223
3,994
276
2,173
437
2,305
369
2,394
362
2,547
352
2,629
367
2,605
438
332
25
556
137
247
353
89
101
3576
117
117
73
257
1,043
133
()
2
12
509
26
466
139
217
389
77
72
556
86
127
52
281
668
124
3,789
()
169
195
255
175
1,021
268
250
647
511
27
538
141
222
374
79
91
583
82
127
74
289
627
147
3,912
236
166
1,084
285
263
664
476
25
540
147
224
399
81
93
523
94
115
73
283
734
154
()
167
8
(2)
3
192
14
3,961
342
1,265
95
90
1,631
3,099
161
1,286
23
73
(2)
1,113
109
617
185
453
2,446
158
1,055
(2)
117
(2)
10
399
25
582
151
H80
407
77
80
561
104
117
53
290
808
133
()
(2)
167
193
r
3,967
23
79
(2)
1,071
117
628
160
483
2,512
164
'915
(2)
126
(2)
14
14
r
360
29
549
137
r
210
347
79
91
600
109
119
53
259
1,058
113
()
167
(2)
(2)
191
231
158
M.135
294
260
r
708
204
174
l,186
298
254
677
171
169
1,167
300
253
694
r
r
2,793
368
1.170
107
94
1,303
3,519
189
31,241
361
1,227
96
88
1,505
'3,329
187
1,268
r
9
87
2
( )
(2)
131
(2)
12
()
167
1,024
121
628
148
480
2,413
158
190
4,156
()
188
178
991
267
279
731
P
2
6
1
6
17
2,634
2,616
30
2,754
308
7
294
288
287
288
246
116
()
236
140
222
M26
238
117
248
149
r
r
17
2,786
362
1
'376
'348
'355,
26,164
1,308
27,406
1,121
'27,922
1,154 '28,215
3,689
321
3,750
317
3,717
392
29,853
1,629
31,156
1,438
31,639
1,546
r
P Preliminary.
Revised.
1
Excludes gold holdings of French Exchange Stabilization Fund.
2 Less than $500,000.
3 Includes latest available figure (Feb. 28) for gold reserves.
4 Includes Yugoslavia, Bank for International Settlements (both for
its own and European Payments Union account), gold to be distributed
by the Tripartite Commission for Restitution of Monetary Gold, and
unpublished gold reserves of certain Western European countries.
5 Excludes gold reserves of the U. S. S. R.
6
Represents International Bank for Reconstruction and Development,
Dec. 31, 1956
10
10
7
5
151
r
Total.
Sept. 30, 1956
326
1,201
91
84
1,957
2,374
187
1,137
Eastern Europe 5
All other:
Egypt
Other
June 30, 1956
Gold& U. S. Gold& U. S. Gold& U. S. Gold& U. S. Gold& U. S. Gold& U. S.
shortshortshortshortshortGovt.
Govt.
Govt.
Govt.
Govt.
shortGovt.
term
term
term
term
term
bonds
bonds
bonds
bonds
bonds
term
bonds
dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes
Latin America:
Argentina
Bolivia
Brazil
Chile
Colombia
Cuba
Dominican Republic..
Guatemala
Mexico
Panama, Republic of.,
Peru
El Salvador
Uruguay
Venezuela
Other
Total
Mar. 31, 1956
11
6
5
8
14
10
95
(2)
(2)
135
(2)
15
1
24
190
17
397
1,242
1,103
27,925
3,145
391
2,996
396
31,360
1,494
30,921
1,638
r
r
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.
840
INTERNATIONAL INSTITUTIONS
INTERNATIONAL MONETARY FUND
INTERNATIONAL BANK FOR RECONSTRUCTION AND
DEVELOPMENT
[End-of-month figures.
[End-of-month figures. In millions of dollars]
In millions of dollars]
1957
1957
1956
Item
Mar.
Dec.
Sept.
June
948
850
848
849
850
676
609
530
477
485
20
11
10
11
10
266
254
228
216
240
1,853 1,853 1,853 1,810 1,810
Gold
Investments 8
Currencies: United St ites 1 . . .
Other i . . .
Unpaid member subscriptions.
Other assets
Member subscriptions
Accumulated net incoine
Reserves and liabilitie 3
.
Country 9
Area and member country
Disbursed
Repaid
1,139
118
267
163
236
355
979
118
267
77
221
296
187
10
16
Sterling area, total
Australia
India
Union of S. Africa
United Kingdom
Other
961
318
234
135
146
128
Latin America, total
Brazil
Colombia
Mexico
Other
Continental W. Europe, total
Belgium and Luxembourg.
France
Italy
Netherlands
Other
Sold
to
Total
otherss
141
20
792
108
252
77
81
275
71
25
16
7
16
7
646
259
118
123
72
73
68
8
23
21
2
14
578
251
95
102
70
59
88
26
13
20
25
4
703
194
111
141
257
528
165
81
132
151
52
11
16
9
16
476
153
65
123
134
28
3
3
10
13
Asia (excl. Sterling area)....
219
104
100
15
Africa (excl. Sterling area). .
9
1,954
7203
Total
63,030
2,265
311
1, 439
200
977
489
817
5
8, 932
-6
2
1,420 1,687 1,718 1,761
200
200
125
50
1,423 1,697 1,759 1,777
5 051 4 387 4 319 4 333
824
815
942
815
3
1
1
2
8,929 8,929 8,751 8,751
-14
-10
-14
-14
2
Oct.
July
Apr.
Cumulative net drawings
on the Fund
1957
Paid
in
gold
Total
Outstanding
Principal
Jan.
Quota
Loans by country, May 31, 1957
4
Apr.
Mar.
Dollar deposits and U. S. securities.
430
365
386
407
425
901
931
Other currencies
and securities 1 ....
960
938
947
2
2,378
2,094
2,002
1,959
Effective loans
2,238
54
41
42
29
40
Other assets3
IBRD bonds outstanding
Undisbursed loans
Other liabilities
Reserves
Capital^
1956
Item
Argentina
150
Belgium
225
150
Brazil
50
Colombia
50
Cuba
60
Egypt
France
525
400
India
110
Indonesia . . . .
Iran
35
United K i n g d o m . . . . 1,300
United States
2,750
Apr.
38
56
38
13
13
10
108
28
16
9
236
688
1956
Mar.
75
50
38
38
25
25
23
23
30
30
160
100
128
128
55
55
25
25
562
562
1 0 - -1,436 10-1,251
Apr.
66
25
15
9
1C -340
Footnotes to tables on international institutions:
1 Currencies include demand obligations held in lieu of deposits.
2
Represents principal of authorized loans, less loans not yet effective,
repayments, the net amount outstanding on loans sold or agreed to be
sold
to others, and exchange adjustment.
3
Excludes uncalled portions of capital subscriptions.
45 Loans to dependencies are included with member.
Includes also effective loans agreed to be sold but not yet disbursed.
6
Includes $74 million in loans not yet effective.
7
Includes $180 million not guaranteed by the Bank.
8
U. S. Treasury bills purchased with proceeds of sales of gold.
9
Countries shown are those with cumulative net drawings of $20
million
or more on the latest date.
1
° Represents sales of U. S. dollars by Fund to member countries for
local currencies, less repurchases of such currencies with dollars.
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS
Bank of England (millions of pounds sterling)
Assets of issue
department
Date
Assets of banking department
Other
assets
(fiduciary
issue)
Coin
.4
.4
.4
.4
.4
.4
.4
,350.0
,375.0
1,450.0
1,575.0
1,675.0
1,775.0
1,900.0
5.3
1.5
1.7
1.4
2.4
2.4
2.3
1956—June 27
July 25
Aug. 29
Sept. 26
Oct. 31
Nov. 28
Dec. 26
.4
.4
.4
.4
.4
.4
.4
1,950.0
2,000.0
1,950.0
1,925.0
1,925.0
1,925.0
2,025.0
1957_jan.
Feb.
Mar.
Apr.
May
.4
.4
.4
.4
.4
1,925.0
1,925.0
1,925.0
1,975.0
1,975.0
Gold
1949_Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
1954—Dec.
1955—Dec.
28 .
27
26
31
30
29
28 ,
30
27
27
24
29
,
,
For footnotes see opposite page.
Discounts
and advances
Securities
28.4
17.7
12.5
49.9
55.4
23.7
10.7
14.8
29.2
18.2
11.2
4.9
8.9
37.7
489.6
384.0
389.2
371.2
338.1
350.7
299.6
2.0
2.0
2.0
2.0
2.0
2.0
1.9
57.0
37.4
42.9
44.7
47.5
19.0
27.7
15.6
23.8
26.6
18.3
28.2
26.8
11.0
2.0
2.0
2.3
2.4
2.4
63.7
52.0
22.5
23.1
21.7
34.9
15.8
18.6
21.5
40.5
Notes
Liabilities of banking department
Note
circulation i
Deposits
Bankers'
Public
ECA
Other
Capital
and
surplus
1,321.9
1,357.7
1,437.9
,525.5
1,619.9
1,751.7
1,889.6
299.2
313.5
299.8
302.8
290.2
276.1
245.2
11.6
15.4
13.4
10.0
14.9
15.4
12.0
97.9
.4
.6
24.3
7.2
9.6
3.2
111.2
85.0
89.8
78.5
70.4
66.3
71.7
18.
18.
18.
18.
18.: •
18.
18.
271.0
254.1
254.6
269.7
285.1
279.9
267.7
,893.4
1,963.0
1,907.5
1,880.6
1,877.8
1,906.3
1,997.7
238.2
215.6
222.4
230.9
256.6
220.0
203.6
10.5
11.9
13.0
12.9
15.1
13.8
11.6
.2
.2
78.5
71.3
72.1
72.4
73.3
75.8
74.9
18.
18.. I
18..5
18..5
17.(i
18.()
18. 1
240.3
261.0
290.3
259.2
243.2
1,861.6
1,873.4
1,902.8
1,952.2
1,953.7
232.1
225.2
228.9
202.4
204.4
14.4
13.5
13.7
11.5
10.1
76.0
73.7
72.5
74.5
75.3
18. 5
18. 5
18. 5
17.
18.
841
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
Bank of Canada (millions of Canadian dollars)
Assets
Date
Sterling
and
United
States
dollars
2
Liabilities
Dominion and provincial govt. securities
Shortterm
Dominion
govt.
Other
1,093.7
,307.4
,367.4
,464.2
,561.2
,599.1
,623.5
,738.5
541.7
578.6
619.0
626.6
623.9
529.6
551.0
30.7
24.7
94.9
16.2
51.5
56.3
89.2
126.9
207.1
66.1
44.5
29.5
30.5
34.0
119.2
172.6
200.0
132.9
133.1
161.0
207.5
1,289.8
1,316.7
1,351.3
1,353.0
1,360.4
1,380.3
1,392.0
192.7
104.9
180.7
150.1
128.0
158.7
69.9
,734.9
,762.3
,764.6
,769.5
,780.9
,793.5
,868.7
574.7
500.0
580.6
564.0
575.3
624.9
511.5
51.1
49.8
65.4
46.0
55.0
7.4
38.8
32.2
39.6
35.6
45.2
30.7
31.7
31.2
191.0
159.4
167.2
177.3
129.3
163.9
97.5
1,202.2
1,189.4
1,176.3
1,190.2
1,185.1
113.5
118.6
213.5
119.2
188.7
1,738.9
1,717.9
1,724.6
1,756.3
1,751.5
524.0
497.5
519.5
546.9
526.3
57.8
52.7
78.3
62.9
43.9
34.3
27.2
25.1
22.5
32.0
105.8
126.3
201.2
129.2
238.3
227.8
712.5
1,049.3
767.2
893.7
871.1
1956—June 30,
July 31
Aug. 31
Sept. 29
Oct. 31
Nov. 30
Dec. 31
60.1
59.9
62.1
57.7
51.4
61.1
60.8
,041.3
,029.6
,019.3
,041.3
,031.3
,021.2
,025.0
1957_jan.
Feb.
Mar.
Apr.
May
53.5
60.8
53.7
50.3
52.3
,091.7
,052.7
,105.2
,158.0
,165.9
31
28
30
30
31
Chartered
banks
Other
liabilities
and
capital
42.5
297.1
135.2
77.3
112.0
114.1
185.2
,781.4
,229.3
,141.8
,459.8
,376.6
,361.5
,283.8
31
30
31
31
31
31
31
Note
circulation
Other
74.1
111.4
117.8
77.1
54.9
54.2
57.4
1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
1954—Dec.
1955—Dec.
Deposits
Other
assets
Bank of France (billions of francs)
Liabilities
Assets
Date
Gold
Foreign
exchange
Advances to
Government
Domestic bills
Open
market
Special
Other
Current
Other
Other
assets
Deposits
Note
circulation
Government
1949__Dec. 29
1950—Dec. 28
1951—Dec. 27
1952—Dec. 31
1953—Dec. 31
1954—Dec. 30
1955—Dec. 29
62.3
182.8
191.4
200.2
201.3
201.3
301.2
61.9
162.0
28.3
31.1
15.4
57.3
200.2
137.7
136.9
234.9
274.0
292.5
236.8
226.7
28.5
34.1
32.0
57.0
61.1
48.9
45.2
335.7
393.1
741.3
937.5
891.6
,130.2
,194.7
157.9
158.9
160.0
172.0
200.0
195.0
190.0
561.0
481.0
481.0
480.0
679.8
617.6
539.8
112.7
212.8
190.8
159.7
170.0
277.2
336.8
1,278.2
1,560.6
1,841.6
2,123.5
2,310.5
2,538.5
2,820.0
1956—June 28.
July 26,
Aug. 30,
Sept. 27,
Oct. 31,
Nov. 29.
Dec. 27.
301.2
301.2
301.2
301.2
301.2
301.2
301.2
144.1
128.0
116.5
106.7
91.7
68.4
49.6
301.6
292.4
290.7
277.1
293.7
270.7
289.2
5.2
2.8
2.4
8.7
21.4
30.5
30.5
,374.8
,489.6
,556.7
,611.6
,546.6
,638.1
,753.7
183.0
179.0
179.0
171.5
158.8
178.9
179.0
490.2
496.5
499.3
479.8
479.8
479.8
479.8
324.2
297.0
265.3
271.7
342.2
251.5
236.4
2,890.5
2,932.2
2,979.0
2,982.0
2,988.4
2,964.6
3,046.9
1957—Jan. 31.
Feb. 28.
Mar. 28.
Apr. 25.
May 29.
301.2
301.2
301.2
301.2
301.2
33.0
32.9
23.1
12.2
12.0
270.3
317.4
310.3
325.2
322.9
26.8
25.0
27.6
24.9
20.2
,759.5
,735.7
,836.8
,871.9
,948.1
175.0
171.3
175.0
158.3
175.0
479.8
479.8
479.8
479.8
479.8
233.8
245.7
192.6
196.9
192.4
3,045.0
3,065.8
3,051.6
3,044.1
3,106.9
1957
Central bank, monetary unit,
and item
May
Apr.
1956
Mar.
Central Bank of the Argentine Republic
(millions of pesos):
765
760
Gold reported separately
809
Other gold and foreign exchange.. 2,797 2,718 1,387
157
157
Gold contribution to Intl. F u n d . . .
157
4,860 4,892 4 ,819
Govt. securities
870 112,106 110,567
Rediscounts and loans to b a n k s . . . 111,870
1,681 1,612 1,446
Other assets
44,800 44,559 43 ,853
Currency circulation
67,674 68,192 67,349
Deposits—Nationalized
2,810 2,847 1,521
Other sight obligations
6,843 6,652 6,452
Other liabilities and capital
May
Commonwealth Bank of Australia (millions of pounds):
Gold and foreign exchange
Checks and bills of other banks...
Securities (incl. Govt. and Treas5,449
ury bills)
Other assets
92,468
Note circulation
427
Deposits of Trading Banks:
37,285
Special
52,503
Other
3,303
Other liabilities and capital
6,227
1,623
-649
Footnotes
to central bank table on this and opposite page:
1
Notes issued, less amounts held in banking department.
2 Gold was transferred on May 1, 1940, to Foreign Exchange Control
Board in return for short-term Govt. securities (see BULLETIN for July 1940,
pp. 677-678).
3 Beginning 1950, includes ECA.
Central bank, monetary unit,
and item
1.2
.1
(*)
Others
Other
liabilities
and
capital
159.0
176.8
176.8
138.6
144.9
157.8
142.9
19.4
24.2
41.3
49.3
56.3
67.9
71.8
162.8
161.7
162.0
164.6
158.7
169.4
173.8
70.9
92.6
70.0
81.8
88.3
85.1
98.8
149.4
161.1
214.3
222.7
263.1
84.9
82.2
80.6
103.6
81.6
1957
May
Apr.
1956
Mar.
May
454
3
441
6
394
4
266
456
55
378
471
68
403
485
73
382
517
116
372
340
25
224
340
18
224
322
30
223
265
46
224
4 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.
842
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
EC A
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 claims on Intl. Fund*
Discounts for member banks
Loans to Government
Other loans and discounts
Other assets
Note circulation
Deposits—Bank
Other
Other liabilities and capital
Bank of the Republic of Colombia (millions of pesos):
Gold and foreign exchange
Net claim on Intl. Fund i
Loans and discounts
Govt. loans and securities
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of Costa Rica (millions
of colones):
Gold
Foreign exchange
Net claim on Intl. Fund l
Loans and discounts
Securities
Other assets
Note circulation
Demand deposits
Other liabilities and capital
National Bank of Cuba (millions of
pesos):
Gold
1956
May
Apr.
2,005
8,632
6,515
1,343
2,004 2,004
8.326 8,287
6,472 6,654
1,354 1,385
600
574
14,009 13,909
1,104
979
1,018
956
1,110 1,114
1,760
1,703
614
14,239
1,101
986
1,058
1,725
42,435
11,056
13,969
34,456
7,755
5,844
109,343
1,895
20
4,256
42,448
12,247
11,740
34,456
7,475
5,569
108,514
1,257
20
4,144
Mar.
42,379
10,476
10,530
34,456
8,899
5,752
109,388
1,521
20
1,562
(Feb.)
513
33,157
193,511
6,540
1,764
179,711
11,817
43,957
609
21
680
703
27
8
463
6
90
106
19
8
468
45
90
104
11
7
441
71
106
102
5,598
1,030
19
11,112
26,245
51,542
26,427
70,937
7,098
2,357
41,580
6,648
1,003
19
10,131
26,244
46,690
30,137
70,695
7,390
2,356
40,432
7,257
999
19
7,550
26,245
42,506
33,059
68,983
7,797
2,752
38,102
327
52
624
696
397
864
910
321
311
52
649
663
390
789
960
314
286
52
646
667
390
781
949
312
12
154
50
39
12
103
7
92
18
26
157
63
38
96
7
91
18
26
156
55
38
136
136
136
94
7
91
18
22
12
May
Central Bank of the Dominican Republic (thousands of pesos):
Gold
Foreign exchange (net)
Net claim on Intl. Fund*
Loans and discounts
Govt. securities
Other assets
Note circulation
Demand deposits
Other liabilities and capital
695 Central Bank of Ecuador (millions of
sucres):
18
Gold
10
Foreign exchange (net)
454
Net claim on Intl. Fund 1
83
Credits—Government
109
Other
77
Other assets
Note circulation
Demand deposits—Private banks.
Other
637
Other liabilities and capital
National Bank of Egypt (millions of
4,250 pounds):
16,153
Gold
21,422
Foreign assets
20,233
Egyptian Govt. securities
52,326
Clearing and other accounts (net).
6,846
Loans and discounts
1,700
Other assets
10,812
Note circulation
Deposits—Egyptian Government..
Other
277
Other liabilities and capital
24 Central Reserve Bank of El Salvador
514 (thousands of colones):
495
Gold
114
Foreign exchange (net)
685
Net claim on Intl. Fund *
570
Loans and discounts
169
Govt. debt and securities
Other assets
Note circulation
12
Deposits
97
Other liabilities and capital
7 Bank of Finland (millions of markkaa):
93
Gold
6
Foreign assets and liabilities (net).
26
Loans and discounts
150
Securities—Government
54
Other
36
Other assets
Note circulation
,
Deposits
136
Other liabilities and capital
r
Revised.
* Latest month available.
1
This figure represents the amount of the country's subscription to the
Fund less the bank's local currency liability to the Fund.
2 For last available reports for Czechoslovakia and Hungary (March
and February 1950, respectively) see BULLETIN for September 1950,
pp. 1262-1263.
May
National Bank of Cuba—Cont.
Foreign exchange (net)
,
1,744
Foreign exchange (Stabilization
6,950
Fund)
,
5,729
Net claim on Intl. Fund»
1,506
Loans and discounts
860
Credits to Government
,
12,913
Other assets
,
552
Note circulation
,
469
Deposits
,
1,416
Other liabilities and capital
,438 National Bank of Czechoslovakia2
National Bank of Denmark (millions
of kroner):
47,919
Gold
10,643
Foreign exchange
5,165
Loans and discounts
,
34,660
Securities
8,432
Govt. compensation account
Other assets
5,486
Note circulation
107,194
1,424
Deposits—Government
40
Other
Other liabilities and capital
,
3,648
507
203
86,981
2,505
953
67,158
17,052
6,940
1957
Central bank, monetary unit,
and item
Apr.
1956
Mar.
May
201
195
171
150
177
-10
41
100
75
451
243
28
162
-10
49
101
75
451
231
27
163
-10
53
107
74
444
224
26
241
13
38
109
77
433
307
23
68
501
176
491
3,047
1,150
2,195
1,550
1,433
'256
568
223
494
3,047
1,002
2,205
1,560
1,395
241
68
645
208
496
3,047
913
2,248
1,533
1,357
238
68
741
116
491
3,097
865
2,099
1,330
1,710
240
11,405
11,732
2,500
4,973
7,830
22,131
47,567
9,571
3,434
11,405
11,794
2,500
4,987
7,830
21,258
47,874
8,549
3,352
11,396
12,081
2,500
5,987
7,830
19,617
47,559
8,616
3,236
12,526
16,541
1,250
3,000
8,360
17,911
46,156
10,693
2,740
325
-19
38
525
212
250
664
200
155
311
325
-2
38
531
213
235
661
212
175
293
325
11
38
511
229
224
661
217
184
276
344
-104
19
514
245
227
623
189
147
286
64
98
164
-6
23
2
207
8
111
18
61
112
168
-It
34
5
212
8
3131
17
66
107
164
-10
34
2
217
9
3119
17
61
120
101
-6
23
2
166
27
389
18
78,740
51,856
1,562
80,280
12,204
7,793
101,428
118,990
12,017
78,775
53,359
1,562
74,353
12,923
7,289
105,377
111,118
11,766
78,827
60,281
1,562
75,482
12,660
7,085
111,553
1.12,802
11,542
70,699
57,461
1,573
53,386
12,940
6,985
94,983
97,468
10,592
7,849
11,990
44,069
16,250
1,556
12,166
56,311
5,180
32,389
7,849
14,429
42,076
17,500
1,583
11,501
55,764
6,172
33,002
7,i
15,656
50,146
17,500
1,620
11,013
54,967
11,987
36,830
7,849
19,405
48,375
18,750
2,048
12,259
57,361
8,453
42,871
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.
843
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
1956
1957
Central bank, monetary unit,
and item
May
Apr.
Mar.
Bank of German States 4 (millions of
German marks):
8,035 7,661 7,334
Gold
12,063 11,859 11,590
Foreign exchange
2,086 1,943 2,083
Loans and discounts
4,103 4,088 4,014
Loans to Government
1,054
1,168
Other assets
985
15,333 15,179 14,670
Note circulation
5,513 5,114 5,077
Deposits—Government
Banks
4,289 3,886 4,075
Other
225
226
249
Other liabilities and capital
1,981 2,107 2,141
Bank of Greece (millions of drachmae):
Gold and foreign exchange (net)..
5,879
6,373
Loans and discounts
171
178
7,896
Advances—Government
7,909
4,770
Other
4,924
2,322
Other assets
2,220
Note circulation
5,669
6,167
947
Deposits—Government
1,059
Reconstruction and
7,109
relief accts
7,109
5,102
Other
5,127
2,211
Other liabilities and capital
2,142
Bank of Guatemala (thousands of
quetzales):
Gold
27,237 27,237
Foreign exchange (net)
50,951 48,928
1,250
Gold contribution to Intl. F u n d . . .
1,250
8,235
Rediscounts and advances
7,345
41,009
Other assets
42,763
Circulation—Notes
58,151 58,527
4,178
Coin
4,195
7,952
Deposits—Government
0,735
Banks
27,354 26,633
Other liabilities and capital
30,111 29,368
National Bank of Hungary 2
Reserve Bank of India (millions of
rupees):
Issue department:
1,178
Gold at home and abroad 5
1,178 1,178
4,125 4 ,125 4,125
Foreign securities
9,399 9,249 8,850
Indian Govt. securities
1,259
Rupee coin
1,273 1,226
15,700 15,619 15,261
Note circulation
Banking department:
260
118
Notes of issue department
206
426
Balances abroad
924 1,143
23
30
Bills discounted
125
190
77
Loans to Government
163
,847 2,221 2,629
Other assets
149 2,019 2,286
Deposits
1,597
Other liabilities and capital
1,618 1,710
Bank Indonesia (millions of rupiahs):
139
313
Gold and foreign exchange (net)...
147
97!
968
Loans and discounts
1,005
14,261 12,611 11,442
Advances to Government
466
539
Other assets
463
10,201 9,778 9,196
Note circulation
28f
28:
Deposits—ECA
282
3,58:
Other
2,504 2,19:
1,773
Other liabilities and caoital
1,662 1,591
Bank Melli Iran (millions of rials):
4,533 4,340 4,340
Gold
624
Foreign exchange
624
28:
663
Gold contribution to Intl. Fund.. .
282
7,923 7 ,923 7,923
Govt.-secured debt
11,324 12,557 12,908
Govt. loans and discounts
6,835 6,240 6,455
Other loans and discounts
14,233 r4,883 '3,660
Other assets 6
Note circulation
, 11,215 11,000 12,23"
5,119 4 ,487 3,466
Deposits—Government
1,520 1,398 1,316
Banks
,
17,119 16,357 15,636
Other
Special Account—Profits of reval7,110
uation
3,429 3,606 3,542
Other liabilities and capital
Central Bank of Ireland (thousands of
pounds):
2,646 2,646 2,646
Gold
70,284 71,387 72,249
Sterling funds
Note circulation
, 72,930 74,033 74,895
May
May
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
5,488 Bank of Italy (billions of lire):
160
Gold
6,667
Foreign exchange
4,673
Advances to Treasury
1,809
Loans and discounts
5,324
Govt. securities
799
Other assets
Note circulation
7,314
Deposits—Government
3,737
Demand
1,624
Other
Other liabilities and capital
Bank of Japan (billions of yen):
27,241
Bullion
41,077
Advances to Government
1,250
Loans and discounts
3,342
Govt. securities
33,636
Other assets
51,883
Note circulation
3,900
Deposits—Government
5,555
Other
22,597
Other liabilities
22,610 Bank of Mexico (millions of pesos):
Monetary reserves
"Authorized" holdings of securities, etc
Bills and discounts
400
Other assets
6,814
Note circulation
6,988
Demand liabilities
.,049
Other liabilities and capital
15,061 N e t h e r l a n d s Bank ( m i l l i o n s of
guilders):
190
Gold
307
Silver (including subsidiary coin)..
89
Foreign assets (net)
22
Loans and discounts
1,327
Govt. debt and securities
1,296
Other assets
639
Note circulation
Deposits—Government
984
ECA
1,141
Other
8,107
Other liabilities and capital
407 Reserve Bank of New Zealand (thou7,878
sands of pounds):
411
Gold
1,421
Foreign exchange reserve
929
Loans and discounts
Advances to State or State un4,242
dertakings
244
Investments
282
Other assets
7,187
Note circulation
11,890
Demand deposits
5,079
Other liabilities and capital
r
3,606 Bank of Norway (millions of kroner):
10,229
Gold
4,781
Foreign assets (net)
.,050
Clearing accounts (net)
13,468
Loans and discounts
Securities
Occupation account (net)
3,002
Other assets
Note circulation
Deposits—Government
2,646
Banks
68,537
FOA
71,183
Other liabilities and capital
4,421
10,066
4,284
4,145
937
14,065
4,580
3,363
273
1,573
* Includes figures for the nine Land Central Banks.
5 In October 1956, gold held by bank was revalued from 8.47512 to
2.88 grains of fine gold per runee.
6 Includes (1) gold and foreign exchange in banking department and
(2) in May 1957, the profit resulting from revaluation of gold from
.0275557 to .0117316 grams of fine gold per rial.
1957
Central bank, monetary unit,
and item
Apr.
1956
Mar.
8,941
19,707
00,767
80,074
4,088
-4,146
32,045
50,531
36,792
10,080
65,000
50,424 148^30 150,002
31,775
007 65,436
239,620
173 240,146
31,014
758 5,568
79,230
324 166,125
25,049
891 14,764
May
2,057
125,814
11,152
20,509
26,178
42,371
141,428
21,871
205,104
33,691
137,089
15,497
4
71
567
447
423
977
1,644
5
122
555
163
4
71
567
469
423
966
1,653
8
123
555
161
4
71
567
458
423
966
1,647
12
119
557
154
4
70
567
419
410
866
1,544
22
83
545
142
325
300
192
639
54
35
274
361
234
684
53
37
96
278
510
248
666
237
35
99
32
508
224
561
86
36
81
1,934
1,921
1,903
1,807
4,986
1,019
508
5,039
2,696
713
5,153
938
389
5,074
2,611
716
5,299
786
334
5,122
2,491
709
5,274
475
382
4,686
2,541
711
3,050
8
731
56
759
414
4,041
3,058
6
691
176
660
410
4,074
56
218
459
196
230
550
196
221
279
-26
105
107
5,546
87
3,161
1,708
404
26
1,020
,077
6
695j
161
660
439
,869
49
368
510
243
3,271
6
1,361
43
440
376
4,006
125
466
704
195
6,162 6,162
42.824 35,084
40,015 39,922
6,162
48,950
32,824
26,2:
38.173
1,914
74,899
68;669
11,808
50,310
38,173
1,636
71,998
87,989
11,300
28,115
38,174
1,401
68,755
75,730
11,141
227
295
-44
103
105
,546
109
,231
,656
444
26
983
207
317
-59
103
108
,546
103
,210
,736
386
26
967
208
-64
-70
165
80
5,546
94
3,063
1,526
392
90
889
7
Holdings in each month were 448 million yen.
8 Includes gold, silver, and foreign exchange forming required reserve
(25 per cent) against notes and other demand liabilities.
For other footnotes see opposite page.
844
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
Central bank, monetary unit,
and item
State Bank of Pakistan (millions of
rupees):
Issue department:
Gold at home and abroad
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 capital
Central Bank of Paraguay (millions of
guaranies):
Gold
Foreign exchange (net) 1
Net claim on Int. Fund
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 1
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
1957
May
Apr.
1956
Mar.
115
1,044
57
1,716
430
53
3,281
115
1,083
57
1,676
430
53
3,276
136
1
134
139
1
3
805
763
186
918
858
197
126
809
876
193
10
629
53
1,613
609
194
1,109
425
269
1,306
50
271
118
540
160
703
86
246
103
679
67
862
1,612
145
2,337
798
230
684
67
851
1,577
140
2,276
821
222
48
278
95
528
158
705
86
223
47
303
66
548
155
697
86
245
91
5,889 5,872 5,889
13,665 13,622 13,729
1,275 1,281
1,227
1,374 1,376 1,374
1,910 1,859 1,868
11,129 11,065 11,129
1,775 1,683 1,482
90
90
90
8,074 8,184 8,385
3,046 2,989 3,001
618
323
14,571
51,734
64,054
56,694
1,500
16,633
56,474
82
46
33
42
113
77
13
83
53
33
43
111
89
12
617
323
16,302
52,293
62,860
56,711
2,747
16,579
56,356
617
323
16,253
50,634
60,684
55,869
2,708
15,240
54,695
Foreign assets
Net claim on Intl. Fund 1
Swedish Govt. securities and ad-2
vances to National Debt Office .
Other domestic bills and advances.
Other assets
Note circulation
Demand deposits—Government..
Other
Other liabilities and capital
131
Swiss National Bank (millions of
francs):
Gold
587
Foreign exchange
574
Loans and discounts
144
Other assets
Note circulation
Sight liabilities
11
Other liabilities and c a p i t a l . . . . . .
130
23 Cientral Bank of the Republic of Turkey
,517 (millions of pounds):
Gold
483
Foreign exchange and foreign
50
clearings
,046
Loans and discounts
225
Securities
138
Other assets
805
Note circulation
Deposits—Gold
Other
545
Other liabilities and capital
67
837 Bank of the Republic of Uruguay (mil—
lions of pesos):
065
Gold
188
Silver
997
Advances
to State and Govt.
433
bodies
272
Other loans and discounts
Other assets
Note circulation
36
Deposits—Government
391
Other
53
Other liabilities and capital
386
134 Central Bank of Venezuela (millions
647 of bolivares):
Gold
86
Foreign exchange (net)
186
Other assets
Note circulation
Deposits
750
Other liabilities and capital
700
053 National Bank of Federal People's Re,379 public of Yugoslavia (billions of
,475 dinars):
Gold
,640
,473
Gold contribution to Intl. F u n d . .
84
Foreign assets
556
Loans (short-term)
604
Govt. debt (net)
Other assets
I
Notes and coin in circulation
Demand deposits
Foreign liabilities
Long-term liabilities (net)
Other liabilities and capital
108 Bank for International Settlements
66 (millions of Swiss gold francs):
19
Gold in bars
Cash on hand and with b a n k s . . . .
617
Rediscountable bills and accept323
ances (at cost)
,113
Time funds at interest
,463
Sundry bills and investments
129
Funds invested in Germany
,059
Other assets
,256
Demand deposits—Gold
386
Other
,943
Long-term deposits: Special
Other liabilities and capital
114
,136
57
,204
430
'65
,875
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.
May
May
Bank of Sweden (millions of kronor):
Gold
115
1,038
57
1,692
430
53
3,250
1957
Central bank, monetary unit,
and item
Apr.
1956
Mar.
May
509
1,214
129
550
1,112
129
556
1,158
129
585
852
129
4,411
124
933
5,299
213
143
1,665
4,326
18
985
5,359
140
147
1,475
4,322
19
1,007
5,271
316
146
1,458
3,591
111
1,003
4,968
231
81
1,058
6,837
611
161
105
5,538
1,953
223
6,866
461
157
108
5,533
1,839
220
6,931
496
154
142
5,491
2,012
219
6,684
557
145
102
5,166
2,105
218
402
402
402
402
273
4,230
33
244
2,703
155
1,614
711
293
4,194
30
246
2,652
155
1,721
637
267
4,265
30
245
2,582
155
1,755
111
206
3,515
29
144
2,005
155
1,560
577
(Jan.)
283
10
327
10
285
558
743
550
190
362
111
243
489
678
504
217
337
690
1,947
788
157
1,257
547
1,087
1,234
659
141
1,064
323
647
5
2
37
725
59
34
90
283
77
293
119
5
2
63
839
21
27
77
160
124
439
156
1,947
1,406
181
1,272
514
1,748
1,947
1,134
156
1,254
534
1,448
453
56
490
54
513
57
660
59
775
151
708
297
2
547
1,358
229
308
835
137
683
297
1
593
1,369
229
306
696
146
697
297
3
627
1,249
229
305
545
95
437
297
1
623
945
229
297
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.
845
MONEY RATES
CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1
[Per cent per annum]
Central banks with new rates since December 1955
Month effective
Swe- Switzerden
land
NethGerBeler- Spain
gium France many Greece lands
In effect Dec. 31. 1955
3.0
3.0
1956 Feb
3.5
2.50
9.0
1.5
4.5
3.00
4 5
Mar
Apr
May
June
Aug
Sept.
Oct
Nov
Dec
3.75
3.75
Tur- United
Cankey Kingada
dom
6.0
3.25
3 75
4 5
5.0
4.0
2.5
3.5
4.0
4.5
10.0
3.0
3.75
4.25
3 25
3.50
33 77 3 50
3.92
4 00
. . .
In effect June 30, 1957
4 5
3.25
4 25
3.5
1957—Jan
Feb
Mar
Apr
May
June
1.5
5.5
3.00
5 0
El
2
Ja- PhilipSalpan 2 pines Chile vador
2
2.75 3.00 8.03
4.5
10.0
5.5
India
4.00
2.5
6.0
5.0
3 95
4.01
3 95
8 40
4.00
4.01 44.00 9.i3
4 06
2 0
4.06 4.00 9.13
2.0
6 0
4.0
6.0
4.0
Other selected central banks—rates in effect on June 30, 1957
Area and
country
EuropeAustria
Denmark
Italy
Norway
Portugal
Rate
5.0
5.5
4.0
3.5
2.5
Month
effective
Nov.
May
Apr.
Feb.
Jan.
1955
1955
1950
1955
1944
Area and
country
Rate
Asia:
Burma
Ceylon
Indonesia 2 ...
Pakistan
3.0
2.5
3.0
3.0
Month
effective
Feb.
June
Apr.
July
1948
1954
1946
1948
1
Rates shown represent mainly those at which the Central bank either
discounts or makes advances against eligible commercial paper and/or
government securities for commercial banks or brokers. For countries
with more than one rate applicable to such discounts or advances, the
rate shown is the one at which the largest proportion of central bank
credit operations is understood to be transacted. In certain cases other
rates
for these countries are given in the following footnote.
2
Discounts or advances at other rates include: Japan—various rates
dependent on type of paper or transaction and extent of borrowing from
central bank, including 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
Asia—Cont.:
Thailand
Latin America:
Costa Rica 2 ..
Mexico
Peru 2
Rate
Month
effective
Area and
country
7.0
Feb. 1945
3.0
4.5
6.0
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; Indonesia—various rates dependent on type
of paper, collateral, commodity involved, etc.; Costa Rica—5 per cent
for paper related to commercial transactions (rate shown is for agricultural and industrial paper); El Salvador—3 per cent for agricultural
and industrial paper; and Peru—A per cent for industrial, and mining
paper
and 3 per cent for most agricultural paper.
3
Since Nov. 1, the discount rate is set each week at XA 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-tobills
day
3 months 1 money2
Bankers' Treasury
acceptbills
ances
3 months 3 months
Day-today
money
France
Bankers'
allowance Day-today
on
money
deposits
Netherlands
Treasury
bills
3 months
Day-today
money
Sweden
Switzerland
Loans
Private
up to
discount
3 months
rate
1954 Dec
1955—Dec
1.08
2.59
.78
2.42
1.78
4.22
1.78
4.08
1.45
3.10
1.25
2.50
3.29
2.99
.77
1.06
.57
.62
314-51/2
414-61/2
.50
.50
1956—June
July
Sept
Oct
Nov
Dec
2.63
2.53
2 94
3.06
3.30
3.40
3.61
2.68
2.52
2.63
2.67
2.83
2.89
3.18
5.20
5.10
5.08
5.18
5.14
5.08
5.07
5.09
5.01
5.03
5.11
5.04
5 01
4.94
4.16
3.96
4.14
4.26
4.21
4.24
4.15
3.50
3.50
3.50
3.50
3.50
3.50
3.50
3.02
3.21
3.02
3.00
3.47
3.71
3.55
2.38
2.74
3.00
3.00
3.18
3.25
3.48
1.43
1.50
.50
1.50
.50
1.50
.50
414-61/2
414-61/2
41^-61/2
414-61/2
41/4-61/2
.50
.50
.50
.50
.50
.50
.50
1957 Jan
Feb
Mar
Apr
May
3.70
3.76
3.71
3 72
3.77
3.27
3.48
3.65
3.69
3.71
4.85
4.44
4.25
4.18
4.04
4.69
4.30
4.07
4.01
3.84
4.06
3.66
3.55
3.59
3.48
3.50
3.10
3.00
3.00
3.00
3.54
3.36
3.71
3.97
3.58
3.47
3.61
3.63
3.59
1.50
1.50
1.50
1.50
I 50
AUK
1
Based on average yield of weekly tenders during the month.
2
Based on weekly averages of daily closing rates.
41/2-634
41/2-634
41/2-634
41/2-634
.69
.75
.75
.75
75
846
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
In cents per unit of foreign currency]
Australia
(pound)
Austria
(schilling)
Belgium
(franc)
British
Malaysia
(dollar)
Canada
(dollar)
Ceylon
(rupee)
Free
20.000
13.333
20.000
13.333
20.000
13.333
20.000
13.333
120.000
U3.333
25.556
7.067
7.163
7.198
7.198
17.183
32.835
223.07
222.63
224.12
223.80
222.41
222.76
3.8580
3.8580
3.8580
3.8580
1.9859
1.9878
2.0009
1.9975
1.9905
2.0030
32.849
32.601
32.595
32.641
32.624
32.582
94.939
102.149
101.650
102.724
101.401
101.600
20.849
20.903
21.046
21.017
20.894
20.946
Dec.
5.556
5.556
5.556
556
556
556
5.556
2.872
3.090
3.249
3.190
3.177
2.987
2.806
223.28
222.58
221.76
221.76
221.88
221.71
221.92
3.8580
3.8580
3.8580
3.8580
3.8580
3.8580
3.8580
2.0032
2.0074
2.0049
2.0064
2.0084
2.0022
1.9945
32.608
32.510
32.368
32.373
32.384
32.360
32.475
101.476
101.835
101.907
102.274
102.732
103.725
104.095
20.977
20.917
20.858
20.873
20.878
20.87!
20.881
1957—Jan..
Feb..
Mar.
Apr..
May.
June.
5.556
5.556
5.556
5.556
5.556
5.556
2.642
2.681
2.586
2.478
2.564
2.477
222.77
222.96
222.55
222.22
222.39
222.33
3.8570
3.8536
3.8536
3.8536
3.8536
3.8536
1.9912
1.9900
1.9900
1.9887
1.9862
1.9875
32.529
32.561
32.532
32.512
32.526
32.523
104.085
104.334
104.577
104.184
104.638
104.891
20.948
20.960
20.921
20.890
20.895
20.898
France
(franc)
Germany
(deutsche
mark)
India
(rupee)
Ireland
(pound)
Japan
(yen)
Mexico
(peso)
280.38
279.68
281.27
280.87
279.13
279.57
1951
1952
1953
1954
1955
1956
1956—June.
July.
Aug.
Sept.
Oct..
Nov.
Denmark
(krone)
Year or month
14.491
14.492
1951.
1952.
1953.
1954.
1955.
1956.
1956—June.
July..
Aug..
Sept..
Oct..
Nov..
Dec.
1957—Jan...
Feb..
Mar..
Apr..
May.
June.
Finland
(markka)
.4354
.4354
.4354
.4354
.4354
.4354
.2856
.2856
.2856
.2856
.2856
.2855
23.838
23.838
23.838
23.765
23.786
20.869
20.922
21.049
21.020
20.894
20.934
4.2779
11.564
11.588
11.607
9.052
8.006
8.006
.4354
.4354
.4354
.4354
.4354
.4354
.4354
.2855
.2855
.2855
.2855
.2855
.2855
.2855
23.797
23.839
23.853
23.853
23.843
23.832
23.823
20.977
20.911
20.830
20.840
20.856
20.840
20.861
280.22
279.33
278.31
278.31
278.46
278.25
278.50
4.2779
.2779
8.006
8.006
8.006
8.006
8.006
8.006
8.006
.4354
.4354
.4354
.4354
.4354
.4354
.2855
.2855
.2855
.2855
.2856
.2855
23.808
23.797
23.793
23.790
23.796
23.798
20.939
20.947
20.913
20.890
20.896
20.896
279.57
279.81
279.30
278.89
279.10
279.02
.2779
.2779
.2779
.2779
.2779
.2779
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)
1951
1952
1953
1954
1955
1956
26.264
26.315
26.340
26.381
26.230
26.113
277.19
276.49
278.48
278.09
276.36
276.80
14.015
14.015
14.015
14.008
14.008
14.008
49.639
49.675
49.676
49.677
49.677
49.676
3.4739
3.4853
3.4887
3.4900
3.4900
3.4900
278.33
278.20
280.21
279.82
278.09
278.52
19.327
19.326
19.323
19.333
19.333
19.333
23.060
23.148
23.316
23.322
23.331
23.334
279.96
279.26
281.27
280.87
279.13
279.57
1956—June.
July.
Aug.
Sept.
Oct..
Nov.
Dec.
26.106
26.106
26.111
26.110
26.124
26.105
26.101
277.44
276.57
275.55
275.55
275.70
275.49
275.75
14.008
14.008
14.008
14.008
14.008
14.008
14.008
49.677
49.677
49.677
49.677
49.677
49.677
49.674
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
279.17
278.29
277.27
277.26
277.42
277.21
277.46
19.333
19.333
19.333
19.333
19.333
19.333
19.333
23.334
23.335
23.335
23.335
23.331
23.335
23.335
280.22
279.33
278.31
278.30
278.46
278.25
278.50
1957_Jan..
Feb..
Mar.
Apr..
May.
June.
26.106
26.111
26.119
26.137
26.134
26.106
276.80
277.04
276.54
276.12
276.33
276.26
14.008
14.008
14.008
14.008
14.008
14.008
49.677
49.687
49.695
49.695
49.695
49.695
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
278.53
278.76
278.26
277.84
278.05
277.98
19.333
19.333
19.333
19.333
19.333
19.333
23.329
23.308
23.318
23.329
23.335
23.335
279.57
279.81
279.30
278.89
279.10
279.02
Year or month
1 Annual averages based on quotations through Oct. 27, 1955.
2 Official rate. The basic and preferential rates were discontinued and
the new official rate of 18 pesos per U. S. dollar became effective Oct.
28, 1955.
3 New free market rate became effective Oct. 28, 1955.
4 Based on quotations beginning Nov. 26, 1956.
Federal Reserve Board Publications
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THE FEDERAL RESERVE ACT, as amended through
December 31, 1956, with an Appendix containing provisions of certain other statutes affecting the Federal Reserve System. 385 pages.
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847
848
FEDERAL RESERVE BULLETIN • JULY 1957
REPRINTS
(From Federal Reserve Bulletin unless preceded
by an asterisk)
THE MONETARY SYSTEM OF THE UNITED STATES.
February 1953. 16 pages.
REVISION OF CONSUMER CREDIT STATISTICS.
INFLUENCE OF CREDIT AND MONETARY MEASURES
ON ECONOMIC STABILITY. March 1953. 16
pages.
* DETAILED DESCRIPTION OF SOURCES AND METHODS USED IN REVISION OF SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT STATISTICS.
April 1953. 25 pages.
DEPARTMENT STORE SALES AND STOCKS, BY
MAJOR DEPARTMENTS (Revised indexes). No-
vember 1953. 65 pages.
FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION, 1953 Revision. December
NEW INDEXES OF OUTPUT OF CONSUMER DU-
RABLE GOODS.
May 1954.
15 pages.
DIRECTLY PLACED FINANCE COMPANY PAPER. De-
cember 1954. 8 pages.
SEASONAL ADJUSTMENT FACTORS FOR DEMAND
DEPOSITS ADJUSTED AND CURRENCY OUTSIDE
BANKS. March 1955. 4 pages.
UNITED STATES BANKS AND FOREIGN TRADE F I NANCING. April 1955. 11 pages.
BANKERS' ACCEPTANCE FINANCING IN THE UNITED
STATES. May 1955. 13 pages.
A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS, ANNUAL ESTIMATES, 1939-54. Octo-
ber 1955. 40 pages.
MONETARY POLICY AND THE REAL ESTATE MAR-
KETS. December 1955. 6 pages.
SURVEY OF BANK LOANS FOR COMMERCIAL AND
INDUSTRIAL PURPOSES.
Business Loans of
Member Banks. April 1956. 14 pages. Credit
Lines and Minimum Balance Requirements.
June 1956. 7 pages. (Other articles on this
Survey will appear in later issues of the BULLETIN.) Reprints on a similar Survey are available from March, May, June, July, and August
1947 BULLETINS.
Octo-
ber 1956. 15 pages.
Farm Loans at
Commercial Banks. November 1956. 20 pages.
Farm Loans to Finance Intermediate-Term Investments. January 1957. 9 pages. Farm
Loans for Current Expenses. February 1957.
8 pages. Loans to Buy Farm Real Estate. February 1957. 9 pages. Interest Rates on Farm
Loans. March 1957. 10 pages.
AGRICULTURAL LOAN SURVEY.
UNITED STATES BANKING ORGANIZATION ABROAD.
December 1956. 16 pages.
BANKING AND MONETARY STATISTICS, 1956.
96 pages.
Oc-
tober 1956. 24 pages. (Also similar reprint
from April 1953 BULLETIN.)
INDEX OF ELECTRICITY AND GAS OUTPUT.
FEDERAL FINANCIAL MEASURES FOR ECONOMIC
STABILITY. March 1953. 7 pages.
1953.
1951-55.
June 1956. 9 pages. (Also similar reprint
from June 1955 BULLETIN.)
WORLD TRADE AND PAYMENTS IN 1955-56. October 1956. 8 pages.
FINANCING OF LARGE CORPORATIONS,
(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
and May 1956 BULLETINS.)
INTERNATIONAL
GOLD
AND DOLLAR
FLOWS.
March 1957. 7 pages.
1957 SURVEY OF CONSUMER FINANCES. Preliminary Findings. March 1957. 3 pages. HOUSING AND DURABLE GOODS. June 1957. 18
pages. (Similar Surveys are available for earlier years from 1952, 1953, 1954, 1955, and
1956 BULLETINS.)
SUMMARY FLOW-OF-FUNDS ACCOUNTS 1950-55.
April 1957. 20 pages.
SURVEY
OF
FINANCE
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.
6 pages.
1956
BULLETIN.)
July 1957. 6 pages.
(Also, similar reprints from February and July
BANK CREDIT AND MONEY.
1956 and February 1957 BULLETINS.)
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.
JAMES K. VARDAMAN, JR.
J. L. ROBERTSON
CHAS. N. SHEPARDSON
ELLIOTT THURSTON, Assistant to the Board
WINFIELD W. RIEFLER, Assistant to the Chairman
WOODLIEF THOMAS, Economic Adviser to the Board
ALFRED K. CHERRY, Legislative Counsel
CHARLES MOLONY, Special Assistant to the Board
DIVISION OF BANK OPERATIONS
OFFICE OF THE SECRETARY
ROBERT F. LEONARD, Director
S. R. CARPENTER, Secretary
MERRITT SHERMAN, Assistant
KENNETH A. KENYON, Assistant
CLARKE L. FAUVER, Assistant
J. E. HORBETT, Associate
Secretary
Director
GERALD M. CONKLING, Assistant
Secretary
JOHN R. FARRELL, Assistant
Secretary
Director
Director
DIVISION OF EXAMINATIONS
LEGAL DIVISION
ROBERT C. MASTERS, Director
HOWARD H. HACKLEY, General Counsel
C. C. HOSTRUP, Assistant
FREDERIC SOLOMON, Assistant General Counsel
DAVID B. HEXTER, Assistant General Counsel
G. HOWLAND CHASE, Assistant General Counsel
JEROME W. SHAY, Assistant General Counsel
FRED A. NELSON, Assistant
THOMAS J. O'CONNELL, Assistant General
HENRY BENNER, Assistant
Director
Director9
ARTHUR H. LANG, Chief Federal Reserve
Examiner
GLENN M. GOODMAN, Assistant
Director
Director
Counsel
DIVISION OF PERSONNEL ADMINISTRATION
DIVISION OF RESEARCH AND STATISTICS
EDWIN J. JOHNSON,
Director
H. FRANKLIN SPRECHER, JR., Assistant
RALPH A. YOUNG,
FRANK R. GARFIELD, Adviser
DIVISION OF ADMINISTRATIVE SERVICES
GUY E. NOYES, Adviser
LISTON P. BETHEA,
ROLAND I. ROBINSON, Adviser
KENNETH B. WILLIAMS, Assistant
SUSAN S. BURR, Assistant
ALBERT R. KOCH, Assistant
Director
JOSEPH E. KELLEHER, Assistant
Director
Director
Director
OFFICE OF DEFENSE LOANS
Director
LEWIS N. DEMBITZ, Assistant
GARDNER L. BOOTHE, II,
Director
Administrator
OFFICE OF THE CONTROLLER
DIVISION OF INTERNATIONAL FINANCE
EDWIN J. JOHNSON,
Controller
M. B. DANIELS, Assistant
ARTHUR W. MARGET, Director
Director
Director
849
Controller
850
FEDERAL RESERVE BULLETIN • JULY 1957
Federal Open Market Committee
W M . M C C . MARTIN, JR.,
CARL E. A L L E N
C. CANBY BALDERSTON
MALCOLM BRYAN
Chairman
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 / M A S S I E , NEW YORK
WILLIAM R. K. MITCHELL, PHILADELPHIA
FRANK R. DENTON, CLEVELAND,
Vice President
ROBERT V. FLEMING, RICHMOND,
President
HERBERT
V. PROCHNOW, Secretary
COMER J. KIMBALL, ATLANTA
HOMER J. LIVINGSTON, CHICAGO
LEE P. MILLER, ST. LOUIS
JULIAN B. BAIRD, MINNEAPOLIS
R. CROSBY KEMPER, KANSAS CITY
WALTER B. JACOBS, DALLAS
FRANK L. KING, SAN FRANCISCO
WILLIAM
J. KORSVIK, Assistant Secretary
Federal Reserve Banks and Branches
District 1—FEDERAL RESERVE BANK OF BOSTON
BOARD OF DIRECTORS
Robert C. Sprague, Chairman and Federal Reserve Agent
James R. Killian, Jr., Deputy Chairman
Frederick S. Blackall, jr.
Oliver B. Ellsworth
William D. Ireland
Harold I. Chandler
Milton P. Higgins
Harry E. Umphrey
Harvey P. Hood
J. A. Erickson, President
D. H. Angney
Ansgar R. Berge
George H. Ellis
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
Charles W. Bitzer
Ferd I. Collins
Clarence Francis
Augustus C. Long
Franz Schneider
Forrest F. Hill, Deputy Chairman
Howard C. Sheperd
Lansing P. Shield
FEDERAL RESERVE BANKS AND BRANCHES
851
District 2—FEDERAL RESERVE BANK OF NEW YORK-continued
Alfred Hayes, President
William F. Treiber, First Vice President
Vice Presidents
H. V. Roelse
Robert V. Roosa
Robert G. Rouse
H. A. Bilby
John Exter
M. A. Harris
H. H. Kimball
A. Phelan
Vernon Alexander
Leland B. Bryan
Charles H. Diefendorf
BUFFALO BRANCH—BOARD OF DIRECTORS
Raymond E. Olson
Ralph F. Peo
I. B. Smith, in charge
of Buffalo Branch
T. G. Tiebout
V. Willis
R. B. Wiltse
John W. Remington
Clayton G. White,
Chairman
District 3—FEDERAL RESERVE BANK OF PHILADELPHIA
BOARD OF DIRECTORS
William J. Meinel, Chairman and Federal Reserve Agent
Henderson Supplee, Jr., Deputy Chairman
W. Elbridge Brown
Bayard L. England
R. Russell Pippin
Lester V. Chandler
Lindley S. Hurff
Geoffrey S. Smith
Charles E. Oakes
Alfred H. Williams, President
W. J. Davis, First Vice President
Vice Presidents
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
Joseph H. Thompson, Deputy Chairman
John A. Byerly
Joseph B. Hall
George P. MacNichol, Jr.
King E. Fauver
Charles Z. Hardwick
Frank J. Welch
Edison Hobstetter
W. D. Fulton, President
Dwight L. Allen
Roger R. Clouse
C. Harrell
L. Merle Hostetler
Roger Drackett
Bernard H. Geyer
Frank C. Irvine
John H. Lucas
Douglas M. Moorhead
Donald S. Thompson, First Vice President
Vice Presidents
R. G. Johnson, in charge of
A. H. Laning
Cincinnati Branch
Martin Morrison
J. W. Kossin, in charge of
H. E. J. Smith
Pittsburgh Branch
Paul C. Stetzelberger
CINCINNATI BRANCH—BOARD OF DIRECTORS
Anthony Haswell, Chairman
W. Bay Irvine
Ivan Jett
PITTSBURGH BRANCH—BOARD OF DIRECTORS
Ben Moreell
Sumner E. Nichols
Franklin A. McCracken
William A. Mitchell
John C. Warner,
Chairman
Irving W. Wilson
852
FEDERAL RESERVE BULLETIN • JULY 1957
District 5—FEDERAL RESERVE BANK OF RICHMOND
BOARD OF DIRECTORS
John B. Woodward, Jr., Chairman and Federal Reserve Agent Alonzo G. Decker, Jr., Deputy Chairman
Daniel W. Bell
Robert Gage
Robert O. Huffman
D. W. Colvard
W. A. L. Sibley
Joseph E. Healy
L. Vinton Hershey
Hugh Leach, President
N. L. Armistead
R. L. Cherry, in charge of
Charlotte Branch
J. Dewey Daane
Edw. A. Wayne, First Vice President
Vice Presidents
J. M. Nowlan
D. F. Hagner, in charge of
James M. Slay
Baltimore Branch
Thomas 1. Storrs
Aubrey N. Heflin
C. B Strathy
Upton S. Martin
BALTIMORE BRANCH—BOARD OF DIRECTORS
Gordon M. Cairns
Wm. Purnell Hall, Chairman
James W. McElroy
Charles A. Piper
John W. Stout
Stanley B. Trott
Clarence R. Zarfoss
CHARLOTTE BRANCH—BOARD OF DIRECTORS
William H. Grier, Chairman
Charles D. Parker
Ernest Patton
I. W. Stewart
Paul T. Taylor
G. G. Watts
T. Henry Wilson
District 6—FEDERAL RESERVE BANK OF ATLANTA
BOARD OF DIRECTORS
Walter M. Mitchell, Chairman and Federal Reserve Agent
Harllee Branch, Jr., Deputy Chairman
Roland L. Adams
William C. Carter
Joseph T. Lykes
Pollard Turman
W. C. Bowman
Henry G. Chalkley, Jr.
Donald Comer
Malcolm Bryan, President
Lewis M. Clark, First Vice President
Vice Presidents
V. K. Bowman
J. E. Denmark
H. C. Frazer, in charge of
Birmingham Branch
T. A. Lanford, in charge of
Jacksonville Branch
John L. Liles, Jr.
R. E. Moody, Jr., in charge
of Nashville Branch
Harold T. Patterson
L. B. Raisty
Earle L. Rauber
S. P. Schuessler
M. L. Shaw, in charge
of New Orleans
Branch
BIRMINGHAM BRANCH—BOARD OF DIRECTORS
Edwin C. Bottcher, Chairman
Robert M. Cleckler
John R. Downing
E. W. McLeod
Malcolm A. Smith
John E. Urquhart
Adolph Weil, Sr.
JACKSONVILLE BRANCH—BOARD OF DIRECTORS
Linton E. Allen
W. E. Ellis
James G. Garner
James L. Niblack
J. Wayne Reitz, Chairman
Harry M. Smith
McGregor Smith
853
FEDERAL RESERVE BANKS AND BRANCHES
District 6—FEDERAL RESERVE BANK OF ATLANTA-Continued
NASHVILLE BRANCH—BOARD OF DIRECTORS
J. R. Kellam, Jr.
Ernest J. Moench
A. Carter Myers, Chairman
Jo H. Anderson
Stewart Campbell
Frank B. Ward
C. L. Wilson
NEW ORLEANS BRANCH—BOARD OF DIRECTORS
H. A. Pharr
E. E. Wild, Chairman
J. Spencer Jones
G. H. King, Jr.
D. U. Maddox
William J. Fischer
Joel L. Fletcher, Jr.
District 7—FEDERAL RESERVE BANK OF CHICAGO
BOARD OF DIRECTORS
Bert R. Prall, Chairman and Federal Reserve Agent
J. Stuart Russell, Deputy Chairman
Vivian W. Johnson
Robert P. Briggs
William J. Grede
Walter J. Cummings
Nugent R. Oberwortmann
William A. Hanley
Walter E. Hawkinson
Carl E. Allen, President
Neil B. Dawes
W. R. Diercks
A. M. Gustavson
Paul C. Hodge
E. C. Harris, First Vice President
Vice Presidents
C. T. Laibly
A. L. Olson
George W. Mitchell
R. A. Swaney, in charge
H. J. Newman
of Detroit Branch
W. W. Turner
DETROIT BRANCH—BOARD OF DIRECTORS
John A. Hannah, Chairman
Ira A. Moore
Howard P. Parshall
C. V. Patterson
Raymond T. Perring
Ernest W. Potter
J. Thomas Smith
District 8—FEDERAL RESERVE BANK OF ST. LOUIS
BOARD OF DIRECTORS
Pierre B. McBride, Chairman and Federal Reserve Agent
S. J. Beauchamp, Jr.
Kenton R. Cravens
Phil E. Chappell
J. E. Etherton
J. H. Longwell
Delos C. Johns, President
Wm. J. Abbott, Jr.
Fred Burton, in charge of
Little Rock Branch
Joseph H. Moore, Deputy Chairman
Harold O. McCutchan
Leo J. Wieck
Guy S. Freutel, First Vice President
Vice Presidents
Darryl R. Francis, in charge
of Memphis Branch
Donald L. Henry, in charge
of Louisville Branch
Geo. E. Kroner
Dale M. Lewis
H. H. Weigel
J. C. Wotawa
LITTLE ROCK BRANCH—BOARD OF DIRECTORS
Donald Barger
T. Winfred Bell
E. C. Benton
H. C. McKinney, Jr.
Shuford R. Nichols
J. V. Satterfield, Jr.
A. Howard Stebbins, Jr.,
Chairman
854
FEDERAL RESERVE BULLETIN • JULY 1957
District 8—FEDERAL RESERVE BANK OF ST. LOUIS-Continued
LOUISVILLE BRANCH—BOARD OF DIRECTORS
David F. Cocks, Chairman
Philip Davidson
Magnus J. Kreisle
W. Scott Mclntosh
M. C. Minor
J. D. Monin, Jr.
Merle E. Robertson
MEMPHIS BRANCH—BOARD OF DIRECTORS
Henry Banks
J. H. Harris
A. E. Hohenberg, Chairman
John A. McCall
(Vacancy)
John D. Williams
John K. Wilson
District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS
BOARD OF DIRECTORS
Leslie N. Perrin, Chairman and Federal Reserve Agent
John E. Corette
Thomas G. Harrison
F. Albee Flodin
Ray C. Lange
Harold C. Refling
O. B. Jesness, Deputy Chairman
Joseph F. Ringland
Harold N. Thomson
Frederick L. Deming, President
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
A. W. Heidel
J. Willard Johnson
Geo. N. Lund
Carl McFarland,
Chairman
George R. Milburn
District 10—FEDERAL RESERVE BANK OF KANSAS CITY
BOARD OF DIRECTORS
Raymond W. Hall, Chairman and Federal Reserve Agent
K. S. Adams
E. M. Dodds
W. L. Bunten
W. S. Kennedy
Harold Kountze
H. G. Leedy, President
John T. Boysen
P. A. Debus, in charge
of Omaha Branch
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
E. D. Vanderhoof
D. W. Woolley
DENVER BRANCH—BOARD OF DIRECTORS
Merriam B. Berger
Arthur Johnson
Ralph S. Newcomer
Aksel Nielsen, Chairman
Ray Reynolds
OKLAHOMA CITY BRANCH—BOARD OF DIRECTORS
Davis D. Bovaird, Chairman
George R. Gear
Phil H. Lowery
R. Otis McClintock
C. L. Priddy
FEDERAL RESERVE BANKS AND BRANCHES
855
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 R. Alford
John M. Griffith
Henry P. Drought
D. A. Hulcy
J. Edd McLaughlin
Watrous H. Irons, President
E. B. Austin
Howard Carrithers, in charge
of El Paso Branch
J. L. Cook, in charge of
Houston Branch
Hal Bogle, Deputy Chairman
J. B. Thomas
Sam D. Young
W. D. Gentry, First Vice President
Vice Presidents
W. E. Eagle, in charge of
San Antonio Branch
W. H. Holloway
T. W. Plant
L. G. Pondrom
Morgan H. Rice
Harry A. Shuford
EL PASO BRANCH—BOARD OF DIRECTORS
F. W. Barton
John P. Butler
Floyd Childress
James A. Dick, Chairman
Thomas C. Patterson
D. F. Stahmann
E. J. Workman
HOUSTON BRANCH—BOARD OF DIRECTORS
I. F. Betts
L. R. Bryan, Jr.
W. B. Callan
A. E. Cudlipp
John C. Flanagan, Chairman
Clarence E. Ayres
J. W. Beretta
E. C. Breedlove
SAN ANTONIO BRANCH—BOARD OF DIRECTORS
Burton Dunn
V. S. Marett
S. Marcus Greer
Tyrus R. Timm
Alex R. Thomas,
Chairman
Harold Vagtborg
District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO
BOARD OF DIRECTORS
A. H. Brawner, Chairman and Federal Reserve Agent
Y. Frank Freeman, Deputy Chairman
Carroll F. Byrd
Walter S. Johnson
Reese H. Taylor
M. Vilas Hubbard
N. Loyall McLaren
Philip 1. 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
John A. O'Kane
J. A. Randall, in charge of
Portland Branch
H. F. Slade
W. F. Volberg.
in charge of
Los Angeles Branch
O. P. Wheeler
856
FEDERAL RESERVE BULLETIN • JULY 1957
District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO-Continued
LOS ANGELES BRANCH—BOARD OF DIRECTORS
Anderson Borthwick
Leonard K. Firestone
(Vacancy)
Joe D. Paxton
James E. Shelton
PORTLAND BRANCH—BOARD OF DIRECTORS
Warren W. Braley, Chairman
J. H. McNally
John B. Rogers
E. C. Sammons
William H. Steiwer, Sr.
SALT LAKE CITY BRANCH—BOARD OF DIRECTORS
Harry Eaton
George S. Eccles
Russell S. Hanson
Joseph Rosenblatt, Chairma
Geo. W. Watkins
SEATTLE BRANCH—BOARD OF DIRECTORS
James Brennan
Lyman J. Bunting
Charles F. Frankland
S. B. Lafromboise
D. K. MacDonald, Chairmt
Index to Statistical Tables
Acceptances, bankers', 792, 793
Agricultural loans of commercial banks, 788, 790
Agriculture, Govt. agency loans, 796, 797
Assets and liabilities {See also Foreign liabilities and
claims reported by banks):
Banks and the monetary system, consolidated, 784
Corporate, current, 804
Domestic banks, by classes, 785, 788, 790
Federal business-type activities by fund or
activity, 796, 797
Federal Reserve Banks, 779, 780
Foreign central banks, 840
Automobiles:
Consumer instalment credit, 808, 809, 810
Production index, 814, 818
Bankers' balances, 789, 791
{See also Foreign liabilities and claims reported by
banks)
Banks and the monetary system, consolidated statement, 784
Bonds {See also U. S. Govt. securities):
New issues, 802, 804
Prices and yields, 793, 794
Brokers and dealers in securities, bank
loans to, 788, 790
Business expenditures on new plant and equipment, 804
Business indexes, 812
Business loans {See Commercial and industrial loans)
Capital accounts:
Banks, by classes, 785, 789, 791
Federal Reserve Banks, 779, 780
Carloadings, 812
Central banks, foreign, 838, 840, 845
Coins, circulation of, 783
Commercial banks:
Assets and liabilities, 785, 788
Consumer loans held, by type, 809
Number, by classes, 785
Real estate mortgages held, by type, 805
Commercial and industrial loans:
Commercial banks, 788
Weekly reporting member banks, 790, 792
Commercial paper, 792, 793
Commodity Credit Corporation, loans, etc., 796, 797
Condition statements {See Assets and liabilities)
Construction, 812, 818, 819
Consumer credit:
Instalment credit, 808, 809, 810, 811
Major parts, 808, 810
Noninstalment credit, by holder, 809
Consumer durable goods output indexes, 818
Consumer price indexes, 812, 824
Consumption expenditures, 826, 827
Corporate sales, profits, taxes, and dividends, 803, 804
Corporate security issues, 802, 804
Corporate security prices and yields, 793, 794
Cost of living {See Consumer price indexes)
Currency in circulation, 775, 783
Currency outside banks, 829
Customer credit, stock market, 794
Debits to deposit accounts, 782
Demand deposits:
Adjusted, banks and the monetary system, 784
Adjusted, commercial banks, by classes, 789
Demand deposits—Continued
Adjusted, and currency, 828
Banks, by classes, 785, 791
Type of holder, at commercial banks, 789
Department stores:
Merchandising data, 823
Sales and stocks, 812, 822
Deposits {See also specific types of deposits):
Adjusted, and currency, 784
Banks, by classes, 785, 789, 791
Federal Reserve Banks, 779, 780, 836
Postal savings, 784
Turnover of, 782
Deposits, reserves, and borrowings, by class of
member bank, 777
Discount rates, 778, 845
Discounts and advances by Federal Reserve
Banks, 775, 779
Dividends, corporate, 803, 804
Dollar assets, foreign, 836, 837
Dwelling units started, 819
Earnings and hours, manufacturing industries, 812, 821
Employment, 812, 821
Export-Import Bank, loans, etc., 796, 797
Farm mortgage loans, 796, 805, 806
Federal business-type activities, assets and liabilities,
by fund or activity, 796, 797
Federal Deposit Insurance Corporation,
assets, etc., 796, 797
Federal finance:
Cash transactions, 798
Receipts and expenditures, 791
Treasurer's balance, 798
Federal home loan banks, loans, etc., 796, 797, 807
Federal Housing Administration, loans, etc., 796, 797,
805, 806, 807
Federal National Mortgage Association,
loans, etc., 796, 797, 807
Federal Reserve Banks:
Condition statement, 779, 780
U. S. Govt. securities held by, 775, 779, 780,
800, 801
Federal Reserve credit, 775, 779, 780
Federal Reserve notes, 779, 780, 781, 783
Finance company paper, 792, 793
Foreign central banks, 838, 840, 845
Foreign deposits in U. S. banks, 775, 779, 780, 784,
789, 791
Foreign exchange rates, 846
Foreign liabilities and claims reported by
banks, 832, 834, 836
Foreign trade, 823
Gold:
Earmarked, 837
Net purchases by U. S., 837
Production, 836, 837
Reserves of central banks and governments, 838
Reserves of foreign countries and international
institutions, 839
Stock, 775, 784, 837
Gold certificates, 779, 780, 781, 783
Govt. debt {See U. S. Govt. securities)
Gross national product, 826, 827
857
858
Home owners, Govt. agency loans, 796, 797
Hours and earnings, manufacturing industries, 812, 821
Industrial advances by Federal Reserve Banks, 779,
780, 781, 782
Industrial production indexes, 812, 813, 818
Instalment loans, 808, 809, 810, 811
Insurance companies, 795, 800, 801, 806
Insured commercial banks, 787, 788
Interbank deposits, 785, 789, 791
Interest rates:
Bond yields, 793
Business loans by banks, 793
Federal Reserve rates, 778, 782
Foreign countries, 845
Open market, 793, 845
Regulation V loans, 782
Stock yields, 793
International capital transactions of the U. S., 832
International financial institutions, 838, 839, 840
Inventories, 827
Investments {See also specific types of investments):
Banks, by classes, 785, 788, 790
Federal Reserve Banks, 779, 780
Govt. agencies, etc., 796, 797
Life insurance companies, 795
Savings and loan associations, 795
Labor force, 820
Loans {See also specific types of loans):
Banks, by classes, 785, 788, 790
Federal Reserve Banks, 775, 777, 779, 780,
781, 782
Govt. agencies, etc., 796, 797
Insurance companies, 795, 806
Savings and loan associations, 795, 806
Loans insured or guaranteed, 781, 805, 806, 807
Manufacturers, production indexes, 812, 813, 818
Margin requirements, 778
Member banks:
Assets and liabilities, by classes, 785, 788
Borrowings at Federal Reserve Banks, 775, 777
Deposits and reserves, by classes, 777
Number, by classes, 785
Reserve requirements, by classes, 778
Reserves and related items, 775
Weekly reporting series, 790
Minerals, production indexes, 812, 813
Money rates {See Interest rates)
Mortgages {See Real estate loans)
Mutual savings banks, 784, 785, 787, 800, 801, 805
National banks, 787
National income, 826
National security expenditures, 799, 827
Nonmember banks, 779, 787, 788
Payrolls, manufacturing, index, 812
Personal income, 827
Postal Savings System, 784
Prices:
Consumer, 812, 824
Security, 794
Wholesale commodity, 812, 824
Production, 812, 813, 817, 818
Profits, corporate, 803, 804
FEDERAL RESERVE BULLETIN • JULY 1957
Real estate loans:
Commercial banks, 788, 790, 805
Type of mortgage holder, 805, 806, 807
Type of property mortgaged, 805, 806, 807
Regulation V, loan guarantees, 781, 782
Reserve requirements, member banks, 778
Reserves:
Commercial banks, 789
Federal Reserve Banks, 779, 780
Foreign central banks and governments, 838
Foreign countries and international institutions, 839
Member banks, 775, 777, 779, 780, 789, 791
Residential mortgage loans, 805, 806, 807
Sales finance companies, consumer loans of, 808,
809, 811
Savings, 826
Savings deposits {See Time deposits)
Savings institutions, principal assets, 795
Savings and loan associations, 795, 806
Securities, international transactions, 835, 836
Security issues, 802, 804
Silver coin and silver certificates, 783
State member banks, 787
State and municipal securities:
New issues, 802
Prices and yields, 793, 794
States and political subdivisions:
Deposits of, 789, 791
Holdings of U. S. Govt. securities, 800
Ownership of obligations of, 788, 795
Stock market credit, 794
Stocks:
New issues, 802
Prices, and yields, 793, 794
Tax receipts, Federal, 799
Time deposits, 777, 784, 785, 789, 791
Treasurer's account balance, 798
Treasury cash, 775, 784
Treasury currency, 775, 783, 784
Treasury deposits, 775, 779, 780, 798
Unemployment, 820
U. S. Govt. balances:
Commercial bank holdings, by classes, 789, 791
Consolidated monetary statement, 784
Treasury deposits at Federal Reserve
Banks, 775, 779, 780, 798
U. S. Govt, securities:
Bank holdings, 784, 785, 788, 790, 800, 801
Federal Reserve Bank holdings, 775, 779, 780,
800, 801
Foreign and international holdings, 839
International transactions, 835
New issues, gross proceeds, 802
Outstanding, by type of security, 800, 801
Ownership of, 800, 801
Prices and yields, 793, 794
United States notes, outstanding and in circulation, 783
Utility output index, 817
Veterans administration, loans, etc., 796, 797, 805,
806, 807
Yields {See Interest rates)
(c THE FEDERAL RESERVE SYSTEM g)
BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES
Legend
—
Boundaries of Federal Reserve Districts
Boundaries of Federal Reserve Branch Territories
© Board of Governors of the Federal Reserve System
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