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FEDERAL RESERVE

B U LLETIN
June

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM







E D I T O R I A L
Elliott Thurston

C O M M I T T E E

Woodlief Thomas
Ralph A. Young

Winfield W. Riefler
Susan S. Burr

The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial
committee. This committee is responsible for opinions expressed, except in official statements and signed articles.

Contents
Business Financing in Early 1957
Survey of Common Trust Funds, 1956
1957 Survey of Consumer Finances: Housing and Durable Goods
Credit Extended by Banks to Real Estate Mortgage Lenders
Regulation of Consumer Instalment Credit—Views of the
Board of Governors
Economic Trends as a Basis of Policy
Current Events and Announcements
National Summary of Business Conditions
Financial and Business Statistics, U. S. (Contents on p. 655)
International Financial Statistics (Contents on p. 723)
Federal Reserve Board Publications
Board of Governors and Staff
Open Market Committee and Staff; Federal Advisory Council
Federal Reserve Banks and Branches
Index to Statistical Tables
Map of Federal Reserve Districts
Inside back

Volume 43

615
622
628
646
647
649
651
652
657
724
739
743
744
744
751
cover

Number 6

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Business Financing in Early 195J
BUSINESS SPENDING AND BORROWING have
continued at high levels in the first half of
1957, but the composition of outlays and
the patterns of financing have changed.
While expenditures for plant and equipment
have been maintained, purchasing for inventories has been curtailed, and corporate income tax payments have been smaller
than in early 1956. Profits and depreciation allowances have provided a larger share
of the funds needed to finance outlays, and
borrowing in capital markets, at record
levels in early 1957, has also been a more
important source of business funds than last
year. Borrowing from banks, on the other
hand, has moderated, and reductions in corporate liquid asset balances have been
smaller than a year ago.
Outlays for modernization and expansion
of production facilities have continued close
to the record rate reached late last year, and
about one-ninth larger than in early 1956.
Spending plans reported to the Department
of Commerce and the Securities and Exchange Commission suggest a high level of
such expenditures over the balance of 1957.
Outlays for additions to inventories have
been small, however, in contrast to the
substantial increase in inventories in early
1956.
Payments of Federal income taxes
have been heavy, as is usual in the first half
of the year, but have exerted less pressure on
available corporate funds than a year ago.
While tax liabilities showed little change
from 1955 to 1956, an increased share of
the taxes owed on 1956 incomes was paid in




615

September and December of last year, in accordance with the schedule of accelerated
tax payments adopted by the Federal Government in 1954.
Shifts in the composition of business outlays have been accompanied by increased
reliance on funds available from current
CORPORATE NEW CAPITAL ISSUES
Half y e a r s ,

in

billions

of

dollars

NOTE.—Securities and Exchange Commission estimates except for 1957, which includes a Federal Reserve estimate for
the second quarter. New capital issues include all offerings
other than those for retirement of securities.

operations and on funds obtained through
long-term borrowing in capital marketsProfits have remained close to the very high
levels reached in the fourth quarter of 1956,
and depreciation allowances have continued
to grow. Corporate flotations of securities
for new capital have been in larger volume
than last year, as may be seen in the chart.
In contrast, the expansion of business loans
at commercial banks in the first five months
of 1957 was much smaller than a year ago,
and reductions in corporate holdings of cash

616
and United States Government securities
were more moderate than in early 1956.
BUSINESS INVESTMENT

Business expenditures on new plant and
equipment are estimated at $18.2 billion in
the first half of 1957, compared with $16.3
billion in the same period of 1956. Most
major industrial groups have spent more
this year, with the sharpest increases reported
by public utilities, railroads, and industries
producing primary metals, machinery, transportation equipment other than motor vehicles, and chemicals. All of these industries
had increased their outlays for facilities substantially in 1956, and many of them are
engaged in long-range expansion programs
that call for a high level of capital expenditures for some time to come.
More moderate increases have occurred
in other industries, such as paper and paper
products, where expansion programs last
year appear to have brought capacity into
better balance with current demand. Motor
vehicles producers, whose capital outlays
rose sharply last year, have spent less this
year for new plant and equipment, as have
textile producers and commercial establishments.
In contrast to the continued high rate of
spending for fixed capital, the rate of additions to business inventories has decreased
substantially. A number of the incentives
which stimulated inventory accumulation in
early 1956 appear to have been less strong
this year. Continued expansion of plant
has required some further growth in stocks,
and the possibility of price increases for
some basic materials may again be influencing purchasing decisions. Supply shortages are apparently not widely expected,
however, and financing of inventory additions has become more expensive.




FEDERAL RESERVE BULLETIN • JUNE 1957

Reflecting changes in demand and supply
pressures, manufacturers of durable goods
reduced their stocks of purchased materials
in the first quarter of 1957, compared with
an increase a year ago. Their inventories
of finished goods and goods in process of
fabrication, however, continued to rise, as
can be seen from the table, with the increase
somewhat more rapid than in early 1956.
BOOK VALUE OF MANUFACTURING AND
TRADE INVENTORIES
[Seasonally unadjusted, in billions of dollars]

Industry and type
of inventory

On
hand,
Mar.
31,
1957

Increase, or
decrease (—)

1957
lstQ

1956
lstQ

2ndQ

90.1

2.8

4.0

0.3

30.6

0.8

1.4

0.9

Purchased materials.. 8.0
Goods in process.... 12.8
9.8
Finished goods ..

-0.4
0.5
0.7

0.3
0.6
0.5

0.5
0.2
0.2

22.0

0.2

0.2

0.7

13.1
24.3

-0.2
1.9

0.3
2.1

-0.3
-1.0

Total
Manufacturing

Durable goods

Nondurable goods
Trade
Wholesale
Retail

NOTE.—Department of Commerce data, without adjustment to
remove seasonal variation or the effect of price changes on inventory
values. Details may not add to totals because of rounding.

Additions to retail inventories, although substantial, were slightly less than is usual at
this time of year and wholesale inventories
declined, in contrast to the rise in the first
quarter of 1956. These inventory trends
continued through April. Manufacturing
and trade inventories at the end of the
month were virtually unchanged from the
March level, compared with a rise of $800
million in April 1956.

617

BUSINESS FINANCING IN EARLY 1957

Seasonal needs and rising prices appear
to have accounted for all of the increase in
book values of business inventories this year.
Department of Commerce estimates indicate that, after allowance for price changes
and usual seasonal variations, the physical
volume of nonfarm business inventories declined in the first quarter of 1957, the first
reduction in physical stocks since late 1954.
OTHER OUTLAYS

Federal income tax payments, a major use
of corporate funds in the first half of the
year, have been about one-tenth smaller in
1957 than a year ago. The reduction reflects changes in the tax payment schedule,
rather than a decline in total tax liabilities.
Under the present schedule, most corporations paid 20 per cent of their tax liabilities
on last year's incomes in the second half of
1956, leaving 80 per cent to be paid in
March and June of this year. At the beginning of 1956, 90 per cent of the liabilities on
the previous year's income remained to be
paid. Corporate payments of Federal income taxes, which amounted to almost $9
billion in the first three months of 1956,
totaled a little over $8 billion in the same
period of this year.
Customer financing appears also to have
been a somewhat smaller drain on corporate
funds this year. Although some businesses
have increased the trade credit extended to
business customers, financing of consumer
purchases by merchants and by finance companies has expanded less rapidly than in
1956.
Dividend payments have been larger than
in early 1956, but the rate of increase has
slowed appreciably. Payments in the first
four months of this year were 4 per cent
larger than a year ago; payments in the




same period of last year were 15 per cent
higher than in early 1955.
FINANCING FROM INTERNAL SOURCES

Funds from operations, that is, profits before
taxes and depreciation allowances, have
supplied a greater proportion of corporate
financing needs this year than they did in
early 1956. A smaller volume of funds,
however, has been obtained from reductions in corporate holdings of cash and
United States Government securities. Corporate liquidity has declined this year, but
the drop has been more moderate than in
the first half of 1956.
Corporate profits. Profits in early 1957
were about 6 per cent larger than a year
earlier. Increases were reported in almost
all industrial groups, with the sharpest gains
among producers of electrical equipment,
machinery, transportation equipment other
than motor vehicles, and petroleum. Lower
profits were reported in the textile, paper,
and building materials industries and by air
transport companies. For all corporations
combined, profits before taxes are estimated
to have been at a seasonally adjusted annual
rate of $46.5 billion in the first quarter of
the year, close to the high levels reached in
the final months of 1956, as may be seen in
the chart on the following page.
*
The sharp rise in profits in the fourth
quarter of last year, following a decline over
the first three quarters, reflected improvements in sales and in profit margins from
reduced third quarter levels. The most
marked improvement was in manufacturing
industries, where both sales and profits in
the third quarter had been adversely affected
by the steel strike and by curtailment of automobile production. For the year 1956,
profits of manufacturing companies as a

618

FEDERAL RESERVE BULLETIN • JUNE 1957

CORPORATE PROFITS BEFORE TAXES
Billions of dollars

-

30

20
1953

1955

1957

NOTE.—Seasonally adjusted annual rates. Department of
Commerce estimates except first quarter of 1957, which is
estimated by the Council of Economic Advisers.

group were slightly larger than in the previous year.
According to data compiled by the Federal Trade Commission and the Securities
and Exchange Commission, the ratio of
profits after taxes to sales for manufacturing
corporations was slightly less last year than
in 1955, but was higher than in any other
year since 1950. Declines in profit margins
from 1955 to 1956 were reported mainly in
industries in which production was curtailed
either because of work stoppages, such as
occurred in the iron and steel and electrical
machinery industries, or because of reduced
consumer buying, such as affected the motor
vehicles and certain building materials industries.
Reflecting the predominance of large
producing units in most industries where
profit margins declined last year, the ratio
of profits to sales declined for large manufacturing corporations as a group. Profit
margins for small manufacturing companies,
in contrast, increased. Data now available
for the first quarter of 1957 indicate that




profit margins of manufacturing corporations continued at the levels of late 1956.
Liquid assets. With Federal income tax
payments concentrated in March and June,
corporations in recent years have reduced
their holdings of cash and United States
Government securities in the first half of the
year, and added to them in the second half.
Reductions in liquid asset balances in
1957 appear to have been moderate, especially in comparison with the decline of
nearly $8 billion in the first half of 1956.
Corporate accumulation of liquid assets in
the second half of 1956 was also smaller
than a year earlier. In part, more moderate
seasonal fluctuations in corporate liquid asset holdings over the past twelve months
reflect the trend toward a more even distribution of scheduled tax payments.
Corporate liquidity, as measured by the
ratio of cash and United States Government
securities to total current liabilities, has
probably declined somewhat further since
the end of 1956. In the first half of last
year, the ratio fell sharply, from 54 to 48
per cent.
EXTERNAL FINANCING

Total business borrowing has continued in
large volume this year, as a rise in financing
through security flotations has offset the reduction in borrowing from commercial
banks. The volume of corporate security
issues was nearly one-third larger in the
first half of 1957 than the previous record
volume of a year ago. Business loans at
commercial banks, on the other hand, rose
only $100 million in the first five months
of 1957, compared with an increase of $1.6
billion in the same months of 1956. In
many earlier years, business loans had declined over these months.

619

BUSINESS FINANCING IN EARLY 1957

Bank loans. In early 1957, as in early
1956, business loans at commercial banks
declined in January and rose sharply around
the corporate income tax payment date in
March. The decline in January this year,
which followed a large increase in loans in
December, was more than double the decline a year earlier. Loan expansion in
March 1957, while substantial, was somewhat less than in March 1956, when corporate income tax payments were larger.
Business loans declined slightly in April and
May this year, in contrast to an increase
over this two-month period in each of the
two preceding years.
Moderate growth in bank loans to business this year reflects reduced use of bank
credit by most major industrial groups. Information available from a sample of weekly
reporting banks, shown in the chart, indicates that metal manufacturers borrowed
only two-thirds as much this year as in the
first five months of 1956, when substantial
inventory accumulation, sharp increases in
capital spending, and a record volume of tax
payments exerted heavy pressure on available funds. Petroleum, chemical, and rubber
companies borrowed only one-third as much
as last year. Reduced loan expansion has
been accompanied by a larger volume of
security issues in these industries.
Among industries that generally repay
bank debt in the early months of the year,
such as food processors and commodity
dealers, loan repayments were exceptionally
heavy this year. Seasonal borrowing by
these industries in late 1956 was also much
larger than usual.
Public utilities borrowed less from banks
around the March income tax date this year
than in 1956, but over the full five month
period, January-May, their bank loan ex-




IUSINESS LOANS OF M M S
Cumulative chango aWiag r«ar. Millions of oollori
. METALS MANUFACTURERS
1200

1000

400

FUEL, CHEMICAL. AND
RUBBER PRODUCERS

400

400
PUBLIC UTILITIES
200

FOOD PROCESSORS

SALES FINANCE COMPANIES

JAN.

FES.

MAR.

AH.

MAY

JUNf

NOTE.—Monthly r h i n y In huge loan reported by a i _
_
of more than 200 weekly npratJng banks. Chanm fa 1956 a n
cumulative from Dec. 28, IHSpln 1957, bom Dec 26, 1956.

620

FEDERAL RESERVE BULLETIN • JUNE 1957

pansion was about one-tenth greater than
last year. Sales finance companies have
also increased their use of bank credit in
1957. In the early months of 1956, finance
companies repaid bank debt, on balance.
Security issues. Corporate security issues
for new capital in the first six months are
estimated at a record volume of about $6.5
billion, compared with $5 billion in the same
months of 1956. The volume of new issues
was particularly heavy in the first quarter of
this year, when almost $3.5 billion of new
securities were offered. In recent months,
the new issue volume has been somewhat
smaller, though still large in comparison
with earlier periods.
Financing by public utility industries has
accounted for almost half of all corporate
security offerings this year, a greater proportion than in 1955 or 1956. Reflecting a
sharp expansion in planned capital spending
programs of utility companies, as well as
their practice of financing a major share of
capital outlays through security issues, the
volume of new securities offered by utility
companies has been half again as large as
in 1956.
Security flotations by manufacturing
companies have also exceeded last year.

Large increases in capital market financing
have occurred in the metals and petroleum
industries where bank loan expansion has
been more moderate than in 1956. Finance
compam'es, on the other hand, have reduced
the volume of their security flotations, and
met more of their financing needs this year
through bank loans.
As has been typical of corporate financing throughout the postwar period, flotations of debt securities have accounted for
the bulk of all new security offerings thus
far in 1957. Offerings of common stock
have been in larger volume than last year,
and have accounted for a greater proportion
of all security flotations, but offerings of
preferred stock have been relatively less important than a year ago. All of the increase
in new corporate bond issues has been in
issues offered for public sale, rather than in
securities placed directly with institutional
investors.
Despite the record volume of publicly
offered debt this year, market yields on corporate bonds declined in January and February and did not return to their previous
peaks until early June. In part, the excellent market reception accorded corporate
bond flotations in the early months of 1957

STOCK AND IOND YIELDS
Per cent per annum

* * ^

<

^ \

STOCK

v

/

>

-

•
BOND

.__ ———
.-»

!

!
1947

— , . _—-*"*
i

1
1949

1

1
1951

1
1953

i

1

1

1955

NOTE.—Moody's Inrestor Sendee data for 200 common
stocks and 30 Aaa corporate bonds. Stock yields ate as of




4

y

1

^

1957

1955

1956

1957

the end of the month. Bond yields are monthly averages of
dally figures. Annual data shown are for December.

BUSINESS FINANCING IN EARLY 1957

reflected the availability of a large volume
of funds withdrawn from other investments.
Net redemptions of United States savings
bonds, for example, amounted to $700 million, compared with $200 million in the
first quarter of last year. The narrow spread
between stock and bond yields also encouraged the flow of investment funds into
the corporate bond market.
At the beginning of the year, the spread
between bond and stock yields was the narrowest in the postwar period, as can be seen
from the chart. The spread widened over
the first quarter of the year, as yields on
high-grade outstanding corporate bonds




621
dropped from 3.79 to 3.66 per cent, while
yields on common stocks increased.
Since March, the yield spread has narrowed again. Renewed optimism in the
stock market has resulted in an increase in
common stock prices and a decline in common stock yields. At the same time, continued heavy flotations of corporate bonds
have pressed against the available supply of
investment funds, and yields on new bond
issues have risen sharply. Yields on outstanding bonds have also increased, and
reached a new postwar peak in mid-June,
but the spread between new and outstanding
bonds has widened considerably.

Survey of Common Trust Funds, 1956
THE AGGREGATE MARKET VALUE of the
investment holdings of 243 common trust
funds at the end of 1956 was $1,974
million. Holdings increased $106 million
during the year, or less than half the growth
in the preceding 12-month period. The
smaller expansion in 1956 resulted from
smaller additions from new participations,
larger withdrawals, and from a net decline
in the market value of investments in contrast with appreciation in 1955. These are
the findings of the second Annual Survey
of Common Trust Funds conducted by the
Board of Governors of the Federal Reserve
System as part of a program to provide information concerning the uses made of
principal accumulations of savings.1
The 1956 Survey was expanded to include all common trust funds operated by
banks and trust companies in the United
States and possessions administered under
subsection (c) of Section 17 of Regulation
F; complete coverage was obtained. Funds
not included in the 1955 Survey—the 24
funds in operation less than 12 months on
January 31, 1956, and two Hawaiian funds
—have been included in the 1956 Survey.
The terminal date for each fund in the
current Survey was the valuation date falling in the fourth quarter of the calendar
year. Accordingly, figures for 51 funds that
reported as of their January 1956 valuation
date in the 1955 Survey cover only a ninemonth period in the current Survey. In

future surveys the reporting period of funds
other than new ones will cover 12 months.
Holdings of funds that began operations
during 1956 are included in tabulations of
end-of-year figures and also in the tabulations of purchases and sales; the cash and
United States Government nonmarketable
securities contributed by the participating
accounts on the starting date of the new
funds are included in the tabulations of net
additions to principal.
For classification purposes, a discretionary common trust fund is one in which all
investments are made in the discretion of
the trustee. Such investment power may
be derived from a State statute (e.g., based
on the prudent-man principle) or from the
instruments creating the individual fiduciary
accounts investing in the common trust
fund. A legal common trust fund is one
in which all or part of its investments are
restricted to specific investments or classes
of investments designated by a State statute
as legal for the investment of trust funds,
or one in which investment in nonlegal
securities is limited by statute to a given percentage of the fund. The limitations on
their investments in nonlegal securities range
from 30 per cent to 50 per cent of the market value (in one State, inventory value) of
the fund. 2 The majority of the funds classi2

There are only two funds in the Survey operating
under statutes requiring a minimum of 50 per cent of
the investments to be in legal investments. These
funds are classified as legal although technically 50
per cent of such funds may be invested in the discretion of the trustee; to insure compliance with the
law, over half of the assets of such funds are held
in legal investments.

1

This article was prepared by Robert L. Hill of the
Board's Division of Bank Operations with the collaboration of the Division of Examinations. Results of
the first Survey appeared in the BULLETIN for August
1956, pp. 800-805.




622

623

SURVEY OF COMMON TRUST FUNDS, 1956
TABLE 1
INVESTMENT HOLDINGS, PURCHASES, AND SALES OF COMMON TRUST FUNDS,

19561

[Dollar amounts in millions]
Holdings, at
end of 1955
Type of holding2

Total holdings (including principal cash)
Bonds, notes, and certificates—total...
U. S. Government—total
Marketable, maturing:
One year or less
After one year
Nonmarketable
State and political subdivision
,
Domestic corporate—total
,
Manufacturing
,
Public utility
Railroad
Other
,
Other*
Preferred stocks—total
Manufacturing
Public utility
Railroad
Financial
Trade
Other
,
Common stocks—total
Manufacturing
Public utility
Railroad
,
Financial
,
Trade
Other
Real estate loans
Savings accounts
Principal cash
,

At
market
value

$1,868.7
712.0
322.2
4.7
135.0
182.5
31.2
338.5
79.9
166.0
47.1
45.5
20.0
214.1
108.1
87.8
4.9
5.8
7.2
.3
910.9
561.3
189.5
13.8
93.6
42.5
10.4
20.0
.6
11.1

As percentage
of total

100.0
38.1
17.2
.3
7.2
9.8
1.7
18.1
4.3
8.9
2.5
2.4
1.1
11.5
5.8
4.7
.3
.3
.4
(4)
48.7
30.0
10.1
.7
5.0
2.3
.6
1.1
.6

Cost of
Proceeds
purchases from sales
and other
and
acquiredempsitions
tions

$357.6

226.1
85.2
35.1
42.1
8.0
14.8
109.0
30.9
52.9
13.4
11.7
17.2
39.2
19.9
17.2
.6
.7
.8
(5)

80.4
48.3
17.0
1.6
7.9
3.9
1.6
11.5
.3

$244.9

160.2
121.4
34.3
54.2
32.9
2.0
26.4
12.5
9.4
1.9
2.5
10.4
18.6
13.3
3.4
.2
.5
.9
.3
61.4
41.6
8.2
.3
6.9
3.0
1.5
4.5
.2

Holdings, at
end of 1956
At
market
value

$1,974.4
735.1
278.5
5.7
115.3
157.5
39.4
391.4
93.4
192.8
54.3
50.9
25.8
209.2
101.4
91.5
4.6
5.5
6.2
(5)
985.1
626.0
201.0
14.6
91.8
39.1
12.6
27.0
.7
17.4

As percentage
of total
100.0
37.2
14.1
.3
5.8
8.0
2.0
19.8
4.7
9.8
2.8
2.6
1.3
10.6
5.1
4.6
.2
.3
.3
(4)
49.9
31.7
10.2
.7
4.6
2.0
.6
1.4
.9

1
Survey of common trust funds operated under Sec. 17(c) of
Regulation F of Board of Governors. Except for funds that reported
as of a January 1956 valuation date in the 1955 Survey and funds beginning operation during 1956, data are for 12 months; terminal dates
range from Oct. 1, 1956, through Dec. 31, 1956. The 1955 figures
shown above include data for funds excluded from end-of-period
figures published in the 1955 Survey (funds in operation less than
12 months on Jan. 31, 1956, and funds in United States possessions)
and minor statistical revisions.
2
Nonmarketable U. S. Government securities are valued at cost
and other holdings at market value. Purchases are shown at cost

and sales at proceeds realized. Conversions and exchanges of
securities are treated as sales of securities surrendered and purchases
of securities received. Stock rights held at beginning or end of
reporting period are included in appropriate investment category at
market value. Proceeds from sales of such rights are included in
proceeds from sales of securities during period. Details may not
add to totals because of rounding.
3
Quasi-Government agencies, and Canadian government and
corporations.
4
Less than .05 of one per cent.
5 Less than $50,000.

fied as legal in this Survey are of the limited
type. A special common trust fund is one
that is restricted by plan or institutional policy to one type or class of investment, i.e.,
fixed-income investments, bonds, or common stocks; it may be either discretionary
or legal.

million in 1956 as compared with $578 million in 1955; purchases were practically
unchanged, but sales and redemptions
were larger than in the preceding year.
There was a decline in the activity or turnover of the aggregate portfolio, although
bond turnover was greater than during the
earlier period.3 The higher turnover of

INVESTMENT ACTIVITY

Gross investment transactions of common
trust funds, shown in Table 1, totaled $603




3
For this purpose, activity or turnover is measured
by dividing the average of gross purchases and gross
sales by the average of holdings at the beginning and
end of the reporting period.

624

FEDERAL RESERVE BULLETIN • JUNE 1957

other classes of investment, as indicated by
the estimated distribution of new money
coming into the funds during 1956.
The net amount of new money coming
into the common trust funds during 1956

bonds resulted largely from the practice of
using United States Government securities
as temporary investments; however, there
also appeared to be some movement out of
United States Government securities into

TABLE 2
MARKET VALUE OF INVESTMENT HOLDINGS OF COMMON TRUST FUNDS, BY TYPE OF FUND, 1955-561
[In millions of dollars]
Diversified discretionary
funds

All funds
Type of holding 2
1956

Total holdings
Bonds, notes, and certificates—
total
U. S. Govt
State and political subdivision
,
Domestic corporate
,
Other3
Stocks—total.
Preferred...
Common...

Increase,
or de-

1955

1,974.4 1,868.7
735.1
278.5
39.4
391.4
25.

532.3
200.9
21.2
292.1
18.1

69.3 1,005.9
-4.9
161.0
74.1 844.8

Discretionary

Legal

InInInIncrease,
crease,
crease,
crease,
or de- 1956 1955 or de- 1956 1955 or de- 1956 1955 or de-

1955

105.7 1,565.2 1,486.0

23.1
712.0
322.2 - 4 3 . 7
31.2
8.2
338.5
52.9
20.0
5.8

1,194. 3 1 ,125.0
209.2 214.1
910.9
985.

1956

Special funds

Diversified legal
funds

79.2 294.5 292.2

2.3 104.0 82.5

21.5 10.7 7 . 9

2.8

518.7
13.5 143.8 145 .9 - 2 . 1 50.4 41
235.8 - 3 4 . 9 63.6 74.0 - 1 0 . 5 8.8
18.4
.6 10.9 7.3
2.8 5.0 4.4
5.6 28.623.4
249 A
42.7 69.9 64.3
2.1 2.0 1.2
15.2
2.9 5.3 3.2

9.2 8.6 6.2
- . 5 5.2 3.1
3.6 2.3 1.1
5.3 .8 1.5
.4
.4

2.5
2.1
1.2
-.8
-.1

46.4 36.8
2.7 .1
43.7 35 .7

9.6 1.9 1.4
1.5
.8 .9
8.0 1.1
.5

.5
-.1
.6

58. 0 140 .1 138.9
- 5 . 3 44.7 45.7
63.3 95.5 93.2

947.9
166.3
781.6

1.2
-1.0

2.3

Real estate loans and savings
accounts

27.7

20.6

7.1

15.9

12.8

3.1

5.3

4.1

1.3

6.3

2.7

.1

Principal cash

17.4

11.1

6.3

11.1

6.7

4.4

5.2

3.2

2.1

.9

.1

.1

Factors affecting change during
year:
Net additions to principal
funds
Net decline in market value of
investments
Net realized capital gains

118.9

80.3

11.8

17.1
15.9

12.6

-.2

3.6

23.2

32.6
19.4

.3

2.1

1 See Table 1, note 1.
2 See Table 1, note 2.

3.0

3 See Table 1, note 3.
4 Less than $50,000.
TABLE 3
SIZE DISTRIBUTION OF COMMON TRUST FUNDS, 1956 *
[Dollar amounts in millions]

Size of fund
(total holdings,
in millions of dollars)2

Diversified
discretionary funds

All
funds
Number

Total
holdings

Number

Total
holdings

Diversified
legal funds

Special !
funds

Number

Total
holdings

Number

Total
holdings

All funds

243

$1,974.4

156

$1,565.2

54

$294.5

33

$114.7

Under 1
1-2
2-5 . .
5-10
10-25
25-50
50-100

51
43
58
37
35
12
7

24.5
63.5
194.1
261.4
546.1
406.3
478.6

22
27
43
25
20
12
7

10.7
41.8
142.2
183.9
301.8
406.3
478.6

14
10
11
7
12

7.3
14.2
40.6
45.7
186.8

15
6
4
5
3

6.5
7.4
11.4
31.8
57.6

i See Table 1, note 1.




2

See Table 1, note 2.

1

625

SURVEY OF COMMON TRUST FUNDS, 1956

was $119 million, $26 million less than in
the preceding period. It is estimated that
55 per cent of this new money was invested
in bonds, 16 per cent in common stocks,
17 per cent in preferred stocks, and 6 per
cent in real estate loans and savings accounts, while 5 per cent was held in cash.
Compared with 1955, this represented a
decline in the proportion invested in bonds
and an increase in cash holdings, real estate
loans, and savings accounts; proportions invested in preferred and common stocks remained approximately the same.
GROWTH

New funds were started during 1956 in five
States—Arizona, Arkansas, North Dakota,
Rhode Island, and South' Carolina—that
previously had no common trust funds.
Throughout the United States 21 new funds
were created during the year, as shown in
Table 4; their aggregate holdings at the year-

end amounted to $20 million. On December
31, 1956, there were 243 funds operating in
40 of the 49 jurisdictions (47 States, the District of Columbia, and Hawaii) that permit
common trust funds. The number of fiduciary accounts that have been invested in these
common trust funds increased approximately 8,000 during the year and totaled
nearly 93,000 at the end of the period.
The size of individual funds, in general,
changed little during 1956, although the
market value of a larger number of funds
decreased during 1956 than in 1955. This
was due largely to the decline in market
value of fixed-income assets as evidenced by
the relatively larger decrease in market value
of legal funds. Most legal funds are restricted by State law in the amount that may
be invested in common stocks; on the other
hand, discretionary funds are without statuTABLE 5
COMMON TRUST FUNDS AND THEIR INVESTMENT

TABLE 4

HOLDINGS, BY CLASS OF BANK, 1956

STARTING DATES OF COMMON TRUST FUNDS
Discretionary

Legal

Special
Year

Total

Class of bank

Special

DiDiversi- Fixed- Com- versi- Fixed- Comfied income mon
fied income mon
invest- stock
invest- stock
ment
ment

243
156
54
33

195
152
53
24

1,974
1,565
294
115

State member banks, total..
Diversified discretionary.
Diversified legal
Special

97
60
31
6

70
58
30
4

1,286
1,005
253
29

1

National banks, total
,
Diversified discretionary.
Diversified legal
Special
,

108
76
19
13

95
74
19
11

460
385
38
38

1

Insured nonmember banks, total.
Diversified discretionary
Diversified legal
Special

21
10
4
7

17
10
4
5

31
21
4
6

Noninsured nonmember banks, total.
Diversified discretionary
Diversified legal
Special

17
10

13
10

197
154

7

4

43

243

156

13

11

54

8

21

8

3

1

5

4

1955
1954
1953
1952
1951

25
23
35
20
20

14
13
23
12
15

2
2
4

3
1
3
2

5
6
5
5
4

1950
1949
1948
1947
1946

22
14
8
16
3

11
12
7
12
2

1945
1944
1943
1942
1941

12
6
1
5
5

9
4
1
3
5

1940
1939
1938
1937

4
2

4
1




1

11
2
1
3
1

1

3
1

1

Market
value of
Num- Num- holdings 3
ber of ber of2 (in milfunds banks
lions of
dollars)

All banks, total
Diversified discretionary.
Diversified legal
Special

1956

Total

x

1

1

1 See Table 1, note 1.
Details do not add to totals because some banks operate two or
more funds.
3 See Table 1, note 2.
2

1

626

FEDERAL RESERVE BULLETIN • JUNE 1957

increased in all geographic sectors. During
1956 the largest numbers of new funds—
seven and five—were started in Pennsylvania and California, respectively.
Approximately 60 per cent of the common trust fund assets are held by funds in
the Boston, New York, and Philadelphia
Federal Reserve Districts; these funds
comprise 44 per cent of the total number
of funds, as shown in Table 6. In a dollarsize ranking of States, Pennsylvania is
largest, with common trust fund assets
totaling $567 million; New York second,
with $430 million; and Massachusetts third,
with $175 million. These three States rank
in the same order in terms of number of
funds—with 38, 37, and 17 funds, respectively, as shown in Table 7.

tory limitation. In the aggregate, common
stocks accounted for 32 per cent of the
assets of diversified legal funds as compared
with 54 per cent of the assets of diversified
discretionary funds.
In recent years eight banks have established "dual funds," one of which is invested
primarily in fixed-income assets and the
other in common stocks. Such arrangements permit participation in either or both
funds in accordance with the needs and
requirements of the individual fiduciary
accounts. Dual funds are classified as
special funds in the Survey.
DISTRIBUTION

During the two years covered by the Surveys, the number of common trust funds

TABLE

6

TYPES OF COMMON TRUST FUNDS AND INVESTMENT HOLDINGS, BY FEDERAL RESERVE DISTRICT, 1956

1

[Dollar amounts in millions]
Bonds, notes, and certificates

Number of funds
Federal Reserve
district

Special
Diversified Diverdis- sified DisTotal crecretion- legal tion- Legal
ary
ary

All districts..

243

156

54

Boston
New Y o r k . . .
Philadelphia..
Cleveland

30
42
34
20

29
21
15
9

1

Richmond...
Atlanta
Chicago
St. L o u i s . . . .

28
16
21
11

20
12
14
7

Minneapolis. .
Kansas City..
Dallas
San Francisco

5
11
6
19

6
13

1 See Table 1, note 1.
2 See Table 1, note 2.




20
17

6

3
3
1
3

Total

$1,974.4 $735

24
1
1
3

Total
holdings2

1
2
2
I
1

State
and
U . S . politGov- ical
ern- subment division

Corporate

Stocks

All
other

Total

Real
estate Principal
Pre- Corn- loans, cash
etc.
ferred

$278.5 $39.4 $391.4 $25.8 $1,194.3 $209.2 $985.1 $27.7 $17.4

235.1 78.9
447.5 210.0
501.4 141.3
189.7

38.4
59.0
79.4
23.1

17.2
20.3

37.4
143.5
40.0
33.0

31
.
7.5
4.7
4.4

144.5
46.9
92.9
116.6

47.7
17.8
42.6
45.2

18.9
5.1
16.7
9.5

1.1
.2
.2
.2

26.7
12.0
24.2
35.2

.9
.4
1.5
.2

83.0
27.7
49.3
67.9

9.5
7.2
5.6
1.9

13.3
40.9
21.1
124.5

6.0
13.7
6.7
44.3

1.8
6.7
3.3
16.6

4.1
5.5
3.3
26.3

()
14
.
.
2
14
.

7.
21.0
13.7
77.8

.4
2.6
2.5
7.0

()

3 Less than $50,000.

.7
1.5

2.2
3.8
5.6
2.0

73.5
20.5
43.7
66.0

12.6
1.3
.4
3.4

1.2
.1
.5
.1

6.8
18.3
11.2
70.8

6.0
.5
1.2

153.3 10.5 142.8
232.2 25.3 206.9
354.5 111.9 242.6
106.9 24.8 82.0

.3
.3

627

SURVEY OF COMMON TRUST FUNDS, 1956
TABLE 7
STATE DISTRIBUTION OF COMMON TRUST FUNDS, BY TYPE, 1956 x
Number of funds
State, with year of
legalization of common
trust funds

Total

40 States, incl. D. C. and
Hawaii.

243

156

Alabama (1943)
Arizona (1941)
Arkansas (1947)
California (1947)
Colorado (1947)

3
1
1
9
6

2
1
1
7
3

Connecticut (1943)
Delaware (1935)
Dist. of Columbia (1949)....
Florida (1941)
Georgia (1943)

9
3
4
4
5

9
3
2
3
5

Illinois (1943)
Indiana (1937)
Kentucky (1938)
Maine (1951)
Maryland (1945)

6
6
2
3
7

6
2
3
5

17
5
4
7
1

17
5
2
4
1

Massachusetts (1941)
Michigan (1941)
Minnesota (1937)
Missouri (1940)2
Nebraska (1953)
i See Table 1, note 1.




Number of funds
State, with year of
legalization of common
trust funds

Total

New Hampshire (1953)...
New Jersey (1945)
New York (1937)
North Carolina (1939)...
North Dakota (1955)

2
6
37
7
1

1
2
17
5

1
4
19

Ohio (1943)
Oklahoma (1949)
Oregon (1951)
Pennsylvania (1939)
Rhode Island (1956),

8
2
1
38
2

7
2
1
12
2

1

South Carolina (1955)....
Tennessee (1953)
Texas (1947)
Utah (1951)
Vermont (1933)

1
6
6
1
1

......

2

Virginia (1944)
Washington (1943)
West Virginia (1943)
Wisconsin (1943)

8
3
1
5

7
3
1
3

1

Hawaii (1947)

4

Special
Diver- Diversified
discre- sified Discretionary legal tionary Legal
54

24

9
1

2
2
2

.......

1

6

1
3

2

Special
Diver- Diversified
sified
discretionary legal Discre- Legal
tionary

1

19
1

6
1
1

By court decision; legislation was enacted in 1955.

1
2

4

3

2

1
1
4

1

1957 SurveJ of Consumer Finances
Housing and Durable Goods
o

CONSUMERS PURCHASED about as many
new and existing houses in 1956 as in 1955,
but somewhat fewer major household goods,
according to the Survey of Consumer Finances. Purchases of new and used automobiles declined sharply from the record
levels established in 1955, but exceeded
those in any earlier year. In dollar amounts,
purchasers of houses, automobiles, and
major household equipment spent more in
1956 on the average than a year earlier.1
The number of consumers owning homes
and automobiles increased from 1955 to
1956, continuing the steady rise that has
prevailed throughout most of the postwar
period. The number of home owners increased about two-fifths from early 1949 to
early 1957, and the proportion of all spending units owning homes increased from 44 to
54 per cent.2
Automobile ownership has also become
1

This is the second of a series of articles presenting
the findings of the 1957 Survey of Consumer Finances
conducted by the Board of Governors of the Federal
Reserve System in cooperation with the Survey Research Center of the University of Michigan. The
first article appeared in the March Federal Reserve
BULLETIN. The present article was prepared by Alfred P. Johnson of the Consumer Credit and Finances
Section of the Board's Division of Research and
Statistics. Work at the Survey Research Center was
under the supervision of James N. Morgan.
2
A spending unit, as defined in the Survey, consists
of all related persons living together who pool their
incomes. Husband and wife and children under 18
living at home are always considered to be members
of the same spending unit. Other related persons in
the household are separate spending units if they earn
more than $15 per week and do not pool their incomes.




more widespread. The proportion both of
spending units owning one car and of those
owning two or more cars increased substantially from early 1949 to early 1957.
Early this year, consumers not only owned
a larger number of cars, but owned on the
average much newer and better equipped
cars than in early 1949.
Consumer purchases of homes, automobiles, and household durable goods during the last decade have been accompanied
by a sharp rise in consumer debt. The proportion of all spending units with mortgage
debt increased from one-fifth to three-tenths
from early 1949 to early 1957, while the
proportion with short- and intermediate-term
consumer instalment debt rose from onefifth to almost one-half. The average debt
owed also rose markedly.
HOUSES

About 5 per cent of all nonfarm spending
units purchased houses for their own occupancy in 1956, according to the Survey
of Consumer Finances. Two-thirds of these
purchases were existing houses. One-third
of the consumers who bought new and existing houses in 1956 sold another house at the
time of the purchase. These consumers
bought higher priced houses than other purchasers. As might be expected, the proportion that sold another house at time of purchase increased with the age and income of
the head of the spending unit.
The median (middlemost) income of
628

629

HOUSING AND DURABLE GOODS

purchasers of new and existing homes in
1956 was $5,640. Purchasers paid a
median price of $12,000, compared with a
median price of $10,000 in 1955. As in
other recent years, more than four-fifths of
the purchasers incurred mortgage debt. In
early 1957, the median mortgage debt of
1956 purchasers who used credit was
$8,500. 8
Changes in the market for houses. Through-

out most of the period since World War II
the demand for housing has been at high
levels. One factor underlying this demand
has been the backlog of housing needs carried over from the depressed 1930's and the
war years of the 1940's. Population increases, a high rate of family formation,
mobility of families, movement to larger,
better equipped homes, access to mortgage
credit on liberal terms, and rising consumer
incomes have also been important.
TABLE 1
INCOME OF NONFARM SPENDING UNITS AND HOUSE

PURCHASERS, 1947-49 AND 1954-56
[Percentage distribution]

Spending units
Income before taxes
in 1954-56 dollars1

House
purchasers2

1954-56 1947-49 1954-56 1947-49
Under $3,000
$3,000-$4,999
$5,000-57,499
$7,500 and over
All income groups.
Median 3

34
28
23
15

46
32
14
8

12
27
37
24

25
42
21
12

100

100

100

100

$4,140 $3,210 $5,740 $4,060

1
Income refers to total money income before taxes. Figures are
based on average income for 1947-49 and for 1954-56, with those for
1947-49 converted to 1954-56 dollars by adjusting reported incomes
in accordance with changes in the Bureau of Labor Statistics index
of 2consumer prices.
Includes purchases of new and existing houses.
3 Interpolated from bracket amounts.

8
It should be emphasized that the data relating to
house purchasers in 1956 are based on an extremely
small sample and, therefore, that the sampling errors
associated with these estimates are relatively large.




The upward shift in income distributions
of all nonfarm spending units and of house
purchasers, shown in Table 1, has been associated with the general rise in consumer
income. After allowing for changes in the
level of consumer prices, the proportion of
all nonfarm spending units receiving the
equivalent of $5,000 or more in 1954-56
dollars increased from one-fifth in 1947-49
to almost two-fifths in 1954-56.
Purchasers of nonfarm houses in the
1954-56 period also had substantially larger
incomes than their counterparts in the early
postwar period, measured in terms of 195456 dollars. The proportion of house purchasers with incomes, thus measured, of
$5,000 and over increased from one-third in
1947-49 to three-fifths in 1954-56.4
Prices (in current dollars) of new and
existing houses have increased markedly
since the early postwar period. Table 2
shows that only one-fourth of the spending
units that purchased houses in 1947-49 paid
$10,000 or more, compared with about
three-fifths of all nonfarm spending units
that purchased houses during 1954-56. The
price advance has differed for new and
existing houses. In the new house market,
higher prices have reflected steady increases
in construction costs, which totaled about
one-fourth between 1948 and 1956, and
the building of larger, better equipped
houses. For existing houses, most of the
price rise occurred between 1947 and 1952;
since then existing house prices have shown
relatively little change.
4
House purchase estimates for any one year are
subject to relatively large sampling errors because of
the small number of house purchasers included in the
Survey sample for each year. In order to reduce
sampling errors somewhat, data for house purchasers
were combined and averages for two periods—1947-49
and 1954-56—were used. The house purchase estimates were based on about 450 cases in each 3-year
period.

630

FEDERAL RESERVE BULLETIN • JUNE 1957
TABLE 2

HOUSE PURCHASES CLASSIFIED BY PRICE AND

MORTGAGE DEBT, 1947-49 AND 1954-56 1
[Percentage distribution of new and existing nonfarm houses
purchased]

Mortgage debt

Price
Amount

1954-56 1947-49 1954-56 1947^9
Zero
$l-$4,999
$5,000-$7,499
$7,500-$9,999
$10,000-$14,999
$15,000 and over
Not ascertained
All cases
Median

4

14
12
14
35
25
(3)

34
19
18
18
9
2

16
17
20
18
24
5
(3)

22
36
22
10
7
(2)

100

100

100

100

$11,390 $6,970 $7,920 $5,070

1
Figures are based on averages of estimates of new and existing
house prices and mortgage debt in 1947-49 and 1954-56. Debt is
mortgage debt outstanding at time of interview (early in the year
following year of purchase).
2
No cases reported or less than one-half of 1 per cent.
3
Amount assigned, not determined in interview.
4
Interpolated from bracket amounts.

The recent growth in home ownership
was concentrated largely among spending
units with incomes of $5,000 or more in
1956 dollars. In early 1957, 79 per cent
of all nonfarm spending units with incomes
of $7,500 or more, and 64 per cent of those
with incomes of $5,000-$7,499, were home
owners, as shown in the chart. The corresponding figures in early 1949 were 69 per
cent and 55 per cent. In part as a result of
the movement of spending units into higher
income groups from early 1949 to early
1957, consumers with incomes of $5,000
or more owned more than one-half of all
nonfarm houses early this year, compared
with only three-tenths in the earlier period.
HOME OWNERSHIP
Percentage of income group
(income before taxes in 1956 d o l l a r s )

ALL INCOME GROUPS

Larger mortgage debts were incurred by
nonfarm house purchasers in 1954-56 than
in 1947-49. About three-tenths of the purchasers in the recent period incurred mortgage debt of $10,000 or more, compared
with less than one-tenth in the earlier period.
The expansion in the amount of mortgage
debt incurred is related to the increase in
house prices as well as to the more liberal
downpayment and maturity provisions in
effect during the recent period.
Changes in housing status. The large
number of houses constructed and sold during recent years has brought about a marked
change in the housing arrangements of consumers. The proportion of all nonfarm
spending units owning homes increased
from 44 per cent in early 1949 to 54 per
cent in early 1957, and the number of homes
owned rose from 20 to 28 million,5
5

After allowing for conceptual differences, the
Survey of Consumer Finances estimate of the proportion of all spending units owning homes in early




EARLY 1957
I EARLY 1949

UNDER $3,000

$3,000 - $4,999

$5,000 - $7,499

$7,500 AND OVER

100

NOTE.—Income refers to total money income before taxes
in year preceding the Survey. Income for 1949 converted to
1956 dollars by adjusting reported incomes for changes in the
Bureau of Labor Statistics index of consumer prices.

Home ownership, in general, is related to
age as well as to level of income. Home
ownership increased from early 1949 to
early 1957 in all groups headed by persons
over 24 years of age. In the group headed
by persons 25-34 years of age the propor1957 corresponds closely with the proportion of
household units owning homes estimated in a survey
conducted by the Bureau of the Census in the summer of 1956. For a presentation of the findings of
the Census survey, see Consumer Instalment Credit
Series, Pt. 1, Growth and Import, vol. 2, supp. IV.

HOUSING AND DURABLE GOODS

tion of home owners increased over this
period from 3 to 4 in 10. A large proportion of the purchasers in this group were
married couples with young children who
had been renting. This group also includes
a large proportion of veterans who have
been able in recent years to finance house
purchases on very favorable terms.
Home ownership in the group headed by
persons 35 to 44 years of age increased
from about 5 to 6 in 10 from early 1949 to
early 1957. This growth reflects in part
the satisfying of a backlog demand. Many
of the purchasers in this age group had been
unable to purchase houses earlier because
of depression or war.
Spending units headed by persons 55 or
more years of age also increased their ownership of homes. About 7 in 10 of these
spending units reported owning a home in
early 1957, compared with about 6 in 10 in
early 1949. Growth in ownership among
this group probably reflects some expansion
in purchases as well as the retention of
homes for longer periods by spending units
who were already owners.
The increase in home ownership has been
accompanied by a decline in the proportions of all nonfarm spending units renting
or living with relatives. In early 1957, 33
per cent of all nonfarm spending units
rented, compared with 38 per cent in early
1949. The proportion of nonfarm spending
units living with relatives declined from 14
to 9 per cent over this period. These
changes are significant in view of the fact
that undoubling was more important in the
immediate postwar period than after 1949;
by the early 1950's it had ceased to be a
major factor in the demand for housing.
Mortgage debt outstanding. In early 1957,

56 per cent of all home owners had mortgage debt, compared with 45 per cent in




631
early 1949 (see Supplementary Table 2).
Over this period the number of mortgaged
owner-occupied houses increased from 9
million to 16 million, and average mortgage
debt from $3,700 to $6,100. As indicated
earlier, the increase in mortgage debt reflects
the higher prices of houses in recent years
and the more liberal terms on which purchases were made.
Mortgages have increased in size more
rapidly than house values. In early 1957,
almost 5 in 10 mortgages equaled 50 per
cent or more of the owners' estimates of
home value in contrast with less than 4 in
10 in early 1949.
The presence or absence of mortgage
debt is related to period of ownership; and
if there is debt, the ratio of debt to value is
also related to period of ownership. The
length of the period of ownership, in turn, is
related to the age of the owner. In early
1957 more than four-fifths of the home
owners under 35 years of age had a mortgage, and seven-tenths of those with a
mortgage had debt-value ratios of 50 per
cent or more. The frequency of mortgage
debt and the ratio of debt to value declined
as the age of the owner increased. Only
one-sixth of the owners 65 or more years of
age had mortgage debt, and most of these
had debt-value ratios of 50 per cent or less.
The fact that consumers in the upper age
brackets have little or no debt reflects several factors. Older persons have generally
owned their homes for some time and have
therefore retired a larger proportion of their
debt than younger owners. Those who
have only recently purchased homes had frequently sold homes in conjunction with the
new purchases. Also, older purchasers may
have greater difficulty in obtaining longterm credit.

632
AUTOMOBILES

Consumers purchased a substantially smaller
number of cars in 1956 than in 1955 but
more than in any other year. Purchases of
used cars declined somewhat less than purchases of new automobiles, but the decline
in both segments of the market was widespread (see Supplementary Table 9). Consumer expenditures for automobiles declined
less from 1955 to 1956 than the number of
units sold, however, as a result of a moderate
increase in the mean (average) expenditure
per new automobile.
Purchases. About 9 per cent of all spending units purchased new cars, and 15 per
cent purchased used cars in 1956, according
to the Survey of Consumer Finances. 8 The
mean price reported by purchasers of new
cars increased from $2,940 in 1955 to
$3,070 in 1956. The mean price reported
by used car purchasers—$800—was only
slightly higher than in 1955. 7
Over four-fifths of all new car purchasers
and one-half of all used car purchasers
traded in or sold cars in conjunction with
their 1956 purchases. 8 The differential between new and used car purchasers in the

FEDERAL RESERVE BULLETIN • JUNE 1957

frequency of trade-ins reflects in part a difference in the age of the purchasers. Only
5 per cent of the new car purchasers in
1956 were between the ages of 18 and 24,
whereas about 20 per cent of the used car
purchasers were in this age group. Many
of the younger purchasers were probably
entering the market for the first time and
had no car to trade in.
The mean net outlay—that is, purchase
price minus allowance for the trade-in—of
all used car purchasers was $620 in 1956,
about the same as in the preceding year.
The mean net outlay of all new car purchasers, however, rose from $1,900 to
$2,010.
PURCHASES AND EXPENDITURES FOR AUTOMOBILES
PURCHASERS
! spending units




20

-

10

USED CARS
^

^ .
^
NEW CARS

AVERAGE PRICE AND NET OUTLAY
Dollars
3000
NEW CARS
PRICE
NET O U T L A Y ^ -

9

Excluded are purchases by transients, residents of
institutions, and personnel living on military bases as
well as purchases by business and government.
Cars purchased during 1956 but disposed of before
interview time are also excluded. In instances in
which a consumer purchased more than one car during
the year and retained two or more, only the most expensive car purchased was included in these Survey
purchase tabulations.
7
Survey data on car prices are based on amounts
reported as being paid by car purchasers. Such
prices often overstate the prices actually effective because of the widespread practice of dealers of "overallowing" on cars traded in. For a discussion of
over-allowances on trade-ins in the 1954 and 1955
new car market, see Consumer Instalment Credit
Series, Pt. IV, Financing New Car Purchases.
8
In order to simplify discussion, the term "tradeins" as used here should be interpreted to mean
sales of previously owned cars as well as trade-ins.
The same usage applies in the discussion of purchases
of household equipment.

-

_

lRS<

"

'

2000

-

PRICE
NET OUTLAY

1
1946

1

1

1948

1
1950

1

1

1

1952

1
1
1954

1
1956

The net outlay of all new car purchasers
has increased steadily since 1951, as shown
in the chart. The rise in mean net outlay
of approximately 40 per cent over this
period reflects consumer purchases of cars
with additional optional equipment, trading
up to higher priced models, and increases
in prices of equivalent cars. The mean net
outlay of used car buyers increased only 10
per cent from 1951 to 1956.

633

HOUSING AND DURABLE GOODS

Method of financing. In 1956 about
three-fifths of the buyers of new and used
cars financed their purchases in part by
some form of credit, as shown in Table 3.
The proportion of credit buyers of both new
and used cars increased sharply throughout
the early postwar period. Since 1953, the
proportion of credit buyers has increased
somewhat further for new cars, while for
used cars it has remained relatively stable
at about 60 per cent. 9
TABLE 3
METHOD OF FINANCING AUTOMOBILES,

1956

[Percentage distribution of purchasers]

New
automobiles

Used
automobiles

34

37

7
27

23
14

63

58

1
32
4

3
24
16

25

14

Other

1

3

Not ascertained

2

2

All purchases

100

100

Method of financing

Cash
Cash only
Cash plus trade-in or sale
Credit1
Credit only
Credit plus trade-in or sale
Credit plus cash
Credit plus trade-in or sale and
cash
...
2

1 Includes credit purchases for which details were not ascertained.
2
Includes cases in which automobiles were received as gifts or as
payment in kind.

The number of spending units with automobile debt increased about one-third
from early 1954 to early 1957. This increase reflects in part the liberal credit
terms and the high rates of automobile sales
9
Survey of Consumer Finances data relating to
year-to-year changes in the proportion of new and
used car buyers using credit are subject to relatively
large sampling errors. The estimates for any one
year, however, provide an approximation of the proportion of car buyers using credit, and correspond
generally with data from other sources.




in 1955 and 1956. The increased number
of consumers with auto debt, combined with
a higher average debt, has been reflected in
a substantial rise in the volume of automobile credit outstanding, particularly in
1955.
Cash and credit purchasers of new cars.
In 1956 cash purchasers of new cars reported paying a mean price of $3,380, compared with $3,000 for credit buyers. The
differential in prices of cars purchased reflects in part differences in incomes. Almost
one-half of all cash purchasers had incomes
of $10,000 or more, but only one-tenth of
the credit purchasers had such incomes.
About 8 in 10 of the cash buyers and
about 9 in 10 of the credit buyers of new
cars traded in cars at the time of their 1956
purchases. Cash buyers of new cars reported receiving on the average about
$1,500 for their trade-ins, compared with
$1,075 for credit purchasers. Even after
deducting the amount allowed on their
trade-ins, about three-fifths of all cash purchasers of new cars reported net outlays of
$2,000 or more, compared with two-fifths
of the credit purchasers of new cars.
For about one-half of the credit purchasers with trade-ins, the car traded in
apparently met the dealer's downpayment
requirement and no cash payment was made.
The other credit purchasers made additional cash downpayments averaging $600.
About one-third of the spending units that
purchased new cars on credit last year reported that the original amount of debt incurred was $2,000 or more.
Cash and credit purchasers of used cars.
In 1956 cash purchasers of used cars reported paying a mean price of $560, compared with $980 for credit buyers. The
incomes of cash and credit purchasers of
used cars differed only slightly. About three-

634
fifths of both the cash and credit buyers of
used cars had incomes of less than $5,000,
and about one-fourth had incomes of less
than $3,000. The lower price reported for
cash purchases of used cars reflects the
older average age of the cars purchased.
About 7 in 10 of the credit purchasers
and 4 in 10 of the cash purchasers of used
cars traded in cars at the time of their
1956 purchases. Credit buyers of used
cars who traded in cars reported receiving
on the average about $340 for their tradeins, which was slightly more than cash
buyers received.
In 1956 about two-fifths of the credit
purchasers and seven-tenths of the cash
purchasers of used cars reported net outlays of less than $500. Two-fifths of the
cash purchasers, moreover, reported net
outlays of less than $250. Spending units
without trade-ins had smaller net outlays on
the average than those with trade-ins. This
would indicate that most of the cash purchasers of used cars without trade-ins bought
very old cars. The undesirability of these
older cars as collateral, in combination with
the low incomes of many of the purchasers,
tends to limit the availability of credit on
reasonable terms.
About one-half of the credit buyers of
used cars made no cash payment at time of
purchase. Almost all such purchasers, however, traded in a car. Credit purchasers
who made a cash downpayment paid on
the average about $200. About one-half
of the credit buyers of used cars reported
original debt amounting to less than $500.
Maturities. According to the Survey of
Consumer Finances, about one-fifth of the
spending units that incurred instalment debt
on new automobiles during 1956 reported
original maturities of 31-36 months, twofifths reported maturities of 25-30 months,




FEDERAL RESERVE BULLETIN • JUNE 1957

and one-third reported maturities of 24
months or less. The average maturity was
somewhat longer in 1956 than in 1955.
Other sources indicate that maturities increased only slightly in 1956, after lengthening considerably during 1955.
Maturities on instalment contracts are
considerably shorter for used cars than for
new cars. About two-fifths of the buyers
that incurred debt on used cars during 1956
reported original maturities of 12 months
or less, one-half reported maturities of 1324 months, and only one-tenth reported
maturities over 24 months.
The frequency of credit use as well as the
original maturity associated with instalment
debt incurred on used cars in 1956 varied
with the price of the car and the age of the
purchaser. Only three-tenths of all purchasers of used cars priced under $500 used
instalment credit, compared with more than
three-fourths of those who purchased cars
priced at $1,000 or more. Almost twothirds of instalment credit contracts on cars
priced under $500 had original maturities
of 12 months or less, compared with less
than one-tenth on cars priced at $1,000 or
more. Maturities generally tended to be
shorter for buyers in the youngest age
brackets, reflecting the lower prices and
older age of the cars purchased. The shorter
maturities also reflected the lower average
income of this group compared with other
groups.
Automobile ownership. The high level of
production and sales of new automobiles
since World War II has expanded greatly
the ownership of automobiles. According
to Survey data, consumers owned about 46
million cars in early 1957, compared with
27 million in early 1949. In early 1957
about 72 per cent of all spending units

635

HOUSING AND DURABLE GOODS

owned at least one automobile, and 10 per
cent owned two or more. The corresponding figures for early 1949 were 51 per cent
and 3 per cent.10
All income groups have increased their
ownership of automobiles over this period.
The proportion of spending units owning at
least one automobile increased somewhat
more among consumers with incomes of
less than $7,500 than among consumers
with incomes above that level, where the
incidence of ownership was already high.
The proportion of spending units with incomes of $7,500 or more owning two or
more cars increased from 18 to 30 per cent
from early 1949 to early 1957.
The growth in automobile ownership
from early 1949 to early 1957 has been accompanied by a decline in the average age
of cars owned. Early this year, almost onehalf of the cars owned were 4 years old or
less, and only one-tenth were 10 or more
years old. In contrast, three-tenths of the
automobiles owned in early 1949 were 4
years old or less, and one-half were 10 or
more years old. The older average age of
cars in early 1949, compared with early
1957, was due mainly to the limitations on
production of automobiles during the war
and early postwar years.
About two-thirds of the cars owned by
consumers with incomes of $7,500 or more
were 4 years old or younger in both early
1949 and early 1957. Early this year all
lower income groups, however, owned substantially larger proportions of cars in this
age group. In both early 1949 and early
1957, most of the cars 10 years of age and
over were owned by spending units with
10
Data include only automobiles owned by consumers in the Survey population; cars owned by transients, military personnel, business, and government
are excluded.




incomes of less than $3,000. About onefifth of the cars owned by consumers in this
group were 10 or more years old in early
1957 compared with three-fifths in early
1949.
HOUSEHOLD DURABLE GOODS
During 1956 an estimated 24 million units
or about 43 per cent of all spending units
purchased at least one major household
durable good. The estimated total spent
on such goods in 1956 was somewhat higher
than in the preceding year. The rise in
these expenditures reflected an increase in
the average expenditure per purchaser that
more than offset a moderate decline in the
number of consumers purchasing furniture
and major household appliances.
Almost all income groups reported fewer
purchases of household durable goods in
1956 than in the preceding year. The
proportion of all spending units reporting
purchases of washing machines in 1956 was
somewhat larger than in 1955, but the
proportions purchasing furniture, television
sets, and refrigerators declined (see Supplementary Table 19).
Average amounts paid for refrigerators,
washing machines, and furniture rose somewhat from 1955 to 1956. The median expenditure reported for television sets, however, declined to a new low.
Data relating to consumers' net outlays
for household durable goods are presented
for the first time in the 1957 Survey. The
difference between the total expenditure and
net outlay by purchasers of household
durable goods is relatively small. This is
understandable, however, since only about
one-fifth of all buyers reported that a tradein was associated with a purchase, and the
amount received by consumers with trade-

636

FEDERAL RESERVE BULLETIN • JUNE 1957

ins was typically small relative to total expenditures. n
Characteristics of purchasers. As in other
years, income, age, and marital status were
among the most significant factors influencing both the frequency and size of consumer
expenditures on household durable goods.
The importance of the latter two characteristics is apparent when consumers are classified according to number of years married.
PURCHASES OF
HOUSEHOLD DURABLE GOODS, 1956
Percentage of spending units in group

NET OUTLAY — ,

80

ALL
SPENDING
UNITS

1 - 2

3- 4

5 -9

1 0 - 20

YEARS MARRIED

OVER
20
NOT
MARRIED

NOTE.—Net outlay is the amount spent after deduction for
trade-in or sale. Not married refers to spending units headed
by persons unmarried, widowed, separated, or divorced.

Persons recently married bought durable
goods with greater frequency and in larger
volume than other consumers, as shown in
the chart. Recently married couples, as
they establish new households, frequently
make substantial purchases of basic equipment such as furniture, refrigerators, and
11
It is difficult to determine whether, for identical
items of household equipment, the net outlays of consumers with trade-ins are less than those without
trade-ins. Prices for comparable items may vary considerably, and the seller may be willing to dispose of
his product at any one of a number of prices. Tradein allowances probably reflect in part discounts from
original asking prices.




stoves. About two-thirds of the couples
married less than three years bought at
least one major household item and twofifths of the buyers reported net outlays of
$500 or more.
Demand for household durable goods remains high for a relatively long period after
marriage, although there are changes in the
types of goods purchased. More than onehalf of the consumers married between 3
and 20 years purchased at least one durable
good, but only one-fourth of the buyers had
net outlays of $500 or more. Persons married more than 20 years purchased less
frequently. At this point, needs tend to
diminish as children marry or depart from
the household for other reasons. Older
married consumers, moreover, probably
own many items of household equipment.
If income declines, as it frequently does
when retirement is reached, consumers may
not replace some household goods even
though they are not in the best state of
repair.
Persons not married bought major durable
goods less frequently than any other group
and spent less for such goods. Many persons in this group either live with relatives
or occupy furnished quarters, and have little
need for many types of household goods.
The frequency of purchase of major
household goods and the average net outlay
increased as income increased. About onefifth of the spending units with incomes of
less than $2,000 purchased one or more
items of household equipment, compared
with one-half of the units with incomes from
$5,000 to $6,000, and almost three-fifths of
those with incomes of $10,000 and over.
The average net outlay ranged from $230
for purchasers in the lowest bracket (under
$2,000) to $600 for consumers in the
highest bracket ($10,000 and over).

637

HOUSING AND DURABLE GOODS
Financing of selected household goods.

Cash and credit purchasers of television sets,
washing machines, and refrigerators were
about evenly divided, as shown in Table
4. About one-fourth of the purchasers of
washing machines and refrigerators reported
a trade-in, compared with only about onesixth of the purchasers of television sets.
On the average, consumers trading in washing machines received somewhat less ($50)
than those trading in television sets ($60)
or refrigerators ($75).
TABLE 4
METHOD OF FINANCING SELECTED HOUSEHOLD
DURABLE GOODS,

1956

[Percentage distribution of purchasers]

Method of financing
Cash

Televi- Washing
sion sets machines

Refrigerators

48

49

53

42

37

39

6

12

14

49

46

40

14

8

7

7
24

7
24

6
21

4

7

6

Not ascertained

3

5

7

All purchases

100

100

100

Cash only
Cash plus trade-in
or sale
Credit
Credit only
Credit plus trade-in
or sale
Credit plus cash
Credit plus trade-in
or sale and cash...

About two-fifths of the credit buyers of
television sets made no cash outlay; of these,
only about one-third reported a trade-in at
the time of the purchase. Of the credit purchasers who paid some cash, two-thirds paid
$50 or less, and most of the others paid
between $50 and $100. About one-fifth of
all television purchasers who bought on
credit incurred debt of less than $150, while
two-thirds incurred debt of $150-$299, and
one-tenth incurred debt of $300 and over.




Consumers' financing of washing machines
and refrigerators followed a somewhat
similar pattern.
CONSUMER DEBT

Consumer indebtedness has risen sharply in
the postwar period. Major factors in this
expansion have been the large volume of
consumer purchases of houses and other
durable goods, accompanied by more widespread use of credit and larger debts.
About two-thirds of all spending units reported that they owed some debt other than
charge accounts in early 1957, according to
the Survey of Consumer Finances. About
8 per cent owed mortgage debt only, 23 per
cent owed mortgage and personal debt,
and 36 per cent owed personal debt only.
Mortgage debt was owed by a large proportion of spending units with incomes of
$7,500 or more, while personal debt was
owed most frequently by consumers with incomes of $3,000 to $10,000. Personal
debt covered by the Survey includes all shortand intermediate-term instalment and noninstalment debt, except charge accounts.
Almost one-half of all spending units reported owing some instalment debt early
this year. Most of the instalment debt outstanding had been incurred in connection
with purchases of automobiles and household durable goods. These obligations, together with those for home improvement
and maintenance and for miscellaneous
purposes, were payable in regular monthly
or weekly instalments.
Instalment debts for two or more purposes were owed by about one-fifth of all
spending units. One-tenth owed auto debt
only, and the same proportion owed household durables debt only (see Supplementary
Table 18).

638

FEDERAL RESERVE BULLETIN • JUNE 1957

In early 1957 about one-third of the
spending units with instalment debt had
scheduled repayments equal to less than 10
per cent of their disposable income.
Another third had repayments equal to 10-

19 per cent, while most of the remaining
one-third were obligated to make repayments amounting to 20-40 per cent of their
disposable income. These proportions were
about the same as a year earlier.

TECHNICAL NOTE
Approximate sampling errors of percentages based on Survey information are given
in the accompanying tables. They reflect
computations of sampling errors for specific
statistics from the 1953 and 1954 Surveys
of Consumer Finances. The values in the
tables are conservative: they are larger than
specific sampling errors of many types of
Survey data.
Sampling errors represent only one source
of error that may affect Survey estimates. *
Nonsampling errors, such as reporting and
nonresponse errors, while not readily measurable, may equal or exceed sampling errors.
A discussion of the factors affecting
sampling errors in the Survey of Consumer
Finances is available on request from the
Division of Research and Statistics, Board

of Governors of the Federal Reserve System,
Washington 25, D. C.
SAMPLING ERRORS OF DIFFERENCES

Differences required for significance (95 per cent probability) in
comparisons of percentages derived from successive Surveys of Consumer Finances and from two different subgroups of the same
Survey.
Size of sample
or group

200

300
500
700
1,000
3,0002

200

300
500
1,000
3,0002

50
30
20
10
5

3,0001 1,000
3

or 70
or 80
or 90
or 95
1

700

500
6

4

4
4

5

2
2
2
1

3
2

3
2

5
4

6
5

4
3

500

300

100

8

For a discussion of the types of errors that may
affect Survey estimates, see the Technical Appendix
to the article, "Consumer Indebtedness," Federal Reserve BULLETIN for July, 1956.




700

1,000 3,0002

14
13
12

11
10

9

10
9

8
8

8
7

10

8

7

6

11
11

6
5

4

11
10
9
9

9
8
8

7
7

6

9
8

7
7

6
5

6
5

5
4

3

8
7
7

7
6
6

6
6

6
5

5
5
5
4

4
4
4

4
3

2

8

Approximate size of sample, 1952-57.

1

500

For percentages around 5 per cent and
95 per cent

13
11

5
4

700
1 000
3,0002

14

7
6

300

For percentages around 10 per cent and
90 per cent
300

Number of interviews

200

For percentages around 20 per cent and
80 per cent

The"chances are 95 in 100 that the value being estimated lies within
a range equal to the reported percentage plus or minus the number
of percentage points shown below.

Reported
percentage

Size of sample or group

For percentages from about 35 per cent
to 65 per cent

700

APPROXIMATE SAMPLING ERRORS OF SURVEY FINDINGS

1

300
500
700
1 000
3 0002
1

6

5
5
5
4

5

4
4
4
4

4
4
3
3

3
3
3

3
2

2

The sampling error does not measure the actual error that is
involved in specific Survey measurements. It shows that—except
for nonsampling errors, errors in reporting, in interpretation, etc.—
differences larger than those found in the table will arise by chance
in 2
only 5 cases in 100.
Approximate size of annual Survey sample, 1952-57.

639

HOUSING AND DURABLE GOODS
SUPPLEMENTARY TABLE 1
HOUSING STATUS OF NONFARM SPENDING UNITS, EARLY 1957

AND EARLY

1949

[Percentage distribution of nonfarm spending units within groups]

All
cases

Group characteristic

Owns home

Rents home

1957

1949

1957

Lives with relatives

1949

1957

Other i

1949

1957

1949

14
6
4
5
2

12
7
5
2

All nonfarm spending units

100

54

44

33

38

Money income before taxes in 1956 dollars: 2
Under $1,000
$1,000-51,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$7,499
$7,500-$9,999
$10,000 and over

100
100
100
100
100
100
100
100

42
40
39
40
50
64
76
83

39
31
33
43
51
55
64
75

30
41
35
42
40
31
23
17

30
41
38
44
39
37
30
20

Age of head of spending unit:
18-24
25-34
35^4
45-54
55-64
65 and over

100
100
100
100
100
100

9
40
62
67
74
64

9
29
49
57
58
56

42
47
31
28
21
27

26
51
40
36
34
29

46
9
4
2
3

5

60
16
8
4
4
7

Number of persons in spending unit:
One
Two
Three
Four
Five and over

100
100
100
100
100

28
62
56
63
62

18
49
52
54
53

32
31
36
34
33

29
41
40
38
40

33
4
5
1
1

47
6
5
4
3

16

Occupation of head of spending unit:
Professional and semiprofessional
Managerial
Self-employed
Clerical and sales
Skilled
Semiskilled
Unskilled and service

100
100
100
100
100
100
100

58
72
79
47
63
46
38

43
61
33
45
35

31
25
17
31
28
39
45

37
28
36
42
39

2
19
7
12
10

13
6
30
12
14

7
5
1
1
12

1
Spending units that receive housing as part of compensation, live
temporarily in houses they have sold, etc.
2
Income refers to total money income for the year preceding the
designated Survey year. Income in 1949 was converted to 1956 dollars

14

14

19

13
22

21
24
11
8
7
4
2

13
8
4
1

2
1
2
3

8
3
4
3
3
2
4

3
4
4

by adjusting reported incomes in accordance with changes in the
Bureau of Labor Statistics consumer price index.
3
No cases reported or less than one-half of 1 per cent.

SUPPLEMENTARY TABLE 2
NONFARM HOUSES CLASSIFIED BY VALUE AND MORTGAGE DEBT
[Percentage distribution of owner-occupied nonfarm houses]

19572
Zero
$l-$2,499
$2,500-$4,999....
$5,000-$7,499....
$7,500-$9,999....
$10,000-512,499..
$12,500-$ 14,999..
$15,000-$19,999..
$20,000 and over.
Not ascertained..
All cases.
Median (thousands of dollars) .
Mean (thousands of dollars)...

19532

3
9
14
15
19
10
15
15

7
11
18
15
19
7
13
10

100

100

11.0
12.7

9.0
10.7

1 As estimated by respondents early in year indicated, except that
houses purchased during preceding year were valued at purchase
price.
2 Assigned, if not determined in interview.




Mortgage debt 3

Value i

Amount

1949

19572

1953

1949

23

44
23
14

53
27
12

55
29

19
16
17
6
7
6
6
100

8.0
9.1

2
4
100

100

100

55.6
56.1

53.5
54.5

53.0
53.7

3 Early in year specified.
No cases reported or less than one-half of 1 per cent.
For mortgaged houses only.

4
5

7
3

640

FEDERAL RESERVE BULLETIN • JUNE 1957
SUPPLEMENTARY TABLE 3
MORTGAGE DEBT WITHIN FAMILY INCOME GROUPS, EARLY

1957

[Percentage distribution of home-owning nonfarm families]
Amount of mortgage debt

Number
of
cases

1956 money income before taxes

All
cases

$1,999

$2,000$4,999

$5,000$7,499

$1-

$7,500$9,999

$10,000
and over

All income groups

1,643

100

44

8

15

14

10

Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$7,499
$7,500-$9,999
$10,000 and over.,

78
103
107
126
179
464
269
317

100
100
100
100
100
100
100
100

91
68
69
53
41
28
30
43

2
12
8
16
9
8
7
5

1
12
11
14
20
20
16
12

3
5
7
9
21
19
17
10

3
2
2
4
3
12
17
20

1

4
6
13
13

10

No cases reported or less than one-half of 1 per cent.
SUPPLEMENTARY TABLE 4
MORTGAGE AND RENTAL PAYMENTS WITHIN FAMILY STATUS GROUPS, EARLY 1957 *
[Percentage distribution of nonfarm primary units making payments2]
Married

Single
Age 18-44

All cases 3
Amount

Age

Owns

Rents

3
4

4
10

9
11
38

Under $20
$20-$29
$3O-$39
$40-$49
$50-$74
$75-$99
$100 and over
Not ascertained

13
16
35

21
12
2

All cases

Rents

Owns

ft
(4)

Owns

w
(4)

(4)
(4)
(4)
(4)

100

100
792

(4)

39

42

No children
under 18
Owns

Rents

Owns

2
3

5
12
23
15
34
7
3

4
4
11
46

100

100

100

100

55

95

493

22
11
2

Age 45 and over

Children
under 18

104

(i4)

(«)

13

Rents

(4)

(4)
(4)

15
6

941

Number of cases

Age 45 and
over

8-44

2
8
12
40

7
10
41

23
10
4

23
13
1

No children
under 18

Rents
3
9
13
19
37

15
4

Owns
8
7

8
14
31

Rents

Children
under 18
Owns

Rents

3
15

7
7

12
12
28

11
11
27

7
8
11
18
26

18
10
4

20
9
1

100

100

100

100

100

325

158

117

138

56

19
15
3

15
11
4

* Payments are on a monthly basis. Payments of home owners
include taxes and insurance if included in regular mortgage payment;
payments of renters include charges for heat, gas, and electricity if
included in regular rental payment.
2
The spending unit containing the owner or lessee of the dwelling
is the primary spending unit.

3 Includes some spending units of types not covered in separate
categories or for which information was not obtained.
4
Insufficient number of cases to distribute.
5 No cases reported or less than one-half of 1 per cent.

SUPPLEMENTARY TABLE 5

SUPPLEMENTARY TABLE 6

PRICES PAID FOR NONFARM HOUSES

1

FAMILY EXPENDITURES ON HOME IMPROVEMENT AND
MAINTENANCE

[Percentage distribution of purchasers]
Price
Under $5,000
$5,000-$7,499
$7,500-$9,999
$10,000-$12,499
$12,500-$14,999
$15,000-$ 19,999
$20,000 and over
All cases
Median (thousands of dollars)

1956

1955

1954

1950

10
16
15
16
19
16

17
15
17
18
12
9
12

26
11
7
19
19
11
7

28
16
14
19
17
6

100

100

100

100

U2.5

10.0

10.5

8.5

1 Purchasers of trailers are excluded in 1956 but included in other
years. Such purchasers account for about 5 per cent of all house
purchasers in any one year. If trailer purchasers had been included
in 1956, median would have been $12,000.




[Percentage distribution of home-owning nonfarm families]
Amount
Zero
$l-$100
$100 $199
$200-$499
$500-$999
$ 1,000 and over
Not ascertained
All cases

1956

1955

1954

1953

41
12
10
17
11
8
1

42
12
10
16
11
8
1

41
13
10
17
10
8
1

42
15
10
14
9
8
2

100

100

100

100

641

HOUSING AND DURABLE GOODS
SUPPLEMENTARY TABLE 7
PURCHASES OF CONSUMER DURABLE GOODS

Type of purchase1

Percentage of
spending
units
purchasing2

Automobile:

EstiExpenditure 3
mated
number
of
Estispending
mated
units Median Mean
total
(in mil(in
lions)
billions)

24.7
28.1
23.8

13.8
15.5
12.9

9.3
11.0
7.9

5.2
6.1
4.3

15.4
17.1
15.9
43.1
45.1
43.3

1956
1955
1954

New automobile:
1956
1955
1954

Used automobile:
1956
1955
1954

Furniture or major household appliance: *
1956
1955
1954

$1, 500 $1 660
1, 370 1 630
1, 200 1 460

$23.0
25.1
18.6

3, 100
2, 780
2, 550

3 070
2 940
2 720

16.0
17.8
11.7

8.6
9.4
8.6

650
600
700

800
780
800

6.9
7.3
6.9

24.1
24.8
'23.5

300
290
300

400
365
375

r

r
1
2

9.7
9.0
8.8

Revised.
Includes both new and used items except where otherwise specified.
For automobiles, refers to spending units that purchased during
the given year and still owned at time of interview.

Percentage of
spending
units
purchasing

Type of purchase 1

Furniture:
1956
1955
1954

Estimated
number Median
of
spending expenditure 3
units
(in millions)

16.9
18.0
16.3

1956
1955
1954

Washing machine:

1956
1955
1954

225
250
275

4.0
4.2
3.4

275
260
280

9.2
8.4
8.3

Refrigerator:

7.8
8.4
7.8

7.2
7.7
6.3

1956
1955
1954

$250
225
205

14.0
15.3
14.3

Television set:

9.5
9.9
'8.9

5.2
4.6
4.5

220
205
200

3 Before deduction for trade-in.
4
Includes purchasers of items listed in opposite column and of
other major household appliances.

SUPPLEMENTARY TABLE 8
PRICE PAID AND N E T OUTLAY BY AUTOMOBILE PURCHASERS
[Percentage distribution of purchasers]
Net outlay 1

Price paid
Type of purchase and amount
1956
New automobile:
Under $1 500
$l,500-$l,999
$2 000-$2 499 . . .
$2 500-$2,999
$3,000-$3,499
$3 500 and over.. .
.

1954

1955

1953

1956

1955

1954

1953

Used automobile:
Under $250
$250-$499
$500-$749
$750-$999
$l,000-$l,499
$1 500-$l 999. . .
$2 000 and over
Not ascertained

.

All cases
Median

.

Number of cases
i After deduction for trade-in or sale of automobile.




(2)
6
40
23
18
12
1

(2)

7
39
30
14
9

19
28
27
15
6
2
3

26
32
22
12
4
3
1

40
28
16
8
5

100

100

100

100

100

100

42
28
18
7
2
1
2
100

$2,780
$2,940

$2,550
$2,720

$2,500
$2,650

$2,000
$2,010

$1,840
$1,900

$1,670
$1,730

$1,590
$1,660

325

Median

(2)
4
25
28
22
20
1

$3,100
$3,070

All cases

1
4
19
22
26
25
3
100

. . .

387

294

305

325

387

294

305

19
22
14
12
12
10
6
5

21
18
18
13
12
8
6
4

15
20
16
14
18
8
3
6

22
27
18
13
11
4
2
3

20
26
18
13
12
3

24
15
21
16
14
6

100

100

$650
$800
443

2

\
)

->Q

I

*>*
25
25
12
6
3

23
28
13
12
13
5
2
4

7

3

100

100

100

100

100

100

$600
$780

$700
$800

$900
$920

$480
$620

$470
$610

$500
$600

$600
$640

482

474

409

443

482

474

409

2

J

2 9

No cases reported or less than one-half of 1 per cent.

642

FEDERAL RESERVE BULLETIN • JUNE 1957
SUPPLEMENTARY TABLE 9
AUTOMOBILE PURCHASES WITHIN VARIOUS GROUPS
[Purchasers as a percentage of spending units]
New
automobile

Used
automobile

1956

1956

1955

15

Group characteristic

17
13
20
20
27
18
12

13
17
19
22

1955

All spending units
Money income before taxes:
Under $1,000
$l,O00-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-57,499
$7,500-$9,999
$10,000 and over

1
2
3
6
8
12
19
28

C1)
1
7
6
9
16
26
36

7
14
16
21
19
17
14
9

Region: 2
North East
North Central
South
West

9
10
9
10

10
12
12
11

10
16
18
17

New
automobile

Used
automobile

1956

1955

1956

1955

Occupation of head:
Professional and semiprofessional....
Managerial
Self-employed
Clerical and sales
Skilled and semiskilled
Unskilled and service
Farm operator

12
17
22
9
8
7
5

18
22
22
15
12
4
7

13
13
14
13
21
18
14

13
19
12
15
26
14
16

Age of head:
18-24
25-34
35-44
45-54
55-64
65 and over

5
11
12
11
11
3

6
13
16
11
9
6

29
19
17
15
9
5

38
24
18
15
9
6

Group characteristic

1
No cases reported or less than one-half of 1 per cent.
2 Survey regions are denned as follows: North East includes New
England, the Middle Atlantic States, and Delaware; North Central
includes West North Central and East North Central States; South

includes East South Central, West South Central, and South Atlantic
States other than Delaware; West includes Mountain and Pacific
Coast States.

SUPPLEMENTARY TABLE

10

TRADE-INS AND SALES IN CONNECTION WITH AUTOMOBILE

PURCHASES

[Percentage distribution of purchasers]
Buyers of new and used cars

Buyers of new cars

Buyers of used cars

Type of transaction
1956

1955

1954

} 66

62
5
32
1

All cases

100

Number of cases

818

1

1954

13
2
100

84
4
12
1
C)
100

83
3
14

768

869

32
2

1955

100

62
5
32
1
100

Traded in a car
Sold a car
Neither
Not ascertained

1956

325

387

1956

1954

43
3

0)

1955
48
5
46
1

51
7
41
1

100

100

100

100

294

443

482

474

No cases reported or less than one-half of 1 per cent.
SUPPLEMENTARY TABLE

11

AGE OF AUTOMOBILES BY INCOME OF OWNERS, EARLY 1957

AND EARLY 1949

x

[Percentage distribution of automobiles within groups]

Money income before taxes in
preceding year

All cars
owned

2 years or less

3^4- years

1957

1949

1957

All spending units.

100

29

21

100
100
100
100
100
100
100

10
14
12
20
23
32
43

7
5
12
15
23
36
50

6
16
16
19
18
20
25

1949

1
Ownership of automobiles as of date of Survey. In early 1957
automobiles were classified for age as follows: 1 year or less—1956
and 1957 models; 2 or 3 years—1954 and 1955 models; 4 to 7 years—




10 years or more

3
4
5
5
8
7
14

1957

1949

41

20

Under $1,000. . .
$1,000-$ 1,999. . .
$2,000-$2,999...
$3,000-$3,999. . .
$4,000-$4,999. . .
$5,000-$7,499. ..
$7,500 and over.

5-9 years

60
44
59
49
47
40
27

1957

1949

26

10

46

18
21
28
26
30
30
21

24
26
13
12
12

72
70
55
54
39
27
15

1950, 1951, 1952, and 1953 models; more than 7 years—1949 models
and earlier. Similar classifications were used in previous Surveys.

643

HOUSING AND DURABLE GOODS
SUPPLEMENTARY TABLE

12

SUPPLEMENTARY TABLE

AUTOMOBILE OWNERSHIP WITHIN INCOME AND AGE
GROUPS, EARLY 1957

14

EXPENDITURES FOR SELECTED DURABLE GOODS,

1956

[Percentage distribution of purchasers]

[Percentage distribution of spending units]

Group characteristic

All spending units l

Number
All
of
1
cases
cases
auto- 2 or
mobile more
3,041

100

62

10

1956 money income before
taxes:
Under $1,000
$l,000-$l,999
$2,000-52,999
$3,000-$3,999
$4,000-$4,999
$5,000-$7,499
$7,500-$9,999
$10,000 and over

224
310
325
352
395
761
327
347

100
100
100
100
100
100
100
100

27
37
54
69
77
79
71
59

1
2

Age of head of spending unit:
18-24
25-34
35-44
45-54
55-64
65 and over

271
600
686
586
433
420

100
100
100
100
100
100

61
74
71
59
63
37

1

Refrigerator or
washing machine

Television set

Owns

Does
not
own

28

72
61

5
3
5
11
23
37

41
28

2
9
12
17
11

Amount

Under $100
$100-$149 . . . .
$150-$199
$200-$249
$250-$299
$300-$399
$400 and over
Not ascertained

37
17
17
24
26
61

18
10
6
4

Total
expenditure

Total
expenditure

Net
outlay i

5
13
18
25
18
14
7
(2)

5
14
19
26
18

Net
outlay i

14
8
14
18
13
18
11

n

4
3

All cases

100

100

100

Number of cases

415

415

15
9
15
18
14
16
7
6

501

1
2

100

i

501

Total expenditure less trade-in.
No cases reported or less than one-half of 1 per cent.

Includes units for which age was not ascertained.
SUPPLEMENTARY TABLE

13

SUPPLEMENTARY TABLE

CREDIT PURCHASERS OF AUTOMOBILES AND
SELECTED DURABLE GOODS

OTHER

15

CONSUMER PLANS TO PURCHASE AUTOMOBILES AND
OTHER SELECTED DURABLE GOODS 2

[Percentage of purchasers using credit]

[Prospective purchasers as a percentage of all spending units]

Type of purchase

1956

1955

1954

Type of purchase

1957

1956

New automobile
Used automobile
.
Furniture and major household appliances1. ..
Furniture
...
Television set
Refrigerator
Washing machine

63
58
48
46
49
40
46

60
60
52
45
56
51
55

61
61
54
50
57
58
55

New automobile
Used automobile
Furniture and major household appliances 2 ...
Furniture
Television set
Refrigerator
Washing machine

8
29
13
5
5
6

8
7

8
7

28
11
5
5
6

28
12
6
4
5

1
Includes items listed and other major appliances. Purchasers of
two items, one for credit and one for cash, were classified as credit
purchasers. Charge-account purchasers are excluded.

1955

1
Includes spending units planning definitely, probably, or possibly
to 2
buy and those having already bought in Survey year.
Includes spending units planning purchases of items listed individually and other major household appliances.

SUPPLEMENTARY TABLE 16
INSTALMENT DEBT WITHIN INCOME GROUPS, EARLY 1957

1

[Percentage distribution of spending units]
Amount of instalment debt
1956 money income before taxes

All income groups.
Under $1,000....
$1,000-51,999....
$2,000-$2,999....
$3,000-$3,999....
$4,000-$4,999....
$5,000-$7,499....
$7,500-$9,999....
$10,000 and over.

Number
of cases

All
cases

No
debt

Some
debt

3,041

100

53

47

224
310
325
352
395
761
327
347

100
100
100
100
100
100
100
100

85
70
60
50
39
39
45
65

15
30
40
50
61
61
55
35

1
Excludes charge accounts, single-payment loans, mortgage debt,
and business debt.




$l-$99

$100$199

$200$499

$500$999

4
7
13
12
14
16
11
6

3
3
4
11
15
12
11

$1,000
and over

Not
ascertained

12
6
8
10
4
7
5
4
2
2

1
3
3

11
15
19
23
13

No cases reported or less than one-half of 1 per cent.

644

FEDERAL RESERVE BULLETIN • JUNE 1957
SUPPLEMENTARY TABLE

17

TYPE OF DEBT WITHIN INCOME GROUPS, EARLY

1957

[Percentage distribution of spending units]
Personal debt only 2
1956 money income
before taxes

All spending units

Mortgage
debt
only

Mortgage debt combined with—

Number
of cases

All
cases

No
debt

3,041

100

33

67

8

15

8

13

10

4

9

224
310
325
352
395
761
327
347

100
100
100
100
100
100
100
100

68
52
41
30
24
21
16
34

32
48
59
70
76
79
84
66

2
4
3
5
7
11
13
18

7
15
15
21
22
16
11
8

13
12
11
11
6
3
9
7

5
10
18
19
19
14
8
5

2
2
3
7
11
16
19
13

1
2
4
4
2
3
8
6

1
4
4
4
9
16
17
10

Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-53,999
$4,000-$4,999
$5,000-$7,499
$7,500-$9,999
$10,000 and over

Some
debti

1
Distribution of spending units by type of debt may not equal total
percentage indebted because of rounding.
2
Personal debt represents all short- and intermediate-term con-

Instalment

Both inNonin- stalment
stalment and noninstalment

Instalment
debt

Both inNonin- stalment
stalment and noninstalment
debt
debt

sumer debt other than charge accounts; it excludes mortgage debt
and business debt.

SUPPLEMENTARY TABLE

18

INSTALMENT DEBT COMPOSITION WITHIN INCOME AND LIQUID ASSET GROUPS, EARLY

1957

[Percentage distribution of spending units]
Debt composition

Group characteristic

All
spending
units

No instalment
debt

Some
instalment
debt*

Automobile
debt
only

Household
durables
debt
only

All spending units

100

53

47

10

100
100
100
100
100
100
100
100

84
70
60
50
39
39
45
65

16
30
40
50
61
61
55
35

2
6
4
11
10
13
18
13

6
11
13
8
14
10

Liquid asset holdings:
None
$1-5199
$200-$499
$500-$l,999
$2,000 and over

100
100
100
100
100

45
33
39
59
80

55
67
61
41
20

9
12
14

Other
debt
only 2

HouseHousehold
hold
durables
durables debt and
debt
other debt

Other
debt

Household
durables
debt
combined
with
other
debt

10

1956 money income before taxes
Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$7,499
$7,500-$9,999
$10,000 and over

Automobile debt
combined with—

1
Distribution of spending units according to composition of debt
may not equal total percentage indebted because of rounding.
2
Other instalment debt includes nonmortgage debt for home improvement and maintenance and debt for miscellaneous purposes;




16
10
13
7
3

8
11
6
9
7
11
11
7
5

9
11
6
3
1

it excludes charge accounts, single-payment loans, mortgage debt,
and business debt.
3 No cases reported or less than one-half of 1 per cent.

645

HOUSING AND DURABLE GOODS
SUPPLEMENTARY TABLE

19

PURCHASERS OF FURNITURE AND MAJOR HOUSEHOLD APPLIANCES WITHIN INCOME AND FAMILY STATUS GROUPS
[Purchasers as a percentage of spending units]
Television
set

Any type of
purchase *

Group characteristic

Washing
machine

Furniture

Refrigerator

1956

1955

1956

1955

1956

1955

1956

1955

1956

1955

All spending units

43

45

14

15

9

8

7

8

17

18

Money income before taxes:
Under $1,000
$l,000-$l,999
$2,000-52,999 . .
$3,000-$3,999
$4,000-$4,999
$5,000-$7,499
$7,500-$9,999
$10,000 and over.. .

15
28
37
40
46
54
53
60

25
30
42
49
50
52
57
61

4
10
13
13
20
19
11
13

5
8
19
20
17
17
18
18

2
4
7
10
13
11
12
12

4
4
6
8
10
12
10
13

3
7
4
9
9
8
8
8

6
7
8
7
10
8
6
9

4
7
17
17
17
21
24
25

6
8
10
19
21
24
30
30

Family status:
Single:
Age 18-44
Age 45 and over

24
22

21
24

7
8

5
7

2
3

2
2

2
4

3
5

9
6

11
7

55
59
37
45

63
58
43
51

21
19
12
14

25
21
15
16

10
14
7
9

10
14
6
12

10
10
6
7

14
9
7
7

30
24
13
15

30
26
15
17

Married: 2
Age 18-44, no children under 18
Age 18-44, children under 18..
Age 45 and over, no children under 18.
Age 45 and over, children under 1 8 . . .

1
Includes purchasers of items listed individually and of other
major household appliances.

2
Age refers to head of spending unit. Includes only spending
units in which both husband and wife are present.

SUPPLEMENTARY TABLE

20

CONSUMER PLANS TO PURCHASE DURABLE GOODS AND NONFARM HOUSES WITHIN INCOME GROUPS

1

[Prospective purchasers as a percentage of spending units]
Consumer durable goods
Money income before taxes in preceding year

New automobiles

Used automobiles

1957
All spending units

1957

1
4

3
4
7
10
15
24

1
1
3
5
9
11
19
23

7
6
9
10
10
9
6
4

$2,800

$2,700

$800

Median planned expenditure

1956

10
19
20
26
32
35
43
47

$300

Nonfarm houses,
new and used 2

28

12
14
25
26
31
37
43
42
$700

1957
29

Includes spending units planning definitely, probably, or possibly
to 2buy and those having already bought in* Survey year.
Includes nonfarm spending units only.
3
Based on spending units that have bought, will buy, or will
probably buy automobiles, and spending units that have bought,
will buy, will probably, or will possibly buy other items. These




1956

,

Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$7,499
$7,500-$9,999
$10,000 and over

1

1956

Furniture and major
household appliances

1957

1956

3
2
2
6
11
12
12
15

10
13
13
12

$300

medians differ from those shown in the "Preliminary Findings" published in the March BULLETIN. The medians shown in this table
were computed from complete listings; those in the March article
were interpolated from bracket amounts, and in addition, the 1957
data were not based on the full sample.
4
Data not available.

Credit Extended by Banks
to Real Estate Mortgage Lenders
CREDIT EXTENDED to real estate mortgage lenders by weekly reporting member banks as of May
15, 1957, amounted to $1,075 million, $202 million less than reported at the previous survey on
February 13, 1957; this was a continuation of a
$249 million decline reported during the previous
quarter. Commitments to extend additional credit
to these lenders declined $33 million to $754
million.
Loans to mortgage companies secured by the
pledge of real estate mortgage loans owned by the
borrowers amounted to $690 million and ac-

counted for $155 million of the decrease since
February. Real estate mortgage loans purchased
from real estate mortgage lenders under resale
agreement accounted for an additional $36 million of the decrease.
The foregoing information was obtained by a
special survey of all types of credit extended by
commercial banks to real estate mortgage lenders.
Results of previous surveys were published in the
March 1957 and earlier Federal Reserve BULLETINS.

CREDIT EXTENDED TO REAL ESTATE MORTGAGE LENDERS BY WEEKLY REPORTING MEMBER BANKS
IN LEADING CITIES, MAY 15, 1957, AND SELECTED PRIOR DATES
[In millions of dollars]
Increase
(or decrease — )

Outstanding on
Item
May 15,
1957

Real estate mortgage loans purchased from real estate mortgage lenders under
resale agreement, total

.

.

r
Revised.
, 1 Savings and loan associations, mutual savings banks, builders and
other organizations (other than banks) that make or hold substantial
amounts of real estate loans.
NOTE.—Banks reporting less than $1 million of loans and commit-

646

276

338

-36

-56

62
98
96

113
107
56

235
90
12

-15
-11
-11

-66
-20
30

757

919

968

982

-162

-212

5
845

10
899

11
911

-155

-6
-209

68

59

59

-6

3

99

102

110

88

-4

-11

3
43
57

4
45
60

4
24
60

-5
1

1,278

1,354

1,408

-202

-278

754

788

1,131

1,295

-33

-376

75

106

183

-12

578
112

Insurance companies
Mortgage companies
Others*

257

64

Total loans to real estate mortgage lenders

220

1,075

.

Unused portions of firm commitments to purchase real estate mortgage loans
from real estate mortgage lenders with or without resale agreement, or to
make secured or unsecured loans to real estate mortgage lenders, total




May 16,
1956, to
May 15,
1957

3
37
58

Loans to real estate mortgage lenders, not secured, or secured other than by
the pledge of real estate mortgage loans owned by the borrowers, total
. .

Feb. 13
to
May 15,
1957

63

.

...

Aug. 10,
1955

47
88
85

. . .

Loans to real estate mortgage lenders secured by the pledge of real estate mortgage loans owned by the borrowers, total

Insurance companies
Mortgage companies
Others 1

May 16,
1956

4
690

Insurance companies
Mortgage companies
Others1

Insurance companies
Mortgage companies
Others x
.

Feb. 13,
1957 r

581
132

851
173

894
219

-3
-19

-1
-8
-2

-42

-273
-61

ments at Aug. 10, 1955, and Aug. 8, 1956, were not asked to report in
other surveys, but their Aug. 10, 1955, figures are included in the May
16, 1956, data and their Aug. 8, 1956, figures are included in Feb. 13,
and May 15, 1957, figures for comparative purposes. Details may
not add to totals due to rounding.

Regulation of Consumer Instalment Credit
Views of the Board of Governors
EARLY IN 1956 the President, through
the Council of Economic Advisers, requested the Board of Governors of the
Federal Reserve System to undertake a
broad study of consumer instalment credit.
When this request was made a recordbreaking year of expansion of this credit
had just been completed. The ability of the
Government to discharge its responsibilities
under the Employment Act of 1946 was
felt by some to be jeopardized by this development, since credit expansion in this special sector seemed unresponsive to the general monetary actions that were then being
taken to restrain inflationary pressures.
The Board had been concerned with instalment credit developments for some time,
and had initiated an inquiry into the effects
of general credit policy on consumer instalment credit as early as 1953. While neither
the Council of Economic Advisers nor the
Board of Governors felt that conditions prevailing early in 1956 warranted a request
at that time for authority to regulate consumer instalment credit, they agreed that a
background study of the part played by consumer credit in economic instability was
needed and would be timely. The Chairmen of the Banking and Currency Committees of both Houses of the Congress and the
NOTE.—Statement transmitted by the Board of
Governors on May 24, 1957, to the Chairmen of the
Senate and House Banking and Currency Committees,
of the Joint Economic Committee, and of the Council
of Economic Advisers.




Chairman of the Joint Economic Committee
concurred in the desirability of such a study.
The circumstances occasioning the study
warranted intensive and comprehensive investigation. Accordingly, the Board of
Governors directed its research staff to plan
a survey that would examine the entire record of instalment financing in this and other
countries. Academic scholars also participated in the study under the auspices of the
National Bureau of Economic Research.
In addition, the survey employed the facilities of the Bureau of the Census and a private survey organization. The assistance of
Federal Reserve Bank research staffs was
enlisted, as well as that of foreign central
banks. A survey of trade and other opinion
was conducted under the direction of a special consultant to the Board.
On March 15 of this year, five of the six
volumes reporting this study were transmitted to the interested Congressional Committees and agencies of Government and
released to the public. The final volume
was transmitted and released about six
weeks later.
The members of the Board of Governors
of the Federal Reserve System have individually studied the report and have carefully considered the entire subject. Based
on this study and discussion, the Board finds
that:
(1) The use of consumer instalment
credit for the purchase of costly durable
647

648
goods and in the management of family
finances has penetrated a widening range
of income receivers and social groups. The
pace of penetration, however, has been sporadic.
(2) In the past, the rate at which consumer instalment credit was granted varied
considerably. These variations tended to
coincide with general fluctuations in economic activity.
(3) Though of recognizable importance
as a factor of instability, fluctuations in consumer instalment credit have been generally
within limits that could be tolerated in a
rapidly growing and dynamic economy.
(4) A possible exception to the third
finding occurred during the 1954-56 upswing in economic activity. The rapid expansion of consumer instalment credit in
1955, with its accompanying secondary impacts on capital investment, contributed to
the emergence of inflationary pressures.
This expansion, however, combined with
real estate mortgage and other types of
credit expansion in producing this sequence
of developments.
(5) Since early 1956, expansion in total
instalment credit has moderated, in part as
a result of general monetary restraints and
in part as a result of reduced demand for
automobiles and other consumer durable
goods commonly financed by instalment
credit.
(6) Liberalization of instalment credit
terms and standards from mid-1954 through
1955, which was particularly marked in
connection with the purchase of new automobiles, contributed to the further widening
of the practice of instalment buying and




FEDERAL RESERVE BULLETIN • JUNE 1957

borrowing and to the very great expansion
in instalment credit outstanding that occurred. Some of the forces making for this
rapid widening of the market for consumer
credit were temporary. Also, this drastic
liberalization of credit terms and standards
exposed consumer lenders to increased risks.
On both counts, the forces making for credit
liberalization in that period were to an extent transient and self-limiting.
(7) Because of economic and social factors likely to affect the future of instalment
credit, its growth in the years ahead may be
at a slower pace than in the past. The
volatility of consumer instalment credit in
the past was to some extent related to its
rapid growth. If future growth is slower,
the potential instability of this factor may
be contained within tolerable margins.
(8) Under peacetime conditions, special
regulation of consumer instalment credit
would inevitably present problems of compliance to the financing and business concerns subject to it, and of administration
and enforcement to the agency of Government responsible for the regulation.
On the basis of the foregoing findings,
the Board of Governors believes that a
special peacetime authority to regulate consumer instalment credit is not now advisable.
The Board feels that the broad public interest is better served if potentially unstabilizing credit developments are restrained by
the use of general monetary measures and
the application of sound public and private
fiscal policies.
The Board of Governors and its staff
will continue to follow closely developments
in the use of consumer instalment credit.

Economic Trends as a Basis of Policy
and the Board of Governors share a common concern: that the
operations of both monetary and fiscal
policy be directed—in the words of a report
issued by your Committee in January 1956
—to "maintaining a steady and sustainable
rate of economic progress."
On behalf of the Board of Governors, I
should like to outline some measures which
we believe would contribute to the achievement of this common objective.
Events have moved swiftly since passage
of the Employment Act of 1946. Congressional debate and expert opinion preceding
passage of that Act were in close agreement
in pointing to unemployment of men and
machines as the primary threat to the national economy. The history of the period
since the war, both in this country and
abroad, however, has demonstrated that the
primary danger was not one of idle men but
was one of too much money.
Almost everywhere in the world, pressure
on resources has been intense. The necessity of preventing competing claims for
scarce resources from resulting in general
price increases has been a major problem.
Defense needs have been a major claimant.
Other demands on resources have been
bolstered by pressing individual and community needs, on the one hand, and by large
financial assets, strong liquidity positions,
and rapidly rising current incomes, on the
THIS COMMITTEE

NOTE.—Statement of William McChesney Martin,
Jr., Chairman, Board of Governors of the Federal
Reserve System, before the Subcommittee on Fiscal
Policy of the Joint Economic Committee, June 14,
1957.




other. Even so, the opportunities for vigorous growth and accelerated technological
progress resulting in sharply rising standards of living and increased security, especially for those in the lower and middle income groups, have been very great. Even
greater opportunities lie ahead, ready to be
realized if the threat of international conflict
can be reduced and the insidious inroads of
inflation curbed.
Inflation is never harmless, even in its
mild or "creeping" form. Neither is it inevitable. Given appropriate monetary and
fiscal policies, reasonable restraint by consumers and businesses in their spending
decisions, and continuing keen competition,
price stability with a rising standard of living can reasonably be expected. On the
other hand, acceptance of the gradually rising price theory carries with it a widening
expectation of further rise. This leads in
turn to financial overcommitments, speculation, misdirected expansion of capacity,
slackened efficiency, erosion of existing savings and discouragement of new savings,
and an ultimate reaction of a serious nature.
For about two years we have been experiencing an intensified demand for funds
and, although the supply of savings and the
volume of bank credit have both increased,
expanding demands have outpaced their
availability to potential users except at rising interest rates. Consequently, the price
of money has risen. If bank credit had been
allowed to increase more rapidly under these
circumstances, prices of goods and services,
including those purchased by Federal, State
649

650
and local governments, would have risen
further under the stimulus of inflationary
credit pressures. How much further no one
can say, but the strength of inflationary
forces has been and is still formidable.
An increase in the volume of savings is
the most effective way to deal with a situation whose inflationary potential would only
be aggravated by an excessive use of credit.
As these savings are made available to meet
demands for more housing, schools, and
other public improvements, as well as expansion of new business plant and equipment, they provide the resources for stable
economic growth. To the extent that fiscal
policy results'in a budgetary surplus and
the Federal debt is reduced, the supply of
savings is increased and the need for monetary restraint lessened. This is because
maintenance of a surplus permits funds to
be channeled through Government debt retirement into the capital markets where they
would be available to meet private demands
and demands of State and local governments
for funds to carry through their projects for
needed community facilities.
A reduction in taxes would bring welcome relief to millions of taxpayers. Such
action, however, without a corresponding
curtailment in Federal expenditures, would
reduce or eliminate the budget surplus, and
tend to stimulate increased total spending
in the economy. At the same time the supply of funds made available to the capital
markets through Federal debt retirement
would be reduced.
As a number of witnesses who appeared
before this Committee have pointed out, the
general economic situation is still one of
very active demands, intensive utilization of
resources and continuing pressure toward
higher prices for goods and services. They
have also noted the declines in residential




FEDERAL RESERVE BULLETIN • JUNE 1957

building and some consumer durable goods,
the slight falling off in total industrial production and the drop in prices of some
sensitive commodities. However, the general economy is still being stretched by
record levels of plant and equipment outlays, rising demands for State and local government projects, further increases in consumer buying, and continued need for largescale defense spending. On balance, the
situation does not seem to us to reflect a
basic weakening that would call for relaxation in efforts to curb inflationary pressures.
Your Committee has indicated an interest
in the consideration given to current and
prospective economic trends in the formation of Federal Reserve policy. Since Federal Reserve System operations reflect to
some degree all phases of the nation's economic life and have a pervasive influence on
it, they must be adjusted on a day-to-day
basis to the ever changing situation. Hence,
the System has need for as much current and
background economic information as it can
assemble.
Efforts are directed toward bringing together, and combining as background for
our decision-making the best available statistical information and the best informed
impressions and judgments that can be obtained from businessmen, bankers, agricultural experts, labor leaders, and from others
both in and out of government. We also
depend on information collected and compiled by other agencies of the Federal Government. For this reason it is important to
the proper formulation of monetary policy
that the statistical facilities of the Federal
Government be well manned.
In our appraisal of economic developments maximum use is made of the decentralized structure of the Federal Reserve
System. Through the 12 Federal Reserve

651

CURRENT EVENTS AND ANNOUNCEMENTS
Banks and their 24 branches, in business
and financial centers all over the United
States, and especially because of the caliber
and experience of men who serve as the directors and officers of these institutions, the
Federal Reserve is in close touch with current and prospective developments throughout the country.
In accordance with provisions of the Federal Reserve Act the Board meets frequently
with Presidents of the Federal Reserve
Banks, who serve as members and alternates, on the Federal Open Market Committee. The Act also provides for quarterly meetings with the Federal Advisory

Council, composed of representatives of the
member banks in each district. These occasions make it possible to study continuously underlying developments in all parts
of the country and all sectors of the economy.
Much of the statistical data and other information we collect for our own policy
decisions is also made available to the public
in general. We believe this is as important
as its internal use, because it helps to provide a basis for better public understanding
and more accurate appraisal of credit and
monetary problems and of policy actions
designed to deal with them.

Current Events and Announcements
PUBLICATION OF ANNUAL REPORT

The Forty-third Annual Report of the Board of
Governors of the Federal Reserve System, covering operations for the calendar year 1956, is
available for distribution. Copies may be obtained upon request from the Board's Division
of Administrative Services, Washington 25, D. C.
FEDERAL RESERVE MEETINGS

Meetings of the Federal Open Market Committee were held in Washington on May 28 and
June 18, 1957.
A meeting of the Presidents of the Federal
Reserve Banks was held on June 17, 1957, and
on June 18 the Presidents met with the Board
of Governors.
RESIGNATION OF BRANCH DIRECTOR

On June 17, 1957, the Board of Governors accepted the resignation of Mr. Edward W. Carter,
President, Broadway-Hale Stores, Inc., Los Angeles, California, as a director of the Los Angeles
Branch of the Federal Reserve Bank of San Francisco. Mr. Carter had served the Branch as a director since January 29, 1957.




ADMISSIONS OF STATE BANKS TO MEMBERSHIP IN
THE FEDERAL RESERVE SYSTEM

The following State banks were admitted to membership in the Federal Reserve System during the
period April 16, 1957 to May 15, 1957:
Georgia
Griffin.
Iowa
Manchester.

The State Bank
First State Bank

TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY
Latest BULLETIN Reference
Semiannually
Banking offices:
Analysis of changes in number of....
On, and not on, Federal Reserve Par
List, number of
Stock Exchange 6rms, 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
{ ^ J9^7,

472-473
720-722
5J2I585

National Summary of Business Conditions
Released for publication June 17

Economic conditions generally remained strong
in May. Industrial production declined slightly
further, but construction activity, nonfarm employment, personal incomes, and retail sales
were maintained at record levels. Industrial
commodity prices continued stable in May and
early June and farm prices advanced somewhat.
Bank credit increased slightly and interest rates
rose substantially.
INDUSTRIAL PRODUCTION

The Board's preliminary seasonally adjusted
index of industrial production in May was 143
per cent of the 1947-49 average, one point below
the revised figure for April and two points below
the revised March level. A year ago the index
was 141.
Output of durable goods declined further in
May. Steel mills were operated at 87 per cent
of capacity compared with 90 per cent in April;
in early June the operating rate increased slightly
to 88 per cent. Activity in some producers'
equipment lines—farm machinery, aircraft, and
industrial and commercial machinery—was curtailed. Auto assemblies were maintained in May
at the reduced April rate, and increased mod-

erately in early June. Television production,
which had been sharply curtailed, showed some
recovery in May and output of other major
household goods changed little. Construction
materials have shown little change in recent
months as lumber production has leveled out and
output of stone, clay, and glass products has continued stable.
Production of nondurable goods was maintained in May, following some decline in April
which reflected decreases for textiles, apparel, and
rubber products. Activity in the paper and printing, chemical, and leather products industries has
been generally sustained. The April-May level of
minerals output was 4 per cent below the record
March level, reflecting curtailed crude oil extraction and coal and metal mining.
CONSTRUCTION

Private housing starts rose somewhat further
in May, to a seasonally adjusted annual rate of
close to 1 million units. While 14 per cent below
a year ago, starts were the highest since December. Seasonally adjusted construction activity
changed little at a record level. Contract awards
in April were below the very high March rate,
but the total for the first four months of 1957
equaled the record of the year-earlier period.

INDUSTRIAL PRODUCTION
1947-49*100

EMPLOYMENT

Seasonally adjusted nonfarm employment in
May remained at the record high of recent
months, despite further decreases in manufacturing employment.
Unemployment changed
little and, at 2.7 million, was about the same as
a year ago. The factory workweek declined
slightly, to an average of 39.7 hours, but hourly
earnings were maintained and average weekly
earnings changed little at a level 4 per cent
higher than in May 1956.

DURABLE
MANUFACTURES

/

NONDURABLE
MANUFACTURES

DISTRIBUTION
Federal Reserve indexes, seasonally adjusted.
ures, latest shown are for May.




Monthly fig-

Seasonally adjusted value of retail sales in May
continued at about the record level established

652

653

NATIONAL SUMMARY OF BUSINESS CONDITIONS
last December and was 4 per cent above a
year earlier. Unit sales of new autos rose somewhat, to the year-ago rate. Sales at department
stores recovered moderately, while volume at
some other retail outlets apparently declined
slightly.
COMMODITY PRICES

The general level of wholesale commodity
prices advanced somewhat from mid-May to midJune, reflecting mainly substantial increases in
prices of meats and livestock. Industrial commodities continued to change little at the advanced level reached earlier this year. Steel scrap
rose sharply further, to a level only moderately
below the very advanced peak of last December,
while there were additional reductions in prices
of lead and zinc.
Consumer prices rose further in April and were
up 4 per cent from early last year when the advance began. Retail as well as wholesale prices of
meats have advanced since April.

Government security holdings rose in late May
when banks purchased new Treasury tax anticipation bills. Total loans declined over the period,
reflecting mainly decreases in business loans, including continued net repayments by seasonal
borrowers and reductions in loans to sales finance companies.
Member bank borrowing from the Federal Reserve averaged about $450 million more than
excess reserves in the four weeks ending June 12,
slightly more than in the preceding four week
period. Reserves accruing to banks, mainly
through gold purchases, were more than offset by
currency outflows and declines in System holdings
of Government securities.
SECURITY MARKETS

Total credit outstanding at city banks increased
slightly between early May and early June. U. S.

Yields on all types of bonds and short-term
securities increased sharply from mid-May to
mid-June, in most cases to levels above the highs
reached around the turn of the year. The average issuing rate in the Treasury bill auction of
June 3 rose to 3% per cent, a new postwar high.
Common stocks prices rose further, to a level exceeding the earlier 1957 high in January, but they
were still below the 1956 peak.

LOANS AND INVESTMENTS

RESERVES AND

BANK CREDIT AND RESERVES

—

MEMBER BANKS IN LEADING CITIES

Billions of dollars

BORROWINGS

-

ALL MEMBER BANKS

Billions of dollars
BORROWINGS
AT F. R. BANKS

W\MAA A
I V V EXCESS RESERVES

—

FREE RESERVES

Federal Reserve data. Loans to banks are excluded. Securities other than U. S. Government are included in the total
but not shown separately. Weekly figures, latest shown are
for June 5.




.

Federal Reserve data. Free reserves are excess reserves
less borrowings. Weekly averages, latest shown are for week
ending June 12.

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 c l a s s e s . . . .
.
....
Commercial banks, by c l a s s e s . . . .
Weekly reporting member banks. .

657
660
661
664
666
667
670
672

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. .

674
675
676
677
678
680
684
685
687
690

Selected indexes on business activity.
Production
.
Employment and earnings.
Department stores.
Foreign trade.
...
Wholesale and consumer p r i c e s . . . .
National product and income series.

694
695
702
704
705
706
708

Member Bank Earnings, 1956
Member Bank Operating Ratios, 1956
..
...
Tables published in BULLETIN, annually or semiannually—list, with references.
Index to statistical tables.
...

710
720
651
751




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.

655

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
Weekly averages of daily figures

Billions of dollars

MEMBER BANK
RESERVE BALANCES

EXCESS RESERVES

CURRENCY IN CIRCULATION

RESERVE BANK CREDIT
GOLD STOCK

TREASURY CASH AND DEPOSITS

£^£^^
NONMEMBER DEPOSITS
FEDERAL RESERVE CREDIT




BOUGHT OUTRIGHT
U. S. GOVERNMENT SECURITIES:
HELD UNDER
REPURCHASE AGREEMENTS
DISCOUNTS AND ADVANCES

2
0

'

PtDtKAL KtbtKVt

I-LUAI

'

2

|

0
1951

1952

1953

1954

1955

1956

Latest averages shown are for week ending May 29. See p. 657.

656

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

Bought
outright

Apr. 4
Apr. 11
Apr. 18
Apr. 25

23,634
23,521
23,399
23,282

23,587
23,518
23,377
23,282

May 2
May 9
May 16
May 23
May 30

23,299
23,352
23,279
23,210
23,412

23,243
23,252
23,226
23,200
23,359

June 6
June 13
June 20
June 27

23,503
23,516
23,492
23,478

23,406
23,491
23,492
23,452

July 4
July 11
July 18
July 25

23,791
23,836
23,490
23,408

23,748
23,826
23,487
23,408

Aug. 1
Aug. 8
Aug. 15
Aug. 22
Aug. 29

23,418
23,418
23,439
23,574
23,622

23,418
23,418
23,418
23,446
23,592

Sept.
Sept.
Sept.
Sept.

5
12
19
26

23,849
23,858
23,691
23,576

Oct.
Oct.
Oct.
Oct.
Oct.

3
10
17
24
31

Nov.
Nov.
Nov.
Nov.

DisHeld counts
under
and
Float Total
repuradchase vances
agreement

Gold
stock

Treasury
Curcurrency
rency
in
outcirstand- culaing
tion

Treasury
cash
holdings

Deposits, other
than member bank
reserves,
with F. R. Banks

Member bank
reserves
Other
F. R.
accounts

Treas- Forury
eign

Other

Total

ReExquired 2 cess 2

Averages of
daily figures
1956
986 1,022 25,658 21,716
826 25,481 21,727
,119
973 25,497 21,741
,109
,061 1,017 25,374 21,74f

5,017
5,016
5,018
5,019

30,321
30,300
30,290
30,155

784
782
785
782

560
508
531
569

347
328
347
335

444
307
313
331

56
100
53
10
53

864 25,266
,089
844 25,325
,114
937 25,298
,066
946 1,139 25,310
835 24,995
73:

21,743
21,768
21,769
21,770
21,771

5,023
5,025
5,026
5,028
5,032

30,181
30,296
30,359
30,317
30,327

786
781
789
781
785

575
555
563
594
507

338
334
378
319
297

385
321
314
310
328

97
25

906 25,320
894
970 25,251
747
764 1,507 25,779
756 1,369 25,621

21,782
21,796
21,798
21,799

5,032
5,033
5,033
5,033

30,505
30,542
30,541
30,485

782
779
774
781

429
398
535
570

305
332
331
297

983
310
982
299
998
317
290 1,000

18,819
18,749
19,116
19,030

18,217
18,233
18,500
18,435

602
516
616
595

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

993
990
987
994

18,90:
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
829 25,182 21,855
917
837 25,254 21,856
960
878 1,171 25,642 21,856
935
829 25,404 21,857

5,034
5,035
5,036
5,037
5,041

30,575
30,633
30,681
30,654
30,618

772
769
773
778
776

519
530
539
485
481

284
319
335
293
318

273 1,021 18,591 18,115
949 18,588 18,018
284
947 18,593 18,014
277
944 19,117 18,464
266
944 18,883 18,375
282

476
570
579
653
508

23,818
23,829
23,673
23,555

787 25,454 21,861
796
31
29 1,012 1,045 25,934 21,883
654 1,489 25,852 21,883
18
705 1,394 25,694 21,884
21

5,042
5,042
5,043
5,044

30,786
30,910
30,810
30,714

771
770
771
774

427
518
453
651

379
381
345
331

251
252
235
219

943
941
945
951

18,800
19,088
19,220
18,980

18,357
18,394
18,524
18,477

443
694
696
503

23,697
23,840
23,860
23,736
23,708

23,60:
23,766
23,846
23,736
23,668

95
74
14

30,769
30,880
30,953
30,864
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

7
14
21
28

23,824
23,940
24,033
24,202

23,766
23,882
23,959
24,110

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

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

"26
43
10

21
128
30

644
880
849
573

1,231
1,169
1,412
1,393

25,685
25,903
25,769
25,393

1,075
1,082
1,081
1,078

18,860
18,917
18,909
18,884

18,322
18,284
18,318
18,344

538
633
591
540

998 18,767 18,359
982 18,848 18,295
980 18,710 18,241
18,809 18,275
984 18,569 18,227

408
553
469
534
342

"40

810
857
714
564
674

1,067 25,593
990 25,707
1,215 25,810
1,547 25,866
1,06: 25,466

21,884
21,906
21,910
21,909
21,909

58
58
74
9:

828
945
662
631

1,084
1,040
1,543
1,514

25,762
25,954
26,266
26,374

21,909
21,910
21,910
21,910

5,046
5,046
5,047
5,048
5,051
5,054
5,056
5,055
5,056

24,287
24,493
24,489
24,574

117
159
296
332

460
709
555
667

1,268
1,226
1,835
2,208

26,165
26,633
27,223
27,842

21,953
21,924
21,927
21,949

5,060
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
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

1,537
1,539
1,278
1,446
1,078

27,524
26,809
25,954
25,636
25,087

21,949
21,949
21,950
21,951
22,080

5,066
5,066
5,066
5,067
5,068

31,829
31,479
31,108
30,827
30,607

777
783
786
798
809

395
352
293
199
420

374
323
320
324
329

335
287
267
268
258

973 19,856
899 19,701
897 19,300
894 19,342
893 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
962 24,997 22,252
741
577 1,188 24,764 22,303
713 1,217 24,813 22,303

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 18,920
,007 18,808
116 18,895
,134 18,683

18,445
18,265
18,309
18,218

475
543
586
465

Mar.
Mar.
Mar.
Mar.

6
13
20
27

22,913
22,979
23,178
23,094

22,895
22,934
23,064
23,051

18
45
114
43

755 1,179 24,871 22,304
880
908 24,791 22,304
783 1,173 25,158 22,305
844
967 24,930 22,305

5,070
5,070
5,071
5,073
5,077
5,079
5,080
5,083

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

3,189
3,262
3,282
,3,237

23,040
23,040
23,146
23,169

149 1,074
877 25,165
222 1,230
881 25,400
967 25,520
136 1,244
68
947 1,484 25,695

22,306
22,307
22,313
22,317

5,086
5,088
5,089
5,092

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
993
947 25,177 22,318
975
948 25,031 22,319
793 1,341 25,070 22,320
979 24,833 22,406
9031

5,094
5,095
5,096
5,098
5,102

30,499
30,589
30,654
30,645
30,660

793
795
787
790
794

419
504
479
525
562

352
366
366
362
358

291
275
241
273
279

,148 19,000
,078 18,984
,075 18,845
,074 18,818
,073 18,616

18,621
18,495
18,368
18,298
18,278

379
489
477

1957

I
Preliminary.




For other footnotes see following page.

657

^338

658

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

DisGold
Held counts
stock
under
and Float Total i
repuradchase vances
agreement

Treas- Curury
cur- rency
in
rency
ciroutculastand- tion
ing

Deposits, other
than member bank
Member bank
reserves,
reserves
with F. R. Banks
TreasOther
ury
F. R.
cash
holdings Treas- ForReExTotal quired 2 cess 2
eign Other
ury

Averages of
daily figures
1956
23,322
23,522
23,580
3,530
3,728
•3,781
:4,024
•4,765

23,262
23,486
23,573
23,488
23,695
23,742
23,951
24,498

60
36
7
42
33
39
73
267

928 25,237
971
25
770 1,206 25,516
738 1,263 5,599
898
910 25,357
792 ,198 25,737
715 ,182 25,698
745 ,300 16,097
706 ,633 •7,156

21,768
21,795
21,826
21,855
21,880
21,906
21,910
21,942

5,028
5,033
5,032
5,038
5,043
5,048
5,056
5,064

30,322
30,536
30,751
30,650
30,803
30,864
31,198
31,775

785
778
771
774
772
776
774
772

556
485
521
504
523
487
456
463

331
315
300
318
356
337
308
372

322
304
280
275
237
299
313
247

982
991
999
946
946
950
845
998

8,735
8,933
8,836
8,783
9,024
8,939
9,169
9,535

18,268
18,359
18,237
18,224
18,446
18,419
18,579
18,883

467
574
599
559
578
520
590
652

24,092
23,111
23,061
23,239
23,041

24,056
23,083
22,997
23,121
22,996

432 ,343 •5,905
36
665 ,106 '4,912
28
859 ,024 •4,968
64
118 1,036 ,110 25,411
931 1,046 25,041
45

21,989
22,279
22,305
22,313
22,358

5,067
5,071
5,081
5,090
5,098

31,040
30,595
30,568
'30,614
30,645

794
817
812
803
792

335
336
423
429
521

323
355
316
348
361

276
294
216
339
276

896
1,071
1,135
1,195
1,075

9,295
8,816
8,884
9,087
8,827

18,773
18,302
18,366
18,580

522
514
518
507

216
1,998
2,484
2,254
24,26:
22,559
20,778
24,697
25,916
24,932
23,607
24,785

148
1,998
2,484
2,254
24,262
22,559
20,725
24,034
25,318
24,888
23,554
24,391

53
663
598
44
53
394

5: 1,400
4 2,220
91 2,593
94 2,361
578 25,091
535 23,181
1,368 22,216
967 25,825
935 26,880
808 25,885
850 24,601
1,585 26,507

4,037
4,031
17,644
22,737
20,065
22,754
22,706
23,187
22,030
21,713
21,678
21,690

2,019
2,286
2,963
3,247
4,339
4,562
4,636
4,812
4,894
4,985
5,002
5,008

4,459
5,434
7,598
11,160
28,515
28,868
27,741
30,433
30,781
30,509
30,229
31,158

204
264
2,409
2,215
2,287
1,336
1,293
1,270
761
796
81
767

36
35
634
867
977
870
668
389
346
563
380
394

6
15
397
774
862
392
895
550
423
490
374
40:

21
151
256
586
446
569
565
455
493
441
448
554

374 2,356
346 2,292
251 1,653
291 2,450
495 15,915
563 17,899
714 17,681
777 9,950
839 20,160
907 8,876
972 18,066
925 9,005

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

23,4723,758
23,438
23,854
23,680
23,767
24,385
24,915

23,360
23,712
23,438
23,828
23,590
23,688
24,255
24,610

726 25,377
114 1,160
232 1,210 25,219
46
452
959 24,868
832
26
771 25,480
664 1,125 25,487
90
538
79
910 25,236
518 1, 330 26,267
130
50 1,665 26,699
30:

21,772
21,799
21,830
21,858
21,884
21,910
21,910
21,949

5,030
5,032
5,035
5,041
5,046
5,054
5,061
5,066

30,513
30,715
30,604
30,757
30,768
30,839
31,424
31,790

779
768
761
768
771
778
763
775

515
52:
513
42:
535
495
463
441

307
297
308
350
334
275
356
32:

309
313
288
252
227
297
18:
426

983
992
950
943
950
848
843
901

18,773
18,443
18,308
18,888
18,831
18,668
19,208
19,059

18,204
18,449
18,104
18,377
18,450
18,459
18,719
19,089

569
-6
204
511
381
209
489
-30

23,421
22,887
23,149
23,169
23,108

23,421
22,854
23,040
23,169
22,950

33
109

668 l,07i 25,195 22,252 5,071 30,61
595 1,196 24,704 22,304 5,076 30,575
803 24,970 22,306 5,086 30,585
994
936 24,960 22,318 5,094 30,519
82!
926 25,224 ^22,620 '5,103 '30,832
15; 1,170

809
809
804
791
*>792

715
458
591
509
568

344
327
311
316
360

263
206
304
294
27-

891
1,133
1,137
1,079
1,072

18,882
18,576
18,629
18,864
19,049

18,517
18,294
18,512
18,588
18,365

365
282
117
276

6
13
20
27

22,90
23,069
23,198
23,066

22,90
23,032
23,116
23,040

37
82
26

Apr. 3
Apr. 10
Apr. 17
Apr. 24

23,268
23,222
23,239
23,169

23,040
23,040
23,17C
23,16S

May
May
May
May
May

23,16S
23.18C
23,001
22,89:
23,01.

23,169
23,121
23,008
22,895
22,950

May.
June.
July..
Aug..
Sept..
Oct..,
Nov..
Dec.
1957
Jan..
Feb..
Mar..
Apr..
May.
Midyear or
year-end
1929—June....
1933—June....
1939—Dec
1941—Dec
1945—Dec
1947—Dec
1950—Dec
1952—Dec
1953—Dec
1954—Dec
1955—June....
Dec

68 1,037
164
249
8:
6'
156
2S
143
128
108

102

End of month
1956
May.
June.
July.,
Aug..
Sept..
Oct..
Nov..
Dec..
1957
Jan
Feb
Mar
Apr
May
Wednesday
1957
Mar.
Mar.
Mar.
Mar.

1
8
15.
22
29

r

797
89: 24,616
24,608
639
877 24
893 1,051 25,165
617
807 24,513

22,304
22,304
22,305
22,305

5,07
5,079
5,081
5,085

30,568
30,567
30,516
30,469

81
815
818
81

406
45
745
490

320
292
300
345

210
205
188
299

,130
,128
,140
,139

18,545
18,533
18,844
18,350

18,183
18,313
18,569
18,314

362
220
275
36

22? 1,12
91 25,324
18: 1,227
72. 25,20'
809 1,12 25,20
6S
674 1,07 24,942

22,306
22,31
22,31
22,31

5,08'
5,088
5,089
5,093

30,592
30,633
30,650
30,47

818
82:
797
799

360
376
384
328

249
334
360
388

298
308
300
293

,205
,204
,202
,20

19,195
18,922
18,915
18,872

18,64:
18,50:
18,68:
18,63:

552
417
230
240

1,09. 1,01 25,30: 22,31 5,094
804
78 24,79C 22,315 5,096
691 1,08 24,80^ 22,32C 5,09<
669 l,09C 24,67. 22,32C 5,10
964
78. 24,78: 22,62€ 5,10:

30,510
30,604
30,634
3O,58r
30,81

80:
792
79:
79<
797

599
36<
366
518
487

31
35:
343
35,
364

293
234
242
28:
28:

,07!
,07'
,074
,07
,07:

19,123
18,779
18,769
18,494
18,68:

18,64
18,43:
18,36'
^18,28
P1841'

482
341
402

P1 Preliminary.
Revised
Includes industrial loans and acceptances; these items are not shown




*206
P26S

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.

659

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 banks
New
York

Chicago

Reserve
city
banks

Country
banks

All
member
banks

Item and period

Central reserve
city banks
New
York

Chicago

Reserve
city
banks

Country
banks

Excess reserves:2

Total reserves held:
1956—Apr..
May.
June.
July.
Aug..
Sept..
Oct..
Nov..
Dec.

18,847
18,735
18,933
18,836
18,783
19,024
18,939
19,169
19,535

4,287
4,264
4,354
4,237
4,236
4,288
4,222
4,244
4,448

1,105
1,119
1,133
1,129
1,130
1,120
1,111
1,122
1,149

7,814
7,775
7,784
7,796
7,783
7,885
7,869
7,960
8,078

5,641
5,577
5,662
5,675
5,633
5,732
5,736
5,843
5,859

1956—Apr.
May
June
July
Aug
Sept
Oct
Nov
Dec

527
467
575
599
559
579
520
590
651

13
57

1957—Jan..,
Feb..,
Mar..
Apr..

19,295
18,816
18,884
19,087

4,316
4,205
4,341
4,307

1,126
1,107
1,102
1,097

7,996
7,781
7,746
7,921

5,857
5,722
5,696
5,762

1957—Jan
Feb
Mar
Apr

523
514
518
506

-10
5
14
-1

Week ending:
1957_Apr. 17
Apr. 24
May 1
May 8
May 15
May 22
May 29

552
561
378
488
477

3
-2
16
10
15
9
6

2
-1
2
1
1
3
1

1956—Apr...
May..
June..
July..
Aug..
Sept..
Oct...
Nov..
Dec...

1,060
971
769
738
898
792
715
744
688

155
98
46
119
168
204
200
226
147

261
155
115
50
74
93
118
143
97

493
517
434
433
461
377
299
276
300

151
201
174
136
195
118
98
99
144

1957—Jan..
Feb..
Mar..
Apr..

407
640
834
1,011

30
129
116
299

38
53
257
210

229
314
302
329

110
144
159
173

Week ending:
1957—Apr. 17.,
Apr. 24.
May 1.
May 8.
May 15.
May 22.
May 29.

1,219
922
704
968
949
772
883

429
234
98
220
129
71
34

231
213
128
212
186
148
132

359
315
311
371
399
406
472

200
160
167
165
234
147
245

1956—Apr...
May..
June..
July..
Aug..
Sept..
Oct...
Nov..
Dec...

-533
-504
-194
-139
-339
-213
-195
-154
-37

-167
-88
-33
-108
-158
-204
-192
-214
-90

-262
-153
-111
-48
-73
-93
-114
-140
-85

-429
-468
-356
-344
-382
-297
-246
-193
-204

325
205
305
360
274
380
358
393
344

1957—Jan..
Feb..
Mar..
Apr..

117
-126
-316
-505

-40
-123
-101
-300

-40
-53
-253
-210

-172
-249
-242
-263

369
299
280
269

667
361
326
480
472

-426
-236
-82
-210
-114
-62
-28

-229
-214
-126
-211
-185
-145
-131

-303
-266
-265
-321
-341
-355
-410

291
355
147
262
169

Week ending:
1957_Apr. 17.,
Apr. 24.
May 1.
May 8.
May 15.
May 22.
May 29.

19,107
19,201
19,000
18,984
18,845
18,818
18,616

4,272
4,310
4,342
4,284
4,227
4,192
4,200

1,104
1,102
1,121
1,106
1,095
1,095
1,098

7,922
7,925
7,908
7,853
7,807
7,755
7,748

5,808
5,864
5,628
5,741
5,716
5,777
5,569

1956—Apr..
May.
June.
July.,
Aug..
Sept..
Oct..,
Nov..
Dec.

18,320
18,268
18,359
18,237
18,224
18,446
18,419
18,579
18,883

4,299
4,254
4,341
4,225
4,227
4,288
4,214
4,231
4,392

1,106
1,117
1,130
1,127
1,129
1,120
1,107
1,119
1,138

7,750
7,726
7,706
7,707
7,704
7,805
7,817
7,877
7,983

5,165
5,171
5,183
5,179
5,164
5,234
5,281
5,352
5,371

1957—Jan..,
Feb..,
Mar..
Apr..

18,773
18,302
18,366
18,580

4,327
4,200
4,326
4,308

1,129
1,107
1,098
1,097

7,938
7,715
7,686
7,855

5,379
5,279
5,256
5,320

Week ending:
1957_Apr. 17.
Apr. 24.
May 1.,
May 8.
May 15.
May 22.
May 29.

18,556
18,639
18,621
18,495
18,368
'18,298
'18,278

4,270
4,312
4,326
4,273
4,212
4,183
4,194

1,103
1,103
1,119
1,105
1,094
1,092
1,097

7,866
7,875
7,862
7,803
7,749
7,704
7,685

5,317
5,349
5,314
5,314
5,313
^5,319
*>5,302

Required reserves:2

Deposits:
Gross demand deposits:
Total
114,745
12,781
Interbank
Other
101,964
Net demand deposits 3 . . 99,193
40,747
Time deposits
Demand balances due
from domestic banks..
6,410

23,294
4,033
19,261
20,668
3,313

5,901
1,201
4,701
5,211

101

1,287

45,112
6,250
38,862
38,485
16,448

40,438
1,297
39,141
34,830
19,698

98

2,050

4,161

\pril 1957
Gross demand deposits:
115 ,873
Total
Interbank
12 ,719
Other
103 ,154
Net demand deposits 3 . . 99 ,962
Time deposits
44 ,005
Demand balances due
from domestic banks..
6 ,380

23,293
4,028
19,265
20,598
3,773

5,866
1,184
4,682
5,159
1,310

45 ,487
6 ,174
39 ,313
38 ,735
17 ,657

41,227
1,333
39,894
35,470
21,264

75

93

1 ,990

4,222

» Preliminary.
1
Averages of daily closing figures for reserves and borrowings and of
daily opening figures for other items, inasmuch as reserves required are
based on deposits at opening of business.
2
Weekly figures of required, excess, and free reserves of all member




4
3
12
-2
4
-1

64
49
78
89
79
80
52
83
96

476
406
479
496
469
498
456
491
488

58
66
60
65

478
443
440
443
491
515
314
427
403

Borrowings at Federal
Reserve Banks:

Free reserves2

April 1956

,

-1
2
4
3
1

Week ending:
1957—Apr. 17.
Apr. 24.
May 1.
May 8.
May 15.
May 22.
May 29.

4

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.

660

DISCOUNT RATES
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annurn]
Discounts for and advances to member banks
Advances secured by Government
obligations and discounts of and
advances secured by eligible paper
(Sees. 13 and 13a) i

Federal Reserve Bank

In effect
beginning—

Rate on
May 31
Boston
New Y o r k . . .
Philadelphia..
Cleveland
Richmond...
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco

Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Apr.
Aug.
Aug.
Apr.

28,
24,
24,
27,
24,
28,
24,
28,
13,
31,
28,
13,

Previous

1956
1956
1956
1956
1956
1956
1956
1956
1956
1956
1956
1956

Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)

Other secured advances
[Sec. 10(b)]

Rate on
May 31

In effect
beginning—
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Apr.
Aug.
Aug.
Apr.

Previous
rate

In effect
beginning—

Rate on
May 31

Aug.
Aug.
Apr.
Aug.
Aug.
Aug.
Aug.
Aug.
Apr.
Aug.
Aug.
Apr.

28, 1956
24, 1956
24, 1956
27, 1956
24, 1956
28, 1956
24, 1956
28, 1956
13,1956
31, 1956
28, 1956
13,1956

Previous
rate

28, 1956
24, 1956
13,1956
27, 1956
24, 1956
28, 1956
24, 1956
28, 1956
13,1956
31, 1956
28, 1956
13,1956

1
Rates shown also apply to advances secured by obligations of Federal
intermediate credit banks maturing within 6 months.
NOTE.—Maximum maturities. Discounts for and advances to member
banks: 90 days for discounts and advances under Sections 13 and 13a of
the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6

months and 9 months, respectively, and advances secured by obligations
of Federal intermediate credit banks maturing within 6 months are
limited to maximum maturities of 15 days; 4 months for advances under
Section 10(b). Advances to individuals, partnerships, or corporations
under the last paragraph of Section 13: 90 days.

FEDERAL RESERVE BANK OF NEW YORK DISCOUNT RATE*

MEMBER BANK RESERVE REQUIREMENTS

[Per cent per annum]

[Per cent of deposits]

Date effective
1930_Feb.
Mar.
May
June
Dec.
1931—May
Oct.
Oct.
1932—Feb.
June
1933—Mar.
Apr.
May
Oct.
1934— Feb.
1937_Aug.

Rate

7
14
2
20
24
8
9
16
26
24
3
7
26
20
2
27

Date effective

Net demand deposits i

Rate

1942—Oct. 30
1946—Apr. 25
1948—Jan. 12
Aug. 13
1950—Aug. 21
1953—Jan. 16
1954—Feb. 5
Apr. 16
1955—Apr. 15
Aug. 5
Sept. 9
Nov. 18
1956—Apr. 13
Aug. 24

Effective date
of change

Central
reserve
banks

Reserve
city
banks

Country
banks

13

10

1936—Aug. 16
1937—Mar. 1
May 1

19%

15
17%
20

10%

17%

12

5

20

14

6

$

1938—Apr. 16

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.

1941—Nov.
1942—Aug.
Sept.
Oct.

1
20
14
3

26
24
22
20

1948—Feb. 27
June 11
Sept. 1 6 , 2 4 * . . . .

22
24
26

1949—May
June
Aug.
Aug.
Aug.
Sept.

24

1,5*
30, July 1*.
1,11*....
16,18*....
25
1

14

[Per cent of market value]

7%

15
14
13
12

7
6
5

6

6

5

5

5

5

3
6

3
6

8*
15*

23
24

19
20

13
14

1953—July

60
60

70
70

50

60

19

12

20

12

Present statutory
quirements :
Minimum
Maximum

13
26

10
20

7
14

7
6
5

13

21
20

m

re-

70

* Regulations T and U limit the amount of credit that may be extended
on a security by prescribing a maximum loan value, which is a specified
percentage of its market value at the time of extension; margin requirements are the difference between the market value (100%) and the maximum loan value. Changes on Feb. 20, 1953, and Jan. 4, 1955, were
effective after the close of business on those dates.




22

1954—June 1 6 , 2 4 * . . . .
July 29, Aug. 1*.

00

50
50

5
6

16

00

Regulation U:
For loans by banks on stocks

6

21
20

lfA

if9«

? n

22

In effect June 1,1957...

EffecFeb. 20, Jan. 4,
tive
19531955Jan. 4, Apr. 22, Apr. 23,
1955
1955
1955

Country
banks

3

7

1951—Jan. 11, 1 6 * . . . .
Jan. 25,Feb 1*.

MARGIN REQUIREMENTS i

Regulation T:
For extensions of credit by brokers and
dealers on listed securities

Central
reserve
and
reserve
city
banks

1917—June 21

In effect June 1, 1957

Prescribed in accordance with
Securities Exchange Act of 1934

Time deposits

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

661

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday
Item

End of month

1957
May 29

May 22

May 15

1957
May 8

May ]

May

1956
April

May

Assets
Gold certificate account
Redemption fund for F. R. notes..

21,089,392 20,789,393 20,789,392 20,789,393 20,779,393 21,089,393 20,779,393 20,249,987
847,045
842,662
844,682
851,948
855,434
834,859
842,662
855,435

Total gold certificate reserves.

21,932,054 21,634,075 21,636,437 21,641,341 21,634,827 21,932,055 21,634,828 21,084,846

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
Total bought outright
Held under repurchase agreement.

649,342
20,000
734
19,720

361,534
362,228
666,250
25,000
774
20,732

778,856 1,070,490 1,157,593
25,000
12,000
25,000
746
774
774
20,692
23,697
23,735

160,100

272,955

385,805

315,593
332,926

368,141
356,840

943,741
20,000
748
20,719

214,763

372,825
363,681

398,222
392,949

434,105

11,362,199 11,362,199 11,362,199 ,362,199
362,199
,
8,571,413 ,571,413 8 5 7 1 4 1 3
,571,413
571,413
571,413 ,801,750
2,801,750 2 ,801,750
801,750
801,750
22,950,125 22,895,462 23,008,317 23, 121,167 23, 169,467
63,200
59,000 . . .

308,840
334,747

214,763

388,850
401,067

239,419
353,076

804,325 1,160,025
25,000
780
933
24,126
16,442

434,105

,362,199 11,362
,571,413 8,571
,801,750 2,801!

471,970
10,932,699
9,153,913
2,801,750

,950,125 23,169,467 23,360,332
157,400
113,400

Total U. S. Government securities.

23,013,325 22,895,462 23,008,317 23,180,167 23,169,467 23,107,525 23,169,467 23,473,732

Total loans and securities

23,998,533 23,585,258 23,721,073 24,008,466 24,289,466 24,298,584 24,023,698 24,651,132

Due from foreign banks.
Uncollected cash items..
Bank premises
Other assets

22
4,757,915
78,193
190,431

Total assets.

22
,239,599 5,881,575
76,865
77,233
165,674
178,711

22
• ,499,699 ,211,373
76,670
76,538
153,265
140,013

22
22
22
,471,668 4,831 385 4,190,376
76 670
78,155
66,584
137 901
198,032
194,266

51,605,667 51,439,879 52,205,408 51,115,969 52,143,410 51,618,337 51,494,421 50,783,487
Liabilities

Federal Reserve notes
Deposits:
Member bank reserves
U. S. Treasurer—general account.
Foreign
Other

26,472,513 26,313,771 26,373,6

26,359,154 26,327,132 26,475,827 26,322,503 26,167,514

18,684,731 18,493,505 18,768,696 18,778,965 19,122,617 19,048,924 18,864,42: 18,773,171
487,273
365,600
508.710
517,620
365,566
568,299
598,508
515,254
363;963
342,619
352,730
316^53
353,207
360,246
311,438
306,646
241,961
282,732
234,230
293,898
283,326
274,456
293,308
308,518

Total deposits.

19,818,699 19,647,658 19,718,876 19,731,491 20,325,871 20,251,925 19,983,089 19,903,589
3,973,690 4,149,602 4,796,155 3,718,566 4,195,918 3,545,981 3,895,308 3,464,323
20,425
18,063
19,194
18,437
18,780
17,901
21,277
22,000

Deferred availability cash items
Other liabilities and accrued dividends.
Total liabilities

50,285,327 50,130,225 50,906,762 49,827,991 50,866,822 50,295,010 50,219,337 49,557,426

Capital Accounts

332,111
747,593
27,543
213,093

Capital paid in.
Surplus (Section 7)
Surplus (Section 13b). .
Other capital accounts.

Total liabilities and capital accounts.
Ratio of gold certificate reserves to deposit and F. R.
note liabilities combined (per cent)
,
Contingent liability on acceptances purchased for
foreign correspondents
Industrial loan commitments

332,031
747,593
27,543
202,487

331,845
747,593
27,543
191,665

331,715
747,593
27,543
181,127

331,514
747,593
27,543
169,938

332,161
747,593
27,543
216,030

331,486
747,593
27,543
168,462

314,697
693,612
27,543
190,209

51,605,667 51,439,879 52,205,408 51,115,969 52,143,410 51,618,337 51,494,421 50,783,487
47.4
59,819
1,820

47.1

61,056
1,834

46.9

47.0

46.4

46.9

46.7

45.8

61,862
1,794

63,155
1,824

64,136
1,798

62,637
1,794

64,065
1,955

45,290
2,571

169,593
067,186
102,407

829,325
796,255
33,070

,160,025
,149,293
10,658
74
933
1
68
504
360
16,442
5,349
11,093
23
,473,732
152,100
,873,335
,932,699
,087,127
,013,614
,414,857

Maturity Distribution of Loans and U. S. Government Securities1
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

963.
953!
10!

669,342
640,700
28,642

803,856
771,156
32,700

095,490
062,070
33,420

774
748
734
774
746
774
780
44
362
350
44
44
52
48
39
39
374
377
345
376
30
144
145
146
153
146
145
491
201
211
201
211
211
200
201
20 ,719
24,126
19,720
20 ,732
23,697
20,692
23,735
6 ,749
11,333
6 ,322
9,269
7,033
5,518
11,
13 ,970
12,793
14 410
14,428
12,687
15,174
12,347
23,013 ,325 22 895,462 23,008 ,317 23,180,167 23 169,467 23 107,525 23 ,169,467
100,700
94 ,155
221,555
118 ,613
80,700
185,850
135,455
333,405
,016 ,915
936,965 8,036 365 ,080,815
043,878
298,650
12,088
12 088,540 12,088
12,088,540 19,946,105
088,540 ,946,105
360,786
360
360
360,786
360,786
360,786
360,786
1,013
013,614 1,013
,013,614 ,013,614
013,614 ,013,614
1,414
414,857 1,414
,414,857 ,414,857
414,857
414,857

1 Holdings under repurchase agreements are classified as maturing
within 15 days in accordance with maximum maturity of the agreements.




691,250
659,308
31,942

662

FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MAY 31, 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

,019,658 5,949,269 1,066,537 1,844,149 1,317,652 787,466 3,840,595
54,815

174,504

59,394

74,335

68,575

Total gold certificate reserves. 1,074,473 6,123,773 1,125,931 1,918,484 1,386,227
F. R. notes of other Banks..,
Other cash

15,603
24,181

52,208
65,150

22,995
16,834

26,899
35,543

15,409
17,917

840,469

357,944

855,040

152,195

42,745

22,603

40,720

836,706 3,992,790

883,214

380,547

895,760

25,502
49,486

7,591
19,298

11,147
9,230

4,207
11,557

30,854
15,765

20,701
39,081

37,050
444

77,710
288
33

74,322
456

36,400
18,624

97,750
1,344

949,102

495,264

985,318

899,392 2,613,193

986,596

573,295 1,060,096

954,416 2,712,287

1
111,868
5,219
4,141

1
228,906
4,871
8,231

49,240

75,724
30,705

Discounts and advances:
Secured by U. S. Govt.
securities
233,265 131,477
58,889
62,132
73,221
69,300 154,765
Other
3,372
1,704
1,080
708
30,840
912
3,540
Industrial loans
327
414
Acceptances:
Bought outright
20,692
Held under repurchase
agreement
,
U. S. Govt. securities:
Bought outright
, 1,251,838 5,739,390 1,339,668 2,015,893 1,466,352 1,188,748 4,005,967
Held under repurchase
157,400
agreement
Total loans and securities....
Due from foreign banks.
Uncollected cash items..
Bank premises
Other assets
Total assets.

1,315,005

6,154,119

1
356,645
5,217
10,418

1
6
824,587
9,849
47,150

,502,399 2,075,862 1,540,485 1,261,588 4,162,436
2
281,487
4,670
11,087

2
439,280
8,679
17,316

1
318,358
7,208
1*2,246

1
301,471
5,374
10,019

3
768,858
6,483
35,502

1

164,886
5,261
7,868

1
233,913
4,72i"
8,133

725,636 2,484,978
25,465

78,071

751,101 2,563,049

2
441,409
10,596
22,155

2,801,543 13,276,842 2,965,405 4,522,065 3,297,851 2,521,588 9,041,060 2,074,715 1,095,448 2,218,395 1,994,145 5,809,280

Liabilities
F. R. notes
1,567,654 6,256,773 1,692,767 2,490,702 2,080,135 1,242,575 5,125,646 1,179,570
Deposits:
Member bank reserves
789,698 5,600,796 891,572 1,479,042 821,716 951,963 2,981,781 668,186
U. S. Treasurer—general
account
85,516
46,195
75,120
26,452
40,997
23,356
48,087
41,731
Foreign
20,880 2101,406
25,200
18,360
32,400
51,120
13,320
16,200
Other
219,644
10,226
758
3,856
1,070
1,144
706
1,346
Total deposits
852,333 6,007,362 950,354 [,558,781 885,663 1,017,596 3,108,727 709,028
Deferred availability cash
items
Other liabilities and accrued
dividends
Total liabilities

480,161 1,058,206

678,660 2,622,978

432,714

858,574 1,047,189 2,525,693

43,189
8,640
700
485,243

61,304
34,047
42,305
40,320
18,720
13,680
31,565
2,808
633
915,192 1,102,764 2,658,882

302,999

644,545

228,969

351,756

260,895

198,826

611,518

134,107

96,078

191,547

145,136

379,605

1,111

6,536

1,061

2,342

924

926

3,557

685

601

745

797

1,992

2,724,097 12,915,216 2,873,151 4,403,581 3,227,617 2,459,923 8,849,448 2,023,390 1,062,083 2,165,690 1,927,357 5,663,457

Capital Accounts
Capital paid in
Surplus (Sec. 7)
Surplus (Sec. 13b)
Other capital accounts.

17,106
43,948
3,011
13,381

95,183
208,002
7,319
51,122

21,068
52,301
4,489
14,396

31,977
66,393
1,006
19,108

15,271
37,594
3,349
14,020

16,082
33,179
762
11,642

45,354
110,421
1,429
34,408

11,346
29,331
521
10,127

7,301

18,520
1,073

6,471

13,437
27,983
1,137

10,148

18,622
37,508
1,307
9,351

39,414
82,413
2,140
21,856

Total liabilities and capital
accounts
, 2,801,543 13,276,842 2,965,405 4,522,065 3,297,851 2,521,588 9,041,060 2,074,715 1,095,448 2,218,395 1,994,145 5,809,280
Reserve ratio
Contingent liability on acceptances purchased for
foreign correspondents
Industrial loan commitments..

44.4%

3,468

49.9%

42.6%

319,641

4,186

5,382

6

56

47.4?

1 After deducting $16,000 participations of other Federal Reserve Banks.
2
After deducting $258,840,000 participations of other Federal Reserve
Banks.




46.7%

3,050

37.0%

2,691

48.5%

46.8%

39.4%

8,491

>,213

1,435

84

45.4^

2,272

42.2%

3,110

48.5%

6,698

1,648

3 After deducting $42,996,000participations of other Federal Reserve
Banks.

663

FEDERAL RESERVE BANKS
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS
[In thousands of dollars]
FEDERAL RESERVE BANKS COMBINED
Wednesday

End of month
1957

1957
May 29
F. R. notes outstanding (issued to Bank)
Collateral held against notes outstanding:
Gold certificate account
Eligible paper
U. S. Government securities

May 22

May 15

May i

May 1

1956
April

May

May

27,370,771 27,294,017 27,357,395 27,320,838 27,361,735 27,371,375 27,392,600 26,993,126
11,798,000 11,798,000 11,798,000 11,798,000 11,798,000 11,798,000 11,848,000 11,513,000
285,021
79,135
213,989
134,112
127,642
114,003
272,849
94,505
17,005,000 17,040,000 17.040,000 17,040,000 17,040,000 17,005,000 17,040,000 16,935,000

Total collateral

29,016,989 28,972,112 28,965,642 28,952,003 28,932,505 :9,075,849 28,967,135 28,733,021

EACH FEDERAL RESERVE BANK ON MAY 31, 1957

Item

New
York

Boston

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St.
Louis

Minneapolis

Kansas
City

Dallas

San
Francisco

F. R. notes outstanding
(issued to Bank)
,530 6 ,452,540 1,775,838 2,563,937 2 ,143,009 1,298,210 5,212,022 1,228,958 533,222 1,084,077 730,634 2,741,398
1,607,
Collateral held:
Gold certificate acct.. 580,000 3,170,000 640,000 1,130,000 915,000 400,000 2 ,300,000 450,000 130,000 300,000 183,000 1,500,000
Eligible paper
161,477
37,050
74,322
U. S. Govt. securities. [\56,66o3
;666 1,200,000 i; 5o6 ,'666
[,666,666 3',i66,666 875,000 425^666 820,000 5.
525^666 l]500i666
Total collateral

1,730,000 6,770,000 2,001,477 2,630,000 2,225,000 1,400,000 5,400,0001,362,050 555,000 1,194,322 808,000 3,000,000

INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS

LOANS GUARANTEED UNDER REGULATION

[Amounts in thousands of dollars]

Applications
approved
to date

End of
year or
month

[Amounts in millions of dollars]

ParticiAppations
Commit- of financproved
Loans
but not
ing instiout- 2 ments
outcomtutions
standing standing
pleted 1 (amount) (amount)
out(amount)
standing 3
(amount)

End of
year or
month

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

3,779
3.780
3; 780
3,781
3,781
3,781
3,781
3,781
3,782

828,846
829,485
830,116
830,630
830,995
831,409
831,882
832,071
832,550

45
45

945
933
904
954
959
938
867
801
794

2,455
2,571
2,565
2,427
2,447
2,416
2,236
2,175
2,365

1,128
1,288
1,287
1,262
1,273
1,262
1,179
1,098
1,129

473
586
364
273
170

2,657
2,663
2,710
2,724
2,727
2,737
2,743
2,756
2,761

335
340
363
364
351
369
364
375
389

250
256
270
273
262
276
272
280
289

180
175
186
176
174
145
145
141
125

3,782
3,782
3,782
1 782

833,045
833,692
834,051
834.668

822
758
772
780

2,315
2,014
1,987
1 955

1,126
1,017
1,012
991

Jan
Feb
Mar
Apr

2,823
2,829
2,842
2,850

401
398
408
402

298
296
304
300

120
128
127
133

1,395
2,124
2,358
2,500
2,575

1,432
1,435
1,441
1,445
1,448
1,456
1,459
1,464
1,468

Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

1,475
1,481
1,482
1,485

Loans
outstanding

Total
amount

1956

75

1957

1957
Jan
Feb
Mar
Apr

547
803
666
368
226

Amount

854
1,159
1,294
1,367
1,411

1951
1952
1953
1954
1955

1956
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

675
979
805
472
294

Number

Number
1951
1952
1953
1954
1955

Portion
guaranteed

Additional
amount
available to
borrowers
under guarantee agreements
outstanding

Loans
authorized
to date

1
Includes applications approved conditionally by the Federal Reserve
Banks and under consideration by applicant.
2
Includes industrial loans past due 3 months or more, which are not
included in industrial loans outstanding in weekly statement of condition
of 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.

664

BANK DEBITS
FEES AND RATES ON LOANS GUARANTEED
UNDER REGULATION V*

FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1
[In effect May 31. Per cent per annum]

[In effect May 31]
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 Y o r k . . . ,
Philadelphia..
Cleveland
Richmond
Atlanta
,
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco,

On
commitments

Portion
for which
institution is
obligated

Remaining
portion

On
commitments

()

8
8

Guarantee fee
(percentage of
interest payable
by borrower)

Percentage of
any commitment
fee charged
borrower

10
15
20
25
30
35
40-50

Percentage of
loan guaranteed

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]

3-31/

Interest rate
Commitment rate.

1

Rates on industrial loans, discounts or purchases of loans, and commitments under Sec. 13b of the Federal Reserve Act. Maturities not
exceeding five years.
2
Including loans made in participation with financing institutions.
3 Rate charged borrower less commitment rate.
4
Rate charged borrower.
5 Rate charged borrower but not to exceed 1 per cent above the discount rate.
6 Twenty-five per cent of loan rate. Charge of % per cent per annum
is made on undisbursed portion.
7
Charge of V per cent per annum is made on undisbursed portion.
4

i Schedule of fees and rates established by the Board of Governors on
loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act
of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing
agencies in these transactions, and the procedure is governed by Regulation V of the Board of Governors.

BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]

Debits to demand deposit accounts,
except interbank and
U. S. Government accounts
Year or month
6
337 other
other
reporting
centers 1 centers 2

Total, all
reporting
centers
1,206,293
1,380,112
1,542,554
1,642,853
1,759,069
1,887,366
2,043,548
2,200,643

1949
1950
1951
1952
1953
1954
1955
1956
1956—Mar
Apr
May
June.

July
Aug
Sept...
Oct
Nov
Dec...
1957_j a n ...
Feb
Mar

Apr

May.

New
York
City
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

189,793
176,760
185,584
186,540
181,284
183,819
167,154
193,140
185,223
201,876

73,214
65,715
69,452
70,733
65,873
67,279
61,223
70,794
66,989
77,495

40,132
37,763
38,766
38,937
38,653
38,206
34,057
40,148
39,425
40,912

76,447
73,282
77,367
76,870
76,757
78,333
71,874
82,198
78,810
83,469

'204,435
'177,468
197 158
'192,628
197,181

76,460
67,035
74 786
72,328
71,780

42,596
36,886
42,113
40,182
42,128

'85,378
'73,548
r
80 259
'80,118
83,273

r
Revised.
* Preliminary.
1
Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los
Angeles.




2

Annual rate of turnover of demand deposits except
interbank and U. S. Government deposits
Without seasonal adjustment

York
City

6
337 other
other reporting
centers1 centers2

27.9
31.1
31.9
34.4
36.7
42.3
42.7
45.8
47.2
45.4
46.0
47.0
45.9
44.4
44.8
45.2
48.3
51.8
48.3
48.9
48.7
46.9
47.1

20.9
22.6
24.0
24.1
25.6
25.8
27.3
28.8
29.7
30.1
28.7
28.9
29.6
27.4
27.4
28.4
31.0
29.9
30.0
30.2
32 0
30.3
^30.5

New

15.9
17.2
18.4
18.4
18.9
19.2
20.4
21.8
20.8
21.5
21.7
21.6
22.4
21.3
22.0
22.1
23.6
23.3
22.8
'23.0
22 5
22.3
*23.1

Seasonally adjusted 3
New
York
City

6
other
centersi

337 other
reporting
centers 2

46.0
46.1
47.2
43.5
47.1
51.3
43.7
46.6
48.8
45.8

27.1
29.2
29.1
28.3
30.2
29.9
27.7
29.3
30.5
28.6

20.9
22.2
22.1
21.6
22.7
22.7
21.7
22.1
22.4
22.1

48.1
50.2
47.5
47.6
48.3

30.6
31.0
29 2
29.4
»31.0

22.6
'23.1
22.6
23.0
^23.6

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.

665

CURRENCY
DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION
[On basis of compilation by United States Treasury. In millions of dollars]
Total
in circulation 1

Total

1939
1941
1945
1947
1950
1951
1952
1953
1954
1955

7,598
11,160
28,515
28,868
27,741
29,206
30,433
30,781
30,509
31,158

5,553
8,120
20,683
20,020
19,305
20,530
21,450
21,636
21,374
22,021

590
751
,274
,404
,554
,654
,750
,812
,834
,927

1956—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

30,210
30,513
30,715
30,604
30,757
30,768
30,839
31,424
31,790

21,320
21,621
21,801
21,709
21,838
21,834
21,877
22,374
22,598

1957—Jan
Feb
Mar
Apr

30,614
30,575
30,585
30,519

21,597
21,601
21,639
21,588

End of year or
month

Coin and small denomination currency

Large denomination currency

$2

$5

$10

$20

Total

$50

$100

$500

559
695
1,039
1,048
1,113
1,182
1,228
1,249
1,256
1,312

36
44
73
65
64
67
71
72
71
75

1,019
1,355
2,313
2,110
2,049
2,120
2,143
2,119
2,098
2,151

1,772
2,731
6,782
6,275
5,998
6,329
6,561
6,565
6,450
6,617

1,576
2,545
9,201
9,119
8,529
9,177
9,696
9,819
9,665
9,940

2,048
3,044
7,834
8,850
8,438
8,678
8,985
9,146
9,136
9,136

460
724
2,327
2,548
2,422
2,544
2,669
2,732
2,720
2,736

919
1,433
4,220
5,070
5,043
5,207
5,447
5,581
5,612
5,641

191
261
454
428
368
355
343
333
321
307

425
556
801
782
588
556
512
486
464
438

20
24
7
5
4
4
4
4
3
3

,922
,939
,948
,957
,967
,977
,995
,016
,027

1,241
1,264
1,262
1,258
1,267
1,283
1,296
1,324
1,369

73
73
74
74
74
74
74
76
78

2,053
2,090
2,090
2,065
2,077
2,085
2,080
2,144
2,196

6,430 9,602
6,539 9,716
6,589 9,838
6,514 9,840
6,559 9,895
6,549 9,866
6,538 9,893
6,715 10,100
6,734 10,194

8,890
8,892
8,914
8,895
8,919
8,934
8,962
9,050
9,192

2,654
2,662
2,676
2,674
2,676
2,673
2,679
2,713
2,771

5,500
5,498
505
500
5,527
541
572
5,626
5,704

299
298
296
294
293
293
291
291
292

425
423
421
415
413
411
409
409
407

4
3
3
3
3
3
3
3
3

,990
,993
2,000
2,020

1,276
1,269
1,270
1,276

76
75
75
75

2,065
2,058
2,063
2,055

6,427
6,450
6,473
6,425

9,017
8,974
8,946
8,931

2,701
2,689
2,679
2,674

5,613
5,586
5,573
5,566

289
287
286
285

402
400
397
395

3
3
3
3

$12

Coin

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

$1,000 $5,000 $10,000
32
46
24
17
12
12
10
11
15
12

13
8
13
8
14

paper currency shown by denomination by amounts of unassorted currency (not shown separately.)
2 Paper currency only; $1 silver coins reported under coin.

KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION
[On basis of compilation by United States Treasury. In millions of dollars]
Currency in circulation *

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—Apr. 30 1957
Mar. 31, 1957
Apr. 30 1956

Total outstanding, As security
Apr. 30,
against
gold and
1957
silver
certificates
22,318
21,668
27,393
5,094

21,668
"u',405"

488
2,209
32 405
1,370
481
347
136
63

196
2,209

(5)
(5)
(5)

24,073
24,062
23,505

Apr. 30,
1957

Mar. 31,
1957

Apr. 30,
1956

2,816
1,459
401

33
25,855
4,631

33
25,974
4,578

34
25,602
4,575

6

250

248

233

306
50
10
29
1
4
()

For
F. R.
Banks
and
agents

2,100
1,301
469
315
135
62

2,066
1,285
466
315
136
62

2,124
1,241
448
315
149
65

4,676
4,692
4,442

30,519

2651
78
62

18,819

37

20
2
3
4
(4)
()

1 Outside Treasury and Federal Reserve Banks. Includes any paper
currency held outside the continental limits of the United States. Totals
for other end-of-month dates are shown in table above; totals for Wednesday dates in table on p. 530.
2 Includes $156,039,431 held as reserve against United States notes
and Treasury notes of 1890.
3 To avoid duplication, amount of silver dollars and bullion held as
security against silver certificates and Treasury notes of 1890 outstanding
is not included in total Treasury currency outstanding.
4 Less than $500,000.
5
Because some of the types of currency shown are held as collateral or
reserves against other types, a grand total of all types has no special
significance and is not shown. See note for explanation of duplications.
NOTE.—There are maintained in the Treasury—(1) as a reserve for
United States notes and Treasury notes of 1890—$156,039,431 in gold
bullion; (2) as security for Treasury notes of 1890—an equal dollar amount
in standard silver dollars (these notes are being canceled and retired on




Treasury
cash

Held by
F. R.
Banks
and
agents

791
804
783

18,819
18,811
18,235

30,585

30,210

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.

666

ALL BANKS
CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1
[Figures partly estimated except on call dates.

In millions of dollars]

Assets

Liabilities
and Capital
1fotal
a ssets,
r
1"otal
1 abil-

Bank credit
Date
Gold

Treasury
currency
outstanding

u. s. Government
Loans,
net

Total

obligations

Total

Commercial
and
savings
banks

Federal
Reserve
Banks

Other

1929—June
1933_j U ne
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
42,148
54,564
64,653
167,381
160,832
171,667
192,866
199,791
210,988
217,437

41,082
21,957
22,157
26,605
30,387
43,023
60,366
75,484
80,486
85,730
100,031

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

26

1,998
2,484
2,254
24,262
22,559
20,778
24,697
25,916
24,932
24,785

131
1,204
1,284
2,867
3,328
2,888
2,571
2,409
2,159
1,899

1956

25
30
30
25
29
26.
31
28
31

21 700
21,800
21 799
21 800
21 900
21 900
21,900
21 900
21 949

5,000
5,000
5 032
5,000
5,000
5 000
5,100
5,100
5,066

214,900
214,700
216 563
214,900
217,000
218,000
218,900
220,800
223,742

102,500
103,300
105,420
104,900
105,500
106,700
107,300
108,200
110,120

91,700
91,000
90,511
89,700
90,900
90,500
91,000
92,200
93,161

66,600
65,700
64 917
64,500
65,400
65,200
65,500
66,200
66,523

23,300
23,400
23,758
23,400
23,700
23,600
23,800
24,300
24,915

1.900
,900
,836
,800
,800
,800
1,800
1,700
,723

Jan 30^
Feb. 27P
Mar. UP
Apr. 24^

22 300
22 300
22,300
22,300

5 100
5,100
5,100
5,100

219,300
218,100
219,000
221,600

108,000
108,200
109,600
110,400

90,800
89,400
88,500
90,000

65,700
64,800
63,800
65,300

23,400
22,900
23,100
23,200

1,700
1,700
7 00
1,6 00

1957

Apr
May
June
July
Aug.
Sept.
Oct.
Nov
Dec.

Other
securities

and
capital,
net

Total
deposits
and
currency

Capital
and
misc.
accounts,
net

11 J 819
9, 863
9, 30?

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

241,700
241,500
243 394
241,800
243,900
244,900
245,800
247,800
250,757

221 200
221,200
223 585
221,400
223,000
224 000
224,800
227 000
230,510

20 500
20,300
19 807
20,400
20,900
20 900
21,000
20 700
20,246

246,600
245,500
246,400
249,000

226 400
225,100
225,400
228,100

20 300
20 500
20,900
20,900

999

8, 577
10 7?3
14 741
17 374
18, 370

20, 439
70, 670
70, 700

20, 500
70, 63?
?0 i 400
70
?°j
70
70,
70

600
800
500
400
461

™J 400
70, 600

20, 900
21, 100

Details of Deposits and Currency
U. S. Govt. balances
Foreign
bank
deposits,
net

Date

1929 June
1933—j un e
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

1956

Apr
May
June
July
Aug.
Sept.
Oct
Nov.
Dec.

25
30 . .
30
25
29
26
31
28
31

3 000
3 000
3,115
3 100
3 100
3 200
3 100
3,400
3,306

Jan
Feb.
Mar.
Apr

30^
27*
27*>
24»

3 100
3 100
3,100
3,200

1957

365
50

.

1 217
1 498
2 141
1,682
2 518
2 501
2 694
3 329
3,167

At
Treas- comury mercial
At
F. R.
cash
and
hold- savings Banks
ings
banks
204
264

800
800

.768
800
800
800
800
800

775
800
800

800
800

Time deposits 2
Total

Demand
Com- Mutual Postal
deTotal mercial savings Savings posits 4
banks banks 3 System

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

1,186
1,278
1,313
2,932
3,416
2,923
2 547
2,359
2,136
1,890

4 400
5,800
5,537
3 600
5,800
5,400
3 800
5,200
4,038

600 212 400
400 211,200
522 213,643
600 213 300
500 212,800
600 214,100
500 216 600
500 217,200
441 221,950

79 300
79,600
80,615
80 700
80,900
81,300
81 500
80,900
82,224

48 800
49,000
49,698
49 700
49,900
50,100
50 200
49,600
50,577

28,700
28,900
29,152
29,200
29,300
29,500
29,600
29,600
30,000

1 800 106 100
1,800 104 700
1,765 104 ,744
1 700 105 ?on
1,700 104 ,500
1 700 105 400
1 700 107 400
1,700 108 300
1,647
,391

1 900
2,800
3,800
4,400

600 219 900
300 218,000
500 217,200
300 219,500

82,900
83,600
84,600
84,900

51,200
51,800
52,600
52,900

30,100
30,200
30,400
30,400

1,600
1,600
1,600
1,500

381
852

2 409
846
2,215
1,895
2,287 24,608
1,452
1,336
1,293 2,989
1 270 5 259
4,457
761
796
4,510
767 4,038

36
35
634
867
977

870
668
389
346
563

394

v Preliminary.
1
Represents all commercial and savings banks, Federal Reserve Banks,
Postal Savings System, and Treasury currency funds (the gold account,
Treasury currency account, and Exchange Stabilization Fund).
2 Excludes interbank time deposits; U. S. Treasurer's time deposits,
open account; and deposits of Postal Savings System in banks.
3 Prior to June 30, 1947, includes a small amount of demand deposits.
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. These factors, together with the




Seasonally adjusted series5

Deposits adjusted and currency

149

Currency
outside
banks

T>

540
14 411
?9 793
38 99?
75 ,851

4,
6
9
76,

494
78, D91
9
7 , R5?

109 ,914 28, 285

109 sno
107 000

Demand
deposits
adjusted

Currency
outside
banks

639
761
101
515
•90

87 ,121 26, 476
9? ,77? 75, 398
0J

101 508
10? ,451
106 550

Total
demand
deposits
adjusted
and
currency

?7 000
?7 400

28, 284
97 400
77, 500
77, 400
">1 700
78, D00

28, 335
07 400
27, 400

105 ,200 27,400
107 ,300 27,400

111. 100
114, 300
124 700
126, 800

85,200
89,800
97 800
99,500
129 700 102 800
133, 200 105,800

25,900
24 500
26 900
27 300
26 900
27,400

133 400 106 100
133 soo 106 000
134, 300 106,700
134 100 106 600
133, 700 106 200
133, 500 106,100
134 700 106 700
134, 700 107,000
134, 400 106,700

27 300
27 500
27,600
27 500
27 500
27 400
27 500
27 700
27,700

134 100 106 500
134 500 106 900
134, 700 107,000
135, 000 107,300

27 600
27 600
27,700
27,700

seasonally adjusted data, will be published in the BULLETIN for July 19 57
NOTE.—For description of statement and back figures, see BULLETIN
for January 1948, pp. 24y32. 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.

667

ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1
[Figures partly estimated except on call dates.

Amounts in millions of dollars]

Loans and investments

Class of bank
and date
Total

All banks:
1939—Dec.
1941—Dec.
1945—Dec.
1947_Dec.
1950—Dec.
1954—Dec.
1955—Dec.
1956—Apr.
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1957—Jan.
Feb.
Mar.
Apr.

30
31
31
31*
30
31
31
25
30
25
29
26
31
28
31
30*
27*
27?
24*

50,884
61,126
140,227
134,924
148,021
183,784
190,780
190,810
191,074
190,860
860
192,500
193,660
194,230
195. 780
197,063
194,950
194,810
195,440
197,650

Loans

U. S.
Govt.
obligations

Deposits

Other
securities

Total
assets—
Total
liaCash
bilities
assets 2
and
capital
accounts 3

Other

Total 2

Interbank 2

22,165
19,417 9,302 23,292 77,068 68,242
26,615
25,511 8,999 27,344 90,908 81,816
30,362 101,288 8,577 35,415 177,332 165,612
43,002
81,199 10,723 38,388 175,091 161,865
60,386
72,894 14,741 41,086 191,317 175,296
85,617
77,728 20,439 44,585 231,654 211,115
100,057
70,052 20,670 47,803 242,008 220,441
103,520 66,580 20,710 40,710 235,070 211,070
105,525
64,917 20,632 43,361 238,133 215,510
105,960 64,490 20,410 40,770 235,260 211,250
105
106,530 65,420 20,550 40,560 236,840 212,520
107,720
65,160 20,780 42,530 240,080 215,210
108,220
65,510 20,500 43,160 241,370 216,570
109,160
66,180 20,440 43,170 242,990 218,000
109
110,079
66,523 20,461 49,641 250,770 227,546
108,830
65,680 20,440 41,640 240,730 216,040
109,350
64,820 20,640 42,350 241,310 216,170
110,800
63,750 20,890 41,550 241,130 215,900
111,260
65,270 21,120 42,070 243,970 218,810

32,516
44,355
105,935
1,346 94,381
2,809 101,936
4,176 116,617
3,712 123,239
4,110 114,910
5,235 115,850
3,290 114,140
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

25,852
26,479
45,613
53,105
56,513
73,510
76,844
77,830
79,182
79,260
79,550
79,890
80,120
79,570
80,908
81,640
82,310
83,360
83,670

8,194
8,414
10,542
11,948
13,837
17,270
18,112
18,580
18,811
18,840
18,960
19,210
19,260
19,360
19,249
19,340
19,480
19,520
19,570

15,035
14,826
14,553
14,714
14,650
14,367
14,243
14,224
14,206
14,204
14,207
14,206
14,194
14,186
14,167
14,163
14,158
14,160
14,154

32,513
44,349
105,921
1,343 94,367
2,806 101,917
4,172 116,567
3,709 123,187
4,110 114,860
5,232 115,824
3,290 114,110
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

15,331
15,952
30,241
35,360
36,503
47,209
48,715
49,140
50,030
50,020
50,210
50,400
50,570
49,970
50,908
51,560
52,110
52,930
53,230

6,885
7,173
8,950
10,059
11,590
14,576
15,300
15,710
15,927
15,940
16,040
16,280
16,330
16,400
16,302
16,380
16,500
16,520
16,560

14,484
14,278
14,011
14,181
14,121
13,840
13.716
13,697
13,679
13,677
13,680
13,679
13,667
13,659
13,640
13,636
13,631
13,633
13,628

27,489
37,136
69,640
80,609
87,783
99,604
105,400
98,037
98,904
97,381
96,365
98,239
100,088
100,452
106,850
101,084
99,838
97,671
99,511

11,699
12,347
24,210
28,340
29,336
37,950
39,165
39,471
40,171
40,100
40,256
40,477
40,591
40,123
40,909
41,434
41,867
42,557
42,781

5,522
5,886
7,589
8,464
9,695
12,210
12,783
13,134
13,293
13,304
13,393
13,570
13,654
13,706
13,655
13,713
13,813
13,825
13,863

6,362
6,619
6,884
6,923
6,873
6.660
6; 543
6,517
6,499
6,494
6,491
6,488
6,483
6,476
6,462
6,459
6,456
6,454
6,450

10,521
10,527
15,371
17,745
20,009
26,302
28,129
28,690
29,152
29,240
29,340
29,490
29,550
29,600
30,001
30,080
30,200
30,4301
30,440

1,309
1,241
1,592
1,889
2.247
,694
,812
,870
,885
2.900
2,920
2,930
2,930
2,960
2,947
2,960
2,980
3,000
3,010

551
548
542
533
529
527
527
527
527
527
527
527
527
527
527
527
527
527
526

17,238
21,714
26,083
38,057
52,249
70,619
82,601
85,290
86,887
87,140
87,470
88,480
88,780
89,510
90,302
88,930
89,340
90,630
90,990

16,316
21,808
90,606
69,221
62,027
68,981
61,592
58,150
56,620
56,190
57,170
56,950
57,450
58,200
58,552
57,710
56,830
55,740
57,320

7,114
7,225
7,331
9,006
12,399
16,316
16,688
16,640
16,502
16,250
16,390
16,600
16,310
16,260
16,269
16,170
16,320
16,490
16,650

22,474
26,551
34,806
37,502
40,289
43,559
46,838
39,880
42,444
39,920
39,730
41,700
42,360
42,390
48,720
40,800
41,510
40,700
41,280

65,216
79,104
160,312
155,377
168.932
202,378
210,734
203,070
205,712
202,690
204,090
207,160
208,430
209,930
217,460
207,290
207,680
207,230
210,020

57,718
71,283
150,227
144,103
155,265
184,757
192,254
182,330
186,326
181,980
183,150
185,690
186,990
188,370
197,515
185,930
185,940
185,440
188,340

9,874
10,982
14,065
13,032
14,039
16,809
16,643
14,220
15,239
14,560
14,460
15,070
15,380
15,360
17,593
14,180
14,280
14,480
14,430

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_Apr. 25
June 30
July 25
Aug. 29
Sept. 26
Oct. 31
Nov. 28
Dec. 31
1957—Jan. 30*
Feb. 27*
Mar. 27*
Apr. 24*

33,941
43,521
107,183
9'/, 846
107,424
131,602
135,360
134,643
134,428
133,966
135,223
136,154
136,443
137,613
138,768
136,579
136,387
136,869
138,562

13,962
18,021
22,775
32,628
44,705
60,250
70,982
73,386
74,783
75,005
75,322
76,305
76,581
77,296
78,034
76,742
77,082
78,318
78,558

14,328
19,539
78,338
57,914
52,365
57,809
50,697
47,639
46,226
45,763
46,581
46,354
46,622
47,143
47,575
46,767
46,097
45,205
46,536

5,651
5,961
6,070
7,304
10,355
13,543
13,680
13,618
13,419
13,198
13,320
13,494
13,240
13,174
13,159
13,070
13,208
13,346
13,468

19,782
23,123
29,845
32,845
35,524
38,076
41,416
35,101
37,536
35,160
35,048
36,817
37,289
37,271
42,906
35,909
36,634
35,823
36,360

55,361
68,121
138,304
132,060
144,660
172,242
179,414
172,483
174,820
171,934
173,210
175,983
176,878
178,043
184,874
175,762
176,292
175,949
178,277

49,340
61,717
129,670
122,528
133,089
157,252
163,757
154,715
158,388
154,215
155,323
157,615
158,492
159,593
167,906
157,485
157,623
157,270
159,677

9,410
10,525
13,640
12,403
13,448
15,983
15,865
13,541
14,508
13,874
13,781
14,361
14,645
14,617
16,855
13,559
13,674
13,859
13,803

10,216 4,927
10,379 4,901
16,208 4,279
4,944
18,641
21,346
8,137
27,868 14,998
29,898 17,456
30,730 18,230
31,066 18,639
31,280 18,820
31,470 19,060
31,630 19,240
31,690 19,440
31,810 19,650
31,940 19,777
32,140 19,900
32,320 20,010
32,580 20,170
32,690 20,270

3,101
3,704
10,682
11,978
10,868
8,748
8,460
8,430
8,297
8,300
8,250
8,210
8,060
7,980
7,971
7,970
7,990
8,010
7,950

2,188
1,774
1,246

818
793
609
886
797
1,026
965
830
917
850
830
830
800
780
920
840
840
850
790

11,852
11,804
17,020
19,714
22,385
29,276
31.274
32,000
32,421
32,570
32,750
32,920
32,940
33,060
33,311
33,440
33,630
33,900
33,950

10,524
10,533
15,385
17,763
20,031
26,359
28.187
28,740
29,184
29,270
29,370
29,520
29,580
29,630
30,032
30,110
30,230
30,460
30,470

* Preliminary.
1
All banks in the United States. All banks comprise all commercial
banks and all mutual sayings banks. All commercial banks comprise
all nonmember commercial banks and all member banks including one
bank in Alaska that became a member bank on Apr. 15, 1954, and a
noninsured State member nondeposit trust company, but excluding three
mutual savings banks that became members in 1941. Stock savings
banks and nondeposit trust companies are included with commercial
banks. Number of banks includes a few noninsured banks for which




Other

9,874
10,982
14,065
13,033
14,039
16,811
16,646
14,220
15,242
14,560
14,460
15,070
15,380
15,360
17,595
14,180
14,280
14,480
14,430

40,668
50,746
124,019
116,284
126,675
155,916
160,881
160,080
160,008
159,580
161,030
162,030
162,540
163,970
165,123
162,810
162,490
162,860
164,960

4,123
982
07Q
130
160
160
180
190
180
192
270
4,320
4,400
4,470

Number
of
banks

Time
U.S.
Govt.

All commercial banks:
1939_Dec. 30
1941—Dec. 31
1945_Dec. 31
1947_Dec. 31 *
1950—Dec. 30
1954—Dec. 31
1955—Dec. 31
1956—Apr. 25
June 30
July 25
Aug. 29
Sept. 26
Oct. 31
Nov. 28
Dec. 31
1 9 5 7 _ j a n . 30*
Feb. 27*
Mar. 27*
Apr. 24*

All mutual savings banks:
1939—Dec. 30
1941_Dec. 31
1945_Dec. 31
1947—Dec. 31 4
1950—Dec. 30
1954_Dec. 31
1955—Dec. 31
1956_Apr. 25
June 30
July 25
Aug. 29
Sept. 26
Oct. 31
Nov. 28
Dec. 31
1957—Jan. 30*
Feb. 27*
Mar. 27*
Apr. 24*

Total
capital
accounts

Demand

743
1,709
22,179
1,176
2,523
3,715
3,327
3,666
4,806
2,860
,921
4,538
3,168
4:401
3,292
1,408
2,244
3.183
3,582

asset and liability data are not available. Comparability of figures for
classes of banks is affected somewhat by changes in Federal Reserve
membership, insurance status, and the reserve classifications of cities
and individual banks, and by mergers, etc.
2
Beginning June 30, 1942, excludes reciprocal balances, which on
Dec. 31, 1942, aggregated $513 million at all member banks and $525
million at all insured commercial banks.
3
Includes other assets and liabilities not shown separately.
For other footnotes see following two pages.

668

ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES1—Continued
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Loans and investments

Class of bank
and date

Total

Loans

Central reserve city
member banks:
New York City:
1939—Dec. 3 0 . .
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1950—Dec. 3 0 . .
1954—Dec. 3 1 . .
1955—Dec. 3 1 . .
1956—Apr. 25 . .
June 3 0 . .
July 25. .
Aug. 29. .
Sept. 26. .
Oct. 3 1 . .
Nov. 28. .
Dec. 3 1 . .
1957—Jan. 30?.
Feb. 27*>.
Mar. 27*.
Apr. 24*.

9,339
12,896
26,143
20,393
20,612
23,880
23,583
23,201
23,270
22,771
23,220
23,422
23,148
23,318
23,809
23,101
23,134
23,592
23,562

Chicago:
1939—Dec. 3 0 . .
1941—Dec. 31. .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1950—Dec. 30. .
1954—Dec. 3 1 . .
1955—Dec. 3 1 . .
1956—Apr. 25. .
June 3 0 . .
July 2 5 . .
Aug. 29. .
Sept. 26. .
Oct. 31. .
Nov. 28. .
Dec. 31. .
1957_jan. 30*\
Feb. 27?.
Mar. 27*>.
Apr. 24*».

2,105
2,760
5,931
5,088
5,569
6,518
6,542
6,325
6,336
6,187
6,325
6,251
6,320
6,319
6,473
6,120
6,171
6,444
6,303

569
954
1,333
1,801
2,083
2,784
3,342
3,383
3,572
3,500
3,541
3,571
3,631
3,633
3,77f
3,494
3,514
3,685
3,758

12,272
15,347
40,108
36,040
40,685
50,738
52,459
52,410
52,071
52,177
52,515
52,875
52,851
53,389
53,915
52.978
52,897
52,677
53,672
224
518
002
324
558
466
,775
,707
,752
,831
,163
,607
,124
,587
,571
,380
,185
,156
,025

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—Apr. 25
June 30
July 25
Aug. 29
Sept. 26
Oct. 31
Nov. 28
Dec. 31
1957—Jan. 30*
Feb. 27*>
Mar. 27*>
Apr. 24?
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—Apr. 25
June 30
July 2 5 . . . .
Aug. 29
Sept. 26
Oct. 31
Nov. 28
Dec. 3 1 . . . .
1957_jan. 3 0 ? . . .
Feb. 2 7 ^ . . .
Mar. 27*. . .
Apr. 24». . .
4

U.S.
Govt.
obligations

Other
securities

Cash
issets 2

Deposits
Other
Interbank 2

Total
capital
accounts

Demand
U.S.
Govt.

Number
of
banks

Time
Other

1,272
1,559
1,235
1,242
1,890
2,499
2,148
2,075
1,885
1,876
1,959
1,968
1,845
1,736
1,765
1,791
1,866
1,869
1,800

6,703
6,637
6,439
7,261
7,922
7,581
8,948
6,862
7,753
6,817
6,938
7,196
7,484
7,044
8,629
7,046
7,260
7,207
7,137

16,413
19,862
32,887
27,982
28,954
32,193
33,228
30,773
31,801
30,356
30,972
31,457
31,529
31,257
33,381
31,151
31,383
31,772
31,701

14,507
17,932
30,121
25,216
25,646
28,252
29,378
26,499
27,775
25,929
26,535
26,703
26,789
26,757
29,149
26,497
26,605
27,056
26,907

4,238
4,207
4,657
4,464
4,638
5,709
5,600
4,929
5,327
5,127
5,017
5,105
5,219
5,270
5,987
4,927
5,059
5,013
5,001

74
866
6,940
267
451
736
756
805
1,166
514
1,314
993
742
871
747
188
394
755
686

9,459
12,051
17,287
19,040
18,836
19,414
20,719
18,456
18,902
17,950
17,822
18,200
18,453
18,322
19,940
18,905
18,636
18,520
18,467

736
807
1,236
1,445
1,722
2,392
2,303
2,309
2,381
2,338
2,38:
2,405
2,375
2,294
2,475
2,47'
2,516
2,768
2,753

1,592
1,648
2,120
2,259
2,351
2,803
2,745
2,793
2,805
2,809
2,825
2,815
2,844
2,852
2,873
2,878
2,892
2,886
2,902

36
36
37
37
23
21
18
18
18
18
18
18
18
18
18
18
18
18
18

1,203
1,430
4,213
2,890
2,911
3,120
2,506
2,242
2,088
2,057
2,159
2,061
2,077
2,082
2,113
074
,073
,165
,933

333
376
385
397
576
614
695
700
676
630
625
618
612
604
588
552
584
594
612

1,446
1,566
1,489
1,739
2,034
1,954
2,132
1,850
1,959
1,799
1,844
1,929
1,947
1,954
2,171
1,905
2,029
1,706
1,893

3,595
4,363
7,459
6,866
7,649
8,520
8,720
8,227
8,349
8,035
8,222
8,233
8,327
8,329
8,695
8,077
8,254
8,203
8,251

3,330
4,057
7,046
6,402
7,109
7,845
8,010
7,208
7,631
7,243
7,433
7,302
7,350
7,402
7,943
7,280
7,315
7,127
7,313

1,035
1,312
1,217
1,229
1,321
1,296
1,129
1,195
1,144
1,209
1,215
1,253
1,224
1,372
1,125
1,140
1,212
1,182

80
127
1,552
72
174
251
222
228
350
142
342
312
187
182
184
68
139
185
175

1,86'
2,41!
3,46:
4,201
4,604
4,977
5,165
4,572
4,781
4,661
4,595
4,488
4,625
4,707
5,069
4,784
4,727
4,432
4,653

495
476
719
913
1,103
1,295
1,327
1,279
1,304
1,296
1,287
1,287
1,285
1,289
1,319
1,303
1,309
1,298
1,303

250
288
377
426
490
600
628
631
639
639
641
646
654
654
660
660
658
651
655

14
13
12
14
13
13
13
13
13
13
13
14
14
14
14
14
14
14
14

5,329
7,105
8,514
13,449
17,906
23,986
28,622
29,753
30,122
30,461
30,645
30,951
31,007
31,391
31,783
31,234
31,308
31,548
31,644

5,194
6,467
29,552
20,196
19,084
21,718
18,826
17,694
17,051
16,933
17,057
17,048
17,023
17,152
17,368
17,056
16,898
16,416
17,207

1,749
1,776
2,042
2,396
3,695
5,034
5,011
4,963
4,898
4,783
4,813
4,876
4,821
4,846
4,764
4,688
4,691
4,713
4,821

6,785
8,518
11,286
13,066
13,998
15,424
16,994
14,578
15,361
14,490
14,308
15,270
15,181
15,467
17,716
14,802
15,161
14,744
15,029

19,687
24,430
51,898
49,659
55,369
67,165
70,478
68,107
68,524
67,784
67,999
69,300
69,268
70,097
72,854
69,034
69,310
68,674
70,001

17,741
22,313
49,085
46,467
51,437
61,796
64,733
61,266
62,392
60,918
61,105
62,481
62,468
63,019
66,524
62,111
62,253
61,808
63,070

3,686
4,460
6,448
5,649
6,448
7,444
7,446
6,236
6,633
6,339
6,332
6,766
6,819
6,743
7,878
6,224
6,223
6,361
6,307

435
491
8,221
405
976
1,457
1,288
1,407
1,918
1,010
1,780
1,871
1,222
1,633
1,201
474
865
1,199
1,312

9,004
12,557
24,655
28,990
32,366
37,418
39,835
37,421
37,324
37,146
36,530
37,260
37,814
38,155
40,647
38,393
37,979
36,922
38,029

4,616
4,806
9,760
11,423
11,64'
15,476
16,164
16,202
16,517
16,423
16,463
16,584
16,613
16,488
16,797
17,020
17,186
17,326
17,42:

1,828
1,967
2,566
2,844
3,322
4,300
4,641
4,822
4,902
4,909
4,951
5,001
5,032
5,066
5,076
5,082
5,124
5,121
5,120

346
351
359
353
336
300
292
290
291
290
290
290
289
289
289
290
291
286
284

4,768
5,890
5,596
10,199
14,988
21,442
24,379
25,15
25,716
25,792
25,81f
25,98<
26,18.
26,25:
26,49
26,34'
26,49,
26,71(
26,98

3,159
4,377
26,999
22,857
21,377
23,629
22,570
21,676
21,076
21,130
21,430
21,595
21,977
22,341
22,037
21,992
21,620
21,267
21,810

2,297
2,250
2,408
3,268
' 193
395
826
880
959
909
5,923
6,032
5,962

4,84
6,402
10,63f
10,77!
11,57
13,11'
13,34:
11,81
12,46!
12,05.
11,95
12,42
12,67
12,806
14,390
12,15(
12,18
12,16
12,301

15,666
19,466
46,059
47,553
52,689
64,364
66,988
65,376
66,147
65,759
66,017
66,994
67,754
68,360
69,945
67,500
67,345
67,300
68,324

13,762
17,415
43,418
44,443
48,897
59,360
61,636
59,742
60,591
60,125
60,250
61,129
61,885
62,415
64,289
61,597
61,450
61,279
62,387

598
822
1,223
1,073
1,133
1,508
1,523
1,247
1,353
1,264
1,223
1,275
1,354
1,380
1,618
1,283
1,252
1,273
1,313

154
225
5,465
432
922
1,271
1,061
1,226
1,372
1,194
1,485
1,361
1,017
1,715
1,160
678
846
1,044
1,409

7,15
10,109
24,235
28,378
31,977
37,794
39,68
37,58
37,89'
37,62^
37,411
38,29
39,19<
39,26:
41,19<
39,00:
38,491
37,79'
38,36:

5,85:
6,25,
12,494
14,56i
14,86
18,78'
19,37:
19,68
19,96!
20,04:
20,12'
20,20:
20,31
20,05:
20,31
20,634
20,856
21,16:
21,30:

1,851
1,982
2,525
2,934
3,532
4,506
4,769
4,888
4,947
4,947
4,976
5,107
5,124
5,134
5,046
5,093
5,139
5,167
5,186

5,966
6,219
6,476
6,519
6,501
6,326
6,220
6,196
6,177
6,173
6,170
6,166
6,162
6,155
6,141
6,137
6,133
6,136
6,134

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
15,099 6,027
15,373 6,011
15,252 5,643
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

5

5

6,042
6,039
6,067
6,170
6,235

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 Total 2
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.
F o r o t h e r footnotes see preceding and opposite pages.

669

ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued
[Amounts in millions of dollars]
Loans and inves tments

Class olrbank
and clate

Total

All insured commercial banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1954—Dec. 31
1955—Dec. 31
1956—June 30
Dec. 31

Loans

U.S.
Govt.
obligations

4 9 , 790
809
114, 774
1*54, 115
159, 164
158, 344
601

21,259
25,765
37,583
70,127
82,081
86,374
89,831

71, 046
88 91?
67, 941
68, 017
60 765
835
*>7, 837

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, 317
65, 780
88, 509
86, 15?
85 455
88 477

11,725
13,925
21,428
39,712
43,428
45,860
48,109

17, 039
51, 7 SO
38, 674
3 9 . 392
33, 579
30 555
3 1 , 568

State member ba nks:
1941—Dec. 31
1945—Dec. 31
1947 Dec 31
1954—Dec. 31
1955—Dec. 31
1956—June 30
Dec. 31

15
37
32
43
49
48
50

950
871
566
093
708
973
791

6,295
8,850
11 200
20,538
27,554
28,923
29,924

7
77
19
18
17
15
16

5
14
16
77
23
?3
24

776
639
444
536
879
94?
859

3,241
2,992
4,958
9,886
11,108
11,600
11,808

10
10
10
10
9
10

1 457
711

455

Insured nonmember
commercial banks:
1941—Dec. 31
1945 Dec 31
1947—Dec. 31
1954—Dec. 31
1955—Dec. 31
1956—June 30
Dec. 31
Noninsured nonirtember
commercial baiDks:
1941—Dec. 31
1945 Dec. 31
1947—Dec. 3 H
1954—Dec. 31
1955—Dec. 31
1956—June 30
Dec. 31
All nonmember commercial
banks:
1941—Dec. 31
1945—Dec 31
1947—Dec. 3 H
1954—Dec. 31
1955 Dec 31
1956—June 30
Dec. 31
Insured mutual s avings banks:
1941 Dec. 31
1945 Dec 31
1947—Dec. 31
1954—Dec. 31
1955—Dec. 31
1956 June 10
Dec. 31
Noninsured rautial savings
banks:
1941—Dec. 31
1945 Dec 31
1947 Dec 314
1954 Dec 31
1955- Dec 31
1956

Tune 30
Dec. 31

,

2
?
1
1
1

009
800
716
664
1 521

318
474
492
520
513
471

849
454
337
546
605
26 ,381

3,696
3,310
5,432
10,378
11,628
12,114
12,279

1 693
10 ,846
12 683
70 830
22 ,331
23 ,168
74 ,170

642
3,081
3,560
11,651
13,563
14,514
15,542

8 ,687
5 361

4,259
1 198
1,384
3,346
3 893
4,125
4,235

7 233

16
18
24
25
?5

5 957
7 ,038
7 567
7 ,898
7 ,770

For other footnotes see preceding two pages.




Total 2

25,788
34,292
36,926
43,161
46,480
42,126
48,352

76, 870
157, 544
15?, 733
?00 177
708 608
703; 676
715, 514

69, 411
147, 775
141, 851
187, 886
190 51?
184, 680
195, 953

10, 654
1 762
13, 883 23,740
1? J 670
1 325
16, 376 4,154
16, 773
3,697
14, 86?
5 221
17, 78? 3,717

4 1 , 798
80, 776
97, 975
115, 48?
I??., 149
114, 89?
174, 346

15 699
79, 876
34 88?
46, 874
48, 393
4 9 , 705
501 608

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

14,977
20,114
22,024
25,662
25,697
23,545
8 800 27,006

4 3 , 433
90, 770
88, 18?
115, 835
113, 41?
110 703
117, 345

39
84
87
105
103
100
107

458

ft> 786
1 088
??9 14 013
8, 410
795
10, 714
2 508
9 . 317 2,063
2,929
8 J 404
9, 844
2,074

91 76?
45, 473
53, 541
66, 4?6
65. 840
6?, 1?3
67, 434

8 T>?
\f> ? ? 4
778
?6 ?o?
76 683
77 370
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

759
730
505
401
854
563
744

13, 874
74, 168
07 068
33, 177
39 559
36 781
39, 416

4 0?5

00?
117
530

7?
44
40
51
59
57
60

7 986
q 06?
11 748
1? 48?
1? 801
13, 008

2 246
2,945
3 055
4*125
4 868
5 061
5,205

1
1
1
1
1
1
1

708
756
691
911
??0
28 884
30 667

7
18
19
75
76
76
28

70?
119
340
657
779
316
073

179
744
766
393
408
355
427

4, 16?
10 635
1?, 366
15, 879
16 749
15 988
17, 497

3 360
5 680
6, 558
8 947
9 95?
9 558
9 724

1 083
l'271
2,044
2 199
2 309
2,336

1 87?

3?9
181
363
433
370
377
310

1,2 91
1 905
1 39?
18
1 085
18
1 039
12
11
93?
16
936

753

2
7
1
1
1

20
21
77
28
77

Other
securities

6, 984
7 131
8, 750
15 976
\6 318
16 136
15 933
3
4,
5
9t
9
9

806
H7
178
405
144
040

? 155

8,145
9,731
10 822
12,414
15,719
13,992
15,900

74
48
43
56
66
64
67

584
039
715
081
6?1
274

1 075
1 063
448
7 436
? 640
7 770
2 777

2,668
4,448
4,083
5,088
5,067
4,592
5,448

8
19
70
77

761

741

763

700
755
339
370
365

514
576
397
357
318

714

336

369

7, 783
7 768
7, 643
2 250
7 176
2 036
1 946

2 270

1 266

3,431
4,962
4,659
5,485
5,424
4,909
5,817

10 992
22 0?4
23 334
30 161
31 347
30 970
32 ,613

1 509

"
7

1 693
1 780
969
877
785

277
318
184
908
406

1
1
7
3

989

3 ,113

629

1?
11
11
10
10
10

471

7 160
8 ,165
6 117
5 ,858
5 ,636
5 ,518

3 ,075
522
3 ,813
? ,630
? 601
? ,661

2 ,453

Other

Total
liabilities
and
capital
accounts 3

Cash
assets2

1 933
1?5
4 138
4 536
4 379
4 359

500
089
240
417
118
671
007

Deposits

Total
assets—

76?
70!
775
010
085

151

606
958
062
910
018
110

429
675
832
785
739
739

1 ,353

642
180
211
194
180
178
182

3
7
3
3

64
760

1 ,061
1 07?

1 11?

,082

688
084
879

407

1 958

45?
751
871
74?
646
1 ,562

9 573
571
591
5?8
5??
96?
29 ,635

1 789
10 ,363
1? 707
19 885
71 737
21 959
7.7 ,886

,846
5 596
6 ,715
7 ,795
7 816
8J50
8 ,028

8 ,744
5 0??
5 556
6.474
6 950
7 ,775
7 ,146

3, 739

4, 411

1 993
5 769
6, 549
6, 104
7, 01?

457
4? 5
679
8?5
778
73?
737

Time

621
8,166
381

1,207
1 264
1 877
1,218

53

1 560
149
439
370
415

425

5,f 04
14 1 01
13
167
16
457
382
17
16
426
440
18

758
964
788
970
433

1Q

3
2

s
>

(
1
1
1
1

1

6 810
6 416
6 478
6 647
6 677
6 713
6,737

329

852

279
325
324
320
326

300

313

714
783
536
499
470

3 613
6 045
7 036
Q 78?
q 574
9 884

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

164
1 034
1 252
1,920
2 006
2 061
2,130

192
194
218
220
220
223

10 ,024

10 351
1? 1? 19?
48 19 831
49 71 ,18?
?4 ?1 930
73 7? ,857

2
3
3
2
3

959

502
867
918
871
851
832
811

365
478
335
37?
376

1 789
1

Number
of
banks

Other

Q

474
499
981
458
771
78?

11
13
21
73
24
75

Demand

Interbank 2

U.S.
Govt.

073
851
903
876
161

Total
capital
accounts

2
2
2
2

8 738
*) 0?0
5 553
6 471
6 947
7

2

7 ,143

1 077
558
637
774
806
824
817

444

52

496
350
339
309
307
307
304

NOTE.—For revisions in series prior to June 30, 1947, see BULLETIN
for July 1947, pp. 870-871.

670

COMMERCIAL BANKS
LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1
[In millions of dollars]
Loans 2

Class of bank
and
call date

Investments
U. S Government obligations

Loans for
purchasing
or carrying
securities

Total
loans
and
invest- Total
ments

Other
AgriReal loans
to
culesin- Other Total
loans
tur- To
tate
dial brok- To loans vidTotal
ers othuals
and ers
dealers

Obligations
Direct
of
States Other
and secuCertifiGuar- polit- rities
cates
anical
ofin- Notes Bonds teed subBills debtdiviedsions
ness

All commercial
banks: 3
1947—Dec. 3 1 . . . ,
1954—Dec. 3 1 . . . ,
1955—Dec. 3 1 . . . ,
1956—June 30....
Dec. 3 1 . . . ,

116,284 38,057 18,167 1,660 830
" 200
155,916 70,619 26,867 51200 2,929
,475 ,
160,881 82,601 33,245 4,475 3,263
160,008 86,887 36,111 4,254 2,695
165,123 90,302 38,720 4,161 2,589

7,789
5,361
2,318
1,247
1,997

6,034 53 ,191
14,672 43 ,861
14,034 41 ,010
12,727 39,815
11,823 38,796

All insured commercial banks:
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947_Dec. 3 1 . . . .
1954—Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—June 3 0 . . . .
Dec. 3 1 . . . .

28,031 21,046 988
4,. 45
5
49,290 21,259 9,214 1,450 614 662 4,773
121,809 25,765 9,461 1,314 3,164 3 ,606 4,677 2,361 1,181 96,043 88,912 2,455 19,071
114,274 37,583 18,012 1,610 823 - ,190 9,266 5,654 1,028 76,691 67,941 2,124 7,552
154,115 70,127 26,731 5,108 2 ,907 ,501 18,302 14,676 1,973 83,988 68,012 4,901 5,279
_.
,7
159,164 82,081 33,092 4;396 3,229 1 742 20,692 17,104 3,0917 , 0 8 3 60,765 4,105 2,292
284
158,344 86.374 35.944 4,190 2 669 ' 704 21,671 18,284 3,259 71,971 55,835 2,751 1,228
163,601 89,831 38,571 4,101 2,565 669 22,394 18,765 3,325 73,770 57,837 5,763 1,981

3,159 12,797
__
16,045 51,321
5,918 52 ,334
14,523 43,287
13,856 40 ,502
,290
12,
,358
11,722 38

Member banks,
total:
1941—Dec. 31....
1945—Dec. 31....
1947—Dec. 31....
1954—Dec. 31....
1955—Dec. 31....
1956—June 3 ....
Dec. 31....

43,521 18,021 8,671 972 594 598
107,183 22,775 8,949 855 3,133 3,378
97,846 32,628 16,962 1,046 811 1,065
131.602 60,250 25,007 3,529 2,881 1,363
135,360 70,982 31,019 21726 3,150 U560
""
134,428 74,783 33,725 2,552 2,586 '1,522
138,768 78,034 36,296 2;478 2,447 1,473

3,494
3,455
7,130
14,433
16,391
17,172
17,811

412 169
2,453 1,172
545 267
204 2,041 432
2,144 511
1,691 494
1,409 402

123
80
111
467
577
609
617
22
36
46
91
128
133
134

New York City:*
1941—Dec. 31....
1945—Dec. 31....
1947_Dec. 31....
1954—Dec. 31....
1955—Dec. 31....
1956—June 30....
Dec. 31....
Chicago ;4
1941—Dec.
1945—Dec.
1947—Dec.
1954—Dec.
1955—Dec.
1956—June
Dec.

12,896
26,143
20,393
23,880
23,583
23,270
23,809

4,072 2,807
7,334 3,044
7,179 5,361
12,039 7,231
14,640 9,126
15,373 10,191
15,987 11,266

,220 9,393 5,723 1,063 78 ,226
,7
,
4750
1,525 18,418 14,750 2,000 85;,297
1,774 20,809 17,185 3,11778 ,280
1,738 21,787 18,365 3,286 73 ,122
1,691 22,509 18,850 3,343 74 ,821

69,221 2,193
68,981 5,065
61,592 4,219
56,620 2,817
58,552 5,924

25,500 19,539 971
3,692
1,900 1,104 84,408 78,338 2,275 16,985
4,662 952 65,218 57,914 1,987 5,816
12,127 1,858 71,352 57,809 4,075 4,307
14,313 2,943 64,377 50,697 3,250 1,738
840
151330 3.087 59,645 46,226 2,013
15,765 3,147 60,734 47,575 4,383 1,469
8,823
554
287 298 18,809
564 330 13,214
1,232 644 11,841
1,506 1,006 8,943
1,59011.044 7.896
1,558 1,049 7,822
1,806
4,598
3,287
3,734
3,200
2,764
2,701

5, 276 3 ,729
12, 586 3 .729
12, 698 3 ,990
12, 929 3 ,573
12,901 3,368

,102
22
14
21
10
13
13

3,651 3,333
3,873 3,258
5,129 3,621
12,352 3,624
12,465 3
3,853
12,694 3,442
12,675 3,258

3,007 11,729 3,832 3,090 2,!
,871
14,271 44,792
16 3,2 2 ,815
,254
45,286
4,815 45
10 4,1 3 ,105
,199
,
12,464 36,944
20 10,449 3,094
11,508 34,192
34
4443 ,236
10,332 33,029
557 2 ,862
9,493 ~ 2 1 8
32
494 2 ,665

7,265 311
1,623 3,652 1,679
729
17,574 477 3,433 3,325 10,337
1
606
11,972 ,002
640
558 9,771
638
9,342 785
597 1,924 6,026
1.977
6,796 552
100 1,141 5,002
1,609
6,011 325
70 1,082 4,529
1,514
6,057 724
194
976 4,160
1,406
1,430
4,213
2,890
3,120
2,506
2,088
2,113

830
629
604
523
539
371
358

31....
31....
31....
31....
31....
30....
31....

2,760
5,931
5,088
6,518
6,542
6,336
6,473

954
1,333
1,801
2,784
3,342
3,572
3,772

732
760
1,418
1,847
2,390
2,663
2,781

6
2
3
140
15
13
17

48
211
73
345
275
170
203

Reserve city banks.
1941—Dec. 31....
1945—Dec. 31....
1947—Dec. 31....
1954—Dec. 31....
1955—Dec. 31....
1956—June 30....
Dec. 31....

15,347
40,108
36,040
50,738
52,459
52,071
53,915

7,105
8,514
13,449
23,986
28,622
30,122
31,783

3,456
3,661
7,088
10,624
13,212
13,978
15,170

300
205
225
956
566
520
489

114 194 1,527
751 4,248 1,173
8,243 6,4*7 295
1,512
956 820
855 404 31,594 29,552 ,034 6,982 5,653 15,878
427 ,503 1,459
5 1,126 916
170 484 3,147 1,969 366 22,591 20,196 373 2,358 1,901 15,560
3 1,342 ,053
407 622 6,134 4,912 720 26,752 21,718 1,326 1,695 4,954 13,736
7 3,782 1,252
...
542 696 6,962 5,916 1,180 23,837 18,826 813
657 4,708 12,643
5 3,778 1,233
502 676 7,357 6,306 1,265 21,949 17,051 374
4 3,823 1,076
279 4,086 12,308
501 712 7,654 6,512 1,289 22,132 17,368 1,185
4 3,820 944
441 3,742 11,995

Country banks:
1941—Dec. 31....
1945—Dec. 31....
1947—Dec. 31....
1954—Dec. 31....
1955—Dec. 31....
1956—June 30....
Dec. 31....

12,518
35,002
36.324
50,466
52,775
52,752
54,571

5,890
5,596
10,199
21,442
24,379
25,716
26,491

1,676 659
1,484 648
3,096 818
5 , " " ,229
,127
6, . . .
6,892 2,019
7,080 1,972
' ~"

20
42
23
89
189
223
334

183
471
227
220
255
257
261

1,823
1,881
3,827
7,742
8,723
9,073
9,407

6,628 4,377 110
1,530
481 2,926
707 363i 29,407 26,999 630 5,102 4 ,544 16,713
26,125 22,857 480 2,583 2,108 17,681
1,979 229• 26
5,760 388 29,024 23,629 1,893 1,774 4 ,731 15,228
128,397 22,570 1,774
6,575
913 5,056 14,825
7,050 590 27,035 21,076 ,267
489 4 ,688 14,628
7,256 631 28,080 22,037 2,362
792 4,458 14,420

A H nonmember
banks:3
1947—Dec. 31....
1954— Dec. 31....
1955—Dec 31....
1956—June 30....
Dec. 31....

18,454
24,337
25,546
25.605
26,381

5,432
10,378
11,628
12.114
12,279

1,205
lf"
2,226
2.385
2,424

614
,671

20
49
113
110
143

156
161
214
216
218

2,266
3,993
4,428
4,625
4,708

1,061
2.623
"2,872
3.036
3,085

1,750
1,702

1,683

52
233
87
89
99
96
97

1 All commercial banks in the United States. These figures exclude
data for banks in U. S. possessions except for one bank in Alaska that
became a member bank on Apr. 15, 1954. During 1941 three mutual
savings banks became members of the Federal Reserve System; these
banks are included in member banks but are not included in all insured
commercial banks or all commercial banks. Comparability of figures
for classes of banks is affected somewhat by changes in Federal Reserve




95
51
149
223
316
384
439

40
26
105
184
187
178

111
143
174
200
196

13,021
13,959
13,918
13,492
14,102

256
133 1,467
132
235
70
241
111
68
AC,
3
112
42

153
749
248
855
604
476
316

903
1,864
2,274
1,953
1,723
1,564
1,643

11,318 206 1,973 1,219 7,916
11.184 991 1,054 2,209 6,928
10,908 970
580 2,527 6,829
10,406 805
407 2,396 6,797
10,989 1,541
528 2,330 6,588

119

861
9
6
3
3
4
4

182
181
213
415
476
489
440

193
204
185
199
219
188
148

1,222 ,028
1,342 _
1,067
2,006 1 ,262
4,275 120
4,581 1,246
4,731 1,228
4,827 1,215

1,078
2,139
2,255
2,374
2,409

625
636
755
712
704

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.

671

COMMERCIAL BANKS
RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1
[In millions of dollars]

Demand deposits

Time deposits

is.e-

Class of bank
and
call date

DeBalserves Cash ances mand
with
in
dewith
Federal vault
posits
doReadmestic
banks 5 justed 6
Banks

Interbank
deposits

IndiCertiU. S.
viduals,
States
fied
partner- Inter- Govt.
and
and
ships, bank and
Govt. political offisubdi- cers' and corSavvisions checks, poraings
etc.
tions

U.S.

ForDomestic5 eign

All commercia1
banks:3
1947_Dec. 3 1 . . . .
1954—Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—June 3 0 . . . .
Dec. 3 1 . . . .

17,796
18,734
18,721
18,232
18,706

2,216
2,469
2,682
2,273
3,261

10,216
12,202
12,050
10,802
12,813

87 ,123
106 ,540
109 ,905
104 ,761
111 ,405

11,362
13,511
13,512
12,069
14,338

1 ,430
1 ,539
j ,546
1 ,557
1 ,794

1,343 6, 799
4,172 9 , 902
3,709 10, 273
5,232 10, 768
3,733 10, 449

All insured commercial banks:
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1954—Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—June 3 0 . . . .
Dec. 3 1 . . . .

12,396
15,810
17,796
18,734
18,721
18,232
18,706

1,358
1,829
2,145
2,444
2,656
2,251
3,237

8,570
11,075
9,736
11,854
11,744
10,528
12,490

37 ,845
74 ,722
85 ,751
105 ,471
108 ,887
103 ,844
110 ,487

9,823
12,566
11,236
13,392
13,390
11,963
14,226

673
1 ,248
1 ,379
1 ,497
1 ,516
1 ,516
1 ,755

1,762 3 , 677
23,740 5 , 098
1,325 6, 692
4,154 9 , 763
3,697 10, 138
5,221 10, 641
3,717 10, 350

Member banksi,
total:
1941_Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1954—Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—June 3 0 . . . .
Dec. 3 1 . . . .

12,396
15,811
17,797
18,735
18,722
18,234
18,707

1,087
1,438
1,672
1,843
2,019
1,686
2,487

6,246
7,117
6,270
7,613
7,612
6,787
8,124

33 ,754
64 ,184
73 ,528
89 ,836
92 ,435
88 ,139
93 ,320

9,714
12,333
10,978
13,015
13,002
11,627
13,818

671
1 ,243
1 ,375
1 ,493
1 ,511
1 ,510
1 ,749

1,709
22,179
1,176
3,715
3,327
4,806
3,292

3 , 066
4 , 240
5 , 504
7 , 781
8, 075
8, 496
8, 211

New York City."*
1941—Dec. 31
1945—Dec. 3 1 . . . .
1947_Dec. 3 1 . . . .
1954—Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—June 3 0 . . . .
Dec. 3 1 . . . .

5,105
4,015
4,639
4,398
4,431
4,331
4,375

93
111
151
126
127
94
161

141
78
70
67
111
89
99

10 ,761
15 ,065
16 ,653

16 ,500
16 ,493
15 ,695
15 ,974

3,595
3,535
3,236
3,336
3,364
3,080
3,622

607
866
1 ,105 6,940
1 ,217
267
1 ,177
736
1 ,151
756
1 ,190 1,166
1 ,400
747

319
237
290
368
302
396
286

,338
,105
,223
,498
,110
,172

1,021

72
251
222
350
184

233
237
285
274
299
399
294

34
66
63
80
85
98
85

2,152
3,160
3,853
4,622
4,781
4,283
4,690

1, 144
763
2, 282
2 , 876
3 , 048
3 , 120
3 , 092

286
611
705
866

Chicago:4
1941—Dec.
1945—Dec.
1947_Dec.
1954—Dec.
1955—Dec.
1956—June
Dec.

31....
31....
31
31....
31....
30....
31....

1,070
1,177
1,135
1,115
1,158

43
36
30
29
32
27
37

298
200
175
162
141
124
174

2 ,215
3 ,153
3 ,737
4 ,400
4 ,349
4 ,092
4 ,272

1,027
1,292
1,196
1,264
1,246
1,149
1,318

Reserve city
1941—Dec.
1945—Dec.
1947—Dec.
1954—Dec.
1955—Dec.
1956—June
Dec.

banks:
31
31....
31....
31....
31....
30....
31....

4,060
6,326
7,095
7,783
7,727
7,471
7,649

425
494
562
558
638
542
787

2,590
2,174
2,125
2,327
2,515
2,201
2,656

11 ,117
22 ,372
25 ,714
32 ,694
33 ,757
32 ,203
34 ,046

4,302
6,307
5,497
6,946
6,903
6,078
7,298

54
491
110 8,221
131
405
259 1,457
303 1,288
269 1,918
286 1,201

Country banks:
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1954__Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .
1956—June 3 0 . . . .
Dec. 3 1 . . . .

2,210
4,527
4,993
5,377
5,429
5,316
5,526

526
796
929

9 ,661
23 ,595
27 ,424
36 ,242
37 ,836
36 ,149
39 ,028

790

1,129
1,222
1,024
1,502

3,216
4,665
3,900
5,057
4,844
4,373
5,194

1,199
1,049
1,469
1,488
1,321
1,580

2
225
8 5,465
7
432
17 1,271
17 1,061
15 1,372
16 1,160

1,
2,
2,
4,
4,
4,
4,

370
004
647
263
425
581
538

544
627
663
588
774

3,947
4,590
4,439
4,015
4,690

16 ,704
17 ,470
16 ,621
18 085

55
46
36
47
45

1,
2,
2,
2,
2,

295
121
198
272
238

All nonmembei
banks: 3
1947_Dec. 31
1954 Dec. 31
1955 Dec. 31
1956—June 30
Dec. 31

942

13 ,595

385
496
510
442
521

8
20
21
40
40
36
46

3 Breakdown of loan, investment, and deposit classifications is not
available prior to 1947; summary figures for earlier dates appear in the
preceding table.
4
Central reserve city banks.
5 Beginning June 30, 1942, excludes reciprocal bank balances, which on




127

1,552

167
457
382
426
440

>,581

States
and
political
subdivisions

IndiC apividuals, Bortal
partner- row- iicships, ings COunts
and corporations

240
84,987
103,466 1 ,759
5,904 109,011 1 ,585
5,244 101,812 1 ,613
-5,785 111,048 1 ,460

111
365
356
332
330

2,402
2,340
2,493
2,384

34 ,383
44 ,441
46 ,019
47 ,205
48 ,193

65
31
159
354
75

10 ,059
14 ,576
15 ,300
15 ,927
16 ,302

,077
J.585

59
103
111
365
356
332
330

492 15 ,146
496 29 ,277
826 33 ,946
2,348 44 ,160
2,282 45 ,756
2,432 46 ,941
2,329 47 ,949

10
215
61
21
145
337
56

6 ,844
8 ,671
9 ,734
14 ,252
14 ,980
15 ,600
15 ,988

1 ,475
1 ,353
1 ,370
1 ,289

50
99
105
334
327
302
301

418 11 ,878
399 23 ,712
693 27 ,542
1,966 35 ,650
1,865 36 ,972
1,954 37 ,916
1,839 38 ,769

4
208
54
15
137

5 ,886
7 ,589
8 ,464
12 ,210
12 ,783

6
11,282
17
15,712
12
17,646
17,823 1 ,196
18,919 1 ,085
17,396 1 ,058
965
18,482

10
12
54
59
35
36

29
20
14
192
72
60
44

18
11
10
7

2
6
6
6
5

9
10
8
9
12

11,127
22,281
26,003
33,677
35,752
33,341
36,519

104
30
22
239
239
286
294

20
38
45
111
106
112
114

243
160
332
965
941

934
1 ,183

8,500
21,797
25,203
32,736
34,235
32,383
35,473

30
17
17
22
18
17
22

180
235
265
240
310

12,284
14,608
15,324
14,408
15,885

190
284
231
243
171

\5,199

A

\2,559
\5,176
\5,879
\5.217
-5,744

,009
>,450

A

*
>,401

>,964
5,638
5,004
5,475
'-

A

450

1 ,035
862
1 ,036

239
435
528
795
]

,020

36,544
72,593
83,723
102,543
108,131
101,034
110,252

33,061
62,950
72,704
88,859
93,687
87,404
95,163

158
70
54
1 ,487
1 ,367
1 ,383
1 ,301

140
64
50

866

778
1 ,206
1 ,418
2 ,146
2 ,171
2 ,285
2 ,395

30213 ,293
48 13 655
i

195
30
1
1
38
2

2
2
2
2
2
2

476
719
902

288
377
426
600
628
639
660

1 ,280

,313

648
120
259
803
745
805
873

1 ,288
1 ,302

3
1
4

935

4 542
9 ,563
11 ,045
14 ,399
15 ,117
15 ,392
15 ,748

2
1
3
82
179
21

2
4
4
4
5

31
52
45
163
157
148
146

146
219
337
799
844
871
847

6 ,082
12 ,224
14 ,177
17 ,826
18 ,371
18 ,950
19 ,324

4
11
23
11
52
84
21

1
2
2
4,
4,
4,
5,

982
525
934
506
769
947
046

6
31
29
30
29

172
436
475
539
546

6 ,858
g ,814
9 ,071
9 ,314
9 ,449

12
16
22
52
27

1,
2,
2\
2
2,

596
369
519
636
649

1,013

1 967
566
844
300
641
902
076

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.

672

WEEKLY REPORTING MEMBER BANKS
LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
U. S. Government obligations

Loans *

For purchasing
or carrying securities
Loans
Total
Cerand
Comloans investOther Loans
To brokers To others
tifimerand
secuto
Month or date
Real Other
cates
invest- ments Loans cial Agri- and dealers
estate loans Total Bills of in- Notes Bonds 2 rities banks
culadadments justed 1 justed i and tural
loans
debtindusU.S.
edOther Govt. Other
trial
ness
se- ob- securi- liga- curities tions ties
Total—
Leading Cities
1956
86,282

May

85,083 50,041 27,558

475

2,416

1,283

8,471 10,695 27,026

88,148
87,415

87,041 53,039 30,975
86,197 53,052 30,933

418
419

1,875
1,803

1,164
1,162

8,692 10,960 26,292 1,134
8,668 11,114 25,558 1,077

,461
,485

88,298
87,976
88,389
87,933

87,253
86,930
87,268
86,716

52,944 30 ,906
52,888 30,961
53,251 31,103
",928
53,072 30

416
415
421
421

,952
,834
,874
,842

1,152
1,155
1,176
1,174

8,691
8,690
8,699
8,690

10,873 26,635
10,879 26,305
11,024 26,258
11,062 25,972

1,243
1,112
1,146
1,034

88,170
87,333
87,153
86,954
87,469

87,129
86,087
85,905
85,626
86,242

53,454 31,030
52,988 30,921
53,134 31,147
52,926 30,906
"",661
52,756 30

420
417
422
422
416

,113
,762
,667
,706
,765

1,173
1,167
1,159
1,156
1,156

8,679
8,665
8,669
8,664
8,661

11,086 26 ,034 1,125
11,103 25 ,552 880
11,117 25 ,221
867
11,121 25,114 850
11,144 25,878 1,665
25

566 6,130 19,655 8,016 1,199

675

1957
Apr
May
Apr. 3
Apr. 10
Apr. 17
Apr. 24
May 1
May 8
May 15
May 22
May 29

1,107
1,218

,608
,467
,421
,347

5,170 18,527 7,710
4,576 18,420 7,587
5,215 18,569 7,674
5,165 18,561 7,737
5,161 18,530 7,759
5,141 18,450 7,672

,311
,302
,620
,615
,581

5,140
4,930
4,329
4,246
4,238

7,641
7,547
7,550
7,586
7,608

1,041
1,246
1,248
1,328
1,227

18,458
18,440
18,405
18,403
18,394

1,045
1,046
1,121
1,217

New York City
1956
479

587 2,247 5,781

220

70

990

4,501 1,929

737

1,057
1,017

385
386

558
553

2,134 5,595
2,123 5,365

369
372

303
203

926
821

3,997
3,969

,865
,690

596
725

9,605

142

1,559

15,619 11,658

22,835 22,098 14,388

May

22

1957

Apr.
Apr.
Apr.
Apr.

3
10
17
24

23,919
23,560
23,733
23,489

23,355
23,055
23,096
22,812

15,660
15,565
15,696
15,560

11,632
11,632
11,747
11,619

136
86
188
132
123
103

1,071
1,029
1,056
1,070

377
381
392
391

556
558
561
561

2,145
2,142
2,125
2,124

5,800
5,591
5,529
5,457

408
375
361
332

420
297
257
236

971
919
913
902

4,001
4,000
3,998
3,987

,895
,899
,871
,795

564
505
637
677

May
May
May
May
May

1
8
15
22
29

23,719
23,110
22,982
22,928
23,202

23,086
22,405
22,268
22,141
22,417

15,820
15,419
15,372
15,259
15,172

11,662
11,591
11,640
11,512
11,361

263 1,130
34 1,030
45 933
36 969
50 1,023

389
387
387
383
382

554
557
554
550
551

2,131
2,130
2,123
2,119
2,115

5,512
5,314
5,224
5,198
5,578

402
293
296
255
613

214
177
199
201
224

907
886
772
773
767

3,989
3,958
3,957
3,969
3,974

1,754
1,672
1,672
1,684
1,667

633
705
714
787
785

23,675 23,079

May!'.['.'.'.'.'.'.'.. 23,188 22,463 15,408 11,553

Outside
New York City
1956
63,447 62,985 35,653 17,953

474

715

782

7,884

8,448 21,245

455

496 5,140 15,154 6,087

462

64,473 63,962 37,420 19,317
64,227 63,734 37,644 19,380

May

417
418

682
700

769
766

8,134 8,826 20,697
8,115 8,991 20,193

765
705

1,158 4,244 14,530 5,845
1,282 3,755 14,451 5,897

511
493

1957
Apr
May
Apr.
Apr.
Apr.
Apr.

3
10
17
24

64,379
64,416
64,656
64,444

63,898
63,875
64,172
63,904

37,284
37,323
37,555
37,512

19,274
19,329
19,356
19,309

415
414
420
420

693
673
695
669

765
764
773
772

8,135
8,132
8,138
8,129

8,728 20 ,835
8,737 20 ,714
8,899 20 ,729
8,938 20,515

835
737
785
702

1,188
1,170
1,164
1,111

4,244
4,246
4,248
4,239

14,568
14,561
14,532
14,463

5,779
5,838
5,888
5,877

481
541
484
540

May
May
May
May
May

1
8
15
22
29

64,451
64,223
64,171
64,026
64,267

64,043
63,682
63,637
63,485
63,825

37,634
37,569
37,762
37,667
37,584

19,368
19,330
19,507
19,394
19,300

419
416
421
421
415

720
698
689
701
692

773
770
762
763
764

8,125
8,108
8,115
8,114
8,110!

8,955 20,522 733
8,973 20,238 587
8,994 19,997 571
9,002 19,916 595
9,029 20,300 1,052

1,097
1,125
1,421
1,414
1,357

4,233
4,044
3,557
3,473
3,471

14,469
14,482
14,448
14,434
14,420

5,887
5,875
5,878
5,902
5,941

408
541
534
541
442

i Exclusive of loans to banks and after deduction of valuation reserve:
individual loan items are shown gross.




2

Includes guaranteed obligations.

See also NOTE on opposite page.

673

WEEKLY REPORTING MEMBER BANKS
RESERVES AND LIABILITIES OF BANKS IN LEADING CITIES
[Monthly data are averages of Wednesday figures.

Time deposits,
except interbank

Demand deposits,
except interbank
Demand
de
T
posits
ad- 1
justed

In millions of dollars]
Interbank
deposits

IndiIndiDemand
vidviduals, States
uals, States Certiand
and
fied
part- politpart- polit- and
Govt.
nernerical
offi- U.S. ships, ical
and
Doships, subForsub- Postal mescers' Govt. and
and
eign
dividivicor- sions Savtic
cor- sions checks,
etc.
ings
poraporations
tions

Borrowings

Reserves Cash
with
in
F. R. vault
Banks

Balances
with
domestic
banks

13,258

941

2,396 55,484 57,234 4,393 2,008 3,531 19,347 1,053

179 9,937

,517 1,236

634

823 8,749

Apr
May
Apr. 3
Apr. 10
Apr. 17
Apr. 24

13,559
13,416

2,437 55,997 58,304 4,058 2,107 2,836 20,871
2,389 55,369 57,821 4,391 2,013 2,657 20,979

.017
,081

183 10,523
181 10,003

844
673

645 9,136
814 9,188

2,467
2,348
2,541
2',393

55,118
55,588
56,588
56,695

57,179
57,763
59,483
58,793

4,045
3,872
4,121
4,193

2,637
1,753
2,125
1,912

3,946 20 ,897
2,756 20 ,912
2,289 20,838
2,354 ",834
20

,004
,009
,016
,040

182 10,646
184 10,783
182 10,148

,518
,583
,475
,507
,540
,550

,241
,237

13,818
13,482
13,415
13,519

956
936
905
967
956
996

May 1
May 8
May 15
May 22

13,736
13,389
13,388
13,198
13,368

897
944
929
966
942

2,497 56 ,213
2,350 55 ,273
2,,512 55 ,057
2,,345 55 ,151
2,242 55; 149

58,635
56,859
58,910
57,316
57,383

4,545
4,361
4,297
4,315
4,439

2,720
1,716
1,966
1,751
1,912

2,822 20,870
2,581 20,938
2,327 20
20,969
2,334 21,037
3,214 21
"',082

,063
,066
,079
,087
,111

181
181
182
181
179

10,298
10,156
10,559
9,748
9,406

,588
,587
,579
,626
,536

1,212
1,207
1,226
1,230
1,311

978
634
532
535
177

4,109

139

68 15,410 16,661

362 1,029 1,068 2,092

104

36 2,829

1,182

982

20

307 2,769

4,261
4,246

140
136

15,697 17,082
15,320 16,869

885 2,643
785 2,645

2,862 1,215
2,904 1,274

955
942

231
78

350 2,868
343 2,879

4,445
4,272
4,037
4,288

135
146
139
141

15,727
15,437
50 15,771
15,854

17,045
16,785
17,252
17,244

243 1,654 1,313 2,673
262
860 2,676
809
367
680 2,617
987
333
904
688 2,607

2,863 1,173
2,810 1,208
2,958 1,231
2,816 1,246

965
961
954
940

244
476
100
103

345
311
333
412

2,866
2,868
2,868
2,870

4,377
4,282
4,239
4,232
4,103

131
140
132
137
140

15,742
15,291
15,187
15,261
15,123

17,419
16,463
17,051
16,628
16,784

859
423 1,639
797
341
823
614
329
979
619
320
838
283 1,013 1,035

3,014
2,889
3,040
2,839
2,739

1,260
1,279
1,265
1,334
1,232

930
929
931
928
991

258
85
15

256
344
391
390
332

2,883
2,886
2,880
2,875
2,872

9,149

802 2,328 40,074 40,573 4,031

949

143 7,108

335

254

614

516 5,980

1,019 1,951 18,228
963
955 1,872 18,334 1,020

149 7,661
149 7,129

303
309

286
295

613
147

295 6,268
595 6,309

Month or date

u. s.

Time

Capital
acFrom
F. R. From counts

Banks

others

Total—
Leading Cities
1956
May
1957

May 29

185 10,518

,252 1,009
,248 1,086
,240
719
,225
562

593
554
658
776

9,135
9,144
9,128
9.135

559
882
914
958
688

9,179
9,189
9,183
9,189
9,201

New York City
1956
May
1957
Apr
May
Apr. 3
Apr. 10
Apr. 17
Apr. 24
May 1
May 8
May 15
May 22
May 29

301 1,088
339 1,058

2,621
2,635
2,632
2,662
2,675

32

Outside
New York City
1956
May

979 2,463 17,255

1957
Apr
May
Apr. 3
Apr. 10
Apr. 17
Apr. 24

9,298
9,170

816 2,381 40,300 41,222 3,757
800 2,333 40,049 40,952 4,052

9,373
9,210
9,378
9,231

770
821
817
855

2,389
2,304
2,491
2,342

39 ,391
..,.__
40 ,151
40,817
40;841

May 1
May 8
May 15
May 22
May 29

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

40,471 41,216
39,982 40,396
",
39,870 41 8 5 9
39,890 40 ,688
40,026 40 ,599

40,134
40,978
42,231
41,549

3,802
983 2,633
3,610
944 1,896
3,754 1,138 1,609
3,860 1,008 1,666

18,224
18,236
18,221
18,227

951
954
962
988

148
149
148
150

7,783
7,708
7,825
7,332

302
299
309
304

287
287
286
285

765
610
619
459

248
243
325
364

6,269
6,276
6,260
6,265

4,122
4,020
3,968
3,995
4,156

18,249
18,303
18,337
18,375
18,407

1,011
1,012
1,015
1,023
1,037

149
149
150
149
149

7,284
7,267
7,519
6,909
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

1
Demand deposits other than interbank and U. S. Govt., less cash
items reported as in process of collection.




1,963
1,784
1,713
1,715
2,179

NOTE.—For description of revision beginning Mar. 4, 1953, see BULLETIN for April 1953, p. 357, and for figures on the revised basis beginning
Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555*

674

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

Food,
liquor,
and
tobacco

Textiles,
apparel,
and
leather

Metals
and
metal
products 3

Petroleum,
coal,
chemical,
and
rubber

Trade
(wholesale
and
retail)

Other

Commodity
dealers

Sales
finance
companies

Public
utilities
(incl.
transportation)

Construction

All
other
types
of
business

Comm'l
and
ind'l
Net
change—
changes
all
classiweekly
fied
reporting
banks4

1953—Jan.-June
July-Dec

-657
537

156
-107

420
-326

-45
138

90
-49

215
-7

-644
392

-91
137

12
91

18
-23

-11
101

-536
610

-805
795

1954—Jan.-June
July-Dec

-505
498

55
-26

-577
-548

-10
88

-1
-62

-41
120

-363
539

175
32

126
-225

71
82

106
132

1,314
630

-1,496
539

1955—Jan.-June
July-Dec

-540
480

220
71

177
224

313
208

153
63

146
327

-461
469

589
704

384
27

134
106

143
370

1,257
3,050

1,078
53,206

1956—Jan.-June
July-Dec

-302
822

238
-6

1,362
-71

424
428

369
72

171
178

-386
739

322
98

365
350

54
-66

149
176

2,124
2,719

42,243
2,459

1957—Mar
Apr
May

39
-74
-96

75
6
-35

443
-19
98

80
29
7

92
11
-6

80
64
10

-111
-83
-137

292
92
176

90
-39
61

2
4
-1

8
-18

1,089
-27
-264

1,141
-84
-267

Week ending:
1957—Mar. 6
Mar. 13
Mar. 20
Mar. 27

1
-1
65
-27

17
25
32
1

42
142
216
43

50
26
27
-23

17
33
34
7

-2
22
43
17

23
32
19
38

82
56
225
-71

-21
82
47
-18

2
16
-7

-20
27
13

135
382
699
-126

136
403
739
-137

Apr. 3
Apr. 10
Apr. 17
Apr. 24

-36
-7
-13
-18

-2
15
1

24
8
14
-66

-9
-3
28
13

7
37
13
39

-20
41
110
-39

-29

-7

15
-2
-3

5
26
40
-6

-2

-3
15

16

-89
40
177
-155

-106
55
142
-175

May 1
May 8
May 15
May 22
May 29

-44
-23
5
-12
-21

17
1
16
19
17

53

-4
17
12
4
-21

-28
-5
27
2
-1

18
-3
26
-26
-5

12
29
25
26
45

85
-55
-35
-90
-82

69
-10
44
-12
-30

-4
-6
12
-1

8
11
23
18
9

124
-135
199
-216
-237

102
-109
226
-241
-245

94
-17
-22

1
Data for a sample of about 210 banks reporting changes in their
larger loans; these banks hold over 90 per cent of total commercial
and industrial loans of all weekly reporting member banks and nearly
70 per cent of those of all commercial banks.
2
Figures for periods other than weekly are based on weekly changes.

-11
-23

3
Includes machinery and transportation equipment.
4
Prior to week ending Jan. 11, 1956, included changes in agricultural
loans.
5 Includes increase of $318 million resulting from errors disclosed
incident to survey of credit extended to real estate mortgage lenders.

COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances
Commercial and finance
company paper
Held by:
Accepting banks

End of year or month
Total

Placed
Placed
direct- Total
through
ly
dealers* (finance
paper) 2

F. R.
Banks
Oth-

Total

Own
Bills
Own Forbills bought acct. eign
corr.

1951
1952
1953
1954
1955

1 331
1,745
1,966
1 924
2,008

449
552
564
733
510

882
1,193
1,402
1,191
1,498

490
492
574
873
642

197
183
172
289
175

119
126
117
203
126

79
57
55
86
49

1956—Apr
May
June
July
A us
Sept
Oct
Nov
Dec

2 514
2,607
2,427
2,600
2,514
2,463
2,581
2,618
2,129

508
515
476
509
548
549
573
568
506

2,006
2,092
1,951
2,091
1,966
1,914
2,008
2,050
1,623

628
643
684
723
772
805
843
924
967

146
157
180
175
189
209
203
242
227

108
113
109
111
120
127
135
167
155

39
44
71
64
70
82
69
75
72

1957—Jan
Feb
Mar
Apr

2 540
2,679
2,607
2,435

548
555
489
466

1 992 1,012
2,124
992
2,118 1,019
1,969 1,018

230
202
209
195

156
133
150
135

74
69
59
60

1
As reported by dealers; includes finance company paper as well as
other commercial paper sold in the open market.




Based on:

Imports
into
United
States

Exports
from
United
States

Dollar
exchange

Goods stored in or
shipped between
points in:
United
States

Foreign
countries

28

21
20
24
19
33

272
289
378
565
405

235
232
274
285
252

133
125
154
182
210

23
39
29
17
17

55
64
75
300
63

44
32
43
89
100

13
16
18
18
22
17
20
33
69

42
45
45
48
51
49
53
52
50

427
424
441
483
510
529
567
598
621

235
245
264
270
271
294
277
277
261

240
252
251
237
259
258
281
295
329

10
9
9
13
21
17
19
10
2

43
33
34
74
97
113
133
199
227

100
104
125
129
124
123
133
143
148

30
24
23
24

62
58
58
64

689
708
728
735

291
307
305
272

363
389
425
471

2
2
2
4

197
127
116
89

158
167
171
182

2
As reported by finance companies that place their paper directly with
investors.

675

INTEREST RATES
MONEY MARKET RATES

BANK RATES ON SHORT-TERM BUSINESS LOANS

[Per cent per annum]

[Per cent per annum]

Prime
commercial
paper,
4- to 6month 1

Year,
month, or
week

Finance
Prime
combankpany
ers'
paper
acceptplaced
ances,
direct90
ly,
days*
3- to 6- l
months

U. S. Government 2
securities (taxable)

Size of loan (thous. of dol.)
All
loans

Area and period
3-month bills
9-to 12- 3- to 5month
year
MarRate issues3 issues4
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—May
June
July
Aug
Sept
Oct
Nov
Dec

3.27
3.38
3.27
3.28
3.50
3.63
3.63
3.63

3.00
3.00
2.94
3.01
3.13
3.37
3.38
3.38

2.50
2.45
2.43
2.65
2.88
2.88
3.05
3.35

2.61
2.49
2.31
2.60
2.84
2.90
2.99
3.21

2.650
2.527
2.334
2.606
2.850
2.961
3.000
3.230

2.83
2.69
2.62
3.01
3.17
3.07
3.15
3.33

3.04
2.87
2.97
3.36
3.43
3.29
3.49
3.65

1957—Jan
Feb
Mar
Apr
May

3.63
3.63
3.63
3.63
^ 63

3.38
3.38
3.38
3.38
3.38

3.38
3.38
3.27
3.20
3.25

3.11
3.11
3.08
3.06
3.06

3.210
3.165
3.140
3.113
3.042

3.17
3.23
3.35
3.41
3.37

3.40
3.33
3.38
3.48
3.60

Week ending:
May 4 . . .
May 11 . . .
May 18. . .
May 2 5 . . .
June 1 . . .

3.63
3.63
3.63
3.63
3.63

3.38
3.38
3.38
3.38
3.38

3.25
3.25
3.25
3.25
3.25

3.00
2.93
2.98
3.14
3.26

3.039
2.909
2.894
3.122
3.245

3.43
3.36
3.35
3.35
3.42

3.54
3.55
3.60
3.63
3.72

Annual averages,
19 large cities:
1954
1955
1956 .

110

200
and
over

3.6
3.7
4.2

Quarterly: i
19 large cities:
1956—June
Sept
Dec
1957—Mar
New York City:
1956—June
Sept
Dec
1957—Mar
7 Northern & Eastern
cities:
1956—June
Sept
Dec
1957—Mar
11 Southern & Western
cities:
1956—June
Sept
Dec
1957—Mar

5.0
5.0
5.2

4.3
4.4
4.8

3.9
4.0
4.4

3.4
3.5
4.0

4.14
4.35
4.38
4.38

5.18
5.30
5.32
5.38

4.69
4.86
4.90
4.94

4.34
4.52
4.63
4.59

3.97
4.20
4.22
4.23

5.00
5.26
5.18
5.26

4.61
4.84
4.88
4.92

4.23
4.46
4.57
4.47

3.97
4.19
4.20
4.21
3.86
4.09
4.10
4.11

4.15
4.39
4.40
4.40

5.26
5.36
5.41
5.41

4.74
4.88
4.94
4.91

4.32
4.53
4.63
4.61

4.01
4.26
4.25
4.26

4.38
4.53
4.58
4.60

5.23
5.29
5.35
5.42

4.71
4.85
4.90
4.96

4.42
4.54
4.66
4.64

4.15
4.32
4.35
4.35

1
Based on figures for first 15 days of month.
NOTE.—For description see BULLETIN for
pp. 228-237.

1 Averages of daily prevailing rates.
2
Except for new bill issues, yields are averages computed from daily closing
bid prices.
3
Consists of certificates of indebtedness and selected note and bond issues.
4
Consists of selected note and bond issues.

100200

10100

March

1949

BOND AND STOCK YIELDS i
[Per cent per annum]
Corporate bonds 4

State and loc£il govt. bonds
Year, month,
or week

U. S. Govt.
bonds
(long-term)

Old
series2

New
series3

General
obligations4
Totals

Aaa

Revenue Totals
bonds 6
Baa

By selected
ratings
Aaa

Baa

Industrial stocks
Dividends/
price ratio

By
groups
Industrial

Railroad

Public
Preutility ferred 7

Common 4

Earnings/
price ratio
Common 8

Number of issues

3-7

1-2

20

5

5

10

120

30

30

40

40

40

14

125

125

1954 average
1955 average
1956 average

2.53
2.80
3.05

2.70
2.94
3.11

2.46
2.57
2.94

2.04
2.18
2.51

3.09
3.14
3.50

2.81
2.85
3.26

3.16
3.25
3.57

2.90
3.06
3.36

3.51
3.53
3.88

3.09
3.19
3.50

3.25
3.34
3.65

3.15
3.22
3.54

4.02
4.01
4.25

4.70
3.93
3.89

8.75
8.04
6.93

2.93
2.89
2.97
3 15
3.19
3.18
3.30
3.43

3.03
2.98
3.05
3.19
3.24
3.24
3.30
3.36

2.83
2.71
2.79
2.94
3.06
3.12
3.39
3.57

2.46
2.34
2.40
2.53
2.63
2.66
2.87
3.04

3.37
3.26
3.34
3.52
3.60
3.67
3.98
4.19

3.06
3.02
3.07
3.32
3.50
3.55
3.85
3.95

3.46
3.46
3.50
3.62
3.75
3.82
3.90
3.99

3.28
3.27
3.28
3.43
3.56
3.59
3.69
3.75

3.37
3.75
3.80
3.93
4.07
4.17
4.24
4.37

3.40
3.39
3.42
3.55
3.68
3.75
3.82
3.95

3.53
3.55
3.59
3.72
3.83
3.89
4.01
4.08

3.44
3.44
3.48
3.60
3.73
3.82
3.86
3.93

4.22
4.17
4.16
4.24
4.39
4.42
4.56
4.63

3.97
3.82
3.68
3.83
4.04
4.03
4.05
3.90

6.00

3 33
3.20
3.25
3 30
3.39

3 37
3.26
3.27
3.35
3.42

3 51
3.29
3.36
3.35
3.48

2.99
2.79
2 88
2 88
3.00

4.16
3.96
3.97
3.95
4.10

3.92
3.75

4 04
3.99
3.97
3.96
4.02

3 77
3.67
3.66
3.67
3.74

4.49
4.47
4.47
4.44
4.52

4 02
3.94
3.90
3.89
3.96

4 12
4.06
4.06
4.06
4.13

3 98
3.97
3.95
3.94
3.98

4 51
4.47
4.46
4.47
4.53

4 13
4.27
4.16
3.96
3.82

7.85

3.35
3 35
3 39
3 40
3.48

3.42
3 41
3.41
3 42
3.45

3.44
3 45
3.45
3 49
3.57

2.97
2 99
2.99
2 99
3.10

4.03
4.05
4.06
4 15
4.23

3.99
4.01
4.02
4 03
4.06

3.71
3.72
3.73
3 75
3.79

4.48
4.50
4.53
4 54
4.56

3.93
3 93
3.94
3 96
4.03

4.10
4 12
4.14
4 14
4.14

3.96
3 97
3.97
3 99
4.01

4.50
4.50
4.54
4 56
4.56

3.89
3 89
3.83
3 83
3.82

1956—May
June
July

..

Aug

Sept
Oct
Nov

Dec
1957

Jan
Feb

Mar
Apr

May
Week ending:
May 4
May 11
May 18
May 25
June 1

(9)

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 310-20 years, beginning Oct. 1, 1955.
Consists of the 3>1/A per cent bond of 1978-83 and, beginning Feb. 1,
1955, the 3 per cent bond of February 1995.




6.95

7.60

4
Moody's Investors Service.
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
Dow-Jones and Co.
7
Standard and Poor's Corporation. Ratio is based on 8 median yields
in a sample of noncallable issues—12 industrial and 2 public utility.
8 Computed by Federal Reserve from data published by Moody's Investors Service.
9 Series discontinued as of Mar. 15, 1957.

676

SECURITY MARKETS
SECURITY PRICES 1
Bond prices
U. S. Govt.
(long-term)

Year, month,
or week
Old
series 2

Number of issues...

New
series 3

3-7

Common stock prices

CorpoMunicipal rate
(high- (highgrade) < grade)'

1-2

15

17

Standard and Poor's series*
(index, 1941-43= 10)

Total

Industrial

Railroad

Public
utility

500

425

25

50

Volume
of
trading 5
(in
Man ufacturing
Trade,
thoufiTrans- Pub- nance, Min- sands
lic
porta- 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—May
June
July
Aug
Sept
Oct
Nov
Dec

94.40
95.03
93.94
91.81
91.43
91.53
90.22
88.74

101.35
102.22
100.98
98.38
97.39
97.50
96.35
95.19

117.3
119.2
118.6
115.8
113.8
112.8
109.1
108.1

110.6
110.5
110.3
108.4
105.8
105.2
103.7
102.8

46.54
46.27
48.78
48.49
46.84
46.24
45.76
46.44

49.64
49.38
52.27
51.89
50.15
49.52
48.92
49.79

35.83
34.22
34.63
33.72
31.98
32.22
31.73
31.75

31.81
31.93
33.01
33.39
32.29
31.67
31.82
31.70

347
341
359
359
345
342
338
344

441
434
460
460
440
437
431
441

398
393
421
432
422
422
417
425

480
471
495
484
457
451
445
457

342
328
335
329
313
318
311
315

156
155
159
160
155
152
153
152

306
300
315
313
302
299
296
287

364
352
369
373
349
337
355
362

2,420
1,771
2,177
1,936
1,959
1,754
2,178
2,443

1957—Jan
Feb
Mar
Apr
May

89.96
91.51
90.88
90.45
89.41

95.14
97.08
96.88
95.45
94.20

108.6
110.9
110.0
109.8
106.9

102.8
104.3
104.5
104.3
103.2

45.43
43.47
44.03
45.05
46.78

48.43
46.10
46.86
48.06
50.10

31.36
29.59
29.37
29.78
30.42

32.32
32.29
32.45
33.03
34.03

338
325
328
339
352

429
409
415
431
450

406
386
388
404
419

451
431
440
455
480

310
292
288
291
297

157
157
159
160
163

285
278
280
281
286

371
346
344
352
380

2,189
1,978
1,698
2,300
2,389

Week ending:
May 4
May 11
May 18
May 25
June 1

89.89
89.89
89.42
89.30
88.45

94.15
94.44
94.41
94.19
93.60

108.1
108.1
107.0
106.1
105.1

103.5
103.8
103.4
102.9
102.4

46.04
46.33
46.91
47.22
47.00

49.21
49.55
50.25
50.64
50.43

30.32
30.49
30.50
30.55
30.12

33.70
33.90
34.08
34.24
34.07

348
350
354
354
355

445
447
453
452
455

416
418
423
418
419

472
473
481
484

298
299
300
295
293

162
162
163
163
164

282
287
286
287
288

369
369
380
387
393

2,409
2,414
2,617
2,236
2,169

* New series.
1
Monthly and weekly data for (1) U. S. Govt. bond prices, Standard
and Poor's common stock indexes, and volume of trading are averages
of daily figures; for (2) municipal and corporate bond prices are based
on Wednesday closing prices; and for (3) the Securities and Exchange
Commission series on common stock prices are based on weekly closing
prices.
2
Series composed of fully taxable, marketable 2*4 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 2>VA per cent bond of 1978-83 and, beginning Feb. 1, 1955, and 3
per cent bond of February 1995.
4 Prices derived from average yields, as computed by Standard and
Poor's Corporation, on basis of a 4 per cent, 20-year bond.
5 Average daily volume of trading in stocks on the New York Stock
Exchange for a 5l/i-hour trading day.

STOCK MARKET CREDIT
[In millions of dollars]
Broker and dealer credit 1

Customer credit

End of month or last
Wednesday of month

Totalsecurities
other than
TT

Q

Bank loans to others (than
Net debit balances with
New York Stock Exchange brokers and dealers) for pur- 2
chasing and carrying securities
firms i

obligations
(col. 3 +
col. 5)

Secured by
U. S. Govt.
obligations

1953 Dec
1954—Dec
1955—Dec

2 445
3 436
4,030

31
41
34

1956 Apr
May..
June
July
Aug .
Sept
Oct
Nov
Dec

4,043
4,047
4 009
4,026
3,979
3 950
3,914
3 946
3 984
3 902
3,846
3,832
3,938

1957_Jan
Feb
Mar
Apr

. . . .

Customer
net
credit
balances

U. S. Govt.
obligations

Other
securities

On
U. S. Govt.
obligations

On
other
securities

1 665
2,388
2,791

88
65
32

780
1,048
1,239

88
69
51

1,074
1,529
2,246

713
1,019
894

33
38
34
31
33
33
36
32
33

2,788
2,810
2,786
2,812
2,785
2,782
2,748
2 784
2,823

40
40
48
45
41
42
42
43
41

1,255
1,237
1,223
1,214
1,194
1,168
1,166
1,162
1,161

44
42
39
31
38
42
45
43
46

2,145
2,186
2,195
2,211
2,048
2,071
2,086
2 071
2,132

896
870
836
858
872
866
835
822
880

29
35
28
28

2,761
2,729
2,713
2,792

41
31
27
28

1,141
1,117
1,119
1,146

42
53
47
53

1,964
2,004
1,958
2,051

866
828
820
807

Secured by
other
securities

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.




Money borrowed

(~<n\7+

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.

677

SAVINGS INSTITUTIONS
LIFE INSURANCE COMPANIES 1
[Institute of Life Insurance data. In millions of dollars]
Government securities
Total
assets

Date

U.S.
State and Foreign 2
local

Total

United
States

32,731
44,797

9,478
22,545

6,796
20,583

1,995
722

55,512
59 630
64,020
68,278
73 375
78,533
84 486
90,432

19,135
17 868
16,118
13,760
12 905
12,537
12 262
11,829

16,746
15,290
13,459
11,009
10,252
9,829
9 070
8,576

End of month: 4
1953—Dec
1954—Dec
1955—Dec

78,201
84 068
90,267

12,452
12 199
11,757

1956_Apr
Mav
June
July
Aug
Sept
Oct
Nov
Dec

92,025
92,478
92,876
93,580
93 992
94,411
94,869
95 274
95,819
96,316
96,738
97,074
97,488

End of year: 3
1941
1945
1948
1949
1950
1951
1952
1953
1954
1955

1957_jan
Feb
Mar
Apr

r

Business securities
Policy
loans

Other
assets

1,878
857

2,919
1,962

1,840
1,738

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

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

36,725
36,880
36,999
37,302
37 455
37,546
37,664
37,765
38,053

2,980
2,974
2,964
2,995
2 998
2,968
2,962
2 970
2,906

30,651
30,991
31,284
31,612
31 897
32,111
32,399
32 709
33,017

2,624
2,646
2,673
2,711
2 727
2,748
2,778
2 813
2,809

3,365
3,385
3,409
3,400
3 420
3,440
3,461
3,483
3,503

4,241
4,270
4,267
4,268
4 285
4,345
4,299
4 316
4,526

38,256
38,580
38,638
38,821

2,921
2,933
2,941
2,951

33,279
33,479
33.672
33,840

2,841
2,865
2 883
2,907

3,523
3,547
3,575
3,606

Real
estate

Mortgages
Total

Bonds

Stocks

687
1,240

10,174
11,059

9,573
10,060

601
999

6,442
6,636

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

9,767
9,021
8,545

1,278
1 833
1,998

1.407
345
,214

34,265
36 695
38,851

31,926
33,985
35,930

11,439
11,332
11,280
11,292
11 210
11,253
11,306
11 218
11,005

8,085
7,986
7,921
7,886
7 778
7,805
7,850
7,749
7,532

2,153
2,140
2,148
2,191
2 206
2,213
2,218
2 229
2,237

,201
,206
1,211
[,215
226
,235
1,238
I 240
1,236

39,705
39,854
39,963
40,297
40 453
40,514
40,626
40 735
40,959

11,068
10,890
10 926
10,946

7,588
7,544
7,427
7,430

2,244
2,244
2,251
2,264

,236
1,102
1,248
1,252

41,177
41,513
41 579
41,772

r

Revised.
Figures are for all life insurance companies in the United States.
Represents issues of foreign governments and their subdivisions
and bonds of the International Bank for Reconstruction and Development.
1

2

r

4,428
4,444
4,439
4,417

3
These represent annual statement asset values, with bonds carried on
an amortized basis and stocks at end-of-year market value.
4
These represent book value of ledger assets. Adjustments for interest
due and accrued and for differences between market and book values
are not made on each item separately, but are included, in total, in "Other
assets."

SAVINGS AND LOAN ASSOCIATIONS i
[Federal Savings and Loan Insurance Corporation data. In millions of dollars]
Liabilities

Assets

End of year or month
Total 2

Mortgages 3

U. S.
Govt.
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
,412
,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—Apr.p
May^
j 1p
Aug P
Sept v
Oct.p
Nov P
Dec P

39 388
40,023
40,622
40,797
41,197
41 574
42,059
42,520
43,098

32,814
33,259
33,740
34,134
34,586
34,939
35,305
35,596
35,870

2,639
2,684
2,652
2,687
2,726
2,739
2,753
2,781
2,798

1 917
1,926
2,047
1,878
1,788
1 745
1,782
1,840
2,142

1,962
2,099
2,128
2,044
2,043
2 098
2,166
2,251
2,236

33,662
34,137
34,948
35,079
35,366
35,633
36,044
36,438
37,302

,123
,119
,170
,105
,113
139
1,145
1,150
1,225

110
112
118
124
132
138
128
123
130

Jan P
Feb P
Mar.*3
Apr p

43,285
43 684
44,200
44,696

36,102
36,371
36,734
37,136

2,946
3,061
3,153
3,181

1,974
1 935
1,911
1,863

2,211
2 265
2,351
2,466

37,638
37 953
38,312
38,625

1,035
973
958
968

107
99
93
96

1957

v
Preliminary.
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.




2,749

2,970

2
Includes gross mortgages with no deduction for mortgage pledged
shares.
3
Net of mortgage pledged shares.
4
Includes other loans, stock in the Federal home loan banks and other
investments, real estate owned and sold on contract, and office building
and fixtures.

678

FEDERAL BUSINESS-TYPE ACTIVITIES
SELECTED ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES
[Based on compilation by Treasury Department. In millions of dollars]
End of quarter

End of year
1955

Asset or liability, and activity1
1949

1950

19512

19522

19532

1956

1954

12
Loans, by purpose and agency:
To aid agriculture, total
Banks for cooperatives
Federal intermediate credit banks. . .
Farmers Home Administration
Rural Electrification Administration.
Commodity Credit Corporation
Other agencies
To aid home owners, total
Federal National Mortgage Association.
Veterans Administration
Other agencies
To industry, total
Treasury Department...
Commerce Department.
Other agencies

4,362
302
437
523
1,301
1,729
70

3,884
345
510
535
1,543
898
52

4,161
425
633
539
1,742
782
40

5,070
424
673
596
1,920
1,426
31

6,811
317
590
648
2,096
3,076
23

6,929 6,715
375
367
689
638
681
701
2,226 2,348
2,981 2,621
1
18

1,251
828
423

,528
,347
181

2,142
1,850
292

2,603
2,242
362

2,930
2,462
300
168

2,907
2,461
383
63

576

568

589

598

576

568

589

598

588
174
\ 413

>

593
330
193
70

627
323
221
83

624
216
216
192

1,419

1,143

1,178

1,147

239
106
134

227
90
137

244
109
135

246
106
140

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

156
108
48

176
122
55

193
137
56

213
156
57

824

814

864

952

870

744
589
155

1,020
894
126

645
500
145

272
112
160

6,090
2,187
3,750

6,078
2,226
3,750

6,110
2,296
3,750

153

102

76

63

76

"'63

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'?

-185
-476
12,733 13,228

75
5
69

119
29
90

619
209
219
191

137

678
431
306
353
/ 261
79 \ 112

468
351
117

35
(4)
34

3,680
3,072
464
145

3,391
2,807
447
138

445

All other purposes, total
Housing and Home Finance Administration.
Other agencies

6,752
457
734
724
2,488
2.349
(

3,299
2,729
433

408
285
124

8,043
2,833
3,620
1,537
53

7,160
395
874
769
2,450
2,671
(4)

3,230
2,683
424
124

To aid States, territories, etc., total.
Public Housing Administration.. .
Other agencies

7,736
2,496
3,667
61,515
64
58

7,377 16,757
355
349
765
898
764
3778
2,379 2,413
3,114 2,319
(4)
(

3,205
2,641
480
84

To financing institutions

Foreign, total
Export-Import Bank. 5. .
Treasury Department .
Mutual Security (ICA).
Other agencies

2*

8,001
2,806
3,570
1,624
1
166
127
39

245
90
155
7,988
2,702
3,519
1,767
256
209
47

1,233

57

-173
-263 1-592
-656
-268
-309
-203
-140
14,422 17,826 19,883 19,348 20,238 20,580 19,844 20,331 20,657

2,047
275
214
188
1,205
165
3,385
286

2,075
199
193
244
1,307
132
3,385
266

2,226
249
200
285
1,353
140
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

1,549
1,376

1,774
1,638

1,461
1,174

1,280
987

2,515
2,087

3,852
3,302

173

136

288

203

428

550

4,356 14,119 20,231 20,949 21,375
3,897 3,323 3,651
3,747 3,536
9,827 9,814 10,994 11,004
567 6,332 6,418 6,517
609 \ 188
188
215
201

Land, structures, and equipment, total
Commerce Department (maritime activities)
Panama Canal Company 8
Tennessee Valley Authority
Housing and Home Finance Agency
Nat. Advisory Committee for Aeronautics
Bonneville Power Administration
General Services Administration
Post Office Department
Other agencies

2,962

2,945

3,358

3,213

16
830
1,352

18
886
1,297

298
1,048
1,285

8,062
4,834
363
' 415'
1,475
1,251
1,041
1,203

8,046
4,798

Bonds, notes, & debentures payable (not guar.), total...
Banks for cooperatives
Federal intermediate credit banks
Federal home loan banks
Federal National Mortgage Association

1,739
727

7,822
4,822
421
1,829
450

8,056
4,796
421
1,831
400

763

745

728

345

350

360

300

607

772
78

1,190
110
520
560

1,369
170
674
525

1,330
181
704
445

1,182
150
619
414

1,068
156
640
272

2,379
185
665
958
570

2,425
161
725
869
670

490
204

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.




421

3,677
1,082
248
390
1,793
164
3,385
252

2
3

3,719
1,083
256
405
1,810
166
3,385
253

3,720
1,054
248
422
1,812
183
3,385
283

3,739
1,018
256
458
1,825
181
3,385
284

9,682 10,028
4,612 4,549
400
398
1,712
1,723
285
311
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

2,607
152
857
928
670

2,711
257
721
963
770

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 Less than $500,000.
5
Figures represent largely the Treasury loan to the United Kingdom,
and through 1952 are based in part on information not shown in Treasury
compilation.
6 Figure derived by Federal Reserve.
7
Includes investment of the Agricultural marketing revolving fund in
the banks for cooperatives; Treasury compilations prior to 1956 classified
this item as an interagency asset.
8
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).
9
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 $2,161 million.

679

FEDERAL BUSINESS-TYPE ACTIVITIES
PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES
[Based on compilation by Treasury Department.

In millions of dollars]
Liabilities, other than
interagency items1

Assets, other than interagency items1

Bonds, notes,
PriU. S. vately
and debenLand,
Govt. owned
tures payable
strucinter- interInOther est
tures,
venliabilest
and Other Guartories Public Other equipities
debt secu- ment
anteed Other
secu- rities
by
rities
U.S.
Investments

Date, and fund or activity

Loans
Total

Cash

ceivable

All activities
1951—Dec.
1952—Dec.
1953—Dec.
1954—Dec.

312.
312.
312.
31 . .

931 14,422 1,461 2,226
26,744
29,945
944 17,826 1,280 2,421
38,937 1,190 19,883 2,514 2,602
41,403 1,371 19,348 3,852 2,967

3,463
3,429
3,425
3,432

1955—Dec.
1956—Mar.
June
Sept.
Dec.

31 . . .
312. .
302*.
302. .
312*.

45.304
58,485
66.797
69;143
69.653

3,236
3,677
3,719
3,720
3.739

3,414
3,638
3,638
3,668
3,669

1,338 20,238 4,356
3,731 20,580 14,119
4,457 19,844 20 ,231
5 . '144 20.331 20,949
•"
4 996 20,657 21,375

1.369 1.161 23,842
1.330 1,728 26,456
1,182 3,818 33,429
1,068 4,183 35,610

7.822
8,056
9,682
10,028
9.985

4,900
4,685
5,226
5.303

5,232

329
378
434
508

2.379
2,425
2,607
2,742
2.711

3,358
882
3,213
832
8,062 1,261
8,046 2,387

596
651
677
693
699

2,703 39,583
3,73051 ,635
3,238 60 ,224
3,145 62 ,507
3,659 6.2,516

Classification by type of fund
and activity, Dec. 31, 1956
Public Enterprise Funds—Total...
Farm Credit Administration:
Federal intermediate credit banks
Production credit corporation
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

21,194 1,641 9,454 4,343
830
42
10
186

23

6.573
143
38

35
74
30

841

151

2
104
59
9 2,701
112
29
214
464
27
87

517
119

"69

'266

37
7
3
615
7
9

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 Affairs and Finance:
Mutual security
Treasury Department
Department of Commerce—maritime activities
All other

29,881 1,513
421
77
8,087
795
398
37

Certain Trust Revolving Funds—Total
Federal National Mortgage Association

701
682
19

9
3
24
96
17
2
116
19
38
81

13[
254J
! 166
33! 2.7021
37j 1.971
427
23
703
9
820
14
193
3
777
377
524
17

79
42
34
3

766 12,412
i
304j 8.203
274| 2.972
133! 1,004
56
232j

6,404 3,647
276
66
1,215
136
311
42

201 29,681
91 412
26 8,061
3
395
690
2.621
2,015
10.192
137 5.049
24
246

14

590

129

,893 5,904

All other

136
271
33
32

157

27

7,376
2,826
801
125

4,698
536
1.840
2,322

479
7
2

()
1.762
398
2
76

13

948
378
302
64

Certain Deposit Funds—Total
Banks for cooperatives
Federal Deposit Insurance Corporation
Federal home loan banks

202
105
97
3,513

1

" 8 3 5,858

553
119
16 2,482
1.995
3,504
276
1

95 1,682
454
29
4 (4)
62 1,228
56
51
5

628
628

186|;

45
1
(4)
189

11,128

340
114

96
42j.

256

13,178 1,691

2,015
10,192
5,186
270

13

172

458

Intragovernmental Funds -Total. .
Defense Department:
Army
Navy
Air Force
All other

692
2,621

721 j

20
124

105
86
25
2 2.423
347
151

Federal Savings and Loan Insurance Corporation.. .
267
Small Business Administration
166
Export-Import Bank
2.736
Tennessee Valley Authority
2,007
Panama Canal Company
450
Veterans Administration
712
General Services Administration
834
Treasury Department
196
1,154
Post Office Department—postal fund
All other
542

1,291 1,863 17,973;

10

"\41

2,236 3,651
63
6

67

13

2

1
39

373
755
2.459
719

8.507
3,247
1,137
288

3,379 1,386

734

3,513

4

(V
4
(V

4.502
100

1,092 5,481
6J
137
7!
31

570;

)

5
93.175

2,886
43
1,825
1,018

1,220
257
963
200
200

4
(V

34
400
146
543
321 1.857
5
714

805 1,989
250
3
98 1,742
-3
704
462
23
11
456
13
6

684
25
'659
1015
10 15
0(4)

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)
10 Figure represents total trust interest.




220
143
8,532 1,416
3,024
50

1,574
27

5,196
2.571
14

77
346

201

8,331

354

137

2.887
15

For other footnotes, see opposite page.

219

30

680

FEDERAL FINANCE
SUMMARY O F 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
Net
Budget
rects.

Equals:
Total
Less:
rects.
Intrafrom
Govt.
the
trans. *
public 2

Plus:
Trust
fund
rects.

Net Federal cash borrowing or
repayt. (—) of borrowing
Excess
of rects.
from,

Plus:
Trust
fund
expenditures

Budget
expenditures

Less:
Adjustments 3

Equals:
Total
payts.
to the
public

or
payts
to ( - ) ,
the
public

InLess:
crease,
or decrease
Net
( - ) , in inv. by Other
nondebt
Govt.
cash
(direct agen. & debt*
& agen.) tr. funds

63,358
. . 70,994

10,624
12,398

2,511
3,027

71 ,448
80 ,330

67 1 ?16

9,331
10,342

3,282
2,751

72,178
74,805

Fiscal year—1953
1954
1955
1956

64,825
64,655
60 390
68,165

8 929
9,155
9 536
11,685

2 199
2,110
2 061
2,743

71 ,499
71 ,627
67 ,836
77 ,084

74 j ?74
67 j 77?
64, 570
66 j S40

5,288
7,204
8,546
9,436

2,790
3,117
2,578
3,362

76,773
71,860
70,538
72,613

-5,274
-232
-2,702
4,471

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
?9 ,397
47 ,687
32 ,643

31, 566
33, 004
33, 1?5
33, 415
33, 801

3,611
4,935
4,396
5,040
5,302

392
2,186
1,096
2,266
485

34,786
35,752
36,426
36,187
38,618

4 082
5,050
11,601
3 485
4,954
6,218
3,184
4,818
5,412

871
1,605
1,617
1 112
1,419
753
660
1,231
994

5, 387

1,006

386

669
830

132
703
676
17

6,008
6,004
7,064
5,895
6,686
5,699
6,671
6,355
7,312

-545
577
1,036
5,103 - 3 , 8 9 0
-1,931
-93
-400
2,982
1,191 - 1 , 1 2 6
-2,924
1,017
-383
1,661
-1,527
-405

4 809
6,188
10,737
4,256

650
1,458
1,068
1,083

6,096
7,088
6,630
7,203

5,073 - 1 , 1 6 0
-1,976
-813

Cal. year—1955
1956

Monthly:
1956 Apr
May
June
July
Aug
Sent
Oct
Nov
Dec

1957—Jan
Feb
Mar
Apr.*3

96
70

1,049
631
83

4 ,854

>J 467
937
5, 54?
5, 90?

6j

1,029
801

6 ,889
3 ,747
5 ,972
5 ,785

617

4, 918
5, 995
5 J 7?6
5, 718

846
959

5 ,349

71

80
96
106

t

6 ,581
1? ,167
3 ,964
6 ,286

78
93

106

1?9

6 095

1,112
1,095
1,342
1,491

7 ,564
11 ,704
5 ,227

65
285
227
-785

857

809

5, 743
S 584
5, 987

1,111
-250
296
275

-729
3,484
5,525 - 3 , 5 6 1

Equals:
Net
cash
borrowing or
repayt.
(-)

2,476
2,481

-136

-5,910

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

-9,001
7,521
6,299 - 3 , 5 3 5
-7,028
7,019
11,499 - 7 , 5 9 7
-5,974
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

-1,154

-364
1,032

15

566

448

-123

-501

-197
-106
-4,863
-439
2,372
-946
1 240
1,333
219

367
-103
-126
-174

-1,142
-171

916
312
645

-214
-266

110
57
33
-35

33
43

292

-747

-195

-126

476

142

209
108

-468

37

-435
37

Effects of operations on Treasurer's account

Period

Cash balances:
inc., or dec. (—)

Financing transactions

Operating transactions

Net
market
issuance

Net
inv. ( - )
in Fed.
sec. by
Govt.
agency
& trust
funds 5

Increase,
or
decrease
Held
( - ) , in
outside
gross
Treasury
direct
public
debt

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

-14
602
173

-59

—3.147
.609
-1,362
-2,617

6,966
5,189
3,115
-1,623

-9,294
5,114
-7,885
9,511
-5,732

757
234
1,060
1,190
866

-689
660
92
228
-483

-152
754
-139
312
-5

-412
-950
-1,217
-1,400
-697

-1,305
-417
4,664
-2,057
-948
1,300
-2,812
-908
-307

r

249
-49
-349

47
48
51

83
617
-94

-34
-21
145

22
111
-14

r
3O3
-983
-934
-277
-703

-299
374

173
129
-875

-45
-70

282
-305

-11

91

390

205
35

374

Net

Fiscal year—1953
1954
1955
1956

...

Semiannual totals:
1954—July-Dec
1955—Jan.-June
July-Dec
1956—Jan.-June
July-Dec . . .
Monthly:
1956—Apr
May

June
July
Aug..
Sept
Oct

Nov..
Dec
1957 Jan
Feb
Mar
Apr

— 1 286
446

5,153
-1,731

-85
936
787

185

— 462
363

-274
-408

-200
275
333

(+)of

Govt.
agency
obligations 5

298
253

214

-169
-245
402

r
" Preliminary.
Revised.
1 Consist primarily of interest payments by Treasury to trust accounts
and to Treasury by Govt. agencies, transfers to trust accounts representing
Budget expenditures, and payroll deductions for Federal employees retirement funds.
2
Small adjustments to arrive at this total are not shown separately.
3 Consist primarily of (1) intra-Governmental transactions as described
in footnote 1, (2) net accruals over payments of interest on savings bonds




Account of Treasurer of United
States (end of period)
Deposits in
Other
net
assets

Treasurer's
account

Balance

257
-312
-202

-2,299
2,096
-551
331

4,670
6,766
6,216
6,546

875
380
522

132

3,071
4,836
4,365
4,633

J 467
1,055
I 471
1,391

7,490
-4,375
6,394
-8,017
3,877

-712
400
-24
-178
-55

-1,587
1,036
-1,671
2,002
-2,119

5,180
6,216
4,545
6,546
4,427

563
380
397
522
441

3,461
4,365
3,036
4,633
2,924

1,156
1,471
[ 112
,391
1,062

-556
941
-3,978
-105
2,919
-1,304
1,022
1,734
-389

13
-73
-45

-1,360
548
287
-2,369
2,019
249
-1,741
1,074
-1,350

5,712
6,259
6 546
4,178
6 197
6,445
4,704
5 778
4 427

578
515
522

3,781
4,593
4 633
2,451
4 644
4 628
2,937
4 159
2 924

353
,151
391

— 1 162
584
3,824
-2,142

3 265
3,849
7,673
5,532

— 399
40

-1,271
-991

1
-44
-1

62
-119
45
— 17
-69
112
1

F. R.
Banks
(available
funds)

513
422
535

495
463
441
715
458

591
509

Treasury
Tax and
Loan
Accts.

1 161
2,027
5,912
3,516

214
131
282

,272
156
062
389
364

1,170
1,507

and Treasury bills, (3) Budget expenditures involving issuance of Federal
securities, (4) cash transactions between Intl. 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.

681

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. R.
reage
way
trust
trust tirefund 3 fund ment
acct.

Income and
profits taxes

Refunds
of
receipts

Total
Budget
receipts

Individual

Withheld i

Employment2
taxes

Other
receipts

Liquor

Mfrs.'
Tobacco and retailers'

21,595 9,934
21,523 10,014
18,265 9,211
21,299 10,004

4,983
5,425
6,220
7,296

3,369
3,829
4,108
4,887

2,781
2,798
2,743
2,921

1,655
1,581
1,571
1,613

3,359
3,127
3,177
3,778

1,480
1,694
1,890
1,888
1,876

Other i

11,417
10,747
10,396
11,322

Excise
taxes1
Corporation l

Fiscal year—1953
1954...
1955
1956

64,825
64,655
60,390
",165

4,086
4,537
5,040
6,337

620
603
599
634

3,118
3,377
3,426
3,684

72,649
73,173
69,454
78,820

21,351
21,635
21,254
24,012

Semiannual totals:
1954—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

643

322
277
318
316
312

339
3,087
496
3,188
463

25,239
44,215
28,981
49,839
32,045

10,230
11,024
11,312
12,700
13,020

Monthly:
1956—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

4,082
5,050
11,601
3,485
4,954
6,218
3,184
4,818
5,412

567
973
549
295
799
397
182
587
299

10
150
175
164
144

15
91
54
23
81
53
25
74
55

897 5,562
993 7,107
395 12,598
124 3,927
115 5,959
79 6,897
95 3,660
62 5,705
5,898
-12

1957—Jan
Feb
Mar
Apr

4,809
6,188
10,737
4,256

255
3807
632
617

141
205
120
124

21
83
50
15

52 5,279
203 7,486
606 12,145
1,130 6,142

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

767
805
792
821
817

810
3,356
1,969
988
3,415
1,935
1,282
3,333
2,067

2,555
865
1,487
457
125
1,752
244
103
324

509
492
7,195
837
352
1,709
451
380
1,825

750
877
855
827
910
805
1,033
936
815

586
1,067
604
320
881
451
207
662
355

352
450
488
498
276
245
443
291
512

239
256
264
236
245
255
354
325
233

126
149
143
127
157
128
155
142
108

1,025
3,838
2,083
819

2,101
871
785
2,827

461
445
7,327
520

856
874
931
812

316
1,160
692
633

520
298
327
531

186
197
231
n.a.

151
132
138
n.a.

883
890
986

1.119
n.a.

Budget expenditures4
Major national security
Period
Total
Totals

Intl.
affairs
and
Defense Mutual
Dept., security, Atomic finance
military military energy

AgriVetculture
and
GenNatComerans'
eral
ural
merce
serv- Labor agriInterreand
and
est
governices and
culbene- welfare tural sources housing ment
refits
sources

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
r
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 r 1,476
2,557 r
^1,315
4,411 l,202
4,913 n,io4

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
914

797
854
930

639

1,654

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

Monthly: 6
1956—Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

4,950
5,399
5,387
5,467
6,937
5,542
5,902
4,918
5,995
5,726
5,718

3,214
3,284
3,232
3,434
4,478
2,945
3,608
3,152
3,750
3,564
3,576

2,941
2,805
2,860
2,922
3,534
2,473
3,235
2,868
3,400
3,276
3,295

92
299
195
306
754
298
156
96
160
101
103

138
146
145
152
138
140
164
149
164
160
153

145
167
153
202
195
121
193
158
157
172
132

556
566
572
565
607
631
573
574
589
585
635

398
400
405
431
403
361
369
353
396
407
405

181
168
226
197
311
221
263
219
314
207
197

1957—Jan
Feb

6,095
5,743

3,741
3,576

3,335
3,245

177
136

182
150

111
143

655
592

410
407

330
236

r
n.a. Not available.
Revised.
1 Corporation and estate and gift taxes are from Internal Revenue
Service reports prior to July 1953. Excise taxes and nonwithheld individual taxes for that period are obtained by subtracting Internal Revenue
Service data from appropriate monthly Treasury statement totals.
2
Represents the sum of taxes for old-age insurance, railroad retirement, and unemployment insurance.
3 Beginning February 1957, includes transfers to Federal disability
insurance trust fund.




r

2,502
r
814
l,502
'2,028

1,474
1,239
1,201
1,629

614
502
736

1,137
924
879

940
691
,181

214
438
502
288
452
222
554
187
466
319
435

82
85
69
87
96
78
110
108
159
175
106

51
184
113
145
263
302
129
58
35
213
142

110
106
115
120
136
652
99
117
109
102
102

551
312

87
94

85
268

100
98

r

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).

682

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

Total
gross
debti

End of
month

Total
gross
direct
debt2

Marketable

Total
Total

Bills

Certificates of
indebtedness

Nonmarketable
Bonds

Notes

Bank
eligible 4

Bank
restricted

Convertible
bonds

Total 5

Savings
bonds

Tax
and
savings
notes

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

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

Special
issues

1941 Dec
1945—Dec
1947—Dec
1950—Dec
1951—Dec
1952 Dec
1953—Dec
1954—Dec
1955—Dec

64.3
278 7
257.0
256 7
259.5
267.4
275.2
278.8
280 8

57.9
278 1
256.9
256 7
259.4
267.4
275.2
278.8
280 8

50.5
255.7
225.3
220 6
221.2
226.1
231.7
233.2
233.9

41.6
198.8
165.8
152 5
142.7
148.6
154.6
157.8
163.3

2.0
17.0
15.1
13 6
18.1
21.7
19.5
19.5
22.3

38 2
21.2
5 4
29.1
16.7
26.4
28.5
15.7

6.0
23.0
11.4
39 3
18.4
30.3
31.4
28.0
43.3

33.6
68 4
68.4
44 6
41.0
58.9
63.9
76.1
81 9

1956—May
June
July
Aug
Sept

276 8
272.8
272.7
275.6
274.3
275.4
211A
276.7

276 7
272.8
272.6
275.6
274.3
275.3
277.0
276.6

229.6
224.8
224.6
226.9
225.8
227.2
228.7
228.6

159.6
155.0
155.0
157.3
156.4
158.0
159.8
160.4

20 8
20.8
20.8
20.8
20.8
22.4
24.2
25.2

20.8
16.3
16.3
19.5
19.5
19.5
19.5
19.0

36 1
36.0
36.0
35.1
35.2
35.2
35.2
35.3

81 9
81.9
81.9
81.9
80.9
80.9
80.9
80.9

11.1
11.1
11.1
11.0
11.0
10.9
10.9
10.8

58 9
58.7
58.6
58.6
58.5
58.3
58.1
57.4

57.7
57.5
57.4
57.3
57.3
57.1
56.9
56.3

44.3
45.1
45.4
46.1
45.8
45.5
45.7
45.6

276.3
276 4
275.1
274.1
275.3

276.2
276 3
275.0
274.0
275.2

228.4
228.4
227.2
226.9
226.9

160.5
160.9
159.9
160.0
160.3

25.3
25.9
25.3
25.3
26.8

19.0
20.2
19.4
19.4
21.8

35.3
33 9
34.4
34.4
30.9

80.9
80 9
80.9
80.9
80.8

10.7
10.6
10.5
10.4
10.3

57.2
57 0
56.7
56.5
56.3

56.0
55.8
55.6
55.4
55.2

45.3
45.5
45.6
45.2
46.1

Oct

Nov
Dec

1957_jan
Feb

Mar
Apr

May

1
Includes some debt not subject to statutory debt limitation (amounting
to $448 million on May 31, 1957) and fully guaranteed securities, not
shown separately.
2
Includes noninterest-bearing debt, not shown separately.
3
Includes amounts held by Govt. agencies and trust funds, which
sjgregated $8,511 million on Apr. 30, 1957.

52 2 "
49.6
49 6
36.0
21.0
13.4
5.7

(6)

7.0
20.0
29.0
33.7
35.9
39.2
41.2
42.6
43.9

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]
Total
gross
debt
(including guaranteed
securities)

Special
issues

Public
issues

1941 Dec
1945_Dec
1947 Dec
1950—Dec
1951—Dec
1952—Dec
1953—Dec
1954—June
Dec
1955—June
Dec

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

1956—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

276.4
275.8
276 8
272.8
272.7
275 6
274.3
275.4
277.1
276.7
276.3
276.4
275.1

End of
month

1957—Jan
Feb
Mar

....

Held by the public

Held by
U. S. Govt.
agencies and
trust funds1

State

Individuals

Federal
Reserve
Banks

Commercial
banks 2

Mutual
savings
banks

2 6
7.0
5.4
5.5
6.4
6.7
7.1
7.1
7.0
7.3
7.8

54.7
251.6
222.6
217.5
217.2
221.6
226.9
222.0
229.2
223.9
229.1

2.3

21.4
90.8
68.7
61.8
61.6
63.4
63.7
63.6
69.2
63.5
62.0

3.7

8.2

4.0

.7

5.4

8.2

9

24.3
22.6
20.8
23.8
24.7
25.9
25.0
24.9
23.6
24.8

10.7
12.0
10.9
9.8
9.5
9.2
9.1
8.8
8.7
8.5

24.0
23.9
18.7
16.5
16.1
15.8
15.3
15.0
14.8
14.3

22.2
14.1
19.7
20.7
19.9
21.6
16.9
19.8
19.3
24.0

6.5
7.3
8.8
9.6
11.1
12.7
13.9
14.4
14.7
15.1

42.9
46.2
49.6
49.1
49.2
49.4
49.5
50.0
50.2
50.2

21.2
19.4
16.7
15.5
16.0
15.4
15.0
13.1
14 6
14.7

9.1
8 4
10.5
10 6
11.7
13.2
13.7
13.9
14 4
15.6

43.7
43.4
44 3
45.1
45.4
46 1
45.8
45.5
45.7
45.6

8.2
8.2
8.2

23.6
23.3
23.5
23.8
23.4
23.9
23.7
23.8
24.4
24.9

58.3
58.5
57.8
57.1
56.5
57.6
57.6
58.0
58.7
59.4

8.5
8.5
8.4

8.4
8.5
8.4

224.5
224.3
224.3
219.3
218.9
221.2
220.2
221.5
222.9
222.7

8.1
8.1
8.0

13.6
13.6
13.5
13.3
13.3
13.1
13.1
13.2
13.0
12.8

21.1
21.1
21.5
18.0
18.3
19.1
18.0
19.0
19.8
19.2

15.7
15.7
15.8
15.7
15.8
15.8
15.8
15.8
15.8
15.7

50.4
50.4
50.4
50.3
50.3
50.3
50.2
50.2
50.1
50.1

16.8
16.6
16 7
16 6
16.8
16 9
17.1
17.0
16 9
16.5

16 5
16.5
16 6
16 2
16.2
16 3
16 3
16.3
16 2
16.0

45.3
45.5
45.6

8.6
8.6
8.6

222.4
222.3
221.0

23.4
22.9
23.1

58.5
57.8
58.2

8.1
8.1
8.1

12.9
12.8
12.6

21.1
22.4
19.9

15.8
15.8
16.0

49.9
49.7
49.6

16 6
16.6
17.2

16 3
16.2
16.3

8.4

8.4
8.4
8.3

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.




Insur-

Total

8.4

8.4
8.3
8.3

companies

Other
corporations

local
govts.

Savings
bonds

Other
securities

Misc.
investors 3

3
Includes savings and loan associations, dealers and brokers, foreign
accounts, corporate pension funds, and nonprofit institutions.
NOTE.—Reported data for Federal Reserve Banks and U. S. Govt.
agencies and trust-funds; Treasury Department estimates for other groups.

683

FEDERAL FINANCE
UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, MAY 31, 19571
[On basis of daily statements of United States Treasury. In millions of dollars]
Issue and coupon rate
Treasury bills2
June 6, 1957
June 13, 1957
June 20, 1957
June 24, 1957
June 24, 1957
June 27, 1957
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. 23, 1957

Amount

Issue and coupon rate

Certificates
800
June 24, 1957
802
Oct. 1,1957
,604
Feb. 14. 1958
601
Apr. 15, 1958
,750
,601 Treasury notes
,604
Aug. 1,1957
,611
Aug. 15, 1957
,600
Oct. 1,1957
,600
Apr. 1,1958
,702
June 15, 1958
,699
Oct. 1,1958
,700
Feb. 15, 1959
,800
Apr. 1,1959
,801
Oct. 1, 1959
,501
Apr. 1,1960
May 15, 1960
Oct. 1,1960

Issue and coupon rate

Amount

3*4
314
33/8
3V2

1,312
7,271
10,851
2,351

Treasury notes—Cont.
Apr. 1,1961
\Vi
Oct. 1,1961
1V£
Feb. 15, 1962
33fc
Apr. 1,1962
V/i

2Y4
2
\Vi
IVi
2%
1V4
V/%
IVi
1%
1%
3V2
IVi

12,056
3,792
824
383
4,392
121
5,102
119
99
198
2,406
278

Treasury bonds
Mar. 15, 1956-58 3.. 2\h
Sept. 15, 1956-593..214
Mar. 15, 1957-59.. .23/8
June 15, 1958
2%
June 15, 1958-63 4.. 234
Dec. 15, 1958
2Vi
June 15, 1959-62... 214
Dec. 15, 1959-62... 214
Nov. 15, 1960
2i/8
Dec. 15, 1960-65 4.. 234
Sept. 15, 1961
234
Nov. 15,1961
2Vi

1 Direct public issues.
Sold on discount basis. See table on Money Market Rates, p. 675.

2

Amount
144
332
647
31
1,449
3,819
927
4,245

Issue and coupon rate
Treasury bonds—Cont.
Aug. 15, 1963
2V
June 15, 1962-67... 2V
Dec. 15, 1963-68... 2V
June 15, 1964-69.
Dec. 15, 1964-69.
Mar. 15, 1965-70.
Mar. 15, 1966-71.
June 15, 1967-72.
Sept. 15, 1967-72.
Dec. 15, 1967-72.
June 15, 1978-83.
Feb. 15, 1995
.3

919
2,368
5,271
3,460 Panama Canal Loan
3
3,806
1,485 Convertible bonds
2,239
Investment Series B
11,177
Apr. 1, 1975-80... 2*4

Amount

6,755
2,114
2,823
3,749
3,824
4,709
2,955
1,862
2,716
3,774
1,605
2,744
50

10,347

3

Not called for redemption on first call date. Callable on succeeding
interest payment dates.
4
Partially tax-exempt.

OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES 1
[On basis of Treasury Survey data. Par value in millions of dollars]
Marketable and convertible securities, by type

Marketable securities, by maturity class

Total

Bills

Certificates

Notes

Market- Conable
vertible
bonds2 bonds

162,216
166,882
166,050
171,137
171 496
170,430

19,515
19,514
20,808
25,179
25,876
25,262

18,405
13,836
16.303
19,023
20,216
19,433

31,960
40,729
35,952
35,294
33,940
34,367

80,474
81,128
81,890
80,878
80,868
80,861

6,985
7,162
8,236
8 242
8,442
8,390

46
40
273
142
308
185

41
8
355
353
392
388

64
119
688
842
899
1,000

3,395
3,556
3,575
3,669
3,654
3,651

Federal Reserve Banks:
1954—jUne 30
1955 j U ne 30
1956 June 30
Dec 31
1957 Feb 28
Mar 31

25,037
23 607
23,758
24 915
22 887
23 149

2,316
886
855
1 918
143
319

6,600
8,274
10,944
10,975
11,367
11,418

13,029
11,646
9,157
9 219
8,574
8,606

3,093
2,802
2,802
2 802
2,802
2,806

Commercial banks:
1954 j U ne 30 . .
1955—June 30
1956 June 30
Dec 31
1957—Feb 28
Mar 31

56 199
55,667
49,673
51 466
50,105
50 547

4,187
2,721
2,181
4 934
3,939
2 944

4,942
1,455
1,004
1,600
1,869
3,027

11,423
15,385
11.620
10,714
10,184
10,559

35,481
35,942
34,712
34,071
33,966
33,873

Mutual savings banks:
1954 June 30
1955—June 30
1956 June 30
Dec 31
1957 Feb 28
Mar 31

8 353
8,069
7,735
7 431
7,527
7,552

98
84
107
131
205
217

101
53
37
24
71
97

221
289
356
312
350
367

Insurance companies:
1954_june 30
1955 June 3 0 . . . <
1956—June 30
Dec 31
1957 Feb 28
Mar 31

13,520
13,117
11,702
11,331
11,343
11,163

622
630
318
349
510
367

209
74
44
66
77
92

Other investors:
1954 June 30
1955—June 30
1956—June 30
Dec. 31
1957—Feb 28
Mar. 31

52,121
59.260
64,947
67,752
71,190
69,629

12,248
15,153
17,074
17,705
20,770
21,230

6,511
3,973
3,919
6,004
6,439
4,411

Type of holder and date

All holders:
1954—jUne
1955—June
1956 June
Dec.
1957—Feb
Mar

30
30
30
31
28
31

U. S. Govt. agencies and trust funds:
1954—June 30
1955 June 30
1956—June 30
Dec 31
1957—Feb 28
Mar. 31

. .

1 Direct public issues.
2 Includes minor amounts of Panama Canal and Postal Savings bonds.
NOTE.—Commercial banks, mutual savings banks, and insurance com-




Total

Within
1 year

1-5
years

5-10
years

Over 10
years

11,861
11,676
11,098
10,763
10,596
10,507

150,354
155,206
154,953
160,374
160,899
159,924

60,123
49,703
58,714
68,557
67,508
66,981

27,965
38,188
31,997
41,021
42,604
42,163

30,542
33,687
31,312
17,893
17,892
17,891

31,725
33,628
32.930
32,904
32,895
32,889

3,439
3,439
3,345
3,236
3,190
3,166

3,546
3,723
4,891
5,006
5,252
5,224

107
74
927
928
1,039
940

205
199
500
708
840
908

494
506
434
317
319
321

2,740
2,944
3.030
3,053
3,055
3,055

25,037
23,607
23,758
24 915
22,887
23,149

16,280
17,405
20,242
22,113
20,085
20,341

6,307
3.773
1,087
373
373
380

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
147
144

56,034
55,503
49,517
51,319
49,958
50,403

17,684
7,187
7,433
11,635
9,851
10,376

14,624
21,712
18,234
24,528
24,836
24,768

18,741
21,110
19,132
10 242
10,350
10 325

4,985
5,494
4.719
4,914
4,920
4 934

6,669
6,422
6,074
5,849
5,790
5,763

1,265
1,222
1,161
1 115
1,111
1,108

7,089
6,848
6,574
6,316
6,416
6,444

294
164
247
241
347
402

476
533
540
1,057
1,082
1,075

1,389
1,405
1,319
659
654
650

4,930
4,746
4.468
4,358
4,333
4,317

691
789
760
781
720
741

8,805
8,479
7,789
7,464
7,413
7,372

3,193
3,145
2,791
2,671
2,622
2,591

10,327
9,972
8,911
8.660
8,722
8,572

1,190
810
632
726
822
709

1,045
1,339
1,192
1,749
1,753
1,740

2,171
2,027
1,802
1,136
1,136
1,121

5,921
5,796
5.285
5,049
5,011
5,003

6,531
12.502
13,371
13,426
13,212
13,094

23,032
23,927
26,896
27,024
27,244
27,396

3,800
3,706
3,646
3.593
3,525
3,497

48,322
55,554
61,301
64,159
67,665
66,131

24,568
24,062
29.233
32,914
35,366
34,212

5,308
10,633
10,443
12,605
13,719
13,292

6,711
7,626
7,612
4,525
4,420
4,461

11,734
13,233
14,013
14,114
14,160
14,166

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.

684

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

Noncorporate

Corporate

Year or
month

New capital

Bonds
Total

FedU.S.
eral
Govt. 3 agency4

State
and
mu- Others
nicipal

Total

Preferred
stock

Total

Publicly
offered

Privately
placed

2,164 1,980
2,667 2,390
6,011 4,855

1,276
1,578
3,851

703
811
1,004

Common
stock

98
167
758

Retirement
of
securities

Retirement
of
bank
debt,
etc. 8

26
28
133

69
144
134

1,695
1,583
4,555

315
637
364
620
363
226
537
535
709
864
'721

New
Total money 7

Miscellaneous
purposes

401
1,271
486
664
260*
1,875
1,227
'364

1939
1941
1945

5.687
15,157
54,712

33^
11 466
47, 353

13
38
506

1,128
956
795

50
30
47

1949
1950
1951
1952
1953
1954
1955
1956

21,110
19,893
21,265
26,929
28,824
29,765
26 772
'22.405

11, 804
9 687
9 778
12 577
13 957

216
30
110
459
106
458
746
169

2,907
3,532
3,189
4,121
5,558
6,969
5 977
'5,446

132
282
446
237
306
289
182
334

6,052
6,361
7,741
9,534
8,898
9,516
10 240
10,939

4,890
4,920
5,691
7,601
7,083
7,488
7 420
r 8,002

2,437
2,360
2,364
3,645
3,856
4,003
4 119
'4,225

2,453
2,560
3,326
3,957
3,228
3,484
3 301
'3,777

425
631
838
564
489
816
635
'636

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

1,877
2,123
2,164
1,972
1,493
1,581
1,892
1,829
r 1,955

453
451
437
484
436
355
414
389
390

60

391
491
736
379
213
336
646
311
427

58
1
'98
3
'40
(9)
58
'5
23

'916
1,180
'893
1,106
'693
'890
'773
1,123
'1,114

673
'977
661
'901
'551
'681
'485
'451
'915

340
686
270
588
250
'514
'315
'179
401

'333
'291
391
'313
'302
167
170
'272
'514

'31
65
50
16
50
33
139
'45
16

'212
139
'182
189
92
176
150
627
'183

'818
1,146
'841
1,063
'654
'838
'745
'1,089
1,088

702
1,105
'782
1,003
'550
'816
660
'1,048
1,049

'116
'41
'59
'60
104
'23
'84
'41
'39

'80
15
'35
'26*
25
'35
111
'211
1H

2,432
2 123

496
386
1 3^7
390

685
569
'503
702

84
53
32
123

1,094
1,116
1,386
922

916
761
1,072
612

641
514
643
385

276
248
429
227

34
26
38
49

144 1,063 1,026
329 1 071
927
276 1,344 1,271
261
827
892

38
144
73
65

11
22
21
9

1956—Apr
Mi ay
June.
July

. .

Sept
Oct
Nov
Dec
1957_jan
Feb
Mar
Apr

r 3,248

2,340

9 6^8
5 517

109

72
203

87
420
110 1,041
397 1,347

325
868
1,080

Proposed uses of nei proceeds, major groups of corporate issuers

Manufacturing

Commercial and
miscellaneous

Transportation

Public utility

Communication

Real estate
and financial

RetireNew
ment of
capital i o securities

RetireNew
ment of
capital10 securities

RetireNew
ment of
capital10 securities

RetireNew
ment of
capital10 securities

RetireNew
ment of
10
secucapital
rities

RetireNew
ment of
10
secucapital
rities

Year or
month

1,347
1,026
2 846
3,712
2,128
2,044
2,397
'3,336

1949
1950
1951
1952
1953
1954
1955
1956
1956

Apr
May.
June
July
Aus
Sept
Oct
Nov
Dec

1957_jan
Feb
Mar
Apr

44
49
221
261
90
190
533
'243

310
474
462
512
502
831
769
'682

28
63
56
24
40
93
51
'51

784
609
437
758
553
501
544
'694

11
196
53
225
36
270
338
20

2,043
1,927
2,326
2,539
2,905
2,675
2,254
'2,474

233
682
85
88
67
990
174
14

517
314
600
747
871
651
1,045
'1,384

'259
'467
'281
'333
196
'206
r
314
147
'526

78
11

1
r(9)

'53
86
54
'36
'37
'63
'37
45
148

1
2
5

'292
335
'226
'237
154
242
'227
153
157

1
r(9)
'6
(9)

19
r
5

'29
'58
'77
'95
'83
36
'31
110
'33

15
'81
11
261
'82
56
68
596
'73

381
543
366
296

8
2
4
4

42
94
32
49

'8
16
10

16
1
21
4
'2
'3
4
5

r
Revised.
1 Estimates of new issues sold for cash in the United States.
Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
3 Includes guaranteed issues.
4
Issues not guaranteed.
5 Represents foreign government, International Bank, and domestic
eleemosynary and other nonprofit organizations.
2




101
31
85
50

247
247
490
355

r
'.

4
(9)

14
16

105
46
281
47

49
81
5
6
3
60
77
'21
(9)
r(9)
r

1
'1
1
1

558
639
449
448
1 536
788
1,812
'1 815

35
100
66
60
24
273
56
'17

170
118
192
'102
102
'236
'68
37
'151

'(9)

187
108
91
94

'4
'2
'7
(9)
(9)

'1
2

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.

685

BUSINESS FINANCE
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
[In millions of dollars]
Annual totals

Quarterly 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.): 1
Sales
Profits before taxes
Profits after taxes
Dividends
Durable goods industries (106 corps.): 2
Sales
Profits before taxes
Profits after taxes
Dividends
Selected industries:
Foods and kindred products (28 corps.):
Sales
Profits before taxes
Profits after taxes
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 69 ,876
8,869 7,308 8,375 7,244 10,250
3,548 3,192 3,649 3,825 5,231
2,075 2,073 2,154 2,384 2,827

71,920 17,017
'9,251 2,407
'4,825 1,218
2,976
659

18,139 18,150 18,457 16,119 19,193 19,764
2,612 2,601 2,507 1,701 '2,441 2,732
915 '1,321 1,394
1,399 1,286 1,303
703
710
723
841
750
1,015

18.916 19,266 20,694 20,620 23,106 '24,778 5,779 6,043 6,095 6,135
873
3,447 2,853 3,028 2,753 3,413 3,459
901
871
895
488
1,533 1,392 1,526 1,581 1,918
497
1,978
484
523
295
925
946 972 1,064 1,202 l,24f
290
283
402
34, 024 35,251 42,649
5,422 4,455 5,346
2,015 1,800 2,123
1,149 1,127 1,182

6,084 '6,464 6,610
808
945
877
466
526
535
305
359
313

37,490 46,770 '47,142 11,238 12,096 12,055 12,321 10,036 '12,730 13,154
4,491 6,836
893 '1,564 1,787
1,537 1,717 1,701 1,634
2,244 3,313 r2',847
815
449
789
734
'794
859
876
1,320 1,625 1,728
418
413
415
376
482
437
613

,909 5,04: 5,411 5,476 5,833 6,305 1,491 1,495 1,535 1,569
462
499
453
123
149
473
558
465
140
128
224
244
203
55
71
227
27:
21
68
66
156
160
154
37
38
159
166
154
39
50

1,561
141
71
41

1,640
145
75
50

5,965 6,373 6,182 7,222 7,726 1,799 1,891 1,879 1,957
385
377
,490 1,259 1,308 1,153 1,535 1,493
390
400
593
486
774
195
194
78'
521
198
210
520
396
499
602
138
141
597
381
134
234
41
6,015 6,556 7ASi 1,632 1,745 1,764 1,742
,078 5,411 5,8
751
854
223
728
841
916
911
218
228
248
567
162
524
624
603
686
560
156
173
176
294
283
82
290
317
346
262
80
83
82

1,889
342
178
143

2,001 2,044
395
389
197
207
150
181

1,770
218
163
89

1,909 2,048
298
226
217
184
93
91

:,507 11,564 13,750 11,522 14,95
1,098 1,14" 1,81 1,357 2,377
790
705 1,195
778
564
377
40'
382
52:
369
i,168 7,077 8,005 7,745 8,477
914
91
,000
971 1,011
465
465
365
40f
375
263
237
281
19:
199

4,340 4,274
679
697
344
378
157
188

1,618
136
64
39

16,065
2,369
1,229
606

3,753 4,030 4,212 4,415
711
693
584
674
362
344
293
348
137
141
118
182

3,098
267
145
140

'9,798
945
460
325

2,095 2.237 2,167 2,463
268
200
224
194
139
75
111
114
82
78
67
81

2,422 '2,746 2,624
235
265
243
126
120
111
79
87
79

1,70' 13,038 16,611 14,137 18,826 16,336 4,246 4,688 4,578 4,195
511
690
,950 1,982 2,078 l,78r 3,023 1,943
589
714
243
709
863 1,394
758
313
'891
71
261
346
164
469
469
536
162
693
656
486
161
309

3,347
272
118
164

4,215 4,993
719
'470
344
'218
167
166

10,391 10 581 10,664 9,371 10,106 10,551 2,632 2,640 2,535 2,704
908 1,341 1,267
343
1,260 ,438 1,436
252
370
353
825
68:
237
693
903
927
874
163
243
264
338
379
116
412
110
328
448
445
78
176
6,058 ,549 7,136 7,588 8,360 '9,059 2,025 2,185 2,398 2,185
592
,740 1,895 2,049 2,304 2,45^
710
48:
536
595
321
94 1,030 1,134 1,244 1,329
'814
374
285
325
256
725
868
780
942 1,013
651
247
253
224

2,590
298
208
70

2,722 2,575
247
375
161
266
124
148

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

3,729
691
341
318

,136 4,525 4,902
787
925 1,050
384
525
45:
355
448
412

' Revised. Revisions for the third and fourth quarters of 1955 and for
the year 1955 are for most of the figures shown.
1
Includes 26 companies in groups not shown separately, as follows:
textile mill products (10); paper and allied products (15); miscellaneous (1).
2
Includes 25 companies in groups not shown separately, as follows:
building materials (12); transportation equipment other than automobile
(6); and miscellaneous (7).
NOTE.—Manufacturing corporations. Sales data are obtained from
the Securities and Exchange Commission; other data from published
company reports.
Railroads. Figures are for Class I line-haul railroads (which account
for 95 per cent of all railroad operations) and are obtained from reports
of the Interstate Commerce Commission.
Electric power. Figures are for Class A and B electric utilities (which
account for about 95 per cent of all electric power operations) and are




425
638
496

5,966
1,430
715
552

1,368 1,419 1,439 1,480
352
339
325
336
176
169
161
169
136
132
126
130

2,175 '2,302 2,478
568
586
720
302
331
382
248
262
269
1,495
359
180
137

1,552 1.560
380 '353
161
190
148
147

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).

686

BUSINESS FINANCE

CORPORATE PROFITS, TAXES, AND DIVIDENDS

NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i

[Department of Commerce estimates. In billions
of dollars}

[Securities and Exchange Commission estimates. In millions of dollars]
All types

Profits Cash Undisdivi- tributed
after
taxes dends profits

Profits
before
taxes

Income
taxes

26.2
40.0
41 2
35.9
37.0
33.2
42.7
43.7

10.4
17.8
22 5
19.8
20.3
16.8
21.5
22.1

15.8
22.1
18.7
16.1
16.7
16.4
21.1
21.7

7.5
9.2
9.1
9.0
9.3
10.0
11.2
12.1

8.3
12.9
9.6
7.1
7.4
6.4
9.9
9.6

1955_4

46.4

23.4

23.0

12.1

10.9

1956—1
2 ..
3
4

43.7
42.9
41.2
46.7

22.1
21.7
20.8
23.6

21.6
21.3
20.4
23.1

11.8
12.2
12.3
11.9

9.8
9.1
8.1
11.2

1957—11

46.5

23.5

23.0

12.3

Bonds and notes

10.7

Year or
quarter
1949
1950
1951
1952 .
1953
1954
1955
1956

.

Year or
quarter

Stocks

New Retire- Net
New RetireNew RetireNet
Net
issues ments change issues ments change issues ments change
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

3,284
2,004
3,577
4,940
4,755
3,799
4,188
5,170

1,865
2,418
3,366
3,335
2,898
3,862
4,903
5,070

292
698
667
348
533
1,596
2,216
1,751

1,572
1,720
2,700
2,987
2,366
2,265
2,687
3,319

1956—1
2
3
4

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
817
650
593

970
1,428
1,531
1,240

1,149
1,122
1,154
1,644

336
671
340
404

813
452
814
1,239

1957—1

3,919

783

3,137 2,630

553

2,077 1,289

230

1,059

1949
1950
1951
1952
1953
1954
1955.
1956

i Reflects cash transactions only. As contrasted with data shown on p. 684, 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. 684.

1
Preliminary estimates by Council of Economic
Advisers.
NOTE.—Quarterly data are at seasonally adjusted
annual rates.

CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
[Securities and Exchange Commission estimates. In billions of dollars]
Current liabilities

Current assets
End of year
or quarter

Net
working
capital

Total

Notes and accts.
receivable

U.S.
Govt.
securities

Cash

U. S.
Govt.2

Federal
income
tax
liabilities

Other

47.9
53.6
57.0
57.3
54.9

9.3
16.7
21 3
18.1
18.7
15.3

14.0
14.9
16.5
18.7
20.7
20.8
22.6
22.3
22.8
22.9
24.0
24.2

Total
U. S.
Govt.2

Other

Other

55.7
58.8
64.6
65.9
67.3

45.3
55.1
64.9
65.8
67.2
64.4

1.4
1.7
2.1
2.4
2.4
2.6

60.7
79.8
92.6
96.1
99.0
93.5

.4
1.3
2.3
2.2
2.4

21.2
24.0

75.6
77.3

66.6
69.1

3.0
2.9

98.7
105.2

2.2
2.3

58.9
62.6

15.1
18.1

21.1
18.0
18.0
19.2

2.3
2.3
2.4
2.6

78.2
79.9
83.6
84.1

72.1
73.9
75.1
76.4

3.2
3.1
3.1
3.0

102.0
101.5
106.2
110.4

2.3
2.5
2.5
2.4

62 0
63.9
65.4
67.3

15.0
12.1
14.2
16.6

133.1
161.5
179.1
186.2
190.9
188.5

26.5
28.1
30.0
30.8
31.2
32.0

16.8
19.7
20.7
19.9
21.6
19.8

1955—3
4

101.5
102.9

200.2
208.1

31.6
32.6

1956—1
2
3
4

104 8
106.4
107.2
108.2

206.8
207.9
213.4
218.6

29.9
30.7
31.2
33.2

1

Other

1.1
2.7
2.8
2.6
2.4
2.2
2.3

72.4
81.6
86.5
90.1
91.8
95.0

1949
1950
1951
1952
1953
1954

Notes and accts.
payable

Inventories

4: .0

3: .5

2 Receivables from, and payables to, the U. S. Government exclude
amounts offset against each other on corporations' books.

Excludes banks and insurance companies.

BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT *
[Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars]
Transportation
Year

1949
1950
1951 .
1952
1953
1954
1955
1956
19574 . .

.

r
1

Total

19.3
20.6
25.6
26.5
28.3
26.8
28.7
35.1
37.4

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
1.1
1.5
1.4
1.3
.9
.9
1.2
1.5

1.2
1.5
.5
.6
1.5
.6
.7
1.8

.9

Revised.
Corporate and noncorporate business, excluding agriculture.
2 Includes trade, service, finance, and construction.




Public Com2
utili- muni- Other
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

Public
All
utiliothers
ties

Quarter

Total

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

I 2
1.3
L5

2.6
2 9
2.7
2.8

1957—U
2M
34.!".'.'.

8.3
9.9
9.6

3.8
4.7
4.5

.7
.9
9

2
.6

2.6
2.6
2 5

3 Includes communications and other.
Anticipated by business.

4

Manufactur- Transing
portaand
tion
mining

Q

s

687

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

All
holders

14.9
13.7
18.7
19.8
20.7
22.0
23.4
25.1
27.4
29.6
26.9
27.4
28.0
28.6
29.2
29.6

1941
1945........
1949
1950
1951
1952
1953
1954
1955
1956"

37.6
35.5

20.7
21.0

2.0
.9

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

1955—Sept..
Dec...

126.2
129.9

96.3
99.4

1956—Mar."
June".
Sept."
Dec.".

133.4
137.4
141.2
144.6

102.3
105.6
108.8
111.4

3.6
3.0
3.1
3.2
3.2
3.3
3.6

1957—Mar.^

147.2

113.2

4.0

30.0

Farm

1- to 4-family houses

Multi-family and
commercial properties 1

Total

Financial
institutions

Other
holders

Financial
institutions

31.2
30.8
57.1
66.7
75.6
84.2
93.6
105.5
120.9
134.9

18.4
18.6
37.6
45.2
51.7
58.5
66.1
75.7
88.2
99.1

11.2
12.2
28.5
35.4
41.1
46.8
53.6
62.5
73.8
83.6

7.2
6.4

117.4
120.9
124.2
128.0
131.6
134.9
137.4

85.6
88.2
90.8
93.7
96.6
99.1
101.1

p
1

Preliminary.
Derived figures, which include negligible amount of farm loans held
by savings and loan associations.
2 Derived figures, which include debt held by Federal land banks and
Farmers Home Administration.
NOTE.—Figures for first three quarters of each year are Federal Reserve
estimates. Financial institutions include commercial banks (including
nondeposit trust companies but not trust departments), mutual savings
banks, life insurance companies, and savings and loan associations.

Total

9.1
9.8
10.7
11.7
12.5
13.2
14.4
15.6

12.9
12.2
19.5
21.6
23.9
25.7
27.5
29.8
32.7
35.8

71.4
73.8
76.2
78.8
81.4
83.6

14.2
14.4
14.6
14.9
15.1
15.6

85.1

16.0

Other
holders

All
holders

12.3
14.0
15.9
17.2
18.5
20.0
21.9
23.9

4.8
4.7
7.2
7.6
8.0
8.4
9.0
9.8
10.8
11.9

6.4
4.8
5.6
6.1
6.6
7.2
7.7
8.2
9.0
9.7

31.8
32.7
33.4
34.3
35.1
35.8

21.4
21.9
22.4
23.0
23.5
23.9

10.5
10.8
11.0
11.3
11.6
11.9

9.0
9.2
9.5
9.6
9.7

36.2

24.2

12.0

Financial
Other
insti- holders*
tutions

9.8

7.4

1.5
1.3

4.9
3.4

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

3.6
3.6

5.2
5.3

3.7
3.8
3.9
3.9

5.5
5.6
5.7
5.8

3.9

6.0

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*
[In millions of dollars]
Commercial bank holdings2
End of year
or quarter

Residential

Residential
Total
Total

1941
1945

FHAinsured

4,906
4,772

1949
1950
1951
1952
1953..
1954
1955
1956"

11 644
13,664
14,732
15,867
16,850
18,573
21,004
22,719

8 676
10,431
11,270
12,188
12,925
14,152
15,888
17,004

1955—Sept .
Dec

20,540 15,560
21,004 15,888

3',675
3,912
4 106
4,560
4 803
4,475
4,560

1956— Mar
June
Sept
Dec

21,450
21,990
22,500
22,719

16,180
16,500
16,860
17,004

1957—Mar."

22,670 16,905

VAguaranteed

Conventional

3,292
3,395

p




Other
nonfarm

1,048
856

Farm

Total

566
521

4,812
4,208

909

Total

FHAinsured

VAguaranteed

Conventional

3,884
3,387

6,705
8,261
9,916
11,379
12,943
15,007
17,457
19,745

Other
nonfarm

Farm

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

1,280
1,297

5,569
7,054
8,595
9,883
11,334
13,211
15,568
17,703
16,845 14,985
17,457 15,568

900
797
J 099
1,164
1,274
1,444
1,556
740
,831
1,984

28
24

4,090
4,150

5,360
5,773

5,535
5,645

1,801
1,831

59
58

18,045
18,610
19,225
19,745

3,012
3,061
3,350
3,711
3,902

5,501
5,951
6 695
7,617
8 300

3,675
3,711

7,410
7,617

2 060
2,264
2,458
2,621
2,843
3,263
3,819
4,379
3,700
3,819

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

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
.984

62
68
63
59

4,775

3,825

8,305

4,430

1,335 20,105 18,045

4,450

7,360

6,235

2,000

60

"2,921 '4^929

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

968
1,004
1,058
1,082
1,159
1,297
1,336

37

44
47
53
53
56
58
59

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.

688

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
Total

FHAinsured

VAguaranteed

Farm

Total

1941
1945

976

1949
1950
1951
1952
1953
1954
1955
1956

3,430
4,894
5,134
3,978
4,345
5,344
6,623
6,686

3,123
4,532
4,723
3,606
3,925
4,931
6,108
6,179

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

516
618
546
567
546
454
557
562
554

470
568
507
533
508
430
527
529
517

68
92
58
84
64
51
69
60
55

134
140
136
138
131
102
136
120
133

553
402
429
454

512
356
376
419

51
43
43
49

141
98
73
93

1956—Apr
May
June
July
Sent
Oct
Nov
Dec

.

.

.

.

1957_jan
Feb
Mar
Apr

Total

Other

FHAinsured

VAguaranteed

Farm
Other

4,714
4,466

913
776

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

6,535
6,574
6,584
6,608
6,621
6,614
6,632
6,649
6,654

6,571
6,665
6,764
6,872
6,957
7,044
7,131
7,214
7,318

15,195
15,373
15,536
15,708
15,876
15,998
16,175
16,380
16,574

2,350
2,379
2,400
2,424
2,443
2,455
2,461
2,466
2,471

6,658
6,671
6,666
6,671

7,420
7,493
7,556
7,603

16,732
16,837
16,957
17,060

2,469
2,478
2,493
2,506

6,442
6,636

5,529
5,860

815
1,394

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

268
336
313
311
313
277
322
349
329

46
50
39
34
38
24
30
33
37

30,651
30,991
31,284
31,612
31,897
32,111
32,399
32,709
33,017

28,301
28,612
28,884
29,188
29,454
29,656
29,938
30,243
30,546

320
215
260
277

41
46
53
35

33,279
33,479
33,672
33,840

30,810
31,001
31,179
31,334

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 i

1941.
1945.

1,379
1,913

1949.
1950.
1951.
1952.
1953.
1954.
1955.
1956.

New
construction

Home
purchase

Total 2

437
181

581
1,358

1,083
1,767
1,657
2,105
2,475
3,076
4,041
3,771

1,559
2,246
2,357
2,955
3,488
3,846
5,241
4,727

11,616
13,657
15,564
18,396
21,962
26,194
31,461
35,870

932
986
976
949
1,037
850
922
784
710

359
356
349
341
358
292
323
277
250

388
434
449 33,740
439
483
397 34,939
422
360
320 35^870

714
709
842
899

245
243
298
317

326
318
366 36,734
391

VAConvenguaranteed tional 2

4,578
5,376

3,636
5,237
5,250
6,617
7,767
8,969
11,432
10,545

FHAinsured

By type of lender
(without seasonal adjustment)

Total
Year or
month

Seasonally
adjusted i

Without
Savseasonal ings &
adjustloan
ment 2
assns.

Insurance
companies

Commercial
banks

Mutual
savings
banks

1941.,
1945.,
717
848
866
904
1,048
1,172
1,405
1,492

2,586
2,973
3,133
3,394
3,979
4,721
5,891
6,664

8,313
9,836
11,565
14,098
16,935
20,301
24,165
27,714

4,732
5,650

1,490
2,017

404
250

1,165
1,097

218
217

1949.,
1950.
1951.
1952.
1953.
1954.
1955.
1956.

11,828
16,179
16,405
18,018
19,747
22,974
28,484
27,088

3,646
5,060
5,295
6,452
7,365
8,312
10,452
9,532

1,046
1,618
1,615
1,420
1,480
1,768
1,932
1,799

2,446
3,365
3,370
3,600
3,680
4,239
5,617
5,458

750
1,064
1,013
1,137
1,327
1,501
1,858
1,824

2,325
2,327
2,316
2,329
2,266
2,250
2,174
2,119
2,094

2,269
2,434
2,417
2,374
2,544
2,185
2,425
2,108
1,951

827
872
877
851
921
779
848
717
660

148
158
165
159
163
139
154
136
138

470
508
494
464
508
441
475
408
366

128
152
162
168
181
163
183
152
148

2,056
2,050
2,011

1,942
1,749
1,937
2,044

659
644
744
798

134
105
115
116

353
308
334
357

117
96
99
110

1956
Apr..
May.
June.
July. ,
Aug..
Sept..
Oct..
Nov..
Dec.

1956
1,458

6,338 25,944

1,476

6,530 26,933

* i i 492 ' ^ 664

Apr..,
May.
June.
July.
Aug..
Sept.,
Oct..
Nov.,
Dec.

1957
Jan...
Feb..
Mar..
Apr..

1957
1,509

6,796 28,429

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.




Jan.
Feb..
Mar..
Apr..

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.

689

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
mort-1
gages

Property
improve- Total 3
ment
loans 2

Home
mortgages
New
properties

Governmentunderwritten
End of
year or
quarter

Existing
properties

Conventional

Total

Total

1945

665

257

217

20

171

192

1949
1950
1951
1952
1953
1954
1955
1956

3,826
4,343
3,220
3,113
3,882
3,066
3,807
3,461

,319
,637
,216
969
,259
,035
,269
,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—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

253
270
280
279
312
278
341
279
249

87
87
86
83
97
82
96
89
76

116
123
121
125
141
122
134
124
98

4
2
10
10
8
15
26
4
27

46
59
62
61
67
59
86
62
48

493
469
421
465
505
508
501
462
472

333
307
265
291
320
321
331
315
321

1957_j a n
Feb
Mar
Apr

300
266
317
264

87
74
75
68

107
85
86
90

29
50
96
41

77
56
60
66

555
431
380
350

393
316
285
271

FHA- VAinguarsured anteed

1945

18.6

4.3

.2

14.3

159
162
155
174
184
186
169
146
150

1949
1950 . .
1951
1952
1953
1954
1955 . .
1956*

37.6
45 2
51.7
58 5
66.1
75.7
88 2
99.1

15.0
18 9
22.9
25 4
28.1
32.1
38 9
43.9

8.1
8 6 10.3
13.2
9.7
10 8 14 6
12.0 16.1
12.8 19.3
14.3 24.6
15.5 28.4

22.6
26.3
28.8
33.1
38.0
43.6
49.3
55.2

1955—Sept
Dec

85.6
oo 2

37.0
38.9

13.9
14.3

23.1
24.6

48.6
49.3

162
113
94
78

1956— Mar.*....
June*....
Sept.*
Dec*

90.8
93.7
96.6
99.1

40.2
41.3
42.4
43.9

14.7
15.0
15.2
15.5

25.5
26.3
27.2
28.4

50.6
52.4
54.2
55.2

1957—Mar.*.... 101.1

45.1

15.7

29.4

56.0

1 Monthly figures do not reflect mortgage amendments included in annual totals.
These loans are not ordinarily secured by mortgages.
Includes a small amount of alteration and repair loans, not shown separately; only such
loans in amounts of more than $1,000 need be secured.
NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed
loans, gross amount of loans closed. Figures do not take account of principal repayments
on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type
are derived from data on number and average amount of loans closed.
Sources.—Federal Housing Administration and Veterans Administration.
2
3

4.1
6.9

* 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 ACTIVITYi

FEDERAL HOME LOAN BANK LENDING

[In millions of dollars]

[In millions of dollars]

Mortgt ige holdings
End of year
or month
Total

1949
1950
1951
1952
1953
1954
1955
1956

828

1,347
1,850
2,242
2,462
2,434
2,615
3,047

1956 May
June
July
Aus

Sept
Oct
Nov

Dec
1957_jan
Feb
Mar

Apr
Mav

Purchases

Sales

Commitments
undisbursed

425

672

1,177
1,646
1,922
1,841
1,632
1,714
2,069

1 044
677

20
469
111

824
485
239

538
542
614
411
609

56
221
525
62
5

323
638
476
16
360

25
40

1

FHAinsured

VAguaranteed

403
169
204

320
621
802
901
978

2,677
2,704
2,729
2,758
2,781
2,838
2 953
3,047

907
915

3,182
3 295
3,409
3,491
3,551

[,009

915

919
920
934
957
978
026

1,053
1,074
,087

Mortgage
transactions
(during
period)

1,769
1,789
1,814
1,839
1,861
1,904
1,996
2,069
2,173
2 269
2,356
2,417
2,464

81
92
91

1
1
1

92
130
232
317
360

147

411

129

436

127
95

483
493

75

1

518

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.




Repayments

Advances outstanding
(end of period)
Total

1945

43

46
40
69
129
109

Year or month

Advances

Shortterm 1

Longterm 2

278

213

195

176

19

256
675
423
586
728
734
1,251
745

337
292
433
528
640
818
702
934

433
816
806
864
952
867
1,417
1,228

231
547
508
565
634
612
991
798

202
269
298
299
317
255
426
430

1956—May
June.
July
Aug
Sept
Oct
Nov
Dec..

44
99
93
66
72
67
59
121

48
49
159
57
46
61

1,123

697
730
700
713
741
752

427
443
408
403
401
397

47

l,$08
1,116
1,142
1,148
1,153
1,228

1957_jan
Feb
Mar
Apr..
May

77
30

267
91

68

83

73
73

62
52

1949
1950
1951
1952
1953...
1954
1955
1956

1
2

54

756

397

798

430

1,038
976

660
601

378
375

961

563

398

971
993

544
559

427
434

Secured or unsecured loans maturing in one year or less.
Secured loans, amortized quarterly, having maturities of more than
one year but not more than ten years.
Source.—Federal Home Loan Bank Board.

690

CONSUMER CREDIT
CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars]
Instalment credit
Total

End of year or month

Total

Automobile
paper i

Other
consumer
goods
paper i

Noninstalment credit

Repair
and modernization
loans 2

1939
1941
1945

7,222
9 172
5,665

4,503
6.085
2,462

1,497
2,458

1,620
1 929

298
376

455

816

182

1949
1950
1951
1952
1953
1954
1955
1956

17,305
21 395
22 617
27,401
31 243
32,292
38,648
41,863

11,590
14 703
15,294
19.403
23 005
23,568
29,020
31,552

4,555
6 074
5,972
7,733
9,835
9,809
13,468
14,436

3,706
4 799
4,880
6,174
6 779
6,751
7,626
8,139

898
016

38,222
38,919
39,454
39 478
39,878
40 074
40 196
40,631
41,863

29,419
29.763
30,084
30,297
30,644
30 707
30,811
31,024
31,552

13,892
14,059
14,255
14,381
14,530
14 533
14,478
14.449
14,436

7,337
7,401
7,417
7,421
7,493
7 497
7.601
7,752
8,139

,643
,677
,700
710
,734
I 758

40 916
40,513
40 503
41,015

31,298
31,233
31 273
31,532

14,389
14,410
14,501
14,659

7,938
7,805
7 698
7,671

772
,759

1956

Apr
May
June
July
Aug
Sept
Oct

.. .

Nov

Dec
1957—Jan
Feb
Mar

Apr
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 2
part for business.
Represents repair and modernization loans held by financial institutions ; holdings of retail outlets are included in other consumer goods paper.

,085
1,385
610
616

,670
,793

781

.797
,793

754
760

Personal
loans

Total

Singlepayment
loans

Charge
accounts

Service
credit

1,088
1 322
1,009

2,719
3 087
3,203

787
84-5
746

1.414
1 645
1 612

518
597

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

6,547
6,626
6,712
6 785
6.887
6 919
6,951
7,026
7,184

8,803
9,156
9,370
9,181
9,234
9 367
9,385
9,607
10,311

3,094
3 258
3,335
3 261
3,295
3 361
3 310

3,401
3,421

3.531
3 701
3,804
3 674
3 696
3 780
3 875
4.029
4,702

2,178
2 197
2,231
2 246
2 243
2 226
2 200
2,177
2,188

7 199
7,259
7 320
7,442

9 618
9,280
9 230
9,483

3 360
3,433
3 527
3,536

4 085
3,662
3 500
3,687

2 173
2,185
2 203
2,260

845

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
End of year
or month

Total
instalment
credit

Total

Commercial
banks

Sales
finance
companies

Credit
unions

Retail outlets
Consumer
finance
companies *

Department
stores 2

Furniture
stores

Household
appliance
stores

Automobile
dealers 3

1,605
686

354
320
131

439
496
240

183
206
17

123
188
28

339
395
270

Other i

Total

657
759
629

1,438

Other

1939
1941
1945

4,503
6,085
2,462

3,065
4,480
1,776

1,079
1,726
745

1,197
1,797
300

132
198
102

1949
1950
1951
1952
1953
1954
1955
1956

11,590
14,703
15,294
19,403
23,005
23,568
29,020
31,552

9,257
11,805
12,124
15,581
18,963
19,450
24,441
27,038

4,439
5,798
5,771
7,524
8,998
8,796
10,601
11,682

2,944
3,711
3,654
4,711
5,927
6,144
8,443
9,100

438
590
635
837
,124
,342
,680
,048

1,286
1,555
1,866
2,137
2,257
2,656
3,049

1,436
420
509
643
777
911
,061
,159

2,333
2.898
3,170
3,822
4,042
4,118
4.579
4,514

596
746
924
,107
,064
,242
,511
,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

1956— Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.

29,419
29,763
30,084
30,297
30,644
30,707
30,811
31,024
31,552

25,208
25,528
25,963
26,193
26,475
26,551
26,635
26,846
27,038

11,009
11,170
11,394
11,476
11,548
11,548
11,606
11,634
11,682

8,575
8,641
8,765
8,849
8,953
8,989
8,973
9,075
9,100

,767
,806
,848
,880
,933
,960
,994
2,021
2,048

2,773
2,805
2,845
2,880
2,920
2.924
2,938
2,961
3,049

,084
,106
,111
,108
,121
,130
,124
,155
,159

4,211
4,235
4,121
104
169
156
176
178
4,514

,380
,389
,247
,239
,286
,269
,269
,230
,407

974
971
973
967
973
970
974
988
1,020

349
351
354
359
365
368
368
373
378

548
554
562
568
575
576
574
573
572

960
970
985
971
970
973
991
1,014
1,137

1957—Jan..
Feb..
Mar.
Apr.

31,298
31,233
31,273
31,532

26,931
26,967
27,101
27,493

11,616
11,641
11,711
11,960

9,077
9,035
9,048
9,104

2.045
2,074
2,108
2,154

3.041
3,051
3,056
3,095

,152
,166
,178
,180

4,367
4,266
4,172
4,039

.380
,345
,298
,170

975
957
936
922

364
362
357
354

568
568
570
575

1,080
1,034
1,011
1,018

1
Consumer finance companies included with "other" financial institutions until September 1950.
2 Includes mail-order houses.




3 Represents automobile paper only; other instalment credit held by
automobile dealers is included with "other" retail outlets.

691

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 mil lions of dollars]
Automobile
paper

Repair
and
modernization
loans

Personal
loans

Purchased

Direct

Other
consumer
goods
paper

1,079
1,726
745

237
447
66

178
338
143

166
309
114

135
161
110

363
471
312

1949
1950
1951
1952
1953
1954
1955 .
1956

4,439
5,798
5,771
7,524
8,998
8,796
10,601
11,682

849
1,177
1,135
1,633
2,215
2,269
3,243
3,579

946
1,294
1,311
1,629
1,867
1,668
2,062
2,181

1,016
1,456
1,315
1,751
2,078
1,880
2,042
2,388

715
834
888
1,137
1,317
1,303
1,338
1,429

913
1,037
1,122
1,374
1,521
1,676
1,916
2,105

1956—Apr
May
June
July

11,009
11,170
11,394
11,476
11,548
11,548
11,606
11,634
11,682

3,403
3,462
3,521
3,560
3,598
3,591
3,584
3,578
3,579

2,167
2,193
2,207
2,210
2,218
2,199
2,180
2,177
2,181

2,118
2,155
2,265
2,276
2,266
2,271
2,335
2,364
2,388

1,313
1,335
1,356
1,367
1,384
1,403
1,421
1,430
1,429

2,008
2,025
2,045
2,063
2,082
2,084
2,086
2,085
2,105

11,616
11,641
11,711
11,960

3,584
3,611
3,649
3,713

2,198
2,216
2,258
2,313

2,306
2,290
2,275
2,359

1,413
1,399
1,392
1,397

2,115
2,125
2,137
2,178

End of year
or month

1939
1941
1945

Sept
Oct
Nov
Dec
1957_jan
Feb

Mar
Apr

Total
instalment
credit

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

8,575
8,641
8,765
8,849
8,953
8,989
8,973
9,075
9,100

7,037
7,099
7,199
7,264
7,344
7,366
7,333
7,305
7,283

1,024
1,021
1,039
1,049
1,061
1,071
1,083
1 202
1,227

24
24
24
24
24
23
24
24
23

490
497
503
512
524
529
533
544
567

9,077
9,035
9,048
9,104

7,222
7,190
7,190
7,212

1,261
1,247
1,255
1,279

23
23
22
22

571
575
581
591

1956 Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

. .

1957_jan
Feb
Mar
Apr

Automobile
paper

Other
consumer
goods
paper

Repair
and
modernization
loans

Personal
loans

1939
1941
1945

789
957
731

81
122
54

24
36
20

15
14
14

669
785
643

1949
1950
1951
1952
1953
1954
1955
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—Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.

5,624
5,717
5,804
5,868
5,974
6,014
6,056
6,137
6,256

737
751
766
779
795
801
807
816
821

532
544
554
560
572
575
581
581
582

306
318
320
319
326
332
336
343
341

4,049
4,104
4,164
4,210
4,281
4,306
4,332
4,397
4,512

1957—Jan..
Feb.
Mar.
Apr.

6,238
6,291
6,342
6,429

817
825
834
846

572
570
566
569

336
337
340
341

4.513
4,559
4,602
4,673

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

NONINSTALMENT CREDIT, BY HOLDER
[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

1
2nd of year

or month

Total
noninstalment
credit

Financial
institutions
(single-payment loans)
Commercial
banks

1939.
1941.
1945.

2,719
3,087
3,203

625
693
674

1949.
1950.
1951.
1952.
1953.
1954
1955.
1956.

5 715
6,692
7,323
7,998
8,238
8,724
9 628
10,311

1 334
1,576
1,684
1,844
1,899
2,096
2 635
2,975

1956—Anr
May

Sent
Oct
Nov
Dec

8,803
9,156
9 370
9,181
9,234
9,367
9,385
9,607
10 311

1957_Jan
Feb
Mar
Apr

9,618
9,280
9,230
9,483

July

i Includes mail-order houses.

Other

Retail
outlets
(charge
accounts)
Department
stores i

Service
credit
Other

1,178
1,370
1,322

518
597
845

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

374
492
455
376
401
435
413
507
446

573
585
574
523
531
588
612
672
895

2,958
3,116
3 230
3,151
3,165
3,192
3,263
3,357
3 807

2,178
2,197
2.231
2,246
2,243
2,226
2,200
2,177
2,188

400

728
617
571
597

3 357
3,045
2 929
3,090

2,173
2,185
2,203
2,260

162

236

152
72
198
245
250
276
288
312

275
290

357
446

2.720
2,766
2 880
2,885
2,894
2,926
2,897
2,894
2 975
2 960
2,983
3 007
3,055

450
520
481

587
650
698
728
772
793

692

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]

Adjusted

Other consumer
goods paper

Automobile paper

Total
Year or month

Unadjusted

Adjusted

Unadjusted

Adjusted

Unadjusted

Repair and
modernization loans
Adjusted

Unadjusted

Personal loans
Adjusted

Unadjusted

Extensions
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

1949
1950
1951
1952
1953
1954
1955
1956

4,542
5,043
6,294
7,347
8,006
8,866
10,411
11,606

734
835
841
1,217
1,344
1,261
1,359
1,448

5,865
7,150
7,485
9,186
9,227
9,117
10,615
11,015

1956—Apr..
May.
June.
July.,
Aug..
Sept..
Oct..
Nov..
Dec.

3,402
3,255
3,049
3,293
3,350
3,153
3,363
3,453
3,368

3,329
3,470
3,390
3,316
3,504
2,981
3,382
3,387
3,735

,324
,250
,175
,246
,258
,191
,308
,354
,311

1,345
1,407
1,391
1,337
1,393
1,150
1,284
1,225
1,195

966
930
839
925
951
883
942
973
939

894
949
883
872
952
840
1,010
1,037
1,266

128
132
115
121
122
117
125
120
108

123
145
128
127
137
125
140
125
100

984
943
920
1,001
1,019
962
988
1,006
1,010

1,022

1957_j a n ..
Feb..
Mar..
Apr..

3,512
3,496
3,299
3,505

3,079
2,954
3,319
3,558

,477
,426
,324
,389

1,258
1,214
1,374
1,460

899
914
878
896

111
727
809
856

119
120
115
118

91
93
105
116

1,017
1,036
982
1,102

953
920
1,031
1,126

967
969
988
980
866
948
1,000

1,174

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

5,430
7,011
9,058
10,003
10,879
11,833
13,084
14,565

5,060
6,057
7,404
7,892
8,622
9,145
9,740
10,502

4,335
4,660
5,751
6,593
7,336
8,255
9,547
10,678

689
111
111
917
1,119
1,255
1,305
1,325

1956—Apr..
May.
June.
July..
Aug..
Sept..
Oct..
Nov..
Dec.

3,142
3,060
3,006
3,158
3,145
3,085
3,182
3,160
3,185

3,022
3,126
3,069
3,103
3,157
2,918
3,278
3,174
3,207

,256
,224
,156
,227
,212
,184
,283
,231
,236

1,196
1,240
,195
,211
,244
,147
,339
,254
,208

869
857
868
890
891
892
882
904
918

857
885
867
868
880
836
906
886
879

118
111
104
121
112
104
113
105
104

111
111
105
117
113
101
117
109
104

899
868
878
920
930
905
904
920
927

858
890
902
907
920
834
916
925
1,016

1957_jan..
Feb..
Mar..
Apr.,

3,311
3,214
3,160
3,301

3,333
3,019
3,279
3,299

,326
,286
,244
1,317

,305
,193
,283
,302

935
874
875
860

978
860
916

110
112
106
114

112
106
110
110

940
942
935
1,010

938
860
970
1,004

Change in outstanding credit1
+2,594
+3,113
+591
+4,109
+3,602
+563
+5,452
+2,532

1949....
1950
1951
1952
1953
1954
1955
1956

+ 1,537
+ 1,519
-102
+ 1,761
+2,102
-26
+ 3,659
+968

1956—Apr..
May.
June.
July.,
Aug..
Sept..
Oct..
Nov..
Dec.

+260
+ 195
+43
+ 135
+205
+68
+ 181
+293
+ 183

+ 307
+344
+321
+213
+347
+63
+ 104
+213
+528

+68
+26
+ 19
+ 19
+46
+7
+25
+ 123
+75

+ 149
+ 167
+ 196
+ 126
+ 149

1957—Jan..
Feb..
Mar.
Apr..

+201
+282
+ 139
+204

-254
-65
+40
+259

+ 151
+ 140
+ 80
+72

1

-55
-29
-13

+97
+73
-29
+ 35
+60
-9
+60
+69
+21

-47
+21
+91
+ 158

-36
+40
+3
+ 36

+3

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




+ 805
+ 1,093
+ 81
+ 1,294
+605
-28
+875
+513
+ 37
+64
+ 16
+4
+72

+45
+ 118
+69
+ 300
+225
+6
+54
+ 123

+207
+ 383
+543
+754
+670
+611
+864
+928

+ 12
+ 34
+23
+ 10
+24
+24
+23
+ 16
-4

+85
+75
+42
+81
+89
+57
+84
+86
+83

+ 109
+79
+86
+73

+ 104
+ 151
+387

+ 10
+21
+ 11
0
+ 10
+ 13
+ 12
+ 15
+4

-201
-133
-107
-27

+9
+8
+9
+4

-21
-13
-5

+77
+94
+47
+92

+ 15
+60
+61
+ 122

+4

+6

+ 102
+ 32
+32
+75
+ 158

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.

693

CONSUMER CREDIT
INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER
[Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment
of monthly figures for seasonal variation and differences in trading days]
Total
Year or month
Adjusted

Commercial banks
Unadjusted

Adjusted

Unadjusted

Other financial
institutions

Sales finance
companies
Adjusted

Unadjusted

Adjusted

Unadjusted

Retail outlets
Adjusted

Unadjusted

Extensions
18,108
21,558
23,576
29,514
31,558
31,051
39,128
39,602

1949
1950
1951
1952
1953
1954
1955
1956
1956—Apr
May

June
July
Aug . .
Sept
Oct
Nov
Dec

.

1957_Jan.i
Feb

Mar
Apr. i

....

'

6,543
8,135
8,358
11,123
12 099
11,267
14,109
14,428

4,296
5,098
5,467
6,982
7 560
7,260
10,200
9,600

3,305
3,826
4,788
5,659
6 375
6,983
8,434
9,426

3,402
3,255
3,049
3,293
3,350
3,153
3,363
3,453
3,368

3,329
3,470
3,390
3,316
3,504
2,981
3,382
3,387
3,735

1,299
1,178
1,182
1,218
1,174
1,135
1,259
1,221
1,235

1,308
1,279
1,324
1,231
1,232
1,070
1,244
1,148
1,193

787
770

769
842

716
752
772

847
819
871

740
817

722
821

929
798

881
785

780
775
751
811
846
770
793
835
796

3,512
3,496
3,299
3,505

3,079
2,954
3,319
3,558

1,285
1,265
1,150
1,286

1,204
1,105
1,208
1,347

955
840
834
850

785
691
821
855

818
845
817
878

766
800

3,964
4,499
4,963
5,750
5,524
5,541
6,385
6,148
536
532

486
549

803
795
844

400
512
558

416
471
557

707
774

508
494

482
543

835
939

468
539

523
818

742
750
842
894

454
546
498
491

408
448
462

348

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

5,633
6,776
8,385
9,370
10,625
11,469
12,304
13,347

3,011
3,404
4,385
5,012
5,683
6,511
7,547
8,567

3,363
4,331
5,524
5,925
6,344
7,043
7,901
8,943

3,507
3,934
4,691
5,098
5,304
5,465
5,924
6,213

1956—Apr . . .
May
June
July
Aug
Sent
Oct
Nov
Dec . .

3,142
3,060
3,006
3,158
3,145
3,085
3,182
3,160
3,185

3,022
3,126
3,069
3,103
3,157
2,918
3,278
3,174
3,207

1,126
1,092
1,077
1,148
1,146
1,122
1,162
1,122
1,163

1,095
1,118
1,100
1.149
,160
,070
,186
,120
,145

761
775
699
763
746
706
789
756
763

720
776
723
735
767
686
837
779
760

720
690
699
746
751
723
718
748
738

690
707
716
731
738
667
732
754
820

535
503
531
501
502
534
513
534
521

517
525
530
488
492
495
523
521
482

1957_jan i
Feb
Mar
Apr i . . .

3,311
3,214
3,160
3,301

3,333
3,019
3,279
3,299

1,183
1,153
1,107
1,166

[,195
,080
,138
.182

846
790
773
814

808
733
808
799

766
758
767
811

760
697
791
807

516
513
513
510

570
509
542
511

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 Apr
May
June
Julv
Aug
Sept
Oct
Nov
Dec

1957 Jan i
Feb
Mar
Apr i

+260
+ 195
+43
+ 135
+205
+68
+ 181
+293
+ 183

+ 307
+ 344
+ 321
+213
+ 347
+63
+ 104
+213
+528

+ 173
+ 86
+ 105
+70
+28
+ 13
+97
+99
+72

+213
+ 161
+224
+82
+72

+201
+282
+ 139
+204

-254

+28
+ 112
+43
+204

-65

+40
+259

+294
+422
+403
+647
+692
+472
+ 887
+ 859

-57

+ 1,057
+ 1,216
+217
+2,299
+657

+ 58
+28
+48

+ 17
-11
+26
+ 34
+28
+ 173
+35

+49
+66
+ 124
+ 84
+ 104
+ 36
-16
+ 102
+25

+60
+85
+52
+65
+95
+47
+75
+87
+58

+76
+93
+87
+64
+ 106
+40
+42
+ 81
+ 119

-66
+25
+70
+ 249

+ 109
+ 50
+61
+ 36

-23
-42
+ 13
+56

+52
+ 87
+50
+67

-18
+ 53
+ 51
+ 87

0

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
credit extended, 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

+910
+ 1,359
-27
+ 1,753
+ 1,474
-202
+ 1,805
+ 1,081
+26

+457
+ 565
+272
+652
+220
+76
+461
-65

+1

-31
+24
-114
-17
+65
-13
+20

+29
-131
+ 11
+ 56
-26
-19
-66
+ 18

+ 336

+ 12
+ 33

-147
-101

+2

-15

-94

-103

-133

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.

694

BUSINESS ACTIVITY
SELECTED BUSINESS INDEXES
[Indexes, 1947-49= 100. The terms *adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Construction
contracts
awarded (value)1

Industrial production
(physical volume)*

Employment and payrolls2

Manufactures
Year
or month

Min

Total
Total

Nondurable

Durable

erals

Total

Residential

All

other

Nonagricultural
employment

Manufacturing
production workers
Employment

DepartFreight ment
Con- Wholecarstore sumer
sale
load- sales* prices 2 comings* (retail
modity
value)
prices2

Payrolls

AdAdAdAdAd- Unad- Unad- AdAd- Unad- AdAdAdAdjusted justed justed justed justed justed justed justed justed justed justed justed justed justed
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

52
49
53
60

48
50
51
56

63
64
63

69
69

68
59

67
68
70

51

63

73
71
76
52
30

31
19
24
30

48
42
48
49

51
42
48
51

34
15
14
17

46

38

55

55

20

22
8
7
7
13

55
60
46

49
55
35
49
63

61
64
57
66
69

63

71
62
68
76

30

32
35
39
44

22

84

81

103
99

66
89
37
22
36

54
49
24
10
16

82
84

87
86

102
113

159

98
116
185

79 94.4
83 99.4
105 101.6
111 99.0
142 102.3

171
183
192
215
261

170
183
178
232
280

183 110.4
201 113.6
204 r 110.7
248 114.4

1919
1920
1921
1922
1923
1924
1925

39
41
31
39
47
44
49

1926
1927
1928
1929
1930.

51
51
53
59
49

50
50
52

1931
1932
1933
1934
1935

40
31
37
40

47

39
30
36
39

56

1936
1937
1938
1939
1940

«

38
39
30
39

45
43
48

58
48

61
48
58
67

57
66

45

1941
1942
1943.
1944
1945

87
106
127
125
107

110

91
126
162
159
123

1946
1947
1948
1949.
1950

90
100
104
97

90
100

86
101

103
97

112

113

120
124
134
125
139
143

121
125
136
127
140

144

159

144
141
141
128
142
146
151

144
143
142
138
144
146
147

. .

1951
1952.
1953
1954
1955
1956

88
110

133
130

93

84

96

87
93
92

104
95
116

95
99
102
99
111

91
100
106
94
105

128

114

136
153
137
155

114
118
116
126

115
114
116
111
122

129

129

159

130

129

157
157
148
158
162
163
165

129
128
128
130
130
131
129

128
129
123
130
131
131

73
49

25
27

37
43

61.3
61.9
55.2
58.5
64.3
63.5
65.2

68.7
69.0
52.8
58.4
66.9
62.1
64.2

67 5
67.9
67.9
71.0
66.6

65.5
64.1
64.2
68.3
59.5

41
20
18
24

60.3
53.4
53.6
58.8
61.3

50.2
42.6
47.2
55.1
58.8

21.5
14.8
15.9
20.4

35
36
40

65.8
70.2
66.1
69.3
73.3
82.8
90.9
96.3
95.0
91.5

63.9
70.1
59.6

27 2
32.6
25.3
29.9
34.0

32
43
42
46
59

70
62

25

40
44
74
116

45
30
50

31.1
37.1
24.0

25.7
32.6
30.4
32.1
33 0
32.4
32.8
35 0
28.3

23.5

66.2
71.2
87.9 49.3
103.9 72 2
121.4 99.0
118.1 102.8
104.0 87.8
97.9 81.2
103.4 97.7
102.8 105.1
93.8 97.2
99.6 111.7

172 108.2

106.4 129.8

106.3
111.8
101.8
105.6
106.7

136.6
151.4
137 7
152.9
161.4

271

266 118.6

277

315

257
256
255
260
251
248

286
269
265
264
250
230

252 '118.0
237 ^118.4
248 118.9
249 117.6
257 119.3
251 119.2
260 119.7
272 119.9
311 120.1

107.3
107.1
106.5
102.8
106.2
106.0
107.3
107.4
107.5

106.2
105.6
106.0
101.4
107.2
107.9
108.9
108.3
107.9

158.5
156.4
158.5
150.5
161.5
166.7
169.0
168.2

297 120.0
323 120.2
282 120.1
287 120.2
»120.2

107.0
106.4
106.0
105.8
*105.2

106.3
106.0
105.8
104.7
"103.7

268

Adjusted

Unadjusted

Unadjusted

27
32
30
30
34
34
36

74 0
85.7
76.4
71.6
72.9
73 1
75.0

115

37
37
37
38

99

35

75 6
74 2
73.3
73 3
71.4

65 0
62 0
62 9
61 9
56.1

79
59
62
67

65.0
58.4
55.3

69

32
24
24
27

29

57.2
58 7

47.4
42.1
42.8
48.7
52 0

81

33
35
32

59 3
61.4
60.3
59.4
59.9

52 5
56 1
51.1
50.1
51.1

62.9
69 7
74.0
75.2

56 8
64 2
67.0
67.6
68 8

90

98
83
92
107
105
110
115
111
112

84
67
76
83

35
37

98

44

104

50

102

70

100
108

90
98

104
88
97

104
98
105

101

109

104
106

95
96
86
95

97

56
62

110
112
111
120

125

76 9
83.4
95.5
102.8
101 8
102.8
111.0
113.5
114.4
114 8
114.5
116.2

78.7
96 4
104.4
99 2
103.1

114.8

111.6
110 1
HO 3
110 7
114.3

1956
143
141
141
136
143
144
146
146

Apr
May
July
Aug .
Sept
Oct

. . .

Nov
Dec

147
149

147
144

147

167

130

130
242
197
130 n.a.
n.a.

99

122

171.4

98
95
81
93
96
96
97

122
124
128
128
129
122
131

100

129

165.5

98
96
98
91

125
125
127

114.9
115.4
116.2
117.0
116 8

117.1
117 7
117.8
118.0

113.6
114 4
114.2
114.0
114 7
115.5
115 6
115.9

116.3

1957
Jan
Feb
Mar
Apr
May.

• Estimated.
n.a. Not available.

146
146
145
144
*>143
r

145
148
148
144
*143
r

147
148

r

147
145

*145

» Preliminary.

164

131

164
162
161
H60

131
131
130

T

*130

130 n.a.
n.a.
n.a.
n.a.
*128
132
133
128

n.a.
n.a.
n.a.
n.a.

Revised.

* Average per working day.
1
Three-month moving average, based on F. W. Dodge Corporation
data. A description of the index may be obtained from the Division of
Research and Statistics.




165 0
164.3
162.2
160.2

*90

P122

124

118.2
118 7
118 9
119.3

116.9
117 0
116 9
117 2
117.1

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 Januaryfl953,
indexes are based on the "interim adjusted" and "old" indexes converted
to the base 1947-49= 100.

695

PRODUCTION
INDUSTRIAL PRODUCTION
[Federal Reserve indexes, 1947-49 average = 100]

Industry

I947-49 Annual
1956
1957
average
propor1955 1956 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.
tion

SEASONALLY ADJUSTED

INDUSTRIAL PRODUCTION—TOTAL.

100.00

139

143

143

141

141

136

143

144

146

146

147

146

146 '145

MANUFACTURES—TOTAL

90.02

140

144

144

143

142

138

144

146

147

147

149

147

148

147

145

Durable Manufactures—Total

45.17

155

159

159

157

157

148

158

162

163

165

167

164

164

162

161

Primary metals

144

6.70

140

138

146

141

136

69

125

148

147

146

145

144

143

137

136

28.52
5.73
13.68
9.04
4.64
7.54
4.80
2.74
1.29

165
134
155
135
194
203
153
272
149

172 770
135 136
171 170
153 1 5 0
207 208
199 193
125 123
310 295
166 162

167
130
171
151
208
187
110
302
164

168
132
170
151
208
188
110
306
163

75P
130
173
154
210
189
110
308
167

772
134
175
157
211
191
112
311
171

174
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
139
167
152
196
217
127
355
173

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

139
158
122

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
155
'111

755
156
112

Furniture and misc. manufactures
Furniture and fixtures
Miscellaneous manufactures

4.04
1.64
2.40

132
119
141

135
122
144

135
123
144

755
123
143

755
122
144

755
123
145

755
122
145

755
122
146

755
122
146

134
119
144

134
120
144

757
118
140

729 750
118 '118
136 137

755
121
141

44.85

126

129

130

129

128

128

130

130

131

129

130

131

131

131

130

11.87
6.32
5.55

109
107
113

108
104
112

107
106
109

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 r105
101 '101
110 '111

104
99
109

Rubber and leather products
Rubber products
Leather and products

3.20
1.47
1.73

122
143
105

117
133
104

120
136
106

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

r

124 124
145 '144
106 '107

775
130
107

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
136

145
160
135
132
137

745
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

147 147
157 '157
141
141
132 132
146 145

147
156
141
128
148

Chemical and petroleum products
Chemicals and allied products
Industrial chemicals
Petroleum and coal products

9.34
6.84
2.54
2.50

159
167
184
135

167
177
196
141

168
179
198
139

167
111
197
140

755
176
191
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

174
184
205
147

772 '777
183 '182
205 202
143 '141

772
183
204
142

11.51
10.73
8.49
2.24
.78

109
109
109
107
105

112
113
113
112
107

112
113
112
114
108

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

775
114
113
117
107

777 775 '775
111 113
113
111
113 '113
113 111
114
112 116 111

772
112
111

MINERALS—TOTAL

9.98

122

129

129

128

129

123

130

131

131

130

130

130

132

133

128

Mineral fuels
Coal
Anthracite
Bituminous coal
Crude oil and natural gas
Crude oil
Natural gas and gas liquids

5.55
2.68
.36
2.32
5.67
4.12
.70

80
48
85
143
131
177

129
85
55
90
150
137
191

128
89
56
94
147
132
191

85
41
92
149
134
190

129
85
55
90
149
136
192

127
75
48
79
'152
139
190

85
61
88
154
142
193

86
56
91
151
139
193

750
85
56
90
151
138
192

129
87
57
91
149
137
191

750 750 752
'87
80
'81
'52
57
'57
92
84
85
153 153 '154
141
142 144
189 P188 P194

755
'93
'48
100
152
144

725
88
49
94

Metal, stone, and earth minerals
Metal mining
Stone and earth minerals

1.63
.82
.81

120
110
130

127
114
141

135
129
141

129
118
140

128
113
143

700
'60
142

722
103
140

755
123
143

755
132
141

755
128
142

134
127
141

'752
121
143

725
117
139

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

f

Revised.




9

Preliminary.

For other footnotes see end of table.

757
120
142

752
122
142

696

PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average= 100]

Industry

Annual
1947-49
average
proportion
1955 1956 Apr.

May June

July

Aug. Sept. Oct. Nov. Dec. Jan.

Feb.

Mar.

Apr.

1956

1957

WITHOUT SEASONAL ADJUSTMENT

100.00

139

143

144

141

141

128

142

146

151

147

144

145

148

148

144

MANUFACTURES—TOTAL

90.02

140

144

146

142

142

129

143

148

153

149

146

146

149

150

146

Durable Manufactures—Total

45.17

155

159

162

157

156

139

155

161

168

166

166

164

167

166

163

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

152
149
158
145
159
155
181

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

146 149 144
147 149
144
159 159 154
148 149 147
160 160 154
157 159 152
178 167 163

141
138
148
144
147
146
151

1.52
1.29
.23

124
123
133

119
117
126

129
127
141

120
119
129

123
121
134

79
78

106
106
105

122
122
120

123
122
127

118
118
120

118
117
121

118
117
126

124
122
133

1.67
.38
.09
.06
.04
.10
.09

146
164
122
123
103
120
261

147
175
133
132
115
123
280

160
185
143
146
121
125
294

149
181
147
143
106
111
296

145
179
142
139
109
111
296

124
172
117
123
107
114
298

130
143
124
120
107
123
182

144
168
122
114
123
128
269

148
181
133
134
122
127
293

146
180
127
135
116
130
295

135
180
129
128
120
134
292

146
180
135
137
113
128
289

150 145
176 175
139 132
146 141
118 116
133 132
259 267

.13
1.16
.63
.20
.33

123
142
114
208
156

118
140
115
215
146

135
154
123
242
160

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

28.52

165

172

174

167

166

160

167

172

180

181

183

181

184

179

5.73
2.68

135
141
125
151
110

136
140
125
189
106

130
138
121
121
105

132
138
119
159
112

124
129
111
168
94

135
137
117
214
123

144
144
123
220
143

US
150
130
186
128

138
149
132
100
98

139
152
134
105
82

136 138 138
148 149 149
130 130 129
113
116 127
84 103 101

139
147
126
190

.63

134
136
130
142
111

13.68

155

171

173

168

167

158

168

177

182

178

178

177 177

171

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

153 157
147 148
86
92
156 156
197 197
168 '203

-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

158 160 161
153 154 154
86
89
92
163 164 163
203 204 202
152 175
190

158
152
90
161
198

Electrical machinery
Electri cal apparatus and parts
Radio and television sets

4.64
3.23
.74

194
174
242

207
198
224

206
202
209

198
200
185

195
199
174

178
193
130

209
198
238

220
203
266

237
209
312

227
211
271

217
214
218

208
210
188

210
210
201

208
208
196

195
204
159

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

201
136
162
133
102
69
265
208
122

189
116
127
117
89
58
237
191
109

188
111
127
123
89
68
246
203
98

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

224 231 '228
141
148 142
174 178 171
98
113 109
97 110 105
42
57
52
182 200 193
134 156 162
134 140 134

222
135
155
120
107
69
224
154

2.74
1.30

272
481
115
42

310
548
118
63

295
516
119
68

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

351
624
127
78
77

356 '358
630 '633
129 131
84 '88
86
98

355
629
130
8C
86
175

INDUSTRIAL PRODUCTION—TOTAL. .

Primary metals
Ferrous metals
Pig iron and steel
Pig iron
Steel
Carbon steel
Alloy steel
Ferrous castings and forgings
Iron and steel castings
Steel forgings
Nonferrous metals
Primary nonferrous metals
Copper smelting
Copper refining
Lead
Zinc
Aluminum
Secondary nonferrous metals
Nonferrous shapes and castings
Copper mill shapes
Aluminum mill shapes
Nonferrous castings
Metal Fabricating
Fabricated metal products
Structural metal parts
Stampings and misc. metal products
Tin cans
Furnaces, gas ranges, and heaters
Machinery

Other transportation equipment
Aircraft and parts
Shipbuilding and repair
Railroad equipment
Railroad cars

2.12
.30

.81
.53
.35

30

Instruments and related products

1.29

Clay, Glass, and Lumber Products . . .

5,91

Stone, clay, and glass products
Glass and pottery products
Flat glass and vitreous products
Flat and other glass
Glass containers
Home glassware and pottery

2.82
1.09
.60
.47
.26
.23

54

60

61

56

51

49

36

52

64

73

149

166

164

163

163

162

167

171

173

174

175

138

140
158
140
164
165
132
87
157
137
134
142
194
173

Cement
Structural clay products
Brick
Clay firebrick, pipe, and tile

.32
.35
.12
.20

149
134
155
156
126
91
148
127
131
127

Concrete and plaster products
Misc. stone and earth manufactures

.48
.58

180
166

' Revised.




Preliminary

175

142
158
143
166
165
135
92

143

159
138
140
138

162
142
164
163
136
93
174
141
145
139

192
172

202
172

149

145
163
140
160
158
142
86

135
156
130
150
146
133
72

175
145
144
148

173
140
140
141

164
142
161
160
145
90
177
144
148
144

208

204
167

208
171

r

"\'AV
113
213

173
138
161
147
174
177
135
92
157
136
131
141

156
143
173
177
114
96
144
126
106
142

204
199
192
176 | 177 177

187
180

174

131 132 135

148
143
167
171
127
98

151 153
145 145
166 165
168 167
134 138
102 100

156
141
162
165
132
99

113
120
94
140

116 133
120 121
96 101
139 138

'J29*

173
174

177 181
177 177

186
177

129

165
149
173
177
147
86
171
142
139
147

174
140
135
147

185

120
137
105
204
157

150
185
140
146
129
136
283

125

146

145
157
127
159
158
113
61

r

122
119
137 '124'

For other footnotes see end of table.

174

119
138

697

PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average= 100]

Industry

Annual
947-49 average
1956
1957
proportion
1955 1956 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr,

WITHOUT SEASONAL ADJUSTMENT

—Continued
Lumber and products....
Lumber
Millwork and plywood.
Millwork
Softwood plywood. .
Wood containers

3.09
2.05
.60
.39
.12
.29

127
112
197
144
284
90

123
107
189
121
301
91

126
112
199
123
324
92

125
111
187
124
290
93

129
118
181
133
260
92

116
104
161
107
248
90

135
115
216
152
320
90

133
118
200
139
299
90

130
111
206
130
332
93

117
101
181
103
310

104
91
155
82
277
90

104
89
167
90
295

112
98
181
105
306
86

112
100
170
102
282
86

117
100
191
107
330

Furniture and Misc. Manufacturing .

4.04

132

135

132

131

132

127

136

143

138

137

128

130

731

130

Furniture and fixtures
Household furniture
Fixtures and office furniture.

1.64
1.10
.54

119
120
115

111
121

119
118
120

117
115
120

118
116
123

115
114
117

123
121
127

125
125
126

111
127
127

122
123
122

125
125
126

118
116
121

119 119
118 r119
121 121

118
117
118

Miscellaneous manufactures

2.40

141

141

140

141

135

145

150

154

150

145

136

137

139

138

129

128

128

119

131

134

137

132

125

128

131

133

129

107

103

90

109

114

106

100

106

112

108
112
107
119
103

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
108
99
129
87

105
111
101
129
102

106
111
102
123
110

99
102
95
117
83

89
97
87

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
80
72

81
85
80

79
85
78

78
82
77

110
105
112
90
116

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
98
97
102

105 109
103 106
104 109
101
97
108 '113

102
92
91
93
117

Nondurable Manufactures—Total. . .

44.85

126

Textiles and Apparel

11.87

109

6.32
3.72
2.30
.97
.45

107
113
103
137
100

.97
.16
.75

79
85
78

1.15
.65
.45
.20
.50

110
106
110
99
115

Textile mill products
Cotton and synthetic fabrics
Cotton consumption
Synthetic fabrics
Fabric finishing
Wool textiles
Wool apparel yarns
Wool fabrics
Knit goods
Hosiery
Full-fashioned hosiery. .
Seamless hosiery
Knit garments
Floor coverings *.
Woven carpets.

122
144
129
108
104
108
102
118
98
86
88
86
108
100
102
96
119

.48
.31

Apparel and allied products
Men's outerwear
Men's suits and coats
Men's suits
Men's outercoats
Shirts and work clothing
Women's outerwear
Women's suits and coats.
Misc. apparel and allied mfrs

79

83

89

80

78

50

86

97

87

78

79

86

92

5.55
1 78
.73
.50
.13
.99

113
111
92
90
77
123

112
110
95
93
78
118

114
119
103
99
92
129

110
121
107
100
110
129

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

113
119
107
114
51
126

119

1.85
.76

116
134

112
128

115
95

104
90

112
122

100
132

116
152

108
138

117
146

107
128

89
101

108
131

130

1.92

111

113

108

104

107

3.20

122

117

122

113

111

Rubber products
Tires and tubes
Auto tires
Truck and bus tires
Miscellaneous rubber products

1,47
.70
.40
.30
.77

143
131
140
120
154

133
121
123
119
144

140
133
135
130
146

129
125
125
125
133

123
122
115
130
124

Leather and products. . .
Leather
Cattlehide leathers.
Skin leathers

1.73
.44
.29
.15

105
92
99
79

104
91
99
76

106
96
103

99
95
103

100
91
99
76

97

91

Shoes and slippers1
Miscellaneous leather products...
Paper and Printing.

8.93

Paper and allied products
Pulp and paper
Wood pulp
Paper and board
Printing paper
Fine paper
Coarse paper
Miscellaneous paper
Paperboard
Building paper and board.

3.46
1.76
.51
1 .25
.22
'.14
.20
.18
.41
.10

152
149
169
140
127
133
129
158
149
137

159
157
179
148
140
145
136
170
155
131

165
163
184
154
142
153
142
177
161
141

Converted paper products.,
Shipping containers
Sanitary paper products.

1.70
.51
.11

156
155
158

162
159
170

168
162

Revised.




v

Preliminary.

95
100
50
121

82
126
113
101
104
63
120

111
99
88
90
60
104

148
169

121
102

157

Rubber and Leather Products . .

r

104

.90
.39

118

116

121

119

118

123

113

111

105
99
97
103
110

111
110
113
106
142

135
120
121
118
148

144
121
124
117
165

129
108
113
101

132
122
130

90
73
79
61

108
90
97
76

104
90
99
73

104
90
99

100
90
100
70

102

99

111

131

112

113
117

105

120

117

no
141
95
85
95
65

123

r

130
147 US
126 136
136 150
111 117
166 '159
102
89
98
72

115
99
108
82

r

150
134
151
111
r
\b5

134
121
135
103
146

115
%
104
81

107

96

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

157
154
163

165
165
163

146
140
162

166
167
163

97

95

151

143

144

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
'159
181
'150
137
152
131
'186
'158
120

161
159
182
150
136
147
130
192
155
126

168
168
166

177
172
189

165
161
173

148
144
158

156
148
179

163
156
183

167
163
177

163
155
184

135

160
162
187
152
142
148
139
168
162
141

101
154

96
145

For other footnotes see end of table.

96
150

698

PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average= 100]

Industry

947-49 Annual
pro- I average
por- !
tion
955 1956 Apr.

1956
May

June July

1957

Aug. Sept. Oct. Nov. Dec. Jan.

Feb. Mar. Apr.

WITHOUT SEASONAL ADJUSTMENT

—Continued
Printing and publishing
Newsprint consumption
Job printing and periodicals.

5.47
1.85
3.62

127
128
127

136
132
138

137
141
135

136
140
135

134
131
136

129
115
136

133
121
140

139
133
143

145
143
145

144
145
144

142
131
147

136
123
143

139
128
144

144
137
147

143
137
146

Chemical and Petroleum Products

9.34

159

167

168

166

165

157

164

168

171

171

171

175

175

174

172

Chemicals and allied products
Industrial chemicals
Basic inorganic chemicals
Industrial organic chemicals
Plastics materials
Synthetic rubber
Synthetic fibers
Miscellaneous organic chemicals

6.84
2.54
.57
1.97
.24
.11
.59
1.03

167
184
180
186
242
213
186
169

111
196
189
197
256
236
181
189

180
200
201
200
266
244
183
189

176
197
195
197
263
242
176
190

173
192
185
194
252
227
169
192

166
182
158
188
213
227
167
191

111
188
171
193
247
223
171
189

111
192
186
194
254
241
169
189

182
198
191
200
272
227
185
188

181
199
191
201
274
222
189
189

181
199
193
200
247
242
187
193

184
205
198
208
263
243
205
193

186
207
208
207
277
238
202
'191

186
206
206
206
280
242
196
190

184
206
207
205

Vegetable and animal oils.
Vegetable oils
Grease and tallow

.64
.48
.16

124
117
145

132
124
158

133
123
163

123
110
163

107
91
155

93
75
145

100
84
150

122
115
144

159
161
151

157
154
167

143
139
157

147
143
159

152
143
181

134
129
150

120
112
146

Soap and allied products.
Paints
Fertilizers

.71
.66
.23

110
125

111
124
129

114
124
188

109
124
163

112
125
118

91
125
104

121
127
95

124
125
109

119
124
119

108
123
112

110
123
120

120
122
125

117
121
135

128
120

113
122
183

2.50
1.97
1.04
.98
.06

135
142
152
147
233

141
150
159
153
254

135
142
150
144
254

137
144
155
149
258

142
149
162
156
267

132
148
162
156
257

142
151
164
158
264

145
151
164
158
261

140
146
155
149
256

143
152
160
155
251

145
158
165
159
260

148
160
164
158
263

145
154
157
153
242

139
149
156
150
254

'138
'146
'156

.56
.30
.26

138
175
94

147
193
95

140
182
92

138
177
94

141
186
90

141
187
87

146
195
89

145
196
87

142
188
89

149
195
97

161
210
105

170
225
108

164
216
104

151
197
99

143

.10
.17

107
114

111
119

98
126

96
123

95
123

97
113

103
119

108
116

117
122

126
122

124
116

120
118

116
114

109
116

.26
.15

104
110

102
104

110
86

108
109

104
125

38
120

92
123

109
131

109
123

109

110
49

110
77

110
94

Petroleum and coal products.
Petroleum refining
Gasoline
Automotive gasoline..
Aviation gasoline....
Fuel oil
Distillate fuel oil.
Residual fuel oil.
Kerosene
Lubricating oil.
Coke
Asphalt roofing and siding.

Foods, Beverages, and Tobacco.

11.51

109

112

106

108

114

112

121

129

126

10.73
8.49
1.48
.46
.83

109
109
128
142
116

113
113
133
151
119

106
103
131
150
117

108
105
121
147
103

114
110
122
154
100

114
111
118
154
95

111
123
116
148
95

130
134
129
151
113

127
129
142
160
128

.69
.14
.07
.19
.28

107
105
116
97
109

110
107
117
101
112

121
128
132
123
109

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

111
119
148
154
140
85
83
93
71
90

Canned and frozen foods.
Grain-mill products
Wheat flour
Cereals and feeds

1.13
1.16
.46
.70

118
105
83
119

133
101
84
113

85
97
79
109

96
99
77
112

115
103
80
119

149
103
77
121

234
105
85
118

264
109
95
118

188
106
91
116

Bakery products.
Sugar
Cane sugar
Beet sugar

1.64
.27
.11
.13

97
115
113
111

98
122
116
121

95
68
123
16

97
70
114
27

100
81
124
38

100
73
133
15

99
67
127

100
110
130
86

.71
1.41

101
106

107
105

98
102

90
107

84
112

73
107

2.24
.54
1.70
1.02
.17
.37

107

112

117

119

128

123

102
101
77
109

105
101
78
119

108
112
76
108

119
128
69
118

.78
.46
.17

105
109
104

107
111
104

110
116
103

115
122
108

Confectionery
Miscellaneous food preparations.
Beverages
Bottled soft drinks..
Alcoholic beverages.
Beer and ale
Liquor distilling...
Liquor bottling...
Tobacco manufactures.
Cigarettes
Cigars
r

Revised.




0

Preliminary.

111
73

84

Food and beverage manufactures.
Food manufactures
Meat products
Beef
Pork
Dairy products
Butter
Natural cheese
Concentrated milk.
Ice cream

r

199
191

107
92

r

105

102

i05

106

106
108
138
149
127

105
101 103
104 104 r104
139 ••133 '131
144
163 151
121
117 117

105
102
123
139
108

102
109
107
96

121
122
135
128

103

116

86
96
96
77
80

102
100
85
82

97

117
115
105
101

116
99
87
107

98
99
88
107

87
100
92
105

'84
100
92
106

82
99
90
106

101
271
123
393

100
296
100
459

99
222
102
320

95
85
102
65

96
57
96
20

96
54
107
3

97

152
106

141
105

130
105

91
102

113
101

123
'103

119
'103

96
103

118

116

120

110

98

90

97

109

101
112
50
94

106
93
93
135

118
83
133
179

109
80
92
175

93
84
80
115

86
88
79
81

93
86
85
105

105
104
86
111

115
120
110

111
115
109

115
119
116

111
114
113

87
92
83

110
117
101

114
119
112

111
115
110

For other footnotes see end of table.

95
82
104

699

PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average= 100]

Industry

1956
1947-49 Annual
average
proportion
1955 1956 Apr. M a y June July Aug. Sept. Oct. Nov. Dec.

1957
Jan. Feb.

Mar. Apr.

WITHOUT SEASONAL ADJUSTMENT

—Continued
MINERALS—TOTAL
Coal
Anthracite

9.98
8.35
2.68

122

129

130

130

131

119

131

132

132

130

129 '130

123

129

130

128

128

121

130

129

130

130

132

80
48
85

85
55
90

86
53
91

85

62
42
65

87

42
91

84
58
89

59
91

90
62
95

93
64
98

90
59
95

83
55
87

143
137
131

150
145
137

151

149

148
143
136

149
142
136

150
144
138

147

149

144
137

142
135

147

4.82
4 12

141
134

146
137

70
34
.36

177
185
169

191
199
182

189
198
178

181
185
176

182
190
176

177
182
172

182
184
180

186
189
182

187
194
180

197
209
186

.85

175

180

188

187

180

191

183

173

177

170

1.63

120

127

129

141

146

110

135

147

146

.82
33
.49

110
113
108

114
104
120

121
108
130

140
164
125

144
173
124

73
19

121
126
118

142
179
117

142
175

.24
.09

123
84

136
88

148
94

142
88

141
89

132
90

132
87

120
134
92

86

91

88

86

92

96

'98

97

149

151

150

144

138

128

129

133

136

36

Crude oil and natural gas
Oil and gas extraction
Crude oil
Natural gas and liquids
Natural gas
Natural gas liquids
Oil and gas well drilling
Metal, Stone, and Earth Minerals .

Iron ore

Nonferrous metal mining
Copper mining
Lead mining
Zinc mining

Stone and earth minerals

2.32
5.67

109
120
85

.06

81

87

91

89

88

84

.81

130

141

138

142

149

147

r
» Preliminary.
Revised.
i Publication suspended pending revision.
NOTE.—A number of groups and subgroups include individual series
not published separately, and metal fabricating contains the ordnance
group in addition to the groups shown. Certain types of combat materiel

86

143
135

131

'130

129

134

134

134

130

'85
'57
89

'87
'52
92

88
'43
96

84
46
90

r

157
155 "151
152 156 156
143 147 148 "144
202 "204 "209 "202
155

157

214
191

190

181

182

160

129

116

109

113

nu

123

114
109
118

94
62
115

110

132
87

129
83

95
91 '98
50
48
49
120 '130 '127
141
133 '145

150
141

89

194

96

i89

151

'94

127
141
96

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
Electricity
Residential
Industrial
General industrial
Commercial and other
Gas
Industrial
Commercial and other

1947-49 Annual
1956
average
proportion
1955 1956 Apr. M a y June July Aug. Sept. Oct. Nov. Dec.
100.00
41.34
58.66
76.18
27.48
23.68
23.49
.19
25.02
23.82
13.86
6.16
3.80

198
216
186

217
241
200

215
239
198

220
246
202

219
245
200

218
244
200

219
244
201

220
243
204

221
244
205

222
246
205

Jan.

Feb.

nis

2>227 "226

Mar. Apr.
P228

229
227 "229
199 218 214 216 220 219 219 219 221 223 224 in
224 250 245 248 252 253 253 254 253 257 258 260 266 266
190 206 203 207 206 202 203 205 211 212 211 213 211 209
173 186 183 187 186 182 183 186 192 192 191 193 191 188
2221 2697 2720 2720 2720 2700 2680 2650 2660 2670 2720 2740 2720 2750
180 194 190 191 196 197 196 194 196 197 199 204 205 202

197
202
197
182

215
223
218
180

218
229
214
184

* Preliminary*
N O T E . — F o r description a n d back figures see B U L L E T I N for October




218
244
200

1957

224
238
216
184

221
233
218
183

219
229
219
179

217
227
221
177

216
224
224
175

215
222
226
173

214
220
228
172

216 P220 *>223 *>223 "225
221
230
173

1956 p p . 1055-1069. Indexes without seasonal adjustment m a y b e o b tained from t h e Division of Research a n d Statistics.

700

PRODUCTION
OUTPUT OF CONSUMER DURABLE GOODS
[Federal Reserve indexes, 1947-49 average = 100]
1947_49 Annual
1956
average
proportion
1955 1956 Apr. May June July Aug. Sept. Oct.

Product

1957
Nov. Dec. Jan.

Feb. Mar. Apr.

SEASONALLY ADJUSTED

CONSUMER DURABLES—TOTAL.

100.00

147

131

132

125

123

127

127

123

123

132

141

137

138

134

126

Major Durables
Autos
Major household goods
Furniture and floor coverings.
Household furniture
Floor coverings 1
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

141
140
145
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

133
141
128
113
120

138
144
100
151
193
120
242
77
558

143
151
103
150
216
118
224
70
519

147
155
120
155
211
121
219
66
512

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
r
144
103
'153
183
114
189
81
395

133
140
100
151
177
111
185
80
388

167
75
343

Other Consumer Durables
Auto parts and tires
Misc. home and personal goods.

30.28
14.00
16.28

106
102
109

111
105
116

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

110

iii'

WITHOUT SEASONAL ADJUSTMENT

CONSUMER DURABLES—TOTAL.

100.00

147

131

141

124

124

116

120

113

128

139

141

137

143

142

132

Major Durables
.
'
Autos
Major household goods
Furniture and floor coverings
Household furniture
Floor coverings!
Appliances and heaters
Major appliances
Ranges
Refrigeration appliances
Laundry appliances
Heating apparatus
Radio and television sets
Radio sets
Television sets

69.72
32.10
36.13
15.32
11.31
4.01
15.60
11.88
2.60
4.98
2.51
3.72
5.21
3.42
1.79

164
190
144
116
120

140
138
144
117
121

154
162
150
116
118

131
127
136
112
115

130
127
134
111
116

121
127
117
104
114

122
109
136
116
121

111
59
158
122
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

142
155
132
113
117

138
142
100
151
193
120
242
77
558

143
151
103
150
216
118
224
70
519

162
178
115
197
222
113
209
63
486

143
152
102
173
176
113
184
67
409

143
150
112
174
162
121
174
54
402

125
131
80
149
162
106
130
37
307

121
117
83
107
180
135
238
61
575

158
158
106
145
251
157
265
66
645

142
143
102
109
261
137
312
88
738

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

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

109
103
114

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

109

107
114

iii'

r
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

be obtained from the Division of Research and Statistics. For a description of this index, see BULLETIN for May 1954, pp. 438-447.

VALUE OF NEW CONSTRUCTION ACTIVITY
[Joint estimates of the Departments of Commerce and Labor. Seasonally adjusted.

In millions of dollars]

1'rivate
Year or month

Total

Public

Business
Total

Residential

92

Com- Public
mercial utility

Other
nonresidential

Total

Military

Highway

Conservation

All
other

Total
1949
1950
1951
1952
1953
1954
1955
1956
1956

1957

Industrial

8,267 5,322
12,600 5,680
10,973 7,217
11,100 7,460
11,930 8,436
13,496 8,583
16,595 10,046
15,339 11,426

1,062
2,117
2,320
2,229
2,030
2,399
3,065

1,027
1,288
1,371
1,137
1,791
2,212
3,043
3,296

3,323
3,330
3,729
4,003
4,416
4,341
4,604
5,065

2,795
3,174
3,574
3,547
3,511
3.774
3,931
4,060

6,405
7,000
9,418
10,901
11,394
11,929
12,419
13,433

137
177
887
1,388
1,307
1,030
1,297
1,398

2,131
2,272
2,518
2,820
3,160
3,870
4,520
5,100

793
881
853
854
830
704
593
675

3,344
3,670
5,160
5,839
6,097
6,325
6,009
6,260

1,136
1,149
1,109
1,108
1.105
1,114

120
131
125
120
121
122
113
120

450
440
411
399
390
390
417
455

61
59
59
59
58
59
60
60

505
519
514
530
536
543
558
552

115
108
104
104
107

441
406
434
414
410

70
70
70
74
77

557
539
550
570
571

22,789
28,454
31,182
33.008
35,271
37,782
42,991
44,258

16,384
21.454
21,764
22.107
23.877
25,853
30,572
30.825

Mav
June
July
Aug
Sept
Oct
Nov
Dec

3,744
3,754
3,727
3,725
3,701
3.665
3,699
3,729

2,608
2,605
2,618
2.617
2,596
2.551
2,551
2,542

1.306
,300
,299
,297
,286
,241
,239
,239

965
971
976
983
970
961
950
947

263
274
278
279
271
266
263
265

279
274
273
277
274
272
263
259

423
423
425
427
425
423
424
423

337
334
343
337
340
349
362
356

Jan rr
Feb r
Mar P
Aprvr
May?

3,904
3,851
3,895
3,888
3,910

2,721
2,728
2,737
2,726
2,745

,411
,397
,388
,360
,330

983
999

1,013
1,027
1,070

264
270
274
277
278

292
283
292
295
304

427
446
447
455
488

327
332
336
339
345

P Preliminary.
r
Revised.




972

148

1,187
,183
1?3

1,158
,162
1,165

NOTE.—Revisions for periods prior to 1957 will be shown in
the BULLETIN for July.

701

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

Nonresidential building

Total
Public

1956—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

r

Private

Residential
building

Factories

Commercial

Educational

Other

Public
works
and
public
utilities

10 359
14,501
15 751
16,775
17 443
19,770
23 745
24 413

. .

3,718
4,409
6 122
6,711
6 334
6,558
7 475
8,036

6,641
10,092
9 629
10,064
11 109
13,212
16 270
16-377

4,239
6,741
6 205
6,668
6 479
8,518
10 185
9,826

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

2,421
2 480
2 198
2,149
2 069
2.025
706
689
1,576

1949
1950
1951
1952
1953
1954
1955
1956

1957

By type of construction

745
714
732
736
620
671
589
582
737

1,677
1 766
1 466
1,412
I 449
1,354
I 117
.107
839

1,144
1 129
826
758
874
764
656
625
451

196
159
144
152
H8
171
126
130
104

'226
217
224
242
184
195
168
212
155

203
202
192
196
193
185
185
199
200

196
242
234
258
232
225
196
189
164

456
531
577
543
448
485
375
335
502

679
664
757
652

U 099
11,053
11,690
11,498

16P
1676
1861

197
167
182

211
175
303

184
178
222

170
167
208

405
354
670

Kansas
City

Dallas

San
Francisco

1

Jan
Feb
M_ar
Apr

778
l ,718
V> 448
12,150

[

Revised.

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— Feb
Mar
A pi

2,230
2,770
3,045

131
129
142

294
285
408

111
109
128

213
219
246

145
178
203

212
279
263

266
506
485

84
121
133

62
98
154

128
163
163

192
192
179

392
491
543

1957_Feb
Mar
Apr

2,161
3,078
2.776

90
117
137

186
476
414

87
128
98

173
250
191

199
225
188

277
289
271

331
403
428

130
134
106

42
98
116

142
153
153

133
253
146

372
552
528

PERMANENT NONFARM DWELLING UNITS STARTED
[Bureau of Labor Statistics estimates. In thousands of units]

Year or month

Total
private,
seasonally
adjusted
annual rate

1957—Jan.. .
Feb.. .
Mar. .
Apr...
May. .

1,146
1,091
1,070
1,136
1,008
1,052
1,027
1,020
975
923
^880
^940
P990

Nonmetropolitan
areas

Total

1family

,025
,396
,091
,127
,104
,220
,329
,118

1949
1950
1951
1952
1053
1954
1955
1956
1956—May
June
July
Aug
Sept
Oct
Nov
Dec

n.a.
1,022
777
795
804
897
976
780

n.a.
374
315
332
300
324
353
338

989
,352
,020
,069
,068
,202
,310
,094

792
,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

114
107
101
104
94
94
77
64

78
75
70
71
62
65
55
45

36
33
31
33
32
29
23
19

111
105
99
103
91
91
77
63

101
95
90
93
81
81
68
53

3
3
3
3
2
3
3

7
7
6
8
7
8
7

63
66
*>83

44
47
56
64

19
19
27
28
34

60
63
?76
P90
P96

50
53
n.a.
n.a.
n.a.

2
2
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

P92

P Preliminary.
n.a. Not available.
i Represents units started under commitments of FHA or VA to insure or guarantee the mortgage. VA figures after June 1950 and all FHA




Government-underwritten J

Private

Metropolitan
areas

Total

2family

Public
Multifamily

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

3
3
2
1
3
2
0
1

46
45
43
43
39
40
30
26

20
18
18
19
15
16
12

27
26
25
24
24
24
18
15

3
3

20
19
24
26
27

8
10
12
12
15

12
10
11
13
12

figures are based on field office reports of first compliance inspections;
earlier VA figures are estimates based on loans-closed information.

702

EMPLOYMENT
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of the Census estimates, without seasonal adjustment. In thousands of persons]
Civilian labor force
Total noninstitutional
population

Year or month

Total
labor
force

Employed *
Total
Total

In
agriculture

Not in the
labor force

109,623
110,780
111,924
113,119
115,095
116,220
117,388
118,734
Mav
June
July
Aug
Seot

...

....

Oct

Nov
Dec
1957 Jan.2
Feb
Mar
Apr

May.

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

118,537
118,632
118,762
118,891
119,047
119,198
119,344
119,481

70,711
72,274
72,325
71,787
70,896
70,905
70,560
69,855

67,846
69,430
69,489
68,947
68,069
68,082
67,732
67,029

65,238
66,503
66,655
66,752
66,071
66,174
65,269
64,550

58,092
58,627
58,955
59,487
58,683
59,000
59,076
59,440

7,146
7,876
7,700
7,265
7,388
7,173
6,192
5,110

2,608
2,927
2 833
2,195
1 998
1,909
2,463
2,479

47,826
46,357
46 437
47,105
48,151
48,293
48,783
49,626

119,614
119,745
119,899
120,057
120,199

1949
1950
1951
1952
1953
1954
1955
1956
1956

In nonagricultural industries

Unemployed

68,638
69,128
69,562
69,771
70,714

65,821
66,311
66,746
66,951
67,893

62,578
63,190
63,865
64,261
65,178

57,643
57,996
58,431
58,506
58,519

4,935
5,195
5,434
5,755
6,659

3,244
3,121
2 882
2,690
2,715

50,973
50,617
50 337
50,286
49,485

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. May 1957 data comparable to May

1956 shown above are: Labor force, 70,777 employment—total 65,467;
nonagricultural, 58,804; agricultural, 6,663; and unemployment, 2,489.
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]

Total

Mining

Contract
construction

Transportation and
public
utilities

Trade

Finance

Service

14,178
14,967
16,104
16,334
17,238
15,995
16,563
16,905

918
889

2,165
2,333
2,603
2,634
2,622
2,593
2,759
2,993

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

51,799
52,026
51,456
52,180
52,148
52,367
52,441
52,541

16,919
16,895
16,468
16,901
16,874
17,045
17,072
17,106

814
829

2,985
3,113
3,043
3,083
3,080
3,080
3,067
3,074

4,152
4,174
4,130
4,159
4,160
4,178
4,173
4,169

11,253
11,307
11,303
11,364
11,319
11,372
11,388
11,408

2,299
2,305
2 303
2,326
2,325
2,327
2 326
2,320

6,189
6,227
6 265
6,262
6 291
6,280
6 327
6,359

7,188
7 176
7 175
7,254
7 261
7,249
7 255
7 272

52,493
52,577
52,522
52,567
52,569

1949
1950
1951
1952
1953
1954
1955
1956

Manufacturing

43,315
44,738
47,347
48,303
49,681
48,431
50,056
51,878

Year or month

17,053
16,995
16,962
16,952
16,868

832

838

2,963
3,020
3,062
3,069
3,081

4,188
4,168
4 168
4,165
4,164

11,465
11,519
11 490
11,497
11,546

2,316
2,324
2 322
2,319
2,333

6 366
6,401
6 381
6 403
6,401

7 310
7,317
7 306
7 321
7,338

51,578
52,135
51,258
52,258
52,663
52,952
53,007
53,639

16,730
16,825
16,301
17,035
17,119
17,238
17,180
17,159

806
833
765
839
842
836
837
837

2,970
3,237
3,256
3,361
3,342
3,296
3,174
2,997

4,149
4,191
4,161
4,190
4,191
4,189
4,184
4,194

11,126
11,236
11,164
11,198
11,319
11,445
11,657
12,260

2,299
2,328
2 349
2,361
2,325
2,315
2,314
2,308

6 282
6,320
6 296
6,293
6,322
6 343
6,327
6,295

7 216
7,165
6 966
6,981
7,203
7 290
7,334
7,589

51,716
51,704
51,894
52,242
52,354

16,959
16,945
16,933
16,807
16,685

832
833

2,667
2,673
2,756
2,916
3,066

4,126
4,120
4,147
4,158
4,161

11,298
11,225
11,265
11,424
11,415

2,293
2 301
2,310
2,319
2,333

6,239
6 273
6 317
6,435
6,497

7,302
7 334
7 335
7,350
7,367

916

885
852
111
111
816

Federal
State and
local
government

SEASONALLY ADJUSTED

1956 May
July
Aug
Sect
Oct
Nov
Dec

.

1957 Jan
Feb

Mar
Apr
May

769

831
838
836
833
833

833
831
841

WITHOUT SESAONAL ADJUSTMENT

1956—May
June
July
Aug

Sept
Oct
Nov .
Dec
1957 Jan
Feb
Mar
Apr
May

...

831

833
830

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 April and May, 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.

703

EMPLOYMENT AND EARNINGS
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
[Bureau of Labor Statistics. In thousands of persons]
Without seasonal adjustment

Seasonally adjusted
Industry group

1956

1957

1956

1957

May

Mar.

Apr.

May

May

Mar.

Apr.

May

13,248

13,109

13,090

13,011

13,063

13,085

12,956

12,831

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

7,667
83
680
321
473
1,124
886
1,267
875
1,324
229
405

7,662
79
611
309
453
1,106
889
1,272
860
1,474
229
380

7,628
78
627
313
456
1,099
889
1,258
853
1,436
230
389

7,584
78
624
316
456
1,095
880
1,239
859
1,418
228
391

7,648
83
683
313
473
1,118
882
1,280
866
1,324
228
397

7,693
79
593
312
451
1,112
898
1,291
869
1.474
231
382

7,625
78
611
311
456
1,099
889
1,277
853
1,436
231
385

7,564
78
627
308
456
1,090
876
1,251
850
1,418
227
383

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

5,581
1,112
90
974
1,101
469
550
559
171
212
343

5,447
1,090
87
920
1,061
469
559
542
175
211
333

5,462
1,075
86
920
1,090
472
563
547
174
198
337

5,427
1,071
84
915
1,072
468
563
547

5,415
1,042
78
969
1,046
464
547
556
172
211
331

5,392
989
77
929
1,098
467
559
550
173
211
341

5,331
989
74
920
1,068
467
560
552
172
195
334

5,267
1,006
73
910
1,018
463
560
544
173
201

Total

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 April and May, 1957 are preliminary. The series for recent years were revised by the Bureau of Labor

172
202
333

321

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,

HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Bureau of Labor Statistics. In unit indicated]
Average weekly earnings
(dollars per week)

Average hours worked
(per week)

Average hourly earnings
(dollars per hour)

Industry group
1956

1957

1956

May

Mar.

Apr.

May

May

Total

78.40

82.21

81.99

81.78

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..

84.86
90.71
71.38
66.47
80.93
95.53
83.03
92.42
79.77
89.89
81.39
69.95

88.94
95.68
70.27
69.55
82.21
98.65
87.74
95.30
83.43
97.82
85.47
73.49

88.29
95.40
71.64
68.28
81.20
97.66
87.31
94.39
82.81
96.87
85.47
72.40

87.23
93.61
72.62
67.12
81.20
97.91
87.29
93.30
82.81
94.80
84.02
72.04

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

70.20 73.12 72.56 72.94
74.12 76.81 77.20 78.38
58.35 57.99 57.20 62.09
56.16 58.35 57.90 57.60
50.91 54.75 52.84 52.98
80.79 84.60 84.20 83.80
93.65 96.61 95.87 96.25
86.32 89.40 89.40 90.64
102.97 104.60 107.23 104.23
85.79 89.28 88.00 88.18
54.75 58.52 56.67 55.29

NOTE.—Data are for production and related workers. Figures for
April and May, 1957 are preliminary. Data for recent years revised as




1957

1956

Mar.

Apr.

May

May

40.0

40.1

39.8

39.7

40.8
41.8
40.1
39.8
41.5
41.0
40.7
42.2
40.7
39.6
40.9
40.2

40.8
41.6
39.7
40.2
40.7
40.1
41.0
41.8
40.5
41.1
40.7
40.6

40.5
41.3
39.8
39.7
40.4
39.7
40.8
41.4
40.2
40.7
40.7
40.0

40.2
40.7
39.9
38.8
40.4
39.8
40.6
41.1
40.2
40.0
40.2
39.8

39.0
40.5
38.9
39.0
35.6
42.3
38.7
41.3
40.7
39.9
36.5

39.1
39.8
37.9
38.9
36.5
42.3
38.8
41.2
40.7
40.4
38.0

38.8
40.0
36.9
38.6
35.7
42.1
38.5
41.2
41.4
40.0
36.8

38.8
40.4
39.3
38.4
35.8
41.9
38.5
41.2
40.4
39.9
35.9

1957
Mar.

Apr.

May

1.96

2.05

2.06

2.06

2.08
2.17
.78
.67
.95
.33
.04
.19
.96
.27
.99
.74

2.18
2.30
1.77
1.73
2.02
2.46
2.14
2.28
2.06
2.38
2.10
1.81

2.18
2.31
1.80
1.72
2.01
2.46
2.14
2.28
2.06
2.38
2.10
1.81

2.17
2.30
1.82
1.73
2.01
2.46
2.15
2.27
2.06
2.37
2.09
1.81

.80
.83
.50
.44
.43
.91
2.42
2.09
2.53
2.15
1.50

1.87
1.93
1.53
1.50
1.50
2.00
2.49
2.17
2.57
2.21
1.54

1.87
1.93
1.55
1.50
1.48
2.00
2.49

1.88
1.94
1.58
1.50
1.48
2.00
2.50
2.20
2.58
2.21
1.54

2.17

2.59
2.20
1.54

indicated in note to table above, Back data are available from the Bureau
of Labor Statistics.

704

DEPARTMENT STORES
DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS
[Federal Reserve indexes, based on retail value figures. 1947-49 average= 100]
Federal Reserve district
United
States

Year or month

Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St.
Louis

Minne- Kansas
Dallas
apolis
City

San
Francisco

SALES i
1949
1950
1951
1952
1953
1954
1955
1956

98

99

98

100

98

100

101

97

98

98

99

102

98

105
109

....

103
105

101
105

106
109

105
110

105
113

109
115

104
108

104
107

105
104

108
111

113
117

106

105
109

114
115

104
105

101
102

109

110
113

118
121

124
126

104
104

113
112

124
125

120
125

104
107

109
117

105
115

121
131

129
142

111
109
117

110
112

107
112

112
121

105
109

115
123

127
140

114

113

122

120

138

150

123

127

116

114
123

126

144

129

122
122
124

111
112
114

'106

121
121
125

120
118
118

131
135
134

'147

'118

110
115

146
147

120
124

123
129
119

112
112
114

124
125
124

144
145
143

128
128
129

116
118
117

116
117
120

119
124
127

128
121
127

140
145
140

160
156
157

123
126
127

131
122
126

135
129
127

113
116
129

130
131
128

152
148
139

132
131

122
131
129

114
116

112
120
116

118
126
125

118
123
122

136
146
139

144
157
154

117
130
128

119
134
130

103
123
124

123
131
128

134
146
150

130
132
131

109
117
110
107

119
115
115
109

121
119
124
121

118
123
120
117

144
136
146

151
153
149

125
125
125
125

118
114
118
113

122
121
122

^136

120
121
126
120

140
141
143
135

131
127
133
127

106
112

'98
108

109
120

109
114

122
136

'138

'111

119

115
129

109
113

'118

143

124

132
143

117
88

113
98

131
128

121
97

117
104

117
P0

128
111

105
91

119
107

130
129

120
115

110
112
.
SEASONALLY ADJUSTED

1956—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

. . .

.

1957_j a n
Feb

Mar

125
125
127

Apr

^122

p\2l

ni

WITHOUT SEASONAL ADJUSTMENT

113
121
119

1956—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1957_j an
Feb
Mar
Apr

106
"122

114
84

113

83
90

100

110

122

140

113

118

111

124

138

122
120

131
124

127
122

126

125
115

144
144

152
150

132
123

130
131

137
119

128
129

139
142

158
222

143
210

151
204

165
220

152
212

179
251

182
267

159
215

161
216

141
202

150
218

128
131

166
252

153
231

95
97

86
88

94
93

91
91

92
95

99
101

116
122

91
93

94
98

84
90

90
94

117
^143

137

105
119

107
123

95
114

104
^120

101
100

111

107
121

99
118

111
113

98
109

125
132

104
123

99
109
128
118

100
109
124
111

97
105
124
113

99
108
127
113

100
106
128
111

101
113
133
130

102
120
140
136

97
108
125
112

100
106
125
114

99
104
116
107

100
111
130
121

101
112
132
126

126
122
128
139

STOCKS

95

131
128

116
117
122
129

116
114
116
126

119
116
123
133

118
114
117
125

143
139
147
165

146
141
152
165

122
120
122
132

124
116
124
137

115
115
121
132

133
126
136

100
110
131
126

'146

138
132
147
157

134
12*
134
145

136
134
137
138

128
128
132
132

124
123
126
127

131
129
132
132

123
121
124
125

157
156
162
159

165
160
162
161

131
130
131
132

137
135
138
139

128
126
128
127

145
143
144
144

154
154
155
157

143
138
142

141
139
142
142

132
132
131
130

127
123
129
131

135
135
135
136

127
126
129
129

164
170
175
176

166
167
174
173

133
131
134

132
128
139
137

143
154
148
147
14Q

129

131

138

130

176

169

136

140

149
148
150
147

159
156
158
1*6

142

n*
137

136
134
137
137

145

160

144

141
139
141

127
128

131
129

169
171
173

141
11
4
133

144
142
143

156
156
1*6

144
141
145

135

127

^168

'170
173

137
134
U*

134
134

'131
131

128
127
127

162
165

'129
128

136
134
136

136

136

136

^144

^156

P147

142
139
131

133

130

140

129

168

172

134

144

133

151

162

132
123

127
119

134
124

126
118

161
152

131
123

'148

165
158

135
127

128
121

145
138

155
144

130
138
145
159

118
128
136
148

116
124
130
145

115
123
132
144

148
143

155
167
17*
193

151
163
174
190

124
129
138
153

128
136
145
153

124
128
134
151

138
148
153
162

1*2
120

1*0
120

122

'46
116

190
147

195
149

157
123

1*4
123

153
125

163
131

149
158
166
174

142
148
154
167

161
126

119
130
142
156
1 *7

126
132
144

116
121

114
122
131
133

123
128
138
139

123
134
141
143

123
129
137
142

129
138
147

133

118
129
140
144

151
159
178

P147

116
121
134
138

149
163

'132

1

1949
1950
1951
1952
1953
1954
195*
1956
SEASONALLY ADJUSTED
1956

Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

1957_Jan
Feb

Mar
Apr
WITHOUT SEASONAL ADJUSTMFNT
1956

Anr
Mav
June
July
Aus
Sept
Oct
Nov

...
. .

Dec
1957

Jan
Feb
Mar
Apr

. .

r
P Preliminary.
Revised.
1
*• Figures 1UI SttlCS cUC lllC the average i a u i u g u a j , « u day, i u ,
F i g u r e s for sales are aveia£;<r 1>TI l ner trading n v u while those for stocks
are as of the end of the month or averages of monthly data.




'179

180

174
144

164
121

139
152
162

127
130
145

NOTE.—For description and monthly indexes for back years, se
BULLETIN for December 1951, pp. 1463-1515.

705

DEPARTMENT STORES; FOREIGN TRADE
DEPARTMENT STORE MERCHANDISING DATA
[Based on retail value figures]
Ratios to sales 4

Amounts (In millions of dollars)

Period

Sales i
(total

Stocksi
(end

month)

month)

for

of

Outstanding

Re-

ceipts 2
(total

New

orders 3
(total

Outstand-

month)

month)

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
I

for

for

Stocks

ing

orders*
(end of
month)

orders

Stocks
plus
outstand-

Receipts

ing

orders

Annual average:
381
361
376
391
397
406
409
437

1948.
1949.
1950.
1951.
1952.
1953.
1954.
1955.
1956.

'453

979
925

1 012
1,202
1,097
1,163
1,140
1,195
' 1,282

.i

4.1
3.8
4.2
4.4
4.1
4.1
4.0
4.0
4.1

1.0
1.0
1.1
1.0
1.0
1.0
1.0
1.0
1.0

'.o
,i

Month:

'388

r

'426

'361

338
501
587
573
598
588
473
340

399
329
323
492
526
625
627
510

401
492
409
478
551
615
512
377

3.4
2.9
2.8
3.5
3.0
3.0
3.0
2.6
1.5

0.9
0.8
1.2
1.7
1.4
1.3
1.2
0.8
0.4

4.3
3.7
4.0
5.2
4.4
4.4
4.3
3.5
1.9

1.1
0.9
0.8
1.0
1.2
1.2
1.3
1.1
0.6

362
336
394
441

1957—Jan....
Feb...
Mar.. .
Apr. P.

1,320
1,275
1,187
1,173
,253
1,335
,475
,525
,214

••337

438
417
337
412
444
485
577
821

1956—Apr..
May.,
June..
July..
Aug..
Sept..
Oct...
Nov..
Dec...

,197
,252
,356
: ,397

430
461
414
346

345
391
498
482

435
422
451
414

3.3
3.7
3.4
3.2

1.2
1.4
1.1
0.8

4.5
5.1
4.5
4.0

1.0
1.2
1.3
1.1

p

r
Preliminary.
Revised.
1 These figures are not estimates for all department stores in the United
States. They are the actual dollar amounts reported by a group of department stores located in various cities throughout the country. In 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.

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 exports1

Merchandise exports excluding
military-aid shipments2

Merchandise imports 3

Period
1955
Jan
Feb
Mar
Apr

May
June
July
Aug
Sept
Oct
Nov
Dec

Jan -Apr
r
1
2

.

.

...

1956

1957

1955

1956

1957

1955

1956

1957

1,168
1,238
1,344
1 964
,323
,321
,269
,239
,254
,398

'1,678
'1,606
2,147
1.862

1 .083
,143
,252
,170
,192
,193
,142
,111
,155
,279

,202
,271

'1,581
r
l,485
'2,017
1,779

871
850
1 019
871
959
937
885
961
947
1,011
1 065
1,008

1,073
1 051
1 102
991
1,095
1,034
1,051
1,055
995
1,121

1,119
992
'1,131
1,118

321
407

1,284
1,362
1,582
1,512
1,716
1,698
1.639
1,536
1,530
1,670
1 537
2,002

5,014

5,740

7,293

3,611

4,217

Revised.
Exports of domestic and foreign merchandise.
Department of Defense shipments of erant-aid military equinment
and supplies under the Mutual Security Program.




248

4,648

478

1,399
,521
,492
,288
,378
.423
,559
417
880

5,350

6,862

986

1,053
4,360

3
General imports including imports for immediate consumption plus
entries into bonded warehouses.

706

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
109.7
115.4
118.2
120.2
120.2
122.0

122.1
122.4
122.6
123.0
123.4
123.7
124.2
124.5
124.8

104.8
104.8
104.8
105.3
105.5
106.5
106.8
107.0
107.0

126.4
127.1
126.8
127.7
128.5
128.6
132.6
133.2
133.1

131.6
131.9
132.0
132.7
133.3
134.0
134.1
134.5
134.7

119.5
119.6
119.9
120.1
120.3
120.5
120.8
121.4
121.8

108.2
108.2
107.6
107.7
107.9
108.4
108.5
109.0
109.3

121.4
121.5
121.8
122.2
122 A
122.7
123.0
123.2
123.3

125.4
125.6
126.2
126.4

106.4
106.1
106.8
106.5

133.6
134.4
135.1
135.5

135.3
135.5
136.4
136.9

122.1
122.6
122.9
123.3

109.9
110.0
110.5
111.8

123.8
124.0
124.2
124.2

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

1956 Apr
May

Sent
Oct
Nov
Dec

114.9
115.4
116.2
117.0
116.8
117.1
117.7
117.8
118.0

109.6
111.0
113.2
114.8
113.1
113.1
113.1
112.9
112.9

120.8
120.9
121.4
121.8
122.2
122.5
122.8
123.0
123.5

131.7
132.2
132.5
133.2
133.2
133.4
133.4
133.8
134.2

111.8
111.8
111.7
111.7
112.1
112.2
112.0
111.8
112.0

129.7
127.9
128.4
128.7
129.5
130.5
132.9
134.3
136.1

102.7
102.6
102.8
102.8
102.6
103.3
103.6
103.8
104.1

1957—Jan
Feb
Mar
Apr

118.2
118.7
118.9
119.3

112.8
113.6
113.2
113.8

123.8
124.5
124.9
125.2

134.2
134.2
134.4
134.5

112.3
112.4
112.4
112.4

138.9
139.3
139.2
138.1

104.0
105.0
104.9
105.1

Apparel

100.1
101.2
109.0
111.8
115.3
117.4
119.1
122.9

Year or month

July

Total

Gas
and
electricity

Rent

Solid House- Housefuels
furhold
and
nish- operafuel oil ings
tion

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-

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

Tex- Hides,
All
tile
com- Farm Processed
prod- skins,
modi- Prod- foods
and
ucts
ties
Total ucts leather
and prodapucts
parel

Fuel,
power,
and
lighting
materials

MaChem- Rub- Lum- Pulp, Metals chinicals
ber paper, and
ery
ber
and
and
and
and
and
allied prod- wood allied metal moprod- ucts prod- prod- prod- tive
ucts products
ucts
ucts
ucts

Furni- Non- Toture
me- bacco
and
Misother tallic mfrs. cellamin- and
house- erals— bottled neous
hold struc- bevdura- tural erages
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 97.2 106.6 104.5 134.0 120.3 116.5 123.0
110.1 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
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1957
Jan
Feb
Mar
Apr




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

113.6
114.4
114.2
114.0
114.7
115.5
115.6
115.9
116.3

88.0
90.9
91.2
90.0
89.1
90.1
88.4
87.9
88.9

100.4
102.4
102.3
102.2
102.6
104.0
103.6
103.6
103.1

121.6
121.7
121.5
121.4
122.5
123.1
123.6
124.2
124.7

95.1
94.9
94.9
94.9
94.8
94.8
95.3
95.4
95.6

100.6
100.0
100.2
100.1
100.0
100.2
99.7
99.8
99.2

110.6
110.8
110.5
110.7
110.9
111.1
111.7
111.2
114.0

106.9
106.9
107.1
107.3
107.3
107.
107.7
108.2
108.3

145.0
143.5
142.8
143.3
146.9
145.7
145.8
146.9
147.9

128.5
128.0
127.3
126.6
125.2
123.6
122.0
121.5
121.0

127.4
127.3
127.4
127.7
127.9
127.9
128.1
127.8
128.0

147.7
146.8
145.8
144.9
150.2
151.9
152.2
152.1
152.3

135.7
136.5
136.8
136.9
137.7
139.7
141.1
143.4
143.6

118.0
118.0
118.1
118.3
119.1
119.7
121.0
121.1
121.2

128.6
128.6
128.9
130.6
130.8
131.1
131.5
131.2
131.3

121.7
121.6
121.6
121.7
122.5
122.8
123.1
123.5
123.6

92.1
96.1
92.9
91.3
91.1
89.9
89.2
91.2
91.7

116.9
117.0
116.9
117.2

89.3 104.3
103.9
103.7
90.6 104.3

125.2
125.5
125.4
125.4

95.8
95.7
95.4
95.3

r

98.4
98.0
98.4
98.8

116.3
119.6
'119.2
119.5

108.7
108.8
108.8
109.1

145.0
143.9
144.3
144.5

121.3
120.7
120.
120.2

128.6
128.5
128.7
128.6

152.2
151.4
151.0
150.1

143.9
144.5
'144.8
145.0

121.9
121.9
121.9
121.5

132.0
132.7
133.2
134.6

124.0
124.1
124.1
124.5

93.2
92.4
92.0
91.4

707

PRICES
WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued
[Bureau of Labor Statistics index, 1947-49= 100]
1956
Subgroup

Fresh and dried produce
Grains
Livestock and poultry . . .
Plant and animal fibers
Fluid milk
Eggs
Other farm products

Feb.

Mar.

101.8
89 5
70.8
105.8
89.9
79.9
86.7
143.4

96.1
87 0
75.0
103.9
97.5
66.3
84.7
148 2

94.1
87 5
76.6
104.0
95.6
63.8
85 1
146 0

Pulp, Paper, and Allied Products—
Continued:
103.0
Parjerboard
87 3
Converted paper and paperboard....
79.3
Building paper and board
104.3
95.0
68.5 Metals and Metal Products:
85 2
Iron and steel . .
144 7
Nonferrous metals

115.6
79.3
105.9
109.0
105.3
187.4
97.8

115.9
83 9
112.5
105.9
112.0
194.5
95.7

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 Machinery and Motive Products:

93.7
102.5
80.6
121.0
99.5
71.1

91.9
109 5
82.0
123.2
99 6

r

90.8
109 9
81.5
124.8
99 6

Processed Foods:
Cereal and bakery products
Meatsr poultry, and fish
Dairy products and ice cream
Canned, frozen fruits, and vegetables.
Sugar and confectionery
Packaged beverage materials
Other processed foods

91.1
109 0
81.7
123.0
99 6
76.1

75.9

61.9
94.6
119.9
98.9

50.1
87.8
120.8
97.4

51 0
88.6
120.9
r
97.8

75.9

111.7
145.4
117.5
93.2
117.5

124 0
162.2
122 3
94.3
131.0

120.9
119.1
101.6
Drugs, Pharmaceuticals, cosmetics. . . 91.9
Fats and oils, inedible
58.1
Mixed fertilizers
108.1
Fertilizer materials
112.4
Other chemicals and products
102.4

136 2
125.6
141.1

136 2
125.2
141.7

163 9
145.4
147.4
162.0
133.4
122 8
133.3

163.8
143.2
148.0
162.2
132.0
r
121.6
133.4

161.9
142.5
148.0
163.5
131.6
121 6
132.8

142.0

r

142.8

143.3

126.1

132.1

r

132.4

132.4

144 8
153.8

156.3 r 156.7
163.8 164.9

157.5
165.3

144.0
134.3

155.8
143.0

r

155.9
143.3

156.2
143.7

135.6
129.1

147.1
134.6

r

147.5
134.6

147.8
134.7

117.8
138.5
130.5
105.2
89.7
69 5
139.1

122.0 122.2
146.9 146.9
134.3 r 134.3
106.8 106.8
91.1
91.1
69.5
69 9
147.0 147.0

122.4
147.3
133.8
105.4
91.1
69.5
147.0

131.1
130.0
121 7
146.0
127.1
111.9
123 4

135.7
134.8
125.6
150.7
127.1
115.3
126.0

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

124.0
104.2
122 5
114.7
148.1

124.0
105.1
126.0
119.0
148.7

124.0
105.1
126.0
119.0
149.0

124.0
105.1
126.9
119.6
149.3

Toys, sporting goods, small a r m s . . . . 115.8
74.4
Manufactured animal feeds
95.4
Notions and accessories
Jewelry, watches, photo equipment... 105.0
123.1

117.5
72.8
96.7
107.7
126.3

117.5
72.0
96.7
107.6
126.5

117.5
71.0
97.4
107.6
126.8

Agricultural machinery and equipment
Construction machinery and equipment
Metal working machinery
General purpose machinery and
equipment
Miscellaneous machinery
Electrical machinery and equipment
Motor vehicles

Commercial furniture
Floor covering
Household appliances
Radio
Television
Other household durable goods

122.9
124 1
100.1
93.2
r
57.9
r
108 5
106 8
105.2

Flat glass
Concrete ingredients
123 6
124 1
Concrete products
Structural clay products.
99 8
93.5
Prepared asphalt roofing . .
58 2
Other nonmetallic minerals
108 6
107 5
105.2 Tobacco Manufacturers and Bottled
Beverages:

144.2
151.8
137.9

140.2
149 0
140.0

142 0
149 0
140.0

143 2
149 0
140.0

130.6
128.9
106.9

Tires and tubes

121 9
128.7
96.4

121 2
128.7
96.2

121 2
128.3
96.7

118.0
127.4
136.2

118.0
76.4
139.2

118.0
75.4
140.1

118.0
68.6
140.7

Lumber and Wood Products:
Lumber
Millwork.
Plywood

r

Pulp, Paper, and Allied Products:




136 2
125.6
141.1

123.2
124.4
100.6
93.1
58.0
109 3
105.9
105.1

Rubber and products:

Revised.

134 5
123.3
138.1

123 2
161 9
118 4
96.6
130.4

Prepared paint

r

Apr.

123 6
161.9
118 4
'94.9
130.7

r

Chemicals and Allied Products:

Woodpulp
Wastepaper
Paper

Mar.

51 8
88.6 Furniture and Other Household Durables:
121.5
97.8

Fuel, Power, and Lighting Materials:
Coal
Coke
Gas
Electricity
Petroleum and products

Feb.

151 0
163.2
137.9
153.9
Hardware
133.9
Plumbing equipment
117 3
Heating equipment
Fabricated structural metal products. 131.6
Fabricated
nonstructural
metal
132.6
products

Hides, Skins, and Leather Products:
Hides and skins
Leather
Footwear

Apr.

Apr.

Textile Products and Apparel:
Cotton products
Wool products
Synthetic textiles
Silk products
Apparel

Subgroup

Apr.

Farm Products:

. . .

1957

1956

1957

r

Nonmetallic Minerals—Structural:

Cigarettes
Cigars
Other tobacco products
Alcoholic beverages
Nonalcoholic beverages
Miscellaneous:

708

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

1957

1956
1929

1933

1 QS9

1 Q^I

1QC/T

1 QS4

2

1

104.4

Gross national product

3

1

4

56.0 125.8 285.1 345.4 363.2 360.7 390 « 412.4 403.4 408.3 413.8 423.8 427.1

8.6

7.2

9.0

20.5

23.9

26.5

28.8

31.3

34.0

32.9

33.6

34.4

35.1

35.8

7.0
.6

7.1
.7

30.2
1.4

30.2
1.4

32.5
1.4

34.6
1.4

33.7
1.4

34.1
1.4

35.1
1.4

35.6
1.4

.9

.4

23.7
.8
.2

28.1
1.2

.3

11.3
.5

2.0

2.6

1.8

1.8

.6

1.1

1.1

.3

.0

36.1
1.4
n.a.

.1

.2

-.1

-.4

-.2

.3

.9

.7

.7

.9

1.4

1.1

40.2 104.7 240.0 290.2 302.1 298.3 324.0 342.7 334.9 338.7 343.5 353.0

n.a.

Less: Capital consumption a l l o w a n c e s . . . . . .
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

10.1 - 2 . 0
.3
.2
.0
.0
.9
1.5
1.0
1.2
5.8
2.1
.6
.7

14.5
2.8

35.1
6.9

36.9
8.6

36.0
8.7

32.9
9.7

40.9
11.1

41.2
12.5

.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

15.0
5.2
10.0
1.4

.0

.0
16.1
5.2
11.2
1.4

.0
17.3
5.5
12.0
1.4

Equals: Personal income

85.8

7.2

96.3 227.1 271.8 286.0 287.3 306.1 325.2 317.5 322.9 326.9 333.2 336.5

2.6
1.3
1.4

7.5
.5
1.0

Equals: Disposable personal income

83.1

45.7

93.0 206.1 237.4 250.2 254.4 270.6 286.7 280.2 284.9 288.2 293.3 295.4

Less: Personal consumption expenditures

79.0

46.4

81.9 194.0 218.3 230.5 236.5 254.0 265.7 261.7 263.7 266.8 270.9 275.0

— .6

11.1

Less: Personal tax and related payments
Federal
State and local

Equals: Personal saving

4.2

.0

3.3
2.0
1.3

20.9
18.2
2.7

12.1

34.4
31.2

3.2

19.0

35.8
32.4

3.4

19.7

32.9
29.1
3.8

17.9

35.5
31.3
4.2

16.6

38.5
33.9
4.6

20.9

40.9
12.1
.0
16.9
5.4
11.8
1.4

37.3
32.9
4.4

18.6

39.8
12.3

40.4
12.7

43.4
13.0

n.a.
14.4

.0
17.3
5.5
12.2
1 4

.0
17.2
5.6
12.3
1 4

.0
17.6
5.7
11.9
1 4

.0
18.5
5.8
12.3
1 4

38.1
33.6
4.4

21.2

38.8
34.1
4.6

21 4

39 9
35.1
4.8

22 4

41.0
36.1
4.9

20.4

NATIONAL INCOME, BY DISTRIBUTIVE SHARES
[Department of Commerce estimates. In billions of dollars]
Seasonally adjusted annual rates
by quarters

Annual totals
Item

1956
1929

National income

87.8

Compensation of employees
Wages and salaries1
Private
Military
Government civilian.
Supplements to wages and salaries

51.1
50.4
45.5
.3
4.6

Proprietors' and rental income2
Business and professional
Farm
Rental income of persons

20.2

Corporate profits and inventory valuation
adjustment
Corporate profits before tax
Corporate profits tax liability
Corporate profits after tax
Inventory valuation adjustment
Net interest
1

6.0
5.4

1933

1941

1952

1953

1954

1955

1957

1956

40.2 104.7 240.0 290.2 302.1 298.3 324.0 342.7 334.9 338.7 343.5
29.5 64.8 154.3 195.1 208.1 206.9 223.2 239.1 233.0 237.2 240.4
29.0 62.1 146.5 184.9 197.3 795.5 210.4 225.1 219.4 223.5 226.2
23.9 51.9 124.3 152.0 163.5 161.2 174.5 187.5 182.5 186.2 188.3
.3
1.9
9.8
5.0 10.5 10.3 10.0
9.5
9.6
9.5
9.5
4.9
8.3 17.2 22.5 23.5 24.4 26.1 28.1 27.3 27.8 28.5
.5
2.7
7.8 10.2 10.8 11.4 12.8 14.0 13.6 13.8 14.2
7.6
3.2
2.4
2.0

20.9
10.9
6.5
3.5

44.6
22.9
13.3
8.5

10.1 - 2 . 0 14.5 35.1
9.6
.2 77.0 40.0
1.4
.5
7.6 17.8
8.3 - . 4
9.4 22.1
.5 - 2 . 1 -2.5 - 4 . 9
6.4
5 0
4.5
5.9

Includes employee contributions to social insurance funds.




1950

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
2

8.7

353.0

n.a.

245.5 248.7
231.1 233.6
192.9 194.7
9.4
9.5
28.7 29.4
14.4 15.1

49.9
28.9
11.3
9.7

50.7
29.5
11.6
9.7

32.9 40.9 41.2 40.9 39.8
33.2 42.7 43.7 43.7 42.9
16.8 21.5 22.1 22.1 21.7
16.4 21.1 21.7 21.6 21.3
- . 3 -1.7 -2.5 -2.8 -3 1

40.4
41.2
20.8
20.4

43.4
n.a
46.7
n.a.
23.6
n a.
23.1
n.a.
-3.3 -2.6

11.7

12 0

12 4

48.9
25.9
12.5
10.5

9.7

49.1
27.3
11 7
10

10 8

50.5
29.
11.6
9.7

11.9

49.5
28.2
11.5
9

11 5

Includes noncorporate inventory valuation adjustment.

51.7
29.9
12.1
9 7

51.5
30.1
11.7
9.7

12.6

709

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

Gross national product.

1933

194

1952

1950

1953

56.0

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, non f arm
Other
Producers' durable equ pment..
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
12.6
23.1
3.0
2.1

50.3
25.8
11.9

.8

.2

1.1

-2.2

8.5
1.3
> 1.3

8.0
2.0

24.8

.0
7.2

.0
6.0

42.0
22.1
18.5
3.9
.3
19.9

Government purchases of goods
services
Federal
National security
Other
Less: Government sales2
State and local
1

1955

1957

1956

125.8 285.1 345.4 363.2 360.7 390.9 412.4 403.4 408.3 413.8 423.8 427.1

104.4

Personal consumption expenditures .
Durable goods
Nondurable goods
Services
.

Net foreign investment

1954

194.0 218.3 230.5 236.5 254.0 265.7 261.7 263.7 266.8 270.9 275.0
26.6
29.8
29.4
28.6
35.7
34.0
34.8
33.0
33.4
34.8
35.9
119.1 120.9 126.2 132.9 130.5 132.3 134.0 134.7 136.4
100.4 116.
81.7
86.3
65.0
75.6
92.1
98.9
96.4
99.7 101.4 102.7
98.0
60.6
32.7
16.6
16.1
23.7
4.2
3.8

65.4
33.2
15.3
17.8
28.7
3.5
3.8

63.1
32.6

24.3
.3
.9

48.0
27.9
13.5
14.4
22.4
-2.3
-2.7

-.2

-2.0

-.4

-.5

77.5
54.3
48.8
5.8
.4
23.2

84.4
59.5
51.5
8.4
.4
24.9

76.5
48.9
43.0
6.3
.4
27.6

76.8
46.7
41.2
5.9
.4
30.1

13.8

26.4
4.1
4.2

64.7
33.6
15.6
18.0
27.5
3.5
3.9

65.1
33.6
15.5
18.1
29.5
2.0
2.4

68.5
32.9
14.9
18.0
31.5
4.1
4.4

63.3
32.5
14.2
18.2
32.0
-1.2
-.9

1.4

.1

1.2

1.7

2.4

4.0

79.8
47.0
41.6
5.8
.4
32.8

78.5
46.4
40.5
6.3
.4
32.1

78.7
46.1
40.7
5.8
.4
32.6

80.2
47.2
41.9
5.7
.4
33.0

82.0
48.3
43.2
5.5
.4
33.7

84.9
49.8
45.0
5.3
.4
35.0

15.3
17.3

and

2.0

Includes expenditures for crude petroleum and natural gas drilling.

2
Consists of sales abroad and domestic sales of surplus consumption
goods and materials.

PERSONAL INCOME
[Department of Commerce estimates. In billions of dollars]
Wage and salary disbursements
Year or month 1

Personal
income

Total

Commodity
producing industries

Distributive
industries

Service
industries

Government

15.6

Other
labor
income 2

DiviProdends
prietors'
and
and
perrental
sonal
income 3 interest
income

Transferpayments 4

Less
personal
Noncontributions agricultural
for
income 6
social
insurance 5

19^9
1933
1941

85.8
47.2
96.3

50.4
29 0
62.1

21.5
9 8
27.5

16.3

8.4
5.2
8.1

4.9
5.1
10.2

.6
.4
.7

20.2
7.6
20.9

13.2
8.3
10.3

1.5
2.1
3.1

.1
.2
.8

77.7
43 6
88.0

1951
1952
1953
1954
1955
1956

255.3
271.8
286.0
287.3
306.1
325.2

170.8
184 9
197.4
195.5
210.4
225.1

74.9
80 4
87.7
83.6
90.9
97.7

45.8
48.7
51.3
51.8
55.4
59.5

21.3
23 0
24.5
25.8
28.2
30.3

28.8
32.9
33.9
34.3
35.9
37.6

4.8
5.3
6.0
6.3
7.0
7.3

49.9
50.8
49.3
48.9
49.1
50.5

20.7
21.3
23.0
24.9
27.3
29.4

12.6
13.2
14.3
16.4
17.6
18.7

3.4
3 8
3.9
4.6
5.2
5.8

235.7
253 1
269.2
271.4
290.9
310.0

1956—May
June....
July
Aug
Sept .
Oct
Nov
Dec

322.8
324.9
324.3
328.1
328.5
332.5
333.5
334.0

223.2
225.2
224.0
227.1
228.5
229.7
231.0
232.9

96.8
97.5
95.9
98.3
99 1
100.6
101.1
102.3

59.1
59.9
59.9
60.3
60.5
60.2
60.6
60.9

30.0
30.2
30.4
30.6
30.8
30.9
31.1
31.3

37.3
37.6
37.8
37.9
38.1
38.0
38.2
38.4

7.2
7.3
7.3
7.3
7.3
7.4
7.4
7.4

50.1
50.0
50.5
51.0
50.9
52.3
51.7
51.2

29.4
29.6
29.7
29.8
30.0
30.2
30.3
29.2

18.7
18.6
18.6
18.8
18.7
18.9
19.1
19.3

5.8
5.8
5.8
5.9
5.9
6.0
6.0
6.0

307.6
310.3
309.4
312.8
313 4
316.3
317 9
318.8

1957—Jan
Feb
Mar
Apr
May*3

335 0
336.6
338 1
339.3
340.4

232 7
233.9
234 5
234.9
234.7

101 2
101.9
102 0
102.2
101.6

61.5
61.5
62.0
61.8
62.1

31.3
31.4
31.5
31.7
31.7

38.7
38.9
39.0
39.2
39.3

7.5
7.5
7.5
7.5
7.5

51.3
51.5
51.6
51.6
51.7

30.6
30.7
30.9
31.1
31.3

19.6
19.9
20.3
20.9
21.8

6.7
6.7
6.7
6.7
6.7

319 7
321.3
322 7
324.0
325.1

o

O

P Preliminary.
1
Monthly data are seasonally adjusted totals at annual rates.
2
Represents compensation for injuries, employer contributions to
private pension and welfare funds, and other payments.
3
Represents business and professional income, farm income, and
rental income of unincorporated enterprise; also a noncorporate inventory
valuation adjustment.
4
Represents government social insurance benefits, direct relief, mustering-out pay, veterans' readjustment allowances and other payments, as




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.

710

MEMBER BANK EARNINGS, 1956
EARNINGS OF ALL MEMBER BANKS, BY CLASSES
[Amounts in thousands of dollars]

All
national
member
banks

All member banks 1
Item

1953

1954

1955

All
State
member
banks

1956

Central reserve
city member banks
New York

Chicago

Reserve
city
member
banks

Country
member
banks

Year 1956

Earnings
Interest and dividends on
securities:
U. S. Govt
Other
Interest and discount on loans
Other charges on loans
Service charges on deposits..
Other charges, fees, etc
Trust department
Other current earnings

4,590,236

4,826,113

5,342,589

6,078,173 3,820,540

2,257,633

1,014,059

242,768 2,401,916 2,419,431

1,011,000
251,777
2,591,483
40,538
218,831
92,324
207,218
177,065

1,066,379
272,808
2,662,168
49,079
252,266
102,484
235,655
185,274

1,118,106
295,606
3,021,843
61,362
274,024
109,755
266,992
194,902

735,039
365,550
1,100,589
106,023
307,846
201,823
3,662,480 2,314,120 1,348,360
24,912
62,685
37,773
99,491
310,165
210,674
51,654
121,585
69,931
192,311
309,105
116,794
69,333
203,719
134,386

132,911
46,876
623,611
9,733
24,569
23,055
104,947
48,357

48,994
404,348
514,336
15,615
116,097
129,258
141,715 1,477,866 1,419,289
1,415
32,676
18,862
2,202
126,683
156,710
2,572
44,995
50,963
120,236
24,055
59,866
79,015
6,200
70,147

Expenses
Salaries—officers
Salariesandwages—others...
Directors' fees, etc
Interest on time deposits
Interest on borrowed money.
Taxes other than i n c o m e . . . .
Recurring depreciation
Other current expenses

2,781,518
447,142
924,348
23,714
424,738
22,657
125,192
67,047
746,681

2,998,535
478,877
983,820
25,541
493,649
7,985
140,162
75,626
792,874

3,265,126
511,736
1,059,667
27,189
543,122
21,942
148,987
86,837
865,647

3,679,898 2,327,841 1,352,057
358,031
553,292
195,261
716,822
1,181,906
465,084
19,252
9,909
29,161
435,444
649,679
214,235
18,251
43,793
25,542
157,227
106,219
51,008
102,854
69,967
32,887
961,985
596,564
365,421

535,992
63,021
211,486
2,034
59,103
13,235
14,219
9,969
162,925

123,363 1,441,237 1,579,306
16,096
186,398
287,777
43,621
491,069
435,729
296
5,219
21,612
19,187
266,409
304,980
4,759
20,084
5,716
5,228
69,039
68,741
1,147
35,045
56,693
33,029
367,973
398,059

Net current earnings before income taxes

1,808,718

1,827,578

2,077,463

2,398,275 1,492,699

905,576

478,067

119,405

960,678

840,125

132,274

551,971

212,508

225,807

119,005

106,802

74,654

13,787

87,773

49,593

9,847
25,877
34,603

11,709
43,142
374,610

18,317
37,547
50,668

12,578
39,745
27,526

10,082
25,462
11,414

2,496
14,283
16,112

58
11,077
10,708

2,371
5,730
2,219

5,216
17,450
8,941

4,933
5,488
5,658

23,158
15,729
23,060

27,353
54,558
40,599

20,741
47,728
37,508

14,309
73,279
58,370

10,494
32,930
28,623

3,816
40,349
29,747

1,244
24,834
26,733

414
487
2,566

2,088
37,422
16,655

10,563
10,536
12,415

383,477

479,263

613,959

879,830

536,031

343,799

207,005

51,066

325,510

296,250

139,880
48,299

58.549
118,857

195,493
63,086

276,573
97,001

182,519
61,319

94,054
35,682

61,140
15,877

23,944
4,048

80,506
67,234

110,983
9,842

20,416
111,976
62,906

17,771
196,140
87,946

17,843
265,632
71,904

21,851
407,544
76,862

11,119
232,893
48,181

10,732
174,651
28,681

6,280
114,047
9,661

65
19,063
3,945

1,900
144,436
31,433

13,606
129,996
31,823

1,744,253 1,075,673

Recoveries, transfers from reserves, and profits
On securities:
Recoveries
Transfers from reserves....
Profits on securities
On loans :
Recoveries
Transfers from reserves....
Allother
Losses, charge-offs, and transfers
to reserves
On securities:
Losses and charge-offs
Transfers to reserves
On loans:
Losses and charge-offs....
Transfers to reserves
Allother
Profits before income taxes

1,557,515

1,900,286

1,676,013

668,580

345,716

82,127

722,942

593,468

Taxes on net income
Federal
State

692,252
660,206
32,045

804,188
762.686
41,502

690,770
655,361
35,410

717,688
677,206
40,482

430,366
411,649
18,717

287,322
265,557
21,765

156,693
138,563
18,130

29,950
29,950

302,064
288,190
13,874

228,981
220,503
8,479

Net profits

865,263

1,096,099

985,242

1,026,565

645,307

381,258

189,023

52,177

420,878

364,487

418,652
1,955
416,697

456,145
2,030
454,116

500,941
1,730
499,211

546,931
1,592
545,339

329,230
177
329,053

217,701
1,415
216,286

133,200
45
133,156

22,964
68
22,896

223,075
234
222,841

167,692
1,246
166,446

767
28,930

2,936
34,682

2,719
33,589

3,185
35,443

2,945
26,663

240
8,780

724
4,986

1,609

2,059
12,300

402
16,547

33,926
74,494

15,247
74,746

65,502
75,669

92,830
108,536

56,170
66,863

36,660
41,673

3,321
28,916

2,750
9,077

76,959
30,854

9,801
39,690

56,142,000
51,091,000
11,923,000
35,608,000
2,049,000

57,513,000
54,485,000
12,844,000
35,774,000
2,306,000

64,651,000
53,453,000
13,876,000
36,047,000
2,620,000

74,279,000
47,554,000
13,421,000
36,924,000
2,883,000

15,255,000 3,454,000 30
,477,000
,093,000 25
5,992,000 2,235,000 17,528,000 21,800,000
1,978,000
650,000 4,878,000 5,915,000
7,362,000 1,939,000 15
5,205,000 12,418,000
793,000
900,000
53,000 1,137,000

Total assets

156,813,000 162,921,000 170,646,000 175,061,000

31,380,000 8,331,000 68,840,000 66,510,000

Time deposits
Total deposits
Total capital accounts

34,647,000 38,053,000 39,983,000 41,200,000
000
142,380,000 148,198,000 154,464,000 157,561,000
11,043,000 11,724,000 12,499,000 13,270,000

3,350,000 1,302,000 16
,894,000
,654,000 19
27,010,000 7,477,000 62
,236,000 60
,838,000
2,807,000
640,000 4,878,000 4,946,000

Cash dividends declared
On preferred stock 2
On common stock
Memoranda items:
Recoveries credited to reserves
(not included in recoveries
above):
On securities
On loans
Losses charged to reserves
(not included in losses
above):
On securities
On loans
Loans
U. S. Govt. securities
Other securities
Cash assets
Other assets

Number of officers
Number of employees
Number of banks

54,639
315,972

56,541
323,945

58,623
342,181

61,325
363,639

41,923
228,463

19,402
135,176

4,216
52,552

1,006
11,673

17,892
146,866

38,211
152,548

6,743

6,660

6,543

6,462

4,651

1,811

18

14

289

6.141

For footnotes see following two pages.




711

MEMBER BANK EARNINGS, 1956
EARNINGS OF ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS
[Amounts in thousands of dollars]
Federal Reserve district
Item
Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

St.
Louis

Minneapolis

Kansas
City

Dallas

260,190

317,106

994,756

53,412
56,529
16,031
14,087
202,798
151,910
2,561
1,401
14,093
16,291
4,716
4,269
6,162
6,128
17,334
9,574

153,034
43,895
629,229
22,357
74,744
18,879
28,858
23,760

122,703 103,536 153,480 193,265
37,781
23,489
33,661
20,074
52,845
35,968
28,906 44,479
4,012
1,938
1,810
1,704
1,132
102,982
21,440
18,781
16,938
17,807
7,624
1,577
1,535
1,168
1,577
16,463
23,583
5,102
5,867
3,611
4,772
7,346
12,467
3,573
2,791
53,875
133,849
43,342
33,996
27,638

629,127
82,243
205,550
1,530
163,935
4,724
22,364
15,316
133,465

Chicago

San
Francisco

Earnings
Interest and dividends on
securities:
U. S. Govt
Other
Interest and discount on loans..
Other charges on loans
Service charges on deposits....
Other charges, fees, etc
Trust department
Other current earnings

306,361 1,522,886 330,221

489,982

278,707

318,894

884,047

209,075

165,949

45,623
12,537
181,639
1,155
17,461
7,829
26,904
13,212

54,721
219,933
75,786
18,906
938,778 203,633
14,233
2,134
61,524
12,196
32,344
4,322
117,890 25,260
62,398
9,051

105,747
28,503
280,768
4,182
20,867
7,372
26,011
16,532

55,474
11,799
167,416
2,003
15,999
7,630
11,173
7,215

62,723
17,042
185,528
3,210
19,173
9,164
9,255
12,799

217,561
49,216
493,726
6,580
39,121
15,122
40,948
21,773

43,520
11,569
129,204
1,177
8,263
3,905
6,274
5,164

32,313
8,473
97,851
1,693
10,435
6,034
4,242
4,908

Expenses
Salaries—officers
Salaries and wages—others....
Directors' fees, etc
Interest on time deposits
Interest on borrowed money...
Taxes other than income
Recurring depreciation
Other current expenses

187,016
29,548
63,993
1,746
21,431
1,572
7,406
6,041
55,279

887,670 205,127
111,977
30,705
314,522
64,231
5,506
3,357
33,139
140,172
2,952
15,490
8,981
26,196
6,654
21,194
252,614
55,110

290,729 172,189 200,069
32,712
41,244
30,181
60,477
87,578
52,564
1,795
2,600
2,034
26,602
57,103
29,350
1,693
2,565
1,317
10,485
19,424
7,747
7,807
8,566
6,327
58,499
71,650
42,669

534,987
79,678
170,793

Net current earnings before income taxes

119,345

635,217

125,094

199,253

106,518

118,825

349,059

86,373

62,413

106,709

123,840

365,629

14,027

94,611

6,607

20,489

4,941

6,160

34,736

5,395

4,312

5,284

8,102

21,144

878
2,036
610

491
12,938
13,690

824
301
841

821
1,489
1,929

306
691
593

267
1,937
922

5,167
9,149
4,058

106
747
751

583
897
365

416
258
807

82
2,335
553

2,638
6,968
2,408

691
5,219
4,594

2,772
34,062
30,657

600
1,186
2,855

593
14,254
1,402

502
1,603
1,247

425
991
1,618

1,166
8,914
6,283

900
2,397
495

1,234
425
809

2,206
512
1,086

2,154
817
2,161

1,067
2,900
5,163

49,193

283,257

39,610

77,559

29,703

38,540

153,745

27,069

22,833

30,204

38,735

89,384

15,859
1,463

78,513
21,617

9,500
2,115

12,518
30,904

11,292
2,795

15,567
1,824

70,254
10,874

11,753
2,286

11,338
812

10,745
1,590

8,279
1,385

20,956
19,336

286
22,488
9,098

7,250
160,617
15,261

727
21,329
5,938

780
28,088
5,269

565
12,126
2,925

780
17,514
2,855

1,395
58,376
12,846

1,090
9,007
2,934

1,372
7,801
1,510

2,664
10,861
4,345

3,838
20,706
4,527

1,105
38,632
9,355

Profits before income taxes.

84,179

446,570

92,091

142,183

81,757

86,445

230,051

64,699

43,892

81,790

93,207

297,389

Taxes on net income.
Federal
State

35,457
30,686
4,771

193,999
172,217
21,78:

35,624
35,624

50,991
50,991

34,574
34,246

35,029
34,389
640

84,647
84,484
163

25,694
25,184
510

17,835
16,094
1,741

33,948
32,587
1,361

36,660
36,647
12

133,231
124,057
9,174

Net profits

48,722

252,571

56,46'

91,192

51,417

145,404

39,005

26,057

47,842

56,548

164,158

21,390
10
21,380

61,942
212
61,730

17,169
14,195
34
17,135 * 14,195

18,216

29,473

18,216 ' '29,473

90,245
23
90,222

Recoveries, transfers from reserves,
and profits
On securities:
Recoveries
Transfers from reserves
Profits on securities
On loans:
Recoveries
Transfers from reserves
All other
Losses, charge-offs, and transfei
to reserves
On securities:
Losses and charge-offs
Transfers to reserves
On loans:
Losses and charge-offs
Transfers to reserves
All other

Cash dividends declared.
On preferred stock 2. .
On common stock
Memoranda items:
Recoveries credited to reserves
(not included in recoveries
above):
On securities
On loans
Losses charged to reserves (not
included in losses above):
On securities
On loans

34,163

40,774

34,159

40,774

29,178
14
29,164

167,501
1,287
166,214

43
1,674

909
8,368

19
1,359

387
1,771

1,06:

12
1,240

726
5,556

149
1,111

1,014

6
2,788

119
3,216

816
6,283

1,891
5,896

8,667
38,574

2,503
6,356

36,44:
4,154

2,769
2,463

876
4,08:

10,640
19,097

4,351
2,158

1,612

2,355
5,072

3'
6,573

22,300
12,501

3,656,000 21,131,000 3,986,000
1,966,000 9,748,000 2,322,000
606,000 3,277,000 789,000
1,618,000 9,500,000 1,774,000
995,000 157,000
138,000

Total assets

7,984,000 44,651,000 9,027,000

Time deposits
Total deposits
Total capital accounts

,414,000 8,056,000 2,338,000
7,124,000 39,084,000 8,011,000

1

697,000 3,784,000
3,31
22,209
299

9,761
86,097
58'

837,000

2,839,000 3,924,000 11,912,000
10,130,000 2,577,000 1,820,000:, ,
9,374,000 1,875,000 1,321,000 2,408,000>2,331,OOO 6,641,000
"
2,253,000 489,000 370,000 656,000 586,000 1,945,000
5,635,000 1,478,000 920,000 2,030,000 2,643,000 4,527,000
030,000
266,000
79,000 212,000
448,000
53,000
74,000
14,467,000 7,973,000 9,143,000 27,657,000
4,484,000 8,012,000 9,697,000 25,472,000
6,493,000
4,149,000 1,836,000 1,649,000 7,650,000
1,166,000 1,119,000 1,365,000 9,213,000
1,244,000
13,078,000 7,238,000 8,380,000 25,358,000 5,921,000 4,077,000 7,327,000 8,862,000 23,101,000
1,169,000 610,000 624,000 1,829,000 484,000 316,000 590,000 718,000 1,613,000
5,786,000 3,131,000 3,388,000
4,481,000 2,402,000 2,685,000
1,192,000 529,000 728,000
2,818,000 ,786,000 2,196,000
190,000 124,000 146,000

3,87'
21,17'

4,580
27,322

54'

606

3,789
21,243

470
2

7,971
51,905

3,078
13,003

2,64:
10,08'

4,436
15,311

4,544
17,847

9,618
59,023

391

3,71
18,415

Includes figures for all banks that were members of the Federal Reserve System at the end of the year (including those becoming members
during the year whose returns may cover operations for only part of the
year); and in addition includes appropriate adjustments for member
banks in operation during part of the year but not at the end of the year.
Data may not add to totals because of rounding.




22,684
22,67'

Loans
U. S. Govt. securities
Other securities
Cash assets
Other assets

Number of officers
Number of employees
Number of banks

328
47,183

1,023

492

473

753

634

187

Includes interest on capital notes and debentures.
Not available on the 13-month basis used for all member banks. See
Note on following page.
For other footnote see following page.
3

712

MEMBER BANK EARNINGS, 1956
EARNINGS OF RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS
[Amounts in thousands of dollars]
Federal Reserve district
Item
Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St.
Louis

Minneapolis

Kansas
City

Dallas

San
Francisco

281,229 100,669

53,829 126,86'

153,916

833,468

22,059
6,521
75,992
1,394
5,628
3,884
5,120
6,510

74,059
14,851
154,050
2,490
15,906
4,970
9,823
5,080

16,584
5,044
66,096
638
3,029
1,674
5,249
2,355

7,280
2,514
34,613
716
2,331
1,039
3,441
1,896

24,467
6,769
77,337
709
5,511
1,164
5,118
5,791

21,076
6,920
102,567
1,838
2,888
1,878
5,012
11,738

125,830
37,213
531,056
18,655
61,904
14,083
25,744
18,984

73,398
11,741
26,147
534
9,099
848
3,77'
2,300
18,95f

77,903
10,679
24,862
422
8,883
1,210
5,215
2,340
24,29:

175,350
20,376
64,637
766
30,804
2,507
7,687
3,880
44,694

55,396
8,188
19,208
236
6,086
1,011
2,442
1,373
16,85~

32,123
4,467
11,900
154
3,423
1,304
695
647
9,533

69,663
10,546
23,595
331
7,728
1,284
2,349
2,084
21,747

88,191
12,330
24,089
320
12,136
1,434
9,833
3,05:
24,999

520,762
63,706
172,272
995
141,270
4,516
19,567
11,197
107,240

123,916

47,978

49,205

105,879

45,273

21,706

57,203

65,725

312,706

3,247

16,306

3,321

3,979

15,214

3,426

1,500

2,047

3,245

18,730

41
135
200

299
658
1,432

79
680
348

63
1,586
603

2,139
3,044
962

24
586
557

14:
449
138

149
211
644

21
1,921
270

2,114
6,945
2,099

30
5,263
739

90
685
2,097

111
13,180
626

177
1,444
592

72
848

154
7,315
1,600

15
2,064
180

410
38
323

150
334
560

138
72
823

481
2,413
4,678

21,640

17,250

17,598

55,245

14,222

18,903

55,549

14,509

6,779

14,359

16,796

72,660

5,819
756

603
2,683

2,502
1,556

3,828
30,012

3,656
2,162

9,095
1,415

22,745
5,651

5,773
1,968

4,036
47

5,377
1,087

3,322
840

13,752
19,057

2
10,339
4,725

79
12,910
975

125
10,181

101
18,272
3,033

107
798
499

17
7,611
765

463
22,097
4,593

2
5,062
1,705

206
2,221
269

256
6,000
1,640

6
10,782
1,847

537
32,164
7,149

Profits before income taxes

39,832

12,387

Taxes on net income.
Federal
State

17,583
14,892
2,690

5 074
4,169
906

16,416
16,416

Net profits

22,249

7,312

25,972

Earnings
Interest
and
dividends
on
securities:
U. S. Govt
Other
Interest and discount on loans..
Other charges on loans
Service charges on deposits. . . .
Other charges, fees, etc
Trust department
Other current earnings

109,917

67,550

139,393

286,596

121,376

127,107

13,283
3,279
65,441
44
3,028
4,720
13,733
5,992

7,957
3,683
44,95"
807
4,163
1,170
1,528
3,28^

13,558
6,685
91,179
1,121
4,542
1,
16,316
4,108

55,428
17,676
163,912
3,005
10,759
4,293
21,899
9,625

22,767
4,944
70,666
864
6,995
4,236
7,255
3,649

Expenses
Salaries—officers
Salaries and wages—others. . . .
Directors' fees, etc
Interest on time deposits
Interest on borrowed money...
Taxes other than income
Recurring depreciation
Other current expenses

57,384
8,762
22,481
188
2,752
681
2,171
1,648
18,703

45,734
5,559
14,996
284
9,281
625
1,151
804
13,035

82,65
11,011
31,792
438
4,971
2,42
3,645
1,841
26,53f

162,680
19,034
55,093
551
29,980
2,241
10,506
3,879
41,395

Net current earnings before income
taxes

52,533

21,816

56,739

8,939

7,821

116
1,029
135

30
207
1,553

261
3,767
3,631

Recoveries, transfers from reserves,
and profits
On securities:
Recoveries
Transfers from reserves
Profits on securities
On loans:
Recoveries
Transfers from reserves
All other
Losses, charge-offs, and transfers
to reserves
On securities:
Losses and charge-offs
Transfers to reserves
On loans:
Losses and charge-offs
Transfers to reserves
All other

3,233
42,388

84,978

37,076

34,280

65,543

34,190

16,4,./

44,891

52,173

258,777

28,534
28,534

16,116
15,979
137

14,458
14,219
239

24,703
24,610
92

14,035
13,670
365

7,067
6,109

20,107
19,270

22,190
22,190

115,781
108,132
7,649

56,444

20,960

19,822

40,840

20,155

29,983

142,995

17,873

10,872

9,516

10,872

958

838

9,360

24,784
8,915
8,915

17,873

79,883
5
79,878

6
976

116
1,309

639
5,026

9,812

9,516

18,382
40
18,342

9,812

5,16'
5,160

719
1,585

144
472

116

17,113

13,198

5,805
189
5,617

26,545

17,113

' 26,545

34
619

11
333

7
488

382
733

243

401

1,137
2,327

1,757
1,484

1,957
3,565

35,330
1,862

2,448
738

855

Loans
U. S. Govt. securities
Other securities
Cash assets
Other assets

,466,000
554,000
143,000
640,000
53,000

868,000
362,000
147,000
356,000
32,000

Total assets

,857,000 l,766;000 3,740,000 8,532,000 3,645,000 3,791,000 8,875,000 ,265,000 ,564,000 4,227,000 4,924,000 11,654,000

Time deposits
Total deposits
Total capital accounts . .

225,000 497,000 348,000 1,998,000 604,000 539,000 2,634,000 426,000 209,000 472,000 762,000 7,940,000
,499,000 1,598,00013,274,000 7,664,000 3,308,000 3,453,000 8,211,000 2,953,000 ,392,000 ,851,000 4,45 2,000 9,581,000
278,000
129,000 337,000 707,000 261,000 254,000 513,000 244,000 115,000 303,000 376,000 1,361,000

Cash dividends declared.
On preferred stock 2 . .
On common stock. . .
Memoranda items:
Recoveries credited to reserves
(not included in recoveries
above):
On securities
On loans
Losses charged to reserves (not
included in losses above):
On securities
On loans

Number of officers
Number of employees
Number of banks

13,198

806
7,376
9

537
4,632

,900,000 3,558,000 ,461,000 ,510,000
598,000 2,342,000 ,013,000 961,000
252,000 693,000 216,000 258,000
913,000 1,824,000 896,000 ,005,000
77,000
114,000 60,000 57,000

9,732

1,440
15,624

10!

* Not including central reserve city banks.
NOTE.—The figures of assets, deposits, and capital accounts are averages of the amounts reported for the call dates at the beginning, middle,
and end of each year, plus the last-Wednesday-of-the-month figures for
the 10 intervening months. The number of officers, employees, and banks




23

1,032
8,601

986
8,310

25

21

6,331
5,244
3,081,000
3,110,000
689,000
1,898,000
97,000

1,638|
19,0051

21,729
1,378
4,037
1,793
10,112
247
1,973
522
,440,000 712,000 ,620,000 ,221,000 10,255,000
746,000 319,000 ,081,000 969,000 5,473,000
200,000 116,000 311,000 188,000 1,666,000
839,000 401,000 ,169,000 ,403,000 3,860,000
18,000 46,000 143,000 400,000
40,000

762
6,600
20

418
3,668i

1,007
7,571

991
7,580|
26|

7,377
48,!67
26

are as of the end of the year. Cash assets are comprised of cash, balances
with other banks (including reserves balances), and cash items in process
of collection. Total capital accounts are comprised of the aggregate
book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, and other capital reserves.
For other footnotes see preceding page.

713

MEMBER BANK EARNINGS, 1956
EARNINGS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS
[Amounts in thousands of dollars]
Federal Reserve district
Item
Boston

New
York

Earnings
Interest
and
dividends on
securities:
U. S. Govt
Other
Interest and discount on loans. .
Other charges on loans
Service charges on deposits
Other charges, fees, etc
Trust department
Other current earnings

196,444

441,278

190,829

203,^86 157,331

191,787

360,050 108,406 112,120 133,323 163,189

161,288

32,340
9,258
116,198
714
14,433
3,109
13,172
7,220

79,066
25,228
270,210
3,694
32,792
8,119
11,415
10,755

41,163
12,221
112,454
1,013
7,653
2.437
8,944
4,943

50,319
10,828
116,856
1,177
10,109
3,079
4,112
6.907

32,707
6,855
96,750
1,138
9,004
3,394
3,918
3,565

40,664
10,522
109,536
1,816
13,546
5,279
4,135
6,290

94,508
18,750
197,961
2,675
21,013
7,580
7,071
10,493

26,936
6,525
63,107
540
5,235
2,231
1,024
2,809

25,033
5,959
63,238
978
8,104
4,995
801
3,012

32,062
7,318
74,573
693
10,779
3,105
1,011
3,782

32,336
9,111
100,231
723
11,205
2,838
1,150
5,596

27,204
6,683
98,174
3,702
12,839
4,796
3,115
4,776

Expenses
Salaries—officers
Salaries and wages—others....
Directors' fees, etc
Interest on time deposits
Interest on borrowed money...
Taxes other than income
Recurring depreciation
Other current expenses

129,632
20,787
41,512
1,558
18,680
891
5,236
4,393
36,576

305,944 122,474
43,397
19,694
88,039
32,440
2,919
3,187
71,789 28,168
527|
1,631
10,825
5,335
10,422
4,813
76,654 28,577

128,049
22,210
32,485
2,048
27,123
324
8,918
4 687
30,255

98,790 122,167
22,033
l«440
26,417 35,615
1,373
1,499
17,719
20,251
483
470
3,969
5,270
5,467
4,027
23,717 34,207

236,275
43,206
62,536
2,949
52,991
359
10,668
7,440
56,126

67,307
15,301
16,759
1,468
10,852
157
3,426
2,200
17,144

71,413
15,606
17,006
978
14,385
273
2,916
2,144
18,105

83,817 105,074
23,115 25,452
20,884 28,757
1,618
1,479
9,304
11,053
142
251
6,631
2,752
4,294
2,687
21,595 28,876

108,364
18,537
33,279
535
22,665
208
2,797
4,119
26,226

Net current earnings before income
taxes

66,812

135,334

68,355

75,337

58,541

69,620

123,776

41,100

40,707

49,506

58,115

52,923

5,089

12,136

3,360

4,183

1,620

2,181

5,735

1,969

2,812

3,237

4,858

2,414

762
1,007
475

403
1,655
1,429

783
166
642

522
831
497

227
11
245

205
351
319

657
374
877

82
161
194

441
448
226

267
47
163

61
414
283

524
23
309

430
1,451
963

1,499
3,965
3,185

510
5-M
759

482
1,074
776

324
158
656

354
144
810

598
1,112
2,117

884
333
315

824
387
485

2,056
178
526

2,016
745'
1,338

586
487
485

27,553

59,002

22,012

22,314

15,480

19,636

47,130

12,560

16,054

15,845

21,939

16,724

10,040
707

16,769
3,058

6,998
559

8,691
892

7,636
633

6,472
409

23,566
1,175

5,980
319

7,302
765

5,368
503

7,204
278

284
12,149
4,373

891
33,660

602
11,148
2,704

679
9,816

458
5,328
1,426

763
9,903
2 090

866
17,215
4,308

1,089
3,945
1,228

1,166
5,580
1,241

2,408
4,861
2,705

4,957
545
3,832
9,924
2,680

568
6,468
2,206

44,680

52,165

82,381

30,509

27,465

36,899

41,034

38,613

22,458
22,458

18,458
18,267
190

20,571
20,170
401

29,995
29,924
71

11,659
11,514
145

10,768
9,985
784

13,841
13,318

14,469
14,457
12

17,450
15,924
1,525

34 748

26,223

31,594

52,387

18,850

16,697

26,564

21,163

11,600

Recoveries, transfers from reserves,
and profits
On securities:
Recoveries
Transfers from reserves
Profits on securities
On loans:
Recoveries
Transfers from reserves
All other
Losses, charge-offs, and transfers
to reserves
On securities:
Losses and charge-offs
Transfers to reserves
On loans:
Losses and charge-offs
Transfers to reserves
All other
Profits before income taxes

44,348

Taxes on net income
Federal
State

17,874
15,793
2,081

Net profits.

26,474

Cash dividends declared
On preferred stock 2
On common stock
Memoranda items:
Recoveries credited to reserves
(not included in recoveries
above):
On securities
On loans
Losses charged to reserves (not
included in losses above):
On securities
On loans

4,625
88,468

Philadelphia

49,703
19,208
19,208
30,495

15,981
14
15,967

32,232
29,486
2,746
56,236
28,495
1,054
27,441

9
1,055

174
3,050

754
3,569

3,589
8,174

Cleveland

2,237
57,205

14,229

Richmond

Atlanta

Chicago

St.
Louis

14,229

11,812
7
11,805

11,874
10
11,864

20,596
104
20,492

7,357
34
7,323

871

5
1,038

819

12
839

7
2,363

546
2,791

1,112
2,292

321
1,724

21
3,094

1,559
4,776

17,050
5
17,046

Minneapolis

9,035

Kansas
City

523
23,058

Dallas

San
Francisco

9,035

9,301
9,301

1,600

10,362
18
10,344

5
640

898

1,812

3
1,907

177
1,257

314
1,637

1,365

77
3,279

37
4,600

571
2,389

5,008,000 2,086,000 2,228,000 1,671,000 1,878,000 3,594,000 1,137,000 1,108,000
3,394,000 1,724,000 2,139,000 1,389,000 1,724,000 4 029,000 1,129,000 1,002,000
1,152,000 537,000 499,000 312,000 469,000 914,000 289,000 254,000
1,782,000 861,000 993,000 890,000 1,191,000 1 797,000 639,000 520,000
117,000 34,000 36,000
170,000 80,000
75,000 65,000 90,000

1,219,000 1,703,000 1,657,000
1,327,000 1,362,000 1 168,000
346,000 399,000
280.000
861,000 1,240,000
667,000
33,000 69,000
48,000

Loans
U. S. Govt. securitb\
Other securities
.
Cash assets
Other assets

2,189,000
1,412,000
463,000
978,000
85,000

Total assets.

,288,000 5,934,000 4,327,000 5,352,000 10,451,000 3,229,000 2,920,000 3,785,000 4,774,000 3,819,000
5,! 27,00011 504,000 5

Time deposits
Total deposits
Total capital accounts.

1,189,000 4,209,000 1,990,000 2,151,000 1,232,000 1,109,000 3,714,000 818,000 958,000 648,000 603,000 1,273,000
" ,669,000 ,968,000 :,685,000 ,476,000 ,410,000
" 475,000 738,000 ,413,000
4,625,000 10,475,000 4,738,000 5>13;OOO 3,930,000 4,926,000 9,669,000 2,968,000 2,685,000 3,476,000 4,410,000 3,520,000
252,000
419,000 848,000 500,000 462,000 349,000! 370,000 677,000 239,000 202,000 287,000 342,000

Number of officers
Number of employees.

2,508
14,833

5,008
28,913

290

559

Number of banks
For footnotes see preceding two pages.




2,979
11,445

3,140
11,698

2,682
9,814

583;

445

2,803
12,933)
370|

5,327
21,227

2,316
6,403

2,225
6,419

3,4291
7,740

3,553
10,267

938!

472

464J

712|

608

2,241
10,856

714

MEMBER BANK EARNINGS, 1956
EARNINGS OF ALL MEMBER BANKS, BY SIZE OF BANK
[Amounts in thousands of dollars]
Size group—total deposits (in thousands of dollars)
Item

Total i
Less than
2,000

5,00010,000

2,0005,000

10,00025,000

25,00050,000

50,000100,000

100,000500,000

500,000

Earnings
Interest and dividends on securities:
U. S. Govt
Other
Interest and discounts on loans
Other charges on loans
Service charges on deposits
Other charges, fees, etc
Trust department
Other current earnings

6,019,552

60,170

264,756

350,000

555,662

438,652

471,441 1,406,833 2,472,037

1,089,721
305,793
3,643,802
62,495
308,081
121,063
287,041
201,556

14,540
2,754
36,666
190
3,067
1,876
58
1,019

64,962
15,398
156,848
971
14,956
5,913
542
5,166

81,837
21,924
203,545
1,934
23,450
7,237
2,423
7,651

124,680
31,211
316,347
4,618
40,819
12,651
10,177
15,159

94,509
23,067
250,401
3,738
31,394
7,907
13,040
14,596

93,132
23,621
275,100
5,182
30,047
9,152
18,319
16,889

366,801
249,260
123,544
64,274
842,588 1,562,308
33,486
12,376
68,240
96,108
27,854
48,474
86,023
156,460
56,219
84,857

Expenses
Salaries—officers
Salaries and wages—others...
Directors' fees, etc
Interest on time deposits
Interest on borrowed money.
Taxes other than income
Recurring depreciation
Other current expenses
,

3,640,531
547,397
1,167.868
28,874
644,998
43,680
156,108
102,044
949,563

39,949
13,842
6,095
1,210
6,659
47
1,919
1,176
9,000

173,589
46,570
34,609
4,957
34,611
307
7,843
6.181
38,512

229,351
49,298
54,707
4,711
47,793
437
10,399
8,620
53,386

368,429
65,344
101,129
5,344
73,627
843
15,307
13,843
92,992

288,521
45,712
85,398
2,768
54,875
1,232
12,448
10,174
75,915

304,735
45,766
95,406
2,216
50,804
2,513
13,161
10,195
84,675

864,937 1,371,020
161,576
119,289
294,832
495,692
4,271
3,398
128,259
248,370
10,083
28,218
38,877
56,154
24,397
27,457
244,929
350,153

Net current earnings before income taxes.

2,379,022

20,222

91,167

120,649

187,233

150,130

166,707

541,896 1,101,018

216,607

1,584

4,962

5,848

10,035

8,825

8,023

42,617

134,712

4,989
11,850
6,286

2,566
19,442
16,533

Recoveries, transfers from reserves, and
profits
On securities:
Recoveries
Transfers from reserves
Profits on securities
On loans:
Recoveries
Transfers from reserves
All other
Losses, charge-offs, and transfers to
reserves
On securities:
Losses and charge-offs
Transfers to reserves
On loans:
Losses and charge-offs
Transfers to reserves
All other
Profits before income taxes.
Taxes on net income.
Federal
State
Net profits
Cash dividends declared.
On preferred stock 2 ..
On common stock. . .
Memoranda items:
Recoveries credited to reserves (not
included in recoveries above):
On securities
On loans
,
Losses charged to reserves (not included in losses above):
On securities
On loans
Loans
U. S. Govt. securities.
Other securities
Cash assets
Other assets

11,520
34,783
27,335

44
10
71

292
102
456

717
422
774

755
976
1,127

1,417
1,036
872

740
946
1,217

13,917
73,147
55,904

1,146
42
271

2,631
424
1,058

2,068
705
1,163

2,010
1,771
3,397

1,229
1,380
2,891

501
2,338
2,282

1,884
10,441
7,166

2,448
56,047
37,677

875,168

4,702

23,635

38,523

65,874

58,343

60,283

192,827

430,980

274,196
96,854

50

8,624
505

16,006
775

28,286
2,119

24,242
1,963

20,011
4,234

65,987
14,999

110,232
72,209

21,610
406,076
76,431

2.014
1,153
678

4,198
7,313
2,995

3,319
13,900
4,524

2,229
25,895
7,345

1,098
25,193
5,847

330
29,008
6,701

1,242
91,019
19,580

7,180
212,597
28,762

1,720,461

17,104

72,494

87,974

131,394

100,613

114,446

391,685

804,750

709,264
669,649
39,615

4,679
4,493
186

21,915
21,152
763

31,024
30,072
952

51,978
50,284
1,695

41,271
40,116
1,155

48,091
46,282
1,809

169,414
162,557
6,858

340,893
314,694
26,198

1,011,197

12,425

50,579

56,950

79,416

59,342

66,356

222,2

463,858:

542,423
1.591
540,833

4,703
2
4,701

19,306
25
19,281

23,716
26
23,690

35,117
127
34,991

28,364
50
28,314

31,941
187
31,753

113,528
1,175
112,353

'285,"749

2,699
35,334

395

13
2,058

39
3,206

16
3,760

6
2,677

23
2,901

749
6,201

1,853
14,136

92,801
108,356

6
854

111
4,081

402
6,270

1,336
8,351

1,569
6,855

5,158
7,576

15,855
17,025

68,365
57,345

601,778 2,723.660 3,625,275 5,892,787 4,877,302
606,676 2,708,786 3,473,196 5,320,758 4.120,028
706,580 1,030,635 1,513,378 1,083,143
120,414
391,616 1,652,422 2,124,881 3,332,938 2,776,382
13,764
120,776
77,221
226,051
195,201

5,445,923
4,106.428
1,080,804
3,214,442
207,983

77,953,449
47,403,972
13,122,114
42,797,002
3,186,142

285,749

17,774,372 37,012,352
10,969,356 16,098,744
2,761,685 4,825,475
10,718,406 18,585,915
675,953 1,669,193

Total assets.

184,462,679 1,734,248 7,868,669 10,374,763 16,285,912 13,052,056 14,055,580J42,899,772 78,191,679

Time deposits
Total deposits
Total capital accounts.

42,083,773
439,204 2,323,532 3,233,385 5,182,858 3,749,371 3,411,3811 8,412,833 15,331,209
167,582,253 1,554,731 7,167,885 9,527,423 14,996,525 12,065,014 12,986,445i39.417,259 69,866,971
914,425 2,932,815 6,077,560
13,581,559
672,982
859,997
174,596
792,525 1,156,659

Number of officers
Number of employees.
Number of banks
1

60,957
361,036

3,169
3,073

8,134
14,210

7,175
20,180

7,982
35,631

4,999
29,206

4,641
32,071

10.874
92,696

13,983
133,969

6,417

1,149

2,166

1,353

984

353

187

181

44

Totals are for banks operating during the entire year, except three
trust companies having no deposits.
2 Includes interest on capital notes and debentures.




NOTE.—The figures for assets, deposits, capital accounts, number of
officers and employees, and number of banks are as of the end of the
year. See note on second preceding page regarding the composition of
cash assets and total capital accounts.

715

MEMBER BANK EARNINGS, 1956
EARNINGS RATIOS OF ALL MEMBER BANKS, BY CLASSES
[Computed from aggregate dollar amounts; ratios expressed as percentages]
Central reserve
city member
banks

All member banks

New
York
1953

1954

1955

Reserve
city
member
banks

Country
member
banks

Chicago

1956
Year 1956

Summary ratios:
Percentage of total capital accounts:
Net current earnings before income taxes
Profits before income taxes
Net profits
Cash dividends declared
Percentage of total assets:
Total earnings
Net current earnings before income taxes
Net profits
Sources and disposition of earnings:
Percentage of total earnings:
Interest and dividends on:
U. S. Govt. securities
Other securities
Earnings on loans
Service charges on deposit accounts
Other current earnings
Total earnings
Salaries and wages
Interest on time deposits
Other current expenses
Total expenses
Net current earnings before income taxes
Net losses including transfers (or recoveries and profits + )
Taxes on net income
Net profits
Rates of return on securities and loans:
Return on securities:
Interest on U. S. Govt. securities
Interest and dividends on other securities
Net losses (or recoveries and profits + ) 1
Return on loans:
Earnings on loans
Net losses

16.4
14.1
7.8
3.8
2.93
1.15
.55

15.6
16.2
9.3
3.9
2.96
1.12
.67

16.6
13.4
7.9
4.0
3.13
1.22
.58

18.1
13.1
7.7
4.1
3.47
1.37
.59

17.0
12.3
6.7
4.7
3.23
1.52
.60

18.7
12.8
8.2
3.6
2.91
1.43

.63

19.7
14.8
8.6
4.6
3.49
1.40
.61

17.0
12.0
7.4
3.4
3.64
1.26
.55

22.0
5.5
57.3
4.8
10.4

22.1
5.7
56.2
5.2
10.8

20.9
5.6
57.7
5.1
10.7

18.1
5.1
61.3
5.1
10.4

13.1
4.6
62.5
2.4
17.4

20.2
6.4
59.0
.9
13.5

16.8
4.8
62.9
5.3
10.2

21.3
5.3
59.4
6.5
7.5

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

29.9
9.3

30.3
10.2
21.6

29.4
10.2
21.5

28.5
10.7
21.3

27.1
5.8

24.6
7.9
18.3

28.2
11.1
20.7

29.9
12.6
22.8

62.1

61.1

60.5

37.9

38.9

39.5

+ 1.5

7.5
13.0
18.4

10.8
11.8
16.9

21.4
60.6
39.4
5.4
15.1
18.9

16.7
22.7

20.0
52.9
47.1
13.1
15.4
18.6

50.8

60.0

65.3

49.2

40.0

34.7

15.4
12.3
21.5

9.9
12.6
17.5

10.2
9.4
15.1

1.98
2.11
.20

+ .47

1.96
2.12

2.09
2.13
.28

2.31
2.29
.53

2.22
2.37
.66

2.19
2.40
.77

4.69
.08

4.71
.05

4.77
.06

5.02
.11

4.15
.19

4.14
.21

2.36
2.19
.40
5.02
.06

5.64
.10

Distribution of assets:
Percentage of total assets:
U. S. Govt. securities
Other securities
Loans
Cash assets
Other assets

32.6
7.6
35.8
22.7
1.3

33.4
7.9
35.3
22.0
1.4

31.3
8.1
37.9
21.1
1.6

27.2
7.7
42.4
21.1
1.6

19.1
6.3
48.6
23.5
2.5

26.8
7.8
41.5
23.3
.6

25.5
7.1
43.7
22.1
1.6

32.8
8.9
38.3
18.7
1.3

Other ratios:
Total capital accounts to:
Total assets
Total assets less U. S. Govt. securities and cash assets...
Total deposits

7.0
15.8
7.8

7.2
16.1
7.9

7.3
15.4
8.1

7.6
14.6
8.4

8.9
15.6
10.4

7.7
15.4
8.6

7.1
13.5
7.8

7.4
15.3
8.1

24.3
1.23

25.7
1.30

25.9
1.36

26.1
1.58

12.4
1.76

17.4
1.47

26.8
1.60

32.7
1.53

Time to total deposits
Interest on time deposits to time deposits
Number of banks
1

6,743

Net losses is the excess of (a) actual losses charged against net profits
plus losses charged against valuation reserves over (b) actual recoveries
and profits credited to net profits plus recoveries credited to valuation
reserves; net recoveries and profits is the reverse. Transfers to and
from valuation reserves are excluded.
NOTE.—The ratios in this and the following three tables were computed
from the dollar aggregates shown in preceding tables. Many of these
ratios vary substantially from the average of individual bank ratios,
which are shown on pp. 720-722 of this BULLETIN, in which each bank's
figures—regardless of size or amount— are weighted equally and in general




6,660

6,543

6,462

18

289

6,141

have an equally important influence on the result. In the ratios based
on aggregates presented here, the experience of those banks in each group
whose figures are largest have a much greater influence than that of the
many banks with smaller figures. (For example, the 120 largest member
banks have total earnings which, combined, are larger than those of all
the other member banks, numbering about 6,340.) Ratios based on
aggregates show combined results for the banking system as a whole,
and, broadly speaking, are the more significant for purposes of general
analyses of credit and monetary problems, while averages of individual
ratios are useful primarily to those interested in studying the financial
results of operations of individual banks.

716

MEMBER BANK EARNINGS, 1956
EARNINGS RATIOS OF ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS
[Computed from aggregate dollar amounts; ratios expressed as percentages]
Federal Reserve district
Item
Boston

Summary ratios:
Percentage of total capital accounts:
Net current earnings before income taxes.
Profits before income taxes
Net profits
Cash dividends declared
Percentage of total assets:
Total earnings
Net current earnings before income taxes.
Net profits
Sources and disposition of earnings:
Percentage of total earnings:
Interest and dividends on:
U S Govt securities
Other securities. .
Earnings on loans
Service charges on deposit accounts
Other current earnings
Total earnings
Salaries and wages
Interest on time deposits
Other current expenses
Total expenses..
Net current earnings before income
taxes
Net losses including transfers (or recoveries and profits -|-)
Taxes on net income
Net profits
Rates of returns on securities and loans:
Return on securities:
Interest on U. S Govt. securities
Interest and dividends on other securities.
Net losses 1 . .
Return on loans:
Earnings on loans
Net losses 1
Distribution of assets:
Percentage of total assets:
U. S. Govt. securities
Other securities
Loans
Cash assets. .
Other assets
Other ratios:
Total capital accounts to:
Total assets
Total assets less U. S. Govt. securities and
cash assets
Total deposits
Time to total deposits
Interest on time deposits to time deposits. . .
Number of banks

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St.
Louis

Minneapolis

Kansas
City

Dallas

San
Francisco

17.1
12.1
7.0

16.8
11.8
6.7

14.9
11.0
6.7

17.0
12.2
7.8

17.5
13.4
7.7

19.0
13.9
8.2

19.1
12.6
7.9

17.8
13.4
8.1

19.8
13.9
8.2

18.1
13.9
8.1

17.2
13.0
7.9

22.7
18.4
10.2

3.84
1.49
.61

3.41
1.42
.57

3.66
1.39
.63

3.50
1.34
.59

3.49
1.30
.56

3.20
1.26
.53

3.22
1.33
.60

3.70
1.39
.58

3.25
1.33
.60

3.27
1.28
.58

3.91
1.44
.64

14.9
4 1
59.7
5.7
15.6

14.4
5.0
62.6
4.0
14.0

16.6
5 7
62.3
3.7
11.7

21.6
5.8
58.2
4.2
10.2

19.9
4 2
60.8
5.8
9.3

19.7
5 3
59.2
6.0
9.8

24.6
5.6
. s.. 6
4.4
8.8

20.8
5.5
62.4
4.0
7.3

19.5
5.1
60.0
6.3
9.1

21.7
5.4
58.9
6.3
7.7

16.8
5.1
64.8
4.4
8.9

15.4
4.4
65.5
7.5
7.2

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

30 5
7.0
23.5

28.0
9.2
21.1

28 8
10.0
23.3

26.3
11.6
21.4

29 7
10.6
21.5

29.2
8.3
25.2

28.3
11.7
20.5

28.4
8.1
22.2

29.5
10.7
22.2

30.0
7.2
21.8

28.6
6.8
25.6

28.9
16.5
17.8

61.0

58.3

62.1

59.3

62.7

60.5

58.7

62.4

59.0

61.0

63.2

39.0

41.7

37.9

40.7

37.3

39.5

41.3

37.6

41.0

39.0

36.8

11.5
11 6
15.9

12.4
12.7
16.6

10.0
10 8
17.1

11.7
10 4
18.6

10.2
11 0
16.1

13.5
9.6
16.4

10.3
12.3
18.7

11.2
10.7
15.7

9.6
13.0
18.4

9.6
11 .6
17.8

6.9
13.4
16.5

61.8
38 2
8.9
12 4
16.9

2.32
2.07
63

2.26
2.31
.55

2.36
2.40
33

2.36
2.39
81

2 31
2.23
45

2.34
2.34
45

2.32
2.18
.61

2.32
2.37
.64

2.45
2.29
.61

2.35
2.15
.39

2.29
2.74
.26

2.30
2.26
.44

5.00
.10

4.51
.16

5.16
.13

4.92
.04

5.41
.05

5.57
.09

4.94
.14

5.06
.05

5.47
.04

5.40
.10

5.23
.13

5.47
.05

24.6
7 6
45.8
20 3

21.8
47.3
21 3

7.3

25.7
8 7
44.2
19 7

31.0
8 2
40.0
19 5

1.7

2.3

1.7

1.3

30 1
6 6
39.3
22 4
1.6

29.4
8 0
37.0
24 0

8.1

28.9
7 5
39.7
22.8

29.5

36.6
20.4

40.6
20.5

35.4
25.3

1.6

1.0

1.1

1.2

1.0

33.9

8.2

30.1
8.2

24.0
6.0

26.1
7 6
46.8
17.8

2.2

1.7

40.5
27.3

8 7

8.5

9 3

8.1

7 7

6 8

6.6

7 5

7 0

7.A

7.4

6.3

15.8

14.9

17.0

16.3

16.1

14.6

14.5

15.4

14.1

16.5

15.2

11.3

19 8
1.52

20.6
1.74

29 2
1.42

31.7
1.38

25 4
1.60

19 7
1.61

30.2
1.35

21 0
1.36

28.6
1.53

15.3
1.68

15.4
1.57

39.9
1.78

299

587

547

606

470

391

1,023

492

473

753

634

187

1
Net losses is the excess of (a) actual losses charged against net profits
plus losses charged against valuation reserves over (b) actual recoveries
and profits credited to net profits plus recoveries credited to valuation




3.39
1.38
.63

reserves; net recoveries is the reverse. Transfers to and from valuation
reserves are excluded.

717

MEMBER BANK EARNINGS, 1956
EARNINGS RATIOS OF RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS
[Computed from aggregate dollar amounts; ratios expressed as percentages]
Federal Reserve district
Item
Boston

Summary ratios:
Percentage of total capital accounts:
Net current earnings before income taxes.
Profits before income taxes
Net profits
Cash dividends declared ..
Percentage of total assets:
Total earnings
Net current earnings before income taxes.
Net profits
Sources and disposition of earnings:
Percentage of total earnings :
Interest and dividends on:
U. S. Govt securities.. .
Other securities
Earnings on loans..
Service charges on deposit accounts
Other current earnings

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St.
Louis

Minneapolis

Kansas
City

Dallas

San
Francisco

18.9
14.3
8 0
4.7

16.9
9.6
5 7
4.5

16.8
12.6
7 7
5.1

17.5
12.0
8 0
3.8

18.4
14.2
8.0
4.2

19.4
13.5
7 8
3.7

20.6
12.8
8.0
3.6

18.6
14.0
8.3
4.0

18.9
14.3
8 1
4.5

18.9
14.8
8.2
2.9

17.5
13.9
8.0
4.8

23.0
19.0
10.5

3.85
1.84
.78

3.83
1.24
.41

3.73
1.52
.69

3.36
1.45
.66

3.33
1.32
.58

3.35
1.30
.52

5.5
67 7
6.2
8.8

4.8
66.2
3.3
16.0

19.3
6.2
58 2
3.8
12.5

18.8
4.1
58.9
5.8
12.4

100.0

100.0

100.0

100.0

28.4
2.5
21.3

30 4
13.7
23.6

30.7
3.6
25.0

25.9
10.5
20.4

31.2
7.5
21.8

28 0
7.0
26.3

52.2

Total earnings

67.7

59.3

56.8

60.5

61.3

47.8

32 3

40.7

43 2

39.5

38 7

11.6
16.0
20.2

14.0
7 5
10.8

10.3
11.8
18.6

13.6
9 9
19.7

8.9
13.3
17.3

11.7
11 4
15.6

12.1
3.0
59 9
2.8

118

22.2
100.0

Salaries and wages
Interest on time deposits
Other current expenses
Total expenses
Net current earnings before income
taxes
Net losses including transfers (or recoveries and profits + )
Taxes on net income
Net profits
Rates of return on securities and loans:
Return on securities:
Interest on U S Govt. securities
Interest and dividends on other securities.
Net losses1
Return on loans:
Earnings on l o a n s .
. . .
N e t losses (or recoveries + ) 1

New
York

2

9.7

17 4
5.1
60 9
4.4
12.2
100.0

3.17
1.19
.46

3.08
1.39
.62

3.13
1.33
.61

3.85
1.44
.66

16.5
5.0
66.3
3.0
9.2

13.5
4.7
65.6
4.3
11.9

19.3
5.3
61.6
4.3
9.5

13.7
4.5
67.8
1.9
12.1

15.1
4.5
66.0
7.4
7.0

100.0

100.0

100.0

100.0

100.0

100.0

30.2
11.0
21.2

27.2
6.0
21.8

30.4
6.4
22.9

26.9
6.1
21.9

23.7
7.9
25.7

28.3
16.9
17.3

62.4

55.0

59.7

54.9

57.3

37.6

45.0

40.3

45.1

42.7

14.3
8.8
14.5

11.0
14.0
20.0

9.8
13.1
17.4

9.8
15.8
19.5

8.8
14.4
19.5

2 20
2.51
.15

2 27
2.65
.50

2 37
2.55
1.22

2.25
2.29
.46

2 30
2.53
.76

2.38
2.16
.66

2.22
2.52
.96

4 49

5 27

4 86

4 69

4.90

5 12

5.08

4.63

.16

.03

.03

.04

.14

3.00
1.35
.59

26.3
5.3
55.7
5.7
7.0

2 40
2.29
.96

.10

3.44
1.39
.60

5.9

.13

.0

62.5
37.5
6.4

13.9
17.2

2.28
2.17
.86

2.26
2.18
.43

2.18
3.68
.25

2.30
2.23
.43

4.96

4.82

4.70

5.36

.06

.02

.05

+ .01

Distribution of assets:

Percentage of total assets:
U. S. Govt. securities
Other securities
Loans
...
Cash assets
Other assets

Other ratios:
Total capital accounts to :
Total assets
Total assets less U. S. Govt. securities
and cash assets
Total deposits
. .
Time to total deposits
Interest on time deposits to time deposits.. .
Number of banks

16 0
6.7
50 8
24.4

27 4
8.1
41 7
21 4

27.8
5.9
40.1
24.6

25 3
6.8
39 8
26 5

35.0
7.8
34.7
21.4

22.8
6.1
44.1
25.7

20.4
7.4
45.5
25.6

25.6
7.4
38.3
27.7

19.7
3.8
45.1
28.5

25.3

1.8

2.1

1.4

1.6

1.6

1.1

1.3

1.1

1.0

2.9

1.8

7.3

19 4
5.0
51 3
22.4

9.0

8.3

7.2

6.7

5.8

7.5

7.4

7.2

7.6

6.3

13 9
7.4

13 3
6.2

14 5
8.3

13.6
8.3

15.3
7.9

14.7
8.4

11.0

20 5
8.3
49 2
20 2

1.9

9.7

12 3
8.1

15 1
10.3

16 2
9.2

15 0
7.9

9.0
1.22

31.1
1.87

10.6
1.43

26.1
1.50

18.3
1.51

15.6
1.65

32.1
1.17

14.4
1.43

15.0
1.64

12.3
1.64

17.1
1.59

40.5
1.78

9

10

8

23

25

21

71

20

9

41

26

26

16 7
11.1

* Not including central reserve city banks.
i Net losses is the excess of (a) actual losses charged against net profits
plus losses charged against valuation reserves over (b) actual recoveries




7.7

47.4
17.8

7.0

and profits credited to net profits plus recoveries credited to valuation
reserves; net recoveries and profits is the reverse. Transfers to and from
valuation reserves are excluded.
2
Ratios of less than .005 are shown as .0.

718

MEMBER BANK EARNINGS, 1956
EARNINGS RATIOS OF COUNTY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS
[Computed from aggregate dollar amounts; ratios expressed as percentages]
Federal Reserve district
Item
Boston

Summary ratios:
Percentage of total capital accounts:
Net current earnings before income taxes..
Profit before income taxes
Net profits
Percentage of total assets:
Total earnings
Net current earnings before income taxes.
Sources and disposition of earnings:
Percentage of total earnings:
Interest and dividends on:
U. S. Govt. securities
Other securities
Earnings on loans
Service charge on deposit accounts
Other current earnings

15.9
10.6
6.3
3.8
3.83
1.30
.52

New
York

16 .0
10 .4
6 6
3 4
3 .84
1 .18
.49

Philadelphia

Cleveland

Richmond

13.7
9.9
6.1
3.4

16.3
12.4
7.5
3.1

16.8
12.8
7.5
3 4

3.61
1.29
.58

3.43
1.27
.59

3 64
1 35
61

3.36
1.27
.58

3.84
1.39
.57

17. 2
12. 9
8 0
3 . ->
3 . 52
31
61

San
Francisco

17.0
12.0
7 8
3 4

21.0
15.3
8.4
4.1

3.42
1.22
.56

4.22
1.39
.55

19.8
5.6
61 8
6.9
5.9

16.9
4.1
63.2
8.0
7.8

100.0

100 0

100.0

100.0

100.0

100 0

100.0

100.0

28 5
12 9
21 4

30 1
9 ?
24 4

29.4
14.7
21.5

29.6
10.0
22.5

29.1
12.8
21.8

33. 0
8
21 6

33.2
5 7
25.5

32.1
14.1
21.0

63.0

62 8

63 7

65.6

62.1

63.7

62 9

64.4

67.2

35.8

37.0

37 7

36 3

34.4

37.9

36.3

37 1

35.6

32.8

9.8
10.0
16.0

8.9
11.0
17.1

8 8
11 7
16 7

9 1
10 7
16 5

11.5
8.4
14.5

9 8
10.7
17.4

11.8
9.6
14.9

9 4
10 4
17 3

10 5
8 8
16.3

8.9
10.8
13.1

100 0

100.0

100.0

31.7
9.5
24.8

29 .8
16 ?
23 .3

27.3
14.8
22.1

26.9
13.3
22.8

Total expenses

66.0

69 .3

64.2

Net current earnings before income
taxes

34.0

30 7

Net losses including transfers (or recoveries and profits -j-)
Taxes on net income
Net profits

11.4
9.1
13.5

10 7
7 3
12 .7

Return on loans:
Earnings on loans
Net losses1

20.2
13.6
8 3
4 5

Dallas

24. 0
5. s
56. 5
8 1
5. 9

100.0

Rates of return on securities and loans:
Return on securities:
Interest on U. S. Govt. securities . .
Interest and dividends on other securities.
Net losses *

3.45
1.18
.50

17.2
12.8
7.9
3.1

Kansas
City

22.3
5.3
57.3
7.2
7.9

?0 8
4 4
62 ?
5 7
6.9

Total earnings

3 58
1 30
59

18.3
12.2
7.7
3.0

Minneapolis

24.9
6.0
58.7
4.8
5.6

24.7
5.3
58.0
5.0
7.0

Salaries and wages..
Interest on time deposits .
Other current expenses

8
1
5
?

St.
Louis

26.3
5.2
55.7
5.8
7.0

21.6
6.4
59.5
4.0
8.5

to

18.
14
8
3

Chicago

7
5
1
0
2

17 9
7
1
7 4
6 .9

16. 5
4.7
59.5
7.3
12.0

Atlanta

71
5
58
7
8

2.29
2.00
.51

? 33
2 .19
40

2.39
2.28
.27

2.35
2.17
.33

2 35
2 20
44

? 36
2 24
77

2.35
2.05
.48

2.39
2.26
.42

2.50
2.35
53

2 4?
2 12
35

2 37
2.28
26

2.33
2.39
.47

5.34
.11

5 47
.09

5.44
.10

5.30
.07

5 86
06

5 93
14

5.58
.07

5.60
.11

5.80
.07

6 17
15

5.93
.26

6.15
.07

Distribution of assets:
Percentage of total assets:
U. S. Govt. securities
Other securities
Loans . . . .
Cash assets
Other assets

27.5
9.0
42.7
19.1
1.7

Other ratios:
Total capital accounts to:
Total assets.
Total assets less U. S. Govt. securities and
cash assets
Total deposits

8.2

7 .4

9.5

7.8

8 .1

6.9

6.5

7.4

6.9

7 6

7.2

6.6

15.3
9.1

13 .4
8 .1

18.5
10.6

16.5
8.5

17 .0
8 .9

15.2
7.5

14.6
7.0

16.4
8.1

14.4
7.5

18 0
8 3

15.7
7.8

12.7
7.2

25.7
1.57

40 .2
1 .71

42.0
1.42

39.7
1.26

31 .3
1 .64

22.5
1.60

38.4
1.43

27.6
1.33

35.7
1.50

18 6
1 71

13.7
1.54

36.2
1.78

290

559

539

583

145

370

938

472

464

712

608

Time to total deposits
Interest on time deposits to time deposits..

29.5
10 0
43 .5
IS 5
1 .5

32.6
10.2
39.4
16.3
1.5

i Net losses is the excess of (a) actual losses charged against net profits
plus losses charged against valuation reserves over (b) actual recoveries
and profits credited to net profits plus recoveries credited to valuation




36.0
8.4
37.6
16.7
1.3

32
7
38
20
1

i

?
6
6
5

32 ?
8 8
35 .1
22 ?
1 .7

38.6
8.7
34.4
17.2
1.1

35.0
9 0
35.2
19.8
1.0

34.3
8 7
38.0
17.8
1.2

35 1
9
32 2
22 7
9

28.5
8 4
35.7
26 0
1.4

30.6
7.3
43.4
17.5
1.2

161

reserves; net recoveries and profits is the reverse. Transfers to and from
valuation reserves are excluded.

BANK EARNINGS, 1956

719

EARNINGS OF INSURED COMMERCIAL BANKS IN THE UNITED STATES AND POSSESSIONS, 1953-56
[Amounts in thousands of dollars]
Banks not members of
Federal Reserve System

All insured commercial banks 1
Item
1953

1954

1955

1956

1953

1954

1955

1956

Earnings
Interest and dividends on securities:
U. S. Govt
Other
Interest and discount on loans
Other charges on loans
Service charges on deposits
Other charges, fees, etc
Trust department
Other current earnings

5,483,954

5,773,787

6,377,705

7,231,921

894,387

948,458 1,035,960 1,154,684

1,206,965
297,739
3,107,885
47,850
271,444
132,978
217,996
201,101

1,272,731
324,823
3,205,894
57,550
311,806
144,140
246,223
210,621

1,333,690
351,041
3,625,528
71,048
339,975
155,004
281,841
219,579

1,342,842
370,045
4,339,866
73,562
385,927
168,497
322,117
229,068

196,261
45,997
516,720
7,314
52,613
40,661
10,781
24,044

206,658
52,083
544,082
8,474
59,540
41,664
10,603
25,355

215.895
55;504
604,089
9,690
65,951
45,260
14,886
24,685

242,577
62,275
677,862
10,888
75,762
46,923
13,043
25,356

Expenses
Salaries—officers
Salaries and wages—others
Directors' fees, etc
Interest on time deposits
Interest on borrowed money
Taxes other than income
Recurring depreciation
Other current expenses

3,375,552
582,405
1,069,890
34,591
534,493
24,171
148,783
84,085
897,137

3,638,087
622,862
1,139,013
37,197
618,341
8,556
166,452
94,720

3,960,173
666,152
1,229,756
39,563
678,237
23,093
176,840
108,306

4,457,198
720.866
1,372,262
42,614
805,857
45,392
187,526
128,085

594,593
135,335
145,597
10,882
110,097
1,514
23,606
17,042
150,522

640,177
144,077
155,260
11,662
125,056
571
26,306
19,099
158,146

695,736
154,506
170,161
12,380
135,533
1,151
27,872
21,473
172,661

778,055
167,671
190,430
13,459
156,635
1,599
30,318
25,238

Net current earnings before income taxes

2,108,398

299,790

308,281

340,225

192,710

950,945

1,038,228

1,154,600

2,135,700

2,417,533

2,774,724

631,496

239,598
20,586
39,930
57,085

20,101

79,533

27,094

250,171
14,090
41,001
31,151

1,608
1,668
4,264

3,203
17,413
41,915

2,270
2,383
6,418

24,365
1,512
1,256
3,625

27,379
50,899
43,722

20,762
77,606
65,563

5,265
2,563
4,734

6,664
3,407
6,931

6,640
3,171
6,214

6,453
4,327
7,193

376,630

Recoveries, transfers from reserves, and profits...
On securities:
Recoveries
Transfers from reserves
Profits on securities
,
On loans:
Recoveries
Transfers from reserves
All other

152,373

Losses, charge-offs, and transfers to reserves.
On securities:
Losses and charge-offs
Transfers to reserves
On loans:
Losses and charge-offs
Transfers to reserves
All other

448,323

14,912
60,555
416,520
34,014
57,965
47,530
552,606

707,155

993,534

64,854

73,346

93,200

113,710

155,969,
54,160

66,670
126,173

221,232
67,276

317,381
101,830

16,096
5,861

8,122
7,316

25,741
4,190

40,810
4,829

31,774
132,127
74,291

29,269
222,998
107,497

28,159
303,600
86,886

32,018
452,940
89,369

11,358
20,151
11,387

11,498
26,858
19,553

10,316
37,968
14,984

10,167
45,396
12,511

1,812,451

2,214,591

1,949,976

2,031,360

255,040

314,469

274,118

287,283

786,490
750,796
35,693

907,560
862,065
45,495

793,737
753,883
39,855

814,636
769,843
44,793

94,238
90,590
3,648

103,378
99,385
3,993

102,974
98,528
4,446

96,952
92,641
4,311

1,025,963

1,307,032

1,156,240

1,216,725

160,804

211,091

171,146

190,332

473,866
2,979
470,888

516,977
2,912
514,066

566,124
2,581
563,543

616,890
2,389
614,501

55,214
1,024
54,191

60,862
882
59,980

65,214
851
64,363

69,979
797
69,182

2,232
33,612

3,154
40,384

3,146
39,794

3,332
42,717

1,465
4,68f

218
5,70:

427
6,205

147
7,274

38,480
89,186

15,841
89,495

68,140
88.417

95,505
123,529

4,554
14,69:

594
14,749

2,638
12,748

2,675
14,993

65,213,144
60,868,295
14,082,070
43,192,523
2,329,251

68,148,039
64,372,065
15,209,165
42,976,798
2,633,54-

75,800,688
63,808,049
16,294,075
43,510,745
2,918,119

86,291,628
58,257,149
16,179,498
45,728,691
3,255,814

9,083,796
9,652,460
2,195,092
4,827,446
260,710

Profits before income taxes
Taxes on net income
Federal
State
Net profits
Cash dividends declared
On preferred stock 2
On common stock
Memoranda items:
Recoveries credited to reserves (not included
in recoveries above):
On securities
On loans
Losses charged to reserves (not included in
losses above):
On securities
On loans
Loans
U. S. Govt. securities
Other securities
Cash assets
Other assets

11,454
27,545
38,865
28,423
18,292
21,19 A

9,752,818 10,627,054 11,701,999
9,876,648 10,137,424 10,103,450
2,385,813 2,578,832 2,762,758
4,919,537 4,916,121 5,111,725
357,596
287,041
317,900

Total assets

185,685,283 193,339,614 202,331,676 209,712,780 26,019,504 27,221,857 28,577,331 30,037,528

Time deposits
Total deposits
Total capital accounts

43,047,556 46,842,306 49,311,341 51,096,090 8,228,876 8,846,025 9,267,15! 9,701,782
14,998,746 26
16,198,43- 27
170,075,888 176,865,497 184,734,232 190,786,522 23,923,316 24
434 V7,461,076
12,941,478 13,761,339 14,631,680 15,553,298 1,894,427 2,018,722 2,149,634 2,312,174

Number of officers
Number of employees
Number of banks

79,574
376,750
13,43:

82,16'
386,62:

84,931
408,791

88,46:
433,563

13,323

13,237

13,218

1
Excludes three mutual savings banks and for 1955 and 1956 a noninsured nondeposit trust company; these are State member banks of the
Federal Reserve System and are included in member banks figures on
preceding pages.
2
Includes interest on capital notes and debentures.




24,94
60,79'
6,692

25,64:
62,70:

26,323
66,638

27,153
69,949

6,66'

6,698

6,760

NOTE.—The figures of assets, deposits, and capital accounts are averages
of the amounts reported for call dates at the beginning, middle, and end
of each year. The number of officers, employees, and banks are as of the
end of the each year.

720

MEMBER BANK OPERATING RATIOS
OPERATING RATIOS OF MEMBER BANKS, BY SIZE OF BANK AND BY RATIO OF TIME TO TOTAL DEPOSITS, 1956
[Average of individual ratios, expressed as percentages]
Size group—total deposits
(in thousands of dollars)
Item

All
groups

1,000
and
under

Summary ratios:
Percentage of total capital accounts:
Net current earnings before income taxes.
Profits before income taxes
Net profits
Cash dividends declared
Percentage of total assets:
Total earnings
Net current earnings before income taxes,
Net profits
Sources and disDosition of earnings:
Percentage of total earnings:
Interest and dividends on:
U. S. Government securities
Other securities
Earnings on loans
Service charges on deposit accounts
Other current earnings

15.3
11.5
7.7
3.1
3.56
1.22
.63

10.1
8.6
6 3
2.5
3.69
1.15

.71

Ratio of time deposits to
total deposits (per cent)

1,000- 2,000- 5,000- 10,000-25,000- 50,000- Over
Under
2,000
5,000 10,000 25,000 50,000 100,000 100,000
25

12.5
10.5
7.7
2.8
3.60
1.21
.75

14.5
11.4
8.0
3.0
3.53
1.22
.68

16.2
11.8

7.7
3.1
3.55
1.22
.58

17.4
12.1
7.3
3.2
3.60
1.21
.51

18.8
12.6
7.5
3.3
3.53
1.21
.49

19.6

13.2
7.6
3.6
3.54
1.26
.50

19.5
13.9
7.9
4.1
3.41
1.34
.55

15.9
12.0
8.0
3.3
3.43
1.28
.66

25-50

15.6
11.7
7.7
3.0
3.63
1.21
.61

50
and

13.4
10.4
7.2
2.7
3.64
1.12
.61

24.5
5.7
58.5
5.9
5.4

22.5
4.1
64.1
4.6
4.7

25.5
4.8
60.1
5.1
4.5

25.8
5.9
58.5
5.5
4.3

24.6
6.6
57.3
6.6
4.9

23.5
6.0
56.7
7.2
6.6

23.0
5.4
56.6
7.1
7.9

20.8
5.1
58.8
6.2
9.1

18.6
4.8
60.6
4.5
11.5

24.6
5.7
57.6
6.5
5.6

24.4
5.6
58.2
6.2
5.6

24.8
6.1
60.5
4.3
4.3

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

Salaries and wages
Interest on time deposits
Other current expenses

30.9
12.5
22.2

36.4
8.8
23.8

32.9
11.1
22.2

30.7
12.8
21.7

29.7
13.6
22.1

30.0
13.5
22.9

29.8
12.5
23.2

29.8
10.8
23.6

28.8
9.1
22.3

34.1
4.8
23.4

30.0
14.5
22.2

26.2
23.2
20.1

Total expenses

65.6

69.0

66.2

65.2

65.4

66.4

65.5

64.2

60.2

62.3

66.7

69.5

Net current earnings before income
taxes

34.4

31.0

33.8

34.8

34.6

33.6

34.5

35.8

39.8

37.7

33.3

30.5

3.3
1.3
7.1

4.0
1.0
7.7
21.1

5.0
1.9
8.3
19.6

6.3
2.7

6.5
3.4
9.2
14.5

7.0
4.0
9.5
14.0

7.3
4.1
10.2
14.2

6.8
4.1
12.4
16.5

6.3
2.2
9.6
19.6

5.4
2.5
8.4
17.0

4.1
2.1
7.4
16.9

Total earnings

Net losses i
Net increase in valuation reserves
Taxes on net income
Net profits
Rates of return on securities and loans:
Return on securities:
Interest on U. S. Government securities.
Interest and dividends on other securities.
Net losses i
Return on loans:
Earnings on loans
Net lossesJ
Distribution of assets:
Percentage of total assets:
U. S. Government securities
Other securities
Loans
Cash assets
Real estate assets

5.5
2.3
8.7
17.9

19.3

2.47
2.49
.29

2.54

.05

2.55
2.89
.11

2.52
2.50
.24

2.45
2.32
.34

5.91
.1

6.57
.21

6.19
.20

6.01
.13

.12

3.14

33.7
8.6
35.9
20.7

1 .0

31.0
5.9
37.0
25.4
.6

34.4
6.8
35.7
22.4
.7

Other ratios:
Total capital accounts to:
Total assets
Total assets less Government securities
and cash assets
Total deposits

19. R
9.4

28.6
13.4

24.8
11.2

Time to total deposits
Interest on time deposits 2
Trust department earnings to total earnings 2

31.8
1.4'
3.0

22.8
1.57
1.5

28.7
1.54
1.1

283

958

Number of banks 3
For footnotes see following page.




16.7

2.33
2.24
.44

2.31
2.32
.46

2.27
2.48
.56

2.47
2.56
.29

2.46
2.43
.30

2.49
2.49
.26

5.70

5.45
.09

5.38
.08

4.98
.07

6.07
.18

5.86
.11

5.71
.07

34.0
10.1
35.2
19.5
1.0

33.7
9.6
36.2
19.1
1.2

7.3

6.7

6.6

7.0

8.6

21.0
9.7

17.7
8.6

16.1
8.0

14.8
7.3

14.0
7.2

14.3
7.7

32.4
1.51
1.6

34.7
1.48
1.

35.2
1.44
3.0

31.6
1.46
3.4

27.4
1.46
4.5

22.4
1.50
6.1

943

328

179

212

34.5
35.2
20.5

10.0

6,404

2.39
2.25
.43

2,199

1,302

33.2
8.6
37.1
19.7

1.2

30.5
7.9
38.9
21.2
1.1

26.6
6.8
41.6
23.4
1.0

32.4
8.3
33.5
24.8
.9

8.7
36.6
19.1
1.0

34.8
9.1
39.2
15.9
.9

21.5
9.5

18.7
9.1

18.6
9.8

12.2
1.41
3.7

37.3
1.53
2.9

58.6
1.57
2.0

2,466

2,695

1,243

721

MEMBER BANK OPERATING RATIOS
OPERATING RATIOS OF MEMBER BANKS, BY RATIO OF TIME TO TOTAL DEPOSITS, BY SIZE OF BANK, 1956
[Averages of individual ratios, expressed as percentages]
Banks with ratios of time
to total deposits of
under 25 per cent
All
groups

Banks with ratios of time
to total deposits of
25-50 per cent

Banks with ratios of time
to total deposits of
50 per cent and over

Size group—total deposits (in thousands of dollairs)
2,000 2,000- 5,000- Over 2,000 2,000- 5,000- Over 2,000 2,000- 5,000- Over
and
and
and
under 5,000 25,000 25,000 under 5,000 25,000 25,000 under 5,000 25,000 25,000

Summary ratios
Percentage of total capital accounts:
Net current earnings before income taxes
Profits before income taxes
Net profits
Cash dividends declared

2.9

3.1

3.6

3.32
1.32

3.71
1.16

3.61
1.21

3.62
1.21

.74

.68

.55

3.8

3 53
1.24

3.39
1.28

3.45
1.30

.75

.70

.58

24.5

24.7

26.7

24.2
6.4

19.8

24.8

25.1

24.3

22.2

18.2
10.5
6 8

2.6

2.9

3.1

3.63
1.13

3.61
1.10

3.78
1.05

.73

.49

3.3

11.8
10.2
7 4

14.2
10.5
6 8

3.72
1.13

3.64
1.23

.54

3.3

12 3
10.1
7 4

.65

.53

.41

11.3
9.9
7 3
2.3

25.4

13.2
10.6
7 5

25.6

23.8

23.1

6.0

5.3

58 5

60 9

56.0

55.7

59.4

60 6

59.4

56.8

57.3

61 8

61.0

59.7

58.4

5.9

5.6

6.5

7.8

5.4

4.8

5.4

7.1

6.6

3.5

3.9

4.9

7.2

5.4

4.3

4.5

5.9

10.5

5.1

4.5

5.8

8.6

4.3

3.8

4.6

5.7

5.7

4.5

6.3

4.9

4.7

5.6

5.0

5.7

7.0

5.6

100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
32.6

23.8

31.8
14 5
22.2

29.7
15.0
21.7

29.8
14.3
22.4

29.6
14.1
22.4

27.6
22 4
19.8

25.8
23.4
19.6

25.7
23.4
20.6

26.9
23 8
21.2

62.0

59.7

68.5

66.4

66.5

66.1

69 8

68.8

69.7

71.9

38.0

40.3

31.5

33.6

33.5

33.9

30 2

31.2

30.3

28.1

6.1
1.8

7.6
3.0

7.2
3.8

3.2
.9

12.6
16.7

7 4
20.0

7.0
4.2
9.2

3.9
1.8

10.2
17.2

6.2
3.1
o o

2.2
1.2

9 1
21.1

4.6
1.9
8.1

15.4

13.5

7 1
19.7

7 4
18.1

5.0
2.7
7.7

6.1
5.2
5.8

Salaries and w a g e s . . .
Interest on time deposits
Other current expenses

30.9
12 5
22 2

37.1
3 8
23 7

34.8
4 3
22.8

23.8

Total expenses

65 6

64 6

61.9

Net current earnings before income taxes... 34 4

35 4

38.1

5.5
2.3

4.8
1.1

8 7
17.9

7 9
21.6

Net lossesl
Net increase in valuation reserves
Taxes on net income
Net profits
Rates of return on securities and loans
Return on securities:
Interest on U. S. Government securities
Interest and dividends on other securities
Net losses1

5.6

29.9
6.0

19.0

14.9

11.0

2 47
2.49

2 51
2.51

2 44
2.28

2.29
2.38

2 54
2.88

2.52
2.47

2.42
2.29

2.31
2.29

2 56
2.83

2 53
2.53

2 42
2.31

2.35
2.31

.10

.25

.40

.53

.08

.23

.38

.45

.10

.24

.34

.39

5.91

6.46

6.17

6.03

5.14

6.19

6.00

5.77

5.43

5.90

5.73

5.61

5.45

.13

Distribution of assets
Percentage of total assets:
U. S. Government securities
Other securities
Loans
Cash assets
Real estate assets

2 55
3.04

.29

Return on loans:
Earnings on loans
Net lossesJ

.26

.18

.15

.09

.18

.11

.09

.08

.07

.07

.06

.05

34.4

35.3

32.4
6 2
34 1
26 6

31.6
24 2

32.6
23.7

38.7
25.3

36.9
20.8

36.4
19.6

36.1
18.5

38.7
18.0

39.5
17.3

39.2
16.0

34.1
10.7
38.8
15.2

41.3
14.6

.6

.8

1.0

1.1

.8

1.0

1.1

1.1

.7

.9

1.0

1.2

8 5

10 4

8.6

7.5

7.0

10.4

8.7

7.5

6.7

19.8
9 4

27.4
11 8

22.4
9 5

15.2
7.7

24.6
11.7

20.5
9.7

31.8
1 49

9.4

3.0

1.4

11.1
1.40
1.8

18.1
8.2
14.8
1.36
2.8

. . . 6,404

622

844

665

335

33.7
8 6
35.9
20 7
1.0

Other ratios
Total capital accounts to:
Total assets
Total assets less Government securities and cash
assets
Total deposits




2.5

3.1

.63

Total earnings

For footnotes see second succeeding page.

19.1
12.6
7.5

19.5
14.0
7.9

3.56
1.22

Sources and disposition of earnings
Percentage of total earnings:
Interest and dividends on:
U. S. Government securities
Other securities . ..
Earings on loans
Service charges on deposit accounts
Other current earnings

\umber of banks ^

16.9
12.0
7.6

18.1
12.8
8 0

3.1

Percentage of total assets:
Total earnings .
Net current earnings before income taxes
Net profits

Time to total deposits
Interest on time deposits2
Trust department earnings to total earnings2

14.4
11.5
8 0

15.3
11.9
8 4

15 3
11.5
7 7

1 50

34.2
9.2

32.7
9.8

27.5
7.0

34.7
6.8

8.5

15.0 37.2 37.8
1.40 1.60 1.56
1.7
1.1
5.2
393

855

34.6
9.6

33.3

35.4

8.6

7.1

1

8.5

33.5
9.1

0.3

9.0

8.1

6.0

16.7 14.1 22.8
7.3 11.6
8.2
37.3 36.4 59.4
1.48 1.51
2.5
4.2
333
1,114
226

19.4
10.0

16.4
8.9

12.0
6.5

59.2

57.9 56.2
1.57
1.70
2.3
1.7

i:i7

500

466

51

722

MEMBER BANK OPERATING RATIOS
OPERATING RATIOS OF MEMBER BANKS, BY FEDERAL RESERVE DISTRICT, 1956
[Averages of individual ratios, expressed as percentages]
Federal Reserve district
Item

Summary ratios
Percentage of total capital accounts:
Net current earnings before income taxes.
Profits before income taxes
Net profits
Cash dividends declared
Percentage of total assets:
Total earnings
Net current earnings before income taxes.
Net profits
Sources and disposition of earnings
Percentage of total earnings:
Interest and dividends on:
U. S. Government securities
Other securities
Earnings on loans
Service charges on deposit accounts.
Other current earnings

AH
districts

15.3
11.5
7.7
3.1
3.56
1.22
.63

Boston

New Phila- Cleve Rich- AtdelYork phia land mond lanta

Chicago

13.6
9.6
6.2
3.2

13.1
9.7
6.6
2.8

16.9
12.8
8.4
3.0

16.4
11.8
8.0
2.8

3.85
1.24
.58

3.69
1.08
.55

3.56
1.20
.63

3.44
1.24
.66

25.9
5.7
59.0
4.5
4.9

14 .9
12 .0
7 .8
3 .0
3.65
1.27
.68

3.66
1.23
.62

22.2
6.0
59.6
6.5
5.7

3.33
1.15
.58

29.8
5.4
53.6
6.0
5.2

15.2
11.7
7.9
2.9
3.27
1.22
.65

28.1
6.1
57.1
3.9
4.8

18.1
13.2
8.7
4.0
3.86
1.31
.65

24.5
5.9
54.9
6.4
8.3

18.9
4.7
59.6
9.5
7.3

Total earnings.

00.0

00.0 100.0 100.0 100.0 100.0

Salaries and wages
Interest on time deposits.
Other current expenses. .

30.9
12.5
22.2

31.7
10.7
25.4

29.9
18.8
22.1

26.2
18.5
21.7

27.0
14.6
22.4

28.1
15.5
21.5

31.2
11.2
23.8

31.0
13.1
21.1

30.8
9.2
22.7

30.6
14.1
21.1

Total expenses

65.6

67.8

70.8

66.4

64.0

65.1

66.2

65.2

62.7

65.8

Net current earnings before income taxes.

34.4

32.2

29.2

33.6

36.0

34.9

33.8

34.8

37.3

34.2

5.5
2.3
8.7
17.9

6.7
2.5
8.0
15.0

4.3
2.8
7.0
15.1

4.9
2.3
8.5
17.9

4.8
2.3
9.5
19.4

4.2
2.0
10.0
18.7

4.9
2.9
8.7
17.3

6.3
2.7
8.2
17.6

6.3
1.7
9.3
20.0

5.8
2.8
8.6
17.0

Rates of return on securities and loans
Return on securities:
Interest on U. S. Government securities
Interest and dividends on other securities
Net losses i
Return on loans:
Earnings on loans.
Net lossesi
,

24.3
6.6
60.8
3.4
4.9

14.6
11.6
7.7
2.8

24.5
5.7
58.5
5.9
5.4

Net lossesi
Net increase in valuation reserves.
Taxes on net income
Net profits

21.5
6.6
59.8
7.3
4.8

12.2
9.4
6.3
2.7

San
Min- KanSt.
sas
Louis neap- City Dallas Franolis

22.4
4.9
63.0
4.7
5.0

2.47
2.49
.29

2.40
2.4:
.4:

2.41
2.31
.28

2.48
2.70
.27

2.45
2.56
.26

2.46
2.48

5.91
.13

5.76

5.56
.08

5.65
.09

5.54
.08

6.09
.05

.31

15.6
12.1
8.0
3.3
3.53
1.27

.67

25.0
5.7
57.3
7.1
4.9

15.5
11.4
7.9
3.3
3.52
1.23
.64

21.1
5.9
62.5
5.9
4.6

19.3
14.8
9.4
3.2
4.08
1.29
.64

20.7
4.2
59.7
8.5
6.9

00.0 100.0 100.0 100.0 100.0 100.0 100.0
35.2
7.1
21.4
63.7
36.3
5.5
1.7
9.5
19.6

35.4
4.3
25.0

32.1
15.9
19.9

64.7

67.9

35.3

32.1

6.8
2.0
7.9
18.6

4.4
2.5
9.0
16.2

2.46
2.5:
.27

2.4:
2.33
.34

2.47
2.56
.33

2.63
2.45
.34

2.49
2.43
.24

2.53
2.69
.17

2.44
2.79
.30

6.35

5.53
.07

5.83
.08

5.89
.13

6.37
.14

6.53
.41

6.25
.11

Distribution of assets
Percentage of total assets:
U. S. Government securities.
Other securities
Loans
Cash assets
Real estate assets

33.7
8.6
35.9
20.7
1.0

Other ratios
Total capital accounts to:
Total assets
Total assets less Government securities and cash
assets
Total deposits

8.5

9.6

8.6

10.3

8.9

8.9

7.8

7.4

8.4

7.7

8.6

8.4

7.1

19.8
9.4

20.1
10.8

17.5
9.6

21.8
11.6

20.2
9.9

19.7
9.9

18.0
8.6

19.1
8.1

22.4
9.3

17.5
8.4

21.9
9.5

20.0
9.3

15.8
7.8

31.8 28.6
1.49 1.4:
3.0
4.4

44.4
1.6'
2.9

49.3
1.4!
3.4

42.1 36.5 25.8 35.3 23.4 38.4
1.26 1.64 1.61 1.30 1.34 1.5:
2.5
2.3
3.9
2.6
2.7
3.2

586

538

Time to total deposits
Interest on time deposits2
Trust department earnings to total earnings2.
Number of banks3.

6,404

29.1
8.0
40.4
21.0
1.3

298

31.5
10.4
40.3
16.5
1.1

1
Net losses is the excess of (a) actual losses charged against net profits
plus losses charged against valuation reserves over (b) actual recoveries
and profits credited to net profits plus recoveries credited to valuation
reserves. Transfers to and from reserves are excluded.
2
Banks with no time deposits, or no trust department earnings, as the
case may be, were excluded in computing this average.
3
The ratios for 57 member banks in operation at the end of 1956 were
oxcluded from the compilations because of unavailability of data covering
the complete year's operations, certain accounting adjustments, lack of
comparability, etc. One member bank in Alaska also excluded.
NOTE.—These ratios, being arithmetic averages of the operating ratios
of individual member banks, differ in many cases from corresponding
ratios computed from aggregate dollar amounts shown on pp. 715-718
oi this BULLETIN. Such differences result from the fact that each bank's
figures have an equal weight in calculation of the averages whereas the
figures of the many small and medium-sized banks have but little influence
on the aggregate dollar amounts. Averages of individual ratios are




33.9
9.3
38.8
16.8
1.1

35.3
8.3
37.2
18.1
1.0

605

31.8
7.5
38.3
21.0
1.2

469

31.4
9.0
34.9
23.4
1.2

39.2
8.3
32.7
19.0
.7

378 1,013

35.8
8.3
32.7
22.4
.7

490

35.0
9.3
36.5
18.2

469

33.8
8.8
32.6
24.1
.6

27.8
8.5
34.7
27.8
1.1

16.0 10.3
1.62 1.5'
2.3
1.6
747

627

32.3
6.9
39.4
20.0
1.2

36.7
1.87
3.8
184

useful primarily to those interested in studying the financial results of
operations of individual banks, while ratios based on aggregates show
combined results for the banking system as a whole and, broadly speaking,
are the more significant for purposes of general analyses of credit and
monetary problems.
Figures of earnings, expenses, etc., used in the calculations were taken
from the annual earnings and dividends reports for 1956. Balance
sheet figures used in the compilations were obtained by averaging the
amounts shown in each bank's official condition reports submitted for
Dec. 31, 1955, and June 30 and Sept. 26, 1956 (and Apr. 10 and Dec. 31,
1956, for the New York District), except for a limited number of banks
for which all reports were not available; such reports as were available
were used in those instances. Savings deposits are included in the time
deposit figures used in these tables. Banks with no time deposits (208 in
number) are included with the banks having ratios of time to total deposits
of less than 25 per cent.

Financial Statistics

* International *

International capital transactions of the United States.

724

Gold production.

728

Net gold purchases and gold stock of the United States.

729

Reported gold reserves or central banks and governments

730

Estimated foreign gold reserves and dollar holdings.

731

International Bank and Monetary Fund.

732

Central banks.

732

Money rates in foreign countries.

737

Foreign exchange rates

738

Index to statistical tables.

751




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.

723

724

INT'L CAPITAL TRANSACTIONS OF THE U. S.

TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1
[Amounts outstanding, in millions of dollars]

International
institutions 2

Date

Total 1'oreign
countries
France
Official
and
private

Germany,
Fed.
Rep.
of

Italy

Switzerland

United
Kingdom

Other
Europe

Total
Europe

Canada

Latin
America

Asia

All
other

Official

1953—Dec. 3 1 . . . .
1954—Dec. 3 1 . . . .
1955—Dec. 3 1 . . . .

1,629
1,770
l,81il

10,019
11,153
'"11,720

5,667
6,774
'6,953

429
715
1,081

899
,373
,454

466
579
785

674
672
757

709
640
550

1,558
1,642
'1,519

4,734
5,621
'6,147

1,296
1,536
1,032

1,768
1,906
2,000

1,896
1,825
'2,181

326
265
360

1956—Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

30....
31....
30
31....
31....
30
31....
30....
31....

1,978
2,001
2,007
2,016
1,998
2,005
2,015
2,008
1,452

'12,510
'12,536
'12,648
'12,815
'12,994
'13,231
'13,131
'13,111
13,501

'7,334
'7,438
'7,459
'7,445
'47,778
'7,934
'7,952
7,840
8,044

867
907
877
813
770
755
735
'640
626

,524
,580
,638
,686
,759
,805
1,855
,850
1,833

812
831
861
864
904
'926
939
'927
930

742
709
736
758
792
812
795
797
836

781
758
750
837
'664
745
645
635
1,012

'1,825
'1,679
'1,619
'1,631
r ,708
,701
,721
,653
,627

'6,552
'6,464
'6,482
'6,588
'6,597
'6,745
6,690
6,501
6,863

1,207
1,272
1,285
1,352
1,435
1,435
1,441
1,453
1,516

2,165
2,180
2,182
2,194
2,265
'2,318
2,276
2,415
2,346

'2,270
'2,297
'2,353
'2,361
'2,382
'2,412
'2,409
2,408
2,431

316
323
347
319
315
322
316
335
346

1957—Jan.
Feb.
Mar.
Apr.

31*>...
28^...
31"...
3'»;. . .

1,804
1,681
1,558
1,358

13,211
13,106
13.050
13,095

7,744
7,531
7,551
47,794

541
492
424
416

1,789
1,762
1,763
1,727

902
890
891
909

801
775
111
753

859
868
929
901

[,669
,730
1,752
1,800

6,562
6,517
6,536
6,506

1,530
1,565
1,493
1,522

2,377
2,306
2,341
2,506

2,393
2,329
2,279
2,148

349
389
401
412

Table la.

Other Europe
Netherlands

Norway

Portugal

101
113
176

243
249
164

119
103
'82

72
91
132

6
8
8

49
49
47
50
57
55
56
53
53

184
182
165
160
141
150
158
166
177

223
227
206
201
182
168
162
131
134

'56
'54
'55
'57
'58
63
57
59
67

134
135
124
124
125
132
133
133
137

54
61
59
60

181
184
178
181

117
122
120
110

69
67
76
73

137
134
123
117

Other
Europe

Austria

Belgium

Denmark

Finland

1953—Dec. 31
1954—Dec. 31
1955—Dec. 31

1,558
1,642
1 519

191
273
261

130
100
108

96
71
60

38
41
49

1956—Apr
May
June
July
Aug
Sept
Oct.
Nov.
Dec.

30
31
30
31
31
30
31
30
31

1 825
1,679
1,619
1 631
1,708
1 701
1,721
1 653
1,627

246
242
247
251
266
277
300
297
296

123
107
105
108
110
117
118
125
117

71
67
68
69
68
64
70
68
65

1957—-Jan.
Feb.
Mar.
Apr

31?
28^
31?
30 p

1,669
1 730
1,752
1 800

293
297
296
298

122
133
141
142

64
76
76
71

Date

Greece

Sweden

Turkey

36
71
104

117
141
153

14
8
9

7
9
13

388
363
201

7
7
7
6
6
2
1
1
1

102
96
90
85
75
68
55
50
43

167
162
169
188
181
190
202
199
217

10
8
7
7
7
14
14
14
20

5
8
9
10
9
11
11
16
17

447
334
319
314
424
391
385
341
281

1
1
1
1

42
40
32
28

230
229
228
245

16
22
14
20

14
17
14
11

330
347
394
442

NetherPanlands ama,
West
Indies Repuband
Suri- lic of
nam

Peru

El
Salvador

Uruguay

RuSpain
mania

Yugo- All
slavia other

Table lb. Latin America

Latin
Amer- Argentina
ica

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?

v

Preliminary.




Bolivia

Brazil

Chile

Colombia

Cuba

Dominican Guate- MexReico
mala
public

Other
Vene- Latin
zuela America

1 768
1 906
2,000

130
160
138

19
29
26

102
120
143

79
70
95

150
222
131

341
237
253

39
60
65

38
35
45

183
329
414

52
49
47

90
74
86

68
83
92

27
30
24

110
90
65

222
194
265

119
124
112

2,165
2,180
2 182
2,194
2,265
r
2 318
2,276
2,415
2,346

128
120
125
138
136
141
148
150
146

27
25
25
28
27
25
24
27
29

193
198
217
238
231
259
242
249
225

87
91
101
89
92
106
95
85
91

147
139
138
133
125
123
126
140
153

255
261
263
267
263
271
250
228
211

64
65
68
66
66
64
71
69
68

67
68
66
63
59
53
52
55
64

416
386
358
355
376
'395
408
422
433

53
56
62
62
68
67
67
67
69

89
94
94
98
101
104
105
101
109

87
83
80
75
83
82
84
82
84

46
44
45
39
31
25
19
21
25

74
66
67
71
81
76
72
70
73

298
349
331
341
399
405
397
536
455

133
136
141
131
125
121
115
113
111

2,377
2,306
2,341
2,506

139
142
138
211

27
27
25
26

242
240
232
216

86
86
91
86

180
171
190
200

217
222
217
226

67
76
78
85

66
69
74
77

421
413
409
393

66
67
66
65

109
112
117
116

84
82
82
78

37
39
41
39

76
76
74
71

447
363
374
479

114
120
133
139

r

Revised.

For other footnotes see following page.

725

INT'L CAPITAL TRANSACTIONS OF THE U. S.

TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES1—Continued
[Amounts outstanding, in millions of dollars]
Table lc. Asia and All Other
All other

Asia
Formosa

Date

Ko-

rea,

and

Total

1953—Dec. 31
1954—Dec. 31
1955—Dec 31

Hong
China Kong
Mainland

Re-

Indonesia Iran

India

Israel Japan public
of

1,896
1,825
''2,181

74
70
75

68
61
55

99
87
73

39
100
174

44
31
37

18
41
53

r

'2.382
'2,412
'2,409
2,408
2,431

75
76
79
79
83
85
88
94
96

58
55
54
55
59
60
59
62
66

75
64
82
81
81
'81
'68
69
76

133
124
117
102
154
158
180
185
186

25
32
31
38
32
36
31
22
20

48
49
55
56
51
43
38
36
45

1957—Jan. 31 v
2,393
Feb. 2 8 * . . . . 2,329
Mar. 3 1 P . . . . 2,279
Apr. 30 p
2,148

99
100
103
111

64
60
56
58

75
76
80
79

179
166
145
129

21
31
40
33

37
38
35
30

1956—Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

30
31
30
31
31
30
31
30
31

2,270
2.297
'"2.353

r

a . 361

Phil-

BelUnion
of
ipThaiAus- gian
pines land Other Total tralia Congo Egypt South Other

92
96
88

295
257
252

168
123
138

171
234
343

326
265
360

59
48
75

90
44
42

43
47
72

38
33
53

96
94
119

'990 92
'1,005 92
'1,039 95
'1.055 96
'1,045 98
'1,066 98
1,061 98
1,043 100
1,033 99

274
277
282
275
275
278
281
274
272

146
143
141
141
142
142
140
144
148

354
380
379
383
361
365
365
379
389

316
323
347
319
315
322
316
335
346

58
58
79
72
69
71
74
82
84

43
40
41
42
47
48
45
45
44

65
62
62
54
50
48
46
46
50

32
37
30
34
33
34
34
42
53

118
125
135
116
116
122
116
119
114

269
254
244
224

153
161
167
165

375
393
398
390

349
389
401
412

75
80
93
101

42
44
42
42

52
69
60
61

58
63
61
56

122
133
145
152

828
725

'893

1,020
947
908
823

101
102
103
106

Table Id. Supplementary Areas and Countries5
End of year

End of year
Area or country

Area or country
1953

1954

1955

.2
.4
6
.6
n.a.
1.9
1.0
7.5
14.1
1 3
.4
4.0
3 0
2.5
2.0

2
'.6
6
.7
1.2
1.9
1.0
8.9
14.3
1 0
.5
4.5
5 3
2 1
2.2
1 8

.4
.4
7
.7
1.3
1.8
1.0
4.8
13.7
1 0
.3
3.1
5 6
2 5
1.4
7

n.a.
.4
2
.5
1.2
n a.
.8
3.1
9.1
6
.4
13.2
4 3
3 3
1.4
8

Other Latin America:
British dependencies
18 0
Costa Rica
13.4
Ecuador
17.7
French West Indies and French Guiana...
.6
Haiti
9.3
Honduras
...
18 7
Nicaragua
16.0
Paraguay
.
6.0

19 0
15.3
21 2
.4
12.7
17 3
10.3
3.6

16 6
17.6
14 9

24 1
14.6
18 0

12.1
9 7
12.8
3.6

8.9
10 2
11.8
4.0

5.1
.6

4.1
.5

5.3
n.a.

1953

1954

1955

1956

9.1
23.0
17.1
13.8
.9
10.1
na
23.9
9 7
5.3
n.a.
18 5
20.5
n.a.

9.8
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

9.8
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

8.8
7.0
17 2
41.2
16.9
2.0
5.3

1 6
9 1
5.7
11 8
3 0
15.9
2 1
5.0
..
2
n 1
36 a.

1 4
18 0
8!7
5 6
1.7
7.6
2 3
8.3
.5
n.a.
35 7

2 4
23 7
8.0
13 1
14.8
1 9
5.3
.7
n.a.
33.5

24 2
10.5
23 7
3.7
13.6
2 2
2.8
.3
.4
22.4

.6

.4

.7

.5

1956

Other Europe:
Albania
British dependencies
Bulgaria
Czechoslovakia6
Eastern Germany
Estonia
Hungary
Iceland
Ireland, Republic of...
Latvia
Lithuania
Luxembourg
Monaco
Poland 6
Trieste
U. S. S. R.6

Other Asia:
Afghanistan
Bahrein Islands

....

2.2

2.7
.6

.6

1.0

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.).




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

....

...

9.9

n.a.

r

22.3
20 2
2.7
n.a.
na
17.1
50.1
3.8

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.

726

INT'L CAPITAL TRANSACTIONS OF THE U. S.
TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1
[Amounts outstanding, in millions of dollars]

Total

Date

GerFrance many,
Fed.
Rep. of

Switz- United Other Total
King- Europe Europe
erland
dom

Italy

Canada

Latin
America

Asia

All
other

1953—Dec. 31.
1954_Dec. 31.
1955—Dec. 31.,

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

1956—Mar. 31.
Apr. 30.
May 31.
June 30.
July 31.
Aug. 31.
Sept. 30.
Oct. 31.
Nov. 30.
Dec. 31.

1,510
1,527
1,606
1,639
1,634
1,706
1,737
1,835
1,803
1,957

14
14
16
17
15
65
66
67
19
18

92
100
118
122
118
120
125
127
134
157

36
32
33
32
32
33
35
29
32
43

28
28
28
24
28
27
28
28
30
29

69
69
83
82
78
78
81
86
94
104

162
164
171
167
168
163
169
177
174
216

400
407
449
444
439
486
504
514
483
567

132
124
115
127
128
132
131
186
170
157

701
718
734
755
758
772
776
799
797
829

232
231
264
268
265
274
280
289
308
360

44
47
45
46
43
42
46
46
45
43

1957—Jan. 31*
Feb. 28*
Mar. 31?

2,046
2,066
2,179

23
18
26

168
176
175

50
53
59

30
33
26

109
126
159

213
211
219

593
619
665

158
145
149

867
860
898

381
396
418

48
46
49

Norway

Portugal

Spain

Sweden

Turkey

Yugoslavia

All
other

3
4
7

16
41
78

7
7
8
7

12
11
13

70
68
71
71
74
63
70
73
72
88

12
14
14

85
86
83

Table 2a. Other Europe
Other
Europe

Date

Austria

Belgium

Denmark

Finland

1

Greece

Netherlands

88
109
158

2

13
20
16

6
10
13

2
3
3

1
3
4

9
16
11

1
2
9

2

1956—Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec

162
164
171
167
168
163
169
177
174
216

3
4
6
6
7
7
7
9
7
7

20
24
22
20
17
17
19
18
22
28

10
7
10
9
8
7
6
10
10
12

2
3
4
4
4
5
5
4
3
4

4
4
4
3
3
4
5
5
5
4

15
17
15
16
16
19
16
16
13
21

9
10
11
11
12
16
15
16
17
23

1
1
1
1
1
1
1
1
1
2

213
211
219

6
7
8

30
29
34

12
10
11

4
3
3

4
4
5

20
21
20

23
17
18

2
1
2

5

ONt-

1957 Jan. 31*
Feb. 28*
Mar 31*

24
4
5
6
6
7
9
11
8
8
6
00

31
30
31
30
31
31
30
31
30
31

1

0 0OC

1953—Dec. 31
1954 Dec. 31
1955—Dec. 31

11

5
1
2
6
5
6
5

8
8
2
2

7

5
7
8
7
6
5
6
6
6
6
6
7
6
8
8

Table 2b. Latin America

Date

Latin
BoAmer- Argen- livia
tina
ica

Brazil Chile

Colombia

Cuba

NethDoerminlands Panican Guate- Mex- West ama,
ReRe- mala
ico Indies pubpuband
lic
Suri- lic of
nam

Peru

El
Salvador

Uruguay

Other
Vene- Latin
zuela America

1953—Dec. 31
1954_Dec. 31
1955—Dec. 31

473
728
706

7
6
7

11
3
4

125
273
69

23
14
14

57
107
143

51
71
92

2
3
5

4
4
5

93
116
154

3
3

5
9
17

20
16
29

8
10
8

4
7
18

42
63
105

19
27
34

1956—Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

701
718
734
755
758
772
776
799
797
829

12
11
11
10
12
12
11
11
13
15

4
3
3
5
6
4
4
4
4
4

60
62
61
66
64
65
63
65
65
72

6
7
7
10
10
12
15
14
15
16

160
165
168
162
155
147
145
150
145
145

81
87
85
90
89
86
81
83
84
90

4
4
4
5
4
4
4
7
7
7

6
7
6
6
6
6
7
7
7
7

152
154
157
161
170
178
184
194
201
202

3
2
3
8
6
6
6
6
5
5

20
18
19
13
12
11
11
11
12
12

30
30
29
29
28
32
32
32
32
35

7
6
6
7
6
6
8
11
14
11

13
12
7
15
22
29
26
18
14
15

108
113
133
130
130
131
133
139
132
144

35
36
35
39
38
44
46
46
47
49

867
860
898

15
25
37

5
4
5

77
72
76

22
20
22

145
145
158

99
91
89

13
13
10

8
7
8

216
218
216

4
3
3

13
10
13

34
32
37

8
8
8

12
11
12

145
146
152

52
54
51

31
30
31
30
31
31
30
31
30
31

1957_Jan. 31*
Feb. 28*
Mar. 31*

r
* Preliminary.
Revised.
1
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 $808 million on Mar. 31,
1957. The term foreigner is used to designate foreign governments,
central banks, and other official institutions as well as banks, organizations, and individuals domiciled outside the United States, including
U. S. citizens domiciled abroad and the foreign subsidiaries and offices
of U. S. banks and commercial firms.
2 Less than $500,000.
3
Includes transactions of international institutions.

727

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

Date

Indonesia

Iran

Australia

Phil- ThaiIsrael Japan ippines land Other Total

Union
of
Belgian Egypt South Other
Africa
Congo

1953—Dec. 31
1954_Dec. 31
1955—Dec. 31

115
143
233

8
8
8

3
3
3

4
5
5

14
16
18

23
11
10

26
50
103

6
7
19

6
6
8

25
36
57

25
37
43

8
14
11

6
6
5

1

2
6
8

8
10
17

1956—Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

232
231
264
268
265
274
280
289
308
360

8
8
8
8
8
8
8
8
8
8

5
5
6
5
5
5
5
4
4
4

7
6
6
6
6
5
7
6
6
6

20
20
22
22
21
22
23
22
20
20

10
10
10
11
12
12
12
13
13
16

96
100
113
121
112
126
131
134
159
193

12
9
11
7
9
13
11
12
13
16

9
9
9
10
9
8
8
9
8
9

64
63
78
77
83
73
75
82
77
88

44
47
45
46
43
42
46
46
45
43

12
12
12
12
11
11
11
12
11
11

5
6
6
8
8
8
8
7
7
6

2
2
2
3
3
2
3
3
3
2

7
8
7
7
7
7
7
7
6
8

18
20
18
16
14
14
17
17
19
17

381
396
418

8
8
8

5
6
6

7
7
9

22
22
23

23
24
24

207
214
236

17
18
18

10
10
10

81
86
84

48
46
49

11
11
13

5
5
5

2
2
1

8
7
7

21
22
22

31
30
31
30
31
31
30
31
30
31

1957 Jan. 31*
Feb. 28*
Mar. 31*

;

s
1(222
((

i
>
)

>
>

TABLE 3. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES 3
[In millions of dollars]
U.S. Govt. bonds & notes
Year or month

Foreign stocks

Sales

Net purchases, or
sales ( - )

310
393
664
749

303
645
878
875

7
-252
-214
-126

-4
13
-76
'-34
-82
'-29
r_9
'29
-53
-52

74
74
90
64
76
65
49
52
43
45

99
'105
118
70
97
87
54
47
44
38

-25
'-31
-28
-6
-21
-23
-5
5
-1
7

-77
-99

54
41
42

53
40
49

1
1
-7

Net purchases, or Pursales ( - ) chases

Net purchases, or Pursales ( - ) chases

Sales

-82
8
529
-135

802
1,405
1,886
1,907

731
1,264
1,730
1,615

70
141
156
291

543
792
693
607

622
841
509
992

-79
-49
184
-385

444
13
18
16
298
14
12
18
67
39

-236
34
13
12
26
73
9
20
-46
-26

176
179
196
130
178
160
131
143
144
145

205
161
137
108
140
155
96
108
140
108

-29
18
59
22
38
5
35
35
4
37

34
40
40
41
48
31
32
174
49
25

38
27
117
75
129
60
'41
'145
101
77

27
43
48

22
92
28

163
152
122

106
93
104

56
59
19

41
32
34

118
131
37

Purchases

Sales

646
801
1,341
883

728
793
812
1,018

1956_Mar..
Apr...
May..
June..
July..
Aug...
Sept..
Oct.. .
Nov..
Dec...

208
48
32
28
324
87
21
37
21
13

1957—Jan.*.
Feb.*.
Mar.*

49
135
76

1953
1954
1955
1956

Foreign bonds

U.S. corporate securities

Net purchases, or Pursales ( - ) chases

Sales

A

TABLE 4. NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES
[Net sales, ( —). In millions of dollars]

Year or month

International
institutions

Total
foreign
countries

France

-34
72
706
75

-42
17
-2
-121

-264
52
72
35
61
4
43
53
-42
10

-139
3
3
2
1
3
3
1
2
2

71
150
46

2
2
1

23
78
-21
82

1953
1954
1955
1956
1956—Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec.

()
4
74
1
1

1957_jan.*.
Feb.*.
Mar.*

* Preliminary.




r

Germany,
Federal
Republic of

Revised.

Italy

Switzerland

United
Kingdom

Other
Europe

Total
Europe

Canada

Latin
America

(2)

8

71
70
96
8

-24
-20
85
33

62
139
329
161

-121
-187
265
-124

25
113
76
34

25
44
47
12
24
6
21
23
-2
19

1

57
73
147
234

-27
7
14
19
20
11
10
11
-40
-14

-30
-2
5
-1
19
2
8
9
1
-3

-168
52
69
32
65
22
43
46
-39
3

-86
-5
-2
1
-7
-18
-8
-1
-11
-3

3
3
2
-1
1
1
6
7
6

31
25
12

6
46
29

19
16
4

58
90
47

5
56
-1

For other footnotes see opposite page.

Asia

29
-1
-13
2
1
1

1
1
1

3
-1

Another

728

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

Europe

Preliminary.

35
33
24
17

-7
-6
-5
-4
-18
-6
-4
22
17
13

-10
r
-6
-92
-9
-94
r_ 4 7

2
1
1
2
2
1
1
-1
3

15
-7
1

-18
-98
-11

-46
8

-12
-5
-2
-2
-2
-2
2
o

-18
'-13
-102
'-38
-101
r_ 4 9
r
-15
r
33
-55
-41

-71
9
-1

-6
-107
-10
r

Canada

— 138
-133
74
— 447

— 11
— 137
4
— 478

0)

Latin
Amer- Asia

Deposits

Date

All
other

U. S. Govt.
securities2

ica

— 61
— 164
-27
— 33

1956—Mar....
Apr....
May...
June...
July....
Aug....
Sept....
Oct
Nov....
Dec....
1957_jan.p...
Feb.*5. .
Mar.p..
p

InterTotal
national foreign
couninstitries
tutions

96
—9

r

- 1r5
8
-53
-47

2
2

1

— 30
26
7
-34
-49
-7
-40 -16
-

3
3
1
7
0)
6 -22
2
11
1
3
4
-1
1
3
-8 -13
-8
C1)
<)

3

-5

0)

4

C)

4

i Less than $500,000.

Revised.

Miscellaneous 3

1955—Dec. 31

402

3,543

126

1956—May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

31
30
31
31
30
31
30
31

307
297
308
350
334
275
356
322

3,751
3.629
3.663
3,630
3,723
3,782
3,553
3,856

155
158
164
168
167
178
177
139

1957_Jan.
Feb.
Mar.
Apr.
May

31
28
31
30
31

344
327
311
316
360

3,707
3.671
3,744
3,727
3,600

164
156
158
165
164

1957_May 1
May 8
May 15
May 22
May 29

311
353
343
353
364

3,687
3.653
3,617
3,662
3,614

165
164
163
162
161

1
Excludes assets held for Intl. Bank and Monetary Fund and earmarked
gold. See footnote 4 at bottom of following page for total gold under
earmark at Federal Reserve Banks for foreign and international accounts.
2
U. S. Treasury bills, certificates of indebtedness, notes and/or bonds.
3 Consists of bankers' acceptances, commercial paper, and foreign and
international bonds.
NOTE.—For explanation of table and for back figures see BULLETIN
for May 1953, p. 474.

GOLD PRODUCTION
[In millions of dollars]
Production reported monthl}
Year or
month

Estimated
world
production
(excl.
U.S.S.R.)

Africa

Other

North and South America

Total
South
Africa

Rhodesia

Ghana

Belgian United
Congo States

Canada

Mexico

Colom- Chile
bia

Nica- Austraragua 1
lia

India

"35
$ 1= 15Hi grains ofgold H ofine: i. e., an ounce of fine gold= $
1949
1950
1951
1952
1953
1954
1955
1956

840.0
864.5
840.0
868.0
864.5
913.5
959.0

1956—Mar
Apr

May
July.
Aug
Sept
Oct .
Nov
Dec
1957_jan
Feb
Mar

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

\A 1
14 3
13.8
16 1
16.9
13.5
13 4

12.6
13 3
15.1
14 8
15.3
13.2
13 3
15 3

74.9
73.9
77.7
77.7

45.4
45.2
47.3
47.4
47 9
48.5
47.3
47 8
47 3
45.8

1 5
1.6
1.6
1.6
1 6
1.6
1.6
1 6
1 5
1.5

1 8
2.1
2.2
2 1
2 2
2.3
2.3
2 2
2 2
2.2

J 2
1.0
1.0
1

5 0
4.7
5.4
5 1
5 9
6.3
6.0
6 2
5 6
4.6

13 5
12.9
13.1
13 4
12 3
12.3
12.4
12 9
12 9
12.8

1 l
.9
1.3
1 l

1 2
1.3
1.2
1 3
1 6
1.4
1.2
1 2
1 2

48.3
46.3

1 6

2.3
2.3
2 2

5 0
4.4
5.1

12 6
12.0
13.2

1
Gold exports, representing about 90 per cent of total production.
Sources.—World production: estimates of U. S. Bureau of Mines.
Production reported monthly: reports from individual countries except




1

1.0
1.0
1

6 7
6.1
6 2
4.6
4.4
4 3

7.7
8 0
O O

o. o

8 9
9.1
8.2
8 1
7 6

2

7

.2
.2
3

.6
.6
7

2

.3
.5
4
2

6

.6
.6
6
6

7

.6

1 5

6
.5
6

1.2

31.3
30 4
31.3
34.3
37.7
39.1
36 7
36 1
2 8
2.7
3.0
3 2
3 3
3.0
3.2
3 0
3 4
2.9

5.7
6.7
7.9
8.9
7.8
8.4
7.4
.6

.6
.6
5
6

.6
.6
6

3 0

Ghana, Belgian Congo, and India, 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.

729

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

1950

1949
Continental Western Europe:
Belgium
France
Germany (Fed. Rep. of)
Netherlands...
Portugal

1-43.0

-250.2

Total

1951

1952

1-58.0 1-18.3 1-5.8
-84.8 -20.0

-10.0
"-2315 * * —79^8
-100.0
-5.0
14.0
- 1 5 . 0 -34!9

Switzerland. . .
-34!3
Bank for Intl. Settlements....
Other
3-123.4

Sterling Area:
United Kingdom
Union of South Africa
Other

1957

1956

Area and country

— 22 9
-38.0
-65.3
-16.4

— 32 0
-15.0
22.5
-30.4
(2)
-29.7 -17.3

1953

-546.4 -328.3

Total
Canada

440.0
11.5
-.3

-480.0

-.5

451 2

— 480 5 — 50 5

-10.0

-49.9
7.0
28^2
-10.0
-16.1
-118.2
— 14 4
— 64 8
-50.0
- 1 0 . 5 ""-Y.2

Total

-143.9

Asia

4-55.4

Eastern Europe....

-6.2

All other

.4

5-38.9 5-53.7
13.7
6-44.2 6-76.0

193.3 -1,725.2

Grand total

75.2

JulySept.

Jan.Mar.

3.4

3.4

"26.0
-8 0

—8 0

4.0

-32.8

-5.0

"is'i
7.0

3.0

-19.2

-77.5

1.0

18.6

30.4

100 3
_

100 3

j

-84.8
-3.5
80.3
—5 0
-30.0
17.2

-131.8

62.5

-5.7

-9.9

-6.7

100 3
14.6

5.2

40.1

10.0

27 1
-200.0
-.2
85 0 - 1 3 3 . 0

-3.6

115.3
28.1

-28.1
— 15 0
-.3

100.3

-.1

7.2

-49.9 -20.0
17.5 - 2 2 . 8
-20.0
-60.2
87.7
14 9
22 2
-.9
-34.7
57.5
-172.0 -126.0

Oct.Dec.

— 33 8

-50.0

-.5

-100.0

Apr.June

14.6

469.9
52.1
3.6

3.4

Latin America:
Argentina
Colombia
Cuba
Mexico
Uruguay
Venezuela
Other

Jan.Mar.

3.4
-33.8

-67.5
-130.0 -225.6 -10.0
-65.0
-59.9 -54.9
-5.0
— 20 0 — 15 0
-65.0 -15.5
-94.3 -20.0
-17.5
2.6
5.0

645 2 — 1 003 4 525 6

....

1956

1955

1-94.8

- 3 8 0 . 2 -184.8 - 1 1 5 . 6

446.3 - 1 , 0 2 0 . 0
195.7
13.1
3.2
3.5

1954

11 0

20.1

29 1
-200.0
- . 7 ''''—'2

14.0 - 2 8 3
2
-4.9

-

55.1
28.1
2 0

""-'.2
2

19 9

-.2

13.1
<*>

13.1

7200.0

A

725.0

775.0

775.0

280.2

5.2

94.9

155.0

393.6 - 1 , 1 6 4 . 3 -326.6 - 6 8 . 5

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.

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 inor
tion
crease
export

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 1,530.4 1,680.4
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 — 1 743 3 — 371 3 — 1 352 4
'617.6
22,873
52.7 - 5 4 9 . 0
304.8
23 252
379 8 684 3
22,091 - 1 , 1 6 1 . 9
2.2 -1,170.8
21,793 - 2 9 7 . 2
16.6 - 3 2 5 . 2
-40.9
97.6 - 1 3 2 . 4
21,753
318.5
305.9 106.5
22,058

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

Preliminary.
1 See footnote 2 on following page.
Net after payment of $687.5 million in gold as United States gold subscription to the International Monetary Fund.
2




Gold stock
(end of month)
Month

Increase
in total
gold
stock

Earmarked DomesNet
gold gold: de- tic gold
import, crease, production
or
or inexport
crease

Treasury

Total i

1956—May
June
July
Aug
Sept
Oct
Nov
Dec

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

28.3
25.3
47.6
18.4
49 A
4.8
4.7
47.1
67.6 - 1 8 . 0
4.6
-33.6
12.5
107.6
2 7
— 47 7

1.8
29.9
43.9
43.2
86.9
-34.3
105.7
51 2

5.4
5.1
5.9
6.3
6.0
6.2
5.6
4 6

1957—Jan
Feb
Mar
Apr
May

22 252
22,304
22,306
22,318
2*22,620

22 377
22,396
22,406
22,424
2*22,726

319.0 - 5 3 . 9
18.6 - 2 9 . 8
10.2 - 8 . 8
17.4
20.8
2*302.3

295 9
28.0
16.0
-5.8
4285.4

5.0
4.4
5.1
(3)

3 Not yet available.
4
Gold held under earmark at the Federal Reserve Banks for foreign
and international accounts amounted to $6,003.3 million on May 31, 1957.
Gold under earmark is not included in the gold stock of the United States.

730

GOLD RESERVES
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
Estimated
United States
total world
(excl.
U.S.S.R.) 1 Treasury TotaP

End of
month

Argentina

22 820
22,873
23,252
22,091
21,793
21,753

216
268

21 743
21,772
21,799
21 830
21,858
21,884
21 910
21 910
21,949

21 792
21,821
21,868
21 918
21,965
22,032
21,999
22 106
22,058

371
371

22 252
22,304
22 306
22,318

Finland

1956 Apr . . .
May
June
July
Aug
Sept
Oct
Nov
Dec
1957—Jan
Feb
Mar
Apr

End of
month

France 3

38,360
'38,455
38,495

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

157
161
164
165
162
106
106
106
107

970
958
952
965
964
972
949
941
928

323
323
323
323
323
323
323
323
324

1,113
1,107
1,109
1,114
1,114
1,112
1,119
1 124
1,113

43
46
46
46
46
45
45
45
46

136
136
136
136
136
136
136
136
136

31
31
31
31
31
31
31
31
31

23
23
23
23
22
22
22
22
22

174
174
174
174
174
174
181
181
188

324
324
324
324

1,116
1,110
1,112
1,114

43
46
46
46

136
136

31
31
31
31

22
22
22
22

188
188
188
174

Mexico

Netherlands

22,377
22,396
22 406
22,424

35 810
35,960
36,260
36 680
37,340
38,000

Belgium

877
864
848
849

22,706
22,695
23,187
22,030
21,713
21,690

*>38 745

1950—Dec
1951—Dec
1952 Dec
1953—Dec
1954—Dec
1955 Dec

Australia

371
371
371

258

Germany,
Federal GuateRepublic mala
of

India

Indonesia

Iran

Italy

Norway

Pakistan

Peru

..

12
26
26
26
31
35

523
548
573
576
576
861

28
140
326
626
920

27
27
27
27
27
27

247
247
247
247
247
247

209
280
235
145
81
81

140
138
138
137
138
138

256
333
346
346
346
352

208
208
144
158
62
142

311
316
544
737
796
865

50
50
50
52
45
45

27
27
38
38
38
48

31
46
46
36
35
35

1956 Apr . .
May
June
July
Aug
Sept
Oct
Nov
Dec

35
35
35
35
35
35
35
35
35

861
861
861
861
861
861
861
861
861

1,035
1 056
1,104
1,189
1,274
1,294
1 329
1,376
1,494

27
27
27
27
27
27
27
27
27

247
247
247
247
247
247
247
247
247

81
81
54
54
46
46
45
45
45

138
138
138
138
138
138
138
138
138

352
352
353
353
360
360
362
370
338

164
164
165
165
166
166
166
167
167

877
864
853
853
853
854
854
854
844

45
45
45
45
46
46
47
47
50

48
48
49
49
49
49
49
49
49

35
35
35
35
35
35
35
35
35

1957_jan
Feb
Mar
Apr

35
35
35
35

861
861
861
861

1 566
1,661
1 756
1,834

27
27
27

247
247
247

44
44
43
42

138
138
138
138

325

167

834
819
814
809

45
45
45
48

49
49
49
49

35
35
35

Portugal

El Salvador

Turkey

United
Kingdom 4

Venezuela

Intl.
Monetary
Fund

192
265
286
361
429
428

23
26
29
29
29
28

197
190
170
176
199
212

61
51
51
54
56
56

90
152
184
218
265
276

1,470
1,452
1,411
1,459
1 513
1,597

118
113
113
113
113
112

150
151
143
143
144
144

3,300
2,335
1,846
2,518
2,762
2,120

236
221
207
227
227
216

373
373
373
373
403
403

1,494
1,530
1,692
1,702
1 740
1,808

167
115
196
193
196
217

436
436
436
436
442
442
442
448
448

28
28
28
28
28
28
28
28
28

210
217
215
212
216
214
214
220
224

56
56
56
56
56
56
56
56
56

269
266
257
260
262
263
265
265
266

1,606
1 579
1,571
1,598
1 622
1,634
1,635
1 658
1,676

112
112
112
112
112
112
112
112
112

144
144
144
144
144
144
144
144
144

2,328
2,369
2,385
2,405
2,276
2,328
2,244
1,965
2,133

216
216
216
216
214
214
192
186
186

403
403
403
403
403
403
503
503
603

1,761
1 741
1,743
1,718
1 695
1 711
1,687
1 692
1 692

190
216
199
207
212
199
214
175
179

452
461
461

28
32
32
32

226
227
233
230

56
56
56
56

256
256
252
249

1,667
1,652
1 636
1,621

112
112
112

144
144
144
144

2,084
2,147
2,209
2,320

186
186

603
669
669
669

1 420
1,433
1 438

202
197
168
160

1950—Dec
1951—Dec
1952 Dec
1953—Dec
1954—Dec
1955—Dec

.

End of
month
1950 Dec
1951—Dec
1952—Dec
1953—Dec
1954—Dec
1955—Dec
1956—Apr
May
June
July
Aue
Sept
Oct
Nov
Dec
1957__jan
Feb
Mar
Apr

..
.. .

South
Africa

Spain

Sweden Switzerland

r
P Preliminary.
Revised.
1
Represents reported gold holdings of central banks and governments
and international institutions, unpublished holdings of various central
banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom,
and estimated official holdings of countries from which no reports are
received.
2
Includes gold in Exchange Stabilization Fund. Gold in active portion
of this Fund is not included in regular statistics on gold stock (Treasury
gold) used in the Federal Reserve statement "Member Bank Reserves,




Thailand

Uruguay

Bank for
Intl.
Settlements

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.)

731

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) * . .
Germany (Federal Republic of)
Greece
Italy
Netherlands (and Netherlands West Indies
and Surinam)
Norway
Portugal (and dependencies).
Spain (and dependencies)
Sweden
Switzerland
Turkey
Other*

Mar. 31, 1956

Sterling Area:
United Kingdom
United Kingdom dependencies
Australia
India
Union of South Africa
Other
Total
Canada
Latin America:
Argentina
Bolivia
Brazil
Chile
Colombia
Cuba
Dominican Republic
Guatemala
Mexico
Panama, Republic of
Peru.
El Salvador
Uruguay
Venezuela
Other
Total

Sept. 30, 1956

Dec. 31, 1956

Mar. 3 , 1957^

u. s.

Gold& U. S. Gold&
Gold& U. S. Gold& U. S. Gold& U. S. Gold& U. S.
shortGovt.
shortshortshortGovt.
shortGovt.
Govt.
shortGovt.
Govt.
term
bonds
term
term
term
bonds
term
bonds
bonds
term
bonds
bonds
dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes

326
1,201
91
84
1,957
2,374
187
1 137

10
10
7
5
151
8

1,100
127
601
221
429
2 354
153
872

44

13,214

10
12
6
5
7
14
(2)

368
1,169
107
94
1,303
3,519
188
31 216

9
11
6
5
8
14

9

3
(2)
131
12

1,024
121
628
148
480
2 413
158
888

10
95

14

1,071
117
628
160
483
2 512
164
916

14,105

300

14,110

298

13,824

313

266
4

2,812
103
191
323
277
222

203
4

2,854
93
200
327
294
220

246
4

1
1
7

2,820
90
177
'328
248
211

3,983

265

'3,874

286

3,928

223

3,988

276

2,394

362

2,547

352

2,629

367

2,605

438

10
12
6
5
7
13

23
79

10

1,113
109
617
185
453
2 446
158
1,055

13,644

279
253
3

1
1
7

2,875
83
243
329
245
208

3,932

254

2,305

369

10
12
6
5
6
10

1,143
'99
606
216
444
2 341
154
1,011

22
69

343

2,600
84
219
320
265
214

282
4

3,702

509
26
466
139
217
389
77
72
556
86
127
52
281
668
124

361
1,227
96
88
1,505
3,327
187
31 268

342
1,265
95
90
1,631
3,099
161
'1 286

317
1,242
102
80
1,999
2,490
194
1 158

2,173

Total

June 30, 1956

312
1,221
99
82
1,753
2,742
176
1 214

10
12
6
5
7
11

23
73

7

1,145
100
602
206
426
2 307
151
1,108

13,596

222
241
4

7

2,820
87
230
330
255
210

295
437

2

53
3
44

1
3
15

511
27
538
141
222
374
79
91
583
82
127
74
289
627
147

2
169
4
1

2

3
70

^J
3
14

476
25
540
147
224
399
81
93
523
94
115
73
283
734
154

2
1
167
4

2

3
117

1
3
14

399
25
582
151
'202
407
77
80
'561
104
117
53
290
808
133

2
1
167
4
1

2

3
126

1
14

3
14

360
29
549
137
232
347
79
91
600
109
119
53
259
1,058
113

1
1
167
4

8

7

1
1
14

1
3
12

332
25
556
137
269
353
89
101
3576
117
117
73
260
1,043
133

1
1
167
4
1

2

3
135
15

1
1
24

(2)
1
1
167
4

$

2
2
12

3,789

195

3,912

192

3,961

193

'3,989

191

4,135

190

4,181

190

Asia:
Indonesia. . .
Iran
Japan
Philippines
Thailand
Other

255
175
1,021
268
250
647

15

4
6
1
5

171
169
1,167
300
253
'694

4
6
1
5

204
174
1,194
298
254
677

4
6

4

236
166
1,084
285
263
'664

6

231
158
1.161
'294
260
707

4
6
1
6

188
178
1,036
267
279
731

4
6
1
6

Total. . .

'2,616

30

'2,698

16

'2,754

16

'2,801

17

2,811

17

2,679

17

308

7

294

6

294

6

288

8

287

8

288

8

246
109

1

242
121

Eastern Europe 5
All other:
Egypt
Other
Total
Total foreign countries
International 6..
Grand total
p

'355
'26,157

4
6

1
1,308

'363
'27,100

'27,399

1,121

'27,943

388

346

339

369
1,059

248
140

238
108

1,154

28,246

1,103

(2)

27,953

1,242

3,689

321

'3,680

319

3,750

317

3,717

392

3,144

391

2,996

396

'29,846

1,629

'30,780

1,378

'31,149

1,438

'31,660

1,546

31,390

1,494

30,949

1,638

Preliminary.
' Revised.
1
Excludes gold holdings of French Exchange Stabilization Fund.
2 Less than $500,000.
3 Includes latest available figure (Jan. 31) 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,




222
117

236
133

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.

732

INTERNATIONAL INSTITUTIONS

INTERNATIONAL BANK FOR RECONSTRUCTION AND
DEVELOPMENT
[End-of-month figures.

INTERNATIONAL MONETARY FUND
[End-of-month figures.

In millions of dollars]
1956

1957
Mar.

Dec.

Sept.

June

Jan.

Mar.

Dollar deposits and U. S. securities.
430
365
407
425
386
901
931
Other currencies and securities 1 . . . .
960
938
947
2,378 2,238 2,094 2,002 1,959
Effective loans*
54
41
42
29
Other assets3
40
IBRD bonds outstanding
Undisbursed loans
Other liabilities
Reserves
Capital 3

1957

Item

Item

948
850
848
849
850
676
609
477
530
485
20
11
11
10
10
266
254
240
228
216
1,853 1,853 1,853 1,810 1,810

Disbursed

Repaid
Total

1,124
118
267
163
221
355

971
118
267
72
221
293

184
9
14

Sterling area, total
Australia
India
Union of S. Africa
United Kingdom
Other

951
318
224
135
146
128

639
259
113
123
72
72

64
8

Latin America, total
Brazil
Colombia
Mexico
Other

703
194
111
141
257
219

521
164
79
131
147

63,006

2,242

Continental W. Europe, total
Belgium and Luxembourg.
France
Italy
Netherlands
Other

Asia (excl. Sterling a r e a ) . . . .

787
108
253
72
81
273

73
25
18
7
16
7

23
17

2
14

575
251
89
106
70
58

89
26
13
21
26
4

49
11
13
9
16

473
153
66
122
131

29
3
4
10
13

98

15

1,941

7205

141
20

102

Africa (excl. Sterling area)..
Total

301

July

Apr.

Jan.

Member subscriptions . .
Accumulated net income..
Reserves and liabilities

8,929 8,929 8 751 8,751 8,750
-10
-14
-14
-14
-14
2
Cumulative net drawings
on the Fund

Quota

Sold
to
others*

Oct

1,420 1,687 1 718 1,761 1,811
200
200
125
50
1,423 1,697
759 1,777 1,708
5,051 4,387 4 319 4,333 4,403
815
824
815
942
815
1
1
3
2

Country 9

Outstanding
Principal

1956

Gold
Investments 8
Currencies: United States i
Other i
Unpaid member subscripts3ns
Other assets

Loans by country, Apr. 30, 1957
Area and member country 4

In millions of dollars]

Total

Brazil

150
15

Colombia
Cuba
Egypt
India
Indonesia
Philippines
United Kingdom
United States

50
50
60
525
400
110
35
15
1,300
2,750

Paid
m
gold
38
1
13
13
10
108
28
16
9
4
236
688

1957
Mar.

1956
Feb.

Mar.

38
38
66
15
15
15
25
25
25
23
23
30
30
40
45
100
60
13
128
55
15
55
25
9
25
15
15
10
562
562
10-1,251 10-1,123 10-393

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.
4
Loans to dependencies are included with member.
5
Includes also effective loans agreed to be sold but not yet disbursed.
* Includes $59 million in loans not yet effective.
7
Includes $182 million not guaranteed by the Bank.
* U. S. Treasury bills purchased with proceeds of sales of gold.
9
Countries shown are those with cumulative net drawings of $15
million or more on the latest date.
1
o Represents sales of U. S. dollars by Fund to member countries for
local currencies, less repurchases of such currencies with dollars.

PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS
Bank of England (millions of pounds sterling)

Date

Assets of issue
department

Gold

Assets of banking department

Other
assets
(fiduciary
issue)

Coin

Notes

Discounts
and advances

Securities

Liabilities of banking department
Note
circulation i

Deposits
Bankers'

Public

ECA

Other

Capital
and
surplus

1949—Dec.
1950—Dec.
1951—Dec.
1952 Dec.
1953—Dec.
1954—Dec.
1955—Dec.

28
27
26
31
30
29
28

.4
.4
.4
.4
.4
.4
.4

1,350.0
1,375.0
1,450.0
1,575.0
1,675.0
1,775.0
1,900.0

5.3
1.5
1.7
1.4
2.4
2.4
2.3

28.4
17.7
12.5
49.9
55.4
23.7
10.7

14.8
29.2
18.2
11.2
4.9
8.9
37.7

489.6
384.0
389.2
371.2
338.1
350.7
299.6

,321.9
,357.7
,437.9
,525.5
,619.9
,751.7
,889.6

299.2
313.5
299.8
302.8
290.2
276.1
245.2

11.6
15.4
13.4
10.0
14.9
15.4
12.0

97.9
.4
.6
24.3
7.2
9.6
3.2

111.2
85.0
89.8
78.5
70.4
66.3
71.7

18.1
18.1
18.1
18.1
18.2
18.1
18.1

1956—May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

30
27
25
29
26
31
28
26

.4
.4
.4
.4
.4
.4
.4
.4

1,900.0
1,950.0
2,000.0
1,950.0
1,925.0
1,925.0
1,925.0
2,025.0

2.0
2.0
2.0
2.0
2.0
2.0
2.0
1.9

29.1
57.0
37.4
42.9
44.7
47.5
19.0
27.7

15.3
15.6
23.8
26.6
18.3
28.2
26.8
11.0

294.6
271.0
254.1
254.6
269.7
285.1
279.9
267.7

,871.3
,893.4
,963.0
1,907.5
1,880.6
1,877.8
1,906.3
1,997.7

231.6
238.2
215.6
222.4
230.9
256.6
220.0
203.6

11.4
10.5
11.9
13.0
12.9
15.1
13.8
11.6

3.1
.2
.2

77.0
78.5
71.3
72.1
72.4
73.3
75.8
74.9

18.0
18.1
18.3
18.5
18.5
17.8
18.0
18.1

1957—Jan.
Feb.
Mar.
Apr.

30
27
27
24

.4
.4
.4
.4

1,925.0
1,925.0
1,925.0
1,975.0

2.0
2.0
2.3
2.4

63.7
52.0
22.5
23.1

34.9
15.8
18.6
21.5

240.3
261.0
290.3
259.2

1,861.6
[,873.4
1,902.8
1,952.2

232.1
225.2
228.9
202.4

14.4
13.5
13.7
11.5

76.0
73.7
72.5
74.5

18.3
18.5
18.5
17.8

For footnotes see opposite page.




733

CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
Bank of Canada (millions of Canadian dollars)
Assets2
Date

Sterling
and
United
States
dollars

Liabilities

Dominion and provincial govt. securities

Deposits
Other
assets

Shortterm

Note
circulation

Other

Other

Chartered Dominion
banks
govt.

Other
liabilities
and
capital

1949—Dec. 31
1950—Dec. 30.
1951—Dec. 31.
1952—Dec. 31.
1953—Dec. 31.
1954—Dec. 31.
1955—Dec. 31.

74.1
111.4
117.8
77.1
54.9
54.2
57.4

,781.4
,229.3
,141.8
,459.8
,376.6
,361.5
,283.8

227.8
712.5
1,049.3
767.2
893.7
871.1
1,093.7

42.5
297.1
135.2
77.3
112.0
114.1
185.2

,307.4
,367.4
,464.2
,561.2
,599.1
,623.5
,738.5

541.7
578.6
619.0
626.6
623.9
529.6
551.0

30.7
24.7
94.9
16.2
51.5
56.3
89.2

126.9
207.1
66.1
44.5
29.5
30.5
34.0

119.2
172.6
200.0
132.9
133.1
161.0
207.5

1956—May 31.
June 30
July 31,
Aug. 31,
Sept. 29.
Oct. 31.
Nov. 30.
Dec. 31

67.2
60.1
59.9
62.1
57.7
51.4
61.1
60.8

,065.6
,041.3
029.6
,019.3
,041.3
,031.3
,021.2
,025.0

,190.2
,289.8
,316.7
,351.3
,353.0
,360.4
,380.3
,392.0

131.3
192.7
104.9
180.7
150.1
128.0
158.7
69.9

,706.1
,734.9
,762.3
,764.6
,769.5
,780.9
,793.5
,868.7

542.8
574.7
500.0
580.6
564.0
575.3
624.9
511.5

30.2
51.1
49.8
65.4
46.0
55.0
7.4
38.8

29.9
32.2
39.6
35.6
45.2
30.7
31.7
31.2

145.3
191.0
159.4
167.2
177.3
129.3
163.9
97.5

1957_jan. 31,
Feb. 28.
Mar. 30
Apr. 30

53.5
60.8
53.7
50.3

,091.7
,052.7
,105.2
,158.0

,202.2
,189.4
,176.3
1,190.2

113.5
118.6
213.5
119.2

,738.9
,717.9
,724.6
,756.3

524.0
497.5
519.5
546.9

57.8
52.7
78.3
62.9

34.3
27.2
25.1
22.5

105.8
126.3
201.2
129.2

Bank of France (billions of francs)
Assets
Date
Gold

Foreign
exchange

Liabilities
Advances to
Government

Domestic bills

Other
assets

Open
market

Special

Other

Current

Deposits

Note
circulation

GovernOther3
ment

Other

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—May 31,
June 28,
July 26,
Aug. 30,
Sept. 27,
Oct. 31,
Nov. 29,
Dec. 27,

301.2
301.2
301.2
301.2
301.2
301.2
301,
301,

152.0
144.1
128.0
116.5
106.7
91.7
68.4
49.6

214.7
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

,314.4
,374.8
,489.6
,556.7
,611.6
,546.6
,638.1
,753.7

183.0
183.0
179.0
179.0
171.5
158.8
178.9
179.0

518.8
490.2
496.5
499.3
479.8
479.8
479.8
479.8

368.4
324.2
297.0
265.3
271.7
342.2
251.5
236.4

2,861.9
2,890.5
2,932.2
2,979.0
2,982.0
2,988.4
2,964.6
3,046.9

1957_jan. 31.
Feb. 28.
Mar. 28
Apr. 25,

301,
301,
301
301.2

33.0
32.9
23.1
12.2

270.3
317.4
310.3
325.2

26.8
25.0
27.6
24.9

,735.7

175.0
171.3
175.0
158.3

479.8
479.8
479.8
479.8

233.8
245.7
192.6
5196.9

3,045.0
3,065.8
3,051.6
3,044.1

1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
1954—Dec.
1955—Dec.

29.
28,
27.
31,
31,
30,
29,

Central bank, monetary unit,
and item

1956

1957
Apr.

Mar.

!87l!9

Feb.

Apr.

Commonwealth Bank of Australia (milCentral Bank of the Argentine Republic
lions of pounds):
(millions of pesos):
830
1,623
Gold and foreign exchange
765
809
Gold reported separately
-392
998
Checks and bills of other banks..
2,718 1,387
Other gold and foreign exchange
157
157
Securities (incl. Govt. and Treas157
Gold contribution to Intl. Fund .
ury bills)
4,892 4,819 4,774 " 4 J 0 4
Govt. securities
Other assets
Rediscounts and loans to banks... 112,106 110,567 108,781 93,288
417
Note circulation
1,612 1,446 1,253
Other assets
Deposits of Trading Banks:
44,559 43,853 43,151 37,084
Currency circulation
Special
68,192 67,349 65,856 53,476
Deposits—Nationalized
3,134
Other
2,847 1,521 1,505
Other sight obligations
5,946
Other liabilities and capital
6,652 6,462 6,282
Other liabilities and capital
Footnotes to central bank table on this and opposite page:
1
Notes issued, less amounts held in banking department.
2 Gold was transferred on May 1, 1940, to Foreign Exchange Control
Board in return for short-term Govt. securities (see BULLETIN for July 1940,
pp. 677-678).
3 Beginning 1950, includes ECA.
4
Less than 50 million francs.




.1
%
.1

62.5
70.9
92.6
70.0
81.8
88.3
85.1
98.8

149.4
161.1
214.3
222.7

(4)
(4)

19.4
24.2
41.3
49.3
56.3
67.9
71.8

135.9
162.8
161.7
162.0
164.6
158.7
169.4
173.8

(«)

159.0
176.8
176.8
138.6
144.9
157.8
142.9

84.9
82.2
80.6
103.6

1957

Central bank, monetary unit,
and item

Apr.

1.2
.1
(4)
(4)

Other
liabilities
and
capital

Mar.

1956
Feb.

Apr.

441
6

394
4

374
3

259
9

471
68
403

485
73
382

504
76
380

504
126
383

340
18
224

322
30
223

304
42
230

22
208

5 Includes advance of 6.8 billion francs to Stabilization Fund.
NOTE.—All figures, including gold and foreign exchange, are compiled
from official reports of individual banks and are as of the last report date
of the month. For details relating to individual items, see BULLETIN for
April 1955, p. 443. For last available report from the Rcichsbank
(February 1945), see BULLETIN for December 1946, p. 1424.

734

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)

Apr.

Mar.

1956
Feb.

2 004 2 004 2 004
8,326 8,287 8,332
6,472 6,654 6,577
1,354
1,385
1,505
600
574
611
14 009 13 909 13 847
1,104
1,197
979
956
1,018
1,117
1,114
1,131
1,110
1,703
1,760
1,737

Apr.

1 744
6,830
5,692
1,717
828
12 824

Central bank, monetary unit,
and item

National Bank of Cuba—Cont.
Foreign exchange (Stabilization
Fund)
Net claim on Intl. Fund 1

Credits to Government
Claim against Government
Other assets
Other assets
Note circulation
Note circulation
639
Deposits
Deposits Banks
519
Other liabilities and capital
Other
1,406 National Bank of Czechoslovakia2
Blocked
1,424 National Bank of Denmark (millions
Other liabilities and capital
of kroner):
National Bank of Belgium (millions of
Gold
francs) •
42,448 42,379 43,221 48,499
Gold
Loans and discounts
Foreign claims and balances (net). 12,247 10,476 10,330 11,195
11,740 10,530 11,210
3,389
Securities
Loans and discounts
34,456 34,456 34,605 34,660
Govt. compensation account
Consolidated Govt. debt
7,475 8,899 8,985
Other assets
Govt securities
..
7,808
5,250
5,569 5,752 5,569
Other assets
108 514 109 388 110 399 105 126
Deposits—Government
Note circulation
1,521
1,880
1,257
1,935
Other
Deposits Demand
48
20
20
20
Other liabilities and capital
ECA
4,144
1,562
1,565
3,748
Other liabilities and capital
(Dec.
Central Bank of the Dominican ReCentral Bank of Bolivia—Monetary
1956)*
public (thousands of pesos):
dept. (millions of bolivianos):
506
Gold
513
449
22 769
Foreign exchange (net) 1
Foreicn exchan&e (net)
195,858 80,717
Net claim on Intl. Fund
2 505
5 170
Loans and discounts
Govt securities
1,832
959
Govt. securities
Other assets
160,015 58,172
Other assets
34 942 20 602
Note circulation
Deposits
6,362
31,186
Demand deposits
Other liabilities and capital
Central Bank of Ceylon (millions of
Central Bank of Ecuador (millions of
rupees):
680
703
690 sucres):
718
11
Gold
19
10
Govt securities
24
8
7
3
6
Foreign exchange (net)
Other assets
468
441
439
423
Net claim on Intl. Fund 1
Currency in circulation
..
45
71
84
128
Credits—Government
Deposits—Government
90
86
106
108
Other
Banks
83
104
102
99
Other assets
Other liabilities and capital
Note circulation
Central Bank of Chile (millions of
Demand deposits—Private banks.
pesos):
6,648 7,257 7,684
8,063
Other
Gold
1,003
999 1,194
645
Other liabilities and capital
Foreign exchange (net) 1
19
19
19
National Bank of Egypt (millions of
Net claims on Intl. Fund
10,131 7,550 7,306
2,976 pounds):
Discounts for member banks
Gold
26,244 26,245 20,245 16,153
46,690 42,506 42,291 22,052
Foreign assets
Other loans and discounts
30,137 33,059 31,488 16,291
Egyptian Govt. securities
70,695 68,983 67,447 49,931
Clearing and other accounts (net).
7,390 7,797 6,586
7,192
2,356 2,752 3,271
2,608
Other
40,432 38,102 32,923
Note circulation
6,449
Other liabilities and capital
Deposits—Egyptian Government..
Bank of the Republic of Colombia (milOthers
lions of pesos) *
286
262
276
311
Other liabilities and capital
Gold and foreign exchange
24 Central Reserve Bank of El Salvador
52
52
52
Net claim on Intl. Fund 1
464 (thousands of colones):
649
646
634
Loans and discounts
...
496
663
Gold
667
669
Govt loans and securities
390
111
390
355
Foreign exchange (net) 1
Other assets
669
789
781
787
Net claim on Intl. Fund
Note circulation
960
871
537
949
Deposits
167
314
312
315
Govt. debt and securities
Other liabilities and capital
Other assets
Central Bank of Costa Rica (millions
Note circulation
of colones):
12
12
12
12
Deposits
Gold
106
103
96
82
Other liabilities and capital
Foreicn exchan&e
7
7 Bank of Finland (millions of markkaa):
7
7
Net claim on Intl. Fund 1
92
86
Gold
91
97
7
18
18
18
Foreign assets and liabilities (net).
Securities
27
26
26
24
Loans and discounts
Other assets
154
157
156
158
Securities—Government
63
55
56
46
Other
Demand deoosits
38
Other assets
Other liabilities and capital
38
35
37
Note circulation
National Bank of Cuba (millions of
Deposits
pesos) *
136
136
136
136
Other liabilities and capital
Gold
153
195
171
163
Foreien exchan&e (net)
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.




1957
Apr.

Mar.

162

163

-10
49
101
75

-10
53
107
74

451
231
27

444
224
26

1956
Feb.

Apr.

163

230

-10
54
118
74

13
50
96
79

437
235
25

438
296
22

68
568

68
645

223
494
3,047
1,002
2,205
1 560
1,395

208
496
3,047
913
2,248
1 533
1,357

68
608

68
795

140
493
3,050
1 081
2,219
1 520
1,419

182
491
3,099
561
2 102
1 294
1 560

241

238

282

240

11,405
11,794
2,500
4 987
7,830
21,258
47,874
8,549
3,352

11,396 11,396
12,081 9 897
2,500 2,500
5 987
7,830 7'830
19,617 19,636
47 559 47 848
8,616 7,231
3,236 3,168

12 526
14 836
1 250
2 500
8'360
16 545
45 522
7,864
2,631

325
-2
38
531

325
17
38
496

-108
19
504

213

224

223

231
683
203
184
260

249
611
191
139
290

235
661
212
175
293

344

61
112
168

107
164

11
34
5

66
110
164

61
125
94

-10
34
2

-7
43
2

23
2

212
8
131
17

217
9
119
17

223
11
127
17

172
'23
r
85

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
112,802
11,542

78,879
54,559
1,563
78,258
15,674
7,050
113,873
109,536
12,574

70,777
56,929
1,573
53 297
13,642
7,180
98,634
94 691
10,072

7,849
14,429
42,076
17,500
1,583
11,501
55,764
6 172
33,002

7,849
15,656
50,146
17,500
1,620
11,013
54,967
11 987
36,830

7,849
18,237
43,371
17,500
1,756
10,819
58,245
5 497
35,790

7,849
23,103
45 087
18,750
1,814
10,836
54 951
27 269
25 220

66

H

17

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.

735

CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
Central bank, monetary unit,
and item
Bank of German States 4 (millions of
German marks):
Gold
Foreign exchange
Loans and discounts
Loans to Government
Other assets
Note circulation
Deposits—Government
Banks
Other
Other liabilities and capital
Bank of Greece (millions of drachmae):
Gold and foreign exchange (net)..
Loans and discounts
Advances—Government
Other
Other assets
Note circulation
Deposits—Government
Reconstruction and
relief accts
Other
Other liabilities and capital
Bank of Guatemala (thousands of
quetzales):
Gold
Foreign exchange (net)
Gold contribution to Intl. F u n d . . .
Rediscounts and advances
Other assets
Circulation—Notes
Coin
Deposits—Government
Banks
Other liabilities and capital
National Bank of Hungary2
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad5
Foreign securities
Indian Govt. securities
Rupee coin
Note circulation
Banking department:
Notes of issue department
Balances abroad
Bills discounted
Loans to Government
Other assets
Deposits
Other liabilities and capital
Bank Indonesia (millions of rupiahs):
Gold and foreign exchange (net)...
Loans and discounts
Advances to Government
Other assets
Note circulation
Deposits—ECA
Other
Other liabilities and capital
Bank Melli Iran 6 (millions of rials):
Gold
Foreign exchange
Gold contribution to Intl. Fund.. .
Govt.-secured debt
Govt. loans and discounts
Other loans and discounts
Securities
Other assets
Note circulation
Deposits—Government
Banks
Other
Other liabilities and capital
Central Bank of Ireland (thousands of
pounds):
Gold
Sterling funds
Note circulation

1957
Apr.

Mar.

1956
Feb.

7,661 7,334 6,931
11,859 11,590 11,814
1,943 2,083
1,691
4,088 4,014 4,129
985
1,168 1,215
15,179 14,670 14,590
5,114 5,077 5,254
3,886 4,075 3,616
249
226
218
2,107 2,141 2,101
5,879
171
7,896
4,770
2,322
5,669
947

7,109
5,102
2,211
27,237
50,951
1,250
7,345
42,763
58,151
4,195
9,735
27,354
30,111

5,999
172
7,571
4,745
2,323
5,524
929

7,087
4,545
2,726

27,237
48,928
1,250
8,235
41,009
58,527
4,178
7,952
26,633
29,368

27,237
44,150
1,250
9,010
42,783
58,501
4,160
5,671
26,793
29,306

1,178 1,178
4,125 4,125
8,850 8,750
1,226
1,220
15,261 15,062
118
1,143
30
77
2,629
2,286
1,710

211
1,064
20
77
1,776
1,640
1,508

147
313
567
1,005
968
1,153
12,611 11,442 10,801
463
539
495
9,778 9,196 9,108
282
282
28:'
2,504 2,19:
1,963
l,66f
1,591
1,663
4,340 4,340 4,24:
624
624
52:
28:
28:
28:
7,923 7,923 7,623
12,55^ 12,908 12,314
6,240 6,455 6,426
838
916
838
4,045 2,82:
3,073
11,000 12,23: 10,828
4,48" 3,466 4,27"
1,398 1,316
1,406
16,35" 15,636 15,41"
3,606 3,54f
3,474
2,646 2,646 2,646
71,387 72,249 70,708
74,033 74,895 73,354

Apr.




Apr.

Bank of Israel (thousands of pounds):
Gold
Foreign exchange
,337
Clearing accounts (net)
652
Loans and discounts
870
,121
Advances to Government
870
Other Govt. accounts
,882
Govt. securities
,492
Other assets
,666
Notes and coin in circulation
245
Deposits—Government
,567
Other
Other liabilities and capital
5,576 B;
.ank of Italy (billions of lire):
Gold
148
Foreign exchange
,472
Advances to Treasury
,487
Loans and discounts
,758
Govt. securities
,329
Other assets
793
Note circulation
Deposits—Government
,251
Demand
,741
Other
,327
Other liabilities and capital
Bank of Japan (billions of yen):
Bullion
241
Advances to Government
267
Loans and discounts
250
Govt. securities
140
Other assets
645
Note circulation
129
913
Deposits—Government
920
Other
170
Other liabilities
410 Bank of Mexico (millions of pesos):
Monetary reserve8
"Authorized" holdings of securities, etc
Bills and discounts
Other assets
400
Note circulation
,814
Demand liabilities
,987
Other liabilities and capital
,072
e t h e r l a n d s Bank ( m i l l i o n s of
guilders):
Gold
223
Silver (including subsidiary coin)..
442
Foreign assets (net)
124
Loans and discounts
18
Govt. debt and securities
,324
Other assets
,536
Note circulation
595
Deposits—Government
,231
ECA
Other
920
,880
Other liabilities and capital
,
394 Reser Bank of New Zealand (thousrve
,564 sands of pounds):
448
Gold
,530
Foreign exchange reserve
Loans and discounts
,
Advances to State or State un,242
dertakings
,
244
Investments
282
Other assets
,187
Note circulation
,545
Demand deposits
,916
Other liabilities and capital
449 B;
lank of Norway (millions of kroner):
34:
Gold
033
Foreign assets (net)
239
Clearing accounts (net)
231
Loans and discounts
316
Securities
390
Occupation account (net)
Other assets
Note circulation
Deposits—Government
Banks
FOA
Other liabilities and capital

* Includes figures for the nine Land Central Banks.
5 In October 1956, gold held by bank was revalued from 8.47512 to
2.88 grains of fine gold per rupee.
6 Items for issue and banking departments consolidated.

1957

Central bank, monetary unit,
and item

7

Mar.

1956
Feb.

14,338
,707 18,348
89,874
,074 85,643
,146 -4,745
286
,531 26,063
40,792
18,843
125,166
102,378
72,111
148,630
151,389
48,007
10,018
243,173 240; 146 241,180
30,758
568 28,245
173,324
,125 200,246
764 14,323
15,891
4
71
567
469
423
966
1,653
8
123
555
161

4
71
567
458
423
966
1,647
12
119
557
154

Apr.

2,054
124,490
9,048
19,592
20,908
42,172
139,812
21,891
204,782
31,658
128,970
14,558

4
71
567
507
401
917
1,633
13
99
564
157

4
70
567
436
408
845
1,531
25
79
552
144

244
344
238
659
40
33
93

28
521
243
585
64
59
84

()
274
361
234
684
53
37
96

278
510
248
666
237
35
99

1,921

1,903

1,909

1,775

5,153
938
389
5,074
2,611
716

5,299
786
334
5,122
2,491
709

5,373
787
292
5,152
2,482
727

5,306
380
334
4,763
2,335
696

3,058
6
691
176
660
410
4,074
56
218
459
196

3,077
6
695
161
660
439
3,869
49
368
510
243

3,097
6
686
255
660
414
3,910
111
368
486
243

3,322
11
1,401
84
440
353
4,106
177
466
669
194

6,162 6,162 6,162
42,824 35,084 32,135
40,015 39,922 36,759

6,162
36,757
38,014

26,288
38,173
1,914
74,899
68,669
11,f"

50,310
38,173
1,636
71,998
87,989
11,300

53,434
53,173
1,638
71,557
100,715
11,030

20,588
38,279
1,742
70,330
60,441
10,770

227
295
-44
103
105
5,546
109
3,231
1,656
444
26
983

207
317
-59
103
108
5,546
103
3,210
1,736
386
26
967

209
184
-79
101
108
5,546
103
3,221
1,465
492
26
968

209
-87
-74
136
84
5,546
104
3,096
1,453
389
88
892

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.

736

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)
Net claim on Int. Fund 1
Loans and discounts
Govt. loans and securities
Other assets
Note and coin issue
Deposits—Government
Other
Other liabilities and capital
Central Reserve Bank of Peru (millions
of soles):
Gold and foreign exchange
Net claim on Intl. Fund *
Loans and discounts to banks
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

1957
Apr.

115
1,044

Mar.

1956
Feb.

1,716
430
53
3,281

115
1,083
57
1,676
430
'53
3,276

115
1,072
57
1,717
430
'53
3,307

134

13!

126
809
876
193

763
186

138
1
36
711
694
193

10
629
53
1,613
609
194
1,109
425
269
1,306

10
548
53
1,600
566
235
1,126
373
250
1,263

684
67
851
1,577
140
2,276
821
222

700
67
801
1,475
169
2,257
705
250

47
303
66
548
155
697
86
245
91

46
310
117
479
153
684
86
247

48
278
95
528
158
705
86
223
92

5,872 5,889 5,922
13,622 13,729 13,808
1,281
1,227 1,255
1,376
1,374 1,373
1,859
1,868 1,863
11,065 11,129 11,235
1,482 1,622
1,683
90
90
90
8,184 8,385 8,280
2,989 3,001 2,994
82
46
33
42
113
77
13

83
53
33
43
111
89
12

81
55
30
48
110
91
14

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

617
323
16,191
48,750
57,246
54,530
2,875
14,414
51,308

Apr.




Apr.

Bank of Sweden (millions of kronor):
Gold
Foreign assets
,
11
Net claim on Intl. Fund 1
,
,135
Swedish Govt. securities and ad2
57
vances to National Debt Office ,
,205
Other domestic bills and advances,
431
Other assets
'66
Note circulation
,882
Demand deposits—Government..
Other
126
Other liabilities and capital
Swiss National Bank (millions of
francs):
570
Gold
575
Foreign exchange
121
Loans and discounts
Other assets
Note circulation
11
Sight liabilities
Other liabilities and capital
77
23 Central Bank of the Republic of Turkey
,552 (millions of pounds):
384
Gold
'84
Foreign exchange and foreign
949
clearings
230
Loans and discounts
182
Securities
769
Other assets
Note circulation
Deposits—Gold
517
Other
67
Other liabilities and capital
832 B;
tank of the Republic of Uruguay (mil,064 lions of pesos):
195
Gold
,962
Silver
437
Advances to State and Govt.
276
bodies
Other loans and discounts
Other assets
35
Note circulation
377
Deposits—Government
52
Other
378
Other liabilities and capital
133 Central Bank of Venezuela (millions
642 of bolivares):
86
Gold
171
Foreign exchange (net)
77
Other assets
Note circulation
724
Deposits
720
Other liabilities and capital
957 National Bank of Federal People's Re380 public of Yugoslavia (billions of
420 dinars):
497
Gold
575
Gold contribution to Intl. Fund. .
81
Foreign assets
484
Loans (short-term)
565
Govt. debt (net)
Other assets
Notes and coin in circulation
74
Demand deposits
31
Foreign liabilities
40
Long-term liabilities (net)
58
Other liabilities and capital
107 Bank for International Settlements
k
77 (millions of Swiss gold francs):
19
Gold in bars
Cash on hand and with b a n k s . . . .
617
Rediscountable bills and accept321
ances (at cost)
,880
Time funds at interest
,873
Sundry bills and investments
,050
Funds invested in Germany
,253
Other assets
,465
Demand deposits—Gold
,395
Other
,628
Long-term deposits: Special
Other liabilities and capital

' Revised.
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.

1957

Central bank, monetary unit,
and item

550
1,112

129
4,326
18
985
5,359
140
14
1,475

6,866
461
15
108
5,533
1,839
220

Mar.

1956
Feb.

Apr.

556
1,158
129

564
1,025
129

593
925
129

4,32
19
1,007
5,271
316
146
1,458

4,103
20

3,791
23
1,019
5,130
202
168
980

6,931
496
154
14:
5,491

1,021
5,337
269
104
1,153

490
54
835
137
683
297
593
1,369
229
306

402

402

267
4,265
30
245
2,582
155
1,755
717

241

155
1,792
621

207
3,473
29
142
1,955
155
1,561
583
327
10
239
483
663
509
196
336
680

1,948
807
226
1,241
546
1,194

1,234
458
128
1,063
328
428

5
2
38
716
53
33
91
276
81
279
120

1,947
1,134
156
1,254
534
1,448

402

285
558
743
550
190
362
111

293
4,194
30
246
2,652
155
1,721
637

93
5,205
2,141
213

(Jan.)*
283
10

40:

219

6,999
547
176
94
5,417
2,178
221

5
2
60
820
27
28
89
158

2,012

1,947
788
157
1,257
547
1,087

513
57
696
146
697
297
3
627
1,249
229
305

4,138
30
237
2,481

6,754
581
132

123
432

140

604
39

581
54

589
143
685
297
3
652
1,176
229
304

868
92
483
297
1
597
1,254
229
295

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.

737

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

NethBelGerergium France many Greece lands Spain

In effect Dec. 31, 1955

3.0

3.0

3.5

2.50

9.0

Sweden

3.75

Switz- Tur- United Caner
key King- ada
land
dom

3.75

1.5

4.5

3.00

1956 Feb
Mar
Apr
June . . . .

5.5
3.00

10.0
6.0

3.25

Sept
Oct

5.0

3.75

Dec
1957—Jan
Feb

5.0
4.0
2.5
3.5

4.0

4.5

10.0

3.75

4.25

3.0

3.25

3.95
4.01
3 95
8 40
4.00
4.01 44.00 9.13

4.5

In effect May 31, 1957

4.5

3.50
33.77 3.50
3.92

4.00

Mar

Apr

1.5

3.25

4.25

3 5

El
Ja- PhilipSalpan 2 pines Chile 2 vador 2

2.75 3.00 8.03

4.5

4.5
5.5

India

4.00

2.5

6.0

4.01 4.00 9.13

5.0

6.0
2.0
2.0

4.0
6.0

4.0

Other selected central banks—rates in effect on May 31 , 1957
Area and
country
Europe:
Austria
Denmark
Italy

Rate

5.0
5.5
4.0
3.5
2.5

Portugal

Month
effective

Nov.
May
Apr.
Feb.
Jan.

Area and
country

Asia:
Burma
3.0
Ceylon
2.5
Indonesia 2 ... 3.0
Pakistan
3.0

1955
1955
1950
1955
1944

Month
effective

Rate

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

7.0

Feb. 1945

3.0
4.5
6.0

Apr. 1939
June 1942
Nov. 1947

Area and
country

Rate

Latin America—
Cont. :
Venezuela.... 2.0
AH 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—4 per cent for industrial, and mining
paper and 3 per cent for most agricultural paper. l
3
Since Nov. 1, the discount rate is set each week at A 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]

Month

France

United Kingdom

Canada
Treasury Day-tobills
day
3 months i money 2

Bankers' Treasury Day-toacceptbills
day
ances
3 months 3 months money

Bankers'
allowance Day-today
on
money
deposits

1954—Dec
1955—Dec

1.08
2.59

2.42

.78

1.78
4.22

1.78
4.08

1.45
3.10

1.25
2.50

3.29
2.99

1956—May
June
July

2.84
2.63
2.53
2.94
3.06

2.66
2.68
2.52
2.63

5.14
5.20
5.10
5.08

4.95
5.09

4.13
4.16

3.50
3.50
3.50
3.50

3.50
3.50

3.10
3.02
3.21
3.02
3.00
3.47
3.71

3.50
3.10
3.00
3.00

3.54
3.36
3.71
3.97

Seot
Oct
Nov
Dec
1957 Jan
Feb
Mar
Apr

3.30
3.40
3.61
3.70

.

•

3.76
3.71
3.72

2.67
2.83
2.89
3.18
3.27
3.48
3.65
3.69

5.18
5.14
5 08
5.07
4.85
4.44
4.25
4.18

i Based on average yield of weekly tenders during the month.




5.01
5.03
5.11
5.04

3.96

4.14
4.26

5.01
4.94

4.21
4.24
4.15

4.69
4.30
4.07
4.01

4.06
3.66
3.55
3.59
2

3.50
3.50

3.55

Netherlands
Treasury Day-tobills
day
3 months money
.77

.62

1.76
2.38

1.25
1.43
1.50
1.50
1.50
1.50
1.50
1.50

Switzerland

Loans
up to
3 months

Private
discount
rate

4K-6*

1.50
1.50

.57

1.06

Sweden

2.74
3.00
3.00
3.18
3.25

3.48
3.58
3.47
3.61
3.63

1.50
1.50
1.50
1.50

Based on weekly averages of daily closing rates.

41/_6i/4
41/ gi/
4^4—614

4\&.—6V>
4 LA _63/
41/ gw
41A_63/
41y4_63/
4Vi-63/ 4

1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.69
1.75
1.75
1.75

738

FOREIGN EXCHANGE RATES
FOREIGN EXCHANGE RATES
[Average of certified noon buying rates in New York for cable transfers.
Argentina
(peso)

Australia
(pound)

Year or month
Preferential

Basic

In cents per unit of foreign currency]

Austria
(schilling)

Belgium
(franc)

British
Malaysia
(dollar)

Canada
(dollar)

Ceylon
(rupee)

Free

20.000
13.333
20.000
13.333
20.000
13.333
20.000
13.333
120.000
113.333
25.556

7.067
7.163
7.198
7.198
17.183
32.835

223.07
222.63
224.12
223.80
222.41
222.76

3.8580
3.8580
3.8580
3.8580

1.9859
1.9878
2.0009
1.9975
1.9905
2.0030

32.849
32.601
32.595
32.641
32.624
32.582

94.939
102.149
101.650
102.724
101.401
101.600

20.849
20.903
21.046
21.017
20.894
20.946

1956—May.
June.
July.
Aug.
Sept.
Oct..
Nov.
Dec.

5.556
5.556
5.556
5.556
5.556
5.556
5.556
5.556

2.657
2.872
3.090
3.249
3.190
3.177
2.987
2.806

223.71
223.28
222.58
221.76
221.76
221.88
221.71
221.92

3.8580
3.8580
3.8580
3.8580
8580
8580
8580
8580

2.0029
2.0032
2.0074
2.0049
2.0064
2.0084
2.0022
1.9945

32.700
32.608
32.510
32.368
32.373
32.384
32.360
32.475

100.803
101.476
101.835
101.907
102.274
102.732
103.725
104.095

21.022
20.977
20.917
20.858
20.873
20.878
20.871
20.881

1957—Jan..
Feb..
Mar.
Apr..
May.

5.556
5.556
5.556
5.556
5.556

2.642
2.681
2.586
2.478
2.564

222.77
222.96
222.55
222.22
222.39

3.8570
3.8536
3.8536
3.8536
3.8536

1.9912
1.9900
1.9900
1.9887
1.9862

32.529
32.561
32.532
32.512
32.526

104.085
104.334
104.577
104.184
104.638

20.948
20.960
20.921
20.890
20.895

France
(franc)

Germany
(deutsche
mark)

India
(rupee)

Ireland
(pound)

Japan
(yen)

Mexico
(peso)

280.38
279.68
281.27
280.87
279.13
279.57

1951
1952
1953
1954
1955
1956

Denmark
(krone)

Year or month

14.491
14.492

Finland
(markka)

.4354
.4354
.4354
.4354
.4354
.4354

.2856
.2856
.2856
.2856
.2856
.2855

23.838
23.838
23.838
23.765
23.786

20.869
20.922
21.049
21.020
20.894
20.934

4.2779

11.564
11.588
11.607
9.052
8.006
8.006

1956—May.
June.
July..
Aug..
Sept..
Oct..
Nov..
Dec.

.4354
.4354
.4354
.4354
.4354
.4354
.4354
.4354

.2855
.2855
.2855
.2855
.2855
.2855
.2855
.2855

23.729
23.797
23.839
23.853
23.853
23.843
23.832
23.823

21.022
20.977
20.911
20.830
20.840
20.856
20.840
20.861

280.76
280.22
279.33
278.31
278.31
278.46
278.25
278.50

4.2779
.2779

8.006
8.006
8.006
8.006
8.006
8.006
8.006
8.006

1957—Jan...
Feb..
Mar..
Apr..
May.

.4354
.4354
.4354
.4354
.4354

.2855
.2855
.2855
.2855
.2856

23.808
23.797
23.793
23.790
23.796

20.939
20.947
20.913
20.890
20.896

279.57
279.81
279.30
278.89
279.10

.2779
.2779
.2779
.2779
.2779

8.006
8.006
8.006
8.006
8.006

1951.
1952.
1953.
1954.
1955.
1956.

Netherlands
(guilder)

New
Zealand
(pound)

Norway
(krone)

Philippine
Republic
(peso)

Portugal
(escudo)

South
Africa
(pound)

Sweden
(krona)

Switzerland
(franc)

United
Kingdom
(pound)

1951
1952
1953
1954
1955
1956

26.264
26.315
26.340
26.381
26.230
26.113

277.19
276.49
278.48
278.09
276.36
276.80

14.015
14.015
14.015
14.008
14.008
14.008

49.639
49.675
49.676
49.677
49.677
49.676

3.4739
3.4853
3.4887
3.4900
3.4900
3.4900

278.33
278.20
280.21
279.82
278.09
278.52

19.327
19.326
19.323
19.333
19.333
19.333

23.060
23.148
23.316
23.322
23.331
23.334

279.96
279.26
281.27
280.87
279.13
279.57

1956—May.
June.
July.
Aug.
Sept.
Oct..
Nov.
Dec.

26.110
26.106
26.106
26.111
26.110
26.124
26.105
26.101

277.98
277.44
276.57
275.55
275.55
275.70
275.49
275.75

14.008
14.008
14.008
14.008
14.008
14.008
14.008
14.008

49.677
49.677
49.677
49.677
49.677
49.677
49.677
49.674

3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900

279.71
279.17
278.29
277.27
277.26
277.42
277.21
277.46

19.333
19.333
19.333
19.333
19.333
19.333
19.333
19.333

23.332
23.334
23.335
23.335
23.335
23.331
23.335
23.335

280.76
280.22
279.33
278.31
278.30
278.46
278.25
278.50

1957—Jan..
Feb..
Mar.
Apr.,
May,

26.106
26.111
26.119
26.137
26.134

276.80
277.04
276.54
276.12
276.33

14.008
14.008
14.008
14.008
14.008

49.677
49.687
49.695
49.695
49.695

3.4900
3.4900
3.4900
3.4900
3.4900

278.53
278.76
278.26
277.84
278.05

19.333
19.333
19.333
19.333
19.333

23.329
23.308
23.318
23.329
23.335

279.57
279.81
279.30
278.89
279.10

Year or month

1 Annual averages based on quotations through Oct. 27, 1955.
2 Official rate. The basic and preferential rates were discontinued and
the new official rate of 18 pesos per U. S. dollar became effective Oct.
28, 1955.




3 New free market rate became effective Oct. 28, 1955.
Based on quotations beginning Nov. 26, 1956.

4

Federal Reserve Board Publications
Unless otherwise noted, the material listed may be obtained from the Division of Administrative Services,
Board of Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated,
remittance should be made payable to the order of the Board of Governors of the Federal Reserve System.
THE FEDERAL RESERVE SYSTEM—PURPOSES AND
FUNCTIONS. April 1957. 208 pages.

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.
$1.00.

ANNUAL REPORT OF THE BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM.

FLOW OF FUNDS IN THE UNITED STATES, 1939-53.

Monthly. Subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia,
Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras,
Mexico, Nicaragua, Panama, Paraguay, Peru,
El Salvador, Uruguay, and Venezuela is $6.00
per annum or 60 cents per copy; elsewhere
$7.00 per annum or 70 cents per copy. Group
subscriptions in the United States for 10 or
more copies to one address, 50 cents per copy
per month, or $5.00 for 12 months.

FEDERAL RESERVE BULLETIN.

A new accounting record designed to picture
the flow of funds through the major sectors of
the national economy. December 1955. 390
pages. $2.75.
THE DEVELOPMENT OF BANK DEBITS AND CLEARINGS AND THEIR USE IN ECONOMIC ANALYSIS.

January 1952. 175 pages. 25 cents per copy;
in quantities of 10 or more copies for single
shipment, 15 cents each.
A STATISTICAL STUDY OF REGULATION V LOANS.

September 1950. 74 pages. 25 cents per copy;
in quantities of 10 or more copies for single
shipment, 15 cents each.

FEDERAL RESERVE CHART BOOK ON FINANCIAL
AND BUSINESS STATISTICS. Monthly. Annual

subscription includes one issue of Historical
Supplement. Subscription price in the United
States and the countries listed above is $6.00
per annum, 60 cents per copy, or 50 cents each
in quantities of 10 or more of a particular
issue for single shipment; elsewhere $7.00 per
annum or 70 cents each.

BANKING AND MONETARY STATISTICS. Statistics of

banking, monetary, and other financial developments. November 1943. 979 pages. $1.50.
RULES OF ORGANIZATION AND RULES OF PROCE-

DURE—Board of Governors of the Federal Reserve System. 1946. 31 pages.

HISTORICAL SUPPLEMENT TO FEDERAL RESERVE

CHART BOOK. Issued annually in September. An-

REGULATIONS OF THE BOARD OF GOVERNORS OF
THE FEDERAL RESERVE SYSTEM.

nual subscription to monthly chart book includes one issue of Supplement. In the United
States and countries listed above under Federal
Reserve Bulletin, single copies 60 cents each or
in quantities of 10 or more for single shipment
50 cents each; elsewhere 70 cents each.

ADMINISTRATIVE INTERPRETATIONS OF REGULATION F—SECTION 17—COMMON TRUST FUNDS.

9 pages.

CONSUMER INSTALMENT CREDIT—Six books (Parts I-IV) giving the results of an intensive study

of consumer instalment credit, undertaken by the Board on request of the Council of Economic Advisers by direction of the President, are being distributed through the Superintendent of Documents.
The separate books are available at the following prices:
Part
Part
Part
Part

I—Growth and Import, Volume 1, $1.25; Volume 2, $1.00
II—Conference on Regulation, Volume 1, $1.75; Volume 2, $.60
III—Views on Regulation, $1.00
IV—Financing New Car Purchases, $.60

Requests for these six books should be directed to the Superintendent of Documents, Government
Printing Office, Washington 25, D. C.




739

740

FEDERAL RESERVE BULLETIN • JUNE 1957
PERIODIC RELEASES

DEPARTMENT STORE CREDIT

WEEKLY

DEPARTMENT STORE MERCHANDISING DATA

CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS
BY INDUSTRY

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS

CHANGES IN STATE BANK MEMBERSHIP

FEDERAL RESERVE PAR LIST

CONDITION OF WEEKLY REPORTING
BANKS IN CENTRAL RESERVE CITIES

MEMBER

CONDITION OF WEEKLY REPORTING
BANKS IN LEADING CITIES

(Also annual list.
Both available at Federal Reserve Banks only)

MEMBER

INTERDISTRICT SETTLEMENT FUND

WEEKLY AVERAGES OF MEMBER BANK RESERVES,
RESERVE BANK CREDIT, AND RELATED ITEMS
AND STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS
WEEKLY DEPARTMENT STORE SALES
WEEKLY DEPARTMENT STORE SALES—SELECTED
CITIES AND AREAS
WEEKLY FOREIGN EXCHANGE RATES
WEEKLY REVIEW OF PERIODICALS

(Available only

for domestic distribution)
WEEKLY U. S. GOVERNMENT SECURITY YIELDS
AND PRICES

SEMIMONTHLY

INDEX NUMBERS OF WHOLESALE PRICES
MONTHLY DEPARTMENT STORE SALES
MONTHLY DEPARTMENT STORE
STOCKS, BY DEPARTMENTS

SALES

AND

MONTHLY DEPARTMENT STORE STOCKS
MONTHLY FOREIGN EXCHANGE RATES
NATIONAL SUMMARY OF BUSINESS CONDITIONS
OPEN-MARKET MONEY RATES AND BOND PRICES
RETAIL FURNITURE REPORT
SALES FINANCE COMPANIES
STATE MEMBER BANKS OF THE FEDERAL RESERVE
SYSTEM AND NONMEMBER BANKS THAT MAINTAIN CLEARING ACCOUNTS WITH FEDERAL RE-

SERVE BANKS (Also annual list)

DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS

U. S. GOVERNMENT SECURITY YIELDS AND PRICES

SELECTED LIST OF ADDITIONS TO THE RESEARCH
LIBRARY

SEMIANNUAL-QUARTERLY

MONTHLY
ASSETS AND LIABILITIES OF ALL BANKS IN THE
UNITED STATES (Including Consolidated State-

ment for Banks and the Monetary System)
ASSETS AND LIABILITIES OF ALL MEMBER BANKS,
BY DISTRICTS
BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS
BUSINESS INDEXES

(Short- and IntermediateTerm and Consumer Instalment Credit Extended and Repaid)

CONSUMER

CREDIT

ALL BANKS IN THE UNITED STATES AND POSSESSIONS—PRINCIPAL ASSETS AND LIABILITIES
BANK RATES ON SHORT-TERM BUSINESS LOANS
MEMBER BANK CALL REPORT
MEMBER BANK EARNINGS
MEMBER BANK LOANS
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS

ANNUAL
BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS
DEPARTMENT STORE TRADE

CONSUMER INSTALMENT CREDIT AT COMMERCIAL
BANKS

BIENNIAL

CONSUMER LOANS MADE UNDER EFFECTIVE STATE
SMALL LOAN LAWS

DISTRIBUTION OF BANK DEPOSITS BY COUNTIES
AND STANDARD METROPOLITAN AREAS




741

FEDERAL RESERVE BOARD PUBLICATIONS
REPRINTS
(From Federal Reserve Bulletin unless preceded by
an asterisk)
THE HISTORY OF RESERVE REQUIREMENTS FOR
BANKS IN THE UNITED STATES.
November

1938.

20 pages.

HISTORICAL REVIEW OF OBJECTIVES OF FEDERAL
RESERVE POLICY. April 1940. 11 pages.

REVISED INDEXES OF DEPARTMENT STORE SALES
AND STOCKS. December 1951. 53 pages.
REVISED WEEKLY INDEX OF DEPARTMENT STORE
SALES. April 1952. 4 pages.
REAL ESTATE LOANS OF REGISTRANTS UNDER
REGULATION X. June 1952. 18 pages.
REVISED SERIES ON DEPARTMENT STORE SALES,
STOCKS, AND ORDERS. October 1952. 5 pages.

MEASUREMENT OF PRODUCTION. September 1940.

16 pages.
FEDERAL RESERVE BANK LENDING POWER NOT
DEPENDENT ON MEMBER BANK RESERVE BAL-

ANCES. February 1941. 2 pages.
ADJUSTMENT FOR SEASONAL VARIATION.

THE MONETARY SYSTEM OF THE UNITED STATES.

February 1953. 16 pages.
Descrip-

tion of method used by Board in adjusting
economic data for seasonal variation. June
1941. 11 pages.
ESTIMATES OF GROSS NATIONAL PRODUCT, 1919-

28. September 1945. 2 pages.
VALUES AND LIMITATIONS OF CONSUMER FINANCIAL SURVEYS FOR ECONOMIC RESEARCH. March

1947.

RECENT CENTRAL BANKING DEVELOPMENTS IN
SOUTHEAST ASIA. December 1952. 9 pages.

9 pages.

INFLUENCE OF CREDIT AND MONETARY MEASURES
ON ECONOMIC STABILITY. March 1953. 16

pages.
FEDERAL FINANCIAL MEASURES FOR ECONOMIC

STABILITY.

May 1953. 7 pages.

^DETAILED DESCRIPTION OF SOURCES AND METHODS USED IN REVISION OF SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT STATISTICS.

April 1953. 25 pages.

BANKING ASSETS AND THE MONEY SUPPLY SINCE

1929.

January 1948. 9 pages.

FEDERAL RESERVE BANK RESPONSIBILITIES.

SALES FINANCE COMPANY OPERATIONS IN 1947.

July 1948. 6 pages.
THE PHILIPPINE CENTRAL BANK ACT and Text of

the Act. In part a reprint from the August
1948 BULLETIN. 36 pages.
NEW STATISTICS OF INTEREST RATES ON BUSINESS
LOANS. March 1949. 10 pages.
NOTES ON FOREIGN CURRENCY ADJUSTMENTS.

Novem-

ber 1950. 9 pages.
*THE TREASURY—CENTRAL BANK RELATIONSHIP
IN FOREIGN COUNTRIES—PROCEDURES AND
TECHNIQUES. November 1950. April 1951.

19 pages.
HOUSE PURCHASES IN THE FIVE MONTHS FOLLOWING THE INTRODUCTION OF REAL ESTATE CREDIT
REGULATION. July 1951. 23 pages.




May

5 pages.

UNITED STATES POSTWAR INVESTMENT IN LATIN
AMERICA. May 1953. 6 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

1953.

November 1949. 14 pages.
MEASUREMENT OF CONSUMER CREDIT.

1953.

96 pages.

EXTENSIONS AND REPAYMENTS OF CONSUMER INSTALMENT CREDIT. January 1954. 14 pages.
NEW INDEXES OF OUTPUT OF CONSUMER DURABLE GOODS. May 1954. 15 pages.
THE PRIVATE DEMAND FOR GOLD, 1931-53.

Sep-

tember 1954. 10 pages.
USE

OF MONETARY INSTRUMENTS SINCE MID-

1952.

December 1954. 8 pages.

742

FEDERAL RESERVE BULLETIN • JUNE 1957

DIRECTLY PLACED FINANCE

COMPANY

PAPER.

December 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.
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.

1951-55.
June 1956. 9 pages. (Also, similar reprint
from June 1955 BULLETIN.)

FINANCING OF LARGE CORPORATIONS,

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.

(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.)
BANK CREDIT AND MONEY IN 1956.

1957.

February

8 pages.

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.)

July 1956. 7 pages.
(Also, similar reprint from February 1956

BANK CREDIT AND MONEY.

WORLD TRADE AND PAYMENTS IN 1955-56.

tober 1956.

SUMMARY FLOW-OF-FUNDS ACCOUNTS 1950-55.

April 1957. 20 pages.

BULLETIN.)

Oc-

REVISION OF CONSUMER CREDIT STATISTICS.

SURVEY

OF FINANCE

April 1957.

8 pages.
Oc-

tober 1956. 24 pages. (Also, similar reprint
from April 1953 BULLETIN.)

COMPANIES,

OWNERSHIP OF DEMAND DEPOSITS.

tober 1956.




15 pages.

Oc-

May 1957.

6 pages.
June 1957.
(Also, similar reprint from August

SURVEY OF COMMON TRUST FUNDS.
INDEX OF ELECTRICITY AND GAS OUTPUT.

MID-1955.

17 pages.

6 pages.

1956 BULLETIN.)

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

J. E. HORBETT, Associate

Secretary

KENNETH A. KEN YON, Assistant
CLARKE L. FAUVER, Assistant

Director

GERALD M. CONKLING, Assistant

Secretary

JOHN R. FARRELL, Assistant

Secretary

Director

Director

DIVISION OF EXAMINATIONS
LEGAL DIVISION

GEORGE S. SLOAN, Director

HOWARD H. HACKLEY, General Counsel

ROBERT C. MASTERS, Associate

FREDERIC SOLOMON, Assistant General Counsel
DAVID B. HEXTER, Assistant General Counsel
G. HOWLAND CHASE, Assistant General Counsel
JEROME W. SHAY, Assistant General Counsel

C. C. HOSTRUP, Assistant

Director

Director

FRED A. NELSON, Assistant

Director

ARTHUR H. LANG, Chief Federal Reserve
Examiner
GLENN M. GOODMAN, Assistant

THOMAS J. O'CONNELL, Assistant General

HENRY BENNER, Assistant

Counsel

Director

Director

DIVISION OF PERSONNEL ADMINISTRATION
DIVISION OF RESEARCH AND STATISTICS
EDWIN J. JOHNSON,
RALPH A. YOUNG,

Director

H. FRANKLIN SPRECHER, JR., Assistant

Director

FRANK R. GARFIELD, Adviser

DIVISION OF ADMINISTRATIVE SERVICES

GUY E. NOYES, Adviser
ROLAND I. ROBINSON, Adviser

LISTON P. BETHEA,

KENNETH B. WILLIAMS, Assistant

JOSEPH E. KELLEHER, Assistant

SUSAN S. BURR, Assistant
ALBERT R. KOCH, Assistant

Director

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

743

Controller

744

FEDERAL RESERVE BULLETIN • JUNE 1957

Federal Open Market Committee
WM. MCC. MARTIN, JR., Chairman

ALFRED HAYES, Vice Chairman
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR
ALFRED H. WILLIAMS

H. G. LEEDY
A. L. MILLS, JR.
J L. ROBERTSON
.
CHAS. N. SHEPARDSON

CARL E. ALLEN
C. CANBY BALDERSTON
M A L C O L M BRYAN

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

G. ROUSE, Manager of System Open
Market Account

ROBERT

Federal Advisory Council
LLOYD D. BRACE, BOSTON
ADRIAN M. MASSIE, 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
Oliver B. Ellsworth
William D. Ireland
Frederick S. Blackall, jr.
Milton P. Higgins
Harry E. Umphrey
Harold I. Chandler
Harvey P. Hood
J. A. Erickson, President
D. H. Angney
Ansgar R. Berge

E. O. Latham, First Vice President
Vice Presidents
Dana D. Sawyer
O. A. Schlaikjer

District 2—FEDERAL RESERVE BANK OF NEW YORK
BOARD OF DIRECTORS
John E. Bierwirth, Chairman and Federal Reserve Agent
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

745

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

I. B. Smith, in charge
of Buffalo Branch
T. G. Tiebout
V. Willis
R. B. Wiltse

BUFFALO BRANCH—BOARD OF DIRECTORS
Raymond E. Olson
Ralph F. Peo

John W. Remington
Clayton G. White,
Chairman

District 3—FEDERAL RESERVE BANK OF PHILADELPHIA
BOARD OF DIRECTORS
William J. Meinel, Chairman and Federal Reserve Agent
Henderson Supplee, Jr., Deputy Chairman
W. Elbridge Brown
Lester V. Chandler

Bayard L. England
Lindley S. Hurff
Charles E. Oakes

Alfred H. Williams, President

R. Russell Pippin
Geoffrey S. Smith

W. J. Davis, First Vice President

Vice Presidents
E. C. Hill
Wm. G. McCreedy

Karl R. Bopp
Robert N. Hilkert

P. M. Poorman
J. V. Vergari

District 4—FEDERAL RESERVE BANK OF CLEVELAND
BOARD OF DIRECTORS
Arthur B. Van Buskirk, Chairman and Federal Reserve Agent
John A. Byerly
Joseph B. Hall
King E. Fauver
Charles Z. Hardwick
Edison Hobstetter
W. D. Fulton, President
Dwight L. Allen
Roger R. Clouse
C. Harrell
L. Merle Hostetler
Roger Drackett
Bernard H. Geyer

Frank C. Iryine
John H. Lucas
Douglas M. Moorhead




Joseph H. Thompson, Deputy Chairman
George P. MacNichol, Jr.
Frank J. Welch

Donald S. Thompson, First Vice President
Vice Presidents
R. G. Johnson, in charge of
Cincinnati Branch
J. W. Kossin, in charge of
Pittsburgh Branch

CINCINNATI BRANCH—BOARD OF DIRECTORS
Anthony Haswell, Chairman
W. Bay Irvine
Ivan Jett
PITTSBURGH BRANCH—BOARD OF DIRECTORS
Ben Moreell
Sumner E. Nichols

A. H. Laning
Martin Morrison
H. E. J. Smith
Paul C. Stetzelberger
Franklin A. McCracken
William A. Mitchell

John C. Warner,
Chairman
Irving W. Wilson

746

FEDERAL RESERVE BULLETIN • JUNE 1957
District 5—FEDERAL RESERVE BANK OF RICHMOND
BOARD OF DIRECTORS

John B. Woodward, Jr., Chairman and Federal Reserve Agent Alonzo G. Decker, Jr., Deputy
Daniel W. Bell
D. W. Colvard

Robert Gage
Joseph E. Healy
L. Vinton Hershey
Hugh Leach, President

Robert O. Huffman
W. A. L. Sibley

Edw. A. Wayne, First Vice President
Vice

Presidents

D. F. Hagner, in charge of
Baltimore Branch
Aubrey N. Heflin
Upton S. Martin

N. L. Armistead
R. L. Cherry, in charge of
Charlotte Branch
J. Dewey Daane

Chairman

J. M. Nowlan
James M. Slay
Thomas I. Storrs
C. B. Strathy

BALTIMORE BRANCH—BOARD OF DIRECTORS
Gordon M. Cairns
Wm. Purnell Hall, Chairman

Stanley B. Trott
Clarence R. Zarfoss

James W. McElroy
Charles A. Piper
John W. Stout

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
Roland L. Adams
W. C. Bowman

Harllee Branch, Jr., Deputy

William C. Carter
Henry G. Chalkley, Jr.
Donald Comer

Malcolm Bryan, President

Chairman

Joseph T. Lykes
Pollard Turman

Lewis M. Clark, First Vice President
Vice Presidents

V. K. Bowman
J. E. Denmark
H. C. Frazer, in charge of
Birmingham Branch
T. A. Lanford, in charge of
Jacksonville Branch

John L. Liles, Jr.
R. E. Moody, Jr., in charge
of Nashville Branch
Harold T. Patterson

L. B. Raisty
Earle L. Rauber
S. P. Schuessler
M. L. Shaw, in charge
of New Orleans
Branch

BIRMINGHAM BRANCH—BOARD OF DIRECTORS
Edwin C. Bottcher, Chairman
Robert M. Cleckler

John R. Downing
E. W. McLeod
Malcolm A. Smith

John E. Urquhart
Adolph Weil, Sr.

JACKSONVILLE BRANCH—BOARD OF DIRECTORS
Linton E. Allen
W. E. Ellis




James G. Garner
James L. Niblack
J. Wayne Reitz, Chairman

Harry M. Smith
McGregor Smith

747

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
William A. Hanley
Nugent R. Oberwortmann
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
Geo. E. Kroner
of Memphis Branch
Dale M. Lewis
Donald L. Henry, in charge
H. H. Weigel
of Louisville Branch
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

748

FEDERAL RESERVE BULLETIN • JUNE 1957
District 8—FEDERAL RESERVE BANK OF ST. LOUIS-Continued

LOUISVILLE BRANCH—BOARD OF DIRECTORS
David F. Cocks, Chairman
Magnus J. Kreisle
Philip Davidson
W. Scott Mclntosh
M. C. Minor
MEMPHIS BRANCH—BOARD OF DIRECTORS
A. E. Hohenberg, Chairman
John A. McCall
William B. Pollard

Henry Banks
J. H. Harris

J. D. Monin, Jr.
Merle E. Robertson

John D. Williams
John K. Wilson

District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS
BOARD OF DIRECTORS
Leslie N. Perrin, Chairman and Federal Reserve Agent
John E. Corette
Thomas G. Harrison
F. Albee Flodin
Ray C. Lange
Harold C. Refling

O. 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
M. B. Holmgren
H. G. MeConnell
of Helena Branch
A. W. Johnson
M. H. Strothman, Jr.
C. W. Groth
Sigurd Ueland
A. W. Heidel
J. Willard Johnson

HELENA BRANCH—BOARD OF DIRECTORS
Geo. N. Lund

Carl McFarland,
Chairman
George R. Milbura

District 10—FEDERAL RESERVE BANK OF KANSAS CITY
BOARD OF DIRECTORS
Raymond W. Hall, Chairman and Federal Reserve Agent
K. S. Adams
E. M. Dodds
W. L. Bunten
W. S. Kennedy
Harold Kountze
H. G. Leedy, President
John T. Boysen
P. A. Debus, in charge
of Omaha Branch

Merriam B. Berger
Arthur Johnson

Joe W. Seacrest, Deputy Chairman
Max A. Miller
Oliver S. Willham

Henry O. Koppang, First Vice President
Vice Presidents
R. L. Mathes, in charge
Clarence W. Tow
of Oklahoma City Branch
E. D. Vanderhoof
Cecil Puckett, in charge
D. W. Woolley
of Denver Branch

DENVER BRANCH—BOARD OF DIRECTORS
Ralph S. Newcomer

OKLAHOMA CITY BRANCH—BOARD OF DIRECTORS
Davis D. Bovaird, Chairman
Phil H. Lowery
George R. Gear




Aksel Nielsen, Chairman
Ray Reynolds
R. Otis McClintock
C. L. Priddy

749

FEDERAL RESERVE BANKS AND BRANCHES
District 10—FEDERAL RESERVE BANK OF KANSAS CITY-Continued
C. Wheaton Battey

George J. Forbes

OMAHA BRANCH—BOARD OF DIRECTORS
Manville Kendrick
William N. Mitten

James L. Paxton, Jr.
Chairman

District 11—FEDERAL RESERVE BANK OF DALLAS
BOARD OF DIRECTORS
Robert J. Smith, Chairman and Federal Reserve Agent
John R. Alford
John M. Griffith
Henry P. Drought
D. A. Hulcy
J. Edd McLaughlin

Hal Bogle, Deputy Chairman
J. B. Thomas
Sam D. Young

W. D. Gentry, First Vice President
Vice Presidents
T. W. Plant
W. E. Eagle, in charge of
L. G. Pondrom
San Antonio Branch
Morgan H. Rice
W. H. Holloway
Harry A. Shuford

Watrous H. Irons, President
E. B. Austin
Howard Carrithers, in charge
of El Paso Branch
J. L. Cook, in charge of
Houston Branch

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 I. Welk
John A. Schoonover
H. N. Mangels, President
E. R. Barglebaugh, in charge of
Salt Lake City Branch
J. M. Leisner, in charge of
Seattle Branch

E. R. Millard




Eliot J. Swan, First Vice President
Vice Presidents
H. F. Slade
R. H. Morrill
W. F. Volberg,
John A. O'Kane
in charge of
J. A. Randall, in charge of
Los Angeles Branch
Portland Branch
O. P. Wheeler

750

FEDERAL RESERVE BULLETIN • JUNE 1957

District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO-Continued
LOS ANGELES BRANCH—BOARD OF DIRECTORS
Anderson Borthwick
Edward W. Carter, Chairman

Leonard K. Firestone

Joe D. Paxton
James E. Shelton

PORTLAND BRANCH—BOARD OF DIRECTORS
Warren W. Braley, Chairman
h 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, Chairnu
Geo. W. Watkins

SEATTLE BRANCH—BOARD OF DIRECTORS
James Brennan
Lyman J. Bunting




Charles F. Frankland

S. B. Lafromboise
D. K. MacDonald, Chairnu

Index to Statistical Tables
Acceptances, bankers', 674, 675
Agriculture loans of commercial banks, 670, 672
Agriculture, Govt. agency loans, 678, 679
Assets and liabilities (See also Foreign liabilities and
claims reported by banks):
Banks and the monetary system, consolidated, 666
Corporate, current, 686
Domestic banks, by classes, 667, 670, 672
Federal business-type activities, by fund or
activity, 678, 679
Federal Reserve Banks, 661, 662
Foreign central banks, 732
Automobiles:
Consumer instalment credit, 690, 691, 692
Production index, 696, 700
Bankers' balances, 671, 673
(See also Foreign liabilities and claims reported by
banks)
Banks and the monetary system, consolidated statement, 666
Bonds (See also U. S. Govt. securities):
New issues, 684, 686
Prices and yields, 675, 676
Brokers and dealers in securities, bank
loans to, 670, 672
Business expenditures on new plant and equipment, 686
Business indexes, 694
Business loans (See Commercial and industrial loans)
Capital accounts:
Banks, by classes, 667, 671, 673
Federal Reserve Banks, 661, 662
Carloadings, 694
Central banks, foreign, 730, 732, 737
Coins, circulation of, 665
Commercial banks:
Assets and liabilities, 667, 670
Consumer loans held, by type, 691
Number, by classes, 667
Real estate mortgages held, by type, 687
Commercial and industrial loans:
Commercial banks, 670
Weekly reporting member banks, 672, 674
Commercial paper, 674, 675
Commodity Credit Corporation, loans, etc., 678, 679
Condition statements (See Assets and liabilities)
Construction, 694, 700, 701
Consumer credit:
Instalment credit, 690, 691, 692, 693
Major parts, 690, 692
Noninstalment credit, by holder, 691
Consumer durable goods output indexes, 700
Consumer price indexes, 694, 706
Consumption expenditures, 708, 709
Corporate sales, profits, taxes, and dividends, 685, 686
Corporate security issues, 684, 686
Corporate security prices and yields, 675, 676
Cost of living (See Consumer price indexes)
Currency in circulation, 657, 665
Customer credit, stock market, 676

Department stores:
Merchandising data, 705
Sales and stocks, 694, 704
Deposits (See also specific types of deposits):
Adjusted, and currency, 666
Banks, by classes, 667, 671, 673
Federal Reserve Banks, 661, 662, 728
Postal savings, 666
Turnover of, 664
Deposits, reserves, and borrowings, by class of member bank, 659
Discount rates, 660, 737
Discounts and advances by Federal Reserve
Banks, 657, 661
Dividends, corporate, 685, 686
Dollar assets, foreign, 728, 729
Dwelling units started, 701
Earnings and expenses:
Insured commercial banks, 719
Member banks, 710
Earnings and hours, manufacturing industries, 694, 703
Employment, 694, 703
Export-Import Bank, loans, etc., 678, 679
Farm mortgage loans, 678, 687, 688
Federal business-type activities, assets and liabilities,
by fund or activity, 678, 679
Federal Deposit Insurance Corporation,
assets, etc., 678, 679
Federal finance:
Cash transactions, 680
Receipts and expenditures, 681
Treasurer's balance, 680
Federal home loan banks, loans, etc., 678, 679, 689
Federal Housing Administration, loans, etc., 678, 679,
687, 688, 689
Federal National Mortgage Association,
loans, etc., 678, 679, 689
Federal Reserve Banks:
Condition statement, 661, 662
U. S. Govt. securities held by, 657, 661, 662,
682, 683
Federal Reserve credit, 657, 661, 662
Federal Reserve notes, 661, 662, 663, 665
Finance company paper, 674, 675
Foreign central banks, 730, 732, 737
Foreign deposits in U. S. Banks, 657, 661, 662, 666,
671, 673
Foreign exchange rates, 738
Foreign liabilities and cliams reported by
banks, 724, 726, 728
Foreign trade, 705
Gold
Earmarked, 729
Net purchases by U. S., 729
Production, 728, 729
Reserves of central banks and governments, 730
Reserves of foreign countries and international
institutions, 731
Stock, 657, 666, 729
Gold certificates, 661, 662, 663, 665
Govt. debt (See U .S. Govt. securities)
Gross national product, 708, 709

Debits to deposit accounts, 664
Demands deposits:
Adjusted, banks and the monetary system, 666
Adjusted, commercial banks, by classes, 671
Banks, by classes, 667, 673
Type of holder, at commercial banks, 671




Home owners, Govt. agency loans, 678, 679
Hours and earnings, manufacturing industries, 694, 703

751

752
Industrial advances by Federal Reserve Banks, 661
662, 663, 664
Industrial production indexes, 694, 695, 700
Instalment loans, 690, 691, 692, 693
Insurance companies, 677, 682, 683, 688
Insured commercial banks, 669, 670, 719
Interbank deposits, 667, 671, 673
Interest rates:
Bond yields, 675
Business loans by banks, 675
Federal Reserve rates, 660, 664
Foreign countries, 737
Open market, 675, 737
Regulation V loans, 664
Stock yields, 675
International capital transactions of the U. S., 724
International financial institutions, 730, 731, 732
Inventories, 709
Investments {See also specific types of investments):
Banks, by classes, 667, 670, 672
Federal Reserve Banks, 661, 662
Govt. agencies, etc., 678, 679
Life insurance companies, 677
Savings and loan associations, 677
Labor force, 702
Loans {See also specific types of loans):
Banks, by classes, 667, 670, 672
Federal Reserve Banks, 657, 659, 661, 662,
663, 664
Govt. agencies, etc., 678, 679
Insurance companies, 677, 688
Sayings and loan associations, 677, 688
Loans insured or guaranteed, 663, 687, 688, 689
Manufacturers, production indexes, 694, 695, 700
Margin requirements, 660
Member banks:
Assets and liabilities, by classes, 667, 670
Borrowings at Federal Reserve Banks, 657, 659
Deposits and reserves, by classes, 659
Earnings and expenses, 710
Number, by classes, 667
Operating ratios, 720
Reserve requirements, by classes, 660
Reserves and related items, 657
Weekly reporting series, 672
Minerals, production indexes, 694, 695
Money rates {See Interest rates)
Mortgages {See Real estate loans)
Mutual savings banks, 666, 667, 669, 682,
683, 687
National banks, 669, 710
National income, 708
National security expenditures, 681, 709
Nonmember banks, 661, 669, 670, 719
Operating ratios, member banks, 720
Payrolls, manufacturing, index, 694
Personal income, 709
Postal Savings System, 666
Prices:
Consumer, 694, 706
Security, 676
Wholesale commodity, 694, 706
Production, 694, 695, 699, 700
Profits, corporate, 685, 686




FEDERAL RESERVE BULLETIN • JUNE 1957
Real estate loans:
Commercial banks, 670, 672, 687
Type of mortgage holder, 687, 688, 689
Type of property mortgaged, 687, 688, 689
Regulatioin V, loan guarantees, 663, 664
Reserve requirements, member banks, 660
Reserves:
Commercial banks, 671
Federal Reserve Banks, 661, 662
Foreign central banks and governments, 730
Foreign countries and international institutions, 731
Member banks, 657, 659, 661, 662, 671, 673
Residential mortgage loans, 687, 688, 689
Sales finance companies, consumer loans of, 690,
691, 693
Savings, 708
Savings deposits {See Time deposits)
Savings institutions, principal assets, 677
Savings and loan associations, 677, 688
Securities, international transactions, 727, 728
Security issues, 684, 686
Silver coin and silver certificates, 665
State member banks, 669, 710
State and municipal securities:
New issues, 684
Prices and yields, 675, 676
States and political subdivisions:
Deposits of, 671, 673
Holdings of U. S. Govt. securities, 682
Ownership of obligations of, 670, 677
Stock market credit, 676
Stocks:
New issues, 684
Prices and yields, 675, 676
Tax receipts, Federal, 681
Time deposits, 659, 666, 667, 671, 673
Treasurer's account balance, 680
Treasury cash, 657, 666
Treasury currency, 657, 665, 666
Treasury deposits, 657, 661, 662, 680
Unemployment, 702
U. S. Govt. balances:
Commercial bank holdings, by classes, 671, 673
Consolidated monetary statement, 666
Treasury deposits at Federal Reserve
Banks, 657, 661, 662, 680
U. S. Govt. securities:
Bank holdings, 666, 667, 670, 672, 682, 683
Federal Reserve Bank holdings, 657, 661, 662,
682, 683
Foreign and international holdings, 731
International transactions, 727
New issues, gross proceeds, 684
Oustanding, by type of security, 682, 683
Ownership of, 682, 683
Prices and yields, 675, 676
United States notes, outstanding and in circulation, 665
Utility output index, 699
Veterans Administration, loans, etc., 678, 679, 687,
688, 689
Yields {See Interest rates)

( THE FEDERAL RESERVE SYSTEM °)
p
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
® Federal Reserve Bank Cities

• Federal Reserve Branch Cities


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102