Full text of Federal Reserve Bulletin : June 1957
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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 Subscription Price of Bulletin A copy of the Federal Reserve Bulletin is sent to each member bank without charge. The 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. 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