Full text of Federal Reserve Bulletin : September 1956
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FEDERAL RESERVE
BULLETIN
September
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
Interest Rates during Economic Expansion
927
Credit Extended by Banks to Real Estate Mortgage Lenders
936
Current Events and Announcements
937
National Summary of Business Conditions
939
Financial and Business Statistics, U. S. (Contents on p. 941)
943
International Financial Statistics (Contents on p. 995)
996
Federal Reserve Board Publications
1011
Board of Governors and Staff
1013
Open Market Committee and Staff; Federal Advisory Council
1014
Federal Reserve Banks and Branches
1014
Index to Statistical Tables
1021
Map of Federal Reserve Districts
Volume 42
Inside back cover
Number 9
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Interest Rates during Economic Expansion
INTEREST RATES, after declining during
the mild recession in economic activity from
mid-1953 to the summer of 1954, began to
firm in the fall of 1954, and have since advanced persistently over the period of business recovery and expansion. The advance
gathered momentum during 1955, and in
1956 has carried most rates above their
1953 peaks.
Rising levels of demand for goods have
activated rising demands for credit and capital to finance their purchase, while savings
and other funds available to supply these enlarged demands have grown less rapidly.
Federal Reserve policy has limited additions
to bank reserves to amounts consistent with
the needs of orderly economic growth.
Short-term interest rates, which experienced the greatest declines under the reduced credit demands of the 1953-54 recession, showed the sharpest advances when
demand pressures subsequently strengthened, as the chart shows. Long-term rates
rose to some extent during 1955, but
moved up more sharply in 1956 when enlarged plant and equipment expenditure
programs increased business demands for
investment funds. Due to the slower pace
of long-term rate increases, spreads between
interest rates within the maturity structure
became the narrowest since the early 1930's.
Differences in amplitude of movement
are characteristic of short- and long-term
interest rates, for even small movements
in long-term rates represent relatively larger
price changes, and these in turn exert a significant value effect on security portfolios.
SELECTED INTEREST RATES
U.S. GOVT.
LONG-TERM
\
I
>
F R. DISCOUNT
""I
RATE
|
**\
2.0
J
/
/ * - • / TREASURY BILLS
V
4.0
/
V-^CORPORATE Aaa
^_s"^*~
3.0
2.0
COMMERCIAL
PAPER
1.0
1953
1954
1955
1956
NOTE.—Monthly averages.
See subscripts of subsequent
charts for details concerning series. Long-term U. S. Govt.
is the old series. Latest data are for August.
The stability of long-term rates relative to
short-term rates since mid-195 3 has also reflected the fact that demands for long-term
funds continued to rise during 1954 despite
the recession, whereas demand and supply
relationships in short-term markets changed
sharply in that period, as business loan demand declined and supply conditions eased.
The flexibility of interest rates in recent
years and the relationship between shortand long-term rates are more similar to interest rate behavior in this country prior to
the 1930's than in the intervening period,
927
928
FEDERAL RESERVE BULLETIN • SEPTEMBER 1956
LONG- AND SHORT-TERM INTEREST RATES
Per cent
*
\
/
II
V t
J
-"—V
PRIME COMMERCIAL PAPER »
1
4-6 MONTHS
/i
' \ ^'\1
1 s
V*
/
—^ >
^N
A
/ \
^ AA
\
*. *
v V
\
<- ^-^_—-^— /
'
HIGH-GRADE
RAILROAD BONDS
—
A
.
*
\
^
>
\
V
CORPORATE A a o
-
4
2
\
\
1880
1,,,
1690
!
1910
, , , 1,
1920
i
i
i
1 i
1930
1940
1950
1960
NOTE.—Annual averages. For 1880-1931, bond yields are the
Macauley unadjusted high-grade railroad series (National Bureau of Economic Research); beginning 1932, Moody's cor-
porate Aaa composite series.
January-August.
which was dominated by conditions arising
from a major depression and a world war.
This is shown by the accompanying chart.
It will be noted from the chart that the
ascending pattern of interest rates from
short- to long-term that was characteristic
of the past quarter of a century did not generally prevail in earlier periods. Prior to
the 1920's short-term rates, which were
mostly affected by domestic factors of strong
demand for and limited availability of lendable funds in these areas, were usually higher
than yields on high-grade bonds, which were
more largely affected by international capital market developments. Short-term rates
fluctuated more widely in response to
changes in general business conditions and
the state of the money market. During the
1920's, short-term rates were generally below long-term bond yields but rose above
them in periods of credit stringency.
important role of Government securities in
the portfolios of institutional investors and
the use of such securities to adjust money
and investment positions. Interest rates in
other securities markets have typically
moved with yields on Government securities, but with varying degrees of correspondence. The over-all similarity of rate movements for different types of short- and longterm debt is shown in the chart on page 927.
For loan instruments which involve an
important customer relationship as well as
variable contract terms such as repayments
on a prescheduled basis, the similarity of
rate movement has been less marked.
Among these, the rate on prime short-term
loans to business at leading city banks and
the yield on discounted Federal Housing
Administration mortgages have followed
changes in market rates with some lag.
Over the period of advance from August
1954 to September 1956, the yield on the
longest term United States Government
bonds rose from 2.61 to 3.25 per cent and
that on high-grade corporate bonds from
2.87 to 3.53 per cent. Gains in most bond
yields were only slightly greater than their
recession losses. In the same period the
PATTERN OF THE ADVANCE
Yields in the market for United States Government securities have been particularly
sensitive over the past two years to changes
in the supply of and demand for credit and
capital. This responsiveness reflects the
Data for 1956 are averages for
INTEREST RATES DURING ECONOMIC EXPANSION
yield on Treasury bills rose from around
1.00 to about 2.70 per cent, after having
increased nearly .40 of a percentage point
from mid-June through August 1954. Over
the full period of advance, the gain in the
bill yield exceeded its recession loss by about
.40 of a percentage point. The accompanying table compares interest rate advances in
the past two years with earlier recession declines for selected types of public and private
debt.
CHANGES IN INTEREST RATES
SELECTED PERIODS, 1953 TO 1956
[In per cent per annum]
Maturity grouping and
type of rate
Rate,
week
ending
September 8,
1956
Advance Decline
(-),
(+
August mid-1953
1954 to peak to
Septem- August
ber 1956 1954
Short-term
U. S. Treasury bills
Prime commercial paper..
Finance company paper..
Bankers' acceptances
Prime loans, leading banks.
F. R. discount (N. Y.)
2.68
3.50
3.13
2.88
4.00
3.00
+ 1.69
3.49
2.49
+ 1.75
+ 1.10
3.22
3.25
3.53
4.01
2.62
+
+2 .19
+ 1.88
+ 1.63
+ 1.00
+ 1.50
- 1 28
1.44
1.25
.63
.25
.50
Intermediate-term issues
U. S. Govt.,3-5yr
Aaa State Govt., 10 yr...
-1.35
- .90
Long-term bonds
U.S. Govt.:
Old series
New series
Aaa corporate
Baa corporate
Aaa State and local govt...
.73
-j- .64
_j_ .66
-\- .54
+
.72
.66
.70
.55
.42
.83
NOTE.—Changes in rates are based on figures for the following dates: for September 1956, on averages for the week ending
Sept. 8; for August 1954, on averages for the week ending Aug.
28, when most of the series shown (excluding Treasury bills and
3-5 year Govt. issues), were close to their 1954 lows; for mid1953 peaks—U. S. Govt. securities, week ending June 6; 10-year
State and Aaa corporate issues, week ending June 20; and Aaa
State and local and Baa corporate, week ending June 27. Rates
on commercial paper (4-6 mo.), directly placed finance company paper (3-6 mo.), bankers' acceptances (90 days), prime
loans (leading city banks), and F. R. discounts and advances
had already reached their 1953 highs by the week of June 6 and
are calculated from that date.
Figures for 10-year State govt. issues and for long-term corporate and State and local govt. bonds are based on data from
Moody's Investors Service. For description of U. S. Govt.
series, see subscript of chart on page 931.
929
FACTORS UNDERLYING RATE INCREASES
General advances in interest rates after late
1954 reflected a growth in total private
debt and equity financing that was larger in
1955 than in any previous year. Major
increases in financing occurred in the business and consumer sectors (including home
mortgage borrowing), and net new financing
in these sectors during 1955 totaled about
$37 billion, nearly double the increase in
1954. Net borrowing by governments—
Federal, State, and local—was smaller in
1955 than in 1954.
During 1956 business demands in both
capital and credit markets have risen substantially further. State and local government borrowing has been maintained, while
the increase in short- and intermediate-term
borrowing by consumers has leveled off.
Although funds borrowed for residential
construction needs have fallen somewhat,
total financing requirements for construction
activities have remained high. The Federal
Government retired debt over the fiscal year
ending June 1956.
Expansion in demands for long- and
short-term credit has not been accompanied
by a corresponding increase in the supply
of savings, which must be relied upon to
meet the bulk of credit demands. Likewise,
the ability of the commercial banking system
to expand its loans and investments has been
limited.
As economic conditions changed after
mid-1954, Federal Reserve credit policy
shifted, moving gradually, with some interim
relaxation, from a position of ease in 1954
to restraint of inflationary pressures in the
latter part of 1955 and in 1956. Reflecting
the impact of growing credit demands and
limitations on the amount of reserves supplied through Federal Reserve open market
operations, a growing number of member
930
FEDERAL RESERVE BULLETIN • SEPTEMBER 1956
banks turned to the discount facilities of the
Federal Reserve Banks for temporary borrowing of needed reserve funds. Temporary
borrowing by member banks, which totaled
only about $100 million in the fall of 1954,
has ranged between $600 million and $1
billion most of the time since mid-1955.
Reinforcing the restraint exerted by increased member bank borrowing and following advances in market rates of interest,
discount rates at Federal Reserve Banks
were raised from W2 per cent in early 1955
to a current rate of 3 per cent.
Faced with limitations on the supply of
reserves and generally maintaining their traditional reluctance to incur continuing indebtedness to the Reserve Banks, member
banks sold United States Government securities heavily in order to meet the sharply
expanded demand for loans. These sales
depressed prices, thereby increasing yields
to levels that attracted nonbank purchases.
Since the fall of 1955, the rise in interest
rates has been interrupted by several temporary declines, as may be seen in the charts.
These short-run fluctuations were more
prominent in yields on Government securities than in those on private debt. They
reflected various factors, including changes
in the emphasis with which open market
operations were utilized by the Federal Reserve System to effectuate its general policies
of restraint, as well as shifts in short- and
long-term credit demand, changes in the
supply-demand relationship of liquidity instruments such as Treasury bills, uncertainties in financial markets as to business trends,
and varying market expectations as to the
future course of interest rates.
U. S. GOVERNMENT SECURITIES
Since early 1951, yields on United States
Government securities have been more re-
sponsive than most other rates to changes
and expected changes in economic activity
and credit conditions. As the accompanying chart indicates, Treasury bill yields have
moved over a range of nearly 2V\ percentage points since mid-1954. The same general pattern of changes has been reflected
throughout the Government security market but with progressively smaller fluctuations the longer the maturity. Long-term
yields have advanced about % of a percentage point.
In late 1955 and 1956, rates on shortterm Government securities have been at
the highest levels, and spreads within the
total structure of Treasury yields at their
narrowest, since the early 1930's. The recent rapid advance in yields on long-term
Treasury bonds has carried issues due or
callable in 10 to 20 years to record highs.
The marked rise of short-term Treasury
yields from 1954 to 1956 and the resultant
narrowing of yield spreads are illustrated
by the lower section of the chart, which
shows the yield structure in 1954, near the
start of the advance, and for a recent date.
This provides a specific comparison of the
level and pattern of Treasury yields between
the two dates. Of particular interest is the
fact that the yield on 3-5 year maturities has
moved from a level considerably below to
one above the yield on long-term bonds, resulting in a bulge in the intermediate-term
maturity range of the yield pattern. Yields
on 3-5 year issues recently reached a level
close to 3.50 per cent.
The background of recent changes in
the level and structure of Treasury yields
was established during the period of interest
rate declines from June 1953 to the summer
of 1954. As credit demands from businesses
and consumers slowed during that period,
borrowing at banks by sales finance com-
INTEREST RATES DURING ECONOMIC EXPANSION
YIELDS ON U. S. GOVERNMENT SECURITIES
-
2 3 i i
3
6 7 6 S 10 11 12 13 U15 16 17 19 19 20 21 2223 24
Yeors to first call or maturity
NOTE.—Upper section—New series represents 3(4 per cent
bonds of 1978-83, May 1953-February 1955, and, beginning
February 1955, also the 3 per cent bonds of 1995; old series
represents taxable 2V4 per cent bonds due or callable after 12
years, January 1953-September 1955; thereafter, taxable bonds
due or callable in 10-20 years. Issues of 3-5 years are selected
notes and bonds. Treasury bills are market yields on 90-day
issues. Latest data are for week ending September 8.
Lower section—Curves are based on closing bid yields for
marketable, fully taxable Treasury issues, as compiled by the
Federal Reserve Bank of New York. Yields are to maturity,
except that callable bonds, which were selling above par on
Aug. 26, 1954, are to first call on that date.
panies and other businesses declined more
than $1 billion, and total loans at commercial banks rose less than $2 billion. Easing
of bank reserve positions, however, stimulated an expansion of investments in Government securities by nearly $9 billion, raising
total bank loans and investments by more
than $11 billion.
Banks lengthened the maturity of their
931
Government security holdings in this period,
both adding to portfolios of intermediateand long-term issues and reducing holdings
of short-term issues. This shift, which came
at a time of declining bank earnings, was
encouraged by the general improvement of
bank reserve and liquidity positions, and by
advancing Government security prices.
Bank acquisitions of longer term securities were also encouraged by a sizable increase in the supply of intermediate-term
Treasury issues arising from large new offerings in cash and refunding operations.
From June 1953 to August 1954 marketable Federal debt rose nearly $7 billion.
Within the debt structure the1 supply of marketable securities in the 1-10 year maturity
range rose more than $11 billion, while the
supply of issues maturing within one year
declined nearly $5 billion. Over the same
period commercial bank holdings of 1-10
year maturities increased about $10 billion,
and their holdings maturing within one year
declined more than $2 billion. Commercial
banks not only subscribed directly to new
Treasury issues but were also buyers of other
intermediate-term securities in the secondary market from nonbank investors.
Business loans of commercial banks began to expand rapidly in late 1954, and
from October 1954 through June 1956
total loans rose nearly $20 billion. With
Federal Reserve policy limiting increases in
bank reserves, total loans and investments
of commercial banks increased only $6 billion. The bulk of the huge loan expansion
was thus financed through bank sales of
Government securities. Bank holdings of
marketable Federal debt declined nearly
$13 billion from October 1954 through
June 1956, while the over-all supply of such
Federal debt was reduced only $3 billion.
932
FEDERAL RESERVE BULLETIN • SEPTEMBER 1956
Approximately $11.5 billion of the reduction in bank holdings of Government securities was issues maturing within one
year, most of which represented outright
sales. Despite an active demand from nonbank investors, these sales placed steady upward pressure on short-term market yields.
Bank liquidation of Treasury issues to finance loan expansion during 1955 tended
to spill over into intermediate maturities as
holdings of short-term issues were reduced.
Selling in this maturity range was initially
concentrated in Treasury notes, but as
credit demand continued, liquidation also
spread to Treasury bonds, particularly the
new issues in which bank purchases had been
heaviest during late 1953 and 1954. As
banks extended their liquidation to intermediate maturities, they encountered greater
market resistance, and yields were marked
up sharply.
PRIVATE SHORT-TERM RATES
Interest rates on private short-term open
market paper have moved in general correspondence with yields on short-term
United States Government securities during
1955 and 1956. Treasury yields have typically moved first, partly because short-term
Government securities are the major type
of security used by banks and other investors
to adjust money and liquidity positions, but
also because such yields are set by active
trading in a highly organized and sensitive
market.
As Treasury yields rose during 1955 and
1956, dealers and other sellers of private
paper had to distribute the supply of such
paper in competition with increasingly attractive yields on Federal debt. To keep
inventories moving, rates were adjusted upward. Within this pattern of advance, dealers' inventories of commercial paper and
bankers' acceptances accumulated periodically, as the flow of offerings from borrowers
expanded. At such times advances in rates
were accelerated. With new car sales in
1955 at record highs, the supply of directly
placed finance company paper was likewise
heavy.
Among the different types of private paper, rates on commercial paper led much
of the 1955 advance, followed by directly
placed finance company paper and bankers'
acceptances, in that order. Most changes
were Vs of a percentage point. During
1956 no particular lead-and-lag pattern has
been apparent among these rates; each type
has led some of the changes, and other types
have usually followed within a matter of
days. Changes this year have included temporary declines as well as further advances,
reflecting wider fluctuations in Treasury bill
yields.
Over the full period of advance, the rate
on 4-6 month prime commercial paper rose
nearly 2VA percentage points (about the
same as the increase on 90-day Treasury
bills from the June 1954 low). The rate
on 3-6 month finance company paper advanced 1% percentage points, and the rate
on 90-day bankers' acceptances \5/s percentage points. Early in September 1956
the rate on commercial paper was 3Vi per
cent, on finance company paper, 3Vs per
cent, and on bankers' acceptances, 2% per
cent; the yield on Treasury bills was about
234 per cent.
In 1955, when all short-term rates were
advancing steadily, the more rapid response
of Treasury bill yields had the effect of
narrowing spreads between bill yields and
private rates. During periods of temporary
decline in bill yields this year, spreads within
the complex of short-term rates widened.
Since 1954 the discount rate at the Fed-
933
INTEREST RATES DURING ECONOMIC EXPANSION
eral Reserve Bank of New York has been
raised six times by VA of a percentage point,
and discount rates at other Reserve Banks
have for the most part shown similar
changes. Although discount rate changes
since 1954 have typically followed advances
in other short-term rates, increases in the latter have partly reflected money market expectations that discount rate changes were
in prospect.
One of the most sensitive indicators of
day-to-day conditions in the money market
has been the rate on surplus member bank
reserve deposits at Federal Reserve Banks.
These deposits, known as Federal funds, are
traded on an immediately available basis to
make prompt and strictly temporary adjustments in bank reserve positions.
Since in recent years the yield on Treasury bills has at times diverged from other
money market rates under the impact of
dominant temporary demands from nonbank investors, the Federal funds rate has
frequently been a more accurate measure
of money market tightness than Treasury
bill yields. Under the easy money conditions of late 1954, the Federal funds rate
was typically below the Federal Reserve
discount rate; recently, as credit conditions
have tightened, the funds rate has been
mostly at the discount rate, its usual ceiling.
As is typical of loan contracts that involve an important customer relationship,
the rate charged by leading city banks on
prime loans to business lagged behind
changes in open market rates both in the
1953-54 decline and in the subsequent advance. The chart indicates the extent of
the lag. In evaluating the economic significance of the lag, it should be noted that
the interest rate is only one dimension of
bank lending. The general availability of
loan funds, the amount of credit available
SHORT-TERM INTEREST RATES
Per cant
1953
1954
1955
1956
NOTE.—Weekly average rates for prime bank loans to business at leading city banks; prime open market commercial
paper, 4-6 mo.; directly placed finance company paper, 3-6 mo.;
prime bankers' acceptances, 90 days; discount rate at F. R.
Bank of New York. Yields on Treasury bills are market yields
on 90-day issues. Latest data are for week ending Sept. 8.
on individual loans, and the classification
of loans as prime or other are all likely to
vary ahead of the interest rate itself.
BOND YIELDS
Over the past two years, markets for corporate and for State and local government
bonds have been subjected to generally continuing pressures. Although an increasing
proportion of corporate long-term borrowing has been effected through direct placement of security issues with institutional
lenders, the volume of public marketings has
been large during most of the period. State
and local government issues, which are usually marketed publicly, have been in somewhat smaller volume in 1955 and 1956 than
in 1954. However, commercial banks, customarily large buyers of the latter issues,
have reduced their purchases over the period, thereby contributing to the pressure on
security markets.
The cost of market borrowing by corpo-
934
FEDERAL RESERVE BULLETIN • SEPTEMBER 1956
rations and State and local governments has
risen considerably, with much of the increase
occurring in 1956. There have been some
fluctuations around the upward trend in
yields, reflecting sharp but temporary variations in the volume of public offerings of
securities. The rate of advance in yields
over the period, and the timing and extent
of temporary declines, have varied among
obligations of different issuers and different
risks.
IOND YIELDS
Per cent
1
CORPORATE Sao
U. S. GOVT
tONG-TtRM
\siATl
4
LOCAL GOVT
_A 20 years
/
Aco
Kj-s
*.
,
*
*-_« • * - "
1953
19S4
•'STATE
10 yea
1955
1956
NOTE.—Corporate and State and local govt. series are from
Moody's Investors Service. U. S. Govt. and corporate yields
are weekly averages of dally figures; State and local govt.
yields, Thursday figures. Latest data are for week ending
Sept. 8.
Reflecting the intensity of business financing requirements, yields on corporate securities have shown the narrowest fluctuations. Yields on high-grade corporate
bonds have tended to stabilize when yields
on long-term United States Government securities declined, and lower grade corporate issues have shown little response to
short-run fluctuations in Government securities. Despite differences in short-run
movements, however, increases in yields on
high-grade corporate bonds over the twoyear period have been about the same as for
the longest term Governments, and those on
lower grade issues have been only slightly
smaller. Yields on State and local government securities have advanced somewhat
more than those on either United States
Government or corporate bonds.
Corporate high-grade bond yields are
currently near 3.50 per cent, a postwar high,
and high-grade State and local government
yields, at 2.60 per cent, are only slightly
below their mid-1953 peak. The rise in
high-grade corporate yields since late 1954
has been less than one-third that in the rate
on short-term commercial paper, and the
advance in yields on long-term State and
local bonds has been about two-thirds that
on intermediate maturities. In June 1956
the rate on commercial paper rose above
yields on outstanding high-grade corporate
bonds.
In 1954 reoffering yields on new issues of
high-grade corporate securities were about
the same as those on outstanding issues of
similar quality. Under pressure of heavy
new offerings in 1956, however, the spread
between the two has widened to nearly Vi
of a percentage point, carrying reoffering
yields to 4.00 per cent or higher. The lag
in yields on outstanding bonds behind those
on new issues is attributable mainly to the
lack of trading characteristic of secondary
markets in corporate and State and local
government bonds.
REAL ESTATE MORTGAGES
Demand for real estate credit has been unusually strong throughout the postwar period. Demand for such credit was particularly heavy during the 1953-54 recession,
and in fact began to expand sharply at the
beginning of 1954. Despite the larger volume of credit demanded, mortgage markets
continued to ease until the end of that year.
At that time the continued heavy demand
INTEREST RATES DURING ECONOMIC EXPANSION
for mortgage credit began to encounter a
lessened availability of funds from banks,
as other types of loans began to expand
rapidly. The general rise in interest rates
was consequently also reflected in higher
rates on mortgages.
New mortgage lending rose further in
1955, as nonbank investors continued to
increase mortgage loans, partly through the
taking up of prior commitments. At mid1955 new lending was at the record monthly
rate of $2.4 billion compared with $1.6 billion at the end of 1953. So far in 1956
new lending has continued large at a level
of about $2.3 billion a month.
Changing yields on conventional mortgages are reflected mainly by changes in interest rates, fees, and other charges and by
changes in maturities and in loan-to-value
ratios. In the recent period interest rates
on conventional loans have risen, and the
proportion of all mortgage lending made on
such mortgages has increased.
Federally underwritten mortgages differ
from competing investments in that they are
restricted by law or regulation to a maximum rate of interest. In practice this rate
has become the actual rate, and the alignment of yields on such loans with yields on
alternative investments has taken place
through a discounting process at the time
of origination or when mortgages are
traded in the secondary market.
935
In a period of rising returns on investment, the flexibility of the discounting process is limited, however, because sellers and
builders are reluctant to absorb the discounts themselves and are prohibited from
passing more than one percentage point of
the discount directly on to house buyers.
As a result, yield changes on Federally underwritten mortgages have been more sluggish than interest rate changes on conventional mortgages and other types of securities. Also during periods of generally rising interest rates, investment funds have
tended to be diverted to some degree from
FHA and VA mortgages to higher yielding
alternatives.
To derive approximate yields from data
on typical prices at which 4V£ per cent FHA
home mortgages are sold, it is necessary to
make certain assumptions as to average expected maturity. Currently, yields so derived are at about the 1953 high and about
Vi of a percentage point above their low in
the last half of 1954. Since late 1954, these
yields have apparently moved similarly to
—but with a lag of several months behind
—other long-term interest rates. This lag
reflects in part the fact that prices reported
on Federally underwritten mortgages in the
secondary market at any one time are based
on terms agreed upon several months ahead
of the transaction, as well as on current
prices of spot transactions.
Credit Extended by Banks
to Real Estate Mortgage Lenders
Credit extended to real estate mortgage lenders
by weekly reporting member banks as of August
8, 1956 amounted to $1,467 million, $113 million
more than reported at the previous survey on
May 16, 1956. Commitments to extend additional credit to these lenders declined $66 million
to $1,065 million.
Loans to real estate mortgage lenders secured
by the pledge of real estate mortgage loans
amounted to $1,050 million and accounted for
$82 million of the increase since May. As in previous surveys, these loans were largely to real
estate mortgage companies.
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 earlier surveys were published in
the Federal Reserve BULLETIN in September
and December 1955 and March and June 1956.
CREDIT EXTENDED TO REAL ESTATE MORTGAGE LENDERS BY WEEKLY REPORTING MEMBER BANKS
IN LEADING CITIES, AUGUST 8, 1956 AND SELECTED PRIOR DATES
[In millions of dollars]
Outstanding on
Item
Aug. 8,
1956
Real estate mortgage loans purchased from real estate mortgage
lenders under resale agreement, total
Insurance companies
Mortgage companies
Others*
Loans to real estate mortgage lenders, not secured, or secured other
than by the pledge of real estate mortgage loans owned by the
...
...
Total loans to real estate mortgage lenders
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
Insurance companies
Mortgage companies
Others 1 .
Revised.
i 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.—Reporting banks were asked to estimate Aug. 11, 1954
Aug. 11,
1954
280
276
338
235
90
12
7
44
4
1,050
968
982
11
911
59
2
487
26
137
110
88
4
45
60
4
24
60
1,467
1,354
1,408
608
1,065
1,131
1,295
110
789
165
106
851
173
183
894
219
283
228
47
68
466
2
59
12
9
424
33
49
51
4
35
10
2
14
34
113
2
10
25
58
-131
14
58
4
14
9
37
8
59
70
Aug. 10, Aug. 11,
1955 to
1954 to
Aug. 8, Aug. 10,
1956
1955
27
516
10
899
59
May 16
to
Aug. 8,
1956
55
113
107
56
9
970
71
Insurance companies
Mortgage companies
Others 1 ..
r
Aug. 10,
1955
104
105
71
...
Loans to real estate mortgage lenders secured by the pledge of real
estate mortgage loans owned by the borrowers, total
Insurance companies
Mlortgage companies
Others 1
May 16,
1956 r
Increase (or decrease —)
59
800
4
-
8
3
15
-
82
-
1
71
12
-
see
note
66
-231
-
4
62
8
8
- 73
-104
- 53
figures, except commitments. Banks reporting less than $1 million
of loans and commitments at Aug. 10, 1955 were not asked to report
at May 16, 1956, but figures for the latter date include previously
reported figures for comparative purposes. Details may not add^to
totals because of rounding.
936
Current Events and Announcements
FEDERAL RESERVE MEETINGS
Meetings of the Federal Open Market Committee
were held in Washington on August 21 and
September 11, 1956.
The Federal Advisory Council held a meeting
in Washington on September 16-18, 1956, and
met with the Board of Governors on September 18.
INCREASE IN FEDERAL RESERVE DISCOUNT RATES
The Board of Governors of the Federal Reserve
System has recently approved actions by the
directors of 10 Federal Reserve Banks raising the
discount rates of these Banks from 23A per cent
to 3 per cent.
The effective date of the new rate was Friday,
August 24, 1956 at the Federal Reserve Banks
of New York, Philadelphia, Richmond, and
Chicago; Monday, August 27, 1956 at the Federal
Reserve Bank of Cleveland; Tuesday, August 28,
1956 at the Federal Reserve Banks of Boston,
Atlanta, St. Louis, and Dallas; and Friday, August
31, 1956 at the Federal Reserve Bank of Kansas
City.
The 3 per cent rate has been in effect at the
Federal Reserve Banks of Minneapolis and San
Francisco since April 13, 1956.
CHANGES IN BOARD'S STAFF
Mr. Thomas J. O'Connell, who for the past two
years had been a Professor of Law at the Georgetown University, was appointed Assistant General Counsel in the Board's Legal Division and
assumed his duties on August 15, 1956. He
formerly served as a Trial Attorney for the Department of Justice, where he was employed for
12 years. Mr. O'Connell is a graduate of Georgetown University's School of Foreign Service and
School of Law.
Mr. Roland I. Robinson, who had been Professor of Banking at Northwestern University since
1947, was appointed as Adviser in the Board's
Division of Research and Statistics and assumed
his duties on September 10, 1956. For five years
Mr. Robinson also served as a moderator for
Northwestern's Institute for Management. During the past year he had been on leave from
the University engaged in a special research project with the National Bureau of Economic Research.
Mr. Robinson was formerly an Economist on
the Board's staff for twelve years. After leaving
the Board in 1946, he served as an Economist for
the National Association of Mutual Savings Banks
and also as a Consultant for the Treasury Department and the Board of Governors.
DEATH ON BOARD'S STAFF
Mr. Lowell Myrick, who had been associated
with the Board of Governors since December 16,
1921, died on August 18, 1956. He had been
serving as an Assistant Director of the Division
of Bank Operations since November 4, 1947.
APPOINTMENT OF DIRECTOR
On September 5, 1956, the Board of Governors
announced the appointment of Mr. C. V. Patterson, Executive Vice President of The Upjohn
Company, Kalamazoo, Michigan, as a director
of the Detroit Branch of the Federal Reserve Bank
of Chicago for the term ending December 31,
1958. Mr. Patterson succeeded Mr. William M.
Day, President of the Michigan Bell Telephone
Company, Detroit, Michigan, who resigned.
DEATH OF DIRECTOR
Mr. Hugh C. Gruwell, Chairman of the Board,
First National Bank of Arizona, Phoenix, Arizona,
who had served as a director of the Los Angeles
Branch of the Federal Reserve Bank of San
Francisco since January 1, 1954, died on August
23, 1956.
COMMITTEE ON PREPAREDNESS
As part of the defense mobilization program, the
Board of Governors of the Federal Reserve System, in cooperation with the Treasury Department,
the Comptroller of the Currency, and the Federal
Deposit Insurance Corporation, has appointed an
Advisory Committee on Commercial Bank Pre-
937
938
FEDERAL RESERVE BULLETIN • SEPTEMBER 1956
paredness. The members of the Advisory Committee are:
John J. McCloy, Chairman, The Chase
Manhattan Bank, New York, who is
Committee Chairman.
Frank L. King, President, California
Bank, Los Angeles.
William F. Kurtz, Chairman, Executive
Committee, First Pennsylvania Banking and Trust Company, Philadelphia.
Homer J. Livingston, President, The
First National Bank of Chicago.
William A. Mitchell, President, The
Central Trust Company, Cincinnati.
E. C. Sammons, President, The United
States National Bank of Portland,
Oregon.
Merle E. Selecman, Executive Manager,
American Bankers Association, New
York.
The appointment of this committee stems from
an order relating to the banking system issued by
the Director of the Office of Defense Mobilization. A section of this order assigns to the Federal Reserve Board responsibility for development of plans, in cooperation with the Treasury
Department, the Comptroller of the Currency, and
the Federal Deposit Insurance Corporation, to
encourage preparedness measures by commercial
banks designed to assure continuance of the operation of the nation's banking system in the event
of enemy attack.
The Advisory Committee on Commercial Bank
Preparedness has appointed a subcommittee—the
Banking Committee on Emergency Operations—
to develop a program to guide and assist individual
banks in making effective plans for maintaining
or restoring their operations in the event of attack on the United States. The members of this
committee are:
G. Edward Cooper, Vice President and
Cashier, The Philadelphia National
Bank, who is Chairman.
Frank L. Beach, Vice President, The
United States National Bank of Portland, Oregon.
Steve H. Bomar, Vice President and
Treasurer, Trust Company of Georgia, Atlanta.
Frank M. Dana, Vice President, Bank of
America, N. T. & S. A., San Francisco.
Harold R. De Moss, Vice President,
Mercantile National Bank at Dallas.
George A. Guerdan, Vice President and
Cashier, The First National City Bank
of New York.
C. Edgar Johnson, Vice President, The
First National Bank of Chicago.
Melvin C. Miller, Deputy Manager,
American Bankers Association, New
York.
ADMISSION OF STATE BANK TO MEMBERSHIP IN
THE FEDERAL RESERVE SYSTEM
The following State bank was admitted to membership in the Federal Reserve System during the
period July 16, 1956 to August 15, 1956:
Nebraska
Fremont
First State Bank
HISTORICAL SUPPLEMENT TO MONTHLY CHART
BOOK ON BANK CREDIT, MONEY RATES,
AND BUSINESS
The 1956 edition of the historical supplement to
the monthly Federal Reserve Chart Book on Bank
Credit, Money Rates, and Business will be available for distribution about mid-October, on the
terms indicated on page 1011. Charts will include
the latest data available on September 4, 1956.
TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY
Latest BULLETIN Reference
Semiannually
Issue
Banking offices:
Analysis of changes in number of
Aug. 1956
On, and not on, Federal Reserve Par
List, number of
Aug. 1956
Stock Exchangefirms,detailed debit and
credit balances
Sept. 1956
Annually
Earnings and expenses:
Federal Reserve Banks
Feb.
Member banks:
Calendar year
May
First half of year
Oct.
Insured commercial banks
May
Banks and branches, number of, by class
and State
Apr.
Operating ratios, member banks
June
Banking and monetary statistics, 1955.. [ g j £
Page
896
897
994
1956
178-179
1956
1955
1956
510-518
1188
519
1956
1956
J ^
398-399
650-652
182-188
National Summary of Business Conditions
Released for publication September 14
Industrial activity in August recovered from
the July dip and in early September expanded
further. Employment and incomes were at record
levels in August and unemployment declined more
than seasonally. Retail sales edged up to a new
high, with advances since spring reflecting in part
higher prices. From mid-August to mid-September, average wholesale commodity prices advanced further. Demands for credit continued
strong and interest rates rose further. In late
August Federal Reserve discount rates were
raised.
ducers' equipment, increased output of appliances
and television, and expanding production of parts
for 1957 model autos. The auto industry is now
in its model changeover season, with assemblies
sharply curtailed.
Nondurable goods production has remained
somewhat below earlier highs, reflecting largely
reduced activity at textile mills. Output of rubber
products increased in August, coke production
recovered; and activity in the paper, petroleum,
and chemical industries was maintained at advanced levels.
INDUSTRIAL PRODUCTION
CONSTRUCTION
The Board's seasonally adjusted index of industrial production in August was at the June
level of 141 per cent of the 1947-49 average, as
activity in durable goods and mining industries
recovered from the July drop associated with the
steel strike. Steel output increased rapidly in
August and in early September was back to the
record tonnage rates of last winter and early
spring. For the month of August steel production
averaged 75 per cent of capacity as compared with
92 per cent in June and 15 per cent in July, when
the major strike impact occurred. Activity in
metal fabricating industries has expanded further,
reflecting continued gains for most types of pro-
New construction outlays in August, seasonally adjusted, were maintained at the record
annual rate of $44.3 billion. Private housing
starts showed a small, contraseasonal rise in August to bring the seasonally adjusted annual rate
slightly above 1.1 million units. Total value of
contract awards declined somewhat, but was the
largest August on record and 9 per cent above
a year earlier.
EMPLOYMENT
Seasonally adjusted employment in nonagricultural establishments returned in August to the
peak June level of 51.6 million, as employment in
manufacturing, mining, and railroad industries
generally recovered from the effects of the steel
strike. The average workweek and hourly earnings at factories rose slightly and average weekly
earnings, at $79.79, were back to the December
1955 high. Unemployment declined in August
by 600,000—more than seasonally—to the yearearlier level of 2.2 million, as many teen-age jobseekers either found employment or withdrew
from the labor force.
INDUSTRIAL PRODUCTION
1947-49.100
140
DURABLE
MANUFACTURES /^\L
-
~
120
140
/V
,/
\
J
\ /
^'
120
DISTRIBUTION
NONDURABLE
MANUFACTURES
Seasonally adjusted retail sales increased slightly
further in August and continued about 4 per
cent above a year ago. Sales of nondurable goods
stores also reached a new high in August, with
department store sales remaining near their July
peak. Auto sales in August exceeded July and
_
100
1953
1954
1955
1953
1954
1955
Federal Reserve indexes, seasonally adjusted.
ures, latest shown are for August.
1956
Monthly fig-
939
940
FEDERAL RESERVE BULLETIN • SEPTEMBER 1956
dealers' auto stocks declined further to a level
about one-tenth below a year earlier for new cars
and as much as one-fifth for used.
AGRICULTURE
Marked improvement in crop prospects occurred in August and the official forecast as of
September 1 was for total output close to the
large crop of 1955. Output of milk and eggs declined less than seasonally in August and was
above a year earlier, while meat production, especially beef, dropped considerably and was
somewhat below last year's level.
COMMODITY PRICES
Wholesale commodity prices have continued
to rise since the general advance in steel prices
in early August. Increases have been mainly in
prices of finished products—both consumer goods
and producers' durable equipment. In agricultural markets, prices of vegetables have remained
at the seasonally reduced levels reached in early
August while other products have continued to
strengthen, with the largest increases in choice
cattle prices. Wholesale prices of meats have
risen 6 per cent further over the past month, and
retail prices of these and some other items are
indicated to be higher in mid-September than at
midyear.
and early September, reflecting principally acquisitions of new Treasury tax certificates and
substantial expansion in business loans. Loans
to most types of businesses increased, with petroleum and chemical concerns, food processors,
commodity dealers, and public utilities showing
the largest gains. Real estate and consumer loans
also rose, but security loans declined.
During late August and early September, member bank borrowings from the Federal Reserve
averaged about $900 million and excess reserves
about $575 million. Between mid-August and
early September, reserves were supplied to banks
through System purchases of U. S. Government
securities and increases in Reserve Bank float.
These were largely absorbed through increases in
required reserves reflecting principally deposit expansion associated with Treasury financing in
mid-August, and currency outflow.
SECURITY MARKETS
Total loans and investments at city banks increased more than $1 billion between early August
Yields on U. S. Government securities in late
August and early September fluctuated around
the postwar highs, or near-highs, reached in midAugust, with long-term bond yields averaging
around 3V4 per cent, intermediate issues close to
3>Vz per cent, and 3-month Treasury bill yields
between 2.6 and 2.8 per cent. Yields on corporate and State and local government bonds increased sharply further during the latter part of
August and early September, and common stock
prices declined.
RETAIL TRADE
INTEREST RATES
1947.49.100
Per cent
BANK CREDIT AND RESERVES
TOTAL RETAIL SALES
t TREASURY BILLS
Federal Reserve indexes, seasonally adjusted; retail sales
based on Department of Commerce data. Monthly figures;
latest shown for sales are August and for stocks, July.
Weekly average market yields for long-term U. S. Government IVi per cent bonds and for longest Treasury bills; latest
shown are for week ending Sept. 5.
Financial and Business Statistics
* United States *
Member bank reserves, Reserve Bank credit, and related items. . .
Reserve Bank discount rates; reserve requirements; margin requirements.
Federal Reserve Banks
Bank debits; currency in circulation.
...
All banks: consolidated statement of monetary system; deposits and currency
All banks by classes.
Commercial banks, by classes.
Weekly reporting member banks.
Commercial loans; commercial paper and bankers' acceptances.
Interest rates
.
Security prices; stock market credit
Savings institutions.
Federal credit agencies
Federal
finance
Security issues.
Business
finance
Real estate credit.
..
Short- and intermediate-term consumer credit.
Selected indexes on business activity.
Production
Employment and earnings
Department stores
Foreign trade
Wholesale and consumer prices.
National product and income series.
Stock market credit
Tables published in BULLETIN, annually or semiannually—list, with references
Index to statistical tables.
943
944
947
950
952
953
956
958
960
961
962
963
964
966
970
971
973
976
979
980
986
988
989
990
992
994
938
1021
Tables on the following pages include the prin- of material collected by other agencies; figures
cipal statistics of current significance relating to for gold stock, currency in circulation, Federal
financial and business developments in the finance, and Federal credit agencies are obtained
United States. The data relating to Federal from Treasury statements; the remaining data
Reserve Banks, member banks of the Federal are obtained largely from other sources. Back
Reserve System, and department store trade, and figures for 1941 and prior years for banking and
the consumer credit estimates are derived from monetary tables, together with descriptive text,
regular reports made to the Board; production may be obtained from the Board's publication,
indexes are compiled by the Board on the basis Banking and Monetary Statistics.
941
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
Wednesday figures, 1949-1950, weekly averages of daily figures, 1951-
Billions of dollars
—
25
MEMBER BANK
RESERVE BALANCES
20
15
EXCESS RESERVES
2
0
35
30
25
20
TREASURY CASH AND DEPOSITS
^
NONMEMBER DEPOSITS
0
30
FEDERAL RiSERVE CREDIT
U.S. GOVERNMENT SECURITIES:
25
20
HELD UNDER
f
REPURCHASE AGREEMENTS
'
...
A
A
^—A.
DISCOUNTS AND ADVANCES
I
1949
1950
I FEDERAL RESERVE FLOAT
1951
1952
1953
|
1954
I
1955
Latest averages shown are for week ending May 30. See p. 943.
942
1956
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Govt. securities
Week
ending
Total
DisHeld counts
under
and
Float
Bought repuradoutchase vances
right
agreement
Gold
stock
Total1
Treas- Curury
rency
curin
rency
ciroutculastand- tion
ing
Treasury
cash
holdings
Deposits, other
than member bank
reserves,
with F. R. Banks
Treas- Foreign
ury
Member bank
reserves
Other
F. R.
accounts
ExReTotal quired 2 cess 2
Other
Averages of
daily figures
1955
688
858 25,265
685
913 25,571
357 1,118 25,432
439
915 25,506
21,678
21,679
21,680
21,681
5,003
5,003
5,003
5,002
30,299
30,416
30,287
30,157
814
803
793
798
420
440
416
480
367
425
460
439
468
419
415
403
970
971
970
967
18,609
18,779
18,774
18,945
18,085
18,047
18,209
18,386
524
732
565
559
80:
627
794
891
671
25,638
25,584
25,495
25,425
25,217
21,682
21,682
21,682
21,682
21,682
5,003
5,003
5,003
5,005
5,005
30,237
30,285
30,336
30,288
30,268
803
800
797
803
803
638
646
507
594
479
422
434
474
415
399
412
396
400
393
394
900
885
910
946
946
18,910
18,824
18,757
18,673
18,614
18,320
18,163
18,155
18,100
18,130
590
661
602
573
484
23,761
23,744
23,564
23,587
865
687 25,401
918
826 25,577
768 1,263 25,613
901
960 25,478
21,682
21,682
21,683
21,683
5,005
5,006
5,006
5,006
30,436
30,520
30,401
30,323
806
803
794
787
447
431
579
693
379
419
377
370
393
400
394
386
943
942
990
990
18,685
18,750
18,767
18,618
18,111
18,142
18,191
18,134
574
608
576
484
23,844
23,911
24,021
23,973
23,727
23,792
23,916
23,973
843
816 25,525
117
874 25,714
119
909
105 1,041 1,088 26,169
985 25,747
771
21,684
21,684
21,685
21,685
5,007
5,007
5,007
5,009
30,428
30,552
30,621
30,498
791
788
777
778
525
514
534
496
381
383
391
381
390
999 18,700
429 1,011 18,728
409 1,~" 19,119
010
387 1,010 18,891
18,189
18,175
18,494
18,433
511
553
625
458
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Nov. 30
23,995
24,024
24,068
23,888
24,001
23,995
24,024
24,018
23,888
23,903
943
793 25,748 21,686
776 25,963 21,686
1,144
50 1,173 1,013 26,272 21,686
816 1,486 26,208 21,687
973 1,019 26,012 21,688
**98
5,009
5,009
5,008
5,008
5,008
30,528
30,657
30,794
30,824
30,963
772
774
774
783
781
500
571
613
532
439
408
384
400
395
399
385
433
564
399
398
18,421
18,343
18,302
18,468
18,381
477
556
581
568
413
Dec.
7.
Dec. 14.
Dec. 21.
Dec. 28.
24,364
24,589
24,588
24,767
24,039
24,443
24,375
24,385
325
146
213
382
957 26,274
935
878
941 26,428
747 1,746 27,101
753 1,875 27,420
21,688
21,689
21,689
21,690
5,008
5,007
5,008
5,008
31,070
31,244
31,364
31,415
780
786
772
774
483
337
401
523
424
446
469
497
413
931 18,869 18,411
372
989 18,950 18,488
336 1,010 19,446 18,792
410 1,012 19,487 18,804
458
462
654
683
4
11
18
25
24,785
24,308
23,804
23,517
24,391
24,191
23,802
23,517
394
117
2
584
801
922
815
26,936
26,375
25,872
25,480
21,690
21,691
21,692
21,692
5,008
5,008
5,008
5,009
31,153
30,914
30,632
30,361
773
782
786
793
356
244
360
385
438
423
417
388
513
334
321
318
939
923
920
919
19,464
19,453
19,136
19,017
18,887
18,725
18,543
18,494
577
728
593
523
Feb.
1
Feb.
8
Feb. 15
Feb. 22
Feb. 29
23,416
23,423
23,349
23,389
23,435
23,414
23,423
23,349
23,333
23,384
814 25,248
999
840 25,104
822
832 25,174
976
622 1,333 25,360
880 25,089
758
21,693
21,693
21,694
21,694
21,695
5,009
5,010
5,010
5,011
5,012
30,223
30,219
30,247
30,210
30,181
798
796
800
794
792
464
406
428
557
542
369
365
377
362
354
343
331
400
366
306
919
917
932
,026
,025
18,834
18,773
18,693
18,749
18,596
18,350
18,230
18,144
18,175
18,137
484
543
549
574
459
Mar. 7.
Mar. 14.
Mar. 21.
Mar. 28.
23,518
23,505
23,508
23,508
23,426
23,410
23,405
23,495
749
835 25,118
812 25,308
975
934 1,297 25,754
941 25,661
1,196
21,695
21,717
21,713
21,715
5,011 30,202
5,011 30,276
5,013 30,264
5,015 30,249
783
779
783
787
461
564
489
599
360
360
333
341
327
346
336
317
,023
,021
,069
,069
18,670
18,691
19,204
19,028
18,137
18,182
18,587
18,455
533
509
617
573
Apr. 4 . .
Apr. 11..
Apr. 18..
Apr. 25..
23,634
23,521
23,399
~;3,282
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
3,791
13,836
13,490
3,408
23,748
23,826
23,487
23,408
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Aug. 29
13,418
13,418
13,439
13,574
13,622
23,418
23,418
23,418
23,446
23,592
July 6
July 13
July 20
July 27
23,703
23,957
23,943
24,140
23,692
23,943
23,943
24,035
Aug.
Aug.
Aug.
Aug.
Aug.
3
10
17
24
31
24,044
24,055
23,891
23,796
23,761
23,982
23,983
23,891
23,796
23,761
781
888
796
724
770
Sept.
Sept.
Sept.
Sept.
7
14
21
28
23,826
23,813
23,564
23,598
Oct. 5
Oct. 12
Oct. 19
Oct. 26
105
951
939
938
935
935
18,898
18,899
18,883
19,036
18,794
1956
Jan.
Jan.
Jan.
Jan.
56
51
92
95
103
1,539
1,242
1,125
1,128
986 1,022 25,658 21,716 5,017
826 25,481 21,727 5,016
,119
973 25,497 21,741 5,018
,109
,061 1,017 25,374 21,742 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
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
864 25,266
56
,089
844 25,325
,114
100
937 25,298
53 1,066
946 1,139 25,310
10
835 24,995
732
53
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
998
982
980
980
984
18,767
18,848
18,710
18,809
18,569
18,359
18,295
18,241
18,275
18,227
408
553
469
534
342
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
310
983
299
982
317
998
290 1,000
18,819
18,749
19,116
19,030
18,217
18,233
18,500
18,435
602
516
616
595
21,806
21,826
21,827
21,828
5,032
5,031
5,031
5,032
30,765
30,923
30,808
30,632
773
770
768
773
493
437
595
556
298
309
320
288
298
290
278
267
18,902
19,040
18,869
18,744
18,430
18,285
18,240
18,187
472
755
629
557
690 1,046 25,172 21,829 5,034 30,575
829 25,182 21,855 5,035 30,633
917
837 25,254 21,856 5,036 30,681
960
878 1,171 25,642 21,856 5,037 30,654
935
829 25,404 21,857 5,041 30,618
772
769
773
778
776
519
530
539
485
481
284
319
335
293
318
273 1,021 18,591 18,115
284
949 18,588 18,018
277
947 18,593 18,014
266
944 19,117 '18,469
282
944 18,883 '18,380
476
570
579
P64S
97
25
644
880
849
573
21
128
30
1,231
1,169
1,412
1,393
25,685
25,903
25,769
25,393
For other footnotes see following page.
Preliminary.
943
993
990
987
994
944
BANK RESERVES AND RELATED ITEMS
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Govt. securities
Period
or
date
Total
Held
under
Bought repuroutchase
right
agreement
DisGold
counts
stock
and
Float Total i
advances
Treasury
currency
outstanding
Currency
in
circulation
Deposits, other
than member bank
reserves,
with F. R. Banks
Treasury
cash
holdings Treas- Foreign
ury
Member bank
reserves
Other
F. R.
accounts
ReTotal quired2 Excess ^
Other
Averages of
daily figures
1955
23,886
23,709
23,951
23,997
24,602
23,870
23,668
23,881
23,963
24,318
16
803
746 25,450
41
872
924 25,525
70
895
926 25,792
34 1,018 1,055 26,089
840 1,389 26,853
284
21,682
21,682
21,685
21,687
21,689
5,004
5,006
5,008
5,008
5,008
30,289
30,420
30,532
30,791
31,265
801
797
781
778
777
569
540
509
538
434
431
386
390
394
459
918 18,728 18,152
398
968 18,711 18,148
392
403 1,000 18,870 18,345
937 18,902 18,378
444
983 19,240 18,646
394
576
563
525
524
594
23,897
23,401
23,522
23,410
23,322
23,522
23,580
23,530
23,824
23,375
23,449
23,393
23,262
23,486
23,573
23,488
1,152 25,879
800
965 25,183
993
987 25,517
1,060
925 25,411
971
928 25,237
770 1,206 25,516
738 1,263 25,599
910 25,357
21,692
21,694
21,711
21,735
21,768
21,795
21,826
21,855
5,008
5,011
5,013
5,018
5,028
5,033
5,032
5,038
30,620
30,214
30,256
30,245
30,322
30,536
30,751
30,650
787
796
783
783
785
778
771
774
356
480
532
545
556
485
521
504
404
364
349
338
331
315
300
318
921 19,138 18,586
354
973 18,709 18,177
351
350 1,048 18,924 18,340
338 1,067 18,847 18,320
982 18,735 18,268
322
991 18,933 18,359
304
999 18,836 18,237
280
946 18,783
275
552
532
584
527
467
574
599
1929—June....
1933—June....
1939_Dec
1941—Dec
1945_Dec
1947_Dec
1950—Dec
1952—Dec
1953—Dec
1954—Dec
1955—June....
216
1,998
2,484
2,254
24,262
22,559
20,778
24,697
25,916
24,932
23,607
148
1,998
2,484
2,254
24,262
22,559
20,725
24,034
25,318
24,888
23,554
204
264
2,409
2,215
2,287
1,336
1,293
1,270
761
796
812
36
35
634
867
977
870
668
389
346
380
6
15
397
774
862
392
895
550
423
400
374
21
151
256
586
446
569
565
455
493
441
448
374 2,356
346 2,292
251 11,653
291 12,450
495 15,915
563 17,899
714 17,681
777 19,950
839 20,160
907 18 876
972 18,066
2,333
1,817
6,444
9,365
14,457
16,400
16,509
20,520
19,397
18.61R
18,139
23
475
5,209
3,085
1,458
1,499
1,172
-570
763
258
-73
End of month
1955
Aug
Sept
Oct...
Nov
Dec
23,761
23,834
24,024
24,256
24,785
23,761
23,729
24,024
23,991
24,391
265
394
5,005
5,006
5,008
5,008
5,008
30,317
30,422
30,559
30,993
31,158
804
787
776
778
767
393
554
484
477
394
387
385
402
408
402
383
379
396
412
554
945
990
941
931
925
18,151
18,212
18,393
18,417
18,903
217
211
172
57
102
Jan..
Feb..
Mar..
Apr..
May.
June.
July.
Aug..
23,466
23,482
23,636
23,345
23,474
23,758
23,438
23,854
23,466
23,426
23,587
23.245
23,360
23,712
23,438
23,828
852
786 25,122
5,009
56
632
24,920
5,012
49
872 1,238 25,761
5,020
100 1.204
~ ' ' 25.307
5.025
114 1,160
,377
5.030
46
232 1,210 25,219
5,032
-"
452
959 24,868
5,035
26
832
771 25,480 P21,'858 *>5,042
30,228
30,163
30,339
30,210
30,513
30,715
30,604
^30,759
797
789
777
783
779
768
761
428
554
534
578
515
522
513
422
355
363
354
330
307
297
308
350
919 18,750 18,311
349
305 1,025 18,428 18,162
623 1,069 18,799 18,276
404
984 18,784 18,325
309
983 18,773 18,204
313
992 18,443 18,449
288
950 18,308 18,104
252
943 18,888 '18,382
439
266
523
459
569
-6
204
*>506
Wednesday
1956
June 6.
June 13.
June 20.
June 27.
23,512
23,492
23,492
23,52."
23,492
23,492
23,492
23,492
July 4
July 11
July 18
July 25
23,863
23,651
23,484
23,367
23,839
23,649
23,484
23,367
Aug. 1.
Aug. 8.
Aug. 15.
Aug. 22.
Aug. 29.
23,418
23,418
23,565
23,544
23,696
23,418
23,418
23,418
23,544
23,696
Aug..
Sept..
Oct..
Nov..
Dec..
1956
Jan..,
Feb..
Mar..
Apr..
May.
June.
July.,
Aug..
Midyear or
year-end
68
53
663
598
44
53
105
1,037
1,400
4,037 2,019
164
2,220
4,031 2,286
2,593 17,644 2,963
7
2,361 22,737 3,247
3
~,091 20,065 4,339
249
578 25
85
535 23i,181 22,754 4,562
67 1,368 22,216 22,706 4,636
156
i,825 23,187 4,812
28
26,880 22,030 4,894
143
808 25.885 21.713 4.985
128
850 24,601 21,678 5,002
470
665 24,911
603
25,250
792 25
706
683 25,430
618
883 25,776
108 1,585 26,507
21,682
21,684
21,686
21,688
21,690
4,459
5,434
7,598
11,160
28,515
28,868
27,741
30,433
30,781
30 509
30,229
18,368
18,423
18,565
18,474
19,005
1956
20
30
494
939 24,962
696 1,030 25,235
752 1,454 25
454 25,713
537 1,127 25,203
21,796
21,797
21,798
21,799
5,032
5,033
5,033
5,032
30,502
30,527
30,481
30,530
789
782
776
785
435
360
746
576
317
344
326
293
297
982 18,469 18,236
283
981 18,789 18,274
283 l,OOO'l8,933 18,556
290 1,001 18,560 18,404
233
515
377
156
548
355
508
154
570
653
452
461
147
1,293
1,150
1,475
1,081
25,745
25,471
25,429
24,927
21,824
21,827
21,828
21,829
5,031
5,031
5,031
5,034
30,879
30,850
30,704
30,533
773
762
774
779
449
494
477
591
291
326
289
262
287
990
285
988
274
986
261 1,049
422
717
832
806
470
961
679
954
940
706
24,819
24,832
25,369
25,308
24,892
21,829
21,855
21,856
21,857
21,857
5,034
5,035
5,036
5,040
5,042
30,571
30,647
30,654
30,611
30,630
773
773
783
782
781
505
561
552
554
490
295
277
289
304
362
267
273
277
252
264
* Preliminary.
i Includes industrial loans and acceptances; these items are not shown
950
948
946
944
944
18,930
18,623
18,784
18,315
18,382
18,268
18,276
18,161
18,322 18,089
233
18,243 18,002
241
18,762 18,055
707
18,759 *>18,467 *>292
18,320 ^18,369 p-49
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.
945
BANK RESERVES AND RELATED ITEMS
RESERVES, DEPOSITS, AND BORROWINGS OF MEMBER BANKS, BY CLASSES
[Averages of daily figures. * In millions of dollars]
All
member
banks
Item and period
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
87
54
63
64
38
60
516
514
487
460
470
497
Excess reserves:2
Total reserves held:
8
-1
1955—July.
Aug
Sept....
Oct
Nov
Dec
18,825
18,728
18,711
18,870
18,902
19,240
4,371
4,286
4,262
4,316
4,257
4,432
1,148
1,140
1,129
1,127
1,144
1,166
7,759
7,737
7,738
7,823
7,840
7,924
5,546
5,565
5,583
5,604
5,660
5,716
1955—July
Aug
Sept
Oct
Nov
Dec
619
577
564
524
525
594
14
35
1956—Jan
Feb
Mar
Apr
May
June
July
19,138
18,709
18,924
18,847
18,734
18,933
18,836
4,293
4,196
4,372
4,287
4,264
4,354
4,237
1,178
1,138
,137
[,105
,119
,133
,129
75934
7,753
7,796
7,814
7,775
7,784
7,796
5,732
5,623
5,619
5,641
5,577
5,662
5,675
1956—Jan
Feb
Mar
Apr
May
June
July
552
533
585
527
467
575
599
-24
11
28
-12
10
13
12
-1
3
2
-1
2
4
3
72
66
84
64
49
78
89
505
452
470
476
406
479
496
Week ending:
1956—July "18
July 25
Aug.
1
Aug. 8
Aug. 15
Aug. 22
Aug. 29
18,869
18,744
18,591
18,588
18,593
19,117
18,883
4,204
4,189
4,212
4,144
4,133
4,349
4,308
,130
1,114
,110
,119
,114
,145
1,151
7,824
7,767
7,724
7,709
7,701
7,851
7,859
5,711
5,674
5,545
5,616
5,645
5,773
5,564
Week ending:
1956—July 18
July 25
Aug.
1
Aug. 8
Aug. 15
Aug. 22
Aug. 29
629
557
477
570
579
*>648
^503
12
-8
27
7
-11
30
20
1
4
2
7
1
531
489
386
484
509
9
85
72
66
72
80
64
96
Required reserves:
9
10
14
3"
2
Borrowings at Federal
Reserve Banks:
2
1955—July
Aug
Sept
Oct
Nov
Dec
18,205
18,152
18,148
18,345
18,378
18,646
4,362
4,277
4,248
4,316
4,243
4,397
1,140
1,141
1,128
1,127
1,142
1,164
7,673
7,682
7,675
7,759
7,802
7,865
5,030
5,052
5,096
5,144
5,191
5,220
1955—July
Aug
Sept
Oct
Nov
Dec
527
765
849
884
1,016
839
78
149
141
151
279
197
33
60
114
137
70
85
306
395
472
480
538
398
110
161
122
116
129
159
1956—Jan
Feb
Mar
Apr
May
June
July
18,586
18,177
18,340
18,320
18,268
18,359
18,237
4,317
4,186
4,344
4,299
4,254
4,341
4,225
,179
,134
,135
,106
.117
;i30
,127
7,863
7,687
7,712
7,750
7,726
7,706
7,707
5,227
5,170
5,149
5,165
5,171
5,183
5,179
1956—Jan
Feb
Mar
Apr
May
June
July
807
799
993
1,060
971
769
738
174
149
202
155
98
46
119
82
106
258
261
155
115
50
425
402
382
493
517
434
433
126
142
151
151
201
174
136
18,240
18,187
18,115
18,018
18,014
^18,469
018,380
4,192
4,197
4,185
4,137
4,144
4,319
4,288
1,129
1,110
1,113
1,112
1,113
,145
1,142
7,739
7,695
7,658
7,637
7,621
7,787
7,764
5,180
5,185
5,159
5,132
5,136
^5,218
»5,186
849
573
690
917
960
878
935
212
42
59
167
139
175
225
54
31
46
41
54
99
115
442
398
419
541
509
435
395
141
102
166
168
258
169
200
1955—July
Aug
Sept
Oct
Nov
Dec
92
-188
-285
-360
-491
-245
-69
-139
-127
-150
-265
-162
-25
-61
-114
-137
-67
-83
-219
-341
-409
-416
-500
-338
406
353
365
344
341
338
1956—Jan
Feb
Mar
Apr
May
June
July
-255
-266
-408
-533
-504
-194
-139
-198
-138
-174
-167
-88
-33
-108
-83
-103
-256
-262
-153
-111
-48
-353
-336
-298
-429
-468
-356
-344
379
310
319
325
205
305
360
-220
-16
-213
-347
-381
^-230
-200
-50
-32
-160
-150
-145
-205
-53
-27
-48
-34
-53
-99
-106
-357
-326
-353
-469
-429
-371
-299
390
387
220
316
251
Week ending:
1956—July 18
July 25
Aug.
1
Aug. 8
Aug. 15
Aug. 22
Aug. 29
Week ending:
1956—July 18
July 25
Aug.
1
Aug. 8
Aug. 15
Aug. 22
Aug. 29
July 1955
Free reserves:2
4
Deposits:
Gross demand deposits:
113 ,858
Total
12 ,777
Interbank
Other
01 ,081
3
Net demand deposits . . . 98 ,370
40 ,125
Time deposits
Demand balances due
6 ,434
from domestic banks...
23 ,535
4 ,098
19 ,437
20 ,968
3 ,362
6,067
1,180
4,887
5,376
1,306
44,700
6,236
38,464
38,120
16,223
39,557
1,263
38,293
33,907
19,233
64
111
2,015
4,243
July 1956
Gross demand deposits:
Total
Interbank
Other
Net demand deposits 3 . . .
Time deposits
Demand balances due
from domestic banks...
v
14, 892
13, 051
0 1 , 841
9 8 , 571
4 1 , 434
23,010
4,155
18,855
20,279
3,388
6, 065
1, 197
4 , 868
5 , 306
1, 306
45,156
6,384
38,773
38,173
16,716
40,661
1,315
39,345
34,813
20,024
6, 510
68
108
2,027
4,307
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
banks and of country banks are estimates.
Week ending:
1956—July 18
July 2 5 . . . .
Aug.
1....
Aug.
8....
Aug. 1 5 . . . .
Aug. 22
Aug. 29
3
P-432
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.
946
DISCOUNT RATES
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Discounts for and advances to member banks
Advances secured by Government
obligations and discounts of and
advances secured by eligible paper
(Sees. 13 and 13a)i
Federal Reserve Bank
In effect
beginning—
Rate on
Aug. 31
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Apr.
Aug.
Aug.
Apr.
Boston
New York. . .
Philadelphia..
Cleveland
Richmond. . .
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
Previous
rate
Other secured advances
[Sec. 10(b)]
Rate on
Aug. 31
In effect
beginning—
Aug.
Aug.
Aug.
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
1956
13,
31,1956
28,1956
1956
13,
Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)
28,1956
24,1956
24,1956
27,1956
24,1956
28,1956
24,1956
28,1956
13,1956
31,1956
28, 1956
1956
13,
Previous
rate
314
314
314
314
314
314
314
314
IVA
314
In effect
beginning—
Rate on
Aug. 31
Aug. 28,
Aug. 24,
Apr. 13,
Aug. 27,
Aug. 24,
Aug. 28,
Aug. 24,
Aug. 28,
Apr. 13,
Aug. 31,
Aug. 28,
Apr. 13,
31/2
4
4
4
4
4
414
4
4
4
Previous
rate
1956
1956
1956
1956
1956
1956
1956
1956
1956
1956
1956
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' accept-
ances and of agricultural paper may have maturities not exceeding 6
months and 9 months, respectively, and advances secured by obligations
of Federal intermediate credit banks maturing within 6 months are
limited to maximum maturities of 15 days; 4 months for advances under
Section 10(b). Advances to individuals, partnerships, or corporations
under the last paragraph of Section 13: 90 days.
FEDERAL RESERVE BANK OF NEW YORK DISCOUNT RATE*
MEMBER BANK RESERVE REQUIREMENTS
[Per cent per annum]
[Per cent of deposits]
Date effective
1930—Feb.
Mar.
May
June
Dec.
1931—May
Oct.
Oct.
1932—Feb.
June
1933—Mar.
Apr.
May
Oct.
1934—Feb.
1937—Aug.
7
14
2
20
24
8
9
16
26
24
3
7
26
20
2
27
4
A
f
I*
%
¥
1942—Oct.
1946—Apr.
1948—Jan.
Aug.
1950—Aug.
1953—Jan.
I954—Feb.
Apr.
1955—Apr.
Aug.
Sept.
Nov.
1956—Apr.
Aug.
Net demand deposits l
Rate
Date effective
Rate
21/2
30
25
12
13
21
16
5
16
15
5
9
18
13
24
11/4
11/2
Central
reserve
city
banks
Effective date
of change
IVA
Reserve
city
banks
Country
banks
Time deposits
Central
reserve
and
reserve
city
banks
Country
banks
1%
7
3
1917—June 21
?•
In effect Sept. 1, 1956
3
1 Under Sees. 13 and 13a, as described in table above.
2
Preferential rate for advances secured by Govt. securities maturing
or callable in 1 year or less in effect during the period Oct. 30, 1942Apr. 24, 1946. The rate of 1 per cent was continued for discounts of and
advances secured by eligible paper.
NOTE.—Repurchase rate on U. S. Govt. securities. In 1955 and 1956
this rate was the same as the discount rate except in the following periods
(rates in percentages): 1955—May 4-6, 1.65; Aug. 4, 1.85; Sept. 1-2, 2.10;
Sept. 8, 2.15; Nov. 10, 2.375; and 1956—Aug. 24-29, 2.75.
MARGIN REQUIREMENTS 1
[Per cent of market value]
10
191/2
15
IOI/2
121/4
14
22VA
171/2
12
1941_Nov. 1
1942—Aug. 20
Sept. 14
Oct. 3
26
24
22
20
20
14
1948—Feb. 27
June 11
Sept. 1 6 , 2 4 * . . . .
22
24
26
22
16
71/2
1949_May
June
Aug.
Aug.
Aug.
Sept.
24
231/2
23
221/2
22
21
20
191/2
19
I8I/2
18
15
14
13
12
7
6
5
1951—Jan. 11, 1 6 * . . . .
Jan. 25, Feb. 1*.
2VA
13
1936—Aug. 16
1937_Mar. 1
May 1
23
24
19
20
13
14
6
6
1953—July
5
5
lfA
1938—Apr. 16
1,5*
30, July 1*.
1, 11*
16, 1 8 * . . . .
25
1
4^
1*
5
6
'?
5
6
71/2
7
6
5
Regulation T:
For extensions of credit by brokers and
dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks
1
Feb. 20, Jan. 4,
Effec19531955tive
Jan. 4, Apr. 22, Apr. 23,
1955
1955
1955
50
50
60
60
70
70
50
60
19
13
21
20
18
12
20
18
12
5
5
Present statutory
quirements :
Minimum
Maximum
13
26
10
20
7
14
3
6
3
6
1,9*
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 16,24*....
July 29, Aug. 1 *.
In effect Sept. 1, 1956. .
Prescribed in accordance with
Securities Exchange Act of 1934
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.
947
FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday
End of month
1956
Aug. 29
Assets
Gold certificate account
Redemption fund for F. R. notes
Aug. 22
Aug. 15
1956
Aug. 8
Aug. 1
Aug.
1955
July
Aug.
20,321,392 20,321,392 20,321,393 20 ,321,393 20,296,391 20,331,392 20,296,392 20.145,352
847,445
850,253
850,428
852,601
854,781
847,442
854,782
847,549
Total gold certificate reserves.
21,168,837 21,171,645 21,171,821 21,173,994 21,151,172 21,178,834 21,151,174 20,992,901
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.
Total U. S. Government securities.
344,123
389,894
332,247
395,035
318,636
383,585
309,972
386,211
335,440
397,150
320,386
384,831
322,210
396,201
214,237
362,191
469,682
806,186
832,200
717,336
422,085
832,102
451,680
901
18,615
662
930
17,114
927
17,115
939
17,113
961
17,113
959
19,313
2,909
954
17,643
443,338
26,667
585
14,418
807,520
655,870
529,370
529,370
529,370
940,170
549,570 1,039,046
10,932,699 10,932,699 10,932,699 10,932,699 10,932,699 10,932,699
9,153,913 9,153,913 9,153,913 9,153,913 9,153,913 9,153,913
2,801,750 2,801,750 2,801,750 2,801,750 2,801,750 2,801,750
1,932,699 2,520,076
,153,913 17,399,536
1,801,750 2,801,750
23,695,882 23,544,232 23 ,417,732 23, 417,732 23,417,732 23 ,828,532 23,437,932 23,760,408
147,400 .
25,700
23,695,882 23,544,232 23,565,132 23,417,732 23,417,732 23,854,232 23,437,932 23,760,408
Total loans and securities
24,185,742 24,368,462 24,415,374 24,153,120 23,857,891 24,709,515 23,908,209 24,245,416
Due from foreign banks.
Uncollected cash items..
Bank premises
Other assets
22
4,146,839
70,558
249,387
Total assets.
22
22
22
22
22
,645,788 5,258,543 4,089,957 4,591,256 3,675,968
70,310
70,243
69,721
69,685
70,496
238,029
227,458
214,138
202,003
252,823
22
22
,278,840 3,838,819
58,016
69,683
168,094
200,279
50,555,402 51,221,538 51,845,682 50,397,135 50,604,619 50,592,875 50,326,618 49,879,696
Liabilities
Federal Reserve notes
Deposits:
Member bank reserves
,
U. S. Treasurer—general account.
Foreign
.-...,
Other
,
26,415,199 26,394,786 26,418,328 26,400,675 26,363,978 26,509,778 26,370,250 26,003,697
18,319,893 18,758
489,847
553;
362,388
303;
263,608
252;
Total deposits.
18,761,902 18,242,973 18,322,293 18,888,238 18,307,716 18 ,367,675
393,495
504,852
552;
560, 818
512,920
"'"
421,537
387,189
294,750
308,308
288!
277, 149
349,949
383,257
266,863
287,535
273, 418
251,608
276!
19,435,736 19,868,327 19,879,135 19,354,358 19,388,758 19,911,332 19,416,479 19,531,616
Deferred availability cash items
Other liabilities and accrued dividends.
Total liabilities.
3,440,814 3,706 144 4,304,931 3,410,671 3,630,493 2,905,081
17,951
16,824
13,903
18,324
14,306
16 246
,319,556
14,343
173,643
14,850
49,309,700 49,985,503 50,619,218 49,180,010 49,397,132 49,344,515 49,120,628 48,723,806
Capital Accounts
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Other capital accounts
317,979
693,612
27,543
206,568
Total liabilities and capital accounts.
317,813
693,612
27,543
197,067
317,747
693,612
27,543
187,562
317,534
693,612
27,543
178,436
317,468
693,612
27,543
168,864
318,153
693,612
27,543
209,052
317,236
693,612
27,543
167,599
296,872
660,901
27,543
170,574
50,555,402 51,221,538 51,845,682 50,397,135 50,604,619 50,592,875 50,326,618 49,879,696
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
46.2
45.8
45.7
46.3
46.2
45.6
46.2
46.1
51,081
2,506
52,412
2,507
50,405
2,497
49,614
2,483
47,922
2,420
50,785
2,447
47,927
2,427
27,186
3,417
832,102
808,505
23,412
451,680
446,599
4,838
470,005
436,800
33,141
185
959
3
64
572
320
243
954
2
165
456
331
6A
585
15
93
357
120
22,222
6,773
15,449
23 ,854,232
113,780
852,090
19 ,372,764
1 ,087,127
1 ,013,614
1 ,414,857
17,643
5,886
11,757
23 ,437,932
94,920
454,650
11 ,432,699
9 ,027,192
1 ,013,614
1 ,414,857
14,418
5,227
9,191
23 ,760,408
223,400
815,646
18 ,205,764
2 ,087,127
1 ,013,614
1 ,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
469,682
462,360
7,137
806,186
786,914
19,085
832,200
824,991
7,009
185
901
3
385
91
422
187
930
2
163
444
321
200
927
176
430
321
202
939
1
167
440
331
19,277
4,981
14,296
23,695,882
165,680
641,840
19,372,764
1,087,127
. . . . 1,013,614
1,414,857
17,114
5,442
11,672
?3 ,544,232
201,250
454,620
19 ,372,764
1 ,087,127
1 ,013,614
1 ,414,857
17,115
6,338
10,777
73 ,565,132
304,070
372,700
19 ,372,764
,087,127
1 ,013,614
1 ,414,857
17,113
6,798
10,315
23 ,417,732
142,470
386,900
19 ,372,764
1 ,087,127
1 ,013,614
1 ,414,857
1
Holdings under reourchase agreements are classified as maturing
within 15 days in accordance with maximum maturity of the agreements.
717,336
710,020
7,114
422,085
417,454
4,388
243
961
1
172
457
331
17,113
5,794
11,319
23 ,417,732
115,420
413,950
19 ,372,764
\ ,087,127
1 ,013,614
1 ,414,857
948
FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON AUGUST 31, 1956
[In thousands of dollars
Item
Boston
New
York
Philadelphia
Cleveland
Richmond
Gold certificate account
Redemption fund for F. R.
notes
938,073 5,381,548 ,044,452 1,754,113 1,264,353
Total gold certificate reserves.
F. R. notes of other Banks...
Other cash
Atlanta Chicago
Kansas
City
San
Francisco
Dallas
769,025 2,560,388
368,278
812,245
153,815
42,635
23,175
42,246
996,690 5,556,808 ,105,190 1,827,609 1,333,738 943,578 3,919,324
822,949
391,453
854,491
10,694
22,023
20,387
9,617
8,109
12,898
16,943
13,819
28,104
42,739
64,300
22,901
140
49
74,182
22,065
240
7,200
40,020
32,274
175,260
45,257
82,603
60,738
42,872
26,716
73,496
17,956
40,847
69,385
20,686
20,993
50,484
50,655
29,486
18,703
50,816
Discounts and advances:
Secured by U. S. Govt.
securities
64,195
56,099
38,620
204,170
94,075
55,700 114,165
Other
14,000
45
5
Industrial loans
610
300
Acceptances:
Bought outright
19,313
Held under repurchase
2,909
agreement
U. S. Govt. securities:
Bought outright
1,309,759 5,997,117 ,431,881 2,061,001 1,467,099 1,225,239 4,157,412
Held under repurchase
agreement
25,700
Total loans and securities.... 1,348,684 6,249,209
510,686 2,155,076 1,523,243
Due from foreign banks
Uncolleoted cash items
Bank premises
Other assets
2
213,926
4,871
14,870
Total assets.
Minneapolis
780,314
58,617
893,094 3,765,509
St.
Louis
250,012
5,385
13,591
1
6
658,939
8,726
61,277
2
360,191
7,402
21,884
1
290,383
6,984
15,354
25,710
71,881
794,735 2,632,269
994,841
538,215 1,032,490
947,041 2,666,437
,280,939 4,271,577 1,059,141
561,305 1,106,672
969,346 2,673,637
269,725
3,986
13,832
3
626,870
5,928
46,470
1
151,805
4,043
10,309
1
106,178
4,593
5,672
1
182,988
4,170
10,762
1
198,201
3,425
10,653
2
366,750
10,983
28,149
2,686,657 12,662,825 2,919,133 4,430,967 3,211,382 2,592,202 8,939,691 2,080,965 ,099,206 2,180,091 2,007,123 5,782,633
Liabilities
F. R. notes
1,580,907 6,107,071 1,726,334 2,468,133 2,043,264 ,309,465 5,142,356 1,175,780 502,233 1,052,862 707,853 2,693,520
Deposits:
Member bank reserves
767,362 5,348,519 875,841 1,496,012 811,592 941,752 3,034,310 684,515 443,372 898,042 1,021,699 2,565,222
U. S. Treasurer—general
24,723
29,578
37,494
26,551
26,046
72,114
24,362
account
30,638
33,100
26,300
55,448
35,183
37,195
13,452
297,168
25,488
Foreign
32,214
18,054
8,850
13,452
20,886
18,054
15,576 49,560
37,646
187,049
9,802
7,777
Other
1,455
1,000
852
641
2,119
1,936
578
753
Total deposits
821,005 5,704,850 935,493 1,562,781 857,882 993,264 3,139,896 735,322 479,625 938,181 1,078,247 2,664,786
Deferred availability cash
items
,
Other liabilities and accrued
dividends
Total liabilities
209,702
501,915
167,725
285,513
242,938
230,870
475,036
120,126
84,731
138,461
158,616
289,448
1,122
4,720
866
2,062
954
833
3,488
728
468
111
607
1,699
2,612,736 12,318,556 2,830,418 4,318,489 3,145,038 2,534,432 8,760,776 2,031,956 1,067,057 2,130,281 1,945,323 5,649,45
Capital Accounts
Capital paid in
Surplus (Sec. 7)
Surplus (Sec. 13b)
Other capital accounts.
16,355
41,667
3,011
12,888
91,897
195,827
7,319
49,226
20,441
49,491
4,489
14,294
30,358
62,563
1,006
18,551
14,597
35,012
3,349
13,386
14,940
30,841
762
11,227
42,454
101,894
1,429
33,138
10,910
27,649
521
9,929
7,063
17,586
1,073
6,427
12,789
25,960
17,544
33,847
1,137
1,307
9,924
9,102
38,805
71,275
2,140
20,960
Total liabilities and capital
accounts
2,686,657 12,662,825 2,919,133 4,430,967 3,211,382 2,592,202 8,939,691 2,080,965 1,099,206 2,180,091 2,007,123 5,782,633
Reserve ratio
Contingent liability on acceptances purchased for
foreign correspondents
Industrial loan commitments.
41.5%
47.0%
41.5%
45.3%
46.0%
41.0%
47.3%
43.1%
39.9%
3,044
313,942
3,715
4,696
2,632
2,270
7,224
1,961
1,290
20
193
1 After deducting $16,000 participations of other Federal Reserve Banks.
2 After deducting $252,756,000 participations of other Federal Reserve
Banks.
106
42.9%
44.5%
49.1%
1,961
2,632
5,418
2,128
3 After deducting $36,843,000 participations of other Federal Reserve
Banks.
949
FEDERAL RESERVE BANKS
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS
[In thousands of dollars]
FEDERAL RESERVE BANKS COMBINED
Wednesday
End of month
1956
Item
Aug. 29
Aug. 22
1956
Aug. 15
Aug. 8
Aug
1
1955
July
Aug
Aug.
27 ,365,863 27 ,319,231 27,301 054 27 ,288, 289 27 ,280 ,150 27 ,380, 017 27, 313, 323 26 ,899,655
F R notes outstanding (issued to Bank)
Collateral held against notes outstanding:
Gold certificate account
Eligible paper
U S Government securities
11 ,498,000 11 ,498,000 11,498 000 11 ,498, 000 11 ,498 ,000 11 498 000 11 498 000 11 ,153,000
112,402
91,032
677
178 800
060
203,113
16 ,985,000 16 ,985,000 16,985 000 16 ,985] 000 16 ,985 ^000 16 ,985] 000 16, 985^ 000 17 ,055,000
28 ,595,402 28 ,574,032 28,661 800 28 ,683, 935 28 ,615 ,390 28 ,691, 67728, 615, 060 28 ,411,113
Total collateral
!
EACH FEDERAL RESERVE BANK ON AUGUST 31, 1956
Item
Boston
New
York
Philadelphia
Richmond
Cleveland
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
F. R. notes outstanding
(issued to Bank)
1,645, 536 6,283,636 1,809,518 2,546,391 2,098,856 1,362,948 5, 218,979 1,216,588 552,511 1,079,723 748,168 2 ,817,163
Collateral held:
Gold certificate acct.. 580, 000 2,870,000 650,000 1,090,000 845,000 500,000 2, 300,000 450,000 150,000 280,000 283,000 1,500,000
70,195
64,300
74,182
Eligible paper
U. S. Govt. securities. 1,200,000 3,600,000 1,200,000 1,500,000 1,300,000 1,000,000 3,000,000 900,000 460,000
000 525,000 1,500,000
Total collateral
1,780,000 6,470,000 1,920,195 2,590,000 2,145,000 1,500,000 5,300,000 1,414,300 610,000! 1,154,182 808,000 3,000,000
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
LOANS GUARANTEED UNDER REGULATION
[Amounts in millions of dollars]
[Amounts in thousands of dollars]
Applications
approved
to date
End of
year or
month
Participations
Commit- of financproved
Loans
ments
ing instibut not
out- 2
outtutions
com- standing
standing
outpleted i (amount) (amount)
standing 3
(amount)
(amount)
End of
year or
month
Number
1950
1951
1952
1953
1954
Amount
3,698
3,736
3,753
3,765
3,771
651,389
710,931
766,492
803,429
818,224
4,819
3,513
1,638
1,951
520
2,632
4,687
3,921
1,900
719
3,754
65036
3,210
3,569
1,148
5,745
1: ,985
5,289
5,469
* ,027
3,775
3,777
3,777
3,777
3,777
3,778
824,847
825,161
825,282
825,666
826,111
826,853
170
45
45
45
45
305
489
586
700
693
704
702
3,265
3,416
2,795
2,751
2,339
2,293
,305
1,392
,230
,224
,107
1,103
3,778
3,778
3,778
3,779
3,780
'3,780
3,781
827,159
827,529
828,016
828,846
829,485
r
830,116
830,630
45
45
45
45
45
693
695
658
945
933
904
954
2,470
2,444
2,455
2,455
2,571
2,565
2,427
1,154
,152
1,132
1,128
,288
1,287
1,262
Jan
Feb
Mar
Apr
May
June
July
Total
amount
Portion
guaranteed
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
Number
Amount
31
1,395
2,124
2,358
2,500
8
675
979
805
472
6
547
803
666
368
8
473
586
364
273
1,392
1,396
1,400
1,402
1,404
1,411
July
Aug
Sept
Oct
Nov
Dec
2,544
2,552
2,557
2,564
2,568
2,575
296
291
281
269
281
294
225
221
217
210
217
226
211
207
204
202
192
170
1,415
1,419
1,427
1,432
1,435
1,441
1,445
2,581
2,636
2,654
2,657
2,663
2,710
2,724
281
298
338
335
340
363
364
216
228
253
250
256
270
273
178
170
167
180
175
186
176
1955
1956
1956
Jan
Feb
Mar
Apr
May
June
July
Loans
outstanding
62
854
1,159
1,294
1,367
1950
1951
1952
1953
1954
1955
July
Aug
Sept
Oct
Nov
Dec
Loans
authorized
to date
r
75
Revised.
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
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.
950
BANK DEBITS
FEES AND RATES ON LOANS GUARANTEED
UNDER REGULATION Vi
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1
[In effect August 31. Per cent per annum]
[In effect August 31]
To industrial or
commercial
businesses
Federal
Reserve
Bank
Boston
New Y o r k . . .
Philadelphia. .
Cleveland....
Richmond...
Atlanta
Chicago
St. Louis
Minneapolis. .
Kansas City..
Dallas
San Francisco
Fees Payable to Guaranteeing Agency by Financing
Institution on Guaranteed Portion of Loan
To financing institutions
On discounts or
purchases
On
loans 2
On
commit- Portion
ments for which
institution is
obligated
Remain-
On
commitments
ing
portion
4-5
%
21/2-5
31/2-51/2
3-51/2
31/2-51/2
3-51/2 I
31/2-51/2!
3-51/2
3-51/2
2-W2
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]
3-5i/2
3-31/2
3-51/2
Am
2-I Vs
-I %
:fc
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 1/2 per cent per annum
is made on undisbursed portion.
7
Charge of lA per cent per annum is made on undisbursed portion.
Interest rate
Commitment rate.
1 Schedule of fees and rates established by the Board of Governors on
loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act
of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing
agencies in these transactions, and the procedure is governed by Regulation V of the Board of Governors.
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits to demand deposit accounts,
except interbank and
U. S. Government accounts
Year or month
Total, all
reporting
centers
1,227,476
1,206,293
1,380,112
1,542,554
1,642,853
1,759,069
1,887,366
2,043,548
1948
I949
1950
1951
1952
I953
I954
I955
1955
June
July
Sept
Oct
Dec
1956 Jan
Feb
Mar
Apr
Miay
July
Aug
New
York
City
Without seasonal adjustment
Seasonally adjusted 3
337 other
6
reporting
other
centers 1 centers 2
New
York
City
443,216
446,224
509,340
544,367
597,815
632,801
738,925
766,890
270,912
260,897
298,564
336,885
349,904
385,831
390,066
431,651
513,348
499,172
572,208
661,302
695,133
740,436
758,375
845,007
26.9
27.9
31.1
31.9
34.4
36.7
42.3
42.7
21.6
20.9
22.6
24.0
24 A
25.6
25.8
27.3
16.6
15.9
17.2
18.4
18.4
18.9
19.2
20.4
177,917
161,748
167,343
168,967
175,779
173,190
200,523
67,634
58,904
58,980
62,550
67,568
63,406
81.027
37,569
34,123
35,863
35,126
35,803
36,876
40,193
72,714
68,721
72,499
71,291
72,409
72,908
79,303
44.7
40.7
38.2
43.5
44.7
45.4
51.3
28.3
26.6
25.9
27.4
26.5
29.0
28.1
20.8
20.4
19.9
21.1
20.3
22.0
21.6
41.4
41.7
187,361
162,105
189,793
176,760
185,584
186,540
181,284
183,819
69,675
57,413
73,214
65,715
69,452
70,733
65,873
67,279
40,718
35,143
40,132
37,763
38,766
38,937
38,653
38,206
76,967
69,549
76,447
73,282
77,367
76,870
76,757
78,333
45.7
41.1
47.2
45.4
46.0
47.0
45.9
44.4
29.5
27.5
29.7
30.1
28.7
28.9
29.6
^27.3
21.7
21.0
20.8
21.5
21.7
21.6
22.4
*21.2
P Preliminary.
1 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los
Angeles.
Annual rate of turnover of demand deposits except
interbank and U. S. Government deposits
6
337 other
reporting
other
centers 1 centers 2
New
York
City
6
337 other
other
reporting
centers * centers2
46.1
45.9
45.4
27.7
27.1
28.3
27.7
27.3
28.6
26.9
20.8
20.7
21.2
20.8
20.3
45.5
42.2
46.0
46.1
47.2
43.5
47.1
51.3
30.1
28.2
27.1
29.2
29.1
28.3
30.2
^29.8
21.5
21.1
20.9
22.2
22.1
21.6
22.7
*>22.6
44.2
42.4
20.9
20.5
2 338 centers prior to April 1955.
3
These data are compiled by the Federal Reserve Bank of New York.
NOTE.—For description see BULLETIN for April 1953, pp. 355-357.
951
CURRENCY
DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION
[On basis of compilation by United States Treasury.
Coin and small denomination currency
Total
in circulation 1
Total
Coin
1939
1941
1945
1947
1949
1950
1951
1952
1953
1954
7 598
11,160
28 515
28,868
27,600
27 741
29,206
30,433
30,781
30,509
5,553
8,120
20,683
20,020
19,025
19,305
20,530
21,450
21,636
21,374
1955_j u ly
Aug
Sept
Oct
Nov
Dec
30,244
30 317
30,422
30,559
30 993
31,158
1956—Jan
Feb .
Mar
30,228
30 163
30,339
30,210
30,513
30,715
30,604
End of year or
month
Apr
May. . .
June
July
In millions of dollars]
Large denominatioil currency
$12
$2
$5
$10
$20
Total
$50
$100
$500
1,274
1,404
1,484
1,554
1,654
1,750
1,812
1,834
559
695
,039
,048
,066
1,113
1,182
1,228
1,249
1,256
36
44
73
65
62
64
67
71
72
71
1,019
1,355
2,313
2,110
2,004
2,049
2,120
2,143
2,119
2,098
191
261
454
428
382
368
355
343
333
321
425
556
801
782
689
588
556
20
24
7
5
4
4
4
512
486
4
4
464
3
15
,228
,234
,252
1,270
1,288
,312
72
72
72
72
73
75
2,052
2,055
2,072
2., 088
2,129
2,151
2,652
2,657
2,653
2,655
2,687
2,736
5,475
5,489
5,518
5,538
5,579
5,641
310
309
308
306
306
307
445
444
442
440
438
438
3
3
4
4
3
3
9
9
9
9
9
12
21,236
21,227
21,419
21,320
21,621
21,801
21,709
1,897
1,900
,914
,922
1,939
1,948
,957
,239
,231
,244
,241
,264
,262
,258
73
73
73
73
73
74
74
2,049
2,042
2,067
2,053
2,048
3,044
7,834
8,850
8,578
8,438
8,678
8,985
9,146
9,136
8,894
8,911
8,933
8,951
9,023
9,136
8,992
8,936
8,920
8,890
8,892
8,914
8,895
919
1,433
4,220
5,070
5,056
5,043
5,207
5,447
5,581
5,612
1,865
1,878
1,887
1,900
1,922
1,927
1,576
2,545
9,201
9,119
8,512
8,529
9,177
9,696
9,819
9,665
9,668
9,692
9,711
9,767
9,917
9,940
9,618
9,588
9,635
9,602
9,716
9,838
9,840
460
724
2,327
2,548
2,435
2,422
2,544
2,669
2,732
2,720
21,351
21,406
21,489
21,609
21,971
22,021
1,772
2,731
6,782
6,275
5,897
5,998
6,329
6,561
6,565
6,450
6,466
6,476
6,495
6,513
6,642
6,617
6,361
6,392
6,486
6,430
6,539
6,589
6,514
2,684
2,665
2,662
2,654
2,662
2,676
2,674
5,560
5,528
5,518
5,500
5,498
5,505
5,500
303
302
433
430
3
3
9
9
300
299
298
296
294
428
425
423
421
415
3
4
3
3
3
9
9
8
13
8
590
751
2,090
2,090
2,065
i Outside Treasury and Federal Reserve Banks. Prior to December
1955 the totals shown as in circulation were less than totals of coin and
$1,000 $5,000 $10,000
32
46
24
17
11
12
12
10
11
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]
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
Julv 31 1956
June 30 1956
July 31 1955
Total outstanding, As security
July 31,
against
1956
gold and Treasury
cash
silver
certificates
21 830
21 185
27,313
5,035
21 185
2645
'"^2,416"
73
44
489
2 203
12,416
1,319
465
347
147
64
212
2 203
1
23 600
23,562
23,447
18,336
July 31,
1956
June 30,
1956
July 31,
1955
2,816
1,265
396
33
25,975
4,595
33
26,055
4,626
34
25,644
4,566
33
4
6
1
2
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. 944.
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
For
F. R.
Banks
and
agents
Currency in circulation *
Held by
F. R.
Banks
and
agents
300
51
8
31
2
2,116
1,262
456
313
145
64
4 477
4,233
4,308
30 604
761
768
798
18 336
18,293
18,179
239
237
224
2,150
1,259
453
318
147
64
2,156
1,206
435
317
161
67
30 715
30,244
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.
952
ALL BANKS
CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1
[Figures partly estimated except on call dates.
In millions of dollars]
Liabilities
and Capital
Assets
Other
securities
Total
assets,
netTotal
liabilities
and
capital,
net
Bank credit
Date
1929—June
1933—June
1939—Dec.
1941—Dec.
1945—Dec.
1947_Dec.
1950—Dec.
1952—Dec.
1953—Dec.
1954—Dec.
1955_june
29.
30.
30.
31.
31.
31.
30.
31.
31.
31.
30.
1955_j u ly 27.
Aug. 31.
Sept. 28.
Oct. 26.
Nov. 30.
Dec. 31.
1956—Jan. 25 *•
Feb. 29 v.
Mar. 28"
Apr. 25^
May 30*>,
June 27",
July 25*.
Gold
4,037
4,031
17,644
Treasury
currency
outstanding
U. S. Government obligations
Total
Commercial
and
savings
banks
Federal
Reserve
Banks
Other
Loans,
net
Total
Total
deposits
and
currency
Capital
and
misc.
accounts,
net
20,065
22,754
22,706
23,187
22,030
21,713
21,678
2,019
2,286
2,963
3,247
4,339
4,562
4,636
4,812
4,894
4,985
5,002
58,642
42,148
54,564
64,653
167,381
160,832
171,667
192,866
199,791
210,988
209,872
41,082
21,957
22,157
26,605
30,387
43,023
60,366
75,484
80,486
85,730
91,349
5,741
10,328
23,105
29,049
128,417
107,086
96,560
100,008
100,935
1C4.819
97,572
5,499
8,199
19,417
25,511
101,288
81,199
72,894
72,740
72,610
77,728
71,947
216
1,998
2,484
2,254
24,262
22,559
20,778
24,697
25,916
24,932
23,607
26
131
1,204
1,284
2,867
3,328
2,888
2,571
2,409
2,159
2,018
11,819
9,863
9,302
8,999
8,577
10,723
14,741
17,374
18,370
20,439
20,951
64,698
48,465
75,171
90,637
191,785
188,148
199,009
220,865
226,715
237,686
236,552
55,776
42,029
68,359
82,811
180,806
175,348
184,384
204,220
209,175
218,882
217,595
8,922
6,436
6,812
7,826
10,979
12,800
14,624
16,647
17,538
18,806
18,956
21,700
21,700
21,700
21,700
21,700
21,690
21,700
21,700
21,700
21,700
21,800
21,800
21,800
5,000
5,000
5,000
5,000
5,000
5,008
5,000
5,000
5,000
5,000
5,000
5,000
5,000
211,400 92,000
211,100 93,200
211,900 94,600
214,000 95,800
214,400 97,800
217,437 100,031
214,200 98,900
213,100 99,400
214,900 101,700
214,900 102,600
214,700 103,400
215,700 105,200
214,800 105,000
98,600
96,900
96,400
97,300
96.000
96i736
94,800
93,000
92,500
91,600
90,800
90,000
89,400
72,400
71,200
70,700
71,400
69,800
70,052
69,400
67,600
67,000
66,500
65,600
64,700
64,200
24,100
23,800
23,700
24,000
24,300
24,785
23,500
23,500
23,600
23,300
23,400
23,500
23,400
2,000
2,000
2,000
1,900
ls900
1,899
1,900
1,900
1,900
1,900
1,900
1,800
1,800
20,900
20,900
20,900
20,800
20,600
20,670
20,600
20,700
20,700
20,700
20,500
20,500
20,400
238,100
237,800
238,600
240,700
241,100
244,135
240,900
239,800
241,700
241,700
241,500
242,600
241,600
218,800
218,200
218,800
220,700
221,200
224,943
221,000
219,900
221,600
221,200
221,200
222,600
221,400
19,300
19,600
19,800
20,000
19,900
19,193
19,900
20,000
20,100
20,400
20,300
19,900
20,200
22,mi
Details of Deposits and Currency
Deposits adjusted and currency
U. S. Govt. balances
Date
1929—June
1933—June
1939—Dec.
1941— Dec.
1945—Dec.
1947__Dec.
1950—Dec.
1952—Dec.
1953—Dec.
1954—Dec.
1955—June
29
30
30
31
31
31
30
31
31
31
30
1955—July 27
Aug. 31
Sept. 28
Oct. 26
Nov. 30
Dec. 31
1956—Jan. 25*
Feb. 2 9 P
Mar. 2 8 P
Apr. 25*
May 30*
June 27?'
July 25 P
Foreign
bank
deposits,
net
365
50
1,217
1,498
2,141
1,682
2,518
2,501
2,694
3,329
3,247
,300
,100
,200
,200
,200
,167
,100
3,000
3,000
3,000i
3,000
3,000
3,100
Treasury
cash
holdings
At
commercial F.At
R.
and
savings Banks
banks
Time deposits2
Total
Total
Currency
outside
banks
Total
demand
deposits
adjusted
and
currency
Demand
deposits
adjusted
Currency
outside
banks
204
381
852
264
846
2,409
1,895
2,215
2,287 24,608
1,336
1,452
2,989
1,293
5,259
1,270
761 4,457
796 4,510
812 5,418
36
35
634
867
977
870
668
389
346
563
380
54,790
40,828
63,253
76,336
150,793
170,008
176,916
194,801
200,917
209,684
207,738
28,611
21,656
27,059
27,729
48,452
56,411
59,247
65,799
70,375
75,282
77,129
19,557
10,849
15,258
15,884
30,135
35,249
36,314
40,666
43,659
46,844
47,846
8,905
9,621
10,523
10,532
15,385
17,746
20,009
22,586
24,358
26,302
27,277
149
1,186
1,278
1,313
2,932
3,416
2,923
2,547
2,359
2,136
2,007
22,540
14,411
29,793
38,992
75,851
87,121
92,272
101,508
102,451
106,550
103,234
3,639
4,761
6,401
9,615
26,490
26,476
25,398
27,494
28,091
27,852
27,375
111,100 85,200 25 ,900
114,300
89,700 24 ,600
124,700 97,800 26 ,900
126,700 99,500 27 ,200
129,700 102,800 26 ,900
131.900 104,900 27 ,000
6,100
5,200
4,500
4,900
4,500
4,038
2,300
4,000
6,500
4,400
5,800
5,400
3,600
500
400
500
500
500
394
500
600
500
600
400
600
600
208,100
208,600
209,700
211,300
212,200
216,577
214,400
211,600
210,800
212,400
211,200
212,900
213,400
77,100
77,400
77,700
77,900
77,400
78,378
78,400
78,800
79,300
79,300
79,600
80,300
80,600
47,700
48,000
48,100
48,200
47,700
48,359
48,300
48,500
48,800
48,800
49,000
49,500
49,600
27,400
27,500
27,700
27,800
27,800
28,129
28,300
28,400
28,600
28,700
28,900
29,100
29,200
2,000
2,000
1,900
1,900
1,900
1,890
1,900
1,800
1,800
1,800
1,800
1,800
1,700
103,900
103,900
104,900
106,100
106,900
109,914
108,900
105,600
104,400
106,100
104,200!
105,100
105,300
27,100
27,300
27,200
27,300
27,900
28,285
27,100
27,200
27,200
27,000
27,400
27,500
27,500
132,700
132,700
133,300
132,000
132,900
133,300
133,300
132,700
133,100
134,400
133,200
134,400
134,500
800
800
800
800
800
767
800
800
800
800
800
800
800
*1 Preliminary.
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. For back figures, see BULLETIN for March
1955, pp. 252-255, and this table in subsequent issues.
Demand
Com- Mutual Postal
demercial savings Savings posits 4
banks banks 3 System
Seasonally adjusted series 3
105,500 27,200
105,500 27,200
106,200 27,100
104,800 27,200
105,400 27,500
105,800 27,500
106,000127,300
105,400127,300
105,600127,500
107,200 27,200
105,700 27,500
106,800 27,600
106,900127,600
NOTE.—For description of statement and back figures, see BULLET IN
for January 1948, pp. 24-32. The composition of a few items differs
slightly from the description in the BULLETIN article: stock of Federal
Reserve Banks held by member banks is included in other securities and
in capital and miscellaneous accounts, net, and balances of the Postal
Savings System and the Exchange Stabilization Fund with the U. S.
Treasury are netted against capital and miscellaneous accounts, net,
instead of against U. S. Govt. deposits and Treasury cash. Total deposits
and currency shown in the monthly Chart Book excludes foreign bank deposits, net, and Treasury cash. Except on call dates, figures are rounded
to nearest $100 million and may not add to the totals.
953
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES*
[Figures partly estimated except on call dates.
Amounts in millions of dollars]
Deposits
Loans and investments
Class of bank
and date
Total
All banks:
1939—Dec.
1941_Dec.
1945_Dec.
1947_Dec.
1950—Dec.
1953—Dec.
1954—Dec.
1955—June
July
Dec.
1956—Jan.
Feb.
Mar.
Apr.
May
June
July
Loans
U. S.
Govt.
obligations
Other
securities
Total
assets—
Total
liaCash
bilities
assets 2
and
capital
accounts 3
Other
Total 2
Interbank 2
Total
capital
accounts
Demand
Number
of
banks
Time
U. S.
Govt.
Other
50,884
61,126
140,227
134,924
148,021
171,497
183,784
184.253
186;190
190,780
189,530
188,700
190,510
190,770
190,550
191,550
190,680
22,165
26,615
30,362
43,002
60,386
80,518
85,617
91.355
92,930
100,057
99,600
100,360
102,770
103,570
104,500
106,370
106,070
19,417
25,511
101,288
81,199
72,894
72,610
77,728
71.947
72,410
70,052
69,380
67,640
67,020
66,490
65,560
64,660
64,210
9,302
8,999
8,577
10,723
14,741
18,370
20,439
20.951
20,850
20,670
20,550
20,700
20,720
20,710
20,490
20,520
20,400
23,292
27,344
35,415
38,388
41,086
45,811
44,585
42.014
40,720
47,803
41,170
41,430
40,850
40,750
40,890
41,630
40,910
77,068
90,908
177,332
175,091
191,317
220,140
231,654
229,631
230,240
242,008
234,180
233,720
234,910
235,070
235,010
236,770
235,220
68,242
81,816
165,612
161,865
175,296
201,100
211,115
208.850
207,900
220,441
211,040
210,130
211,140
211,070
210,890
212,780
211,250
9,874
10,982
14,065
13,033
14,039
15,957
16,811
15,245
14,490
16,646
14,550
14,060
14,210
14,220
13,690
14,470
14,560
32,516
44,355
105,935
1,346 94,381
2,809 101,936
4,149 112,639
4,176 116,617
5,081 113,034
5,740 112,240
3,712 123,239
2,010 117,600
3,640 115,140
6,170 112,930
4,110 114,910
5,450 113,580
5,070 114,330
3,290 114,250
25,852
26,479
45,613
53,105
56,513
68,354
73,510
75,491
75,430
76,844
76,880
77,290
77,830
77,830
78,170;
78,910l
79,150
8,194
8,414
10,542
11,948
13,837
16,118
17,270
17,663
17,750
18,112
18,160
18,360
18,410
18,580
18,710
18,730
18,800
15,035
14,826
14,553
14,714
14,650
14,509
14,367
14,309
14,303
14,243
14,250
14,230
14,229
14,224
14,218
14,209
14,204
AH commercial banks:
1939—Dec. 3 0 . . . . . . . .
1941_Dec. 31
1945__Dec. 31
1947_Dec. 314
1950—Dec. 30
1953—Dec. 31
1954_Dec. 31
1955—Tune 30
July 27
Dec. 31
1956—Jan. 25*
Feb. 29*
Mar. 28*>
Apr. 25*
May 30?
June 27*
July 25?
40,668
50,746
124,019
116,284
126,675
145,687
155,916
155,264
156,990
160,881
159,410
158,350
159,910
160,040
159,600
160,470
159,400
17,238
21,714
26,083
38,057
52,249
67,593
70,619
75.183
76,570
82,601
81,980
82,540
84,730
85,340
86,030
87,720
87,250
16,316
21,808
90,606
69,221
62,027
63,426
68,981
63,271
63,700
61,592
60,900
59,170
58,540
58,060
57,170
56,360
55,910
7,114
7,225
7,331
9,006
12,399
14,668
16,316
16,80^
16,720
16,688
16,530
16,640
16,640
16,640
16,400
16,390
16,240
22,474
26,551
34,806
37,502
40,289
44,828
43,559
41,025
39,790
46,838
40,260
40,530
39,960
39,920
40,060
40,720
40,060
65,216
79,104
160,312
155,377
168,932
193,010
202.378
199,249
199,710
210,734
202,730
202,040
202,980
203,070
202,780
204,340
202,650
57,718
71,283
150,227
144,103
155,265
176,702
184,757
181,516
180,470
192,254
182,720
181,670
182,440
182,330
181,980
183,590
181,980
9,874
10,982
14,065
13,032
14,039
15,955
16,809
15,242
14,490
16,643
14,550
14,060
14,210
14,220
13,690
14,470
14,560
32,513
44,349
105,921
1,343 94,367
2,806 101,917
4,146 112,604
4,172 116,567
5,078 112.983
5,740 112,190
3,709 123,187
2,010 117,550
3,640 115,090
6,170 112,870
4,110!ll4,860
5,450)113,520
5,070 114,270
3,290 114,190
15,331
15,952
30,241
35,360
36,503
43,997
47,209
48.214
48,050
48,715
48,610
48,880
49,190
49,140
49,320
49,780
49,940
6,885
7,173
8,950
10,059
11,590
13,559
14,576
14,906
14,980
15,300
15,340
15,510
15,550
15,710
15,820
15,840
15,900
14,484
14,278
14,011
14,181
14,121
13,981
13.840
13,781
13,776
13,716
13,723
13,703
13,702
13,697
13,691
13,682
13,677
All member banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1953—Dec. 31
1954_Dec. 31
1955—June. 30
July 27
Dec. 31
1956—Jan. 25*
Feb. 29*
Mar. 28?
Apr. 25*
May 30*
June 27*
July 25*
33,941
43,521
107,183
97,846
107,424
122,422
131,602
130,788
132,331
135,360
133,999
133,008
134,582
134,643
134,114
135,054
133,966
13,962
18,021
22,775
32,628
44,705
57,762
60,250
64,315
65,647
70,982
70,329
70,812
72,860
73,386
73,930
75,505
75,005
14,328
19,539
78,338
57,914
52,365
52,603
57,809
52.543
52,838
50,697
50,133
48,571
48,084
47,639
46,818
46,199
45,763
5,651
5,961
6,070
7,304
10,355
12,057
13,543
13.930
13,846
13,680
13,537
13,625
13,638
13,618
13,366
13,350
13,198
19,782
23,123
29,845
32,845
35,524
39,381
38,076
36.300
35,152
41,416
35,366
35,697
35,129
35,101
35,279
35,820
35,160
55,361
68,121
138,304
132,060
144,660
163,983
172,242
169,686
170,058
179,414
172,055
171,491
172,455
172,483
172,156
173,655
171,934
49,340
61,717
129,670
122,528
133,089
150,164
157,252
154,670
153,657
163,757
154,952
154,064
154,870
154,715
154,405
155,923
154,215
9,410
10,525
13,640
12,403
13,448
15,170
15,983
14,462
13,744
15,865
13,850
13,384
13,541
13,541
13,044
13,806
13,874
743 27,489
1,709 37,136
22,179 69,640
1,176 80,609
2,523 87,783
3,756 96,024
3,715 99,604
4,656 96,742
5,264 95,996
3,327 105,400
1,693 100,360
3,278 98,136
5,620 96,197
3,666 98,037
4,912 96,827
4,574 97,520
2,860 97,381
11,699
12,347
24,210
28,340
29,336
35,213
37,950
38,810
38,653
39,165
39,049
39,266
39,512
39,471
39,622
40,023
40,100
5,522
5,886
7,589
8,464
9,695
11,316
12,210
12.461
12,517
12,783
12,813
12,966
13,005
13,134
13,234
13,257
13,304
6,362
6,619
6,884
6,923
6.873
6,743
6,660
6,611
6,603
6,543
6,540
6,525
6,521
6,517
6,510
6,502
6,494
10,216
10,379
16,208
18,641
21,346
25,810
27,868
28.990
29,200
29,898
30,120
30,350
30,600
30,730
30,950
31,080
31,280
4,927
4,901
4,279
4,944
8,137
12,925
14,998
16,172
16,360
17,456
17,620
17,820
18,040
18,230
18,470
18 650
18,820
3,101
3,704
10,682
11,978
10,868
9,184
8,748
8,675
8,710
8,460
8,480
8,470
8,480
8,430
8,390
8,300
8,300
2,188
1,774
1,246
1,718
2,342
3,701
4,123
4,142
4,130
3,982
4,020
4,060
4,080
4,070
4,090
4,130
4,160
818
793
609
886
797
983
1,026
989
930
965
910
900
890
830
830
910
850
11,852
11,804
17,020
19,714
22,385
27,130
29,276
30,382
30,530
31,274
31,450
31,680
31,930
32,000
32,230
32,430
32,570
10,524
10,533
15,385
17,763
20,031
24,398
26,359
27,334
27,430
28,187
28,320
28,460
28,700
28,740
28,910
29,190
29,270
10,52?
10,527
15,371
17,745
20,009
24,358
26,302
27.277
27,380
28,129
28,270
28,410
28,640
28,690
28,850
29,130
29,210
1,309
1,241
1,592
1,889
2,247
2,559
2,694
2,757
2,770
2,812
2,820
2,850
2,860
2,870
2,890
2,890
2,900
551
548
542
533
529
528
527
528
527
527
527
527
527
527
527
527
527
30
31
31
314
30
31
31
30
27
31
25*
29?
28*
25*
30*
27*
25*
All mutual savings banks:
1939—Dec. 30
1941_Dec. 31
1945—Dec. 31
1947_Dec. 314
1950—Dec. 30
1953—Dec. 31
1954—Dec. 31
1955—June 30
July 27
Dec. 31
1956—Jan. 25*
Feb. 29*
Mar. 2 8 * . . . . . . .
Apr. 25*
May 30?
June 27*
July 25*
* 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
8
(5)
asset and liability data are not available. Comparability of figures for
classes of banks is affected somewhat by changes in Federal Reserve
membership, insurance status, and the reserve classifications of cities
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.
954
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Loans and investments
Class of bank
and date
Total
Central reserve city
member banks:
New York City:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1953—Dec. 31
1954—Dec. 31
1955—June 30
July 27
Dec. 31
1956—Jan. 25*
Feb. 29*
Mar. 28*
Apr. 25*
May 30*
June 27*
July 25?
9,339
12,896
26,143
20,393
20,612
22,058
23,880
23,099
23,445
23,583
22,945
22,750
23,563
23,201
22,918
23,558
22,771
Chicago:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1953—Dec. 31
1954—Dec. 31
1955—June 30
July 27
Dec. 31
1956—Jan. 25*
Feb. 29*
Mar. 28*
Apr. 25*
May 30*
June 27*
July 25*
2,105
2,760
5,931
5,088
5,569
6,204
6,518
6,288
6,276
6,542
6,435
6,237
6,446
6,325
6,219
6,324
6,187
Reserve city member banks:
1939—Dec. 30
1941_Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1953—Dec. 31
1954—Dec. 31
1955—June 30
July 27
Dec. 31
1956—Jan. 25*
Feb. 29*
Mar. 28*
Apr. 25*
May 30*
June 27*
July 25*
Country member
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1953—Dec.
1954—Dec.
1955—June
July
Dec.
1956—Jan.
Feb.
Mar.
Apr.
May
June
July
banks:
30
31
31
31
30
31
31
30
27
31
25*
29*
28*
25*
30*
27*
25*
Loans
U. S.
Govt.
obligations
Other
securities
Cash
assets2
Deposits
Other
Total 2
Interbank 2
Total
capital
accounts
Demand
Number
of
banks
Time
U. S.
Govt.
Other
3,296 4,772
4,072 7,265
7,334 17,574
7,179 11,972
9,729 8,993
12,289 7,765
12,039 9,342
13,016 7,782
13,618 7,557
14,640 6,796
14,134 6,671
14,392 6,140
15,382 5,976
15,099 6,027
15,153 5,871
15,782 5,872
15,252 5,643
1,272
1,559
1,235
1,242
1,890
2,004
2,499
2,300
2,270
2,148
2,140
2,218
2,205
2,075
1,894
1,904
1,876
6,703
6,637
6,439
7,261
7,922
8,074
7,581
7,748
6,979
8,948
6,789
7,215
7,076
6,862
6,957
6,976
6,817
16,413
19,862
32,887
27,982
28,954
30,684
32,193
31,559
31,099
33,228
30,477
30,730
31,372
30,773
30,607
31,316
30,356
14,507
17,932
30,121
25,216
25,646
27,037
28,252
27,791
26,927
29,378
25,965
26,317
26,951
26,499
26,388
26,914
25,929
4,238
4,207
4,657
4,464
4,638
5,214
5,709
5,454
5,138
5,600
5,020
4,934
4,958
4,929
4,941
5,138
5,127
74
866
6,940
267
451
778
736
1,131
1,471
756
215
690
1,401
805
1,049
1,063
514
9,459
12,051
17,287
19,040
18,836
18,894
19,414
18,926
18,131
20,719
18,465
18,402
18,210
18,456
18,103
18,318
17,950
736
807
1,236
1,445
1,722
2,150
2,392
2,281
2,187
2,303
2,265
2,291
2,382
2,309
2,295
2,395
2,338
1,592
1,648
2,120
2,259
2,351
2,572
2,803
2,715
2,716
2,745
2,749
2,794
2,783
2,793
2,798
2,802
2,809
36
36
37
37
23
22
21
18
18
18
18
18
18
18
18
18
18
569
954
1,333
1,801
2,083
2,776
2,784
2,846
2,862
3,342
3,239
3,097
3,223
3,383
3,400
3,574
3,500
1,203
1,430
4,213
2,890
2,911
2,856
3,120
2,742
2,712
2,506
2,535
2,472
2,545
2,242
2,124
2,068
2,057
333
376
385
397
576
572
614
699
702
695
661
668
678
700
695
682
630
,446
,566
,489
,739
,034
,115
,954
,763
844
132
985
953
785
850
903
992
,799
3,595
4,363
7,459
6,866
7,649
8,366
8,520
8,102
8,171
8,720
8,469
8,245
8,282
8,227
8,176
8,367
8,035
3,330
4,057
7,046
6,402
7,109
7,724
7,845
7,431
7,408
8,010
7,749
7,397
7,202
7,208
7,334
7,480
7,243
888
1,035
1,312
1,217
1,229
1,387
1,321
1,180
1,163
1,296
1,144
1,160
1,236
1,129
1,094
1,207
1,144
80
127
1,552
72
174
259
251
343
382
222
74
216
420
228
344
336
142
1,867
2,419
3,462
4,201
4,604
4,837
4,977
4,606
4,577
5,165
5,230
4,731
4,284
4,572
4,613
4,640
4,661
495
476
719
913
1,103
1,242
1,295
1,303
1,286
1,327
1,301
1,290
1,262
1,279
1,283
1,297
1,296
250
288
377
426
490
566
600
612
613
628
626
631
631
631
636
636
639
14
13
12
14
13
13
13
13
13
13
13
13
13
13
13
13
13
12,272
15,347
40,108
36,040
40,685
46,755
50,738
50,596
51,338
52,459
52,058
51,600
52,104
52,410
52,057
52,389
52,177
5,329
7,105
8,514
13,449
17,906
22,763
23,986
25,654
26,193
28,622
28,519
28,719
29,350
29,753
29,886
30,415
30,461
5,194
6,467
29,552
20,196
19,084
19,559
21,718
19,697
19,954
18,826
18,603
17,989
17,837
17,694
17,280
17,112
16,933
1,749
1,776
2,042
2,396
3,695
4,434
5,034
5,245
5,191
5,011
4,936
4,892
4,917
4,963
4,891
4,862
4,783
6,785
8,518
11,286
13,066
13,998
15,925
15,424
14,696
14,484
16,994
14,581
14,657
14,431
14,578
14,629
14,774
14,490
19,687
24,430
51,898
49,659
55,369
63,547
67,165
66,293
66,845
70,478
67,687
67,358
67,640
68,107
67,829
68,262
67,784
17,741
22,313
49,085
46,467
51,437
58,663
61.796
60;854
60,723
64,733
61,299
60,756
61,144
61,266
60,959
61,573
60,918
3,686
4,460
6,448
5,649
6,448
7,254
7,444
6,545
6,234
7,446
6,365
6,042
6,121
6,236
5,852
6,249
6,339
435
491
8,221
405
976
1,504
1,457
1,843
1,891
1,288
509
1,335
2,280
1,407
2,017
1,805
1,010
9,004
12,557
24,655
28,990
32,366
35,773
37,418
36,459
36,659
39,835
38,326
37,208
36,528
37,421
36,803
37,081
37,146
4,616
4,806
9,760
11,423
11,647
14,132
15,476
16,007
15,939
16,164
16,099
16,171
16,215
16,202
16,287
16,438
16,423
1,828
1,967
2,566
2,844
3,322
3,984
4,300
4,492
4,510
4,641
4,656
4,722
4,759
4,822
4,875
4,893
4,909
346
351
359
353
336
319
300
297
298
292
293
291
291
290
291
291
290
10,224
12,518
35,002
36,324
40,558
47,404
50,466
50,806
51,272
52,775
52,561
52,421
52,469
52,707
52,920
52,783
52,831
4,768
5,890
5,596
10,199
14,988
19,934
21,442
22,799
22,974
24,379
24,437
24,604
24,905
25,151
25,491
25,734
25,792
3,159
4,377
26,999
22,857
21,377
22,423
23,629
22,321
22,615
22,570
22,324
21,970
21,726
21,676
21,543
21,147
21,130
2,297
2,250
2,408
3,268
4,193
5,047
5,395
5,685
5,683
5,826
5,800
5,847
5,838
5,880
5,886
5,902
5,909
4,848
6,402
10,632
10,778
11,571
13,268
13,117
12,092
11,845
13,342
12,011
11,872
11,837
11,811
11,790
12,078
12,054
15,666
19,466
46,059
47,553
52,689
61,385
64,364
63,732
63,943
66,988
65,422
65,158
65,161
65,376
65,544
65,710
65,759
13,762
17,415
43,418
44,443
48,897
56,740
59.360
58;594
58,599
61,636
59,939
59,594
59,573
59,742
59,724
59,956
60,125
598
822
1,223
1,073
1,133
1,315
1,508
1,283
1,209
1,523
1,321
1,248
1,226
1,247
1,157
1,212
1,264
154
225
5,465
432
922
1,216
1,271
1,339
1,520
1,061
895
1,037
1,519
1,226
1,502
1,370
1,194
7,158
10,109
24,235
28,378
31,977
36,520
37,794
36,751
36,629
39,681
38,339
37,795
37,175
37,588
37,308
37,481
37,624
5,852
6,258
12,494
14,560
14,865
17,690
18,787
19,220
19,241
19,372
19,384
19,514
19,653
19,681
19,757
19,893
20,043
1,851
1,982
2,525
2,934
3,532
4,194
4,506
4,642
4,678
4,769
4,782
4,819
4,832
4,888
4,925
4,926
4,947
5,966
6,219
6,476
6,519
6,501
6,389
6,326
6,283
6,274
6,220
6,216
6,203
6,199
6,196
6,188
6,18o
6,173
4 Beginning with Dec. 31, 1947, the all-bank series was revised as announced in November 1947 by the Federal bank supervisory agencies.
At that time a net of 115 noninsured nonmember commercial banks
with total loans and investments of about $110 million was added, and
Total
assets—
Total
liabilities
and
capital
accounts 3
8 banks with total loans and investments of $34 million were transferred
from noninsured mutual savings to nonmember commercial banks.
5 Less than $5 million.
For other footnotes see preceding and opposite pages.
955
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i
Continued
[Amounts in millions of dollars]
Loans and investments
Class of bank
and date
All insured commercial banks:
1941_Dec. 31
1945—Dec. 31
1947_Dec. 31
1953 Dec 3 1 . . .
1954—Dec. 31
1955 June 30
Dec. 31
Total
Loans
U.S.
Govt.
obligations
Other
secu-
Total
assets—
Total
liaCash
bilities
assets 2
and
capital Total 2
accounts 3
Deposits
Other
Interbank 2
Total
capital
accounts
Demand
Number
of
banks
Time
U.S.
Govt.
Other
49,290
121,809
114,274
143,796
154,115
153,488
159,164
21,259
25,765
37,583
67,082
70,127
74,692
82,081
21,046
88 912
67,941
62,381
68,012
62,342
60,765
6,984
7,131
8,750
14,333
15,976
16,454
16,318
25,788
34,292
36,926
44,398
43,161
40,685
46,480
76,820
157,544
152,733
190,638
200,127
197,077
208,608
10,654 1,762
13 883 23 740
12,670 1,325
15,548 4,116
16,376 4,154
14,794 5,064
16,273 3,697
41,298
80,276
92,975
111,423
115,482
111,993
122,149
15,699
29 876
34,882
43,610
46,874
47,876
48,393
6,844
8 671
9,734
13,239
14,252
14,579
14 980
13,429
13 297
13,398
13,412
13 303
13,267
13,216
National member banks:
1941_Dec. 31
1945—Dec. 31
1947_Dec. 31
1953—Dec. 31
1954_Dec. 31
1955 June 30 .
Dec. 31
27,571
69,312
65,280
81,913
88,509
83,315
86,152
11,725
13,925
21,428
37,831
39,712
39,424
43,428
12,039
51,250
38,674
35,482
39,392
34,673
33,579
3,806
4,137
5,178
8,600
9,405
9,219
9,144
14,977
20,114
22,024
26,479
25,662
22,892
25,697
43,433 39,458 6,786 1,088
90 220 84,939 9 229 14 013
88,182 82,023 8,410
795
109,804 100,654 10,152 2,525
115 835 105,851 10,714 2,508
107,741 98,636 8,314 2,849
113,412 103,903 9,317 2,063
23,262
45,473
53,541
63,819
66,426
60,919
65,840
8,322
16 224
19,278
24,160
26,202
26,554
26,683
3,640
4 644
5 409
7,391
8 085
7,714
7,915
5,117
5 017
5,005
4,856
4,789
4,744
4,692
State member banks:
1941_Dec. 31
1945_Dec. 31
1947_Dec. 31
1953—Dec. 31
1954—Dec. 31
1955—June 30
Dec. 3 1 . . .
15,950
37,871
32,566
40,509
43,093
47,473
49,208
6,295
8,850
11,200
19,931
20,538
24,891
27,554
7,500
27,089
19,240
17,121
18,417
17,870
17,118
2,155
1,933
2,125
3,457
4,138
4,711
4,536
8,145
9,731
10,822
12,903
12,414
13,408
15,719
24,688
48,084
43 879
54,179
56 407
61,945
66,002
22,259
44,730
40,505
49,510
51,401
56,034
59,854
3,739
4,411
3,993
5,019
5,269
6,148
6,549
621
8,166
381
1,232
1 207
1,807
1,264
13,874
24,168
27,068
32,206
33,177
35,823
39,559
4,025
7,986
9,062
11,054
11,748
12,256
12,482
2,246
2,945
3,055
3,925
4 125
4,747
4,868
1,502
1,867
1 918
1,887
1 871
1,867
1,851
Insured nonmember
commercial banks:
1941—Dec. 31
1945_Dec. 31
1947_Dec. 31
1953—Dec. 31
1954—Dec. 31
1955 June 3 0 . .
Dec. 31
5,776 3,241 1,509
14,639 2,992 10,584
16,444 4,958 10,039
21,396 9,328 9,790
22,536 9,886 10,215
22,723 10,385 9,811
23,829 11,108 10,081
1,025
1,063
1,448
2,278
2,436
2,527
2,640
2,668
4,448
4,083
5,020
5,088
4,388
5,067
8,708
19 256
20 691
26,679
27 911
27,417
29,220
7,702
18,119
19,340
24,555
25,657
25,082
26,779
129
244
266
378
393
332
408
53
1 560
149
360
439
408
370
4,162
10 635
12,366
15,398
15,879
15,251
16,749
3,360
5 680
6,558
8,419
8,947
9,090
9,252
959
1,083
1,271
1,925
2,044
2,121
2,199
6,810
6,416
6,478
6,672
6,647
6,660
6,677
761
1,693
1,280
1,045
969
930
827
241
200
255
335
339
355
370
763
514
576
430
397
140
357
2,283
2 768
2,643
2 372
2,250
2 172
2,'126
1,872
2,452
2,251
2,005
1,871
1,788
1,742
329
181
363
407
433
448
370
1, 291
1 905
1,392
18
1,182
30
1,085
18
13
990
1,039
12
253
365
478
386
335
337
322
329
279
325
320
324
327
320
852
714
783
569
536
513
499
All nonmember commercial
banks:
1941 Dec 31.
1945_Dec. 31
1947—Dec. 31 *
1953—Dec. 31
1954—Dec. 31
1955 June 3 0 . . .
Dec. 31
7,233 3,696 2,270
16,849 3,310 12,277
18,454 5,432 11,318
23,287 9,838 10,835
24,337 10,378 11,184
24,499 10,876 10,741
25,546 11,628 10,908
1,266
1,262
1,703
2,613
2,775
2,881
3,010
3,431
4,962
4,659
5,450
5,485
4,728
5,424
10,992
22,024
23,334
29,051
30,161
29,589
31,347
9,573
20,571
21,591
26,560
27,528
26,870
28,522
457
425
629
784
825
780
778
5, 504
14 101
167 13,758
390 16,580
457 16,964
422 16,241
382 17,788
3,613
6,045
7,036
8,806
9,282
9,427
9,574
1,288
1,362
1,596
2,245
2 368
2,448
2,519
7,662
7 130
7,261
7,241
7 183
7,173
7 176
Insured mutual savings banks:
1941—Dec. 31
1945—Dec. 31
1947 Dec 3 1 . . . .
1953—Dec. 31
1954—Dec. 31
1955_j u n e 30
Dec 31
1,693
10,846
12,683
19,252
20,830
21,617
22,331
642
3,081
3,560
10,016
11,651
12,567
13,563
629
7,160
8,165
6,476
6,117
5,998
5,858
421
606
958
2,760
3,062
3,052
2,910
151
429
675
799
832
808
785
1,958
11,424
13,499
20,334
21,981
22,761
23,458
1,789
10,363
12,207
18,383
19,885
20,590
21,237
1
2
3
2
3
12
33
48
49
49
1,789
10,351
12,192
18,345
19,831
20,536
21,182
164
1 034
1,252
1,819
1 920
1,965
2,006
52
192
194
219
218
218
220
8,687
5,361
5,957
6,558
7,038
7,373
7,567
4,259
1,198
1,384
2,910
3,346
3,605
3,893
3,075
3,522
3,813
2 707
2,630
2,677
2,601
1,353
641
760
941
1,061
1,090
1,072
642
180
211
184
194
180
180
9,846
5,596
6,215
6,796
7,295
7,621
7,816
8,744
5,022
5,556
6,015
6,474
6,743
6,950
2
2
2
2
2
8,738
5,020
5,553
6 013
6,471
6,741
6,947
1,077
558
637
740
774
792
806
496
350
339
309
309
310
307
Noninsured nonmember
commercial banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 3H
1953—Dec. 31
1954—Dec. 31
1955—June 30
Dec. 31
Noninsured mutual savings
banks:
1941—Dec. 31
1945 Dec 31
1947_Dec. 31 «
1953 Dec 3 1 . . .
1954—Dec. 31
1955—June 30
Dec 31
1,457
2,211
2,009
1,891
1,800
1,776
1,716
455
318
474
511
492
491
520
For other footnotes see preceding two pages.
69,411
147,775
141,851
174,697
182,886
179,728
190,512
2
2
3
2
3
12
t
1
1
1
1
NOTE.—For revisions in series prior to June 30, 1947, see BULLETIN
for July 1947, pp. 870-871.
956
COMMERCIAL BANKS
LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1
[In millions of dollars]
Loans 2
Class of bank
and
call date
All commercial
banks :3
1947_Dec. 31.
1954_Dec. 31.
1955—June 30.
Dec. 31.
1956—Apr. 10«
Total
loans
and
invest- Total 2
ments
Loans for
U. S. Government obligations
Compurchasing
meror carrying
cial,
Other
securities
Direct
inReal loans
to Other
clud- Agriculin- loans Total
ing
CertifiGuarTo
tate
diopen tur- brokcates
anTotal
marTo loans vidof in- Notes Bonds teed
ers othuals
ket
Bills debtand ers
paeddealper
ness
ers
49,290 21,259 9,214 1,450
21,809 25,765 9,461 1,314
25
14,274 37,583 8,012 1,610
54,115 70,127 26,731 5,108
53,488 74,692 28;729 4 ,319
59,164 82,081 13,092 4 ,396
Member banks,
total:
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1954—Dec. 3 1 . . . .
1955—June 3 0 . . . .
Dec. 3 1 . . . .
1956—Apr. 10....
43,521 8,021 8,671
972 594
0 7 /183 22
" " !2,775 8,949 855 3,133
97, 846 32,628 6,962 1,046
811
31, 602 60,250 25,007 3,529 2,881
007 3
30, 788 64,315 26,894 2,799
35,360 70,982 31,019 2,726 3,150
030
34,""" 72,488 32,221 2,542 2,616
598
3,378
1,065
1,363
1,440
1,560
1,560
69,221
68,981
63,271
61,592
58,140
6,034 53,191
672
4,— 43,861
6 640 41,685
,
034 41,010
4,
3 350 40,140
,
7,789
5,361
1,710
2,318
1,980
28,031
4,545
2,36111,181 96,043
028
5,654 ' ~'~ 76,691
14,676 1,973 83,988
16,283 2, 400 78,796
'7,104 3,091 77,083
21,046 988
88,912 ,455
67,941 ,124
68,012
62,342 ^996
60,765 4 ,105
9,071
7,552
5,279
1,667
2,292
3,159 12,797 4,102 3,651 ,333
6,045 51,321
22 3,873 ,258
5,918 52,334
14 5,129 ,621
'",287
4,523 43
21 12,352 ,624
16,479 41 ,185
15 12,549 ,906
3,856 40 ,502
10 12,465 ,853
25,500
3,494
3,692
3,455 1,900 1,104 84,408
7,130 4,662 952 65,218
• '"
14,433 12,127 1,858 71,352
15,594 13,489 2,
66,473
285 66
16,391 14,313 2,943 64,377
16,734 14,556 3,430 61,542
9,539 971
'8,338 2,275
57,914 1,987
57,809 4 ,075
52,543 2,377
50,697 3,250
47,702 ,956
6,985
5,816
4,307
1,281
1,738
1,428
3,007 11,729 3,832 3,090 2,871
14,271 44,792
16 3,254 2,815
45,286
4,815 45
10 4,199 3,105
12, 464 36,944
20 0,449 3,094
13, 969 34,903
13 0,584 3,346
11, 508 34,192
9 0,444 3,236
10,930 33,377
11 0,802 3
-.037
614 662 4,773
3,164 3,606 4,677
823 1,190 9,266
2,907 1,501 18,302
2,834 1,589 19,661
3,229 i;742 20,692
5,723 1,063 78,226
.
85,297
4,750 2,000 85
6,
1,428 80,081
7,185 3i,117 ^8,280
7,510 31,600 r4,990
Other
securities
,193
,065
,220
,219
2,660
116,284 38 ,057 18,167 660 830 ,220 9,393
200 2,929 1,525 18,418
155,916 70,619 2 6 ~ "
"55,264 75
,264 75,183 28;872 4;391 2,859 ,613 19,779
245
60,881 82,601 33,2 4,475 3,263 I,'774 20,809
500
59,390 84,400 34,5 4,330 2,740 1,770 21,270
All insured commercial banks:
1941—Dec. 31.
1945_Dec. 31.
1947__Dec. 31.
1954_Dec. 31.
1955—June 30.,
Dec. 31.
New York City:''
1941—Dec. 3 1 . . . .
1945_Dec. 3 1 . . . .
1947_Dec. 3 1 . . . .
1954—Dec. 3 1 . . . .
1955—June 3 0 . . . .
Dec. 3 1 . . . .
1956—Apr. 10
Investments
5,276
12,586
"2,785
2,698
3,060
1,623 3,652 1,679
7,265 311
729
17,574 477 3,433 3,325 10,337
1
606
558 9,771
11,972 ,002
640
638
597 1,924 6,026
9,342 785
1,977
146 1,830 5,262
7,782 537
1,754
100 1,141 5,002
6,796 552
1,609
82 1,024 4,644
6,000 246
1,812
,729
,729
,025
,990
,790
12,896
26,143
20,393
23,880
23,099
23,583
23,159
4,07:
7,334
7,179
12,039
13,016
14,640
14,945
2,807
3,044
5,361
7,231
7,928
9,126
9,59:
412 169
2,453 1,172
545 267
432
204 2,041
16 2,034 466
17 2,144 511
1 1,662 513
123
80
111
467
656
577
608
2,760
5,931
5,088
6,518
6,288
6,542
6,324
954
1,333
1,801
2,784
2,846
3,342
3,315
73:
760
1,418
1,847
1,940
2,390
2,465
6
2
3
140
102
15
13
48
211
73
345
270
275
201
52
233
87
89
88
99
99
22
36
46
91
122
128
130
Reserve city banks
1941—Dec. 3 1 . . . , 15,347 7,105 3,456
1945—Dec. 3 1 . . . 40,108 8,514 3,661
1947—Dec. 3 1 . . . 36,040 13,449 7,088
1954_Dec. 3 1 . . . , 50,738 23,986 10,624
1955—June 30..., 50,596 25,65' 11,210
Dec. 3 1 . . . . 52,459 28,62 13,212
1956—Apr. 10... 52,142 29,358 13,615
300
205
225
956
700
566
511
114 194 1,527
8,243 6,467 295
1,512
751 4,248 1,173
956 820
855 404 31,594 29,552 1,034 6,982 5,653 15,878
427 1,503 1,459
5 1,126 916
,591 20,196 373 2,358 1,901 15,560
170 484 3,147 1,969
3 l,34r 1,053
622 6,134 4,912
720 26,752 21,718 1,326 1,695 4,954 13,736
7 3,78: 1,252
40
3 3,916 1,330
481 5,773 12,937
444 651 6,603 5,500 954 24,942 19,697 503
696 6,962 5,916
.837 18,826 813
5 3,778 1,233
657 4.708 12,643
54:
7,121 5,998 i ; 354 22 ,784 17,768 417
4 3,829 1,186
539
478 4,505 12,364
Chicago:*
1941~-Dec.
1945— Dec.
1947___Dec.
1954—Dec.
1955—June
Dec.
1956—Apr.
31....
31....
31....
31....
30...,
31....
10....
8,823
554
287 298 18,809
564 330 13,214
1,232 644 11,841
1,379
754 10,083
1,506 1,006 8,943
1,519 1,301 8,214
95
511
149
AQ
223
244
316
283
40
26
105
139
184
197
1,806
4,598
3,287
3,734
3,441
3,200
3,009
1,430
4,213
2,890
3,120
2,742
2,506
2,309
256
133 1,467
235
132
241
70
76
66
111
68
28
54
Country banks:
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947_Dec. 3 1 . . .
1954_Dec. 3 1 . . .
1955—June 3 0 . . .
Dec. 3 1 . . .
1956—Apr. 1 0 . . .
12,518
35,002
36,324
50,466
50,806
52,775
52,406
5,890
5,596
10,199
21,442
22,799
24,379
24,871
1,676 65!
1,484 648
3,096 818
5,306 2 ,229
5,815 ,980
6,290 2,127
6,549 2,016
20
4:
23
89
61
189
213
183
471
227
220
23.
255
260
1,823
1,881
3,827
7,742
8,214
8,723
8,875
6,628 4,377 110
1,530
707 363 29,407 26,999 630 5,102
1,979 229 26,125 22,857 480 2,583
5,760 388 29 ,024 23,629 1,893 1,774
6,366 439 28,006 22,321 ,261
587
6,575 573 28,397 22,570 ,774
913
6,756 577 27,535 21,625 ,265
81
All nonmember
banks: 3
1947_Dec. 3 1 . . .
1954—Dec. 3 1 . . .
1955—June 3 0 . . .
Dec. 3 1 . . .
18,45.
24,33
24,49(
25,546
5,432
10,378
10,876
11,628
1,205 614
1,859 1,671
1,979 1,592
2,226 1,750
20
49
51
113
156
16
173
21
2,266
3,993
4,194
4,428
1,061
2,623
2,875
2,872
« Partly estimated. Figures have been rounded to nearest $10 million.
1A11 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
111
14:
143
174
13,021
13,959
13,622
13,918
11,318
11,184
10,741
10,908
153
749
248
855
812
604
557
903
1,864
2,274
1,953
1,788
1,72.1
1,670
481 2,926
4,544 16.713
2,108 n;68i
4,731 15,228
5,554 14,916
5,056 14,825
4,844 14,699
206 1,973 1,219 7,916
991 1,054 2,209 6,928
843
429 2,672 6,794
970
580 2 , 5 2 ' 6,829
119
182
181
213
415
456
476
497
830
629
604
523
547
539
402
193
204
185
199
243
219
861 1,222 1,028
9 1,342 1,067
6 2,006 1,262
4,275 1,120
4,458 1,227
4,581 ',246
4,663 ,247
1,078
2,139
2,203
2,255
625
636
679
755
Reserve membership, insurance status, and the reserve classifications of
cities and individual banks, and by mergers, etc.
2Beginning 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.
957
COMMERCIAL BANKS
RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1
[In millions of dollars]
Demand deposits
Class of bank
and
call date
.reDeBalserves Cash ances mand
Interbank
with
deposits
with
dein
Federal
doposits
vault mestic
Read- 6
serve
banks 5 justed
DoForBanks
mestics eign
Time deposits
CertiIndiIndi- n
U.S. States viduals, B<, ,_ CapiStates
fied viduals,
tal
w
and
and
and partner- Inter- Govt. polit- partner- .m w-" acU. S.
and
gs
offiships,
ships,
counts
Govt. political cers' and cor- bank Postal ical and corsubdiSav- subdi- poravisions checks, poraings visions tions
etc.
tions
All commercial
banks: 3
1947—Dec. 3 1 . . . .
1954_Dec. 3 1 . . . .
1955—June 3 0 . . . .
Dec. 31
1956—Apr. 10«...
17,796
18,734
17,941
18,721
18,490
2,216
2,469
2,681
2,682
2,840
10,216
12,202
10,529
12,050
10,620
87,123
106,540
103,221
109,905
105,750
11.362
13,511
11,906
13,512
12,200
1,430
1,539
1,577
1,546
1,630
1,343 6,799
4,172 9,902
5,078 10,278
3,709 10,273
3,890 9,870
2,581 84,987
240
3,199 103,466 1,759
3,154 99,550 1,759
3,904 109,011 1,585
3,030 102,130 1,440
111
365
368
356
340
All insured commercial banks:
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1954—Dec. 3 1 . . . .
1955—June 3 0 . . . .
Dec. 3 1 . . . .
12,396
15,810
17,796
18,734
17,941
18,721
1,358
1,829
2,145
2,444
2,655
2,656
8,570
11,075
9,736
11,854
10,241
11,744
37,845
74,722
85,751
105,471
102,247
108,887
9,823
12,566
11,236
13,392
11,801
13,390
673
1,248
1,379
1,497
1,534
1,516
1,762 3,677
23,740 5,098
1,325 6,692
4,154 9,763
5,064 10,150
3,697 10,138
1,077 36,544
158
2,585 72,593
70
2,559 83,723
54
3,176 102,543 1,487
3,131 98,712 1,459
3,879 108,131 1,367
59
492 15,146
496 29,277
103
826 33,946
111
365 2,348 44,160
368 2,374 45,135
356 2,282 45,756
10
:>15
61
21
1 37
1 45
6,844
8,671
9,734
14,252
14,579
14,980
Member banks,
total:
1941--Dec. 3 1 . . . .
1945 —Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1954 -Dec. 3 1 . . . .
1955—June 3 0 . . . .
Dec 3 1 . . . .
1956—Apr. 1 0 . . . .
12,396
15,811
17,797
18,735
17,942
18,722
18,487
1,087
1,438
1,672
1,843
2,017
2,019
2,127
6,246
7,117
6,270
7,613
6,704
7.612
6,720
33,754
64,184
73,528
89,836
87,207
92,435
89,145
9,714
12,333
10,978
13,015
11,482
13,002
11,757
1,243
1,375
1,493
1,531
1.511
1,603
1,709
22,179
1,176
3,715
4,656
3,327
3,486
3,066
4,240
5.504
7,781
8,117
R.075
7,780
1,009
2,450
2,401
2,964
2,919
1,638
2,781
33,061
62,950
72,704
88,859
85,706
•53,687
87,647
50
418 11,878
4
399 23,712
99
:>08
105
693 27,542
54
334 1,966 35,650
15
338 1,968 36,504
15
327 1,865 36,972 1 37
315 1,992 37,275 1,<W0
5,886
7,589
8,464
12,210
12,461
12,783
13,145
New York City:4
1941_Dec. 31
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1954 -Dec. 3 1 . . . .
1955-June 3 0 . . . .
Dec. 3 1 . . . .
1956—Apr. 1 0 . . . .
5,105
4,015
4,639
4,398
4,399
4,431
4,145
111
151
126
138
93
141
78
70
67
10,761
866
16,493
15,811
3,595
3,535
3,236
3,336
3,129
*. 364
2,883
607
87
111
91
15,065
16,653
16,500
15,859
319
237
290
368
374
tfp
280
450
19338
1,105
1,223
1,252
1,4Q8
1,209
6
11,282
15,712
17
17,646
12
17,823 1,196
17,300 1,137
18,919 1.085
16,955
942
298
200
175
162
127
141
98
2,215
3,153
3,737
4v400
4 s 024
4.349
3,892
1,027
1,292
1,196
1,264
1,125
1,246
1,200
233
237
34
66
63
80
79
85
71
2,152
3,160
3,853
4,622
4,238
4,781
4,144
2,590
2,174
2,125
2,327
2,232
7.515
2,088
11,117
22,372
25,714
32,694
32,024
11,757
32,641
4,302
6,307
5,497
6,946
5,979
6,903
6,327
286
611
705
866
757
11,127
22,281
26,003
33,677
32,681
15,752
33,536
1,129
1,217
1,222
1,284
3,216
4,665
3,900
5,057
4,259
4.844
4,443
9,661
23,595
27,424
36,242
35,299
17 816
36,800
1,199
1,049
1,469
1,249
1,488
1,348
544
627
664
663
3,947
4,590
3,825
4,439
13,595
16,704
16,014
17,470
385
496
424
127
145
Chicago:4
1941—Dec.
1945—Dec.
1947_Dec.
1954—Dec.
1955—June
Dec.
1956—Apr.
31
31
31....
31....
30....
Tl....
10....
Reserve city
1941—Dec.
1945—Dec.
1947—Dec.
1954__Dec.
1955—June
Dec.
1956—Apr.
banks.
31....
31....
31....
31....
30....
31....
10....
4,060
6,326
7,095
7,783
7,359
7,727
7,659
425
494
562
558
Country banks:
1941—Dec. 3 1 . . . .
1945__Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1954—Dec. 3 1 . . . .
1955—June 3 0 . . . .
Dec. 31
1956—Apr. 10
2,210
4,527
4,993
5,377
5,163
S.429
5,576
526
796
929
All nonmember
banks:3
1947_Dec. 31
1954 Dec. 31
1955_j U ne 30
Dec. 31 ,,
1,021
942
1,070
1,177
1,021
! , 135
1,107
43
36
30
29
28
32
31
634
638
666
790
510
671
1,105 6,940
267
1,217
736
1,177
1,187 1,131
1.151
820
1,242
127
8
20 1,552
72
21
251
40
343
39
40
37
54
722
217
491
299
255
no
131
8,221
259
2S9
^03
308
1,457
1,843
1.288
1,332
1,144
1,763
2,282
2,876
3,021
3.048
2,856
2
225
8 5,465
7
432
17 1,271
15 1,339
17 1,061
16 1,116
1,370
2,004
2,647
4,263
4,433
4.425
4,390
55
46
47
36
1,295
2,121
2,162
2,198
405
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
285
274
288
167
457
422
382
1.035
732
239
435
528
795
831
1.020
769
180
235
235
265
140
64
50
1,475
1,449
1,353
1,207
18
16
l\
9
104
30
22
239
277
">39
238
778
10,059
14,576
14,906
15,300
15,710
1 648
2,'120
2,259
2,803
2,715
2,745
2,783
54
57
59
54
1,206
1,418
2,146
2.114
2.171
2,220
2
6
6
6
4
9
10
10
8
8
476
719
902
1,280
1,287
1,313
1,268
20
38
45
111
243
160
332
965
146
219
337
799
830
844
906
6,082
12,224
14,177
17,826
18,232
18,371
18,640
4
11
23
11
55
52
;203
1,982
2,525
2,934
4,506
4,642
4,769
4,908
172
436
468
475
6,858
8,814
8,929
9,071
12
16
35
22
1,596
2 369
2 448
2,519
1 95
30
1
10
t
:>97
..
..
..
..
..
288
377
426
600
612
3
:171
628
631
4,542 .. . . 1,967
9,563
2 2,566
11,045
1 2,844
14,399
3 4,300
117 1,018 14,871
50 4,492
106
941 15.117
82 4,641
107
974 15,147 (S69 4,823
30
17
17
22
17
31
52
45
163
158
157
150
12.284
14,608
13,844
15,324
190
284
309
231
6
31
30
29
19
65
44,441
31
45,410 1 50
46,019 1 59
46,440 l,f '40
29
20
14
192
110
72
104
10
12
8,500
21,797
25,203
32,736
31,487
14 235
33,012
18
866 34,383
2,402
2,435
2,340
2,470
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.
958
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
Other Loans
Comloans investtifiTo
secuto
mer- Agri- and brokers To others Real
and
cates
dealers
Month or date invest- ments Loans cial
Other
culestate loans Total Bills of in- Notes Bonds 2 rities banks
adadments justed1 justed1 and
debtloans
indus- tural U.S.
U.S.
edtrial
ness
Govt. Other Govt. Other
seseob- curi- ob- curiligaligations ties tions ties
Total—
Leading Cities
1955
85,401
84,403 44,335
86,379
86,563
85,018 50,904 28,253
85,292 51,043 28,517
86,980
86,458
86,279
85,799
85,521
85,132
84,905
84,515
85,976
85,726
87,256
87,131
86,725
84,609
84,402
86,051
85,857
85,541
22,871
Aug
22,309 12,998
2,524
1,191
8,062 9,401 31,358 1,036
746
8,545
21,031 8,710
998
461
451
2,334
2,116
1,267
1,243
8,622 10,828 26,306
8,708 10,873 26,487
590
565
359
900
5,952 19,405 7,8
5,817 19,205 7,762
,361
,271
51, 097 28,381
50,
,275
50, 876 28,195
50,723 28,160
462
459
462
463
2,398
2,335
2,362
2,241
1,278
1,270
1,264
1,259
8,591
8,619
8,627
8,651
10,849 26,559
10,827 26,349
10,824 26,264
10,813 26,050
583
538
551
355
345
372
362
6,002
5,989
5,964
5,852
7,865
7,861
7,765
7,742
,459
,326
,374
,284
50,925 28,291
50,814 28
28,282
51,131 28,577
51,227 28,724
51,120 28 ,711
443
445
452
458
457
2,269
2,142
2,150
2,069
1,948
1,255
1,247
1,238
1,243
1,235
8,671
8,678
8,716
8,737
8,738
10,
,864 25 ,978
10,886 25 ,824
10,862 27 ,199
10,861 26,859
10,895 26
26,576
350
19,242 7,706
498
321 5,863 19,205 7,764
435
716 1,383 5,843 19,257
626 1,260 5,775 19,198
548 1,187 5,718 19,123 7,845
,367
,324
,205
,274
,184
23 893
1956
July
Aug
1956
July
July
July
July
Aug.
Aug.
Aug.
Aug.
4
11
18
25
1
8
15
22
Aug. 29
19,514
19,432
19,390
19,285
New York City
1955
Aug
676 1,942 7,025
324
129
1,632
4,940 2,286
562
450
585
600
2,200 5,666
2,208 5,726
196
157
74
270
1,017
1,003
4,379 1,877
4,296 1,902
805
735
4,431
4,391
4,377
4,318
1,864
1,907
1,872
1,865
954
767
784
715
1,698
1956
23,084 22,279 14,736 10,094
23,040 22,305 14,677 10,219
July
446
,541
,357
187
8,257
12
Aug
1956
July
July
July
July
Aug.
Aug.
Aug.
Aug.
Aug.
4
11
18
25
1
8
15
22
29
Outside
New York City
1955
Aug
23,523
23,078
23,032
22,703
22,569
22,311
22,248
21,988
14,952
14,722
14,672
14,598
10,226
10,072
10,033
10,044
93
57
72
67
,590
,555
,542
,477
476
475
469
463
582
588
588
583
2,210
2,202
2,195
2,191
5,753
5,682
5,704
5,525
233
198
201
151
22,807
22,670
23,285
23,293
23,145
22,067
21,913
22,574
22,523
22,449
14,699
14,551
14,707
14,741
14,689
10,092
10,062
10,222
10,329
10,389
55
27
100
109
70
,520
,428
,359
,276
,205
458
454
450
448
440
589
595
604
607
605
2,214
2,214
2,202
2,203
2,207
5,502
5,445
5,980
5,891
5,813
138
107
185
184
168
58
44
465
402
381
999
997
996
1,003
1,022
4,307
4,297
4,334
4,302
4,242
1,866
1,917
1,887
1,891
1,947
740
757
711
770
696
6,913
16,091
62,530 62,094 31,337
69 1,020
71 1,022
85 1,041
69
987
639
733
7,386 7,459 24,333
712
617
6,424
436
460
450
721
687
776
774
8,037 8,628 20,640
8,108 8,665 20,761
394
408
285 4,935 15,026 5,931
630 4,814 14,909 5,860
556
536
15,636
1956
July
63,295 62,739 36,168 18,159
63,523 62,987 36,366 18,298
Aug
1956
July
July
July
July
Aug.
Aug.
Aug.
Aug.
Aug.
4
11
18
25
1
8
15
22
29
63,457
63,380
63,247
63,096
62,952
62,821
62,657
62,527
36,145
36,200
36,204
36,125
18,155
18,203
18,162
18,116
461
458
461
462
715
723
748
697
780
775
775
776
8,009
8,031
8,039
8,068
8,639 20,806
8,625
" ""20,667
8,629 20,560
8',622 20,525
455
385
337
400
286 4,982 15,083 6,001
274 4,967 15,041 5,954
287 4,923 15,013 5,893
293 4,865 14,967 5,877
505
559
590
569
63,169
63,056
63,971
63,838
63,580
62,542
62,489
63,477
63,334
63,092
36,226
36,263
36,424
36,486
36,431
18,199
18,220
18,355
18,395
18,322
442
444
451
457
456
694
687
691
684
673
778
774
770
778
774
8,082
8,083
8,112
8,130
8,133
8,650 20,476
8,672 20,379
8,660 21,219
8,658 20,968
~ 688 20,763
360
328
531
442
380
292 4,889 14,935 5,840
277 4,866 14,908 5,847
918 4,847 14,923 5,834
858 4,772 14,896 5,880
4,696 14,881 5 , f "
627
567
494
504
488
1 Exclusive of loans to banks and after deduction of valuation reserves;
individual loan items are shown gross.
2
Includes guaranteed obligations.
See also NOTE on opposite page.
959
WEEKLY REPORTING MEMBER BANKS
RESERVES AND LIABILITIES OF BANKS IN LEADING CITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Demand deposits,
except interbank
Month or date
Reserves Cash
with
in
F. R. vault
Banks
BalDeances mand
dewith
posits
domestic adbanks justed1
Time deposits,
except interbank
Interbank
deposits
IndiIndividvidDemand
States
uals, States Certiuals,
U.S.
and
fied
and
partpartGovt.
politpolitand
nernerU.S.
and
ical
ical
offiships,
ships,
Postal
subsubcers' Govt. and
and
SavDodiviFordivi- checks,
corcorings
messions
eign
etc.
pora- sions
poratic
tions
tions
Borrowings
Time
Capital
acFrom
F. R. From counts
others
Banks
Total—
Leading Cities
1955
13,362
942 2,404 55,694 57,148 3,909 1,726 3,199 19,123 1,014
209 10,371 1,431 1,419
458
13,353
13,206
Aug
975 2,535 55,620 58,065 4,132 2,180 2,553 19,600 1,003
951 2,404 55,213 57,318 3,971 1,964 3,033 19,626 1,008
182 10,805 1,525
178 10,418 1,591
1,311
1,288
435 1,062
512
992
,812
,858
635 8,327
1956
July
Aug
1956
July
July
July
July
Aug.
Aug.
Aug.
Aug.
13,649
922 2,645 55,248 57,689 4,471 2,230 3,605 19,641 1,002
13,287 1,025 2 , " " 55,346 58,026 4,089 1,835 2,477 19,588
999
559
13,381
979 2,
,774 58,677 3,923 2,739 2,334 19,576 1,006
13,095
974 2, 374 56,114 57,868 4,044 1,917 1,794 19,593 1,007
4
11
18
25
1
8
15
22
184
183
182
180
10,977
11,194
10,921
10,129
1,496
1,491
1,536
1,576
1,342
1,326
1,285
1,290
471
526
380
362
1,129
1,057
1,061
1,003
,816
,818
,801
,813
2,125 2,085 19,596 1,004
1,784 1,371 19,616 1,011
2,035 4,006 19,613 1,009
1,973 4,053 19,645 1,009
1,901 3,648 19,661 1,005
180
180
178
178
178
10,465
10,481
10,945
10,147
10,052
1,594
1,617
1,605
1,589
1,552
1,300
1,282
1,272
1,282
1,305
315 1,079
570 1,096
669
928
685 1,002
322
852
,854
,855
,848
,857
,875
13,048
915
12,960
936
13,456
934
13,448
953
13,120 1,017
,556 57,492
2,427 55,
,968
2,287 55,
55;428 56
,167
2,523 54,697 58
.
,939
2,368 55,
55,007 56
2,413 55,381 57,026
4,168
3,948
3,922
3,891
3,928
253
Aug. 29
New York City
1955
4,220
135
51 15,582 16,646
4,131
4,134
141
133
15,445 16,807
15,216 16,499
278 1,137
789 2,172
266
972 1,087 2,185
3,005
2,841
1,204
1,261
1,022
1,004
496 2,778
420 2,793
4,225
4,010
4,174
4,114
142
153
135
136
15,451
15,261
15,562
15,508
16,905
16,583
16,984
16,757
320 1,082 1,175 2,200
280
769 2,169
825
262 1,694
700 2,152
250
512 2,165
948
3,059 1,187
3,055 1,195
3,052 1,191
2,854 1,241
1,041
1,021
1,011
1,016
585
504
466
430
2,782
2,777
2,777
2,775
4,057
4,054
4,173
4,266
4,118
129
136
126
131
145
15,307
15,384
14,918
15,165
15,305
16,642
16,378
16,571
16,349
16,553
283 1,084
606 2,168
289
463 2,169
830
274
934 1,550 2,175
231 1,025 1,501 2,197
254
986 1,316 2,218
2,921
2,761
3,018
2,737
2,769
1,260
1,281
1,267
1,249
1,248
1,024
1,013
1,002
997
986
4
7
62
190
494
521
368
408
310
2,791
2,796
2,796
2,791
2,791
9,142
807 2,353 40,112 40,502 3,656
952 2,139 17,142
910
152 7,533
335
308
388
289 5,626
9,222
9,072
834 2,470 40,175 41,258 3,854
818 2,346 39,997 40,819 3,705
1,043 1,764 17,428
992 1,946 17,441
931
934
146
143
7,800
7,577
321
330
289
284
413
459
566 6,034
572 6,065
9,424
9,277
9,207
8,981
780
872
844
838
2,575 39,797 40,784
2,497 40,085 41,443
2,493 40,212 41,693
2,315 40,60641,111
4,151 1,148 2,430 17,441
3,809 1,010 1,708 17,419
3,661 1,045 1,634 17,424
3,794
969 1,282 17,428
929
930
932
934
148
147
146
144
7,918
8,139
7,869
7,275
309
296
345
335
301
305
274
274
466
451
370
362
544
553
595
573
6,034
6,041
6,024
6,038
8,991
8,906
9,283
9,182
9,002
786
800
808
822
872
2,364 40,249 40,850
2,231 40,044 40,590
.
2,463 39,779 41,596
39,779 41,596
39,842 40,590
2,357 40,076 40,473
3,885
3,659
3,648
3,660
3,674
932
936
936
935
931
144
144
142
144
144
7,544
7,720
7,927
7,410
7,283
334
336
338
340
304
276
269
270
285
319
311
563
607
495
322
585
575
560
594
542
6,063
6,059
6,052
6,066
6,084
1,060
1,981
104
57 2,838 1,096 1,111
70
346 2,701
Aug
1956
July
Aug
1956
T
uly
July
July
July
Aug.
Aug.
Aug.
Aug.
Aug.
4
11
18
25
1
8
15
22
29
Outside
New York City
1955
Aug
1956
July
Aug
1956
July
July
July
July
Aug.
Aug.
Aug.
Aug.
Aug.
4
11
18
25
1
8
15
22
29
/&
A '
I
*• A
A
,* »k
.• A
WA.A
1,041
954
1,101
948
915
1 Demand deposits other than interbank and U. S. Govt. less cash
items reported as in process of collection.
1,479 17,428
908 17,447
2,456 17,438
2,552 17,448
2,332 17,443
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.
960
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*
Petroleum,
Food, Textiles, Metals
and
coal,
liquor, apparel, metal
and
and
prod- chemical,
3
and
tobacco leather
ucts
rubber
Other
Trade
(wholesale
and
retail)
Commodity
dealers
Sales
finance
companies
Public
utilities
(incl.
transportation)
18
-23
71
-11
101
82
106
132
134
106
143
370
1,257
3,050
1,078
53,206
365
54
149
2,124
42,243
222
-28
52
24
-16
19
86
24
86
1,019
-139
541
1,082
-229
551
26
77
105
13
2
16
8
-3
21
36
13
16
195
230
664
-70
191
277
678
-64
8
-100
-46
-67
-i<5
-9
-3
-11
1
-4
-1
27
12
-5
-10
23
-89
-56
-17
66
-42
76
27
10
5
-10
44
20
-7
-8
10
-1
13
6
25
16
45
129
j7
264
148
12
-8
-106
-80
-35
131
-9
295
147
-13
1953—Jan.-June
July-Dec
-657
537
156
-107
420
-326
-45
138
90
-49
215
-7
-644
392
-91
-137
12
91
1954—Jan.-June
July-Dec
-505
498
55
-26
-577
-548
-10
88
-1
-62
-41
120
-363
539
-175
32
126
-225
1955—Jan.-June
July-Dec
-540
480
220
71
313
208
153
63
589
704
384
27
-302
238
424
369
146
327
171
-461
469
1956—Jan.-June
177
224
1,362
-386
-322
1956—June .
July
25
-100
115
62
29
48
396
-121
-139
170
64
54
106
75
60
-35
-4
2
-96
142
108
59
-204
137
Week ending:
1956—June 6
June 13
June 20
June 27
-20
16
25
4
7
18
26
11
159
24
-13
34
29
48
-5
4
-52
22
-9
-25
-21
-26
-24
-43
-27
242
-112
July 4
July 11
July 18
July 25
-25
-46
-14
-15
16
18
-4
-1
29
114
215
37
-28
-39
-37
-17
21
8
15
20
1
70
10
-6
10
2
42
88
19
2
22
34
38
8
19
19
4
-3
-15
-35
-9
-57
-23
-20
4
1
-4
c
-11
-5
17
-12
13
56
42
3
7
Aug
Aug.
Aug.
Aug.
Aug.
Aug.
1
8
15
22
29
6
Q
32
84
-32
16
28
10
iData for a sample of about 210 banks reporting changes in their
larger loans; these banks hold over 90 per cent of total commercial
and industrial loans of all weekly reporting member banks and nearly
70 2per cent of those of all commercial banks.
Figures for periods other th?m weekly are based on weekly changes.
Construction
Comm'l
and
All
ind'l
Net
other changes change—
all
types
classi- weekly
of
fied
reportbusiness
ing
banks *
-536
610
-805
795
-1,314 -1,496
630
539
3
4
Includes machinery and transportation equipment.
Prior to week ending Jan. 11, 1956, included changes in agricultural
loans.
5 Includes increase of $318 million resulting from errors disclosed
incident to survey of credit extended to real estate mortgage lenders.
COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
In millions of dollars]
Dollar acceptances
Commercial and finance
company paper
End of year or month
Total
1950
1951
1952
1953
1954
920
1,331
1,745
1,966
1,924
1955—July
Sept
Oct
Nov
Dec
1956—Jan
Feb
Mar
Apr... .
May
July
Held by
345
449
552
564
733
394
490
492
574
593
580
564
547
542
510
1,818
1,779
1,681
1,708
1,741
1,498
2,350
2,618
2,545
2,514
2,607
2,427
2,600
573
588
560
508
515
476
509
1,777
2,030
1,985
2 006
2,092
1,951
2,091
114
119
126
117
873
192
197
183
172
289
203
650
655
671
662
642
642
184
186
190
189
187
175
144
142
147
144
134
126
624
667
660
628
643
684
723
169
184
170
146
157
180
175
124
135
130
108
113
109
111
i As reported by dealers; includes finance company paper as well as
other commercial paper sold in the open market.
Goods stored in or
ExImshipped between
ports Dollar
ports
points in:
from
exinto
United United change
States States
United Foreign
States countries
To- Own Bills ~ am F o r "
tal bills bought 2ct
u
^
corr.
575
882
1,193
1,402
1,191
2,411
2,359
2,245
2,255
2,283
2,008
F. R.
Banks
Accepting banks
Placed
Placed directthrough
ly
dealers1 (finance
paper) 2
Based on:
78
79
57
55
86
40
44
43
45
52
49
44
49
40
39
44
71
64
..
..
..
..
..
245
235
232
274
285
133
125
154
182
433
427
433
430
410
405
223
220
253
258
259
186
182
189
201
406
431
436
427
424
441
483
..
..
..
..
..
21
21
20
24
19
180
272
289
378
10
4
:U
6
7
:>8
23
27
27
26
27
33
18
4
]4
3
16
18
8
32
37
39
42
45
45
48
565
2
23
39
29
17
300
252
205
210
41
41
33
33
20
17
108
111
108
82
73
63
87
87
86
100
237
263
263
235
245
264
270
220
234
236
240
252
251
237
11
20
18
10
9
9
13
46
43
49
43
33
34
74
110
106
94
100
104
125
129
87
28
55
64
75
32
44
32
43
89
92
101
2
As reported by finance companies that place their papsr directly with
investors.
961
INTEREST RATES
BANK RATES ON SHORT-TERM BUSINESS LOANS
MONEY MARKET RATES
[Per cent per annum]
Finance
Prime
comcompany
mercial
paper
paper,
placed
4-to 6- directmonths *
ly,
3- to 6months *
Year,
month, or
week
Prime
bankers'
acceptances,
90
days1
[Per cent per annum]
Size of loan (thous. of dol.)
U. S. Government
securities (taxable)2
All
loans
Area and period
3-month bills
9-to 12- 3- to 5month
year
Mar- Rate issues 3 issues4
ket on new
yield issues
1953 average..
1954 average..
1955 average..
2.52
1.58
2.18
2.33
1.42
1.97
1.87
1.35
1.71
1.90
.94
1955—Aug....
Sept
Oct
Nov....
Dec.. . .
2.33
2.54
2.70
2.81
2.99
2.02
2.28
2.46
2.53
2.80
1956—Jan
Feb
Mar
Apr.. . .
May...
June...
July....
Aug.. . .
3.00
3.00
3.00
3.14
3.27
3.38
3.27
3.28
Week ending:
Aug. 4
Aug. 11
Aug. 18
Aug. 25
Sept. 1
3.19
3.19
3.25
3.35
3.38
1.73
1.931
.953
1.753
2.07
.92
1.89
1.90
2.07
2.23
2.25
2.54
1.876
2.086
2.259
2.225
2.564
2.12
2.14
2.19
2.28
2.56
2.73
2.72
2.58
2.70
2.83
2.88
2.88
2.88
2.93
3.00
3.00
2.94
3.01
2.45
2.38
2.38
2.44
2.50
2.45
2.43
2.65
2.41
2.32
2.25
2.60
2.61
2.49
2.31
2.60
2.456
2.372
2.310
2.613
2.650
2.527
2.334
2.606
2.50
2.38
2.43
2.83
2.83
2.69
2.62
3.01
2.74
2.65
2.83
3.11
3.04
2.87
2.97
3.36
2.94
2.94
2.90
3.10
3.13
2.50
2.50
2.60
2.73
2.85
2.29
2.40
2.64
2.82
2.72
378
399
603
818
2.832
2.85
2.92
3.00
3.10
3.10
200
and
over
Annual averages,
19 large cities:
1953
1954
1955
3.7
5.0
4.4
3.9
3.5
3.6
3.7
5.0
5.0
4.3
4.4
3.9
4.0
3.4
3.5
Quarterly ;i
19 large cities:
1955_Sept
Dec
1956—Mar
June
New York City:
1955_Sept
2.56
1.82
2.50
1.67
2.08
2.23
2.17
2.43
100200
10100
10
3.77
3.93
3.93
4.14
4.98
5.01
5.05
5.18
4.44
4.52
4.55
4.69
3.99
4.14
4.13
4.34
3.56
3.75
3.74
3.97
3.54
3.76
3.75
3.97
4.83
4.86
4.92
5.00
4.39
4.48
4.49
4.61
3.87
4.00
4.05
4.23
3.39
3.64
3.62
3.86
3.76
3.95
3 93
4.15
5.06
5.08
5.11
5.26
4.43
4.52
4 55
4.74
3.99
4.16
4.10
4.32
3.58
3.79
3.78
4.01
4.11
4.17
4.19
4.38
5.01
5.06
5.09
5.23
4.47
4.54
4.58
4.71
4.07
4.22
4.20
4.42
3.88
3.91
3.94
4.15
3.19
3.26
3.37
3.43
3.46
Dec
1956—Mar
June
7 Northern & Eastern
cities:
1955_Sept
Dec
1956—Mar
June
11 Southern & Western
cities:
1955—Sept
Dec
1956—Mar
June
1
2
Averages of daily prevailing rates.
Except for new bill issues, yields are
averages computed from daily closing bid prices.
3
Consists of certificates of indebtedness and selected note and bond issues.
4
Consists of selected note and bond issues.
1
Based on figures for first 15 days of month.
NOTE.—For description see BULLETIN for
pp. 228-237.
March
1949,
BOND AND STOCK YIELDS i
[Per cent per annum]
U . S . Govt.
bonds
(long-term)
Year, month,
or week
Corporate bonds 4
State and local govt. bonds
General
obligations4
Old
New 3 Totals
series2 series
Aaa
By selected
ratings
Revenue Total 5
bonds6
Baa
Aaa
Baa
Industrial stocks
Dividends/
price ratio
By
groups
Industrial
Railroad
ComPublic
Preutility ferred 7 mon 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
1953 average
1954 average
1955 average
2.93
2.53
2.80
3.16
2.70
2.94
2.82
2.46
2.57
2.31
2.04
2.18
3.41
3.09
3.14
3.02
2.81
2.85
3.43
3.16
3.25
3.20
2.90
3.06
3.74
3.51
3.53
3.30
3.09
3.19
3.55
3.25
3.34
3.45
3.15
3.22
4.27
4.02
4.01
5.51
4.70
3.93
10.14
8.75
8.04
Aug
Sept
Oct
Nov
Dec
2.91
2.88
2.82
2.85
3 02
3.00
2.96
2.96
2.97
2.69
2.70
2.64
2.60
2.70
2.33
2.31
2.25
2.20
2.29
3 22
3.24
3.22
3.20
3.25
2 92
2.92
2.89
2.87
2.97
3 29
3.31
3 30
3.29
3.33
3 11
3.13
3 10
3.10
3.15
3 56
3.59
3 59
3.58
3.62
3 25
3.25
3 23
3.22
3.26
3 36
3.40
3 38
3.38
3.42
3 26
3.29
3 27
3.28
3.31
4 01
4.06
4 04
4.01
4.05
3 76
3.76
3.96
3.96
3.92
Jan
2.86
2 82
2.90
3.05
2 93
2.89
2.97
3.15
2 94
2 93
2.98
3.10
3 03
2.98
3.05
3.19
2 69
2 63
2.67
2.84
2 83
r
2.71
C
2.79
2.94
2 27
2 19
2.24
2.43
2 46
2.34
c
2.40
2.53
3 24
3 21
3.24
3.38
3 37
3.26
3.34
3.52
2 91
2 89
2.95
3 07
3 06
3.02
3.07
3.32
3 30
3 28
3.30
3 41
3 46
3 46
3.50
3.62
3 11
3 08
3.10
3 24
3 28
3 27
3.28
3.43
3 60
3 58
3.60
3 68
3 73
3 75
c
3.80
3.93
3 23
3 20
3.24
3 37
3 40
3.39
3.42
3.55
3 40
3 37
3.37
3 47
3 53
3 55
3.59
3.72
3 28
3 26
3.27
3 38
3 44
3 44
3.48
3.60
4 03
3 99
4.01
4 15
4 22
4 17
4.16
4.24
4 08
3 93
3.68
3.69
3 97
3.82
'3.68
3.83
3.06
3.09
3.14
3.21
3.21
3.13
3.14
3.18
3.23
3.23
2.84
2.87
2.94
2.99
3.04
2.45
2.47
2 53
2.59
2.62
3.42
3.46
3 54
3.57
3.60
3.16
3.22
3 31
3.39
3.51
3 55
3.59
3 62
3.65
3.68
3 35
3.38
3 42
3.47
3.49
3 85
3.90
3 94
3.95
3.97
3 48
3.51
3 55
3.59
3.61
3 65
3.68
3 71
3.74
3.78
3 52
3.57
3 61
3.62
3.64
4 17
4.20
4 24
4.28
4.32
3.66
3.69
3.70
3.76
3.83
1955
1956
.
0 88
L. oo
Feb
Mar
Apr
May
July
Aug
....
Week ending:
Aug. 4
Au<* 11 .
Aug. 18
Aug. 25
Sent 1
r
1
c
Revised.
Corrected.
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
are as of the end of the period, except for annual averages.
2
Consists of fully taxable, marketable 2V2 per cent bonds due or first
callable after 12 years, through Sept. 30, 1955, and those due or callable
inJ10-20 years, beginning Oct. 1, 1955.
3
Consists of the 3*4 per cent bond of 1978-83 and, beginning Feb. 1,
1955, the 3 per cent bond of February 1995.
4
5
7A9
7.96
r
6.99
r
7 15
Moody's Investors Service.
Includes bonds rated Aa and A, data for which are not shown separately. Because of a limited number of suitable issues, the number of
corporate bonds in some groups has varied somewhat.
6
Dow-Jones and Co.
7
Standard and Poor's Corporation. Ratio is based on 8 median yields
in a sample of noncallable issues—12 industrial and 2 public utility.
8 Computed by Federal Reserve from data published by Moody's Investors Service.
962
SECURITY MARKETS
SECURITY PRICES l
Common stock prices
Bond prices
Standard and Poor's series
(index, 1935-39= 100)
U. S. Govt.
(long-term)
CorMuponicipal rate
(high- (highNew grade)* grade)4
seTotal
ries3
Year, month,
or week
Old
series2
Industrial
Railroad
Volume
of
trading 5
(in
Manufacturing
Trade,
thoufiTrans- Pub- nance, Min- sands
he
of
Total
porta- utiland
ing shares)
Du- Non- tion
Total rable duservity
rable
ice
Securities and Exchange Commission series
(index, 1939= 100)
Public
utility
17
480
420
20
40
265
170
98
72
21
29
31
14
1953 average
1954 average
93.90 101.46 119.7
99.51 109.60 125.8
95.97 103.36 123.1
112.1
117.2
114.4
189
227
342
204
250
341
170
180
248
122
136
152
193
230
305
220
271
374
193
245
352
245
295
394
219
233
320
122
136
153
207
236
297
240
267
313
1,419
2,270
2,578
1955—Aug
Sept
Oct
Nov
Dec
94.51
94.87
95.83
95.46
95.07
101.57
101.95
102.75
102.73
102.62
120.5
121.3
122.5
122.6
119.8
113.2
113.1
113.6
113.7
112.4
311
323
306
322
327
354
371
350
369
377
250
257
241
255
258
156
155
151
154
153
315
327
310
328
334
390
407
385
411
419
368
387
365
389
396
410
425
403
430
439
324
331
309
325
332
156
155
151
154
154
302
320
307
325
323
311
317
294
312
326
1,818
2,862
2,008
2,319
2,428
1956 Jan
Feb
Mar
Apr
May
June
July
Aug
95 40
95.94
94.88
92 86
94.40
95 03
93.94
91.81
103.04
103.28
102.41
100.05
101.35
102.22
100.98
98.38
121.3
122.3
120.3
116.9
117.3
119.2
118.6
115.8
113.3
113.9
113.2
111.2
110.6
110 5
110 3
108.4
323
324
347
351
344
341
357
357
372
373
401
408
399
397
417
418
249
250
265
271
269
257
260
254
153
155
159
156
155
154
157
159
326
330
351
355
347
341
359
359
408
413
443
452
441
434
460
460
379
383
412
410
398
393
421
432
434
441
472
491
480
All
495
484
320
323
344
348
342
328
335
329
154
156
160
157
156
155
159
160
310
310
322
317
306
300
315
313
330
350
373
369
364
352
369
373
2,247
2,320
2,874
2,576
2,420
1 771
2,177
1,936
Week ending:
Aug. 4
Aug. 11
Aug. 18
Aug. 25
Sept. 1
92.88
92.54
91.94
91.13
91.06
99.44
99.24
98.48
97.67
97.59
117.8
115.9
115.9
115.0
114.3
109.4
109.0
108.4
107.9
107.2
363
364
360
351
349
425
426
422
410
408
263
259
255
249
245
160
160
160
158
157
366
363
361
355
351
469
465
462
454
448
438
436
434
429
426
497
492
488
477
469
338
335
329
325
319
162
161
160
159
158
319
315
314
309
307
383
380
375
368
359
2,331
2,308
1,806
1,779
1,606
Number of issues..
1-2
3-7
15
1 Monthly and weekly data for U. S. Govt. bond prices and volume
of trading are averages of daily figures; for other series monthly and
weekly data are based on figures for one day each week—weekly closing
prices for common stocks (Securities and Exchange Commission) and
Wednesday closing prices for all others.
2
Series composed of fully taxable, marketable 2V£ per cent bonds due
or first callable after 12 years through Sept. 30, 1955, and, beginning Oct.
1, 1955, those due or callable in 10-20 years.
3 The 3VA per cent bond of 1978-83 and, beginning Feb. 1, 1955, the 3
per cent bond of February 1995.
4
Prices derived from average yields, as computed by Standard and
Poor's Corporation, on basis of a 4 per cent 20-year bond.
5
Average daily volume of trading in stocks on the New York Stock
Exchange for a five and one-half hour trading day.
STOCK MARKET CREDIT
[In millions of dollars]
Customer credit
Broker and dealer credit*
Bank loans to others (than
Net debit balances with
Total—
New York Stock Exchange brokers and dealers) for pur- 2
Money borrowed
securities
chasing and carrying securities
firms1
other than
U. S. Govt.
obligations Secured by Secured by
On
On
(col. 3 +
U. S. Govt.
Other
U. S. Govt.
other
U. S. Govt.
other
col. 5)
obligations
securities
obligations
securities
obligations
securities
End of month or last
Wednesday of month
Customer
net
free
credit
balances
1952 Dec
1953—Dec
1954—Dec
1,980
2,445
3,436
33
31
41
1,332
1,665
2,388
149
88
65
648
780
1.048
30
88
69
877
1 074
1,529
727
713
1,019
1955—July
Aug
Sept
Oct
Nov
Dec
3,911
3,865
3,966
3,944
3,980
4,030
45
43
43
40
38
34
2,734
2,710
2,805
2,749
2,759
2,791
29
29
33
29
27
32
1.177
1,155
1,161
1,195
1,221
1,239
77
71
68
71
75
51
2 003
1,994
2 056
2,088
2,185
2,246
918
887
977
920
876
894
1956—Jan
Feb
Mar
Apr
Mav
y
T
June
4,040
3,991
4,038
4,043
4,047
4,009
4,026
36
34
31
33
38
34
31
2,786
2,740
2,786
2,788
2,810
2 786
2,812
37
36
40
40
40
48
45
1,254
1,251
1,252
[,255
1,237
1,223
1,214
41
52
50
44
42
39
31
2 129
2,137
2,127
2 145
2,186
2 195
2,211
905
913
960
896
870
836
858
.
1
Ledger balances of member firms of the New York Stock Exchange
carrying margin accounts, as reported to the Exchange. Customers' debit
and free credit balances exclude balances maintained with the reporting
firm by other member firms of national securities exchanges and balances
of the reporting firm and of general partners of the reporting firm. Balances are net for each customer—i.e., all accounts of one customer are
consolidated. Money borrowed includes borrowings from banks and
from other lenders except member firms of national securities exchanges.
Data are as of the end of the month, except money borrowed, which is as
of 2 last Wednesday of the month beginning June 1955.
the
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.
963
SAVINGS INSTITUTIONS
LIFE INSURANCE COMPANIES 1
[Institute of Life Insurance data.
In millions of dollars]
Business securities
Government securities
Total
assets
Date
End of year: 3
1941
1945
U.S.
United State and Foreign 2
States
local
Total
Total
Bonds
9,573
10,060
601
999
6,442
6,636
1 878
857
2 919
1,962
1 840
1,738
872
1,052
1,152
1,170
1,153
1 298
1,846
2,038
1,517
1,526
1,507
1,581
1,500
1.410
1,346
1,215
20,272
23,124
25,351
28,111
31,515
34,438
37,300
39,545
18,844
21,406
23,248
25,890
29,069
31,865
34,032
35,912
1,428
1,718
2,103
2,221
2,446
2 573
3,268
3,633
10,833
12 906
16,102
19 314
21,251
23 322
25.976
29,445
1,055
1 247
1,445
1 631
1,903
2 020
2 298
2,581
2,057
2 240
2,413
2 590
2,713
2 914
3 127
3,290
2,160
2 245
2,591
2 872
3,088
3 302
3 52*
3,742
10,195
9,767
9,021
1,126
1,278
1,833
1,493
1,407
1,345
31,286
34,265
36,695
29,095
31,926
33,985
2,191
2,339
2.710
21 245
23,275
25,928
1 868
1,994
2,275
2 699
2,894
3,087
3 122
3,321
3,884
12 239
12,292
12,368
12,325
12,236
12,096
11,758
9 046
9,096
9,179
9,129
9,027
8,891
8,546
1,957
1,979
1,979
1,983
1,990
1,987
1,998
,236
,217
1,210
1,213
1,219
,218
1,214
37,677
37,927
37,921
38,123
38,385
38,546
38,855
34,848
35,058
35,046
35,253
35,506
35,647
35,932
2 829
2,869
2,875
2,870
2,879
2,899
2,923
2 422
2 453
2,471
2 492
2,506
2,523
2,557
3 207
3 230
3,245
3 260
3,271
3,283
3,293
3 941
3 986
4,081
4 079
4,055
4,175
4,323
11,751
11,608
11,415
11,439
11,332
11,280
8,393
8,236
8 045
8,085
7,986
7,921
2,125
2,144
2,153
2,153
2,140
2,148
,233
1,228
,217
,201
,206
211
39,146
39,376
39,570
39,705
39,854
39,963
36,216
36,428
36,593
36,725
36,880
36,999
2,930
2,948
2,977
2,980
2,974
2,964
2,568
2,589
2 609
2,624
2,646
2,673
3,307
3,324
3 345
3,365
3,385
3,409
4,270
4,241
4 221
4,241
4,270
4,267
1,995
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
73,034
78,201
84,068
12,814
12,452
12,199
86 970
87,636
88,087
88,529
89,016
89,491
90,219
90,842
91,240
91,543
92,025
92,478
92,876
. . .
..
r
1956—Jan
Feb
Mar
Apr
May
June
Other
assets
10,174
11,059
6,796
20,583
55,512
59,630
64,020
68,278
73,375
78,533
84.486
90,432
1955—June
July
Aug
Sept
Oct
Nov
Dec
Policy
loans
1,240
9,478
22,545
End of month: *
1952—Dec
1953—Dec
1954—Dec
Real
estate
722
32,731
44,797
1948
1949
1950.
1951
1952
1953
1954
1955
Mortgages
Stocks
r
1
2
Revised.
Figures are for all life insurance companies in the United States.
Represents issues of foreign governments and their subdivisions
and bonds of the International Bank for Reconstruction and Development.
3 These represent annual statement asset values, with bonds carried on
687
r
27 484
27,748
28,001
28 250
28,563
28,868
29,433
29,800
30,102
30 383
30,651
30,991
31,284
r
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]
Assets
Assets
Total 2
Mortgages 3
U.S.
Govt.
obligations
6 049
8,747
4 578
5,376
2,420
13,028
14,622
16 893
19,222
22 660
26,733
31,736
37,880
10,305
11,616
13 657
15,564
18 396
21,962
26,193
31,584
1,455
1,462
[ 487
1,603
,787
.920
2,021
2,381
End of year
1941
1945
1948
1949..
1950
1951
1952
1953
1954
t955*
. .
107
Cash
Other*
344
450
775
356
663
880
924
501
566
733
899
1,066
1,289
1,479
1,980
2,087
1,108
1,297
1,472
1,763
Savings
capital
4,682 1954—2
3
7,365
4
10,964
12,471 1955—1*
13,992
2v
3*
16,107
19,195
4*
22,846
27,334 1956—1P
32,305
9 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.
End of
quarter
Total 2
Mortgages 3
U. S.
Govt.
obligations
Cash
Other *
Savings
capital
29,094
30,165
31,736
23,836
25,065
26,193
1,959
1,969
2,021
1,794
1,681
1,980
J.432
1,379
1,472
25,170
25,903
27,334
33,075
35,080
36,343
37,880
27,373
29,107
30,687
31,584
2,203
2,287
2,340
2,381
1,928
1,973
1,612
2,087
1,502
1,645
1,639
.763
7
28,482
29,963
30,636
32,305
39,049
40,770
32,529
33,866
2,615
2,680
1,999
2,064
1,842
2,096
33,446
35,055
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.
964
FEDERAL CREDIT AGENCIES
SELECTED ASSETS AND LIABILITIES OF GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
[Based on compilation by Treasury Department.
In millions of dollars]
End of quarter
End of year
1955
Asset or liability, and corporation or agency 1
1948
Loans, by purpose and agency:
To aid agriculturey total
Banks for cooperatives
Federal intermediate credit banks
Federal Farm Mortgage Corporation.
Farmers Home Administration
Rural Electrification Administration. .
Commodity Credit Corporation
Other agencies
To aid home owners, total
Federal National Mortgage Assn
Home Owners' Loan Corporation 3 . . .
Reconstruction Finance Corporation 4 .
Veterans Administration
Other agencies
1949
1950
1951
1952
1953
1954
3,632
305
426
80
2 525
999
1,293
5
4,362
302
437
60
523
1,301
1,729
9
3,884
345
510
45
535
1,543
898
7
4,161
425
633
34
539
1,742
782
6
5,070
424
673
25
596
1,920
1,426
6
6,811
377
590
18
648
2,096
3,076
5
6,929
367
638
13
701
2,226
2,981
4
7,466
340
725
12
774
2,253
3,357
4
6,362
322
847
5,853
359
833
6,715
375
689
770
2,286
2,137
1
755
2,316
1,590
1
681
2,348
2,621
1
768
199
369
177
1,251
828
231
168
1,528
1,347
10
137
2,142
1,850
2,603
2,242
2,930
2,462
2,907
2,461
3,013
2,538
3,095
2,593
3,122
3,205
2,590 ! 2,641
123
24
35
169
115
246
108
300
60
383
63
408
67
430
72
'456'!'
76 |
480
84
12
11
13
H I
11
12
11
13
>
22
To railroads, total
Reconstruction Finance Corporation 4 .
Other agencies
140
138
3
114
112
3
110
108
2
101
99
2
82
80
2
79
11
2
To other industry, total
Reconstruction Finance Corporation 4 .
Department of the Treasury
Other agencies
310
272
462
423
516
457
509
294
174
40
420
426
426
706
667
353
67
353
73
348
78
328 I
378 I
306
362
458
400
488
415
38
58
74
58
525
515
10
445
433
12
824
816
814
806
864
864
952
952
870
868
2
704
702
2
i,0/P
1,017
2
1,277
1,275
2
1,419
1,417
2
6,102
2,145
206
3,750
6,090
2,187
154
3,750
6,078
2,226
101
3,750
6,110
2,296
64
3,750
7,736
2,496
58
3,667
71,515
8,043
2,833
52
3,620
1,537
8,001
2,806
7,968
2,768
5,052
8,032
2,774
8,025
2,735
7,988
2,702
3,570
1,624
1,630
1,692
3,567
1,722
3,519
1,767
531
59
366
105
779
61
609
109
1,095
50
919
126
763
57
535
171
438
451
474
477
501
113
325
119
332
100
374
96
381
93
408
>
To financing institutions, total.
Federal home loan banks...
Other agencies
Foreign, total
Export-Import Bank
Reconstruction Finance Corporation 4
Department of the Treasury6
}
International Cooperation Administration.
All other purposes, total
Reconstruction Finance Corporation 4
Public Housing Administration
Other agencies
Less: Reserve for losses
Total loans receivable (net).
Investments:
U. S. Government securities, total
Banks for cooperatives
Federal intermediate credit banks.
Production credit corporations
Federal home loan banks
Federal Savings and Loan Insurance Corp.,
Federal Housing Administration
Federal Deposit Insurance Corporation. . .
Other agencies
Investment in international institutions
38
584
190
294
100
484
88
297
99
476
228
494
259
368
411
268
203
140
185
173
11,692 12,733 13,228 14,422 17,826 19,883 19,348 19,782 18,927 19,061 120,238
1,854
43
44
66
274
199
144
1,064
21
2,047
43
74
39
275
214
188
1,205
9
2,075
43
46
42
199
193
244
1,307
1
2,226
43
51
43
249
200
285
1,353
2
2,421
43
60
43
311
208
316
1,437
1
2,602
43
63
45
387
217
319
1,526
1
3,385
3,385
3,385
3,385
3,385
3,385
78
66
11
44
36
40
35
5
1,461
1,174
129
159
1,280
978
172
131
2,514
2,086
156
30
774
638
108
28
2,962
1,352
611
830
2,945
1,248
605
886
3,358
1,251
594
1,048
3,213
1,173
199
1,251
Other securities, total
Reconstruction Finance Corporation 4 .
Production credit corporations
Department of the Treasury
Other agencies
133
98
29
107
83
22
Commodities, supplies, and materials, total.
Commodity Credit Corporation
Reconstruction Finance Corporation 4
Department of the Treasury
Other agencies
627
437
157
1,549
1,376
142
Land, structures, and equipment, total
Public Housing Administration
Reconstruction Finance Corporation 4
Tennessee Valley Authority
Federal Maritime Board and Maritime Adm 3 .
Other agencies*
Bonds, notes, and debentures payable (not guaranteed),
total
Banks for cooperatives
Federal intermediate credit banks
Federal home loan banks
Federal National Mortgage Assn
For footnotes see following page.
|
•
32
3,060
1,448
630
793
189
168
206
465
965
70
480
415
772
78
490
204
1,190
110
520
560
1,369
170
674
525
590
1,330
181
704
445
I
272
2,967
43
61
42
641
228
327
1,624
1
3,385
3,187
43
60
42
771
234
344
1,692
3,108
43
60
42
661
241
354
1,706
2
2
3,385
3,385
2, POP
43
72
42
443
234
370
1,705
2
3,236
43
63
42
745
241
381
1,720
1
3,385 i 3,385
I
29 \
3
23
3
47
3
42
2
44
3
38
3
45
3
40
2
3,852
3,302
3,612
2,983
3,476
2,910
4,129
3,518
80
470
65
564
19
547
17
594
29
2
23
4
4,356
3,747
20
589
8,062
1,018
175
1,475
4,834
561
8,046
8 96
7,982
7,821
64
7,799
64
7,822
64
1,739
4,798
1,412
1,781
4,749
1,372
1,812
4,807
1,137
1,823
4,812
1,100
1,829
4,822
1,107
1,182
150
619
414
1,068
156
640
272
1,561
139
713
139
570
1,840
123
811
336
570
2,086
160
821
534
570
2,379
185
665
958
570
965
FEDERAL CREDIT AGENCIES
PRINCIPAL ASSETS AND LIABILITIES OF GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
[Based on compilation by Treasury Department.
In millions of dollars]
Liabilities, other than
interagency items
Assets, other than interagency items1
Date, and corporation or agency
Total Cash
CommodiLoans ties,
re- supceiv- plies,
able and
materials
Bonds, notes,
PriU.S. vately
and debenLand,
Govt. owned
tures payable
struc- Other
Other inter- intertures,
asliabil- est
est
and
U.S. Other
sets Guarities
Govt. secu- equipanteed Other
ment
secu- rities
by
rities
U.S.
Investments
All agencies
21,718
630 11,692
23,733
441 12,733
24,635
642 13,228
26,744
931 14,422
29,945
944 17,826
38,937 1,190 19,883
41,403 1,371 19,348
1948—Dec. 31
1949 Dec. 31
1950—Dec. 31
1951—Dec. 3 P
1952 D e c . 313
1953—Dec. 313
1954— Dec. 31
1955
Mar
June
Sept.
Dec.
31
30
30
31
1,549
1,774
1,461
1,280
2,514
3,852
1,854
2,047
2,075
2,226
2,421
2,602
2,967
3,518
3,492
3,473
3,463
3,429
3,425
3,432
3,060
337
2,962
509
2,945
499
3,358
882
3,213
832
8,062 1,261
8,046 2,387
965
38
772
28
23 1,190
43 1,369
53 1,330
75 1,182
33 1,068
1,375
1,244
1,456
1,338
19,782
18,927
19,061
20,238
3,612
3,476
4,129
4,356
3,187
3,108
2,909
3,236
3,429
3,430
3,414
3,414
7,982
7,821
7,799
7,822
43 2,086 2,013 36,460
44 2,379 2,703 39,583
30
372
689
41,996
40,639
41,183
45,304
627
2,629
2,634
2,415
4,900
18,886
21,030
21,995
23,842
26,456
33,429
35,610
166
183
234
329
378
434
508
31 1,561 4,013 35,848
41 1,840 3,019 35,171
543
568
583
596
1,663
1,720
1,193
1,161
1,728
3,818
4,183
Classification by agency
Dec. 31, 1955
Farm Credit Administration:
Banks for cooperatives
Federal intermediate credit banks
Production credit corporations
Federal Farm Mortgage Corp
450
783
45
13
Department or Agriculture:
Rural Electrification Administration
Commodity Credit Corporation
Farmers Home Administration
Federal Crop Insurance Corp..
. . .
Federal Home Loan Bank Board:
Federal home loan banks
Federal Savings and Loan Insurance Corp
Housing and Home Finance Agency:
Public Housing Administration
Federal National Mortgage Association
Office of the Administrator
Small Business Administration .
Export-Import Bank
21
(5)
12
9 2,345
24 2,544 3,747
54
587 (5)
15
2,231
250
62 1,417
1
313
629
2,741
756
92
26
31
65
81 2,638
261
73
57
4
Tennessee Valley Authority
Federal Maritime Board and Maritime Adm
9 2,725
4
140
261
356
Panama Canal Company
Veterans Administration
Department of the Treasury
International Cooperation Administration .
All other
464
673
10,685
1,774
950
25
154
481
100 3,825
2 1,767
106
115
1
Loans by purpose and agency are shown on a gross basis; total loans
and all other assets are shown on a net basis, i.e., after reserve for losses.
2
Includes figures for the Regional Agricultural Credit Corporation, the
assets and liabilities of which have been administered by this agency
since dissolution of the RACC in 1949.
3
Changes in coverage over the period for which data are shown are as
follows: exclusion of the Home Owners' Loan Corporation after June
1951, when U. S. Govt. interest was repaid; and inclusion of the Mutual
Security Agency (superseded by the Foreign Operations Administration
and later by the International Cooperation Administration) beginning
June 1952 and of the Federal Maritime Board and Maritime Administration beginning June 1953.
4 The RFC Liquidation Act approved July 30, 1953 (67 Stat. 230)
terminated the RFC's lending authority, effective Sept. 28, 1953. Its
lending activities under the Federal Civil Defense Act of 1950 and the
Defense Production Act of 1950 were transferred to the Treasury on that
date. When the Corporation went out of existence on June 30, 1954
certain loans, securities, and other assets were transferred to the Federal
National Mortgage Association, the Small Business Administration, and
(5)
745
241
2
381
• • « • •
(5)
149
1
1
64
26
44
12
3
20
504
1
1,829
4,822
421
2
3,408
131
150
22
36
2
26
10
12
24
6
32
5
98
231
31
110
45
12
1 2,469
1,280 6,049
1
667
5
13
115
865
26
2
20 3,312
127
2
8
w
5
8
(5)g6
1,720
185
665
9
2
51
2,761
1,734
2,006
5,507
63
42
2,469
7,329
668
17
.
5
43
958
44
570
-1
239
562
285
27
185
400
33 2,135
8
748
3
712
11
(5)
56
71
94
41
147
2,691
1,640
1,965
5,360
13
9
451
664
8 10,676
1 774
46
904
the Export-Import Bank, and the Treasury assumed responsibility for
completing liquidation of other activities.
5 Less than $500,000.
6
Figures represent largely the Treasury loan to United Kingdom and
through 1952 are based in part on information not shown in Treasury
compilation.
7
Figure not published in Treasury compilation, but derived by Federal
Reserve. See also footnote 3.
8 Effective July 1, 1954, the public war housing program of the PHA
(represented largely by land, structures, and equipment) and several
small housing programs managed by the Office of the Administrator,
Housing and Home Finance Agency, were designated to be liquidated by
the Office of the Administrator, shown under other agencies.
9
Beginning 1951, includes figures for Panama Canal Company, a new
corporation combining the Panama Railroad Company (included in
earlier Treasury compilations) and the business activities of the Panama
Canal (not reported prior to that time). See also footnote 8.
NOTE.—Statement includes certain business-type activities of the U. S.
Government. Figures for some agencies—usually small ones—may be
for dates other than those indicated.
966
FEDERAL FINANCE
SUMMARY OF FEDERAL FISCAL OPERATIONS
[On basis of U. S. Treasury statements and Treasury Bulletin. In millions o f dollars]
Derivation of Federal Government cash transactions
Receipts from the public,
other than debt
Period
Payments to the public,
other than debt
Equals:
Total
Budget
rects.
exfrom
pendithe
tures
public 2
Plus:
Trust
fund
expenditures
Equals:
Total
Less:
Adjust- payts.
ments 3 to the
public
Net
Budget
rects.
Plus:
Trust
fund
rects.
Less:
IntraGovt.1
trans.
Cal. year—1954.
1955.
61,171
63,358
9,570
10,624
2,101
2,511
68,580
71,448
64,854
66,129
7,598
9,331
Fiscal year—1953..
1954..
1955..
1956P.
64,825
64,655
60,390
68,141
8,929
9,155
9,536
11,685
2,199
2,110
2,061
2,735
71,499
71,627
67,836
77,067
74,274
67,772
64,570
66,386
5,288
7,204
8,546
9,389
Semiannual totals:
1954—Jan.-June.
July-Dec..
1955—Jan.-June.
July-Dec..
1956—Jan-June?.
38,898
22,272
38,118
25,240
42,901
5,202
4,368
5,168
5,456
6,229
1,262
839
1,222
1,289
1,446
42,795
25,785
42,051
29,397
47,670
33,288
31,566
33,004
33,125
33,261
3,987
3,611
4,935
4,398
4,991
2,394
392
2,176
1,096
2,087
2,765
4,734
5,498
2,692
4,662
4,889
4,684
6,195
11,313
4,082
5,050
11,576
3,485
745
1,502
721
505
1,142
841
371
1,009
757
871
1,605
1,616
1,112
394
158
77
151
62
447
90
62
86
96
70
1,040
733
3,113
6,076
6,141
3,044
5,741
5,282
4,964
7,140
11,981
4,854
6,581
12,150
3,862
5,382
6,225
5,340
5,355
5,172
5,651
5,274
4,950
5,399
5,387
5,467
6,783
5,542
752
727
688
900
668
663
904
870
761
1,006
669
783
1,029
571
42
-88
436
40
95
608
142
295
386
132
522
777
Monthly:
1955—July
Aug
Sept
Oct
Nov
Dec
1956—Jan
Feb
Mar
Apr
May
June p .
Excess
of rects.
from,
or
payts.
to(-),
the
public
Net Federal cash borrowing or
repayt. (—) of borrowing
InLess:
crease,
or deNet
crease
Other
( - ) , i n inv. by
nonGovt.
debt
cash
(direct agen. & debt*
tr. funds
& agen.)
Equals:
Net
cash
borrowing or
repayt.
()
69,667
72,188
-1,087
-739
3,511
3,494
1,583
2,476
752
566
1,173
458
2,790 76,773
3,117 71,860
'2,578 70,538
3,183 72,593
-5,274
-232
-2,702
4,475
6,940
5,186
»-3,986
-578
3,300
2,055
1,533
3,235
722
618
644
623
2,919
2,512
'1,809
-4,436
34,881
34,786
35,762
36,426
36,167
7,914 -4,010
-9,001
7,521
6,289 -3,535
-7,028
7,019
11,503 -7,597
1,195
388
1,145
1,331
1,904
305
447
197
369
254
-5,511
6,684
-4,875
5,323
-9,759
5,562
6,910
6,117
5,819
5,800
6,218
5,570
5,679
5,864
6,008
6,004
7,044
5,794
3,237
-2,449
-834
845
-774
25
2,621
-2,775
-59
490
-936
599
-722
-606
238
1,462
6,116 -3,714
-1,154
-545
577
1,036
5,107 -3,889
-93
-1,932
119
945
-359
-109
605
130
-87
210
131
-364
1,032
987
312
114
31
40
14
40
130
83
3
-14
15
110
57
33
3,004
-130
-454
2,717
-154
340
-717
25
-3,832
-197
-106
-4,934
-438
2,786
3,272
Effects of operations on Treasurer's account
Operating transactions
Period
Net
Budget
surplus
or
deficit
Trust
fund
accumulation
or
deficit
Reconciliation
to Treas.
cash
Financing transactions
Govt.
agency
obligations 5
Net
inv. ( - )
in Fed.
sec. by
Govt.
agency
& trust
funds 5
Net
market
issuance
(+)of
Cash balances:
inc., or dec. (—)
Increase,
or
decrease
(-),in
Held
gross
outside
direct
Treasury
public
debt
Account of Treasurer of United
States (end of period)
Deposits in
Treasurer's
account
Balance
F. R.
Banks
(available
funds)
Treasury
Tax and
Loan
Accts.
Other
net
assets
Fiscal yr.—1953....
1954...
1955...
1956....
-9,449
-3,117
-4,180
1,754
3,641
1,951
990
2,296
-250
-46
-29
149
-59
-14
602
173
-3,147
-1,609
-1,362
-2,687
6,966
5,189
3,115
-1,623
257
-312
-269
-2,299
2,096
-551
331
4,670
6,766
6,216
6,546
132
875
380
522
3,071
4,836
4,365
4,633
,467
,055
,471
,391
Semiannual totals:
1954—Jan.-June.
July-Dec..
1955—Jan.-June.
July-Dec..
1956—Jan.-June..
5,611
-9,294
5,114
-7,885
9,639
1,217
757
234
1,060
1,236
204
-689
660
92
57
125
-152
754
-139
312
-801
-412
-950
-1,217
-1,470
-3,908
7,490
-4,375
6,394
-8,017
n.a.
-712
400
-24
-245
2,190
-1,587
1,036
-1,671
2,002
6,766
5,180
6,216
4,545
6,546
875
563
380
397
522
4,836
3,461
4,365
3,036
4,633
,055
,156
,471
,112
,391
Monthly:
1955—July..
Aug..
Sept..
Oct...
Nov..
Dec.
1956—Jan..
Feb..
Mar..,
Apr...
May..
June..
July. .
-2,617
-1,491
158
-2,663
-510
-761
-590
1,245
5,914
-1,305
-417
4,793
-2,057
-7
775
33
-394
474
178
-533
139
-4
-135
936
833
83
199
21
-90
479
-53
-464
150
57
170
249
-49
-520
-34
27
1
-16
-55
-64
-33
2
128
40
47
48
51
22
-254
-994
319
236
-378
-146
373
-140
-69
353
-983
-1,004
-277
3,210
725
-833
2,341
319
632
-720
60
-3,764
-556
941
-3,978
-105
-38
95
-50
6
-17
-20
-29
-16
-28
13
-73
-112
1
595
-1,058
-378
-62
-195
-574
-1,293
1,504
2,316
-1,360
548
287
-2,369
6,811
5,753
5,376
5,314
5,119
4,545
3,252
4,756
7,072
5,712
6,259
6,546
4,178
624
393
554
484
477
397
428
554
534
578
515
522
513
4,972
4,188
3,638
3,672
3,538
3,036
1,474
2,914
5,345
3,781
4,593
4,633
2,451
,215
,172
,184
,158
,104
,112
,350
,288
,193
,353
,151
,391
1,214
r
P Preliminary.
Revised.
n.a. Not available.
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
and Treasury bills, (3) Budget expenditures involving issuance of Federal
securities, (4) cash transactions between Intl. Monetary Fund and Exchange Stabilization Fund, (5) reconciliation items to Treasury cash, and
(6)4 net operating transactions of Govt. sponsored enterprises.
Primarily adjustments 2, 3, and 4 described in footnote 3.
5 Excludes net transactions of Govt. sponsored enterprises, which are
included in the corresponding columns above.
967
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
Income and
profits taxes
Adjustments from total
Budget receipts
Period
Net
Budget
receipts
Transfers to:
Refunds
Railof
road
reret'ment ceipts
acct.
Oldage
trust
fund
Total
Budget
receipts
Individual
Withheld i
Other i
Corporation i
Excise
taxesl
Employment
taxes2
Other
receipts
Liquor
Tobacco
Mfrs.'
and retailers'
Fiscal yr.—1953
1954
1955
1956?>
64,825
64,655
60,390
68,141
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
78,796
21,351
21,635
21,254
24,015
11,417
10,747
10,396
11,322
21,595
21,523
18,265
21,29 7
9,934
10,014
9,211
10,004
4,983
5,425
6,220
7,296
3,369
3,829
4,108
4,862
2,781
2,798
2.743
2,921
1,655
1,581
1,571
1,613
3,359
3,127
3,175
3,778
Semiannual totals:
1953—July-Dec
i954—Jan.-June
July-Dec
1955—Jan.-June
Tulv-Dec
1956—Jan.-June p
25,757
38,898
22,272
38,118
25.240
42,901
1,722
2,815
2,305
2,735
2,927
3,410
321
282
322
277
318
316
395
2,982
339
3,087
496
3,188
28,195
44,978
25,239
44,215
28.981
49,815
11,078
10,557
10,230
11,024
11,312
12,703
2,593
8,154
2,323
8,073
2.699
8,623
5,375
16,148
3,767
14,498
4 109
17,188
5,405
4,609
4,527
4,684
5.0*2
4,952
2,083
3,342
2,668
3,552
3.283
4,013
1,661
2,168
1,724
2,384
2.526
2,336
1,512
1,271
1,453
1,290
1,524
1,397
804
111
767
805
792
821
1,476
1,651
1,480
1,694
1,890
1,888
2,765
4,734
5,498
2,692
4,662
4,889
4,684
6,195
11,313
4,082
5,050
11,576
3,485
198
912
519
268
692
339
163
646
512
567
973
549
295
15
85
60
18
85
55
17
85
54
15
91
54
23
110
3,089
5,848
6,180
2,998
5,527
5,337
4,915
7,158
12,499
5,562
7,107
12,574
3,927
884
3,004
1,604
1,014
3,037
1,768
277
115
1,685
178
94
350
2,152
795
769
2,555
865
1,487
457
547
796
328
867
216
1,012
579
290
791
395
212
972
572
586
1,067
604
320
369
522
331
303
391
609
389
353
330
352
450
464
498
231
245
256
289
292
211
179
212
246
239
256
264
n.a.
Monthlv:
1955—July
Sept
Oct
Nov
Dec
(956— Jan
Feb
Mar
Apr
May
June p
July
118
103
21
89
54
51
231
620
897
993
r
395
124
939
3,732
1,893
810
3,356
1,972
988
1,100
392
881
821
293
921
766
799
1,449
424
460
8,109
509
492
7,193
846
826
750
877
854
827
837
116
977
154
135
138
913
136
113
139
128 1,005
137
126
149 \ 883
143
n.a.
n.a.
J
Budget expenditures3
Major national security
Period
Total
Total 4
Intl.
affairs
Defense Mutual Atomic and
Dept., security,
finance
military military energy
AgriVetculture
erans' Labor
and
ComGenNatInterservagrimerce
eral
ural
est ices and and
culand
governrebene- welfare tural sources housing ment
fits
resources
Fiscal year;
1953
1954
1955
19565 .
74,274
67,772
64,570
66,386
50,363
46,904
40,626
40,478
43,611
40,335
35,533
35,686
3,954
3,629
2,291
2,551
1,791
1,895
1,857
1,654
2,216
1,732
2,181
1,852
6,583
6,470
6,438
6,852
4,298
4,256
4,457
4,757
2,426
2,485
2,552
2,776
2,936
2,557
4 411
4,914
1,364
1 220
1 081
961
2,612
909
1 622
2,165
1,474
1 239
1 201
1,631
Semiannual totals:
1955—July-Dec 6.
33,125
19,994
17,917
956
797
639
3,349
2,330
1,348
2,775
614
1,137
940
5,382
6,225
5,340
5,355
5,172
5,651
3,046
3,583
3,512
3,293
3,109
3,451
2,648
3,258
3,252
2,837
2,830
3,090
168
137
93
280
101
178
138
138
121
129
128
143
55
95
59
152
154
124
596
525
533
548
548
598
361
428
353
359
423
406
294
223
191
283
185
171
336
919
295
362
323
539
79
106
120
103
115
90
251
229
165
145
192
156
365
117
111
109
122
116
5,274
4,950
5,399
5,387
5,467
3,005
3,214
3,284
3,232
'3,434
2,811
2,941
2,805
2,860
'2,922
8
92
299
135
138
146
245
145
167
631
556
566
401
398
400
297
181
168
340
214
438
83
82
85
104
110
106
195
O06
145
152
153
168
51
184
'202
572
565
405
226
502
'288
113
'197
69
'87
115
'431
'145
'120
Monthly:
1955_Jul y 6
Aug
Sept
Oct
Nov
Dec
1956—Jan
Feb . .
Mar
Apr
May 5
.
n.a. Not available.
' Revised.
d if
v
Preliminary,
f
vidual taxes for that period are obtained by subtracting Internal R
Service data from appropriate monthly Treasury statement totals.
2
Represents the sum of taxes for old-age insurance, railroad retirement, and unemployment insurance.
3
For a description of components, see the 1957 Budget of the United
States, pp. 1093-1102 and 1164-1165.
4
Includes stockpiling and defense production expansion not shown
separately.
5 Figures for fiscal year 1956 are estimates contained in the 1957
Federal Budget Midyear Review. Monthly figures are shown on a new
reporting basis beginning May 1956 (for description see Treasury Bulletin
for July 1956, pp. 3-4).
6 Monthly figures not available prior to July 1955.
968
FEDERAL FINANCE
UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY
[On basis of daily statements of United States Treasury. In billions of dollars]
Public issues 3
Nonmarketable
Marketable
End of
month
Total
gross
debti
Total
gross
direct
debt2
Convert-
Total
Bills
Certificates of
indebtedness
bonds
Totals
ings
bonds
12.1
12.5
12.0
11.8
11.7
8.9
56.9
59.5
68.1
66.4
65.0
65.1
63.6
61.6
6.1
48.2
52.1
58.0
57.6
57.9
57.7
57.7
58.4
2.5
8.2
5.4
8.6
7.5
5.8
6.0
4.5
1.9
7.0
20.0
29.0
33.7
35.9
39.2
41.2
42.6
43.3
1.2
.4
1
.1
44.2
43.9
43.7
44.0
43.9
.'LU
Notes
Bank
eligible 4
Bank
restricted
52.2
49 6
49.6
36.0
21.0
13.4
5 7
1941 Dec
1945—Dec
1947 Dec .
1950 Dec
1951—Dec
1952—Dec
1953—Dec
1954 Dec
1955__june
64.3
278.7
257 0
256.7
259.5
267.4
275.2
278 8
274.4
57.9
278.1
256 9
256.7
259.4
267.4
275.2
278.8
274.4
50.5
255.7
225.3
220.6
221.2
226.1
231.7
233.2
228.5
41.6
198.8
165 8
152.5
142.7
148.6
154.6
157.8
155.2
2.0
17.0
15.1
13.6
18.1
21.7
19.5
19.5
19.5
38.2
21 2
5.4
29.1
16.7
26.4
28 5
13.8
6.0
23.0
11.4
39.3
18.4
30.3
31.4
28.0
40.7
33.6
68.4
68 4
44.6
41.0
58.9
63.9
76 1
81.1
1955—Aug
Sept . . . .
Oct
Nov . . . .
Dec
278.4
277.5
279 9
280.2
280.8
278.3
277.5
279 8
280.1
280.8
231.5
231.0
233 6
233.6
233.9
158.9
159.5
162 5
162.6
163.3
20.3
20.8
20 8
20.8
22.3
9.0
9.0
12 0
12.0
15.7
47.6
47.7
47 8
47.8
43.3
81.9
81.9
81 9
81.9
81.9
11.6
11.5
11 4
11.4
11.4
61.0
60.0
59 6
59.6
59.2
58.5
58.3
58 3
58.3
57.9
1956—Jan
Feb
Mar
Apr
May . .
June
July
Aug
280.1
280 2
276.4
275.8
276.8
272.8
272.7
275.6
280.0
280 1
276.3
275.8
276.7
272.8
272.6
275.6
233.6
233.6
229.7
229.7
229.6
224.8
224.6
226.9
163.3
163 4
159.5
159.6
159.6
155.0
155.0
157.3
22.3
22.3
20.8
20.8
20.8
20.8
20.8
20.8
15.7
15 7
20.8
20.8
20.8
16.3
16.3
19.5
43.4
43 4
36.0
36.1
36.1
36.0
36.0
35.1
81.9
81 9
81.9
81.9
81.9
81.9
81.9
81.9
11.3
11 3
11.2
11.2
11.1
11.1
11.1
11.0
58.9
59.0
59.0
59.0
58.9
58.7
58.6
58.6
57.6
57.7
57.7
57.7
57.7
57.5
57.4
57.3
1
Includes some debt not subject to statutory debt limitation (amounting
to $461 million on Aug. 31, 1956) and fully guaranteed securities, not
shown separately.
2
Includes noninterest-bearing debt, not shown separately.
3
Includes amounts held by Govt. agencies and trust funds, which
aggregated $8,440 million on July 31, 1956.
Special
issues
Tax
and
savings
notes
Bonds
Total
(6)
(6)
(6)
(6)
43.6
43.7
43.7
43.4
44.3
45.1
45.4
46.1
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]
Special
issues
Public
issues
1941—Dec
1945—Dec
1947—Dec
1950—Dec
1951—Dec
1952—Dec
1953—Dec
1954—June
Dec
64.3
278.7
257.0
256.7
259.5
267.4
275.2
271.3
278.8
7.0
20.0
29.0
33.7
35.9
39.2
41.2
42.2
42.6
1955—June
July
Aug
Sept
Oct
Nov
Dec
274.4
277.6
278.4
277.5
279.9
280.2
280.8
1956—Jan
Feb
Mar
Apr
May
June
280.1
280.2
276.4
275.8
276.8
272.8
End of
month
1
2
Held by the public
Held by
U. S. Govt.
agencies and
trust funds1
Total
gross
debt
(including guaranteed
securities)
Federal
Reserve
Banks
Commercial
banks2
Mutual
savings
banks
Insurance
companies
Other
corporations
State
and
local
govts.
2.6
7.0
5.4
5.5
6.4
6.7
7.1
7.1
7.0
54.7
251.6
222.6
217.5
217.2
221.6
226.9
222.0
229.2
2.3
24.3
22.6
20.8
23.8
24.7
25.9
25.0
24.9
21.4
90.8
68.7
61.8
61.6
63.4
63.7
63.6
69.2
3.7
10.7
12.0
10.9
9.8
9.5
9.2
9.1
8.8
8.2
24.0
23.9
18.7
16.5
16.1
15.8
15.3
15.0
4.0
22.2
14.1
19.7
20.7
19.9
21.0
16.4
19.3
.7
6.5
7.3
8.8
9.6
11.1
12.7
13.9
14.4
5.4
42.9
46.2
49.6
49.1
49.2
49.4
49.5
50.0
8.2
21.2
19.4
16.7
15.5
16.0
16.0
15.5
13.6
.9
9.1
8.4
10.5
10.6
11.7
13.2
13.7
13.9
43.3
43.3
44.2
43.9
43.7
44.0
43.9
7.3
7.3
7.3
7.3
7.4
7.6
7.8
223.9
227.0
226.8
226.3
228.8
228.6
229.1
23.6
24.1
23.8
23.8
24.0
24.3
24.8
63.5
63.8
62.7
62.1
62.7
61.6
62.0
8.7
8.8
8.8
8.7
8.6
8.5
8.5
14.8
14.9
15.0
15.0
14.9
14.8
14.3
18.8
19.8
20.8
20.6
22.3
23.2
23.4
14.7
14.9
14.9
14.9
15.0
15.0
15.1
50.2
50.2
50.3
50.2
50.2
50.2
50.2
15.1
15.5
15.6
15.9
15.8
15.5
15.3
14.4
15.0
15.0
15.1
15.3
15.4
15.6
43.6
43.7
43.7
43.4
44.3
45.1
8.1
8.1
8.2
8.2
8.2
8.4
228.4
228.4
224.5
224.3
224.3
219.3
23.5
23.5
23.6
23.3
23.5
23.8
60.5
59.5
58.3
58.4
57.7
56.9
8.5
8.5
8.5
8.5
8.4
8.4
14.2
13.9
13.6
13.6
13.5
13.3
23.7
23.8
20.5
20.7
21.1
17.8
15.5
15.7
15.9
15.9
16.0
15.9
50.3
50.4
50.4
50.4
50.4
50.3
16.1
16.6
17.1
17.0
17.0
16.8
16.0
16.4
16.5
16.5
16.6
16.2
Includes the Postal Savings System.
Includes holdings by banks in territories and insular possessions,
which amounted to $250 million on Dec. 31, 1955.
Individuals
Total
Savings
Other
bonds 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.
969
FEDERAL FINANCE
UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, AUGUST 31, 1956 *
[On basis of daily statements of United States Treasury.
Issue and coupon rate
Treasury bills2
Sept. 6, 1956
Sept. 13, 1956
Sept. 20, 1956
Sept. 27, 1956
Oct. 4, 1956
Oct. 11, 1956
Oct. 18, 1956
Oct. 25, 1956
Nov. 1,1956
Nov. 8,1956
Nov. 15,1956
Nov. 23,1956
Nov. 29,1956
Certificates
Dec.
1,1956
Feb. 15, 1957
Mar. 22, 19573
Amount
Issue and coupon rate
Amount
Treasury notes
1,602
1,602
1,600
1,601
1,600
1,601
1,600
1,600
1,601
1,600
1,600
1,600
1,601
2V»
2%
2%
9,083
7,219
3,221
Oct.
Mar.
Apr.
May
Aug.
Aug.
Oct.
Apr.
June
Oct.
Feb.
Apr.
Oct.
Apr.
Oct.
Apr.
1,1956
15, 1957
1,1957
15, 1957
1,1957
15, 1957
1,1957
1,1958
15, 1958
1,1958
15, 1959
1,1959
1. 1959
1,1960
1,1960
1, 1961
P/2
2%
iy 2
\%
2Y4
2
IV2
W2
2%
P/i
1%
V/i
iy 2
VA
n/2
U/2
22
2,997
531
4,155
12,056
3,792
824
383
4,392
121
5,102
119
99
198
278
53
1
Direct public issues.
2 Sold on discount basis. See table on Money Market Rates, p. 961.
3
Tax anticipation series.
In millions of dollars]
Issue and coupon rate
Treasury bonds
Mar. 15, 1956-58.. . 2 %
Sept. 15, 1956-59 4.. 2 34
Sept. 15, 1956-59...214
Mar. 15, 1957-59.. . 2 %
June 15, 1958
2%
June 15, 1958-63 5.. 2^4
Dec. 15, 1958
2i/2
June 15, 1959-62... 214
Dec. 15, 1959-62...214
Nov. 15, 1960
2i/s
Dec. 15, 1960-65 5.. 224
Sept. 15, 1961
234
Nov. 15, 1961
21/2
Aug. 15, 1963
21/2
June 15, 1962-67... 21/2
Dec. 15, 1963-68... 21/2
Amount
Issue and coupon rate
Treasury bonds—Cont.
1,449
June 15, 1964-69... 2i/2
982
Dec. 15, 1964-69... 2ft
Mar. 15, 1965-70.. .21/2
3,820
Mar. 15, 1966-71... 2%
927
June 15, 1967-72... 2Vi
4,245
Sept. 15, 1967-72... 21/2
919
Dec. 15, 1967-72... 21/2
2,368
June 15, 1978 - 8 3 . . . 3*4
5,274
Feb. 15, 1995
3
3,462
3,806
1,485 Panama Canal L o a n . . . . 3
2,239
11,177 Convertible bonds
Investment Series B
6,755
Apr. 1, 1975-80.... 2%
2,115
2,824
3,751
3,827
4,713
2,958
1,873
2,716
3,793
1,606
2,745
50
11,019
4 Called for redemption; partially tax-exempt.
5
Partially tax-exempt.
OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES 1
[On basis of Treasury Survey data. Par value in millions of dollars]
Marketable and convertible securities, by type
Type of holder and date
Marketable securities, by maturity class
Total
Bills
Certificates
Notes
Marketable
bonds2
Convertible
bonds
Total
Within
1 year
1-5
years
5-10
years
159,675
162,216
166,882
174,639
170,690
166,050
19,707
19,515
19,514
22,313
20,805
20,808
15,854
18,405
13,836
15.741
20,759
16,303
30,425
31,960
40,729
43,285
36,107
35,952
81,349
80,474
81,128
81,912
81,893
81,840
12,340
11,861
11,676
11,387
11,126
11,098
147,335
150,354
155,206
163,251
159,564
154,953
64,589
60,123
49,703
60,631
63,326
58,714
32,330
27,965
38.188
38,307
31,943
31,997
18,677
30,542
33,687
31,365
31,362
31,312
6,899
6,985
7,162
7,676
8,060
8,236
106
46
40
338
302
273
30
41
8
47
236
355
23
64
119
304
595
3,300
3,395
3,556
3,548
3,558
3,575
3,439
3,439
3,439
3,439
3,369
3,345
3,460
3,546
3.723
4,237
4,691
4,891
163
107
74
422
822
927
152
205
199
373
417
500
422
494
506
426
421
434
2,723
2,740
2,944
3,016
3,031
3,030
Federal Reserve Banks:
1953—June 30
1954_june 30
1955—June 30
Dec. 31
1956—May 31
June 30
24,746
25,037
23,607
24,785
23,474
23,758
1,455
2,316
886
1,722
538
855
4,996
6,600
8,274
6,002
10,946
10,944
13,774
13,029
11,646
14,259
9,188
9,157
4,522
3,093
2,802
2,802
2,802
2,802
24,746
25,037
23,607
24,785
23,474
23,758
15,505
16,280
17,403
20,742
19,948
20,242
6,452
6.307
3,773
1,614
1,097
1,087
1,374
1,035
1.014
i;<>14
1,014
1,014
1,415
1,415
1,415
1,415
1,415
1,415
Commercial banks:
1953—June 30
1954—June 30
1955—June 30
Dec. 31
1956—May 31
June 30
51,365
56,199
55,667
53,956
50,282
49,673
4,411
4,187
2,721
3,562
2,228
2,181
4,351
4,942
1,455
1,95!
1,446
1,004
10,35b
11,423
15,385
12,853
11,694
11,620
32,066
35,481
35,942
35,431
34,759
34,712
182
165
164
157
155
155
51,183
56,034
55,503
53,798
50,127
49,517
19,580
17,684
7,187
7,733
8,023
7,433
18,344
14,624
21,712
22,003
18,268
18,234
8,772
18,741
21,110
19,483
19,144
19,132
4,488
4,985
5,494
4,579
4,692
4,719
Mutual savings banks:
1953—June 30
1954__june 30
1955—June 30
Dec. 31
1956—May 31
June 30
8,816
8,353
8,069
7,856
7,813
7,735
120
98
84
128
127
107
87
101
53
47
44
37
62
221
289
322
361
356
7,232
6.669
6,422
6,170
6,119
6,074
1,314
1,265
1,222
1,189
1,161
1,161
7,502
7,089
6,848
6,667
6,652
6; 574
476
294
164
208
271
247
464
476
533
570
553
540
1,395
1,389
1,405
1,335
1,322
1,319
5,167
4,930
4,746
4,554
4,506
4,468
Insurance companies:
1953—June 30
1954—June 30
1955—June 30
Dec. 31
1956—May 31
June 30
14,155
13,520
13,117
12,667
11,885
11,702
460
622
630
515
357
318
337
209
74
83
83
44
534
691
789
842
794
760
9,339
8,805
8,479
8,286
7,856
7,789
3,486
3,193
3,145
2,941
2,795
2,791
10,669
10,327
9.972
9,726
9,090
8,911
1,472
1,190
810
694
712
632
1,023
1,045
1,339
1,502
1,232
1,192
1,849
2,171
2,027
1,840
1,809
1,802
6,325
5,921
5,796
5,689
5,338
5,285
Other investors:
1953—June 30
1954—June 30
1955—June 3 0 . !
Dec. 31
1956_May 31
June 30
53,694
52,121
59,260
67,700
69,176
64,947
13,155
12.248
15,153
16,047
17,253
17,074
6,052
6,511
3,973
7.612
8,005
3,919
5,678
6.531
12,502
14,705
13,474
13,371
24,890
23.032
23,927
25,675
26,798
26,896
3,919
3,800
3,706
3,661
3,646
3,646
49,775
48,322
55,554
64,039
65,530
61,301
27,393
24,568
24,062
30,831
33,550
29,233
5,895
5.308
10,633
12,245
10,376
10,443
4,865
6,711
7,626
7,267
7,653
7,612
11,621
11,734
13,233
13,696
13,951
14,013
All holders:
1953—June
1954—June
1955—June
Dec.
1956—May
June
30
30
30
31
31
30
U. S. Govt. agencies and trust funds:
1953—June 30
1954—June 30
1955—June 30
Dec. 31
1956—May 31
June 30
1
Direct public issues.
Includes minor amounts of Panama Canal and Postal Savings bonds.
NOTE.—Commercial banks, mutual savings banks, and insurance com2
Over 10
years
31,739 1
31,725
33,628
32,949
32,932
32,930
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.
970
SECURITY ISSUES
NEW SECURITY ISSUES 1
[Securities and Exchange Commission estimates. In millions of dollars
Proposed uses of net proceeds
all corporate issuers 6
Gross proceeds, all issuers 2
Noncorporate
Year or
month
Total
If39
1941
1945
... .
5 687
15,157
54,712
20,250
21,110
19,893
21.265
26^929
28,824
29,765
26.772
1948
1949
1950
1951.
1952
1953
1954
1955
1955_j u ly
Aug
Sept
Oct
Nov . . .
Dec
1956 Jan
Feb
Mar
Apr
May
June •
July
U. S. Federal
Govt.3 agency 4
?
332
11 466
47
10 327
11 804
9 687
778
577
n
957
i? 532
9 628
>,504
,638
,627
>,646
,840
,913
1,710
998
1,787
,876
I 128
>,161
,901
13
38
506
1 128
956
795
50
30
47
216
30
110
459
106
458
746
2,690
2 907
3,532
3,189
4 121
5,558
6,969
5,977
156
132
282
446
237
306
289
182
470
259
407
926
661
415
17
645
544
509
481
461
438
466
518
453
451
407
709
401
391
491
r
736
343
60
437
484
3
9
33
51
38
9
58
1
99
1
Bonds
Total
Publicly
offered
MiscelPre- ComNew lanemon
Pri- ferred stock Total money 7 ous
stock
purvately
poses
placed
2 164 1 980
2,667 2,390
6,011 4,855
1,276
1,578
3,851
703
811
1,004
98
167
758
5,973
4,890
4,920
5,691
7,601
7,083
7,488
7,420
2,965
2,437
2,360
2,364
3,645
3,856
4,003
4,119
3,008
2!560
3,326
3,957
492
425
631
838
564
489
816
635
589
753
655
870
560
736
1,250 1,046
708
431
980
835
136
491
301
858
155
336
621
744
861
915
1 185
889
1,073
141
149
393
340
686
270
588
State
and
mu- Others Total
nicipal
i 265
New capital
Corporate
7,078
6 052
6,361
7,741
9 534
8,898
9 516
10 240
529
478
675
673
983
661
859
3,484
3,301
87
325
420
868
110 1,041
397 1,347 1,080
614
736
811
1,212
1,369
1,326
1,213
2,185
6,652
5,558
4,990
7,120
8,716
8,495
7,490
8,821
i
ReRetiretire- ment
ment
of
of
secubank rities
debt,
etc. 8
26
28
133
234
315
364
226
5,929
• ,606
1,006
5,531
3,180
7,960
5,780
7,957
69
144
488
637
620
36 3
134
1,695
1,583
4,555
535
709
864
307
401
1,271
486
664
260
1,875
1,227
537
53
15
82
43
85
39
188
275
499
388
282
332
297
391
271
111
526
597
200
644
614
94
670
559
161 1,162 1,074
590
193
632
793
107
900
70
30
111
88
42
108
143
208
52
71
62
63
19
128
42
32
65
50
14
453
163
73
496
579
664
139
704
762
143
790
702
210
816
137 1,144 1,116
179
830
768
200 1,026
965
83
40
28
114
28
61
60
32
26
56
82
21
43
30
Proposed uses of nett proceeds, major groups of corporate issuers
Year or
month
Manufacturing
Commercial and
miscellaneous
Transportation
Public utility
Communication
Real estate
and financial
RetireRetireRetireRetireRetireRetireNew
New
ment of
ment of
ment of
New
New
ment of
ment of
New
New
ment of
capital" secu- capital" secu- capital" secu- capital" secu- capital" secu- capital" securities
rities
rities
rities
rities
rities
1948
1949
1950
1951
1952
1953
1954
1955
2,126
1,347
1,026
2,846
3,712
2,128
2,044
2,397
54
44
149
221
261
90
190
533
382
310
474
462
512
502
831
769
21
28
63
56
24
40
93
51
691
784
609
437
758
553
501
544
56
11
196
53
225
36
270
338
2,005
2,043
1,927
2,326
2,539
2,905
2,675
2,254
144
233
682
85
88
67
990
174
890
517
314
600
747
871
651
1,045
2
49
81
5
6
3
6G
77
557
558
639
449
448
1,536
788
1,812
30
35
100
66
60
24
273
56
1955 July
Aug
Sent . . .
Oct
Nov . ..
Dec
214
115
166
85
149
287
140
55
19
4
4
14
6
4
29
45
50
54
17
130
1
141
4
52
4
1
103
84
208
166
268
269
13
1
12
2
45
91
19
694
40
35
10
32
54
63
37
68
56
70
79
143
272
158
107
88
100
2
3
3
8
1956—Jan
Feb
Mar
Apr
May
June
July
180
197
249
258
465
276
352
26
23
22
78
14
26
14
45
41
48
27
67
76
84
26
39
71
51
86
54
33
1
1
10
1
2
5
63
196
187
294
335
231
184
2
3
4
2
15
r
Revised.
1 Estimates of new issues sold for cash in the United States.
2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
3
Includes guaranteed issues.
* Issues not guaranteed.
5 Represents foreign government, International Bank, and domestic
eleemosynary and other nonprofit.
6 Estimated net proceeds are equal to estimated gross proceeds less cost
2
1
5
3
37
103
15
80
11
260
3
17
9
()
263
194
132
170
109
182
113
2
3
1
2
6
of 7
flotation, i.e., compensation to underwriters, agents, etc., and expenses.
Represents proceeds for plant and equipment and working capital.
8
Represents proceeds for the retirement of mortgages and bank debt
with original maturities of more than one year. Proceeds for retirement of
short-term bank debts are included under the uses for which the bank
debt was incurred.
9 Less than $500,000.
i o Represents all issues other than those for retirement of securities.
BUSINESS FINANCE
971
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
[In millions of dollars]
Annual totals
Quarterly totals
Industry
1954
1950
1951
45,787
8,176
4,222
2,339
52,940
8,869
3,548
2,075
1952
1953
1954
1955
1956
1955
Manufacturing
Total (200 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Nondurable goods industries (94 corps.): *
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
54,517 63,343 58,110 69,443 5,222 16,599 17,929 6,887 18,028 18,150 18,471
7,308
3,192
2,073
,375 7,244 10,226 1,919 2,452 2,767 2,388 2,619
,649 3,825 5,221 1,106 1,215 1,392 1,206 1,408
,154 2,384 2,827
788
575
577
659 1,015
'2,601 2,512
'1,286 1,298
'703
715
6,252 18,916 19,266 20,694 20,620 23,065 5,426 5,509 5,742 5,776 6,037 '6,095 6,150
2,947 3,447 2,853
* ~
~ 2,753 3,408
682
801
849
869
889
877
'901
1,661 1,533 1,392
1,581 1,916
422
442
471
483
520
491
'497
977
925
946
1,064 1,202
348
256
260
283
402
300
290
29,535
5,229
2,560
1,362
34,024 35,251 42,649 37,490 46,378 9,796 11,090 12 ,187 11,111 11,990 12,055 12,321
" ' " ' '"•
5,422 4,455
4,491 6,818 1,237 1,651 1,919 1,518 ,730 '1,701 1,635
2,015 1,800
2,244 3,305
773
684
920
888
723
807
'789
1,320 1,625
319
1,149 1,127
440
317
613
415
376
'413
4, 402 4,909 5,042 5,411 5,476 5,813 1,435 1,358 1,462 1,491 1,502
532
453
499
473
465
462
110
99
131
139
129
289
203
245
227
212
224
57
46
68
63
68
161
154
160
159
154
156
46
36
50
39
36
'1,535 1,569
150
123
71
55
44
37
,817 5,882 5,965 6,373 6,182 7,222 1,623 1,721 1,811 1,799 1,891
,178 1,490 1,259 1,308 1,153 1,535
313
366
381
390
399
782
597
486
520
174
182
593
521
193
198
209
467
597
194
114
396
417
234
499
115
134
381
1,879 1,958
380
385
196
195
141
138
,359 5,078 5,411 5,883 6,015 6,556 1,562 1,566 1,613 1,632 1,745
854
728
841
152
712
911
751
210
200
218
226
624
524
603
132
492
560
567
150
147
156
172
317
283
290
77
236
262
294
77
77
80
83
1,764 1,742
223
248
162
'176
82
82
1,448 12,507 11,564 13,750 11,522 14,927 2,874 3,300 3,858 3,746 4,024 '4,212 4,414
,706 2,098 1,147 1,817 1,357 2,375
400
487
582
'693
712
633
674
857
564
790
231
241
778
290
'344
360
313
350
705 1,194
378
522
125
114
382
369
377
118
141
137
108
182
407
1,049 6,168 7,077 8,005 7,745 8,110 2,024 1,953 2,045 1,977 2,135 '2,167 2,463
894
222
847 1,000
971 1,011
914
229
268
251
208
206
200
458
424
375
402
465
138
110
365
139
120
103
124
75
281
208
199
263
76
19:
237
67
82
66
67
78
81
,969 12,707 13,038 16,611 14,137 18,825 3,850 4,791 5,101 4,246 4,688
715
346
309
4,578 4,195
690
511
'313
237
16:
164
9,473 10,391 10,581 10,664 9,371 10,106 2,395 2,305 2,524 2,634 2,643
900 1,342
319
259
1,385 1,260 1,451 1,404
358
370
355
925
871
674
175
277
784
693
832
242
243
265
41
379
421
101
136
31
328
338
90
74
156
2,535 2,704
25f
343
164
237
111
116
5,528 6,058 6,549 7,136 7,610 8,395 1,976 2,169 1,999 2,034 2,193
1,313 l,48f 1,740 1,895 2,049 2,304
513
636
535
594
523
288
822
284
814
1,030 1,140 1,247
341
326
296
930
224
229
619
725
85*"
651
780
225
24'
229
'2,412 2,190
710
592
321
374
256
247
3,34: 3,729 4,136 4,525 4,902 5,425 1,285 1,298 1,340 1,368 1,419
580
787
925 1,050 1,282
284
691
306
315
325
336
384
638
331
45:
143
156
161
341
525
15:
169
496
12
126
276
355
412
116
130
318
448
118
1,43' 1,480
339
352
W
176
132
136
•,33:
,101
679
1,950 1,98' 2,078 1,789 3,023
717
709
758
863 1,394
693
469
469
536
486
510
261
198
825
369
109
894
418
114
589
261
161
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
' Revised.
1 Includes 26 companies in groups not shown separately, as follows:
textile mill products (10); paper and allied products (15); miscellaneous (1).
2
Includes 25 companies in groups not shown separately, as follows:
building materials (12); transportation equipment other than automobile
(6); and miscellaneous (7).
NOTE.—Manufacturing corporations. Sales data are obtained from
the Securities and Exchange Commission; other data from published
company reports.
Railroads. Figures are for Class I line-haul railroads (which account
for 95 per cent of all railroad operations) and are obtained from reports
of the Interstate Commerce Commission.
Electric power. Figures are for Class A and B electric utilities (which
account for about 95 per cent of all electric power operations) and are
obtained from reports of the Federal Power Commission, except that
quarterly figures on operating revenue and profits before taxes are partly
estimated by the Federal Reserve to include affiliated nonelectric operations.
Telephone. Revenues and profits are for telephone operations of the
Bell System Consolidated (including the 20 operating subsidiaries and
the Long Lines and General departments of American Telephone and
Telegraph Company) and for two affiliated telephone companies, which
together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data
are obtained from the Federal Communications Commission.
All series. Profits before taxes refer to income after all charges and
before Federal income taxes and dividends. For detailed description of
series, see pp. 662-666 of the BULLETIN for 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).
972
BUSINESS FINANCE
NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i
CORPORATE PROFITS, TAXES, AND DIVIDENDS
[Securities and Exchange Commission estimates. In millions of dollars]
[Department of Commerce estimates. In billions
of dollars]
Year or
quarter
Profits
before
taxes
1948
1949
1950
1951
1952
1953
1954 .
1955
32.8
26.2
40.0
41.2
35.9
37.0
33.2
42.7
12.5
10.4
17.8
22.5
19.8
20.3
16.8
21.5
20.3
15.8
22.1
18.7
16.1
16.7
16.4
21.1
7.2
7.5
9.2
9.1
9.0
9.3
10.0
11.2
39.7
41.1
43 5
46.4
20.0
20.7
22 0
23.4
19.7
20.3
21.5
23.0
10.4
10.7
11.0
12.1
9.3
9.6
10.5
10.9
1956—1
21
43.7
43.5
22.1
22.0
21.6
21.5
11.8
12.2
Year or
quarter
13.0
8.3
12.9
9.6
7.1
7.4
6.4
10.0
1955—1
2
3. . .
4
Bonds and notes
All types
In- Profits Cash Undisdivi- tributed
come after
taxes taxes dends profits
9.8
9.3
New Retire- Net
New Retire- Net
New Retire- Net
issues ments change issues ments change issues ments change
7,570
6,731
7,224
9,048
10,679
9,550
11,694
12,595
.
5,887
4,856
3,724
6,277
7,927
7,121
6,065
7,223
5,938
4,867
4,806
5,682
7,344
6,651
7,832
7,712
1,283
1,583
2,802
2,105
2,403
1,896
4,033
3,199
1,484
1,427
1,165
1,407 1,802
1,468 1,838
2,630 2,391
2,827
3,367
1955—2
3
4
1,683
1,875
3,501
2,772
2,751
2,428
5,629
5,372
2,891
2,895
3,795
1948
1949..
1950
1951
1952
1953
1954
1955
1956—1 .
2
Stocks
1,043
1,488
1,784 1,678
1,880 2,245
4,655
3,284
2,004
3,577
4,940
4,755
3,799
4,513
1,632
1,864
2,418
3,366
3,335
2,898
3,862
4,883
400
292
698
666
348
533
1,596
2,173
1,232
1,572
1,720
2,700
2,987
2,366
2,265
2,710
767
923
806
1,034 1,089
915 1,057
1,585 1,404
717
504
359
373
553
1,046
707
817
970 1,149
1,428 1,122
336
671
813
452
1
Reflects cash transactions only. As contrasted with data shown on p. 970, 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. 970.
i 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 assets
Net
working
capital
End of year
or quarter
1948
1949
1950
1951
1952
1953
1954
1955
68.6
72.4
81.6
86.5
90.1
92.6
95.8
98.1
100.6
102.3
103.6
105.6
l
2
3
4
1956—1
1
Total
133.0
133.1
161.5
179.1
186.2
189.6
187.3
187.9
190.1
198.9
206.6
205.4
Cash
U. S.
Govt.
securities
25.3
26.5
28.1
30.0
30.8
30.9
31.7
30.3
30.8
31.3
32.2
29.6
Current liabilities
Notes and accts.
receivable
U.S.
Govt 2
Inventories
Notes and accts.
payable
Other
Federal
income
tax
liabilities
Total
U.S.
Govt. 2
Other
Other
Other
19.3
1.1
2.7
2.8
2.6
2.4
42.4
43.0
55.7
58.8
64.6
64.8
66.2
48.9
45.3
55.1
64.9
65.8
67.9
65.1
1.6
1.4
1.7
2.1
2.4
2.4
2.6
64.4
60.7
79.8
92.6
96.1
97.0
91.5
.4
1.3
2.3
2.2
2.4
3 >.3
37.5
47.9
53.6
57.0
56.3
54.0
11.5
9.3
16.7
21.3
18.1
19.2
15.7
13.5
14.0
14.9
16.5
18.7
19.3
19.4
19.0
18.8
20.6
23.4
2.2
2.1
2.2
2.3
67.8
70.1
74.5
76.0
65.8
65.5
67.3
69.8
2.8
2.8
3.0
2.9
89.8
89.6
96.6
103.0
2.5
2.3
2.2
2.3
54.2
54.9
58.0
61.6
13.4
12.1
15.3
18.5
19.7
20.1
21.0
20.7
20.5
2.3
77.0
72.8
3.2
99.8
2.3
61.0
15.3
21.2
14.8
16.8
19.7
20.7
19.9
21.0
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 1
[Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars]
Year
1948
1949
1950
1951
1952
1953
1954
1955 4r
1956
Total
•
22.1
19 3
20 6
25.6
26.5
28.3
26.8
28.7
35.3
Manufacturing
9.1
7 1
7 5
10.9
11.6
11 9
11.0
11.4
15.2
Transportation
Mining
.9
g
.7
.9
1.0
1 0
1.0
1.0
1.2
Railroad
1.3
1 4
1.5
1.4
1 3
.9
.9
1.3
Quarter
Total
Other
1.3
9
1 2
1.5
1.5
1 6
1.5
1.6
1.8
r
Revised.
1 Corporate and noncorporate business, excluding agriculture.
Includes trade, service, finance, and construction.
2
Public Comutili- muni- Other 2
cations
ties
2 5
3 1
33
3.7
3.9
4 6
4 2
4.3
5.0
I 3
11
1.3
1.5
I 7
7
2.6
10 .7
5 2
4 7
5 7
5.9
5.6
6 3
6 5
7.5
1955
1956
Manufactur- Trans- Public
ing
All
porta- utiliand
tion
ties other 3
mining
i
2
3
4
5 8
7 0
7 4
8.4
2 4
3 0
3 1
3.8
.5
6
6
.7
1 i
1 2
1.2
s
2 0
2 3
2 5
2.6
1 ... .
2r.. . .
7 5
8.9
9.6
9.4
3 2
4 1
4.6
4.6
7
7
.8
.9
9
1 2
1.5
1.4
2 6
2 9
2.7
2.5
34r....
44
3 Includes communications and other.
4
Anticipated by business.
973
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
Farm
1- to 4-family houses
Multi-family and
commercial properties i
Total
Financial
institutions
Other
holders
Total
Financial
institutions
Other
holders
31.2
30.8
18.4
18.6
11.2
12.2
7.2
12.9
12.2
8.J
7.4
4.8
4.8
6.4
4.8
1.5
1.3
4 9
3.4
50.9
57.1
66.8
75.6
84.1
93.5
105.4
120.9
33.3
37.6
45.2
51.7
58.5
66.1
75.7
88.4
25.0
28.5
35.4
41.1
46.8
53.6
62.5
74.1
10.9
12.3
14 0
15.9
17.2
18.5
20.0
21.8
5 3
7.2
5.6
10.7
11.7
12.5
13.2
14.4
17.6
19.5
21.6
23.9
25.6
27.4
29.7
32.5
6.7
6 1
6 6
1
2
2
2
3
3
3
4
7.2
2.8
4.3
3.1
17.8
18.7
19.8
20.7
21.9
23.3
25.0
27.3
3 0
3 3
3.6
4 6
4 9
5.3
37.6
35.5
20.7
21.0
56.2
62.7
72.8
82.2
91.2
101.1
113.6
129.8
37.8
42.9
51.7
59.5
66.9
75.1
85.7
99.5
1954—Dec
113.6
85.7
2.8
25.0
105.4
75.7
62.5
13.2
29.7
1955—Mar*
June p
Sept. P
Dec. p
117.2
121.9
126.1
129.8
88.8
92.7
96.3
99.5
2.9
3.0
25.5
26.2
26.7
27.3
108.8
113.2
117.3
120.9
78.5
82.2
85.6
88.4
65.0
68.4
71.4
74.1
13.5
13.8
14.1
14.4
30.3
31.0
31.7
32.5
1956—Mar. ?
133.5
137.6
102.5
105.9
3.2
27.9
28.5
124.3
128.2
91.1
94.2
76.5
79.3
14.6
14.9
33.2
34.0
1941
1945
1948
1949
1950
1951
1952
1953
1954
1955? . .
2.0
.9
.6
1.1
1.4
2.0
2.4
2.8
2.8
3.0
3.1
3.2
v Preliminary.
1 Derived figures, which include negligible amount of farm loans held
by savings and loan associations.
2 Derived figures, which include debt held by Federal land banks and
Farmers Home Administration.
NOTE.—Figures for first three quarters of each year are Federal Reserve
estimates. Financial institutions include commercial banks (including
nondeposit trust companies but not trust departments), mutual savings
banks, life insurance companies, and savings and loan associations.
6.4
8.3
9.1
9.8
7 6
8.0
8.3
8.9
9.7
All
holders
Financial
Other
insti- holders*
tutions
7 7
8.2
9
1
3
6
4
5
7
0
10.7
9.0
20.0
9.7
8.2
3.3
4.9
20.4
20.8
21.3
21.8
9.9
10.2
10.4
10.7
8.4
3.4
5.1
8 7
3 5
5 2
8.8
3.6
5.2
9.0
3.6
5.3
22.3
22.8
10.9
11.2
9 2
3 7
5 5
9.4
3.8
5.7
Federal agencies include HOLC, FNMA, and VA (the bulk of the amounts
through 1948 held by HOLC, since then by FNMA). Other Federal
agencies (amounts small and separate data not readily available currently)
are included with individuals and others.
Sources.—Federal Deposit Insurance Corporation, Federal Home Loan
Bank Board, Institute of Life Insurance, Departments of Agriculture
and Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of the Currency, and Federal Reserve.
MORTGAGE LOANS HELD BY BANKS i
[In millions of dollars]
Commercial bank holdings 2
Mutual savings bank holdings 3
Residential
End of year
or quarter
Total
Total
1941
1945
FHAinsured
VAguaranteed
Residential
Conventional
Other
nonfarm
Farm
Total
Total
4,906
4,772
3,292
3,395
1,048
856
566
10 897
11 644
13 664
14,732
15,867
16,850
18,573
21,004
8,066
8 676
10 431
11,270
12,188
12,925
14,152
15,888
2,921
3,012
3,061
3,350
3,711
4,929
5,501
5,951
6,695
7,617
1954—Dec
18,573 14,152
4,106
3,350
6,695
3,263
J5Q
1955
19,125
19,940
20,540
21,004
14,535
15,128
15,560
15,888
4,205
4,361
4,475
4,560
3,450
3,601
3,675
3,711
6,880
7,166
7,410
7,617
3,385
3,549
3,700
3,819
,?05
, 7,63
1,280
797
21,500 16,240
22,135 16,700
4,648
4,767
3,760
3,833
7,832
8,100
3,950
4,110
,310
1,325
VAguaranteed
Conventional
874
3,421
3,675
3,912
4,106
4,560
1,957
2,060
2 264
2,458
2,621
2,843
3,263
3,819
1948
1949
1950
1951
1952
1953
1954
1955
. ...
Mar
Sept
Dec
1956 Mar.*
June?
v Preliminary.
1 Represents all banks in the United States and possessions.
2 Includes loans held by nondeposit trust companies but excludes
holdings of trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member
Bank Call Report and from weekly reporting member banks.
3 Figures for 1941 and 1945, except for the grand total, are estimates
based on Federal Reserve preliminary tabulation of a revised series of
521
4,812
4,208
FHAinsured
3,884
3,387
Other
nonfarm
900
797
5,806 4,758
909
6,705 5 569
QfiR
8 261 7 054
004
9,916 8,595
1,058 11,379
9,883
,082 12,943 11,334
159 15,007 13,211
1,297 17,457 15,568
2,567
3,168
3,489
3,800
4,150
1,726
2,237
3,053
4,262
5,773
15,007 13,211
3,800
15,560
16,173
16,845
17,457
13.745
14,339
14,985
15,568
3,895
4,000
4,090
4,150
18,045 16,132
18,620 16,690
4,210
4,255
Farm
28
24
4,303
4,477
4,792
5,149
5,645
1 015
1 099
1 164
1,274
1,444
1,556
1,740
1,831
37
44
47
53
53
56
58
4,262
5,149
1,740
56
4,600
4,976
5,360
5,773
5,250
5,362
5,535
5,645
1,758
1,775
1,801
1,831
57
59
59
58
6,155
6,550
5,767
5,885
1,855
1,872
58
34
58
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.
974
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
1941
1945
FHAinsured
VAguaranteed
Farm
Total
FHAinsured
5,529
5,860
VAguaranteed
815
1,394
Other
976
1948
1949
1950
1951
1952
1953
1954
1955r
Total
6,442
6,636
Total
Farm
Other
4,714
4 466
913
776
3,407
3,430
4,894
5,134
3,978
4,345
5,344
6,623
3,114
3,123
4,532
4,723
3,606
3,925
4,931
6,108
1,202
1,350
1,486
1,058
864
817
672
971
366
131
938
1,294
429
455
1,378
1,839
1,546
1,642
2,108
2,371
2,313
2,653
2,881
3,298
293
307
362
411
372
420
413
515
10,833
12,906
16,102
19,314
21,251
23,322
25,976
29,445
9,843
11,768
14,775
17,787
19,546
21,436
23,928
27,172
2,381
3,454
4,573
5,257
5,681
6,012
6,116
6,395
1,104
1,223
2,025
3,130
3,346
3,560
4,643
6,074
6,358
7,091
8,177
9,400
10,519
11,864
13,169
14,703
990
1,138
1,327
1,527
1,705
1,886
2,048
2,273
1955—J u ly r r
Aug r
Sect r
Oct
Nov rr
Dec
487
537
512
579
543
858
453
504
484
535
512
812
72
77
80
76
85
151
117
140
126
160
154
295
264
287
278
299
273
366
34
33
28
44
31
46
27,780
28,030
28,277
28,587
28,890
29,445
25,577
25 809
26,044
26 336
26,627
27,172
6,222
6,241
6,258
6,287
6,326
6,395
5,368
5 461
5,565
5 682
5,797
6,074
13,987
14 107
14,221
14 367
14,504
14,703
2,203
2 221
2,233
2 251
2,263
2,273
1956—Jan
Feb
Mar
Apr
May
June
July
646
564
556
516
618
546
567
595
503
492
470
568
507
533
105
75
76
68
92
58
84
208
138
131
134
140
136
138
282
290
285
268
336
313
311
51
61
64
46
50
39
34
29,800
30,102
30,383
30,651
30,991
31,284
31,612
27,526
27,799
28,055
28,301
28,612
28 884
29,188
6,463
6,493
6,515
6,535
6,574
6,584
6,605
6,251
6,360
6,466
6 571
6,665
6 764
6,872
14,812
14,946
15,074
15 195
15,373
15 536
15,708
2,274
2,303
2,328
2,350
2,379
2 400
2,424
..
r
Revised.
NOTE.—For loans acquired, the monthly figures may not add to annual
totals, and for loans outstanding, the end-of-December figures may differ
from end-of-year figures, because monthly figures represent book value of
ledger assets whereas year-end figures represent annual statement asset
values, and because data for year-end adjustments are more complete.
Source.—Institute of Life Insurance; end-of-year figures are from
Life Insurance Fact Book, and end-of-month figures from the Tally of
Life Insurance Statistics and Life Insurance News Data.
MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS
NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS
[In millions of dollars]
[Number in thousands; amounts in millions of dollars]
Loans outstanding (end of period)
Loans made
Year or
month
Total i
New
construction
Home
purchase
Total 2
FHAinsured
1941
1945....
1,379
1,913
437
181
581
1,358
3,607
3,636
5,237
5,250
6,617
7,767
8,969
11,432
1,046
1,083
1,767
1,657
2,105
2,475
3,076
4,041
1,710
1,559
2,246
2,357
2,955
3,488
3,846
5,241
10,305
11,616
13,657
15,564
18,396
21,962
26,193
31,584
1,054
1,171
1,012
880
782
746
371
416
342
303
261
253
494
553
503 30,687
426
385
351 31,584
712
778
908
932
986
976
949
251
284
331
359
356
349
341
316
333
386 32.529
Year or
month
Total i
563
717
848
866
904
1,048
1,172
1,409
2,397
2,586
2,973
3,133
3,394
3,979
4,721
5,912
7,345
8,313
9,836
11,565
14,098
16,935
20,300
24,263
Commercial
banks
Mutual
sav-
1,490
2,017
404
250
1,166
1,097
218
217
1948
1949
1950
1951
1952
1953
1954
1955
2,535
2,488
3,032
2,878
3,028
3,164
3,458
3,913
11,882
11,828
16,179
16,405
18,018
19,747
22,974
28,484
3,629
3,646
5,060
5,295
6,452
7,365
8,312
10,452
1,016
1,046
1,618
1,615
1,420
1,480
1,768
1,932
2,664
2,446
3,365
3,370
3,600
3,680
4,239
5,617
745
750
1,064
1,013
1,137
1,327
1,501
1,858
335
366
342
326
314
293
2,463
2,697
2,522
2,387
2,316
2,188
953
1,060
946
835
765
700
161
163
155
153
152
156
472
521
505
505
499
457
168
179
168
167
171
166
275
278
309
303
324
319
312
2,059
2,050
2,271
2,269
2,434
2,417
2,374
665
700
816
827
872
877
851
148
136
152
148
158
165
159
435
421
468
470
508
494
464
131
127
128
128
152
162
168
1955
1,356
5,653 23,678
1,409
5,912 24,263
July..
Aug..,
Sept..
Oct...
Nov..
Dec..
1956
388
4341
449: 33,866
439
1,456
6,136 24,937
1,465, 6,351 26,050
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.
Insurance
companies
4,732
5,650
1956
Jan
Feb
Mar
Apr
May
June....
July....
Savings &
loan
1,628
1,639
1955
July....
Aug
Sept
Oct
Nov
Dec
Number
1941.
1945.
4,578
5,376
1948....
1949....
1950....
1951....
1952....
1953....
1954....
1955....
Convenanteed tional 2
VAguar-
Amount, by type of lender
Jan.,
Feb..
Mar..
Apr..
May.
June.
July.,
c
Corrected.
Includes amounts for other lenders, not shown separately.
Source.—Federal Home Loan Bank Board.
1
975
REAL ESTATE CREDIT
GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE
MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- TO 4-FAMILY PROPERTIES
[In millions of dollars]
[In billions of dollars]
FHA-insured loans
Home
mortgages
Year or month
Total
VA-guaranteed loans
Proj-
New
properties
Existing
properties
type
mortgages i
1945
665
257
217
20
1948
1949
1950
1951
1952
1953
1954
1955
3,341
3,826
4,343
3,220
3,113
3,882
3,066
3,807
1.434
,319
.637
1,216
684
609
1,021
1,157
1955
1956
July
Aug
Sept
Oct..
Nov
Dec
283
.
Jan
Feb
Mar
Apr.. .
May
June
July...
969
892
856
713
974
582
322
259
Home
mortgages
Property
improvement2
loans
Total 3
171
192
614
1,881
1,426
3,072
3,614
2,719
3,064
4,257
7,156
594
694
708
848
New
properties
Existing
properties
793
629
1,865
2,667
1 823
2,045
2,686
4,582
1,202
1,014
1,566
2,564
942
890
1,030
907
1,816
92
138
3
4
9
2
11
10
50
520
166
162
160
154
144
67
64
63
59
55
617
590
717
755
620
332
386
378
461
511
413
230
211
255
243
206
148
127
127
116
123
121
125
1
5
18
4
2
10
10
53
41
48
46
59
62
61
570
535
468
493
469
421
465
403
372
331
333
307
265
291
166
162
136
159
162
155
174
350
347
338
345
326
113
113
113
122
118
335
287
298
253
270
280
279
133
114
105
87
87
86
83
1,334
891
646
187
1 Monthly figures do not reflect mortgage amendments included in annual totals.
2 These loans are not ordinarily secured by mortgages.
3
Includes a small amount of alteration and repair loans, not shown separately; only such
loans in amounts of more than $1,000 need be secured.
NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed
loans, gross amount of loans closed. Figures do not take account of principal repayments
on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type
are derived from data on number and average amount of loans closed.
Sources.—Federal Housing Administration and Veterans Administration.
Conventional
Total
Total
,259
,035
.269
232
76
Governmentunderwritten
End of
year or
quarter
FHA- VAinguarsured anteed
1945
18.6
4.3
4.1
.2
14.3
1948
1949
1950....
1951
1952 .
1953
1954.
1955*
33.3
37.6
45 2
51.7
58.5
66 !l
75.7
88^4
12.5
15.0
18 9
7.2
8.1
22i9
25 4
28! 1
32.1
38^9
5.3
6.9
8.6
9.7
20.8
22.6
26 3
28.8
33.1
38.0
43.6
49.5
1954—Dec
75 7
32.1
12.8
19.3
43.6
1955—Mar.*.,.
June?...
Sept. P . . .
D ec*
78.5
82.2
85.6
88 4
33.5
35.3
37.0
38.9
13 2
13.5
13.9
14.3
20.3
21.8
23.1
24 6
45.0
46.9
48.6
49.5
1956—Mar.P. . . . 91.1
J u n e * . . . . 94.2
40.2
41.0
14.7
15.0
25.5
26.0
50.9
53.2
10.8
12^0
12.8
14^3
10 3
13.2
14 6
16.1
19.3
24.6
v Preliminary.
NOTE.—For total debt outstanding, figures for first
three quarters of year are Federal Reserve estimates.
For conventional, figures are derived.
Sources.—Federal Home Loan Bank Board, Federal
Housing Administration, Veterans Administration,
and Federal Reserve.
FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY i
FEDERAL HOME LOAN BANK LENDING
fin millions of dollars]
[In millions of dollars]
Mortgage holdings
Mortgage
transactions
(during
period)
Advances outstanding
(end of period)
Total
FHAinsured
VAguaranteed
11
425
198
672
,178
,646
1,922
1,841
1,632
1,714
1,044
Purchases
Sales
1945
End of year
or month
Commitments
undisbursed
278
213
195
176
19
20
469
111
56
221
525
62
227
824
485
239
323
638
476
76
1948
1949
1950
1951
1952
1953
1954
1955
360
256
675
423
586
728
734
1.251
280
337
292
433
528
640
818
702
515
433
816
806
864
952
867
.417
257
231
547
508
565
634
612
991
258
202
269
298
299
317
255
426
104
105
83
80
76
1955—Aug.
Sept.
Oct..
Nov.
Dec.
156
115
90
60
109
30
27
21
40
56
,187
,275
,344
,364
,417
822
885
932
875
991
365
390
412
489
426
75
66
62
68
81
92
91
92
1956—Jan..
Feb..
Mar.
Apr.
May,
June
July.
Aug.
42
13
24
42
44
99
93
66
213
78
67
53
48
49
159
57
,246
,181
,138
,127
,123
,173
,108
,116
833
770
730
709
697
730
700
713
413
411
408
418
427
443
408
403
1948
1949
1950
1951
1952
1953
1954
1955
1.347
1,850
2,242
2,462
2,434
2,615
188
403
169
204
320
621
802
901
1955—Aug
Sept
Oct
Nov
Dec
2,573
2,564
2,587
2,596
2,615
876
871
891
896
901
1,696
1,693
,695
1,700
,714
19
11
42
27
30
1
1956 Jan
2,623
2 642
2,657
2 665
2,677
2 704
2,729
2,758
901
907
909
907
907
915
915
919
,722
I 736
1,748
1,758
1,769
1,789
1,814
1,839
22
35
28
21
25
40
43
43
1
199
828
Feb
Mar
Apr
May
June
July
Aug
..
677
538
542
614
411
1
1
1
1
Operations beginning Nov. 1, 1954, are on the basis of FNMA's new
charter, under which it maintains three separate programs: secondary
market, special assistance, and management and liquidation.
Source.—Federal National Mortgage Association.
Year or month
Ad-
Repay-
Total
1
2
Shortterm 1
Longterm 2
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.
976
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
Noninstalment credit
Repair
and modernization
loans 2
Other
consumer
goods
paper i
Personal
loans
Total
Singlepayment
loans
Charge
accounts
Service
credit
1939
1941
1945
7,222
9,172
5,665
4,503
6,085
2,462
1,497
2,458
455
1,620
1,929
816
298
376
182
1,088
1,322
1,009
2,719
3,087
3,203
787
845
746
1,414
1,645
1,612
518
597
845
1948
1949
1950
1951
1952
1953
1954
1955
14,411
17,104
20,813
21,468
25,827
29,537
30,125
36,225
8,968
11,516
14,490
14,837
18,684
22,187
22,467
27,895
3,054
4,699
6,342
6,242
8,099
10,341
10,396
14,312
2,842
3,486
4,337
4,270
5,328
5,831
5,668
6,435
843
887
1,006
1,090
1,406
1,649
1,616
1,641
2,229
2,444
2,805
3,235
3,851
4,366
4,787
5,507
5,443
5,588
6,323
6,631
7,143
7,350
7,658
8,330
1,445
1,532
1,821
1,934
2,094
2,219
2,420
2,776
2,713
2,680
3,006
3,096
3,342
3,411
3,518
3,797
1.285
1,376
1,496
1,601
1,707
1,720
I 720
1,757
32,896
33,636
34,293
34,640
35 059
36,225
25,476
26,155
26,699
26,963
27,247
27,895
13,038
13,547
13,929
14,095
14,172
14,312
5,676
5,762
5,848
5,917
6,057
6,435
1,570
1,589
1,611
1,627
1,634
1,641
5,192
5,257
5,311
5,324
5,384
5,507
7,420
7,481
7,594
7,677
7,812
8,330
2,595
2,629
2,657
2,666
2,757
2,776
2,991
3,019
3,108
3,218
3,285
3,797
1,834
1,833
1,829
1,793
I 770
1,757
35,599
35,272
35,536
35,962
36,574
37 093
37,143
27,769
27,784
27,964
28,260
28,591
28,890
29,103
14,314
14,397
14,565
14,706
14,876
15,077
15,208
6,318
6,209
6,137
6,183
6,244
6,247
6,258
1,610
1,599
1,599
1,611
1,642
.663
1,674
5,527
5,579
5,663
5,760
5,829
5,903
5,963
7,830
7,488
7,572
7,702
7,983
8,203
8,040
2,715
2,729
2,839
2,876
2,981
3 099
3,033
3,355
2,974
2,933
2,996
3,135
3 231
3,127
1,760
1,785
1,800
I 830
1 867
1 873
1,880
1955
July
Aug
Sept
Ot
New
Dec
1956
Jan
Feb
Mar
Apr
June
JU1y
....
....
1
Represents all consumer instalment credit extended for the purpose of
purchasing automobiles and other consumer goods and secured by the
items purchased, whether held by retail outlets or financial institutions.
Includes credit on purchases by individuals of automobiles or other
consumer goods that may be used in part for business.
2
Represents repair and modernization loans held by financial institutions ; holdings of retail outlets are included in other consumer goods paper.
NOTE.—Monthly figures for the period December 1939 through 1951
and a general description of the series are shown on pp. 336-354 of the
BULLETIN for April 1953. Revised monthly figures are shown in later
BULLETINS: 1952, November 1953, p. 1214; 1953, November 1954, p. 1212.
A detailed description of the methods used to derive the estimates may
be obtained from Division of Research and Statistics.
INSTALMENT CREDIT, BY HOLDER
[Estimated amounts outstanding, in millions of dollars]
Financial institutions
Total
instalment
credit
Total
Commercial
banks
Sales
finance
companies
1939
1941
1945
4,503
6,085
2,462
3,065
4,480
1,776
1,079
1,726
1,197
1,797
745
300
1948
1949
1950
1951
1952
1953
1954
1955
8,968
11,516
14,490
14,837
18,684
22,187
22,467
27,895
7,092
9,247
11,820
12,077
15,410
18,758
18,935
23,863
3,529
4,439
5,798
5,771
7,524
8,998
8,633
10,347
1,990
2,950
3,785
3,769
4,833
6,147
6,421
8,938
Sept
Oct
Nov
Dec
25,476
26,155
26,699
26,963
27,247
27,895
21,980
22,605
23,101
23,324
23,524
23,863
9,656
9,871
10,060
10,145
10,227
10,347
1956 Jan
Feb
Mar
Apr
May
June
July
27 769
27,784
27,964
28,260
28,591
28,890
29,103
23,862
23,979
24,244
24,557
24,866
25,284
25,502
10,360
10,398
10,521
10,717
10,874
11,096
11,177
End of year or month
1955
1
July
Includes mail-order houses.
Credit
unions
Retail outlets
Other
Total
Department
stores 1
Furniture
stores
Household
appliance
stores
354
320
131
439
496
240
183
206
17
123
188
28
339
395
270
470
595
743
920
604
724
791
760
866
903
890
956
127
168
239
207
244
291
293
159
239
284
255
308
380
132
198
102
657
759
629
1,438
1,605
334
438
590
635
837
1,124
1,293
1,580
1,239
1,420
1,647
1,902
2,216
2,489
2,588
2,998
1,876
2,269
2,670
2,760
3,274
3,429
3,532
4,032
1,117
1,040
1,201
1,423
8,087
8,422
8,667
8,771
8,825
8,938
1,458
1,495
1,528
1,547
,556
1,580
2,779
2,817
2,846
2,861
2,916
2,998
3,496
3,550
3,598
3,639
3,723
4,032
1,155
1,167
1,191
1,203
[,251
1,423
856
871
878
889
909
8,936
8,964
9,037
9,093
9,170
9,298
9,385
,565
1,589
1,618
1,647
1,680
1,715
1,739
3,001
3,028
3,068
3,100
3,142
3,175
3,201
3.907
3,805
3,720
3,703
3,725
3,606
3,601
1,374
1,341
1,284
1,286
1,297
1,153
1,146
925
686
956
909
894
885
882
884
879
Automobile
dealers 2
Other
297
394
556
516
543
613
618
739
815
754
800
281
284
283
281
284
297
501
523
538
546
550
556
703
705
708
720
729
800
288
281
276
556
559
564
764
715
702
692
698
711
708
271
273
275
279
569
575
583
589
2
Represents automobile paper only; other instalment credit held by
automobile dealers is included with other retail outlets.
977
CONSUMER CREDIT
INSTALMENT CREDIT HELD BY COMMERCIAL BANKS,
BY TYPE OF CREDIT
INSTALMENT CREDIT HELD BY SALES FINANCE
COMPANIES, BY TYPE OF CREDIT
[Estimated amounts outstanding, in millions of dollars]
[Estimated amounts outstanding, in millions of dollars]
End of year
or month
Total
instalment
credit
Automobile
paper
Purchased
Direct
Other
consumer
goods
paper
178
338
166
309
1,079
1,726
745
237
447
66
143
114
1948
1949
1950
1951
1952
1953
1954
1955
3,529
4,439
5,798
5,771
7,524
8,998
8 633
10,347
575
849
1,177
1,135
1,633
2,215
2,198
2,976
753
946
1,294
1,311
1,629
1,867
1,645
2,099
794
1,016
1,456
1,315
1,751
2,078
1,839
2,099
AUK
Sept
Oct
Nov
Dec
Personal
loans
End of year
or month
135
161
363
471
May
July
Repair
and
Personal
loans
110
839
913
1,037
1,122
1,374
1,521
1,676
1,894
115
167
24
148
201
58
56
66
54
1948
1949
1950
1951
1952
1953
1954
1955
1,990
2,950
3,785
3,769
4,833
6,147
6,421
8,938
1,378
2,425
3,257
3,183
4,072
5,306
5,563
7,939
232
303
313
241
332
367
351
416
216
83
57
70
82
83
81
85
164
139
158
275
347
391
8,087
8,422
8,667
8,771
8,825
8,938
7,180
7,496
7,729
7,822
7,860
7,939
372
384
392
398
403
416
78
80
81
82
83
85
457
462
465
469
479
498
8,936
8,964
9,037
9,093
9,170
9,298
9,385
7,939
7,963
8,026
8,074
8,146
8,260
8,335
412
412
412
412
411
418
422
84
83
82
82
81
81
80
501
506
517
525
532
539
548
312
568
715
834
164
300
888
1,137
1,317
I 275
1,279
9,656
9,871
10,060
10,145
10,227
10,347
2,656
2,765
2,842
2,901
2,935
2,976
1,995
2,041
2,088
2,090
2,087
2,099
1,921
1,950
1,986
2,009
2,052
2,099
1,231
1,243
1,259
1,273
1,275
1,279
1,853
1,872
1,885
1,872
1,878
1,894
10,360
10,398
10,521
10,717
10,874
11,096
11,177
2,977
3,011
3,059
3,104
3,157
3,210
3,246
2,107
2,124
2,167
2,200
2,228
2,242
2,246
2,109
2,099
2,110
2,175
2,213
2,327
2,340
[,256
1,245
1,243
1,252
[,273
1.293
1,305
1,911
1,919
1,942
1,986
2,003
2,024
2,040
Aug.
Sept.
Oct..
Nov.
Dec.
Feb..
Mar.
Apr.
May
June
July.
Total
instalment
credit
Automobile
paper
Other
consumer
goods
paper
Repair
and
modernization
loans
789
957
731
81
122
54
24
36
20
15
14
14
669
785
643
1948
1949
1950
1951
1952
1953
1954
1955
1,573
1.858
2.237
2,537
3,053
3,613
3,881
4.578
189
240
330
358
457
573
596
742
137
182
209
279
337
340
59
89
115
132
187
249
260
277
1,226
1,392
1,610
1,838
2,130
2,454
2,685
3,115
1955—July.
Aug.
Sept.
Oct..
Nov
Dec.
4,237
4,312
4,374
4,408
4,472
4,578
706
722
732
736
740
742
388
401
410
417
429
444
261
266
271
272
276
277
2,882
2,923
2,961
2,983
3,027
3,115
1956—Jan..
Feb.
Mar.
Apr.
May
June
July.
4,566
4.617
4,686
4,747
4,822
4,890
4,940
735
740
749
759
770
782
792
446
452
459
462
470
479
484
270
271
274
277
288
289
289
3,115
3,154
3,204
3,249
3,294
3,340
3,375
NOTE.—Institutions included are consumer finance companies (operating primarily under State small-loan laws), credit unions, industrial
loan companies, mutual savings banks, savings and loan associations,
and other lending institutions holding consumer instalment loans.
426
498
NONINSTALMENT CREDIT, BY HOLDER
Personal
loans
1939
1941
1945
878
[Estimated amounts outstanding, in millions of dollars]
[Estimated amounts outstanding, in millions of dollars]
modernization
loans
1,363
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
Automobile
paper
1,197
1,797
,
,
1939
1941
1945
1956—Jan..
1956—Jan
Feb
Mar
_ otai
,
l
• c t _i
instalment
credit
1955—July.
1939
1941
1945
1955_j u ly
Repair
and
modernization
oans
End of year
or month
Total
noninstalment
credit
Financial
institutions
(single-payment loans)
Retail
outlets
(charge
accounts)
Service
credit
Commercial
banks
Other
Department
Other
stores *
1939
1941
1945
2,719
3,087
3,203
625
693
674
162
152
72
236
275
290
1,178
1,370
1,322
518
597
845
1948
1949
1950
1951
1952
1953
1954
1955
5,443
5,588
6,323
6,631
7,143
7,350
7,658
8,330
1,261
1,334
1,576
1,684
1,844
1,899
2,085
2,393
184
198
245
250
250
320
335
383
575
584
641
685
730
748
764
825
2,138
2,096
2,365
2,411
2,612
2,663
2,754
2,972
,285
,376
,496
,601
,707
,720
,720
,757
1955—July
Aug
Sept
Oct
Nov
Dec
7,420
7,481
7,594
7,677
7,812
8,330
2,268
2,277
2,273
2,311
2,348
2,393
327
352
384
355
409
383
474
475
519
562
618
825
2,517
2,544
2,589
2,656
2,667
2,972
,834
,833
,829
,793
,770
,757
1956—Jan
Feb
Mar
Apr
May
June
July
7,830
7,488
7,572
7,702
7,983
8,203
8,040
2,392
2,387
2,437
2,471
2,516
2,619
2,624
323
342
402
405
465
480
409
676
571
555
548
560
550
501
2,679
2,403
2,378
2,448
2,575
2,681
2,626
,760
,785
,800
,830
,867
,873
,880
1
Includes mail-order houses.
978
CONSUMER CREDIT
INSTALMENT CREDIT EXTENDED AND REPAID
[Estimates of short- and intermediate-term credit, in millions of dollars]
Other consumer
goods paper
Automobile
paper
Total
Year or month
Extended
Repaid
Extended
Repaid
Extended
Repaid
9,425
5,379
8,854
5,093
3,823
999
3,436
941
2,929
2,024
2,827
1,999
15,540
18,002
21,256
22,791
28,397
30,321
29,304
37,172
13,267
15,454
18,282
22,444
24,550
26,818
29,024
31,744
5,280
7,182
8,928
9,362
12,306
13,621
12,532
17,748
4,150
5,537
7,285
9,462
10,449
11,379
12,477
13 832
5 280
5,533
6,458
6,518
7,959
8,014
7,700
9,075
4 581
4,889
5,607
6 585
6,901
7 511
7,863
8,308
1955—July
Aug . . . .
Sept
Oct
Nov
Dec
3,131
3,436
3,241
3.051
3 103
3.508
2,569
2,757
2,697
2,787
2,819
2,860
1,594
1.745
,592
,417
,341
,369
1.117
,236
1,210
,251
,264
1,229
711
793
783
785
674
707
697
716
850
710
1,090
1956—Jan
Feb
Mar
2,724
2,769
3,114
3,163
3,281
3,204
3,143
2,850
2,754
2,934
2,867
2,950
2,905
2,930
,248
,296
,450
,406
,475
,467
,409
,246
1,213
282
,265
,305
266
,278
1955—July
Aug
Sept
Oct
Nov
Dec
3,136
3,211
3.290
3.075
3,185
3,185
2,611
2,713
2,691
2,774
2,830
2,747
,519
,566
,620
,474
,435
,503
1956—Jan
Feb
3,211
3,192
2,988
3,227
3,051
2,951
3,148
2,939
2,845
2,790
2,987
2,904
2,831
2,978
,451
.473
1941
1945
1948.
1949
1950
1951
1952
1953.
1954
1955
.
.
Repair and
modernization loans
Extended
Repaid
Personal
loans
Extended
Repaid
2,361
2,150
2 284
2,010
1 144
1,278
1,295
4 278
4,566
5,044
6 058
6,889
7 299
7,827
9,029
3 959
4 351
4,683
5 628
6,273
6 784
7 406
8,309
103
111
106
110
715
768
738
723
675
703
684
710
712
111
130
128
126
124
111
117
788
728
643
627
687
780
812
745
753
760
736
759
734
751
742
742
86
95
106
123
141
123
124
,133
,197
,175
1,233
1,281
1,228
794
773
759
724
805
792
706
718
694
718
698
690
,275
,266
1,215
128
1,284
1,240
1,295
823
751
719
849
776
733
838
770
735
726
744
732
737
778
312
307
206
143
702
577
721
826
853
677
707
769
927
1,243
1 387
1,245
1,320
WITHOUT SEASONAL ADJUSTMENT
Apr
June
July
104
938
815
117
106
106
111
110
102
113
747
751
871
854
853
869
857
727
699
787
757
784
795
797
108
114
120
112
118
118
101
104
108
106
117
102
715
758
791
765
827
772
671
694
714
717
734
111
123
116
133
129
107
119
111
103
103
124
117
102
113
826
845
793
887
815
799
856
783
741
746
791
771
752
792
SEASONALLY ADJUSTED*
Mar
Apr
May
June
July
1^358
1,331
1,312
1,335
m
•Includes adjustment for differences in trading days.
NOTE.—Back figures by months for the period 1940-52, together with
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. 9-22. Monthly figures for 1953 are
shown in the BULLETIN for November 1954, p. 1212. Estimates of in-
stalment credit extended and repaid are based on information from accounting records of retail outlets and financial institutions and include
all 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.
FURNITURE STORE STATISTICS
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE i
Percentage change
from preceding
month
Item
July
1956
June
1956
+3
-2
+5
+2
-4
+5
+6
+ 10
+3
+1
+3
+ 10
0
0
+1
+1
+3
+3
+5
+5
+4
+7
+6
+5
+ 10
-4
-2
+3
+4
+5
Instalment accounts
Month
June
1956
Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account
-7
-4
+1
-8
-6
0
0
Accounts receivable, end of
month:
Total
Instalment
Charge accounts
-1
-1
-3
0
0
Inventories, end of month,
at retail value
-4
0
May
1956
+
+
+
+
12
14
12
12
Charge
accounts
Household ap- Department
pliance
stores
stores
Department
stores
Furniture
stores
1955_j u ly,
Aug.
Sept.
Oct..
Nov.
Dec.
14
14
15
15
15
15
12
13
12
12
12
11
9
9
9
10
10
9
43
46
45
47
47
46
1956—Jan..
Feb..
Mar.
Apr.,
May.
June,
July.
14
14
16
15
15
15
14
12
11
12
12
12
12
12
9
9
9
9
9
10
10
43
44
47
43
46
46
44
May
1956
July
1956
Percentage change
from corresponding
month of preceding
year
1
Collections during month as percentage of accounts outstanding at
beginning of month.
979
BUSINESS ACTIVITY
SELECTED BUSINESS INDEXES
[Indexes, 1947-49= 100. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Construction
contracts
awarded (value) i
Industrial production
(physical volume)*
NonagriculAll tural
other employment
Manufactures
Year
or month
Total
Du- NonTotal rable durable
Minerals Total
Employment and payrolls2
Residential
Manufacturing
production workers
Employment
Freight
carloadings*
DepartWholement
Consale
store sumer comsales* prices 2 modity
(retail
prices2
value)
Payrolls
AdAd- Unad- AdAdAd- Unad- Unad- AdAdAdAdAdAdjusted justed justed justed justed justed justed justed justed justed justed justed justed justed
Adjusted
Unadjusted
Unadjusted
1919.
1920.
1921.
1922.
1923.
1924.
1925.
39
41
31
39
47
44
49
38
39
30
39
45
43
48
38
42
24
37
47
43
49
37
36
34
40
44
42
46
45
53
42
45
62
57
59
26
18
27
41
49
57
75
61.4
62.0
55.2
58.5
64.4
63.5
65.2
68.7
69.0
52.8
58.4
66.9
62.1
64.2
31.1
37.1
24.0
25.7
32.6
30.4
32.1
90
98
83
92
107
105
110
27
32
30
30
34
34
36
74.0
85.7
76.4
71.6
72.9
73.1
75.0
1926.
1927.
1928.
1929.
1930.
51
51
53
59
49
50
50
52
58
48
52
49
53
60
45
48
50
51
56
51
63
64
63
68
59
73
71
76
52
30
67.6
67.9
68.0
71.0
66.7
65.5
64.1
64.2
68.3
59.5
33.0
32.4
32.8
35.0
28.3
115
111
112
115
99
37
37
37
38
35
75.6
74.2
73.3
73.3
71.4
65.0
62.0
62.9
61.9
56.1
1931.
1932.
1933.
1934.
1935.
40
31
37
40
47
39
30
36
39
46
31
19
24
30
38
48
42
48
49
55
51
42
48
51
55
22
8
7
7
13
60.4
53.5
53.7
58.8
61.3
50.2
42.6
47.2
55.1
58.8
21.5
14.8
15.9
20.4
23.5
79
59
62
67
69
32
24
24
27
29
65.0
58.4
55.3
57.2
58.7
47.4
42.1
42.1
48.7
52.0
1936.
1937.
1938.
1939.
1940.
56
61
48
58
67
55
60
46
57
66
49
55
35
49
63
61
64
57
66
69
63
71
62
68
76
22
25
27
37
43
65.9
70.3
66.1
69.3
73.3
63.9
70.1
59.6
66.2
71.2
27.2
32.6
25.3
29.9
34.0
81
84
67
76
83
33
35
32
35
37
59.3
61.4
60.3
59.4
59.9
52.3
56.1
51.1
50.1
51.1
1941.
1942.
1943.
1944.
1945.
87
106
127
125
107
88
110
133
130
110
91
126
162
159
123
84
93
103
99
96
81
84
87
93
92
66
89
37
22
36
54
49
24
10
16
82.8
90.9
96.3
95.0
91.5
87.9 49.3
103.9 72.2
121.4 99.0
118.1 102.8
104.0 87.8
98
104
104
106
102
44
50
56
62
70
62.9
69.7
74.0
75.2
76.9
56.8
64.2
67.0
67.6
68.8
1946.
1947.
1948.
1949.
1950.
90
100
104
97
112
90
100
103
97
113
86
101
104
95
116
95
99
102
99
111
91
100
106
94
105
82
84
102
113
159
87
86
98
116
185
79 94.4
83 99.4
105 101.6
111 99.0
142 102.3
97.9 81.2
103.4 97.7
102.8 105.1
93.8 97.2
99.6 111.7
100
108
104
88
97
90
98
104
98
105
83.4
95.5
102.8
101.8
102.8
78.7
96.4
104.4
99.2
103.1
1951.
1952.
1953.
1954.
1955.
120
124
134
125
139
121
125
136
127
140
128
136
153
137
155
114
114
118
116
126
115
114
116
111
122
171
183
192
215
261
170
183
178
232
280
172
183
201
204
248
108.2
110.4
113.6
110.7
114.2
106.4
106.3
111.8
101.8
105.5
129.8
136.6
151.4
137.7
152.5
101
95
96
86
*95
109
110
112
111
119
111.0
113.5
114.4
114.8
114.5
114.8
111.6
110.1
110.3
110.7
139
139
140
142
143
143
144
139
130
139
142
147
145
142
141
141
142
144
145
145
146
155
155
158
160
161
161
161
12b
126
125
128
129
130
130
122
120
121
123
123
125
129
253
257
259
250
260
270
301
290
296
278
256
252
252
273
228
231
246
246
266
282
319
114.5
114.7
115.0
115.3
115.7
116.0
116.5
105.7
104.6
107.2
108.1
108.7
109.0
108.7
152.0
150.9
154.6
158.6
161.1
163.8
163.7
94
95
96
96
98
99
101
115
'125
118
121
122
122
123
114.4
114.7
114.5
114.9
114.9
115.0
114.7
110.3
110.5
110.9
111.7
111.6
111.2
111.3
143
143
141
143
141
141
136
H41
143
144
143
144
141
141
128
145
144
142
144
143
r
143
137
^143
160
158
156
159
157
157
148
129
130
127
129
128
128
127
131
131
130
130
129
'130
122
300
306
287
277
257
256
255
290
318
317
315
286
269
265
306
298
267
252
237
248
249
116.8 108.0 107.2
116.9 107.2 106.8
116.7 106.4 106.1
117.3 107.1 106.0
117.6 106.9 105.4
118.0 106.3 105.7
116.6 102.9 101.5
3
118.0 ^105.8 ^106.8
159.
157.7
157.9
158.
157.3
M58.
151.1
e
160.9
103
100
100
99
98
95
81
124
118
122
122
122
124
*>128
e
127
114.6
114.6
114.7
114.9
115.4
116.2
117.0
111.9
112.4
112.8
113.6
114.4
114.2
114.0
114.6
June.
July.,
Aug..
Sept..
Oct..
Nov..
Dec.
74
116
45
30
50
106.3
106.1
106.2
106.2
107.
108.2
108.3
1956
Jan.. .
Feb..
Mar..
Apr..
May.
June.
July..
Aug..
e
p\27
r
»128
Estimated.
» Preliminary.
Revised.
* Average per working day.
1
Three-month moving average, based on F. W. Dodge Corporation
data. A description of the index may be obtained from the Division of
Research and Statistics.
2
The indexes of employment and payrolls, wholesale commodity prices,
and consumer prices are compiled by the Bureau of Labor Statistics.
Nonagricultural employment covers employees only and excludes personnel in the armed forces. The consumer price index is the revised series,
reflecting, beginning January 1953, the inclusion of some new series and
revised weights; prior to January 1953, indexes are based on the "interim
adjusted" and "old" indexes converted to the base 1947-49= 100.
980
PRODUCTION
INDUSTRIAL PRODUCTION
[Federal Reserve indexes, 1947-49 average= 100]
Annual
1947-49 average
proportion
1954 1955 July
Industry
Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July
1955
1956
SEASONALLY ADJUSTED
INDUSTRIAL PRODUCTION—TOTAL
100.00
125
139
139
140
142
143
143
144
143
143
141
143
141
141
136
MANUFACTURES—TOTAL
90.02
127
140
141
142
144
145
145
146
145
144
142
144
143
143
137
Durable Manufactures—Total
45.17
137
155
155
158
160
161
161
161
160
158
156
159
157
157
148
6.70
108
140
134
139
146
148
149
150
148
148
145
145
141
139
67
28.52
5.73
13.68
9.04
4.64
7.54
1.29
150
123
142
125
177
175
140
165
134
155
135
194
203
149
166
135
158
136
197
202
151
168
137
159
140
196
203
153
170
141
161
141
199
205
155
173
142
164
143
205
208
156
172
139
162
143
198
212
158
172
138
163
144
199
212
159
170
136
164
146
197
205
160
168
134
162
147
192
202
161
166
132
162
147
191
197
160
171
135
171
151
208
194
163
167
130
168
149
206
186
164
168
132
168
149
205
190
164
170
131
172
153
209
190
167
Clay, glass, and lumber products
Stone, clay, and glass products
Lumber and products
5.91
2.82
3.09
123
131
115
138
149
127
138
152
126
140
155
127
141
155
127
141
153
130
139
156
124
139
154
126
140
154
128
139
155
124
137
156
121
139
158
122
141
162
121
141
161
123
141
160
123
Furniture and misc. manufactures
Furniture and fixtures
Miscellaneous manufactures
4.04
1.64
2.40
121
106
131
132
119
141
134
122
143
137
124
145
137
125
145
136
124
145
136
123
145
137
123
146
135
122
144
134
120
143
132
120
141
134
121
142
135
121
145
136
123
145
136
123
145
44.85
116
126
126
125
128
129
130
130
129
130
127
129
128
128
127
11.87
6.32
5.55
100
95
105
109
107
113
109
106
112
109
107
112
111
107
116
112
109
116
113
110
117
112
109
116
111
108
113
112
109
114
107
106
108
108
106
109
107
103
111
106
101
112
106
100
112
Rubber and leather products
Rubber products
Leather and products
3.20
1.47
1.73
104
115
95
122
143
105
120
137
106
119
138
102
121
142
104
124
147
105
122
147
101
125
144
108
126
147
108
125
140
112
119
135
105
120
137
106
116
131
104
122
102
110
117
104
Paper and printing
Paper and allied products
Printing and publishing
8.93
3.46
5.47
125
134
120
137
152
127
139
155
128
138
153
128
140
157
130
141
156
131
141
157
130
140
159
128
141
159
130
140
157
130
140
157
129
143
160
131
142
160
132
143
161
132
144
162
133
Chemical and petroleum products
Chemicals and allied products
Petroleum and coal products
9.34
6.84
2.50
142
148
125
159
167
135
160
170
134
160
168
135
163
173
135
162
171
137
164
173
139
166
175
141
165
173
142
166
174
143
166
174
144
167
178
139
169
179
140
168
178
142
165
177
130
11.51
10.73
.78
106
106
103
109
109
105
108
108
101
107
108
100
107
108
100
111
111
105
111
112
104
113
113
107
111
111
109
112
112
107
110
111
107
112
113
107
110
110
110
Primary metals
Metal fabricating
Fabricated metal products
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
Instruments and related products
Nondurable
Manufactures—Total...
Textiles and apparel
Textile mill products
Apparel and allied products
Foods, beverages, and tobacco
Food and beverage manufactures
Tobacco manufactures
111 109
111 109
108
122
MINERALS—TOTAL
9.98
111
122
120
121
123
123
125
129
131
131
130
130
129
130
Mineral fuels
Coal
Anthracite
Bituminous coal
Crude oil and natural gas
8.35
2.68
.36
2.32
5.67
113
67
52
70
134
123
80
48
85
143
123
87
53
92
139
122
82
41
89
141
122
80
50
84
141
123
80
42
86
143
125
80
47
85
147
130
87
58
92
151
132
87
62
91
153
131
88
55
94
151
131
86
50
92
151
130
86
55
91
151
130
89
41
96
149
129 125
90
77
55
54
95
81
148 148
Metal, stone, and earth minerals
Metal mining
Stone and earth minerals
1.63
.82
.81
106
90
123
120
110
130
109
88
130
117
105
130
126
119
133
126
120
131
124
114
134
123
112
135
129
121
137
130
121
138
130
120
139
129
118
139
128
•"118
138
130 103
117
64
143 142
WITHOUT SEASONAL ADJUSTMENT
INDUSTRIAL PRODUCTION—TOTAL
100.00
125
139
130
139
142
147
145
142
143
144
143
144
141
141
MANUFACTURES—TOTAL
90.02
127
141
132
140
144
150
148
143
144
146
145
146
142
142
129
Durable Manufactures—Total
45.17
137
155
146
153
157
164
163
161
160
161
161
162
157
156
139
6.70
5.03
3.51
.37
3.05
2.62
.43
1.52
1.29
.23
108
105
108
101
109
108
115
97
95
106
140
138
144
134
146
141
171
124
123
133
122
125
132
129
133
130
147
108
108
108
132
132
140
134
141
136
168
114
114
115
143
142
149
140
150
144
186
125
123
133
149
148
153
141
154
149
188
137
135
148
149
147
154
140
156
150
189
131
129
141
147
145
153
141
154
149
182
128
126
141
151
149
158
143
159
153
197
128
125
143
152
149
158
143
159
153
199
130
128
142
152
149
159
145
160
155
192
128
126
142
151
149
158
145
159
155
181
129
127
141
144 1 4 0
143 1 3 8
152 145
140 135
154 146
149 144
182 157
121 123
120 121
129 134
61
40
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
p
Revised.
,
For other footnotes see end of table.
128
79
78
88
981
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average= 1001
1947_49 Annual
average
propor1954 1955
tion
Industry
1955
1956
Aug. Sept.
Jan. Feb. Mar. Apr.
May June July
WITHOUT SEASONAL ADJUSTMENT
—Continued
Primary metals—Continued
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
1.67
.38
.09
.06
.04
.10
.09
.13
1.16
.63
.20
.33
120
147
101
109
105
101
244
105
113
100
154
114
146
164
122
123
103
120
261
123
142
114
208
156
112
127
49
50
53
116
261
100
108
75
188
124
132
150
95
97
82
116
263
118
127
91
215
147
173
139
142
116
117
265
130
141
110
218
144
154
153
171
136
126
119
122
265
135
149
114
222
173
154
173
130
136
121
123
272
130
150
118
219
169
28.52
150
165
157
162 165 173
174
5.73
2.68
2.12
.30
.63
123
126
117
131
90
134
136
130
142
111
130
132
125
168
89
139
137
126
203
128
142
141
129
192
142
145
144
134
197
134
153
175
128
143
112
127
277
125
148
120
210
164
159
172
132
122
114
124
276
131
158
134
226
163
161
176
133
134
117
126
279
134
159
132
225
170
161
181
139
141
120
125
287
124
158
129
241
166
158
183
139
142
121
125
294
135
152
120
242
160
148
181
r
147
-•143
106
111
296
121
140
113
228
140
172
172
172
174
167
139
145
138
95
117
137
144
137
102
92
135
140
131
109
109
134
138
129
116
110
134
138
126
127
115
136
140
125
189
106
'145
'179
'142
'139
109
'111
296
125
172
118
123
107
114
298
'i37'
'iii'
'112
'215
137
79
222
111
161
130
138
121
121
105
132
138
119
'159
112
126
132
112
168
13.68
142
155
142
153
161
169
164
164
167
168
168
172
167
165
158
Nonelectrical machinery
Farm and industrial machinery
Farm machinery
Industrial and commercial machinery....
Machine tools and presses
Laundry and refrigeration appliances.,.
9.04
8.13
7.11
.68
.69
125
121
79
127
160
114
135
130
91
135
163
144
131
128
92
133
160
116
131
129
87
135
165
113
137
131
69
140
168
147
141
136
92
142
170
141
141
138
94
144
178
130
147
143
97
150
190
141
149
144
98
150
190
164
152
145
95
153
195
173
154
146
94
154
196
183
154
148
92
156
197
175
150
151
147 147
'87
88
155 155
197 '194
146 143
147
145
83
154
192
129
Electrical machinery
Electrical apparatus and parts
Radio and television sets
4.64
3.23
.74
177
160
214
194
174
242
165
169
143
194
170
254
207
175
289
223
188
315
208
180
280
197
184
225
201
184
240
200
184
233
196
184
218
206
202
209
198 '195
200 '199
185 174
178
193
130
Transportation equipment
Autos, trucks, and parts
Autos
Trucks
Light trucks
Medium trucks
Heavy trucks
Truck trailers
Auto and truck parts
Aircraft and parts
Shipbuilding and repair
Railroad equipment
Railroad cars
7.54
4.80
1.50
.66
.22
.19
.14
.07
2.58
175
109
131
92
95
59
133
130
101
474
112
39
203
153
190
115
114
69
172
183
141
481
115
42
198
147
195
126
119
81
203
174
125
469
114
37
192
137
166
106
93
65
167
192
129
469
117
45
32
185
122
130
102
106
53
138
199
122
484
117
45
30
200
144
153
106
121
50
138
202
149
490
115
50
216
167
212
122
128
73
172
199
153
500
109
48
214
159
193
122
106
67
216
192
150
516
111
51
206
147
173
113
101
67
194
173
141
517
111
54
205
143
164
125
109
71
227
187
135
521
118
60
203
139
163
130
104
68
258
191
128
513
122
66
201
136
162
131
102
69
265
195
122
516
122
68
'189
'111
127
123
89
68
246
203
98
'536
'121
66
187
107
127
100
76
56
199
146
97
544
118
62
150
155
Machinery
1.02
1.30
.81
.53
.35
29
30
22
1.29
140
149
147
Stone, clay, and glass products
Glass and pottery products
Flat glass and vitreous products
Flat and other glass
Glass containers
Home glassware and pottery
Cement
Structural clay products
Brick
Clay firebrick, pipe, and tile
Concrete and plaster products
Misc. stone and earth manufactures
5.91
2.82
1.09
.60
.47
.26
.23
.32
.35
.12
.20
.48
.58
123
131
118
131
133
117
85
135
111
113
111
161
140
138
149
134
155
156
126
91
148
127
131
127
180
166
133
149
124
139
136
130
76
161
128
134
126
191
167
Lumber and products
Lumber
Millwork and plywood
Millwork
Softwood plywood
Wood containers
3.09
2.05
.60
.39
.12
.29
115
106
161
123
222
88
127
112
197
144
284
90
Instruments and related products
Clay, Glass, and Lumber Products
145 147
190
116
127
117
89
58
237
191
109
522
r
120
69
38
33
36
40
49
57
60
61
56
51
158
159
161
160
161
161
164
164
164
162
135
156
130
149
145
133
75
158
137
161
163
127
86
164
140
151
134
196
175
149
161
144
164
167
133
102
164
138
142
137
192
177
140
157
143
169
172
119
101
151
137
141
136
186
176
132
153
141
172
174
111
96
136
130
122
137
181
176
132
150
141
168
171
121
91
126
129
122
136
175
171
135
150
141
163
167
130
96
123
132
124
139
177
171
135
158
138
152
153
143
95
164
138
146
134
195
174
140
163
163
130
93
137
137
132
142
181
171
142
158
143
166
165
135
92
159
138
140
138
192
172
143
162
142
164
163
136
93
174
140
145
139
202
172
145
'163
'140
'160
'158
142
86
175
'146
144
'148
208
'171
140
141
204
167
118
108
160
121
224
85
133
119
198
148
279
86
136
121
209
155
295
90
138
122
213
160
299
93
124
106
201
143
295
92
113
98
173
110
278
94
116
100
189
114
313
90
121
104
201
128
321
91
119
105
193
118
316
91
126
112
199
123
324
92
125
111
187
124
290
93
129
118
181
133
260
'92
116
104
161
107
248
91
Furniture and Misc. Manufacturing . .
4.04
121
132
125
134 140 144
142
140
133
136
134
132
131
131
127
Furniture and fixtures
Household furniture
Fixtures and office furniture
1.64
1.10
.54
106
106
107
119
120
115
113
114
111
123
124
121
111 128
129 131
123 123
128
131
121
128
130
122
122
124
119
123
125
119
111
123
120
119
118
120
116
115
119
118
116
122
115
115
115
Miscellaneous manufactures
2.40
131
141
133
142
149
152
149
141
145
142
141
140
141
135
r
Revised.
154
For other footnotes see end of table.
r
982
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average= 100]
Industry
1947-49 Annual
average
proportion 1954 1955 July
1955
1956
Aug. Sept. Oct. Nov. Dec. Jan.
Feb. Mar. Apr. May June July
WITHOUT SEASONAL ADJUSTMENT
—Continued
135
Nondurable Manufactures—Total.
44.85
116
126
117
128
130
Textiles and Apparel
11.87
100
109
93
112
109
Textile mill products
Cotton and synthetic fabrics.
Cotton consumption
Synthetic fabrics
Fabric finishing
Wool textiles
Wool apparel yarns
Wool fabrics
Knit goods
Hosiery
Full-fashioned hosiery..
Seamless hosiery
Knit garments
Floor coverings i
Woven carpets
6.32
3.72
2.30
.97
.45
.97
.16
.75
1.15
.65
.45
.20
.50
.48
.31
95
100
97
108
93
66
76
64
106
108
113
97
103
107
113
103
137
100
79
85
78
110
106
110
99
115
91
96
84
133
67
73
80
72
98
85
86
82
116
108
115
106
134
106
79
90
77
113
104
107
99
123
106
111
103
132
87
80
80
80
114
106
107
101
125
71
79
44
72
85
89
77
84
83
93
91
89
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
5.55
1.78
.73
.50
.13
.99
1.85
.76
1.92
105
103
83
82
67
116
109
129
103
113
111
92
90
77
123
116
134
111
95
84
59
55
60
98
98
129
103
116
120
110
102
115
126
117
145
112
111
109
91
84
99
119
108
129
117
117
117
95
93
82
130
113
139
122
117
116
94
95
69
131
113
143
122
107
102
84
86
55
113
98
119
119
117
119
99
103
55
132
118
145
113
124
124
99
103
59
141
132
155
117
120
118
99
101
67
130
127
135
114
114
119
103
99
92
129
115
95
108
125
128
131
130
129
127
127
118
114
112
117
109
133
109
85
90
84
119
113
114
110
126
132
106
1/3
119
114
111
107
104
90
111
118
109
135
110
83
86
83
116
108
109
106
125
105
110
101
131
92
80
78
82
107
99
100
96
118
111
119
110
135
111
83
94
80
107
106
107
102
110
115
123
112
141
118
84
97
81
114
114
117
108
115
110
115
108
132
98
85
89
84
110
105
110
93
116
108
112
107
119
103
89
97
87
110
105
112
90
116
106
109
105
108
108
90
98
89
108
99
102
91
119
100
99
96
103
90
90
85
92
110
102
104
97
121
86
87
81
101
71
76
83
75
95
77
77
75
118
48
109 108
121
104
107
91
100
85
110
93
129 111
104 111
90 122
104 1 0 7
95
79
59
54
63
90
100
132
105
Rubber and Leather Products .
3.20
104
122
105
119
124
130
122
119
127
132
125
122
113
nu
96
Rubber products
Tires and tubes
Auto tires
Truck and bus tires
Miscellaneous rubber products.
1.47
.70
.40
.30
.77
115
105
110
99
124
143
131
140
120
154
121
127
138
111
115
133
116
125
104
148
144
128
135
119
158
155
140
143
136
170
150
138
140
134
161
139
120
121
118
156
149
129
131
126
167
146
134
135
132
157
140
130
131
130
149
140
133
135
130
146
129
125
125
125
133
123
122
115
130
124
103
99
97
103
106
Leather and products
,
Leather
,
Cattlehide leathers
,
Skin leathers
,
Shoes and slippers2
Miscellaneous leather products.
1.73
.44
.29
.15
.90
.39
95
87
92
75
105
92
99
79
92
74
79
63
108
90
96
77
107
90
98
74
109
97
105
82
99
95
102
81
102
95
103
80
109
93
100
80
120
103
109
90
112
95
102
80
106
95
103
82
99
95
103
80
100
91
99
76
91
90
99
97
104
104
106
105
104
98
103
98
91
89
96
96
Paper and Printing
8.93
125
137
128
135
141
147
144
137
138
141
144
146
143
143
132
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.
Converted paper products
Shipping containers
Sanitary paper products
3.46
1.76
.51
1.25
.22
.14
.20
.18
.41
.10
1.70
.51
.11
134
132
148
125
118
120
119
137
130
124
136
133
145
152
149
169
140
127
133
129
158
149
137
156
155
158
139
135
156
126
112
107
117
148
133
133
144
141
153
155
151
173
141
127
122
126
156
155
151
159
160
152
157
150
169
143
130
134
128
156
153
145
165
167
156
167
158
179
150
132
140
137
176
160
142
177
175
180
159
156
178
147
133
136
132
167
161
137
161
160
163
146
144
164
136
127
129
125
154
144
124
149
149
148
157
158
181
149
137
144
137
172
159
127
156
147
179
162
163
185
154
144
142
145
169
163
139
162
157
173
163
161
183
153
141
152
140
170
159
148
165
165
163
165
163
184
154
142
153
142
177
161
141
168
162
184
160
162
187
152
142
148
139
168
162
141
157
154
163
163
161
184
152
r
143
148
141
169
159
141
165
165
163
144
143
165
134
130
129
121
160
135
127
146
140
162
Printing and publishing
Newsprint consumption
Job printing and periodicals.
5.47
1.85
3.62
120
119
121
127
128
127
121
112
125
123
116
127
131
132
131
135
142
131
135
143
131
130
126
133
126
119
129
128
127
129
132
134
131
134
141
130
133
140
129
130
131
130
125
115
130
Chemical and Petroleum Products .
9.34
142
159
152
157
162
166
168
167
168
170
169
168
166
164
156
Chemicals and allied products
Industrial chemicals
Basic inorganic chemicals
Industrial organic chemicals
Plastics materials
Synthetic rubber
Synthetic fibers
Miscellaneous organic chemicals.
Vegetable and animal oils
Vegetable oils
Grease and tallow
Soap and allied products
Paints
Fertilizers
6.84
2.54
.57
1.97
.24
.11
.59
1.03
.64
.48
.16
.71
.66
.23
148
153
157
152
184
136
152
146
118
113
133
108
116
122
167
184
180
186
242
213
186
169
124
117
145
110
125
125
158
176
159
181
207
211
177
174
99
87
133
79
130
91
163
182
166
187
234
217
184
175
103
90
145
104
130
90
111
190
179
194
264
222
191
176
122
115
144
126
126
115
176
192
188
192
261
230
188
175
156
157
154
130
127
118
178
197
195
198
268
243
197
178
165
162
174
118
126
114
177
197
194
198
253
233
196
183
148
144
159
115
126
118
111
199
197
200
261
241
195
183
152
147
168
104
123
122
179
201
203
201
264
249
194
185
157
150
175
109
125
131
179
201
204
200
264
243
191
187
141
134
162
108
125
168
179
200
201
200
266
244
183
189
133
123
163
111
124
188
176
197
195
197
'263
242
176
190
123
110
163
106
125
163
173
192
185
194
251
227
169
192
107
91
155
109
126
118
165
181
158
187
' Revised.
For other footnotes see opposite page.
227*
163
193
93
75
145
88
127
102
983
PRODUCTION
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]
Annual
1947^*9
average
propor1954 1955
tion
Industry
1956
1955
July
Aug.
Sept. Oct.
Nov. Dec. Jan. Feb.
134
141
156
151
247
131
167
89
94
108
101
138
143
157
151
252
133
172
89
95
116
104
136
141
155
149
247
132
172
87
91
111
107
140
148
158
153
236
141
178
99
112
126
110
Mar. Apr. May June July
WITHOUT SEASONAL ADJUSTMENT
—Continued
137
144
155
149
258
138
177
94
96
123
108
142
149 P149
162
155
281
141 P144
186
90
95
123
105
.15
103
110
114
142
131
131
97
57
66
100
109
125
120
.. 11.51
106
109
110
117
121
123
114
104
102
102
103
105
107
nu
112
10.73
8.49
1.48
106
109
111
117
122
124
114
105
102
102
113
109
104
137
83
132
116
130
107
153
142
110
80
130
100
73
121
26
65
113
121
118
118
151
96
120
90
113
94
151
198
106
77
125
98
81
128
36
79
111
114
125
129
155
111
101
84
102
82
118
201
108
83
124
99
111
129
90
140
109
111
125
143
154
133
88
88
90
75
93
161
111
96
122
100
247
130
340
134
108
118
118
150
146
148
83
83
87
71
86
114
102
86
112
99
261
103
393
129
104
102
109
152
140
154
84
94
92
79
76
95
100
84
110
99
182
112
236
91
101
91
106
153
158
146
91
104
96
85
84
85
100
85
111
95
87
109
63
112
99
87
104
140
145
133
99
107
103
94
93
83
98
81
109
95
57
102
14
115
102
96
106
102
82
99
84
109
94
59
109
11
97
103
105
105
103
131
150
117
121
128
132
123
109
85
97
79
109
95
68
123
16
98
102
112
114
109
128
142
116
107
105
116
97
109
118
105
83
119
97
115
113
111
101
106
107
103
102
136
142
129
109
114
107
107
117
135
103
106
110
116
94
104
112
107
81
124
97
117
106
121
99
105
103
105
121
147
103
136
131
153
140
125
96
99
77
112
97
70
114
27
90
107
115
110
122
154
100
150
138
163
146
149
115
103
80
119
99
81
124
38
84
112
130
110
118
154
95
134
118
133
118
147
141
105
77
123
97
94
105
111
.98
.06
.56
.30
.26
.10
.17
.26
Automotive ffasoline
Aviation gasoline
Fuel oil
Distillate fuel oil
Residual fuel oil
Kerosene ..
Lubricating oil
Coke
.. .
Asphalt roofing and siding
Foods* Beverages* and Tobacco . .
Pood and beverase manufactures
Food manufactures
Meat products
... .
Beef.
Pork
135
142
150
144
254
140
182
92
98
126
110
86
142
148
155
150
242
149
192
99
112
119
111
127
2.50
1.97
1.04
Petroleum and coal products..
Petroleum refining
.
.
.46
.83
.69
.14
.07
.19
.28
Butter
Natural cheese
Ice cream
1.13
1.16
Grain-mill products. . .
Wheat flour
Cereals and feeds....
Bakery products
Sugar
Cane susar
Beet sugar
Confectionery
Miscellaneous food preparations
Beverages
.46
.70
1.64
.27
.11
.13
.71
1.41
2.24
54
1.70
135
142
152
147
233
138
175
94
107
114
104
138
143
157
151
252
134
171
92
101
111
108
141
152
161
156
247
149
187
105
129
112
111
143
154
158
153
242
160
204
110
126
119
111
98
102
106
104
102
117
105
88
84
.17
68
77
40
46
83
157
129
102
109
99
94
118
154
146
81
95
96
75
.37
.78
103
105
92
112
107
114
107
88
107
.46
.17
Alcoholic beverages
Beer and ale
Liquor distilling
Liquor bottling . .
Tobacco manufactures
Cigarettes
Cigars
125
133
141
136
221
128
158
93
110
108
84
106
105
109
104
99
82
117
110
109
111
117
118
108
113
91
87
119
124
126
127
126
127
oo
.
143
151
155
151
231
158
203
105
126
115
111
108
11 o
119
80
76
122
108
69
118
105
109
104
103
110
106
105
116
103
127
130
130 131
ill
QO
75
102
82
113
112
103
105
107
109
129
127
79
73
109
190
115
122
108
119
MINERALS—TOTAL
9.98
111
122
Mineral Fuels
8.35
713
123 119 122 123 125 128 131 133 131 130 130 128 128 120
Coal
2.68
67
52
70
80
48
85
77
42
82
82
39
89
83
53
88
88
51
93
87
51
93
91
54
97
91
61
95
88
55
94
86
46
92
86
53
91
85
42
91
84
58
89
62
42
65
143
137
131
185
169
175
139
132
127
165
159
178
141
133
128
167
163
187
142
135
129
176
170
180
143
137
131
181
174
175
147
142
134
196
183
173
151
146
137
209
186
177
153
147
138
219
186
185
151
147
138
214
187
173
151
148
139
210
186
171
151
144
137
149
142
135
148
143
136
3?136
.34
.36
.85
134
128
122
172
160
167
178
188
176
187
176
180
1.63
106
120
120
132
141
137
120
106
106
108
109
129
r
r
145
112
.82
90
110
104
126
141
136
105
83
87
119
139
142
77
.33
.49
.24
.09
84
94
103
80
113
108
123
84
168
62
50
79
179
90
96
78
181
114
134
82
165
116
137
84
92
114
135
79
44
108
127
82
42
118
140
81
91
46
122
140
91
90
91
'89
87
128
138
142
149
.36
2.32
5.67
4.82
4.12
Crude oil and natural gas
Oil and gas extraction
Crude oil
Natural gas liquids
Oil and gas well drilling
Metal* Stone* and Earth Minerals
.06
f^fetal mining
...
Nonferrous metal mining
Lead mining
Stone and earth minerals
v
1
..
75
81
81
79
81
80
77
74
80
91
49
119
138
88
86
.81
123
130
135
139
141
139
135
129
124
126
r
Preliminary.
Revised.
Publication suspended pending revision for the period 1952 to date.
2 Publication suspended pending adjustment to revised Census production figures for the period 1950 to date.
NOTE.—A number of groups and subgroups include individual series
not published separately, and metal fabricating contains the ordnance
141
108 164
127 122
148 142
94 '88
p
142
173
121
142
88
148
group in addition to the groups shown. Certain types of combat materiel
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.
984
PRODUCTION
OUTPUT OF CONSUMER DURABLE GOODS
[Federal Reserve indexes, 1947-49 average = 100]
Annual
1955
1956
1947-49 average
proportion 1954 1955 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July
Product
SEASONALLY ADJUSTED
CONSUMER DURABLES—TOTAL.
100.00
116
147
148
151
154
152
151
149
143
137
133
132
124
124
129
Major Durables
Autos
Major household goods
Furniture and floor coverings.
Household furniture
Floor coverings *
Appliances and heaters
Major appliances
Ranges
Refrigeration appliances.
Laundry appliances
Heating apparatus
Radio and television sets
Radio sets
Television sets
69.72
32.10
36.13
15.32
11.31
4.01
15.60
11.88
2.60
4.98
2.51
3.72
5.21
3.42
1.79
125
131
122
101
106
164
190
144
116
120
166
18$
150
117
121
169
189
155
121
125
172
195
156
123
127
168
194
148
121
126
167
196
143
121
126
163
187
144
121
125
156
171
146
120
124
148
158
141
119
123
143
148
141
117
121
142
142
144
116
121
130 130
119 120
142 1 4 1
117 115
120 120
137
122
152
118
122
111
115
79
124
148
97
214
52
522
138
142
100
151
193
120
242
77
558
146
154
119
161
193
121
r
254
76
'595
143
150
98
160
206
119
294
70
720
147
153
98
166
205
126
279
72
676
137
147
95
162
187
108
259
95
572
134
141
90
146
200
111
235
103
486
143
152
104
151
227
115
216
101
436
150
155
113
140
242
134
207
72
465
146
150
110
145
221
133
194
66
439
150
153
111
153
215
139
186
62
423
149
158
110
160
211
122
207
55
496
141
147
107
153
185
125
218
61
517
138
143
117
148
171
124
220
55
536
158
166
97
167
247
Other Consumer Durables
Auto parts and tires
Misc. home and personal goods
30.28
14.00
16.28
95
91
99
106
102
109
106
101
111
107
101
112
111
107
115
114
108
118
114
108
119
114
112
117
113
113
114
111
106
115
109
104
112
110
105
114
110
104
115
110
100
118
11G
100
119
233*
56
569
WITHOUT SEASONAL ADJUSTMENT
CONSUMER DURABLES—TOTAL
100.00
116
147
137
139
136
146
159
148
144
143
143
141
124
124
116
Major Durables
Autos
Major household goods
Furniture and floor coverings
Household furniture
Floor coverings1
Appliances and heaters
Major appliances
Ranges
Refrigeration appliances
Laundry appliances
Heating apparatus
Radio and television sets
Radio sets
Television sets
69.72
32.10
36.13
15.32
11.31
4.01
15.60
11.88
2.60
4.98
2.51
3.72
5.21
3.42
1.79
125
131
122
101
106
164
190
144
116
120
152
195
115
105
114
152
166
141
117
124
145
130
159
124
129
157
153
162
127
131
177
212
150
124
131
165
193
142
125
130
159
173
150
120
124
157
164
153
123
125
157
163
155
121
123
154
162
150
117
118
131
127
136
113
115
130
127
134
112
116
121
127
117
106
115
111
115
79
124
148
97
214
52
522
138
142
100
151
193
120
242
77
558
116
120
76
144
131
103
143
49
321
127
122
91
116
181
142
254
62
619
151
149
107
143
219
159
289
68
710
145
144
105
131
218
148
315
99
726
131
133
97
113
220
125
279
105
612
130
140
99
130
222
97
224
96
470
148
161
115
157
235
109
239
72
559
156
169
118
165
252
113
233
72
540
168
183
125
194
237
121
218
70
499
162
178
115
197
222
113
209
63
486
143
152
102
173
176
113
184
67
409
143
150
112
174
162
121
174
54
402
124
127
62
149
163
37
307
Other Consumer Durables
Auto parts and tires
Misc. home and personal goods
30.28
14.00
16.28
95
91
99
106
102
109
103
102
103
110
107
112
115
113
116
120
115
124
117
108
124
111
104
118
109
107
111
110
101
116
108
101
115
109
103
114
109
104
113
109
103
115
106
101
111
' Revised.
Publication suspended pending revision for the period 1952 to date.
NOTE.—Individual indexes without seasonal adjustment for woven
1
carpets, appliances, heating apparatus, radio sets, and television sets maybe 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
f Joint estimates of the Departments of Commerce and Labor. Seasonally adjusted. In millions of dollars]
]Private
Year or month
Total
Industrial
Com- Public
mercial utility
Other
nonresidential
8,580 5,693
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
1,397
1,062
2,117
2,320
2,229
2,030
2,399
1,253
1,027
1,288
1,371
1 137
1,791
2,212
3 043
3,043
3,323
3,330
3,729
4 003
4,416
4,341
4 604
2,580
2,795
3 174
3,574
3 547
3 511
3,774
3 931
4,825
6,405
7 000
9,418
10 901
11,394
11,929
12 419
864
883
207
209
272
290
385
384
323
324
896
879
870
213
217
219
292
273
262
391
389
389
323
330
327
899
217
220
228
242
261
272
416
321
920
938
954
964
969
266
282
291
293
280
274
418
419
419
423
423
323
325
333
338
336
975
981
276
276
275
279
424
426
342
336
Business
Total
Total
Residential
21,678
22,789
28,454
31,182
33,008
35,271
37,782
42,991
16,853
16,384
21,454
21,764
22,107
23,877
25,853
30,572
1955 Aug
Sept
Oct
Nov
Dec
3,638
3,623
3,598
3,601
3,580
2,620
2,629
2,594
2,551
2,519
1,433
[,422
[,375
1,342
[,322
1956—Jan
Feb
Mar
Apr
May
June1*
July*
Aug *>
3,618
3,625
3,585
3,658
3,686
3,678
3,691
3,689
2,506
2,522
2,531
2,563
2,559
2,555
2,587
2,580
1,286
1,279
1,268
1,276
1948
1949
1950
1951
1952
1953
1954
1955
* Preliminary.
Public
257
1,250
1.270
1,263
972
Military
Highway
Conservation
158
137
177
887
1 388
1,307
1,030
1,297
1,774
2,131
2 272
2,518
2 820
3,160
3,870
4 520
629
793
881
853
854
830
704
593
2,264
3,344
3 670
5,160
5 839
6,097
6,325
6 009
1,018
994
1 004
1 050
1,061
112
114
376
345
118
111
108
363
403
432
46
43
484
492
480
493
1.112
1,103
I 054
1,095
1,127
I 123
1,104
100
467
Total
10Q
43
43
46
All
other
475
48
497
103
96
104
118
123
443
411
438
443
425
48
51
53
60
58
509
496
500
506
517
123
114
408
413
57
56
516
526
985
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
Total
Public
Private
Residential
building
Nonresidential building
Factories
Commercial
Educational
Other
Public
works
and
public
utilities
9,430
10,359
14,501
15,751
16,775
17,443
19,770
23,745
.
1956 Jan
Feb
Mar
May
June
July
Aug
6,323
6,641
10,092
9,629
10,064
11,109
13 212
16,270
3,608
4,239
6,741
6,205
6,668
6,479
8,518
10,185
840
559
1,142
2,883
2,558
2,051
1,274
1,878
975
885
1,208
915
979
1,489
1,815
2,359
725
824
1,180
1,335
1,472
1,720
2,063
2,134
1,127
1,376
[,651
1,689
1,686
,695
.958
2,126
2,155
2,476
2,578
2,723
3,412
4,008
4,142
5,063
549
621
551
527
730
1,346
1,414
1,312
1,269
1,190
835
733
783
726
711
170
201
186
178
148
215
197
185
200
197
153
163
163
143
237
144
148
158
142
144
378
593
388
408
483
1,858
1,860
2,382
2,421
2,480
2,198
2,149
2,069
Aug
Sept
Oct
Nov
Dec
3,107
3,718
4,409
6,122
6,711
6,334
6,558
7,475
1,895
2,035
1,863
1,797
1,921
1948
1949 . . .
1950
1951
1952
1953
1954
1955
1955
By type of construction
675
598
638
745
714
732
736
620
1,183
1,262
1,744
1,677
1,766
1,466
1,412
1,449
694
799
1,105
1,144
1,129
826
758
158
171
267
196
159
144
152
161
183
206
210
217
224
242
190
145
226
203
202
192
196
153
131
183
213
242
234
258
503
430
395
456
531
577
543
CONSTRUCTION CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars]
Month
Federal Reserve district
Total
(11 districts)
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
t955_May
June
July
2,185
2 255
2,272
131
116
116
331
337
398
107
140
145
259
249
262
182
221
210
211
253
223
477
467
398
101
121
115
97
88
94
120
129
133
168
133
178
1956—May
2,480
2,198
2,149
148
173
136
369
391
341
119
119
143
276
247
237
202
221
226
317
213
270
487
349
358
131
166
117
115
87
101
99
99
91
216
133
128
July
PERMANENT NONFARM DWELLING UNITS STARTED
[Bureau of Labor Statistics estimates. In thousands of units]
Private
Government-underwritten *
Metropolitan
areas
Nonmetropolitan
areas
Total
1family
2family
Multifamily
932
1,025
1,396
1,091
1,127
1,104
1,221
1,329
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
897
976
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
324
353
914
989
1,352
1,020
1,069
1,068
1,202
1,310
763
792
1,151
892
939
933
1,077
1,190
46
35
42
40
46
42
34
33
104
162
159
88
84
94
90
87
1955 Aug
Sept
Oct
Nov
Dec
125
115
106
89
76
92
84
77
65
55
33
31
29
25
21
122
114
105
88
74
112
104
95
80
66
3
2
2
2
2
1956_Jan
Feb
Mar
75
78
99
111
114
*104
2101
*101
54
56
72
76
78
75
71
69
21
22
27
35
36
29
30
32
74
77
94
110
111
2102
^99
2101
66
69
84
100
101
n.a.
n.a.
n.a.
2
2
3
3
3
n.a.
n.a.
n.a.
Total
Year or month
1948
1949
1950
1951
1952
1953
1954
1955
.
May
June
July
Aug
2 Preliminary.
n.a. Not available.
1 Represents units started under commitments of FHA or VA to insure or guarantee the mortgage. VA figures after June 1950 and all FHA
Public
Total
FHA
VA
18
36
44
71
58
36
19
20
393
466
686
413
420
407
585
670
291
361
486
264
279
252
277
277
102
105
200
149
141
155
308
393
8
7
7
6
5
2
1
1
1
3
68
59
54
45
38
27
25
19
17
16
41
34
35
28
22
5
6
7
8
7
n.a.
n.a.
n.a.
1
1
2
1
3
36
30
38
46
47
45
43
44
13
13
17
20
20
19
18
19
23
17
21
26
27
26
25
25
22
22
figures are based on field office reports of first compliance inspections;
earlier VA figures are estimates based on loans-closed information.
986
EMPLOYMENT
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of the Census estimates, without seasonal adjustment.
In thousands of personsj
Civilian labor force
Year or month
Total noninstitutional
population
Total
labor
force
Employed!
Total
Total
1948
1949
1950
1951
1952
1953
1954
1955
In nonagricultural industries
In
agriculture
Unemployed
Not in the
labor force
108,482
109,623
110,780
111,924
113 119
115,095
116,220
117,388
1955—Aug
Sept
Oct
Nov
Dec
Feb
Mar
Apr
May
June
July
Aug .
59,378
58,710
59,957
61,005
61,293
62,213
61,238
63,193
51,405
50,684
52,450
53,951
54,488
55,651
54,734
56,464
7,973
8,026
7,507
7,054
6,805
6,562
6,504
6,730
2,064
3,395
3,142
1,879
1,673
1,602
3,230
2,654
45,733
46,051
46,181
46,092
46,710
47,732
48,402
48,492
70,695
69,853
70,250
70 164
69,538
67,726
66,882
67,292
67 206
66,592
65,488
64,733
65.161
64,807
64,165
57,952
56,858
57,256
57,887
58,281
7,536
7,875
7,905
6,920
5,884
2,237
2,149
2,131
2,398
2,427
46,823
47,781
47,499
47,701
48,457
118,080
118,180
118 293
118,367
118,537
118 632
118,762
118,891
1956—Jan
61 442
62,105
63 099
62,884
62,966
63,815
64,468
65,848
117,517
117,634
117,749
117 864
117,995
.
62,748
63,571
64,599
65,832
66,410
67,362
67,818
68,896
68,691
68,396
68,806
69,434
70,711
72 274
72,325
71,787
65,775
65,490
65,913
66,555
67,846
69 430
69,489
68,947
62,891
62,576
63,078
63,990
65,238
66,503
66,655
66,752
57,256
57,107
57,400
57,603
58,092
58,627
58,955
59,487
5,635
5,469
5,678
6,387
7,146
7,876
7,700
7,265
2,885
2,914
2,834
2,564
2,608
2,927
2,833
2,195
49,388
49,784
49,488
48,933
47,826
46 357
46,437
47,105
Federal,
State, and
local
government
1
Includes self-employed, unpaid family, and domestic service workers.
NOTE.—Information on the labor force status of the population,
relating to persons 14 years of age and over, is obtained through inter-
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Bureau of Labor Statistics. In thousands of persons]
Total
Manufacturing
Mining
Contract
construction
Transportation and
public
utilities
Trade
Finance
Service
44,448
43,315
44,738
47,347
48,303
49,681
48,431
49,950
15,321
14,178
14,967
16,104
16,334
17,238
15,995
16,557
982
918
889
916
885
852
777
770
2,169
2,165
2,333
2,603
2,634
2,622
2,593
2,780
4,141
3,949
3,977
4,166
4,185
4,221
4,009
4,056
9,519
9,513
9,645
10,012
10,281
10,527
10,520
10,803
1,741
1,765
1,824
1,892
1,967
2,038
2,122
2,215
4,925
4,972
5,077
264
411
538
664
5,854
5,650
5,856
6,026
6,389
6,609
6.645
6,751
6,915
1955—Aug
Sept
Oct
Nov
Dec
50,315
50,448
50,594
50,745
50,948
16,677
16,683
16,810
16,941
16,975
771
780
778
779
779
2,833
2,852
2,833
2,822
2,827
4,105
4,117
4,110
4,128
4,136
10,873
10,902
10,921
10,953
11,020
2,232
2,248
2,252
2,249
2,254
5,878
5,883
5,886
5,913
5,942
6,946
6,983
7,004
6,960
7,015
1956—Jan
Feb
Mar
Apr
May
June
July
Aug
51,080
51,127
51,057
51,327
'51,454
'51,600
51,022
51,621
16,944
16,879
16,804
16,918
16,909
'16,877
16,467
16,840
777
780
783
798
'794
808
745
809
2,876
2,924
2,966
3,003
3,055
'3,132
3,074
3,069
4,145
4,131
4,127
4,128
4,141
'4,164
4,115
4,160
11,083
11,105
11,027
11,120
11,110
'11,162
11,153
11,173
2,261
2,273
2,276
2,278
2,289
'2,297
2,305
2,320
5,952
5,967
5,979
5,979
5,981
'5,999
6,018
6,018
7,042
7,068
7,095
7,103
7,175
'7,161
7,145
7,232
1955—Aug
Sept
Oct
Nov
Dec
50,484
50,992
51,125
51,262
51,996
16,820
16,919
17,006
17,052
17,027
779
784
778
783
783
3,088
3,094
3,031
2,921
2,756
4,136
4,148
4,121
4,139
4,161
10,713
10,902
10,990
11,213
11,849
2,265
2,248
2,241
2,238
2,243
5,996
5,971
5,915
5,883
5,853
6,687
6,926
7,043
7,033
7,324
1956—Jan
Feb
Mar
Apr
May
June
July
Aug
50,284
50,246
50,499
50,848
'51,197
'51,709
50,918
51,789
16,842
16,824
16,764
16,769
16,715
16,809
16,301
16,973
777
780
783
790
'786
812
741
817
2,588
2,588
2,669
2,853
3,040
'3,257
3,289
3,345
4,083
4,083
4,106
4,121
10,920
10,819
10,931
10,928
10,985
'11,091
11,015
11,009
2,238
2,250
2,265
2,278
2,289
'2,320
2,351
2,355
5,803
5,818
5,859
5,979
6,041
'6,089
6,138
6,138
7,033
7,084
7,122
7,130
7,203
'7,150
6,937
6,961
Year or month
1948
1949
1950
1951
1952
1953
1954
1955
SEASONALLY ADJUSTED
WITHOUT SEASONAL
ADJUSTMENT
' *.^WTWWV».
Revised.
NOTE.—Data include all full- and part-tims employees who worked
during, or received pay for, the pay period ending nearest ths 15th of the
138
181
146
4,191
month. Proprietors, self-employed persons, domestic servants, unpaid
family workers, and members of the armed forces are excluded. Figures
August 1956 are preliminary.
for
987
EMPLOYMENT AND EARNINGS
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
[Bureau of Labor Statistics. In thousands of persons]
Without seasonal adjustment
Seasonally adjusted
Industry group
1955
1956
1956
1955
Aug.
June
July
Aug.
Aug.
June
July
Aug.
13,137
13,149
12,730
13,088
13,264
13,078
12,553
13,208
Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal products
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Misc. manufacturing industries
7,593
93
692
321
470
1,103
902
1,196
839
1,348
228
401
'7,592
'83
'672
'321
'482
1,118
'874
1,265
'875
1,269
232
'401
7,230
82
679
317
478
762
861
1,278
885
1,253
233
402
7,588
83
675
315
471
1,111
866
1,285
898
1,248
237
399
7,554
93
720
316
475
1,097
893
1,166
822
1,348
225
399
'7,602
'83
'696
'311
'484
1,118
'870
1,278
'866
1,269
'395
7,116
82
693
304
473
754
835
1,259
854
1,253
228
382
7,544
83
702
310
476
1,105
857
1,253
880
1,248
233
397
Nondurable goods
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished textiles
Paper and allied products
Printing, publishing and allied products
Chemical and allied products
Products of petroleum and coal
Rubber products
Leather and leather products
5,544
1,110
99
996
1,066
458
532
549
175
217
342
'5,557
1,121
91
'960
1,093
'466
549
'560
172
209
'336
5,500
1,099
89
957
1,068
464
548
556
171
213
335
5,500
1,101
90
960
1,061
463
553
558
173
211
330
5,710
1,259
109
986
1,087
460
527
541
178
215
349
5,476
1,104
80
'960
1,049
'466
549
'552
175
209
'334
5,437
1,152
77
928
1,020
459
543
545
174
207
332
5,664
1,249
99
950
1,082
465
547
550
176
209
337
Total
231
time) who worked during, or received pay for, the pay period ending
nearest the 15th of the month. Figures for August 1956 are preliminary.
' Revised.
NOTE.—Data cover production and related workers only (full- and part-
HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Bureau of Labor Statistics. In unit indicated]
Average weekly earnings
(dollars per week)
Industry group
1955
1956
Average hourly earning
(dollars per hour)
Average hours worked
(per week)
1955
1955
1956
Aug.
June
July
Aug.
Aug.
June
July
Total
76.33
'79.19
78.80
79.79
40.6
'40.2
40.0
40.3
1.88
1.97
1.97
1.98
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...
82.61 85.27
82.42 '91.52
72.21 73.71
68.46 '67.70
77.93 '80.73
91.94 '95.71
82.78 84.46
86.94 91.98
76.14 '79.98
92.06 '91.37
77.55 80.79
66.50 69.77
84.04
91.30
71.82
67.13
80.36
90.80
84.05
91.96
79.20
92.97
81.61
68.73
85.89
92.13
73.89
69.29
80.95
n.a.
85.08
92.82
79.60
93.61
82.61
69.25
41.1
40.4
41.5
42.0
41.9
40.5
41.6
41.6
40.5
41.1
40.6
40.3
40.8
'41.6
40.5
'40.3
'41.4
40.9
41.0
42.0
40.6
'39.9
40.6
40.1
40.6
41.5
39.9
40.2
41.0
40.0
40.8
41.8
40.0
40.6
40.6
39.5
40.9
41.5
40.6
41.0
41.3
n.a.
41.1
42.0
40.2
40.7
41.1
39.8
2.01
2.04
1.74
1.63
1.86
2.27
1.99
2.09
1.88
2.24
1.91
1.65
2.09
2.20
1.82
1.68
1.95
2.34
2.06
2.19
1.97
'2.29
.99
.74
2.07
2.20
1.80
1.67
1.96
2.27
2.06
2.20
1.98
2.29
2.01
1.74
2.10
2.22
1.82
1.69
1.96
n.a.
2.07
2.21
1.98
2.30
2.01
1.74
Nondurable goods
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished products
Paper and allied products
Printing, publishing and allied products...
Chemicals and allied products
Products of petroleum and coal
Rubber products
Leather and leather products
67.83
71.10
49.91
55.48
49.82
79.92
91.42
82.81
97.58
86.32
53.24
70.95 71.53 71.31
'76.22 76.26 74.34
59.19 57.90 53.68
'55.73 55.73
56.30
'51.12 51.91
53.80
82.41
84.08 84.32
'93.80 93.41 94.14
'87.14 87.54
87.54
104.81 106.50 102.97
84.93 86.37 90.23
'55.95 56.47
55.73
39.9
41.1
39.3
40.2
36.9
43.2
38.9
41.2
41.0
41.3
38.3
39.2
'41.2
39.2
'38.7
'35.5
42.7
38.6
'41.3
41.1
39.5
'37.3
39.3
41.0
38.6
38.7
35.8
42.9
38.6
41.1
41.6
39.8
37.9
39.4
40.4
37.8
39.1
36.6
42.8
38.9
41.1
40.7
41.2
37.4
1.70
1.73
1.27
1.38
1.35
1.85
2.35
2.01
2.38
2.09
1.39
.81
.85
.51
.44
.44
.93
2.43
2.11
2.55
2.15
1.50
1.82
1.86
1.50
1.44
1.45
1.96
2.42
2.13
2.56
2.17
1.49
1.81
1.84
1.42
1.44
1.47
1.97
2.42
2.13
2.53
2.19
1.49
' Revised.
n.a. Not available.
NOTE.—Data are for production and related workers.
August 1956 are preliminary.
Figures for
Aug.
Aug.
1956
June
July
Aug.
988
DEPARTMENT STORES
DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS
[Federal Reserve indexes, based on retail value figures. 1947-49 average= 100]
Federal Reserve district
Year or month
United
States
Minne- Kansas Dallas
City
apolis
San
Francisco
104
98
105
104
104
104
105
108
103
99
108
111
113
112
115
123
105
102
113
117
124
125
127
138
104
98
105
109
114
115
114
122
132
120
119
122
124
125
111
107
112
109
110
110
136
124
127
125
124
124
148
139
131
138
136
147
123
122
126
126
125
123
120
112
124
117
120
124
123
126
122
128
123
129
119
135
116
108
112
112
112
114
113
123
117
126
124
125
124
130
144
139
144
144
145
143
152
129
124
128
131
122
126
132
122
129
136
154
165
255
96
103
123
126
147
204
102
109
122
135
149
208
89
102
119
126
126
180
111
117
127
131
142
211
125
129
131
146
155
247
108
118
123
126
145
217
95
96
125
122
136
128
111
113
114
146
136
143
131
"128
91
87
109
110
119
121
97
95
95
115
115
129
117
104
83
84
95
109
113
105
91
93
92
112
117
124
119
107
114
111
134
132
143
130
129
100
97
110
117
120
120
115
107
100
106
128
111
118
114
117
105
101
113
133
130
143
139
146
108
102
120
140
136
146
141
152
108
97
108
125
112
122
120
121
107
100
106
125
114
124
116
124
110
99
104
116
107
115
115
121
108
100
111
130
121
133
126
136
110
101
112
132
126
138
132
143
107
100
110
131
126
134
125
133
125
122
126
126
128
131
118
118
118
119
119
124
146
145
150
152
154
157
148
154
156
156
159
156
122
123
121
120
123
127
126
126
123
129
130
133
119
123
122
125
128
132
134
136
135
141
142
143
147
145
146
147
149
159
133
138
137
134
137
141
122
124
122
124
123
126
127
132
131
130
131
129
132
132
123
124
122
123
121
124
125
161
163
159
157
156
162
159
158
164
162
165
160
162
P160
131
131
128
131
130
131
132
138
137
132
136
135
138
139
133
132
130
128
126
128
127
148
148
148
145
143
144
158
158
156
154
154
155
*157
149
146
142
143
138
142
*143
109
118
127
139
144
117
106
114
123
132
136
110
112
117
132
144
147
116
109
114
123
133
135
110
143
148
155
168
167
131
139
150
163
170
180
137
114
120
127
137
142
115
116
126
133
145
147
120
115
120
128
136
142
118
129
134
140
152
157
129
139
144
155
162
165
143
132
133
142
153
151
118
113
120
129
133
132
123
118
108
116
125
130
127
119
115
115
126
134
140
134
124
119
110
119
126
129
126
118
115
144
152
164
168
165
158
155
146
162
169
172
161
152
*>150
118
124
130
134
131
123
124
120
130
140
143
135
127
128
122
127
134
133
128
121
124
133
143
153
151
145
138
H3S
140
153
162
162
155
144
P149
131
136
142
149
148
143
P142
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
104
98
105
109
110
112
111
119
102
99
103
105
104
105
107
112
103
98
101
105
101
102
104
107
104
100
106
109
109
111
109
117
105
98
105
110
110
113
105
115
103
100
105
113
118
121
121
130
103
101
109
115
124
126
129
142
104
97
104
108
106
111
109
118
104
98
104
107
110
112
112
121
1955_July..
Aug..
Sept..
Oct...
Nov..
Dec..
'125
118
121
122
122
123
114
107
112
114
116
114
108
106
108
109
110
110
121
114
120
120
121
122
124
114
116
120
118
119
136
134
134
132
134
132
152
143
140
148
142
147
122
115
118
120
121
121
1956—Jan...
Feb..
Mar..
Apr..
May.
June.
July..
124
118
122
122
122
124
*128
111
111
102
111
112
114
116
114
105
107
104
110
115
116
120
118
116
121
121
125
119
117
116
116
120
118
118
128
138
129
137
131
135
134
140
147
143
143
144
146
147
*160
1955_july..
Aug..
Sept..
Oct..
Nov..
Dec.
98
105
123
128
148
212
82
86
120
115
141
206
•78
82
111
116
139
194
90
92
124
125
159
213
96
104
116
125
147
205
108
112
138
140
164
237
1956—Jan...
Feb..
Mar..
Apr..
May.
June.
July..
95
92
111
113
121
119
*>101
87
84
91
106
112
114
84
90
85
98
97
108
111
83
90
91
111
109
120
117
88
91
90
106
109
114
113
98
107
99
109
128
118
126
122
127
105
100
109
124
111
116
117
122
105
97
105
124
113
116
114
115
107
99
108
127
113
119
116
122
1955—July..
Aug..
Sept..
Oct..
Nov..
Dec.
127
129
129
129
131
134
121
122
124
123
123
126
116
117
116
117
119
121
31956—Jan...
Feb..
Mar..
Apr..
May.
June.
July..
137
138
135
136
134
137
*138
124
128
127
128
128
132
131
1955—July..
Aug..
Sept..
Oct..
Nov..
Dec.
120
126
135
145
148
119
1956—Jan...
Feb..
Mar..
Apr..
May.
June.
July..
123
131
139
142
139
131
*130
SALESi
1948.
1949.
1950.
1951.
1952.
1953.
1954.
1955.
SEASONALLY ADJUSTED
WITHOUT SEASONAL ADJUSTMENT
STOCKS i
1948.
1949.
1950.
1951.
1952.
1953.
1954.
1955.
SEASONALLY ADJUSTED
WITHOUT SEASONAL ADJUSTMENT
r
* Preliminary.
Revised.
i Figures for sales are the average per trading day, while those for stocks
;are as of the end of the month or averages of monthly data.
NOTE.—For description and monthly indexes for back years, see
BULLETIN for December 1951, pp. 1463-1515.
989
DEPARTMENT STORES; FOREIGN TRADE
D E P A R T M E N T S T O R E M E R C H A N D I S I N G DATA
[Based on retail value figures]
Ratios to sales 4
Amounts (In millions of dollars)
Sales i
(total
for
month)
Period
Stocks i
(end
of
month)
Outstanding
orders i
(end of
month)
Receipts 2
(total
for
month)
New
orders 3
(total
for
month)
Stocks
Outstanding
orders
Stocks
plus
outstanding
orders
Receipts
Annual average:
1948
1949
1950
1951
1952
1953
1954
1955
381
361
376
391
397
406
409
435
979
925
1,012
1,202
1,097
1,163
1,140
1,189
494
373
495
460
435
421
388
445
386
358
391
390
397
408
410
441
363
358
401
379
401
401
412
446
2.7
2.7
2.8
3.2
2.9
3.0
3.0
2.9
1.4
1 i
1.4
1.3
1 2
1.1
1 0
1 l
4.1
3 8
4.2
4.4
4 1
4.1
4 0
4 0
1.0
1 0
1.1
1.0
1.0
1.0
1 0
1.0
'326
382
426
473
546
817
r [,092
1,157
1,244
1,350
1,415
1,139
'552
550
576
581
487
357
'291
449
513
579
611
541
'394
445
539
584
517
411
'3.3
3.0
2.9
2.9
2.6
1.4
1.7
1.4
1.4
1 2
0.9
0.4
'5.0
4 5
4.3
4 1
3.5
1.8
0 9
I 2
.2
348
332
429
385
438
417
337
1,133
1,205
1 271
1' 314.
1,275
1,187
1,173
435
450
401
336
338
501
587
342
404
495
428
399
329
323
420
419
446
363
401
492
409
3.3
3.6
3.0
3.4
2.9
2.8
3.5
1.3
1.4
0.9
0 9
0.8
1.2
1.7
4.5
5 0
3.9
4 3
3.7
4.0
5.2
Month:
1955_jul y
Aug
Sept
Oct
Nov
Dec
1956
Jan
Feb
Mar
Apr
May
June
July*3
. . .
r
p Preliminary.
Revised.
These figures are not estimates for all department stores in the United
States. They are the actual dollar amounts reported by a group of department stores located in various cities throughout t h e country. I n 1955,
sales by these stores accounted for about 50 per cent of estimated total
department store sales.
2 Derived from the reported figures on sales and stocks.
.1
.0
1.2
1
0.9
0.8
1.0
3 Derived from receipts and reported figures on outstanding orders.
* T h e first three ratios are of stocks and /or orders at the end of the m o n t h
to sales during the m o n t h . T h e final ratio is based on totals of sales and
receipts for the m o n t h .
N O T E . — F o r description a n d monthly figures for back years, see B U L LETIN for October 1952, p p . 1098-1102.
1
MERCHANDISE EXPORTS AND IMPORTS
[Bureau of the Census.
In millions of dollars]
Merchandise exports 1
Merchandise exports excluding
military-aid shipments 2
Merchandise imports 3
Period
1956
1954
Jan
Feb
Mar
Apr
May
1.168
1,238
1,344
1,264
1,325
1,319
1,270
1 236
1 256
1,396
1 "322
1,405
1,280
1,358
'1,580
1,510
'1,703
1,691
^1,612
923
999
923
1,259
1,137
1,115
1,023
956
962
1,166
1,167
1,222
1.083
,143
,252
,170
,194
1,191
1,142
1,108
I 157
.277
1,249
1,321
July
Aug
Sent
Oct
Nov
Dec
...
...
.
Jan.-July
8,928
^10,734
7,379
8,175
* Preliminary.
r
Revised.
l Exports of domestic and foreign merchandise.
1956
1955
1954
1955
1,093
1,183
1,126
1,426
1,402
1,475
1,290
1 156
1 115
1,270
1 252
1,320
8,995
1.198
r ,269
r ,476
V
1,398
,519
1,492
.281
»9,633
1954
1955
1956
833
809
865
957
829
947
822
825
780
767
840
943
871
850
1,019
871
959
937
885
960
946
1,011
1,065
1,008
1,074
'1,050
1,102
990
'1,091
1,033
^1,051
6,062
6,392
2>7,391
2
Department of Defense shipments of grant-aid military equipment
and supplies under the Mutual Security Program.
3
General imports including imports for immediate consumption plus
entries into bonded warehouses.
990
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
103.5
99.4
98.1
106.9
105.8
104.8
104.3
103.7
100.9
108.5
111.3
118.4
126.2
129.7
128 0
126.4
100.9
104 1
106.0
111.1
117.3
121.3
125.2
128.0
101.3
101.1
101.1
110.5
111.8
112.8
113 4
115.3
100.4
104 1
103.4
106.5
107 0
108.0
107 1
106.6
100.5
103 4
105.2
109.7
115 4
118.2
120 2
120.2
119.4
119.5
119.8
120.1
120.5
120.7
103.2
103.4
104.6
104.6
104.7
104.7
125.4
125.4
125.3
126.6
128 5
127.3
127.9
128.0
128.2
128.7
129 8
130.2
115.5
115.8
116.6
117.0
117 5
117.9
106 3
106.3
106 7
106.7
106 8
106.8
120.3
120.4
120 6
120.6
120 6
120.6
121.2
121.4
121.6
122.1
122.4
122.6
123.0
104.1
104.6
104.8
104.8
104.8
104.8
105.3
126.8
126.9
126.7
126.4
127 1
126.8
127.7
130.7
130.9
131.4
131.6
131 9
132.0
132.7
118.5
118.9
119 2
119.5
119 6
119.9
120.1
107.3
107.5
107 7
108.2
108 2
107 6
107.7
120.8
120.9
121 2
121.4
121 5
121.8
122.2
ApSolid House- House- parel
fuels
furhold
and
nish- operafuel oil ings
tion
All
items
Foods
1929
1933
1941
1945
73.3
55.3
62.9
76.9
65.6
41.6
52.2
68.9
1948
1949
1950
1951
1952
1953
1954
1955
102.8
101.8
102.8
111.0
113.5
114.4
114.8
114.5
104.1
100.0
101.2
112.6
114.6
112.8
112.6
110.9
101.7
103.3
106.1
112.4
114.6
117.7
119.1
120.0
100.7
105.0
108.8
113.1
117.9
124.1
128.5
130.3
100.0
102.5
102.7
103.1
104.5
106.6
107.9
110.7
104.4
106.8
110.5
116.4
118.7
123.9
123.5
125.2
103.2
99.6
100.3
111.2
108.5
107.9
106.1
104.1
102.6
100.1
101.2
109.0
111.8
115.3
117.4
119.1
1955_July
Aue
Sept
Oct
Nov
Dec
114.7
114.5
114.9
114.9
115.0
114.7
112.1
111.2
111.6
110.8
109.8
109.5
119.9
120.0
120.4
120.8
120.9
120.8
130.4
130.5
130.5
130.8
130.9
131.1
110.8
110.8
111.2
111.2
111.5
111.5
123.2
123.8
125.2
126.3
126.7
128.0
103.6
103.2
103.6
104.4
104.5
103.4
1956—Jan
Feb
Mar
Apr
May
114.6
114.6
114.7
114.9
115.4
116.2
117.0
109.2
108.8
109.0
109.6
111.0
113.2
114.8
120.6
120.7
120.7
120.8
120.9
121.4
121.8
131.4
131.5
131.6
131.7
132.2
132.5
133.2
111.7
111.7
111.7
111.8
111.8
111.7
111.7
129.5
130.0
130.6
129.7
127.9
128.4
128.7
102.0
102.5
103.1
102.7
102.6
102.8
102.8
Year or month
July
Total
Gas
and
electricity
Rent
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, Fuel,
All
tile
power,
com- Farm Processed
prod- skins, and
modi- prod- foods
and
ucts
Total ucts leather lightties
and prod- ing
apmaparel ucts terials
Chemicals
and
allied
products
Pulp,
Rub- Lum- paper, Metals
ber
ber
and
and
and
and wood allied metal
prod- prod- prod- products
ucts
ucts
ucts
104.4 107.3 106.1 103.4 104.4 102.1 107.1 103.8 102.1 107.2 102.9
99.2 92.8 95.7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5
103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9
114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6
111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5
110.1 97.0 104.6 114.0 97.3 98.5 109.5 105.7 125.0 120.2 116.1
110.3 95.6 105.3 114.5 95.2 94.2 108.1 107.0 126.9 118.0 116.3
110.7 89.6 101.7 117.0 95.3 93.8 107.9 106.6 143.8 123.6 119.3
1948
1949
1950
1951
1952.
1953
1954
1955
1955
July
Aug
Sept
Oct
Nov
Dec
1956
Jan
Feb
Mar
Apr.
May
July
Machinery
and
motive
products
Furni- Non- Toture
me- bacco
and
other tallic mfrs. Mismin- and cellahouse- erals— bottled
neous
hold
bevdura- struc- erages
bles tural
103.9
104.8
110.3
122.8
123.0
126.9
128.0
136.6
100.9
106.6
108.6
119.0
121.5
123.0
124.6
128.4
101.4
103.1
105.3
114.1
112.0
114.2
115.4
115.9
101.7
104.4
106.9
113.6
113.6
118.2
120.9
124.2
100.4
101.6
102.4
108.1
110.6
115.7
120.6
121.6
103 1
96.1
96 6
104 9
108 3
97 8
102.5
92 0
110.5
110.9
111.7
111.6
111.2
111.3
89.5
88.1
89.3
86.8
84.1
82.9
103.1
101.9
101.5
100.2
98.8
98.2
116.5
117.5
118.5
119.0
119.4
119.8
95.3
95.3
95.4
95.4
95.6
95.6
93.7
93.8
94.0
95.3
96.4
96.7
106.4
107.2
108.0
108.0
108.6
109.3
106.0
105.9
106.0
106.5
106.6
106.6
143.4
148.7
151.7
147.8
150.6
151.0
124.1
125.1
125.7
125.4
125.0
125.1
119.0
119.7
120.5
122.8
123.2
123.6
136.7
139.5
141.9
142.4
142.9
143.9
127.5
128.5
130.0
131.4
132.5
133.0
115.5
116.0
116.4
116.9
117.2
117.3
125.3
126.1
126.4
126.8
125.2
125 4
121.6
121.7
121.7
121.7
121.7
121 7
90.8
89 8
90 3
91 5
88 0
88 8
111.9
112.4
112.8
113.6
114.4
114.2
114.0
84.1
86.0
86.6
88.0
90.9
91.2
90.1
98.3
99.0
99.2
100.4
102.4
102.3
102.2
120.4
120.6
121.0
121.6
121.7
121.5
121.3
95.7
96.0
95.9
95.1
94.9
94.9
94.9
96.7
97.1
97.7
100.6
100.0
100.2
100.2
111.0
111.2
110.9
110.6
110.8
110.5
110.9
106.3
106.4
106.5
106.9
106.9
107.1
107.3
148.4
147.1
146.2
145.0
143.5
142.8
143.3
126.3
126.7
128.0
128.5
128.0
127.3
126.5
124.8
125.4
126.8
127.4
127.3
127.4
127.7
145.1
145.1
146.5
147.7
146.8
145.8
144.8
133.3
133.9
134.7
135.7
136.5
136.8
136.9
118.0
118.2
118.1
118.0
118.0
118.1
118.1
127.0
127.1
127.9
128.6
128.6
128 9
130.6
121.7
121.7
121.7
121 7
121.6
121 6
121.7
89 6
88 7
oo 9
92 1
96.1
92 9
91.3
991
PRICES
WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued
[Bureau of Labor Statistics index, 1947-49= 100]
1955
1955
1956
July
July
May
June
98.7
86.7
79.4
103.8
89.0
78.7
85.6
137.6
111.8
90.5
74.4
105.9
92.7
80.2
90.1
144.4
120.2
86.9
74.8
106.1
92.7
78.7
87.5
147.1
117.6
88.5
106.0
104.6
110.7
171.9
100.5
115.5
82.1
107.9
109.3
109.6
187.4
97.5
115.3
83.1
108.0
109.7
109.5
191.0
97.4
Pulp, Paper, and Allied ProductsContinued:
111.8
88.4
Paperboard
Converted paper and paperboard . . .
72.9
Building paper and board
104.3
94.4
84.3 Metals and Metal Products:
80.6
149.2
Iron and steel
Nonferrous metals
,
Metal containers
Hardware
Plumbing equipment
,
114.9
83.7
Heating equipment
107.9
Fabricated structural metal products
109.3
Fabricated
nonstructural
metal
110.0
products
196.1
97.1 Machinery and Motive Products:
91.0
105.0
86.8
126.8
98.6
74.3
93.1
102.9
80.3
125.0
99.4
70.3
92.7
102.9
80.2
124.7
99.7
70.0
92.3
102.9
80.5
122.0
99.7
70.5
58.2
85.1
111.4
96.5
59.0
92.9
120.0
99.2
61.2
91.7
120.5
'99.1
101.5
133.4
108.9
96.1
111.6
111.9
145.4
115.4
93.2
118.3
'112.3
145.4
'111.3
'93.8
118.3
61.1
91.6 Furniture and Other Household Dura120.5
bles:
99.1
Household furniture
Commercial furniture
Floor covering
,
112.9
Household appliances
145.4
Radio
111.3
Television
93.8
Other household durable goods
118.8
Nonmetallic Minerals—Structural :
118.2
114.8
97.1
92.8
55.9
108.9
111.7
103.9
120.8
119.1
101.2
92.1
60.3
107.9
109.1
102.4
121.1
119.1
99.4
92.1
r
55.1
107.9
108.7
103.8
Flat glass
122.0
Concrete ingredients
,
119.1
Concrete products
98.6
Structural clay products
92.2
Gypsum products
53.7
Prepared asphalt roofing
108.5
Other nonmetallic minerals
105.7
103.8 Tobacco Manufactures and Bottled
Beverages:
159.2
142.3
134.7
139.5
151.8
136.7
137.5
151.8
136.0
142.0
150.5
136.0
125.1
128.3
105.7
130.4
129.2
102.7
129.6
129.5
101.0
128.4
129.7
102.3
113.8
125.9
130.7
118.0 118.0
116.4 114.3
136.2 '137.0
118.0
112.4
138.4
Farm Products:
Fresh and dried produce.
Grains
Livestock and poultry...
Plant and animal fibers..
Fluid milk
Eggs
Hay and seeds
Other farm products
Processed Foods:
Cereal and bakery products
Meats, poultry, and fish
Dairy products and ice cream
Canned, frozen fruits, and vegetables
Sugar and confectionery
Packaged beverage materials
Other processed foods
July
Textile Products and Apparel:
Cotton products
Wool products
Synthetic textiles
Silk products
Apparel
Other textile products.
Hides, Skins, and Leather Products:
Hides and skins
Leather
Footwear
Other leather products.
Fuel, Power, and Lighting Materials:
Cjal
Coke
Gas
Electricity
Petroleum and products.
Chemicals and Allied Products:
Industrial chemicals
Prepared paint
Paint materials
Drugs, Pharmaceuticals, cosmetics..
Fats and oils, inedible
Mixed fertilizers
Fertilizer materials
Other chemicals and products
Rubber and products:
Crude rubber
,
Tires and tubes
Other rubber products.
Lumber and Wood Products:
Lumber...
Millwork.
Plywood..
Pulp, Paper, and Allied Products:
Woodpulp..
Wastepaper.
Paper
r
Revised.
1956
Subgroup
Subgroup
Agricultural machinery and equipment
Construction machinery and equipment
Metal working machinery
General purpose machinery and
equipment
Miscellaneous machinery
Electrical machinery and equipment
Motor vehicles
Cigarettes
Cigars
Other tobacco products
Alcoholic beverages
Nonalcoholic beverages
May
June
July
126.1
112.3
129.7
136.4
123.2
138.1
136.5
123.2
138.1
136.5
123.2
138.1
143.1
139.5
131.4
144.9
123.2
113.6
123.8
150.8
160.0
141.2
154.0
135.0
117.3
129.4
149.5
158.0
141.2
154.7
134.1
117.4
129.4
149.8
152.4
140.3
155.1
134.1
118.0
129.7
127.0
132.6
132.5
132.5
121.5
126.5
126.6
126.8
134.7
145.5
147.9
155.2
132.7
127.4
146.6 146.8
154.5 '155.2
146.0 145.6
135.2 135.5
126.7
122.0
137.0
129.1
137.6
129.1
137.6
129.1
113.1
130.0
126.7
106.5
94.0
68.9
133.1
118.0
138.5
130.5
1C5.0
89.6
'69.1
139.2
118.1
138.5
130.5
105.1
89.7
r
69.1
139.3
119.0
138.8
131.3
104.2
89.9
69.1
139.3
131.1
125.0
118.3
141.3
122.1
110.8
122.5
131.1
130.1
121.7
146.1
127.1
111.9
122.8
131.8
130.4
121.9
146.5
127.1
111.9
123.1
133.7
130.9
122.8
149.2
127.1
118.3
123.8
124.0
103.7
121.4
114.7
148.1
124.0
104.2
122.5
114.6
148.1
124.0
104.2
122.5
114.6
148.1
124.0
104.2
122.5
114.6
148.4
113.1
73.9
91.0
103.7
121.2
115.8
81.8
95.7
105.0
123.1
115.8
75.9
95.7
104.8
r
123.2
115.7
72.8
95.7
104.8
124.0
145.7
136.5
Miscellaneous:
Toys, sporting goods, small a r m s . . . .
Manufactured animal feeds
Notions and accessories
Jewelry, watches, photo equipment..
Other miscellaneous
992
NATIONAL PRODUCT AND INCOME
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
[Department of Commerce estimates. In billions of dollars]
Seasonally adjusted annual rates
by quarters
Annual totals
Item
1955
1929
Gross national product
Less: Capital consumption allowances......
Indirect business tax and related liabilities
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of government enterprises
Equals: National income
Less: Corporate profits and inventory valuation adjustment
Contributions for social insurance
Excess of wage accruals over disbursements
Plus: Government transfer payments
Net interest paid by government
Dividends
Business transfer payments
Equals: Personal income
Less: Personal tax and related payments
Federal
State and local
104
Less: Personal consumption expenditures....
1941
1950
1951
1952
1953
1954
1956
1955
56.0 125.8 285.1 328.2 345.4 363.2 360.7 390.9 387.4 396.8 401.9 403.4 408.3
7.0
,6
.3
87.8
9.0
20.5
23.5
23.9
26.5
28.8
31.3
31.1
31.7
32.2
32.9
33.6
7.1
.7
.9
11.3
,5
.4
23.7
.8
.2
25.6
1.0
1.3
28.1
1.2
2.0
30.2
1.4
2.6
30.2
1.4
1.8
32.5
1.4
1.8
32.4
1.4
1.2
32.8
1.4
2.7
33.4
1.4
33.7
1.4
1.1
34.1
1.4
n.a.
.0
8.6
.1
.2
.2
-.1
-.4
2
.3
.7
.1
7.2
40.2 104.7 240.0 277.0 290.2 302.1 298.3 324.0 321.9 328.3
14.5
2.8
35.1
6.9
39.9
8.2
36.9
8.6
.0
2.6
1.3
4.5
.5
10.1 - 2 . 0
.3
.2
.0
.0
.9
1.5
1.0
1.2
5.8
2.1
.6
.7
85.8
47.2
2.6
7.5
1.3
1.4
.5
83.1
Equals: Disposable personal income
1933
.0
14.3
4.7
9.2
.8
.1
11.6
4.8
9.1
1.0
.0
12.0
4.9
9.0
1.2
3.3
2.0
1.3
20.9
18.2
2.7
93.0 206.1
1.0
45.7
81.9 194.0
4.2
46.4
11.1
12.1
29.3
26.3
3.0
226.1
208.3
34.4
31.2
3.2
35.8
32.4
3.4
237.4 250.2
218.3 230.5
19.0
19.7
17.7
-.6
n.a. Not available.
.2
.7
.7
334.9
n.a.
32.9
9.7
40.9
11.1
40.2
10.9
41.6
11.3
334.4
43.4
11.4
40.9
12.1
n.a.
12.3
.0
15.0
5.2
10.0
1.4
.0
16.1
5.2
11.2
1.4
.5
16.2
5.2
10.7
1.4
-.6
16.0
5.2
11.0
1.4
.0
16.3
5.3
12.1
1.4
.0
16.9
5.4
11.8
1.4
.0
17.3
5.5
12.2
1.4
96.3 227.1 255.3 271.8 286.0 287.3 306.1 303.8 309.6 314.6 317.5 322.9
79.0
Equals: Personal saving
36.0
8.7
-.1
12.9
5.0
9.3
1.4
.6
32.9
29.1
3.8
254.4
236.5
35.5
31.3
4.2
55.5
31.2
4.1
35.9
31.7
4.2
36.3
32.0
4.3
37.3
32.9
4.4
38.1
33.6
4.4
270.6 268.5 273.8 278.4 280.2 284.9
254.0 251.8 257.8 259.5 261.7 263.7
16.6
16.7
15.9
18.8
18.6
21.2
17.9
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
[Department of Commerce estimates. In billions of dollars]
Seasonally adjusted annual rates
by quarters
Annual totals
Item
1955
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
.7
Proprietors' and rental income2
Business and professional
Farm
Rental income of persons
20.2
8.8
6.0
5.4
Corporate profits and inventory valuation
adjustment
Corporate profits before tax
Corporate profits tax liability
Corporate profits after tax
Inventory valuation adjustment
10.1
9.6
1.4
8.3
.5
Net interest
6.4
1933
1941
1951
1952
1953
1954
1956
1955
40.2 104.7 240.0 277.0 290.2 302.1 298.3 324.0 321.9 328.3 334.4 334.9
n.a.
29.5 64.8 154.3 180.4 195.1 208.1 206.9 223.2 221.6 226.8 230.3 233.0 237.2
29.0 62.1 146.5 170.9 184.9 197.3 195.5 210.4 209.0 275.5 277.0 219.4 223.5
23.9 51.9 124.3 142.1 152.0 163.5 161.2 174.5 172.9 177.5 180.5 182.5 186.2
1.9
5.0
9.8 10.0
8.7 10.5 10.3 10.0
.3
9.8
9.7
9.6
9.5
8.3 17.2 20.1 22.5 23.5 24.4 26.1 26.1 26.4 26.8 27.3 27.8
4.9
.5
2.7
7.8
9.5 10.2 10.8 11.4 12.8 12.6 13.2 13.3 13.6 13.8
7.6
3.2
2.4
2.0
20.9
10.9
6.5
3.5
44.6
22.9
13.3
8.5
49.9
24.8
16.0
9.
39.9
-2.0 14.5 3 5 . 1
.2 17.0 40.0 41.2
.5
7.6 17.8 22.5
18.7
9.4 22.
-.4
-2.1 - 2 . 5 - 4 . 9 - 1 . 3
5.0
n.a. Not available.
i Includes employee contributions to social insurance funds.
1950
4.5
5.9
6.8
2
50.8
25.7
15.1
9.9
49.3
25.9
13.3
10.2
36.9 36.0
35.9 37.0
19.8 20.3
16.1 16.7
1.0 - 1 . 0
7.4
8.7
48.9
25.9
12.5
10.5
49.1
27.3
11.7
10.1
32.9 40.9
33.2 42.7
16.8 21.5
16.4 21.
- . 3 -1.7
9.7
10.8
49.5
27.1
12.2
10.2
49.0
27.7
11.3
10.0
49.3
28.0
11.4
9.8
49.5
28.2
11.5
9.8
49.9
28.9
11.3
9.7
40.2 41.6 43.4 40.9
n.a.
41.1 43.5 46.4 43.7
n.a.
20.7 22.0 23.4 22.1
n.a.
20.3 21.5 23.0 21.6
n.a.
- . 9 -1.9 -3.0 - 2 .
-3.1
10.6
11.0
11.3
Includes noncorporate inventory valuation adjustment.
11.5
11.7
993
NATIONAL PRODUCT AND INCOME
GROSS NATIONAL PRODUCT OR EXPENDITURE
[Department of Commerce estimates. In billions of dollars]
Seasonally adjusted annual rate*
by quarters
Annual totals
Item
1933
1941
1951
1950
1952
1954
1953
1955
2
Gross national product
104.4
79.0
9.2
37.7
32.1
Durable goods
Services
Gross private domestic investment
.8
Government purchases of goods
services
Federal
National security
Other
Less: Government sales2
State and local
and
8.5
1.3
\
/
i
U
i
3
.0
7.2
4
3
2
1
56.0 125.8 285.1 328.2 345.4 363.2 360.7 390.9 387.4 396.8 401.9 403.4 408.3
46.4
3.5
22.3
20.7
81.9 194.0 208.3 218.3 230.5 236.5 254.0 251.8 257.8 259.5 261.7 263.7
9.7 28.6 27.1 26.6 29.8 29.4 35.7 35.3 37.2 35.4 34.8 33.4
43.2 100.4 111.1 116.1 119.1 120.9 126.2 125.3 127.6 129.2 130.5 132.3
29.0 65.0 70.1 75.6 81.7 86.3 92.1 91.2 92.9 94.9 96.4 98.0
18.1
6.6
3.5
3 1
6.9
4.5
4.0
51.2
22.7
12.6
10 1
21.1
7.4
6.4
56.9
23.3
11.0
12.4
23.2
10.4
9.0
49.8
23.7
11.1
12.6
23.1
3.0
2.1
1.1
-2.2
.2
-.2
-2.0
-.4
8.0 24.8
2 0 16.9
j 13.8
2.0 1 3.2
.0 1
o
6.0
7.8
42.0
22.1
18.5
3.9
.3
19.9
62.8
41.0
37.3
4.2
.4
21.8
77.5
54.3
48.8
5.8
.4
23.2
84.4
59.5
51.5
76.5
48.9
43.0
6.3
.4
27.6
16.2
1.4
1.4
8.7
.5
3.6
5.1
1 0
5.9
1.6
1.7 - 1 . 6
1.8 - 1 . 4
Residential, nonfarm
Other
Producers' durable equipment
Change in business inventories
1
1956
1955
1929
.2
Includes expenditures for crude petroleum and natural gas drilling.
50.3 48.0
25.8 27.9
11.9 13.5
13.8 14.4
24.3 22.4
.3 - 2 . 3
.9 - 2 . 7
8.4
.4
24.9
33.1
15.1
18.0
27.5
3.5
3.9
-.8
78.1
47.2
40.6
78.5
46.4
40.5
78.7
46.1
40.7
60.2
32.9
16.9
16 0
22.4
4.9
4.5
62.3
33.5
17.2
16.4
25.0
3.7
3.4
65.1
33.0
16.2
16.8
25.9
6.1
5.9
-.9
.2
76.8
46.7
41.2
76.2
46 3
41.3
5 5
76.5
46.6
41.3
5.8
.4
29.9
5.9
.4
30.1
.4
29.9
64.2
63.1
32.6
15.3
17.3
26.4
4.1
4.2
.1
60.6
32.7
16.6
16.1
23.7
4.2
3.8
5
6.3
.4
7.1
.5
32.1
30.9
1.7
5.8
.4
32.6
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 i
Personal
income
Total
Commodity Distributive
produc- indusing intries
dustries
Service
industries
Government
Other
labor
income2
DiviProdends
prietors' and
and
perrental
sonal
income 3 interest
income
Transfer
payments*
Less
personal
Noncontributions agricultural
for
social income 6
insurance*
85.8
47.2
96.3
50.4
29.0
62.1
21.5
9.8
27.5
15.6
8.8
16.3
8.4
5.2
8.1
4 9
5.1
10.2
6
.4
.7
20 2
7.6
20.9
13 2
8.3
10.3
1.5
2.1
3.1
.1
.2
.8
77.7
43.6
88.0
1950
1951
1952
1953
1954
1955
1955_jul y
Aug
Sept
Oct . . .
Nov
Dec....
227.1
255.3
271.8
286.0
287.3
306.1
146.5
170.8
184.9
197.4
195.5
210.4
63.5
74.9
80.4
87 7
83.6
90.9
41.3
45.8
48.7
51.3
51.8
55.4
19.5
21.3
23.0
24 5
25.8
28.2
22.2
28.8
32 9
33 9
34.3
35.9
3 8
4.8
5 3
6 0
6.3
7.0
44 6
49.9
50 8
49 3
48.9
49.1
19 8
20.7
21 3
23 0
24.9
27.3
15.1
12.6
13.2
14 3
16.4
17.6
210.5
235.7
253.1
269.2
271.4
290.9
309.2
308.7
311.0
311.6
314.5
317.5
214.5
213.4
214.7
215.3
217.2
218.2
92.1
92.1
92.8
93.3
94 2
94.5
56.1
56.5
56.9
56.7
57.3
57.6
28.6
28 7
28.7
28.9
29 3
29.4
37.7
36 1
36.3
36.4
36 4
36.7
7.1
7 1
7.2
7.2
7 2
7.3
48.5
49 0
49.4
49.1
49 6
49.2
26.9
27 1
27.6
27.9
28 1
30.2
17.5
17.4
17.4
17.4
17 7
18.0
2.9
3.4
3 8
3 9
4.6
5.2
5.3
5 3
5.3
5.3
5 3
5.4
1956—Jan
Feb
Mar
Apr
316.7
317.1
318.6
321.7
322.8
324.9
324.5
219.0
218.9
220.3
222.9
223.2
225.2
224.0
94 8
94.7
95.1
96.8
96.8
97.5
95.9
57.9
57.9
58.4
59.1
59.1
59.9
59.9
29 5
29.5
29 6
29.8
30.0
30.2
30.4
36 8
36.8
37 2
37.2
37.3
37.6
37.8
7 3
7.2
7 2
7.2
7.2
7.3
7.3
49 4
49.7
49 5
49.7
50.1
50.0
50.6
28 5
28.7
28 8
29.1
29.4
29.6
29.8
18 2
18.3
18.5
18.6
18.7
18.6
18.6
5 7
5.7
5.7
5.8
5.8
5.8
5.8
301.6
301.5
304.0
306.8
307.6
310.3
309.7
1929
1933
1941
June..
JulyP
p
Preliminary.
1 Monthly data are seasonally adjusted totals at annual rates.
Represents compensation for injuries, employer contributions to
private pension and welfare funds, and other payments.
3 Represents business and professional income, farm income, and
rental income of unincorporated enterprise; also a noncorporate inventory
valuation adjustment.
* Represents government social insurance benefits, direct relief, mustering-out pay, veterans' readjustment allowances and other payments, as
2
294.7
293.8
295.9
296.9
299.4
302.8
well as consumer bad debts and other business transfers.
5 Prior to 1952 includes employee contributions only; beginning January
1952, includes also contributions to the old-age and survivors' insurance
program of the self-employed to whom coverage was extended under the
Social Security Act Amendments of 1950. Personal contributions are
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.
994
STOCK MARKET CREDIT
DETAILED DEBIT AND CREDIT BALANCES AND RELATED ITEMS OF MEMBER FIRMS OF THE
NEW YORK STOCK EXCHANGE CARRYING MARGIN ACCOUNTS, JUNE AND DECEMBER, 1950-56
[End of month figures. Amounts in millions of dollars]
1951
1950
Item
Dec.
1956
1955
1954
1953
1952
Dec.
June
June
Dec.
June
Dec.
June
Dec.
June
Dec.
June
DEBIT BALANCES
397
44
364
50
378
51
365
43
343
38
282
37
297
62
309
64
348
91
337
85
331
75
322
65
151
94
97
79
100
67
99
121
207
214
168
148
72
14
75
13
81
12
82
15
100
\\
88
10
77
10
114
15
144
16
162
13
151
14
1,275
1,292
1,327
1,362
1,684
1,694
1,857
2,443
2,768
2,830
2,811
10
12
9
8
7
8
10
11
14
18
21
399
375
392
427
406
347
404
492
626
673
707
625
41
106
43
93
52
96
42
110
49
105
37
93
37
105
41
98
44
116
35
144
38
188
38
137
2 591
Securities sold, delivery pending (failed to
2 390
2 458
2 493
2,506
2 665
2,804
3,080
4,014
4,430
4,530
4,332
663
615
622
825
807
1 066
982
976
1,343
1,744
2.010
1,872
55
65
77
91
130
173
183
260
331
309
359
6
71
10
74
7
83
10
72
22
72
20
68
15
110
14
116
14
162
40
156
27
130
35
124
142
94
98
85
98
67
97
123
201
218
167
156
60
10
64
10
63
10
71
9
63
10
89
6
75
8
68
11
96
14
126
11
129
7
123
8
890
230
834
225
816
259
708
219
724
200
653
163
709
208
838
248
1,023
919
239
889
227
837
207
36
26
42
23
35
23
28
23
53
31
44
34
12
13
11
16
9
16
31
45
65
62
27
34
78
51
67
55
59
45
54
64
95
83
102
78
Net debit balances due from member firms of
national securities exchanges:
Member firms of New York Stock Exchange.
74
Member firms of other exchanges
14
Net debit balances due from all other customers exclusive of firms' own partners... 1,356
Net debit balances in partners' individual in9
Debit balances in firm investment and trading
Commodity margins on deposit with banks,
and commodity guaranty funds on deposit.
All other debit balances
Total
CREDIT BALANCES
Money borrowed:
From banks and trust companies in New
York City.
From banks and trust companies elsewhere
From other lenders (not including members
Securities bought, delivery pending (failed to
Net credit balances due to member firms of
national securities exchanges:
Member firms of New York Stock Exchange.
Credit balances of other customers exclusive
of firms' own partners:
Net credit balances in partners' individual inCredit balances in firm investment and trading
All other credit balances (except those included
Net balance in capital and profit and loss accounts and partners' drawing accounts
75
Memorandum: Valuation of short security
positions carried—
Against reported debit balances:
For member firms of national securities
exchanges other than New York Stock
For other customers (exclusive of firms' own
partners and member firms of New York
317
319
314
324
315
319
313
372
401
469
462
466
2,591
Total
2,390
2,458
2,493
2,506
2,665
2,804
3,080
4,014
4,430
4,530
4,332
(i)
(i)
(i)
(i)
0)
0)
0)
0)
In firm investment and trading accounts....
Against reported credit balances:
For member firms of national securities
exchanges other than New York Stock
For other customers (exclusive of firms' own
partners and member firms of New York
Stock Exchange)
In partners' individual investment and
1
1
3
2
3
64
66
0)
12
2
3
3
2
3
2
3
7
74
60
52
77
4
11
289
288
a n ( j p r o fit and loss' accounts
t o b e tEi]<ien a s representing the
8
7
Less than $500,000.
"net balanc e m c a p i t a i
drawing a c c o u n t s » j s n o t
6
7
1
0)
3
288
In firm investment and trading accounts....
(i)
6
1
(i)
1
6
(l)
1
6
5
8
In partners' individual investment and
Number of firms
287
and in partners
actual net capital
51
9
5
9
1
25
292
291
287
281
(i)
(i)
14
0)
16
13
11
(i)
18
6
5
3
3
2
3
100
114
100
93
87
0)
1
40
55
40
21
1
22
278
296
299
301
303
of the reporting firms. The items "net debit balances due from all other
customers exclusive of firms' own partners," "money borrowed," and
"credit balances of other customers exclusive of firms' own partners—free
credit balances" are conceptually identical to these items (including debit
balances secured by and money borrowed on U. S. Govt. obligations), as
shown in the table on Stock Market Credit, p. 962, but the data differ
somewhat because of minor differences in coverage and statistical discrepancies in reporting.
Financial Statistics
* International *
International capital transactions of the United States.
996
Gold production
1000
Net gold purchases and gold stock of the United States.
1001
Reported gold reserves of central banks and governments.
1002
Estimated foreign gold reserves and dollar holdings.
1003
International Bank and Monetary Fund
1004
Central banks.
1004
Money rates in foreign countries.
1009
Foreign exchange rates.
1010
Index to statistical tables
1021
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.
995
996
OSTTL 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 foreign
countries
France
Official
Official 3
and
Germany,
Fed.
Rep.
of
Italy
Switz- United
erKingland
dom
Other
Europe
Latin
Total
Europe Canada America
Asia
All
other
private
1952—Dec. 3 1 . . . .
1953—Dec. 31
1954—Dec. 3 1 . . . .
1.585
1,629
1,770
8,961
10,019
11,153
4,654
5,667
6,774
343
429
715
1955—July
Aug.
Sept.
Oct.
Nov.
Dec.
31....
31....
30....
31
30....
31....
1,861
1,859
[,844
1,825
,823
,881
11,281
11,189
11,496
11,748
11,823
11,719
6,658
6,552
6,806
6,890
6,964
6,953
835
915
980
1956—Jan.
Feb.
Mar.
Apr.
May
June
July
31....
29....
31....
30....
31*...
30*...
31*...
1,867
1,876
1,894
1,978
1,999
2,007
2,016
l1,870
11,993
12,452
12,501
12,517
12,632
12,832
6,986
7,048
7,389
7,324
7,436
7,437
7,456
r
1,017
1,069
1,081
1,066
1,035
1,123
867
907
878
813
1,373
309
466
579
642
674
672
818
709
640
1,093
,558
1,642
1,418
1,420
1,425
1,424
1,431
1,454
676
702
759
813
810
785
703
679
684
709
747
757
623
561
575
645
645
548
1,560
,567
[,562
1,557
,489
,516
1,458
1,467
1,487
1,524
1,580
1,636
1,686
785
798
806
812
830
860
878
741
739
733
742
709
736
759
657
679
766
111
751
746
837
,561
,596
,624
,822
1,676
1,617
1,633
551
899
3,755
4,734
5,621
5,815
5,844
5,986
6,166
6,190
6,141
6,268
6,314
6,539
6,545
6,453
6,473
6,606
1.421
1,296
[,536
1,837
1,896
1,825
336
326
265
1,302
1,180
1,179
1,138
1,125
1,032
r
1,613
1,768
1,906
1,897
1,854
1,916
1,948
1,946
2,000
1,968
1,994
2,085
2,157
2,217
2,186
299
316
329
340
344
360
1,084
[,089
,178
1,207
1,269
[,285
1,952
2,001
2,103
2,162
2,177
2,179
2,195
2,213
2,238
2,277
2,268
2,294
2,348
2,360
353
353
355
319
324
347
318
i;354
Table la. Other Europe
Denmark
124
70
29
8
12
224
130
100
96
71
38
41
101
113
243
249
119
103
72
91
6
8
36
71
117
141
14
8
7
9
388
363
56
60
64
40
42
41
125
126
134
202
190
199
68
66
68
101
106
112
8
8
8
129
141
147
9
10
9
8
10
9
00 00 00
117
112
104
149
149
153
9
9
9
11
9
13
328
303
267
120
125
132
113
119
120
127
128
133
134
00 OC
102
103
99
102
154
160
171
167
12
13
10
10
11
9
13
5
226
273
270
447
Austria
1952—Dec. 31
1953 Dec 31
1954—Dec. 31
1,093
1,558
1,642
191
273
1955—July
Aug.
Sept
Oct.
Nov.
Dec.
3i
31
30....
31
30 ..
31
1,560
1,567
1,562
1,557
1,489
1,516
273
283
280
99
104
104
1956—j an
Feb.
Mar
Apr.
May
June
July
31
29
31
30
31*
30*
31*
1,561
1,596
1,624
1,822
1,676
1,617
1,633
254
253
252
246
91
279
270
261
242
247
251
Neth- NorFinerland Greece lands way
Belgium
Other
Europe
Date
105
98
108
113
115
126
123
107
105
108
54
64
60
64
69
71
71
67
70
69
46
44
49
45
46
45
49
49
47
50
47
141
159
176
200
188
183
184
203
110
183
173
164
72
68
79
183
183
193
223
227
206
200
63
49
51
52
51
52
54
Portugal
57
135
Rumania Spain
6
8
7
19
Sweden
91
Turkey
Yugo- All
slavia other
263
200
201
7
6
8
8
334
90
85
169
188
7
7
9
10
319
321
NetherDolands Panminican Guate- Mex- West ama,
ReRemala
ico Indies puband
pubSuri- lic of
lic
nam
Peru
El
Salvador
Uruguay
182
165
160
124
124
7
96
162
Table lb. Latin America
Date
Latin
BoAmer- Argen- livia
tina
ica
Brazil Chile
Colombia
Cuba
Other
Vene- Latin
zuela America
1952—Dec 31
1953—Dec. 3 1 . .
1954—Dec. 31
1 613
. 1,768
1,906
139
130
160
24
19
29
73
102
120
79
79
70
118
150
222
301
341
237
44
39
60
34
38
35
231
183
329
44
52
49
81
90
74
61
68
83
26
27
30
94
110
90
146
222
194
117
119
124
1955_jul y
Aug
Sept.
Oct
Nov.
Dec
31
31
30
31
30...
31
1,897
1 854
1,916
1 948
. 1,946
2 000
165
174
165
153
153
138
26
25
26
25
24
26
118
126
147
162
149
143
89
75
87
77
75
95
103
106
98
106
120
131
241
231
237
249
255
?53
71
71
70
69
66
65
51
47
43
38
41
45
327
321
340
362
379
414
44
43
46
42
42
47
80
85
85
82
87
86
89
86
89
95
92
92
45
39
33
27
22
24
61
60
61
60
63
65
253
234
259
270
261
965
134
132
132
131
117
112
1956—Jan.
Feb
Mar.
Apr
May
June
July
31
29 . .
31
30
31*
30*
31*
1,952
2 001
2,103
2 162
2,177
2,179
2,195
138
143
140
128
120
125
138
28
28
27
27
25
25
28
156
192
215
193
198
217
238
79
80
98
87
91
101
89
133
133
136
147
139
138
133
227
223
236
255
261
263
267
65
65
66
64
65
67
66
51
58
64
67
68
66
64
399
407
419
414
384
358
355
49
49
51
53
56
68
67
81
78
82
89
93
93
98
90
93
92
87
83
74
70
34
43
46
46
44
45
39
69
74
73
74
66
67
71
239
213
224
298
349
331
341
113
124
134
133
136
141
131
Preliminary.
r
Revised.
For other footnotes see following page.
997
INTL CAPITAL TRANSACTIONS OF THE U. S.
S, BY COUNTRIES i—Continued
TABLE 1.
[Amounts outstanding, in millions of dollars]
Table lc.
Asia and All Other
Asia
Date
Total
Formosa
and Hong
China Kong India
Mainland
All other
Egypt
rea, Philand Union
BelReThai- Other Total Aus- gian Anglo- of Other
Israel Japan pub- iptralia Congo Egyp- South
pines land
lic
tian Africa
of*
Sudan
Ko-
Indo- Iran
nesia
1952—Dec. 31
1953—Dec. 31
1954—Dec. 31
1,837
1,896
1,825
76
74
70
71
68
61
65
99
87
61
39
100
19
44
31
19
18
41
808
828
725
54
92
96
315
295
257
181
168
123
167
171
234
336
326
265
47
59
48
119
90
44
60
43
47
24
38
33
87
96
94
1955—July
Aug.
Sept.
Oct.
Nov.
Dec.
31
31
30
31
30
31
1,968
1,994
2,085
2.157
2,217
2,186
72
72
72
75
76
75
62
60
58
57
57
55
78
73
92
90
89
73
108
110
120
127
145
174
48
42
36
42
37
37
43
55
46
46
49
53
774
808
865
914
952
901
106
102
100
95
91
88
258
261
253
247
254
252
121
122
123
125
129
138
298
290
321
339
339
340
299
316
329
340
344
360
70
75
72
74
75
75
42
46
44
45
44
42
45
47
60
70
71
72
33
37
37
34
35
53
109
112
116
116
120
119
1956—Jan.
Feb.
Mar.
Apr.
May
June
July
31
29
31
30
31^....
30"
31P....
2.213
2,238
2,277
2,268
2,294
2,348
2,360
77
77
76
75
76
79
79
55
56
57
58
55
54
55
70
69
83
75
64
82
81
159
164
155
129
120
113
101
33
23
28
25
32
31
38
57
61
55
48
49
55
56
926
944
964
999
85
83
89
92
92
95
96
261
262
268
274
276
282
275
144
149
151
146
143
136
136
344
349
350
347
375
374
380
353
353
355
319
324
347
318
75
78
76
58
58
79
73
42
42
43
43
40
41
42
71
70
68
65
62
62
54
43
35
43
32
37
30
34
121
128
124
121
126
135
115
Table Id.
1,012
1,047
1,063
Supplementary Areas and Countries5
End of year
End of year
Area or country
Area or country
1952
1953
1954
.2
.3
.4
.6
.6
n.a.
1.9
1.0
3.7
12.6
.6
5.0
2.6
3.4
4.1
1.7
.2
.4
.4
.6
.6
n.a.
1.9
1.0
7.5
14.1
1.3
.4
4.0
3.0
2.2
2.5
2.0
.2
.2
.6
.6
.7
1.2
1.9
1.0
8.9
14.3
1.0
.5
4.5
5.3
2.1
2.2
1.8
Other Latin America:
14.6
British dependencies
12.1
Costa Rica
23.7
Ecuador
French West Indies and French Guiana... 2.2
11.6
Haiti
15.4
Honduras
13.4
Nicaragua
5.0
Paraguay
18.0
13.4
17.7
.6
9.3
18.7
16.0
6.0
19.0
15.3
21.2
.4
12.7
17.3
10.3
3.6
Other Europe:
Albania
Azores
British dependencies
Bulgaria
Czechoslovakia6
Eastern Germany
Estonia
Hungary
Iceland
Ireland, Republic of
Latvia
Lithuania
Luxembourg
Monaco
Poland 6
Trieste
U. S. S. R. 6
1.3
Other Asia:
Afghanistan
n.a.
British dependencies
n.a.
Burma
.4
Cambodia
.7
Ceylon
.7
Iraq
1.3
Jordan...
n.a.
Laos
1.0
Lebanon.
4.8
Pakistan.
n.a.
Palestine
1.0
Portuguese dependencies.
.3
3.1
Saudi Arabia
5.6
Syria
Viet-Nam
2.5
1.4
.7 AH other:
British dependencies
Ethiopia and Eritrea
16.6
French dependencies
17.6
Italian Somaliland
14.9
Liberia
.6
Libya
12.1
New Zealand
Portuguese dependencies
9.7
Spanish dependencies
12.8
Tangier
3.6
p
Preliminary.
n.a. Not available.
1
Short-term liabilities reported in these statistics represent principally
deposits and U. S. Govt. obligations maturing in not more than one year
from their date of issue, held by banking institutions in the United States;
small amounts of bankers' acceptances and commercial paper and of
liabilities payable in foreign currencies are also included.
2 Includes International Bank for Reconstruction and Development,
International Monetary Fund, and United Nations and other international
organizations. Excludes Bank for International Settlements, reported
under Other Europe.
3
Represents funds held with banks and bankers in the United States
(and in accounts with the U. S. Treasury) by foreign central banks and by
foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular
establishments, etc.).
1952
1955
1953
1954
1955
4.0
25.5
16.9
n.a.
13.9
14.1
.6
n.a.
19.3
14.4
5.1
21.1
29.7
2.8
15.9
11.4
n.a.
2.7
19.8
23.0
n.a.
17.1
13.8
.9
n.a.
23.9
9.7
.1
5.3
18.5
20.5
n.a.
8.1
n.a.
13.8
19.1
13.1
n.a.
14.7
1.2
n.a.
18.0
5.7
n.a.
2.0
79.5
13.1
62.3
1.6
3.5
27.0
1.1
10.3
2.3
3.5
6.3
.2
26.7
1.6
9.1
22.3
.3
11.8
3.0
2.1
5.0
.2
36.1
1.4
18.0
16.8
.3
5.6
1.7
2.3
8.3
.5
35.7
2.4
23.7
23.5
n.a.
13.1
n.a.
1.9
5.3
.7
33.5
.1
10.0
.8
.1
16.5
3.8
.1
1.8
61
21
4 Through 1952, reported by banks in the Second (New York) Federal
Reserve District only.
5
Except where noted, these data are based on reports by banks in the
Second (New York) Federal Reserve District only and represent a partial
breakdown of the amounts shown in the "other" categories in Tables
la-lc. For each date the Second District reported at least 90 per cent of
the6 total amount in the "other" categories.
Based on reports by banks in all Federal Reserve districts.
NOTE.—Statistics on international capital transactions of the United
States are based on reports by banks, bankers, brokers, and dealers.
Beginning with the BULLETIN for June 1954 (as explained on p. 591 of
that issue), tables reflect changes in reporting forms and instructions made
as of Mar. 31, 1954, as well as changes in content, selection, and arrangement of material published. For discontinued tables and data reported
under previous instructions, see BULLETIN for May 1954, pp. 540-545.
998
INTL 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
1952—Dec. 31
1953—Dec. 31
1954—Dec. 31
GerFrance many,
Fed.
Rep. of
Switz- United Other Total
King- Europe Europe
erdom
land
Italy
Canada
Latin
America
Asia
All
other
1,049
905
1,387
. . .
32
11
14
27
31
70
18
19
20
7
18
16
30
71
173
98
88
109
212
236
402
62
56
76
662
473
728
90
115
143
22
25
37
1955_june
July
Aug.
Sept
Oct.
Nov.
Dec
30
31 .
31
30
31
30
31
1,450
1 416
1,429
1 406
1 428
1,473
1,549
10
12
10
11
11
12
12
84
80
74
69
71
81
88
28
26
30
27
30
30
30
19
19
20
21
25
24
26
91
70
74
76
65
74
109
143
154
151
152
159
163
158
374
361
359
356
360
383
423
122
118
112
115
123
131
144
672
655
683
642
656
670
706
239
240
236
252
243
239
233
43
42
39
42
45
49
43
1956—Jan
Feb.
Mar.
Apr.
May
June
31
29
31
30
31*
30^
1 503
1 515
1,510
1 527
1,612
1,635
11
14
14
14
16
17
93
93
92
100
118
122
31
28
36
32
33
32
26
27
28
28
28
24
70
67
69
69
83
82
158
157
162
164
172
167
389
387
400
407
449
444
130
135
132
124
117
120
696
718
701
718
736
757
246
236
232
231
264
269
41
39
44
47
45
46
Norway
Portugal
Spain
Sweden
Turkey
Yugoslavia
All
other
Table 2a. Other Europe
Other
Europe
Date
1952—Dec. 31
1953—Dec. 31
1954—Dec. 31
30
31
31
30
31
30
31
143
154
151
152
159
163
158
1956—Jan.
Feb.
Mar.
Apr.
May
June
31
29
31
30.
31
30
Finland
Netherlands
Denmark
2
6
10
4
9
16
2
1
2
11
24
4
39
16
41
15
14
12
11
13
15
16
7
7
9
8
9
9
13
13
12
12
13
13
11
11
2
2
3
4
4
5
9
5
8
6
6
7
7
5
80
89
88
92
93
92
78
18
18
20
24
22
20
158
157
162
164
172
167
Belgium
16
13
20
98
88
109
1955—June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Austria
13
11
10
7
10
9
12
13
15
17
15
16
9
9
9
10
11
11
()
(2)
Greece
74
69
70
68
71
71
Table 2b. Latin America
Date
Latin
BoAmer- Argen- livia
tina
ica
Brazil Chile
Colombia
Cuba
NetherDolands Panminican Guate- Mex- West ama.
ReRe- mala
ico Indies puband lic of
pubSurilic
nam
Peru
El
Salvador
Uruguay
Other
Vene- Latin
zuela America
1952—Dec. 31
1953—Dec. 31
1954—Dec. 31
662
473
728
8
7
6
6
11
3
356
125
273
26
23
14
42
57
107
32
51
71
2
2
3
4
4
4
89
93
116
3
1
7
5
9
15
20
16
9
8
10
14
4
7
37
42
63
14
19
27
1955—June
July
Aug.
Sept.
Oct.
Nov.
Dec.
672
655
683
642
656
670
706
8
6
6
6
6
8
7
3
3
3
3
3
4
4
153
137
133
107
91
64
69
15
17
15
7
8
20
14
132
125
132
127
122
128
143
65
60
71
71
87
90
92
4
4
4
4
4
4
5
4
4
4
4
4
5
5
125
133
141
146
151
160
154
3
4
1
1
2
2
3
18
15
15
13
14
14
17
16
18
21
20
22
27
29
5
6
6
6
6
9
8
6
5
10
5
12
12
18
85
86
91
90
91
91
105
32
32
32
32
34
34
34
696
718
701
718
736
757
7
10
12
11
11
10
4
3
4
3
3
5
63
66
60
62
63
66
11
19
6
7
7
10
150
151
160
165
168
160
82
81
81
87
85
90
5
5
4
4
4
5
5
5
6
7
6
6
157
163
152
154
157
162
1
2
3
2
3
8
16
20
20
18
19
13
32
31
30
30
29
29
6
7
7
6
6
7
20
20
13
12
7
15
101
102
108
113
133
130
34
34
35
36
35
42
30
31
31
30
31
30
31
1956—Jan. 31
Feb. 29
Mar. 31
Apr. 30
May 3\P
June 30^
P Preliminary.
i Short-term claims reported in these statistics represent principally the
following items payable on demand or with a contractual maturity of
not more than one year: loans made to and acceptances made for foreigners; drafts drawn against foreigners that are being collected by banking institutions on behalf of their customers in the United States; and
foreign currency balances held abroad by banking institutions and their
customers in the United States. Claims on foreigners with a contractual
maturity of more than one year reported by U. S. banking institutions
(excluded from these statistics) amounted to $705 million on June 30,
1956. The term foreigner is used to designate foreign governments,
central banks, and other official institutions as well as banks, organizations, and individuals domiciled outside ths 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.
999
ENT'L CAPITAL TRANSACTIONS OF THE U. S.
TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued
[Amounts outstanding, in millions of dollars]
Table 2c. Asia and All Other
Asia
Formosa
and
Total China Hong India
Kong
Mainland
Date
1952—Dec. 31
1953—Dec. 31
1954—Dec. 31
90
115
143
10
8
8
1
3
3
4
4
5
1955 June
July
Aug.
Sept.
Oct.
Nov.
Dec.
30
31
31
30
31..
30
31
239
240
236
252
243
239
233
8
8
8
8
8
8
8
3
4
4
4
4
4
3
4
4
4
4
5
5
5
1956—Jan.
Feb.
Mar.
Apr.
May
June
31
29
31
30
31 P
30p
246
236
232
231
264
269
9
8
8
8
8
8
4
5
5
5
6
5
Indonesia
6
5
7
6
7
6
Iran
All other
Egypt
and Union
BelAus- gian Anglo- of
tralia Congo Egyp- South Other
tian Africa
Sudan
PhilIsrael Japan ippines Thai- Other Total
land
i>
2
2
6
4
8
10
5
5
5
5
5
5
5
3
1
2
1
2
2
1
7
7
7
6
11
10
8
17
19
17
18
16
19
17
5
5
5
6
6
8
2
2
2
2
2
3
8
7
7
8
7
7
13
13
18
20
18
16
10
14
16
13
26
50
8
6
7
3
6
6
25
25
36
22
25
37
10
8
14
6
6
6
20
21
22
20
19
18
18
8
8
10
9
9
9
10
92
105
108
110
107
107
103
15
17
15
17
17
19
19
20
13
11
8
6
8
8
69
61
53
71
67
62
57
43
42
39
42
45
49
43
10
10
9
11
11
13
11
17
19
20
20
22
22
(2 )
15
23
11
11
11
10
10
10
11
97
93
96
100
113
121
20
16
12
9
11
8
8
9
9
9
8
10
71
69
64
63
78
77
41
39
44
47
45
46
13
11
12
12
12
12
1
(2
TABLE 3. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES 3
[In millions of dollars]
U.S. Govt. bonds & notes
Year or month
Purchases
534
646
801
1,341
1955
231
728
793
14
48
17
24
184
1952
1953,
1954
1955
Sales
24
June
July
Aug
Sept
Oct
Nov
45
21
35
132
34
44
208
48
Jan
Feb
Mar
Apr
Mav"p
June
36
30
38
86
34
30
Dec
1956
812
444
13
32
28
18
12
U.S. corporate securities
Net pur- Purchases, or chases
sales ( - )
Net pur- Purchases, or chases
sales ( - )
Sales
Foreign stocks
Foreign bonds
Sales
Net pur- Purchases, or chases
sales ( - )
Sales
Net purchases, or
sales ( - )
302
-82
8
529
850
802
1,405
1,886
838
731
1,264
1,730
13
70
141
156
495
543
792
693
677
622
841
509
-182
-79
-49
184
294
310
393
664
330
303
645
878
-36
7
-252
-214
-3
24
159
176
167
135
180
154
121
158
139
116
154
141
141
!45
19
28
19
26
13
-20
3
70
60
40
37
46
38
42
34
36
26
41
34
37
57
36
23
14
-4
12
1
-15
69
55
54
71
58
57
58
101
75
73
82
61
55
63
-33
-20
-19
-11
-3
2
c
135
123
'53
13
60
35
34
40
139
42
38
27
-79
-8
-4
13
-77
-32
61
56
74
74
89
64
53
64
99
95
114
70
-7
-25
-20
-25
-6
9
-8
—4
46
-1
— 14
-236
34
13
16
148
'188
136
176
179
198
131
205
161
-29
18
139
108
59
23
36
41
113
72
g
TABLE 4. NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES
[Net sales, ( - ) . In millions of dollars]
Year or month
InterTotal
national foreign
insticountutions
tries
France
June
July
. .
(2)
Jan
1
1
—1
Mar
Apr
1
June/f
Preliminary.
9
(2)
(2)
-1
-7
1
(2)
1
2
2
2
3
(2)
(2)
(2)
Switzerland
United
Kingdom
192
-121
-187
265
5
25
113
76
9
26
28
19
8
15
13
-1
9
7
10
-7
3
4
24
48
36
23
8
-9
-2
132
-10
-5
-20
41
-2
1
7
13
8
18
-5
25
44
47
14
6
o
27
7
14
19
-264
52
72
Revised.
-139
3
3
2
1
1
(2)
(2)
Latin
America
111
62
139
329
(2)
-1
1
Canada
-16
-24
-20
85
-14
i
Total
Europe
70
71
70
96
'52
^)
Other
Europe
51
57
73
147
-9
2
-4
-3
40
r
1
(2)
(2)
(2)
Italy
33
4
-24
47
1
Feb
0
15
49
176
15
23
78
-21
Sept
Oct .
Nov
Dec
1956
5
-42
17
-2
3
1955
300
-34
72
706
1
3
1952
1953
1954
1955
Germany,
Federal
Republic of
12
13
-30
_2
5
2
-5
35
— 168
52
69
37
r
\0
6
-86
-5
-2
1
For other footnotes see opposite page.
<3
5
-7
3
3
2
Asia
All
other
(|
2
29
3
7
1
1
1
6
1
3
2
(2)
-13
2
1
1
(2)
(2)
-1
i
1
1
9
1000
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
[Net sales, (—).
TABLE 6. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT
FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS 1
[In millions of dollars]
In millions of dollars]
Assets in custody
Year or
month
1952
1953..
1954
1955
InterTotal
national foreign
insticountutions
tries
Europe
1956—Jan....
Feb....
Mar....
Apr....
May**..
June* 3 ..
Asia
Date
All
other
Deposits
U. S. Govt.
securities 2
ica
-141
-138
-133
74
25
35
33
24
-10
-30
-34
-49
6
26
7
-7
-21
-8
—1
-7
8
9
17
21
26
-6
3
3
6
-7
5
2
3
2
2
1
4
-2
-3
-4
-3
-3
-11
-8
2
-5
3
2
12
5
7
6
4
4
-75
1
3
2
1
1
2
-5
-2
-3
o
-7
-6
-118
— 61
-164
-27
1955_june...
July....
Aug....
Sept....
Oct.. . .
Nov....
Dec...
Canada
Latin
Amer-
-100
— 11
-137
-4
20
96
-9
-46
-10
1
-12
-3
-2
2
0)
4
13
-6
-3
11
5
-18
_5
-3
-12
-5
-3
1
-66
-12
-18
-2
-99
-39
-
-7
-10
5
-91
-9
8
-23
0)
1
1
1
1
-22
Preliminary,
i Less than $500,000.
Miscellaneous 3
1954_Dec. 31
490
2,908
105
1955—Aug.
Sept.
Oct.
Nov.
Dec.
31
30
31
30
31
387
385
402
408
402
3,373
3,463
3,506
3,558
3,543
141
142
138
137
126
1956—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
31
29
31
30
31
30
31
31
355
363
354
330
307
297
308
350
3,724
3,793
3,791
3,717
3,751
3,629
3,663
3,630
122
132
136
153
155
158
164
168
1956—Aug.
Aug.
Aug.
Aug.
Aug.
1
8
15
22
29
295
277
289
304
362
3,679
3,703
3,715
3,676
3,653
164
166
167
169
168
1
Excludes assets held for Intl. Bank and Monetary Fund and earmarked
gold. See footnote 4 at bottom of following page for total gold under
earmark at Federal Reserve Banks for foreign and international accounts.
2
U. S. Treasury bills, certificates of indebtedness, notes and/or bonds.
3 Consists of bankers' acceptances, commercial paper, and foreign and
international bonds.
NOTE.—For explanation of table and for back figures see BULLETIN
for May 1953, p. 474.
GOLD PRODUCTION
[In millions of dollars]
Production reported monthly
Year or
month
Estimated
world
production
(excl.
U.S.S.R.)
Africa
Total
South
Africa
Rhodesia
Other
North and South America
British Belgian United
West
Africa Congo States
Canada
Mexico
Colom- Chile
bia
Nica- Austra- India
lia
ragua 1
e
$1=15% I grains <if gold Hofine: i. e.t an ounee of fin gold= $35.
805.0
840.0
864.5
840.0
868.0
864.5
913 5
1948
1949 .
1950
1951
1952
1953
1954
1955
1955—June
July.
Aug
Sept
Oct
Nov
Dec
1956—Jan
Feb
Mar
Apr
June
728.1
753.2
777.1
758.3
780.9
776.5
826.2
405.5
409.7
408.2
403.1
413.7
417.9
462.4
510.7
18.0
18.5
17.9
17.0
17.4
17.5
18.8
18.4
23.4
23.1
24.1
22.9
23.8
25.4
27.5
23.8
11.1
12.9
12.0
12.3
12.9
13.0
12.8
13.1
70.9
67.3
80.1
66.3
67.4
69.0
65.1
'65.7
123.5
144.2
155.4
153.7
156.5
142.4
152.8
159.1
12.9
14.2
14.3
13.8
16.1
16.9
13 5
11.7
12.6
13.3
15.1
14.8
15.3
13 2
13.3
5.7
6.3
6.7
6.1
6.2
4.6
4 4
4.3
7.8
73.1
72.8
74.7
76.2
75.7
74.9
42.7
43.7
44.4
43.6
43.8
43.3
42.9
1.5
1.6
2.2
2.2
1.0
1.0
5.6
4.1
1.2
.8
.2
3
2.2
.9
5.9
2.2
2.0
1.9
.6
1.1
1.0
.8
1.1
7.0
6.8
6.3
5.0
1.1
.4
1.6
1.5
1.5
1.5
13.0
13.5
13.5
13.8
13.8
13.6
13.3
.8
1 0
1.6
1.0
1.0
1.3
1.2
1.1
.8
43.4
42.9
45 4
45.2
47.3
47.4
1.6
1.5
1 5
.1
1.2
1.1
1 2
1.0
1.0
4.8
4.6
5 0
4.7
5.4
1.9
1 2
1 2
1 3
1.6
1 8
2.1
2.2
2.1
r
Revised.
* Gold exports, representing about 90 par cent of total production.
2
Less than $50,000.
Sources.—World production: estimates of U. S. Bureau of Mines.
Production reported monthly: reports from individual countries except
5.1
13.0
12 4
13 5
12.9
13.1
13.2
1.3
1.2
2.1
31.2
31.3
30.4
31.3
34.3
37.7
39.1
36.7
5.7
6.7
7.9
8.9
7.8
8 4
'7.4
.8
8
3.5
3 1
.6
.6
.7
2.8
.6
.3
.3
.4
.2
.7
.7
.6
.6
3.1
3.1
3.3
3.4
.5
.6
.6
.6
.2
.3
.7
7
2.9
2.7
2 8
.5
.5
7.7
8.0
8.8
8.9
9.1
8 2
7.3
7
6.5
.6
6
.6
.6
.7
.5
British West Africa, Belgian Congo, and India, data for which are from
American Bureau of Metal Statistics. For the United States, annual
figures are from the U. S. Bureau of the Mint and monthly figures are
from American Bureau of Metal Statistics.
1001
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
1955
Area and country
1949
1948
Continental Western Europe:
Belgium
France
Germany (Fed. Rep. of)
69.8
15.8
1-43.0
63.0
3.0
Sweden
14.0
-5.6
-34.3
4.8 3-123.4
Bank for Intl. Settlements....
Other
Total
191.5
Sterling Area:
-250.2
Venezuela
Other
114.1
15.5
-10.0
61.6
10.7
-108.0
-2.1
-49.9
7.0
-10.0
-16.1
-14.4
-50.0
-10.5
Total
81.8
-143.9
-4.1
Asia
4
1.0
-6.2
All other
6.9
.4
.
1,510.0
1953
1-94.8
*—iolo —iioio
—100.0
-34.9
— 5.0
-32.0
-15.0
(2)
-30.4
-29.7 -17.3
-65.0
-59.9
-20.0
-65.0
-94.3
-17.5
469.9
52.1
3.6
1954
1955
-67.5
-22516 - 1 0 . 0
Apr.June
JulySept.
440.0
11.5
Jan.Mar.
Apr.June
-33.8
-54.9
-15.0
-15.5
-20.0
2.6
-5.0
5.0
3.5
-77.5
—41 5
-480.0
-.5
-.1
-50.5
i6
(2)
-.1
1 5
1 5 — 32 8
-50.0
-.5
451.2
Oct.Dec.
-45.0
-546.4 -328.3
-184.8 -115.6
525.6
(2)
7.2
-io.6
-480.5
-49.9 -20.0
17.5 - 2 2 . 8
-84.8
-3.5
87.7
14.9
-28.1
-15.0
-2.4
28.2 - 2 0 . 0
-118.2 - 6 0 . 2
22.2
-64.8
11.0
-.3
80.3
-5.0
-30.0
17.2
3.0
-.1
-.1
-131.8
62.5
14.0
-.1
10.9
-6.7
-7.2
-172.0 - 1 2 6 . 0
5-38.9 3-53.7
-5.7
-9.9
13.7
«-44.2 «-76.0
193.3 -1,725.2
75.2
20 1
57.5
-.9
-34.7
-55.4
Eastern Europe
1952
-100.0 - 1 0 . 0
3.4
(2)
Latin America:
Argentina
Colombia
Cuba
Mexico
'*"U 79]8
-15.0
-22.9
-38.0
-65.3
-16.4
-380.2
645.2 -1,003.4
1,232.9
1951
1-58.0 1-18.3 1-5.8
-84.8 - 2 0 . 0
446.3 -1,020.0
195.7
13.1
3.2
3.5
734.3
498.6
Union of South Africa....
Other
Total
1950
1956
r
11.0
-4.9
-.2
_ o
-.2
-.1
19.9
-2.2
13 1
-.4
393.6 -1,164.3 -326.6
r
Revised.
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.
* Includes sale of $43.1 million of gold to Thailand.
725.0
(2)
-68.5 - 4 1 . 7
775.0
5.2
94.9
1.4
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)
icar
Increase
in total
gold
stock
Treasury
Total i
1943
1944
1945
1946
1947
1948
1949
21,938
20,619
20,065
20,529
22 754
24,244
24,427
-757.9
21,981
20,631 - 1 , 3 4 9 . 8
-547.8
20,083
623.1
20,706
22 868 22,162.1
1,530.4
24,399
164.6
24,563
1950
1951
1952
1953
1954
1955
22,706
22,695
23,187
22 030
21,713
21,690
22,820 - 1 , 7 4 3 . 3
52.7
22,873
379.8
23,252
-1,161.9
22,091
-297.2
21,793
-40.9
21,753
Net
gold
import,
or
export
(-)
Earmarked
gold: de- Domestic gold
crease, producor intion
crease
(-)
68.9 -803.6
-845.4 -459.8
-106.3 -356.7
465.4
311.5
210.0
1,866.3
-159.2
1,680.4
686.5 - 4 9 5 . 7
-371.3 - 1 , 3 5 2 . 4
617.6
-549.0
684.3 - 3 0 4 . 8
,170
2.2 - 1- 3 2 5 . 8
.2
16.6
97.6 - 1 3 2 . 4
48.3
35.8
32.0
51.2
75.8
70.9
67.3
80.1
66.3
67.4
69.0
65.1
r
65.7
r
Revised.
* Preliminary.
>
1 See footnote 2 on following page.
2 Net after payment of $687.5 million in gold as United States gold subscription to the International Monetary Fund.
Gold stock
(end of month)
Month
Increase
in total
gold
stock
Treasury
1955—Aug
Sept
Oct
Nov
Dec
1956—Jan
Feb
Mar
Apr
May
June
July
Aug
3
4
Total i
21,682
21,684
21,686
21,688
21,690
21,732
21,745
21,747
21,751
21,753
-2.2
12.7
2.0
21,693 21,755
21,695 21,757
21,716 21,765
21,743 21,792
21,772 21,821
21,799 21,868
21,830 21,918
^21,858 *>21,964
EarNet
marked Domesgold
import, gold: de- tic gold
crease, producor
or inexport
tion
crease
(-)
1.9
3.6
4.4
10.4
31.9
26.7
-27.0
— 23 8
2.5
2.1
7.7
27.4
28.3
47.6
49.4
*>46.9
11.4
18.6
11.5
9.9
25.3
18.4
4.8
(3)
-15.7
-2.9
16 9
1.8
29 9
43 9
443.2
3.9
—2 9
10.6
n |
o 2
5 9
7.0
6 8
6 3
50
4.8
4.6
5.0
4 7
5
<\
59
(3)
Not yet available.
Gold held under earmark at the Federal Reserve Banks for foreign
and international accounts amounted to $6,832.3 million on Aug. 31, 1956.
Gold under earmark is not included in the gold stock of the United States.
1002
GOLD RESERVES
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of
month
1949_Dec
1950—Dec
1951—Dec
1952—Dec
1953—Dec
1954_Dec
1955
Sept
Oct
Nov
Dec
Jan
Feb .
Mar
Apr
May
Argentina
Belgium
35,380
35,810
35,960
36,260
36,680
37,340
24,427
22,706
22,695
23,187
22,030
21,713
24,563
22,820
22,873
23,252
22,091
21,793
216
216
268
371
371
698
587
621
706
776
778
37,870
21,682
21,682
21,684
21,686
21,688
21,690
21,734
21,732
21,745
21,747
21,751
21,753
371
371
371
371
371
371
845
850
877
920
922
929
21,693
21,695
21,716
21,743
21,772
21,799
21,830
21,755
21,757
21,765
21,792
21,821
21,868
21,918
371
371
371
371
371
942
955
953
970
958
952
965
July
Aus
1956
Estimated
United States
total world
(excl. 1
U.S.S.R.) Treasury Total 2
37,990
38,180
June
July
^38,340
End of
month
Egypt
Germany,
France 4 Federal GuateRepublic mala
of
India
Bolivia
23
23
23
21
21
3
8
8
8
(3)
Indonesia
Brazil
Canada
Chile
317
317
317
317
321
322
496
590
850
896
996
1,080
40
40
45
42
42
42
322
322
322
322
323
323
1,122
1,134
1,141
1,150
1,147
1,141
323
323
323
323
323
323
323
1,136
1,129
1,127
1,113
1,107
1,109
1,114
Iran
Italy
Colombia
52
74
Cuba
Denmark
Ecuador
299
271
311
214
186
186
32
31
31
31
31
31
21
19
22
23
23
23
42
42
42
42
42
44
186
186
186
181
141
136
31
31
31
31
31
31
23
23
23
23
23
23
44
42
43
43
46
46
136
136
136
136
136
31
31
31
31
31
31
31
23
23
23
23
23
23
23
86
Mexico
Netherlands
Norway
Pakistan
Peru
1949_Dec
1950—Dec
1951—Dec
1952—Dec
1953—Dec
1954_Dec
53
97
174
174
174
174
523
523
548
573
576
576
28
140
326
626
27
27
27
27
27
27
247
247
247
247
247
247
178
209
280
235
145
81
140
140
138
138
137
138
256
256
333
346
346
346
52
208
208
144
158
62
195
311
316
544
737
796
51
50
50
50
52
45
27
27
27
38
38
38
28
31
46
46
36
35
1955—July
Aug
Sept
Oct
Nov
Dec
174
174
174
174
174
174
576
576
576
576
576
861
776
802
825
849
868
920
27
27
27
27
27
27
247
247
247
247
247
247
81
81
81
81
81
81
138
138
138
138
138
138
346
346
346
352
356
352
78
130
141
142
142
142
804
804
804
836
856
865
45
45
45
45
45
45
48
48
48
48
48
48
35
35
35
35
35
35
1956—Jan
Feb
Mar
Apr
May
June
July
174
174
174
174
174
174
174
861
861
861
861
861
861
861
950
989
1,000
1,033
1,053
1,101
1 186
27
27
27
27
27
27
27
247
247
247
247
247
247
81
81
81
81
81
45
45
138
138
138
138
138
138
138
352
352
352
352
163
163
164
. 164
865
872
875
877
864
853
852
45
45
45
45
45
45
45
48
48
48
48
48
49
49
Portugal
El Salvador
South
Africa
Spain
Turkey
United
Kingdom 5
Venezuela
Intl.
Monetary
Fund
1949_Dec
1950—Dec
1951 Dec
1952—Dec
1953—Dec
1954_Dec
178
192
265
286
361
429
17
23
26
29
29
29
128
197
190
170
176
199
85
61
51
51
54
56
70
90
152
184
218
265
1,504
1,470
1,452
1,411
1,459
1,513
118
118
113
113
113
113
154
150
151
143
143
144
1,688
3,300
2,335
1,846
2,518
2,762
178
236
221
207
227
227
373
373
373
373
373
403
1,451
1,494
1,530
1,692
1,702
1,740
68
167
115
196
193
196
1955 July
Aug
Sept
Oct
Nov
Dec
422
425
427
428
428
428
29
29
28
28
28
28
215
212
214
211
213
212
56
56
56
56
56
56
264
264
264
270
278
276
1,495
1,501
1,513
1,535
1,560
1,597
112
112
112
112
112
112
144
144
144
144
144
144
2,544
2,457
2,345
2,297
2,283
2,120
227
227
216
216
216
216
403
403
403
403
403
403
1,747
1,751
1,751
1,751
1,756
1,808
227
226
215
208
234
217
1956
431
431
431
436
435
436
28
28
28
28
28
28
28
211
216
212
210
217
215
212
56
56
56
56
56
56
56
278
272
273
269
266
257
260
1,593
1,592
1,608
1,606
1,579
1,571
112
112
112
112
112
144
144
144
144
144
144
144
2,149
2,210
2,277
2,328
2,369
2,385
2,405
216
216
216
216
216
216
403
403
403
403
403
403
403
I 811
1,811
1,786
1,761
1,741
1,743
193
183
197
190
216
199
207
End of
month
Jan
Feb
Mar
Apr
May
June
July
Sweden Switzerland
v Preliminary.
1 Represents reported gold holdings of central banks and governments
and international institutions, unpublished holdings of various central
banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom,
and estimated official holdings of countries from which no reports are
received.
2
Includes gold in Exchange Stabilization Fund. Gold in active portion
of this Fund is not included in regular statistics on gold stock (Treasury
gold) used in the Federal Reserve statement "Member Bank Reserves,
Thailand
Uruguay
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 Less than $500,000.
4
Represents holdings of Bank of France (holdings of French Exchange
Stabilization Fund are not included).
5
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.)
1003
GOLD RESERVES AND DOLLAR HOLDINGS
ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL
INSTITUTIONS
[In millions of dollars]
Dec. 3 , 1954
June 30, 1955
Sept. 30, 1955
Dec. 3 , 1955
Mar. 31, 1956
June 30 , 19562'
Gold& U. S. Gold& U. S. Gold& U . S . Gold& U. S. Gold& U. S. Gold& U. S.
short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt.
term
term
bonds
bonds
term
bonds
term
bonds
term
term
bonds
bonds
dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes
Area and country
Continental Western Europe:
329
Austria
Belgium-Luxembourg (and Belgian Congo).. 1,044
102
Denmark
72
Finland
1,328
France (and dependencies)1 .
1,999
Germany (Federal Republic of)
124
Greece
925
Italy
Netherlands (and Netherlands West Indies
1,118
and Surinam)
Norway .
148
560
Portugal (and dependencies).
188
Spain (and dependencies)
Sweden
406
2,185
Switzerland
152
Turkev
Other 4
947
Total
12
10
7
3
161
325
1,111
85
69
1,397
2,155
138
992
12
10
6
5
160
3
41
36
38
1,072
116
571
225
383
2,170
156
i
4
1,242
4
1,273
2
10
5
6
(3 }
3
2
341
1,149
95
73
1,593
2,250
145
1,105
1,074
113
581
237
411
2,197
12
322
10 1,201
7
91
5
84
161 21,986
2,374
187
1,137
41
53
(3)
44
153
1,100
124
601
221
429
2,354
153
876
10
10
7
5
151
8
313
1,244
102
80
2,028
2,487
194
1,158
10
12
6
5
6
10
(3
308
1,221
101
82
1,783
2,737
176
1 212
10
12
6
5
7
11
44
53
1,143
96
606
216
444
2,341
22
23
79
70
1 151
97
602
206
426
2,307
3
44
}
69
3
2
3
(3)
117
151
154
<2
1,015
7
1,310
10
11 627
345
13 240
343
13 621
222
H 670
285
216
4
280
4
2,816
91
230
330
255
198
241
11
2,871
87
238
329
245
195
253
10
1
1
3
2,598
88
219
320
265
202
282
11
1
1
3
2,800
100
210
339
251
194
286
11
1
1
3
3,139
102
204
344
242
184
225
4,215
289
3,894
302
3 692
295
3,920
254
3 965
265
93
2,381
262
2,320
437
2,305
369
2,394
362
2
538
531
32
397
2,173
1
1
511
27
476
25
1
1
<i
3
141
222
372
79
91
583
82
127
74
289
627
138
12
140
14
124
15
147
1
3
147
224
399
80
93
5522
93
109
73
283
734
14
155
14
146
3,707
174
3,749
194
3,789
195
3,910
192
3,953
193
181
169
851
266
236
521
6
1
4
236
166
1,092
285
263
658
4
6
1
3
255
175
1 029
268
250
644
15
3
201
174
992
266
235
621
15
7
196
190
884
263
243
602
15
(3)
6
6
1
5
158
169
1,175
300
248
690
112
308
423
72
62
391
74
118
59
317
597
2
1
124
4
1
135
3,673
. .
Total
1
3
10
528
28
442
136
188
431
83
78
419
84
118
79
291
664
(3)
536
26
469
129
184
423
82
70
481
85
124
61
277
662
442
Total
Asia:
Indonesia
Iran . . . .
Japan
Philippines
Thailand.
Other
12 790
2,616
Latin America:
Argentina
Bolivia
Brazil
Chile . . .
Colombia
Cuba
Dominican Republic .
Guatemala
Mexico
Panama, Republic of
Peru
El Salvador
Uruguay
Venezuela
Other
324
4 223
Total
Canada
12,207
3,190
103
186
334
232
178
Sterling Area:
United Kingdom
United Kingdom dependencies
Australia
India
Union of South Africa
Other
260
2
1
149
(3)
4
2
3
6
2
3
( )
169
$
3
509
26
466
139
217
389
77
72
556
86
127
52
281
668
$
169
8
4
1
2
1
167
$
4
540
(3)
2
1
167
(3)
4
1
(3)
1
3
(3)
4
6
1
6
2 224
16
2,378
28
2,489
28
2 621
30
2,700
16
2,740
17
Eastern Europe6
309
6
311
7
307
7
308
7
294
6
294
6
All other:
Egypt
Other
221
68
224
84
1
234
87
1
246
79
236
104
(3)
289
308
321
1
325
340
(3)
1,059 27,356
1,128
Total
Total foreign countries.
International 7
Grand total
.. .
24,961
746
3,510
354
28,471 1,100
25,507 1,085
3,599
29,106 1,402
P Preliminary.
1 Excludes gold holdings of French Exchange Stabilization Fund.
2
Reflects publication by France of certain previously unpublished
French gold reserves, which are included for earlier dates in Continental
Western Europe—Other.
3 Less than $500,000.
4 Includes Yugoslavia, Bank for International Settlements (both for
its own and European Payments Union account), gold to be distributed
by the Tripartite Commission for Restitution of Monetary Gold, and
unpublished gold reserves of certain Western European countries.
5 Includes latest available figure (Apr. 30) for Mexican gold reserves.
* Excludes gold reserves of the U. S. S. R.
317
25,870 1,274
3,595
320
29,465 1,594
242
91
1
333
26,148 1,308 27,083
3,689
321
3,681
29,837 1,629 30,764
P)
3,750
317
1,378 31,106
1,445
319
7 Represents International Bank for Reconstruction and Development,
International Monetary Fund, and United Nations and other international organizations.
NOTE.—Gold and short-term dollars include reported and estimated
official gold reserves, and total dollar holdings as shown in Short-term
Liabilities to Foreigners Reported by Banks in the United States, by
Countries (Tables 1 and la-Id of the preceding section). U. S. Govt.
bonds and notes represent estimated holdings of such securities with original maturities of more than one year; these estimates are based on a
survey of selected U. S. banks and on monthly reports of security transactions. For back figures see BULLETIN for March 1956, pp. 304-305.
1004
INTERNATIONAL INSTITUTIONS
INTERNATIONAL BANK FOR RECONSTRUCTION AND
DEVELOPMENT
INTERNATONAL MONETARY FUND
[End-of-month figures. In millions of dollars]
[End-of-month figures. In millions of dollars]
1956
Item
1955
1956
June
Mar.
Dec.
Sept.
850
85()
84S
849
852
All
48*
429
494
456
11
K)
9
10
9
228
193
184
iu > 205
1,810 1,81C) 1,81C 1,810 1,806
..
.
Apr.
June
Dollar deposits and U. S. securities.
407
42!> 428
440
464
938
94'7 966> 911
996
Other currencies and securities 1 ....
2,002 1,95$> 1,93*> 1,837 1,796
Effective loans 2
1
29
36
4()
31
52
Other assets3
Undisbursed loans
Other liabilities
Reserves
Capital
1955
Item
Disbursed
Repaid
Member subscriptions
Accumulated net income
8,751 8,750 8,751 98,863 98,853
-14
-14
-12
-11
-10
169
6
12
720
105
252
77
25
20
42
221
252
137
15
42
84
237
6
19
6
Sterling area total
Australia
India
Union of S Africa
United Kingdom
Other
868
259
200
135
146
128
571
249
79
113
65
64
44
3
19
11
526
246
60
102
65
53
68
22
10
15
16
5
Latin America total
Brazil
Colombia
IVIexico
...
Other
653
194
111
141
207
449
157
63
114
115
37
8
11
6
12
412
149
52
107
103
28
3
Asia (excl Sterling area)
117
66
2
65
10
9
8
62,666
1,983
Africa (excl. Sterling a r e a ) . . . .
Total
11
4
10
11
7
253
Country !0
Total
Sold
Total
to
others5
890
111
263
1,731
7184
Apr.
1,761 1,811 1,751 1,747 1,744
50
Cumulative net drawings
on the Fund
Quota
1,019
118
268
88
221
324
Continental W. Europe, total. .
Belgium and Luxembourg...
France.
Italy
Netherlands..
..
...
Other
July
1,777 1,708 1,633 1,643 1,609
4,333 4,403 4,539 4,656 4,691
815
798
815
805
815
1
1
1
1
Outstanding
Principal
Oct.
Gold
8
Investments1
Currencies:
United States
Other
Unpaid member subscriptions
Other assets
Loans 1?y country, July 31, 1956
Area and member country4
Jan.
Brazil
Burma
Chile
Colombia
Philippines
Turkey .
United States
.
...
150
15
50
50
15
43
2,750
1956
Paid
in
gold
June
1955
May
June
66
66
66
15
15
13
13
13
25
25
25
15
15
10
15
15
20
H - 3 4 6 l i _ 344 H-463
38
1
9
13
4
11
688
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.
6
Includes $194 million in loans not yet effective.
7 Includes $158 million not guaranteed by the Bank.
8 U. S. Treasury bills purchased with proceeds of sales of gold.
9 Includes $125 million subscription of withdrawing member (Czechoslovakia).
10
Countries shown are those with cumulative net drawings of $10 million or more on the latest date.
11 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
1948 Dec 29
1949 Dec 28
1950 Dec. 27
1951_Dec. 26
1952 Dec 31
1953 Dec. 30
1954 Dec 29
.2
.4
.4
.4
.4
.4
1955 Aug. 31
Sept 28.
Oct. 26
Nov 30
Dec 28
.4
1956—Jan. 25
Feb 29
Mar. 28
Apr 25
May 30 . . .
June 27
July 25 . . .
.4
.4
.4
4
.4
.4
.4
.4
.4
.4
.4
.4
Other
assets
(fiduciary
issue)
Coin
1,325.0
1 350.0
1,375.0
1,450.0
1,575.0
1,675.0
1,775.0
3.9
5.3
1.5
1.7
1.4
2.4
1,825.0
1,800.0
1,800.0
1,850.0
1,900.0
2.4
1,825.0
1,825.0
1,875.0
1 875.0
1,900.0
1,950.0
2,000.0
2.3
2.3
2.2
2.0
For footnotes see opposite page.
Li£tbilities
Assets of banking department
2.4
2.4
2.4
2.4
2.3
2.0
2.0
2.0
Notes
Discounts
and advances
Securities
Note
circulation i
8.9
1,293.1
1,321.9
1,357.7
1,437.9
1,525.5
1,619.9
1,751.7
43.1
33.9
34.9
54.7
10.7
20.0
11.1
20.2
20.8
37.7
280.2
295.8
301.2
287.4
299.6
1,782.3
1,766.4
1,765.5
1,795.7
1,889.6
53.7
37.5
34.1
33.4
29.1
57.0
37.4
32.8
20.6
22.1
30.3
15.3
15.6
23.8
251.9
300.8
294.2
270.4
294.6
271.0
254.1
1,771.7
1,787.9
1,841.3
1,842.0
1,871.3
1,893.4
1,963.0
16.7
14.8
29.2
18.2
11.2
4.9
Deposits
Bankers'
401.1
489.6
384.0
389.2
371.2
338.1
350.7
32.2
28.4
17.7
12.5
49.9
55.4
23.7
of banking department
Public
ECA
Other
314.5
299.2
313.5
299.8
302.8
290.2
276.1
243.6
239.3
250.6
263.1
245.2
236.9
258.1
243.3
225.9
231.6
238.2
215.6
11.7
11.6
15.4
13.4
10.0
14.9
15.4
17.4
97.9
92.1
111.2
85.0
89.8
78.5
70.4
66.3
10.9
14.5
21.9
10.1
12.0
11.9
10.6
11.1
12.8
11.4
10.5
11.9
.4
.6
24.3
7.2
9.6
2.7
2.6
2.6
3.0
3.2
3.3
3.1
3.2
3.1
3.1
.2
.2
70.0
68.2
65.7
71.2
71.7
70.2
70.9
76.5
76.4
77.0
78.5
71.3
Capital
and
surplus
18.1
18.1
18.1
18.1
18.1
18.2
18.1
18.5
18.6
17.8
18 0
18.1
18.3
18 5
18.5
17 8
18.0
18.1
18.3
1005
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
Bank of Canada (millions of Canadian dollars)
Assets 2
Date
1948—Dec.
1949 Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
1954—Dec.
1955
Sterling
and
United
States
dollars
31
31
30
31
31
31
31
.4
74.1
111.4
117.8
77.1
54.9
54.2
57.7
60.6
56.6
52.9
57.4
54.4
56.5
58 8
Aug. 3 1 . . . .
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1956—Jan. 31
Feb. 29
Mar. 31
Apr. 30
May 31
June 30
July 31
52.3
67.2
60 1
59.9
1
liabilities
Dominion and provincial govt. securities
Deposits
Other
assets
Shortterm
Other
1.233.7
779.1
227.8
712.5
1,049.3
767.2
893.7
871.1
1,149.3
1
1,196.5
991.2
1,060.2
1,093.7
,146.0
1,143.3
Note
circulation
1,781.4
1,229.3
1,141.8
1,459.8
1,376.6
1,361.5
1,185.2
1,103.2
1,318.5
1,326.2
1,283.8
1,091.5
1,065.6
965.9
764.1
1,065.6
1,041.3
1,029.6
98 1
30 7
24 7
94
16 7
51 5
56 .3
1.289.1
1,307.4
1,367.4
1,464.2
1,561.2
1,599.1
1,623.5
547. %
541. 7
578. 6
619. 0
626. 6
623. 9
529. 6
73.2
156.6
158.3
141.3
185.2
119.2
108.2
95.0
121.4
1,653.9
1,665.8
1,674.2
1,684.0
1,738.5
538. 7
565. 7
580. 7
562. 6
551. 0
1,648.7
1,641.1
1,677.2
1,686.3
1,706.1
1,734.9
1,762.3
528. 4
493. 6
506. 1
564. 9
542. 8
574. 7
500.0
131.3
192.7
104.9
81.0
126.9
207.1
66.1
44.5
29.5
30.5
43.1
119 2
172 6
200.0
132 9
133.1
161.0
5
4
4
38 1
29.1
34.5
45.2
34.0
175 2
192 8
173.0
160 4
207.5
42.1
35.0
31.4
30.6
29.9
32.2
39.6
115.7
143.0
141 9
140.0
145.3
191.0
159.4
Chartered Dominion
banks
govt.
45.4
42.5
297.1
135.2
77.3
112.0
114.1
1,285.0
,538.1
,190.2
,289.8
,316.7
Other
Other
liabilities
and
capital
59
63
62
128
89
?
76 1
60 8
48 1
54 1
30 ?
51 t
49.8
Bank of France (billions of francs)
Assets
Liabilities
Advances to
Government
Domestic bills
Gold
Foreign
exchange
market
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
1954—Dec.
30
29
28
27
31
31
30
1955—Aug.
Sept.
Oct.
Nov.
Dec.
25
29
27
24
29
1956—Jan.
Feb.
Mar.
Apr.
May
June
July
26
23
29
26
31
28....
26
Open
Special
Other
Current
Other
97.4
137.7
136.9
234.9
274.0
292.5
236.8
8.6
28. i >
34.1
32.0
57.C)
61.1
48.S>
238 .6
335 .7
39- .1
741 .3
93" .5
891 .6
1,130 .2
150.9
157.9
158.9
160.0
172.0
200.0
195.0
558.0
561.0
481.0
481.0
480.0
679.8
617.6
7.!>
14.S>
30.C)
43.: )
45.2
1.042 .9
,076 .6
,060 .8
037 .8
,194 . 7
190.0
190.0
190.0
190.0
190.0
579.3
557.9
545.2
536.4
539.8
34.3
27.' f
19. i
14.(
,198 .1
,189 . 2
183.0
183.0
183.0
183.0
183.0
183.0
179.0
533.3
539.5
519.6
518.1
518.8
490.2
496.5
65.2
62.3
182.8
191.4
200.2
201.3
201.3
201.3
201.3
201.3
162.0
28.3
31.1
15.4
57.3
200.2
200.2
201.3
301.2
200.2
200.2
200.2
190.0
235.8
245.4
209.0
226.7
301.2
301.2
301.2
301.2
301.2
301.2
301.2
197.9
178.5
178.6
162.6
152.0
144.1
128.0
184.5
197.5
237.7
269.4
214.7
301.6
292.4
(4)
61 9
7.S )
5.: >
2A
1956
Central bank, monetary unit.
and item
July
Other
assets
June
.5
,274 . 0
31^ .4
MA 8
1,489 . 6
1955
May
July
57.6
112.7
212.8
190.8
159.7
170.0
277.2
371.6
409.8
429.9
417.8
336.8
325.9
302.7
316.1
331.4
368.4
324.2
5297.0
Note
circulation
Govern- Other 3
ment
987.6
1, 278.2
1, 560.6
1, 841.6
2, 123.5
2, 310.5
2, 538.5
588.5
i\ 692.5
2, 691.4
2, 647.6
2, 820.0
876.7
2 , 834.4
2, 861.9
890.5
2 , 932.2
Central bank, monetary unit,
and item
.1
(*)
(4)
^ j
(4)
(•*)
.1
.1
68.9
55.7
72.4
67.5
71.8
143.5
116.8
156.3
148.1
135.9
162.8
161.7
(v
(*)
16.2
19.4
24.2
41.3
49.3
56.3
67.9
142.9
.1
.1
.1
2, 741.1
2, 741.5
73.6
60.9
57.2
71.8
62.5
70.9
92.6
1956
July
28S)
Other
liabilities
and
capital
171.8
159.0
176.8
176.8
138.6
144.9
157.8
125.3
138.2
139.0
120.6
.8
1.2
.1
Commonwealth Bank of Australia (milCentral Bank of the Argentine Republic
lions of pounds):
(millions of pesos):
Gold and foreicn exchance
1,623
1 412 1 458 1 62
Gold reDorted seoaratelv
Checks and bills of other banks...
748
-64<
-1,013
-684
Other gold and foreign exchange..
Securities (incl. Govt. and Treas5,236 5,374 5,44<) 4,062
Govt securities
ury bills)
94,059 92,46 75,968
Rediscounts and loans to b a n k s . . . 92,433
Other assets
342
42' 7
503
455
Other assets
. Note circulation
37 28.S 31,811
Currencv circulation
37 618 37 489
Deposits of Trading Banks:
54,057 52,749 52,50 5 44,867
Deposits—Nationalized..
744
642 3 695 3 30
Other
Othpr liahiiiti^ and eanitaf
6 534 6 447 6 22'j 5 321
Other liabilities and capital...
Footnotes to central bank table on this and opposite page:
* 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.
Deposits
1955
June
May
273
July
7
266
8
355
5
49£
8?
502
104
517
116
373
373
372
471
66
363
255
3S
2141
.
255
33
225
265
46
224
266
38
230
5 Includes advance of 142.3 billion francs to Stabilization Fund.
NOTE.—All figures, including gold and foreign exchange, are compiled
from official reports of individual banks and are as of the last report date
of the month. For details relating to individual items, see BULLETIN for
April 1955, p. 443. For last available report from the Reichsbank
(February 1945), see BULLETIN for December 1946, p. 1424.
1006
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
Central bank, monetary unit,
and item
1956
July
June
1955
May
July
July
Austrian National Bank (millions of
National Bank of Cuba—Cont.
schillings):
Foreign exchange (Stabilization
1,744 1,744 1,744
557
Fund)
Gold
7,780 7,143 6,950
8,351
Net claim on IntL Fundi
Foreign exchange (net)
6,076 6,181
5,729
5,492
Loans and discounts
Loans and discounts
1,703
1,994 1,506
.,803
Credits to Government
Claim against Government
575
868
860
467
Other assets
Other assets
13,630 13,442 12,913
12,843
Note circulation
Note circulation
845
1,191
552
1,650
Deposits
Deposits—Banks
451
469
501
533
Other liabilities and capital
Other
1,416 1,388 1,416
Blocked
1,643 National Bank of Czechoslovakia2
Other liabilities and capital
1,486 1,457 1,438
National Bank of Denmark (millions
National Bank of Belgium (millions of
of kroner):
francs):
Gold
48,239 47,605 47,919 42,236
Foreign exchange
Gold
Loans and discounts
Foreign claims and balances (net). 10,875 11,476 10,643 10,607
6,890 4,745 5,165
10,151
Securities
Loans and discounts
34,660 34,660 34,660 34,660
Consolidated Govt. debt
Govt. compensation account
8,432
7,158 8,441
Govt. securities
7,838
Other assets
5,752 5,611 5,486
5,067
Note circulation
Other assets
108,470 106,612 107,194 105,806
Note circulation
Deposits—Government
1,224 1,745
1,424
Deposits—Demand
.,342
Other
40
40
40
ECA
68
Other liabilities and capital
3,839 4,141
3,648
Other liabilities and capital
.,343 Central Bank of the Dominican ReCentral Bank of Bolivia—Monetary
public (thousands of pesos):
(Jan.)
dept. (millions of bolivianos):
Gold
502
Gold at home and abroad
497
Foreign exchange (net)
328
Foreign exchange (net)
284
Net claim on Intl. Fund*
54,922 37,151
Loans and discounts
Loans and discounts
2,505
2,505
Govt. securities
Govt. securities
1,203
849
Other assets
Other assets
43,506 31,011
Note circulation
Note circulation
12,056
6,336
Demand deposits
Deposits
3,939
Other liabilities and capital
Other liabilities and capital
3,r~
Central Bank of Ceylon (millions of
Central Bank of Ecuador (millions of
rupees):
sucres):
719
729
695
Foreign exchange
624
Gold
11
17
18
Govt. securities
18
Foreign exchange (net)
8
10
13
Other assets
8
Net claim on Intl. Fund*
439
454
Currency in circulation
443
392
Credits—Government
125
83
126
Deposits—Government
94
Other
97
107
Banks
109
110
Other assets
82
79
Other liabilities and capital
77
55
Note circulation
Central Bank of Chile (millions of
Demand deposits—Private banks.
pesos):
Other
8,968
Gold
.,804
Other liabilities and capital
272
Foreign exchange (net)
637
402 National Bank of Egypt (millions of
3,933 4,250
Discounts for member banks
4,709 pounds):
16,153 16,153
Loans to Government
15,870
Gold
24,300 21,422 14,685
Other loans and discounts
Foreign assets
22,875 20,233
Other assets
5,520
Egyptian Govt. securities
53,747 52,326 35,789
Note circulation
Clearing and other accounts (net).
7,078 6,846
Deposits—Bank
4,828
Loans and discounts
3,003
1,700
Other
1,734
Other assets
12,673 10,812
Other liabilities and capital
4,638
Note circulation
Bank of the Republic of Colombia (milDeposits—Egyptian Government.
lions of pesos):
Other3
324
272
277
Gold and foreign exchange
283
Other liabilities and capital
31
24
24
Net claim on Intl. Fund *
24 Central Reserve Bank of El Salvador
467
540
514
Loans and discounts
602 (thousands of colones):
564
514
495
Govt. loans and securities
463
Gold
128
118
114
Other assets
98
Foreign exchange (net)
714
741
685
Note circulation
638
Net claim on Intl. Fundi
528
529
570
Deposits
656
Loans and discounts
272
198
169
Other liabilities and capital
177
Govt. debt and securities
Central Bank of Costa Rica (millions
Other assets
of colones):
Note circulation
12
12
12
Gold
12
Deposits
79
90
97
Foreign exchange
135
Other liabilities and capital
7
7
7
Net claim on Intl. Fund*
7 Bank of Finland (millions of markkaa):
91
98
93
Loans and discounts
63
Gold
9
6
6
Securities
4
Foreign assets and liabilities (net)..
24
24
26
Other assets
24
Loans and discounts
146
148
150
Note circulation
147
Securities—Government
41
55
54
Demand deposits
66
Other
34
34
36
Other liabilities and capital
32
Other assets
National Bank of Cuba (millions of
Note circulation
pesos):
Deposits
136
186
Gold
Other liabilities and capital
106
150
Foreign exchange (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.
1956
Central bank, monetary unit,
and item
June
1955
May
July
241
13
38
109
77
433
307
23
199
13
49
61
80
417
257
19
68
694
189
489
3,073
662
2,096
1,353
1,478
251
68
716
178
490
3,073
704
2,171
1,337
1,478
243
741
116
491
3,097
865
2,099
1,330
1,710
240
68
673
276
475
3,125
674
1,956
1,360
1,724
251
12,526
14,995
1,250
2,973
8,360
17,907
45,931
9,379
2,700
12,526
13,720
1,250
3,473
8,360
17,997
45,951
8,569
2,805
12,526
16,541
1,250
3,000
8,360
17,911
46,156
10,693
2,740
12,076
10,893
1,250
3,299
8,890
14,591
41,612
6,802
2,585
344
-113
19
535
301
232
661
191
151
315
344
-115
19
563
275
232
638
208
158
313
344
-104
19
514
245
227
623
189
147
286
343
-7
19
431
249
257
669
214
160
249
61
111
110
-5
15
2
166
4
106
19
61
117
105
-5
20
2
171
61
120
101
-6
23
no
noo
61
170
76
-17
24
3
168
'23
r
107
19
70,583
49,670
1,573
58,705
12,669
7,145
92,940
96,323
11,083
70,638
58,245
1,573
52,146
14,766
7,233
93,539
100,211
10,850
70,699
57,461
1,573
53,386
12,940
6,985
94,983
97,468
10,592
71,331
63,202
1,569
40,803
7,303
7,312
89,871
92,176
7,849
19,181
46,287
18,750
2,013
14,035
58,281
5,833
44,000
7,849
17,402
47,718
18,750
2,039
14,421
57,911
7,460
42,808
7,849
19,405
48,375
18,750
2,048
12,259
57,361
8,453
42,871
19
9,472
6,882
31,578
'27,929
r
20,000
2,050
1,942
49,903
21,732
18,745
3
Includes figure for Sudan Government, formerly shown with Government deposits.
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.
1007
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
1956
Central bank, monetary unit,
and item
July
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 Hungary 2
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad
Foreign securities
Indian Govt. securities
Rupee coin
Note circulation
Banking department:
Notes of issue department
Balances abroad
Bills discounted
Loans to Government
Other assets
Deposits
Other liabilities and capital
Bank Indonesia (millions of rupiahs):
Gold and foreign exchange (net)..
Loans and discounts
Advances to Government
Other assets
Note circulation
Deposits—ECA
Other
Other liabilities and capital
Bank Melli Iran5 (millions of rials):
Gold
Foreign exchange
Gold contribution to Intl. F u n d . . .
Govt.-secured debt
Govt. loans and discounts
Other loans and discounts
Securities
Other assets
Note circulation
Deposits—Government
Banks
Other
Other liabilities and capital
Central Bank of Ireland (thousands of
pounds):
Gold
Sterling funds...
Note circulation.
4
1955
May
June
4,983 4,626 4,421
10,883 10,570 10,066
3,482 4,183 4,284
4,127 4,011 4,145
869
937
984
14,194 14,169 14,065
4,588 4,629 4,580
3,795 3,550 3,363
273
223
237
1,658 1,673 1,573
5,933
172
6,959
4,698
1,925
5,266
981
5,811
157
6,641
4,716
1,804
5,346
948
5,488
160
6,667
4,673
1,809
5,324
799
7,408
3,831
2,200
7,377
3,736
1,722
7,314
3,737
1,624
27,240
36,981
1,250
5,494
36,566
51,804
3,893
7,411
21,299
23,124
27,241
40,071
1,250
3,208
34,844
52,383
3,910
4,990
22,374
22,957
27,241
41,077
1,250
3,342
33,636
51,883
3,900
5,555
22,597
22,610
400
400
6,466 6,814
7,087 6,988
1,077 1,049
14,747 15,061
283
350
84
24
1,318
1,376
681
628
899
8,635
425
7,822
327
1,505
933
190
307
89
22
1,327
1,296
639
881
864
8,406
405
7,796
356
1,459
944
984
1,141
8,107
407
7,878
411
1,421
929
4,242 4,242 4,242
244
244
244
282
282
282
7,187 7,187 7,187
11,440 11,688 11,890
5,687 5,486 5,079
469
469
449
2,705 3,439 3,158
10,274 10,437 10,229
4,284 4,796 4,781
923 1,068 1,050
13,679 13,534 13,468
3,097 3,202 3,002
2,646 2,646 2,646
68,155 67,994 68,537
70,801 70,640 71,183
Includes figures for the nine Land Central Banks.
5 Items for issue and banking departments consolidated.
6 Holdings in each month were 448 million yen.
July
1956
Central bank, monetary unit,
and item
July
Bank of Israel (thousands of pounds):
Gold
Foreign exchange
Clearing accounts (net)
Loans and discounts
Advances to Government
Other Govt. accounts
Govt. securities
Other assets
Notes and coin in circulation
Deposits—Government.
Other
Other liabilities and capital
,709 Bank of Italy (billions of lire):
158
Gold
8,924
Foreign exchange
5,012
Advances to Treasury
1,710
Loans and discounts
3,9671
Govt. securities
1,246
Other assets
Note circulation
7,507
Deposits—Government
4,020
Demand
4,772
Other
Other liabilities and capital
Bank of Japan (billions of yen):
27,227
Bullion
25,054
Advances to Government
1,250
Loans and discounts
5,193
Govt. securities
36,931
Other assets
47,548
Note circulation
3,689
Deposits—Government
10,619
Other
16,856
Other liabilities
16,942 Bank of Mexico (millions of pesos):
Monetary reserve?
"Authorized" holdings of securities, etc
Bills and discounts
400
Other assets
6,370
Note circulation
5,436
Demand liabilities
1,085
Other liabilities and capital
12,915 Netherlands Bank (millions of
guilders):
377
Gold
800
Silver (including subsidiary coin)..
Foreign assets (net)
78
10
Loans and discounts
903
Govt. debt and securities.
1,699
Other assets
469
Note circulation—Old
New...
1,135
Deposits—Government...
390
ECA
9,760
Other
345
Other liabilities and capital.
8,203 Reserve Bank of New Zealand (thou495 sands of pounds):
Gold
2,023
909
Foreign exchange reserve
Loans and discounts
4,242
Advances to State or State un244
dertakings
282
Investments
7,187
Other assets
11,155
Note circulation
4,410
Demand deposits
411
Other liabilities and capital
3,085 Bank of Norway (millions of kroner):
10,021
Gold.
5,185
Foreign assets (net)
1,177
Clearing accounts (net)
11,'583
Loans and discounts
3,050
Securities
Occupation account (net)...
Other assets
2,646
Note circulation
68,734
Deposits—Government
71,380
Banks
FOA
Other liabilities and capital.
June
1955
May
July
2,107 2,057
2,025
131,147 125,814 73,577
7,805 11,152
9,125
21,309 20,509
7,335
30,497 26,178 32,335
39,800 42,371 12,019
139,228 141,428 141,502
17,855! 21,871 15,012
208,938!205,104 182,570
32,792i 33,691 r4,839
132,8411137,089 92,026
15,177 15,497 13,498
3,258
9,082
2,348
4,126
933
13,028
1,613
3,088
204
1,814
4
4
70
70
567
567
443
436
384
387
917
846
,609! 1,554
16
33
93
98
511
476
157
148
4
70
567
419
410
866
1,544
22
83
545
142
74
567
363
376
864
1,508
32
83
486
139
()
70
464
222
598
47
36
77)
71
455
221
597
42
31
77
32
508
224
561
86
36
81
202
384
160
538
59
69
83
1,783
1,765
1,807
1,535
4,963
715
419
4,817
2,314
748
4,981
593
446
4,777
2,281
726
5,274
475
382
4,686
2,541
711
4,343
485
480
4,315
1,824
703
3,226
3
1,176
93
660
361
3,231
4
1,176
63
540
393
3,271
6
1,361
43
440
376
4,141
29
419
721
209
3,925
58
466
758
199
4,006
125
466
704
195
3,046
27
1,478
26
628
360
28
3,728
236
534
842
198
6,162 6,162 6,162
52,056 52,128 48,950
33,682 31,680 32,824
6,161
56,905
30,342
32,409
38,173
1,597
69,332
85,931
8,816
37,042
38,173
1,472
69,431
88,641
8,585
28,115
38,174
1,401
68,755
75,730
11,141
11,487
33,257
1,514
68,318
63,172
8,176
208
-49
-39
122
75
5,546
104
3,220
1,291
537
23
897
208
-63
-50
137
81
,546
122
,219
,384
406
90
882
208
-64
-70
165
80
5,546
94
3,063
1,526
392
90
889
203
-266
-42
97
109
5,546
73
3,184
1,132
493
H02
7
Includes gold, silver, and foreign exchange forming required reserve
(25 per cent) against notes and other demand liabilities.
For other footnotes see opposite page.
1008
CENTRAL BANKS
PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued
Central bank, monetary unit,
and item
State Bank of Pakistan (millions of
rupees):
Issue department:
Gold at home and abroad
Sterling securities
Pakistan Govt. securities
Govt. of India securities
India currency
Rupee coin
Notes in circulation
Banking department:
Notes of issue department
Bills discounted
Loans to Government
Other assets
Deposits
Other liabilities and capital
Central Bank of Paraguay (millions of
guaranies):
Goldi
Foreign exchange (net)
Net claim on Intl. Funds
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. Fund2
Loans and discounts to b a n k s . . . .
Loans to Government
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of the Philippines
(millions of pesos):
Gold
Foreign exchange
Net claim on Intl. Fund2
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 poun<'
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits
Other liabilities and c a p i t a l . . . .
Baak of Spain (millions of pesetas):
Gold
Silver
Govt. loans and securities
Other loans and discounts
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital....
r
1956
July
June
1955
May
July
July
June
1955
May
July
Bank of Sweden (millions of kronor):
115
1,010
1,156
177
430
69
2,811
115
1,014
1,154
176
430
71
2,835
114
914
1,204
276
430
68
2,875
148
6
125
1
131
1
653
629
178
728
706
147
587
574
144
11
296
53
1,499
476
123
1,081
244
185
947
11
130
23
1,517
483
50
1,046
225
138
805
485
67
855
1,293
176
2,187
420
269
511
67
784
1,182
186
2,061
394
276
545
67
837
1,065
188
1,997
433
272
38
388
36
396
36
391
143
372
136
627
86
289
74
142
385
134
633
86
306
67
53
386
134
647
86
186
80
5,695 5,706 5,750
13,514 13,593 13,700
1,053
1,071 1,021
1,374 1,383 1,379
1,441 1,437 1,475
10,621 10,605 10,640
1,790 1,661 1,473
88
84
88
8,013 8,204 8,556
2,583 2,583 2,604
75
32
22
48
110
52
17
76
38
13
50
109
53
15
77
26
31
58
108
66
19
617
322
15,829
42,943
54,894
48,599
6,667
11,011
48,329
617
322
15,806
37,486
47,875
46,495
4,000
9,429
42,184
617
323
16,113
37,463
49,129
46,059
4,256
9,386
43,943
Gold
Foreign assets
,
Net claim on Intl. Fund2
Swedish Govt. securities and advances to National Debt Office:
Other domestic bills and advances,
Other assets
,
Note circulation
Demand deposits—Government..
Other
85
Other liabilities and capital
1 Swiss National Bank (millions of
30 francs):
466
Gold
492
Foreign exchange
89
Loans and discounts
Other assets
Note circulation.
4
Sight liabilities
31
Other liabilities and capital
8 Central Bank of the Republic of Turkey
'1,142 (millions of pounds):
496
Gold
'241
Foreign exchange and foreign
845
clearings
195
Loans and discounts
147
Securities
735
Other assets
Note circulation
Deposits—Gold
Other
636
Other liabilities and capital
67
562 Bank of the Republic of Uruguay (mil1,156 lions of pesos):
Gold
146
Silver
1,
446
Advances to State and Govt.
bodies
227
Other loans and discounts
Other assets
Note circulation
24
Deposits—Government
331
Other
10
Other liabilities and capital
79
297 Central Bank of Venezuela (millions
163 of bolivares):
Gold
576
Foreign exchange (net)
87
Other assets
195
Note circulation
46
Deposits
Other liabilities and capital
5,435
007
13,"~ National Bank of Federal People's Re804 public of Yugoslavia (billions of
1,384 dinars):
1,059
Gold
10,194
Gold contribution to Intl. F u n d . . .
1,531
Foreign assets
99
Loans (short-term)
7,648
Govt. debt (net)
2,217
Other assets
Notes and coin in circulation
Demand deposits
Foreign liabilities
Long-term liabilities (net)
Other liabilities and capital
53 Bank for International Settlements
106 (millions of Swiss gold francs):
67
Gold in bars
18
Cash on hand and with b a n k s . . . .
Rediscountable bills and accept615
ances (at cost)
323
Time funds at interest
16,239
Sundry bills and investments
31,322
Funds invested in Germany
40,845
Other assets
44,047
Demand deposits—Gold
6,319
Other
,
114
413
1,391
222
300
46
2,400
4,212
34,767
Revised.
* Latest month available.
i On Mar. 1, 1956, gold revalued from 0.0423177 to 0.0148112 grams of
fine gold per guarani.
2This figure represents the amount of the country's subscription to the
Fund less the bank's local currency liability to the Fund.
1956
Central bank, monetary unit,
and item
Long-term deposits: Special
Other liabilities and capital
,
,
574
921
129
566
922
129
585
852
129
582
1,002
129
3,971
21
989
4,949
210
289
1,158
3,787
207
978
5,108
207
116
1,157
3,591
177
1,003
4,968
231
81
1,058
3,006
42
1,011
4,735
93
240
704
6,763
611
150
102
5,264
2,145
218
6,649
633
180
102
5,251
2,094
218
6,684
557
145
102
5,166
2,105
218
6,243
683
158
102
5,123
1,858
205
402
402
402
402
180
3,650
29
228
2,126
155
1,573
635
188
3,654
29
203
2,108
155
1,549
663
206
3,515
29
144
2,005
155
1,560
577
198
3,237
30
118
1,811
154
1,503
516
(Apr.)
327
10
344
11
239
483
663
509
196
336
680
142
466
828
469
149
335
838
1,234
633
166
1,062
292
677
1,234
659
141
1,064
323
647
1,234
380
151
1,013
281
469
5
2
62
855
20
62
81
155
123
477
171
5
2
63
839
21
27
77
160
124
439
156
5
2
56
704
35
51
88
188
102
373
101
633
57
610
60
660
59
696
79
556
120
529
297
1
692
977
229
295
549
115
477
297
2
666
919
229
298
545
95
437
297
1
623
945
229
297
336
153
380
297
1,234
634
182
1,077
342
631
456
'972
229
285
3 Includes small amount of nongovernment bonds.
NOTE.—All figures, including gold and foreign exchange, are compiled
from official reports of individual banks and are as of the last report date
of the month.
MONEY RATES
1009
CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1
[Per cent per annum]
Central banks with new rates since June 1954
Month effective
In effect June 30, 1954..
Austria
Belgium
3.5
2.75
Neth- Nor2 PhilipSwe- Tur- United Can- New Un.of CeyGerDenermark France many Greece lands way Spain den key King- ada Zea- South lon Japan pines
dom
land Africa
5.0
3.25
1954_j u ly
Nov..
Dec
3.0
10.0
2.5
2.5
2.75 3.0
4.0
2.0
3.0
3.75
9.0
3.5
3.5
4.5
3.75
5.5
4.5
2.0
3.5
6.6
5.5
5.5
10.0
4.5
3 6
io.6
6 0
3 25
3.0
5.0
5.5
3.0
1.5
5 5
3 0
4.5
6.57
8.03
4 5
3.25 7.0
5.0
n effect Aug. 31, 1956..
5.0
2.25 7.0
2.75
1956—Feb.
Mar
Apr
May
June
Aug
2.5
1.5
4.5
3.0
4.0
4.6
3 0
1955__Jan
Feb
Apr
May
June
July
Aug
Sept.. ..
Oct
Nov
3.5
3 25
3.75 3.75 6.0
3.25 3.5
5.5
2.5
8.03
1.5
Other selected central banks—Rates in effect on Aug. 31, 1956
Area and
country
Rate
Europe:
4.0
Italy
Portugal
2.5
Switzerland. .. 1.5
Month
effective
Area and
country
Rate
Apr. 1950
Jan. 1944
Nov. 1936
Asia:
Burma
India 2
Indonesia 2 ...
Pakistan
3.0
3.25
3.0
3.0
Month
effective
Feb.
Mar.
Apr.
July
1948
1956
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 7.3 per cent for discount of paper related to do-
Area and
country
Rate
Asia—Cont.:
7.0
Thailand
Latin America:
Colombia 2 ... 4.0
Costa Rica 2 .. 3.0
Month
effective
Area and
country
Rate
I-Mtin Am.—Cont.
El Salvador 2 .
Mexico
Peru 2
July 1933
Venezuela....
Apr. 1939
Feb. 1945
3.0
4.5
6.0
2.0
Month
effective
Mar.
June
Nov.
May
1950
1942
1947
1947
mestic commercial transactions (rate shown is for advances on commercial
paper and miscellaneous collateral); India—3.5 per cent for discounts and
for advances on government securities (rate shown is for advances on commercial paper); Indonesia—various rates dependent on type of paper, collateral, commodity involved, etc.; Colombia—3 per cent for agricultural
paper and for loans on products in bonded warehouses; Costa Rica—5 per
cent for paper related to commercial transactions (rate shown is for
agricultural and industrial paper); El Salvador—2 per cent for agricultural
paper; and Peru—4 per cent for agricultural, industrial, and mining paper.
OPEN MARKET RATES
[Per cent per annum]
United Kingdom
Canada
Month
Treasury Day-tobills
day
3 months i money 2
Bankers' Treasury
acceptbills
ances
3 months 3 months
1953—Dec..
1954—Dec..
.08
.78
2.19
1.78
1955—July..
Aug..
Sept..
Oct...
Nov..
Dec.
.43
.62
.79
2.07
2.38
2.59
1.11
1.34
1.61
1.95
2.19
2.42
1956—Jan...
Feb...
Mar..
Apr..
2.58
2.51
2.62
2.83
2.84
2.63
2.53
2.49
2.34
2.57
2.65
2.66
2.68
2.52
June.
July..
Bankers'
allowance Day-today
on
money
deposits
Netherlands
Treasury Day-today
bills
3 months money
1.94
1.45
1.75
1.25
3.75
3.29
.03
.77
4.00
4.06
4.15
4.16
4.21
4.22
2.11
1.78
3.97
4.00
4.07
4.07
4.10
4.08
3.14
3.24
2.50
2.50
2.50
2.50
2.50
2.50
3.30
3.06
3.00
3.02
3.06
2.99
4.22
4.77
5.34
5.27
5.14
5.20
5.10
4.07
4.69
5.18
5.11
4.95
5.09
5.01
3.03
3.68
4.17
4.05
4.13
4.16
3.96
2.50
2.98
3.50
3.50
3.50
3.50
3.50
2.95
3.05
3.06
3.21
3.23
3.24
i Based on average yield of weekly tenders during the month.
Day-today
money
France
2
Sweden
Switzerland
Private
Loans
discount
up to
rate
3 months
.50
.50
.75
.80
1.04
.94
.75
1.06
.50
.57
.50
.56
.75
.57
.50
.62
1.38
1.53
1.32
1.59
1.76
2.38
2.74
1.15
1.00
1.00
1.23
1.25
1.43
1.50
.50
.50
.50
.50
.50
.50
.50
Based on weekly averages of daily closing rates.
.50
.50
.50
.50
.50
.50
1010
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
Basic
26.571
20.000
20.000
20.000
20.000
120.000
13.333
13.333
13.333
13.333
13.333
U3.333
8.289
7.067
7.163
7.198
7.198
223.15
223.07
222.63
224.12
223.80
222.41
20.000
13.333
20.000
13.333
25.556
5.556
5.556
1950
1951
1952
1953
1954
1955
Preferential
7.173
7.175
33.226
3.095
2.806
In cents per unit of foreign currency]
Austria
(schilling)
Belgium
(franc)
Free
British
Malaysia
(dollar)
Canada
(dollar)
Official
90.909
Free
91.474
94.939
102.149
101.650
102.724
101.401
3.8580
3.8580
3.8580
1.9908
1.9859
1.9878
2.0009
1.9975
1.9905
32.788
32.849
32.601
32.595
32.641
32.624
222.04
221.98
222.47
223.22
223.32
3.8580
3.8580
3.8580
3.8580
3.8580
1.9874
1.9874
1.9911
1.9955
1.9986
32.577
32.568
32.639
32.753
32.764
101.502
101.228
100.474
100.047
100.048
2.587
2.386
2.454
2.536
2.657
2.872
3.090
3.249
223.63
223.62
223.50
223.72
223.71
223.28
222.58
221.76
3.8580
3.8580
8580
8580
8580
8580
8580
3.8580
2.0001
2.0000
2.0023
2.0035
2.0029
2.0032
2.0074
2.0049
32.819
32.816
32.798
32.761
32.700
32.608
32.510
32.368
100.122
100.080
100.122
100.302
100.803
101.476
101.835
101.907
Ceylon
(rupee)
Denmark
(krone)
Finland
(markka)
France
(franc)
Germany
(deutsche
mark)
India
(rupee)
Ireland
(pound)
Mexico
(peso)
1950.,
1951.,
1952.,
1953.
1954.
1955.
20.850
20.849
20.903
21.046
21.017
20.894
14.494
14.491
14.492
280.38
279.68
281.27
280.87
279.13
11.570
11.564
11.588
11.607
9.052
8.006
1955—Aug..
Sept..
Oct...
Nov..
Dec...
1956—Jan..,
Feb..
Mar..
Apr..
May.
June.
July..
Aug..
1955—Aug.
Sept.
Oct..
Nov.
Dec.
1956—Jan..
Feb..
Mar.
Apr.,
May.
June,
July.
Aug.
5.556
556
556
556
556
5.556
5.556
5.556
Year or month
.4354
.4354
.4354
.4354
.4354
.2858
.2856
.2856
.2856
.2856
.2856
23.838
23.838
23.838
23.838
23.765
20.870
20.869
20.922
21.049
21.020
20.894
20.861
20.852
20.907
20.979
20.988
.4354
.4354
.4354
.4354
.4354
.2856
.2856
.2855
.2855
.2854
23.729
23.726
23.724
23.721
23.719
20.861
20.852
20.907
20.979
20.988
278.67
278.58
279.21
280.15
280.26
8.006
8.006
8.006
8.006
8.006
21.019
21.017
21.004
21.024
21.022
20.977
20.917
20.858
.4354
.4354
.4354
.4354
.4354
.4354
.4354
.4354
.2854
.2855
.2855
.2855
.2855
.2855
.2855
.2855
23.719
23.717
23.716
23.716
23.729
23.797
23.839
23.853
21.019
21.017
21.004
21.024
21.022
20.977
20.911
20.830
280.66
280.64
280.49
280.77
280.76
280.22
279.33
278.31
8.006
8.006
8.006
8.006
8.006
8.006
8.006
8.006
Netherlands
(guilder)
New
Zealand
(pound)
Norway
(krone)
Philippine
Republic
(peso)
Portugal
(escudo)
South
Africa
(pound)
Sweden
(krona)
Switzerland
(franc)
United
Kingdom
(pound)
1950
1951
1952
1953
1954
1955
26.252
26.264
26.315
26.340
26.381
26.230
277.28
277.19
276.49
278.48
278.09
276.36
14.015
14.015
14.015
14.015
14.008
14.008
49.621
49.639
49.675
49.676
49.677
49.677
3.4704
3.4739
3.4853
3.4887
3.4900
3.4900
278.38
278.33
278.20
280.21
279.82
278.09
19.332
19.327
19.326
19.323
19.333
19.333
23.136
23.060
23.148
23.316
23.322
23.331
280.07
279.96
279.26
281.27
280.87
279.13
1955—Aug.
Sept.
Oct..
Nov.
Dec.
26.127
26.148
26.213
26.211
26.128
275.91
275.82
276.44
277.37
277.49
14.008
14.008
14.008
14.008
14.008
49.677
49.677
49.677
49.677
49.677
3.4900
3.4900
3.4900
3.4900
3.4900
277.62
277.54
278.16
279.10
279.21
19.333
19.333
19.333
19.333
19.333
23.331
23.334
23.332
23.335
23.335
278.66
278.58
279.20
280.14
280.26
1956—Jan..
Feb..
Mar.
Apr..
May
June,
July.
Aug.
26.125
26.123
26.107
26.125
26.110
26.106
26.106
26.111
277.88
277.87
277.72
277.99
277.98
277.44
276.57
275.55
14.008
14.008
14.008
14.008
14.008
14.008
14.008
14.008
49.677
49.677
49.677
49.677
49.677
49.677
49.677
49.677
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
279.61
279.60
279.45
279.72
279.71
279.17
278.29
277.27
19.333
19.333
19.333
19.333
19.333
19.333
19.333
19.333
23.335
23.335
23.355
23.335
23.332
23.334
23.335
23.335
280.66
280.64
280.49
280.77
280.76
280.22
279.33
278.31
Year or month
i Annual averages based on quotations through Oct. 27, 1955; monthly
averages for October for these rates were the same as those for September.
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, based on quotations beginning Oct. 28, 1955.
The material listed below may be obtained from
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FLOW OF FUNDS IN THE UNITED STATES, 1939-53.
A new accounting record designed to picture
the flow of funds through the major sectors of
the national economy. December 1955. 390
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THE FEDERAL RESERVE SYSTEM—PURPOSES AND
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November 1955. 208 pages.
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RULES OF ORGANIZATION AND RULES OF PROCE-
DURE—Board of Governors of the Federal Reserve System (with Amendments). September
1946. 31 pages.
REGULATIONS OF THE BOARD OF GOVERNORS OF
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Individual
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ADMINISTRATIVE INTERPRETATIONS OF REGULATION F—SECTION 17—COMMON TRUST FUNDS.
1011
9 pages.
1012
FEDERAL RESERVE BULLETIN • SEPTEMBER 1956
REPRINTS
(From Federal Reserve Bulletin unless preceded by
an asterisk)
THE MONETARY SYSTEM OF THE UNITED STATES.
February 1953. 16 pages.
pages.
April
19 pages.
STABILITY.
May 1953. 7 pages.
(supplementary details for item listed above),
April 1953. 25 pages.
FEDERAL RESERVE BANK RESPONSIBILITIES.
May
5 pages.
UNITED STATES POSTWAR INVESTMENT IN LATIN
AMERICA. May 1953. 6 pages.
STORE
SALES
AND STOCKS, BY
MAJOR DEPARTMENTS (Revised Indexes) No-
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FEDERAL RESERVE MONTHLY INDEX OF INDUS-
TRIAL PRODUCTION, 1953 Revision.
December
96 pages.
EXTENSIONS AND REPAYMENTS OF CONSUMER INSTALMENT CREDIT. January 1954. 14 pages.
N E W INDEXES OF OUTPUT OF CONSUMER DURABLE GOODS. May 1954. 15 pages.
THE PRIVATE DEMAND FOR GOLD, 1931-53.
Sep-
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RECENT FINANCIAL CHANGES IN WESTERN GER-
MANY.
October 1954. 10 pages.
WORLD TRADE AND PRODUCTION IN 1953-54.
Oc-
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USE
OF MONETARY INSTRUMENTS SINCE MID-
1952.
December 1954. 8 pages.
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* DETAILED DESCRIPTION OF SOURCES AND METHODS USED IN REVISION OF SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT STATISTICS
DEPARTMENT
BALANCE OF INTERNATIONAL PAYMENTS IN 1954-
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FEDERAL FINANCIAL MEASURES FOR ECONOMIC
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A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS, ANNUAL ESTIMATES, 1939-54. Octo-
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REVISION OF CONSUMER CREDIT STATISTICS.
1953.
ESTIMATES OF CONSUMER INSTALMENT CREDIT
EXTENDED AND REPAID, 1929-1939. June 1955.
8 pages.
INFLUENCE OF CREDIT AND MONETARY MEASURES
ON ECONOMIC STABILITY. March 1953. 16
1953.
BANKERS' ACCEPTANCE FINANCING IN THE UNITED
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December 1955. 6 pages.
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(Se-
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THE
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February 1956. 11 pages.
March
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INTERNATIONAL GOLD AND DOLLAR FLOWS.
1956 SURVEY OF CONSUMER FINANCES. Preliminary Findings. March 1956. 3 pages. The
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14 pages. Consumer Indebtedness. July 1956.
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July 1956. 7 pages.
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August 1956. 10 pages.
1956.
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.
ELLIOTT THURSTON, Assistant
J. L. ROBERTSON
CHAS. N. SHEPARDSON
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. KENYON, Assistant
CLARKE L. FAUVER, Assistant
Director
GERALD M. CONKLING, Assistant
Secretary
JOHN R. FARRELL, Assistant
Secretary
LEGAL DIVISION
Director
Director
DIVISION OF EXAMINATIONS
GEORGE B. VEST, General Counsel
GEORGE S. SLOAN, Director
FREDERIC SOLOMON, Assistant General Counsel
HOWARD H.HACKLEY, Assist ant General Counsel
DAVID B. HEXTER, Assistant General Counsel
G. HOWLAND CHASE, Assistant General Counsel
JEROME W. SHAY, Assistant General Counsel
C. C. HOSTRUP, Assistant
THOMAS J. O'CONNELL, Assistant
General
Director
FRED A. NELSON, Assistant
Director
ARTHUR H. LANG, Chief Federal
Examiner
ROBERT C. MASTERS, Assistant
G L E N N M. GOODMAN, Assistant
Counsel
HENRY BENNER, Assistant
Reserve
Director
Director
Director
DIVISION OF PERSONNEL ADMINISTRATION
DIVISION OF RESEARCH AND STATISTICS
EDWIN J. JOHNSON, Director
RALPH A. YOUNG, Director
FRANK R. GARFIELD,
H. FRANKLIN SPRECHER, JR., Assistant
Adviser
DIVISION OF ADMINISTRATIVE SERVICES
GUY E. NOYES, Adviser
ROLAND I. ROBINSON,
Adviser
LISTON P. BETHEA, Director
KENNETH B. WILLIAMS, Assistant
SUSAN S. BURR, Assistant
Director
JOSEPH E. KELLEHER, Assistant
Director
Director
ALBERT R. KOCH, Assistant
OFFICE OF DEFENSE LOANS
Director
LEWIS N . DEMBITZ, Assistant
Director
GARDNER L. BOOTHE, II,
Administrator
OFFICE OF THE CONTROLLER
^DIVISION OF INTERNATIONAL FINANCE
EDWIN J. JOHNSON, Controller
M. B. DANIELS, Assistant
ARTHUR W. MARGET, Director
Director
1013
Controller
1014
FEDERAL RESERVE BULLETIN • SEPTEMBER 1956
Federal Open Market Committee
W M . M C C . MARTIN, JR.,
Chairman
C. CANBY BALDERSTON
J. A. ERICKSON
DELOS C. JOHNS
ALFRED HAYES,
A. L. MILLS, JR.
O. S. POWELL
J. L. ROBERTSON
WINFIELD W. RIEFLER, Secretary
ELLIOTT THURSTON, Assistant Secretary
GEORGE B. VEST, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
WOODLIEF THOMAS, Economist
Vice Chairman
CHAS. N. SHEPARDSON
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.
FRANKLIN L. PARSONS, Associate Economist
H. V. ROELSE, Associate Economist
PARKER B. WILLIS, Associate Economist
RALPH A. YOUNG, Associate Economist
ROBERT G. ROUSE, Manager of System Open
WM. J. ABBOTT, JR., Associate Economist
Market Account
Federal Advisory Council
WILLIAM D . IRELAND, BOSTON
COMER J. KIMBALL, ATLANTA
ADRIAN M. MASSIE, NEW YORK
HOMER J. LIVINGSTON, CHICAGO
WILLIAM R. K. MITCHELL, PHILADELPHIA
L E E P. MILLER, ST. LOUIS
FRANK R. DENTON, CLEVELAND,
JULIAN B. BAIRD, MINNEAPOLIS
Vice President
R. CROSBY KEMPER, KANSAS CITY
ROBERT V. FLEMING, RICHMOND,
GEO. G. MATKIN, DALLAS
President
FRANK L. KING, SAN FRANCISCO
WILLIAM J. KORSVIK, Acting
Secretary
Federal Reserve Banks and Branches
District 1—FEDERAL RESERVE BANK OF BOSTON
BOARD OF DIRECTORS
Robert C. Sprague, Chairman and Federal Reserve Agent
Frederick S. Blackall, jr.
Lloyd D. Brace
James R. Killian, Jr., Deputy Chairmam
Harold I. Chandler
Oliver B. Ellsworth
Milton P. Higgins
J. A. Erickson, President
Harvey P. Hood
Harry E. Umphrcy
Alfred C. Neal, First Vice President
Vice Presidents
D. H. Angney
E. O. Latham
Carl B. Pitman
O. A. Schlaikjer
District 2—FEDERAL RESERVE BANK OF NEW YORK
BOARD OF DIRECTORS
Jay E. Crane, Chairman and Federal Reserve Agent
John E. Bierwirth
Ferd I. Collins
John R. Evans
Clarence Francis
Franz Schneider
Forrest F. Hill, Deputy Chairman
Howard C. Sheperd
Lansing P. Shield
FEDERAL RESERVE BANKS AND BRANCHES
1015
District 2—FEDERAL RESERVE BANK OF NEW YORK-Continued
Alfred Hayes, President
H. A. Bilby
John Exter
H. H. Kimball
A. Phelan
Leland B. Bryan
Robert L. Davis
Charles H. Diefendorf
William F. Treiber, First Vice President
Vice Presidents
H. V. Roelse
Robert G. Rouse
I. B. Smith, in charge
of Buffalo Branch
BUFFALO BRANCH—BOARD OF DIRECTORS
Ralph F. Peo
John W. Remington
T. G. Tiebout
V. Willis
R. B. Wiltse
Robert C. Tait,
Chairman
Clayton G. White
District 3—FEDERAL RESERVE BANK OF PHILADELPHIA
BOARD OF DIRECTORS
William J. Meinel, Chairman and Federal Reserve Agent
Henderson Supplee, Jr., Deputy Chairman
W. Elbridge Brown
Bayard L. England
Warren C. Newton
Lester V. Chandler
Lindley S. Hurff
Charles E. Oakes
Wm. Fulton Kurtz
Alfred H. Williams, President
W. J. Davis, First Vice President
Vice Presidents
Karl R. Bopp
Robert N. Hilkert
E. C. Hill
Wm. G. McCreedy
P. M. Poorman
J. V. Vergari
District 4—FEDERAL RESERVE BANK OF CLEVELAND
BOARD OF DIRECTORS
John C. Virden, Chairman and Federal Reserve Agent
Arthur B. Van Buskirk, Deputy Chairman
King E. Fauver
Joseph B. Hall
Charles Z. Hardwick
Edison Hobstetter
J. Brenner Root
W. D. Fulton, President
Donald S. Thompson, First Vice President
Vice Presidents
J. W. Kossin, in charge of
Martin Morrison
Pittsburgh Branch
H. E. J. Smith
A. H. Laning
Paul C. Stetzelberger
Dwight L. Allen
Roger R. Clouse
R. G. Johnson, in charge of
Cincinnati Branch
CINCINNATI BRANCH—BOARD OF DIRECTORS
Leonard M. Campbell
Bernard H. Geyer
Roger Drackett
Anthony Haswell, Chairman
W. Bay Irvine
PITTSBURGH BRANCH—BOARD OF DIRECTORS
John H. Lucas
Sumner E. Nichols
jDouglas M. Moorhead
Albert L. Rasmussen
Henry A. Roemer, Jr., Chairman
Alexander E. Walker
Frank J. Welch
Ivan Jett
William A. Mitchell
John C. Warner
Irving W. Wilson
1016
FEDERAL RESERVE BULLETIN • SEPTEMBER 1956
District 5—FEDERAL RESERVE BANK OF RICHMOND
BOARD OF DIRECTORS
John B. Woodward, Jr., Chairman and Federal Reserve Agent Alonzo G. Decker, Jr., Deputy Chairman
Daniel W. Bell
Joseph E. Healy
J. K. Palmer
D. W. Colvard
L. Vinton Hershey
W. A. L. Sibley
Robert O. Huffman
Hugh Leach, President
N. L. Armistead
R. L. Cherry, in charge of
Charlotte Branch
Theodore E. Fletcher
Wm. Purnell Hall
Charles W. Hoff
Archie K. Davis
William H. Grier,
Chairman
Edw. A. Wayne, First Vice President
Vice Presidents
D. F. Hagner, in charge of
Baltimore Branch
Aubrey N. Heflin
Upton S. Martin
BALTIMORE BRANCH—BOARD OF DIRECTORS
Charles A. Piper
John W. Stout
CHARLOTTE BRANCH—BOARD OF DIRECTORS
Ernest Patton
I. W. Stewart
James M. Slay
C. B. Strathy
Chas. W. Williams
Stanley B. Trott
Clarence R. Zarfoss,
Chairman
Paul T. Taylor
G. G. Watts
T. Henry Wilson
District 6—FEDERAL RESERVE BANK OF ATLANTA
BOARD OF DIRECTORS
Walter M. Mitchell, Chairman and Federal Reserve Agent
Harllee Branch, Jr., Deputy Chairman
Roland L. Adams
W. C. Bowman
William C. Carter
Henry G. Chalkley, Jr.
Donald Comer
Malcolm Bryan, President
V. K. Bowman
J. E. Denmark
H. C. Frazer, in charge of
Birmingham Branch
T. A. Lanford, in charge of
Jacksonville Branch
Edwin C. Bottcher
Robert M. Cleckler
John Will Gay
Linton E. Allen
W. E. Ellis
James G. Garner
A. B. Freeman
Pollard Turman
Lewis M. Clark, First Vice President
Vice Presidents
John L. Liles, Jr.
R. E. Moody, Jr., in charge
of Nashville Branch
Harold T. Patterson
BIRMINGHAM BRANCH—BOARD OF DIRECTORS
E. W. McLeod
Malcolm A. Smith
JACKSONVILLE BRANCH—BOARD OF DIRECTORS
James L. Niblack
J. Wayne Reitz
L. B. Raisty
Earle L. Rauber
S. P. Schuessler
M. L. Shaw, in charge
of New Orleans
Branch
John E. Urquhart
Adolf Weil, Sr.,
Chairman
Harry M. Smith
McGregor Smith,
Chairman
FEDERAL RESERVE BANKS AND BRANCHES
1017
District 6—FEDERAL RESERVE BANK OF ATLANTA-Continued
NASHVILLE BRANCH—BOARD OF DIRECTORS
Frank B. Ward,
A. Carter Myers
Stewart Campbell
Chairman
W. E. Tomlinson
J. R. Kellam, Jr.
C. L. Wilson
Ernest J. Moench
NEW ORLEANS BRANCH—BOARD OF DIRECTORS
D. U. Maddox
H. A. Pharr
William J. Fischer
E. E. Wild,
Leon J. Minvielle
Joel L. Fletcher, Jr.
Chairman
G. H. King, Jr.
District 7—FEDERAL RESERVE BANK OF CHICAGO
BOARD OF DIRECTORS
Bert R. Prall, Chairman and Federal Reserve Agent
Carl E. Allen, Jr., Deputy Chairman *
Walter J. Cummings
William A. Hanley
Nugent R. Oberwortmann
William J. Grede
Walter E. Hawkinson
J. Stuart Russell
Vivian W. Johnson
(Vacancy) President
Neil B. Dawes
W. R. Diercks
A. M. Gustavson
John A. Hannah,
Chairman
Ira A. Moore
E. C. Harris, First Vice President
Vice Presidents
C. T. Laibly
R. A. Swaney, in charge
George W. Mitchell
of Detroit Branch
H. J. Newman
W. W. Turner
A. L. Olson
DETROIT BRANCH—BOARD OF DIRECTORS
Raymond T. Perring
Howard P. Parshall
Ernest W. Potter
C. V. Patterson
J. Thomas Smith
District 8—FEDERAL RESERVE BANK OF ST. LOUIS
BOARD OF DIRECTORS
M. Moss Alexander, Chairman and Federal Reserve Agent
Caffey Robertson, Deputy Chairman
S. J. Beauchamp, Jr.
J. E. Etherton
Louis Ruthenburg
Phil E. Chappell
William A. McDonnell
Leo J. Wieck
Joseph H. Moore
Delos C. Johns, President
Frederick L. Deming, First Vice President
Vice Presidents
Victor M. Longstreet, in charge
Darryl R. Francis, in charge
Wm. J. Abbott, Jr.
of Louisville Branch
Fred Burton, in charge of
of Memphis Branch
H. H. Weigel
Little Rock Branch
Geo. E. Kroner
J. C. Wotawa
Dale M. Lewis
LITTLE ROCK BRANCH—BOARD OF DIRECTORS
H. C. McKinney, Jr.
J. V. Satterfield, Jr.
Donald Barger
Shuford R. Nichols,
A. Howard Stebbins, Jr,
T. Winfred Bell
E. C. Benton
Chairman
* President-elect, to take office October 1, 1956.
1018
FEDERAL RESERVE BULLETIN • SEPTEMBER 1956
District 8—FEDERAL RESERVE BANK OF ST. LOUIS-Continued
LOUISVILLE BRANCH—BOARD OF DIRECTORS
Pierre B. McBride,
Chairman
W. Scott Mclntosh
David F. Cocks
Magnus J. Kreisle
MEMPHIS BRANCH—BOARD OF DIRECTORS
John A. McCall
William B. Pollard
Henry Banks
J. H. Harris
A. E. Hohenberg
M. C. Minor
J. D. Monin, Jr.
Noel Rush
John D. Williams,,
Chairman
John K. Wilson
District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS
BOARD OF DIRECTORS
Leslie N. Perrin, Chairman and Federal Reserve Agent
John E. Corette
F. Albee Flodin
O. B. Jesness, Deputy
Thomas G. Harrison
Ray C. Lange
Harold C. Refling
O. S. Powell, President
A. W. Heidel
J. Willard Johnson
Joseph F. Ringland
Harold N. Thomson
A. W. Mills, First Vice President
Vice Presidents
C. W. Groth
E. B. Larson
H. G. McConnell
Kyle K. Fossum, in charge
of Helena Branch
Chairman
M. H. Strothman, Jr.
Sigurd Ueland
HELENA BRANCH—BOARD OF DIRECTORS
Geo. N. Lund
Carl McFarland
George R. Milburn,
Chairman
District 10—FEDERAL RESERVE BANK OF KANSAS CITY
BOARD OF DIRECTORS
Raymond W. Hall, Chairman and Federal Reserve Agent
K. S. Adams
W. L. Bunten
Joe W. Seacrest, Deputy Chairman
E. M. Dodds
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
Henry O. Koppang, First Vice President
Vice Presidents
R. L. Mathes, in charge
of Oklahoma City Branch
Cecil Puckett, in charge
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
Max A. Miller
Oliver S. Willham
Clarence W. Tow
E. D. Vanderhoof
D. W. Woolley
Aksel Nielsen, Chairman
Ray Reynolds
R. Otis McClintock
F. M. Overstreet
FEDERAL RESERVE BANKS AND BRANCHES
1019
District 10—FEDERAL RESERVE BANK OF KANSAS CITY-Continued
OMAHA BRANCH—BOARD OF DIRECTORS
C. Wheaton Battey
Manville Kendrick
James L. Paxton, Jr.,
George J. Forbes
William N. Mitten
Chairman
District 11—FEDERAL RESERVE BANK OF DALLAS
BOARD OF DIRECTORS
Robert J. Smith, Chairman and Federal Reserve Agent
Hal Bogle, Deputy Chairman
John R. Alford
D. A. Hulcy
J. B. Thomas
Henry P. Drought
J. Edd McLaughlin
Sam D. Young
W. L. Peterson
Watrous H. Irons, President
W. D. Gentry, First Vice President
Vice Presidents
W. E. Eagle, in charge of
San Antonio Branch
W. H. Holloway
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
Thomas C. Patterson
John P. Butler
J. M. Sakrison
James A. Dick
HOUSTON BRANCH—BOARD OF DIRECTORS
I. F. Betts
W. B. Callan
L. R. Bryan, Jr.
John C. Flanagan
S. Marcus Greer
SAN ANTONIO BRANCH—BOARD OF DIRECTORS
Clarence E. Ayres,
E. C. Breedlove
Chairman
Burton Dunn
J. W. Beretta
T. W. Plant
L. G. Pondrom
Morgan H. Rice
Harry A. Shuford
D. F. Stahmann,
Chairman
E, J. Workman
Herbert G. Sutton,
Chairman
Tyrus R. Timm
V. S. Marett
Alex R. Thomas
Harold Vagtborg
District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO
BOARD OF DIRECTORS
A. H. Brawner, Chairman and Federal Reserve Agent
Y. Frank Freeman, Deputy Chairman
Carroll F. Byrd
Walter S. Johnson
Reese H. Taylor
M. Vilas Hubbard
Alden G. Roach
Philip I. Welk
John A. Schoonover
H. N. Mangels, President
Eliot J. Swan, First Vice President
Vice Presidents
E. R. Barglebaugh, in charge of
E. R. Millard
W. F. Volberg,
Salt Lake City Branch
R. H. Morrill
in charge of
J A
J. M. Leisner, in charge of
- - Randall, in charge of
Los Angeles Branch
Seattle Branch
Portland Branch
Q. P. Wheeler
H. F. Slade
1020
FEDERAL RESERVE BULLETIN • SEPTEMBER 1956
District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO-co^tinued
LOS ANGELES BRANCH—BOARD OF DIRECTORS
Anderson Borthwick
(Vacancy)
Shannon Crandall, Jr., Chairman
Warren W. Braley
J. H. McNally
Harry Eaton
George S. Eccles
James Brennan
Charles F. Frankland
PORTLAND BRANCH—BOARD OF DIRECTORS
John B. Rogers
E. C. Sammons
SALT LAKE CITY BRANCH—BOARD OF DIRECTORS
Russell S. Hanson
SEATTLE BRANCH—BOARD OF DIRECTORS
S. B. Lafromboise
D. K. MacDonald
Charles Detoy
James E. Shelton
William H. Steiwer,
Chairman
Joseph Rosenblatt,
Chairman
Geo. W. Watkins
Ralph Sundquist,.
Chairman
Index to Statistical Tables
Acceptances, bankers', 960, 961
Agricultural loans of commercial banks, 956
Agriculture, Govt. agency loans, 964, 965
Assets and liabilities {See also Foreign liabilities and
claims reported by banks):
Banks and the monetary system, consolidated, 952
Corporate, current, 972
Domestic banks, by classes, 953, 956, 958
Federal Reserve Banks, 947, 948
Foreign central banks, 1004
Govt. corporations and credit agencies, by type
and agency, 964, 965
Automobiles:
Consumer instalment credit, 976, 977, 978
Production index, 981, 984
Bankers' balances, 957, 959
{See also Foreign liabilities and claims reported by
banks)
Banks and the monetary system, consolidated statement, 952
Bonds {See also U. S. Govt. securities):
New issues, 970, 972
Prices and yields, 961, 962
Brokers and dealers in securities, bank
loans to, 956, 958
Business expenditures on new plant and equipment, 972
Business indexes, 979
Business loans {See Commercial and industrial loans)
Capital accounts:
Banks, by classes, 953, 957, 959
Federal Reserve Banks, 947, 948
Carloadings, 979
Central banks, foreign, 1002, 1004, 1009
Coins, circulation of, 951
Commercial banks:
Assets and liabilities, 953, 956
Consumer loans held, by type, 977
Number, by classes, 953
Real estate mortgages held, by type, 973
Commercial and industrial loans:
Commercial banks, 956
Weekly reporting member banks, 958, 960
Commercial paper, 960, 961
Commodity Credit Corporation, loans, etc., 964, 965
Condition statements {See Assets and liabilities)
Construction, 979, 984, 985
Consumer credit:
Instalment credit, 976, 977, 978
Major parts, 976
Noninstalment credit, by holder, 977
Ratio of collections to accounts receivable, 978
Consumer durable goods output indexes, 984
Consumer price indexes, 979, 990
Consumption expenditures, 992, 993
Corporate sales, profits, taxes, and dividends, 971, 972
Corporate security issues, 970, 972
Corporate security prices and yields, 961, 962
Cost of living {See Consumer price indexes)
Currency in circulation, 943, 951
Customer credit, stock market, 962, 994
Debits to deposit accounts, 950
Demand deposits:
Adjusted, banks and the monetary system, 952
Adjusted, commercial banks, by classes, 957
Banks, by classes, 953, 959
Type of holder, at commercial banks, 957
Department stores:
Merchandising data, 989
Sales and stocks, 979, 988
Deposits {See also specific types of deposits):
Adjusted, and currency, 952
Banks, by classes, 953, 957, 959
Federal Reserve Banks, 947, 948, 1000
Postal savings, 952
Turnover of, 950
Deposits, reserves, and borrowings, by class of member bank, 945
Discount rates, 946, 1009
Discounts and advances by Federal Reserve
Banks, 943, 947
Dividends, corporate, 971, 972
Dollar assets, foreign, 1000, 1003
Dwelling units started, 985
Earnings and hours, manufacturing industries, 979. 987
Employment, 979, 987
Export-Import Bank, loans, etc., 964, 965
Farm mortgage loans, 964, 973, 974
Federal credit agencies {See Govt. agencies)
Federal Deposit Insurance Corporation,
assets, etc., 964, 965
Federal finance:
Cash transactions, 966
Receipts and expenditures, 967
Treasurer's balance, 966
Federal home loan banks, loans, etc., 964, 965, 975
Federal Housing Administration, loans, etc., 964, 965,
973, 974, 975
Federal National Mortgage Association,
loans, etc., 964, 965, 975
Federal Reserve Banks:
Condition statement, 947, 948
U. S. Govt. securities held by, 943, 947, 948, 968,
969
Federal Reserve credit, 943, 947, 948
Federal Reserve notes, 947, 948, 949, 951
Finance company paper, 960, 961
Foreign central banks, 1002, 1004, 1009
Foreign deposits in U. S. banks, 943, 947, 948, 952,
957, 959
Foreign exchange rates, 1010
Foreign liabilities and claims reported by banks, 996y
998, 1000
Foreign trade, 989
Gold:
Earmarked, 1001
Net purchases by U. S., 1001
Production, 1000, 1001
Reserves of central banks and governments, 1002
Reserves of foreign countries and international
institutions, 1003
Stock, 943, 952, 1001
Gold certificates, 947, 948, 949, 951
Govt. agencies, assets and liabilities, by type and
agency, 964, 965
Govt. debt {See U. S. Govt. securities)
Gross national product, 992, 993
Home owners, Govt. agency loans, 964, 965
Hours and earnings, manufacturing industries, 979, 987
Industrial advances by Federal Reserve Banks, 947?
948, 949, 950
Industrial production indexes, 970, 980, 984
1021
1022
FEDERAL RESERVE BULLETIN • SEPTEMBER 1956
Instalment loans, 976, 977, 978
Insurance companies, 963, 968, 969, 974
Insured commercial banks, 955, 956
Interbank deposits, 953, 957, 959
Interest rates:
Bond yields, 961
Business loans by banks, 961
Federal Reserve rates, 946, 950
Foreign countries, 1009
Open market, 961, 1009
Regulation V loans, 950
Stock yields, 961
International capital transactions of the U. S., 996
International financial institutions, 1002, 1003, 1004
Inventories, 993
Investments {See also specific types of investments):
Banks, by classes, 953, 956, 958
Federal Reserve Banks, 947, 948
Govt. agencies, etc., 964, 965
Life insurance companies, 963
Savings and loan associations, 963
Labor force, 986
Loans {See also specific types of loans):
Banks, by classes, 953, 956, 958
Federal Reserve Banks, 943, 945, 947, 948, 949,
950
Govt. agencies, etc., 964, 965
Insurance companies, 963, 974
Savings and loan associations, 963, 974
Loans insured or guaranteed, 949, 973, 974, 975
Manufacturers, production indexes, 979, 980, 984
Margin requirements, 946
Member banks:
Assets and liabilities, by classes, 953, 956
Borrowings at Federal Reserve Banks, 943, 945
Deposits and reserves, by classes, 945
Number, by classes, 953
Reserve requirements, by classes, 946
Reserves and related items, 943
Weekly reporting series, 958
Minerals, production indexes, 979, 980
Money rates {See Interest rates)
Mortgages {See Real estate loans)
Mutual savings banks, 952, 953, 955, 968, 969, 973
National banks, 955
National income, 992
National security expenditures, 967, 993
Nonmember banks, 947, 955, 956
Payrolls, manufacturing, index, 979
Personal income, 993
Postal Savings System, 952
Prices:
Consumer, 979, 990
Security, 962
Wholesale commodity, 979, 990
Production, 979, 980, 984
Profits, corporate, 971, 972
Real estate loans:
Commercial banks, 956, 958, 973
Real estate loans—Continued
Type of mortgage holder, 973, 974, 975
Type of property mortgaged, 973, 974, 975
Regulation V, loan guarantees, 949, 950
Reserve requirements, member banks, 946
Reserves:
Commercial banks, 957
Federal Reserve Banks, 947, 948
Foreign central banks and governments, 1002
Foreign countries and international institutions, 1003
Member banks, 943, 945, 947, 948, 957, 959
Residential mortgage loans, 973, 974, 975
Sales finance companies, consumer loans of, 976, 977
Savings, 992
Savings deposits {See Time deposits)
Savings institutions, principal assets, 963
Savings and loan associations, 963, 974
Securities, international transactions, 999, 1000
Security issues, 970, 972
Silver coin and silver certificates, 951
State member banks, 955
State and municipal securities:
New issues, 970
Prices and yields, 961, 962
States and political subdivisions:
Deposits of, 957, 959
Holdings of U. S. Govt. securities, 968
Ownership of obligations of, 956, 963
Stock market credit, 962, 994
Stocks:
New issues, 970
Prices and yields, 961, 962
Tax receipts, Federal, 967
Time deposits, 945, 952, 953, 957, 959
Treasurer's account balance, 966
Treasury cash, 943, 952
Treasurv currency, 943, 951, 952
Treasury deposits, 943, 947, 948, 966
Unemployment, 986
U. S. Govt. balances:
Commercial bank holdings, by classes, 957, 959
Consolidated monetary statement, 952
Treasury deposits at Federal Reserve Banks, 943,
947, 948, 966
U. S. Govt. securities:
Bank holdings, 952, 953, 956, 958, 968, 969
Federal Reserve Bank holdings, 943, 947, 948,
968, 969
Foreign and international holdings, 1003
International transactions, 999
New issues, gross proceeds, 970
Outstanding, by type of security, 968, 969
Ownership of, 968, 969
Prices and yields, 961, 962
United States notes, outstanding and in circulation, 951
Veterans Administration, loans, etc., 964, 965, 973.
974
Yields {See Interest rates)
( THE FEDERAL RESERVE SYSTEM o)
p
BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES
I.
)
Minneapolis^
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
@FedFRASER